Good morning, and welcome to the Endava Q4 and Fiscal Year 2023 Results Conference Call. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star then one on your telephone keypad. To withdraw your question, please press star then two. As a reminder, this event is being recorded. I would now like to turn the conference over to Laurence Madsen, Head of Investor Relations and ESG. Please go ahead. Thank you. Good afternoon, everyone, and welcome to Endava's fourth quarter and full fiscal year 2023 conference call. As a reminder, this conference call is being recorded. Joining me today are John Cottrell, Endava's Chief Executive Officer, and Mark Thurston, Endava's Chief Financial Officer. Before we begin, a quick reminder to our listeners. Our presentation and our accompanying remarks today include forward-looking statements, including but not limited to statements regarding our guidance for Q1 fiscal year 2024 and for the full fiscal year 2024, ability to grow revenues, and in particular, growth and expansion in our industry verticals, our combined business optimization actions, enhancements to our technology and offerings, the impact of adverse macroeconomic conditions, and our business strategies, plans, and operations. These statements are subject to risks and uncertainties that could cause actual results to differ materially from those contained in these forward-looking statements. Actual results and the timing of certain events may differ materially from the results or timing predicted or implied by such forward-looking statements, and reported results should not be considered as an indication of future performance. Please note that these forward-looking statements made during this conference call speak only as of today's date, and we undertake no obligation to update them to reflect subsequent events or circumstances other than to the extent required by law. For more information, please refer to the Risk Factors section of our annual report, filed with the Securities and Exchange Commission on September 19, 2023. Also, during the call, we'll present both IFRS and non-IFRS financial measures. While we believe the non-IFRS financial measures provide useful information for investors, the presentation of this information is not intended to be considered in isolation or as a substitute for the financial information presented in accordance with IFRS. Reconciliation of such non-IFRS measures to the most directly comparable IFRS measures are included in today's earnings press release, which you can find on our investor relations site or on the SEC website. A link to the replay of this call will also be available on our website. With that, I'll turn the call over to John. Thanks, Laurence. I'd like to thank you all for joining us today and hope that you're all well. We're pleased to be here to provide an update on our business and financial performance for the three months ended June 30, 2023, and for the full fiscal year 2023. Despite the challenging macroeconomic environment, we reported a good quarter, with revenue totaling GBP 189.8 million for Q4 of our fiscal year 2023, representing a 5.2% year-on-year increase from GBP 180.4 million in the same period in the prior year. We ended the quarter with an adjusted profit before tax for the period of GBP 38.3 million, representing a 20.2% adjusted profit before tax margin. For the full fiscal year 2023, our revenue totaled GBP 794.7 million, representing a 21.4% year-on-year increase from GBP 654.8 million in fiscal year 2022. We ended the year with an adjusted profit before tax of GBP 164.2 million, representing a 20.7% adjusted profit before tax margin. It's now 23 years since we started Endava, and we've grown with tremendous momentum since then and through cycles and changes. Macro and IT services have been challenged over the last three quarters, and banking, financial services, insurance, and Europe has been challenged, as we all know, giving significant headwinds to the business. But I didn't start this journey imagining that we would always have a tailwind. We see tremendous opportunity going forward and are managing for the long term, and I'm committed to continue to execute on our vision. Our strategy remains the same, but it is also expanding given our success and the opportunities in front of us. We're focused on diversification of our verticals and client geographies, expansion of our delivery to be more global, and continued innovation around new technologies and solutions for our clients. We have a strong track record on organic and inorganic investment, and we'll accelerate that as we move forward. We're inherently conservative, as you know, but are seeing real signs of improvement, which will impact our second half of fiscal year 2024. We have a fiscal year that ends in June, so our guide for FY 2024 continues to be constrained by the slower start in H1 and doesn't reflect the full year pickup that will become visible for calendar year 2024. A little more on the current situation. The wave of caution, particularly in banking and financial services and private equity portfolio companies, continues to impact revenue in the short term. However, in parallel with this, we continue to see high levels of new business shaping up, continuing from the Q4 bump highlighted in our last call. These new opportunities will take a while to ramp and hit revenue at