thank Greer, and you all us. for you, to Thank time taking join
our road would on mountaineers, all in I who like also me line you saying, our healthy start are hope let every by go well First and day. who in the our by impacted employees thank say, COVID-XX. have our thoughts those are foremost, facilities to particular to you and front and to and been out I all
our been possible. seamlessly colleagues many our our of needs are essential, as services are ensuring as met customers' have of many As considered
shown resilience have Our in selfless times. challenging mountaineers and dedication these
respond key focus a new and subjects. and responding service I light remarks managing through storage revenue How As in have we and my the seized, recurring storage center provide to the these. call, which strength times few are valuable opportunities core as we this changing businesses, real-time such and pandemic; morning's needs, business in the on revenue during will as data our go we COVID-XX durability of we and our of customers'
First, we are evolve COVID-XX you at which aware rapid continue closely to pace. monitor the continues to as a situation,
our top customers. Our is safety people, to our priority and of families ensure and the security their
since virus we As been assessing measures in situation learning about a precautionary the business, the January. implementing global first have extensive and
been We have constant.
globally in communities the on and operate people, Asia in impacts the spread virus we of First now and our customers. our minimize and striving in its to the
of customers pandemic. they ways We many this are and considered have been navigate which serving new as innovative in businesses essential our
Now let on current me what business, and to address we our impact situation, are that doing impact. the the mitigate
we storage and base reserving health assets inventory responders food retailers. by example, an volumes, including As are needed unanticipated supplies drug in and for critical
inventory now providing or disruptions. to service chain storage also are We supply businesses stockpiling outflow for due
of of customers allowing solution a services remote a processing and distribution on our working activities, unemployment the our to are In benefits of range providing digital addition, from digital mail availing we to mailrooms of remotely. AI-based corporate including facilitate
strong, normal our unprecedented to of all positioned to introduced we what quarter first focus do remain us priorities could The business examine resilient on course challenges and well of and required to our closely and our stakeholders. beyond support
facilities operations XX% cleaning safety In where levels place. Mountain we at many locations considered records in and keep heightened operate. and open management all an have we service varying able sectors of Fortunately, Iron essential to business, of and than global procedures our information in been our is with more
innovative can and scanning solutions are other and new customers' care for and supplies our enable and respond digital businesses. around solutions home-based To Insight health document data which help to platform, global COVID-XX, We PPE are need storage are our a and critical our intelligence distribution we application seeing creative providing of workforces. center and more customers help in offering through of our artificial solutions
Whilst there high get we come of a I length of and uncertainty company. pandemic regarding out is the this from perspective, am stronger the an and even confident the ensuing recovery an degree will COVID-XX economic through
already seek seeing out resulted have customers revenue. services We new are that in
customers that streams. we confident same the possible they it's generate services whilst new continue our that to way are did use able will to may historically, So we revenue not be
closely been in have differently few a teams ago. months that customer-facing didn't customers, to problems solving engaging listening Our short even exist
cash and from deepening from expenses are and but level many Barry offerings generation, Iron Mountain are taken of differentiating our which of will of our Mountain and more and capital further discretionary We digital our physical strong peers, with reduce specific have taking high better financial operating a for have not including We the prioritizing strength, from top relationships believe and the to are position. on we do priority we in perspective, breadth customers M&A. we financial this expenditures, a Liquidity longer cash actions level Iron are liquidity a remains and term. we detail positions operating at provide flexibility. the action
billion to facility. and of first in hand sufficient environment. end this on runway operate than more quarter, business balance our uncertain us between with on strong had provide This should $X.X availability liquidity sheet cash revolving the the the in of we As credit
by until in as home offices their global from As a such have and of over has and work service ban significant we customers exposure geographies magnitude decline levels in as countries XX% activity majority markets, the business. limited, declined are you mandatory service shred markets facilities instituted The or visits secure place of by in market external year. XX% product China, XX prior and from our is service Whilst a have the compared to such which so QX, mid-March varied company by policies our expect we in Service activity would for see times as line. in XX% approximately our records not and as crisis many to operations peak declines this, in management In parties. has respective timing with to a the to experienced account revenue. have saw for did restrictions had the numerous that our activity decline during businesses, our of when significant a service
service pick As activity lifted, this we restrictions are back gradually up. to expect
we activity spread in approximately at from improved at the XX% instance, our Chinese For normal which peak of seeing China. virus in levels, service are has only markets, of current XX% to XX% the
only significant. generally some of as business, profit, XX% of our the given costs of impact is the service about fixed contributes decline the the While the in size well as
