Iron Mountain - 10-Q quarterly report FY2025 Q1

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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 March 31, 2025


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 April 25, 2025, the registrant had 295,043,896 outstanding shares of common stock, $.01 par value.

Table of Contents

IRON MOUNTAIN INCORPORATED

2025 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 March 31, 2025 and December 31, 2024
		3	Condensed Consolidated Statements of Operations for the Three Months Ended March 31, 2025 and 2024
		4	Condensed Consolidated Statements of Comprehensive Income (Loss) for the Three Months Ended March 31, 2025 and 2024
		5	Condensed Consolidated Statements of (Deficit) Equity for the Three Months Ended March 31, 2025 and 2024
		6	Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2025 and 2024
		7	Notes to Condensed Consolidated Financial Statements
	24	ITEM 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations
	42	ITEM 4.	Controls and Procedures

PART II—OTHER INFORMATION
	44	ITEM 2.	Unregistered Sales of Equity Securities and Use of Proceeds
	44	ITEM 5.	Other Information
	44	ITEM 6.	Exhibits
	45	Signatures

Table of Contents

PART I. FINANCIAL INFORMATION

ITEM 1. UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS


IRON MOUNTAIN MARCH 31, 2025 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)


	MARCH 31, 2025		DECEMBER 31, 2024
ASSETS
Current Assets:
Cash and cash equivalents	$	155,338	$	155,716

Accounts receivable (less allowances of $90,610 and $86,712 as of March 31, 2025 and December 31, 2024, respectively)	1,312,079		1,291,379

Prepaid expenses and other	282,945		244,127

Total Current Assets	1,750,362		1,691,222
Property, Plant and Equipment:
Property, plant and equipment	12,758,467		11,985,997
Less—Accumulated depreciation	(4,509,307)		(4,354,398)
Property, Plant and Equipment, Net	8,249,160		7,631,599
Other Assets, Net:
Goodwill	5,141,810		5,083,817
Customer and supplier relationships and other intangible assets	1,266,993		1,274,731
Operating lease right-of-use assets	2,386,511		2,489,893
Other	567,251		545,853
Total Other Assets, Net	9,362,565		9,394,294
Total Assets	$	19,362,087	$	18,717,115
LIABILITIES AND EQUITY
Current Liabilities:
Current portion of long-term debt	$	736,922	$	715,109
Accounts payable	707,581		678,716
Accrued expenses and other current liabilities (includes current portion of operating lease liabilities)	1,063,237		1,366,568
Deferred revenue	333,171		326,882
Total Current Liabilities	2,840,911		3,087,275
Long-term Debt, net of current portion	14,177,474		13,003,977
Long-term Operating Lease Liabilities, net of current portion	2,224,080		2,334,826
Other Long-term Liabilities	339,144		312,199
Deferred Income Taxes	204,516		205,341
Commitments and Contingencies
Redeemable Noncontrolling Interests	78,237		78,171
(Deficit) Equity:
Iron Mountain Incorporated Stockholders' (Deficit) 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 294,968,740 and 293,592,637 shares as of March 31, 2025 and December 31, 2024, respectively)	2,950		2,936
Additional paid-in capital	4,609,663		4,647,330
(Distributions in excess of earnings) Earnings in excess of distributions	(4,808,764)		(4,583,436)
Accumulated other comprehensive items, net	(502,369)		(569,952)
Total Iron Mountain Incorporated Stockholders' (Deficit) Equity	(698,520)		(503,122)
Noncontrolling Interests	196,245		198,448
Total (Deficit) Equity	(502,275)		(304,674)
Total Liabilities and (Deficit) Equity	$	19,362,087	$	18,717,115

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


IRON MOUNTAIN MARCH 31, 2025 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 MARCH 31,
	2025		2024
Revenues:
Storage rental	$	948,376	$	884,842
Service	644,153		592,021

Total Revenues	1,592,529		1,476,863
Operating Expenses:
Cost of sales (excluding depreciation and amortization)	710,204		653,255

Selling, general and administrative	329,737		319,465
Depreciation and amortization	232,154		209,555
Acquisition and Integration Costs	5,823		7,809
Restructuring and other transformation	54,746		40,767


Loss (gain) on disposal/write-down of property, plant and equipment, net	5,571		389
Total Operating Expenses	1,338,235		1,231,240
Operating Income (Loss)	254,294		245,623
Interest Expense, Net (includes Interest Income of $3,463 and $3,660 for the three months ended March 31, 2025 and 2024, respectively)	194,738		164,519
Other Expense (Income), Net	28,488		(12,530)
Net Income (Loss) Before Provision (Benefit) for Income Taxes	31,068		93,634
Provision (Benefit) for Income Taxes	14,835		16,609


Net Income (Loss)	16,233		77,025
Less: Net Income (Loss) Attributable to Noncontrolling Interests	281		2,964
Net Income (Loss) Attributable to Iron Mountain Incorporated	$	15,952	$	74,061
Net Income (Loss) Per Share Attributable to Iron Mountain Incorporated:


Basic	$	0.05	$	0.25



Diluted	$	0.05	$	0.25
Weighted Average Common Shares Outstanding—Basic	294,507		292,746
Weighted Average Common Shares Outstanding—Diluted	297,260		295,221

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


IRON MOUNTAIN MARCH 31, 2025 FORM 10-Q									3

Table of Contents

Part I. Financial Information

IRON MOUNTAIN INCORPORATED

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(IN THOUSANDS) (UNAUDITED)


	THREE MONTHS ENDED MARCH 31,
	2025		2024
Net Income (Loss)	$	16,233	$	77,025
Other Comprehensive Income (Loss):
Foreign Currency Translation Adjustment	74,916		(67,269)
Change in Fair Value of Interest Rate Swaps	(6,993)		11,388
Reclassifications from Accumulated Other Comprehensive Items, net	—		(2,528)
Total Other Comprehensive Income (Loss)	67,923		(58,409)
Comprehensive Income (Loss)	84,156		18,616
Comprehensive Income (Loss) Attributable to Noncontrolling Interests	621		2,196
Comprehensive Income (Loss) Attributable to Iron Mountain Incorporated	$	83,535	$	16,420

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


IRON MOUNTAIN MARCH 31, 2025 FORM 10-Q									4

Table of Contents

Part I. Financial Information

IRON MOUNTAIN INCORPORATED

CONDENSED CONSOLIDATED STATEMENTS OF (DEFICIT) EQUITY

(IN THOUSANDS, EXCEPT SHARE DATA) (UNAUDITED)


THREE MONTHS ENDED MARCH 31, 2025
			IRON MOUNTAIN INCORPORATED STOCKHOLDERS' (DEFICIT) 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, 2024	$	(304,674)	293,592,637	$	2,936	$	4,647,330	$	(4,583,436)	$	(569,952)	$	198,448	$	78,171
Issuance and net settlement of shares under employee stock purchase and option plans and stock-based compensation	(37,653)		1,376,103	14		(37,667)		—		—		—		—

Parent cash dividends declared	(241,280)		—	—		—		(241,280)		—		—		—
Other comprehensive income (loss)	67,583		—	—		—		—		67,583		—		340
Net income (loss)	15,909		—	—		—		15,952		—		(43)		324

Noncontrolling interests dividends	(2,160)		—	—		—		—		—		(2,160)		(598)

Balance, March 31, 2025	$	(502,275)	294,968,740	$	2,950	$	4,609,663	$	(4,808,764)	$	(502,369)	$	196,245	$	78,237

THREE MONTHS ENDED MARCH 31, 2024
			IRON MOUNTAIN INCORPORATED STOCKHOLDERS' EQUITY (DEFICIT)
			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, 2023	$	211,773	292,142,739	$	2,921	$	4,533,691	$	(3,953,808)	$	(371,156)	$	125	$	177,947
Issuance and net settlement of shares under employee stock purchase and option plans and stock-based compensation	(15,459)		942,944	10		(15,469)		—		—		—		—
Changes in equity related to redeemable noncontrolling interests	422		—	—		422		—		—		—		(422)
Parent cash dividends declared	(194,496)		—	—		—		(194,496)		—		—		—
Other comprehensive (loss) income	(57,641)		—	—		—		—		(57,641)		—		(768)
Net income (loss)	74,061		—	—		—		74,061		—		—		2,964

Noncontrolling interests dividends	—		—	—		—		—		—		—		(499)

Balance, March 31, 2024	$	18,660	293,085,683	$	2,931	$	4,518,644	$	(4,074,243)	$	(428,797)	$	125	$	179,222