scale, but they give us confidence in a return to growth and are the reason for our confidence in H2 of fiscal 2024, which Mark will discuss in our guide. As a result of our long-term outlook, given these immediate market dynamics, we are taking the opportunity to invest in the future. Firstly, we continue to expand our sales and marketing activity and to push into our target growth areas in the U.S., Europe, and rest of the world. Secondly, we are investing in and building strong AI propositions, including accelerators in our target industry verticals. More on each of these areas later. In the last quarter, we continued to prioritize our efforts on larger relationships that can grow and scale, with a total of 146 clients, each paying us in excess of GBP 1 million per year, compared to 134 in the same period last year, representing a 9% year-on-year increase, with the biggest increase coming from clients who paid us over GBP 5 million per year. This cohort increased by 38% to 33, compared to 24 in the same period in the prior year. In fiscal year 2023, we had one client with billings of just over 10% of our revenue, namely Mastercard. Having worked together with Mastercard for more than 20 years, we're thrilled to announce the extension of our long-standing partnership with a new five-year MSA that will strengthen and deepen the strategic relationship between Endava and Mastercard. This agreement will see Endava continue to help Mastercard deliver and evolve their market-leading suite of global payments, products, and platforms. We continue to see great demand for modernization and innovative solutions across the payments domain, and we're excited to continue partnering with Mastercard, a global leader in payments technology, to bring this next generation of payments products and platforms to market. As noted earlier, we're taking the opportunity of lower utilization to invest. In particular, we're investing in AI propositions for different sectors and have built accelerators, which are reusable assets to accelerate implementation timescales. I'd like to give some examples of these assets and how we use them. In our financial vertical, we have built a generative AI-based assistant for wealth managers that combines information from client data sources with information found from internet searches and proprietary databases in order to build a picture of a potential client. The assistant provides a question and answer interface, similar to ChatGPT, to allow the wealth manager to quickly learn more about the client. Using the information it has gathered, the assistant can also identify discussion topics and generate a set of talking points for wealth advisors to use in discussion with clients. This accelerator helps wealth management organizations understand the potential of generative AI in their specific environment. Our insurance team has an acceleration program focused on how claims management will be transformed by the use of AI, advanced automation, and modern customer experience technologies, none of which are widely used in claims management applications today. There are also many ways for us to use AI in our own business and in client delivery. The Endava coding assistant is an example of using an exploratory prototype to understand the potential of a new technology and exploring ways of using it that differ from the features of commercial products, like GitHub Copilot, in this case. The tool provides us with a way to increase our developers' productivity while meeting specific client needs related to training data sets and data privacy. We're also investing in developing an internal AI platform to showcase the potential of AI to our clients, acting as both a scalable, open-sourced accelerator and a business transformation tool. By integrating our internal generative AI accelerators, we're building a diverse AI catalog, enabling swift prototype developments and tailored solutions for demonstrating business needs. We believe that this platform approach will enable us to demonstrate to our clients the ability for AI transformation at scale. The growth of AI is also creating demand in adjacent spaces, one of which is synthetic data, to train machine learning models, where real-world data is not readily available due to privacy or regulatory restriction, infrequency of events, or safety challenges in data collection. The Endava Synthetics team joined us from Microsoft, where they were responsible for all aspects of synthetic client delivery. We are already helping clients build more robust machine learning solutions by providing tailored synthetic data built to tackle complex challenges, optimize performance, and unlock new opportunities. In one project, we collaborated with a client in the manufacturing sector, who sought to utilize synthetic data to generate observations of rare defect types in their production line. Due to the scarcity of real-world observations, the client previously struggled to effectively train a neural network to detect these specific defect types. By leveraging the client's existing CAD parts files as a starting point, we designed procedural systems to artificially generate large-scale variability of anomalies. As a result, the client was able to train models that achieve a 96% detection accuracy when evaluated on real data, greatly improving production quality. In another example, due