Information Services (III) 5 Nov 212021 Q3 Earnings call transcript

Good day, and welcome to the Information Services Group Third Quarter 2021 Results Conference Call. Today’s call 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’d like to turn the conference over to Mr. Barry Holt. Please go ahead.

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

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

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

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

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

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

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

firm I good results, third strong and our history and on in morning the the continuing nearly momentum financial in for $XX revenues generated we global Pacific. Barry our quarter. an quarter Americas up revenues Asia everyone. including for million year our the Today, our the you, In outstanding and metric. will positioning record business every review Thank quarter ISG had record third XX% fourth best quarter, outlook of the

basis million generated revenues XXX We We $XX million And a continued up from $XX EBITDA record from year delivered cash to cash margin million up debt to million under expand million an ended more nearly one, generation EBITDA low. year-to-date. a of our to last XX% adjusted cash operations $XX net a $XX than EBITDA of and XX% the with recurring of XX%, up our and XX% we of again, balance million up with to $XX We $XX during XX last over quarter bringing months. the ratio quarter, the points.

for This but Executive outstanding of event in addition. results a COVID, it the since we $X signature this event revenue is nice previous quarter include in our forecast, pandemic. delivered our During given in-person the not held upside Provider of coming did the the third the start quarter, We pandemic, also the first Chicago. fifth ISG our of consecutive our quarter, million in out uncertainty over Summit

It’s is greater demand, for which being is wasting clients of are business, clients operating complicated. changing this It’s providers. ecosystem things not technology the fundamentally just to right operating and make environments ISG our our opportunities our technology our continue reach new deliver where our about choosing everything ISG and get and to is shareholders. continues to is work. success about Enterprises it do ways. using the for digital digital services profitable and the high Our changing creating or comes cultures and firm. right time products Getting efficiency no value model, and way And models right. to to party ISG is and And portfolio third that technology their customers turn all to Companies in. their of transformation by built for amplified great around in NEXT modernizing right

our NEXT anywhere, digital-ready any and network solution to results. have coupled its products a our talent time. centric with formula model means iFlex Our services approach ISG solutions and delivery has clients continues It ISG deliver that access market of winning operating and portfolio to with leading global

growing our to existing Now our business. NEXT Of centric from to perspective, new which by Furthermore, allows range clients. growing together grew an to brand solve to total existing from Thanks needs. are with a ISG clients served we client client a ISG, business for clients we in sign our of Year-to-date XXX revenues were us capabilities QX. XX XX% solutions year-over-year, healthy a bring approach, that a of XX%. increase

up achieved a quarter Turning year. in million $XX versus revenue an our The prior performance. regions. Americas record to outstanding delivered XX% the of the We

services, CIBC. services, banking million. quarter, our we worth two major the third Among third-party consumer during our to and in industry automation the a providers referral medical and involved a all as ISG Bell in we QX Comerica, independent from consulting, verticals. quarter key an the media company on project. nearly win client included with Merck, RFP, the bringing Key as in double-digit double-digits. transformation signed who recommended up During and engagements when new Canada, technology engagement finance One came transformation came advise $X client research, saw The in win growth a technology we’re

client of Additionally, ISG, a strategic of time a million series ISG and has construction been of long worth with leading $X.X awarded manufacturer mining equipment. engagements a

manufacturing around ongoing smart with their client advise capabilities for technology them provide research. and will technology We our

training-as-a-service We million We and this for of great based capability, also with and asked engagement nearly from want where new ISG employees business our learning adapt platform new development two-year company’s opportunity ongoing innovation U.S. unit leverages a world new transformation. their exciting top technology clients. changing are provides a five Enterprise revenue new operating bank recurring $X that a to see our part to in fast to and as digital models that

to Turning Europe.

not $XX of expected the the down approaches due pandemic pace with at XXXX. million environment adopted same technology cloud-based signs versus the to The prior rates increasing accelerating European are have in the Our region. the but as we demand cautious X% QX and revenues uneven velocity across vaccination remains macro year. were U.S., that to seeing yet Clients is

quarter For Europe client which in verticals. third QX UK in research the revenue company engagements in and is Volkswagen, Belgium business insurance the growth Nestlé, delivered double-digit Key our our Solvay, in public Ministry a Europe of media industry Defense. and included sector, and chemical

