Joshua Siegler: Yes. Hi, guys. Thanks for taking my question today and congrats on the results. Leonard, on the call, you mentioned that you’ve grown more optimistic over the past three months. I was curious, are those more positive discussions with some of your logos largely driven by AI demand or is there a broader thought process about returning to that general digital transformation spending?
Leonard Livschitz: Well, Mayank mentioned that we’ll have much more debrief on AI, just in two weeks in New York, on Analyst Day, and we’ll have a very large team there. So I will save a little bit of mystery of that. But fundamentally, it’s a great door opener at this point. There are multiple projects. You noticed there’s something unusual even in Anil’s statement in the financials, that there’s some additional investment going on in training people. And by the way, that’s also kind of address potential growth because we take more senior people, retain them and we’re building with more capable teams because in our assumption that more juniors who we train for internships or direct hire will be easier to attract to scale than maintain the large core of the technology people.
So that’s about AI. In terms of my confidence level, basically, again, Anil mentioned that one quarter at a time. But what happens is, we give very careful statistics, not only on the rate of change of the billable people, but the content of the project. So AI was one point. But we’re doing so much more complex work, not only in retail in the past and CPGs but in the broader base of the market – in manufacturing, in pharmaceutical, we’re in the insurance business, we’re going into this – the life sciences. We’re doing so much more and we were able to start converting our – horizontal expertise into vertical recommendations. So I see a deeper level of discussions. In addition to that, we will become a little bit more selective. I mean, there’s always an expression that beggars can’t be choosers, right?
We are – we’ve been going through a lot of, frankly, tough times with the clients. Now we see that we plan our business today going into 2024, we’d like to bet on the partners who will carry the implementation of the complex systems, throughout the bigger budget. We expect that our commitment is going to be matched with their commitment to the business. So that gives me a little bit more, I would say complex, comprehensive, positive outlook.
Joshua Siegler: Understood. And that’s great to hear. Clearly, as you alluded to, there’s a lot of organic reinvestment going on in the business right now with the accelerating billable headcount. But I was also curious if you could give an update on how you’re thinking about the M&A environment right now and any updates on that regard?
Leonard Livschitz: Yes. So, it would be nice to tell you we have a deal coming right at the closing tomorrow, but it’s probably not there yet. And I’m not going to comment beyond tomorrow, but in reality is, again, the market is very interesting. We are becoming more selective with the deals, as I mentioned, we did a couple of deals in India and there we started doing broader. We look at Europe, we look at the depth of the relationship with the potential bespoke clients. We look at Latin America. We’re not giving up, of course, on the Indian part, but we have a bigger roster with a deeper engagement. We are also attracting more advisory side. Don’t call me every day now, with Bankers offering their services. We’re becoming more selective.
And the capital we will deploy, as you can imagine, that the cost of capital has increased, right? So we would like to make sure we are going to get the right targets. But I’m actually, again, I see a little bit of a return to the good, what I say better targets right now.
Joshua Siegler: Understood. That’s very helpful. Thank you very much for taking my questions and looking forward to the Analyst Day.
Leonard Livschitz: Thank you, Josh.
Anil Doradla: Thank you.
Bin Jiang: Thank you, Josh. Next question comes from the line of Bryan Bergin from TD Cowen. Please go ahead.
