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目錄

美國
證券交易委員會
華盛頓，DC 20549
表格 10-Q
（標記一）
☒根據1934年證券交易法第13或15(d)節的季度報告
截至季度末2024年9月30日
或者
☐根據《1934年證券交易法》第13或15(d)條規定的過渡報告
過渡期從                        到                       
委員會文件編號1-13045
logo_ironmountain.jpg
鐵山公司公司
（按其章程規定的確切註冊人名稱）
特拉華州23-2588479
（成立或組織的州或其他轄區）（納稅人識別號碼）
    
85 新罕布什爾大道, 150 套房, 朴茨茅斯, 新罕布什爾 03801
(總部地址，包括郵編)
(617) 535-4766
根據證券法規第425條（17 CFR 230.425）的書面通信
本2.02條款和附件99.1中含有的信息，除非在此類申報文件中通過具體引用註明，否則將不被視爲根據《證券交易法》或修正件（以下簡稱「交易所法」的章程18條的目的出於遞交該等申報文件或遞交《證券法》或修正件的申報文件中的任何一份而被歸入參考文件之列。
每一類的名稱交易標誌在其上註冊的交易所的名稱
普通股，面值爲0.01美元IRMNYSE
請用複選標記指示註冊商是否已在過去12個月內(或註冊商需要提交此類報告的較短時間內)按照1934年證券交易所法案第13或15(d)條的規定提交了所有要提交的報告，並且註冊商在過去90天內是否需要遵守這些報告要求。Yes ☒    否 ☐
請在本公司於根據S-t規則405條規定提交的交互式數據文件過去的12個月內（或本公司被要求提交此類文件的較短期間內）提交的所有交互式數據文件中進行勾選。 Yes ☒    否 ☐
請用複選標記指示註冊者是否爲大型加速提名人、加速提名人、非加速提名人、較小的報告公司或新興增長公司。請查看《交易所法》規則120億.2中對「大型加速提名人」、「加速提名人」、「較小的報告公司」和「新興增長公司」的定義。（選擇一項）：
大型加速報告人
☒
加速文件提交人
☐
非加速文件提交人
☐
較小的報告公司
☐
新興成長公司
☐
如果是新興成長型公司，在選中複選標記的同時，如果公司已選擇不使用根據證券交易法第13(a)條提供的任何新的或修訂後的財務會計準則的延長過渡期來符合新的或修訂後的財務會計準則，則表明該公司已選擇不使用根據證券交易法第13(a)條提供的任何新的或修訂後的財務會計準則的延長過渡期來符合新的或修訂後的財務會計準則。☐
請勾選: 註冊人是否爲空殼公司(根據證券交易所法案的規定120億-2)。 是 ☐ 否☒
截至2024年11月1日，註冊人持有 293,460,371 普通股每股面值爲0.01美元。

目錄

logo_ironmountain_toc.jpg
鐵山股份有限公司
2024年第三季度10-Q季度報告
目錄
摘要綜合損益表 有九起類似訴訟針對JAVELIN的要約收購和合並被提起，稱違反信託責任，尋求公正補償，包括但不限於，禁止交易的達成、撤銷、解除已經交易的事項，以及發送費用、補貼成本，包括合理的律師費和費用。唯一的佛羅里達州訴訟從未向被告送達，該案件於2017年1月20日自願撤回並關閉。2016年4月25日，馬里蘭法院頒佈了一項命令，將馬里蘭案件合併成一起訴訟，標題爲JAVELIN Mortgage Investment Corp.股東訴訟（案號24-C-16-001542），並指定一個馬里蘭案件的律師作爲臨時首席聯合法律顧問。2016年5月26日，臨時首席律師提交了經修訂的釩化鐵質量投訴，聲稱違反信託責任的集體索賠，教唆和共謀違反信託責任以及浪費。2016年6月27日，被告提出了駁回合併修訂集體投訴申請的動議，聲稱未陳述可以獲得救濟的規定。在2017年3月3日，聽證會召開了駁回動議，法院保留了裁定。法院數次推遲動議陳述的裁定。2024年2月14日，法院頒佈裁定，支持被告的駁回動議，並駁回所有原告的權利，無需上訴。在2024年3月11日，原告提出了對法院裁定的上訴通知。2024年7月3日，原告自願撤回之前提出的上訴通知。 和202 2024年9月30日 和 2023
合併簡明綜合股權報表 三個和九個 截至 2023年9月30日
的現金流簡明彙總表 有九起類似訴訟針對JAVELIN的要約收購和合並被提起，稱違反信託責任，尋求公正補償，包括但不限於，禁止交易的達成、撤銷、解除已經交易的事項，以及發送費用、補貼成本，包括合理的律師費和費用。唯一的佛羅里達州訴訟從未向被告送達，該案件於2017年1月20日自願撤回並關閉。2016年4月25日，馬里蘭法院頒佈了一項命令，將馬里蘭案件合併成一起訴訟，標題爲JAVELIN Mortgage Investment Corp.股東訴訟（案號24-C-16-001542），並指定一個馬里蘭案件的律師作爲臨時首席聯合法律顧問。2016年5月26日，臨時首席律師提交了經修訂的釩化鐵質量投訴，聲稱違反信託責任的集體索賠，教唆和共謀違反信託責任以及浪費。2016年6月27日，被告提出了駁回合併修訂集體投訴申請的動議，聲稱未陳述可以獲得救濟的規定。在2017年3月3日，聽證會召開了駁回動議，法院保留了裁定。法院數次推遲動議陳述的裁定。2024年2月14日，法院頒佈裁定，支持被告的駁回動議，並駁回所有原告的權利，無需上訴。在2024年3月11日，原告提出了對法院裁定的上訴通知。2024年7月3日，原告自願撤回之前提出的上訴通知。 截至 2024年9月30日 和 2023
53





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目錄
第一部分 財務信息
項目1. 未經審計的簡明綜合財務報表
鐵山2024年9月30日第10-Q表格
1
目錄
第一部分財務信息
鐵山股份有限公司
簡明合併資產負債表
(以千計，除了分享和每股數據)（未經審計）
 2024年9月30日2023年12月31日
資產 
流動資產： 
現金及現金等價物$168,515 $222,789 
應收賬款（扣除$ 的減值準備後84,190 和 $74,762 截至2024年9月30日和2023年12月31日，分別爲）
1,243,464 1,259,826 
預付費用和其他306,867 252,930 
流動資產合計1,718,846 1,735,545 
固定資產： 
房地產、廠房及設備11,549,081 10,373,989 
減少—累計折舊(4,354,477)(4,059,120)
淨固定資產7,194,604 6,314,869 
其他資產淨額: 
商譽5,198,460 5,017,912 
客戶和供應商關係以及其他無形資產1,276,963 1,279,800 
經營租賃權利資產 2,591,238 2,696,024 
其他489,518 429,652 
其他資產淨額合計9,556,179 9,423,388 
總資產$18,469,629 $17,473,802 
負債和股東權益 
流動負債: 
開多次數$136,547 $120,670 
應付賬款586,793 539,594 
應計費用和其他流動負債（包括營運租賃負債的流動部分）1,288,176 1,250,259 
遞延收入294,545 325,665 
總流動負債2,306,061 2,236,188 
長期債務淨額，扣除流動部分13,245,462 11,812,500 
營運租賃長期負債淨額，扣除流動部分 2,438,905 2,562,394 
其他長期負債277,588 237,590 
遞延所得稅負債233,484 235,410 
承諾和事後約定
可贖回的非控股權益70,537 177,947 
(赤字)股東權益:  
鐵山公司股東的(赤字)股東權益:  
優先股 (面值 $0.01；授權 10,000,000股； 無 已發行和流通股數
— — 
普通股（面值 $0.01; 授權 400,000,000股；已發行股數 293,425,265 和 292,142,739 截至2024年9月30日和2023年12月31日的股份分別爲
2,934 2,921 
額外實收資本4,602,246 4,533,691 
(超過盈利的分配) 超額盈利(4,475,682)(3,953,808)
累計其他綜合項目淨額(388,511)(371,156)
鐵山公司股東（赤字）權益總額(259,013)211,648 
非控制權益156,605 125 
總（赤字）權益(102,408)211,773 
總負債和（赤字）股本$18,469,629 $17,473,802 


隨附說明是這些簡明合併財務報表的一部分。
鐵山2024年9月30日第10-Q表格
2
目錄
第一部分財務信息
鐵山股份有限公司
簡明合併利潤表
(以千爲單位，除每股數據外)（未經審計）
 
截至9月30日的三個月
 20242023
營收：  
存儲租賃$935,701 $858,656 
服務621,657 529,519 
總營收1,557,358 1,388,175 
營業費用：
銷售成本（不包括折舊和攤銷）678,390 592,201 
銷售、一般及行政費用341,929 315,030 
折舊和攤銷232,240 198,757 
收購和整合成本11,262 9,909 
Restructuring and other transformation37,282 38,861 
Loss (gain) on disposal/write-down of property, plant and equipment, net
5,091 (4,416)
總營業費用1,306,194 1,150,342 
營業收入（虧損）251,164 237,833 
Interest Expense, Net (includes Interest Income of $949 和 $4,059 截至三個月的時間段結束時
分別爲2024年和2023年的9月30日
186,067 152,801 
其他費用（收益），淨額86,362 (16,271)
稅前（收入）損失(21,265)101,303 
所得稅費用（收益）12,400 9,912 
淨利潤（虧損）(33,665)91,391 
扣除：歸屬於非控股利益的淨（虧損）收入(45)348 
歸屬於鐵山有限公司的淨（虧損）收入$(33,620)$91,043 
鐵山公司歸屬於普通股股東的每股淨（虧損）收益：  
Basic$(0.11)$0.31 
Diluted$(0.11)$0.31 
基本已發行普通股平均每股數 - 加權平均293,603 292,148 
攤薄已發行普通股平均每股數 - 加權平均293,603 294,269 


















相關附註是這些基本報表的一個不可或缺的部分。
鐵山2024年9月30日第10-Q表格
3
目錄
第一部分. 財務信息
鐵山股份有限公司
綜合營業損益匯縮陳述
(以千為單位，除每股資料外)（未經審核）
 
截至九月三十日止的九個月,
 20242023
收入：  
儲存租金$2,740,289 $2,499,501 
服務1,828,341 1,560,959 
總收益4,568,630 4,060,460 
營業費用：
銷貨成本（不包括折舊和攤銷）2,007,616 1,756,471 
銷售，一般及行政費用1,006,232 921,355 
折舊與攤提666,296 576,218 
收購和整合成本28,573 13,015 
重組和其他轉型124,562 121,362 
資產、廠房和設備處置/減損損失（收益），淨額
8,270 (18,982)
營業費用總計3,841,549 3,369,439 
營業收入（損失）727,081 691,021 
淨利息費用（包括利息收入 $4,374 15.19,256 截至九個月結束時
分別為2024年和2023年9月30日）
527,107 434,148 
其他費用（收入），淨額79,665 67,879 
未經所得稅賬前的凈利潤（損失）120,309 188,994 
所得稅費用提列（利益）42,328 30,925 
凈利潤（損失）77,981 158,069 
扣除：歸屬非控股利益的凈利潤（損失）1,757 2,317 
歸屬鐵山股份有限公司的凈利潤（損失）$76,224 $155,752 
鐵山公司歸屬於普通股的每股凈利潤（損失）： 
基礎$0.26 $0.53 
稀釋$0.26 $0.53 
基本每股未出售普通股的加權平均數量293,229 291,805 
稀釋每股未出售普通股的加權平均數量295,912 293,615 


















相關附註是這些基本報表的一個不可或缺的部分。
鐵山2024年9月30日第10-Q表格
4
目錄
第一部分. 財務信息
鐵山股份有限公司
綜合收益（損失）簡明綜合表
(以千為單位）（未經查證）
 
截至9月30日止三個月
 20242023
淨（虧損）收益$(33,665)$91,391 
其他綜合損益：  
外幣換算調整107,282 (80,168)
衍生工具公允價值變動(34,281)6,184 
從累计其他綜合項目中重分類，淨額— (2,527)
其他全面收入（損失）總額73,001 (76,511)
綜合收益（損失）39,336 14,880 
歸屬於非控制權益的綜合損益376 (404)
歸屬於鐵山公司的綜合損益$38,960 $15,284 
 
九個月截至九月三十日,
 20242023
凈利潤（損失）$77,981 $158,069 
其他綜合損益：  
外幣換算調整8,434 (21,907)
衍生工具公允價值變動(23,381)10,638 
來自累積其他全面損益項目調整的再分類, 净额(2,528)(5,054)
總其他全面(損失)收益:(17,475)(16,323)
綜合收益（損失）60,506 141,746 
綜合收益（虧損）歸屬於非控股利益1,637 1,994 
綜合收益（虧損）歸屬於鐵山公司$58,869 $139,752 




















相關附註是這些基本報表的一個不可或缺的部分。
鐵山2024年9月30日第10-Q表格
5
目錄
第一部分. 財務信息
鐵山股份有限公司
綜合（虧損）權益簡明綜合財務報表
(以千為單位，不包括分享資料)（未經審核）
THREE MONTHS ENDED SEPTEMBER 30, 2024
 IRON MOUNTAIN INCORPORATED STOCKHOLDERS' (DEFICIT) EQUITY
 普通股ADDITIONAL
實收資本
資本		(DISTRIBUTIONS
IN EXCESS OF
EARNINGS) EARNINGS IN
EXCESS OF
分紅派息		積累的
其他
綜合
ITEMS, NET
NONCONTROLLING
利益權益
可贖回
非控股
利益權益
 TOTAL股份金額
2024年6月30日資產負債表$(132,749)293,298,465 $2,933 $4,555,883 $(4,230,599)$(461,091)$125 $184,861 
根據員工股票購買和選擇權計畫以及股份報酬進行股份發行和淨結算32,928 126,800 1 32,927 — — — — 
與可贖回非控制權益相關的權益變動(1,036)— — (54,446)— — 53,410 (113,964)
母公司現金分紅宣告(211,463)— — — (211,463)— — — 
其他全面收益（損失）72,580 — — — — 72,580 — 421 
淨（虧損）收益(33,620)— — — (33,620)— — (45)
非控制權益權益貢獻及相關成本170,952 — — 67,882 — — 103,070 — 
非控制權益分紅— — — — — — — (736)
2024年9月30日結餘$(102,408)293,425,265 $2,934 $4,602,246 $(4,475,682)$(388,511)$156,605 $70,537 
2024年9月30日結束的九個月
 鐵山公司股東的（赤字）權益
 普通股其他
實收資本
資本額外增加		（分配
超出）
獲利) 淨利潤
超出
分紅派息		累積
其他
綜合
項目, 淨額		非控制
利益		可贖回的
非控制權
利益
 TOTAL股份金額
2023年12月31日結餘$211,773 292,142,739  $2,921 $4,533,691 $(3,953,808)$(371,156)$125 $177,947 
員工股票購買和選擇權計劃以及股份報酬的發行和淨結算54,710 1,282,526 13 54,697 — — — — 
與可贖回的非控股權益相關的權益變動(614)— — (54,024)— — 53,410 (107,102)
母公司現金股息宣告(598,098)— — — (598,098)— — — 
其他綜合（損失）收益(17,355)— — — — (17,355)— (120)
凈利潤（損失）76,224 — — — 76,224 — — 1,757 
非控制權益的股權貢獻和相關成本170,952 — — 67,882 — — 103,070 — 
非控制權益的分紅派息— — — — — — — (1,945)
2024年9月30日結餘$(102,408)293,425,265 $2,934 $4,602,246 $(4,475,682)$(388,511)$156,605 $70,537 