to the privacy restrictions associated with utilizing real-world data for model training in the retail sector, we enabled a client to leverage synthetic data to produce an array of machine learning capabilities, such as people counting and entrance/exit tracking. This enabled a deeper understanding of customer interactions within their physical spaces, and the ability to harness these insights to enhance the efficiency, i.e., queue management and effectiveness, product layouts, of the retail experience. In healthcare, our industry experts are working on a generative AI-based synthetic data generator specialized on clinical data, allowing testing of healthcare systems without the need to use confidential, real clinical data. We believe there are many other industries with similar constraints where this know-how can be applied in the future. On the partnership side, we continue to invest in the build-out of our alliance ecosystem, working in collaboration with industry-leading technology companies to support our clients' digital transformation ambitions. We continue to build on Endava's heritage in payments, and were awarded Stripe's U.K. and I Partner of the Year Award, and have established a strategic partnership with Checkout.com. We are leading the way in cloud across all hyperscalers. Endava successfully achieved the AWS Migration Competency, working in partnership with AWS to accelerate our clients' time to value when shifting workloads to the cloud. Our work with Google continues with the expansion of our Google team into the U.S., and with Microsoft Azure, Endava achieved the Azure Data and AI and Azure Digital and App Innovation Partner designations. Lastly, our partnership with Salesforce is growing significantly as we align to their industry cloud strategy, focusing initially on the Financial Service Cloud and automotive, where we support clients in areas such as specialty insurance, retail banking, and the switch to electric mobility in the automotive sector. Over the past 12 months, we have invested significantly in expansion in the Middle East and Asia Pacific. This has taken rest of the world to 8% of revenue in Q4 FY 2023, and enables a genuinely global delivery capability to be deployed. Given the global footprint of many of our largest clients, this is a key strategic step from which we are now seeing the benefit in increased demand. In FY 2023, as part of our focus on the rest of the world, we completed 3 acquisitions in Asia Pacific, starting with Lexicon last October, Mudbath in May, and more recently, the DEK acquisition that was completed in June. DEK develops cutting-edge software solutions across a range of applications, including embedded systems, real-time solutions, telecoms, and data communications. The acquisition brings around 660 operational employees, along with a delivery location in Vietnam. We ended FY 2023 with over 1,000 Endavans in APAC, compared to less than 50 in FY 2022. With these acquisitions and our own organic growth, we believe we have built a solid foothold in the region, and we are now at a scale which should help us become a significant provider of software services to clients in the region. We believe APAC is a region with great potential, and we're excited about our growth prospects. I'd like to take this opportunity to highlight some of the work we're doing for clients in both the Middle East and Australia. In the Middle East, Endava has been working with businesses based in the Kingdom of Saudi Arabia for over five years now, and over the last 12 months has been supporting a digital bank being launched as part of the Kingdom's 2030 vision. Endava's analysis, architecture, and engineering teams are working closely with the bank's product, technology, and business departments to both design and build greenfield retail banking capabilities, as well as supporting the bank in reaching the necessary compliance standards set by the industry and the local financial authorities. Endava supported a leading payment processing and gateway service provider for the MENA region across several key technology initiatives. The client's mission is to empower online businesses with a simple, affordable, and trusted payment experience. The Endava team provided payments, domain expertise, and engineering capabilities to enhance the client's existing platform with new SDK and plug-in functionality, in addition to reviewing and redesigning their existing API capabilities to reflect a world-class developer experience. These additional capabilities and improved developer experience are expected to offer our clients' customers a more intuitive and flexible user experience, as well as giving our client additional revenue opportunities through additional e-commerce channels. In Australia, Endava is working with Seeing Machines, a leading supplier of driver and occupant monitoring system technology. Seeing Machines' mission is to reduce the number of injuries and fatalities on the road caused by driver fatigue or distraction. We are helping develop proprietary software based on sophisticated algorithms, able to preempt driver fatigue and detect distraction. Developing software to run on lower cost hardware and data annotation for machine learning and AI are some of the areas that we are involved in. Again, in Australia, we are working with a leading global life sciences company that