Ci&T Inc (CINT) 2025 Q3 法說會逐字稿

Good morning. Welcome to CI&T earnings call for the third quarter of 2025. I am Eduardo Galvao, Investor Relations Director at CI&T. Joining me on today's call are Cesar Gon, Founder and CEO; Bruno Guicardi, Founder and President for North America and Europe; and Stanley Rodrigues, our CFO. This event is being recorded.

早安.歡迎參加 CI&T 2025 年第三季財報電話會議。我是 CI&T 的投資者關係總監 Eduardo Galvao。今天與我一起參加電話會議的有：創辦人兼執行長 Cesar Gon；創辦人兼北美和歐洲總裁 Bruno Guicardi；以及財務長 Stanley Rodrigues。本次活動正在錄影。

[Operator Instructions] The presentation is available on the company's Investor Relations website, and the replay will be available shortly after the event is concluded. 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 are valid only as of the date when made. During this presentation, we'll comment on certain non-IFRS financial measures to evaluate our business.

【操作說明】簡報可在公司投資者關係網站上獲取，活動結束後不久即可觀看重播。我們將在本次電話會議上討論的一些事項，包括我們對業務前景的預期，都屬於前瞻性陳述。它們受到已知和未知風險及不確定性的影響，這可能導致實際結果與本次電話會議中表達的結果有所不同。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。在本次演講中，我們將對一些非國際財務報告準則（IFRS）的財務指標進行評述，以評估我們的業務。

Please refer to the reconciliation tables of non-IFRS measures in the earnings release for more details. Our agenda for today includes an overview of our quarterly highlights, followed by some of our business cases. We'll then talk about our people and our financial results. At this time, I'll pass it on to Cesar Gon to begin our presentation. Cesar, please?

如需更多詳情，請參閱獲利報告中的非 IFRS 指標調節表。我們今天的議程包括季度亮點概述，以及一些商業案例。接下來，我們將談談我們的人員和財務表現。現在，我將把麥克風交給塞薩爾·貢，讓他開始我們的演講。西薩，好嗎？

Thank you, Galvao, and good day, everyone. As we celebrate 30 years, I would like to highlight our winning operating model built on four pillars. It starts with three decades of experience shaping a world-class talent ground. Our teams use this expertise to co-create AI agents and digital solutions that solve real client problems. We deploy this combination of talent, proprietary technology, and methodology using a unique delivery model to win and expand clients.

謝謝你，加爾瓦奧，大家今天愉快。在我們慶祝成立 30 週年之際，我想重點介紹我們建立在四大支柱之上的成功營運模式。它始於三十年來打造世界級人才庫的經驗累積。我們的團隊利用這些專業知識，共同創建人工智慧代理和數位解決方案，以解決客戶的實際問題。我們運用人才、專有技術和方法論，採用獨特的交付模式來贏得和擴展客戶。

With every engagement, the learning accelerates, expanding our knowledge, refine our tools, and propelling our growth. And we are amplifying this flywheel by dogfooding AI across our operations. As we look back, it's remarkable how CI&T has evolved through each major tech shift from the early internet and e-commerce to mobile, to cloud, and now artificial intelligence. At every stage, we have helped clients adapt and turn technology into business impact. Today, the same spirit continues with CI&T Flow, our AI management system.

每一次參與，學習都會加速，拓展我們的知識，完善我們的工具，並推動我們的成長。我們正在透過在公司內部全面應用人工智慧技術來放大這種良性循環。回顧過去，CI&T 經歷了每一次重大技術變革，從早期的互聯網和電子商務到行動技術，再到雲端運算，直至如今的人工智慧，其發展歷程令人矚目。在每個階段，我們都幫助客戶適應並利用科技產生業務影響。今天，這種精神延續到了我們的人工智慧管理系統 CI&T Flow 中。

With an unprecedented level of adoption, we are combining leading large language models with our proprietary tools and data to create thousands of AI agents and prepare our clients for the inevitable Agentic world. Across the industry, there is still a clear gap between AI ambition and real results. Most enterprises haven't yet turned AI investments into meaningful impact. A recent MIT study titled the GenAI Divide highlighted that 95% of GenAI projects are failing to deliver measurable financial results. That gap created strong demand for partners who can turn experimentation into scalable business value.

憑藉前所未有的普及程度，我們將領先的大型語言模型與我們專有的工具和數據相結合，創建數千個 AI 代理，並為我們的客戶迎接不可避免的智能體世界做好準備。在整個產業中，人工智慧的雄心壯志與實際成果之間仍然存在著明顯的差距。大多數企業尚未將人工智慧投資轉化為有意義的影響。麻省理工學院最近一項名為《人工智慧世代鴻溝》的研究強調，95% 的人工智慧世代計畫未能帶來可衡量的財務成果。這一差距催生了對能夠將實驗成果轉化為可擴展商業價值的合作夥伴的強烈需求。

This is where CI&T stands, built to help the 5% who are making AI work and to expand that group. It's a challenging tailor-made for our model and a major opportunity ahead. Now let me turn to our quarterly earnings highlights. Revenue reached another historical record of $127.3 million in the third quarter of 2025, representing 12.1% organic revenue growth at constant currency year-over-year, above our guidance. This also reflects a 13.4% year-over-year increase in reported revenue.

CI&T 的宗旨就是幫助那 5% 正在讓 AI 發揮作用的人，並擴大這個群體。這是一個極具挑戰性且非常適合我們模式的任務，也是一個擺在我們面前的重大機會。現在讓我來介紹一下我們季度收益的亮點。2025 年第三季度，公司營收達到 1.273 億美元，創歷史新高，以固定匯率計算，年增 12.1%，高於我們的預期。這也反映出報告營收年增了 13.4%。

Our adjusted EBITDA margin was 18.5%, showing a healthy and sustainable profitability. Finally, our adjusted profit margin was 8.9%. This quarter marks CI&T's fourth consecutive quarter of double-digit organic revenue growth. Our AI strategy is effectively bridging the GenAI Divide for our clients, transforming their AI investments into tangible efficiencies and high-impact solutions. These AI-powered offerings have expanded our sales pipeline, increased our wallet share with clients, and reinforce our role as a key partner in their digital and AI transformation journeys.

我們調整後的 EBITDA 利潤率為 18.5%，顯示出健康且可持續的獲利能力。最終，我們調整後的利潤率為 8.9%。本季是CI&T連續第四個季度實現兩位數的有機收入成長。我們的人工智慧策略正在有效地為客戶彌合人工智慧世代鴻溝，將他們的人工智慧投資轉化為切實的效率和高影響力的解決方案。這些人工智慧驅動的產品拓展了我們的銷售管道，提高了我們在客戶中的份額，並鞏固了我們作為客戶數位化和人工智慧轉型之旅的關鍵合作夥伴的角色。

Now let's explore some inspiring client stories that showcase the diverse and powerful applications of AI.

