Information Services (III) 12 May 202020 Q1 Earnings call transcript

Good day, and welcome to the Information Services Group First Quarter Results Conference Call. Today's conference is being recorded and a replay will be available on ISG's website within 24 hours.

At this time for opening remarks and introductions, I would like to turn the conference over to Mr. Barry Holt. Please, go ahead, sir.

operator. you, Thank morning. good Hello and My name Barry Holt. is a Communications at Executive ISG. I'm Senior to I'd ISG's first everyone quarter to like welcome conference call. I'm Executive Chief Connors, and joined Chairman and Chief Michael today Executive David Vice Officer. Financial Berger, and President by Officer;

ISG Before expectations forward-looking It results and we concerning the and this may actual beliefs is a and which statements, future of that not statement. potential contain guarantees and These note risks effects. of begin, forward-looking results like to materially represent read would from communication I cause to are subject future important the those statements are management uncertainties anticipated. events their differ could certain to of that to current

future results, refer forward-looking more results. our X-K section contained and the detailed Form covering please in of Form statements factor risk year a SEC was in to and the listing ISG's night affect XX-K furnished other the last which risks to For could the factors that full

ISG's Form the SEC. also amendments these with filed should documents, XX-K documents or supplements Report any relevant other read including You any to and Annual on

You on free undertakes at update ISG's subsequent events revise any copies or will www.sec.gov. www.isg-one.com either at SEC's any the website website statements no ISG's SEC obligation able to reflect be ISG to of obtain to forward-looking filings or of or circumstances.

provides between and which the currency selected improves the data used measures, to earnings adjusted believes will periods adjusted touch of evaluate ISG we comparability we greater on financial which call, and include this non-GAAP constant EBITDA, basis. measures, The a key Company's certain will performance. today, net on the we Company's financial the financial presentation During transparency measures results non-GAAP discuss of of a

as financial prepared not provided information, are for accordance or isolation considered be as measures in with results a substitute should GAAP. in and Non-GAAP additional

filed last Form measures the we night closely For all SEC. measure, report our current on of applicable the the refer X-K, to most GAAP to reconciliation presented which non-GAAP please with

now, by like to the call turn be Michael followed Berger. over David I'd to will And Mike? Connors, who

everyone. None way unprecedented think, comments I'm experienced times. Thank Barry, surreal. sudden us divide some going In This an and and good morning, to today you, morning into two living These have magnitude. event, it's I of working are this of parts. my

our which the third on environment solid, Then I'll by was some coronavirus. results, we are First, quarterly operating. perspective were considering of our the quarter and the provide impacted current how

off delivered half $XX XXXX, what with world we us in a be quarter, start the XXXX EBITDA revenues $X began would and of then and strong For momentum, with of million coming nearly entered most anticipated February. result up our a to change to profitable faster of million. we We for second setting the good ever,

to we sweeping by coronavirus upheaval daily profoundly bringing all The altered life, this. global has But know economy. the

So moment. action those I'll we took and review actions in a

In services, services and The we digital quarter. research in change our lines. service with technology sciences, XXX served our clients, growth industry and QX, management, ISG public sector energy, in and first verticals, life the industry financial

$XX million the total, reached good a million leverage $X more in up are represented of ISG million our than cash level research in from XX% close for to about driven And $XX generation X ago. cash more $X in and year quarter of quarter million from and with cash almost XX% Our times the generated stock ended the of our operations, repurchased than the shape. we ratios public recurring our revenues in We contracts. and quarter, sector by and

sales QX we team resources. and impact $X about had Over automation on QX a These the doubling we our several last ISG as in additional negative invested investments, also million asset, including further call, months, of in anticipated our adding EBITDA. our

investment we for this However, XXXX, this continue to we shareholders. the seek our expect ways to business as in a unleash of more double return than value of

revenue of down in late million and our destination Americas $XX the delivered live the client in events go includes Now that quarter, through cancellation stopped our the reduction The X% March turning ISG year. to billable a from regions. was in in to in T&E This the result pandemic. March prior

the quarter headwinds saw ISG during and the and gas, consumer the During the quarter. our and management from and our this industry manufacturing good life industry oil research verticals in lines. growth services, Offsetting pharma, in sciences sector change region and Americas growth, experienced financial industries service public

