Good day. Thank you for standing by. Welcome to the 2022 Q4 Perficient earnings call conference call. At this time, all participants are in a listen only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you'll need to press star one one on your telephone. You will hear an automated message advising your hand is raised. To withdraw your question, press star one one again. You'll hear an automated message that your hand is lowered. Please be advised that today's conference is recorded. I would like now to hand the conference over to our speaker today, Jeff Davis, Chairman and CEO. Please go ahead. The conference will begin shortly. To raise and lower your hand during Q&A, you can dial star one one. The conference will begin shortly. To raise and lower your hand during Q&A, you can dial star one one. The conference will begin shortly. To raise and lower your hand during Q&A, you can dial star one one. Our apologies, everyone. We've been experiencing some technical difficulties with our participant call. We're just going to wait one second here while we make sure that the call is being heard on the audio portion of the session. Just to add to that. This is Jeff Davis. We will restart here in just a moment once we confirm that our provider has everything working. It appears that we do. I'm just going to go ahead and launch back into this. This is Jeff Davis, Perficient's Chairman and CEO with me on the call. Per usual is Paul Martin, our CFO, Tom Hogan, our President and COO. Wanna thank you for your time this morning. We have 10-15 minutes of prepared comments per usual. Before we proceed, I'm going to ask Paul to read the safe harbor statement again. We apologize for the technical difficulty this morning. Thanks, Jeff. Good morning, everyone. Some of the things we will discuss in today's call concerning future company performance will be forward-looking statements within the meaning of the securities laws. Actual results may materially differ from those in these forward-looking statements. We encourage you to refer the additional information contained in our SEC filings concerning factors that could cause those results to be different than contemplated in today's discussion. At times during this call, we will refer to adjusted EPS and adjusted EBITDA. Our earnings press release, including a reconciliation of certain non-GAAP financial measures to the most directly comparable financial measures prepared in accordance with generally accepted accounting principles, or GAAP, is posted on our website at www.perficient.com. We have also posted a slide deck which includes a reconciliation of certain non-GAAP guidance to the most directly comparable financial measures prepared in accordance with GAAP on our website under Investor Relations. Jeff? Thanks, Paul. Again, once again, apologize for the delay this morning. We certainly appreciate your time as we discuss the Q4 and full year performance and our continued growth and profitability. The Q4 capped another solid year of growth and increased profitability at Perficient, with adjusted earnings per share up 14% and revenue up 8% during the period. We're of course monitoring the macro environment. Sales cycles in some cases are extended somewhat. Based on the same. There are a lot of positives of notes, and we're confident that Perficient is well-positioned than it's ever been, and that our business is performing well actually relative to some others in the space. Services gross margin was up 30 basis points during the quarter. Our profitability remains best of breed as a direct result of our customers' willingness to place a premium on the value we deliver, combined with our strong fiscal discipline. The ongoing success we're having in our journey of transforming Perficient into a truly unique and unparalleled global force continues. We're delivering more work offshore than ever before and commanding higher rates for that work than ever before. Rates, in fact, that are materially higher than many of our competitors, by the way, again reflecting the superiority of our fully integrated model and talent. Our culture and truly integrated model is helping us retain that global talent as well. Our attrition during the quarter was well in line with our targets. Overall, 2022 was a remarkably successful year in our global transformation. We realized 68% growth in our total offshore revenue, with organic accounting for half of that total at 34%. Tom will speak to bookings specifically in a minute, but large deal win volume was again strong during the quarter, up meaningfully, sequentially and year-over-year. The pipeline remains strong. While we do not forecast deals not yet closed, we remain in pursuit of several that if won could materially change the trajectory of the year. As I mentioned earlier, some clients are taking more time with decisions, but we're confident