Selected Consolidated Financial Statements of Parent, Guarantors, Canada Company and Non-Guarantors (Tables)

9 Months Ended

Sep. 30, 2018

Selected Consolidated Financial Statements of Parent, Guarantors, Canada Company and Non-Guarantors

Schedule of selected consolidated Balance sheet statements of Parent, Guarantors, Canada Company and Non-Guarantors

CONSOLIDATED BALANCE SHEETS



	December 31, 2017
	Parent		Guarantors		Non- Guarantors		Eliminations			Consolidated
Assets
Current Assets:
Cash and cash equivalents(1)	$	2,433	$	634,317	$	383,675	$	(94,726	)	$	925,699
Accounts receivable	—		32,972		802,770		—			835,742
Intercompany receivable	332,293		149,731		—		(482,024		)	—
Prepaid expenses and other	1,579		103,643		83,681		(29		)	188,874
Total Current Assets	336,305		920,663		1,270,126		(576,779		)	1,950,315
Property, Plant and Equipment, Net	316		2,030,875		1,386,488		—			3,417,679
Other Assets, Net:
Long-term notes receivable from affiliates and intercompany receivable	4,578,995		—		—		(4,578,995		)	—
Investment in subsidiaries	1,858,045		885,999		—		(2,744,044		)	—
Goodwill	—		2,577,310		1,492,957		—			4,070,267
Other	—		796,913		737,228		—			1,534,141
Total Other Assets, Net	6,437,040		4,260,222		2,230,185		(7,323,039		)	5,604,408
Total Assets	$	6,773,661	$	7,211,760	$	4,886,799	$	(7,899,818	)	$	10,972,402
Liabilities and Equity
Intercompany Payable	$	—	$	—	$	482,024	$	(482,024	)	$	—
Debit Balances Under Cash Pools	—		56,233		38,493		(94,726		)	—
Current Portion of Long-Term Debt	—		54,247		92,082		(29		)	146,300
Total Other Current Liabilities	235,062		527,549		421,262		—			1,183,873
Long-Term Debt, Net of Current Portion	4,232,759		758,166		1,906,046		—			6,896,971
Long-Term Notes Payable to Affiliates and Intercompany Payable	—		4,578,995		—		(4,578,995		)	—
Other Long-term Liabilities	—		113,024		241,974		—			354,998
Commitments and Contingencies (See Note 8)
Redeemable Noncontrolling Interests	8,402		—		83,016		—			91,418
Total Iron Mountain Incorporated Stockholders' Equity	2,297,438		1,123,546		1,620,498		(2,744,044		)	2,297,438
Noncontrolling Interests	—		—		1,404		—			1,404
Total Equity	2,297,438		1,123,546		1,621,902		(2,744,044		)	2,298,842
Total Liabilities and Equity	$	6,773,661	$	7,211,760	$	4,886,799	$	(7,899,818	)	$	10,972,402

______________________________________________________________


(1)	Included within Cash and Cash Equivalents at December 31, 2017 is approximately $38,400 and $62,000 of cash on deposit associated with our Cash Pools for the Guarantors and Non-Guarantors, respectively.

CONDENSED CONSOLIDATED BALANCE SHEETS (Continued)



	September 30, 2018
	Parent		Guarantors		Non- Guarantors		Eliminations			Consolidated
Assets
Current Assets:
Cash and cash equivalents(1)	$	260	$	48,069	$	242,852	$	(93,505	)	$	197,676
Accounts receivable	—		76,060		771,392		—			847,452
Intercompany receivable	—		749,032		—		(749,032		)	—
Prepaid expenses and other	—		85,000		85,876		(29		)	170,847
Total Current Assets	260		958,161		1,100,120		(842,566		)	1,215,975
Property, Plant and Equipment, Net	219		2,959,776		1,464,698		—			4,424,693
Other Assets, Net:
Long-term notes receivable from affiliates and intercompany receivable	4,853,817		—		—		(4,853,817		)	—
Investment in subsidiaries	1,895,286		954,931		—		(2,850,217		)	—
Goodwill	—		2,878,792		1,599,965		—			4,478,757
Other	4,183		940,845		741,516		—			1,686,544
Total Other Assets, Net	6,753,286		4,774,568		2,341,481		(7,704,034		)	6,165,301
Total Assets	$	6,753,765	$	8,692,505	$	4,906,299	$	(8,546,600	)	$	11,805,969
Liabilities and Equity
Intercompany Payable	$	371,305	$	—	$	377,727	$	(749,032	)	$	—
Debit Balances Under Cash Pools	—		55,401		38,104		(93,505		)	—
Current Portion of Long-Term Debt	—		59,937		61,787		(29		)	121,695
Total Other Current Liabilities	200,605		557,786		367,266		—			1,125,657
Long-Term Debt, Net of Current Portion	4,226,759		1,858,545		2,023,875		—			8,109,179
Long-Term Notes Payable to Affiliates and Intercompany Payable	—		4,853,817		—		(4,853,817		)	—
Other Long-term Liabilities	—		114,540		301,277		—			415,817
Commitments and Contingencies (See Note 8)
Redeemable Noncontrolling Interests	17,710		—		77,035		—			94,745
Total Iron Mountain Incorporated Stockholders' Equity	1,937,386		1,192,479		1,657,738		(2,850,217		)	1,937,386
Noncontrolling Interests	—		—		1,490		—			1,490
Total Equity	1,937,386		1,192,479		1,659,228		(2,850,217		)	1,938,876
Total Liabilities and Equity	$	6,753,765	$	8,692,505	$	4,906,299	$	(8,546,600	)	$	11,805,969