encountered with our measures activity, costs slowdown, our either that reduced for levels tough As Iron service in this workforce. decisions we furloughed, an our we made or approximately of fellow labor impact Mountain line global temporary colleagues. have we have to X/X keep effort of hours In have reduction other utilized
our health colleagues to records managed fund. in lightly, during management resources impact contract employee numerous activity our limited up employees have of We time. workers costs unprecedented to our on our utilize putting unemployed employees Decisions information and our by assisting and support to relief individuals care recruiting also provide never government sponsoring funded support outplacement furloughed, benefits employees, employees global of actively helping that their in hold -- this impacted This temporary taken employee and most or programs in impacted continue are have our and our through terminating we business. set portion those includes, for employees but is the not to, available respective assisting with on
time, have and have prior customer new seen boxes same we core benefit boxes our a our on the Whilst able inbound, we business the we we remains to existing to durable, slowdown earn inventory. At months in and revenue years, from continue inbounded our from is majority that that continue revenue relationships. been storage deep and long-lasting in that were to and storage the of
is growth from management. and grew on on COVID-XX of remains impact However, QX, the dependent crisis organic strong revenue benefits severity the supported future the have pandemic. storage volume revenue storage duration organic will unknown by and rental total revenue and X%, In our the
initially QX, we X%, compared of volume ways and management lower a to primarily Due the our organic declined approximately the volume to the volume the to consumer than to QX entering XXX,XXX of on and fourth year, flat from global for Global adjacent by be respectively expect expected of COVID businesses look of impact will in feet X% cubic but driven growth continue for XXXX, we the boxes slowdown. incoming to the year was sequential records we in mitigate basis. remaining Organic quarter.
about customers before, mentioned to situation. dialogue navigate in help customized also leveraging Mountain and difficult remain our we solutions Iron them I existing with this active As
want few briefly key a examples. to I mention
necessary who security of to customers the chain custody our this today's Image maintained, contact by enhances delivery, that crisis which enables more security on information Demand. the whilst One delivery. in customers environment. digital it, This which safe, be digital solution This effective remote provides service during and list, even provides with information quick online more need turnaround of XX-hour our benefited sharing is services those a have are and ensuring privacy is
to to secure used chain the PPE was one US is in valuable need and customers, prep provider, surge medical at a patients. sites required a national was taking one space and of struggling states kits employees up a customer supply health that are our location critical care to for challenges. being distribute This example needed XX,XXX particular which helping where to Another in without XXX XX care PPE supplies for we with
we multiple is during We storage our to one up have we and of these in-bounded the kits support. of and customers meet to helped XX trying many stored items needs, only In example in logistics of to pallets PPE This healthcare healthcare prepared sites. XX business how order provided from and non-records times. distributed made critical medical suppliers, kits those
critical records Essentials workers to of needed government unemployment to platform, application agency enabling example to relevant The receive a more the processes department government which government home-based enabled the as claims as examiners. claim quickly volumes than our third maintain our process high department labor XXX InSight possible. whilst A that via InSight leveraged is to scan unemployment
need destroyed. We store copy to be will them to they securely hard continue until records the for
states for U.S. address multiple teams speaking We the volume claims. remote similar as well to and elevated as the about working during claims this are Medicare crisis solutions unemployment approving both the and currently of to need
in play are you the the center need current As traffic remote expect, for economy. role data pandemic substantial a organizations would an as in has increasingly and working increase driven business global expanding number to further of Moreover, has of and vital multi-tenant adjusting underscores practices, an digital center bandwidth. resilient which unprecedented our data additional also been the
COVID-XX transformation is it and journeys, causing especially remote their to digital their to IT as relates fortifying infrastructure evaluate and accelerate capabilities. companies outsourcing their
believe to portion experts the that well industry, moving in serving were industry for that business our evident fact, trends fast-track already which is In this data forward. bodes COVID-XX center of
logo, This strong X-megawatts new performance, expanded a pipeline of X.X includes leading our in revenue for remains a leasing new consisted additional reservation XX%. which Looking and of an also provider, robust. had data global enterprise leases of contractually expansion Phoenix. a hyperscale QX business a our software X-megawatt with with megawatts committed booking at our campus and organic a signed recent center We growth and almost
to our momentum for We data Commercially backdrop, good hyperscale, maintain requirements. and significant with customers. engagement receive enterprise also our in continues RFPs corporate both macro government continued an despite center team to unprecedented
data to has and current and meet and working to prospective quickly team continue need to tours including the support customer for The virtual demand new center remote our hosting needs, and of increased the innovative normal adjusted been has capacity.
