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Table of Contents

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM 10-Q

(Mark One)
☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended September 30, 2023

OR
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Transition Period from to

Commission file number 1-13045
IRON MOUNTAIN INCORPORATED
(Exact Name of Registrant as Specified in Its Charter)

Delaware | 23-2588479
(State or other Jurisdiction of Incorporation or Organization) | (I.R.S. Employer Identification No.)

85 New Hampshire Avenue, Suite 150, Portsmouth, New Hampshire 03801
(Address of Principal Executive Offices, Including Zip Code)
(617) 535-4766
(Registrant's Telephone Number, Including Area Code)
Securities registered pursuant to Section 12(b) of the Exchange Act:

Title of each class |  | Trading Symbol(s) |  | Name of each exchange on which registered
Common Stock, $.01 par value |  | IRM |  | NYSE

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer | ☒ | Accelerated filer | ☐
Non-accelerated filer | ☐ | Smaller reporting company | ☐
Emerging growth company | ☐ |  |

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
As of October 27, 2023, the registrant had 291,989,568 outstanding shares of common stock, $.01 par value.

Table of Contents
IRON MOUNTAIN INCORPORATED
2023 FORM 10-Q QUARTERLY REPORT
TABLE OF CONTENTS

PART I—FINANCIAL INFORMATION
| 1 | ITEM 1. | Unaudited Condensed Consolidated Financial Statements
|  | 2 | Condensed Consolidated Balance Sheets at September 30, 2023 and December 31, 2022
|  | 3 | Condensed Consolidated Statements of Operations for the Three Months Ended September 30, 2023 and 2022
|  | 4 | Condensed Consolidated Statements of Operations for the Nine Months Ended September 30, 2023 and 2022
|  | 5 | Condensed Consolidated Statements of Comprehensive Income (Loss) for the Three and Nine Months Ended September 30, 2023 and 2022
|  | 6 | Condensed Consolidated Statements of Equity for the Three and Nine Months Ended Septe mber 30, 2023
|  | 7 | Condensed Consolidated Statements of Equity for the Three and Nine Months Ended September 30, 2022
|  | 8 | Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2023 and 2022
|  | 9 | Notes to Condensed Consolidated Financial Statements
| 31 | ITEM 2. | Management's Discussion and Analysis of Financial Condition and Results of Operations
| 53 | ITEM 4. | Controls and Procedures
PART II—OTHER INFORMATION
| 55 | ITEM 2. | Unregistered Sales of Equity Securities and Use of Proceeds
| 55 | ITEM 5. | Other Information
| 55 | ITEM 6. | Exhibits
| 56 | Signatures

Table of Contents
PART I. FINANCIAL INFORMATION
ITEM 1. UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

IRON MOUNTAIN SEPTEMBER 30, 2023 FORM 10-Q |  |  | 1

Table of Contents
Part I. Financial Information

IRON MOUNTAIN INCORPORATED
CONDENSED CONSOLIDATED BALANCE SHEETS
(IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA) (UNAUDITED)

| SEPTEMBER 30, 2023 |  | DECEMBER 31, 2022
ASSETS |  |  |
Current Assets: |  |  |
Cash and cash equivalents | $ | 170,502 |  |  | $ | 141,797 |
Accounts receivable (less allowances of $71,152 and $54,143 as of September 30, 2023 and December 31, 2022, respectively) | 1,167,654 |  |  | 1,174,915 |
Prepaid expenses and other | 278,888 |  |  | 230,433 |
Total Current Assets | 1,617,044 |  |  | 1,547,145 |
Property, Plant and Equipment: |  |  |
Property, plant and equipment | 9,877,866 |  |  | 9,025,765 |
Less—Accumulated depreciation | (3,986,450) |  |  | (3,910,321) |
Property, Plant and Equipment, Net | 5,891,416 |  |  | 5,115,444 |
Other Assets, Net: |  |  |
Goodwill | 4,938,075 |  |  | 4,882,734 |
Customer and supplier relationships and other intangible assets | 1,353,139 |  |  | 1,423,145 |
Operating lease right-of-use assets | 2,620,582 |  |  | 2,583,704 |
Other | 456,662 |  |  | 588,342 |
Total Other Assets, Net | 9,368,458 |  |  | 9,477,925 |
Total Assets | $ | 16,876,918 |  |  | $ | 16,140,514 |
LIABILITIES AND EQUITY |  |  |
Current Liabilities: |  |  |
Current portion of long-term debt | $ | 107,984 |  |  | $ | 87,546 |
Accounts payable | 448,319 |  |  | 469,198 |
Accrued expenses and other current liabilities (includes current portion of operating lease liabilities) | 1,109,492 |  |  | 1,031,910 |
Deferred revenue | 325,493 |  |  | 328,910 |
Total Current Liabilities | 1,991,288 |  |  | 1,917,564 |
Long-term Debt, net of current portion | 11,548,229 |  |  | 10,481,449 |
Long-term Operating Lease Liabilities, net of current portion | 2,479,223 |  |  | 2,429,167 |
Other Long-term Liabilities | 158,446 |  |  | 317,376 |
Deferred Income Taxes | 273,831 |  |  | 263,005 |
Commitments and Contingencies |  |  |
Redeemable Noncontrolling Interests | 163,270 |  |  | 95,160 |
Equity: |  |  |
Preferred stock (par value $0.01; authorized 10,000,000 shares; none issued and outstanding) | — |  |  | — |
Common stock (par value $0.01; authorized 400,000,000 shares; issued and outstanding 291,927,407 and 290,830,296 shares as of September 30, 2023 and December 31, 2022, respectively) | 2,919 |  |  | 2,908 |
Additional paid-in capital | 4,508,384 |  |  | 4,468,035 |
(Distributions in excess of earnings) Earnings in excess of distributions | (3,790,794) |  |  | (3,392,272) |
Accumulated other comprehensive items, net | (458,003) |  |  | (442,003) |
Total Iron Mountain Incorporated Stockholders' Equity | 262,506 |  |  | 636,668 |
Noncontrolling Interests | 125 |  |  | 125 |
Total Equity | 262,631 |  |  | 636,793 |
Total Liabilities and Equity | $ | 16,876,918 |  |  | $ | 16,140,514 |

The accompanying notes are an integral part of these condensed consolidated financial statements.

IRON MOUNTAIN SEPTEMBER 30, 2023 FORM 10-Q |  |  | 2

Table of Contents
Part I. Financial Information

IRON MOUNTAIN INCORPORATED
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(IN THOUSANDS, EXCEPT PER SHARE DATA) (UNAUDITED)

| THREE MONTHS ENDED SEPTEMBER 30,
| 2023 |  | 2022
Revenues: |  |  |
Storage rental | $ | 858,656 |  |  | $ | 760,370 |
Service | 529,519 |  |  | 526,575 |
Total Revenues | 1,388,175 |  |  | 1,286,945 |
Operating Expenses: |  |  |
Cost of sales (excluding depreciation and amortization) | 592,201 |  |  | 546,041 |
Selling, general and administrative | 315,030 |  |  | 285,299 |
Depreciation and amortization | 198,757 |  |  | 175,077 |
Acquisition and Integration Costs | 9,909 |  |  | 5,554 |
Restructuring and other transformation | 38,861 |  |  | 3,382 |
(Gain) loss on disposal/write-down of property, plant and equipment, net | (4,416) |  |  | (14,170) |
Total Operating Expenses | 1,150,342 |  |  | 1,001,183 |
Operating Income (Loss) | 237,833 |  |  | 285,762 |
Interest Expense, Net (includes Interest Income of $4,059 and $2,176 for the three months ended September 30, 2023 and 2022, respectively) | 152,801 |  |  | 121,767 |
Other (Income) Expense, Net | (16,271) |  |  | (52,870) |
Net Income (Loss) Before Provision (Benefit) for Income Taxes | 101,303 |  |  | 216,865 |
Provision (Benefit) for Income Taxes | 9,912 |  |  | 23,934 |
Net Income (Loss) | 91,391 |  |  | 192,931 |
Less: Net Income (Loss) Attributable to Noncontrolling Interests | 348 |  |  | 767 |
Net Income (Loss) Attributable to Iron Mountain Incorporated | $ | 91,043 |  |  | $ | 192,164 |
Net Income (Loss) Per Share Attributable to Iron Mountain Incorporated: |  |  |
Basic | $ | 0.31 |  |  | $ | 0.66 |
Diluted | $ | 0.31 |  |  | $ | 0.66 |
Weighted Average Common Shares Outstanding—Basic | 292,148 |  |  | 290,937 |
Weighted Average Common Shares Outstanding—Diluted | 294,269 |  |  | 292,552 |

The accompanying notes are an integral part of these condensed consolidated financial statements.

IRON MOUNTAIN SEPTEMBER 30, 2023 FORM 10-Q |  |  | 3

Table of Contents
Part I. Financial Information

IRON MOUNTAIN INCORPORATED
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(IN THOUSANDS, EXCEPT PER SHARE DATA) (UNAUDITED)

| NINE MONTHS ENDED SEPTEMBER 30,
| 2023 |  | 2022
Revenues: |  |  |
Storage rental | $ | 2,499,501 |  |  | $ | 2,264,566 |
Service | 1,560,959 |  |  | 1,559,959 |
Total Revenues | 4,060,460 |  |  | 3,824,525 |
Operating Expenses: |  |  |
Cost of sales (excluding depreciation and amortization) | 1,756,471 |  |  | 1,649,139 |
Selling, general and administrative | 921,355 |  |  | 861,416 |
Depreciation and amortization | 576,218 |  |  | 536,946 |
Acquisition and Integration Costs | 13,015 |  |  | 38,093 |
Restructuring and other transformation | 121,362 |  |  | 3,382 |
(Gain) loss on disposal/write-down of property, plant and equipment, net | (18,982) |  |  | (66,124) |
Total Operating Expenses | 3,369,439 |  |  | 3,022,852 |
Operating Income (Loss) | 691,021 |  |  | 801,673 |
Interest Expense, Net (includes Interest Income of $9,256 and $5,995 for the nine months ended September 30, 2023 and 2022, respectively) | 434,148 |  |  | 351,266 |
Other Expense (Income), Net | 67,879 |  |  | (38,186) |
Net Income (Loss) Before Provision (Benefit) for Income Taxes | 188,994 |  |  | 488,593 |
Provision (Benefit) for Income Taxes | 30,925 |  |  | 52,097 |
Net Income (Loss) | 158,069 |  |  | 436,496 |
Less: Net Income (Loss) Attributable to Noncontrolling Interests | 2,317 |  |  | 1,952 |
Net Income (Loss) Attributable to Iron Mountain Incorporated | $ | 155,752 |  |  | $ | 434,544 |
Net Income (Loss) Per Share Attributable to Iron Mountain Incorporated: |  |  |
Basic | $ | 0.53 |  |  | $ | 1.49 |
Diluted | $ | 0.53 |  |  | $ | 1.49 |
Weighted Average Common Shares Outstanding—Basic | 291,805 |  |  | 290,673 |
Weighted Average Common Shares Outstanding—Diluted | 293,615 |  |  | 292,294 |

The accompanying notes are an integral part of these condensed consolidated financial statements.

IRON MOUNTAIN SEPTEMBER 30, 2023 FORM 10-Q |  |  | 4

Table of Contents
Part I. Financial Information

IRON MOUNTAIN INCORPORATED
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(IN THOUSANDS) (UNAUDITED)

| THREE MONTHS ENDED SEPTEMBER 30,
| 2023 |  | 2022
Net Income (Loss) | $ | 91,391 |  |  | $ | 192,931 |
Other Comprehensive (Loss) Income: |  |  |
Foreign Currency Translation Adjustment | (80,168) |  |  | (175,098) |
Change in Fair Value of Derivative Instruments | 6,184 |  |  | 32,233 |
Reclassifications from Accumulated Other Comprehensive Items, net | (2,527) |  |  | — |
Total Other Comprehensive (Loss) Income: | (76,511) |  |  | (142,865) |
Comprehensive Income (Loss) | 14,880 |  |  | 50,066 |
Comprehensive (Loss) Income Attributable to Noncontrolling Interests | (404) |  |  | 408 |
Comprehensive Income (Loss) Attributable to Iron Mountain Incorporated | $ | 15,284 |  |  | $ | 49,658 |

| NINE MONTHS ENDED SEPTEMBER 30,
| 2023 |  | 2022
Net Income (Loss) | $ | 158,069 |  |  | $ | 436,496 |
Other Comprehensive (Loss) Income: |  |  |
Foreign Currency Translation Adjustment | (21,907) |  |  | (335,431) |
Change in Fair Value of Derivative Instruments | 10,638 |  |  | 83,210 |
Reclassifications from Accumulated Other Comprehensive Items, net | (5,054) |  |  | — |
Total Other Comprehensive (Loss) Income: | (16,323) |  |  | (252,221) |
Comprehensive Income (Loss) | 141,746 |  |  | 184,275 |
Comprehensive Income (Loss) Attributable to Noncontrolling Interests | 1,994 |  |  | 865 |
Comprehensive Income (Loss) Attributable to Iron Mountain Incorporated | $ | 139,752 |  |  | $ | 183,410 |

The accompanying notes are an integral part of these condensed consolidated financial statements.

IRON MOUNTAIN SEPTEMBER 30, 2023 FORM 10-Q |  |  | 5

Table of Contents
Part I. Financial Information

IRON MOUNTAIN INCORPORATED
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
(IN THOUSANDS, EXCEPT SHARE DATA) (UNAUDITED)

THREE MONTHS ENDED SEPTEMBER 30, 2023
|  |  | IRON MOUNTAIN INCORPORATED STOCKHOLDERS' EQUITY |  |  |  |  |
|  |  | COMMON STOCK |  | ADDITIONAL PAID-IN CAPITAL |  | (DISTRIBUTIONS IN EXCESS OF EARNINGS) EARNINGS IN EXCESS OF DISTRIBUTIONS |  | ACCUMULATED OTHER COMPREHENSIVE ITEMS, NET |  | NONCONTROLLING INTERESTS |  |  | REDEEMABLE NONCONTROLLING INTERESTS
| TOTAL |  | SHARES |  | AMOUNTS |  |  |
Balance, June 30, 2023 | $ | 416,343 |  |  | 291,824,958 |  |  | $ | 2,918 |  |  | $ | 4,488,492 |  |  | $ | (3,692,948) |  |  | $ | (382,244) |  |  | $ | 125 |  |  |  | $ | 104,059 |
Issuance and net settlement of shares under employee stock purchase plan and option plans and stock-based compensation | 20,293 |  |  | 102,449 |  |  | 1 |  |  | 20,292 |  |  | — |  |  | — |  |  | — |  |  |  | — |
Changes in equity related to redeemable noncontrolling interests | (400) |  |  | — |  |  | — |  |  | (400) |  |  | — |  |  | — |  |  | — |  |  |  | — |
Parent cash dividends declared | (188,889) |  |  | — |  |  | — |  |  | — |  |  | (188,889) |  |  | — |  |  | — |  |  |  | — |
Other comprehensive (loss) income | (75,759) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (75,759) |  |  | — |  |  |  | (752) |
Net income (loss) | 91,043 |  |  | — |  |  | — |  |  | — |  |  | 91,043 |  |  | — |  |  | — |  |  |  | 348 |
Noncontrolling interests dividends | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  | (905) |
Purchase of noncontrolling interests | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  | 60,520 |
Balance, September 30, 2023 | $ | 262,631 |  |  | 291,927,407 |  |  | $ | 2,919 |  |  | $ | 4,508,384 |  |  | $ | (3,790,794) |  |  | $ | (458,003) |  |  | $ | 125 |  |  |  | $ | 163,270 |
NINE MONTHS ENDED SEPTEMBER 30, 2023
|  |  | IRON MOUNTAIN INCORPORATED STOCKHOLDERS' EQUITY |  |  |  |  |
|  |  | COMMON STOCK |  | ADDITIONAL PAID-IN CAPITAL |  | (DISTRIBUTIONS IN EXCESS OF EARNINGS) EARNINGS IN EXCESS OF DISTRIBUTIONS |  | ACCUMULATED OTHER COMPREHENSIVE ITEMS, NET |  | NONCONTROLLING INTERESTS |  |  | REDEEMABLE NONCONTROLLING INTERESTS
| TOTAL |  | SHARES |  | AMOUNTS |  |  |  |  |
Balance, December 31, 2022 | $ | 636,793 |  |  | 290,830,296 |  |  | $ | 2,908 |  |  | $ | 4,468,035 |  |  | $ | (3,392,272) |  |  | $ | (442,003) |  |  | $ | 125 |  |  |  | $ | 95,160 |
Issuance and net settlement of shares under employee stock purchase plan and option plans and stock-based compensation | 39,393 |  |  | 1,097,111 |  |  | 11 |  |  | 39,382 |  |  | — |  |  | — |  |  | — |  |  |  | — |
Changes in equity related to redeemable noncontrolling interests | 967 |  |  | — |  |  | — |  |  | 967 |  |  | — |  |  | — |  |  | — |  |  |  | (1,367) |
Parent cash dividends declared | (554,274) |  |  | — |  |  | — |  |  | — |  |  | (554,274) |  |  | — |  |  | — |  |  |  | — |
Other comprehensive (loss) income | (16,000) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (16,000) |  |  | — |  |  |  | (323) |
Net income (loss) | 155,752 |  |  | — |  |  | — |  |  | — |  |  | 155,752 |  |  | — |  |  | — |  |  |  | 2,317 |
Noncontrolling interests equity contributions | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  | 9,900 |
Noncontrolling interests dividends | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  | (2,937) |
Purchase of noncontrolling interests | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  | 60,520 |
Balance, September 30, 2023 | $ | 262,631 |  |  | 291,927,407 |  |  | $ | 2,919 |  |  | $ | 4,508,384 |  |  | $ | (3,790,794) |  |  | $ | (458,003) |  |  | $ | 125 |  |  |  | $ | 163,270 |

The accompanying notes are an integral part of these condensed consolidated financial statements.

IRON MOUNTAIN SEPTEMBER 30, 2023 FORM 10-Q |  |  | 6

Table of Contents
Part I. Financial Information

IRON MOUNTAIN INCORPORATED
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
(IN THOUSANDS, EXCEPT SHARE DATA) (UNAUDITED)

THREE MONTHS ENDED SEPTEMBER 30, 2022
|  |  | IRON MOUNTAIN INCORPORATED STOCKHOLDERS' EQUITY |  |  |  |  |
|  |  | COMMON STOCK |  | ADDITIONAL PAID-IN CAPITAL |  | (DISTRIBUTIONS IN EXCESS OF EARNINGS) EARNINGS IN EXCESS OF DISTRIBUTIONS |  | ACCUMULATED OTHER COMPREHENSIVE ITEMS, NET |  | NONCONTROLLING INTERESTS |  |  | REDEEMABLE NONCONTROLLING INTERESTS
| TOTAL |  | SHARES |  | AMOUNTS |  |  |
Balance, June 30, 2022 | $ | 651,775 |  |  | 290,679,958 |  |  | $ | 2,907 |  |  | $ | 4,432,009 |  |  | $ | (3,340,992) |  |  | $ | (446,975) |  |  | $ | 4,826 |  |  |  | $ | 93,957 |
Issuance and net settlement of shares under employee stock purchase plan and option plans and stock-based compensation | 13,979 |  |  | 7,984 |  |  | — |  |  | 13,979 |  |  | — |  |  | — |  |  | — |  |  |  | — |
Parent cash dividends declared | (181,385) |  |  | — |  |  | — |  |  | — |  |  | (181,385) |  |  | — |  |  | — |  |  |  | — |
Other comprehensive (loss) income | (142,828) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (142,506) |  |  | (322) |  |  |  | (37) |
Net income (loss) | 192,298 |  |  | — |  |  | — |  |  | — |  |  | 192,164 |  |  | — |  |  | 134 |  |  |  | 633 |
Noncontrolling interests dividends | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  | (732) |
Balance, September 30, 2022 | $ | 533,839 |  |  | 290,687,942 |  |  | $ | 2,907 |  |  | $ | 4,445,988 |  |  | $ | (3,330,213) |  |  | $ | (589,481) |  |  | $ | 4,638 |  |  |  | $ | 93,821 |
NINE MONTHS ENDED SEPTEMBER 30, 2022
|  |  | IRON MOUNTAIN INCORPORATED STOCKHOLDERS' EQUITY |  |  |  |  |
|  |  | COMMON STOCK |  | ADDITIONAL PAID-IN CAPITAL |  | (DISTRIBUTIONS IN EXCESS OF EARNINGS) EARNINGS IN EXCESS OF DISTRIBUTIONS |  | ACCUMULATED OTHER COMPREHENSIVE ITEMS, NET |  | NONCONTROLLING INTERESTS |  |  | REDEEMABLE NONCONTROLLING INTERESTS
| TOTAL |  | SHARES |  | AMOUNTS |  |  |  |  |
Balance, December 31, 2021 | $ | 857,068 |  |  | 289,757,061 |  |  | $ | 2,898 |  |  | $ | 4,412,553 |  |  | $ | (3,221,152) |  |  | $ | (338,347) |  |  | $ | 1,116 |  |  |  | $ | 72,411 |
Issuance and net settlement of shares under employee stock purchase plan and option plans and stock-based compensation | 36,939 |  |  | 930,881 |  |  | 9 |  |  | 36,930 |  |  | — |  |  | — |  |  | — |  |  |  | — |
Changes in equity related to noncontrolling interests | 2,626 |  |  | — |  |  | — |  |  | (1,009) |  |  | — |  |  | — |  |  | 3,635 |  |  |  | 1,009 |
Parent cash dividends declared | (543,605) |  |  | — |  |  | — |  |  | — |  |  | (543,605) |  |  | — |  |  | — |  |  |  | — |
Other comprehensive (loss) income | (251,615) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (251,134) |  |  | (481) |  |  |  | (606) |
Net income (loss) | 434,912 |  |  | — |  |  | — |  |  | — |  |  | 434,544 |  |  | — |  |  | 368 |  |  |  | 1,584 |
Noncontrolling interests equity contributions and related costs | (2,486) |  |  | — |  |  | — |  |  | (2,486) |  |  | — |  |  | — |  |  | — |  |  |  | 21,547 |
Noncontrolling interests dividends | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  | (2,124) |
Balance, September 30, 2022 | $ | 533,839 |  |  | 290,687,942 |  |  | $ | 2,907 |  |  | $ | 4,445,988 |  |  | $ | (3,330,213) |  |  | $ | (589,481) |  |  | $ | 4,638 |  |  |  | $ | 93,821 |

The accompanying notes are an integral part of these condensed consolidated financial statements.