demand for our services will remain robust, and we're poised for another year of solid growth. In fact, although we saw a modest expansion of sales cycles during the quarter, we're actually seeing more urgency in terms of project timelines on large deals, meaning those deals are more compressed than they have been historically. That will actually be a benefit certainly in the near term. Customers are more concerned with different competition than ever before and more ambitious than ever before in terms of moving quickly once commitments have been made. As we mentioned on last quarter's call, whether our clients are investing in growth or seeking to reduce costs by leveraging efficiency, Perficient is the answer. A reminder on our strategy, we expect growth everywhere but continue to believe our non-U.S. presence will scale disproportionately fast and that this mix shift in the near term will help margins, but also pose a modest headwind to our overall top-line growth. As we move forward, toward our long-term goal of a 50/50 revenue mix, that is half of our revenue delivered domestically and half delivered globally, we'll reach an inflection point where the headwind becomes a tailwind and it accelerates the revenue growth. With that, I'll turn things over to Paul. Thanks, Jeff. Services revenue, excluding reimbursed expenses, were $228.8 million in the Q4, a 9% increase over the prior year, and year-over-year organic services growth was 6%. Gross margin percentage increased 60 basis points to 39.4% in the Q4 compared to the prior year. Services gross margin, including reimbursed expenses and stock compensation, was 40.8% in the Q4 compared to 40.5% in the prior year. SG&A expense was $43.7 million in the Q4 compared to $41.7 million in the prior year. SG&A expense as a percentage of revenues decreased to 18.8% from 19.4% in the prior year. Adjusted EBITDA was $54.3 million or 23.4% of revenues in the Q4 compared to $47.7 million or 22.2% of revenues in the prior year. Amortization expense was $6.5 million in the Q4 compared to $5.8 million in the prior year. The increase in amortization expense was primarily due to the addition of additional intangibles from our two acquisitions in 2022. Net interest expense for the Q4 decreased to $0.8 million from $3.9 million in the prior year, primarily as a result of adopting the new accounting standard for convertible debt in the Q1. Our effective tax rate was 28% in the Q4 compared to 4.5% in the prior year. The decrease in the effective tax rate was primarily due to the convertible debt transaction's impact on the prior year. Net income increased to $26.5 million for the Q4 from $4.5 million in the prior year, primarily due to the loss from extinguishment of debt of $28.7 million in the prior year and improved operating performance. Diluted GAAP earnings per share increased to $0.74 a share for the Q4 from $0.13 in the prior year. Adjusted earnings per share increased to $1.14 or 14% for the Q4 from $1.00 in the prior year. You can see the press release for a full reconciliation of the GAAP earnings. I'll now turn to the full year results. Services revenue, excluding reimbursed expenses, were $893.1 million for the year ended December 31, 2022, a 19% increase over the prior year. Year-over-year organic services growth was 13%. Gross margin percentage for the year ended December 31, 2022 increased 50 basis points to 38.9% compared to the prior year. Services gross margin, including reimbursed expenses and stock compensation, for the year ended December 31, 2022 was 40.2% compared to 40% in the prior year. SG&A expense for the year ended December 31, 2022 was $171.1 million compared to $152.4 million in the prior year. SG&A expense as a percentage of revenues decreased to 18.9% from 20% in the prior year. Adjusted EBITDA for the year ended December 31, 2022 was $205.8 million or 22.7% of revenues compared to $162.9 million or 21.4% of revenues in the prior year. The year ended December 31, 2022 included amortization of $24.5 million compared to $23.5 million in the prior year. Net interest expense for the year ended December 31, 2022 decreased to $3.2 million from $14.1 million in the prior year, again, primarily as a result of adopting the new accounting standard for convertible debt at the beginning of the year. Our effective tax rate was 25.9% for the year ended December 31, 2022 compared to 16.6% in the prior year. The increase in the effective rate is primarily due to a decrease in stock compensation deductions and a decrease in research credit benefit compared to the prior year. Net income for the year ended December 31, 2022 was $104.4 million, compared to $52.1 million in the prior year. primarily as a result of higher revenues, lower costs as a% of revenues, lower interest expense, and the loss from extinguishment of debt of $29 million that was included