Selected Consolidated Financial Statements of Parent, Guarantors, Canada Company and Non-Guarantors (Tables)

3 Months Ended

Mar. 31, 2013

Selected Consolidated Financial Statements of Parent, Guarantors, Canada Company and Non-Guarantors

Selected consolidated Balance sheet statements of Parent, Guarantors, Canada Company and Non-Guarantors

	December 31, 2012
	Parent		Guarantors		Canada Company		Non- Guarantors		Eliminations			Consolidated
Assets
Current Assets:
Cash and Cash Equivalents	$	—	$	13,472	$	103,500	$	126,443	$	—		$	243,415
Restricted Cash		33,612		—		—		—		—			33,612
Accounts Receivable		—		338,455		44,363		189,382		—			572,200
Intercompany Receivable		1,055,593		—		5,781		—		(1,061,374	)		—
Other Current Assets		48		121,933		5,720		47,164		—			174,865
Total Current Assets		1,089,253		473,860		159,364		362,989		(1,061,374	)		1,024,092
Property, Plant and Equipment, Net		1,305		1,500,309		203,909		772,204		—			2,477,727
Other Assets, Net:
Long-term Notes Receivable from Affiliates and Intercompany Receivable		1,070,930		1,000		4,136		—		(1,076,066	)		—
Investment in Subsidiaries		1,941,540		1,688,000		18,422		314,573		(3,962,535	)		—
Goodwill		—		1,536,964		202,282		595,513		—			2,334,759
Other		37,909		261,950		10,622		211,394		(114	)		521,761
Total Other Assets, Net		3,050,379		3,487,914		235,462		1,121,480		(5,038,715	)		2,856,520
Total Assets	$	4,140,937	$	5,462,083	$	598,735	$	2,256,673	$	(6,100,089	)	$	6,358,339
Liabilities and Equity
Intercompany Payable	$	—	$	942,547	$	—	$	118,827	$	(1,061,374	)	$	—
Current Portion of Long-term Debt		—		70,870		2,799		19,218		—			92,887
Total Other Current Liabilities		111,536		469,249		31,015		200,266		—			812,066
Long-term Debt, Net of Current Portion		2,876,317		568,205		193,181		94,413		—			3,732,116
Long-term Notes Payable to Affiliates and Intercompany Payable		1,000		1,066,823		—		8,243		(1,076,066	)		—
Other Long-term Liabilities		2,113		417,972		38,745		100,106		(114	)		558,822
Commitments and Contingencies (See Note 7)
Total Iron Mountain Incorporated Stockholders' Equity		1,149,971		1,926,417		332,995		1,703,123		(3,962,535	)		1,149,971
Noncontrolling Interests		—		—		—		12,477		—			12,477
Total Equity		1,149,971		1,926,417		332,995		1,715,600		(3,962,535	)		1,162,448
Total Liabilities and Equity	$	4,140,937	$	5,462,083	$	598,735	$	2,256,673	$	(6,100,089	)	$	6,358,339

	March 31, 2013
	Parent		Guarantors		Canada Company		Non- Guarantors		Eliminations			Consolidated
Assets
Current Assets:
Cash and Cash Equivalents	$	—	$	4,132	$	97,059	$	128,808	$	—		$	229,999
Restricted Cash		33,613		—		—		—		—			33,613
Accounts Receivable		—		340,333		45,163		185,906		—			571,402
Intercompany Receivable		970,671		—		9,755		—		(980,426	)		—
Other Current Assets		5,586		118,088		6,807		42,649		(7,008	)		166,122
Total Current Assets		1,009,870		462,553		158,784		357,363		(987,434	)		1,001,136
Property, Plant and Equipment, Net		1,257		1,512,150		199,487		765,217		—			2,478,111
Other Assets, Net:
Long-term Notes Receivable from Affiliates and Intercompany Receivable		1,117,769		1,000		3,593		—		(1,122,362	)		—
Investment in Subsidiaries		1,914,555		1,659,857		18,769		313,606		(3,906,787	)		—
Goodwill		—		1,537,154		197,804		573,762		—			2,308,720
Other		36,350		259,214		10,015		204,748		(114	)		510,213
Total Other Assets, Net		3,068,674		3,457,225		230,181		1,092,116		(5,029,263	)		2,818,933
Total Assets	$	4,079,801	$	5,431,928	$	588,452	$	2,214,696	$	(6,016,697	)	$	6,298,180
Liabilities and Equity
Intercompany Payable	$	—	$	859,754	$	—	$	120,672	$	(980,426	)	$	—
Current Portion of Long-term Debt		—		71,560		2,672		17,621		—			91,853
Total Other Current Liabilities		108,748		446,051		25,192		179,742		(7,008	)		752,725
Long-term Debt, Net of Current Portion		2,851,775		613,472		189,429		103,177		—			3,757,853
Long-term Notes Payable to Affiliates and Intercompany Payable		1,000		1,114,241		—		7,121		(1,122,362	)		—
Other Long-term Liabilities		3,723		428,576		38,784		96,703		(114	)		567,672
Commitments and Contingencies (See Note 7)
Total Iron Mountain Incorporated Stockholders' Equity		1,114,555		1,898,274		332,375		1,676,138		(3,906,787	)		1,114,555
Noncontrolling Interests		—		—		—		13,522		—			13,522
Total Equity		1,114,555		1,898,274		332,375		1,689,660		(3,906,787	)		1,128,077
Total Liabilities and Equity	$	4,079,801	$	5,431,928	$	588,452	$	2,214,696	$	(6,016,697	)	$	6,298,180