______________________________________________________________


(1)	Included within Cash and Cash Equivalents at September 30, 2018 is approximately $39,800 and $58,200 of cash on deposit associated with our Cash Pools for the Guarantors and Non-Guarantors, respectively.

Schedule of selected consolidated Income statements of Parent, Guarantors, Canada Company and Non-Guarantors

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)



	Three Months Ended September 30, 2017
	Parent				Guarantors				Non- Guarantors			Eliminations			Consolidated
Revenues:
Storage rental and service (excluding intercompany)	$	—			$	573,126			$	392,535		$	—		$	965,661
Intercompany	—				1,148				5,021			(6,169		)	—
Total Revenues	—				574,274				397,556			(6,169		)	965,661
Operating Expenses
Cost of sales (excluding depreciation and amortization) and Selling, general and administrative	(203		)		391,847				269,040			—			660,684
Intercompany	—				5,021				1,148			(6,169		)	—
Depreciation and amortization	45				74,470				53,998			—			128,513
(Gain) Loss on disposal/write-down of property, plant and equipment (excluding real estate), net	—				(385		)		93			—			(292		)
Total Operating Expenses	(158		)	—	470,953			—	324,279			(6,169		)	788,905
Operating Income (Loss)	158				103,321				73,277			—			176,756
Interest Expense (Income), Net	41,369				(1,705		)		49,325			—			88,989
Other Expense (Income), Net	43,258				5,547				10,674			—			59,479
(Loss) Income from Continuing Operations Before Provision (Benefit) for Income Taxes and Loss (Gain) on Sale of Real Estate	(84,469		)		99,479				13,278			—			28,288
Provision (Benefit) for Income Taxes	—				6,138				(3,870		)	—			2,268
Gain on Sale of Real Estate, Net of Tax	—				—				638			—			638
Equity in the (Earnings) Losses of Subsidiaries, Net of Tax	(108,814		)		(16,019		)		—			124,833			—
Income (Loss) from Continuing Operations	24,345				109,360				16,510			(124,833		)	25,382
(Loss) Income from Discontinued Operations	—				(678		)		(380		)	—			(1,058		)
Net Income (Loss)	24,345				108,682				16,130			(124,833		)	24,324
Less: Net Income (Loss) Attributable to Noncontrolling Interests	—				—				(21		)	—			(21		)
Net Income (Loss) Attributable to Iron Mountain Incorporated	$	24,345			$	108,682			$	16,151		$	(124,833	)	$	24,345
Net Income (Loss)	$	24,345			$	108,682			$	16,130		$	(124,833	)	$	24,324
Other Comprehensive Income (Loss):
Foreign Currency Translation Adjustments	(4,211		)		—				41,752			—			37,541
Equity in Other Comprehensive Income (Loss) of Subsidiaries	42,458				30,804				—			(73,262		)	—
Total Other Comprehensive Income (Loss)	38,247				30,804				41,752			(73,262		)	37,541
Comprehensive Income (Loss)	62,592				139,486				57,882			(198,095		)	61,865
Comprehensive (Loss) Income Attributable to Noncontrolling Interests	—				—				(727		)	—			(727		)
Comprehensive Income (Loss) Attributable to Iron Mountain Incorporated	$	62,592			$	139,486			$	58,609		$	(198,095	)	$	62,592

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (Continued)



