Endava PLC (DAVA) 2023 Q2 法說會逐字稿

Good day, and welcome to Endava's Second Quarter of Fiscal Year 2023 Conference Call. (Operator Instructions) Please note, this event is being recorded.

美好的一天，歡迎來到 Endava 2023 財年第二季度電話會議。 （操作員說明）請注意，正在記錄此事件。

I would now like to turn the conference over to Ms. Laurence Madsen, Head of Investor Relations at Endava plc. Please go ahead.

我現在想將會議轉交給 Endava plc 投資者關係主管 Laurence Madsen 女士。請繼續。

Thank you. Good afternoon, everyone, and welcome to Endava's Second Quarter of Fiscal Year 2023 Conference Call. As a reminder, this conference call is being recorded. Joining me today are John Cotterell, Endava's Chief Executive Officer; and Mark Thurston, Endava's Chief Financial Officer.

謝謝。大家下午好，歡迎來到 Endava 2023 財年第二季度電話會議。提醒一下，正在錄製此電話會議。今天加入我的是 Endava 的首席執行官 John Cotterell；和 Endava 的首席財務官 Mark Thurston。

Before we begin, a quick reminder to our listeners. Our remarks today include forward-looking statements, including our guidance for Q3 fiscal year 2023 and for the full fiscal year 2023 and other forward-looking statements regarding our business and operations. These statements are subject to risks and uncertainties that could cause actual results to differ materially from those contained in the forward-looking statements. Actual results and the timing of certain events may differ materially from the results or timing predicted or implied by such forward-looking statements, and reported results should not be considered as an indication of future performance.

在我們開始之前，快速提醒我們的聽眾。我們今天的評論包括前瞻性陳述，包括我們對 2023 財年第三季度和整個 2023 財年的指導以及有關我們業務和運營的其他前瞻性陳述。這些陳述存在風險和不確定性，可能導致實際結果與前瞻性陳述中包含的結果存在重大差異。實際結果和某些事件發生的時間可能與此類前瞻性陳述預測或暗示的結果或時間存在重大差異，報告的結果不應被視為對未來業績的指示。

Please note that these forward-looking statements made during this conference call speak only as of today's date, and the company undertakes no obligation to update them to reflect subsequent events or circumstances other than to the extent required by law. For more information, please refer to the Risk Factors section of our annual report filed with the Securities and Exchange Commission on October 31, 2022.

請注意，在本次電話會議期間做出的這些前瞻性陳述僅在今天發表，除法律要求的範圍外，公司不承擔更新這些陳述以反映後續事件或情況的義務。有關更多信息，請參閱我們於 2022 年 10 月 31 日向美國證券交易委員會提交的年度報告的風險因素部分。

Also, during the call, we'll present both IFRS and non-IFRS financial measures. A reconciliation of non-IFRS to IFRS measures is included in today's earnings press release, which you can find on our Investor Relations website or on the SEC website. The link to the replay of this call will also be available on our website.

此外，在電話會議期間，我們將介紹 IFRS 和非 IFRS 財務指標。非 IFRS 與 IFRS 措施的對賬包含在今天的收益新聞稿中，您可以在我們的投資者關係網站或 SEC 網站上找到。我們的網站上也將提供此通話重播的鏈接。

With that, I'll turn the call over to John.

有了這個，我會把電話轉給約翰。

Thank you, Laurence. I'd like to thank you all for joining us today, and I hope you're all well. We are pleased to be here to provide an update on our business and financial performance for the 3 months ended December 31, 2022.

謝謝你，勞倫斯。我要感謝大家今天加入我們，我希望你們一切都好。我們很高興在這裡提供截至 2022 年 12 月 31 日止三個月的最新業務和財務業績。

We reported another solid quarter with revenue totaling GBP 205.2 million for Q2 of our fiscal year 2023, representing a 30.2% year-on-year increase from GBP 157.7 million in the same period in the prior year. We ended the quarter with an adjusted profit before tax for the period of GBP 41.9 million, representing a 20.4% adjusted profit before tax margin.

我們報告了另一個穩定的季度，2023 財年第二季度的收入總計 2.052 億英鎊，比上年同期的 1.577 億英鎊同比增長 30.2%。本季度末，我們調整後的稅前利潤為 4190 萬英鎊，調整後的稅前利潤為 20.4%。

On the revenue front, we grew in all geographies and verticals year-on-year during the quarter. As usual, our revenue growth continues to be driven by both the expansion of work for our existing clients and the acquisition of new ones during the quarter. And more importantly, we continue to prioritize our efforts on larger relationships that can grow and scale.

在收入方面，本季度我們在所有地區和垂直領域都實現了同比增長。與往常一樣，我們的收入增長繼續受到本季度現有客戶工作擴展和新客戶收購的推動。更重要的是，我們繼續優先考慮可以發展壯大的更大關係。

As a result, we continued growing the number of larger clients with a total of 156 clients paying us in excess of GBP 1 million per year compared to GBP 107 million in the same period last year, representing an impressive 46% year-on-year increase. We also saw the cohort of our largest clients, those spending over GBP 5 million per year with us, grow by 48% from 21% in the same period last year to 31% last quarter.

因此，我們繼續增加大客戶的數量，共有 156 位客戶每年向我們支付超過 100 萬英鎊，而去年同期為 1.07 億英鎊，同比增長 46%，令人印象深刻增加。我們還看到我們最大的客戶群體，即每年在我們這里花費超過 500 萬英鎊的客戶，從去年同期的 21% 增長了 48% 到上一季度的 31%。

Starting in December, we saw a change in behavior as some clients added another level of due diligence to their decision-making cycles, slowing the commencement of new projects and in some cases, pausing existing spend as they reassess their priorities. These behaviors reduced activity towards the end of December. And although we are now seeing decisions being made and activity increasing again, the shortfalls reduced our expectations of growth for this fiscal year.

從 12 月開始，我們看到行為發生了變化，因為一些客戶在他們的決策週期中增加了另一層盡職調查，減緩了新項目的啟動，在某些情況下，他們在重新評估優先事項時暫停了現有支出。這些行為在 12 月底減少了活動。儘管我們現在看到正在製定決策並且活動再次增加，但短缺降低了我們對本財年增長的預期。

In our evermore digital world, we are seeing continued strong demand for our more sophisticated design and ideation skills, such as digital product strategy, digital product design and user experience design as well as the more technical areas of user interface and mobile design, build and test.

在我們永遠數字化的世界中，我們看到對我們更複雜的設計和構思技能的持續強勁需求，例如數字產品戰略、數字產品設計和用戶體驗設計，以及用戶界面和移動設計、構建和構建等更多技術領域測試。

We've been asked to apply our skills to a range of digital applications, including client portals to simplify client interactions with complex organizations, B2B interfaces for digital commerce, in-transit customer experiences for the transportation industry and internal portals to make organizations more efficient and effective by improving their employee experience.