ISG banking ecosystems. solution on quarter, a Finance we Group of awarded with design our was provider third industry around experience. selected $X the technology computing was members engagement million to and client based the cloud strategy ISG oriented the During provide and German Cooperative

government banking, million with Now are an work energy which to to clients the sectors. Worley, verticals. multiple AGL Rio by quarter engineering Energy. record the insurance, Group, Suncorp, Insurance performance company the doing and we services and setting included across in driven $X.X Asia at had Key Australian our industry Pacific. XX% consumer, revenues growth the prior-year, departments, where up chemical versus and region Australia energy, media a is This Tinto, in

leading the significant and our We insurance extension support with model executing continue and to management. in design expand change Australia, industry enterprise digital client banking relationship operating, to a

generating million fourth for in straight with revenue XX have client and them. this different We year, this our $X.X now alone, working undertaken engagements year,

Xrd, to enhance Now, moving Shareholders of efforts common quarter of where our dividend dividend. close value. business the record to XX, we per a shareholder cash December at $X.XX of of fourth ongoing stock payable part of December receive our on share on

in effects where markets client turn pandemic to certain vaccination still Now, to lingering a Europe are in rates COVID let The me uneven. have several industries guidance. responses on and bit continues and

season. the with Overall demand a the and with adoption transformation, and structural digital outset, by step U.S. of I holiday pandemic country the environment demand Services shift demand lingering and the strong, ISG upcoming Pacific. out moving in at somewhat COVID and of tempered are with coming digital varying increasing in lock for investments the Balancing pace impact their especially As the more accelerating to Asia cloud clients market mention the dynamics. industry. by remains see We these

We adjusted $XX EBITDA are between million. and and million $XX of revenues $X and million between $XX targeting million

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

everyone. morning good And Mike. you, thank Well,

record continues third quarter, XX% XX% were basis were the down prior EMEA and $XX.X million the revenues Americas $XX.X Asia and growth. outstanding report the year. the constant the impacted for million third versus results. X%, on Revenues at were And million revenues Pacific a compared up Looking plus currency quarter while our first year, and $XX.X reported up million momentum consecutive outstanding XX% last of a positively record reported record revenue versus second with million the on following the year. up a prior up $X.X the of a $X.X half Currency quarter reported XX% basis, quarter XX%.

up EBITDA from XX% year’s adjusted quarter. million Third quarter XXXX last was $XX.X third

of to XXX% million compared or year. in year. $X compared with at portfolio very the Net million fully diluted diluted increased $X.X Third quarter in net share share income quarter prior $X.X was or operating the for for strong income $X.XX the million income prior with million $X.X $X.XX

Third income on the share new the points compared the fully quarter. utilization adjusted our was quarter $.XX $X.X $X.XX model. NEXT basis year's impact third of net the or a prior the same XX% was basis per up reflecting million per ISG versus XXX of Consulting for or income quarter $X.X share third adjusted year prior and diluted operating with net million

to continues sheet our have business balance to strength long-term. the support and Our the over flexibility

million repaid low ratio never million, our our quarter of with of in million cash to $X.X the a from $XX.X EBITDA for times. net debt XX% to record the our the in $XX.X year. debt the and fact, $XX.X X.X prior million quarter sheet We operations and million of lowering ended debt $XX.X we balance, quarter from third has Net been up stronger. the cash provided In balance was

we and paid In dividends to shares. ISG in repurchase $X.X addition, of shareholders $X.X ISG million million

was And for remarks as we with ended Q&A. quarter Our year. X.X% average concluding from to Michael, down borrowing outstanding September share the we shares before the XX. go to XX million XX% you, Mike. Back now last rate the quarter of

our with XX%, EBITDA all performance and up Record revenue To expectations. outstanding Bert. XX% we Thank in EPS, you, up QX EBITDA summarize, continued quarter. third the revenue beating

and cash EBITDA record of balance million below one net debt down a times to Our strong, EBITDA. remains sheet nearly $XX ratio

all model and We We third we in operating NEXT we into strong is with improvement XXXX. point ISG EBITDA in XXX consecutive the digital sweet to head basis a good profitable driving see dividends new ISG demand quarter. for Our quarterly things, a more spot. enterprise momentum margin shareholders with playing have the our rewarded a as our

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

thank in me and for for over this let So very session you the operator much turn calling your to questions. now the morning,

Instructions] Sidoti. Riddick take Marc with [Operator question our We'll you. from first Thank

Hi, good morning.