Selected consolidated Income statements of Parent, Guarantors, Canada Company and Non-Guarantors

	Three Months Ended March 31, 2012
	Parent			Guarantors			Canada Company		Non- Guarantors			Eliminations			Consolidated
Revenues:
Storage Rental	$	—		$	287,587		$	30,475	$	107,279		$	—		$	425,341
Service		—			200,361			29,401		91,395			—			321,157
Total Revenues		—			487,948			59,876		198,674			—			746,498
Operating Expenses:
Cost of Sales (Excluding Depreciation and Amortization)		—			193,215			25,041		97,042			—			315,298
Selling, General and Administrative		18			147,862			9,185		53,595			—			210,660
Depreciation and Amortization		75			48,086			4,563		25,284			—			78,008
(Gain) Loss on Disposal/Write-down of Property, Plant and Equipment, Net		—			(155	)		42		832			—			719
Total Operating Expenses		93			389,008			38,831		176,753			—			604,685
Operating (Loss) Income		(93	)		98,940			21,045		21,921			—			141,813
Interest Expense (Income), Net		47,091			(4,234	)		11,466		4,461			—			58,784
Other Expense (Income), Net		19,585			(1,260	)		—		(21,629	)		—			(3,304	)
(Loss) Income from Continuing Operations Before Provision (Benefit) for Income Taxes		(66,769	)		104,434			9,579		39,089			—			86,333
Provision (Benefit) for Income Taxes		—			17,084			4,523		3,653			—			25,260
Equity in the (Earnings) Losses of Subsidiaries, Net of Tax		(122,119	)		(32,966	)		124		(5,056	)		160,017			—
Income (Loss) from Continuing Operations		55,350			120,316			4,932		40,492			(160,017	)		61,073
Income (Loss) from Discontinued Operations, Net of Tax		—			464			—		(5,557	)		—			(5,093	)
Net Income (Loss)		55,350			120,780			4,932		34,935			(160,017	)		55,980
Less: Net Income (Loss) Attributable to Noncontrolling Interests		—			—			—		630			—			630
Net Income (Loss) Attributable to Iron Mountain Incorporated	$	55,350		$	120,780		$	4,932	$	34,305		$	(160,017	)	$	55,350
Net Income (Loss)	$	55,350		$	120,780		$	4,932	$	34,935		$	(160,017	)	$	55,980
Other Comprehensive Income (Loss):
Foreign Currency Translation Adjustments		(2,343	)		1,057			6,461		22,772			—			27,947
Equity in Other Comprehensive Income (Loss) of Subsidiaries		29,832			28,712			369		6,461			(65,374	)		—
Total Other Comprehensive Income (Loss)		27,489			29,769			6,830		29,233			(65,374	)		27,947
Comprehensive Income (Loss)		82,839			150,549			11,762		64,168			(225,391	)		83,927
Comprehensive Income (Loss) Attributable to Noncontrolling Interests		—			—			—		1,088			—			1,088
Comprehensive Income (Loss) Attributable to Iron Mountain Incorporated	$	82,839		$	150,549		$	11,762	$	63,080		$	(225,391	)	$	82,839

