Concentrix (CNXC) 26 Mar 242024 Q1 Earnings call transcript

Good day, and thank you for standing by. Welcome to the Concentrix Fiscal First Quarter 2024 Financial Results Conference Call. [Operator Instructions]. Please be advised that today's conference is being recorded.

to Stein, conference Vice like speaker to now David today, President, would hand over the your I Investor Relations.

and XXXX call written permission Josh, First be recorded Concentrix you, good Concentrix. without to not Welcome Thank the rebroadcast the and Quarter may Fiscal the Earnings is This of or Call. property of evening. Concentrix

filings future developments. refer that We additional This a release our events results information for our cause by our today's their other that, call performance public future risk could expectations, information and XX-K regarding may or different with future materially forward-looking on uncertainties SEC. contains in be provided undertake statements in or the our new annual This forward-looking Please includes the uncertainties address to statements report update are matters than results. expected our with Form in as the These future that that forward-looking factors of our financial actual do SEC most address to recent our affect expressed earnings to uncertain. and nature, result those filings our not statements. and

in will A cash reconciliation financial EBITDA of these non-GAAP growth. discuss news call, including Relations measures adjusted net and measures the income, available website free release company non-GAAP Financials. margin, Investor the during margin, adjusted Also constant under and flow, revenue currency we income, operating on adjusted non-GAAP non-GAAP operating EBITDA, non-GAAP the is EPS non-GAAP

our performance business for financial cover Financial your a call and Andre and the Executive Caldwell, and Andre our the we'll me growth Officer. outlook. our our Chief operating call of strategy, on open President Officer; Chris provide and are will questions. summary Chris results Then Chief With Valentine, today will and

turn I'll to Chris. call the over Now

XX% as business currency across our the was and and We for on year, today X% nearly basis a a strong thank David. pro joining earnings our at to call. constant quarter, for the of start excellence Thank first and performance, a quarter had reported the quarter which financial first you XXXX in everyone, Revenue operational us increased with pipeline. you, high end solid guide. strong Hello, our forma

Our across growth reflects the our capabilities e-commerce and key of our differentiated our and underscores financial execution. particularly the retail, clients banking of travel business diversified strength services. our our verticals, effectiveness and of offerings target in and portfolio Achieving model, the and

client quarter XX% excited record delivered posted adjusted about We're We first quarter, currency consecutive and in of our over technology resulting pro integrated Catalyst' offerings Catalyst growth our growth of into up return a testament non-GAAP a in to the to income forma year-over-year operating constant double-digit sustainable growth XX%, respectively. high-value the momentum which EBITDA and XX%. third driving successful execution for is base. business,

our and technology As business enterprise reminder, application and consulting engineering, as integration our includes practices data analytics, well our Catalyst CX cloud transformation development, strategy team. a as platform and advanced design

deals. strong with mix preferred Our of technology-led and pipeline is our transformational

comes agent few take tech-led a pipeline to retailer sales combination. that from Webhelp and wins commercial care the our examples solution traction cross-selling from A customers. includes European signing technology, services quarter of this of the and generative Some top a in ongoing analytics AI include of synergies automation their

technology value to the client able to introduce increase of from both transformation Concentrix services and the parties. relationship for a Webhelp, While was

improve consumer us a and design, a to managed integrated technology us Europe their CCaaS as software an the knew turn won client large customer development This example platform, for customer to analytics a a well of us the both global build business on solution Pacific instance to company in and base. Asia markets a teams CCaaS we that and a provide XX that in to finally, And Concentrix over also chose stage. public products in technical provider, awarded transportation Webhelp experience. their We since service run services to was global technology custom automation, their agency including support contract then so

we transactions. with one of why to we region's previously With of understand XXX, heavily our is technology, process in the our more generative technology, game are through AI needed airlines complex of automation XX% remaining so handled while To thousands pushing transactions and airlines. AI can implementation more the the you for have XX% of changers. machine some one using voice We -- share chatbots, this changers scale I automated. a XX% number the business, our example with channel game of game some learning Today, transactions been reduced of than close of by changers largest

raising for the our revenue. client automation With this why the for That's customers. still the NPS margin today with grow first transactions of are of our automated before the and quarter to growth XX in gross significant clients yet of also was over XXXX, introduction of client's business, client's the revenue their million we our than while higher portions able

approach leader into technology-led continues integrating with clients solutions to this demonstrate as Our successfully client in projects, are our a solidifying we position automation field.

