Concentrix Corp (CNXC) 2024 Q3 法說會逐字稿

Thank you for standing by, and welcome to Concentrix third-quarter fiscal year 2024 financial results conference call. (Operator Instructions)

感謝您的耐心等待，歡迎參加 Concentrix 2024 財年第三季財務業績電話會議。（操作員說明）

I would now like to hand the call over to Sara Buda, Investor Relations. Please go ahead.

我現在想將電話轉交給投資者關係部門的薩拉·布達 (Sara Buda)。請繼續。

Great. Thank you, operator, and good evening. Welcome to the Concentrix third-quarter fiscal 2024 earnings call. This call is a property of Concentrix and may not be recorded or rebroadcast without the written permission of Concentric.

偉大的。謝謝您，接線員，晚上好。歡迎參加 Concentrix 2024 財年第三季財報電話會議。此通話屬於 Concentrix 的財產，未經 Concentric 書面許可，不得錄製或轉播。

This call contains forward-looking statements that address our future performance, and that by their nature, address matters that are uncertain. These uncertainties may cause our actual future results to be materially different than those expressed in our forward-looking statements. We do not undertake to update our forward-looking statements as a result of new information or future expectations, events, or developments.

本次電話會議包含前瞻性陳述，這些陳述涉及我們未來的業績，並且就其性質而言，涉及不確定的事項。這些不確定性可能導致我們未來的實際結果與我們的前瞻性陳述中表達的結果有重大差異。我們不承諾因新資訊或未來預期、事件或發展而更新我們的前瞻性陳述。

Please refer to today's earnings release and our most recent filings with the SEC for additional information regarding uncertainties that could affect our future financial results. This includes the risk factors provided in our annual report on Form 10-K and in our other public filings with the SEC.

請參閱今天的收益報告和我們最近向美國證券交易委員會提交的文件，以了解有關可能影響我們未來財務表現的不確定性的更多資訊。這包括我們在 10-K 表格年度報告以及我們向 SEC 提交的其他公開文件中提供的風險因素。

Also, during the call, we will discuss non-GAAP financial measures, including adjusted free cash flow, non-GAAP operating income, non-GAAP operating margin, adjusted EBITDA, adjusted EBITDA margin, non-GAAP net income, non-GAAP EPS, and constant currency revenue growth. A reconciliation of these non-GAAP measures is available in the news release and on the company's Investor Relations website under Financials.

此外，在電話會議期間，我們將討論非GAAP 財務指標，包括調整後自由現金流、非GAAP 營業收入、非GAAP 營業利潤率、調整後EBITDA、調整後EBITDA 利潤率、非GAAP 淨利潤、非GAAP每股收益，以及貨幣收入的持續成長。這些非公認會計原則措施的調節可在新聞稿和公司投資者關係網站的「財務」下找到。

With me on the call today are Chris Caldwell, our President and CEO; and Andre Valentine, our Chief Financial Officer. Chris will provide a summary of our operating performance and growth strategy, and Andre will cover our financial results and business outlook. Then we'll open up the call for your questions.

今天與我一起參加電話會議的是我們的總裁兼執行長 Chris Caldwell；和我們的財務長安德烈·瓦倫丁。克里斯將總結我們的經營業績和成長策略，安德烈將介紹我們的財務表現和業務前景。然後我們將打開電話詢問您的問題。

Now, I'll turn the call over to Chris.

現在，我將把電話轉給克里斯。

Thank you, Sarah. Hello, everyone, and thank you for joining us today for our third-quarter 2024 earnings call. Today, I'm going to walk you through our current M&A environment, the opportunities we are seeing in our business, and most importantly, the positive changes we're making to harness these opportunities to drive long-term value creation. Let's start with what we see in front of us today, and how our market has changed over this last quarter.

謝謝你，莎拉。大家好，感謝您今天參加我們的 2024 年第三季財報電話會議。今天，我將向您介紹我們當前的併購環境、我們在業務中看到的機會，以及最重要的是，我們為利用這些機會推動長期價值創造而做出的積極改變。讓我們從今天所看到的情況開始，以及我們的市場在上個季度發生了怎樣的變化。

Our business, like all businesses, is going through a significant transformation. We see this across our clients and across sectors. Clients are under pressure to show both innovation and cost control. Every client we speak with has brought forward AI on their agenda as a way to optimize processes, show their Board's relevance, and reduce costs.

與所有企業一樣，我們的企業正在經歷重大轉型。我們在客戶和各個行業中都看到了這一點。客戶面臨著展示創新和成本控制的壓力。我們採訪的每一位客戶都將人工智慧提上了他們的議程，作為優化流程、展示董事會相關性和降低成本的一種方式。

In some cases, the environment is used as a reason, and clients are pushing our partners and vendors on different economic outcomes. What we've seen in the past few months is an acceleration in the pace of change, driving more technology adoption, movement in delivery location, and ask for investment by clients for their transformations that are now taking priority. Transitions that might have taken several quarters are now taking place in a significant shorter timeframe.

在某些情況下，環境被用作原因，客戶向我們的合作夥伴和供應商施加不同的經濟成果。在過去的幾個月裡，我們看到的是變革步伐的加快，推動了更多技術的採用、交付地點的移動，並要求客戶為其目前優先考慮的轉型進行投資。原本可能需要幾個季度才能完成的過渡現在正在顯著縮短的時間內完成。

So what does this mean for us? First, it validates that we have the right strategy and the right model to capitalize on this moment. The investments we've made in our own technology and that of our technology partners, our global scale, and domain expertise, clients are looking to us to lead them through their AI journey to drive innovation, reduce costs, and embrace new economic models.

那麼這對我們意味著什麼呢？首先，它證明我們擁有正確的策略和正確的模式來利用這一刻。我們對自己的技術和技術合作夥伴的技術進行的投資、我們的全球規模和領域專業知識，客戶希望我們帶領他們完成人工智慧之旅，以推動創新、降低成本並接受新的經濟模式。

Second, it means we need to focus on winning the right business. And in some case, walking away from transactional price-led commodity business, where there is no desire or ability from the client to automate. As we've said, this now represents less than 7% of our business, a marked decline from the 13% only two years ago. With the pace of Generative AI, we expect this portion of the business to decline even further and faster.

其次，這意味著我們需要專注於贏得合適的業務。在某些情況下，放棄以交易價格為主導的商品業務，因為客戶沒有意願或能力實現自動化。正如我們所說，現在這占我們業務的不到 7%，與兩年前的 13% 相比明顯下降。隨著生成式人工智慧的步伐，我們預計這部分業務將進一步更快下降。

Essentially, we are proactively disrupting our own business with confidence. In doing so, we see many small bumpiness in the short term, but we believe we're building the right business for the long term. Let me give you some examples of how this is playing out currently.

從本質上講，我們正在充滿信心地主動顛覆我們自己的業務。在這樣做的過程中，我們在短期內看到了許多小的坎坷，但我們相信我們正在建立適合長期的業務。讓我舉一些例子來說明目前情況如何。

We are winning new logos from competitors. And example in Q3 is a win with an airline that has been with their existing partner for decades before awarding us the entire business. Our technology leadership is allowing us to drive automation to improve performance and reduce costs for the client, while enhancing the customer experience. This win leverages the power of Concentrix with our talent capabilities, our Generative AI solutions to support the clients across 15 lines of business in 10 languages.

我們正在從競爭對手那裡贏得新標誌。第三季的例子是一家航空公司的勝利，該航空公司在將整個業務授予我們之前已經與其現有合作夥伴合作了數十年。我們的技術領先地位使我們能夠推動自動化，以提高客戶的效能並降低成本，同時增強客戶體驗。這場勝利充分利用了 Concentrix 的力量以及我們的人才能力和生成式 AI 解決方案，以 10 種語言為 15 個業務線的客戶提供支援。

We are driving change in our existing business. One of the many examples in Q3 is from a large infrastructure company that we have serviced for five years. This quarter, we deployed them AI bot that in the first month, handled 40% of all transactions completely autonomously with a high customer satisfaction tax rate. For us, this resulted in immediate 12% reduction in revenue in the near term and in some margin pressure as we made upfront investments in technology for a longer-term contract with the client.

我們正在推動現有業務的變革。第三季的眾多例子之一來自我們已經服務了五年的一家大型基礎設施公司。本季度，我們為他們部署了人工智慧機器人，該機器人在第一個月就完全自主地處理了 40% 的交易，並且具有很高的客戶滿意度稅率。對我們來說，這導致近期收入立即減少 12%，並帶來一定的利潤壓力，因為我們為與客戶簽訂的長期合約進行了技術前期投資。

By automating a simple transaction and delighting the client with the innovation, the client is already helping us focus on more complex work, which will lead to increased revenue and margin when fully ramped middle of next year. More importantly, it is leading to new opportunities for us to deploy technology into their enterprise.

透過自動化簡單的交易並透過創新讓客戶滿意，客戶已經幫助我們專注於更複雜的工作，這將在明年年中全面啟動時帶來收入和利潤的增加。更重要的是，它為我們將技術部署到他們的企業帶來了新的機會。

We're also expanding relationship with larger transformational opportunities. In the third quarter with an existing client, we won a large transformational program that we have been working on for close to a year that is all incremental business to us. This is with a large financial organization, where we will take over the complete servicing of a specific segment of customers.

我們也透過更大的轉型機會來擴大關係。在第三季度，我們與現有客戶合作贏得了一項大型轉型計劃，我們已經為此工作了近一年，這對我們來說都是增量業務。這是一個大型金融組織，我們將接管特定客戶群的完整服務。

This includes the back office, technology and servicing of all the customers. This win encompasses third-party technology partners, our own GenAI tools, Catalyst services, and our client success organization. The initial five-year contract is valued at over USD150 million in revenue.

