Group 1 - Indépendance AM has crossed the 5% threshold of share capital and voting rights in Sword Group, holding 512,929 shares, which represents 5.37% of the company [1][2] - The acquisition of Sword Group shares was conducted on the market, based on a total share capital of 9,544,965 shares [2] - Sword Group employs over 3,500 IT/Digital specialists across more than 50 countries, focusing on technological and digital transformation [2] Group 2 - Upcoming events include the publication of Q2 2025 revenue on July 24, 2025, and the H1 2025 financial meeting scheduled for September 10, 2025 [2]

Core Insights - Infosys has expanded its strategic collaboration with DNB Bank ASA to accelerate the bank's digital transformation, focusing on modernizing IT infrastructure and enhancing customer experience [1][2][3] Group 1: Collaboration Details - The collaboration will leverage Infosys' services, solutions, and platforms, including the Infosys Finacle platform, to improve DNB's IT resilience and operational efficiency [1][2] - Infosys will modernize DNB's legacy systems and processes in a phased manner, enabling more agile and personalized lending solutions [2][3] Group 2: Leadership Statements - Elin Sandnes, COO of DNB, emphasized the importance of technology in creating great customer experiences and the need for continuous development of new products and services [3] - Dennis Gada, Executive Vice President at Infosys, highlighted the commitment to help DNB advance its digital transformation and deliver best-in-class banking services [3] Group 3: Infosys' Regional Strategy - Infosys has significantly enhanced its presence in the Nordic region through strategic alliances and acquisitions, reflecting a commitment to support organizations with their IT and business transformation initiatives [2][3]

Core Insights - DXC Technology Company reported revenue of $3.17 billion for the quarter ended March 2025, reflecting a year-over-year decline of 6.4% [1] - The earnings per share (EPS) for the quarter was $0.84, down from $0.97 in the same quarter last year, but exceeded the consensus estimate of $0.76 by 10.53% [1] - The reported revenue surpassed the Zacks Consensus Estimate of $3.13 billion by 1.20% [1] Financial Performance Metrics - Global Business Service (GBS) revenue was $1.63 billion, a year-over-year decrease of 4.8%, slightly below the average estimate of $1.65 billion [4] - Global Infrastructure Services (GIS) revenue was reported at $1.54 billion, representing an 8.1% decline year-over-year, but exceeded the average estimate of $1.50 billion [4] - Total revenues for DXC Technology showed a year-over-year change of -6.4%, which was better than the average estimate of -7.1% [4] Stock Performance - Over the past month, shares of DXC Technology have returned +14.3%, outperforming the Zacks S&P 500 composite's +9.9% change [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating expected performance in line with the broader market in the near term [3]