我們被要求將我們的技能應用於一系列數字應用程序，包括用於簡化客戶與復雜組織的交互的客戶門戶、用於數字商務的 B2B 界面、用於運輸行業的在途客戶體驗以及用於提高組織效率的內部門戶並通過改善員工體驗來提高效率。

We've been a long-term provider of cloud expertise with strong partnerships with all major providers. And the majority of our development and operational work utilizes the technology. We're increasingly seeing our clients moving on from cloud being about infrastructure towards cloud as a true enabler of next-generation capability. Well architected and implemented solutions allow for ephemeral [6:46] and elastic nature of cloud to be used to allow our clients to only use and pay for what they need when they need it.

我們一直是雲專業知識的長期供應商，與所有主要供應商都建立了牢固的合作夥伴關係。我們的大部分開發和運營工作都使用了該技術。我們越來越多地看到我們的客戶從雲基礎設施轉向云作為下一代功能的真正推動者。精心設計和實施的解決方案允許使用雲的短暫 [6:46] 和彈性特性，以允許我們的客戶僅在需要時使用和支付他們需要的東西。

Furthermore, new technology frameworks deployed within the cloud and accessible through a rich API landscape, allow our clients to rapidly adopt and integrate technology in a small amount of time. For example, it's inconceivable to imagine the complexity of adopting a technology such as GPT-3, which ChatGPT utilizes, for instance, within legacy compute environments.

此外，部署在雲中並可通過豐富的 API 環境訪問的新技術框架使我們的客戶能夠在短時間內快速採用和集成技術。例如，難以想像採用諸如 GPT-3 之類的技術的複雜性，例如，ChatGPT 在遺留計算環境中使用了該技術。

Together, new architectural patents and the ubiquity of cloud mean Endava is well placed to help our clients rapidly build, deploy and test products and create a flywheel for future growth for us and for our clients.

新的架構專利和無處不在的雲共同意味著 Endava 可以很好地幫助我們的客戶快速構建、部署和測試產品，並為我們和我們的客戶創造未來增長的飛輪。

Today, I'd like to highlight the depth and breadth of our client relationships in 2 of our largest regions, the U.K. and Continental Europe. Endava has its roots in the U.K. And over the years, our business in the U.K. has evolved and diversified. For example, we grew in the banking sector, where we are currently working with 3 large high street banks as they seek to navigate regulatory change and modernize their market-facing offerings with new cloud-based solutions.

今天，我想強調一下我們在英國和歐洲大陸這兩個最大地區的客戶關係的深度和廣度。 Endava 紮根於英國。多年來，我們在英國的業務不斷發展和多元化。例如，我們在銀行業發展壯大，目前我們正在與 3 家大型高街銀行合作，因為他們尋求通過新的基於雲的解決方案應對監管變化並使其面向市場的產品現代化。

We helped a large U.K. bank to transform its payment of offering through the launch of an award-winning payments proposition. This cloud-native solution leverages the capabilities of open banking to provide next-generation offerings to retail and business customers.

我們通過推出屢獲殊榮的支付方案，幫助英國一家大型銀行轉變其產品支付方式。這種雲原生解決方案利用開放式銀行的功能為零售和企業客戶提供下一代產品。

We also developed strong relationships in the insurance industry. For example, Endava is supporting Beazley Digital by building and supporting multiple distribution channels for broker quote submissions, and we are developing new products for the U.S. portfolio on the Robot platform. Additionally, we are working to onboard product lines onto the Beazley underwriter workbench in order to aid efficiencies in responding to broker submissions and maximize intelligent underwriting capabilities.

我們還在保險業建立了牢固的關係。例如，Endava 正在通過構建和支持經紀人報價提交的多個分銷渠道來支持 Beazley Digital，我們正在 Robot 平台上為美國投資組合開發新產品。此外，我們正在努力將產品線加入 Beazley 承銷商工作台，以幫助提高響應經紀人提交的效率並最大限度地提高智能承銷能力。

Our business in the U.K. also includes some of the largest corporates in TMT. Endava has helped Arm, a British semiconductor and software design company, leverage the use of cloud to test its chip designs at scale. This delivery has allowed Arm to reduce its on-prem resources, allow teams to meet their delivery deadlines and even increase testing and improved quality of the design. This project won the Editor's Choice Award in the best use of HPC in the cloud category in the HPCWire 2022 awards.

我們在英國的業務還包括 TMT 領域一些最大的公司。 Endava 幫助英國半導體和軟件設計公司 Arm 利用雲來大規模測試其芯片設計。這種交付使 Arm 能夠減少其本地資源，使團隊能夠滿足他們的交付期限，甚至可以增加測試並提高設計質量。該項目在 HPCWire 2022 大獎中獲得云類別 HPC 最佳使用編輯選擇獎。

We're also working with 2 major communications service providers, delivering on the operation support system and business support system suite modernization in the new era of open architecture, cloud-native, self-healing networks.

我們還與 2 大通信服務提供商合作，在開放架構、雲原生、自愈網絡的新時代交付運營支撐系統和業務支撐系統套件現代化。

With our recognized competence in technology strategy, architecture and analysis in the connectivity area and integrating alternative payment solutions, we are in a strong position to support telcos in their quest for better platform monetization and to remain relevant in the market beyond commodity traditional services.

憑藉我們在連接領域的技術戰略、架構和分析以及集成替代支付解決方案方面公認的能力，我們有能力支持電信公司尋求更好的平台貨幣化，並在超越商品傳統服務的市場中保持相關性。

Our payments expertise has helped us to develop strong relationships with the leading payment service providers in Continental Europe. Additionally, as larger banks are reentering the payment business, it has led us to help them with architecture design and platform development work. In Germany, this has been especially important with the increased adoption of cashless payments in the post-pandemic world.

我們的支付專業知識幫助我們與歐洲大陸領先的支付服務提供商建立了牢固的關係。此外，隨著大型銀行重新進入支付業務，這促使我們幫助他們進行架構設計和平台開發工作。在德國，隨著大流行後世界越來越多地採用無現金支付，這一點尤為重要。

We have been helping some of the largest payment service providers to automate and streamline their small and middle-sized enterprise onboarding processes. In 2019, we disrupted the market by launching an innovative fully digitized onboarding product with a market-leading payment provider, which we believe quickly became the benchmark product for the payment industry.

