Concentrix Corp (CNXC) 2024 Q4 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Concentrix fiscal fourth-quarter FY 2024 financial results conference call. (Operator Instructions) Please be advised that today's conference is being recorded. (Operator Instructions)

您好，感謝您的支持。歡迎參加 Concentrix 2024 財年第四季財務業績電話會議。（操作員指示）請注意，今天的會議正在錄音。（操作員指令）

I would now like to hand the conference over to your speaker today, Sara Buda, Vice President, Investor Relations.

現在，我想將會議交給今天的發言人、投資者關係副總裁 Sara Buda。

Terrific. Thank you, operator, and good evening. Welcome to the Concentrix fourth-quarter and fiscal 2024 earnings call. This call is the property of Concentrix and may not be recorded or rebroadcast without the written permission of Concentrix. This call contains forward-looking statements that address our expected future performance and that, by their nature, address matters that are uncertain.

了不起。謝謝接線員，晚上好。歡迎參加 Concentrix 第四季和 2024 財年財報電話會議。本次通話屬於 Concentrix 的財產，未經 Concentrix 書面許可不得錄製或重播。本次電話會議包含前瞻性陳述，涉及我們預期的未來業績，並且就其性質而言，涉及不確定的問題。

These uncertainties may cause our 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. 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 our other public filings with the SEC.

這些不確定性可能會導致我們未來的結果與前瞻性陳述中表達的結果有重大差異。我們不承諾根據新資訊或未來預期、事件或發展來更新我們的前瞻性陳述。有關可能影響我們未來財務業績的不確定因素的更多信息，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。這包括我們在 10-K 表年度報告和向美國證券交易委員會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，在電話會議中，我們將討論非公認會計準則財務指標，包括調整後的自由現金流量、非公認會計準則營業收入、非公認會計準則營業利潤率、調整後的 EBITDA、調整後的 EBITDA 利潤率、非公認會計準則淨收入、非公認會計準則每股收益和固定貨幣收入增長。這些非公認會計準則指標的對帳表可在新聞稿中以及公司投資者關係網站的「財務」欄位中找到。

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 the call up for your questions.

今天與我一起參加電話會議的還有我們的總裁兼執行長 Chris Caldwell；以及我們的財務長 Andre Valentine。Chris 將總結我們的經營業績和成長策略，Andre 將介紹我們的財務表現和業務前景。然後我們將開始回答你們的提問。

And now I'll turn the call over to Chris.

現在我將電話轉給克里斯。

Thank you, Sara. Hello, everyone, and thank you for joining us today for our fourth-quarter and fiscal year 2024 earnings call. Before we get into the details of our results, I think it might be helpful to look at how our business has evolved over the past few years to show why we are confident that we will continue to grow profitably in 2025 and believe mid-single-digit growth is achievable in later years. As we have stated and provided many examples over the last two years since GenAI started to be mainstream, we have executed with intent to focus our offerings on taking advantage of GenAI and expanding into new areas while keeping our underlying business healthy by de-investing in commodity work. As a result, we have more than 2,000 clients, including 155 of the global Fortune 500, with extremely high client revenue retention rate of approximately 99% in fiscal 2024.

謝謝你，薩拉。大家好，感謝您今天參加我們的 2024 財年第四季和年度財報電話會議。在我們深入了解我們的業績細節之前，我認為回顧一下我們過去幾年的業務發展情況可能會有所幫助，這可以說明為什麼我們有信心在 2025 年繼續實現盈利增長，並相信在未來幾年可以實現中等個位數的增長。正如我們在過去兩年中所述和提供的許多例子一樣，自 GenAI 開始成為主流以來，我們一直有意將我們的產品重點放在利用 GenAI 並擴展到新的領域，同時透過減少對商品工作的投資來維持我們基礎業務的健康。因此，我們擁有超過 2,000 名客戶，其中包括 155 家全球財富 500 強企業，2024 財年的客戶收入保留率極高，約 99%。

We have built a defensible market leadership position as a provider of integrated technology-led business solutions that power our clients' success. This means we have the scale, technologies, and capabilities to broaden our market and address the evolving needs of our clients. Our top 25 clients, which are all leading global brands, have an average tenure of over 16 years with us. Our revenue with these top clients continues to grow faster than the rest of our business as we introduce ancillary services and complementary solutions to expand our value and grow our share while automating and innovating work for them. In fact, nearly $1 billion of our revenue in 2024 is derived from new Concentrix solutions that didn't exist at scale in our business 24 months ago.

