Ci&T Inc (CINT) 2025 Q2 法說會逐字稿

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Welcome to Ci&T earnings call for the second quarter of 2025. I am Eduardo Galvao, Director of Investor Relations at Ci&T. Presenting our results with me today are Cesar Gon, our Founder and CEO; Bruno Guicardi, Founder and President for North America and Europe; and Stanley Rodrigues, our CFO.

歡迎參加 Ci&T 2025 年第二季財報電話會議。我是 Ci&T 投資者關係總監 Eduardo Galvao。今天與我一起展示我們業績的有我們的創始人兼執行長 Cesar Gon、北美和歐洲創始人兼總裁 Bruno Guicardi 以及我們的財務長 Stanley Rodrigues。

This event is being recorded (Operator Instructions) If you'd like to submit a question, please send it via email to investors@int.com. The presentation is available on the company's investor relations website, and the replay will be available shortly after the event is concluded.

本次活動正在錄製中（操作員指示）。如有任何疑問，請發送電子郵件至 investors@int.com。簡報可在公司投資者關係網站上獲取，重播將在活動結束後不久提供。

Some of the matters we'll discuss on this call, including our expected business outlook are forward-looking statements. They are subject to known and unknown risks and uncertainties which could cause actual results to differ from those expressed on this call. We caution you not to place undue reliance on these forward-looking statements, as they're valid only as of the date when made. During this presentation, we'll comment on certain non IFRS financial measures to evaluate our business. Please refer to the reconciliation tables of non IFRS measures in the earnings release for more details.

我們將在本次電話會議上討論的一些事項，包括我們預期的業務前景，都是前瞻性陳述。它們受到已知和未知的風險和不確定性的影響，這可能導致實際結果與本次電話會議所表達的結果不同。我們提醒您不要過度依賴這些前瞻性陳述，因為它們僅在作出之日有效。在本次簡報中，我們將評論某些非國際財務報告準則的財務指標來評估我們的業務。請參閱收益報告中非國際財務報告準則指標的調整表以了解更多詳情。

At this time, I'll pass it on to Cesar Gon to begin our presentation.

現在，我將把它交給 Cesar Gon 開始我們的演示。

Thank you, Galvao, and good afternoon, everyone. Today companies demand more than innovation. They want measurable business impact. AI may be overhyped to some, under hyped to others, but one thing is clear Tech technology investments must deliver strategic returns.

謝謝你，加爾沃，大家午安。如今，企業需要的不僅是創新。他們希望獲得可衡量的業務影響。有些人可能會對人工智慧過度炒作，而有些人則認為人工智慧炒作不足，但有一點是明確的，即技術投資必須帶來策略回報。

That's where Ci&T stands out. We adapt constantly to meet our clients' needs powered by two engines, our expert teams. And our specialized AI platform Ci&T Flow. Together they orchestrate mission curriculum projects in real time, delivering fast execution, higher quality, and a strong return on investment.

這就是 Ci&T 脫穎而出的地方。我們不斷調整以滿足客戶的需求，這主要得益於兩個引擎——我們的專家團隊。以及我們專門的AI平台Ci&T Flow。他們共同即時協調任務課程項目，實現快速執行、提高品質和豐厚的投資回報。

We call this tech integrated business solutions, seamlessly combining business transformation with technology and AI. It gives leaders the clarity and predictability they need and it's deepening our partnerships, specially with our largest clients. We believe that the future belongs to companies that unite business and technology into one integrated strategy. The strength of this approach is reflected in our results, which I'm pleased to share with you now.

我們稱之為技術整合業務解決方案，將業務轉型與技術和人工智慧無縫結合。它為領導者提供了所需的清晰度和可預測性，並加深了我們的合作夥伴關係，特別是與我們最大的客戶的合作關係。我們相信，未來屬於那些將業務和技術融為一體、形成綜合策略的公司。這種方法的優勢體現在我們的成果中，我很高興現在與大家分享。

Now let's review our second quarter, 2025 financial highlights. Our strategy of embedding deeply with large clients and delivering clear value has allowed us to maintain our momentum and deliver strong performance. Our revenue reached $117.2 million, which represents an organic growth of 12.3% at constant currency compared to the same period last year.

現在讓我們回顧一下 2025 年第二季的財務亮點。我們與大客戶深度合作並提供明確價值的策略使我們能夠保持發展勢頭並取得強勁的業績。我們的營收達到 1.172 億美元，以固定匯率計算，與去年同期相比有機成長 12.3%。

On the profitability front, adjusted EBITDA margin was 18.4% as expected this represents a sequential improvement from the first quarter underscoring our commitment to operational excellence and disciplined cost management.

在獲利能力方面，調整後的 EBITDA 利潤率為 18.4%，符合預期，這比第一季度有所改善，凸顯了我們對卓越營運和嚴格成本管理的承諾。

Furthermore, adjusted profit margin stood at a healthy 10.4%. This solid financial foundation allowed us to continue investing in the key pillars of our growth, particularly in our AI force offerings, which are reshaping what's possible for our clients.

此外，調整後的利潤率達到健康的10.4%。堅實的財務基礎使我們能夠繼續投資於我們成長的關鍵支柱，特別是我們的人工智慧產品，這些產品正在重塑我們客戶的可能性。

Your cars are smart, your processes still stuck in first gear. Ci&T flow hits the gas. From design to delivery, we automate the digital journey, marketing sales after sales, all accelerated, built to move at the speed of your ambition. It feels like magic, but really it's just damn good math.

您的汽車很智能，但您的流程仍停留在一檔。Ci&T 流量衝擊氣體。從設計到交付，我們實現了數位化旅程的自動化，行銷銷售也實現了自動化，一切都加速進行，旨在按照您的雄心壯志的速度發展。這聽起來像是魔術，但其實這只是非常好的數學而已。

Now take a look at what we are building with Ci&T flow. For three years, Ford has trusted us to accelerate its digital transformation across South America from modernizing platforms, expanding capabilities, and delivering with Gen AI strategies, including an early rollout of the parts warehouse platform in Argentina and the migration of more than 75 applications to Google Cloud.

現在看看我們正在使用 Ci&T 流程建立什麼。三年來，福特一直信任我們，希望我們能夠加速其在南美的數位轉型，包括平台現代化、功能擴展和實施 Gen AI 戰略，包括在阿根廷早期推出零件倉庫平台以及將 75 多個應用程式遷移到 Google Cloud。

With intelligence under the hood and AI driving efficiency, we are moving faster and smarter. BB Seguros is changing customer experience with VR gamification. In partnership with us and Eagle Agency, BB Seguros launched Playa Proteal, a virtual reality game that makes insurance an immersive, intuitive experience.

借助智慧引擎和人工智慧驅動效率，我們的發展速度更快、更智慧。BB Seguros 正在透過 VR 遊戲化改變客戶體驗。BB Seguros 與我們和 Eagle Agency 合作推出了 Playa Proteal，這是一款虛擬實境遊戲，讓保險成為一種身臨其境的直覺體驗。

Built with accessibility in mind, the experience is available on VR headsets and smartphones, making learning about insurance in real life simple, engaging and memorable. In a world of daily potential risks, playing it smart is the best kind of insurance.