我們一直在幫助一些最大的支付服務提供商自動化和簡化他們的中小型企業入職流程。 2019 年，我們與市場領先的支付提供商合作推出了創新的全數字化入職產品，顛覆了市場，我們相信該產品很快成為支付行業的標杆產品。

Additionally, for over a decade, we have been helping some leading European banks address their digital agenda, as the emergence of digital banking platforms has enabled them to decouple the client-facing user interface from their legacy core. Our expertise ranges from building customized digital banking solutions through to partnering with Backbase Digital Banking. We are currently implementing Backbase Digital Banking to 3 European banks.

此外，十多年來，我們一直在幫助一些領先的歐洲銀行解決他們的數字議程，因為數字銀行平台的出現使他們能夠將面向客戶的用戶界面與其遺留核心分離。我們的專業知識範圍從構建定制的數字銀行解決方案到與 Backbase 數字銀行合作。我們目前正在為 3 家歐洲銀行實施 Backbase 數字銀行業務。

In Romania, our work with Bank of Transylvania, the largest bank in the country has helped to position them as one of the most innovative banks in the region. We built for them a market-leading mobile banking application as well as digitizing and automating their corporate lending process.

在羅馬尼亞，我們與該國最大的銀行特蘭西瓦尼亞銀行的合作幫助他們成為該地區最具創新性的銀行之一。我們為他們構建了市場領先的移動銀行應用程序，並數字化和自動化了他們的企業貸款流程。

In Switzerland, our clients include leading wealth managers and private banks. We are working with a private bank on a digital refresh of their client-facing portal as they look to address the generational shift of wealth to younger and more digitally savvy clients.

在瑞士，我們的客戶包括領先的財富管理機構和私人銀行。我們正在與一家私人銀行合作，對其面向客戶的門戶進行數字化更新，因為他們希望解決財富向更年輕、更精通數字化的客戶轉移的問題。

Our working capital markets includes high volume, low latency trading platforms in Germany and asset servicing platforms across the DACH region, which includes Germany, Austria and Switzerland as well as in Luxembourg.

我們的營運資本市場包括德國的大容量、低延遲交易平台和 DACH 地區的資產服務平台，其中包括德國、奧地利和瑞士以及盧森堡。

In Switzerland, this includes engineering for a market-leading commodity trader where we are working across most of the core operational functions, including risk, audit, finance, customer and master data. In the Nordic region, we are working with a technology provider on a data management solution with the goal of enabling capital markets operators to streamline the challenges associated with large volumes of data.

在瑞士，這包括為市場領先的商品交易商進行工程設計，我們在其中處理大部分核心運營職能，包括風險、審計、財務、客戶和主數據。在北歐地區，我們正在與一家技術提供商合作開發數據管理解決方案，目標是使資本市場運營商能夠簡化與大量數據相關的挑戰。

In our TMT vertical, we are working with forward-thinking companies in Europe in innovation hubs in Germany and the Nordic countries. The AVIV Group, a subsidiary of Axel Springer is one of the world's largest digital real estate tech companies based in Germany. The AVIV Group partnered with Endava for an ambitious multiyear product and technology transformation journey, aiming to consolidate their existing brands spread across multiple countries onto a white label platform.

在我們的 TMT 垂直領域，我們正在德國和北歐國家的創新中心與歐洲具有前瞻性思維的公司合作。 AVIV Group 是 Axel Springer 的子公司，是全球最大的數字房地產科技公司之一，總部位於德國。 AVIV Group 與 Endava 合作開展了一項雄心勃勃的多年產品和技術轉型之旅，旨在將其分佈在多個國家/地區的現有品牌整合到一個白標平台上。

The new platform will enable significant operational savings and will set AVIV on target for future geographical expansion, while providing a competitive advantage for its products portfolio. Endava is providing support in designing and building the new platform and has additional plans to support AVIV with their innovation projects using Endava's experience with cutting-edge technology to open new distribution channels and markets.

新平台將顯著節省運營成本，並將 AVIV 定為未來地域擴張的目標，同時為其產品組合提供競爭優勢。 Endava 正在為新平台的設計和構建提供支持，並製定了其他計劃來支持 AVIV 的創新項目，利用 Endava 在尖端技術方面的經驗開闢新的分銷渠道和市場。

Additionally, we've been selected by Vodafone Ireland to help them modernizing the new B2B Big Data platform for enterprise customers. We're very excited about our growing presence in the automotive sector in Europe. Our work with some of the largest car manufacturers in the DACH region is focusing on the digital opportunities, such as connected car, in-car payments and insurance as a service.

此外，我們已被 Vodafone Ireland 選擇幫助他們為企業客戶實現新的 B2B 大數據平台的現代化。我們對我們在歐洲汽車行業不斷增長的影響力感到非常興奮。我們與 DACH 地區一些最大的汽車製造商合作，專注於數字化機遇，例如互聯汽車、車內支付和保險即服務。

In the Nordic region, Endava has been working with the Swedish electric car manufacturer Polestar, supporting them evolve and scale the architecture that powers Polestar's business model, including end user interaction. This is a global effort, and we are delivering services with teams in Central Europe and Latin America. As our relationship expands, it will include work with manufacturing, supply chain and customer care divisions as well as work on their consumer mobile apps. We embraced Polestar's vision of an electric and sustainable future for the automotive industry.

在北歐地區，Endava 一直與瑞典電動汽車製造商 Polestar 合作，支持他們發展和擴展支持 Polestar 業務模型的架構，包括最終用戶交互。這是一項全球性的努力，我們正在與中歐和拉丁美洲的團隊一起提供服務。隨著我們關係的擴大，這將包括與製造、供應鍊和客戶服務部門的合作，以及與他們的消費者移動應用程序的合作。我們接受了 Polestar 對汽車行業電動和可持續發展未來的願景。

In Germany, Endava has been working closely with Deutsche Bahn to develop and operate a state-of-the-art video on-demand portal available on over 380 Intercity Express high-speed trains in Germany. With this portal, passengers can now access a wide variety of movies, documentaries and TV shows on their personal devices. The solution Endava built includes front-end development and integration within existing portals.

在德國，Endava 一直與 Deutsche Bahn 密切合作，開發和運營最先進的視頻點播門戶，該門戶可在德國 380 多列城際特快高速列車上使用。有了這個門戶，乘客現在可以在他們的個人設備上訪問各種各樣的電影、紀錄片和電視節目。 Endava 構建的解決方案包括前端開發和現有門戶中的集成。

On the back end, we built a streaming CMS and encoding system, as well as content sourcing and continuous operations, monitoring, analytics and customer support in collaboration with Deutsche Bahn. Endava continuously brings innovations to the platform to offer best-in-class entertainment to travelers. We are well placed to understand the changing dynamics in these markets and our strong name recognition in the U.K. and Europe positions us well for continued growth.

