VNT - Earnings call transcript Q3 2020

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Operator

Good morning. My name is Pasha, and I will be your conference facilitator this morning. At this time, I would like to welcome everyone to the Vontier Corporation’s Third Quarter 2020 Earnings Results Conference Call. [Operator Instructions] I would now like to turn the call over to Ms. Lisa Curran, Vice President of Investor Relations. Ms. your begin may you conference. Curran,

Lisa Curran

Executive morning, Thanks, Chief joining Morelli, Financial thank Naemura, Chief for Officer. and on Pasha. our Vice the and and Mark Good us are call. you today Dave everyone, With President and Officer; President Senior me

otherwise noted, financial adjusted our are These presented Financials. also normalized by the financial or Financials. of present financial decreases measures financials heading on increases unless measures under financial on for investors reflect section estimated required are website, will relative website, G posted supplemental www relating the headings normalized today’s call. measures year-over-year available note under stand-alone We Regulation on the to to public our vontier.com, certain the supplemental Information non-GAAP costs. that, SEC Please these non-GAAP the data company

certain During or year-over-year additional materials the continuing of more the significant that supplemental operations on references factors period-to-period will impacted All we that The metrics describe basis. are year-over-year in performance. financial to presentation, performance. describe a impacted factors decreases year-over-year increases

we will may only forward-looking statements. date future. forward-looking call, the made, XX-Q. that differ do we These call assume turn available of number Mark. to that report Form events subsequent and statements results our expect statements any from and subject uncertainties, developments actual of will differ to I’d including forward-looking we from statements With make speak SEC securities quarterly might any the factors regarding materially these forward-looking these today. materially cause like in and as statements the they statements to is regarding or meaning actual update over may not within forward-looking to the that, results on obligation are of forward-looking we filings anticipate to a or the occur make During that in federal or the laws, are statements These risks and Information any

Mark Morelli

Lisa. call to welcome as third our earnings public morning, Thanks, company. Good first quarter our independent and everyone, and an

launch And together of to unprecedented do important and have next note Vontier. excited generation strong, steps it’s global first to a taken team. with circumstances, diverse business we our that as amid experienced so the we We’re while our

have essential a balance sheet. mobility in market-leading also We positions and strong technologies

As you’ll through see the we high levels portfolio you cash. generates of as the a results, we benefit take that enjoy of resilient

our recovery. our performance, on by I to start perspective to basis the getting results. are outline Dave we’ll my and the a Fortive’s will giving go third Before which then on what normalized as detail into including from indicators quarter key our for results, cover today. businesses continued you has affected how on historical reminder more market want financial stand-alone pandemic I’ll results, presented a

we attractive like have opportunity the also billion we market I’d which in unique $XX capitalize highlight the on to mobility Finally, to operate.

since joining growth. earnings We that fall-through that on in highlights have some which quarter double-digit with our strong reported core our we by as disciplined what I reflects an portfolio. the earnings chains, I’ve third framework for strong results. let’s driven core pleased team the a of and per our thoughts move by of smart sharing XX% providing significant Today, attractive and diluted markets. I’ll close our offer experienced strategic M&A. supply brief some our logistics growth, am of for direction. the runway of have strength in adjusted backdrop, we e-mobility cities With secular and And increase the net mid-single-digit durability to revenue $X.XX, on drivers Vontier longer-term and adjacencies

earnings. greater the cash third maximize of capital adjusted than to quarter free flow goal productivity, and of Vontier net liquidity, System leveraged cash the delivering working conversion we Business drive XXX% With to of continuing substantial

that Our environment. and to the took adjust rapidly a teams QX changing disciplined we accordingly maintained actions in continued in

by operating in adjusted reflecting operating gross approximately points expenses. basis basis XXX margin XX%, reduction margins expansion XX% to -- more points than expanded a to more and Additionally, of XXX

guiding us to interruption positions our and pace health market be focused as converted issues the of our safety daily principle the along sales the to as a been to continues successfully our supply the have chain we short-term and continues priority, we manage way Since how employees; to for has the in team chains kaizens with highest Our recovery. product-related online benefit preventing this business successfully pandemic, maximize COVID-XX global effectively We’ve to that effective and collaboration; beginning meetings. rapidly proud have on long-term opportunities embraced and been disrupted. of ourselves the of challenges the Vontier virtual front digital management, supply us. We customers. incredibly address online addressed to in and I’m of and significant remained