	Three Months Ended September 30, 2018
	Parent			Guarantors			Non- Guarantors			Eliminations			Consolidated
Revenues:
Storage rental and service (excluding intercompany)	$	—		$	652,422		$	408,569		$	—		$	1,060,991
Intercompany	—			1,192			4,330			(5,522		)	—
Total Revenues	—			653,614			412,899			(5,522		)	1,060,991
Operating Expenses:
Cost of sales (excluding depreciation and amortization) and Selling, general and administrative	(427		)	430,179			276,736			—			706,488
Intercompany	—			4,330			1,192			(5,522		)	—
Depreciation and amortization	31			99,949			57,817			—			157,797
(Gain) Loss on disposal/write-down of property, plant and equipment (excluding real estate), net	—			(321		)	1,281			—			960
Total Operating Expenses	(396		)	534,137			337,026			(5,522		)	865,245
Operating (Loss) Income	396			119,477			75,873			—			195,746
Interest Expense (Income), Net	49,964			3,041			50,836			—			103,841
Other Expense (Income), Net	439			3,792			(3,906		)	—			325
(Loss) Income from Continuing Operations Before Provision (Benefit) for Income Taxes and (Gain) Loss on Sale of Real Estate	(50,007		)	112,644			28,943			—			91,580
Provision (Benefit) for Income Taxes	—			8,287			6,013			—			14,300
Gain on Sale of Real Estate, Net of Tax	—			(1,348		)	—			—			(1,348		)
Equity in the (Earnings) Losses of Subsidiaries, Net of Tax	(117,155		)	(26,693		)	—			143,848			—
Income (Loss) from Continuing Operations	67,148			132,398			22,930			(143,848		)	78,628
(Loss) Income from Discontinued Operations, Net of Tax	—			(11,588		)	(17		)	—			(11,605		)
Net Income (Loss)	67,148			120,810			22,913			(143,848		)	67,023
Less: Net (Loss) Income Attributable to Noncontrolling Interests	—			—			(125		)	—			(125		)
Net Income (Loss) Attributable to Iron Mountain Incorporated	$	67,148		$	120,810		$	23,038		$	(143,848	)	$	67,148
Net Income (Loss)	$	67,148		$	120,810		$	22,913		$	(143,848	)	$	67,023
Other Comprehensive Income (Loss):
Foreign Currency Translation Adjustments	2,139			—			(26,908		)	—			(24,769		)
Change in fair value of interest rate swap agreements	1,980			—			—			—			1,980
Equity in Other Comprehensive (Loss) Income of Subsidiaries	(24,929		)	(14,443		)	—			39,372			—
Total Other Comprehensive (Loss) Income	(20,810		)	(14,443		)	(26,908		)	39,372			(22,789		)
Comprehensive Income (Loss)	46,338			106,367			(3,995		)	(104,476		)	44,234
Comprehensive (Loss) Income Attributable to Noncontrolling Interests	—			—			(2,104		)	—			(2,104		)
Comprehensive Income (Loss) Attributable to Iron Mountain Incorporated	$	46,338		$	106,367		$	(1,891	)	$	(104,476	)	$	46,338

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (Continued)



	Nine Months Ended September 30, 2017
	Parent			Guarantors			Non- Guarantors				Eliminations			Consolidated
Revenues:
Storage rental and service (excluding intercompany)	$	—		$	1,714,897		$	1,139,446			$	—		$	2,854,343
Intercompany	—			3,386			18,217				(21,603		)	—
Total Revenues	—			1,718,283			1,157,663				(21,603		)	2,854,343
Operating Expenses:
Cost of sales (excluding depreciation and amortization) and Selling, general and administrative	149			1,183,560			795,577				—			1,979,286
Intercompany	—			18,217			3,386				(21,603		)	—
Depreciation and amortization	134			225,760			155,425				—			381,319
(Gain) Loss on disposal/write-down of property, plant and equipment (excluding real estate), net	—			(1,179		)	212			—	—			(967		)
Total Operating Expenses	283			1,426,358			954,600				(21,603		)	2,359,638
Operating (Loss) Income	(283		)	291,925			203,063				—			494,705
Interest Expense (Income), Net	124,530			10,653			129,827				—			265,010
Other Expense (Income), Net	43,678			8,609			(18,538		)		—			33,749
(Loss) Income from Continuing Operations Before Provision (Benefit) for Income Taxes and (Gain) Loss on Sale of Real Estate	(168,491		)	272,663			91,774				—			195,946
Provision (Benefit) for Income Taxes	—			19,318			10,179				—			29,497
Gain on Sale of Real Estate, Net of Tax	—			—			(925		)		—			(925		)
Equity in the (Earnings) Losses of Subsidiaries, Net of Tax	(329,591		)	(69,394		)	—				398,985			—
Income (Loss) from Continuing Operations	161,100			322,739			82,520				(398,985		)	167,374
(Loss) Income from Discontinued Operations	—			(1,635		)	(1,786		)		—			(3,421		)
Net Income (Loss)	161,100			321,104			80,734				(398,985		)	163,953
Less: Net Income (Loss) Attributable to Noncontrolling Interests	—			—			2,853				—			2,853
Net Income (Loss) Attributable to Iron Mountain Incorporated	$	161,100		$	321,104		$	77,881			$	(398,985	)	$	161,100
Net Income (Loss)	$	161,100		$	321,104		$	80,734			$	(398,985	)	$	163,953
Other Comprehensive Income (Loss):
Foreign Currency Translation Adjustments	(12,359		)	—			108,222				—			95,863
Equity in Other Comprehensive Income (Loss) of Subsidiaries	109,589			70,557			—				(180,146		)	—
Total Other Comprehensive Income (Loss)	97,230			70,557			108,222				(180,146		)	95,863
Comprehensive Income (Loss)	258,330			391,661			188,956				(579,131		)	259,816
Comprehensive Income (Loss) Attributable to Noncontrolling Interests	—			—			1,486				—			1,486
Comprehensive Income (Loss) Attributable to Iron Mountain Incorporated	$	258,330		$	391,661		$	187,470			$	(579,131	)	$	258,330

