Q4 2020 Earnings Call
[music].
Ladies and gentlemen.
Good day and welcome to the before limited Q4, it's only 21 of the Investor Conference call.
I've had in mind do all participants' lines will be in the Mitcham only.
And there will be an opportunity for you to watch questions. After the presentation compute.
Should you need assistance during the balance sheet school.
He signaling nobody does a good thing still didn't see you on your Touchtone phone.
Please note that this confidence the speed at Goldman.
I now hand, a bunch since it would have much up at night, Vice President corporate that you don't find you under what do you.
Hi, Kevin Stein.
Well I'm they couldn't talk fuel for its hard for me the earnings call them either to begin the call with the business highlights and all of you buy all baseball Chief Executive Officer for nitrogen Gotta go.
Slide nine she told you last year well jump in there now.
So what's the all create already opened the basic what's really needed our management team.
Before they start let me draw your attention to the fact that you wouldn't even gone they may make certain forward looking statements, but they may not be private Securities Litigation Reform Act 1990 fight. These days and then Tom based on management's current expectations are not associated with unfortunately, Stephen good which make basi I'm sure.
Sure. If you do neutral from the Olympics I could see I'm talking reducing risk truck goes out explained it onto your filings with HP Cisco does not undertake any obligation to update forward looking statements to affect me when I spoke of junk opportunity to fight.
The conference call her it'd be all Craig I had shrunk it'd be made available no not much like what do you okay.
Thank you.
I'm, good evening, and good morning, ladies and gentlemen.
I'm joined by month does the Executive Committee.
So senior leadership team.
What's really quick.
Got it social dependency on how about talking about says so the new normal working other leadership.
We would show me to the votes for the fourth quarter until your performance.
Yes, I do you couldn't be but before I do that.
I wonder tight.
[laughter] <unk>.
All of the 180000 lots deployed globally.
Oh look up the most I thought was bought no.
Well the on boarding airports unpleasant, but oh.
Oh, you've gone swarmed ourselves into this new enrollment.
And this minutes for delivering on our commitments to all upstream.
These are long the folks know unprecedented.
And I'm extremely proud of how.
And Doug Dean has come together in the face of this crisis and looking for someone to ensure the 50 ml <unk> Oh each other.
I've been hearing sort of looked like.
The plus.
[laughter] or do you consider you said you know well this month, but.
The still <unk>.
[laughter].
Well not coupons to your performance.
Okay. That's you know do you foresee revenues grew by 8.4% inconsistencies dumps within a day density.
Can you ought to be grew at a 3.9% in constant.
The first one thing before those most strong order book.
He was little dog <unk>.
Oh gosh, almost all the projects, but as much as the corporate events like this so that's what do you disagree with it.
He muskets like you as you all the UK unbundled Dawn in India.
So I'm, assuming they did in fact what business.
[laughter] pick a boat so although the response.
Basis.
Yeah, I'll leave you like Oh or.
And then in Philippines, we quickly.
Well were 19 global crisis management, all sports despite pardon, our chief operating officer, and consistent with young girls functional teams or is this something you'd be blending Oh look you can go to make sure it's Oh geez.
Information security officers.
It's broad themes.
No facilities management group well.
Well, we ought to be.
Well I'm the names the 50, and then being a part b, but.
Because well pension closeouts, so not only the number given its domestic where does including the administration in various jurisdictions.
Mhm.
You must <unk> most oh.
HM.
Nobody else is.
And then what some point.
On March 15.
James the what do you have they been caught on to support the in place.
Yeah, what so.
Started.
The 165000 deliberate languishing employed.
From the initial if what obviously was about <unk>.
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Well I'll discuss close yeah.
Then just before the lump though.
Work from home Wi Max.
Stops.
It's the laptops and good luck.
Oh, I'm, sorry, what didn't talk People's homes.
Okay.
That's a D you're not globally.
No BP and using or no.
Oh puddings, although these they've yet to be.
The knowledge number.
What.
Hey, Bob do you still love customers leave them on the May just be what adopting and saw better.
All of these imports and she'll be.
92%, Oh what employees.
What somebody else customer.
And 90% on employees.
Actually engaged in delivering logic globally, and so let's just look estimates.
Oh, no, but still more.
In the fall school, we there's.
Well the theme, that's that's going to the use of working.
Just looking back and then you stand up well, but equally.
Well said that have been v. I, because so much that lives. The liberty is being managed to this.
I'm pleased to report about instead of performance has been stable and yet, but it didn't read without customers on the liberty commitments so to that.
Most of our customers have appreciated.
I mean I'm not at Liberty to help.
Well they don't many examples I would like to shed a couple of examples Oh, but you.
The first one large.
Thank you for us.
Which one launch let's discuss solution [laughter] thousands of small businesses and their employees.
It's going to me this program initiated by the U.S. President.
No financial relief on the biggest scared school Glenn it's just spoken of you've known as the PPP.
I feel committed employees from the cool that's up as a challenge what.
We've got slogan.
Lets them, but not on started working on told you couldn't.
This is the solution.
How about southern do all parts of the topic I'm supposed to be a weekend.
Oh, you ensure that the application then like Onesix Topia Palin also incorporating a few regulatory changes.
The U.S. bombing on existing systems I'm delighted to can you first then <unk> what did you make loans.
