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CFO Juan Urthiague confirmed the workforce reduction plan is largely complete, with costs accounted for in Q2. CEO Martín Migoya and Urthiague stated that the creative pillar (GUT) is growing nicely and they view AI as an opportunity, not a threat, because their focus is on high-level strategic branding which is less susceptible to automation and is one of Globant's fastest-growing areas.

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CFO Juan Urthiague noted that while most client groups saw similar performance in Q1, stabilization is occurring in Q2, with consumer-focused clients having suffered more. He expects New Markets to continue outperforming. On resourcing, he affirmed the strategy remains unchanged: maintaining a globalized delivery footprint to support a global revenue base, prioritizing hiring where demand is strongest.

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CFO Juan Urthiague stated that while the current revenue base is small, the region's projects are typically magnificent in scale, involving massive technology investments to build new experiences from scratch. COO Patricia Pomies added that Globant is actively investing by opening a new office in Riyadh and building out its local team and strategy to capture this opportunity.

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CEO Balkrishan Kalra confirmed the overall pipeline remains healthy. CFO Mike Weiner added that one of the previously delayed large deals closed in Q2, along with three other new large deals. Regarding GenAI, Weiner explained that while productivity gains are shared with clients, Genpact sees net revenue growth from expanded scope, increased volumes, and new logos, making AI accretive to both revenue and margins.

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CFO Mike Weiner explained that the outlook reduction is almost entirely due to a few large deals (>$50M) in manufacturing and high-tech being pushed out. He clarified the new guidance does not assume these deals will close in time to materially impact 2025 revenue. CEO BK Kalra added the deals are sole-sourced and active, not at risk of cancellation. Regarding margins, Weiner stated that the delay of these large, initially lower-margin deals actually supports the gross margin forecast, along with Q1 outperformance and cost discipline.

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CEO BK Kalra cited improved execution agility as the biggest achievement and named innovation as the primary focus for 2025. CFO Mike Weiner added that speed is a key priority. Regarding bookings, Weiner explained the definition was changed from a 5-year cap to uncapped to align with industry standards as contract durations expand. Kalra noted that ACV trends are influenced by the changing mix of deal sizes and tenures, making direct year-over-year comparisons difficult.

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Jason Peterson, CFO, explained that EPAM is actively managing its bench to improve utilization, which accounts for the slower headcount growth, but expects additions to increase in H2 to prepare for 2026. Balazs Fejes, President of Global Business & CRO, added that clients are compelled to resume discretionary spending for regulatory needs and platform shifts, particularly foundational work like data modernization required for AI adoption, which plays to EPAM's strengths.

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CEO Arkadiy Dobkin explained that while the first half was stronger than expected, the second-half outlook remains cautiously aligned with previous forecasts. CFO Jason Peterson added that demand improved through May and the guide reflects potential Q4 softness, though no change in client behavior is currently seen. Peterson also highlighted strong double-digit quarter-over-quarter growth in AI-related revenues from Q1 to Q2.

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CEO Arkadiy Dobkin noted that new clients are being added, some scaling quickly from GenAI proofs-of-concept, and that some former clients are returning for quality engineering. CFO Jason Peterson added that the Q4 revenue beat was driven by the core business, with strength in Europe and financial services. Regarding margins, Peterson stated that while H1 2025 will be pressured, they expect improvement in H2 and aim to return to their typical 16-17% non-GAAP operating margin range in the future.

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CFO Jason Peterson identified Financial Services and Hi-Tech as showing clear improvement, with continued strength in Life Sciences & Healthcare. He noted it was too early for definitive 2025 budget commentary but that conversations feel more constructive. Peterson explained the Poland R&D benefit impacts gross margin but cautioned that the disconnect between wage inflation and pricing will still pressure 2025 profitability, even with the incentive.