Financial Data and Key Metrics Changes - Total revenue for the fourth quarter was $3.2 billion, a decline of 4.2% year-over-year on an organic basis, slightly above expectations [15] - Adjusted EBIT margin was 7.3%, down 110 basis points year-over-year, but also slightly above expectations [16] - Non-GAAP EPS was $0.84, down from $0.97 in the fourth quarter of the previous year, driven by lower adjusted EBIT [17] - Full year bookings increased by 7% year-over-year, with a book-to-bill ratio of 1.28 in the second half of the year [21][22] - Non-GAAP diluted EPS for the full year was $3.43, up 11% year-over-year, primarily driven by a lower share count and higher adjusted EBIT [23] Business Line Data and Key Metrics Changes - GBS, representing 51% of total revenue, declined 2.4% year-over-year organically, with a profit margin decrease to 10.9% [17] - GIS, representing 49% of total revenue, declined 6% year-over-year organically, with fourth quarter bookings growing 33% year-over-year [20] - Consulting and Engineering Services (CES) saw a 3.9% decline in organic revenue year-over-year, but bookings were up 9% year-over-year [19] Market Data and Key Metrics Changes - The pipeline for consumer industries and retail has dropped, particularly in project-based services, while banking, capital markets, manufacturing, and public sector remain robust [32][33] - The insurance business grew at mid-single-digit rates through the first three quarters, with confidence in continued performance [19] Company Strategy and Development Direction - The company is focused on achieving sustainable profitable revenue growth, with a strong emphasis on rebuilding operational capabilities and leadership stability [5][6] - Investments are being made in sales and marketing to enhance capabilities and drive growth [89] - The company plans to restart its share repurchase program, indicating confidence in future performance [14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate economic uncertainties and emphasized the importance of a strong pipeline and execution capabilities [27][55] - The impact of AI is seen as a significant opportunity, with increasing spending expected from clients [9][44] - Management acknowledged the challenges in converting bookings to revenue due to longer contract durations but remains optimistic about future growth [51][74] Other Important Information - The company will report financial results under a new segment structure starting in the first quarter of fiscal 2026, which includes Insurance Services and Software, Consulting and Engineering Services, and GIS [28][80] - Total cash on the balance sheet increased by approximately $570 million year-over-year to $1.8 billion, driven by free cash flow generation [25] Q&A Session Summary Question: Demand and Industry Dynamics - Management noted good progress in large deals but identified softness in project-based services within consumer industries and retail [32][33] Question: Free Cash Flow Guidance - The $600 million target for free cash flow in fiscal 2026 is based on fiscal 2025 results adjusted for EBIT guidance and increased restructuring spending [34] Question: Macroeconomic Outlook - The guidance for fiscal 2026 reflects uncertainty, with room for potential deterioration in conditions [38] Question: Pricing Environment - The pricing environment has been stable, with improvements noted in mega deals and project-based services [39] Question: Gen AI Spending - Gen AI spending has been primarily in smaller pilot projects, with significant potential for growth as companies assess their readiness [43][44] Question: Revenue Growth Conditions - Management emphasized the importance of a qualified pipeline and execution capabilities for future revenue growth [52][55] Question: Carnival Cruise Line Deal - The company won the Carnival deal based on capability rather than price, highlighting its proven partnership and technical foundation [58] Question: Cross-Selling Opportunities - Client engagement forums have been initiated to enhance understanding of DXC's offerings, leading to increased demand for GBS from GIS clients [64] Question: Investment Plans - The company is focusing on replicable capabilities and internal optimization to drive growth, with significant investments planned in sales and marketing [89]

Financial Data and Key Metrics Changes - Total revenue for the fourth quarter was $3.2 billion, a decline of 4.2% year-over-year on an organic basis, slightly above expectations [15] - Adjusted EBIT margin was 7.3%, down 110 basis points year-over-year, but slightly above expectations [16] - Non-GAAP EPS was $0.84, down from $0.97 in the fourth quarter of the previous year, driven by lower adjusted EBIT [17] - Full year bookings increased by 7% year-over-year, with a book-to-bill ratio of 1.28 in the second half of the year [21][22] - Non-GAAP diluted EPS for the full year was $3.43, up 11% year-over-year, primarily driven by a lower share count and higher adjusted EBIT [23] Business Line Data and Key Metrics Changes - GBS, representing 51% of total revenue, declined 2.4% year-over-year organically, with a profit margin decrease to 10.9% [17] - GIS, representing 49% of total revenue, declined 6% year-over-year organically, with fourth quarter bookings growing 33% year-over-year [20] - Consulting and Engineering Services (CES) saw bookings up 9% year-over-year, with a book-to-bill ratio of 1.22 [18] Market Data and Key Metrics Changes - The pipeline in consumer industries and retail has dropped, particularly in project-based services, while banking, capital markets, manufacturing, public sector, and insurance remain robust [32][33] - The insurance business grew at mid-single-digit rates through the first three quarters, with confidence in maintaining this growth rate for fiscal 2026 [19] Company Strategy and Development Direction - The company is focused on achieving sustainable profitable revenue growth and reversing eight consecutive years of revenue decline [5] - Investments are being made in sales and marketing to improve capabilities and drive growth [90] - The company plans to restart its share repurchase program, underscoring its commitment to delivering long-term value to shareholders [14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's future, highlighting the importance of leadership stability and the recruitment of new talent [6][7] - The impact of AI is beginning to accelerate within the client base, with increasing AI spending year-over-year [9] - Fiscal 2026 is expected to be a year of continued disciplined execution to sharpen operations and drive efficiencies despite near-term uncertainties [13] Other Important Information - The company will report financial results under a new segment structure starting in the first quarter of fiscal 2026, which includes Insurance Services and Software, Consulting and Engineering Services, and GIS [28] - Total cash on the balance sheet increased by approximately $570 million year-over-year to $1.8 billion, driven by free cash flow generation and asset sale proceeds [25] Q&A Session Summary Question: Demand and Industry Insights - Management noted good progress in large deals, but some softness in project-based services in consumer industries and retail [32][33] Question: Free Cash Flow Guidance - The $600 million target for free cash flow in fiscal 2026 is based on fiscal 2025 results adjusted for after-tax EBIT guidance and increased restructuring spending [34] Question: Macroeconomic Outlook - The guidance for fiscal 2026 accounts for uncertainty, with a wider range provided for the first quarter to reflect potential conditions [39] Question: Pricing Environment - The pricing environment has been stable, with improvements noted in mega deals and project-based services [40] Question: Gen AI Spending - Gen AI spending has been increasing, primarily in smaller pilot projects, with significant potential for future growth [43][45] Question: Revenue Growth Conditions - Management emphasized the importance of a qualified pipeline and effective execution to achieve revenue growth [52][54] Question: Investment Plans - The company is focusing on replicable capabilities and investing in sales and marketing to drive positive growth [89][90]

