— Net Income increases 77%; Achieves record quarterly Revenue, AFFO and Adjusted EBITDA —

BOSTON–(BUSINESS WIRE)–Iron Mountain Incorporated (NYSE: IRM), the global leader in innovative storage and information management services, announces financial and operating results for the third quarter of 2021. The conference call / webcast details, earnings call presentation and supplemental financial information, which includes definitions of certain capitalized terms used in this release, are available on Iron Mountain’s Investor Relations website. Reconciliations of non-GAAP measures to the appropriate GAAP measures are included herein.

“Our third quarter performance demonstrates the continued strength of the business throughout the year, driven by our broad offerings, deep customer relationships, resilient business model, and strength of our team,” said William L. Meaney, president and CEO of Iron Mountain. “Our Mountaineers have been executing well despite what continues to be a challenging environment, and we are pleased to continue to drive accelerated growth with continued strong uptake in our digital and SITAD offerings resulting in 19% year over year growth, strong storage growth of 3.2% with positive organic volume, and continued momentum in our Data Center business, which is well on track to deliver bookings in excess of 30 megawatts for the year.”

Financial Performance Highlights for the Third Quarter and Year-to-Date 2021

($ in millions, except per share data)

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

 

Year to Date

 

 

 

9/30/21

 

9/30/20

 

Y/Y %

Change

 

9/30/21

 

9/30/20

 

Y/Y %

Change

Storage Rental Revenue

$719

 

$696

 

3%

 

$2,145

 

$2,057

 

4%

Service Revenue

$412

 

$340

 

21%

 

$1,187

 

$1,031

 

15%

Total Revenue

$1,130

 

$1,037

 

9%

 

$3,332

 

$3,088

 

8%

 

 

 

 

 

 

 

 

 

 

 

 

Net Income (Loss)

$68

 

$39

 

77%

 

$391

 

$96

 

306%

Adjusted EBITDA

$418

 

$376

 

11%

 

$1,204

 

$1,101

 

9%

Adjusted EBITDA Margin

37.0%

 

36.3%

 

+70 bps

 

36.1%

 

35.7%

 

+40 bps

 

 

 

 

 

 

 

 

 

 

 

 

AFFO

$263

 

$216

 

22%

 

$745

 

$697

 

7%

AFFO per share

$0.90

 

$0.75

 

21%

 

$2.56

 

$2.42

 

6%

  • Total reported Revenues for the third quarter were $1.13 billion, compared with $1.04 billion in the third quarter of 2020, an increase of 9.0%. Excluding the impact of foreign currency exchange (FX), total reported Revenues increased 7.9% compared to the prior year, driven by a 19.7% increase in Service revenue, while Storage rental revenue increased 2.2%. Year to date, total reported Revenues increased 7.9%, or 5.7%, excluding the impact of FX.
  • Global Data Center business revenue increased 21.7% in the third quarter, or a 21.2% increase compared to the third quarter of 2020, excluding the impact of FX. Through September 30, 2021, Iron Mountain has executed 22 megawatts of new and expansion leasing. Subsequent to the end of the third quarter, the company signed an additional 2 megawatts of new and expansion leases.
  • Net Income for the third quarter was $68.1 million compared with $38.6 million in the third quarter of 2020. The following items were included in Net Income:

    • Restructuring Charges of $50.4 million associated with the implementation of Project Summit in the third quarter of 2021 compared to $48.4 million in the third quarter of 2020.
    • Gain on Disposal/Write-Down of PP&E, Net of $0.9 million in the third quarter of 2021 compared to $75.8 million in the third quarter of 2020, primarily related to the company’s capital recycling program.
    • Other Income, Net of $18.5 million in the third quarter of 2021, primarily related to fluctuations in foreign currency transaction gains, net, compared to Other Expense, Net of $83.5 million in the third quarter of 2020, primarily related to a debt extinguishment charge of $51.3 million.
  • Year to date, Net Income was $391.3 million, compared with $96.3 million in 2020. The following items were included in Net Income:

    • Restructuring Charges of $129.7 million compared to $128.7 million year to date 2021 and 2020, respectively.
    • Intangible Impairment charge of $23.0 million related to the writedown of goodwill associated with the Fine Arts business in the first quarter of 2020.
    • Gain on Disposal/Write-Down of PP&E, Net of $134.3 million compared to $78.2 million, year to date 2021 and 2020, respectively, primarily related to the company’s capital recycling program.
    • Other Income, Net of $200.0 million year to date 2021, primarily related to a gain on sale from the divestment of the company’s Intellectual Property Management business, compared to Other Expense, Net of $66.4 million year to date 2020, primarily related to a debt extinguishment charge of $68.3 million.
  • Adjusted EBITDA for the third quarter was $417.8 million, compared with $376.0 million in the third quarter of 2020, an increase of 11.1%. On a constant currency basis, Adjusted EBITDA increased by 9.9%, driven by the strong increase in Service revenue, benefits from Project Summit and the flow through from revenue management. Year to date, Adjusted EBITDA was $1.2 billion, compared with $1.1 billion in 2020, an increase of 9.3%. On a constant currency basis, Adjusted EBITDA increased 7.0%.
  • Reported EPS – Fully Diluted from Net Income (Loss) Attributable to Iron Mountain Incorporated for the third quarter was $0.23, compared with $0.13 in the third quarter of 2020. Year to date, Reported EPS – Fully Diluted from Net Income (Loss) Attributable to Iron Mountain Incorporated was $1.34, compared with $0.33 in 2020.
  • Adjusted EPS for the third quarter was $0.40, compared with $0.33 in the third quarter of 2020. Adjusted EPS reflects a structural tax rate of 16.5% and 16.3%, in the third quarters of 2021 and 2020, respectively. Year to date, Adjusted EPS was $1.09, compared with $0.88 in 2020.
  • FFO (Normalized) per share was $0.72 for the third quarter, compared with $0.63 in the third quarter of 2020, an increase of 14.3%. Year to date, FFO (Normalized) per share was $2.03, compared with $1.81 in 2020, an increase of 12.4%.
  • AFFO was $263.5 million for the third quarter, compared with $216.4 million in the third quarter of 2020, an increase of 21.7%. Year to date, AFFO was $744.9 million, compared with $696.8 million in 2020, an increase of 6.9%.
  • AFFO per share was $0.90 for the third quarter, compared with $0.75 in the third quarter of 2020, an increase of 20.6%. Year to date, AFFO per share was $2.56, compared with $2.42 in 2020, an increase of 6.1%.

Dividend

On November 4, 2021, Iron Mountain’s board of directors declared a quarterly cash dividend of $0.6185 per share for the fourth quarter. The fourth-quarter 2021 dividend is payable on January 6, 2022, for shareholders of record on December 15, 2021.

Guidance

Iron Mountain confirmed full-year 2021 guidance; details are summarized in the table below.

2021 Guidance(1)

($ in millions, except per share data)

 

 

 

2021 Guidance

Y/Y % Change

Total Revenue

$4,415 – $4,515

6% – 9%

Adjusted EBITDA

$1,600 – $1,635

8% – 11%

AFFO

$970 – $1,005

9% – 13%

AFFO Per Share

$3.33 – $3.45

8% – 12%

(1) Iron Mountain does not provide a reconciliation of non-GAAP measures that it discusses as part of its annual guidance or long term outlook because certain significant information required for such reconciliation is not available without unreasonable efforts or at all, including, most notably, the impact of exchange rates on Iron Mountain’s transactions, loss or gain related to the disposition of real estate and other income or expense. Without this information, Iron Mountain does not believe that a reconciliation would be meaningful.

About Iron Mountain

Iron Mountain Incorporated (NYSE: IRM) is the global leader in innovative storage and information management services, storing and protecting billions of valued assets, including critical business information, highly sensitive data, and cultural and historical artifacts. Founded in 1951 and trusted by more than 225,000 customers worldwide, Iron Mountain helps customers CLIMB HIGHER™ to transform their businesses. Through a range of services including digital transformation, data centers, secure records storage, information management, secure destruction, and art storage and logistics, Iron Mountain helps businesses bring light to their dark data, enabling customers to unlock value and intelligence from their stored digital and physical assets at speed and with security, while helping them meet their environmental goals.

