Earnings call transcript Q2 2023

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Eduardo Galvao

Good morning, welcome to CI&T Earnings Call for the Second Quarter of 2023. I am Eduardo Galvao, Director of Investor Relations at CI&T, and I'm happy to be here again to talk about our results.

With me on today's call are Cesar Gon, Founder and CEO; Bruno Guicardi, Founder and President for North America and Europe; and Stanley Rodrigues, our CFO.

This event is being recorded and all participants will be in a listen-only mode during the company's presentation. After that, there'll be a question-and-answer session for analysts and investors.

submit at please ciandt.com. to email it like investors to you'd a send question via If shortly is The Investor the available Relations is website the presentation available and replay on will concluded. the company's after event be

discussed Some earnings section Annual as uncertainties are on our on forward-looking reliance business not our the including this the to in expected of from to but known Report to of factors matters you release and These of on made. in as and undue only expressed risks outlook, could differ those those date such not uncertainties, when Form forward-looking we'll including the Factors and and on call, this discuss statements those and results subject are caution place our XX-F. call. unknown statements described Risk We cause because actual risks to valid materially limited they're

we'll business. appendix measures details. comment in financial the on for non-IFRS to During of measures tables refer this reconciliation Please presentation, non-IFRS certain our more evaluate to the

quarterly Our our an our talk financial our and today followed by business includes We'll update about people on of then agenda results. quarterly cases. some for our highlights,

our presentation. Now, I Cesar Gon to invite begin

Cesar Gon

Thank and day, you, Eduardo, everyone. good

have I'm with I'm eager you another all to you thrilled quarterly to engage and performance and for here earnings accomplishments. call. present our

computing. that revolutionary standing emerges in the of of are of intelligence. artificial brink most technology in everything, believe evolution while, realm sharing moment the the me our a by in the Let start Every once and history at a groundbreaking we changes I

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powered in artificial feel co-authoring I the world this of next guide revolution, intelligence. the digital CI&T chapter by to Now blessed

corporate in Hyper is a new to Digital. and one the transformative also technology call gateway the world, disruption the a AI we

Act to Three, One models cost the three is in Digital tend Two, I disruptive this greenfield us business way relevant of the exponential for Act startups setting advent The established takes but a will fertile and hyper-productivity, believe hyper-personalization, in making. Act of decade, unfold often these brownfield the the environment that thrive and Hyper by to reduction led decision of years revolutionary next the challenge paving to they acts; enabled in large the digital new Over then is the of moments impact complex natives, with a enterprise. it in make progression

enterprise-ready. new traditional of must In potential maturity, of a be a and of framework are and that level security, customer companies. translated successful non-negotiable the for value become They nutshell, reach to within a these reliability, where factors need the advancements technologies privacy, can into

to what bringing life this vision This make is enterprise-ready. CI&T's Hyper is ambition. and we're Digital So to a our

As that, from computing with the you Hyper for month, Digital. proudly clients to industry on Already engagements largest know, an CI&T/FLOW. we platform journey initiated of achieve our last XX embarking AI of launched verticals, we've various CI&T/FLOW,

all CI&T across Over and both new agents by platform months, AI clients scale partners. developed XX the and XX over plan to to combine we next this XXX CI&T

multi-fold doubled we are are reaping can years in already surge has to the Act ourselves increases a to we in the of We productivity results, some productivity in forecast that and We come. only in at One tangible find cases that previous beginning going our achieve benchmarks.

front-runner. presents of promising artificial productivity, to progress. intelligence and about we as are a The realm quality, of enhance the improve positioning results exciting opportunities Early CI&T array we new and enthusiastic and accelerating potential are are significantly a

we're quarter look uncertainty. solid proud financial Once highlights. a second deliver take let's macro to Now results again, at our amid

last EBITDA the of we the was than million revenue year-over-year last revenue million, new quarter reaching to net BRLXXX clients Adjusted of XXXX. quarter annual was XX%. an the compared clients second in above XXXX, adjusted with higher second year. In accounts, with net in XX% The added basis portfolio quarter XXX to our months, multi-million net XX million. higher quarter margin BRLXX XX the Our was BRLX for an XX% margin XX%, increase profit second XX adjusted profit the of of points of

members ability evidence despite market my results to challenges have clients I value unwavering dedication our shown in strong CI&T extend creating worldwide to environment. for by posed serve These and our as stakeholders. a all of efficiency the volatile our team gratitude who uphold for

explore engagements business the some quarter. in for and Now examples our dive noteworthy the of highlights of let's some client

[Commercials]

I highlight hope and you liked news, our selection. client stories,

I about Bruno talk talent to our invite Now, management.

