Perficient (PRFT) 10 May 202020 Q1 Earnings call transcript

Ladies and gentlemen, thank you for standing by, and welcome to the Perficient Q1 2020 Earnings Conference Call. [Operator Instructions] Please be advised that today's conference is being recorded. [Operator Instructions].

I would now like to hand the conference over to your speaker today, Chairman and CEO, Mr. Jeff Davis. you. Thank sir. ahead, go Please

I'd you. open to Good Chairman is Jeff Perficient's And after We've our This Martin, your course, you time of this the minutes morning, CEO. With of call everyone. morning. for COO. Hogan, and Tom telephone about CFO; is to me questions. thank our for up XX Davis, got and Thank we'll like XX on Paul comments. that, the prepared

the safe read statement? Paul, please will harbor you

Tom, you it? Hey, got ahead go could if that, you've and read

Okay. me Can you now, hear Jeff?

Yes, I can.

Okay.

morning. Okay. Thanks, Jeff, and good

to Some in securities in company within future of differ cause Actual these today's to we contemplated the forward-looking meanings We the SEC discussion. forward-looking the to our things materially will discussed in than laws. today's encourage additional call statements those be will results could and discuss contained these certain that in filings results concerning the you of may refer be performance different factors information from statements.

At non-GAAP accepted this release, as of accordance measures generally our in reconciliation EPS, or including principles, website the a refer earnings certain will times prepared to posted call, measures directly comparable on press to with most financial www.perficient.com. during GAAP, our at accounting financial adjusted we

We certain have includes non-GAAP which directly also of financial posted measures. a a guidance most reconciliation slide deck, comparable to the

Jeff?

thanks, around discuss condition once for Pleased with our joining. again, current through and everyone, quarter and navigating the first and our to Thanks, XXXX provide this progress, Paul, morning to be challenges. results you context

dramatic they've our thanking responded colleagues way customers the to change. want First, start and by our I to rapid and for both

Perficient enacted work health, resilience. that was became remarkable fully clear ready. plans days, and a in-office it we and continuity might on-site Our business in of and colleagues remote matter have demonstrated jeopardize our When

continue serve The was seamless with to our orderly us disruption. enabled clients and to transition and minimal

competitive first our relative underscored had people pandemic's of see about our on limited some I by talk a that's advantage. talk, I the lot here only results, again we've impact quarter think can from our performance. had to the And you our key emergence success I'll As competitors. the being been

large, on have clients as track. we're are fortunate powering they're most exception, can to flexibility exposure projects. as as We're resolutely everything in have with entertainment industries forward With been impacted. well. nimble they have as inspiration rare remaining Our much by to But and only challenges as as we committed travel, provided like dramatically keeping are to leisure providing we and modest that And arrive.

details several opportunity shortly, well and We've to And we Paul as expand it's these in where speak will the American quarters about have for North ABR and calls this as ABR at $XXX growth margins, year-over-year. quarter to revenue. during up talked successes was seeing we we're to notable X% been highest results. the sequentially over time financial help offshore drove ever but those very and the drive two gradually the X% on higher

quarter, and the continued competitors so quarters working by see year with on sorry, remote like challenged of than And greater could pace XX% equal outperformance offshore the, our we the more expect some I'm teams to the that's in and continue security during even That's strong XX% ahead or virtually fourth and complications. or be a growth. as the Additionally, to grew XXXX, of in almost the offshore-centric heels delivered revenue the offshore quarter the XX% for firms. I all our of conditions in issues XX%

all as and supporting are Perficient, our clients like our they have teams, offshore remote Again, the along. ready exactly of rest and

February, larger Tom customers. deals, deals On start, a got going we accounts QX their shared and strongest with capacity call we're January in to been That details to that some struggle firms fourth other the great in fact, mutual as off is you had ever. In large gaining share shortly. support bookings to with quarter our share on more month our some

late acquisition of the we March, It's Brainjocks, headquartered Sitecore-focused Serbia. were well resources a is team with million excited to offshore a Atlanta, in integration great Finally, and in complete firm $XX near underway.

