Supplemental Financial Information First Quarter 2022 investors.ironmountain.com
Table of Contents Section I - Q1 Earnings Press Release 3 Q1 2022 Earnings Press Release Section II - Company Profile 6 Section III - Financial Highlights Financial and Operating Highlights 7 Organic Revenue Growth 8 Section IV - Operational Metrics Worldwide Storage Volume 9 Operating Performance 10 Section V - Balance Sheets, Statements of Operations and Reconciliations Condensed Consolidated Balance Sheets 11 Condensed Consolidated Statements of Operations 12 Reconciliation of Net Income to Adjusted EBITDA 13 Reconciliation of Reported Earnings per Share to Adjusted Earnings per Share 13 Reconciliation of Net Income to FFO and AFFO 14 Section VI - Storage and Service Reconciliation Storage Rental and Service Business Detail 16 Section VII - Real Estate Metrics 17 Global Real Estate Portfolio and Lease Obligations Facility Lease Expirations Section VIII - Data Center Customer and Portfolio Metrics Data Center Customer Lease Expiration and Leasing Activity Summary 18 Data Center Operating Portfolio and Total Potential Capacity 19 Data Center Expansion and Development Activity 20 Section IX - Capitalization and Debt Maturity Profile 21 Capitalization Debt Maturity Profile Section X - Capital Expenditures and Acquisitions Capital Expenditures and Investments 22 Business and Customer Acquisitions 23 Section XI - Appendix and Definitions 24 All figures except per share, megawatts (MW), kilowatts (kW), and facility counts in 000s unless noted All figures in reported dollars unless noted Figures may not foot due to rounding All figures for the quarter ended March 31, 2022 unless noted Unaudited investors.ironmountain.com Q1 2022 Supplemental Financial Information 2
Iron Mountain Reports First Quarter Results -- Net Income of $42 million; Achieves record quarterly Revenue and Adjusted EBITDA -- -- Data Center strength: Signs 35 megawatts in first quarter; raises full year projection to 130 megawatts -- BOSTON – April 28, 2022 – Iron Mountain Incorporated (NYSE: IRM), a global leader in innovative storage, data center infrastructure, asset lifecycle management and information management services, announces record financial and operating results for the first quarter of 2022. The conference call / webcast details, earnings call presentation and supplemental financial information, which includes definitions of certain capitalized terms used in this release, are available on Iron Mountain’s Investor Relations website. Reconciliations of non-GAAP measures to the appropriate GAAP measures are included herein. “We are delighted to report that we have delivered exceptional performance in the first quarter, including all-time record revenue and Adjusted EBITDA. This result is reflective of our commitment to growth, the expansion of our offerings, continued resiliency in our storage businesses, deep customer relationships, and strength of our Mountaineers," said William L. Meaney, President and CEO of Iron Mountain. "Whilst it has been a difficult time from a geo-political perspective and our thoughts and prayers remain with those being so horrifically impacted by the war in Ukraine, our team has continued to not just look after our colleagues but to continue to stay focused in delivering for our customers. We continue to drive accelerated growth for our company and we are confident that this growth will continue as we are there to solve more of our customers' critical issues linked to their core storage - both physical as well as data center storage, digital transformation and asset lifecycle management initiatives. We remain laser focused on driving performance and growth for our customers and our shareholders." Financial Performance Highlights for the First Quarter of 2022 ($ in millions, except per share data) Three Months Ended 3/31/22 3/31/21 Y/Y % Change Storage Rental Revenue $751 $708 6% Service Revenue $497 $374 33% Total Revenue $1,248 $1,082 15% Net Income (Loss) $42 $47 (11)% Adjusted EBITDA $431 $381 13% Adjusted EBITDA Margin 34.5% 35.2% (70 bps) AFFO $264 $235 12% AFFO per share $0.91 $0.81 11% • Total reported Revenues for the first quarter were $1.25 billion, compared with $1.08 billion in the first quarter of 2021, an increase of 15.3%. Excluding the impact of foreign currency exchange (FX), total reported Revenues increased 17.4% compared to the prior year, driven by a 35.4% increase in Service revenue, while Storage rental revenue increased 7.9%. Total service revenue growth was driven by the inclusion of ITRenew; on an organic constant currency basis, service revenue grew 16.1%. • Net Income for the first quarter was $41.7 million compared with $46.6 million in the first quarter of 2021. Net Income in the first quarter of 2022 includes a loss related to the deconsolidation of operations related to OSG Records Management, partially offset by a gain associated with the merger of Makespace and Clutter. • Adjusted EBITDA for the first quarter was $431.0 million, compared with $380.6 million in the first quarter of 2021, an increase of 13.3%. On a constant currency basis, Adjusted EBITDA increased by 15.3%, driven by the strong increase in Service revenue and productivity benefits. • Reported EPS - Fully Diluted from Net Income Attributable to Iron Mountain Incorporated for the first quarter was $0.14, compared with $0.16 in the first quarter of 2021. • Adjusted EPS for the first quarter was $0.38, compared with $0.32 in the first quarter of 2021. Adjusted EPS reflects a structural tax rate of 18.6% and 16.6%, in the first quarters of 2022 and 2021, respectively. • FFO (Normalized) per share was $0.66 for the first quarter, compared with $0.63 in the first quarter of 2021, an increase of 4.8%, which includes $0.06 of amortization costs of intangibles related to ITRenew and losses related to the Ukraine business. Absent these costs, FFO per share was approximately $0.72, an increase of 14%. Section I - Q1 Earnings Press Release investors.ironmountain.com Q1 2022 Supplemental Financial Information 3
• AFFO was $264.2 million for the first quarter, compared with $235.4 million in the first quarter of 2021, an increase of 12.3%, driven by improved EBITDA. On a per share basis, AFFO per share was $0.91 for the first quarter, compared with $0.81 in the first quarter of 2021, an increase of 11.4%, driven by improved EBITDA. • Global RIM business revenue increased 7.9% in the first quarter, or an 9.8% increase compared to the first quarter of 2021, excluding the impact of FX. Global RIM Adjusted EBITDA margin increased 100 basis points in the first quarter as compared to the first quarter of 2021. Improved profitability was driven by revenue management, productivity and strong volume levels. • Global Data Center business revenue increased 36.4% in the first quarter, or a 38.1% increase compared to the first quarter of 2021, excluding the impact of FX. Through March 31, 2022, Iron Mountain has executed 35 megawatts of new and expansion leasing, including the full lease-up of its 27 megawatt LON-2 site. Subsequent to the end of the first quarter, the company executed a 72 megawatt lease on its Northern Virginia campus. This strong performance has led to an increase of the projection for new leases for 2022 from 50 megawatts to 130 megawatts. • Corporate and Other business revenue increased 146.3% in the first quarter, driven by the benefit of the ITRenew acquisition as well as organic growth in the Fine Arts business. The legacy IT Asset Disposal business remains in the Global RIM segment, while the ITRenew transaction, which closed in late January, is included in Corporate and Other. Dividend On April 28, 2022, Iron Mountain's Board of Directors declared a quarterly cash dividend of $0.6185 per share for the second quarter. The second-quarter 2022 dividend is payable on July 6, 2022, for shareholders of record on June 15, 2022. Guidance Iron Mountain affirmed full year 2022 guidance, despite deconsolidating the businesses included in the acquisition of OSG Records Management Limited (excluding Ukraine), which in 2021 represented approximately $45 million of revenue and approximately $15 million of EBITDA; details are summarized in the table below. 