相關附註是這些基本報表的一個不可或缺的部分。
鐵山2024年9月30日第10-Q表格
6
目錄
第一部分. 財務信息
鐵山股份有限公司
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
(IN THOUSANDS, EXCEPT SHARE DATA) (UNAUDITED)
THREE MONTHS ENDED SEPTEMBER 30, 2023
 IRON MOUNTAIN INCORPORATED STOCKHOLDERS' EQUITY
 COMMON STOCKADDITIONAL
PAID-IN
CAPITAL		(DISTRIBUTIONS
IN EXCESS OF
EARNINGS) EARNINGS IN
EXCESS OF
DISTRIBUTIONS		ACCUMULATED
OTHER
COMPREHENSIVE
ITEMS, NET
NONCONTROLLING
INTERESTS
REDEEMABLE
NONCONTROLLING
INTERESTS
 TOTALSHARESAMOUNTS
Balance, June 30, 2023
$416,343 291,824,958 $2,918 $4,488,492 $(3,692,948)$(382,244)$125 $104,059 
Issuance and net settlement of shares under employee stock purchase and option plans and stock-based compensation20,293 102,449 1 20,292 — — — — 
Changes in equity related to redeemable noncontrolling interests(400)— — (400)— — — — 
Parent cash dividends declared(188,889)— — — (188,889)— — — 
Other comprehensive (loss) income(75,759)— — — — (75,759)— (752)
Net income (loss)91,043 — — — 91,043 — — 348 
Noncontrolling interests dividends— — — — — — — (905)
Purchase of noncontrolling interests— — — — — — — 60,520 
Balance, September 30, 2023
$262,631 291,927,407 $2,919 $4,508,384 $(3,790,794)$(458,003)$125 $163,270 
NINE MONTHS ENDED SEPTEMBER 30, 2023
 IRON MOUNTAIN INCORPORATED STOCKHOLDERS' EQUITY
 COMMON STOCKADDITIONAL
PAID-IN
CAPITAL		(DISTRIBUTIONS
IN EXCESS OF
EARNINGS) EARNINGS IN
EXCESS OF
DISTRIBUTIONS		ACCUMULATED
OTHER
COMPREHENSIVE
ITEMS, NET		NONCONTROLLING
INTERESTS		REDEEMABLE
NONCONTROLLING
INTERESTS
 TOTALSHARESAMOUNTS
Balance, December 31, 2022
$636,793 290,830,296 $2,908 $4,468,035 $(3,392,272)$(442,003)$125 $95,160 
Issuance and net settlement of shares under employee stock purchase and option plans and stock-based compensation39,393 1,097,111 11 39,382 — — — — 
Changes in equity related to redeemable noncontrolling interests967 — — 967 — — — (1,367)
Parent cash dividends declared(554,274)— — — (554,274)— — — 
Other comprehensive (loss) income(16,000)— — — — (16,000)— (323)
Net income (loss)155,752 — — — 155,752 — — 2,317 
Noncontrolling interests equity contributions— — — — — — — 9,900 
Noncontrolling interests dividends— — — — — — — (2,937)
Purchase of noncontrolling interests— — — — — — — 60,520 
Balance, September 30, 2023
$262,631 291,927,407 $2,919 $4,508,384 $(3,790,794)$(458,003)$125 $163,270 







The accompanying notes are an integral part of these condensed consolidated financial statements.
IRON MOUNTAIN SEPTEMBER 30, 2024 FORM 10-Q
7
Table of Contents
Part I. Financial Information
IRON MOUNTAIN INCORPORATED
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(以千計)（未經審計）
 
截至9月30日的九個月
 20242023
經營活動產生的現金流量： 
$77,981 $158,069 
調整以協調淨利潤（損失）與經營活動現金流量:   
折舊費用466,905 387,327 
攤銷（包括攤銷遞延融資成本和折扣，金額爲$18,909 和 $13,580 截至2024年和2023年9月30日的九個月分別爲
218,300 202,471 
與客戶激勵和市場租賃攤銷相關的營業收入減少 4,117 5,206 
股票補償費用73,491 53,195 
（利益）遞延所得稅規定(9,012)(7,727)
早期償還債務的損失5,417 — 
處置/減記固定資產、廠房及設備的損益，淨值 8,270 (18,982)
與Clutter收購相關的損失— 38,000 
外幣交易及其他，淨值100,436 55,768 
資產增加（減少）(45,677)(6,889)
負債減少（增加）(135,100)(200,064)
經營活動產生的現金流量765,128 666,374 
投資活動現金流量:  
資本支出(1,173,968)(962,294)
收購支付現金淨額(174,445)(33,932)
取得客戶無形資產(5,820)(5,799)
合同成本(84,112)(61,960)
合營企業投資和其他投資的淨額(9,834)(15,830)
出售固定資產和其他資產的收益淨額6,350 44,732 
投資活動現金流 (1,441,829)(1,035,083)
籌資活動產生的現金流量：  
償還循環信貸設施、貸款設施和其他債務(8,974,574)(13,654,869)
循環信貸設施、貸款設施和其他債務的籌資10,247,884 13,630,522 
銷售高級票據的淨收益— 990,000 
債務融資和非控制權益的股權貢獻 178,616 9,900 
向非控股權益分配股權 (1,945)(2,937)
回購非控制權益(35,203)— 
母公司現金股息(579,494)(547,667)
支付遞延購買義務(158,677)— 
員工股權獎勵相關的淨（付款）收入 (18,781)(13,802)
其他，淨額(18,625)(7,275)
籌資活動產生的現金流量639,201 403,872 
匯率對現金及現金等價物的影響(16,774)(6,458)
現金及現金等價物減少或增加(54,274)28,705 
現金及現金等價物期初餘額222,789 141,797 
期末現金及現金等價物餘額$168,515 $170,502 
因1934年證券交易法第15(d)條規定的轉型報告 
支付的利息現金$644,301 $470,273 
支付的淨所得稅$68,135 $74,948 
非現金投融資活動：  
融資租賃及其他$129,109 $104,613 
應計資本支出$241,240 $176,596 
遞延購買義務和其他遞延付款$260,813 $4,786 
未付股息$220,996 $200,879 

隨附說明是這些簡明合併財務報表的一部分。
鐵山2024年9月30日第10-Q表格
8
目錄
第一部分財務信息
鐵山股份有限公司
簡明合併財務報表附註
(以千爲單位，除股份和每股數據外)（未經審計）
1. 一般規定
鐵山公司及其附屬公司（"我們"或"我們"）的未經審計的簡明合併財務報表已根據美國證券交易委員會（"SEC"）的規定和法規編制。根據這些規定和法規，省略了通常包括在按照美國通用會計準則編制的年度財務報表中的某些信息和註腳披露，但我們相信在此所包含的披露足以使所呈現的信息不會誤導。這些中期簡明合併財務報表在此呈現，並且在管理層的意見中，反映了爲公平呈現所需的正常循環性質的所有調整。中期業績不一定代表全年業績。
基本報表及相關附註應與2023年12月31日結束的財年合併財務報表及附註一併閱讀，這些內容已包含在我們於2024年2月22日向美國證券交易委員會提交的Form 10-K年度報告（以下簡稱「年度報告」）中。
2022年9月，我們宣佈了一個旨在加速我們業務增長的全球計劃（"Matterhorn計劃"）。請參閱說明11。
我們已經被組織，並且作爲股權房地產投資信託在美國聯邦所得稅的目的下運作，始於截至2014年12月31日的納稅年度。
2. 重要會計政策摘要
A. 現金及現金等價物
現金及現金等價物包括手頭現金和投資於高流動性短期證券的現金，這些證券在購買時剩餘期限不足90天。現金及現金等價物按成本計量，其約等於公允價值。
B. 應收賬款
我們保留了一個應收賬款可疑準備金和信貸備忘錄儲備，用於預計的損失，原因是我們的客戶可能無法按時付款以及可能存在有關賬單和服務問題的爭議。 截至2024年9月30日的九個月內，應收賬款可疑準備金和信貸備忘錄儲備的持續情況如下：
2023年12月31日期初餘額
$74,762 
信貸備忘錄計入營業收入73,762 
呆賬準備計入費用37,668 
扣款和其他(1)
(102,002)
2024年9月30日的餘額
$84,190 
(1)主要包括髮放貸記憑證、覈銷應收賬款以及貨幣轉換調整所帶來的影響。
鐵山2024年9月30日第10-Q表格
9
目錄
第一部分財務信息
鐵山股份有限公司
基本報表註釋（續）
(以千爲單位，除股份和每股數據外) (未經審計)
2. 重要會計政策摘要 (續)
C. 下表展示與經營租賃相關的補充現金流和非現金信息：
我們爲一些倉庫、數據中心和辦公空間提供租賃設施。我們還有土地租賃，包括某些設施所在的土地。
2024年9月30日和2023年12月31日的經營性和融資性租賃權利使用資產和租賃負債如下：
描述2024年9月30日2023年12月31日
資產：
經營租賃權使用資產$2,591,238 $2,696,024 
資產融資租賃使用權，扣除累計折舊(1)
367,500 304,600 
負債：
當前
經營租賃負債$315,093 $291,795 
融資租賃負債(1)
50,455 39,089 
開多
經營租賃負債$2,438,905 $2,562,394 
融資租賃負債(1)
363,155 310,776 
(1)融資租賃使用權資產、當前融資租賃負債和長期融資租賃負債分別包括在我們的資產中，固定資產、淨額內、長期負債的流動部分和長期負債、扣除當前部分分別在我們的簡明合併資產負債表中。
2024年和2023年截至9月30日三個月和九個月的租賃費用的組成如下：
截至9月30日的三個月截至9月30日的九個月
描述2024202320242023
營業租賃成本(1)
$168,308 $172,040 $512,789 $489,153 
融資租賃成本：
融資租賃權利資產的折舊$13,907 $11,004 $36,929 $31,214 
融資租賃負債的利息費用5,593 4,843 16,031 13,600 
(1)Operating lease cost, the majority of which is included in Cost of sales, includes variable lease costs of $42,785 and $120,473 for the three and nine months ended September 30, 2024, respectively, and $34,866 and $100,864 for the three and nine months ended September 30, 2023, respectively.
Other information: Supplemental cash flow information relating to our leases for the nine months ended September 30, 2024 and 2023 is as follows:
NINE MONTHS ENDED SEPTEMBER 30,
CASH PAID FOR AMOUNTS INCLUDED IN MEASUREMENT OF LEASE LIABILITIES:20242023
Operating cash flows used in operating leases$355,509 $334,806 
Operating cash flows used in financing leases (interest)16,031 13,600 
Financing cash flows used in financing leases41,079 35,124 
NON-CASH ITEMS:
Operating lease modifications and reassessments$9,536 $65,874 
New operating leases (including acquisitions and sale-leaseback transactions)97,708 234,194 
IRON MOUNTAIN SEPTEMBER 30, 2024 FORM 10-Q
10
Table of Contents
Part I. Financial Information
IRON MOUNTAIN INCORPORATED
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
(In thousands, except share and per share data) (Unaudited)
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
D. GOODWILL
Our reporting units as of December 31, 2023 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 9) for the nine months ended September 30, 2024 are as follows:
GLOBAL RIM BUSINESSGLOBAL DATA CENTER BUSINESSCORPORATE AND OTHERTOTAL CONSOLIDATED
Goodwill balance, net of accumulated amortization, as of December 31, 2023
$3,911,945 $478,930 $627,037 $5,017,912 
Tax deductible goodwill acquired during the period— — 131,790 131,790 
Non-tax deductible goodwill acquired during the period— — 36,499 36,499 
Fair value and other adjustments984 (186)(186)612 
Currency effects9,686 1,062 899 11,647 
Goodwill balance, net of accumulated amortization, as of September 30, 2024
$3,922,615 $479,806 $796,039 $5,198,460 
Accumulated goodwill impairment balance as of September 30, 2024
$132,409 $— $26,011 $158,420 
IRON MOUNTAIN SEPTEMBER 30, 2024 FORM 10-Q
11
Table of Contents
Part I. Financial Information
IRON MOUNTAIN INCORPORATED
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
(In thousands, except share and per share data) (Unaudited)
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
E. FAIR VALUE MEASUREMENTS
The assets and liabilities carried at fair value measured on a recurring basis as of September 30, 2024 and December 31, 2023 are as follows:
  