這包括所有客戶的後台、技術和服務。這項勝利包括第三方技術合作夥伴、我們自己的 GenAI 工具、Catalyst 服務以及我們的客戶成功組織。最初的五年合約價值超過 1.5 億美元。

This is a remarkable win and marks one of our first large-scale transformational wins with our new model. Strategically, it was significant as well, as no traditional competitors were engaged in this pursuit as they didn't have a complete solution.

這是一場非凡的勝利，標誌著我們新模式的首次大規模轉型勝利之一。從策略上講，這也很重要，因為沒有傳統競爭對手參與這項追求，因為他們沒有完整的解決方案。

We're also winning the majority of client consolidation opportunities. Of the 22 client consolidation opportunities we saw in Q3, we were winners in 80% of them. With global scale, differentiated technology, and domain expertise, we are well positioned to win. In fact, in Q3, we saw our highest quarterly contract revenue bookings since our combination one year ago today.

我們也贏得了大多數客戶整合機會。在我們第三季看到的 22 個客戶整合機會中，我們贏得了其中 80% 的機會。憑藉全球規模、差異化技術和領域專業知識，我們完全有能力獲勝。事實上，在第三季度，我們看到了自一年前合併以來最高的季度合約收入預訂。

We are also partnering with leading complementary technology partners. We are continuing to increase our capabilities across multiple key technology partner solutions.

我們也與領先的互補技術合作夥伴合作。我們正在繼續增強我們在多個關鍵技術合作夥伴解決方案方面的能力。

For example, last week at Salesforce Dreamforce event, we participated with a large presence and gained significant interest in our technology solutions that complement Salesforce, as well as our ability to customize and configure Salesforce. Although these examples span many different sectors and have varying deliverables, they are good examples of the current operating environment.

例如，在上週的 Salesforce Dreamforce 活動中，我們大量參加了活動，並對我們補充 Salesforce 的技術解決方案以及我們客製化和配置 Salesforce 的能力產生了濃厚的興趣。儘管這些範例跨越許多不同的部門並且可交付成果各不相同，但它們都是當前營運環境的良好範例。

Client requests for transformation investments are increasing in exchange for longer contracts. There are periods of revenue decline on a client-by-client basis when we deploy some of our new technology, but we have demonstrated our ability to win more business over time from these clients as we help them automate transactions. We are winning higher complexity deals and walking away from commodity business if there is no desire to automate. Clients are using this moment to consolidate providers.

客戶對轉型投資的要求不斷增加，以換取更長的合約。當我們部署一些新技術時，每個客戶的收入都會下降一段時間，但隨著時間的推移，隨著我們幫助這些客戶實現交易自動化，我們已經證明了我們有能力從這些客戶那裡贏得更多業務。如果沒有自動化的願望，我們正在贏得更高複雜性的交易並放棄商品業務。客戶正在利用這個時機來整合供應商。

And technology from our partners and our own IP is helping us embed ourselves within our clients' environments. This deep integration creates higher-value, stickier revenue long term. We see this in our cross-sell and upsell ratios that show an increase when we have our solutions embedded.

來自我們合作夥伴的技術和我們自己的智慧財產權正在幫助我們將自己融入客戶的環境中。這種深度整合可以創造更高價值、更具黏性的長期收入。我們在交叉銷售和追加銷售比率中看到了這一點，當我們嵌入解決方案時，交叉銷售和追加銷售比率會增加。

As we have seen increased demand for Generative AI automation, we quickly mobilized to both increase our capabilities and make our tools commercially available. As we discussed during our last Investor Call, our investment in the development of our tools increased to a run rate of approximately $100 million on an annual basis. This has proven to be the right strategy and brings me to today's announcement of our launch of iX Hello. This is our first product in our new intelligent experience technology suite aimed at helping organizations harness the power of generative AI across our operations.

隨著我們看到對生成式人工智慧自動化的需求不斷增加，我們迅速動員起來，提高我們的能力並使我們的工具商業化。正如我們在上次投資者電話會議中討論的那樣，我們對工具開發的投資增加到每年約 1 億美元。事實證明，這是正確的策略，今天我宣布推出 iX Hello。這是我們新的智慧體驗技術套件中的第一個產品，旨在幫助組織在我們的營運中利用生成式人工智慧的力量。

With our launch of iX Hello, we are giving customers an LLM agnostic generative AI productivity tool that automates and accelerates common internal tasks. iX Hello integrates across internal applications to boost productivity, visibility, and quality of work with an on-brand compliant and secure environment.

隨著 iX Hello 的推出，我們為客戶提供了一個與 LLM 無關的生成式 AI 生產力工具，可以自動執行並加速常見的內部任務。 iX Hello 跨內部應用程式集成，透過品牌合規且安全的環境提高工作效率、可視性和工作品質。

The genesis of our product strategy is very straightforward. Clients saw what we were doing internally, and they realized it was what they wanted, a proven, trusted GenAI productivity tool that integrates knowledge across their front office and back-office platforms. It's flexible and LLM agnostic that operates in a highly secure, trusted environment.

我們的產品策略的起源非常簡單。客戶看到了我們在內部所做的事情，他們意識到這就是他們想要的，這是一個經過驗證的、值得信賴的 GenAI 生產力工具，可以整合整個前台和後台平台的知識。它非常靈活且與 LLM 無關，在高度安全、可信任的環境中運作。

Our increase in investment has, not only allowed us to make necessary changes to commercialize IP, but also enhance our practices around our technology partners' products. As always, our clients are at the center of the decision on what to deploy in their environments. We now have close to 1,000 clients who are using generative AI solutions we have implemented at scale every day. In short, as we saw in our Q3 results and our Q4 outlook, the operating environment is very dynamic right now.

我們增加的投資不僅使我們能夠做出必要的改變以將知識產權商業化，而且還增強了我們圍繞技術合作夥伴產品的實踐。一如既往，我們的客戶是決定在其環境中部署什麼的核心。我們現在有近 1,000 名客戶正在使用我們每天大規模實施的生成式 AI 解決方案。簡而言之，正如我們在第三季業績和第四季展望中所看到的那樣，目前的營運環境非常活躍。

Q3 came in largely as we expected. Revenue was above the midpoint of our guidance at $2.6 billion pro forma constant currency growth in the quarter. NGOI was within our guidance range, but at the low end as we incurred more cost than we anticipated to shift a large number of programs offshore sooner than expected and to absorb some upfront technology investment in order to secure longer-term deals as discussed.

第三季的情況基本上符合我們的預期。本季營收預計將按固定匯率成長 26 億美元，高於我們的指導中位數。NGOI 在我們的指導範圍內，但處於低端，因為我們產生的成本高於預期，比預期更早地將大量項目轉移到海外，並吸收了一些前期技術投資，以確保所討論的長期交易。

Looking at Q4, we have lowered our expectations, which Andre will give more details on. In order to continue investment levels, we are actively reallocating capital towards our technology and transformation work to ensure that we are winning the right long-term business. We are acutely focused on ensuring we are moving with velocity and proactively transforming our business to gain share and position us for long-term value creation. Our teams are aligned, and we are excited about the future ahead.

看看第四季度，我們降低了預期，安德烈將提供更多細節。為了保持投資水平，我們正在積極地將資金重新分配給我們的技術和轉型工作，以確保我們贏得正確的長期業務。我們高度重視確保快速發展並積極轉型我們的業務，以贏得市場份額並為我們創造長期價值奠定基礎。我們的團隊團結一致，我們對未來感到興奮。

I'd like to thank our dedicated game changers for their hard work and commitment to excellence and our clients for their trust and their business.

我要感謝我們專注的遊戲規則改變者的辛勤工作和對卓越的承諾，以及我們的客戶的信任和業務。

Now, I'll turn the call over to Andre.

現在，我將把電話轉給安德烈。

Well, thank you, Chris, and hello, everyone. I'll begin with a look at our financial results and then discuss our outlook for the fourth quarter.

嗯，謝謝你，克里斯，大家好。我將首先介紹我們的財務業績，然後討論我們對第四季度的展望。

We delivered third quarter revenue of $2.4 billion, reflecting 2.6% in pro forma constant currency growth calculated as if the Webhelp combination was completed at the beginning of 2023.

我們第三季的營收為 24 億美元，以預期恆定匯率計算成長 2.6%，假設 Webhelp 合併於 2023 年初完成。

Looking at our revenue growth by vertical. On a pro forma constant currency basis, revenue from retail, travel, and e-commerce clients grew 8% year over year, a continuation of the solid growth we've been driving in this vertical through a combination of share gains and new client wins. Revenue from banking, financial services, and insurance clients grew 5%, which is relatively consistent with prior quarters this year. Our recent wins in this sector indicate further opportunities for growth.

按垂直方向查看我們的收入成長。以預期固定匯率計算，來自零售、旅遊和電子商務客戶的收入同比增長 8%，這是我們透過份額增長和新客戶贏得相結合在該垂直領域推動的穩健增長的延續。來自銀行、金融服務和保險客戶的收入成長了 5%，與今年前幾季相對一致。我們最近在該領域的勝利表明了進一步的成長機會。

Our other vertical grew 6%, an acceleration from the first half of the year, driven primarily by automotive clients, where we're bringing unique technology solutions to help them drive their businesses. Our technology, consumer electronics clients grew 1% on a pro forma basis, reflecting a balance of the positive effect of share gains against lower volumes in consumer tech.

我們的其他垂直產業成長了 6%，較上半年加速，這主要是由汽車客戶推動的，我們為這些客戶帶來了獨特的技術解決方案來幫助他們推動業務發展。我們的科技、消費性電子產品客戶預期成長了 1%，反映出份額成長的正面影響與消費科技銷售下降之間的平衡。

Consistent with the first half of 2024, revenue from communications and media clients decreased 3%. This vertical is an area of high price sensitivity for lower complexity work.