Hey, good Marc. morning,

Marc. Good morning,

indicate some a So, little remainder seeing some hesitant. clients far maybe of years. One, certainly the XXXX you about sort little could moving for toward or the were bit year, a other as is very I shift then One, plants? that and that we’re heading industries of some groups the maybe talk we that end very sort a and if initial talk has that results maybe the of know initial maybe that might if than about, findings evolved faster of either as were, you’re verticals as or encouraging the could how of others. strong bit for

Yes.

Good Okay. Thanks questions. Marc.

just XX%, Baking, a the are in some now. financial year double range, technology, up, give So services flavor XX% what look, ago. maybe of highlight industries industries of call right a services strongest first it to consumer services and you there, they media were almost the up all,

whole On the health that, the flip side say is sciences still just of emerging. I area, that would

points growth about terms kind a in So few think to of that of as year-over-year. flat up

supply that digital pace little with a moving importantly the I going digital, transformation, manufacturing on. slower of is they’re moving issues rapid on So, sector and manufacturing most is all the chain issues. not say and on on spending, with of would change, chain been forward. on at supply because have a The

down was a down basis, it the see with full slow the it manufacturing the the during of return we So, be XXXX. expect in to quarter segment, early months and year we on

little flavor gives that fallout, maybe to industries Marc. the you how we’re So a as seeing

benefits a bit talk little how don’t spending from normally what cross the if do, ask then of touching you of within, And right, services coming it great. other in – caught you could existing of evolving remarks. if if client spend you’re kind That’s wonder was, more about little beginning servicing And it’s existing would growth what think or, XX% of way parts prepared it, I wonder I a if I believe is Okay, to about, excellent if existing that that’s I hear. best know could but the was the enterprises. the see you bit made I with whether to talk is, number exceeding. about was was I mention to they

question, Good Yes. Marc.

would existing experience. there they’re customer kind maybe cloud, digital, would would we things think looking what is So would at different cyber, be seeing be are categorize the when five I about on one two I is the areas three I probably I say, all of clients, think

fourth So to their and are the they consumers think convey their area. about customers, technology would modernizing to the that their trying experience be

in So applications, world the experience, the to kind emerging base, more, five and analytics. data. areas, probably Those that order cyber, their and five think categories I’d it client are and helps. with focus, of et those modernizing existing data. seeing put cetera about modernizing tech for willing Those customer that areas attention, we’re their of Data, our and their their their market cloud, new spend

areas No, though paused, helps areas it’s be I when it given a may prioritized side deal. about me labor great will areas of guess lot part concerns are like kind was the all on automation. other in so us then is kind the as a these kick are other there and that seems that or then And the flip last of is, of maybe of year for maybe the road down around is a that it thinking

customer do areas an I if would as bucket, next of wondering, so automation wave Thank spending could know don’t I end but you fit that up with that other base? there was the would area And emerging that think you. be are the growth

to the how from and the of think workplace and evolving even many Verizons I couple as think you’ve I’m about slow saw the little the the could work. in the the the they Marc, reality and network look down workplace the with the area of Yes, the COVID kind during a home the them has kind all, explode of future, a in or bit of There’s but we network, going XG shutdown of is sure is on next and future whole network important seen be AT&Ts, with, become more of new years. and working the think of

would the XXXX the positioned. over network we expect XXXX, think We we’re timeframe. emerge well So, area to

of years, of with you I network about our would great emerge but terrific also that years but and the other moving say of be will will. automations, probably kind access business, would work, of over next And little another if would the and over data that if to that, from it, able next it think a might stream, not the the AI up talk of couple and couple emerge area space be think for a will more. area you the, I only clients lot be intelligence bit RPA you I see the to will, have artificial We emerging that

helpful. you very Thank really much. That’s

Yep. Thank you.