作為一家提供整合技術主導的業務解決方案以助力客戶成功的供應商，我們已建立穩固的市場領導地位。這意味著我們擁有擴大市場和滿足客戶不斷變化的需求的規模、技術和能力。我們前 25 名客戶均為全球領先品牌，平均與我們的合作期限超過 16 年。由於我們推出輔助服務和補充解決方案來擴大我們的價值並增加我們的份額，同時為他們實現工作自動化和創新，因此這些頂級客戶帶給我們的收入繼續以比我們其他業務更快的速度成長。事實上，我們 2024 年的近 10 億美元收入來自於 24 個月前我們的業務中還不存在的新的 Concentrix 解決方案。

Solutions such as data annotation, data modelling, analytics, B2B sales enablement, AI design and deployment, cybersecurity, financial crimes and compliance are now today -- and even now with our commercial available software products, combining our revenue from these offerings grew above mid-single digits in fiscal 2024. Additionally, we have our Catalyst IT services offering, which represents roughly 8% of total revenue and is also growing well, as we have grown these ancillary services and we have also proactively reduced the percentage of our business related to low complexity transactions from 13% three years ago to 7% today, as we expect to continue to reduce this percentage further in fiscal 2025.

數據註釋、數據建模、分析、B2B 銷售支援、AI 設計和部署、網路安全、金融犯罪和合規性等解決方案現已問世——即使現在有了我們的商業可用軟體產品，從這些產品中獲得的收入在 2024 財年也增長了中個位數以上。此外，我們還有 Catalyst IT 服務產品，約佔總收入的 8%，隨著這些輔助服務的成長，該產品也成長良好。

And finally, as AI emerged as a business imperative, we have consistently grown and evolved our business to take advantage of this opportunity and use it as a source of differentiation. In fact, with generative AI deployments across half of our clients, approximately 200,000 desktops in our own operations using GenAI, and with tens of thousands of digital workers that are autonomous, we are confident saying that we have one of the larger deployments of AI technology at scale in the world.

最後，隨著人工智慧成為商業的當務之急，我們不斷發展和改進我們的業務，以利用這一機會並將其作為差異化的來源。事實上，我們的一半客戶都部署了生成式人工智慧，我們自己營運的約 20 萬台桌面使用 GenAI，並且擁有數萬名自主的數位員工，因此我們可以自信地說，我們的人工智慧技術部署規模在世界上位居前列。

We have found that as we deploy our technology to grow revenue faster with these clients, and we are particularly encouraged that as we have completed the Webhelp integration, we have a large pipeline of new clients in Europe who we will deploy our technology in fiscal 2025.

我們發現，隨著我們部署技術，這些客戶的收入可以更快地增加，尤其讓我們感到鼓舞的是，隨著我們完成 Webhelp 集成，我們在歐洲擁有大量新客戶，我們將在 2025 財年向他們部署我們的技術。

While the market focused on the erroneous perception of AI as a headwind for our business, we have turned it into a tailwind, using generative AI to take advantage to create new opportunities while making our traditional business better. We have given numerous examples on our last few calls of how we lead our clients through their AI journey from designing and building their operations to deploying automation and reducing low-value transactions to enhancing their internal productivity. In doing so, we reduced our clients' total cost while increasing our revenue as they consolidate spend with fewer providers and unlock new sources of revenue for us. This has been the case throughout our history and continues to be the case today.

當市場錯誤地認為人工智慧會阻礙我們的業務發展時，我們將其轉化為順風，利用生成式人工智慧創造新機遇，同時讓我們的傳統業務變得更好。我們在最近的幾次電話會議中給出了許多例子，說明我們如何引領客戶完成他們的人工智慧之旅，從設計和建造他們的營運到部署自動化、減少低價值交易，再到提高他們的內部生產力。透過這樣做，我們降低了客戶的總成本，同時增加了我們的收入，因為他們將支出整合到更少的供應商，並為我們開闢了新的收入來源。在我們的歷史上一直如此，今天仍然如此。

I am delighted with the progress we have made as we have adapted and innovated to address our clients' evolving needs. While we see a clear disconnect today between our underlying fundamentals and our public market valuation, I am confident that as we execute our multiyear growth strategy, our valuation will align with the strength of our business and the value of our distinguished and unique market leadership position.

