The guidance looks conservative to me? - Software did 34.4m net...

The guidance looks conservative to me?

- Software did 34.4m net revenue in 2H-23 (69m annualized), they sold nearly 50m TCV in 2H (including 23m late June) so their exit run rate should be well above 69M. They also said they expect to set another TCV sales record in FY24, and software consulting is expected to be up now they have solved hiring. Unless there is a huge churn off maintenance revenue, it's hard to see them doing less than 80m software in FY24.

- Advisory did 32M annualized in 2H-23, and enters FY24 with more headcount, a bigger backlog, and more recurring work than this time last year.

Given they had to slightly revise down revenue guidance earlier this year (which I assume they do not want to repeat), and given they're buying back stock so aren't incentivized by a higher stock price, I think they're intentionally setting the bar a bit low with the hope of exceeding it.