Post on 01-Aug-2021
Q1 2021Presentation
May 12, 2021
Summary
• Q1 EBITDA +35% – Organic growth 20%, EBITDA margin +1.6pp vs Q1 LY
• eCommerce & Tech growing 46% vs Q1 LY to reach 43% of total revenue
• Strong intake of new business – Enabled by digital offering and near/offshore expansion
• New board members supporting development in North America and of eCommerce & Tech clients
• Continued execution on strategy to sustain >5-10% organic growth p.a. and to achieve >16% EBITDA
2
123
01
02
03
Company overview and Q1 highlights
3
Financial performance
Strategy going forward
123
01
02
03
Company overview and Q1 highlights
4
Financial performance
Strategy going forward
Transcom is a global leader in digital customer experience
…in digital and traditional channels…
…enabled by leading digital capabilities
5
Transcom provides world class customer experience…
Customer care & Technical support
Customer acquisition, sales & retention
Compliance & Back office
Chat & Email
Messaging & Social media
Voice & Video
Digital CX Advisory
Digital solutions
Digital operations
Services & Utilities
eCommerce& Tech
Telco & Cable Cable TV &
Broadband operatorsTelecom
operators
Segment Client examplesShare of revenue
EBITDA margin Q1 LTM
19%
10%
7%
Serving leading consumer brands across industries
6
Utilities BFSI Gov &Healthcare
Media Travel
Online retail
IT/Tech Fintech Logistics Consumer durables
40%
31%
30%
Growing strongly in highly profitable eCommerce & Tech sector
Strong YoY growthRevenue, MEUR
Long term and profitable growth Revenue, MEUR; EBITDA, %
Growing share of portfolio %
44,464,9
Q120 Q121
35% 43%
Q120 Q121
46% +8p.p.
Client Service
Global consumer tech • Customer service & Technical support
• North America & Europe
Global consumer tech • Customer service & Technical support
• North America
Global online payments
• Customer service & Backoffice
• EMEA
US and EU fashionsubscription
• Membership service• North America &
Europe
Global parcel delivery • Customer service• North America &
Europe
Consumer tech
Logistics
Fintech
Online retail
Top 5 clients, eCommerce & Tech
Consumer tech
7
140167
210230
2020
16.9%19.5%
14.3%
2018*
19.0%
2019 2021 Q1 LTM
RevenueEBITDA Margin
* 2018 EBITDA adj. For IFRS 16 is an estimate; IFRS16 reporting was fully implemented from 2019 onwards
Strong offering to eCommerce & Tech clients at all stages of their lifecycle
Startups Scaleups Blue chipsValue proposition
Size
Examples
Brands
~5 – 200 FTEs ~100 – 1000 FTEs >1000 FTEs
• Flexibility• Simple commercial
model• Proven solutions and
best practices
• Rapid expansion• Global reach• Standardized approach
and one point-of-contact
• Scalable locations• Operational excellence
and competitive cost• People best practices
and sustainable practices
8
Transcom’s digital solutions drives CSAT, productivity and revenue for clients
• Chatbots• Intelligent routing• Social media and
messaging integration
T:Perform
T:eCommerceT: Automation
Supply chainintegration
+30% CSAT +25% productivity
AI routing ofincoming calls
~60K sales casesper month
Knowledgebase for search and
coaching
+7.5% FCR +14.2% NPS
Conversational AnalyticsConversational AIMessaging
Predictive analyticsfor lead generation
+41% salesconversion
Troubleshooting bot
+8% deflection Client ROI in 3
months
WhatsApp channelimplementation
+64% Productivity 4.9 (5) CSAT
T:Perform
Client examples
Solution examples
• Digital recruitment • Virtual training• Coaching, engagement &
performance management• Conversational analytics
• WAH• Automation• Business intelligence• eCommerce• Omnichannel
Customer facing
Agent support
Operating platforms
9
Significant share of revenue in digital channels and expected to grow strongly
10
• Revenue from agent assisted digital channels and omnichannel 27% of revenue Q1 2021
• Supported by 236 robots handling +300k cases/month
• In addition 396 automation processes managing 300k tasks 24/7 every month
27%
12
7
6
-5
-5
-10Voice
Onlineform
Socialmedia
Messaging
Chat
• Digital channels preferred by young consumers – And provides superior productivity vs voice
• Digital channels drives outsourcing to avoid complexity and investments
• Transcom well positioned to capture growth in digital channels through a strong service offering
*) Source: Zendesk Customer Experience survey 2020, Transcom analysis
Transcom digital channel and omni-channel share of revenue, Q1 2021
Millennials/Gen Z use of CX channels vs general population, percentage points*
Alfred von Platen
Elected to the Board in 2018Previously CEO Xzakt
