OSIS - Earnings call transcript Q3 2020

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Operator

Good afternoon. My name is Jerome, and I’ll be your conference operator today. At this time, I would like to welcome everyone to the OSI Systems, Inc.

Third Quarter 2020 Conference Call. [Operator Instructions] Thank you. Mr. Officer. Financial Chief Edrick, Alan

You may your conference. begin

Alan Edrick

Deepak thank us. I’m Good of the Systems. today OSI and Welcome XXXX and President call. afternoon, joining for OSI with here I’m quarter you Systems thank And our Alan to CFO President CEO. Well, and you. Chopra, third Edrick, conference fiscal Vice Executive

global many healthy We while your families and associated are that as country COVID-XX safety, We our you crisis. glad the same are call. you social we hope can not community and the with are location the safe in this the issues distancing join and battle all us. Prioritizing conducting are and exercising

issued announcing press release we fiscal our today, year a results. quarter Earlier third XXXX financial

made undertakes such company results, today’s all currently untrue respect would everyone subsequent Securities the as and our remind information the statements. and Litigation that of take statements, forward-looking of All forward-looking forward-looking Act I update of discussion with include company safe of to today, statement that otherwise. speak events, to wishes on the to this Private information Reform the any of and advantage available like or becomes Before are we provisions will harbor discuss obligation only to on no because based call new statements XXXX

the when During today’s call, we financial GAAP company’s results. describing and refer measures to both non-GAAP

quantitative and release. non-GAAP For of earnings a results regarding measures figures, information reconciliation company’s please measures and GAAP to the those comparable today’s refer of

and updated to quarter a in to overview the minutes call I COVID-XX Deepak a to before what of company’s discuss we with provide will guidance. discuss and also are brief to quarter more results outbreak as I few our third business the to third result will then discuss the detail results. over begin our taking turn seeing returning the of a by follow

government due to work in teams related are of impact to working the home positioned the company continue the to operating in are essential, changes in many a pandemic, as promote of outlook there continue production of way. the been come work to We will we with our arisen employees financial we to have production through a to those divisions Though year. to challenges and operational products shelter-in-place the result be of COVID-XX factories. and times fulfill those of into for continue the been our pleased orders. to of Our fiscal practices We many and our from that implemented demand each has a safety who employees are successfully to relatively transitioned navigate and and deemed the essential well remainder and safe believe healthy has these the addressing

our date. and certain activity increased later impact fourth acceptance for delivery government certain products bookings monitoring requests and limited On order installation and in respect Healthcare are our is customers of is acute to from some to some personnel patient as fiscal we’ve accessories, or global to customers our the as In supplies side, division, perform unavailable aviation push and a cargo to is This customers an out access to most final locations products with our criteria. on anticipated experienced seen delays we to and our Security quarter. have positively this well demand as division expected

on adverse revenues some net In seeing we Opto of customers. our division, are from in demand we near-term expect OEM impact as our some changes certain

as with well work their requirements We engage this suppliers we through actively as our landscape. continue navigate new as to

workforce, for business. all facilities our currently, location While are Opto on we have government-mandated and except manufacturing experienced open, serving in closures limitations facility small essential one intermittent Mexico our our

business environment continues the situation the to we evolve, As concern. are areas monitoring COVID-XX of for

products for the our to delivering our employees. to a customers for and needed services maintaining healthy We and are workplace safe and committed

In record our record we year-over-year GAAP decrease. a QX diluted reported with earnings capital diluted financial Gross X% a $XXX of share approximately Strong the margin costs, million, $X.XX. $XX of and revenues lower share quarterly earnings to per results, of to borrowing terms $X.XX led operating and profits management million led flow of of expansion, coupled quarter. non-GAAP per cash in solid working

revolving the we Our with balance under quarter foreseeable as of believe a sheet is credit we $XXX the and ended X.X. consolidated our of facility X.X, net a future. we measured ample leverage liquidity leverage million strong, for net credit With facility approximately cap and have

updated our financial deeply more call the our Deepak. to guidance, Before let results discussing XXXX and into fiscal diving over me turn

