We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Iron Mountain Inc REIT | NYSE:IRM | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-1.68 | -2.18% | 75.32 | 78.15 | 74.80 | 77.80 | 1,976,984 | 01:00:00 |
|
(Mark One)
|
|
ý
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
|
|
For the Quarterly Period Ended June 30, 2017
|
|
|
|
OR
|
|
|
|
o
|
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
|
|
Delaware
(State or other Jurisdiction of
Incorporation or Organization)
|
23-2588479
(I.R.S. Employer
Identification No.)
|
|
Large accelerated filer
ý
|
|
Accelerated filer
o
|
|
Non-accelerated filer
o
(Do not check if a
smaller reporting company)
|
|
Smaller reporting company
o
|
|
Emerging growth company
o
|
|
Page
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2016
|
|
June 30, 2017
|
||||
ASSETS
|
|
|
|
|
|
||
Current Assets:
|
|
|
|
|
|
||
Cash and cash equivalents
|
$
|
236,484
|
|
|
$
|
291,019
|
|
Accounts receivable (less allowances of $44,290 and $38,907 as of December 31, 2016 and June 30, 2017, respectively)
|
691,249
|
|
|
730,366
|
|
||
Prepaid expenses and other
|
184,374
|
|
|
184,491
|
|
||
Total Current Assets
|
1,112,107
|
|
|
1,205,876
|
|
||
Property, Plant and Equipment:
|
|
|
|
|
|
||
Property, plant and equipment
|
5,535,783
|
|
|
5,826,538
|
|
||
Less—Accumulated depreciation
|
(2,452,457
|
)
|
|
(2,651,099
|
)
|
||
Property, Plant and Equipment, Net
|
3,083,326
|
|
|
3,175,439
|
|
||
Other Assets, Net:
|
|
|
|
|
|
||
Goodwill
|
3,905,021
|
|
|
3,988,762
|
|
||
Customer relationships and customer inducements
|
1,252,523
|
|
|
1,297,015
|
|
||
Other
|
133,823
|
|
|
147,601
|
|
||
Total Other Assets, Net
|
5,291,367
|
|
|
5,433,378
|
|
||
Total Assets
|
$
|
9,486,800
|
|
|
$
|
9,814,693
|
|
LIABILITIES AND EQUITY
|
|
|
|
|
|
||
Current Liabilities:
|
|
|
|
|
|
||
Current portion of long-term debt
|
$
|
172,975
|
|
|
$
|
423,269
|
|
Accounts payable
|
222,197
|
|
|
247,134
|
|
||
Accrued expenses
|
450,257
|
|
|
579,070
|
|
||
Deferred revenue
|
201,128
|
|
|
225,133
|
|
||
Total Current Liabilities
|
1,046,557
|
|
|
1,474,606
|
|
||
Long-term Debt, net of current portion
|
6,078,206
|
|
|
6,028,985
|
|
||
Other Long-term Liabilities
|
99,540
|
|
|
85,948
|
|
||
Deferred Rent
|
119,834
|
|
|
128,883
|
|
||
Deferred Income Taxes
|
151,295
|
|
|
170,890
|
|
||
Commitments and Contingencies (see Note 8)
|
|
|
|
|
|
||
Redeemable Noncontrolling Interests
|
54,697
|
|
|
68,084
|
|
||
Equity:
|
|
|
|
|
|
||
Iron Mountain Incorporated Stockholders' Equity:
|
|
|
|
|
|
||
Preferred stock (par value $0.01; authorized 10,000,000 shares; none issued and outstanding)
|
—
|
|
|
—
|
|
||
Common stock (par value $0.01; authorized 400,000,000 shares; issued and outstanding 263,682,670 shares and 264,379,608 shares as of December 31, 2016 and June 30, 2017, respectively)
|
2,636
|
|
|
2,644
|
|
||
Additional paid-in capital
|
3,489,795
|
|
|
3,505,019
|
|
||
(Distributions in excess of earnings) Earnings in excess of distributions
|
(1,343,311
|
)
|
|
(1,498,285
|
)
|
||
Accumulated other comprehensive items, net
|
(212,573
|
)
|
|
(153,590
|
)
|
||
Total Iron Mountain Incorporated Stockholders' Equity
|
1,936,547
|
|
|
1,855,788
|
|
||
Noncontrolling Interests
|
124
|
|
|
1,509
|
|
||
Total Equity
|
1,936,671
|
|
|
1,857,297
|
|
||
Total Liabilities and Equity
|
$
|
9,486,800
|
|
|
$
|
9,814,693
|
|
|
Three Months Ended
June 30, |
||||||
|
2016
|
|
2017
|
||||
Revenues:
|
|
|
|
|
|
||
Storage rental
|
$
|
538,682
|
|
|
$
|
590,239
|
|
Service
|
345,066
|
|
|
359,567
|
|
||
Total Revenues
|
883,748
|
|
|
949,806
|
|
||
Operating Expenses:
|
|
|
|
|
|
||
Cost of sales (excluding depreciation and amortization)
|
395,649
|
|
|
414,284
|
|
||
Selling, general and administrative
|
277,077
|
|
|
237,445
|
|
||
Depreciation and amortization
|
115,022
|
|
|
128,099
|
|
||
(Gain) Loss on disposal/write-down of property, plant and equipment (excluding real estate), net
|
(626
|
)
|
|
(216
|
)
|
||
Total Operating Expenses
|
787,122
|
|
|
779,612
|
|
||
Operating Income (Loss)
|
96,626
|
|
|
170,194
|
|
||
Interest Expense, Net (includes Interest Income of $2,144 and $5,797 for the three months ended June 30, 2016 and 2017, respectively)
|
74,866
|
|
|
89,966
|
|
||
Other Expense (Income), Net
|
25,641
|
|
|
(19,366
|
)
|
||
(Loss) Income from Continuing Operations Before Provision (Benefit) for Income Taxes and Gain on Sale of Real Estate
|
(3,881
|
)
|
|
99,594
|
|
||
Provision (Benefit) for Income Taxes
|
10,839
|
|
|
18,009
|
|
||
Gain on Sale of Real Estate, Net of Tax
|
—
|
|
|
(1,563
|
)
|
||
(Loss) Income from Continuing Operations
|
(14,720
|
)
|
|
83,148
|
|
||
Income (Loss) from Discontinued Operations, Net of Tax
|
1,587
|
|
|
(2,026
|
)
|
||
Net (Loss) Income
|
(13,133
|
)
|
|
81,122
|
|
||
Less: Net Income (Loss) Attributable to Noncontrolling Interests
|
835
|
|
|
2,492
|
|
||
Net (Loss) Income Attributable to Iron Mountain Incorporated
|
$
|
(13,968
|
)
|
|
$
|
78,630
|
|
(Losses) Earnings per Share—Basic:
|
|
|
|
|
|
||
(Loss) Income from Continuing Operations
|
$
|
(0.06
|
)
|
|
$
|
0.31
|
|
Total Income (Loss) from Discontinued Operations, Net of Tax
|
$
|
0.01
|
|
|
$
|
(0.01
|
)
|
Net (Loss) Income Attributable to Iron Mountain Incorporated
|
$
|
(0.06
|
)
|
|
$
|
0.30
|
|
(Losses) Earnings per Share—Diluted:
|
|
|
|
|
|
||
(Loss) Income from Continuing Operations
|
$
|
(0.06
|
)
|
|
$
|
0.30
|
|
Total Income (Loss) from Discontinued Operations, Net of Tax
|
$
|
0.01
|
|
|
$
|
(0.01
|
)
|
Net (Loss) Income Attributable to Iron Mountain Incorporated
|
$
|
(0.06
|
)
|
|
$
|
0.30
|
|
Weighted Average Common Shares Outstanding—Basic
|
246,387
|
|
|
264,217
|
|
||
Weighted Average Common Shares Outstanding—Diluted
|
246,387
|
|
|
264,930
|
|
||
Dividends Declared per Common Share
|
$
|
0.5174
|
|
|
$
|
0.5504
|
|
|
Six Months Ended
June 30, |
||||||
|
2016
|
|
2017
|
||||
Revenues:
|
|
|
|
|
|
||
Storage rental
|
$
|
999,893
|
|
|
$
|
1,162,518
|
|
Service
|
634,545
|
|
|
726,164
|
|
||
Total Revenues
|
1,634,438
|
|
|
1,888,682
|
|
||
Operating Expenses:
|
|
|
|
|
|||
Cost of sales (excluding depreciation and amortization)
|
721,754
|
|
|
840,991
|
|
||
Selling, general and administrative
|
484,843
|
|
|
477,611
|
|
||
Depreciation and amortization
|
202,226
|
|
|
252,806
|
|
||
(Gain) Loss on disposal/write-down of property, plant and equipment (excluding real estate), net
|
(1,077
|
)
|
|
(675
|
)
|
||
Total Operating Expenses
|
1,407,746
|
|
|
1,570,733
|
|
||
Operating Income (Loss)
|
226,692
|
|
|
317,949
|
|
||
Interest Expense, Net (includes Interest Income of $3,431 and $8,090 for the six months ended June 30, 2016 and 2017, respectively)
|
141,928
|
|
|
176,021
|
|
||
Other Expense (Income), Net
|
13,704
|
|
|
(25,730
|
)
|
||
Income (Loss) from Continuing Operations Before Provision (Benefit) for Income Taxes and Gain on Sale of Real Estate
|
71,060
|
|
|
167,658
|
|
||
Provision (Benefit) for Income Taxes
|
22,739
|
|
|
27,229
|
|
||
Gain on Sale of Real Estate, Net of Tax
|
—
|
|
|
(1,563
|
)
|
||
Income (Loss) from Continuing Operations
|
48,321
|
|
|
141,992
|
|
||
Income (Loss) from Discontinued Operations, Net of Tax
|
1,587
|
|
|
(2,363
|
)
|
||
Net Income (Loss)
|
49,908
|
|
|
139,629
|
|
||
Less: Net Income (Loss) Attributable to Noncontrolling Interests
|
1,102
|
|
|
2,874
|
|
||
Net Income (Loss) Attributable to Iron Mountain Incorporated
|
$
|
48,806
|
|
|
$
|
136,755
|
|
Earnings (Losses) per Share—Basic:
|
|
|
|
|
|
||
Income (Loss) from Continuing Operations
|
$
|
0.21
|
|
|
$
|
0.53
|
|
Total Income (Loss) from Discontinued Operations, Net of Tax
|
$
|
0.01
|
|
|
$
|
(0.01
|
)
|
Net Income (Loss) Attributable to Iron Mountain Incorporated
|
$
|
0.21
|
|
|
$
|
0.52
|
|
Earnings (Losses) per Share—Diluted:
|
|
|
|
|
|
||
Income (Loss) from Continuing Operations
|
$
|
0.21
|
|
|
$
|
0.53
|
|
Total Income (Loss) from Discontinued Operations, Net of Tax
|
$
|
0.01
|
|
|
$
|
(0.01
|
)
|
Net Income (Loss) Attributable to Iron Mountain Incorporated
|
$
|
0.21
|
|
|
$
|
0.52
|
|
Weighted Average Common Shares Outstanding—Basic
|
228,957
|
|
|
264,036
|
|
||
Weighted Average Common Shares Outstanding—Diluted
|
230,029
|
|
|
264,870
|
|
||
Dividends Declared per Common Share
|
$
|
1.0051
|
|
|
$
|
1.1008
|
|
|
Three Months Ended
June 30, |
||||||
|
2016
|
|
2017
|
||||
Net (Loss) Income
|
$
|
(13,133
|
)
|
|
$
|
81,122
|
|
Other Comprehensive Income (Loss):
|
|
|
|
|
|
||
Foreign Currency Translation Adjustments
|
2,789
|
|
|
7,538
|
|
||
Total Other Comprehensive Income (Loss)
|
2,789
|
|
|
7,538
|
|
||
Comprehensive (Loss) Income
|
(10,344
|
)
|
|
88,660
|
|
||
Comprehensive Income (Loss) Attributable to Noncontrolling Interests
|
753
|
|
|
2,381
|
|
||
Comprehensive (Loss) Income Attributable to Iron Mountain Incorporated
|
$
|
(11,097
|
)
|
|
$
|
86,279
|
|
|
Six Months Ended
June 30, |
||||||
|
2016
|
|
2017
|
||||
Net Income (Loss)
|
$
|
49,908
|
|
|
$
|
139,629
|
|
Other Comprehensive Income (Loss):
|
|
|
|
|
|
||
Foreign Currency Translation Adjustments
|
26,767
|
|
|
58,322
|
|
||
Market Value Adjustments for Securities
|
(734
|
)
|
|
—
|
|
||
Total Other Comprehensive Income (Loss)
|
26,033
|
|
|
58,322
|
|
||
Comprehensive Income (Loss)
|
75,941
|
|
|
197,951
|
|
||
Comprehensive Income (Loss) Attributable to Noncontrolling Interests
|
1,507
|
|
|
2,213
|
|
||
Comprehensive Income (Loss) Attributable to Iron Mountain Incorporated
|
$
|
74,434
|
|
|
$
|
195,738
|
|
|
|
|
Iron Mountain Incorporated Stockholders' Equity
|
|
|
|
|
|
|||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
|
|
Common Stock
|
|
Additional
Paid-in Capital
|
|
(Distributions in Excess of Earnings) Earnings in Excess of Distributions
|
|
|
|
Noncontrolling
Interests
|
|
|
|
|||||||||||||||||
|
Total
|
|
Shares
|
|
Amounts
|
|
|
|
Accumulated
Other Comprehensive Items, Net |
|
|
Redeemable Noncontrolling Interests
|
|||||||||||||||||||
Balance, December 31, 2015
|
$
|
528,607
|
|
|
211,340,296
|
|
|
$
|
2,113
|
|
|
$
|
1,623,863
|
|
|
$
|
(942,218
|
)
|
|
$
|
(174,917
|
)
|
|
$
|
19,766
|
|
|
|
$
|
—
|
|
Issuance of shares under employee stock purchase plan and option plans and stock-based compensation
|
34,286
|
|
|
1,449,332
|
|
|
15
|
|
|
34,271
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|||||||
Issuance of shares in connection with the acquisition of Recall Holdings Limited (see Note 4)
|
1,835,026
|
|
|
50,233,412
|
|
|
502
|
|
|
1,834,524
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|||||||
Parent cash dividends declared
|
(231,512
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(231,512
|
)
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|||||||
Foreign currency translation adjustment
|
26,767
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
26,362
|
|
|
405
|
|
|
|
—
|
|
|||||||
Market value adjustments for securities
|
(734
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(734
|
)
|
|
—
|
|
|
|
—
|
|
|||||||
Net income (loss)
|
49,908
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
48,806
|
|
|
—
|
|
|
1,102
|
|
|
|
—
|
|
|||||||
Noncontrolling interests equity contributions
|
1,299
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,299
|
|
|
|
—
|
|
|||||||
Noncontrolling interests dividends
|
(1,123
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,123
|
)
|
|
|
—
|
|
|||||||
Purchase of noncontrolling interests
|
3,506
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,506
|
|
|
|
—
|
|
|||||||
Balance, June 30, 2016
|
$
|
2,246,030
|
|
|
263,023,040
|
|
|
$
|
2,630
|
|
|
$
|
3,492,658
|
|
|
$
|
(1,124,924
|
)
|
|
$
|
(149,289
|
)
|
|
$
|
24,955
|
|
|
|
$
|
—
|
|
|
|
|
Iron Mountain Incorporated Stockholders' Equity
|
|
|
|
|
|
|||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
|
|
Common Stock
|
|
Additional
Paid-in Capital
|
|
(Distributions in Excess of Earnings) Earnings in Excess of Distributions
|
|
|
|
Noncontrolling
Interests
|
|
|
|
|||||||||||||||||
|
Total
|
|
Shares
|
|
Amounts
|
|
|
|
Accumulated
Other Comprehensive Items, Net |
|
|
Redeemable Noncontrolling Interests
|
|||||||||||||||||||
Balance, December 31, 2016
|
$
|
1,936,671
|
|
|
263,682,670
|
|
|
$
|
2,636
|
|
|
$
|
3,489,795
|
|
|
$
|
(1,343,311
|
)
|
|
$
|
(212,573
|
)
|
|
$
|
124
|
|
|
|
$
|
54,697
|
|
Issuance of shares under employee stock purchase plan and option plans and stock-based compensation
|
16,150
|
|
|
696,938
|
|
|
8
|
|
|
16,142
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|||||||
Change in value of redeemable noncontrolling interests
|
(918
|
)
|
|
—
|
|
|
—
|
|
|
(918
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
918
|
|
|||||||
Parent cash dividends declared
|
(291,729
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(291,729
|
)
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|||||||
Foreign currency translation adjustment
|
58,870
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
58,983
|
|
|
(113
|
)
|
|
|
(548
|
)
|
|||||||
Net income (loss)
|
138,870
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
136,755
|
|
|
—
|
|
|
2,115
|
|
|
|
759
|
|
|||||||
Noncontrolling interests equity contributions
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
13,230
|
|
|||||||
Noncontrolling interests dividends
|
(1,956
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,956
|
)
|
|
|
(972
|
)
|
|||||||
Purchase of noncontrolling interests
|
1,339
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,339
|
|
|
|
—
|
|
|||||||
Balance, June 30, 2017
|
$
|
1,857,297
|
|
|
264,379,608
|
|
|
$
|
2,644
|
|
|
$
|
3,505,019
|
|
|
$
|
(1,498,285
|
)
|
|
$
|
(153,590
|
)
|
|
$
|
1,509
|
|
|
|
$
|
68,084
|
|
|
Six Months Ended
June 30, |
||||||
|
2016
|
|
2017
|
||||
Cash Flows from Operating Activities:
|
|
|
|
|
|
||
Net income (loss)
|
$
|
49,908
|
|
|
$
|
139,629
|
|
(Income) Loss from discontinued operations
|
(1,587
|
)
|
|
2,363
|
|
||
Adjustments to reconcile net income (loss) to cash flows from operating activities:
|
|
|
|
|
|
||
Depreciation
|
168,920
|
|
|
201,907
|
|
||
Amortization (includes amortization of deferred financing costs and discount of $5,652 and $7,875 for the six months ended June 30, 2016 and 2017, respectively)
|
38,958
|
|
|
58,774
|
|
||
Revenue reduction associated with amortization of permanent withdrawal fees
|
6,100
|
|
|
5,906
|
|
||
Stock-based compensation expense
|
15,913
|
|
|
15,092
|
|
||
(Benefit) Provision for deferred income taxes
|
(9,902
|
)
|
|
(9,536
|
)
|
||
Loss on early extinguishment of debt, net
|
9,283
|
|
|
—
|
|
||
(Gain) Loss on disposal/write-down of property, plant and equipment, net (including real estate)
|
(1,077
|
)
|
|
(2,238
|
)
|
||
Gain on Russia and Ukraine Divestment (see Note 10)
|
—
|
|
|
(38,869
|
)
|
||
Foreign currency transactions and other, net
|
5,378
|
|
|
23,508
|
|
||
Changes in Assets and Liabilities (exclusive of acquisitions):
|
|
|
|
|
|
||
Accounts receivable
|
1,746
|
|
|
(27,324
|
)
|
||
Prepaid expenses and other
|
(41,020
|
)
|
|
(23,755
|
)
|
||
Accounts payable
|
(39,377
|
)
|
|
(5,960
|
)
|
||
Accrued expenses and deferred revenue
|
8,508
|
|
|
9,545
|
|
||
Other assets and long-term liabilities
|
(6,146
|
)
|
|
(27,002
|
)
|
||
Cash Flows from Operating Activities - Continuing Operations
|
205,605
|
|
|
322,040
|
|
||
Cash Flows from Operating Activities - Discontinued Operations
|
1,145
|
|
|
(2,363
|
)
|
||
Cash Flows from Operating Activities
|
206,750
|
|
|
319,677
|
|
||
Cash Flows from Investing Activities:
|
|
|
|
|
|
||
Capital expenditures
|
(163,665
|
)
|
|
(165,207
|
)
|
||
Cash paid for acquisitions, net of cash acquired
|
(276,553
|
)
|
|
(38,223
|
)
|
||
Acquisition of customer relationships
|
(10,324
|
)
|
|
(21,037
|
)
|
||
Customer inducements
|
(6,422
|
)
|
|
(7,473
|
)
|
||
Net proceeds from Iron Mountain Divestments (see Note 10)
|
53,950
|
|
|
2,423
|
|
||
Proceeds from sales of property and equipment and other, net (including real estate)
|
371
|
|
|
8,547
|
|
||
Cash Flows from Investing Activities - Continuing Operations
|
(402,643
|
)
|
|
(220,970
|
)
|
||
Cash Flows from Investing Activities - Discontinued Operations
|
90
|
|
|
—
|
|
||
Cash Flows from Investing Activities
|
(402,553
|
)
|
|
(220,970
|
)
|
||
Cash Flows from Financing Activities:
|
|
|
|
|
|
||
Repayment of revolving credit, term loan and bridge facilities and other debt
|
(7,387,114
|
)
|
|
(5,751,416
|
)
|
||
Proceeds from revolving credit, term loan and bridge facilities and other debt
|
7,186,805
|
|
|
5,494,125
|
|
||
Net proceeds from sales of senior notes
|
738,750
|
|
|
332,683
|
|
||
Debt financing and equity contribution from noncontrolling interests
|
1,299
|
|
|
13,230
|
|
||
Debt repayment and equity distribution to noncontrolling interests
|
(843
|
)
|
|
(3,079
|
)
|
||
Parent cash dividends
|
(232,596
|
)
|
|
(147,393
|
)
|
||
Net proceeds (payments) associated with employee stock-based awards
|
18,641
|
|
|
810
|
|
||
Excess tax benefits (deficiency) from stock-based compensation
|
29
|
|
|
—
|
|
||
Payment of debt financing and stock issuance costs
|
(12,032
|
)
|
|
(544
|
)
|
||
Cash Flows from Financing Activities - Continuing Operations
|
312,939
|
|
|
(61,584
|
)
|
||
Cash Flows from Financing Activities - Discontinued Operations
|
—
|
|
|
—
|
|
||
Cash Flows from Financing Activities
|
312,939
|
|
|
(61,584
|
)
|
||
Effect of Exchange Rates on Cash and Cash Equivalents
|
(8,528
|
)
|
|
17,412
|
|
||
Increase (Decrease) in Cash and Cash Equivalents
|
108,608
|
|
|
54,535
|
|
||
Cash and Cash Equivalents, Beginning of Period
|
128,381
|
|
|
236,484
|
|
||
Cash and Cash Equivalents, End of Period
|
$
|
236,989
|
|
|
$
|
291,019
|
|
Supplemental Information:
|
|
|
|
|
|
||
Cash Paid for Interest
|
$
|
136,351
|
|
|
$
|
177,303
|
|
Cash Paid for Income Taxes, Net
|
$
|
28,133
|
|
|
$
|
55,922
|
|
Non-Cash Investing and Financing Activities:
|
|
|
|
|
|
||
Capital Leases
|
$
|
34,383
|
|
|
$
|
57,383
|
|
Accrued Capital Expenditures
|
$
|
40,801
|
|
|
$
|
79,775
|
|
Dividends Payable
|
$
|
4,493
|
|
|
$
|
149,961
|
|
Fair Value of Stock Issued for Recall Transaction (see Note 4)
|
$
|
1,835,026
|
|
|
$
|
—
|
|
Fair Value of OSG Investment (see Note 10)
|
$
|
—
|
|
|
$
|
18,000
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
|
||||||||||||
|
2016
|
|
2017
|
|
2016
|
|
2017
|
|
||||||||
Total loss on foreign currency transactions
|
$
|
17,193
|
|
|
$
|
20,199
|
|
|
$
|
4,651
|
|
|
$
|
16,035
|
|
|
|
North American
Records and Information Management Business |
|
North American
Data Management Business |
|
Western
European Business
|
|
Other International Business
|
|
Corporate and Other Business
|
|
Total
Consolidated |
||||||||||||
Gross Balance as of December 31, 2016
|
$
|
2,485,806
|
|
|
$
|
559,443
|
|
|
$
|
405,571
|
|
|
$
|
743,126
|
|
|
$
|
25,922
|
|
|
$
|
4,219,868
|
|
Deductible goodwill acquired during the year
|
409
|
|
|
—
|
|
|
—
|
|
|
925
|
|
|
717
|
|
|
2,051
|
|
||||||
Non-deductible goodwill acquired during the year
|
—
|
|
|
—
|
|
|
—
|
|
|
13,777
|
|
|
—
|
|
|
13,777
|
|
||||||
Goodwill allocated to Russia and Ukraine Divestment (see Note 10)
|
—
|
|
|
—
|
|
|
—
|
|
|
(3,515
|
)
|
|
—
|
|
|
(3,515
|
)
|
||||||
Fair value and other adjustments(1)
|
(24,801
|
)
|
|
545
|
|
|
9,749
|
|
|
20,194
|
|
|
—
|
|
|
5,687
|
|
||||||
Currency effects
|
6,374
|
|
|
1,900
|
|
|
22,513
|
|
|
35,887
|
|
|
—
|
|
|
66,674
|
|
||||||
Gross Balance as of June 30, 2017
|
$
|
2,467,788
|
|
|
$
|
561,888
|
|
|
$
|
437,833
|
|
|
$
|
810,394
|
|
|
$
|
26,639
|
|
|
$
|
4,304,542
|
|
Accumulated Amortization Balance as of December 31, 2016
|
$
|
204,895
|
|
|
$
|
53,753
|
|
|
$
|
56,150
|
|
|
$
|
49
|
|
|
$
|
—
|
|
|
$
|
314,847
|
|
Currency effects
|
243
|
|
|
61
|
|
|
613
|
|
|
16
|
|
|
—
|
|
|
933
|
|
||||||
Accumulated Amortization Balance as of June 30, 2017
|
$
|
205,138
|
|
|
$
|
53,814
|
|
|
$
|
56,763
|
|
|
$
|
65
|
|
|
$
|
—
|
|
|
$
|
315,780
|
|
Net Balance as of December 31, 2016
|
$
|
2,280,911
|
|
|
$
|
505,690
|
|
|
$
|
349,421
|
|
|
$
|
743,077
|
|
|
$
|
25,922
|
|
|
$
|
3,905,021
|
|
Net Balance as of June 30, 2017
|
$
|
2,262,650
|
|
|
$
|
508,074
|
|
|
$
|
381,070
|
|
|
$
|
810,329
|
|
|
$
|
26,639
|
|
|
$
|
3,988,762
|
|
Accumulated Goodwill Impairment Balance as of December 31, 2016
|
$
|
85,909
|
|
|
$
|
—
|
|
|
$
|
46,500
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
132,409
|
|
Accumulated Goodwill Impairment Balance as of June 30, 2017
|
$
|
85,909
|
|
|
$
|
—
|
|
|
$
|
46,500
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
132,409
|
|
(1)
|
Total fair value and other adjustments include
$5,687
in net adjustments primarily related to property, plant and equipment, customer relationship intangible assets and deferred income taxes (which represent adjustments within the applicable measurement period to provisional amounts recognized in purchase accounting).
