The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: George K. Tong - Goldman Sachs Group Inc - Analyst
: Hi. Thanks. Good morning. You mentioned the data center signings came in lighter than expected and trimmed your guidance for
data center new lease signings. Can you elaborate on what you're seeing in the Data Center business that's causing the slowdown?
Question: Eric Luebchow - Wells Fargo Securities LLC - Analyst
: Great. Thanks for taking the question. Just to follow up on the data center discussion, Bill, do you think that a lot of this is just timing?
And do you suspect that based on the power delivery timelines you have in places like Virginia and Richmond, there may be a kind
of shrinking book-to-bill window from some of the hyperscalers versus a few years ago that the outlook for data center leasing will
kind of improve into 2026?
And I guess related to that, given the slightly softer outlook, does this have any impact on how you think about data center CapEx
beyond this year? Thank you.
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AUGUST 06, 2025 / 12:30PM, IRM.N - Q2 2025 Iron Mountain Inc Earnings Call
Question: Shlomo Rosenbaum - Stifel, Nicolaus & Company Inc - Analyst
: Hi. Thank you. I just want to pivot a little bit more now to the ALM business, which came out particularly strong which -- very good
after the last few years. I was just wondering if you could parse the ALM growth in the quarter, how much was enterprise versus data
center, how much was volume versus component pricing, and just the trajectory that you're seeing from your clients right now. Are
you going to kind of break that out as a separate unit in the near future, given the growth that we're seeing there?
Question: Jonathan Atkin - RBC Capital Markets Inc - Analyst
: So following up on that topic, hyperscale decommissioning, you mentioned a couple of wins in your prepared remarks. I think one
of them you mentioned might have been competitive. But can you talk a little bit about the industry dynamics in a sector that's still
fragmented? And when you win business from a competitor, what are some of the factors behind that? And then what are you
seeing in terms of the pipeline going forward for the sector around hyperscale decommissioning? Thanks.
Question: Tobey Sommer - Truist Securities - Analyst
: Thanks. I wanted to ask a margin question. I think you cited 47% flow-through. Is there anything unusual propping up that figure?
And how do you think about the trajectory going forward?
Question: Brendan Lynch - Barclays Services Corp - Analyst
: Great. Thanks for taking my question. I appreciate the details you gave around the Treasury contract, but maybe just help us understand
the kind of puts and takes there. If I recall correctly, it was announced on the first-quarter call, but it wasn't included in guidance.
And then the press release suggested that it was going to be rebid, but now it sounds like you are generating some revenue from
it already. So maybe just walk us through the path there and what we should expect going forward.
Question: Kevin McVeigh - UBS AG - Analyst
: Great. Thanks so much, and thanks for all the detail. Can you just -- Barry or Bill, you said it quickly, I just want to make sure. On the
megawatts, kind of the targets this year, is it $20 million to $80 million? What was the initial target, and what have you assigned year
to date? I just want to make sure I have the numbers down.
Question: Alexander Hess - JPMorgan Chase & Co - Analyst
: Hi, guys. This is Alex Hess on for Andrew. Just wanted to review maybe the way you guys are positioned in the data center ecosystem
broadly. Obviously, there's been a ton of funding for the market of late, including from private capital. But you've also got a sort of
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AUGUST 06, 2025 / 12:30PM, IRM.N - Q2 2025 Iron Mountain Inc Earnings Call
tougher reinvestment phase with one of your large competitors, where you guys have made a large hire from. Can you highlight
for us just sort of where you feel you were positioned in today's ecosystem, where you're advantaged, and maybe opportunities for
you guys to be an important participant in the next juncture of the AI rollout?
Question: Shlomo Rosenbaum - Stifel, Nicolaus & Company Inc - Analyst
: Hi. Thank you. I just wanted to ask if you can talk a little bit more about the growth in the digital business. How much was it some
of the additional capabilities that are being added in? And with those additional capabilities, how differentiated is what you have
versus no other items that are out there in the market?
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