與 2024 年上半年一致，來自通訊和媒體客戶的收入下降了 3%。對於較低複雜性的工作來說，這個垂直領域是一個價格敏感度較高的領域。

And revenue from healthcare clients decreased by 4%, as we have shifted the delivery for a few large health care clients offshore during the quarter. Overall, healthcare remains a solid vertical for us and there are portions that will remain onshore due to compliance and customer preference, but this short shift from those clients is having a near-term impact.

來自醫療保健客戶的收入下降了 4%，因為我們在本季將一些大型醫療保健客戶的交付轉移到了海外。總體而言，醫療保健對我們來說仍然是一個堅實的垂直領域，由於合規性和客戶偏好，有些部分將留在境內，但這些客戶的短暫轉變正在產生短期影響。

Turning to profitability. Our non-GAAP operating income was $331 million in the quarter, an increase of $100 million compared with the third quarter of 2023. Our non-GAAP operating margin was 13.9%, down about 20 basis points from last year. Our non-GAAP operating margin grew about 40 basis points sequentially from the second quarter.

轉向盈利能力。本季我們的非 GAAP 營業收入為 3.31 億美元，較 2023 年第三季增加 1 億美元。我們的非 GAAP 營業利潤率為 13.9%，比去年下降約 20 個基點。我們的非 GAAP 營業利潤率較第二季連續成長約 40 個基點。

Adjusted EBITDA was $388 million, up $119 million year on year, and our adjusted EBITDA margin was 16.3%, down about 20 basis points year on year, but a sequential increase of 40 basis points from last quarter.

調整後 EBITDA 為 3.88 億美元，較去年同期成長 1.19 億美元，調整後 EBITDA 利潤率為 16.3%，年減約 20 個基點，但季增 40 個基點。

On a pro forma basis, non-GAAP operating income was essentially flat year on year, with a 20-basis point margin decrease compared with last year. Non-GAAP net income was $192 million in the quarter, an increase of approximately $49 million, compared with the third quarter of last year.

預計，非 GAAP 營業收入與去年同期基本持平，利潤率較去年下降 20 個基點。該季度非 GAAP 淨利潤為 1.92 億美元，較去年第三季增加約 4,900 萬美元。

Non-GAAP EPS was $2.87 per share, an increase of $0.11 per share year on year.

非 GAAP 每股收益為 2.87 美元，年增 0.11 美元。

GAAP net income was $17 million for the quarter. GAAP results for the third quarter of 2024 included $117 million in amortization of intangibles, $36 million in expenses related to the Webhelp combination and integration, $23 million in share-based compensation expense, $2 million in step-up depreciation, an $11 million increase in acquisition contingent consideration, $33 million in net foreign currency losses, $4 million in imputed interest related to sellers note issued in connection with the combination, and a $5 million onetime tax expense associated with legal entity restructuring.

該季度 GAAP 淨利潤為 1700 萬美元。2024 年第三季的 GAAP 業績包括 1.17 億美元的無形資產攤銷、3,600 萬美元與 Webhelp 合併和整合相關的費用、2,300 萬美元的股權激勵費用、200 萬美元的逐步折舊、1,100 萬美元的增加收購或有對價、3,300 萬美元的淨外匯損失、與合併相關的賣方票據相關的400 萬美元的估算利息，以及與法人實體重組相關的500 萬美元的一次性稅收費用。

Our adjusted free cash flow for the quarter was $135 million, net of $63 million in capital expenditures. As we stated in the last call, the adjusted free cash flow metric is calculated as free cash flow, excluding the impact of changes in the factoring program that we assumed and have continued to operate since the Webhelp combination. Adjusted free cash flow was below expectations for the quarter as a result of client collection delays in the month of August, principally in Europe that have been caught up in September and accelerated spending on integration costs.

本季調整後的自由現金流為 1.35 億美元，扣除 6,300 萬美元的資本支出。正如我們在上次電話會議中所述，調整後的自由現金流量指標計算為自由現金流量，不包括我們假設並自 Webhelp 合併以來繼續運行的保理計劃變化的影響。由於 8 月客戶收款延遲（主要是在歐洲），本季調整後的自由現金流低於預期，並加速了整合成本支出。

Turning to the balance sheet. At the end of the third quarter, cash and cash equivalents were $246 million, and total debt was $4.91 billion, as we repaid $100 million of the principal amount of our term loan in the quarter.

轉向資產負債表。截至第三季末，現金和現金等價物為 2.46 億美元，債務總額為 49.1 億美元，因為我們在本季償還了 1 億美元的定期貸款本金。

Net debt was $4.67 billion at the end of the third quarter. Our net debt was 2.95 times pro forma adjusted EBITDA at quarter end, consistent with the prior quarter. We expect to continue to reduce our net debt and net leverage through the end of 2024, and we remain committed to our plan of reducing net leverage to close to 2 times adjusted EBITDA within two years of the close of the Webhelp combination, while also supporting our dividend and repurchasing shares.

第三季末淨債務為 46.7 億美元。截至季末，我們的淨債務是預計調整後 EBITDA 的 2.95 倍，與上一季一致。我們預計到 2024 年底將繼續減少我們的淨債務和淨槓桿率，並且我們仍然致力於在 Webhelp 合併結束後兩年內將淨槓桿率降低至接近 2 倍調整後 EBITDA 的計劃，同時還支持我們的股息和回購股票。

During the third quarter, we repurchased approximately 600,000 shares of our stock for approximately $39 million at an average price of approximately $65 per share, and we paid $20 million through our quarterly dividend. We now expect fourth quarter share repurchases to exceed $30 million, bringing expected full year repurchases to over $130 million, which is above our previous commitment. And today, we were pleased to announce the 10% increase to our quarterly dividend.

第三季度，我們以每股約 65 美元的平均價格，以約 3,900 萬美元的價格回購了約 60 萬股股票，並透過季度股息支付了 2,000 萬美元。我們現在預計第四季度股票回購將超過 3,000 萬美元，從而使全年預期回購超過 1.3 億美元，這超出了我們先前的承諾。今天，我們很高興地宣布季度股息增加 10%。

At quarter end, the remaining authorization on our share repurchase plan was approximately $188 million. Our liquidity remains strong at approximately $1.5 billion, including our over $1 billion line of credit, which is undrawn.

截至季末，我們的股票回購計畫的剩餘授權約為 1.88 億美元。我們的流動性仍然強勁，約為 15 億美元，其中包括超過 10 億美元的未提取信貸額度。

We remain committed to investment-grade principles and our capital allocation priorities remain unchanged. We expect to continue to drive organic growth, realize integration synergies related to the combination, repay debt, while continuing a disciplined program of returning capital to our shareholders through our dividend, and disciplined share repurchases.

我們仍然致力於投資等級原則，我們的資本配置優先事項保持不變。我們期望繼續推動有機成長，實現與合併相關的整合協同效應，償還債務，同時繼續透過股息和嚴格的股票回購向股東返還資本的嚴格計劃。

Now, I'll turn to the business outlook for the fourth quarter.

現在，我將談談第四季的業務前景。

As Chris mentioned, we are operating in a very dynamic environment and we're investing to grow over the long term. From a revenue perspective, while we came in above the midpoint of our guidance in the third quarter, we now expect a slower growth rate in the fourth quarter than we had expected previously. This reflects three factors in the following order in terms of significance.

正如克里斯所提到的，我們在一個非常活躍的環境中運營，我們正在投資以實現長期成長。從營收角度來看，雖然我們第三季的業績高於指引的中點，但我們現在預期第四季的成長率將低於我們先前的預期。這反映了三個因素的重要性，並按以下順序排列。

Lower volume forecast from some clients in the third quarter as a result of lower underlying transaction volumes in automation, a larger shift of revenue to lower cost delivery geographies than expected, and the loss of some commoditized projects that we have chosen to walk away from over price.

由於自動化領域的基礎交易量較低、收入更多地轉向成本較低的交付地區，以及我們選擇放棄的一些商品化項目的損失，一些客戶對第三季度交易量的預測較低。

With the reduction in our revenue outlook for the fourth quarter, accelerate investments in transformation of our business, and some short-term costs associated with moving programs offshore, we are reducing our previous margin expectations for the fourth quarter.

由於我們第四季營收前景的下調、業務轉型投資的加速以及與將專案轉移到海外相關的一些短期成本，我們正在降低先前對第四季的利潤率預期。

Included in our profitability expectations for the fourth quarter is continued progress on cost synergies. Our year one synergies will meet our target of $75 million and our current annual run rate for synergies is approximately $95 million.

我們對第四季度獲利能力的預期包括成本綜效的持續進展。我們第一年的綜效將達到 7,500 萬美元的目標，目前我們的綜效年運行率約為 9,500 萬美元。

Many of these synergy savings are being invested back in the business to support transformation activities. We've accelerated our integration spending as we now believe we can achieve our year three target of $120 million in synergy savings in 2025.

其中許多協同節省的資金正在重新投資到業務中，以支持轉型活動。我們加快了整合支出，因為我們現在相信我們可以在 2025 年實現協同節約 1.2 億美元的第三年目標。

Looking at cash flow. While we expect a significant sequential increase in quarterly adjusted free cash flow in Q4, the reduced profit expectations and higher 2024 integration costs will result in a reduction in our adjusted free cash flow expectations for the full year. With this context, our expectations for the fourth quarter are as follows.

看現金流。雖然我們預計第四季度季度調整後自由現金流將大幅環比增長，但利潤預期降低和 2024 年整合成本上升將導致我們全年調整後自由現金流預期下降。在此背景下，我們對第四季的預期如下。

We expect fourth quarter revenue of $2.42 billion to $2.47 billion based on current exchange rates. This equates to pro forma constant currency change ranging from a decrease of 0.5% to growth of 1.5% in the quarter. Our expectations include a 60-basis point tailwind from foreign currency fluctuations.