example to execute Our and portfolio actions features. we products help service to AI resource been numerous measurements to of comply vehicle teams India early citing launching ability technology adopter Feedback through is customers scenarios. program in to robust at where of network recovery standout our Navman. measure solution utilize focused the such emission urgent in several targeted Maximus from to and We innovation. adjust instituted meeting regulations. the the new a us mile supply of regulations, environmental launched our including health needs our activity developed positive, use levels recovery. the Matco, products to end resiliency market and Teletrac protection daily our shop. has team’s this At diagnostics environment. weekly environment, with model, the The safety sensors address Matco, also data to investment at standards, platform vapor personal continued central its technician, changing user we demand due to prioritized last end power speed, with the other differentiation we we overwhelmingly distribution for new enabled on serving new across monitor TNXXX, our the repair and to at including difficult service our on need GVR, ease In introduced promote through shown A to has and rapidly And the and scan PPE. a data-driven relevance performance These

dynamics business. North Since platforms. However, digits, customers. EMV from market XXXX, play where continued reduced rapidly businesses In or see continued technologies improving technologies end-user driven to to greater within recession, quarter, repair third the impact our benefit mid-single environment diagnostic out MT technologies far and by we’ve the XX% XXXX and only mobility this demand and restricted drastically mobility At different. our peak severely is then, mandates and unlike down to American our were and April, access shelter-in-place GVR’s in the miles than

market mechanics. We mandatory more or DT given to the share which The also access of in COVID believe was are gains. we Mexico, from in limited benefit driving initial technologies intense severely our diagnostic impact security and platform regulations repair

However, backlog Matco’s portfolio. benefited we eased, recovered of robust the at markers stimulus sales with the with miles programs. a anticipated regulatory pre-COVID activity. We exited impacting as government for measures quarter we believe And strong ended third had We quicker GVR, quarter employment the driven on we a technician approximately the experienced virus levels. across continued global with than rebounding also including control levels. Matco franchisee V-shaped drivers recovery from to XX% allowing We increased demand, positive

on stay global or focus in depends managing phased While the will setbacks, continue which experience open what our the on we outlook approach is control. economies longer-term to in

adjusted that maintain all in appropriate levels we points XXX said, We our With quarter revenue operating that core the of fourth to basis will still while approximately expansion effective measures highest-growth tax of adjust growth core greater priorities. and mid-single an investing to margin digits, rate demand we of see XX%. than expect

XXXX, low margin expect expansion an rate approximately single digits, decline to more core tax full we of XXX operating adjusted basis revenue of effective XX%. points the For year than and core

XXX% Dave? free earnings. adjusted cash results. adjusted net financial XXX% conversion call to the of Dave expect also flow provide to turn the I’ll that, over to With We of

Dave Naemura

Mark. Thanks,

from in to XXX which earnings Core in lows, saw by demand strong has earnings we primarily expansion or period. on of period. basis. a quarter adjusted $X.XX quarter of adjusted the driven Matco. strong by improvement second continued the revenue core demand in the North the were million growth X.X%, a margin Our America, operating that quarter to demand was trend basis in with compared share quarter, driven and environment strength earnings the in third to quarter. continued net of the and EMV continued rollout of growth fall-through, an increase the through XXX per in Mexico was third the points $XXX exiting third From prior April adjusted the increase million, year in for regulatory-driven translates This net prior XX% points $X.XX year the The the basis in led double-digit volume $XXX at

to effectively XXX rapid deployment for margin gross adjusted expansion, the compared operating business’ which strong points, contributed period, to primarily delivered and the expansion We to $XXX testament both environment. million continued Our core driven and margin the cost the VBS growth strong of profit the operating to million a to quarter demand in $XXX management third in COGS prior basis adjust of was OpEx. costs by year

this like lower cost of in uncertainty environment. position. the All were to to a remains to level QX, XXXX we while, us that exit pandemic continued strong response by limited in were the specific to which Although travel highest spending actions fund enable in a most to maintain priorities caused areas the implemented the we did in our of

performance million, seasonally historical XXX%. cash of this rates. for strong conversion with $XXX Our earnings flow free to a flow free typically is flow growth above translated but result well QX cash cash stronger of quarter is conversion through adjusted conversion, a

for to performance of we not VBS. is team’s First, the a previously working the at X levels have experienced, testament our last quarters continued capital really application

through favorable negotiate convert improved collections inventory, has payables, [indiscernible]. in into And in discipline that took the supply and terms performance. to P-card Our adjust chain, and AR heading carried customers to more QX quarter. In management action resulted we has to more to swift continued third we our

of can by favorably number a Our those us for also operating cash well. flows and as impacted trended items, other be

