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    Zachary Ajzenman • TD Cowen

    Zachary Ajzenman's questions to Globant SA (GLOB) leadership

    Zachary Ajzenman's questions to Globant SA (GLOB) leadership • Q4 2024

    Question

    Zachary Ajzenman sought to clarify the magnitude of the recently emerged headwinds from Disney and Latin America and asked about the confidence in the full-year outlook for the Disney account.

    Answer

    CFO Juan Urthiague clarified that a stronger-than-expected finish to 2024 at Disney pulled some activity forward, creating a Q1 headwind of approximately $5 million. The remaining headwind is primarily from demand softness in Latin America. Despite the Q1 dip, he expressed confidence that the Disney account would grow in the mid-to-high single-digit range for the full year 2025.

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    Zachary Ajzenman's questions to Endava PLC (DAVA) leadership

    Zachary Ajzenman's questions to Endava PLC (DAVA) leadership • Q2 2025

    Question

    Zachary Ajzenman of TD Cowen inquired about the underlying assumptions for the Q3 and full-year guidance, the implied Q4 acceleration, and the impact of large deal conversions. He also asked for an update on top client behavior, particularly regarding a strong healthcare client and volatility with larger payments customers.

    Answer

    CFO Mark Thurston explained that the Q3 outlook reflects strength in North America and weakness in the UK and Rest of World, with Banking and Insurance outperforming TMT and Mobility. CEO John Cotterell attributed the expected Q4 acceleration to the long sales cycle of large, AI-driven core modernization deals, which are building in the pipeline. Cotterell noted that while payments processor clients show a slow decline, payments-related work within the strongly growing Banking & Capital Markets vertical is robust.

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    Zachary Ajzenman's questions to Endava PLC (DAVA) leadership • Q2 2025

    Question

    Zachary Ajzenman inquired about the underlying assumptions for the Q3 and full-year guidance, the implied Q4 acceleration, and the impact of recent macro softness. He also asked for more detail on top client behavior, particularly in healthcare and payments.

    Answer

    CFO Mark Thurston explained that the Q3 outlook reflects strength in North America and weakness in the U.K. and Rest of World. CEO John Cotterell added that the Q4 acceleration is driven by large, long-cycle core modernization deals, especially in banking and capital markets. Cotterell contrasted the slow decline in the payments processor vertical with strong growth in banking, where clients are investing in their own payments infrastructure, and noted the strong healthcare client growth stems from the GalaxE acquisition.

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    Zachary Ajzenman's questions to Endava PLC (DAVA) leadership • Q1 2025

    Question

    Zachary Ajzenman inquired about the performance and outlook for top clients and asked about the commercialization and contract structures for Gen AI projects moving into production.

    Answer

    CFO Mark Thurston noted stability among the largest clients, with one media client ramping down but growth expected elsewhere in the top 10. CEO John Cotterell stated that while more AI projects are moving to production, it's from a small base. All current AI work is contracted on a Time & Materials (T&M) basis, though he foresees a potential shift to outcome-based pricing in 2-3 years as the technology and use cases mature.

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    Zachary Ajzenman's questions to DXC Technology Co (DXC) leadership

    Zachary Ajzenman's questions to DXC Technology Co (DXC) leadership • Q2 2025

    Question

    Zachary Ajzenman inquired about the sustainability of DXC's free cash flow, questioning if the extension of the restructuring program into fiscal 2026 would impact future growth. He also asked for details on the expected improvement in bookings, seeking a breakdown by segment and the influence of company-specific initiatives versus market dynamics.

    Answer

    CFO Rob Del Bene affirmed that the fundamental free cash flow base of approximately $700 million remains intact for fiscal 2025 and is expected to carry into fiscal 2026, independent of restructuring timing. He expressed confidence in a second-half bookings improvement for both GIS and GBS, citing a growing pipeline and stable closure rates in CES. CEO Raul Fernandez added that the recent hiring of 13 new senior leaders, who are just beginning to have an impact, further supports this optimistic outlook.

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    Zachary Ajzenman's questions to Automatic Data Processing Inc (ADP) leadership

    Zachary Ajzenman's questions to Automatic Data Processing Inc (ADP) leadership • Q1 2025

    Question

    Zachary Ajzenman inquired about the demand and bookings environment for Employer Services in Q1 and the outlook for PEO worksite employee retention for the remainder of fiscal 2025.

    Answer

    CEO Maria Black stated that overall HCM demand was solid and broad-based, highlighting strength in retirement services for small businesses, HR outsourcing in the mid-market, and continued momentum in international markets. Regarding PEO, she clarified that strong new business bookings were the primary driver of outperformance, with retention being a more modest contributor. CFO Don McGuire added that PEO pays per control growth is expected to be slower than in Employer Services.

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