Deepak Chopra

Alan, you, call the for to fiscal the earnings OSI welcome good conference again, of quarter Thank Systems and third afternoon, XXXX. and

financial Alan mentioned, environment. going turn detail on quarter it commenting I’m to back our also off some As over the start performance. Alan discuss current our highlights I’ll third then and provide further to a on of to

the to with mission our for working the actions. pandemic world across business and that life our First, make impacted further times solutions to and of COVID-XX our world all crystallize the I safer long-standing thank employees These has and want everyday through activity. healthier

the throughout continued COVID-XX the always enabled spread have and the effectively the our conditions to executing while of has around to employees. this, operate prioritizing we been which virus on the world, when the am of accomplish through rapidly measures government our significant these has unprecedented employees, evolving As measures, health that with company we our challenged as the implemented team global to focused pandemic. I this proud continue organization do. To all protect execute to truly safety

quarter. to third Moving the

Due earlier, impacted global late than customers, our of in QX were mentioned many year. the lower to by the operations nature prior the the As starting COVID-XX are our X% in of QX the revenues company’s March.

troubleshooting internally Opto and its divisions and we well enhanced record mode business Bookings delivered externally, into were flow. the in and strong. of our each strong strong each However, With circumstances. Healthcare QX responded under moved communications unforeseen and execution, EPS cash

leading of X.X book-to-bill overall However, the backlog to and by timing of an was a million. of impacted Security division $XXX COVID-XX, bookings

Let’s QX. Security, year where revenues than starting the review each business, prior or $XXX million about lower with were X%

customers we at quarter, handle government to spread. airports, in for other the business also customers. virus various our change tempo collaborated and initiatives long-term borders slow actions and from the resulted the in we Yet, During that continued these to regions short-term infrastructure requirements ports support with to

on with are develop potential and AI Shortly return automated after based We could that operators. improve and and screening, utilizes artificial checkpoint help see flow. systems also intelligence detection small deep we remote We a that and to overall acquired on continuing tray X-ray solutions, analysis platforms. burden to passenger utilizing solutions screening solution for lessen the threat computer learning quarter the detection to assist image end, vision the

of our platforms and utilize expect baggage We for people, across tools these to cargo. detection certain AI

At current ports our turnkey and and contracts projects continued borders, the through quarter.

shortly We Government agreement term are current end Mexico next discussions the the for as this currently agreements in in quarter. with

cannot discussions. can that further understand time You this at are we in comment active as we

recent go-live next for the factors, Lanka expect Sri for for the Although and to delayed, these operational months. various have programs Guatemala in including our become programs few been turnkey we both of COVID-XX,

expectation of be to in certain well notably travel guidance Looking in forward, given in adjusted products as a recent our there aviation the of most the some somewhat in we will as Security to installation our contracts. that the customers, delay reflect downwards slowdown division delivery have delays for

be on-site as to impacted may revenue in the timing scheduling or difficulty could due The of recognition COVID-XX revenue experience for acceptance delays due also delivery we to potential of customer testing.

government. the continues over globe, U.S. be with especially also the robust Our all to pipeline

division Healthcare continued to income to Moving were delivered X% the prior division. operating improve about Still, to and quarter. operations the lower the year resulting margin comparable expansion, QX. Spacelabs than the prior in revenues year’s operating

demand patient in monitoring platforms. Towards saw we increased the end for March, of QX, late

in with for QX division volume. We handle for QX a in facilities strong in trend increase backlog Healthcare. capacity their expect activity as entered bed that with that gives to very We us solid order patient continue growth COVID-XX combined confidence a healthcare this overall to QX

continued Moving division. Optoelectronics robust QX, from our In were the down million, improvement. with margin operating X%, Manufacturing including overall and prior intercompany revenues to year $XX

we consistent electronic to expand quarter, defense market for segment. components space our high-rel an optical high-reliability made defense and applications. and acquisition space of of provider with sensors for capabilities for the This strategy is acquisition the During a transistors small

division’s had mostly to Given we that and are diversification to deal regional in operations the located of of this remained the activity the Indonesia, with impacted reactions India, but Malaysia the geographic various operational. we that UK, U.S., Mexico, pandemic businesses,

came on We that through the delivered. customers our are and we challenges unforeseen as us proud relied

customer needs. being full the Looking ahead not adversely impacted somewhat in to performance government timing the are and in certain operational restrictions our Opto normal as to we to staffing levels evolving due facilities our by of be responsive at COVID-XX expect QX,

authorities We tirelessly actions, operate. our will and with defense the supplies will collaborate healthcare to This continue take components we in subassemblies to and where safe to our work and employees aerospace. into keep customers, help division the for and industry we areas local

and customers guidance we we transitory. to financial aerospace, security environment. it and the that us are provide XXXX healthcare defense, challenges have current adjust The are to began visibility to do a summary, in believe fiscal that QX our our crucial people new range reflective In we a industry in world serves. that fiscal each The the solutions compels with we our of

longer-term focus opportunities. on will execution this challenging with As capture and continue remain we deal we to business agile to environment,