現在讓我們來探索一些鼓舞人心的客戶案例，這些案例展示了人工智慧多樣化和強大的應用。

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Now I would like to invite Bruno to provide insights into our talent strategy and the evolution of our offerings.

現在我想邀請布魯諾為大家介紹我們的人才策略和產品/服務的演變。

Thank you, Cesar. It's a pleasure to be here. We ended the quarter with more than 7,800 CI&Ters, a strong 16.3% year-over-year, ensuring we have the talent to meet the growing demands of our clients. Our people strategy begins with an advanced hiring process. We have built a systematic engine to attract and onboard the right people.

謝謝你，塞薩爾。很高興來到這裡。本季末，我們的CI&T員工人數超過7,800人，年增16.3%，確保我們擁有足夠的人才來滿足客戶不斷增長的需求。我們的人才策略始於先進的招募流程。我們已經建立了一套系統化的機制來吸引和招募合適的人才。

It begins with our partnerships with top technical universities, which provide a large high-quality pipeline of young talent. Simultaneously, our reputation as a next-generation technology firm committed to a career-long development makes us a desirable destination for experienced professionals. Finally, we utilize an AI-enabled screening process to quickly identify the best candidates, and we prioritize filling open positions with our own internal talent whenever possible. This creates a robust and efficiency hiring model. The direct result of our hiring process is the ability to scale our workforce quickly, supporting our revenue pipeline.

首先，我們與頂尖技術大學建立了合作關係，這些大學為我們提供了大量高品質的年輕人才。同時，我們作為一家致力於員工長期職業發展的下一代科技公司，其聲譽使我們成為經驗豐富的專業人士的理想去處。最後，我們利用人工智慧輔助篩選流程快速確定最佳候選人，並盡可能優先用我們自己的內部人才填補空缺職位。這便創造了一個穩健且有效率的招募模式。我們的招募流程的直接結果是能夠快速擴大員工隊伍，從而支持我們的收入來源。

Our robust training and development programs drives industry-leading employee satisfaction and retention, leading to a healthy voluntary attrition rate of 10.9%. Now let me discuss our delivery model, which is central to delivering AI value for our clients. Before extending these capabilities externally, we ensured mastery of AI internally by developing a systematic playbook for driving AI adoption. We have achieved an impressive 85% adoption rate of AI tools across our entire organization. This highlights our capability to effectively integrate new technology at scale.

我們強大的培訓和發展計劃推動了行業領先的員工滿意度和留任率，從而實現了健康的自願離職率，僅為 10.9%。現在讓我來談談我們的交付模式，這對於為我們的客戶提供人工智慧價值至關重要。在向外部擴展這些能力之前，我們透過制定推動人工智慧應用的系統性方案，確保了內部對人工智慧的掌握。我們整個組織內人工智慧工具的採用率達到了令人矚目的 85%。這凸顯了我們大規模有效整合新技術的能力。

This widespread adoption has significantly fueled the growth of CI&T Flow. Over the past 18 months, the number of agents our teams have created and are using to deliver value to our clients has increased 15-fold. Today, our system operates at substantial scale with 4,700 active agents executing tasks across our business from simple automations to highly complex workflows. Leveraging our extensive network of AI agents, we've developed compelling solutions that address our clients' critical needs. To give you a concrete example, our data modernization studio features a set of AI agents designed to streamline and modernize data pipelines.

這種廣泛應用極大地推動了 CI&T Flow 的發展。在過去的 18 個月裡，我們團隊創建並用於為客戶創造價值的代理數量增加了 15 倍。如今，我們的系統已大規模運行，擁有 4700 個活躍代理，在我們的業務範圍內執行各種任務，從簡單的自動化到高度複雜的工作流程。利用我們龐大的人工智慧代理網絡，我們開發了能夠滿足客戶關鍵需求的引人注目的解決方案。舉個具體的例子，我們的資料現代化工作室配備了一系列人工智慧代理，旨在簡化和現代化資料管道。

This end-to-end approach encompasses data assessment, quality checks, and script generation, ensuring seamless integration into modern data architectures. Our solutions significantly automates the transformation of legacy systems into advanced data platforms. By utilizing GenAI, we generate code, create technical augmentation, and produce visual data lineage diagrams, therefore, significantly reducing manual effort and risk. Through our data modernization fast track, we convert isolated data islands into comprehensive data intelligence systems, expediting the process from assessment to post migration. This approach overcomes the time and resource challenges of traditional migration, enabling our clients to quickly unlock the full potential of their data.

這種端到端的方法涵蓋資料評估、品質檢查和腳本生成，確保與現代資料架構無縫整合。我們的解決方案能夠顯著提高傳統系統轉型為先進數據平台的自動化程度。透過利用 GenAI，我們可以產生程式碼、建立技術增強功能並產生視覺化資料沿襲圖，從而顯著減少人工工作量和風險。透過我們的資料現代化快速通道，我們將孤立的資料島轉變為全面的資料智慧系統，加快從評估到遷移後的流程。這種方法克服了傳統遷移在時間和資源方面的挑戰，使我們的客戶能夠快速釋放其資料的全部潛力。

As we continue to innovate with generative AI, we are witnessing a shift in the market towards more flexible value-based pricing models. Clients are seeking greater predictability and a clear connection between their investments and business outcomes, presenting us with an opportunity to monetize the value created by our AI-driven approaches. To align with this shift, we are actively experimenting with new engagement models such as fixed price and output-based contracts, which better align our compensation with the successful outcomes we deliver for our clients. We anticipate a gradual transition to these models over time. With our AI management system, we are unlocking entirely new revenue streams.

隨著我們不斷利用生成式人工智慧進行創新，我們正在見證市場轉向更靈活的基於價值的定價模式。客戶正在尋求更高的可預測性，以及投資與業務成果之間的清晰聯繫，這為我們提供了一個機會，將我們人工智慧驅動的方法所創造的價值貨幣化。為了順應這一轉變，我們正在積極嘗試新的合作模式，例如固定價格合同和基於產出的合同，以便更好地使我們的報酬與我們為客戶取得的成功成果相匹配。我們預計隨著時間的推移，這些模式將逐步過渡。借助我們的人工智慧管理系統，我們正在開闢全新的收入來源。

The large-scale opportunities driving our growth today were not feasible just a few years ago. Clients turn to us for our advanced AI capabilities, which empower them to address their most ambitious and complex challenges, whether it involves modernizing legacy systems, building predictive platforms, or creating new AI native business models. The direct result of our AI value proposition is our ability to consistently grow and capture market share. The value we deliver to our clients translates directly into the strong financial performance we provide to our shareholders. To guide you through our financial profile in detail, I'll now hand it over to Stanley.

