Iron Mountain Incorporated : First Quarter 2024 Supplemental Financial Information

Supplemental Financial Information

First Quarter 2024

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	Table of Contents
Section I - Q1 Earnings Press Release
Q1 2024 Earnings Press Release	3
Section II - Financial Highlights and Organic Growth
Financial and Operating Highlights	6
Organic Revenue Growth	7
Section III - Operational Metrics
Global Storage Volume	8
Quarterly Operating Performance	9
Section IV - Balance Sheets, Statements of Operations and Reconciliations
Condensed Consolidated Balance Sheets	10
Quarterly Condensed Consolidated Statements of Operations	11
Quarterly Reconciliation of Net Income (Loss) to Adjusted EBITDA	12
Quarterly Reconciliation of Reported Earnings per Share to Adjusted Earnings per Share	13
Quarterly Reconciliation of Net Income (Loss) to FFO and AFFO	14
Section V - Storage and Service Reconciliation
Quarterly Storage Rental and Service Business Detail	15
Section VI - Real Estate Metrics
Global Real Estate Portfolio and Lease Obligations	16
Facility Lease Expirations	16
Section VII - Data Center Customer and Portfolio Metrics
Data Center Customer Lease Expiration and Leasing Activity Summary	17
Data Center Operating Portfolio and Total Potential Capacity	18
Data Center Expansion and Development Activity	19
Section VIII - Capitalization and Debt Maturity Profile
Capitalization	20
Total Borrowings Maturity Schedule	20
Debt Maturity Profile	20
Section IX - Capital Expenditures
Quarterly Capital Expenditures and Investments	21
Section X - Appendix and Definitions
Appendix and Definitions	22

All figures except per share, megawatts (MW), kilowatts (kW), and facility counts in 000s unless noted

All figures in reported dollars unless noted

Figures may not foot due to rounding

All figures for the quarter ended March 31, 2024 unless noted

Unaudited

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Q1 2024 Supplemental Financial Information

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Section I - Q1 Earnings Press Release

Iron Mountain Reports First Quarter Results

-- Net Income of $77 million; Achieves record quarterly Revenue --

-- Strong start to the year exceeding guidance on all metrics; reiterates full year 2024 guidance --

-- Data Center: Leased 30 megawatts in the first quarter --

PORTSMOUTH, N.H. - May 2, 2024 - Iron Mountain Incorporated (NYSE: IRM), a global leader in information management services, announces financial results for the first quarter of 2024. 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.

"We are pleased to report a strong start to 2024, resulting in all-time record Revenue and a record first quarter Adjusted EBITDA," said William L. Meaney, President and CEO of Iron Mountain. "Our business is performing well and we are positioned to continue our growth trajectory. Our team remains laser focused on delivering the best integrated set of solutions and services for our customers. Our consistent strong performance is evidence that our strategy, through Project Matterhorn, is working."

Financial Performance Highlights for the First Quarter of 2024

($ in millions, except per share data)

	Three Months Ended		Y/Y % Change
	3/31/24	3/31/23		Reported $		Constant Fx
Storage Rental Revenue	$885	$810	9%	9%
Service Revenue	$592	$504	17%	17%
Total Revenue	$1,477	$1,314	12%	12%
Net Income	$77	$66	18%
Reported EPS	$0.25	$0.22	14%
Adjusted EPS	$0.43	$0.42	2%
Adjusted EBITDA	$519	$461	13%	13%
Adjusted EBITDA Margin	35.1%	35.1%		0 bps
AFFO	$324	$295	10%
AFFO per share	$1.10	$1.01	9%

• Total reported revenues for the first quarter were $1.5 billion, compared with $1.3 billion in the first quarter of 2023, an increase of 12.4%. Excluding the impact of foreign currency exchange ("Fx"), total reported revenues increased 12.2% compared to the prior year, driven by a 9.0% increase in storage rental revenue and a 17.2% increase in service revenue.
• Net Income for the first quarter was $77.0 million, compared with $65.5 million in the first quarter of 2023.
• Adjusted EBITDA for the first quarter was $518.9 million, compared with $460.8 million in the first quarter of 2023, an increase of 12.6%. On a constant currency basis, Adjusted EBITDA increased by 12.5% in the first quarter, compared to the first quarter of 2023, driven by the increase in storage rental revenue, ALM improvement and data center commencements.
• FFO (Normalized) per share was $0.74 for the first quarter, compared with $0.71 in the first quarter of 2023.
• AFFO was $323.7 million for the first quarter, compared with $295.2 million in the first quarter of 2023, an increase of 9.6% driven by improved Adjusted EBITDA.
• AFFO per share was $1.10 for the first quarter, compared with $1.01 in the first quarter of 2023.