Bruno Guicardi

to and Thank delivery be pleasure people again everyone. here and morning, Cesar, our discuss good a model. It's to you,

In now efficiently We era. QX organization manage our to base. lean with a for X,XXX XXXX, headcount have our continue maintain to prepare talent and a geographically structure diversified hyper productivity we CI&Ters

to our delivering delivery shore model, and enhance fostering speed efficiency. us competitiveness our Our and with global allowed near presence has

always been for area I'm work a keeps a positive report we created. have environment it In XX.X%, attrition happy QX, us, to has Attrition rate and the of improving. achieved crucial of that focus to a testament

CI&T which we In at executive culture addition, top-notch sustainability strong to low a attrition providing demonstrates our nurtured, our X.X%, growth XX superior clients. our leadership have talent. reinforcing the our tenure leadership retain to remarkable average leadership quality years, to commitment is develop is and just of at and The

up to environment. that the diverse being and I'm share within gender inclusive committed efforts This We're on Women in equality esteemed Board. prestigious more our a certification We're recognizes our were organization, and awarded we two our fostering to delighted making women and more empower reinforces promoting to have continue to do of leadership recognition the on to commitment This of roles. composition. gender Directors, the Board Board diversity proud in XX% to women our

of pool, involvement witnessing X,XXX powerhouses, AI super talent Gen of engagements these been developing are the explosive global clients. around They Gen quarter in digital We our is involved We've agents critical of exposed a development of specialized with this are build directly our one massive now and to growth in experiences. helping skills our technologies set excited of the of in to communities. people new movement. see the people, the AI to AI We're accelerate almost us

Some what where our use call using we we customer completely a cases, more engagement. AI experience business focused reimagining achieve fuel to create Gen groups clients' on are better are human and

process Some Gen are levels speed. AI development applying software unprecedented our other groups to own productivity of achieve and higher to

and our offer help in best can the challenges to we So adopting them Gen industry toward the their overcome clients performance AI.

next very software teams proud are future. technologies team in the and and pack that have Processes, challenge, today. that And completely these change digital ahead is the will topologies believe decade. embraced solutions we're our developed path our to created change roles profoundly and the are We how trailblazing of will

invite to more Stanley Now, details give our performance. about financial I you

Stanley Rodrigues

Thank you, results. and financial our good Bruno, everyone. again here It's morning, presenting pleasure a to be

happy consistent have set of of another we during XXXX. are share that second achieved the We results quarter to

(ph), than of basis. in both net second Our the reported XXXX, on revenue on quarter [BRLXXX.X and a a second X% quarter was higher currency XXXX the million] of constant

a our basis, For BRLX,XXX.X net the first of totaling half million. revenue reported grew XX% XXXX, on

revenue and LATAM distribution revenue in represented contributed revenue geography, total XX% share, Pacific to first XXXX, of Asia X% Europe our with Analyzing of with the XX%, half America our followed contribution. by XX% North by

total expansion our mature in we revenues. XX% of develop our As a economies, operations, now witnessing global noteworthy we representing are

growth During growth X% our Services the compared a exhibited of in witnessed experienced XX% verticals. the strongest Telecommunications XXXX. an vertical and increase in half Consumer Goods revenue by increase boosted revenue concluded period, XXXX. sector of saw X% performance, first across the first positive the in in we revenue recording while in primary the to XXXX, half Technology acquisitions Financial of The a

Lastly, that new it's endeavors. client logos terms and through successful we further streams are incorporation share in of worth the our mentioning of revenue diversifying M&A

me let profile. components our of Now growth the detail

exceeding in million XX of During surpassing million clients, second XX The we a the our steady wallet client in the fostering new with continue our with large the last last growth share engine. to the importantly, expand base, Most ending onboarding into months, 'XX 'XX. we quarter from clients XX our clients revenue months focus diversifying XX in portfolio. our on our ending XX maintained quarter within to BRLX revenue main XX in second number successfully last BRLXX months rose

addition, clients revenue million BRLXX the from in XX above number to In XX same with the comparable grew of period.

