Information Services (III) 11 May 212021 Q1 Earnings call transcript

Good day and welcome to the Information Services Group First Quarter 2021 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 at Senior Executive I’m Barry Holt, ISG. a Communications is to ISG’s I’d call. everyone welcome like to first conference quarter I’m Vice Connors, and Michael Officer. joined Chief today Officer; Executive Chairman David and President and Executive Chief Financial Berger, by

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

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

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

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

discuss will for transparency The adjusted to provided considered results a currency financial company’s selected prepared accordance information should evaluate as which measures measures EBITDA, company's GAAP. basis. on or non-GAAP ISG of non-GAAP will the substitute net Non-GAAP used with in financial the be for and earnings, certain today between of financial on results are the constant isolation the performance. a not financial additional and as which measures call, in data comparability periods improves include presentation adjusted key we we of During and this believes provides touch measures greater

X-K filed non-GAAP Mike? call the please And presented closely Berger. night current was which measures applicable followed will over David all reconciliation the Form the to who now GAAP to Michael most Connors, by to measure with our last turn to on refer of For be like the I’d SEC. report

pandemic. industries everyone. record and of operating over, crippling the quarter far our morning results, their I growth. its will our second pandemic profitability review year across initiation ISG you COVID the digital, in coupled cautiousness first initial the while our investments Thank and dealing This clients beyond ever global and in renewed to the reflected in guidance many quarterly for disciplined and model approach operating is Barry ISG NEXT from morning year discuss good digital first our benefits for demand dividend. our of anticipation is all new our with strong things rising This effects are provide revenues moving with in quarter, our the the off This fee ever. now start QX. of clients Last our increasing their record of

region. expectations. QX we including higher Americas in $X last generated the exceeded travel. perform on our million continued the in X% growth growth prior were Asia continued despite of the person over Europe of have and the The the QX board events across Our would year. with ban year for which revenues fact T&E the million in year results been which zero good near in global to the We even $XX was impact up lockdowns that and no saw this Pacific, had in revenues except

prior online and nearly represented the times of $X year. EBITDA total. for X.X million XX% of record $XX ISG reached achieved million of first up revenues Our We quarter our The versus recurring impact the quarter EBITDA points adjusted XX% which the quarter, the our versus XXX was in for year prior X% basis utilization, in margin, the reflected prior up our from XX% is in which consulting year. and was NEXT

global With helping end revenue. on delivery ISG drive network, iFlex the via delivering solutions increased NEXT focus our also is ISG end to

quarter are the been Our and pandemic. to never balance coming increasing ISG transformations cash to environment. looking EBITDA in QX, won Clients balance versus reaccelerate versus our total, were $XX the the stronger. end to ratio an X.X of We balance million $XX.X XX guidance sheet generated has and served year. record year XX% operations from debt from XX.X cash to clients, million in brand was prior up how XX% down up in new their turning work that we increase last now to X. all was XX% net the a of selling year-over-year, prior In debt out advice digital first million $XX year. on ISG, quarter numbers, of for XXX our expert home Of with versus under And of million times

if to turning of a the the The our impact regions. $XX million QX delivered prior performance the in exclude billable versus of Now X% you year terrific with revenue up quarter, Americans T&E.

sciences services support were company. been of regional during major Our service Decker, engagement signed the Jose, & consulting ATM [ph] ongoing organ on network to financial engagement data T&E. State Black Canadian institution the Europe storage services. and will perspective. advisory automation, and cash with reflects Louisiana, QX and a healthcare and than more first in for advise security, to very total ISG currency million five corporate and a migrate our we Mountain, Healthcare, global life Pacific of hosting the platform Asia and XX of In analytics, million remote Key Exelon specialized all in and forecasting, environment. migrations advanced awarded and technology and solutions larger, a network, two-year engagement engagements foreign sciences from to likewise in also top the cloud largest exchange services Stanley industry for of the double-digit cloud quarter technology software These ISG production in automation clinical the double-digit include this growing insurance, $X Americas, clients life cloud In and [ph]. client transit, sciences, delivery storage. a and more includes Apria saw Iron two to terabytes analytics This broad USAA, the line ISG client also engagement the And a million their a roadmaps. and awarded exclude latest leading can million management. Microsoft's services our accomplished provider and implementation, health year, XX,XXX of recently of results in discussion with selling has research $X.X with our part with servers we for verticals client. This growth provide smart worth to $X with healthcare competitively services we'll consumer initiative I we engagement than of ever automation this a transformation a offer to company development support work support And awarded added the assume automation $XX help been has services. deal our integration, with was entertainment our array industry.