在後端，我們與 Deutsche Bahn 合作構建了一個流媒體 CMS 和編碼系統，以及內容採購和持續運營、監控、分析和客戶支持。 Endava 不斷為平台帶來創新，為旅行者提供一流的娛樂。我們有能力了解這些市場不斷變化的動態，我們在英國和歐洲的強大知名度使我們有能力持續增長。

The integration process for Lexicon in Australia is going smoothly, and we are already seeing some growth with existing clients due to the increased breadth and depth of services that Endava brings to the platform. I remain excited about our growth prospects in the Asia Pacific region.

Lexicon 在澳大利亞的整合過程進展順利，由於 Endava 為該平台帶來的服務廣度和深度的增加，我們已經看到現有客戶的一些增長。我仍然對我們在亞太地區的增長前景感到興奮。

We're delighted to share some highlights of our We Care Sustainability approach over the past quarter. We've been focusing on rolling out a number of diversity programs, working closely with our diversity and inclusion for it. We recently completed the second round of our Endava RISE mentoring program, where 27 mentees were paired with 23 mentors for a 6-month period, preparing our emerging women's stars for senior management and leadership roles.

我們很高興分享過去一個季度我們關注可持續發展方法的一些亮點。我們一直專注於推出一些多元化計劃，與我們的多元化和包容性密切合作。我們最近完成了第二輪 Endava RISE 指導計劃，其中 27 名學員與 23 名導師配對，為期 6 個月，為我們的新興女性明星擔任高級管理和領導角色做準備。

Also, as part of our partnership with The Valuable 500, a global business collective innovating for disability inclusion, we launched and successfully completed Endava Signs, a voluntary program offering our people basic level training in 4 sign languages.

此外，作為我們與 The Valuable 500 合作夥伴關係的一部分，The Valuable 500 是一個為殘疾包容而創新的全球商業集體，我們啟動並成功完成了 Endava Signs，這是一項自願計劃，為我們的員工提供 4 種手語的基礎水平培訓。

We're also delighted that in partnership with Planting Good Deeds and not-for-profit organization based in Romania, we joined the NYSE's Global Giving Campaign. We ended the quarter with 12,183 employees, a 17.2% increase from 10,391 in the same period last year. We continue to recruit very actively into the areas of strong demand and growth and to expand our sales and marketing teams. We are taking the opportunity of the less competitive talent market to recruit more senior and experienced people in readiness for client growth.

我們也很高興與 Planting Good Deeds 和位於羅馬尼亞的非營利組織合作，加入了紐約證券交易所的全球捐贈活動。本季度末，我們擁有 12,183 名員工，比去年同期的 10,391 人增長了 17.2%。我們繼續非常積極地在需求和增長強勁的領域招聘人才，並擴大我們的銷售和營銷團隊。我們正在利用競爭較少的人才市場的機會招聘更多資深和經驗豐富的人才，為客戶增長做好準備。

In summary, based on our conversations, we believe clients continue to prioritize digital transformation in their IT budgets. We are already seeing a recovery in demand as clients clarify their focus, and we believe the secular trends for our business remain strong.

總之，根據我們的談話，我們認為客戶繼續在其 IT 預算中優先考慮數字化轉型。隨著客戶明確他們的重點，我們已經看到需求復蘇，我們相信我們業務的長期趨勢依然強勁。

I'll now pass the call on to Mark, who will walk you through our financial results for the quarter and provide guidance for the coming quarter and the fiscal year.

我現在將電話轉給馬克，他將向您介紹我們本季度的財務業績，並為下一季度和財政年度提供指導。

Thanks, John. Endava's revenue totaled GBP 205.2 million for the 3 months ended December 31, 2022, compared to GBP 157.7 million in the same period in the prior year, a 30.2% increase over the same period in the prior year. In constant currency, our revenue growth rate was 23.4%. Profit before tax for Q2 fiscal year 2023 was GBP 20.3 million compared to GBP 19.1 million in the same period in the prior year.

謝謝，約翰。 Endava 截至 2022 年 12 月 31 日止三個月的收入總計 2.052 億英鎊，上年同期為 1.577 億英鎊，同比增長 30.2%。按固定匯率計算，我們的收入增長率為 23.4%。 2023 財年第二季度稅前利潤為 2030 萬英鎊，上年同期為 1910 萬英鎊。

Our adjusted profit before tax for the 3 months ended December 31, 2022, was GBP 41.9 million compared to GBP 33.0 million for the same period in the prior year. Our adjusted profit before tax margin was 20.4% for the 3 months ended December 31, 2022, compared to 20.9% for the same period in the prior year.

截至 2022 年 12 月 31 日止三個月，我們調整後的稅前利潤為 4190 萬英鎊，而去年同期為 3300 萬英鎊。截至 2022 年 12 月 31 日的三個月，我們的調整後稅前利潤為 20.4%，而去年同期為 20.9%。

Adjusted profit before tax or adjusted PBT is defined as the company's profit before tax adjusted to exclude the impact of share-based compensation expense, amortization of acquired intangible assets, realized and unrealized foreign currency exchange gains and losses and fair value movement on contingent consideration, all of which are noncash items. Adjusted PBT margin is adjusted PBT as a percentage of total revenue.

調整後的稅前利潤或調整後的 PBT 被定義為公司調整後的稅前利潤，以排除股權激勵費用、收購的無形資產攤銷、已實現和未實現的外幣匯兌損益以及公允價值變動對或有對價的影響，所有這些都是非現金項目。調整後的 PBT 利潤率是調整後的 PBT 佔總收入的百分比。

Our adjusted diluted earnings per share or EPS was 57p for the 3 months ended December 31, 2022, calculated on GBP 58.0 million diluted shares as compared to 46p for the same period in the prior year calculated on GBP 58.0 million diluted shares.

截至 2022 年 12 月 31 日止三個月，我們調整後的稀釋每股收益或每股收益為 57 便士，按 5800 萬英鎊稀釋後的股份計算，而去年同期為 46 便士，按 5800 萬英鎊稀釋後的股份計算。

Revenue from our 10 largest clients accounted for 31% of revenue for the 3 months ended December 31, 2022, compared to 34% for the same period last fiscal year. Additionally, the average spend per client from our 10 largest clients increased from GBP 5.4 million to GBP 6.5 million for the 3 months ended December 31, 2022, representing a 19% year-over-year increase.

截至 2022 年 12 月 31 日止三個月，來自我們 10 大客戶的收入佔收入的 31%，而上一財年同期為 34%。此外，在截至 2022 年 12 月 31 日的三個月中，我們 10 大客戶的每位客戶平均支出從 540 萬英鎊增加到 650 萬英鎊，同比增長 19%。

In the 3 months ended December 31, 2022, North America accounted for 33% of revenue compared to 35% in the same period last fiscal year. Europe accounted for 23% of revenue compared to 21% in the same period last fiscal year, and the U.K. accounted for 39% of revenue compared to 41% in the same period last fiscal year, while the rest of world accounted for 5% compared to 3% in the same period last fiscal year.

