During the fourth quarter of 2018, as a result of changes in the management of our Information Governance and Digital Solutions business in Sweden, we reassessed the composition of our reportable operating segments. As a result of this reassessment, we determined that this business is now being managed as a component of our Other International Business segment rather than as a component of our Western European Business segment. As result of this change, previously reported segment information has been restated to conform to the current presentation. The remainder of our business in Sweden, excluding the Information Governance and Digital Solutions, has previously been managed and reported as a component of our Other International Business segment.

As of December 31, 2018, our six reportable operating segments are described as follows:

•

North American Records and Information Management Business—provides (i) records and information management storage and related services, including the storage of physical records, including media such as microfilm and microfiche, film, X-rays and blueprints, including healthcare information services, vital records services, service and courier operations, and the collection, handling and disposal of sensitive documents for customers (“Records Management”), throughout the United States and Canada; (ii) certain services related to Records Management, including secure shredding operations, which typically include the scheduled pick-up of loose office records that customers accumulate in specially designed secure containers we provide; and (iii) Information Governance and Digital Solutions, which develops, implements and supports comprehensive storage and information management solutions for the complete lifecycle of our customers' information, including the management of physical records, document conversion and digital storage in the United States and Canada.


•	North American Data Management Business—provides storage and rotation of backup computer media as part of corporate disaster recovery plans, including service and courier operations (“Data Protection & Recovery”); server and computer backup services; and related services offerings including our Iron Mountain Iron Cloud solution.


•	Western European Business—provides records and information management services, including Records Management, Data Protection & Recovery and Information Governance and Digital Solutions, throughout Austria, Belgium, France, Germany, Ireland, the Netherlands, Spain, Switzerland and the United Kingdom (consisting of our operations in England, Northern Ireland and Scotland).

•

Other International Business—provides records and information management services throughout the remaining European countries in which we operate, as well as the countries in which we operate in Latin America, Asia, the Middle East and Africa, including Records Management, Data Protection & Recovery and Information Governance and Digital Solutions. Our European operations included in this segment provide records and information management services, including Records Management, Data Protection & Recovery and Information Governance and Digital Solutions, throughout Croatia, Cyprus, the Czech Republic, Denmark, Finland, Greece, Hungary, Norway, Poland, Romania, Serbia, Slovakia and Turkey and Records Management and Information Governance and Digital Solutions in Estonia, Latvia, Lithuania and Sweden. Our Latin America operations provide records and information management services, including Records Management, Data Protection & Recovery, destruction services and Information Governance and Digital Solutions, throughout Argentina, Brazil, Chile, Colombia, Mexico and Peru. Our Asia operations provide records and information management services, including Records Management, Data Protection & Recovery, destruction services and Information Governance and Digital Solutions, throughout Australia and New Zealand, with Records Management and Data Protection & Recovery also provided in certain markets in China-Mainland, China -Taiwan, China-Macau S.A.R., China-Hong Kong S.A.R., India, Indonesia, Malaysia, the Philippines, Singapore, South Korea, Thailand and the United Arab Emirates. Our African operations provide Records Management, Data Protection & Recovery, and Information Governance and Digital Solutions in South Africa.

•

Global Data Center Business—provides enterprise-class data center facilities to protect mission-critical assets and ensure the continued operation of our customers’ IT infrastructure, with secure and reliable colocation and wholesale options. As of December 31, 2018, we had data center operations in eight markets in the United States: Denver, Colorado; Kansas City, Missouri; Boston, Massachusetts; Boyers, Pennsylvania; Manassas, Virginia; Edison, New Jersey; Columbus, Ohio; and Phoenix and Scottsdale, Arizona and three international markets: Amsterdam, London, and Singapore.

•

Corporate and Other Business—primarily consists of the storage, safeguarding and electronic or physical delivery of physical media of all types and digital content repository systems to house, distribute, and archive key media assets, primarily for entertainment and media industry clients ("Entertainment Services"), throughout the United States, Canada, France, China-Hong Kong S.A.R., the Netherlands and the United Kingdom, and our fine art storage businesses and consumer storage businesses in the United States, Canada, Europe and China - Hong Kong S.A.R. These businesses represent the primary product offerings of our Adjacent Businesses operating segment. Additionally, our Corporate and Other Business segment includes costs related to executive and staff functions, including finance, human resources and IT, which benefit the enterprise as a whole. These costs are primarily related to the general management of these functions on a corporate level and the design and development of programs, policies and procedures that are then implemented in the individual segments, with each segment bearing its own cost of implementation. Our Corporate and Other Business segment also includes stock-based employee compensation expense associated with all Employee Stock-Based Awards.

