Joining today. My name is Dave Koning. I'm a Senior Research Analyst at Baird. I cover business process outsourcing and payments, and thrilled to have WNS with us today, one of the leaders in business process management around the globe. And we have Dave Mackey, who's probably been here. I feel like 20 years in a row with us. Pretty close. Yeah, but it, yeah, so it's been great. We have Sanjay Puria, CFO, and then incoming CFO, Arijit Sen, with us as well. And I think Dave's gonna kick us off with, some slides here. And maybe, you know, as you're doing that too, maybe walk us through a little bit. The stock's been weak, despite really actually really good growth last year, I'd say relative to a lot in the industry, big buyback, and you're gonna likely become, getting added to some indexes. We'll talk about all that, but, for now I'll let you kinda jump into some slides. Great. Thank you. Thanks, Dave. Good to be back here again this year. Just walk you through some of the, some of the overview slides real quick. Give you a little bit of background on, on the company in terms of what we do and how we differentiate ourselves in the marketplace. As Dave mentioned, WNS is a leader in the global BPM or business process management space. The company is known for our ability to combine domain expertise with data and digital, to help transform, manage, and support our clients' core mission-critical business processes. The goal from these is to help our clients become more insightful, more efficient, and more competitive in the industries that they work, that they work in. The company's focused on delivering impacts for our clients and outcomes by solving complex business problems. We provide process solutions for our clients, which are both horizontal and industry-specific in nature. The key benefits that we're able to deliver for our clients, which you see over here in the right-hand column: cost reduction, improvements in productivity and efficiency, the ability to manage data and generate actionable insights, helping improve the end client experience, and driving and supporting our clients' growth initiatives. WNS today, at $1.3 billion in revenue, has the size, reach, and capability to service the world's largest companies. We have more than 60,000 people globally, delivering service from 13 different countries. We believe that WNS is extremely well-positioned to meet the evolving and growing needs of our clients by leveraging consulting, design, build, and run capabilities for our customers. We do this by combining 25+ years of deep domain expertise and deep process expertise. We also have state-of-the-art digital expertise and advanced analytics capabilities, access to top-tier talent globally, and a client-centric culture of co-creation. Today, the company's structure, approach, and investments are all resonating well with both existing clients and new prospects. We also believe that technology shifts, including AI and GenAI, create more opportunity than risk for our business, and I think this is what Dave was alluding to here. First, we know that like other technology terms, like robotic process automation, machine learning, natural language processing, and even early versions of AI, are tools and not end-to-end solutions. As a result, we know that our clients need the expertise that BPM companies like WNS provide in order to properly leverage these new technologies, including the ability to manage data, change processes, implement and integrate these tools, adjust the skill sets required, and deliver the results that our clients are looking for. In addition, history has shown us that while we should expect some cannibalization of labor with new technology, we've seen corresponding increases in both the addressable market or total addressable market and what is outsourceable. WNS also has a proven track record of helping clients manage change and business disruption. These include the industry evolution of our business from labor arbitrage to process domain productivity, to technology, analytics, and outcomes. Event-specific shifts for our clients, like Y2K, the financial crisis, Brexit, and COVID, and technology turns, like Social Mobile Analytics Cloud, Internet of Things, Robotic Process Automation, Machine Learning, AI, and now GenAI. Today, WNS has the proper skills internally to help clients leverage both AI and GenAI. These include deep domain expertise and more than 5,000 AI, GenAI-ready resources, along with the dedicated investments to deliver the outcomes clients are looking for. We've been working very closely with our clients over the last 12 months to understand the art of the possible. We've created digital assets that leverage both AI and GenAI, and now have over 100 proof of concepts, pilots, and use cases in progress to be able to demonstrate that capability. From an investment perspective, three key drivers at WNS: first, an immature and growing industry. Second, differentiated positioning. And third, superior execution. The BPM market today, which is about $250 billion in size, is under-penetrated, rapidly evolving, and highly resilient. Industry analysts estimate that this industry will grow at about a 10% compound annual growth rate, and today is between 25% and 30% penetrated. Disruption in our clients' environment, including technology, labor, and cost, is helping to accelerate and drive adoption... These services have really evolved over the last 20 years, as I said, from low-value, time and material, labor arbitrage types of services to high-impact, transformational outcomes. With this backdrop, WNS has differentiated itself in the BPM space and with our unique organizational structure. Today, we