	Three Months Ended March 31, 2013
	Parent			Guarantors			Canada Company			Non- Guarantors			Eliminations			Consolidated
Revenues:
Storage Rental	$	—		$	292,375		$	31,549		$	118,545		$	—		$	442,469
Service		—			186,275			28,005			90,282			—			304,562
Total Revenues		—			478,650			59,554			208,827			—			747,031
Operating Expenses:
Cost of Sales (Excluding Depreciation and Amortization)		—			192,613			25,401			103,062			—			321,076
Selling, General and Administrative		27			157,807			9,046			56,571			—			223,451
Depreciation and Amortization		81			47,873			4,687			27,560			—			80,201
(Gain) Loss on Disposal/Write-down of Property, Plant and Equipment, Net		—			(635	)		(42	)		138			—			(539	)
Total Operating Expenses		108			397,658			39,092			187,331			—			624,189
Operating (Loss) Income		(108	)		80,992			20,462			21,496			—			122,842
Interest Expense (Income), Net		51,814			(6,173	)		11,349			6,192			—			63,182
Other (Income) Expense, Net		(33,027	)		(1,151	)		(3	)		36,920			—			2,739
(Loss) Income from Continuing Operations Before Provision (Benefit) for Income Taxes		(18,895	)		88,316			9,116			(21,616	)		—			56,921
Provision (Benefit) for Income Taxes		—			33,905			3,035			1,631			—			38,571
Equity in the (Earnings) Losses of Subsidiaries, Net of Tax		(38,281	)		17,258			(742	)		(6,081	)		27,846			—
Income (Loss) from Continuing Operations		19,386			37,153			6,823			(17,166	)		(27,846	)		18,350
Income (Loss) from Discontinued Operations, Net of Tax		—			81			—			2,103			—			2,184
Net Income (Loss)		19,386			37,234			6,823			(15,063	)		(27,846	)		20,534
Less: Net Income (Loss) Attributable to Noncontrolling Interests		—			—			—			1,148			—			1,148
Net Income (Loss) Attributable to Iron Mountain Incorporated	$	19,386		$	37,234		$	6,823		$	(16,211	)	$	(27,846	)	$	19,386
Net Income (Loss)	$	19,386		$	37,234		$	6,823		$	(15,063	)	$	(27,846	)	$	20,534
Other Comprehensive Income (Loss):
Foreign Currency Translation Adjustments		2,514			850			(7,049	)		(11,262	)		—			(14,947	)
Equity in Other Comprehensive (Loss) Income of Subsidiaries		(17,476	)		(18,336	)		(395	)		(7,049	)		43,256			—
Total Other Comprehensive (Loss) Income		(14,962	)		(17,486	)		(7,444	)		(18,311	)		43,256			(14,947	)
Comprehensive Income (Loss)		4,424			19,748			(621	)		(33,374	)		15,410			5,587
Comprehensive Income (Loss) Attributable to Noncontrolling Interests		—			—			—			1,163			—			1,163
Comprehensive Income (Loss) Attributable to Iron Mountain Incorporated	$	4,424		$	19,748		$	(621	)	$	(34,537	)	$	15,410		$	4,424

Selected consolidated cash flow statements of Parent, Guarantors, Canada Company and Non-Guarantors

	Three Months Ended March 31, 2012
	Parent			Guarantors			Canada Company			Non- Guarantors			Eliminations			Consolidated
Cash Flows from Operating Activities:
Cash Flows from Operating Activities—Continuing Operations	$	(40,455	)	$	100,211		$	4,108		$	15,195		$	—		$	79,059
Cash Flows from Operating Activities—Discontinued Operations		—			(2,415	)		—			(1,760	)		—			(4,175	)
Cash Flows from Operating Activities		(40,455	)		97,796			4,108			13,435			—			74,884
Cash Flows from Investing Activities:
Capital expenditures		—			(31,371	)		(2,828	)		(21,717	)		—			(55,916	)
Cash paid for acquisitions, net of cash acquired		—			(8,818	)		—			—			—			(8,818	)
Intercompany loans to subsidiaries		116,821			(19,330	)		—			—			(97,491	)		—
Investment in restricted cash		(2	)		—			—			—			—			(2	)
Additions to customer relationship and acquisition costs		—			(2,523	)		(62	)		(423	)		—			(3,008	)
Proceeds from sales of property and equipment and other, net		—			1,885			5			(37	)		—			1,853
Cash Flows from Investing Activities—Continuing Operations		116,819			(60,157	)		(2,885	)		(22,177	)		(97,491	)		(65,891	)
Cash Flows from Investing Activities—Discontinued Operations		—			(25	)		—			(1,116	)		—			(1,141	)
Cash Flows from Investing Activities		116,819			(60,182	)		(2,885	)		(23,293	)		(97,491	)		(67,032	)
Cash Flows from Financing Activities:
Repayment of revolving credit and term loan facilities and other debt		—			(623,221	)		(715	)		(11,603	)		—			(635,539	)
Proceeds from revolving credit and term loan facilities and other debt		—			700,000			—			1,105			—			701,105
Debt financing (repayment to) and equity contribution from (distribution to) noncontrolling interests, net		—			—			—			191			—			191
Intercompany loans from parent		—			(116,998	)		(2,860	)		22,367			97,491			—
Stock repurchases		(38,052	)		—			—			—			—			(38,052	)
Parent cash dividends		(43,180	)		—			—			—			—			(43,180	)
Proceeds from exercise of stock options and employee stock purchase plan		1,321			—			—			—			—			1,321
Excess tax benefits from stock-based compensation		190			—			—			—			—			190
Payment of debt financing costs		—			(93	)		—			—			—			(93	)
Cash Flows from Financing Activities—Continuing Operations		(79,721	)		(40,312	)		(3,575	)		12,060			97,491			(14,057	)
Cash Flows from Financing Activities—Discontinued Operations		—			—			—			(39	)		—			(39	)
Cash Flows from Financing Activities		(79,721	)		(40,312	)		(3,575	)		12,021			97,491			(14,096	)
Effect of exchange rates on cash and cash equivalents		—			—			1,623			3,069			—			4,692
(Decrease) Increase in cash and cash equivalents		(3,357	)		(2,698	)		(729	)		5,232			—			(1,552	)
Cash and cash equivalents, beginning of period		3,428			10,750			68,907			96,760			—			179,845
Cash and cash equivalents, end of period	$	71		$	8,052		$	68,178		$	101,992		$	—		$	178,293