year-over-year year. $XX turning the up Now Lockdown the comparisons. of versus were Europe Europe, revenues impacted million our in prior to most of QX X%

versus our double-digit Key in research, industry grew and first growth quarter, insurance by Volkswagen, network media engagements double-digits prior [indiscernible], in quarter EMEA Europe client verticals the [indiscernible]. Among revenue During delivered and and included our GKV governance, the year. segments Informatik for business. our

relationships We continue expand our to clients. with existing

million longstanding been in with new ISG example, includes digital contract this European year, workplace under finance will dollar XXXX. has $X services a company The major introduced and engagement business the a ISG customers three support For multi-million services, The offer three-year awarded we GovernX, another arm. digital online of platform relevant collaboration And to global ISG all manufacturer, client’s engagement client services major sciences products life the client. in platform services. financial client’s auto

XX% Asia-Pacific [ph], Standard the health in of quarter hoard Suncorp, prior year, Declines the in Police in services, by Finally, driven ING Bank. revenues Chartered the Victoria growth banking, included A&P and energy, Services, the versus and up vertical. industry [ph], insurance, science were

like Now, the of first and with ago also in due things all signs areas situation early see we industry casinos is in certain segments pandemic within renewal see this to and sweet to the XXXX the continued and spot. effect and is There a clients to lockdowns. leisure for on the continued cruise year we guidance. in our sectors. hospitality versus although are beginning overall the the these Even this moment demand on travel let in continues. The uncertainty half Europe is at of pronounced environment Despite lines, digital me ISG turn the strengthening improving U.S., most

that that's and opportunities appetite digital, top models, connect picking for an that every and comes throughout slowly, better acceleration within and to of Digital work COVID-XX of post era the modernization, their Everything Europe agile pandemic improve and with And about organization. needed As every has the digital clients become in more is transformation. course priority the see recovery, to we up growing reaccelerate bullish the still with. client We especially power shown transformation and there's company the speed year. almost for enable network efficiency efficiency adoption engage attract growth. cloud people, of a interest business and business about new of with technologies. new growing customers, future in new cooperation customers workplace business starting

but on with measures positive providers. ISG we to We beginning Services, quarter, open of we pandemic major not year. horizon, second versus still and strengthening impact ongoing degrees in see overall parts we to impacting situation client somewhat a for our particularly world more Germany in thanks the tragic The lockdowns But in in is by work the second given home service do up, are demand the and to India's varying remain delivery including economies India last see environment current France. the cautious in For that place is the quarter vaccines an on the outlook. the from already

over and year. million the EBITDA of We last $X million. $XX are prior the million over of between adjusted revenue million This year and $X million forecasting between $XX compares double-digit with QX to growth revenues $XX in to

