CI&T Inc. (CINT) 2026 Q1 法說會逐字稿

Good afternoon and thank you for joining us for CI&T First Quarter of 2026 Earnings Call. I am Eduardo Galvao, Director of Investor Relations. Joining me today to discuss our results and strategic milestones are Cesar Gon, our Founder and CEO; Bruno Guicardi, Founder and President for North America and Europe; and Stanley Rodrigues, our CFO. Before we begin, I would like to remind you that our remarks today will include forward-looking statements. These statements, including our business outlook, are based on the management's current expectations and are subject to risks and uncertainties that could cause actual results to differ materially.

下午好，感謝各位參加 CI&T 2026 年第一季財報電話會議。我是 Eduardo Galvao，投資人關係總監。今天與我一同討論我們的業績與策略里程碑的有：我們的創辦人暨執行長 Cesar Gon；北美與歐洲創辦人暨總裁 Bruno Guicardi；以及我們的財務長 Stanley Rodrigues。在開始之前，我想提醒各位，我們今天的發言將包含前瞻性陳述。這些陳述（包括我們的業務展望）係基於管理層目前的預期，並可能受到風險與不確定性影響，導致實際結果與所述內容出現重大差異。

We caution you not to place undue reliance on these forward-looking statements as they are valid only as of the date when made. Additionally, we'll discuss certain non-GAAP financial measures. We believe this provides a more comprehensive view of our underlying operational performance. For a full reconciliation of these measures to the most directly comparable GAAP metrics, please refer to the tables in our earnings release. Today's session is being recorded.

我們提醒各位不要過度依賴這些前瞻性陳述，因其僅在發表當日有效。此外，我們也將討論若干非 GAAP 財務衡量指標。我們相信這能更全面地呈現我們的基礎營運表現。如需將這些指標與最直接可比的 GAAP 指標進行完整調節，請參閱我們財報新聞稿中的表格。今天的會議將進行錄音。

(Operator Instructions) The full presentation deck is available on our Investor Relations website, and a replay of this call will be posted shortly after we conclude. With that, I'm pleased to hand the floor over to our Founder and CEO, Cesar Gon.

(接線員指示) 完整的簡報投影片已公布於我們的投資人關係網站，本次電話會議的重播也將在會議結束後不久上線。接下來，我很高興把時間交給我們的創辦人暨執行長 Cesar Gon。

Thank you, Eduardo, and good day, everyone. A year ago, I said the future of business is technology and the future of technology is business. Six consecutive quarters of double-digit organic growth tell me that, that was right. What has changed is the kind of partner companies are looking for, not a traditional horizontal service firm, but what we are choosing to call tech-integrated business solutions partner. We continue to advance two distinct AI-driven growth vectors for CI&T; AI deployment which expands revenue through IP-based solutions and AI adoption engagements and AI monetization which expand margins by evolving our pricing models to capture a greater share of the productivity gains and business value created by AI.

謝謝你，Eduardo，各位大家好。一年前我曾說，商業的未來是科技，而科技的未來是商業。連續六個季度的兩位數有機成長讓我確信，那個判斷是正確的。改變的是企業正在尋找的合作夥伴類型：不再是傳統的水平式服務公司，而是我們選擇稱之為「科技整合型商業解決方案夥伴」的角色。我們持續推進 CI&T 兩條由 AI 驅動的成長向量：其一是 AI 部署，透過以 IP 為基礎的解決方案與 AI 導入專案擴大營收；其二是 AI 變現，透過演進我們的定價模式，取得 AI 所帶來的生產力提升與商業價值中更高比例的份額，進而擴大毛利率。

2025 was a very strong year for AI deployment, and this trend has only strengthened in 2026. At the same time, 2026 marks the year when our AI monetization efforts are becoming more tangible. In Q1 2026, 20% of new sales were already based on new pricing models. We expect these models to contribute to gross margin expansion over the coming quarters as adoption continues to accelerate. By combining strategy, AI-native execution with Agentic SDLC and IP-based solutions, we are positioning CI&T to help lead the next decade of business reinvention.

2025 年是 AI 部署非常強勁的一年，而這股趨勢在 2026 年只會更為強化。同時，2026 年也標誌著我們的 AI 變現工作開始變得更具體可見的一年。在 2026 年第一季，新簽銷售中已有 20% 採用新的定價模式。我們預期，隨著採用持續加速，這些模式將在未來幾個季度帶動毛利率擴張。透過結合策略、以 Agentic SDLC 進行的 AI 原生交付，以及以 IP 為基礎的解決方案，我們正讓 CI&T 站在有利位置，協助引領未來十年的商業再造。

Turning to our financial performance. The first quarter of 2026 was a period of significant scale and sustained momentum. We achieved record revenue of $136.6 million, representing 23.2% year-over-year organic growth. This outperformance is notably broad-based with robust demand across all core geographies and a diversified footprint spanning our key industry verticals. Profitability remains a core strength of our model with adjusted EBITDA reaching $20.8 million, representing a 15.2% margin.

接著談我們的財務表現。2026 年第一季是規模顯著擴大且動能持續的一段期間。我們達成創紀錄的營收 1.366 億美元，年對年有機成長 23.2%。這項優於預期的表現相當廣泛，所有核心地區需求皆強勁，且我們在主要產業垂直領域的布局多元。獲利能力仍是我們模式的核心優勢，調整後 EBITDA 達 2,080 萬美元，對應 15.2% 的利潤率。

On an FX-neutral basis, this would be equivalent to an adjusted EBITDA margin of 17.4%. This performance reflects our ability to continue investing in our AI growth vectors while maintaining a disciplined operational profile. Furthermore, our business continues to demonstrate high-quality cash conversion with $13.5 million in cash -- operating cash flow this quarter, equivalent to 65% of adjusted EBITDA. The first quarter of 2026 marked our 60th consecutive quarter of double-digit organic growth, and this growth remains fully organic. This consistency is not accidental, it reflects a structural shift in client demand and CI&T's ability to capture it.

若以排除匯率影響（FX-neutral）計算，調整後 EBITDA 利潤率相當於 17.4%。此一表現反映我們在維持嚴謹營運紀律的同時，仍能持續投資於 AI 成長向量。此外，我們的業務持續展現高品質的現金轉換能力，本季營運現金流入 1,350 萬美元，相當於調整後 EBITDA 的 65%。2026 年第一季是我們連續第 60 個季度達成兩位數有機成長，而且這些成長完全來自有機成長。這樣的一致性並非偶然，而是反映客戶需求的結構性轉變，以及 CI&T 把握該需求的能力。

We are now seeing a clear acceleration of AI deployment. Clients are moving beyond experimentation and beginning to rebuild their technology foundations, operating models and business processes around AI. They need partners capable of connecting strategy, execution and measurable outcomes in the complex reality of large enterprise environments. This is where CI&T is increasingly differentiated.

