IHS Markit (INFO) 29 Sep 202020 Q3 Earnings call transcript

Company Profile

Participants

Eric Boyer	Senior Vice President, Investor Relations
Lance Uggla	Chairman and Chief Executive Officer
Jonathan Gear	Executive Vice President and Chief Financial Officer
Brian Crotty	Executive Vice President, Global Energy & Natural Resources
Adam Kansler	President, Financial Services
Edouard Tavernier	Executive Vice President, Transportation
Yaacov Mutnikas	Chief Technology Officer and Chief Data Scientist
Gary Bisbee	Bank of America
Manav Patnaik	Barclays
Bill Warmington	Wells Fargo
Jeff Meuler	Baird
Kevin McVeigh	Credit Suisse
Andrew Steinerman	JPMorgan
Ashish Sabadra	Deutsche Bank
Shlomo Rosenbaum	Stifel
Andrew Jeffrey	Truist Securities
Hamzah Mazari	Jefferies
Seth Weber	RBC Capital Markets
Alex Kramm	UBS
Jeff Silber	BMO Capital Markets
Toni Kaplan	Morgan Stanley
George Tong	Goldman Sachs

Call transcript

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Operator

Ladies and gentlemen, thank you for standing by and welcome to the Third Quarter 2020 IHS Markit Earnings Conference Call. At this time, all participant lines are in a listen-only mode. [Operator Instructions] I would now like to hand the conference over to your speaker today, Eric Boyer, Senior Vice President, Investor Relations. Please go ahead.

Eric Boyer

Good morning and thank you for joining us for the IHS Markit Q3 2020 earnings conference call. issued to earnings Relations the we posted release website. morning, materials supplemental IHS this our press QX and Earlier Markit Investor

in adjusted not order other but financial supplement items. from Our non-GAAP a Markit operating believes isolation compensation, quarter performance, the are IHS be understanding of numbers, useful to substitute of results are ongoing in amortization and discussion a stock-based enhance as which and they GAAP intangibles based acquired considered are non-GAAP should excludes to on or measures for on our information.

CEO that and Markit will available This could that, IHS call found the the our differ on discussion expectations cause As Lance especially a rebroadcast expected prohibited. conference prepared subject SEC and reminder, being statements part, Uggla, forward-looking filings about Factors from to consent IHS remarks, Markit’s EVP in take and without call, actual After with Jonathan webcast our Chief results website. the property outlook, in be Markit. can events contain or risks call With of of conference and to copyrighted Financial is Any of that the be it’s Lance your whole Officer IHS questions. turn pleasure are Lance? to future Uggla. and Markit is Gear, a to the my may the and to Chairman over prior materially and uncertainties. IHS and is information, this of recorded written

Lance Uggla

markets for call. XXXX on In varying operate our in us QX thank that provide at speeds. the we you, the Eric joining Today, QX expectations second the the in solid delivered IHS the will update quarter. year call of results earnings begun and have recover introduced as and thank our to on QX, we the we we Okay, rest an review for performance, outlook for Markit you

basis. year the revenue deliver expansion results earnings strong We margin double-digit positioned that for and growth, normalized organic include are to a recurring on growth

used more our As environment and rethinking we become COVID collaborate, service innovate. how a have to customers company, by the efficient we

We and ways environment are to and virtual colleagues new with connect technology to adapted in customers. have effectively a work utilizing

have confidence cost this expect travel how result flexible management including in a to arrangements, accelerated experience office less increased going permanent a we as changes productivity. We some more operate in reduced increase early growth-related The and longer of term work over footprint, beyond. actions prior actually COVID forward, that achieve during our organic growth our in commitments in further to activities enabled have our investments years. XXXX to us ability us gives overall and This XXXX

adjusted When for impact quarter’s on the organic Let’s revenue on rates results. of divestiture will results, chains adjusted EBITDA we the defense biennial as EPS we growth. on and to move well as growth be the to normalized the and aerospace QX excluding speak BPVC

to strong basis. look margin Let’s in the a cost EBITDA points up EPS of year-over-year revenue million adjusted $X.XX, and of adjusted highlights a and is early organic XX.X%, XXX on which XX% due $XXX year of basis; billion, over on quarter: flat of $X.XX the at and normalized basis normalized prior the up management financial

strength, areas Financial markets led information managed our in markets recurring growth. core and services some recovery to delayed QX services and by X% and was equity rest that with pricing for and included due for is in corporate of COVID. businesses. growth in growth solutions, projects the segment Within index boost implementation solid and somewhat municipal performers some Strong private of steady activity expected lower by our services. volumes actions solutions services, our offset we and solutions assumptions. provide and and me processing. in key commentary a Let organic X%, rebound were valuation our year a included provided Information of loans from Performance QX had and data services monitoring and services as

volatility volume our business by year-over-year. within and derivatives As lower loan expected, processing impacted was lower

flat, for CARFAX that Revenue returned and Going to its revenue growth as growth, was organic recurring levels X%. pricing steady XXXX had and in from to strong a car revenue to growth expect normal dealer for and organic in used and those Transportation automotiveMastermind, return growth began to with customers our continue revenue growth with start single-digit the forward, we rebound. in to processing. mid within both up new solutions information but returned growth as segment a markets QX to QX recovery

retention trials during rates CARFAX free paying very strong seeing And are Life we customers. dealer have our the strong. for remained into that Our are conversion downturn pleased

coming Now, will Life, TAM business which with an for remember service large over helps billion and be operates dealers years. CARFAX growth $X the a loyalty, their of driver for automotive in over our exciting

new did QX this recovery business, servicing production our manufacturers our new as through XXXX impact has the in we the As customers a of COVID-related revenue. items as of as mainly slower parts of car a non-recurring been result in portfolio, base even and part expected, their experience our subscription Nonetheless, shutdowns. in in grow inventories our lower we work OEMs car expect to

commodities and trade product we serving traction from our are and offerings performed new also finance trade the expected maritime gaining markets. business Our as good

organic of year Our for the growth revenue to for has transportation year. improved low a single-digits now guidance decline the slightly for

by revenue decline to demand. move down an was was revenue resources, Downstream growth lower X% X%. with reported over Let’s global while recurring organic recurring organic the impacted which of strong, non-recurring

upstream financial through support with those – flexibility term longer partnered to customers and with challenges. customers our Our future operational agreements, operation balance have by we while growth, time. which near-term a experiencing helping was difficult And revenue revenue impacted customers

under increased of successfully over to percentage contracts We upstream our revenue the now XX%. have data long-term

design the growth weakness by was and single-digits in normalized growth to product with be resources BPVC for somewhat as We organic low TMT single-digits. offset negative normalized revenue ECR organic CMS expected, expect for XXXX businesses. in growth and mid revenue

pleased the over year, I year and revenue revenue organic we strong return to growth well normalized XXXX, we to results QX am and this to For are growth discuss low will solid after Jonathan I feel which more organic growth goes continue Jonathan? the deliver in very single-digits. in earnings expect our I positioned Overall, detail. in