I always, stockholders thank for to support. continued would and our like customers As employees,

With talk Alan, you. the more that, in detail call I’m about questions. we call back results to open our for going over Thank to turn to before the financial

Alan Edrick

Thank you, Deepak.

XXXX I Now our in third greater financial results quarter review for fiscal will the detail.

the cargo were our by $XXX increased X%, aviation year-over-year our countered As pandemic on sales X% were year-over-year by of flat revenues as intercompany reduction division support previously, mentioned division impact the decrease sales sales. Security Security in were and the were driven roughly on million. basis part in $XXX customers. a external division a to in a Opto of the in Revenues million, QX

a Healthcare While improved $XX to sales QX. did in sales led compared and of operating revenues sequential significantly reduction division it year-over-year, to represented represent X% adjusted QX income increase of a X% Healthcare million

margin Our was our XX.X% points basis QX reduction XX.X% some in small Security partially which same COVID-XX-related sequentially We and margin of Opto a from of divisions Healthcare operating each government disruptions reported saw the to from prior QX division, XX by due the quarter the experienced due favorable and in expansion revenue up quarter up a gross fiscal of late restrictions. year XXXX. operational mix in to in efficiencies, gross and margin offset

on previous factors. margin on based mix will volume, revenue mentioned period from As and period to calls, fluctuate our among gross other

operating to expenses. Moving

structure. division. cost Security the this other in business. work improve We was to which diligently exit focused recorded This decreased innovative long-term year-over-year. expenses million increased We no a division. QX product view across development, a exception, as million, and impairment we our XX% manage In driven of have Healthcare primarily XXXX, of remain of and impairment prudently as QX manage large X% restructuring product efficiencies related the We past our to our vital fiscal QX divisions and up workforce $X.X in of of of expenses quarter degree on from was reductions and to assets success to year, we each with line the the R&D charge our ability a the by to charge. investments shown costs in historically our in $XX.X were SG&A prior associated

million to other period lower interest a average of and credit $X.X decreased interest Net revolving borrowings the and reduced in interest same in to QX levels prior taxes. average rates. $X.X year under our as XXXX of expense million result and of from Moving facility fiscal

million comparable tax fiscal We in excluding tax effective benefits tax On discrete rate million compared period. prior XX.X% of year tax XX.X% QX discrete of to XXXX the of to side, impact fiscal $X.X compared XXXX. the in $X.X QX items, the of was recognized our in

result, a fiscal to under GAAP XXXX we a fiscal in As of QX benefit XXXX. X.X% a XX% reported tax compared QX in tax of of of provision

XXXX, our normalized tax discrete For XX.X%. XX, items, excluding the was ended months rate, March effective nine

to operating restructuring intangible acquired of adjusted favorable to from in and Adjusted XX.X% assets. adjusted and expansion turn improved QX. margin expense now Security of margin mix excludes by XX.X% operating gross compared other margin year, three in divisions of the reported a expansion non-GAAP operating prior in of to operational revenues charges amortization discussion our which a margin, and impairment, division Each our Let’s efficiencies. driven our

XX Opto operating reduced XX%, basis quarter adjusted the points margin, gross last division margin division, OpEx, as our by expansion seventh during to up grew the Our margin operating growth. year-over-year to the Healthcare also well improved from XX.X% adjusted same consecutive in driven XX.X% operating year-over-year, year. as margin of period And representing

a as non-cash operating however, the resulted corporate reduction increased, resulting overall cost Our a the from consolidated in mark-to-market result stock in changes recording market This QX the of slight decline. of adjusted margin. primarily

days flow. well-managed inventory fiscal Moving in fiscal hand of XXXX, we days to in and XXX XXXX. This are cycles XXX across strong current environment. of improvement as division of on generated XXXX sales $XX.X partially XX operating decreased by cash as to profits from flow, QX the days inventory driven cash increase QX In some fiscal offset in was in million QX in days by of each QX days fiscal in payment customers XXXX, outstanding an stretching out to

while and million, amortization in the third quarter million. was third in expense was CapEx $XX.X quarter depreciation the $X.X

the flow CapEx and operating XXX%, respectively. of ratio for The to months and nine strong. XXX% was was income conversion flow quarter cash cash net Our less

stock during program. the XXX,XXX which the acquiring active buyback were in We completed shares our announced approximately buyback quarter, previously program,