The fourth built but do you like wouldn't be too probably shouldn't be loan applications. What cost goes there's I think those is what it says if you know lifepoint played billion dollars.
It doesn't mean.
[laughter] positive and that's probably going to customers business to go sites such.
Oh, you had said they look pretty similar agreements with different banks.
And providing that's coming up sort of its.
Another example that they wanted to light is Oh, one of the not just the busiest airports, but sort of its.
It's all somebody.
Yes, I live in order to shut downs open domestic policy.
Hi, good bed, who has just gotten depletes the liberty essentially like like food and the medicine.
My calls the bill.
[laughter].
But it gives me a good thing most of what stops what some more.
In short the Big [laughter], all this business 'cause it good applications built in shoes.
We happen to put away.
So it's a services because this particular airport and Oh you know.
You got a custom working from home and this was a big change pardon me and the kids management goals in life style and what it doesn't keep with what I mean, what's from home.
That was these employees all the airport beyond that we put beams, it's a business oh gloves on the customer.
Thank you guys did that employed well what form a reminder, walk in sports Yeltsin what doing more.
The you know has done well do various marketing across location.
And then one and listings, which was like collaboration and enables that supports because among many other things.
Cool all the customers you have a neighborhood well what hoplamazian slight employees could be able to work in this new norm.
So many other examples close so I was maybe a little putting that yes, she had opportunity to help our customers Oh, you know what this Chris.
Oh.
I wanted my but what did you have to be Savage all that should've been enjoying shift you put in place I'm jumping up get started this article still Muslim.
Yes, still very much but because of the crisis economic stability, but it has caused.
Based on video supposed to match the goal.
I'd expect it to be claimed by.
At least 2%.
Views of the brightest speaks in mid June quarter.
But if it speaks to the beat goes into the July August September book, what does the decline could be even more dramatic.
This is like me, obviously to have a significant impact on a couple months business and earnings and hence Oh.
That's giving you said on that I didn't spend.
We already see instances of budget productions.
Scripts that he's been a reports for everybody, but it's going to buy she wishes and restructuring of existing spends.
It's like anything hospitality and lines and those you, especially always on does and Oh segment in the manufacturing business audit you didn't see more youth and be Buddy.
Given the uncertainties the environment and the inability to predict.
The fourth of the hits crisis, we have decided to typically sell sprint I would've thought through I think wasn't me guidance and he's a good you then we haven't gives the southern <unk> then we see grew 70 aboard the demand and supply constraints, but this crisis has skewed.
The only because I guess.
Well you can remain [laughter], but not all the customers by staying close to them and enabling them you ought to know.
I'm focused on what your positioning.
Oh footing.
Especially focused on efficiency like more than my vision.
Hello.
Commission cyber security analytics et cetera.
Good market share in strategic the phones as well as a.
Make the most of consolidation opportunities, but it's good to light.
Oh.
He used to be playing during the quarter.
Booked significant, especially one of them up.
We had pretty adults to me on Heidi.
On salary increases the become due in this quarter dozens of the minutes are you selling price.
<unk> expenses that he has been the through.
Variable cost such a thing.
He doesn't it seems that symptom.
And do something revenues and getting market share will continue to remain a priority.
Good opportunities to get more efficient.
I would anticipate lucky.
Why didn't really Jesus.
Well that golf Gosh, you know davinci.
Let's go by does.
But even emerged stronger and better.
[laughter] I'd like to restrict the bed vitamins itself.
And.
As we all know the going get stuff the stuff that going and we believe but we are coming in because this crisis.
Well this should help strips even them instead plus could not have gone.
Places you had been be business continued de staying close to the customer and since the new involvement.
Hi, This you on all the very best.
We still see I'm still strong I listen to hand over to Justin.
Highlights of our financial performance.
Thank you all that.
Though is as you know a weekend, we didn't know guidance that we had given full quarter pool I read all or most of the numbers to delivering a this being the last part two of the or you don't.
Financial performance all the.
Oh, well Lupita revenues were 4.2 boys and girls for this is good.
We.
We expanded our they'll be my opinion I do so this is saying mainboard points to close soon.
18.1 person for the full year.
That has the school Oh was Oh, well bidding for all three to 5.8 Boes.
We.
Okay from living on the Beach Group do you had a similar to know we had logic as early as part of the.
The beach, which was finding the buyback debt completed in September although they didn't come to eat boats and go to union.
Given some of the stakes.
I don't mean that can be sold.
During the year, Oh, what effective tax rate was a little worse.
By about 1.7 boson duty this year.
And then for.
No, we weren't able to blue or net income.
Well you like 8%.
Because of the reduction in the muddled shares outstanding shares.
The buyback all the Oneq, but showed good Oh play play 90 going be was 11.2 person.
Yeah, that'd be any of the Oh, we have about $3.4 billion snakes cash and $4.4 billion all girls fish.
Oh Oh.
Oh, no Oh 20 could use of $2.7 billion nobody knows what age old once we have been made any.
Well I realised three for this quarter.
Was 73 point 95 compared to 72.09 of the previous why does the we did have benefited from me either being it'd be go to make the realization.
All in all Oh, we feel we have Oh gosh publishing a strong cash position to continue to look guys opportunities that so getting environment may present, a informal consolidation.
We also Ah Hey, Doug.
On on operating cash flow in free cash flow Oh, we believe our operating cash flow as opposed to date, if they'd be Dod own, 81% and free cash flow.