Care. Key client Health & engagements Western Decker the in first and Black quarter Union, Stanford Stanley USAA, included

our awarded leader to engagement and new leader and of Under awarded ISG global ISG operations. their systems overall a the implementation in And BXB management in wins, to a largest HR million. ever information program close $X Among engagement, engagement ISG's retail a the technology for year. support payroll for the lead transformation outsourced will this million pharmacy storage next client's wholesale significant global $X global

grew Germany our X% Europe, with and by to results double-digit revenues strong U.K.. the in growth in Turning

quarter, research life During service manufacturing services, and our consumer in network the sciences, the and growth automation industry lines. saw industry financial verticals, energy, good region in our

Europe has million retailer in to provide Shaw digital to Declining headquartered business Re, quarter Munich the in awarded grocery advisory included wins in Winter a and $X been Luminor Alliance, Among support ISG Germany. Bank. first our engagement Volkswagen, global a

also multinational with a we business to new engagement. multiyear lead company German and manufacturing technology to support its work this a We will secured expect next-generation

verticals. double-digit to Pacific, we public and XX% revenues by driven reported with Finally the sector in Asia sciences energy up million and our $X growth life industry

Taxation Rio Tinto, the Petroleum and in of Australia Department Defense, Caltex clients Affairs, Office, ANZ the Banking Group. Key included the Home Department Australian of Australian quarter the

the QX. the quarter, $X revenue million considering pleased our in we impact So COVID-XX of approximately overall solid are with

part my provide Now are some current let operating. and me – morning segue how environment to to on the second comments perspective of the this we

firm a this pandemic. three set As we during objectives

our I'm And all to and of we families. delivering health of report safeguard First, pleased their XXXX can the safe. are to employees our employees

minimal clients our with preserve so our of is disruption; do our Second shareholders. to third, and financial and serve employees fundamental in support performance to and

challenges. to every a not short-term has and impact of the ISG these virus. levels, spending minimize of economic their working off have a while as any our of proud series implemented colleague of colleagues to home Nearly I'm have reducing clients cost from result we laying actions employees how responded ISG our of been the

retail in the deeply been will that our in guidance, our affected have automotive of more clients by sectors those the reflected You travel, see a number QX airline, and hospitality, pandemic. especially

continue clients, serve as to this support these them with of to most we working Here difficult in trusted a environment. adviser operating

extended in reduced and know assist for our works. today. remain with of ours some It cash flow and took a our time similar summer period clients get partnership. is a For We this help of services true example, them they terms through to we months. management during the recession actions of our cost the clients have for We payment Great to

With ISG time. ISG able team work-from-home pivot of virtual well and were provide we some clients the to environment Operationally, to respond whom a continuity quickly in of to complete were economic our to completely to is our positioned services and first a virtual this health structure experiencing to crisis. global model for continue

of respond From rapidly times a to of ISG's disruptions. client major is delivery perspective, or purpose-built other recession in portfolio services

capacity security new automation offerings our accommodate solutions, Our data demands support the pandemic clients' massive remote networking our ready services, network our services takeout and workers. on include, our rapid to to cost

And our GovernX business help ensure from compliance ecosystem risk of that solution suppliers. and ISG their vendor management clients called complex continuity third-party

company. the top one with recently new contracts worth GovernX we three a signed two and million, player $X fact In consumer with the manufacturing other major telecom

we starting recovery. for the on demand month, crisis as to increased begin some this turn COVID their and our emerge from business clients strategic planning are services see In sights to immediate

for guidance transformation support pandemic. other investments in to looking side our of are and We their on the this increase digital

the this If up, has of there crisis is one is digital. power shown thing it

now clients these they applications. need automation, ever, faster. to computing, modern technologies scale more are cloud, realizing analytics, edge and replace networking, data they need Our infrastructure, And than

be we year-end. means And ISG. future digital companies pandemic a the great that acceleration emerge expect a this by of in XXXX As result, from as to turbocharged for

no the reaping of this over the including The last X,XXX global business business participants, industry a service our is analysts. of reality revealed more pandemic, record audience is including impact on and XXX held before impact ISG completely Index ISG technology or the we immune COVID-XX than global month, from financial industry ISG. of