To learn more about Iron Mountain, please visit: www.IronMountain.com and follow @IronMountain on Twitter and LinkedIn.

Forward Looking Statements

We have made statements in this press release 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 operations, economic performance, financial condition, goals, beliefs, future growth strategies, investment objectives, plans and current expectations, such as our (1) 2021 guidance as well as our expectations for growth, including growth opportunities and growth rates for revenue by segment, organic revenue, organic volume and other metrics, including data center leasing, (2) expectations and assumptions regarding the impact from the COVID-19 pandemic on us and our customers, including on our businesses, financial position, results of operations and cash flows, (3) expected benefits, costs and actions related to, and timing of, Project Summit, (4) expectations as to our capital allocation strategy, including our future investments, leverage ratio, dividend payments and payout ratio and possible funding sources (including real estate monetization) and capital expenditures, (5) expectations regarding the closing of pending acquisitions and investments, and (6) other forward-looking statements related to our business, results of operations and financial condition.

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” 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: (i) the severity and duration of the COVID-19 pandemic and its effects on the global economy, including its effects on us, the markets we serve and our customers and the third parties with whom we do business within those markets; (ii) our ability to execute on Project Summit and the potential impacts of Project Summit on our ability to retain and recruit employees; (iii) our ability to remain qualified for taxation as a real estate investment trust for United States federal income tax purposes; (iv) 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; (v) our ability or inability to execute our strategic growth plan, including our ability to invest according to plan, incorporate new digital information technologies into our offerings, achieve satisfactory returns on new product offerings, continue our revenue management, expand internationally, complete acquisitions on satisfactory terms, integrate acquired companies efficiently and grow our business through joint ventures; (vi) changes in the amount of our capital expenditures; (vii) our ability to raise debt or equity capital and changes in the cost of our debt; (viii) the costs of complying with, and our ability to comply with, laws, regulations and customer demands, including those relating to data security and privacy issues, as well as fire and safety and environmental standards; (ix) the impact of litigation or disputes that may arise in connection with incidents in which we fail to protect our customers’ information or our internal records or information technology systems and the impact of such incidents on our reputation and ability to compete; (x) changes in the price for our storage and information management services relative to the cost of providing such storage and information management services; (xi) changes in the political and economic environments in the countries in which our international subsidiaries operate and changes in the global political climate, particularly as we consolidate operations and move records and data across borders; (xii) our ability to comply with our existing debt obligations and restrictions in our debt instruments; (xiii) the impact of service interruptions or equipment damage and the cost of power on our data center operations; (xiv) the cost or potential liabilities associated with real estate necessary for our business; (xv) failures in our adoption of new IT systems; (xvi) unexpected events, including those resulting from climate change, could disrupt our operations and adversely affect our reputation and results of operations; (xvii) other trends in competitive or economic conditions affecting our financial condition or results of operations not presently contemplated; and (xviii) 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.

Reconciliation of Non-GAAP Measures:

Throughout this release, Iron Mountain discusses (1) Adjusted EBITDA, (2) Adjusted Earnings per Share (“Adjusted EPS”), (3) Funds from Operations (“FFO Nareit”), (4) FFO (Normalized) and (5) Adjusted Funds from Operations (“AFFO”). These measures do not conform to accounting principles generally accepted in the United States (“GAAP”). These non-GAAP measures are supplemental metrics designed to enhance our disclosure and to provide additional information that we believe to be important for investors to consider in addition to, but not as a substitute for, other measures of financial performance reported in accordance with GAAP, such as operating income, net income (loss) attributable to Iron Mountain Incorporated or cash flows from operating activities (as determined in accordance with GAAP). The reconciliation of these measures to the appropriate GAAP measure, as required by Regulation G under the Securities Exchange Act of 1934, as amended, and their definitions are included later in this release.