are the only end-to-end, vertically integrated provider, making us look at the client's business the same way they do. This allows us to run our business as self-contained units across sales, solutions, delivery, and support. From a performance perspective, WNS has driven 9.5% reported CAGR growth, or 10.4% on a constant currency basis across the last five years, with 9% compounded growth in earnings per share. Excluding the COVID year, where we had some strict challenges in migrating the business from on-site to offshore, growth has been 14% constant currency, and growth in earnings has been 12%. The adjusted operating margins for WNS have ranged between 21% and 23% each of the past five years, averaging 21.6%. This is industry-leading by between 200 and 300 basis points based on the peer set. The company also has an extremely healthy balance sheet, strong free cash flow, and a disciplined, balanced approach to capital allocation. At the end of last year, we had $65 million in net cash, or $3.52 per share, and in fiscal 2024, the company generated $175 million, or $3.14 per share in free cash. We continue to drive cash conversion at 105%-110% of adjusted net income, and the company has, as I mentioned before, shown a great track record of being able to deploy capital effectively, both through our tuck-in M&A approach and through our share repurchase programs, which we are active with right now. I'm sure we'll talk a little bit about, kind of where the share price is today and some of the things that we believe have impacted that, and, and why we believe this remains a very, very good investment long term. With that, I'll turn it over to Dave, do some Q&A. Yeah, that sounds great. Thanks so much. Yeah, I guess, you know, maybe, maybe to kick it off a little bit, just, you know, industry sentiment right now, you know, macro has caused some pressure on you guys and the industry. You know, you grew 7%, I think, organic constant currency last year, with pretty good growth, especially relative to others. Why do you think the stock's been weak? Is it, is it GenAI fears? Is it macro? You know, what do, what do you guys kinda hear, David? So, you know, from a macro perspective, I don't think anything has majorly changed, you know, where it was, because clients are taking decisions. We are winning, you know, the deals over there. Last quarter, we did announce about the four large deals, what we have already won. Seven to eight are in the pipeline. So macro is pretty much, stable, you know, from an overall perspective. I think it's, you know, it's just a overhang of still GenAI, where market is not able to differentiate between, you know, the impact of a GenAI or, or from a macro perspective, right? Mm-hmm. You know, and I think there has been a lot of discussion where we have been able to educate everyone that over the years in this industry, technology evolution has only helped, you know, from a increasing the addressable market, right? You know, earlier when RPA was there, similar discussions always came up, right? That, you know, it's going to completely eradicate the BPM volumes, business is going to go away. But in fact, you know, it has only helped to increase the addressable market for us, right? Because, you know, at least from a WNS perspective, we used to have a growth of 10%-12%, and even after cannibalization of some revenue on that, which is in the form of benefits, what we have to pass on to the client by implementing that, in fact, the growth went another couple of percentage more, and that is where we believe that GenAI is only going to be helping to increase that addressable market. Dave, in his remarks, he just spoke about that, you know, we have, you know, almost done more than 100 POCs, pilots, use cases are there. In fact, the clients are not ready to implement that at this stage because they are still trying to solve data privacy issues, the legal complications and all. So they, they really want to go slow. At the end of the day, what still I want to just highlight over here, that as client learned a lesson during the RPA, you know, where they tried to do implement on their own, and, you know, it became really challenging for them to drive the outcome, what they were looking for. Because, understanding of the entire process, and implementing to really get that outcome, attracting the talent, which where you require a technology skills over there, it was all challenging for them. And in fact, also, the company, you know, who really build all those RPA products, they also found it very difficult to implement that because they didn't have the process expertise. So both really came to organization like us to partner to help them to implement that. That's exactly, with that lesson learned, client is not going to go that hard way of trying to do something on their own, and both of them are going to need a partner like us to implement it. That's where we believe very strongly that it's going to only help us to increase the addressable market as we move from here. Yeah. And I think to your question, Dave, it's, you know, the reality is the GenAI overhang continues to impact our business. The fear of cannibalization and the loss of existing revenue is something that, you know, has to prove itself out over time. We have relevant use cases, as Sanjay said, in terms of how technology has impacted us in the past, but the bottom line is it's a show me story from that perspective. From a macro perspective, we've actually seen no impact to our business. So the reason that our growth was, you know, substandard for us last fiscal year, and the reason guidance starts that way for this year, is more about customer-specific