我們現在看到 AI 部署明顯加速。客戶正從實驗階段走向下一步，開始以 AI 為核心重建其技術基礎、營運模式與業務流程。他們需要能在大型企業複雜的現實環境中，串聯策略、執行與可衡量成果的合作夥伴。這正是 CI&T 日益展現差異化之處。

Our proprietary IP, AI native delivery capabilities and CI&T FLOW are helping us convert this demand into large higher-quality engagements, both with new clients and within existing accounts. The case studies that follow show how this AI deployment momentum is translating into tangible business outcomes.

我們的專有 IP、AI 原生交付能力以及 CI&T FLOW，正協助我們把這股需求轉化為更大型、品質更高的合作案，無論是新客戶或既有客戶帳戶內的擴張皆然。接下來的案例研究將展示，這股 AI 部署動能如何轉化為具體的商業成果。

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These cases serve as empirical evidence of how our Agentic SDLCs fundamentally resetting the baseline for enterprise productivity and speed to value. I will now hand over to Bruno to discuss how we are scaling this hyper productivity through our global delivery model and our evolved [talent] strategy.

這些案例是實證證據，顯示我們的 Agentic SDLC 正在從根本上重設企業生產力與價值實現速度的基準線。接下來我將把時間交給 Bruno，請他說明我們如何透過全球交付模式與演進後的[人才]策略，擴大這種超高生產力。

Thanks, Cesar. Good afternoon, everyone. I'm excited to share our operational and talent progress for this quarter. We ended the first quarter 2026 with over 8,000 professionals, including an average of 6,600 AI-builders. While our headcount increased 13.3% year-over-year, this remained below our 15.5% revenue growth at constant currency.

謝謝你，Cesar。各位下午好。我很高興與各位分享本季在營運與人才方面的進展。我們在 2026 年第一季末擁有超過 8,000 名專業人員，其中平均有 6,600 名 AI 建置者（AI-builders）。雖然我們的人力規模年對年增加 13.3%，但仍低於以固定匯率計算的 15.5% 營收成長。

This delta has already begun lifting our revenue per professional, and we expect it to widen as AI monetization scales.

這個差距已開始推升我們的人均營收，而隨著 AI 變現規模化，我們預期差距將進一步擴大。

Value-based pricing led us capture more of the value we create per engagement, strengthening our unit economics as we continue to grow the team. As Cesar noted, we have pivoted from technology execution to strategic AI deployment. Our talent is no longer merely building code. They are curators of AI, leveraging CI&T FLOW and the Agentic SDLC to collapse development times and deliver hyper productivity. This shift is only possible because of our culture of continuous adaptation.

以價值為基礎的定價讓我們能在每個專案中取得更多我們所創造的價值，並在持續擴編團隊的同時強化單位經濟效益。如 Cesar 所提，我們已從技術執行轉向策略性的 AI 部署。我們的人才不再只是撰寫程式碼。他們是 AI 的策展人，運用 CI&T FLOW 與 Agentic SDLC 壓縮開發時間並交付超高生產力。這樣的轉變之所以可能，唯有仰賴我們持續適應的文化。

We ended the quarter with a 4.1 Glassdoor score, the highest among our peer group and having been recognized by Great Place to Work for 19 consecutive years. Our voluntary attrition remains at a healthy 10.3%, the lowest level in our recent history, in an era where AI is redefining technical careers. Our industry-leading retention proves that our people feel empowered by these tools, not replaced by them. Our AI-builders are the engine of our innovation and their ability to orchestrate complex AI agents is the fundamental differentiator for CI&T in the global market. I'm proud to announce the launch of our 2025 global ESG report this quarter, reaffirming our commitment to the UN Global Compact.

本季末我們的 Glassdoor 評分為 4.1 分，為同業中最高，並且已連續 19 年獲 Great Place to Work 認證。我們的自願離職率維持在健康的 10.3%，為近年來最低水準；在 AI 正重塑技術職涯的時代，這一點尤其重要。我們領先業界的留任表現證明，我們的同仁因這些工具而更有能力，而非被其取代。我們的 AI 建置者是創新的引擎，而他們協同編排複雜 AI 代理（agents）的能力，是 CI&T 在全球市場的根本差異化所在。我很自豪宣布，我們於本季發布 2025 年全球 ESG 報告，再次確認我們對聯合國全球盟約（UN Global Compact）的承諾。

Our culture remains a primary competitive advantage and 52.2% of our global workforce is from underrepresented groups. The diversity of perspective is what allows us to navigate the ethical complexity of AI responsibly. It's not separate from the business. It's why clients trust us with their work. The report also covers our social impact.

我們的文化仍然是主要的競爭優勢，而我們全球員工中有 52.2% 來自代表性不足的群體。多元觀點使我們能夠負責任地應對 AI 的倫理複雜性。這並非與業務分離。這也是客戶信任我們、將其工作託付給我們的原因。本報告亦涵蓋我們的社會影響力。

Over 100,000 people reached through funded projects alongside governance and environmental milestones, including the Golden Seal from the Brazil GHG Protocol and 100% renewable energy across our Brazilian operations. I invite you to explore the full report published on our website.

透過受資助的專案已觸及超過 100,000 人，同時也達成治理與環境方面的里程碑，包括獲得巴西溫室氣體（GHG）盤查協議的 Golden Seal（金印）認證，以及我們在巴西的營運全面採用 100% 再生能源。我邀請各位瀏覽我們網站上發布的完整報告。

Now over to Stanley to guide us through our financial performance.

接下來交給 Stanley，帶領我們回顧財務表現。

Thank you, Bruno, and good afternoon, everyone. Let me walk you through our financial performance for the first quarter of 2026. We achieved $136.6 million in net revenue, representing a robust 23.2% growth compared to the same period last year, fully organic. On a constant currency basis, revenue grew 15.5% year-over-year. I want to highlight that this performance exceeded our guidance and surpassed current analyst estimates.

謝謝你，Bruno，各位下午好。我將帶各位回顧我們 2026 年第一季的財務表現。我們實現淨營收 1.366 億美元，較去年同期強勁成長 23.2%，且完全來自內生成長。以固定匯率計算，營收年增 15.5%。我想強調，這項表現超出我們的指引，並高於目前分析師的預估。

This outperformance is underpinned by exceptional momentum in our go-to-market execution. Throughout the quarter, we observed a significant expansion in our sales pipeline and an improved conversion rate, the direct result of intentional sales initiatives and the tangible impact our AI deployment is delivering for our clients. What excites us most is the underlying quality and breadth of this performance. From a geographic perspective, Latin America led the acceleration with 33% growth, while North America delivered a solid increase of 16% and new markets grew 11% year-over-year. We achieved an 18.9% expansion within our top 10 accounts, yet our growth remains healthily distributed.

這項超預期表現，主要來自我們在市場推進（go-to-market）執行上的卓越動能。整個季度中，我們觀察到銷售管線顯著擴張、轉換率提升；這是有意識的銷售倡議，以及我們的 AI 部署為客戶帶來可衡量成效的直接結果。最令我們振奮的是這項表現背後的品質與廣度。從地理區域來看，拉丁美洲以 33% 成長領先加速；北美穩健成長 16%；新市場年增 11%。我們在前十大客戶中實現 18.9% 的擴張，同時整體成長仍維持健康分散。

This resilience was visible across nearly all industry verticals, which grew at double digits with our Consumer Goods segment remaining stable. This broad-based performance confirms that our AI deployment is not a localized success. It is a global catalyst that is driving deeper penetration across all regions and industries we serve. This chart illustrates our land and expand strategy in action. We grew our $5 million to $10 million client cohort from 15 to 18 clients in the quarter, a compounding effect of our ability to scale wallet share through AI-driven impact.