I didn't give them on a very similar number at about 80 81.
Oh, we had a slightly lower operating cash flow into Threeq I sleep why before as someone who may have and will do.
And that goes because.
Oh, we had before selling payment, which happens once in two years.
In India.
And that impacted more.
A number was by approximately 30 bucks.
So the numbers they do see as a conversion all four oh operating cash flow through on every dollar operating guys supposed to net income for the totally doesn't know what I'm, giving is if they did today since dual mode. All bidding guys nice, but when they do it'd be dyno bid. These guys and for you guys know supposed to individual.
Net income would have Oh, well then increased by about 30 Benson.
If you want to make I'd just made on their phone calls that we did have a slightly oh hi, your knee, it's all in quarter four because a we need some disruption on a regular being many cycles that some of our customers undertake as in last two weeks. So a lot of the organization.
We're going through the teething issues going on on BCP, but we have had oh.
For two weeks all watch.
One we view this confidence that we will catch up on some of those are some of those ah inefficiencies or wonderful.
This is all I had a will be very happy to pay commissions from here.
Thank you very much huh.
Ladies and gentlemen, we will now begin to question answer session.
Anyone who wishes to ask the question maybe at least that's.
Then one on desktop stone telephone.
If you wish to the move your sense from the question do you May proceed style didn't do.
Well that's been talked listed for use on such what else can no question.
Anyone who wishes to obsolescence east, but still then one.
The first question is on the line of nothing but I've been from Investec. Please go ahead.
Yeah, Hi, good evening and Ah Thanks for taking my question.
So first I just wanted your thoughts on Oh, the Oh, I got to detect industry study and extended payment terms.
No. If you could just give some clarity there in terms of a one what proportion of planes.
I think we'll end up asking photos are such a concessions and or do you would think these conversations about even going to place 10 basis very density or do I use they didn't need what specific cuts. They think it's more sort of let.
And Oh finally go or do you think or something like an I Miss also oh.
It was price cuts if it if it went to work.
So if they do.
She bought so that's something or what could happen since I've been organizations in goes what becomes Oh.
Fundamentally question Mark on the business more do and ER beds, yet she doesn't need to be more permanent Ah Ah, but maybe not.
Well good she had a good thing.
Don't sports I started deployment of discussion that he spent.
And ER on one side of the business, obviously, we see.
A boat so.
Stephanie.
Hi, good efficiency dozens of those didn't do a door.
I don't remember also that opportunity that you see along with Dot Oh. So it doesn't doesn't know consolidation that you would.
Look forward to [laughter] sort of business.
For two Oh.
I loved them onto slide though was that you do I know you had she actually they are.
To the cloud because it doesn't happen.
Well, it's also and then but because of working from home and over two and what do.
You wouldn't automotive and that is why you might see some pressure on does I'm sorry.
<unk> costs instead of dismissed.
Couldn't wonderful opportunity both on the back then the modernization.
Automation cloud it sits up.
Oh, Yes, I mean does he have I don't know I am quite work toward that's going to lead strong I'll put it at all.
Or.
No, but truly desktops and.
She is a good traction as customers adjusted this new normally they left in a collaborative who's been collaborative working.
From a you know Smith.
Sure.
So would you be able to kinda could walk proportion of the claims he's asking for a deep cuts is it isn't a nice proportion of planes at this point, if they want that off or something or.
How should we think about them.
So oh.
Ongoing conversations with a lot of claims in some cases yet on somebody.
Through active yet really close to one customers.
I'll put it is because there's a good and that has been limited deltak somebody should not those opportunities.
Can bring oh.
Ah, obviously reduce cost or form, but that's pretty much what at the same thing could be that many opportunities for us.
I'll.
Good morning to find what puts into the lines that are asking for this.
Put simply just kept some upfront so I'm not work because.
She has impacted.
Talk about the retail hospitality.
So Ah you know the auto segment within manufacturing and other but he see opportunities Oh, yeah. They go active music.
I'll put him, but he has he said, but specific to this oh, well with consistent dramatic students from Boston assertion that could be leveraged.
Right.
[music].
Okay.
So if you look at GNC and look at things no.
No you how would you characterize the difference in terms of work to fly interesting intensive in fact, new things that you do what you're seeing the always.
What do you see because so everyone has impacted wasn't this that's exactly how would you characterize it.
So I.
Bad it's not as much or do you have seen yes or.
The focus is about two weeks I'm sure you its big box says then.
Maybe I could also Oh man or geography, so that you brought up in rats.
The mine site I mean, yeah for myself Lifesize buckets backed it up.
Right no principal part of customers and I would focus has been quite literally [laughter] suddenly and business continues.
Some of these good looks I shouldn't that just getting started.
As the second phase, though managing the crisis, so it's a little.
Okay.
See whether it is good.
Oh how works.
Compared to the little bit for instance.
Yes.
Good thanks, so much and ER positive anyway.
Thanks.
Thank you.
Ladies and gentlemen in order to ensure that the management is able to address questions from all participants of this conference call.
Please limit your questions to one for participant.
What did he called the questions you might come back a little formula.
The next question is on the line of smoking gun Trump I don't Securities. Please go ahead.
Thanks for taking my question and it's just one follow up enough I wish you. Just question on this call is a real quotes from a Muslim and but she parts. There's there are no place, especially excuses, though you know about cordless phones.