New board members supporting focus on North America and eCommerce & Tech clients
11
Fredrik CappelenChairman
Elected to the Board in 2015, Chairman since 2017
Brent J. Welch
Elected to the Board in 2020Previously COO Teleperformance
Klas Johansson
Elected to the Board in 2015Partner, Altor
Mattias Holmström
Elected to the Board in 2017Principal, Altor
Lisa StonerElected to the board May 3, 2021
Global Head of Support Operations at Uber
Previously 20 years with Convergys, recently SVP HealthCare, Government, Consumer Goods and Services
Donald HicksElected to the board May 3, 2021
VP Trust Policy and Partnerships at Airbnb
Previously VP Operations, Twitter; Global Head of Operations and Customer Care, Facebook; Global Head of Customer
Care, Google; Director Operations, Amazon
Global delivery and growing near/offshore capability provides scalability
12
33Languages
23Countries
54Locations
Site locationsServiced geographies
EuropeGlobal English
Regional mix2020 revenue
Shoring mix2020 revenue
34%
66%
12%
24%63%
OffshoreNearshore Onshore
Three new near/offshore locations opening during H1 2021
13
Malaga, Spain• Nearshore for Nordics, Dutch,
German• Spanish onshore
Bogota, Colombia• North American nearshore• Spanish offshore
Zenica, Bosnia-Herzegovina• German nearshore
Transcom has a world leading WAH solution and demand is growing in the new normal
14
WAH, % of delivery
Recruit Train Onboard Operate
Fully virtual and highly automated selectionprocess in all stages
Wide-range of training formats (gamification, e-learning, VR)
Employee engagement & community building –Cultural induction tailored to client’s brand
Virtual model to coach, monitor, manage, develop & incentivize
yOperating model, technical platform, security and compliance (GDPR, PCI, COPC)
Unrivalled scalability from vast talent pool
Reduced cost of idle capacity
Improved service quality & customer experience
Increased business resilience & flexibility
Transcom named#10 US remotework company
4 4 4 6 6 13
4664 52 52
47
Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021
Temporary
Permanent50%
68%58% 58% 60%
50%
Sustainability framework aligned with core business
15
Be trusted by employees, clients, and
clients’ customers to handle their
data and safeguard integrity
and privacy
Actively empower and support our people in their
current role and future career
Create an inclusive and
diverse workplace
Unlock the power of local
communities by contributing to the
overall equality, opportunity, and
sustainability
Reduce and mitigate our
negative environmental impact through
the way we think, act, and procure
Ensure that our actions,
interactions, activities, and decisions are
rooted in a core sense of ethics
and responsibility
PeopleDevelopment
Inclusion& Diversity
CommunityEngagement Environment Business
EthicsSecurity
& Privacy
Employee satisfaction &
development, job creation in developing
economies and emerging markets
Gender balance, fighting
unconscious bias
Local community and employee engagement
agendas
Reduce scope 1, 2, and 3, global
governance for e-waste
Conduct, ethics, anti-corruption
training & compliance,
sustainable supply chain
Data privacy and security training &
compliance
How
?Ta
rget
s
Stable and diversified revenue base
16
• Top 10 clients representing 47 % of revenue
• #1 client 11% of revenue
Diversified client base… …split in several contracts…Top 10 clients, share of revenue, % Top 10 lines of business, share of
revenue, %
2020
47%
27%
• Top 10 LoBs representing 27% of revenue
• #1 LoB 4% of revenue
• Average relationship of top 10 clients 16 years
• 2020 revenue retention 97%
… with long term relationships…Top 10 clients, duration of relationship, years
1128
191414
1721
813
19
123456789
10
Ø 16 years
• Continued acceleration of new business momentum
• Contract wins split ~50/50 between new logos and existing clients
• Rich pipeline and carry over provides solid growth momentum into 2022
Strong development of new sales
17
Contract wins new business1, Annual contract value, end Q1, MEURKey 2021-sales year wins
Global TelcoCustomer care
Carve out13 MEUR
Italy insuranceCustomer careItaly onshore
4 MEUR
Ministry of healthCOVID hotline
Germany onshore3 MEUR
Rideshare AppCustomer careEU nearshore
3 MEUR
Global TechTech support
US WAH20 MEUR
EU retaileCom customer care
Spain onshore2 MEUR
US Cable operatorBilling
Asia offshore1 MEUR
EU ConsumerCustomer careItaly nearshore
1 MEUR1. Excludes renewals and growth in existing contracts 2. 2020 Sales year is 9 months and ending September 2020. 2021 Sales year is 12 months and starting 1 Oct 2020.
