Ann: Customer update and FY23 preliminary results, page-206

Analysts are lazy always have been.

This is the type of reporting we will be seeing without Big tech on the print.

This is mostly Deep Learning. If there is a suitor for this business - it needs to be valued appropriately. Because Deep Learning ex Big tech is growing.

New Markets secured 89 new client wins. The Enterprise team secured 22 new client wins which included search relevance, taxonomy and annotation work for a US online e-commerce platform. Enterprise also secured an extension and expansion for in-cabin data collection for a global car manufacturer. The average deal size signed was $106,000, up 16.5% from the average deal size of $91,000 in H1 FY22.

China, Japan and Korea secured 50 new clients, which included LLM projects, projects with large tech and leading automobile companies, and a project with a large multinational conglomerate. China remained focused on growth and maintaining its position as a leading AI data company with the release of two new platforms, 1) an LLM Data Training platform, and 2) a SaaS Annotation platform. The China business continues to support 10 of the leading auto companies, the top 10 internet companies and the top four mobile companies. Leveraging off the success and infrastructure support in China, our presence in Japan and Korea continues to grow, with leading tech, auto and multinational companies among our customers.

Quadrant posted good revenue growth from a relatively small base. This primarily reflects an increase in data subscriptions contracts. Quadrant also secured 17 new clients wins.

Government recorded good revenue growth, albeit from a small base. This primarily reflects the delivery of large contract won in FY22.

The Death and Rebirth

..and Gen A.I is also growing.. the huge benefit is Big Tech switch away from Deep Learning and data refresh won't dampen the underlying business which is very busy.



This is not any advice just providing some evidence the underlying core business ex Big Tech has always been good and largely overlooked.

The $200m FY24e revenue ex Google is mainly made up with this type of stuff. Just needs to hang on for 12 more months but think current valuations are mis aligned and out of proportion.