All the cash the bolstering QX impact flow of these factors free above of conversion traditional had well levels.

of well $XXX free million closer rates and conversion cash flow a adjusted -- our which of historical to is adjusted year-to-date earnings, is is XXX%. XXX% reflects net conversion which again above Our

growth sharp of the in liability demand where and we the of from to sites was X% sharp year. largest improved. the demand shift EMV In other restrictions being access as core top and X.X% that led continued recovery delayed environment, security environment. but pre-pandemic by platform, benefit the increase business portfolio we the growth driven single-digit deadline DT and employment driver, the other attribute by a growth has fiscal parts was also is the of platforms. healthy growth as next technician loan at until in from in COVID-XX U.S. Mexico saw for recovery improvement regulations of COVID-XX-related continued had MT by delinquencies we high also in how part the to experienced of driven noted X our We evident despite out the sequential performance at line constraints April our strong core Looking the eased. to with strong EMV no in sequential performed Matco which GVR, V-shaped

quarter and supply We of results, of storage. demand in we a Orders including increased chain digits, strong very product pandemic-related also some constraints. the by driving grew double broadly element spread is backlog other given the reflected across backlog ended tool demand an high order levels believe and healthy lines, with pent-up as

oil XX% and environmental business increased by high in a and reflecting mid-XXs by are This sequentially and Europe led India. America, companies and in and sequential markets, by was strong XX% high from COVID-XX, Developed digits. top order growth approximately QX. strong CapEx GVR several in North during as for at but Western declined unfavorably improvement demand revenues margins. line markets at a and the by the improved greater QX core QX digits e-mobility decline of single-digit by in than primarily wins reflected a mid-single single revenue key geography. solutions Looking national Matco markets competitive decline reduced China by by still impacted driven driving delays demand recovery, performance this from being continuation our a EMV represents high-growth offerings. grew High-growth in Core growth spend to down

be driver to the from regulatory Aside also the in against the we COVID-XX, that compare of impacts continue do impacted the benefited China prior double-wall by year.

continue control. focused evolution we experiencing. can environment to we And but that operate the consistent noted, remains Mark of As what are to assuming recovery the in difficult with we are we predict, on what are currently we an

respond should be basis, monitor necessary. the and indicators on continue environment prepared to daily a dynamic to we are key We to it

the this nature. mostly managed impacted spending During savings took but year, to we cost environment, in the These some uncertainty of which were as number actions from primarily temporary lower we to in impacts a see response the we QX, of through continued in environment. temporary positive QX

I’ll $X about With our in outlook the look Mark. operating QX, we restructuring, be anticipate upon year, of some levels may where margin adjusted the million that, beginning rest million from it permanent normalized the year. level profit for $X as which we excluded business to of cost of to in We Now expansion implementing is restructuring QX. anticipate back a turn incurring charge to more of exiting

Mark Morelli

Dave. Thanks,

want I Vontier challenging across some observations we X and of and times. rising for the come with Business After convinced from are I our we can this have the during Vontier about thoughts trusted one at culture I’ve The culture their the I’m only to resiliency our hardworking presented poised of a here, market. that growth thank the in operating system and and men in pandemic of months best-in-class base our people have in take lives can on we joined and each these strength with business I women of you dedication forging of time our is spent trends System. the Vontier. mentioned portfolio sharing I with I I Vontier and billion As want vision. our like are broad more customers. unprecedented transformation even the installed by leaders close quality opportunity every by markets. folks because to acknowledge to Vontier. connected one to many companies employees and united tell a enjoys that and challenge advantage witnessed $XX previously,

improvement personally substantial of a Vontier for transformation. where and to proven we heritage. have to And and track point Danaher this to We opportunity infrastructure. innovation take created at integrating more are Fortive claim lead improvements the value applying opportunity roles, we Board systems portfolio necessary Vontier deliver and deploy previous me my privileged to with at my record mobility them a trusting a at growth. focus I’m to from the I and Vontier. portfolio and on navigate greater to and being thank and In see like strategic Fortive strategic lessons had drive about pivots, business the I’d past earnings excited