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


IRON MOUNTAIN MARCH 31, 2025 FORM 10-Q									5

Table of Contents

Part I. Financial Information

IRON MOUNTAIN INCORPORATED

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(IN THOUSANDS) (UNAUDITED)


	THREE MONTHS ENDED MARCH 31,
	2025		2024
Cash Flows from Operating Activities:
Net income (loss)	$	16,233	$	77,025


Adjustments to reconcile net income (loss) to cash flows from operating activities:
Depreciation	162,441		143,633
Amortization (includes amortization of deferred financing costs and discounts of $7,856 and $6,100 for the three months ended March 31, 2025 and 2024, respectively)	77,569		72,022

Revenue reduction associated with amortization of customer inducements and above- and below-market leases	1,317		1,321
Stock-based compensation expense	26,094		14,039
(Benefit) provision for deferred income taxes	(6,408)		1,125

Loss (gain) on disposal/write-down of property, plant and equipment, net	5,571		389





Foreign currency transactions and other, net	20,557		(5,091)
(Increase) decrease in assets	(56,083)		(29,738)
(Decrease) increase in liabilities	(49,992)		(144,687)




Cash Flows from Operating Activities	197,299		130,038


Cash Flows from Investing Activities:
Capital expenditures	(674,767)		(381,145)
Cash paid for acquisitions, net of cash acquired	(35,066)		(122,479)

Acquisition of customer intangibles	(8,925)		(2,286)

Contract costs	(31,450)		(25,304)

Investments in joint ventures and other investments, net	(16,748)		—
Proceeds from sales of property and equipment and other, net	190		5,605
Cash Flows from Investing Activities	(766,766)		(525,609)


Cash Flows from Financing Activities:
Repayment of revolving credit facility, term loan facilities and other debt	(2,281,353)		(1,730,252)
Proceeds from revolving credit facility, term loan facilities and other debt	3,390,322		2,479,378



Equity distribution to noncontrolling interests	(2,758)		(499)

Parent cash dividends	(223,479)		(198,013)
Payment of deferred purchase obligations and other deferred payments	(240,217)		(158,677)

Net (payments) proceeds associated with employee stock-based awards	(63,747)		(29,498)

Other, net	64		(340)
Cash Flows from Financing Activities	578,832		362,099


Effect of Exchange Rates on Cash and Cash Equivalents	(9,743)		2,338
(Decrease) Increase in Cash and Cash Equivalents	(378)		(31,134)
Cash and Cash Equivalents, Beginning of Period	155,716		222,789
Cash and Cash Equivalents, End of Period	$	155,338	$	191,655
Supplemental Information:
Cash Paid for Interest	$	267,214	$	274,796
Cash Paid for Income Taxes, Net	$	27,751	$	18,613
Non-Cash Investing and Financing Activities:

Financing Leases and Other	$	52,284	$	38,082
Accrued Capital Expenditures	$	321,234	$	210,255
Deferred Purchase Obligations and Other Deferred Payments	$	2,880	$	133,713
Dividends Payable	$	240,450	$	198,875

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


IRON MOUNTAIN MARCH 31, 2025 FORM 10-Q									6

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, 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 items previously reported under specific captions within the statement of cash flows 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, 2024 included in our Annual Report on Form 10-K filed with the SEC on February 14, 2025 (our "Annual Report").

In September 2022, we announced a global program designed to accelerate the growth of our business ("Project Matterhorn"). See Note 10.

We have been organized and have operated as a real estate investment trust for United States federal income tax purposes 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 three months ended March 31, 2025 is as follows:



Balance as of December 31, 2024	$	86,712
Credit memos charged to revenue	22,089
Allowance for bad debts charged to expense	9,770
Deductions and other(1)	(27,961)
Balance as of March 31, 2025	$	90,610

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


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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)

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 March 31, 2025 and December 31, 2024 are as follows:


DESCRIPTION	MARCH 31, 2025		DECEMBER 31, 2024
Assets:
Operating lease right-of-use assets	$	2,386,511	$	2,489,893
Financing lease right-of-use assets, net of accumulated depreciation(1)	371,912		359,265
Liabilities:
Current
Operating lease liabilities	$	329,237	$	315,400
Financing lease liabilities(1)	130,980		128,397
Long-term
Operating lease liabilities	$	2,224,080	$	2,334,826
Financing lease liabilities(1)	292,185		278,444

(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 months ended March 31, 2025 and 2024 are as follows:


	THREE MONTHS ENDED MARCH 31,
DESCRIPTION	2025		2024
Operating lease cost(1)	$	173,308	$	171,746
Financing lease cost:
Depreciation of financing lease right-of-use assets	$	13,732	$	10,944
Interest expense for financing lease liabilities	6,129		5,221

(1)Operating lease cost, the majority of which is included in Cost of sales, includes variable lease costs of $46,405 and $38,094 for the three months ended March 31, 2025 and 2024, respectively.

Other information: Supplemental cash flow information relating to our leases for the three months ended March 31, 2025 and 2024 is as follows:


	THREE MONTHS ENDED MARCH 31,
CASH PAID FOR AMOUNTS INCLUDED IN MEASUREMENT OF LEASE LIABILITIES:	2025		2024
Operating cash flows used in operating leases	$	119,511	$	117,336

Operating cash flows used in financing leases (interest)	6,129		5,221
Financing cash flows used in financing leases	13,348		10,679

NON-CASH ITEMS:
Operating lease modifications and reassessments	$	(85,512)	$	(262)
New operating leases (including acquisitions)	38,417		64,556


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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)

D. GOODWILL

Our reporting units as of December 31, 2024 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 and Corporate and Other (as defined in Note 8) for the three months ended March 31, 2025 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, 2024	$	3,816,874	$	469,461	$	797,482	$	5,083,817
Tax deductible goodwill acquired during the period	—		—		20,713		20,713



Fair value and other adjustments	—		—		(1,259)		(1,259)
Currency effects	32,041		5,223		1,275		38,539
Goodwill balance, net of accumulated amortization, as of March 31, 2025	$	3,848,915	$	474,684	$	818,211	$	5,141,810
Accumulated goodwill impairment balance as of March 31, 2025	$	132,409	$	—	$	26,011	$	158,420


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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)

E. FAIR VALUE MEASUREMENTS

The assets and liabilities carried at fair value and measured on a recurring basis as of March 31, 2025 and December 31, 2024 are as follows:


			FAIR VALUE MEASUREMENTS AT MARCH 31, 2025 USING
DESCRIPTION	TOTAL CARRYING VALUE AT MARCH 31, 2025		QUOTED PRICES IN ACTIVE MARKETS (LEVEL 1)		SIGNIFICANT OTHER OBSERVABLE INPUTS (LEVEL 2)		SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)(2)
Money Market Funds	$	1,674	$	—	$	1,674	$	—
Time Deposits	16,254		—		16,254		—
Trading Securities	8,272		6,507		1,765		—
Derivative Assets	7,714		—		7,714		—
Derivative Liabilities	17,060		—		17,060		—
Deferred Purchase Obligations(1)	106,001		—		—		106,001


			FAIR VALUE MEASUREMENTS AT DECEMBER 31, 2024 USING
DESCRIPTION	TOTAL CARRYING VALUE AT DECEMBER 31, 2024		QUOTED PRICES IN ACTIVE MARKETS (LEVEL 1)		SIGNIFICANT OTHER OBSERVABLE INPUTS (LEVEL 2)		SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)(2)
Money Market Funds	$	2,488	$	—	$	2,488	$	—
Time Deposits	9,612		—		9,612		—
Trading Securities	8,144		6,390		1,754		—
Derivative Assets	28,092		—		28,092		—
Derivative Liabilities	5,326		—		5,326		—
Deferred Purchase Obligations(1)	147,055		—		—		147,055

(1)The balance as of March 31, 2025 primarily relates to the fair value of the deferred purchase obligation associated with the Regency Transaction (as defined in Note 3 to Notes to Consolidated Financial Statements included in our Annual Report). The balance as of December 31, 2024 primarily relates to the fair values of the deferred purchase obligations associated with the Regency Transaction and ITRenew Transaction (as defined in Note 3 to Notes to Consolidated Financial Statements included in our Annual Report).

(2)The following is a rollforward of the Level 3 liabilities presented above for December 31, 2024 through March 31, 2025:



Balance as of December 31, 2024	$	147,055
Additions	2,880
Payments	(49,215)
Other changes, including accretion	5,281
Balance as of March 31, 2025	$	106,001

The level 3 valuation of the deferred purchase obligation was determined utilizing a Monte-Carlo model which takes into account our forecasted projections as they relate to the underlying performance of the business. The Monte-Carlo simulation model incorporates assumptions as to expected revenue over the achievement period, including adjustments for volatility and timing, as well as discount rates that account for the risk of the 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.