根據目前匯率，我們預計第四季營收為 24.2 億美元至 24.7 億美元。這相當於本季預計的恆定匯率變動範圍從下降 0.5% 到成長 1.5%。我們的預期包括外匯波動將帶來 60 個基點的推動。

On a pro forma basis, revenue was $2.417 billion in the fourth quarter of 2023. We expect fourth quarter non-GAAP operating income in a range of $335 million to $355 million.

按預計，2023 年第四季營收為 24.17 億美元。我們預計第四季非 GAAP 營業收入在 3.35 億美元至 3.55 億美元之間。

At the midpoint of our guidance, this equates to a non-GAAP operating margin of approximately 14.1%. Pro forma non-GAAP operating income for the fourth quarter of 2023 was $365 million. We expect non-GAAP EPS of $2.90 per share to $3.16 per share for the fourth quarter. This assumes interest expense of $74 million, excluding $4 million of imputed interest on the seller's note. It assumes a non-GAAP effective tax rate in the range of 24% to 25%.

按照我們指引的中點，這相當於非 GAAP 營運利潤率約為 14.1%。2023 年第四季預計非 GAAP 營業收入為 3.65 億美元。我們預計第四季度非 GAAP 每股收益為 2.90 美元至 3.16 美元。假設利息支出為 7,400 萬美元，不包括賣方票據上的 400 萬美元推算利息。它假設非 GAAP 有效稅率在 24% 至 25% 範圍內。

We anticipate a weighted average diluted share count of approximately 64.5 million shares for the fourth quarter. We estimate that about 3.7% of net income will be attributable to participating securities and about 96.3% of total net income will be attributable to common shares for the fourth quarter.

我們預計第四季加權平均稀釋後股票數量約為 6,450 萬股。我們估計，第四季約 3.7% 的淨利潤將歸屬於參與證券，約 96.3% 的淨利潤將歸屬於普通股。

Our expectations for the fourth quarter would lead to the following results for the full year 2024. Full year 2024 revenue in a range of $9.591 billion to $9.641 million, reflecting pro forma constant currency growth of approximately 2.2% to 2.7%. This is net of an approximately 110 basis point exchange rate headwind. At the midpoint of our expectation for the full year, our growth is 2.5% constant currency pro forma, which was the low end of the full year range we gave last quarter.

我們對第四季的預期將導致 2024 年全年結果如下。2024 年全年營收在 95.91 億美元至 964.1 萬美元之間，預計以恆定匯率計算成長率約為 2.2% 至 2.7%。這已扣除約 110 個基點的匯率逆風。按照我們對全年預期的中點計算，以固定匯率計算，我們的成長率為 2.5%，這是我們上季度給出的全年區間的低端。

On a pro forma basis, 2023 revenue was $9.486 billion. Full year 2024 non-GAAP operating income will be in a range of $1.306 billion to $1.326 billion. At the midpoint of our guidance, this equates to a non-GAAP operating margin of approximately 13.7%. Pro forma non-GAAP operating income for 2023 was [$1.316 billion].

按預計，2023 年營收為 94.86 億美元。2024 年全年非 GAAP 營業收入將介於 13.06 億美元至 13.26 億美元之間。按照我們指引的中點，這相當於非 GAAP 營運利潤率約為 13.7%。預計 2023 年非 GAAP 營業收入為[13.16 億美元]。

Full year non-GAAP EPS will be in a range of $11.05 per share to $11.31 per share, reflecting full year interest expense of approximately $307 million excluding $17 million of imputed interest on the seller's note and a non-GAAP tax rate for the full year of 24.4% to 24.7%.

全年非 GAAP 每股盈餘將在每股 11.05 美元至 11.31 美元之間，反映出全年利息支出約 3.07 億美元，不包括 1,700 萬美元的賣方票據推算利息和全年非 GAAP 稅率24.4%至24.7%。

Reflected in our full year non-GAAP EPS expectation is a weighted average diluted share count of approximately 65.1 million shares for the full year and about 3.6% of net income being attributable to participating securities, with about 96.4% of total net income being attributable to common shares for the full year.

我們全年非 GAAP 每股盈餘預期反映的是全年加權平均稀釋股數約為 6,510 萬股，約 3.6% 的淨利潤歸因於參與證券，約 96.4% 的淨利潤歸因於參與證券全年普通股。

We expect adjusted free cash flow of $625 million to $650 million for 2024 after funding an accelerated integration cost, and we expect to reduce our net leverage to approximately 2.8 times adjusted EBITDA by year-end, while repurchasing over $130 million of shares during the year and supporting our dividend.

在為加速整合成本提供資金後，我們預計2024 年調整後自由現金流將達到6.25 億至6.5 億美元，我們預計到年底將淨槓桿率降低至調整後EBITDA 的約2.8 倍，同時在年內回購超過1.3 億美元的股票並支持我們的股息。

Our business outlook and cash flow expectations do not include any future acquisitions or impacts from future foreign currency fluctuations. Looking ahead, while we are not providing guidance for 2025, we do see several factors that point to revenue and cash flow growth next year.

我們的業務前景和現金流預期不包括任何未來收購或未來外匯波動的影響。展望未來，雖然我們沒有提供 2025 年的指導，但我們確實看到了一些表明明年收入和現金流成長的因素。

We have won several, new large-scale programs that will ramp throughout the year. Our integration with Webhelp is entering its final phase. And although we are reinvesting synergy savings into our technology and other initiatives, we do expect materially lower integration costs next year.

我們贏得了幾個新的大型項目，這些項目將在全年不斷推進。我們與 Webhelp 的整合正在進入最後階段。儘管我們正在將協同節省的資金重新投資到我們的技術和其他計劃中，但我們確實預計明年的整合成本將大幅降低。

Finally, we believe that the investments in our new product introductions will begin to pay off. We look forward to giving you more details on our outlook for 2025 on our next earnings call.

最後，我們相信，我們在新產品推出方面的投資將開始獲得回報。我們期待在下一次財報電話會議上向您提供有關 2025 年前景的更多詳細資訊。

In conclusion, we met our revenue and profitability expectations for the third quarter. We are investing in and transforming the business by securing large transformational new wins, decreasing our exposure to lower-margin price-sensitive business, and investing in technology platforms and partnerships to increase our competitive position and drive future growth opportunities.

總之，我們達到了第三季的營收和獲利預期。我們正在透過確保大型轉型新勝利、減少對利潤率較低的價格敏感業務的投資以及投資技術平台和合作夥伴關係來投資和轉型業務，以提高我們的競爭地位並推動未來的成長機會。

And finally, we will continue to return value to shareholders with our ongoing share repurchase program and our dividend, while reducing our leverage.

最後，我們將繼續透過持續的股票回購計畫和股利為股東回報價值，同時降低槓桿。

With that now, Latif, please open the line for questions.

現在，拉蒂夫，請打開提問線。

(Operator Instructions) Joseph Vafi, Canaccord.

（操作員說明）Joseph Vafi，Canaccord。

Hey, guys, good afternoon. Thanks for taking my call here. Maybe we -- congrats on actually having a really good bookings quarter with all that other information. So that's great to see.

嘿，夥計們，下午好。感謝您在這裡接聽我的電話。也許我們——祝賀您實際上擁有一個非常好的預訂季度以及所有其他資訊。所以很高興看到這一點。

Just kind of wondering, some of the puts and takes here on the top line to begin with. I know you're walking away from some of the more commodity business, while at the same time, you're winning new business that may not have ramped. I'm just kind of wondering how you see that plus and that minus on the revenue line kind of taking place here over the next few quarters, if you see as kind of revenue neutral or not? And then a follow-up.

只是有點想知道，首先，這裡的一些看跌期權和看跌期權位於頂行。我知道您正在放棄一些大宗商品業務，同時您正在贏得可能尚未增加的新業務。我只是想知道您如何看待未來幾季收入線上發生的加減，您是否認為收入中立？然後是後續行動。

Yeah, for sure, Joe. It's Chris. So just when we look at the midpoint of our previous Q4 guide, we really see kind of three buckets as Andre talked about from a materiality perspective. The first one was starting in sort of later July and earlier August, we started to see some clients de-commit from some volume primarily because they weren't seeing the sell-through that they were expecting going into the fourth quarter and also automation that we were putting in.

是的，當然，喬。是克里斯。因此，當我們查看之前第四季度指南的中點時，我們確實看到了安德烈從重要性角度談到的三個桶。第一個是在 7 月底和 8 月初開始的，我們開始看到一些客戶放棄了一定的交易量，主要是因為他們沒有看到他們預期進入第四季度的銷售量，也沒有看到自動化我們正在投入。

When you lump those two together with the vast majority being sort of volume declines from clients pull-through sales, it was about a 1% headwind, give or take.

當你把這兩者放在一起，再加上絕大多數是客戶拉動銷售造成的銷量下降時，無論多少，這大約是 1% 的逆風。

If you look at offshoring accounts that were primarily going to offshore in Q1 to Q2, because frankly most clients don't want to have too much movement in the fourth quarter if they can help it just because it's normally a big quarter, that was a little over 0.5 basis point of headwind that was going, which we had anticipated, but had been anticipated in sort of Q1, Q2, not in sort of Q3, Q4.

如果你看看第一季到第二季主要去離岸的離岸帳戶，因為坦白說，大多數客戶不希望在第四季度有太多的變動，如果他們可以幫助的話，因為這通常是一個大季度，那就是略高於 0.5 個基點的逆風正在發生，這是我們預料到的，但預計是在第一季、第二季度，而不是第三季、第四季。

And then the last sort of a little less than 0.5 basis point was when we talked about the consolidated wins where we're winning about 80%, the ones we didn't win are those ones that are incredibly price sensitive, we didn't chase the price. And that is about a little less than 0.5 basis point of headwind that we saw going into Q4.