Our the ISG second concerns the spending. findings the slowed began global show Index sourcing growth in markets as half QX impact to pandemic coronavirus momentum of over

broad drop in sequential XX% for the market a ACV forecasting industry. are sourcing we QX, For

ISG So is principles, to reflected guiding and QX led EBITDA I acted our in guidance. strong our quickly decisively the by mentioned this costs March three in reduce earlier, and

to invest our cost anticipated services. our reduced shift market the platform in demand, continue to as Even match we we ISG base in

underscore digital We digital expertise, services. firm, becoming remain digitally strategic importance platforms. pandemic expanding driven a serves direction. to commitment solutions by data software We in and are our to our of the platform The our steadfast to committed powered only

an let turn uncertainty. evolve COVID-XX amount Now, creating crisis to increased me is continues guidance. and of to The

such in near-term, our pandemic. in as our expect true automotive. on they the hospitality, certain with impacts immediate with the especially industries the is as pullback We This clients clients will investments cope and retail, travel, business of

destination planning of events other to we zero expense, In revenues runs for about revenue reimbursable reduction client a in impacts usually which to return. addition, live though X% ISG QX to our of P&E are produced include near X% and

We forecasting from person are events not any in in QX. revenue

digital seeing planning. in supplier pandemic investment and management, digital On provide. resiliency, cost term, the mentioned an the previously, positive we and for we Longer business client in workplace network we services optimization demand client recovery side, transformation our interest and think accelerate strong solutions the risk rapid as will I services, capability are

on in will of basis term. continue all provide guidance Balancing we quarterly to this, the near a

$X we the the And delivered we will as reduction to EBITDA project and $X million QX, nearly For in between QX revenues We from quarter, our being are EBITDA expect of cost services higher-margin $XX million between and the $XX result of and we adjusted in million despite second sequentially. actions taken anticipation in million. quarter. have revenues a be double forecasting the

outlook reflects today, coronavirus potential Our our as the the of regarding effect business pandemic. of assumptions

So let to the financial over David? David me our will turn call who that, results. with Berger, summarize

decline flat basis. of morning, a million million $XX.X quarter with were everyone. in constant Revenues Mike, currency first good a the Thanks, for year compared X% and reported the on and prior in $XX.X

Currency negatively Europe in basis. constant X%; a in year. $XX.X up on Asia by X% in the were currency Pacific versus flat up and reported in and reported XX% to down the and on impacted reported million Reported $XX.X $X basis; million revenues currency, Americas, in $X.X constant million revenues prior X% million a

XXXX agreement. quarter first same in adjusted $XXX,XXX operating net prior compared million with the quarter on We in in associated loss with fees, prior in diluted with the year's million of for first in First was $XXX,XXX amended loss The share with a year a $X.X diluted was fully $X.X the the the of per first XXXX. Reported loss quarter million quarter $X.XX loss loss XXXX for compared quarter. flat EBITDA compared of included was $X.X per were $X.XX loss reported fully net for with share a our $XXX,XXX of XXXX. credit the period net

flat the on prior the million was quarter per in quarter a for or quarter income $X.XX income utilization the Consulting of share essentially with or adjusted compared net headcount was basis first share XX%. Adjusted a year. end first per basis $X.X X,XXX last And $X.X for on was million quarter. net diluted with diluted year's first $X.XX

prior continues $X.X strength first and long $X $X quarter provided and term. million balance business versus of support million Net to operations the QX the was repurchased by our million million in year. over cash ended the the sheet to quarter the cash. of approximately shares for flexibility with We $XX.X in we Our have