There were no material items that were measured at fair value on a non-recurring basis at March 31, 2025 and December 31, 2024 other than those disclosed in Note 2.p. 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)

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

F. ACCUMULATED OTHER COMPREHENSIVE ITEMS, NET

The changes in Accumulated other comprehensive items, net for the three months ended March 31, 2025 and 2024 are as follows:


	THREE MONTHS ENDED MARCH 31, 2025						THREE MONTHS ENDED MARCH 31, 2024
	FOREIGN CURRENCY TRANSLATION AND OTHER ADJUSTMENTS		DERIVATIVE FINANCIAL INSTRUMENTS		TOTAL		FOREIGN CURRENCY TRANSLATION AND OTHER ADJUSTMENTS		DERIVATIVE FINANCIAL INSTRUMENTS		TOTAL
Beginning of Period	$	(568,129)	$	(1,823)	$	(569,952)	$	(373,628)	$	2,472	$	(371,156)
Other comprehensive income (loss):
Foreign currency translation and other adjustments	74,576		—		74,576		(66,501)		—		(66,501)
Change in fair value of interest rate swaps	—		(6,993)		(6,993)		—		11,388		11,388
Reclassifications from accumulated other comprehensive items, net	—		—		—		—		(2,528)		(2,528)
Total other comprehensive income (loss)	74,576		(6,993)		67,583		(66,501)		8,860		(57,641)
End of Period	$	(493,553)	$	(8,816)	$	(502,369)	$	(440,129)	$	11,332	$	(428,797)

G. REVENUES

Certain costs to fulfill or obtain customer contracts, including the costs associated with the initial movement of customer records into physical storage and certain commission expenses, and certain initial direct costs of obtaining data center leases are collectively referred to as "Contract Costs". Contract Costs are primarily made up of Intake Costs and Commissions (each as defined in Note 2.s. to Notes to Consolidated Financial Statements included in our Annual Report). Contract Costs as of March 31, 2025 and December 31, 2024 are as follows:


	MARCH 31, 2025						DECEMBER 31, 2024
DESCRIPTION	GROSS CARRYING AMOUNT		ACCUMULATED AMORTIZATION		NET CARRYING AMOUNT		GROSS CARRYING AMOUNT		ACCUMULATED AMORTIZATION		NET CARRYING AMOUNT
Intake Costs asset	$	92,832	$	(44,830)	$	48,002	$	89,057	$	(43,783)	$	45,274
Commissions asset	212,688		(83,943)		128,745		200,149		(78,955)		121,194

Deferred revenue liabilities are reflected in our Condensed Consolidated Balance Sheets as follows:


DESCRIPTION	LOCATION IN BALANCE SHEET	MARCH 31, 2025		DECEMBER 31, 2024(1)
Deferred revenue—Current(2)	Deferred revenue	$	333,171	$	326,882
Deferred revenue—Long-term(3)	Other Long-term Liabilities	118,129		110,601

(1) The beginning balance of current and long-term deferred revenue for the year ended December 31, 2024 was $325,665 and $100,770, respectively.

(2) The current deferred revenue accounted for under Accounting Standards Codification 842, Leases ("ASC 842") is approximately $21,200 and $25,500 as of March 31, 2025 and December 31, 2024, respectively.

(3) The long-term deferred revenue accounted for under ASC 842 is approximately $101,600 and $95,000 as of March 31, 2025 and December 31, 2024, respectively.


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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)

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 ASC 842. Storage rental revenue associated with our Global Data Center Business for the three months ended March 31, 2025 and 2024 is as follows:


	THREE MONTHS ENDED MARCH 31,
	2025		2024
Storage rental revenue	$	172,945	$	140,028

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 months ended March 31, 2025 and 2024 is as follows:


	THREE MONTHS ENDED MARCH 31,
	2025		2024
Stock-based compensation expense	$	26,094	$	14,039

On March 1, 2025, we granted approximately 83,389 stock options, 497,089 RSUs and 435,124 PUs under the 2014 Plan (as defined in Note 2.t. to Notes to Consolidated Financial Statements included in our Annual Report).

As of March 31, 2025, unrecognized compensation cost related to the unvested portion of our Employee Stock-Based Awards, inclusive of our estimated achievement of the performance metrics, is $148,087.

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 months ended March 31, 2025 and 2024 are as follows:


	THREE MONTHS ENDED MARCH 31,
	2025		2024
Acquisition and Integration Costs	$	5,823	$	7,809


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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. LOSS (GAIN) ON DISPOSAL/WRITE-DOWN OF PROPERTY, PLANT AND EQUIPMENT, NET

Loss (gain) on disposal/write-down of property, plant and equipment, net for the three months ended March 31, 2025 and 2024 is as follows:


	THREE MONTHS ENDED MARCH 31,
	2025		2024
Loss (gain) on disposal/write-down of property, plant and equipment, net	$	5,571	$	389

K. OTHER EXPENSE (INCOME), NET

Other expense (income), net for the three months ended March 31, 2025 and 2024 consists of the following:


	THREE MONTHS ENDED MARCH 31,
DESCRIPTION	2025		2024
Foreign currency transaction losses (gains), net(1)	$	29,663	$	(16,379)

Other, net	(1,175)		3,849
Other Expense (Income), Net	$	28,488	$	(12,530)

(1)The losses for the three months ended March 31, 2025 primarily consist of the impact of changes in the exchange rate of the British pound sterling and the Euro against the United States dollar on our intercompany balances with and between certain of our subsidiaries.

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 months ended March 31, 2025 and 2024 are as follows:


	THREE MONTHS ENDED MARCH 31,
	2025(1)		2024(2)
Effective Tax Rate	47.8	%	17.7	%

(1)The primary reconciling items between the federal statutory tax rate of 21.0% and our overall effective tax rate for the three months ended March 31, 2025 were the lack of tax benefits recognized for the ordinary losses, disallowed interest expenses of certain entities and losses we recorded in Other expense (income), net during the period, as well as the differences in the tax rates to which our foreign earnings are subject, partially offset by the benefits derived from the dividends paid deduction.

(2)The primary reconciling items between the federal statutory tax rate of 21.0% and our overall effective tax rate for the three months ended March 31, 2024 were the benefits derived from the dividends paid deduction and the differences in the tax rates to which our foreign earnings are subject.


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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)

M. INCOME (LOSS) PER SHARE—BASIC AND DILUTED

The calculations of basic and diluted income (loss) per share for the three months ended March 31, 2025 and 2024 are as follows:


	THREE MONTHS ENDED MARCH 31,
	2025		2024
Net Income (Loss)	$	16,233	$	77,025
Less: Net Income (Loss) Attributable to Noncontrolling Interests	281		2,964
Net Income (Loss) Attributable to Iron Mountain Incorporated (utilized in numerator of Earnings Per Share calculation)	$	15,952	$	74,061
Weighted-average shares—basic	294,507,000		292,746,000
Effect of dilutive potential stock options	2,162,000		1,886,000
Effect of dilutive potential RSUs and PUs	591,000		589,000
Weighted-average shares—diluted	297,260,000		295,221,000
Net Income (Loss) Per Share Attributable to Iron Mountain Incorporated:
Basic	$	0.05	$	0.25
Diluted	$	0.05	$	0.25
Antidilutive stock options, RSUs and PUs excluded from the calculation	98,685		365,764

3. INVESTMENTS

Our joint venture with AGC Equity Partners (the "Frankfurt JV") is accounted for as an equity method investment and is presented as a component of Other within Other assets, net in our Condensed Consolidated Balance Sheets. The carrying value and equity interest in the Frankfurt JV at March 31, 2025 and December 31, 2024 is as follows:


	MARCH 31, 2025				DECEMBER 31, 2024
	CARRYING VALUE		EQUITY INTEREST		CARRYING VALUE		EQUITY INTEREST
Frankfurt JV	$	77,885	20	%	$	61,075	20	%

4. 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 the 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.


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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. DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (CONTINUED)

As of March 31, 2025 and December 31, 2024, we have approximately $1,487,000 and $1,482,000, respectively, in notional value outstanding on our interest rate swap agreements. As of March 31, 2025, our interest rate swap agreements have maturity dates ranging from October 2025 through May 2027.

