Earnings call transcript Q2 2023

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Operator

Good day and welcome to Endava's Second Quarter of Fiscal Year 2023 Conference Call. [Operator Instructions] Please note, this event is being recorded.

I would now like to turn the conference over to Ms. Laurence Madsen, Head of Investor Relations at Endava plc. Please go ahead.

Laurence Madsen

you. Thank and call. second everyone year of to conference XXXX welcome afternoon, quarter Endava's fiscal Good

reminder, conference a As this recorded. call is being

Joining Endava's Cotterell, Thurston, Officer. are Officer; today Mark Financial Endava's Chief and Chief me Executive John

we Before listeners. a to quick our begin, reminder

considered statements, include are those full differ results fiscal to business the our guidance in year only call required and obligation to regarding update implied such risks our future them reported XXXX timing and operations. that Our predicted of as uncertainties statements year date statements. these timing differ undertakes results forward-looking the than performance. Please company contained for and statements subject or the XXXX remarks or the including today's note today statements events from These results statements other for Actual conference fiscal could cause by no forward-looking speak QX other to an of and to this law. materially as circumstances actual made certain that to materially and during indication not and subsequent the of events forward-looking forward-looking be reflect forward-looking from may the and results should or by extent

refer please the annual report Securities Factors to filed information, more XXXX. section For with October on and Risk the of XX, our Exchange Commission

be to both our of non-IFRS find is website. measures. call Relations financial can website. the link present and or Investor A non-IFRS IFRS which we'll on also today's in this the included measures website call, earnings to our replay SEC will of the IFRS during press The available Also, on on you reconciliation release

to turn the call With John. that, I'll over

John Cotterell

I joining you Laurence. like hope I'd today and Thank thank all all well. you're you, for to us

update business fiscal of £XXX.X with XX, ended year We another our are the year-on-year financial to an for We the the XX.X% for profit the QX representing months margin. of tax million our adjusted XXXX. million tax period be before quarter a quarter million, before revenue on profit and totaling with from December performance increase £XXX.X X period in same provide ended an reported to adjusted £XX.X here the XX.X% pleased a solid in representing We year. prior for XXXX,

the grew all during the and On verticals geographies revenue we front, in year-on-year quarter.

usual, grow our As our continues for driven prioritize the larger expansion existing acquisition importantly, work to continue be on revenue of more clients and and growth during scale. ones both by our to new quarter. efforts that can of And we relationships the the

continued total representing year, the £XXX larger the we a to paying million with an year-on-year per £X compared XX% million impressive of result, number clients clients year increase. a same period us in growing excess As of in XXX of last

over with those largest last to also spending of the clients, us, We in cohort XX% our by million saw quarter. year XX% grow same from year last period XX% per £X the

pausing their fiscal existing commencement cases, December, they Starting added the projects a clients reassess their reduced shortfalls are spend level again, in And expectations end some towards as as cycles, reduced of behavior in saw slowing in seeing and new growth due priorities. to diligence now our of December. change the of being we decision-making another increasing some the and These activity for of behaviors activity made although decisions this we year.

been to the more transportation portals make more of in-transit as areas digital world, organizations such skills design BXB design demand experiences interactions to the efficient internal and customer interfaces skills, digital and including applications, commerce, test. our range client apply for are our for effective experience. portals by design user to build interface as organizations, employee we improving simplify their digital continued asked well digital sophisticated In more for seeing as user and technical digital product strategy, product ideation with client our and to of experience mobile evermore a industry strong design, and complex and We've

strong use Well expertise accessible operational clients long-term and of work Furthermore, new technology need through partnerships they and allow from moving what towards adopt all with enabler be our cloud to of small ephemeral they a a amount of our clients frameworks of next-generation for to landscape, implemented cloud development with nature API technology. clients rich and a the and elastic increasingly to solutions time. technology major rapidly been majority a We've And being deployed the as when on allow about utilizes to allow cloud providers. We're need our provider pay [ph] cloud the true cloud seeing integrate infrastructure capability. and in our it. used for only of within architected and

architectural such example, technology clients. a a to environments. products to For new inconceivable for the utilizes, well it's GPT-X for of test growth patents for is mean cloud ubiquity the build, and imagine for clients compute and future as adopting of Together, create instance, Endava and help flywheel placed rapidly our ChatGPT and within our legacy complexity deploy which us

