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    Jonathan Lee • Guggenheim Partners

    Jonathan Lee's questions to Globant SA (GLOB) leadership

    Jonathan Lee's questions to Globant SA (GLOB) leadership • Q2 2025

    Question

    Jonathan Lee asked for clarification on the assumptions in the revised growth outlook, the level of conservatism, and potential for acceleration. He also inquired about pricing discussions, particularly the impact of the AI Pod model and the competitive environment.

    Answer

    CFO Juan Urthiague explained the guidance revision was a minor tweak on revenue but an increase in EPS, reflecting structural changes to capture future growth. CEO Martín Migoya added that the AI Pod model offers better margins for Globant and cost-effectiveness for clients, creating a win-win scenario by sharing productivity gains.

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    Jonathan Lee's questions to Globant SA (GLOB) leadership • Q1 2025

    Question

    Jonathan Lee asked about the composition of the revised outlook in terms of new versus existing business, and for an update on the top client's growth expectation for the year.

    Answer

    CFO Juan Urthiague explained the revised forecast is 'derisked,' based heavily on contracted work and assumes current uncertainty continues without a significant second-half recovery. Regarding the top client, he revised the full-year growth expectation down to 'around the mid-single-digit' level, noting that while conversations on new projects are ongoing, they will take time to materialize.

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    Jonathan Lee's questions to Globant SA (GLOB) leadership • Q4 2024

    Question

    Jonathan Lee asked about the level of visibility into the full-year 2025 outlook compared to prior years and the expected mix of growth between hunting for new clients versus farming existing ones.

    Answer

    CFO Juan Urthiague stated that visibility is similar to the previous year. He noted that the sales pipeline has grown significantly, but conversion needs to accelerate. The guidance range reflects this uncertainty: the low end accounts for potential weakness in Latin America, while the high end assumes an acceleration in deal closures in the U.S. and for AI-related projects.

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    Jonathan Lee's questions to Globant SA (GLOB) leadership • Q3 2024

    Question

    Jonathan Lee asked if Globant was observing any sales cycle elongation or deal delays that could affect its commitment to double-digit growth next year.

    Answer

    CFO Juan Urthiague responded that the sales environment remains stable and similar to recent quarters, with no signs of elongated closing cycles. He noted a positive shift towards more revenue-oriented projects and stated that customer budgets for 2025 appear stable. This, combined with a clearer macro picture, supports the company's optimistic outlook.

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    Jonathan Lee's questions to Epam Systems Inc (EPAM) leadership

    Jonathan Lee's questions to Epam Systems Inc (EPAM) leadership • Q2 2025

    Question

    Jonathan Lee of Guggenheim Partners asked for details on the assumptions underpinning the high and low ends of the full-year guidance, particularly regarding macro factors and Q4 activity. He also requested more color on the net new discretionary transformation programs EPAM is winning, given that peers have cited challenges.

    Answer

    CFO Jason Peterson detailed the guidance scenarios, stating the midpoint assumes a seasonal Q4 decline, while the high end would require an improved demand environment to overcome seasonality. CEO Arkadiy Dobkin explained that EPAM's unique portfolio benefits when clients face pressure from AI and automation, driving demand for new types of builds. This trend, which they have been anticipating, is contributing to their growth in discretionary projects.

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    Jonathan Lee's questions to Epam Systems Inc (EPAM) leadership • Q1 2025

    Question

    Jonathan Lee asked about the growth contribution from Global Capability Centers (GCCs) and the level of reinvestment needed to sustain AI-related volume.

    Answer

    CEO Arkadiy Dobkin stated that GCC contracts and profitability are largely in line with other business, without sharing specific numbers. CFO Jason Peterson added that GCCs are part of the growth story but not the largest part. On AI investment, Peterson confirmed it continues as previously discussed and is producing benefits, with spending levels similar to the start of the year.

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    Jonathan Lee's questions to Epam Systems Inc (EPAM) leadership • Q4 2024

    Question

    Jonathan Lee asked for the vertical outlook embedded in the 2025 guidance, specifically which industries are expected to accelerate or decelerate, and what factors could catalyze a return to a more favorable pricing environment.