previously originally credit mandatory in agreement's we payments the a includes XX, XXXX. the borrowing share limits the lowering entered and cap to into with extension XXXX. X, a removal revolver annual December firm a amended of costs, during of on the on quarter, of As to repurchases XX% reduction principal to announced, The The amendment we a $XX maturity million an million, agreement. March access $X.X of some

from the As March X% XX, and down year XXXX had of $XX.X of XX% since in January we million prior XXXX. debt outstanding,

shares Our from million of year and rate the X.X% And point had ago. average reduction XX.X basis April quarter was borrowing a we as XX. XX outstanding for

Mike? will we concluding before share Q&A. Mike now to remarks go

like our these as disruption cost and summarize, we takeout To clearly without recession with David. never impacted for times the automation to business services and serve you, seeing services. by management Thank are economy before ISG COVID-XX. are our network demand unprecedented continues and interruption global good recovery clients and supplier

year the were impacted and events near-term a economic particular in For the demand and good March. the in cancellation the will in given development prior our EBITDA efforts as the conditions business the challenging. flat live destination of result revenues Overall, pandemic ISG become with new our be by more quarter,

resulting our over for liquidity continue $XX with actions significant increase being financial digital term, cost and And in this is a our EBITDA pandemic have additional ending the clients' transformation quarter demand taken and cash forecast. available And in risk both with an help a to for services. we to strong this We our opportunity. for strong million mitigate reflected with QX the we see be accelerator Longer in position, in impact.

operational and we you our deliver excellence steadfast always, much very are As calling creating Well thank in our focused this to value for morning. shareholder to term on long clients. mission are in the we for

me session operator for the questions. to over now the And turn let your

we’ll [Operator question now Instructions] Marc Riddick Sidoti. take from And first our from

Your line go open. Please is ahead.

gentlemen. morning, Good

Good Marc. morning,

First one going just views their I for I'm the and far you of details I updated forward. as thoughts going and provided start of with of and – talking thoughts wanted to around their from some during all what experienced the companies transformation about the revised what you've heard thank digital of around we've as mean, all some color maybe the to things. see the and many earnings you

wondered, start future evolved about you conference of could kind we've will maybe frankly, the the and workplace about I a few quite bit on to quite wanted how digital frankly the of mind I you over having And if the little you're there changed last touch about heard those years? their things conversations engagements calls. and if

Marc Good. question. Okay. good

So I bit varies a would by little industry. say that it

would the it would say the my most take to the in the the the perform, let most hospitality, get past distressed maybe of how be have. the which quarters? that industries, I those network to to example. bucket of I'll being work it which cannot retail do cost costs buckets. for put travel, I of pandemic work-from-home on take be So recall that I takeout, are kind we people me few two the the industry, able we really immediacy of of the And And this over next handle out asked

would of include So fast. That's service immediate the it's shared an like quickly cost include here takeout I services. pieces seeing for and more of distressed would pieces terms it's and and efficiencies now. the the and say renegotiation will It outside I recall bundle in automation, some services it industries of what we're of

it’s the resiliency, that to think broader either transformation digital is pandemic network those their to industry are beginning were the For further beginning e-commerce, the capability, areas it's I there. what exposed their whether shine areas whether show this in are has those it's is of whether segment, or it business flexibility along those

and And more form. could move in than I that home working different can think those around the operate work to our before. of I effectively any about journey digital industries forward, and I home future lot as include of ever we a for one operate our where firm our from more form. the that's believe to worked I used are so capability accelerate And in from And workplace a will efficiently saying, more how

time. industries of the teams market that's CEOs right buckets, kind we two So kind sets kind that the real executive It's how of and of now operating see two different different buckets. That's in their of helps.

to -- internal seeing I there? to want thought do accommodate the are, That's that opportunities around see And you a need to quarters. of as a get way if these bit broaden will I more you the and the headcount. we coming you was do and demands helpful. of quarters you far to over you the couple are what are Thank in comfortable And needs the as with might next give No. certainly add as feel evolve color wondering very could you. you

about clients? talking you ISG Are or the

ISG?