|
|
December 31, 2016
|
|
June 30, 2017
|
||||||||||||||||||||
|
Gross Carrying
Amount |
|
Accumulated
Amortization |
|
Net Carrying
Amount |
|
Gross Carrying
Amount |
|
Accumulated
Amortization |
|
Net Carrying
Amount |
||||||||||||
Customer relationship intangible assets and Customer Inducements
|
$
|
1,604,020
|
|
|
$
|
(351,497
|
)
|
|
$
|
1,252,523
|
|
|
$
|
1,702,665
|
|
|
$
|
(405,650
|
)
|
|
$
|
1,297,015
|
|
Other finite-lived intangible assets (included in other assets, net)
|
24,788
|
|
|
(7,989
|
)
|
|
16,799
|
|
|
20,885
|
|
|
(9,008
|
)
|
|
11,877
|
|
||||||
Total
|
$
|
1,628,808
|
|
|
$
|
(359,486
|
)
|
|
$
|
1,269,322
|
|
|
$
|
1,723,550
|
|
|
$
|
(414,658
|
)
|
|
$
|
1,308,892
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2016
|
|
2017
|
|
2016
|
|
2017
|
||||||||
Amortization expense associated with finite-lived intangible assets
|
$
|
21,492
|
|
|
$
|
25,784
|
|
|
$
|
33,306
|
|
|
$
|
50,899
|
|
Revenue reduction associated with amortization of Permanent Withdrawal Fees
|
3,157
|
|
|
2,748
|
|
|
6,100
|
|
|
5,906
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2016
|
|
2017
|
|
2016
|
|
2017
|
||||||||
Cost of sales (excluding depreciation and amortization)
|
$
|
25
|
|
|
$
|
27
|
|
|
$
|
52
|
|
|
$
|
55
|
|
Selling, general and administrative expenses
|
9,003
|
|
|
8,516
|
|
|
15,861
|
|
|
15,037
|
|
||||
Total stock-based compensation
|
$
|
9,028
|
|
|
$
|
8,543
|
|
|
$
|
15,913
|
|
|
$
|
15,092
|
|
|
June 30, 2017
|
||||
|
Stock Options Outstanding
|
|
% of
Stock Options Outstanding
|
||
Three-year vesting period (10 year contractual life)
|
3,543,414
|
|
|
85.7
|
%
|
Five-year vesting period (10 year contractual life)
|
515,916
|
|
|
12.5
|
%
|
Ten-year vesting period (12 year contractual life)
|
73,738
|
|
|
1.8
|
%
|
|
4,133,068
|
|
|
100.0
|
%
|
|
|
Six Months Ended
June 30, |
||||
Weighted Average Assumptions
|
|
2016
|
|
2017
|
||
Expected volatility
|
|
27.2
|
%
|
|
25.8
|
%
|
Risk-free interest rate
|
|
1.32
|
%
|
|
1.96
|
%
|
Expected dividend yield
|
|
7
|
%
|
|
6
|
%
|
Expected life
|
|
5.6 years
|
|
|
5.0 years
|
|
|
Stock Options
|
|
Weighted
Average Exercise Price |
|
Weighted
Average Remaining Contractual Term (Years) |
|
Average
Intrinsic Value |
|||||
Outstanding at December 31, 2016
|
3,451,698
|
|
|
$
|
31.79
|
|
|
|
|
|
|
|
Granted
|
1,007,224
|
|
|
36.89
|
|
|
|
|
|
|
||
Exercised
|
(300,271
|
)
|
|
22.77
|
|
|
|
|
|
|
||
Forfeited
|
(23,802
|
)
|
|
33.89
|
|
|
|
|
|
|
||
Expired
|
(1,781
|
)
|
|
38.83
|
|
|
|
|
|
|
||
Outstanding at June 30, 2017
|
4,133,068
|
|
|
$
|
33.68
|
|
|
7.47
|
|
$
|
13,556
|
|
Options exercisable at June 30, 2017
|
1,970,057
|
|
|
$
|
30.68
|
|
|
5.78
|
|
$
|
12,024
|
|
Options expected to vest
|
2,024,082
|
|
|
$
|
36.41
|
|
|
8.99
|
|
$
|
1,448
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2016
|
|
2017
|
|
2016
|
|
2017
|
||||||||
Aggregate intrinsic value of stock options exercised
|
$
|
9,926
|
|
|
$
|
1,935
|
|
|
$
|
11,359
|
|
|
$
|
3,847
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2016
|
|
2017
|
|
2016
|
|
2017
|
||||||||
Cash dividends accrued on RSUs
|
$
|
616
|
|
|
$
|
662
|
|
|
$
|
1,247
|
|
|
$
|
1,345
|
|
Cash dividends paid on RSUs
|
196
|
|
|
84
|
|
|
1,831
|
|
|
1,939
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2016
|
|
2017
|
|
2016
|
|
2017
|
||||||||
Fair value of RSUs vested
|
$
|
2,807
|
|
|
$
|
2,047
|
|
|
$
|
17,785
|
|
|
$
|
16,073
|
|
|
RSUs
|
|
Weighted-
Average Grant-Date Fair Value |
|||
Non-vested at December 31, 2016
|
1,163,393
|
|
|
$
|
33.21
|
|
Granted
|
584,089
|
|
|
36.68
|
|
|
Vested
|
(497,339
|
)
|
|
32.32
|
|
|
Forfeited
|
(50,356
|
)
|
|
34.68
|
|
|
Non-vested at June 30, 2017
|
1,199,787
|
|
|
$
|
35.21
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2016
|
|
2017
|
|
2016
|
|
2017
|
||||||||
Cash dividends accrued on PUs
|
$
|
263
|
|
|
$
|
321
|
|
|
$
|
525
|
|
|
$
|
645
|
|
Cash dividends paid on PUs
|
—
|
|
|
—
|
|
|
645
|
|
|
205
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2016
|
|
2017
|
|
2016
|
|
2017
|
||||||||
Fair value of earned PUs that vested
|
$
|
1,174
|
|
|
$
|
—
|
|
|
$
|
5,255
|
|
|
$
|
905
|
|
|
Original
PU Awards |
|
PU Adjustment(1)
|
|
Total
PU Awards |
|
Weighted-
Average Grant-Date Fair Value |
|||||
Non-vested at December 31, 2016
|
559,340
|
|
|
(121,038
|
)
|
|
438,302
|
|
|
$
|
33.67
|
|
Granted
|
229,692
|
|
|
—
|
|
|
229,692
|
|
|
41.93
|
|
|
Vested
|
(32,776
|
)
|
|
—
|
|
|
(32,776
|
)
|
|
27.60
|
|
|
Forfeited/Performance or Market Conditions Not Achieved
|
(9,106
|
)
|
|
(129,029
|
)
|
|
(138,135
|
)
|
|
29.03
|
|
|
Non-vested at June 30, 2017
|
747,150
|
|
|
(250,067
|
)
|
|
497,083
|
|
|
$
|
39.17
|
|
(1)
|
Represents an increase or decrease in the number of original PUs awarded based on either the final performance criteria or market condition achievement at the end of the performance period of such PUs or a change in estimated awards based on the forecasted performance against the predefined targets.
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2016
|
|
2017
|
|
2016
|
|
2017
|
||||||||
(Loss) income from continuing operations
|
$
|
(14,720
|
)
|
|
$
|
83,148
|
|
|
$
|
48,321
|
|
|
$
|
141,992
|
|
Less: Net income (loss) attributable to noncontrolling interests
|
835
|
|
|
2,492
|
|
|
1,102
|
|
|
2,874
|
|
||||
(Loss) income from continuing operations (utilized in numerator of Earnings Per Share calculation)
|
$
|
(15,555
|
)
|
|
$
|
80,656
|
|
|
$
|
47,219
|
|
|
$
|
139,118
|
|
Income (loss) from discontinued operations, net of tax
|
$
|
1,587
|
|
|
$
|
(2,026
|
)
|
|
$
|
1,587
|
|
|
$
|
(2,363
|
)
|
Net (loss) income attributable to Iron Mountain Incorporated
|
$
|
(13,968
|
)
|
|
$
|
78,630
|
|
|
$
|
48,806
|
|
|
$
|
136,755
|
|
|
|
|
|
|
|
|
|
||||||||
Weighted-average shares—basic
|
246,387,000
|
|
|
264,217,000
|
|
|
228,957,000
|
|
|
264,036,000
|
|
||||
Effect of dilutive potential stock options
|
—
|
|
|
395,044
|
|
|
622,293
|
|
|
428,403
|
|
||||
Effect of dilutive potential RSUs and PUs
|
—
|
|
|
318,375
|
|
|
450,100
|
|
|
405,640
|
|
||||
Weighted-average shares—diluted
|
246,387,000
|
|
|
264,930,419
|
|
|
230,029,393
|
|
|
264,870,043
|
|
||||
|
|
|
|
|
|
|
|
||||||||
(Losses) earnings per share—basic:
|
|
|
|
|
|
|
|
|
|
|
|
||||
(Loss) income from continuing operations
|
$
|
(0.06
|
)
|
|
$
|
0.31
|
|
|
$
|
0.21
|
|
|
$
|
0.53
|
|
Income (loss) from discontinued operations, net of tax
|
0.01
|
|
|
(0.01
|
)
|
|
0.01
|
|
|
(0.01
|
)
|
||||
Net (loss) income attributable to Iron Mountain Incorporated(1)
|
$
|
(0.06
|
)
|
|
$
|
0.30
|
|
|
$
|
0.21
|
|
|
$
|
0.52
|
|
|
|
|
|
|
|
|
|
||||||||
(Losses) earnings per share—diluted:
|
|
|
|
|
|
|
|
|
|
|
|
||||
(Loss) income from continuing operations
|
$
|
(0.06
|
)
|
|
$
|
0.30
|
|
|
$
|
0.21
|
|
|
$
|
0.53
|
|
Income (loss) from discontinued operations, net of tax
|
0.01
|
|
|
(0.01
|
)
|
|
0.01
|
|
|
(0.01
|
)
|
||||
Net (loss) income attributable to Iron Mountain Incorporated(1)
|
$
|
(0.06
|
)
|
|
$
|
0.30
|
|
|
$
|
0.21
|
|
|
$
|
0.52
|
|
|
|
|
|
|
|
|
|
||||||||
Antidilutive stock options, RSUs and PUs, excluded from the calculation
|
1,594,475
|
|
|
2,701,129
|
|
|
2,208,135
|
|
|
2,597,692
|
|
|
|
|
|
Fair Value Measurements at
December 31, 2016 Using |
||||||||||||||||
Description
|
|
Total Carrying
Value at
December 31,
2016
|
|
Quoted prices
in active
markets
(Level 1)
|
|
|
|
Significant other
observable
inputs
(Level 2)
|
|
|
|
Significant
unobservable
inputs
(Level 3)
|
||||||||
Time Deposits(1)
|
|
$
|
22,240
|
|
|
$
|
—
|
|
|
|
|
$
|
22,240
|
|
|
|
|
$
|
—
|
|
Trading Securities
|
|
10,659
|
|
|
10,181
|
|
|
(2)
|
|
478
|
|
|
(1)
|
|
—
|
|
|
|
|
|
Fair Value Measurements at
June 30, 2017 Using |
||||||||||||||||
Description
|
|
Total Carrying
Value at
June 30,
2017
|
|
Quoted prices
in active
markets
(Level 1)
|
|
|
|
Significant other
observable
inputs
(Level 2)
|
|
|
|
Significant
unobservable
inputs
(Level 3)
|
||||||||
Time Deposits(1)
|
|
$
|
43,792
|
|
|
$
|
—
|
|
|
|
|
$
|
43,792
|
|
|
|
|
$
|
—
|
|
Trading Securities
|
|
11,031
|
|
|
10,766
|
|
|
(2)
|
|
265
|
|
|
(1)
|
|
—
|
|
||||
Derivative Assets(3)
|
|
2,674
|
|
|
—
|
|
|
|
|
2,674
|
|
|
|
|
—
|
|
(1)
|
Time deposits and certain trading securities (included in Prepaid expenses and other in our Condensed Consolidated Balance Sheets) are measured based on quoted prices for similar assets and/or subsequent transactions.
|
(2)
|
Certain trading securities are measured at fair value using quoted market prices.
|
(3)
|
Derivative assets relate to short-term (six months or less) foreign currency contracts that we have entered into to hedge certain of our foreign exchange intercompany exposures, as more fully disclosed at Note 3. We calculate the value of such forward contracts by adjusting the spot rate utilized at the balance sheet date for translation purposes by an estimate of the forward points observed in active markets.
|
|
Foreign
Currency Translation Adjustments |
|
Market Value
Adjustments for Securities |
|
Total
|
||||||
Balance as of March 31, 2016
|
$
|
(152,160
|
)
|
|
$
|
—
|
|
|
$
|
(152,160
|
)
|
Other comprehensive income (loss):
|
|
|
|
|
|
|
|
||||
Foreign currency translation adjustments
|
2,871
|
|
|
—
|
|
|
2,871
|
|
|||
Total other comprehensive income (loss)
|
2,871
|
|
|
—
|
|
|
2,871
|
|
|||
Balance as of June 30, 2016
|
$
|
(149,289
|
)
|
|
$
|
—
|
|
|
$
|
(149,289
|
)
|
|
Foreign
Currency Translation Adjustments |
|
Market Value
Adjustments for Securities |
|
Total
|
||||||
Balance as of March 31, 2017
|
$
|
(161,239
|
)
|
|
$
|
—
|
|
|
$
|
(161,239
|
)
|
Other comprehensive income (loss):
|
|
|
|
|
|
|
|
|
|||
Foreign currency translation adjustments(1)
|
7,649
|
|
|
—
|
|
|
7,649
|
|
|||
Total other comprehensive income (loss)
|
7,649
|
|
|
—
|
|
|
7,649
|
|
|||
Balance as of June 30, 2017
|
$
|
(153,590
|
)
|
|
$
|
—
|
|
|
$
|
(153,590
|
)
|
|
Foreign
Currency Translation Adjustments |
|
Market Value
Adjustments for Securities |
|
Total
|
||||||
Balance as of December 31, 2015
|
$
|
(175,651
|
)
|
|
$
|
734
|
|
|
$
|
(174,917
|
)
|
Other comprehensive income (loss):
|
|
|
|
|
|
||||||
Foreign currency translation adjustments
|
26,362
|
|
|
—
|
|
|
26,362
|
|
|||
Market value adjustments for securities
|
—
|
|
|
(734
|
)
|
|
(734
|
)
|
|||
Total other comprehensive income (loss)
|
26,362
|
|
|
(734
|
)
|
|
25,628
|
|
|||
Balance as of June 30, 2016
|
$
|
(149,289
|
)
|
|
$
|
—
|
|
|
$
|
(149,289
|
)
|
|
Foreign
Currency Translation Adjustments |
|
Market Value
Adjustments for Securities |
|
Total
|
||||||
Balance as of December 31, 2016
|
$
|
(212,573
|
)
|
|
$
|
—
|
|
|
$
|
(212,573
|
)
|
Other comprehensive income (loss):
|
|
|
|
|
|
|
|
||||
Foreign currency translation adjustments(1)
|
58,983
|
|
|
—
|
|
|
58,983
|
|
|||
Total other comprehensive income (loss)
|
58,983
|
|
|
—
|
|
|
58,983
|
|
|||
Balance as of June 30, 2017
|
$
|
(153,590
|
)
|
|
$
|
—
|
|
|
$
|
(153,590
|
)
|
(1)
|
During the three and six months ended June 30, 2017, approximately
$29,100
of cumulative translation adjustment associated with our businesses in Russia and Ukraine was reclassified from accumulated other comprehensive items, net and was included in the gain on sale associated with the Russia and Ukraine Divestment (see Note 10).