Jonathan Gear

growth Lance. of decline you, $X.XX. we Thank of delivered revenue and Net Diving QX X%. represents of with was X%. and X% $XXX which GAAP results, Normalized billion, income X% Great. into an a decline million recurring total $X.XX growth EPS of organic of of organic revenue

a represents a a margin normalized XX.X%. increase of $X.XX, This million, of we margin of increase adjusted XXX $XXX on Our EBITDA with adjusted an a basis. points delivered of expansion and on normalized of of basis XX% an EPS X% basis also

on Moving included XX% This or X% was energy auto XX% non-recurring revenue, continued sales. primarily in activities lower by and lower of delivery finally QX normalized. growth organic our recurring organic X% of by normalized decline driven slower organic OEM COVID, three implementations to software decline and software items, driven consulting non-recurring of a of and

on the processing, lower while processing a and single-digits. growth to organic year X% the expected strong and X%, be financial delivering the to Within Moving has including had year-over-year. decline and low in growth, an do to volumes in services drove Information return we expect organic X% solutions of organic for growth in due segment X% X% QX performances performance, particular quarter. recurring in our to segment

non-recurring, Our pricing in customers X% of decline levels transportation the XX% segment as continued primarily of in a in digital delivered quarter. for and normalized growth dealer organic recall. This to X% delays by growth and of included marketing more recurring returned our driven

discussed. organic X% ACV decreased $XX is XX-month X% impacted QX the market heavily which challenges been negative had segment decline, as and XX% in and our quarter the comprised of non-recurring X% by and organic recurring energy American in by decline resources Our North organic is decline. trailing ACV has million Lance

BPVC, CMS and segment X% growth recurring delivered non-recurring. normalized organic X% Our per of XX% decline normalized a including

points. Moving profits normalized million margins adjusted with prior now was EBITDA $XXX up grew XXX basis year. versus of Adjusted EBITDA on to margin X% up million, a a XX.X%, basis, and $XX

with million, margins Resources decrease services QX $XX and up margin EBITDA of large QX We drive was in in in strong of margin investments XX.X%, shift points margin a a a return points with basis with XXX some XXX EBITDA product of million, due and driven investment spending, services We financial driven TMT $XXX expect tied revenue control rationalization of the increase in was and our expect both adjusted was return driven a dealer a million, to back up revenue was Moving as million, of margin with measures cost will to Financial expenses reductions. moderate flow-through increase of by divestiture return a segments, adjusted basis financial increased was benefiting a and growth. do of across EBITDA of post our mix. margin margin a XX.X%, product to basis variable cost. on services slower $XXX moderation future group, design XX.X%, a of Transportation’s up adjusted also was revenue by XXX growth EBITDA and product and adjusted XXX points. ECR. cost basis come from This CMS $XX which points. XX.X%, to with do a QX a by

tax and an a per XX% was rate increase basis with total tax of adjusted on GAAP share, Our EPS XX% rate was diluted XX%. $X.XX our in of and XX% adjusted normalized

Moving $XXX we cash on million. free to QX delivered flow,

in XX-month tax and been of outstanding impacted cost settlement the of following. provisions. year. plans one-time exercising payment taxes tax non-recurring our majority with of tied this the items, QX their efforts of rate A in associated payroll QX reminder, U.S. in our conversion trailing changes the one-time cost UK XXXX associated finally to a the options U.S. remaining pension including reduction has several and As with QX by a The

bank a ending sheet, was $X.X X.Xx balance and a covenant gross approximately of cash. ratio the to leverage net Turning of billion and on our represented debt X.Xx QX basis balance

balance We liquidity $X.XXX We was quarter liquidity manage revolver sheets representing $XXX closed flexibility. position. a the billion billion great our and with approximately continued of QX and un-drawn provide to our balance to cash

QX shares March. Our diluted announced reflected the and average million which our was we weighted in XXX count of share repurchase program, pause

in we of We $XXX anticipate launched QX did expect call, program we August. million X. and a subsequently indicated buybacks a announced we share September redemption ASR this return during earnings to our and As on to

ranges. guidance, confident on in remain Moving to our very we XXXX

due of This adjusted growth the to We billion. growth between On are X%. now X% X% by our midpoint of contraction the and year trending $X.XX of to and the This represents billion led applies to billion. the X.XXX billion to of trending X% margin product organic revenue as our midpoint EBITDA, of also reintroduced $X.X were represents quarter-over-quarter normalized costs of for our increased a variable investment. to to a range to and of revenue $X.XXX recurring organic rate due improving we are also range XX.X%

are at $X.XX For do to And EBITDA. trending high-end to we to XX% talk which now, expect represents adjusted the we Lance XXXX. XX% range, And call pass adjusted $X.XX our finally, to year-on-year back I of flow to cash growth. free of EPS, run the about will

Lance Uggla

information Okay, an been consistent really for XXXX unprecedented comfort I And services company. QX, Jonathan. in with has thanks, XXXX. return to global to provide in the normal period operating want a

XXXX a decision is possibility as but year not about remain one a XXXX call. last our you item provided a overall out guidance physical XXXX. have move and are Overall, events call. our model, the in virtual we November, to point the strong that in have to provide for to on as framework So talked we QX will with we hold which The usual, in looking our to we on already formal comfortable

Let you that what me tell includes.

the accounts line of in of services, still growth revenue growth we revenue relatively with firm’s XXXX growth X% that the expected, financial organic going amount in that at single-digits. and of so are now to we resources X%, have, So, revenue XXXX. of range, the organic CMS absolute the strong stronger growth the than although so transportation revenue for are XX% physical events, in X% the In looking to to organic growth, mid lack X% account XX% finished as same, that to to single-digits organic down in be low now the events we remains the

we about and ranges imply feel same, earnings and how growth. adjusted margin the XXX good In adjusted for while the to long-term the EBITDA expansion the serve. challenges, basis XX% closing, are and remain that managing in continuing of For which COVID points XX% the communities to I operate make right company, the and we shareholders very decisions EPS,

their for we continued times shareholders through. our that these find thank world and to during managing ourselves support our their the want for I Finally, colleagues unique around efforts

open So for now up ready questions. the we operator, lines are to

Operator

first Our with Bank the from Instructions] [Operator Bisbee Gary you. of Thank line comes question of America.

open. line now Your is

Gary Bisbee

Good guys. to morning. see. Good Hey,

Lance Uggla

Hi, Gary.