這種韌性在幾乎所有產業垂直領域皆可見，多數領域均達到雙位數成長，而我們的消費品（Consumer Goods）部門則維持穩定。這種廣泛的表現證實，我們的 AI 部署並非局部性的成功。它是一個全球性的催化劑，正推動我們在所服務的各地區與各產業中更深度的滲透。這張圖表展示了我們「先落地、再擴張」（land and expand）策略的實際運作。本季我們將年營收 500 萬至 1,000 萬美元的客戶群，從 15 家增加到 18 家；這是我們透過 AI 驅動的成效擴大客戶錢包份額（wallet share）能力所帶來的複利效應。

Our performance is fueled by exceptional go-to-market momentum. We observed significant pipeline expansion and improved conversion rates this quarter, the direct result of intentional sales initiatives and the tangible return on investments our AI deployment provides. This strength creates a highly predictable and resilient revenue base as we deepen these strategic partnerships. In the first quarter of 2026, our adjusted EBITDA reached $20.8 million, a 6.3% increase year-over-year, resulting in a 15.2% margin. It is important to note that this margin reflects two specific headwinds, unfavorable foreign exchange comparisons and the impact of increased Brazilian payroll taxes.

我們的表現由卓越的市場推進動能所驅動。本季我們看到管線大幅擴張、轉換率提升；這是有意識的銷售倡議，以及我們的 AI 部署所帶來具體投資報酬的直接結果。隨著我們深化這些策略夥伴關係，這股強勁動能也打造出高度可預測且具韌性的營收基礎。2026 年第一季，我們的調整後 EBITDA 達 2,080 萬美元，年增 6.3%，對應 15.2% 的利潤率。需要注意的是，該利潤率反映了兩項特定逆風：不利的外匯比較，以及巴西薪資稅增加的影響。

To provide a clearer view of our operational performance, if we exclude the FX impact, our first quarter '26 EBITDA would have reached $22.2 million, equivalent to a 17.4% margin and a robust 13.2% year-over-year growth. This FX impact was more pronounced in the first quarter due to the year-over-year Brazilian reais-US dollar comparison base, and it is expected to attenuate over the coming quarters. We remain focused on ensuring that the hyper productivity we are engineering today becomes the permanent foundation for long-term sustainable profitability. As Cesar mentioned, we expect our new engagement models to contribute to profitability margin expansion over the coming quarters as adoption continues to accelerate and we capture a greater share of the value we create.

為了更清楚呈現我們的營運表現，若排除匯率影響，我們 2026 年第一季的 EBITDA 將達 2,220 萬美元，相當於 17.4% 的利潤率，且年增強勁達 13.2%。由於巴西雷亞爾兌美元的年對年比較基期，本季匯率影響更為明顯，預期在接下來幾季將逐步減弱。我們仍專注於確保我們今日所打造的超高生產力，能成為長期可持續獲利的永久基礎。如 Cesar 所提，我們預期隨著採用持續加速，新的合作模式將在未來幾季推動獲利率擴張，並讓我們取得我們所創造價值中更大的份額。

Moving to our bottom line. Adjusted profit reached $10.2 million in the first quarter of 2026, This represents a 6.2% increase compared to the same period last year, resulting in an adjusted net income margin of 7.5%. Most importantly, our adjusted diluted earnings per share was $0.08, representing a robust 11.8% increase over first quarter '25. This double-digit growth in earnings per share, surpassing our net profit growth, is a direct result of our disciplined capital allocation strategy and the increasing operating leverage within our AI native platform.

接著看我們的最終獲利。2026 年第一季調整後利潤達 1,020 萬美元，較去年同期增加 6.2%，調整後淨利率為 7.5%。更重要的是，我們的調整後稀釋每股盈餘為 0.08 美元，較 2025 年第一季強勁成長 11.8%。每股盈餘的雙位數成長、且高於淨利成長，直接反映我們嚴謹的資本配置策略，以及我們 AI 原生平台日益提升的營運槓桿。

I will now turn the call back to Cesar to discuss our business outlook and the strategic path forward for the remainder of 2026.

接下來我把電話交回給 Cesar，請他說明我們的業務展望，以及 2026 年剩餘期間的策略方向。

Thank you, Stanley. For the second quarter of 2026, we expect revenue of at least $140 million, representing 19.5% growth year-over-year or 13.9% at constant currency. Based on our strong first quarter performance and the quality of our current pipeline, we are increasing our full year 2026 revenue guidance to a range of $556 million to $575 million. This implies organic growth of 13.5% to 17.5% with a midpoint of 15.5%.

謝謝你，Stanley。對於 2026 年第二季，我們預期營收至少 1.40 億美元，年增 19.5%，或以固定匯率計算年增 13.9%。基於第一季的強勁表現以及目前管線的品質，我們將 2026 全年營收指引上調至 5.56 億至 5.75 億美元區間。這意味著內生成長 13.5% 至 17.5%，中位數為 15.5%。

Our revised growth outlook includes a positive FX impact of approximately 350 basis points, which is 50 basis points higher than our previous guidance. Effectively, of our 150 basis points increase of our revenue guidance, 100 basis points are driven by pure organic momentum and improved pipeline conversion. Our updated guidance reflects the continuing strength of our first AI-driven growth vector, AI deployment, which is fueling revenue expansion through IP-based solutions and AI adoption engagements, combined with our well-oiled go-to-market strategy. In addition, we estimate our adjusted EBITDA margin to be in the range of 17% to 19%. We project margin expansion to build sequentially throughout the year, supported by our second AI-driven growth vector, AI monetization, as the adoption of new pricing models accelerates and enable us to incrementally capture a great share of the productivity gains and business value created by AI.

我們修訂後的成長展望包含約 350 個基點的正向匯率影響，較先前指引高出 50 個基點。實際上，在我們將營收指引上調 150 個基點之中，有 100 個基點來自純粹的內生動能與更佳的管線轉換。我們更新後的指引反映了第一個 AI 驅動成長向量——AI 部署——持續展現的強勁力道；其透過以 IP 為基礎的解決方案與 AI 採用型專案帶動營收擴張，並結合我們運作順暢的市場推進策略。此外，我們預估調整後 EBITDA 利潤率將落在 17% 至 19% 區間。我們預期利潤率擴張將在全年逐季建立，並由第二個 AI 驅動成長向量——AI 變現——所支撐；隨著新定價模式的採用加速，使我們能逐步取得 AI 所帶來生產力提升與商業價值中更大的份額。

With that, we are ready to begin the Q&A session. Thank you.

接下來，我們準備開始問答環節。謝謝。

All right, we'll now begin the question-and-answer session. (Operator Instructions)

好的，我們現在開始問答環節。（接線員指示）

Gustavo Farias, UBS.

