Endava PLC (DAVA) 2024 Q2 法說會逐字稿

Good morning and welcome to the Endava second quarter fiscal year 2024 results conference call.

早安，歡迎參加 Endava 2024 財年第二季業績電話會議。

(Operator Instructions) Please note this event is being recorded.

（操作員說明）請注意此事件正在被記錄。

I would now like to turn the conference over to Lauren Madsen, Head of Investor Relations.

我現在想將會議交給投資者關係主管勞倫·馬德森 (Lauren Madsen)。

Please go ahead.

請繼續。

Thank you.

謝謝。

Good afternoon, everyone, and welcome to Endava second quarter fiscal year 2024 conference call.

大家下午好，歡迎參加 Endava 2024 財年第二季電話會議。

As a reminder, this conference call is being recorded.

謹此提醒，本次電話會議正在錄音中。

Joining me today are John Cotterel, Endava's Chief Executive Officer, and Mark Thurston, Endava's Chief Financial Officer.

今天與我一起出席的有 Endava 執行長 John Cotterel 和 Endava 財務長 Mark Thurston。

Before we begin, a quick reminder to our listeners, our presentation, and our accompanying remarks today include forward-looking statements included, including, but not limited to, statements regarding our guidance for Q3 fiscal year 2024 and for the full fiscal year 2024 the overall headwinds facing our industry and business, including adverse macroeconomic conditions and the global geopolitical climate and the impact of such headwinds on our ability to grow revenue and in particular growth and expansion in our industry verticals.

在我們開始之前，先快速提醒一下我們的聽眾，我們今天的簡報和隨附的評論均包含前瞻性聲明，包括但不限於有關我們對2024 年第三季和2024 年整個財年的指導的聲明我們的行業和業務面臨的總體不利因素，包括不利的宏觀經濟條件和全球地緣政治氣候，以及此類不利因素對我們增加收入的能力的影響，特別是對我們垂直行業的增長和擴張的影響。

The impact of our investment from cost saving initiatives on our financial performance, our acquisition of Galaxy solutions, including expected synergies from the transaction and the overall impact on our business amendments to our technology and offerings, demand from clients for our technology services, our ability to create long-term value for our clients our people and our shareholders in our business strategies, plans and operations.

我們的成本節約計畫投資對我們的財務表現、我們對Galaxy 解決方案的收購的影響，包括交易的預期協同效應以及對我們業務的整體影響對我們的技術和產品的修改、客戶對我們技術服務的需求、我們的能力在我們的業務策略、計劃和營運中為我們的客戶、員工和股東創造長期價值。

These statements are subject to risks and uncertainties that could cause actual results to differ materially from those contained in the forward-looking statements.

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有重大差異。

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.

實際結果和某些事件的時間可能與此類前瞻性陳述預測或暗示的結果或時間有重大差異，且報告的結果不應被視為未來績效的指標。

Please note that these forward-looking statements made during this conference call speak only as of today's date, and we undertake no obligation to update them to reflect subsequent events or circumstances other than to the extent required by law.

請注意，本次電話會議期間所做的這些前瞻性聲明僅代表今天的情況，除法律要求的範圍外，我們不承擔更新這些聲明以反映後續事件或情況的義務。

For more information, please refer to the Risk Factors section of our annual report filed with the Securities and Exchange Commission on September 19, 2023.

欲了解更多信息，請參閱我們於 2023 年 9 月 19 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.

此外，在電話會議期間，我們還將介紹 IFRS 和非 IFRS 財務指標。

While we believe the non-IFRS financial measures provide useful information for investors.

雖然我們相信非國際財務報告準則的財務指標為投資者提供了有用的信息。

The presentation of this information is not intended to be considered in isolation or as a substitute for the financial information presented in accordance with IFRS.

此資訊的呈現不應被孤立地考慮或作為根據 IFRS 呈現的財務資訊的替代。

Reconciliations of certain non-IFRS measures to the most directly comparable IFRS measures are included in today's earnings press release as well as the investor presentation, both of which you can find on our investor relations site or on the SEC website.

今天的收益新聞稿和投資者簡報中包含了某些非 IFRS 指標與最直接可比較的 IFRS 指標的調節，您可以在我們的投資者關係網站或 SEC 網站上找到這兩者。

A link to the replay of this call will also be available on our website.

我們的網站上也將提供本次電話會議重播的連結。

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

這樣，我就把電話轉給約翰。

I'd like to thank you all for joining us today, and I hope you're all.

我要感謝大家今天加入我們，希望你們也能加入我們。

Well, we're pleased to be here to provide an update on our business and financial performance for the three months ended December 31, 2023.

好吧，我們很高興在這裡提供截至 2023 年 12 月 31 日的三個月的業務和財務業績的最新資訊。

As we noted in our press release, obviously, the environment continues to be challenging.

正如我們在新聞稿中指出的那樣，顯然，環境仍然充滿挑戰。

Our results and guidance reflect headwinds in IT spending, particularly on discretionary projects and in the payments and Banking and Capital Markets verticals.

我們的結果和指導反映了 IT 支出的逆風，特別是在可自由支配的項目以及支付、銀行和資本市場垂直領域。

That said, we believe we have a very well positioned and strong business.

也就是說，我們相信我們的業務定位非常有利且強勁。

We are confident that despite current softness in demand in the longer term, the opportunity for us is very attractive.

我們相信，儘管目前長期需求疲軟，但機會對我們來說非常有吸引力。

We want to make sure Endava continues to be well positioned to create long-term value for our clients, our people and our shareholders.

我們希望確保 Endava 繼續處於有利位置，為我們的客戶、員工和股東創造長期價值。

We continue to pursue our strategy to ensure that while we are rightsized for the current demand environment, we are also making necessary investments in our business to position ourselves for when discretionary CapEx picks up again.

我們繼續奉行我們的策略，以確保在針對當前需求環境進行調整的同時，我們也在對我們的業務進行必要的投資，以便在可自由支配的資本支出再次回升時做好準備。

We're seeing three key trends in the market one, while budgets are up this year and there's a lot of work to be done in the short term spend is being deferred as clients continue to be cautious as one client put it, we have the budget for a substantial ramp up within data, but again, to go slow for now and see how the year unfolds.

我們看到市場的三個主要趨勢，一是今年預算增加，而且短期內還有很多工作要做，但正如一位客戶所說，由於客戶繼續保持謹慎態度，短期支出被推遲，我們有數據方面的預算大幅增加，但現在還是放慢腳步，看看今年的情況如何。

Secondly, we are seeing deeper demand for vertical and technology expertise.

其次，我們看到對垂直和技術專業知識的需求更深。

And thirdly, the growing importance and relevance of a broader diversified delivery footprint.

第三，更廣泛的多元化交付足跡的重要性和相關性日益增長。

Given these trends, we're continuing to make organic and inorganic investments in a disciplined way.

鑑於這些趨勢，我們將繼續以嚴格的方式進行有機和無機投資。

To number one, diversify our revenue, our delivery and invest in technology and domain capabilities.

第一，使我們的收入、交付以及對技術和領域能力的投資多樣化。

Secondly, attract great talent and take advantage of the difficult times many others are facing to invest in and add to our leadership.

其次，吸引優秀人才並利用許多其他人面臨的困難時期來投資並增強我們的領導力。

And thirdly, evaluate acquisition opportunities that help us accelerate our growth strategy.

第三，評估有助於我們加速成長策略的收購機會。

Some of these investments may result in lower near term margins given the current market environment.

鑑於當前的市場環境，其中一些投資可能會導致近期利潤率下降。

As we know, it takes courage to invest in uncertain times, but we continue to make sure we are being disciplined in pursuing our strategic objectives.

眾所周知，在不確定的時期進行投資需要勇氣，但我們將繼續確保在追求策略目標時遵守紀律。

Moving on to our results, we reported revenue totaling GBP183.6 million for Q2 of our fiscal year 2024, we are presenting an 8.1% year-on-year decrease in constant currency from GBP205.2 million in the same period in the prior year.

接下來是我們的業績，我們報告 2024 財年第二季度的收入總額為 1.836 億英鎊，按固定匯率計算，較上年同期的 2.052 億英鎊同比下降 8.1% 。

We ended the quarter with an adjusted profit for tax for the period of GBP22.7 million, representing a 12.4% adjusted profit before tax margin.

本季末，我們的調整後稅前利潤為 2,270 萬英鎊，調整後稅前利潤率為 12.4%。

Some of the large projects we mentioned last quarter have not scaled up to expectations yet while others have remained in the pipeline for longer than expected as a result of client hesitancy.

我們上季提到的一些大型專案尚未達到預期，而由於客戶猶豫不決，其他專案的籌備時間比預期要長。

We now have numerous projects where discovery work has been done, but clients are hesitating on when to commit the sizable spend needed to build production-ready systems.

我們現在有許多專案已經完成了發現工作，但客戶正在猶豫何時投入建立生產就緒系統所需的大量資金。

Alongside this short term change to our growth expectations, we have started a business optimization program in order to facilitate a return to the medium term through our 20% constant currency organic revenue growth and 20% adjusted profit before tax margin.

除了我們成長預期的短期變化外，我們還啟動了一項業務優化計劃，以便透過 20% 的固定貨幣有機收入成長和 20% 的調整後稅前利潤來促進中期恢復。

We remain focused on investing in growth while simultaneously reducing corporate complexity and eliminating inefficiencies.

我們仍然專注於成長投資，同時降低企業複雜性並消除低效率。

We believe this will improve our competitiveness and enable us to further invest in growth.

我們相信這將提高我們的競爭力，並使我們能夠進一步投資於成長。

Let me tell you about some of these strategic initiatives where we are investing.

讓我告訴您我們正在投資的一些策略舉措。

We will continue with our global industry focus, which is a key competitive differentiator.