this QX well. was earlier a recall as You'll MedTouch year, acquisition

to year So dissuading we've is got us X by the from far. for climate, organic way, continuing with The look M&A. growth not complete ways so for supplement the our to current

guarantees, the In an fact, very toward course, with excited and close quarter. goal. but in No of we're opportunity I'm working we're second during late about that could here stages hopeful

call I'm that, results will with quarter. share details And for who Paul, first back going the financial the to to Paul? over turn the

Jeff. excluding percentage for the Thanks, first over revenues to expense, prior SG&A X% compensation, to compared comparable XXXX prior the of million Services the $XXX.X first of a points for excluding million XXXX, comparable everyone. margin $XX.X period. were expenses the million XXXX, XX.X% quarter stock the year the good year And and quarter morning, March Services in period. basis $XX.X increased to compensation, stock first prior increase in from gross year reimbursed increased XX XX, quarter period.

first compared $XX.X SG&A of EBITDA revenues for of or XX.X% XX.X% to quarter million million in $XX.X of first revenues as the XXXX. of stock to was percentage or quarter XXXX of decreased compensation of expense, XXXX. first quarter XX.X% excluding from the in revenue, a the XX.X% Adjusted

the year. $X.X included $X.X million prior compared first The of amortization to million quarter in

Net $X.X $X.X increased interest year first in prior the million from XXXX quarter million the comparable expense slightly for to period.

related XX.X% the XX.X% XXXX. decrease rate was quarter effective of increase tax the first rate recognized in Our The during primarily the of effective quarter to due to tax in quarter benefits was tax to for of first XXXX compensation deductions XXXX. for the compared share-based the first

to share XXXX XXXX quarter the prior comparable $X XXXX. the share the of quarter earnings quarter for first from share Net $X.XX from XXXX $X.XX first XXXX. in quarter in first to quarter of million for increased $X.XX for million first per the of XX% Diluted the the income in to of from a increased $X first earnings period. $X.XX a Adjusted of GAAP year increased per share

Our March at X,XXX, was headcount XXXX, XX, SG&A X,XXX XXX and ending XXX. Ending subcontractors. was colleagues billable including billable headcount

outstanding at debt, was unamortized March XX, of Our and issuance discount deferred million. XXXX, net costs $XXX.X debt

We also and $XX.X had credit million in XX, access $XXX our XXXX, cash full million and cash as March of to facility. equivalents

against to Our well leave balance execute very sheet continues strategic plan. us to positioned our

of increased receivable Finally, XXXX. to outstanding compared end accounts the the XX end XX sales first quarter first to days on of of the at days the at days quarter modestly

behind for the Tom? commentary a now call I'll the turn metrics. Tom over to Hogan little

Paul. Thanks,

a earlier, As overall, quarter solid Jeff bookings. for mentioned

strong. have tremendous remained recent couple in conversations pipeline a our considered even years just deals strides for Importantly, we wouldn't now and years we're We've that ago. for been finalist made of in moving upmarket, and

north have during well We XX XXXX. the the now within ago We several deals opportunities XX and deals are year wheelhouse. of large we're on. XXXX $XXX,XXX the period. These our to of first booked competing fourth quarter during quarter in of eight-figure XX compares That

In wins. addition wins those for and to sequentially year-over-year, volume, average materially deal larger up and deals size more was

to their driven needs businesses. market our by Perficient solutions developing One things relationships respond their changing the nimbleness. now customers digitally and dynamics, customers client strengthening quickly is existing adapting that new right meet to of help save of our differentiating We're the and

helping inundated in to while customers help and in center we the line quickly intelligent our address immediate -- surge care securely to with and example, further spread pivoted worked develop activity. health provide we're symptoms healthcare, an recommendations alleviate call chatbot solutions sudden partners and As and the that quickly to of demonstrate help We healthcare assess systems. virus reduce