UBS 的 Gustavo Farias。

Hi, everyone. Thanks for taking my questions too on my end. Two on my end. First of all, congratulations on the results. First question, if you could provide color on the current pipeline of projects and the mix between the types and the types of contracts; time-and-materials, outcome-based, fixed price and how this has been evolving and the margin profile you've been encountering in each of them.

各位好。也謝謝讓我這邊提問。我這邊有兩個問題。首先，恭喜本季的成果。第一個問題，能否請你們補充說明目前專案管線的狀況，以及不同類型與合約型態的組合：按工時與材料（time-and-materials）、以成果為基礎（outcome-based）、固定價格（fixed price）；這些組合如何演變，以及你們在各類型中所觀察到的利潤率輪廓（margin profile）。

My second question is related to margins. We've seen the margin below -- a little bit below our numbers and consensus numbers. Of course, you explained very clearly the main drivers. Just to double check here, how much of that was already expected by the previous and current margin guidance? And is it fair to assume margin, based on Q1 results, could be brought towards the lower end of this 17% to 19% range?

我的第二個問題與利潤率有關。我們看到利潤率低於——略低於我們的數字以及市場一致預期。當然，您已非常清楚地解釋了主要驅動因素。我想再確認一下，其中有多少已經包含在先前與目前的利潤率指引之中、屬於原本就預期的部分？另外，是否可以合理假設，基於第一季的結果，利潤率有機會被拉回到這個 17% 到 19% 區間的下緣？

That's my second question. Thank you.

這是我的第二個問題。謝謝。

Thanks Gustavo. I can handle the first one and then Stanley can get the second one. Regarding pricing models, as planned, we are now advancing what we are calling the AI monetization effort. That basically is an effort to synchronize AI deployment with the evolution of our pricing models to be more value-based, and of course, giving us the opportunity to capture more margins from the efficiency and impact we are generating. We disclosed, for the first time, this evolution by giving the data point of 20% of all the new sales in the fourth quarter were already based on this value-based models.

謝謝你，Gustavo。第一個問題我來回答，第二個問題由 Stanley 來回答。關於定價模型，依照規劃，我們現在正在推進我們所稱的 AI 變現（monetization）工作。這基本上是一項讓 AI 部署與我們定價模型的演進同步、使其更以價值為導向的工作；當然，也讓我們有機會從我們所創造的效率與影響中取得更多利潤率。我們首次揭露這項演進，提供了一個數據點：第四季所有新銷售中，有 20% 已經是基於這些價值導向的模型。

Value-based models is -- for us is a combination of output based with price per consumption or we call Asian computing units when we sell in a semi-sized model and outcome-based. So output consumption and outcome based. This is basically what is behind the 20% we disclosed as a combination of a mix of these different pricing models. We believe the future will be really a hybrid model where we combine -- it depends on the situation, the scenario, we combine all these alternatives in the end with the will to provide more flexibility to our clients, skin in the game from CI&T regarding our ability to leverage value from the AI deployment and also, of course, capture more of the share of the impact we are generating.

價值導向模型——對我們而言——是由以產出為基礎、以使用量計價（我們在以半規模模型銷售時稱之為 Asian computing units），以及以成果為基礎所組成的組合。也就是以產出/使用量與以成果為基礎。這基本上就是我們所揭露的 20% 背後的內容，是這些不同定價模型組合的混合。我們相信未來會是一種真正的混合模式：我們會視情況與情境而定，最終把這些替代方案加以組合，目的在於為客戶提供更大的彈性、讓 CI&T 在能否從 AI 部署中槓桿出價值方面也有「共同承擔」（skin in the game），並且當然，能捕捉我們所創造影響的更大份額。

So what we -- of course, our business model is very current. So we have long-term contracts. So that's why quarter-over-quarter you're going to see a visible, tangible increment in our gross margin as a result of this move towards new pricing models. But we also will keep -- I'm sure we will have part of our revenue still based on time-material. But even time-material, if you see what's happening in the industry, time-material is being rebranded, right, as for the engineering deployment.

所以我們——當然，我們的商業模式非常——很「長期」。我們有長期合約。因此，按季來看，你會看到因為我們朝向新定價模型移動，而在毛利率上出現可見、可衡量的提升。但我們也會持續——我確信——我們仍會有一部分營收是以工時與材料（time-material）為基礎。不過即便是工時與材料，如果你看產業正在發生的事，工時與材料正在被重新包裝（rebranded），對吧，作為工程交付（engineering deployment）。

So there's a new set of opportunities even for time-material engagements to reprice it based on deep AI competence. So I think all good moves, vectors in our favor, and I see a very consistent strategy for CI&T on these two vectors, AI deployment combined with a disciplined AI monetization. Stanley, if you could address specifically the second question from Gustavo.

因此，即使是工時與材料的合作案，也出現了一套新的機會，可以基於深厚的 AI 能力來重新定價。所以我認為這些都是對我們有利的動作與趨勢向量，我也看到 CI&T 在這兩個向量上有非常一致的策略：AI 部署結合嚴謹的 AI 變現。Stanley，請你針對 Gustavo 的第二個問題做具體回覆。

Yes. Gustavo, thank you for the question about margins. Well, if you see, Gustavo, we are maintaining our guidance of EBITDA of the range of 17% to 19%. And what is built in that guidance? First, structural characteristics of our business seasonality.

好的。Gustavo，謝謝你關於利潤率的提問。嗯，如果你看，我們維持 EBITDA 指引在 17% 到 19% 的區間。那這個指引裡面包含了什麼？第一，是我們業務的結構性特徵——季節性。

We have higher margins towards second half of the year. We also have an operating leverage going on for the last years, and we will continue to see that throughout 2026. And on top of that, we have the margin expansion out of the AI monetization through new engagement models. So all of that combined is, let's say, compensating for the real appreciation, which is a headwind to the margins, which is already within or in this 17% to 19% guidance. And at the end, if you see, in absolute terms, EBITDA will increase from -- in comparison to 2026.

我們在下半年會有較高的利潤率。我們過去幾年也一直在發生營運槓桿效應，而且我們將在 2026 年持續看到這點。此外，還有透過新合作模式所帶來的 AI 變現所驅動的利潤率擴張。因此，這些因素加總起來，可以說是在抵銷雷亞爾升值（real appreciation）對利潤率的不利影響；而這個逆風已經包含在這個 17% 到 19% 的指引之內。最後，如果你看絕對金額，EBITDA 會增加——相較於 2026。

So the question is more towards the margin effects in the revenue.

所以這個問題更偏向於營收中的利潤率影響。

That's very helpful. Thank you guys.

這非常有幫助。謝謝各位。

Puneet Jain, JP Morgan.

Puneet Jain，摩根大通（JP Morgan）。

Hey, thanks for taking my question. I also have like a question on this new AI-based delivery model, Agentic SDLC. So like if -- assuming like if some of those contracts stay as time and material, how does -- how do you integrate like the token cost and like the -- overall like the AI portion of cost in your delivery structure? And how does like the margin profile of some of those contracts compare with your typical people-based models?