IRON MOUNTAIN SEPTEMBER 30, 2023 FORM 10-Q |  |  | 7

Table of Contents
Part I. Financial Information

IRON MOUNTAIN INCORPORATED
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(IN THOUSANDS) (UNAUDITED)

| NINE MONTHS ENDED SEPTEMBER 30,
| 2023 |  | 2022
Cash Flows from Operating Activities: |  |  |
Net income (loss) | $ | 158,069 |  |  | $ | 436,496 |
Adjustments to reconcile net income (loss) to cash flows from operating activities: |  |  |
Depreciation | 387,327 |  |  | 350,626 |
Amortization (includes amortization of deferred financing costs and discounts of $13,580 and $13,536 for the nine months ended September 30, 2023 and 2022, respectively) | 202,471 |  |  | 199,856 |
Revenue reduction associated with amortization of customer inducements and above- and below-market leases | 5,206 |  |  | 5,532 |
Stock-based compensation expense | 53,195 |  |  | 45,923 |
(Benefit) provision for deferred income taxes | (7,727) |  |  | (22,991) |
Loss on early extinguishment of debt | — |  |  | 671 |
(Gain) loss on disposal/write-down of property, plant and equipment, net | (18,982) |  |  | (66,124) |
Loss (gain) on divestments and deconsolidations | — |  |  | 105,825 |
Loss (gain) associated with the Clutter transactions | 38,000 |  |  | (35,821) |
Foreign currency transactions and other, net | 55,768 |  |  | (101,329) |
(Increase) decrease in assets | (6,889) |  |  | (219,173) |
(Decrease) increase in liabilities | (200,064) |  |  | (139,136) |
Cash Flows from Operating Activities | 666,374 |  |  | 560,355 |
Cash Flows from Investing Activities: |  |  |
Capital expenditures | (962,294) |  |  | (596,801) |
Cash paid for acquisitions, net of cash acquired | (33,932) |  |  | (724,213) |
Acquisition of customer relationships | — |  |  | (1,901) |
Customer inducements | (5,799) |  |  | (4,288) |
Contract fulfillment costs | (61,960) |  |  | (49,874) |
Investments in joint ventures and other investments | (15,830) |  |  | (46,100) |
Proceeds from sales of property and equipment and other, net | 44,732 |  |  | 119,417 |
Cash Flows from Investing Activities | (1,035,083) |  |  | (1,303,760) |
Cash Flows from Financing Activities: |  |  |
Repayment of revolving credit facility, term loan facilities and other debt | (13,654,869) |  |  | (8,038,964) |
Proceeds from revolving credit facility, term loan facilities and other debt | 13,630,522 |  |  | 9,240,478 |
Net proceeds from sale of senior note | 990,000 |  |  | — |
Debt financing and equity contribution from noncontrolling interests | 9,900 |  |  | 21,547 |
Debt repayment and equity distribution to noncontrolling interests | (2,937) |  |  | (2,124) |
Parent cash dividends | (547,667) |  |  | (544,069) |
Net (payments) proceeds associated with employee stock-based awards | (13,802) |  |  | (8,984) |
Other, net | (7,275) |  |  | (9,437) |
Cash Flows from Financing Activities | 403,872 |  |  | 658,447 |
Effect of Exchange Rates on Cash and Cash Equivalents | (6,458) |  |  | (15,647) |
Increase (decrease) in Cash and Cash Equivalents | 28,705 |  |  | (100,605) |
Cash and Cash Equivalents, Beginning of Period | 141,797 |  |  | 255,828 |
Cash and Cash Equivalents, End of Period | $ | 170,502 |  |  | $ | 155,223 |
Supplemental Information: |  |  |
Cash Paid for Interest | $ | 470,273 |  |  | $ | 410,851 |
Cash Paid for Income Taxes, Net | $ | 74,948 |  |  | $ | 77,765 |
Non-Cash Investing and Financing Activities: |  |  |
Financing Leases and Other | $ | 104,613 |  |  | $ | 18,774 |
Accrued Capital Expenditures | $ | 176,596 |  |  | $ | 137,802 |
Deferred Purchase Obligations and Other Deferred Payments | $ | 4,786 |  |  | $ | 279,734 |
Dividends Payable | $ | 200,879 |  |  | $ | 190,095 |

The accompanying notes are an integral part of these condensed consolidated financial statements.

IRON MOUNTAIN SEPTEMBER 30, 2023 FORM 10-Q |  |  | 8

Table of Contents
Part I. Financial Information

IRON MOUNTAIN INCORPORATED
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(In thousands, except share and per share data) (Unaudited)
1. GENERAL
The unaudited condensed consolidated financial statements of Iron Mountain Incorporated, a Delaware corporation ("IMI"), and its subsidiaries ("we" or "us"), have been prepared pursuant to the rules and regulations of the United States Securities and Exchange Commission (the "SEC"). Certain information and footnote disclosures normally included in the annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been omitted pursuant to those rules and regulations, but we believe that the disclosures included herein are adequate to make the information presented not misleading. Certain prior year financial statement amounts have been reclassified to conform to the current year presentation. The interim condensed consolidated financial statements are presented herein and, in the opinion of management, reflect all adjustments of a normal recurring nature necessary for a fair presentation. Interim results are not necessarily indicative of results for a full year.
The Condensed Consolidated Financial Statements and Notes thereto, which are included herein, should be read in conjunction with the Consolidated Financial Statements and Notes thereto for the year ended December 31, 2022 included in our Annual Report on Form 10-K filed with the SEC on February 23, 2023 (our "Annual Report").
In September 2022, we announced a global program designed to accelerate the growth of our business ("Project Matterhorn"). See Note 11.
We have been organized and have operated as a real estate investment trust for United States federal income tax purposes ("REIT") beginning with our taxable year ended December 31, 2014.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
A. CASH AND CASH EQUIVALENTS
Cash and cash equivalents include cash on hand and cash invested in highly liquid short-term securities, which have remaining maturities at the date of purchase of less than 90 days. Cash and cash equivalents are carried at cost, which approximates fair value.
B. ACCOUNTS RECEIVABLE
We maintain an allowance for doubtful accounts and a credit memo reserve for estimated losses resulting from the potential inability of our customers to make required payments and potential disputes regarding billing and service issues. The rollforward of the allowance for doubtful accounts and credit memo reserves for the nine months ended September 30, 2023 is as follows:

|  | Balance as of December 31, 2022 |  | $ | 54,143 |
|  | Credit memos charged to revenue |  | 69,587 |
|  | Allowance for bad debts charged to expense |  | 27,934 |
|  | Deductions and other(1) |  | (80,512) |
|  | Balance as of September 30, 2023 |  | $ | 71,152 |

(1)Primarily consists of the issuance of credit memos, the write-off of accounts receivable and the impact associated with currency translation adjustments.

IRON MOUNTAIN SEPTEMBER 30, 2023 FORM 10-Q |  |  | 9

Table of Contents
Part I. Financial Information

IRON MOUNTAIN INCORPORATED
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
(In thousands, except share and per share data) (Unaudited)
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
C. LEASES
We lease facilities for certain warehouses, data centers and office space. We also have land leases, including those on which certain facilities are located.
Operating and financing lease right-of-use assets and lease liabilities as of September 30, 2023 and December 31, 2022 are as follows:

DESCRIPTION |  | SEPTEMBER 30, 2023 |  | DECEMBER 31, 2022
Assets: |  |  |  |
Operating lease right-of-use assets |  | $ | 2,620,582 |  |  | $ | 2,583,704 |
Financing lease right-of-use assets, net of accumulated depreciation(1) |  | 300,424 |  |  | 251,690 |
Liabilities: |  |  |  |
Current |  |  |  |
Operating lease liabilities |  | $ | 276,191 |  |  | $ | 288,738 |
Financing lease liabilities(1) |  | 55,744 |  |  | 43,857 |
Long-term |  |  |  |
Operating lease liabilities |  | $ | 2,479,223 |  |  | $ | 2,429,167 |
Financing lease liabilities(1) |  | 316,043 |  |  | 289,048 |

(1)Financing lease right-of-use assets, current financing lease liabilities and long-term financing lease liabilities are included within Property, Plant and Equipment, Net, Current portion of long-term debt and Long-term Debt, net of current portion, respectively, within our Condensed Consolidated Balance Sheets.
The components of the lease expense for the three and nine months ended September 30, 2023 and 2022 are as follows:

|  | THREE MONTHS ENDED SEPTEMBER 30, |  | NINE MONTHS ENDED SEPTEMBER 30,
DESCRIPTION |  | 2023 |  | 2022 |  | 2023 |  | 2022
Operating lease cost(1) |  | $ | 172,040 |  |  | $ | 145,293 |  |  | $ | 489,153 |  |  | $ | 428,686 |
Financing lease cost: |  |  |  |  |  |  |  |
Depreciation of financing lease right-of-use assets |  | $ | 11,004 |  |  | $ | 10,186 |  |  | $ | 31,214 |  |  | $ | 32,218 |
Interest expense for financing lease liabilities |  | 4,843 |  |  | 4,126 |  |  | 13,600 |  |  | 13,163 |

(1)Operating lease cost, the majority of which is included in Cost of sales, includes variable lease costs of $34,866 and $100,864 for the three and nine months ended September 30, 2023, respectively, and $30,730 and $89,647 for the three and nine months ended September 30, 2022, respectively.

IRON MOUNTAIN SEPTEMBER 30, 2023 FORM 10-Q |  |  | 10

Table of Contents
Part I. Financial Information

IRON MOUNTAIN INCORPORATED
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
(In thousands, except share and per share data) (Unaudited)
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Other information: Supplemental cash flow information relating to our leases for the nine months ended September 30, 2023 and 2022 is as follows:

|  | NINE MONTHS ENDED SEPTEMBER 30,
CASH PAID FOR AMOUNTS INCLUDED IN MEASUREMENT OF LEASE LIABILITIES: |  | 2023 |  | 2022
Operating cash flows used in operating leases |  | $ | 334,806 |  |  | $ | 302,442 |
Operating cash flows used in financing leases (interest) |  | 13,600 |  |  | 13,163 |
Financing cash flows used in financing leases |  | 35,124 |  |  | 29,254 |
NON-CASH ITEMS: |  |  |  |
Operating lease modifications and reassessments |  | $ | 65,874 |  |  | $ | 145,133 |
New operating leases (including acquisitions and sale-leaseback transactions) |  | 234,194 |  |  | 485,673 |

In addition to the leases signed but not yet commenced that were disclosed in Note 2.j. to Notes to Consolidated Financial Statements included in our Annual Report, we entered into an operating lease in March 2023 that is expected to commence in July 2024, with an initial lease term of 25 years. The total undiscounted minimum lease payments for this lease are approximately $170,100.
D. GOODWILL
Our reporting units as of December 31, 2022 are described in detail in Note 2.l. to Notes to Consolidated Financial Statements included in our Annual Report.
The changes in the carrying value of goodwill attributable to each reportable segment for the nine months ended September 30, 2023 are as follows:

| GLOBAL RIM BUSINESS |  | GLOBAL DATA CENTER BUSINESS |  |  |  | CORPORATE AND OTHER |  | TOTAL CONSOLIDATED
Goodwill balance, net of accumulated amortization as of December 31, 2022 | $ | 3,852,946 |  |  | $ | 418,502 |  |  |  |  | $ | 611,286 |  |  | $ | 4,882,734 |
Tax deductible goodwill acquired during the period | — |  |  | — |  |  |  |  | 11,045 |  |  | 11,045 |
Non-tax deductible goodwill acquired during the period | 33,873 |  |  | 31,228 |  |  |  |  | 383 |  |  | 65,484 |
Fair value and other adjustments | (80) |  |  | — |  |  |  |  | 2,333 |  |  | 2,253 |
Currency translation adjustments | (21,532) |  |  | (1,799) |  |  |  |  | (110) |  |  | (23,441) |
Goodwill balance, net of accumulated amortization as of September 30, 2023 | $ | 3,865,207 |  |  | $ | 447,931 |  |  |  |  | $ | 624,937 |  |  | $ | 4,938,075 |
Accumulated goodwill impairment balance as of September 30, 2023 | $ | 132,409 |  |  | $ | — |  |  |  |  | $ | 26,011 |  |  | $ | 158,420 |

IRON MOUNTAIN SEPTEMBER 30, 2023 FORM 10-Q |  |  | 11

Table of Contents
Part I. Financial Information

IRON MOUNTAIN INCORPORATED
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
(In thousands, except share and per share data) (Unaudited)
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
E. FAIR VALUE MEASUREMENTS
The assets and liabilities carried at fair value measured on a recurring basis as of September 30, 2023 and December 31, 2022 are as follows:

|  |  |  | FAIR VALUE MEASUREMENTS AT SEPTEMBER 30, 2023 USING
DESCRIPTION |  | TOTAL CARRYING VALUE AT SEPTEMBER 30, 2023 |  | QUOTED PRICES IN ACTIVE MARKETS (LEVEL 1) |  | SIGNIFICANT OTHER OBSERVABLE INPUTS (LEVEL 2) |  | SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)
Money Market Funds |  | $ | 10,197 |  |  | $ | — |  |  | $ | 10,197 |  |  | $ | — |
Time Deposits |  | 45,910 |  |  | — |  |  | 45,910 |  |  | — |
Trading Securities |  | 9,917 |  |  | 8,418 |  |  | 1,499 |  |  | — |
Derivative Assets |  | 39,478 |  |  | — |  |  | 39,478 |  |  | — |
Derivative Liabilities |  | 38 |  |  | — |  |  | 38 |  |  | — |
Deferred Purchase Obligations(1) |  | 206,755 |  |  | — |  |  | — |  |  | 206,755 |

|  |  |  | FAIR VALUE MEASUREMENTS AT DECEMBER 31, 2022 USING
DESCRIPTION |  | TOTAL CARRYING VALUE AT DECEMBER 31, 2022 |  | QUOTED PRICES IN ACTIVE MARKETS (LEVEL 1) |  | SIGNIFICANT OTHER OBSERVABLE INPUTS (LEVEL 2) |  | SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)
Money Market Funds |  | $ | 11,311 |  |  | $ | — |  |  | $ | 11,311 |  |  | $ | — |
Time Deposits |  | 1,102 |  |  | — |  |  | 1,102 |  |  | — |
Trading Securities |  | 9,462 |  |  | 9,426 |  |  | 36 |  |  | — |
Derivative Assets |  | 51,396 |  |  | — |  |  | 51,396 |  |  | — |
Derivative Liabilities |  | 489 |  |  | — |  |  | 489 |  |  | — |
Deferred Purchase Obligations(1) |  | 193,033 |  |  | — |  |  | — |  |  | 193,033 |

(1)Primarily relates to the fair value of the Deferred Purchase Obligation (as defined in Note 3 to Notes to Consolidated Financial Statements included in our Annual Report) associated with the ITRenew Transaction (as defined in Note 3), which was determined utilizing a Monte-Carlo model and takes into account our forecasted projections as it relates to the underlying performance of the business. The Monte-Carlo simulation model incorporates assumptions as to expected gross profits over the applicable achievement period, including adjustments for the volatility of timing and amount of the associated revenue and costs, as well as discount rates that account for the risk of the underlying arrangement and overall market risks. Any material change to these assumptions may result in a significantly higher or lower fair value of the Deferred Purchase Obligation. The change in value of the Deferred Purchase Obligation during the three and nine months ended September 30, 2023 was driven by the accretion of the obligation to present value.
There were no material items that were measured at fair value on a non-recurring basis at September 30, 2023 and December 31, 2022 other than (i) those disclosed in Note 2.p. to Notes to Consolidated Financial Statements included in our Annual Report, (ii) the redemption value of recently acquired noncontrolling interests and previously held equity interests (both as disclosed in Note 3) and (iii) assets acquired and liabilities assumed through our acquisitions that occurred during the nine months ended September 30, 2023, all of which are based on Level 3 inputs.

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Table of Contents
Part I. Financial Information

IRON MOUNTAIN INCORPORATED
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
(In thousands, except share and per share data) (Unaudited)
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
F. ACCUMULATED OTHER COMPREHENSIVE ITEMS, NET
The changes in Accumulated other comprehensive items, net for the three and nine months ended September 30, 2023 and 2022 are as follows:

| THREE MONTHS ENDED SEPTEMBER 30, 2023 |  | THREE MONTHS ENDED SEPTEMBER 30, 2022
| FOREIGN CURRENCY TRANSLATION AND OTHER ADJUSTMENTS |  | DERIVATIVE FINANCIAL INSTRUMENTS |  | TOTAL |  | FOREIGN CURRENCY TRANSLATION AND OTHER ADJUSTMENTS |  | DERIVATIVE FINANCIAL INSTRUMENTS |  | TOTAL
Beginning of Period | $ | (396,677) |  |  | $ | 14,433 |  |  | $ | (382,244) |  |  | $ | (500,629) |  |  | $ | 53,654 |  |  | $ | (446,975) |
Other comprehensive (loss) income: |  |  |  |  |  |  |  |  |  |  |
Foreign currency translation and other adjustments | (79,416) |  |  | — |  |  | (79,416) |  |  | (174,739) |  |  | — |  |  | (174,739) |
Change in fair value of derivative instruments | — |  |  | 6,184 |  |  | 6,184 |  |  | — |  |  | 32,233 |  |  | 32,233 |
Reclassifications from accumulated other comprehensive items, net | — |  |  | (2,527) |  |  | (2,527) |  |  | — |  |  | — |  |  | — |
Total other comprehensive (loss) income | (79,416) |  |  | 3,657 |  |  | (75,759) |  |  | (174,739) |  |  | 32,233 |  |  | (142,506) |
End of Period | $ | (476,093) |  |  | $ | 18,090 |  |  | $ | (458,003) |  |  | $ | (675,368) |  |  | $ | 85,887 |  |  | $ | (589,481) |

| NINE MONTHS ENDED SEPTEMBER 30, 2023 |  | NINE MONTHS ENDED SEPTEMBER 30, 2022
| FOREIGN CURRENCY TRANSLATION AND OTHER ADJUSTMENTS |  | DERIVATIVE FINANCIAL INSTRUMENTS |  | TOTAL |  | FOREIGN CURRENCY TRANSLATION AND OTHER ADJUSTMENTS |  | DERIVATIVE FINANCIAL INSTRUMENTS |  | TOTAL
Beginning of Period | $ | (454,509) |  |  | $ | 12,506 |  |  | $ | (442,003) |  |  | $ | (341,024) |  |  | $ | 2,677 |  |  | $ | (338,347) |
Other comprehensive (loss) income: |  |  |  |  |  |  |  |  |  |  |
Foreign currency translation and other adjustments | (21,584) |  |  | — |  |  | (21,584) |  |  | (334,344) |  |  | — |  |  | (334,344) |
Change in fair value of derivative instruments | — |  |  | 10,638 |  |  | 10,638 |  |  | — |  |  | 83,210 |  |  | 83,210 |
Reclassifications from accumulated other comprehensive items, net | — |  |  | (5,054) |  |  | (5,054) |  |  | — |  |  | — |  |  | — |
Total other comprehensive (loss) income | (21,584) |  |  | 5,584 |  |  | (16,000) |  |  | (334,344) |  |  | 83,210 |  |  | (251,134) |
End of Period | $ | (476,093) |  |  | $ | 18,090 |  |  | $ | (458,003) |  |  | $ | (675,368) |  |  | $ | 85,887 |  |  | $ | (589,481) |

G. REVENUES
The costs associated with the initial movement of customer records into physical storage and certain commissions are considered costs to obtain or fulfill customer contracts (collectively, "Contract Fulfillment Costs"). Contract Fulfillment Costs as of September 30, 2023 and December 31, 2022 are as follows:

|  | SEPTEMBER 30, 2023 |  | DECEMBER 31, 2022
|  | GROSS CARRYING AMOUNT |  | ACCUMULATED AMORTIZATION |  | NET CARRYING AMOUNT |  | GROSS CARRYING AMOUNT |  | ACCUMULATED AMORTIZATION |  | NET CARRYING AMOUNT
Intake Costs asset |  | $ | 77,937 |  |  | $ | (47,081) |  |  | $ | 30,856 |  |  | $ | 68,345 |  |  | $ | (42,132) |  |  | $ | 26,213 |
Commissions asset |  | 154,425 |  |  | (66,777) |  |  | 87,648 |  |  | 133,145 |  |  | (58,949) |  |  | 74,196 |

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Table of Contents
Part I. Financial Information

