Bryan Bergin: Okay. That’s clear. Thank you. And then my follow-up is just on large client performance. So are there any large client ramp downs that are weighing here as you enter 2024? We know you had the High Tech client last year. Just curious if there’s any further reductions like that this year as you enter the year that may be offsetting the ramp of new bookings?
Mike Weiner: No. Nothing more than the typical cadence that we have on that. So nothing to call out. We look at it, it’s all within the same historical average. So there’s nothing like we had last year or nothing pending that we’re aware of. So we’re not planning for any of that.
Bryan Bergin: Okay. Thank you.
Operator: Thank you. And one moment as we move on to our next question. And our next question is going to come from the line of Sean Kennedy with Mizuho. Your line is open. Please go ahead.
Sean Kennedy: Hi, everyone. Thank you for taking my question and congrats on a strong quarter. I was wondering how you see your client gen AI readiness and overall reception to it. Are there any specific barriers to overcome and do you see a difference depending on the type of client and project? Thank you.
BK Kalra: Thank you, Sean. So, overall, I’ll pass this into two parts. Is there a lot of excitement with every single client, which wasn’t the case six months ago? I’ll say the answer is a resounding yes. Every single client conversation before we provoke and we are always the ones who are wanting to provoke, but they are wanting to have the conversation. So the doors are open is point number one. However, just take the example of Data. Data is not as structured that AI can result into outcomes that they expect in a good fashion. So all of that is helping us bring our Data capabilities, as well as our AI framework that we have. We have been into AI for the last seven years. Since the time we acquired RAGE Frameworks back in 2016, 2017 timeframes.
So we have honed frameworks on AI. So that is really helping us with this turn on AI and that’s where I reported in my prepared remarks that we had 3,000 conversations. So many conversations are, we record every single conversation that we have as a disciplined company. But I also reported the numbers that have gone into production, but we do see increased velocity of that. We really feel good about that.
Sean Kennedy: Great. Thanks for all the detail.
BK Kalra: Thank you, Sean.
Operator: Thank you. And one moment as we move on to our next question. And our next question is going to come from the line of Spencer Lebov with Wedbush Securities. Your line is open. Please go ahead.
Moshe Katri: Hey. Thanks. It’s actually Moshe Katri from Wedbush. BK, welcome, and Tiger, good luck on whatever you’re planning to do next. So a question, Bk, when you’re looking at your portfolio, are you happy with the client base, i.e., do you think that you need to prune some of those customers that are not really maybe worth the attention that you have and maybe that also could potentially at least temporary impact topline growth for this year? That’s my first question.
BK Kalra: Thank you, Spencer. So what we feel exceptionally good about is all of our clients. Not just Fortune 50, Fortune 100 clients that get named, but all of our clients. We are very disciplined in onboarding every single client. But we are very, very proud of all the client base that we have. And in their own right, they are iconic companies. So no, there isn’t any plan, Spencer, that you specifically asked.
Moshe Katri: Understood. And then the follow up is more about for the next six months, 12 months and kind of going back to Tiger’s commentary on win rates. So win rates had a pretty nice uptick. Maybe you can talk a bit about what drove that uptick and what do we need to do to kind of keep on moving that win rate number higher? It’s a pretty impressive kind of improvement on a year-over-year basis.
BK Kalra: It’s a great question. I’ll say three specific things, Spencer. One is we are very, very proud of the win rate that we achieved. And there are a few reasons, Tiger also spoke about large deals and we increased our focus on large deals. And that has helped us increase the win rate percentage in a significant fashion and we — this was in 2023, we had 14 large deals, greater than $50 million. That is reflected in the 60% win rate that Tiger spoke about. Point number two, we are increasing our focus on Data and Tech, and that is making our solutions far more holistic. That is also helping us improve our win rate. And point number three, we are increasing our investment and focus on partners and that is, again, will bring — you see some results.
I already spoke about Salesforce. We also announced another press release just a couple days back on Dropbox. We have ServiceNow and Genpact came together to streamline their procurement function. So partners is also helping us increase our win rates.
Moshe Katri: Understood. Thanks.
Operator: Thank you. [Operator Instructions] One moment. And our next question comes from the line of Surinder Thind with Jefferies LLC. Your line is open. Please go ahead.
Surinder Thind: Thank you. BK, as I think about the transformation journey that you’re about to kind of take Genpact on at this point, can you talk about how maybe structural it is and how you’re going to evaluate the change in terms of the key metrics and the timeframe that you’re thinking about? Is it just on the sales side or do you really have to kind of rethink about delivery here? And part of the question is also that given all of this conversation about generative AI, are clients asking for a lot more productivity commitments at this point as well?