Gary Bisbee

revenue, transportation back? sequential you. look step up is I plans in earnings, in the of deferred at sort initial color cost provide color Thank spend as ‘XX particularly that level around have cost sequentially. improvement if we we in of savings to Rebound, we spending, on beginning question what comments really I about heard I margins, your permanent of and your three you you a guidance and should commentary fiscal coming in revenue, of come guess implies and all But guess was think anymore sort of that come can versus out cases, and can any it on see provide a growth EBITDA lot big the about revenue my not back.

Lance Uggla

Right, right.

the see don’t coming back XXXX. costs well that in we So,

off feel we let’s to out continue closed, and offices And call, forward, with add footprint continue to carry I reduce those protect earlier fixed any course we that we arrangements costs to that our our those the permitted that. on start forward will of So and will come we will work footprint we in we can have see that do closures. so we as reexamine and said are flexible the

and big we cost those that would be at was that change from head through the COVID based that move design are lower that move to employees the The and the going made back second place. those lower second permanent was provide permanent come COVID and employees organizational so period aren’t savings into and just – use to contract are – per

of had maybe The less come respect is have variable with to the to that third all place travel of we would not year, I some than thought. return that this would and we say and but those entertainment costs some out of expect them originally

we a see the myself of we to started that ex back employees. go reports, into next terms the we back year, types salaries where top have we moves, in bring else, And company expect of to the be continued made on we to our as of some moves I and have reduction where executives those to would spend. done, there So, Where those the normal. overall salaries, of have

takeouts? generally has and those I design, to per hand know I the say really this missed works before period just one are our flex and the want I Jonathan, our don’t have in that to reductions cost investment early strategies average last head average to Jonathan, you cost permanent throughout done there? Jonathan, and through a I pushed in teams I the so And would strategy one location any attrition in head do other anything year, globally. that I add location it strategy fixed permanent change would say COVID been that ability organizational so global think our our

Jonathan Gear

sure Lance. thing, Yes,

are two perfect revenue permanently, as is future cost, but Lance or I when this QX, natural is with which it would and that a in opportunities took – there QX. chose comes – opportunity what continue that variable transportation gone is structure, to going variable is and said of it’s, that story cost we is back cost mean, first, well, a in down. fixed work and And cost bit faster covered revenue, is our So we we to up cost third things squeezed. the this expected a quite down about the our we back we revenue variable frankly add think categories, three as reductions, that And there up is costs came ramp we faster than news the QX the than on have kind then squeeze to we the in squeeze happened the a are good in particularly I

in additional at back It But QX The up and comes out us when level QX, bit see we in investments other really was down XXXX some beyond. to certainly see QX. it certainly second to is than that is when starting performance in are a will Gary, call you thing I our better investments. open We come did benefit a heading into margin would expected you fact the the in transportation. revenue the going in bit QX

Lance Uggla

Jonathan. thanks, Hey,

question? Next

Operator

line Manav next comes of the Patnaik from Our question Barclays. with

Your line is now open.

Manav Patnaik

portfolio morning. Thank terms items, whether in subscription. you. lot business? or other change was it’s you Good the your to structural some need changes guess there what wondering any I other to of I feel recurring cost revenue Lance, you mix structurally about Are maybe in convert talked base. have of like is a things the try your you there some in to

Lance Uggla

think energy next forward into No, we the this and XXXX, at look – have to markets. markets, to around we have I really got look you I negative single-digit just are then I single-digit year. at supply got I you think think think when a have energy and got low demand look talking the the the you mid year

So, upstream you some to going CapEx will you remain going and are to have have under lower are bankruptcies. pressure,

So, my go the challenged the remaining $XXX view upstream single-digit to grow be $XXX XXXX expected high is is is I the structurally place million we revenues feel XX%. and should as X% energy of to only into of million

about flow most key managed period. importantly, helped in stepped our some them and have and But that tough through have that discounting, XXXX. of a that up The we So, my through a they are multiyear XX% in team customers for into to will the bankruptcies of contracts. view is year manage that job this – out have done going has to great revenues that’s something to in terming ‘XX. They

renewables $X.X all agriculture hard and they and have but the still going $XXX our healthy, guys of out challenged billion, year, on be actually chemicals, but that whatever the overall million and really year this that $XXX challenged results the still will growth had delivered, to and are energy I structurally, revenue next deliver be downstream to Opus expected work is to think So, million, ACV they and positive. recurring

So, I well. am portfolio of pleased that, with managed there. the have our performance Outside we

We business. parts all our the other in have investments of increased

looking complete X% dealer that, I my good and a XXXX. car yet a expansion growth And to market And I this EPS lockdown, throughout you growth, is given Ex view margin out the have the feel are look the to lay organic guidance. footprint, when through new ‘XX next good position which in in we in like flowing have ‘XX so X% we XX% the revenue a hence to XX% forward year constrained. real bring automotive and would we given into you really

what going on do we into told have are to We managed you go XXXX. you we we going what’s told earnings to expenses,

for And most has here okay. anything so real really done and changes so than ‘XX, I of else? it you feel add, think covered the I exceptional an us normal no set great operating plan. Jonathan, job to No, big up to do our that team want

Next question?

Jonathan Gear

covered, you Lance. think I Thanks.

Lance Uggla

thanks. Okay, Yes.

question. Next

Operator

Thank you.

Wells line with comes the Bill question next of Fargo. from Our Warmington

line now is Your open.

Bill Warmington

Thank you. Good morning, everyone.

So on…

Lance Uggla

Hey, Bill.

Bill Warmington

upstream On made ask number sounds term energy, improvements of – it terms that annual shifting clients like for on contracts. a you to of wanted the annual in contract value on to longer segment I –

growth was you thought and talking are look organic like quarter. to it I curve and tipped low the bottoms minus negative the for moving X% of ask the value about single-digit wanted annual what going to do contract revenue you starts it to You for up? growth think XXXX When this negative trajectory resources.

