Iron Mountain Incorporated Conference Call Summary Company Overview - **Company**: Iron Mountain Incorporated (NYSE: IRM) - **Participants**: - Bill Meaney - President and CEO - Barry Hytinen - Executive Vice President and CFO - **Date**: November 17, 2022 Key Industry and Company Insights 1. Organic Revenue Growth - The Global Records and Information Management (RIM) business has seen organic growth accelerate to **14%**, up from low single digits pre-COVID, with total growth at **18%** [4][5] - Growth drivers include: - High single-digit growth in organic storage - Over **20%** growth in digital services [5] 2. Volume Growth Expectations - Organic volume growth in Global RIM is expected to be between **0.5% to 1%**, with potential declines in traditional business records [6][7] 3. Profitability of New Business Segments - Traditional record storage is a high-margin business, while newer segments are expected to improve margins as they scale [10][11] - New business areas are anticipated to continue growing due to large expanding markets [11] 4. Pricing Initiatives - Global RIM storage revenues grew **7%** organically, primarily driven by pricing strategies [12] - The company has a well-established revenue management program, with expectations of mid-single-digit growth in pricing [13][14] 5. Digital Services Growth - Digital services within the Global RIM portfolio grew nearly **26%** organically, driven by intelligent document processing and cloud-based solutions [16][18] - The company is increasingly digitizing inventory from clients not currently stored with Iron Mountain, indicating growth potential [20][21] 6. Data Center Business Expansion - Iron Mountain plans to invest **$4 billion** in growth capital from 2023 to 2026, primarily for data center build-outs [24][28] - The data center business is growing at over **20%** year-over-year, driven by demand from cloud service providers [25][26] 7. Cash on Cash Returns - Targeted cash on cash returns for the colo retail business are in the **11-13%** range, while hyperscale returns are around **7-9%** [30] 8. Asset Lifecycle Management (ALM) - The acquisition of ITRenew has expanded the ALM business, with synergies observed between data center and ALM offerings [32][34] - ALM is seeing increased volume from hyperscale customers, indicating strong cross-selling opportunities [34] 9. Debt Management and Dividend Strategy - The company's net leverage ratio is **5.2x**, within the target range of **4.5x to 5.5x** [37][38] - The payout ratio is currently **66%**, with plans to grow the dividend in line with AFFO growth as leverage is managed [39][40] 10. Market Dynamics and Future Outlook - The company is optimistic about growth in the data center and digital services sectors, with strong demand expected to continue [26][31] - Economic pressures in China may influence the recovery of the business, particularly in the context of COVID-19 policies [36] Conclusion Iron Mountain is positioned for continued growth through its diversified service offerings, strategic investments in data centers, and effective pricing strategies. The company is focused on maintaining a balanced approach to leverage and dividend growth while capitalizing on emerging market opportunities.

Iron Mountain Incorporated (NYSE:IRM) Q3 2022 Earnings Conference Call November 3, 2022 8:30 AM ET Company Participants Bill Meany - President, Chief Executive Officer Barry Hytinen - Executive Vice President, Chief Financial Officer Gillian Tiltman - Senior Vice President, Head of Investor Relations Conference Call Participants Shlomo Rosenbaum - Stifel Kevin McVeigh - Credit Suisse George Tong - Goldman Sachs Eric Luebchow - Wells Fargo Wendy Ma - Evercore Andrew Steinerman - JP Morgan Brendan Lynch - Ba ...

November 3, 2022 IRON MOUNTAIN® Q3 2022 Earnings Call Forward Looking Statements We have made statements in this presentation 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 ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended September 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition Period from to Commission file number 1-13045 IRON MOUNTAIN INCORPORATED (Exact Name of Registrant as Specified in Its Charter) Delaware 23-2588479 (S ...