issues that we have than macro weakness in our business. Demand is extremely healthy for our core business, and while there's a little bit of weakness on the 10% of our business that's discretionary in nature, 90% is actually accelerated because clients need the benefits of technology, automation, and the ability to save money. So, you know, while overall we've got this overhang and we've got a macro—a largely macro-resistant business model, the issues of macro and GenAI get conflated with the customer-specific challenges that we've had. Yeah. Yeah. Yeah. And in this business, you know, Dave, I'll just add over there, you know, it has just moved away only from just not from a cost-saving perspective, right? What clients are really looking for is, you know, helping them towards making them more you know, better competitive positioning, better customer experience, those business outcomes, what they're looking for. Because still, I believe somewhere this business get tagged only from a cost-saving perspective, but over the years, based on the evolution, it has completely changed, where clients want to have a digital trusted partner like us to help them during that in that journey. Mm-hmm. And how soon could we see kind of the real underlying business growth again? Like I know Q1... Maybe talk through the big healthcare company, that's, I think, what, a 3%-4% headwind. Talk through a few of those headwinds and when they fully are out and, you know, does Q4 exit the year at 9% again or something? Yeah. So, you know, if you really exclude some of those very client-specific headwind, what we had, you know, let's bifurcate it into two or three broad markets. One is the healthcare company, where, you know, by July it will be all done. Right? You know, so that's impact—we start seeing that impact from quarter two. Annualized impact of a large internet company who decided to move work from onshore to offshore. So they are still our client, opportunities over there, though there is a impact on the revenue, but it helps to expand the profitability, right? Because from onshore moving to offshore over there. Mm-hmm. And some of the discretionary spend, which got impacted. But beyond that, one of the travel, large travel client, right? Where again, it is a more client-specific challenge, where they had the business or the process what we were doing was more on the B2B side, what they were having, and that got impacted for us. Overall, they may be doing good, but that business, which we were doing the process, got impacted. So this were the three large specific headwind, what we had. But if we exclude that, you know, business is healthy, stable, growth is going to be there. The four large deals, what we won, we spoke about, that's going to start providing revenue from quarter two, and that will start scaling. So that will start giving revenue in quarter 2, then quarter 3, and quarter 4. And some of the large deals which we are playing right now, you know, once that closed, that also going to help your providing the revenue in quarter 3 and quarter 4. So that's where the confidence comes up, that though this year is going to be back half loaded because of some of this headwind, which is impacting quarter 1 and quarter 2 right now, but, you know, that's going to help us at the back half and pretty much comfortable, confident at this stage. And having said that, we have still not included our short-term projects, one-time revenue where we don't have visibility, travel upside on the volume, where clients are still conservative of providing their forecasts. Some of those things are still there. As we get visibility, we are going to talk about it, update the guidance, but that's all going to be in the second half of the year. And I think to your point, Dave, the exciting thing is, while the growth this year, for those customer-specific reasons, is gonna be below what we typically expect, if you look at the cadence of the revenue as it moves throughout the year, if we're able to meet the midpoint of guidance as we've provided here, our fourth quarter exit run rate sets us up for double-digit growth year-over-year. Yeah. So- Yeah ... we're looking at double digits in fiscal 2026 if we're able to meet the midpoint of guidance as we've laid it out here. Yeah. Yeah. Gotcha. Oh, that's, that's great. You know, just further to add on that, if you're to observe that generally at a gross level, we always have been doing a 21%, 21%-25% in that range from a overall growth perspective, including some of the one-times and the short-term projects over there. And usually, the headwind in this business was always around 10%-11%, right? But in the last two years, because of some of these very specific client issues, that headwind went to 18%. So right now, at this stage, if we believe, you know, we expect that, you know, as some of those revenue kicks in, quarter four is, you know, we'll get that run rate from a growth perspective. Going back to the usual headwind, what we had, I think we are back at that level. That gives us the comfort and confidence beyond the quarter four run rate. Yeah. Oh, that's great. And I guess when we think about the consistency of the business, it's, it's hard, it's hard for anything in Q1, just based on volume movements and stuff, to be dramatically different, right? If you're guiding, like, just, what, a month and a half ago, it's hard in any quarter to have much that moves things around, right? Yeah. In our business, not much changes quarter- to- quarter. This is a high visibility, recurring business model. So, what changes, you know, Q4- Q1, Q1- Q2, very limited. I mean, the big changes that we could see in our business