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2016
|
|
2017
|
|
2016
|
|
2017
|
||||||||
Foreign currency transaction losses (gains), net
|
$
|
17,193
|
|
|
$
|
20,199
|
|
|
$
|
4,651
|
|
|
$
|
16,035
|
|
Debt extinguishment expense
|
9,283
|
|
|
—
|
|
|
9,283
|
|
|
—
|
|
||||
Other, net
|
(835
|
)
|
|
(39,565
|
)
|
|
(230
|
)
|
|
(41,765
|
)
|
||||
|
$
|
25,641
|
|
|
$
|
(19,366
|
)
|
|
$
|
13,704
|
|
|
$
|
(25,730
|
)
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
|
2016
|
|
2017
|
|
2016
|
|
2017
|
||||||||
Foreign exchange gains (losses)
|
|
$
|
754
|
|
|
$
|
(7,076
|
)
|
|
$
|
(588
|
)
|
|
$
|
(8,148
|
)
|
Less: Tax expense (benefit) on foreign exchange gains (losses)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Foreign exchange gains (losses), net of tax
|
|
$
|
754
|
|
|
$
|
(7,076
|
)
|
|
$
|
(588
|
)
|
|
$
|
(8,148
|
)
|
i.
|
United States
|
•
|
The Initial United States Divestments
|
•
|
The Seattle/Atlanta Divestments
|
ii.
|
Australia
|
•
|
The Australia Divestment Business
|
iii.
|
Canada
|
•
|
The Recall Canadian Divestments
|
•
|
The Iron Mountain Canadian Divestments
|
iv.
|
United Kingdom
|
•
|
The UK Divestments
|
|
Three Months Ended
June 30, 2016
|
|
Six Months Ended
June 30, 2016
|
||||
Total Revenues
|
$
|
948,962
|
|
|
$
|
1,886,914
|
|
Income from Continuing Operations
|
$
|
20,776
|
|
|
$
|
78,833
|
|
Per Share Income from Continuing Operations - Basic
|
$
|
0.08
|
|
|
$
|
0.30
|
|
Per Share Income from Continuing Operations - Diluted
|
$
|
0.08
|
|
|
$
|
0.30
|
|
Cash Paid (gross of cash acquired)(1)
|
|
$
|
39,740
|
|
Fair Value of Noncontrolling Interests
|
|
1,339
|
|
|
Total Consideration
|
|
41,079
|
|
|
Fair Value of Identifiable Assets Acquired:
|
|
|
||
Cash
|
|
1,654
|
|
|
Accounts Receivable and Prepaid Expenses
|
|
2,664
|
|
|
Other Assets
|
|
1,101
|
|
|
Property, Plant and Equipment(2)
|
|
12,110
|
|
|
Customer Relationship Intangible Assets(3)
|
|
20,291
|
|
|
Accounts Payable, Accrued Expenses and Other Liabilities
|
|
(9,831
|
)
|
|
Deferred Income Taxes
|
|
(2,738
|
)
|
|
Total Fair Value of Identifiable Net Assets Acquired
|
|
25,251
|
|
|
Goodwill Initially Recorded(4)
|
|
$
|
15,828
|
|
(1)
|
Included in cash paid for acquisitions in the Condensed Consolidated Statement of Cash Flows for the
six
months ended
June 30, 2017
is net cash acquired of
$1,654
and contingent and other payments, net of
$137
related to acquisitions made in previous years.
|
(2)
|
Consists primarily of building, building improvements, racking structures and warehouse equipment. These assets are depreciated using the straight-line method with the useful lives as noted in Note 2.f. to Notes to Consolidated Financial Statements included in our Annual Report.
|
(3)
|
The weighted average lives of customer relationship intangible assets associated with acquisitions in
2017
was
16
years.
|
|
|
December 31, 2016
|
|
|
June 30, 2017
|
|||||||||||||||||||||||||||||
|
|
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
|
|
$
|
953,548
|
|
|
$
|
(7,530
|
)
|
|
$
|
946,018
|
|
|
$
|
953,548
|
|
|
|
$
|
713,445
|
|
|
|
$
|
(6,072
|
)
|
|
$
|
707,373
|
|
|
$
|
713,445
|
|
Term Loan
|
|
234,375
|
|
|
—
|
|
|
234,375
|
|
|
234,375
|
|
|
|
225,000
|
|
|
|
—
|
|
|
225,000
|
|
|
225,000
|
|
||||||||
Australian Dollar Term Loan (the "AUD Term Loan")
|
|
177,198
|
|
|
(3,774
|
)
|
|
173,424
|
|
|
178,923
|
|
|
|
186,871
|
|
|
|
(3,680
|
)
|
|
183,191
|
|
|
188,552
|
|
||||||||
6% Senior Notes due 2020 (the "6% Notes due 2020")(1)(2)
|
|
1,000,000
|
|
|
(12,730
|
)
|
|
987,270
|
|
|
1,052,500
|
|
|
|
1,000,000
|
|
|
|
(11,032
|
)
|
|
988,968
|
|
|
1,037,500
|
|
||||||||
4
3
/
8
% Senior Notes due 2021 (the "4
3
/
8
% Notes")(1)(2)
|
|
500,000
|
|
|
(7,593
|
)
|
|
492,407
|
|
|
511,250
|
|
|
|
500,000
|
|
|
|
(6,734
|
)
|
|
493,266
|
|
|
518,150
|
|
||||||||
6
1
/
8
% CAD Senior Notes due 2021 (the "CAD Notes due 2021")(3)
|
|
148,792
|
|
|
(1,635
|
)
|
|
147,157
|
|
|
155,860
|
|
|
|
154,052
|
|
|
|
(1,511
|
)
|
|
152,541
|
|
|
159,251
|
|
||||||||
6
1
/
8
% GBP Senior Notes due 2022 (the "GBP Notes")(2)
|
|
493,648
|
|
|
(6,214
|
)
|
|
487,434
|
|
|
527,562
|
|
|
|
520,108
|
|
|
|
(5,974
|
)
|
|
514,134
|
|
|
548,090
|
|
||||||||
6% Senior Notes due 2023 (the "6% Notes due 2023")(1)
|
|
600,000
|
|
|
(7,322
|
)
|
|
592,678
|
|
|
637,500
|
|
|
|
600,000
|
|
|
|
(6,773
|
)
|
|
593,227
|
|
|
636,000
|
|
||||||||
5
3
/
8
% CAD Senior Notes due 2023 (the "CAD Notes due 2023")(2)(3)
|
|
185,990
|
|
|
(3,498
|
)
|
|
182,492
|
|
|
188,780
|
|
|
|
192,565
|
|
|
|
(3,296
|
)
|
|
189,269
|
|
|
202,675
|
|
||||||||
5
3
/
4
% Senior Subordinated Notes due 2024 (the "5
3
/
4
% Notes")(1)
|
|
1,000,000
|
|
|
(10,529
|
)
|
|
989,471
|
|
|
1,027,500
|
|
|
|
1,000,000
|
|
|
|
(9,842
|
)
|
|
990,158
|
|
|
1,023,700
|
|
||||||||
3% Euro Senior Notes due 2025 (the "Euro Notes")(1)(2)(4)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
342,699
|
|
|
|
(4,625
|
)
|
|
338,074
|
|
|
345,338
|
|
||||||||
5
3
/
8
% Senior Notes due 2026 (the "5
3
/
8
% Notes")(2)
|
|
250,000
|
|
|
(4,044
|
)
|
|
245,956
|
|
|
242,500
|
|
|
|
250,000
|
|
|
|
(3,830
|
)
|
|
246,170
|
|
|
263,150
|
|
||||||||
Real Estate Mortgages, Capital Leases and Other
|
|
478,565
|
|
|
(1,277
|
)
|
|
477,288
|
|
|
478,565
|
|
|
|
533,433
|
|
|
|
(973
|
)
|
|
532,460
|
|
|
533,433
|
|
||||||||
Accounts Receivable Securitization Program(5)
|
|
247,000
|
|
|
(384
|
)
|
|
246,616
|
|
|
247,000
|
|
|
|
250,000
|
|
|
|
(231
|
)
|
|
249,769
|
|
|
250,000
|
|
||||||||
Mortgage Securitization Program
|
|
50,000
|
|
|
(1,405
|
)
|
|
48,595
|
|
|
50,000
|
|
|
|
50,000
|
|
|
|
(1,346
|
)
|
|
48,654
|
|
|
50,000
|
|
||||||||
Total Long-term Debt
|
|
6,319,116
|
|
|
(67,935
|
)
|
|
6,251,181
|
|
|
|
|
|
|
6,518,173
|
|
—
|
|
(65,919
|
)
|
|
6,452,254
|
|
|
|
|||||||||
Less Current Portion
|
|
(172,975
|
)
|
|
—
|
|
|
(172,975
|
)
|
|
|
|
|
|
(423,500
|
)
|
|
231
|
|
|
(423,269
|
)
|
|
|
|
|||||||||
Long-term Debt, Net of Current Portion
|
|
$
|
6,146,141
|
|
|
$
|
(67,935
|
)
|
|
$
|
6,078,206
|
|
|
|
|
|
|
$
|
6,094,673
|
|
|
|
$
|
(65,688
|
)
|
|
$
|
6,028,985
|
|
|
|
|
(1)
|
Collectively, the "Parent Notes".
|
(2)
|
Collectively, the "Unregistered Notes".
|
(3)
|
Collectively, the "CAD Notes".
|
(4)
|
The fair value (Level 1 of fair value hierarchy described in Note 2.s. to Notes to Consolidated Financial Statements included in our Annual Report) of the Euro Notes is based upon quoted market prices for the Euro Notes on June 30, 2017.
|
(5)
|
Because the Accounts Receivable Securitization Program terminates on March 6, 2018, at which point all obligations under the program become due, this debt is classified within the current portion of long-term debt in our Condensed Consolidated Balance Sheet as of June 30, 2017.
|
|
December 31, 2016
|
|
June 30, 2017
|
|
Maximum/Minimum Allowable
|
||
Net total lease adjusted leverage ratio
|
5.7
|
|
|
5.8
|
|
|
Maximum allowable of 6.5
|
Net secured debt lease adjusted leverage ratio
|
2.7
|
|
|
2.5
|
|
|
Maximum allowable of 4.0
|
Bond leverage ratio (not lease adjusted)
|
5.2
|
|
|
5.6
|
|
|
Maximum allowable of 6.5
|
Fixed charge coverage ratio
|
2.4
|
|
|
2.2
|
|
|
Minimum allowable of 1.5
|
|
December 31, 2016
|
||||||||||||||||||||||
|
Parent
|
|
Guarantors
|
|
Canada
Company |
|
Non-
Guarantors |
|
Eliminations
|
|
Consolidated
|
||||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Current Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Cash and cash equivalents
|
$
|
2,405
|
|
|
$
|
23,380
|
|
|
$
|
17,110
|
|
|
$
|
193,589
|
|
|
$
|
—
|
|
|
$
|
236,484
|
|
Accounts receivable
|
—
|
|
|
53,364
|
|
|
37,781
|
|
|
600,104
|
|
|
—
|
|
|
691,249
|
|
||||||
Intercompany receivable
|
—
|
|
|
653,008
|
|
|
21,114
|
|
|
—
|
|
|
(674,122
|
)
|
|
—
|
|
||||||
Prepaid expenses and other
|
—
|
|
|
70,660
|
|
|
4,967
|
|
|
108,776
|
|
|
(29
|
)
|
|
184,374
|
|
||||||
Total Current Assets
|
2,405
|
|
|
800,412
|
|
|
80,972
|
|
|
902,469
|
|
|
(674,151
|
)
|
|
1,112,107
|
|
||||||
Property, Plant and Equipment, Net
|
483
|
|
|
1,804,991
|
|
|
159,391
|
|
|
1,118,461
|
|
|
—
|
|
|
3,083,326
|
|
||||||
Other Assets, Net:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Long-term notes receivable from affiliates and intercompany receivable
|
4,014,330
|
|
|
1,000
|
|
|
—
|
|
|
—
|
|
|
(4,015,330
|
)
|
|
—
|
|
||||||
Investment in subsidiaries
|
1,659,518
|
|
|
699,411
|
|
|
35,504
|
|
|
77,449
|
|
|
(2,471,882
|
)
|
|
—
|
|
||||||
Goodwill
|
—
|
|
|
2,602,784
|
|
|
217,422
|
|
|
1,084,815
|
|
|
—
|
|
|
3,905,021
|
|
||||||
Other
|
—
|
|
|
765,698
|
|
|
49,570
|
|
|
571,078
|
|
|
—
|
|
|
1,386,346
|
|
||||||
Total Other Assets, Net
|
5,673,848
|
|
|
4,068,893
|
|
|
302,496
|
|
|
1,733,342
|
|
|
(6,487,212
|
)
|
|
5,291,367
|
|
||||||
Total Assets
|
$
|
5,676,736
|
|
|
$
|
6,674,296
|
|
|
$
|
542,859
|
|
|
$
|
3,754,272
|
|
|
$
|
(7,161,363
|
)
|
|
$
|
9,486,800
|
|
Liabilities and Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Intercompany Payable
|
$
|
558,492
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
115,630
|
|
|
$
|
(674,122
|
)
|
|
$
|
—
|
|
Current Portion of Long-Term Debt
|
—
|
|
|
51,456
|
|
|
—
|
|
|
121,548
|
|
|
(29
|
)
|
|
172,975
|
|
||||||
Total Other Current Liabilities
|
58,478
|
|
|
488,194
|
|
|
40,442
|
|
|
286,468
|
|
|
—
|
|
|
873,582
|
|
||||||
Long-Term Debt, Net of Current Portion
|
3,093,388
|
|
|
1,055,642
|
|
|
335,410
|
|
|
1,593,766
|
|
|
—
|
|
|
6,078,206
|
|
||||||
Long-Term Notes Payable to Affiliates and Intercompany Payable
|
1,000
|
|
|
4,014,330
|
|
|
—
|
|
|
—
|
|
|
(4,015,330
|
)
|
|
—
|
|
||||||
Other Long-term Liabilities
|
—
|
|
|
127,715
|
|
|
54,054
|
|
|
188,900
|
|
|
—
|
|
|
370,669
|
|
||||||
Commitments and Contingencies (See Note 8)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Redeemable Noncontrolling Interests
|
28,831
|
|
|
—
|
|
|
—
|
|
|
25,866
|
|
|
—
|
|
|
54,697
|
|
||||||
Total Iron Mountain Incorporated Stockholders' Equity
|
1,936,547
|
|
|
936,959
|
|
|
112,953
|
|
|
1,421,970
|
|
|
(2,471,882
|
)
|
|
1,936,547
|
|
||||||
Noncontrolling Interests
|
—
|
|
|
—
|
|
|
—
|
|
|
124
|
|
|
—
|
|
|
124
|
|
||||||
Total Equity
|
1,936,547
|
|
|
936,959
|
|
|
112,953
|
|
|
1,422,094
|
|
|
(2,471,882
|
)
|
|
1,936,671
|
|
||||||
Total Liabilities and Equity
|
$
|
5,676,736
|
|
|
$
|
6,674,296
|
|
|
$
|
542,859
|
|
|
$
|
3,754,272
|
|
|
$
|
(7,161,363
|
)
|
|
$
|
9,486,800
|
|
|
June 30, 2017
|
||||||||||||||||||||||
|
Parent
|
|
Guarantors
|
|
Canada
Company |
|
Non-
Guarantors |
|
Eliminations
|
|
Consolidated
|
||||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Current Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Cash and cash equivalents(1)
|
$
|
1,420
|
|
|
$
|
39,397
|
|
|
$
|
—
|
|
|
$
|
411,752
|
|
|
$
|
(161,550
|
)
|
|
$
|
291,019
|
|
Accounts receivable
|
—
|
|
|
39,560
|
|
|
37,700
|
|
|
653,106
|
|
|
—
|
|
|
730,366
|
|
||||||
Intercompany receivable
|
—
|
|
|
785,821
|
|
|
66,204
|
|
|
—
|
|
|
(852,025
|
)
|
|
—
|
|
||||||
Prepaid expenses and other
|
2,674
|
|
|
73,310
|
|
|
4,131
|
|
|
104,405
|
|
|
(29
|
)
|
|
184,491
|
|
||||||
Total Current Assets
|
4,094
|
|
|
938,088
|
|
|
108,035
|
|
|
1,169,263
|
|
|
(1,013,604
|
)
|
|
1,205,876
|
|
||||||
Property, Plant and Equipment, Net
|
394
|
|
|
1,840,391
|
|
|
159,491
|
|
|
1,175,163
|
|
|
—
|
|
|
3,175,439
|
|
||||||
Other Assets, Net:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Long-term notes receivable from affiliates and intercompany receivable
|
4,254,773
|
|
|
1,000
|
|
|
—
|
|
|
—
|
|
|
(4,255,773
|
)
|
|
—
|
|
||||||
Investment in subsidiaries
|
1,835,987
|
|
|
865,153
|
|
|
37,280
|
|
|
103,169
|
|
|
(2,841,589
|
)
|
|
—
|
|
||||||
Goodwill
|
—
|
|
|
2,553,706
|
|
|
223,838
|
|
|
1,211,218
|
|
|
—
|
|
|
3,988,762
|
|
||||||
Other
|
—
|
|
|
763,545
|
|
|
50,087
|
|
|
630,984
|
|
|
—
|
|
|
1,444,616
|
|
||||||
Total Other Assets, Net
|
6,090,760
|
|
|
4,183,404
|
|
|
311,205
|
|
|
1,945,371
|
|
|
(7,097,362
|
)
|
|
5,433,378
|
|
||||||
Total Assets
|
$
|
6,095,248
|
|
|
$
|
6,961,883
|
|
|
$
|
578,731
|
|
|
$
|
4,289,797
|
|
|
$
|
(8,110,966
|
)
|
|
$
|
9,814,693
|
|
Liabilities and Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Intercompany Payable
|
$
|
625,427
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
226,598
|
|
|
$
|
(852,025
|
)
|
|
$
|
—
|
|
Debit Balances Under Cash Pools
|
—
|
|
|
136,379
|
|
|
—
|
|
|
25,171
|
|
|
(161,550
|
)
|
|
—
|
|
||||||
Current Portion of Long-Term Debt
|
—
|
|
|
46,682
|
|
|
—
|
|
|
376,616
|
|
|
(29
|
)
|
|
423,269
|
|
||||||
Total Other Current Liabilities
|
203,948
|
|
|
465,110
|
|
|
46,835
|
|
|
335,444
|
|
|
—
|
|
|
1,051,337
|
|
||||||
Long-Term Debt, Net of Current Portion
|
3,403,693
|
|
|
811,881
|
|
|
347,793
|
|
|
1,465,618
|
|
|
—
|
|
|
6,028,985
|
|
||||||
Long-Term Notes Payable to Affiliates and Intercompany Payable
|
1,000
|
|
|
4,254,773
|
|
|
—
|
|
|
—
|
|
|
(4,255,773
|
)
|
|
—
|
|
||||||
Other Long-term Liabilities
|
—
|
|
|
144,356
|
|
|
43,654
|
|
|
197,711
|
|
|
—
|
|
|
385,721
|
|
||||||
Commitments and Contingencies (See Note 8)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Redeemable Noncontrolling Interests
|
5,392
|
|
|
—
|
|
|
—
|
|
|
62,692
|
|
|
—
|
|
|
68,084
|
|
||||||
Total Iron Mountain Incorporated Stockholders' Equity
|
1,855,788
|
|
|
1,102,702
|
|
|
140,449
|
|
|
1,598,438
|
|
|
(2,841,589
|
)
|
|
1,855,788
|
|
||||||
Noncontrolling Interests
|
—
|
|
|
—
|
|
|
—
|
|
|
1,509
|
|
|
—
|
|
|
1,509
|
|
||||||
Total Equity
|
1,855,788
|
|
|
1,102,702
|
|
|
140,449
|
|
|
1,599,947
|
|
|
(2,841,589
|
)
|
|
1,857,297
|
|
||||||
Total Liabilities and Equity
|
$
|
6,095,248
|
|
|
$
|
6,961,883
|
|
|
$
|
578,731
|
|
|
$
|
4,289,797
|
|
|
$
|
(8,110,966
|
)
|
|
$
|
9,814,693
|
|
(1)
|
Included within Cash and Cash Equivalents at June 30, 2017 is approximately
$29,400
and
$140,900
of cash on deposit associated with our Cash Pools for the Guarantors and Non-Guarantors, respectively. See Note 5 for more information on our Cash Pools.
