Endava PLC (DAVA) 2024 Q3 法說會逐字稿

Good day and welcome to Endava's, third quarter, of fiscal year 2024 conference call.

美好的一天，歡迎參加 Endava 2024 財年第三季電話會議。

(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 Ms. Laurence Madsen, Head of Investor Relations and ESG.

我現在將會議交給投資者關係和 ESG 主管 Laurence Madsen 女士。

Please go ahead.

請繼續。

Thank you.

謝謝。

Good afternoon, everyone, and welcome to Endava's third quarter of fiscal year 2024 conference call.

大家下午好，歡迎參加 Endava 2024 財年第三季電話會議。

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 Cotterell, and other Chief Executive Officer, and Mark Thurston, Endava's Chief Financial Officer.

今天加入我的還有 John Cotterell 和其他首席執行官，以及 Endava 財務長 Mark Thurston。

Before we begin, a quick reminder to our listeners our presentation and accompanying remarks today include forward-looking statements, including but not limited to, statements regarding our guidance for Q4 fiscal year 2024 and for the full fiscal year 2024 the impact of headwinds facing our industry and business, our ability to capitalize on market opportunities and trends in our industry, including with respect to development of artificial intelligence.

在我們開始之前，請快速提醒聽眾，我們今天的演講和附帶評論包括前瞻性陳述，包括但不限於有關我們對2024 年第四季度和整個2024 財年的指導的陳述，以及我們面臨的不利因素的影響。

Our expectations regarding the impact of our recent acquisition of Galaxy on our business, enhancements to our technology and offering demand from clients for our technology services, our ability to create long-term value for our clients, our people and our shareholders and our business strategies, plans and operations.

我們對最近收購 Galaxy 對我們業務的影響、我們技術的增強以及客戶對我們技術服務的需求、我們為客戶、我們的員工和股東創造長期價值的能力以及我們的業務策略的期望、計劃和行動。

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.

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，並且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取代根據國際財務報告準則呈現的財務資訊。

Reconciliations of such 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.

此類非 IFRS 指標與最直接可比較的 IFRS 指標的調節包含在今天的收益新聞稿和投資者簡報中，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 webcast on our website.

我們網站上的網路廣播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。

Thanks, Laurence.

謝謝，勞倫斯。

I'd like to thank you all for joining us today, and I hope that you're all well because we get started.

我要感謝大家今天加入我們，希望你們一切都好，因為我們已經開始了。

I want to share some perspective on the current environment, which I think we all understand has been very challenging.

我想分享一些對當前環境的看法，我想我們都知道當前環境非常具有挑戰性。

My sense is that we have come off a period of aggressive tech spending.

我的感覺是，我們已經度過了一段激進的技術支出時期。

Post-covid clients now find themselves trying to sort through their spending priorities as they continue to face meaningful macro-economic uncertainty.

後疫情時代的客戶現在發現，由於他們繼續面臨重大的宏觀經濟不確定性，他們正在努力整理自己的支出優先事項。

However, we believe that there is also significant pent-up demand for technology services to undertake and complete digital transformation and to get ready for generative AI, every industry needs to reinvent itself to some extent to take advantage of generative AI.

然而，我們認為，技術服務也存在大量被壓抑的需求，以承擔和完成數位化轉型，並為生成式人工智慧做好準備，每個行業都需要在某種程度上進行自我改造，以利用生成式人工智慧.

But it first requires meaningful investments in technology and data stacks to be ready.

但首先需要對技術和資料堆疊進行有意義的投資才能做好準備。

This transformation goes beyond the digital systems, which mostly sits above the core and enhance customer interactions.

這種轉變超越了數位系統，數位系統主要位於核心之上，並增強了客戶互動。

AI, requires access to the right data and systems to be truly effective and therefore, transformation work.

人工智慧需要存取正確的數據和系統才能真正有效，因此才能實現轉型工作。

Let's go much deeper into the core of the enterprise due to the complexity, uncertainty and risk involved in re-engineering and opening up these core systems.

由於重新設計和開放這些核心系統所涉及的複雜性、不確定性和風險，讓我們更深入地了解企業的核心。

The planning work is therefore, taking much longer before scale production ready projects can be commenced.

因此，規劃工作需要更長的時間才能開始大規模生產準備工程。

All of this has created a pause, a deceleration, but I also think pent-up demand that may be more meaningful than what we have experienced in prior periods.

所有這些都造成了暫停、減速，但我也認為被壓抑的需求可能比我們之前經歷過的更有意義。

While we aren't happy with our share price almost book, I believe these are temporary as long as we maintain our competitive positioning.

雖然我們對我們的股價幾乎帳面不滿意，但我相信只要我們保持競爭地位，這些都是暫時的。

Our approach to this environment has been to continue to invest in our people and our ability to serve our clients and be ready for when the market turns.

我們應對這種環境的方法是繼續投資於我們的員工和我們服務客戶的能力，並為市場轉變做好準備。

That's why we moved to diversify our footprint and delivery with Galaxy and continue to build accelerators that will give us a nimble and very relevant set of solutions for this emerging market.

這就是為什麼我們開始透過 Galaxy 實現業務覆蓋和交付多元化，並繼續打造​​加速器，為我們這個新興市場提供一套靈活且非常相關的解決方案。

Our history has been centered around leading edge technology capabilities, agile development in very fast-growing areas, characterized by meaningful demand and helping our clients [IDH] and innovate key to long-term success in services is a high-quality talent pool that adds real value to clients and with a scale that is relevant to clients as they move from proof of concept to production, but staying nimble and agile, we see our size as a competitive advantage as our entire industry gets ready pivotal yet again, our systems analysis capabilities, patent technology and deep understanding of the industries in which we operate, enable a truly comprehensive enterprise modernization solution that supports our clients' overall business transformation and which we refer to as enterprise transformation.

我們的歷史一直以領先的技術能力、快速成長領域的敏捷開發為中心，其特點是有意義的需求和幫助我們的客戶[IDH]和創新，服務長期成功的關鍵是高素質的人才庫，它增加了為客戶帶來真正的價值，並在客戶從概念驗證轉向生產時具有與客戶相關的規模，但保持靈活和敏捷，我們將我們的規模視為競爭優勢，因為我們的整個行業再次做好了關鍵準備，我們的系統分析能力、專利技術以及對我們所在行業的深入了解，實現了真正全面的企業現代化解決方案，支援客戶的整體業務轉型，我們稱之為企業轉型。

We have been working with our clients to build a truly unique approach to enterprise transformation, which addresses this need for AI, to reached data and processes at the core of the enterprise we use patent technology that facilitates a low risk and controlled end to end transformation of core systems through data-driven decision making.

我們一直在與客戶合作，建立一種真正獨特的企業轉型方法，滿足對人工智慧的需求，達到企業核心的數據和流程，我們使用專利技術來促進低風險和受控的端到端轉型通過數據驅動的決策核心系統。

With these capabilities, we help transform clients' underlying technology, so it becomes more efficient and agile.

憑藉這些能力，我們幫助客戶改造底層技術，使​​其更有效率和敏捷性。

Our bespoke data-led approach not only helps reengineer core technology, but also any legacy business processes.

我們客製化的以資料為主導的方法不僅有助於重新設計核心技術，還有助於重新設計任何遺留業務流程。

The technology supports ensuring that we continue to deliver holistic market-leading enterprise and business modernizations.

此技術支援確保我們繼續提供市場領先的整體企業和業務現代化。

With this tried and tested approach, we decrease overall impact and risk for the customer and to date have delivered visible results to over 150 clients across more than 1,300 systems and with over 650 million lines of codes, clients trust us at a time when they feel very uncertain in the coming quarters, we will discuss more and we are seeing signs that our strategic thinking is going to set us up well catch yet another wave of massive change.

透過這種久經考驗的方法，我們降低了對客戶的整體影響和風險，迄今為止，我們已向1,300 多個系統中的150 多個客戶交付了可見的結果，並擁有超過6.5 億行程式碼，客戶在他們感覺良好的時候就信任我們。變革。

Moving on to our results.

繼續我們的結果。

Let me now provide an update on our business and financial performance for the three months ended March 31, 2024.

現在讓我提供截至 2024 年 3 月 31 日止三個月的最新業務和財務表現。

Our results for the quarter were within revenue guidance with revenue totaling GBP174.4 million, representing an 11.8% year-on-year decrease in constant currency from GBP203.5 million in the same period in the prior year.

我們本季的業績符合營收指引，營收總計 1.744 億英鎊，以固定匯率計算，較上年同期的 2.035 億英鎊年減 11.8%。

We ended the quarter with an adjusted profit before tax for the period of GBP15.5 million, representing an 8.9% adjusted profit before tax margin and our adjusted diluted earnings per share of GBP22, it was above our guidance I'd like to cover in more depth our recent acquisition of Galaxy brings a strong senior executive team in the US, with an excellent track record of winning and growing Fortune 100 relationships.

本季末，我們的調整後稅前利潤為 1550 萬英鎊，調整後稅前利潤率為 8.9%，調整後攤薄每股收益為 22 英鎊，高於我們的指導，我想在更深入我們最近收購的Galaxy 為美國帶來了一支強大的高階管理團隊，他們在贏得和發展財富100 強關係方面擁有出色的記錄。

We are already seeing opportunities emerge, including some early wins together.

我們已經看到機會出現，包括一些早期的共同勝利。

As a reminder, over 70% of Galaxy's revenue comes from clients in the US, healthcare sector, which we believe is a very attractive vertical.

提醒一下，Galaxy 超過 70% 的收入來自美國醫療保健行業的客戶，我們認為這是一個非常有吸引力的垂直行業。

Galaxy leadership has proved successful at penetrating large US-based payer services and pharmaceutical companies.