最後一個略低於 0.5 個基點的情況是，當我們談到綜合盈利時，我們的盈利率約為 80%，我們沒有盈利的是那些對價格極其敏感的盈利，我們沒有盈利。這大約略小於我們在第四季看到的逆風 0.5 個基點。

Got it. Thanks. That's helpful. And then as we look at some of these newer wins that you won here in the quarter and what you're seeing, how are you seeing ramps on those businesses relative to maybe historically or if AI makes some of these ramps a little longer or a little shorter?

知道了。謝謝。這很有幫助。然後，當我們審視您在本季度贏得的一些新勝利以及您所看到的情況時，您如何看待這些業務相對於歷史的增長，或者人工智能是否使其中一些增長變得更長一點或更短一些？

Yeah, for sure, Joe. So if you look at the airline, we're already in the planning phase and kind of incurring costs. But when it starts to connect to revenue will be late Q4, early Q1 where we'll start to come in with a little bit of revenue, and it will be kind of fully ramped by sort of end of Q2, Q3.

是的，當然，喬。因此，如果你看看航空公司，我們已經處於規劃階段並且正在產生成本。但當它開始與收入連結時，將是第四季末、第一季初，我們將開始獲得一點收入，到第二季末、第三季末，收入將全面增加。

When you look at the large, transformational project that we're very, very excited to have won, we are now spending time on the planning and moving and infrastructure build-out that we have to do, which we're incurring costs, we won't see revenue until the end of Q2 with fully ramped until the end of Q4 of 2025. So it kind of gives you a feel where things of traditional business haven't really changed too much, but the biggest transformational wins certainly will take longer and incur some expense to happen to make that kick in.

當你看到我們非常非常興奮地贏得了這個大型轉型項目時，我們現在正在花時間進行規劃、搬遷和基礎設施建設，這是我們必須做的，我們正在承擔成本，我們直到2025 年第二季度末才會看到收入，直到2025 年第四季末才能完全增加收入。因此，這會讓你感覺傳統業務並沒有真正發生太大變化，但最大的轉型勝利肯定需要更長的時間，並需要花費一些費用才能實現這一目標。

Got it. And then maybe I'm just going to sneak one more in for Andre on the accelerated merger-related cost here in 2025. There are kind of a few moving parts here.

知道了。然後，也許我會再向 Andre 透露 2025 年加速的合併相關成本。這裡有一些活動部件。

Can you just kind of walk us through some of the thinking here on accelerating those investments now? And what were the positives that outweighed the acceleration relative to the thought process there? Thanks.

您能否向我們介紹現在加速這些投資的一些想法？相對於那裡的思考過程來說，有哪些正面的因素比加速的因素更重要呢？謝謝。

Yes. So we're very excited about the fact that we could bring some of those synergies forward into 2025. And obviously, that comes with incurring some costs, heightened integration costs in 2024. But we feel really good about the fact that we feel that we can hit $120 million in synergies in 2025, hitting that ultimate synergy number a year ahead of schedule.

是的。因此，我們對能夠將其中一些協同效應帶到 2025 年感到非常興奮。顯然，這會產生一些成本，2024 年的整合成本會更高。但我們感到非常高興，我們認為我們可以在 2025 年實現 1.2 億美元的協同效應，提前一年達到最終協同效應數字。

Why are we doing it? We're doing it so we can reallocate a lot of those resources that cash or that investment towards the transformation activities that Chris has been speaking about, a combination of technology investment, as well as some of the upfront investment in transformational program ramps.

我們為什麼要這樣做？我們這樣做是為了我們可以重新分配大量現金或投資的資源用於克里斯一直在談論的轉型活動，技術投資的組合，以及轉型計劃斜坡的一些前期投資。

Great. Thanks very much, Andre.

偉大的。非常感謝，安德烈。

Sure.

當然。

Divya Goyal, Scotiabank.

迪維亞‧戈亞爾，豐業銀行。

Hello, everyone. Andre, if you could provide a little bit more color and maybe this is to do with the acquisition-related expenses. But I noticed that your other expenses picked up pretty materially this quarter. Could you help us understand what exactly would that relate to?

大家好。安德烈，如果你能提供更多的顏色，也許這與收購相關的費用有關。但我注意到本季你們的其他支出大幅增加。您能幫助我們了解這到底與什麼有關嗎？

Yes. So you're talking about below the line items?

是的。所以你說的是下面的行項目？

Yes.

是的。

Yeah. That is principally a net of two things. So we have $33 million in foreign currency losses that are largely related to -- intercompany translation related to liabilities or assets that are denominated in non-USD. So as the USD has weakened versus currencies, particularly the peso, where there's a lot of intercompany balances, that drives that kind of non-cash expense to that line.

是的。這主要是由兩件事組成的。因此，我們有 3,300 萬美元的外匯損失，主要與以非美元計價的負債或資產相關的公司間換算有關。因此，隨著美元兌貨幣（尤其是比索）走弱，其中存在大量公司間餘額，從而將此類非現金支出推至該線。

And we backed that out of our non-GAAP net income and our non-GAAP EPS metric just like -- and then that is offset partially by the change in the contingent consideration in the quarter as well. So those are the two major items that frankly, we can't control in any real way, and we will see fluctuations there effectively, however, the non-cash items.

我們從我們的非公認會計準則淨利潤和非公認會計準則每股收益指標中支持了這一點，然後這一點也被本季度或有考慮因素的變化部分抵消。坦白說，這是我們無法以任何實際方式控制的兩個主要項目，但我們會看到它們的有效波動，但非現金項目。

That's helpful. Also, could Chris, or yourself, provide a little bit more color in terms of Catalyst business? And how is that trending given the interest rates coming down in the US?

這很有幫助。另外，Chris 或您本人能否在 Catalyst 業務上提供更多的資訊？鑑於美國利率下降，這種趨勢如何？

Hey, Divya. So the interest rates have not had frankly any impact as we would have liked to have seen in it. But the Catalyst business, we're really, really happy with.

嘿，迪維亞。因此，坦白說，利率並沒有產生我們希望看到的任何影響。但我們對 Catalyst 業務非常非常滿意。

What we're finding is that this is really the enablement partner for our technology providers. So whether we're deploying new cloud solutions, or I mentioned Dreamforce, but whether it be Microsoft CoPilot or some of the other LLM tools, that's really flowing through our Catalyst team.

我們發現，這確實是我們技術提供者的支援合作夥伴。因此，無論我們是部署新的雲端解決方案，還是我提到的 Dreamforce，但無論是 Microsoft CoPilot 還是其他一些 LLM 工具，這都確實在我們的 Catalyst 團隊中進行。

And our Catalyst team is also providing a lot of the consultation around the transformational deals that we're doing. And so we found it to be a real asset and one that we want to continue to drive. But we have not seen sort of a step-up change in the large, pure IT digital transformation projects that we've talked about in the past because of interest rates coming down.

我們的 Catalyst 團隊也圍繞著我們正在進行的轉型交易提供大量諮詢。因此，我們發現它是一項真正的資產，我們希望繼續推動這項資產。但由於利率下降，我們過去討論過的大型純 IT 數位轉型專案並未出現任何逐步變化。

Right. Okay. No, that's helpful. One thing that I wanted a little bit more clarification on was the offshoring element that you mentioned. So revenue seems to have trended okay here, but expenses picked up partly because of obviously pulling forward acquisition-related expenses. But you mentioned there was increased offshoring as well. Increased offshoring would, in my understanding, impact the revenues and benefit the margins? So just trying to understand those dynamics here.

正確的。好的。不，這很有幫助。我想要進一步澄清的一件事是你提到的離岸外包元素。因此，這裡的收入似乎趨勢良好，但支出增加，部分原因是明顯拉動了收購相關支出。但你提到離岸外包也有增加。據我了解，增加離岸外包會影響收入並有利於利潤嗎？所以只是想了解這些動態。

Yeah. Divya, you're totally correct. The issue is that this offshoring, frankly, we're caught with dual costs because our clients have asked us to move it up. And frankly, we're doing the right things by the clients by moving it up. And so you do get some margin compression when you have that dual cost structure in there.

是的。迪維亞，你完全正確。問題是，坦白說，這種離岸外包讓我們陷入了雙重成本，因為我們的客戶要求我們將其提高。坦白說，我們正在透過提升客戶的滿意度來為客戶做正確的事情。因此，當你有雙重成本結構時，你確實會得到一些利潤壓縮。

The other component of the SG&A that I want to be very clear to call out is, as we talked about some of the transformational deals like the large infrastructure company or even the large transformational opportunity, we are funding that infrastructure build-out and that technology infrastructure build-out ahead.

我想非常明確地指出的 SG&A 的另一個組成部分是，正如我們談到的一些轉型交易，例如大型基礎設施公司，甚至是大型轉型機會，我們正在為基礎設施建設和技術提供資金基礎設施建設提前。

We are expensing those. We are not capitalizing those. So they're flowing through our SG&A. But in turn, we're getting longer-term contracts with the clients that we'll see margin expansion as we continue to deploy those and ramp those up fully.

我們正在支出這些。我們沒有將這些資本化。所以它們流經我們的 SG&A。但反過來，我們正在與客戶簽訂長期合同，隨著我們繼續部署這些合約並充分提高這些合同，我們將看到利潤率的擴大。

And so those two things are somewhat muting what you would typically see traditionally, where we offshore and we see that revenue dip. But then you see the incremental margin increase within a quarter.

因此，這兩件事在某種程度上削弱了您通常會看到的傳統情況，即我們離岸時，我們看到收入下降。但隨後您會看到增量利潤在一個季度內增加。

Okay. That's helpful. Thanks, Chris. Thanks, Andre.

好的。這很有幫助。謝謝，克里斯。謝謝，安德烈。

Thank you.