to and accelerate solutions. key AI tools increasing priority, of our remain deployment the cutting-edge Our in investment investment we're a

is hundreds deployed to the see benefit. we is a increased impacting clear, our we this we AI generative own term, clients. to is our this intellectual margins much market short faster that investment developed demonstrate While why To be in believe of that allow as this now property will the of investment in have us

own is as an customers AI. including internally all workforce that as for around generative our extensive forms of department automation, R&D for well innovating We have

ELLIE, Product commitment understand dedicated Earlier feedback we technology. CX this platforms announced Ryan millions in month, we and led investing Peterson, from or of intelligence underscoring driving platform by scalable Examples organization more transactions enterprises, effectively. of our of our enhanced that a Officer, the creation the AI efficiently help Chief generative include: for of technology uses to our to new customer are the leaders scale product and power language to large

on marketing Salesforce automates platform local with run integrated are our platform have marketing processes payment regional our but fraud that helps businesses campaigns custom analytics Our application intimacy. that and payment built combined mistakes. and and And globally engagement consistent complicated that finally, detecting reducing

drive relationships. can from have and long-term these see you As clients examples, that robust offerings we for deepen enhance our results automation,

to the we anticipated track achieve synergies. cost remain Webhelp Regarding the integration, on

quickly matter most: motion. and combination that Importantly, together come solutions our our the for go-to-market the has clients in very global delivery of areas our

value shareholders. clients thrive that and significant for our in confident are We we continue will to generating

the of for flow improvement, revenue use we generation outlook our XXXX, the remainder growth, the maintain throughout responsible For profit rest of and sustained capital strong year. of cash

in approximately of and confidence X, our our outlook our making year, the future Given we share committed prospects, fiscal to XXXX, are $XXX million end our doubling and between March repurchases in the capital over year. from when of the return transaction. through rapidly balance stop completed reducing we the the share XXXX not This Webhelp committed leverage prior will as repurchases us from

would game excellence commitment In like to thank and trust clients for business. hard their our their work changers I closing, and our and for dedicated to

call the Andre. Now over I'll to turn

a with then business you, I'll discuss Thank begin financial everyone. our hello, at results look outlook. Chris, and our and

our end first the start and the guidance was of we a achieved year. range the quarter. performance profitability range, was Our in solid our to the quarter for top Revenue at

and and banking forma $X.X a as as and e-commerce financial and with the was the X%. clients On key retail, insurance forma and currency from Webhelp clients year-over-year. financial travel such forma travel quarter revenue e-commerce XX% beginning grew way. was in a verticals Pro grew growth pro basis, banking, First On was of increases retail, services approximately from revenue led combination services basis, constant revenue billion. X.X%. completed clients the pro if XXXX, at revenue Revenue

basis. Our communications other X%, Revenue grew on North clients decreased lower from clients a and a by from continuing quarters. basis, pro volumes American clients due consumer media clients pro and by revenue previous to forma from X% technology few a communications grew X% from to vertical on and primarily trend electronics forma

in quarter, to $XXX first the $XXX income quarter million up Non-GAAP compared Turning of operating the with profitability. million first XXXX. was

quarter margin $XXX Our up was million, non-GAAP as last same Adjusted operating year-over-year. XX.X%, the first year. $XXX was million EBITDA the

was margin from revenue first more new and across and programs of growth efficiency our investment Flow-through deployment. to development gains the points accelerate from XXXX. XX business EBITDA AI quarter in up adjusted Our and basis ramp than XX.X%, offset investments

seller's XX was $X.XX profitability $XX million in per was of was margin and On was improved the net a share margin $XXX basis with up pro quarter as compared compared Non-GAAP was year. was non-GAAP points points basis, first $XXX XXXX. with the compared $XX first first operating metrics Non-GAAP million from basis last follows: first up a in forma and results Adjusted depreciation, combination. year. interest million to last EBITDA income quarter EPS to amortization $XX up million change last with EBITDA million income operating non-GAAP integration, with currency million $XXX in the in the $XX losses in share expenses note of $X XXXX million Webhelp share-based million intangibles, in quarter step-up million in imputed and of expense, quarter contingent the in $X the of consideration, $XX in million million combination included in related for related in compensation the foreign acquisition net issued $X quarter $X.XX and per year. adjusted up GAAP XX connection