IRON MOUNTAIN INCORPORATED
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
(In thousands, except share and per share data) (Unaudited)
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Deferred revenue liabilities are reflected in our Condensed Consolidated Balance Sheets as follows:

DESCRIPTION |  | LOCATION IN BALANCE SHEET |  | SEPTEMBER 30, 2023 |  | DECEMBER 31, 2022
Deferred revenue - Current |  | Deferred revenue |  | $ | 325,493 |  |  | $ | 328,910 |
Deferred revenue - Long-term |  | Other Long-term Liabilities |  | 22,537 |  |  | 32,960 |

DATA CENTER LESSOR CONSIDERATIONS
Our Global Data Center Business features storage rental provided to customers at contractually specified rates over a fixed contractual period, which are accounted for in accordance with Accounting Standards Codification ("ASC") 842, Leases. Storage rental revenue associated with our Global Data Center Business for the three and nine months ended September 30, 2023 and 2022 is as follows:

| THREE MONTHS ENDED SEPTEMBER 30, |  | NINE MONTHS ENDED SEPTEMBER 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Storage rental revenue | $ | 123,655 |  |  | $ | 96,328 |  |  | $ | 342,080 |  |  | $ | 273,547 |

H. STOCK-BASED COMPENSATION
Our stock-based compensation expense includes the cost of stock options, restricted stock units ("RSUs") and performance units ("PUs") (together, the "Employee Stock-Based Awards").
STOCK-BASED COMPENSATION EXPENSE
Stock-based compensation expense for the Employee Stock-Based Awards for the three and nine months ended September 30, 2023 and 2022 is as follows:

| THREE MONTHS ENDED SEPTEMBER 30, |  | NINE MONTHS ENDED SEPTEMBER 30, |  |
| 2023 |  | 2022 |  | 2023 |  | 2022 |  |  |  |
Stock-based compensation expense | $ | 18,313 |  |  | $ | 14,326 |  |  | $ | 53,195 |  |  | $ | 45,923 |  |  |  |  |

As of September 30, 2023, unrecognized compensation cost related to the unvested portion of our Employee Stock-Based Awards is $70,074.
I. ACQUISITION AND INTEGRATION COSTS
Acquisition and integration costs represent operating expenditures directly associated with the closing and integration activities of our business acquisitions that have closed, or are highly probable of closing, and include (i) advisory, legal and professional fees to complete business acquisitions and (ii) costs to integrate acquired businesses into our existing operations, including move, severance and system integration costs (collectively, "Acquisition and Integration Costs").
Acquisition and Integration Costs for the three and nine months ended September 30, 2023 and 2022 are as follows:

| THREE MONTHS ENDED SEPTEMBER 30, |  | NINE MONTHS ENDED SEPTEMBER 30, |  |
| 2023 |  | 2022 |  | 2023 |  | 2022 |  |  |  |
Acquisition and Integration Costs | $ | 9,909 |  |  | $ | 5,554 |  |  | $ | 13,015 |  |  | $ | 38,093 |  |  |  |  |

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Table of Contents
Part I. Financial Information

IRON MOUNTAIN INCORPORATED
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
(In thousands, except share and per share data) (Unaudited)
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
J. (GAIN) LOSS ON DISPOSAL/WRITE-DOWN OF PROPERTY, PLANT AND EQUIPMENT, NET
(Gain) loss on disposal/write-down of property, plant and equipment, net for the three and nine months ended September 30, 2023 and 2022 is as follows:

| THREE MONTHS ENDED SEPTEMBER 30, |  | NINE MONTHS ENDED SEPTEMBER 30,
| 2023 |  | 2022(2) |  | 2023(1) |  | 2022(2)
(Gain) loss on disposal/write-down of property, plant and equipment, net(3) | $ | (4,416) |  |  | $ | (14,170) |  |  | $ | (18,982) |  |  | $ | (66,124) |

(1) The gains for the nine months ended September 30, 2023 primarily consist of a gain of approximately $18,500 associated with a sale-leaseback transaction of a facility in Singapore during the first quarter of 2023.
(2) The gains for the nine months ended September 30, 2022 primarily consist of gains of approximately $66,000 associated with sale and sale-leaseback transactions, of which (i) approximately $17,000 relates to sale-leaseback transactions of two facilities in the United States and one in Canada during the third quarter of 2022 and (ii) approximately $49,000 relates to sale and sale-leaseback transactions of 11 facilities and parcels of land in the United States during the second quarter of 2022.
(3) The gains recognized during both 2023 and 2022 are the result of our program to monetize a small portion of our industrial assets through sale and sale-leaseback transactions. The terms for these leases are consistent with the terms of our lease portfolio, which are disclosed in detail in Note 2.j. to Notes to Consolidated Financial Statements included in our Annual Report.
K. OTHER (INCOME) EXPENSE, NET
Other (income) expense, net for the three and nine months ended September 30, 2023 and 2022 consists of the following:

| THREE MONTHS ENDED SEPTEMBER 30, |  | NINE MONTHS ENDED SEPTEMBER 30,
DESCRIPTION | 2023 |  | 2022 |  | 2023 |  | 2022
Foreign currency transaction (gains) losses, net(1)(2) | $ | (29,310) |  |  | $ | (58,519) |  |  | $ | 177 |  |  | $ | (126,759) |
Debt extinguishment expense | — |  |  | — |  |  | — |  |  | 671 |
Other, net(3)(4) | 13,039 |  |  | 5,649 |  |  | 67,702 |  |  | 87,902 |
Other (Income) Expense, Net | $ | (16,271) |  |  | $ | (52,870) |  |  | $ | 67,879 |  |  | $ | (38,186) |

(1)The gains for the three months ended September 30, 2023 primarily consist of the impact of changes in the exchange rate of the British pound sterling against the United States dollar on our intercompany balances with and between certain of our subsidiaries.
(2)The gains for the three and nine months ended September 30, 2022 primarily consist of the impact of changes in the exchange rate of the Euro and the British pound sterling against the United States dollar on our intercompany balances with and between certain of our subsidiaries.
(3)Other, net for the nine months ended September 30, 2023 consists primarily of a loss of approximately $38,000 associated with the remeasurement to fair value of our previously held equity interest in the Clutter JV (as defined and discussed in Note 4), as well as losses on our equity method investments and the change in value of the Deferred Purchase Obligation.
(4)Other, net for the nine months ended September 30, 2022 consists primarily of (i) a loss of approximately $105,800 associated with the OSG Deconsolidation (as defined in Note 4 to Notes to Consolidated Financial Statements included in our Annual Report), partially offset by (ii) a gain of approximately $35,800 associated with the Clutter Transaction (as defined in Note 4).

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Table of Contents
Part I. Financial Information

IRON MOUNTAIN INCORPORATED
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
(In thousands, except share and per share data) (Unaudited)
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
L. INCOME TAXES
We provide for income taxes during interim periods based on our estimate of the effective tax rate for the year. Our effective tax rates for the three and nine months ended September 30, 2023 and 2022 are as follows:

| THREE MONTHS ENDED SEPTEMBER 30, |  | NINE MONTHS ENDED SEPTEMBER 30,
| 2023(1) |  | 2022(2) |  | 2023(2) |  | 2022(2)
Effective Tax Rate | 9.8 | % |  | 11.0 | % |  | 16.4 | % |  | 10.7 | %

(1)The primary reconciling items between the federal statutory tax rate of 21.0% and our overall effective tax rate for the three and nine months ended September 30, 2023 were the benefits derived from the dividends paid deduction and the differences in the tax rates to which our foreign earnings are subject. In addition, there were gains and losses recorded in Other (income) expense, net during the period, for which there was no tax impact.
(2)The primary reconciling items between the federal statutory tax rate of 21.0% and our overall effective tax rate for the three and nine months ended September 30, 2022 were the benefits derived from the dividends paid deduction and the differences in the tax rates to which our foreign earnings are subject. In addition, there were gains and losses recorded in Other (income) expense, net and Gain (loss) on disposal/write-down of property, plant and equipment, net, during the period for which there was an insignificant tax impact. During the first quarter of 2022, there was also a release of valuation allowances on deferred tax assets of our U.S. taxable REIT subsidiaries of approximately $9,900 as a result of our acquisition of Intercept Parent, Inc. ("ITRenew").
M. INCOME (LOSS) PER SHARE—BASIC AND DILUTED
The calculations of basic and diluted income (loss) per share for the three and nine months ended September 30, 2023 and 2022 are as follows:

| THREE MONTHS ENDED SEPTEMBER 30, |  | NINE MONTHS ENDED SEPTEMBER 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Net Income (Loss) | $ | 91,391 |  |  | $ | 192,931 |  |  | $ | 158,069 |  |  | $ | 436,496 |
Less: Net Income (Loss) Attributable to Noncontrolling Interests | 348 |  |  | 767 |  |  | 2,317 |  |  | 1,952 |
Net Income (Loss) Attributable to Iron Mountain Incorporated (utilized in numerator of Earnings Per Share calculation) | $ | 91,043 |  |  | $ | 192,164 |  |  | $ | 155,752 |  |  | $ | 434,544 |
Weighted-average shares—basic | 292,148,000 |  |  | 290,937,000 |  |  | 291,805,000 |  |  | 290,673,000 |
Effect of dilutive potential stock options | 1,592,000 |  |  | 1,133,952 |  |  | 1,376,000 |  |  | 1,126,280 |
Effect of dilutive potential RSUs and PUs | 529,000 |  |  | 480,919 |  |  | 434,000 |  |  | 494,956 |
Weighted-average shares—diluted | 294,269,000 |  |  | 292,551,871 |  |  | 293,615,000 |  |  | 292,294,236 |
Net Income (Loss) Per Share Attributable to Iron Mountain Incorporated: |  |  |  |  |  |  |
Basic | $ | 0.31 |  |  | $ | 0.66 |  |  | $ | 0.53 |  |  | $ | 1.49 |
Diluted | $ | 0.31 |  |  | $ | 0.66 |  |  | $ | 0.53 |  |  | $ | 1.49 |
Antidilutive stock options, RSUs and PUs excluded from the calculation | 16,820 |  |  | 220,421 |  |  | 106,561 |  |  | 403,362 |

N. RECENT ACCOUNTING PRONOUNCEMENTS
In December 2021, the Financial Accounting Standards Board issued Accounting Standards Update ("ASU") No. 2021-08, Business Combinations (Topic 805), Accounting for Contract Assets and Contract Liabilities from Contracts with Customers ("ASU 2021-08"). ASU 2021-08 requires that an entity recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with ASC 606, Revenue from Contracts with Customers, and for the related revenue contracts in accordance with ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606), as if it had originated the contracts. We adopted ASU 2021-08 on January 1, 2023 on a prospective basis, and there was no material impact on our condensed consolidated financial statements.

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Table of Contents
Part I. Financial Information

IRON MOUNTAIN INCORPORATED
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
(In thousands, except share and per share data) (Unaudited)
3. ACQUISITIONS
WEB WERKS
On July 7, 2023, we made our final contractual investment in the Web Werks JV (as defined in Note 4) of approximately 3,750,000 Indian rupees (or approximately $45,300, based upon the exchange rate between the United States dollar and Indian rupee on the closing date of this investment) (the "Web Werks Transaction"). As a result of the Web Werks Transaction, our interest in the Web Werks JV increased to 63.39%, we assumed control of its board of directors and the financial results of the Web Werks JV are now consolidated within our Global Data Center Business segment. We recognized noncontrolling interests of approximately $78,600 based upon the fair value attributable to these interests at the time of the Web Werks Transaction, of which approximately $18,100 of the noncontrolling interests were determined to be a current liability and included as a component of Accrued expenses and other current liabilities on our Condensed Consolidated Balance Sheet.
CLUTTER
On June 29, 2023, in order to further expand our on-demand consumer storage business, we acquired 100% of the outstanding shares of Clutter Intermediate, Inc. and control of all assets of the Clutter JV (collectively, "Clutter") for total consideration of $60,600 (the “Clutter Acquisition”). The financial results of the Clutter JV are now consolidated within our Global RIM Business segment. In October 2023, we sold 15% of the equity interests in Clutter to certain former stakeholders of the Clutter JV for total consideration of $7,500.

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Table of Contents
Part I. Financial Information

IRON MOUNTAIN INCORPORATED
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
(In thousands, except share and per share data) (Unaudited)
3. ACQUISITIONS (CONTINUED)
PRELIMINARY PURCHASE PRICE ALLOCATION
A summary of the cumulative consideration paid and the preliminary allocation of the purchase price paid for all of our acquisitions closed during the nine months ended September 30, 2023 is as follows:

| NINE MONTHS ENDED SEPTEMBER 30, 2023
Cash Paid (gross of cash acquired)(1) | $ | 88,518 |
Deferred Purchase Obligation, Purchase Price Holdbacks and Other | 4,790 |
Fair Value of Previously Held Equity Interest(2) | 99,718 |
Fair Value of Noncontrolling Interest(2) | 78,598 |
Settlement of Pre-Existing Relationships | 21,641 |
Total Consideration | 293,265 |
Fair Value of Identifiable Assets Acquired: |
Cash and Cash Equivalents | 58,393 |
Accounts Receivable, Prepaid Expenses and Other Assets | 27,561 |
Property, Plant and Equipment | 118,438 |
Customer and Supplier Relationship Intangible Assets(3) | 29,029 |
Data Center Lease-Based Intangible Assets(4) | 18,161 |
Data Center Tenant Relationships(5) | 22,701 |
Other Intangible Assets | 2,180 |
Operating Lease Right-of-Use Assets | 27,272 |
Fair Value of Identifiable Liabilities Assumed | (86,999) |
Goodwill Initially Recorded(6) | $ | 76,529 |

(1)Cash paid for acquisitions, net in our Condensed Consolidated Statement of Cash Flows includes (i) cash acquired of $58,393 relating to acquisitions completed during the nine months ended September 30, 2023 and (ii) contingent and other payments of $3,807 for the nine months ended September 30, 2023 relating to acquisitions completed prior to January 1, 2023.
(2)The fair values of the previously held equity interest and the noncontrolling interest were determined to be the respective interest’s proportionate share of the fair value of net assets acquired, as of the acquisition date.
(3)The preliminary weighted average life of the customer and supplier relationship intangible assets acquired is approximately 5 years.
(4)The preliminary weighted average life of the data center lease-based intangible assets is approximately 4 years.
(5)The preliminary weighted average life of the data center tenant relationships is approximately 4 years.
(6)Goodwill is primarily attributable to the assembled workforce, expanded market opportunities and costs and other operating synergies anticipated upon the integration of the operations of us and the acquired businesses.
The preliminary purchase price allocations that are not finalized as of September 30, 2023 relate to the final assessment of the fair values of property, plant and equipment and intangible assets associated with the acquisitions we closed during the nine months ended September 30, 2023. Any adjustments to our estimates of purchase price allocations will be made in the periods in which the adjustments are determined, but no later than the one year measurement period, and the cumulative effect of such adjustments will be calculated as if the adjustments had been completed as of the applicable acquisition date. Adjustments recorded during the nine months ended September 30, 2023 were not material to our results from operations.

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Table of Contents
Part I. Financial Information

IRON MOUNTAIN INCORPORATED
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
(In thousands, except share and per share data) (Unaudited)
3. ACQUISITIONS (CONTINUED)
ITRENEW PRO FORMA FINANCIAL INFORMATION
On January 25, 2022, in order to expand our asset lifecycle management operations, we acquired an approximately 80% interest in ITRenew at an agreed upon purchase price of $725,000, subject to certain working capital adjustments at, and subsequent to, the closing (the "ITRenew Transaction"). The unaudited consolidated pro forma financial information (the "Pro Forma Financial Information") below summarizes the combined results of Iron Mountain and ITRenew on a pro forma basis as if the ITRenew Transaction had occurred on January 1, 2021. The Pro Forma Financial Information is presented for informational purposes and is not necessarily indicative of the results of operations that would have been achieved if the acquisition had taken place on January 1, 2021. The Pro Forma Financial Information, for the periods presented, includes purchase accounting adjustments (including amortization of acquired customer and supplier intangible assets and depreciation of acquired property, plant and equipment) and related tax effects. We and ITRenew collectively incurred $59,370 of operating expenditures to complete the ITRenew Transaction (including advisory and professional fees). These operating expenditures have been reflected within the results of operations in the Pro Forma Financial Information as if they were incurred on January 1, 2021.

| THREE MONTHS ENDED SEPTEMBER 30, 2022 | NINE MONTHS ENDED SEPTEMBER 30, 2022 |  |
Total Revenues | $ | 1,286,945 |  | $ | 3,842,499 |  |  |  |  |  |  |
Income from Continuing Operations | $ | 192,931 |  | $ | 436,627 |  |  |  |  |  |  |

In addition to our acquisition of ITRenew, we completed certain other acquisitions in 2023 and 2022. The Pro Forma Financial Information does not reflect these acquisitions due to the insignificant impact of these acquisitions on our consolidated results of operations.
4. INVESTMENTS
CLUTTER JOINT VENTURE
In February 2022, the joint venture formed by MakeSpace Labs, Inc. and us (the "MakeSpace JV") entered into an agreement with Clutter, Inc. pursuant to which the equityholders of the MakeSpace JV contributed their ownership interests in the MakeSpace JV, and Clutter, Inc.’s shareholders contributed their ownership interests in Clutter, Inc., to create a newly formed venture (the "Clutter JV"). In exchange for our 49.99% interest in the MakeSpace JV, we received an approximate 27% interest in the Clutter JV (the "Clutter Transaction"). As a result of the Clutter Transaction, we recognized a gain related to our contributed interest in the MakeSpace JV of approximately $35,800, which was recorded to Other, net, a component of Other (income) expense, net, during the first quarter of 2022.
On June 29, 2023, we completed the Clutter Acquisition. In connection with the Clutter Acquisition, our previously held approximately 27% interest in the Clutter JV was remeasured to fair value at the closing date of the Clutter Acquisition. As a result, we recognized a loss of approximately $38,000 to Other, net, a component of Other (income) expense, net, during the second quarter of 2023.
WEB WERKS JOINT VENTURE
In April 2021, we closed on an agreement to form a joint venture (the "Web Werks JV") with the shareholders of Web Werks India Private Limited, a colocation data center provider in India. Through December 31, 2022, we made two investments totaling approximately 7,500,000 Indian rupees (or approximately $96,200, based upon the exchange rates between the United States dollar and Indian rupee on the closing date of each investment) in exchange for a noncontrolling interest in the form of convertible preference shares in the Web Werks JV. In July 2023, we made our final contractual investment in the Web Werks JV. See Note 3.

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Table of Contents
Part I. Financial Information

IRON MOUNTAIN INCORPORATED
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
(In thousands, except share and per share data) (Unaudited)
4. INVESTMENTS (CONTINUED)
JOINT VENTURE SUMMARY
The following joint ventures are accounted for as equity method investments and are presented as a component of Other within Other assets, net in our Condensed Consolidated Balance Sheets. The carrying values and equity interests in our joint ventures at September 30, 2023 and December 31, 2022 are as follows:

|  | SEPTEMBER 30, 2023 |  | DECEMBER 31, 2022
|  | CARRYING VALUE |  | EQUITY INTEREST |  | CARRYING VALUE |  | EQUITY INTEREST
Web Werks JV |  | $ | — |  |  | — | % |  | $ | 98,278 |  |  | 53.58 | %
Joint venture with AGC Equity Partners (the "Frankfurt JV") |  | 58,154 |  |  | 20.00 | % |  | 37,194 |  |  | 20.00 | %
Clutter JV |  | — |  |  | — | % |  | 54,172 |  |  | 26.73 | %

5. DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
Derivative instruments we are party to include: (i) interest rate swap agreements (which are designated as cash flow hedges) and (ii) cross-currency swap agreements (which are designated as net investment hedges).
INTEREST RATE SWAP AGREEMENTS DESIGNATED AS CASH FLOW HEDGES
We utilize interest rate swap agreements designated as cash flow hedges to limit our exposure to changes in interest rates on a portion of our floating rate indebtedness. Certain of our interest rate swap agreements have notional amounts that will increase with the underlying hedged transaction. Under our interest rate swap agreements, we receive variable rate interest payments associated with the notional amount of each interest rate swap, based upon one-month Secured Overnight Financing Rate (“SOFR”), in exchange for the payment of fixed interest rates as specified in the interest rate swap agreements. Our interest rate swap agreements are marked to market at the end of each reporting period, representing the fair values of the interest rate swap agreements, and any changes in fair value are recognized as a component of Accumulated other comprehensive items, net. Unrealized gains are recognized as assets, while unrealized losses are recognized as liabilities.
In April 2023, in anticipation of the discontinuance of the London Interbank Offered Rate ("LIBOR") reference rate on June 30, 2023, we terminated interest rate swap agreements with notional amounts totaling $350,000 that were indexed to the one-month LIBOR benchmark rate. The terminated swap agreements had associated unrealized gains at the termination date of approximately $10,100. These gains are included in Accumulated other comprehensive items, net and will be reclassified into earnings as reductions to interest expense from the termination date through March 2024, the original maturity date of these interest rate swap agreements.
As of September 30, 2023 and December 31, 2022, we have approximately $438,000 and $354,800, respectively, in notional value outstanding on our interest rate swap agreements, with maturity dates ranging from October 2025 through February 2026.
CROSS-CURRENCY SWAP AGREEMENTS DESIGNATED AS A HEDGE OF NET INVESTMENT
We utilize cross-currency interest rate swaps to hedge the variability of exchange rate impacts between the United States dollar and the Euro. As of September 30, 2023 and December 31, 2022, we have approximately $509,200 and $469,200, respectively, in notional value outstanding on cross-currency interest rate swaps, with maturity dates ranging from August 2024 through February 2026.
We have designated these cross-currency swap agreements as hedges of net investments in certain of our Euro denominated subsidiaries and they require an exchange of the notional amounts at maturity. These cross-currency swap agreements are marked to market at the end of each reporting period, representing the fair values of the cross-currency swap agreements, and any changes in fair value are recognized as a component of Accumulated other comprehensive items, net. Unrealized gains are recognized as assets while unrealized losses are recognized as liabilities. The excluded component of our cross-currency swap agreements is recorded in Accumulated other comprehensive items, net and amortized to interest expense on a straight-line basis.