in the prior year. Diluted GAAP earnings per share increased to $2.90 for the year ended December 31, 2022, compared to $1.50 in the prior year. Adjusted earnings per share increased to $4.28 for 2022 from $3.50 in the prior year. Our ending billable headcount as of December 31, 2022 was 6,321, including 5,944 billables consults and 377 sub-subcontractors. Ending SG&A headcount was 949. Our outstanding debt, net of deferred issuance costs as of December 31, 2022 was $394.6 million. In addition, we have $30.1 million in cash and cash equivalents as of December 31, 2022 and $199.8 million of unused borrowing capacity on our current facility. Our balance sheet continues to leave us very well positioned to continue to execute against our strategic plan. I'll now turn the call over to Tom Hogan for a little more commentary. Tom? Thank you, Paul. Good morning, everybody. We booked 56 deals greater than $1 million during the Q4 of 2022, which compares to 43 in the Q4 of 2021 and 37 in the Q3 of 2022. Again, that's 56 deals greater than $1 million in the Q4 of 2022, compared to 43 in the Q4 of 2021, and 37 in the Q3 of 2022. We're still winning big deals, and we won more of them than ever before in Q4. Our net pipeline, weighted and unweighted, remains very strong. A couple of recent wins to highlight. We're working with a multinational pharmaceutical corporation on a nearly eight-figure engagement to improve their patient data flow. Our unified team of global experts are delivering a custom-built clinical data review and cleaning environment that provides an accurate real-time view of clinical studies, which allows the enterprise to holistically monitor progress and drive critical decision-making. We also expanded our partnership with a leading automotive manufacturer, supporting the global CRM rollout for their commercial-focused vehicle services and distribution business. As part of the engagement, our team of architects will migrate the manufacturer's legacy platform and develop a global rollout roadmap that includes their existing commercial and retail instances. We also recently launched a new employee website for the same leading auto manufacturer. Our global team worked with the automaker to deliver a next-generation employee experience featuring advanced personalization options, threaded comments, and an updated search function with more features planned in the coming months. The new site now serves more than 180,000 employees, including retirees, and receives more than 1 million visits per week. We continue to remain well-diversified from a customer, industry, and platform perspective. Healthcare and financial services led the way from a revenue and bookings perspective. We're particularly excited about the accelerating momentum we have in the financial services industry, where our revenue has grown materially in recent years. Jeff mentioned some lengthening in sales cycles and the macro uncertainty. Let's be clear, digital transformation is going nowhere. The work we're delivering for our clients is, in many cases, imperative, mission-critical, and core to their competitive success. With that, I'll turn things back over to Jeff to discuss Q1 and 2023 full year outlook. Thanks, Tom. All right. Perficient expects its Q1 2023 revenue to be in the range of $227 to 233 million. Q1 GAAP earnings per share is expected to be in the range of $0.67-$0.73. Q1 adjusted earnings per share is expected to be in the range of $1.01-$1.06. Perficient expects its full year 2023 revenue to be in the range of $945 million-$985 million. 2023 GAAP earnings per share to be in the range of $3.24-$3.40. 2023 adjusted earnings per share to be in the range of $4.60-$4.75. With that, operator, we can open up the call for questions. Thank you. At this time, we will conduct a question and answer session. As a reminder, to ask a question, you'll need to press star one one on your telephone and wait for your name to be announced. To withdraw your question, press star one one again. Please stand by as we compile the Q&A roster. All right. Our first question comes from the line of Surinder Thind from Jefferies. Go ahead, Surinder. Thank you. I'd like to start with a high-level question of kind of where demand sits at this point and the client decision-making process. If we were to rewind maybe a year ago, the thought was that there was perhaps a new elevated level of demand across the industry. Not just for yourselves, but more broadly, including your peers. Fast-forward to today, it seems like that wasn't quite the case, right? There's obviously long-term demand is still intact, but clients are making more short-term decisions. Can you help us understand that disconnect or what you're seeing at clients at this point and their willingness to push off projects? If there is a further deterioration, should we expect, continued