provides scientific instruments, software and services used in research laboratories and other scientific applications, primarily serving the pharmaceuticals and biotechnology industries. Over the past decade, our proven expertise in designing and developing software for highly regulated industries has led us to work with them on numerous projects, from designing and developing new products to quality assurance. Moving on to the U.S., this summer, we announced our official partnership with Toyota Racing Development North America. The goal of this partnership is to help deliver the best experiences possible to Toyota racing teams, partners, and fans, both on and off the track. One of the first programs we are embarking upon aims to create new digital experience for Toyota Racing Development North America's Driver Development Program. We are growing our activities in North America with our recent acquisition of TLM Partners. TLM provides outsourced development services across design, engineering, art, and animation for PC and console video games, and other digital entertainment. TLM has particular expertise in highly complex areas of crossplay, middleware, physics, engine-level tools, and technical art, and has an impressive list of clients in the gaming sector. TLM is credited as a co-developer on many triple A franchises, including Immortals of Aveum, Call of Duty, Marvel's Midnight Suns, and Gotham Knights. Jake Hawley, the founder and CEO of TLM, and his leadership team, bring huge gaming experience and strong industry relationships. Today, we published the third edition of our sustainability report, which can be found on our website. I'd like to share some of the highlights from our latest report. Our Rise mentoring program, specifically targeted for the advancement of women in senior level roles, is showing excellent results. Over 60% of the individuals who completed the program since it was launched in November 2021, have received a grade promotion or had an increase in responsibilities or change in role. We're also proud of the impact we have through our Endava Tech Campus, which brings together all the tech education projects that we support. I'm also delighted that by delivering consistent and valuable experiences to our customers, we continue to improve our customer satisfaction scores. We also provide examples of our work to help clients build sustainable business models, such as teaming with Grameen America to provide better support to underserved women entrepreneurs in the U.S. We are also advancing our environmental agenda. We had our Scope 1 and Scope 2 greenhouse gas emissions data assured by PwC, and aim to set our Science Based Targets Initiative in 2024. I am proud to share our progress and our stories as we continue on our sustainability journey. We ended the quarter with 12,063 employees, a 1.8 increase from 11,853 in the same period last year. In the current environment, our recruitment is focused on areas of strong demand, as well as continuing to strengthen our sales and marketing team. In summary, despite the recent challenges and based on our conversations, we believe clients' activity in exploring and commissioning new product will overtake the headwinds over recent quarters and see us return to growth. I will now pass the call on to Mark, who will walk you through our financial results for the quarter and of the last fiscal year, and provide guidance for the coming quarter and fiscal year. Thanks, John. Endava's revenue totaled GBP 189.8 million for the three months ended June thirtieth, 2023, compared to GBP 180.4 million in the same period in the prior year. A 5.2% increase over the same period in the prior year. In constant currency, our revenue growth rate was 4.8%, including a 3.7% inorganic contribution during the quarter. Profit before tax for Q4 fiscal year 2023 was GBP 24.9 million, compared to GBP 32.5 million in the same period in the prior year. Our adjusted profit before tax for the three months ended June thirtieth, 2023, was GBP 38.3 million, compared to GBP 36.2 million for the same period in the prior year. Our adjusted profit before tax margin was 20.2% for the three months ended June 30, 2023, compared to 20.1% for the same period in the prior year. Our adjusted diluted earnings per share or EPS, GBP 0.57 for the three months ended June 30, 2023, calculated on 58.1 million diluted shares, as compared to GBP 0.51 for the same period in the prior year, calculated on 58.0 million diluted shares. Our adjusted diluted EPS at GBP 0.57 for Q4 was much stronger than anticipated, due to a number of one-off items in the quarter and a lower than expected tax charge. These items accounted for GBP 0.10 of adjusted diluted EPS, and our adjusted diluted EPS for Q4, after adjusting for these items, would have been about GBP 0.47. Revenue from our 10 largest clients accounted for 35% of revenue for the three months ended June 30, 2023, compared to 32% for the same period last fiscal year. Additionally, the average spend per client from our 10 largest clients increased from GBP 5.8 million to GBP 6.6 million for the three months ended June 30, 2023, representing a 13.7% year-over-year increase. In the three months ended June 30, 2023, North America accounted for 30% of revenue, compared to 35% in the same period last fiscal year. Europe accounted for 24% of revenue, compared to 22% in