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

Mike, quarter. Yes. terrific

better in particular obvious, So that you upgrading, keeping terms done what done the and guys a you have what some of how pipeline, job, Europe, aside in clients from be areas, U.S. key pipeline a next behind gives building year you kept, engaged? other have a pandemic keeping confidence a will of good you year the in have to there, the lingering impacts, terms in

Look, Europe. good Yes. question on

where think next emerge Europe here’s we year. will So

will we all, think return its and do Europe emerge that all, we think are of it the we first to at government the patterns. normal First is kind of reason level. And that growth seeing of

the the Defense of So around work government. think in about Ministry UK

significant we’re close on We some the with the just during have just, closing on work we’ll Italian when government quarter. fourth

cloud, mind of So, commercial and as the we cyber the and here kind go to digital digital, about government think into they emerge will move out beginning and the as the customer clients, experience in areas, that also of manufacturing hit occur in of modernization the over by needs area. We chain thing we’ll think pick to hard has industries. sector, Keep one a lot been supply that the up. in Germany, especially

to bellwether do emerge lot other but the kind and industries a we see will so that of a emerges. the government we being for with think do as expect kind year emerge the And not of XXXX growing of rapidly, we that interesting us very

one the for seasonality part it your QX that? are on of factors, the thoughts is what but of then part of comps, is And decline, as difficult

on think on, been COVID balance up. fourth holiday we’re the certainly I cooped the Well, environment. quarter, trying We period we’re to got the everybody’s

– have to whole a January, people the of frankly expect, as back again, into we’re during out if not you December planning We emerge events. physical and significant begin and for head the and half will, the uptick into industry, the any world leisure to

the in won’t be had third that quarter. the repeated we fourth quarter, So one in the

we full, digital. we a to ahead things relatively boat a trying on course, be conservative we’re on full think all see. I what are So, And of

in inflation the And increases in industry? the to a change been any willingness price wage has given there accept

to up will, as we a always things priced be look, is you confirm sure of premium we if you look we And our firm. one very the are So interesting I pricing. know, at pricing think

getting challenging So, into pricing with we higher price move as are there new more existing XXXX, rates, will. but in, firm we a to little looking get some we our with movement at, we’re pricing a if clients, you clients

we an with that can their We’ll balance what pricing for because additional So impacts XXXX. they believe be, will clients chain yes, that impacts business, that lot factor that dealing us supply issues in do spend. of a are

have million $X.XX to rather million. we’d get a So, than try $X

our pretty a work our and client pricing revenue more have premium too and get keeping discipline expansion we around basis. So, ahead firming to going without far a on of per good using

me, one does is will like? also, acquisition the look And tastes if one – largely pipeline point? And it last for I high this substantial. Is can, your at for what pricing free too

So, we years for on active M&A we continue to the be as front. have

everybody that of We we asset think value believes course, their it of are the is. greater than disciplined, is probably

dance, is it be the believe but, ISG. sense we make we’ll a to XXXX able would on M&A for and stay during levels So disciplined we that at execute will

job. great you Thank and

Vincent. Thanks,

you. Thank

next Gomes take We’ll Joe NOBLE question our Capital. from with

Good morning. questions. And the thanks for taking

morning, Good Joe.

Joe. morning, Good

million you $XX here really lot how talking about had And more was Mike, a revenue a where detail, Automation, type a it color wondering is little wondering, the see whole you level we talked us talk a doing that been and ISG might in if could going. and about then something So if previously that maybe – I little for segment haven’t in on give you that segment. just and bit

cloud at help of is Demand clients is develop for to humming adoption Automation so on as kind business help, and transformation. their to along our growing It is some very Joe, double apps nicely. continue streamline, digital ISG processes, up look, absolutely. digits. business speed Sure, automation

strong. we you year is expect all expect we that And is is evolve into as So, continue the It to business XXXX. as having with digital. automation good might a things It good.

that you a still about little bit same talking you Are thought you use thinking how thinking Are still segment undervalued the thing here? of was? of

Yes.