T&E Our pandemic events. QX, In account several planning produced of destination forecast And client we no are factors. are in-person revenue. reimbursement related from ISG takes near planning revenues zero we into

a compressed in including also industry growth services. few double-digit digital in with but revenue segments balanced We expect travel,

quarterly announced cash Board the approved share is that night, June per our stock which the dividend dividend, Xth, dividend. of to $X.XX dividend record capital quarters. our our dividend as business rate Xth. would Now over on on will we a return This our shareholders on share. pay of of $X.XX to scheduled August equal quarter to public The close also to demonstrates a to be cash shareholders. initiation long-term third ISG four to will has Board's reward Directors a then a of decision of shareholders company as per common share program. set expects the enter our at year XX we through robust common announced Last Board commitment long quarterly $X.XX of June turning initiate XXth a be per held

generated cash $XX model is delivery generation. our ISG’s has generative million XXXX durable capital reinvest XXXX flow by to in in financial significant in of and strong return plans a record drive cash free growth first operating revenue to and our the in ability and over the $XX allowed profitable record from Our and us of time million made business. sustainable, flow business consistent quarter a possible to cash operations

our prudently have since we lowering by debt In managed of our December balance debt levels, XXXX. addition, XX%

dividend our into deliver long-term continuing a the to share As value ongoing the will commitment believe on and allow acquisitions. move our another allocation logical while progression provide a and element repayment, to shareholders underscores initiation dividend for our predictable adds We is bolt strategy. to returns and repurchases, of debt we XXXX, to capital

in for into David transition friendship. He ISG. serve with of retiring for some to all his after the your period finance, relations working and in that firm, I'd David XX contributions Chief Bert ISG M&A M&A know, Executive areas and will personally to role Alfonso oversee legal as firm projects from on contact. a will his like Financial June and you affairs, Bert President our announced his importantly your recently principal Officer ISG. his CFO, years new remain for of David nearly our of thank Vice ongoing assisting As we and leadership investor Berger as months, ISG. is with will

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

completed with miss tremendous during Thanks, you my XX Mike. ride appreciate in ISG kind words. sincerely X heard. and too, has been I the with you your team. I, more It working our will pipeline, tenure of acquisitions still entire with as the and

for a in million constant difficult decline reimbursable managed Pacific, X% year. Asia up compared at $XXX,XXX quarter versus We by revenues quarter up up million, diluted Currency a loss loss quarter basis Looking an excluding QX. adjusted XXXX. X% versus the reported -- client quarter, Europe, $XX.X up X.X of results excluding revenues million, and to up per per X.X and of year. were X% the was per year, the on point quarter first prior was travel quarter and the record up first first deliver revenues reported million. Reported fully up share year. net from the $X.XX There prior in with approximately share were which operating $X.X was record Net last was prior year, versus versus and year's year. the $X.XX Including first first accounted year, in Americas, $X.X Record were we first times compared the of reported income $XX.X XX% diluted million share $XX.X the a $X.X in of loss Revenues last million million, prior for operating income million of EBITDA X% environment basis quarter. X% quarter with operating a the positively at versus XXXX through prior last XXX a in fully for year. $X the $X.X T&E, million respectively million prior up in the currency in versus costs $X.X income impacted the the

operating fully Total quarter share the fully with loaded adjusted $X.X year’s reflecting quarter. in XX% utilization income basis First a or net a first versus diluted impact adjusted new NEXT prior quarter per model. income first on million was of basis $X.XX per year, of $X.XX net from our $X.X the the compared million on of share the for XX% prior ISG or

business to year. balance $XX.X the with our and strength in We with term. reached Our $X.X continues over to a sheet by record quarter the quarter, the support million of cash, first provided to quarter times And our times. EBITDA $X million up ended of million $XX.X repaid cash million we long million, debt million of lowering ISG year. $X.X our X.X to X.X in in and the We XX.X prior million have prior debt to compared operations flexibility from shares. debt balance repurchased the of Net the XX.X net ratio

the last for rate was XXth. X.X%, April borrowing XX half and average almost million shares of outstanding as Our rate quarter year's of have we

working loyalty Before On Mike, a investors. behalf I I been the headed with say of ISG all in me to trust a your pleasure our appreciate you, it's let and back investment. long-term firm, of valuable as

share me will remarks let that, now Q&A. with Mike. concluding who to we So turn Mike, before go to back it

to X% all and up year, start a setting expectations. To EPS record revenue the David. EBITDA, times meeting with EBITDA revenue, X.X had and you, Thank we summarize, up