在截至 2022 年 12 月 31 日的三個月中，北美佔收入的 33%，而上一財年同期為 35%。歐洲佔收入的 23%，上一財年同期為 21%，英國占收入的 39%，上一財年同期為 41%，而世界其他地區則為 5%上一財年同期為 3%。

Revenue from North America grew 22.6% for the 3 months ended December 31, 2022, over the same quarter of fiscal year 2022. Comparing the same periods, revenue from Europe grew 42.9%. The U.K. grew 21.2%, and the rest of world grew 163.6%. We grew in all 3 of our industry verticals during the quarter.

與 2022 財年同期相比，截至 2022 年 12 月 31 日的三個月，來自北美的收入增長了 22.6%。與同期相比，來自歐洲的收入增長了 42.9%。英國增長 21.2%，世界其他地區增長 163.6%。本季度，我們在所有 3 個垂直行業都實現了增長。

Revenue from payments and financial services grew 35.4% for the 3 months ended December 31, 2022. Revenue from payments and financial services accounted for 53% of revenue compared to 51% in the same period last fiscal year.

截至 2022 年 12 月 31 日的三個月，來自支付和金融服務的收入增長了 35.4%。來自支付和金融服務的收入佔收入的 53%，而上一財年同期為 51%。

Revenue from TMT grew 13.3% for the 3 months ended December 31, 2022, over the same quarter of fiscal year 2022 and accounted for 22% of revenue compared to 25% in the same period in the prior year. Revenue from other grew 36.6% for the 3 months ended December 31, 2022, over the same quarter of fiscal year 2022 and now accounts for 25% of revenue compared to 24% in the same period in the prior year.

截至 2022 年 12 月 31 日的三個月，來自 TMT 的收入比 2022 財年同期增長 13.3%，佔收入的 22%，而去年同期為 25%。截至 2022 年 12 月 31 日的三個月，其他收入比 2022 財年同期增長 36.6%，目前佔收入的 25%，而去年同期為 24%。

We now turn to our adjusted free cash flow, which is our net cash provided by operating activities plus grants received less net purchases of non-current tangible and intangible assets. Our adjusted free cash flow was GBP 37 million for the 3 months ended December 31, 2022, compared to GBP 31.2 million during the same period last fiscal year.

我們現在轉向調整後的自由現金流，這是我們經營活動提供的淨現金加上收到的贈款減去非流動有形和無形資產的淨購買。截至 2022 年 12 月 31 日的三個月，我們調整後的自由現金流為 3700 萬英鎊，而上一財年同期為 3120 萬英鎊。

Our cash and cash equivalents at the end of the period remained strong at GBP 185.3 million at December 31, 2022, compared to GBP 162.8 million at June 30, 2022. CapEx for the 3 months ended December 31, 2022, as a percentage of revenue was 2.0% compared to 2.4% in the same period last fiscal year.

我們期末的現金和現金等價物在 2022 年 12 月 31 日保持強勁，為 1.853 億英鎊，而 2022 年 6 月 30 日為 1.628 億英鎊。截至 2022 年 12 月 31 日的三個月資本支出佔收入的百分比為 2.0%，上一財年同期為 2.4%。

I'd also like to highlight that we recently announced the successful closing of a GBP 350 million revolving credit facility. This credit facility is for general business purposes and replaces the existing GBP 200 million unsecured revolving credit facility, which was expiring on October 12, 2024.

我還想強調，我們最近宣布成功關閉 3.5 億英鎊的循環信貸額度。該信貸額度用於一般商業目的，取代現有的 2 億英鎊無擔保循環信貸額度，該額度將於 2024 年 10 月 12 日到期。

With this, I'll move to our outlook. Our guidance for Q3 fiscal year 2023 is as follows. Endava expects revenue to be in the range of GBP 201 million to GBP 203 million, representing constant currency revenue growth of between 14% and 15%. Endava expects adjusted diluted EPS to be in the range of 52p to 54p per share.

有了這個，我將轉向我們的前景。我們對 2023 財年第三季度的指導如下。 Endava 預計收入將在 2.01 億英鎊至 2.03 億英鎊之間，代表著 14% 至 15% 的固定貨幣收入增長。 Endava 預計調整後的攤薄每股收益將在 52 至 54 便士之間。

Our guidance for full year fiscal year 2023 is as follows. Endava expects revenue will be in the range of GBP 812 million to GBP 817 million, representing constant currency growth of between 19.0% and 20.0%. Endava expects adjusted diluted EPS to be in the range of 220p to 225p per share. This above guidance for Q3 fiscal year 2023 and the full year fiscal 2023 assumes exchange rates at the end of January 2023, when the exchange rate was GBP 1 to USD 1.23 and EUR 1.14. This guidance seeks to take into account the current macroeconomic headwinds highlighted by John in his comments.

我們對 2023 財年全年的指導如下。 Endava 預計收入將在 8.12 億英鎊至 8.17 億英鎊之間，按 19.0% 至 20.0% 的匯率持續增長。 Endava 預計調整後的稀釋每股收益將在 220 便士至 225 便士之間。上述 2023 財年第三季度和 2023 財年全年的指導假設匯率為 2023 年 1 月底，當時匯率為 1 英鎊兌 1.23 美元和 1.14 歐元。本指南旨在考慮約翰在其評論中強調的當前宏觀經濟逆風。

This concludes our prepared comments. Operator, we are now ready to open the line for Q&A.

我們準備好的評論到此結束。接線員，我們現在準備開通問答環節。

(Operator Instructions) The first question comes from Bryan Bergin with Cowen.

（操作員說明）第一個問題來自 Bryan Bergin 和 Cowen。

I wanted to just dig in around the client behavior and maybe, John, the commentary you had on the behavior in December and how that has since progressed into February. So curious if this is a delay or cancellations in some cases. And what supports the 4Q sequential growth outlook versus the 3Q sequential pullback?

我只想深入了解客戶的行為，也許，約翰，你對 12 月份的行為的評論，以及自那以後如何發展到 2 月份。很好奇這在某些情況下是否是延遲或取消。什麼支持第四季度連續增長前景與第三季度連續回調？

Sure. Thanks, Brian. So what happened in December was as clients were sorting their budgets out for the new financial year. We saw them take onboard an extra level of due diligence, quite a few of them. And that resulted in some projects not proceeding, which we had expected to carry on existing ones that is. And there are new ones that were coming through just getting delayed in terms of when they were starting.