謝謝。

Vincent Colicchio, Barrington Research.

文森特·科利奇奧，巴靈頓研究中心。

Yes, good afternoon, guys. Andre, the tech -- the TCE, as I say, segment was up, I think, 1% in the quarter. And you have some volume pressures, I think you mentioned there. Is that something we should be concerned about going forward?

是的，下午好，夥計們。安德烈，科技——TCE，正如我所說，我認為本季成長了 1%。我想你在那裡提到過，你有一些體積壓力。這是我們未來該關心的事嗎？

Well, that sector has been muted for us for a while. We have two things going on there, which is we're doing well with our clients, and we're gaining share. But what we see is just in the underlying volumes, particularly around consumer technology. And consumer electronics, we're just seeing very, very muted volumes there.

嗯，這個行業對我們來說已經沉寂了一段時間了。我們有兩件事正在發生，一是我們與客戶做得很好，二是我們正在獲得份額。但我們看到的只是潛在的數量，特別是圍繞消費科技的數量。在消費性電子產品方面，我們看到的銷售量非常非常低迷。

And so we're gaining share, but we're not in the process of gaining share, gaining much in the way of revenue. The great news is, as we gain share, as hopefully over time the macro improves and people stop sweating their tech and go through refresh cycles, we should see transaction volumes pick up there, hopefully, and then we'll be well positioned to return to faster growth there as we've seen in the past.

因此，我們正在獲得份額，但我們並沒有處於獲得份額的過程中，也沒有以收入的方式獲得太多。好消息是，隨著我們獲得份額，希望隨著時間的推移，宏觀經濟會有所改善，人們不再為技術而苦惱並經歷更新周期，我們應該會看到交易量有所回升，希望如此，然後我們將處於有利位置返回正如我們過去所看到的那樣，那裡將實現更快的增長。

And just right now, doing great from a share gain perspective, but the underlying volumes just aren't there.

就目前而言，從股票收益的角度來看，表現不錯，但基礎交易量並不存在。

And Chris, you had mentioned a lot of success closing on consolidation opportunities. I was wondering if you can give some color on if there's significant legs on this and just kind of what the dynamic is here?

克里斯，您提到了在整合機會方面取得的許多成功。我想知道您是否可以對此進行一些說明，看看是否有重要的腿，以及這裡的動態是什麼？

Yeah. So Vince, what we're seeing is that where clients are either not seeing the growth in their business as they expected, and they're trying to manage costs, it makes sense to deal with less partners. And if they're looking for a full solution with technology or we're the largest incumbent partner that's performing at the best-performing partner, then we have a very, very, very high probability of consolidating that volume from other partners into us.

是的。因此，文斯，我們看到的是，如果客戶沒有看到他們預期的業務成長，並且他們正在努力管理成本，那麼與較少的合作夥伴打交道是有意義的。如果他們正在尋找完整的技術解決方案，或者我們是最大的現有合作夥伴，並且是表現最好的合作夥伴，那麼我們就有非常非常非常高的可能性將其他合作夥伴的銷售整合到我們這裡。

And so we do think it has legs. We have talked about it for a while. We're seeing it happen a little faster than we expected. And we are seeing it in pretty much all the verticals for the most part.

所以我們確實認為它有腿。我們已經討論了一段時間了。我們看到它發生的速度比我們預期的要快一些。我們幾乎在所有垂直領域都看到了這一點。

And as Andre pointed out, where we're not chasing kind of volume that normally automate, it's highly price sensitive that tends to be where we're being consolidated out because we didn't have the highest exposure in that within every single client anyhow.

正如安德烈指出的那樣，我們並不追求通常自動化的交易量，而是對價格高度敏感，這往往是我們進行整合的地方，因為無論如何我們在每個客戶中都沒有最高的風險敞口。

But we're just not chasing that work because honestly, we believe that at some point it needs to get automated. And with the tools that are available now, it should be automated sooner than later anyhow. So it's not what we consider a long-term loss.

但我們只是不追求這項工作，因為老實說，我們相信在某些時候它需要自動化。無論如何，利用現在可用的工具，它應該盡快實現自動化。所以這不是我們認為的長期損失。

You talked about rapid change in your industry and rapid movement towards automation. And I think historically, you talked about trying to automate 10% to 20% or maybe the number is wrong of your portfolio. Is there a new number you may want to put out there in terms of how much you want to seek to automate each year?

您談到了您所在行業的快速變化以及自動化的快速發展。我認為從歷史上看，您談到嘗試將 10% 到 20% 自動化，或者您的投資組合中的數字可能是錯誤的。您是否想提供一個新的數字來說明您每年想要實現多少自動化？

No, not really, Vince. Because what we're seeing is that a lot of this automation we had planned going into end of 2024 and 2025, but what we've seen is a very fast demand of accelerating it because people want to see in-year savings and they want to get into 2025 at a new cost structure.

不，不是真的，文斯。因為我們看到的是，我們計劃在 2024 年底和 2025 年實現大量自動化，但我們看到的是加速它的非常快的需求，因為人們希望看到年內節省，他們希望以新的成本結構進入2025年。

And so we're not seeing automation coming out of the blue of, hey, we've never ever thought about this. We're seeing, hey, we are planning on doing this a quarter or two quarters, three quarters from now, we need to do it now. And then we're also seeing not only with our new tools, but some of our partners tools, things that were a little harder to automate, we actually can bring in ourselves to automate a little further. But we're not seeing sort of a dramatic change in what can be automated for the most part, it's really the timing.

所以我們並沒有看到自動化突然出現，嘿，我們從來沒有想過這件事。我們看到，嘿，我們計劃在一個季度或兩個季度、四個季度後這樣做，我們現在就需要這樣做。然後，我們不僅看到我們的新工具，還有我們的一些合作夥伴工具，那些自動化起來有點困難的東西，我們實際上可以讓自己進一步自動化。但我們並沒有看到大部分可以自動化的事情發生巨大的變化，這實際上是時機的問題。

The other thing that we talk about from a dynamic industry perspective is, really, we always talk about things moving offshore, right? Like that's clearly one of the value propositions this industry has.

我們從動態產業角度談論的另一件事是，實際上，我們總是談論向海外轉移的事物，對吧？這顯然是這個產業的價值主張之一。

Again, what's somewhat unique is historically, if you go back and look at Q4, most people are locked and loaded with their capacity plans and do not want to move anything in Q4, because they want to have sort of a bumper back half of the year.

再說一次，從歷史上看，有些獨特的地方是，如果你回頭看看第四季度，大多數人都被鎖定並加載了他們的產能計劃，並且不想在第四季度移動任何東西，因為他們希望在後半段有一個緩衝。

And this is one of the first times that we've seen clients saying, yeah, we know we talked about this in Q1, Q2, we need to do it now. How can you help us so that we can see the savings by the end of 2024 and start 2025 in a new cost structure.

這是我們第一次看到客戶說，是的，我們知道我們在第一季、第二季討論過這個問題，我們現在需要這樣做。您如何幫助我們，以便我們在 2024 年底之前看到節省的成本，並在 2025 年開始採用新的成本結構。

And so that is changing some of the dynamics as well that we historically have not seen.

因此，這也正在改變一些我們歷史上從未見過的動態。

Thank you.

謝謝。

Oliver Davies, Redburn Atlantic.

奧利佛戴維斯，《雷德伯恩大西洋》。

Hi, guys. Good evening. A couple for me. I guess, you gave the kind of infrastructure example where you said you now handled 40% of transactions autonomously and that was a 12% reduction in revenue. Is that included in the 7% of business that you see as transactional? Or is that separate for that?

嗨，大家好。晚安.給我一對。我想，您給了一個基礎設施範例，您說您現在可以自主處理 40% 的交易，這意味著收入減少了 12%。這是否包含在您認為的交易性業務的 7% 中？還是說這是分開的？

Actually, that's a great question. That was actually outside of the 7% of revenue. While we were able to kind of automate the transaction, it was quite complicated, and we had to wait for the right bot technology to be able to actually make it automatable as fast as we were able to do it. So that's not considered in sort of that 7%.

事實上，這是一個很好的問題。這實際上超出了收入的 7%。雖然我們能夠實現交易自動化，但它相當複雜，我們必須等待合適的機器人技術才能真正使其自動化，盡快實現。所以這不屬於那 7% 之列。

Okay. Yes. So I guess just following on from that, there's obviously much more than 7%, that can't be automated now. So are you able to give us kind of an indication of how much of revenue that would be?

好的。是的。所以我想接下來，顯然有超過 7% 的人現在無法自動化。那您能為我們透露一下收入是多少嗎？

No, because we don't. We also say a little differently, like the complexity and the infrastructure cost to put in on some of these larger, more complex automations is a little different and the domain knowledge that goes into how you need to manage these types of transactions, it's very different thanthat 7% of revenue, which tends to be very short speed to proficiency, very easy to move, like, literally can move it in kind of weeks and they're very, very different.

不，因為我們不這樣做。我們也說有點不同，例如在一些更大、更複雜的自動化中投入的複雜性和基礎設施成本有點不同，以及如何管理這些類型的交易的領域知識，這是非常不同的比那7% 的收入，這往往是非常短的速度，非常容易移動，就像，實際上可以在幾週內移動它，它們非常非常不同。

And so when we're automating things that, for instance, in that infrastructure company, we've been working for them for five years. We understood their internal system very, very deeply. We had domain subject experts around because they are a regulated business around how we need to deliver for it and what needed to happen around for it and to train people in that high level of proficiency.