2022 Guidance(1) ($ in millions, except per share data) 2022 Guidance Y/Y % Change Total Revenue $5,125 - $5,275 14% - 17% Adjusted EBITDA $1,800 - $1,850 10% - 13% AFFO $1,085 - $1,120 7% - 11% AFFO Per Share $3.70 - $3.82 6% - 10% (1) Iron Mountain does not provide a reconciliation of non-GAAP measures that it discusses as part of its annual guidance or long term outlook because certain significant information required for such reconciliation is not available without unreasonable efforts or at all, including, most notably, the impact of exchange rates on Iron Mountain’s transactions, loss or gain related to the disposition of real estate and other income or expense. Without this information, Iron Mountain does not believe that a reconciliation would be meaningful. About Iron Mountain Iron Mountain Incorporated (NYSE: IRM) is a global leader in innovative storage, asset lifecycle management and information management services. Founded in 1951 and trusted by more than 225,000 customers worldwide, Iron Mountain helps customers CLIMB HIGHER™ to transform their businesses. Through a range of services including digital transformation, data centers, secure records storage, information management, asset lifecycle management, secure destruction, and art storage and logistics, Iron Mountain helps businesses bring light to their dark data, enabling customers to unlock value and intelligence from their stored digital and physical assets at speed and with security, while helping them meet their environmental goals. To learn more about Iron Mountain, please visit: www.IronMountain.com and follow @IronMountain on Twitter and LinkedIn. Section I - Q1 Earnings Press Release investors.ironmountain.com Q1 2022 Supplemental Financial Information 4
Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995: We have made statements in this press release that constitute "forward-looking statements" as that term is defined in the Private Securities Litigation Reform Act of 1995 and other securities laws. These forward-looking statements concern our current expectations regarding our future results from operations, economic performance, financial condition, goals, strategies, investment objectives, plans and achievements. These forward-looking statements are subject to various known and unknown risks, uncertainties and other factors, and you should not rely upon them except as statements of our present intentions and of our present expectations, which may or may not occur. When we use words such as "believes," "expects," "anticipates," "estimates," "plans," "intends", “pursue”, “will” or similar expressions, we are making forward-looking statements. Although we believe that our forward-looking statements are based on reasonable assumptions, our expected results may not be achieved, and actual results may differ materially from our expectations. In addition, important factors that could cause actual results to differ from expectations include, among others: (i) our ability or inability to execute our strategic growth plan, including our ability to invest according to plan, grow our businesses (including through joint ventures), incorporate alternative technologies into our offerings, achieve satisfactory returns on new product offerings, continue our revenue management, expand internationally and manage our international operations, complete acquisitions on satisfactory terms, integrate acquired companies efficiently and transition to more sustainable sources of energy; (ii) changes in customer preferences and demand for our storage and information management services, including as a result of the shift from paper and tape storage to alternative technologies that require less physical space, (iii) the impact of our distribution requirements on our ability to execute our business plan; (iv) the severity and duration of the COVID-19 pandemic and its effects on the global economy, including its effects on us, the markets we serve and our customers and the third parties with whom we do business within those markets; (v) our ability to fund capital expenditures; (vi) our ability to remain qualified for taxation as a real estate investment trust for United States federal income tax purposes; (vii) 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; (viii) 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; (ix) changes in the political and economic environments in the countries in which our international subsidiaries operate and changes in the global political climate, particularly as we consolidate operations and move records and data across borders; (x) our ability to raise debt or equity capital and changes in the cost of our debt; (xi) our ability to comply with our existing debt obligations and restrictions in our debt instruments; (xii) the impact of service interruptions or equipment damage and the cost of power on our data center operations; (xiii) the cost or potential liabilities associated with real estate necessary for our business; (xiv) failures to implement and manage new IT systems; (xv) unexpected events, including those resulting from climate change or geopolitical events, which could disrupt our operations and adversely affect our reputation and results of operations; (xvi) other trends in competitive or economic conditions affecting our financial condition or results of operations not presently contemplated; and (xvii) the other risks described in our periodic reports filed with the SEC, including under the caption “Risk Factors” in Part I, Item 1A of our Annual Report. Except as required by law, we undertake no obligation to update any forward-looking statements appearing in this report. Reconciliation of Non-GAAP Measures Throughout this release, Iron Mountain discusses (1) Adjusted EBITDA, (2) Adjusted Earnings per Share (“Adjusted EPS”), (3) Funds from Operations (“FFO Nareit”), (4) FFO (Normalized), and (5) Adjusted Funds from Operations (“AFFO”). These measures do not conform to accounting principles generally accepted in the United States (“GAAP”). These non-GAAP measures are supplemental metrics designed to enhance our disclosure and to provide additional information that we believe to be important for investors to consider in addition to, but not as a substitute for, other measures of financial performance reported in accordance with GAAP, such as operating income, net income (loss) attributable to Iron Mountain Incorporated or cash flows from operating activities (as determined in accordance with GAAP). The reconciliation of these measures to the appropriate GAAP measure, as required by Regulation G under the Securities Exchange Act of 1934, as amended, and their definitions are included later in this release. Investor Relations Contacts: Gillian Tiltman Sarah Barry SVP, Head of Investor Relations Manager, Investor Relations gillian.tiltman@ironmountain.com sarah.barry@ironmountain.com (617) 286-4881 (617) 237-6597 Section I - Q1 Earnings Press Release investors.ironmountain.com Q1 2022 Supplemental Financial Information 5