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Table of Contents
Part I. Financial Information

IRON MOUNTAIN INCORPORATED
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
(In thousands, except share and per share data) (Unaudited)
5. DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (CONTINUED)
The fair value of derivative instruments recognized in our Condensed Consolidated Balance Sheets at September 30, 2023 and December 31, 2022, by derivative instrument, are as follows:

|  | SEPTEMBER 30, 2023 |  | DECEMBER 31, 2022
DERIVATIVE INSTRUMENTS(1) |  | Assets |  | Liabilities |  | Assets |  | Liabilities
Cash Flow Hedges(2) |  |  |  |  |  |  |  |
Interest rate swap agreements |  | $ | 11,519 |  |  | $ | 38 |  |  | $ | 12,995 |  |  | $ | 489 |
Net Investment Hedges(3) |  |  |  |  |  |  |  |
Cross-currency swap agreements |  | 27,959 |  |  | — |  |  | 38,401 |  |  | — |

(1)Our derivative assets are included as a component of (i) Prepaid expenses and other or (ii) Other within Other assets, net and our derivative liabilities are included as a component of (i) Accrued expenses and other current liabilities or (ii) Other long-term liabilities in our Condensed Consolidated Balance Sheets. As of September 30, 2023, $3,938 is included within Prepaid expenses and other, $35,540 is included within Other assets and $38 is included with other long-term liabilities. As of December 31, 2022, $2,606 is included within Prepaid expenses and other, $48,790 is included within Other assets and $489 is included within Other long-term liabilities.
(2)As of September 30, 2023, cumulative net gains recorded within Accumulated other comprehensive items, net associated with our interest rate swap agreements are $18,090, which include $5,054 related to our terminated interest rate swap agreements.
(3)As of September 30, 2023, cumulative net gains recorded within Accumulated other comprehensive items, net associated with our cross-currency swap agreements are $53,980, which include $26,021 related to the excluded component of our cross-currency swap agreements.
Unrealized gains (losses) recognized in Accumulated other comprehensive income during the three and nine months ended September 30, 2023 and 2022, by derivative instrument, are as follows:

|  | THREE MONTHS ENDED SEPTEMBER 30, |  | NINE MONTHS ENDED SEPTEMBER 30,
DERIVATIVE INSTRUMENTS |  | 2023 |  | 2022 |  | 2023 |  | 2022
Cash Flow Hedges |  |  |  |  |  |  |  |
Interest rate swap agreements |  | $ | 6,184 |  |  | $ | 5,157 |  |  | $ | 10,638 |  |  | $ | 20,559 |
Net Investment Hedges |  |  |  |  |  |  |  |
Cross-currency swap agreements |  | 5,822 |  |  | 27,076 |  |  | (15,685) |  |  | 62,651 |
Cross-currency swap agreements (excluded component) |  | 5,270 |  |  | — |  |  | 16,921 |  |  | — |

Gains (losses) recognized in Net income during the three and nine months ended September 30, 2023 and 2022, by derivative instrument, are as follows:

|  |  | THREE MONTHS ENDED SEPTEMBER 30, |  | NINE MONTHS ENDED SEPTEMBER 30,
DERIVATIVE INSTRUMENTS | Location of gain (loss) |  | 2023 |  | 2022 |  | 2023 |  | 2022
Cash Flow Hedges |  |  |  |  |  |  |  |  |
Interest rate swap agreements | Interest expense |  | $ | 2,527 |  |  | $ | — |  |  | $ | 5,054 |  |  | $ | — |
Net Investment Hedges |  |  |  |  |  |  |  |  |
Cross-currency swap agreements (excluded component) | Interest expense |  | (5,270) |  |  | — |  |  | (16,921) |  |  | — |

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Table of Contents
Part I. Financial Information

IRON MOUNTAIN INCORPORATED
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
(In thousands, except share and per share data) (Unaudited)
6. DEBT
Long-term debt is as follows:

|  | SEPTEMBER 30, 2023 |  |  | DECEMBER 31, 2022
|  | DEBT (INCLUSIVE OF DISCOUNT) |  | UNAMORTIZED DEFERRED FINANCING COSTS |  | CARRYING AMOUNT |  | FAIR VALUE |  |  | DEBT (INCLUSIVE OF DISCOUNT) |  | UNAMORTIZED DEFERRED FINANCING COSTS |  | CARRYING AMOUNT |  | FAIR VALUE
Revolving Credit Facility(1) |  | $ | 1,049,500 |  |  | $ | (4,976) |  |  | $ | 1,044,524 |  |  | $ | 1,049,500 |  |  |  | $ | 1,072,200 |  |  | $ | (6,790) |  |  | $ | 1,065,410 |  |  | $ | 1,072,200 |
Term Loan A(1) |  | 231,250 |  |  | — |  |  | 231,250 |  |  | 231,250 |  |  |  | 240,625 |  |  | — |  |  | 240,625 |  |  | 240,625 |
Term Loan B(1)(3) |  | 660,992 |  |  | (2,810) |  |  | 658,182 |  |  | 661,500 |  |  |  | 666,073 |  |  | (3,747) |  |  | 662,326 |  |  | 666,750 |
Virginia 3 Term Loans |  | 26,134 |  |  | (3,915) |  |  | 22,219 |  |  | 26,134 |  |  |  | — |  |  | — |  |  | — |  |  | — |
Australian Dollar Term Loan |  | 187,853 |  |  | (491) |  |  | 187,362 |  |  | 189,349 |  |  |  | 202,641 |  |  | (633) |  |  | 202,008 |  |  | 204,623 |
UK Bilateral Revolving Credit Facility |  | 170,858 |  |  | — |  |  | 170,858 |  |  | 170,858 |  |  |  | 169,361 |  |  | — |  |  | 169,361 |  |  | 169,361 |
3 7/8% GBP Senior Notes due 2025 (the "GBP Notes") |  | 488,166 |  |  | (1,920) |  |  | 486,246 |  |  | 458,959 |  |  |  | 483,888 |  |  | (2,589) |  |  | 481,299 |  |  | 445,206 |
4 7/8% Senior Notes due 2027 (the "4 7/8% Notes due 2027")(2) |  | 1,000,000 |  |  | (5,688) |  |  | 994,312 |  |  | 913,750 |  |  |  | 1,000,000 |  |  | (6,754) |  |  | 993,246 |  |  | 917,500 |
5 1/4% Senior Notes due 2028 (the "5 1/4% Notes due 2028")(2) |  | 825,000 |  |  | (5,314) |  |  | 819,686 |  |  | 755,906 |  |  |  | 825,000 |  |  | (6,200) |  |  | 818,800 |  |  | 754,875 |
5% Senior Notes due 2028 (the "5% Notes due 2028")(2) |  | 500,000 |  |  | (3,497) |  |  | 496,503 |  |  | 451,250 |  |  |  | 500,000 |  |  | (4,039) |  |  | 495,961 |  |  | 450,000 |
7% Senior Notes due 2029 (the "7% Notes due 2029")(2) |  | 1,000,000 |  |  | (11,253) |  |  | 988,747 |  |  | 972,500 |  |  |  | — |  |  | — |  |  | — |  |  | — |
4 7/8% Senior Notes due 2029 (the "4 7/8% Notes due 2029")(2) |  | 1,000,000 |  |  | (8,679) |  |  | 991,321 |  |  | 872,500 |  |  |  | 1,000,000 |  |  | (9,764) |  |  | 990,236 |  |  | 865,000 |
5 1/4% Senior Notes due 2030 (the "5 1/4% Notes due 2030")(2) |  | 1,300,000 |  |  | (10,279) |  |  | 1,289,721 |  |  | 1,124,500 |  |  |  | 1,300,000 |  |  | (11,407) |  |  | 1,288,593 |  |  | 1,111,500 |
4 1/2% Senior Notes due 2031 (the "4 1/2% Notes")(2) |  | 1,100,000 |  |  | (9,228) |  |  | 1,090,772 |  |  | 902,000 |  |  |  | 1,100,000 |  |  | (10,161) |  |  | 1,089,839 |  |  | 891,000 |
5% Senior Notes due 2032 (the "5% Notes due 2032") |  | 750,000 |  |  | (11,532) |  |  | 738,468 |  |  | 615,000 |  |  |  | 750,000 |  |  | (12,511) |  |  | 737,489 |  |  | 622,500 |
5 5/8% Senior Notes due 2032 (the "5 5/8% Notes")(2) |  | 600,000 |  |  | (5,130) |  |  | 594,870 |  |  | 513,000 |  |  |  | 600,000 |  |  | (5,566) |  |  | 594,434 |  |  | 520,500 |
Real Estate Mortgages, Financing Lease Liabilities and Other |  | 502,787 |  |  | (443) |  |  | 502,344 |  |  | 502,787 |  |  |  | 425,777 |  |  | (578) |  |  | 425,199 |  |  | 425,777 |
Accounts Receivable Securitization Program |  | 349,200 |  |  | (372) |  |  | 348,828 |  |  | 349,200 |  |  |  | 314,700 |  |  | (531) |  |  | 314,169 |  |  | 314,700 |
Total Long-term Debt |  | 11,741,740 |  |  | (85,527) |  |  | 11,656,213 |  |  |  |  |  | 10,650,265 |  |  | (81,270) |  |  | 10,568,995 |  |  |
Less Current Portion |  | (107,984) |  |  | — |  |  | (107,984) |  |  |  |  |  | (87,546) |  |  | — |  |  | (87,546) |  |  |
Long-term Debt, Net of Current Portion |  | $ | 11,633,756 |  |  | $ | (85,527) |  |  | $ | 11,548,229 |  |  |  |  |  | $ | 10,562,719 |  |  | $ | (81,270) |  |  | $ | 10,481,449 |  |  |

(1)Collectively, the “Credit Agreement”. The Credit Agreement consists of a revolving credit facility (the “Revolving Credit Facility”), a term loan A (the “Term Loan A”) and a term loan B (the "Term Loan B"). The Revolving Credit Facility and the Term Loan A are scheduled to mature on March 18, 2027. The Term Loan B is scheduled to mature on January 2, 2026. The remaining amount available for borrowing under the Revolving Credit Facility as of September 30, 2023 was $1,196,037 (which amount represents the maximum availability as of such date). The weighted average interest rate in effect under the Revolving Credit Facility was 7.2% and 6.2% as of September 30, 2023 and December 31, 2022, respectively.
(2)Collectively, the "Parent Notes". IMI is the direct obligor on the Parent Notes, which are fully and unconditionally guaranteed, on a senior basis, by IMI’s United States subsidiaries that represent the substantial majority of our United States operations (the "Note Guarantors"). These guarantees are joint and several obligations of the Note Guarantors. The remainder of our subsidiaries do not guarantee the Parent Notes.
(3)Due to the discontinuance of the LIBOR reference rate on June 30, 2023, we transitioned the Term Loan B from an interest rate of LIBOR plus 1.75% to a synthetic LIBOR rate plus 1.75%, effective July 1, 2023. All other terms remain the same as what was disclosed in Note 7 to Notes to Consolidated Financial Statements included in our Annual Report.

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Table of Contents
Part I. Financial Information

IRON MOUNTAIN INCORPORATED
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
(In thousands, except share and per share data) (Unaudited)
6. DEBT (CONTINUED)
See Note 7 to Notes to Consolidated Financial Statements included in our Annual Report for additional information regarding our long-term debt, including the direct obligors of each of our debt instruments as well as information regarding the fair value of our debt instruments (including the levels of the fair value hierarchy used to determine the fair value of our debt instruments, which are consistent with the levels of the fair value hierarchy used to determine the fair value of our debt as of September 30, 2023.)

VIRGINIA 3 CREDIT AGREEMENT On August 31, 2023, Iron Mountain Data Centers Virginia 3, LLC, a wholly owned subsidiary of IMI, entered into a credit agreement (the "Virginia 3 Credit Agreement") in order to partially fund the construction of a data center facility in Virginia. The Virginia 3 Credit Agreement consists of a term loan and a letter of credit facility. We have the option to borrow, in the form of term loans, an aggregate outstanding amount not to exceed $275,000 (the "Virginia 3 Term Loans"). The Virginia 3 Credit Agreement requires the payment of a commitment fee on any unused commitments at a rate of 0.75%. The Virginia 3 Term Loans bear interest at SOFR plus 2.50%. The Virginia 3 Credit Agreement is scheduled to mature on August 31, 2026, at which point all obligations will become due. We have two one-year options that allow us to extend the maturity date beyond August 31, 2026, subject to the conditions specified in the Virginia 3 Credit Agreement. As of September 30, 2023, we have $26,134 in outstanding borrowings in Virginia 3 Term Loans. |  |  | MAXIMUM AMOUNT $275,000 OUTSTANDING BORROWING $26,134 INTEREST RATE 7.8% As of September 30, 2023

MAY 2023 OFFERING
On May 15, 2023, IMI completed a private offering of:

SERIES OF NOTES | AGGREGATE PRINCIPAL AMOUNT | MATURITY DATE | INTEREST PAYMENT DUE | PAR CALL DATE(1)
7% Notes due 2029 | $ | 1,000,000 |  | February 15, 2029 | February 15 and August 15 | August 15, 2025

(1)We may redeem the 7% Notes due 2029 at any time, at our option, in whole or in part. Prior to the par call date, we may redeem the 7% Notes due 2029 at the redemption price or make-whole premium specified in the indenture governing the 7% Notes due 2029, together with accrued and unpaid interest to, but excluding, the redemption date. On or after the par call date, we may redeem the 7% Notes due 2029 at a price equal to 100% of the principal amount being redeemed, together with accrued and unpaid interest to, but excluding, the redemption date.
The 7% Notes due 2029 were issued at 100% of par. The total net proceeds of approximately $990,000 from the issuance of the 7% Notes due 2029, after deducting the initial purchasers' commissions, were used to repay a portion of the outstanding borrowings under our Revolving Credit Facility.

UK BILATERAL REVOLVING CREDIT FACILITY |  |  | MAXIMUM AMOUNT £140,000 OPTIONAL ADDITIONAL COMMITMENTS £125,000 INTEREST RATE 7.2% As of September 30, 2023
Iron Mountain (UK) PLC and Iron Mountain (UK) Data Centre Limited (collectively, the "UK Borrowers") have a British pounds sterling Revolving Credit Facility (the "UK Bilateral Revolving Credit Facility") with Barclays Bank PLC. The maximum amount permitted to be borrowed under the UK Bilateral Revolving Credit Facility is 140,000 British pounds sterling, which was fully drawn as of September 30, 2023. We have the option to request additional commitments of up to 125,000 British pounds sterling, subject to conditions specified in the UK Bilateral Revolving Credit Facility. On September 19, 2023, the UK Borrowers amended the UK Bilateral Revolving Credit Facility to extend the maturity date from September 24, 2024 to September 24, 2025. All other material terms of the UK Bilateral Revolving Credit Facility remain consistent with what was disclosed in Note 7 to Notes to Consolidated Financial Statements included in our Annual Report. |  |

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Table of Contents
Part I. Financial Information

IRON MOUNTAIN INCORPORATED
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
(In thousands, except share and per share data) (Unaudited)
6. DEBT (CONTINUED)

ACCOUNTS RECEIVABLE SECURITIZATION PROGRAM On June 8, 2023, we amended the Accounts Receivable Securitization Program (as defined in Note 7 to Notes to Consolidated Financial Statements included in our Annual Report) to increase the maximum borrowing capacity from $325,000 to $360,000. All other material terms of the Accounts Receivable Securitization Program remain the same as what was disclosed in Note 7 to Notes to Consolidated Financial Statements included in our Annual Report. |  |  | MAXIMUM AMOUNT $360,000 OUTSTANDING BORROWING $349,200 INTEREST RATE 6.4% As of September 30, 2023

LETTERS OF CREDIT
As of September 30, 2023, we had outstanding letters of credit totaling $38,434, of which $4,463 reduce our borrowing capacity under the Revolving Credit Facility. The letters of credit expire at various dates between October 2023 and July 2025.
DEBT COVENANTS
The Credit Agreement, our bond indentures and other agreements governing our indebtedness contain certain restrictive financial and operating covenants, including covenants that restrict our ability to complete acquisitions, pay cash dividends, incur indebtedness, make investments, sell assets and take other specified corporate actions. The covenants do not contain a rating trigger. Therefore, a change in our debt rating would not trigger a default under the Credit Agreement, our bond indentures or other agreements governing our indebtedness. The Credit Agreement requires that we satisfy a net total lease adjusted leverage ratio and a fixed charge coverage ratio on a quarterly basis and our bond indentures require that, among other things, we satisfy a leverage ratio (not lease adjusted) or a fixed charge coverage ratio (not lease adjusted) as a condition to taking actions such as paying dividends and incurring indebtedness.
The Credit Agreement uses earnings before interest, taxes, depreciation and amortization and rent expense ("EBITDAR") based calculations and the bond indentures use earnings before interest, taxes, depreciation and amortization ("EBITDA") based calculations as the primary measures of financial performance for purposes of calculating leverage and fixed charge coverage ratios. The EBITDAR- and EBITDA-based leverage calculations include our consolidated subsidiaries, other than those we have designated as "Unrestricted Subsidiaries" as defined in the Credit Agreement and bond indentures. Generally, the Credit Agreement and the bond indentures use a trailing four fiscal quarter basis for purposes of the relevant calculations and require certain adjustments and exclusions for purposes of those calculations, which make the calculation of financial performance for purposes of those calculations under the Credit Agreement and bond indentures not directly comparable to Adjusted EBITDA as presented herein. We are in compliance with our leverage and fixed charge coverage ratios under the Credit Agreement, our bond indentures and other agreements governing our indebtedness as of September 30, 2023. Noncompliance with these leverage and fixed charge coverage ratios would have a material adverse effect on our financial condition and liquidity.
7. COMMITMENTS AND CONTINGENCIES
We are involved in litigation from time to time in the ordinary course of business, including litigation arising from damage to customer assets in our facilities caused by fires and other natural disasters. While the outcome of litigation is inherently uncertain, we do not believe any current litigation will have a material adverse effect on our consolidated financial condition, results of operations or cash flows.
We have estimated a reasonably possible range for all loss contingencies and believe it is reasonably possible that we could incur aggregate losses in addition to amounts currently accrued for all matters up to an additional $18,000 over the next several years, of which certain amounts would be covered by insurance or indemnity arrangement.

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Table of Contents
Part I. Financial Information

IRON MOUNTAIN INCORPORATED
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
(In thousands, except share and per share data) (Unaudited)
8. STOCKHOLDERS' EQUITY MATTERS
In fiscal year 2022 and the nine months ended September 30, 2023, our board of directors declared the following dividends:

DECLARATION DATE | DIVIDEND PER SHARE |  | RECORD DATE |  | TOTAL AMOUNT |  | PAYMENT DATE
February 24, 2022 | $ | 0.6185 |  |  | March 15, 2022 |  | $ | 179,661 |  |  | April 6, 2022
April 28, 2022 | 0.6185 |  |  | June 15, 2022 |  | 179,781 |  |  | July 6, 2022
August 4, 2022 | 0.6185 |  |  | September 15, 2022 |  | 179,790 |  |  | October 4, 2022
November 3, 2022 | 0.6185 |  |  | December 15, 2022 |  | 179,866 |  |  | January 5, 2023
February 23, 2023 | 0.6185 |  |  | March 15, 2023 |  | 180,339 |  |  | April 5, 2023
May 4, 2023 | 0.6185 |  |  | June 15, 2023 |  | 180,493 |  |  | July 6, 2023
August 3, 2023 | 0.6500 |  |  | September 15, 2023 |  | 189,730 |  |  | October 5, 2023

On November 2, 2023, we declared a dividend to our stockholders of record as of December 15, 2023 of $0.65 per share, payable on January 4, 2024.