因此，當我們實現自動化時，例如，在那家基礎設施公司中，我們已經為他們工作了五年。我們非常非常深入地了解他們的內部系統。我們周圍有領域主題專家，因為他們是一個受監管的企業，圍繞著我們需要如何交付它以及需要發生什麼以及培訓人員達到高水平的熟練程度。

So those do take a while. And we started working on that transformation project almost six or seven months ago when we originally started it and then the economics changed, quite frankly transparently in Q3, where the client asked us to pick up those costs to extend for a longer-term contract, which we were happy to do.

所以這些確實需要一段時間。大約六、七個月前，我們開始致力於該轉型項目，當時我們最初啟動了該項目，然後經濟發生了變化，坦率地說，在第三季度，客戶要求我們承擔這些成本以延長長期合同，我們很樂意這樣做。

Okay. Great. And then maybe just one more. On the iX Hello tool that you've sort of released today. Can you kind of talk about the pricing dynamics there? And I guess, why it won't kind of cannibalize your ability to win volumes that will now be offshore -- outsourced?

好的。偉大的。然後也許還有一個。關於你們今天發布的 iX Hello 工具。您能談談那裡的定價動態嗎？我想，為什麼它不會削弱你贏得現在將離岸外包的銷售的能力呢？

Actually, we're quite comfortable with the cannibalizing the right type of business, because it drives better embeddedness of our services into our clients. And as they consume more technology, that's fantastic for us because, obviously, the margin profile is more accretive.

事實上，我們對蠶食正確的業務類型感到非常滿意，因為它可以推動我們的服務更好地融入客戶。隨著他們消耗更多的技術，這對我們來說非常棒，因為顯然，利潤率會更高。

Right now, and in the beta phase of what we've been doing up until when we launched, a lot of this has been included in our pricing and has been bundled in services. What we're seeing is that clients are wanting to buy this and deploy this on their own enterprise or within other competitors' operations, which we're happy for them to do. And it's a per-seat price with volume discounts based on how many seats that are done.

目前，在我們推出之前一直在做的測試階段，其中許多內容已包含在我們的定價中並捆綁在服務中。我們看到的是，客戶希望購買此產品並將其部署在自己的企業或其他競爭對手的營運中，我們很高興他們這樣做。這是每個座位的價格，並根據完成的座位數量提供批量折扣。

Okay, great. Thanks very much.

好的，太好了。非常感謝。

(Operator Instructions) Ruplu Bhattacharya, Bank of America.

（操作員指令）Ruplu Bhattacharya，美國銀行。

Hi, and thanks for taking my questions. Can you walk us through your thought process in making these Gen AI-related investments? I think you mentioned $100 million per year. How do you decide how much to invest? And what ROI are you looking for when you invest in products such as this or investments to strengthen your Catalyst business to better cater to GenAI?

您好，感謝您回答我的問題。您能否向我們介紹一下您進行這些與人工智慧相關的投資的思考過程？我想你提到了每年 1 億美元。您如何決定投資多少？當您投資此類產品或投資加強 Catalyst 業務以更好地迎合 GenAI 時，您希望獲得多少投資回報率？

So can you just talk about like what returns are you looking for? And how do you know when you've invested enough? How do you measure success?

那你能談談你想要什麼回報嗎？你怎麼知道你的投資就夠了？你如何衡量成功？

Yeah. For sure, Ruplu. Very good question. So just for clarity, we're at a run rate of $100 million annually right now. But what we said in our last conference call, and we're very still clear about is that, if we don't see commercial success the way we want to see commercial success, we're certainly going to pare that down.

是的。當然，魯普魯。非常好的問題。為清楚起見，我們目前每年的營運費用為 1 億美元。但我們在上次電話會議中表示，而且我們仍然非常清楚的是，如果我們沒有以我們希望看到的商業成功的方式看到商業成功，我們肯定會削減它。

That's not our plan, and we can see sort of a clear path to how we want to get there. But that's not a run rate of investment we are committing to indefinitely by any stretch of the imagination.

這不是我們的計劃，但我們可以看到一條清晰的路徑來實現我們想要的目標。但這並不是我們無限期承諾的投資運行率。

What we classify as success is that by the end of 2025, that we are getting an ROI on our spend. And that spend, as I might mention, might fluctuate depending on the return metrics of it, that the margin profile of that business is accretive to our overall business.

我們認為成功的標準是，到 2025 年底，我們的支出將獲得投資回報。正如我可能提到的，這筆支出可能會根據其回報指標而波動，即該業務的利潤狀況會增加我們的整體業務。

And that hopefully, our goal is that the growth rate is accretive to our overall growth rate of our business. That's what our goal is for those products, why we want to do it.

希望我們的目標是成長率能夠促進我們業務的整體成長率。這就是我們對這些產品的目標，也是我們想要這樣做的原因。

What's key to understand is that we've seen a clear hole in the marketplace around some of the things that we're doing that others are not. We have a deep understanding based on decades of experience of how to manage these interactions and how to optimize these conversations and optimize businesses as a whole with that deep domain expertise that when our solution goes in, it's highly, highly customized.

理解的關鍵是，我們已經看到市場上有一個明顯的漏洞，圍繞著我們正在做而其他人沒有做的一些事情。基於數十年的經驗，我們對如何管理這些互動、如何優化這些對話以及如何利用深厚的領域專業知識優化整個業務有著深刻的理解，當我們的解決方案投入使用時，它是高度、高度客製化的。

And a lot of our clients have disparate tech stacks. So if they need something that's flexible from an LLM perspective, they need something that's flexible from a tech stack perspective, and we fit in that. Where we have clients who have sort of homogeneous technology environments or environments where they've got a clear direction of tech partners they want to use, we're very, very happy to deploy our partners' technology into those spaces if it fits.

我們的許多客戶擁有不同的技術堆疊。因此，如果他們需要從法學碩士角度來看靈活的東西，那麼他們需要從技術堆疊角度來看靈活的東西，而我們適合這一點。如果我們的客戶擁有某種同質的技術環境，或者他們對想要使用的技術合作夥伴有明確的方向，我們非常非常樂意將合作夥伴的技術部署到這些空間（如果合適）。

And so, it's really quite complementary around how we see it. And we're doing it to differentiate ourselves in the marketplace because as I mentioned in the large transformational deal, we knew who the competitors were. There was no other traditional competitor in that space, they weren't even invited to the RFP, because they did not have a complete solution. And they did not have the technical strength to pull off what the client was after.

因此，它與我們的看法確實非常互補。我們這樣做是為了在市場上脫穎而出，因為正如我在大型轉型交易中提到的，我們知道競爭對手是誰。該領域沒有其他傳統競爭對手，他們甚至沒有被邀請參加 RFP，因為他們沒有完整的解決方案。而且他們沒有足夠的技術實力來實現客戶的需求。

Okay. Just keeping on the investment theme. I think the press release said that the company plans to release additional technology products in the iX suite. How should we think about the impact of that on margins over the next few quarters? And is that the only investment that would impact margins?

好的。只是保持投資主題。我認為新聞稿稱該公司計劃在 iX 套件中發布其他技術產品。我們應該如何考慮這對未來幾季利潤率的影響？這是唯一會影響利潤率的投資嗎？

Or are you hiring more people in Catalyst and trying to build up that business as well. So how should we think about the impact of investments on operating margins?

或者您是否正在 Catalyst 中僱用更多人員並嘗試建立該業務。那我們該如何考慮投資對營業利益率的影響呢？

For sure. So Ruplu, like at a $100 million run rate, we definitely are producing more products than one. So we have a number of others that are already being built and well down the path and are actually doing previews with clients as we speak.

一定。因此，Ruplu，就像以 1 億美元的運行速度一樣，我們生產的產品肯定不只一種。因此，我們還有許多其他項目已經在建設中，並且正在穩步推進，並且在我們發言時實際上正在與客戶進行預覽。

And so there will be some rapid succession of what we're looking at. And we've got a very clear road map of what our deliverables are over the next number of months to make that happen. That is already baked into the forecast from an OpEx perspective as we mentioned, in that $100 million run rate.

因此，我們正在關注的事情將會快速發生。為了實現這一目標，我們已經制定了非常清晰的路線圖，說明了未來幾個月的可交付成果。正如我們所提到的，從營運支出的角度來看，這已經納入了 1 億美元的運行率預測中。

We're also, as Andre pointed out, accelerating some of the synergy costs and reinvesting and reallocating some of that capital because we do need to hire some skill sets that we don't have in our business right now, around some of the GenAI tools from our partners, some automation tools that we have within our client set.

正如安德烈（Andre）指出的那樣，我們還加速了一些協同成本，並對部分資本進行了再投資和重新分配，因為我們確實需要雇用一些我們目前業務中不具備的技能，圍繞著一些 GenAI來自我們合作夥伴的工具，我們在客戶集中擁有的一些自動化工具。

And so our goal is to do without increasing our operating expense and manage within the lines that we are doing right now. The only thing that is fluctuating our SG&A line that we can see within Q4 and I don't want to guide for 2025.

因此，我們的目標是在不增加營運費用的情況下，在我們目前正在做的範圍內進行管理。我們在第四季度內可以看到的唯一波動的是我們的 SG&A 線，我不想為 2025 年提供指導。

So let's just talk about Q4 is really around these transformational programs where we are getting a number of requests from clients who say, we need help to transform.

因此，讓我們來談談第四季度實際上是圍繞這些轉型計劃的，我們收到了來自客戶的許多請求，他們說我們需要幫助轉型。

You've got the capabilities to do it. If we give you a longer-term contract, would you take some of the burden of these costs upfront because we don't have the budget to do it. And as long as the economic model works out, we're more than happy to do that for our clients.

你有能力做到這一點。如果我們給您一份長期合同，您是否會預先承擔一些這些費用的負擔，因為我們沒有預算來做到這一點。只要經濟模型可行，我們就非常樂意為客戶做到這一點。

Okay. Maybe can I ask about -- you talked about programs shifting offshore. So obviously, that impacts you initially in terms of revenue because you're shifting the program. But if it's to a low-cost geography -- I mean, it should help in margins.