FAIR VALUE MEASUREMENTS AT SEPTEMBER 30, 2024 USING
DESCRIPTION
TOTAL CARRYING
VALUE AT
SEPTEMBER 30, 2024
QUOTED PRICES IN
ACTIVE MARKETS
(LEVEL 1)		SIGNIFICANT OTHER
OBSERVABLE INPUTS
(LEVEL 2)
SIGNIFICANT
UNOBSERVABLE
INPUTS (LEVEL 3)(2)
Money Market Funds$17,581 $— $17,581 $— 
Time Deposits30,462 — 30,462 — 
Trading Securities8,013 6,283 1,730 — 
Derivative Liabilities29,824 — 29,824 — 
Deferred Purchase Obligations(1)
117,050 — — 117,050 
  FAIR VALUE MEASUREMENTS AT DECEMBER 31, 2023 USING
DESCRIPTION
TOTAL CARRYING
VALUE AT
DECEMBER 31, 2023
QUOTED PRICES IN
ACTIVE MARKETS
(LEVEL 1)		SIGNIFICANT OTHER
OBSERVABLE INPUTS
(LEVEL 2)
SIGNIFICANT
UNOBSERVABLE
INPUTS (LEVEL 3)(2)
Money Market Funds$66,008 $— $66,008 $— 
Time Deposits15,913 — 15,913 — 
Trading Securities9,952 6,149 3,803 — 
Derivative Assets6,359 — 6,359 — 
Derivative Liabilities5,769 — 5,769 — 
Deferred Purchase Obligations(1)
208,265 — — 208,265 
(1)Primarily relates to the fair values of the deferred purchase obligations associated with the ITRenew Transaction (as defined in Note 3 to Notes to Consolidated Financial Statements included in our Annual Report) and the Regency Transaction (as defined in Note 3).
(2)The following is a rollforward of the Level 3 liabilities presented above for December 31, 2023 through September 30, 2024:
Balance as of December 31, 2023
$208,265 
Additions63,700 
Payments(158,677)
Other changes, including accretion3,762 
Balance as of September 30, 2024
$117,050 
The level 3 valuations of the deferred purchase obligations were determined utilizing Monte-Carlo models and take into account our forecasted projections as they relate to the underlying performance of the respective businesses. The Monte-Carlo simulation model applied in assessing the fair value of the deferred purchase obligation associated with the ITRenew Transaction incorporates assumptions as to expected gross profits over the achievement period, including adjustments for the volatility of timing and amount of the associated revenue and costs, as well as discount rates that account for the risk of the arrangement and overall market risks. The Monte-Carlo simulation model applied in assessing the fair value of the deferred purchase obligation associated with the Regency Transaction 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 related deferred purchase obligation.
There were no material items that were measured at fair value on a non-recurring basis at September 30, 2024 and December 31, 2023 other than (i) those disclosed in Note 2.p. to Notes to Consolidated Financial Statements included in our Annual Report and (ii) assets acquired and liabilities assumed through our acquisitions that occurred during the nine months ended September 30, 2024 (see Note 3), both of which are based on Level 3 inputs.
IRON MOUNTAIN SEPTEMBER 30, 2024 FORM 10-Q
12
Table of Contents
Part I. Financial Information
IRON MOUNTAIN INCORPORATED
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
(In thousands, except share and per share data) (Unaudited)
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
F. ACCUMULATED OTHER COMPREHENSIVE ITEMS, NET
The changes in Accumulated other comprehensive items, net for the three and nine months ended September 30, 2024 and 2023 are as follows:
THREE MONTHS ENDED SEPTEMBER 30, 2024
THREE MONTHS ENDED SEPTEMBER 30, 2023
 FOREIGN
CURRENCY
TRANSLATION AND OTHER
ADJUSTMENTS		DERIVATIVE FINANCIAL
INSTRUMENTS		TOTALFOREIGN
CURRENCY
TRANSLATION AND OTHER
ADJUSTMENTS		DERIVATIVE FINANCIAL
INSTRUMENTS		TOTAL
Beginning of Period$(471,935)$10,844 $(461,091)$(396,677)$14,433 $(382,244)
Other comprehensive income (loss):
Foreign currency translation and other adjustments106,861 — 106,861 (79,416)— (79,416)
Change in fair value of derivative instruments— (34,281)(34,281)— 6,184 6,184 
Reclassifications from accumulated other comprehensive items, net— — — — (2,527)(2,527)
Total other comprehensive income (loss)106,861 (34,281)72,580 (79,416)3,657 (75,759)
End of Period$(365,074)$(23,437)$(388,511)$(476,093)$18,090 $(458,003)
NINE MONTHS ENDED SEPTEMBER 30, 2024
NINE MONTHS ENDED SEPTEMBER 30, 2023
 FOREIGN
CURRENCY
TRANSLATION AND OTHER
ADJUSTMENTS		DERIVATIVE FINANCIAL
INSTRUMENTS		TOTALFOREIGN
CURRENCY
TRANSLATION AND OTHER
ADJUSTMENTS		DERIVATIVE FINANCIAL
INSTRUMENTS		TOTAL
Beginning of Period$(373,628)$2,472 $(371,156)$(454,509)$12,506 $(442,003)
Other comprehensive income (loss):
Foreign currency translation and other adjustments8,554 — 8,554 (21,584)— (21,584)
Change in fair value of derivative instruments— (23,381)(23,381)— 10,638 10,638 
Reclassifications from accumulated other comprehensive items, net— (2,528)(2,528)— (5,054)(5,054)
Total other comprehensive income (loss)8,554 (25,909)(17,355)(21,584)5,584 (16,000)
End of Period$(365,074)$(23,437)$(388,511)$(476,093)$18,090 $(458,003)
G. REVENUES
The costs associated with the initial movement of customer records into physical storage and certain commissions are considered costs to fulfill or obtain customer contracts (collectively, "Contract Costs"). Contract Costs as of September 30, 2024 and December 31, 2023 are as follows:
SEPTEMBER 30, 2024DECEMBER 31, 2023
GROSS
CARRYING
AMOUNT		ACCUMULATED
AMORTIZATION		NET
CARRYING
AMOUNT		GROSS
CARRYING
AMOUNT		ACCUMULATED
AMORTIZATION		NET
CARRYING
AMOUNT
Intake Costs asset$84,021 $(40,865)$43,156 $76,150 $(39,617)$36,533 
Commissions asset190,432 (72,480)117,952 156,639 (64,279)92,360 
IRON MOUNTAIN SEPTEMBER 30, 2024 FORM 10-Q
13
Table of Contents
Part I. Financial Information
IRON MOUNTAIN INCORPORATED
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
(In thousands, except share and per share data) (Unaudited)
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Deferred revenue liabilities are reflected in our Condensed Consolidated Balance Sheets as follows:
DESCRIPTIONLOCATION IN BALANCE SHEETSEPTEMBER 30, 2024DECEMBER 31, 2023
Deferred revenue - CurrentDeferred revenue$294,545 $325,665 
Deferred revenue - Long-termOther Long-term Liabilities85,795 100,770 
DATA CENTER LESSOR CONSIDERATIONS
Our Global Data Center Business features storage rental provided to customers at contractually specified rates over a fixed contractual period, which are accounted for in accordance with Accounting Standards Codification 842, Leases. Storage rental revenue associated with our Global Data Center Business for the three and nine months ended September 30, 2024 and 2023 is as follows:
THREE MONTHS ENDED SEPTEMBER 30,NINE MONTHS ENDED SEPTEMBER 30,
2024202320242023
Storage rental revenue$150,796 $123,655 $438,221 $342,080 
H. STOCK-BASED COMPENSATION
Our stock-based compensation expense includes the cost of stock options, restricted stock units ("RSUs") and performance units ("PUs") (together, the "Employee Stock-Based Awards").
STOCK-BASED COMPENSATION EXPENSE
Stock-based compensation expense for the Employee Stock-Based Awards for the three and nine months ended September 30, 2024 and 2023 is as follows:
截至9月30日的三個月截至9月30日的九個月
2024202320242023
股票補償費用$29,563 $18,313 $73,491 $53,195 
截至2024年9月30日止九個月，我們大約授予了 83,100 7728474股期權 670,900公司授予PSUs的有PSUs，並頒發了2015年外部董事計劃的RSUs。453,000 年度報告中包括的基本報表註釋2.t中定義的2014年計劃下的PUs。
截至2024年9月30日，與未歸屬股票期權相關的未認領的補償成本我們員工股票獎勵計劃中尚未歸屬部分（包括我們估計的績效指標達成情況），金額爲$78,844.
鐵山2024年9月30日第10-Q表格
14
目錄
第一部分財務信息
鐵山股份有限公司
基本報表註釋（續）
(以千爲單位，股份和每股數據除外)（未經審計）
2. 重要會計政策摘要（續）
I. 收購和整合成本
收購和整合成本代表與我們的業務收購的結束和整合活動直接相關的運營支出，這些收購已經結束，或者非常可能結束，並且包括（i）完成業務收購所需的諮詢、法律和專業費用以及（ii）將收購的業務整合到我們現有運營中所需的費用，包括搬遷、解僱和系統整合成本（統稱爲「收購和整合成本」）。
2024年和2023年截至9月30日三個月和九個月的收購和整合成本如下:
截至9月30日的三個月截至9月30日的九個月
2024202320242023
收購和整合成本$11,262 $9,909 $28,573 $13,015 
處理/減記物業、設備及設施的損益，淨額
2024年9月30日結束的三個月和九個月以及2023年發生的處置/減值固定資產的淨損益如下所示:
截至9月30日的三個月截至9月30日的九個月
202420232024
2023(1)
處置/減記財產、廠房和設備的損失（收益），淨額
$5,091 $(4,416)$8,270 $(18,982)
(1)    截至2023年9月30日的九個月收益主要包括約$的收益18,500 該公司於2023年第一季度與新加坡一家設施進行的出租回租交易相關的，涉及約的收益。2023年期間確認的收益是我們通過出售和出售回租交易來實現對一小部分工業資產進行貨幣化的計劃的結果。這些租賃協議的條款與我們的租賃組合的條款一致，在包括在我們年度報告中的基本財務報表註釋2.j.的註釋中詳細披露。
k. 其他費用（收入），淨額
截至2024年和2023年9月30日的三個月和九個月的其他費用（收入），淨額包括以下內容：
 截至9月30日的三個月截至9月30日的九個月
描述2024202320242023
外匯交易損失（收益），淨額(1)(2)
$46,657 $(29,310)$31,291 $177 
債務攤銷費用5,417 — 5,417 — 
其他，淨額(3)(4)
34,288 13,039 42,957 67,702 
其他費用（收益），淨額
$86,362 $(16,271)$79,665 $67,879 
(1)2024年9月30日結束的三個月和九個月的虧損主要由於英鎊和歐元對美元匯率變化對我們與我們的某些子公司之間的公司內結存造成的影響。
(2)2023年9月30日止三個月的收益主要包括英鎊與美元匯率變動對我們與我們的某些子公司之間的公司間結餘的影響。
(3)2024年9月30日結束的三個月和九個月的其他，主要包括約$29,200 相關費用，用於購買Web Werks JV剩餘股權的協議（如註釋3中定義和討論），以及我們的股權法下投資的損失和我們的遞延購買義務價值的變化。
(4)2023年9月30日止九個月的其他淨額主要包括約$的虧損。38,000 與對我們先前持有的Clutter JV股權（如註釋10中定義和討論）的公允價值重新計量以及我們的權益法投資的虧損和我們的遞延購買義務價值變動有關。
鐵山2024年9月30日第10-Q表格
15
目錄
第一部分財務信息
鐵山股份有限公司
基本報表註釋（續）
(以千爲單位，除每股數據和股票外) (未經審計)
2. 重要會計政策摘要（續）
L. 所得稅
我們根據對本年度有效稅率的估計，在中期期間提供所得稅。 2024年和2023年截至9月30日的三個月和九個月的實際稅率如下：
 截至9月30日的三個月截至9月30日的九個月
2024(1)
2023(2)
2024(1)
2023(2)
有效稅率58.3 %9.8 %35.2 %16.4 %
(1)聯邦法定稅率與2024年9月30日結束的三個和九個月的實際稅率之間的主要調解項目是，某些實體今年至今普通損失的稅收優惠未予承認， 股息支付扣除帶來的利益以及我們外國收入適用的稅率差異。此外，我們在其他費用（收入）淨額中記錄了在此期間沒有稅收影響的收益和損失。 21.0聯邦法定稅率與我司截至2024年9月30日爲止的三個月和九個月的總體有效稅率之間的主要調解項目，是某些實體年初普通損失未被確認的稅收優惠，來自股息支付扣除的利益，以及我們的外國收入適用的稅率差異。此外，我們在其他費用（收入）淨額方面在此期間記錄了收益和損失，對此沒有稅收影響。
(2)主要調和項目是美國的法定稅率和我們截至2023年9月30日的總體有效稅率之間的差異。 21.0在2023年9月30日結束的三個月和九個月期間，主要調和項目包括來自分紅派息扣除的利益，以及我們外國收入適用稅率的差異。此外，我們在其他費用（收入）淨額中記錄了在該期間沒有稅務影響的收益和損失。
每股收益（虧損）—基本和攤薄
2024年和2023年截至9月30日三個月和九個月的基本和稀釋每股收益（虧損）計算如下：
 截至9月30日的三個月截至9月30日的九個月
 2024202320242023
淨利潤（虧損）$(33,665)$91,391 $77,981 $158,069 
扣除：歸屬於非控股利益的淨（虧損）收入(45)348 1,757 2,317 
鐵山公司歸屬於淨（虧損）收入（用於計算每股收益的分子）$(33,620)$91,043 $76,224 $155,752 
17,795293,603,000 292,148,000 293,229,000 291,805,000 
期權的攤薄潛在影響— 1,592,000 2,143,000 1,376,000 
攤薄潛在股票和單位的影響— 529,000 540,000 434,000 
加權平均股份-攤薄293,603,000 294,269,000 295,912,000 293,615,000 
鐵山公司歸屬於普通股股東的每股淨（虧損）收益：  
 基本$(0.11)$0.31 $0.26 $0.53 
稀釋$(0.11)$0.31 $0.26 $0.53 
抗稀釋期權、限制性股票單位和股票單位排除在計算之外3,083,222 16,820 293,457 106,561 
鐵山2024年9月30日第10-Q表格
16
Table of Contents
Part I. Financial Information
IRON MOUNTAIN INCORPORATED
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
(In thousands, except share and per share data) (Unaudited)
3. ACQUISITIONS
WISETEK
On September 20, 2024, in order to further expand our asset lifecycle management ("ALM") business, we acquired 100% of Wisetek Solutions Limited ("Wisetek"), an information technology ("IT") asset disposition services provider offering services across the globe with operations facilities in the United States, Ireland, the United Kingdom and Thailand, for (i) cash consideration of approximately 46,600 Euros (or approximately $51,900, based upon the exchange rate between the Euro and the United States dollar on the closing date of this acquisition), subject to adjustments, and (ii) up to 4,200 Euros (or approximately $4,700, based upon the exchange rate between the Euro and the United States dollar as of September 30, 2024) of additional consideration, payable based on the achievement of certain gross profit targets through September 2026.
REGENCY TECHNOLOGIES
On January 3, 2024, in order to expand our ALM business, we acquired 100% of RSR Partners, LLC (doing business as Regency Technologies), an IT asset disposition services provider with operations throughout the United States, for an initial purchase price of approximately $200,000, subject to certain working capital adjustments at, and subsequent to, the closing, with $125,000 paid at closing, funded by borrowings under the Revolving Credit Facility (as defined in Note 6), and the remaining $75,000 (the “January 2025 Payment”) to be paid in January 2025 (the "Regency Transaction"). The present value of the January 2025 Payment is included as a component of Accrued expenses and other current liabilities in our Condensed Consolidated Balance Sheet at September 30, 2024. The agreement for the Regency Transaction also includes a performance-based contingent consideration with a potential earnout range from zero to $200,000 based upon achievement of certain three-year cumulative revenue targets, which would be payable in 2027, if earned (the “Regency Deferred Purchase Obligation”). The preliminary fair value estimate of the Regency Deferred Purchase Obligation as of the acquisition date was approximately $78,400. See Note 2.e. for details on the methodology used to establish the fair value. The fair value of the Regency Deferred Purchase Obligation is included as a component of Other long-term liabilities in our Condensed Consolidated Balance Sheet at September 30, 2024. Subsequent increases or decreases in the fair value estimate of the Regency Deferred Purchase Obligation, as well as the accretion of the discount to present value, is included as a component of Other expense (income), net in our Condensed Consolidated Statements of Operations until the deferred purchase obligation is settled or paid. Subsequent to the acquisition, the results of Regency Technologies are included as a component of Corporate and Other.
PRELIMINARY PURCHASE PRICE ALLOCATION
A summary of the cumulative consideration paid and the preliminary allocation of the purchase price paid for our acquisitions closed during the nine months ended September 30, 2024 is as follows:
NINE MONTHS ENDED SEPTEMBER 30, 2024
Cash Paid (gross of cash acquired)$184,777 
Deferred Purchase Obligations, Purchase Price Holdbacks and Other(1)
133,813 
Total Consideration318,590 
Fair Value of Identifiable Assets Acquired(2)
212,826 
Fair Value of Identifiable Liabilities Acquired(62,525)
Goodwill Initially Recorded(3)
$168,289 
(1)Consists of the acquisition-date fair values of the Regency Deferred Purchase Obligation and the January 2025 Payment.
(2)Assets acquired include supplier relationship intangible assets, with a total fair value of approximately $131,000 and a weighted average life of approximately 18 years.
(3)Goodwill is primarily attributable to the assembled workforce, expanded market opportunities and costs and other operating synergies anticipated upon the integration of the operations of us and the acquired businesses.
IRON MOUNTAIN SEPTEMBER 30, 2024 FORM 10-Q
17
Table of Contents
Part I. Financial Information
IRON MOUNTAIN INCORPORATED
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
(In thousands, except share and per share data) (Unaudited)
3. ACQUISITIONS (CONTINUED)
The preliminary purchase price allocations that are not finalized as of September 30, 2024 relate to the final assessment of the fair values of the assets acquired and the fair value of the deferred purchase obligation, which may differ materially from these preliminary estimates associated with the acquisitions closed during the nine months ended September 30, 2024. Any adjustments to our estimates of purchase price allocations will be made in the periods in which the adjustments are determined, and the cumulative effect of such adjustments will be calculated as if the adjustments had been completed as of the acquisition dates. Purchase price allocation adjustments recorded during the nine months ended September 30, 2024 were not material to our balance sheet or results from operations.
PRIOR YEAR ACQUISITION UPDATE
2024年7月1日，我們與Web Werks India Private Limited的少數股東達成協議，以收購剩餘約 36.61%權益的Web Werks JV（定義詳見附註5）分兩筆交易。根據協議，在2024年9月30日結束的三個月內，我們確認了約29,200，作爲我們的基本報表彙總中其他費用（收入）淨額的一部分。2024年7月5日，我們完成了對Web Werks JV約 8.55%權益的收購（「第一筆款項」）約 3,000,000 印度盧比（摺合約$35,000，基於Tranche I結束日的美元與印度盧比的匯率）。付款完成後，我們在Web Werks JV中的所有權約爲 71.94%。2025年3月，我們將需支付約 9,600,000 印度盧比（摺合約$114,600根據2024年9月30日美元和印度盧比的匯率）收購剩餘約 28.06%股份的Web Werks JV（「第二筆款項」）。作爲2025年3月第二筆款項的支付的一部分，如果在2024年12月31日之前實現了某些製造行業目標，我們還可以進行約 1,000,000 印度盧比（或約$11,900根據2024年9月30日美元和印度盧比的匯率） （「增量支付」），如果在2024年12月31日之前實現了某些基礎設施目標，則會產生責任。有關第二筆款項以及我們對增量支付的當前估計已包括在2024年9月30日的基本報表中的應計費用和其他流動負債中。
4. 投資
合資創業公司總結
我們與AGC Equity Partners（「法蘭克福JV」）的合資企業被視爲權益法投資，並呈現爲其他資產淨額中的一個組成部分，在我們的簡明合併資產負債表中。 2024年9月30日和2023年12月31日法蘭克福JV的賬面價值和權益份額如下：
2024年9月30日
2023年12月31日
負債股權利益賬面價值股權份額
法蘭克福合資公司
$65,219 20 %$57,874 20 %
鐵山2024年9月30日第10-Q表格
18
目錄
第一部分財務信息
鐵山股份有限公司
基本報表註釋（續）
(以千爲單位，除股份和每股數據外) (未經審計)
5. 衍生工具和對沖活動
我們參與的衍生工具包括： (i) 利率互換協議（被指定爲現金流量套期保值）和 (ii) 跨貨幣互換協議（被指定爲淨投資套期保值）。
指定爲現金流量套期工具的利率互換協議
我們利用利率期貨協議作爲現金流量套期保值工具，以限制我們部分浮動利率負債利率變動的風險敞口。我們的某些利率期貨協議名義金額將隨着被套期交易的基礎交易增加。根據我們的利率期貨協議，我們收到與每筆利率互換協議名義金額相關的可變利率利息支付，這些支付基於一個月期擔保隔夜融資利率（「SOFR」），作爲交換，我們支付利率互換協議中規定的固定利率利息。我們的利率期貨協議在每個報告期結束時按照市場標記到市場，代表利率互換協議的公允價值，任何公允價值變動被確認爲其他綜合收入的組成部分。未實現收益被確認爲資產，而未實現損失被確認爲負債。
截至2024年9月30日和2023年12月31日，我們大約有$1,354,000 和 $520,000分別在我們的利率掉期協議中，截至2024年9月30日，到期日從2025年10月至2027年5月不等，名義價值未清
被指定爲對沖淨投資的跨貨幣掉期協議
我們利用跨貨幣掉期來對沖美元和歐元之間匯率波動的影響。截至2024年9月30日和2023年12月31日，我們在跨貨幣利率掉期上擁有約$的名義價值。509,200 截至2024年9月30日，我們的跨貨幣利率掉期到期日介於2025年8月至2026年2月。
我們將這些跨貨幣利率互換協議指定爲對我們某些以歐元計價的子公司的淨投資的套期保值，並且要求在到期時交換名義金額。這些跨貨幣利率互換協議在每個報告期末被按照市場價值覈算，代表了跨貨幣利率互換協議的公允價值，任何公允價值的變動被確認爲資產負債表中其他綜合收益項目的組成部分。未實現收益被確認爲資產，而未實現損失被確認爲負債。我們的跨貨幣利率互換協議的被排除部分記錄在其他綜合收益項目中，並按照直線法攤銷爲利息費用。
2024年9月30日和2023年12月31日，在我們的簡明合併資產負債表中確認的衍生工具公允價值按衍生工具列示如下：
2024年9月30日
2023年12月31日
在2023年11月，財務會計準則委員會（「FASB」）發佈了會計準則更新（「ASU」）No. 2023-07段報告（主題280）：改進報告段披露。在其他新的披露要求之間，ASU 2023-07要求公司披露定期向首席營運決策者提供的重要部門費用。ASU 2023-07將於2024年1月1日開始生效，並將於2025年1月1日開始生效。ASU 2023-07必須對財務報表中呈現的所有以前期間進行追溯性地應用。我們目前正在評估ASU 2023-07的披露影響。(1)
資產負債資產負債
。(2)
  