1339 44
7611
56
4
2018
18
2019 20202 20212 2021 Outlook
60
132In-year Revenue
Strong first quarter with profitable organic growth
18
2020 Q1 2021 Q1
18.6
13.7
+35.3%
EBITDA, EUR Millions Revenue, EUR Millions
2020 Q1 2021 Q1
10.712.3+1.6pp
EBITDA Margin, Percent
• Organic growth 20%, currency impact -2%
• Growth driven by eCommerce & Tech sector and existing clients
• Positive volume impact and industry mix shift
• Operational excellence and productivity improvement
2020 Q1
150.9127.7
2021 Q1
+18.1%
Transcom continues on the trend
19
Revenue EUR millions; EBITDA1 percent
Solid and accelerating organic growth in continuing business• Strong growth in E-commerce & Tech• Investments in sales organization• Development of digital offering
Continued steady margin improvements• Client mix shift• Operational Excellence• Near/offshore delivery
115 76 50468
7.2%
2018*
9.8%9.1%
6.5%
2017*
11.6%
9.0%10.2%
2019
12.7%
2020
469542 558
58133
13.0%
11.3%
2021 Q1 LTM
2020 Q1 LTM
534
EBITDA Margin excl. IFRS 16Exited businessContinuing business
EBITDA Margin
* 2017 and 2018 EBITDA adj. For IFRS 16 is an estimate; IFRS16 reporting was fully implemented from 2019 onwards
469 468492
558
123
01
02
03
Company overview and Q1 highlights
20
Financial performance
Strategy going forward
Continued growth and margin improvement
21
• Continued strong revenue growth– 150.9 MEUR (127.7)– Growth of 18.1% in Q1 2021 (20.3% excluding currency
impact - all organic)• Q1 EBITDA ex Non-recurring items1
– 18.7 MEUR (13.8) – Margin of 12.4%, +1.6pp improvement vs Q1 2020
• Operating cash flow 11.7 MEUR (7.3), and net cash flow is 3.1 MEUR (3.0)
• Non-recurring items: -0.1 MEUR (-1.6) • Net debt/EBITDA of 3.3x (Q4 2020 of 3.3x)1
• Leverage according to bond definition: 4.6x (Dec 2020: 5.1x)2
Strong sequential momentum in growth and margin improvement
22
Revenue, EUR Millions
• Transcom is continuing the strong growth driven by eCommerce & Tech clients and primarily by English segment
• Continued y-o-y margin improvement in Q1• Volume, positive industry shift and operational
improvements contribute to the margin expansion
EBITDA Margin, Percent
134 131142132 140
157
128151
Q1Q2 Q3 Q4
-1.3% +7.6%+11.0% +18.1%
Q3Q2 Q4 Q1
13.2
9.110.811.1
12.411.0
14.3 15.1+2.0pp+2.2pp
+0.8pp
+1.6pp
2019 2020 2021
Organic growth of 20% and margin improvement of 2.7 pp vs Last year
23
All figures in EUR Millions
Q1 2020Growth and Productivity Currency
In-organic/structural changes Q1 2021
Revenue 127.7 25.9(+20.3%) -2.7 - 150.9
EBITDA 13.8 6.9 -2.0 - 18.7
EBITDA Margin 10.8% +2.7 pp -1.1 pp - 12.4%
Development by segment
Revenue EBITDA EBITDA Margin, %
MEUR Q120 Q121 Change Q120 Q121 Change Q120 Q121 Change
Sector eCommerce & Tech
44.4 64.9 46% 7.3 12.3 5.0 16.4 19.0 2.5pp
Services & Utilities
41.2 43.9 7% 3.1 4.9 1.8 7.5 11.2 3.6pp
Telco & Cable
42.2 42.1 +/- 0% 3.3 1.4 (1.9) 7.8 3.3 (4.5pp)
Region Europe 84.6 95.1 12% 5.8 10.1 4.3 6.9 10.6 3.8pp
Global English
43.1 55.7 29% 8.0 8.6 0.6 18.6 15.4 (3.1pp)
TOTAL 127.7 150.9 18% 13.8 18.7 4.9 10.8 12.4 1.6pp
24
Q1 2021 is continuing the long-term profitability improvement trend
25