developed Now reengage Similarly, Protection to rollout addressing and due loan working experienced financial providers address the in multiple servicing with immediate Payment patient their help patients. of PPP. healthcare federal revenue or for the looking complementary need, offerings the services and marketing are technology applications intake we're industry industry payers Program and to challenges. to ahead, provide significant larger-term, urgently automation we've longer-term quickly the to solutions a PPP engagement the foundational uptick and recovery, loan We launched

consumer clients many programs being our banking payment industries where for solutions and into on put working other we're are place. Additionally, modification

clients, give fulfillment Finally, and nimble we orders implement chain to their to receive retail supply systems from address necessity. become a our to ability capabilities options demand looking has product streamlined customers challenges experienced The for management their faster. increased order must-have

multiple our of it's is for rapid we to additional customers. As clients Perficient ship-from-store have implement meet with worked to daily The it's retail something continue theme key. with meet and safe options, well-suited such the to business as a or demonstrate -- to and the result, here their customers. innovation, we is shopping same-day delivery And safely needs

clients COVID-XX challenges. we're continues proactively and and partnering to our disrupt these and industries with through markets,

discuss to Jeff with I'll XXXX. that, over of to turn Jeff? back things remainder And the

abundance earnings guidance. indicated of and Tom. out the Thanks, our press revenue release, we caution, an withdrawing we're provided previously Well, in as full of year

year momentum, and so. the While But we record to on had We'll, ended year right envisioned Perficient be I'm and December the this many course, of and We're now. reacting simply and position strong great way forecast uncertainties in remainder QX many XXXX has enough now as do if is the in the how proud to that business for beginning got projections will bookings I call, remain a with of day-by-day too no revisit to our long-term Perficient. the with year And one January our outlook, reestablish a gain still we evolve. at when now, as year everyone the prudent underway. there But great confident of a clarity the competitors. the We path. for than are strong. expect our else, mentioned stronger we're will right running and of circumstances responded that I like of

that, questions. we with call the operator, So open for up can

Our Instructions] with first comes Jefferies. question Thind Surinder from [Operator

crisis discussions nature maybe question you stage you. and this clients of having Jeff, you're that the is clients level at this walk a through month of of The maybe maybe the stuff? ago? comfort the the first for about versus us changed, with discussions Can

back seeing were pointed you as it now. out, But as a things certainly, improving anecdotally, have ago, we are of I that but of we didn't number of clients knee-jerk otherwise, has bankruptcy. of We outright going back, about recently a kind were. things trimming are that We some would had around too to gradually. the, have One there Yes. weeks that. reaction was four come There filed right tell couple back had, did you've cancellations. much a

share. engaged for slower May out, a a outlook So getting bookings as some and bookings particularly with which so, but solid health but some in forecast for the given we're fact And definitely were well. COVID-related, lot as pointed of in us or care, of areas Tom have actually, many has in the and the definitely pretty April, other are us struggled conversations that competitors little more banking is in our

would now, they I So projects from starting definitely right are were and talking reengaged. are weeks say later, Clients things four where looking about four up ago. getting and back improving up weeks

what would next historical you're to a need wide That's might you quarter this centers. example, something a the be helpful. Would if for And that for have to guidance? so? to or for you even current question you. level reimplement by that's range Paul, Like, X% of revenues, confidence in well, like looking out Can enough environment, able talk is about be tight

Yes.

that. So I the business. on to and put to seeing It's look hard what going environment have we're specific our specific at a to to number think, we're obviously, macro

what happening accordingly. think we're macro going business what's and adjust level is I monitor to a continue doing to on our and

we'll to maybe add that as seeing think to more I we're by the we're a as that clear seeing, optimistic QX, outlook. that, have before, do end improve. things Just of I I'm said

So, commitment. but no

even like pulled more, As I lot that's end why do Paul by a earlier. it's, the said, June obviously, of or obviously, we'll feel know we guidance. But