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Q1 2024 Supplemental Financial Information

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Section I - Q1 Earnings Press Release

Dividend

On May 2, 2024, Iron Mountain's Board of Directors declared a quarterly cash dividend of $0.65 per share for the second quarter. The second quarter 2024 dividend is payable on July 5, 2024, for shareholders of record on June 17, 2024.

Guidance

Iron Mountain affirmed full year 2024 guidance; details are summarized in the table below.

	2024 Guidance(1)
($ in millions, except per share data)
	2024 Guidance	Y/Y % Change
	at Midpoint
Total Revenue	$6,000	- $6,150	11%
Adjusted EBITDA	$2,175	- $2,225	12%
AFFO	$1,300	- $1,335	9%
AFFO Per Share	$4.39	- $4.51	8%

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 a global leader in information management services. Founded in 1951 and trusted by more than 240,000 customers worldwide, Iron Mountain serves to protect and elevate the power of our customers' work. Through a range of offerings including digital transformation, data centers, secure records storage, information management, asset lifecycle 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.comand follow @IronMountain on X(formerly Twitter) andLinkedIn.

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Q1 2024 Supplemental Financial Information

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Section I - Q1 Earnings Press Release

Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995:

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 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", "projects", "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: (i) 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 or other co-investment vehicles), incorporate alternative technologies (including artificial intelligence) 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; (ii) 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; (iii) 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; (iv) 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; (v) our ability to fund capital expenditures; (vi) the impact of our distribution requirements on our ability to execute our business plan; (vii) our ability to remain qualified for taxation as a real estate investment trust for United States federal income tax purposes;

1. changes in the political and economic environments in the countries in which we operate and changes in the global political climate; (ix) our ability to raise debt or equity capital and changes in the cost of our debt; (x) our ability to comply with our existing debt obligations and restrictions in our debt instruments; (xi) the impact of service interruptions or equipment damage and the cost of power on our data center operations; (xii) the cost or potential liabilities associated with real estate necessary for our business; (xiii) unexpected events, including those resulting from climate change or geopolitical events, could disrupt our operations and adversely affect our reputation and results of operations; (xiv) failures to implement and manage new IT systems; (xv) other trends in competitive or economic conditions affecting our financial condition or results of operations not presently contemplated; and (xvi) 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 press release.

Reconciliation of Non-GAAP Measures

Throughout this press release, Iron Mountain discusses (1) Adjusted EBITDA, (2) Adjusted EPS, (3) FFO (Nareit), (4) FFO (Normalized), and (5) 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.

Investor Relations Contacts:

Gillian Tiltman	Erika Crabtree
SVP, Head of Investor Relations	Manager, Investor Relations
[e-mail]	[e-mail]
[phone]	[phone]

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Q1 2024 Supplemental Financial Information

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Section II - Financial Highlights and Organic Growth

Financial Highlights

	Q1 2024		Q4 2023		Q3 2023		Q2 2023		Q1 2023
Storage Rental Revenue	$884,842	$871,144	$858,656	$830,756	$810,089
Service Revenue	$592,021	$548,685	$529,519	$527,180	$504,260
Total Revenues	$1,476,863	$1,419,829	$1,388,175	$1,357,936	$1,314,349
Adjusted EBITDA	$518,855	$525,249	$499,962	$475,658	$460,808
Adjusted EBITDA Margin	35.1 %	37.0 %	36.0 %	35.0 %	35.1 %
Net Income (Loss) Attributable to Iron Mountain Incorporated	$74,061	$28,482	$91,043	$114	$64,595
Reported EPS - Fully Diluted	$0.25	$0.10	$0.31	$0.00	$0.22
Adjusted EPS	$0.43	$0.52	$0.45	$0.40	$0.42
FFO (Normalized)	$219,777	$246,005	$223,080	$208,113	$207,392
FFO (Normalized) per Share	$0.74	$0.83	$0.76	$0.71	$0.71
AFFO	$323,653	$327,634	$301,201	$287,090	$295,242
AFFO per Share	$1.10	$1.11	$1.02	$0.98	$1.01
TTM AFFO Payout Ratio	61.0 %	61.6 %	62.2 %	61.5 %	61.7 %
Dividend per Share	$0.65	$0.65	$0.65	$0.62	$0.62
Weighted Average Common Shares Outstanding - Diluted	295,221	295,014	294,269	293,527	293,049
Net Lease-Adjusted Leverage Ratio	5.1x		5.1x		5.1x		5.1x		5.1x