Summary of historical P&L1
EUR Millions 2017 2018 2019 2020 2021Q1 LTM
2020Q1
2021Q1
Sales 584.0 543.6 541.5 557.8 580.9 127.7 150.9
Cost of sales -456.3 -419.3 -399.3 -405.2 -422.9 -93.7 -111.2
D&A2) -8.2 -7.7 -10.9 -11.8 -11.9 -2.9 -3.0
D&A leasing -0.4 -0.2 -0.2 -0.1 -0.1
Gross profit 119.5 116.7 130.9 140.6 146.1 31.1 36.7
% margin 20.5% 21.5% 24.2% 25.2% 25.2% 24.3% 24.3%
SG&A -89.5 -85.1 -79.3 -81.8 -82.6 -20.3 -21.0
D&A2) - -0.9 -1.3 - -0.3
D&A leasing -12.5 -13.0 -14.0 -3.1 -4.1
Adj. EBITA1) 30.0 31.6 39.0 44.8 48.3 7.7 11.2
% margin 5.1% 5.8% 7.2% 8.0% 8.3% 6.0% 7.4%
Adj. EBITDA1) 62.8 70.8 75.7 13.8 18.7
% margin 11.6% 12.7% 13.0% 10.8% 12.4%
Adj. EBITDA excl. IFRS 16 38.2 39.4 48.8 56.6 60.9 10.1 14.4
% margin 6.5% 7.2% 9.0% 10.2% 10.5% 7.9% 9.5%
• Strong EBITDA development primarily driven by organic growth
• Positive EBITDA margin development mainly due to increased operational leverage on fixed cost
• Continued underlying Gross profit margin improvement due to operational excellence, positive client mix shift and increased near/offshore delivery
• Short term Gross profit margin impacted by increase of training cost due to growth, Covid costs and negative currency impact
New clients provide recurring and growing revenue
26
Revenue from new clients*
Client vintage
2018
2019
2020
6 9 10
8
22
8
2018 2019 2020
2018 2019 2020
• Long term relations providing recurring revenue
• Client growth and increased share of wallet drives growth
• Limited client churn provides resilient revenue
Continued strong growth in the most attractive sector
27
Note: On July 27, 2018, the group acquired Awesome OS which has been consolidated from this date. 2019 includes Latin America until Feb 2019 (0.9M Sales and -0.1M EBITA). Adj. EBITDA% per industry includes allocation of unallocated/group-wide expenses.
7.1%
10.4%
19.5%
EBITDA LTM 2021
Revenue by industry, EUR Millions
140 167 210 230
195195
177 179
208 179 172 172
2019 2021 LTM2018 2020
Telco & Cable
Services & Utilities
eCommerce & Tech
543 542 558 581• 46.2% revenue growth in
eCommerce & Tech vs Q1 last year, 33.8% growthLTM
• Accelerated demand growth and increased market share in eCommerce & Tech
Continued near/offshore expansion in 2020 – More to come 2021
28
Revenue by type of delivery, Percent
Note: On July 27, 2018, the group acquired Awesome OS which has been consolidated from this date. 2019 includes Latin America until Feb 2019 ((0.9M Sales and -0.1M EBITA).
65 58 54 53
66 9 11
20 25 24 24
9 10 12 12
Onshore
Nearshore
2018
North America WAH
2019 2020
Offshore
2021 LTM
EBITDA 2020Teens
High teens
Single digit
Four near/offshore sites launched or expanded during 2020• Cairo, Egypt• Tuzla, Bosnia & Herzegovina• Davao, Philippines• Zagreb, Croatia
Three new near/offshore sites announced, operational Q1-Q2 2021• Bogota, Colombia• Malaga, Spain• Zenica, Bosnia & Herzegovina
Single digit
Reduction of NRIs
Non-recurring items, EUR millions
Note: FY 2017 is consolidated at Issuer level and full year adjusted for the acquisitions of TWW group and Xzakt group.29
Q1 NRI totaled –0.1 MEUR related to transaction-related costs.