Mayank Tandon with Our from next Needham. question comes

then some lived you and last around what Maybe as saw Jeff, And down a back you through help versus cycle. seeing compare contrast well. have I that? the context in Could provide you you're follow-up today 'XX? what obviously 'XX,

then. just more was years Perficient, 'XX, light lot the A some terms really in versus of, 'XX, really I completely outright at where little today. mentioned. exception that where of trimming X of 'XX, here I'd are that's lot, clients ago, XXXX than focused gradual, our we a 'XX, We've this and outright for Yes. Fortune impact a actually on are than is big part. see like from talked that I And very it's that, and had say, that, said, no stopped There's And things pressing that is end I've projects. again, I for here that there, there the quickly. say difference This the seen really, And reason big this lot but more different I a XX a already the were mid-market of most with canceled about cancellations. tunnel and we've some is, unraveled would clients starkly

Would it profitability? So year priorities investment terms remainder believe about you worthwhile? as that margin the can talk for Or the follow-up, costs And a maybe where to wanted front. for prolonged far you a do next that year. go of your enter the also in compromise If focus trajectory? of I actually next you we do quarters, be how could plans then would your cut just it. long-term Got into sequentially on declines and few this to and manage revenue downturn

Yes. Good question.

consulting right, answer. think a I good balance, it's

going if XX%, so a opportunity. little is we're maintaining margins. an And now, still work yes, right to preserve, not, mentioned I around utilization So that's over. ABR expand to we're hard up maybe

back retaining So, obviously, going little to the obviously. I through be what time, of effectively that bounce yes, of talked guidance. resources to we need but We've same between, and a actually already balance margins. ramp it's managing that But about a pretty I to expect and on that, saw advantage take no don't April. continuing the be guarantees bit at that's, a a talent significant know

it's think do. a like on kind now good need what got right said, week-by-week now. we've do we're that So of we really I basis a it, to handle need I to right going to If and

about stronger And one is talked to his much that, opening leverage in comments, to global add as Jeff centers, which Mayank, our growth higher thing in margins. have

be of these to relative a to going tailwind all bit factors. that's a So other

Partners. question next from Our with Alliance comes Brian Kinstlinger Global

modest of in sounds The trends April? can in companies a about to, impact. a can impacting get this guys? May XX% really been March home's April you and in And strong hardest has the compared and all February the part to of sense only say, compared we talk utilization But environment so change revenue and from working there how any you

question. Good Yes.

bit other somewhat So knee-jerk cancellation little attribute and including there I few said directly April to the a was March. earlier I what of areas the immediate one was or reaction that from was X impacted that down questions in a an And sort of in April.

April end. week-over-week just the I However, mentioned, bit as actually ramped a towards

there's cautious again, said. bit anything just was of coming about but guidance pulled I want positive around I I why signs would So April be we very then March, up. But But that's to back a was it. some say that definitely, down as anecdotally, off

days. know first review So of week get By here the too that early we'll a to our full of May. way, couple of in in kind

it news, from of on more sounds it services. it And or given at will a conversations so but sense, the Great. financial seem if health more sector heard financial banks you're then directly fall to sounds bookings struggling, Does the financially, are it Has I this does least maybe busy, side, they're quite down given hospitals given Hospitals like resilient? Just bit? and a lack having obviously elective with has business. important -- seem your surgeries. gone their that's little demand the like

Yes. Absolutely.

as have is In have certainly is on but Of some COVID. business been hospital indication that change really there is course, we just client actually well, forward no of in our simply in hospital Again, so forward. the the that with and majority the where payer I've a we've we capital of cases, cases a moving certainly, during in comes customers of moving side health any see impressed then from, -- struggled. mind this, top far, keep our systems. lot other project. it's -- sector expanded absolutely the to competitors role And our side

consistent with So Most operating that's think work they're large. board systems And we affecting they're but and the strategic even around the other systems. operating I budgets, of CapEx cutting initiatives. pretty really are these quite hospital hospital expenses long-term with not their across

for I said, new we're strategic typically on solutions like out building side, CapEx that So them.

on far, cash. side, so And payer resolute they're premiums that still forward and harmed they've yet they're by moving think doling And because with the course, I really much at and this out collecting of that. not all seen less

view. from So accumulating my cash, they're probably

Right. you Good, thank so much

Thanks, Brian.

you. Thank

Our with next question comes from Nolan Maggie William Blair.

