Maggie Nolan

Maggie Nolan asked about Globant's expectations for Latin America in 2026, particularly concerning recent uncertainties and tariffs, and how the expectation for clients to pursue larger, longer-duration projects is reflected in the guidance, differing from historical patterns.

Answer

CFO Juan Urthiague noted that Latin America recovered in the second half of 2025, becoming the fastest-growing region, with Argentina and Chile performing well and no expected headwinds. CEO Martín Migoya explained that while smaller deals have shorter sales cycles, larger deals are slower to close and ramp up, but the robust pipeline, especially from 100 squared accounts, supports confidence in revenue ramp-up in Q2 and H2 2026.

Maggie Nolan asked about Globant's expectations for the Latin America region in 2026, particularly in light of recent tariff-related uncertainties. She also questioned how the expectation for larger scale, longer-duration projects and pipeline conversion trends are reflected in the 2026 guidance, and if this differs from historical patterns.

Answer

CFO Juan Urthiague noted that Latin America recovered in the second half of 2025, with Argentina and Chile performing well, and no significant headwinds expected from the region. CEO Martín Migoya and CRO Fernando Matzkin explained that while clients remain cautious on very large investments, shorter sales cycles are observed for smaller deals. The robustness of the pipeline, especially from top accounts, and relevant deals closed in Q3 and Q4 2025, provide confidence for future revenue ramp-up, particularly in Q2 and H2 2026.

Maggie Nolan asked about the sustainability of the robust growth in AI services and its potential size in the coming years. She also inquired how TaskUs assesses the potential for similar automation impacts (as seen with the top client) across its broader client portfolio, contrasting it with the specific dynamics of the relationship and concentration with the largest client.

Answer

Bryce Maddock, Co-Founder and CEO, expressed strong excitement for AI services, driven by foundational model developers, autonomous vehicle, and robotics companies, which have significant funding for data collection, annotation, and evaluations. He expects AI services to be the fastest-growing service line in 2026 and a key medium-term growth driver, despite its project-based nature potentially causing choppy revenue. Regarding automation, Maddock reiterated the strong relationship with the top client, anticipating vendor consolidation benefits despite expected 2026 revenue contraction. He emphasized that what's happening with the largest client is not necessarily a forecast for others, as clients 2-20 are projected to grow 15% in 2026 due to vendor consolidation, agentic AI solutions, and strong execution.

Maggie Nolan from William Blair inquired about the sustainability of the robust growth in AI services, which constituted a substantial portion of Q4 bookings, and the potential size of this segment in the coming years. She also asked how TaskUs assesses the potential for similar automation impacts seen with the top client to occur across the broader client portfolio, given the top client's advanced adoption pace.

Answer

Bryce Maddock, Co-founder and CEO of TaskUs, expressed excitement about AI services, driven by demand from foundational model developers, autonomous vehicle, and robotics companies with healthy funding. He noted that AI services are project-based, which can lead to choppy revenue growth, but it will remain the fastest-growing service line in 2026. Regarding the top client, Maddock reiterated a strong relationship, anticipating vendor consolidation benefits despite expected revenue contraction in 2026 due to automation. He clarified that the top client's situation is not a direct forecast for others, as clients 2-20 are projected to grow 15% in 2026 due to vendor consolidation, AI consulting, and strong execution.

Maggie Nolan asked about leading indicators to watch for accelerating Ex-L&S revenue growth, given the initiatives mentioned in the script and first-half pressures, and the realistic timeline for seeing this acceleration. She also inquired about the main puts and takes on margins for the next year, excluding SG&A efficiencies.

Answer

CEO Mike Thomson identified new business conversion rate as the earliest top-line indicator. He explained that deploying embedded technology like the Service Experience Accelerator (SEA) will drive new scope opportunities, despite some initial pricing pressure due to lower delivery costs. He also highlighted the Intelligent Operations platform in CA&I, leveraging AI agents to expand scope in hybrid infrastructures and participate in the 'above enterprise layer automation' TAM. For margins, Mike Thomson pointed to the application of emerging technology (AI) for more efficient delivery, continued workforce optimization (upskilling, right-shoring), and a favorable mix shift towards higher-margin infrastructure field services (liquid cooling, hybrid infrastructure, high-end storage) away from traditional PC break-fix.

Maggie Nolan inquired about leading indicators for XLNS revenue growth acceleration and a realistic timeline for achieving it, given first-half pressures. She also asked for the main puts and takes on margins for the next year, excluding SG&A efficiencies.

Answer

CEO and President Mike Thomson identified new business conversion rate as the earliest top-line indicator. He noted that deploying embedded technology like Service Experience Accelerator to existing clients will drive new scope opportunities, despite some initial pricing pressure due to lower delivery costs. He also highlighted the Intelligent Operations Platform in CA&I, leveraging AI agents to expand scope in hybrid infrastructures. For margins, Thomson pointed to the application of emerging technology, continued workforce efficiency (upskilling, right-shoring), and a mix shift towards higher-margin infrastructure field services (e.g., liquid cooling, high-end storage) within DWS.

Maggie Nolan inquired about EPAM's first quarter guidance being lower than the full-year organic revenue and margin outlook, seeking clarity on the expected build-up throughout the year and visibility into larger deals, bookings, and pipeline. She also asked about planned investments in vertical industry expertise and their potential impact on the P&L and competitive positioning.

