National Instruments Corporation (NASDAQ:NATI) Q3 2020 Earnings Conference Call - Final Transcript
Oct 29, 2020 • 05:00 pm ET
hard work and adaptability of all our employees globally. I believe this is also indicative of the stability provided by our broad customer base and industry diversity, the value customers see in our innovative platform and the strength of our operational efficiency. We will continue to align resources to higher growth opportunities while reducing costs in pursuit of our long-term financial model. We believe our strong balance sheet puts us in a position of strength and stability through this global pandemic and what lies ahead.
Now I'd like to turn the call back over to Eric for some closing comments.
Thank you, Karen. In challenging times, I believe that people, leadership and strategy matter. My leadership team is aligned on positioning us to win and taking the right actions to do so. Building on our unique software position, we believe we have the opportunity to once again, modernize and disrupt our industry. As a business, we have and will continue to take a broad range of actions to Ignite growth. We must align and grow our capabilities to increase our pace of innovation to match the needs of our customers.
This includes shifting existing resources and talent to focus on high-growth opportunities and adapting the way we sell to and support our customers, particularly within our smaller accounts. The reducing the overall size of our workforce, we will continue to hire key expertise where needed to execute our strategy. And we will continue to view potential inorganic investments as strategic growth accelerators with the opportunity to address a broader range of customer needs. I want to end by recognizing our employees for their resiliency in a challenging time.
We have taken many of the necessary steps to transform NI, but we must be bolder and move faster, even while simultaneously managing the uncertainty taking place in the world around us. Part of being a great business is making the tough decisions that put us in the best position to serve our customers and to win. I remain confident in our opportunity as we continue to invest in the technologies and capabilities needed to reach our vision and to disrupt our industry.
With that, we will now open it up for your questions.