is based on the activity levels that engage here in Q1 and Q2, the ability to hit our Q4 numbers and exit the year with the run rate that we're looking for- Yeah ... so, you know, long lead times, high visibility. ... That's, that's great. I've been a little surprised that the stock hasn't reacted more to index inclusion, which, or at least the groundwork for that, right? You've been fully added to the Russell's list of potential inclusion. Yes. Maybe describe that a little. That was maybe a week ago or so. Yeah. So I think, you know, Russell has already put us in the provisional list, and we don't believe that that's going to change. You know, by, I think, 21st of June, they will have their final, you know, the list, including some of the transitions, what they maybe are doing over there. So that's done. At the same time, we are also in the process of, by end of quarter 1, to become a domestic filer, on that, because why that is also required, so that, that is going to be... That's a prerequisite from an MSCI or S&P index, you know, for them, which they, you know, they upgrade their inclusion every quarter. Mm-hmm. So once we become a domestic filer after quarter one, I think that's where, you know, we are very pretty much confident that, you know, we'll get included from an MSCI and S&P and some of the other investors over there. Yeah, and, and obviously, we're talking about some pretty material numbers here because if, if you look at historically, our index exposure, we had 1% of our shares held by indexes. Our peers that, that are in the same industry, that play in the, the same ballpark as we do, have between 25%-30% of their shares held by U.S. index funds. So, you know, we, we see the potential for significant contribution from having the indexes as part of WNS ownership, and that should obviously give us a nice tailwind, not just from a stock price perspective, but also give us stability- Stability ... in terms of how the share price behaves going forward. Yeah. Mm-hmm. Gotcha. And I guess the other thing that surprised me, the stock hasn't reacted more, you've just announced a new buyback for, I think, 8% of your shares? Yeah, the new buyback was up to 4.1 million shares. So- So on a 47 million share base. Yeah. Well, you've bought so much lately, it's actually more like 9% of your shares right now. Yeah. So yeah, you bought so much stock, so you could buy... And with your cash flow this year, you could probably buy all 9% if you wanted to. Yeah. So I think, you know, we definitely believe that, you know, the stock is undervalued at this stage, you know, based on, you know, the performance, what we have shown last year, as well as, you know, what we are providing. You know, so our philosophy has been around from a capital allocation perspective, is share repurchases, as well as some of the capability acquisitions, what is required. So at this stage, we believe that, you know, it's the right thing to do, investing in our own stock, where we believe that there's a double-digit growth business, from you know, from overall perspective. And we already taken a shareholders' approval for 4.1 million shares. It got approved. You know, we already in the play from a share repurchases perspective, and we'll—we always will like to be an opportunistic over there, so that this approval always help that whenever we want to accelerate as we move forward, if the stock is under pressure, we can just do that. Yeah, also important from a timing perspective, to understand that, we were not able to buy back shares before last Thursday, I believe, the thirtieth of May, when shareholders approved this new repurchase plan. So, you know, our ability to now be in the markets and buy back our shares at what we believe is a fairly deep discount to how we internally view the value of this company, is now extremely high. Yeah. That's great. GenAI, you mentioned... Just from talking to others, you know, GenAI now, probably 18 months or so since it kind of came into investors' minds, has there been one transaction or one hour of work even that you think GenAI has displaced yet for you guys? Not yet, or at least from WNS perspective, not at all. Yeah. Because as I mentioned, that as we are ready with our POCs, pilots, offerings around it, but clients have been really slow on that, you know, trying to solve their other issues. So at this stage, no, none. Yeah. I think as you see it roll out too, what you're gonna see based on client behavior is that, to Sanjay's point about the business risks and the upfront investments that are required from a client perspective to properly leverage this technology, it's gonna take time. Mm-hmm. Clients need to get their infrastructure into a state where it's ready. Clients need to get their data to a state where you can actually leverage that information to train large language models and run your business. They need to deal with the data privacy and cybersecurity issues. They need to deal with the inherent bias and discrimination in these models, and they need to deal with the potential for regulation. So this is gonna happen over time, but we really see this as something that's going to phase in slowly over time. It's gonna start with very specialized, niche types of applications, and then over time, clients will get more comfortable with the ability to deploy these technologies at scale across the enterprise. Do you think it's fair to say that, you know, you think about your model, where you go in, in year one, you promise 35% savings, then each year after that, 3% for another 6-7 years. It just seems hard for me, like you save companies so much money, that if you would just hit a GenAI button, I don't