該體驗在設計時充分考慮了可訪問性，可透過 VR 耳機和智慧型手機進行，讓在現實生活中學習保險變得簡單、有趣且令人難忘。在一個每天都充滿潛在風險的世界裡，明智行事是最好的保險。

Natura is enhancing digital access by using AI to create more inclusive experiences for people with disabilities. The project improves accessibility for 1.8 million Natura and Avon Consultants by collecting feedback and adapting interfaces to different navigation needs. Over 60 professionals worked with Ci&T flow to identify and resolve invisible barriers in real time. Natura and Ci&T, creating digital experiences that care.

Natura 正在利用人工智慧增強數位訪問，為殘疾人創造更具包容性的體驗。該專案透過收集回饋並根據不同的導航需求調整介面，提高了 180 萬 Natura 和 Avon 顧問的可近性。超過 60 名專業人員與 Ci&T flow 合作，即時識別和解決隱形障礙。Natura 和 Ci&T 創造關懷的數位體驗。

As payments go digital, 1.2 billion people with disabilities risk being left behind. 87% of those with learning disabilities rely on unsafe workarounds, (inaudible) linker sharing pins just to pay. The system just isn't built for them. That's why we partnered with Project Nemo, a not for profit focused on financial inclusion to create a solution.

隨著支付數位化，12 億殘疾人面臨被拋在後面的風險。 87% 的學習障礙者依靠不安全的變通方法（聽不清楚）連結器共享密碼來付款。這個系統根本就不是為他們而建造的。這就是我們與專注於金融包容性的非營利組織 Project Nemo 合作創建解決方案的原因。

Brilliant, thank you. Yeah, I love it. I love this. In six weeks, we designed Nemo, an art of the possible app prototype that helps adults with learning disabilities, manage their finances independently with trusted support when needed.

太棒了，謝謝。是的，我喜歡它。我喜歡這個。在六週內，我們設計了 Nemo，這是一個可行的應用程式原型，可以幫助有學習障礙的成年人在需要時獲得可信賴的支持，獨立管理他們的財務。

That should be everywhere. That's general population, isn't it? Accessibility is not a disabled word. Everybody who doesn't want things done simply. With Ci&T and Project Nemo, inclusive banking is here. And it's just the beginning.

那應該無所不在。這就是一般人群，不是嗎？可訪問性不是一個禁用詞。每個不想讓事情簡單完成的人。藉由 Ci&T 和 Nemo 項目，普惠銀行已成現實。而這只是個開始。

We are proud to announce that we've joined AWS's Gen AI Partner Innovation Alliance, becoming one of just 15 partners worldwide and only the second in Latin America to be selected. With a shared commitment to driving impact through generative AI, this exclusive alliance brings us closer to AWS's most advanced Gen AI leaders, tools, and opportunities.

我們很自豪地宣布，我們已加入 AWS 的 Gen AI 合作夥伴創新聯盟，成為全球僅有的 15 個合作夥伴之一，也是拉丁美洲第二個被選中的合作夥伴。透過共同致力於透過生成性人工智慧推動影響力，這項獨家聯盟使我們更接近 AWS 最先進的 Gen AI 領導者、工具和機會。

The journey continues, now with even more intelligence behind it. Sitting on a fortress of financial data, but speed nowhere to be found. That's why there's Ci&T flow. We streamline insights and unlock real-time decisions. AI to modernize your banking applications faster. No more waiting on yesterday's numbers. It feels like magic, but really it's just damn good math.

旅程仍在繼續，現在，旅程背後將有更多智慧支撐。坐擁金融數據堡壘，速度卻無處可尋。這就是 Ci&T 流出現的原因。我們簡化洞察並解鎖即時決策。人工智慧可以更快地實現您的銀行應用程式的現代化。不再等待昨天的數字。這聽起來像是魔術，但其實這只是非常好的數學而已。

Now take a look at what we are building with Ci&T flow. We took center stage at Febrbon Tech 2025, Brazil's largest financial technology event, leading eight panels. We brought together leaders from banks and tech to the stage and also launched a consumer trends study developed in partnership with (inaudible) 1,824, exploring how new behaviors are reshaping the financial sector. (spoken in foreign language)

現在看看我們正在使用 Ci&T 流程建立什麼。我們在巴西最大的金融科技盛會 Febrbon Tech 2025 上佔據中心位置，主持了八個小組討論。我們邀請了銀行和科技領域的領導者登台，並啟動了與 (聽不清楚) 1,824 合作開展的消費者趨勢研究，探索新行為如何重塑金融業。（用外語說）

At our booth built with AWS intel and data bricks, visitors experienced hands-on how AI is transforming financial services. Let's keep navigating the future of smart finance.

在我們用 AWS 智慧和資料塊搭建的展位上，參觀者親身體驗了人工智慧如何改變金融服務。讓我們繼續探索智慧金融的未來。

These are just a few examples of our strategy in action. I'll now turn it over to Bruno to discuss our offerings and talented strategy that brings these results to life.

這些只是我們實施策略的幾個例子。現在我將把主題交給布魯諾，來討論我們的產品和實現這些成果的卓越策略。

Thank you, Cesar. It's a pleasure to be here to talk about our AI initiatives. Our ability to achieve true enterprise-wide adoption has been a key differentiator for Ci&T. Through a structured approach, we have successfully scaled AI across our entire organization. This positions us ahead of the market, allowing us to guide our clients with proven experience, not just theory.

謝謝你，塞薩爾。我很高興來到這裡談論我們的人工智慧計劃。我們實現真正企業範圍採用的能力一直是 Ci&T 的關鍵差異化因素。透過結構化方法，我們已成功在整個組織內推廣人工智慧。這使我們在市場上處於領先地位，使我們能夠用成熟的經驗而不是理論來指導我們的客戶。

Our AI power platform [SanTFlow] has been central to this success and has become a significant factor in our go to market strategy, proving instrumental in both landing new clients and expanding our relationships with existing ones.

我們的人工智慧平台 [SanTFlow] 是這項成功的核心，並已成為我們市場策略的重要因素，在吸引新客戶和擴大與現有客戶的關係方面發揮了重要作用。

We channel this expertise into three core offerings, unlocking measurable business impact with hyper efficient teams, driving AI lattice modernization, and empowering clients with a safe and compliant AI first transformation.

我們將這些專業知識融入三大核心產品：透過高效的團隊釋放可衡量的業務影響、推動人工智慧網格現代化，並為客戶提供安全合規的人工智慧優先轉型。

Now, let me show you a concrete example of hyper efficiency in practice. Our hyper efficiency offering answers our clients' critical challenges, how to innovate faster, adapt to change, and drive growth. Our approach is not about a tool, but a powerful combination of three core elements.

現在，讓我向你們展示一個實踐中超效率的具體例子。我們的超高效產品解決了客戶面臨的關鍵挑戰，即如何更快地創新、適應變化並推動成長。我們的方法不是關於工具，而是三個核心要素的強大組合。

First, our adaptive teams which bring the right expertise and a collaborative mindset. Second, our processes, which are designed from start to finish with AI in the center. And third, our AI powered technology orchestrated by our Ci&T flow platform.

首先，我們的適應性團隊擁有正確的專業知識和協作思維。其次，我們的流程從頭到尾都是以人工智慧為中心設計的。第三，我們的人工智慧技術由我們的 Ci&T 流平台精心策劃。

The results of this integrated approach are tangible and significant. As you can see, we are delivering efficiency gains of over 50% across the entire digital creation cycle for major clients in industries like insurance, retail and consumer goods.