weakness, I guess, for the foreseeable future? Yeah, that's a good question. I'll start and ask Tom to add some color as he sees fit. Obviously, yeah, the year didn't end the way it started, to your point. I think that from what we've seen via the pipeline as well as recent bookings, even in this year so far, is that, that seems to be moving behind us. In other words, things seem to be improving now from where they were, say, six months ago in terms of, again, bookings and pipeline. I think there's a number of contributing factors to that. Certainly, again, we were overly optimistic on the macro environment, and I do think that sentiment shifted. I have no crystal ball, but it seems to be improving. As for Perficient, standalone, as Tom mentioned, and I alluded to on the call, we actually have quite a number of large new opportunities, at some of the existing accounts, but maybe more importantly at new accounts, that have the potential to be, very, very meaningful for us, even within the year. I think the general environment, while it did sort of stall or slow, seems to be improving, now. No crystal ball, but, I think there's reason for optimism. Tom? I agree. I think also as we've moved to larger deals, that also compounds a little bit. the market is still very rich with opportunity. There is definitely some caution in buying behavior. However, I'll also say is the deal size is larger, so there's definitely a level of stringency that executives are going through that historically maybe they didn't have to go through. As we continue to see larger deal sizes as representative of our Q4 bookings, that has had a little bit of a headwind for us specifically, not necessarily in the industry. That's helpful. As, as we kind of look at the year ahead, two related questions. One is it sounds like, the project timelines themselves are compressing. I just wanna make sure I understood that comment correctly, that clients are still signing on for work, but they want that amount of work done to be quicker. That would suggest like cost takeout projects, or is this the focus materially shifted in some of the projects that you're working on? In terms of just the guide itself, is the vast majority of the growth, it sounds like it's offshore, which it has been in the past or more recently as well. What does your outlook for onshore or U.S. growth, look like? Good question. Yes, you heard that correctly in terms of the large deals, specifically the large deals and those compressed timelines. I would say that the majority of our work is actually not based on cost reduction. It's based more on, new products and services, time to market is as critical as ever. I think that's what's driving a lot of that. Some of that also is they're catching up now, right? Where they, some of these deals I'm talking about are from clients who were in that slow sales cycle. Once they got through that, made that commitment, they're like, "Okay, we're behind now, so what can we do to accelerate this?" Right? I think the majority of it, is coming from that primarily. What was the other question? Growth rates onshore. Growth rates, for sure, are going to be greater offshore, just like they have been. Onshore, Our overall guide is pretty conservative, as you can see. That would include or imply, flat to slightly up, U.S. or onshore-based resources. A lot of that growth coming, as you pointed out, from offshore. Thank you. Our next question comes from the line of Mayank Tandon from Needham. Go ahead. Thank you. Jeff and Paul, just wanted to first talk about the linearity of the year. Your guidance basically reflects, I think flat to slightly down revenue sequentially based on the guidance. How should we expect the year to build? Are you looking at maybe more of a second half rebound, or should we expect a more linear trajectory over the course of 2023? Yeah. I think it's going to be a, a little bit heavier in the second half for sure. I think you're right on the Q1 guide, which, by the way, it seems like pretty common in the industry for the year. Everybody sort of sees a stronger back half. I think we see the same thing. I would underscore that with my comments earlier, on the pipeline of bookings, that, the bookings, I think sort of troughed out, if you will, in Q3. We're experiencing that from a revenue standpoint basically now. The highest correlation factor between bookings and revenue for us, and it's not that high, 'cause it tends to be somewhat lumpy, but the highest correlation is about a 5-month rolling average. Literally, if you look 5 months out from a kind of a weaker Q3 bookings, then you're seeing that now. Bookings were stronger in the Q4, and they're starting stronger in the Q1. Again, we would expect to see the benefit of that more towards the latter part of Q2 or the beginning of the second half. That's helpful. Then just more in