combination. expect cash forward client generation free to remain of that a moderate our eliminates was accounts the payment impact the outstanding large the full we cash Webhelp expenses a since course the in received million. flow The cash cash free provide continued year. in temporary aims to generation cash added and was the onetime $XXX of in impact have we in generation understanding delay of combination. in client in our better further To expenses cash the and the decreases and While an payment This some integration clear increases seasonality, adjustment by flow factoring quarter, year we've the generation over the typical program provide impacted integration isolates of reflects to quarter, related confident second quarter factored receivable. by of metric and the eliminating quarter view bringing early a adjusted guidance We that the of

of the amount decreased accounts million. by quarter, factored receivable $XX the During

equivalents forma was end were Turning total million Net at was the X.Xx to cash pro quarter. cash $XXX stood billion. and and quarter, debt the quarter first the At at $X.XXX Net end sheet. at EBITDA $X.XXX the million the leverage adjusted debt of balance first of end.

With and Xx to beginning leverage pattern reduction strong continue of year, in expected for of cash a free achieve and we to and quarter plan flow plan of close our of years of the through net the close the meaningful adjusted second seasonal to balance to combination. debt within QX to expected end X the the EBITDA reduce the Webhelp committed net in the continuing leverage net of We're XXXX. to

investment-grade to our dividend continuing disciplined allocation integration our repay to of realize commitment to drive repurchases. principles shareholders debt to program disciplined growth, capital through are priorities organic the Our continues. our capital while synergies returning combination, Accordingly, related and share a

During $XXX and through we paid our we average million. for the $XX plan on quarter, repurchase At remaining the an XXX,XXX repurchased dividend. $XX share price was shares of $XX at our million approximately stock quarterly of share, approximately million our approximately quarter first end, authorization approximately per

$X Our liquidity credit, which undrawn. our over including billion, $X.XX at is of line remained strong billion

XXXX. the my second year Now to business the for I'll outlook full attention and quarter turn the

in second X% $X.XXX This quarter, on the range Pro forma to XXXX, net XXXX. exchange rates. of to headwind. at we constant approximately current rate of XXX of point pro revenue, $X.XXX to reflects basis be occurred currency X% the the For growth, based would revenue forma $X.XXX exchange the billion quarter approximately of expect billion the combination in beginning Webhelp have assuming second billion been an

year the second income points basis. million. of XX in XX.X%, forma range and increase operating non-GAAP quarter, approximately $XXX points operating the our income margin basis over of million guidance, In expect the in of pro equates to to XX a At $XXX non-GAAP terms basis prior a an we on of of midpoint profitability, the this

pro second income of quarter operating XXXX. forma a in On basis, was $XXX non-GAAP million the

per $X.XX Our expectations per of to share. non-GAAP quarter for range $X.XX EPS the second a are share

million, the expect to on be seller's $XX the expense of of $XX interest interest million to We $X in million note. quarter range a imputed in excluding second

non-GAAP We rate to of XX% approximately tax expect effective a XX%.

XX.X approximately weighted average count expect We diluted of share million shares.

second X% estimate the about securities net quarter, of shares. For XX% total will be attributable be income net will we to that and common of attributable income about to participating

our affirming confidence continued and start execution, year full and strong strategy our in on based our XXXX Finally, we're guidance.

basis constant We exchange expect to X% $X.XX forma be X% of approximately XX rate currency approximately a in of $X.XX range to an growth, pro net reflecting to XXXX revenue billion headwind. billion, point

non-GAAP operating billion, an XX.X% which the billion of points basis. $X.XX at in the a pro expect $X.XX We to midpoint, range XX a of on income forma increase basis represents margin

realize expect annualized to million. The current is million continue to on year first approximately of We synergies run $XX basis. an rate $XX

year the per to $XX.XX $XX.XX Our remain in range non-GAAP per EPS for share of full expectations share. a

million expect We interest to be of on to a effective weighted XX.X diluted of shares. million XX% rate an million, interest million share $XX approximately of count expense note average and full in to range tax year $XXX the the imputed approximately $XXX seller's excluding of XX%