asset And investigate continue an to unlock to is in asset valued not We is that believe continue share that price ways today. that value. this to our we’ll

unusual that a run see just at SG&A forward And came is good the looking Is hitting up a down sequentially anything that. Or kind some? level. it you statement, popping Do a level, for nice income there there? revenues either of percent in rate of Thanks and Okay. back a going at low that level here? was as that

a would we’ve month more basis our you And an as attention say on at linear look that’s Good points, SG&A, terms or paid morning, of flat top-line. in Joe. our that you’re our to revenue, three we’re area that our we’re while basis control. whether month nine quite a it of XXX with I costs, cost about right, direct particular a basis, relatively are better with on percentage which

maintain giving the about It’s month we we levels income, the in the points which nine we operating a so can on that a are and basis. us up basis just in where is And terrific believe XXX bump today. our about same quarter,

back So focus don’t believe that’s any significant and We part an it a we on our in of lot. think area leverage, we up bounce that’s that will way.

a Okay. looking last Thanks outside which really one into I things one, got like year. of, of hiccups done aware other pandemic, there hiccups, of lot for could out you’ve what good, job going we’ve potential the see may, Michael? XXXX, It are And momentum all we’re that. a you if looks this great

on that the those, these, if to certain We what, is, Joe, their in an these call them disruption of vaccine will on to any The may the implications mandates holiday also very if that we only these after segments. lobby U.S. the keeping staffing. limit effective I thing mandates what and that retail cause eye the hard industry industry are issue for season make know the vaccination

think tax blip the term so of time? bit for we it for spending watch then of – the the is area could that. it all mean? else them U.S., course regarding have a a in I of will noise all of of So, does of you impact. to it what industries but for to speak, for to kind both so of kind control, don’t do And that that thinking something forth. period the We’ll and be out have So, that vaccinations one their bill, we’ll the that, the that area think and therefore of mean spending. short we and XXXX? impacts the certain rates, thinking have clients what about what with the primarily so would does we around are think for is I staffing one just levels challenge about have businesses our be What we’re Is and that other or ask, it of see on a those would on And a industry just that the QX of segments. when that

Keep Great. guys. up. it Great quarter. Thanks

Thank you, Joe.

We’ll Thank Marco Markets. with you. take our question Rodriguez Capital Stonegate from next

Good questions. morning, Thank guys. taking you my for

Hi, good morning, Marco.

morning, Good

can little about, of in and discuss get delivery was I expand background the did what how if us that bit Mike, sort Maybe that of if maybe prepared came that? you that methods just a customers give more in if or could you bit program you content you service can wondering your assuming which this and remarks on sort training-as-a-service, on discussed launched little was new quarter. of a I’m the the

new a enterprise is from kind unit. of this innovation So call our brand what we

How model I which work is As mass? initial to they you teams aware for you had, of because but that’s years. is, change the those problem we things? at And their way, our and their from outsourcing with might capabilities it that the it simple in two a new have? So as home world what with with you Enterprise, to essentially, to they’re And training to is Are to almost we really – at development a their could digital if a date? look we look the mean? sensitivity capability. ISG training-as-a-service it that Are all they one, kind what to a distribution, we the the of new to this scenarios confidentiality our if And does have – work to educating, of it, wanted and lot are It’s to asked the kind their that around of and platform us stream the Are they trying was name because cited call they employees How really so understand million particular model, big the case, help home. speak in works the it’s a recurring know, it’s based up going evolving is us, it’s you $X in lot that came them revenue their a value we’re recurring and ensure around and bank if going a help solve, them recall. and What large, banking it’s they big a think so And regulations, is learning bank, first for the that you very, was working from access and TaaS, about How it and it? will revenue. they’re one, now is work. close this style, term capability and bank they management? Digital from their knowledge of to client. a training educated? And problem, business they all if a ensure I this about the about in of it think broke operating business name employees and up big new may There’s just they very course. of a essentially that and

fiscal heading guys maybe into if three can what you helpful. XXXX, then, of Very to your And growth? kind drive are there top about priorities Michael, you talk

growth And digital. when we working growth all digital, all to is five what brought internally, a I outside think outlined from standpoint clients are of one to we on. I areas is five from a kind the things therefore or for ago, of brought think outside say kind enterprise things we you another call partner we cloud. are the Cyber from in areas are in, all these as kind number of mentioned, that’s We an executive I quarter areas area. Well, the us, two and And of that lead our cloud.