如今推動我們發展的這些大規模機遇，在幾年前根本不可能實現。客戶選擇我們，是因為我們擁有先進的人工智慧能力，能夠幫助他們應對最具雄心壯志和最複雜的挑戰，無論是對傳統系統進行現代化改造、建構預測平台，還是創造新的人工智慧原生商業模式。我們的人工智慧價值主張帶來的直接結果是，我們能夠持續成長並獲得市場份額。我們為客戶創造的價值直接轉化為我們為股東帶來的強勁財務表現。為了更詳細地向您介紹我們的財務狀況，我現在將交給史丹利。

Thank you, Bruno, and good afternoon, everyone. Let me walk you through our third quarter 2025 financial performance. Our revenue in the third quarter was $127.3 million, an increase of 13.4% compared to the same period last year, fully organic. On a constant currency basis, revenue grew 12.1% year-over-year. Looking at the year-to-date, our revenue reached $355.4 million, a 12.8% increase over the nine months '24 at constant currency.

謝謝你，布魯諾，大家午安。讓我帶您了解我們2025年第三季的財務表現。第三季我們的營收為 1.273 億美元，比去年同期成長 13.4%，完全是內生成長。以固定匯率計算，營收年增 12.1%。從今年迄今的情況來看，我們的營收達到 3.554 億美元，以固定匯率計算，比 2024 年前九個月成長了 12.8%。

As Cesar mentioned, this quarter marks CI&T's fourth consecutive quarter of double-digit organic revenue growth, demonstrating the resilience and solidity of our business model. In the third quarter of 2025, our revenue from Latin America experienced a remarkable 35% year-over-year growth. In North America, revenue increased by 6% compared to the same period last year. Starting this quarter, we are reporting the performance of our Europe and Asia Pacific regions together under the designation New Markets. We are pleased to announce that both regions have recorded sequential growth in third quarter 2025.

正如 Cesar 所提到的，本季是 CI&T 連續第四個季度實現兩位數的有機收入成長，證明了我們商業模式的韌性和穩健性。2025年第三季度，我們來自拉丁美洲的營收實現了驚人的35%的年成長。在北美，營收比去年同期成長了 6%。從本季開始，我們將歐洲和亞太地區的業績合併報告，統稱為「新興市場」。我們很高興地宣布，這兩個地區在 2025 年第三季均實現了環比增長。

Focusing on industry verticals, we particularly highlight the strong performance in financial services and retail and industrial goods, which grew by 51% and 11%, respectively, in third quarter compared to the previous year. These sectors have been actively prioritizing digital transformation and modernization. In the financial services sector, companies are increasingly investing in AI-driven analytics to enhance customer experience, streamline operations, and improve risk management. Similarly, retailers and industrial goods are adopting AI technologies to better understand consumer behavior, optimize inventory management, and enhance supply chain efficiency. Our strategic cornerstone for growth continues to be our disciplined land-and-expand approach.

從產業垂直領域來看，我們特別強調金融服務和零售及工業品產業的強勁表現，與去年同期相比，第三季這兩個產業的成長率分別為 51% 和 11%。這些產業一直在積極推動數位轉型和現代化。在金融服務領域，各公司正越來越多地投資於人工智慧驅動的分析，以提升客戶體驗、簡化營運和改善風險管理。同樣，零售商和工業品產業也正在採用人工智慧技術來更好地了解消費者行為、優化庫存管理並提高供應鏈效率。我們發展的戰略基石仍然是我們嚴謹的「先佔領後擴張」策略。

This strategy has resulted in a predictable and stable revenue base characterized by exceptional logo retention and long client tenure. We have 10 clients each generating over $10 million in revenue. This cohort has seen a reported revenue increase of 19.5% in the third quarter of 2025 compared to the same quarter last year. Another solid indicator of our expansion with our large clients can be seen by the growing number of clients, each generating $5 million to $10 million in revenue annually from 11 clients in 2024 to 15 clients in the last 12 months. This illustrates our capacity to compound growth from within our established client base.

這項策略帶來了可預測且穩定的收入基礎，其特點是客戶留存率高，客戶合作時間長。我們有 10 位客戶，每位客戶的年收入超過 1,000 萬美元。據報道，該群體在 2025 年第三季的營收比去年同期成長了 19.5%。我們與大客戶合作擴張的另一個有力指標是客戶數量的成長，每位客戶每年創造 500 萬至 1,000 萬美元的收入，從 2024 年的 11 位客戶增加到過去 12 個月的 15 位客戶。這說明我們有能力在現有客戶群的基礎上實現複合成長。

In the third quarter of 2025, we achieved an adjusted EBITDA of $23.5 million, marking a 7.5% increase from the previous year. The adjusted EBITDA margin stood at 18.5%, reflecting a 1 percentage point decrease from third quarter 2024. This decrease is largely attributed to our anticipated upfront investment in expanding our workforce with an increase of over 1,100 employees during this period, supporting our pipeline and revenue growth trajectory, combined with an unfavorable FX rate in the comparable period. We've maintained a disciplined approach towards our operating expenses. This is evident in our reduced SG&A as a percentage of sales.

2025 年第三季度，我們實現了調整後的 EBITDA 2,350 萬美元，比上年增長了 7.5%。調整後的 EBITDA 利潤率為 18.5%，比 2024 年第三季下降了 1 個百分點。這一下降主要歸因於我們預計在此期間將對擴大員工隊伍進行前期投資，增加 1100 多名員工，以支持我們的業務拓展和收入成長，再加上同期不利的匯率。我們一直對營運費用採取嚴格的控制措施。這一點從我們降低銷售、管理及行政費用佔銷售額的比例中可以明顯看出。

For the first nine months of 2025, we generated $46.5 million in cash from operating activities, translating to a robust 72% cash conversion rate from adjusted EBITDA to operating cash. This strong cash conversion provide us with the flexibility to reinvest in strategic initiatives to foster growth. In the third quarter of 2025, our adjusted net profit reached $11.3 million, marking a 10.6% increase compared to the same period in 2024 with an adjusted net profit margin of 8.9%. Our adjusted diluted earnings per share for the quarter was $0.09, demonstrating a notable 16.4% increase from last year. In summary, we have successfully achieved double-digit organic revenue growth on a consistent basis while maintaining solid profitability metrics and strong cash generation.

2025 年前九個月，我們從經營活動中產生了 4,650 萬美元的現金，調整後的 EBITDA 到經營現金的轉換率高達 72%。強勁的現金轉化能力使我們能夠靈活地將資金再投資於策略性舉措，以促進成長。2025 年第三季度，我們調整後的淨利潤達到 1,130 萬美元，比 2024 年同期成長 10.6%，調整後的淨利潤率為 8.9%。本季調整後的稀釋每股收益為 0.09 美元，較去年同期顯著成長 16.4%。總而言之，我們已成功實現兩位數的有機收入持續成長，同時保持了穩健的獲利能力和強勁的現金流。

Additionally, we are actively executing our share repurchase program, further enhancing shareholder value. At this point, I would like to invite Cesar back to the stage to share our business outlook.