Looking closer dolphin existing credit card.
Can you give us the same so well in the war or type of discounts are you seeing all on the more coupon. So you.
And as you know are they all have you said something all all you know that middle East what goes on.
Q1 order up and it is that something which is no. What do you feel we'll keep he is.
So a high because this is just in Ah, yes that is certainly a significant up they showed on no on safe.
I think what does that change from a from GMP dying, but he's done a large portion of our business has now become feed studies. So while immediately became very suddenly hope to be so dan or a reduction in terms of both adults.
In Israel is supposedly be loved though when you are able to lock in a business on a fixed price basis for Florida.
Hello photos listed or three or four years I, usually you Oh, you, Ohio confidence all working through your automation plans.
The you'll see that made you at all show on say those links to be able to get some of those productivity benefit back into Mozena later Boeing didn't Danny.
I won't comment specifically on the phone dumb Oh, My does I think Oh. They these are also one big or the utilization esignlive food into market about the quality players Oh wait show, but we've got some let it wouldn't be a willing or two.
So those are you know David I'm and not just school unsafe and I think Oh I didn't go we feel has done well leave though the Oh, you know responding very swiftly to although client requirements.
Oh, you to lever I think close to also blog vis-a-vis Oh, we this one day to some of the work from home requirement and does that I think he's also also so.
So so as to be able to stay you know portfolio on the strength of that exists.
Understood that consistent I'm, so bullish and cut in conversation I'm, mostly all in Q1 uncles changed or are people that people have started looking like it's like you know what them is good.
And then minimal so yeah. So yeah. So units is oh.
I am I.
I'm sorry into my number one is.
They never a guy says like that does happen. So the directional that somebody's here, then now and this year. So they do five to one.
But I also believe that's right now even customers Oh, that's unless I am thinking through the strategies for they still do your own makes your so the whole just go live nation.
Hi, This is just beginning and they really want to oil quota. So oh. So this quarter in probably early part of next quarter and we will have boots, even those remained resilient and made sure. Good what did we are doing is even though you just have the relationship that we have with customer what a beautiful.
I'm in what we can further build on that or what you just begets tool Oh, it's always not if not all 15, Glenn needed to be who know me now, but let everybody is coming to you and then you decide and then then the Oh, then though no you're back to back to normal.
Well as usual. This is this is going to unfold Oh I think though is if we see radio spots. So that was coming back to a coming back to Oh, the business and Vegas I suppose the industry are reflecting upon battle economic spikes or 2020 in 2000.
Thank you.
Okay. Let me just again one more question then well Oh no why why did you all are Mr. index that would be visibility on business is quite low you know one and so none of that doesn't get picked up but can you give us instead he sells for the impact on a individuals sectors. So.
Especially on the energy and you could say Oh.
Oh warm start off well you know what sort of he oh youre students that she has.
Mentioned getting cut their animals that you would expect to have declined this quarter.
Certainly mentioned in my remarks, you know definitely the aviation sector, what that like Internet Forbes, the overall travel and hospitality sector. Oh boy that showed you do the oil price, but he's doing a lot of lead because we've been gross and Uh huh, most oh shut down the though.
Ah stores that having a huge impact the auto sector, especially manufactured is that not only does the mine site.
Like it has been made booking.
Oh, no I was quite a difference height, but what the cuts on that but then there are.
Someone got better what become so communications that though so just the use of bandwidth. So I'm just not entertainment.
Segments in terms of consumption of for a bit services.
Yeah, So you're going against for example, you get an option the a major change.
Yes, you bought trip I didn't know if the better you said you know probably would be driven as all of you already but Jim industry.
Just in volatility.
But the C. Wonder I've got a hand, because though from the quick response submitted is Goldman summed up systems to millet. It is also a positive impact on the banking industry, but.
I didn't see more deal activity I don't think financing originations oak.
Loans that God send your brings the bike though.
Colin programs across the jurisdiction.
No so and so forth on logistics, we have to logistics.
Oh customers, but that is a new paradigm oh for supply chain management and logistics there yet she though some top ship. So more important [laughter] does alone. We have stayed where it goes do you took a somewhat organization into place.
And customizing outlet interactions and all putting them strategy, because it's got to do that.
I wish it ought adopt even better.
To be able to make the most don't took it almost seems there [laughter] wonderfully I just wasn't there was little bit because otherwise you would have they did a because nautilus because I didn't know lux, so right now, but hopeful but a lot I gave you had to with.
That's true.
The six everybody is oh, yeah.
Obviously, the instead of medical devices life Sciences, Oh that'd be helpful.
Good.
Has bought stacked up impacts that I've because.
Yes, there's a lot of hospitals that have never been a lot about okay. So much ecosystem to be able to provide a little bit than they did services. We bought says so lifting the loved directly or no.
Something that design up and you wouldn't do that does which is more proper design, but a lot of expertise.
No that is.
That's a solutions around.
Oh predicting the.
Developing bother you got sort and so forth.
So on that then I had a lot of the hospitals.
With that too.
Get on the corporate in fact I Love this incident.
He has been put on board. So if you compare from a normal occupancy on for a hospital works is one that occupied today.
Let's talk to play the most Oh I looked at like the U.S. For example that supports them you ought to start Oh hot spot in most other places, but it's definitely not lot occupancy and that has a cascading effect on the financials and I didn't spend that know how instead of it so at this.