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Table of Contents
Part I. Financial Information

IRON MOUNTAIN INCORPORATED
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
(In thousands, except share and per share data) (Unaudited)
9. SEGMENT INFORMATION
Our reportable segments as of December 31, 2022 are described in Note 11 to Notes to Consolidated Financial Statements included in our Annual Report and are as follows:
•Global RIM Business
•Global Data Center Business
•Corporate and Other
The operations associated with acquisitions completed during the first nine months of 2023 have been incorporated into our existing reportable segments.
An analysis of our business segment information and reconciliation to the accompanying Condensed Consolidated Financial Statements for the three and nine months ended September 30, 2023 and 2022 is as follows:

| THREE MONTHS ENDED SEPTEMBER 30, |  | NINE MONTHS ENDED SEPTEMBER 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Global RIM Business |  |  |  |  |  |  |
Total Revenues | $ | 1,182,652 |  |  | $ | 1,091,102 |  |  | $ | 3,469,045 |  |  | $ | 3,210,469 |
Adjusted EBITDA | 516,548 |  |  | 483,862 |  |  | 1,493,394 |  |  | 1,402,025 |
Global Data Center Business |  |  |  |  |  |  |
Total Revenues | $ | 127,535 |  |  | $ | 100,309 |  |  | $ | 357,873 |  |  | $ | 297,384 |
Adjusted EBITDA | 53,216 |  |  | 42,660 |  |  | 157,660 |  |  | 126,944 |
Corporate and Other |  |  |  |  |  |  |
Total Revenues | $ | 77,988 |  |  | $ | 95,534 |  |  | $ | 233,542 |  |  | $ | 316,672 |
Adjusted EBITDA | (69,802) |  |  | (57,088) |  |  | (214,626) |  |  | (173,835) |
Total Consolidated |  |  |  |  |  |  |
Total Revenues | $ | 1,388,175 |  |  | $ | 1,286,945 |  |  | $ | 4,060,460 |  |  | $ | 3,824,525 |
Adjusted EBITDA | 499,962 |  |  | 469,434 |  |  | 1,436,428 |  |  | 1,355,134 |

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Table of Contents
Part I. Financial Information

IRON MOUNTAIN INCORPORATED
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
(In thousands, except share and per share data) (Unaudited)
9. SEGMENT INFORMATION (CONTINUED)
Adjusted EBITDA for each segment is defined as net income (loss) before interest expense, net, provision (benefit) for income taxes, depreciation and amortization (inclusive of our share of Adjusted EBITDA from our unconsolidated joint ventures), and excluding certain items we do not believe to be indicative of our core operating results, specifically:

EXCLUDED |
•Acquisition and Integration Costs •Restructuring and other transformation •(Gain) loss on disposal/write-down of property, plant and equipment, net (including real estate) | •Other (income) expense, net •Stock-based compensation expense

Internally, we use Adjusted EBITDA as the basis for evaluating the performance of, and allocating resources to, our operating segments.
A reconciliation of Net Income (Loss) to Adjusted EBITDA on a consolidated basis for the three and nine months ended September 30, 2023 and 2022 is as follows:

| THREE MONTHS ENDED SEPTEMBER 30, |  | NINE MONTHS ENDED SEPTEMBER 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Net Income (Loss) | $ | 91,391 |  |  | $ | 192,931 |  |  | $ | 158,069 |  |  | $ | 436,496 |
Add/(Deduct): |  |  |  |  |  |  |
Interest expense, net | 152,801 |  |  | 121,767 |  |  | 434,148 |  |  | 351,266 |
Provision (benefit) for income taxes | 9,912 |  |  | 23,934 |  |  | 30,925 |  |  | 52,097 |
Depreciation and amortization | 198,757 |  |  | 175,077 |  |  | 576,218 |  |  | 536,946 |
Acquisition and Integration Costs | 9,909 |  |  | 5,554 |  |  | 13,015 |  |  | 38,093 |
Restructuring and other transformation | 38,861 |  |  | 3,382 |  |  | 121,362 |  |  | 3,382 |
(Gain) loss on disposal/write-down of property, plant and equipment, net (including real estate) | (4,416) |  |  | (14,170) |  |  | (18,982) |  |  | (66,124) |
Other (income) expense, net, excluding our share of losses (gains) from our unconsolidated joint ventures | (17,626) |  |  | (56,226) |  |  | 58,559 |  |  | (48,814) |
Stock-based compensation expense | 18,313 |  |  | 14,326 |  |  | 53,195 |  |  | 45,923 |
Our share of Adjusted EBITDA reconciling items from our unconsolidated joint ventures | 2,060 |  |  | 2,859 |  |  | 9,919 |  |  | 5,869 |
Adjusted EBITDA | $ | 499,962 |  |  | $ | 469,434 |  |  | $ | 1,436,428 |  |  | $ | 1,355,134 |

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Part I. Financial Information

IRON MOUNTAIN INCORPORATED
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
(In thousands, except share and per share data) (Unaudited)
9. SEGMENT INFORMATION (CONTINUED)
Information as to our revenues by product and service lines by segment for the three and nine months ended September 30, 2023 and 2022 is as follows:

|  | THREE MONTHS ENDED SEPTEMBER 30, |  | NINE MONTHS ENDED SEPTEMBER 30,
|  | 2023 |  | 2022 |  | 2023 |  | 2022
Global RIM Business |  |  |  |  |  |  |  |
Records Management(1) |  | $ | 926,424 |  |  | $ | 829,357 |  |  | $ | 2,693,046 |  |  | $ | 2,450,903 |
Data Management(1) |  | 128,191 |  |  | 127,226 |  |  | 388,036 |  |  | 385,276 |
Information Destruction(1)(2) |  | 128,037 |  |  | 134,519 |  |  | 387,963 |  |  | 374,290 |
Data Center(1) |  | — |  |  | — |  |  | — |  |  | — |
Global Data Center Business |  |  |  |  |  |  |  |
Records Management(1) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Data Management(1) |  | — |  |  | — |  |  | — |  |  | — |
Information Destruction(1) |  | — |  |  | — |  |  | — |  |  | — |
Data Center(1) |  | 127,535 |  |  | 100,309 |  |  | 357,873 |  |  | 297,384 |
Corporate and Other |  |  |  |  |  |  |  |
Records Management(1) |  | $ | 36,092 |  |  | $ | 35,787 |  |  | $ | 107,849 |  |  | $ | 103,826 |
Data Management(1) |  | — |  |  | — |  |  | — |  |  | — |
Information Destruction(1)(3) |  | 41,896 |  |  | 59,747 |  |  | 125,693 |  |  | 212,846 |
Data Center(1) |  | — |  |  | — |  |  | — |  |  | — |
Total Consolidated |  |  |  |  |  |  |  |
Records Management(1) |  | $ | 962,516 |  |  | $ | 865,144 |  |  | $ | 2,800,895 |  |  | $ | 2,554,729 |
Data Management(1) |  | 128,191 |  |  | 127,226 |  |  | 388,036 |  |  | 385,276 |
Information Destruction(1)(2)(3) |  | 169,933 |  |  | 194,266 |  |  | 513,656 |  |  | 587,136 |
Data Center(1) |  | 127,535 |  |  | 100,309 |  |  | 357,873 |  |  | 297,384 |

(1)Each of these offerings has a component of revenue that is storage rental related and a component that is service revenue, except for information destruction, which does not have a storage rental component.
(2)Includes secure shredding services.
(3)Includes product revenue from ITRenew.

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Table of Contents
Part I. Financial Information

IRON MOUNTAIN INCORPORATED
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
(In thousands, except share and per share data) (Unaudited)
10. RELATED PARTIES
In October 2020, in connection with the formation of the Frankfurt JV, we entered into agreements whereby we earn various fees, including (i) special project revenue and (ii) property management and construction and development fees for services we are providing to the Frankfurt JV (the "Frankfurt JV Agreements").
In March 2019, in connection with the formation of the MakeSpace JV, we entered into a storage and service agreement with the MakeSpace JV to provide certain storage and related services to the MakeSpace JV (the "MakeSpace Agreement"). In February 2022, in connection with the formation of the Clutter JV, we terminated the MakeSpace Agreement and entered into a storage and service agreement with the Clutter JV to provide certain storage and related services to the Clutter JV (the "Clutter Agreement"). On June 29, 2023, we completed the Clutter Acquisition and terminated the Clutter Agreement.
Revenue recognized in the accompanying Condensed Consolidated Statements of Operations under these agreements for the three and nine months ended September 30, 2023 and 2022 is as follows (approximately):

| THREE MONTHS ENDED SEPTEMBER 30, |  | NINE MONTHS ENDED SEPTEMBER 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Frankfurt JV Agreements(1) | $ | — |  |  | $ | 700 |  |  | $ | 1,700 |  |  | $ | 13,500 |
MakeSpace Agreement and Clutter Agreement(2) | — |  |  | 6,900 |  |  | 13,000 |  |  | 21,300 |

(1)Revenue associated with the Frankfurt JV Agreements is presented as a component of our Global Data Center Business segment.
(2)Revenue associated with the MakeSpace Agreement and the Clutter Agreement is presented as a component of our Global RIM Business segment.
11. RESTRUCTURING AND OTHER TRANSFORMATION
PROJECT MATTERHORN
In September 2022, we announced Project Matterhorn, a global program designed to accelerate the growth of our business. Project Matterhorn investments will focus on transforming our operating model to a global operating model. Project Matterhorn will focus on the formation of a solution-based sales approach that is designed to allow us to optimize our shared services and best practices to better serve our customers' needs. We will be investing to accelerate growth and to capture a greater share of the large, global addressable markets in which we operate. We expect to incur approximately $150,000 in costs annually related to Project Matterhorn from 2023 through 2025. Costs are comprised of (1) restructuring costs, which include (i) site consolidation and other related exit costs, (ii) employee severance costs and (iii) certain professional fees associated with these activities, and (2) other transformation costs, which include professional fees such as project management costs and costs for third party consultants who are assisting in the enablement of our growth initiatives. Total costs related to Project Matterhorn during the three and nine months ended September 30, 2023 were $38,861 and $121,362, respectively, and are included in Restructuring and other transformation in our Condensed Consolidated Statement of Operations. Restructuring and other transformation costs related to Project Matterhorn were not material for the three and nine months ended September 30, 2022.
Restructuring and other transformation related to Project Matterhorn included in the accompanying Condensed Consolidated Statement of Operations for the three and nine months ended September 30, 2023, and from the inception of Project Matterhorn through September 30, 2023, is as follows:

| THREE MONTHS ENDED SEPTEMBER 30, 2023 |  | NINE MONTHS ENDED SEPTEMBER 30, 2023 |  | FROM INCEPTION OF PROJECT MATTERHORN THROUGH SEPTEMBER 30, 2023
Restructuring | $ | 11,744 |  |  | $ | 39,828 |  |  | $ | 53,120 |
Other transformation | 27,117 |  |  | 81,534 |  |  | 110,175 |
Restructuring and other transformation | $ | 38,861 |  |  | $ | 121,362 |  |  | $ | 163,295 |

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Table of Contents
Part I. Financial Information

IRON MOUNTAIN INCORPORATED
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
(In thousands, except share and per share data) (Unaudited)
11. RESTRUCTURING AND OTHER TRANSFORMATION (CONTINUED)
Restructuring costs for Project Matterhorn, included as a component of Restructuring and other transformation in the accompanying Condensed Consolidated Statement of Operations, by segment for the three and nine months ended September 30, 2023, and from the inception of Project Matterhorn through September 30, 2023, is as follows:

| THREE MONTHS ENDED SEPTEMBER 30, 2023 |  | NINE MONTHS ENDED SEPTEMBER 30, 2023 |  | FROM INCEPTION OF PROJECT MATTERHORN THROUGH SEPTEMBER 30, 2023
Global RIM Business | $ | 9,787 |  |  | $ | 34,312 |  |  | $ | 47,395 |
Global Data Center Business | 4 |  |  | 82 |  |  | 82 |
Corporate and Other | 1,953 |  |  | 5,434 |  |  | 5,643 |
Total restructuring costs | $ | 11,744 |  |  | $ | 39,828 |  |  | $ | 53,120 |

Other transformation costs for Project Matterhorn, included as a component of Restructuring and other transformation in the accompanying Condensed Consolidated Statement of Operations, by segment for the three and nine months ended September 30, 2023, and from the inception of Project Matterhorn through September 30, 2023, is as follows:

| THREE MONTHS ENDED SEPTEMBER 30, 2023 |  | NINE MONTHS ENDED SEPTEMBER 30, 2023 |  | FROM INCEPTION OF PROJECT MATTERHORN THROUGH SEPTEMBER 30, 2023
Global RIM Business | $ | 10,572 |  |  | $ | 19,015 |  |  | $ | 22,916 |
Global Data Center Business | 580 |  |  | 1,948 |  |  | 2,006 |
Corporate and Other | 15,965 |  |  | 60,571 |  |  | 85,253 |
Total other transformation costs | $ | 27,117 |  |  | $ | 81,534 |  |  | $ | 110,175 |

Accrued restructuring costs and accrued other transformation costs included in the accompanying Condensed Consolidated Balance Sheet as of September 30, 2023 were approximately $6,900 and $11,200, respectively.
12. SUBSEQUENT EVENT
On October 30, 2023, in order to expand our asset lifecycle management operations, we entered into a definitive agreement, subject to customary closing conditions, to acquire RSR Partners, LLC (doing business as Regency Technologies), an information technology asset disposition services provider with operations throughout the United States, for an initial purchase price of approximately $200,000, with approximately $125,000 to be paid at closing and the remaining amount to be paid in 2025. The agreement also includes potential performance-based contingent consideration, which would be payable in 2027, if earned.

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Part I. Financial Information

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The following discussion and analysis of our financial condition and results of operations for the three and nine months ended September 30, 2023 should be read in conjunction with our Condensed Consolidated Financial Statements and Notes thereto for the three and nine months ended September 30, 2023, included herein, and our Consolidated Financial Statements and Notes thereto for the year ended December 31, 2022, included in our Annual Report on Form 10-K filed with the United States Securities and Exchange Commission ("SEC") on February 23, 2023 (our "Annual Report").
FORWARD-LOOKING STATEMENTS
We have made statements in this Quarterly Report that constitute "forward-looking statements" as that term is defined in the Private Securities Litigation Reform Act of 1995 and other securities laws. These forward-looking statements concern our current expectations regarding our future results from operations, economic performance, financial condition, goals, strategies, investment objectives, plans and achievements. These forward-looking statements are subject to various known and unknown risks, uncertainties and other factors, and you should not rely upon them except as statements of our present intentions and of our present expectations, which may or may not occur. When we use words such as "believes", "expects", "anticipates", "estimates", "plans", "intends", "pursue", "will" or similar expressions, we are making forward-looking statements. Although we believe that our forward-looking statements are based on reasonable assumptions, our expected results may not be achieved, and actual results may differ materially from our expectations. In addition, important factors that could cause actual results to differ from expectations include, among others:
•our ability or inability to execute our strategic growth plan, including our ability to invest according to plan, grow our businesses (including through joint ventures), incorporate alternative technologies into our offerings, achieve satisfactory returns on new product offerings, continue our revenue management, expand and manage our global operations, complete acquisitions on satisfactory terms, integrate acquired companies efficiently and transition to more sustainable sources of energy;
•changes in customer preferences and demand for our storage and information management services, including as a result of the shift from paper and tape storage to alternative technologies that require less physical space;
•the impact of our distribution requirements on our ability to execute our business plan;
•the costs of complying with and our ability to comply with laws, regulations and customer requirements, including those relating to data privacy and cybersecurity issues, as well as fire and safety and environmental standards;
•the impact of attacks on our internal information technology ("IT") systems, including the impact of such incidents on our reputation and ability to compete and any litigation or disputes that may arise in connection with such incidents;
•our ability to fund capital expenditures;
•our ability to remain qualified for taxation as a real estate investment trust for United States federal income tax purposes ("REIT");
•changes in the political and economic environments in the countries in which we operate and changes in the global political climate;
•our ability to raise debt or equity capital and changes in the cost of our debt;
•our ability to comply with our existing debt obligations and restrictions in our debt instruments;
•the impact of service interruptions or equipment damage and the cost of power on our data center operations;
•the cost or potential liabilities associated with real estate necessary for our business;
•unexpected events, including those resulting from climate change or geopolitical events, could disrupt our operations and adversely affect our reputation and results of operations;
•failures to implement and manage new IT systems;
•other trends in competitive or economic conditions affecting our financial condition or results of operations not presently contemplated; and
•the other risks described in our periodic reports filed with the SEC, including under the caption "Risk Factors" in Part I, Item 1A of our Annual Report.
Except as required by law, we undertake no obligation to update any forward-looking statements appearing in this report.

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Part I. Financial Information

OVERVIEW
The following discussions set forth, for the periods indicated, management's discussion and analysis of financial condition and results of operations. Significant trends and changes are discussed for the three and nine months ended September 30, 2023 within each section. Trends and changes that are consistent for both the three and nine month periods are not repeated and are discussed on a year to date basis only.
PROJECT MATTERHORN
In September 2022, we announced a global program designed to accelerate the growth of our business ("Project Matterhorn"). Project Matterhorn investments will focus on transforming our operating model to a global operating model. Project Matterhorn will focus on the formation of a solution-based sales approach that is designed to allow us to optimize our shared services and best practices to better serve our customers' needs. We will be investing to accelerate growth and to capture a greater share of the large, global addressable markets in which we operate. We expect to incur approximately $150.0 million in costs annually related to Project Matterhorn from 2023 through 2025. Costs are comprised of (1) restructuring costs, which include (i) site consolidation and other related exit costs, (ii) employee severance costs and (iii) certain professional fees associated with these activities, and (2) other transformation costs, which include professional fees such as project management costs and costs for third party consultants who are assisting in the enablement of our growth initiatives. Restructuring and other transformation costs related to Project Matterhorn were not material for the three and nine months ended September 30, 2022. The following chart presents (in thousands) total Restructuring and other transformation costs related to Project Matterhorn from the inception of Project Matterhorn through September 30, 2023 and for the three and nine months ended September 30, 2023:

From the Inception of Project Matterhorn through September 30, 2023 |
For the Three Months Ended September 30, 2023 |
For the Nine Months Ended September 30, 2023 |

See Note 11 to Notes to Condensed Consolidated Financial Statements included in this Quarterly Report for more information on Restructuring and other transformation costs.

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Part I. Financial Information

GENERAL
RESULTS OF OPERATIONS - KEY TRENDS
•We have experienced steady volume in our Global RIM Business segment, with organic storage rental revenue growth driven primarily by revenue management. We expect organic storage rental revenue growth to benefit from revenue management and volume to be relatively stable in the near term.
•Our organic service revenue growth is primarily due to increases in our service activity. We expect organic service revenue growth for the remainder of 2023 and into 2024 to benefit from our new and existing digital offerings, as well as our traditional services.
•We expect continued total revenue and Adjusted EBITDA growth for the remainder of 2023 and into 2024 as a result of our focus on new product and service offerings, innovation, customer solutions and market expansion in line with our Project Matterhorn objectives.
Cost of sales (excluding depreciation and amortization) and Selling, general and administrative expenses for the nine months ended September 30, 2023 consists of the following:

COST OF SALES |  | SELLING, GENERAL AND ADMINISTRATIVE EXPENSES

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Part I. Financial Information

NON-GAAP MEASURES
ADJUSTED EBITDA
We define Adjusted EBITDA as net income (loss) before interest expense, net, provision (benefit) for income taxes, depreciation and amortization (inclusive of our share of Adjusted EBITDA from our unconsolidated joint ventures), and excluding certain items we do not believe to be indicative of our core operating results, specifically:

EXCLUDED |  |
•Acquisition and Integration Costs (as defined below) •Restructuring and other transformation •(Gain) loss on disposal/write-down of property, plant and equipment, net (including real estate) |  | •Other (income) expense, net •Stock-based compensation expense

Adjusted EBITDA Margin is calculated by dividing Adjusted EBITDA by total revenues. We also show Adjusted EBITDA and Adjusted EBITDA Margin for each of our reportable segments under "Results of Operations – Segment Analysis" below.
Adjusted EBITDA excludes both interest expense, net and the provision (benefit) for income taxes. These expenses are associated with our capitalization and tax structures, which we do not consider when evaluating the operating profitability of our core operations. Adjusted EBITDA does not include depreciation and amortization expenses, in order to eliminate the impact of capital investments, which we evaluate by comparing capital expenditures to incremental revenue generated and as a percentage of total revenues. Adjusted EBITDA and Adjusted EBITDA Margin should be considered in addition to, but not as a substitute for, other measures of financial performance reported in accordance with accounting principles generally accepted in the United States of America ("GAAP"), such as operating income, net income (loss) or cash flows from operating activities.
RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED EBITDA (IN THOUSANDS):

| THREE MONTHS ENDED SEPTEMBER 30, |  | NINE MONTHS ENDED SEPTEMBER 30, |  |
| 2023 |  | 2022 |  | 2023 |  | 2022 |  |  |  |
Net Income (Loss) | $ | 91,391 |  |  | $ | 192,931 |  |  | $ | 158,069 |  |  | $ | 436,496 |  |  |  |  |
Add/(Deduct): |  |  |  |  |  |  |  |  |  |  |
Interest expense, net | 152,801 |  |  | 121,767 |  |  | 434,148 |  |  | 351,266 |  |  |  |  |
Provision (benefit) for income taxes | 9,912 |  |  | 23,934 |  |  | 30,925 |  |  | 52,097 |  |  |  |  |
Depreciation and amortization | 198,757 |  |  | 175,077 |  |  | 576,218 |  |  | 536,946 |  |  |  |  |
Acquisition and Integration Costs(1) | 9,909 |  |  | 5,554 |  |  | 13,015 |  |  | 38,093 |  |  |  |  |
Restructuring and other transformation | 38,861 |  |  | 3,382 |  |  | 121,362 |  |  | 3,382 |  |  |  |  |
(Gain) loss on disposal/write-down of property, plant and equipment, net (including real estate) | (4,416) |  |  | (14,170) |  |  | (18,982) |  |  | (66,124) |  |  |  |  |
Other (income) expense, net, excluding our share of losses (gains) from our unconsolidated joint ventures | (17,626) |  |  | (56,226) |  |  | 58,559 |  |  | (48,814) |  |  |  |  |
Stock-based compensation expense | 18,313 |  |  | 14,326 |  |  | 53,195 |  |  | 45,923 |  |  |  |  |
Our share of Adjusted EBITDA reconciling items from our unconsolidated joint ventures | 2,060 |  |  | 2,859 |  |  | 9,919 |  |  | 5,869 |  |  |  |  |
Adjusted EBITDA | $ | 499,962 |  |  | $ | 469,434 |  |  | $ | 1,436,428 |  |  | $ | 1,355,134 |  |  |  |  |

(1)Represent operating expenditures directly associated with the closing and integration activities of our business acquisitions that have closed, or are highly probable of closing, and include (i) advisory, legal and professional fees to complete business acquisitions and (ii) costs to integrate acquired businesses into our existing operations, including move, severance and system integration costs (collectively, "Acquisition and Integration Costs").