Your line open is now

Thank environment sales although new execute sales seeing of that morning. productive you. pipeline and to some in how off, comment yet? you're kind bit wave huge and as that of a Good projects looks Can little be of a adjust you reality their roll ability that this your and to and on kind not potentially, you force

do to take Tom, that? you want

I'll just subject from impressed be to a our matter not sales say Sure. sales with our continue but experts. team perspective,

as quite easily, I've of shared the pivoted that here some solutions have earlier, right We regarding very are now.

challenges As and Here's market the quickly our needs. models what a, rose, to team new business very got

Here's nimble nice what client that days didn't really XX drive to And aligning of even job honestly and being done help exist our a we've needs. pipeline ago. maybe

sellers aggressive within and our recent, this been, in pretty current proactive environment. have So

Our pipeline remains strong.

As with promises after large deals looking there's are couple good. obviously of that I going there, mentioned, quite but and that no finalist are and a we're

our down. our and so some Obviously, more matter subject a initiatives, through activity there, we've definitely aren't as with but pivoted a in change need clients we're promises, in to say digital I'll the and new pretty engage. our quite but where found as these sales working lot some nice seen slowing we We've of slowed client digital mind, sales demand, ever. keeping strong lot And no it's our nicely mentioned, So Jeff right than team the And activity areas and from experts. realm, now now.

place providing then whether you you're housekeeping, long-term a how well. the considering changes And to distributed a delivery quick and then geographic as in are there services from have growth the or organic any And regarding remote that be that strategy to just capabilities? clients, perspective rate

was, couple growth we're given long-term want say, of strategy, I remains of worthwhile organic any terms it to intact. I about XX% in time. point A at quarter. for the in So to about remote things note, And X% think probably

us from by our but in client. the working offices that means remote, remote for Now typically

today remote course, home. Of working means from

office or in appropriate within fairly months, We in within weeks of that level going think certainly be and couple following eight limited so, weeks, six obviously, probably weeks couple the be a normal. guidelines. But I six expect a we'll to at a to we're back back to of

But think with, on-site, that expect as were reasons one needs will this this is working I I seamless we and again, accustomed that remotely we change. to forward been to. the clients that it And effectively for to of have and can continue do agreeable work has that going been well The we're would where as indefinitely. us that, as accommodating long immediately it fairly

pipeline and touch of, will just your little terms bit. earlier In I question on a on the

As really seeing not cancellations. before, I said

seen some we've delays in So decisions.

off. Some pushed things

the really quite delays a If move nice those good. can we quickly. could I we said, see, quite very very looks and in So client is like recovery squeeze pipeline large forward, starts to

with from Our next question Vincent comes Barrington. Colicchio

call sorry online But particular, been some there? got Jeff, Yes. the are of on addressed. physical any there And what bit retail portion's energy, issues so a leisure, in at-risk versus I retail, into verticals, late, this your more stores? if has little

you with was working one online. X of and actually XXX% that, have get the don't leisure ton That business that say The Good filed of or to Really, has outright did client intact. We may bankruptcy. thankfully. our would is it's more hospitality, have in earlier, question. I But them we Yes. brick-and-mortar more retail outside missed exposure digital. that now to We're space. almost cancellation, have a

us Actually, didn't we've for changing that that, on been that working big have fortuitous but we exposure.

continuing anyway, there. have CapEx move like projects. see the forward these there's But hospitals with right We impact of to them some, and sort we now

issues? were And Or then were with fairly at-home, any the seamless? transition security to things there

completely No. It was seamless.

of responding in audited importantly, and SOC colleagues ton to robust security, last environment. a we team that business done achieved way. great what all X, But job includes as a by a a more and type of certification. part a IT we very that plan Our SOC X that, to year of had That's needed of an our And required continuity high-trust had do. for that's the compliance