利率掉期協議$— $(25,053)$1,601 $(3,273)
淨投資套期保值(3)
跨貨幣利率互換協議— (4,771)4,758 (2,496)
(1)我們的衍生資產包含在（i）預付費用及其他或（ii）其他資產中，淨額和我們的衍生負債包含在（i）應計費用及其他流動負債或（ii）其他長期負債中，列示於2024年9月30日的簡明合併資產負債表。1,848 列示於未償費用及其他流動負債內的$，27,976 列示於其他長期負債內的$，截至2023年12月31日6,359 列示於其他資產內的$，2,496 列示於未償費用及其他流動負債內的$，3,273 列示於其他長期負債內的$。
(2)截至2024年9月30日，與我們的利率互換協議相關的其他綜合收益項目中累積的淨損失爲$23,437.
(3)截至2024年9月30日，在累計其他綜合項目中記錄的累計淨利潤，與我方跨貨幣互換協議有關的貨幣交換協議爲$37,955，其中包括$42,726 相關於我方跨貨幣互換協議中被排除部分的。
鐵山2024年9月30日第10-Q表格
19
目錄
第一部分財務信息
鐵山股份有限公司
基本報表註釋（續）
(以千爲單位，除股份和每股數據外) (未經審計)
5. 衍生工具和套期交易活動（續）
截至2024年和2023年9月30日止三個月和九個月期間，衍生工具導致的未實現（損失）收益已在累計其他全面項目中確認，具體如下：
截至9月30日的三個月截至9月30日的九個月
在2023年11月，財務會計準則委員會（「FASB」）發佈了會計準則更新（「ASU」）No. 2023-07段報告（主題280）：改進報告段披露。在其他新的披露要求之間，ASU 2023-07要求公司披露定期向首席營運決策者提供的重要部門費用。ASU 2023-07將於2024年1月1日開始生效，並將於2025年1月1日開始生效。ASU 2023-07必須對財務報表中呈現的所有以前期間進行追溯性地應用。我們目前正在評估ASU 2023-07的披露影響。2024202320242023
。 
利率掉期協議$(34,281)$6,184 $(23,381)$10,638 
淨投資套期保值
貨幣互換協議(18,480)5,822 (7,033)(15,685)
貨幣互換協議（排除組件）4,176 5,27012,529 16,921 
在2024年和2023年截至9月30日的三個和九個月中，通過衍生工具確認的淨利潤（虧損）的損益如下：
截至9月30日的三個月截至9月30日的九個月
在2023年11月，財務會計準則委員會（「FASB」）發佈了會計準則更新（「ASU」）No. 2023-07段報告（主題280）：改進報告段披露。在其他新的披露要求之間，ASU 2023-07要求公司披露定期向首席營運決策者提供的重要部門費用。ASU 2023-07將於2024年1月1日開始生效，並將於2025年1月1日開始生效。ASU 2023-07必須對財務報表中呈現的所有以前期間進行追溯性地應用。我們目前正在評估ASU 2023-07的披露影響。（損失）獲利的地點2024202320242023
。
利率掉期協議利息支出$— $2,527 $2,528 $5,054 
淨投資套期保值
貨幣互換協議（排除組成部分）利息支出(4,176)(5,270)(12,529)(16,921)
鐵山2024年9月30日第10-Q表格
20
Table of Contents
Part I. Financial Information
IRON MOUNTAIN INCORPORATED
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
(In thousands, except share and per share data) (Unaudited)
6. DEBT
Long-term debt is as follows:
 SEPTEMBER 30, 2024DECEMBER 31, 2023
 
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)
$1,005,000 $(3,763)$1,001,237 $1,005,000 $— $(4,621)$(4,621)$— 
Term Loan A(1)
218,750 — 218,750 218,750 228,125 — 228,125 228,125 
Term Loan B due 2026(1)
— — — — 659,298 (2,498)656,800 659,750 
Term Loan B due 2031(1)
1,849,096 (15,462)1,833,634 1,860,045 1,191,000 (13,026)1,177,974 1,200,000 
Virginia 3 Term Loans(2)
246,188 (3,336)242,852 246,188 101,218 (4,641)96,577 101,218 
Virginia 4/5 Term Loans(2)
70,280 (3,483)66,797 70,280 16,338 (5,892)10,446 16,338 
Virginia 6 Term Loans(3)
95,062 (5,106)89,956 95,062 — — — — 
Australian Dollar Term Loan(2)
197,427 (336)197,091 198,501 197,743 (482)197,261 199,195 
UK Bilateral Revolving Credit Facility(2)
187,431 (1,168)186,263 187,431 178,239 — 178,239 178,239 
GBP Notes(2)
535,518 (1,095)534,423 527,239 509,254 (1,763)507,491 489,108 
47/8% Notes due 2027(2)
1,000,000 (4,266)995,734 987,500 1,000,000 (5,332)994,668 967,500 
51/4% Notes due 2028(2)
825,000 (4,133)820,867 818,813 825,000 (5,019)819,981 800,250 
5% Notes due 2028(2)
500,000 (2,773)497,227 491,250 500,000 (3,316)496,684 478,750 
7% Notes due 2029(2)
1,000,000 (9,218)990,782 1,037,500 1,000,000 (10,813)989,187 1,027,500 
47/8% Notes due 2029(2)
1,000,000 (7,233)992,767 975,000 1,000,000 (8,318)991,682 945,000 
51/4% Notes due 2030(2)
1,300,000 (8,775)1,291,225 1,280,500 1,300,000 (9,903)1,290,097 1,241,500 
41/2% Notes(2)
1,100,000 (7,985)1,092,015 1,039,500 1,100,000 (8,917)1,091,083 995,500 
5% Notes due 2032(2)
750,000 (10,227)739,773 721,875 750,000 (11,206)738,794 684,375 
55/8% Notes(2)
600,000 (4,549)595,451 595,500  600,000 (4,985)595,015 567,000 
Real Estate Mortgages, Financing Lease Liabilities and Other611,321 (1,922)609,399 611,321 519,907 (403)519,504 519,907 
Accounts Receivable Securitization Program386,500 (734)385,766 386,500 358,500 (317)358,183 358,183 
Total Long-term Debt13,477,573 (95,564)13,382,009  12,034,622 (101,452)11,933,170 
Less Current Portion(136,547)— (136,547) (120,670)— (120,670) 
Long-term Debt, Net of Current Portion$13,341,026 $(95,564)$13,245,462  $11,913,952 $(101,452)$11,812,500  
(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 Credit Agreement also included a second term loan B facility (the "Term Loan B due 2026") until its extinguishment in August 2024. The remaining amount available for borrowing under the Revolving Credit Facility as of September 30, 2024 was $1,237,020 (which represents the maximum availability as of such date). The weighted average interest rate in effect under the Revolving Credit Facility was 7.0% as of September 30, 2024. Due to the discontinuance of the Canadian Dollar Offered Rate reference rate on June 28, 2024, the Credit Agreement was amended on June 7, 2024 to update the interest rate benchmark available for Canadian currency borrowings under our Revolving Credit Facility to the Canadian Overnight Repo Rate Average, effective July 1, 2024. All other material terms of the Revolving Credit Facility remain the same as disclosed in Note 7 to Notes to Consolidated Financial Statements included in our Annual Report.
(2)Each as defined in Note 7 to Notes to Consolidated Financial Statements included in our Annual Report.
(3)The fair value (Level 2 of the fair value hierarchy described at Note 2.e.) of this debt instrument approximates the carrying value as borrowings under this debt instrument are based on a current variable market interest rate.
See Note 7 to Notes to Consolidated Financial Statements included in our Annual Report for additional information regarding our long-term debt, including the direct obligors of each of our debt instruments as well as information regarding the fair value of our debt instruments (including the levels of the fair value hierarchy used to determine the fair value of our debt instruments, which are consistent with the levels of the fair value hierarchy used to determine the fair value of our debt as of September 30, 2024).
IRON MOUNTAIN SEPTEMBER 30, 2024 FORM 10-Q
21
Table of Contents
Part I. Financial Information
IRON MOUNTAIN INCORPORATED
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
(In thousands, except share and per share data) (Unaudited)    
6. DEBT (CONTINUED)
信貸協議
2024年7月2日，我們修訂了信貸協議，導致（i）將2031年到期的定期貸款b的本金從約美元增加1,194,000 到大約 $1,806,700，(ii) 將2031年到期的定期貸款b的利率從SOFR plus降低 2.25% 到 SOFR plus 2.00％和（iii）我們2026年到期的定期貸款b的本金從約美元降低656,300 到大約 $53,400。我們支付了大約 $ 的原始發行折扣費4,300 與本修正案有關。2024 年 8 月 19 日，我們償還了剩餘的大約 $53,400 2026年到期的定期貸款b的本金餘額，並修訂了信貸協議，將2031年到期的定期貸款b的本金額從約美元增加1,806,700 到大約 $1,860,000。這些修正案的結果是，我們在其他支出（收入）項下記錄了一筆與清償債務相關的淨費用。
每季度約$的本金支付4,700 在2024年9月開始償還到2031年到期的B期貸款。所有其他重要條款與披露在我們年度報告中的基本報表第7條註釋中的記載保持一致。
弗吉尼亞信用協議
隨着我們的全球idc概念業務不斷擴張，我們已經簽訂了信貸協議，部分用於資助各個數據中心的施工。在2024年第二季度期間，我們簽訂了 兩個 新協議。 這些協議主要包括以下的貸款設施：
協議最大借款額
金額
2024年9月30日未償還借款
直接
債務人		合同利率未使用承諾費
到期日(1)
弗吉尼亞6期貸款(2)
$210,000 $95,062 鐵山數據中心弗吉尼亞6有限責任公司SOFR加 2.75%0.75%2027年5月3日
弗吉尼亞7期貸款(3)
300,000 — 鐵山數據中心弗吉尼亞7有限責任公司SOFR加 2.50%0.75%2027年4月12日
(1)所有義務將在指定的到期日到期。每份協議都包括 兩個 一年 期權，允許我們延長最初的到期日，但須遵守協議中規定的條件。
(2)2024年5月3日，鐵山數據中心弗吉尼亞6有限責任公司（鐵山數據中心弗吉尼亞6/7合資公司的全資子公司）簽訂了一份信貸協議（"弗吉尼亞6信貸協議"）。弗吉尼亞6信貸協議包括一項貸款項設施（"弗吉尼亞6貸款"）和一個信用證設施。弗吉尼亞6信貸協議以鐵山數據中心弗吉尼亞6有限責任公司的股權和資產作爲擔保。截至2024年9月30日，弗吉尼亞6信貸協議生效的利率爲 4.9%.
(3)2024年4月12日，鐵山數據中心維吉尼亞7號有限責任公司，即鐵山數據中心維吉尼亞6/7合資公司的全資子公司，簽訂了一項信貸協議（「維吉尼亞7號信貸協議」）。 維吉尼亞7號信貸協議包括一項貸款設施和一個信用證設施。 維吉尼亞7號信貸協議以鐵山數據中心維吉尼亞7號有限責任公司的股權和資產作爲擔保。
英國雙邊循環信貸設施
最高金額
£140,000
可選的額外承諾
£125,000
利率
7.0%
截至2024年9月30日
鐵山（英國）有限公司和鐵山（英國）數據中心有限公司（統稱爲「英國借款人」）與 barclays bank plc 擁有英鎊循環信貸設施（「英國雙邊循環信貸設施」）。在英國雙邊循環信貸設施下借款的最高金額爲 140,000 英鎊，截至2024年9月30日已全部提取。我們有權要求額外承諾，最多可達 125,000 英鎊，須符合英國雙邊循環信貸設施中規定的條件。

2024年9月10日，英國借款人修改了英國雙邊循環信貸備用措施，將到期日從2025年9月24日延長至2026年9月24日。英國雙邊循環信貸備用措施的其他重要條款與我們年度報告中包含的基本報表附註7中披露的內容保持一致。
鐵山2024年9月30日第10-Q表格
22
目錄
第一部分財務信息
鐵山股份有限公司
基本報表註釋（續）
(以千爲單位，除股份和每股數據外) （未經審計）
6. 債務（續）
應收款項證券化計劃
2024年6月14日，我們對應收款項證券化計劃進行了修訂（如年度報告中包括的基本財務報表附註7中定義），以（i）將最大借款能力從$360,000增加到$400,000增加到$，並有增加借款能力至$450,000，以及（ii）將到期日從2025年7月1日延長至2027年7月1日，屆時所有義務到期。應收款項證券化計劃的所有其他重要條款與我們年度報告中包括的基本財務報表附註7中披露的內容保持不變。
最大金額
$400,000