我對我們不斷適應和創新以滿足客戶不斷變化的需求所取得的進展感到非常高興。儘管我們今天看到我們的基本面和我們的公開市場估值之間存在明顯的脫節，但我相信，隨著我們執行我們的多年增長戰略，我們的估值將與我們的業務實力以及我們傑出和獨特的市場領導地位的價值保持一致。

With this context as a backdrop, let me give you my view of our most important achievements of 2024 and our expectations for 2025. I'll then turn the call over to Andre, who can provide more details on our financials and outlook.

在此背景下，讓我向您介紹我們 2024 年最重要的成就以及對 2025 年的期望。然後我將把電話轉給安德烈，他可以提供有關我們的財務和前景的更多詳細資訊。

2024 was a remarkable year for Concentrix. We integrated Webhelp with Velocity, aligning our sales, marketing, delivery, and operations team within the first year. We aligned our cultures around one company, one team, ensuring we delivered global scale consistently with local relevance and expertise for every client in every location around the globe. We are delighted to say the Webhelp integration is now complete, with ongoing net synergy benefits showing through in 2025 and beyond. We secured a number of key transformative wins in 2024, both with our own technology and technology from leading partners, and our pipeline continues to be strong going into 2025.

2024 年對 Concentrix 來說是非凡的一年。我們將 Webhelp 與 Velocity 整合在一起，在第一年內就整合了我們的銷售、行銷、交付和營運團隊。我們圍繞著一個公司、一個團隊調整我們的文化，確保我們為全球各地的每個客戶提供一致的全球規模和本地相關性以及專業知識。我們很高興地宣布 Webhelp 整合現已完成，並將在 2025 年及以後持續顯現淨協同效益。2024 年，我們憑藉自己的技術和領先合作夥伴的技術取得了許多關鍵的變革性勝利，並且我們的產品線在 2025 年將繼續保持強勁勢頭。

We have made prudent investments in our business that we believe will allow us to drive growth and margin expansion in the future. This included founding a new software products organization with strong leadership, enhancing AI tools and technology, and expanding our relationship with partners. And we have our first commercial win with our GenAI IX product suite.

我們對我們的業務進行了審慎的投資，我們相信這將使我們能夠在未來推動成長和利潤率擴大。其中包括建立一個具有強大領導力的新軟體產品組織，增強人工智慧工具和技術，以及擴大我們與合作夥伴的關係。我們的 GenAI IX 產品套件首次獲得了商業勝利。

All in all, 2024 was a strong year for Concentrix. We delivered solid financial results, growing revenue well ahead of most peers in the broader BPO and ITO service sector while generating strong free cash flow. We have evolved our business to take advantage of what clients want, fewer providers that can do more, and invested more that take global scale and technology capabilities to meet their needs.

總而言之，2024 年對 Concentrix 來說是強勁的一年。我們取得了穩健的財務業績，收入成長遠遠超過更廣泛的 BPO 和 ITO 服務領域的大多數同行，同時產生了強勁的自由現金流。我們已經改進了業務，以滿足客戶的需求，使用更少的供應商提供更多服務，並投入更多資金利用全球規模和技術能力來滿足客戶的需求。

But what gets me most excited is the strong fundamental platform we put into place to drive sustainable growth into the future. For 2025, let me be very clear. We expect to grow our revenue, our non-GAAP operating margin, and our free cash flow while paying down debt. We will continue to expand our GenAI offering both from leading companies like Salesforce, Microsoft, and Google and others on top of our own technology in order to offer our client base the best solution for their business. We'll expand our key relationships by demonstrating the power of Concentrix, combining our design-build-run capabilities and innovative AI-led solution domain expertise and business process excellence to fuel our clients' success.

但最讓我興奮的是我們為推動未來永續成長而建立的強大基礎平台。對於 2025 年，讓我說得非常清楚。我們期望在償還債務的同時增加我們的收入、非公認會計準則營業利潤率和自由現金流。我們將繼續擴展我們的 GenAI 產品，包括來自 Salesforce、微軟、Google等領先公司的技術，以便為我們的客戶群提供最適合其業務的解決方案。我們將展示 Concentrix 的強大功能，結合我們的設計-建構-運作能力以及創新的 AI 主導的解決方案領域專業知識和業務流程卓越性，以推動客戶的成功，從而擴大我們的關鍵關係。

And we will continue to secure new transformational wins that demonstrate the value of our broad-based technology solutions while decreasing our low complexity business. As we look into the years ahead, I am excited about what we are in our journey to become the world's most trusted partner for business and technology solutions that power a world that works. 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.