terms of housekeeping items. I wanted to ask you on the offshore In terms of the drag on the growth, what have you built into your expectations? On the flip side, I am assuming it's going to help margins. Maybe could you just quantify the benefit on margins and the, drag on revenue, based on your guidance? Yeah. it's probably, three or four%. It's sort of hard to. Three or four points. It's sort of hard to predict, but it's, it's a 3.5 to 1 ratio. You can sort of back into it from the guidance that we put out there based on offshore, historic offshore and nearshore growth, is what I would tell you on that. It's from a margin perspective, Mike. Obviously, there's a lot of things going on with wages as well. we modeled just modest gross margin improvement. that's another one where hopefully, as the demand picks up, that could prove to be conservative. Keep in mind that that's our strategy. The whole point of endeavoring organically and through M&A in offshore and nearshore is to bring our rates down to accelerate ultimately top line growth. Be more competitive with the, against the digital transformation firms that we run into. we'll be careful about leveraging all that as margin and actually putting a lot of it into more attractive, more competitive rates. All right. Thank you. Our next question comes from the line of Brian Kinstlinger from Alliance Global Partners. Go ahead, Brian. Hi, guys. Thanks for taking my questions. Jeff, you mentioned a few large deals that if you win, could significantly change the revenue trajectory of the company. Is that captured in the high end of a revenue guidance or is this more a 2024 driver given long sales cycles and therefore maybe not contemplated in this year's guidance? It's not contemplated 'cause it. as you mentioned earlier, we really are very cautious about trying to bake in anything that's not yet booked. I would say if, and this is rare, but if all those deals close, I think that would represent upside to the guidance for the year. Again, that's probably an unlikely event, but it's possible. Certainly, even without that, I think you're spot on that it's going to be more of an indicator, and a boost to, certainly the latter part of this year, but also, 2024. Great. Healthcare is lower year-over-year and sequentially. You've talked about stronger demand in the second half of 2023. I think you've also, at the second half of the year, experienced a large program winding down. Can you, share with us for this vertical, are there any indicators of stronger demand trends in healthcare? Yeah. We're seeing, at least for us, we're seeing, certainly positive there. I don't know that the demand's that much stronger, we have finally shed that account that, that we've been talking about. That account represented over $30 million of revenue in 2021 and was still over $10 million last year. It's essentially zero now. We've lapped that. I think we'll see growth improvement then in healthcare. I think that was the biggest drag in healthcare for us. Thank you. At the same time, I was going to say, financial services is growing tremendously fast, which, of course, has a dilutive effect as a% of revenue on healthcare. Thank you. Awesome. Our next question comes from the line of Jonathan Lee from Morgan Stanley. Your line is open, Jonathan. Hey, thanks for taking our questions, guys. wanted to talk through engagement type and pricing just given the macro. Have there been any notable changes to that in the quarter just given, what we're hearing across the macro environment or perhaps shifting of delivery? I'm sorry. You said about the pricing? Yeah. Like, where are you seeing, if any, notable changes to engagement type or pricing in the quarter given some of the macro-related concerns? Other than, as we mentioned, some actual compression, which is a positive, pricing's been solid, and we've actually managed to move ABR up. Again, as I mentioned before, we're going to be cautious about that because the whole point of the offshore is to be as competitive as we can on pricing. We've had good pricing power. I think, as I mentioned in the script, and I think Tom alluded to or mentioned as well, that speaks I think quite a lot to the value that clients place on our services. That said, we've got the same skills, same capability, same strength and experience offshore that we do onshore, and we need to be leveraging that more and more, and we are. That's where you're seeing the growth differential. Got it. On the hiring front, can you provide an update on what you're seeing in the hiring market across your geographies? where are you seeing it easier to hire versus tougher to hire? I'm going to let Tom. I'll just say something real quickly about attrition. I'm going to let Tom take the recruiting question, he manages talent acquisition. the we mentioned earlier that attrition rates were well