|
|
Three Months Ended June 30, 2016
|
||||||||||||||||||||||
|
Parent
|
|
Guarantors
|
|
Canada
Company |
|
Non-
Guarantors |
|
Eliminations
|
|
Consolidated
|
||||||||||||
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Storage rental
|
$
|
—
|
|
|
$
|
334,413
|
|
|
$
|
32,331
|
|
|
$
|
171,938
|
|
|
$
|
—
|
|
|
$
|
538,682
|
|
Service
|
—
|
|
|
202,866
|
|
|
16,907
|
|
|
125,293
|
|
|
—
|
|
|
345,066
|
|
||||||
Intercompany revenues
|
—
|
|
|
1,013
|
|
|
—
|
|
|
19,903
|
|
|
(20,916
|
)
|
|
—
|
|
||||||
Total Revenues
|
—
|
|
|
538,292
|
|
|
49,238
|
|
|
317,134
|
|
|
(20,916
|
)
|
|
883,748
|
|
||||||
Operating Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Cost of sales (excluding depreciation and amortization)
|
—
|
|
|
222,262
|
|
|
6,929
|
|
|
166,458
|
|
|
—
|
|
|
395,649
|
|
||||||
Selling, general and administrative
|
521
|
|
|
192,971
|
|
|
4,595
|
|
|
78,990
|
|
|
—
|
|
|
277,077
|
|
||||||
Intercompany cost of sales
|
—
|
|
|
3,809
|
|
|
16,094
|
|
|
1,013
|
|
|
(20,916
|
)
|
|
—
|
|
||||||
Depreciation and amortization
|
44
|
|
|
68,539
|
|
|
3,962
|
|
|
42,477
|
|
|
—
|
|
|
115,022
|
|
||||||
(Gain) Loss on disposal/write-down of property, plant and equipment (excluding real estate), net
|
—
|
|
|
(842
|
)
|
|
—
|
|
|
216
|
|
|
—
|
|
|
(626
|
)
|
||||||
Total Operating Expenses
|
565
|
|
|
486,739
|
|
|
31,580
|
|
|
289,154
|
|
|
(20,916
|
)
|
|
787,122
|
|
||||||
Operating (Loss) Income
|
(565
|
)
|
|
51,553
|
|
|
17,658
|
|
|
27,980
|
|
|
—
|
|
|
96,626
|
|
||||||
Interest Expense (Income), Net
|
28,069
|
|
|
(6,071
|
)
|
|
11,348
|
|
|
41,520
|
|
|
—
|
|
|
74,866
|
|
||||||
Other Expense (Income), Net
|
50,845
|
|
|
716
|
|
|
64
|
|
|
(25,984
|
)
|
|
—
|
|
|
25,641
|
|
||||||
(Loss) Income from Continuing Operations Before Provision (Benefit) for Income Taxes
|
(79,479
|
)
|
|
56,908
|
|
|
6,246
|
|
|
12,444
|
|
|
—
|
|
|
(3,881
|
)
|
||||||
Provision (Benefit) for Income Taxes
|
—
|
|
|
7,931
|
|
|
2,174
|
|
|
734
|
|
|
—
|
|
|
10,839
|
|
||||||
Equity in the (Earnings) Losses of Subsidiaries, Net of Tax
|
(65,511
|
)
|
|
(31,494
|
)
|
|
(1,315
|
)
|
|
(4,707
|
)
|
|
103,027
|
|
|
—
|
|
||||||
(Loss) Income from Continuing Operations
|
(13,968
|
)
|
|
80,471
|
|
|
5,387
|
|
|
16,417
|
|
|
(103,027
|
)
|
|
(14,720
|
)
|
||||||
Income (Loss) from Discontinued Operations
|
—
|
|
|
890
|
|
|
635
|
|
|
62
|
|
|
—
|
|
|
1,587
|
|
||||||
Net (Loss) Income
|
(13,968
|
)
|
|
81,361
|
|
|
6,022
|
|
|
16,479
|
|
|
(103,027
|
)
|
|
(13,133
|
)
|
||||||
Less: Net Income (Loss) Attributable to Noncontrolling Interests
|
—
|
|
|
—
|
|
|
—
|
|
|
835
|
|
|
—
|
|
|
835
|
|
||||||
Net (Loss) Income Attributable to Iron Mountain Incorporated
|
$
|
(13,968
|
)
|
|
$
|
81,361
|
|
|
$
|
6,022
|
|
|
$
|
15,644
|
|
|
$
|
(103,027
|
)
|
|
$
|
(13,968
|
)
|
Net (Loss) Income
|
$
|
(13,968
|
)
|
|
$
|
81,361
|
|
|
$
|
6,022
|
|
|
$
|
16,479
|
|
|
$
|
(103,027
|
)
|
|
$
|
(13,133
|
)
|
Other Comprehensive (Loss) Income:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Foreign Currency Translation Adjustments
|
754
|
|
|
—
|
|
|
(4,894
|
)
|
|
6,929
|
|
|
—
|
|
|
2,789
|
|
||||||
Equity in Other Comprehensive Income (Loss) of Subsidiaries
|
2,117
|
|
|
(2,569
|
)
|
|
(48
|
)
|
|
(4,894
|
)
|
|
5,394
|
|
|
—
|
|
||||||
Total Other Comprehensive Income (Loss)
|
2,871
|
|
|
(2,569
|
)
|
|
(4,942
|
)
|
|
2,035
|
|
|
5,394
|
|
|
2,789
|
|
||||||
Comprehensive (Loss) Income
|
(11,097
|
)
|
|
78,792
|
|
|
1,080
|
|
|
18,514
|
|
|
(97,633
|
)
|
|
(10,344
|
)
|
||||||
Comprehensive Income (Loss) Attributable to Noncontrolling Interests
|
—
|
|
|
—
|
|
|
—
|
|
|
753
|
|
|
—
|
|
|
753
|
|
||||||
Comprehensive (Loss) Income Attributable to Iron Mountain Incorporated
|
$
|
(11,097
|
)
|
|
$
|
78,792
|
|
|
$
|
1,080
|
|
|
$
|
17,761
|
|
|
$
|
(97,633
|
)
|
|
$
|
(11,097
|
)
|
|
Three Months Ended June 30, 2017
|
||||||||||||||||||||||
|
Parent
|
|
Guarantors
|
|
Canada
Company |
|
Non-
Guarantors |
|
Eliminations
|
|
Consolidated
|
||||||||||||
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Storage rental
|
$
|
—
|
|
|
$
|
360,546
|
|
|
$
|
31,912
|
|
|
$
|
197,781
|
|
|
$
|
—
|
|
|
$
|
590,239
|
|
Service
|
—
|
|
|
213,665
|
|
|
15,675
|
|
|
130,227
|
|
|
—
|
|
|
359,567
|
|
||||||
Intercompany revenues
|
—
|
|
|
1,141
|
|
|
—
|
|
|
21,649
|
|
|
(22,790
|
)
|
|
—
|
|
||||||
Total Revenues
|
—
|
|
|
575,352
|
|
|
47,587
|
|
|
349,657
|
|
|
(22,790
|
)
|
|
949,806
|
|
||||||
Operating Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Cost of sales (excluding depreciation and amortization)
|
—
|
|
|
230,102
|
|
|
6,789
|
|
|
177,393
|
|
|
—
|
|
|
414,284
|
|
||||||
Selling, general and administrative
|
273
|
|
|
159,577
|
|
|
3,796
|
|
|
73,799
|
|
|
—
|
|
|
237,445
|
|
||||||
Intercompany cost of sales
|
—
|
|
|
6,590
|
|
|
15,059
|
|
|
1,141
|
|
|
(22,790
|
)
|
|
—
|
|
||||||
Depreciation and amortization
|
43
|
|
|
75,129
|
|
|
4,309
|
|
|
48,618
|
|
|
—
|
|
|
128,099
|
|
||||||
(Gain) Loss on disposal/write-down of property, plant and equipment (excluding real estate), net
|
—
|
|
|
(246
|
)
|
|
4
|
|
|
26
|
|
|
—
|
|
|
(216
|
)
|
||||||
Total Operating Expenses
|
316
|
|
|
471,152
|
|
|
29,957
|
|
|
300,977
|
|
|
(22,790
|
)
|
|
779,612
|
|
||||||
Operating (Loss) Income
|
(316
|
)
|
|
104,200
|
|
|
17,630
|
|
|
48,680
|
|
|
—
|
|
|
170,194
|
|
||||||
Interest Expense (Income), Net
|
40,377
|
|
|
15,637
|
|
|
(6,035
|
)
|
|
39,987
|
|
|
—
|
|
|
89,966
|
|
||||||
Other Expense (Income), Net
|
339
|
|
|
543
|
|
|
(127
|
)
|
|
(20,121
|
)
|
|
—
|
|
|
(19,366
|
)
|
||||||
(Loss) Income from Continuing Operations Before Provision (Benefit) for Income Taxes and Gain on Sale of Real Estate
|
(41,032
|
)
|
|
88,020
|
|
|
23,792
|
|
|
28,814
|
|
|
—
|
|
|
99,594
|
|
||||||
Provision (Benefit) for Income Taxes
|
—
|
|
|
436
|
|
|
10,010
|
|
|
7,563
|
|
|
—
|
|
|
18,009
|
|
||||||
Gain on Sale of Real Estate, Net of Tax
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,563
|
)
|
|
—
|
|
|
(1,563
|
)
|
||||||
Equity in the (Earnings) Losses of Subsidiaries, Net of Tax
|
(119,662
|
)
|
|
(29,962
|
)
|
|
(363
|
)
|
|
(13,782
|
)
|
|
163,769
|
|
|
—
|
|
||||||
Income (Loss) from Continuing Operations
|
78,630
|
|
|
117,546
|
|
|
14,145
|
|
|
36,596
|
|
|
(163,769
|
)
|
|
83,148
|
|
||||||
Income (Loss) from Discontinued Operations, Net of Tax
|
—
|
|
|
(1,155
|
)
|
|
—
|
|
|
(871
|
)
|
|
—
|
|
|
(2,026
|
)
|
||||||
Net Income (Loss)
|
78,630
|
|
|
116,391
|
|
|
14,145
|
|
|
35,725
|
|
|
(163,769
|
)
|
|
81,122
|
|
||||||
Less: Net Income (Loss) Attributable to Noncontrolling Interests
|
—
|
|
|
—
|
|
|
—
|
|
|
2,492
|
|
|
—
|
|
|
2,492
|
|
||||||
Net Income (Loss) Attributable to Iron Mountain Incorporated
|
$
|
78,630
|
|
|
$
|
116,391
|
|
|
$
|
14,145
|
|
|
$
|
33,233
|
|
|
$
|
(163,769
|
)
|
|
$
|
78,630
|
|
Net Income (Loss)
|
$
|
78,630
|
|
|
$
|
116,391
|
|
|
$
|
14,145
|
|
|
$
|
35,725
|
|
|
$
|
(163,769
|
)
|
|
$
|
81,122
|
|
Other Comprehensive Income (Loss):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Foreign Currency Translation Adjustments
|
(7,076
|
)
|
|
—
|
|
|
2,704
|
|
|
11,910
|
|
|
—
|
|
|
7,538
|
|
||||||
Equity in Other Comprehensive Income (Loss) of Subsidiaries
|
14,725
|
|
|
11,213
|
|
|
970
|
|
|
2,704
|
|
|
(29,612
|
)
|
|
—
|
|
||||||
Total Other Comprehensive Income (Loss)
|
7,649
|
|
|
11,213
|
|
|
3,674
|
|
|
14,614
|
|
|
(29,612
|
)
|
|
7,538
|
|
||||||
Comprehensive Income (Loss)
|
86,279
|
|
|
127,604
|
|
|
17,819
|
|
|
50,339
|
|
|
(193,381
|
)
|
|
88,660
|
|
||||||
Comprehensive (Loss) Income Attributable to Noncontrolling Interests
|
—
|
|
|
—
|
|
|
—
|
|
|
2,381
|
|
|
—
|
|
|
2,381
|
|
||||||
Comprehensive Income (Loss) Attributable to Iron Mountain Incorporated
|
$
|
86,279
|
|
|
$
|
127,604
|
|
|
$
|
17,819
|
|
|
$
|
47,958
|
|
|
$
|
(193,381
|
)
|
|
$
|
86,279
|
|
|
Six Months Ended June 30, 2016
|
||||||||||||||||||||||
|
Parent
|
|
Guarantors
|
|
Canada
Company |
|
Non-
Guarantors |
|
Eliminations
|
|
Consolidated
|
||||||||||||
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Storage rental
|
$
|
—
|
|
|
$
|
648,032
|
|
|
$
|
59,936
|
|
|
$
|
291,925
|
|
|
$
|
—
|
|
|
$
|
999,893
|
|
Service
|
—
|
|
|
391,774
|
|
|
31,549
|
|
|
211,222
|
|
|
—
|
|
|
634,545
|
|
||||||
Intercompany revenues
|
—
|
|
|
2,026
|
|
|
—
|
|
|
37,248
|
|
|
(39,274
|
)
|
|
—
|
|
||||||
Total Revenues
|
—
|
|
|
1,041,832
|
|
|
91,485
|
|
|
540,395
|
|
|
(39,274
|
)
|
|
1,634,438
|
|
||||||
Operating Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Cost of sales (excluding depreciation and amortization)
|
—
|
|
|
430,416
|
|
|
13,719
|
|
|
277,619
|
|
|
—
|
|
|
721,754
|
|
||||||
Selling, general and administrative
|
593
|
|
|
342,990
|
|
|
7,968
|
|
|
133,292
|
|
|
—
|
|
|
484,843
|
|
||||||
Intercompany cost of sales
|
—
|
|
|
7,163
|
|
|
30,085
|
|
|
2,026
|
|
|
(39,274
|
)
|
|
—
|
|
||||||
Depreciation and amortization
|
89
|
|
|
125,465
|
|
|
7,041
|
|
|
69,631
|
|
|
—
|
|
|
202,226
|
|
||||||
(Gain) Loss on disposal/write-down of property, plant and equipment (excluding real estate), net
|
—
|
|
|
(1,412
|
)
|
|
6
|
|
|
329
|
|
|
—
|
|
|
(1,077
|
)
|
||||||
Total Operating Expenses
|
682
|
|
|
904,622
|
|
|
58,819
|
|
|
482,897
|
|
|
(39,274
|
)
|
|
1,407,746
|
|
||||||
Operating (Loss) Income
|
(682
|
)
|
|
137,210
|
|
|
32,666
|
|
|
57,498
|
|
|
—
|
|
|
226,692
|
|
||||||
Interest Expense (Income), Net
|
68,053
|
|
|
(14,580
|
)
|
|
21,382
|
|
|
67,073
|
|
|
—
|
|
|
141,928
|
|
||||||
Other Expense (Income), Net
|
51,731
|
|
|
4,172
|
|
|
44
|
|
|
(42,243
|
)
|
|
—
|
|
|
13,704
|
|
||||||
(Loss) Income from Continuing Operations Before Provision (Benefit) for Income Taxes
|
(120,466
|
)
|
|
147,618
|
|
|
11,240
|
|
|
32,668
|
|
|
—
|
|
|
71,060
|
|
||||||
Provision (Benefit) for Income Taxes
|
—
|
|
|
17,001
|
|
|
4,040
|
|
|
1,698
|
|
|
—
|
|
|
22,739
|
|
||||||
Equity in the (Earnings) Losses of Subsidiaries, Net of Tax
|
(169,272
|
)
|
|
(53,868
|
)
|
|
(2,686
|
)
|
|
(7,835
|
)
|
|
233,661
|
|
|
—
|
|
||||||
Income (Loss) from Continuing Operations
|
48,806
|
|
|
184,485
|
|
|
9,886
|
|
|
38,805
|
|
|
(233,661
|
)
|
|
48,321
|
|
||||||
Income (Loss) from Discontinued Operations
|
—
|
|
|
890
|
|
|
635
|
|
|
62
|
|
|
—
|
|
|
1,587
|
|
||||||
Net Income (Loss)
|
48,806
|
|
|
185,375
|
|
|
10,521
|
|
|
38,867
|
|
|
(233,661
|
)
|
|
49,908
|
|
||||||
Less: Net Income (Loss) Attributable to Noncontrolling Interests
|
—
|
|
|
—
|
|
|
—
|
|
|
1,102
|
|
|
—
|
|
|
1,102
|
|
||||||
Net Income (Loss) Attributable to Iron Mountain Incorporated
|
$
|
48,806
|
|
|
$
|
185,375
|
|
|
$
|
10,521
|
|
|
$
|
37,765
|
|
|
$
|
(233,661
|
)
|
|
$
|
48,806
|
|
Net Income (Loss)
|
$
|
48,806
|
|
|
$
|
185,375
|
|
|
$
|
10,521
|
|
|
$
|
38,867
|
|
|
$
|
(233,661
|
)
|
|
$
|
49,908
|
|
Other Comprehensive Income (Loss):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Foreign Currency Translation Adjustments
|
(588
|
)
|
|
—
|
|
|
(3,105
|
)
|
|
30,460
|
|
|
—
|
|
|
26,767
|
|
||||||
Market Value Adjustments for Securities
|
—
|
|
|
(734
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(734
|
)
|
||||||
Equity in Other Comprehensive Income (Loss) of Subsidiaries
|
26,216
|
|
|
21,530
|
|
|
613
|
|
|
(3,105
|
)
|
|
(45,254
|
)
|
|
—
|
|
||||||
Total Other Comprehensive Income (Loss)
|
25,628
|
|
|
20,796
|
|
|
(2,492
|
)
|
|
27,355
|
|
|
(45,254
|
)
|
|
26,033
|
|
||||||
Comprehensive Income (Loss)
|
74,434
|
|
|
206,171
|
|
|
8,029
|
|
|
66,222
|
|
|
(278,915
|
)
|
|
75,941
|
|
||||||
Comprehensive Income (Loss) Attributable to Noncontrolling Interests
|
—
|
|
|
—
|
|
|
—
|
|
|
1,507
|
|
|
—
|
|
|
1,507
|
|
||||||
Comprehensive Income (Loss) Attributable to Iron Mountain Incorporated
|
$
|
74,434
|
|
|
$
|
206,171
|
|
|
$
|
8,029
|
|
|
$
|
64,715
|
|
|
$
|
(278,915
|
)
|
|
$
|
74,434
|
|
|
Six Months Ended June 30, 2017
|
||||||||||||||||||||||
|
Parent
|
|
Guarantors
|
|
Canada
Company |
|
Non-
Guarantors |
|
Eliminations
|
|
Consolidated
|
||||||||||||
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Storage rental
|
$
|
—
|
|
|
$
|
709,897
|
|
|
$
|
63,918
|
|
|
$
|
388,703
|
|
|
$
|
—
|
|
|
$
|
1,162,518
|
|
Service
|
—
|
|
|
431,874
|
|
|
31,725
|
|
|
262,565
|
|
|
—
|
|
|
726,164
|
|
||||||
Intercompany revenues
|
—
|
|
|
2,238
|
|
|
—
|
|
|
43,991
|
|
|
(46,229
|
)
|
|
—
|
|
||||||
Total Revenues
|
—
|
|
|
1,144,009
|
|
|
95,643
|
|
|
695,259
|
|
|
(46,229
|
)
|
|
1,888,682
|
|
||||||
Operating Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Cost of sales (excluding depreciation and amortization)
|
—
|
|
|
469,431
|
|
|
14,339
|
|
|
357,221
|
|
|
—
|
|
|
840,991
|
|
||||||
Selling, general and administrative
|
352
|
|
|
322,282
|
|
|
7,357
|
|
|
147,620
|
|
|
—
|
|
|
477,611
|
|
||||||
Intercompany cost of sales
|
—
|
|
|
13,196
|
|
|
30,795
|
|
|
2,238
|
|
|
(46,229
|
)
|
|
—
|
|
||||||
Depreciation and amortization
|
89
|
|
|
151,290
|
|
|
8,547
|
|
|
92,880
|
|
|
—
|
|
|
252,806
|
|
||||||
(Gain) Loss on disposal/write-down of property, plant and equipment (excluding real estate), net
|
—
|
|
|
(794
|
)
|
|
6
|
|
|
113
|
|
|
—
|
|
|
(675
|
)
|
||||||
Total Operating Expenses
|
441
|
|
|
955,405
|
|
|
61,044
|
|
|
600,072
|
|
|
(46,229
|
)
|
|
1,570,733
|
|
||||||
Operating (Loss) Income
|
(441
|
)
|
|
188,604
|
|
|
34,599
|
|
|
95,187
|
|
|
—
|
|
|
317,949
|
|
||||||
Interest Expense (Income), Net
|
83,161
|
|
|
12,358
|
|
|
5,635
|
|
|
74,867
|
|
|
—
|
|
|
176,021
|
|
||||||
Other Expense (Income), Net
|
420
|
|
|
3,062
|
|
|
(154
|
)
|
|
(29,058
|
)
|
|
—
|
|
|
(25,730
|
)
|
||||||
(Loss) Income from Continuing Operations Before Provision (Benefit) for Income Taxes and Gain on Sale of Real Estate
|
(84,022
|
)
|
|
173,184
|
|
|
29,118
|
|
|
49,378
|
|
|
—
|
|
|
167,658
|
|
||||||
Provision (Benefit) for Income Taxes
|
—
|
|
|
13,180
|
|
|
6,522
|
|
|
7,527
|
|
|
—
|
|
|
27,229
|
|
||||||
Gain on Sale of Real Estate, Net of Tax
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,563
|
)
|
|
—
|
|
|
(1,563
|
)
|
||||||
Equity in the (Earnings) Losses of Subsidiaries, Net of Tax
|
(220,777
|
)
|
|
(53,375
|
)
|
|
(520
|
)
|
|
(22,596
|
)
|
|
297,268
|
|
|
—
|
|
||||||
Income (Loss) from Continuing Operations
|
136,755
|
|
|
213,379
|
|
|
23,116
|
|
|
66,010
|
|
|
(297,268
|
)
|
|
141,992
|
|
||||||
Income (Loss) from Discontinued Operations, Net of Tax
|
—
|
|
|
(957
|
)
|
|
—
|
|
|
(1,406
|
)
|
|
—
|
|
|
(2,363
|
)
|
||||||
Net Income (Loss)
|
136,755
|
|
|
212,422
|
|
|
23,116
|
|
|
64,604
|
|
|
(297,268
|
)
|
|
139,629
|
|
||||||
Less: Net Income (Loss) Attributable to Noncontrolling Interests
|
—
|
|
|
—
|
|
|
—
|
|
|
2,874
|
|
|
—
|
|
|
2,874
|
|
||||||
Net Income (Loss) Attributable to Iron Mountain Incorporated
|
$
|
136,755
|
|
|
$
|
212,422
|
|
|
$
|
23,116
|
|
|
$
|
61,730
|
|
|
$
|
(297,268
|
)
|
|
$
|
136,755
|
|
Net Income (Loss)
|
$
|
136,755
|
|
|
$
|
212,422
|
|
|
$
|
23,116
|
|
|
$
|
64,604
|
|
|
$
|
(297,268
|
)
|
|
$
|
139,629
|
|
Other Comprehensive Income (Loss):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Foreign Currency Translation Adjustments
|
(8,148
|
)
|
|
—
|
|
|
3,339
|
|
|
63,131
