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    Yu Lee • Wolfe Research

    Yu Lee's questions to GDS Holdings Ltd (GDS) leadership

    Yu Lee's questions to GDS Holdings Ltd (GDS) leadership • Q1 2025

    Question

    Yu Lee from Jefferies Hong Kong requested details on the customers and locations behind the 46,000 sqm of new commitments in Q1. He also sought commentary on market talk about new government regulations potentially favoring state-owned enterprises (SOEs) for AI data center construction.

    Answer

    CEO William Huang explained that the Q1 new commitments were primarily driven by a traditional hyperscaler customer for AI inferencing projects near Shanghai and Beijing. Regarding regulations, he stated his understanding is that they mainly apply to SOE investments and that GDS's 900 MW of held-for-development capacity already has the necessary power quotas, so it will not be impacted.

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    Yu Lee's questions to GDS Holdings Ltd (GDS) leadership • Q2 2024

    Question

    Yu Lee asked about the source of the incremental secured power capacity in Southeast Asia and requested details on the customer mix in Malaysia and Batam, particularly regarding the new international client.

    Answer

    CFO Dan Newman attributed the increased power capacity to land acquisitions and infrastructure upsizing at both Johor sites. CEO William Huang explained that GDS now has five customers in the region, with a current mix of 70% from three Chinese clients. He confirmed the new Batam client is international and expects the overall customer mix to approach a 50-50 Chinese-to-international split within 12 months.

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

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

    Question

    Yu Lee expressed concern about a potential extended 'revenue air pocket' due to deal ramp-up times and decision delays, and asked about the spending impact from ownership changes at a top customer.

    Answer

    CEO John Cotterell acknowledged the frustration of not closing large deals faster but expressed confidence that the growing pipeline will help the company exit the 'air pocket' sooner than suggested. He also reassured that there have been no negative dynamics or spending changes observed with the top customer undergoing ownership changes, with contracts continuing to be signed.

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    Yu Lee's questions to Endava PLC (DAVA) leadership • Q2 2025

    Question

    Yu Lee of Guggenheim Partners questioned whether the recent project ramp-downs that prompted the revised outlook were broad-based or concentrated among large customers. He also asked about the anticipated pace of hiring for the remainder of the year, considering the implied sequential ramp in Q4.

    Answer

    CEO John Cotterell clarified that the softness was relatively broad-based, though more pronounced in the UK and Rest of World geographies, particularly within financial services, and attributed it to macro-driven uncertainty. On hiring, he and CFO Mark Thurston explained that while headcount may dip in Q3, they will recruit to support the implied Q4 growth. They also noted a strategic rotation towards higher-value data and AI skills, meaning headcount growth may lag revenue growth.

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    Yu Lee's questions to Endava PLC (DAVA) leadership • Q2 2025

    Question

    Yu Lee questioned whether the recent ramp-downs were broad-based or concentrated in large customers and asked about the expected pace of hiring for the remainder of the year, given the implied Q4 revenue ramp.

    Answer

    CEO John Cotterell confirmed the softness was broad-based but more pronounced in the U.K. and Rest of World geographies, attributing it to macro pressures. Regarding hiring, Cotterell and CFO Mark Thurston explained that headcount would likely decrease in Q3 before building through Q4 to support growth. Thurston also noted a skill rotation towards higher-value areas like data and AI, suggesting headcount growth may lag revenue growth.

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    Yu Lee's questions to Endava PLC (DAVA) leadership • Q4 2024

    Question

    Yu Lee of Robert W. Baird & Co. questioned the drivers behind the guided sequential improvement for fiscal year 2025 and the level of visibility. He also asked for an update on the outlook for Endava's top two payment clients.

    Answer

    CEO John Cotterell explained that confidence stems from core modernization projects driven by AI integration needs, new opportunities from their India footprint, and cross-selling with the newly acquired GalaxE. CFO Mark Thurston added that the sequential growth is modest (~2%) and visibility is solid through December, with the business mix now less exposed to payments and the U.K. Regarding the top clients, Cotterell clarified that one client's revenue is stabilizing as new work offsets a declining program, while the other is ramping up due to a new transformation program.

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

    Yu Lee's questions to Infosys Ltd (INFY) leadership • Q4 2025

    Question

    Yu Lee of Guggenheim Partners sought clarification on the inorganic contribution contemplated in the FY'26 outlook and asked for an assessment of the pricing environment during the quarter.

    Answer

    CFO Jayesh Sanghrajka clarified that the FY'26 guidance does not include the recently announced acquisition, as the deal has not yet closed. He characterized the pricing environment as stable through the quarter, noting that recent environmental changes have not had a significant impact. He added that margin improvements are being driven by value-based selling initiatives rather than direct price increases.