hovered Over further time. but us, this the consistently past the our plays has that net fact aspect This engagement around grow with five to over clients new growth. and retention revenue ensuring XXX%, rate role in a the years, sustainable our potential expand our remain highlights only also not crucial have

the our on Moving of performance. financial presentation

point percentage margin Our than increased 'XX, quarter to 'XX in in 'XX. the quarter X.X second million EBITDA XX% quarter 'XX. from BRLXXX.X second second in in million EBITDA BRLXXX.X second XX% was Adjusted adjusted quarter higher

improvement XX%, our in disciplined half the reaching result the an margin BRLXXX.X million XX.X%. of grew and approach first XXXX, with In half systematic optimization The EBITDA of the identify EBITDA in to a XXXX first opportunities. is of operational our margin EBITDA adjusted of

savings actively foster of initiatives cost the be A implementing of these our use to productivity as through research will our to our call detailed substantial structure, analysis growth. intelligence are in earnings our allocated previous of leverage actions cost-saving example, we development artificial improving For innovative future in and portion and tools. artificial through discussed intelligence

adjusted than quarter the million BRLXX.X was margin profit second BRL of the same net from increased net XX% second XX% half net of Finally, year. in the In XXXX, period in 'XX, profit quarter 'XX. last the was in The XX% adjusted 'XX first quarter profit higher to second

The of growth of to as attributed XX% a expenses. a million, expenses net and income improvement lower revenue the profit XXX.X to our the is XXXX. percentage half first tax SG&A in of compared margin dilution mainly

business to outlook. on back Cesar comment invite I our Now,

Cesar Gon

Thank you, Stanley.

on uncertainty global our in year. half to the continue see throughout As we of set second sights the future, economy the the we

beyond. to will more while caution, navigating bottom-line teams in growth and we AI prioritizing aggressive cash and in our and with capabilities preparing XXXX So, XXXX resume persist generation

million currency, For quarter to BRLXXX XXXX, the a constant our at year-over-year. at third revenue be decline X% least we of expect

updating guidance demand to from replanning a annual year-over-year. expect new a implied revenue in our in be a attributed For our QX to and budget X% net we of revenue bookings midpoint, acquired our year, underpinned full can are impact Thus, the X% the AI the our to we reflect and primarily X% XXXX our to top of strategy. be of of growth mainly by the portfolio growth sequential client. in In higher the represents FX-neutral range

of are Finally, expectation our at adjusted maintaining least margin we XX%. EBITDA

express In long-term would their to shared clients, and our trust objectives. conclusion, like to for CI&Ters partners, support I investors and my in gratitude our

and conclude Thank for our we'll you you. begin the call We attending Thank now our today. Q&A session. presentation,

Eduardo Galvao

Then question. session. mute when you're our your participant's unmute Once announce I'll begin line Q&A ask now please each name. hear name, We'll your please your line. done, Okay. your and you

First from from please question ahead. Puneet, Puneet go JPMorgan. comes

Puneet Jain

Hey, like indicators thanks my turnaround around I that the corner? happen needs to digital to taking like Cesar, improve? that start demand, for projects the what on growth leading the And begin to before? when do question. what they for clients spending trends rates on to ask suggest in did wanted are Like is demand

Cesar Gon

see what you, short-term I we related to reflects uncertainties. expectations, still see for is to remember, and you a believe, question. Puneet, was Good our thank engagements. that have a that little Probably strategy you a your QX above lot market we of but a

line with second cautious What is are see was starting we initiatives. new projections. in very now the quarter on companies still So our

to related the think as I indicator artificial intelligence. leading only

projecting are a on based As artificial to growth fourth sequential this the by we to in year, hyper you primarily intelligence productivity bookings probably of -- our related underpinned strategy CI&T/FLOW. new saw, a quarter sequential finally, and

that set CI&T can productivity So, hyper I personalization around the it's first XXXX. good using intelligence. this are we preparing of of And demand will a better artificial capturing inevitably hyper for sign opportunities believe new we that have sure, probably the happen and for

Puneet Jain

And follow-up, than headcount was maybe as the well, it. quarter Got down the second a more your revenue as in down. was

So, for And of utilization headcount year? should we you levels? what expect rest think the do current about your how

Cesar Gon

Bruno, can one? you take this

Bruno Guicardi

a to to expect the of resources are right, high, organization, lean dedicate so been rates but and to FLOW still we've components build Utilization keep thing. to kind do can will you a of uncertainty, demand. as running still kind being efficient. and able very platforms kind and build going So, been Puneet, the trying we running forward well, lean it Sure right? that for the very very other that those future we've see like very right, following organization, of investments

Puneet Jain

Thank you.