within our range. the great resignation seems to have moved behind us. That obviously bodes well for talent acquisition. I'm going to let Tom comment more specifically on that. Yeah. The talent we're looking for, easy is not a word I'd really use, but we definitely have a multi-tenured approach to the way in which we bring talent to the organization. We have robust university hiring programs, globally. Great success in India and Latin America as well as,. It's, we're constantly making sure we have the right value proposition for our team. quite honestly, great talent wants to work with great talent, so our competitive advantage of environment, project work, and the way in which we drive culture here, we haven't seen any challenges with hiring individuals. With a multi-tenant approach and a multi-geography approach, there's not one specific area where it's, quote-unquote, "easier to find talent." Across the board, we compete quite nicely, against the industry peers, for talent. Thank you. Our next question comes from the line of Puneet Jain from JP Morgan. Hey, thanks for taking my question. I'd like to ask about, what does, like, the EPS guidance imply for-- assume for, EBITDA margins this year? What do you expect for utilization and, pricing, throughout this year? EPS, the guidance for EPS is, as it relates to margins would be, potentially a modest increase to EBITDA. As we discussed earlier, we're looking to keep gross margins flat, not down, but not up materially either, so that we can maintain that competitive pricing. I do think that, adjusted EBITDA, as an example, we'll have some expansion this year. Although I think it'll be modest. we've guided to a little bit lower than normal growth. Until we get back to that higher growth level, I think, adjusted earnings or adjusted EBITDA will be modest in terms of expansion. Again, not negative, but expecting a modest expansion. Utilization will maintain and has consistently maintained over the average of the year at about 80%. That's still our goal, and we'll be driving that this year. Again, historically, over the last at least three or four years, we've had really great success with that. We expect more of the same. Puneet, with respect to bill rates, et cetera, obviously, there's wage inflations we talked about, and we're looking to, notionally offset those. Having the global delivery capability in our portfolio is allowing us to, to manage where the delivery's done to, to offset wage increases with rate increases. Right. Right. Is there a way to estimate the benefit from higher offshore mix, like the deals or the new business that's coming your way? Something that you wouldn't be eligible to compete for a few years ago. Is there a way to estimate, like, how much that increased offshore mix is helping drive new wins for you? Yeah, absolutely. Including in existing accounts and existing relationships. We've got a number of large, very long-term relationships that just a few years ago, as you point out, we're already doing a lot of offshore work, or nearshore work that we really couldn't pursue because we didn't have the capacity, or even the capability. Now that we do, we're actually taking quite a lot of share. A lot of the growth that we're enjoying from offshore and nearshore is not only new relationships, new clients, which almost always involve some level of offshore right out of the, right out of the gate, right at the beginning, but also actually in existing accounts and relationships that we've had 10, 15 years, where we've actually been able to take share away from some of the larger offshore competitors. Puneet, it's Paul, Just to give you some perspective, we've doubled the percentage of revenues done offshore in, in the last two years. As Jeff said, we're on a journey to 50%+. Operator? All right, our next call comes from the line of Vincent Colicchio from Barrington Research. Go ahead, Vincent. Yes, Jeff, are there any vendor or solution categories that have significantly weakened since last quarter? I wouldn't say that exactly. That there's no standout, I think it's. We saw a kinda slowdown across the board. our revenue tends not to be, as each kind of quarter goes on, we're less and less coupled to specific technology. Certainly there's a lot of disruption in, on the software side. We've pivoted around that. I wouldn't say over the last six months or so there's been any major shift with any particular technology or vendor. Okay, thanks. One more from me. Is client consolidation an issue currently, given the pressures these companies are under? If, if so, is it more of an opportunity or a threat for you? It's proven to be an opportunity. We are, that auto manufacturer that Tom gave a little vignette on in the prepared statements, longtime client. We're now one of only six tier one global suppliers with them. That, that story is repeated