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Part I. Financial Information

ADJUSTED EPS
We define Adjusted EPS as reported earnings per share fully diluted from net income (loss) attributable to Iron Mountain Incorporated (inclusive of our share of adjusted losses (gains) from our unconsolidated joint ventures) and excluding certain items, specifically:

EXCLUDED |  |
•Acquisition and Integration Costs •Restructuring and other transformation •Amortization related to the write-off of certain customer relationship intangible assets •(Gain) loss on disposal/write-down of property, plant and equipment, net (including real estate) |  | •Other (income) expense, net •Stock-based compensation expense •Non-cash amortization related to derivative instruments •Tax impact of reconciling items and discrete tax items

We do not believe these excluded items to be indicative of our ongoing operating results, and they are not considered when we are forecasting our future results. We believe Adjusted EPS is of value to our current and potential investors when comparing our results from past, present and future periods.
RECONCILIATION OF REPORTED EPS—FULLY DILUTED FROM NET INCOME (LOSS) ATTRIBUTABLE TO IRON MOUNTAIN INCORPORATED TO ADJUSTED EPS—FULLY DILUTED FROM NET INCOME (LOSS) ATTRIBUTABLE TO IRON MOUNTAIN INCORPORATED:

| THREE MONTHS ENDED SEPTEMBER 30, |  | NINE MONTHS ENDED SEPTEMBER 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Reported EPS—Fully Diluted from Net Income (Loss) Attributable to Iron Mountain Incorporated | $ | 0.31 |  |  | $ | 0.66 |  |  | $ | 0.53 |  |  | $ | 1.49 |
Add/(Deduct): |  |  |  |  |  |  |
Acquisition and Integration Costs | 0.03 |  |  | 0.02 |  |  | 0.04 |  |  | 0.13 |
Restructuring and other transformation | 0.13 |  |  | 0.01 |  |  | 0.41 |  |  | 0.01 |
Amortization related to the write-off of certain customer relationship intangible assets | — |  |  | — |  |  | — |  |  | 0.02 |
(Gain) loss on disposal/write-down of property, plant and equipment, net (including real estate) | (0.02) |  |  | (0.05) |  |  | (0.06) |  |  | (0.22) |
Other (income) expense, net, excluding our share of losses (gains) from our unconsolidated joint ventures | (0.06) |  |  | (0.19) |  |  | 0.20 |  |  | (0.17) |
Stock-based compensation expense | 0.06 |  |  | 0.05 |  |  | 0.18 |  |  | 0.16 |
Non-cash amortization related to derivative instruments | 0.02 |  |  | — |  |  | 0.06 |  |  | — |
Tax impact of reconciling items and discrete tax items(1) | (0.03) |  |  | (0.01) |  |  | (0.09) |  |  | (0.09) |
Income (Loss) Attributable to Noncontrolling Interests | — |  |  | — |  |  | 0.01 |  |  | 0.01 |
Adjusted EPS—Fully Diluted from Net Income (Loss) Attributable to Iron Mountain Incorporated(2) | $ | 0.45 |  |  | $ | 0.48 |  |  | $ | 1.28 |  |  | $ | 1.34 |

(1)The differences between our effective tax rates and our structural tax rate (or adjusted effective tax rates) for the three and nine months ended September 30, 2023 and 2022 are primarily due to (i) the reconciling items above, which impact our reported net income (loss) before provision (benefit) for income taxes but have an insignificant impact on our reported provision (benefit) for income taxes and (ii) other discrete tax items. Our structural tax rate for purposes of the calculation of Adjusted EPS for the three and nine months ended September 30, 2023 and 2022 was 13.3% and 16.5%, respectively. The Tax impact of reconciling items and discrete tax items is calculated using the current quarter's estimate of the annual structural tax rate. This may result in the current period adjustment plus prior period reported quarterly adjustments not summing to the full year adjustment.
(2)Columns may not foot due to rounding.

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Part I. Financial Information

FFO (NAREIT) AND FFO (NORMALIZED)
Funds from operations ("FFO") is defined by the National Association of Real Estate Investment Trusts as net income (loss) excluding depreciation on real estate assets, losses and gains on sale of real estate, net of tax, and amortization of data center leased-based intangibles ("FFO (Nareit)"). We calculate our FFO measures, including FFO (Nareit), adjusting for our share of reconciling items from our unconsolidated joint ventures. FFO (Nareit) does not give effect to real estate depreciation because these amounts are computed, under GAAP, to allocate the cost of a property over its useful life. Because values for well-maintained real estate assets have historically increased or decreased based upon prevailing market conditions, we believe that FFO (Nareit) provides investors with a clearer view of our operating performance. Our most directly comparable GAAP measure to FFO (Nareit) is net income (loss).
We modify FFO (Nareit), as is common among REITs seeking to provide financial measures that most meaningfully reflect their particular business ("FFO (Normalized)"). Our definition of FFO (Normalized) excludes certain items included in FFO (Nareit) that we believe are not indicative of our core operating results, specifically:

EXCLUDED |  |
•Acquisition and Integration Costs •Restructuring and other transformation •(Gain) loss on disposal/write-down of property, plant and equipment, net (excluding real estate) •Other (income) expense, net |  | •Stock-based compensation expense •Non-cash amortization related to derivative instruments •Real estate financing lease depreciation •Tax impact of reconciling items and discrete tax items

RECONCILIATION OF NET INCOME (LOSS) TO FFO (NAREIT) AND FFO (NORMALIZED) (IN THOUSANDS):

| THREE MONTHS ENDED SEPTEMBER 30, |  | NINE MONTHS ENDED SEPTEMBER 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Net Income (Loss) | $ | 91,391 |  |  | $ | 192,931 |  |  | $ | 158,069 |  |  | $ | 436,496 |
Add/(Deduct): |  |  |  |  |  |  |
Real estate depreciation | 80,430 |  |  | 74,652 |  |  | 238,117 |  |  | 228,993 |
Loss (gain) on sale of real estate, net of tax | 750 |  |  | (15,666) |  |  | (16,849) |  |  | (64,430) |
Data center lease-based intangible assets amortization | 7,482 |  |  | 3,687 |  |  | 18,518 |  |  | 11,850 |
Our share of FFO (Nareit) reconciling items from our unconsolidated joint ventures | 679 |  |  | — |  |  | 1,373 |  |  | — |
FFO (Nareit) | 180,732 |  |  | 255,604 |  |  | 399,228 |  |  | 612,909 |
Add/(Deduct): |  |  |  |  |  |  |
Acquisition and Integration Costs | 9,909 |  |  | 5,554 |  |  | 13,015 |  |  | 38,093 |
Restructuring and other transformation | 38,861 |  |  | 3,382 |  |  | 121,362 |  |  | 3,382 |
(Gain) loss on disposal/write-down of property, plant and equipment, net (excluding real estate) | (5,116) |  |  | 2,616 |  |  | (1,983) |  |  | (573) |
Other (income) expense, net, excluding our share of losses (gains) from our unconsolidated joint ventures(1) | (17,626) |  |  | (56,226) |  |  | 58,559 |  |  | (48,814) |
Stock-based compensation expense | 18,313 |  |  | 14,326 |  |  | 53,195 |  |  | 45,923 |
Non-cash amortization related to derivative instruments | 5,270 |  |  | — |  |  | 16,921 |  |  | — |
Real estate financing lease depreciation | 3,001 |  |  | 3,020 |  |  | 8,997 |  |  | 10,227 |
Tax impact of reconciling items and discrete tax items(2) | (10,220) |  |  | (5,184) |  |  | (26,825) |  |  | (26,090) |
Our share of FFO (Normalized) reconciling items from our unconsolidated joint ventures | (44) |  |  | 223 |  |  | (319) |  |  | 577 |
FFO (Normalized) | $ | 223,080 |  |  | $ | 223,315 |  |  | $ | 642,150 |  |  | $ | 635,634 |

(1)Includes foreign currency transaction (gains) losses, net and other, net. See Note 2.k. to Notes to Condensed Consolidated Financial Statements included in this Quarterly Report for additional information regarding the components of Other (income) expense, net.
(2)Represents the tax impact of (i) the reconciling items above, which impact our reported net income (loss) before provision (benefit) for income taxes but have an insignificant impact on our reported provision (benefit) for income taxes and (ii) other discrete tax items. Discrete tax items resulted in a (benefit) provision for income taxes of $(7.2) million and $(12.7) million for the three and nine months ended September 30, 2023, respectively, and $(1.2) million and $(11.4) million for the three and nine months ended September 30, 2022, respectively.

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Table of Contents
Part I. Financial Information

CRITICAL ACCOUNTING ESTIMATES
Our discussion and analysis of our financial condition and results of operations are based upon our Condensed Consolidated Financial Statements, which have been prepared in accordance with GAAP. The preparation of these financial statements requires us to make estimates, judgments and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities at the date of the financial statements and for the period then ended. On an ongoing basis, we evaluate the estimates used. We base our estimates on historical experience, actuarial estimates, current conditions and various other assumptions that we believe to be reasonable under the circumstances. These estimates form the basis for making judgments about the carrying values of assets and liabilities and are not readily apparent from other sources. Actual results may differ from these estimates. Our critical accounting estimates include the following, which are listed in no particular order:
•Revenue Recognition
•Accounting for Acquisitions
•Impairment of Tangible and Intangible Assets
•Income Taxes
Further detail regarding our critical accounting estimates can be found in "Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations" in our Annual Report, and the Consolidated Financial Statements and the Notes included therein. We have determined that no material changes concerning our critical accounting estimates have occurred since December 31, 2022.
RESULTS OF OPERATIONS
COMPARISON OF THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2023 TO THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2022 (IN THOUSANDS):

| THREE MONTHS ENDED SEPTEMBER 30, |  | DOLLAR CHANGE |  | PERCENTAGE CHANGE
| 2023 |  | 2022 |  |
Revenues | $ | 1,388,175 |  | $ | 1,286,945 |  | $ | 101,230 |  |  | 7.9 | %
Operating Expenses | 1,150,342 |  | 1,001,183 |  | 149,159 |  |  | 14.9 | %
Operating Income | 237,833 |  | 285,762 |  | (47,929) |  |  | (16.8) | %
Other Expenses, Net | 146,442 |  | 92,831 |  | 53,611 |  |  | 57.8 | %
Net Income (Loss) | 91,391 |  | 192,931 |  | (101,540) |  |  | (52.6) | %
Net Income (Loss) Attributable to Noncontrolling Interests | 348 |  | 767 |  | (419) |  |  | (54.6) | %
Net Income (Loss) Attributable to Iron Mountain Incorporated | $ | 91,043 |  | $ | 192,164 |  | $ | (101,121) |  |  | (52.6) | %
Adjusted EBITDA(1) | $ | 499,962 |  | $ | 469,434 |  | $ | 30,528 |  |  | 6.5 | %
Adjusted EBITDA Margin(1) | 36.0 | % |  | 36.5 | % |  |  |  |

| NINE MONTHS ENDED SEPTEMBER 30, |  | DOLLAR CHANGE |  | PERCENTAGE CHANGE
| 2023 |  | 2022 |  |
Revenues | $ | 4,060,460 |  | $ | 3,824,525 |  | $ | 235,935 |  |  | 6.2 | %
Operating Expenses | 3,369,439 |  | 3,022,852 |  | 346,587 |  |  | 11.5 | %
Operating Income | 691,021 |  | 801,673 |  | (110,652) |  |  | (13.8) | %
Other Expenses, Net | 532,952 |  | 365,177 |  | 167,775 |  |  | 45.9 | %
Net Income (Loss) | 158,069 |  | 436,496 |  | (278,427) |  |  | (63.8) | %
Net Income (Loss) Attributable to Noncontrolling Interests | 2,317 |  | 1,952 |  | 365 |  |  | 18.7 | %
Net Income (Loss) Attributable to Iron Mountain Incorporated | $ | 155,752 |  | $ | 434,544 |  | $ | (278,792) |  |  | (64.2) | %
Adjusted EBITDA(1) | $ | 1,436,428 |  | $ | 1,355,134 |  | $ | 81,294 |  |  | 6.0 | %
Adjusted EBITDA Margin(1) | 35.4 | % |  | 35.4 | % |  |  |  |

(1)See "Non-GAAP Measures—Adjusted EBITDA" in this Quarterly Report for the definitions of Adjusted EBITDA and Adjusted EBITDA Margin, reconciliation of Net Income (Loss) to Adjusted EBITDA and a discussion of why we believe these non-GAAP measures provide relevant and useful information to our current and potential investors.

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Table of Contents
Part I. Financial Information

REVENUES
Total revenues consist of the following (in thousands):

| THREE MONTHS ENDED SEPTEMBER 30, |  |  |  | PERCENTAGE CHANGE |  |  |  |
| 2023 |  | 2022 |  | DOLLAR CHANGE |  | ACTUAL |  | CONSTANT CURRENCY(1) |  | ORGANIC GROWTH(2) |  | IMPACT OF ACQUISITIONS
Storage Rental | $ | 858,656 |  |  | $ | 760,370 |  |  | $ | 98,286 |  |  | 12.9 | % |  | 11.6 | % |  | 9.7 | % |  | 1.9 | %
Service | 529,519 |  |  | 526,575 |  |  | 2,944 |  |  | 0.6 | % |  | (0.1) | % |  | (0.6) | % |  | 0.5 | %
Total Revenues | $ | 1,388,175 |  |  | $ | 1,286,945 |  |  | $ | 101,230 |  |  | 7.9 | % |  | 6.8 | % |  | 5.5 | % |  | 1.3 | %

| NINE MONTHS ENDED SEPTEMBER 30, |  |  |  | PERCENTAGE CHANGE |  |  |  |
| 2023 |  | 2022 |  | DOLLAR CHANGE |  | ACTUAL |  | CONSTANT CURRENCY(1) |  | ORGANIC GROWTH(2) |  | IMPACT OF ACQUISITIONS
Storage Rental | $ | 2,499,501 |  |  | $ | 2,264,566 |  |  | $ | 234,935 |  |  | 10.4 | % |  | 10.9 | % |  | 10.5 | % |  | 0.4 | %
Service | 1,560,959 |  |  | 1,559,959 |  |  | 1,000 |  |  | 0.1 | % |  | 0.7 | % |  | 0.1 | % |  | 0.6 | %
Total Revenues | $ | 4,060,460 |  |  | $ | 3,824,525 |  |  | $ | 235,935 |  |  | 6.2 | % |  | 6.8 | % |  | 6.3 | % |  | 0.5 | %

(1)Constant currency growth rates, which are a non-GAAP measure, are calculated by translating the 2022 results at the 2023 average exchange rates.
(2)Our organic revenue growth rate, which is a non-GAAP measure, represents the year-over-year growth rate of our revenues excluding the impact of business acquisitions, divestitures and foreign currency exchange rate fluctuations. Our organic revenue growth rate includes the impact of acquisitions of customer relationships.
TOTAL REVENUES
For the nine months ended September 30, 2023, the increase in reported revenue was primarily driven by organic storage rental revenue growth. Foreign currency exchange rate fluctuations decreased our reported revenue growth rate for the nine months ended September 30, 2023 by 0.6% compared to the prior year period.
STORAGE RENTAL REVENUE AND SERVICE REVENUE
Primary factors influencing the change in reported storage rental revenue and reported service revenue for the nine months ended September 30, 2023 compared to the nine months ended September 30, 2022 include the following:

STORAGE RENTAL REVENUE |  | •organic storage rental revenue growth driven by increased volume in faster growing markets and our Global Data Center Business segment and revenue management; and •a decrease of $10.8 million due to foreign currency exchange rate fluctuations.
SERVICE REVENUE |  | •organic service revenue growth driven by increased service activity levels in our Global RIM Business, partially offset by service revenue declines in our asset lifecycle management business as a result of component price declines, partially offset by increased volume; and •a decrease of $10.0 million due to foreign currency exchange rate fluctuations.

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Table of Contents
Part I. Financial Information

OPERATING EXPENSES
COST OF SALES
Cost of sales (excluding depreciation and amortization) consists of the following expenses (in thousands):

| THREE MONTHS ENDED SEPTEMBER 30, |  |  |  | PERCENTAGE CHANGE |  | % OF TOTAL REVENUES |  | PERCENTAGE CHANGE (FAVORABLE)/ UNFAVORABLE
| 2023 |  | 2022 |  | DOLLAR CHANGE |  | ACTUAL |  | CONSTANT CURRENCY |  | 2023 |  | 2022 |
Labor | $ | 224,623 |  |  | $ | 199,738 |  |  | $ | 24,885 |  |  | 12.5 | % |  | 11.1 | % |  | 16.2 | % |  | 15.5 | % |  | 0.7 | %
Facilities | 259,633 |  |  | 225,233 |  |  | 34,400 |  |  | 15.3 | % |  | 13.5 | % |  | 18.7 | % |  | 17.5 | % |  | 1.2 | %
Transportation | 39,146 |  |  | 40,835 |  |  | (1,689) |  |  | (4.1) | % |  | (4.5) | % |  | 2.8 | % |  | 3.2 | % |  | (0.4) | %
Product Cost of Sales and Others | 68,799 |  |  | 80,235 |  |  | (11,436) |  |  | (14.3) | % |  | (14.4) | % |  | 5.0 | % |  | 6.2 | % |  | (1.2) | %
Total Cost of sales | $ | 592,201 |  |  | $ | 546,041 |  |  | $ | 46,160 |  |  | 8.5 | % |  | 7.3 | % |  | 42.7 | % |  | 42.4 | % |  | 0.3 | %

| NINE MONTHS ENDED SEPTEMBER 30, |  |  |  | PERCENTAGE CHANGE |  | % OF TOTAL REVENUES |  | PERCENTAGE CHANGE (FAVORABLE)/ UNFAVORABLE
| 2023 |  | 2022 |  | DOLLAR CHANGE |  | ACTUAL |  | CONSTANT CURRENCY |  | 2023 |  | 2022 |
Labor | $ | 668,552 |  |  | $ | 604,698 |  |  | $ | 63,854 |  |  | 10.6 | % |  | 11.2 | % |  | 16.5 | % |  | 15.8 | % |  | 0.7 | %
Facilities | 755,858 |  |  | 657,347 |  |  | 98,511 |  |  | 15.0 | % |  | 15.6 | % |  | 18.6 | % |  | 17.2 | % |  | 1.4 | %
Transportation | 120,268 |  |  | 118,494 |  |  | 1,774 |  |  | 1.5 | % |  | 2.5 | % |  | 3.0 | % |  | 3.1 | % |  | (0.1) | %
Product Cost of Sales and Others | 211,793 |  |  | 268,600 |  |  | (56,807) |  |  | (21.1) | % |  | (20.6) | % |  | 5.2 | % |  | 7.0 | % |  | (1.8) | %
Total Cost of sales | $ | 1,756,471 |  |  | $ | 1,649,139 |  |  | $ | 107,332 |  |  | 6.5 | % |  | 7.1 | % |  | 43.3 | % |  | 43.1 | % |  | 0.2 | %

Primary factors influencing the change in reported Cost of sales for the nine months ended September 30, 2023 compared to the nine months ended September 30, 2022 include the following:
•an increase in labor costs driven by an increase in service activity, primarily within our Global RIM business;
•an increase in facilities expenses driven by increases in rent expense, reflecting the impact of our sale-leaseback activity during 2022 and the first nine months of 2023, as well as increases in utilities costs;
•a decrease in product cost of sales in our asset lifecycle management business as a result of component price declines, partially offset by increased volume; and
•a decrease of $9.7 million due to foreign currency exchange rate fluctuations.

