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Segment Information | 9 Months Ended
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Sep. 30, 2025
Segment Reporting [Abstract] |
Segment Information | SEGMENT INFORMATION Our Chief Operating Decision Maker ("CODM"), our President and CEO, uses Adjusted EBITDA as the basis for evaluating the performance of, and allocating resources to, our operating segments. The CODM uses Adjusted EBITDA to ensure that resources, including capital, are allocated strategically to support our strategy. Our reportable segments as of December 31, 2024 are described in Note 11 to Notes to Consolidated Financial Statements included in our Annual Report. Our reportable segments are as follows: •Global RIM Business •Global Data Center Business The remaining activities of our business consist primarily of our Fine Arts and asset lifecycle management ("ALM") businesses and other corporate items ("Corporate and Other"). The operations associated with acquisitions completed during the first nine months of 2025 have been incorporated into our Global RIM Business and Corporate and Other. 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, 2025 and 2024 is as follows:
| GLOBAL RIM BUSINESS |  | GLOBAL DATA CENTER BUSINESS |  | TOTAL REPORTABLE SEGMENTS |  | CORPORATE AND OTHER |  | TOTAL CONSOLIDATED
For the Three Months Ended September 30, 2025 |  |  |  |  |  |  |  |  |
Total Revenues | $ | 1,338,800 |  |  | $ | 204,130 |  |  | $ | 1,542,930 |  |  | $ | 211,163 |  |  | $ | 1,754,093 |
Storage Rental | 814,118 |  |  | 201,383 |  |  | 1,015,501 |  |  | 17,396 |  |  | 1,032,897 |
Service | 524,682 |  |  | 2,747 |  |  | 527,429 |  |  | 193,767 |  |  | 721,196 |
Other Segment Items(1) | 740,333 |  |  | 96,753 |  |  | 837,086 |  |  |  |  |
Adjusted EBITDA | 598,467 |  |  | 107,377 |  |  | 705,844 |  |  |  |  |
For the Three Months Ended September 30, 2024 |  |  |  |  |  |  |  |  |
Total Revenues | $ | 1,260,358 |  |  | $ | 153,206 |  |  | $ | 1,413,564 |  |  | $ | 143,794 |  |  | $ | 1,557,358 |
Storage Rental | 767,780 |  |  | 150,796 |  |  | 918,576 |  |  | 17,125 |  |  | 935,701 |
Service | 492,578 |  |  | 2,410 |  |  | 494,988 |  |  | 126,669 |  |  | 621,657 |
Other Segment Items(1) | 691,364 |  |  | 86,410 |  |  | 777,774 |  |  |  |  |
Adjusted EBITDA | 568,994 |  |  | 66,796 |  |  | 635,790 |  |  |  |  |
As of and for the Nine Months Ended September 30, 2025 |  |  |  |  |  |  |  |  |
Total Revenues | $ | 3,918,540 |  |  | $ | 566,728 |  |  | $ | 4,485,268 |  |  | $ | 573,302 |  |  | $ | 5,058,570 |
Storage Rental | 2,375,206 |  |  | 562,607 |  |  | 2,937,813 |  |  | 53,449 |  |  | 2,991,262 |
Service | 1,543,334 |  |  | 4,121 |  |  | 1,547,455 |  |  | 519,853 |  |  | 2,067,308 |
Other Segments Items(1) | 2,177,456 |  |  | 272,269 |  |  | 2,449,725 |  |  |  |  |
Adjusted EBITDA | 1,741,084 |  |  | 294,459 |  |  | 2,035,543 |  |  |  |  |
Total Assets(2) | 10,752,581 |  |  | 7,602,266 |  |  | 18,354,847 |  |  | 2,278,006 |  |  | 20,632,853 |
As of and for the Nine Months Ended September 30, 2024 |  |  |  |  |  |  |  |  |
Total Revenues | $ | 3,721,092 |  |  | $ | 449,845 |  |  | $ | 4,170,937 |  |  | $ | 397,693 |  |  | $ | 4,568,630 |
Storage Rental | 2,253,122 |  |  | 438,221 |  |  | 2,691,343 |  |  | 48,946 |  |  | 2,740,289 |
Service | 1,467,970 |  |  | 11,624 |  |  | 1,479,594 |  |  | 348,747 |  |  | 1,828,341 |
Other Segment Items(1) | 2,077,088 |  |  | 255,464 |  |  | 2,332,552 |  |  |  |  |
Adjusted EBITDA | 1,644,004 |  |  | 194,381 |  |  | 1,838,385 |  |  |  |  |
Total Assets(2) | 10,628,084 |  |  | 5,659,583 |  |  | 16,287,667 |  |  | 2,181,962 |  |  | 18,469,629 |
(1)Relates to Cost of sales (excluding depreciation and amortization) and Selling, general and administrative expenses for the respective reportable segment. The CODM does not regularly review disaggregated expense information included within "Other Segment Items" for any individual segments but may review consolidated Cost of sales (excluding depreciation and amortization) and consolidated Selling, general and administrative expense information to manage the business. (2)Excludes all intercompany receivables or payables and investment in subsidiary balances. A reconciliation of Adjusted EBITDA for our reportable segments to total Net Income (Loss) Before Provision (Benefit) for Income Taxes for the three and nine months ended September 30, 2025 and 2024 is as follows:
| THREE MONTHS ENDED SEPTEMBER 30, |  | NINE MONTHS ENDED SEPTEMBER 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Total Adjusted EBITDA for Reportable Segments | $ | 705,844 |  |  | $ | 635,790 |  |  | $ | 2,035,543 |  |  | $ | 1,838,385 |
Add/(Deduct): |  |  |  |  |  |  |
Corporate and other | (45,465) |  |  | (67,677) |  |  | (166,870) |  |  | (207,056) |
Interest expense, net | (209,740) |  |  | (186,067) |  |  | (609,541) |  |  | (527,107) |
Depreciation and amortization | (262,203) |  |  | (232,240) |  |  | (746,923) |  |  | (666,296) |
Acquisition and Integration Costs | (5,402) |  |  | (11,262) |  |  | (16,040) |  |  | (28,573) |
Restructuring and other transformation | (47,346) |  |  | (37,282) |  |  | (152,432) |  |  | (124,562) |
(Loss) gain on disposal/write-down of property, plant and equipment, net (including real estate) | (3,366) |  |  | (5,091) |  |  | (7,975) |  |  | (8,270) |
Other income (expense), net, excluding our share of (losses) gains from our unconsolidated joint ventures | 5,329 |  |  | (85,532) |  |  | (102,751) |  |  | (76,954) |
Stock-based compensation expense | (32,147) |  |  | (29,563) |  |  | (118,595) |  |  | (73,491) |
Our share of Adjusted EBITDA reconciling items from our unconsolidated joint ventures | (2,669) |  |  | (2,341) |  |  | (7,557) |  |  | (5,767) |
Total Net Income (Loss) Before Provision (Benefit) for Income Taxes | $ | 102,835 |  |  | $ | (21,265) |  |  | $ | 106,859 |  |  | $ | 120,309 |
Segment revenue by product and service lines for the three and nine months ended September 30, 2025 and 2024 is as follows:
| THREE MONTHS ENDED SEPTEMBER 30, |  | NINE MONTHS ENDED SEPTEMBER 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Global RIM Business |  |  |  |  |  |  |
Records Management(1) | $ | 1,060,359 |  |  | $ | 990,333 |  |  | $ | 3,107,681 |  |  | $ | 2,901,465 |
Data Management(1) | 134,339 |  |  | 127,583 |  |  | 380,372 |  |  | 390,706 |
Information Destruction(1)(2) | 144,102 |  |  | 142,442 |  |  | 430,487 |  |  | 428,921 |
Data Center(1) | — |  |  | — |  |  | — |  |  | — |
Global Data Center Business |  |  |  |  |  |  |
Records Management(1) | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Data Management(1) | — |  |  | — |  |  | — |  |  | — |
Information Destruction(1) | — |  |  | — |  |  | — |  |  | — |
Data Center(1) | 204,130 |  |  | 153,206 |  |  | 566,728 |  |  | 449,845 |
Corporate and Other |  |  |  |  |  |  |
Records Management(1) | $ | 42,340 |  |  | $ | 41,460 |  |  | $ | 130,813 |  |  | $ | 121,528 |
Data Management(1) | — |  |  | — |  |  | — |  |  | — |
Information Destruction(1)(3) | 168,823 |  |  | 102,334 |  |  | 442,489 |  |  | 276,165 |
Data Center(1) | — |  |  | — |  |  | — |  |  | — |
Total Consolidated |  |  |  |  |  |  |
Records Management(1) | $ | 1,102,699 |  |  | $ | 1,031,793 |  |  | $ | 3,238,494 |  |  | $ | 3,022,993 |
Data Management(1) | 134,339 |  |  | 127,583 |  |  | 380,372 |  |  | 390,706 |
Information Destruction(1)(2)(3) | 312,925 |  |  | 244,776 |  |  | 872,976 |  |  | 705,086 |
Data Center(1) | 204,130 |  |  | 153,206 |  |  | 566,728 |  |  | 449,845 |
(1)Each of these offerings has a component of revenue that is storage rental related and a component that is service related, except for information destruction, which does not have a storage rental component. (2)Information destruction revenue for our Global RIM Business includes secure shredding services. (3)Information destruction revenue for Corporate and Other includes product revenue from our ALM business.

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- Definition The entire disclosure for reporting segments including data and tables. 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