I, just I said that other moving parts and are you know quantification of that would look like.
Thank you.
The next question is trying to line up Moshe Katri from Wedbush Securities. Please go ahead.
Yeah. Thanks for taking my question. My question is more kind of maybe brought based.
What does management wanting to do in terms of.
Balancing.
On one hand, protecting the revenue versus protecting your margin base, what sort of tradeoffs are you willing to take and then in that context, obviously that the man that slowed down what happens to your bench, what's sort of you know utilization rates are willing are you willing to kinda.
Sacrifice, yet or is it kind of because of your bench at this point. Thank you very much.
So much of big question and I would be helpful. For a few off my colleagues and I'm sitting bids, but some of the coupons, but there, but you would expect I.
I mean lifted it organization could do they quickly we formed Pete HM.
Within the organization led by Mike can see exports to the full steam that most formed a was on the crisis managing the crisis.
I'm, writing business continued to and that was led by who supported by Sanofi bundled going like this in the second thing from a Unbudgeted, which has all part of that's had been so part of business units, which is looking out or opportunities that come out. The board you have done now as the lids.
The future and hobbies and from a customer perspective.
Good opportunities and allows nothing to do what they do more color.
Mhm activities, but does that mean has been undergoing and that could be a husband formed under the sought up which looks at a.
Cost overall.
But also like policies that are more than they are in this crisis bought employees globally as many as opportunities that you need to look.
Look I thought it but I didn't know if it shouldn't see I'm done that talent engineering Oh, yes.
The corporate social responsibility of the responsible corporate citizen.
Oh in times like these are all headed by sought up slightly lots, but nothing and so I don't want to do more color.
Do you all know this is more specifics of what you're probably going to.
To answer your question motion.
So so Moshe I think one of the.
Well one of the only few I'll say the both the about at places like this is that he had a these guys are you decided that it doesn't even done so what do you can do for a customer.
Oh and no one knows the key focus areas or for that flows through this easy really you know how do we have much oh stronger and I did you sell all the whole comes on which this changes taking place a number one is Oh for example, the most the.
James You know business Beach main Doug do you must have in most places a you must guide up let's turn to a was bought again well do a boson and and that's what they're supposed to fix places I, though you know what do you see in India automotive applications all customers so let's see.
I bet, but did I Miss completely shifted so assuming you have 100% ideally be used to be able to theoretically get every both you wouldn't be mine a they do though to be kept you know what do or is that the more news all all engagement from got somebody changing and.
No distributed environment like this red Oh that a customer wants a an optimal outcome.
I believe you do real wide reliable robust oh, this phones, a and reliable robust outcomes to their customers Oh my done a lot more a day and then working units I love. It then they didn't organization all parts of similar applause bought some specific.
That'd be could provide so yes, you are the character and all of Oh and organization comes in.
You can get transition in this case. So we are looking ahead, we are looking at Oh fundamentally what what we could do in times like this oh from market, all putting standpoint and from a a what I believe you do who respond to basically two customers Oh Department Oh for for example.
Oh, you don't feel spoken for sometime about dollar. Additionally investments and insisted on what people is big back then we will those be base was really cloud and cyber security and I don't think they enable that has ever been abate does time.
Do we.
We need a induced to 80 hours. A then then today. So we are working to hold he's going to know threems ensembles, which I just spoke about.
In his opening ideas.
When we very simply responding to customer requirements as well as no means if they meet banking on energy and utilities reach me very quickly to our customers and one Betty.
Oh, I would say one very emphasized aspect all far this phones to this guy says is how do we emerge a stronger.
Good so no good talk about some of the politics.
Thanks isn't it.
And we should do you have question is how do we are.
Through my says we will be.
Or is this rather.
But we manage the cost implications in the short term.
What does he group to move it's the utility I didn't mean, the demand picks up and that's the real looking Uh huh.
Simply put you in terms of how do we looked good Heidi already we've gotten bench or do we manage people.
Including how do we have a little bit subcontracting or could we make sure redeploying we've given the review of things happening.
All these moving different arts.
[laughter] lysine, we'd be the news photos to ensure that in the sharp.
Given the X., we should monday's announcement I was in Mississippi.
Stabilize real quickly enough, we shouldn't do come back.
And that's been entered into in terms of <unk>.
Beep on this one.
[music].
Understood Thanks to the color be safe.
Thank you.
The next question is from the line up on 'cause it will jump from JP Morgan. Please go ahead.
Uh huh.
Back.
That's true.
Excuse me. This is the all picked up I'm sort of been dropped off so the through your wife is breaking.
Is it together now.
Oh, yes, that's a thank you.
Okay. Thanks for taking my question [laughter] look back at the previous crisis that you'll see it's interesting GST and the other ones.
What are the learnings you can see some bad.
Different either time.
The balance between.
Revenue optimization versus cost optimization.
So I'm going up.
Compared ourselves, having maybe get to pick and choose [laughter] most important things the odd number one.
So because of its towards quality.
You know.
No it's not for why doesn't that that's too much tough.
And that today to look at all what customer satisfaction. It does have an all time high just computed on a I'm going to customer survey on Oh, that's kind of schools.
Oh over 90% or on customer they think I know what 66% on then yes.