CROSS-CURRENCY SWAP AGREEMENTS DESIGNATED AS NET INVESTMENT HEDGES

We utilize cross-currency swaps to hedge the variability of exchange rate impacts between the United States dollar and certain of our foreign functional currencies, including the Euro and the Canadian dollar. As of March 31, 2025, our cross-currency swap agreements have maturity dates ranging from February 2026 through November 2026.

The notional values of our cross-currency swaps, by currency, as of March 31, 2025 and December 31, 2024, are as follows:


	MARCH 31, 2025		DECEMBER 31, 2024
Euro	$	509,187	$	509,187
Canadian dollar	350,000		350,000
	$	859,187	$	859,187

We have designated these cross-currency swap agreements as hedges of net investments in our Euro and Canadian dollar 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.

The fair values of derivative instruments recognized in our Condensed Consolidated Balance Sheets as of March 31, 2025 and December 31, 2024, by derivative instrument, are as follows:


	MARCH 31, 2025				DECEMBER 31, 2024
DERIVATIVE INSTRUMENTS(1)	ASSETS		LIABILITIES		ASSETS		LIABILITIES
Cash Flow Hedges(2)
Interest rate swap agreements	$	1,091	$	(11,523)	$	1,887	$	(5,326)
Net Investment Hedges(3)
Cross-currency swap agreements	6,623		(5,537)		26,205		—

(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 March 31, 2025, $1,500 is included within Prepaid expenses and other, $6,214 is included within Other assets, $5,537 is included within Accrued expenses and other current liabilities and $11,523 is included within Other long-term liabilities. As of December 31, 2024, $8,891 is included within Prepaid expenses and other, $19,201 is included within Other assets, and $5,326 is included within Other long-term liabilities.

(2)As of March 31, 2025, cumulative net losses recorded within Accumulated other comprehensive items, net associated with our interest rate swap agreements are $8,816.

(3)As of March 31, 2025, cumulative net gains recorded within Accumulated other comprehensive items, net associated with our cross-currency swap agreements are $52,164, which include $51,078 related to the excluded component of our cross-currency swap agreements.


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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. DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (CONTINUED)

Unrealized (losses) gains recognized in Accumulated other comprehensive items, net during the three months ended March 31, 2025 and 2024, by derivative instrument, are as follows:


	THREE MONTHS ENDED MARCH 31,
DERIVATIVE INSTRUMENTS	2025		2024
Cash Flow Hedges
Interest rate swap agreements	$	(6,993)	$	11,388
Net Investment Hedges
Cross-currency swap agreements	(25,119)		8,312
Cross-currency swap agreements (excluded component)	4,176		4,176

(Losses) gains recognized in Net income (loss) during the three months ended March 31, 2025 and 2024, by derivative instrument, are as follows:


		THREE MONTHS ENDED MARCH 31,
DERIVATIVE INSTRUMENTS	LOCATION OF (LOSS) GAIN	2025		2024
Cash Flow Hedges
Interest rate swap agreements	Interest expense	$	—	$	2,528
Net Investment Hedges
Cross-currency swap agreements (excluded component)	Interest expense	(4,176)		(4,176)


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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)

5. DEBT

Long-term debt is as follows:


	MARCH 31, 2025								DECEMBER 31, 2024
	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)	$	1,073,000	$	(8,788)	$	1,064,212	$	1,073,000	$	121,000	$	(9,253)	$	111,747	$	121,000
Term Loan A(1)	213,281		—		213,281		213,281		216,016		—		216,016		216,016
Term Loan B due 2031(1)	1,835,940		(14,059)		1,821,881		1,846,025		1,840,181		(14,690)		1,825,491		1,850,698
Virginia 3 Term Loans(2)	271,079		(2,519)		268,560		271,079		271,079		(3,013)		268,066		271,079
Virginia 4/5 Term Loans(2)	138,747		(1,900)		136,847		138,747		76,535		(2,752)		73,783		76,535
Virginia 6 Term Loans(2)	179,410		(4,112)		175,298		179,410		137,495		(4,605)		132,890		137,495

Virginia 7 Term Loans(2)	107,337		(7,022)		100,315		107,337		32,074		(7,591)		24,483		32,074
Australian Dollar Term Loan(2)	176,251		(230)		176,021		176,979		175,813		(265)		175,548		176,655
UK Bilateral Revolving Credit Facility(2)	181,099		(992)		180,107		181,099		175,503		(1,034)		174,469		175,503
GBP Notes(2)	517,424		(570)		516,854		509,016		501,437		(789)		500,648		490,155
47/8% Notes due 2027(2)	1,000,000		(3,555)		996,445		976,250		1,000,000		(3,910)		996,090		972,500
51/4% Notes due 2028(2)	825,000		(3,543)		821,457		804,375		825,000		(3,838)		821,162		804,375
5% Notes due 2028(2)	500,000		(2,412)		497,588		481,250		500,000		(2,592)		497,408		481,250
7% Notes due 2029(2)	1,000,000		(8,154)		991,846		1,015,000		1,000,000		(8,686)		991,314		1,020,000
47/8% Notes due 2029(2)	1,000,000		(6,510)		993,490		950,000		1,000,000		(6,871)		993,129		945,000
51/4% Notes due 2030(2)	1,300,000		(8,023)		1,291,977		1,239,875		1,300,000		(8,399)		1,291,601		1,235,000
41/2% Notes(2)	1,100,000		(7,363)		1,092,637		1,003,750		1,100,000		(7,674)		1,092,326		1,001,000
5% Notes due 2032(2)	750,000		(9,574)		740,426		688,125		750,000		(9,900)		740,100		688,125
55/8% Notes(2)	600,000		(4,259)		595,741		571,500		600,000		(4,404)		595,596		570,000
61/4% Notes(2)	1,200,000		(14,089)		1,185,911		1,185,000		1,200,000		(14,517)		1,185,483		1,194,000
Real Estate Mortgages, Financing Lease Liabilities and Other	655,796		(1,694)		654,102		655,796		614,231		(1,825)		612,406		614,231
Accounts Receivable Securitization Program	400,000		(600)		399,400		400,000		400,000		(670)		399,330		400,000
Total Long-term Debt	15,024,364		(109,968)		14,914,396				13,836,364		(117,278)		13,719,086
Less Current Portion	(736,922)		—		(736,922)				(715,109)		—		(715,109)
Long-term Debt, Net of Current Portion	$	14,287,442	$	(109,968)	$	14,177,474			$	13,121,255	$	(117,278)	$	13,003,977

(1)Collectively, the “Credit Agreement”. The Credit Agreement consists of a revolving credit facility (the “Revolving Credit Facility”), a term loan A facility (the “Term Loan A”) and a term loan B facility (the "Term Loan B due 2031"). The remaining amount available for borrowing under the Revolving Credit Facility as of March 31, 2025 was $1,669,594 (which represents the maximum availability as of such date). The weighted average interest rate in effect under the Revolving Credit Facility was 6.6% as of March 31, 2025.

(2)Each as defined 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 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 March 31, 2025).

LETTERS OF CREDIT

As of March 31, 2025, we have outstanding letters of credit totaling $63,788, of which $7,406 reduce our borrowing capacity under the Revolving Credit Facility. The letters of credit expire at various dates between April 2025 and May 2027.


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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. DEBT (CONTINUED)

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 March 31, 2025. Noncompliance with these leverage and fixed charge coverage ratios would have a material adverse effect on our financial condition and liquidity.

6. 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.

7. STOCKHOLDERS' EQUITY MATTERS

DIVIDENDS

In fiscal year 2024 and the three months ended March 31, 2025, our board of directors declared the following dividends:

DECLARATION DATE

DIVIDEND
PER SHARE

RECORD DATE

TOTAL
AMOUNT

PAYMENT DATE

February 22, 2024

0.6500

March 15, 2024

190,506

April 4, 2024

May 2, 2024

0.6500

June 17, 2024

190,643

July 5, 2024

August 1, 2024

0.7150

September 16, 2024

209,776

October 3, 2024

November 6, 2024

0.7150

December 16, 2024

209,913

January 7, 2025

February 13, 2025

0.7850

March 17, 2025

231,549

April 4, 2025

On May 1, 2025, we declared a dividend to our stockholders of record as of June 16, 2025 of $0.785 per share, payable on July 3, 2025.


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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)

8. 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 three months of 2025 have been incorporated into Corporate and Other.

