AgileThought (AGILQ) 9 Mar 232022 Q4 Earnings call transcript

Ladies and gentlemen, thank you for standing by. Good afternoon, and welcome to the AgileThought Fourth Quarter and Full Year 2022 Financial Results Conference Call. At this time, all participants are in a listen-only mode [Operator Instructions]. After today's presentation there will be an opportunity to ask questions. [Operator Instructions].

are broadcast the and live recorded playback call conference of its this for being is over purposes. of advice audio that this also Participants the internet one call May through XXXX. be the of XX, of replay the end webcast available A approximately hour after call will

the go now would ahead. Franco, turn of Investor over to the I Head conference Relations. to Mariana like Company's Franco, please

you Year and thank joining XXXX Conference day Quarter Full AgileThought Good and Earnings Call. Fourth

Executive Officer; are Officer. Manuel Senderos, Chief Chief Chairman Our Amit speakers Financial and and today Singh,

are our other Before to you uncertainties and we financial filings begin, that questions statements. and some allow in subject described answers earnings today, as statements release considered me of some to with of to company's remind the including be the comments call SEC. the looking may and risks business our the the your outlook, and forward on Such

time which adjusted also and this such as to AgileThought's Today's reflect in measures, industry Except to adjusted that in performance by the publicly this circumstances content information any as obligation and we to revise is contains how update after XXXX. occur non-GAAP way that call. net financial references include to compare X, or track will remarks income sensitive internally is easiest income March to or only the the our any accurate as AgileThought peers today, disclaims information The call events law, of required of

through website@ir.agilethought.com, can available a to of in release. information call be This associated via our release. to find GAAP webcast earnings conference Additional the financial information non-GAAP between the also AgileThought's is where provided including reconciliation copy information Relations financial will earnings you Investor replay press

to Manuel turn call I'd our Senderos, now to CEO. over like the

today. pleased XXXX. outlook as and fourth about I year you, and be us as and with you for our talk for quarter well business financial thank you to performance our to here am Mariana full joining Thank all XXXX

mentioned heavily together, we top have delivery during been investing us functions, As calls, believe, margins. growth line which to industry-leading earnings we enable sales, we our people across will our and last and achieve

increased head in top the months have We ramp higher the even in XX% In more our last a count strongly our by capacity. line selling growth. we be spending should to increase we an members our with few believe in still sales sales, new have materially we and but team as that accelerate more coming quarters, up few able the almost

have able have of Board our the encouraged industry new the been We been also quality management executive from multinational leadership. clear pattern services see digital all to -- with from attract by the hires, and talent we leading team These of the our along turnovers firms.

model operational software an in the units delivery In best delivery, the as discussed we and and our previous have talent development clients in quarters, market. we along the the market can, our deliver services consulting, strong with industry-leading technical that and design developed have in industry experts to

firms services strong sales, In the from we globally. just to leading continue attract digital delivery the very function in as talent

they which strong strong and of year. beginning function, our for ago, of value reducing fulfilling year the to months career path with we team people at building what them For employees attrition, gives report XXXX within completely half pleasure a were help ended hiring robust were our that the almost at company. me levels, proposition great It and a to attrition the focus few build our creating reconfigured capacity we strong a on

is attrition our at levels. Currently, industry-leading

expect in the people fulfill addition, is demand now In hire our quarters. in a the robust position to function to strongly coming we

quarter. revenue fourth for we growth. totaled with full XXXX to second growth. real We close year-over-year million $XX.X our starting representing reported results And benefits, year, in X.X% to a million witness above to are we the this half quarter $XXX.X expect investment year-over-year with the XX.X% us a show strong it, already organic of revenue we the a solid in allowing While the XXXX for XXXX the with totaling guidance, year representing

revenue color little on A XXXX our full growth. year

We close XX% or ongoing a have long-term couple in COVID-XX, non-core impact talked of XX% of The materially work due of from almost accounts decision services our our our years last to our past, business together in revenues. efforts remove the over the have vertical which to been of about our ago now million the represent to portfolio. clients, professional represented years below declining and two two company our by revenues, of $XX and revenues two strategic

year-over-year XXXX. Moreover, revenue clients them both in completely and is in fastest-growing to exclude from XX% XX% we fourth digital, the now year-over-year from organic expect overall was plus clients our exposure these here. growth grow our the and two growth, in verticals If and for growth with X% and revenues stabilize we were quarter with respectively, XXXX, Healthcare these revenues XX% sequential and TPG in XXXX XXXX. retail our two

share important to this improvements excited that profitability we also made am in I year.