know that you could necessarily save more than what you guys already... You could enhance the savings, maybe, or whatever. I think it becomes a bigger issue, Dave, between whether you're talking about new clients versus the installed base. I think relative to our existing customer base, as we deploy these technologies into the environment, the ability to deliver ongoing productivity at or above the levels we've committed to already is high, right? Mm-hmm. But the reality is, the more we deploy these kinds of technologies on the front end of new clients and new relationships, the less we'll be able to deliver over time. So actually, while the upfront savings may be 35% today with a 3% kind of a productivity, what we could see going forward is that that upfront productivity is 40%, but the year-over-year is only 2%. Mm-hmm. I think part of what you're gonna see is this mix between new customers and the potential headwinds on that book of business versus... I'm sorry, the existing customers and the potential headwinds on that book of business, versus the new clients that we add that are already leveraging technology in a much broader way, will mitigate some of that year-over-year productivity headwind that we're gonna have to give back as a company. Even with the existing customers, it's always going to be around the new processes, right? That is where they have either not outsourced it earlier, right? Because now with the GenAI, because, see, GenAI is just not the entire solution, right? It's just a component of that. Mm-hmm. Right? It has to be with the domain expertise, process expertise, then technology and everything put together over there. So when we are, you know, when we're talking about these POCs or the pilots, it's going to be about that entire solution, what we will be able to take it to that client, and that's where we will be able to implement that into the new processes, which they have not even thought about outsourcing, right? Mm-hmm. So, example, you know, about this whole medical summarization, right? Mm-hmm. To give you a great example on that. You know, so that's what we already built it over there. So when we, when we, when the doctors or so, you know, they are going to use it, those are the business not even outsourced from the existing client to us. But when we take this offering over there, which brings the efficiency, it's it may be, say, 30%-40% initially, but that's that's not impacting or cannibalizing the existing part of the business. That's completely new. But then year-over-year, it can be another 3%-4% over there, right? Earlier, when other technology evolution tools were there, like including RPA, right, similar kind of a stuff happened where we gave in certain processes that maybe 25%-30% initially, but then year-over-year, maybe another couple of percentage. So overall, from a WNS perspective, where we had, the productivity of, like, say, 2%, that increased to 3%-4%. But at the same time, as I said, it just opened up the addressable market, so much that after absorbing that productivity or offsetting that productivity, still the growth happens much faster. Mm-hmm. So, we believe that as we move from a GenAI perspective, this three or four may go to maybe five or six, but the growth opportunity is going to be much faster than the impact on the productivity. I think the other thing that's really important, and it's a message that we've been carrying now for better than a year, is for folks to understand, especially in the Wall Street community, that while there's been this hyper-focus on productivity and cost reduction, the primary benefit that clients are looking to get from tools and technologies like AI and GenAI is competitive positioning of their business. They want better customer satisfaction. They want shorter cycle times. They want better utilization of data to make decisions. The fact that we can save them money is a bonus, but the primary driver for why clients are willing to let go of something that's core and mission-critical isn't about saving money, it's about repositioning their business models. Yeah. Mm-hmm. And where that kind of holds true, too, is, I think a few years ago, Robbie did this analysis where we looked at revenue per employee for you guys and a couple of your competitors, and it's amazing how much that's grown. And, you know, everybody thinks of you guys as, "Well, you keep saving clients money, so that means your pricing is going down." But you're getting a lot of the benefit of the productivity, too, and so that, to me, is a mark of a really good company when revenue per employee keeps growing year after year after year. One of the key metrics we look at internally, revenue per employee, obviously, looking at it on a constant currency basis. Mm-hmm. But you're spot on, Dave. It's a metric that we look at in terms of our ability to deliver the benefits that clients are looking for, but also our ability, if we're going to give productivity to a client, to take out cost at a faster rate than we're giving back on revenue. Mm-hmm. These businesses, while we're seeing that revenue per employee accelerate, we've also seen over the last five, six years, margin improvement. Mm-hmm. So yeah, yeah, we're giving back to clients, but we're delivering better than what we're giving back. Yeah. One of the great metric beyond that is that the revenue per FTE, you know, is growing faster than the headcount growth. That's... Yeah. So, you know, that's a straight one can correlate that, you know, how it's helping us to drive the margin expansions. Yeah. Oh, that's great. Well, that's actually all the time that we have, but please join me in thanking WNS. Thank you, Dave.