	Three Months Ended March 31, 2013
	Parent			Guarantors			Canada Company			Non- Guarantors			Eliminations			Consolidated
Cash Flows from Operating Activities:
Cash Flows from Operating Activities—Continuing Operations	$	(47,266	)	$	118,974		$	4,161		$	29,866		$	—		$	105,735
Cash Flows from Operating Activities—Discontinued Operations		—			(90	)		—			960			—			870
Cash Flows from Operating Activities		(47,266	)		118,884			4,161			30,826			—			106,605
Cash Flows from Investing Activities:
Capital expenditures		—			(61,795	)		(1,983	)		(31,640	)		—			(95,418	)
Cash paid for acquisitions, net of cash acquired		—			74			—			—			—			74
Intercompany loans to subsidiaries		95,719			(2,177	)		—			—			(93,542	)		—
Investment in subsidiaries		(3,500	)		(3,500	)		—			—			7,000			—
Investment in restricted cash		(1	)		—			—			—			—			(1	)
Additions to customer relationship and acquisition costs		—			(3,055	)		(70	)		(1,511	)		—			(4,636	)
Proceeds from sales of property and equipment and other, net		—			12			(3,191	)		2,662			—			(517	)
Cash Flows from Investing Activities—Continuing Operations		92,218			(70,441	)		(5,244	)		(30,489	)		(86,542	)		(100,498	)
Cash Flows from Investing Activities—Discontinued Operations		—			(10	)		—			—			—			(10	)
Cash Flows from Investing Activities		92,218			(70,451	)		(5,244	)		(30,489	)		(86,542	)		(100,508	)
Cash Flows from Financing Activities:
Repayment of revolving credit and term loan facilities and other debt		—			(349,550	)		(850	)		(4,967	)		—			(355,367	)
Proceeds from revolving credit and term loan facilities and other debt		—			386,300			—			206			—			386,506
Debt financing (repayment to) and equity contribution from (distribution to) noncontrolling interests, net		—			—			—			194			—			194
Intercompany loans from parent		—			(97,554	)		(2,197	)		6,209			93,542			—
Equity contribution from parent		—			3,500			—			3,500			(7,000	)		—
Parent cash dividends		(51,662	)		—			—			—			—			(51,662	)
Proceeds from exercise of stock options and employee stock purchase plan		5,005			—			—			—			—			5,005
Excess tax benefits from stock-based compensation		1,705			—			—			—			—			1,705
Payment of debt financing costs		—			(469	)		—			—			—			(469	)
Cash Flows from Financing Activities—Continuing Operations		(44,952	)		(57,773	)		(3,047	)		5,142			86,542			(14,088	)
Cash Flows from Financing Activities—Discontinued Operations		—			—			—			—			—			—
Cash Flows from Financing Activities		(44,952	)		(57,773	)		(3,047	)		5,142			86,542			(14,088	)
Effect of exchange rates on cash and cash equivalents		—			—			(2,311	)		(3,114	)		—			(5,425	)
(Decrease) Increase in cash and cash equivalents		—			(9,340	)		(6,441	)		2,365			—			(13,416	)
Cash and cash equivalents, beginning of period		—			13,472			103,500			126,443			—			243,415
Cash and cash equivalents, end of period	$	—		$	4,132		$	97,059		$	128,808		$	—		$	229,999