事實證明，銀河的領導地位在滲透美國大型支付服務和製藥公司方面取得了成功。

Based on conversations with these clients, we believe we will be able to significantly scale the offerings here are some examples of projects.

根據與這些客戶的對話，我們相信我們將能夠顯著擴大產品範圍，以下是一些項目範例。

Galaxy is currently working on for various clients.

Galaxy 目前正在為各種客戶開展工作。

In Healthcare.

在醫療保健領域。

We are working with a leading health insurance plan provider, leveraging Galaxy self-service portal platform to facilitate complex management of pharmacy benefit plans across multiple third-party pharmacy benefit managers.

我們正在與一家領先的健康保險計劃提供者合作，利用 Galaxy 自助服務入口網站平台促進多個第三方藥品福利管理機構對藥品福利計劃的複雜管理。

Additionally, the platform will be used to support the implementation of the new requirements for CMS.

此外，該平台將用於支援 CMS 新要求的實施。

The government agency that regulates Medicare and Medicaid, allowing Medicare members to opt into a monthly payment plan for out-of-pocket expenses.

監管 Medicare 和 Medicaid 的政府機構，允許 Medicare 成員選擇自付費用的每月付款計劃。

Galaxy's platform uniquely derisks the implementation while significantly improving accuracy, regulatory traceability and member experience.

Galaxy 的平台獨特地降低了實施風險，同時顯著提高了準確性、監管可追溯性和會員體驗。

Galaxy is also helping a.

銀河也幫忙了。

Fortune 50, health plan achieve its goal of building a high-performing health services portfolio for delivery of innovative and flexible solutions to their clients.

財富 50 強健康計畫實現了建立高效能健康服務組合的目標，為客戶提供創新和靈活的解決方案。

We are working with the client leadership team to define goals to retire end of life technologies while implementing DevOps enabled cloud centric and product-oriented systems.

我們正在與客戶領導團隊合作，制定退役技術的目標，同時實施支援 DevOps 的雲端中心和產品導向系統。

This is a multiyear initiative focused on providing scalable solutions, driving lower costs and improved quality with zero downtime.

這是一項多年計劃，致力於提供可擴展的解決方案、降低成本並提高質量，同時實現零停機。

Galaxy is working with a leading global bank to accelerate and advance that PPI. migration initiative for the US, operations utilizing our proprietary accelerators.

Galaxy 正在與一家全球領先的銀行合作，以加速和推進 PPI。美國的遷移計劃，使用我們專有的加速器進行操作。

The teams will map business functions, extract business rules, identify data and workflows, map functional dependencies and create testing scenarios and cases for complete future testing coverage.

這些團隊將繪製業務功能、提取業務規則、識別資料和工作流程、映射功能依賴關係並建立測試場景和案例，以實現未來的完整測試覆蓋範圍。

This approach is expected to help the bank reduce transformation costs while improving speed to market and quality.

這種方法預計將有助於該銀行降低轉型成本，同時提高上市速度和品質。

And finally, for a large fintech client, Galaxy is mitigating and eliminating exposure to excessive extended security updates for end-of-life operating systems and database assets by building a sustainable asset lifecycle management process, maximizing automation and integrated tooling.

最後，對於大型金融科技客戶，Galaxy 透過建立可持續的資產生命週期管理流程、最大限度地提高自動化和整合工具，減少和消除報廢作業系統和資料庫資產過度擴展安全更新的風險。

Galaxy's efforts are resulting in a significant cost savings for the client.

Galaxy 的努力為客戶節省了大量成本。

Moving on to an update on technology we recently announced the creation of our Agentic AI.

接下來是技術更新，我們最近宣布創建 Agentic AI。

Industry accelerator internally called Morpheus.

產業加速器內部稱為Morpheus。

We have already been successfully using it as part of both our presales cycle as well as a foundation for quickly helping our clients get value from that AI.

我們已經成功地將其用作售前週期的一部分，並為快速幫助我們的客戶從人工智慧中獲取價值奠定了基礎。

Investments to date, large language models or LLMs and AI. have existed in a black box with little insight into how the systems arrive at the answers they provide, and data is changing this by operationalizing LLMs around data to overcome current areas caused by hallucinations, ensuring that all activity is transparent.

迄今為止的投資、大型語言模型或法學碩士和人工智慧。存在於黑盒子中，對系統如何得出其提供的答案知之甚少，而數據正在通過圍繞數據操作法學碩士來改變這種情況，以克服當前由幻覺引起的領域，確保所有活動都是透明的。

Notable and critically auditable rolling out this accelerator to regulated industries can deliver value in many ways, including helping insurers underwrite policies more efficiently, help analysts with legal or financial research as well as due diligence efforts and drive the development and testing of new health care products.

值得注意且經過嚴格審核的加速器向受監管行業推出這一加速器可以透過多種方式創造價值，包括幫助保險公司更有效地承保保單，幫助分析師進行法律或財務研究以及盡職調查工作，並推動新醫療保健產品的開發和測試。

Multi agent teams represent a significant advancement in AI, technology, allowing for a more dynamic, flexible and comprehensive problem-solving capabilities.

多智能體團隊代表了人工智慧技術的重大進步，可以提供更動態、靈活和全面的問題解決能力。

We say it solving complex industry challenges, optimizing processes and delivering unprecedented value for our clients and their customers.

我們說它解決了複雜的行業挑戰，優化流程並為我們的客戶及其客戶提供前所未有的價值。

AI. is an exciting technology, which we believe will positively impact our clients and businesses.

人工智慧.是一項令人興奮的技術，我們相信它將對我們的客戶和業務產生積極影響。

We are still engaged in demonstrating the art of the possible with AI, we're beginning to see production projects being signed off and investments being made.

我們仍在致力於展示人工智慧的藝術可能性，我們開始看到生產項目的簽署和投資的進行。

This last quarter, we signed new contracts in automotive, health care and sports for a specific project in health care.

上個季度，我們在汽車、醫療保健和體育領域簽署了針對醫療保健特定項目的新合約。

We recently scoped an AI platform that leverages our Morpheus Agentic AI. application accelerator to significantly increase the efficiency of medical trials project.

我們最近確定了一個利用 Morpheus Agentic AI 的 AI 平台。應用加速器顯著提高醫學試驗計畫的效率。

Like these highlight that with the right use case, Endava is well placed to benefit from an exponential increase in opportunities, given the relatively low investment costs and potential high savings for our clients.

這些都強調，只要有正確的用例，考慮到相對較低的投資成本和為我們的客戶帶來的潛在高額節省，Endava 就可以從指數級增長的機會中受益。

Our people are top-notch, and we recently won the Grand Prize in the competition pack together Microsoft fabric, global AI, have this event was a global online hackathon where two participants had the opportunity to build innovative AI solutions using Microsoft data platform fabric, innovative team won with a cloud native data solution, integrating open AI for document analysis, particularly for detecting personally identifiable information and files and damages.

我們的員工都是一流的，我們最近在 Microsoft Fabric 全球 AI 競賽中獲得了大獎，這次活動是一場全球線上黑客馬拉松，兩名參與者有機會使用 Microsoft 數據平台 Fabric 構建創新的 AI 解決方案，創新團隊憑藉雲端原生資料解決方案獲勝，該解決方案整合了開放式人工智慧進行文件分析，特別是檢測個人識別資訊和文件以及損壞情況。

International Women's Day in March was a wonderful moment to recognize women at in dollar each play a significant role in making a difference to our culture with our clients and solutions.

三月的國際婦女節是一個絕佳的時刻，以表彰女性在與我們的客戶和解決方案一起改變我們的文化方面發揮著重要作用。

And in the world of technology, we ran a global campaign under the concept umbrella connect, Inspire rise and over 1,000 fans attended sessions on leadership career growth, mental physical and financial well-being.

在科技領域，我們以「連結」、「激勵崛起」為概念開展了一場全球活動，超過 1,000 名粉絲參加了有關領導力職業發展、身心健康和財務健康的會議。

We received excellent internal feedback on a new training program on the Endava well-being umbrella called mental well-being for leaders that's a program created to help line managers recognized warning signs that mental health issues and their teams, and it provides them with the tools to address the issue.

我們收到了有關 Endava 福祉傘的新培訓計劃（稱為“領導者心理健康”）的出色內部反饋，該計劃旨在幫助直線經理識別心理健康問題及其團隊的警告信號，並為他們提供了工具來解決這個問題。

We ended the quarter with 11,025 employees, a 6.1% decrease from 11,742 in the same period last year.

截至本季末，我們共有 11,025 名員工，比去年同期的 11,742 名員工減少了 6.1%。

In the current environment, our recruitment is focused on areas of demand technology is our how our people are our way and as such, we continue to prioritize professional development by training and upskilling our people in key emerging technologies and techniques such as machine learning, generative, AI, next-gen cloud, cybersecurity, product strategy and sustainable computing in order for them to remain at the leading edge of digital transformation.

在當前環境下，我們的招募重點是需求領域，科技是我們員工的方式，因此，我們繼續優先考慮專業發展，對員工進行機器學習、生成式等關鍵新興技術和技巧的培訓和技能提升。人工智慧、下一代雲端、網路安全、產品策略和永續運算，以便他們保持數位轉型的領先優勢。

I'd like to take this opportunity to thank all and Dobbins for their commitment and determination as we persevere through current 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.

我想藉此機會感謝所有人和多賓斯的承諾和決心，在我們堅持克服當前逆風的過程中，我們將繼續長期管理業務，保持我們的文化和組織健康，並為我們的客戶創造令人興奮的解決方案和他們的客戶。

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 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 Joe. And service revenue totaled GBP174.4 million for the three months ended March 31, 2024, compared to GBP203.5 million in the same period in the prior year, a 14.3% decrease over the same period in the prior year.