我們將繼續關注全球產業，這是一個關鍵的競爭優勢。

Additionally, we are increasing our use of automation and accelerators to deliver outcomes for our clients more quickly.

此外，我們正在增加自動化和加速器的使用，以便更快為客戶提供成果。

Increasingly, we are being requested to participate in larger scale enterprise systems integration work.

我們越來越多地被要求參與更大規模的企業系統整合工作。

And as a result, this will be a focus of activity in the coming quarters.

因此，這將成為未來幾季的活動重點。

We are bringing together our close to client delivery and nearshore delivery teams under one manager per region.

我們將貼近客戶的交付和近岸交付團隊聚集到每個地區的一名經理的領導下。

In order to further build consistency and our delivery capability.

為了進一步建立一致性和我們的交付能力。

We're starting to see the benefits of our combined sales and client delivery operations, resulting in a more cost effective organization, greater collaboration across industries and regions and the development of senior multi-disciplined leaders that will ensure Endava is able to continue to scale.

我們開始看到合併銷售和客戶交付業務的好處，從而形成更具成本效益的組織、跨行業和地區的更廣泛合作以及高級多學科領導者的發展，這將確保 Endava 能夠繼續擴大規模。

We're using this slowdown period as an opportunity to invest in senior go-to market leadership, attracting deal makers who were difficult to shift in the boom times, and we undertook a re-branding exercise at the end of January, which has been very well received.

我們利用這段經濟放緩時期作為投資高級市場領導力的機會，吸引在繁榮時期難以轉變的交易撮合者，並且我們在一月底進行了品牌重塑活動，非常受歡迎。

In the last 12 months, we hired a dozen deal makers from leading competitors across our industry verticals.

在過去 12 個月中，我們從垂直行業的領先競爭對手那裡聘請了十幾名交易撮合者。

On the technology front, we want to help our clients embrace and explore new technologies more rapidly.

在技​​術方面，我們希望幫助客戶更快地接受和探索新技術。

Therefore, in addition to our core delivery competencies, we are creating new teams called pods that will be singularly focused on helping our clients accelerate and invent the future around new and emerging technologies.

因此，除了我們的核心交付能力之外，我們正在創建一個名為 pod 的新團隊，該團隊將專注於幫助我們的客戶圍繞新興技術加速和創造未來。

Pods represent an opportunity for differentiation by demonstrating our thought and delivery leadership across industry verticals against a key set of technologies and capabilities.

Pod 代表了一個差異化的機會，它透過一系列關鍵技術和能力展示了我們在垂直行業中的思想和交付領導力。

Pulse pull together existing Endava experts with exceptional thought and delivery leadership within a fast evolving technology domain.

Pulse 將現有的 Endava 專家聚集在一起，在快速發展的技術領域中提供卓越的思想和交付領導力。

They will work with our industry teams to establish thought-leading propositions around high momentum technologies and working alongside our delivery locations to ensure the appropriate skills are built and available at scale as acceleration is realized, we are building parts for AI, cloud, intelligent automation, cyber security, Quantum sustainability, embedded and physical computing.

他們將與我們的行業團隊合作，圍繞高動力技術提出思想領先的主張，並與我們的交付地點合作，確保隨著加速的實現，建立並大規模提供適當的技能，我們正在為人工智能、雲、智慧自動化建置零件、網路安全、量子永續性、嵌入式和實體運算。

We believe this is the right time to invest in these go-to-market technology and sales arenas.

我們相信現在是投資這些上市技術和銷售領域的最佳時機。

And these efforts will lay an even stronger foundation on which to scale as markets return.

這些努力將為隨著市場回歸而擴大規模奠定更堅實的基礎。

In addition to the release of our results today, I am thrilled to announce our acquisition of Galaxy solutions to strengthen our health care vertical as well as established delivery capabilities in India.

除了今天發布我們的業績外，我還很高興地宣布我們收購了 Galaxy 解決方案，以加強我們的醫療保健垂直領域以及在印度的既定交付能力。

This is our largest acquisition to date, and it aligns with our strategic vision of expanding our global delivery footprint and further diversifying our revenue base.

這是我們迄今為止最大的收購，它符合我們擴大全球交付足跡並進一步實現收入基礎多元化的策略願景。

Galaxy was started in 1993 by the CEO, Tim O'Brien, and is a leading provider of digital transformation and product development services to blue-chip US companies with a significant client base in the health care vertical and delivery capabilities in India.

Galaxy 由執行長 Tim O'Brien 於 1993 年創立，是一家為美國藍籌公司提供數位轉型和產品開發服務的領先供應商，這些公司在印度醫療保健垂直領域和交付能力方面擁有重要的客戶群。

I met with Tim and his leadership team and visited the delivery centers in India, and I am excited about the synergies we can create between the two companies.

我會見了蒂姆和他的領導團隊，並參觀了印度的交付中心，我對我們可以在兩家公司之間創造的協同效應感到興奮。

This acquisition significantly expands our presence in the fast-growing and exciting health care sector in the US.

此次收購顯著擴大了我們在美國快速成長且令人興奮的醫療保健產業的影響力。

Additionally, with Galaxy, our global delivery footprint now expands to India, the deepest IT talent pool in the world where Galaxy has nearly 1,200 employees.

此外，透過 Galaxy，我們的全球交付足跡現已擴展到印度，這是世界上最深厚的 IT 人才庫，Galaxy 在那裡擁有近 1,200 名員工。

Alexey will strengthen our North American management team and brings decades of offshore delivery know-how to Endava.

Alexey 將加強我們的北美管理團隊，並將數十年的離岸交付專業知識帶給 Endava。

In addition, Galaxy has developed a strong accelerator enabled capability, facilitating the understanding of the existing enterprise systems and enabling change this capability alongside of Endava's existing strength in delivering next-generation technology will allow us to open new opportunities and go deeper into enterprise transformation work, delivering more insightful and predictable outcomes.

此外，Galaxy 還開發了強大的加速器支援能力，促進對現有企業系統的理解並實現變革，這種能力與Endava 在提供下一代技術方面的現有實力相結合，將使我們能夠開闢新的機會並更深入地進行企業轉型工作，提供更具洞察力和可預測的結果。

Mark will provide more details on the transaction shortly.

馬克將很快提供有關交易的更多細節。

I'm excited to share that we announced yesterday that we are expanding our strategic partnership with Equiniti, a leading international provider of tech-enabled shareholder retirement and remediation services.

我很高興地告訴大家，我們昨天宣布，我們正在擴大與 Equiniti 的策略合作夥伴關係，Equiniti 是一家領先的國際科技股東退休和補救服務提供者。

We have established a 5-year partnership of GBP75 million to support the delivery of a transformative product and tech road map.

我們建立了為期 5 年、價值 7500 萬英鎊的合作夥伴關係，以支持變革性產品和技術路線圖的交付。

This deal strengthens our existing three year relationship and deliver significant growth for Endava in our capital markets first call with the extension of this partnership, liquidity has become one of Endava's top 10 clients globally.

這項交易加強了我們現有的三年合作關係，並為Endava 在我們資本市場的首次投資中帶來了顯著增長。隨著合作夥伴關係的擴展，流動性已成為Endava 全球十大客戶之一。

This revenue is net new and is an example of the sizable project opportunities.

該收入是淨新收入，是規模巨大的專案機會的一個例子。

It is being slower to convert than expected last quarter.

上個季度的轉換速度比預期慢。

I'd like to provide you with an update on projects we are working on in North America.

我想向您提供我們在北美正在進行的項目的最新情況。

In our banking and capital markets vertical.

在我們的銀行業和資本市場垂直領域。

We are working with early warning services in launching pays an easy online checkout solution offered by banks and credit unions, and that is accelerating speed to market with the expediting of test environments and the development of an SDK for merchant integrations.

我們正在與早期預警服務合作，推出由銀行和信用合作社提供的簡單線上支付解決方案，並透過加快測試環境和開發用於商家整合的 SDK 來加快上市速度。

We continue to drive market expansion as an integration partner of early warning, enabling Endava to drive value across all verticals.

作為預警整合合作夥伴，我們繼續推動市場擴張，使 Endava 能夠在所有垂直領域推動價值。

Endava's working with a leading fintech company in the alternative investment space based in North America, a two plus year partnership started with a platform envisioning project working directly with their entire C-suite to translate their growth ambitions into executable backlogs in order to jumpstart an actionable delivery plan.

Endava 與一家位於北美的另類投資領域領先的金融科技公司合作，為期兩年多的合作夥伴關係始於一個平台設想項目，直接與他們的整個高管層合作，將他們的成長雄心轉化為可執行的積壓工作，以便快速啟動一個可行的專案交付計劃。

We helped build out the Snowflake based data lake and end-to-end data pipeline, enabling sales and operational reporting.

我們協助建立了基於 Snowflake 的資料湖和端到端資料管道，以實現銷售和營運報告。

Additionally, we provide ongoing support for internal integrations with systems and external integrations with pure reporting providers.

此外，我們還為與系統的內部整合以及與純報告提供者的外部整合提供持續支援。

Endava is working with the American endowment foundation or AEF one of the nation's largest independent donor advised fund sponsors to help modernize their donor advised fund platform.

Endava 正在與美國捐贈基金會（AEF）（美國最大的獨立捐贈者建議基金發起人之一）合作，幫助其捐贈者建議基金平台現代化。

We are supporting their leadership team with their digital transformation journey.

我們正在支持他們的領導團隊進行數位轉型之旅。

The goal is to harness technology and automation to optimize the end-to-end fund management process by improving the user experience for firms, financial advisors, donors and internal AEF team members by curating a seamless interface for both existing clients and prospective partner firms.

目標是利用技術和自動化來優化端到端基金管理流程，透過為現有客戶和潛在合作夥伴公司打造無縫介面，改善公司、財務顧問、捐助者和 AEF 內部團隊成員的使用者體驗。

We will help to scale and streamline AEF's overall internal operational efficiency.