此外，我們正積極執行股票回購計劃，進一步提升股東價值。此時，我想請塞薩爾回到台上，分享我們的業務展望。

Thank you, Stanley.

謝謝你，史丹利。

For the fourth quarter of 2025, we project revenue to be between $130.4 million and $132.6 million US dollars. The midpoint of this range represents a year-over-year growth of 16.8% on a reported basis and 12.5% at constant currency.

我們預計 2025 年第四季的營收將在 1.304 億美元至 1.326 億美元之間。此區間的中點代表以報告匯率計算年增 16.8%，以固定匯率計算年增 12.5%。

For the full year of 2025, we are maintaining the midpoint of our revenue guidance while refining our expectations. We anticipate organic revenue growth at constant currency to be between 12.5% and 13% year over year.

對於 2025 年全年，我們將維持營收預期中位數不變，同時不斷調整預期。我們預計以固定匯率計算，有機收入年增率將在 12.5% 至 13% 之間。

Additionally, we are reaffirming our adjusted EBITDA margin guidance, which we expect to be in the range of 18% to 20%. This guidance reinforces a strong pace of organic revenue growth reported throughout the year, above the industry average, and positions us well for continued expansion as we move into 2026.

此外，我們重申調整後的 EBITDA 利潤率預期，預計在 18% 至 20% 之間。這項指導意見強化了全年強勁的有機收入成長勢頭，高於行業平均水平，並為我們邁入 2026 年的持續擴張奠定了良好的基礎。

This outlook also reflects the effectiveness of our growth initiatives, a robust commercial pipeline, ongoing expansion with our largest clients, and evolution of our AI-boosted offerings.

這一前景也反映了我們成長計畫的有效性、強大的商業管道、與最大客戶的持續擴張以及我們人工智慧增強型產品的演進。

In closing, I want to extend my heartfelt gratitude to all Ci&Ters around the world. Your dedication to innovation and to delivering exceptional value to our clients remains the driving force behind our progress.

最後，我要向世界各地的所有 Ci&Ters 表達我衷心的感謝。你們對創新的執著追求和為客戶創造卓越價值的努力，始終是我們進步的動力。

This concludes our presentation. We will now open the floor for questions.

我們的演講到此結束。現在開始接受提問。

Okay, we will now begin the question-and-answer session. (Operator Instructions)

好的，現在開始問答環節。（操作說明）

Luke Morison, Canaccord.

盧克·莫里森，Canaccord。

Hey guys, nice results. Thanks for taking the question here. So, I just want to double click on, the new engagement model slide that you presented, it first came out at your analyst day, you showed it here again.

嘿，夥計們，結果不錯。感謝您接受這個問題。所以，我只想雙擊一下您展示的那個新的互動模式幻燈片，它最初是在您的分析師日上發布的，您在這裡又展示了一次。

Just maybe help us think like how should we be thinking about the scalability of those models from here, where are you seeing the earliest traction or client readiness and what needs to happen operation. Operationally or contractually for those newer constructs, particularly flow or or agent-based consumption, to represent a more meaningful share of your revenue mix over time. Thank you.

或許可以幫助我們思考，從現在開始，我們應該如何考慮這些模型的可擴展性，您認為最早的進展或客戶準備在哪裡，以及營運方面需要做些什麼。從營運或合約角度來看，對於這些較新的結構，特別是流量或基於代理商的消費，隨著時間的推移，它們將在您的收入組合中佔據更有意義的份額。謝謝。

Thank you, Luke. Great to see you. I can start and Bruno will complement me, if he will. Well, as you mentioned, we see the future of our industry evolving from time material-based model pricing model to more value-based pricing models, more close -- which have more close link to the business outcome. And -- but we see this happen in a gradual way.

謝謝你，盧克。很高興見到你。我可以先開始，如果布魯諾願意的話，他會跟我合作。正如您所提到的，我們看到我們行業的未來將從基於時間材料的定價模式演變為更基於價值的定價模式，這種模式與業務成果的聯繫更加緊密。但是──我們看到這種情況是逐漸發生的。

So it's also an opportunity to monetize the intellectual property that will be embedded in every single engagement in the future agent architecture. So what we are doing now is proactively, we are introducing this approach to our clients and encouraging -- and getting encouraging new results with our main clients. And in terms of time line, I see this as a midterm opportunity. Gradually, we will translate -- and this is a major opportunity to translate gradually our superior performance into not only margins, but also scalability and also giving our clients a more flexible, a more powerful set of options in terms of pricing models. So we are not giving a concrete or outlook right now.

因此，這也是一個將未來代理架構中每一次互動都嵌入的知識產權貨幣化的機會。所以我們現在正在積極主動地向客戶介紹這種方法，並鼓勵他們採用，並且已經從我們的主要客戶那裡獲得了令人鼓舞的新成果。就時間安排而言，我認為這是一個中期機會。我們將逐步轉換—這是一個重大機遇，可以逐步將我們卓越的業績轉化為利潤，以及規模化，並為我們的客戶提供更靈活、更強大的定價模式選擇。所以我們現在無法給出具體的展望或預測。

But I think along the -- probably along the next six, 12 to 18 months, we will have this as a relevant part of our P&L and the way we are seeing the future in our commercial and pricing models.

但我認為，在接下來的六個月、十二到十八個月裡，這將成為我們損益表的重要組成部分，也是我們對未來商業和定價模式的展望。

And maybe just to complement, Luke, on your question around the education that clients require on their side to buy those models, right? So of course, there's the consumption base is actually where most of the ramp-up of that education needs to happen, and it's not easy. So it's going to go to procurement and they have to learn a new way to buy, right? So that's -- that will take some time to happen. But there are other models that also tap into that ability to automate work in kind of -- which is kind of an output-based models where we can have like a fixed price by unit of software developed.

盧克，關於你提出的客戶在購買這些模型時需要接受哪些教育的問題，我想補充一點，對吧？所以，當然，消費群其實是需要大力提升相關教育程度的地方，但這並不容易。所以這件事要交給採購部門，他們必須學習一種新的採購方式，對吧？所以——這需要一些時間才能發生。但也有其他模型也能利用這種自動化工作的能力——這是一種基於產出的模型，我們可以按開發的軟體單位收取固定價格。

We have like even fixed price of overall engagements because of the tools that we have that we kind of can map those engagements and can be really assertive in terms of what we will deliver. So there are models that are very easy to buy that any procurement area could buy just right now. There's no -- they don't require any education, right? So and there are -- and there's this new threat here with the consumption base, with IP-based consumption that will take some time. But all in all, I think we will go to move very quick in the next 12 to 18 months towards those models.