Condensed Consolidated Balance Sheets

(Unaudited; dollars in thousands)

 

 

9/30/2021

 

12/31/2020

ASSETS

 

 

 

 

Current Assets:

 

 

 

 

Cash and Cash Equivalents

 

$161,439

 

$205,063

Accounts Receivable, Net

 

884,348

 

 

859,344

 

Prepaid Expenses and Other

 

223,266

 

 

205,380

 

Total Current Assets

 

$1,269,053

 

$1,269,787

Property, Plant and Equipment:

 

 

 

 

Property, Plant and Equipment

 

$8,503,171

 

$8,246,337

Less: Accumulated Depreciation

 

(3,914,553)

 

 

(3,743,894)

 

Property, Plant and Equipment, Net

 

$4,588,618

 

$4,502,443

Other Assets, Net:

 

 

 

 

Goodwill

 

$4,472,641

 

$4,557,609

Customer Relationships, Customer Inducements and Data Center Lease-Based Intangibles

 

1,230,330

 

 

1,326,977

 

Operating Lease Right-of-Use Assets

 

2,308,047

 

 

2,196,502

 

Other

 

365,706

 

 

295,949

 

Total Other Assets, Net

 

$8,376,724

 

$8,377,037

Total Assets

 

$14,234,395

 

$14,149,267

 

 

 

 

 

LIABILITIES AND EQUITY

 

 

 

 

Current Liabilities:

 

 

 

 

Current Portion of Long-term Debt

 

$318,144

 

$193,759

Accounts Payable

 

324,210

 

 

359,863

 

Accrued Expenses and Other Current Liabilities

 

926,360

 

 

1,146,288

 

Deferred Revenue

 

257,593

 

 

295,785

 

Total Current Liabilities

 

$1,826,307

 

$1,995,695

Long-term Debt, Net of Current Portion

 

8,815,273

 

 

8,509,555

 

Long-term Operating Lease Liabilities, Net of Current Portion

 

2,164,449

 

 

2,044,598

 

Other Long-term Liabilities

 

155,048

 

 

204,508

 

Deferred Income Taxes

 

236,782

 

198,377

Redeemable Noncontrolling Interests

 

61,390

 

59,805

Total Long-term Liabilities

 

$11,432,942

 

$11,016,843

Total Liabilities

 

$13,259,249

 

$13,012,538

Equity

 

 

 

 

Total Equity

 

$975,146

 

$1,136,729

Total Liabilities and Equity

 

$14,234,395

 

$14,149,267

Quarterly Condensed Consolidated Statements of Operations

(Unaudited; dollars in thousands, except per-share data)

 

Q3 2021

 

Q2 2021

 

Q/Q %

Change

 

 

Q3 2020

 

Y/Y %

Change

Revenues:

 

 

 

 

 

 

 

 

 

 

Storage Rental

$718,614

 

$718,272

 

—

%

 

 

$696,294

 

3.2

%

Service

411,534

 

 

401,484

 

 

2.5

%

 

 

340,353

 

 

20.9

%

Total Revenues

$1,130,148

 

$1,119,756

 

0.9

%

 

 

$1,036,647

 

9.0

%

 

 

 

 

 

 

 

 

 

 

 

Operating Expenses:

 

 

 

 

 

 

 

 

 

 

Cost of Sales (excluding Depreciation and Amortization)

$481,663

 

$474,579

 

1.5

%

 

 

$434,505

 

10.9

%

Selling, General and Administrative

241,596

 

 

259,779

 

 

(7.0)

%

 

 

232,095

 

 

4.1

%

Depreciation and Amortization

174,818

 

 

166,685

 

 

4.9

%

 

 

157,252

 

 

11.2

%

Acquisition and Integration Costs

1,138

 

 

2,277

 

 

(50.0)

%

 

 

—

 

 

—

 

Restructuring Charges

50,432

 

 

39,443

 

 

27.9

%

 

 

48,371

 

 

4.3

%

(Gain) Loss on Disposal/Write-Down of PP&E, Net

(935)

 

 

(128,935)

 

 

(99.3)

%

 

 

(75,840)

 

 

(98.8)