我們將協助擴大和簡化 AEF 的整體內部營運效率。

In our TMT vertical, we are working for a large US sports media company, organizing their data by building a platform to centralize monitor and show interactive reports for financial information.

在我們的TMT垂直領域，我們為美國一家大型體育媒體公司工作，透過建立一個平台來集中監控和展示財務資訊的互動式報告來組織他們的數據。

Financial data visualizations encompass details relating to ticketing, advance payments, customer information, video visualization that streaming the centralized information allows our client to make real-time database decisions and monitor that top sales indicators.

財務數據視覺化包含與票務、預付款、客戶信息、視頻可視化相關的詳細信息，這些信息流式傳輸集中信息，使我們的客戶能夠做出實時數據庫決策並監控頂級銷售指標。

Mobile gaming remains an important revenue contributor for clients in the gaming sector.

行動遊戲仍然是遊戲產業客戶的重要收入來源。

We are collaborating with a global brand in both the console and casual game market reshaping their direct-to-consumer platforms to revolutionize their monetization strategy.

我們正在與遊戲機和休閒遊戲市場的一個全球品牌合作，重塑他們的直接面向消費者的平台，徹底改變他們的獲利策略。

Through the implementation of streamline processes, exclusive deals tailored and compelling transactional interfaces and loyalty rewards programs.

透過實施簡化的流程、量身定制的獨家交易、引人注目的交易介面和忠誠度獎勵計劃。

We are enticing mobile gamers to explore web platforms, fostering a more immersive community focused user experience beyond the confines of the game.

我們正在吸引行動遊戲玩家探索網路平台，在遊戲的範圍之外培養更身臨其境的以社群為中心的用戶體驗。

In the aviation space, Endava is partnering with Delta Airlines, helping them launch and support Delta sync.

在航空領域，Endava 與達美航空合作，幫助他們啟動並支援達美同步。

A suite of personalized experiences and offers aimed at creating new ways for customers to enjoy their time on board.

一系列個人化體驗和優惠，旨在為乘客創造享受機上時光的新方式。

Endava worked with Delta to establish a cutting edge, agile product strategy and design approach, which has improved customer satisfaction, increased member acquisition and delivered value to strategic partners through customer engagement will continue to bring to bear our capabilities in support of Delta's ongoing investment into industry leading products and the best in class customer experience.

Endava 與達美航空合作建立了尖端、敏捷的產品策略和設計方法，該方法提高了客戶滿意度，增加了會員獲取量，並透過客戶參與為策略合作夥伴創造了價值，將繼續發揮我們的能力，支持達美航空的持續投資行業領先的產品和一流的客戶體驗。

We are working with many of the leading brands across different segments of the automotive OEM landscape from back-office and plant flow operations to in-car experience, we are helping our clients leverage technology to solve problems and improve revenue.

我們正在與汽車 OEM 領域不同領域的許多領先品牌合作，從後台和工廠流程運營到車內體驗，我們正在幫助我們的客戶利用技術解決問題並提高收入。

For example, we used optical character recognition and artificial intelligence to digitize paper vehicle documentation, which expedited processing, improved accuracy and reduced manual labor.

例如，我們使用光學字元辨識和人工智慧將紙質車輛文件數位化，從而加快了處理速度、提高了準確性並減少了體力勞動。

We used computer vision and synthetic data generation techniques to accelerate and deepen learning for AI models.

我們使用電腦視覺和合成資料生成技術來加速和深化人工智慧模型的學習。

We are also helping a top carmaker leverage virtual reality and AI to optimize and validate the design of production processes to reduce the time required to commission and build.

我們也幫助一家頂級汽車製造商利用虛擬實境和人工智慧來優化和驗證生產流程的設計，以減少調試和建造所需的時間。

And lastly, we are helping to design and deploy a scalable cloud architecture to enable over the air capabilities for millions of vehicles.

最後，我們正在協助設計和部署可擴展的雲端架構，為數百萬輛車輛提供無線功能。

On the technology side, we are rapidly moving to the point where AI touches just about every project.

在技​​術方面，我們正在迅速發展到人工智慧幾乎觸及每個項目的地步。

We continue to see a wide variety of work in our pre-sales pipeline right across the ideation to operation cycle.

我們繼續看到售前頻道中從構思到營運週期的各種工作。

And we continue to see a significant increase in client interest in exploring the potential of generative AI.

我們繼續看到客戶對探索生成人工智慧潛力的興趣顯著增加。

These conversations are becoming more focused as clients want to investigate specific applications for their business this is happening across several industry verticals, including insurance, pharmaceuticals, technology, gaming, telecoms, banking and capital markets.

隨著客戶想要調查其業務的特定應用程序，這些對話變得更加集中，這種情況發生在多個行業垂直領域，包括保險、製藥、技術、遊戲、電信、銀行和資本市場。

In many cases, clients are taking steps in exploring potential applications, and we help them do this through workshops and practical proof of concept work.

在許多情況下，客戶正在採取措施探索潛在的應用，我們透過研討會和實際的概念驗證工作來幫助他們做到這一點。

We are also seeing some more forward-looking organizations start to actively explore new types of applications such as AI, agent automation and combinations of generative AI with other emerging technologies such as knowledge graphs.

我們也看到一些更具前瞻性的組織開始積極探索新型應用，例如人工智慧、代理自動化以及生成式人工智慧與知識圖譜等其他新興技術的結合。

Clients are increasingly looking to us for their AI implementation roadmaps, in particular in the insurance and tech sectors.

客戶越來越多地向我們尋求人工智慧實施路線圖，特別是在保險和科技領域。

A few examples of our involvement here include work with a large US insurer to explore how they can use generative AI to grow their business, a workshop to demonstrate how generative AI can help a London Market insurer and advisory engagement to explore personalization of omnichannel customer communication for a large telecoms company as well as creating a number of generative AI powered tools for a wealth tech company, and also building an evaluation framework for a question answering BoT in the gaming industry.

我們參與其中的一些例子包括與一家大型美國保險公司合作，探索他們如何使用生成式人工智慧來發展業務，舉辦研討會，展示生成式人工智慧如何幫助倫敦市場保險公司，以及諮詢參與，探索全通路客戶溝通的個人化為一家大型電信公司提供服務，為一家財富科技公司創建了許多生成式人工智慧驅動的工具，並為遊戲產業的問答機器人建立了評估框架。

We are also pleased with the level of client interest in our in-house generative AI based platform, which enables the exploration of a wide range of potential applications of the technology through practical prototype implementations alongside of our clients.

我們也對客戶對我們內部生成人工智慧平台的興趣感到滿意，該平台使我們能夠與客戶一起透過實際原型實施來探索該技術的廣泛潛在應用。

Two examples include co-generation for pharmaceutical statistics for a global pharmaceutical company and a multi agent prototype, which took it playing through multiple stages and scenarios for a large US insurer.

兩個例子包括一家全球製藥公司的藥品統計數據聯產和一個多代理原型，讓它經歷了美國一家大型保險公司的多個階段和場景。

Our deep partnership relationships with major technology providers continue to bear fruit.

我們與主要技術提供者的深厚合作關係持續取得成果。

Here are a few tangible examples of projects we are working on, starting with an exciting generative AI based prototype of a voice and text based call center assistant on Google Cloud for a major UK insurer.

以下是我們正在進行的專案的一些具體示例，首先是為英國一家大型保險公司提供的基於 Google Cloud 的基於語音和文字的呼叫中心助理的令人興奮的基於生成式 AI 的原型。

We recently held a multi-day hackathon at our offices in Charlotte to explore the latest advances in Microsoft's semantic kernel platform, targeting the health care industry and developed two compelling prototypes in the areas of pharmacy automation and critical care Treos.

我們最近在夏洛特的辦公室舉辦了一場為期多天的黑客馬拉松，旨在探索微軟語義核心平台的最新進展，針對醫療保健行業，並在藥房自動化和重症監護Treos 領域開發了兩個引人註目的原型。

Internally, we are seeing the early benefits of generative AI in our processes with production use of tools, increasing productivity and generating sales material, producing client insight for our private equity business as well as helping to generate insights on our workforce.

在內部，我們看到了生成式人工智慧在我們的流程中的早期好處，包括工具的生產使用、提高生產力和生成銷售材料、為我們的私募股權業務提供客戶洞察以及幫助對我們的員工產生洞察。

We recently held our Endava innovation lab with a total of 75 teams participating in this global innovation competition.

我們最近舉辦了 Endava 創新實驗室，共有 75 個團隊參加了這項全球創新競賽。

And this year, 80% of the finalists applied AI and some practical way, illustrating our knowledge of AI, it's spread right across the firm.

今年，80% 的決賽入圍者應用了人工智慧和一些實用的方法，這說明我們對人工智慧的了解已經遍布整個公司。

Globally our recent acquisitions in Asia-Pac and in the US are integrating smoothly.

在全球範圍內，我們最近在亞太地區和美國的收購正在順利整合。

And I'm excited about the prospects of our expanding global footprint.

我對我們不斷擴大的全球足跡的前景感到興奮。

We continued trusted partnerships with NGOs supporting inclusive education, including near an NGO dedicated to bridging the technology skills gap for refugees by providing free training and matching talent with opportunities around the world.

我們繼續與支持包容性教育的非政府組織建立信任的夥伴關係，包括與一家致力於透過提供免費培訓並將人才與世界各地的機會相匹配來縮小難民技術技能差距的非政府組織。

Additionally, we are also leveraging our technical expertise to help solve complex environmental and societal issues.

此外，我們也利用我們的技術專長來幫助解決複雜的環境和社會問題。

We recently teamed up with the resilient Building Council in Australia to launch a bushfire resilience app tailored for Australians, empowering users to gauge their preparedness in the event of a fire, providing an easy to use solution, Teck homes and communities.