由於我們擁有可以規劃這些合作項目並能非常自信地承諾交付成果的工具，所以我們甚至對整體合作項目都有固定的價格。因此，有一些型號的產品非常容易購買，任何採購部門現在都可以立即購買。沒有——他們不需要任何教育，對吧？所以，消費基礎出現了一個新的威脅，即基於 IP 的消費，這需要一些時間才能改變。但總的來說，我認為在接下來的 12 到 18 個月裡，我們很快就會朝著這些模式邁進。

Excellent, very helpful. Maybe just a quick follow-up here. So just regarding your guidance, the guidance for Q4 implies continued sequential acceleration in growth as we exit the year. I know it's early and you're not guiding to next year, but just help us think about just sort of the durability of that growth. How do you view the cadence of that sustainable growth as we enter 2026? And are there any factors we should be keeping in mind around seasonality or demand normalization as we enter next year? Thank you.

太好了，很有幫助。這裡可能需要補充一點。關於您提供的業績指引，第四季的指引意味著隨著年底臨近，成長動能將繼續加速。我知道現在還為時過早，而且您也不是在預測明年，但請您幫我們思考一下這種成長的可持續性。您如何看待我們進入 2026 年後可持續成長的節奏？進入明年，我們應該注意哪些與季節性或需求正常化相關的因素？謝謝。

Sure. We are, base our outlook for Q4, I think basically on the consistent performance of the months of 2025 and combined with a very solid commercial pipeline. And what is, I think, a good data point is now we are having a strong sales conversion. I credit this to our differentiation based on our AI strategy, CI&T Flow, the kind of efficiency, and even the whole positioning regarding adoption of AI. So basically, a consistent track record, a solid pipeline with a stronger sales conversion when compared to the last year, for example.

當然。我認為，我們對第四季的展望主要基於 2025 年各月的穩定表現，以及非常穩健的商業產品線。我認為一個很好的數據點是，我們現在的銷售轉換率很高。我認為這要歸功於我們基於人工智慧策略、CI&T流程、效率以及在人工智慧應用方面的整體定位而形成的差異化優勢。所以基本上來說，就是要有穩定的業績記錄，擁有穩固的銷售管道，而且與去年相比，銷售轉換率更高。

Gates Schwarzmann, TD Cowen.

蓋茲·施瓦茨曼，TD·考恩。

Hey, thanks for taking my questions. Gates Schwarzmann with TD Cowen on for Bryan Bergin. Just wanted to touch on gross margin. It looks like it ticked down 30 bps sequentially. Just curious if you could talk a little bit about the underlying trends there? What are the drivers in terms of gross margin?

嘿，謝謝你回答我的問題。蓋茲·施瓦茨曼換下布萊恩·伯金，TD·考恩替補上場。我只想簡單談談毛利率。看起來它逐一下降了 30 個基點。我只是好奇您能否談談這方面的潛在趨勢？影響毛利率的驅動因素有哪些？

And particularly, how should we think about what levers you guys have moving into fiscal 2026 that you can pull to for margin expansion and support EBITDA growth? And also any sort of color on the actual underlying FX impacts on EBITDA margin or gross margin would be greatly appreciated.

特別是，我們應該如何看待你們在 2026 財政年度可以利用哪些槓桿來擴大利潤率並支持 EBITDA 成長？此外，如果能提供一些關於實際外匯波動對 EBITDA 利潤率或毛利率影響的詳細分析，我們將不勝感激。

Gates, thank you for the question. This is Stanley here. Well, first of all, Gates, we are very confident on our ability of delivering this full year guidance of EBITDA margin, so 18% to 20% adjusted EBITDA margin for the full year. We've been delivering those robust profitability metrics out of a bunch of initiatives, efficiency gains, of course, we are scaling SG&A throughout the years. Every quarter, we deliver lower SG&A as a percentage of revenue.

蓋茨，謝謝你的提問。這位是史丹利。首先，蓋茲先生，我們對實現全年 EBITDA 利潤率預期非常有信心，即全年調整後 EBITDA 利潤率達到 18% 至 20%。我們透過一系列措施實現了這些強勁的獲利能力指標，提高了效率，當然，多年來我們也一直在擴大銷售、一般及行政費用。每個季度，我們的銷售、管理及行政費用佔收入的比例都在下降。

And that will not change. We will continue that towards the future, right? So -- and combining that the fact that we are delivering those robust profitability under this benchmark organic growth path, this showcases our capacity to balance very well this investment in the AI opportunity and also this cost discipline that we've been managing the company. So we are scaling our business in this very solid manner. And this will not change.

這一點不會改變。我們將把這種做法延續下去，對嗎？因此——再加上我們在這條基準有機成長路徑下實現了強勁的獲利能力，這充分展現了我們能夠很好地平衡對人工智慧機會的投資以及我們一直以來對公司進行的成本控制。因此，我們正以這種非常穩健的方式擴大業務規模。這一點不會改變。

Of course, we are not guiding 2026 yet, but we don't have any factor that would mean that this will change.

當然，我們現在還沒有對 2026 年做出預測，但也沒有任何因素表明這種情況會改變。

Understood. And just a follow-up. I wanted to touch on demand trends. Obviously, tariff-related volatility has brought a lot of uncertainty in the environment. Can you touch on maybe how that's impacting your various verticals and then also touch on the US versus Latin America dynamics.

明白了。還有一個後續問題。我想談談需求趨勢。顯然，關稅相關的波動為市場環境帶來了許多不確定性。您能否談談這會對貴公司的各個垂直領域產生怎樣的影響，以及美國與拉丁美洲之間的市場動態？

Have clients started to gain any comfort with the tariff-related volatility? And subsequently, have you seen any sort of recovery in terms of discretionary spending or smaller, more strategic spend?

客戶是否已經開始逐漸適應關稅相關的波動？那麼，您是否隨後看到可自由支配支出或規模較小、更具策略性的支出出現任何復甦跡象？

Sure. I can get this one. I think we are growing sequentially in our regions. We -- of course, LatAm is stronger now. 12.5% growth sequentially, 35% year-over-year.

當然。我能買到這個。我認為我們各個區域都在逐步發展。當然，拉丁美洲市場現在更加強勁。季增12.5%，年增35%。

So driven basically by fast AI adoption among not only companies but users. North America is also getting a good traction now with 5.4% sequential growth. And even new markets now are growing with 4.8% sequentially. So basically, we see two main sources of demand. And then we see the overall environment improving, certainly driven by the evolution of the AI momentum that is, as I mentioned, very strong in Brazil and warming up in the US

因此，這主要得益於人工智慧在企業和用戶中的快速普及。北美市場目前也發展勢頭良好，季增 5.4%。即使是新興市場，目前也實現了環比 4.8% 的成長。所以基本上，我們看到了兩個主要的需求來源。然後我們看到整體環境正在改善，這當然得益於人工智慧發展勢頭的推動，正如我所提到的，人工智慧在巴西發展勢頭非常強勁，在美國也正在升溫。

And we can see by our commercial activity evolving and giving us a very strong commercial pipeline for next years and give us a lot of confidence that we will continue in a growth trajectory in a very good base. But as a way to qualify demand, I see two groups. One is basically demand for foundational spending, let's say, that's large scale projects to upgrade legacy technology and accelerate cloud and data migration. I think this is huge now. And of course, we are extensively using AI and Flow agents in this, let's say, from the foundational engagement.