Facts and Figures $4.7 Billion Trailing Twelve-Month Revenue 225,000+ Customer Accounts ~25,000 Employees ~1,400 Facilities Worldwide 89 million+ Pieces of Media 725+ million Cubic Feet of Global Storage Volume First Quarter Revenue and Gross Profit Mix Geographic Revenue Mix 68% 20% 4% 8% North America Europe Latin America Asia Business Revenue Mix 60% 40% Storage Rental Service Business Adjusted Gross Profit Mix 76% 24% Storage Rental Service Product Revenue Mix 57% 9% 6% 8% 3% 7% 9% 1% Records Management Data Management Asset Lifecycle Management Data Center Adjacent Businesses Global Digital Solutions Secure Shred Consumer Storage RM Revenue by Vertical - Customer Mix North America 16% 2% 8% 12% 6% 3% 3% 1%50% Healthcare Federal Legal Financial Insurance Life Sciences Energy Business Services Other Section II - Company Profile investors.ironmountain.com Q1 2022 Supplemental Financial Information 6
Financial Highlights Q1 2022 Q4 2021 Q3 2021 Q2 2021 Q1 2021 Storage Rental Revenue $751,070 $725,177 $718,614 $718,272 $708,056 Service Revenue $496,976 $434,410 $411,534 $401,484 $373,984 Total Revenues $1,248,046 $1,159,587 $1,130,148 $1,119,756 $1,082,040 Adjusted EBITDA $430,994 $430,734 $417,769 $405,631 $380,565 Adjusted EBITDA Margin 34.5 % 37.1 % 37.0 % 36.2 % 35.2 % Net Income (Loss) Attributable to Iron Mountain Incorporated $42,299 $61,648 $67,683 $275,285 $45,603 Reported EPS - Fully Diluted $0.14 $0.21 $0.23 $0.95 $0.16 Adjusted EPS $0.38 $0.43 $0.40 $0.38 $0.32 FFO (Normalized) $193,103 $216,757 $208,836 $199,963 $181,338 FFO (Normalized) per Share $0.66 $0.74 $0.72 $0.69 $0.63 AFFO $264,234 $267,032 $263,484 $245,992 $235,391 AFFO per Share $0.91 $0.92 $0.90 $0.85 $0.81 Dividend per Share $0.62 $0.62 $0.62 $0.62 $0.62 TTM AFFO Payout Ratio 69.3 % 71.2 % 76.8 % 80.7 % 80.1 % Weighted Average Common Shares Outstanding - Diluted 291,846 291,811 291,482 291,079 289,528 Net Lease-Adjusted Leverage Ratio 5.4x 5.3x 5.4x 5.3x 5.5x Operating Highlights Q1 2022 Q4 2021 Q3 2021 Q2 2021 Q1 2021 Organic Storage Rental Revenue Growth 6.8 % 3.6 % 2.3 % 2.5 % 1.7 % Organic Service Revenue Growth 16.1 % 17.6 % 17.7 % 25.5 % (4.8) % Total Volume - Storage 727,653 726,246 726,831 715,772 711,342 Storage Facility Capacity Utilization 80.9 % 80.9 % 81.8 % 84.0 % 82.3 % Records Management Retention Rate 93.8 % 94.1 % 94.4 % 94.4 % 94.4 % Storage Revenue / Sq. Ft $8.21 $7.86 $7.83 $7.93 $7.88 Storage NOI / Sq. Ft $6.60 $6.45 $6.39 $6.43 $6.33 Data Center: Leasable Megawatts 176.8 176.4 156.6 144.7 136.4 Leased % - Stabilized 91.6 % 91.2 % 89.4 % 88.4 % 88.5 % Leased % - Total 90.7 % 89.3 % 85.0 % 83.0 % 85.2 % Kilowatts Leased - New/Expansion 35,048 27,199 8,989 3,610 9,035 Churn 2.0 % 0.8 % 3.9 % 1.9 % 2.3 % Number of Facilities 20 19 19 15 15 Number of Markets 18 16 16 13 13 Section III - Financial Highlights investors.ironmountain.com Q1 2022 Supplemental Financial Information 7
Organic Revenue Growth (1) Q1 2022 Reported Constant Currency Organic Revenue Storage Rental 6.1% 7.9% 6.8% Service 32.9% 35.4% 16.1% Total Revenues 15.3% 17.4% 10.0% Total Organic Revenue Growth (7.2)% (3.4)% (3.4)% (0.6)% 9.7% 7.4% 8.5% 10.0% Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 (12.0)% (8.0)% (4.0)% 0.0% 4.0% 8.0% 12.0% Organic Storage Rental Revenue Growth 2.3% 2.5% 1.7% 1.7% 2.5% 2.3% 3.6% 6.8% Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 0.0% 2.0% 4.0% 6.0% 8.0% Organic Service Revenue Growth (23.1)% (13.5)% (12.1)% (4.8)% 25.5% 17.7% 17.6% 16.1% Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 (40.0)% (30.0)% (20.0)% (10.0)% 0.0% 10.0% 20.0% 30.0% (1) Constant Currency and excluding impact from business acquisitions and divestitures. Section III - Financial Highlights investors.ironmountain.com Q1 2022 Supplemental Financial Information 8
Worldwide Storage Volume Records and Information Management Adjacent Businesses Consumer and Other Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 500,000 550,000 600,000 650,000 700,000 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Records and Information Management 712,388 712,009 711,148 708,981 708,587 710,790 720,069 718,510 716,810 Adjacent Businesses 5,938 5,906 6,534 7,077 7,335 7,683 7,961 7,934 8,084 Consumer and Other 4,308 6,495 8,967 10,373 12,694 14,613 16,250 17,442 20,466 Previously Reported Total Volume - Storage (1) 722,634 724,411 726,649 726,430 728,616 733,086 744,280 743,886 745,359 Deconsolidated Businesses (15,711) (17,286) (17,402) (17,197) (17,274) (17,314) (17,449) (17,640) (17,706) Total Volume - Storage 706,923 707,126 709,247 709,233 711,342 715,772 726,831 726,246 727,653 Business acquisitions during the quarter (2) 18,389 3,555 272 — — 5,020 10,743 — — (1) Reflects volume previously reported for entities which we deconsolidated in Q1 2022. (2) Business acquisitions volume acquired during the quarter included in total volume. Section IV - Operational Metrics investors.ironmountain.com Q1 2022 Supplemental Financial Information 9
Operating Performance Y/Y % Change Q1 2022 Q4 2021 Q1 2021 Reported Constant Currency Organic Growth (1) Global RIM Business Storage Rental $638,041 $622,507 $610,694 4.5% 6.4% 4.6% Service 405,541 397,853 356,600 13.7% 15.8% 14.1% Total Revenues $1,043,582 $1,020,360 $967,294 7.9% 9.8% 8.1% Adjusted EBITDA $451,249 $452,559 $408,562 Adjusted EBITDA Margin 43.2 % 44.4 % 42.2 % Global Data Center Business Storage Rental $87,451 $78,787 $67,157 30.2% 31.7% 26.3% Service 9,536 11,439 3,951 141.4% 147.5% 144.4% Total Revenues $96,987 $90,226 $71,108 36.4% 38.1% 32.8% Adjusted EBITDA $41,977 $38,388 $30,432 Adjusted EBITDA Margin 43.3 % 42.5 % 42.8 % Corporate and Other Business Storage Rental $25,578 $23,884 $30,205 (15.3)% (14.9)% 8.0% Service 81,899 25,118 13,433 509.7% 525.5% 30.5% Total Revenues $107,477 $49,001 $43,638 146.3% 149.0% 16.4% Adjusted EBITDA $(62,232) $(60,213) $(58,429) Total Consolidated Storage Rental $751,070 $725,177 $708,056 6.1% 7.9% 6.8% Service $496,976 434,410 373,984 32.9% 35.4% 16.1% Total Revenues $1,248,046 $1,159,587 $1,082,040 15.3% 17.4% 10.0% Adjusted EBITDA $430,994 $430,734 $380,565 Adjusted EBITDA Margin 34.5 % 37.1 % 35.2 % (1) Constant Currency and excluding impact from business acquisitions and divestitures. Section IV - Operational Metrics investors.ironmountain.com Q1 2022 Supplemental Financial Information 10
Condensed Consolidated Balance Sheets 3/31/2022 12/31/2021 ASSETS Current Assets: Cash and Cash Equivalents $195,660 $255,828 Accounts Receivable, Net 1,063,723 961,419 Prepaid Expenses and Other 268,312 224,020 Total Current Assets $1,527,695 $1,441,267 Property, Plant and Equipment: Property, Plant and Equipment $8,748,937 $8,647,303 Less: Accumulated Depreciation (4,078,290) (3,979,159) Property, Plant and Equipment, Net $4,670,647 $4,668,144 Other Assets, Net: Goodwill $5,023,691 $4,463,531 Customer and Supplier Relationships and Other Intangible Assets 1,581,429 1,181,043 Operating Lease Right-of-Use Assets 2,343,627 2,314,422 Other 480,887 381,624 Total Other Assets, Net $9,429,634 $8,340,620 Total Assets $15,627,976 $14,450,031 LIABILITIES AND EQUITY Current Liabilities: Current Portion of Long-term Debt $91,180 $309,428 Accounts Payable 424,064 369,145 Accrued Expenses and Other Current Liabilities 883,323 1,032,537 Deferred Revenue 301,965 307,470 Total Current Liabilities $1,700,532 $2,018,580 Long-term Debt, Net of Current Portion 10,143,011 8,962,513 Long-term Operating Lease Liabilities, Net of Current Portion 2,196,846 2,171,472 Other Long-term Liabilities 407,826 144,053 Deferred Income Taxes 347,562 223,934 Redeemable Noncontrolling Interests 73,428 72,411 Total Long-term Liabilities $13,168,673 $11,574,383 Total Liabilities $14,869,205 $13,592,963 Equity Total Equity $758,771 $857,068 Total Liabilities and Equity $15,627,976 $14,450,031 Section V - Balance Sheets, Statements of Operations and Reconciliations investors.ironmountain.com Q1 2022 Supplemental Financial Information 11