Lance Uggla

– move handle not one? Brian Brian. to do Brian, up Brian, to do want you you are on Yes. that you muted, here? are You want

Brian Crotty

Alright, sorry that. about

at the showing look is right you upstream ACV, quarter, ACV, our all already showing are group when the Bill, positive. other but groups now through negative So

been of bankruptcies, in is have strength going kind So, Lance we also especially just of there lot that’s ‘XX, mentioned that see also closures affecting demand in through in FY to gas good for and a business, our demand upstream our analytics, clean-tech continue ACV. good LNG plastics

to companies you have had just also about shutdown. in addition So, bankruptcies, that XX

with merged Devon yesterday, WPX. saw You

into those now. of but bankruptcy factoring the the into went bankruptcy So, out are ACV, coming companies also are that

So you are now Denbury, have companies and buying Sanches, those companies they Whiting are our like emerging services.

Lance Uggla

Thanks. really the shift into business to got that. Brian. from And that do in think mid just guys have, continue No, the managed downstream. energy I we to and Thanks, upstream

Here.

you talk We transition, their deep. energy heard have announcement zero terms about of and headed. customer heard in got great relations, yesterday BP very focus, shell they where you customers, targets and their All net are

to lot a around and offer got tech have in customers renewables. We clean

fossil segments drive analysis, my we so firm energy is, if world I at ESG, non And those the revenue are my best view look we is, climate is scenarios, data, positioned go into for analytics, driven fuel the growth scenario view TAM, to the forward. in as

expect I digits. single recovery ‘XX and the much into mid will So I that all you through can lower tell to digits double the with expect grow downstream is high and And wane a to I upstream base. from ‘XX beyond,

of are for so upstream to analytics leadership team overall of million a and the but be than less not shift the and done it, And so of it Brian have about big they a job. firm, doing it’s and great this the problem that before, we and thought data million, and $XXX $XXX now But is in challenge $XXX it’s a architects for that got not million is really, we his change.

question? Next

Operator

Thank you.

of from with comes Jeff Meuler next Our Baird. question the line

Your line open. is now

Jeff Meuler

thanks good segments your Yes, recognize largest and fully morning two and first performed well.

the down and another was So question. But piling we sizable resources to in with subscription of relative business. step apologies see based pretty for usually what magnitude the a recurring on

about trading over come that pricing you an basis. as So kicks that wondering quickly are when there contracts, price I more the get back term annual for annual that concessions had guess off in longer it’s temporary Because what like on in resources you I am I trip normally, in, you think transport? is, escalator

call, I concessions I resources. single I to low for heard for then, guess there on you So think Is the or but is you it the And XXXX pricing down guidance Lance, say temporary digits? single-digits yes, anything that just outlook are it’s down? else the down say? clarify, could

Lance Uggla

down Down low, yes, single-digits. low

would or in single-digits number. three one, me be a So low negative two to terms of

go first so to your part the let me of question. And

I firm. So, anywhere on to anything markets in all, wouldn’t first the what’s well, in else I compare guess, of going energy the

non-recurring here like transportation, recurring – had So recalls. have revenue some revenue in we declines

pressure COVID government and but through slowed share to waned has the will and part our has recall business active So, it agenda in therefore we recall regulatory the of been expect take down, an when future, be that lion’s of the we way. comes our

issue. we with cars thing some is and and would on on therefore manufactured money us a types cars second manufactured is there then being shifts have sell deal less the market, the deal and we cars, The spent all in used say ‘XX cars that themselves, forecasting with easier say seen drive less to less audience other ways, ability building. to and lack That’s accelerate position lots the a and cars And hate of our of that short-term in supply etcetera to in really being sell showing in the and back good marketing well. car products because trains, I demand,

with think revenues $X.X base was than $X.X This So, in if more in get think I I down which you very my and million today, energy, Markit. upstream, XXX. and billion, of take data transportation. simply. I it’s of shoes don’t market billion When to compare energy its into whatever are find upstream, to and data got the this We grow in of than is IHS sitting really you declining or going $XXX it XXX pre-merger from there. the less of automotive

in X% in X-year Markit. of put this those But on into So, IHS miniscule the year our datasets. in we to contracts, picture X% average X, after is growth

not the it’s it going mover, a So, but move to it’s not dial helps, dial.

fuels. is So, the of all call $XXX as you okay, I and fossil children is say, million take as one, world data to be using going number anybody going your plus have on still to long to are live think that this

that’s of to million So, world going we piece do revenue economies. that have support the $XXX of

moving So, their XX the their fuels whether of on and we is to fossil million – piece XX turning barrels it’s day, work or fossil a connecting, fuels. million getting million, lights some in without nobody XXX needs world’s need around

lucky So, will energy them million, going home and customers and to we of the around leverage and that transition support I help in leaders be all our somewhere into find continue $XXXmillion really we got to markets, are going energy data to and of have that right zero, to the financial are the transportation feel are to. we the we net decisions that that will are transition the beyond at heading and drive position going world to zero core and epicenter energy happen $XXX world our

The would players existing is that the say second thing I remain.

want management, etcetera. resources oil small So, thought oil companies committed course companies, forecasting, pricing, analytics, to all of they the that activities want the have sovereign national cost still leadership, and they understand big the entrepreneurial exploration need in help

piece normalized, X%, mid of I the that to so return but more in ‘XX into a growth. will say difficult I looking bankruptcies whereas bit single-digits, So, times, wane forward, of to X% think but again our analytics, a should non-data think high would single-digit I upstream through

a acquisitions firm, to the low the by at continued negative take net-net, and both to mid you’ve bolt-on going of single-digits organically resources, billion that year, be put ‘XX together have it. well. got across the the and there the the I team has when manage to to team. how before that’s whole that instructed how great I and That’s And through put take So got single-digits it led energy to our future whole in am or the next are execute low drive expect transition challenges. been been revenues it firm. we growth firm, to I running That’s just got

and perspective, do And do customers. tell great into what got we I you we exactly to our you are to great transparency tell we have going are think going therefore we a got we capabilities. – have shareholder We from

question? Next

Operator

Our comes with line from the next McVeigh question of Kevin Credit Suisse.