當然。謝謝，布萊恩。因此，12 月發生的事情是客戶正在為新財政年度整理預算。我們看到他們採取了額外的盡職調查，其中有不少。這導致一些項目沒有進行，而我們原本希望繼續進行現有的項目。並且有一些新的通過只是在它們開始的時間方面被延遲了。

As we've gone through January, we've seen some of those projects that were delayed being signed up and starting. And so we are ramping back up, if you like, from the drop that we saw at the end of December. It feels a little bit like COVID actually, when that sort of hesitation that happened just after COVID hit, there's some clients pausing and stopping, but then the underlying secular growth drivers in our space coming back.

在我們度過 1 月份的過程中，我們已經看到其中一些被延遲的項目正在簽署和啟動。因此，如果你願意的話，我們正在從 12 月底看到的下降中回升。實際上感覺有點像 COVID，當 COVID 來襲後發生的那種猶豫時，有一些客戶暫停和停止，但隨後我們空間中潛在的長期增長動力又回來了。

And so we're seeing that pipeline that we've got coming through in January and February. And so that's what's led us to guide in the way that we have, i.e., picking up from the drop at the end of December with growth occurring through Q3 and on into Q4.

因此，我們看到了我們在 1 月和 2 月通過的管道。因此，這就是導致我們以現有方式進行指導的原因，即從 12 月底的跌幅中回升，並在第三季度和第四季度實現增長。

And I know TMT was conveyed to be weeks before. Can you just give us a sense on how much this is spread to other verticals and maybe performance in your view by client region? I'm curious if this is confined to certain types of clients or it is prevalent across the portfolio?

我知道 TMT 是在幾週前傳達的。您能否讓我們了解一下這在多大程度上傳播到其他垂直領域，以及您認為客戶區域的表現？我很好奇這是否僅限於某些類型的客戶，還是在整個投資組合中普遍存在？

Brian, it's -- when we called out TMT last time, it continues to be sort of flat almost from Q1 to Q2. There's no sequential growth. And particularly, we've seen that the deterioration in North West Coast tech and again, I think we will see TMT actually decline as we go from Q2 into Q3. Payments is also an area that we're seeing significant sort of downdraft, particularly U.K. and North America. But then we are, again, seeing that recovery come through in Q4.

布賴恩，當我們上次召集 TMT 時，它從第一季度到第二季度幾乎一直持平。沒有連續的增長。特別是，我們已經看到西北海岸科技的惡化，而且我認為，隨著我們從第二季度進入第三季度，我們將看到 TMT 實際上會下降。支付也是我們看到明顯下滑的一個領域，尤其是英國和北美。但隨後我們再次看到復蘇在第四季度實現。

Geographically, we expect North America to decline quarter-on-quarter as we go into Q3, again, driven by West Coast tech payments. U.K. see a bit flat, but we are seeing growth in Europe, sequential growth there and also rest of world, which is particularly sort of Asia Pacific, first of all, see some good growth and then all GEOS swinging back basically in Q4.

從地域上看，我們預計隨著我們進入第三季度，北美地區將再次出現環比下降，這是由西海岸技術支付推動的。英國的增長有點持平，但我們看到歐洲在增長，那裡的連續增長以及世界其他地區，尤其是亞太地區，首先看到一些良好的增長，然後所有 GEOS 基本上在第四季度回升。

The next question comes from James Faucette with Morgan Stanley.

下一個問題來自摩根士丹利的 James Faucette。

It's Jonathan on for James. Can you provide an update on what you're seeing on the pricing side of the equation in the current environment? Like what's contemplated in your outlook from a pricing perspective? And how are you thinking about your ability to drive pricing going forward?

喬納森替詹姆斯上場。您能否提供有關當前環境中等式定價方面的最新信息？從定價的角度來看，您的前景是怎樣考慮的？您如何看待您推動未來定價的能力？

Yes. Thanks, Brian. Sorry, James. Yes, we're continuing to see price increases come through with clients, and quite a few of those have taken effect at the beginning of January. However, an element of caution in our guide has been that we've assume price increases are not coming through going forward, although we are still seeing that happen. So the main reduction has been volume-based rather than price pressure.

是的。謝謝，布萊恩。對不起，詹姆斯。是的，我們繼續看到客戶提價，其中相當一部分已經在 1 月初生效。然而，我們指南中的一個謹慎因素是，我們假設價格不會繼續上漲，儘管我們仍然看到這種情況發生。因此，主要的減少是基於數量而不是價格壓力。

Got it. And can you let us know how utilization trended in the quarter? And last quarter, you mentioned a sequential step-up in the back half across utilization. Does that still hold true?

知道了。您能否告訴我們本季度的利用率趨勢如何？上個季度，您提到了後半部分在利用率方面的順序提升。這仍然成立嗎？

No, it doesn't. I mean given where we are with Q2, actually utilization moved up a bit, you remember previously, we were talking about building back the bench. But given the slowdown we're seeing in Q3, we have seen a buildup in bench, actually, the utilization isn't going to sort of pick up in Q3, which really explains the gross margin drop as implied in the guide that we're giving. But we do expect with the headcount increase being somewhat muted from what we've historically seen, the utilization will pick up in Q4.

不，它沒有。我的意思是考慮到我們在第二季度的位置，實際上利用率有所上升，你記得之前，我們正在談論重建替補席。但考慮到我們在第三季度看到的放緩，我們已經看到了板凳的增加，實際上，第三季度的利用率不會有所回升，這確實解釋了我們指南中暗示的毛利率下降重新給予。但我們確實預計，隨著員工人數的增加與我們歷史上看到的相比有所減弱，第四季度的利用率將會回升。

The next question comes from Bryan Keane with Deutsche Bank.

下一個問題來自德意志銀行的 Bryan Keane。

I just wanted to ask about the payments vertical and a little bit of what you saw there. I think you mentioned a downdraft maybe this quarter, but a recovery next. Can you just talk about the details there?

我只是想問一下垂直支付和你在那裡看到的一些東西。我想你可能在本季度提到了下降趨勢，但接下來會出現復甦。你能談談那裡的細節嗎？

Sure. So in payments, there's a bit of a shift going on in the market. I've mentioned this on previous calls, and this is continuing, which is a slowdown in activity in the sort of acquiring space, especially the larger acquirers and some of the new product players. But that's being offset by growth in the new payments products, things like the open banking based products, the real-time payments based products. E-commerce is still a growing area. And then merchant onboarding, we see quite a lot of activity.