the same period last fiscal year. The U.K. accounted for 38% of revenue, compared to 40% in the same period last fiscal year, while the rest of world accounted for 8%, compared to 3% in the same period last fiscal year. Revenue from North America declined 8.2% for the three months ended June 30, 2023, over the same quarter of fiscal year 2022. Comparing the same periods, revenue from Europe grew 13.4%, the U.K. grew 0.1%, and the rest of the world grew 177%. Revenue from payments and financial services grew 7.2% for the three months ended June 30, 2023, over the same quarter of fiscal year 2022, and accounted for 52% of revenue, compared to 51% in the same period last fiscal year. Revenue from TMT declined 7.2% for the three months ended June 30, 2023, over the same quarter of fiscal year 2022, and accounted for 22% of revenue, compared to 25% in the same period in the prior year. Revenue from other grew 13.5% for three months, ended June 30, 2023, over the same quarter of fiscal year 2022, and now accounts for 26% of revenue, compared to 24% in the same period in the prior year. Our adjusted free cash flow was GBP 31.5 million for the three months ended June 30, 2023, compared to GBP 43.4 million during the same period last fiscal year. Our cash and cash equivalents at the end of the period remained strong at GBP 164.7 million at June thirtieth, 2023, compared to GBP 162.8 million at June thirtieth, 2022. Capital expenditure for the three months ended June thirtieth, 2023, as a percentage of revenue, was 1%, compared to 2.1% in the same period last fiscal year.... I'd now like to move on to some highlights for our fiscal year 2023. Endava's revenue totaled GBP 794.7 million for the fiscal year 2023, compared to GBP 654.8 million in the previous fiscal year, a 21.4% increase over prior year. In constant currency, our revenue growth was 16.6%, including a 2.3% inorganic contribution during the full fiscal year. Profit before tax for the fiscal year 2023 was GBP 114.2 million, compared to profit before tax of GBP 102.4 million in the prior year. Our adjusted profit before tax for the fiscal year 2023 totaled GBP 164.2 million, compared to GBP 138.3 million in the prior year. Our adjusted profit before tax margin remained strong at 20.7% for the fiscal year 2023, compared to 21.1% for last year. Our adjusted diluted EPS was GBP 2.28 for the fiscal year ended June thirtieth, 2023, calculated on 58.1 million diluted shares as compared to GBP 1.93 for the previous fiscal year, calculated on 58.0 million diluted shares. Revenue from our 10 largest clients accounted for 33% of revenue for the fiscal year ended June thirtieth, 2023, compared to 34% for the previous fiscal year. Additionally, the average spend per client from our 10 largest clients increased from GBP 22.2 million to GBP 26 million, up 17.5% year-over-year. In terms of geographies on a year-over-year basis, North America was up 13.2% year over year, Europe up 32.3%, the U.K. up 14.2%, and the rest of the world up 151.2%. On a year-over-year basis, revenue from payments and financial services increased 25.4%, TMT increased 6.4%, and other increased 28.5%. The year-over-year growth in other came mainly from mobility and health tech. Our adjusted free cash flow was GBP 111.5 million for the fiscal year ended June 30, 2023, compared to GBP 107.2 million during the same period last year. CapEx for the fiscal year ended June 30, 2023, as a percentage of revenue, was 1.7%, compared to 2.1% during the same period last year. Now turning to our outlook for Q1 and full year fiscal 2024. As John mentioned in his comments, the revenue outlook remains challenging. Our Q1 revenue outlook reflects further delays in client decision-making that impacted our Q4 FY 2023 outlook when guiding in May. However, we are seeing stronger activity than in recent quarters, especially in large-scale opportunities, which will take time to ramp up and produce revenue. Therefore, we don't expect to see a significant uplift in revenues until Q3 in FY 2024, with Q1 and Q2 showing a flat sequential profile. If you look at this outlook on a near-term basis, the guide in place implies a constant currency growth of 3% when looked at on a twelve-month basis to December 2023. We expect to return to high teens growth by Q4 FY 2024. As concerns profitability, adjusted PBT should be subdued compared to the most recent quarter in FY 2023, as we maintain a bench in readiness for the recovery we are seeing develop in H1 and build through H2. We anticipate recovery to historic levels of profitability by Q4 FY 2024. Additionally, I draw attention to the increase in corporation tax in the U.K., with effect from April 2023, where rates increased from 19% to 25%. As a consequence, our adjusted tax rate is expected to rise from 19.4% in FY 2023 to 21.3% in the FY 2024 guide. With that context, let me now turn to the guide. Our guidance for the Q1 fiscal year 2024 is as follows: Endava expects revenue to be in the range of GBP 186 million-GBP 187 million, representing constant currency revenue decrease of between -2% and -1%. Endava expects adjusted diluted EPS to be in the range of 34-35 pence per share. Our guidance for full year, fiscal year 2024 is as follows: Endava expects revenue to be in a range of GBP 780 million-GBP 795 million, representing constant currency growth of between 1% and 3%. Endava expects