Your open. line is now

Kevin McVeigh

come Lance to thanks. you obviously the Is do that of increases can savings, that combination of you that structural growth the organic would of XXX some or as some enterprise? to it kind you back of more across you both. as talk that redeploy how which does the to maybe target Hey, Great, walk frame into Jonathan, that sounds anyway a think through basis be point or potential to expense there what potential business, fuel come to reinvest or about, and

Jonathan Gear

our And our given somebody company, from in can Finger or COVID, Taos, York in of estate, of real want their backgrounds a the great people cost in us manage home. working ability to Well, tell I and walls where so Mexico France, anymore, XX,XXX backgrounds, quote I the to summer south Lakes, people actively if do New terms really where or real vision guess in jobs City, to what’s hire of one. effectively into in Yes. home terms mostly location we the fake or in nowadays, is New in they working in their can’t the footprint

points us I expand thinking strategy, But just managing having with leveraging at at become really design so attrition, managing chance world is in technology, we and can organizational we a experts so there XXX And not managing basis new have that to people really attrition that’s let and this no per us go. annum. believe look issue virtual forward through given to forward our a and location

my can one got services revenue out it’s things, manage Now, those X% good bit to a growth the that about have they to to growth become that. really five had levers, fueling always and focused company and bit have means challenged in as X% include to end is, be if you X% but diversified and ability revenue single-digits, have grow can is got view we saturated that’s X% mid that X% you information they up is falling you X%, we steadily My our are all the as or to your wane X%, time second to I to see, services of more diversified X% products. over usually growth, our five like and have new at an we you feel products be do is and view to

even the previous year expense than invested we each in more So, in some both divisions, $X.X key. we investment of call in within what the but This over investments have year, is top. organic layering million additional growth, invested we

So, invest. got to the teams

faster is growth I to want don’t X%. forward, me slippage look to going view my a expand cost XXX basis points organic on it’s margin So really as than ever below I if

can high-end haven’t We So, points couple you negative our And to make and X%, to to guess never promised earnings X% growth merger, we it, every that X%. that at the margin XXX year. double-digit X% missed to X% years. a points X%, and were I next want expansion approach flat revenue is to X to XXX give to X% smartly, X%, X X% made to X%, We basis X% basis expect and thing. to the consistently, missed growth we growth invest therefore a year, pushed on for helps invest, revenue growth good to measure margin what acquisitions, you know promised expansion you every organic it we us push sure I of range, earnings do our double-digit you it

So, $XXX all sure bode expect metrics vibrant and will business ‘XX. the I we is, going and and grow the put the make returns, are deliver fact organically for well of a we well, the manage on our the million us to company new what it service through that’s strong just that resources do we customers are behind is challenge, drive think

Next question?

Operator

next comes Steinerman the Andrew Our question line of with from JPMorgan.

line Your is open. now

Andrew Steinerman

solutions should wanted quarter info. more and why? profile organic into Ipreo I contribute to double-digit about did in a to Ipreo, sub-segment is I the revenue Lance. medium term have revenue morning, and the over Ipreo Good How know and still here organic third which hear now

Lance Uggla

start. will I

will is then and I with not in on comes on me, join with he he can me. sure, but start Adam if think I

Okay.

So first Andrew. going And growth, off, can in alternative markets to forward, see got markets, as the super as alternative strong far private have we I that space, grow asset in space. that double-digits are leading we

already a We WSO the doing private doing So came were already which piece valuations. We compliance Ipreo, were was of piece. eye etcetera. debt markets, that from level

And So that. if any are build that that to of don’t net-net I anything, altogether, continuing we waning. see into

actual corporate will color Adam? the income some Adam of Ipreo munis, on. let and in give terms On across solutions, the businesses you volumes fixed equities, I the

Adam Kansler

Thanks, Sure. Lance.

we have integrated starting deeply at this a as maybe point. Just our Ipreo into point, businesses

organic measuring The been whole. the of good not a have subset forward be much expectations Performance our years, growing within business been mentioned, open as are continue to So, strong over there. has growth is of we larger that part volumes capital Lance it. of markets business markets private or at above

and we our [Technical those looking see we growth I to will areas out a it farther continue think Difficulty] even I think So contributor as large to think

Lance Uggla

out the year? Adam, just volumes, like markets called are in muni this through in the remarks, in terms of munis how my I quarter,

Adam Kansler

hit, equity there have have markets, on have municipal extended over relationships equity that’s for address markets helpful first markets Lot volume rate the accelerated strong have last the those municipalities and so… we to debt been knows good the local seen us when environments. been So and low are this we just capital are all call Most obviously requirements but markets get are COVID X months dependent, everyone those is us. looked that markets to own pandemic refinance very last volumes the and Equities seeing volume reason of look governments over one as as and for strong their month, their even. where will interest again

Lance Uggla

Thanks, good. Okay, Adam.

question? Next

Operator

next Ashish of comes Bank. line question Our the Sabadra with from Deutsche

open. Your line is now

Ashish Sabadra

providing in products lot your that? we Thanks some about when carfax.com transportation. on question of details I recently two-pronged new thanks for and see if for Life. introduced over solid have in auto can taking good years. few Maybe my the the question. the have Congrats just And last for you the to on CARFAX quarter just Can on a Lance you the the a dealership, how the you how side, for, say, Thanks. back there do or you color base, And on much start talk runway customer existing to accelerate good have that and penetration as well? room recall dealer the quickly do see OEM come provide should marketing, you digital and let’s the AMM on then rebound

Lance Uggla

I Edouard take you got Okay, have one? good. want me. Edouard, on with to do Well, that

Edouard Tavernier

your question thanks Ashish, great Yes, and point. for

the of products of or great you those So, the penetration vast The as a dealers levels is we way with a of majority with news have do different North products. portfolio for mentioned market of one each other. work American we in

Mastermind. of CARFAX product maximum like CARFAX then see used runway So if listings us a of are for of approaching summer, growth to continuing and penetration. of for the been more mature which over growing growing new story we rapidly plenty offerings this introduce for capability future. the kind car you its which number frankly, The a which years and years, great we Mastermind still have to advantage, like CARFAX take X same penetration has gives used are the past most but plenty news we Life, like our car we of markets has have us, ahead for or products is go after we

Lance Uggla

Thanks, Edouard.

question. Next

Operator

Our next question the Rosenbaum line with comes Stifel. of from Shlomo

line Your open. is now

Shlomo Rosenbaum

Hey, question. for my taking thank you

a nature kind are where investments can plan last talk getting the So an move to cloud-native you and during kind Lance, are kind have in and that you X-year going you of vein, where data long-term the of little towards about the overall commercializing the of of on COVID, years the just are or that growth. with the focused you And be technology in of what’s stepped clear update definitely the on more message over lake up investments? you been organic several the has made that sustainable the the bit