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Table of Contents
Part I. Financial Information

SELLING, GENERAL AND ADMINISTRATIVE EXPENSES
Selling, general and administrative expenses consists of the following expenses (in thousands):

| THREE MONTHS ENDED SEPTEMBER 30, |  |  |  | PERCENTAGE CHANGE |  | % OF TOTAL REVENUES |  | PERCENTAGE CHANGE (FAVORABLE)/ UNFAVORABLE
| 2023 |  | 2022 |  | DOLLAR CHANGE |  | ACTUAL |  | CONSTANT CURRENCY |  | 2023 |  | 2022 |
General, Administrative and Other | $ | 225,058 |  |  | $ | 208,620 |  |  | $ | 16,438 |  |  | 7.9 | % |  | 7.1 | % |  | 16.2 | % |  | 16.2 | % |  | — | %
Sales, Marketing and Account Management | 89,972 |  |  | 76,679 |  |  | 13,293 |  |  | 17.3 | % |  | 15.7 | % |  | 6.5 | % |  | 6.0 | % |  | 0.5 | %
Total Selling, general and administrative expenses | $ | 315,030 |  |  | $ | 285,299 |  |  | $ | 29,731 |  |  | 10.4 | % |  | 9.4 | % |  | 22.7 | % |  | 22.2 | % |  | 0.5 | %

| NINE MONTHS ENDED SEPTEMBER 30, |  |  |  | PERCENTAGE CHANGE |  | % OF TOTAL REVENUES |  | PERCENTAGE CHANGE (FAVORABLE)/ UNFAVORABLE
| 2023 |  | 2022 |  | DOLLAR CHANGE |  | ACTUAL |  | CONSTANT CURRENCY |  | 2023 |  | 2022 |
General, Administrative and Other | $ | 650,046 |  |  | $ | 635,827 |  |  | $ | 14,219 |  |  | 2.2 | % |  | 2.8 | % |  | 16.0 | % |  | 16.6 | % |  | (0.6) | %
Sales, Marketing and Account Management | 271,309 |  |  | 225,589 |  |  | 45,720 |  |  | 20.3 | % |  | 20.7 | % |  | 6.7 | % |  | 5.9 | % |  | 0.8 | %
Total Selling, general and administrative expenses | $ | 921,355 |  |  | $ | 861,416 |  |  | $ | 59,939 |  |  | 7.0 | % |  | 7.5 | % |  | 22.7 | % |  | 22.5 | % |  | 0.2 | %

Primary factors influencing the change in reported Selling, general and administrative expenses for the nine months ended September 30, 2023 compared to the nine months ended September 30, 2022 include the following:
•an increase in general, administrative and other expenses, primarily driven by recent acquisitions;
•an increase in sales, marketing and account management expenses, driven by higher compensation expense, primarily reflecting increased headcount; and
•a decrease of $4.1 million due to foreign currency exchange rate fluctuations.
DEPRECIATION AND AMORTIZATION
Depreciation expense increased by $36.7 million, or 10.5%, for the nine months ended September 30, 2023 compared to the prior year period. See Note 2.i. to Notes to Consolidated Financial Statements included in our Annual Report for additional information regarding the useful lives over which our property, plant and equipment is depreciated.
Amortization expense increased by $2.6 million, or 1.4%, for the nine months ended September 30, 2023 compared to the prior year period.
ACQUISITION AND INTEGRATION COSTS
Acquisition and Integration Costs for the nine months ended September 30, 2023 and 2022 were approximately $13.0 million and $38.1 million, respectively.
RESTRUCTURING AND OTHER TRANSFORMATION
Restructuring and other transformation costs for the nine months ended September 30, 2023 were $121.4 million and related to operating expenses associated with the implementation of Project Matterhorn. Restructuring and other transformation costs related to Project Matterhorn were not material for the nine months ended September 30, 2022.
(GAIN) LOSS ON DISPOSAL/WRITE-DOWN OF PROPERTY, PLANT AND EQUIPMENT, NET
Gain on disposal/write-down of property, plant and equipment, net for the nine months ended September 30, 2023 was approximately $19.0 million. The gains primarily consist of a gain of approximately $18.5 million associated with a sale-leaseback transaction of a facility in Singapore during the first quarter of 2023.
Gain on disposal/write-down of property, plant and equipment, net for the nine months ended September 30, 2022 was approximately $66.1 million.

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Table of Contents
Part I. Financial Information

OTHER EXPENSES, NET
INTEREST EXPENSE, NET
Interest expense, net increased by $82.8 million to $434.1 million in the nine months ended September 30, 2023 from $351.3 million in the prior year period. The increase is primarily due to higher average debt outstanding during the nine months ended September 30, 2023 compared to the prior year period as well as an increase in our weighted average interest rate. Our weighted average interest rate, inclusive of the fees associated with our outstanding letters of credit, was 5.5% and 4.9% at September 30, 2023 and 2022, respectively. See Note 6 to Notes to Condensed Consolidated Financial Statements included in this Quarterly Report for additional information regarding our indebtedness.
OTHER (INCOME) EXPENSE, NET
Other (income) expense, net for the three and nine months ended September 30, 2023 and 2022 consists of the following (in thousands):

|  | THREE MONTHS ENDED SEPTEMBER 30, |  | DOLLAR CHANGE |  | NINE MONTHS ENDED SEPTEMBER 30, |  | DOLLAR CHANGE
DESCRIPTION |  | 2023 |  | 2022 |  |  | 2023 |  | 2022 |
Foreign currency transaction (gains) losses, net(1) |  | $ | (29,310) |  |  | $ | (58,519) |  |  | $ | 29,209 |  |  | $ | 177 |  |  | $ | (126,759) |  |  | $ | 126,936 |
Debt extinguishment expense |  | — |  |  | — |  |  | — |  |  | — |  |  | 671 |  |  | (671) |
Other, net(2) |  | 13,039 |  |  | 5,649 |  |  | 7,390 |  |  | 67,702 |  |  | 87,902 |  |  | (20,200) |
Other (Income) Expense, Net |  | $ | (16,271) |  |  | $ | (52,870) |  |  | $ | 36,599 |  |  | $ | 67,879 |  |  | $ | (38,186) |  |  | $ | 106,065 |

(1)The gains for the three months ended September 30, 2023 primarily consist of the impact of changes in the exchange rate of the British pound sterling against the United States dollar on our intercompany balances with and between certain of our subsidiaries.
(2)Other, net for the nine months ended September 30, 2023 consists primarily of a loss of approximately $38.0 million associated with the remeasurement to fair value of our previously held equity interest in the Clutter JV. See the Investments section of Liquidity and Capital Resources for additional information. We also recognized losses on our equity method investments and the change in value of the Deferred Purchase Obligation (as defined in Note 3 to Notes to Consolidated Financial Statements included in our Annual Report).
PROVISION FOR INCOME TAXES
We provide for income taxes during interim periods based on our estimate of the effective tax rate for the year. Our effective tax rates for the three and nine months ended September 30, 2023 and 2022 are as follows:

| THREE MONTHS ENDED SEPTEMBER 30, |  | NINE MONTHS ENDED SEPTEMBER 30,
| 2023(1) |  | 2022 |  | 2023(1) |  | 2022
Effective Tax Rate | 9.8 | % |  | 11.0 | % |  | 16.4 | % |  | 10.7 | %

(1)The primary reconciling items between the federal statutory tax rate of 21.0% and our overall effective tax rate for the three and nine months ended September 30, 2023 were the benefits derived from the dividends paid deduction and the differences in the tax rates to which our foreign earnings are subject. In addition, there were gains and losses recorded in Other (income) expense, net during the period, for which there was no tax impact.

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Table of Contents
Part I. Financial Information

NET INCOME (LOSS) AND ADJUSTED EBITDA
The following table reflects the effect of the foregoing factors on our net income (loss) and Adjusted EBITDA (in thousands):

| THREE MONTHS ENDED SEPTEMBER 30, |  | DOLLAR CHANGE |  | PERCENTAGE CHANGE
| 2023 |  | 2022 |
Net Income (Loss) | $ | 91,391 |  |  | $ | 192,931 |  |  | $ | (101,540) |  |  | (52.6) | %
Net Income (Loss) as a percentage of Revenue | 6.6 | % |  | 15.0 | % |  |  |  |
Adjusted EBITDA | $ | 499,962 |  |  | $ | 469,434 |  |  | $ | 30,528 |  |  | 6.5 | %
Adjusted EBITDA Margin | 36.0 | % |  | 36.5 | % |  |  |  |

| NINE MONTHS ENDED SEPTEMBER 30, |  | DOLLAR CHANGE |  | PERCENTAGE CHANGE
| 2023 |  | 2022 |
Net Income (Loss) | $ | 158,069 |  |  | $ | 436,496 |  |  | $ | (278,427) |  |  | (63.8) | %
Net Income (Loss) as a percentage of Revenue | 3.9 | % |  | 11.4 | % |  |  |  |
Adjusted EBITDA | $ | 1,436,428 |  |  | $ | 1,355,134 |  |  | $ | 81,294 |  |  | 6.0 | %
Adjusted EBITDA Margin | 35.4 | % |  | 35.4 | % |  |  |  |

Adjusted EBITDA Margin for the nine months ended September 30, 2023 was consistent with the same prior year period driven by improved service revenue trends, revenue management and ongoing cost containment measures, offset by lower Adjusted EBITDA Margin in our asset lifecycle management business. | ↑ INCREASED BY $81.3 MILLION OR 6.0% Adjusted EBITDA

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Table of Contents
Part I. Financial Information

SEGMENT ANALYSIS
See Note 9 to Notes to Condensed Consolidated Financial Statements included in this Quarterly Report for a description of our reportable segments.
GLOBAL RIM BUSINESS (IN THOUSANDS)

| THREE MONTHS ENDED SEPTEMBER 30, |  |  |  | PERCENTAGE CHANGE |  |  |  |
|  | DOLLAR CHANGE |  | ACTUAL |  | CONSTANT CURRENCY |  | ORGANIC GROWTH |  | IMPACT OF ACQUISITIONS
| 2023 |  | 2022 |  |  |  |  |
Storage Rental | $ | 719,560 |  | $ | 650,141 |  | $ | 69,419 |  |  | 10.7 | % |  | 9.5 | % |  | 7.9 | % |  | 1.6 | %
Service | 463,092 |  | 440,961 |  | 22,131 |  |  | 5.0 | % |  | 4.3 | % |  | 4.0 | % |  | 0.3 | %
Segment Revenue | $ | 1,182,652 |  | $ | 1,091,102 |  | $ | 91,550 |  |  | 8.4 | % |  | 7.4 | % |  | 6.3 | % |  | 1.1 | %
Segment Adjusted EBITDA | $ | 516,548 |  | $ | 483,862 |  | $ | 32,686 |  |  |  |  |  |  |  |  |
Segment Adjusted EBITDA Margin | 43.7 | % |  | 44.3 | % |  |  |  |  |  |  |  |  |  |

| NINE MONTHS ENDED SEPTEMBER 30, |  |  |  | PERCENTAGE CHANGE |  |  |  |
|  | DOLLAR CHANGE |  | ACTUAL |  | CONSTANT CURRENCY |  | ORGANIC GROWTH |  | IMPACT OF ACQUISITIONS
| 2023 |  | 2022 |  |  |  |  |
Storage Rental | $ | 2,111,240 |  | $ | 1,949,999 |  | $ | 161,241 |  |  | 8.3 | % |  | 9.0 | % |  | 8.8 | % |  | 0.2 | %
Service | 1,357,805 |  | 1,260,470 |  | 97,335 |  |  | 7.7 | % |  | 8.5 | % |  | 9.1 | % |  | (0.6) | %
Segment Revenue | $ | 3,469,045 |  | $ | 3,210,469 |  | $ | 258,576 |  |  | 8.1 | % |  | 8.8 | % |  | 8.9 | % |  | (0.1) | %
Segment Adjusted EBITDA | $ | 1,493,394 |  | $ | 1,402,025 |  | $ | 91,369 |  |  |  |  |  |  |  |  |
Segment Adjusted EBITDA Margin | 43.0 | % |  | 43.7 | % |  |  |  |  |  |  |  |  |  |

NINE MONTHS ENDED YEAR OVER YEAR SEGMENT ANALYSIS: GLOBAL RIM BUSINESS (IN MILLIONS)

Storage Rental Revenue |  | Service Revenue |  | Segment Revenue |  | Segment Adjusted EBITDA

Primary factors influencing the change in revenue and Adjusted EBITDA Margin in our Global RIM Business segment for the nine months ended September 30, 2023 compared to the prior year period include the following:
•organic storage rental revenue growth driven by revenue management;
•organic service revenue growth primarily driven by increases in our traditional service activity levels and growth in our Global Digital Solutions business;
•a decrease in revenue of $21.8 million due to foreign currency exchange rate fluctuations; and
•a 70 basis point decrease in Adjusted EBITDA Margin primarily driven by an increase in compensation and other employee-related costs and higher facilities costs, partially offset by revenue management.

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Table of Contents
Part I. Financial Information

GLOBAL DATA CENTER BUSINESS (IN THOUSANDS)

| THREE MONTHS ENDED SEPTEMBER 30, |  |  |  | PERCENTAGE CHANGE |  |  |  |
|  | DOLLAR CHANGE |  | ACTUAL |  | CONSTANT CURRENCY |  | ORGANIC GROWTH |  | IMPACT OF ACQUISITIONS
| 2023 |  | 2022 |  |  |  |  |
Storage Rental | $ | 123,655 |  | $ | 96,328 |  | $ | 27,327 |  |  | 28.4 | % |  | 25.8 | % |  | 21.7 | % |  | 4.1 | %
Service | 3,880 |  | 3,981 |  | (101) |  |  | (2.5) | % |  | (5.6) | % |  | (5.9) | % |  | 0.3 | %
Segment Revenue | $ | 127,535 |  | $ | 100,309 |  | $ | 27,226 |  |  | 27.1 | % |  | 24.5 | % |  | 20.6 | % |  | 3.9 | %
Segment Adjusted EBITDA | $ | 53,216 |  | $ | 42,660 |  | $ | 10,556 |  |  |  |  |  |  |  |  |
Segment Adjusted EBITDA Margin | 41.7 | % |  | 42.5 | % |  |  |  |  |  |  |  |  |  |

| NINE MONTHS ENDED SEPTEMBER 30, |  |  |  | PERCENTAGE CHANGE |  |  |  |
|  | DOLLAR CHANGE |  | ACTUAL |  | CONSTANT CURRENCY |  | ORGANIC GROWTH |  | IMPACT OF ACQUISITIONS
| 2023 |  | 2022 |  |  |  |  |
Storage Rental | $ | 342,080 |  | $ | 273,547 |  | $ | 68,533 |  |  | 25.1 | % |  | 24.4 | % |  | 22.5 | % |  | 1.9 | %
Service | 15,793 |  | 23,837 |  | (8,044) |  |  | (33.7) | % |  | (34.2) | % |  | (34.0) | % |  | (0.2) | %
Segment Revenue | $ | 357,873 |  | $ | 297,384 |  | $ | 60,489 |  |  | 20.3 | % |  | 19.7 | % |  | 18.0 | % |  | 1.7 | %
Segment Adjusted EBITDA | $ | 157,660 |  | $ | 126,944 |  | $ | 30,716 |  |  |  |  |  |  |  |  |
Segment Adjusted EBITDA Margin | 44.1 | % |  | 42.7 | % |  |  |  |  |  |  |  |  |  |

NINE MONTHS ENDED YEAR OVER YEAR SEGMENT ANALYSIS: GLOBAL DATA CENTER BUSINESS (IN MILLIONS)

Storage Rental Revenue |  | Service Revenue |  | Segment Revenue |  | Segment Adjusted EBITDA

Primary factors influencing the change in revenue, Adjusted EBITDA and Adjusted EBITDA Margin in our Global Data Center Business segment for the nine months ended September 30, 2023 compared to the prior year period include the following:
•organic storage rental revenue growth from leases that commenced during the first nine months of 2023 and in prior periods, improved pricing and higher pass-through power costs, partially offset by churn of approximately 390 basis points;
•an increase in Adjusted EBITDA primarily driven by organic storage rental revenue growth; and
•a 140 basis point increase in Adjusted EBITDA Margin reflecting ongoing cost management and a decline in lower margin project revenue, partially offset by higher pass-through power costs.

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Part I. Financial Information

CORPORATE AND OTHER (IN THOUSANDS)

| THREE MONTHS ENDED SEPTEMBER 30, |  |  |  | PERCENTAGE CHANGE |  |  |  |
|  | DOLLAR CHANGE |  | ACTUAL |  | CONSTANT CURRENCY |  | ORGANIC GROWTH |  | IMPACT OF ACQUISITIONS
| 2023 |  | 2022 |  |  |  |  |
Storage Rental | $ | 15,441 |  | $ | 13,900 |  | $ | 1,541 |  |  | 11.1 | % |  | 9.8 | % |  | 6.2 | % |  | 3.6 | %
Service | 62,547 |  | 81,634 |  | (19,087) |  |  | (23.4) | % |  | (23.9) | % |  | (25.1) | % |  | 1.2 | %
Revenue | $ | 77,988 |  | $ | 95,534 |  | $ | (17,546) |  |  | (18.4) | % |  | (19.0) | % |  | (20.5) | % |  | 1.5 | %
Adjusted EBITDA | $ | (69,802) |  | $ | (57,088) |  | $ | (12,714) |  |  |  |  |  |  |  |  |

| NINE MONTHS ENDED SEPTEMBER 30, |  |  |  | PERCENTAGE CHANGE |  |  |  |
|  | DOLLAR CHANGE |  | ACTUAL |  | CONSTANT CURRENCY |  | ORGANIC GROWTH |  | IMPACT OF ACQUISITIONS
| 2023 |  | 2022 |  |  |  |  |
Storage Rental | $ | 46,181 |  | $ | 41,019 |  | $ | 5,162 |  |  | 12.6 | % |  | 12.6 | % |  | 8.7 | % |  | 3.9 | %
Service | 187,361 |  | 275,653 |  | (88,292) |  |  | (32.0) | % |  | (31.9) | % |  | (37.2) | % |  | 5.3 | %
Revenue | $ | 233,542 |  | $ | 316,672 |  | $ | (83,130) |  |  | (26.3) | % |  | (26.1) | % |  | (31.3) | % |  | 5.2 | %
Adjusted EBITDA | $ | (214,626) |  | $ | (173,835) |  | $ | (40,791) |  |  |  |  |  |  |  |  |

Primary factors influencing the change in revenue and Adjusted EBITDA in Corporate and Other for the nine months ended September 30, 2023 compared to the prior year period include the following:
•a decrease in service revenue in our asset lifecycle management business as a result of component price declines, which we expect to improve from current levels, partially offset by increased volume; and
•a decrease in Adjusted EBITDA driven by the flow through of service revenue declines in our asset lifecycle management business.

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Part I. Financial Information

LIQUIDITY AND CAPITAL RESOURCES
GENERAL
We expect to meet our short-term and long-term cash flow requirements through cash generated from operations, cash on hand, borrowings under our Credit Agreement (as defined below) and proceeds from monetizing a small portion of our total industrial real estate assets, as well as other potential financings (such as the issuance of debt). Our cash flow requirements, both in the near and long term, include, but are not limited to, capital expenditures, the repayment of outstanding debt, shareholder dividends, potential business acquisitions and normal business operation needs.
PROJECT MATTERHORN
As disclosed above, in September 2022, we announced Project Matterhorn. We estimate that the implementation of Project Matterhorn will result in costs of approximately $150.0 million per year from 2023 through 2025. Total costs related to Project Matterhorn during the three and nine months ended September 30, 2023 were approximately $38.9 million and $121.4 million, respectively, and are included in Restructuring and other transformation in our Condensed Consolidated Statement of Operations. Total costs from inception of the program to September 30, 2023 were approximately $163.3 million. Restructuring and other transformation costs related to Project Matterhorn were not material for the for the three and nine months ended September 30, 2022.
CASH FLOWS
The following is a summary of our cash balances and cash flows (in thousands) as of and for the nine months ended September 30,

| 2023 |  | 2022
Cash Flows from Operating Activities | $ | 666,374 |  |  | $ | 560,355 |
Cash Flows from Investing Activities | (1,035,083) |  |  | (1,303,760) |
Cash Flows from Financing Activities | 403,872 |  |  | 658,447 |
Cash and Cash Equivalents, End of Period | 170,502 |  |  | 155,223 |

A. CASH FLOWS FROM OPERATING ACTIVITIES
For the nine months ended September 30, 2023, net cash flows provided by operating activities increased by $106.0 million compared to the prior year period, primarily due to an increase in cash from working capital of $151.3 million, driven by the timing of accounts receivable collections, partially offset by a decrease in net income (excluding non-cash charges) of $45.3 million.
B. CASH FLOWS FROM INVESTING ACTIVITIES
Our significant investing activity during the nine months ended September 30, 2023 included cash paid for capital expenditures of $962.3 million. Additional details of our capital spending are included in the "Capital Expenditures" section below.
C. CASH FLOWS FROM FINANCING ACTIVITIES
Our significant financing activities during the nine months ended September 30, 2023 included:
•Net proceeds of approximately $990.0 million associated with the issuance of the 7% Notes due 2029 (as defined below).
•Payment of dividends in the amount of $547.7 million on our common stock.

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Part I. Financial Information

CAPITAL EXPENDITURES
The following table presents our capital spend for the nine months ended September 30, 2023 and 2022, organized by the type of the spending as described in our Annual Report (in thousands):

| NINE MONTHS ENDED SEPTEMBER 30,
NATURE OF CAPITAL SPEND | 2023 |  | 2022
Growth Investment Capital Expenditures: |  |  |
Data Center | $ | 653,968 |  |  | $ | 396,015 |
Real Estate | 136,174 |  |  | 114,374 |
Innovation and Other | 57,332 |  |  | 30,808 |
Total Growth Investment Capital Expenditures | 847,474 |  |  | 541,197 |
Recurring Capital Expenditures: |  |  |
Real Estate | $ | 34,579 |  |  | $ | 44,294 |
Non-Real Estate | 48,962 |  |  | 52,442 |
Data Center | 11,949 |  |  | 9,420 |
Total Recurring Capital Expenditures | 95,490 |  |  | 106,156 |
Total Capital Spend (on accrual basis) | $ | 942,964 |  |  | $ | 647,353 |
Net increase (decrease) in prepaid capital expenditures | 23,337 |  |  | (960) |
Net (increase) decrease in accrued capital expenditures | (4,007) |  |  | (49,592) |
Total Capital Spend (on cash basis) | $ | 962,294 |  |  | $ | 596,801 |

Excluding capital expenditures associated with potential future acquisitions, we expect total capital expenditures of approximately $1,300.0 million for the year ending December 31, 2023. Of this, we expect our capital expenditures for growth investment to be approximately $1,160.0 million and our recurring capital expenditures to be approximately $140.0 million.
DIVIDENDS
See Note 8 to Notes to Condensed Consolidated Financial Statements included in this Quarterly Report for a listing of dividends that we declared during the first nine months of 2023 and fiscal year 2022.
On November 2, 2023, we declared a dividend to our stockholders of record as of December 15, 2023 of $0.65 per share, payable on January 4, 2024.