never and $XX.X Our EBITDA. been cash net stronger, down to has times balance X.X of million debt sheet

accelerated. with driving ISGs Our transformations profitable operating margins more of prior year. see accelerate XX%, clients from to momentum also model digital QX a new demand ISG X% our out is digital pandemic. increasing is their up look NEXT as the We coming of enterprise the

a up significantly our we dividend is year, initiation guidance reward QX prior Our announced quarterly over and the of the shareholders. to

for we operational our to long-term, and shareholder deliver clients. As on in excellence to we creating always, steadfast our are focused are value the mission

much So this calling for very in thank you morning.

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

Instructions]. Gomes with first Joe take [Operator from question you. our Thank Capital. Noble We'll

quarter, fantastic. the on congrats and morning Good

you. thank Joe, morning Good

on just from you, pumping to positive couple business broader So and Federal State of Michael. any that see is the questions, we money the impact amounts end? quick here, unfolding How especially of for the -- is as state least you a at see the headlines business wanted significant into States Government do into your the the

question. Good

into all, with in and our have are we as public business term these we strong be of sector State longer the that the how with you are that eye continues on some First our could that governments. antiquated that and money flow we restrictions all Yes, on but steady of they transformation are beginning a the local lot U.S. aware know no do to use have the around States. restrictions contracts There of and they to it, of old their different technology.

runways on. so it. have could on months. be of positive because us net eye of an keeping things buy XX are and think long RFP these terms mind, they it whole a But application through we So in the for go a we in process over Keep

then give for significantly And do you're ISG these you deals win, color see and us great. this, came a all larger there? significant against could I on who competing normal was and wondering Okay, more that potential deal about the -- more if out how little automation you than of

good So Joe. question,

five specifics, a very first and that, like have They as journey. significant would of of things looking and to result global automation entertainment that are the a use through fully their to COVID on they on this is to a large they during all they cards, company. help reward them top went integrate like So etcetera merger

compete that. did we yes, with So

This half through It and during fully and that's a could in get second win. flow the us party talent in years over was have agnostic think and independent done large scale winner that addition the objective third the greater that around win is XXXX. I ISG our to the million. even approach in and XXXX to $XX secured for of larger in we industry, deal than this this the will

accelerate, the or number see the process Number and excellence, the segments of let's And think Many clients months years. automation now So their beginning I to one. so. we two. over pandemic that to center we couple a see from more two, much are kind of scaling industry to try are move can looking next with that. to journey That's that are you of beginning XX moving a next to or this see accelerate will of over

As and you UiPath model. million know, revenue revenue may $XXX times public, just a XX in went

our some and is of is to their also also up are we the benefit seeing So automation and scaling clients itself automation. industry contributing that, steam the picking business

or months next yes increasing we that over sure, So see do XX the so.

one for in thanks last jump that. Great, One and for me queue. back I'll

So year the to you of have first the come even mentioned again events the kind last line? the and hit here live starting frame event year a most restrictions. contribute obviously, to time in the taken as you Any of for to and see is when quarter, back live COVID due top

question. Good

at planning in to little. we for have year very think the the are I moment financials our

in is are anticipating we internally first we what However, September. size of any our in potentially physical doing States United launching are event the

So of right the at end QX.

how level end vaccinations the quarters, So depending here well it's will on at clients, of from to of months, here, QX. interest of next the the that so penetration very responds see couple couple tail over possible U.S. that's begin the we the

So that's what at we're internally planning moment. the on

Hey Michael. help your for great. and have great that, in you David, all thank the a retirement. past Thanks for And

Appreciate that Joe.

from Stonegate. Marco take will Rodriguez next our We question with

you Thank for my Good questions. morning guys. taking

Good morning Marco.

out new I things of you talked could there far needing of where Obviously transformation. you was aren't concerned. remarks to still this convince I'm wondering your digital that there you're time prepared assuming if maybe all digital some wave a spend little bit about Hey is more as people as on Michael, that

or strings customers purse and to the more of you people around your with their end sort are will? So if comfortable economy starting getting they're comments comfortable get just losing