Lance Uggla

excellent. Okay,

wants Adam, I to Yaacov will Okay, if you that after come for me, on two break in if add that leave tech to the or Yaacov. out so anything our data I sorry, happy if then to lake in be journey, and

have increased So have thing the every I the spend we on growth is, since first organic would merger, say, investments. we year absolute dollars

investing regular in are targets run every to be rate of approach like divisions all cycle, can call we our investing our, return, since number business. investments in incrementally But in above that tank of a year, year, shark merger. internal higher their So incremental their been we for also what has that planning have, almost or every

then maybe into mentioned our an bit score. revenue three our is organic made score than a are than from three it’s an over really investments they we years, years, this vitality that expanded getting less results. last been increasing growth. invest, ability measurement the longer we confidence and a in year’s our double the result organic to the internal never coming And we or of growth last and internal firm’s our execute day, organic to do have I So And investor leads vitality dig could have

The XX%. produce, firm are investments we of longer has would we if sometimes at of company. adding than in dollars of come our was if we bit percentage still growth, it X% a but vitality our since So merger, single operating revenue organic vitality it vitality to year, in leave feel has the they better and growth, take Because the double vitality they’re revenue to improved. Every measurement from improved. the absolute the if

it’s really really growth great a other of board organic, and impressive, described investment update organic story. feel at I and a run-rate we that’s million investment on great some the IHS Markit circa has have million. head, and John compliance with has good $XX a $X made last and the And of Barneson, So the next in I we that of cadence reg a was day year already over heading new $X have the revenue over actual investments product will million of year, with

part revenue. of we investment, is Now people, get buzz it feel million products of XX It technology better exciting to at the every be new growing make the case, it’s was we at better better. but investment and company that million not the we better investing of XX%, attracts organic more would people the their drives be fact more it’s they X to a more are in work If in, is. with in this is, cracks got –

that. at fact is, that, And but million well the a continuing happy I had to add, but what incrementally wish well with have I incrementally, super I to don’t I measured, So, we we $XX am invest growing every are would is cadence, say managed. year

and all to going is customers connect building a data you X.X and stacks native. debt, world taken been product just to It’s got throw the Amazon, key IHS of And a technical connectivity profile the got class with you away to something find, actually have Yaacov’s the deal, of new. lake want changing our are when have you old you out job. merger products The emerged Yaacov you we new puts IHS second Markit thing with don’t cloud-native has to datasets I lake substantively. that and that’s would us strategy with development completely rip And which Markit and the after to our the last say the out, years them is merged of build And want IHS. technology, into brand cloud of them $X.X long-term all now lake X-year cloud-native which data data billion is built out partnership technology a

are so made. in They numbers. those investments And our are

our not I about just in security We have that’s think into have Yaacov, what organic just our bragging our is to want CapEx the add and our cadence anything, to with data and analysts shareholders OpEx which X minutes switch, just around connectivity, development want software big best that map companies and the just the and about doing client managed revenue here orchestrated that very little that. to We lake world And here project the tell Amazon. this architecture, bit them, again, you excellence. for improving our maybe cloud-native but how do teams shifts keep growth, to for see journey maybe our you a are difficult companies. you the our investments info in team

Yaacov Mutnikas

Thank you, Lance.

go start and just that talk on technology. time, update lake is I will with an I will into to I data about, there just give will the if So,

lake internal clients as year, reach as after of IHS went all, by some well of to market our data analytics we business data this available lines, of extensive and internal potential use extended team the first May Markit partners. to lake making to So multi-tenant in our advanced

sign clients, XXX active evaluation have have serious got We got conversations. and in we client clients several have we roughly XX

and sales force teams our leveraging We worldwide. are account client reaching base existing in our broad-based management

our lake data building out We engagement vis-à-vis are a pipeline now dollar client. and multimillion

since Our and automotive client agnostic. engagements base in the context span their energy services, is data lake domain client financial

semi-structured similar data is by lake of from process expanded of is domains, Markit we data, million the discoverable the of items, catalog, a next curated end way adding and be lake, research the have e.g., release per the entirety unstructured in structured and version data of day We since reports will business documents just one is new which around ingested our automated similar. data it way of X and e.g., November, shy IHS ongoing will At will footprint structured data analyst contain that and this data and agribusiness into content.

one as and dots the would features benefits. structured based relevant estate In data XXXX, decentralization and for will advanced we functionalities some data estate. complete data unstructured journey across data the deliver and to pipeline. data entire provide us our our I learning mention provide feature achieve like the as and to more in document addition, across to end of is and advanced There clients. of discoverability our engineering connecting data will step lake This such to our ingest same forms of of parcel and summarization we unstructured machine other AI type By functionality part

pause will I So, a moment. here for

Lance Uggla

has think the Yes, seeing the results. great, tech so the I question. a done But last investment great lot been us a are over going key X this years on great for and job. has and And we team

Next question.

Operator

Andrew question line next the of Truist comes Jeffrey Our with Securities. on

is now open. line Your

Andrew Jeffrey

it possible about trends price and revenue pricing that high that within I of growth areas. Good squeezing I are X% out much long am your appreciate here and you stands level, I power wondering question as productive out Life call. a for to from is towards goal, organic end recognizing Thank business pricing services of And am about a around Lance, me broadly, pricing. for few the the you CARFAX X% to if thinking of morning. in value? how pricing My is also coming monetization financial opportunity. the you. is parse

Lance Uggla

we Jonathan X% generally the And detail but the for do whole our think about add further X% firm price. think to on to comes historically, when to add – of know want Jonathan, X% Yes, from I get to firm, or if said, growth we any want I always whole you have organic that, the to if I X% you don’t across overall growth that look across that? related price. you

Jonathan Gear

Yes, just I will be Andrew. real brief,

purposes this and is reason, and typically think up the products into our for mid capture buildup rate of markets, biggest now, think but customer your you it couple you the low innovation line, build given difficult the from base XXX%, channel, there. And So going up-selling the whatever been option as about that call have of dollars from divesting I of our Lance kind condition end renewal get points on cross-selling that has do and at But year we there. new and about on really couple. as start around about get to on driver think price, about talked the then by really for price, about the markets, is said, products challenges a capture into a modeling it’s to buildup the when pricing about – right our to vary the the you focus, more we subs have XXs was does end introducing certainly cancellations we driving into and and just

Lance Uggla

thank Okay, you.

question. Next

Operator

line of the comes question Hamzah Mazari Our Jefferies. from next with

open. line now Your is

Hamzah Mazari

about about conversion cash you you. hoping could just free was just if Thank flow for are morning. Good year. how I you thinking next talk

are I think for talking year. this XX% about you

flow year. So the cash around takes think have EBITDA next free you for sort of about out? I framework to any puts and know laid you

Lance Uggla

Yes.

this into of had did a We XX, restructuring we teams to for the job back we one-offs XX year we the some with the some return good COVID. So had mainly, there. XXs, pensions that posed profitably the

plus. tax that XXXX, changes, as the from we is we view XX% go will costs back I think So, into were Trump Jonathan, the is our that over left be accurate?