Condensed Consolidated Statements of Operations Q1 2022 Q4 2021 Q/Q % Change Q1 2021 Y/Y % Change Storage Rental $751,070 $725,177 3.6 % $708,056 6.1 % Service 496,976 434,410 14.4 % 373,984 32.9 % Total Revenues $1,248,046 $1,159,587 7.6 % $1,082,040 15.3 % Operating Expenses: Cost of Sales (excluding Depreciation and Amortization) $546,622 $479,078 14.1 % $451,909 21.0 % Selling, General and Administrative 280,723 262,461 7.0 % 258,723 8.5 % Depreciation and Amortization 183,615 173,277 6.0 % 165,642 10.9 % Acquisition and Integration Costs 15,661 9,349 67.5 % — — Restructuring Charges — 76,740 (100.0) % 39,811 (100.0) % (Gain) Loss on Disposal/Write-Down of PP&E, Net (705) (37,720) (98.1) % (4,451) (84.2) % Total Operating Expenses $1,025,916 $963,185 6.5 % $911,634 12.5 % Operating Income (Loss) $222,130 $196,402 13.1 % $170,406 30.4 % Interest Expense, Net 114,442 104,510 9.5 % 104,422 9.6 % Other Expense (Income), Net 55,901 7,214 674.9 % 4,713 1,086.1 % Net Income (Loss) Before Provision (Benefit) for Income Taxes $51,787 $84,678 (38.8) % $61,271 (15.5) % Provision (Benefit) for Income Taxes 10,080 23,217 (56.6) % 14,640 (31.1) % Net Income (Loss) $41,707 $61,461 (32.1) % $46,631 (10.6) % Less: Net (Loss) Income Attributable to Noncontrolling Interests (592) (187) 216.6 % 1,028 (157.6) % Net Income (Loss) Attributable to Iron Mountain Incorporated $42,299 $61,648 (31.4) % $45,603 (7.2) % Net Income (Loss) Per Share Attributable to Iron Mountain Incorporated: Basic $0.15 $0.21 (28.6) % $0.16 (6.3) % Diluted $0.14 $0.21 (33.3) % $0.16 (12.5) % Weighted Average Common Shares Outstanding - Basic 290,328 290,064 0.1 % 288,756 0.5 % Weighted Average Common Shares Outstanding - Diluted 291,846 291,811 — 289,528 0.8 % Section V - Balance Sheets, Statements of Operations and Reconciliations investors.ironmountain.com Q1 2022 Supplemental Financial Information 12
Reconciliation of Net Income to Adjusted EBITDA Q1 2022 Q4 2021 Q/Q % Change Q1 2021 Y/Y % Change Net Income (Loss) $41,707 $61,461 (32.1) % $46,631 (10.6) % Add / (Deduct): Interest Expense, Net 114,442 104,510 9.5 % 104,422 9.6 % Provision (Benefit) for Income Taxes 10,080 23,217 (56.6) % 14,640 (31.1) % Depreciation and Amortization 183,615 173,277 6.0 % 165,642 10.9 % Acquisition and Integration Costs 15,661 9,349 67.5 % — — Restructuring Charges — 76,740 (100.0) % 39,811 (100.0) % (Gain) Loss on Disposal/Write-Down of PP&E, Net (Including Real Estate) (705) (37,720) (98.1) % (4,451) (84.2) % Other Expense (Income), Net, Excluding our Share of Losses (Gains) from our Unconsolidated Joint Ventures 53,515 3,255 1,543.9 % 2,121 2,422.6 % Stock-Based Compensation Expense 11,341 15,088 (24.8) % 10,733 5.7 % Our Share of Adjusted EBITDA Reconciling Items from our Unconsolidated Joint Ventures 1,338 1,557 (14.0) % 1,016 31.9 % Adjusted EBITDA $430,994 $430,734 0.1 % $380,565 13.3 % Reconciliation of Reported Earnings per Share to Adjusted Earnings per Share Q1 2022 Q4 2021 Q/Q % Change Q1 2021 Y/Y % Change Reported EPS - Fully Diluted from Net Income (Loss) Attributable to Iron Mountain Incorporated $0.14 $0.21 (31.4) % $0.16 (8.0) % Add / (Deduct): Acquisition and Integration Costs 0.05 0.03 67.5 % — — Restructuring Charges — 0.26 (100.0) % 0.14 (100.0) % Amortization Related to the Write-Off of Certain Customer Relationship Intangible Assets 0.02 — — — — (Gain) Loss on Disposal/Write-Down of PP&E, Net (Including Real Estate) — (0.13) (100.0) % (0.02) (84.3) % Other Expense (Income), Net, Excluding our Share of Losses (Gains) from our Unconsolidated Joint Ventures 0.18 0.01 1,536.1 % 0.01 2,403.1 % Stock-Based Compensation Expense 0.04 0.05 (24.8) % 0.04 4.8 % Tax Impact of Reconciling Items and Discrete Tax Items (1) (0.05) (0.01) 336.2 % (0.01) 334.7 % Adjusted EPS - Fully Diluted from Net Income (Loss) Attributable to Iron Mountain Incorporated $0.38 $0.43 (9.9) % $0.32 22.0 % (1) The difference between our effective tax rates and our structural tax rate (or adjusted effective tax rates) for the quarters ended March 31, 2022 and 2021, is primarily due to (i) the reconciling items above, which impact our reported net income (loss) before 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 quarters ended March 31, 2022 and 2021 was 18.6% and 16.6%, respectively, and quarter ended December 31, 2021 was 17.7%. The Tax Impact of Reconciling Items and Discrete Tax Items is calculated using the current quarter’s estimate of the annual structural tax rate for the full year. This may result in the current period adjustment plus prior reported quarterly adjustments not summing to the full year adjustment. Section V - Balance Sheets, Statements of Operations and Reconciliations investors.ironmountain.com Q1 2022 Supplemental Financial Information 13
Reconciliation of Net Income to FFO and AFFO Q1 2022 Q4 2021 Q/Q % Change Q1 2021 Y/Y % Change Net Income $41,707 $61,461 (32.1) % $46,631 (10.6) % Add / (Deduct): Real Estate Depreciation (1) 79,333 77,423 2.5 % 76,047 4.3 % Loss (Gain) on Sale of Real Estate, Net of Tax 214 (36,859) (100.6) % (4,305) (105.0) % Data Center Lease-Based Intangible Asset Amortization (2) 4,123 10,910 (62.2) % 10,483 (60.7) % FFO (Nareit) $125,377 $112,935 11.0 % $128,856 (2.7) % Add / (Deduct): Acquisition and Integration Costs 15,661 9,349 67.5 % — — Restructuring Charges — 76,740 (100.0) % 39,811 (100.0) % (Gain) Loss on Disposal/Write-Down of PP&E, Net (Excluding Real Estate) (919) (861) 6.8 % (146) 531.3 % Other Expense (Income), Net, Excluding our Share of Losses (Gains) from our Unconsolidated Joint Ventures 53,515 3,255 1,543.9 % 2,121 2,422.6 % Stock-Based Compensation Expense 11,341 15,088 (24.8) % 10,733 5.7 % Real Estate Financing Lease Depreciation 3,780 3,844 (1.7) % 3,536 6.9 % Tax Impact of Reconciling Items and Discrete Tax Items (3) (15,632) (3,586) 335.9 % (3,569) 338.0 % Our Share of FFO (Normalized) Reconciling Items from our Unconsolidated Joint Ventures (20) (8) 168.2 % (4) 370.9 % FFO (Normalized) $193,103 $216,757 (10.9) % $181,338 6.5 % Per Share Amounts (Fully Diluted Shares): FFO (Nareit) $0.43 $0.39 10.3 % $0.45 (4.4) % FFO (Normalized) $0.66 $0.74 (10.8) % $0.63 4.8 % Weighted Average Common Shares Outstanding - Basic 290,328 290,064 0.1 % 288,756 0.5 % Weighted Average Common Shares Outstanding - Diluted 291,846 291,811 — 289,528 0.8 % (1) Includes depreciation expense related to owned real estate assets (land improvements, buildings, building improvements, leasehold of improvements and racking), excluding depreciation related to real estate financing leases. (2) Includes amortization expense for Data Center In-Place Lease Intangible Assets and Data Center Tenant Relationship Intangible Assets. (3) Represents the tax impact of (i) the reconciling items above, which impact our reported net income (loss) before provision (benefit) for income taxes and (ii) other discrete tax items. Section V - Balance Sheets, Statements of Operations and Reconciliations investors.ironmountain.com Q1 2022 Supplemental Financial Information 14