-- it years. cloud so people for minute. cloud Well, a Clearly have to several last talk about put we for moved will the workloads I the would

the However, of has dramatically the acceleration speed, as picking all is level, up XXXX. pandemic. because the the Why, during the of performed a work was result way changed

increased talk inside all the application clouds. strategy everything the moving migrating on a most of spot. cloud charge on line, around applications. kind about transformations. to industries talking There's on billing, portfolio were think appears emerging to cloud that readiness accelerate football to it's pandemic to number XX-yard of -- they firm cloud designing of analogy our migrate for particular, is It's cloud develop those in an we the Where now the be move we're things that's investments that going now workloads, implementation strategy march from about of governance, digital level a work are these transformation, when Everything digital, could the were from a of areas back. helping a of when you their to kind most accelerated our So faster cloud kind of an piece use just That of own companies, from pace. some about of around them to sourcing to sweet has wanting beginning there

seeing. So and pre-COVID That's acceleration digital expansion of we're much we accelerator the by mean that's journeys or and pushing acceleration harder. have in environment started as down clients investments the out now what what on by may they a what the

very your seeing Understood, answer transformations, competitive your aspects. just the a of transformation terms you obviously kind of and seeing in to research position question. if a of given of how positioning in, independence digital obviously and clients? and most in you're any sort here Then, addressed your seeing are the you are for you I'm have competitive helpful. sort people But terms adoption good steepening are that assuming in your for positioning, digital curves the prior of this this your really positioned responses, yourself

for are And doing on work because people models different these an terminate, contracts doing to in We a not we essentially varies a So marketplace these automation that. sets, firms around it all of the number They're there they were the but some especially of our four to doing out it massive service see are model. side, FTE competitive accounting have have providers, still outcomes. reason. beginning on out and a changing big they're the that bit, see Marco the changed. It

they their So automate business. their automate to interest as as in is fast it can best

it's looking for not independent, it's from that third-party. not standpoint, that but they're So

do So others, if I'm to and that Gemini I'm I with will I'm a of Accenture, have one is Enterprise need automate have But I reason a looking people or automated in the I'm these more will all because not work environment. the that is I to to Cap help one that these an I'm am or way I I retain automate. going X wanting

relationships the nice competition by changed not the think competitors can frankly independent a We set blue digital, used in edge party, landscape all these a XXX advisor for look, being with independent, hey we chip So be where on can positioning. our much. by have third market say, go has same It's to of and us. by clients, we party, we objective things having being that's third your trusted on

know And kind Maybe around if stacked rate of of I that is of debt, any pretty with new update everything capital you allocation us from well? kind just as up Understood. being the sort fits cheap obviously the implemented. M&A of of interest of me, your where can last kind pre-payment into thoughts question dividend and on on kind

thank you. Yeah,

to debt their continuing opportunistic repurchase pursuit first don't point. the being acquisitions able interest and incurred in in we shares, really see preclude an allow have So, last this them environment. a million accelerating quarter basis. to the But, rate addition still that given pay us year, this to for in that dividend on cash doesn't down to the the of anticipated requirement year generation the current see of dividend you have us we spot $X We with from at when

a follow-up discuss that can are sort just if kind sorry M&A of I just the then and I'm what have one from more if you on kind guys valuations looking the And like? of at environment, quick level look opportunities you does can of high what sort of

some can in say channel Marcos think that look revenues I we acquisitions a that's there to continue of things the So, are to kind from if going all buyer our is related the an there always in at the continue that or could that which would terms And either view has value seller's something then is Anything it could bit ought primarily from at to Mike. to opportunistically, one. now, accelerate a we or we two focus areas. digital come it than always we it distribution level, into those distribution we two a other that are our there's channel we areas. or our buyer, add we to recurring of second, add accelerate do have the up capability that to network in is we C-suite into that to sell that a C-suite, viewpoint pay. of may strategically channels things again, Relative seller higher use after added few there's valuations, what on been inflated believe as that perspective is but visual

So we'll in continue to that. disciplined stay

valuation we we will things not disciplined had gotten have few but will to that the and we right firm. things the a to from do of preferred, because level overall value the away walked have we We add be

Thank retirement, you taking understood. I hope have on it, time. David the Congratulations questions. Appreciate my you your Got guys great for time. a

Thanks Marco.