The majority of NRIs during LTM relates to the transformation program support (EUR 10m) completed in 2020*
From 2021, all Covid costs are taken as operational
• In Q1 2020 Covid costs reported as NRI amounted to 0.8 MEUR (LTM of EUR 7m)
• In Q1 2021 1.5M of Covid costs have been reported as operational costs, and not part of the NRI
Q1-
2017
9.5
37.3
Q2-
2017
2.6
16.6
8.38.4
Q3-
2017
6.0
Q4-
2017
23.8
Q1-
2018
Q2-
2018
Q4-
2018
34.4
3.6
Q3-
2018
10.1
Q3-
2019
Q1-
2019
3.1
15.0
20.6
Q2-
2019
11.5
Q4-
2019
7.2 6.0
Q1-
2020
Q2-
2020
Q3-
2020
17.6
Q4-
2020
Q1-
2021
5.37.2
2.2
20.0
3.5 4.3
0.5
34.532.5
7.0
20.9
0.8 1.6
22.4
0.1
4.0
Quarter LTM* Performance-based component might lead to single-digit additional NRI in the coming quarters
Stable cash flow in the quarter
30
• Q1 operating cash flow is EUR 11.7 million (7.3), mostly driven by positive profit/loss before tax.
• Q1 working capital change is EUR -5.9 million (4.0) – mainly explained by increased sales which have increased our working capital compared to same period last year
EURm 2019 2020 2020 Q1 2021 Q1
Profit/loss before tax 2,143 -7,949 -923 3,329
Adjustments for non-cash items 33,429 38,599 8,071 9,775
Net financial items 17,565 19,445 4,292 5,041
Income taxes paid -7,456 -4,881 -126 -575
Changes in working capital 5,684 5,040 -3,997 -5,874
Operating cash flow 51,366 50,255 7,318 11,696
Investments/disposals -16,522 -14,438 -3,144 -3,806
Acquisitions/disposals of business, net of cash -1,101 -6,781 - -13,675
Other -560 98 -27 -166
Cash flow from investing activities -18,183 -21,121 -3,117 -17,647
Cash flow from financing activities -32,055 -28,775 -1,242 9,045
Cash flow for the period 1,127 359 2,959 3,094
Q1 working capital within normal variations
Note: 2017-2018 figures are consolidated at Issuer level. Q2 2017 and onwards includes the acquisition of Xzakt group.Q3 2018 and onwards, includes the acquisition of Awesome group.
EUR millions
31
36
2326
27
31
22
29
34
25
3032
3031
28
14
23
26
Q4 17
6.4%
4.0%
6.1%
4.3%
Q1 17 Q2 18Q3 17Q2 17 Q4 20
5.5%
Q1 18
3.9%
5.3%5.9%
6.3%
Q3 18 Q4 18
4.1%4.7%
Q1 19
5.5%
Q2 19
5.8%
Q3 19
5.6%
Q4 19 Q1 20
5.2%
Q2 20
2.6%
Q3 20
4.5%
Q1 21
NWC, total NWC % of LTM Sales
Q2-Q3 2020: Covid-related government support in terms of deferred taxes, due in 2022, total of EUR 12 M
Q4 2020: Timing effect of increased receivables
Q1 2021: Timing effect of decreased payables
Net debt and leverage development
32
231 233251
204 205218
3.3x
4.23.7x
4.6x
2019
5.0x
2020
3.3x
2021 Q1
Debt structure Maturity
Outstanding balance
2019 2020 2021 Q1
Fixed rate secured notes Mar 2023 180.0 180.0 180.0
Secured term loan Mar 2023 - 20.0 20.0
SSRCF incl overdraft facility usage Sep 2022 21.0 - 15.3
5-year secured bond Sep 2022 10.0 10.0 10.0
Lease liabilities 27.5 28.8 33.3
Other liabilities3) 7.1 8.2 8.0
Gross debt 245.6 247.0 266.6
Cash on balance 14.3 13.7 15.2
Net debt 231.2 233.3 251.4 Net debtLeverage (bond definition)2Leverage1
Net debt excl. Lease liabilities
All figures in EUR Millions
Net debt and leverage
1) Net debt, incl. Lease liabilities/fully adjusted EBITDA; 2) Net debt, excl. Lease liabilities, subordinated loans and pension liabilities /adj. EBITDA excl. IFRS16 impact and not including non-recurring items in excess of 15% of EBITDA. 3) Other liabilities includes subordinated loans, pension liabilities and unamortized cost.