Reconciliation of Net Income to FFO and AFFO (Continued) Q1 2022 Q4 2021 Q/Q % Change Q1 2021 Y/Y % Change FFO (Normalized) $193,103 $216,757 (10.9) % $181,338 6.5 % Add / (Deduct): Non-Real Estate Depreciation 37,280 36,535 2.0 % 34,866 6.9 % Amortization Expense (1) 50,494 36,181 39.6 % 33,486 50.8 % Amortization of Deferred Financing Costs 5,610 4,078 37.6 % 4,127 35.9 % Revenue Reduction Associated with Amortization of Permanent Withdrawal Fees and Above - and Below-Market Leases 1,860 2,274 (18.2) % 2,263 (17.8) % Non-Cash Rent Expense (Income) 3,126 2,165 44.4 % 5,410 (42.2) % Reconciliation to Normalized Cash Taxes 6,435 13,009 (50.5) % 1,574 308.8 % Our Share of AFFO Reconciling Items from our Unconsolidated Joint Ventures 1,110 1,747 (36.5) % 911 21.8 % Less: Recurring Capital Expenditures 34,785 45,714 (23.9) % 28,583 21.7 % AFFO $264,234 $267,032 (1.0) % $235,391 12.3 % Per Share Amounts (Fully Diluted Shares): AFFO Per Share $0.91 $0.92 (1.1) % $0.81 11.4 % Weighted Average Common Shares Outstanding - Basic 290,328 290,064 0.1 % 288,756 0.5 % Weighted Average Common Shares Outstanding - Diluted 291,846 291,811 — 289,528 0.8 % (1) Includes Customer Relationship Value, intake costs, acquisition of customer and supplier relationships, and other intangibles. Excludes amortization of capitalized commissions of $8.6M, $8.4M, and $7.2M in Q1 2022, Q4 2021, and Q1 2021, respectively. Section V - Balance Sheets, Statements of Operations and Reconciliations investors.ironmountain.com Q1 2022 Supplemental Financial Information 15
Storage Rental and Service Business Detail Q1 2022 Q4 2021 Q/Q % Change Q1 2021 Y/Y % Change Storage Rental Business Detail Total Storage Rental Revenue $751,070 $725,177 3.6 % $708,056 6.1 % Plus: Terminations/Permanent Withdrawal Fees 8,363 7,763 7.7 % 6,953 20.3 % Total Revenue from Adjusted Storage Rental Activities $759,433 $732,940 3.6 % $715,008 6.2 % Less: Storage Rental Expenses Storage Rent 104,291 103,695 0.6 % 97,289 7.2 % Other Facility Costs 102,772 88,549 16.1 % 87,949 16.9 % Storage Rental Labor 6,740 5,787 16.5 % 7,253 (7.1) % Other Storage Rental Expenses 10,161 10,481 (3.1) % 10,847 (6.3) % Storage Rental Cost of Sales $223,964 $208,512 7.4 % $203,338 10.1 % Storage Rental Gross Profit $535,469 $524,429 2.1 % $511,670 4.7 % Storage Rental Gross Margin 70.5 % 71.6 % (110) bps 71.6 % (110) bps Storage Rental Allocated Overhead 36,168 35,685 1.4 % 40,300 (10.3) % Total Storage Rental Adjusted EBITDA $499,301 $488,743 2.2 % $471,370 5.9 % Storage Rent 104,291 103,695 0.6 % 97,289 7.2 % Storage Rental Net Operating Income $603,592 $592,438 1.9 % $568,659 6.1 % Service Business Detail Total Service Revenue $496,976 $434,410 14.4 % $373,984 32.9 % Less: Terminations/Permanent Withdrawal Fees 8,363 7,763 7.7 % 6,953 20.3 % Total Revenue from Adjusted Service Activities $488,613 $426,647 14.5 % $367,031 33.1 % Less: Service Expenses Service Rent 3,869 2,713 42.6 % 3,185 21.5 % Other Facility Costs 7,386 7,352 0.5 % 6,459 14.4 % Service Labor 194,761 185,065 5.2 % 182,143 6.9 % Other Service Expenses 116,641 75,437 54.6 % 56,783 105.4 % Service Cost of Sales $322,657 $270,567 19.3 % $248,571 29.8 % Service Gross Profit $165,956 $156,080 6.3 % $118,461 40.1 % Service Gross Margin 34.0 % 36.6 % (260) bps 32.3 % 170 bps Service Allocated Overhead 26,296 23,669 11.1 % 26,054 0.9 % Total Service Adjusted EBITDA $139,660 $132,411 5.5 % $92,407 51.1 % Section VI - Storage and Service Reconciliation investors.ironmountain.com Q1 2022 Supplemental Financial Information 16
Global Real Estate Portfolio and Lease Obligations Global Real Estate Portfolio (1) Owned Facilities Leased Facilities (2) Total Buildings Sq. Ft. Buildings Sq. Ft. Buildings Sq. Ft. Total as of 12/31/2021 (3) 263 24,883 1,184 69,746 1,447 94,629 Additions & Expansions — — 31 2,421 31 2,421 Dispositions & Move Outs (1) (350) (85) (2,824) (86) (3,174) Total as of 3/31/2022 (4) 262 24,533 1,130 69,343 1,392 93,876 Total % 18.8 % 26.1 % 81.2 % 73.9 % Top Five Markets Owned, United States (in Sq. Ft.) Top Five Markets Owned, International (in Sq. Ft.) Northern New Jersey 1,947 Paris, France 807 Chicago 1,282 Montreal, Canada 552 Boston 1,258 Mexico City, Mexico 452 Dallas 966 Toronto, Canada 434 Houston 917 Lima, Peru 434 Facility Lease Expirations (5) (% of total square feet subject to lease) 6.3% 4.1% 3.5% 4.3% 3.0% 2.2% 3.3% 5.1% 4.6% 63.5% 2022 2023 2024 2025 2026 2027 2028 2029 2030 Thereafter Weighted-Average Remaining Operating Lease Obligation: 11.9 Years (1) Includes real estate held in consolidated joint ventures. (2) Out of the 85 leased building dispositions and move outs, 55 relate to the deconsolidated businesses. (3) Reflects adjustments to previous periods due to refinements to real estate basis. (4) Includes 11 owned data center facilities and 5 leased data center facilities with 2.7M Sq.Ft. and 0.6M Sq. Ft., respectively. (5) Includes financing and operating lease obligations. Section VII - Real Estate Metrics investors.ironmountain.com Q1 2022 Supplemental Financial Information 17
Data Center Customer Lease Expiration Year Number of Leases Expiring Total MW Expiring Percentage of Total MW Annualized GAAP TCV Rent Expiring Percentage of TCV Annualized Rent 2022 410 12.3 5.8% 37,459 10.4% 2023 436 22.3 10.4% 65,149 18.1% 2024 257 12.8 6.0% 33,831 9.4% 2025 131 22.4 10.5% 51,020 14.2% 2026 63 20.7 9.7% 34,600 9.6% 2027 17 6.6 3.1% 11,932 3.3% 2028 14 37.1 17.4% 46,118 12.8% Thereafter 19 79.1 37.1% 79,140 22.0% Total 1,347 213.3 100.0% $359,249 100.0% WALE: 4.5 years Data Center Leasing Activity Summary Q1 2022 Transaction Count GAAP MRR kW $ / kW / Month New/expansion leases signed 57 $3,357 35,048 $96 Commenced leases 37 581 3,188 182 Renewed leases 124 1,729 7,342 236 Churn 2.0% Cash Mark to Market 1.5% GAAP Mark to Market 3.1% LON-2 Data Center Rendering (London, UK) Section VIII - Data Center Customer and Portfolio Metrics investors.ironmountain.com Q1 2022 Supplemental Financial Information 18
Data Center Operating Portfolio Stabilized Pre-Stabilized Total Leaseable MW Leased % by MW Leaseable MW Leased % by MW Leaseable MW Leased % by MW Boyers and Other WPA-1 and Other 14.2 77.2% — — 14.2 77.2% Phoenix AZP-1 41.0 100.0% — — 41.0 100.0% AZP-2 22.0 100.0% — — 22.0 100.0% AZS-1 5.7 48.5% — — 5.7 48.5% Total Phoenix 68.7 95.7% — — 68.7 95.7% Denver DEN-1 11.3 54.7% — — 11.3 54.7% New Jersey NJE-1 15.1 100.0% 1.2 8.3% 16.3 93.3% Northern Virginia VA-1 12.4 100.0% — — 12.4 100.0% VA-2 10.0 100.0% — — 10.0 100.0% Amsterdam AMS-1 12.7 86.0% 1.1 40.9% 13.8 82.4% London LON-1 9.1 92.7% — — 9.1 92.7% Frankfurt FRA-1 9.0 100.0% — — 9.0 100.0% FRA-2 3.6 100.0% — — 3.6 100.0% Singapore SIN-1 6.9 100.0% — — 6.9 100.0% India Web Werks JV 1.5 41.1% — — 1.5 41.1% Total Data Center Properties 174.5 91.6% 2.3 23.9% 176.8 90.7% Total Potential Capacity - Megawatts Q1 2022 Q1 2021 Leasable 176.8 136.4 Under Construction 87.4 49.3 Held for Development 349.2 259.8 Total Data Center Portfolio 613.4 445.5 Section VIII - Data Center Customer and Portfolio Metrics investors.ironmountain.com Q1 2022 Supplemental Financial Information 19
Data Center Expansion and Development Activity Project / Facilities MW Under Construction MW Pre- leased % Pre- Leased Investment in Q1 2022 ($M) Cumulative Investment ($M) Total Expected Investment ($M) Expected Completion Expected Stabilization MW Held for Development Data Center Expansion Amsterdam AMS-1 Phase 4 5.0 — — $1.2 $7.3 $45.0 Q2 2023 Q2 2024 4.6 Phoenix AZP-2 Phase 5 8.0 4.0 50.0% $18.7 $51.2 $107.6 Q4 2022 Q1 2023 18.0 Northern Virginia VA-2 Phase 3 12.0 12.0 100.0% $13.0 $19.8 $75.0 Q3 2022 Q3 2022 — VA-2 Phase 4 14.0 8.0 57.1% $1.2 $1.3 $120.0 Q2 2023 Q2 2024 — New Jersey NJE Phase 4 0.5 0.5 100.0% $1.9 $1.9 $4.6 Q4 2022 Q4 2022 8.8 Frankfurt FRA-2 Phase 1 1.0 1.0 100.0% $0.8 $1.7 $4.2 Q2 2022 Q2 2022 6.0 India Web Werks 0.7 — — — — — 1.8 All Other Facilities 14.3 Total Expansion 41.2 25.5 62.0% $36.7 $83.1 $356.4 53.5 New Development Amsterdam AMS-2 — — — — — — 10.6 Chicago CHI-2 — — — — — — 36.0 Frankfurt (1) FRA-1 Phase 2 9.0 9.0 100.0% — — — Q2 2023 Q4 2024 — FRA-1 Phase 3 9.0 9.0 100.0% — — — Q2 2023 Q2 2027 — London (2) LON-2 Phase 1 9.0 9.0 100.0% $5.4 $22.9 $133.4 Q2 2023 Q4 2023 — LON-2 Phase 2 9.0 9.0 100.0% — — $60.0 Q4 2023 Q4 2024 — LON-2 Phase 3 9.0 9.0 100.0% — — $60.0 Q2 2024 Q4 2028 — Northern Virginia VA Future Phases — — — — — — 222.0 India (3) Web Werks JV 1.2 — — — — — 27.1 Total New Development 46.2 45.0 97.4% $5.4 $22.9 $253.4 295.7 Total Development 87.4 70.5 80.7% $42.2 $106.0 $609.8 349.2 (1) FRA-1 is an unconsolidated joint venture; construction costs are funded by the Joint Venture with Iron Mountain managing the construction. (2) Iron Mountain has accelerated the development timeframe of LON-2 to coincide with delivery requirements based on execution of the lease. (3) Represents an unconsolidated joint venture in India; operating three facilities in three markets, and with land parcels in a further two markets. Section VIII - Data Center Customer and Portfolio Metrics investors.ironmountain.com Q1 2022 Supplemental Financial Information 20