An analysis of our business segment information and reconciliation to the accompanying Condensed Consolidated Financial Statements for the three months ended March 31, 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 March 31, 2025
Total Revenues	$	1,255,942	$	173,197	$	1,429,139	$	163,390	$	1,592,529
Storage Rental	757,508		172,945		930,453		17,923		948,376
Service	498,434		252		498,686		145,467		644,153
Other Segment Items(1)	699,628		82,381		782,009
Adjusted EBITDA	556,314		90,816		647,130
Total Assets(2)	10,263,140		6,641,688		16,904,828		2,457,259		19,362,087
For the Three Months Ended March 31, 2024
Total Revenues	$	1,210,157	$	143,937	$	1,354,094	$	122,769	$	1,476,863
Storage Rental	728,984		140,028		869,012		15,830		884,842
Service	481,173		3,909		485,082		106,939		592,021
Other Segment Items(1)	683,889		82,369		766,258
Adjusted EBITDA	526,268		61,568		587,836
Total Assets(2)	10,706,306		5,000,981		15,707,287		2,122,269		17,829,556

(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.


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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. SEGMENT INFORMATION (CONTINUED)

A reconciliation of Adjusted EBITDA for our reportable segments to total Net Income (Loss) Before Provision (Benefit) for Income Taxes for the three months ended March 31, 2025 and 2024 is as follows:


	THREE MONTHS ENDED MARCH 31,
	2025		2024
Total Adjusted EBITDA for Reportable Segments	$	647,130	$	587,836
Add/(Deduct):
Corporate and other	(67,224)		(68,981)
Interest expense, net	(194,738)		(164,519)
Depreciation and amortization	(232,154)		(209,555)
Acquisition and Integration Costs	(5,823)		(7,809)
Restructuring and other transformation	(54,746)		(40,767)
(Loss) gain on disposal/write-down of property, plant and equipment, net (including real estate)	(5,571)		(389)
Other (expense) income, net, excluding our share of (losses) gains from our unconsolidated joint ventures	(27,382)		13,110
Stock-based compensation expense	(26,094)		(14,039)
Our share of Adjusted EBITDA reconciling items from our unconsolidated joint ventures	(2,330)		(1,253)
Total Net Income (Loss) Before Provision (Benefit) for Income Taxes	$	31,068	$	93,634


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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. SEGMENT INFORMATION (CONTINUED)

Segment revenue by product and service lines for the three months ended March 31, 2025 and 2024 is as follows:


	THREE MONTHS ENDED MARCH 31,
	2025		2024
Global RIM Business
Records Management(1)	$	991,827	$	936,652
Data Management(1)	122,087		132,050
Information Destruction(1)(2)	142,028		141,455
Data Center(1)	—		—
Global Data Center Business
Records Management(1)	$	—	$	—
Data Management(1)	—		—
Information Destruction(1)	—		—
Data Center(1)	173,197		143,937
Corporate and Other
Records Management(1)	$	42,787	$	39,072
Data Management(1)	—		—
Information Destruction(1)(3)	120,603		83,697
Data Center(1)	—		—





Total Consolidated
Records Management(1)	$	1,034,614	$	975,724
Data Management(1)	122,087		132,050
Information Destruction(1)(2)(3)	262,631		225,152
Data Center(1)	173,197		143,937

(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.

9. RELATED PARTIES

We have agreements with the Frankfurt JV 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").

Revenue recognized in the accompanying Condensed Consolidated Statements of Operations under these agreements for the three months ended March 31, 2025 and 2024 is as follows (approximately):


	THREE MONTHS ENDED MARCH 31,
	2025		2024
Frankfurt JV Agreements(1)	$	—	$	400

(1)Revenue associated with the Frankfurt JV Agreements is presented as a component of our Global Data Center Business segment.


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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. RESTRUCTURING AND OTHER TRANSFORMATION

PROJECT MATTERHORN

In September 2022, we announced Project Matterhorn. Project Matterhorn investments focus on transforming our operating model to a global operating model. Project Matterhorn focuses 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 are investing to accelerate growth and to capture a greater share of the large, global addressable markets in which we operate. We have incurred approximately $433,300 in Restructuring and other transformation costs from the inception of Project Matterhorn through March 31, 2025. We expect to incur approximately $150,000 in costs related to Project Matterhorn during the year ended December 31, 2025, at which point the program is expected to be completed. 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 related to Project Matterhorn included in the accompanying Condensed Consolidated Statements of Operations for the three months ended March 31, 2025 and 2024, and from the inception of Project Matterhorn through March 31, 2025, is as follows:


	THREE MONTHS ENDED MARCH 31, 2025		THREE MONTHS ENDED MARCH 31, 2024		FROM INCEPTION THROUGH MARCH 31, 2025
Restructuring	$	21,856	$	10,726	$	143,549
Other transformation	32,890		30,041		289,704
Restructuring and other transformation	$	54,746	$	40,767	$	433,253

Restructuring costs for Project Matterhorn, included as a component of Restructuring and other transformation in the accompanying Condensed Consolidated Statements of Operations, by segment, for the three months ended March 31, 2025 and 2024, and from the inception of Project Matterhorn through March 31, 2025, is as follows:


	THREE MONTHS ENDED MARCH 31, 2025		THREE MONTHS ENDED MARCH 31, 2024		FROM INCEPTION THROUGH MARCH 31, 2025
Global RIM Business	$	20,726	$	10,141	$	122,661
Global Data Center Business	—		4		3,576
Corporate and Other	1,130		581		17,312
Total restructuring costs	$	21,856	$	10,726	$	143,549

Other transformation costs for Project Matterhorn, included as a component of Restructuring and other transformation in the accompanying Condensed Consolidated Statements of Operations, by segment, for the three months ended March 31, 2025 and 2024, and from the inception of Project Matterhorn through March 31, 2025, is as follows:


	THREE MONTHS ENDED MARCH 31, 2025		THREE MONTHS ENDED MARCH 31, 2024		FROM INCEPTION THROUGH MARCH 31, 2025
Global RIM Business	$	11,063	$	8,970	$	81,670
Global Data Center Business	1,283		1,391		11,103
Corporate and Other	20,544		19,680		196,931
Total other transformation costs	$	32,890	$	30,041	$	289,704


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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. RESTRUCTURING AND OTHER TRANSFORMATION (CONTINUED)

The rollforward of the accrued restructuring costs and accrued other transformation costs, which are included as components of Accrued expenses and other current liabilities in our Condensed Consolidated Balance Sheets, for December 31, 2024 through March 31, 2025 is as follows:


	RESTRUCTURING		OTHER TRANSFORMATION		TOTAL RESTRUCTURING AND OTHER TRANSFORMATION
Balance as of December 31, 2024	$	6,974	$	13,004	$	19,978
Amount accrued	21,856		32,890		54,746
Payments	(13,013)		(25,537)		(38,550)
Balance as of March 31, 2025	$	15,817	$	20,357	$	36,174


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Table of Contents

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 months ended March 31, 2025 should be read in conjunction with our Condensed Consolidated Financial Statements and Notes thereto for the three months ended March 31, 2025, included herein, and our Consolidated Financial Statements and Notes thereto for the year ended December 31, 2024, included in our Annual Report on Form 10-K filed with the United States Securities and Exchange Commission ("SEC") on February 14, 2025 (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 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;

•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 or services activity;

•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;

•the impact of our distribution requirements on our ability to execute our business plan;

•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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Table of Contents

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 months ended March 31, 2025 within each section.

PROJECT MATTERHORN

In September 2022, we announced a global program designed to accelerate the growth of our business ("Project Matterhorn"). Project Matterhorn investments focus on transforming our operating model to a global operating model. Project Matterhorn focuses 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 are investing to accelerate growth and to capture a greater share of the large, global addressable markets in which we operate. We have incurred approximately $433.3 million in Restructuring and other transformation costs from the inception of Project Matterhorn through March 31, 2025. We expect to incur approximately $150.0 million in costs related to Project Matterhorn during the year ended December 31, 2025, at which point the program is expected to be completed. 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.

See Note 10 to Notes to Condensed Consolidated Financial Statements included in this Quarterly Report for more information on Restructuring and other transformation costs.

GENERAL

RESULTS OF OPERATIONS—KEY TRENDS

•Our organic storage rental revenue growth is primarily driven by revenue management in our Global RIM Business segment, where we expect volume to be relatively stable in the near term, as well as by growth in our Global Data Center Business segment, primarily driven by lease commencements.

•Our organic service revenue growth is primarily due to increases in our service activity. We expect organic service revenue growth in 2025 to benefit from our new and existing digital offerings and asset lifecycle management ("ALM") business, as well as our traditional services.