|
|
|
—
|
|
|
58,322
|
|
||||||
Equity in Other Comprehensive Income (Loss) of Subsidiaries
|
67,131
|
|
|
39,753
|
|
|
1,257
|
|
|
3,339
|
|
|
(111,480
|
)
|
|
—
|
|
||||||
Total Other Comprehensive Income (Loss)
|
58,983
|
|
|
39,753
|
|
|
4,596
|
|
|
66,470
|
|
|
(111,480
|
)
|
|
58,322
|
|
||||||
Comprehensive Income (Loss)
|
195,738
|
|
|
252,175
|
|
|
27,712
|
|
|
131,074
|
|
|
(408,748
|
)
|
|
197,951
|
|
||||||
Comprehensive Income (Loss) Attributable to Noncontrolling Interests
|
—
|
|
|
—
|
|
|
—
|
|
|
2,213
|
|
|
—
|
|
|
2,213
|
|
||||||
Comprehensive Income (Loss) Attributable to Iron Mountain Incorporated
|
$
|
195,738
|
|
|
$
|
252,175
|
|
|
$
|
27,712
|
|
|
$
|
128,861
|
|
|
$
|
(408,748
|
)
|
|
$
|
195,738
|
|
|
Six Months Ended June 30, 2016
|
||||||||||||||||||||||
|
Parent
|
|
Guarantors
|
|
Canada
Company |
|
Non-
Guarantors |
|
Eliminations
|
|
Consolidated
|
||||||||||||
Cash Flows from Operating Activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Cash Flows from Operating Activities—Continuing Operations
|
$
|
(107,370
|
)
|
|
$
|
203,158
|
|
|
$
|
23,827
|
|
|
$
|
85,990
|
|
|
$
|
—
|
|
|
$
|
205,605
|
|
Cash Flows from Operating Activities—Discontinued Operations
|
—
|
|
|
393
|
|
|
690
|
|
|
62
|
|
|
—
|
|
|
1,145
|
|
||||||
Cash Flows from Operating Activities
|
$
|
(107,370
|
)
|
|
$
|
203,551
|
|
|
$
|
24,517
|
|
|
$
|
86,052
|
|
|
$
|
—
|
|
|
$
|
206,750
|
|
Cash Flows from Investing Activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Capital expenditures
|
—
|
|
|
(102,219
|
)
|
|
(1,048
|
)
|
|
(60,398
|
)
|
|
—
|
|
|
(163,665
|
)
|
||||||
Cash paid for acquisitions, net of cash acquired
|
—
|
|
|
4,074
|
|
|
(2,381
|
)
|
|
(278,246
|
)
|
|
—
|
|
|
(276,553
|
)
|
||||||
Intercompany loans to subsidiaries
|
(148,811
|
)
|
|
(261,681
|
)
|
|
—
|
|
|
—
|
|
|
410,492
|
|
|
—
|
|
||||||
Investment in subsidiaries
|
(1,585
|
)
|
|
(1,585
|
)
|
|
—
|
|
|
—
|
|
|
3,170
|
|
|
—
|
|
||||||
Acquisitions of customer relationships and customer inducements
|
—
|
|
|
(13,932
|
)
|
|
—
|
|
|
(2,814
|
)
|
|
—
|
|
|
(16,746
|
)
|
||||||
Net proceeds from Iron Mountain Divestments (see Note 10)
|
—
|
|
|
53,950
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
53,950
|
|
||||||
Proceeds from sales of property and equipment and other, net (including real estate)
|
—
|
|
|
92
|
|
|
—
|
|
|
279
|
|
|
—
|
|
|
371
|
|
||||||
Cash Flows from Investing Activities—Continuing Operations
|
(150,396
|
)
|
|
(321,301
|
)
|
|
(3,429
|
)
|
|
(341,179
|
)
|
|
413,662
|
|
|
(402,643
|
)
|
||||||
Cash Flows from Investing Activities—Discontinued Operations
|
—
|
|
|
—
|
|
|
90
|
|
|
—
|
|
|
—
|
|
|
90
|
|
||||||
Cash Flows from Investing Activities
|
(150,396
|
)
|
|
(321,301
|
)
|
|
(3,339
|
)
|
|
(341,179
|
)
|
|
413,662
|
|
|
(402,553
|
)
|
||||||
Cash Flows from Financing Activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Repayment of revolving credit, term loan facilities, bridge facilities and other debt
|
(1,096,706
|
)
|
|
(3,554,881
|
)
|
|
(861,740
|
)
|
|
(1,873,787
|
)
|
|
—
|
|
|
(7,387,114
|
)
|
||||||
Proceeds from revolving credit, term loan facilities, bridge facilities and other debt
|
1,083,681
|
|
|
3,285,876
|
|
|
843,281
|
|
|
1,973,967
|
|
|
—
|
|
|
7,186,805
|
|
||||||
Net proceeds from sales of senior notes
|
492,500
|
|
|
246,250
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
738,750
|
|
||||||
Debt financing from (repayment to) and equity contribution from (distribution to) noncontrolling interests, net
|
—
|
|
|
—
|
|
|
—
|
|
|
456
|
|
|
—
|
|
|
456
|
|
||||||
Intercompany loans from parent
|
—
|
|
|
147,470
|
|
|
(14,427
|
)
|
|
277,449
|
|
|
(410,492
|
)
|
|
—
|
|
||||||
Equity contribution from parent
|
—
|
|
|
1,585
|
|
|
—
|
|
|
1,585
|
|
|
(3,170
|
)
|
|
—
|
|
||||||
Parent cash dividends
|
(232,596
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(232,596
|
)
|
||||||
Net proceeds (payments) associated with employee
stock-based awards
|
18,641
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
18,641
|
|
||||||
Excess tax benefit (deficiency) from stock-based compensation
|
29
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
29
|
|
||||||
Payment of debt financing and stock issuance costs
|
(7,532
|
)
|
|
(4,500
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(12,032
|
)
|
||||||
Cash Flows from Financing Activities—Continuing Operations
|
258,017
|
|
|
121,800
|
|
|
(32,886
|
)
|
|
379,670
|
|
|
(413,662
|
)
|
|
312,939
|
|
||||||
Cash Flows from Financing Activities—Discontinued Operations
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Cash Flows from Financing Activities
|
258,017
|
|
|
121,800
|
|
|
(32,886
|
)
|
|
379,670
|
|
|
(413,662
|
)
|
|
312,939
|
|
||||||
Effect of exchange rates on cash and cash equivalents
|
—
|
|
|
—
|
|
|
1,842
|
|
|
(10,370
|
)
|
|
—
|
|
|
(8,528
|
)
|
||||||
Increase (Decrease) in cash and cash equivalents
|
251
|
|
|
4,050
|
|
|
(9,866
|
)
|
|
114,173
|
|
|
—
|
|
|
108,608
|
|
||||||
Cash and cash equivalents, beginning of period
|
151
|
|
|
7,803
|
|
|
13,182
|
|
|
107,245
|
|
|
—
|
|
|
128,381
|
|
||||||
Cash and cash equivalents, end of period
|
$
|
402
|
|
|
$
|
11,853
|
|
|
$
|
3,316
|
|
|
$
|
221,418
|
|
|
$
|
—
|
|
|
$
|
236,989
|
|
|
Six Months Ended June 30, 2017
|
||||||||||||||||||||||
|
Parent
|
|
Guarantors
|
|
Canada
Company |
|
Non-
Guarantors |
|
Eliminations
|
|
Consolidated
|
||||||||||||
Cash Flows from Operating Activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Cash Flows from Operating Activities—Continuing Operations
|
$
|
(81,406
|
)
|
|
$
|
305,548
|
|
|
$
|
27,976
|
|
|
$
|
69,922
|
|
|
$
|
—
|
|
|
$
|
322,040
|
|
Cash Flows from Operating Activities—Discontinued Operations
|
—
|
|
|
(957
|
)
|
|
—
|
|
|
(1,406
|
)
|
|
—
|
|
|
(2,363
|
)
|
||||||
Cash Flows from Operating Activities
|
(81,406
|
)
|
|
304,591
|
|
|
27,976
|
|
|
68,516
|
|
|
—
|
|
|
319,677
|
|
||||||
Cash Flows from Investing Activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Capital expenditures
|
—
|
|
|
(124,559
|
)
|
|
(4,171
|
)
|
|
(36,477
|
)
|
|
—
|
|
|
(165,207
|
)
|
||||||
Cash paid for acquisitions, net of cash acquired
|
—
|
|
|
(6,380
|
)
|
|
—
|
|
|
(31,843
|
)
|
|
—
|
|
|
(38,223
|
)
|
||||||
Intercompany loans to subsidiaries
|
(51,119
|
)
|
|
(41,642
|
)
|
|
—
|
|
|
(474
|
)
|
|
93,235
|
|
|
—
|
|
||||||
Investment in subsidiaries
|
(16,170
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
16,170
|
|
|
—
|
|
||||||
Acquisitions of customer relationships and customer inducements
|
—
|
|
|
(26,924
|
)
|
|
(410
|
)
|
|
(1,176
|
)
|
|
—
|
|
|
(28,510
|
)
|
||||||
Net proceeds from Iron Mountain Divestments (see Note 10)
|
—
|
|
|
—
|
|
|
—
|
|
|
2,423
|
|
|
—
|
|
|
2,423
|
|
||||||
Proceeds from sales of property and equipment and other, net (including real estate)
|
—
|
|
|
12,933
|
|
|
2
|
|
|
(4,388
|
)
|
|
—
|
|
|
8,547
|
|
||||||
Cash Flows from Investing Activities—Continuing Operations
|
(67,289
|
)
|
|
(186,572
|
)
|
|
(4,579
|
)
|
|
(71,935
|
)
|
|
109,405
|
|
|
(220,970
|
)
|
||||||
Cash Flows from Investing Activities—Discontinued Operations
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Cash Flows from Investing Activities
|
(67,289
|
)
|
|
(186,572
|
)
|
|
(4,579
|
)
|
|
(71,935
|
)
|
|
109,405
|
|
|
(220,970
|
)
|
||||||
Cash Flows from Financing Activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Repayment of revolving credit, term loan facilities and other debt
|
(262,579
|
)
|
|
(3,197,148
|
)
|
|
(51
|
)
|
|
(2,291,638
|
)
|
|
—
|
|
|
(5,751,416
|
)
|
||||||
Proceeds from revolving credit, term loan facilities and other debt
|
224,660
|
|
|
2,913,810
|
|
|
—
|
|
|
2,355,655
|
|
|
—
|
|
|
5,494,125
|
|
||||||
Net proceeds from sales of senior notes
|
332,683
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
332,683
|
|
||||||
Debit balances (payments) under cash pools
|
—
|
|
|
136,379
|
|
|
—
|
|
|
25,171
|
|
|
(161,550
|
)
|
|
—
|
|
||||||
Debt financing from (repayment to) and equity contribution from (distribution to) noncontrolling interests, net
|
—
|
|
|
—
|
|
|
—
|
|
|
10,151
|
|
|
—
|
|
|
10,151
|
|
||||||
Intercompany loans from parent
|
—
|
|
|
44,957
|
|
|
(43,089
|
)
|
|
91,367
|
|
|
(93,235
|
)
|
|
—
|
|
||||||
Equity contribution from parent
|
—
|
|
|
—
|
|
|
—
|
|
|
16,170
|
|
|
(16,170
|
)
|
|
—
|
|
||||||
Parent cash dividends
|
(147,393
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(147,393
|
)
|
||||||
Net proceeds (payments) associated with employee stock-based awards
|
810
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
810
|
|
||||||
Payment of debt financing and stock issuance costs
|
(471
|
)
|
|
—
|
|
|
(73
|
)
|
|
—
|
|
|
—
|
|
|
(544
|
)
|
||||||
Cash Flows from Financing Activities—Continuing Operations
|
147,710
|
|
|
(102,002
|
)
|
|
(43,213
|
)
|
|
206,876
|
|
|
(270,955
|
)
|
|
(61,584
|
)
|
||||||
Cash Flows from Financing Activities—Discontinued Operations
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Cash Flows from Financing Activities
|
147,710
|
|
|
(102,002
|
)
|
|
(43,213
|
)
|
|
206,876
|
|
|
(270,955
|
)
|
|
(61,584
|
)
|
||||||
Effect of exchange rates on cash and cash equivalents
|
—
|
|
|
—
|
|
|
2,706
|
|
|
14,706
|
|
|
—
|
|
|
17,412
|
|
||||||
Increase (Decrease) in cash and cash equivalents
|
(985
|
)
|
|
16,017
|
|
|
(17,110
|
)
|
|
218,163
|
|
|
(161,550
|
)
|
|
54,535
|
|
||||||
Cash and cash equivalents, beginning of period
|
2,405
|
|
|
23,380
|
|
|
17,110
|
|
|
193,589
|
|
|
—
|
|
|
236,484
|
|
||||||
Cash and cash equivalents, end of period
|
$
|
1,420
|
|
|
$
|
39,397
|
|
|
$
|
—
|
|
|
$
|
411,752
|
|
|
$
|
(161,550
|
)
|
|
$
|
291,019
|
|
•
|
North American Records and Information Management Business
|
•
|
North American Data Management Business
|
•
|
Western European Business
|
•
|
Other International Business
|
•
|
Corporate and Other Business
|
|
|
North American
Records and Information Management Business |
|
North American
Data Management Business |
|
Western European Business
|
|
Other International Business
|
|
Corporate
and Other
Business
|
|
Total
Consolidated |
||||||||||||
For the Three Months Ended June 30, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Total Revenues
|
|
$
|
481,470
|
|
|
$
|
103,270
|
|
|
$
|
118,198
|
|
|
$
|
165,669
|
|
|
$
|
15,141
|
|
|
$
|
883,748
|
|
Depreciation and Amortization
|
|
57,465
|
|
|
6,077
|
|
|
15,069
|
|
|
25,897
|
|
|
10,514
|
|
|
115,022
|
|
||||||
Depreciation
|
|
47,867
|
|
|
5,832
|
|
|
11,698
|
|
|
18,323
|
|
|
9,810
|
|
|
93,530
|
|
||||||
Amortization
|
|
9,598
|
|
|
245
|
|
|
3,371
|
|
|
7,574
|
|
|
704
|
|
|
21,492
|
|
||||||
Adjusted EBITDA
|
|
189,138
|
|
|
57,081
|
|
|
33,273
|
|
|
41,931
|
|
|
(59,989
|
)
|
|
261,434
|
|
||||||
Expenditures for Segment Assets
|
|
19,872
|
|
|
3,750
|
|
|
(1,158
|
)
|
|
281,589
|
|
|
45,461
|
|
|
349,514
|
|
||||||
Capital Expenditures
|
|
14,734
|
|
|
2,302
|
|
|
5,978
|
|
|
15,380
|
|
|
44,419
|
|
|
82,813
|
|
||||||
Cash (Received) Paid for Acquisitions, Net of Cash Acquired (1)
|
|
(2,546
|
)
|
|
(59
|
)
|
|
(7,103
|
)
|
|
265,879
|
|
|
1,042
|
|
|
257,213
|
|
||||||
Acquisitions of Customer Relationships and Customer Inducements
|
|
7,684
|
|
|
1,507
|
|
|
(33
|
)
|
|
330
|
|
|
—
|
|
|
9,488
|
|
||||||
For the Three Months Ended June 30, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Total Revenues
|
|
509,597
|
|
|
105,995
|
|
|
121,866
|
|
|
192,405
|
|
|
19,943
|
|
|
949,806
|
|
||||||
Depreciation and Amortization
|
|
58,628
|
|
|
8,955
|
|
|
16,124
|
|
|
30,203
|
|
|
14,189
|
|
|
128,099
|
|
||||||
Depreciation
|
|
50,119
|
|
|
6,701
|
|
|
12,366
|
|
|
20,518
|
|
|
12,611
|
|
|
102,315
|
|
||||||
Amortization
|
|
8,509
|
|
|
2,254
|
|
|
3,758
|
|
|
9,685
|
|
|
1,578
|
|
|
25,784
|
|
||||||
Adjusted EBITDA
|
|
220,768
|
|
|
56,583
|
|
|
36,528
|
|
|
56,166
|
|
|
(51,991
|
)
|
|
318,054
|
|
||||||
Expenditures for Segment Assets
|
|
52,640
|
|
|
8,132
|
|
|
2,079
|
|
|
43,084
|
|
|
19,213
|
|
|
125,148
|
|
||||||
Capital Expenditures
|
|
46,235
|
|
|
8,132
|
|
|
1,723
|
|
|
16,702
|
|
|
19,213
|
|
|
92,005
|
|
||||||
Cash Paid (Received) for Acquisitions, Net of Cash Acquired
|
|
—
|
|
|
—
|
|
|
—
|
|
|
26,036
|
|
|
—
|
|
|
26,036
|
|
||||||
Acquisitions of Customer Relationships and Customer Inducements
|
|
6,405
|
|
|
—
|
|
|
356
|
|
|
346
|
|
|
—
|
|
|
7,107
|
|
||||||
For the Six Months Ended June 30, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Total Revenues
|
|
926,151
|
|
|
199,613
|
|
|
212,074
|
|
|
267,010
|
|
|
29,590
|
|
|
1,634,438
|
|
||||||
Depreciation and Amortization
|
|
102,815
|
|
|
11,747
|
|
|
26,320
|
|
|
40,183
|
|
|
21,161
|
|
|
202,226
|
|
||||||
Depreciation
|
|
88,122
|
|
|
11,254
|
|
|
20,369
|
|
|
29,225
|
|
|
19,950
|
|
|
168,920
|
|
||||||
Amortization
|
|
14,693
|
|
|
493
|
|
|
5,951
|
|
|
10,958
|
|
|
1,211
|
|
|
33,306
|
|
||||||
Adjusted EBITDA
|
|
365,695
|
|
|
110,541
|
|
|
65,219
|
|
|
63,507
|
|
|
(108,382
|
)
|
|
496,580
|
|
||||||
Expenditures for Segment Assets
|
|
66,538
|
|
|
8,577
|
|
|
4,902
|
|
|
313,745
|
|
|
63,202
|
|
|
456,964
|
|
||||||
Capital Expenditures
|
|
56,822
|
|
|
7,129
|
|
|
10,037
|
|
|
27,542
|
|
|
62,135
|
|
|
163,665
|
|
||||||
Cash (Received) Paid for Acquisitions, Net of Cash Acquired (1)
|
|
(2,676
|
)
|
|
(59
|
)
|
|
(7,103
|
)
|
|
285,349
|
|
|
1,042
|
|
|
276,553
|
|
||||||
Acquisitions of Customer Relationships and Customer Inducements
|
|
12,392
|
|
|
1,507
|
|
|
1,968
|
|
|
854
|
|
|
25
|
|
|
16,746
|
|
||||||
For the Six Months Ended June 30, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Total Revenues
|
|
1,017,194
|
|
|
212,945
|
|
|
241,938
|
|
|
381,646
|
|
|
34,959
|
|
|
1,888,682
|
|
||||||
Depreciation and Amortization
|
|
119,163
|
|
|
17,888
|
|
|
30,421
|
|
|
57,879
|
|
|
27,455
|
|
|
252,806
|
|
||||||
Depreciation
|
|
102,071
|
|
|
13,374
|
|
|
23,254
|
|
|
39,823
|
|
|
23,385
|
|
|
201,907
|
|
||||||
Amortization
|
|
17,092
|
|
|
4,514
|
|
|
7,167
|
|
|
18,056
|
|
|
4,070
|
|
|
50,899
|
|
||||||
Adjusted EBITDA
|
|
430,298
|
|
|
112,495
|
|
|
70,670
|
|
|
111,513
|
|
|
(114,348
|
)
|
|
610,628
|
|
||||||
Expenditures for Segment Assets
|
|
104,528
|
|
|
16,869
|
|
|
7,104
|
|
|
61,704
|
|
|
41,735
|
|
|
231,940
|
|
||||||
Capital Expenditures
|
|
72,813
|
|
|
16,869
|
|
|
6,621
|
|
|
29,169
|
|
|
39,735
|
|
|
165,207
|
|
||||||
Cash Paid (Received) for Acquisitions, Net of Cash Acquired
|
|
4,379
|
|
|
—
|
|
|
—
|
|
|
31,844
|
|
|
2,000
|
|
|
38,223
|
|
||||||
Acquisitions of Customer Relationships and Customer Inducements
|
|
27,336
|
|
|
—
|
|
|
483
|
|
|
691
|
|
|
—
|
|
|
28,510
|
|
(1)
|
Cash paid for acquisitions, net of cash acquired for our Other International Business segment for the three and six months ended June 30, 2016 primarily consists of the cash component of the purchase price for the Recall Transaction, as the IMI entity that made the cash payment was an Australian subsidiary. However, the Recall Transaction also benefited the North American Records and Information Management Business, North American Data Management Business and Western European Business segments.