An analysis of our business segment information and reconciliation to the accompanying Consolidated Financial Statements is as follows:



	North American Records and Information Management Business			North American Data Management Business			Western European Business			Other International Business		Global Data Center Business		Corporate and Other Business			Total Consolidated
As of and for the Year Ended December 31, 2016
Total Revenues	$	1,930,699		$	392,814		$	447,357		$	659,370	$	24,249	$	56,964		$	3,511,453
Storage Rental	1,150,646			264,148			275,659			393,005		22,026		37,421			2,142,905
Service	780,053			128,666			171,698			266,365		2,223		19,543			1,368,548
Depreciation and Amortization	215,330			26,629			55,427			100,645		4,827		49,468			452,326
Depreciation	186,467			20,666			42,458			67,465		4,610		43,860			365,526
Amortization	28,863			5,963			12,969			33,180		217		5,608			86,800
Adjusted EBITDA	775,717			224,522			136,985			169,563		6,212		(225,711		)	1,087,288
Total Assets(1)	4,996,216			826,320			1,020,439			2,114,599		167,757		361,469			9,486,800
Expenditures for Segment Assets	145,636			26,054			31,251			365,845		70,060		32,488			671,334
Capital Expenditures	111,062			22,731			30,735			62,594		70,060		31,421			328,603
Cash Paid for Acquisitions, Net of Cash Acquired(2)	(2,591		)	(59		)	(6,878		)	300,451		—		1,042			291,965
Acquisitions of Customer Relationships and Customer Inducements	37,165			3,382			7,394			2,800		—		25			50,766
As of and for the Year Ended December 31, 2017
Total Revenues	2,050,346			401,640			490,746			795,851		37,694		69,301			3,845,578
Storage Rental	1,221,495			276,416			303,205			493,118		35,839		47,484			2,377,557
Service	828,851			125,224			187,541			302,733		1,855		21,817			1,468,021
Depreciation and Amortization	240,524			34,759			64,051			119,402		10,224		53,416			522,376
Depreciation	201,204			24,623			47,526			78,664		8,617		45,649			406,283
Amortization	39,320			10,136			16,525			40,738		1,607		7,767			116,093
Adjusted EBITDA	884,158			223,324			159,142			227,312		11,275		(245,015		)	1,260,196
Total Assets(1)	5,050,240			839,539			911,012			2,401,579		382,198		1,387,834			10,972,402
Expenditures for Segment Assets	205,531			31,279			21,853			166,057		86,543		126,758			638,021
Capital Expenditures	134,785			31,279			19,782			76,720		32,015		48,550			343,131
Cash Paid for Acquisitions, Net of Cash Acquired	6,624			—			—			80,345		54,528		78,208			219,705
Acquisitions of Customer Relationships and Customer Inducements	64,122			—			2,071			8,992		—		—			75,185



	North American Records and Information Management Business		North American Data Management Business		Western European Business		Other International Business		Global Data Center Business		Corporate and Other Business			Total Consolidated
As of and for the Year Ended December 31, 2018
Total Revenues	$	2,137,781	$	393,993	$	521,555	$	821,333	$	228,983	$	122,116		$	4,225,761
Storage Rental	1,222,230		273,193		325,624		512,358		218,675		70,375			2,622,455
Service	915,551		120,800		195,931		308,975		10,308		51,741			1,603,306
Depreciation and Amortization	243,415		38,850		64,795		125,154		105,680		61,620			639,514
Depreciation	190,493		30,066		45,590		75,294		58,707		52,590			452,740
Amortization	52,922		8,784		19,205		49,860		46,973		9,030			186,774
Adjusted EBITDA	956,890		213,893		180,172		243,008		99,574		(257,668		)	1,435,869
Total Assets(1)	4,933,269		807,564		1,179,065		2,262,672		2,217,505		452,172			11,852,247
Expenditures for Segment Assets	196,010		19,325		63,142		165,167		1,794,386		79,276			2,317,306
Capital Expenditures	115,555		19,325		39,163		80,275		152,739		53,005			460,062
Cash Paid for Acquisitions, Net of Cash Acquired	1,551		—		14,579		77,087		1,639,427		25,913			1,758,557
Acquisitions of Customer Relationships, Customer Inducements and Contract Fulfillment Costs	78,904		—		9,400		7,805		2,220		358			98,687

_______________________________________________________________________________


(1)	Excludes all intercompany receivables or payables and investment in subsidiary balances.

(2)

Cash paid for acquisitions, net of cash acquired for the Other International Business segment for the year ended December 31, 2016 primarily consists of the cash component of the purchase price for the Recall Transaction, as the IMI entity that made the cash payment was an Australian subsidiary. However, the Recall Transaction also benefited the North American Records and Information Management Business, North American Data Management Business and Western European Business segments.