This million position in of change costs. assumes inclusive terms accounts factored cash beginning In leverage enhanced from expect activity reduce committing the approximately amount while acquisition flow, EBITDA integration share free further to receivable adjusted This no $XXX we net repurchase of earlier. to to our and the mentioned X.Xx XXXX, of by of year. to flow of cash will adjusted us year-end, Chris the the

did any acquisitions include future future Our not and foreign flow from fluctuations. cash impacts currency business outlook expectations or

pleased about our we we strategic first our importantly, are executing the in opportunities most quarter; optimistic remain ahead; In performance with conclusion, plan. we are the

in deliver our in continued guidance full come. look our ability to are to and to cash profitability you on We flow. for for you our we Thank revenue, confident forward and support, your progress updating quarters year

for line questions. please that, With open the Josh,

comes first Instructions] Vafi question from [Operator from Joseph Canaccord Genuity. Our

lot of a of little Good Nice kind a to the look lot the at here to here, drill see remarks bit. reiteration A results. this quarter. guide. prepared Chris, thought of interesting down we I

activities hadn't bit looks that a couple quarters, like last your seeing talked You perhaps from Catalyst, tailwind about AI-related customer much a kind they all base. across are of here. of The of

kind I I a So to about And recent your bit the begin could technology. they're we across guess, and customers a what AI thought the a of what have little down thinking then kind takes and on about with update talking with puts on high-level drill and updates maybe on the they're that I most of, of follow-up.

Joe. sure, for Yes,

couple a things. So of

Strategy of of areas, Just Catalyst, of across in double-digit CCaaS are That's a business, nicely. strength some which consulting returning growth. it doing development nicely. the AI component, is application only of definitely only an terms do. AI of our not is not back with business analytics doing happy we to our strength really has is and combination we And number getting from that. sort a different sort deployment, That's

do get that also built that goes of our revenue, as and AI into that's automation of a rest doesn't success client the Catalyst lot classified solutions We business. through

see said, expect for we because are all us you that lot to clients to looking see that of the see so and happy we That more to services looking to we continue. integration for of And technology, seeing kind demand deployment being whole of offer. have are the very a and picture coming services we

albeit are little a sectors are because risk-averse faster, issues just and compliance little terms of tools. augment taking our that might customers hundreds issues financial banking, automate that to scale. smaller now what We're well perspective. little directly literally right longer just them. outcomes security and own completely we also develop sure continuing as as of using of do thing in put the conversations and a issues and we've our moving clients. Other continuing kind AI, that for moving into go to that who a our making of work. at-scale with developed of kind and clients tools that to we for better balancing by have up work Just Certain to a faster security, from are a to our to productivity deploy are hundreds for out off scale own We're of solutions better gains hundreds internally clients. solutions end to We're We're and deploy clients have continue insights for that we

drilled Andre, you like kind least telco. everything on It the seems Got you it. growth at your maybe great. verticals. kind of most think, -- talked some in across of of positive column, except I then And That's for down is

-- and on across of kind on really So just down comments number? commitments at Any the kind you're just maybe that verticals. we Do drill appreciated. growth of seeing the weight think what it volume it's point really real is there time you of would be this kind this -- big telco

Sure.

So that -- the shifting work we've I dropping work of do the point We some is a said is mixed for X% bag. overall the continuation that telco it's volume declines that past bit don't chase work decreasing been Joe, year-over-year American that's And where I out, vertical we've telco, headwind, telcos a or commoditized a us. we yes, of the on should that a -- want only said, few is North as revenue to by have seen. that a our are in pricing. also of trend is

about. there the within is seeing within strength lot Catalyst is strength verticals telco news we're business. the a certainly one that and actually that that leading a That double is of European lot of good -- The of to telco in Catalyst vertical the Chris in spoke

then across and travel financial strength and we so verticals, as and banking So remain strong other services look just e-commerce; the retail, tremendous in forth.

from Bank Bhattacharya Ruplu of with Our question is America. next

but unchanged, little Street, and XQ is but guidance of if the revenue clarify unchanged. income kept below million you guidance guidance includes The guiding $XXX can the Andre, buybacks. full now EPS you've also was operating year bit. wondering a somewhat I Seems you're

overall the And line operating same million if there So buybacks? now includes guidance happening you is more year. year? $XXX clarify a So EPS does income imply weighted the guidance just that seasonality and something range back the below this can half the of the

Sure.

our and is in client side we things, foremost, the clients in what our operations we're and pipeline, that within what the certainly, So continued what on Catalyst. through based, first we or the can of success in delivery, guidance efficiency feel deliver we in be hearing the from core confidence see our whether

Our initial it. full year the include expectation buyback for some in EPS did for

shares. -- and guide, guidance, you So if to full year a based what result, we've last the back go the on as was

diluted said we was fully think million I XX.X it shares.