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2016
|
|
2017
|
|
2016
|
|
2017
|
||||||||
Adjusted EBITDA
|
$
|
261,434
|
|
|
$
|
318,054
|
|
|
$
|
496,580
|
|
|
$
|
610,628
|
|
(Add)/Deduct:
|
|
|
|
|
|
|
|
||||||||
Gain on Sale of Real Estate, Net of Tax
|
—
|
|
|
(1,563
|
)
|
|
—
|
|
|
(1,563
|
)
|
||||
Provision (Benefit) for Income Taxes
|
10,839
|
|
|
18,009
|
|
|
22,739
|
|
|
27,229
|
|
||||
Other Expense (Income), Net
|
25,641
|
|
|
(19,366
|
)
|
|
13,704
|
|
|
(25,730
|
)
|
||||
Interest Expense, Net
|
74,866
|
|
|
89,966
|
|
|
141,928
|
|
|
176,021
|
|
||||
(Gain) loss on disposal/write-down of property, plant and equipment (excluding real estate), net
|
(626
|
)
|
|
(216
|
)
|
|
(1,077
|
)
|
|
(675
|
)
|
||||
Depreciation and Amortization
|
115,022
|
|
|
128,099
|
|
|
202,226
|
|
|
252,806
|
|
||||
Recall Costs(1)
|
50,412
|
|
|
19,977
|
|
|
68,739
|
|
|
40,548
|
|
||||
(Loss) Income from Continuing Operations
|
$
|
(14,720
|
)
|
|
$
|
83,148
|
|
|
$
|
48,321
|
|
|
$
|
141,992
|
|
(1)
|
Represents operating expenditures associated with the Recall Transaction, including: (i) advisory and professional fees to complete the Recall Transaction; (ii) costs associated with the Divestments required in connection with receipt of regulatory approvals (including transitional services); and (iii) costs to integrate Recall with our existing operations, including moving, severance, facility upgrade, REIT conversion and system upgrade costs, as well as certain costs associated with our shared service center initiative for our finance, human resources and information technology functions ("Recall Costs").
|
Declaration Date
|
|
Dividend
Per Share |
|
Record Date
|
|
Total
Amount |
|
Payment Date
|
|||
February 17, 2016
|
|
0.4850
|
|
|
March 7, 2016
|
|
$
|
102,651
|
|
|
March 21, 2016
|
May 25, 2016
|
|
0.4850
|
|
|
June 6, 2016
|
|
127,469
|
|
|
June 24, 2016
|
|
July 27, 2016
|
|
0.4850
|
|
|
September 12, 2016
|
|
127,737
|
|
|
September 30, 2016
|
|
October 31, 2016
|
|
0.5500
|
|
|
December 15, 2016
|
|
145,006
|
|
|
December 30, 2016
|
|
February 15, 2017
|
|
0.5500
|
|
|
March 15, 2017
|
|
145,235
|
|
|
April 3, 2017
|
|
May 24, 2017
|
|
0.5500
|
|
|
June 15, 2017
|
|
145,417
|
|
|
July 3, 2017
|
|
|
Three Months Ended June 30, 2016
|
|||||||||||||||||||
Description
|
|
Initial
United States Divestments(1) |
|
Seattle/Atlanta Divestments
|
|
Recall Canadian Divestments
|
|
UK Divestments
|
|
Total
|
|||||||||||
Total Revenues
|
|
$
|
—
|
|
|
$
|
1,810
|
|
|
$
|
1,888
|
|
|
$
|
311
|
|
|
$
|
4,009
|
|
|
Income (Loss) from Discontinued Operations Before Provision (Benefit) for Income Taxes
|
|
—
|
|
|
934
|
|
|
867
|
|
|
75
|
|
|
1,876
|
|
||||||
Provision (Benefit) for Income Taxes
|
|
—
|
|
|
44
|
|
—
|
|
232
|
|
|
13
|
|
|
289
|
|
|||||
Income (Loss) from Discontinued Operations, Net of Tax
|
|
$
|
—
|
|
|
$
|
890
|
|
|
$
|
635
|
|
|
$
|
62
|
|
|
$
|
1,587
|
|
|
|
Six Months Ended June 30, 2016
|
|||||||||||||||||||
Description
|
|
Initial
United States Divestments(1) |
|
Seattle/Atlanta Divestments
|
|
Recall Canadian Divestments
|
|
UK Divestments
|
|
Total(1)
|
|||||||||||
Total Revenues
|
|
$
|
—
|
|
|
$
|
1,810
|
|
|
$
|
1,888
|
|
|
$
|
311
|
|
|
$
|
4,009
|
|
|
Income (Loss) from Discontinued Operations Before Provision (Benefit) for Income Taxes
|
|
—
|
|
|
934
|
|
|
867
|
|
|
75
|
|
|
1,876
|
|
||||||
Provision (Benefit) for Income Taxes
|
|
—
|
|
|
44
|
|
—
|
|
232
|
|
|
13
|
|
|
289
|
|
|||||
Income (Loss) from Discontinued Operations, Net of Tax
|
|
$
|
—
|
|
|
$
|
890
|
|
|
$
|
635
|
|
|
$
|
62
|
|
|
$
|
1,587
|
|
(1)
|
The Access Sale occurred nearly simultaneously with the closing of the Recall Transaction. Accordingly, the revenue and expenses associated with the Initial United States Divestments are not included in our Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2016, respectively, and the cash flows associated with the Initial United States Divestments are not included in our Condensed Consolidated Statement of Cash Flows for the six months ended June 30, 2016, due to the immaterial nature of the revenues, expenses and cash flows related to the Initial United States Divestments for the period of time we owned these businesses (May 2, 2016 through May 4, 2016).
|
|
|
Three Months Ended June 30, 2017
|
|||||||||||||||||||
Description
|
|
Initial
United States Divestments
|
|
Seattle/Atlanta Divestments
|
|
Recall Canadian Divestments
|
|
UK Divestments
|
|
Total(1)
|
|||||||||||
Income (Loss) from Discontinued Operations Before Provision (Benefit) for Income Taxes
|
|
$
|
—
|
|
|
$
|
(1,801
|
)
|
|
$
|
(1,248
|
)
|
|
$
|
—
|
|
|
$
|
(3,049
|
)
|
|
Provision (Benefit) for Income Taxes
|
|
—
|
|
|
(646
|
)
|
—
|
|
(377
|
)
|
|
—
|
|
|
(1,023
|
)
|
|||||
Income (Loss) from Discontinued Operations, Net of Tax
|
|
$
|
—
|
|
|
$
|
(1,155
|
)
|
|
$
|
(871
|
)
|
|
$
|
—
|
|
|
$
|
(2,026
|
)
|
|
|
Six Months Ended June 30, 2017
|
|||||||||||||||||||
Description
|
|
Initial
United States Divestments |
|
Seattle/Atlanta Divestments
|
|
Recall Canadian Divestments
|
|
UK Divestments
|
|
Total(1)
|
|||||||||||
Income (Loss) from Discontinued Operations Before Provision (Benefit) for Income Taxes
|
|
$
|
—
|
|
|
$
|
(1,562
|
)
|
|
$
|
(1,916
|
)
|
|
$
|
—
|
|
|
$
|
(3,478
|
)
|
|
Provision (Benefit) for Income Taxes
|
|
—
|
|
|
(605
|
)
|
—
|
|
(510
|
)
|
|
—
|
|
|
(1,115
|
)
|
|||||
Income (Loss) from Discontinued Operations, Net of Tax
|
|
$
|
—
|
|
|
$
|
(957
|
)
|
|
$
|
(1,406
|
)
|
|
$
|
—
|
|
|
$
|
(2,363
|
)
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
|
2016
|
|
2017
|
|
2016
|
|
2017
|
||||||||
Cost of sales (excluding depreciation and amortization)
|
|
$
|
331
|
|
|
$
|
5,073
|
|
|
$
|
331
|
|
|
$
|
12,960
|
|
Selling, general and administrative expenses
|
|
50,081
|
|
|
14,904
|
|
|
68,408
|
|
|
27,588
|
|
||||
Total Recall Costs
|
|
$
|
50,412
|
|
|
$
|
19,977
|
|
|
$
|
68,739
|
|
|
$
|
40,548
|
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
|
2016
|
|
2017
|
|
2016
|
|
2017
|
||||||||
North American Records and Information Management Business
|
|
$
|
2,794
|
|
|
$
|
6,326
|
|
|
$
|
2,833
|
|
|
$
|
13,625
|
|
North American Data Management Business
|
|
517
|
|
|
1,003
|
|
|
517
|
|
|
1,876
|
|
||||
Western European Business
|
|
3,913
|
|
|
2,131
|
|
|
4,130
|
|
|
5,347
|
|
||||
Other International Business
|
|
5,517
|
|
|
1,937
|
|
|
5,948
|
|
|
3,588
|
|
||||
Corporate and Other Business
|
|
37,671
|
|
|
8,580
|
|
|
55,311
|
|
|
16,112
|
|
||||
Total Recall Costs
|
|
$
|
50,412
|
|
|
$
|
19,977
|
|
|
$
|
68,739
|
|
|
$
|
40,548
|
|
|
Accrual for Recall Costs
|
||
Balance at December 31, 2016
|
$
|
4,914
|
|
Amounts accrued
|
16,304
|
|
|
Change in estimates(1)
|
(230
|
)
|
|
Payments
|
(10,687
|
)
|
|
Currency translation adjustments
|
66
|
|
|
Balance at June 30, 2017(2)
|
$
|
10,367
|
|
(1)
|
Includes adjustments made to amounts accrued in a prior period.
|
(2)
|
Accrued liabilities related to Recall Costs as of June 30, 2017 presented in the table above generally related to employee severance costs and onerous lease liabilities. We expect that the majority of these liabilities will be paid throughout 2017. Additional Recall Costs recorded in our Condensed Consolidated Statement of Operations have either been settled in cash during the six months ended June 30, 2017 or are included in our Condensed Consolidated Balance Sheet as of June 30, 2017 as a component of accounts payable.
|
•
|
our ability to remain qualified for taxation as a real estate investment trust for United States federal income tax purposes ("REIT");
|
•
|
the adoption of alternative technologies and shifts by our customers to storage of data through non-paper based technologies;
|
•
|
changes in customer preferences and demand for our storage and information management services;
|
•
|
the cost to comply with current and future laws, regulations and customer demands relating to data security and privacy issues, as well as fire and safety standards;
|
•
|
the impact of litigation or disputes that may arise in connection with incidents in which we fail to protect our customers' information;
|
•
|
changes in the price for our storage and information management services relative to the cost of providing such storage and information management services;
|
•
|
changes in the political and economic environments in the countries in which our international subsidiaries operate and changes in the global political climate;
|
•
|
our ability or inability to complete acquisitions on satisfactory terms and to integrate acquired companies efficiently;
|
•
|
changes in the amount of our capital expenditures;
|
•
|
changes in the cost of our debt;
|
•
|
the impact of alternative, more attractive investments on dividends;
|
•
|
the cost or potential liabilities associated with real estate necessary for our business;
|
•
|
the performance of business partners upon whom we depend for technical assistance or management expertise outside the United States; and
|
•
|
other trends in competitive or economic conditions affecting our financial condition or results of operations not presently contemplated.
|
|
Average Exchange
Rates for the
Three Months Ended
June 30,
|
|
Percentage
Strengthening /
(Weakening) of
Foreign Currency
|
|||||||
|
2016
|
|
2017
|
|
||||||
Australian dollar
|
$
|
0.746
|
|
|
$
|
0.751
|
|
|
0.7
|
%
|
Brazilian real
|
$
|
0.285
|
|
|
$
|
0.311
|
|
|
9.1
|
%
|
British pound sterling
|
$
|
1.434
|
|
|
$
|
1.278
|
|
|
(10.9
|
)%
|
Canadian dollar
|
$
|
0.776
|
|
|
$
|
0.744
|
|
|
(4.1
|
)%
|
Euro
|
$
|
1.129
|
|
|
$
|
1.100
|
|
|
(2.6
|
)%
|
|
Average Exchange
Rates for the
Six Months Ended
June 30,
|
|
Percentage
Strengthening /
(Weakening) of
Foreign Currency
|
|||||||
|
2016
|
|
2017
|
|
||||||
Australian dollar
|
$
|
0.734
|
|
|
$
|
0.754
|
|
|
2.7
|
%
|
Brazilian real
|
$
|
0.271
|
|
|
$
|
0.315
|
|
|
16.2
|
%
|
British pound sterling
|
$
|
1.433
|
|
|
$
|
1.259
|
|
|
(12.1
|
)%
|
Canadian dollar
|
$
|
0.752
|
|
|
$
|
0.750
|
|
|
(0.3
|
)%
|
Euro
|
$
|
1.116
|
|
|
$
|
1.083
|
|
|
(3.0
|
)%
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2016
|
|
2017
|
|
2016
|
|
2017
|
||||||||
(Loss) Income from Continuing Operations
|
$
|
(14,720
|
)
|
|
$
|
83,148
|
|
|
$
|
48,321
|
|
|
$
|
141,992
|
|
Add/(Deduct):
|
|
|
|
|
|
|
|
||||||||
Gain on Sale of Real Estate, Net of Tax(1)
|
—
|
|
|
(1,563
|
)
|
|
—
|
|
|
(1,563
|
)
|
||||
Provision (Benefit) for Income Taxes
|
10,839
|
|
|
18,009
|
|
|
22,739
|
|
|
27,229
|
|
||||
Other Expense (Income), Net
|
25,641
|
|
|
(19,366
|
)
|
|
13,704
|
|
|
(25,730
|
)
|
||||
Interest Expense, Net
|
74,866
|
|
|
89,966
|
|
|
141,928
|
|
|
176,021
|
|
||||
(Gain) Loss on Disposal/Write-Down of Property, Plant and Equipment (Excluding Real Estate), Net
|
(626
|
)
|
|
(216
|
)
|
|
(1,077
|
)
|
|
(675
|
)
|
||||
Depreciation and Amortization
|
115,022
|
|
|
128,099
|
|
|
202,226
|
|
|
252,806
|
|
||||
Recall Costs
|
50,412
|
|
|
19,977
|
|
|
68,739
|
|
|
40,548
|
|
||||
Adjusted EBITDA
|
$
|
261,434
|
|
|
$
|
318,054
|
|
|
$
|
496,580
|
|
|
$
|
610,628
|
|
(1)
|
There was no tax impact associated with the gain on sale of real estate recognized during the three and six months ended June 30, 2017.
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2016
|
|
2017
|
|
2016
|
|
2017
|
||||||||
Reported EPS—Fully Diluted from Continuing Operations
|
$
|
(0.06
|
)
|
|
$
|
0.30
|
|
|
$
|
0.21
|
|
|
$
|
0.53
|
|
Add/(Deduct):
|
|
|
|
|
|
|
|
||||||||
Income (Loss) Attributable to Noncontrolling Interests
|
—
|
|
|
0.01
|
|
|
—
|
|
|
0.01
|
|
||||
Gain on Sale of Real Estate, Net of Tax
|
—
|
|
|
(0.01
|
)
|
|
—
|
|
|
(0.01
|
)
|
||||
Other Expense (Income), Net
|
0.10
|
|
|
(0.07
|
)
|
|
0.06
|
|
|
(0.10
|
)
|
||||
(Gain) Loss on Disposal/Write-Down of Property, Plant and Equipment (Excluding Real Estate), Net
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Recall Costs
|
0.20
|
|
|
0.08
|
|
|
0.30
|
|
|
0.15
|
|
||||
Tax Impact of Reconciling Items and Discrete Tax Items(1)
|
(0.01
|
)
|
|
(0.01
|
)
|
|
(0.02
|
)
|
|
(0.04
|
)
|
||||
Adjusted EPS—Fully Diluted from Continuing Operations(2)
|
$
|
0.24
|
|
|
$
|
0.30
|
|
|
$
|
0.55
|
|
|
$
|
0.54
|
|
(1)
|
The difference between our effective tax rate and our structural tax rate (or adjusted effective tax rate) for the
three and six
months ended
June 30,
2016 and 2017, respectively, is primarily due to (i) the reconciling items above, which impact our reported income (loss) from continuing operations 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 six
months ended
June 30,
2016 and 2017 was 17.2% and 21.3%, respectively.
|
(2)
|
Columns may not foot due to rounding.