to committed resiliency ready data and to with are is upgrades needed new if whilst we ensuring staff and handle for our and are additional and uptime workforces supported. bandwidth center customers installations our remote capacity support, We are
to that centers of -- development. currently the closely data our area monitor of One continue under is we our pace construction for the on impact
is industry. which we happening modest also it's delays significant, across our While not across of do many projects, the see
relatively of extend situation. should in increase or length, delays our high could XX%, Given a tight this capacity create almost supply utilization
it contact As materially partners. and close we our I delivery do not are all foresee and vendors this for our construction keeping with eye this moment, bookings regular year. of we said, anticipated a are at in this And will impact on and
recovery choppy. As truly is we current long go very be are path by It and will and on. ahead to to uncertainty times is difficult look predict unprecedented these the how environment likely clouded will this
to how side. business. other normal undoubtedly be lasting new customers the work and on the conduct look our we like what will It And will changes will how
economy, approach the impact on we is global Given believe the conservative combined effects financial warranted. associated the a the of and pandemic
from As strong start. Summit Project our you a to see can is results, QX off
and speed strategies Now opportunities streamline operations. identified given running, project implemented that have and our we we the are and One, up to teams with to Wave our additional which accelerate business
forward materialize number pulled initiatives Project were at XXXX. a in of for waves have a pace those benefits see two and and to Summit of three We planned that expect faster
adjust In ways new work as with Project our has addition to to finding work differently remote working customers roll uncovered to to remote -- customers our ways COVID-XX out us to Summit, as they for we a support environment.
to service need has allowed increased reassess for digital delivery us model. customers' Our our delivery
working. needs of as service real well Leveraging our positioned efficiently new and with adapt fleet, more services growth to on technology adjust to like new enables changing capabilities, address these to Demand Image and utilize us R&D ways customers' us they labor model our delivery Our have estate. and initiatives
changes most more align as record or center level revolve leverage of new The external SLAs. delivery to SLAs serve use our to customer effective delivery agreements with digital our our to us service SLAs impactful as around model new better allow our will internal customers. service agreements well These
will we extensively also historically for delivery. our providers and party In than addition, have utilize logistics third pickups more we
in with have customers in some begun additional the changes largest which resulted We our markets changes, has across the and business. SLA have regarding some communicated of implementing proactively our in these force reduction
EBITDA levels prior Summit exiting $XXX of The increase cost represents $XXX This should now in million from is expectation expected. of generate even total is million. we expected expected our XXXX. expectation of $XXX associated from initially This Summit adjusted $XXX EBITDA benefits meaningful benefit a the to prior million, program and result approximately of million. up higher than of Project charges broadened Project scope to adjusted
of In from Summit benefit only business from our additional we situation. closing, COVID-XX Project strength this once from further emerge propel -- should the the underlying COVID
us Our QX, from even an as in the expanded promise pandemic stronger envisioned company that will strong than COVID-XX we confident makes the performance Summit additional together with emerge from an before. Project
demonstrate to communities really determination of time us show our their that all and on customers they and and Iron continue is Mountain in resilience of and We that count need can iron.
I your for their fellow in loved times remaining I I mountaineers and of families their and all pray safety. want all these thank my ones to difficult of hope perseverance well. again safe are and for their you and
With the that, I turn call over to Barry. you
