Jason Kupferberg

What kind of quantitative evidence should investors be looking at to help substantiate the view that Accenture is a net beneficiary of AI?

any reason to not think the upper part of the full year? 3% to 5% range is a pretty plausible outcome

do you feel like that trend is sustainable? And what's really driving that? Because we've all been talking about nonlinear revenue growth for a very long time

When did they start moving the needle on revenue in your view?

I know the book-to-bill was 1.0 in the quarter, and I think you typically target something a little higher

Some other IT services companies have been saying that upwards of 20% or so of their code is now being written by AI

Can you just clarify for us what the growth rate was in U.S. Federal revenue in the quarter

to what extent you are or not seeing clients hit the pause button at all on new initiatives

Just wondering if that's still the case as you're now raising the top end a little bit? Or are you now assuming any improvement in consulting

can you give us any sense of how much of that was from acquisitions versus organic? And I guess is there any reason to not look at this accelerated hiring as kind of a bullish indicator

how AI could impact seat-based revenue models. I think ADP has said in the past, a 1% change in pace per control impacts ES revenue by about 25 bps

Are you seeing any client hesitancy, particularly upmarket? Any changes just in the last month or two as the tariff uncertainty has skyrocketed

we've been hearing a little more from some of the privately held cloud-based providers. So curious what you guys might be seeing on that front

I was hoping you could talk qualitatively at least about how you're tracking to that guide this year versus last year

can you just put maybe a finer point on Q3 versus Q4, how we should be thinking about revenue growth and margin cadence

Wonder to see if you had any color on how much of the bookings were new versus renewal, anything on ACV growth how that looked in the quarter?

are you seeing competitors broadly engage in any additional level of contract pricing that you might characterize as a rational?

It certainly seems to us, like, Cognizant to date has been a net winner from AI. To get your perspective on how that plays out in '26

any other gross margin dynamics we should be thinking about in terms of 2026? Do you expect gross margins to be up year over year?

it doesn't seem like we've built much acceleration into the guide on an underlying basis, but is that just conservatism

Wondering if clients are starting to talk more about it? And what's Cognizant doing to invest to prepare for that opportunity?

it sounds like that you do have something in your back half guide for those, I guess, maybe on a risk-adjusted basis. If you can just clarify that?

Just wanted to see if we can put a finer point on quarter-over-quarter revenue growth expectations for Q3 and Q4

Anything you can give us on gross margin and free cash flow expectations for this year?

are those dynamics impacting the full year guide or just the shape of the year, i.e., the Q1 outlook

can you kind of break down the sources of what looks to be some deceleration in the Q4 on a year-over-year basis

When you have these situations where work is coming back to EPAM from competitors, I'm curious where the clients are having that work get done

financial services really stood out. You were up 12% there, I'm assuming since it was quarter-over-quarter, it was all organic

does that need to improve to get to, say, the midpoint or the high end of the revenue guide? What's the underlying assumption there

I was curious just which countries are driving some of that wage inflation you mentioned as you're investing to retain the talent

if you can just unpack where you've seen particular success with some of your refreshed go-to-market motion

I'm wondering if that translates to a more bullish view on how fast you can grow the Banking segment structurally over the next couple of years

from a revenue perspective, should we feel comfortable modeling the numbers consistent with the medium-term guide from the Investor Day

How are you feeling about the visibility there when you've got the 3 implementations that are now live

can you just put a finer point on the recurring versus the nonrecurring growth rate for '25

nice solid outlook there for 2025, although I do think it's a touch below the Investor Day target

If you can talk about what drove some of the improvement in December, January, you said to 11%

I did want to ask a little bit about Clover. I know you mentioned 10% revenue growth there for the fourth quarter, wondering if that's a decent proxy for next year

I know we were at 8% organic in the quarter. You said that was in line with plan. You had three points, I believe, of headwind related to some of those calendar factors

you mentioned that spread between the revenue and the volume growth. It did widen out a little bit, and I know you talked about the vast penetration

on the free cash flow. Are we reiterating the outyear targets? I think we had been talking about $4 billion in '27, $5 billion in '28

I wanted to get a sense of what the complexion of some of these initial wins look like? Are you mostly winning restaurants and retailers that are moving to Genius from a non-cloud solution?

can you clarify if the improved revenue growth at Worldpay over the past year has been all organic?

Can you talk about the rollout plan in terms of, let's call it, pull versus push? We know that Genius is going to ultimately replace quite a few legacy platforms

I wanted to follow up on Merchant and just clarify the 6% guide for the year. I know it excludes currency and dispositions

how should we think about the actual dollar-based EPS guide? I mean, especially with the absorption of the stock-based comp

Can you just quantify that piece? I mean the margin beat was huge, for lack of a better word

I was curious which segments exceeded expectations perhaps in the quarter

Are we going to -- are we expecting to sustain, call it, that 10% level in Q4

how you think those 2 dynamics might net out and what the implications could be for revenue growth next year

I wanted to ask about free cash flow conversion, just visibility on the full-year target. Mimi, any thoughts on how the back half may trend

how many core clients are on private cloud? And, you know, do you see that trend accelerating through the back half of this year

check in on overall pipeline confidence and visibility. And the 50 to 55 is still a reasonable ZIP code for this fiscal year

how you guys are thinking about the most fertile new categories of acceptance over the coming years

I'm wondering what you see as some of the catalysts to unlock those volumes or the interchange models changing at all? And just any other newer acceptance verticals

we did up interest income guide a little bit, which I would have thought would have lifted the EPS—I do not know—maybe a percent or so.

I think the organic growth was 4% in the quarter. I think that is the same as we saw last quarter. Do we expect that to accelerate in Q4?

you'll need to do, I guess, seven and a half percent in the second half to get to the lower end of the six to eight range

in the Management Solutions segment, if you expect the organic growth rate to improve off the current 4% levels just as we move into the second half?

it sounds like we are talking about some acceleration on the organic part of Management Solutions in F '26 off of the 3% you just had in Q4.

Can you just clarify what the organic outlook for Management Solutions specifically is in F '26? I mean based on the Paycor numbers you gave, I'm calculating around 4% to 5% organic.

I'm just trying to think about Management Solutions growth for Q4. I mean, if we look at Q3, I guess, we're calculating out about a 1.5% headwind on the segment. From ERTC

any rough sizing you can give us on the expected revenue synergies?

can you give us an update on your M&A pipeline, what you're seeing out there?

is there anything different you're preparing for in the environment versus last year's selling season, whether that's regulatory backdrop for a competitive environment

I wanted to start on the Management Solution. You give us a sense of what you'd expect for second quarter growth there

you guys have the fully optimized button now. Wondering if you are planning on any big changes there

I wanted to just unpack the sources of transaction margin upside in the quarter a bit. If you can give us a relative sense on how much of that upside came from the credit products versus some of th...

could we start to see some initial acceleration in online branded volume growth by the end of this year, if the macro stays stable

I guess that would imply international slowed. So perhaps you can quantify that and then maybe give us a sense of how that mid-single digit

should we be recalibrating our multiyear view on how fast these businesses can collectively grow

when do you think we start seeing material volumes across the industry from agentic commerce

US volume growth. I know we went from 6% in the March quarter to 8% month-to-date

if you can just give us a general update on tokenization strategy and any potential timing or magnitude

just wanted to get your sense of visibility on the full year guide there, which I believe is low to mid-teens

Is it coming more from sellers, who haven't made the move to a cloud solution yet? Or is it coming more from other cloud-based providers?

I was hoping you could just put a finer point on the gross profit guide by segment for Q1 and for the full year