這種綜合方法的成果是切實而顯著的。如您所見，我們為保險、零售和消費品等行業的主要客戶在整個數位創作週期中實現了超過 50% 的效率提升。

This is achieved through a powerful partnership between our people and AI. We augment our expert teams with AI agents, allowing them to focus on how values strategic work, while AI accelerates complex tasks. Ultimately this is about more than just speed. It's about delivering a superior value proposition, enabling our clients to achieve their business goals with greater quality and predictability.

這是透過我們的員工和人工智慧之間的強大合作實現的。我們透過人工智慧代理增強我們的專家團隊，使他們能夠專注於價值策略如何運作，同時人工智慧可以加速複雜的任務。歸根結底，這不僅僅關乎速度。它是關於提供卓越的價值主張，使我們的客戶能夠以更高的品質和可預測性實現他們的業務目標。

We ended the second quarter with over 7,600 Ci&Tiers, a growth of more than 22% year over year. This deliberate expansion ensures we have the capacity and skills to meet the increased demand for our AI for solutions. Stability is just as important as growth, and our voluntary attrition rate remains at a healthy 10.6%. This industry leading retention directly reflects our culture, which fosters growth, learning, and impact. Together, this growth and stability create a powerful people platform that enables us to deliver on our promises and drive sustainable growth for the company.

截至第二季度，我們的 Ci&Tiers 數量超過 7,600 個，較去年同期成長超過 22%。這種刻意的擴張確保我們有能力和技能來滿足對人工智慧解決方案日益增長的需求。穩定與成長同樣重要，我們的自願離職率維持在健康的 10.6%。這種行業領先的保留率直接反映了我們的文化，即促進成長、學習和影響。這種成長和穩定共同創造了一個強大的人才平台，使我們能夠兌現承諾並推動公司的永續成長。

Now, I'll pass it on to Stanley to come in on our financial performance.

現在，我將把報告交給史丹利，請他來報告我們的財務表現。

Thank you, Bruno, and good afternoon, everyone. I'm happy to walk you through the results of another strong quarter for Ci&T. In the second quarter of 2025, our revenue was $117.2 million. An increase of 8% from the same period last year. When adjusting for currency fluctuations, our organic revenue growth at constant currency was 12.3% year-over-year.

謝謝你，布魯諾，大家午安。我很高興向您介紹 Ci&T 又一個強勁季度的業績。2025年第二季度，我們的營收為1.172億美元。較去年同期成長8%。經貨幣波動調整後，以固定匯率計算，我們的有機收入年增 12.3%。

This marks our third consecutive quarter of double digital organic growth at constant currency. This consistent and predictable performance underscores the resilience of our business model and reinforces our confidence in achieving our full year guidance.

這是我們連續第三個季度以固定匯率實現雙倍數字有機成長。這種一致且可預測的表現凸顯了我們商業模式的彈性，並增強了我們實現全年預期的信心。

Our consistent growth is supported by a resilient and diversified business model anchored in our two most representative regions, North America and Latin America. In the second quarter, revenue from LatAm increased by 26% year-over-year, and we see continued momentum there in both landing new logos and expanding our existing partnerships.

我們的持續成長得益於我們最具代表性的兩個地區——北美和拉丁美洲——的彈性和多元化業務模式。第二季度，來自拉美地區的營收年增了 26%，我們看到該地區在推出新品牌和擴大現有合作夥伴關係方面繼續保持強勁勢頭。

North America grew by a solid 7%, showing consistent performance on top of a relevant base from 2024. In addition, revenue from our top 10 clients grew by 12% compared to the same period last year. This growth demonstrates our ability to expand within our largest accounts by consistently delivering efficiency and tangible business results.

北美地區穩健成長 7%，在 2024 年的相關基數上表現出穩定的表現。此外，我們來自前十大客戶的營收與去年同期相比成長了12%。這一成長表明，我們有能力透過持續提供效率和切實的業務成果來擴大我們最大的客戶群。

This chart clearly shows our land and expanding strategy in action. We expanded our high potential cohort of clients in the 5 to 10 million range from 11 clients in 2024 to 15 over the last 12 months. This growth is a key leading indicator building the pipeline for our next generation of strategic accounts, fostering sustainable growth.

這張圖表清楚地顯示了我們的土地和擴張策略的實際實施。我們將 500 萬至 1,000 萬範圍內的高潛力客戶群從 2024 年的 11 位客戶擴大到過去 12 個月的 15 個。這一成長是一個關鍵的領先指標，為我們的下一代策略帳戶建立管道，促進永續成長。

For the second quarter of 2025, adjusted EBITDA was $21.5 million, making a 3.1% year-over-year growth. This corresponds to an adjusted EBITDA margin of 18.4%. In the first half of 2025, our adjusted EBITDA grew 8.5%, and the adjusted EBITDA margin was 30 basis points higher compared to the same period last year.

2025 年第二季度，調整後 EBITDA 為 2,150 萬美元，年增 3.1%。這相當於調整後的 EBITDA 利潤率為 18.4%。2025年上半年，我們的調整後EBITDA成長了8.5%，調整後EBITDA利潤率比去年同期高出30個基點。

Cash generated from operating activities for the first half of 2025 amounted to $33.7 million achieving an 82% cash conversion from adjusted EBITDA to operating cash. Our strong financial position provides the flexibility to pursue opportunities that enhance our competitive standing and create long term value for our stakeholders. In this context, we have a share buyback program in place and we remain active.

2025 年上半年經營活動產生的現金為 3,370 萬美元，調整後 EBITDA 向經營現金的現金轉換率為 82%。我們強大的財務狀況使我們能夠靈活地尋求機會，增強我們的競爭地位，並為我們的利害關係人創造長期價值。在此背景下，我們制定了股票回購計劃並保持活躍。

Finally, adjusted profit recorded $12.2 million in the second quarter of 2025 compared to $12.5 million in the same period previous year. This led to an adjusted net income margin of 10.4%. In the first half of 2025, the adjusted profit was $21.8 million a 4.3% increase over the first half of 2024. Our adjusted diluted earnings per share was $0.09 in the second quarter of 2025, a 3.6% increase compared to the second quarter of 2024.

最後，2025 年第二季調整後利潤為 1,220 萬美元，而去年同期為 1,250 萬美元。這導致調整後的淨收入利潤率達到 10.4%。2025年上半年，調整後利潤為2,180萬美元，較2024年上半年成長4.3%。2025 年第二季度，我們的調整後每股攤薄收益為 0.09 美元，與 2024 年第二季度相比增長 3.6%。

Now I invite Cesar to comment on our business outlook.

現在我請 Cesar 對我們的業務前景發表評論。

Thank you Stanley. Based on our consistent performance over the past quarters and the strong commercial momentum, we are carrying into the second half of the year, we are confident in our outlook. In the third quarter of 2025, we expect net revenue to be at least $124.4 million. This represents a strong sequential step up and a year-over-year growth of at least 10.5% at constant currency.