Operating Highlights

	Q1 2024		Q4 2023		Q3 2023		Q2 2023		Q1 2023
Organic Storage Rental Revenue Growth	7.5 %	10.4 %	9.7 %	10.8 %	11.1 %
Organic Service Revenue Growth	9.6 %	6.2 %	(0.6)%	(1.4)%	2.0 %
Total Volume - Storage	732,031	731,541	731,263	730,767	730,136
Storage Facility Capacity Utilization	79.2 %	79.6 %	79.4 %	79.6 %	79.5 %
Records Management Retention Rate	92.9 %	92.9 %	93.0 %	92.8 %	93.0 %
Storage Revenue / Sq. Ft.	$9.38	$9.15	$9.00	$8.78	$8.64
Storage NOI / Sq. Ft.	$7.46	$7.37	$7.23	$7.10	$7.00
Data Center:
Leasable Megawatts	261.4	255.4	225.2	221.2	206.9
Leased % - Stabilized	95.7 %	95.4 %	94.6 %	94.7 %	94.3 %
Leased % - Total	94.0 %	93.3 %	91.8 %	92.2 %	92.2 %
Kilowatts Leased - New/Expansion	30,449	4,535	65,355	2,690	51,770
Churn	0.9 %	1.7 %	1.0 %	1.4 %	1.5 %
Number of Facilities	26	26	24	24	24
Number of Markets	21	21	21	19	19

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Q1 2024 Supplemental Financial Information

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Section II - Financial Highlights and Organic Growth

Organic Revenue Growth (1)

			Q1 2024
	Reported		Constant		Organic
		Currency		Revenue
Storage Rental	9.2%	9.0%	7.5%
Service	17.4%	17.2%	9.6%
Total Revenues	12.4%	12.2%	8.3%

16.0%

12.0%

8.0%

4.0%

0.0%

Total Organic Revenue Growth

14.1%

12.8%

					11.3%
							7.5%					8.7%	8.3%
							5.7%
									5.5%
	Q2 2022	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024

12.0%

10.0%

8.0%

6.0%

4.0%

2.0%

0.0%

Organic Storage Rental Revenue Growth

11.0%	11.1%	10.8%		10.4%
9.7%			9.7%

8.2%	7.5%

Q2 2022

Q3 2022

Q4 2022

Q1 2023

Q2 2023

Q3 2023

Q4 2023

Q1 2024

30.0%

20.0%

10.0%

0.0%

(10.0)%

Organic Service Revenue Growth

	21.1%	21.8%
					11.8%									9.6%
													6.2%
							2.0%
									(1.4)%	(0.6)%
	Q2 2022	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024

(1) Constant Currency and excluding impact from business acquisitions and divestitures.

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Section III - Operational Metrics

Global Storage Volume

700,000

650,000

600,000

550,000

500,000

Q4 2021	Q1 2022	Q2 2022	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024
				Global RIM			Corporate and Other

	Q4 2021 Q1 2022	Q2 2022	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024
Global RIM	721,945	723,331	725,665	727,496	724,480	724,926	725,510 (1)	725,907	726,048	726,316
Corporate and Other	4,301	4,322	4,336	4,715	4,804	5,210	5,256	5,356	5,493	5,715
Total Volume - Storage	726,246	727,653	730,002	732,211	729,284	730,136	730,767	731,263	731,541	732,031
Business acquisitions during the	-	-	-	143	-	-	-	-	-	-
quarter (2)

1. On June 29, 2023, we acquired 100% interest in Clutter Intermediate, Inc. and control of all assets of the related Clutter joint venture, of which we had a preexisting relationship. The volume associated with this business both prior and subsequent to our acquisition is substantially consistent.
2. Volume acquired through acquisition in the quarter; this is included in Total Storage Volume.