Jonathan Gear

impacts a those look happened working I we we of flush our to looking capital be and new the a year. upfront terms. through, positive bill in some mid typically also sign auto mentioned, different to OEMs had you contract And one-offs forward some and just our as is as up will one-time as the XXs have through COVID-related we to cycled the we next clients slightly pension capital, supported it, support took to to auto payment and add with being is. It contracts, working items Lance, And several third. this year what But we items will have next expect energy and back year,

Hamzah Mazari

Great, you. thank

Lance Uggla

Thanks, Jonathan.

question. Next

Operator

Our RBC next Weber question Markets. comes from the line of Seth with Capital

Your line is now open.

Seth Weber

guys. Hey, call for Thanks the going. Good morning. keeping

Just financial real the business. on quickly services

quarter. are the feel any for customers the in strong. here about solutions like here Do know, and positive back your kind I business? of quarter, about have in forward we you you can being the just the flip pipeline you Thanks. turned us last talked business that corner thinking commentary how Solutions give

Lance Uggla

but Yes. job getting solutions a did installing XXXX. has software us No, team definitely, good through through COVID strained, do been the

Adam might the across a had have add We ever business. have to And picture. that a into we few want Adam? strongest pipeline details

Adam Kansler

Yes, thanks, Lance. business. It lumpy is historically an

focusing we Over but You relationships single-digit actually to this some deliver group. touching do cases quarter that past year, larger, that more we quarter, high to double-digit have continued been in more see variations our have through comprehensive into on with growth customers. and

larger acceleration We pipeline. value COVID we exciting ability do deals, once I about Really our capabilities, we obviously being able focused and to I the talked solutions through not just an develop we interruption, are larger but in it customers’ and we will that, teams as customers implementations, to more larger more pull product think seeing we through to pull deals because get past that’s there. continued hard interrupts see our could think those provide even Lance so on and have

Lance Uggla

Adam. Thanks,

question. Next

Operator

Kramm next the question of with line from UBS. Alex Our comes

line is Your now open.

Alex Kramm

have I we Yes, today. to hey, returns, round just capital this allocation it on good think morning. touched out Maybe and upon don’t

the mentioned was folks little that small. to reached ASR said $XXX You some and a bit thought million have me out they

$XXX that this the maybe is board million? still And are about about then you that think the segments talk thinking general mentioned resources the tuck-ins, on think or how you you other environment is as you in in beyond environment M&A, across of out well in and you how about in looking just about as general M&A So coming for it? buybacks

Lance Uggla

good question. no, Okay,

We one had haven’t that for bit. a

committed the XX%. on off we buybacks, have first XX% So, to

nothing – on that’s has changed So that.

million at us million quarter I $XXX three times. can think Well, $XXX look buybacks. and for our be cadence reasonable to sub a maintaining a you forward thinking is leverage,

terms of again. I think billion a on require bolt us and in leverage that delivering us, half leads to, increase above would anything our plus, before that acquisitions,

so think acquirers our difficult in long I company scale that always about past. great we, And years, better always I definitely be am jobs would acquisitions, if dollar ask And And three, should feel the on say, versus doing over our that the acquisitions invested we support make on is, What operate the return to being don’t we And I need are term acquire we I And $XX the versus matters markets. you billion cadence I increased a are organic we organic matters. we, being didn’t four monitoring organic a their me, after say a in. growth, company. growth scale that lot when good so would top the $XX pleased of to last, objectives. billion teams going we are the But we growth. capital worlds

our it the done And grow a job then grow flow, have so to use we accordingly. great cash free and company,

M&A that great the if And share our bigger. do shareholders, to And our good a we XX% is have cash room bolt-ons. way back on given And to is something strategy. like some of pay a XX% certain ample bit wanted is back. have our And for leverage there, to dividend shareholders another think so great they we cash, room we if buybacks we flow, is for to cash got

is except voted are well. say the can’t So strategic And that, we that very of more our different that those on capital of than on invested return all strategy alternatives. I cautious combination

multiple, assets multiple, down, cost could the And better. actually but love are our brings so, turns that would if COVID somewhat, or two of to three I be good, see

So to cheaper lot things us. a look

company, is wouldn’t at where are, for company what’s change, short you I the any always of this but the for So and shareholders. we to expect look long should goals that and expect term best term, best the strategic

must Next operator. getting be question, end we the near

Operator

left three have questions the do in We queue.

question comes Our next from…

Lance Uggla

Okay, we will answer all of three them.

Operator

Perfect.

question Our Capital the with next Jeff Silber comes BMO of line from Markets.

open. now is line Your

Jeff Silber

you fiscal will not and see sense I last I but at and if your quick. know first are XXXX giving outlook expansion towards year That’s you does that margin year-over-year the guidance in quarters will squeezing year? me. make Thanks so growth much Thanks. the pre-COVID? year, And using comp, we be for it end, your look quarter the for next

Lance Uggla

Yes.

Okay. of in our forward model? terms Jonathan, that want you grab do to

Jonathan Gear

Sure.

took because Jeff, to in impact QX. going and staying but on be of cost QX lot be year-over-year my – I I think likely will top QX, for ‘XX, a of of just reduction So will ‘XX an here, we compared a our head margin QX, bit place, to see expansion some

to year, is Certainly, going the QX that to impact do COVID we all the year, expect And of continued year- place. over-year margin drive expansion. so course the be before the for over takes

Lance Uggla

Jonathan. Thanks,

Next question.

Operator

next with Kaplan Our Toni comes Morgan from Stanley. the question of line

Your line open. now is

Toni Kaplan

gasoline on for just help transitions given I not of And saw ban a there big so lot. you the could If think a the as it Biden policies transition XXXX. happening maybe could us impact about more California transportation, maybe or we Thanks that climate potential then from globalization, the if know energy is thinking are U.S. helps factor? about do sales view of Can of a cars anyway, as the the transportation talk you resources any implications maybe you but in and implications you it’s election? about win, upcoming starting powered stringent that actually,

just are you terms your So, Thanks. what policies? providing helping customers those in to with auto of

Lance Uggla

Toni. Thanks, okay. Right,

I Biden drives think So green.