我們最近與澳洲的彈性建築委員會合作，推出了一款專為澳洲人量身定制的叢林火災彈性應用程序，使用戶能夠評估他們在發生火災時的準備情況，為泰克家庭和社區提供易於使用的解決方案。

We ended the quarter with 11,539 employees, a 5.3% decrease from 12,183 in the same period last year in the current environment, our recruitment is focused on areas of demand.

截至本季末，我們的員工人數為 11,539 人，比去年同期的 12,183 人減少了 5.3%，在當前環境下，我們的招聘主要集中在需求領域。

And as I mentioned earlier, the strengthening of our senior go-to-market leadership.

正如我之前提到的，加強我們的高階市場領導力。

I'd like to take this opportunity to thank all Endavas for their commitment and determination.

我想藉此機會感謝所有 Endavas 的承諾和決心。

As we persevere through these headwinds, we will continue to manage the business for the long term, maintaining our culture and organizational health and creating exciting solutions for our clients and their customers.

當我們堅持克服這些逆風時，我們將繼續長期管理業務，保持我們的文化和組織健康，並為我們的客戶及其客戶創造令人興奮的解決方案。

We believe clients' activities in exploring and commissioning new products will overtake the headwinds and see us return to growth.

我們相信，客戶在探索和調試新產品方面的活動將克服逆風，讓我們恢復成長。

I will 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 fiscal year.

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

Thanks, John.

謝謝，約翰。

Endava revenue totaled GBP183.6 million for the three months ended December 31, 2023, compared to GBP205.2 million in the same period in the prior year, a 10.6% decrease over the same period in the prior year.

截至2023年12月31日止三個月，Endava收入總計1.836億英鎊，而上年同期為2.052億英鎊，較上年同期下降10.6%。

In constant currency, our revenue declined 8.1% from the same period in the prior year within the range we provided to you last quarter and reflected a 5.3% positive inorganic contribution during the quarter.

以固定匯率計算，我們的營收比去年同期下降了 8.1%，在我們上個季度向您提供的範圍內，反映了本季 5.3% 的正無機貢獻。

Sequentially, revenue was down by 3.6% in constant currency on the previous quarter.

以固定匯率計算，上一季營收下降了 3.6%。

Profit before tax for Q2 fiscal year 2024 was GBP10.6 million compared to GBP20.3 million in the same period in the prior year.

2024 財年第二季的稅前利潤為 1,060 萬英鎊，而去年同期為 2,030 萬英鎊。

Our adjusted profit before tax for the three months ended December 31, 2023, was GBP22.7 million compared to GBP43 million for the same period in the prior year.

截至 2023 年 12 月 31 日止三個月，我們的調整後稅前利潤為 2,270 萬英鎊，而去年同期為 4,300 萬英鎊。

Adjusted profit before tax margin was 12.4% for the three months ended December 31, 2023, compared to 20.9% for the same period in the prior year.

截至2023年12月31日止三個月，調整後稅前利潤率為12.4%，而去年同期為20.9%。

Adjusted diluted earnings per share was $0.3 for the three months ended December 31, 2023, calculated on $58.6 million diluted shares as compared to $0.59 for the same period in the prior year.

截至 2023 年 12 月 31 日止三個月，調整後稀釋每股收益為 0.3 美元，以 5,860 萬美元稀釋股票計算，而去年同期為 0.59 美元。

Calculated on $58.0 million diluted shares.

以 5800 萬美元稀釋後股票計算。

Revenue from our 10 largest clients accounted for 34% of revenue for the three months ended December 31, 2023, compared to 31% for the same period last fiscal year.

截至2023年12月31日止三個月，來自我們最大的10家客戶的營收佔營收的34%，而上一財年同期為31%。

The average spend per client from our 10 largest clients decreased from GBP6.5 million to GBP6.3 million for the three months ended December 31, 2023 as compared to the three months ended December 31, 2022, representing a 3.1% year-over-year decrease.

與截至2022年12月31日止三個月相比，截至2023年12月31日止三個月，我們10家最大客戶的每位客戶平均支出從650萬英鎊下降至630萬英鎊，年減3.1%。年減少。

In the three months ended December 31, 2023, North America accounted for 31% of revenue compared to 33% in the same period last fiscal year, Europe accounted for 26% of revenue compared to 23% in the same period last fiscal year.

截至2023年12月31日的三個月中，北美佔營收的31%，而上財年同期為33%，歐洲佔營收的26%，而上財年同期為23%。

UK accounted for 34% of revenue compared to 39% in the same period last fiscal year, while the rest of the world accounted for 9% compared to 5% in the same period last fiscal year.

英國佔營收的34%，而上財年同期為39%，而全球其他地區則佔9%，而上財年同期為5%。

Revenue from North America declined 14.5% for the three months ended December 31, 2023 of the same period last fiscal year.

截至2023年12月31日止三個月，來自北美的營收較上一財年同期下降14.5%。

Comparing the same periods revenue from Europe grew 1.3%.

與同期相比，來自歐洲的營收成長了 1.3%。

UK declined 22.3%, and the rest of the world grew 44.8%.

英國下降了 22.3%，世界其他地區則成長了 44.8%。

Revenue from Payments declined 20.8% for the three months ended December 31, 2023 for the same period last fiscal year and accounted for 26% of revenue compared to 29% in the same period last fiscal year.

截至2023年12月31日的三個月，支付收入比上財年同期下降了20.8%，佔營收的26%，而上財年同期為29%。

Revenue from banking and capital markets declined 25.2% for the three months ended December 31, 2023 for the same period last fiscal year and accounted for 14% of revenue compared to 17% in the same period last fiscal year.

截至2023年12月31日止三個月，來自銀行和資本市場的營收比上財年同期下降25.2%，佔營收的14%，而上財年同期為17%。

Revenue from insurance grew 10.4% for the three months ended December 31, 2023 over the same period last fiscal year and accounted for 8% of revenue compared to 7% in the same period last fiscal year.

截至2023年12月31日止三個月，保險收入較上財年同期成長10.4%，佔營收的8%，而上財年同期為7%。

Revenue from TMT declined 5.2% for the three months ended December 31, 2023 over the same period last fiscal year and accounts for 23% of revenue compared to 22% in the same period last fiscal year.

截至2023年12月31日止三個月，TMT營收比上財年同期下降5.2%，佔營收的23%，而上財年同期為22%。

Revenue for mobility declined 4.1% for the three months ended December 31, 2023 over the same period last fiscal year and accounted for 11% of revenue compared to 10% in the same period last fiscal year.

截至2023年12月31日的三個月，行動收入比上財年同期下降了4.1%，佔營收的11%，而上財年同期為10%。

Revenue from other grew 3.3% for the three months ended December 31, 2023 over the same period last fiscal year and now accounts for 18% of revenue compared to 15% in the same period last fiscal year.

截至 2023 年 12 月 31 日的三個月，其他營收較上一財年同期成長 3.3%，目前佔營收的 18%，而上一財年同期為 15%。

Our adjusted free cash flow was GBP33.6 million for the three months ended December 31, 2023 compared to GBP37.0 million during the same period last fiscal year.

截至 2023 年 12 月 31 日的三個月，我們調整後的自由現金流為 3,360 萬英鎊，而上一財年同期為 3,700 萬英鎊。

Our cash and cash equivalents at the end of the period remained strong at GBP198.6 million at December 31, 2023, compared to GBP164.7 million at June 30, 2023.

截至2023年12月31日，我們的期末現金和現金等價物保持強勁，為1.986億英鎊，而截至2023年6月30日為1.647億英鎊。

Capital expenditure for the three months ended December 31, 2023, as a percentage of revenue was 0.8% compared to 2.0% in the same period last fiscal year.

截至2023年12月31日止三個月的資本支出佔營收的百分比為0.8%，而上一財年同期為2.0%。

As John mentioned, we announced the acquisition of Galaxy today consideration for this acquisition totals up to USD405 million.

正如約翰所提到的，我們今天宣布收購 Galaxy，此次收購的代價總額高達 4.05 億美元。

Primary and cash with some stock with $30 million conditional upon future performance.

主要現金和部分 3000 萬美元的股票，以未來業績為條件。

Transaction is expected to close in early April 2024, subject to the completion of customary closing conditions and approvals, and therefore, is not contemplated and our current guidance.

交易預計將於 2024 年 4 月初完成，但需滿足慣例成交條件並獲得批准，因此，我們目前的指導並未考慮該交易。

Now turning to our outlook for Q3 and full year fiscal '24. our last earnings call, we highlighted the number of large deals being progressed and a general strengthening of pipeline plus the large deals pipeline has continued to grow in number and value.

現在轉向我們對第三季和 24 財年全年的展望。我們上次的財報電話會議強調了正在進行的大型交易的數量以及管道的整體加強以及大型交易管道的數量和價值持續增長。

They have been slow to progress.

他們進展緩慢。

In addition scales that we have long largely remain in discovery phase and approving slow to ramp up into the production phase given the uncertain macro environments creating hesitancy among clients.

此外，由於不確定的宏觀環境導致客戶猶豫不決，我們長期以來的規模基本上仍處於發現階段，並且批准緩慢進入生產階段。

This has mainly been the case console into two verticals.

這主要是將控制台分成兩個垂直的情況。

This weakness is most pronounced in payments and in banking and capital markets and payments companies are taking a very cautious view on the micro environment.

這種弱點在支付、銀行和資本市場最為明顯，支付公司對微觀環境持非常謹慎的態度。

This has resulted in some release of IT budgets and we are seeing projects being delayed in banking and capital markets.

這導致了一些 IT 預算的釋放，我們看到銀行和資本市場的項目被推遲。

We are seeing regulatory work take precedence over last transformational versus setting the revenue guide.