謝謝喬。截至2024年3月31日的三個月，服務收入總計1.744億英鎊，而去年同期為2.035億英鎊，較上年同期下降14.3%。

In constant currency, our revenue declined 11.8% from the same period in the prior year within the range we provided to you last quarter and reflected a 5.2% 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 11.8%，處於我們上季度提供給您的範圍內，反映了本季 5.2% 的正無機貢獻。

Sequentially, revenue was down by 4% in constant currency from the previous quarter.

隨後，以固定匯率計算，營收比上一季下降了 4%。

As I reminded, there was no contribution from Galaxy during the quarter just ended.

正如我提醒的那樣，銀河在剛結束的季度中沒有做出任何貢獻。

Loss before tax for the three months ended March 31, 2024, was GBP0.5 million compared to a profit before tax of GBP30.4 million in the same period in the prior year.

截至 2024 年 3 月 31 日的三個月稅前虧損為 50 萬英鎊，而去年同期稅前利潤為 3,040 萬英鎊。

Adjusted profit before tax for the three months ended March 31, 2024, was GBP15.5 million compared to GBP43.4 million for the same period in the prior year.

截至 2024 年 3 月 31 日的三個月調整後稅前利潤為 1,550 萬英鎊，而去年同期為 4,340 萬英鎊。

Our adjusted profit before tax margin was 8.9% for the three months ended March 31, 2024, compared to 21.3% for the same period in the prior year.

截至 2024 年 3 月 31 日的三個月，我們調整後的稅前利潤率為 8.9%，而去年同期為 21.3%。

Adjusted diluted earnings per share was GBP0.22 for the three months ended March 31, 2024, calculated on 58.8 million diluted shares as compared to GBP0.59 for the same period in the prior year, calculated on 58.2 million diluted shares.

截至 2024 年 3 月 31 日止三個月，調整後稀釋每股收益為 0.22 英鎊（以 5,880 萬股稀釋股票計算），而去年同期為 0.59 英鎊（以 5,820 萬股稀釋股票計算）。

Revenue from our 10 largest clients accounted for 34% of revenue for the three months ended March 31, 2024 compared to 33% for the same period last fiscal year.

截至 2024 年 3 月 31 日止三個月，來自 10 家最大客戶的營收佔營收的 34%，而上一財年同期為 33%。

The average spend per client from our 10 largest clients decreased from GBP6.8 million to GBP5.9 million for the three months ended March 31, 2024 as compared to the three months ended March 31, 2023 representing a 13.9% year-over-year decrease in the three months ended March 31, 2024, North America accounted for 30% of revenue, Europe, 28% UK, for 35% and the rest of the world accounted for 7%.

截至2024年3月31日止三個月，我們最大的10家客戶的每位客戶平均支出從截至2023年3月31日止三個月下降了680萬英鎊至590萬英鎊，年減13.9%截至2024年3月31日的三個月下降，北美佔營收的30%，歐洲佔28%，英國佔35%，世界其他地區佔7%。

Revenue from North America declined 19.4% for the three months ended March 31, 2024, over the same period last fiscal year.

截至 2024 年 3 月 31 日的三個月，來自北美的營收比上一財年同期下降了 19.4%。

Comparing the same periods, revenue from Europe grew 0.9%.

與同期相比，來自歐洲的營收成長了0.9%。

UK, declined 22.3%, and the rest of the world grew 3.8%.

英國下降 22.3%，世界其他地區成長 3.8%。

Revenue from Payments declined 27% for the three months ended March 31, 2024, over the same period last fiscal year and accounted for 24% of revenue.

截至 2024 年 3 月 31 日的三個月，支付收入比上一財年同期下降了 27%，佔營收的 24%。

Revenue from banking and capital markets declined 24.2% for the three months ended March 31, 2024, over the same period last fiscal year and accounted for 14% of revenue.

截至2024年3月31日的三個月，來自銀行和資本市場的營收比上一財年同期下降了24.2%，佔營收的14%。

Revenue from insurance grew 1.7% for the three months ended March 31, 2024, over the same period last fiscal year and accounted for 9% of revenue.

截至2024年3月31日的三個月，保險收入較上一財年同期成長1.7%，佔營收的9%。

Revenue from [TI and TI] declined 4% for the three months ended March 31, 2024, over the same period last fiscal year and accounts for 24% of revenue.

截至 2024 年 3 月 31 日的三個月，[TI 和 TI] 的營收比上一財年同期下降了 4%，佔營收的 24%。

Revenue from mobility declined 22.4% for the three months ended March 31, 2024 over the same period last fiscal year and accounted for 10% of revenue.

截至2024年3月31日的三個月，行動收入比上一財年同期下降了22.4%，佔營收的10%。

Revenue from other grew 3.2% for the three months ended March 31, 2024, over the same period last fiscal year and accounts for 19%.

截至2024年3月31日的三個月，其他營收較上一財年同期成長3.2%，佔19%。

Our adjusted free cash flow was GBP2.2 million for the three months ended March 31, 2024, compared to GBP21.2 million during the same period last fiscal year.

截至 2024 年 3 月 31 日的三個月，我們調整後的自由現金流為 220 萬英鎊，而上一財年同期為 2,120 萬英鎊。

Our cash and cash equivalents at the end of the period totaled GBP119 million at March 31 to 8.4 compared to around GBP164.7 million at June 30, 2023.

截至 3 月 31 日至 8.4 日，我們的現金和現金等價物總額為 1.19 億英鎊，而 2023 年 6 月 30 日約為 1.647 億英鎊。

In April, we used GBP129 million of our cash balance towards the acquisition of Galaxy capital expenditure for the three months ended March 31, 2024, as a percentage of revenue was 0.8% compared to 2% in the same period last fiscal year.

4月份，我們使用現金餘額中的1.29億英鎊用於收購Galaxy，截至2024年3月31日止三個月的資本支出佔收入的百分比為0.8%，而上一財年同期為2%。

Now turning to our outlook for Q4 and the full year fiscal '24, when we announced our guide in February, we did not include the contribution from Galaxy, which at the time remains subject to regulatory approval on the 10th of April following the expiration of the required waiting period under the US, Hart-Scott-Rodino Antitrust Improvements Act of 1976, we closed the transaction.

現在轉向我們對第四季和24 財年全年的展望，當我們在2 月宣布我們的指南時，我們沒有包括銀河的貢獻，當時銀河的貢獻仍需在4 月10 日到期後獲得監管部門的批准。

So, the Q4 guide includes the contribution from Calix gliding guide, including Galaxy, represents sequential growth of 12% to 13% at the bottom and top of the range, excluding Galaxy guide, otherwise shown remains flat compared to Q3.

因此，第四季度指南包括 Calix 滑行指南（包括 Galaxy）的貢獻，代表該範圍底部和頂部的環比增長 12% 至 13%（不包括 Galaxy 指南），否則與第三季度相比仍持平。

Our guidance for Q4 fiscal year 2024 as follows Endava expects revenue to be in the range of GBP195 million to GBP197 million, representing constant currency revenue growth of between 3.5% and 4.5% on a year over year basis, Endava expects adjusted diluted EPS stay in the range of 22 to 23 per share.

我們對2024 財年第四季的指導如下Endava 預計收入將在1.95 億英鎊至1.97 億英鎊之間，這意味著固定貨幣收入同比增長在3.5% 至4.5% 之間，Endava 預計調整後的攤薄每股收益將維持在每股 22 至 23 之間。

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 GBP741 million to GBP743 million, representing constant currency revenue decrease between 4.5% and 4.0% on a year-over-year basis.

Endava 預計營收將在 7.41 億英鎊至 7.43 億英鎊之間，以固定匯率計算營收年減 4.5% 至 4.0%。

David expects adjusted diluted EPS to be in a range of [GBP113 to GBP114] per share this above guidance for Q4 fiscal year 2024 and the full fiscal year 2024 assumes the exchange rates on April 30, 2024, foreign exchange rate was GBP1, USD1.25 and EUR1.17.

David 預計調整後的稀釋每股盈餘將在每股[113 至114 英鎊] 範圍內，高於2024 年第四季財年和整個2024 財年的指導，假設匯率為2024 年4 月30 日，外匯匯率為1 英鎊，1 美元。

This concludes our prepared comments.

我們準備好的評論到此結束。

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

接線員，我們現在準備開通問答線路。

We will now begin the question-and-answer session to ask a question.

我們現在將開始問答環節來提出問題。

(Operator Instructions).

（操作員說明）。

Jonathan Lee with Guggenheim Securities.

古根漢證券公司的喬納森李。

Great.

偉大的。

Thanks for taking our questions.

感謝您回答我們的問題。

Can you help us understand how the integration of Galaxy solutions is progressing?

您能否幫助我們了解 Galaxy 解決方案的整合進度如何？

And can you remind us of the revenue and EPS stations over the next few quarters?

您能否提醒我們未來幾季的營收和 EPS 站？

Sure.

當然。

So, I'll pick up on what the how the integration is going on in law that ceases talk about the revenue and so on.

因此，我將了解法律上的整合是如何進行的，不再談論收入等等。

And so it's actually going very, very well.

所以它實際上進展得非常非常順利。

We are already winning business together.

我們已經在共同贏得業務。

One contract that we signed for a European telco.

我們與一家歐洲電信公司簽署的合約。

It was enabled by the fact that we have footprint in India now and because of the telcos, they are completely operating out of India in the space where we've done that piece of business, which is a call center AI a deal where we are now doing discovery for them.