•We expect continued total revenue and Adjusted earnings before interest, taxes, depreciation and amortization ("EBITDA") growth in 2025 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 three months ended March 31, 2025 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 •Loss (gain) on disposal/write-down of property, plant and equipment, net (including real estate)						•Other expense (income), net •Stock-based compensation expense •Intangible impairments

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 MARCH 31,
	2025		2024
Net Income (Loss)	$	16,233	$	77,025
Add/(Deduct):
Interest expense, net	194,738		164,519
Provision (benefit) for income taxes	14,835		16,609
Depreciation and amortization	232,154		209,555
Acquisition and Integration Costs(1)	5,823		7,809
Restructuring and other transformation	54,746		40,767
Loss (gain) on disposal/write-down of property, plant and equipment, net (including real estate)	5,571		389
Other expense (income), net, excluding our share of losses (gains) from our unconsolidated joint ventures	27,382		(13,110)
Stock-based compensation expense	26,094		14,039
Our share of Adjusted EBITDA reconciling items from our unconsolidated joint ventures	2,330		1,253
Adjusted EBITDA	$	579,906	$	518,855

(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 •Loss (gain) on disposal/write-down of property, plant and equipment, net (including real estate) •Other expense (income), net						•Stock-based compensation expense •Non-cash amortization related to derivative instruments •Tax impact of reconciling items and discrete tax items •Amortization related to the write-off of certain customer relationship intangible assets

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 MARCH 31,
	2025		2024
Reported EPS—Fully Diluted from Net Income (Loss) Attributable to Iron Mountain Incorporated	$	0.05	$	0.25
Add/(Deduct):
Acquisition and Integration Costs	0.02		0.03
Restructuring and other transformation	0.18		0.14

Loss (gain) on disposal/write-down of property, plant and equipment, net (including real estate)	0.02		—
Other expense (income), net, excluding our share of losses (gains) from our unconsolidated joint ventures	0.09		(0.04)
Stock-based compensation expense	0.09		0.05
Non-cash amortization related to derivative instruments	0.01		0.01
Tax impact of reconciling items and discrete tax items(1)	(0.04)		(0.01)
Income (Loss) Attributable to Noncontrolling Interests	—		0.01
Adjusted EPS—Fully Diluted from Net Income (Loss) Attributable to Iron Mountain Incorporated(2)	$	0.43	$	0.43

(1)The differences between our effective tax rates and our structural tax rate (or adjusted effective tax rates) for the three months ended March 31, 2025 and 2024 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 months ended March 31, 2025 and 2024 was 17.0% and 13.9%, 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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Table of Contents

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 •Loss (gain) on disposal/write-down of property, plant and equipment, net (excluding real estate) •Other expense (income), 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 •Intangible impairments •(Income) loss from discontinued operations, net of tax

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


	THREE MONTHS ENDED MARCH 31,
	2025		2024
Net Income (Loss)	$	16,233	$	77,025
Add/(Deduct):
Real estate depreciation	94,147		83,573
Loss (gain) on sale of real estate, net of tax	312		(1,194)
Data center lease-based intangible assets amortization	2,019		5,576
Our share of FFO (Nareit) reconciling items from our unconsolidated joint ventures	1,496		441

FFO (Nareit)	114,207		165,421
Add/(Deduct):
Acquisition and Integration Costs	5,823		7,809
Restructuring and other transformation	54,746		40,767
Loss (gain) on disposal/write-down of property, plant and equipment, net (excluding real estate)	5,292		1,818
Other expense (income), net, excluding our share of losses (gains) from our unconsolidated joint ventures(1)	27,382		(13,110)
Stock-based compensation expense	26,094		14,039
Non-cash amortization related to derivative instruments	4,176		4,176
Real estate financing lease depreciation	3,148		2,986
Tax impact of reconciling items and discrete tax items(2)	(11,673)		(4,170)

Our share of FFO (Normalized) reconciling items from our unconsolidated joint ventures	(125)		41
FFO (Normalized)	$	229,070	$	219,777

(1)Includes foreign currency transaction losses (gains), 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 expense (income), 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 provision (benefit) for income taxes of $0.3 million and $1.1 million for the three months ended March 31, 2025 and 2024, 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, 2024.

RESULTS OF OPERATIONS

COMPARISON OF THE THREE MONTHS ENDED MARCH 31, 2025 TO THE THREE MONTHS ENDED MARCH 31, 2024 (IN THOUSANDS):


	THREE MONTHS ENDED MARCH 31,						DOLLAR CHANGE		PERCENTAGE CHANGE
	2025			2024
Revenues	$	1,592,529		$	1,476,863		$	115,666	7.8	%
Operating Expenses	1,338,235			1,231,240			106,995		8.7	%
Operating Income	254,294			245,623			8,671		3.5	%
Other Expenses, Net	238,061			168,598			69,463		41.2	%
Net Income (Loss)	16,233			77,025			(60,792)		(78.9)	%
Net Income (Loss) Attributable to Noncontrolling Interests	281			2,964			(2,683)		(90.5)	%
Net Income (Loss) Attributable to Iron Mountain Incorporated	$	15,952		$	74,061		$	(58,109)	(78.5)	%
Adjusted EBITDA(1)	$	579,906		$	518,855		$	61,051	11.8	%
Adjusted EBITDA Margin(1)	36.4		%	35.1		%

(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 MARCH 31,						PERCENTAGE CHANGE
	2025		2024		DOLLAR CHANGE		ACTUAL		CONSTANT CURRENCY(1)		ORGANIC GROWTH(2)		IMPACT OF ACQUISITIONS
Storage Rental	$	948,376	$	884,842	$	63,534	7.2	%	8.8	%	8.8	%	—	%
Service	644,153		592,021		52,132		8.8	%	10.2	%	7.1	%	3.1	%
Total Revenues	$	1,592,529	$	1,476,863	$	115,666	7.8	%	9.4	%	8.1	%	1.3	%

(1)Constant currency growth rate, which is a non-GAAP measure, is calculated by translating the 2024 results at the 2025 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

Primary factors influencing the change in reported storage rental revenue and reported service revenue for the three months ended March 31, 2025 compared to the three months ended March 31, 2024 include the following:



STORAGE RENTAL REVENUE						•organic storage rental revenue growth driven by revenue management in our Global RIM Business segment and lease commencements and improved pricing in our Global Data Center Business segment.


SERVICE REVENUE						•organic service revenue growth driven by increases in Global Digital Solutions and traditional service activity levels in our Global RIM Business and increased volume in our ALM business; and •an increase of $18.3 million due to recent acquisitions in our ALM business.


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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 MARCH 31,						PERCENTAGE CHANGE				% OF TOTAL REVENUES				PERCENTAGE CHANGE (FAVORABLE)/ UNFAVORABLE
	2025		2024		DOLLAR CHANGE		ACTUAL		CONSTANT CURRENCY		2025		2024
Labor	$	273,981	$	251,331	$	22,650	9.0	%	10.8	%	17.2	%	17.0	%	0.2	%
Facilities	287,406		276,827		10,579		3.8	%	5.3	%	18.0	%	18.7	%	(0.7)	%
Transportation	43,133		45,320		(2,187)		(4.8)	%	(3.7)	%	2.7	%	3.1	%	(0.4)	%
Product Cost of Sales and Other	105,684		79,777		25,907		32.5	%	33.7	%	6.6	%	5.4	%	1.2	%
Total Cost of sales	$	710,204	$	653,255	$	56,949	8.7	%	10.3	%	44.6	%	44.2	%	0.4	%

Primary factors influencing the change in reported Cost of sales for the three months ended March 31, 2025 compared to the three months ended March 31, 2024 include the following:

•an increase in labor costs driven by an increase in service activity, primarily within our Global RIM and ALM businesses;

•an increase in facilities expenses, primarily driven by higher real estate taxes in our Global Data Center business; and

•an increase in product cost of sales and other in our ALM business as a result of higher product volumes.