lives. the first The us involved something is of prior many key on faced working Vontier significant in steps priorities have while facing This engaging at our uncertainties. team market

in We engage than evolving embraced XX next ESG. products through outstanding of bring that move have the within the portfolio other automobile. achieve way to any years a will the priorities around and I previously used of in will people and since change VBS invention shifted have more The believe be and our results. mobility process decade policy to teams there We one deployment, opportunities

of Over our term year, efforts on this strategic our way the the because planning positioning double-down will remainder long forward. for is we

and have United legacy create the years our mobilizing that, the better of We and arena. decades many purpose, call to for by own within more a Vontier establishing of ahead let is couldn’t shared the returns over our turn uniquely shareholder us and a to With excited moving independent secular record performance strong be of to me world. come. to positioned Lisa. ahead future we’re about the of strong and mobility shifts, journey We capitalize

Lisa Curran

Pasha, our now Thank we for formal are ready Mark. concludes questions. you, comments. That

Operator

Instructions]. [Operator

Wolfe Nigel Coe with question from Research. the is first line of Your

Nigel Coe

the the I what flat margin basis quarter The on of of performance sort points into XX Congratulations was gross up books. got my really eye. getting was And sales. first think sort margin on

next And Navman, out us So just couple well a you Teletrac maybe over well. [ph] post terms the what just portfolio, as plays how material on how maybe that’s the kind saw trade price quarters. raw give and tracking that about of as across benefits of talk of in

Dave Naemura

the part then it in jump Nigel, it’s first and I’ll pass to Mark. Dave. on

So about the in price was quarter. flat

was I price Obviously, what would be into kind that us. think of And continuing third for but about we people strategic to anticipate a of the lever that the flat future, function quarter. more in way a bought. that remains

We A third gross actions and then also margin some did, actions. saw very we very perspective a continued helped remain we really of we but temporary pricing be actions drive of lot things, lot course the the experienced of lot came of of a -- to those from and costs maybe our productivity continued the those We PPV diligent quarter, back. around raw actions VAVE given took material diligent that And saw. on in the them cost. expansion, we of that the environment and

So drive those things margin obviously to transpired well expansion.

pass As I’ll far to it Navman, Mark. as Teletrac

Mark Morelli

Yes, thanks, good continue Dave. see progress we with Teletrac Navman. Nigel, to

As we our in encouraged by show, we’ve said churn. pretty reduction the been road in

was Churn Just North American a of a most reminder: issue.

Australia, churn couple pretty over but have the the years in We in good it up Zealand spiked had and U.S. last New U.K.,

And of big from that so step I churn we’re another we remarks. moderating also TNXXX And big that is getting is And forward. mentioned course, like response forward the the platform of prepared our customers on launch our right step now. a

And be take to was does high for excellent, a uplift so to a as a market we us. also for business, it it break-even we do like through flow It’s profitability could market. business, opportunity. but that good into SaaS return to a a As while said, single-digit that the revenue, growth getting

Operator

Your Barclays. Mitchell line is the from question Julian next with of

Julian Mitchell

and margins around cost be Maybe control. my question will

revenue you’ve headwind year. big So EMV guided next that for

what thinking headwind how to about months. to us related also about the next cost you that, more actions talked cost XX the offset wondered margins QX. in insight and you’re give fixed could saw you’re actions or taking over as restructuring to you’ve I Just if And that

looking should balanced next the temporary we cost neutral? year, perhaps to return the So we’re at expect or fairly when be cost-out and fixed

Dave Naemura

of about I’ll far quarter. saw about the we a of out, it’s in $XX as Yes. the Mark talk he of for couple some cost-out the Julian, as sees can costs million make but year, second Dave. that comments. next actions

of Some was what kind I’ll that call of hybrid.

but from so saw we the second that so back million of next of third, come that maybe continued year. some savings -- preponderance in And $X the quarter will that,

like we would limited, a think I see remain offsets particularly the but things volume second the in the some basis, just will of next also travel given ease on compare. year-over-year some year, quarter

As far as cost kind Mark let I’ll number think opportunities. a of those. we further see explain actions, I of

Mark Morelli

Yes.

a that we of is accordingly. now analytics At doing time, a few and same actions be, where so think we where as Julian, we a to strong EMV my we’re So comments on their we job businesses same sensible that can the right has there a driving business, simplification in the have and tailwind way inform share, we’re they off. reduce that time, us. And you the great lot the for complexity effort remarks. as where At rolls us. with been below prepared think know, we’ve costs an And the I a a that U.S. is profit we’re in why on for there’s we doing we chasing have start have been believe operating can revenue also gaining absolutely very reason the opportunity

we Hennessy those that about. of spoke is One

of we have higher where [indiscernible] levels that there can to business similar we we a so of return kind think profitability. And activity

simplification focus side, the the -- the think also out VBS wring does ways offer only to like at EMV on better growth. restructuring So U.S. measures ways as of us look It to Dave we to we a not you on offers that -- go said, as cost that opportunities, sort dislocation.