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CEO Stephanie Ferris expressed high confidence in a second-half rebound for Capital Markets, citing a strong recovery in loan syndication activity in July. CFO James Kehoe clarified that the tax bill has no impact on the effective tax rate, only on the timing of cash payments, and reaffirmed the full-year tax rate guidance.

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CFO James Kehoe reported strong progress on working capital, which drove the significant Q1 free cash flow improvement. Regarding CapEx, CEO Stephanie Ferris noted that while scale offers synergy potential, continued investment in TSYS's platform modernization will likely keep CapEx around 8% of revenue. Ferris also confirmed that Capital Markets continues to see strong sales momentum and pipeline growth in both traditional and non-traditional verticals like private credit.

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CFO Rob Del Bene expressed confidence in the free cash flow guidance, citing levers like working capital improvements and potential benefits from new tax legislation. He noted the Q2 pipeline is strong, particularly for non-mega deals, and that the company has an opportunity to further expand its trailing twelve-month book-to-bill ratio.

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CEO Raul Fernandez noted strong bookings in mega-deals but softness in smaller, discretionary projects since early April. CFO Rob Del Bene specified pipeline weakness in consumer, retail, and media industries, while banking, manufacturing, and public sector remain robust. For free cash flow, Rob Del Bene explained the FY26 guide of $600M is based on FY25 results adjusted for EBIT guidance and a ~$30M increase in restructuring, noting that underlying FCF is improving due to a strategic shift away from new lease financing.

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CFO Rob Del Bene confirmed the clean Q3 operating margin was about 8.5%. He explained that after adjusting for lower restructuring cash outlays and the shift from leases to CapEx, the underlying free cash flow is stable year-over-year at around $750 million. He positioned the updated FY25 guidance of $625 million as a solid foundation for FY26.

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CEO Ravi Kumar S stated that Cognizant's exposure to Medicaid is not significant and sees the broader healthcare environment as a major productivity-led opportunity, citing a recent mega-deal win. Regarding IT/BPM convergence, he described it as a "headless transformation opportunity" where Cognizant's tech prowess can disrupt traditional operations, highlighting the company's 10,000-person AI data training service as a key organic capability.

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CEO Ravi Kumar S confirmed strong momentum, citing 29 large deals in 2024 versus 17 in 2023, a 1.4x book-to-bill ratio, and the return of smaller deals. He stated the company is now in a rhythm with higher win rates across a broader spread of services and industries. For 2025, he anticipates broad-based organic growth, highlighting continued strength in Health Sciences, a recovery in Financial Services discretionary spend, and new capabilities in Products & Resources via the Belcan acquisition.

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CEO Ravi Kumar S acknowledged the improved growth velocity exiting 2024 but stated it was too early to provide a 2025 outlook. Regarding utilization, he commented that while the company is approaching its target, there is still 'a little more flex left' for improvement, but 'not a lot more'.

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Chairman & CEO Rohit Kapoor explained that the Insurance vertical has a healthy growth rate and strong pipeline, while Healthcare's exceptional growth is driven by demand for data and AI solutions. He noted that the commercial model for AI is shifting to usage-based metrics, creating a long-term opportunity to expand margins and grow EPS faster than revenue, supported by EXL's high 94% success rate in AI deployments.

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Maurizio Nicolelli, Chief Financial Officer, responded that for the midpoint of 2025 guidance, approximately 87% of revenue is already committed, with 95% overall visibility. Rohit Kapoor, Chairman and Chief Executive Officer, explained that AI will be adopted with a 'human in the loop,' which is expected to increase revenue per headcount and lead to a gradual, long-term evolution of the labor model rather than immediate cannibalization.

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Rohit Kapoor, Chairman and CEO, stated that the demand environment remains strong, driven by clients shifting IT spending towards data and AI embedded in workflows. He explained the new operating model aims to bring EXL closer to its clients and accelerate capability deployment with minimal leadership disruption. Kapoor noted that a detailed breakdown of the new reporting segments and growth drivers would be provided at the company's Investor Day on May 6.