has Continental to of and roots in And and Today, Europe. U.K. in over our Endava business I'd the relationships highlight breadth years, depth of U.K. X our the diversified. largest like the evolved U.K. the has in regions, client our the and its

seek the large banking we regulatory change their X example, modernize street offerings sector, solutions. market-facing new they with as in and high where grew we are currently to with navigate cloud-based banks For working

award-winning This banking and retail open We bank transform leverages of next-generation of solution proposition. through helped capabilities offering the provide offerings U.K. customers. of to to large a its business to cloud-native an payment launch the payments

the relationships industry. in We developed insurance also strong

by building supporting Endava the submissions developing Robot U.S. and platform. quote the Beazley portfolio channels distribution we example, for Digital is broker products For new supporting for multiple are and on

maximize intelligent to order underwriting and onto submissions Beazley to capabilities. the lines Additionally, aid workbench to are working responding we in onboard broker underwriter efficiencies product in

reduce its delivery has delivery British semiconductor some project and a the in HPC This allowed their of Our scale. U.K. and corporates on-prem increase TMT. also Endava improved company, Arm of design the Arm, the and category design. cloud to to has software Award of chip designs in in the use deadlines allow This business best the quality includes leverage teams use testing helped its at largest cloud Editor's even HPCWire in test awards. in to won of Choice meet the XXXX the resources, the

area the working new with technology in operation our era networks. providers, communications self-healing delivering support We're recognized system architecture, solutions, in strong a traditional payment support position open for and we are their also connectivity better market competence quest relevant the suite commodity support services. monetization With telcos in the major remain modernization cloud-native, integrating in alternative on system analysis beyond business in and X the service to strategy, to and in architecture and platform of

Continental strong us providers with develop payment in Our payments helped leading expertise the relationships has service Europe. to

Additionally, business, development reentering the of this In as increased has larger been with especially banks cashless Germany, the world. it are design with us and important led has the platform in payment them to post-pandemic work. architecture help payments adoption

industry. the their the payment benchmark product product onboarding to largest processes. of payment In we market an which helping payment market-leading onboarding disrupted for been we by streamline with the digitized and automate providers some fully and enterprise launching innovative small quickly a have became provider the middle-sized service XXXX, We believe

leading banks emergence core. over their enabled as agenda, helping a of decade, platforms been for decouple we has them digital Additionally, European address from digital to some user legacy client-facing have interface banking the the their

Backbase partnering digital from Our solutions customized building with to banking expertise Digital through ranges Banking.

We are currently to Backbase banks. Digital European X implementing Banking

wealth largest bank them and banking helped In the has as Romania, clients our to application the market-leading mobile banks managers and in Transylvania, private include their the work for the well built of in We one them as most region. a our Switzerland, digitizing banks. process. as corporate In with position lending Bank automating innovative country of leading

are private refresh portal on savvy and digitally shift the wealth bank to look clients. as of they We younger with of more address a their generational client-facing a to working digital

of with associated the solution across customer we this market-leading data. with high includes master trader we and the DACH enabling working asset Nordic in including capital data In of a well with functions, most operational engineering Our Germany, as data. the are a region, trading markets volume, finance, management Switzerland, core are includes in the as and across which commodity latency region Austria on goal working In volumes risk, where operators markets Germany and challenges audit, of servicing a Switzerland the working low streamline capital technology platforms for provider to large Luxembourg. platforms includes

real we Springer of a companies with In working hubs Nordic countries journey, subsidiary one Germany. our countries. brands innovation are Germany ambitious in Axel the TMT Group largest product in for in the world's a multiyear digital Europe their in to is aiming based vertical, The existing Group, AVIV and platform. consolidate companies of technology and tech estate AVIV label across Endava white onto with transformation partnered multiple an The spread forward-thinking

will significant and is advantage platform and distribution Endava to providing their to new future designing while experience products providing new a projects has new competitive its and set innovation plans open expansion, The with support AVIV markets. in geographical additional cutting-edge enable on target savings and with operational platform will AVIV channels building Endava's portfolio. for for using support technology the

presence the new customers. platform Vodafone excited We're been Data we've them our by growing sector Additionally, very enterprise Europe. in the in automotive help selected about modernizing Ireland to BXB for Big

with Our car, a the and service. such of work the is DACH some insurance as focusing region on digital in-car in payments car opportunities, manufacturers the connected as largest

manufacturer are This them business with evolve end and has Endava America. user we Latin car the including region, a in delivering effort Nordic global is powers the working In supporting that with Swedish interaction. and services Polestar, and model, teams the electric scale been Europe Polestar's Central architecture