    Answer

    CEO Arkadiy Dobkin and CFO Jason Peterson indicated that Life Sciences, Financial Services, Energy, and the Tech vertical are expected to show good dynamics and growth. They expressed less certainty about Retail and Business Information & Media. Regarding pricing, Dobkin stated that a better environment depends on a broader client shift toward 'change' programs where the value of quality execution is better understood, a trend they are seeing in spots but need to become more widespread.

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    Jonathan Lee's questions to Epam Systems Inc (EPAM) leadership • Q3 2024

    Question

    Jonathan Lee of Guggenheim Securities asked if there is evidence of demand reverting back to Eastern and Central Europe delivery centers. He also inquired about shifts in the composition of the top client cohort and changes in the types of work or delivery locations being pursued by these accounts.

    Answer

    CEO Arkadiy Dobkin and CFO Jason Peterson confirmed they are beginning to see a recovery in demand for Eastern Europe, with hiring starting to increase across all locations, not just India and Latin America. Dobkin noted positive changes in top accounts, with a shift from stabilization to the activation of more transformational programs that are moving to realization faster than in previous quarters.

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    Jonathan Lee's questions to DXC Technology Co (DXC) leadership

    Jonathan Lee's questions to DXC Technology Co (DXC) leadership • Q1 2026

    Question

    Jonathan Lee from Guggenheim Partners asked about the macroeconomic assumptions embedded in the fiscal 2026 revenue guidance, the rationale for maintaining the outlook despite a Q1 beat, and any changes to booking win rates.

    Answer

    CFO Rob Del Bene stated that the guidance range of -3% to -5% organic growth still accounts for potential economic worsening. He expects CES revenue declines to narrow through the year. Del Bene also confirmed that win rates increased by low-to-mid single digits in Q1 for both CES and GIS, with pricing remaining consistent.

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    Jonathan Lee's questions to DXC Technology Co (DXC) leadership • Q4 2025

    Question

    Jonathan Lee asked about the macroeconomic assumptions embedded in the high and low ends of the company's guidance range. He also inquired about the current pricing environment and how it compares to the previous year.

    Answer

    CFO Rob Del Bene stated that DXC widened its guidance range for Q1 and the full year to account for potential macroeconomic uncertainty at the low end. CEO Raul Fernandez described the pricing environment as 'very stable,' noting favorable terms on mega-deal renewals and consistent pricing for project-based services, which has been a positive for the company.

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    Jonathan Lee's questions to DXC Technology Co (DXC) leadership • Q3 2025

    Question

    Jonathan Lee inquired if the strong Q3 bookings were driven by seasonal budget flushes and asked about the demand outlook for calendar year 2025 based on customer conversations.

    Answer

    CEO Raul Fernandez attributed the bookings improvement to internal operational execution, including better leadership, pipeline quality, and conversion rates, rather than a temporary demand surge. He described the overall demand environment as solid, driven by ongoing technology transformation and AI, emphasizing that DXC's focus remains on improving its internal performance.

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    Jonathan Lee's questions to DXC Technology Co (DXC) leadership • Q2 2025

    Question

    Jonathan Lee requested more detail on the contrasting performance between the softness in GBS and the improvement in GIS, and asked what specific factors would be needed for DXC to achieve the high end of its revenue outlook. He also followed up with a question on pricing dynamics within the CES business.

    Answer

    CFO Rob Del Bene explained that reaching the high end of the revenue outlook depends on the CES business, specifically an acceleration in custom application projects, which would push GBS revenue closer to flat. Regarding pricing, he noted stability in current deals and expects a long-term margin benefit as the business mix shifts from custom apps to higher-margin enterprise solutions.