Eduardo Galvao

Puneet. you, Thank

question please next Stanley. comes Our Gonzalez from from Ernesto Morgan go Ernesto, ahead.

Ernesto Gonzalez

And and the we you for your color will quarter? XXXX? year? that next the going taking into into the new any for are with color engagements additional What and additional you Thank that higher question. productivity into AI thoughts fourth Any thank clients could Hi, our projects expect? What also provide growth going boost hyper could you.

Cesar Gon

calling Ernesto, what a for is believe agents. are case number we streamlined One summarize around directly we is new CI&T/FLOW starting the improved your we happen to AI. in Thank use employee our you, flow That's to using experience or the case have different can around -- demand related growing digital whole of I in And tech. experience AI. generative of use question. producing verticals really AI around efficiency, buckets. customer experience two based solution on then That

this part. So, basically, Flow we biz call CI&T for

it's multi-fold in the sure, AI are, and to agents drive verticals: on. expect of use it's a also, matures say, to of education, we phase the telco we that we it the combination of AI will agents, would the we be And basically, add for platform, have case increase it So killer early productivity. but as and what discovery -- so in platform amazing for banking, I more will efficiency are going results, different

in basically, of our and AI CI&T/FLOW. terms main this So agenda is

Eduardo Galvao

you, Thank Ernesto.

of question ahead. from next from comes Bank Our Tyler DuPont Tyler, America. go

Tyler DuPont

lower Great. to Thank you're Puneet's up demand following second we XXXX. it the full and envelope half the like on I up morning, as just year Based growth XX%, from could the XX%, by of wanted the half good the what potentially year. seems math looks see new to you, specifically of X%. to on anticipating some question, back take, in going a show down back or at give everyone. the growth end guide, from the And exit for negative of start Eduardo, even change sequential guide, we

in of two, seeing I leading this sound sort And to does right in two-parter: the guess are what that one, outlook? broadly So change to that's you more demand you? market the

Cesar Gon

to for you, Tyler. you your question. Good Thank see

I think of in top unexpected one the would One two higher factors. I client. in budget we're our we with, planning with impact are projecting combined really QX a is acquired portfolio, say, our demand

seeing really attrition forecasting on around for new So is we values. And is basically on and what growth this XX%, sequential are new XX% bookings, the our QX. a for based QX, based demand

Tyler DuPont

a follow-up. appreciate And that. as I just

year briefly Sort like, down it funding. prepared ramp remarks, the some due guide to of mentioned partially in was sounded top-line in a the you Cesar, lower full

geographies So how are I you. of versus color in projects Thank just XXXX we come just was that provide are as those exit could sort will wondering if you additional scope? clients And you of that on no what are longer much anticipating verticals and back in?

Cesar Gon

one I Tyler, budget client. the to be top think clear, manager really It's -- is one client. we

a they digital top strategy, this long-term for challenges, clients I on a for think of believe nine to this And our are even we two future position. are definitely have market building that. temporary client, but part in based we adjustment top is continuing solid one a our and

even next client regain expect we from year will top one on. probably So traction this

efficiency to to predict in these the really would going happen signs hard but good of disruption. new expect but QX, think end early probably bookings -- see We early signs, opportunities relate it's we say especially will next more I AI the the by for So, and have this year. I XXXX. now the certain around to But still what's around to cautious, by year, experience we good

Eduardo Galvao

question next Citi. Ashwin Shirvaikar from Our from comes

Ashwin Shirvaikar

market rate bookings as across with to is of with board the verticals end of your look regards by sort those if so or you it deceleration of I are when growth, geography, relates that it [indiscernible] so bookings question that And and geographies you on, the will? expect current the in the first return mentioned. the which should My notable growth lead by you help result at to

ramps you're that help -- us in understand? you a And of because -- from get of out for How would year? help entire it next sort XQ? later the so contractual us understand. industry to actually, pushed maybe in market timing the that Or It's can the start could the challenge uncertainty then perspective, a this is

Cesar Gon

Ashwin. Thanks,

tough of playing. in become I result, Europe. it though we by a we our financial we see of in have a specific a vertical. for where we conditions, are I think relevant other growing the Stanley telco It's our in where source general, are more in but look mentioned, is vertical it's year And and strategy as more of lot this general as this, our largest vertical we -- source. revenue if a globally, for related are traction as on we and side see getting faster, even -- especially to less market -- this and