Iron Mountain Incorporated. (NYSE:IRM) Q2 2022 Earnings Conference Call August 4, 2022 8:30 AM ET Company Participants Gillian Tiltman – Senior Vice President and Head-Investor Relations Bill Meaney – President and Chief Executive Officer Barry Hytinen – Executive Vice President and Chief Financial Officer Conference Call Participants George Tong – Goldman Sachs Shlomo Rosenbaum – Stifel Sheila McGrath – Evercore Brendan Lynch – Barclays Eric Luebchow – Wells Fargo Operator Good morning, and welcome to the ...

August 4, 2022 IRON MOUNTAIN® Q2 2022 Earnings Call Forward Looking Statements We have made statements in this presentation 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-l ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended June 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition Period from to Commission file number 1-13045 IRON MOUNTAIN INCORPORATED (Exact Name of Registrant as Specified in Its Charter) Delaware 23-2588479 (State ...

Iron Mountain Incorporated Conference Call Summary Company Overview - **Company**: Iron Mountain Incorporated (NYSE: IRM) - **Participants**: William Meaney (CEO), Barry Hytinen (CFO) - **Conference Date**: June 7, 2022 Key Industry Insights - **Industry**: Business Services, specifically focused on data management and storage solutions Core Points and Arguments 1. **Transformation Journey**: Iron Mountain has undergone significant transformation over the past decade, with a focus on understanding its strengths and evolving its business model accordingly [4][5] 2. **Customer Base**: 950 of the Fortune 1000 companies have been long-term customers, establishing deep trust and relationships [5] 3. **Financial Strength**: The company generates substantial cash flow, facilitating its transition to a Real Estate Investment Trust (REIT) structure, which is beneficial for income-oriented investors [5] 4. **Total Addressable Market (TAM)**: The TAM for Iron Mountain's products and services has expanded from $10 billion to $120 billion, driven by new product offerings and customer demand [7][8] 5. **EBITDA Growth**: Projected EBITDA growth is expected to be around 10% year-over-year, supported by a strengthening balance sheet and cash generation capabilities [9] 6. **Physical Storage Outlook**: The physical storage business remains stable, with slight volume declines offset by strong pricing power, leading to positive revenue growth [11][13] 7. **Data Center Business**: The data center segment is rapidly growing, with significant demand from hyperscale customers, leading to increased capacity leasing [15][17] 8. **Asset Life Cycle Management (ALM)**: The ALM business is positioned for growth due to increasing demand for IT asset recycling and destruction, particularly as legislation in regions like France mandates recycled components [20][21] 9. **Sustainability Initiatives**: Iron Mountain is committed to sustainability, being the only third-party data center provider that is 100% renewable, which enhances its market position [18][19] 10. **Pricing Power**: Strong pricing power across all business segments is expected to drive organic growth, with service revenues growing significantly while maintaining low labor cost increases [30][32] Additional Important Insights - **Dividend Policy**: The company aims for a target payout ratio of low to mid-60s for AFFO, with plans to grow dividends in line with AFFO growth [36] - **Capital Allocation**: Iron Mountain maintains a leverage target ratio of 4.5x to 5.5x, successfully de-leveraging while investing in growth [37] - **Market Dynamics**: The company anticipates improved performance in the second half of the year as supply chain issues ease, particularly in China [39][40] This summary encapsulates the key insights and strategic directions discussed during the conference call, highlighting Iron Mountain's robust market position and growth potential in the evolving business services landscape.

April 28, 2022 IRON MOUNTAIN® Q1 2022 Earnings Call Forward looking statements We have made statements in this presentation 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-l ...

Iron Mountain, Inc. (NYSE:IRM) Q1 2022 Earnings Conference Call April 28, 2022 8:30 AM ET Company Participants Gillian Tiltman - SVP & Head, IR William Meaney - President & CEO Barry Hytinen - EVP & CFO Conference Call Participants Sheila McGrath - Evercore ISI Kevin McVeigh - Credit Suisse Shlomo Rosenbaum - Stifel Andrew Steinerman - JPMorgan Eric Luebchow - Wells Fargo George Tong - Goldman Sachs Operator Good morning, and welcome to the Iron Mountain First Quarter 2022 Earnings. Conference Call. All par ...