Q1 2021 Infosys Ltd Earnings Press Conference

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Okay.

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Good evening, everyone and thank you for joining us today [laughter] you one right through uneven and actually goes up.

I am very much and on behalf of included I like to welcome you to this Ben.

Any unusual time I will view your family I know, you're one of our base and but.

Before we begin I wanted to share up your guidelines within attendees today, you know antonios, maybe on new which by the board throughout the bread Onton you wouldn't be regressive to a New York. Those then your name is going out for asking a question.

Could you draw out easy join using the same and Mike link and with that let me wide Mr. Solidify CEO inclusive to take us through the quarter one by overseas than it did yeah.

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[noise] good afternoon, everyone. I Trust you view on your loved ones are safe and healthy in these times.

We've had an exceptionally good quarter and our first quarter of this financial year.

Extremely proud of what we have achieved as a team.

Let me share a few highlights.

I asked you seen within our press release as well.

First our revenues grew in this quarter by 1.5%.

Yes and constant currency.

A digital revenue grew at 25.5% and now accounts for 44.5% of our overall business.

We delivered 22.7% operating margins.

Which is an expansion of 20 basis points year on.

And 160 basis points sequentially.

This was achieved after rewarding our employees with higher variable pay.

Our employees have displayed incredible dedication and resilience and have been an integral part of our Q1 performance.

A large deal wins were at 1.7 billion in the quarter.

Also happy to report that yesterday, we announced a landmark digital transformation engagement with Vanguard.

We will partner Vanguard to drive digital transformation of the Recordkeeping services.

Onto a cloud platform.

Coupled with a strong Q1 results.

This gives us a powerful foundation for the rest of the year.

Todd.

Adding that large stimulus grams in the U.S. and Europe, there are still economic uncertainty in those markets as there are still emerging medical scenarios.

There are also emerging medical outcomes in India that are not fully known.

However.

With what we have learned in Q1.

And ongoing strong Klein connects.

We see the strength of our franchise is coming through clearly.

And with that we will reinstate our guidance.

For the full financial year revenue growth guidance is zero percent to 2% year on year growth in constant.

Our operating margin guidance for the full.

Here is 21% to 23%.

Question.

Thank you cited analysts that now.

That's all lucky money, yes.

Yeah.

Yes.

Hey.

Yes.

In light vehicle.

In the interest of time and again, everyone at that time and ideally Greg.

One question.

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And then.

Question.

I thought question it sounds good because they haven't seen TV.

Hi, Dan main.

Let me see you I beat well actually I tell you know you've given guidance. So you really gotten back to giving out the guidance for a fytwenty one and the margin no cigarettes as well seems to be that you are sector to expand margins you have actually coming to the good technology that order as well.

And what they're at Cognex Gadgetry musical you can look like can you eat a view then that's a copy is going to be back on track in the September period, roughly September to December you did end.

We see a couple questions as far as the margin is concerned it engine can you break up margins for this quarter, how what does that exact in back to cope with 19 pandemic I believe that could you kind of pulling back. So how will you be to expand margins in that time theater, what was the kind of operational efficiencies you saw on you don't really.

I wanted to just get a quick then you had Ben Locke order that you're going to try to absorb older commitments that you have made with respect to him doing engagement lateral hires campus hires into my numbers and you know they've been Newport on possible involuntary attrition, we didnt senior leverage always can you give some clarity on.

That and also the attrition to Golar has come down quite substantially so some color on that as well. Thank you so much.

Thank you for the question.

I think in terms of demand.

The.

Scenarios.

We felt that in Q1 be at a very good.

Auto and core Unico, we'd had just broken out in the world. There were three large headwinds we have a fund.

Currently facing.

Lumen promise them and we had actually mentioned in the previous quarter that actually had lost some revenues in the prior quarter and therefore first thing from a margin perspective, we had two.

About that the second was the uncertainty as to be demand equation.

And since we've already hiring.

Okay.

May be temporary pricing reduction so it's a background of these three factors, which have played out in <unk>.

It is degrees, we looked at overall cost structure and see fundamental ways first is what we saw what could be due to a wide cost increases right and some of them. We've announced last time is looking at the utilization curve in terms of our promotion freezers or so.

Cash offer which will put on hold although we wanted everybody be made offers in the previous quarter. So these were these moves in terms of cost avoidance re skilling existing talent or new demonic Jack exactly in the quarter like new digital demand, we didn't hire but actually rescheduled employee. So these were largely what I call cost avoidance and if we hadn't done this we would have actually team.

The stress on our margins. The second is what we call be short term and temporary costs.

Cuts, which we have done on discretionary work. So for instance, travel and visa costs have come down Nobody's traveling a you know now as you know so we've got a benefit of that we would have to Seattle and reopened on how much of that will continue.

Same thing in terms of discretionary spends we have a cost cut back on things like branding marketing the an aggressive rate negotiations. So these like I said will be the ones, which are flowing into margins I mean, I give you the margin walk and finally, we have a strategic cost lever, which we've been continuously talking about which are oliver's around the betterment around.

The onsite offshore mix around subcon costs around automation those other ones. We are continuously work on so these are the three things we focused on and in terms of our margin we've seen a sequential improvement from 21.1 to 22.7.

Specifically from a walk perspective.

Third thing is the margin helped us in terms of currency as you know the average rates for the quarter in terms of rupee depreciated. So we got about 70 basis points benefit of that we got about 230 basis points of benefit between visa and travel costs and a third we got about 100 basis on an end 10 basis points Ben.

If it due to other.

Discretionary costs are higher DNA et cetera. So that was about 410 basis points, we lost about hundred 50 basis points on operating parameters I just saw utilization.

Came down because of the demand gap, we face some pressures on RPP. In fact onsite also got hit by about 30 basis points in those also impacted margins as well and finally, we actually in this time as Alan mentioned, we thought it was very important to reward employees and we've actually up the variable pay so part of the other cost increases.

We've had in during a variable pay hike was a heads up about 100 basis points. So net net that as the overall 160 basis points quarter on quarter increase in our margins.

On the packaging now.

Okay on the commitment made too.

Employees step up again nice in the last quarter, we define.

Almost 90% of the building them already onboarded.

Balance about 10% of people that you onboarded.

They already communicated need dining dates on the Steven.

In debt and Lisa Laukkanen Indentified yet.

I said last and then we expect our 20000 people to join.

For them, we will start onboarding in a manner starting later this quarter.

Again, I mean nominally day to day border Dawn voters.

Hey, Jeff from Kansas and that is something between will continue to follow.

Indentified, but again I wanted to have taken up.

Perspective hat.

Claims to 9.7 person as compared to 20 month to month and no one year back on even 15.2, but it depends on equipment order quarter back in a significant increase in combination I mean combination up on the employee engagement activities and that instead, we have done for industrial projects.

Yes.

Matt lower.

Thank you.

Got it.

Yes.

Our next question.

No.

Yeah.

Hi.

Yes.

Thank you.

You have.

Jamie.

Thank you.

Well.

Okay.

Yes.

Thank you will be on online by the end.

Let me see you also mentioned.

Sure.

I wanted to know matches the.

So we're not doing all this.

Okay.

Can you.

I think the timing.

Yes.

And does it.

Thank you.

Right.

It would be no.

Yes.

Summing up cautiously.

He doesn't look like.

How is the changing on client renegotiating contracts.

Are you seeing good I'm fine.

I think.

Not sure you on a question on.

Thank you.

Correct.

If you are needed to leave with.

Yeah.

Got it.

I'm also if you wish him well.

Welcome who wasn't work involved.

Hi, 50, 50, you guys.

Thanks.

Okay.

And now you're right when we had that discussion on some of the planes you started to elaborate.

In terms of acquisitions first I think what I shared.

Hey, Jim was essentially what we didn't engaged in.

So through at least in Africa is which is looking at these opportunities from a large array of opportunities.

We have continually.

List of possible acquisition candidates and we are evaluating and that goes on we feel quite good.

Now the market is evolving that we will continue to do these sort of acquisitions. There was nothing more specific in that.

In terms of the sectors.

I will elaborate a little bit more in the specific sectors I give you some initial color.

We have discussed manufacturing will discuss retail.

You don't see that something is.

Dramatically in that what I would like to series, we don't see that those are further declining at this stage. We of course have specific data on each of US actors and for example high Tech has done extremely well in Q1 for US we see some others trends in other sectors which of them.

Quite well as well, let me now pass it onto Nilanjan first before his part.

Thanks, Alan Tse only client renegotiations as we mentioned unexpectedly so few clients have come back and basically on two types of.

Issues. One is of course, you know pricing and discount some of which are temporary and some are more longer term and of course, we work for that but the client and since we had long relationships with them weeks, except for the variable required other clients have come back somewhat.

Then on the cash side, because we're facing a cash grant cycle have come back sometime ago.

On the on the pyramid side.

Yeah, I mean is integral to our operating margin.

I mean, it being there for agents to get that in fact.

When you started I want to undertake no obligation as Len.

Really not only did not know bell aliant, but be able to recruit people from university as well in and they were to be dependent on asset. So that remains a big after that so I don't think their opinions.

The company.

And in fact at 180% of the people need it can be an outcome campuses.

Right.

And that you're not really looking at any just because of the impairment. We are not really looking at let ingo anything near breakeven as usual every board everything you have performance it's Ben.

Something at IPO on his organization.

With that and Austin yet.

But there is no spec jet program for letting looking at between.

End of the operating margin.

Our our division our view is that.

We need done and hybrid operating margin.

People will have the ability to work from what we thought about someone in a manner. All our efforts today are in that direction.

At this stage, it's really academic this M&A spend deeper and deeper than that admirably agreement in that but we're very confident I mean today, there's nothing 1% of the people level NRP, the 19% working from home and they have enabled it very successfully fighting.

Our endpoint and focusing mainly on making an operating moderated begun.

Seamlessly fabric in Boston woman bottom up anything beyond that I don't think daily at this stage being a big numbers.

Thank you for those assets.

Let me.

Hello, My next question agenda.

Now, let's move to my next question. Please.

Yes, John I'm comfortable that link.

Hi, guys.

I'm from La-quinta Celine My question to you is that I'm struck with 19 has now accelerated demand for certain products and services over many others can you elaborate a little more on what kind of conversations you're having with your clients. When it comes to these relatively newer requirements also I know.

This is probably going to be a hard one for you, but a probability offer possible increase some guidance going forward. If that is a case what would you like to see before you start evaluating a revision in guidance.

Given our if you could tell us little more about how the supply side of things have changed over the last three months.

I'm sure I'm not must have been done and Oh, what are these changes which will remain permanent according to our Nilanjan Award on capital allocation Oh, if you could just give us an idea about whether or not there or any changes at this point in time.

I'll start off argument I think part of your question differently. He was missed out. So maybe later on you can repeat that but on your first part.

Which is focused on.

What are the things, which are clients are looking for we see this whole prices has really accelerated the digital thinking across most large enterprises, then we see a lot of demand in the area now.

We see more it ran for workplace transformation projects, we see more demand for digital transformation activities.

Also seeing demand for automation and cost efficiency and using demand in the area of consolidation plans as seem that we deliver.

Quite effectively in this work from home environment, and giving them seamless service and they also see the strong financial position that we are in as we are seeing some conversations in that regard.

On the other did a with respect to guidance I think.

I had to say about guidance I already said.

Yes, okay.

Okay.

Pete.

Yeah, Yeah, well between my question was three or do you want us to do with the supply side of things that I'm sure. There's a lot of challenges in the last quarter.

Changed actually in this particular quarter, our when it comes to adapting to the new environment. Our among all the changes that you have brought in in the last three to four months what of that is expected to remain permanent going forward in infosys.

Yes, you rightly said.

Then multiple things in terms of enabling the supply side and ensuring that entity.

And then that that without compromising on the safety and the health of the employees.

But obviously, we have anybody that everyone has to be able to work from home by providing the right level of computing assets.

More than 99% of the people are unable to work from home.

A balanced by that anybody that they are going to water market based on the Atlantic salmon.

I think that busting, Ramadan and Blake that easy for us to its back from Baltimore about some of it because people have.

I mean anything.

We also invested in networking prospect there.

We have invested in cyber security doors, they have invested in collaboration both productivity tools and so on so that people are working from home then it no.

There is no decreasing productivity and been able to maintain the which limited our plans and so far they are not in any negative money. There. So there is one thing as I said earlier in the new normal people will have the ability to flip from 14 from obviously working from home and it's not the instead of people I mean, that's kind of people and they will not be but sometimes.

Both from somebody to date and thought.

So I think this assets and with the infrastructure today. They have enable people to do that that's number one again one in this quarter, even though there has been in general in hiring please.

Yeah onboard at more than items, and Latin that globally, and we have been able to onboard them remotely. So again and you have use dine plastic ariad, you'll never investment in like platform to enable and again the feedback has been pretty positive. In fact, we have you and onboarded and yet and the Beddington unplanned and JV in even able to onboard them.

What journey, but if I get something I will become part of the new normal because its dynamic but the main part on time on and off and and and remote Onboarding will probably be an element.

It will continue to remain going forward that.

Similarly for training as well we have seen the huge adoption obtaining again like platform has been a.

When we brought back I don't even know where that undergoing training and neitzel data about the training, but instead now completed training in the market manner and this quarter will be even 30 paying them and that it does that mean production. So net net in Tampa all on everything that went into play down right and then it if dining whether it is.

Training, whether it is enabling them to date in letting them in products and so on they've been able to do it anymore plan and has and that make any time and backing that with all those that going forward that but whenever they need.

Yes.

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Thank you.

The 100 last night.

I do that so I am on your question on capital allocation as you know last year. This time in fact, we had increased our payout ratios from 70% to 85% of free cash flows.

And that all idea was to give back more to the shareholders and to make the dividend payouts was our bond buybacks much more predictable and in fact in the start off this year, when we announced a final dividend in the mix or the crisis, we continue to hold our dividend and in fact, we just paid out or 4000 crores and the beginning of July to our shareholder. So we continue.

To follow a capital allocation policy as of now.

Thank you put on the answer that.

Pensions and that.

We'll now move onto our next question you get some cost has been business.

Hi person is I mean in go ahead.

Yes, Hello, everyone. So my first question would be to metabolic politic E pipeline like for instance, we know that even though you have had a dealer but for now vanguard. We at the partnership will make so now can you give us an account so how many deals.

In the pipeline right now you are in negotiation with the you're trying to be apart now with for the next two quarters and secondly that question now would be on particularly Thomas.

How about the actually visa impact, which we could possibly the which we have seen the i.

I also wanted to know under the SEC what is the current percentage of localization in the world right now and Oh. My question is the tactical Mr. Roy.

About the vertical like how is the growth. So it's shaping up for the appetite as well as a retail bearing bad inc. mr. cutting pandemic, a secondary or put another edited also.

Coming up so how do we planning for that.

Okay. Thanks for that let me start off with the.

Spot.

Which is focusing.

On.

What are we seeing the deal pipeline I think we.

The new areas of service that we really privileges to very quickly we've seen a nice expansion of our pipeline in those areas and we feel comfortable that for those areas for example in cloud or in automation and cost efficiency a workflow.

This transformation, even more work in cyber security and then in consolidation, we will see some good activity over the coming quarters.

I'm not able to give you specific numbers don't shadows.

Externally, but suffice it to say that our pipeline is looking quite okay.

Let me pass it on to Praveen.

Next month.

On the set when we Lisa obviously, it doesn't really make any logical sense.

Today, maybe as independent studies now, but clearly demonstrated the value that in the United that service providers into the U.S. economy, and all they make the American companies back on it.

Having said that in the short tomorrow, we don't see any impact that does anyway.

There has been as you know travel.

I would just stick and even the calculates that are shut down so in Asia short term illegitimate ended it doesn't make any difference, but having said that for coming from this perspective.

Our focus on localization has really had that today more than 60% of for employees are beside independent data. There. Let me start in about two door now PS back and I think we made the announcement in may have been determined in.

More than 30000, you at nationals. So from our perspective, we are entirely daily spend I haven't even in the medium to long.

We don't see an impact your no I mean, I personally we don't feel that.

It doesn't really make sense, even the unemployment rate is very low into expectations on the value adds that we are doing but I mean point perspective, I mean, given our localization efforts are fairly comfortable.

And I believe there was a question for you is then.

Yes, I think as Alan mentioned that as well on the pipeline I think we've seen strong pipeline across our verticals of course fs being the largest.

We've seen a heightened level of conversation and the recent deal, which you've seen yesterday, just or one of the reflections of course healthcare life Sciences continues to do well CMT does continues to do well, it's not impacted much by the end.

And to make and of course based on retail and on the manufacturing side, a lot of conversations, which our cell source, which you're talking to various number of clients. So all in non like a cellular said, there's a heightened level of activity much that we ever seen before and that's very positive news for us.

Thank you. Thank you. So my first question for John.

We'll now move to our next question thinking some I am kind of anytime.

And put in China right now here, so I'm really not mispricing have things.

Last question is you had announced demand that entity that launched some sort of 1900, Bill Seymour such deals happening given the slowdown.

The second question is what is the makeup of one entity and.

Well, England attrition.

The first question is why not be up here at the edge Wendy's and mass business what is your view.

And then maybe thinking your question.

Let's start off I think we're delighted the yesterday, when the Vanguard announced and the strong partnership with Infosys.

For the digital transformation of a critical component of that business and we are delighted to work on the.

We're delighted to look at several large enterprises in their digital transformation journeys, we have active discussions across a number of sectors as as deemed reference to earlier parts of the call.

In terms of what we see a going ahead.

Clearly as we progress through the quarters, they will be more able to share as opposed to talking about it.

At this stage upfront.

The second one.

Galena, maybe if you can just repeat them.

Can I repeat the question Tony.

Second question, why or why did the pickup off meaningfully.

Only attrition.

People.

I said earlier.

And then three antigen Friday, so with that 9.7%.

We don't give a breakup between voluntary and involuntary attrition.

And then have a question on had run with that already answered as I said earlier unfortunate that doesn't make any logical.

But coming for it but.

They did its business model and.

I think should be okay in dealing with.

Thank you for Lantus element I mean, even now onto our next question.

It's coming sometime so on Sunday morning contact.

Hi, gentlemen, congratulations firstly on a good set of numbers.

Especially maybe you haven't set three quick questions and I leave it to the management to answer whoever wants to answer each of these three questions first question is.

Hi, Tom bottomed yet on utilization that's suffered.

Thanks.

So do you see book from home say not not compete it to be a margin driver.

Among many things work from home is leading to higher productive.

So I cannot talk some this work from home being the margin driver in.

People month time.

And third question quickly it.

Budget gaining.

It's not and if it.

Going back and spending.

What do you.

Well, if I can think the new reach we actually.

And then answer.

That.

Both.

In the mid summer, it's fun to make you are seeing a lot of transformational work so.

Spends in the transformational work.

That's this means that.

Lets nissen need to translating more revenue spot you.

Just to quickly give you a analogy in publishing world for almost all newspaper companies Monika garg from them, but all of its very difficult build scale.

Are there any monte.

Monetizing wet and selling it setting a news.

Well look kind of.

And then lottery, which is playing out in the ITC.

When you are moving too.

Sure you okay.

Neil.

Tom Casey technologies.

Let me start off and then.

No one in London, we land as appropriate.

The room first we couldn't hear everything in the question was breaking in and out so I'll address what I thought I understood and then for the first point a third question about what is really the client demand side on what is.

Selling and what is growing in IC services.

If you look at our numbers.

For Q1, we enter digital business growing at 25%.

Also seen since the start of the crisis more and more inches with our clients in the areas of digital of cloud.

Some more inches in the areas of cyber security workplace transformation and then.

On cost efficiency automation and consolidation. So those are things doing now it is also putting that.

In general.

The overall I'd spend is constraints, we have to be very careful that it doesn't mean the overall by is that a growth levels. We do see some growth in these specific areas and we ourselves have seen a growth overall for a company.

In terms of.

Transitions.

The first point that you made the I'll start off this.

He wants to add something else.

Back to it on utilization, we've certainly seen our utilization would use in Q1 will have to wait and see how the rest of the demand goes out.

We see that we had some difficulty in fact in that in the first quarter. However, we also see some of our utilization in the U.S. coming back up as well.

Then I I don't I couldn't hear other parts of the question, but the trip and then if you picked up something anyone to answer. Please go ahead.

Yeah, I think selling has been under utilization and obviously a function of demand.

Actually after the initial drop we have seen.

Utilization on say come back to normal level. So that's that topic that offshore is probably still a concern and I. Just had earlier there is still have to onboard. Our campus offers that were made for this year victory door period of time.

So again that based on the demand within the second maybe in the operating in an add on narrow band.

There are couple Shannon for activity.

During work from home.

So far we have seen productivity holding but by and large dabir in productivity stable in parts in some immediate productivity actually go in that area that you have seen a marginal.

All right. They are not so much concern, but again that this is leading that really talking about three months so far.

Experience and we are going to be at also remember when you talk about work from home up it's not listen only about technology, enabling people to work from home, but they're not lot of of the fact ethically after really picked out because the whole do engage with people.

There are lot of both from home.

When they're not that many people are not advancement and people are still startup anymore from home thing how do you deal with that audio growing them emotional and critical as being kind of thing and then your indexing you'll be well how do you maybe your organization to us.

And again in line with that so there are lot of unanswered questions. Laura in parallel from work from home and many of them, we'll have some betting on the productivity.

Our sense is that right. It has very good it's too early to current until that an era.

From one will always be more protected and mark to market.

Hi, just almost all those and now we did move onto our next question.

Your next question is on the machine 10 million stand at the time to me now.

Keith.

They will just look at acquisition in my 21 to boost we don't give any guidance on the other 2% revenue growth.

Let me.

Yeah.

The.

The view that the Hamlin acquisitions is really where it makes strategic sense to help us in the areas that we want to drive my business to launch.

Which we've defined in our digital framework.

Within the Patrick and those are the first areas that we look at its not driven specifically to boost or not boost growth engine.

In addition to that Dennis sometimes.

Opportunistic acquisitions, where we see something in a specific SEC.

The geography, coffee, which had a strategic fit but also gives us new capability, maybe already strong or want to be stronger. So those are the ways. We look and continue to look at acquisitions not more to do some sort of compensation our business as we shared with you we feel.

The effect.

Is doing well and we see quite confident given some of the factors on what we see more yet.

Thank you Alan.

Now, let's move onto our next question, let's just.

Sure enough I mentioned the time, yes.

Hello, Sir you find about $1.7 billion of being in the last quarter.

Got to how much of it came from vendor consolidation also if you can help us understand how about these deals being structure is it a combination of upfront payment you know our deferred payments are deep discounting.

That's my first question second if it can also talk about potential pricing pressure that could lead on the revenues going forward.

Did you do comprises 25% of your revenues a basic which it has grown any an overall revenue books to the revenue per employee companion actually not.

Good luck.

Thank you and a half comes in dollars. So I just wanted to understand from you think your pricing differential is getting learnt that did you still becoming more industry.

If it can help incident response.

Thanks.

Try to through some of the points.

I'd like.

To it.

I think the first question was the segmentation of the 1.7 billion of large deals we don't typically share that sort of segmentation externally in the dimensions that you were referring to I think this question wasn't pricing I will give you little bit of color and after I finish.

There could be some more additions from the lunch.

On pricing, we have seen some level of.

In fact that is not been broad based or widespread.

At all we've seen some pricing this can.

Very narrowly with a few clients.

The impacted sectors in retail and manufacturing.

In the third.

In terms of digital business, we've shared this in the past.

Operating margin for digital is in fact, and then the company.

Fast we feel quite good about how our digital business is growing and we feel that its and the like level in the way. We're structuring. These things of course will always look for ways to improve that keeping the client interest and infosys interest.

Anything else Appalachian differently.

Okay. Thank you answered the pricing question and not only to answer it earlier.

Thank you. Thank you for those and doesn't thank you for the questions about enamel onto our next question, which is from Manhattan.

Your family readout.

If that question, if you will see even coming into our Q3 what.

I would imagine opposed correctly. The second question it hasn't extend the coming thing yet as you continue to calling out separately.

It is likely to increase in talking year on year.

Handling claims due to economic louder banking question. Thank you.

On the first one.

What what do we see in terms of the timeline for recovery will not specified and not looked at that from an external pressure.

Our guidance is really for the full year.

As you saw we've seen the growth in the first quarter and we continue to see our pipeline in a good place. So we feel that that is a measure that we will track too, but then really look at the overall economic environment as well as.

Earlier in my opening comments, there are still a lot of uncertainties in that environment, but we want to make sure. We look at that carefully on a week by week on a month by month basis.

Then there was a I think another question maybe.

The London, Yeah, I'll take that.

Yes. So the question on operating profit like I had mentioned earlier.

Last year in this time, we had at 20.5% operating margin.

And now we are a 22.7% so as the year has progressed throughout last four quarters, we've continuously shown improvement in margins from the various cost optimization lever, we have talked about consistently around the permit onsite offshore mix automation. So all that is helping us in the long run to structurally improve our buckets.

Very important lost as well controlled stability in margins after the.

19 decline and again because of these tailwinds. We also continue to hold and showed resilience in our margin guidance or have by 21, which Alan mentioned remains the same as a guidance, which began last year, which was at 21% to 23%. So I think all these things are contributing to our confidence and ensuring that we have a stable and.

Margin guidance, which we can continue to hold and no show.

Thank you so much but sometimes it.

Ill now move onto my next question.

Our next question comes that is back on that.

No.

Uhhuh London.

Oh.

Well.

Thank you.

[laughter].

Look on all the challenges as well.

On top of restrictions are.

So I'm really not will you give me.

Sounds good luck.

Martin County.

Extremely positive outcomes.

What this man he's not you hit.

And then also love to hear.

You talked about how to level.

Lucky or what kind of deal to account workers are you talking to them up.

Last question for you or not.

Oh, you know.

In the industry he completely how have you done that in one.

You know was honored.

Lastly, the situation goes beyond the yearend as it is.

To go too.

Lastly, I will now.

Thanks.

And secondly on disease piece, I know, probably the largest response as well.

The challenges first.

The fee.

Good with how the Q1 outcome has developed.

Well the global economic environment has still got uncertainties as I shared in the opening statement and those are things we have to watch carefully.

We have some understanding and experience and learning.

The Q1 progress in how all of these parameters that you described for example work from home of for example, engaging with clients in this contactless manner of for example, how transitions happen in a remote digital fashion.

This is still.

Crisis, the world over in different ways, and we have to be extremely careful how we navigate that it is not to say that that is behind us by any stretch.

I just want to mention a little bit about the.

These.

Situation and localization what does it put in place a few years ago was this idea of building local talent in all geographies. We operated we started with the U.S.. We haven't we had set out large target for recruitment locally.

Far exceeded that target, we set up six digital centers in the U.S. you also set up digital centers in Europe, and Australia I.

I'm thinking really is and the London intervene alluded to this idea is to do college recruitment and build a full pyramid in those environments by doing that we build on building a business model is born in more resilient in the future. It is not to say than we anticipated some.

Thing like this that happened in this past quarter to happen, it's madhusudan because of those decisions and the investments we made in building the model, we feel more easily to Matt in this environment of course, it's not pursue that we have all of the answers, but our business model is much more resilient we see.

Than it was in the past and maybe much more resilient than what we see and that is going on in the market today.

With that I just for that.

Points to be added probably on the lunch.

Yes, I did on the phone nothing of that.

Actually agreement.

Thank you I guess, how much will now move on to our next question is coming from net income right.

Hi, Nick.

Hi, guys.

Well congratulations on the number there had a couple of questions. The first one was I wanted some clarity on the via per Se segmented sense.

I see that revenues have risen, but I want to more like how the sectors to enter the holding out we'll continue to do going forward. So that the euro so or given the current environment over the next question was to near London. I know he said that you are in talks with clients on contact need it negotiations but.

I want to know if that will drill margins and what sort of an impact the company is expecting to take on that and the third thing to solicit I just wondered old more color on the guidance and the what gave you the confidence to provide guidance so zero to 2% revenue growth.

So on the financial services.

Striving to.

That off and then after that.

I'll come back for the site.

On the fact that.

We had positive constant currency year on year through.

At the beginning of the quarter investing some confidence in that segment, but.

As a bottle progress.

Our volumes coming back and demand uptick.

Did you take that we're seeing on for Steve.

Finally in banking in America.

Yes.

We've also seen very.

Very healthy pipeline in fact of the 15 d. that weve unlocking in quarter four to one.

Okay got it.

The effective.

And and I know about the event that Vanguard 80.

It's not reflected in the first on not be comp, but I needed for that we already on the marketing selling these baseline is healthy.

He see some weakness in the continued weakness in capital markets and.

Second half payment space.

But on the positive side.

We never said that have the apex like responsibility nominal job in terms of enabling people to was a mom and that's one of the reason why we have seen while you come back and in an uncertain.

We remain reasonably optimistic about.

Thank you so much for those assets.

Now do you have anything to add.

On the question on deregulation renegotiation I think dealmakers renegotiation happened every quarter because every quarter there are certain deals, which expire that's nothing new and or we could closely work with our clients on these matters.

People look for productivity improvements some people look for some pricing benefits. So I think there's nothing new end like someone mentioned in terms of pricing, we have seen some impact and in the sector, which were in the forefront like retail and manufacturing, but not broad based on we'd like I said, we have deep relationships with clients and we continue to work with them.

The guidance.

As I shared earlier, we saw a first a 1.7 billion in large deal wins in the first quarter.

Also saw yesterday, a very signet announcement from Vanguard.

It will transformation work will partner with them on.

We've seen through this past quarter.

Good traction with some of the new areas for example on cloud for example on cost efficiency automation and for example on consolidation.

All those factors, we felt even with.

Significant uncertainty in the global economic environment.

Maybe see still some different scenarios for the medical situation. We felt that we were in a position to give guidance for growth from zero to 2% for the full year in constant currency terms.

Thank you.

Our next question, it's something that some financing debt.

Im going to be down his question in interest of time, I'd really had only one question that yet.

Can you share about investment in R&D and how do you have changed course audit.

In terms of R&D investments, we continue to invest in innovation, which is something we look at for newer technologies, especially focused on artificial intelligence, Michigan.

However, we don't have an R&D.

Investment much like a research the company.

What we are clear about is those investments in artificial intelligence machine learning or some of the new areas of cloud actually have continuing even in this new environment, because those areas, where we see more traction.

Thank you.

Our next question is coming.

You get down from Canada.

The question to ask just one question can stand on how to time. Thank you.

You never can you tell us that thinking you did.

Okay. Thank again back to make it that it might be something that's going into it may move onto our next year.

Yes, and from any time.

Yeah.

Thanks, so much.

My question I have just too.

I am speaking again.

So the number of deals.

Into account tightened up if prices have declined dramatically I think we said 90%.

Average contract I know, it's 10 million.

This incident bucking that came out could you give me some color on just how many sites will be I trained with enough.

Good question cash collections.

In the portal [noise], how much of that do you believe it related to the company has provided they are complete and you have a view on how caskets cash collections like going up.

Into.

Thank you you said there now.

Glenn.

I got it okay.

Okay.

Well the line on the cash and then we look we have D.

So on the cash collections again, I think we were very very focused at the quarter started in times of this pandemic when liquidity becomes very critical to ensure we set up a cash collection also sort of speak and monitor all our collections on a daily basis.

I must say that the sales team, they're ready to run up and work with our clients to make sure that there'd be no slip up in our collection cycle and like I said at the same time, we have been able to also extend temporary credits wherever clients or come back and has seen some stress on their balance sheets. So we have been able to navigate this part of the collection cycle very very well as.

Well not to the stimulus part I'm not sure how much of that is coming to the stimulus side because a lot of the stimulus is directly to individual employees et cetera are most are they actually cash has come from companies borrowing and if you know in the overall global bond markets have already bought at about a trillion dollars in that for five months of this year versus a trillion dollars in there.

For last year. So lot of this cash collection is actually coming from the borrowings which are companies are doing.

But having said that lot of our franchisees are all in the top to U.S. Fortune 200 companies, which also had strong balance sheets as well.

So I think we've been quite confident in terms of overall outlook on our dsos.

Thanks, so much.

Now they move onto our next question.

Coming to meeting has become the he knew.

Yes.

Let me get back to me, let's move onto the next question.

Exactly look me now some business today.

And when do you get out let me ask question.

Can you give us something.

And how vendor consolidation opportunities I'm looking like.

Let me take that getting them.

On vendor consolidation, what we've seen as we've shared by our Praveen yeah.

Our work friendly approach, we've put in place as resonated with our clients and through that and through the strength of.

Business and financial position with a strong balance sheet, we see some increased interest with some clients to consolidate yes, we now see six quarters, how that plays out the active discussions in our pipeline, but we'll see how that plays out in the coming quarters.

[laughter] mentality.

Maybe move onto that next question again.

Absolutely no money can only.

Hi, I have just two questions one is about.

Do you see your core has come down 14%.

He then Olympic gold at some point and how they call it going on you, but this particular or.

Some color on that.

Okay, Let me tell voluntary attrition number you still get said last quarter.

Why the company not getting it this year.

I'm kind of on the Latin Heidi and present Heidi platform pipeline and it's like I said, one more question about how will that be asking.

Finally, turning now to timely taken by two questions. Thank you okay. Thanks.

Thanks for that question I see a one thing we put in place is really.

How we want to drive digital and the reason is that's where clients are making the biggest changes and that's the transformation journey that embarking upon.

The on by bringing digital component to 44.5%, we feel more and more strong that we aligned with what is relevant for our clients as in navigating. The next so it's not a questionable call replace or be bigger than digital it's really being much more aligned to what I said look.

And then may not be out those capabilities to provide them the right service and that's the approach for the us up to Praveen.

On the voluntary attrition from this portal, we believe closing when the voluntary attrition or is everything.

Got it.

What.

We have seen most people in industrial and a four trailing me.

Fortunately for us going forward and if that.

As for territory.

The 1.7%.

Or 20%.

In terms of lateral heading.

In April.

And we'll piece of lesser lightly however, it will continue to look for talent in each area in quarter one itself.

That's right.

And then we'll continue going forward, but it's only need.

From a pressure hiring from campuses.

Again, we had already that we are looking at about 20000.

I think that.

Later part of this year and early next year.

Thank you. Thank you so much more than that.

Simply couldn't get me that banking has thanks for question.

Your family now.

And once again thanks.

Then on international clients in the retail insurance.

I request Praveen, maybe to give some color. Please.

Yes, the on the detailed plan side, obviously that is best at this stage.

Barring a grocery segment all at the segment, but became the effort and the et cetera.

Now this day.

Thank you Jason.

I think he demand contraction.

No the Subletting deception, obviously plants, our strength to grapple with it.

One of their think focuses on replacing their cost sector and taking cost out definitely conversation I think the decline and second one is obviously, they're also looking at that continued investment in it.

At the level of conversation having.

Like based on insurance I mean in most of that included and let me going on of the common Amy.

Everyone is looking at.

But you estimate of engaging with the stakeholder thats one common theme and.

But we are having with insurance companies.

The second one is that also accelerating that patients because again.

In the EBIT.

Hey, intent of digital transformation or even the.

Isn't that although focus on the declaration date.

In that leaves us all the politicians, they're having.

Both with detailed plan.

Thanks.

Thanks, so much bouncing on the question so patiently.

That NASA accurately segments, but today.

Thanks again.

Thank you everyone. Thank you very much.

Yes.

And now that Youre today, that's gone through at least I now I'd like to inform you want that he I find that got something that's constantly be available on the interfaced last night and less I mean, you in China.

In keeping out and you once again for joining us.

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Yes.

Yes.

But again.

Yes.

Uh huh.

Needham Please continue.

I just haven't had a negative I missed that either at the end okay again.

Yeah, Steve so he underlying in protecting and growing as I say how Japanese.

Hi, it's never young talent.

Great if they see DSP may not be and then it annual that again I mean, I thought about not me I'm a little both at the knowledge and Ensco July. So thank you very much a very well anybody other than they cannot but I am not I on the yeah, maybe outdoors.

And technical Delaney.

Okay. Thanks.

Okay. Thanks. Thanks.

Thank you.

Thank you very much.

Thanks Linda.

[laughter].

Putting in place.

[noise] [noise] remain friends Mike.

I Love Alchemy, all in just two days, maybe not all yesterday and today you have the that's our guess is he got yet I didn't that are I think that's something I didn't already.

Yeah, I do not all that is ER and they have seen them better off I T I.

Yes, I mean.

They did I hear correctly, Nick I can't imagine ER and IR.

And that is lining Glenn if you could theoretically the army Oh I welcome I didn't know what I'd hear my guess is thinking about today, let me not outdoor Montana. Let me now you have enough. So what do you ever part of that comes into it.

[laughter], only 30 pounds and bigger than that comes in.

Keith.

We also have you I can you, let me come clean up and down that's going to like a de younger dynamic.

And then how about your people Agritech [laughter].

In London, young and dynamism jacket or something else gum hi, thanks.

It is.

Outside the question.

Hi, my name or not opening remarks.

[noise] Hello, everyone and welcome everybody is happy not only DFT discontent.

I'm not too far I, accordingly, and respectfully back to David because.

Beans or whatnot.

He's going to Dave.

Turning to things like.

I would like to then come I personally number here I mean, there too lazy it'd be about that Tom I cannot be if they've been like I'm trying to black theater.

Hi, good people might be funny, but.

So today, we are going to that artsy critically topic RMBS people.

They important to understand into the international.

Well, it's tracking I detailed analysis I would like forgive me.

On these topics.

Separately or even first discuss about between becomes an issue I didn't see it is not quite.

Well I know they believe that Adam good off everything it's likely to be working.

And well in a sense it might be there like import noisy big another notify supplies.

I know they looked at Mccann.

They must ask me [laughter] path in terms of it depends on the supply of good well subjective instead of different leia.

[laughter] notified.

It's not going out with Barclays.

Yes.

Hi, good still thought that we've just started that DSP simply burn cash would apply.

Let me [laughter], yes, even have to be paid directly by the that people want to be growing instead of this appliance.

The second topic dismantling two that are going to date has that been on it.

Okay.

No.

Yeah.

That's almost leave I mean do five in Indiana.

You do environment with the process and what I'm sorry.

Let's see makes a friendship.

Well I don't have gone to take get about right on behalf of programs.

[laughter] groundbreaking open I Miss anything under themed event I'm glad you're correct.

Pardon.

[laughter] [laughter].

Thank you.

[laughter] many important topic.

Okay.

[laughter] patient cohorts.

Well I don't like what I can give you don't know.

Sure. Thanks.

In the county.

[laughter] Ami business activity and then do you see no no eating a unique number I'm not trying to think that are you.

I don't think back on behalf of government.

So as you on not on the input explained it well they acted on it in my life also.

Okay. This station a person can either [laughter] there might not he can claim any input as they expand banking.

Fair enough.

And then issue either because when you get more clarification and understanding and also that you should see it might be affected that implemented.

Oh, yes, I mean that that they get more understanding on the putting uptick.

They had you not enter theater in that so many people adopting the monthly.

Hi, good I'd. Thank you I welcome together in that already.

I mean, it's because we will discuss William critical noted in the GST.

As we know there are number off on England's on coming and that overdone 19.

Thanks.

Hey studied in assessing but all of US yes, that's I didn't see to keep up littered with all these amendments.

Adequacy, a isn't a D to standard elevation.

Oh really everyone.

<unk>.

At the beginning I would like to tanker outside or giving me this opportunity.

All in all the E kind enough.

Two.

Give these kinds of opportunities to all boats and.

Enable us to reach to the members at launch a share another little understanding, especially my little understanding about something there.

I'd like to thank all the or the analyst.

And a lot there.

Joining us on this does not unlike the tank I should also to give a.

Backdrop sector alone about the subject, which we're going to discuss.

So I was up a should I start.

Thank you Sir so.

Thank you so.

[laughter] upper Hamada.

Well I think that list you are bringing everyone together.

All of the country so.

I must congratulate you for this Oh I would say the untiring efforts that you and your D was better idea is taking or bringing a everybody together.

I congratulate you and your needs.

Thanks.

Or even a there is one more of it wasn't behind each other models, so I'm missing that.

The heat also one of the.

In members of.

In Europe the I'd.

Hi, congratulations.

Then cancer, while I mean that.

Your presentation with me and then.

Hi, Good numbers, then having the presentation slide it like that I wouldn't have any presentation.

Especially when you talk about.

Powerpoint presentation is not there I wish they.

Try to make good luck Powerpoint presentation, but Bob.

So for that matter I would.

Try to eat the.

Whatever actually in real time coming from inside E with respect to be subject I know I always try to do this because I guess my simple. So all good a stupid I am on this subject and then you had a good student you actually can go deep dive.

And bring out the Oh.

Good models on the subject so.

I think my sense I keep on testing license also that this so.

Like what I should say then the topic also is known to all of my.

I do agree.

We have been.

The thing reading about.

The next spot.

We have been reading the text of the law that these are people, who just like you did.

My section seven applied.

Well I didn't have been reading nine either you yesterday, only we have anchor or.

I would like to them, but actually all of you also for the third anniversary.

DST and yesterday LTV.

They are grateful we see a they also say would be second yeah celebrate studio city, yeah electrical directly.

Thanks, and all the.

Stakeholders have they gone anymore at this year. They also have diminished yesterday, they have been very busy and across the country on media space.

Even talking back to.

What.

Even though it all up till then but we are actively looking forward.

So.

I feel like the law is the.

To a larger extend the.

Is that GE v. purpose for which it was bottom related but yes. There is as it is already all let's take to all of US also a my mother always used to say me that even if whatever second I will they see all this is used to this line either.

Oh, Olin or better.

All right ought to know so to that so she always used to remind me like so.

The same thing I also applying this subject and says that if it was all the scope for improvement like offensive all would be looking forward and were like into or expect improvement to bring in into the system in task.

With all stakeholders have to participate and so just be.

The Lumens R&D back backdrops de bottlenecks, which apparently subs.

Hi, good wins.

I will start with the that's per day. The presentation is divided into such a man tactile.

Well there is no powerpoint as I mentioned, but we will be talking a lot of expect somebody law, but beyond that it would be I have thought when they turn around 65 questions for you.

And I wouldn't be asking your question and trying to give you are they fly overseas.

These solutions are somehow consider to be critical aspects into the perspective.

Jeff those off the subject stocking Mr supply.

Like event, if I do not talk about the basic Sputnik entertainment.

That would be I would say not decided in my responsibility police supports the subject.

What's the whole grains.

Get elected understandable.

And then we move on investment given actually will reach so because immediate you then you accelerate be it does vary consume more Ana Paula and when you accelerate the weaker with the passage of time slowly and steadily and abolish the human let's let's see acceleration of aided my.

Higher so that they seem maybe was going to our physical so it is trying to accelerate it so to accelerate the.

Going to see then the.

Level of pissed off discussion slow and steady so first of all the first question comes to my mind when you talk about supply.

Well, what I know there has to be lately first.

In order to extract any law there has to usually bust.

So.

I got one question.

What are the fundamentals.

India's D to attract Libby.

What I'm getting Wyoming.

It should be there indias E to attract lately.

PCB activity, but.

Thanks, Doug Kathy you like eight.

So we have identified some of the pillars Andres lumpy.

During students already established.

Super important may eight cases me, let me get established year Guy maybe he got into the mine, yes, I did assistance actually.

[laughter] still yeah main guidelines.

Yeah.

Yeah.

Ngs is that separately.

Hi, my taxable event.

Taxable event, then I'm happens actions Emily supply.

That's the ballet taxable you're going to say you see activity cool objects getting a eke out of that then well actually even at that like Yeah action 71 stop shop. If you also reactive T D that it was equal supply bluntly Bella well.

Hi.

It really isn't the only thing you'd see a ballpark correct easing and disposal.

In the basically activity on the day.

Biased, but suddenly Jay ending although I didn't know business on each day for consideration.

Yeah, that's shot up ingredients only.

Let me activity are you supply Wednesday.

It's not deploying really E. It take exception embarked on who the may already be Hello.

Yes.

In because not part of that ends up business exceptional section seven one key.

It instead it says that if you are making any important all settlements.

Its shell be considered to be something like E money.

Even if it is not only board on part of it ends up business like it.

Oh boy the activity other indicative of that ends up there's nothing really to look at line, even therapies and yesterday important services other service important that well I, even before the further into there's another dozen here.

Important I'm good stuff and then but I'm just going back when the deal important things like project important.

Well I, just eat at and I am still well suddenly they.

Let me sum up service is important.

We lost a man.

Yes, it could send at Nava notification and my seven D C O I T.

Integrated X rig notification to each.

Other than seven.

So my guess when do they connect them to listen to it.

Instead, there has to be a concern there since the transaction in order to attract the lately, but their initial one appended to the access let's say if balling activities is considered to be supply even if made of is out there.

So other than division the email E.

On the fly money then I can answer let me walk so they say they cannot on tourism, yes, albeit with a climate.

Well, yes, a lot. So when you think oh hasn't Leah ill get back to both my son I'd just like.

I mean, I really like a 90 technical personnel.

Taxable personnel in the final.

A reminder, thank you.

Activity other supply at all but that's about that yeah, there were stuff.

You'll see that their identity introductory remarks, Mike did it wasn't asked me that some people that want to keep them because a lot of that connectable, but unless you can do that took effect it's nothing.

Well I can follow what does that makes them a little bit of exit multiples on board.

The next day NSN guys any thoughts that number is certainly something like.

Order input that they did in order to play with equal sales does anybody.

Yeah nail it.

So Canada, but he taxable buttons langston that bid on the location of the supplier declined.

You know that you answered reminder, Leslie.

In don't pay location of the supplier and you asked them to combine the fact equalising transaction.

Like I think.

My defense team so they are.

I'm paying it did I didn't know if it's just the people activities at the end of life cool you see activity, but it.

Well good luck there yet I do think many in the economy movies in the game.

Hi.

Hi, E com digging to basis.

Hi survives bankruptcy.

If I could do pockets the basics of any particular activity I certainly pawlenty.

So I always keep sticking to the big.

And believe me back and what do you solution.

Irrespective of the magnitude of the problem you find that dissolution of the problem. If you he wants to easily there, but that is my oldest stockpile 710 minutes.

Then Pos has too much there might.

Okay, so supply has to be domain.

Well this location of the glad you asked really ever mind, whether or not.

Like our interest.

If it does it interesting supply then exactech today will lead the iPhone.

Yes.

Even as a basket of light on the type Opex will be Oh, yes.

Then classification of goods and services that important now I would ask black Black Knight.

Oh, Okay records public or my eye in order to get there might be factory Boston. Once you have to justify that then if I could just like it just apply a good well supplier.

Other venture viewers to appended to the active.

Everything you will find your so if you do.

Gives you a direction that Dick falling activities take either we hear that layer book on the playoffs and since then.

Well, let's students are doing too.

Through that you've been adding five that.

Either supplier goodness appliances emitted supplier good them these books and instead of like Endopredict Atlanta.

The agenda.

No I, what do you find that is not so good sometimes it might happen. This deeper lighting also because this is very important I would expect that driven because.

When you write letters that well I'm not going to asking you to lined everything but thank you lose applications you have to like.

Well go do you have to that but today, it's just been like never before 2017 Ctr nine for services you have to that but to 11 fyseventeen sensors destination.

It's been a mandate important order because of that fundamentally that all 17 times below book last 36 month, if anybody would like to happier uptick.

Hi, Thanks for my view on the bus.

I downloaded from the tech spend that I can provide you you can send me what's happened I can tell you I can give you the uptick and notification.

Update it is I guess, that's my plentiful lots of vision in one by 17 million eliminate them happen on that.

Now next you have to I couldnt buy.

And.

I think if I am I looking at bookings.

Then last why this if I think that you. Thanks.

I live supply I mean, they got it might go liquidity that you put.

Well the use of not only do you know well then you will eat optimization contract wins, you would really be.

I've got dismiss it puts us in the thing.

Baseball, many bostco Bill Cook I want to yet he think completely the do it.

If anything.

Missing what any activity out of this.

That activity can architectures of Islam.

Take it from if anything you are not able to undermine under this out of these lists which I've. Given you then the activity Youre talking about 10 large public sector. This long ideas.

Not right the money question very important Mike.

Hi, good money question I'm, giving you one morning question and then the excess supply only.

This equation also is going to be very very important for whom after school thrombotic.

Absolutely looking section seven.

Lastly, we'll run.

Minus that should 11.

Section seven well actually was one minus that should 11 minus or do you see.

Section, 7%. He was one minus that's an 11 minus or do you see.

My Dear friends easy poised to equalize too.

And what are your activity richest stuff lightly and that.

There is there something coalition wouldn't be.

Well, yes, there would be more any activity, which should be considered to be supplying and expect simple.

Indeed, it sounds like this.

The question, but so much that section seven when I know, but I'd be up like isn't it.

And there isn't any deal unless you're doing one filing.

Section 11, Mad dog applications.

The only up such an 11 year that that keeps bother to the mentor graphics engine or lior Barclays from that.

Well then they generally thought like them to nor does it get jumps department Nishu Yep Yep go like 17, TTR autousa react well by 17.

Yes, or no notifications badly good spike.

Yeah, well do this [laughter].

John modification I never thought each ROI on my desk, so operator, who buys but I'm not sure. Yes, now well update you excellent. This was an uptick and what isn't there.

Yes.

Net section 11, maybe doing notification system Yankee adoptees, lybia, sometimes like them to me.

What's good about off naturally will treat just got I'm actually do you have got that activity. He doesn't mean that completely agree that supply of goods lots of milestones.

So I'm not going to be able get tonight.

Yeah.

He officially launched Bombas.

Lately and that he has gone up say oh, well, sometimes just so that they might you have again he got about.

Well never good enough that they some of the PSC comfortably.

Barnett will still but you'll see levy nailed that might be effect. So.

Sure do three just going a little.

[laughter] circles give RV is false starts telling me a lot of via the OIG activity, but I don't think again, so my voice activewear activity is that the not push the.

Okay Lincoln topic.

Well supplied yet.

Our effective Adobe stock white goods, usually doesn't stop Bondi going slightly ahead of us well is gonna see up internally.

So.

Okay, and if not better Yankee about public I like ended up.

Yes, yes, yes, it was I any yet that's when I any at attractive returns well in Iowa.

And Bob So I'll now is happening at all.

Well no matter how does the all their money.

Like it was not in the vital that I've got ways. The model up program I'm, sorry, if I put it the repositioning it started by phone is evidence that would not be.

So on a lot of refinancing and what the Tina.

Maybe I can answer that but some based on how much it's a lot of.

I guess.

Topics, such as Daniel Oh, Oh Wow Huh.

[laughter].

[laughter].

Yeah.

Yeah.

[noise] friends.

Now they shovels, though.

But I wonder.

Maybe around 48 months now even before subject they might be speaking about subject across the country.

[noise] manageable donkey.

Input that they did I and the noble.

Except 17 like.

Sorry, I'm Elevenad accepts everything.

We just launched under section.

I didn't Vince.

Obama 36 months, even this important they did everything that's done but the thing is we've taken from.

This is the only thing which is given to me.

And whenever government, if something no, let's keep an eye that whether it is not given.

Which was not supposed to begin.

That doesn't mean gap was other media. Okay. Let me go up so other than anybody who's iliac key inputs that they spend a lot of was not up well that's not say because today nobody can data.

The infotech editas availability, the eligible or not.

Because there's no there are more detailed though it will be uploaded on the board.

There are no other lines information why forgiven, even its bottom line. That's segregation of important back then it is so important puts us in Africa Index is also done an M. A C 17.

So back in that nobody comes to know on what account inputs that it is taken so we have to be very typical Larry gosh.

Why are they looking any book taxes Mike.

Well.

After independent Bank Levy.

First of all you portions with respect to academic.

Everybody basis.

In India situation.

Across the globe.

And we are actually.

Getting back to back in terms of economic.

In terms of in terms of looks like.

My first question analyzes sometimes it spending is consistent with respect like this.

Many people who asked me.

Hey, maybe you may also be having discussion in your mind, whether they were they.

On.

My boss sanitizer than other Overtaxed Tonight.

We'll be available.

Sure.

I feel many of you must be wondering about it.

But before I would like to give my opinion.

And then.

Can you.

As you already with the government through this program also.

No no classificatory circular about it so that.

In fact, there let me just air Angel equity engines in now.

So we feel yellow so but my view is concerned me answer this question there.

I'm, sorry, yes that they didn't shouldn't be available due to two results.

But.

It is staying on the merchant lines or is he.

Indeed, all of our veterans of the.

<unk>.

One.

Because.

You cannot say that.

Moskin anytime there's one other protection items.

I'm not using the business, Indiana provided to our employee our businesses. It does.

Then the objective of spend instead of this nature instantly show the heavy liking environment all of us.

So it didn't think order patterns of business.

Second.

Is that there is it.

Eric.

And then detection 75 or not.

So 17.2 subjects up clauses are being attacked it doing one is some clunky another it's up close etch.

All these talking about department on them Jim.

And just talking about quarterly losses right.

No no stolen or destroyed by rail three give some step us through my mind, you does not use that a bus not doesn't I'm. Just because then you just given the light so it can never become directly but even then Jim that you.

Finally, those oh it production I am I must say diverse funding discharge of their responsibilities.

Second.

No I feel these goods that should be considered to be distributed as he inputs as well in I needed. These are not the sooner that he is awesome. So that we also considering these two reasons I see on sanitizer mop other protection items.

Like you more sanitizing the D N type of Mrs regularly you bought something I noticed there that might typically two things you bought the machinery, which is automatically dispensing the sanitizer without susie.

Well I'm not the told me that is their check the embraer just all these items venue for this particular problem Shelby I I did this will be available setting aspect with respect to it.

My follow up something.

Many organizations on boom Big corporate social responsibility complicit expenditure was applied damn distributors good.

Oh during depending on who the real beneficiaries to the meeting people and even the miniscule popping up there I know, but it shouldn't that they didn't buy back under certain ones. If I did spend to Turkey is that expenditure. They spent just made during this thing than actual audiences you keep that explains.

So now the next question with respect to see it yeah. Hi. This is not readily protect scripted once she is on expenses would be allowed us to my mind again, that's the aside expenditure would also be allowed because it is like anything order patterns of business and even I mean is still corporate affairs also by the other stuff.

I think back.

Institutional we give a pretty good who need it people is ideally suited to understand how many shares in understanding is not expensive. So there's no point when it does not not because that is it goes up.

Let me just board will be going out and it goes the other than to there's nothing I can see shows should always be allowed like I said I strongly.

The department to come out with its not so that the people who can really based upon these aspects.

Well I'd.

Sam, but even in Wyoming to actually give other haven't D.

Goods to the new D. people, but we had so that at least they should see exactly.

These are the same would it be allowed to do so that would encourage them to spend really anger.

More into on this subject.

So this was the next question.

Next question, which is Linda.

Yes.

It's about one very important to us.

Most of what I would like to tell you that on 47 to do.

They are more than one indication number.

2008.

Thanks, Chris.

Issue.

<unk>.

Earlier, there was another notification them, but if I wouldn't be CP tend to attack.

Well listen to me very carefully I also giving Blake if I'm not there.

You know.

Armada in my Armory.

So what and what I ask device over the years understanding leading talking to people listening to more exposed to leading the law.

You know 10 times 20 times 59.

Okay.

Then notification.

If I wouldn't be back when you're talking about like one.

Gamma relaxation journalism that if we can be when theres much Phil.

Yeah June 29 to London.

If any compliance and if you made with respect to filing appeal it line someone's.

Filing application of the fine too.

Anything else you eat a bringing in 90 Oh.

Sporting goods within 90 days from the date of the Jack exporter. All these days if at all they can do they want it might be.

Benign June shall automatically extend it to you.

The only seven June there was another notification.

If I could see <unk>, which is a man. This is the main thing if I back when he saw no hard effort is going to it wouldn't be.

No bias, because if I might be that Eric.

Is extended to [laughter] wrong I guess.

Now if you have to fight every time, you indicated falling between going get boss too.

[laughter] Ben automatically automating [laughter].

If you have not updating the L.P. like I don't like they see what making important though they went up back under who under under the under who nine.

Oh, it's easier to use.

Financially it wouldn't be going to even then also the extent.

You will anyway.

It's all these days, but they're not certain excuses, even though they topic Dunbar.

Yes, the arc five or six cents. Evan is also extended this type of person. That's 2020 DSM five is about Oh return I'm not going back to the button.

Since part in foodservice distribute them and seven is about the easiest taxes axles.

So my judgment these big really sounded like.

Hi Tonight.

Three or insight you can find six and seven it's also been extended its I suppose.

But otherwise the on other zones are separately extended the itself.

And then.

In when those are so much extended.

Yeah actually lost that.

Other track, which was extended event.

So now there is Uh huh.

Name also or what you call that maybe you know you call let me nowadays.

I mean Mokry me there is a me im also doing their own the round up the Whatsapp University that there is going to be another important yes, you know how to read and understand do lots to talk to you.

So there is going to be at this course ingesting all that is when you will find outdoor he just understanding not they talk to you.

So.

Most of my days might be one time no. There isn't one of the kitchen number 76 by E, which as you know minded seven times and lead times, the last Wednesday Destiny Max.

So I am not actually mind not only in attack what might also understanding these logic, so but still you know when you have to both public.

You have to understand what sometimes go the mall I'm not more into compliance by getting back to see because I think public life Island elected member people thought we won't be across the country and off we thought what is locked it and why they have not sometimes what happens then a filing that it doesn't take on me someone is logical.

This is going on there. Okay, then do you ever fine.

Sometimes it happens also so that is the reason I also keep an eye and uptick myself [laughter] elastic also but this is anything because.

But even if they're going to keep that but anywhere if any problem is that you may contact with only I'm.

Funding binding knock on wood understand all these disaster emailed to go all the certification also giving you are starting to kick off Oh, you said you have under spent a lot.

Anyway moving ahead.

About it so.

This is this data is very much like there's going to compete so all these activities, yes, I think seven only other right all the other end up here and we have device the or you have actually device. Lpgs document also went also in the small did exactly that will accomplish it absolutely.

I think they're going to have learned that huh.

So if you want that I can share it with you on what simple so under I think the do because they are not much of two dozen all that they tell us about what city I come back does not have made it looks like ODAC kappeler presentation of logic that group on so that doesn't.

So now.

Next question.

Which isn't expect no one very important aspect selfish dexterity, everybody is actually oh unfair that this religion about 36 months.

Section 16 protections too.

Second satellite.

Like the pay me.

[noise] off spec.

Along with the consideration.