I regarding this of especially terms quite opportunities around explore, are our -- in bookings new and first, demand and use the really think how AI that around are then experiments case. that I the think efficiency to And starting we -- sure initial main clients indicates

good for terms So it's it's of -- I door stronger XXXX think a in demand. a

course, demand. working sure on initial clients. of betting what And And mentioned, the differentiation we with with performance a based already important of are also, hand-to-hand we our CI&T/FLOW this I lot we I'm are doing of is largest clients. XX with of set are CI&T new generating on

roll this clients our of of on. higher QX sequential it's, I growth whole out regain bet see same say, year. across next is the and So main also, part our is really we of portfolio as And what course, strategy from would regain achieve, growth for

cash bottom-line, generation. we two I this objectives saying started year as basically, So, we -- were main believe our that

now. disciplined preparing our this see and offering capability of The disruption to we means -- need think future. clear our disruption. a play are need I the new chapter to to -- in doing future more again, prepare is we demand. always And We And very way. this

it's So unavoidable.

consider that the disruption the impacting I are at the experience think, need of the whole current to in to capture opportunities demand are because course, of environment, and we efficiency uncertainties door. the it's unavoidable but

a predict So hard scenario for fast -- in even lot and how this in I a see macroeconomy the lot the of the uncertainties the global still changes economy to think our it's recover. macro-environment, demand we digital, will if though

from the verticals the are view -- retail different think confident, I And our would last related way the response telco, in banking positioning so CI&T to more very to getting optimist to macroenvironment. on. clients we So education, related and and are we say, I from of the the

Ashwin Shirvaikar

Understood. for answer. that I presentation good you to Thank (ph) Can one. with comprehensive at the was very ask [MIC] CI&T/FLOW regards

As on scales need the and on maybe what and can some and AI so you to, it details to and population relates your sort is do that? process provide employees full needed upscale forth, If investment of so the of give so that? to

Cesar Gon

Sure.

capabilities. very We scale the are are -- FLOW be opportunities on this focused and having and ability capabilities. but year clients next we the invest support new in And heavily selective, totally that Right of creating to set to we selecting on can these have now, strategy we from on. this

I how we on details give think this doing internally. can more Bruno are

Bruno Guicardi

going our think future. we Like three, different, pack will we my be the completely and their are the that that the be XX a how I there. five, in team CI&Ters this and building and new because structures And software helping needs future, this in we'll the question, of think in building process happy already As themselves, understand next thanks that talk have roles be learning completely will they're all process And of and to And now. there, of very the those skills like they I that that clients and kind done quarter going are in very to Ashwin, very, through for right years. teams path, we're very means. of in learning is team, ahead digital challenge of I I the the the what them of We're their we'll what different hopefully, mentioned actually in tools the be continue is to kind the solutions, like through be different supporting organized think what new different. be trailblazing will we're where

Ashwin Shirvaikar

By Understood. behind I the the map Bruno, you. way, love

Bruno Guicardi

Thank you.

Eduardo Galvao

Legarreta from next comes from de Itau Our question BBA. Carlos

Carlos de Legarreta

questions Two side. from my

at the results, out only what The stands looking first in is full geography your quarter, just LATAM the the particularly of one, for the the first for of softness the breakdown half not year, or year. revenues,

to wanted softer know perhaps attributable client? this is you whether will your it So this I to on what main insights maybe guidance the drive is and just think

what do should particularly I'd Obviously, Thank love CI&T/FLOW. event. hear hear of you to to you. thoughts across had Cesar, expectations secondly, you. be this in great think the I terms know And from And the benefit, firsthand totally I which on your the it or But think you board? verticals are could

Cesar Gon

Thank you, Carlos.

top LATAM general faster than U.S., I think good it among of impact the our as than portfolio the -- responding game way. Europe And the recovering we a regions. is other think our mentioned, it's more of the course, is clients changes I is so in in think I client to market very related conditions. regions, but one and And

we very good, here. especially LATAM our count So a in a -- very -- client on Brazil sure, but the amazing for in strong that in lot a based on can we lead fact portfolio way

perspective. other see we opportunities initial And big services of and retail customers. companies, in Brazil also optimize and now, set very of another one have telco we different also is Regarding customer enthusiastic to is improve CI&T/FLOW, -- pack in retail USA and you amazing results. two experimenting is Education verticals getting The a we Banking especially opportunity in where this where by are industry. complex in the this have one operations.