我們將繼續獲得新的轉型勝利，證明我們廣泛的技術解決方案的價值，同時減少我們的低複雜性業務。展望未來，我為我們即將成為全球最值得信賴的商業和技術解決方案合作夥伴、為世界運作提供動力而感到興奮。我要感謝我們敬業的遊戲規則改變者的辛勤工作和對卓越的承諾，以及客戶的信任和業務。

Now I'll turn the call over to Andre.

現在我將電話轉給安德烈。

Well, thank you, Chris, and hello, everyone. 2024 was a year of significant operational achievement for Concentrix. We integrated Webhelp ahead of plan, culminating in the migration of our financial ERP system at the end of the year. We proactively and intentionally invested in the productization and commercialization of our internally developed products while driving strong cash flow. We reduced our leverage through debt paydown while increasing our share repurchase program and increasing our dividend. And strategically, we continued to diversify and broaden our value to clients through a diversified set of service offerings.

好吧，謝謝你，克里斯，大家好。 2024 年是 Concentrix 取得重大營運成就的一年。我們提前規劃整合了 Webhelp，並在年底完成了財務 ERP 系統的遷移。我們積極主動地投資內部開發產品的產品化和商業化，同時推動強勁的現金流。我們透過償還債務來降低槓桿率，同時增加股票回購計畫並增加股利。從策略上來說，我們繼續透過多樣化的服務產品來實現並擴大我們為客戶創造的價值。

With a successful 2024 behind us, I'm confident in our position as we enter 2025. With that, let me delve into the details of our financial results for the fourth quarter and fiscal 2024 and then discuss our business outlook for fiscal 2025.

我們已經取得了 2024 年的成功，我對我們進入 2025 年的地位充滿信心。接下來，讓我深入探討我們 2024 財年第四季和財務表現的細節，然後再討論我們 2025 財年的業務前景。

In Q4, we delivered revenue of approximately $2.45 billion, growing 1.5% on a pro forma constant currency basis, which is at the high end of our September guidance range. Looking at our fourth-quarter revenue growth by vertical, on a pro forma constant currency basis, revenue from retail, travel, and e-commerce clients grew almost 9% year over year, a continuation of the solid growth we've been seeing in this vertical.

第四季度，我們實現營收約 24.5 億美元，以預測固定匯率計算成長 1.5%，達到我們 9 月指引範圍的高點。以垂直產業來看我們第四季的營收成長情況，按預測固定匯率計算，來自零售、旅遊和電子商務客戶的營收年增近 9%，延續了我們在這一垂直產業所看到的穩健成長動能。

Revenue from banking, financial services, and insurance clients grew 5%, relatively consistent with prior quarters this year. Our recent wins and pipeline give us confidence this vertical will continue to remain strong for us. Revenue from communications and media clients decreased 1% on a pro forma basis, a slight improvement from prior quarters in the year. This decrease in revenue reflects ongoing decreases from a few North American communications clients, partially offset by increases with media clients. Our technology and consumer electronics clients also decreased 1% on a pro forma constant currency basis, as did our revenue from clients in the healthcare vertical.

來自銀行、金融服務和保險客戶的收入成長了 5%，與今年前幾季基本持平。我們最近的勝利和規劃使我們相信，這一垂直領域將繼續保持強勁。來自通訊和媒體客戶的收入按預測基礎計算下降了 1%，較去年前幾季略有改善。收入的下降反映了一些北美通訊客戶收入的持續下降，但媒體客戶收入的增加部分抵消了這一下降。以預測固定匯率計算，我們的科技和消費性電子客戶收入也下降了 1%，來自醫療保健垂直領域客戶的收入也下降了 1%。

Turning to profitability, our non-GAAP operating income was $347 million, in the top half of our guidance range that we provided on our last call. Non-GAAP operating income margin was 14.2%, a decrease from Q4 2023, primarily due to our increased technology spend, upfront investments in some transformational wins, and duplicate costs related to accelerated shore shift in Q4, all of which we discussed last quarter. Adjusted EBITDA in the quarter was $403 million, a margin of 16.5%. Non-GAAP net income was $219 million in the quarter, an increase of about $6 million compared to the fourth quarter of last year, and non-GAAP diluted EPS was $3.26.