Capitalization Revolving Credit Facility and Term Loan A Total Market Capitalization as of 03/31/2022 Capacity $2,500,000 # of Shares Outstanding 290,550 Outstanding $900,000 Share Price as of 03/31/22 $55.41 Letters of Credit $3,056 Total Market Capitalization $16,099,400 Remaining Capacity $1,596,944 Net Debt (1) $10,132,616 Interest Rate Spread (Prime) 0.75 % Total Enterprise Value $26,232,015 Interest Rate Spread (SOFR+CSA) 1.85 % Net Debt to Total Enterprise Value 38.6 % Weighted Average Interest Rate 2.15 % Adjusted EBITDA to Interest Expense 3.8x Maturity Date 3/18/2027 Total Enterprise Value to Adjusted EBITDA (2) 15.6x Credit Facility Fixed Charge Coverage Ratio 2.4x Net Total Lease-Adjusted Leverage Ratio 5.4x Fixed vs. Floating Rate Debt 81% 19% Fixed Rate Debt Floating Rate Debt Credit Rating S&P Moody's Corporate BB- Ba3 Senior Credit Facility BB Ba3 Outlook Stable Stable Latest Update 12/10/2021 12/13/2021 Total Debt Weighted Average Rates Weighted Average Interest 4.5 % Weighted Average Maturity 6.8 Years USD denominated 85 % Debt Maturity Profile ($ in Millions) (3) $38 $523 $50 $551 $916 $1,841 $1,325 $1,000 $1,300 $1,100 $1,350 Senior Secured Credit Facility Bi-Lateral Loans AUD Term Loan B A/R Securitization USD Term Loan B Mortgage Securitization Senior Unsecured Notes 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 (1) Net debt is calculated as current portion of long-term debt of $91.2M plus long-term debt net of current portion of $10,143.0M plus deferred financing costs of $94.1M less cash and cash equivalents of $195.7M. (2) Total Enterprise Value to Adjusted EBITDA is calculated on a trailing twelve-month basis. (3) Excludes Deferred Financing Costs, Financing Leases, Notes Payable and Other. Section IX - Capitalization and Debt Maturity Profile investors.ironmountain.com Q1 2022 Supplemental Financial Information 21
Capital Expenditures Q1 2022 Q4 2021 Q/Q % Change Q1 2021 Y/Y % Change Growth: Data Center $82,159 $99,604 (17.5) % $58,891 39.5 % Real Estate 27,290 51,883 (47.4) % 19,717 38.4 % Innovation and Other 6,020 21,633 (72.2) % 6,250 (3.7) % Total Growth Capital Expenditures $115,469 $173,120 (33.3) % $84,858 36.1 % Recurring: Real Estate $7,541 $23,634 (68.1) % $13,225 (43.0) % Non-Real Estate 24,776 15,669 58.1 % 14,266 73.7 % Data Center 2,468 6,411 (61.5) % 1,092 125.9 % Total Recurring Capital Expenditures $34,785 $45,714 (23.9) % $28,583 21.7 % Total Growth and Recurring Capital Expenditures $150,254 $218,834 (31.3) % $113,441 32.5 % Net Change in Prepaid and Accrued Capital Expenditures 10,796 (26,728) (140.4) % 32,087 (66.4) % Total Cash Paid for Growth and Recurring Capital Expenditures $161,050 $192,106 (16.2) $145,528 10.7 % TTM Recurring Capex as a % of Revenue (excl. Data Center) 3.5% 3.7% 3.7% 3.2% 3.2% Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 TTM Data Center Recurring CapEx as a % of Data Center Revenue 5.5% 5.0% 4.8% 4.1% 4.2% Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Section X - Capital Expenditures and Acquisitions investors.ironmountain.com Q1 2022 Supplemental Financial Information 22
Business Acquisitions Q1 2022 Q4 2021 Q/Q % Change Q1 2021 Y/Y % Change Business Acquisitions Business Acquisitions $725,000 — — — — Change in Business Acquisition Accruals and Cash Acquired (7,093) 246 (2,983.3) % — — Total Cash Paid for Acquisitions, Net of Cash Acquired $717,907 $246 291,732.1 % — — Customer Acquisitions Q1 2022 Q4 2021 Q/Q % Change Q1 2021 Y/Y % Change Customer Acquisitions Acquisition of Customer Relationships — — — — — Customer Inducements 1,913 2,254 (15.1) % 1,457 31.3 % Contract Fulfillment Costs 14,237 14,825 (4.0) % 16,719 (14.8) % Total Acquisition of Customer Relationships, Customer Inducements, and Contract Fulfillment Costs $16,150 $17,079 (5.4) % $18,176 (11.1) % Change in Customer Acquisition Accruals — 1,092 (100.0) % 874 (100.0) % Total Cash Paid for Acquisition of Customer Relationships, Customer Inducements, and Contract Fulfillment Costs $16,150 $18,171 (11.1) % $19,050 (15.2) % Section X - Capital Expenditures and Acquisitions investors.ironmountain.com Q1 2022 Supplemental Financial Information 23
Non-GAAP Measures and Definitions Non-GAAP measures are supplemental metrics designed to enhance our disclosures and to provide additional information that we believe to be important for investors to consider when evaluating our financial performance. These non-GAAP measures 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, income (loss) from continuing operations, net income (loss) or cash flows from operating activities from continuing operations (as determined in accordance with GAAP). Acquisition and Integration Costs: Acquisition and Integration Costs represent operating expenditures directly associated with the closing and integration activities of our business acquisitions that have closed, or are highly probable of closing, and include (i) advisory, legal and professional fees to complete business acquisitions and (ii) costs to integrate acquired businesses into our existing operations, including move, severance, facility upgrade and system integration costs (collectively, "Acquisition and Integration Costs"). Acquisition and Integration Costs do not include costs associated with the formation of joint ventures or costs associated with the acquisition of customer relationships. Adjusted Earnings Per Share, or 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: (i) Acquisition and Integration Costs; (ii) Restructuring Charges; (iii) Amortization related to the write-off of certain customer relationship intangible assets; (iv) (Gain) loss on disposal/write-down of property, plant and equipment, net (including real estate); (v) Other (income) expense, net; (vi) Stock-based compensation expense; and (vii) Tax impact of reconciling items and discrete tax items. 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. Adjusted EBITDA and Adjusted EBITDA Margin: We define Adjusted EBITDA as net income (loss) before interest expense, net, provision (benefit) for income taxes, depreciation and amortization (inclusive of our share of Adjusted EBITDA from our unconsolidated joint ventures), and excluding certain items we do not believe to be indicative of our core operating results, specifically: (i) Acquisition and Integration Costs; (ii) Restructuring Charges; (iii) Intangible impairments; (iv) (Gain) loss on disposal/write-down of property, plant and equipment, net (including real estate); (v) Other (income) expense, net; and (vi) Stock-based compensation expense. 