嗨，謝謝讓我提問。我也有一個關於這個新的 AI 驅動交付模型——Agentic SDLC——的問題。所以，假設其中一些合約仍然維持工時與材料模式，你們如何把 token 成本以及整體 AI 部分的成本整合進你們的交付成本結構？另外，這些合約的利潤率輪廓與你們典型以人力為主的模型相比如何？

Thanks, Puneet. Basically, in terms of pricing, even in time-material engagements, we continue to see a very rational price environment and a lot of openness from our clients to discuss new pricing models and to incorporate eventually the new opportunities regarding AI. So we -- now we see a lot of opportunity. Of course, the easy or let's say the low-hanging fruit is just -- as now we are really -- I think with a very superior approach on AI deployment, we can accommodate any additional cost in our pricing model. But I think the real -- the most strategic part is moving from, as I mentioned, from time-material to a new output-based, outcome-based and consumption-based model.

謝謝你，Puneet。基本上，就定價而言，即使在工時與材料的合作案中，我們仍然看到非常理性的價格環境，而且客戶也很願意與我們討論新的定價模型，並最終把 AI 相關的新機會納入其中。所以我們——現在看到很多機會。當然，最容易、或者說最低垂的果實，就是——由於我們現在在 AI 部署上確實——我認為——有非常優越的方法，我們可以在定價模型中吸收任何額外成本。但我認為真正——最具策略性的部分——是如我提到的，從工時與材料轉向新的以產出為基礎、以成果為基礎以及以使用量為基礎的模型。

So I think this -- as the demand is huge and the eagerness of our clients to leverage AI benefits are increasing, we are not seeing -- of course, we need to synchronize everything, and it's what we do. I think we are very good on that. And so I think we are kind of very happy with what we could do in the previous quarters regarding AI deployment and what we see the speed of -- what we are seeing in the advancement of AI monetization efforts.

所以我認為——由於需求非常龐大，而且客戶想要利用 AI 效益的意願正在提升——我們並沒有看到——當然，我們需要把所有事情同步，而這正是我們在做的。我認為我們在這方面做得很好。因此，我們對於前幾季在 AI 部署上能做到的事情，以及我們所看到的——我們正在看到的——AI 變現工作推進速度，都感到相當滿意。

So very -- I see more as our ability to demonstrate that. In the end, if you are able to demonstrate the impact you can generate with AI for our clients, they respond accordingly in terms of adjusting the model in the right direction.

所以非常——我更把它視為我們展示這件事的能力。最終，如果你能向客戶證明你可以用 AI 為他們創造的影響，他們就會在調整合作模式的方向上做出相應回應。

Got it. Got it.

了解。了解。

And if I can complement, Puneet, like the adjustment is not a gradual, incremental one, right? We're talking about 3 times, 5 times, 7 times. So when you kind of create that type of impact, to Cesar's point, like clients are open to having more of that and then expand. And that's how we've been growing with increasing wallet share within clients, getting more space, those -- making those relationships closer, right? So -- and again, the engagement model, they're open to have more of that.

如果我可以補充一下，Puneet，這種調整不是逐步、漸進式的，對吧？我們談的是 3 倍、5 倍、7 倍。所以當你創造出那種程度的影響時，呼應 Cesar 的觀點，客戶會願意接受更多，然後擴大。而這也是我們如何在客戶內部提高錢包份額（wallet share）來成長、取得更多空間、讓那些——讓關係更緊密，對吧？所以——再一次，合作模式方面，他們也願意接受更多這樣的做法。

So it's a win-win conversation.

所以這是一場雙贏的對話。

I appreciate that. And are you seeing like any impact from like the geopolitical uncertainty, the war in the Middle East to your clients' decision-making at all? Like, any verticals anywhere where you might be seeing signs of slowdown in second quarter compared to -- in Q1?

我很感謝。另外，您是否看到地緣政治不確定性、中東戰爭對客戶決策有任何影響？例如，有沒有任何產業垂直領域或任何地方，您可能看到第二季相較於——相較於第一季（Q1）出現放緩跡象？

Not really no. So far, we haven't -- again, the dynamics of this growth and the growth that we're kind of guiding, it's based on the dynamic within our clients and our ability to kind of create more value than our competitors within those clients and winning wallet share and growing with them. And they're big, stable companies, leaders in their market. So they're solid companies. They're growing, they're doing well.

沒有，並沒有。到目前為止，我們還沒有——再說一次，這個成長的動能，以及我們目前所給出的成長指引，是基於我們客戶內部的動態，以及我們在這些客戶中創造比競爭對手更多價值的能力，進而贏得更多錢包份額並與他們一同成長。而且他們都是大型、穩健的公司，是其市場的領導者。所以他們是很扎實的公司。他們在成長，表現良好。

So if we do our part, which is create value for them and being ahead of the pack, which we think we are at this point, and we have to keep ahead of the pack, I don't think that the macro will impact a ton.

所以只要我們做好自己的部分，也就是為他們創造價值並保持領先——我們認為目前確實領先，而且我們必須持續領先——我不認為總體環境會造成很大的影響。

Okay, thank you.

好的，謝謝。

Steven, Wedbush.

Steven，Wedbush。

Hey, thanks guys. Congrats on the quarter. Thanks for taking the questions. So I have two questions, one on the value-based pricing and then one also on the headcount growth. Specifically for the value-based pricing, you mentioned that 20% of the net sales is coming from this value-based pricing approach. Do you have any sort of long-term gauge or any sort of long-term target that we can take into account for this value-based pricing and what the company's expectations are to really get a lot of these new customers onto this value-based pricing approach? And then turning to the headcount, especially when you're starting to see over 80% of your headcount really leveraging AI and becoming the curators of AI, as you described.

嗨，謝謝各位。恭喜本季表現。謝謝回答問題。我有兩個問題，一個關於價值導向定價，另一個關於人力（headcount）成長。具體來說，關於價值導向定價，您提到淨銷售額的20%來自這種價值導向定價方式。對於這種價值導向定價，是否有任何長期衡量指標或長期目標可供我們參考？以及公司期望如何真正讓更多新客戶採用這種價值導向定價方式？另外談到人力，尤其當你們開始看到超過80%的人力都在運用AI，並如你所說成為AI的策展人。

Is that going to lead to any sort of headcount reduction in the near term or in the long term and something that we can take into account from there?

這是否會在短期或長期導致任何人力縮減？以及我們可以如何將其納入考量？

I can get the first one. Steve, thank you for your question, and Bruno can help with the second. Regarding new pricing models, we see this change happening in the horizon of maybe 18 months as a natural evolution of -- as the new sales become relevant in terms of revenue quarter-over-quarter. So gradually, you're going to see the effect happening in our -- especially in our gross margin, where you can clearly see the difference on the value we are capturing from the engagement. Another thing that is, it's not just pricing models.