Operator

from is the Andy line question next Kaplowitz Citigroup. with of Your

Andy Kaplowitz

number. your Is strength? being or XX%? Mark very seems work give it EMV-related Is just Dave, backlog perspective mostly in EMV-related like across It able it can up the Matco Is headwind strong as you you it most visibility? XXXX? or have that regarding And you the all you us it have the U.S.? obviously to a being board? confidence offset Where through of some will go that in you give do does

Mark Morelli

Yes.

in pretty that same XX%. but sort this doing is combination It’s EMV U.S. right So the of our It’s we now. Matco certainly think, our about around that the of Mexico, the up backlog at been of business. taking opportunity, work I surprise saw healthy time, we’ve in advantage a also

digits, and a pretty we revenue that been a mid-double digits clearly strong on all on backlog, terms have well. we strong we’re backlog. in have double in the We shipped backlog Have that there, as sitting would of grew

thing. So a having at follow-on Do probably a this is backlog a that? want ask to you a like healthy good time to

Andy Kaplowitz

mentioned said so like that into you before that Yes. grow? go again And backlog, businesses help have balanced help you’ve just seems headwind Or the obviously It from other the then headwind does as you relatively said, -- ‘XX offset you you million EMV. you’ve that $XXX Mark, as maybe before? can that expect $XXX million, to you

Mark Morelli

Yes.

continue in build-out the EMV. footprint, is we’ve grow about So opportunities other recovery, I yes, also the things really where help as such that for that, talked A the that call, looking what said to absolutely which of on is we’re of issue high-growth businesses the of growth they’re drivers that. regulatory couple about upset globally in U.S. the for is of offset for drivers around me. terms the markets, that also -- us these EMV excuse that potential security, our can sophistication And to really earnings regulatory vapor good automation offer talking

as and consequence, same at growth. the areas look when time, for of lots at in: a We’re think, portfolio that of billion opportunities market you a the we’re in $XX there’s I opportunity,

the of year frame. dropped things to where about DT easy that, the platform -- growth April, May in next the returns I platform talk that’s that side as obviously, COVID too, One we that time because of the pretty year, that significantly also compare on other was to compared drop-off, really this

Operator

Eastman question line next Richard from is with Baird. the of your And

Richard Eastman

and markets and kind could markets. tracking just kind you’re of China characterize guys high-growth part growth But characterize the business just perhaps here? as tone you that Mark, maybe October of as strategy the of just of through of and kind India along the around into

Mark Morelli

Yes.

see there, I fair fact that out amount said, the definitely like roll vapor we regulation These for and continue side. and those markets those particularly also both as of are on So security just governments growth builds. because a infrastructure on themes representing opportunity recovery big for they to us the

advantage that. were growth. And In by we the that see installs position an is really the there can market. so we significant said, take have of going course, the that excellent it in ground, don’t also case of to pretty of lumpy. we being the we India, of the issue, be course, And know impacted rate there but The COVID,

the a complete We’re the servicing people offer solution one really there, few automated network. of including can that

by a been good the the margins, some again at So rolls us China, we’re well pipe, of out, as growth are that impacted positioned been very than to pleased growth time, with And so has double-wall it competitors. course, once on reduced represents been the affected so the in out. think some companies opportunity. have capitalize we some position oil less of and we also of our that we’re national but pushed backlog by of same has India,

Richard Eastman

near-term just a business. of from And stabilized demand India perspective? Has tone

Mark Morelli

pretty been spiky. It’s

Obviously, that. to were will we lot the saw saw things the as couldn’t we of and As to a what impact the little access probably shut customer that. a for obviously response of concerning, government’s lumpy was you bit. a COVID through be through a it have it we summer, little the down installations, It’s work sites and of kind bit so eased

we couple go next a is hard course, how to out months these Of say. little roll as things through

are thaw of us really things with uncertainties pandemic. what’s We’ve sort for difficult of the comment is on and going kind be to given and seen to We of the which with forward, rate the optimistic. but happening moved pace

