Cyrusone Inc. (NASDAQ:CONE) Q3 2020 Earnings Conference Call - Final Transcript

Jul 30, 2020 • 11:00 am ET


Cyrusone Inc. (NASDAQ:CONE) Q3 2020 Earnings Conference Call - Final Transcript


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Good day, and welcome to the CyrusOne Second Quarter 2020 Earnings Conference Call and Webcast. All participants will be in a listen-only mode. [Operator Instructions] After today's presentation, there will be an opportunity to ask question. [Operator Instructions] [Operator Instructions]

I would now like to turn the conference over to Michael Schafer, Vice President of Capital Markets and Investor Relations. Please go ahead.

Michael Schafer

Thank you, Sean. Good morning, everyone, and welcome to CyrusOne Second Quarter 2020 Earnings Call. Today, I am joined by Bruce Duncan, President and CEO; and Diane Morefield, CFO. Before we begin, I would like to remind you that our second quarter earnings release along with the second quarter financial tables are available on the Investor Relations section of our website, at

I would also like to remind you that comments made on today's call and some of the responses to your questions deal with forward-looking statements related to CyrusOne and are subject to risks and uncertainties. Factors that may cause our actual results to differ from expectations are detailed in the company's filings with the SEC, which you may access on the SEC's website or on

We undertake no obligation to revise these statements following the date of this conference call, except as required by law. In addition, some of the company's remarks this morning contain non-GAAP financial measures. You can find reconciliations of those measures to the most comparable GAAP measures in the earnings release, which is posted on the Investors section of the company's website.

I would now like to turn the call over to our President and CEO, Bruce Duncan.

Bruce Duncan

Thank you, Michael, and welcome to CyrusOne's Second Quarter Earnings Call. First let me take a moment to thank Tesh for his leadership, as Interim President and CEO particularly in guiding the company during the early months of the pandemic, and also for his long and distinguished career at CyrusOne. I would like - also like to thank Gary Wojtaszek and founder Dave Ferdman for their vision and hard work in building the business. Helping to put us in the strong position we're in today. It is an honor and privilege to follow in their footsteps. And most importantly, I'd like to thank the entire CyrusOne team, which has done and is doing an outstanding job taking care of our customers, executing our business plan as the results reflect.

I've only been with the company for a few weeks, and I'm continuing to get acclimated. But one of my first observations is that, we have fantastic people. They're smart, hardworking, customer centric and want to win. I am very excited to be part of this team and I'll have a much broader commentary on the next earnings call, after I finish my conversations with my fellow teammates, our customers, our current and perspective investors, and other stakeholders, as well as visit most of our data center assets.

Moving on to the results for the quarter, beginning with slide four. Normalized FFO per