我們看到監管工作優先於最後的轉型，而不是製定收入指南。

We have set a narrow range for Q3 given where we are in the quarter, but set a wider range around Q4, which reflects the necessity we are seeing in pipeline conversion.

考慮到本季度的情況，我們為第三季度設定了一個較窄的範圍，但在第四季度周圍設定了較寬的範圍，這反映了我們在管道轉換中看到的必要性。

The top and bottom of the range for Q4 would be 7% and 0.5% sequential growth from the midpoint for Q3 we expect.

我們預計，第四季範圍的頂部和底部將比第三季的中點連續成長 7% 和 0.5%。

Consequently, once this uncertainty persists.

因此，一旦這種不確定性持續存在。

Our business optimization program that John mentioned earlier, focused on actively managing headcount appropriately in this environment for a particular focus on our seniority permits.

約翰之前提到的我們的業務優化計劃，重點是在這種環境下適當地積極管理員工人數，特別關注我們的資歷許可。

As a result, we expect to take an exceptional charge in H2 associated with headcount reduction.

因此，我們預計下半年將承擔與裁員相關的特殊費用。

Guidance has been set with these actions underway and reflects the savings we anticipate achieving.

已經針對這些正在進行的行動制定了指導方針，並反映了我們預期實現的節省。

With that context, let me now turn to the guidance.

有了這樣的背景，現在讓我談談指導。

Our guidance for Q2 fiscal year 2024 is as follows.

我們對 2024 財年第二季的指引如下。

Endava expects revenue to be in the range of GBP174 million to GBP176 million, representing constant currency revenue decrease of between 12% and 11% on a year-over-year basis, Endava expects adjusted diluted EPS to be in the range of $0.17 to $0.19 per share.

Endava 預計營收將在 1.74 億英鎊至 1.76 億英鎊之間，固定匯率營收年減 12% 至 11%，Endava 預計調整後攤薄每股收益將在 0.17 美元至 0.19 美元之間每股收益。

Our guidance for full-year fiscal year 2024 is as follows.

我們對 2024 財年全年的指導如下。

Endava expects revenue to be in the range of GBP722 million to GBP735 million, representing constant currency revenue decrease between 7% and 5% on a year-over-year basis.

Endava 預計營收將在 7.22 億英鎊至 7.35 億英鎊之間，以固定匯率計算營收年減 7% 至 5%。

Endava expects adjusted diluted EPS to be in a range of $1.09 to $1.22 per share.

Endava 預計調整後稀釋後每股盈餘將在每股 1.09 美元至 1.22 美元之間。

This above guidance for Q3 fiscal year 2024 and the full fiscal year 2024 assumes exchange rates from January 31, 2024 for foreign exchange rate was one British pound to USD1.27 and EUR1.17. This concludes our prepared comments.

上述 2024 年第三季和 2024 年整個財政年度的指引假設自 2024 年 1 月 31 日起外匯匯率為 1 英鎊兌換 1.27 美元和 1.17 歐元。我們準備好的評論到此結束。

Operator, we are now ready to open the line for Q&A.

接線員，我們現在準備開通問答線路。

(Operator Instructions)

（操作員說明）

Ashwin Shirvaikar, Citi.

阿什溫‧希爾瓦卡 (Ashwin Shirvaikar)，花旗銀行。

Thank you.

謝謝。

I was hoping to get some clarity with regards to the sequential the implied sequential growth range for 4Q of relatively wide range from 0 to 7.5 or so and how much Galaxy contribution is included?

我希望能夠清楚地了解第四季度隱含的連續增長範圍（從 0 到 7.5 左右相對較寬的範圍），以及銀河貢獻有多少？

And then when you look at organic sequential growth, what sorts, of course corrections have you made with the assumptions you're making and in relation to the conversion of bookings, a pipeline to bookings, bookings to revenue and so on.

然後，當您查看有機連續成長時，您根據所做的假設以及與預訂轉換、預訂管道、預訂收入等相關的假設進行了哪些類型的修正。

Thanks, Ashwin, on the guide doesn't include any compensation from Galaxy lane.

謝謝，阿什溫，指南上不包括銀河車道的任何補償。

We said in prepared comments that we hope that will complete in early April.

我們在準備好的評論中表示，我們希望能夠在四月初完成。

So it does exclude in that respect in setting the guide and we've obviously had issues with the speed of which pipeline as converted, and that's why we put a large range on the guide for Q4.

因此，它確實在這方面排除了設置指南的可能性，而且我們顯然在轉換管道的速度方面存在問題，這就是為什麼我們在第四季度的指南上設置了很大的範圍。

Basically, the assumptions around pipeline conversion for Q4, we have been more conservative at the top end of the guide than we have previously.

基本上，關於第四季度管道轉換的假設，我們在指南的頂端比以前更加保守。

So when we at this stage, looking at the proportion of contracted committed, we typically are looking at a 70% of the guided figure of actually going higher this time around sort of 80% and our conversion rates massive about conversion rates.

因此，當我們在這個階段查看合約承諾的比例時，我們通常會看到指導數字的 70%，這次實際上會更高，約為 80%，而且我們的轉換率與轉換率相差很大。

I mean, we win, right?

我的意思是，我們贏了，對吧？

We tend to lose 50% of the debts or yields that we basically go for conversion rate is actually the the time it takes from that win to make a contraction with the other party and commence work.

我們往往會損失 50% 的債務或收益率，我們基本上追求的轉換率實際上是從獲勝到與對方簽訂合約並開始工作所需的時間。

So we haven't changed the assumption on the win rate because it's consistent with what we have done.

所以我們沒有改變勝率的假設，因為它與我們所做的一致。

But the actual conversion rate, it's going to be somewhat slower.

但實際的轉換速度會慢一些。

And as John said in his comments, and I did myself, it's because our budgets on either being constrained certainly through this first quarter of the calendar year and our clients are not willing yet to release them, even though they are saying that those worked out for us to do so we're taking a cautious view at the top of the range.

正如約翰在他的評論中所說，我自己也是如此，這是因為我們的預算在今年第一季肯定受到限制，而我們的客戶還不願意發布它們，儘管他們說這些已經解決了為了做到這一點，我們對範圍的頂部持謹慎態度。

But if actually that is not as conservative.

但如果實際上這並不那麼保守。

We're basically putting the bottom of the range where we see some little sequential growth going from Q3 to Q4.

我們基本上將範圍的底部放在我們看到從第三季到第四季出現一些小幅連續成長的位置。

So bottom, the range would be something like 176, which is the top of the range for Q3.

因此，底部範圍約為 176，這是第三季範圍的頂部。

Understood, understood.

明白了，明白了。

And then there was a remark in the prepared remarks alluded to client asking for diversified delivery, hopefully, can you can you walk through that?

然後在準備好的演講稿中有一句話提到客戶要求多元化交付，希望您能講一下嗎？

Is that more a?

那還多一個嗎？

And so now is it now a necessity to have, let's say, India and South Asia plus Lat-Am plus some presence in Central Europe sort of is that kind of a standard ask from a risk management perspective or two out of three will do in a how what specific sorts of things our clients looking for from a diversification perspective?

因此，現在有必要在印度、南亞、拉丁美洲以及中歐擁有一定的存在，從風險管理的角度來看，這是一種標準要求，或者三分之二的人就可以做到這一點。a 我們的客戶從多元化的角度尋找哪些具體的東西？

Yes.

是的。

Thanks, Ashwin.

謝謝，阿什溫。

From yes, it is some of the things that you touched on.

從“是”開始，這是您談到的一些事情。

Essentially as we getting into larger projects, larger proportions of the spend that clients have.

本質上，當我們進入更大的專案時，客戶的支出比例就更大。

They want to see that mix of us not just being able to do the more expensive and Central Europe collapsed and deliberate, but also being able to augment that with some more cost effective delivery capabilities out of places like India and Southeast Asia and being able to scale that a little bit more.

他們希望看到我們的組合不僅能夠做更昂貴的、中歐崩潰和深思熟慮的事情，而且能夠透過印度和東南亞等地更具成本效益的交付能力來增強這一點，並能夠擴大一點。

So it becomes part of the mix.

所以它成為混合的一部分。

It's not a move into a different sort of service.

這並不是轉向另一種服務。

It's just the move to get a better ability to balance our pricing a little bit more and remain competitive.

這只是為了更好地平衡我們的定價並保持競爭力而採取的舉措。

And by introducing that also the access to the talent pool is another reason why we've been targeting India.

透過引入人才庫也是我們瞄準印度的另一個原因。

We've been hinting at that for a while with the Galaxy, do we actually take our first step into India delivering

我們已經在 Galaxy 上暗示了一段時間，我們是否真的邁出了進軍印度的第一步？

So cost is driving this rather than geopolitical risk.

因此，成本而非地緣政治風險是造成這種情況的原因。

I guess that was the gist of my question?

我想這就是我問題的要點？

Yes, this is much more about competitive pricing versus just because it's cool risks for us.

是的，這更多的是有競爭力的定價，而不是僅僅因為這對我們來說是很酷的風險。

Thanks.

謝謝。

Puneet Jain of JPMorgan.

摩根大通的普尼特‧賈恩 (Puneet Jain)。

Yes, hi, thanks for taking my question.

是的，嗨，感謝您提出我的問題。

A follow up to what Ashwin asked.

阿什溫提出的問題的後續行動。

Can you talk about like the pricing trends you are seeing?

您能談談您所看到的定價趨勢嗎？

And are you seeing like on sequential basis clients continuing to push for like-to-like price declines as well?

您是否看到類似的客戶也繼續推動同類價格下降？

So the pricing that we're finding is actually stable from the diversified delivery comment I was making was that was the ability to widen our footprint in clients and by having a wider footprint in more costs and attractive from a client point of view, delivery locations, i.e., it opens up parcels of work for and we previously wouldn't have available to us and just delivering out of Central Europe and Latin America.