第一個我來回答。Steve，謝謝你的提問，第二個Bruno可以補充。關於新的定價模式，我們認為這項變化可能會在大約18個月的時間範圍內發生，作為一種自然演進——因為新銷售在營收上逐季變得更具重要性。因此，你會逐步看到其影響出現在我們的——特別是在毛利率上，你可以清楚看到我們從合作案中所捕捉到的價值差異。另外一點是，這不只是定價模式。

I think our offerings are evolving to generate much, much more impact to our clients. So it give us a lot of flexibility. And as we see the momentum of AI deployment increase and the way we are very well positioned, we see room for really accommodate the CI&T in a better shape regarding value capture.

我認為我們的產品與服務也在演進，為客戶帶來更大、更大的影響。因此這給了我們很大的彈性。而且隨著AI部署動能提升，以及我們所處的有利位置，我們看到有空間能以更好的方式來調整CI&T在價值捕捉方面的表現。

So, gradually, quarter-by-quarter, following the impact, the increased impact we are generating for our clients; impacts around, like say, horizontal impact regarding efficiency. So, a lot of things that we can do now with an amazing return on investment for them regarding data, regarding app modernization and so on and direct AI impact with the new use cases that are emerging for every vertical and segment. So a lot of opportunities, and I think we are very well positioned to capture that. Regarding our workforce, I think Bruno can address that.

所以會逐步地、逐季地，隨著我們為客戶創造的影響力提升而反映出來；例如在效率方面的橫向影響。因此，現在我們在資料、應用程式現代化等方面能做很多事情，為他們帶來極佳的投資報酬率；同時也有直接的AI影響，因為各個垂直領域與細分市場都在出現新的使用案例。所以機會很多，我認為我們非常有利於把握並捕捉這些機會。至於我們的人力，我想Bruno可以回答。

Yes. So thank you for the question, Steve. Like the way we see this, right, so even if the total addressable market reduces in size, like it would not reduce by a lot and maybe not even not reduce at all. But our ambition here is actually to be a leader in this new industry, in the industry of the AI builders. And if we accomplish that and to our point here, we are ahead of the curve and our plan is to be aggressively ahead of that curve, and we'll capture -- we will be a winner in this new market, right?

是的。Steve，謝謝你的問題。我們的看法是，即使整體可服務市場（TAM）規模縮小，也不會縮小太多，甚至可能根本不會縮小。但我們的企圖心其實是要成為這個新產業——AI建造者（AI builders）產業——的領導者。如果我們做到這一點，而且如我們所說，我們已經走在趨勢之前，我們的計畫是要積極地保持在曲線之前，那麼我們將會——我們會成為這個新市場的贏家，對吧？

So being a winner in this new market, I think will not necessarily mean that we will grow by revenue, but even by headcount, we'll continue to grow. So that's the ambition, is to win in this new game and to keep giving opportunity for our people and having them -- have their own grow and becoming the leading professionals in their industry and creating value for our clients. And I don't think we'll kind of anticipate any headcount reduction in that scenario.

因此，成為這個新市場的贏家，我認為不一定只意味著營收成長，甚至在人力方面，我們也會持續成長。所以這個企圖心就是要在這個新賽局中勝出，並持續為我們的人才提供機會，讓他們——讓他們自身成長，成為其產業中的頂尖專業人士，並為客戶創造價值。在那樣的情境下，我不認為我們會預期有人力縮減。

Just to add to that, Steve, one way to look at that, as we evolve on these new engagement models, we should see higher revenue per headcount. I think it is the best way to see that trend going forward. So as Bruno mentioned, growing headcount and growing revenue per headcount as well. So that should be a good indicator to track as we evolve in these new models.

再補充一下，Steve，有一種看法是，隨著我們在這些新的合作模式上演進，我們應該會看到每位員工對應的營收更高。我認為這是觀察未來趨勢的最佳方式。所以如Bruno所提到的，人力成長，同時每位員工的營收也成長。因此，隨著我們在這些新模式中演進，這會是一個很好的追蹤指標。

Let me add one thing that I think is important. Looking back, we did an amazing job in the past three years. We really introduced CI&T FLOW with faster adoption. We're reskilling our whole team around artificial intelligence. And we also turned every single CI&T engagement into an AI engagement.

我再補充一點我認為很重要的。回頭看，過去三年我們做得非常出色。我們推出CI&T FLOW，並加速採用。我們正在讓整個團隊圍繞人工智慧進行再培訓（reskilling）。而且我們也把每一個CI&T的合作案都轉變成AI合作案。

So now we have builders, AI builders. That is, I think, the most important talent for -- to make AI deployment feasible. So I think it was a very good strategy not to create a different business unit for AI services. We said, let's look at our core offerings and redesign around AI three years ago. So now we are leveraging the results of these bets.

所以現在我們有建造者、AI建造者。我認為這是——讓AI部署可行——最重要的人才。因此，我認為不另外成立一個AI服務的獨立事業單位，是一個非常好的策略。我們說，讓我們檢視核心產品與服務，並在三年前就圍繞AI重新設計。所以現在我們正在運用這些押注所帶來的成果。

Got it. Thanks, guys.

了解。謝謝各位。

Brayn Bergin, TD Cowen.

Brayn Bergin，TD Cowen。

Hey, guys, good afternoon. So I wanted to also ask about this contract structure evolution. Is this across industries, kind of across the portfolio? Can you talk about the nature of the clients that are going along with this and kind of the characteristics that those clients have that you could learn from to better kind of cross-pollinate across the entire portfolio?

嗨，各位，午安。我也想問一下這種合約結構的演進。這是跨產業、也算是跨整個客戶組合嗎？你能談談哪些類型的客戶正在採用這種方式，以及這些客戶有哪些特徵，讓你們可以從中學習，進而更好地在整個客戶組合中進行交叉複製與推廣嗎？

Thanks, Bryan. Great to see you. I think part of the evolution of the pricing models is combining with our IP-based offerings. As more IP is on the table in a deal, more, I would say, more feasible it is to introduce new commercial models. So we are combining, and as we are working hard around our vertical IP-based solutions, by now, we have, I think, a solid set of assets that allow us to really foster our AI monetization through the new model.

謝謝，Bryan。很高興見到你。我認為定價模型演進的一部分，是與我們以 IP 為基礎的產品組合相結合。在一筆交易中納入的 IP 越多，我會說，就越可行導入新的商業模式。因此我們正在把兩者結合起來；而且在我們大力推進垂直領域的 IP 型解決方案之際，到目前為止，我認為我們已經擁有一套扎實的資產，讓我們能透過新模式真正推動 AI 變現。

So I think IP intellectual property is an important foundation of our strategy. If I can summarize our strategy in first two growth vectors we mentioned, AI deployment, AI monetization; and four pillars, IP-based offerings, commercial models, data is incredible what we are doing around data and partnerships with the hyperscalers. So these four pillars are fostering our growth vectors, I think, in an amazing way. So our job is to synchronize all this momentum and capture the growth and the value we deserve by the impact we are generating.