這是因為我們現在在印度有足跡，而且由於電信公司的原因，他們完全在印度以外的地方運營，我們已經完成了這項業務，即呼叫中心人工智能，這是我們正在做的交易現在為他們做發現。

So plus we have others that are in the contracting phase.

此外，我們還有其他處於簽約階段的項目。

We're also seeing opportunities in expanding across Galaxy customers.

我們也看到了向 Galaxy 客戶擴展的機會。

Essentially a couple of customers who are moving off of their preferred supplier lists and so that we can take larger pieces of work and have more prioritization from them.

本質上是一些客戶正在從他們的首選供應商名單中移出，這樣我們就可以承擔更大的工作，並從他們那裡獲得更多的優先事項。

And the diversification of geo and industry footprint is helpful, and you'll start to see that coming through in the quarters ahead and finally, as I touched on in the opening remarks, the our enterprise transformation proposition has been significantly strengthened, and we're getting a lot of interest has in more than 10 customers that we're talking to about those services and following that strengthening.

地理和行業足跡的多樣化是有幫助的，您將開始看到在未來幾個季度中實現這一點，最後，正如我在開場白中提到的那樣，我們的企業轉型主張得到了顯著加強，並且我們'我們正在與 10 多個客戶討論這些服務並關注這些服務的強化，他們對此產生了濃厚的興趣。

So, we're very, very positive about the Galaxy deal and the organic opportunities that it's going to give us going forward.

因此，我們對銀河交易以及它將給我們帶來的未來有機機會非常非常樂觀。

So, I'm paying Janothan, And so, as I said in the prepared comments, the quarter-on-quarter growth is about 12% and 13% at the high end of the guide.

所以，我付錢給賈諾森，所以，正如我在準備好的評論中所說，季度環比增長約為 12% 和 13%，處於指南的高端。

Galaxy represents about sort of [GBP0.12] of stock comp lift.

Galaxy 代表了約 [GBP0.12] 的股票比較提升。

So that's about sort of GBP21 million run rate on the revenue perspective as we sort of signaled at the time of the last call, integration costs are expected to be reasonably heavy this quarter as it is negligible to zero EPS contribution in the quarter.

因此，從收入角度來看，這大約是2100 萬英鎊的運行率，正如我們在上次電話會議時所暗示的那樣，預計本季度的整合成本將相當沉重，因為本季度的每股收益貢獻為零可以忽略不計。

I think as we go through into FY '25, we should start to go through the integration process that gross margins and the adjusted PBT should move up towards the Endava level.

我認為，當我們進入 25 財年時，我們應該開始經歷整合過程，毛利率和調整後的 PBT 應上升至 Endava 水準。

But it is too early to call out a metric on that at this stage.

但現階段對此提出衡量標準還為時過早。

But certainly, that gross margins will be in line with where we are in

但可以肯定的是，毛利率將與我們所處的位置一致

[Java.]

[爪哇。

Appreciate the details there as a follow-up, what in your customer conversations gives you confidence in achieving your fiscal '24 outlook, especially as we think about potential delays in ramping up projects that may already be committed versus some of the prepared remarks around pent-up demand and potentially increasing discretionary spend?

作為後續行動，請欣賞其中的細節，您的客戶對話中的哪些內容讓您對實現24 財年展望充滿信心，特別是當我們考慮到可能已經承諾的項目可能會出現延遲，以及圍繞待定項目準備的一些評論時需求增加和可自由支配支出可能增加？

Yeah, sure.

好，當然。

I mean, the fiscal year '24 in our last quarter, so I just over a month ago and therefore, within our guide.

我的意思是，24 財年是我們的最後一個季度，所以我在一個多月前，因此在我們的指導範圍內。

We have a very high proportion that is contracted and committed as we call it, and Mark can touch on the numbers in a moment, but that visibility and the work that we're currently doing is what gives us the confidence around the current quarter guide that we have, which leads to the full fiscal year?

正如我們所說，我們有非常高的比例是簽約和承諾的，馬克可以馬上談到這些數字，但這種可見性和我們目前正在做的工作讓我們對當前季度指南充滿信心我們有什麼，這會導致整個財政年度？

Yeah, I think they become tractor committed percentage is 99% of mankind.

是的，我認為他們成為拖拉機的比例是人類的 99%。

So it's at a high level coverage when you compare with the historic norms.

因此，與歷史標準相比，它的覆蓋率很高。

Yes, that's helpful to appreciate that guys.

是的，欣賞這些人很有幫助。

Bryan Bergin with TD Cowen

布萊恩·伯金 (Bryan Bergin) 和 TD Cowen

Good morning, everyone, and thank you on that, and they'll start with demand.

大家早安，謝謝你們，他們將從需求開始。

So could you kind of give us a sense since you last reported how that client behavior is progress, particularly and deal closure in deal ramps as you've gone past March and April May.

那麼，自從您上次報告客戶行為的進展以來，您能否給我們一些了解，特別是隨著您過去三月和四月五月的交易量增加，交易完成情況如何。

Can you talk about the conversations you're having with clients and understand you noted a flattish 4Q growth ex Galaxy.

您能否談談您與客戶的對話，並了解您注意到 Galaxy 的第四季度成長持平。

Can you just share any thoughts on how your sequentials may progress as you work through the balance of calendar '24?

您能否分享一下您在 24 日曆年的剩餘時間裡，您的連續劇可能會如何進展的想法？

Yeah.

是的。

So, on clients' behavior is actually picking up a little bit even in the perhaps worth unpacking the dynamics of discussed this on previous calls, of our business, which is that we have projects and programs I'm running with clients and there's a natural closure as some of those complete.

因此，客戶的行為實際上有所上升，甚至在我們業務的先前電話會議中討論過的動態中，我們的業務也可能值得展開，即我們有與客戶一起運行的項目和計劃，並且有一個自然的過程其中一些完成後關閉。

And so, each quarter, there's a sort of downward pressure, which we overcome with the new business that's coming through.

因此，每季都會出現某種下行壓力，我們透過新業務來克服這種壓力。

And so the discretionary spend, as I was calling out or the new spend by clients needs to be larger than the amount that's dropping off each quarter for us to drive growth.

因此，正如我所說，可自由支配的支出或客戶的新支出需要大於每季下降的金額，才能推動成長。

And clearly, we've had a series of quarters where that has been lower.

顯然，我們已經經歷了一系列較低的季度。

In fact, it's been very quiet, indeed, leading to the dropped quarter on quarter and with the flattening off, that is showing that some of that discretionary spend is coming through and impacting the quarter, not as much as we'd like.

事實上，它確實非常安靜，導致季度環比下降，並且趨於平緩，這表明一些可自由支配支出正在通過並影響本季度，但沒有我們希望的那麼多。

But I think it is early signs that some of that is coming through and a strengthening underlying environment, the actual customer conversations, and we continue to build a backlog of business where we have done discovery work and where clients are still making their decisions about whether to go ahead with the programs.

但我認為這是早期跡象，表明其中一些正在發生，並且正在加強基礎環境，實際的客戶對話，我們繼續建立積壓的業務，我們已經完成了發現工作，客戶仍在做出是否要這樣做的決定。

And then I touched on some of the in the opening remarks that continues and it and it is now a larger backlog than it was at the end of last quarter.

然後我在開場白中談到了一些仍在繼續的問題，現在積壓的數量比上季末還要多。

And that gives us confidence that at some point it needs to break through.

這讓我們相信在某個時候它需要突破。

And that confidence based on the fact that if clients with revenues but the money they on building out the production systems, they wouldn't continue to spend money on the discovery work that we're doing with them.

這種信心是基於這樣一個事實：如果客戶有收入，但他們有錢建造生產系統，他們就不會繼續花錢在我們與他們一起進行的發現工作上。

And the total numbers, I think I saw that the visibility on brine.

至於總數，我想我看到了鹽水的可見度。

So you can tell with that at the moment, the high level of contractual committed coverage at 99% times, certainly near term.

因此，目前您可以看出，合約承諾覆蓋率高達 99%，短期內肯定是如此。

Looking into the first quarter that we are we have stronger visibility and I think it comes back again to this pipeline conversion issue where we're adding to the pipeline.

回顧第一季度，我們有更強的可見性，我認為這又回到了我們正在添加管道的管道轉換問題。

It is growing.

它正在增長。

It is the velocity at which it proceeds through to signed and initiated work that continues to be the issue.

簽署和啟動工作的速度仍然是問題所在。

And so, in terms of sequential growth, when we anticipate the uptick, it is difficult to sell live and obviously we'll be giving clearer guidance when we get to September when we give our full year results and outlook for our current fiscal year to June '25.

因此，就環比成長而言，當我們預計成長時，很難現場銷售，顯然，當我們到 9 月時，我們將給出更明確的指導，屆時我們將提供全年業績和當前財年的前景25 年6 月。

Okay, understood.

好的，明白了。

I guess as we think about gross margin inputs.

我想當我們考慮毛利率投入時。

We understand Central Europe has become more expensive as a result of the word, Ukraine, can you just maybe talk about how you're navigating that just given your leading scale particularly in Romania, is that market becoming more crowded from a talent acquisition standpoint?

我們知道，由於烏克蘭這個詞，中歐的成本變得更加昂貴，您能否談談您是如何應對的，鑑於您的領先規模，特別是在羅馬尼亞，從人才獲取的角度來看，該市場是否變得更加擁擠？

So you're right, I'm not sure where you're picking up that Central Europe has become more expensive, certainly not true for us.

所以你是對的，我不確定你從哪裡得知中歐變得更加昂貴，這對我們來說當然不是這樣。

It may be there are other organizations who previously operated further east than us.

可能還有其他組織以前在比我們更東的地方開展活動。

We've got to move west into more expensive territories and that's pushed up the Central European costs.