full above the our representing Our increase guidance and point XXXX XXX a gross was year. margin range from XX.X%, previous for basis year the

later Our more we'll CFO, on. Amit this Singh, share on

its expected frequently slowing whether and the to asked the The still it and growing we transformation is see market digital is down. are about growth. accelerating continue We truth environment demand

Business $X.XX transformation Fortune our recently Insights projected XXXX. market, updated where trillion to by to released grow digital they the

and their clients, experience demand to a made strong specific has the continue and them business also client one the think We not current environment I in stage best. solutions and from companies wearables customers' who offering US the close its of staying our is need from the healthcare to a right sure difference. and An had insurance industry, leverage to was largest information it in the example for how a

diagnosis Apple data the to providers. initially it and ultimately patient them more in a the in result goals them together information AWS access the in information. clients. business the HealthKit available to offers database best relationships By Health competitive stronger that the and we to that aggregated with more discovered Connect the during our This additional with ourselves observable payer needs, and provider prescriptions, complete of transforming make and will for landscape, mentioned immersing savings client's them examination. accurate Google The use We to profile into

Next, its we will increase create to make database simplify dashboard a to easier and of which the providers process information and the for the manage will it utilization. reach

the with we our strengthen relationship customers existing vertical. in continue this As with every client, to

become add can grow of strategically who majority our from logos relationships at to the existing continue we come revenue focusing large portfolio, our that While scale. also to those clients to may new our continues customers, on

of added quarter logos logos for fourth the XXXX. three year During new totaling to XX XXXX, full we new our portfolio, the

and to prepare changes future additions We have about talked for growth. the made our investments,

revealing wanted rest. work We don't above remind all work. doing that spirit. are excited pieces be we I'm that will to to soon, focus brand. fully that to all, we want We our on new Now to purpose and one to place, want to in to the fresh provision, the that just be represents we the share raise new clients' want you brand we ourselves reintroduce a our under work, agile and want right

exceed Let clients me continuously help give to how our you an expectations. of we example

to clients, and cryptocurrency, make blockchain needed art the that public accessible solution buyers. our buy help a more with market offers of to which art platform to implemented more ownership the and to allows fine its users expand One sell

buyers needed Together withdrawals, partner build level solution with allow to a immutable development which deposits of BR of a fine the of to of will set spaces, we agile determining and prototype ledger over and prototype time. conducted a to appreciate technology our all by triple handle blockchain a effort of art passed services. The create block a by started and solution advisory transaction. blocks, will a that created blockchain and value percentage buy currency end-to-end is permanent We cutting-edge blockchain

of blockchain value of We Additionally, debt the of accompanying experience to even the and a vote which journey and piece innovative viewing to will users database front art the solution. enabling the to on agree border and the our the on functionality, user ability screen handle plan the majority AgileThought key developed an give accounts, to rights, creating platform's art. long-term for true client continue custom

According to IT even enterprises an play role as across knowledge greater economy. and cloud industry the continue IDC, digital-first permutations will pivot to to a

to in digital key and be transformation their it As will continue journeys. is,

to XXXX, strengthen while assure our people, we transformation areas investing accompanying success, its our all business. of and During to started cloud cybersecurity course, continue technology, cloud and and processes clients key we the cover the yield journey, in

will adopt performance, cloud-native IDC to workloads by applications finally sign scale building niche solution ones We and improve transit to that and the and or is whether and availability, cloud deliver can of cloud. client, latency, of application workloads. for it XXXX, reliability, XX% and enterprises each discover the estimates a their current migrating best the networks cloud the their

We turn the future are enabling with them model business to they our clients cloud stakeholders. as and to and way their help their transform operating interact their

am grow As the We're to be need for we not that company I exception. responsibly. future and grow, higher aware growth the I saying see to sustainable, always the is

ESG first soon. calls we release that will For and report reason, our

better need always We not always difference. down future. around communities watching off we've and will committed understand people. part DNA. for us sitting been Nigel In write of that to our a has a thought, the our environment to and We integrity been and The make

work will our to and succeed to rise AgileThought. everyone bring about project, walk vision zero present all them company, towards model ESC in the ongoing allowing commitment is together giving to report The and a us grow our will and initiatives net goals equal long-term learn, our opportunities and becoming towards up

the as levels. effective, to challenges To all and develop the and accountable do at right all navigate opportunities. transparent forward it thing Paying and of institutions we kinds community

to financial provide turn our I into our Amit results. CFO, will over additional who the Now, call insights Singh, will

and good Thank Manuel, you, afternoon, everyone.