謝謝你，史丹利。基於我們過去幾季的穩定表現和強勁的商業勢頭，我們對我們的前景充滿信心。2025 年第三季度，我們預計淨收入至少達到 1.244 億美元。這意味著環比成長強勁，以固定匯率計算年增至少 10.5%。

For the full year of 2025, we are narrowing our range and raising the lower bound of our revenue guidance now expecting organic revenue growth at constant currency between 10.5% and 15%. This means our midpoint has also increased to 12.75%, assuming the tax rate of $5.50 (inaudible)

對於 2025 年全年，我們正在縮小範圍並提高收入預期的下限，目前預計以固定匯率計算的有機收入成長率將在 10.5% 至 15% 之間。這意味著我們的中間點也增加到了 12.75%，假設稅率為 5.50 美元（聽不清楚）

For the remainder of the year, we expect our revenue growth at constant currency to be around 210 basis points above our reported revenue growth. In addition, we are maintaining our adjust EBITDA margin guidance in a range of 18% to 20%. This increased confidence is the direct result of our strategy in action. A robust commercial pipeline continued expansion with our largest clients and AI first offerings that deliver tangible value accelerating our growth.`

在今年剩餘時間內，我們預計以固定匯率計算的收入成長將比報告的收入成長高出約 210 個基點。此外，我們將調整後的 EBITDA 利潤率指引維持在 18% 至 20% 的範圍內。這種信心的增強是我們實施策略的直接結果。強大的商業管道繼續擴張，我們最大的客戶和 AI 首發產品提供了實際的價值，加速了我們的成長。

To conclude, I want to express my deep appreciation to our Ci&T interiors around the world. Your commitment to innovation and to delivering value to our clients is what makes these results possible.

最後，我要向世界各地的 Ci&T 室內設計表達深深的謝意。正是你們對創新和為我們的客戶提供價值的承諾才使得這些成果成為可能。

This concludes our presentation. We will now begin the Q&A session. Thank you.

我們的演講到此結束。我們現在開始問答環節。謝謝。

All right. We'll now begin the Q&A session. (Operator Instructions)

好的。我們現在開始問答環節。（操作員指示）

Puneet Jain, JPMorgan.

摩根大通的 Puneet Jain。

Hey, thanks for taking my question. Can you talk about like adoption of Ci&T flow among your clients and internal stakeholders, like of the $120 million or so of quarterly revenue, how much of those projects or revenue includes some portion of flow driven services?

嘿，謝謝你回答我的問題。您能否談談您的客戶和內部利害關係人對 Ci&T 流程的採用情況，例如在 1.2 億美元左右的季度收入中，有多少專案或收入包含流程驅動服務？

Thank you, Puneet. I can get this one. Basically, our adoption, the adoption of Ci&T teams regarding Ci&T flow is reaching 90% of our team. So we can as approximate that 9% of our revenue now has some influence of AI and Ci&T flow. This is not directly related to use cases, business use case relating to Generative AI, but saying that now basically everything we do 90% is somehow boosted by artificial intelligence and flow.

謝謝你，Puneet。我可以得到這個。基本上，我們的採用率，Ci&T 團隊關於 Ci&T 流程的採用率已經達到我們團隊的 90%。因此，我們可以近似地認為，我們現在 9% 的收入受到 AI 和 Ci&T 流的影響。這與用例、與生成式人工智慧相關的業務用例沒有直接關係，但可以說現在我們所做的一切基本上 90% 都是由人工智慧和流程推動的。

No, that's great to hear it. It seems like it's definitely higher than a lot of your peers. Another question, like, are you seeing any differences in AI adoption across different verticals? It seems like financial services was very strong in the quarter, retail, not quite as much. So what would you attribute the differences in growth rates across verticals too?

不，聽到這個消息真是太好了。看起來它肯定比許多同齡人都要高。另一個問題是，您是否看到不同垂直行業在人工智慧採用方面存在差異？看起來本季金融服務業表現非常強勁，但零售業表現則較不強勁。那麼，您認為是什麼導致了不同垂直產業的成長率有差異呢？

I think financial services clearly ahead in terms of investments relate to AI first because, the level of return on investment, just with efficient is amazing. So, and also, especially in Brazil, we see the beginning of a new customer experience based on chatbots, combined with WhatsApp becoming the new trend. So, the consumers are migrating from traditional channels, digital channels like apps and websites to interact with the products and services through WhatsApp and AI.

我認為金融服務在投資方面明顯領先，首先與人工智慧有關，因為投資回報率和效率令人驚嘆。因此，尤其是在巴西，我們看到基於聊天機器人的新客戶體驗的開始，結合 WhatsApp 成為新趨勢。因此，消費者正在從傳統管道轉向應用程式和網站等數位管道，透過 WhatsApp 和 AI 與產品和服務進行互動。

So this is a huge trend and generates a lot of demand related to creating this new layer of customer experience based on AI. So then we see, I see a lot of move in retail regarding AI, again, both in efficient, and also in creating this new layer of customer experience, but I think in retail and even in consumer goods, there is a foundation to be created yet. Companies are still have to migrate a lot of, to modernize a lot of leg systems, to created the data layers, create a level of, let's say robustness in their architecture before they can leverage real benefits from AI, but this is also the source of a lot of demand.

因此，這是一個巨大的趨勢，並產生了大量與基於人工智慧創造新層次的客戶體驗相關的需求。所以我們看到，我看到零售業在人工智慧方面取得了很多進展，不僅在效率方面，而且在創造這種新的客戶體驗方面，但我認為在零售業甚至消費品領域，還有一些基礎需要創建。公司仍然需要遷移大量內容，對許多腿部系統進行現代化改造，創建資料層，在其架構中創建一定程度的穩健性，然後才能從人工智慧中獲得真正的好處，但這也是大量需求的來源。

What we call kind of horizontal demand related to AI that is basically using AI for accelerate application modernization, cloud migration, several data engagements preparing the foundation for future AI driven world, and we see, of course, maybe 30%, 40% of our demand is vertical demand. So we improve customer experience journeys, boosting chatbox, as I mentioned, some more consulting, AI force transformation programs where the focus is AI adoption, and also a growing number of use case related to personalizations based on AI. So a lot of things happening in this space, I think financial services has an edge for sure.

我們所說的與人工智慧相關的橫向需求基本上是使用人工智慧來加速應用程式現代化、雲端遷移、多項資料參與，為未來人工智慧驅動的世界奠定基礎，當然，我們看到我們的需求中可能有 30% 到 40% 是垂直需求。因此，我們改善了客戶體驗旅程，增強了聊天框，正如我所提到的，還有一些諮詢、人工智慧力量轉型計劃，重點是人工智慧的採用，以及越來越多與基於人工智慧的個人化相關的用例。因此，在這個領域發生了很多事情，我認為金融服務肯定具有優勢。

Okay. Thank you.

好的。謝謝。

Vitor Tomita, Goldman Sachs.

高盛的 Vitor Tomita。

Thanks for taking our questions and hello again, everyone. So, my question, a couple of questions from my side. The first one is on the guidance that you increased. Was that in part due to the year being halfway done, you're having more visibility, which allows you to be less conservative, or is demand from customers shaping up generally better than expected, being surprised positively. And also thinking across regions on that line, and there, my second question would be if you see now some regions where you are now more optimistic or less optimistic than before in terms of demand compared to earlier in the year. Thank you very much.

感謝您回答我們的問題，大家好。所以，我的問題是，我有幾個問題。第一個是關於您增加的指導。這是否部分是因為今年已經過去一半，你們有了更多的可見性，從而可以不那麼保守，或者是客戶需求總體上比預期要好，是積極的驚喜。並且同時考慮跨地區的情況，我的第二個問題是，與今年早些時候相比，您是否看到現在某些地區的需求比以前更樂觀或更不樂觀。非常感謝。

Sure, great to see you here, Victor. I think in terms of our guidance, I think this new outlook is supported by two factors. The first is our consistent performance in the first half of the year, so we deliver ahead of our initial expectations. And the second is the current solid commercial pipeline for Latin America and North America. So to give you a data point, pipeline now is 25% higher than in the same period last year with a healthy conversion rate. So this, so basically, we did a very strong and consistent Q1 and Q2, and we have a very strong pipeline that increases our confidence in our forecasts and guidance.