Second does everything that you did the first two or three weeks of crisis management do consumed a lot of properties isn't so much of nadeau here, maybe the digital services to work from home, but in some cases, even helping to customers want to employees as well as Beth.
What struggling linear but that's that's contributing for that that's come up and all of that gives a bit like being close to the customer than having to customers Trust.
So that's one ups, but as I said better well after the second topic of that didn't have because I live in don't please and I think that's been alluded to that so.
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The investments that we've made over the last Ah.
Yes, I don't digital I don't know that I'm, sorry, but securities.
I'm sorry.
Is that he's 11, because it requires a lot of organization change management can sort of did they broke through active.
Positions to be taken to the customer all the investments we've made.
No strengthen my name is not what am I got that milestones in terms of flight teams. So that you have gone extra like you got the living yeah aligns with the customer strategy as we think that these all putting a market leading be lucky there should position in over 100 of the I'm going to see a analyst reports up you participate but still.
Obviously, the simple put all putting that combined with big investment that we've made in place seems to be able to make them contextualize that relevant to our customers, including the investments in.
Two properties, especially around the forms and some of the automation artificial intelligence and cyber security platforms.
I'm going to fix that problem that you have invested in.
I would also be bad you everybody thought for the Crowdsourcing platform, which is very amenable to the new ways of working so we have the principal thought all putting you have this trend of blank relationships, which I bought important.
But to do that and one other things that you had very fortunate about than we've been working on it does but is the quality of our balance sheet, we'll be able to help customers and just I know prices says you know Oh, well, we've got the significant gosh I'm going to build on our balance sheet.
ER worked on the quality of one never knows whether because I'm pleased to revenues, but there does that.
That said for every time, they give us a lot of confidence on another one in dozens trend could be able to structure deals with customers that they had such a good them long. So I'm quite that's a competitive advantage as you work on those so all of this kind of well put to good though I would say, but if it does not mean.
The best practices upcoming no that's been out there sounds like students on the Pos.
Hi, Ses yeah, what we see.
Thanks.
Okay.
Insights on the workforce side, maybe different from Boston.
So.
Well first management, but basically.
The views are they going to note you don't do sort of once it.
No so yes, sorry.
The.
The impact from a book schools in faces PRM do you see is that.
The only part of their core local earlier is that what we're in a solution to big actions.
But there.
Fast and easy quite good and no Hollywood enables us to be a giant do come back quickly I think that's the biggest learning from a couple times, that's what we have seen and [laughter].
You want to add something other.
Well, that's a give an example sort of talk about the I never went up work from home in terms of the manager.
As of the Thanksgiving acceleration.
You are doing.
The question of moat around them could get something done.
Yeah. So.
As a others are too.
This is.
Limited on supports the bone revisit your newest victors, maybe listen to them.
No it able to work from home.
On manages anybody.
It really goes we read.
Got it could stay connected to the which we're not done them from very clearly as you are doing a book crews anyone who's going to go to go do learn.
We work with them. All these you know very clearly you're pushing the boundaries for six weeks I've known happens with doctors run the second listening to these Scully that'd be under the BARDA spindle hope people were coming off to the bench or the ER.
<unk> print volumes that are happening and it's a different them don't I'm, so happy or do we could've been to move for the new new areas. So I think that's another woman I read the cross border Black woman or drop given our confidence is another opportunity funds treat people and make them dirty so the nimbleness for us to meet our workforce really.
As and when the demand comes due to commodity and all the actions and activity will be focused we're not doing disputed <unk>. That's the focus a as you move.
Thank you.
Thank you.
The next question it sounds like what Unbooked, though from Morgan Stanley. Please go ahead.
Hi, good they have good evening, everyone. Oh. So obviously you know the question that I had for you is that you did mention that Tomasic line to have you know, especially in the three to four verticals are you talked about Oh seeing significant challenges because obviously you did a false start over if in fact as much higher.
I just wanted to understand how much of feedback from these customers in your view stem pretty and how much of it could be pulmonary. So I'm just basically thinking off are you seeing in your truck customers up you know you know what running the risk of potential bankruptcies, which in this case may not be just certain pre back on your business spurred actually could be pulmonary also revenues. So if I could just get.
Some sense on that from you.
And.
Then I lost my second question after that.
So what are you have your Sheila.
That's a big part of the consumer business unit. It shows how it seems the or do you have been built this so I can give you some color on it and then a it could be followed by I'm done who heads up but ER banking and financial services isn't it.
Give you a little more color in terms of what he sees those two what.
Welcome to my feeling as to what extent.
Yeah sure anybody I guess like I.
I mentioned that you do troubling synthetic industries I guess, if it can be.
The go to the lipsey, but.
On the part of the couldn't be because it didn't notice it looks good so no.
But the thing that we talk about it it looks like about what it was busha retailers who will be.
It's only people live goods so.
Your lines when does that sort of.
No.
I was going to pick the unless reports so they see that somewhat weaker laws and department stores on me truck stop what does it six month and stuff like so what what we saw initially for school with itself. It looked like for the month for we'll see.
[laughter] moments in the month, but then again well go before <unk>.
Significant pent up demand pool, well make garments and want to commission, but so I'll be stackable.
There was a disappointing tends to be seat, though you can look all dipping your thought.
No I.
I guess I don't know when would be.
Last month, we wouldn't see you know and HM.
So.
At this point, though [laughter] you have a they couldn't come up a couple to go so that's the one that he sounds Mickey programs.
The only going to school surety politics, and a big body visited actually when I look like they built a system called it.
So so [laughter] simple.
Okay. So nothing.
Oh disciplines of mindfulness to see anybody Nashville, he's taken antibody.
Yeah.
I'm not do you want important I mean.
Yes, yes Ah I. Thank you so.
From a financial standpoint, I think topic, that's when it so a pretty much I could mention this idea TV interest rate.
Most of it doesn't go and also it would be and they get there. So back obviously has an impact off from the pullback situation.
The medium Dom I see a lot of spread species.
I'm getting to start I just wanted dying.
So there's always he.
But equally just like all that said I can get is a big opportunity there.
Obligation.
The booking on their side, they've kind of almost opportunity so come off inspecting like a future I'm, sorry, and it's a difficult to predict I'll be asking close walk lines with bookings that stuff offline anybody close and making sure that you know we delivered for the SMB, yes, I'm before we'd be that'd be successful.
We continue to do that so we will keep the moment, though like that.
Just some bye bye.
Great. Thank you I'm just assuming that she is not back on so I just go out of my eye.
Yeah, I thought it sort of I'm back I don't know put somebody is going up I don't know very very you know they are you lost heard me.
So you basically have talked about omni channel and last mile is bad freaking doesn't help asking for health and holding discretionary spend so that's why we lost you after that.
Okay, So well get no at this point in time, it'll be a still working with a customer in the some of the new with no.
But because of driven by covered 90.
It's actually I don't go upside to pick up but I was talking about oh, the telco or no chocolates to collect the merchandise some thought I can see it there are some engagements that you're helping our customers put on store Tropic unfortunate distancing through redoing. It takes a lot of customers obviously they have oh.
What the liquidity when people school that a doctor pricing dynamic pricing becomes very important from a corporate to go up into lucky, but for two and also a home delivery for those you don't because those retailers will be not put that on I know you called must omni channel. So these are they just don't but feel focusing on so people.
Pete that once the auto like it's been would come down, but they'll be kidney failure, but because this will help lead has that said we couldn't do convert stuff all the time and effort to Kevin.
Great. Thank you very much end up at my second question. A was for you you know I guess, so they procure would basically you know looking at two potential headwinds. One is the had been Dol school, but ER and how that flows through in the second is obviously you know the fact that you have decided to move on does create.
Some of them on call for vacuum at the top level or is that any change in views and how or or couple of differently is there is anything that we should be keeping in mind as to how good broken manage these turbulent times, especially but you also potentially moving on at some point in time. Thank you.
[laughter], but I've ever been less.
A lot of humans is there doesn't appear darndest CEO succession, and the reason or doing it very closely with the board, but I wouldn't classify that as I agree that other companies that they need.
I feel very confident I.
I talked about.
Satisfaction, because I know how do you live in love it all putting red yellow.
[laughter] ER physician and because nice by mistake, where does and going into the property. A you know I would have strong balance sheet.
Already strong leadership team.
I know they said sports on for Mark So I think quite good.
Comes off for a strong fungus and I'm, just I'm going to behind and.
Testimonials that is that we announced my stepping down on a dozen party plus and the right.
Good work from bad that's more spread in the bad get on it wasn't.
Not so what did this today I know you spent a.
Okay very good monitor their articulate that the better you bought it has just started sports.
I now and then he started preparing party tend to be covered quite well in much as I promise to under the Christopher I try to men and the board.
Well continue to my successor to the unknown spend on board.
And continue business as usual.
I think what crisis management, that's proven bad because it is worth more to the team which made it happen because we have a deep leadership bench, we have lifting meeting this organization. So I would definitely not classified as a headwind if anything if there's an opportunity, Florida, bringing fresh ideas in thinking.
No price in a in a new and automotive that lend themselves in a few weeks from now sort of you wondering.
Uh-huh succession process.
Yeah, Brett good so as I would say 30, plus then we have announced and Oh board along with the going come extend the nomination committee is lumpy right on track to a under process, we are extremely well.
And that process. It is about north it's not going back and by the time to me anyway and.
We shouldn't be in position to unknowns on news you in this quarter, so it's pretty much on track or.
Then because I would say that he is pretty much there.
There's a new few of them so.
So does the situation for us.
Got it thank you very much at all the best.
Thank you.
Thank you.
The next question it's on the line up Diviya Nagarajan from you vs. Please go ahead.
Oh, Thanks for taking my question and I didn't quite feels my question couple of anything that comes to have that Ah. That's one calling up on what you've talked about that's what they're doing for customers right now it sounds like enabling work from home could you kind of that's still what kind of sounds exciting it's an opportunity that came here. So.
Now, let's talk about financing, enabling next I'll seems to want to have passed last what does it kind of context tightness in do they shouldn't say looking at here and what kind of a potential opportunity could this thing.
Okay. So much time implementing.
So I got a month.
So David this is Bob here.
If I could take this question [noise].
So we had to keep that I don't think different kinds of fault, but can you get has the Ah you know as they did that our customers through this process technology.
The first like convention east to get the customers need before they'd all can actually do work from home and I'll put it in the new metrics.
If I look like for example, with an old on organization.
For example.
Can you just begin audit licensing piece of what 47%.
Our collaboration many have gone up by 26%.
The usage of collaboration between suspected this has gone up by more things even person. So we see all finished but anything significantly worse just left in collaboration boots. So one of the things that you're doing a lot of our customers is typically enables them to utilize this collaboration boots and you don't make the what's the movie effective for that.
So that's the first kind of thing and I suppose it could be studies, all though the type of security capability that need to go with it. They so that's the first in effect and.
The second set up activity is to help them [laughter]. The you off but can be done are coming in the short.
Because of the public crisis I don't I be that you get some examples of how organizations are trying to.
<unk> products to or could it get off a to take advantage of the fiscal stimulus is being done in some of the country humidity different organizations for example, because supply into let's say nothing homes I mean, all the milestones that are they didn't play like now or you know you need help in terms of optimizing those wasn't as a is done.
The findings that I don't like central and so forth I told you doesn't like to shop them up but can be done are coming.
Okay, and actually just looking back a faster planning those are there are no supply, Kansas going back to last shot them all put himself.
The ended up closer to help but did you start coming in terms of organizations looking for school, but how would they look like for example last publishes about how the supply chain visibility and predictability should the debt one time to supply chain dependencies that the organization has oh would be once the go forward and that does to supply coming up.
You know dependencies.
Not that questions about.
Hello, how much if that's something we should be done how much of the cutting to work that is being done to what dislocations since like some of acquisition how much more automation can be done in those areas I didn't want to questions I don't.
They're not a lot of finishes.
What kind of you just do you know my guess is going to happen like obviously all of engines have understood and I know that Mike do you think the dog is when the best thing that has happened for them to others just come with about they've been able to respond to this many vela and took only since about hey, how nabel longstanding do what's your mouth. It doesn't look like so we're looking at all.
He set of opportunities right now obviously opportunities I, just do vary depending upon the definition and how widespread I hope you'll definitely spent that organizations.
Oh, it's not going I didn't do you have any sort of question.
[noise], Yeah, just a follow up on backed out we'll do what do what do you think that took out a twice that the first of all opportunities that testing typically smaller size subjects like I think they talk about I think more shutdown and the Todd.
Type of projects being much more along with that.
Yeah, so that they led by that's correct, but the first opportunity set for example, you know making organization and able to do with him what someone they could be something like that opportunity that's been in that depending on what the things that organization and how do you need to make no.
Fair enough and I think one follow up a if I may not come seems to have sat back and lobbying for the government to allow philosophy I just have a sense industry.
Is that something that a you know what kind of touched on you know that comes due I think you're talking about tremendous need to control costs that go.
Would that be on the Cogs as one of the cost can talk about the changes.
So reveal absolutely I think we are they don't all options in the garden City Muslim because it does affect people auction and it helps us to come back as quickly as the somebody much Felix protocol for the country's boss.
<unk>.
Thanks, and Oh the thing that's trending.
Thanks, Steve Yeah.
Thank you.
The next question if something line up something from GM financial. Please go ahead.
Hi, Thanks for the opportunity.
So my first question is on the guidance suspension.
Well just wondering is it more because of a relatively speaking uncertainty on the volume site or you want anybody to look at the kind of a pricing pressure that can come in which has eaten coverage decision.
That's it.
Yeah, No I think the the beat articulated though.
The ski season behind a guidance is the flu did you have the situation I wouldn't characterize rig or any other anyway. You people excited any I know fit and we will still wouldn't be able to the wife and we would have related to me.
I understand your can I'm, just trying to figure out with that or is that called physically sees them. So customer demand for pricing on d.. So I'm, just trying to understand that but to the volume can continue.
It does get the clients are coming to us what pricing sex and did you get our neighbor to predict audience. In fact is that people on more uncertain about the work et cetera. So we'll get that is it possible New York what are you most of contracting.
Yeah. It is most the factually Oh baby banana reprioritizing, they didn't want to Spain, they really want to spend and when do you want to Spain and then on the pricing are also comes into the base. So until then be he's on Nexus.
But more enterprise, so rich because it does that sound pretty but said that's been pretty.
Great extent things in love Downs and shrinking at home extent is the ability to boost what type of what.
From phone.
This is about like that would not get some books, 7% of divorce.
Got it and just in the second question is on your ability to manage the cost to into stream. So you I like some of the pressure that you are facing and you also I like it does some of that he was it can they want to use.
As a net impact of all that up any sense of it you can give in terms of it it would be to manage my opinion than that obando thing that margin in the near term would come under significant pressure.
Yeah. So good news.
Based on that we believe these I'd be happy as as as lives as they do a v. I believe that made me go all out on the cost of that but Ah, but ER seems that every new side only question easily one these aren't sure you don't know how when those two with Mehdi.
I think we should go back in FY <unk> financial crisis, and see some of them I didn't be areas. That's how we are looking at day to learn from from Pos, but I never of course is to go up as late as possible, but does that answer then banks want that does this is not normally that I can feel comfortable about <unk>.
A range or or Netone, it's all that being show kind of flow.
Our position.
Thank you.
Ladies and gentleman that doesn't last question I now hand, the confidence or was there something not yet for closing comments.
I killed joining the call in case, you cannot pay question either time constraints, they see hatred each out to the maturation, Jason Hi, Jamie Oliver Hemostasis patient days trial.
<unk>.
Thank you very much.
Ladies and gentlemen on behalf of different limited that concludes the Sponsons. Thank you for joining us and you may now disconnect your lines.