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (Continued)



	Nine Months Ended September 30, 2018
	Parent			Guarantors			Non- Guarantors			Eliminations			Consolidated
Revenues:
Storage rental and service (excluding intercompany)	$	—		$	1,920,980		$	1,243,292		$	—		$	3,164,272
Intercompany	—			3,613			13,126			(16,739		)	—
Total Revenues	—			1,924,593			1,256,418			(16,739		)	3,164,272
Operating Expenses:
Cost of sales (excluding depreciation and amortization) and Selling, general and administrative	(348		)	1,280,789			846,288			—			2,126,729
Intercompany	—			13,126			3,613			(16,739		)	—
Depreciation and amortization	96			298,565			175,934			—			474,595
(Gain) Loss on disposal/write-down of property, plant and equipment (excluding real estate), net	—			(1,139		)	423			—			(716		)
Total Operating Expenses	(252		)	1,591,341			1,026,258			(16,739		)	2,600,608
Operating (Loss) Income	252			333,252			230,160			—			563,664
Interest Expense (Income), Net	150,218			4,538			148,818			—			303,574
Other Expense (Income), Net	2,049			11,927			(12,556		)	—			1,420
(Loss) Income from Continuing Operations Before Provision (Benefit) for Income Taxes and (Gain) Loss on Sale of Real Estate	(152,015		)	316,787			93,898			—			258,670
Provision (Benefit) for Income Taxes	—			14,084			27,789			—			41,873
Gain on Sale of Real Estate, Net of Tax	—			(1,348		)	—			—			(1,348		)
Equity in the (Earnings) Losses of Subsidiaries, Net of Tax	(357,248		)	(63,539		)	—			420,787			—
Income (Loss) from Continuing Operations	205,233			367,590			66,109			(420,787		)	218,145
(Loss) Income from Discontinued Operations, Net of Tax	—			(12,283		)	(144		)	—			(12,427		)
Net Income (Loss)	205,233			355,307			65,965			(420,787		)	205,718
Less: Net Income (Loss) Attributable to Noncontrolling Interests	—			—			485			—			485
Net Income (Loss) Attributable to Iron Mountain Incorporated	$	205,233		$	355,307		$	65,480		$	(420,787	)	$	205,233
Net Income (Loss)	$	205,233		$	355,307		$	65,965		$	(420,787	)	$	205,718
Other Comprehensive Income (Loss):
Foreign Currency Translation Adjustments	6,761			—			(139,051		)	—			(132,290		)
Change in fair value of interest rate swap agreements	4,183			—			—			—			4,183
Equity in Other Comprehensive (Loss) Income of Subsidiaries	(135,215		)	(105,967		)	—			241,182			—
Total Other Comprehensive Income (Loss)	(124,271		)	(105,967		)	(139,051		)	241,182			(128,107		)
Comprehensive Income (Loss)	80,962			249,340			(73,086		)	(179,605		)	77,611
Comprehensive (Loss) Income Attributable to Noncontrolling Interests	—			—			(3,351		)	—			(3,351		)
Comprehensive Income (Loss) Attributable to Iron Mountain Incorporated	$	80,962		$	249,340		$	(69,735	)	$	(179,605	)	$	80,962

Schedule of selected consolidated Comprehensive Income statements of Parent, Guarantors, Canada Company and Non-Guarantors

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)