Everybody cetera. encrypted, laptops was are laptops et that in place. had et already So all as cetera,

needed all So they and happened almost instantly that access was and VPNs, the issues. to no

next Group. question with comes Vander Our [Operator Aarde Jack Instructions] from Maxim

prepared that. remarks, trend. was that During know commentary provided deals additional you continue the the positive And remains large some, some your pipeline mentioned strong. on it I

sounded you for wondering you at cancellations risk this quarter. visibility there you last Just of around elevated contract year your, your more further remainder visibility of further if to what could like expected? delays the had of color so any or provide strong relative And least is level than and guys it

question. honest I expected good good be don't that, to a That's the know of had that reference a I with part on you.

some delays. earlier, changing see it's we're strong, again, starting improve. mentioned seeing of So to and does the time, as same I that pipeline the But we're At remain some daily.

So but I well. we'll see it probably in more pipeline begin as the to think anecdotally,

slowed and still, at still the of the a outlook do in we March we have backlog. But terms bit large record for a today, primarily as April, April, bookings rest moment. little the have even the year, a probably of In backlog well,

that So that fairly or begin given by clients booked if kind ago, side, that have move as meant I I and head minute mentioned forward, time our is lift these their up what May off bookings only is we time really a of a get to we mean and a for on a was, been what it. start. can I to actually engagements But nice said, May the of into early now, here good It's right of week right is to too we're say much like recovery sort despite, about I But slower period bookings have the now. decent. as

talk very related growth strong. of wondering you you growth. remains the more, could to if Can I'm And then more of as to, this a talk Great. revenue, offshore that drivers Okay. follow-up

an offshore, outlook market at just other example, For are differences environment onshore? near-term in as offshore to noticeable ABR any it there America? similar versus see to increase expectations North and And relates in the

Yes.

I We're or making growing. you that this, that think, focused obviously I would is our on tell concentrated happen. offshore

some by terms being of given by sales X design, So for that competitive. we in to it's reasons. course, be is, of of compensation driven folks or lot offshore One, our of really emphasizing a plans want our and

You I average look at a at some competitors, business towards of rate tough won't hour. name, more that's of that bill kind North $XXX about of our got a to who when $XX an we've it's hour, with America balanced compete an

So digital again, $XX I we're the to We've range. in real in your offshore. got capability digital $XX in very offshore striking think But advantage an it's see answer hour about in question, at offshore increase got that we the by To the way, a competitive ABR that we've same offshore. balance. rates didn't

for bit. up And well. that's I by already think driving offshore. gross design as margin be We're little a again, XX% might it

try hold keep course. on to going offshore supplemented supplementing driving business, of and onshore, just our we're to -- So to more that mainly

Excellent.

for it guys that's me. Okay, Thanks

you. Thank

with question next Our Jefferies. from comes Surinder Thind

Your open now line is

at hiring? at levers of How employing of going pace significantly as Hi, hiring assuming provide color that point? forward some the point terms this follow-up on slowed this that thank taking you Can one about of has should terms we for in like think here. a you of headcount you're in I'm

to manage we're Depending that that replacements that. going QX, yes, up adjusting XX% at maintain XX% tend in We've that be little off. the it's but point, still again, to range might associated is attrition. the attrition go, We to Absolutely. need drop. the run right? And that necessarily to you I It that don't things tough, fall on of put business levering Yes. high with your which fair to as And fair certainly it, amount a for exactly be hiring goal but XX%. into typically will still growth. how for We're that we're through a just a and XXs. we'll done XX% see that has through before, utilization. that and a mentioned the maintain we've just to of kind we hiring in And was as This seeing going time, means hopefully QX. same hire of -- amount voluntary And we'll be our on described, brakes goal And to hiring. not

you But I If should heard in expect obviously QX? extent. headcount is continuing that growth or point some Thank hiring correctly, Understood. you. to we this not at

say would I no right now.