up. anticipate Look, so is think do if not mix that standpoint, I possible our ISG. that But time. headcount during But than think to could change. standpoint. I that don't from will they it headcount. going off anticipate monitor I I Yes. not roles much is would interim headcount likely of become refill a It's No. -- continue certain we'll today, not that we going this and period vacant different from look the number certainly more

to other your clients one add monetization. just other one could area question, I is component that's previous high very asset If with

enterprises there X,XXX think today currently are enterprises. So owned captives of we are a There are that track. X,XXX that about lot by

and on called captive, their able and work that imagine. that time of as enterprises that provider the you sell that monetize used a can quick can cash us where big that's make in services. come going the this a also of being clients kind are immediate will area million magic efficient now million can $XX period to them on then they relatively number to more buy monetization in a We of captive other pick in help that's And They will to you to another do will be they use with four say, of you $XXX to service to and back quarter. among kind will gets

me. from one last then And Great.

wondering mention little couple a other Thank and not of saw now dealing some evolved, a what Great -- in -- around working differences? you it's the particularly you. far bit how if near-term. could customers and versus seeing maybe that, about similarities mean, what of I you're during a you as maybe maybe the Recession the the what but differences maybe fashion are You terms in your was payment as and partnership talk that with them you're with I just

good Yeah. question. It's a

using we would playbook with looking a a modification we a number is at that lot our a clients are have XXX who say, little And back dating used to during we recession. have been the recession. So the years I that of of

have retailer, our industries, Some in clearly of player. a line, about did think go think a about a of major think hard. major work the hotel, cruise a retail They us major enormously They to them wanted automotive travel continue, in in and hospitality, distressed want been so not to think away. of

almost At the XX%. dropped some cases XX% time, their XX%, same revenues in had and

what keeping were there's for those our So what us of of options from payment teams variety That keeps but we've fully enables And them what client continued asked to and keep days builds doing? was everything we available a price loyalty. extending engaged of them they that a doing sticky us to for period we in for could distressed time, XXX consider terms made to full to at reduced remain. more the and combination It some a areas. us to

would the three and They with were And Great day. bankruptcy the saw it. of keep were calling when four if one on going we we to the the us top in out would we expected it leave. other other the would saying understand one to side our They pay to file of of there us that and love that they bankruptcy. come client, on they that Recession months. did this next to needed But I they major we clients remember hand to us five

a annual with multimillion-dollar firm, been of with They our and client today the client -- from today. them we us beginning had remain they us stayed a with

So, we that's our we're with partnership, we this need what clients. together say when in

in are nurtured They've to been have years. loyal we helping them ending. over us them the and return We

cost side, carrying revenue in you you're run course, this you're think for getting that off do but Of ISG. the we long the when more on pays than

very you Okay. much. Thank

Thank Okay Marc. you.

now Thank from Colicchio our [Operator we'll take from Vincent Barrington Instructions] next you. And Research. question

Your line is ahead. go please Sir, open.

Yes, -- good Mike what morning.

Good morning Vince.

your you're delays? talk your versus sales Yes, could terms about pipeline you pipeline cancellations to what extent in -- of seeing

it So, most delays. of is

also are things slow down. seeing pushed strong, seeing out. things We're is pipeline Our quite we but

that So, plan let's same had or not at project pace February. in move the timeline developed we

cancellations few pushed are part there out So, Yes, there. are for we seeing a work what of the most but are most seeing delays. we're

And way is seen characterize then business financial portion your a what Is of there that? to assistance?

work would the us I of I the terms time we period and distressed we with loyal would we -- to a that in that with don't say it And know them XX/XX or put that been have to engaged us. have percentage They certainly continue would that I be been -- working to it's what not. rule have them. quite XX% that XX% they know of long that because with are our it started they've are and with we like it's need

exact So, revenue an it'd in the don't though. although have of as probably be percentage that I gauge it

