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    Margaret Nolan • William Blair

    Margaret Nolan's questions to Globant SA (GLOB) leadership

    Margaret Nolan's questions to Globant SA (GLOB) leadership • Q1 2025

    Question

    Margaret Nolan inquired about margin differentials in Latin America versus other regions and the financial impact of regional softness. She also asked about the traction of new commercial models, particularly the AI-powered subscription.

    Answer

    CFO Juan Urthiague clarified that margins are not significantly different across regions, as the company maintains a centralized and disciplined approach to pricing. CEO Martín Migoya added that AI-related revenue is growing significantly, but the new subscription model's contribution is not yet substantial enough to quantify, though it is generating strong early interest. CTO Diego Tartara described it as a new way to represent value beyond hourly rates.

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    Margaret Nolan's questions to Globant SA (GLOB) leadership • Q4 2024

    Question

    Margaret Nolan asked about the primary organic growth drivers for 2025 and the specific organic growth expectations embedded in the company's guidance.

    Answer

    CFO Juan Urthiague detailed that the guidance assumes an organic constant currency growth of 9.5% for 2025, in line with 2024. He identified the main growth drivers as continued strength in the 'New Markets' and Europe regions, an anticipated improvement in deal conversion in the U.S., and strong performance from the creative network (GUT) and AI studios. He noted that AI-driven solutions are a significant source of pipeline opportunities.

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    Margaret Nolan's questions to Globant SA (GLOB) leadership • Q3 2024

    Question

    Margaret Nolan asked for details on Globant's use of AI agents in its delivery process, questioning if it's proprietary and if it replaces human labor.

    Answer

    COO Patricia Pomies clarified that the use of AI agents is meant to augment, not replace, employees. She explained that Globant has a long history of using AI internally for processes like recruiting and training. These agents now assist delivery managers with tasks like defining scope and monitoring project health, improving efficiency and quality as part of Globant's standard business practice.

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    Margaret Nolan's questions to Ingram Micro Holding Corp (INGM) leadership

    Margaret Nolan's questions to Ingram Micro Holding Corp (INGM) leadership • Q1 2025

    Question

    Margaret Nolan inquired about the quarterly trajectory of OpEx as a percentage of revenue for the remainder of the year. She also asked about the expected timeline for tariffs to suppress buyer demand after any initial pull-forward, based on historical precedent.

    Answer

    CFO Mike Zilis projected that OpEx as a percentage of revenue would remain slightly above 5% on a consistent basis, with potential for better leverage in the seasonally strong Q4. He noted the Q1 leverage benefited from both cost actions and the high growth in low-cost-to-serve client solutions. Regarding tariffs, both Zilis and CEO Paul Bay stated it's difficult to predict the impact without knowing the final policies. Bay added that in the past, such costs were absorbed without significant impact, and the company's diversification across vendors and geographies provides resilience.

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    Margaret Nolan's questions to Ingram Micro Holding Corp (INGM) leadership • Q4 2024

    Question

    Margaret Nolan of William Blair inquired if expectations for driving operating leverage have changed due to pricing dynamics and whether the company will need to pursue more cost efficiencies.

    Answer

    CEO Paul Bay affirmed that the company is focused on driving efficiencies through its Xvantage platform, which enables a better, more touchless customer experience at a lower operating expense. He also referenced a recently announced 3.5% global OpEx reduction, indicating that cost management was already planned to address potential headwinds in 2025.

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    Margaret Nolan's questions to Ingram Micro Holding Corp (INGM) leadership • Q3 2024

    Question

    Margaret Nolan from William Blair & Company requested an update on the geographic expansion that occurred while Ingram Micro was a private company and its expected future development.

    Answer

    CEO Paul Bay clarified that recent expansion focused on acquiring specific skill sets and competencies in areas like cloud and cybersecurity, rather than broad new geographic entries, as the company already possesses extensive global reach. CFO Michael Zilis added that approximately one-third of the business is in high-growth emerging markets (APAC, Latin America, MEA), where the distribution value proposition is stronger, justifying their strategic focus.

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    Margaret Nolan's questions to Epam Systems Inc (EPAM) leadership

    Margaret Nolan's questions to Epam Systems Inc (EPAM) leadership • Q1 2025

    Question

    Margaret Nolan asked for specific plans to improve gross margin for the remainder of the year and inquired about the size and growth trend of partnership-driven revenue.

    Answer

    CFO Jason Peterson outlined that gross margin improvement will stem from seasonal factors, a renewed focus on improving utilization back towards 77%, and ongoing cost management. Regarding partnerships, Peterson confirmed they are a very important growth driver but did not provide specific revenue figures.

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    Margaret Nolan's questions to Epam Systems Inc (EPAM) leadership • Q4 2024

    Question

    Margaret Nolan inquired about the assumptions underpinning the high and low ends of the 2025 revenue guidance and asked about the strategy for balancing investments in agentic AI with the need for cost synergies from recent acquisitions.