所以我認為 IP（智慧財產）是我們策略的重要基礎。如果我可以用我們提到的前兩個成長向量來總結策略：AI 部署、AI 變現；以及四大支柱：以 IP 為基礎的產品、商業模式、資料——我們在資料方面所做的事情令人驚豔——以及與超大規模雲端服務商（hyperscalers）的合作夥伴關係。我認為這四大支柱正以非常驚人的方式推動我們的成長向量。因此，我們的工作是同步這些動能，並依據我們所創造的影響，抓住我們應得的成長與價值。

Okay. As it relates to your large clients, you had another good performance, top 1, top 10. Maybe just dig in there, your visibility to continued momentum in those accounts.

好的。就你們的大型客戶而言，你們在本季又有不錯的表現，前 1 大、前 10 大。也許請再深入談談，你們對這些客戶帳戶動能延續的能見度。

Yes. We are, I think, this quarter, we reported -- we grew in all verticals and cohort of clients, top 1, top 10, ex-top 1, ex-top 10. So it's a very broad, good momentum regarding AI deployment. Of course, we stay focused on the kind of clients we believe is the hotspot for CI&T, large complex organizations that are really looking for ways to leverage AI impact, and I think it's even regions. We grew in Latin America and North America; even new markets had a good response in this last quarter.

是的。我想本季我們報告——我們在所有垂直領域與各客戶群組都成長：前 1 大、前 10 大、扣除前 1 大、扣除前 10 大。因此在 AI 部署方面呈現非常廣泛且良好的動能。當然，我們仍聚焦在我們認為是 CI&T 熱點的客戶類型：大型且複雜的組織，正在尋找運用 AI 影響力的方法；而且我認為這也反映在各地區。我們在拉丁美洲與北美都成長；甚至新市場在上一季也有不錯的反應。

So, we continue -- we are expecting the momentum will continue in all the verticals and regions.

所以，我們會持續——我們預期這股動能將在所有垂直領域與地區延續。

Very good. Thank you.

非常好。謝謝。

Thanks, Brian.

謝謝，Brian。

Luke Morison, Canaccord.

Luke Morison，Canaccord。

Hey, guys. Good to see you. Thanks for taking the question. So maybe one on gross margins, they compressed quite a bit in the quarter. Can you just help us unpack what’s driving that, whether it’s entirely this FX and payroll tax impact, or if there’s maybe an element of AI spend and AI investment that you maybe need to scale into?

嗨，各位。很高興見到你們。謝謝讓我提問。我想先問毛利率，本季壓縮得相當多。能否協助我們拆解一下驅動因素？是否完全是匯率與薪資稅的影響，或是否也有 AI 支出與 AI 投資、需要逐步擴大規模的因素？

And how should we be thinking about modeling gross margins for the rest of the year and onward?

以及我們應該如何看待今年剩餘期間及往後的毛利率建模？

Luke, thank you for the question. Well, let's unpack as you want. First, by far, it is the FX effect and it's more than 200 basis only in that aspect we presented in the slides, adjusted by current currency equivalent, right? And you have to bear in mind that by seasonality, we have a load every first quarter of the year, a load of salary adjustments that will be throughout the year compensated by contract adjustments and so on. So, again, here, we have the combination of the structural aspect and this specific FX effect.

Luke，謝謝你的問題。好，我們就如你所說來拆解。首先，影響最大的是匯率效應；僅就我們在投影片中呈現、以固定匯率等值調整的部分，就超過 200 個基點，對吧？另外你也要記得，因季節性因素，每年第一季我們會有一波薪資調整，之後會在全年透過合約調整等方式逐步補償。所以，再次強調，這裡是結構性因素與特定匯率效應的組合。

So -- those are, I would say, the main aspects for the first quarter. And as modeling for the next quarter, again, we have the seasonality play here. We have higher working days throughout the next quarters in comparison to first quarter, for example. We have the leveraging of SG&A as we grow the business. So what else?

所以——我會說，這些是第一季的主要因素。至於下一季的建模，同樣地，這裡也有季節性因素。相較於第一季，接下來幾季的工作天數會更多，例如。隨著業務成長，我們也會帶來 SG&A 的槓桿效益。那還有什麼？

We have a combination of structural aspects. And in addition, we do have the monetization of the new engagement models taking a play, an important role here as well throughout the next quarters. So I wouldn't say that you shouldn't model anything different than what we guided in terms of EBITDA. That's why we are guiding, right? So -- and we have the range for the reasons usually we have for that range, right?

我們有結構性因素的組合。此外，新的合作／計價模式的變現也會在接下來幾季發揮作用，並在此扮演重要角色。因此我不會說你需要在 EBITDA 方面做出與我們指引不同的模型。這也是我們提供指引的原因，對吧？所以——而且我們給出區間，也有我們一貫給區間的原因，對吧？

On top of the range, we have a reflection of what we envision in all the pipeline that we have; midpoint, we have a more conservative aspect of that; and in the lower, we have macro effects or something compounding there to be more conservative. So yes, that's the breakdown, Luke.

在區間上緣，反映的是我們對整體管線所預期的情況；中位數則更保守一些；下緣則是假設宏觀因素或其他因素疊加，使情境更保守。所以是的，Luke，以上就是拆解。

Got it. Very helpful. And then maybe a quick follow-up there. Of that 20% of new sales in Q1 that are on these new pricing models, can you just give us a sense of like what do gross margins look like on those engagements? What can it scale to over time?

了解。非常有幫助。接著快速追問一下。第一季新簽銷售中有 20% 採用這些新定價模式，你們能否讓我們大致了解：這些案子的毛利率大概長什麼樣子？隨時間推進可以擴大到什麼程度？

How can that like impact the overall gross margin profile of the business over like a two- to five-year period?

在未來兩到五年的期間內，這會如何影響公司整體的毛利率輪廓？

Yes. Well, we -- what we are doing as we capture value on this monetization, AI monetization, the trend is to reinvest in sales. So if you would see increments in gross margin, the trend is that we would reinvest in sales to capture and to benefit growth. So at the end of the day, it's about the growth and the organic growth and to continue in this strong momentum that we are. So usually, that's the engineering.

是的。嗯——我們在透過這些變現（AI 變現）來捕捉價值時，趨勢是把增量再投資到銷售上。所以即便你看到毛利率有所提升，我們的趨勢也會是把它再投資到銷售，以掌握並受益於成長。因此歸根結底，重點在於成長、內生成長，以及延續我們目前這股強勁動能。通常就是這樣的運作方式。

Let me help here. Luke, we can be a little more specific. I think the new pricing models can increase. Depends on the -- of course, in the context, the engagement from 3 or 4 percentage points to 10 or 15 percentage points in terms of contribution margin, the engagement. So -- and that's why we see as a pillar in our strategy to capture part of the -- this is only possible because we are not delivering the same kind of impact.

我來補充一下。Luke，我們可以更具體一點。我認為新的定價模式可以提升——當然取決於情境與合作型態——單一案子的貢獻毛利率（contribution margin）大約可從 3 或 4 個百分點提高到 10 或 15 個百分點。

We are delivering much higher impact. If you try to discuss pricing model with the clients, delivering the same value, it's -- of course, it's not going to work. But we are discussing delivering a different level of impact. And this has allowed us to move towards these more powerful pricing models. Another thing is, I think if you look at our -- the numbers we just released, if you combine our organic growth of 23.2% with our adjusted EBITDA margin of 15.2%, we reached -- and we add that, we reached 38.4%, nearly back to the famous rule of 40%.