我們必須向西遷移到更昂貴的地區，這推高了中歐的成本。

But for us, we have these to do that.

但對我們來說，我們有這些來做到這一點。

In fact, the night given the current environment and the lower demands that are going on, we're not seeing inflationary impact in Central Europe at all at the moment.

事實上，考慮到當前的環境和當前較低的需求，我們目前根本沒有看到中歐出現通膨影響。

Okay, appreciate that.

好的，謝謝。

Thank you.

謝謝。

Ryan Potter with Citi.

花旗銀行的瑞安波特。

Hey, thanks for taking my question.

嘿，謝謝你回答我的問題。

Just kind of looking across your verticals and the payments vertical looks to be where you're still seeing some of the most demand pressure.

只要縱觀一下您的垂直行業，您就會發現支付垂直行業仍然面臨最大的需求壓力。

So wondering if you could dive a little deeper into the trends you're seeing there?

那麼想知道您是否可以更深入地了解您在那裡看到的趨勢？

And what would it take to start to see recovery there?

怎樣才能開始看到復甦？

And also, in terms of some of your larger clients in the vertical through your comment on Worldpay now that its majority stake is complete, if you're seeing any improvement there?

另外，就您在垂直領域的一些較大客戶而言，透過您對 Worldpay 的評論，現在其多數股權已經完成，您是否看到了那裡的任何改進？

And then also if MasterCard's remained largely stable?

那麼萬事達卡的表現是否基本上保持穩定呢？

Thanks.

謝謝。

I'll let John talk about sort of payments and Comstock, two largest clients plus going well and then picked up the balance of the portfolio.

我會讓約翰談談付款方式和康斯托克，兩個最大的客戶，進展順利，然後取得了投資組合的平衡。

Yeah, so on MasterCard, it remains the story of the work that we're doing on the RTP.

是的，對於萬事達卡，這仍然是我們在 RTP 上所做的工作的故事。

The Real-Time Payments business continues to just slowly decline and is offset by further growth in work with the rest of MasterCard.

即時支付業務繼續緩慢下滑，但被與萬事達卡其他部門合作的進一步成長所抵消。

And it's actually very healthy growth with the multicloud work outside of the LTP. space, just from a sum of all that and initial start point.

LTP 以外的多雲工作其實是非常健康的成長。空間，只是從所有這些的總和和初始起點開始。

So the one isn't quite balancing the other, meaning that we're seeing a slight decline across the overall most coal portfolio.

因此，其中一個並不能完全平衡另一個，這意味著我們看到整體大多數煤炭投資組合略有下降。

But I think the relationship remains very healthy and underneath the surface, we're breaking into more of our costs at MasterCard.

但我認為這種關係仍然非常健康，在表面之下，我們正在支付更多萬事達卡的費用。

So, for the longer-term future.

所以，為了更長遠的未來。

It's actually very healthy in well pay and we are seeing the first signs of the work coming from that spin-off and we'll pay are receiving some of the funding around the restructuring that they've been planning, and we are working with them on mine planning, how they how we can help them execute on that and we're hopeful that we'll see a reasonable amount of that work being Norway.

實際上，薪酬非常健康，我們看到了分拆帶來的第一個跡象，我們將收到一些圍繞他們一直在計劃的重組的資金，我們正在與他們合作關於礦山規劃，我們如何幫助他們執行該計劃，我們希望我們能看到挪威承擔合理數量的工作。

Canada income, if you look at the rest of the portfolio is flat progress, very close banking, capital markets, insurance and [TNT. one] area where we saw a sequential decline was any liability on Annapolis, most notable in North America at a place.

加拿大收入，如果你看看投資組合的其餘部分，進展平平，銀行業、資本市場、保險和[TNT。其中一個]我們看到連續下降的領域是安納波利斯的任何責任，這是北美最引人注目的一個地方。

The comments we made last quarter's earnings were a mixture of a large client coming off peak activity in the logistics space.

我們對上季收益的評論是大客戶擺脫物流領域高峰活動的綜合結果。

And we made some comments about and airlines where, again, there is some conservatism around spend and rolling out programs due to the sort of macro-outlook, which has just come to them and fruition for want of a better word.

我們對航空公司發表了一些評論，由於宏觀前景的原因，航空公司在支出和推出計劃方面存在一些保守主義，這種宏觀前景剛剛降臨到他們身上，並且由於缺乏更好的詞而實現。

And then in automotive, again, we are seeing delayed decision-making given choices of technologies, those are the real sort of key drivers in that mobility, both in terms of the rest of the portfolio, it is relatively sort of flat off on those two areas.

然後在汽車領域，我們再次看到考慮到技術選擇的延遲決策，這些是移動性的真正關鍵驅動因素，無論是在投資組合的其餘部分方面，在這些方面都相對平穩。

Got it.

知道了。

I guess maybe shifting to margins.

我想也許會轉向邊緣。

The fiscal '24 EPS outlook midpoint was lowered here.

24 財年每股收益預期中點已下調。

Could you provide some details on the factors that are driving this, like how much is coming from potentially lower margin expectations?

您能否提供一些有關推動這一趨勢的因素的詳細信息，例如有多少來自潛在較低的利潤預期？

You comment on your margin expectations for 4Q and '24 versus maybe higher interest expense, certain integration costs from Galaxy.

您評論了第四季度和 24 年的利潤率預期，以及可能更高的利息支出和 Galaxy 的某些整合成本。

And then on the margin side, what drivers do you have to improve margins from here, whether it be improved utilization or anything else to call out as you head into fiscal '25.

然後在利潤方面，您需要哪些驅動因素來提高利潤，無論是提高利用率還是在進入 25 財年時需要指出的其他因素。

Okay.

好的。

So, it was a big EPS base, and we did much better on our G&A savings.

因此，這是一個很大的每股收益基礎，而且我們在管理費用節省方面做得更好。

So we were secured through restructuring quicker savings than anticipated at the time to guide.

因此，我們透過重組確保了比當時預期更快的節約。

And also the tax rate was significantly lower than anticipated at 18%.

而且稅率為 18%，遠低於預期。

And Jason, the release of a tax provision, which is one-off in nature.

傑森（Jason）發布了一項稅收條款，該條款本質上是一次性的。

Now in terms of what we see going out into Q4 and is this includes Galaxy's, we'll see some improvement in the gross margin probably up to between sort of a GBP0.33, GBP0.34. As we continue to reduce bench.

現在，就我們第四季的情況而言（包括 Galaxy 在內），我們將看到毛利率有所改善，可能達到 0.33 英鎊至 0.34 英鎊之間。隨著我們繼續減少替補。

There isn't anything really in terms of pricing uplift effect in Africa, but that reduction in bench will lead to improved utilization.

非洲並沒有真正的價格提升效應，但板凳數量的減少將導致利用率的提高。

And so, this.

所以，這個。

We will continue with our sort of restructuring throughout the year.

我們將在全年繼續進行此類重組。

I mean as that program back in February, so we will continue with that.

我的意思是，正如二月的計劃一樣，我們將繼續下去。

So that will give us some upside.

這會為我們帶來一些好處。

And then I think our SG&A will start to normalize as well.

然後我認為我們的銷售及管理費用也將開始正常化。

Sort of guide implies at the moment for Q4 that there's not a significant uplift in adjusted PBT margin and given that we've got a heavy sort of integration budget with Galaxy at the moment thereafter, I think we start to improve as we go through our next fiscal year in terms of the gross margin improvements and the leverage from SG&A that we get through that through integration accounts.

某種程度上的指導暗示，目前第四季度調整後的PBT 利潤率並沒有顯著提升，而且考慮到我們目前與Galaxy 的整合預算很重，我認為我們在經歷我們的業務後開始有所改善。

Got it.

知道了。

Thanks again.

再次感謝。

Maggie Nolan with William Blair.

瑪吉·諾蘭與威廉·布萊爾。

Thank You.

謝謝。

Do you have a multiyear target for percentage of count in terms of geographic distribution that you're working towards?

您是否有一個關於您正在努力實現的地理分佈計數百分比的多年目標？

And so our expectation over time is that we will diversify from across the globe.

因此，隨著時間的推移，我們的期望是我們將在全球範圍內實現多元化。

And currently we are concentrated in Central Europe relative to all other global and delivery locations and particularly concentrates in Romania where about a third of our staff are now, and we expect those all to continue to grow.

目前，相對於所有其他全球和交付地點，我們主要集中在中歐，特別是集中在羅馬尼亞，目前我們約有三分之一的員工都在羅馬尼亞，我們預計這些人將繼續成長。

But as the business expands, we also expect to see [Latam] move up as a proportion of our business.

但隨著業務的擴展，我們也期望看到[拉丁美洲]在我們業務中所佔的比例上升。

And then over time, the delivery capabilities out of Asia Pac mainly in Vietnam and India now will start to move up very much sticking to the Spirit, our delivery model and the delivery approach.

隨著時間的推移，亞太地區（主要是越南和印度）的交付能力將開始大幅提升，並堅持「精神」、我們的交付模式和交付方法。

So we currently have we're not looking to shift the markets that we're operating in because of that geographic, the mix changing.

因此，我們目前不打算因為地理、組合的變化而改變我們正在經營的市場。

Thank you.

謝謝。

And as we approach the end of year fiscal year in June.

隨著六月財政年度接近年底。

Can you remind us kind of what the typical method is in terms of how you'll build the guidance for your next fiscal year?

您能否提醒我們一下，在如何制定下一財年的指導方面，典型的方法是什麼？

Are you taking any additional consideration?

您還有其他考慮嗎？

And under your view, given that the visibility has been quite limited in recent quarters, when you think about how you'll build guidance for next year?