    Answer

    CFO Jason Peterson detailed that the revenue guidance range reflects 0-4% organic growth, with the high end assuming stronger sequential growth in the second half of the year. He also provided a margin bridge, noting a 60 basis point dilution from acquisitions (NEORIS and FD) and further pressure from GenAI investments and compensation increases aimed at talent retention. CEO Arkadiy Dobkin added that investing in GenAI during this technological shift is critical for future growth, similar to past investments in cloud and mobile.

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    Margaret Nolan's questions to Epam Systems Inc (EPAM) leadership • Q3 2024

    Question

    Margaret Nolan of William Blair asked about underlying profitability improvements in the quarter, excluding the benefit from the Poland R&D incentive. She also requested details on the integration plans for the recent acquisitions and their expected margin profiles.

    Answer

    CFO Jason Peterson pointed to improved utilization and lower SG&A as drivers of underlying profitability. Regarding acquisitions, he stated the immediate focus is on revenue synergies with Nedis. He clarified that both recent acquisitions have lower profitability profiles, likely in the low teens, which will have a modestly negative impact on the company's overall adjusted operating income margin, though the primary pressure remains the wage/price disconnect.

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    Margaret Nolan's questions to Genpact Ltd (G) leadership

    Margaret Nolan's questions to Genpact Ltd (G) leadership • Q1 2025

    Question

    Margaret Nolan followed up on the delayed large deals, asking if there was any pricing pressure given the macro environment and inquired about the concentration of impacted end markets within the DTA versus Digital Ops segments.

    Answer

    CFO Mike Weiner and CEO BK Kalra both stated there is 'absolutely not' any pricing pressure, emphasizing the issue is purely timing related to client caution. Kalra noted that while the impacted deals are in manufacturing, CPG, and retail, Genpact benefits from a diversified industry base and is not overly concentrated in a way that caused the issue, but rather these specific end markets are feeling more uncertainty.

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    Margaret Nolan's questions to Genpact Ltd (G) leadership • Q4 2024

    Question

    Margaret Nolan of William Blair & Company inquired about the expected pace of hiring in 2025 in relation to revenue guidance, given the rollout of Agentic Solutions. She also asked about the balance between applying new technologies to horizontal versus domain-specific solutions.

    Answer

    CEO BK Kalra stated that while the company is hiring for specific data, tech, and AI skills in the short term, the long-term goal is for revenue growth to outpace hiring, aided by internal reskilling. CFO Mike Weiner confirmed these costs are factored into the guidance. Kalra also clarified that Genpact applies its solutions across both horizontal functions like accounts payable and industry-specific verticals like insurance and banking.

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    Margaret Nolan's questions to Cognizant Technology Solutions Corp (CTSH) leadership

    Margaret Nolan's questions to Cognizant Technology Solutions Corp (CTSH) leadership • Q1 2025

    Question

    Margaret Nolan asked about the conversion pace of large-scale cost takeout deals, questioning if they could be signed and contribute to revenue within the current calendar year. She also inquired about the current pricing environment and competitive behaviors.

    Answer

    CEO Ravi Kumar S expressed optimism, stating that an uncertain market is the ideal time for clients to pursue technology-led cost takeouts, as they seek to rebaseline technology deployment costs. While acknowledging potential lumpiness in deal closures, he believes the timing is favorable. CFO Jatin Dalal described the pricing environment as intense but noted that success is driven by a superior ability to reduce a client's total cost of ownership through GenAI-powered solutions, rather than by simple rate card negotiations, an area where he believes Cognizant has an early-mover advantage.

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    Margaret Nolan's questions to Cognizant Technology Solutions Corp (CTSH) leadership • Q3 2024

    Question

    Margaret Nolan asked if the performance in Financial Services is a leading indicator for broader IT spending and inquired about any changes in sales cycles and conversion rates, given the mix of large deals and returning smaller discretionary projects.

    Answer

    CEO Ravi Kumar S attributed the Financial Services turnaround to resolving company-specific issues and now gaining wallet share as discretionary spending rebounds. He noted that sales cycles for large deals are benefiting from proposals that use AI-driven savings on legacy systems to fund new innovation. This 'do more for less' model resonates with clients, who are clearing their project backlogs due to the elasticity of tech spend.

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    Margaret Nolan's questions to Exlservice Holdings Inc (EXLS) leadership

    Margaret Nolan's questions to Exlservice Holdings Inc (EXLS) leadership • Q1 2025

    Question

    Margaret Nolan inquired how the 10 new client additions in the quarter compared to internal expectations and if there were any changes in traction with existing client expansions. She also asked about the potential to increase outcome-based revenue in other verticals, similar to the successful model in Healthcare and Life Sciences.