當然。因此，在支付方面，市場正在發生一些轉變。我在之前的電話會議上提到過這一點，而且這種情況還在繼續，這是收購領域活動的放緩，尤其是較大的收購方和一些新產品參與者。但這被新支付產品的增長所抵消，比如基於開放銀行的產品，基於實時支付的產品。電子商務仍然是一個不斷增長的領域。然後是商家入職，我們看到了很多活動。

So I would say that what's happened in this quarter is that some of that acquiring pullback has been accelerated slightly. We've also seen acceleration in the new product spaces, but that hasn't quite offset the pullback on the acquiring side this quarter. But we continue to see demand growing. It's actually the bigger slice of our payments to state is in the new space.

所以我想說，本季度發生的事情是，一些收購回落已經略有加速。我們也看到了新產品領域的加速發展，但這並沒有完全抵消本季度收購方的回落。但我們繼續看到需求增長。實際上，我們向國家支付的大部分款項都在新的領域。

And then on M&A, what does the pipeline look like for M&A? And any change in valuations yet given some of the market backdrop?

然後在併購方面，併購的管道是什麼樣的？鑑於某些市場背景，估值有任何變化嗎？

Yes, we continue to talk to quite a few organizations about the M&A opportunities, still seeing a lot of organizations hitting the top of the pipeline. Most of them don't hit the sort of quality criteria that we are interested in, as in the culture, the growth rates and the positioning in the market that we have. So a lot of them we get -- we overall. I have to say at the moment, we're not seeing any drop in pricing -- and in fact, there have been 1 or 2 that we've been indication and conversations with where the prices have been higher than we've previously seen, and we've not followed them up. So the pressure from a private company valuation point of view are not going away.

是的，我們繼續與許多組織討論併購機會，仍然看到許多組織處於領先地位。他們中的大多數都沒有達到我們感興趣的那種質量標準，比如我們所擁有的文化、增長率和市場定位。所以我們得到了很多 - 我們總體而言。我不得不說，目前我們沒有看到價格有任何下降——事實上，我們已經有 1 或 2 個跡象表明價格高於我們之前看到的價格，我們還沒有跟進他們。因此，從私營公司估值的角度來看，壓力不會消失。

Yes. Yes. That's what we've heard from several others as well.

是的。是的。這也是我們從其他幾個人那裡聽到的。

The next question comes from Moshe Katri with Wedbush Securities.

下一個問題來自 Wedbush Securities 的 Moshe Katri。

So is there anything specific from the top 10 client list that's kind of impacting visibility and impacting the results more than others. And I think I believe about FIS is still a top 10 customer. Maybe you can talk a bit about the kind of the dynamics of the relationship given the restructuring that they are going through at this point?

那麼，前 10 名客戶列表中是否有任何特定內容會比其他人更能影響可見性和對結果的影響。而且我認為我相信 FIS 仍然是前 10 大客戶。考慮到他們此時正在經歷的重組，也許你可以談談這種關係的動態？

So that's why that still remain a top 10 client. I think when we were announcing last time they just put out their cost reduction news and they've put out some recent news within the last day or so. We continue to work with them, and we focus on areas of where we've traditionally sort of work with them which is quite broad. We'll have to see how it pans out the demerger that they are planning for. But I suspect we won't see significant impact I think may ruin [ph] [37:24] these words, but I think we've taken the pain from the cost reduction exercise that they enacted with effect really from this quarter that were in Q3 and Q4.

這就是為什麼它仍然是前 10 大客戶的原因。我想當我們上次宣佈時，他們只是發布了降低成本的消息，並且他們在最後一天左右發布了一些最新消息。我們繼續與他們合作，我們專注於我們傳統上與他們合作的領域，這是相當廣泛的。我們將不得不看看它如何實現他們計劃的分拆。但我懷疑我們不會看到重大影響，我認為可能會破壞 [ph] [37:24] 這些話，但我認為我們已經從本季度開始實施的成本削減活動中受益在第三季度和第四季度。

And I think the expectation is that, that demerger will take most of 2023 calendar '23 to go through (inaudible) [37:44] fully independent. But certainly, the spirit within the Worldpay part of FIS is that, that will enable to fix more on growth and should probably create more opportunity downstream for us.

而且我認為預期是，分拆將花費 2023 年日曆 '23 的大部分時間（聽不清）[37:44] 完全獨立。但可以肯定的是，FIS Worldpay 部分的精神是，這將能夠更多地關注增長，並可能為我們在下游創造更多機會。

Okay. And then in terms of the weakness in payments, are there specific -- I think you mentioned some areas where you're seeing some weakness, but maybe provide some color where you are seeing growth. And obviously, some areas were probably weaker than others. And is there a volume related kind of in terms of how you generate your revenues, is that any way related or actually correlated with volume growth for some of your customers?

好的。然後就支付方面的弱點而言，有沒有具體的——我想你提到了一些你看到一些弱點的領域，但也許會提供一些你看到增長的顏色。顯然，某些領域可能比其他領域更弱。就您如何產生收入而言，是否存在與數量相關的類型，這是否與某些客戶的數量增長相關或實際上相關？

So just quickly on your last point, no, all of our revenues are driven under time and materials type contracts with our clients their volumes, of course, affect the levels of investment that they want to make in their products and so on. So it can have an indirect effect. And that is partly what is causing the pullback on the acquiring side as payment types are starting to shift into the new product spaces. So we see most of our activity in those new spaces.

所以很快就你的最後一點，不，我們所有的收入都是根據與客戶的時間和材料類型合同驅動的，他們的數量當然會影響他們想要在他們的產品等方面進行的投資水平。所以它可以有間接的影響。隨著支付類型開始轉移到新的產品領域，這在一定程度上導致了收購方的退縮。因此，我們在這些新空間中看到了我們的大部分活動。

It's all about helping the move to a fraction of its payments in all the different areas where people pay for things. E-commerce is a big area where we still see growth, merchant onboarding a lot of payments providers out there still have very laborious paper-driven onboarding processes and actually putting those online and making them much more effective tick-box except legals, et cetera, type activities can reduce the time it takes to onboard a new client from weeks to hours.

這一切都是為了幫助人們在所有不同的支付領域轉移支付的一小部分。電子商務是一個我們仍然看到增長的大領域，商家入職許多支付提供商在那裡仍然有非常費力的紙質入職流程，實際上將它們放在網上並使它們更有效的勾選框，除了法律等等, 類型的活動可以將新客戶入職所需的時間從幾週縮短到幾小時。

And then the open banking and real-time payment rails that are opening up in many opportunities for different sorts of products closer aligned to wallets, et cetera, for consumers. So we're seeing that pick up. And actually, it's one of the areas that is driving growth around the world outside of Europe, U.K. and North America for us.

然後是開放式銀行業務和實時支付渠道，它們為不同類型的產品提供了許多機會，這些產品更接近於消費者的錢包等。所以我們看到了回升。實際上，它是推動我們在歐洲、英國和北美以外的世界範圍內增長的領域之一。

The next question comes from Maggie Nolan with William Blair.