ESG And we financial advisory the fleet, so maritime transition, energy indices and our of maritime doing in around measurement terms around are green the for products a everything agenda think is ESG our supply into of chain, also compliance like for good driven that also firm I us. think agenda a pushing regulatory markets, is ours. Biden, forward I Biden pushing good of a

So might things are things well. those that bode two

But be have and challenging and global to globalization hasn’t better relationships think providers, more us flowing, I could services markets, fuel win volatility financial a free as that, marketplaces, that through Markit well. and for IHS say I heard COVID.

deeper In terms to to can ease and of but engines. from new train do advice around used provide advice a need And detail do combustion they as want in lot solutions, a that people do But, much TVs. on the shift shifts bit to drive the of little Edouard, on around and automotive add services car it, we sector, drive that? combustion Edouard as and you

Edouard Tavernier

couple response to turn your Yes, in words question. of quick a

for and drives making customers. regulatory So by as data uncertainty Lance our for said decision and need policy

that in assets is products. so create new data environments sense, And a this interesting and to new

the mentioned You ban. California

You last for could creates What it need week. what have large mentioned also this business? XXXX, innovation. mean my mean this targets of mentioned a revised And portfolio, by Lance simulation for does does for were the reduction for scale my of published all which emissions EU

in tool very are portfolio. monthly most give would innovative we whole regulations, of rolling electrification new which this. customers. forecast tracking probably for couple area is EU, compliance next a a about area versus So compliance, examples, and is where the releasing monitoring of will China I are of of you a month, excited U.S. this and say January, and I our And we emissions

are the We compliance area makers variety portfolio, are effectively, launching a a simulation in the on cost exciting tool they competitors’ portfolio a focusing to really well run so will customers our that as of we lot for parts simulations understand achieve carmakers of very place to which how resources. us as and customers, allow for their

Lance Uggla

Thanks, Edouard.

Next question.

Operator

line Sachs. George Our Tong next question the of comes Goldman from with

is Your line now open.

George Tong

Hi, thanks. Good morning.

framework framework, for X% How the permanent you long-term organic your range? cost related by to steadily driven Is You XX% long-term to X% to of an can to savings you And margins then not investments. mentioned elevated about your those XX% EBITDA impact that increased drivers X% this grow long-term or X% your did if savings. growth talked framework? permanent organically in several consistent

Lance Uggla

X% we X% forecast we Ipreo, boosted to the to the firm. I firm, X% always nobody conservatism to sorry, to driving X%. And X% of our what to raise boosted firm that right so terms And when across you in our we Ipreo, acquired in no beating in growth we X% still been there are company we that put instead provide to X%, of that the be level to that high the want at or the we the had X%. we the have X% service I and firm. – the acquired range, X% is doesn’t And long-term for then Yes, something is believe And across or when to shareholders, X%. of X%, tell overall instead of to end the financial organic therefore to X% but there hence and to X%, so our that us X% might of X% expectations forecast

see got As to we revenue, million from year, like down have forecast now the right can pin to spread. we go our you through on a $X

very our we keep know to very, our So, and ability well. them revenues

X% X% the is So, right I to level. think

energy, renewable are platform double-digit. energy and transition, activities, like grow management our As areas reg we and our growing alternatives, compliance, roles related things asset that’s these

play expect day As areas say cadence say one because XXXX, higher investments gain and of X-day, off those days. the terms we us love grow up and coming push the in I firm X-year to come would for comps. on end. a are those here additional to I through, And in to can and we But X

the we to are not addressable say to to XXXX, I the have think than in have I hand for X% I my we is target that. more enough got think back in the do heart, market And interesting line just challenge year it’s more And order. And really X X It’s therefore, next I year so a really, from a it’s highest not, think year. is return or X%.

diversity grow COVID. leading got employees about So edge community are I scores think our proved great with our have community practices, our customers. inclusion don’t worry ability revenue, we customers, our with our I with where through to With and we measurements, our scores even employment our and long-term right

you about home, you deliver of end start leadership at technology. a feels But buoyant, our feels to the many of top good, can When use have got work from solutions very just we easily virtually, feel automatically. that’s to virtually So I that. grow we great grow and more easily the margin, range, business global, can

sudden want those just it, investing look doing you make opportunities. sure to And we So new expenses, double-digit were out job, to our And a like XX% are year, being therefore, I debt. then because And we companies, many good Markit IHS they because one that I as peers, see of to all I constantly XX% want are of this to earnings earlier no down I rush they call, we have don’t us do expect when have home that technology. those XX% termed XX% that been to investing manage margin. we in the had with around of on our be revenue, And in a market problem fine. they more high earnings, margin in and And I think XX% well. said they there grow find always we their just I fully through damn

a rate. tax of rising interest tax management good good costs, given no excellent adjusted team depreciation, So, that’s us

And place. so those I have mechanisms to of say that are all in

of the expense I day, competence as is, to the say so And revenue earnings call competence in you management, growth. double-digit last will in reiterate I competence can growth, the again, in all

X been over X Our portfolio to years adjusted has merger. the since

ample the continue we company have invest cash through opportunity have shareholders And of the and the We for that. opportunities. flow with new or back to challenge will will we our fuel into markets, strengths lessen free impacts to grow we into

for has been we except nothing s So have been we that of changed I period the through think surreal customers. – our really lives. are most tough It’s

it. out to for but delivered teams our build helped products and we We to them have virtually, reached tough have tough new managed have to do for been It’s employees them. teams. It’s and been the

year. lockdown will situation, I when knowledge do again going the to have point, all sorts update financial get But floors, we it. coming is, in the the I I on the home will will they a So, can nobody to there oil, be if are locked is and shutdown they at we complete see not Eric, forecast. the guidance think operate, or are But standstill thank drilling a that give forward you up every in as think if of for And they call. year, the for can eased what will lockdown are heading And I think our next cars, do give out have happens, you dealer in all doing don’t clear thing November, have have lockdowns. not the that. out hope at proven of not But we you we only people buying will and At is terms lockdown to going you keep complete there to and regional, they this not is we end your markets are regional our we I is say much they towards you I It us to got transparency be that to actually tough crystal and to moment, continue quarter. I appreciated support. an as world I another transparency out

Eric Boyer

about ID accessed and or XXX-XXX-XXXX, international call XXX-XXX-XXXX for at IHS running conference in be beginning thank Markit. you via can we in XXXXXXX interest October your Yes, This XXXX. through dial-in X, replay hours X

addition, In our X be and Thank the for on you year interest your time. archived webcast will and website. appreciate we

Operator

Ladies and this today’s concludes call. you your thank for We participation. conference gentlemen,

disconnect. now may You

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