Ready to Face Changes

Dear Stakeholders,

The world is changing, and these changes are occurring faster than anyone predicted. The year 2020 was a test in resilience for companies and whether they could adapt to a new reality.

It is impossible to describe last year, without noting the huge impact of the COVID-19 pandemic. The pandemic affected the entire world, changed it permanently, and transformed the way we live, work, learn, have access to healthcare, and much more. It also completely shattered many deeply ingrained business practices, not just how we do things but also how quickly they can be completed.

I believe that we are on the cusp of a major transformation that will define our new normal as we move from two decades of globalization into a new era of accelerated virtualization. This transformation will be accomplished through a massive and accelerated adoption of technologies, combined with the integration of digital, cloud, and AI capabilities. They will support the evolution and improvement of personalized virtual experiences in every aspect of our lives.

These new conditions enabled us to achieve excellent financial results. Our total revenue increased 5% yearover- year to USD 1,657 million and our operating cash flow reached a record USD 480 million, a 28% increase compared to the previous year.

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