	Three Months Ended September 30, 2017
	Parent				Guarantors				Non- Guarantors			Eliminations			Consolidated
Revenues:
Storage rental and service (excluding intercompany)	$	—			$	573,126			$	392,535		$	—		$	965,661
Intercompany	—				1,148				5,021			(6,169		)	—
Total Revenues	—				574,274				397,556			(6,169		)	965,661
Operating Expenses
Cost of sales (excluding depreciation and amortization) and Selling, general and administrative	(203		)		391,847				269,040			—			660,684
Intercompany	—				5,021				1,148			(6,169		)	—
Depreciation and amortization	45				74,470				53,998			—			128,513
(Gain) Loss on disposal/write-down of property, plant and equipment (excluding real estate), net	—				(385		)		93			—			(292		)
Total Operating Expenses	(158		)	—	470,953			—	324,279			(6,169		)	788,905
Operating Income (Loss)	158				103,321				73,277			—			176,756
Interest Expense (Income), Net	41,369				(1,705		)		49,325			—			88,989
Other Expense (Income), Net	43,258				5,547				10,674			—			59,479
(Loss) Income from Continuing Operations Before Provision (Benefit) for Income Taxes and Loss (Gain) on Sale of Real Estate	(84,469		)		99,479				13,278			—			28,288
Provision (Benefit) for Income Taxes	—				6,138				(3,870		)	—			2,268
Gain on Sale of Real Estate, Net of Tax	—				—				638			—			638
Equity in the (Earnings) Losses of Subsidiaries, Net of Tax	(108,814		)		(16,019		)		—			124,833			—
Income (Loss) from Continuing Operations	24,345				109,360				16,510			(124,833		)	25,382
(Loss) Income from Discontinued Operations	—				(678		)		(380		)	—			(1,058		)
Net Income (Loss)	24,345				108,682				16,130			(124,833		)	24,324
Less: Net Income (Loss) Attributable to Noncontrolling Interests	—				—				(21		)	—			(21		)
Net Income (Loss) Attributable to Iron Mountain Incorporated	$	24,345			$	108,682			$	16,151		$	(124,833	)	$	24,345
Net Income (Loss)	$	24,345			$	108,682			$	16,130		$	(124,833	)	$	24,324
Other Comprehensive Income (Loss):
Foreign Currency Translation Adjustments	(4,211		)		—				41,752			—			37,541
Equity in Other Comprehensive Income (Loss) of Subsidiaries	42,458				30,804				—			(73,262		)	—
Total Other Comprehensive Income (Loss)	38,247				30,804				41,752			(73,262		)	37,541
Comprehensive Income (Loss)	62,592				139,486				57,882			(198,095		)	61,865
Comprehensive (Loss) Income Attributable to Noncontrolling Interests	—				—				(727		)	—			(727		)
Comprehensive Income (Loss) Attributable to Iron Mountain Incorporated	$	62,592			$	139,486			$	58,609		$	(198,095	)	$	62,592

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (Continued)



	Three Months Ended September 30, 2018
	Parent			Guarantors			Non- Guarantors			Eliminations			Consolidated
Revenues:
Storage rental and service (excluding intercompany)	$	—		$	652,422		$	408,569		$	—		$	1,060,991
Intercompany	—			1,192			4,330			(5,522		)	—
Total Revenues	—			653,614			412,899			(5,522		)	1,060,991
Operating Expenses:
Cost of sales (excluding depreciation and amortization) and Selling, general and administrative	(427		)	430,179			276,736			—			706,488
Intercompany	—			4,330			1,192			(5,522		)	—
Depreciation and amortization	31			99,949			57,817			—			157,797
(Gain) Loss on disposal/write-down of property, plant and equipment (excluding real estate), net	—			(321		)	1,281			—			960
Total Operating Expenses	(396		)	534,137			337,026			(5,522		)	865,245
Operating (Loss) Income	396			119,477			75,873			—			195,746
Interest Expense (Income), Net	49,964			3,041			50,836			—			103,841
Other Expense (Income), Net	439			3,792			(3,906		)	—			325
(Loss) Income from Continuing Operations Before Provision (Benefit) for Income Taxes and (Gain) Loss on Sale of Real Estate	(50,007		)	112,644			28,943			—			91,580
Provision (Benefit) for Income Taxes	—			8,287			6,013			—			14,300
Gain on Sale of Real Estate, Net of Tax	—			(1,348		)	—			—			(1,348		)
Equity in the (Earnings) Losses of Subsidiaries, Net of Tax	(117,155		)	(26,693		)	—			143,848			—
Income (Loss) from Continuing Operations	67,148			132,398			22,930			(143,848		)	78,628
(Loss) Income from Discontinued Operations, Net of Tax	—			(11,588		)	(17		)	—			(11,605		)
Net Income (Loss)	67,148			120,810			22,913			(143,848		)	67,023
Less: Net (Loss) Income Attributable to Noncontrolling Interests	—			—			(125		)	—			(125		)
Net Income (Loss) Attributable to Iron Mountain Incorporated	$	67,148		$	120,810		$	23,038		$	(143,848	)	$	67,148
Net Income (Loss)	$	67,148		$	120,810		$	22,913		$	(143,848	)	$	67,023
Other Comprehensive Income (Loss):
Foreign Currency Translation Adjustments	2,139			—			(26,908		)	—			(24,769		)
Change in fair value of interest rate swap agreements	1,980			—			—			—			1,980
Equity in Other Comprehensive (Loss) Income of Subsidiaries	(24,929		)	(14,443		)	—			39,372			—
Total Other Comprehensive (Loss) Income	(20,810		)	(14,443		)	(26,908		)	39,372			(22,789		)
Comprehensive Income (Loss)	46,338			106,367			(3,995		)	(104,476		)	44,234
Comprehensive (Loss) Income Attributable to Noncontrolling Interests	—			—			(2,104		)	—			(2,104		)
Comprehensive Income (Loss) Attributable to Iron Mountain Incorporated	$	46,338		$	106,367		$	(1,891	)	$	(104,476	)	$	46,338