當然，很高興在這裡見到你，維克多。我認為就我們的指導而言，這種新觀點受到兩個因素的支持。首先是我們上半年的表現很穩定，所以我們的業績超越了最初的預期。第二是目前面向拉丁美洲和北美的穩固商業管道。因此，給你一個數據點，現在的管道比去年同期高出 25%，轉換率也很健康。所以，基本上，我們在第一季和第二季表現非常強勁且穩定，而且我們擁有非常強大的管道，這增強了我們對預測和指導的信心。

The second question regarding regions, I think we are, we continue to bet a lot on North America and LatAm, that is basically 90% of our revenue, and we see stability from Q3 and Q4 for the Europe and APAC regions, maybe a small increase in the last quarter for these emerging regions and a good prospect for 2026.

第二個問題是關於地區的，我認為我們繼續在北美和拉丁美洲投入大量資金，這基本上占我們收入的 90%，我們看到歐洲和亞太地區從第三季度和第四季度開始保持穩定，這些新興地區上一季可能會有小幅增長，2026 年的前景良好。

(inaudible) Thank you very much.

（聽不清楚）非常感謝。

Gustavo Farias, UBS.

瑞銀的 Gustavo Farias。

Hi everyone, thanks for taking my questions. So I'd like to start off by asking about the revenue growth, if you could break it down between the components of new engagements, both new clients and the part of current clients and also the price what comes from price component.

大家好，感謝你們回答我的問題。因此，我想先問一下收入成長情況，您是否可以將其分解為新業務的組成部分，包括新客戶和現有客戶的部分，以及價格組成部分的價格。

And the second one we've seen some sequential improvement in LatAm, which was very positive in our view. I'd like to compare it to your view from last quarter. There has been some volatility in IT budgets, just wanted to know your view on that, if it has improved or how you see the overall landscape in the industry. Thank you.

第二，我們看到拉丁美洲的情況有所改善，我們認為這是非常積極的。我想將它與您上個季度的觀點進行比較。IT 預算出現了一些波動，只是想知道您對此的看法，是否有所改善，或者您如何看待該行業的整體情況。謝謝。

Thanks, Gustavo, the first question. Regarding our growth is 90% expansion inside our current portfolio and 10% is contribution from recently acquired clients. So this is basically, in general, our land expend ratio and we are keeping the same base this year.

謝謝，古斯塔沃，這是第一個問題。我們的成長是 90% 來自我們目前投資組合的擴張，10% 來自最近獲得的客戶的貢獻。所以，總的來說，這就是我們的土地支出比率，今年我們將保持相同的基數。

Regarding regions and particularly you mentioned Latin American, I think the, and we grew 26% year over year this quarter in in reported revenue. I think it's driven by, I would say a surprisingly fast AI adoption in Brazil, both among customers, consumers and enterprise. It's, I see especially in financial services, I think a base that is unique, even compared to more developed markets like the US. So I think this is probably part of the explanation why we have such an attraction in Brazil and in financial services.

關於地區，特別是您提到的拉丁美洲，我認為，本季我們的報告收入年增了 26%。我認為這是由巴西客戶、消費者和企業對人工智慧的採用速度驚人地快所推動的。我認為，尤其是在金融服務領域，即使與美國等較發達的市場相比，其基礎也是獨一無二的。所以我認為這可能部分解釋了為什麼我們在巴西和金融服務領域如此具有吸引力。

Yeah, very clear, thank you.

是的，非常清楚，謝謝。

Thank you.

謝謝。

Brian Bergen, TD Cowen.

布萊恩伯根 (Brian Bergen)，TD Cowen。

Hey guys, can you hear me?

嘿夥計們，能聽到我說話嗎？

Yes.

是的。

All right, great. So my two questions first just on EBITDA, we'll talk margins first here. Can you talk about the the EBITDA margin drivers on a year over year basis in the second quarter and the path to hitting the guide in fiscal '25. It seems like FX adwins may be a bit of play, but I'm just curious where you feel most comfortable in that 18% to 20%. And my follow up, can you just discuss, you've had good hiring the first half. Can you talk about hiring intentions in the second half and how you expect to exit the year?

好的，太好了。所以我的兩個問題首先是關於 EBITDA，我們先來談談利潤率。您能否談談第二季 EBITDA 利潤率同比變動的驅動因素以及 25 財年達到預期目標的途徑？看起來 FX 廣告勝利可能有點玩意兒，但我只是好奇你在那 18% 到 20% 中感覺最舒服的是什麼。我的後續問題是，您能否討論一下，您上半年的招募工作進展順利。您能談談下半年的招募意願以及您對今年年底的預期嗎？

Brian, thank you for the question. Well, with regard to your first question, I can handle that one.

布萊恩，謝謝你的提問。嗯，關於你的第一個問題，我可以回答。

EBITDA, we have been delivered, we improved, sequentially delivering 18.4%, of the EBITDA, adjusted EBITDA in the second quarter. And basically, we have a seasonality built in our business throughout the quarters, right, as in the first quarter we have a salary increase. And typically we throughout the year pass on prices and improve margins, also we are in the first half we've been investing in in hiring, preparing ourselves for the second half demand that is ahead of us and of course, those resource to those people when they mature and they become billable in the second half. This is, this will also improve cross margin and EBITDA.

EBITDA，我們已經實現了，我們有所改善，第二季度 EBITDA、調整後的 EBITDA 環比增長 18.4%。基本上，我們的業務在整個季度中都具有季節性，例如在第一季我們的薪資就會增加。通常，我們全年都會轉嫁價格並提高利潤率，而且我們在上半年一直在投資招聘，為即將到來的下半年需求做好準備，當然，當這些資源成熟時，我們會將這些資源提供給那些可以在下半年計費的人才。也就是說，這也將提高交叉利潤率和 EBITDA。

Also another driver is efficiency gains from AI that we're experimenting at the G&A level together with a very disciplined cost management there and and of course, the scalability that it provides. We continue to balance this is strategic investments in hiring, training and in our AI platform to support our growth. And typically looking ahead, we expect our margins to continue improving in the second half with the combination of all those factors. So we are very confident to in our ability to deliver this full year adjusted EBITDA margin guidance of 18% to 20%.

另一個驅動因素是人工智慧帶來的效率提升，我們正在 G&A 層級進行試驗，同時進行非常嚴格的成本管理，當然還有它提供的可擴展性。我們將繼續平衡在招募、培訓和人工智慧平台方面的策略性投資，以支持我們的成長。展望未來，我們預計在所有這些因素的共同作用下，我們的利潤率將在下半年繼續提高。因此，我們非常有信心能夠實現全年調整後的 EBITDA 利潤率目標 18% 至 20%。

Just to compliment on the staff growth, Brian, most of that staff growth is actually coming from our trainee program. We're going to be hired like 500 people at the beginning of the year that will, as Stanley mentioned, it will start billing in the second half of the year. And so that's the most part of that the higher rate of of people growth than revenue growth that you see there and so on that's, that will kind of balance out in the second half and that we're very excited about this special edition of the training program because this will be the first generation that we kind of enabling these people to only work with AI, right? So there's no adaptation or kind of learning curve. It will be the first native AI developers that the ranks are super excited to put that in action.