The accounting policies of the reportable segments are the same as those described in Note 2. Adjusted EBITDA for each segment is defined as income (loss) from continuing operations before interest expense, net, provision (benefit) for income taxes, depreciation and amortization, and also excludes certain items that we believe are not indicative of our core operating results, specifically: (1) loss (gain) on disposal/write-down of property, plant and equipment (excluding real estate), net; (2) intangible impairments; (3) other expense (income), net; (4) gain on sale of real estate, net of tax; and (5) Significant Acquisition Costs (as defined below). Internally, we use Adjusted EBITDA as the basis for evaluating the performance of, and allocated resources to, our operating segments.

A reconciliation of Adjusted EBITDA to income (loss) from continuing operations on a consolidated basis is as follows:



	Year Ended December 31,
	2016			2017			2018
Adjusted EBITDA	$	1,087,288		$	1,260,196		$	1,435,869
(Add)/Deduct:
Gain on Sale of Real Estate, Net of Tax	(2,180		)	(1,565		)	(55,328		)
Provision (Benefit) for Income Taxes	44,944			25,947			36,263
Other Expense, Net	44,300			79,429			(11,692		)
Interest Expense, Net	310,662			353,575			409,289
Loss (Gain) on Disposal/Write-down of Property, Plant and Equipment (Excluding Real Estate), Net	1,412			799			(9,818		)
Depreciation and Amortization	452,326			522,376			639,514
Intangible Impairments	—			3,011			—
Significant Acquisition Costs(1)	131,944			84,901			50,665
Income (Loss) from Continuing Operations	$	103,880		$	191,723		$	376,976

_______________________________________________________________________________

(1)

Represents operating expenditures associated with (1) the Recall Transaction, including: (i) advisory and professional fees to complete the Recall Transaction; (ii) costs associated with the Divestments required in connection with receipt of regulatory approvals (including transitional services); and (iii) costs to integrate Recall with our existing operations, including moving, severance, facility upgrade, REIT integration and system upgrade costs, as well as certain costs associated with our shared service center initiative for our finance, human resources and information technology functions; and (2) the advisory and professional fees to complete the IODC Transaction (collectively, "Significant Acquisition Costs").

Information as to our operations in different geographical areas is as follows:



	Year Ended December 31,
	2016		2017		2018
Revenues:
United States	$	2,173,782	$	2,310,296	$	2,579,847
United Kingdom	237,032		246,373		280,993
Canada	230,944		243,625		249,505
Australia	148,175		157,333		155,367
Other International	721,520		887,951		960,049
Total Revenues	$	3,511,453	$	3,845,578	$	4,225,761
Long-lived Assets:
United States	$	5,238,807	$	5,476,551	$	6,902,232
United Kingdom	400,937		529,233		547,768
Canada	463,396		500,396		453,398
Australia	542,055		470,432		442,755
Other International	1,729,498		2,045,475		2,297,980
Total Long-lived Assets	$	8,374,693	$	9,022,087	$	10,644,133

Information as to our revenues by product and service lines by segment are as follows:



	North American Records and Information Management Business		North American Data Management Business		Western European Business		Other International Business		Global Data Center Business		Corporate and Other Business		Total Consolidated
For the Year Ended December 31, 2016
Records Management(1)	$	1,629,367	$	14,857	$	373,994	$	578,209	$	—	$	35,468	$	2,631,895
Data Management(1)	—		370,419		73,182		59,989		—		21,496		525,086
Information Destruction(1)(2)	301,332		7,538		181		21,172		—		—		330,223
Data Center	—		—		—		—		24,249		—		24,249
Total Revenues	1,930,699		392,814		447,357		659,370		24,249		56,964		3,511,453
For the Year Ended December 31, 2017
Records Management(1)	1,706,288		—		417,221		686,988		—		37,194		2,847,691
Data Management(1)	—		391,346		73,389		77,413		—		32,103		574,251
Information Destruction(1)(2)	344,058		10,294		136		31,450		—		4		385,942
Data Center	—		—		—		—		37,694		—		37,694
Total Revenues	2,050,346		401,640		490,746		795,851		37,694		69,301		3,845,578
For the Year Ended December 31, 2018
Records Management(1)	1,751,058		—		443,960		708,297		—		64,607		2,967,922
Data Management(1)	—		384,370		77,189		77,476		—		57,509		596,544
Information Destruction(1)(2)	386,723		9,623		406		35,560		—		—		432,312
Data Center	—		—		—		—		228,983		—		228,983
Total Revenues	2,137,781		393,993		521,555		821,333		228,983		122,116		4,225,761

_______________________________________________________________________________


(1)	Each of the offerings within our product and service lines has a component of revenue that is storage rental related and a component that is service revenues, except the destruction services offering, which does not have a storage rental component.


(2)	Includes secure shredding services.