Okay. I'll queue. go in Mike. Thanks the back

Vince. Thanks

our Gomes And you. Thank now we question NOBLE Joe next take from from Capital.

ahead. open, is go please Your line

morning Good taking question. for thanks and the

to Just here. real quick wanted check

EBITDA. revenues So, revenue $XX your on million actual the EBITDA. was the in close on came little to point on a that We numbers. call, XXth $X the time really million at forecast for and the short million side, March but $XX know fell We

that in your Was other March XXth? are EBITDA weeks or mixed there be EBITDA three things corona-related of in say that the all to below the caused that last of forecast there shortfall March

moving in but we the to pace million live events even Joe, No, range, no it we faster all $XX March. $XX is had -- a million at were than

in Our Asia, of into moved then and call Europe United is out et in tons reaction then the work began would both actually Singapore, Asia -- in to and United see February the it cetera, into overall. was U.S. States I this States. behind over its actually

quarter. that I would where have would of us And kind about we at have $X thought we end. would which somewhere had put generated for $X the top million million would the of we of $X.X neighborhood of in EBITDA million yes, But revenue like plus more felt would the say be have we

in cost could of and talking one significant Thank actions second quarter you're even as quick of part so double result revenue you you. a decline were -- just pretty think far. then the you taken the guidance follow-up, on in EBITDA a when that Okay. And about you that sequentially

give type -- actions it. and off a of of if people you kind if made wrong any said cost wonder could way I you yet on take clarity little I the more was you heard side. on me of you I us correct the I hadn't thought

That's correct.

out actions contractors, stop spending cost us. and some did of were of did buckets. compensation And discretionary Our take all four on will stop. travel, that's furloughs costs altogether kind lot done some number that took helps course, one in we a We We actions. have you've those not

second margin anticipating that one the call And enterprises do that offering. a would because the And for in I us the is delivered helps disruption premium the the way or us And there little that is service are work on asking are -- it our that each view speed a of we we we essentially business services higher-margin have is a most bit during of which would we're therefore out QX a the higher to coming services speed. of mainly price.

where EBITDA two why about the put you the we So that's pretty show in together can feeling are good QX.

Okay. back get line. Thank I in the you will

Okay, Joe. Thank you.

Markets. you. from Stonegate Rodriguez next And take our question from now Thank Marco Capital we

Your line is open. Please go ahead.

for you my Thank question. morning. Good taking

Good morning Marco.

the would year stock the to helpful. at or on of for be that from CapEx, working you flows bit continuing about expectations guys more progresses flows for be liquidations cash maybe your doing I can provide that little a kind year the can look expectations wondering you as are posed? talk sort Any cash if you guys of expectations can of capital buyback

adequate we believe We to the Marco. Thanks liquidity have storm. weather Yes.

clients. on staying are cash We collections have to a our sure big our make of on top focus advisers

$X.X billion year. As good you we cash first of We that the saw $X.X to in had collections last million generated compared quarter.

to I requirements capital you continue during have tell April No could the in year. collections. major strong we

So the we'll in year, this EBITDA cash generate flow decent second quarter.

are up revenues EBITDA of down that because is and cost. and lower – Our our but

collection don't on away you the receivables. obviously have so And a timing

we're liquidity a we leverage backed the sits forward quarter or up have going for believe And $XX we adequate in that fact So that's in we but we shape. there, a feel good million by revolver in our have which ratio position. good

of And scenarios, business? looking impact wondering more if talk you're remainder then necessarily about guidance year. for But corona Got high how your longer-term thinking of bit on a case a of for not about general could level it. That's was the the helpful. I from in general kind talking business Mike, just little the your your sense base you clients here just virus and

share of that of sounded your sort of like its remarks kind growth year that to should from and And prepared is, course the an you'll this fiscal It think some expectation situation your And expectation level accelerated just have XXXX. kind that base there assumptions in normal. But in there's I run the are fiscal if you have you can guess of of your I of thoughts are that? on sort those scenarios, on what your case confidence driving what Thanks. assumptions? return