by start fourth year XXXX. next the I discuss our quarter me XXXX. and full year summarizing for full the then will guidance quarter for results and of our Let the

million, growth. fourth representing quarter X.X% year-over-year Revenues $XX.X for the were

revenues our and million, the year-over-year For totaled year, organic above $XXX.X XX.X% guidance full growth. representing

XX% this if from earlier, year-over-year, organic the professional but been two plus mentioned we Manuel where longer declining, clients a exposure. we exclude services As revenues big have only see growth that no is

XXXX Gross year. range were during year margins XXX of XXX gross we XX.X%, delivered Now, from improvement basis for basis fourth the previous the an XXXX, on our of margins, quarter points year-over-year. and of XX.X%, gross guidance point above representing the full improvements margins representing

in result for and put operations, deal help a between along which still strong exit with investments. gross improve robust while finance we of revenues, to ongoing non-core continue a As should continue have year-over-year, we place a us our very margins make collaboration process, to governance

of period quarter for XXXX. Adjusted the operating $X.X from representing year-over-year. XXXX of $XX.X for margin was XXX% representing million fourth the income up was and million, adjusted XXXX a margin, year operating million same income $X.X full operating X.X% operating Adjusted the in improvement XX.X% adjusted

for income was $X.X the improvement representing representing a $X.X same million net from net year-over-year. the income adjusted the year quarter income net Adjusted year. up million, XXXX adjusted X.X% margin, from Adjusted margin, quarter XXX% full for of negative net income the totaled $X.X million, X.X% previous

Adjusted quarter for XX shares. $X.XX the diluted full for diluted the on a on million XX.X EPS based based year XXXX EPS Adjusted for shares shares $X.XX average the on was for of million $X.XX average XXXX diluted for based fourth million the same previous negative the compared quarter quarter year of was to the quarter. average XX.X diluted diluted

sheet. balance the to on Moving

XX, million. to cash outflow a cash and to by we Mexico. cash bonus and $X.X the Mexico a enterprises law, in based material have added in as Our pay Christmas December of required December, event as up workforce equivalents Every are XXXX, to

of in know, majority based you is Mexico. workforce As our

During on the we around of fourth quarter $X.X spent million payment. XXXX, this

working for Now and full our We on the acceleration, profitability about improving executing focused let's quarter year year-over-year. continue revenue our talk towards outlook remain first growth XXXX. and we'll

We will deliver strategically help on to right that also and selecting customers industry-leading continue us focus growth projects the margins. and

the with Our the ago, strong announced completed half as of growth of should should of the which new couple towards of the to we a quarters to be exit in half lead efforts business, the ramp-up XXXX, non-core members all sales the year. team second revenue successful along first

revenues of $XX.X For our first million. organic least quarter we of expect at XXXX,

year-over-year at We year range in revenues XXXX gross to organic expect XX.X% $XXX.X margins with million XX.X%. the XX% full of or of growth, least

in for turn the to to the I'd Thanks, for participating like back closing everyone remarks. call Manuel call. any

plan we conclusion, increasing the and revenue year In Amit. the you, we the Thank previous be margins. made XXXX integrate changes as to our investments months for during growth where showing and

transformation digital years coming the We the in we strong expect to benefit from across the improvement demand show as continuous world.

And over begin the I'd session. call can we to like with operator turn question-and-answer the that the that, to so

this One We'll Instructions] Mayank [Operator go Senderos. for Needham. question. Tandon the first to Mr. first at moment please you, Thank afternoon

a Good what little you Thank in And or fiscal terms call are give a services? you're certain quarter areas the maybe better are bit areas you you. Congrats, start the aligning terms of that fairly impressive strong it areas for outlook. different Manuel forecasting, us year? Could which guidance the how more strength verticals the the to would Amit a in of on softness maybe out seeing some your and incremental XX%-plus parse for midst to evening. in macro. and you're which I is feel for this of XXXX, growth as out with wanted seeing

participating. and question Absolutely. Thanks for the

our in our which is within seen in QX sector QX, that that strong we significant, we've and from demand even have financial and and Both we So clients, very industry. services incremental those industry from growth our QX. well healthcare seeing as are existing see to coming

investing sales technology are heavily have of We the is those a into others industries which demand softness. We industry, in because in where we as that strongly. might see lot see increasing in don't team, coming specifically well, exposure the