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (Continued)



	Nine Months Ended September 30, 2017
	Parent			Guarantors			Non- Guarantors				Eliminations			Consolidated
Revenues:
Storage rental and service (excluding intercompany)	$	—		$	1,714,897		$	1,139,446			$	—		$	2,854,343
Intercompany	—			3,386			18,217				(21,603		)	—
Total Revenues	—			1,718,283			1,157,663				(21,603		)	2,854,343
Operating Expenses:
Cost of sales (excluding depreciation and amortization) and Selling, general and administrative	149			1,183,560			795,577				—			1,979,286
Intercompany	—			18,217			3,386				(21,603		)	—
Depreciation and amortization	134			225,760			155,425				—			381,319
(Gain) Loss on disposal/write-down of property, plant and equipment (excluding real estate), net	—			(1,179		)	212			—	—			(967		)
Total Operating Expenses	283			1,426,358			954,600				(21,603		)	2,359,638
Operating (Loss) Income	(283		)	291,925			203,063				—			494,705
Interest Expense (Income), Net	124,530			10,653			129,827				—			265,010
Other Expense (Income), Net	43,678			8,609			(18,538		)		—			33,749
(Loss) Income from Continuing Operations Before Provision (Benefit) for Income Taxes and (Gain) Loss on Sale of Real Estate	(168,491		)	272,663			91,774				—			195,946
Provision (Benefit) for Income Taxes	—			19,318			10,179				—			29,497
Gain on Sale of Real Estate, Net of Tax	—			—			(925		)		—			(925		)
Equity in the (Earnings) Losses of Subsidiaries, Net of Tax	(329,591		)	(69,394		)	—				398,985			—
Income (Loss) from Continuing Operations	161,100			322,739			82,520				(398,985		)	167,374
(Loss) Income from Discontinued Operations	—			(1,635		)	(1,786		)		—			(3,421		)
Net Income (Loss)	161,100			321,104			80,734				(398,985		)	163,953
Less: Net Income (Loss) Attributable to Noncontrolling Interests	—			—			2,853				—			2,853
Net Income (Loss) Attributable to Iron Mountain Incorporated	$	161,100		$	321,104		$	77,881			$	(398,985	)	$	161,100
Net Income (Loss)	$	161,100		$	321,104		$	80,734			$	(398,985	)	$	163,953
Other Comprehensive Income (Loss):
Foreign Currency Translation Adjustments	(12,359		)	—			108,222				—			95,863
Equity in Other Comprehensive Income (Loss) of Subsidiaries	109,589			70,557			—				(180,146		)	—
Total Other Comprehensive Income (Loss)	97,230			70,557			108,222				(180,146		)	95,863
Comprehensive Income (Loss)	258,330			391,661			188,956				(579,131		)	259,816
Comprehensive Income (Loss) Attributable to Noncontrolling Interests	—			—			1,486				—			1,486
Comprehensive Income (Loss) Attributable to Iron Mountain Incorporated	$	258,330		$	391,661		$	187,470			$	(579,131	)	$	258,330

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (Continued)