%

Total Operating Expenses

$948,712

 

$813,828

 

16.6

%

 

 

$796,383

 

19.1

%

 

 

 

 

 

 

 

 

 

 

 

Operating Income (Loss)

$181,436

 

$305,928

 

(40.7)

%

 

 

$240,264

 

(24.5)

%

Interest Expense, Net

103,809

 

 

105,220

 

 

(1.3)

%

 

 

104,303

 

 

(0.5)

%

Other (Income) Expense, Net

(18,501)

 

 

(186,230)

 

 

(90.1)

%

 

 

83,465

 

 

(122.2)

%

Net Income (Loss) Before Provision (Benefit) for Income Taxes

$96,128

 

$386,938

 

(75.2)

%

 

 

$52,496

 

83.1

%

Provision (Benefit) for Income Taxes

28,017

 

 

110,416

 

 

(74.6)

%

 

 

13,934

 

 

101.1

%

Net Income (Loss)

$68,111

 

$276,522

 

(75.4)

%

 

 

$38,562

 

76.6

%

Less: Net Income (Loss) Attributable to Noncontrolling Interests

428

 

 

1,237

 

 

(65.4)

%

 

 

168

 

 

154.5

%

Net Income (Loss) Attributable to Iron Mountain Incorporated

$67,683

 

$275,285

 

(75.4)

%

 

 

$38,394

 

76.3

%

 

 

 

 

 

 

 

 

 

 

 

Net Income (Loss) Per Share Attributable to Iron Mountain Incorporated:

 

 

 

 

 

 

 

 

 

 

Basic

$0.23

 

$0.95

 

(75.8)

%

 

 

$0.13

 

76.9

%

Diluted

$0.23

 

$0.95

 

(75.8)

%

 

 

$0.13

 

76.9

%

 

 

 

 

 

 

 

 

 

 

 

Weighted Average Common Shares Outstanding – Basic

289,762

 

 

289,247

 

 

0.2

%

 

 

288,403

 

 

0.5

%

Weighted Average Common Shares Outstanding – Diluted

291,482

 

 

291,079

 

 

0.1

%

 

 

288,811

 

 

0.9

%

Year-to-Date Condensed Consolidated Statements of Operations

(Unaudited; dollars in thousands, except per-share data)

 

YTD 2021

 

YTD 2020

 

% Change

Revenues:

 

 

 

 

 

Storage Rental

$2,144,942

 

$2,056,797

 

4.3

%

Service

1,187,002

 

 

1,030,820

 

 

15.2

%

Total Revenues

$3,331,944

 

$3,087,617

 

7.9

%

 

 

 

 

 

 

Operating Expenses:

 

 

 

 

 

Cost of Sales (excluding Depreciation and Amortization) (1)

$1,408,151

 

$1,308,119

 

7.6

%

Selling, General and Administrative (2)

760,098

 

 

712,775

 

 

6.6

%

Depreciation and Amortization

507,145

 

 

483,686

 

 

4.8

%

Acquisition and Integration Costs

3,415

 

 

—

 

 

—

 

Restructuring Charges

129,686

 

 

128,715

 

 

0.8

%

Intangible Impairments

—

 

 

23,000

 

 

(100.0)

%

(Gain) Loss on Disposal/Write-Down of PP&E, Net

(134,321)

 

 

(78,170)

 

 

71.8

%

Total Operating Expenses

$2,674,174

 

$2,578,125

 

3.7

%

 

 

 

 

 

 

Operating Income (Loss)

$657,770

 

$509,492

 

29.1

%

Interest Expense, Net

313,451

 

 

313,408

 

 

—

 

Other (Income) Expense, Net

(200,018)

 

 

66,439

 

 

(401.1)

%

Net Income (Loss) Before Provision (Benefit) for Income Taxes

$544,337

 

$129,645

 

319.9

%

Provision (Benefit) for Income Taxes

153,073

 

 

33,304

 

 

359.6

%

Net Income (Loss)

$391,264

 

$96,341

 

306.1

%

Less: Net Income (Loss) Attributable to Noncontrolling Interests

2,693

 