從我們的商業活動可以看出，我們的業務正在不斷發展，為未來幾年提供了非常強大的商業管道，也讓我們有信心在良好的基礎上繼續保持成長勢頭。但要界定需求，我認為可以分為兩類。一是基礎性支出需求，比如說，大規模項目，用於升級傳統技術，加速雲端和資料遷移。我認為這意義重大。當然，我們在這個過程中廣泛使用了人工智慧和流程代理，例如從基礎互動階段就開始使用。

And there is another very well source of demand that is direct AI investment. I see relevant budget allocation moving from traditional IT to AI-specific solutions. So around -- let's start with the low-hanging fruit of hyper efficiency in the software development life cycle, but going for customer experience journeys, like how you move for more conversational commerce or AI boosted chatbots. So especially in Brazil using WhatsApp, for example. And we see more broad programs like AI-first transformation engagements.

另一個非常好的需求來源是直接的人工智慧投資。我看到相關的預算分配正在從傳統IT轉向人工智慧專用解決方案。所以，讓我們先從軟體開發生命週期中提高效率這個容易實現的面向入手，然後轉向客戶體驗之旅，例如如何轉向更具對話性的商務或人工智慧增強的聊天機器人。尤其是在巴西，例如使用 WhatsApp 的情況下。我們也看到了更廣泛的項目，例如以人工智慧為先導的轉型計劃。

This is when the client wants a kind of design and strategy and a road map to accelerate their AI adoption. And finally, we are seeing a growing number of use case using GenAI for optimized or labor-intensive or data-intensive business process. So it's real. It's amazing AI momentum, and I think we are very well positioned to continue to capture this opportunity.

這時，客戶需要一種設計方案、策略和路線圖，以加速其人工智慧的採用。最後，我們看到越來越多的用例使用 GenAI 來優化勞動密集型或資料密集型業務流程。所以這是真的。人工智慧發展勢頭迅猛，我認為我們已經做好充分準備，繼續抓住這一機會。

Maria Clara Infantozzi Itau.

瑪麗亞·克拉拉·因凡托齊·伊塔烏。

Hi everyone, thanks for the opportunity here. I just wanted to double-click on the improvement of pipeline to sales conversion topic. Cesar, can you give us more color on this? Is there any region that is calling more attention, maybe any specific client vertical that is worth highlighting? And what is the pricing strategy behind those new contracts? Are they all coming from output based?

大家好，感謝大家給我這個機會。我只是想就「提高銷售轉換率」這個話題再深入探討一下。塞薩爾，你能詳細說說這件事嗎？是否有哪個地區更受關注？或是有哪個特定的客戶群值得重點介紹？這些新合約背後的定價策略是什麼？它們都是基於產出的嗎？

Or do you still sell time and material? And lastly, if you could please provide a view on how you perceive the competitive environment, it would be great as well. Thank you.

或者你們現在仍然按工時和材料收費嗎？最後，如果您能談談您對競爭環境的看法，那就太好了。謝謝。

Sure. Thank you for your question, Maria Clara. I think in terms of vertical, I need to highlight financial services. It's 51% year-over-year growth expansion and 15% sequentially. So it's a combination of lending in new clients and expanding our main financial service clients.

當然。謝謝你的提問，瑪麗亞克拉拉。我認為從垂直領域來看，我需要專注於金融服務。年增 51%，季增 15%。所以，這既包括吸引新客戶放貸，也包括擴大我們主要的金融服務客戶群。

So -- and also, we see a lot of growth in retail and industrial goods, particularly in the auto industry, where we are very well positioned and expanding in the US It's more about expanding our wallet share in this retail and industrial growth portfolio. And then we also have the good news of tech and telco that were year-over-year was stable, but sequentially now it's a 19% expansion. So it's very good news. Other -- consider our five main verticals, three are expanding and two are stable.

所以——而且，我們看到零售和工業品領域有很多成長，尤其是在汽車產業，我們在美國的地位非常穩固，並且正在擴張。更重要的是擴大我們在零售和工業成長組合中的市場份額。此外，科技和電信業也傳來好消息，雖然年比保持穩定，但環比成長了 19%。所以這是個非常好的消息。其他——考慮我們的五個主要垂直領域，其中三個正在擴張，兩個保持穩定。

We see consumer goods and life science is stable in a sequential base. So going for your question regarding pricing models, it's a mix. Our strategy is not a radical move from time material to other models, but offering to offer to our clients a mix of models, and we can combine creatively these models in the best interest of them. So it's more of a mix game of some time material, some consumption basis, some outcome-based and other models we are inventing because this is a moment where we are really discovering the best way to play this new game in the AI Agentic world. And a lot of engagements also extend from just build for build and run engagements, and we need different pricing models for -- to support this shift to.

我們看到消費品和生命科學產業在週期性成長中保持穩定。所以，關於你提出的定價模式問題，我們採用的是混合模式。我們的策略不是從時間材料徹底轉向其他模型，而是向客戶提供多種模型的組合，我們可以創造性地將這些模型結合起來，以最大程度地維護他們的利益。所以，這更像是一種混合遊戲，其中包含一些時間材料、一些消費基礎、一些結果導向以及我們正在創造的其他模型，因為在這個時刻，我們正在真正探索在人工智慧代理世界中玩轉這場新遊戲的最佳方式。而且許多合作項目也不再侷限於建構和運作項目，我們需要不同的定價模式來支持這種轉變。

So this is basically -- I think it's a long-term game, but it's inevitable that the AI will reshape the way pricing and business model operate in our industry. And I think this is an amazing opportunity for us to improve not only margins, but scalability of our business. And your last question were regarding?

所以這基本上是一場長期的博弈，但人工智慧必然會重塑我們產業的定價和商業模式。我認為這對我們來說是一個絕佳的機會，不僅可以提高利潤率，還可以提高業務的可擴展性。你最後一個問題是關於什麼的？

The competitive environment overview, how you see competition?

競爭環境概述，您如何看待競爭？

Yes. I think we did -- looking back, we did an amazing job over the last three years, introducing CI&T Flow in July 2023 and transform every CI&T engagement into an AI engagement. We mentioned a lot the massive reskilling of 8,000 people. And I see CI&T really ahead of our competitors. I know that everyone is trying to figure out how to play in this new moment of the industry.