With the to year. for million about down function an which, is averaging again, XX.X increased shares. the is That full buyback activity,

increase. that not So big of an

We seen, the benefit have expense that have seen remarks, was earlier expectation built our that cutting bit to built of was offsetting that we've the guide. my rate prepared we little -- an largely into delays from of you if uptick in a some go seen in into the that of that the interest

online. the of which our announced strong the ability drive to to mentioned I are of profitability said expectation synergies. things that. are in XX very we the in million, transaction misspoke those course, I my guide me the full first and year And is year glad year, happening there. let what growth was half have for closed it. may we XX again, And the and said when I'm -- come I It's efficiency the the million, more should -- clarify our operations remarks prepared synergies forward. So move and we that we're as Again, back the continuing confident with revenue in

environment about client maybe, the environment changed cycle I operating to the past economy the in of the in sales new talk days? materially also And sizes little new specifically and terms Has deal ask and bit operating Chris, growth? Okay. a XX logo wins, can you

really material reverse. sort We're the clients. we're answer saw clients, with me in the in let a seeing not years So From them new year line any X growing of difference we economy seeing question or ago. what enterprise in the

et growing are cetera, we're growing with kind in cetera. care, what So we're what with in line fintechs of seeing, et in seeing health et cetera, line

which and versus footprint still probably the has for their very a growth, the year. been on focused profitability optimizing theme sake are of growing They last consistent for

depending which take lot more And we're with more be seeing, some tech combination, these into very, much happy whether deals lot with trying longer. lot a new more more AI tend AI, larger to our coming definitely what accomplish. services are machine very or a combination, transformational our We Those on integration, generative they're learning about. global, it's pipeline, will a to

What we're take are that having and about those the meetings them. pipeline. engaged always with is are now with We're They good them working happy we through longer.

a from line. real Our them doing are new and we're still no time generally them, change transformation they they general deals though, coming in. that we're some comment in, come perspective, is in My that as winning about with logo

don't increasing to in on out so them a And than necessarily revenue level they at that they as pace now much see a primarily and grow based grow they're macroeconomic to rapid more are when tend conditions at much growing there. come the We start internally.

of happy to starting about happy what wins the consuming tech of expected. they're very is the very the very in see organizations some logos. we're and little we're we're What of they're we And the that deliver combination. services we X called We're out synergistic We're than sooner and a bringing from. together how starting about quality that happy about the where combination between happy

one. try just more quick sneak I'll Maybe one and Okay.

buybacks. capital over next million of pace in quarters? of return, the should $XXX terms you've the the announced think How X that, In about Andre, we

now? And is I do integrating integrate considering inorganic growth. that your about propensity mean, first? just further something I fully your you further on want Chris, for Or this now you you're Webhelp, talk can to mean So thoughts you're Webhelp M&A?

Yes.

very, synergies. Clearly, finish to very We get from of the want make very synergies. So question the return X just I'll -- M&A the want integration perspective, that. the the the along answer X that definitely -- businesses, to question overachieve sure sorry, far and in of answer From We definitely the our integration and answer to like last far I'll Andre question. our an along very, businesses. also will we're capital we'd we first like

of So focus ours. is big that a

some something fairly a add interest. the perspective, look for M&A is made quickly. get tuck-in, we could be it first. we capabilities, that some add think might what technology shareholders of that value and integration the if out driving add high completing economically, that discipline, very return really, is really we focus the the sense But that That at of on on a an From

And a then pace of point again, the Ruplu, relatively perspective, at buyback you'll the significantly this share the be think time. over shares feel from certainly we are cadence balance our I there and spread But in undervalued see year.

Now that's quite an on increase from we're the you pace in basis about on where think based QX, trading. shares particularly currently it if a

While amount quarter. in the share first twice it's shares would XX% kind this per that share increase buy to if the repurchases, we about the a dollar shares be retired number price of of we number quarter of in of at continue

question Divya with Scotiabank. comes from next Our Goyal

afternoon, Good everyone.

to So the of talked automation get color good about. some I quarter that, wanted here. scale on you Chris,

in help So bigger standpoint, us AI CX playing going that model you do obviously it's forward often now nowadays. the a with of mor and a a we've Could scale shift from you coming automation in and been going understand interesting, something how role about doing revenue forward? see obviously, with

Yes.

me let So X about talk dimensions.