    Answer

    Rohit Kapoor, Chairman and Chief Executive Officer, responded that the quality of the new clients was very good and that expansion with existing clients remains strong, supported by a healthy pipeline. On outcome-based revenue, he explained that as EXL embeds more data and AI-led solutions, the company expects a gradual shift over several years toward more outcome-linked contracts with higher margin potential across all verticals.

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    Margaret Nolan's questions to Exlservice Holdings Inc (EXLS) leadership • Q4 2024

    Question

    Margaret Nolan asked for more details on the 100 prebuilt accelerators mentioned, specifically their usage across the customer base and within large client relationships. She also requested guidance on margin expectations for 2025, at both the gross and operating levels.

    Answer

    Rohit Kapoor, Chairman and CEO, clarified that the 100 accelerators are modern, tested solutions already deployed with clients, but their penetration remains low, presenting a significant growth opportunity. Maurizio Nicolelli, CFO, added that for 2025, EXL expects gross margins to continue increasing to fund AI investments, leading to a projected 10 to 20 basis point expansion in the overall adjusted operating margin for the year.

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    Margaret Nolan's questions to Exlservice Holdings Inc (EXLS) leadership • Q3 2024

    Question

    Margaret Nolan asked about the risk of changing conversion rates for large deals in the digital operations business and sought clarity on the organic growth in data management versus contributions from acquisitions.

    Answer

    CEO Rohit Kapoor stated that conversion and win rates for large deals are consistent with the rest of the portfolio and that the company has a strong pipeline of won deals to be implemented into 2025. He clarified that the Analytics segment's organic growth was strong, estimating it would have been 9% to 10% even without the ITI Data acquisition, driven by a rebound in analytics services demand.

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    Margaret Nolan's questions to Magic Software Enterprises Ltd (MGIC) leadership

    Margaret Nolan's questions to Magic Software Enterprises Ltd (MGIC) leadership • Q4 2024

    Question

    Margaret Nolan of William Blair asked for a long-term view on growth drivers for the combined Magic-Matrix entity, focusing on end markets or geographies, and questioned how Magic's AI solutions are expected to evolve and be adopted over the next year.

    Answer

    CEO Guy Bernstein explained that future growth will leverage Magic's existing infrastructure, enhanced by Matrix's relationships with large vendors and expanded service offerings. On AI, Bernstein stated that Magic is positioned to guide large, hesitant corporations in adopting AI technologies. CTO Yuval Lavi added that the company is evolving its low-code platform into next-generation, prompt-based tooling to align with the revolutionary changes Gen AI is bringing to the software development life cycle.

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    Margaret Nolan's questions to Taskus Inc (TASK) leadership

    Margaret Nolan's questions to Taskus Inc (TASK) leadership • Q4 2024

    Question

    Margaret Nolan asked for more detail on the company's plan to expand specialized services that are less likely to be automated, including which service areas are being prioritized and how the service mix might change.

    Answer

    CEO Bryce Maddock stated the focus is on services and verticals with 'AI resistance' due to complexity or regulation. Key service areas include Trust and Safety, Risk and Response, AI services, sales, and complex customer success. The target verticals are financial services and healthcare. He also mentioned a strategy to disrupt incumbent providers at enterprise clients by taking an AI-first approach to their business.

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    Margaret Nolan's questions to Taskus Inc (TASK) leadership • Q3 2024

    Question

    Margaret Nolan asked about TaskUs's priorities for 2025 regarding vertical diversification and growth outside its top client, and whether any specific targets exist. She also requested more color on pricing dynamics across the different service lines.

    Answer

    CEO Bryce Maddock explained that a key priority is expanding into enterprise clients in healthcare and banking to provide a countercyclical balance, noting a recent verbal award from a large healthcare payer. Regarding pricing, he described a bifurcation in the market: while simple support faces pressure, clients are increasing investment in the complex, premium services that TaskUs specializes in, such as AI Services and Trust & Safety, where there is a willingness to pay for expertise.

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    Margaret Nolan's questions to Taskus Inc (TASK) leadership • Q2 2024

    Question

    Margaret Nolan of William Blair asked if the investments impacting margin guidance are for revenue this year or next, and sought elaboration on the nature of the competitive pricing environment.

    Answer

    CEO Bryce Maddock confirmed the investments support revenue growth in both the second half of 2024 and into 2025, as they are for business that has already been awarded. He elaborated that the competitive pricing pressure is most apparent in new deal pursuits, where buyers have more leverage due to slower industry growth and excess capacity, forcing TaskUs to price competitively to win new logos and regain growth momentum.

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    Margaret Nolan's questions to Taskus Inc (TASK) leadership • Q1 2024

    Question

    Margaret Nolan asked for details on the key drivers behind the improved Q2 and full-year outlook, questioning if it was primarily Trust & Safety, and how incremental investments would impact margin trajectory.