Summary of CI&T (CINT) FY Conference Call - May 14, 2025 Company Overview - **Company**: CI&T (CINT) - **Industry**: IT Services and Digital Transformation Key Financial Highlights - **First Quarter Results**: CINT reported a solid performance, beating guidance with a year-over-year constant currency growth of **13.7%** [3] - **Revenue Guidance**: Reaffirmed revenue growth guidance of **9% to 15%**, with a midpoint of **12%** [3] - **EBITDA Margin**: Adjusted EBITDA margin guidance for the year is between **18% to 20%**, with a midpoint of **19%** [4] Market Trends and Client Insights - **Client Cohort**: CINT's main clients are large, solid companies engaged in critical digital initiatives, which mitigates the impact of macroeconomic volatility [7] - **Digital Projects**: Significant demand for projects focused on customer experience and legacy system modernization, particularly in Brazil's financial sector [9][10] - **AI Strategy**: CINT's AI strategy is central to its offerings, enhancing customer experience and operational efficiency [4] CINT Flow and AI Integration - **CINT Flow Launch**: The platform was launched in July 2023, integrating AI capabilities and co-created with major clients [12][13] - **AI Agents**: Over **3,000 AI agents** are now operational on the platform, enhancing productivity and efficiency [14] - **Employee Engagement**: **85%** of employees use AI tools daily, indicating a strong integration of AI into the company culture [34][35] Competitive Landscape - **Shift in IT Services**: The return on investment equation is shifting towards custom development due to hyper productivity driven by AI [18][20] - **Market Opportunities**: CINT sees potential in verticalizing capabilities to create custom AI-driven solutions, contrasting with traditional horizontal IT consulting models [20] Investment and Growth Strategy - **M&A Strategy**: CINT views M&A as a long-term strategy but is cautious due to the current AI disruption, focusing on companies with strong client portfolios [57][58] - **Talent Acquisition**: The company is investing in fresh graduates to create an "AI native" workforce, emphasizing the need for adaptability in new hires [40][41] Challenges and Future Outlook - **Legacy Modernization**: Many large companies still face challenges with outdated systems, which CINT aims to address through cloud migration and modernization [25][26] - **Productivity Concerns**: While AI may reduce project sizes, the increase in demand for new solutions is expected to offset this effect [29][32] - **Investor Relations**: Transitioning to reporting in USD has improved comparability with peers, enhancing investor interest [62][63] Conclusion - CI&T is positioned for growth through its robust AI strategy, strong client relationships, and a focus on digital transformation. The company is navigating the challenges of legacy systems while capitalizing on the opportunities presented by AI and evolving market demands.