SELLING, GENERAL AND ADMINISTRATIVE EXPENSES

Selling, general and administrative expenses consists of the following expenses (in thousands):


	THREE MONTHS ENDED MARCH 31,						PERCENTAGE CHANGE				% OF TOTAL REVENUES				PERCENTAGE CHANGE (FAVORABLE)/ UNFAVORABLE
	2025		2024		DOLLAR CHANGE		ACTUAL		CONSTANT CURRENCY		2025		2024
General, Administrative and Other	$	242,874	$	235,042	$	7,832	3.3	%	4.5	%	15.3	%	15.9	%	(0.6)	%
Sales, Marketing and Account Management	86,863		84,423		2,440		2.9	%	4.6	%	5.5	%	5.7	%	(0.2)	%
Total Selling, general and administrative expenses	$	329,737	$	319,465	$	10,272	3.2	%	4.5	%	20.7	%	21.6	%	(0.9)	%

Primary factors influencing the change in reported Selling, general and administrative expenses for the three months ended March 31, 2025 compared to the three months ended March 31, 2024 include the following:

•an increase in general, administrative and other expenses, primarily driven by higher compensation expense; and

•an increase in sales, marketing and account management expenses, primarily driven by higher compensation expense.

DEPRECIATION AND AMORTIZATION

Depreciation expense increased by $18.8 million, or 13.1%, for the three months ended March 31, 2025 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 $3.8 million, or 5.8%, for the three months ended March 31, 2025 compared to the prior year period.

ACQUISITION AND INTEGRATION COSTS

Acquisition and Integration Costs for the three months ended March 31, 2025 and 2024 were approximately $5.8 million and $7.8 million, respectively.


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Part I. Financial Information

RESTRUCTURING AND OTHER TRANSFORMATION

Restructuring and other transformation costs for the three months ended March 31, 2025 and 2024 were $54.7 million and $40.8 million, respectively, and related to operating expenses associated with the implementation of Project Matterhorn.

LOSS (GAIN) ON DISPOSAL/WRITE-DOWN OF PROPERTY, PLANT AND EQUIPMENT, NET

Loss (gain) on disposal/write-down of property, plant and equipment, net for the three months ended March 31, 2025 and 2024 was approximately $5.6 million and $0.4 million, respectively.

OTHER EXPENSES, NET

INTEREST EXPENSE, NET

Interest expense, net increased by $30.2 million to $194.7 million in the three months ended March 31, 2025 from $164.5 million in the prior year period. The increase is primarily due to higher average debt outstanding during the three months ended March 31, 2025 compared to the prior year period. Our weighted average interest rate, inclusive of the fees associated with our outstanding letters of credit, was 5.7% at both March 31, 2025 and 2024. See Note 5 to Notes to Condensed Consolidated Financial Statements included in this Quarterly Report for additional information regarding our indebtedness.

OTHER EXPENSE (INCOME), NET

Other expense (income), net for the three months ended March 31, 2025 and 2024 consists of the following (in thousands):


	THREE MONTHS ENDED MARCH 31,				DOLLAR CHANGE
DESCRIPTION	2025		2024
Foreign currency transaction losses (gains), net(1)	$	29,663	$	(16,379)	$	46,042

Other, net	(1,175)		3,849		(5,024)
Other Expense (Income), Net	$	28,488	$	(12,530)	$	41,018

PROVISION FOR INCOME TAXES


	THREE MONTHS ENDED MARCH 31,
	2025		2024
Effective Tax Rate	47.8	%	17.7	%

The primary reconciling items between the federal statutory tax rate of 21.0% and our overall effective tax rate for the three months ended March 31, 2025 were the lack of tax benefits recognized for the ordinary losses, disallowed interest expenses of certain entities and losses we recorded in Other expense (income), net during the period, as well as the differences in the tax rates to which our foreign earnings are subject, partially offset by the benefits derived from the dividends paid deduction.


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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 MARCH 31,						DOLLAR CHANGE		PERCENTAGE CHANGE
	2025			2024
Net Income (Loss)	$	16,233		$	77,025		$	(60,792)	(78.9)	%
Net Income (Loss) as a percentage of Revenue	1.0		%	5.2		%
Adjusted EBITDA	$	579,906		$	518,855		$	61,051	11.8	%
Adjusted EBITDA Margin	36.4		%	35.1		%



Adjusted EBITDA Margin for the three months ended March 31, 2025 increased 130 basis points from the same prior year period driven by favorable overhead management, offset by changes in our revenue mix.			↑ INCREASED BY $61.1 MILLION OR 11.8% Adjusted EBITDA


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Part I. Financial Information

SEGMENT ANALYSIS

See Note 8 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 MARCH 31,								PERCENTAGE CHANGE
							DOLLAR CHANGE		ACTUAL		CONSTANT CURRENCY		ORGANIC GROWTH		IMPACT OF ACQUISITIONS
	2025			2024
Storage Rental	$	757,508		$	728,984		$	28,524	3.9	%	5.7	%	5.7	%	—	%
Service	498,434			481,173			17,261		3.6	%	5.1	%	5.1	%	—	%
Segment Revenue	$	1,255,942		$	1,210,157		$	45,785	3.8	%	5.5	%	5.5	%	—	%
Segment Adjusted EBITDA	$	556,314		$	526,268		$	30,046
Segment Adjusted EBITDA Margin	44.3		%	43.5		%

THREE 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 three months ended March 31, 2025 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 Global Digital Solutions business and growth in our traditional service activity levels; and

•an 80 basis point increase in Adjusted EBITDA Margin primarily driven by ongoing cost containment measures and revenue management.


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Part I. Financial Information

GLOBAL DATA CENTER BUSINESS (IN THOUSANDS)


	THREE MONTHS ENDED MARCH 31,								PERCENTAGE CHANGE
							DOLLAR CHANGE		ACTUAL		CONSTANT CURRENCY		ORGANIC GROWTH		IMPACT OF ACQUISITIONS
	2025			2024
Storage Rental	$	172,945		$	140,028		$	32,917	23.5	%	24.4	%	24.4	%	—	%
Service	252			3,909			(3,657)		(93.6)	%	(93.5)	%	(93.5)	%	—	%
Segment Revenue	$	173,197		$	143,937		$	29,260	20.3	%	21.2	%	21.2	%	—	%
Segment Adjusted EBITDA	$	90,816		$	61,568		$	29,248
Segment Adjusted EBITDA Margin	52.4		%	42.8		%

THREE 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 and Adjusted EBITDA Margin in our Global Data Center Business segment for the three months ended March 31, 2025 compared to the prior year period include the following:

•organic storage rental revenue growth from leases that commenced during the first three months of 2025 and in prior periods, improved pricing and increased usage of pass-through power, partially offset by churn of approximately 30 basis points;

•an increase in Adjusted EBITDA primarily driven by organic storage rental revenue growth; and

•a 960 basis point increase in Adjusted EBITDA Margin reflecting improved pricing, recent lease commencements and cost containment.


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Part I. Financial Information

CORPORATE AND OTHER (IN THOUSANDS)


	THREE MONTHS ENDED MARCH 31,						PERCENTAGE CHANGE
					DOLLAR CHANGE		ACTUAL		CONSTANT CURRENCY		ORGANIC GROWTH		IMPACT OF ACQUISITIONS
	2025		2024
Storage Rental	$	17,923	$	15,830	$	2,093	13.2	%	13.4	%	13.4	%	—	%
Service	145,467		106,939		38,528		36.0	%	36.6	%	19.5	%	17.1	%
Revenue	$	163,390	$	122,769	$	40,621	33.1	%	33.6	%	18.7	%	14.9	%
Adjusted EBITDA	$	(67,224)	$	(68,981)	$	1,757

Primary factors influencing the change in revenue and Adjusted EBITDA in Corporate and Other (as defined in Note 8 to Notes to Condensed Consolidated Financial Statements included in this Quarterly Report) for the three months ended March 31, 2025 compared to the prior year period include the following:

•an increase in service revenue of $18.3 million due to recent acquisitions in our ALM business;

•organic service revenue growth in our ALM business driven by increased volume; and

•an improvement in Adjusted EBITDA driven by service revenue improvement in our ALM 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 the Credit Agreement (as defined below), 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 have incurred approximately $433.3 million in Restructuring and other transformation costs from the inception of Project Matterhorn through March 31, 2025. We expect to incur approximately $150.0 million in costs related to Project Matterhorn during the year ended December 31, 2025, at which point the program is expected to be completed. During the three months ended March 31, 2025 and 2024, we incurred approximately $54.7 million and $40.8 million, respectively, of Restructuring and other transformation costs related to Project Matterhorn, which 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.

CASH FLOWS

The following is a summary of our cash balances and cash flows (in thousands) as of and for the three months ended March 31,


	2025		2024
Cash Flows from Operating Activities	$	197,299	$	130,038
Cash Flows from Investing Activities	(766,766)		(525,609)
Cash Flows from Financing Activities	578,832		362,099
Cash and Cash Equivalents, End of Period	155,338		191,655

A. CASH FLOWS FROM OPERATING ACTIVITIES

For the three months ended March 31, 2025, net cash flows provided by operating activities increased by $67.3 million compared to the prior year period, primarily due to a decrease in net income (excluding non-cash charges) of $1.1 million and an increase in cash from working capital of $68.4 million, primarily driven by the timing of accrued expenses.