 

1,058

 

 

154.5

%

Net Income (Loss) Attributable to Iron Mountain Incorporated

$388,571

 

$95,283

 

307.8

%

 

 

 

 

 

 

Net Income (Loss) Per Share Attributable to Iron Mountain Incorporated:

 

 

 

 

 

Basic

$1.34

 

$0.33

 

306.1

%

Diluted

$1.34

 

$0.33

 

306.1

%

 

 

 

 

 

 

Weighted Average Common Shares Outstanding – Basic

289,255

 

 

288,105

 

 

0.4

%

Weighted Average Common Shares Outstanding – Diluted

290,697

 

 

288,471

 

 

0.8

%

(1) Includes $7.6M of direct and incremental costs related to COVID-19 in YTD 2020.

(2) Includes $1.6M of direct and incremental costs related to COVID-19 in YTD 2020.

Quarterly Reconciliation of Net Income (Loss) to Adjusted EBITDA

(Dollars in thousands)

 

Q3 2021

 

Q2 2021

 

Q/Q %

Change

 

 

Q3 2020

 

Y/Y %

Change

 

 

 

 

 

 

 

 

 

 

 

Net Income (Loss)

$68,111

 

$276,522

 

(75.4)

%

 

 

$38,562

 

76.6

%

 

 

 

 

 

 

 

 

 

 

 

Add / (Deduct):

 

 

 

 

 

 

 

 

 

 

Interest Expense, Net

103,809

 

105,220

 

(1.3)

%

 

 

104,303

 

(0.5)

%

Provision (Benefit) for Income Taxes

28,017

 

110,416

 

(74.6)

%

 

 

13,934

 

101.1

%

Depreciation and Amortization

174,818

 

166,685

 

4.9

%

 

 

157,252

 

11.2

%

Acquisition and Integration Costs

1,138

 

2,277

 

 

(50.0)

%

 

 

—

 

 

—

 

Restructuring Charges

50,432

 

39,443

 

27.9

%

 

 

48,371

 

4.3

%

(Gain) Loss on Disposal/Write-Down of PP&E, Net (Including Real Estate)

(935)

 

(128,935)

 

(99.3)

%

 

 

(75,840)

 

(98.8)

%

Other (Income) Expense, Net, Excluding our Share of Losses (Gains) from

our Unconsolidated Joint Ventures

(21,517)

 

(189,605)

 

(88.7)

%

 

 

81,190

 

(126.5)

%

Stock-Based Compensation Expense

12,644

 

22,536

 

(43.9)

%

 

 

8,065

 

56.8

%

COVID-19 Costs

—

 

 

—

 

 

—

 

 

 

—

 

 

—

 

Our Share of Adjusted EBITDA Reconciling Items from our Unconsolidated

Joint Ventures

1,252

 

1,072

 

16.8

%

 

 

175

 

615.0

%

Adjusted EBITDA

$417,769

 

$405,631

 

3.0

%

 

 

$376,012

 

11.1

%

 

 

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: (i) Acquisition and Integration Costs, (ii) Restructuring Charges; (iii) Intangible impairments; (iv) (Gain) loss on disposal/write-down of property, plant and equipment, net (including real estate); (v) Other expense (income), net; (vi) Stock-based compensation expense; and (vii) COVID-19 Costs. Adjusted EBITDA Margin is calculated by dividing Adjusted EBITDA by total revenues. We use multiples of current or projected Adjusted EBITDA in conjunction with our discounted cash flow models to determine our estimated overall enterprise valuation and to evaluate acquisition targets. We believe Adjusted EBITDA and Adjusted EBITDA Margin provide our current and potential investors with relevant and useful information regarding our ability to generate cash flows to support business investment. These measures are an integral part of the internal reporting system we use to assess and evaluate the operating performance of our business.

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 also 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 GAAP, such as operating income, net income (loss) or cash flows from operating activities (as determined in accordance with GAAP).

Contacts

Investor Relations
Sarah Barry

Manager, Investor Relations

Sarah.Barry@ironmountain.com
(617) 535-2997

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