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CEO Rohit Kapoor expressed confidence in the Digital Operations business, citing a strong demand environment and a growing pipeline of large deals, while noting the segment's target remains sustainable low-double-digit growth. For Analytics, both Rohit Kapoor and CFO Maurizio Nicolelli indicated that the growth momentum from Q3 is expected to continue into Q4, aligning with the full-year guidance where both business lines are trending towards low-double-digit growth rates.

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President & CEO Maria Black confirmed the softness was in HRO and international. She clarified that for HRO, it involved delayed, not lost, decisions on large, complex deals in the upper mid-market and enterprise space. Ms. Black expressed confidence in reaccelerating growth in fiscal 2026, citing product maturity, investments in the salesforce, and healthy deal pipelines.

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CFO Don McGuire noted that while he wouldn't preempt the upcoming Investor Day, ADP's business is well-insulated and resilient, with many levers to pull in a slowdown. He confirmed that pays per control growth is still 'rounding down to 1%,' which is at the lower end of the normal range but remains positive, with no specific industry variations jumping out.

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CEO Maria Black described demand as strong and broad-based, highlighting strength in mid-market HR outsourcing and a healthy pipeline. She noted it was too early to see any impact from the new administration. CFO Don McGuire addressed the EPS outlook, explaining that FX headwinds and the impact of lower short-term interest rates in Q3 are significant pressures, leading them to maintain the full-year guidance despite strong client funds performance.

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CFO Jayesh Sanghrajka noted that while North America remains the largest geography with opportunities in financial services, areas like retail are challenging. He highlighted that 20 of the 28 large deals signed in the quarter were from North America. He declined to comment on small deal activity, stating the overall pipeline remains strong.

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CFO Jayesh Sanghrajka stated that the revised guidance incorporates multiple factors, including Q2 performance, volume growth, and a strong pipeline for both large and small deals. He confirmed that typical H2 seasonality, including furloughs and fewer working days, has been baked into the forecast. He added that the furlough assumptions are in line with what the company has seen in recent years.

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CFO Bob Schrader attributed the Q4 organic growth slowdown to softer checks per client, headwinds from MPP enrollment, lower retirement asset fees due to market conditions, and a tougher year-over-year pricing comparison. President & CEO John Gibson reiterated the company's disciplined growth formula, targeting 1-3% organic client growth alongside product penetration and pricing, while avoiding unprofitable client acquisition. He also noted increased investment in all HCM platform roadmaps.

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CEO John Gibson clarified that there is no trade-off, as both Management Solutions and PEO businesses are performing strongly with upper single-digit worksite employee growth. He also confirmed the ERTC reserve was a small, immaterial amount that was factored into guidance and has now been released as planned.

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Executive Robert Schrader stated that retention continues to be at or near record levels, with client retention improving year-over-year. CEO John Gibson added that PEO acceleration is driven by worksite employee growth and solid bookings, and that the current benefits enrollment period is meeting or slightly exceeding expectations for both client retention and participant penetration.

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CEO Julie Sweet stated it was too early to comment on fiscal 2026 but confirmed the 2% headwind in Q4 is their best current estimate. She emphasized that the growth model change is driven by capturing market opportunity and fueling growth by integrating services, not by cost-cutting, referencing past successful model changes that drove significant growth.

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CEO Julie Sweet stated it was too early to comment on the federal business outlook for FY26 but confirmed the Q4 estimate is their best current data point. She stressed that the new growth model is driven by capturing market opportunities to fuel growth, not by cost-cutting, citing the success of previous reorganizations in 2013 and 2020.

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CFO Angie Park stated the company was 'pleased' with its $20.9 billion in Q2 bookings and the 1.3 book-to-bill ratio. Regarding the workforce, she explained that subcontractor use fluctuates based on client needs and that the company's focus is on managing overall supply and demand, noting that employee utilization remained stable at their target of 91%.