in So, although in that our of for we big participating are chunk it's revenue. now, not a interested industry

that other demand we are industries. of good, So seeing healthy, our in we're strong But area. in softness not seeing all

that growth into pricing then That's trends, How maybe for and do the do for as how wanted for with quick year growth? just count? you about to think you revenue helpful. year, play square forecast maybe those utilization a the And room terms expanding Amit, ask, I of follow-up. factors three head as the for your in

right. All

question. So thank you the for

we move expect work to inflation As increase overall pricing non-core wage we to driving as and be our through process our we our pricing overall exiting are not obviously, higher, plus improvement. if at gross margin going line trends to clients with work in with of and forward, existing continuing least

a expect we So, strong trend year. the throughout pricing

XX-ish obviously, that us continues to I makes that mid for believe from percent. we Utilization I comfortable operating sense. to but feel fluctuate, at going level, that in remain quarter-to-quarter and is mean,

us we provided our guidance full level demand with an existing in that the we by sales utilization rate I plus and in think work strong to strong force expect work along be both industry boosted pricing, new year. increased then, gives the confidence and that for

you Great. for taking my Thank questions.

now Thank Brian to you. go next at Kinstlinger Global Alliance Partners. We'll

questions. Great. much Thanks so for taking my

The visibility and backlog, signed new reach first the of that of won, new over ramp on How end, depend to a faster And question of business coming does the is it from or next high is on you trends or mid it? of high-point XXXX months? more is contracts mid-point revenue, the already define at the much programs guidance. few however

year say the that would the customers. full our I existing guidance now, have strongly So guidance right is supported by we that

our given in our with revenues of year given our in or from of year industry in any customers. as around existing -- revenues the company and So know, XX% any our XX% in comes you past,

guidance a the assumes So similar trend. current

we but increased -- being in that like that force But from of almost clients becomes the than the and sales revenues effective -- the the this and this as sales by more Manuel or could we've move past year. year, see update becomes in And we year XX%. possibly said, newer street our we'll by mentioned, force as middle forward

line quarters, where Got on it. an still inhibitor recruiting past if progress with case, to can making the that are the it was the then you And in or Is my it is, progress? That's helpful. you top growth. you're follow-up in years, touch

question, Brian. great a that's Yes,

we've the before, whole mentioned revamping function, we've whole function heavily as people invested in that actually. So

than last implemented we So of new operated that much underneath eight change practically themselves team over leadership we whole brought the changed months, ways processes scale place have. people. in technology and at put implemented the and different talent They has attracting especially and them, people larger

already that in of but people also significantly that see we in on see attractiveness coming attrition board. we down So the the bringing

and enough So for sales fine. the have larger growth. more that function, capacity what we sit the now capacity solved And that we We right would confident that, by purposely could where really recruiting we're now forecasting. that not we the than is XX% felt overbuilt size increase become have work we to a already team felt constraint people on that, of demand was our and here, because than much now, and accelerator for press more our the for we recruiting feel component that as than so we

number, I I have the just if great amendment. number. a an filing could, a -- hear. lien, follow-up, first sorry, for That's to first on amendment the quick I the there's one saw quick

paid fee you in think a time. I

given can So shares us are you shares issued? of how today many outstanding as tell those

the paid the in added fees is the time to So towards the the debt gets of principal maturity that of debt. and

shares no debt. dollar that. there's actual the of the for It's principle just increases amount, an So

Thanks the Understood. clarification. for

Yes.

Joseph We Vafi at Thank now you. next to Canaccord. go

Hi, guys. afternoon. good

of update some I -- feel Just the that like now. clients got some Does you moving were a on before? of track maybe couple get real-time we that And the exiting noncore extra on color we're we have it's kind you on of the follow-ups. that? know on perhaps a of on or little a then the I Do schedule faster little conveying that slower think

Sure. Thanks, for participating.

feel that clear to do an feel track. I good on the make everyone. about share for to wanted that to So example more We progress. it's we actually

them that consequently of to and but provided In talk lower we with on accounts projects, me had lower added margins. Walmart. different working them used types a history -- large So we about Walmart, long let our of some for value one have of

much with margin. side, them, gross with have just larger much, XX% signed XX-plus opportunity the gross which around have we But on say, margins. we let's a other So

