Unidentified Analyst: Thanks, Bin. Thanks for taking the questions today, guys. Most of my questions have been asked, but are there any AI related metrics or anything you can share in terms of the number of projects or engagements or logos, just any color you can give us to get some kind of sense into the demand you guys are seeing from AI?
Anil Doradla: So the question, Sam, was that what are the AI related matrices, right? And so Leonard is the AI expert. So, but I’ll tell you that from my point of view when I look at the activity, right, we talk about it the Analyst Day in the press release also we talked about, there’s a lot of activity going around with both existing and some of our new. What I am very impressed with is that many of our new engagements has some level of AI component to it. So there’s a lot of interest where AI is infused across our practices. But if you’re talking about when are we going to reveal the standalone revenues and everything? When the time is right, we’ll do that. But AI is pretty active across the company.
Leonard Livschitz: Well, I’m glad that Anil stepped in because I wasn’t sure exactly what you were asking. Sorry about that. Now when I know I can tell you much, a little bit more colour, right. So first of all, the areas where we have progressed a lot, its conversation AI, it’s recommendation AI, catalogs, compliance. We do quite a few of the forum solutions. What happened is having expertise in the verticals, especially things related to e-commerce but now it’s growing. Helps us to tune the proper models, help to get the visual parts, help us to guide the internal client marketing and business teams to understand the ability to reach certain business results. The number of cases is growing for a very simple reason.
They are factual. The models change, the conversion rates have changed. We can’t promise results unless the client understands the reasonable target. So the cataloging, understanding their existing environment, cleaning up their code sometimes switching from the old models to the modern – first we need to get the code capable of accepting the new things. So we do that conversion to augmentation and of course very close work with all the offerings relate the AI models on the cloud as well as the Europe common standalone solutions. So I’m sure we’ll do more presentation webinars. You guys can look at our website, we have a ton of demos, but those demos typically are something open to people to look. I had a question, why one of the press releases we did with certain clients and certain project, and mainly because a lot of the work is so cutting edge at the front of the customer DNA that we are grateful the ones who are willing to open to share, but many more are preferring to maintain the total proprietary approach to their development.
Unidentified Analyst: Okay. Yes, that’s helpful commentary there. And then just one quick follow-up from me. The weakness in the retail vertical this quarter was that one larger specialty retail client or was that kind of broad based?
Anil Doradla: So the question, Sam, because the volume is not clear, your question was we talked about…
Leonard Livschitz: How many retail clients do we have, is that was the question?
Unidentified Analyst: Yes. The weakness in the retail like was that one big client or…
Leonard Livschitz: Oh it’s not a weakness of retail, it’s just others grow fast. It’s not an absolute dollar situation in general. I mean, you see the trends, but there’s more investment to the modernization. Where we are participating is a way. I mean, again, I mentioned people who work with us know that the brick and mortar business was a dominant part of our business, and then it becomes brands and CPGs. We are not dismissing this business, but we put eggs in different baskets, right? So many years ago when we had a market dependency on retail like three-quarter of our business, people were saying, can you grow and bring the market to 20%? So we’re not there in 20%, but we are certainly much more comfortable position.
So we want to grow it numerically as the company grows. But we want to focus on proper brands, which have the growth capabilities and also on various platforms related to retail, because platforms also come and go. You’re probably aware there’s a big reshuffling in the industry going on right now. So we’re actively pursuing value add businesses, like home improvement businesses, various products and services which are growing in an industry both in the United States and in Europe. But we’re a little bit less excited to go into something we developed six, eight, 10 years ago because that market is a bit diminishing. So I think that’s a better scope for what’s happening.
Unidentified Analyst: Thanks guys.
Leonard Livschitz: Thanks, Sam.
Anil Doradla: Thank you, Sam.
Operator: Great. Thank you, Sam. Ladies and gentlemen, that will be all of the Q&A session for today. I will now pass the call back to Leonard for the closing comments.