下一個問題來自 Maggie Nolan 和 William Blair。

I think I heard you mention a less competitive talent market. Is that geography specific? Or is there any incremental information you can give on that? And then how has that impacted costs and wage inflation that you're seeing?

我想我聽到你提到競爭不那麼激烈的人才市場。那是特定的地理位置嗎？或者您是否可以提供任何增量信息？那麼這對您所看到的成本和工資通脹有何影響？

Yes. So it's just one of the opportunities that we're seeing with the market just being a little bit less pressured in terms of recruitment of talent actually focused on picking up some of those more senior and more experienced people that are fundamental for us in driving growth. And as -- and it's pretty much universal across the world probably happened earlier in more developed nations, but has cascaded into all of our actual delivery locations as well, the pressure in the market, competitive pressure in the market has lightened up a bit and cut off.

是的。因此，這只是我們看到的機會之一，市場在人才招聘方面的壓力有所減輕，實際上專注於招募一些對我們推動增長至關重要的更資深、更有經驗的人才.而且——它在世界範圍內幾乎普遍存在，可能更早發生在更發達國家，但也已經蔓延到我們所有的實際交付地點，市場壓力、市場競爭壓力有所減輕，隔斷。

So as I mentioned, we're recruiting senior people and laying attrition to just move the dial a little bit in terms of the seniority, it's an organization that we have. We went through the same process in the early stages as COVID pullback. And you know that positioned us well to then be able to expand as demand came back in.

因此，正如我提到的，我們正在招聘資深人士並進行減員，以便在資歷方面稍微調整撥盤，這是我們擁有的一個組織。我們在早期階段經歷了與 COVID 回調相同的過程。而且您知道，這使我們處於有利地位，可以在需求恢復時進行擴展。

And then any other changes in the attrition metrics or maybe some more information on how things like the mentor program you mentioned are impacting those?

然後是流失指標的任何其他變化，或者關於您提到的導師計劃之類的事情如何影響它們的更多信息？

So our attrition is staying in about the same place. We're at 12.5% last quarter. So 12.6% in the previous quarter, so very close to where we were before. And I think we'll keep it in around that space going forward. And that will keep us balanced as a business in terms of responding to the demand pickup that we've articulated.

所以我們的減員幾乎停留在同一個地方。上個季度我們的增長率為 12.5%。上一季度為 12.6%，非常接近我們之前的水平。而且我認為我們會在未來將其保留在該空間內。這將使我們在響應我們已經闡明的需求回升方面保持平衡。

(Operator Instructions) The next question comes from Jamie Friedman with Susquehanna.

（操作員說明）下一個問題來自 Jamie Friedman 和 Susquehanna。

I know you're getting a lot of questions about payments, but I just want to clarify, isn't it the TMT vertical that slowed more materially? And also, Mark, didn't I hear you say -- I think it was you speaking that it's contemplated to be flat sequential?

我知道你有很多關於付款的問題，但我只想澄清一下，不是 TMT 垂直領域放緩得更厲害嗎？而且，馬克，我沒聽到你說——我想你是在說它被認為是連續的嗎？

Yes. So TMT was flat sequentially for us, Q1 to Q2. I think as I said earlier, North America, West Coast tech biting stronger. We anticipate we will actually see a further sort of sequential decline going from Q2 to Q3. So it will come off further which, again, is mainly driven in North America West Coast tech, but we don't see some uptick, a little bit moved compared with payments and financial services and other when we go into Q4, mainly driven by, we think, tech recovering basically and some activity in telco.

是的。因此，從第一季度到第二季度，TMT 對我們來說是持平的。我認為正如我之前所說，北美、西海岸的技術咬合力更強。我們預計我們實際上會看到從第二季度到第三季度的進一步連續下降。所以它會進一步下降，這主要是由北美西海岸技術推動的，但我們沒有看到任何上升，與我們進入第四季度時支付和金融服務以及其他方面相比有點移動，主要是由，我們認為，技術基本上正在復蘇，電信公司也有一些活動。

Got it. I realize you don't typically guide vertically, but would you have the same perspective on the cadence for payments and other for the remainder of the year?

知道了。我知道你通常不會垂直指導，但你對今年剩餘時間的支付節奏和其他方面會有同樣的看法嗎？

I think we will see a marginal decline quarter-on-quarter, probably about 1 percentage point or so as we go from Q2 to Q3, largely geo-driven with U.K. and North America, but then seeing a pickup actually in Q4, again, pretty muted by our standards, but we will see, I think, the recovery coming through in North America and some mild recovery in the U.K.

我認為我們將看到季度環比下降，從第二季度到第三季度可能下降約 1 個百分點左右，主要受英國和北美的地理驅動，但實際上在第四季度再次出現回升，以我們的標準來看相當低調，但我認為，我們將看到北美的複蘇和英國的一些溫和復蘇。

And how about other?

其他的呢？

Oh, other, I think it's -- for us, it's performing well. So 6% growth Q1, Q2, full geographies, I'd call out health has been particularly strong, but most of the verticals are strong. A little bit of weakness in retail, which we are seeing implying the guide as we go from Q2 into Q3. So I think it will still continue to grow, but not at 6%, probably 3%, but also, good momentum, a bit of a headwind in terms of retail, we think, as we go through, but it's a little bit of the edges and then continued progress the ability for us, particularly how performing particularly well at the moment.

哦，其他，我認為它 - 對我們來說，它表現良好。所以 6% 的增長 Q1，Q2，所有地區，我會說健康特別強勁，但大多數垂直行業都很強勁。零售業有點疲軟，我們看到這暗示著我們從第二季度進入第三季度的指南。所以我認為它仍將繼續增長，但不會達到 6%，可能是 3%，而且勢頭良好，在零售方面有點逆風，我們認為，隨著我們的經歷，但這有點我們的優勢，然後繼續進步的能力，特別是目前表現得特別好。

(Operator Instructions) This concludes our question-and-answer session. I would like to turn the conference back over to John Cotterell, CEO, for any closing remarks.

（操作員說明）我們的問答環節到此結束。我想將會議轉回給首席執行官 John Cotterell，聽取任何閉幕詞。

So thanks all for joining us today. I think you can see that digital transformation remains a priority for our clients and secular trends for our business remain strong, and we look forward to speaking to you in a few months at our next earnings call.

感謝大家今天加入我們。我想你可以看到，數字化轉型仍然是我們客戶的首要任務，我們業務的長期趨勢依然強勁，我們期待在幾個月後的下一次財報電話會議上與你交談。

The conference has concluded. Thank you for attending today's presentation. You may now disconnect.

大會圓滿結束。感謝您參加今天的演講。您現在可以斷開連接。