Q4 Fiscal Year 2025 Performance - The company's organic revenue growth decreased by 4.2% year-over-year[20] - Adjusted EBIT margin was 7.3%, a decrease of 110 basis points year-over-year[21] - Adjusted EPS was $0.84, a decrease of 13.4% year-over-year[22] GBS and GIS Results - GBS revenue was $1.63 billion, with a year-over-year organic revenue decrease of 2.4% and a book-to-bill ratio of 1.16x[23, 27] - GIS revenue was $1.539 billion, with a year-over-year organic revenue decrease of 6.0% and a book-to-bill ratio of 1.28x[29] Free Cash Flow and Balance Sheet - Free cash flow less lease originations was $185 million[35] - Total debt was $3.9 billion, a decrease of $213 million year-over-year[40] - Cash was $1.8 billion, an increase of $572 million year-over-year[40] - Net debt was $2.1 billion, a decrease of $785 million year-over-year[41] Fiscal Year 2026 Guidance - Full fiscal year 2026 organic revenue growth is projected to be between -3.0% and -5.0%[42] - Full fiscal year 2026 adjusted EBIT margin is projected to be between 7.0% and 8.0%[42] - Full fiscal year 2026 non-GAAP diluted EPS is projected to be between $2.75 and $3.25[42] - Full fiscal year 2026 free cash flow is projected to be approximately $600 million[42]

Financial Data and Key Metrics Changes - For the quarter ending March 31, 2025, the company reported net investment income before taxes of $700,000 or $0.05 per share, down from $0.06 per share in the prior quarter [4] - The net asset value per share increased by $0.02 to $5.42 compared to $5.39 as of September 30, 2024 [5] - The fair value of the portfolio was $192.4 million, up from $191.6 million on December 31 [14] - Net assets increased by $500,000 from the prior quarter to $78.1 million [14] - The weighted average yield of the debt portfolio increased to 10.8% from 10.4% in the previous quarter [14] Business Line Data and Key Metrics Changes - The company invested in one new portfolio company and two existing portfolio companies during the quarter, with total fundings for new investments amounting to $5.1 million [10] - Realized investments totaled $7.3 million with an internal rate of return (IRR) of approximately 9.6% [10] - The largest industry concentrations by fair market value included professional services at 15.5%, containers and packaging at 9.2%, and trading companies and distributors at 8.6% [13] Market Data and Key Metrics Changes - The company noted a noticeable slowdown in new deal activity, particularly in M&A volume and sponsor-less financing [6] - Less than 20% of the portfolio may experience moderate direct effects from tariffs, with proactive measures being implemented to mitigate impacts [8] Company Strategy and Development Direction - The company remains focused on maintaining net asset value stability and sustainable net investment income while selectively deploying capital in high-quality opportunities [17] - The management expressed cautious optimism about potential investment opportunities in the second half of 2025 as market volatility decreases [17] Management's Comments on Operating Environment and Future Outlook - Management highlighted that the portfolio remains stable despite reduced investment activity and prepayment trends, with a significant reduction in non-accrual investments [5][6] - The company expects more stabilized profiles for the remainder of 2025, notwithstanding any macroeconomic shocks [6] - Management is optimistic about the potential for increased net investment income in the second quarter due to spread widening in new opportunities [32] Other Important Information - The Board of Directors declared a distribution of $0.12 per share payable in cash on June 14, 2025 [16] - As of March 31, the company had approximately $13 million in cash, with $10.7 million being restricted cash [16] Q&A Session Summary Question: How can the adviser scale or provide benefits to the BDC? - Management indicated that waiving fees is always a consideration and that scaling the private credit platform is an ongoing effort that will help absorb overhead and expenses [20][22] Question: What is the timeline for capital raising? - Management confirmed that they are currently in the process of raising another pool of capital, expected to benefit shareholders in the second half of 2025 [26][27] Question: Why not consider share repurchases given the current stock price? - Management acknowledged that share repurchases are a tool they consider but have no immediate plans in place [30] Question: Should there be an increase in net investment income in the second quarter? - Management suggested that there could be an increase in net investment income due to spread widening, holding other factors constant [32]

