And we rolled out IT services to our whole XBS portfolio companies earlier this year.

We remain a 100% committed to driving system-wide efficiencies throughout the company and investing in new capabilities that allow us to capitalize on growing demands and technology, many hastened by the sudden shift to remote work. Thank you. In the release, and I think you mentioned it during your comments. The fact that we did speaks volumes about the progress we have made in transforming this company and culture into one of continuous improvement.This is an extraordinary time in our lives, one that has challenged each of us to be better, do more and demonstrate that the situations we face only improve when all of us are working together.

In North America, we have more sales through direct channels, and there is a higher percentage of large enterprise customers, including government and healthcare customers that continue to operate through the crisis.Equipment sales revenue was down 38% in constant currency. We saw the greatest impact in April and May and moderation in the rate of decline of pages from contractual agreements in June.Unbundled supplies, paper and other sales, which are largely sold through our indirect channels also decreased approximately 50% in the quarter, reflecting lower demand caused by the crisis, which is driving channel partners to reduce their inventory purchases also in order to protect cash.Xerox services revenue declined approximately 28% year-over-year in constant currency with new business signings down due to delays in customer purchasing decisions. Today Xerox is better able to serve our clients and deliver modern workplace experience for both the employers and employees.

Quote Stock Analysis We plan to double production capacity for hand sanitizers in September from our capacity today.

In the second quarter, our teams made progress across the innovation pillars with IoT predictive analytics, AI-infused platform, cleantech and 3D printing among other things.The impact of COVID-19 has accelerated needs in many of these areas. Appreciate it.Yes.

It is the reason companies bring people together on a regular basis to build culture and community, develop talent, drive faster decision making, and deliver strong results. A solution like this integrates into our larger digital patient offering, allowing us to expand the work we do with healthcare providers to address their immediate and future needs.Other digital offerings such as XMPie and DocuShare are seeing stronger pickup as companies seek to collaborate, digitize paper based processes and rapidly share information with a dispersed workforce.

In 2019, we contributed $141 million to worldwide pension plans and expect 2020 contributions will be in line with prior guidance.Last, turn to Slide 11 for some thoughts on the balance of 2020.

I would now like to turn the call over to John for any closing remarks.Thank you, and thank you for your time today. And what's they're focused on in some cases is just when, not if, but when, so we're not at the stage yet.

John Visentin - Vice Chairman & Chief Executive OfficerGood morning, and welcome to the Xerox Holdings Corporation Second Quarter 2020 Earnings Release Conference Call hosted by John Visentin, Vice Chairman and Chief Executive Officer. Today, bots are now performing more than 1.2 million transactions a quarter at Xerox automating processes within parts of the supply chain, remote solve, technical service, and more. And then as a quick follow-up on the air conditioner side, is that something that you would like to be licensing like some intellectual property and trademark and patents on it, or is it you would like subcontract it out or actually build it? The expansion of IT services with an XPS channel in the U.S and through recent acquisitions in Canada and the U.K contributed to increased sales in the second quarter compared to the first quarter even with restrictions to enter some of our customer's locations. Look, our base scenario is for a slow gradual recovery, but we're modeling numerous scenarios, so that we have the flexibility, no matter how this pandemic continues to impact us.And John and Bill as well, you made a handful of remarks, sort of with regards to CapEx and some of the initiatives around model optimization. If there's -- if it's not on a secured network, it's not part of a whole secured workflow, you're unable to print from work. Our liquidity position remains strong with approximately $2.3 billion of cash, cash equivalents, and restricted cash, and a $1.8 billion bank revolver, which is fully available to us.Our pension funded status is updated annually. At this point, we're predicting a slow gradual recovery the rest of the year. Now let's open the line for questions.Thanks, John. Some places around the world that have previously not experienced outbreaks or had improved dramatically are now seeing a rise in cases.We have modeled numerous scenarios to ensure that we have flexibility, no matter how the pandemic continues to impact global business. For the second half, under our current base case scenario, we are expecting a slow gradual recovery.

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