adjusted diluted EPS to be in the range of 1.52 GBP-1.62 GBP per share. This above guidance for Q1 fiscal year 2024, and the full fiscal year 2024 assumes the exchange rates at the end of August 2023, when the exchange rate was 1 British pound to 1.27 U.S. dollars and 1.16 euros. This concludes our prepared comments. Operator, we are now ready to open the line for Q&A. Thank you. We will now begin the question and answer session. To ask a question, you may press star then one on your telephone keypad. If you're using a speakerphone, we ask that you please pick up your handset before pressing the keys. To withdraw your question, please press star then two. Today's first question comes from Bryan Bergin with TD Cowen. Please go ahead. Hi, thank you. I wanted to start here on the fiscal 2024 outlook and try and unpack it a little bit. Can you talk about what you're expecting out of the PE-backed client cohort and payments versus the balance of the portfolio? And if you can, really talk about the PE client behavior that you've seen progress here over the last several months. Hi, Bryan. So, PE is behaving as we expected. As you remember, we had a slowdown from Q3 to Q4, where we lost about sort of GBP 10 million of quarterly run rate to a mid-30 million-35 million run rate. Q4 ended up basically where we expected. At the time of giving that guide, we did anticipate PE coming off slowly into Q1, so getting into the sort of low 30s. And basically, we're not assuming any pickup from that level of activity through FY 2024. Although we are starting to see some activity in our due diligence components of the portfolio, although that is a very sort of small percentage of revenue. So we're taking a conservative view through the balance of FY 2024 as regards to PE. Okay, and my follow-up on margin here. So Mark, can you talk about... Some of the cadence was helpful there. Can you talk about just adjusted PBT level expectations? And, you know, you mentioned investments, obviously with lower revenue growth, you have the utilization headwind here. But can you quantify how much of the pressure here may be investments that you're ramping in accelerators and the AI solution development you discussed, versus lower utilization, versus any other factors? And just as a starting point, what are you baking in in 1Q as you ramp forward? Why, why don't I start there? So, our Q4 adjusted PBT was 20.4%. I called out a number of one-offs. I won't—I can touch on those at a later stage if you want me to follow up. But basically, we had a normalized adjusted PBT of about 17.5%, which is roughly what we were guiding, implied in our 45p guide for Q4. Now, for Q1, it is going to come off, as reflected in the EPS going down from a, let's call it a normalized 47p, 45p to 35p. It is mainly being felt on the revenue and gross margin. So our gross margins are contracting, going from Q4 to Q1. Part of that is one of those exceptional items reversing, which accounts for 1% of margins decel. And the rest is basically utilization, which is a mixture of slightly increasing bench investment in accelerators. So we're deploying people on the bench to work on some of those accelerators. And also we've seen a higher level of holiday taken as well. And then the balance to bring us down to sort of Q1 is on SG&A, basically, where we see a sort of rebuilding in commission and other costs. Basically, that low point, if I could call it that, on adjusted PBT, we may see a bit of pressure on that as we go into Q2, because the revenues are going to be flat, and we do continue to invest, mainly in sales and marketing in Q2, but also in our integration activities for Asia Pacific in particular. Then as we see sequential sort of recovery as we go into Q3, Q4, gross margin starts to rise as we utilize the bench and get back to more normalized levels. We anticipate exiting Q4 at the levels of gross margin that we've typically seen in the past, around 39%, and our adjusted PBT come back up to, you know, about 19.5%. Okay, very helpful. Thank you very much. Thanks, Brian. Thank you. Our next question today comes from James Faucette with Morgan Stanley. Please go ahead. Thank you very much. I wanted to follow up, once again on, on the outlook, as you talked about better sales pipeline, et cetera, particularly going into next year. And I guess just a couple of questions there. First, how should we square that with kind of what you're seeing in terms of some ongoing cancellations or push outs? Just trying to figure out kind of how to put those together and, and what's driving that decision making. And then another common question that we get is, you know, clearly your fiscal year and where you're looking for acceleration... bridges into, to next year, and a lot of your customers really won't be setting budgets until, late this year or early next year. You know, what are the things that you're looking at, that's really giving you the incremental confidence that those will be able to be delivered as expected early next calendar year? Thanks. Yeah, thanks, James. The outlook as we're looking forward, we've seen the context of the historic headwinds that started at the end of March, that wave of caution that followed SDT and caused, particularly BFSI, the portfolios to slow down, that Mark was touching on. You know, that had a full impact in Q1, partial impact in Q4 as they were