未償借款
$386,500

利率
5.9%
截至2024年9月30日
信用證
截至2024年9月30日，我們的信用證總額爲$。79,530，其中有7,980 減少我們根據循環信貸授信額度的借款空間。信用證的到期日從2024年10月至2025年7月不等。
債務契約
信用協議、我們的債券條款和其他管理我們負債的協議中包含一些限制性的財務和運營條款，包括限制我們完成收購、支付現金分紅、增加負債、投資、賣出資產和進行其他特定公司行動的條款。這些契約不包含評級觸發器。因此，我們的債務評級的變動不會觸發信用協議、債券條款或其他管理我們負債的協議下的違約。信用協議要求我們每季度滿足淨租賃調整槓桿比率和固定費用覆蓋比率，而我們的債券條款要求，除其他事項外，我們還需要滿足非租賃調整的槓桿比率或固定費用覆蓋比率作爲進行諸如支付分紅和增加負債等行動的控件。
信貸協議使用利息、稅項、折舊和攤銷前收入以及租金費用（「EBITDAR」）爲基礎的計算，債券承諾書使用利息、稅項、折舊和攤銷前收入（「EBITDA」）爲基礎的計算作爲計算槓桿比率和固定費用覆蓋率的主要財務表現指標。基於EBITDAR和EBITDA的槓桿計算包括我們的合併子公司，在信貸協議和債券承諾書中，「無限制子公司」中的特定子公司除外。通常，信貸協議和債券承諾書使用過去四個財政季度爲有關計算的基礎，並要求對於那些目的進行某些調整和排除，使得根據信貸協議和債券承諾書進行的那些計算下的財務表現計算與此處呈現的調整後EBITDA不直接可比。截至2024年9月30日，我們在信貸協議、我們的債券承諾書以及其他管理我們負債的協議下的槓桿和固定費用覆蓋率符合規定。未能遵守這些槓桿和固定費用覆蓋率將對我們的財務狀況和流動性產生重大不利影響。
7. 承諾和 contingencies
我們在日常業務過程中不時參與訴訟，包括因我們設施內客戶資產遭受火災和其他自然災害而引起的訴訟。雖然訴訟結果本質上是不確定的，但我們認爲目前的訴訟不會對我們的綜合財務狀況、經營業績或現金流產生重大不利影響。
我們估計了所有損失準備金可能出現的區間，並認爲我們可能會出現聚合損失，除了目前已計提的金額外，還可能發生額外的損失。14,000 在接下來的幾年內，可能會有額外的支出，其中某些金額將由保險或賠款協議支付。
鐵山2024年9月30日第10-Q表格
23
目錄
第一部分財務信息
鐵山股份有限公司
基本報表註釋（續）
(以千爲單位，除每股數據和股票外) (未經審計)
8. 股東權益事項
退回
在2023財年和截至2024年9月30日的九個月內，我們的董事會宣佈了以下的分紅派息：
聲明日期紅利
每股 		登記日期TOTAL
金額		支付日
2023年2月23日$0.6185 2023年3月15日$180,339 2023年4月5日
2023年5月4日0.6185 2023年6月15日180,493 2023年7月6日
2023年8月3日0.6500 2023年9月15日189,730 2023年10月5日
2023年11月2日0.6500 2023年12月15日189,886 2024年1月4日
Raj Beri0.6500 2024年3月15日190,506 2024年4月4日
2024年5月2日0.6500 2024年6月17日190,643 2024年7月5日
2024年8月1日0.7150 2024年9月16日209,776 2024年10月3日
2024年11月6日，我們宣佈向截至2024年12月16日持股人支付每股的股息爲$0.715 ，將於2025年1月7日支付。
非控股權益
我們的idc概念運營包括兩家合資企業，這些企業在我們的全球業務業務部門中合併，因爲我們認爲我們對這些合資企業具有控制權。
During the quarter ended September 30, 2024, a put option available to our partner in our Iron Mountain Data Centers Virginia 4/5 JV, LP joint venture expired, triggering a change in the presentation of the related noncontrolling interest. The noncontrolling interest of approximately $53,400 was previously presented as Redeemable noncontrolling interests in our Consolidated Balance Sheets and is now presented as Noncontrolling interests within stockholders’ equity in our Condensed Consolidated Balance Sheet at September 30, 2024.
During the quarter ended September 30, 2024, we entered into an agreement with a partner to form our Iron Mountain Data Centers Virginia 6/7 JV, LLC joint venture, which resulted in Noncontrolling interests of approximately $103,100 in our Condensed Consolidated Balance Sheet at September 30, 2024.

IRON MOUNTAIN SEPTEMBER 30, 2024 FORM 10-Q
24
Table of Contents
Part I. Financial Information
IRON MOUNTAIN INCORPORATED
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
(In thousands, except share and per share data) (Unaudited)
9. SEGMENT INFORMATION
Our reportable segments as of December 31, 2023 are described in Note 11 to Notes to Consolidated Financial Statements included in our Annual Report and are as follows:
•Global RIM Business
•Global Data Center Business
The remaining activities of our business consist primarily of our Fine Arts and ALM businesses and other corporate items ("Corporate and Other").
The operations associated with acquisitions completed during the first nine months of 2024 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 and nine months ended September 30, 2024 and 2023 is as follows:
截至9月30日的三個月截至9月30日的九個月
2024202320242023
全球貨幣業務
總營收$1,260,358 $1,182,652 $3,721,092 $3,469,045 
Adjusted EBITDA568,994 516,548 1,644,004 1,493,394 
全球數據中心業務
總營收$153,206 $127,535 $449,845 $357,873 
Adjusted EBITDA66,796 53,216 194,381 157,660 
公司及其他
總營收$143,794 $77,988 $397,693 $233,542 
Adjusted EBITDA(67,677)(69,802)(207,056)(214,626)
合併總計
總營收$1,557,358 $1,388,175 $4,568,630 $4,060,460 
Adjusted EBITDA568,113 499,962 1,631,329 1,436,428 
鐵山2024年9月30日第10-Q表格
25
目錄
第一部分財務信息
鐵山股份有限公司
基本報表註釋（續）
(以千爲單位，股份和每股數據除外)（未經審計）
9. 分段信息（續）
每個部門的調整後EBITDA定義爲利息淨支出前的淨利潤（損失），所得稅負債減免，折舊和攤銷（包括我們在非合併合資企業中的Adjusted EBITDA份額），並排除我們不認爲具有我們核心運營結果特徵的特定項目：
排除在外
•收購和整合成本
•重組和其他轉型
•處置/減記財產、廠房和設備的虧損（收益），淨額（包括房地產）
•其他支出（收入），淨額
•股票薪酬支出
•無形損傷

在內部，我們使用調整後的EBITDA作爲評估業績和分配資源給我們經營部門的基礎。
截至2024年9月30日和2023年，三個月和九個月內，淨（虧損）收入與調整後的EBITDA的對賬調解如下:
 截至9月30日的三個月截至9月30日的九個月
2024202320242023
淨利潤（虧損）$(33,665)$91,391 $77,981 $158,069 
添加/(扣除):
利息費用，淨額186,067 152,801 527,107 434,148 
所得稅徵（免）額12,400 9,912 42,328 30,925 
折舊和攤銷232,240 198,757 666,296 576,218 
收購和整合成本11,262 9,909 28,573 13,015 
Restructuring and other transformation37,282 38,861 124,562 121,362 
處置/減值房地產、設備及設施淨損益（包括房地產業）
5,091 (4,416)8,270 (18,982)
其他費用（收入）淨額，不包括我們對未納入合併範圍的合營企業損益的份額
85,532 (17,626)76,954 58,559 
股票補償費用29,563 18,313 73,491 53,195 
我們對未納入合併範圍的合營企業調整後的EBITDA份額2,341 2,060 5,767 9,919 
Adjusted EBITDA$568,113 $499,962 $1,631,329 $1,436,428 

鐵山2024年9月30日第10-Q表格
26
目錄
第一部分財務信息
鐵山股份有限公司
基本報表註釋（續）
(以千爲單位，股份和每股數據除外)（未經審計）
9. 分段信息（續）
2024年和2023年截至9月30日三個月和九個月的產品和服務線收入如下：
截至9月30日的三個月截至9月30日的九個月
2024202320242023
全球貨幣業務
記錄管理(1)
$990,333 $926,424 $2,901,465 $2,693,046 
數據管理(1)
127,583 128,191 390,706 388,036 
信息銷燬(1)(2)
142,442 128,037 428,921 387,963 
數據中心(1)
— — — — 
全球貨幣idc概念業務
記錄管理(1)
$— $— $— $— 
數據管理(1)
— — — — 
信息銷燬(1)
— — — — 
idc概念(1)
153,206 127,535 449,845 357,873 
公司及其他
記錄管理(1)
$41,460 $36,092 $121,528 $107,849 
數據管理(1)
— — — — 
信息銷燬(1)(3)
102,334 41,896 276,165 125,693 
idc概念(1)
— — — — 
合併總計
記錄管理(1)
$1,031,793 $962,516 $3,022,993 $2,800,895 
數據管理(1)
127,583 128,191 390,706 388,036 
信息銷燬(1)(2)(3)
244,776 169,933 705,086 513,656 
idc概念(1)
153,206 127,535 449,845 357,873 
(1)這些產品中的每一個都有與存儲租賃相關的營業收入部分和與服務相關的部分，唯獨信息銷燬沒有存儲租賃相關的部分。
(2)我們全球RIm業務的信息銷燬營業收入包括安全的文件銷燬服務。
(3)公司和其他銷燬信息收入包括來自我們ALm業務的產品收入。