at crap But be hospitality at it think come anything look shoot during retail, of travel, the what again, close back. We would the back the I back Look coming Marco. a to it's anticipated Certainly, segment and not them industry who a at do We areas I normal the speed. what by XXXX. are at of to here. at bit coming Good slowest it. look kind Okay. going anticipate to is

its and think We towards manufacturing of ease will end XXXX. way maybe the

So recovery works. would that these I and there of business a acceleration issues, business right group moving. categories and industry are they're guess more short-term that who whole looking media what pharma some Then at telecom but other call some you have around behind another would be healthcare,

the gets down and big that world with going could clients be can and have the will to at right of front the it's think provided people it of quite somewhat actually But work some economic I digital determining at be the the kind muted the fairway XXXX a that travel for most everywhere to of a balance it of an of will being So this. hybrid. again that factor do on center work around which of And situation the i.e. XXXX kind be acceleration transformational ISG.

market. what on that's our our So current thinking is

time. the appreciate I Mike. Thanks

you. Thank

we you. from Vincent And question Barrington have Thank Research. from Colichio a follow-up

open. Your ahead. Please line is go

Yes shot worst any -- quarter – Do I which Mike, at the one best you can play you which the was take to and -- you think wondering June a want should in sequentially? QX quarter. through halfway have the and different geographies how might I the out the about if help us about we're

good about I'll now we're that before, Pacific can when should robust the around we growing it's in is in halfway the and on. Asia reasons on if I the saying, spending sector why of then the for and shape. gap, government some the make in groups, health a this because I by world it's a start pretty achieve caveat government and of and is growth. But right calls And warning through. so region double-digit be in us, a taxation And Australia only home we've think wins the office in talked is that looking one

Asia bit I So little better. think the will a despite environment being Pacific continue

was sheltered of on even the quite And the business course, were And little though that the “hit place, we government as as Zealand bit they know a Australia, interruption side. in was area hard” there New certainly not others. less

in be I ratio so shape. that should And decent think

think by I Europe country. varies in it

to to up beginning schools, open the I think Germany opened now come is shops. They've they back.

in We June. our back there offices will people our to bring

And so be Germany I a would player. think steady

but down come opened fairly literally going then not the is we way staged a sheet that is flat the a be commentary just France, exactly yesterday of to I as but for market France sure is on in where crap to the U.K. back Sunday. a flat moment beginning the think are overall honest, bit descriptions fall, to Boris' office despite overall. And

not in so at a the sure quarter strong very first good U.K., two about had and we three the these moment. So

hybrid. of the hybrid U.S. the market in we the of clients. a in industry industries. just Because It's world. unlike cover other almost almost U.S. in the We it's the a It's in hybrid XX here the have all segments every industry a And of here almost every

the terms in Americas. in Vince. And I so the description on very it see we're And we quarter each its give best could probably you at progress of and moment how the that's

that all for Thanks color.

add the public to the about which that to began think fourth quarter, that to see U.S. begin would I Yes, the thing sector is we only talked pop. we in I the

terms has in balance been pretty decent Our spending. of

hard. know have state that very been also though hit governments We

we'll have of exposed local that So certainly spending through if this. some continues that not all or have systems they been see but

a that from question standpoint is develop the to over And moment allow see answer not? At you'll is they The yes. quarters. need So will the few high. is technology that the the next evolved how continue to or

you. Thank

bet. You

Thank you.

questions We time. at have Instructions]. further no this [Operator

Okay.

worldwide more the by to in up no calling for and So by good letup me collaboration And all your and coronavirus. just best in close healthy, to thanks remotely call proud professionals delivering passion saying there's working support and a intensity with confidence stay for for you all the for support Stay our thanks that the of to on our of to nor the of stepping advice of firm. engagement, morning. let our the our of continued day. can't say our of clients. I be them. this presented been let and challenges rest thank me all client well in the Have you Even

for today's concludes you This Thank call. participation. your

You may now disconnect.