VRTU
#So like you observed, the DSO was higher this quarter, primarily bringing Polaris on to our set of books.
Polaris DSO was always a little bit higher.
Even though I have provided color that the Virtusa DSO is relatively flat, so we believe their DSO will come down for the remainder of the year.
This first quarter is usually a seasonal cash-use quarter because we have incentive payout awards that get paid in the Q1 quarter.
So therefore, we should be accreting cash for the remainder of the year.
Across the board, we have seen, whether it be our largest accounts, Citi, where we have actually been selected by them as a strategic preferred partner across the entire remit of Citi, or otherwise, we have generally benefited from some of the vendor consolidation activities that have been going on.
And we have expanded our ability to provide a much larger portfolio of services, which I think bodes well from a consolidation perspective.
So, Vince, to specifically answer your question, we don't believe that the headwinds we are seeing are the result of vendor consolidation as much as just delayed decision-making just across our client base tied to macroeconomic headwinds.
So I will start and maybe <UNK> can add.
Our expectations for Citi remain the same.
We have actually executed extraordinarily well.
We have strengthened our relationships there, and we are seeing very good pipeline momentum at Citi.
<UNK>, anything you would like to add.
Yes, I think our full-year guidance for Citi is in the $120 million range, which is in line with our expectation.
Keep in mind that this takes into account a significant amount of reduction in revenue because of the commitments to cost reduction through efficiency improvement that we signed up to.
And a lot of that gas is getting filled up by new opportunities and new deals that we are signing up with Citi.
And the good thing is that we are finding that the distractions across all parts of Citi, not just the corporate bank or the transaction banking, but also in the communal bank, in their ATM business and cards business and also the private bank, and a lot of traction that we've also seeing in the corporate technology office, which is a managed risk and compliance kind of program, and also data and analytics kind of initiatives.
So just to add a little bit more color to this and an earlier question around the kind of things that are getting delayed, in the BSS sector, the spend around digital transformation programs and risk and compliance programs remains strong.
That's not something that is very significantly impacted by all these headwinds.
[Around] the bank and the [VA] kind of activities where the banks are obviously under a lot of pressure to reduce their costs and commissions, and that is where they're trying to figure out whether or not they want to continue some programs, whether or not it makes sense for them to consolidate some of their suppliers and trying to drive spend down by getting [rid] accounts and so on and so forth.
But to the extent that our primary strategy is to eventually be a transformation and innovation partner for our Citi and our other banking clients, I think we are in a very good place to be able to weather that and to essentially emerge with positive revenue growth in the coming quarters.
Thank you all for joining.
I want to take this opportunity to thank our global team members for their hard work and dedication toward the success of our clients' programs.
Thank you.