是的。我認為我們做到了——回顧過去三年，我們做得非常出色，在 2023 年 7 月推出了 CI&T Flow，並將每一次 CI&T 互動都轉變為一次 AI 互動。我們多次提到對 8,000 人進行大規模技能再訓練。我認為CI&T確實領先我們的競爭對手。我知道每個人都在努力弄清楚如何在這個行業的新時代中生存。

But what we get from our clients is, I think we are ahead. And in my perspective, we are accelerating.

但我們的客戶回饋是，我認為我們領先了。在我看來，我們正在加速發展。

Thank you so much for your answers.

非常感謝您的解答。

My pleasure

我的榮幸

Puneet Jain, JPMorgan.

Puneet Jain，摩根大通。

Hey, thanks for taking my question. Very nice quarter. So this year, you are all set to grow in, give or take, in low teens despite significant headwinds like tariffs and whatnot. As we think about next year, I know you're not providing the guidance, but should we expect growth rates to accelerate next year from current levels?

嘿，謝謝你回答我的問題。非常好的街區。所以今年，儘管面臨關稅等重大不利因素，你們的成長率預計仍將維持在十幾個百分點左右。展望明年，我知道您沒有給出具體指引，但我們是否應該預期明年的成長率會比目前的水平更快？

Thank you, Puneet. Thank you for your question. Unfortunately, we are not anticipating 2026 yet. But as I mentioned, we are very confident on our future growth based on the evolution of commercial, our commercial pipeline and better sales conversion. By now, it's more about delivering a very strong Q4.

謝謝你，普尼特。謝謝你的提問。遺憾的是，我們目前還無法預測 2026 年的情況。但正如我所提到的，基於商業的發展、我們的商業管道以及更高的銷售轉換率，我們對未來的成長非常有信心。現在，更重要的是確保第四季度業績強勁。

And in the next call, we will be very happy to really give you our guidance for next year.

在下次通話中，我們將非常樂意為您提供明年的指導。

That's fair. And can you talk about your hiring plans like the skills of people you hire, experience level? And should we expect revenue growth to continue to outpace your headcount growth? And what would that mean for margins over the near term at EBITDA margin level?

這很合理。能否談談你們的招募計劃，例如你們招募人員的技能要求和經驗程度？我們是否應該預期營收成長將持續超過員工人數成長？那麼，短期內 EBITDA 利潤率會受到怎樣的影響呢？

I'll take this one. Puneet, our strategy has always been to develop our own people, right? So -- and that's -- we think of ourselves as a teaching organization, as a learning organization. We're very proud that I think we learned faster than the average market. And I think the achievements around what we are at with Flow and our adoption and the results we're creating for our clients is a proof of that.

我選這個。普尼特，我們的策略一直都是培養我們自己的人才，對吧？所以——就是這樣——我們把自己視為一個教學型組織，一個學習型組織。我們非常自豪的是，我認為我們的學習速度比市場平均更快。我認為，我們在 Flow 方面取得的成就、我們的採用率以及我們為客戶創造的成果，都證明了這一點。

So we hired -- we continue our strategy to hire from the base of the pyramid and promote from inside and give opportunities for people to grow with us and to invest in our people and invest -- give people the opportunity to develop themselves to reskill, to upskill and to move on to different roles and different profiles. I think that will be an absolutely critical ability going forward as the industry will transform, all those roles will transform, people will do things in a completely different way than they do now two to three years from now. So that ability to be always learning and not try to hire for a job description because those job descriptions will be very fluid from now on. So it's that we continue to hire for potential, continue to hire for ability to learn and to grow. That's our strategy, and I think it will be a winning strategy going forward.

因此，我們繼續推行從金字塔底層招募、內部晉升的策略，為員工提供與我們共同成長的機會，投資於我們的員工，並為他們提供自我發展、重新學習技能、提陞技能並轉向不同職位和不同職業的機會。我認為，隨著產業轉型，所有角色都將轉變，兩三年後人們做事的方式將與現在完全不同，這將是一項至關重要的能力。所以要保持不斷學習的能力，不要試圖根據職位描述來招聘，因為從現在開始，職位描述將非常靈活多變。所以，我們將繼續招募有潛力的人才，繼續招募有學習能力和成長能力的人才。這就是我們的策略，我認為這將是一個制勝的策略。

Okay. Thank you.

好的。謝謝。

Leonardo Olmos, UBS.

萊昂納多·奧爾莫斯，瑞銀集團。

Hi everyone. Thank you for taking my question. Congrats on the numbers, very good revenue beat. I just want to make sure we don't have anything misunderstood here. So you -- for the full year 2025, you reinforced the midpoint of revenue growth guidance, right? But you beat Q3's figure. So that could assume -- and I'm probably wrong here, but that could assume Q4 is going to be slightly slower than you anticipated.

大家好。感謝您回答我的問題。恭喜取得如此佳績，營收遠超預期。我只是想確保我們之間沒有任何誤會。所以，你們重申了 2025 年全年營收成長預期中位數，對嗎？但你超過了Q3的數據。所以這可能意味著——我可能錯了——第四季會比你預期的稍微慢。

Maybe you advanced some revenue to Q3, I don't know. How should we read this? I know you just said in a previous answer, I'm not going to talk about 2026. I get that, but I just don't want to leave a wrong impression here on this shift between the quarters.

或許你們把部分收入提前計入了第三季度，我不太清楚。我們該如何解讀這段話？我知道你剛才在回答中說過，我不會談論 2026 年。我明白，但我只是不想在這個季度交接之際給人留下不好的印象。

Thank you, Leo. I think it's basically -- we are guiding keeping the pace, keeping our goal for the year. Last quarter, we raised the midpoint. So we are, of course, leaving some room to beat again the number, and we are very confident. I think it's a strong year and with an amazing exit rate for projecting 2026.

謝謝你，Leo。我認為基本上就是——我們正在努力保持進度，朝著今年的目標前進。上個季度，我們提高了中點。所以，我們當然會留出一些空間再次超越這個數字，我們對此非常有信心。我認為今年情況良好，而且對預測 2026 年的前景有著驚人的樂觀情緒。

So it's basically keeping our pace and make sure we leave room for -- even to accommodate some FX, surprising FX moves. We are not expecting, but we need to be conservative in terms of projecting FX. But at the end, we are really projecting a solid Q4. And again, a very good exit rate for projecting next year.

所以基本上就是保持我們的節奏，並確保我們留出空間——甚至是為了應對一些外匯市場出人意料的波動。我們不抱太大期望，但在預測外匯走勢方面，我們需要保持保守。但最終，我們預計第四季業績將非常穩健。再次強調，明年的退出率非常高。

Just if I could do a second one. It's another question related to how well you did and what's going to be ahead, okay, that is a risk. Top client, right? Top client now when you round up, gets to 12% of total sales. Performance was amazing, right?

