"How do you square that with the fact that governments are going to ease restrictions very soon? Is this just future demand being pulled forward (granted that some of it will persist at new and increased levels)?"
For starters, restrictions aren't going to be eased very soon.
Well, not in any meaningful way. It will be a slow, staged process.
If the way things were before is indexed to, say, 10 and zero corresponds to no enterprises - private or public - functioning in anyway whatsoever (meaning that the word is now probably at 2.0 or 2.5), then the lifting of restrictions might get us to maybe 4.0 or 5.0 by September, 7.0 by the end of the year, and 8.0 by this time next year.
But it will take 18 months for the economy to get back to "normal", but by then the nature of the workplace will have been permanently altered.
DTL's business model is facilitating and implementing changes in the IT landscape.
And as long as enterprise technology constantly changes and needs ongoing upgrades, DTL has a perpetual business. And laid over the top of that recurring perpetual demand for DTL's services there occurs, every now and then, a seminal moment like the current one, when there is a sudden, tectonic shift in the landscape (the transition to the cloud that started a few years back, was another such case).
So the stuff that DTL is doing now for its customers to accelerate the ratcheting up of their digital capabilities due to Covid, is stuff that will need to be updated in two years' time anyway to keep abreast with technological advancements. And so on.
So its not really a matter of demand being pulled forward; underlying demand is constant, being a function of changing technology (which is constant); but every now and then the underlying demand experiences short-term surges.
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