布萊恩，只是為了讚揚員工的成長，大部分員工的成長其實來自我們的培訓生計畫。我們將在年初僱用約 500 名員工，正如史丹利所提到的，這將在今年下半年開始產生效益。因此，最主要的是，人員成長率高於收入成長率，這將在下半年達到平衡，我們對這個特別版的培訓計劃感到非常興奮，因為這將是第一代我們讓這些人只使用人工智慧的培訓計劃，對吧？因此不存在適應或學習曲線。這將是第一批讓所有本土 AI 開發者都興奮不已並付諸行動的開發者。

That's clear. Thank you.

這很清楚。謝謝。

Luke Morrison, Cannacord.

盧克·莫里森 (Luke Morrison)，Cannacord。

Hey guys, good to see you. I got a couple here for you. So great to see your largest client continuing to grow really strongly, real testament to the strength of that relationship. Could you maybe just share like what what's working particularly well with that customer and if possible clarify like what what does constant currency look like with that client today. And then across the rest of your top10 clients today, are you seeing similar momentum and or potential. And again, would it be possible if you could also just frame constant currency growth within that group?

嘿夥計們，很高興見到你們。我這裡有幾件給你。很高興看到您最大的客戶繼續強勁成長，這真正證明了這種關係的牢固性。您能否分享一下對於該客戶來說特別有效的方法，如果可能的話，請說明一下目前該客戶的固定貨幣情況是什麼樣的。那麼，在您今天剩下的前 10 名客戶中，您是否看到了類似的動力和潛力。再說了，您是否也可以在該組內制定恆定的貨幣成長框架？

Sure. Hey, Luke, great to see you here. I think our, we see a very solid and consistent growth in our largest clients. We had sequential growth in 8 out of 10 of our top clients. Of course, top one was a very good performance. It is a very large financial organization, so we expand across several business units, basically, we create that to our ability to demonstrate the kind of differential productivity and effectiveness of Ci&T flow in our AI approach.

當然。嘿，盧克，很高興在這裡見到你。我認為，我們最大的客戶呈現出非常穩健且持續的成長。我們 10 個頂級客戶中有 8 個都實現了連續成長。當然，排名第一的成績已經非常出色了。這是一個非常大的金融機構，因此我們擴展到多個業務部門，基本上，我們創造這種能力是為了展示我們人工智慧方法中 Ci&T 流程的差異化生產力和有效性。

So driving efficient and also leverage AI adoption across the board, I think is the probably the main reason why we are expanding in such an amazing way. But we see, the same happening in different areas of our largest clients, everyone now is looking for both combining, find a way to be more effective regarding more concrete, regarding the benefits of adopting AI, but also starting to prepare the foundational like systems, data lakes and so on to really drive a value in the the next phase of generative AI and evolution of the capabilities of these large language models. So, in terms of constant curing. I don't know if Stanley will go

因此，我認為，提高效率並全面利用人工智慧可能是我們以如此驚人的方式擴張的主要原因。但我們看到，同樣的事情也發生在我們最大客戶的不同領域，現在每個人都在尋求結合，找到一種更有效的方法，更具體地說，關於採用人工智慧的好處，同時也開始準備基礎系統、數據湖等，以真正推動生成人工智慧下一階段的價值以及這些大型語言模型能力的演變。因此，就持續治療而言。我不知道史丹利是否會去

I can bring here. Look, is, for the top client in terms of constant currency, we grew year-over-year 92%, yeah, the top 10 clients, I don't have the constant currency data here. It's close to 12% growth year-over-year, right? And if we get of course, as we have top 10 clients, they vary year from another from one year to another year. If we take the current existing top 10 clients, that cohort grew 23% year-over-year, right? So it's another data point. So the existing top 10 clients, they grew. 23% year-over-year. That's a reported currency I don't have a constant currency for that as well.

我可以帶到這裡。你看，對於以固定匯率計算的頂級客戶，我們的同比增長率為 92%，是的，對於前 10 名客戶，我這裡沒有按固定匯率計算的數據。年成長率接近 12%，對嗎？當然，因為我們有前 10 名客戶，所以他們每年的情況都不一樣。如果我們以目前現有的前 10 名客戶為例，該群體年增了 23%，對嗎？所以這是另一個數據點。因此，現有的前十大客戶年增了 23%。這是一種報告貨幣，我也沒有固定的貨幣。

Excellent, very good color. Thank you. And then maybe just to follow up. How would you say, is there any difference between your US client base and how that's trending relative to Brazil today? Are you seeing any differences in spending patterns or project types, maturity in terms of adopting AI. And then are there any signs of of macro caution or or tariff driven instability in either market that you're seeing with the recent geopolitical stuff going on.

非常好，顏色非常好。謝謝。然後也許只是為了跟進。您認為，您的美國客戶群與當今巴西的客戶群趨勢有何不同？您是否看到支出模式或項目類型以及採用人工智慧的成熟度方面有任何差異？那麼，從最近的地緣政治事件來看，您是否看到任何宏觀謹慎或關稅驅動的不穩定跡象？

Sure, I can start here and Bruno feel free to add on. I see, especially financial services in Brazil, where we have a very competitive environment, investing a lot and we have very high urgent, sense of urgence regarding artificial intelligence. I see solid moves in the US, but maybe not as we are seeing in Brazil.

當然，我可以從這裡開始，Bruno 可以隨意添加。我看到，特別是巴西的金融服務業，我們擁有非常競爭的環境，投入了大量資金，並且對人工智慧有著非常高的緊迫感。我看到美國出現了穩健的舉措，但可能不像我們在巴西看到的那樣。

We have, of course, for US, we have a larger exposure to consumer goods that is has a different dynamic is also leveraging the benefits of AI and in this new age of disruption, but in a different fashion than a pure tech business like financial services.

當然，對美國來說，我們在消費品方面有更大的敞口，它具有不同的動態，也利用了人工智慧的優勢，在這個新的顛覆時代，但方式與金融服務等純科技業務不同。

If I may add. Luke, if you divide the opportunity to in two sides, look, one is internal, right, the efficiency play, right, the Gen AI can bring. And that I think there's very little difference regional even, or even vertical, right? So everybody's kind of trying to seize that opportunity. So all verticals, all regions, people are investing to kind of try to seize the opportunity of increasing productivity, right?

如果我可以補充的話。盧克，如果你把機會分為兩方面，看，一個是內部的，對，效率的發揮，對，Gen AI 可以帶來的。我認為區域間甚至垂直方向的差異都很小，對嗎？所以每個人都在試圖抓住這個機會。所以所有垂直產業、所有地區的人們都在進行投資，試圖抓住提高生產力的機會，對嗎？

I think what is different here, and I think the big picture, if you look at the big picture. We're going to see massive investments in Gen AI when there's consumer pressure. It's when there's consumers asking for this new different way to interact with brands and organizations.

我認為這裡面有什麼不同，如果你從大局來看的話，我認為這是大局。當消費者面臨壓力時，我們將看到對通用人工智慧的大規模投資。當消費者要求以這種新的方式與品牌和組織互動時，就會發生這種情況。

And to be absolutely frank, we haven't seen that yet. We don't, we didn't reach critical mass yet for consumer to actually to consumers to be provoking, challenging their banks, their telco companies that the companies that they interact with asking for that different experience, but that will come.