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2016
|
|
2017
|
|
2016
|
|
2017
|
||||||||
Net (Loss) Income
|
$
|
(13,133
|
)
|
|
$
|
81,122
|
|
|
$
|
49,908
|
|
|
$
|
139,629
|
|
Add/(Deduct):
|
|
|
|
|
|
|
|
||||||||
Real Estate Depreciation(1)
|
58,319
|
|
|
65,913
|
|
|
103,382
|
|
|
128,869
|
|
||||
Gain on Sale of Real Estate, Net of Tax
|
—
|
|
|
(1,563
|
)
|
|
—
|
|
|
(1,563
|
)
|
||||
FFO (NAREIT)
|
45,186
|
|
|
145,472
|
|
|
153,290
|
|
|
266,935
|
|
||||
Add/(Deduct):
|
|
|
|
|
|
|
|
||||||||
(Gain) Loss on Disposal/Write-Down of Property, Plant and Equipment (Excluding Real Estate), Net
|
(626
|
)
|
|
(216
|
)
|
|
(1,077
|
)
|
|
(675
|
)
|
||||
Other Expense (Income), Net(2)
|
25,641
|
|
|
(19,366
|
)
|
|
13,704
|
|
|
(25,730
|
)
|
||||
Recall Costs
|
50,412
|
|
|
19,977
|
|
|
68,739
|
|
|
40,548
|
|
||||
Tax Impact of Reconciling Items and Discrete Tax Items(3)
|
(1,467
|
)
|
|
(3,288
|
)
|
|
(3,478
|
)
|
|
(11,494
|
)
|
||||
(Income) Loss from Discontinued Operations, Net of Tax(4)
|
(1,587
|
)
|
|
2,026
|
|
|
(1,587
|
)
|
|
2,363
|
|
||||
FFO (Normalized)
|
$
|
117,559
|
|
|
$
|
144,605
|
|
|
$
|
229,591
|
|
|
$
|
271,947
|
|
(1)
|
Includes depreciation expense related to real estate assets (land improvements, buildings, building improvements, leasehold improvements and racking).
|
(2)
|
Includes foreign currency transaction losses, net of
$20.2 million
and
$16.0 million
in the
three and six
months ended
June 30, 2017
, respectively, and
$17.2 million
and
$4.7 million
in the
three and six
months ended
June 30, 2016
, respectively.
|
(3)
|
Represents the tax impact of (i) the reconciling items above, which impact our reported income (loss) from continuing operations before provision (benefit) for income taxes but have an insignificant impact on our reported provision (benefit) for income taxes and (ii) other discrete tax items. Discrete tax items resulted in a provision (benefit) for income taxes of $0.2 million and $(8.0) million for the three and six months ended June 30, 2017, respectively, and $(1.5) million and $(0.9) million for the three and six months ended June 30, 2016, respectively.
|
(4)
|
Net of tax benefit of $1.0 million and $1.1 million for the
three and six
months ended
June 30, 2017
, respectively. Net of tax provision of $0.3 million for each of the three and six months ended June 30, 2016, respectively.
|
•
|
Revenue Recognition
|
•
|
Accounting for Acquisitions
|
•
|
Impairment of Tangible and Intangible Assets
|
•
|
Income Taxes
|
|
Three Months Ended
June 30, |
|
|
|
|
|||||||||
|
|
Dollar
Change
|
|
Percentage
Change
|
||||||||||
|
2016
|
|
2017
|
|
|
|||||||||
Revenues
|
$
|
883,748
|
|
|
$
|
949,806
|
|
|
$
|
66,058
|
|
|
7.5
|
%
|
Operating Expenses
|
787,122
|
|
|
779,612
|
|
|
(7,510
|
)
|
|
(1.0
|
)%
|
|||
Operating Income
|
96,626
|
|
|
170,194
|
|
|
73,568
|
|
|
76.1
|
%
|
|||
Other Expenses, Net
|
111,346
|
|
|
87,046
|
|
|
(24,300
|
)
|
|
(21.8
|
)%
|
|||
(Loss) Income from Continuing Operations
|
(14,720
|
)
|
|
83,148
|
|
|
97,868
|
|
|
664.9
|
%
|
|||
Income (Loss) from Discontinued Operations, Net of Tax
|
1,587
|
|
|
(2,026
|
)
|
|
(3,613
|
)
|
|
(227.7
|
)%
|
|||
Net (Loss) Income
|
(13,133
|
)
|
|
81,122
|
|
|
94,255
|
|
|
717.7
|
%
|
|||
Net Income Attributable to Noncontrolling Interests
|
835
|
|
|
2,492
|
|
|
1,657
|
|
|
198.4
|
%
|
|||
Net (Loss) Income Attributable to Iron Mountain Incorporated
|
$
|
(13,968
|
)
|
|
$
|
78,630
|
|
|
$
|
92,598
|
|
|
662.9
|
%
|
Adjusted EBITDA(1)
|
$
|
261,434
|
|
|
$
|
318,054
|
|
|
$
|
56,620
|
|
|
21.7
|
%
|
Adjusted EBITDA Margin(1)
|
29.6
|
%
|
|
33.5
|
%
|
|
|
|
|
|
Six Months Ended
June 30, |
|
|
|
|
|||||||||
|
|
Dollar
Change
|
|
Percentage
Change
|
||||||||||
|
2016
|
|
2017
|
|
|
|||||||||
Revenues
|
$
|
1,634,438
|
|
|
$
|
1,888,682
|
|
|
$
|
254,244
|
|
|
15.6
|
%
|
Operating Expenses
|
1,407,746
|
|
|
1,570,733
|
|
|
162,987
|
|
|
11.6
|
%
|
|||
Operating Income
|
226,692
|
|
|
317,949
|
|
|
91,257
|
|
|
40.3
|
%
|
|||
Other Expenses, Net
|
178,371
|
|
|
175,957
|
|
|
(2,414
|
)
|
|
(1.4
|
)%
|
|||
Income from Continuing Operations
|
48,321
|
|
|
141,992
|
|
|
93,671
|
|
|
193.9
|
%
|
|||
Income (Loss) from Discontinued Operations, Net of Tax
|
1,587
|
|
|
(2,363
|
)
|
|
(3,950
|
)
|
|
(248.9
|
)%
|
|||
Net Income
|
49,908
|
|
|
139,629
|
|
|
89,721
|
|
|
179.8
|
%
|
|||
Net Income Attributable to Noncontrolling Interests
|
1,102
|
|
|
2,874
|
|
|
1,772
|
|
|
160.8
|
%
|
|||
Net Income Attributable to Iron Mountain Incorporated
|
$
|
48,806
|
|
|
$
|
136,755
|
|
|
$
|
87,949
|
|
|
180.2
|
%
|
Adjusted EBITDA(1)
|
$
|
496,580
|
|
|
$
|
610,628
|
|
|
$
|
114,048
|
|
|
23.0
|
%
|
Adjusted EBITDA Margin(1)
|
30.4
|
%
|
|
32.3
|
%
|
|
|
|
|
(1)
|
See "Non-GAAP Measures—Adjusted EBITDA" in this Quarterly Report for the definition, reconciliation and a discussion of why we believe these measures provide relevant and useful information to our current and potential investors.
|
|
Three Months Ended
June 30, |
|
|
|
Percentage Change
|
|
|
|||||||||||||
|
|
Dollar
Change
|
|
Actual
|
|
Constant
Currency(1)
|
|
Internal
Growth(2)
|
||||||||||||
|
2016
|
|
2017
|
|
|
|
|
|||||||||||||
Storage Rental
|
$
|
538,682
|
|
|
$
|
590,239
|
|
|
$
|
51,557
|
|
|
9.6
|
%
|
|
10.6
|
%
|
|
4.8
|
%
|
Service
|
345,066
|
|
|
359,567
|
|
|
14,501
|
|
|
4.2
|
%
|
|
5.1
|
%
|
|
(1.1
|
)%
|
|||
Total Revenues
|
$
|
883,748
|
|
|
$
|
949,806
|
|
|
$
|
66,058
|
|
|
7.5
|
%
|
|
8.4
|
%
|
|
2.5
|
%
|
|
Six Months Ended
June 30, |
|
|
|
Percentage Change
|
|
|
|||||||||||||
|
|
Dollar
Change
|
|
Actual
|
|
Constant
Currency(1)
|
|
Internal
Growth(2)
|
||||||||||||
|
2016
|
|
2017
|
|
|
|
|
|||||||||||||
Storage Rental
|
$
|
999,893
|
|
|
$
|
1,162,518
|
|
|
$
|
162,625
|
|
|
16.3
|
%
|
|
17.0
|
%
|
|
3.9
|
%
|
Service
|
634,545
|
|
|
726,164
|
|
|
91,619
|
|
|
14.4
|
%
|
|
15.0
|
%
|
|
(0.4
|
)%
|
|||
Total Revenues
|
$
|
1,634,438
|
|
|
$
|
1,888,682
|
|
|
$
|
254,244
|
|
|
15.6
|
%
|
|
16.2
|
%
|
|
2.3
|
%
|
(1)
|
Constant currency growth rates are calculated by translating the
2016
results at the
2017
average exchange rates.
|
(2)
|
Our internal 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. The revenues generated by Recall have been integrated with our existing revenues and it is impracticable for us to determine actual Recall revenue contribution for the applicable periods. Therefore, our internal revenue growth rates exclude the impact of revenues associated with the Recall Transaction based upon forecasted or budgeted Recall revenues beginning in the third quarter of 2016 through the one-year anniversary of the Recall Transaction. Our internal revenue growth rate includes the impact of acquisitions of customer relationships.
|
|
2015
|
|
2016
|
|
2017
|
||||||||||||||||||
|
Third
Quarter
|
|
Fourth
Quarter
|
|
First
Quarter
|
|
Second
Quarter
|
|
Third
Quarter
|
|
Fourth
Quarter
|
|
First
Quarter
|
|
Second
Quarter
|
||||||||
Storage Rental Revenue
|
2.8
|
%
|
|
2.2
|
%
|
|
2.2
|
%
|
|
2.1
|
%
|
|
2.1
|
%
|
|
2.9
|
%
|
|
3.0
|
%
|
|
4.8
|
%
|
Service Revenue
|
(0.9
|
)%
|
|
0.3
|
%
|
|
1.6
|
%
|
|
(2.1
|
)%
|
|
(1.3
|
)%
|
|
(0.9
|
)%
|
|
0.6
|
%
|
|
(1.1
|
)%
|
Total Revenue
|
1.3
|
%
|
|
1.4
|
%
|
|
2.0
|
%
|
|
0.4
|
%
|
|
0.8
|
%
|
|
1.4
|
%
|
|
2.0
|
%
|
|
2.5
|
%
|
|
Three Months Ended
June 30, |
|
|
|
Percentage Change
|
|
% of
Consolidated
Revenues
|
|
Percentage
Change
(Favorable)/
Unfavorable
|
|||||||||||||||||
|
|
|
|
|
|
|||||||||||||||||||||
|
|
Dollar
Change
|
|
Actual
|
|
Constant
Currency
|
|
|
||||||||||||||||||
|
2016
|
|
2017
|
|
|
|
|
2016
|
|
2017
|
|
|||||||||||||||
Labor
|
$
|
192,569
|
|
|
$
|
196,727
|
|
|
$
|
4,158
|
|
|
2.2
|
%
|
|
2.9
|
%
|
|
21.8
|
%
|
|
20.7
|
%
|
|
(1.1
|
)%
|
Facilities
|
132,920
|
|
|
141,062
|
|
|
8,142
|
|
|
6.1
|
%
|
|
7.0
|
%
|
|
15.0
|
%
|
|
14.9
|
%
|
|
(0.1
|
)%
|
|||
Transportation
|
33,226
|
|
|
35,659
|
|
|
2,433
|
|
|
7.3
|
%
|
|
8.1
|
%
|
|
3.8
|
%
|
|
3.8
|
%
|
|
—
|
%
|
|||
Product Cost of Sales and Other
|
36,603
|
|
|
35,763
|
|
|
(840
|
)
|
|
(2.3
|
)%
|
|
(1.7
|
)%
|
|
4.1
|
%
|
|
3.8
|
%
|
|
(0.3
|
)%
|
|||
Recall Costs
|
331
|
|
|
5,073
|
|
|
4,742
|
|
|
1,432.6
|
%
|
|
1,432.6
|
%
|
|
0.0
|
%
|
|
0.5
|
%
|
|
0.5
|
%
|
|||
Total Cost of Sales
|
$
|
395,649
|
|
|
$
|
414,284
|
|
|
$
|
18,635
|
|
|
4.7
|
%
|
|
5.5
|
%
|
|
44.8
|
%
|
|
43.6
|
%
|
|
(1.2
|
)%
|
|
Six Months Ended
June 30, |
|
|
|
Percentage Change
|
|
% of
Consolidated
Revenues
|
|
Percentage
Change
(Favorable)/
Unfavorable
|
|||||||||||||||||
|
|
|
|
|
|
|||||||||||||||||||||
|
|
Dollar
Change
|
|
Actual
|
|
Constant
Currency
|
|
|
||||||||||||||||||
|
2016
|
|
2017
|
|
|
|
|
2016
|
|
2017
|
|
|||||||||||||||
Labor
|
$
|
361,597
|
|
|
$
|
396,887
|
|
|
$
|
35,290
|
|
|
9.8
|
%
|
|
10.1
|
%
|
|
22.1
|
%
|
|
21.0
|
%
|
|
(1.1
|
)%
|
Facilities
|
237,114
|
|
|
285,315
|
|
|
48,201
|
|
|
20.3
|
%
|
|
20.8
|
%
|
|
14.5
|
%
|
|
15.1
|
%
|
|
0.6
|
%
|
|||
Transportation
|
58,475
|
|
|
70,880
|
|
|
12,405
|
|
|
21.2
|
%
|
|
21.8
|
%
|
|
3.6
|
%
|
|
3.8
|
%
|
|
0.2
|
%
|
|||
Product Cost of Sales and Other
|
64,237
|
|
|
74,949
|
|
|
10,712
|
|
|
16.7
|
%
|
|
16.9
|
%
|
|
3.9
|
%
|
|
4.0
|
%
|
|
0.1
|
%
|
|||
Recall Costs
|
331
|
|
|
12,960
|
|
|
12,629
|
|
|
3,815.4
|
%
|
|
3,815.4
|
%
|
|
0.0
|
%
|
|
0.7
|
%
|
|
0.7
|
%
|
|||
Total Cost of Sales
|
$
|
721,754
|
|
|
$
|
840,991
|
|
|
$
|
119,237
|
|
|
16.5
|
%
|
|
16.9
|
%
|
|
44.2
|
%
|
|
44.5
|
%
|
|
0.3
|
%
|
|
Three Months Ended
June 30, |
|
|
|
Percentage Change
|
|
% of
Consolidated
Revenues
|
|
Percentage
Change
(Favorable)/
Unfavorable
|
|||||||||||||||||
|
|
|
|
|
|
|||||||||||||||||||||
|
|
Dollar
Change
|
|
Actual
|
|
Constant
Currency
|
|
|
||||||||||||||||||
|
2016
|
|
2017
|
|
|
|
|
2016
|
|
2017
|
|
|||||||||||||||
General and Administrative
|
$
|
131,416
|
|
|
$
|
126,113
|
|
|
$
|
(5,303
|
)
|
|
(4.0
|
)%
|
|
(3.2
|
)%
|
|
14.9
|
%
|
|
13.3
|
%
|
|
(1.6
|
)%
|
Sales, Marketing & Account Management
|
61,538
|
|
|
61,714
|
|
|
176
|
|
|
0.3
|
%
|
|
1.4
|
%
|
|
7.0
|
%
|
|
6.5
|
%
|
|
(0.5
|
)%
|
|||
Information Technology
|
31,014
|
|
|
30,316
|
|
|
(698
|
)
|
|
(2.3
|
)%
|
|
(1.4
|
)%
|
|
3.5
|
%
|
|
3.2
|
%
|
|
(0.3
|
)%
|
|||
Bad Debt Expense
|
3,028
|
|
|
4,398
|
|
|
1,370
|
|
|
45.2
|
%
|
|
46.0
|
%
|
|
0.3
|
%
|
|
0.5
|
%
|
|
0.2
|
%
|
|||
Recall Costs
|
50,081
|
|
|
14,904
|
|
|
(35,177
|
)
|
|
(70.2
|
)%
|
|
(70.2
|
)%
|
|
5.7
|
%
|
|
1.6
|
%
|
|
(4.1
|
)%
|
|||
Total Selling, General and Administrative Expenses
|
$
|
277,077
|
|
|
$
|
237,445
|
|
|
$
|
(39,632
|
)
|
|
(14.3
|
)%
|
|
(13.7
|
)%
|
|
31.4
|
%
|
|
25.0
|
%
|
|
(6.4
|
)%
|
|
Six Months Ended
June 30, |
|
|
|
Percentage Change
|
|
% of
Consolidated
Revenues
|
|
Percentage
Change
(Favorable)/
Unfavorable
|
|||||||||||||||||
|
|
|
|
|
|
|||||||||||||||||||||
|
|
Dollar
Change
|
|
Actual
|
|
Constant
Currency
|
|
|
||||||||||||||||||
|
2016
|
|
2017
|
|
|
|
|
2016
|
|
2017
|
|
|||||||||||||||
General and Administrative
|
$
|
243,404
|
|
|
$
|
260,913
|
|
|
$
|
17,509
|
|
|
7.2
|
%
|
|
8.0
|
%
|
|
14.9
|
%
|
|
13.8
|
%
|
|
(1.1
|
)%
|
Sales, Marketing & Account Management
|
114,760
|
|
|
125,020
|
|
|
10,260
|
|
|
8.9
|
%
|
|
9.9
|
%
|
|
7.0
|
%
|
|
6.6
|
%
|
|
(0.4
|
)%
|
|||
Information Technology
|
55,105
|
|
|
62,109
|
|
|
7,004
|
|
|
12.7
|
%
|
|
13.6
|
%
|
|
3.4
|
%
|
|
3.3
|
%
|
|
(0.1
|
)%
|
|||
Bad Debt Expense
|
3,166
|
|
|
1,981
|
|
|
(1,185
|
)
|
|
(37.4
|
)%
|
|
(37.7
|
)%
|
|
0.2
|
%
|
|
0.1
|
%
|
|
(0.1
|
)%
|
|||
Recall Costs
|
68,408
|
|
|
27,588
|
|
|
(40,820
|
)
|
|
(59.7
|
)%
|
|
(59.7
|
)%
|
|
4.2
|
%
|
|
1.5
|
%
|
|
(2.7
|
)%
|
|||
Total Selling, General and Administrative Expenses
|
$
|
484,843
|
|
|
$
|
477,611
|
|
|
$
|
(7,232
|
)
|
|
(1.5
|
)%
|
|
(0.8
|
)%
|
|
29.7
|
%
|
|
25.3
|
%
|
|
(4.4
|
)%
|
|
Three Months Ended
June 30, |
|
Dollar
Change
|
|
Six Months Ended
June 30, |
|
Dollar
Change
|
||||||||||||||||
|
2016
|
|
2017
|
|
|
2016
|
|
2017
|
|
||||||||||||||
Foreign currency transaction losses, net
|
$
|
17,193
|
|
|
$
|
20,199
|
|
|
$
|
3,006
|
|
|
$
|
4,651
|
|
|
$
|
16,035
|
|
|
$
|
11,384
|
|
Debt extinguishment expense
|
9,283
|
|
|
—
|
|
|
(9,283
|
)
|
|
9,283
|
|
|
—
|
|
|
(9,283
|
)
|
||||||
Other, net
|
(835
|
)
|
|
(39,565
|
)
|
|
(38,730
|
)
|
|
(230
|
)
|
|
(41,765
|
)
|
|
(41,535
|
)
|
||||||
|
$
|
25,641
|
|
|
$
|
(19,366
|
)
|
|
$
|
(45,007
|
)
|
|
$
|
13,704
|
|
|
$
|
(25,730
|
)
|
|
$
|
(39,434
|
)
|
|
Three Months Ended
June 30, |
|
Dollar
Change
|
|
Percentage Change
|
|||||||||
|
2016
|
|
2017
|
|
||||||||||
(Loss) Income from Continuing Operations
|
$
|
(14,720
|
)
|
|
$
|
83,148
|
|
|
$
|
97,868
|
|
|
664.9
|
%
|
(Loss) Income from Continuing Operations as a percentage of Consolidated Revenue
|
(1.7
|
)%
|
|
8.8
|
%
|
|
|
|
|
|||||
Adjusted EBITDA
|
261,434
|
|
|
318,054
|
|
|
56,620
|
|
|
21.7
|
%
|
|||
Adjusted EBITDA Margin
|
29.6
|
%
|
|
33.5
|
%
|
|
|
|
|
|
Six Months Ended
June 30, |
|
Dollar
Change
|
|
Percentage Change
|
|||||||||
|
2016
|
|
2017
|
|
||||||||||
Income (Loss) from Continuing Operations
|
$
|
48,321
|
|
|
$
|
141,992
|
|
|
$
|
93,671
|
|
|
193.9
|
%
|
Income (Loss) from Continuing Operations as a percentage of Consolidated Revenue
|
3.0
|
%
|
|
7.5
|
%
|
|
|
|
|
|||||
Adjusted EBITDA
|
496,580
|
|
|
610,628
|
|
|
114,048
|
|
|
23.0
|
%
|
|||
Adjusted EBITDA Margin
|
30.4
|
%
|
|
32.3
|
%
|
|
|
|
|
|
Three Months Ended
June 30, |
|
|
|
Percentage Change
|
|
|
|||||||||||||
|
|
Dollar
Change
|
|
Actual
|
|
Constant
Currency
|
|
Internal
Growth
|
||||||||||||
|
2016
|
|
2017
|
|
|
|
|
|||||||||||||
Storage Rental
|
$
|
287,911
|
|
|
$
|
305,168
|
|
|
$
|
17,257
|
|
|
6.0
|
%
|
|
6.4
|
%
|
|
3.7
|
%
|
Service
|
193,559
|
|
|
204,429
|
|
|
10,870
|
|
|
5.6
|
%
|
|
6.2
|
%
|
|
1.3
|
%
|
|||
Segment Revenue
|
$
|
481,470
|
|
|
$
|
509,597
|
|
|
$
|
28,127
|
|
|
5.8
|
%
|
|
6.3
|
%
|
|
2.7
|
%
|
Segment Adjusted EBITDA(1)
|
$
|
189,138
|
|
|
$
|
220,768
|
|
|
$
|
31,630
|
|
|
|
|
|
|
|
|||
Segment Adjusted EBITDA Margin(2)
|
39.3
|
%
|
|
43.3
|
%
|
|
|
|
|
|
|
|
|
|
Six Months Ended
June 30, |
|
|
|
Percentage Change
|
|
|
|||||||||||||
|
|
Dollar
Change
|
|
Actual
|
|
Constant
Currency
|
|
Internal
Growth
|
||||||||||||
|
2016
|
|
2017
|
|
|
|
|
|||||||||||||
Storage Rental
|
$
|
555,134
|
|
|
$
|
603,351
|
|
|
$
|
48,217
|
|
|
8.7
|
%
|
|
8.7
|
%
|
|
2.8
|
%
|
Service
|
371,017
|
|
|
413,843
|
|
|
42,826
|
|
|
11.5
|
%
|
|
11.6
|
%
|
|
1.2
|
%
|
|||
Segment Revenue
|
$
|
926,151
|
|
|
$
|
1,017,194
|
|
|
$
|
91,043
|
|
|
9.8
|
%
|
|
9.9
|
%
|
|
2.2
|
%
|
Segment Adjusted EBITDA(1)
|
$
|
365,695
|
|
|
$
|
430,298
|
|
|
$
|
64,603
|
|
|
|
|
|
|
|
|||
Segment Adjusted EBITDA Margin(2)
|
39.5
|
%
|
|
42.3
|
%
|
|
|
|
|
|
|
|
|
(1)
|
See Note 7 to Notes to Condensed Consolidated Financial Statements included in this Quarterly Report for the definition of Adjusted EBITDA and a reconciliation of Adjusted EBITDA to income (loss) from continuing operations.