Appendix: EBITDA and Net Debt IFRS 16 impact
33
Restated figures per Quarter 2019-20202019
Q12019
Q22019
Q32019
Q42019
FY2020
Q12020
Q22020
Q32020
Q42020
FY
Operating profit/loss (EBIT) 3.1 2.0 5.2 9.5 19.7 3.4 -0.9 1.1 7.9 11.5
Amortization, transaction-related
2.7 2.7 2.7 2.7 10.9 2.7 2.7 2.7 2.7 10.9
Non-recurring items 4.0 3.1 0.8 0.5 8.4 1.6 7.2 8.3 5.3 22.4
EBITA excl. Non-recurring items
9.9 7.8 8.7 12.7 39.0 7.7 9.0 12.1 15.9 44.8
Depreciation IFSR 16 4.0 2.0 3.3 3.3 12.6 3.1 3.0 3.4 3.8 13.3
Depreciation/Amortization 2.2 2.2 2.4 4.1 10.9 2.9 2.8 3.0 4.0 12.7
EBITDA excl. non-recurring items*
16.0 12.2 14.4 20.2 62.8 13.8 14.7 18.5 23.7 70.8
EBITDA margin excl. non-recurring items* 11.8% 9.1% 11.0% 14.3% 11.6% 10.8% 11.1% 13.2% 15.1% 12.7%
EBITDA excl. non-recurring items (previously reported)
11.9 9.7 10.6 16.6 48.8 10.1 11.5 15.3 19.7 56.6
EBITDA margin excl. non-recurring items (previously reported)
8.8% 7.2% 8.1% 11.7% 9.0% 7.9% 8.7% 10.9% 12.5% 10.2%
Net debt (previously reported)
198.1 202.9 206.0 203.7 203.7 202.1 209.4 197.3 204.5 204.5
Leasing liabilities IFSR16 31.7 29.6 30.5 27.5 27.5 28.9 26.2 30.0 28.8 28.8
Net debt* 229.8 232.5 236.5 231.2 231.2 231.0 235.7 227.3 233.3 233.3
Leverage Net debt/EBITDA (LTM)*
5.0 4.5 4.1 3.7 3.7 3.8 3.7 3.4 3.3 3.3
* Recalculated to include IFSR 16 Leases
123
01
02
03
Company overview and Q1 highlights
34
Financial performance
Strategy going forward
Financial targets
35
Continuation on the trend• Operational Excellence• Client mix shift• Near/offshore expansion
Sustaining current momentum• Continued mix shift towards eCommerce & Tech• Investments in sales and commercial organization• Grow share of wallet of strategic clients
Shifting up to the next gear• Supporting strategic shift: Digital, Ecommerce & Tech• Near and offshore delivery• Reinforcing market access and accretive in-market bolt-ons
Conservative leverage, reinvesting in growth when leverage permits• Strong cash flow generation and EBITDA expansion providing natural de-leveraging• Ability for targeted accretive M&A growth within leverage limits
>16% EBITDA IFRS 16
>5–10% organic
growth p.a.
>5–10% acquired
growth p.a.
Conservative leverage
We continue to execute on our priorities to achieve our targets
36
Client focus• Invest in commercial and solutions organization• Protect existing client base• Invest in North America
Operational excellence• Finalize performance management roll-out • Implement group-wide operating model • Continue client-by-client improvement approach
Culture and leadership• Leadership for people performance• Clear, decentralized accountability and lean OH• Culture of client and customer centricity
Execution priorities
Develop digital services• Digital CX Advisory• Digital solutions• Digital operations
Evolve delivery options• Nearshore• Offshore• Work At Home
Continue client & service mix shift• eCommerce & Tech• Carveouts/M&A• Adjacent services
Strategic priorities