ramping down. That's part of the macro that is feeding through into the Q1 numbers. We've adopted a cautious view on that, as Mark was touching on, so we're not seeing a pickup through the financial year. It's then the significant new opportunities that we're seeing, that are actually looked, we're looking to drive growth, particularly in the second half. Now, you know, many of those we've actually started work on, and we're doing early stage, you know, architectural studies or ideation work with clients. The challenge that we have is it takes a while for those to ramp significantly into revenue. Now, historically, for us as a business, that has given us a huge level of confidence as we forecast and look forward, and has given us a lot of consistency in the forecast we've provided to market, because we've seen those opportunities working through the system and growing steadily. In this situation, that is what is giving us the confidence as we look to H2, that those opportunities are starting and are ramping. It's just the time it takes for them to, you know, get to sufficient scale to have the noticeable impact on revenue. So that's, that's what we've based our forecast and our confidence on. The work, most of it is not related to calendar year 2024 budgets. It is work where clients are kicking off that work now. They, they have budget for it. And that's the foundation of the guide that we put looking forward. That's great. That's really helpful, John. Thanks. Thank you. Our next question today comes from Bryan Keane with Deutsche Bank. Please go ahead. Hi, Mark. I was just gonna follow up there and hoping you could maybe quantify the AI investments. And are those investments that are gonna weigh on the margins? It sounds like it's a one-time investment that maybe for three to six months, and then it goes away, so as the margins come back by Q4. Yeah, let's John build on it, but we're basically holding people for the work that we see in the second half. But we're actually deploying them on internal accelerators that John touched on in his comments. And it probably eats, I'd say, about a percentage of gross margin, certainly through Q1 and Q2. And then as the opportunities return, we will rotate those people into doing billable work. I don't know if you want to add anything to that? I think you've captured it there. Essentially, we're taking the opportunity of having some good people on the bench to actually build some stuff in an interesting area to the market, and that's helping tease out some of the early stage sales opportunities that we'll get into over the next quarter or so. Got it. No, that's helpful. And then just looking by region, it looks like North America has been a little bit weaker than... obviously, the rest of the world's been really strong for you guys. And North America, though, has been weaker, a weaker region. Just trying to understand why North America versus maybe Europe, U.K., rest of world, doing a little bit better. Is there anything to read into that? So our experience in, North America, particularly the U.S., has been that, the recessionary pressures started earlier, there. So actually, we started seeing clients, you know, West Coast tech, we talked about quite a bit, some of the retail banks, et cetera, pulling back, even as far back as, Q2 last financial year. And actually, you know, that's what's then impacted, because obviously that feeds forward into following quarters. That's what's impacted both the, the full year and the Q4 numbers. Having said that, you know, we also are seeing the U.S. starting to pull through stronger now, and start to see, you know, getting to the other side of the recessionary pressures, with West Coast tech starting to talk about, budgets. They are talking about, calendar year 2024 budgets. Some of the other parts where we're strong in the U.S., banks and so on, are also looking at budgets for next year. So the U.S., we're starting to see conversations around moving beyond these recessionary pressures. And we're seeing that ahead of the U.K. and Europe. The rest of the world is actually pretty strong right across the board. And that has been true on an organic sense, as well as obviously the M&A work that we've done out there in the last few quarters. Got it. Thanks for taking the question. Thank you. Our next question today comes from Moshe Katri with Wedbush Securities. Please go ahead. Hey, thanks for taking my question. You mentioned some of the larger deals that are taking longer to close or maybe to convert. Is there anything different in the nature of some of those larger deals that you're taking? Are you maybe focusing more on transactions that are more focused on cost synergies, cost takeouts, et cetera, versus what you've done in the past? Any color on that will be helpful. Thanks. Yes. We're actually seeing a number of opportunities, and I say seeing a number of them, we've actually started work on with architecture studies and so on. One of the themes is platform consolidation, where we're seeing clients sometimes through M&A, sometimes through developing things in parallel, where they have multiple platforms for similar product areas, and actually are wanting to consolidate those into a single platform. Often very large multi-year transformations, but ones in the current environment, where they're choosing to get on with it, because it is a