|
(2)
|
Segment Adjusted EBITDA Margin is calculated by dividing Segment Adjusted EBITDA by total segment revenues.
|
|
Three Months Ended
June 30, |
|
|
|
Percentage Change
|
|
|
|||||||||||||
|
|
Dollar
Change
|
|
Actual
|
|
Constant
Currency
|
|
Internal
Growth
|
||||||||||||
|
2016
|
|
2017
|
|
|
|
|
|||||||||||||
Storage Rental
|
$
|
69,642
|
|
|
$
|
73,473
|
|
|
$
|
3,831
|
|
|
5.5
|
%
|
|
5.8
|
%
|
|
2.9
|
%
|
Service
|
33,628
|
|
|
32,522
|
|
|
(1,106
|
)
|
|
(3.3
|
)%
|
|
(3.0
|
)%
|
|
(7.4
|
)%
|
|||
Segment Revenue
|
$
|
103,270
|
|
|
$
|
105,995
|
|
|
$
|
2,725
|
|
|
2.6
|
%
|
|
2.9
|
%
|
|
(0.5
|
)%
|
Segment Adjusted EBITDA(1)
|
$
|
57,081
|
|
|
$
|
56,583
|
|
|
$
|
(498
|
)
|
|
|
|
|
|
|
|||
Segment Adjusted EBITDA Margin(2)
|
55.3
|
%
|
|
53.4
|
%
|
|
|
|
|
|
|
|
|
|
Six Months Ended
June 30, |
|
|
|
Percentage Change
|
|
|
|||||||||||||
|
|
Dollar
Change
|
|
Actual
|
|
Constant
Currency
|
|
Internal
Growth
|
||||||||||||
|
2016
|
|
2017
|
|
|
|
|
|||||||||||||
Storage Rental
|
$
|
134,990
|
|
|
$
|
146,785
|
|
|
$
|
11,795
|
|
|
8.7
|
%
|
|
8.8
|
%
|
|
2.8
|
%
|
Service
|
64,623
|
|
|
66,160
|
|
|
1,537
|
|
|
2.4
|
%
|
|
2.4
|
%
|
|
(7.1
|
)%
|
|||
Segment Revenue
|
$
|
199,613
|
|
|
$
|
212,945
|
|
|
$
|
13,332
|
|
|
6.7
|
%
|
|
6.7
|
%
|
|
(0.4
|
)%
|
Segment Adjusted EBITDA(1)
|
$
|
110,541
|
|
|
$
|
112,495
|
|
|
$
|
1,954
|
|
|
|
|
|
|
|
|||
Segment Adjusted EBITDA Margin(2)
|
55.4
|
%
|
|
52.8
|
%
|
|
|
|
|
|
|
|
|
(1)
|
See Note 7 to Notes to Condensed Consolidated Financial Statements included in this Quarterly Report for the definition of Adjusted EBITDA and a reconciliation of Adjusted EBITDA to income (loss) from continuing operations.
|
(2)
|
Segment Adjusted EBITDA Margin is calculated by dividing Segment Adjusted EBITDA by total segment revenues.
|
|
Three Months Ended
June 30, |
|
|
|
Percentage Change
|
|
|
|||||||||||||
|
|
Dollar
Change
|
|
Actual
|
|
Constant
Currency
|
|
Internal
Growth
|
||||||||||||
|
2016
|
|
2017
|
|
|
|
|
|||||||||||||
Storage Rental
|
$
|
71,573
|
|
|
$
|
74,535
|
|
|
$
|
2,962
|
|
|
4.1
|
%
|
|
12.0
|
%
|
|
2.5
|
%
|
Service
|
46,625
|
|
|
47,331
|
|
|
706
|
|
|
1.5
|
%
|
|
8.5
|
%
|
|
(1.7
|
)%
|
|||
Segment Revenue
|
$
|
118,198
|
|
|
$
|
121,866
|
|
|
$
|
3,668
|
|
|
3.1
|
%
|
|
10.6
|
%
|
|
0.8
|
%
|
Segment Adjusted EBITDA(1)
|
$
|
33,273
|
|
|
$
|
36,528
|
|
|
$
|
3,255
|
|
|
|
|
|
|
|
|||
Segment Adjusted EBITDA Margin(2)
|
28.2
|
%
|
|
30.0
|
%
|
|
|
|
|
|
|
|
|
|
Six Months Ended
June 30, |
|
|
|
Percentage Change
|
|
|
|||||||||||||
|
|
Dollar
Change
|
|
Actual
|
|
Constant
Currency
|
|
Internal
Growth
|
||||||||||||
|
2016
|
|
2017
|
|
|
|
|
|||||||||||||
Storage Rental
|
$
|
129,392
|
|
|
$
|
146,102
|
|
|
$
|
16,710
|
|
|
12.9
|
%
|
|
23.0
|
%
|
|
2.2
|
%
|
Service
|
82,682
|
|
|
95,836
|
|
|
13,154
|
|
|
15.9
|
%
|
|
25.4
|
%
|
|
0.9
|
%
|
|||
Segment Revenue
|
$
|
212,074
|
|
|
$
|
241,938
|
|
|
$
|
29,864
|
|
|
14.1
|
%
|
|
24.0
|
%
|
|
1.7
|
%
|
Segment Adjusted EBITDA(1)
|
$
|
65,219
|
|
|
$
|
70,670
|
|
|
$
|
5,451
|
|
|
|
|
|
|
|
|||
Segment Adjusted EBITDA Margin(2)
|
30.8
|
%
|
|
29.2
|
%
|
|
|
|
|
|
|
|
|
(1)
|
See Note 7 to Notes to Condensed Consolidated Financial Statements included in this Quarterly Report for the definition of Adjusted EBITDA and a reconciliation of Adjusted EBITDA to income (loss) from continuing operations.
|
(2)
|
Segment Adjusted EBITDA Margin is calculated by dividing Segment Adjusted EBITDA by total segment revenues.
|
|
Three Months Ended
June 30, |
|
|
|
Percentage Change
|
|
|
|||||||||||||
|
|
Dollar
Change
|
|
Actual
|
|
Constant
Currency
|
|
Internal
Growth
|
||||||||||||
|
2016
|
|
2017
|
|
|
|
|
|||||||||||||
Storage Rental
|
$
|
98,610
|
|
|
$
|
121,317
|
|
|
$
|
22,707
|
|
|
23.0
|
%
|
|
21.2
|
%
|
|
7.1
|
%
|
Service
|
67,059
|
|
|
71,088
|
|
|
4,029
|
|
|
6.0
|
%
|
|
4.3
|
%
|
|
(4.7
|
)%
|
|||
Segment Revenue
|
$
|
165,669
|
|
|
$
|
192,405
|
|
|
$
|
26,736
|
|
|
16.1
|
%
|
|
14.4
|
%
|
|
2.4
|
%
|
Segment Adjusted EBITDA(1)
|
$
|
41,931
|
|
|
$
|
56,166
|
|
|
$
|
14,235
|
|
|
|
|
|
|
|
|||
Segment Adjusted EBITDA Margin(2)
|
25.3
|
%
|
|
29.2
|
%
|
|
|
|
|
|
|
|
|
|
Six Months Ended
June 30, |
|
|
|
Percentage Change
|
|
|
|||||||||||||
|
|
Dollar
Change
|
|
Actual
|
|
Constant
Currency
|
|
Internal
Growth
|
||||||||||||
|
2016
|
|
2017
|
|
|
|
|
|||||||||||||
Storage Rental
|
$
|
159,026
|
|
|
$
|
238,932
|
|
|
$
|
79,906
|
|
|
50.2
|
%
|
|
46.3
|
%
|
|
7.5
|
%
|
Service
|
107,984
|
|
|
142,714
|
|
|
34,730
|
|
|
32.2
|
%
|
|
28.2
|
%
|
|
(1.9
|
)%
|
|||
Segment Revenue
|
$
|
267,010
|
|
|
$
|
381,646
|
|
|
$
|
114,636
|
|
|
42.9
|
%
|
|
38.9
|
%
|
|
3.8
|
%
|
Segment Adjusted EBITDA(1)
|
$
|
63,507
|
|
|
$
|
111,513
|
|
|
$
|
48,006
|
|
|
|
|
|
|
|
|||
Segment Adjusted EBITDA Margin(2)
|
23.8
|
%
|
|
29.2
|
%
|
|
|
|
|
|
|
|
|
(1)
|
See Note 7 to Notes to Condensed Consolidated Financial Statements included in this Quarterly Report for the definition of Adjusted EBITDA and a reconciliation of Adjusted EBITDA to income (loss) from continuing operations.
|
(2)
|
Segment Adjusted EBITDA Margin is calculated by dividing Segment Adjusted EBITDA by total segment revenues.
|
|
Three Months Ended
June 30, |
|
|
|
Percentage Change
|
|
|
|||||||||||||
|
|
Dollar
Change
|
|
Actual
|
|
Constant
Currency
|
|
Internal
Growth
|
||||||||||||
|
2016
|
|
2017
|
|
|
|
|
|||||||||||||
Storage Rental
|
$
|
10,946
|
|
|
$
|
15,747
|
|
|
$
|
4,801
|
|
|
43.9
|
%
|
|
43.9
|
%
|
|
41.3
|
%
|
Service
|
4,195
|
|
|
4,196
|
|
|
1
|
|
|
—
|
%
|
|
—
|
%
|
|
(5.4
|
)%
|
|||
Segment Revenue
|
$
|
15,141
|
|
|
$
|
19,943
|
|
|
$
|
4,802
|
|
|
31.7
|
%
|
|
31.7
|
%
|
|
28.5
|
%
|
Segment Adjusted EBITDA(1)
|
$
|
(59,989
|
)
|
|
$
|
(51,991
|
)
|
|
$
|
7,998
|
|
|
|
|
|
|
|
|||
Segment Adjusted EBITDA(1) as a percentage of Consolidated Revenue
|
(6.8
|
)%
|
|
(5.5
|
)%
|
|
|
|
|
|
|
|
|
|
Six Months Ended
June 30, |
|
|
|
Percentage Change
|
|
|
|||||||||||||
|
|
Dollar
Change
|
|
Actual
|
|
Constant
Currency
|
|
Internal
Growth
|
||||||||||||
|
2016
|
|
2017
|
|
|
|
|
|||||||||||||
Storage Rental
|
$
|
21,351
|
|
|
$
|
27,349
|
|
|
$
|
5,998
|
|
|
28.1
|
%
|
|
28.1
|
%
|
|
25.6
|
%
|
Service
|
8,239
|
|
|
7,610
|
|
|
(629
|
)
|
|
(7.6
|
)%
|
|
(7.6
|
)%
|
|
(11.7
|
)%
|
|||
Segment Revenue
|
$
|
29,590
|
|
|
$
|
34,959
|
|
|
$
|
5,369
|
|
|
18.1
|
%
|
|
18.1
|
%
|
|
15.3
|
%
|
Segment Adjusted EBITDA(1)
|
$
|
(108,382
|
)
|
|
$
|
(114,348
|
)
|
|
$
|
(5,966
|
)
|
|
|
|
|
|
|
|||
Segment Adjusted EBITDA(1) as a percentage of Consolidated Revenue
|
(6.6
|
)%
|
|
(6.1
|
)%
|
|
|
|
|
|
|
|
|
(1)
|
See Note 7 to Notes to Condensed Consolidated Financial Statements included in this Quarterly Report for the definition of Adjusted EBITDA and a reconciliation of Adjusted EBITDA to income (loss) from continuing operations.
|
|
2016
|
|
2017
|
||||
Cash flows from operating activities - continuing operations
|
$
|
205,605
|
|
|
$
|
322,040
|
|
Cash flows from investing activities - continuing operations
|
(402,643
|
)
|
|
(220,970
|
)
|
||
Cash flows from financing activities - continuing operations
|
312,939
|
|
|
(61,584
|
)
|
||
Cash and cash equivalents at the end of period
|
236,989
|
|
|
291,019
|
|
•
|
Real estate assets that support core business growth
primarily related to investments in land, buildings, building improvements, leasehold improvements and racking structures that expand our revenue capacity in existing or new geographies, replace a long-term operational obligation or create operational efficiencies ("Real Estate Investment").
|
•
|
Real estate assets necessary to maintain ongoing business operations primarily related to the repair or replacement of real estate assets such as buildings, building improvements, leasehold improvements and racking structures ("Real Estate Maintenance").
|
•
|
Non-real estate assets that either (i) support the growth of our business, and/or increase our profitability, such as customer-inventory technology systems, and technology service storage and processing capacity, or (ii) are directly related to the development of core products or services in support of our integrated value proposition and enhance our leadership position in the industry, including items such as increased feature functionality, security upgrades or system enhancements ("Non-Real Estate Investment").
|
•
|
Non-real estate assets necessary to maintain ongoing business operations primarily related to the repair or replacement of customer-facing assets such as containers and shred bins, warehouse equipment, fixtures, computer hardware, or third-party or internally-developed software assets. This category also includes operational support initiatives such as sales and marketing and information technology projects to support infrastructure requirements ("Non-Real Estate Maintenance").
|
•
|
Discretionary capital expenditures in significant new products and services in new, existing or adjacent business opportunities.
|
|
|
Six Months Ended
June 30, |
||||||
|
|
|||||||
Nature of Capital Spend (in thousands)
|
|
2016
|
|
2017
|
||||
Real Estate:
|
|
|
||||||
Investment
|
|
$
|
109,163
|
|
|
$
|
115,173
|
|
Maintenance
|
|
20,099
|
|
|
22,153
|
|
||
Total Real Estate Capital Spend
|
|
129,262
|
|
|
137,326
|
|
||
Non-Real Estate:
|
|
|
|
|
|
|
||
Investment
|
|
15,731
|
|
|
23,293
|
|
||
Maintenance
|
|
7,837
|
|
|
12,330
|
|
||
Total Non-Real Estate Capital Spend
|
|
23,568
|
|
|
35,623
|
|
||
Innovation and Growth Investment Capital Spend
|
|
1,908
|
|
|
8,342
|
|
||
Total Capital Spend (on accrual basis)
|
|
154,738
|
|
|
181,291
|
|
||
Net (decrease) increase in prepaid capital expenditures
|
|
(2,118
|
)
|
|
1,000
|
|
||
Net decrease (increase) in accrued capital expenditures
|
|
11,045
|
|
|
(17,084
|
)
|
||
Total Capital Spend (on cash basis)
|
|
$
|
163,665
|
|
|
$
|
165,207
|
|
|
|
June 30, 2017
|
||||||||||
|
|
Debt (inclusive of discount)
|
|
Unamortized Deferred Financing Costs
|
|
Carrying Amount
|
||||||
Revolving Credit Facility
|
|
$
|
713,445
|
|
|
$
|
(6,072
|
)
|
|
$
|
707,373
|
|
Term Loan
|
|
225,000
|
|
|
—
|
|
|
225,000
|
|
|||
Australian Dollar Term Loan (the "AUD Term Loan")
|
|
186,871
|
|
|
(3,680
|
)
|
|
183,191
|
|
|||
6% Senior Notes due 2020 (the "6% Notes due 2020")
|
|
1,000,000
|
|
|
(11,032
|
)
|
|
988,968
|
|
|||
4
3
/
8
% Senior Notes due 2021 (the "4
3
/
8
% Notes")
|
|
500,000
|
|
|
(6,734
|
)
|
|
493,266
|
|
|||
6
1
/
8
% CAD Senior Notes due 2021 (the "CAD Notes due 2021")
|
|
154,052
|
|
|
(1,511
|
)
|
|
152,541
|
|
|||
6
1
/
8
% GBP Senior Notes due 2022 (the "GBP Notes")
|
|
520,108
|
|
|
(5,974
|
)
|
|
514,134
|
|
|||
6% Senior Notes due 2023 (the "6% Notes due 2023")
|
|
600,000
|
|
|
(6,773
|
)
|
|
593,227
|
|
|||
5
3
/
8
% CAD Senior Notes due 2023 (the "CAD Notes due 2023")
|
|
192,565
|
|
|
(3,296
|
)
|
|
189,269
|
|
|||
5
3
/
4
% Senior Subordinated Notes due 2024 (the "5
3
/
4
% Notes")
|
|
1,000,000
|
|
|
(9,842
|
)
|
|
990,158
|
|
|||
3% Euro Senior Notes due 2025 (the "Euro Notes")
|
|
342,699
|
|
|
(4,625
|
)
|
|
338,074
|
|
|||
5
3
/
8
% Senior Notes due 2026 (the "5
3
/
8
% Notes")
|
|
250,000
|
|
|
(3,830
|
)
|
|
246,170
|
|
|||
Real Estate Mortgages, Capital Leases and Other
|
|
533,433
|
|
|
(973
|
)
|
|
532,460
|
|
|||
Accounts Receivable Securitization Program(1)
|
|
250,000
|
|
|
(231
|
)
|
|
249,769
|
|
|||
Mortgage Securitization Program
|
|
50,000
|
|
|
(1,346
|
)
|
|
48,654
|
|
|||
Total Long-term Debt
|
|
6,518,173
|
|
|
(65,919
|
)
|
|
6,452,254
|
|
|||
Less Current Portion
|
|
(423,500
|
)
|
|
231
|
|
|
(423,269
|
)
|
|||
Long-term Debt, Net of Current Portion
|
|
$
|
6,094,673
|
|
|
$
|
(65,688
|
)
|
|
$
|
6,028,985
|
|
(1)
|
Because the Accounts Receivable Securitization Program terminates on March 6, 2018, at which point all obligations under the program become due, this debt is classified within the current portion of long-term debt in our Condensed Consolidated Balance Sheet as of June 30, 2017.
|
|
December 31, 2016
|
|
June 30, 2017
|
|
Maximum/Minimum Allowable
|
||
Net total lease adjusted leverage ratio
|
5.7
|
|
|
5.8
|
|
|
Maximum allowable of 6.5
|
Net secured debt lease adjusted leverage ratio
|
2.7
|
|
|
2.5
|
|
|
Maximum allowable of 4.0
|
Bond leverage ratio (not lease adjusted)
|
5.2
|
|
|
5.6
|
|
|
Maximum allowable of 6.5
|
Fixed charge coverage ratio
|
2.4
|
|
|
2.2
|
|
|
Minimum allowable of 1.5
|
|
|
Year Ended December 31, 2016
|
|
Three Months Ended
June 30, 2017
|
|
Six Months Ended
June 30, 2017
|
|
Cumulative Total
|
||||||||
Recall Costs
|
|
$
|
131,944
|
|
|
$
|
19,977
|
|
|
$
|
40,548
|
|
|
$
|
219,506
|
|
Recall Capital Expenditures
|
|
18,391
|
|
|
11,319
|
|
|
17,574
|
|
|
36,030
|
|
||||
Total
|
|
$
|
150,335
|
|
|
$
|
31,296
|
|
|
$
|
58,122
|
|
|
$
|
255,536
|
|
Exhibit No.
|
|
Description
|
|
|
|
|
|
|
|
|
|
4.1
|
|
|
Senior Indenture, dated as of May 23, 2017, among the Company, the Guarantors, Wells Fargo Bank, National Association, as trustee, and Societe Generate Bank & Trust, as paying agent, registrar and transfer agent. (
Incorporated by reference to the Company's Current Report on Form 8-K dated May 23, 2017
).
|
|
|
|
|
10.1
|
|
|
First Amendment to the Iron Mountain Incorporated 2014 Stock and Cash Incentive Plan. (
Incorporated by reference to the Company's Current Report on Form 8-K dated May 23, 2017
).
|
|
|
|
|
12
|
|
|
Statement: re Computation of Ratios.
(Filed herewith.)
|
|
|
|
|
31.1
|
|
|
Rule 13a-14(a) Certification of Chief Executive Officer.
(Filed herewith.)
|
|
|
|
|
31.2
|
|
|
Rule 13a-14(a) Certification of Chief Financial Officer.
(Filed herewith.)
|
|
|
|
|
32.1
|
|
|
Section 1350 Certification of Chief Executive Officer.
(Furnished herewith.)
|
|
|
|
|
32.2
|
|
|
Section 1350 Certification of Chief Financial Officer.
(Furnished herewith.)
|
|
|
|
|
101.1
|
|
|
The following materials from Iron Mountain Incorporated's Quarterly Report on Form 10-Q for the quarter ended June 30, 2017, formatted in XBRL (eXtensible Business Reporting Language): (i) the Condensed Consolidated Balance Sheets, (ii) Condensed Consolidated Statements of Operations, (iii) Condensed Consolidated Statements of Comprehensive Income (Loss), (iv) Condensed Consolidated Statements of Equity, (v) Condensed Consolidated Statements of Cash Flows and (vi) Notes to Condensed Consolidated Financial Statements, tagged as blocks of text and in detail.
(Filed herewith.)
|
|
|
|
|
IRON MOUNTAIN INCORPORATED
|
|
|
By:
|
/s/ STUART B. BROWN
|
|
|
|
|
|
|
|
|
Stuart B. Brown
Executive Vice President and
Chief Financial Officer
(Principal Financial and Accounting Officer)
|
1 Year Iron Mountain Inc REIT Chart |
1 Month Iron Mountain Inc REIT Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions