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Edited Transcript of TIE1V.HE earnings conference call or presentation 24-Oct-19 7:00am GMT

Q3 2019 Tieto Oyj Earnings Call

Espoo Oct 29, 2019 (Thomson StreetEvents) -- Edited Transcript of Tieto Oyj earnings conference call or presentation Thursday, October 24, 2019 at 7:00:00am GMT

TEXT version of Transcript

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Corporate Participants

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* Kimmo Alkio

Tieto Oyj - CEO & President

* Tanja Lounevirta

Tieto Oyj - Head of IR

* Tomi Hyryläinen

Tieto Oyj - CFO

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Conference Call Participants

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* Daniel Djurberg

Handelsbanken Capital Markets AB, Research Division - Research Analyst

* Matti Riikonen

Carnegie Investment Bank AB, Research Division - Financial Analyst

* Panu Laitinmäki

Danske Bank Markets Equity Research - Senior Analyst

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Presentation

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Tanja Lounevirta, Tieto Oyj - Head of IR [1]

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Good morning, ladies and gentlemen. We had a strong quarter and are happy to introduce the highlights of our third quarter performance. We will start with the presentation by Kimmo Alkio, our President and CEO. And after the presentation, Tomi Hyryläinen, our CFO, will join the Q&A session. My name is Tanja Lounevirta. I'm Head of Investor Relations. If you have any questions, please dial into our conference call. So we move on. Kimmo, please.

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Kimmo Alkio, Tieto Oyj - CEO & President [2]

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Thank you very much, Tanja, and good morning also on my behalf and greetings from our office here in Stockholm. Naturally, we are pleased to be reporting on a very strong third quarter in terms of overall performance of the company. The highlights being, first of all, from an adjusted profit standpoint, record level of EUR 50 million at 13%, local currency growth of 5%. And actually, as you may have seen from the report earlier this morning, all our businesses performing at a fine level. Furthermore, naturally, we have seen the productivity rebounds from the organizational change, which took effect in the early part of second quarter, which did impact the productivity of Q2 bouncing back to normal levels.

Furthermore, as anticipated, the implementation of the cost efficiency program has been fully on schedule and contributed to the third quarter performance as well as the positive day -- positive working day impact. And furthermore and naturally an interesting part for the Q&A, I'm sure, today on the progress of the integration planning for the merger of Tieto-EVRY, integration planning fully on schedule. And last week, the leadership nominations also taking place for the combined company.

As usual, a couple of reflections on the market dynamics. We continue to see the market in a favorable manner. We are playing very actively in the data-driven world, especially through our consulting services, high activity level in cloud services as a combination, helping our customers to modernize their businesses according to the speed and strategies that they have in their distinctive business plans.

We do not see any short-term change regarding the total market growth between 2% and 3%. And as usual and fully as commented in prior quarters, the type of dynamics whereby data-centric services grow faster, total consulting business having opportunities for clearly faster growth than the market, while traditional infrastructure on the lower end and cloud services in between. And at the end, the total market continues to perform, I believe, in a favorable manner. While it is fair to highlight that we have seen some slowdown of investments on our customers' part or, let's say, not yet a slowdown, more than anything, a set of cost-saving programs at the company level not really impacting the IT-centric investments.

But naturally, we are mindful of the macroeconomic developments and how our customers may be reading into this. As reflected upon in terms of how the total software and IT services market is developing, no change, and we do believe our business mix is one of the most resilient in case there was any macroeconomic developments in that direction.

Naturally then, we move into the very practical view of third quarter performance. Growth in local currency, as commented, 5% at EUR 380 million; adjusted profitability of EUR 50.1 million, 13.2%. And naturally, in the EBIT number of EUR 38 million and the delta between EUR 50 million and EUR 38 million, the restructuring charges are visible and as fully anticipated. We continue to be fully comfortable with our backlog development at a healthy level and continues to fully support our short and mid-term growth objectives. And in terms of the longer-term trajectory on the graph, we continue to believe it is important that we sustainably drive the company's total financial performance, combination of growth and profitability improvement in a sustainable manner. And we do believe third quarter is a nice example, again, of that.

Regarding a few other usual and important performance indicators. If I shortly comment the offshore side, to begin with, our offshoring capability continues to be a very important asset for the company. No change in the third quarter. Rough -- a little bit over 51% level. Scalability, quality and customer experience from our global deliveries continue to be really high and is a very important competitive factor in today's, as usual, highly competitive global market.

Net debt to EBITDA, 1.4, driven -- more than anything, due to IFRS, more technical changes in nature. Cash flow from operations, fully as anticipated, nearly at EUR 70 million level. The distinguishing factor from the comparable period, meaning Q3 of '18, the quarter ended on a normal week day, and that naturally does create a difference between the quarterly fluctuation. Overall, the cash flow profile, cash flow generation, we continue to be comfortable both of Q3 performance and how we anticipate the remaining part of the year to continue as well.

Furthermore, a few reflections regarding our growth investments and growth businesses. On the Digital Experience side, Customer Experience Management growing 9%. Our business performed, overall, slightly better in the third quarter than second quarter. There's still room for upside in this business area. We clearly do note that. On the Hybrid Infra side, cloud services, very healthy 23% growth. Competitiveness of our private cloud services has further improved since new technology-based innovation is taken to the marketplace. Security services, healthy at 14% growth level.

Industry Software, naturally, important to see good development in a broad portfolio of our software businesses. On the health care side, the Lifecare solution suite, 8% growth; Payments side in financial services, 9% growth; oil and gas globally at 15% level. And naturally, the growth in investments and the overall appetite for driving selective areas of growth has been, is and will continue to be important naturally for the company.

Next, I would go, again, as usual into more detail of the businesses. First, the service lines and then a few reflections on the country-based performance.

First, as we begin the overview with our Digital Experience business, 3% growth in local currencies at the EUR 108 million level; adjusted EBIT, EUR 15.6 million at 14.5% level, very much in accordance and in alignment with our own expectations for the third quarter. Yes, this business, we do expect to perform even better over time. We have certain areas in the business that are doing absolutely fine. I commented earlier the Customer Experience Management growth of 9%. We have -- naturally, the impact -- as reflected upon in the Q2 report, application services will be impacted throughout 2019 due to one customer application services in-sourcing, and we have a couple of the service practices with slightly lower billability than our longer-term plans call for.

That is also, from my side, an open reflection. While third quarter was a good bounce back and where we ought to be, at this point in time, the view on longer-term performance for Digital Experience clearly is higher than the level we are performing currently. For the fourth quarter, we anticipate the adjusted operating margin to be at or below the level of Q4 2018, naturally being impacted by, as an example, that application services in-sourcing type of an engagement.

Then we move over to our Hybrid Infra business. Very strong performance in the third quarter: 7% growth in local currencies; adjusted EBIT, EUR 20.4 million at the 15.5% level. So we are really satisfied with the overall performance both financial, operational, including the quality of the services in the third quarter. Our infrastructure cloud growing by 23%, very good development; Security Service, 14% level as commented earlier; and the traditional infrastructure, so-called legacy services, much more in the -- at the flattish level, very much in accordance with our actual internal also plans. This business has also clearly benefited from the internal efficiency measures, which have been planned for several quarters and now kicking into effect in the third quarter. For Q4, we anticipate the adjusted operating margin to be above the level of Q4 2018.

Next, our Industry Software. Revenues, EUR 107 million; 4% growth in local currencies; adjusted EBIT, EUR 16.3 million at 15.2% level. And here, I am actually pleased to reflect and report that all of our software businesses, with the exception of SmartUtilities, are performing at a very healthy level. Very specifically, we are seeing growth in the payments, oil and gas, respectively, 9% and 15%; Lifecare, up by 8%. And also, the overall quality, productivity and profitability of all the software businesses, except the investment area SmartUtilities making systemic progress now for the third to fourth quarter in a row, and with the development through our Industry Software business unit, which was formed in Q1 of this year, our progress has been at a very healthy level overall.

And as anticipated, we have capitalized approximately EUR 3.9 million regarding offered -- offering development, which are multiyear investments on a common code base in the platform side which are anticipated to have healthy returns over the next several year time frame. For Industry Software, we anticipate adjusted operating margin to be at or above the level of Q4 2018.

Our Product Development Services business, a fine quarter. Again, revenues of EUR 34 million, up by 7% in local currencies; adjusted EBIT, EUR 3.2 million at 9.6% level. And across a number of the areas on radio and 5G technologies, good continued volume development as well as in the automotive sector. We did have a bit of temporary bench during the third quarter in Product Development Services and really -- and do believe it shall be, again, fine -- will be fine for the fourth quarter. With this in mind, we anticipate the adjusted operating margin for PDS to be around the level of Q4 2018, which was healthy, very healthy to begin with.

Further reflections at a bit higher level, as usual, on the go-to-markets for the countries. Finland, doing fairly fine at 3% growth for the third quarter. Industry Software strong. And overall, cloud services and infrastructure performing well. And the Digital Experience business in Finland, not at the level that our anticipation and aim is longer term due to Digital Experience be -- on the customer in-sourcing and still further productivity gains to be visible in the future in a couple of the service practices. But fairly good Q3 for Finland.

Sweden, growing also at 3% level in local currencies. Hybrid Infra actually up by 10%. And the Industry Software business, due to the extra R&D efforts as anticipated on the SmartUtilities side, with that in mind, the software business is not growing as a whole at the level we aim longer term, very clearly, while we did have double-digit growth in payments and credit solutions. So in a way, interestingly, I would say quite in an okay manner, a bit of a mixture of business performance actually both in Finland and Sweden.

Norway, up by 12% in local currencies. Very strong growth in Digital Experience and also double-digit growth in payments as well as the oil and gas solution. So overall, a positive development in terms of when we compare to the average market growth, quite fine across the markets.

Then if we move ahead towards the end of the year and the full 2019 performance drivers. Here, we would like to, again, relay a very consistent view on how we industrially ensure that the competitiveness of Tieto continues to develop favorably. We naturally, as usual, aim to grow faster than the market. We have normal productivity improvement actions, which we've had for 5 years in a row. These will continue quarter-after-quarter.

And very specifically, regarding end of the year, we naturally anticipate further support from the operational simplification program which was initiated and announced in February of this year and the real work started in Q2, including organizational adjustments. And then the cost savings to be visible during second half of the year and fully, as anticipated, the benefits already in the third quarter and further benefits shall be visible in the fourth quarter as well. I would also like to remind that the costs related to merger fully, as we also highlighted 3 months ago, anticipated to be between EUR 15 million and EUR 20 million, affecting EBIT of second half of 2019.

With this in mind, naturally, we keep our 2019 guidance fully intact. And naturally, the velocity, overall momentum after the third quarter, we do feel actually excited about the market development, about our current performance level and I would say especially of the upcoming merger between Tieto and EVRY whereby the integration planning continues fully on schedule.

Towards the end of this presentation, I would like to then move on to summarize. Again, the main message is around the planned merger, which is currently subject to final competitive authority approvals. And I would like to summarize, as commented, the main value drivers and the reasoning behind, we believe -- I believe very strongly this will create a much stronger combined company and very attractive in the overall industry sector.

The value drivers for shareholders, threefold. Combined market opportunity to drive growth is clearly better in the combination than either company stand-alone. Longer term, naturally, we will have an interesting and active growth appetite. The synergies very practically provide a very tangible avenue for profit expansion, and we do believe significant part shall be materializing already within the first 12 months after going live. And also -- and furthermore, we do fully anticipate healthy cash flow to continue and to be a main driver for attractive dividend profile and deleveraging within the time frames that we had already reflected upon.

Last week, on Wednesday, we also announced TietoEVRY group leadership, and here I have included the names and functions, the pictures as well of the people. Maybe just a short summary. I won't read out the functions and the names. Happy to answer any questions you might have. We have had 4 types of main criteria for leadership appointments which we have shared openly, also internally: based on meritocracy; based on track record for high-performance role model of the values that the combined company will have; based on Nordic heritage; and finally, the international representation and diversity. It happens to be that based on this combination, we will be having 7 leaders with the background from Tieto side and 6 leaders with the background from EVRY side. And of the 13 people, actually 3 have joined either company within the last 5-month time frame. So I do believe we will see a very attractive, very capable leadership team to take the combined TietoEVRY forward.

Final comments regarding the merger and good to confirm the time line. Naturally, we began the integration planning in August. The extraordinary general meetings approved the merger on the second and third of September, respectively. As anticipated, leadership appointments conducted, and we continue to expect the closing to be in the fourth quarter or latest in Q1 of 2020 and everything, naturally, subject to the necessary approvals by competition authorities. Overall, we believe the time line for the merger, we are well planned and prepared for any degree of dynamics between the fourth and the first quarter. Momentum is high in the integration work, and excitement is naturally growing by the day on when the merger would finally then happen.

With this in mind, I conclude the report and happy to move over to Q&A.

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Tanja Lounevirta, Tieto Oyj - Head of IR [3]

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Thank you, Kimmo. I would like to invite Tomi Hyryläinen to join the Q&A session. We are ready for questions. Moderator, please go ahead.

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Questions and Answers

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Operator [1]

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(Operator Instructions) The first question we have is from the line of [Donald Laitinmäki] (sic) [Panu Laitinmäki] from Danske Bank.

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Panu Laitinmäki, Danske Bank Markets Equity Research - Senior Analyst [2]

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I have a couple of questions. Firstly, on the capitalized R&D costs, it seems that you capitalized a bit more in Q3 than last year. Why are you capitalizing more? And what is the kind of level going forward?

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Tomi Hyryläinen, Tieto Oyj - CFO [3]

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So the delta compared to prior year is that we're currently capitalizing for TSU product suite as well.

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Tanja Lounevirta, Tieto Oyj - Head of IR [4]

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SmartUtilities.

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Kimmo Alkio, Tieto Oyj - CEO & President [5]

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So Tieto SmartUtilities. And as communicated about half a year ago, as it has entered a stage where it is entering the platform development, common code base following the guidelines we have had for a longer period.

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Panu Laitinmäki, Danske Bank Markets Equity Research - Senior Analyst [6]

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But is this kind of the level going forward? Or will it come down or increase?

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Tomi Hyryläinen, Tieto Oyj - CFO [7]

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So for -- we don't guide for long term, but you should expect for Q4 around the same level. And then for these programs, naturally, these will come to an end. So you would, at a point in time, expect that to come down.

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Panu Laitinmäki, Danske Bank Markets Equity Research - Senior Analyst [8]

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Okay. And then maybe related to that, do you have any view on the Industry Software margins for the next year as it seems that you are kind of expecting a rollout of new products there? So any comments on that?

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Kimmo Alkio, Tieto Oyj - CEO & President [9]

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Naturally, a great question, and we try not to start giving guidance on the next year at this point in time and actually not by service line. But naturally, I will try to answer in the level that is feasible to comment. So based on the reflections we have had in the last 4-quarter time frame, 1 year ago, we completed the re-architecting of the Payments suite in financial services. Approximately 1 year ago, we concluded the re-architecting of our Lifecare suite. All the services, as based on this re-road mapping, re-architecting, have started to perform at clearly higher level, fully according to -- or at least at the level that our internal plans have called for. And the one more re-architecting to be conducted is the Tieto SmartUtilities, and we expect this year still to be the investment level and we expect the customer deployments to activate during next year. With this logic in mind, naturally, we do anticipate that we will see a favorable profitability development in the total software sector.

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Panu Laitinmäki, Danske Bank Markets Equity Research - Senior Analyst [10]

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Okay. That's clear. And then my final question, on the Digital Experience division, how much is roughly the impact from the in-sourcing from one client and that is only kind of seen this year for the full year?

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Kimmo Alkio, Tieto Oyj - CEO & President [11]

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So I think we, first of all, cannot comment on kind of the exact detail externally. But the implication we anticipate, naturally, will be for this year, naturally, on comparable terms. So duration, we anticipate implication to be this year.

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Operator [12]

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The next question we have is from the line of Daniel Djurberg from Handelsbanken.

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Daniel Djurberg, Handelsbanken Capital Markets AB, Research Division - Research Analyst [13]

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Congratulations to a very good performance in the quarter (inaudible). My first question would be on if you have any views as of yet of the salary inflation for 2020, if one should expect it to slow down on the back of possible tougher macroeconomic environment and also if it would be fair to expect a slowing trend in employee turnover.

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Tomi Hyryläinen, Tieto Oyj - CFO [14]

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Yes, so good question. We expect the salary inflation to be roughly at the level which we have seen this year as well.

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Daniel Djurberg, Handelsbanken Capital Markets AB, Research Division - Research Analyst [15]

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Okay. And another question from me would be with the merger coming up here and the merger process that has started, of course, including a new list of group leadership here at last week and so on, has this merger process so far created any turbulence internally or so on? Or is it like going as smooth as possible? Can you comment a little bit on how we should look at the potential risk for any short-term impact on operations from that?

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Kimmo Alkio, Tieto Oyj - CEO & President [16]

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Sure. So a couple of reflections. So naturally, to begin with, we have been mindful of what usually happens in mergers and the type of risk factors. So we have tried and taken learnings from many larger merger processes several of us have been part of before. That's just a background statement. I must say that the degree of excitement and belief of the -- on the complementarity, it is so significant that it is creating positive energy continuously. I want to say this very humbly, time will tell. But the signals are clearly in a favorable direction.

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Daniel Djurberg, Handelsbanken Capital Markets AB, Research Division - Research Analyst [17]

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That's great. And lastly, if I may, on the infrastructure cloud, growing really nicely and I think it was 23% or something year-over-year. Can you comment a little bit broad based just from country-wise, industry segment-wise and so on, [if it's a] generic...

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Kimmo Alkio, Tieto Oyj - CEO & President [18]

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So currently, I would say that there is clear room for expansion, and this is based on the private cloud strategy we have had for the last actually 4-year time frame. And we have seen further improvement in the scale and quality and kind of the technology landscape of what we are able to offer and the quality experience, with this in mind, driving incremental volumes. And the customer base can be clearly further expanded.

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Daniel Djurberg, Handelsbanken Capital Markets AB, Research Division - Research Analyst [19]

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Great. And good luck now in Q4 also with the merger here.

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Kimmo Alkio, Tieto Oyj - CEO & President [20]

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Thank you.

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Operator [21]

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The next question comes from Matti Riikonen from Carnegie.

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Matti Riikonen, Carnegie Investment Bank AB, Research Division - Financial Analyst [22]

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It's Matti Riikonen, Carnegie. A couple of questions. First, on the order backlog number, you have earlier commented that it is no longer comparable to year ago numbers because the purchasing patterns of customers have changed. Now I think that this change probably will not last forever. So when do you think that the order backlog figures are comparable again so that basically, change in the pattern has gone and then we can start to use the order backlog number as a kind of indication of how you're actually gaining business?

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Kimmo Alkio, Tieto Oyj - CEO & President [23]

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So a couple of reflections, if I may. So our commentary, I think, must have been about 4 quarters ago that looking at the order value of a quarter as such, given that the cyclicality of the business mix is changing very significantly from the old outsourcing type, multiyear and very large contracting, these have turned into much more shorter projects that are on -- and that was the background why we commented that this whole order value that side is not as decisive a factor as previously. I think that was part of that clarification.

And further, when we look at the backlog numbers, the strength of the backlog overall naturally sends a degree of trajectory view and naturally, the backlog is important from a standpoint of short-term predictability that what do we expect to deliver volume-wise quarter-after-quarter. But it's a slightly different dynamic. I fully feel -- agree with you than we are used to in this industry. It's a combination of these factors. But I think the overall strength of the backlog at the aggregate level, for us, just sends a signal that it supports our volume and growth objectives for the future.

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Matti Riikonen, Carnegie Investment Bank AB, Research Division - Financial Analyst [24]

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So what was the kind of answer to the comparability issue? Do you think that the transformation is still ongoing so that these order backlog numbers are not -- kind of not yet reliable? And when do you think that they would become more as an indication of future business or the stability of the business?

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Kimmo Alkio, Tieto Oyj - CEO & President [25]

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So just to clarify, order backlog...

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Matti Riikonen, Carnegie Investment Bank AB, Research Division - Financial Analyst [26]

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So is the transition still going on?

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Kimmo Alkio, Tieto Oyj - CEO & President [27]

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Sure. But just to clarify, I don't think, if I may, we have commented that order backlog numbers would not be reliable. I don't -- if I may, we haven't -- that we have not commented. They are reliable. There's a difference between what you have in the order backlog. And my reflection, you'll remember, Matti, from a year ago and previously we reported on this total order value, how much of new orders come in. That was not comparable as such to the historical data because of the industry change, but the backlog number, indeed, is reliable.

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Matti Riikonen, Carnegie Investment Bank AB, Research Division - Financial Analyst [28]

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Okay. Okay. Good. Second, we already talked about the Industry Software. But could you once more repeat what is causing the lower margin in Industry Software although the top line has increased? So is it just kind of development work that you're doing with areas which are not yet kind of growing in terms of revenue?

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Kimmo Alkio, Tieto Oyj - CEO & President [29]

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Exactly. And this very specifically relates to 1 of our 11 businesses, the Tieto SmartUtilities, whereby 2019 will still be a year of R&D investment and getting prepared for customer deployments which we anticipate will begin in 2020. So this investment year is very specifically the reason that we are not yet at the level that we want to be, and I believe we will be. Furthermore, all the other software businesses are already performing at a healthy level.

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Matti Riikonen, Carnegie Investment Bank AB, Research Division - Financial Analyst [30]

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All right. And then regarding the traditional infra services versus modern infra services, you have earlier given the split how much revenue-wise you are still involved in the traditional side. That was a long time ago. Could you give a kind of update on that number? So how much of the traditional infra you still have out of the total business that you currently have -- you report in the infra side?

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Tomi Hyryläinen, Tieto Oyj - CFO [31]

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So the cloud share of infra revenues is currently around 30%.

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Matti Riikonen, Carnegie Investment Bank AB, Research Division - Financial Analyst [32]

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So cloud, 30%, and then traditional would be 70%?

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Tomi Hyryläinen, Tieto Oyj - CFO [33]

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70%. Yes, correct.

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Matti Riikonen, Carnegie Investment Bank AB, Research Division - Financial Analyst [34]

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Okay. So when you report the Hybrid Infra top line, which was 7% up in local currencies, and you also highlight that cloud growth was 23%; Security Services, 14%. But still, I mean, if you end up with 7%, something has to be below average. So is this traditional infra the only thing that is below average? Or is there some other kind of sub reporting items that we don't see in the -- in your report because there's only one number for the whole division? Are there any other areas there that would be below average?

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Kimmo Alkio, Tieto Oyj - CEO & President [35]

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I think that's a very good read, and as we remember, we had reported this traditional infra separately. We tried to make also the reporting, let's say, a bit simpler now, as a background comment. But that is indeed exactly right interpretation, and we -- many of us remember on this call that the traditional infra quarter-after-quarter has often been declining between 4% and 6%. Traditional infra in the world is declining at least at that level. And in our case, we have been actually a bit better off than traditional infra as a sector.

And overall, if I may kind of conclude this commentary from a standpoint that was very important that the total infrastructure set of services we have are providing business continuity, high-quality, helping customers to transform legacy to new environments including private and public cloud. And with the total value proposition, our infrastructure business has become even better than in the past. I agree with your reflection, Matti, on the logic. And that, if I may, indeed has been consistent.

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Matti Riikonen, Carnegie Investment Bank AB, Research Division - Financial Analyst [36]

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All right. Then finally, could you please just repeat what you said very early in the call related to the macro environment and how you expect that to affect your business? What kind of lags from kind of your customers' reactions in the market and your demand, what kind of lag are we talking about? And how do you feel about, for instance, next year's IT services demand in the operating countries that you have?

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Kimmo Alkio, Tieto Oyj - CEO & President [37]

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Yes, so the main points would be that, naturally, we kind of try to predict the macro implications like any company. We don't see short or mid-term implications to the attractiveness and development of our sector. And the comment was also that, naturally, we have also seen, like everybody, certain larger companies setting up cost-saving programs. And there is no direct signal at this point in time that the investments on digitalization, on IT would be lowered very often even if there's a bit of a downturn. The investments on actually a number of technologies will actually go up. So we have no reason currently to change our market outlook and the attractiveness of the market overall.

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Matti Riikonen, Carnegie Investment Bank AB, Research Division - Financial Analyst [38]

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Have you given your market outlook for 2020? I mean if you say that you don't change your view, I think you have given your view for this year, which will last 2 more months, but then it's the new year. So what would be the assumption for IT services demand growth next year in your operating countries?

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Kimmo Alkio, Tieto Oyj - CEO & President [39]

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So we have not -- we are not that far yet. And naturally, in due time, we will give that view. I think the reflection that was kind of discussed a minute ago is probably a fair reflection how the year is ending.

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Operator [40]

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(Operator Instructions) There are no further questions at this time. Please go ahead, presenters.

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Tanja Lounevirta, Tieto Oyj - Head of IR [41]

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Thank you. Thank you for joining us today. We will naturally keep you updated about the next steps of the merger, and have a nice day. Thank you.

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Tomi Hyryläinen, Tieto Oyj - CFO [42]

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Thank you very much for joining us.

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Kimmo Alkio, Tieto Oyj - CEO & President [43]

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Thank you.