AI the the the immaterial. complexity about we're really voice, thing first transaction what seeing been, generative of is another or new, effective how is to that's automating complexity just this just that look to AI tool what always clients have that that you at doesn't And tool make way It not as of happen. most the are is way, transaction. most they've is the The transaction. on It's do is work. clearly focused matter is of the another happens, non-voice, cost-effective

that dealing airline large more and efficient, want the we've the what of in What we with be demonstrate in to we're the us faster automated and work, they've able have be able or at we're seeing to to seen the work client is we've it outsource in-house with that their look be that done because example regional done more we to maybe work. as additional grow marketplace effective

if a to and it, continue sure as benefit their see want so that automation the And with continue get we're the to we we make plus base. within stickier driving clients to account we automate

frankly, And it positive. see as, so we a strong

With better now hundreds hundreds hundreds and complete in than and that as That of or and labor some generative with places, look, augmentation for a service really come, staff specifically, focused primarily on still like, sure. with replacement. clients. conversations We're AI are delivering better will Clients productivity doing we're regional solutions. a doing airline combinations giving That large than us being that because will we're a have retailer to that example to these definitely but work, able more Europe more far and they an again, outsourced deliver work in at efficient it. offset some they're remove historically

That's helpful.

understand, the very engineering. And along I obviously business from your same Catalyst, talk is lines, like Catalyst you about predominantly very, what did So that's growing well. digital

business? and the in of results out the lack of for growth You spending there, you did there, drivers recent are it provide the pressure competitive some companies the pricing see some by pressure? breakdown that of what exactly does the of out discretionary what comprise. do But Catalyst larger the then Or given the

Good question. Yes.

a transformational X.X signing out et So on years that or the our multi-multiyear deals, I would agree are deals part business people was Catalyst And marketplace replatforming is cetera. big not in off the ago. sentiment of

return people investment Now for the on a quarters. are looking year, much faster couple of within fiscal within

of put technology. And seen, but type be fruit so to the our where in very to well knowledge because also the that our we clients understand do able engagement we there's see so of of that that very, can we that's low-hanging domain changed well we've

sort but not is aligned of there, with that catalyst bespoke. the only also are platforms And out build we can

journey of very at good mapping also We are consulting. sort

design is resonating more resonated seen the better generally what to in seeing we're the that of is we've where whole an the integrated quarters client. couple specific last And that the do the actually that because clients, can to for those we run where understand we majority that that prior. the in knowledge benefit really of fashion has of services build certainly and within So domain vast than client. best actually for have business client servicing And consumption marketplace in we're that

Instructions] Vincent Our comes Research. question Barrington from [Operator from Colicchio next

are of to productivity Yes. expectations? any there the your tools you've from new developed way benefit Chris, benefits for is the some margin quantify 'XX? meeting the curious And

Yes.

vast meeting with. think, do better majority our a a are, we So the we think I can few expectations. There's lot that

we requires And client get cleaning you do out our see it That's things there or lot driving and perspective. data that AI to better of structures machine when our margin being the some efficiencies learning value it. further, generative really this And you're we changes AI. a clients' client big both our benefit and best within of the from to of benefits roll perspective data with more need one as from to a either lot a

really taking haven't quantified lot more we're a more margin in deployments features because We tools. of of those the it it in perspective and savings a reinvesting terms and in

see give it's don't to of that I you needed like best business tell kind hesitate haven't productivity, I'd So just -- of the and of we've increasing. people thousands to I'll to on a we the basically know you we to able been It's grow hire thousands of the it. people while putting we've number, been but way able what's based

were quarter has give terms us geography there feeling And And any of you you're should than any the balance where second you Number what one, geographies, growth some 'XX? are a ago? different been question, lead in of can geographies for color? there --

the most across actually not place Vince, and is quite news that strong So one nicely America. is of there, demand. where North our the geographies great case seeing The we're growing is

they automate a for people, about to switch so as pressure also more, and look more cost shore. And there's talked we've certainly, move look on we to been while but

helpful headwind offshore very, But America. strong a perspective, we're revenue are and a does to that offerings frankly, long-term happy profitability nearshore regard. come make in with bit in very and moves. a of sustainability North offerings It from our those very So

concludes you for Thank your This the conference. participation.

may You disconnect. now