	Nine Months Ended September 30, 2018
	Parent			Guarantors			Non- Guarantors			Eliminations			Consolidated
Revenues:
Storage rental and service (excluding intercompany)	$	—		$	1,920,980		$	1,243,292		$	—		$	3,164,272
Intercompany	—			3,613			13,126			(16,739		)	—
Total Revenues	—			1,924,593			1,256,418			(16,739		)	3,164,272
Operating Expenses:
Cost of sales (excluding depreciation and amortization) and Selling, general and administrative	(348		)	1,280,789			846,288			—			2,126,729
Intercompany	—			13,126			3,613			(16,739		)	—
Depreciation and amortization	96			298,565			175,934			—			474,595
(Gain) Loss on disposal/write-down of property, plant and equipment (excluding real estate), net	—			(1,139		)	423			—			(716		)
Total Operating Expenses	(252		)	1,591,341			1,026,258			(16,739		)	2,600,608
Operating (Loss) Income	252			333,252			230,160			—			563,664
Interest Expense (Income), Net	150,218			4,538			148,818			—			303,574
Other Expense (Income), Net	2,049			11,927			(12,556		)	—			1,420
(Loss) Income from Continuing Operations Before Provision (Benefit) for Income Taxes and (Gain) Loss on Sale of Real Estate	(152,015		)	316,787			93,898			—			258,670
Provision (Benefit) for Income Taxes	—			14,084			27,789			—			41,873
Gain on Sale of Real Estate, Net of Tax	—			(1,348		)	—			—			(1,348		)
Equity in the (Earnings) Losses of Subsidiaries, Net of Tax	(357,248		)	(63,539		)	—			420,787			—
Income (Loss) from Continuing Operations	205,233			367,590			66,109			(420,787		)	218,145
(Loss) Income from Discontinued Operations, Net of Tax	—			(12,283		)	(144		)	—			(12,427		)
Net Income (Loss)	205,233			355,307			65,965			(420,787		)	205,718
Less: Net Income (Loss) Attributable to Noncontrolling Interests	—			—			485			—			485
Net Income (Loss) Attributable to Iron Mountain Incorporated	$	205,233		$	355,307		$	65,480		$	(420,787	)	$	205,233
Net Income (Loss)	$	205,233		$	355,307		$	65,965		$	(420,787	)	$	205,718
Other Comprehensive Income (Loss):
Foreign Currency Translation Adjustments	6,761			—			(139,051		)	—			(132,290		)
Change in fair value of interest rate swap agreements	4,183			—			—			—			4,183
Equity in Other Comprehensive (Loss) Income of Subsidiaries	(135,215		)	(105,967		)	—			241,182			—
Total Other Comprehensive Income (Loss)	(124,271		)	(105,967		)	(139,051		)	241,182			(128,107		)
Comprehensive Income (Loss)	80,962			249,340			(73,086		)	(179,605		)	77,611
Comprehensive (Loss) Income Attributable to Noncontrolling Interests	—			—			(3,351		)	—			(3,351		)
Comprehensive Income (Loss) Attributable to Iron Mountain Incorporated	$	80,962		$	249,340		$	(69,735	)	$	(179,605	)	$	80,962

Schedule of selected consolidated cash flow statements of Parent, Guarantors, Canada Company and Non-Guarantors

CONSOLIDATED STATEMENTS OF CASH FLOWS



	Nine Months Ended September 30, 2017
	Parent			Guarantors			Non- Guarantors			Eliminations			Consolidated
Cash Flows from Operating Activities:
Cash Flows from Operating Activities—Continuing Operations	$	(139,843	)	$	512,521		$	149,612		$	—		$	522,290
Cash Flows from Operating Activities—Discontinued Operations	—			(1,635		)	(1,786		)	—			(3,421		)
Cash Flows from Operating Activities	(139,843		)	510,886			147,826			—			518,869
Cash Flows from Investing Activities:
Capital expenditures	—			(175,912		)	(67,834		)	—			(243,746		)
Cash paid for acquisitions, net of cash acquired	—			(95,137		)	(98,991		)	—			(194,128		)
Intercompany loans to subsidiaries	192,808			(124,082		)	—			(68,726		)	—
Investment in subsidiaries	(16,170		)	—			—			16,170			—
Acquisitions of customer relationships and customer inducements	—			(54,493		)	(2,394		)	—			(56,887		)
Net proceeds from Divestments (see Note 10)	—			—			2,423			—			2,423
Proceeds from sales of property and equipment and other, net (including real estate)	—			12,947			(4,010		)	—			8,937
Cash Flows from Investing Activities—Continuing Operations	176,638			(436,677		)	(170,806		)	(52,556		)	(483,401		)
Cash Flows from Investing Activities—Discontinued Operations	—			—			—			—			—
Cash Flows from Investing Activities	176,638			(436,677		)	(170,806		)	(52,556		)	(483,401		)
Cash Flows from Financing Activities:
Repayment of revolving credit facilities, term loan facilities and other debt	(262,579		)	(5,299,475		)	(4,100,106		)	—			(9,662,160		)
Proceeds from revolving credit facilities, term loan facilities and other debt	224,660			5,386,028			4,256,072			—			9,866,760
Early retirement of senior notes	(1,031,554		)	—			(162,328		)	—			(1,193,882		)
Net proceeds from sales of senior notes	1,320,183			—			—			—			1,320,183
Debit balances (payments) under cash pools	—			73,104			36,168			(109,272		)	—
Debt financing from (repayment to) and equity contribution from (distribution to) noncontrolling interests, net	—			—			9,629			—			9,629
Intercompany loans from parent	—			(199,602		)	130,876			68,726			—
Equity contribution from parent	—			—			16,170			(16,170		)	—
Parent cash dividends	(292,980		)	—			—			—			(292,980		)
Net proceeds (payments) associated with employee stock-based awards	6,615			—			—			—			6,615
Payment of debt financing and stock issuance costs	(1,513		)	(10,892		)	(280		)	—			(12,685		)
Cash Flows from Financing Activities—Continuing Operations	(37,168		)	(50,837		)	186,201			(56,716		)	41,480
Cash Flows from Financing Activities—Discontinued Operations	—			—			—			—			—
Cash Flows from Financing Activities	(37,168		)	(50,837		)	186,201			(56,716		)	41,480
Effect of exchange rates on cash and cash equivalents	—			—			24,454			—			24,454
(Decrease) Increase in cash and cash equivalents	(373		)	23,372			187,675			(109,272		)	101,402
Cash and cash equivalents, beginning of period	2,405			23,380			210,699			—			236,484
Cash and cash equivalents, end of period	$	2,032		$	46,752		$	398,374		$	(109,272	)	$	337,886