在您看來，鑑於最近幾季的可見度相當有限，您何時考慮如何為明年制定指導？

Yes, as always today and talking more recent history and a track record of basin race so on, we are going to be cautious basically in our guidance as we go forward and part of that is because we've done a sizable acquisition and we've got to see further integration charges.

是的，像今天一樣，談論最近的歷史和盆地比賽的記錄等，我們在前進的過程中基本上會在我們的指導中保持謹慎，部分原因是我們已經進行了相當大的收購，並且我們'我們必須看到進一步的整合費用。

And so, we will aim to sort of guide appropriately.

因此，我們將致力於提供適當的指導。

So, I think as we go through the integration process between now and September.

所以，我認為從現在到九月我們都會經歷整合過程。

As we sort of form that view for the fiscal, we'll guide appropriately so that we hopefully don't deliver any surprises.

當我們對財政形成這種看法時，我們將進行適當的指導，以便我們希望不會帶來任何意外。

Thank you.

謝謝。

Puneet Jain with JPMorgan.

摩根大通的普尼特‧賈恩 (Puneet Jain)。

Hey, thanks for taking my question.

嘿，謝謝你回答我的問題。

So John, you talked about you gave us a helpful perspective on how generic could be hurting near-term demand and yet it represents significant medium-term growth opportunities for the sector.

約翰，你談到你給了我們一個有用的視角，讓我們了解仿製藥如何損害短期需求，但它代表了該行業重要的中期成長機會。

Could you review for us why Endava or maybe digital engineering companies as a group have a right of in this new AI, it's like what type of work you expect you will do and why like the Endava or digital engineering companies that are what are the right names to be doing that for clients?

您能否為我們回顧為什麼 Endava 或數位工程公司作為一個整體擁有這種新人工智慧的權利，就像您期望自己會做什麼類型的工作以及為什麼像 Endava 或數位工程公司一樣是正確的名字會為客戶做這件事嗎？

Yeah, great question and a relevant.

是的，很好的問題並且相關。

So, the way we see it is that if you look at what digital transformation has been over, the last 20 years, it has largely for a lot of the enterprise customers thinking around creating a layer over the top of the enterprise core a has enabled improved customer interaction driven revenue and so hugely valuable to them.

因此，我們的看法是，如果你看看過去20 年數位轉型的情況，你會發現，對於許多企業客戶來說，很大程度上他們正在考慮在企業核心之上創建一個層，這使得數位轉型成為可能。

And you know, we've been one of the organizations that's really benefited from helping drive change across that.

您知道，我們是真正從幫助推動變革中受益的組織之一。

Talk to air as we get into a eye and it will need to drill into the systems, the data and the processes that exist in the core and also to provide the quality of that change.

當我們進入眼睛時與空氣交談，它將需要深入核心中存在的系統、數據和流程，並提供這種變化的品質。

The business benefit that you can get out of a you've got to get to the data that's in the core and organizations who already have a very flexible core newer organizations typically are going to find it much easier to adopt AI and roll out the benefits that the larger enterprise to have the more let's say, legacy coal.

你可以從核心數據中獲得商業利益，而那些已經擁有非常靈活的核心的新組織通常會發現採用人工智慧並推出優勢要容易得多規模越大的企業擁有的煤炭就越多。

And so the opportunity is for the organization to have both the digital transformation capability that we've demonstrated over so many years and the core modernization capability.

因此，組織有機會同時擁有我們多年來所展示的數位轉型能力和核心現代化能力。

Now what I was highlighting in the my preliminary remarks was that Endava is actually incredibly well positioned for this.

現在，我在初步評論中強調的是，Endava 實際上在這方面處於非常有利的位置。

And we have over the last 10 to 15 years been building a whole optimization suite and which we have characterized with many customers, 150, as I highlighted, across 1,300 systems.

在過去的 10 到 15 年裡，我們一直在建立一個完整的優化套件，並且我們已經向許多客戶（正如我強調的那樣，在 1,300 個系統中的 150 個客戶）中描述了該套件的特點。

And that actually enables in a data-driven way to understand what the important system actually works, and kind of what changes need to be made to make them more flexible and opened up.

這實際上能夠以數據驅動的方式了解重要係統的實際工作原理，以及需要進行哪些更改才能使它們更加靈活和開放。

So that data is available to them to the AI. that's coming.

這樣人工智慧就可以使用這些數據。即將到來。

So, you put those two things together, you've got digital transformation taking a kick from the AI. wave that's coming through and all the new ways of doing customer interaction, driving automation and so on that it's going to open up and the core modernization capability that's needed.

因此，將這兩件事放在一起，你就可以從人工智慧的推動下實現數位轉型。即將到來的浪潮，以及將開放的所有進行客戶互動、驅動自動化等的新方式以及所需的核心現代化能力。

And we see ourselves as being in a uniquely almost differentiated position against against are competitors out there.

我們認為，與其他競爭對手相比，我們自己處於幾乎獨特的差異化地位。

Got it.

知道了。

That's very helpful.

這非常有幫助。

And then your headcount was down give-or-take about 5% this quarter on a sequential basis.

然後，本季您的員工人數較上季下降了約 5%。

How does utilization look like right now versus your target?

與您的目標相比，現在的利用率如何？

I think Mark you mentioned there is some scope to improve utilization in Q4.So, can you talk about utilization rate right now versus your targets?

我想馬克你提到第四季的利用率還有一定的提高空間。

Yeah, I mean so utilization of moment is still pretty sort of stable since about 66, 67 for the quarter just come on our bench is pretty low.

是的，我的意思是，力矩的利用率仍然相當穩定，因為本季我們的替補席上大約有 66、67 人，相當低。

And currently about a half is a high enough percentage so to speak and so it will remain at that sort of level of bench, maybe a little bit lower.

目前大約一半的比例可以說是足夠高的，因此它將保持在替補席的水平，也許會低一點。

But most of our margin improvement is going to come from greater utilization basically spent historically when we've been delivering good margins, we have been up at the high 60s and typically a percentage movement in utilization.

但我們的利潤率改善大部分來自於更高的利用率，基本上在歷史上，當我們提供良好的利潤率時，我們一直在 60 多歲的高位，並且利用率通常會發生百分比變化。

All things being equal is two percentage point improvement on it.

在所有條件相同的情況下，它只提高了兩個百分點。

Gross margin.

毛利率。

Again, one more [caveat] around that.

再一次，圍繞這一點還有一個[警告]。

We are integrating Galaxy and so we need a stronger hold around the metrics, operating metrics of our business and but I think what we said is largely going to hold true for them as well.

我們正在整合 Galaxy，因此我們需要對我們業務的指標和營運指標進行更強有力的控制，但我認為我們所說的話在很大程度上也適用於他們。

But thank you again.

但再次謝謝你。

Bryan Keane with Deutsche Bank.

德意志銀行的布萊恩·基恩。

Yeah, hi, Mark.

是的，嗨，馬克。

Just wanted to ask on gross margin.

只是想問一下毛利率。

I think it fell below the 30% threshold in the quarter, which was a little below.

我認為本季跌破了 30% 的門檻，這個門檻略低。

We were expecting was there any call-outs just for the quarter itself that I know you're talking about an improvement sequentially, but just trying to figure out the quarter itself quiet by itself?

我們預計是否會有任何針對該季度本身的呼籲，我知道您正在談論連續的改善，但只是想弄清楚該季度本身是否安靜？

It stood for, but I missed why are we guiding?

它代表，但我錯過了我們為什麼要引導？

So I did see how you got your number.

所以我確實看到了你是如何得到你的電話號碼的。

We think it's on adjusted basis, 31.5%.

我們認為調整後的比例為 31.5%。

So it's up 30%.

所以上漲了30%。

And in line with what we were guiding, the kicker on the APS was basically through lower SG&A and the reduced tax rate some.

根據我們的指導，APS 的推動因素基本上是透過降低 SG&A 和降低稅率來實現的。

So maybe we just need to compare notes on that gross margin calculation difference.

因此，也許我們只需要就毛利率計算差異進行比較。

Yes, yes, we'll look at it.

是的，是的，我們會看看。

There might be some adjustments there.

那裡可能會有一些調整。

And then I think you gave us the Galaxy contribution of any what's the other inorganic contribution we should expect in the fourth quarter from other acquisitions?

然後我認為您向我們提供了銀河貢獻，我們預計第四季度其他收購的其他無機貢獻是什麼？

Just so we have a total inorganic contribution for fourth item that a minimum payment and [Zelle] and once we have value kind of thing that takes place, namely all is some Galaxy golf.

因此，我們對第四項的總無機貢獻是最低付款和[Zelle]，一旦我們有有價值的事情發生，即所有都是一些銀河高爾夫。

Okay, I'll pass the line.

好的，我會過線的。

Thank you.

謝謝。

James Faucette with Morgan Stanley.

摩根士丹利的詹姆斯·福賽特。

Hey, thanks, guys, for taking a question.

嘿，謝謝大家提出問題。

Just a couple of quick follow-ups on first in terms of Worldpay, you said that you're starting to see some of that on business and engagement come back as GTCR takes over management of that company, how are you thinking about like what the return opportunity looks like there over what time frame.

首先就 Worldpay 進行一些快速跟進，您說隨著 GTCR 接管該公司的管理，您開始看到業務和參與度方面的一些回升，您如何看待退貨機會看起來在什麼時間範圍內都有。

I'm just trying to get a sense of any early indications on that because it seems like there's a lot potential there.

我只是想了解這方面的任何早期跡象，因為那裡似乎有很大的潛力。

Yeah.

是的。

I mean, James, that obviously it's a sensitive aggregate in terms of clients' investment decisions.