So But space it that value-add to high we signed services them. in with the business we time, and data the renewed business renew a contract haven't or at low-margin with same -- month, for low them didn't off, margin. them the on allowed value-added we appropriate same run with Xx we larger the with gross

we accelerating, target think margin the XX. decision the we've we second because those our on half point about we'll margin gross continue very end We seen, to to see that improvements some into to -- think we'll track. already their that close pretty But we're come in gross that year. So good especially is and see but up of feel at making as

So we're right we the track, doing that. the right on we we're call making think in and think

Okay. curious opportunities That's then any pretty usually And in helpful. your price Are And projects then also on to roll convey trying with on bit digital fixed out? the unique. the book little brand you're mix, transformation do the brand of more just new to seeing you business? the that are work new newer what was and what to you. Thank might and be brand strategy branding a

can brand chime Yeah, in on part. I the

anything. to the to brand a then, and a good more And just So we're just the good type of adapt technology refreshing or brand cooler type it's more I not have and every become. make do to the now We're changing where refresh. name think it we company

of that a good have for We all our internal does clients. team that

to using the we're do as opportunity well. it for us So

So or but anything. you won't name see -- a change

hope. of answer part question. want You the then, to much you if And just other the cooler, I something Amit, see

I first Joe, if lost some on that again, audio question repeating just was point. the you what don't mind

No price was if move kind services. other Thanks. any you're I mix? fixed component a little to any just seeing different your up But to to opportunities type than is -- transformation Yes. digital any move opportunity of worries, any wondering Amit.

of focused more where the more all on number their So definitely just top in lot -- and a clients and the we projects, right working it, solutions helping be have and that. to market about of are pushing it's and on, outcome-based call outcome-based more people of drive rather provide them competitive their line than for their more type or a

and the So it's of more we end, change throughout of this priced in seeing Obviously, are materials. happening still all that a work. lot time on our

price. way just fixed by be more you price lot our need Latin because look in operate, America, priced results, to it that a at a we of If as is actually regulations higher projects and our fixed the shows some related regulation

time So structured they of duration. in even though they are fixed price, are as put sort short

delivery. reporting they So for like it material, time trend in lot the they fixed focused more But are act price. are we and all beneath more solution that's outcome-based And towards reality, but seeing. like more a purposes, and

And Mexico I'll do I the analysts macro, just one lot lot we Latin more then about in the have know a mean, sneak we the And hear the Great. the business rest I hear here, about a you some in. in US. macro maybe America. of and

geos to are Just macro? responding much. wondering how very clients in the Thank those you,

been Yes. It's in global super to clients. We've on interesting. disciplined the focus America been Latin pretty

they're So global especially say, real large banks and Latin America, retailers. I would global the some of

-- the And we're being type seeing in export into to disciplined the the But bit on the effects par and revenue Latin A we've cost in generally, see growing helps FX of the on elsewhere. the pretty services -- so much we accounts, helps keep America. on pretty what the countries Mexico for of US. clients we then global on demand if growth right very accounts, other us the of on little seen the us stable we

Amit. Thanks, Manuel. Thanks,

We'll next to now Josh Siegler Cantor Fitzgerald. of go

afternoon. the Yes, taking hi, for call. good Thanks

regards further? there were how existing the year-to-date, in the economy services? for is commentary to to spend So, the to demand And if your do terms expect slow been how Thank has from client any impacting clients shift change you. in macro of your you

need a and down transformation pretty and become large. spend ones they a services, that competitive seen Yes. from are digital we have to large of in, financial relevant. especially we of They backlog shift to the well health care, say, remain I type would which again, big industries that accomplish participate work the haven't to as just

haven't seen that. we So

are up seen where in harder We've large accounts on the open new banks, new to We actually pushing digital good they transformation. very and opportunities seen any the haven't low.

Europe become lot as the that our delivery tensions even model one America more for have all lot in accounts interesting and of Latin as concentrated things geopolitical for of Our in has them risk show area. a and Asia more well, of there's a to in

for So to their America, all a a growing Latin start becomes them work. place of interesting sudden very

heavily seen that openness we've really recently. So

I don't but is if probably for know Mexico. example, you in have a like guys the heard, of new gigafactory opening Tesla,

So before we America go digital that type Asia, seeing working of they or other whereas interesting of are to would And we with transformation, elsewhere America now not maybe mentality think would companies on India become North doing China. see things that for in Latin straight them. very