談到獲利能力，我們的非 GAAP 營業收入為 3.47 億美元，處於我們上次電話會議中提供的指導範圍的上半部分。非公認會計準則營業收入利潤率為 14.2%，較 2023 年第四季度有所下降，這主要是由於我們增加了技術支出、對一些轉型勝利的前期投資以及與第四季度加速岸上轉移相關的重複成本，所有這些我們在上個季度都討論過。本季調整後的 EBITDA 為 4.03 億美元，利潤率為 16.5%。本季非GAAP淨收入為2.19億美元，較去年第四季增加約600萬美元，非GAAP稀釋每股收益為3.26美元。

GAAP net income was $116 million for the quarter and GAAP diluted EPS was $1.72 per share. Reconciliations for GAAP and non-GAAP measures are provided in today's earnings release. Looking at our results for the full-year 2024, we grew 2.7% on a pro forma constant currency basis, at the high end of the guidance range we provided a year ago and above many peers. Non-GAAP OI was $1.32 billion, up slightly over prior year on a pro forma basis. Non-GAAP operating margin was 13.7%.

本季 GAAP 淨收入為 1.16 億美元，GAAP 稀釋每股收益為 1.72 美元。今天的收益報告中提供了 GAAP 和非 GAAP 指標的對帳表。縱觀我們 2024 年全年的業績，按預測固定匯率計算，我們的增長了 2.7%，處於我們一年前提供的指導範圍的高位，也高於許多同行。非公認會計準則經營虧損為 13.2 億美元，以預測基礎計算比前一年略有成長。非公認會計準則營業利益率為13.7%。

Adjusted free cash flow was $475 million. Our free cash flow included spending on integration costs to generate increased synergies in fiscal 2025. We returned approximately $220 million to shareholders. Specifically, we repurchased $136 million of our common shares, representing 2.2 million shares at an average price of approximately $61.74 per share. And we paid $84 million in dividends during the year.

調整後的自由現金流為4.75億美元。我們的自由現金流包括用於整合成本的支出，以在 2025 財年產生更大的綜效。我們向股東返還了約2.2億美元。具體而言，我們回購了價值 1.36 億美元的普通股，相當於 220 萬股，平均價格約為每股 61.74 美元。我們今年支付了 8,400 萬美元的股息。

We reduced our net debt by approximately $209 million during the year, and we further reduced our off-balance sheet obligation related to receivables factoring by $46 million during the year to approximately $162 million at year-end. At the end of the fourth quarter, cash and cash equivalents were $241 million, and total debt was $4.736 billion, bringing our net debt to $4.495 billion at year-end. Our liquidity remains strong at approximately $1.5 billion, including over $1 billion on our line of credit which is undrawn.

我們在本年度減少了約 2.09 億美元的淨債務，並且我們進一步將與應收帳款保理相關的表外義務在本年度減少了 4,600 萬美元，至年底的約 1.62 億美元。在第四季末，現金和現金等價物為 2.41 億美元，總債務為 47.36 億美元，使我們的淨債務在年底達到 44.95 億美元。我們的流動資金仍然強勁，約為 15 億美元，其中包括未動用的 10 億美元信用額度。

With this, let me now talk about our outlook for 2025 and the first quarter. First, as Chris mentioned, we are on an exciting journey as we broaden our offerings to address the evolving needs of our clients. And while the macro continues to affect our business, as it has for all services companies, we expect to deliver growth in 2025 based on the following: incremental revenue from business we won in 2024 that will ramp throughout the year; share gains with our largest clients as they consolidate spend with us because of the capabilities and scale that we offer to meet their business needs; and continued growth in outsourcing as clients seek partners that can help them embrace and adopt AI to reimagine their business while ensuring customer experience excellence, data security, and business stability.

現在，我來談談我們對 2025 年和第一季的展望。首先，正如克里斯所提到的，我們正在經歷一段令人興奮的旅程，不斷擴大我們的產品範圍，以滿足客戶不斷變化的需求。儘管宏觀經濟繼續影響我們的業務，就像所有服務公司一樣，但我們預計 2025 年將基於以下因素實現成長：我們在 2024 年贏得的業務帶來的增量收入將在全年逐漸增加；與我們最大的客戶分享收益，因為他們可以透過我們整合支出，因為我們提供的能力和規模可以滿足他們的業務需求；隨著客戶尋求能夠幫助他們接受和採用人工智慧來重塑業務，同時確保卓越的客戶體驗、資料安全和業務穩定性的合作夥伴，外包業務也持續成長。

As always, these drivers of growth will be balanced by the underlying effect of the macro on our clients' businesses, our proactive automation as we continue to intentionally migrate away from low complexity business, and continued movement to lower-cost delivery countries as we've seen over the past several years.