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CEO Julie T. Sweet and CFO Angie Park both stated that growth was broad-based and strong across service lines. Park specified that for the full year, they expect consulting to grow in the mid-single-digit range and managed services in the mid-to-high range. Regarding margins, Park said there's no real change in wage inflation dynamics and that Accenture manages this by paying market-relevant wages while focusing on differentiation, cost efficiency, and delivery excellence to offset competitive pricing pressure.

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CEO Julie T. Sweet noted that GenAI deal sizes are increasing, with some now exceeding $10 million, up from sub-$1 million previously. She said internal productivity gains are most evident in managed services but are paced by client priorities. Incoming CFO Angie Park stated that any debt raise would be modest, net leverage would remain low, and the company would maintain its strong credit ratings, with potential interest expense already factored into guidance.

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CFO & COO Ashim Gupta explained that the favorable shift in revenue linearity is due to a better-than-expected mix of deals moving into the second quarter, which impacts revenue recognition under ASC 606. Gupta stated the company continues to invest in key areas and can self-fund some growth. Founder & CEO Daniel Dines added that launching five new products recently shows their commitment to investing in growth and innovation.

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CEO Daniel Dines described the federal vertical as historically one of their best-performing but noted it's currently in a transition. COO & CFO Ashim Gupta added that it is UiPath's third-largest vertical and is facing short-term procurement moratoriums. Gupta projected that the first half of the fiscal year will be weaker, with more pronounced seasonality leading to a stronger second half.

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CFO & COO Ashim Gupta explained that most streamlining changes are complete, with the current focus on prioritizing investments in customer-facing functions and enabling the sales team for the Agentic launch. Regarding the U.S. government, he noted that while an election cycle brings uncertainty, the government's focus on efficiency is a positive driver for automation.

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CFO & COO Ashim Gupta described the macroeconomic environment as stable compared to the previous quarter but still variable, particularly in the commercial segment. Regarding margins, he stated that the company will update long-term guidance at an appropriate time but feels there is more efficiency to be gained, reaffirming the target of 20% 'plus'.

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Founder & CEO Cesar Gon confirmed strong growth across top clients, noting an approximate 11% growth rate for the top 2-10 clients, and stated that the push for AI-driven efficiency is '100% CI&T pushing for that,' leveraging its CI&T FLOW platform. CFO Stanley Rodrigues addressed margins, stating that investors should expect the typical seasonal pattern where margins improve throughout the year following Q1 salary increases.

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CEO Cesar Gon projected a solid Q1 followed by continued sequential expansion from Q2 onward. He described the full-year guidance as conservatively ranged, with the high end driven by a strong pipeline and the low end reflecting caution for macro volatility. Regarding GenAI, he explained that demand is split between using AI for efficiency (e.g., legacy modernization) and for enhancing customer experiences (e.g., hyper-personalization), with AI becoming progressively embedded in all digital projects.

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Founder and CEO Cesar Gon expressed confidence in continued growth by replacing underperforming vendors and expanding within large clients, supplemented by new logos in automotive and retail. Regarding CI&T/FLOW's profitability, Cesar noted it's early but sees potential for margin gains. Founder and President Bruno Guicardi added that for 2024, the strategy was to pass productivity gains to clients to accelerate growth, with plans to capture more value in 2025.

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CEO John Cotterell stated that internal changes have strengthened client conversations rather than compounding issues. He attributed the slowdown to an 'air pocket' as the company shifts to AI-driven deals, noting a growing but slow-to-convert pipeline of large deals. On the workforce, he described a skill shift towards AI, data, and cloud. CFO Mark Thurston added that the forecast is now more conservative, with large deals stripped out and significant FX headwinds (an 8% dollar-GBP shift) being a primary factor in the reduced Q4 guidance.