So makes bit just job a little it easier. our

you color. helpful if And last impact as been everyone inflation from you're wage to headcount, any ramping expect could upon That's wondering do pretty the I aware. you then, -- in see few expand up years Great. has also was as high, is

or the Maybe tech think of evolving. see down could given the how really inflation. but right tempering been that not down has I industry sign But now, we seeing slowing some we're wage

we the said, also to But few high, the being that were was years, able past wage inflation the drive when higher in pricing.

goes it for much said, talent sort remains that that that think demand our -- market, overall always being in hand-in-hand. high. of I So very the But

rest compared sort industry this to wage the sort stronger of will of inflation So market. some always a have of

taking Thanks my questions. Understood. for

Thank you.

now Nolan of And we'll from hear William Maggie next Blair.

year. or tailwind ramp, new a of see, the you going if out next are for going for something productive be time, that thinking we fully close to here, be guidance curious, there could those Hi. into the congrats. continue sales tailwind nice to see to the that additions or year that in at you Thank to I'm second ramped be a is and it's to half revenue about Great that XXXX? this

see and mean, Yeah. early already productive all, team year, for I onboarded Maggie, we productive, push. most they Yeah. that coming. of January -- biggest some of where that's of We so second becoming thanks, are will the half, this first them by of thanks the -- become

it pipeline seeing second pipeline significant a significant already visibility in and We're into buildup, half. buildup that

of sure, a full So good into benefit will we're year have team. that. that for pretty about we happy because And XXXX tailwind increased sales have the will that

we we the well, hire throughout certain meet salespeople pace, to as continue we will will we quarter continue sales obviously, each have team. as decided a And that thresholds, at to slower expand

yes, focused we're So accelerating growth. really on driving

to Thanks. you're And just there. helpful. then, to invest That's you continue mentioned going

you're when leverage think digital efforts I operating outlook what margin margin know So Are from gross and about overtime? is in geo you expansion able about that? but your level? expecting for expansion. some you at drive And the mix, there your the to what

very again, so -- mean I the for Maggie, Yeah. you thank much question.

saw So that to we as you the quickly. on we're -- gross improvement, that do continue we side and hopefully, is XX% get margin goal in and can the to guidance, expecting gross strong margin can the drive to to closer

year this lot of at sort have On year, that beginning towards of at recognized and especially the of investments year. the of this this SG&A of made a because beginning end getting we the

but SG&A But this there to as You it closer percent revenue revenue is of mid-high-XX%, to to year. still percent down SG&A be right? call of will still quickly, see very year-over-year, opportunity that said, improvement bring a an it, as being mid, a XX%

where, the delivery driving investments infrastructure, more overall you our are the as done, infrastructure, is capacity and infrastructure Also, along here this And SG&A. our are core sales size, linear to from in all with efficiencies right? growth. investments now Now start

that as years that XX%, to near-term closer closer few bring closer percent is So next our the revenue and goal while our in closer to long-term to to XX%. to margins SG&A that is know goal and gross a of the you hopefully, or drive bring we

Thanks, Amit. Thanks, Manuel.

Stanley. Ernesto now Gonzalez Morgan at go to we'll And next

Mariana. taking any have efficiency you cost Amit, type impact Manuel, this focused seen for Have and projects margins? in times on Hi, of Thank And more projects? one. example, does for demanding, any our question. so on that you pricing shift much are the It's

Hi, Ernesto. Thanks for joining us.

about haven't added high solve we that projects our competitive more where of efficiency. we playing type focused with making believe no, to And on So customer for seen projects right and the we making out. about efficiency value about more them and where office, the on add We looking we're focusing more area. problems are front that's in the team we're stand --

at is seen, we in pool the with that two interesting America. shift the of scarcity companies is onshore that to come workforce have of a large seen talent in work really Latin of some the we've What US us services high and companies lot typically financial were to a which US, wages into companies in doing the which most least lot

front But but it moving the US open America. it have for do is only and been they traditionally in part they're done to bank, still of the focused and now Latin what high-end in are on to the work now open shifting doing they

they some So you efficiencies, a they can for gain competitive is the are call but the it project bank. maybe advantage nature cost the will of --

Good. you. Thank

have turn things Thank you. no questions afternoon. we further back And I'll any you to appears it Senderos, for closing this comments. Mr.

thank Well, very you much.

and were everybody and appreciate of time. the I So appreciate the really participating questions hope answered we and we them, clear. most I

So thanks, everyone.

thank joining thank of full gentlemen, Ladies AgileThought the you great your so Senderos. day. much I financial fourth XXXX year and all results a you for and call. and us thank Bye-bye. you, Mr. you joining for you, like and wish Thank quarter conference remainder