route to substantial cost savings. That's one of the big areas. We're also seeing, as I touched on in the opening remarks, opportunities in the Middle East around new digital banks kicking off, new financial products being created, and new digital services into the market. So, you know, across those areas, we're seeing projects kick off, which is these opportunities that we need to ramp on. That's helpful. Just a follow-up, any view on the budget cycle for calendar 2024? Do you feel internally that the budgets or the budget decisions may be delayed for next year? So, I mean, the signs that we're seeing are that people within organizations are wanting and hoping that there's going to be budgets come back in calendar year 2024. We haven't really based our guide on that happening. We've been more conservative than that and based it on what we can see shaping up. So there is potential upside if budgets are released for calendar year 2024, but we've not booked that into our guide at this stage. Understood. Thanks a lot. Thank you. Ladies and gentlemen, as a reminder, if you'd like to ask a question, please press star then one on your telephone keypad. Our next question comes from Maggie Nolan at William Blair. Please go ahead. Thank you. You mentioned kind of the hints of the beginning of a recovery in the U.S. I'm wondering if you can contrast that a little bit more for us with the U.K. and Europe. Are you expecting incremental pressure from here in the U.K. and Europe, or rather a steady state from these levels? So, I think the U.S., we think is going to start to make a recovery quicker than Europe and U.K.. We think that starts to come through in about Q2. And largely driven, I think, by the recovery in TMT that we're seeing. In terms of Europe and the U.K., it is a much more subdued picture. I'd say that Europe looks a little bit more robust than the U.K. at the moment, but really showing sort of meaningful sort of uptick in Q4. And it's a similar narrative for the U.K. as well. So Europe, just to come back from it, including Europe and the U.K., looks as though it is going to be quite subdued, basically, until about Q4 next year. North America, we think, starts to recover by about Q2, Q3 this year, and I'm talking about our fiscal year here. Thank you. Then on AI, you know, we understand that, you know, a lot of companies may not be ready to actually apply artificial intelligence within their businesses. So we're curious if there's any kind of demand for adjacent services, or other areas that you may have expertise in, as, you know, companies come to you and try to consult on GenAI and how they can move their businesses forward in light of this trend? Yeah, so good question. I've touched on that a little bit at the last earnings call, and also in my opening remarks this time. So, you know, one of the areas is all around data and preparing your data, getting data lakes ready, et cetera, that actually give you the foundations of information upon which to train models and so on. I touched on earlier the synthetic data, which covers the areas where it's very difficult to get real data to actually train models. In order for models to be excellent, they need huge volumes of data, as you know, and when you're training edge cases, such as that manufacturing example that I gave, where there are actually very few production defects you're trying to get a machine to spot, then the use of synthetic data helps with that. So, you know, you put those together, and there's quite a lot of foundation work that we're seeing come through. We are seeing work come through and a lot of interest from clients. It's more at the ideation phase, in terms of actually using some of the AI models, in order to look at things like claims management and so on across their organizations. And, you know, we do think that will start to scale as clients get their heads around what's possible. There's also still a huge nervousness in the market around IP liability for, you know, using someone else's IP inadvertently, or losing your own IP because it get absorbed into a model in some way. We do believe that the market will get through that fairly quickly as the AI models advance. The other area that we're very excited about is the other aspects of AI rather than just generative AI. And, you know, whether that's computer vision-related activities and so on. You know, we're seeing as much, probably more actually, activity in those other areas of AI than in just the generative AI space, which of course has historically been true as well until the generative AI you know hit market recognition back in November. Thank you very much. Thanks, Maggie. Thank you. Ladies and gentlemen, this concludes our question and answer session. I'd like to turn the conference back over to the management team for any closing remarks. Thank you, and thank you all for joining us today. We're excited actually, about the market opportunities over the medium to long term from all of the technological waves that continue to emerge, some of which we outlined on this call. We're gearing Endava to continue as a leader as these tech waves gather strength, and look forward to speaking to you again at our next earnings call. Thank you. This concludes today's conference call. We thank you all for attending today's presentation. You may now disconnect your lines and have a wonderful day.