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Section III - Operational Metrics

Quarterly Operating Performance

									Y/Y % Change
		Q1 2024		Q4 2023		Q1 2023		Reported		Constant	Organic
					Currency	Growth (1)
Global RIM Business
Storage Rental	$728,984	$723,112	$687,669		6.0%	5.9%		5.1%
Service	481,173		469,619		438,857		9.6%	9.6%		8.9%
Total Revenues	$1,210,157		$1,192,731		$1,126,526		7.4%	7.3%		6.6%
Adjusted EBITDA	$526,268	$533,643	$477,784
Adjusted EBITDA Margin	43.5 %	44.7 %	42.4 %
Global Data Center Business
Storage Rental	$140,028	$131,986	$107,435		30.3%	29.7%		23.5%
Service	3,909		5,167		4,870		(19.7)%	(20.5)%		(20.5)%
Total Revenues	$143,937		$137,153		$112,305		28.2%	27.5%		21.6%
Adjusted EBITDA	$61,568	$58,285	$50,635
Adjusted EBITDA Margin	42.8 %	42.5 %	45.1 %
Corporate and Other
Storage Rental	$15,830	$16,046	$14,985		5.6%	4.8%		2.4%
Service	106,939		73,899		60,533		76.7%	75.7%		17.3%
Total Revenues	$122,769		$89,946		$75,518		62.6%	61.6%		14.3%
Adjusted EBITDA	$(68,981)	$(66,679)	$(67,611)
Total Consolidated
Storage Rental	$884,842	$871,144	$810,089		9.2%	9.0%		7.5%
Service	592,021		548,685		504,260		17.4%	17.2%		9.6%
Total Revenues	$1,476,863		$1,419,829		$1,314,349		12.4%	12.2%		8.3%
Adjusted EBITDA	$518,855	$525,249	$460,808
Adjusted EBITDA Margin	35.1 %	37.0 %	35.1 %

(1) Constant Currency and excluding impact from business acquisitions and divestitures.

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Section IV - Balance Sheets, Statements of Operations and Reconciliations

Condensed Consolidated Balance Sheets

	3/31/2024	12/31/2023
ASSETS
Current Assets:
Cash and Cash Equivalents	$191,655	$222,789
Accounts Receivable, Net	1,268,061	1,259,826
Prepaid Expenses and Other	275,358	252,930
Total Current Assets	$1,735,074	$1,735,545
Property, Plant and Equipment:
Property, Plant and Equipment	$10,647,036	$10,373,989
Less: Accumulated Depreciation	(4,108,897)	(4,059,120)
Property, Plant and Equipment, Net	$6,538,139	$6,314,869
Other Assets, Net:
Goodwill	$5,107,473	$5,017,912
Customer and Supplier Relationships and Other Intangible Assets	1,330,638	1,279,800
Operating Lease Right-of-Use Assets	2,677,803	2,696,024
Other	440,429	429,652
Total Other Assets, Net	$9,556,343	$9,423,388
Total Assets	$17,829,556	$17,473,802
LIABILITIES AND EQUITY
Current Liabilities:
Current Portion of Long-term Debt	$118,771	$120,670
Accounts Payable	524,901	539,594
Accrued Expenses and Other Current Liabilities	1,052,454	1,250,259
Deferred Revenue	332,801	325,665
Total Current Liabilities	$2,028,927	$2,236,188
Long-term Debt, Net of Current Portion	12,588,569	11,812,500
Long-term Operating Lease Liabilities, Net of Current Portion	2,525,552	2,562,394
Other Long-term Liabilities	255,491	237,590
Deferred Income Taxes	233,135	235,410
Redeemable Noncontrolling Interests	179,222	177,947
Total Long-term Liabilities	$15,781,969	$15,025,841
Total Liabilities	$17,810,896	$17,262,029
Equity
Total Equity	$18,660	$211,773
Total Liabilities and Equity	$17,829,556	$17,473,802

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