it's to board. across So believe be the going I

experience going we to mentioned, challenges probably will and be we initial believe drive very artificial we specific for a AI large the intelligence CI&T/FLOW. case of it's killer as the to way around start But quarters, I as would probably say, generative will on main efficiency. to horizontal course, Of drive hit also, the demand be I the then I think and few operations a evolve for with will in customer lot I use a this set see of And as verticals. platform,

excited we're move that I believe working set results. quite the with follow. computing will with sure on years are did a of the we proud the lot of So, right right in moment, differentiation already in the And and our customers us for of Amazingly drive CI&T/FLOW. I'm us to it

Carlos de Legarreta

that. opportunity just you're more for want love follow-up, you that in have just love I'd them, bigger investment to plan outlook that thoughts we I may to now if your in you And aware your Brazil. hear to double Thank particularly hear had if Globant these down thoughts. an LATAM I'm you're but to I ambitious hear sure the in recently announced that. the and Obviously, changes And we'd to picture? what's all seeing? about talk that their the

Cesar Gon

that, supply for it's will to game we be are. already a It's I tech continue we always the and the play where Carlos. huge just one on repeat way side talent Latin play in best invest place our evidence the And we zone. game. is CI&T. an company think what in amazing I largest it's the second to the have see Brazil, time differentiation of Brazil America's the And and pool that America, it's more Sure, amazing our a to talent largest

aspect quality another domain Brazil expertise. scale, talent is and good plus around and is this vertical of of it believe combination I the

market. internal big a have we So,

new retail leverage that have for to will different So, lot a different of banking, can a of in during in technologies, this be you game telco expertise, like expertise, disruption toward -- will that applied change ways but verticals. you can set

the expertise. domain have best I think talent of combination we and blended

see course, Brazil a of global lucky And XX% the future I business born even now playing here. an services. to global around more building be of And CI&T U.S., important we in Europe talent, of role So, are is and Australia the comes lot scale, of Brazil our and of of our in a say main the Asia. possibilities future. source revenue still as having But from digital

Eduardo Galvao

Carlos. you, Thank

We have e-mail. questions two here from

EBITDA margin. one First regarding is the

margin So, how you half guidance should for EBITDA year we XX.X% half second pointing and first the the given margin? is the in the reported XX% expect year, to of of the

Stanley Rodrigues

take Thank the of can first half margin SG&A dilution. in for question. improved one. to I that year, EBITDA has the the mainly you due

expenses and course, healthy monitoring and are we lean Of organization Bruno closely maintain margins. this to mentioned our costs that

It's Of we looking year for. well. course, generation that's as good of a cash are what

fully on are growth lower here focused are we aspects So, we both as environment. this in

part course, been directed continue we to do of And those so. to endeavor. intelligence it our savings, of artificial Of will we have capabilities

XXXX. stable to more XX%. we that least So, a you at as mentioned just EBITDA reminder, maintain expect throughout margin EBITDA a is And the margin guidance

So, I think that covers.

Eduardo Galvao

the expect the the Thank in have is you M&A final learned you, resume Stanely. regarding What you acquired Do And we from M&A. XXXX? to companies question in coming quarters? are lessons the

Cesar Gon

one. this can I start

global leveraging I focused wave conclude would onboarded. serving. in for the companies to to we acquisition -- increase, on last activity to dedicated we acquired M&A that are our and these CI&T integrate diversify -- we resume next are year. And year, now course, verticals the was of first clients And know, we are large of fully you markets As relationship preparing that we amazing are say, of we

organic I we accelerate we think through to growth or see need reinforce could of specific growth, but very main our potential a core of acquisitions. the set our high is organic that combined strategy

results sure are kind continue going in in to we from we of are we leverage I'm market. the short-term but moves going on next believe do could we think do opportunities past. analyze year space, don't on I in to this deals I So, the more the to -- based

Eduardo Galvao

All right.

with proceed could session. So Cesar, our remarks, you please that concludes please? Q&A your closing

Cesar Gon

soon. artificial but half are Galvao, powered for first that. you for for for to all challenges you, around Bruno by That's Again, participating of the to ahead, a a Thank this the it. results exciting Thank lot CI&T our we Stay of me. solid And in special in this all big chapter our select of Stanley, co-create call. well. you intelligence. A overcome new CI&Ters to that year. Sure. innovation here thank See thank you clients join

CI&T (CINT) 18 Aug 232023 Q2 Earnings call transcript