鐵山2024年9月30日第10-Q表格
27
目錄
第一部分財務信息
鐵山股份有限公司
基本報表註釋（續）
(以千爲單位，股份和每股數據除外)（未經審計）
10. 關聯方
In October 2020, in connection with the formation of the Frankfurt JV, we entered into agreements whereby we earn various fees, including (i) special project revenue and (ii) property management and construction and development fees for services we are providing to the Frankfurt JV (the "Frankfurt JV Agreements").
In February 2022, we entered into a storage and service agreement with the joint venture formed by Clutter, Inc. and us (the "Clutter JV") to provide certain storage and related services to the Clutter JV (the "Clutter Agreement"). On June 29, 2023, we completed the Clutter Acquisition (as defined in Note 3 to Notes to Consolidated Financial Statements included in our Annual Report) and terminated the Clutter Agreement.
Revenue recognized in the accompanying Condensed Consolidated Statements of Operations under these agreements for the three and nine months ended September 30, 2024 and 2023 is as follows (approximately):
 THREE MONTHS ENDED SEPTEMBER 30,NINE MONTHS ENDED SEPTEMBER 30,
2024202320242023
Frankfurt JV Agreements(1)
$200 $— $2,700 $1,700 
Clutter Agreement(2)
— — — 13,000 
(1)Revenue associated with the Frankfurt JV Agreements is presented as a component of our Global Data Center Business segment.
(2)Revenue associated with the Clutter Agreement is presented as a component of our Global RIM Business segment.
11. RESTRUCTURING AND OTHER TRANSFORMATION
PROJECT MATTERHORN
In September 2022, we announced Project Matterhorn. 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 expect to incur approximately $150,000 in costs annually related to Project Matterhorn from 2023 through 2025. Costs are comprised of (1) restructuring costs, which include (i) site consolidation and other related exit costs, (ii) employee severance costs and (iii) certain professional fees associated with these activities, and (2) other transformation costs, which include professional fees such as project management costs and costs for third party consultants who are assisting in the enablement of our growth initiatives.
Restructuring and other transformation related to Project Matterhorn included in the accompanying Condensed Consolidated Statement of Operations for the three and nine months ended September 30, 2024 and 2023, and from the inception of Project Matterhorn through September 30, 2024, is as follows:
THREE MONTHS ENDED SEPTEMBER 30,
NINE MONTHS ENDED SEPTEMBER 30,
FROM THE INCEPTION
OF PROJECT
MATTERHORN THROUGH
SEPTEMBER 30, 2024
2024202320242023
Restructuring$11,556 $11,744 $38,618 $39,828 $109,229 
Other transformation25,726 27,117 85,944 81,534 232,481 
Restructuring and other transformation
$37,282 $38,861 $124,562 $121,362 $341,710 
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IRON MOUNTAIN INCORPORATED
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
(In thousands, except share and per share data) (Unaudited)
11. RESTRUCTURING AND OTHER TRANSFORMATION (CONTINUED)
Restructuring costs for Project Matterhorn, included as a component of Restructuring and other transformation in the accompanying Condensed Consolidated Statement of Operations, by segment, for the three and nine months ended September 30, 2024 and 2023, and from the inception of Project Matterhorn through September 30, 2024, is as follows:
THREE MONTHS ENDED SEPTEMBER 30,
NINE MONTHS ENDED SEPTEMBER 30,
FROM THE INCEPTION
OF PROJECT
MATTERHORN THROUGH
SEPTEMBER 30, 2024
2024
2023
2024
2023
Global RIM Business$10,731 $9,787 $33,515 $34,312 $93,320 
Global Data Center Business— 4 2,576 82 3,096 
Corporate and Other825 1,953 2,527 5,434 12,813 
Total restructuring costs
$11,556 $11,744 $38,618 $39,828 $109,229 
Other transformation costs for Project Matterhorn, included as a component of Restructuring and other transformation in the accompanying Condensed Consolidated Statement of Operations, by segment, for the three and nine months ended September 30, 2024 and 2023, and from the inception of Project Matterhorn through September 30, 2024, is as follows:
THREE MONTHS ENDED SEPTEMBER 30,
NINE MONTHS ENDED SEPTEMBER 30,
FROM THE INCEPTION
OF PROJECT
MATTERHORN THROUGH
SEPTEMBER 30, 2024
2024
2023
2024
2023
Global RIM Business$10,799 $10,572 $30,143 $19,015 $62,413 
Global Data Center Business1,292 580 3,955 1,948 8,977 
Corporate and Other13,635 15,965 51,846 60,571 161,091 
Total other transformation costs
$25,726 $27,117 $85,944 $81,534 $232,481 
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, 2023 through September 30, 2024, is as follows:
RESTRUCTURINGOTHER TRANSFORMATIONTOTAL RESTRUCTURING AND OTHER TRANSFORMATION
Balance as of December 31, 2023
$10,731 $24,854 $35,585 
Amount accrued38,618 85,944 124,562 
Payments(41,991)(96,464)(138,455)
Balance as of September 30, 2024
$7,358 $14,334 $21,692 
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ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The following discussion and analysis of our financial condition and results of operations for the three and nine months ended September 30, 2024 should be read in conjunction with our Condensed Consolidated Financial Statements and Notes thereto for the three and nine months ended September 30, 2024, included herein, and our Consolidated Financial Statements and Notes thereto for the year ended December 31, 2023, included in our Annual Report on Form 10-K filed with the United States Securities and Exchange Commission ("SEC") on February 22, 2024 (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;
•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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OVERVIEW
The following discussions set forth, for the periods indicated, management's discussion and analysis of financial condition and results of operations. Significant trends and changes are discussed for the three and nine months ended September 30, 2024 within each section. Trends and changes that are consistent for both the three and nine month periods are not repeated and are discussed on a year to date basis only.
PROJECT MATTERHORN
In September 2022, we announced a global program designed to accelerate the growth of our business ("Project Matterhorn"). Project Matterhorn investments 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 expect to incur approximately $150.0 million in costs annually related to Project Matterhorn from 2023 through 2025. Costs are comprised of (1) restructuring costs, which include (i) site consolidation and other related exit costs, (ii) employee severance costs and (iii) certain professional fees associated with these activities, and (2) other transformation costs, which include professional fees such as project management costs and costs for third party consultants who are assisting in the enablement of our growth initiatives.
See Note 11 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 for the remainder of 2024 and into 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 EBITDA growth for the remainder of 2024 and into 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 nine months ended September 30, 2024 consists of the following:
COST OF SALESSELLING, GENERAL AND ADMINISTRATIVE EXPENSES
03_pie_key trends_cost of sales.jpg
03_pie_key trends_selling.jpg
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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.
p27_callout_ProjectedAdjustedEBITDA.jpg
Adjusted EBITDA excludes both interest expense, net and the provision (benefit) for income taxes. These expenses are associated with our capitalization and tax structures, which we do not consider when evaluating the operating profitability of our core operations. Adjusted EBITDA does not include depreciation and amortization expenses, in order to eliminate the impact of capital investments, which we evaluate by comparing capital expenditures to incremental revenue generated and as a percentage of total revenues. Adjusted EBITDA and Adjusted EBITDA Margin should be considered in addition to, but not as a substitute for, other measures of financial performance reported in accordance with accounting principles generally accepted in the United States of America ("GAAP"), such as operating income, net income (loss) or cash flows from operating activities.
RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED EBITDA (IN THOUSANDS):
THREE MONTHS ENDED SEPTEMBER 30,NINE MONTHS ENDED SEPTEMBER 30,
2024202320242023
Net (Loss) Income$(33,665)$91,391 $77,981 $158,069 
Add/(Deduct):
Interest expense, net186,067 152,801 527,107 434,148 
Provision (benefit) for income taxes12,400 9,912 42,328 30,925 
Depreciation and amortization232,240 198,757 666,296 576,218 
Acquisition and Integration Costs(1)
11,262 9,909 28,573 13,015 
Restructuring and other transformation37,282 38,861 124,562 121,362 
Loss (gain) on disposal/write-down of property, plant and equipment, net (including real estate)
5,091 (4,416)8,270 (18,982)
Other expense (income), net, excluding our share of losses (gains) from our unconsolidated joint ventures
85,532 (17,626)76,954 58,559 
Stock-based compensation expense29,563 18,313 73,491 53,195 
Our share of Adjusted EBITDA reconciling items from our unconsolidated joint ventures2,341 2,060 5,767 9,919 
Adjusted EBITDA$568,113 $499,962 $1,631,329 $1,436,428 
(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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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 SEPTEMBER 30,NINE MONTHS ENDED SEPTEMBER 30,
2024202320242023
Reported EPS—Fully Diluted from Net (Loss) Income Attributable to Iron Mountain Incorporated
$(0.11)$0.31 $0.26 $0.53 
Add/(Deduct):
Acquisition and Integration Costs0.04 0.03 0.10 0.04 
Restructuring and other transformation0.13 0.13 0.42 0.41 
Loss (gain) on disposal/write-down of property, plant and equipment, net (including real estate)
0.02 (0.02)0.03 (0.06)
Other expense (income), net, excluding our share of losses (gains) from our unconsolidated joint ventures
0.29 (0.06)0.26 0.20 
Stock-based compensation expense0.10 0.06 0.25 0.18 
Non-cash amortization related to derivative instruments0.01 0.02 0.04 0.06 
Tax impact of reconciling items and discrete tax items(1)
(0.04)(0.03)(0.08)(0.09)
Income (Loss) Attributable to Noncontrolling Interests— — 0.01 0.01 
Adjusted EPS—Fully Diluted from Net Income (Loss) Attributable to Iron Mountain Incorporated(2)
$0.44 $0.45 $1.28 $1.28 
(1)The differences between our effective tax rates and our structural tax rate (or adjusted effective tax rates) for the three and nine months ended September 30, 2024 and 2023 are primarily due to (i) the reconciling items above, which impact our reported net income (loss) before provision (benefit) for income taxes but have an insignificant impact on our reported provision (benefit) for income taxes and (ii) other discrete tax items. Our structural tax rate for purposes of the calculation of Adjusted EPS for the three and nine months ended September 30, 2024 and 2023 was 15.1% and 13.3%, 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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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 SEPTEMBER 30,NINE MONTHS ENDED SEPTEMBER 30,
2024202320242023
Net (Loss) Income$(33,665)$91,391 $77,981 $158,069 
Add/(Deduct):
Real estate depreciation93,864 80,430 275,208 238,117 
Loss (gain) on sale of real estate, net of tax531 750 (84)(16,849)
Data center lease-based intangible assets amortization5,604 7,482 16,751 18,518 
Our share of FFO (Nareit) reconciling items from our unconsolidated joint ventures1,422 679 2,975 1,373 
FFO (Nareit)67,756 180,732 372,831 399,228 
Add/(Deduct):
Acquisition and Integration Costs11,262 9,909 28,573 13,015 
Restructuring and other transformation37,282 38,861 124,562 121,362 
Loss (gain) on disposal/write-down of property, plant and equipment, net (excluding real estate)
4,554 (5,116)8,583 (1,983)
Other expense (income), net, excluding our share of losses (gains) from our unconsolidated joint ventures(1)
85,532 (17,626)76,954 58,559 
Stock-based compensation expense29,563 18,313 73,491 53,195 
Non-cash amortization related to derivative instruments4,176 5,270 12,529 16,921 
Real estate financing lease depreciation3,692 3,001 9,914 8,997 
Tax impact of reconciling items and discrete tax items(2)
(10,465)(10,220)(24,992)(26,825)
Our share of FFO (Normalized) reconciling items from our unconsolidated joint ventures(83)(44)(92)(319)
FFO (Normalized)$233,269 $223,080 $682,353 $642,150 
(1)Includes foreign currency transaction (gains) losses, net and other, net. See Note 2.k. to Notes to Condensed Consolidated Financial Statements included in this Quarterly Report for additional information regarding the components of Other expense (income), net.
(2)Represents the tax impact of (i) the reconciling items above, which impact our reported net (loss) income before provision (benefit) for income taxes but have an insignificant impact on our reported provision (benefit) for income taxes and (ii) other discrete tax items. Discrete tax items resulted in a (benefit) provision for income taxes of $0.4 million and ($0.1 million) for the three and nine months ended September 30, 2024, respectively, and $(7.2) million and $(12.7) million for the three and nine months ended September 30, 2023, respectively.
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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, 2023.
RESULTS OF OPERATIONS
COMPARISON OF THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2024 TO THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2023 (IN THOUSANDS):
THREE MONTHS ENDED SEPTEMBER 30,DOLLAR
CHANGE		PERCENTAGE
CHANGE
20242023
Revenues$1,557,358$1,388,175$169,183 12.2 %
Operating Expenses1,306,1941,150,342155,852 13.5 %
Operating Income251,164237,83313,331 5.6 %
Other Expenses, Net284,829146,442138,387 94.5 %
Net (Loss) Income(33,665)91,391(125,056)(136.8)%
Net (Loss) Income Attributable to Noncontrolling Interests(45)348(393)(112.9)%
Net (Loss) Income Attributable to Iron Mountain Incorporated$(33,620)$91,043$(124,663)(136.9)%
Adjusted EBITDA(1)
$568,113$499,962$68,151 13.6 %
Adjusted EBITDA Margin(1)
36.5 %36.0 %
NINE MONTHS ENDED SEPTEMBER 30,
DOLLAR
CHANGE		PERCENTAGE
CHANGE
2024
2023
Revenues$4,568,630$4,060,460$508,170 12.5 %
Operating Expenses3,841,5493,369,439472,110 14.0 %
Operating Income727,081691,02136,060 5.2 %
Other Expenses, Net649,100532,952116,148 21.8 %
Net Income (Loss)77,981158,069(80,088)(50.7)%
Net Income (Loss) Attributable to Noncontrolling Interests1,7572,317(560)(24.2)%
Net Income (Loss) Attributable to Iron Mountain Incorporated$76,224$155,752$(79,528)(51.1)%
Adjusted EBITDA(1)
$1,631,329$1,436,428$194,901 13.6 %
Adjusted EBITDA Margin(1)
35.7 %35.4 %
(1)See "Non-GAAP Measures—Adjusted EBITDA" in this Quarterly Report for the definitions of Adjusted EBITDA and Adjusted EBITDA Margin, reconciliation of Net Income (Loss) to Adjusted EBITDA and a discussion of why we believe these non-GAAP measures provide relevant and useful information to our current and potential investors.
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REVENUES
Total revenues consist of the following (in thousands):
THREE MONTHS ENDED SEPTEMBER 30,PERCENTAGE CHANGE
20242023DOLLAR
CHANGE		ACTUAL
CONSTANT
CURRENCY(1)
ORGANIC
GROWTH(2)
IMPACT OF
ACQUISITIONS
Storage Rental$935,701 $858,656 $77,045 9.0 %9.3 %9.3 %— %
Service 621,657 529,519 92,138 17.4 %17.6 %10.0 %7.6 %
Total Revenues$1,557,358 $1,388,175 $169,183 12.2 %12.5 %9.5 %3.0 %
NINE MONTHS ENDED SEPTEMBER 30,
PERCENTAGE CHANGE
2024
2023
DOLLAR
CHANGE		ACTUAL
CONSTANT
CURRENCY(1)
ORGANIC
GROWTH(2)
IMPACT OF
ACQUISITIONS
Storage Rental$2,740,289 $2,499,501 $240,788 9.6 %9.9 %9.0 %0.9 %
Service 1,828,341 1,560,959 267,382 17.1 %17.4 %9.7 %7.7 %
Total Revenues$4,568,630 $4,060,460 $508,170 12.5 %12.8 %9.2 %3.6 %
(1)Constant currency growth rate, which is a non-GAAP measure, is calculated by translating the 2023 results at the 2024 average exchange rates.
(2)Our organic revenue growth rate, which is a non-GAAP measure, represents the year-over-year growth rate of our revenues excluding the impact of business acquisitions, divestitures and foreign currency exchange rate fluctuations. Our organic revenue growth rate includes the impact of acquisitions of customer relationships.
TOTAL REVENUES
For the nine months ended September 30, 2024, the increase in reported revenue was driven by reported storage rental revenue growth and reported service revenue growth.
STORAGE RENTAL REVENUE AND SERVICE REVENUE
Primary factors influencing the change in reported storage rental revenue and reported service revenue for the nine months ended September 30, 2024 compared to the nine months ended September 30, 2023 include the following:
STORAGE RENTAL REVENUE
•organic storage rental revenue growth driven by increased volume in faster growing markets and our Global Data Center Business segment and revenue management.



SERVICE REVENUE
•organic service revenue growth driven by increased service activity levels in our Global RIM Business and organic service revenue growth in our ALM business as a result of increased volume and improved component pricing; and
•an increase of $103.0 million due to our recent acquisition of Regency Technologies.


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OPERATING EXPENSES
COST OF SALES
Cost of sales (excluding depreciation and amortization) consists of the following expenses (in thousands):
THREE MONTHS ENDED SEPTEMBER 30,PERCENTAGE
CHANGE		% OF TOTAL REVENUESPERCENTAGE
CHANGE
(FAVORABLE)/
UNFAVORABLE
20242023DOLLAR
CHANGE		ACTUALCONSTANT
CURRENCY		20242023
Labor$264,499 $224,623 $39,876 17.8 %18.3 %17.0 %16.2 %0.8 %
Facilities279,043 259,633 19,410 7.5 %7.5 %17.9 %18.7 %(0.8)%
Transportation44,236 39,146 5,090 13.0 %12.8 %2.8 %2.8 %— %
Product Cost of Sales and Other90,612 68,799 21,813 31.7 %32.1 %5.8 %5.0 %0.8 %
Total Cost of sales$678,390 $592,201 $86,189 14.6 %14.8 %43.6 %42.7 %0.9 %
NINE MONTHS ENDED SEPTEMBER 30,PERCENTAGE
CHANGE		% OF TOTAL REVENUESPERCENTAGE
CHANGE
(FAVORABLE)/
UNFAVORABLE
2024
2023
DOLLAR
CHANGE		ACTUALCONSTANT
CURRENCY
2024
2023
Labor$779,998 $668,552 $111,446 16.7 %17.0 %17.1 %16.5 %0.6 %
Facilities832,187 755,858 76,329 10.1 %10.2 %18.2 %18.6 %(0.4)%
Transportation134,539 120,268 14,271 11.9 %12.2 %2.9 %3.0 %(0.1)%
Product Cost of Sales and Other260,892 211,793 49,099 23.2 %23.6 %5.7 %5.2 %0.5 %
Total Cost of sales$2,007,616 $1,756,471 $251,145 14.3 %14.5 %43.9 %43.3 %0.6 %
Primary factors influencing the change in reported Cost of sales for the nine months ended September 30, 2024 compared to the nine months ended September 30, 2023 include the following:
•an increase in labor costs driven by an increase in service activity, primarily within our Global RIM Business, and the impact of recent acquisitions;
•an increase in facilities expenses driven by increases in rent expense, utilities, real estate taxes and building maintenance costs;
•an increase in transportation expenses in our ALM business primarily driven by our recent acquisition of Regency Technologies; and
•an increase in product cost of sales in our ALM business as a result of higher product volumes and our recent acquisition of Regency Technologies.
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SELLING, GENERAL AND ADMINISTRATIVE EXPENSES
Selling, general and administrative expenses consists of the following expenses (in thousands):
THREE MONTHS ENDED SEPTEMBER 30,PERCENTAGE CHANGE% OF TOTAL REVENUESPERCENTAGE
CHANGE
(FAVORABLE)/
UNFAVORABLE
20242023DOLLAR
CHANGE		ACTUALCONSTANT
CURRENCY		20242023
General, Administrative and Other$252,463 $225,058 $27,405 12.2 %12.7 %16.2 %16.2 %— %
Sales, Marketing and Account Management89,466 89,972 (506)(0.6)%(0.4)%5.7 %6.5 %(0.8)%
Total Selling, general and administrative expenses$341,929 $315,030 $26,899 8.5 %8.9 %22.0 %22.7 %(0.7)%
NINE MONTHS ENDED SEPTEMBER 30,PERCENTAGE CHANGE% OF TOTAL REVENUESPERCENTAGE
CHANGE
(FAVORABLE)/
UNFAVORABLE
2024
2023
DOLLAR
CHANGE		ACTUALCONSTANT
CURRENCY
2024
2023
General, Administrative and Other$738,075 $650,046 $88,029 13.5 %14.0 %16.2 %16.0 %0.2 %
Sales, Marketing and Account Management268,157 271,309 (3,152)(1.2)%(1.0)%5.9 %6.7 %(0.8)%
Total Selling, general and administrative expenses$1,006,232 $921,355 $84,877 9.2 %9.6 %22.0 %22.7 %(0.7)%
Primary factors influencing the change in reported Selling, general and administrative expenses for the nine months ended September 30, 2024 compared to the nine months ended September 30, 2023 include the following:
•an increase in general, administrative and other expenses, primarily driven by higher bonus compensation accruals, recent acquisitions, professional fees and IT costs; and
•a decrease in sales, marketing and account management expenses, driven by lower compensation expense, primarily related to a reduction in headcount.
DEPRECIATION AND AMORTIZATION
Depreciation expense increased by $79.6 million, or 20.5%, for the nine months ended September 30, 2024 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 $10.5 million, or 5.6%, for the nine months ended September 30, 2024 compared to the prior year period.
ACQUISITION AND INTEGRATION COSTS
Acquisition and Integration Costs for the nine months ended September 30, 2024 and 2023 were approximately $28.6 million and $13.0 million, respectively.
RESTRUCTURING AND OTHER TRANSFORMATION
Restructuring and other transformation costs for the nine months ended September 30, 2024 and 2023 were $124.6 million and $121.4 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 nine months ended September 30, 2024 and 2023 was approximately $8.3 million and $(19.0) million, respectively.
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OTHER EXPENSES, NET
INTEREST EXPENSE, NET
Interest expense, net increased by $93.0 million to $527.1 million in the nine months ended September 30, 2024 from $434.1 million in the prior year period. The increase is primarily due to higher average debt outstanding during the nine months ended September 30, 2024 compared to the prior year period as well as an increase in our weighted average interest rate. Our weighted average interest rate, inclusive of the fees associated with our outstanding letters of credit, was 5.7% and 5.5% at September 30, 2024 and 2023, respectively. See Note 6 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 and nine months ended September 30, 2024 and 2023 consists of the following (in thousands):
THREE MONTHS ENDED SEPTEMBER 30,DOLLAR
CHANGE		NINE MONTHS ENDED SEPTEMBER 30,DOLLAR CHANGE
DESCRIPTION2024202320242023
Foreign currency transaction losses (gains), net(1)
$46,657 $(29,310)$75,967 $31,291 $177 $31,114 
Debt extinguishment expense5,417 — 5,417 5,417 — 5,417 
Other, net(2)
34,288 13,039 21,249 42,957 67,702 (24,745)
Other Expense (Income), Net$86,362 $(16,271)$102,633 $79,665 $67,879 $11,786 
(1)The losses for the three and nine months ended September 30, 2024 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.
(2)Other, net for the three and nine months ended September 30, 2024 primarily consists of approximately $29.2 million in charges associated with the agreement to purchase the remaining interest in the Web Werks JV (as defined and discussed below) as well as losses on our equity method investments and the change in value of our deferred purchase obligations.
PROVISION FOR INCOME TAXES
We provide for income taxes during interim periods based on our estimate of the effective tax rate for the year. Our effective tax rates for the three and nine months ended September 30, 2024 and 2023 are as follows:
 THREE MONTHS ENDED SEPTEMBER 30,NINE MONTHS ENDED SEPTEMBER 30,
2024202320242023
Effective Tax Rate58.3 %9.8 %35.2 %16.4 %
The primary reconciling items between the federal statutory tax rate of 21.0% and our overall effective tax rate for the three and nine months ended September 30, 2024 were the lack of tax benefits recognized for the year to date ordinary losses of certain entities, the benefits derived from the dividends paid deduction and the differences in the tax rates to which our foreign earnings are subject. In addition, we recorded gains and losses in Other expense (income), net during the period, for which there was no tax impact.
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NET INCOME (LOSS) AND ADJUSTED EBITDA
The following table reflects the effect of the foregoing factors on our net income (loss) and Adjusted EBITDA (in thousands):
THREE MONTHS ENDED SEPTEMBER 30,DOLLAR
CHANGE		PERCENTAGE CHANGE
20242023
Net (Loss) Income$(33,665)$91,391 $(125,056)(136.8)%
Net (Loss) Income as a percentage of Revenue(2.2)%6.6 %
Adjusted EBITDA$568,113 $499,962 $68,151 13.6 %
Adjusted EBITDA Margin36.5 %36.0 %
NINE MONTHS ENDED SEPTEMBER 30,DOLLAR
CHANGE		PERCENTAGE CHANGE
20242023
Net Income (Loss)$77,981 $158,069 $(80,088)(50.7)%
Net Income (Loss) as a percentage of Revenue1.7 %3.9 %
Adjusted EBITDA$1,631,329 $1,436,428 $194,901 13.6 %
Adjusted EBITDA Margin35.7 %35.4 %