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CEO John Cotterell stated that the primary challenge is the delayed signing of large deals due to external client factors, not internal changes, which he believes have strengthened client conversations. He described the current situation as an 'air pocket' during a shift to AI-driven deals. CFO Mark Thurston added that the Q4 forecast is conservative, stripping out large, unpredictable deals and accounting for significant FX headwinds and client caution in the U.S. automotive and logistics sectors.

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CEO John Cotterell confirmed that sales elongation is a factor, as higher CFO scrutiny on project business cases combines with the uncertainty of a new technology like AI, delaying decisions. He does not foresee a major jump in growth in FY25 due to this. CFO Mark Thurston addressed margins, stating that while restructuring created savings, reinvestments in Dava.X, tools, and the GalaxE integration will weigh on margins in the first half of FY25, with improvement expected in Q3 and Q4. He noted that the guidance assumes flat pricing.

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CEO Keshav Murugesh noted that despite macro uncertainty, clients are consistently moving forward with digital transformation and cost reduction initiatives, even accelerating some deal closures. Executive David Mackey added that 90% of WNS's business has low macro correlation, though the 10% project-based portion requires monitoring. Regarding the outlook, Mackey explained that the 9% growth midpoint includes a roughly 13% total headwind, comprising a normalized 10-11% from productivity and project roll-offs, plus an additional 2% annualized impact from prior-year ramp-downs in healthcare and travel.

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CEO Keshav Murugesh expressed high confidence in the large deal pipeline, which contains over 20 qualified deals, and anticipates a potential closing in the next 1-2 quarters, while noting timing remains uncertain. Executive David Mackey clarified that travel volumes are stabilizing, now representing only 3% of revenue. The insurance vertical's growth was driven by new Gen AI-led work with a U.S. client, not the previously discussed large captive deal.

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Executive David Mackey quantified the OTA impact as a 1-2% reduction to the full-year guidance, noting that OTA revenue is now below 4% of the company's total. CFO Arijit Sengupta explained that the headcount increase is proactive hiring to support the expected sequential revenue growth in Q3 and Q4. Mackey added that replacing the revenue from the lost, low-headcount healthcare client with more traditional services requires more personnel.

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CEO Keshav Murugesh attributed the large deal pipeline growth to strategic investments in senior sales talent and a focus on creating new opportunities directly with C-level executives. Executive David Mackey confirmed that winning a couple of these deals is necessary to meet guidance but expressed confidence given the pipeline size of over 20 deals. On the travel vertical, Mackey clarified that pressure is concentrated in the Online Travel Agency (OTA) segment due to macro factors, client strategy changes, and a push toward automation, noting that OTA revenue is now less than 5% of the total. Executive Arijit Sen added that new large deals are shifting the mix away from OTAs to more stable areas of travel.

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CEO Pat Goepel responded that despite media narratives, 'Main Street' businesses are still hiring, and Asure has conservatively modeled a flat employment plan for the year. He noted that while the tax filing business will continue to grow, the key focus for 2025 is driving revenue through cross-selling the expanded product portfolio to increase attach rates and overall account value.

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Chris Suh, Chief Financial Officer, confirmed that the 6% growth in commercial volumes was an improvement from Q4. He attributed this to favorable days mix, strong commercial cross-border volumes, and a reduced drag from ATS. He stated that these trends are embedded in the Q2 guidance and are expected to remain 'steady, stable and strong' for the rest of the year.

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CFO Sachin Mehra characterized 2025 renewal activity as 'business as usual' with no unusual lumpiness. He guided for Q1 rebates and incentives as a percentage of payment network assessments to be similar to Q4. CEO Michael Miebach reiterated the strategic focus on winning the right portfolios and leveraging services to drive an attractive net revenue yield.

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CEO Cameron Bready reported positive receptivity to the new 'Genius' POS brand and stated there was no material friction from the consolidation in Q3, as the main efforts are planned for 2025. For the Issuer segment, Bready acknowledged macro headwinds but highlighted a strong conversion pipeline of over 65 million accounts and recent renewals with top-20 clients as key drivers providing visibility.

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