Financial Data and Key Metrics Changes - The company anticipated modest sequential growth but observed a flattening trend in demand, particularly in North America and the UK, leading to a downward revision of guidance in Q4 [9][10][13] - The company reported that the pipeline for larger deals has elongated, affecting revenue recognition and overall growth expectations [12][15] Business Line Data and Key Metrics Changes - The focus has shifted towards larger deals, which require longer durations and have been more challenging to predict in terms of timing and conversion [17][19] - The company has seen a mix of new and existing clients engaging in larger deals, with a notable emphasis on financial services and healthcare sectors [26][28] Market Data and Key Metrics Changes - There has been a noticeable weakness in demand from North America, particularly in banking, capital markets, and healthcare sectors, attributed to macroeconomic uncertainties [10][11] - The company has experienced a slower conversion rate of deals in the pipeline, with expectations that many will not contribute meaningfully until FY 2026 [28][29] Company Strategy and Development Direction - The company is focusing on core modernization and leveraging AI to enhance service delivery, which is seen as a critical area for future growth [19][58] - The acquisition of Galaxy is aimed at diversifying capabilities and entering the North American healthcare market, which aligns with the company's strategic goals [44][46] Management's Comments on Operating Environment and Future Outlook - Management expressed concerns about high uncertainty in the macroeconomic environment affecting client decision-making, particularly regarding large deals [35][36] - Despite current challenges, management believes that the demand for engineering solutions will return, driven by the need for clients to maintain competitive advantages [39][40] Other Important Information - The company has maintained stable pricing despite competitive pressures, emphasizing the importance of not sacrificing margins [41][42] - Integration of the Galaxy acquisition is progressing well, with no significant surprises reported post-integration [48][49] Q&A Session Summary Question: What is the current demand for Gen AI in client engagements? - Demand for Gen AI is increasing, moving from pilot projects to production, but it remains small and clients are cautious in their approach [56] Question: How is the company addressing potential cannibalization risks due to AI? - Management believes that technology enables faster and more efficient processes, and the focus will be on delivering high-quality engineered products while capturing margins [64]