of as their mobile relationship electric sustainable supply automotive future work the our will with Polestar's on for industry. expands, customer include manufacturing, as We embraced well chain and work apps. As care it an vision divisions and consumer

video In over with XXX Intercity solution available existing Express shows Deutsche now a built development Germany, personal of working to and documentaries front-end trains on variety portal portal, Germany. devices. passengers this includes portals. Endava can a movies, integration and wide operate their has and Endava state-of-the-art within on-demand With develop Bahn been The TV access in high-speed on closely

monitoring, well analytics entertainment continuously brings and On best-in-class innovations operations, we streaming travelers. end, the and in customer content Deutsche the collaboration to encoding as as sourcing a Endava continuous platform to Bahn. back support to system, with offer CMS built and

in well We dynamics to growth. these understand U.K. continued the for positions and placed name well markets us changing are our strong and the in Europe recognition

prospects existing integration of depth in and the platform. The services is already growth growth I and Lexicon the smoothly excited with are region. clients Endava increased Pacific some that due going seeing to breadth Asia process the Australia about we for in remain to our brings

We're for in for business with collective inclusion, innovating leadership preparing programs, Sustainability with delighted management diversity were X past mentors our with of second basic approach program stars highlights senior over people languages. mentoring successfully a of focusing Signs, We've XX our our of Also, Care XXX, and working our part partnership We level for some for on the a roles. offering disability it. our training women's paired where quarter. launched of and a X-month global closely inclusion rolling to The out emerging Valuable we program, as completed and sign Endava voluntary period, a RISE our diversity share recently round mentees Endava XX We completed the been number

Good Romania, period Campaign. We in We're also from quarter the that same and in last a Global XX,XXX with Giving NYSE's not-for-profit employees, the delighted XX,XXX the Planting with increase joined ended partnership organization year. in we XX.X% Deeds based

the teams. areas strong continue of into and and to sales marketing We growth expand and very to demand our recruit actively

We recruit are in the taking market and the talent less experienced readiness competitive for opportunity more senior client of growth. people to

continue on transformation our based prioritize IT clients digital summary, believe their in In budgets. to conversations, we

We the we are their in recovery already remain and a as seeing secular business focus clients strong. clarify trends believe demand our for

quarter to through and guidance the results call our the Mark, fiscal walk provide the year. the quarter will you and coming financial for now for I'll on who pass

Mark Thurston

the Endava's John. XXXX for the ended period over the XXXX, In XX, million December compared in XX.X%. the currency, the in year. period £XX.X in months totaled Thanks, £XXX.X same our million X tax in growth was the same the increase £XX.X was to revenue period year, in prior fiscal revenue before million a constant compared prior million £XXX.X year same for rate prior to Profit QX year. XX.X%

prior XXXX, in adjusted before the for million X Our months year. tax compared December period same million to profit the for ended the was XX, £XX.X £XX.X

X amortization realized tax the defined contingent months was to PBT Our is adjusted of value noncash all before and December intangible Adjusted items. adjusted tax impact currency XX.X% period ended in before the profit prior XX, losses company's percentage compensation the are Adjusted of is and profit foreign to as assets, acquired gains the expense, share-based profit or PBT total consideration, adjusted margin compared the and movement for year. before XX.X% exchange adjusted PBT of fair of for unrealized on XXXX, exclude tax a as which revenue. margin same

Our on adjusted calculated year shares diluted on or million the £X.XX same per December for ended shares. XX, calculated X for share as the to prior was £X.XX compared period EPS XXXX, diluted the £XX.X diluted in earnings million £XX.X months

last to XXXX, largest year. for period for of XX XX% the accounted same clients compared Revenue XX, months for revenue fiscal the from X December ended XX% our

XX the X December last the Additionally, the XX% months to X% a XX% for million Europe fiscal compared of year. for £X.X XXXX, compared for from of XX% the in same XX% increase. clients representing million for last XX, year in client to the period U.K. largest rest while and last accounted our for XX, spend fiscal the December the ended last ended period year. period accounted compared revenue accounted in same period XX% In to same fiscal North of revenue XX% to world same of revenue X% compared increased fiscal X year, from the months to average accounted in the XX% £X.X America year-over-year XXXX, per

