We are wrapping up week 4 of shelter in place and supporting our field through endless calls and video conference meetings. Every day presents highs and lows, and from my calls to frontline supervisors I know that the stress, uncertainty and new work requirements is weighing on everyone. What has been inspiring to me through these calls is that I consistently hear stories and examples of optimism, care for others and perseverance. Proof that our Core Values and TD Spirit are as strong as ever.
I am thankful that PPE availability is starting to catchup and we are all adhering to the new safety protocols in order to be able to work safely. Masks or neck buffs are highly encouraged for everyone working in proximity to others. We expect to receive more of both this week to better supplement your home versions, which are welcomed and needed.
TD closed the first quarter of 2020 right below our revenue goal, and operating income was OK but below plan. The second and third quarters of 2020 will be much harder as we feel the secondary effects of the pandemic, which will take time to recover from the hard stop to our national economy. Very few businesses will be exempt, but our diversity of offerings and geographies will help us through. Our business development and sales teams are aggressively chasing every opportunity to keep our backlog up to hold our teams together.
It was a weird week to announce such a strong improvement in our ESOP valuation, but we need good news wherever we can get it! The new valuation of $409.99 was earned through the hard work of every TDPartner. It is based on our 2019 results and the market comparisons known at 12-31-19. What has not changed for the longer term is the overall strength of our company, our consistent financial performance, and a strong fiscal position that is not burdened by debt. We are also blessed to have strong leadership at every level, and TD works in growing markets with strong long-term prospects. We also got an additional 3% lift from fewer shares outstanding due to more sellers than buyers last year.
A quick update on the hard data: we had our first positive case in our workforce today. Our safety protocols served us well and this Partner is self-quarantined at home. That brings our total to 90 who have had to self-quarantine, with only 30 still out and 60 Partners who have been cleared to return to work.
I am encouraged by the generally flattening infection curve in our cities where we live and work, but it is not clear when we can begin to migrate back together. I am thankful that we work in an industry that is vital and essential, and that our Partners understand the need to Fiercely Protect each other from the virus. We will keep doing our part to support this economy and get it going again.
Good things can and will come from bad things. Some good things are already apparent and more will be visible with time. The bad things should peak soon and begin to fade. Your prayers for strength and wisdom are felt and continue to be needed. This will be an Easter weekend to remember. I leave you with a thought for the day: For Christians and Jews, this is among the holiest weeks of the year, when, in a word, all PREPARE spiritually for Easter and Passover. Both events are about passing into and out of a crucible. Inside these faiths, loss becomes endurable through the promise of deliverance. It is worth remembering for at least one week. Happy Easter! Happy Passover!
Sincerely, Harold