Board million new to Our recently program of a shares. up authorized one

earlier, is mentioned with conservative net fiscal sheet As until and debt balance maturities XXXX. strong our no leverage

available borrowing our on significant facility. credit have U.S. capacity revolving We

Finally, guidance. to turning

billion reducing the division. we believe divisions, the by of fiscal sales our Security to range be reflects primarily the billion. we $X.XXX The are Healthcare expected adverse Opto reduction and guidance $X.XXX our of on offset will in to For XXXX, impact year pandemic partially increased demand which COVID-XX a

amortization restructuring impact acquired updating intangible tax to their non-GAAP associated discrete earnings as and We other range charges, earnings the and are COVID-XX per pandemic impairment, our potential non-GAAP currently anticipated tax diluted as to EPS guidance of estimates, also sales $X.XX. and expense non-cash of reflect reasonable and assets interest This our effects We share excludes believe $X.XX diluted we and items. well non-GAAP reflected the in guidance have guidance. the

results earnings as COVID-XX the to impact predict from variables, non-GAAP to SEC our vary and materially risks the as duration pandemic the and the could and anticipated could well. and guidance. reflected and in given discussed impact filings vary to to uncertainties is as the well company’s estimates However, extent uncertainties our due as scope other the ranges of from in financial may other COVID-XX which Actual sales difficult anticipated

In of our structure. investing efforts We strategic leadership the innovative face focused our our in OSI product times, on development, remain making business while enable we solutions. and continue the fully in products acquisitions unusual these to will these continue managing providing cost growth of to believe and

recognize around stakeholders. to its Finally, to team we thank would like take Systems’ our this the final uncertainty, OSI dedication the for world for all in our which and agility create of focus safety, face to and supporting of helps customers the opportunity on entire to value

questions. time, this we happy At call open be to to will the

Operator

line Your of from the Instructions] CJS Larry question [Operator first comes of Securities. Solow

Your line is open. now

Larry Solow

hopefully and voices, and Deepak Good and relatively hear well. you afternoon. good family Alan, and your your is doing hopefully to

Alan, book-to-bill I like think, a in the to mentioned, Security of you trailing of is, idea have or that last side, book-to-bill the on what couple happen of quarter. a Do X.X you just the gauge us quarters? over the better to give sort of few XX-month a Just bookings on an questions was,

Alan Edrick

For division Larry? specifically, the Security

Larry Solow

Yes, yes, yes.

Alan Edrick

Yes.

For XX Security over been months, just the below division, X.X. past it’s the

bit If would you X.X. be but just higher, a below turnkey, little it exclude

Larry Solow

Okay.

Or year-over-year? more would of coming that Obviously, just flattish you know, you that. just sort portray expect never corona a does thing? on, excluding orders? of with Is new we but that would sort timing-related So ex-corona, a

Deepak Chopra

think to Larry, you before. your answered it said The question, We’ve answer this is Deepak it. I here.

U.S. together, from the airports everybody but everybody has there very got have But Also, got. been is requests shutdown, nature of working pipeline sudden we strong. are the pushed of the come the Some home continue to the large of get that again, right, of where have to to orders and because government, pushed. couple and it especially the orders verbally of

or bookings reduction the in So post-COVID Security. any we see long-term pipeline don’t in

Larry Solow

soon and you it And was sort much dollars I too too mentioned even think – of last for mentioned there just theme, but that the too soon. sticking you Okay. was quarter, border, to appropriated

lot So knows of it they impact, in but the industries dedicated COVID-related pushed was how bail governments, initial of of sort a but for there of funding get on out beyond terms go whatnot. bit outside and government out some took little be of impacts, out a government and Is go possibility that of that? that a a funding? U.S. how areas pushed to long – bit. basically other a the potential who the for course, little for, will Is of several logistics especially like got and while there have to the Security seems about and going It help because which could there’s that too,