XX, ended The XX.X% in months X year December and Revenue and revenue and Revenue the for Revenue for XX.X%. XX, XX% X of of XXXX in from world of fiscal December grew for the same the America over fiscal same industry the XX, rest the XXXX. XXXX, XXXX, from in year. over same from XX% XX.X% quarter same of grew the to same December period grew of U.K. fiscal compared ended the grew the XX.X% months XX.X% ended TMT the during period periods, compared from in payments revenue year for revenue accounted last our accounted XX% for XX% months the in X XX% ended verticals and now payments and the year. Comparing in services quarter XXX.X%. Europe the North prior from XXXX, the We of grew of XX, other same all XXXX. grew XX% grew year financial the to services quarter Revenue to months quarter. Revenue December grew same compared X from fiscal for XX.X% revenue XXXX year. the over period for of X accounts prior financial

assets. net plus which turn non-current flow by to now free less cash and We is our cash activities operating our net provided grants received purchases adjusted of intangible tangible

fiscal December Our months XXXX, adjusted free year. same ended during last cash the period XX, X for to flow was the compared £XX.X million £XX million

equivalents £XXX.X cash ended at at end December as CapEx revenue percentage XXXX, at million for X remained the XX, fiscal X.X% in December to million £XXX.X was XX, XXXX, at and the strong the XXXX. period X.X% period compared XX, Our of same year. compared last months cash June to of the a

replaces I'd which the million unsecured successful is and for credit was purposes closing also million on announced £XXX revolving This existing like revolving facility. the October general XX, credit that business highlight of we to credit £XXX facility facility XXXX. recently a expiring

outlook. move this, With I'll to our

in range is the XX% share. EPS per XX%. £XXX be guidance year constant £XXX in the of million, to to representing £X.XX Endava follows. Our be growth range revenue revenue of fiscal QX £X.XX million Endava of adjusted expects expects and as diluted for between XXXX currency to to

to revenue full This [ph]. January of exchange of in €X.XX. currency £X.XX £X.XX between This and fiscal macroeconomic seeks fiscal XXXX follows. current US$X.XX at to range Our diluted exchange was constant expects guidance the full comments. take highlighted to as £XXX XXXX for into the Endava in year year £XXX to headwinds by million Endava fiscal the is year XXXX, share expects of above range to the XXXX account guidance the be growth rates assumes and in representing John when for and XX.X%. rate £X EPS XX.X% per will guidance the adjusted QX end be year of million, his

comments. are prepared line our we Operator, concludes This open ready now the to Q&A. for

Operator

[Operator Instructions] The comes Bergin question from first Cowen. with Bryan

Bryan Bergin

around you and in that commentary wanted I the on behavior to just December February. in client the maybe, and John, behavior how since has progressed into dig the had

versus And outlook pullback? So a in sequential or this XQ supports growth is sequential what cancellations curious if the some XQ the cases. delay

John Cotterell

Thanks, Brian. Sure.

expected So clients new out them their level not that for which new And terms through what take happened projects that existing saw year. few starting. is. some them. budgets when getting carry ones in diligence, sorting ones due we resulted of they in of on quite to the And extra We was proceeding financial had just an as were were that in a December of were delayed onboard there coming are

we've seen were that being signed up projects As starting. we've through and some January, those of gone delayed

pausing so December. if hit, growth coming our little ramping saw back. bit And after that hesitation sort we like feels then of we are back drivers the COVID the from like, secular COVID drop that space just at happened and end a the that when stopping there's actually, in of It some you but clients up, underlying

coming January seeing we've so we're and in And got through that pipeline February. that

that drop occurring up at and led of growth guide on QX end the us the into picking to in that's December QX. the so through with we what's way from And have, i.e.,

Bryan Bergin

sense view confined is if before. I'm maybe client is it Can prevalent verticals weeks spread the you and region? curious other in how was I this types portfolio? your by And TMT or to us be just certain a this of clients to performance across is know much to on conveyed give

Mark Thurston

decline be as time, flat Brian, when almost the actually we North U.K. I again, no then from and growth. in West we significant to we see expect that in QX. QX downdraft, driven seeing that flat also But TMT and Geographically, go growth U.K. Coast growth TMT in QX, tech tech we Northwest area to particularly, an we've sort seeing decline particularly GEOS of And There's Europe, payments. we it Coast then quarter-on-quarter recovery to sort by we're seeing a last all, there QX. we again, also sequential Asia bit swinging QX Pacific, sequential and are, again, America growth first into think go is see come QX. of that some see and it's -- of of seen particularly back deterioration as North basically will continues sort we in from is rest are through called into which all out good world QX. America. of Payments but

Operator

The Morgan next James with Stanley. comes Faucette from question

Unidentified Analyst

an It's in going pricing your pricing perspective? pricing of Can you drive Jonathan outlook [ph] on And in side for on a James. equation environment? on your you the the from thinking about the to what's contemplated what Like update you're current provide seeing ability how are forward?