如果我能再做一次就好了。這是另一個與你做得如何以及未來會怎樣有關的問題，好吧，這確實存在風險。頂級客戶，對吧？現在，頂級客戶如果向上取整，可以占到總銷售額的 12%。演出非常精彩，對吧？

Congrats on that. I'm sure this is something to celebrate because in the past, we saw how large clients can impact all IT service peers. So what do you -- how do you think about that, especially about -- I don't know, should you diversify, should you not? And how -- what do you expect in terms of -- what we heard in the media a couple of months ago that this top clients supposedly is going to reduce third party. Is that other part of third-party personnel? So if you could talk a little bit about top client. Thank you.

恭喜！我相信這是一件值得慶祝的事情，因為過去我們已經看到，大型客戶會對所有 IT 服務同行產生怎樣的影響。那麼，你對此有何看法？特別是關於——我不知道，你是否應該分散投資，還是不應該？那麼——你對此有何期待——幾個月前我們在媒體上聽到的消息是，這些頂級客戶據說會減少第三方支出。那是第三方人員的另一個部分嗎？所以，您能否談談您的頂級客戶？謝謝。

Sure. I think we are in good shape. Gradually, we have been growing and diversifying our portfolio of clients. I think top 1 is a massive victory of our value prop. And you saw sequentially, it grew 13%.

當然。我認為我們情況良好。我們逐步擴大並豐富了客戶組合。我認為獲得第一名是我們價值主張的巨大勝利。然後你可以看到，它逐年增加了 13%。

But our top 10 clients is growing consistently, too. So we sequentially 11%, our top 10. If you exclude top 1, it's still a strong 10% growth in our top 10. If you look only the tax top 10 is 7% sequential growth. So I think it's a very solid evolution.

但我們的前十大客戶數量也在持續成長。因此，我們依次獲得了 11% 的排名，位居前 10 名。即使排除排名第一的，前十名仍然實現了 10% 的強勁成長。如果只看稅收最高的 10 項，其季增率為 7%。所以我認為這是一個非常穩健的演變。

To give you another data point, 8 of our top 10 clients are growing sequentially. So regarding specifically our top 1, as you know, it's a very large financial service organization with dozens of different business, and we are very proud to be involving in different parts of their business strategy. And we continue to expand in different areas. I think it is a result of our ability to demonstrate efficient superior results across the board. And we see this engagement will continue to grow.

再給您一點數據，我們前 10 位客戶中有 8 位實現了逐年成長。所以具體來說，就我們排名第一的客戶而言，正如您所知，它是一家規模非常大的金融服務機構，擁有數十個不同的業務部門，我們非常自豪能夠參與到他們業務策略的不同方面。我們將繼續在不同領域拓展業務。我認為這源自於我們能夠在各方面都展現出高效卓越的成果。我們認為這種參與度將會持續成長。

But of course, at a slower pace, but it's part of what we were anticipating. And we are -- we have now a lot of new avenues for growth. So it's part of the game. We work with very large clients. And when they see the concrete results of engaging with CI&T, it tends to -- they tend to concentrate a lot of demand on us.

當然，速度會慢一些，但這也在我們預料之中。我們現在有很多新的發展途徑。所以這也是遊戲的一部分。我們與規模非常大的客戶合作。當他們看到與 CI&T 合作的具體成果時，他們往往會——他們往往會把很多需求集中在我們身上。

But we manage, I think, in a good way this kind of expansion. So I think we are in good shape. If you look at in a more, let's say, long-term perspective, four years ago, we were top 10 were kind of 67% of our revenue. Now it's 43%. So it's gradually as we evolve, we will have -- we will continue to diversify the revenue source, but I think we are in good shape.

但我認為，我們以一種很好的方式應對了這種擴張。所以我覺得我們情況不錯。如果從更長遠的角度來看，四年前，我們排名前十，這大約占我們收入的 67%。現在是43%。所以隨著我們不斷發展，我們會逐步實現收入來源多元化，但我認為我們目前狀況良好。

Yes. No, very good point. The numbers talk by themselves, right? Very good. Just a quick follow-up, sorry to abuse my time.

是的。沒錯，你說得很有道理。數字本身就能說明問題，對吧？非常好。再簡單跟進一下，不好意思佔用您時間。

How should we think about revenue in the top 1 clients or maybe top 10 as a whole? How recurring is it? How can we see so recurring? I get that you maybe won't grow like 70% year-on-year, but how recurring is that?

我們該如何看待前1名客戶或前10名客戶的整體收入？它發生的頻率如何？我們怎麼會看到這種反覆出現的情況？我知道你可能無法實現每年 70% 的成長，但這種成長能持續多久？

Historically, it's very recurring revenue. Annually, we disclose our net revenue retention, and it's always a some number. I think the business model kind of engagement is the same, if you are investing in AI and digital and if you are leveraging real concrete results, you will increase your investment. So it's an equation of success instead of a project-based model. So as we continue to support our clients to expand their strategy, I think we are in good shape to continue expanding and having a very high level of recurring revenue with them by design.

從歷史數據來看，這是一筆非常穩定的經常性收入。我們每年都會公佈淨收入留存率，而且這個數字始終存在。我認為商業模式的參與方式是一樣的，如果你投資人工智慧和數位化，並且獲得了切實可見的成果，你就會增加投資。所以，這是一種成功方程式，而不是基於專案的模式。因此，隨著我們繼續支持客戶拓展策略，我認為我們有能力繼續擴張，並透過精心設計的方式與他們建立非常高的經常性收入。

Very good. Thank you so much.

非常好。太感謝了。

My pleasure.

我的榮幸。

Thnak you, Leo. So that concludes our Q&A session. Thank you all for attending our event today. I'll now invite Cesar Gon to proceed with his closing remarks. Cesar, please.

謝謝你，Leo。問答環節到此結束。感謝各位今天蒞臨參加我們的活動。現在我請塞薩爾·貢發表閉幕致詞。請給我塞薩爾。

Sure. Thanks, Bruno, Stanley, Eduardo. Thank you all for joining us today. And to all CI&Ters around the world, I'm very proud of what you accomplished this quarter, what we could do as a team. Congratulations for another record quarter.

當然。謝謝布魯諾、史丹利和愛德華多。感謝各位今天蒞臨。對於世界各地的所有 CI&T 員工，我為你們本季所取得的成就感到非常自豪，也為我們作為一個團隊所取得的成就感到非常自豪。恭喜你們又創下了一個季度的業績新高。

Let's keep it pushing. And a special thank you for our clients for choosing CI&T in such an important moment in the industry. We are helping you, clients, to co-create the future in this exciting moment of AI-driven innovation. So everyone, stay well. See you soon.

讓我們繼續努力。特別感謝我們的客戶在這個行業如此重要的時刻選擇 CI&T。在這個人工智慧驅動創新的令人興奮的時刻，我們正在幫助各位客戶共同創造未來。祝大家身體健康。再見。