詹姆斯，我的意思是，這顯然是客戶投資決策的敏感總量。

And we have very good stakeholders from across the COR, CTI.

我們在 COR、CTI 都有非常好的利害關係人。

So, we're engaged regularly in conversation with them and with firm shaping up and investment plans, they change plans, we feel very much involved and expect to be part of that going forward is about as far as I think we should go at the moment.

因此，我們定期與他們進行對話，討論公司的組建和投資計劃，他們改變計劃，我們感到非常參與，並期望成為未來的一部分，我認為我們應該這樣做片刻。

Understood.

明白了。

And then I wanted to ask quickly about kind of Galaxy and how you're thinking about that and integrating that into the rest of your operations.

然後我想快速詢問一下 Galaxy 的類型以及您如何考慮這一點並將其整合到您的其他營運中。

And what are the things that you're paying attention to in terms of competition for talent in that market?

在該市場的人才競爭方面，您關注哪些方面？

Right now, the pricing dynamics between it was traditionally where Galaxy had been in Endava more broadly, just trying to think through the working relationship and how that will expand and improve and those capabilities down the road?

目前，它之間的定價動態傳統上是銀河在 Endava 更廣泛的情況，只是試圖思考工作關係以及它將如何擴展和改進以及未來的這些功能？

Yes, sure.

是的，當然。

I mean, the first thing to say is that as you look at the average revenue per workday in Galaxy, it's not a lot different to end up because of that mix of onshore and offshore.

我的意思是，首先要說的是，當你看看 Galaxy 每個工作日的平均收入時，由於陸上和離岸的混合，最終的結果並沒有太大不同。

And so we would expect to maintain that sort of value, add pricing in what we do.

因此，我們希望保持這種價值，並在我們所做的事情中增加定價。

And the second thing is the strengths that we have very complementary so that the digital transformation work that we do has hurt them.

第二件事是我們的優勢非常互補，因此我們所做的數位轉型工作傷害了他們。

Is it something that is mainly on and the strength if you look at the core modernization stuff and that the data numbers that I put out there about and two thirds of that was data work and about a third of it was from the Galaxy experience that, so they strengthen that.

如果你看看核心現代化的東西，我在那裡發布的數據數字，其中三分之二是數據工作，大約三分之一來自銀河體驗，這是否是主要的東西和力量？ 所以他們加強了這一點。

I don't think if you look at that core modernization side, the India is a good place to do.

我認為，如果你從核心現代化的角度來看，印度並不是一個好地方。

And there's a lot of experience this year they have in India and can bring to apply to us.

今年他們在印度累積了許多經驗，可以為我們帶來應用。

And if you put that alongside the patent to technologies that we have, the tool sets and the accelerators that we use to deliver that service, it gives us a strong differentiation against the Indian pure plays for work that we do out of India.

如果你把它與我們擁有的技術專利、我們用來提供該服務的工具集和加速器放在一起，它使我們與我們在印度以外從事的純印度工作相比具有強大的差異化優勢。

And then when you add the digital transformation capability to drive true enterprise transformation as it comes through and put those two things together.

然後，當您添加數位轉型功能來推動真正的企業轉型時，並將這兩件事結合在一起。

And you end up with a strong differentiation, still pulling on our nearshore capabilities as well as adding India.

最終你會獲得強大的差異化優勢，仍然會利用我們的近岸能力並增加印度。

And so that's that's very much how we're seeing it.

這就是我們的看法。

We see it as being, you know, being able to protect price and being owning into housing over time.

我們認為這是能夠保護價格並隨著時間的推移擁有住房。

And so I think that's probably economically what you are searching for them.

所以我認為這可能是你在經濟上尋找的。

Yeah, No, that's great.

是的，不，那太好了。

Appreciate that.

感謝。

Thanks, Faucette.

謝謝，福塞特。

Moshe Katri With Wedbush Securities Inc

Moshe Katri 與 Wedbush 證券公司

Hey, thanks for squeezing me in.

嘿嘿，謝謝你拉我進來。

So, two questions.First on bookings on, can we get some color on some of the new bookings in terms of verticals, regions?and

那麼，有兩個問題。

then in general, are we seeing any sort of changes in terms of how bookings have been converting.

那麼總的來說，我們在預訂轉換方面是否看到了任何變化。

Obviously, there's been an issue with conversion slowdown and the fact that conversion has been pretty consistent.

顯然，存在轉化速度減慢的問題，而且轉化率相當穩定。

So, any color there would be helpful thanks?

那麼，任何顏色都會有幫助，謝謝？

And my comments are really on a lot of deals that I sort of focus on that.

我的評論實際上是針對我關注的許多交易。

I mean, the pipeline has been growing, as John said, so and you're quite significantly in terms of the number of deals and the average sort of size of them from the last time we talked on the earnings call and what hasn't changed is the pace at which they go through from proposal to contract or being told you they haven't been successful.

我的意思是，正如約翰所說，管道一直在增長，因此，從我們上次在財報電話會議上討論的交易數量和平均規模來看，您的交易數量和平均規模相當顯著。他們從提案到簽約的速度，或被告知他們沒有成功。

That remains sort of slow on partially.

這在某種程度上仍然有點慢。

This was the reason mainly the reason that we have it's the quarter where we're guiding towards what was up previously, but so far.

這主要是因為我們在這個季度指導之前的情況，但到目前為止。

So, it is an issue basically have a progression through the pipeline in terms of velocity, not one of that win rate.

因此，這基本上是一個在速度方面取得進展的問題，而不是勝率之一。

Okay.

好的。

And then just on Galaxy, can you just remind us of Galaxy is growing this year and any sort of kind of color on their growth rates?

然後就 Galaxy 而言，您能否提醒我們 Galaxy 今年正在成長，以及其成長率的任何顏色？

Yeah, it's it is too early, really to say that we sort of took control some of the comments on 10th of April.

是的，現在說我們在 4 月 10 日控制了一些評論還為時過早。

And we obviously have a budget to put together and for ourselves for June to June 25.

顯然，我們已經為自己制定了 6 月至 6 月 25 日的預算。

So, we are going through the process at the moment of looking at that, that forecasts had assumption what those growth rates look like, but certainly they were growing, and they have of the calendar year.

因此，我們目前正在經歷這個過程，預測假設了這些成長率的樣子，但它們肯定是在成長的，而且是歷年的成長。

And by the way, they are certainly growing as the US, year on year between calendar 22 calendar 23.

順便說一句，他們肯定會像美國一樣在 22 月 23 日之間逐年增長。

I think the big opportunity with goes a long ways in terms of the deals we can collaborate on went together.

我認為就我們可以合作的交易而言，巨大的機會大有幫助。

That's where we're going to get the acceleration either that clients allowing us to expand footprint because it's the larger scale and capabilities of the adult Brinks or in the clients are benefiting from the footprint capabilities, particularly particularly the enterprise transformations thing that I've been talking about on the Galaxy really solidifies for us.

這就是我們將獲得加速的地方，要么客戶允許我們擴大足跡，因為它​​是成人布林克斯的更大規模和能力，要么是客戶從足跡能力中受益，特別是我所經歷的企業轉型。在談論的銀河系對我們來說確實很堅定。

So that's that's where we're looking to see the growth rather than just it's them organically operated by themselves.

因此，這就是我們希望看到成長的地方，而不僅僅是它們自己有機地運作。

Understood.

明白了。

Thank you.

謝謝。

Jamie Friedman with Susquehanna.

傑米·弗里德曼與薩斯奎哈納。

Good morning or good afternoon.

早安或下午好。

I wanted to know follow up on Tony's earlier question, John, in terms of your right to win in AI., is it possible to share your perspective maybe with this the lens of slide 13, it's the one where you talk about your capabilities.

我想知道托尼之前的問題的後續，約翰，關於你在人工智慧領域獲勝的權利，是否可以分享你的觀點，也許透過幻燈片 13 的鏡頭，你可以在其中談論你的能力。

So [Inovio] I have in front of you, but it's where you if you look at AI in the context of these service lines, say digital production or engineering or data delivery, where are you seeing revenue realization at this point or expecting to see it?

所以 [Inovio] 我就在你面前，但如果你在這些服務線的背景下看待人工智慧，例如數位生產或工程或資料交付，你在哪裡看到收入實現或期望看到它？

Yeah, I mean, that's pulling out the underlying capabilities rather than what we go to market with.

是的，我的意思是，這正在拉動潛在的功能，而不是我們進入市場的功能。

So, we go to market with digital transformation propositions are all about and helping clients transform that business, whether that be driving revenue or efficiencies on the cost side.

因此，我們進入市場時提出的數位轉型主張都是為了幫助客戶實現業務轉型，無論是增加收入或成本的效率。

And thus, that's been the classic digital transformation space that we've performed and have done so well over so many years and the right to win, I think comes from being able to combine that with a patented unique approach to core modernization and the that really de-risks that modernization program.

因此，這是我們多年來一直表現出色的經典數位轉型空間，我認為獲勝的權利來自於能夠將其與專利的獨特核心現代化方法相結合，以及真正降低了現代化計劃的風險。

And there are so many large enterprises out there that have been wary of getting into the enterprise core monetization space and actually we can give them a much more solid route to doing so.

有許多大型企業對進入企業核心貨幣化領域一直持謹慎態度，實際上我們可以為他們提供更可靠的途徑。

Now as you do that, it really opens up what you can do on the digital transformation side.

現在，當您這樣做時，它確實開啟了您在數位轉型方面可以做的事情。

So and because of because of the access to data that you get because of the process cleanup that you can drive through the organization.

因為您可以透過組織進行流程清理而獲得對資料的存取權限。

And we have in being able to put those two capabilities together in a very differentiated way.