John Cotterell

Brian. Thanks, Yes.

have the quite we're of of Sorry, increases James. a come beginning see through at price continuing with those clients to Yes, and January. taken effect few

still through However, price happen. not are our going we an increases although caution guide that of seeing element that coming been are we've has in forward, assume

main been than price the volume-based reduction So pressure. has rather

Unidentified Analyst

utilization in know quarter? utilization. let still you that us it. the across step-up trended a hold Got And sequential back in mentioned half quarter, Does can you true? the last how And

Mark Thurston

given QX. drop historically the about a we we the we buildup seeing QX, in talking in previously, headcount you margin going bench. moved what to where utilization given really the mean isn't up with in up seen, pick QX, utilization I with from in we've pick sort have up actually will are But back actually, QX somewhat explains muted increase as in guide doesn't. it expect of implied slowdown a which the the bench, the remember utilization we're building gross being the giving. seen we're But bit, that were we do No,

Operator

from Keane comes Bryan Bank. Deutsche The with next question

Bryan Keane

about you of just vertical ask I the to a bit little payments wanted and saw there. what

just you I recovery the next. there? about a details Can this mentioned think but downdraft a you talk maybe quarter

John Cotterell

Sure.

slowdown mentioned So is bit going on the is this in and sort especially in things product a onboarding, But payments, in market. shift of banking there's acquiring of players. products. the see in by open activity offset this previous based in the larger And I've quite growth growing the activity. some based on of products, continuing a and E-commerce calls products, space, we of lot acquirers that's which new a like then is area. a being the a the still payments payments merchant real-time the new

say seen the would quite has So, slightly. quarter payments But actually the of been I on offset product the quarter. this the in continue slice bigger the in It's to accelerated new some that pullback what's that to see that acceleration but state happened that we acquiring is We've is pullback spaces in new of this acquiring our hasn't space. side demand also growing.

Bryan Keane

M&A, on change given M&A? for the what any the pipeline backdrop? of then look valuations like market in And And some yet does

John Cotterell

of to the hitting in the them sort quite interested continue Most talk positioning of about the lot we don't a pipeline. market rates the organizations of that of few still the are in, that growth we the quality organizations in the hit as the M&A opportunities, and top a culture, we have. seeing Yes, to criteria

previously and I of say seeing at followed seen to have lot in we're get that indication up. moment, and overall. not X fact, we we've and we've have drop have a or been -- been them there the pricing X conversations -- been where them not than higher we in prices the with we've So any

pressure private of are company from not valuation away. the view point a So going

Bryan Keane

others heard what as we've well. Yes; several that's from

Operator

Katri The with next Moshe from Wedbush Securities. question comes

Moshe Katri

a bit believe they of talk that's restructuring more I anything the specific about about there list going Maybe Top the XX kind still can is Top than the the the client the dynamics through results of is others. So of that are point? and relationship given a impacting XX I impacting you think customer. this from FIS kind And visibility at

John Cotterell

remain a XX So client. Top that's that why still

I we news some day out news the they within last out their recent they've cost were think so. and when announcing put just time or last reduction put

We they effect traditionally of that, within work quarter calendar them of that we've through work growth out go from is part sort which were how spirit us. areas this that [indiscernible] where I the on opportunity And But will think in expectation of to continue to take QX. with 'XX demerger that is more broad. we QX with probably focus really enacted the and to with pans and most We'll the independent. quite have that fix it the them see demerger create that FIS words won't are cost and is ruin on for more should will that, think suspect significant fully downstream enable Worldpay but [ph] impact to of taken certainly, But they for. planning we I think see we've may I these reduction the I exercise the pain from XXXX

Moshe Katri

related others. that revenues, of weaker with you volume terms than areas is volume Okay. in your you're are of some And actually customers? payments, but some And And way think is are any color mentioned some -- weakness where I where areas in you obviously, seeing weakness seeing then growth. some there you specific maybe for some terms in provide of the related were correlated of growth a there probably how kind or your generate