Deepak Chopra

is all give can the nobody are we seeing indications no is answer. But Obviously, shortfall. there

of the As to U.S. they orders. are be going fact, back these a grow. too hopefully will and have be they traffic necessary the goes release all as time, the government matter at continue But enough it same people of the much, the normal, to to have to to with and things some don’t over challenge world, has the soon, continued

Larry Solow

issues probably a energy-dependent of And of when years lot these years oil of bed, a back couple few some remember fell Okay. and back I out or lowered economies now, of had securities some you coming of today? a large forward in? lot a fast into of orders mix or different is kind have a Or Is percentage it expenses those years sort today, expenditures. that do of the five

Deepak Chopra

oil Middle requirements. world very is dependent. dependent. security East has Other more are places Yes, much Well, whole different

capability, manufacturing other their Pacific Asia infrastructure to India places. other more areas other and like some increase investment Some are and

downs the but other, we even It’s a that’s if decade, the have we one something year over any over to to has and take, looked very positive. and last, as industry all strongly feel never negatively. be going at it, all ups it’s from globe, globally oil impact or So the

Larry Solow

Great.

switching real fast. Okay. just gears And

the I impacts, Opto would on it. assume to say? segment. of impact into COVID economic if you Again, a it, sort that that on call want that Just probably whatever some the recession, prolonged Is beyond sort the direct temporarily would segment has economy the of goes be one to fair

Deepak Chopra

very the how we industry. Well, government But especially there’s need news None good they us even the economies, have the those industry, the Opto no aerospace respond going defense products much precedents. to And that all again, the work. and our are know to to of is that western from been in it’s healthcare post-COVID-XX. and continue to industry, segment, for U.S.

Larry Solow

Good.

Okay, great. that I appreciate color there.

again. Thanks great. I Thanks a lot. appreciate it. Okay,

Deepak Chopra

Thank you.

Operator

from comes Jefferies. Sheila the question of line next Your Kahyaoglu of

is line Your now open.

Sheila Kahyaoglu

that be you’re come about sort stadiums talk the think business comes recovery? last sorry? aviation how seem It little about Hi, Maybe Morpho business, a to like afternoon, back thank percentage talk whatever given of slowdown I the to back. recovery, and How quickly, you the would Can to may the how home. kind time. And guys think you think about business you concert the Or guys business percentage people and just you of acquired. the the stuck can of do about in thinking you consumables you of is events business good do the Security business consumable? is from it’s Deepak, coming what you of exposed part aviation referred Security then your back? for about bit working slower. are the

Alan Edrick

Alan. is this Sheila, Sure.

stab a that. me at Let take

I think on right is thesis point. your

is However, of low. in portion Security quite our for us, the business consumable really

like, our stadiums And immaterial respect the well. is small of really pretty as for the part impact to us. business that’s So and a with

business point. So small. an for from business, on overall it’s I overall But right Security think OSI or us, the quite thesis is

Deepak Chopra

much and bright to growing was getting definitely expertise new time, any for a we even that has and that stuff. business the are done these add circumstances, delayed. opportunity the with has automation to on to traffic delivery, is term, it’s this are aviation with very down impact it that this short it Alan just and coming is. all big freight been Sheila, before under in cargo there said, being engaged continue, it, spots an has and in in during packages, is even going That’s with done our even of one But COVID-XX what Air passenger sector, to and primarily, what of on additions the and more dealt very are be pushed cargo.

has business that us. been very for So good

Sheila Kahyaoglu

on just that? that point, you’re how mentioned And of I Okay. AI monitoring and burden into people And what flow trying with you was kind putting on bought actual whole company. do kind of to an does less that you Deepak, and big screening think process? this automating How

Deepak Chopra

which division wise. machine patents language get put faster luck and thing it insignificant automation Sheila, cost that right have intelligence with to had into assets, They to and better. put the working we end on capitalize faster machines artificial to that It and strategic help bought other some will the was IP we a it’s government, the things and on make can to our go the it and and market. our

Sheila Kahyaoglu

And just one Got it. on then Healthcare. Okay. last

divested I business while healthcare think your you a ago. ventilator

you business? kind return mentioned of How monitoring expect divestment. patient another is? quickly upon seeing we pretty thinking are about And you You growth talked uptick. touch for that you to what Should about demand also a that healthcare? a just Can