坦白說，我們還沒有看到這種情況。我們還沒有達到臨界點，消費者實際上還沒有對銀行、電信公司發起挑戰，他們與銀行、電信公司以及與之互動的公司提出不同的體驗要求，但這一切都會實現。

That will certainly come. That's down the road. It's just a matter of no consumers getting used to it. And to Cesar's point, we already seen this started in Latin America, right? So in that, when that started, then the Gen AI, it's out of the box and then there's no pointing back and then the level of investment we expect it to increase exponentially because then it's, that's, then it's not to capture a couple of percentage points in margins is actually to survive to kind of, to fight for consumer attention and relevance and then the investment will speed up and we increase significantly and that will come. It's hard to predict when if it's in 6 months or 18 months, but it will come.

這肯定會發生。那是在路上。這只是消費者不習慣的問題。正如塞薩爾所說，我們已經看到這種情況在拉丁美洲開始出現，對嗎？因此，當這一切開始時，Gen AI 就突破了常規，並且沒有回頭路，我們預計投資水平將呈指數級增長，因為那時它不是為了獲得幾個百分點的利潤，而是為了生存，為了爭取消費者的注意力和相關性，然後投資將加速，我們將大幅增加，這將會發生。很難預測具體時間，是 6 個月還是 18 個月，但它一定會到來。

Excellent, very helpful color and maybe just to the the last part of that question, the tariff driven instability, are you seeing anything there?

非常好，非常有幫助的顏色，也許只是問題的最後一部分，關稅驅動的不穩定性，你看到了什麼嗎？

No, not particularly. I think, we are again financial, not directly, right? So our clients are kind of protected from that. We will have a big exposure as financial services and consumer goods and even consumer goods. It's majority of that consumer goods portfolio is actually food and beverage, which is kind of a more local supply chain, so very little exposure there in the portfolio clients for the tariffs, but If it's, no one is 100% protected, but that's where we are right now.

不，不是特別。我認為，我們再次涉及財務，而不是直接的，對嗎？因此我們的客戶受到了某種程度的保護。我們將大力拓展金融服務、消費品甚至消費品業務。該消費品組合的大部分實際上是食品和飲料，這是一種更本地化的供應鏈，因此投資組合客戶很少受到關稅的影響，但如果是這樣，沒有人能 100% 受到保護，但這就是我們現在的情況。

Excellent. Okay, thank you guys.

出色的。好的，謝謝大家。

Thank you.

謝謝。

Maria Clara.

瑪麗亞·克拉拉。

Hey everyone, thanks for taking my question. So the first one is related to the revenue buildup of Ci&T. We hear from some channel checks that the evolution of AI is probably having a deflationary impact in top line growth trends of the industry going forward. So just wanted to check if you agree with this information. And if you could share with us how you think about the evolution of volume and price going forward in the following quarters.

大家好，感謝你們回答我的問題。第一個與 Ci&T 的收入成長有關。我們從一些通路調查中得知，人工智慧的發展可能會對未來產業的收入成長趨勢產生通貨緊縮的影響。所以只是想確認您是否同意此資訊。您能否與我們分享您對未來幾季銷售和價格變化的看法？

And the second question is related to utilization rates. You have been accelerating the hirings, so just wanted to know how you think about the potential improvement ahead. Thank you.

第二個問題與利用率有關。您一直在加快招募速度，所以我只是想知道您對未來的潛在改進有何看法。謝謝。

Sure, thank you for your questions. I can get the first one, and Bruno can get this end of the second. Regarding, we don't see, this is such a fragmented market. IT services is very, is hugely fragmented across the world. So it's, we don't see a shortage of demand. What we see now is a lot of difference in performance among the players, and this is a huge opportunity.

當然，謝謝你的提問。我可以得到第一個，布魯諾可以得到第二個的這一端。至於，我們沒有看到，這是一個如此分散的市場。IT 服務在全球範圍內非常分散。因此，我們並不認為需求短缺。我們現在看到的是球員之間的表現差異很大，這是一個巨大的機會。

We believe we are in the frontier of productivity and effectiveness of using AI to streamline the whole production of digital solutions. So we are taking advantage of this edge to replace poor performance competitors and so we basically are seeing a lot of opportunities to expand our client wallet by replacing no AI or poor performance competitors and also increase our land capabilities with the new set of offerings.

我們相信，我們正處於利用人工智慧簡化整個數位解決方案生產的生產力和效率的前沿。因此，我們正在利用這一優勢來取代表現不佳的競爭對手，因此我們基本上看到了很多機會，透過取代沒有人工智慧或表現不佳的競爭對手來擴大我們的客戶錢包，同時透過新的產品系列來提高我們的土地能力。

We are designed around the new possibilities regarding artificial intelligence. There is regarding pricing models, I think the rise of AI in the IT services industries inevitably, we will be in space for a more flexible, value-based pricing models closely, maybe more closely tied to the business outcomes.

我們的設計圍繞著人工智慧的新可能性。關於定價模型，我認為人工智慧在 IT 服務產業的興起是不可避免的，我們將在空間中建立一個更靈活、基於價值的定價模型，該模型可能與業務成果更加緊密地聯繫在一起。

We also see the need to gradually monetize the intellectual property embedded in those new [agenttic] architectures. So, and when we look at our cohort of large enterprise, we anticipate a gradual shift from traditional time material or fixed price projects to these new models over the next few years.

我們也看到了逐步將這些新[代理]架構中嵌入的知識產權貨幣化的必要性。因此，當我們審視我們的大型企業群體時，我們預計未來幾年將逐漸從傳統的時間材料或固定價格項目轉向這些新模式。

So it's an amazing and perfect moment to proactively test and refine this approach with our clients and we are already doing so in several fronts in a, I would say in a very controlled way. And we have some encourage early results, and it's going to happen gradually along a set of years, and I see as a midterm opportunity to translate superior performance into margins, while maybe mainly strengthening.

因此，這是一個令人驚嘆且完美的時機，可以與我們的客戶一起主動測試和改進這種方法，而且我們已經在多個方面以一種非常可控的方式這樣做了。我們取得了一些令人鼓舞的早期成果，而且這些成果將在幾年內逐步實現，我認為這是一個中期機會，可以將卓越的業績轉化為利潤率，同時可能主要體現在增強利潤率上。

Our clients partnerships by giving them more options in terms of pricing model I think this is a good news for for the whole industry and the companies with more ability to execute more with more strong confidence on on their execution capabilities you capture more value for sure. That's the way I see pricing models evolving in the IT service industry and how I see Ci&T benefiting from it.

我們透過為客戶在定價模式方面提供更多選擇來建立合作關係，我認為這對整個行業來說都是一個好消息，而那些執行能力更強、對執行能力更有信心的公司肯定能獲得更多價值。這就是我所看到的 IT 服務業定價模式的演變，以及我看到 Ci&T 從中受益的方式。

If I can add to the volume discussion Maria Clara and thanks for the question. That's the $1 trillion question. The volume, to back to my my previous point, I think people are looking at this from the current lenses, which is kind of just efficiency lenses and the internal use of Gen AI. I think again when we move to the consumer facing interfaces and the experiences of how Gen AI will be embedded in a completely rechange the shape of digital experiences, right?