因此，從我所做的多元化交付評論來看，我們發現的定價實際上是穩定的，即能夠擴大我們在客戶中的足跡，並透過在更高的成本和從客戶的角度來看具有吸引力的更廣泛的足跡，交付地點，也就是說，它開闢了我們以前無法提供的工作包，並且只是從中歐和拉丁美洲發貨。

But within the zones that we're operating in, we're actually finding pricing is pretty stable, arguably even getting small increases.

但在我們經營的區域內，我們實際上發現價格相當穩定，甚至可以說有小幅上漲。

Right.

正確的。

Got it.

知道了。

And can you share more detail around the plan optimized business optimization program?

您能否分享更多有關計劃優化業務優化計劃的細節？

Like how many heads you expect to cut like potential cost savings?

例如您希望削減多少個頭，例如潛在的成本節省？

And more importantly, how are you going to ensure that that does not create any disruption in delivery?

更重要的是，您將如何確保這不會對交付造成任何干擾？

So the initial phase which is going to add to the termination costs I sort of outlined that outlined in the prepared comments is basically looking at areas of overlap in SG&A and addressing and the things that we have built up as a result of deals in pipeline slipping to the right.

因此，我在準備好的評論中概述的將增加終止成本的初始階段基本上是著眼於 SG&A 和解決方面的重疊領域，以及我們因管道交易下滑而建立的東西向右。

So where we're losing about 450 people, there will be a termination termination costs that some of the mill and it should generate annual savings of about GBP23 million.

因此，在我們失去約 450 名員工的情況下，一些工廠將會產生終止成本，每年應該可以節省約 2,300 萬英鎊。

And but this is had a tough first half, really of the program that was put in place by we will be looking basically at the on the go-to-market as part of the organization where we're aligning the sales and delivery more closely and where we get some overlap in that area, we will seek to sort of streamline.

但這是一個艱難的上半年，實際上，我們實施的計劃基本上將著眼於作為組織的一部分進入市場，我們正在更緊密地調整銷售和交付如果我們在該領域有一些重疊，我們將尋求精簡。

And again, John talked about the parts on the call as well, which is to push more technology from a horizontal perspective is these two verticals.

約翰在電話會議上也談到了部分內容，即從橫向角度推動更多技術，即這兩個垂直領域。

And again, as we sort of focus more closely on that, we anticipate that it will drive higher on and utilization with kind of stuff, right, still focusing stuff so it's initially two phases.

再說一次，當我們更加密切地關注這一點時，我們預計它將推動某些東西的更高利用率和利用率，對吧，仍然關注這些東西，所以它最初分為兩個階段。

The first phase is to address pension look at G&A, second phase, especially to streamline and simplify flow, reducing duplication and across the org structure.

第一階段是解決G&A方面的退休金問題，第二階段特別是精簡和簡化流程，減少重複和跨組織結構。

Thank you.

謝謝。

Maggie Nolan of William Blair.

威廉·布萊爾的瑪吉·諾蘭。

Hi, Good afternoon.

嗨，下午好。

This is Jesse on for Maggie.

這是傑西為瑪姬代言的。

So first, I had a question about margins.

首先，我有一個關於利潤的問題。

Are you still expecting the fiscal second quarter to be the trough in margins and given the revision to guidance here?

考慮到此處的指引修訂，您是否仍預期第二財季將是利潤率的低谷？

We see fiscal second quarter, I mean the one we've just reported on and the quarters to December?

我們看到第二財季，我的意思是我們剛剛報告的那個，以及截至 12 月的季度？

Yes.

是的。

And I would say we've got a little bit further to go in terms of Q3.

我想說，第三季我們還有一些進展。

I think that is going to be our midyear.

我想那將是我們的年中。

We have seen a little bit of weakness in the gross margin despite a French reduction exercise that's going on in a quarter that is happening in a lot of parts of the quarter and we also have some investments that we're making through SG&A synergies in terms of adjusted PBT will fade in Q3 for the quarter to March.

儘管法國在本季度的許多地方都進行了削減行動，但我們還是看到毛利率略有疲軟，而且我們還通過銷售、管理和行政費用（SG&A）協同效應進行了一些投資調整後的PBT 將在截至3 月的第三季逐漸消失。

I will speak to property stuff 10%.

我會談論 10% 的財產問題。

But then as the program starts to have a more impact on our profitability and we see the sequential sort of growth in revenue that we anticipate gross margin will improve essentially the QFs.

但隨著該計劃開始對我們的盈利能力產生更大的影響，我們看到收入的連續增長，我們預計毛利率將基本上改善 QF。

And then we will be delivering an adjusted PBT, which would be low, low double digits.

然後我們將提供調整後的稅前利潤，這將是很低的兩位數。

I mean, it's also worth saying that during this quarter, we are investing pretty heavily and we bring in the deal makers, we're investing in the parts and we don't carve out our transaction costs on M&A.

我的意思是，還值得一提的是，在本季度，我們進行了大量投資，引入了交易撮合者，我們投資於零件，並且我們沒有在併購中扣除交易成本。

And so that hits Q3 pretty strongly so that doesn't cause the volume pressure in Q3.

因此，這對第三季的打擊相當大，因此不會造成第三季的銷售壓力。

Got it.

知道了。

That's helpful and makes sense for me.

這對我很有幫助並且有意義。

And then for my follow-up.

然後是我的後續行動。

In the past, you've talked about pursuing acquisitions that are 5% of the business and obviously, this one is a bit larger.

過去，您談到收購佔業務份額 5% 的收購，顯然，這次收購規模更大一些。

Could you talk about how the growth and margin profile compares in maybe what type of multiple you paid and how you make sure that this one goes well, the others have done in the past.

您能否談談您支付的倍數類型的成長和利潤狀況如何比較，以及您如何確保這一項進展順利，其他人過去所做的。

Yes, sure.

是的，當然。

I mean, we talked about 5% to 10%, and we said retail items and something that was really strategic and this is a little over 10%, but it is really strategic for us.

我的意思是，我們談到了 5% 到 10%，我們談到了零售商品和真正具有戰略意義的東西，這個比例略高於 10%，但這對我們來說確實具有戰略意義。

If you look at it ex moves the US being our largest region in terms of acquired revenues.

如果你看看美國是我們獲得收入最大的地區。

That is absolutely crucial and has been a target of ours for a long time and great to see it step up that the US is the largest market of the world needs to be our largest fund.

這絕對是至關重要的，長期以來一直是我們的目標，很高興看到美國作為世界上最大的市場需要成為我們最大的基金。

Secondly, it had the India talent pool, which we touched on earlier in the call, and you know that's pretty strategic.

其次，它擁有印度人才庫，我們在電話會議早些時候談過，你知道這非常具有戰略意義。

They bring decades of experience.

他們帶來了數十年的經驗。

They've been operating there for over 20 years and that sort of offshore delivery model is pretty crucial.

他們已經在那裡運作了 20 多年，這種離岸交付模式非常重要。

I went out to India with my team.

我和我的團隊一起去了印度。

We spent a lot of time with the Galaxy guys out that really got to grips with how they do it.

我們花了很多時間和銀河隊的人在一起，真正了解他們是如何做到這一點的。

And I'm confident that it's a very, very strong delivery operation.

我相信這是一個非常非常強大的交付業務。

And thirdly, it's a big step forward in healthcare and take healthcare to being one of our largest first or so we'll be pulling now I'm pretty sure next year mark.

第三，這是醫療保健領域向前邁出的一大步，並將醫療保健成為我們最大的首要任務之一，所以我們現在將拉動，我很確定明年會實現這一目標。

And as a separate vote call as a result of having done this deal is also one of the more stable sectors through this period.

由於完成這項交易而進行的單獨投票也是這段時期最穩定的行業之一。

So a great area to invest in a very growing business, very healthy, and they have a bunch of accelerators which fit very, very well with us.

因此，這是一個投資快速成長、非常健康的業務的好領域，而且他們有很多加速器，非常適合我們。

And we spend quite a bit of time as a team working through how that would work and the client calls that I did, which was yesterday, we're frankly astounding.

作為一個團隊，我們花了相當多的時間來研究如何運作以及我昨天打的客戶電話，坦白說，我們感到震驚。

They're the best set of client portals that I've ever had going through an acquisition in terms of clients' belief in Galaxy and their ability to deliver.

就客戶對 Galaxy 的信任及其交付能力而言，它們是我收購過的最好的一組客戶入口網站。

I'm saying a lot of plans around how we do the integration properly.

我說的是關於我們如何正確進行整合的許多計劃。

We've done a lot of work on making sure this is the right deal for us in execution terms as well as the strategic side.

我們做了很多工作，以確保這筆交易在執行和策略方面都適合我們。

I just went through, Mark, anything on the financials.

馬克，我剛剛經歷了所有有關財務的事情。

[We are] the 1,600 of people that are going on, both from a high portion of them are in North America.

[我們] 正在參加這個活動的 1,600 人，其中很大一部分人都在北美。

At [$0.3] of head count.

人數為 [$0.3]。

They deliver broadly a similar revenue headed our way to profitability is on similar to Endava, although we will need to invest in our support functions, which has a private business having run very early, but we expect and what it does complete, it is likely to add 4% to our guide full year growth we've just outlined.

他們提供的收入大致相似，我們的盈利方式與 Endava 類似，儘管我們需要投資於我們的支援職能，該職能部門的私人業務很早就開始運營，但我們預計，它所完成的工作很可能使我們剛剛概述的全年成長指南增加4%。

Got it.

知道了。

Thank you for that.

謝謝你。

Thank you.

謝謝。

Bryan Bergin of TD Cowen.

TD Cowen 的布萊恩伯金 (Bryan Bergin)。

On the outlook here or are there also cancellations that have occurred?