over and over and over. Even when there is a, sort of a reconciliation or rationalization, we almost always emerge as a key player. Thank you. Our next line comes from the line of Maggie Nolan from William Blair. Go ahead, Kate. Hi, everyone. Thanks for taking my question. This is Kate Kron-Moore on from. My first question I wanted to touch on was can you guys provide the exact% of revenue right now that is offshore-based? When do you expect you'll be able to reach that 50/50 revenue mix that you touched on at the beginning of the call? I'll answer the second part of that, and then Tom can address the first part. our goal would be about 3 years on that 50/50. That's what we're working hard towards. I don't know if that's going to be aggressive or not, if we can maintain the pace of growth that we have, I think that's very doable. One thing I wanna point out is that, we certainly I do think 50/50 is a really key pivot point for the business, but of course, the whole thesis is linear, right? As we work towards that 50/50, the headwind that offshore represents becomes less and less along the way. It's not a stairstep function. I do think that's going to be the critical point where things really shift to, a tailwind and accelerate. Katie, with respect to the percentage of revenues, as I said in Echo a little bit before, it was about 13% in the Q4 of 2020, and it's about double that today. we'll continue to accelerate into 2023. Okay, great. That's all very helpful. Thank you. One final question from me. Within the 56 deals that are greater than $1 million, are most of these short-term deals or are these deals that have the potential to grow in a longer-term transformational deals? Definitely, have the ability to continue to grow. These deals, as Jeff mentioned, the compression as far as the length of the backlog, it is multiple phases within this work. It should continue to build upon itself in the coming quarters. Okay, great. Thank you all. Thank you. Perfect. Our next question comes from Divya Goyal from Scotiabank. Morning, everyone. Jeff, I had a quick question on the broader technological aspect of the company. Given the competition out there, the pace at which technology is changing, what are some of the things that Perficient's doing in order to stay on top of the pace, kind of the competition, have more deal wins? How is your M&A strategy aligned with this? I'll take the, it high level. We've got a group of strategists that not only help clients, but also Tom and I rely on, and of course the whole management team, to help us navigate that and pivot around what we think are going to be good opportunities for us. not all too new technology, at least early on, is necessarily a big services opportunity 'cause not everybody adopts it, right away. We keep a close eye on that. We've got a team that focuses specifically on that. I'm going to let Tom, add. I'll mention the M&A as well. I'm sorry. We do have M&A in the pipeline. We consciously kind of put that on hold really for the Q4. We closed one deal in the Q4, as and we kind of slowed things down a little bit. We wanted to see what the macro environment was like and also wanted to give the valuations a chance to catch up with the public markets because we weren't seeing that then. Things do seem to be improving now, and so we're going to be getting back in the game likely in the Q2. Just to take on that a little bit. our team globally, is a bunch of explorers around technology, really looking at the next thing. As an example, generative AI. We have interest groups around the world, not necessarily just within that strategy team, although our strategy team is looking at the next greatest technologies to come. We actually put together interest groups around the world. Individuals from Latin America, India, Serbia, China, the United States, working together collectively on newer technologies around use cases, how clients can utilize them. You're probably familiar with ChatGPT, which is a generative AI tool. We have clients working with us regarding how can they leverage technology, not just for us to play with, but for them to actually gain true ROI. We do that with our collective 7,000 plus consultants around the world. We have specific interest groups around that domain and technology that we, maybe we'll talk a little bit more in the future. It's a very big part of our culture is to look at those technologies and see how they can be of value to our customers. That's great color. Looking forward to what's coming next. Thank you. Wonderful. I would like now to turn it back over to Jeff Davis for closing remarks. All right. Well, thank you all for your time, and thank you for your patience and sticking around as we work through some of the technical issues at the onset of the call. Thank you and look forward to seeing you again here in about 60 days.