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)



	Nine Months Ended September 30, 2018
	Parent			Guarantors			Non- Guarantors			Eliminations			Consolidated
Cash Flows from Operating Activities:
Cash Flows from Operating Activities—Continuing Operations	$	(208,384	)	$	644,164		$	189,758		$	—		$	625,538
Cash Flows from Operating Activities—Discontinued Operations	—			(995		)	—			—			(995		)
Cash Flows from Operating Activities	(208,384		)	643,169			189,758			—			624,543
Cash Flows from Investing Activities:
Capital expenditures	—			(224,123		)	(105,830		)	—			(329,953		)
Cash paid for acquisitions, net of cash acquired	—			(1,332,235		)	(378,776		)	—			(1,711,011		)
Intercompany loans to subsidiaries	629,918			(23,092		)	—			(606,826		)	—
Investment in subsidiaries	—			—			—			—			—
Acquisitions of customer relationships, customer inducements and data center lease-based intangibles	—			(44,530		)	(19,031		)	—			(63,561		)
Net proceeds from Divestments (see Note 10)	—			1,019			—			—			1,019
Proceeds from sales of property and equipment and other, net (including real estate)	—			283			430			—			713
Cash Flows from Investing Activities—Continuing Operations	629,918			(1,622,678		)	(503,207		)	(606,826		)	(2,102,793		)
Cash Flows from Investing Activities—Discontinued Operations	—			—			—			—			—
Cash Flows from Investing Activities	629,918			(1,622,678		)	(503,207		)	(606,826		)	(2,102,793		)
Cash Flows from Financing Activities:
Repayment of revolving credit facilities, term loan facilities and other debt	—			(5,386,024		)	(5,840,147		)	—			(11,226,171		)
Proceeds from revolving credit facilities, term loan facilities and other debt	—			6,455,964			5,981,053			—			12,437,017
Debit (payments) balances under cash pools	—			(832		)	(389		)	1,221			—
Debt financing from (repayment to) and equity contribution from (distribution to) noncontrolling interests, net	—			—			(2,035		)	—			(2,035		)
Intercompany loans from parent	—			(663,459		)	56,633			606,826			—
Parent cash dividends	(505,403		)	—			—			—			(505,403		)
Net (payments) proceeds associated with employee stock-based awards	(2,800		)	—			—			—			(2,800		)
Net proceeds associated with the Over-Allotment Option exercise	76,192			—			—			—			76,192
Net proceeds associated with the At the Market (ATM) Program	8,716			—			—			—			8,716
Payment of debt financing and stock issuance costs	(412		)	(12,388		)	(3,157		)	—			(15,957		)
Cash Flows from Financing Activities—Continuing Operations	(423,707		)	393,261			191,958			608,047			769,559
Cash Flows from Financing Activities—Discontinued Operations	—			—			—			—			—
Cash Flows from Financing Activities	(423,707		)	393,261			191,958			608,047			769,559
Effect of exchange rates on cash and cash equivalents	—			—			(19,332		)	—			(19,332		)
Increase (Decrease) in cash and cash equivalents	(2,173		)	(586,248		)	(140,823		)	1,221			(728,023		)
Cash and cash equivalents, beginning of period	2,433			634,317			383,675			(94,726		)	925,699
Cash and cash equivalents, end of period	$	260		$	48,069		$	242,852		$	(93,505	)	$	197,676