Response to COVID-19 & Project Summit Key Goals
Q2 Performance
Solid performance in a challenging environment
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Delivered constant-currency Adjusted EBITDA in line with last year, despite $58 million revenue decline
Adjusted EBITDA margin expanded 200 bps Y/Y - benefits from Project Summit, revenue management, and mix
Drove cash cycle improvement of nearly 4 days Y/Y, with benefits coming from both DPO and DSO
Core Storage business highly durable
Continue to benefit from deep and long-lasting customer relationships
Global organic storage rental revenue growth of 2.3% supported by strong revenue management
Global organic storage volume declined 1.8M cubic feet; Consumer and Other grew 2.2M cubic feet
Global Data Center momentum accelerated
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32.3 megawatts of new and expansion leases executed in Q2; first half leasing of approximately 39 megawatts
Expect to execute an additional 10+ megawatts of leasing in the back half
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Expect full-year leasing of 45-50 megawatts relative to original full-year 2020 guidance of 15-20 megawatts
IRON MOUNTAIN"
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