Answer

Jason Peterson, CFO, explained that Q1 guidance reflects a mid-single-digit sequential decline from NEORIS's largest client, impacting Q1 by 100 basis points, but expects stabilization thereafter. Balazs Fejes, CEO and President, noted a strong pipeline, particularly in European and Middle Eastern markets, supporting the year's build. Regarding vertical expertise, Mr. Fejes confirmed that 2026 guidance already incorporates planned investments in business development, industry capabilities, and vertical accelerators, which are expected to enhance competitive positioning.

Maggie Nolan inquired about EPAM's first quarter guidance being lower than the full-year organic revenue and margin guidance, asking how the year is expected to build and about visibility regarding larger deals, ramping, bookings, and pipeline. She also asked about planned investments in sales and delivery for vertical industry expertise, their material impact on the P&L, and competitive positioning.

Answer

CFO Jason Peterson explained that Q1 guidance reflects a mid-single-digit sequential decline in NEORIS's largest customer's business, which is expected to stabilize thereafter. CEO Balazs Fejes added that a strong pipeline and traction in European and Middle Eastern markets support the outlook for the remaining quarters. Regarding investments, Mr. Fejes confirmed that the current P&L guidance already reflects planned investments for 2026, prioritizing business development and building industry-specific capabilities and vertical accelerators.

Maggie Nolan asked about the 40% Total Contract Value (TCV) for the AP Suite coming from new clients, inquiring about patterns in adoption, if these clients differ from typical Genpact or BPO clients, and how Genpact is thinking about addressable market growth as these solutions roll out.

Answer

Balkrishan Kalra, CEO of Genpact, stated that this trend clearly points to a significantly expanding total addressable market. He noted that new clients include net new clients to Genpact, as well as existing clients who were not previously using Genpact for finance services, indicating a combination of enterprise, mid-market, and existing client engagement. Maggie Nolan then asked about any improvements in sales cycle or ramp times, particularly for large deals, in the last 90 days, and what is contemplated in the full-year guidance regarding these variables, specifically mentioning strong large deals in January. Balkrishan Kalra responded that large deals have varied paces, especially when integrating technology, process, and data, and do not typically move in 90-day increments. He expressed enthusiasm for the record-level pipeline across all client cohorts. Michael Weiner, SVP and CFO, added that the 7% full-year guidance is confident, based on probability-weighted deals, committed revenue in line with historical averages (~75%), and a significant backlog at record levels from 2025, 2023, and 2024 bookings.

Maggie Nolan asked about the adoption patterns for Genpact's AP Suite, noting that 40% of its Total Contract Value (TCV) came from new clients, and whether these clients differ from Genpact's traditional base. She also inquired about the addressable market growth for these new solutions.

Answer

CEO Balkrishan Kalra explained that the AP Suite's rapid adoption significantly expands Genpact's total addressable market, attracting both net new enterprise and mid-market clients, as well as existing clients who are now utilizing Genpact for finance services. Regarding sales cycles and large deals, Mr. Kalra mentioned that while large deals have varied paces, the pipeline across all cohorts, including large deals, is at record levels. CFO Michael Weiner affirmed confidence in the 7% full-year guidance, citing committed revenue in line with historical averages and a significant backlog from strong bookings in prior years.

Maggie Nolan inquired about the mix of commercial consulting growth, specifically between project-based, longer-duration, or platform-led work, and how this impacts revenue visibility for 2026. She also asked about end-market performance in financial services and TMT, and early insights into 2026 client budgets.

Answer

Shiv Iyer, President, stated that growth is seen across the board, including transaction/project-based implementation, enterprise platforms, application engineering, and data/AI. He noted a healthy mix of longer-term and implementation-driven projects, with improving fixed-price contracts. Mr. Iyer indicated steady to moderately positive demand, with sequential improvement in financial services outside of big banks, and an uptick in TMT and software/services due to data center build-outs. Theodore Hanson, CEO, highlighted sequential improvements in 4 of 5 industries and year-over-year growth in 3 of 5, expressing cautious optimism but noting the need for inflection in the big bank sector.

Maggie Nolan asked for clarification on professional services project delays from retail customers, specifically if these are push-outs to future fiscal years and the nature and potential widespread impact of these delays.

Answer

CEO and President Mark Marron confirmed that the project delays from retail and consumer customers are expected to materialize in fiscal 2027, not indicating a long-term concern. He noted that the decline in professional services was also due to a tough comparison from the Bailiwick acquisition last year and a slight reduction in staffing, while managed services continued to grow.

Maggie Nolan, a Research Analyst at William Blair, inquired about the nature, drivers, and expected duration of outsized projects from enterprise customers, and also asked about the professional services project delays from retail clients, specifically if they are push-outs and their potential widespread impact on the services business.

Answer

Mark Marron, CEO and President, explained that while mid-market customers showed the biggest growth, a few large enterprise customers had significant Q3 projects, which are not expected to fully replicate in Q4, influencing guidance. Regarding professional services, he noted that delays from a few retail and consumer clients are expected to materialize in fiscal 2027, attributing the decline to tough prior-year comparisons (due to the Bailiwick acquisition) and staffing adjustments, while managed services continue to grow.