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    Jonathan Lee's questions to Cognizant Technology Solutions Corp (CTSH) leadership

    Jonathan Lee's questions to Cognizant Technology Solutions Corp (CTSH) leadership • Q2 2025

    Question

    Jonathan Lee of Guggenheim Partners questioned the assumptions behind the full-year revenue guidance, particularly the implied deceleration in the second half, and asked for clarity on the expected Q4 exit rate. He also sought to understand which verticals and geographies might accelerate or decelerate.

    Answer

    CFO Jatin Dalal provided a Q4 exit rate range with a midpoint around 1% growth, noting the wide range reflects market uncertainty. CEO Ravi Kumar S expressed optimism for all-around performance, highlighting continued strength in Financial Services, productivity-driven opportunities in Healthcare, and a return to growth in the Communications, Media, and Technology sector. He emphasized that all geographies are showing positive momentum.

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    Jonathan Lee's questions to Infosys Ltd (INFY) leadership

    Jonathan Lee's questions to Infosys Ltd (INFY) leadership • Q1 2026

    Question

    Jonathan Lee from Guggenheim Partners, LLC sought clarification on the guidance range, asking if the midpoint implies a slight deterioration in demand. He also asked about the progression of client demand from April through June.

    Answer

    CFO Jayesh Sanghrajka clarified that the guidance is built from models for the upper and lower ends, with the midpoint being an outcome, not a specific forecast. CEO Salil Parekh described client demand as a mix, with strong interest in AI, consolidation, and cost efficiency, but also constraints in sectors like logistics and manufacturing.

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    Jonathan Lee's questions to Infosys Ltd (INFY) leadership • Q2 2025

    Question

    Jonathan Lee sought details on pricing conversations for new and existing deals amid a client focus on cost optimization, and also asked about the momentum for large deal TCV and any shift in client preference towards smaller deals.

    Answer

    CFO Jayesh Sanghrajka described the overall pricing environment as stable but noted progress from 'Project Maximus' in value-based selling, which is reflected in the delta between revenue and volume growth. CEO Salil Parekh added that the large deal pipeline remains strong, focused on cost efficiency and consolidation, and that the increase in smaller deal activity is an additive trend, not a replacement for large deals.

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    Jonathan Lee's questions to Endava PLC (DAVA) leadership

    Jonathan Lee's questions to Endava PLC (DAVA) leadership • Q3 2025

    Question

    Jonathan Lee expressed concern about a potential 'extended revenue air pocket' given the delays in client decision-making and the ramp-up time for large deals, asking what provides confidence against this risk. He also asked about any spending impact from ownership changes at a top customer.

    Answer

    CEO John Cotterell conveyed confidence based on the growing pipeline of large, late-stage deals, stating that while the lack of signatures is frustrating, the pipeline's strength should help the company exit the 'air pocket' relatively soon. Regarding the top customer, he confirmed that they are not seeing any negative dynamics, with contracts continuing to be signed and program momentum remaining strong.

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    Jonathan Lee's questions to Endava PLC (DAVA) leadership • Q1 2025

    Question

    Jonathan Lee inquired about the underlying assumptions for the fiscal year outlook, the drivers of the expected back-half revenue acceleration, and how that aligns with recent headcount trends.

    Answer

    CEO John Cotterell stated the outlook assumes a stable macro environment but with continued high scrutiny on IT investments, leading to longer sales cycles. Confidence in back-half acceleration comes from large transformation programs already underway and a strong pipeline. CFO Mark Thurston added that the pipeline is growing, enhanced by the GalaxE acquisition and new India delivery capabilities, which underpins their confidence.

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    Jonathan Lee's questions to Accenture PLC (ACN) leadership

    Jonathan Lee's questions to Accenture PLC (ACN) leadership • Q2 2025

    Question

    Jonathan Lee sought to clarify if the high end of the revenue outlook still assumes a 'status quo' environment and asked about the timing for stable pricing to flow through to the P&L.

    Answer

    CFO Angie Park confirmed the high end of the 5-7% full-year growth guidance does not assume an improvement in discretionary spending, while the low end allows for further deterioration. On pricing, she noted that it takes time to layer into financial results and is dependent on the mix of deals sold.

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