Core Insights - IBM and Finanz Informatik have signed a new contract to enhance their collaboration, focusing on AI, automation, and hybrid cloud technology to support the digital transformation of the Sparkassen-Finanzgruppe [1][4]. Company Overview - Finanz Informatik serves as the central IT service provider for over 340 savings banks, offering secure and regulatory-compliant solutions through its own data centers [2][9]. - The company processes around 205 billion technical transactions annually and manages approximately 114 million bank accounts, employing around 4,650 people as of the end of 2023 [9]. Strategic Initiatives - The new contract with IBM aims to bolster capacity growth and strengthen cyber resilience in line with the EU Digital Operational Resilience Act (DORA) [3][4]. - The collaboration will utilize advanced IBM technologies, including mainframe, Power systems, and AI-supported software from the watsonx portfolio, to modernize Finanz Informatik's infrastructure [3][5]. Innovation and Technology - The partnership will enable the introduction of innovative products for the OSPlus financial platform, enhancing security, availability, and cost-effectiveness for customers [5][6]. - By leveraging IBM's AI offerings, Finanz Informatik aims to deliver privacy-focused AI solutions that provide real-time insights and automation [6]. Sustainability and Future-Proofing - The agreement emphasizes a commitment to sustainability, ensuring that the IT infrastructure evolves in an environmentally friendly manner through energy-efficient technologies [6]. Market Position - The collaboration positions Finanz Informatik as a pioneer in utilizing innovative and resilient solutions within the European financial services sector [6].

Financial Data and Key Metrics Changes - Endava's revenue totaled £194.8 million for the three months ended March 31, 2025, representing an 11.7% increase compared to £174.4 million in the same period last year [27] - Adjusted profit before tax (PBT) for the same period was £24.6 million, up from £15.5 million year-over-year, with an adjusted PBT margin of 12.6% compared to 8.9% [28] - Adjusted diluted earnings per share (EPS) was £0.34, exceeding the guidance of £0.31 to £0.32 [28] Business Line Data and Key Metrics Changes - Revenue from the 10 largest clients accounted for 39% of total revenue, up from 34% year-over-year, with average spend per client increasing from £5.9 million to £7.5 million, a 28% year-over-year increase [29] - North America accounted for 37% of revenue, with a growth of 37.1% year-over-year, while Europe declined by 10.4% and the UK grew by 13.2% [29] Market Data and Key Metrics Changes - The weakening of the U.S. Dollar negatively impacted revenue growth, contributing to a 3% sequential decline in Q4 [33] - North America experienced a slowdown in deal conversions, particularly in mobility and healthcare sectors, while Europe performed as expected [33] Company Strategy and Development Direction - The company is focusing on closing large deals in its pipeline, which are crucial for revenue growth, and is increasing its share buyback authorization by an additional $50 million [9][10] - Partnerships with OpenAI and Google are being formalized to enhance solutions and strengthen the company's value proposition [10][11] Management's Comments on Operating Environment and Future Outlook - Management noted that the business environment is evolving rapidly, with clients showing inconsistent behavior and a slowdown in signing large contracts due to macroeconomic uncertainties [7][8] - The company expects revenue for Q4 fiscal year 2025 to be in the range of £186 million to £188 million, reflecting a constant currency revenue change of between minus 10% year-over-year [34] Other Important Information - Adjusted free cash flow was £17.5 million for the three months ended March 31, 2025, compared to £2.2 million in the same period last year [30] - The company has repurchased approximately 2 million ADSs for $39.7 million as of April 30, 2025, with $60.3 million remaining for additional repurchases [30][31] Q&A Session Summary Question: Challenges related to execution and client demand - Management indicated that internal changes have strengthened client conversations, and while there are delays in closing deals, the pipeline is building with 24 larger deals compared to 21 previously [38][41] Question: Workforce optimization and forecasting - The workforce is shifting towards higher value skills in AI, data, and cloud, with attrition increasing due to this transition [43] Question: Pricing dynamics in the current environment - Pricing remains competitive, but average day rates are stable, with some larger deals requiring concessions to secure [51][52] Question: Growth by geography and project types - North America is facing challenges primarily due to FX headwinds, while demand for AI, data, and cloud projects remains strong [54][56] Question: Utilization rates and EPS guidance - Utilization in Q3 was about 72%, expected to remain stable in Q4, with FX impacts significantly affecting EPS guidance [88][90] Question: Integration benefits from Galaxy acquisition - Most integration benefits have been factored into guidance, with further operational efficiencies expected in FY 2026 [91][92] Question: Engagements around Gen AI - The company is seeing traction in Gen AI and scaling opportunities, with a shift towards AI-enabled product capabilities [96][99]