如果我可以加入音量討論，瑪麗亞克拉拉，謝謝你的提問。這是一個價值一兆美元的問題。回到我之前的觀點，我認為人們是從當前的視角來看這個問題的，這只是效率視角和 Gen AI 的內部使用。我再次思考，當我們轉向面向消費者的介面和 Gen AI 如何嵌入到徹底改變數位體驗的體驗中時，對嗎？

So with agents, with completely different experience, so replacing all the mobile apps and websites and the transactions that we know today, this will all have to be rebuilt and rewritten, right? So this is a tsunami of volume that is ahead of us, right? So, and not to mention also there, there's the, yes, productivity will go up by a lot, and this will also would tilt the scale in between package solutions and custom built software, right?

因此，對於擁有完全不同經驗的代理商來說，要取代我們今天所知的所有行動應用程式、網站和交易，這一切都必須重建和重寫，對嗎？所以，我們面前的將是一場巨大的海嘯，對嗎？所以，更不用說，是的，生產力將會提高很多，這也會傾斜軟體包解決方案和客製化軟體之間的天平，對嗎？

So a lot of those build versus by decisions that we see today will completely change in three to five years, right? So, and we tilt towards building our own software because it will be cheaper and faster than depending on a provider that has a package solution, right? So that is also, will kind of tilt the balance towards volume towards services.

所以我們今天看到的許多建設與決策將在三到五年內徹底改變，對嗎？所以，我們傾向於建立自己的軟體，因為它比依賴擁有一攬子解決方案的提供者更便宜、更快捷，對嗎？因此，這也會使平衡向服務傾斜。

So I think those things are are underestimated because they're not being seen today, but they're massive and they're they're coming and we're very excited that they will come.

所以我認為這些事情被低估了，因為它們今天還沒有被看到，但它們是巨大的，而且它們即將到來，我們對它們的到來感到非常興奮。

On utilization rate, continues to be very high, around 85% to 89%. So, our kind of delivery machine continues to be a shiny and well-oiled one, that we're very proud that, we have a so solid and very well established delivery processes. It's not coincidentally that 90% of our growth comes from the portfolio because you keep happy clients, they keep buying more and increasing wallet share. That's the recipe and we continue to execute on that.

利用率仍然很高，約85%至89%。因此，我們的交付機器繼續保持閃亮和良好的運轉，我們非常自豪，我們擁有如此穩固和完善的交付流程。我們 90% 的成長來自於產品組合，這並非巧合，因為只要客戶滿意，他們就會繼續購買更多產品，從而增加錢包份額。這就是秘訣，我們會繼續執行。

Thank you for the answers.

謝謝您的回答。

Thank you.

謝謝。

Brian Bergen, TD Cowen regarding client behavior around Gen AI and gentech work. Clearly you're gaining traction with flow. Have you had any trends where clients thought they could do it themselves and then have circled back to Ci&T because it was too complex and they needed help? If so, how broad based has it been? And if that has occurred, was there any different behavior where it may have been more design agency type activity versus pure software development type activity?

TD Cowen 的 Brian Bergen 談到了客戶在 Gen AI 和基因技術工作方面的行為。顯然，你正在透過流程獲得牽引力。您是否遇到過這樣的趨勢：客戶認為他們可以自己做，但後來又回到了 Ci&T，因為它太複雜，他們需要幫助？如果是的話，其基礎有多廣泛？如果發生這種情況，是否存在任何不同的行為，可能更多的是設計機構類型的活動而不是純軟體開發類型的活動？

We're going to start this one. Thank you, Brian, for your question. I think there is a lot of clients that are afraid of the complexity of the capabilities they need to develop if they want to have a full stack competence around AI.

我們要開始這個了。布萊恩，謝謝你的提問。我認為，如果客戶想要擁有圍繞人工智慧的全端能力，他們會擔心需要開發的功能的複雜性。

But there are some clients that are strategically they see themselves as future tech-based companies. So they have a long term ambition to have a more, a larger set of tech and AI capabilities internally and we have a value prop for both archetypes so we can really part of our clients and extend their capabilities with Ci&T full stack AI and tech capabilities and also we have some clients where we are helping them to internalize the new set of AI capabilities and methodologies and Ci&T flow also as part of a way to speed up adoption of AI and creating hands on experience for the technical teams and non technical teams are as we say for the coders and non coders because now I think every single professional need to be re-skilled with the AI, possibilities to expand their problem solving capabilities.

但有些客戶從策略上將自己視為未來的科技型公司。因此，他們有一個長期目標，即在內部擁有更多、更強大的技術和人工智慧能力，我們對這兩種原型都有價值主張，因此我們可以真正成為客戶的一部分，並透過 Ci&T 全端人工智慧和技術能力擴展他們的能力，我們也有一些客戶，我們正在幫助他們內化新的人工智慧能力和方法，Ci&T流程也是加快人工智慧採用和為技術團隊和非技術團隊創造實踐經驗的一部分，就像我們所說的程式設計師和非程式設計師一樣，因為現在我認為每個專業人士都需要重新掌握人工智慧技能，以擴展他們的解決問題的能力。

So flow is not only designed for coders, of course there's a lot of things there regarding improved the building, the technical building of digital solutions, but also there is a lot of things happening in the space of creating the right environment for non coders, for professionals from HR from marketing, from fin finance, from, any area of supporting area of a company to increase their AI abilities and leverage value creating new agents, AI agents and work flows around AI.

因此，流程不僅僅是為程式設計師設計的，當然還有很多關於改進構建、數位解決方案的技術構建的事情，而且在為非程式設計師、來自人力資源、行銷、財務、公司支援領域任何領域的專業人士創造合適的環境方面也發生了很多事情，以提高他們的人工智慧能力並利用價值創造新的代理、人工智慧代理和圍繞人工智慧的工作流程。

So huge opportunity. We are preparing for any kind of demand our clients have, and I see a mix of companies counting more on outsourcing and strong partnerships with companies like Ci&T, and companies decided that they need in the long term they will need to internalize part of this or good chunk of this expertise and we are there to help them too.

機會如此巨大。我們正在為客戶的任何需求做準備，我看到很多公司都更加依賴外包以及與 Ci&T 等公司建立強有力的合作夥伴關係，而有些公司則決定從長遠來看，他們需要將部分或大部分專業知識內部化，我們也會為他們提供幫助。

All right. That concludes our Q&A session. Cesar, back to you to proceed with your closing remarks. Thank you all.

好的。我們的問答環節到此結束。塞薩爾，請您繼續做結束語。謝謝大家。

Sure, thanks, Galvao, Bruno, Stanley. Thank you all for joining us today. I'd like to extend my sincere appreciation for all Ci&T's around the world. We are almost 8,000 Ci&Ts now and I'm always amazed for you with your dedication.

當然，謝謝，加爾沃、布魯諾、史丹利。感謝大家今天的參與。我謹向全世界所有的 Ci&T 表達最誠摯的感謝。我們現在有近 8,000 名 Ci&T，你們的奉獻精神總是讓我驚嘆不已。

And again, amazing results this quarter and let's keep pushing. A special thank you as well for our clients for choosing Ci&T as a partner for co-creating this exciting new area of AI driven innovation. Stay well. See you soon.

本季的業績再次令人驚嘆，讓我們繼續努力。特別感謝我們的客戶選擇 Ci&T 作為合作夥伴，共同創造這個令人興奮的人工智慧驅動創新新領域。保重。再見。