我們交付的是更高的影響力。如果你在交付相同價值的情況下，試圖和客戶討論定價模式——當然，是行不通的。但我們討論的是交付不同層級的影響力。而這讓我們得以朝向這些更有力的定價模式前進。另外，我想如果你看我們——剛發布的數字，如果把 23.2% 的內生成長與 15.2% 的調整後 EBITDA 利潤率相加，我們達到——加總後是 38.4%，幾乎回到著名的「40 法則」。

So if we would put in perspective, everything we are doing, looking ahead, I think we can expect better -- you're going to see from next quarter better gross margins as a result, of course, the fundamental seasonality, a lot of things that Stanley described, but also the beginning of the impact of the new pricing models, and this will allow us to increase our sales investments, what is the strategy to fuel high growth and strong bottom line in the long term? So this is the piece of the puzzle we are handling now, I think, in a very good way.

所以如果我們把一切放在脈絡中來看，展望未來，我認為我們可以期待更好——你們將從下個季度開始看到更好的毛利率，這當然來自基本的季節性、Stanley 所描述的許多因素，但也來自新定價模式影響的開始，而這將使我們能夠增加在銷售上的投資；那麼，推動長期高成長與強勁獲利的策略是什麼？所以這就是我們目前正在處理的拼圖之一，我認為我們做得非常好。

Excellent Cesar. Thank you very much.

太棒了，Cesar。非常感謝。

Thanks, Luke.

謝謝，Luke。

Cesar Medina, Morgan Stanley.

Morgan Stanley 的 Cesar Medina。

Congratulations on the results, quite strong and broad-based. The question that I had was twofold. One, sorry to keep pressing on the new pricing mechanism, but it's just 20% of the new sales, right? It's not of the total revenues for the quarter. And if I were to ask you in terms of when you look at your pipeline, the one that you're building, not on the second quarter, but on the pipeline, how prevalent is that new sales mechanism?

恭喜本季成果，相當強勁且涵蓋面廣。我有兩個問題。第一，抱歉我一直追問新的定價機制，但它只占新簽銷售的 20%，對吧？並不是占本季總營收的 20%。如果我從你們正在建立的 pipeline 來看——不是第二季，而是整體 pipeline——新的銷售機制普及程度有多高？

That will be the first question, and then I'll have a different [update].

這會是第一個問題，接著我還有另一個[更新]。

Very good, Medina. Thank you for the question. Basically, as you know, we have a lot of recurring long-term revenue. But in a time line of 18 months, everything that we will be doing will be new sales. So that's the first data point.

很好，Medina。謝謝你的提問。基本上，如你所知，我們有很多長期的經常性收入。但在 18 個月的時間軸上，我們所做的一切都將是新銷售。這是第一個數據點。

So it takes basically 18 months to renew 100% of the engagements of CI&T. And the second, is pipeline healthy. We -- the data point now, it is 30% large. So the number of deals in terms of value is 30% higher now than the same period last year and 100% relate to AI deployment. So this is -- if you combine this data, you see how we are growing and that is AI deployment and evolving our AI monetization along the next quarters.

所以基本上需要 18 個月才能把 CI&T 100% 的合作案完成續約。第二，pipeline 很健康。我們——目前的數據點是大了 30%。也就是說，以金額計算的交易數量，現在比去年同期高出 30%，而且 100% 都與 AI 部署相關。所以——如果你把這些數據結合起來，就能看到我們如何成長：那就是 AI 部署，以及在接下來幾個季度持續演進我們的 AI 變現。

But pursuant to what Stanley mentioned in terms of the margins of the new pricing mechanism that you are reinvesting in growth. But if I were to look at the gross margin component, these gross margins of these new type of engagements, is the margin closer to software or higher you mentioned --

不過延續 Stanley 提到的，新定價機制帶來的毛利你們會再投資於成長。但如果我看毛利率的組成，這類新型合作案的毛利率，是更接近軟體，還是你提到的更高——

[But then] What's software? I think now we are looking -- I think we have a very healthy strategy with -- but the new reality is a business with higher gross margin, significant higher gross margin, but also with different elements in the P&L. So -- but I think it's -- in the end, it's moving to a more scalable and profitable business model, but gradually, as we deploy these new models and increase our effort.

[但接著] 什麼是軟體？我想我們現在看到的是——我認為我們有一個非常健康的策略，但新的現實是：這是一門毛利率更高、顯著更高的業務，同時在損益表上也有不同的要素。所以——但我認為，最終它正逐步走向更具可擴展性、也更有利潤的商業模式；只是會循序漸進，隨著我們部署這些新模式並加大投入。

The mention regarding sales is because we see a huge opportunity. If the market continues to move in our direction as we are seeing, we have the opportunity to really accelerate our expansion, and this will require broad investments around go-to-market and sales.

之所以提到銷售，是因為我們看到巨大的機會。如果市場如我們所見持續朝對我們有利的方向發展，我們就有機會真正加速擴張，而這將需要在 go-to-market 與銷售方面進行廣泛投資。

Okay. And then the second question is pursuant to your full year guidance, like if I were to do the math in terms of constant currency for first quarter, second quarter, that suggests that in the second half of the year, you're sort of going to have more muted growth. Is that sort of the right way to see it?

好的。第二個問題是關於你們的全年指引：如果我用第一季、第二季的固定匯率去做數學推算，似乎暗示下半年成長會比較溫和。這樣理解對嗎？

Yes. We kind of detailed that what we increased in 150 basis points, 100 basis points is a pure reflection of demand and pipeline and so on and 50 basis points is FX tailwind. So -- and of course, as we have been doing for several -- six consecutive quarters, we intend to do better, increase our numbers as we win the AI deployment game.

是的。我們大致拆解過：我們上調的 150 個基點中，100 個基點純粹反映需求與 pipeline 等因素，另外 50 個基點是匯率順風。所以——當然，正如我們過去連續六個季度所做的，我們打算做得更好；隨著我們在 AI 部署競賽中持續勝出，我們會提高我們的數字。

So that concludes our Q&A session. I'll now invite Cesar Gon to proceed with his closing remarks.

以上為本次問答環節的結束。接下來我邀請 Cesar Gon 進行結語。

Thanks, Galvao. Thank you, Bruno, Stanley, Eduardo, again. Thank you all for joining us today, and more especially, I want to thank you all CI&T-ers around the world. Congratulations for one more record quarter. Let's keep pushing.

謝謝，Galvao。再次感謝 Bruno、Stanley、Eduardo。也謝謝各位今天的參與；更特別的是，我要感謝全球所有 CI&T 的夥伴。恭喜再創一個破紀錄的季度。讓我們繼續努力。

And a special thank you as well, for our clients, for choosing CI&T in this extraordinary moment of AI deployment and AI-driven innovation. So stay well. See you soon.

也特別感謝我們的客戶，在這個 AI 部署與 AI 驅動創新非凡的時刻選擇 CI&T。祝各位安好。很快再見。