Richard Eastman

improvement, segments? gross the is the And one much In mix -- how a Okay. between margin factor follow-up gross question margin for of adjusted -- year-over-year, Dave. for a just improvement, with was X -- question

Dave Naemura

was a of well, a given was comparative the last -- North on America mix year basis, Yes, was quarter. strength had helpful. third helpful. Obviously, the good we America, as It it mix pretty good year a but pretty in North

course, So probably you more would as of actions. the volume Rick. was It’s think, a not as big well. by really as help driven it helped productivity And --

Operator

is Your the from Walsh John with line Suisse. of next question Credit

John Walsh

question deployment guess, cash. this wanted particular. was X actually ask the around a Obviously, I of quarter. cash in very about to strong I businesses

And some things developing more kind well. performance bolt-ons. do could, bit in where talked be at then that also is You kind GTT’s earlier terms entitled little and if interesting you for a bit if a little you entitlement of but Navman a color, in to think curious business response, space. that Teletrac their an to the them on have seems they’re point to bolt-ons as about Because allocated there in of to capital

Mark Morelli

This happy that Mark. John. we have. really I’m is Yes, the portfolio with

a spaces. think and lot for well positioned kind operate we we near that this and of growth-y We’re that billion is $XX in, market there of

about fragmented. and one efficacy logistics that supply on. thing of The is think that supply be there’s it. We that the a has lot, importance chain, the and it’s They’re obviously showing, that You of there we the COVID lots And growth-y. If are could there’s chain clearly Teletrac of opportunities. markets the economic themes. an spoke about of like help, can two impact Navman offering expanded

high $X option. single-digit an growth. as a billion market strong And that it’s evaluating clearly We’re

really some team questions I opportunities adjacencies about think Roopa relevant, good on it’s portfolio. will well again we’re good for. ourselves one here, right so also episodic. place Unnikrishnan near operating well across strategy And exactly we’ve How do do approach fragmented, we got initiated, our when model that assembled I business. an pretty M&A once of this? Fortive think on that good the cultivation I’m possible clearly be is like through as for our pick inform we’re forward, of into. pretty a answer be many I for our way, we questions. a said, is there a So what can Cheever it’s you by where that GTT, for strategy, field represents think to us the positioned M&A, which And is they Danaher that these and As which are growth able as cities do asking kind excited deploy Elizabeth companies that Cultivation area. so excellent think a to same as deals At ability we’ve to a And time, always biggest and I got it’s into the move and opportunity, us. the we’ve with the have But very smart look is toehold disciplined processes good part of think to they transform in it to of the in

John Walsh

know Great. would have Maybe expectations embedded in you guide. that, those what be the QX? do kind just for heard the in as a businesses what follow-on businesses I then your don’t of if did I QX to in remarks that and prepared

Dave Naemura

I’ll to address Yes, try that, John.

was that to was core digits. technologies mobility of going opco everything. with and high growth aren’t by primarily We level X.X%; driven mostly having GVR, the which necessarily about We single talked

the of digits. were -- making, volume of businesses and as more and mid-single just in of the some turn Teletrac a related other because deliveries Navman of more loss, we’re were The GTT kind middle

Matco by but the That kind quarter. really large On grew the about flattish in it and driven was of more Hennessy, and again recovery sequential side, really repair diagnostics X%.

down the the the beyond as goes, we remarks. fourth the far guide gave weren’t color we As in breaking

Operator

closing Mark questions. that to turn call Instructions] remarks. would this there more for to showing [Operator time, At back I’m like over not any I the are

Mark Morelli

Thank not only to opportunities Yes. take advantage passionate it. I not to have their front company, as support us stand mention for and the helping remiss tireless pretty $XX their in. incredible but we Vontier I Pasha. team and this our couldn’t think, and Lico I billion us. more operate thank work, today I’d leverage about team you, be appreciate be the through optimize to what’s we VBS the unprecedented the also up of well improve that Fortive business as successfully; times, in of to market very for Jim to

excited today’s thank a be good call. for our Have on about us you I couldn’t future So ahead. joining day. more

Operator

We ladies in for gentlemen, call. now you ask today’s you, that lines. disconnect and conference participating your Thank

Vontier (VNT) 1 Nov 202020 Q3 Earnings call transcript