B. CASH FLOWS FROM INVESTING ACTIVITIES

Our significant investing activity during the three months ended March 31, 2025 included cash paid for capital expenditures of $674.8 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 three months ended March 31, 2025 included:

•Net proceeds of approximately $1,109.0 million primarily associated with borrowings under the Revolving Credit Facility.

•Payment of dividends in the amount of $223.5 million on our common stock.

•Payment of deferred purchase obligations and other deferred payments of $240.2 million.


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Part I. Financial Information

CAPITAL EXPENDITURES

The following table presents our capital spend for the three months ended March 31, 2025 and 2024, organized by the type of the spending as described in our Annual Report (in thousands):


	THREE MONTHS ENDED MARCH 31,
NATURE OF CAPITAL SPEND	2025		2024
Growth Investment Capital Expenditures:
Data Center	$	575,999	$	276,631
Real Estate	30,934		46,755
Innovation and Other	21,584		13,730
Total Growth Investment Capital Expenditures	628,517		337,116
Recurring Capital Expenditures:
Data Center	$	3,067	$	1,768
Real Estate	8,196		9,361
Non-Real Estate	16,820		17,608
Total Recurring Capital Expenditures	28,083		28,737
Total Capital Spend (on accrual basis)	$	656,600	$	365,853
Net (decrease) increase in prepaid capital expenditures	(2,351)		(8,768)
Net decrease (increase) in accrued capital expenditures	20,518		24,060
Total Capital Spend (on cash basis)	$	674,767	$	381,145

Excluding capital expenditures associated with potential future acquisitions, we expect total capital expenditures of approximately $1,950.0 million for the year ending December 31, 2025. Of this, we expect capital expenditures for growth investment of approximately $1,800.0 million and recurring capital expenditures of approximately $150.0 million.

DIVIDENDS

See Note 7 to Notes to Condensed Consolidated Financial Statements included in this Quarterly Report for a listing of dividends that we declared during the first three months of 2025 and fiscal year 2024.

On May 1, 2025, we declared a dividend to our stockholders of record as of June 16, 2025 of $0.785 per share, payable on July 3, 2025.


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Part I. Financial Information

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 March 31, 2025 are related to cash and cash equivalents held in money market funds. 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 March 31, 2025 is as follows (in thousands):


	MARCH 31, 2025
	DEBT (INCLUSIVE OF DISCOUNT)		UNAMORTIZED DEFERRED FINANCING COSTS		CARRYING AMOUNT
Revolving Credit Facility(1)	$	1,073,000	$	(8,788)	$	1,064,212
Term Loan A(1)	213,281		—		213,281

Term Loan B due 2031(1)	1,835,940		(14,059)		1,821,881
Virginia 3 Term Loans(2)	271,079		(2,519)		268,560
Virginia 4/5 Term Loans(2)	138,747		(1,900)		136,847
Virginia 6 Term Loans(2)	179,410		(4,112)		175,298
Virginia 7 Term Loans(2)	107,337		(7,022)		100,315
Australian Dollar Term Loan(2)	176,251		(230)		176,021
UK Bilateral Revolving Credit Facility(2)	181,099		(992)		180,107
GBP Notes(2)	517,424		(570)		516,854
47/8% Notes due 2027(2)	1,000,000		(3,555)		996,445
51/4% Notes due 2028(2)	825,000		(3,543)		821,457
5% Notes due 2028(2)	500,000		(2,412)		497,588
7% Notes due 2029(2)	1,000,000		(8,154)		991,846
47/8% Notes due 2029(2)	1,000,000		(6,510)		993,490
51/4% Notes due 2030(2)	1,300,000		(8,023)		1,291,977
41/2% Notes(2)	1,100,000		(7,363)		1,092,637
5% Notes due 2032(2)	750,000		(9,574)		740,426
55/8% Notes(2)	600,000		(4,259)		595,741
61/4% Notes(2)	1,200,000		(14,089)		1,185,911
Real Estate Mortgages, Financing Lease Liabilities and Other	655,796		(1,694)		654,102
Accounts Receivable Securitization Program	400,000		(600)		399,400
Total Long-term Debt	15,024,364		(109,968)		14,914,396
Less Current Portion	(736,922)		—		(736,922)
Long-term Debt, Net of Current Portion	$	14,287,442	$	(109,968)	$	14,177,474

(2)Each as defined 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 5 to Notes to Condensed Consolidated Financial Statements included in this Quarterly Report for additional information regarding our long-term debt.


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Part I. Financial Information

DEBT COVENANTS

The Credit Agreement uses earnings before interest, taxes, depreciation and amortization and rent expense ("EBITDAR")-based calculations and the bond indentures use 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 March 31, 2025 are as follows:

MARCH 31, 2025

MAXIMUM/MINIMUM ALLOWABLE

Net total lease adjusted leverage ratio

5.0

Maximum allowable of 7.0

Fixed charge coverage ratio

2.4

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 March 31, 2025. 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 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.

As of March 31, 2025 and December 31, 2024, we have approximately $1,487.0 million and $1,482.0 million, respectively, in notional value outstanding on our interest rate swap agreements. As of March 31, 2025, our interest rate swap agreements have maturity dates ranging from October 2025 through May 2027.


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Part I. Financial Information

CROSS-CURRENCY SWAP AGREEMENTS

The notional values of our cross-currency swaps, by currency, as of March 31, 2025 and December 31, 2024, are as follows (in thousands):


	MARCH 31, 2025		DECEMBER 31, 2024
Euro	$	509,187	$	509,187
Canadian dollar	350,000		350,000
	$	859,187	$	859,187

INVESTMENTS


	MARCH 31, 2025				DECEMBER 31, 2024
	CARRYING VALUE		EQUITY INTEREST		CARRYING VALUE		EQUITY INTEREST
Frankfurt JV	$	77,885	20	%	$	61,075	20	%


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Part I. Financial Information

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 March 31, 2025 (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.

There were no changes in our internal control over financial reporting that occurred during the quarter ended March 31, 2025 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 March 31, 2025, nor did we repurchase any shares of our common stock during the three months ended March 31, 2025.

ITEM 5. OTHER INFORMATION

On February 21, 2025, Mr. Greg McIntosh, our Executive Vice President and Chief Commercial Officer, Global Records and Information Management, adopted a 10b5-1 trading plan to (i) exercise options to purchase up to 6,744 shares of our common stock, (ii) sell up to 9,848 shares of our common stock between May 22, 2025 and August 29, 2025 and (iii) sell 100% of the net shares to be acquired upon vesting of 27,934 gross performance units (“PUs”), as adjusted based on the actual performance results of such PUs, between June 2, 2025 and August 29, 2025. Mr. McIntosh’s plan will terminate on the earlier of August 29, 2025 and the date that all trades under the plan are completed.

On March 14, 2025, William L. Meaney, our President and Chief Executive Officer, adopted a 10b5-1 trading plan to (i) exercise options to purchase up to 803,924 shares of our common stock between January 2, 2026 and December 31, 2027, (ii) sell up to 803,924 shares of our common stock between January 2, 2026 and December 31, 2027 and (iii) sell 100% of the net shares to be acquired upon vesting of 317,031 gross PUs, as adjusted based on the actual performance results of such PUs, between March 2, 2026 and March 4, 2027. Mr. Meaney's plan will terminate on the earlier of December 31, 2027 and the date that all trades under the plan are completed.

On March 20, 2025, Mr. Mark Kidd, our Executive Vice President and General Manager, Data Centers and ALM, adopted a 10b5-1 trading plan to (i) exercise options to purchase up to 7,306 shares of our common stock between June 18, 2025 and March 9, 2026 and (ii) sell up to 97,306 shares of our common stock between July 1, 2025 and September 1, 2026. Mr. Kidd’s plan will terminate on the earlier of September 18, 2026 and the date that all trades under the plan are completed.

Each of these arrangements was entered into during an open trading window and is intended to satisfy the affirmative defense 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. Each exhibit marked by a pound sign (#) is a management contract or compensatory plan.


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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Part II. Other Information

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: May 1, 2025


IRON MOUNTAIN MARCH 31, 2025 FORM 10-Q									45

Iron Mountain - 10-Q quarterly report FY2025 Q1

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