    Answer

    CEO Bryce Maddock confirmed that Trust & Safety is a significant growth driver, alongside moderating declines in Digital Customer Experience and AI Services. He stated that while investments in sales, marketing, and technology create near-term margin pressure, he expects margin expansion in 2025. CFO Balaji Sekar added that full-year adjusted EBITDA margins are expected to be 22-23%, with Q3 likely being the highest margin quarter of the year.

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    Margaret Nolan's questions to CSG Systems International Inc (CSGS) leadership

    Margaret Nolan's questions to CSG Systems International Inc (CSGS) leadership • Q4 2024

    Question

    Margaret Nolan asked for details on bridging the gap from the 2025 operating margin guidance to the 2026 aspiration of 19%, and questioned the composition and drivers of the goal to have new industry verticals reach over 35% of revenue.

    Answer

    CFO Hai Tran explained that margin expansion to 2026 will come from a continued positive revenue mix shift towards higher-margin SaaS businesses, the full-year impact of recent efficiency actions, and natural operating leverage as revenue scales. CEO Brian Shepherd added that investments in SaaS, cloud, and data solutions will not impede margin expansion and highlighted wins across diverse verticals like financial services, healthcare, and tolling as drivers for the diversification goal.

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    Margaret Nolan's questions to CSG Systems International Inc (CSGS) leadership • Q3 2024

    Question

    Margaret Nolan asked what specifically prompted the margin guidance increase, given the levers were previously known, and inquired if customers in new verticals require vertical-specific solutions as CSG diversifies.

    Answer

    CFO Hai Tran clarified that the margin guidance was raised due to executing on efficiency initiatives faster than originally anticipated. CEO Brian Shepherd added that while the core post-purchase customer needs are similar across industries, CSG is actively building more vertical-specific domain expertise. This allows the company to enter new markets with targeted, cost-effective solutions and then expand the relationship as it demonstrates value.

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    Margaret Nolan's questions to WNS (Holdings) Ltd (WNS) leadership

    Margaret Nolan's questions to WNS (Holdings) Ltd (WNS) leadership • Q3 2025

    Question

    Margaret Nolan inquired about the nature of the recent uptick in client relationship expansions and asked about the company's M&A strategy for putting its cash to work.

    Answer

    CEO Keshav Murugesh credited enhanced client engagement for driving expansions. Executive David Mackey added that automation is expanding the addressable market within clients. On M&A, CFO Arijit Sengupta confirmed the strategy is to acquire for capability. Management emphasized a disciplined approach, seeking the right asset at the right price to add value in areas like data, analytics, and AI.

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    Margaret Nolan's questions to WNS (Holdings) Ltd (WNS) leadership • Q1 2025

    Question

    Margaret Nolan of William Blair inquired about the expected cadence of operating margin for the remainder of the fiscal year. She also asked if the engagements with a generative AI component will be structured differently from traditional contracts.

    Answer

    Executive David Mackey projected that Q2 operating margin would be relatively flat sequentially with Q1, followed by margin expansion in the second half of the year. This improvement is expected to be driven by leveraging investments, rightsizing headcount, and normal productivity gains. Regarding Gen AI deals, Mackey stated it's a combination: some involve adding Gen AI to existing processes without changing the structure, while newer, Gen AI-heavy deals are increasingly non-FTE based (e.g., transaction or outcome-based), which presents both risk and margin opportunity.

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    Margaret Nolan's questions to Endava PLC (DAVA) leadership

    Margaret Nolan's questions to Endava PLC (DAVA) leadership • Q1 2025

    Question

    Margaret Nolan asked if the larger, core modernization projects have different conversion timelines and margin profiles, and also requested insight into the adjusted PBT margin trajectory for the fiscal year.

    Answer

    CEO John Cotterell confirmed these projects have longer conversion times but expects similar margin profiles due to their proprietary accelerators that improve efficiency. CFO Mark Thurston projected that adjusted PBT margins would be similar to Q1 in Q2, with improvement coming in the second half, particularly Q4, after GalaxE integration costs subside. He anticipates exiting the fiscal year with margins around 13-14%.

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    Margaret Nolan's questions to ASGN Inc (ASGN) leadership

    Margaret Nolan's questions to ASGN Inc (ASGN) leadership • Q3 2024

    Question

    Margaret Nolan inquired about the strategic shift indicated by the emphasis on adding solution architects and asked for any outlook on the 2025 IT spending environment.

    Answer

    Executive Randolph Blazer characterized the addition of solution architects as an 'evolution of our solution strength' to support their account-focused strategy, adapting to client needs in areas like AI. Executive Theodore Hanson added that it is too early to comment on 2025 spending rates but noted that strong bookings and pipeline portend future growth.

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