Adjusted EBITDA Margin for the nine months ended September 30, 2024 increased 30 basis points from the same prior year period driven by favorable overhead management, offset by a decline in gross profit margin due to revenue mix.
↑ INCREASED BY
$194.9 MILLION OR 13.6%
Adjusted EBITDA
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SEGMENT ANALYSIS
See Note 9 to Notes to Condensed Consolidated Financial Statements included in this Quarterly Report for a description of our reportable segments.
GLOBAL RIM BUSINESS (IN THOUSANDS)
THREE MONTHS ENDED SEPTEMBER 30,PERCENTAGE CHANGE
DOLLAR
CHANGE		ACTUALCONSTANT
CURRENCY		ORGANIC
GROWTH		IMPACT OF ACQUISITIONS
20242023
Storage Rental$767,780$719,560$48,220 6.7 %7.2 %7.2 %— %
Service 492,578463,09229,486 6.4 %6.6 %6.6 %— %
Segment Revenue$1,260,358$1,182,652$77,706 6.6 %7.0 %7.0 %— %
Segment Adjusted EBITDA$568,994$516,548$52,446 
Segment Adjusted EBITDA Margin 45.1 %43.7 %
NINE MONTHS ENDED SEPTEMBER 30,PERCENTAGE CHANGE
DOLLAR
CHANGE		ACTUALCONSTANT
CURRENCY		ORGANIC
GROWTH		IMPACT OF ACQUISITIONS
20242023
Storage Rental$2,253,122$2,111,240$141,882 6.7 %7.1 %6.6 %0.5 %
Service 1,467,9701,357,805110,165 8.1 %8.4 %7.9 %0.5 %
Segment Revenue$3,721,092$3,469,045$252,047 7.3 %7.6 %7.2 %0.4 %
Segment Adjusted EBITDA$1,644,004$1,493,394$150,610 
Segment Adjusted EBITDA Margin 44.2 %43.0 %
NINE MONTHS ENDED YEAR OVER YEAR SEGMENT ANALYSIS: GLOBAL RIM BUSINESS (IN MILLIONS)
Storage Rental
Revenue		Service
Revenue		Segment
Revenue		Segment Adjusted
EBITDA
304305
Primary factors influencing the change in revenue and Adjusted EBITDA Margin in our Global RIM Business segment for the nine months ended September 30, 2024 compared to the prior year period include the following:
•organic storage rental revenue growth driven by revenue management;
•organic service revenue growth primarily driven by increases in our traditional service activity levels and growth in our Global Digital Solutions business; and
•a 120 basis point increase in Adjusted EBITDA Margin primarily driven by ongoing cost containment measures and revenue management.
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GLOBAL DATA CENTER BUSINESS (IN THOUSANDS)
THREE MONTHS ENDED SEPTEMBER 30,PERCENTAGE CHANGE
DOLLAR
CHANGE		ACTUALCONSTANT
CURRENCY		ORGANIC
GROWTH		IMPACT OF ACQUISITIONS
20242023
Storage Rental$150,796$123,655$27,141 21.9 %21.4 %21.4 %— %
Service2,4103,880(1,470)(37.9)%(37.6)%(37.6)%— %
Segment Revenue$153,206$127,535$25,671 20.1 %19.6 %19.6 %— %
Segment Adjusted EBITDA$66,796$53,216$13,580 
Segment Adjusted EBITDA Margin43.6 %41.7 %
NINE MONTHS ENDED SEPTEMBER 30,PERCENTAGE CHANGE
DOLLAR
CHANGE		ACTUALCONSTANT
CURRENCY		ORGANIC
GROWTH		IMPACT OF ACQUISITIONS
20242023
Storage Rental$438,221$342,080$96,141 28.1 %27.7 %23.8 %3.9 %
Service11,62415,793(4,169)(26.4)%(26.5)%(26.5)%— %
Segment Revenue$449,845$357,873$91,972 25.7 %25.4 %21.6 %3.8 %
Segment Adjusted EBITDA$194,381$157,660$36,721 
Segment Adjusted EBITDA Margin43.2 %44.1 %

NINE MONTHS ENDED YEAR OVER YEAR SEGMENT ANALYSIS: GLOBAL DATA CENTER BUSINESS (IN MILLIONS)
Storage Rental
Revenue		Service
Revenue		Segment
Revenue		Segment Adjusted
EBITDA
163164
Primary factors influencing the change in revenue and Adjusted EBITDA Margin in our Global Data Center Business segment for the nine months ended September 30, 2024 compared to the prior year period include the following:
•organic storage rental revenue growth from leases that commenced during the first nine months of 2024 and in prior periods, improved pricing and increased usage of pass-through power, partially offset by churn of approximately 260 basis points;
•an increase in Adjusted EBITDA primarily driven by organic storage rental revenue growth; and
•a 90 basis point decrease in Adjusted EBITDA Margin reflecting increased usage of pass-through power and higher overhead costs.
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CORPORATE AND OTHER (IN THOUSANDS)
THREE MONTHS ENDED SEPTEMBER 30,PERCENTAGE CHANGE
DOLLAR
CHANGE		ACTUALCONSTANT
CURRENCY		ORGANIC
GROWTH		IMPACT OF ACQUISITIONS
20242023
Storage Rental$17,125$15,441$1,684 10.9 %10.5 %8.8 %1.7 %
Service 126,66962,54764,122 102.5 %102.0 %37.9 %64.1 %
Revenue$143,794$77,988$65,806 84.4 %83.9 %32.1 %51.8 %
Adjusted EBITDA$(67,677)$(69,802)$2,125  
NINE MONTHS ENDED SEPTEMBER 30,
PERCENTAGE CHANGE
DOLLAR
CHANGE		ACTUALCONSTANT
CURRENCY		ORGANIC
GROWTH		IMPACT OF ACQUISITIONS
20242023
Storage Rental$48,946$46,181$2,765 6.0 %5.5 %3.3 %2.2 %
Service 348,747187,361161,386 86.1 %85.7 %25.3 %60.4 %
Revenue$397,693$233,542$164,151 70.3 %69.8 %20.9 %48.9 %
Adjusted EBITDA$(207,056)$(214,626)$7,570  
Primary factors influencing the change in revenue and Adjusted EBITDA in Corporate and Other (as defined in Note 9 to Notes to Condensed Consolidated Financial Statements included in this Quarterly Report) for the nine months ended September 30, 2024 compared to the prior year period include the following:
•an increase in service revenue of $103.0 million due to our recent acquisition of Regency Technologies;
•organic service revenue growth in our ALM business reflecting increased volume and improved component pricing; and
•Adjusted EBITDA is relatively consistent with the prior year period driven by service revenue improvement in our ALM business, including the Regency Technologies acquisition, offset by higher compensation expense, professional fees and IT costs.
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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 estimate that the implementation of Project Matterhorn will result in costs of approximately $150.0 million per year from 2023 through 2025. Total costs related to Project Matterhorn for the nine months ended September 30, 2024 and from the inception of Project Matterhorn through September 30, 2024, were approximately $124.6 million and $341.7 million, respectively, 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 nine months ended September 30,
20242023
Cash Flows from Operating Activities $765,128 $666,374 
Cash Flows from Investing Activities (1,441,829)(1,035,083)
Cash Flows from Financing Activities 639,201 403,872 
Cash and Cash Equivalents, End of Period168,515 170,502 
A. CASH FLOWS FROM OPERATING ACTIVITIES
For the nine months ended September 30, 2024, net cash flows provided by operating activities increased by $98.8 million compared to the prior year period, primarily due to an increase in net income (excluding non-cash charges) of $72.6 million and an increase in cash from working capital of $26.2 million, primarily driven by the timing of accounts payable.
B. CASH FLOWS FROM INVESTING ACTIVITIES
Our significant investing activity during the nine months ended September 30, 2024 included:
•Cash paid for capital expenditures of $1,174.0 million. Additional details of our capital spending are included in the "Capital Expenditures" section below.
•Cash paid for acquisitions, net of cash acquired, of $174.4 million, primarily funded by borrowings under the Revolving Credit Facility (as defined below).
C. CASH FLOWS FROM FINANCING ACTIVITIES
Our significant financing activities during the nine months ended September 30, 2024 included:
•Net proceeds of approximately $1,273.3 million primarily associated with borrowings under the Revolving Credit Facility.
•Payment of dividends in the amount of $579.5 million on our common stock.
•Equity contributions from noncontrolling interests of $178.6 million.
•Payment of deferred purchase obligation of $158.7 million.

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CAPITAL EXPENDITURES
The following table presents our capital spend for the nine months ended September 30, 2024 and 2023, organized by the type of the spending as described in our Annual Report (in thousands):
 NINE MONTHS ENDED SEPTEMBER 30,
NATURE OF CAPITAL SPEND20242023
Growth Investment Capital Expenditures:
Data Center$880,239 $653,968 
Real Estate130,829 136,174 
Innovation and Other61,352 57,332 
Total Growth Investment Capital Expenditures1,072,420 847,474 
Recurring Capital Expenditures:
Data Center$13,242 $11,949 
Real Estate39,750 34,579 
Non-Real Estate54,058 48,962 
Total Recurring Capital Expenditures107,050 95,490 
Total Capital Spend (on accrual basis)$1,179,470 $942,964 
Net (decrease) increase in prepaid capital expenditures1,423 23,337 
Net decrease (increase) in accrued capital expenditures(6,925)(4,007)
Total Capital Spend (on cash basis)$1,173,968 $962,294 
    
Excluding capital expenditures associated with potential future acquisitions, we expect total capital expenditures of approximately $1,750.0 million for the year ending December 31, 2024. Of this, we expect capital expenditures for growth investment of approximately $1,600.0 million and recurring capital expenditures of approximately $150.0 million.
DIVIDENDS
See Note 8 to Notes to Condensed Consolidated Financial Statements included in this Quarterly Report for a listing of dividends that we declared during the first nine months of 2024 and fiscal year 2023.
On November 6, 2024, we declared a dividend to our stockholders of record as of December 16, 2024 of $0.715 per share, payable on January 7, 2025.
NONCONTROLLING INTERESTS
Our data center operations include two joint ventures which are consolidated within our Global Data Center Business segment as we have concluded we have control over the joint ventures.
During the quarter ended September 30, 2024, a put option available to our partner in our Iron Mountain Data Centers Virginia 4/5 JV, LP joint venture expired, triggering a change in the presentation of the related noncontrolling interest. The noncontrolling interest of approximately $53.4 million was previously presented as Redeemable noncontrolling interests in our Consolidated Balance Sheets and is now presented as Noncontrolling interests within stockholders’ equity in our Condensed Consolidated Balance Sheet at September 30, 2024.
During the quarter ended September 30, 2024, we entered into an agreement with a partner to form our Iron Mountain Data Centers Virginia 6/7 JV, LLC joint venture, which resulted in Noncontrolling interests of approximately $103.1 million in our Condensed Consolidated Balance Sheet at September 30, 2024.
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FINANCIAL INSTRUMENTS AND DEBT
Financial instruments that potentially subject us to credit risk consist principally of cash and cash equivalents (including money market funds and time deposits) and accounts receivable. The only significant concentrations of liquid investments as of September 30, 2024 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.
Long-term debt as of September 30, 2024 is as follows (in thousands):
 SEPTEMBER 30, 2024
 DEBT (INCLUSIVE OF DISCOUNT)UNAMORTIZED DEFERRED FINANCING COSTSCARRYING AMOUNT
Revolving Credit Facility(1)
$1,005,000 $(3,763)$1,001,237 
Term Loan A(1)
218,750 — 218,750 
Term Loan B due 2031(1)
1,849,096 (15,462)1,833,634 
Virginia 3 Term Loans(2)
246,188 (3,336)242,852 
Virginia 4/5 Term Loans(2)
70,280 (3,483)66,797 
Virginia 6 Term Loans95,062 (5,106)89,956 
Australian Dollar Term Loan(2)
197,427 (336)197,091 
UK Bilateral Revolving Credit Facility(2)
187,431 (1,168)186,263 
GBP Notes(2)
535,518 (1,095)534,423 
47/8% Notes due 2027(2)
1,000,000 (4,266)995,734 
51/4% Notes due 2028(2)
825,000 (4,133)820,867 
5% Notes due 2028(2)
500,000 (2,773)497,227 
7% Notes due 2029(2)
1,000,000 (9,218)990,782 
47/8% Notes due 2029(2)
1,000,000 (7,233)992,767 
51/4% Notes due 2030(2)
1,300,000 (8,775)1,291,225 
41/2% Notes(2)
1,100,000 (7,985)1,092,015 
5% Notes due 2032(2)
750,000 (10,227)739,773 
55/8% Notes(2)
600,000 (4,549)595,451 
Real Estate Mortgages, Financing Lease Liabilities and Other611,321 (1,922)609,399 
Accounts Receivable Securitization Program386,500 (734)385,766 
Total Long-term Debt13,477,573 (95,564)13,382,009 
Less Current Portion(136,547)— (136,547)
Long-term Debt, Net of Current Portion$13,341,026 $(95,564)$13,245,462 
(1)Collectively, the “Credit Agreement”. 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 Credit Agreement also included a second term loan B facility (the "Term Loan B due 2026") until its extinguishment in August 2024. Due to the discontinuance of the Canadian Dollar Offered Rate reference rate on June 28, 2024, the Credit Agreement was amended on June 7, 2024 to update the interest rate benchmark available for Canadian currency borrowings under our Revolving Credit Facility to the Canadian Overnight Repo Rate Average, effective July 1, 2024. Other than the amendments discussed below, all other material terms of the Revolving Credit Facility remain the same as disclosed in Note 7 to Notes to Consolidated Financial Statements included in our Annual Report.
(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 6 to Notes to Condensed Consolidated Financial Statements included in this Quarterly Report for additional information regarding our long-term debt.