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 operating segments under “Results of Operations – Segment Analysis” in the 10-Q/10-K. We use multiples of current or projected Adjusted EBITDA in conjunction with our discounted cash flow models to determine our estimated overall enterprise valuation and to evaluate acquisition targets. We believe Adjusted EBITDA and Adjusted EBITDA Margin provide our current and potential investors with relevant and useful information regarding our ability to generate cash flows to support business investment. These measures are an integral part of the internal reporting system we use to assess and evaluate the operating performance of our business. Adjusted EBITDA excludes both interest expense, net and the provision (benefit) for income taxes. These expenses are associated with our capitalization and tax structures, which we do not consider when evaluating the operating profitability of our core operations. Adjusted EBITDA also does not include depreciation and amortization expenses, in order to eliminate the impact of capital investments, which we evaluate by comparing capital expenditures to incremental revenue generated and as a percentage of total revenues. Adjusted EBITDA and Adjusted EBITDA Margin should be considered in addition to, but not as a substitute for, other measures of financial performance reported in accordance with accounting principles generally accepted in the United States of America (“GAAP”), such as operating income, net income (loss) or cash flows from operating activities (as determined in accordance with GAAP). Adjusted Funds From Operations, or AFFO: AFFO is defined as FFO (Normalized) (1) excluding (i) non-cash rent expense (income), (ii) depreciation on non-real estate assets, (iii) amortization expense associated with customer relationship value (CRV), intake costs, acquisitions of customer and supplier relationships and other intangibles, (other than capitalized internal commissions), (iv) amortization of deferred financing costs and debt discount/premium, (v) revenue reduction associated with amortization of permanent withdrawal fees and above-and below-market data center leases, and (vi) the impact of reconciling to normalized cash taxes, and (2) including recurring capital expenditures. We also adjust for these items to the extent attributable to our portion of unconsolidated ventures. We believe that AFFO, as a widely recognized measure of operations of REITs, is helpful to investors as a meaningful supplemental comparative performance measure to other REITs, including on a per share basis. AFFO should be considered in addition to, but not as a substitute for, other measures of financial performance reported in accordance with GAAP, such as operating income, net income (loss) or cash flows from operating activities (as determined in accordance with GAAP). AFFO per share: AFFO divided by weighted-average fully-diluted shares outstanding Funds From Operations, or FFO (Nareit), and FFO (Normalized): Funds from operations (“FFO”) is defined by the National Association of Real Estate Investment Trusts (“Nareit”) 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 and adjusting for our share of reconciling items from our unconsolidated joint ventures from FFO (“FFO (Nareit)”). 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). Although Nareit has published a definition of FFO, 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: (i) Acquisition and Integration Costs; (ii) Restructuring Charges; (iii) Intangible impairments; (iv) (Gain) loss on disposal/write-down of property, plant and equipment, net (excluding real estate); (v) Other (income) expense, net; (vi) Stock-based compensation expense; (vii) Real estate financing lease depreciation; and (viii) Tax impact of reconciling items and discrete tax items. Section XI - Appendix and Definitions investors.ironmountain.com Q1 2022 Supplemental Financial Information 24
FFO (Normalized) per share: FFO (Normalized) divided by weighted-average fully-diluted shares outstanding. Service Adjusted EBITDA: Service Adjusted EBITDA is calculated by taking service revenues excluding terminations and permanent withdrawals less direct expenses and overhead allocated to the service business. Terminations and permanent withdrawals are excluded from this calculation as they are included in the Storage NOI calculation. Storage Adjusted EBITDA: Storage Adjusted EBITDA is calculated by taking storage revenues including terminations and permanent withdrawal fees less direct expenses and overhead allocated to the storage business. Other Definitions Business Segments Global Record and Information Management ("Global RIM") Business: Provides (i) storage of physical records and healthcare information services, vital records services, courier operations, and the collection, handling and disposal of sensitive documents (collectively, “Records Management”) for customers in 59 countries around the globe, (ii) storage and rotation of backup computer media as part of corporate disaster recovery plans, including service and courier operations (“Data Protection & Recovery”); server and computer backup services; and related services offerings, (collectively, “Data Management”), (iii) Global Digital Solutions (“GDS”), which develops, implements and supports comprehensive storage and information management solutions for the complete lifecycle of our customers’ information, including the management of physical records, conversion of documents to digital formats and digital storage of information, primarily in the United States and Canada, (iv) Secure Shredding, which includes the scheduled pick-up of office records that customers accumulate in specially designed secure containers we provide and is a natural extension of our hardcopy records management operations, completing the lifecycle of a record. Complementary to our shredding operations is the sale of the resultant waste paper to third-party recyclers. Through a combination of shredding facilities and mobile shredding units consisting of custom-built trucks, we are able to offer secure shredding services to our customers throughout the United States, Canada and South Africa, (v) Secure IT Asset Disposal ("Secure ITAD"), a component of asset life cycle management, provides secure disposition of obsolete IT assets with: industry leading secure logistics and chain of custody practices, environmentally-responsible asset processing and recycling, and data sanitization and asset refurbishment services that enable value recovery through asset remarketing. Our service focuses on protecting and eradicating customer data while maintaining strong, audible, and transparent chain of custody practices. We are able to offer this service in over 30 countries, and (vi) on-demand, valet storage for consumers (“Consumer Storage”) across 31 markets in North America through a strategic partnership that utilizes data analytics and machine learning to provide effective customer acquisition and a convenient and seamless consumer storage experience. Global Data Center Business: Provides enterprise-class data center facilities and hyperscale-ready capacity to protect mission-critical assets and ensure the continued operation of our customers’ IT infrastructure, with secure, reliable and flexible data center options. Our Global Data Center Business footprint spans nine markets in the United States: Denver, Colorado; Kansas City, Missouri; Boston, Massachusetts; Boyers, Pennsylvania; Manassas, Virginia; Edison, New Jersey; Columbus, Ohio; and Phoenix and Scottsdale, Arizona and nine international markets: Amsterdam, London, Singapore, Frankfurt and, through unconsolidated joint ventures, Frankfurt, Mumbai, Pune, Noida, Bengaluru and Hyderabad. Corporate and Other Business: Consists primarily of Adjacent Businesses, ITRenew, and other corporate items. Adjacent Businesses is comprised of (i) entertainment and media which helps industry clients store, safeguard and deliver physical media of all types, and provides digital content repository systems that house, distribute, and archive key media assets, throughout the United States, Canada, France, China - Hong Kong S.A.R., and the United Kingdom (“Entertainment Services”) and (ii) technical