In this episode, Julia Rosenthal, EY Global Analyst for Advanced Manufacturing, shares her insights about the key themes discussed by leaders during the second quarter public earnings calls. As COVID-19 became a global threat in the first quarter of 2020, manufacturers had to make some very complex decisions. For advanced manufacturing companies, the second quarter proved to be just as difficult as the first one. This was the quarter in which some of the most widespread lockdown activities were taking place around the world. Companies reduced costs and shifted their focus to long-term growth, as COVID-19 caused many of their customers to shut down operations. Key takeaways: On financial initiatives — some manufacturers said that they would remain committed to their R&D investments while others pulled back as part of cost-reduction strategies. Share buyback and dividend activities have picked up. Operating costs — many companies raised the targets in their cost management programs. Leaders talked about restructuring programs, more offshoring of operations and new automation efforts. Culture and talent — overall, there has been a greater focus on enterprise-level cost savings from reduced headcount.