關於這裡的前景還是也發生了取消？

Have clients kind of went through their year end period?

客戶是否度過了年底？

Or is this entirely delayed release?

或者這完全是延遲發布？

Because I heard you mention client IT budgets actually, I guess, potentially up this year.

因為我聽說您提到了客戶 IT 預算，我猜今年可能會增加。

So I'm trying to understand the aspect of lost revenue versus delayed growth potential really are some of these bigger programs that you expected to help you with that prior fiscal 4Q growth ramp still on the table in calendar '24, meaning potentially that can cross the line for you in the first half of your fiscal '25?

因此，我試圖了解收入損失與成長潛力延遲之間的關係，這確實是一些更大的計劃，您希望這些計劃能夠幫助您實現之前的第24 財年第4 季度的增長，這意味著可能會跨越25 財年上半年您的路線是？

Thanks, Brian.

謝謝，布萊恩。

I'll let Mark do some of the detail on that.

我會讓馬克做一些細節。

But and you're right, we have seen client budgets, IT budgets up.

但你是對的，我們已經看到客戶預算和 IT 預算增加。

We're just not seeing them spending it yet.

我們只是還沒看到他們花錢。

And that's why some of our confidence about an upturn later in here comes from because there is a backlog of work.

這就是為什麼我們對稍後出現好轉的一些信心來自於工作積壓。

There is budget to go against it and we just need to get through this hesitancy that's everywhere.

有預算來反對它，我們只需要克服這種無處不在的猶豫。

I mean, on the opening question, and when I was talking about the delays in the conversion of pipeline that has been market share, we haven't seen erosion on the base actually for us pricing remains stable despite comments we've heard from other players in the space, and it seems that some sort of larger deals, which for us we monitor deals that are over $5 million or $10 million TCV data.

我的意思是，在開頭的問題上，當我談論管道轉換（即市場份額）的延遲時，我們沒有看到基礎受到侵蝕，實際上我們的定價保持穩定，儘管我們從其他地方聽到了評論該領域的參與者，似乎是某種規模更大的交易，對我們來說，我們監控超過500 萬美元或1000 萬美元的TCV 數據的交易。

So the volume has gone up in number of deals.

因此，交易數量增加。

When we look at it from when we were talking in the diving business and we we've lost a couple, but we have gained some five.

當我們從談論潛水產業的角度來看時，我們失去了一些人，但我們獲得了大約五個人。

So we are up in absolute numbers and the actual value that we now have in the hopper compared with back in November is up by 75% and our much larger deals coming into play.

因此，我們的絕對數量有所增加，與 11 月相比，現在料斗中的實際價值增加了 75%，並且我們更大的交易開始發揮作用。

I mean, I think John referenced some liquidity deal, which was something that we participate with land before Christmas.

我的意思是，我認為約翰提到了一些流動性交易，這是我們在聖誕節前用土地參與的交易。

And we we've only been able to announce David Schulte gives an illustration and one of the issues that we've been facing as we've dealt with the uncertainty of pipeline conversion.

我們只能宣布，大衛舒爾特（David Schulte）給了一個例子，也是我們在處理管道轉換的不確定性時所面臨的問題之一。

Okay.That's helpful.

好的，這很有幫助。

And then on the margin front, if you could talk about near term utilization considerations as you move through the second half here and are you able to quantify the level of investment you're making here in the near term, just to give us a better sense of how much is investment driven versus top line driven.

然後在利潤方面，如果您可以在下半年討論一下近期利用率考慮因素，您是否能夠量化您近期在這裡進行的投資水平，只是為了給我們一個更好的結果了解投資驅動與營收驅動的程度。

Yes.

是的。

So utilization for the current course of the quarter, December was reasonably low and that sort of 67%.

因此，本季 12 月的使用率相當低，約為 67%。

We think it will be in Q3, maybe a little bit below that such say 66%, also sort of bench will be quite high.

我們認為這將是在第三季度，可能會比 66% 低一點，而且替補席也會相當高。

And so the actions that we just announced, they're going to take effect and we'll then divest something that is more normal as we go into Q4.

因此，我們剛剛宣布的行動將生效，然後我們將在進入第四季度時剝離一些更正常的東西。

So we'll be heading up towards the 68%, 69%.

所以我們將朝著 68%、69% 的方向前進。

In terms of investments, we continue to actually invest in ourselves and marketing activities so it is around about a moment about 6% of revenue.

在投資方面，我們繼續對自己和行銷活動進行實際投資，因此大約佔收入的 6%。

We have also with the deal that we have just landed with Galaxy.

我們也剛與 Galaxy 達成了協議。

We've invested quite a lot of money in terms of skill related fees is pretty crunching Q3.

我們在技能相關費用方面投入了大量資金，這在第三季非常關鍵。

And then we have ongoing M&A integration.

然後我們正在進行併購整合。

So we had to before this still in Asia-Pac and North America that we will complete by the year end, but that will continue as we and second for Galaxy, which will roll into FY25.

因此，在此之前，我們仍然必須在亞太地區和北美地區完成這項工作，我們將在年底前完成這項工作，但這將繼續下去，因為我們和銀河第二，它將進入 25 財年。

And then we're looking also a simplification of our processes and systems, and that will be a continual P&L investment for us as well.

然後我們還在尋求流程和系統的簡化，這對我們來說也將是一項持續的損益投資。

And so we just want to get going for the future and make sure that we have some five processes to scale.

因此，我們只想面向未來，確保我們有大約五個流程可以擴展。

Okay.

好的。

Thank you.

謝謝。

James Faucette, Morgan Stanley.

詹姆斯‧福賽特，摩根士丹利。

Hey, guys, thank you for the question.

嘿，夥計們，謝謝你的提問。

This is Antonio Jaramillo on for James Faucette.

我是安東尼奧·哈拉米洛（Antonio Jaramillo），代表詹姆斯·福賽特（James Faucette）發言。

I wanted to dig in more on the marquee client spend, namely around MasterCard and also world play.

我想深入了解大客戶的支出，即圍繞萬事達卡和世界遊戲的支出。

I know previously you had mentioned that was not contemplated in the guide, but I just wanted to ask about that first and then I have a follow-up as well.

我知道您之前提到指南中沒有考慮到這一點，但我只是想先問一下，然後我也有後續行動。

Yes.

是的。

So I mean, it will be facing headwinds in payments as you'd expect with our two largest clients being lost carbon will pay that part.

所以我的意思是，它將面臨付款方面的阻力，正如您所期望的那樣，我們最大的兩個客戶因碳損失而將支付這部分費用。

Those headwinds.

那些逆風。

We must card pay slips two streams of work for certain missions, VocaLink in the UK which came off peak in FY23.

我們必須為某些任務的兩個工作流發放薪資單，例如英國的 VocaLink，該任務在 2023 財年達到了高峰。

And so it is lower than FY23 of our fiscal 23.

因此它低於我們 23 財年的 23 財年。

And that is performing in line with expectations where we are seeing headwinds is in the non VocaLink elements were budgets have been set flat or actually below 23 level.

這與預期相符，我們看到非 VocaLink 元素中的阻力是預算已持平或實際上低於 23 水平。

So we are seeing some come off in terms of what we previously announced with MasterCard.

因此，我們看到我們之前與萬事達卡宣布的一些舉措有所不同。

So we are seeing some areas where we are able to get into new areas of growth, although not at the level that we anticipated back in November and we'll pay a generous has come off slightly from our view in November.

因此，我們看到一些領域能夠進入新的成長領域，儘管沒有達到我們 11 月預期的水平，而且我們將支付慷慨的費用，但與我們 11 月的看法略有不同。

And the transaction has gone through without the fact time backup.

而交易已經完成，沒有事實時間備份。

And as yet, we don't have any concrete plans around the spend that they intend to put in place.

到目前為止，我們還沒有關於他們打算實施的支出的任何具體計劃。

But we expect this to pick up investments as we are centered, but they are less lost some ground to their competitors.

但我們預計，隨著我們的集中，這將增加投資，但他們不會在競爭對手面前失去一些優勢。

But again, it is me say that spend compared to what we anticipated.

但我再說一遍，支出與我們的預期相比。

So it is slightly flat as well.

所以它也稍微平坦。

That's helpful.

這很有幫助。

Thank you.

謝謝。

And then for my follow-up I wanted to ask more on the embedded payments opportunity.

然後，對於我的後續行動，我想詢問更多有關嵌入式支付機會的問題。

I know that you guys have also highlighted that in the past.

我知道你們過去也強調過這一點。

I'm curious if there's any green shoots in that area and what it looks like for the rest of the year, incentive payments is one of the stronger areas.

我很好奇該領域是否有任何新芽以及今年剩餘時間的情況，獎勵金是最強的領域之一。

And if you look under the surface with payments, there are areas like traditional acquiring where the investment has been pulled right back.

如果你仔細觀察支付的表面，你會發現在傳統收購等領域，投資已經被撤回。

Clients are getting by with the existing systems rather than pulling them forward and continuing to invest in the places where they are continuing to invest in the new areas, the open banking areas, the embedded payments areas and so on where they have the opportunity for a more differentiated, higher margin proposition in the market.

客戶正在與現有系統相處，而不是拉著它們前進並繼續投資他們正在繼續投資的新領域，開放銀行領域，嵌入式支付領域等等，他們有機會在這些領域進行投資。市場上更具差異化、更高利潤的主張。

And so that's where we're continuing to see new work coming through.

這就是我們不斷看到新工作的地方。

Great.

偉大的。

Thank you, guys for the questions.

謝謝你們的提問。

Moshe Katri of Wedbush Securities.

韋德布希證券公司 (Wedbush Securities) 的摩西‧卡特里 (Moshe Katri)。

Thanks.

謝謝。

I just wanted to go back and just look at the maybe discuss the Gallus gap.

我只是想回去看看可能討論的捷拉斯差距。

Cox acquisition.