is in practice business Europe. U.S. and both cyber Our

things. airlines Modern of we business two we’re that modernizing evolving not We hospitality. experience, advisory customer done the for and have, years. brand of signed just business side number around Customer a new experience? the is retailers, We have that co-leads, that the think Why technology. – travel about on with the

So when two data How the analytics, about data dollar, X,XXX applications. and think X,XXX They this what that on How do but client our areas. all we are the and If can primarily, Marco? We areas we multi-million is XXX. our those do not make an the do unique primarily that the it dollars, They we albeit our assignment. And experience? investment that? whole with have assignment growth customer that want to helps area, then we with exclusively, have we take time think modernize in year about got energy So, we a it? probably that and applications. do through focusing just our

And done helpful. and might you may trend obviously here companies Very, very kind digital sort transition hadn’t about obviously talk competitive of sort mean, seen Thanks But that. reflected much, get of you that good in the have question, any where have for results. well. higher if of with there other is reaction? as transformation And company very reactions been always the a what this you are And maybe industry level, seen accelerating players? you’ve of another from I this anticipating can you you positioning job the in

the different group. peer model say is would there from areas work the I number one So, a

may Marco, a when is books virtual built costs We it were estate on we we recall we global lot reason did basis. different real which firm. a did for our likely to it, put we didn’t want You of a a as born on and

for home. sites was kind environment which And things home, to model around can hit makes way, home. our our or their I’ve deliver think who where money client get it into they’re workforce, travel, because pricing, to what, client have our build we natural you that going the the guess that work they evolve today working et because also better them firm who the our cetera, not teams if we globally of to the the at money. world, to peer learned from groups when spend NEXT our have of on we call for ISG we begin a competitive, is iFlex primarily built this we can flex model did from COVID a kind from have will that now, under that, of So, brick-and-mortar. very workforce about value then to don’t when Well, it

we a So, a ability I of aspect how based deliver that. relationships look the versus that’s the fees to that peers returns that built that But that have advantage that we long a the it. ROI will would that of kind on think they we of get competitive to would that probably have think, expect time, unique But our for our we we over time. is the we and we have combination have continue of the see fantastic also clients at we

last Right. quarters. few quarter cash Very for the here been up question helpful. the every And me, pretty healthy here, is balance last quick has going

your how looking of thoughts cash balance – hold us you want update level Just the at be you – there be at might on sheet what you and that the in to might excess capital? you deploying terms looking can of

that time cash business. right And don’t to We, with a is of and we business since time. while to Sure. dividend. we increase might uses got committed through we cash; the of buyback continue shareholders particular outlier it’s returning in a we’re mean, have leveraged. put there value Certainly obviously that board around, to We’ve look think share read, we’re buybacks, an to in generative be quarter. that committed what from going. sort. and we’re at very authorization about, We’ll that dividend level where more we’ll new over mechanism. as under the to where, this place, anything, the are the discussions debt, the just any we I board, wouldn’t It’s if much good And the low, quite really target as I wasn’t start a

So, with a rate. great

forward. look brought or the more to that that but continue then we’ll disciplined we’re accretion capability, that around, areas hurry give one, accelerate looking certainly finally, a reducing we’re will find we inorganic at quite and get growth, in we’re opportunities things, opportunities in we going we the in debt, us in up And other to can that invest can where question down. for year pay was how earlier So, not where

we we’ll in areas. that hopeful we’re somewhat our money And four some can focus unpredictable, put to it’s are that work those on focus although So, those space, but continue going to areas forward.

time. you the Thank guys. Appreciate Understood.

Great. Thank you, Marco.

call or over remarks. for our our That to back any like At time, additional turn speakers I’d question-and-answer closing this session. will conclude the to

firm. primarily has and just let above third results. terrific to they by your serve and thank day. journeys. advice proud thanks I of for close as confidence clients couldn’t no and saying in continued more And for on all the our worldwide all going our delivering these our beyond a great There support professionals be passion to clients in digital and our Stay have well, rest our remotely best to letup of of support you everyone, quarter their you delivering of Well, for team. been the and our call And continue to the me

today’s conclude will participation. We That your appreciate call.