• Continued growth in physical storage through revenue management and expansion in emerging markets.
• Significant progress in scaling the Global Data Center Business with 21 operating data centers.
• Investment in Project Matterhorn to accelerate business growth and optimize customer service.
• Commitment to diversity, equity, and inclusion as a core company value.

Dear Shareholders,

As we reflect on the past year, we are proud to report that Iron Mountain has made significant strides in executing our strategic growth plan. Our focus on expanding our physical storage capabilities, particularly in high-growth emerging markets, has allowed us to continue to lead in the information management industry. We have also been successful in scaling our Global Data Center Business, which now boasts 21 operating data centers across 19 global markets.

GuruFocus has detected 13 Warning Signs with Iron Mountain Inc IRM.
• IRM 30-Year Financial Data
• The intrinsic value of IRM
• Peter Lynch Chart of IRM

In our journey to transform Iron Mountain, we launched Project Matterhorn, a global program designed to accelerate our growth and better serve our customers' needs. This initiative is transforming our operating model to a global one and is expected to incur costs of approximately $150.0 million annually from 2023 through 2025. Despite these costs, we are confident that the investments will enable us to capture a greater share of the large, global addressable markets in which we operate.

Our commitment to diversity, equity, and inclusion remains unwavering. We believe that diverse and inclusive teams produce more creative solutions and are essential for attracting and retaining top talent. Promoting inclusion and teamwork is not just a core value; it is a behavior we expect from all our employees.

In closing, we are excited about the opportunities that lie ahead for Iron Mountain. We are committed to continuing our growth trajectory, delivering innovative solutions to our customers, and creating value for our shareholders. Thank you for your continued support.

Sincerely,

[CEO's Name], CEO

Iron Mountain Inc

Please note that the actual CEO's name and the date of the letter were not provided in the text, so placeholders "[CEO's Name]" and "[Date]" have been used. If the actual name and date are available, they should be inserted in place of these placeholders.

Read the original letter here.

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