好的。也許我可以問一下——你談到了將專案轉移到海外的問題。顯然，這最初會影響您的收入，因為您正在改變計劃。但如果是在低成本地區——我的意思是，它應該有助於提高利潤率。

So can you talk about like what is that time delta between when you actually move a program to when you can actually start seeing any margin benefit? And within that, the question if you can also weave in any thoughts on the overall pricing environment as well, is it more competitive, less competitive?

那麼，您能否談談從您實際轉移計劃到您真正開始看到任何利潤收益之間的時間增量是多少？其中的問題是，您是否也可以融入對整體定價環境的任何想法，它的競爭力是更強還是更弱？

Yeah. So on the offshore movement, you're right. Once we get those programs fully ramped offshore and we get past the period where we have duplicate costs, we can rationalize some of the costs that we're supporting those programs onshore, we will get to a better margin spot on those programs. That generally takes about two to three quarters to do that. And that's what you see kind of impacting our Q4 outlook and should give us some confidence that we'll see improvement as we go through the back part of 2025.

是的。所以關於離岸運動，你是對的。一旦我們讓這些項目在海外全面展開，並且度過了重複成本的時期，我們就可以合理化我們支持這些項目的一些在岸成本，我們將在這些項目上獲得更好的利潤率。這通常需要大約兩到四分之三的時間才能完成。這就是您所看到的對我們第四季度前景的影響，並且應該讓我們有信心在 2025 年下半年我們會看到改善。

From a pricing environment perspective, I'll let Chris comment as well. But what we're seeing is, certainly, in the more commoditized work, we're seeing very, very high price sensitivity there and we're choosing not to chase that work on price. We're also seeing pricing pick the form of these different constructs, where clients are asking us to take on more of the upfront investment in transformation, whether that be technology, building out capacity, or even doing some of the training related to those programs.

從定價環境的角度來看，我也會讓克里斯發表評論。但我們所看到的是，當然，在更商品化的作品中，我們看到了非常非常高的價格敏感性，我們選擇不以價格來追逐作品。我們也看到定價選擇了這些不同結構的形式，客戶要求我們在轉型方面承擔更多的前期投資，無論是技術、能力建設，還是進行與這些項目相關的一些培訓。

All of that now, the new commercial contract seems to be moving a bit more of that upfront cost on to the provider. But we're happy to do that if it allows us to win the work. And as long as we can build that upfront cost, into the margin of the program, that means we should see improving margins on that program over time.

現在，新的商業合約似乎將更多的前期成本轉移給了提供者。但如果這能讓我們贏得工作，我們很樂意這樣做。只要我們能夠將前期成本納入該計劃的利潤中，這意味著隨著時間的推移，我們應該會看到該計劃的利潤不斷提高。

Okay. I'm going to try and, Andre, sneak one more question in, and this has been asked in various different ways. But I'm going to ask it in another way. You've talked about thousands of customers now using Gen AI.

好的。安德烈，我將嘗試再偷偷提出一個問題，人們已經以各種不同的方式提出了這個問題。但我會用另一種方​​式來問。您談到了數以千計的客戶現在正在使用 Gen AI。

On the last call, I think you had said that you had hundreds of proof of concepts that were going on. So are those proof of concepts now done? And do you think that the customer base that you have is now prone or is now more receptive to using GenAI?

在上次通話中，我想您曾說過您有數百個正在進行的概念證明。那麼這些概念驗證現在已經完成了嗎？您認為您擁有的客戶群現在是否傾向於或更願意使用 GenAI？

And if that is the case, do you think that as these models are getting more advanced, we just had a press release from T-Mobile and OpenAI, where their new model is more smarter, it can have sentiment detection, do you think that given this environment that you still think that the lower transactional work will go away and that you'll gain more work in the Concentrix business, more in the consulting type of space?

如果是這樣的話，您是否認為隨著這些模型變得越來越先進，我們剛剛收到了 T-Mobile 和 OpenAI 的新聞稿，他們的新模型更智能，可以進行情緒檢測，您認為在這種環境下，您仍然認為較低的事務性工作將會消失，並且您將在Concentrix 業務中獲得更多工作，在諮詢類型的領域中獲得更多工作？

Do you see that happening? Or do you think as models get smarter and more capable that the disruption can be more? So has your thought process on that changed as you've talked to more customers as you're seeing these new models come up?

你看到這種情況發生了嗎？或者您認為隨著模型變得更聰明、能力更強，顛覆會更大？那麼，當您與更多客戶交談並看到這些新型號的出現時，您對此的思考過程是否發生了變化？

Ruplu, it's Chris. So a couple of things in that because it's a good question. The first thing just for clarity, when we talk about close to 1,000 customers, that's close to half our client base is using generative AI that we have installed. And some of that is our partner's technology that we've installed and configure and manage, some of that is obviously our intellectual property that we've installed and managed.

魯普魯，我是克里斯。這是一個很好的問題，所以有幾件事。首先，為了清楚起見，當我們談論近 1,000 名客戶時，我們的客戶群中近一半正在使用我們安裝的生成式人工智慧。其中一些是我們安裝、配置和管理的合作夥伴的技術，其中一些顯然是我們安裝和管理的智慧財產權。

And that is using at scale day to day using our operations. This is not a proof-of-concept stuff. This is real, industrial enterprise use of the AI technology. And for clarity, when you look at what clients are using that for, it is very different.

這就是我們日常營運中的大規模使用。這不是概念驗證的東西。這是人工智慧技術在工業企業中的真實應用。為了清楚起見，當你看到客戶使用它的目的時，你會發現它是非常不同的。

There are some clients who are using a full stack where we're doing automated bot where we're using our Generative AI QA system, where we're using our Generative AI coaching system, where we're using a Generative AI Task system, all sorts of things like that.

有一些客戶正在使用完整的堆疊，我們正在做自動化機器人，我們正在使用我們的生成式人工智慧 QA 系統，我們正在使用我們的生成式人工智慧輔導系統，我們正在使用生成式人工智慧任務系統，諸如此類的事情。

When it's not customer-facing, clients tend to be very receptive to using it. And those proof of concepts, frankly, go very quickly into production.

當它不面向客戶時，客戶往往非常願意使用它。坦白說，這些概念驗證很快就會投入生產。

When it is anything to do with an external brand engagement, we continue to see, despite all the press releases, everyone talking about, we continue to see a reluctance to interface with high-value interactions with customers where the AI is doing everything.

當它與外部品牌參與有關時，我們繼續看到，儘管有所有的新聞稿，每個人都在談論，但我們仍然不願意與人工智慧做所有事情的客戶進行高價值的互動。

What we see, and still this day still conversations is that it's normally a human the last connect but that human is AI-powered to get better answers, better help service in a more intimate personalized way and deliver what they need to do. And so we still see that playing out to this case.

我們所看到的，至今仍在討論的是，最後的聯繫通常是人類，但人類是由人工智慧驅動的，可以得到更好的答案，以更親密的個性化方式更好地幫助服務，並提供他們需要做的事情。因此，我們仍然看到這種情況在本案中發揮作用。

Obviously, with the model is getting more advanced, that will somewhat change. But as we've seen and shown, as we've kind of automated and put the technology in, we've won net new business that historically hasn't been there.

顯然，隨著模型變得更加先進，這種情況將會有所改變。但正如我們所看到和表明的那樣，隨著我們實現自動化並投入技術，我們贏得了歷史上從未有過的淨新業務。

In terms of proof of concepts, we still have hundreds of proof of concepts. But very transparently, some we roll out and the client goes, okay, we've done the economic model on this. It's going to cost too much to do the queries to an LLM versus how we can do it other ways. We're going to kill it. Others are like, yes, this is perfect. Let's get it into production as quickly as possible.

在概念證明方面，我們仍然有數百個概念證明。但非常透明的是，我們推出了一些產品，客戶說，好吧，我們已經為此建立了經濟模型。與我們透過其他方式進行查詢相比，對法學碩士進行查詢的成本太高了。我們要殺了它。其他人則說，是的，這太完美了。讓我們盡快將其投入生產。

And so this quarter, we added, I think it's 25 new at-scale implementations of our GenAI technology into our client base from POCs. And so we are converting them, but we are always having these new POCs coming into the ecosystem.

因此，我們補充說，本季度，我認為我們的 GenAI 技術將透過 POC 大規模實施到我們的客戶群中。所以我們正在轉換它們，但我們總是有這些新的 POC 進入生態系統。

Sorry, Ruplu, just not to go on, because I'm sure you're bored of this. But the reality is that LLM and Generative AI, everyone assumes that one solution fits all. And what we're finding more and more is our clients are putting in different types of solutions for different types of functions and features and departments that best fit their cost model and the type of activity they want to automate and the type of service that they want to get.

抱歉，魯普魯，我不想再繼續下去了，因為我確信你對此感到厭煩了。但現實是，法學碩士和生成人工智慧，每個人都認為一種解決方案適合所有人。我們越來越發現，我們的客戶正在為不同類型的功能和特性以及最適合其成本模型、他們想要自動化的活動類型以及他們想要的服務類型的不同類型的功能和特性以及部門提供不同類型的解決方案。

And so we do have clients who have multiple generative AI solutions in their environment, and we expect that to continue. We don't expect there to be one product that does everything for everyone across the entire enterprise.

因此，我們確實有一些客戶在他們的環境中擁有多種生成式人工智慧解決方案，我們希望這種情況能持續下去。我們並不期望有一種產品可以為整個企業中的每個人做所有事情。

Okay. Thank you for all the details. Appreciate it.

好的。感謝您提供所有詳細資訊。欣賞它。

Thank you. And ladies and gentlemen, that does conclude today's conference call. Thank you for participating. You may now disconnect.

謝謝。女士們、先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。