Alan Edrick

that. Sheila, take I’ll this Alan. is

line So got of, the your we with out out that product anesthesia of line. question, to product got the we first fully respect

product we called might specific which Arkon, in You following recall was QX, third anesthesia. out sales our the some of quarter, anesthesia. in a products so end toward final our anesthesia a product ago, the of we out And got or latest of of fully got year

to related just immediately, that would we we’re real. what demand expect it’s you patient monitoring, as growth XXX% charge to to. in respect So today, we’re seeing see occurring the that increased and that of With out mentioned. that’s business And

in expect our we uptick quarter some to as see So fourth a result.

Deepak Chopra

about Alan’s growth, the global. patient just on to add to monitoring Sheila, it’s

EMEA in and America, U.S. in seeing in Asia a of lot increase Pac, in Latin demand We’re

we it continue very will region. just that So and it’s beyond one QX. global, not think It’s

Sheila Kahyaoglu

a points And the divestment? within was of rate it Was terms just big growth growth or insignificant in organic how of the few Healthcare?

Alan Edrick

it For fiscal was XXXX, insignificant.

Sheila Kahyaoglu

Thank you very back turn much. guys in the I’ll queue.

Operator

[Operator next Partner. line from Martin of ROTH question Instructions] Your comes Jeff of the Capital

Your now is open. line

Jeff Martin

perhaps coming see technology I potential is integration well. new Was Thanks, new for good see would doing temperatures growth Alan, to everything broadly integrated would independent. in your restriction, out airport, And opportunities? hope the opportunities afternoon, and product implementation, other you they out for of going of speaking, lines that Deepak work-from-home with processes, be to you and coming do testing, new new example, need just if systems, be this the checking that curious might things, result and

Deepak Chopra

Very Very astute. good question.

I other service and but you’ve things our at are airports. touched challenging this of time competitive installed Yes, at on it. For base won’t because looking during we reasons, our say add-on it,

We would be it. this time. continue I to at that, talk look uncomfortable to at beyond But

Jeff Martin

you’re on had going you give on fairly Okay. and you that impacted? an line out the what’s six budget that and XX to the customs course And update border if then next if I an or there? the Could budget over the think time related of overall if is months was that to curious over increased inspection hearing us significantly is remains pushed the opportunity what work with XXXX. And regards

Deepak Chopra

positioned. need find very and to it. is also quite are not said to That I’ve the spend there. ways anywhere, that was asked by well they we before. budget The And significantly challenge think is higher. going Larry that that is budget It’s I before,

continuity as active to start. will We on come multiple And believe discussions time this people that more are back more work, programs. there’s from is that work, orders there the we in challenging

it. positive very are about We

Jeff Martin

regards dynamic Are and of Okay. the might it input too dates is when might be rough the of rescheduled of getting you rescheduled? on of a start And lines to calendar? the they on Or Are pushed. actually to of on that to the level calendar? orders scheduling situation still those is then you receiving these just with really relating put time question been some feedback last you’re detail have any to

Deepak Chopra

Well, the one said. that’s that what Alan of things has

to country of It’s taking into this different. each Each is pushed we different. has We just is have And lowered away. gone our some Nothing that know. guidance, account right. don’t uncertainty the day

sooner look be that diligently, more but more I continue be We believe will definite. it that Alan? there’ll that, to get all it or And be done. stuff can’t will comment are later and we hoping than at we sooner,

Alan Edrick

Maybe stuff. continue guidance sort and the The majority projects belief. of little are there pushed of that on, the we our vast what add changes Jeff. the same and of lines just the a will is projects bit to will time get But current selected sort vast continues right that’s But on that anticipated. to the majority uninterrupted

Jeff Martin

Very much. thank very you good,

Operator

Instructions] [Operator There are questions. further no

continue, may You sir.

Deepak Chopra

fiscal discuss and thank performance. and safe Be Thank your call. the speaking you. look wish you safest you quarter full again our Ladies most our and loved forward and you yourself will your conference once for all for and family. year We attending gentlemen, We we look to with you in after ones. fourth when August

Operator

call. conference today’s concludes This

disconnect. Thank you. may now You

OSI Systems (OSIS) 1 May 202020 Q3 Earnings call transcript