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FINANCIAL INSTRUMENTS AND DEBT
Financial instruments that potentially subject us to credit risk consist principally of cash and cash equivalents (including money market funds and time deposits) and accounts receivable. The only significant concentrations of liquid investments as of September 30, 2023 are related to cash and cash equivalents held in money market funds and time deposits. See Note 2.e. to Notes to Condensed Consolidated Financial Statements included in this Quarterly Report for information on our money market funds and time deposits.
Long-term debt as of September 30, 2023 is as follows (in thousands):

| SEPTEMBER 30, 2023
| DEBT (INCLUSIVE OF DISCOUNT) |  | UNAMORTIZED DEFERRED FINANCING COSTS |  | CARRYING AMOUNT
Revolving Credit Facility(1) | $ | 1,049,500 |  |  | $ | (4,976) |  |  | $ | 1,044,524 |
Term Loan A(1) | 231,250 |  |  | — |  |  | 231,250 |
Term Loan B(1)(2) | 660,992 |  |  | (2,810) |  |  | 658,182 |
Virginia 3 Term Loans | 26,134 |  |  | (3,915) |  |  | 22,219 |
Australian Dollar Term Loan | 187,853 |  |  | (491) |  |  | 187,362 |
UK Bilateral Revolving Credit Facility | 170,858 |  |  | — |  |  | 170,858 |
3 7/8% GBP Senior Notes due 2025 (the "GBP Notes") | 488,166 |  |  | (1,920) |  |  | 486,246 |
4 7/8% Senior Notes due 2027 (the "4 7/8% Notes due 2027") | 1,000,000 |  |  | (5,688) |  |  | 994,312 |
5 1/4% Senior Notes due 2028 (the "5 1/4% Notes due 2028") | 825,000 |  |  | (5,314) |  |  | 819,686 |
5% Senior Notes due 2028 (the "5% Notes due 2028") | 500,000 |  |  | (3,497) |  |  | 496,503 |
7% Senior Notes due 2029 (the "7% Notes due 2029") | 1,000,000 |  |  | (11,253) |  |  | 988,747 |
4 7/8% Senior Notes due 2029 (the "4 7/8% Notes due 2029") | 1,000,000 |  |  | (8,679) |  |  | 991,321 |
5 1/4% Senior Notes due 2030 (the "5 1/4% Notes due 2030") | 1,300,000 |  |  | (10,279) |  |  | 1,289,721 |
4 1/2% Senior Notes due 2031 (the "4 1/2% Notes") | 1,100,000 |  |  | (9,228) |  |  | 1,090,772 |
5% Senior Notes due 2032 (the "5% Notes due 2032") | 750,000 |  |  | (11,532) |  |  | 738,468 |
5 5/8% Senior Notes due 2032 (the "5 5/8% Notes") | 600,000 |  |  | (5,130) |  |  | 594,870 |
Real Estate Mortgages, Financing Lease Liabilities and Other | 502,787 |  |  | (443) |  |  | 502,344 |
Accounts Receivable Securitization Program | 349,200 |  |  | (372) |  |  | 348,828 |
Total Long-term Debt | 11,741,740 |  |  | (85,527) |  |  | 11,656,213 |
Less Current Portion | (107,984) |  |  | — |  |  | (107,984) |
Long-term Debt, Net of Current Portion | $ | 11,633,756 |  |  | $ | (85,527) |  |  | $ | 11,548,229 |

(1)Collectively, the “Credit Agreement”.
(2)Due to the discontinuance of the London Interbank Offered Rate ("LIBOR") reference rate on June 30, 2023, we transitioned the Term Loan B from an interest rate of LIBOR plus 1.75% to a synthetic LIBOR rate plus 1.75%, effective July 1, 2023. All other terms remain the same as what was disclosed in Note 7 to Notes to Consolidated Financial Statements included in our Annual Report.
See Note 7 to Notes to Consolidated Financial Statements included in our Annual Report and Note 6 to Notes to Condensed Consolidated Financial Statements included in this Quarterly Report for additional information regarding our long-term debt.
VIRGINIA 3 CREDIT AGREEMENT
On August 31, 2023, Iron Mountain Data Centers Virginia 3, LLC, a wholly owned subsidiary of Iron Mountain Incorporated ("IMI"), entered into a credit agreement (the "Virginia 3 Credit Agreement") in order to partially fund the construction of a data center facility in Virginia. The Virginia 3 Credit Agreement consists of a term loan and a letter of credit facility. We have the option to borrow, in the form of term loans, an aggregate outstanding amount not to exceed $275.0 million (the "Virginia 3 Term Loans"). The Virginia 3 Credit Agreement requires the payment of a commitment fee on any unused commitments at a rate of 0.75%. The Virginia 3 Term Loans bear interest at Secured Overnight Financing Rate (“SOFR”) plus 2.50%. The Virginia 3 Credit Agreement is scheduled to mature on August 31, 2026, at which point all obligations will become due. We have two one-year options that allow us to extend the maturity date beyond August 31, 2026, subject to the conditions specified in the Virginia 3 Credit Agreement. As of September 30, 2023, we have $26.1 million in outstanding borrowings in Virginia 3 Term Loans.

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MAY 2023 OFFERING
On May 15, 2023, IMI completed a private offering of (in thousands):

SERIES OF NOTES | AGGREGATE PRINCIPAL AMOUNT | MATURITY DATE | INTEREST PAYMENT DUE | PAR CALL DATE(1)
7% Notes due 2029 | $ | 1,000,000 |  | February 15, 2029 | February 15 and August 15 | August 15, 2025

(1)We may redeem the 7% Notes due 2029 at any time, at our option, in whole or in part. Prior to the par call date, we may redeem the 7% Notes due 2029 at the redemption price or make-whole premium specified in the indenture governing the 7% Notes due 2029, together with accrued and unpaid interest to, but excluding, the redemption date. On or after the par call date, we may redeem the 7% Notes due 2029 at a price equal to 100% of the principal amount being redeemed, together with accrued and unpaid interest to, but excluding, the redemption date.
The 7% Notes due 2029 were issued at 100% of par. The total net proceeds of approximately $990.0 million from the issuance of the 7% Notes due 2029, after deducting the initial purchasers' commissions, were used to repay a portion of the outstanding borrowings under our Revolving Credit Facility (as defined in Note 6 to Notes to Condensed Consolidated Financial Statements included in this Quarterly Report).
UK BILATERAL REVOLVING CREDIT FACILITY
Iron Mountain (UK) PLC and Iron Mountain (UK) Data Centre Limited (collectively, the "UK Borrowers") have a British pounds sterling Revolving Credit Facility (the "UK Bilateral Revolving Credit Facility") with Barclays Bank PLC. The maximum amount permitted to be borrowed under the UK Bilateral Revolving Credit Facility is 140.0 million British pounds sterling, which was fully drawn as of September 30, 2023. We have the option to request additional commitments of up to 125.0 million British pounds sterling, subject to conditions specified in the UK Bilateral Revolving Credit Facility.
On September 19, 2023, the UK Borrowers amended the UK Bilateral Revolving Credit Facility to extend the maturity date from September 24, 2024 to September 24, 2025. All other material terms of the UK Bilateral Revolving Credit Facility remain consistent with what was disclosed in Note 7 to Notes to Consolidated Financial Statements included in our Annual Report.
ACCOUNTS RECEIVABLE SECURITIZATION PROGRAM
On June 8, 2023, we amended the Accounts Receivable Securitization Program (as defined in Note 7 to Notes to Consolidated Financial Statements included in our Annual Report) to increase the maximum borrowing capacity from $325.0 million to $360.0 million. All other material terms of the Accounts Receivable Securitization Program remain the same as what was disclosed in Note 7 to Notes to Consolidated Financial Statements included in our Annual Report.
LETTERS OF CREDIT
As of September 30, 2023, we had outstanding letters of credit totaling $38.4 million, of which $4.5 million reduce our borrowing capacity under the Revolving Credit Facility. The letters of credit expire at various dates between October 2023 and July 2025.

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DEBT COVENANTS
The Credit Agreement, our bond indentures and other agreements governing our indebtedness contain certain restrictive financial and operating covenants, including covenants that restrict our ability to complete acquisitions, pay cash dividends, incur indebtedness, make investments, sell assets and take other specified corporate actions. The covenants do not contain a rating trigger. Therefore, a change in our debt rating would not trigger a default under the Credit Agreement, our bond indentures or other agreements governing our indebtedness. The Credit Agreement requires that we satisfy a net total lease adjusted leverage ratio and a fixed charge coverage ratio on a quarterly basis and our bond indentures require that, among other things, we satisfy a leverage ratio (not lease adjusted) or a fixed charge coverage ratio (not lease adjusted) as a condition to taking actions such as paying dividends and incurring indebtedness.
The Credit Agreement uses earnings before interest, taxes, depreciation and amortization and rent expense ("EBITDAR") based calculations and the bond indentures use earnings before interest, taxes, depreciation and amortization ("EBITDA") based calculations as the primary measures of financial performance for purposes of calculating leverage and fixed charge coverage ratios. The EBITDAR- and EBITDA-based leverage calculations include our consolidated subsidiaries, other than those we have designated as "Unrestricted Subsidiaries" as defined in the Credit Agreement and bond indentures. Generally, the Credit Agreement and the bond indentures use a trailing four fiscal quarter basis for purposes of the relevant calculations and require certain adjustments and exclusions for purposes of those calculations, which make the calculation of financial performance for purposes of those calculations under the Credit Agreement and bond indentures not directly comparable to Adjusted EBITDA as presented herein. These adjustments can be significant. For example, the calculation of financial performance under the Credit Agreement and certain of our bond indentures includes (subject to specified exceptions and caps) adjustments for non-cash charges and for expected benefits associated with (i) completed acquisitions, (ii) certain executed lease agreements associated with our data center business that have yet to commence, and (iii) restructuring and other strategic initiatives. The calculation of financial performance under our other bond indentures includes, for example, adjustments for non-cash charges and for expected benefits associated with (i) completed acquisitions and (ii) events that are extraordinary, unusual or non-recurring.
Our leverage and fixed charge coverage ratios under the Credit Agreement as of September 30, 2023 are as follows:

| SEPTEMBER 30, 2023 |  |  |  | MAXIMUM/MINIMUM ALLOWABLE
Net total lease adjusted leverage ratio | 5.1 |  |  |  |  | Maximum allowable of 7.0
Fixed charge coverage ratio | 2.3 |  |  |  |  | Minimum allowable of 1.5

We are in compliance with our leverage and fixed charge coverage ratios under the Credit Agreement, our bond indentures and other agreements governing our indebtedness as of September 30, 2023. Noncompliance with these leverage and fixed charge coverage ratios would have a material adverse effect on our financial condition and liquidity.
Our ability to pay interest on or to refinance our indebtedness depends on our future performance, working capital levels and capital structure, which are subject to general economic, financial, competitive, legislative, regulatory and other factors which may be beyond our control. There can be no assurance that we will generate sufficient cash flow from our operations or that future financings will be available on acceptable terms or in amounts sufficient to enable us to service or refinance our indebtedness or to make necessary capital expenditures.
DERIVATIVE INSTRUMENTS
INTEREST RATE SWAP AGREEMENTS
We utilize interest rate swap agreements designated as cash flow hedges to limit our exposure to changes in interest rates on a portion of our floating rate indebtedness. Certain of our interest rate swap agreements have notional amounts that will increase with the underlying hedged transaction. Under our interest rate swap agreements, we receive variable rate interest payments associated with the notional amount of each interest rate swap, based upon one-month SOFR, in exchange for the payment of fixed interest rates as specified in the interest rate swap agreements. Our interest rate swap agreements are marked to market at the end of each reporting period, representing the fair values of the interest rate swap agreements, and any changes in fair value are recognized as a component of Accumulated other comprehensive items, net. Unrealized gains are recognized as assets, while unrealized losses are recognized as liabilities.
In April 2023, in anticipation of the discontinuance of the LIBOR reference rate on June 30, 2023, we terminated interest rate swap agreements with notional amounts totaling $350.0 million that were indexed to the one-month LIBOR benchmark rate. The terminated swap agreements had associated unrealized gains at the termination date of approximately $10.1 million. These gains are included in Accumulated other comprehensive items, net and will be reclassified into earnings as reductions to interest expense from the termination date through March 2024, the original maturity date of these interest rate swap agreements.
As of September 30, 2023 and December 31, 2022, we have approximately $438.0 million and $354.8 million, respectively, in notional value outstanding on our interest rate swap agreements, with maturity dates ranging from October 2025 through February 2026.

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CROSS-CURRENCY SWAP AGREEMENTS
We utilize cross-currency interest rate swaps to hedge the variability of exchange rate impacts between the United States dollar and the Euro. As of September 30, 2023 and December 31, 2022, we have approximately $509.2 million and $469.2 million, respectively, in notional value outstanding on cross-currency interest rate swaps, with maturity dates ranging from August 2024 through February 2026.
We have designated these cross-currency swap agreements as hedges of net investments in certain of our Euro denominated subsidiaries and they require an exchange of the notional amounts at maturity. These cross-currency swap agreements are marked to market at the end of each reporting period, representing the fair values of the cross-currency swap agreements, and any changes in fair value are recognized as a component of Accumulated other comprehensive items, net. Unrealized gains are recognized as assets while unrealized losses are recognized as liabilities. The excluded component of our cross-currency swap agreements is recorded in Accumulated other comprehensive items, net and amortized to interest expense on a straight-line basis.
ACQUISITIONS
WEB WERKS
On July 7, 2023, we made our final contractual investment in the Web Werks JV (as defined below) of approximately 3,750.0 million Indian rupees (or approximately $45.3 million, based upon the exchange rate between the United States dollar and Indian rupee on the closing date of this investment) (the "Web Werks Transaction"). As a result of the Web Werks Transaction, our interest in the Web Werks JV increased to 63.39%, we assumed control of its board of directors and the financial results of the Web Werks JV are now consolidated within our Global Data Center Business segment. We recognized noncontrolling interests of approximately $78.6 million based upon the fair value attributable to these interests at the time of the Web Werks Transaction, of which approximately $18.1 million of the noncontrolling interests were determined to be a current liability and included as a component of Accrued expenses and other current liabilities on our Condensed Consolidated Balance Sheet.
CLUTTER
On June 29, 2023, in order to further expand our on-demand consumer storage business, we acquired 100% of the outstanding shares of Clutter Intermediate, Inc. and control of all assets of the Clutter JV (collectively, "Clutter") for total consideration of $60.6 million (the “Clutter Acquisition”). The financial results of the Clutter JV are now consolidated within our Global RIM Business segment. In October 2023, we sold 15% of the equity interests in Clutter to certain former stakeholders of the Clutter JV for total consideration of $7.5 million.
REGENCY TECHNOLOGIES
On October 30, 2023, in order to expand our asset lifecycle management operations, we entered into a definitive agreement, subject to customary closing conditions, to acquire RSR Partners, LLC (doing business as Regency Technologies), an IT asset disposition services provider with operations throughout the United States, for an initial purchase price of approximately $200.0 million, with approximately $125.0 million to be paid at closing and the remaining amount to be paid in 2025. The agreement also includes potential performance-based contingent consideration, which would be payable in 2027, if earned.
INVESTMENTS
CLUTTER JOINT VENTURE
In February 2022, the joint venture formed by MakeSpace Labs, Inc. and us (the "MakeSpace JV") entered into an agreement with Clutter, Inc. pursuant to which the equityholders of the MakeSpace JV contributed their ownership interests in the MakeSpace JV, and Clutter, Inc.’s shareholders contributed their ownership interests in Clutter, Inc., to create a newly formed venture (the "Clutter JV"). In exchange for our 49.99% interest in the MakeSpace JV, we received an approximate 27% interest in the Clutter JV (the "Clutter Transaction"). As a result of the Clutter Transaction, we recognized a gain related to our contributed interest in the MakeSpace JV of approximately $35.8 million, which was recorded to Other, net, a component of Other (income) expense, net, during the first quarter of 2022.
On June 29, 2023, we completed the Clutter Acquisition. In connection with the Clutter Acquisition, our previously held approximately 27% interest in the Clutter JV was remeasured to fair value at the closing date of the Clutter Acquisition. As a result, we recognized a loss of approximately $38.0 million to Other, net, a component of Other (income) expense, net, during the second quarter of 2023.

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WEB WERKS JOINT VENTURE
In April 2021, we closed on an agreement to form a joint venture (the "Web Werks JV") with the shareholders of Web Werks India Private Limited, a colocation data center provider in India. Through December 31, 2022, we made two investments totaling approximately 7,500.0 million Indian rupees (or approximately $96.2 million, based upon the exchange rates between the United States dollar and Indian rupee on the closing date of each investment) in exchange for a noncontrolling interest in the form of convertible preference shares in the Web Werks JV. In July 2023, we made our final contractual investment in the Web Werks JV.
JOINT VENTURE SUMMARY
The following joint ventures are accounted for as equity method investments and are presented as a component of Other within Other assets, net in our Condensed Consolidated Balance Sheets. The carrying values and equity interests in our joint ventures at September 30, 2023 and December 31, 2022 are as follows (in thousands):

| SEPTEMBER 30, 2023 |  | DECEMBER 31, 2022
| CARRYING VALUE |  | EQUITY INTEREST |  | CARRYING VALUE |  | EQUITY INTEREST
Web Werks JV | $ | — |  |  | — | % |  | $ | 98,278 |  |  | 53.58 | %
Joint venture with AGC Equity Partners | 58,154 |  |  | 20.00 | % |  | 37,194 |  |  | 20.00 | %
Clutter JV | — |  |  | — | % |  | 54,172 |  |  | 26.73 | %

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ITEM 4. CONTROLS AND PROCEDURES
DISCLOSURE CONTROLS AND PROCEDURES
The term "disclosure controls and procedures" is defined in Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). These rules refer to the controls and other procedures of a company that are designed to ensure that information is recorded, processed, accumulated, summarized, communicated and reported to management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding what is required to be disclosed by a company in the reports that it files under the Exchange Act. As of September 30, 2023 (the "Evaluation Date"), we carried out an evaluation, under the supervision and with the participation of our management, including our chief executive officer and chief financial officer, of the effectiveness of our disclosure controls and procedures. Based upon that evaluation, our chief executive officer and chief financial officer concluded that, as of the Evaluation Date, our disclosure controls and procedures are effective.
CHANGES IN INTERNAL CONTROL OVER FINANCIAL REPORTING
Our management, with the participation of our principal executive officer and principal financial officer, is responsible for establishing and maintaining adequate internal control over financial reporting as defined in Rules 13a-15(f) and 15d-15(f) of the Exchange Act. Our internal control system is designed to provide reasonable assurance to our management and board of directors regarding the preparation and fair presentation of published financial statements.
During the three months ended September 30, 2023, we implemented a new version of our Enterprise Resource Planning system in certain markets as a part of an ongoing system upgrade. We took the necessary steps to monitor and maintain appropriate internal control over financial reporting during this upgrade. We also conducted evaluations prior to and after the implementation of the new system and confirmed that our internal control over financial reporting remains effective.
Except as described above, there were no changes in our internal control over financial reporting that occurred during the quarter ended September 30, 2023 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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Part II. Other Information

PART II. OTHER INFORMATION
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
We did not sell any unregistered equity securities during the three months ended September 30, 2023, nor did we repurchase any shares of our common stock during the three months ended September 30, 2023.
ITEM 5. OTHER INFORMATION
On August 18, 2023, Mr. William Meaney, our President and Chief Executive Officer, adopted a 10b5-1 trading plan to exercise options to purchase up to 829,506 shares of our common stock and sell up to 995,099 shares of our common stock between January 2, 2025 and December 31, 2025.
On September 21, 2023, Mr. Mark Kidd, our Executive Vice President and General Manager, Data Center & Asset Lifecycle Management, adopted a 10b5-1 trading plan to exercise options to purchase up to 5,834 shares of our common stock and sell up to 45,834 shares of our common stock between January 2, 2024 and February 7, 2025.
Each of these arrangements is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Securities Exchange Act of 1934.
ITEM 6. EXHIBITS
(A) EXHIBITS
Certain exhibits indicated below are incorporated by reference to documents we have filed with the SEC.

EXHIBIT NO. |  | DESCRIPTION
31.1 |  | Rule 13a-14(a) Certification of Chief Executive Officer. (Filed herewith.)
31.2 |  | Rule 13a-14(a) Certification of Chief Financial Officer. (Filed herewith.)
32.1 |  | Section 1350 Certification of Chief Executive Officer. (Furnished herewith.)
32.2 |  | Section 1350 Certification of Chief Financial Officer. (Furnished herewith.)
101.INS |  | XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
101.SCH |  | Inline XBRL Taxonomy Extension Schema Document.
101.CAL |  | Inline XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEF |  | Inline XBRL Taxonomy Extension Definition Linkbase Document.
101.LAB |  | Inline XBRL Taxonomy Label Linkbase Document.
101.PRE |  | Inline XBRL Taxonomy Extension Presentation Linkbase Document.

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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

| IRON MOUNTAIN INCORPORATED
| By: | /s/ DANIEL BORGES
|  | Daniel Borges Senior Vice President, Chief Accounting Officer

Dated: November 2, 2023

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