考克斯收購。

You indicated that the revenue per billable headcount and the margins are at par and others.

您表示每位可計費員工的收入和利潤率均等。

But then you also indicated that you needed to make some investments in the business.

但隨後您也表示您需要對該業務進行一些投資。

Should we assume that the acquisition is at least dilutive somewhat dilutive for the first year, given some of the investments that you need to make into them into what you're doing in India?

考慮到您需要將一些投資投入到您在印度所做的事情中，我們是否應該假設收購至少在第一年會稀釋？

Imean in terms of I think I think the guide on EPS for the full year, I don't think it will make a contribution in terms of improving, although we'll do from a revenue perspective.

我的意思是，我認為全年每股收益指南，我認為它不會對改善做出貢獻，儘管我們會從收入的角度來看。

We have to make some investments basically in asset finance function and some of the support functions from taken from the private world up to public company and speed.

我們必須對資產融資功能和一些從私人領域到上市公司的支援功能和速度進行一些投資。

And then again, plugging the Indian offshore capability into the Endava national on the business model, and that will take some investment on our part.

話又說回來，將印度的離岸能力融入 Endava 國家的商業模式中，這將需要我們進行一些投資。

So I think for the near term, it's probably six months or so.

所以我認為短期內可能是六個月左右。

And it won't be just the earnings dilution that I think will be earnings neutral.

我認為獲利中性的不僅僅是獲利稀釋。

But thereafter, we anticipate that it will be earnings positive.

但此後，我們預計它將帶來正收益。

Okay.

好的。

Okay.

好的。

That makes sense.

這就說得通了。

And then I'm looking at client budgets and looking at the pipeline conversion here.

然後我會查看客戶預算並查看管道轉換。

Has anything changed since the quarter ended?

自本季結束以來有什麼變化嗎？

Are we still kind of in a wait-and-see mode or things have changed and in terms of ramp?

我們是否仍處於觀望模式，或者情況已經發生變化，就坡度而言？

Yes.

是的。

And so I mean, there are signs as we getting it through February that the clients are starting to age off a little bit saw in the equity deal that we announced yesterday that got signed wasn't getting signed earlier in the quarter and that clients are looking at their budgets, looking at things that they wanted to and we're seeing some of that come through.

所以我的意思是，有跡象表明，隨著我們進入 2 月份，客戶開始老化，這在我們昨天宣布的股權交易中看到，該交易並未在本季度早些時候簽署，而且客戶正在觀看看他們的預算，看看他們想要的東西，我們看到其中一些已經實現。

I actually think others across the industry are also seeing that we've seen same trend from the States.

事實上，我認為整個行業的其他人也看到我們在美國看到了同樣的趨勢。

Thank you.

謝謝。

Bryan Keane of Deutsche Bank.

德意志銀行的布萊恩·基恩。

Hi.

你好。

Thanks for taking my question.

感謝您提出我的問題。

On market, guess on Galaxy, what's the normalized revenue growth rate of the Company and maybe how is it growing more recently?

在市場上，猜猜銀河公司的正常收入成長率是多少，最近的成長情況如何？

Is it being impacted by the economy?

是否受到經濟影響？

What I'll say is that we have that we've now added December year end amounts.

我要說的是，我們現在已經增加了 12 月的年終金額。

They haven't concluded December 23, but the growth rates that has absorbed it cost us about 10%.

他們還沒有在 12 月 23 日得出結論，但吸收它的成長率讓我們損失了大約 10%。

And the expectation sort of growing into calendar '24 is probably around a 10% to 15%.

預計 24 世紀的成長可能在 10% 到 15% 左右。

And so they are growing quite nicely actually.

所以他們實際上成長得很好。

And as I said, the sort of financial profile is similar to us and they do that with the one caveat is they don't carry and the SG&A that you would expect from an organization like Endava.

正如我所說，這種財務狀況與我們相似，他們這樣做的一個警告是，他們沒有像 Endava 這樣的組織所期望的 SG&A。

So the systems investment I mentioned finance function at least be put in place that we thought might be prohibitive for us because we will just move them onto our platform.

因此，我提到的財務功能的系統投資至少要到位，我們認為這可能對我們來說可能是令人望而卻步的，因為我們只是將它們轉移到我們的平台上。

The one caveat to that is in a different continent.

需要注意的是在不同的大陸。

So we do need to establish some presence there.

所以我們確實需要在那裡建立一些存在。

So that occupancy is good.

所以說入住率還是不錯的。

And I think the growth prospects are good, and I think they're probably against that $200 a Endava ownership than they were.

我認為成長前景很好，而且我認為他們可能會反對每人 200 美元的 Endava 所有權。

And as they were so on a on a on a normalized basis, you think they can grow somewhere near the 20% constant currency revenue growth outlook that you guys think it's possible?

由於他們在正常化的基礎上如此，你認為他們可以成長接近 20% 的恆定貨幣收入成長前景，你們認為這是可能的嗎？

Oh, yes, absolutely.

哦，是的，絕對是。

In fact, we think that as we get to go, there's opportunity across socializing the capabilities of the businesses, the accelerator.

事實上，我們認為，當我們開始行動時，就有機會將企業的能力、加速器社交化。

So I was talking about to actually see opportunities to accelerate both core Endava and the Galaxy business Galaxy because we widen the capability, we give them scale, they do have large clients who have hesitation to spend more with them because of their scale, Endava because of the access to these accelerators that will help us drive a little bit deeper into enterprise transformation with our larger clients.

所以我說的是，實際上看到了加速核心Endava 和Galaxy 業務Galaxy 的機會，因為我們擴大了能力，我們給了他們規模，他們確實有大客戶，由於他們的規模，他們猶豫是否要在他們身上花更多錢，Endava 因為造訪這些加速器將幫助我們與更大的客戶更深入地進行企業轉型。

And so there's some very good revenue opportunities as we combine the businesses on top of the end of Priceline's.

因此，當我們將業務合併到 Priceline 的末端時，就會有一些非常好的收入機會。

Got it.

知道了。

Got it.

知道了。

And then just on the demand question and time line and conversions.

然後就是需求問題、時間表和轉換。

When do you now guys expect maybe that the fire, do you have any visibility to know?

你們現在預計什麼時候會發生火災，你們有能見度嗎？

Is it either at the beginning of calendar year '25?

是在 '25 日曆年初嗎？

Is it kind of a TBD environment out there.

這是一種待定的環境嗎？

Just where do you think the environment could improve at this point?

您認為目前環境還可以在哪些方面得到改善？

Or is it just it's just too uncertain to know.

或者只是太不確定而無法知道。

(technical difficulty)

（技術難度）

Spencer Anson of Susquehanna.

薩斯奎哈納的斯賓塞·安森。

Great, thank you.

太好了謝謝。

And how have you seen the demand environment evolved since macro conditions became more difficult and what should we watch for to get an indication that things might be standing up going forward.

自從宏觀條件變得更加困難以來，您如何看待需求環境的演變？我們應該關注什麼才能獲得未來情況可能會好轉的跡象。

Thank you.

謝謝。

Did you guys hear the question?

你們聽到這個問題了嗎？

Pardon me.

對不起。

This is the conference operator.

這是會議操作員。

We seem to be experiencing a technical issue Please hold while we get speakers reconnected.

我們似乎遇到了技術問題，請稍候，我們將重新連接揚聲器。

Thank you for holding.

謝謝你的堅持。

We do have the speaker line reconnected with.

我們確實重新連接了揚聲器線。

Yes, spencer, please repeat your question.

是的，斯賓塞，請重複你的問題。

How have you seen the demand environment evolve since macro conditions became more difficult?

自從宏觀環境變得更加困難以來，您如何看待需求環境的演變？

And what signs should we look for indicate that that projects might be standing up.

我們應該尋找哪些跡象表明這些項目可能正在經歷考驗。

Thank you.

謝謝。

I suppose at the moment as sort of macros, as we've sort of outlined this, we've seen it through hesitancy and progressing with work.

我想目前作為某種宏，正如我們已經概述的那樣，我們已經透過猶豫和工作進展看到了它。

I guess it has something to do with our exposure, particularly to Europe and U.K. as a follow-up, that is giving people pause.

我想這與我們的曝光度有關，特別是作為後續的歐洲和英國，這讓人們猶豫不決。

And so we're not actually seeing much of a change from that perspective.

因此，從這個角度來看，我們實際上並沒有看到太大的變化。

But actually the work is building up.

但實際上工作正在進行中。

I gave any sort of indication of the top line of bigger deals of building up the size of them a number.

我對擴大交易規模的較大交易的頂線給出了任何形式的指示。

It's just the willingness of clients to commit at this stage.

這只是客戶在此階段做出承諾的意願。

Great.

偉大的。

Thank you.

謝謝。

I'll it back. bThanks very much.

我會把它還回來。 b 非常感謝。

This concludes our question and answer session.

我們的問答環節到此結束。

I would like to turn the conference back over to John Cotterell for any closing remarks.

我想將會議轉回約翰·科特雷爾（John Cotterell）發表閉幕詞。

Yes.

是的。

So thank you all for joining us today.

感謝大家今天加入我們。

And as you can see, we're investing in Endava and also facilitate our return in the medium size to our historical profitability and growth levels and wearing gearing and all that to continue as a leader as takeaways, recount of strength we look forward to speaking to you in our next earnings call.

正如您所看到的，我們正在投資Endava，並促進我們的中等規模企業恢復到我們的歷史盈利能力和增長水平，並穿戴裝備以及所有這些，以繼續作為領導者作為外賣，重述我們期待發言的實力在我們的下一次財報電話會議上向您介紹。

Thank you.

謝謝。

The conference has now concluded.

會議現已結束。

Thank you for attending today's presentation, and you may now disconnect.

感謝您參加今天的演示，您現在可以斷開連接了。