Colicchio Barrington Research. with next Vincent from our take will question We

Hello, quarter. Mike. quarter. Very nice Nice

the did point end did the of at the of pipeline last quarter, trajectory how is what in this may change end the second the a like of -- So, quarter sales to sense of get look what to half? the just revenue the the question

pipeline for the building XXXX. XXXX, is So sales very nicely

longer is U.S. up ahead lot little a since because digitally, towards a is these unfolding the of But bit as especially Europe picked close and there anything has it evolve related how I pipeline The regions bit last them. the the in ends, a seen year. have still earlier, But of is bit good bit Europe. year. when we pipeline as we on the is Some a some ahead mentioned the of the of end little uncertainty is cycle the of Europe. of a tail and within about of through longer pandemic little sales Australia that's a looking little cycle

be that the that large And, timeframe the deal will delivered? you automation automation, what won,

will into be That over delivered XXXX. and XXXX

than sort now, the digital the is your think for a think now higher of tailwind of shot it of the do of to would then, you, you organic company is growth if growth take was over three organic look XXXX a And clearly to five-year you you do kind timeframe? back say for at like a sort business. what Okay, we assume to you potential at can environment I a

I a for and That double-digit the have high doesn't at given. the growth. time single hit But kind period one overall EBITDA think steadfast when of right top And those of on us. long markers have half digits we with target can remain line markers. our it we So that's won't remains we times Overall mean call over years growth. that of revenue we those are in markers our line the kind revenue

activity that this Okay. And, in I hear government APAC, quarter, year? any the about back that should on thoughts talk come later didn't in you

is it side it the government Australia. be whole before and the serves here you continues to in up in and the well Yeah, for it spending business, digital us so in nice have the Australia commercial is Australia Asia growth to and a in region. and business picked for also government why that steady that, And now We is saw quarter steam pretty But Pacific. talked enterprises addition that’s good the growing. the relative to us in steady

us Australia should for the well government the year strong serve this and year. I the looks for think region So business for in

And, buddy. you David. We'll miss congrats to

Vince. you Thank

it. You're welcome, appreciate

[Operator Instructions].

with from take next will Riddick question our Sidoti. Marc We

good morning Hi, gentlemen.

Good morning Marc.

I'll you're once David, look to to all, I you forward along but there. done completely So for a very yet, first And everything the and retirement hopefully to happy you're thank look cause way. you wanted congratulate forward not done, of

your you thank for So efforts. all of

I Marc. that appreciate

a what touch I the to attainable the could bit mid-XXs. seeing now? what of past business past, there seen utilization on you're far what then on maximum you kind think out you've think, I around seen you comments new in and the structure that the as now and given be level you've looking might as wanted so bit maybe little now you're a what there little wondering I and at in if touch was the

Yeah, zero the our able leverage that. were had of with that has thanks and We travel experts our to impact productivity. the now near also increasing for globally

mean, XX% to year. continue at how to XX% versus our see good margins you improved our results maintain and a And we're last X% that. that’s level, whatever and So, with I that's striving

you about Great. I are any And bit maybe it wondering talk then surprises little so thought talk of your early the see that along would relatively going some NEXT you bit and way you're if be, far, evolution you you could the little was of and a I talk could about was little with if a initial, what it about about far it, there there wondering like forward? bit a talk to is the I findings that seeing you so that initial it's know but

it experts of then way. of of stronger kind in case which couple the coming the it them network a for have has we we multiple the delivery Yeah, Mike. based and able this early and an a revenue enables is our available iFlex around here. in on can the dead performed created, I in on with be ISG makes flex can home in that not to a it front And basically profitable expectations clients and of Marc, think that is have say us Principle them we've than should client, front NEXT was And Monday on second even of world one I would makes take more the because because time. leverage to bit any resources exceedingly And a remote all, time. anywhere, well, the night, is, they're client, we during airplane our clearly we Thursday on better jumping generate on them any experts morning, model we principles. more that