expertise in the handling, installation and storing of art in the United States, Canada and Europe (“Fine Arts”). ITRenew performs asset lifecycle management services, primarily in the United States. Our Corporate and Other Business segment also includes costs related to executive and staff functions, including finance, human resources and IT, which benefit the enterprise as a whole. Capital Expenditures and Investments: Our business requires capital expenditures to support our expected storage rental revenue and service revenue growth and ongoing operations, new products and services and increased profitability. The majority of our capital goes to support business line growth and our ongoing operations. Additionally, we invest capital to acquire or construct real estate. We also expend capital to support the development and improvement of products and services and projects designed to increase our profitability. These expenditures are generally relatively small and discretionary in nature. We categorize our capital expenditures as follows: Growth Investment: Data Center - Expenditures primarily related to investments in new construction of data center facilities (including the acquisition of land and development of facilities) or capacity expansion in existing buildings. Real Estate - Expenditures primarily related to investments in land, buildings, building improvements, leasehold improvements and racking structures to grow our revenues or achieve operational efficiencies. Innovation & Other - Discretionary capital expenditures for significant new products and services, restructuring (including Project Summit), and integration of acquisitions. Recurring: Real Estate - Expenditures primarily related to the replacement of components of real estate assets such as buildings, building improvements, leasehold improvements and racking structures. Section XI - Appendix and Definitions investors.ironmountain.com Q1 2022 Supplemental Financial Information 25
Non-Real Estate - Expenditures primarily related to the replacement of containers and shred bins, warehouse equipment, fixtures, computer hardware, or third-party or internally-developed software assets that support the maintenance of existing revenues or avoidance of an increase in costs. Data Center - Expenditures related to the upgrade or re-configuration of existing data center assets. Components of Overhead: Allocated Overhead – Includes overhead expenses directly associated with storage and service business operations allocated as follows: Field Operation Costs – Allocated to storage and service operations based on percent of revenue. Bad Debt Expenses – Allocated to storage and service operations based on percent of revenue. Transportation Costs – Allocated fully to service operations. Constant Currency: Adjusts results for normalized FX impacts in prior period. Bond Fixed Charge Coverage Ratio: Calculated as TTM Adjusted EBITDA divided by scheduled amortization, interest expense related to outstanding debt. Customer Inducements: Represents Free Move Costs and Permanent Withdrawal Fees. Data Center Business Definitions Leaseable MW - Represents the amount of critical power capacity available for customer use, measured in megawatts. Leased % Calculation - Calculated as the megawatts under contract divided by the leasable megawatts. Monthly Recurring Revenue (MRR) - Defined as recurring contractual revenue under existing commenced customer leases, including rent, power, and other recurring data center services. Pre-leased - A lease on data center capacity that is signed before construction has completed. Pre-Stabilized - A building recently placed in service which has not yet reached 85% leased or 24 months in service. Rental Churn Rate - Represents data center leases which are not renewed or are terminated during the period. Rental churn is calculated based on the MRR terminated in the period, compared with total MRR at the beginning of the period. TCV - “Total Contract Value” represents total revenue contracted for active contracts through the contract term, not including renewals or extensions, but including fixed power charges. Total potential MW - Total amount of existing and planned critical power capacity at full build-out, measured in megawatts. WALE - “Weighted Average Lease Expiry” (in years) is calculated on a revenue basis, using annual GAAP revenue of all in-place contracts, excluding utility reimbursements. Credit Facility Fixed Charge Coverage Ratio: Calculated as LTM Adjusted EBITDA plus rent expenses divided by scheduled amortization, interest expense related to outstanding debt and preferred equity, if any, and rent expenses. Net Lease-Adjusted Leverage Ratio: Calculated as net debt including the capitalized value of lease obligations plus six times rent expenses divided by EBITDA plus rent expenses. Organic Revenue Growth: 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 rates includes the impact of acquisitions of customer relationships. Records Management Retention Rate: One minus the result of dividing the total number of cubic feet of records removed from inventory due to customer terminations and destructions in a one-year period by the total number of cubic feet of records in storage at the beginning of the period. Restructuring Charges: Operating expenditures associated with Project Summit, our transformation program announced in Q4 2019 which is designed to accelerate execution of Iron Mountain's Strategy. Storage Rev/NOI per Sq.Ft.: Storage revenue (or storage NOI) divided by the quarterly building sq ft average for storage products. Service Profit and Margin: The Gross Profit and Margin attributable to the worldwide service business. Calculated as follows: Services Adjusted EBITDA + Allocated Overhead Expenses = Service Profit ($) / Total Service Revenues (including Termination and Permanent Withdrawal Fees) = Service Margin (%) Storage Net Operating Income, or Storage NOI: Storage NOI is defined as revenue from rental activities (storage rental revenue, termination fees and permanent withdrawal fees) less storage rental costs. Storage rental costs include facility costs (excluding rent), storage rental labor, other storage costs and allocated overhead. Storage NOI is commonly used in the REIT industry and enables investors to understand and value the income generated from the company’s real estate. Section XI - Appendix and Definitions investors.ironmountain.com Q1 2022 Supplemental Financial Information 26
Storage Profit and Margin: Gross Profit and Margin attributable to the worldwide storage business. Calculated as follows: Storage Net Operating Income + Allocated Overhead Expenses - Storage Rent = Storage Profit ($) / Total Storage Revenues (excluding Termination and Permanent Withdrawal Fees) = Storage Margin (%) Tax Rates: Effective Tax Rate - GAAP tax rate for the period calculated as tax expense or benefit for the quarter (total of current and deferred tax provisions), including discrete items, and divided by profit before tax for the period. Structural Tax Rate - Estimated tax rate for the full fiscal year based on forecasted ordinary income and forecasted tax expense/benefit excluding any significant unusual or infrequently occurring items (i.e., discrete items) and items recognized net of tax on the financials (i.e., discontinued operations). Total Physical Storage Volume: Iron Mountain’s comprehensive portfolio of physical storage, including Records Management hardcopy records, data protection tapes, Consumer and Other, and Adjacent Businesses (Fine Art and Entertainment Services), measured on an absolute basis in cubic feet. Section XI - Appendix and Definitions investors.ironmountain.com Q1 2022 Supplemental Financial Information 27