John Cotterell

our volumes, materials under just all course, our affect type last and are quickly of point, time their of want no, contracts so of on. driven your that to revenues levels the clients make investment they So their in on products and with

acquiring indirect causing have that So product are spaces. payment can new what shift pullback to the as is is on starting the the partly an types And into it effect. side

etcetera, for So helping in big pay we onboarding of the see a can laborious to payments still its new a where and takes most hours. those from areas there move to except making those fraction of new out all the the client things. more to putting merchant onboarding time E-commerce paper-driven processes reduce a our providers payments different see of and area a actually activities effective have spaces. onboard it legals, them very where still growth, tick-box all online much about weeks we is activity in lot It's type people

open banking in payment consumers. and of And up aligned products then different the real-time for etcetera, opportunities many that closer to opening rails for sorts are wallets,

So that one world around pick the that America we're And driving of and areas outside up. for the Europe, is it's actually, seeing us. of U.K. growth North

Operator

next comes William Blair. Nolan Maggie from The question with

Maggie Nolan

And how talent think Or I mention I give can Is incremental geography seeing? any that a that specific? heard information there that on is less inflation you you costs competitive wage you're market. that? then has impacted and

John Cotterell

Yes.

the experienced some and up one people less a market with for in -- cut actual lightened it's more but all fundamental are probably across universal in the and of opportunities bit much So the and us senior pressure it's of growth. market more happened as delivery picking developed of off. And terms our has just being locations little driving just pressure we're market, seeing more pressured of has a that up talent in well, cascaded nations the that the world competitive recruitment of those actually pretty focused in the into in bit earlier as on

know So to to to you the be bit same organization able as in an as as a us came I positioned well that mentioned, went back through pullback. process And that we're then attrition senior people dial demand the it's the stages just recruiting expand seniority, early move have. we of the COVID laying in terms We and little in.

Maggie Nolan

how more And or those? maybe things are information impacting then on any program like other changes the the attrition some mentioned you metrics mentor in

John Cotterell

at about in staying is attrition our So same the XX.X% We're last place. quarter.

And previous business a keep very we'll in the in close as will so responding that XX.X% before. terms And we around space quarter, the pickup that balanced going I to keep So forward. where were it articulated. of to think in us we've demand that

Operator

next Instructions] Susquehanna. Jamie from The [Operator Friedman comes with question

Jamie Friedman

slowed you getting it that clarify, more materially? Mark, it just vertical didn't but hear payments you're know I it's contemplated want be a that you think questions of sequential? to to isn't -- I the about I was speaking say I also, lot flat And TMT

Mark Thurston

Yes.

for was sequentially TMT QX So flat to us, QX.

as I North from of West to actually tech America, further going We Coast earlier, stronger. said sequential QX. biting QX I see sort think we a decline anticipate will

So mainly telco. QX, a which, we in bit other we some tech financial we services North driven again, see compared but mainly it further America by, Coast into basically activity and and come don't and off when driven is moved uptick, with go will payments West recovering some in think, little tech

Jamie Friedman

Got it. guide for realize the same and you for on I the the year? other but typically the cadence remainder of vertically would you payments don't have perspective

Mark Thurston

we decline percentage a QX, and quarter-on-quarter, QX X then North largely but think geo-driven about from go so to see U.K. as America will I probably marginal we or with point our but coming a the recovery America think, actually in U.K. seeing in the again, recovery mild in QX, by pretty I through North and pickup will muted some standards we see,

Jamie Friedman

other? And about how

Mark Thurston

Other, I think it's performing -- for well. us, it's

go particularly the I'd from weakness strong. the seeing QX but health QX, most been retail which verticals implying guide as of So growth X% full we A geographies, little in strong call QX. are of out are QX, has into bit we

for in probably to X%, as it's us, headwind the moment. at we the X% continue but good continued retail, then ability the how So a through well it but grow edges of also, still a I think think, particularly little at particularly of of bit momentum, bit but a and go performing progress will not terms we

Operator

over remarks. session. to I our turn This to the for Instructions] closing would John [Operator concludes like Cotterell, back conference any CEO, question-and-answer

John Cotterell

for thanks us So, all today. joining

look and that for trends our call. speaking remain next digital a forward clients I you at business we to a secular months transformation strong our think to priority earnings few you our and in see can for remains

Operator

you Thank presentation. concluded. has conference today's The for attending

You may now disconnect.

Endava (DAVA) 14 Feb 232023 Q2 Earnings call transcript