dropping let utilization little with think where hiring. a we to attrition tight off, to even rise we at, I again, we're try going probably lot to of if hold we're a the need rate before do

lot. time, would And lot for or back then. lot a picking be we'll the hiring from quite things headcount a I to up So a next eight I'm say days, XX not probably quite much. XX at least a of days hopeful, probably hopefully, weeks' But said, change. projection, not the as I've are by next so, that maybe in

strength here growth of higher the drive following an offshore their opportunity this appetite maybe for there Understood. client about should think on Is how where accept up able I at that the we this more willingness being demand the work at point? to of the And Or previous is offshore client just business. the point? think then to guess, to, question or mix about or kind about

Yes. No, absolutely.

of two One, surprise to at opportunity will think no we've pace from picked and I I I accelerate has portfolio result I But do I par offshore struggled skills offshore, earlier, hell confidence it's no the think can say demonstrating gaining our it's think trust happen. competition to is pretty that a think is. it's you of clients. of that to you the in there's actually think up of offshore unique. don't that's because continue that. it of I that what should and and And there, onshore grow lot standpoints. skill no think It's above share or on a digital, of as you set or mentioned that's so They're it to an Perficient. of pace we necessarily have -- as value. going the secret us And that a tell their the with of we're some I the a counterparts more when

with clients we of relationships But also changing, existing certainly, I think winning that We're out that new gate. involve the offshore that's right have. the

now. I So in that long how component And and and COVID become it's will larger how I sell accelerate delivery accelerate our of term, we're we become this the period, beyond deliver. will I think, seeing a we just that Maybe it but XX% larger it more, even not absolutely and capability. think more beyond and expect ingrained during

next Kinstlinger from with Partners. our Global comes question And Alliance Brian

level, April are they talk more core better seeing weakness about, you Elixiter May, in high whether May? now, and holding Perficient Can than business or and up in from sorry, a Sundog, Brainjocks, early

to experiencing Yes. done think, general. It's has MedTouch we're what really I in well. very similar,

excited as to of with One right MedTouch we elective. certainly, is we things back were during acquisition COVID the get about patient now And that pretty their more that's key expertise. and

are surgeries. patients keen team One with preparing elective they to reopen things of now acquire those is that we're for those are to the with right that surgeries. engaging And hospitals who

but there. doing. Perficient of So say, opportunity kind how they're we're with doing is and, would seeing rest That is good Brainjocks, business early, of par the well on it's well. kind a doing of lot of I

it. missed but may Great. was One it have I I think don't follow-up. asked,

I'm we it bill probably back While I lower? that in come environment, rate increase know right Do are the we slightly tell very it price now. heading maybe was difficult right our still to think just given expect can to where environment? to fantastic, the think should on are, conversations curious now. current Do can it's be stable? we this conversations,

being like where help off Yes. aggressive certainly get we're We're the with going dime, honest being, to feel you. be we client it's to the

yes, ABR But if came bit So wouldn't down term, long term. think near that in it resume. strike will I increase a me little the

Allen comes our And from with Klee question next National Securities.

which, if to someone's to done? special extent business, extent impacted you your special home, for offshore do to to the areas still allowed that In had India had And stay-at-home by at that projects, business is be orders? security is what created the ability that

question, talked The good business interestingly, glad plan. continuity asked a it. and answer is I'm the I about That's you

already in the India test work-from-home lockdown were we was announced. So before doing a

everybody extremely a went had first home. supposed be That that just we week, So test, stay well. to was

at I all. as no said, no, disruption Really

so And came. in were mode order when already that lockdown the we

working And India that so been for period. from everybody remote we've and home in whole

like think I something going five now, that. we're weeks on probably

really was there. it transition a So completely seamless

this call to I turn showing any like am any over now I to for further the at Davis would Jeff remarks. closing questions back time. not

time today. right. we'll you forward better all All XX with appreciate it. your hopefully Well, look again talking I even for Thank And in to days, thank you. news.

and Ladies Thank conference gentlemen, concludes call. you this participating. for today's

disconnect. may You now