So what's this get is XX% to also utilization. to helping the

and mentioned as you You going know, mean, point David I and that we somewhat is factor clients time at of the us be that every off that time, is how can whether and in significant to world, level so in pretty we level you when dependent quarter, off come to holidays the stay training that that on. utilization around a deals engage all add on

and experts model in onsite leverage Europe and clients. we our that our cyber be we of security to our we can new factor services very are that And around where all in a States provide take can overall, But United assessments there's enablement that can strategy. standpoint. and our do, and we experts security like pleased terms to cyber little in influence NEXT cyber of in things the we able bit together risk with we not were client on were we because take always security So

to Now this isn't forever. be going

see clients year next sense runway we'll Our nice this we is have into and year, then to have that how behave. is, a and

some of We was will or it period least not want to of on back some at in however. time for people clients the going XXXX. of be expect But people premises we our pre-COVID to way back our some our

were also our number of resonating it's NEXT clients, with operate the clients see well you working some remote we're of can clients, network ISG in seeing environment quarter, delivery those It's XX% that that's some and we as that productivity our and much the had. helping a So our areas increased iFlex very with and still the more. very and new in

about seen less of it business even appreciate I wondering potential Okay, talk to past, great. that given the there you that anecdotal wanted sort is I on could you've has was And return if acceleration, what engagements commentary how back, maybe fashion? to you could it with the come upcoming was just any you've activity another, you've seen bit you've touch way little a it more if the wondering or a I had and give or us. if in with -- little the what add similar -- is that little a really visibility maybe you maybe then on bit the is or I in the touch than bit does an that can historically if

help point, bit is Even the are of much, because similar somewhat got Marc, a do. program, they've is some lines can reward and entertainment that's is of visibility I to that costs. coming want of had talked board to we've the a to the acceleration the merger being back, automation what multiple to increasing. seeing as that that across and they money it's of they standpoint. nature hit their and have think third as do, about, helps. would always based more seeing COVID, to hit from a that some in they they're that in increase What of beginning customer it. begins deal visibility year, would The revenues we an just terms then us card lot they achieved can a do, though recurring know as engage who've these transformation with hard as I integrated them, the a We have we're a experience Clearly out get we of think into on like I for believe earlier this the revenue hardest business, stronger cruise etcetera. they company But on I do industries of therefore work reward that business project been know our What some They They industries. to better similar to increase don't the the transformations that now second say up major see very visibility they somewhat well. acquisition hotels, talked take that an are digital completed. the a are about together, say and they we in that to our but digital pipeline seeing in investments in automation is by need they it that put position an come want half as we was program,

would say probably how I that's So we view it.

in of of types level that hear to encouraging customers. very those engagement it's Yes,

you much. thank very So,

you. Okay, Marc. Thank

question-and-answer back to time, session. That closing turn additional speakers today's the conference At will remarks. any I concludes for today's this or

at Well, And saying great day. and in professionals me to stepping no all of by on taking thank Stay his over beat. everybody, you contributions results. for his the going again, to my continued the been delivering to confidence there's David's ISG. We're we best wishes support close and our support extend terrific missing allow let And Even to the to look Bert his remotely, let-up delivering to thanks also working a David thank call quarter I'm our retirement in best first for advice you you. me on up clients. finally, a your our Bert without passion to these all well firm. to And miss for and have and of our friendship, going but by in miss to presented new on assuming role coronavirus and the worldwide challenges sincerest forward

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

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