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CREDIT AGREEMENT
On July 2, 2024, we amended the Credit Agreement, which resulted in (i) an increase in the principal amount of the Term Loan B due 2031 from approximately $1,194.0 million to approximately $1,806.7 million, (ii) a decrease in the interest rate of the Term Loan B due 2031 from the one-month Secured Overnight Financing Rate ("SOFR") plus 2.25% to SOFR plus 2.00% and (iii) a decrease in the principal amount of our Term Loan B due 2026 from approximately $656.3 million to approximately $53.4 million. We paid original issue discount fees of approximately $4.3 million in connection with this amendment. On August 19, 2024, we repaid the remaining approximately $53.4 million principal balance of the Term Loan B due 2026 and amended the Credit Agreement to increase the principal amount of the Term Loan B due 2031 from approximately $1,806.7 million to approximately $1,860.0 million.
As a result of these amendments, we recorded a charge to Other expense (income), net related to the extinguishment of this debt.
Quarterly principal payments of approximately $4.7 million on the Term Loan B due 2031 commenced in September 2024. All other material terms remain the same as disclosed in Note 7 to Notes to Consolidated Financial Statements included in our Annual Report.
VIRGINIA CREDIT AGREEMENTS
As our Global Data Center business continues to expand, we have entered into credit agreements in order to partially finance the construction of various data centers. During the second quarter of 2024, we entered into two new agreements. These agreements primarily consist of the following term loan facilities (in thousands):
AGREEMENTMAXIMUM BORROWING
AMOUNT
OUTSTANDING BORROWINGS AS OF SEPTEMBER 30, 2024
DIRECT
OBLIGOR		CONTRACTUAL INTEREST RATEUNUSED COMMITMENT FEE
MATURITY DATE(1)
Virginia 6 Term Loans(2)
$210,000 $95,062 Iron Mountain Data Centers Virginia 6, LLCSOFR plus 2.75%0.75%May 3, 2027
Virginia 7 Term Loans(3)
300,000 — Iron Mountain Data Centers Virginia 7, LLCSOFR plus 2.50%0.75%April 12, 2027
(1)All obligations will become due on the specified maturity dates. Each agreement includes two one-year options that allow us to extend the initial maturity date, subject to the conditions specified in the agreements.
(2)On May 3, 2024, Iron Mountain Data Centers Virginia 6, LLC, a wholly-owned subsidiary of Iron Mountain Data Centers Virginia 6/7 JV, LLC, entered into a credit agreement (the "Virginia 6 Credit Agreement"). The Virginia 6 Credit Agreement consists of a term loan facility (the "Virginia 6 Term Loans") and a letter of credit facility. The Virginia 6 Credit Agreement is secured by the equity interests and assets of Iron Mountain Data Centers Virginia 6, LLC. As of September 30, 2024, the interest rate in effect under the Virginia 6 Credit Agreement was 4.9%.
(3)On April 12, 2024, Iron Mountain Data Centers Virginia 7, LLC, a wholly-owned subsidiary of Iron Mountain Data Centers Virginia 6/7 JV, LLC, entered into a credit agreement (the "Virginia 7 Credit Agreement"). The Virginia 7 Credit Agreement consists of a term loan facility and a letter of credit facility. The Virginia 7 Credit Agreement is secured by the equity interests and assets of Iron Mountain Data Centers Virginia 7, LLC.
UK BILATERAL REVOLVING CREDIT FACILITY
Iron Mountain (UK) PLC and Iron Mountain (UK) Data Centre Limited (collectively, the "UK Borrowers") have a British pounds sterling Revolving Credit Facility (the "UK Bilateral Revolving Credit Facility") with Barclays Bank PLC. The maximum amount permitted to be borrowed under the UK Bilateral Revolving Credit Facility is 140,000 British pounds sterling, which was fully drawn as of September 30, 2024. We have the option to request additional commitments of up to 125,000 British pounds sterling, subject to conditions specified in the UK Bilateral Revolving Credit Facility.
On September 10, 2024, the UK Borrowers amended the UK Bilateral Revolving Credit Facility to extend the maturity date from September 24, 2025 to September 24, 2026. All other material terms of the UK Bilateral Revolving Credit Facility remain consistent with what was disclosed in Note 7 to Notes to Consolidated Financial Statements included in our Annual Report.
ACCOUNTS RECEIVABLE SECURITIZATION PROGRAM
On June 14, 2024, we amended the Accounts Receivable Securitization Program (as defined in Note 7 to Notes to Consolidated Financial Statements included in our Annual Report) to (i) increase the maximum borrowing capacity from $360.0 million to $400.0 million, with an option to increase the borrowing capacity to $450.0 million, and (ii) extend the maturity date from July 1, 2025 to July 1, 2027, at which point all obligations become due. All other material terms of the Accounts Receivable Securitization Program remain the same as disclosed in Note 7 to Notes to Consolidated Financial Statements included in our Annual Report.
LETTERS OF CREDIT
As of September 30, 2024, we have outstanding letters of credit totaling $79.5 million, of which $8.0 million reduce our borrowing capacity under the Revolving Credit Facility. The letters of credit expire at various dates between October 2024 and July 2025.
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DEBT COVENANTS
The Credit Agreement, our bond indentures and other agreements governing our indebtedness contain certain restrictive financial and operating covenants, including covenants that restrict our ability to complete acquisitions, pay cash dividends, incur indebtedness, make investments, sell assets and take other specified corporate actions. The covenants do not contain a rating trigger. Therefore, a change in our debt rating would not trigger a default under the Credit Agreement, our bond indentures or other agreements governing our indebtedness. The Credit Agreement requires that we satisfy a net total lease adjusted leverage ratio and a fixed charge coverage ratio on a quarterly basis, and our bond indentures require that, among other things, we satisfy a leverage ratio (not lease adjusted) or a fixed charge coverage ratio (not lease adjusted) as a condition to taking actions such as paying dividends and incurring indebtedness.
The Credit Agreement uses earnings before interest, taxes, depreciation and amortization and rent expense ("EBITDAR") based calculations and the bond indentures use earnings before interest, taxes, depreciation and amortization ("EBITDA") based calculations as the primary measures of financial performance for purposes of calculating leverage and fixed charge coverage ratios. The EBITDAR- and EBITDA-based leverage calculations include our consolidated subsidiaries, other than those we have designated as "Unrestricted Subsidiaries" as defined in the Credit Agreement and bond indentures. Generally, the Credit Agreement and the bond indentures use a trailing four fiscal quarter basis for purposes of the relevant calculations and require certain adjustments and exclusions for purposes of those calculations, which make the calculation of financial performance for purposes of those calculations under the Credit Agreement and bond indentures not directly comparable to Adjusted EBITDA as presented herein. These adjustments can be significant. For example, the calculation of financial performance under the Credit Agreement and certain of our bond indentures includes (subject to specified exceptions and caps) adjustments for non-cash charges and for expected benefits associated with (i) completed acquisitions, (ii) certain executed lease agreements associated with our data center business that have yet to commence, and (iii) restructuring and other strategic initiatives. The calculation of financial performance under our other bond indentures includes, for example, adjustments for non-cash charges and for expected benefits associated with (i) completed acquisitions and (ii) events that are extraordinary, unusual or non-recurring.
Our leverage and fixed charge coverage ratios under the Credit Agreement as of September 30, 2024 are as follows:
 SEPTEMBER 30, 2024MAXIMUM/MINIMUM ALLOWABLE
Net total lease adjusted leverage ratio5.0 Maximum allowable of 7.0
Fixed charge coverage ratio2.4 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 September 30, 2024. 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 September 30, 2024 and December 31, 2023, we have approximately $1,354.0 million and $520.0 million, respectively, in notional value outstanding on our interest rate swap agreements. As of September 30, 2024, our interest rate swap agreements have maturity dates ranging from October 2025 through May 2027.
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CROSS-CURRENCY SWAP AGREEMENTS
We utilize cross-currency swaps to hedge the variability of exchange rate impacts between the United States dollar and the Euro. As of both September 30, 2024 and December 31, 2023, we have approximately $509.2 million in notional value outstanding on cross-currency interest rate swaps. As of September 30, 2024, our cross-currency interest rate swaps have maturity dates ranging from August 2025 through February 2026.
We have designated these cross-currency swap agreements as hedges of net investments in certain of our Euro denominated subsidiaries and they require an exchange of the notional amounts at maturity. These cross-currency swap agreements are marked to market at the end of each reporting period, representing the fair values of the cross-currency swap agreements, and any changes in fair value are recognized as a component of Accumulated other comprehensive items, net. Unrealized gains are recognized as assets while unrealized losses are recognized as liabilities. The excluded component of our cross-currency swap agreements is recorded in Accumulated other comprehensive items, net and amortized to interest expense on a straight-line basis.
ACQUISITIONS
WISETEK
On September 20, 2024, in order to further expand our ALM business, we acquired 100% of Wisetek Solutions Limited ("Wisetek"), an IT asset disposition services provider offering services across the globe with operations facilities in the United States, Ireland, the United Kingdom and Thailand, for (i) cash consideration of approximately 46.6 million Euros (or approximately $51.9 million, based upon the exchange rate between the Euro and the United States dollar on the closing date of this acquisition), subject to adjustments, and (ii) up to 4.2 million Euros (or approximately $4.7 million, based upon the exchange rate between the Euro and the United States dollar as of September 30, 2024) of additional consideration, payable based on the achievement of certain gross profit targets through September 2026.
REGENCY TECHNOLOGIES
On January 3, 2024, in order to expand our ALM business, we acquired 100% of RSR Partners, LLC (doing business as Regency Technologies), an IT asset disposition services provider with operations throughout the United States, for an initial purchase price of approximately $200.0 million, subject to certain working capital adjustments at, and subsequent to, the closing, with $125.0 million paid at closing, funded by borrowings under the Revolving Credit Facility, and the remaining $75.0 million (the “January 2025 Payment”) to be paid in January 2025 (the "Regency Transaction"). The present value of the January 2025 Payment is included as a component of Accrued expenses and other current liabilities in our Condensed Consolidated Balance Sheet at September 30, 2024. The agreement for the Regency Transaction also includes a performance-based contingent consideration with a potential earnout range from zero to $200.0 million based upon achievement of certain three-year cumulative revenue targets, which would be payable in 2027, if earned (the “Regency Deferred Purchase Obligation”). The preliminary fair value estimate of the Regency Deferred Purchase Obligation as of the acquisition date was approximately $78.4 million. The fair value of the Regency Deferred Purchase Obligation is included as a component of Other long-term liabilities in our Condensed Consolidated Balance Sheet at September 30, 2024. Subsequent increases or decreases in the fair value estimate of the Regency Deferred Purchase Obligation, as well as the accretion of the discount to present value, is included as a component of Other expense (income), net in our Condensed Consolidated Statements of Operations until the deferred purchase obligation is settled or paid. Subsequent to the acquisition, the results of Regency Technologies are included as a component of Corporate and Other.
PRIOR YEAR ACQUISITION UPDATE
On July 1, 2024, we entered into an agreement with the minority shareholders of Web Werks India Private Limited to acquire the remaining approximately 36.61% interest in the Web Werks JV (as defined in Note 5 to Notes to Consolidated Financial Statements included in our Annual Report) in two separate transactions. As a result of the agreement, during the three months ended September 30, 2024, we recognized a charge of approximately $29.2 million, which is included as a component of Other expense (income), net in our Condensed Consolidated Statements of Operations. On July 5, 2024, we completed the acquisition of an approximately 8.55% interest in the Web Werks JV (“Tranche I”) for approximately 3,000.0 million Indian rupees (or approximately $35.0 million based upon the exchange rate between the United States dollar and the Indian rupee on the closing date of Tranche I). Subsequent to the Tranche I payment, our ownership interest in the Web Werks JV is approximately 71.94%. In March 2025, we will be required to make an additional payment of approximately 9,600.0 million Indian rupees (or approximately $114.6 million, based upon the exchange rate between the United States dollar and the Indian rupee as of September 30, 2024) to acquire the remaining approximately 28.06% interest in the Web Werks JV ("Tranche II"). As part of the Tranche II payment in March 2025, we may also make an incremental payment of approximately 1,000.0 million Indian rupees (or approximately $11.9 million, based upon the exchange rate between the United States dollar and the Indian rupee as of September 30, 2024) (the "Incremental Payment") if certain infrastructure goals are achieved before December 31, 2024. The liability associated with Tranche II and our current estimate of the Incremental Payment is included within Accrued expenses and other current liabilities in our Condensed Consolidated Balance Sheet at September 30, 2024.
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INVESTMENTS
JOINT VENTURE SUMMARY
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 September 30, 2024 and December 31, 2023 is as follows (in thousands):
SEPTEMBER 30, 2024DECEMBER 31, 2023
CARRYING VALUEEQUITY INTERESTCARRYING VALUEEQUITY INTEREST
Frankfurt JV
$65,219 20 %$57,874 20 %
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ITEM 4. CONTROLS AND PROCEDURES
DISCLOSURE CONTROLS AND PROCEDURES
The term "disclosure controls and procedures" is defined in Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). These rules refer to the controls and other procedures of a company that are designed to ensure that information is recorded, processed, accumulated, summarized, communicated and reported to management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding what is required to be disclosed by a company in the reports that it files under the Exchange Act.
As of September 30, 2024 (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 September 30, 2024 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
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
We did not sell any unregistered equity securities during the three months ended September 30, 2024, nor did we repurchase any shares of our common stock during the three months ended September 30, 2024.
ITEM 5. OTHER INFORMATION
On August 22, 2024, Mr. Edward Greene, our Executive Vice President and Chief Human Resources Officer, adopted a 10b5-1 trading plan to sell shares between March 3, 2025 and August 29, 2025, including the sale of (i) 100% of the net shares to be acquired upon vesting of 3,915 gross restricted stock units and (ii) 100% of the net shares to be acquired upon vesting of 18,119 gross performance units (“PUs”), as adjusted based on actual results (collectively, the “August Trading Plan”). On September 20, 2024, Mr. Greene terminated the August Trading Plan and adopted a new 10b5-1 trading plan, mirroring the transactions outlined in the August Trading Plan and including a stock gifting transaction. Net shares are net of tax withholding. Mr. Greene’s plan will terminate on the earlier of (i) August 29, 2025 and (ii) the date that all trades under the plan are completed.
On September 18, 2024, Mr. Barry Hytinen, our Executive Vice President and Chief Financial Officer, adopted a 10b5-1 trading plan to sell up to 16% of the net shares to be acquired upon vesting of 45,298 gross PUs, adjusted based on actual results. The transactions are scheduled to occur between March 3, 2025 and June 18, 2025. Net shares are net of tax withholding. Mr. Hytinen’s plan will terminate on the earlier of (i) June 18, 2025 and (ii) 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.
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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
10.1
10.2
10.3
10.4
10.5
10.6
31.1
31.2
32.1
32.2
101.INSXBRL 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.SCHInline XBRL Taxonomy Extension Schema Document.
101.CALInline XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEFInline XBRL Taxonomy Extension Definition Linkbase Document.
101.LABInline XBRL Taxonomy Label Linkbase Document.
101.PREInline XBRL Taxonomy Extension Presentation Linkbase Document.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
IRON MOUNTAIN INCORPORATED
By:/s/ DANIEL BORGES
Daniel Borges
 Senior Vice President, Chief Accounting Officer
Dated: November 6, 2024
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