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    Yu Lee's questions to VNET Group Inc (VNET) leadership

    Yu Lee's questions to VNET Group Inc (VNET) leadership • Q4 2024

    Question

    Yu Lee of Jefferies asked about the retail business, wondering if the rise of AI models like DeepSeek could drive a return to mid-single-digit revenue growth for the segment. His second question focused on financing, asking how VNET plans to fund its substantial RMB 10-12 billion CapEx forecast for 2025, given its current operating cash flow.

    Answer

    CFO Qiyu Wang addressed the retail question, confirming that DeepSeek has lowered the entry barrier for SMEs and developers, driving strong demand for retail IDC services and creating new hybrid IT business models. CEO Ju Ma explained the financing strategy, stating that the CapEx will be funded through a combination of strong operating cash flow, REITs, and low-cost, long-term project-backed loans. He highlighted favorable loan terms, such as interest rates below 3.5% and 15-year maturities, which keep the company's leverage at a healthy level.

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    Yu Lee's questions to Taskus Inc (TASK) leadership

    Yu Lee's questions to Taskus Inc (TASK) leadership • Q4 2024

    Question

    Yu Lee asked about TaskUs's market position in AI services, particularly its new Agentic AI consulting practice, and why clients would choose TaskUs over in-house teams or competitors.

    Answer

    CEO Bryce Maddock detailed that the Agentic AI practice involves partnering with leading AI firms to automate simple customer interactions. He expressed confidence in their positioning, citing that TaskUs's deep expertise in client workflows and policies is essential for training and maintaining these AI models. This creates a durable revenue stream from implementation and automation, while TaskUs continues to handle more complex, non-automatable interactions.

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    Yu Lee's questions to Taskus Inc (TASK) leadership • Q3 2024

    Question

    Yu Lee asked about the key drivers providing confidence in the Q4 2024 growth acceleration and any early demand trends shaping the 2025 outlook. He also followed up on pricing pressures and contract structure trends seen in recent signings.

    Answer

    CEO Bryce Maddock stated that Q4 confidence is driven by accelerating double-digit growth in Trust & Safety and AI Services, particularly with their largest client, and high-single-digit growth in Digital Customer Experience (DCX) as they take market share. For 2025, he noted TaskUs is investing to sustain growth and expects to have a best-in-class growth rate and margin. Regarding pricing, Maddock explained that while pressure exists on simple work, TaskUs's focus on premium, specialized services continues to see strong demand and investment from clients.

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    Yu Lee's questions to Taskus Inc (TASK) leadership • Q2 2024

    Question

    Yu Lee from Morgan Stanley inquired about the drivers and durability of the growth inflection at TaskUs's largest client and asked for details on the pricing pressures seen across service lines.

    Answer

    CEO Bryce Maddock explained that the strong relationship with their largest client has led to winning significant new business in GenAI and trust and safety, involving both market share gains and net new work. He noted this growth is expected to continue, increasing client concentration. Regarding pricing, Maddock stated that to reignite growth, TaskUs has been more aggressive on price to win business from competitors and secure new enterprise clients in a market with excess capacity, which has impacted margins.

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    Yu Lee's questions to Taskus Inc (TASK) leadership • Q1 2024

    Question

    Yu Lee inquired about the macroeconomic assumptions embedded in TaskUs's updated guidance and the evolution of the demand environment since the beginning of the year.

    Answer

    CEO Bryce Maddock explained that the company maintains a cautiously optimistic stance, factoring in potential macroeconomic risks. He noted that the demand environment has accelerated in 2024, with broad-based increases from new and existing clients. Specifically, he expects four of the top five clients to increase their revenue year-over-year.

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

    Yu Lee's questions to Cognizant Technology Solutions Corp (CTSH) leadership • Q4 2024

    Question

    Yu Lee asked for the drivers behind the Q4 adjusted operating margin outperformance, given softer utilization, and inquired about incremental margin levers for 2025. He also asked about the planned pace of hiring and the geographic talent mix.

    Answer

    CFO Jatin Dalal attributed the margin strength to significant operational improvements not fully captured by the utilization metric, as well as benefits from the NextGen program. CEO Ravi Kumar S added that improved operational rigor, AI-led productivity, and strong execution on large deals contributed, allowing the company to absorb M&A dilution and AI investments. Regarding hiring, Jatin Dalal stated that headcount additions are expected to begin in Q1 2025 and that the company is well-positioned with talent supply across all geographies.

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