我們能夠以一種非常不同的方式將這兩種能力結合在一起。

That's where we see our right to win some.

這就是我們看到我們贏得一些勝利的權利的地方。

Okay.

好的。

And then markets, did you question about the free cash flow?

然後市場，你對自由現金流有疑問嗎？

And I think you had called this out last quarter, so it wasn't a surprise, but still 1.2% adjusted free cash flow as a percentage of revenue down from 10 is I see that obviously a lot of it's the US, revenue pressure and the profitability pressure.

我想你在上個季度就已經指出了這一點，所以這並不令人意外，但調整後的自由現金流佔收入的比例仍然從10 下降到1.2%，我發現這顯然很大一部分來自美國，收入壓力和盈利壓力。

And but knowing what it means and whatever in here should we be looking at it?

但知道它意味著什麼以及我們應該在這裡關注什麼嗎？

Well, we have we typically have some fixed costs in the cash flow.

嗯，我們的現金流通常會有一些固定成本。

So, it is usually a low quarter cash flow, not as low as this as a percentage of revenue.

因此，季度現金流通常較低，而不是佔收入的百分比那麼低。

We have taken the cash component of the restructuring of about GBP7.5 million to a cash basis, GBP4 million.

我們已將重組的現金部分約 750 萬英鎊改為現金制 400 萬英鎊。

So, I think that's about I think about a couple of percentage points to it, (inaudible), is I don't think this is representative of the sort of the cash flow generative position of data going forward.

所以，我認為這大約是我認為的幾個百分點，（聽不清楚），我不認為這代表了未來數據的現金流生成狀況。

I think it is a combination of us going through the restructuring, and that definitely has been a sort of slowdown is related to the profitability of the revenue, which is low.

我認為這是我們經歷重組的結果，這肯定是一種與收入盈利能力相關的放緩，收入盈利能力較低。

And as our profitability improves going forward, that will drive a stronger sort of free cash flow position.

隨著我們未來獲利能力的提高，這將推動更強勁的自由現金流狀況。

Okay.

好的。

That makes sense.

這就說得通了。

Thank you.

謝謝。

Thomas Blakey with KeyBanc.

托馬斯·布萊基 (Thomas Blakey) 與 KeyBanc。

Hi, everyone.

大家好。

Thank you for taking my question on I guess my question was it's good to hear about the new bookings are seeming to offset some of these are the pressures of down sales and whatnot.

感謝您提出我的問題，我想我的問題是很高興聽到新的預訂似乎抵消了銷售下降等壓力。

When you look out, John, too and the next few quarters here, maybe into fiscal '25, not exactly a question on guy, but how far through are we in terms of this these potential downward pressures?

當你觀察時，約翰，以及接下來的幾個季度，也許進入25財年，這不完全是一個關於蓋伊的問題，但我們在這些潛在的下行壓力方面走了多遠？

What does the portfolio look like in fiscal '24 that seem to have kind of an uptick in terms of downward pressure when you kind of take a look at it from a portfolio of like you're on in your current business as we look out the next few quarters, that will be kind of, I think, helpful for everybody.

24 財年的投資組合是什麼樣的，當您從像您當前業務的投資組合來看待它時，下行壓力似乎有所上升，因為我們觀察了我認為，接下來的幾個季度，這對每個人都會有所幫助。

Yeah, I don't want you to take away that this downward pressure is an unusual thing.

是的，我不想讓你認為這種下行壓力是不尋常的事情。

That is something that has been happening through all of the boom times of growth as well as just the natural projects coming to an end cycle.

這是在所有成長繁榮時期以及即將結束週期的自然項目中一直發生的事情。

What we've been experiencing over the last 18 months or so is the new spend that's been coming through has not been offsetting that.

在過去 18 個月左右的時間裡，我們所經歷的情況是，新的支出並沒有抵消這種影響。

And that's where this quarter we were seeing it offsetting it and then enabling stabilization.

這就是本季度我們看到它抵消了它，然後實現穩定的地方。

We're also seeing that big backlog of work where we've built discoveries for clients, page discoveries where the noise around making the decisions to go ahead with it.

我們也看到大量積壓的工作，我們為客戶建立了發現，頁面發現，其中圍繞著做出繼續進行的決定的噪音。

So it's too early to call that, that upward trend that's coming from new discretionary spend coming through that's enabled stabilization in Q4 is going to accelerate to the point where we anticipate an upturn, but that is the core question is when does that happen when does this backlog of opportunities break through and actually start to lead to the uplift and right now, we're not ready to call that we'll see in September.

因此，現在說這種上升趨勢還為時過早，新的可自由支配支出帶來的上升趨勢將加速到我們預期經濟好轉的程度，但核心問題是這種情況何時發生、何時發生？這些積壓的機會突破並真正開始帶來提升，而現在，我們還沒有準備好在9 月看到這一點。

That's helpful in terms of the relatively normal cadence of the downward pressure.

就下行壓力相對正常的節奏而言，這很有幫助。

That's helpful.

這很有幫助。

And then maybe just switching back over to the Galaxy topic that was under the understanding just given prior on research and whatnot from Galaxy, that EBIT margins were in the high 10s from an organic perspective, just walk us through maybe the puts and takes there as we look to kind of like model out the next year or so.

然後也許只是切換回銀河主題，這是根據之前研究和銀河之類的理解得出的，從有機角度來看，息稅前利潤率在 10 多歲左右，請帶我們了解一下看跌期權和看跌期權我們希望在明年左右推出模型。

And if there's any seasonality in there revenue organically, that would be helpful as well?

如果有機收入存在季節性，這也會有幫助嗎？

Thank you.

謝謝。

Well, I think it depends on what numbers you're looking at outside of died that a perfect sort of numbers.

嗯，我認為這取決於你所看到的數字之外的完美數字。

We have been putting them onto IFRS thus far the integration challenge in looking at the accounting policies and there is integration activity which record mark for us, certainly in the first six months and that's really until the home is probably longer until about December.

到目前為止，我們已經將它們納入國際財務報告準則中，在考慮會計政策方面面臨整合挑戰，並且整合活動為我們創造了記錄，當然是在前六個月，而且實際上直到房屋可能更長，直到十二月左右。

And I think as John said, there fill rates are in line with other revenue per hedge.

我認為正如約翰所說，填充率與每次對沖的其他收入一致。

They do have a higher proportion of onshore compared to us.

與我們相比，他們在岸的比例確實更高。

But we think that we can achieve over the course of it will be fiscal 25, taking them up to levels of gross margin that we achieved.

但我們認為，我們可以在 25 財年實現這一目標，使毛利率達到我們所達到的水平。

And then we will also be looking at the SG&A because there will be some synergies that basically says, look, I'm not going to spend it how it shows, I think you're going to have to wait until we guide in more detail for fiscal '25, which we will do in September.

然後我們還將關注SG&A，因為會有一些協同效應，基本上就是說，看，我不會按照它顯示的方式花錢，我認為你將不得不等到我們提供更詳細的指導25 財年，我們將在9 月進行。

Okay.

好的。

And Mark, just any or any seasonality that Galaxy has been typically experiencing of that GBP21 million, GBP22 million.

馬克，銀河系通常經歷的 2100 萬英鎊、2200 萬英鎊的任何季節性。

And it's to early to tell to be honest and certainly, in terms of the budget so that we are looking at further due diligence process, it looks a little stronger.

說實話，現在說還為時過早，當然，就預算而言，我們正在考慮進一步的盡職調查過程，它看起來更強大一些。

Again, we have sort of the JV through our rapid revenue recognition to tried to do at the due diligence sort of stage when we're sort of working through that.

同樣，當我們正在解決這個問題時，我們透過快速確認收入來嘗試在盡職調查階段進行某種合資企業。

I don't think there is any cyclicality or seasonality that we could pick up in terms of the timing of the spend that they have with their clients on.

我不認為我們可以從他們與客戶的支出時間發現任何週期性或季節性。

But we have do some further work really before I can comment.

但在我發表評論之前，我們確實做了一些進一步的工作。

Yes, excellent.

是的，非常好。

Thank you for taking my questions by phone.

感謝您透過電話回答我的問題。

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 Cottrell, CEO. for any closing remarks.

我想將會議重新交給執行長約翰·科特雷爾 (John Cottrell)。任何結束語。

Yeah, so thank you all for joining us today.

是的，謝謝大家今天加入我們。

And as I mentioned in my prepared remarks, we talked about pivots in digital transformation that's underway driven by AI, specifically, the need to drive change in the enterprise core, and we've touched on that a little bit during this call.

正如我在準備好的發言中提到的，我們討論了人工智慧驅動的數位轉型的關鍵點，特別是推動企業核心變革的需要，我們在這次電話會議中對此進行了一些討論。

We believe Endava is well positioned for this with both the digital transformation capability, so ideate and innovate alongside patent technology to help my main enterprise core systems and data accessible to AI.

我們相信 Endava 憑藉數位轉型能力在這方面處於有利地位，因此可以與專利技術一起構思和創新，以幫助我的主要企業核心系統和數據可供人工智慧存取。

The combination of these capabilities positions us excellently for the next wave of digital transformation, driven by AI we will continue to invest in these capabilities in intense anticipation of the market turn.

這些能力的結合使我們在人工智慧的推動下為下一波數位轉型做好了準備，我們將在市場轉向的強烈預期中繼續投資於這些能力。

So look forward to updating you on our next earnings call, which will be our full year numbers.

因此，期待在我們的下一次財報電話會議上向您通報最新情況，這將是我們全年的數據。

Thank you.

謝謝。

The conference has now concluded.

會議現已結束。

Thank you for attending today's presentation.

感謝您參加今天的演講。

You may now disconnect.

您現在可以斷開連線。