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Transitioning to the 'Everforth' brand to support an integrated operating model focused on higher-value solutions and cross-selling opportunities.

Shifted commercial reporting to an industry-led approach, prioritizing outcomes and sector expertise over delivery modes.

Adjusted EBITDA margin of 8.6% fell below expectations due to a business mix shift toward lower-margin solutions and funding delays at the Department of Homeland Security.

Commercial consulting book-to-bill of 1.1x reflects sustained demand for AI, data, and cloud infrastructure modernization.

Federal segment performance was impacted by leadership transitions and budget-related funding delays, though award activity began picking up in February.

Strategic leadership appointments in North America, India, and Federal segments were made to scale global services and AI-enabled digital transformation.

Q2 2026 guidance assumes revenue between $970 million and $1 billion, with adjusted EBITDA margins expected to improve to 8.8% to 9.5%.

Anticipates $8 million to $10 million in strategic planning expenses for Q2, which are expected to decline in subsequent quarters.

The Quinnox acquisition is projected to contribute approximately $100 million in annual revenue with low to mid-teens growth and low 20% EBITDA margins.

Management expects a gradual recovery in gross margins as higher-margin enterprise software projects (Workday, ServiceNow, Salesforce) ramp up following slower Q1 conversion.

Committed to reducing the net leverage ratio from 3.1x toward a 2.5x target while opportunistically balancing share repurchases and organic investment.

Incurred $12.8 million in acquisition, integration, and strategic planning expenses in Q1, primarily related to the Quinnox transaction and ERP implementation.

Experienced negative gross margin headwinds from foreign exchange rate fluctuations related to the delivery center in Mexico.

The effective tax rate spiked to 48.1% due to one-time discrete items not included in original guidance.

Federal gross margins were pressured by a higher-than-anticipated contribution from lower-margin cost-plus contracts.

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The miss was primarily a gross margin issue caused by the slower-than-expected ramp-up of high-margin enterprise software projects and a higher mix of cost-plus federal work.

Management noted that early April patterns show a return to more normal booking and conversion cycles, supporting the improved Q2 margin guidance.

Customers are closely evaluating AI's impact before committing to large upgrades, leading to lengthened decision cycles and slower revenue conversion.

Management clarified that AI is not displacing systems of record but increasing their relevance by requiring modernized data foundations.

Record bookings in Q4 for Workday did not convert to Q1 revenue at historical rates, though pricing remains stable.

Large banks continue to tightly manage expenditures, leading to a mid-digit decline in the financial services vertical.

Pockets of growth are emerging in the insurance and diversified financials sub-sectors, which are expected to drive revenue upticks in Q2.

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