與往常一樣，這些成長動力將與宏觀經濟對客戶業務的潛在影響、我們的主動自動化（我們將繼續有意地從低複雜度業務轉移）以及持續向低成本交付國家的轉移（正如我們在過去幾年中所看到的那樣）相平衡。

Turning to margins. We expect non-GAAP operating income and adjusted EBITDA margins to uptick slightly as we balance synergy savings with investments to power our future growth. We do expect our spending on software product development to decrease throughout the course of the year.

轉向利潤。我們預計非 GAAP 營業收入和調整後的 EBITDA 利潤率將略有上升，因為我們在協同節約和投資之間取得平衡，以推動我們未來的成長。我們確實預計，我們在軟體產品開發上的支出將會在全年減少。

And finally, we expect adjusted free cash flow to grow to between $625 million and $650 million in 2025 driven by synergy savings, lower integration costs, and lower interest expense. With this context, our guidance for the full year is as follows: full-year reported revenue of $9.47 billion to $9.61 billion. Our guidance implies constant currency revenue growth for the full year in a range of 0% to 1.5%. Based on current exchange rates, our expectation assumes an approximately 150 basis point negative impact of foreign exchange rates compared with 2024.

最後，我們預計，在協同效應節約、整合成本降低和利息支出降低的推動下，調整後的自由現金流將在 2025 年增長至 6.25 億美元至 6.5 億美元之間。在此背景下，我們對全年的預期如下：全年報告收入為 94.7 億美元至 96.1 億美元。我們的指導意味著全年貨幣收入成長率將在 0% 至 1.5% 之間。根據目前匯率，我們預計與 2024 年相比，外匯匯率將產生約 150 個基點的負面影響。

Non-GAAP operating income is expected to be in the range of $1.3 billion to $1.34 billion. Non-GAAP EPS is expected to be in a range of $11.18 per share to $11.77 per share, assuming non-GAAP interest expense of $273 million, approximately 63.6 million diluted common shares outstanding and approximately 5% of net income attributable to participating securities. The effective tax rate is expected to be approximately 25.5% to 26.5%.

非公認會計準則營業收入預計在 13 億至 13.4 億美元之間。非公認會計準則每股收益預計每股收益在 11.18 美元至 11.77 美元之間，假設非 GAAP 利息支出為 2.73 億美元，流通在外的稀釋普通股約為 6,360 萬股，歸屬於參與證券的淨收入約為 5%。預計有效稅率約為25.5%至26.5%。

And finally, as a signal of confidence in our long-term growth strategy, the Board has refreshed our share repurchase authorization to $600 million. We expect our spending on fiscal year 2025 repurchases to modestly exceed the pace in fiscal 2024, taking advantage of what we believe is the extreme disconnect between the fundamentals of our business and our current valuation. We remain committed to maintaining investment-grade principles, repaying our debt to move closer to our target leverage ratio, and continuing to support our dividend.

最後，作為對我們長期成長策略充滿信心的訊號，董事會已將我們的股票回購授權更新至 6 億美元。我們預計，2025 財年的回購支出將略微超過 2024 財年的速度，利用我們認為的業務基本面與當前估值之間的極端脫節。我們將繼續致力於維持投資等級原則，償還債務以更接近我們的目標槓桿率，並繼續支持我們的股利。

For the first quarter, we expect reported revenue of $2.355 billion to $2.37 billion, implying a constant currency revenue growth rate of 0% to 0.75%. Non-GAAP operating income is expected to be in the range of $305 million to $315 million. Non-GAAP EPS is expected to be between $2.49 per share to $2.64 per share, assuming non-GAAP interest expense of $74 million, approximately 64.1 million diluted common shares outstanding and approximately 5% of net income attributable to participating securities. The effective tax rate in the first quarter is expected to approximate 25.5% to 26.5%.

對於第一季，我們預計報告營收為 23.55 億美元至 23.7 億美元，意味著固定匯率營收成長率為 0% 至 0.75%。非公認會計準則營業收入預計在 3.05 億美元至 3.15 億美元之間。非公認會計準則每股收益預計每股收益在 2.49 美元至 2.64 美元之間，假設非公認會計準則利息支出為 7,400 萬美元，流通在外的稀釋普通股約為 6,410 萬股，歸屬於參與證券的淨收入約為 5%。預計第一季有效稅率約為25.5%至26.5%。

As in prior years, we expect adjusted free cash flow in the first quarter to be negative although improved as compared to last year's Q1, followed by consistent, strong cash flow generation over the remaining quarters of the year. Our business outlook and cash flow expectations do not include any future acquisitions or impacts from future foreign currency fluctuations. We remain confident in the growth of the business and believe we are taking a conservative position in our guidance for 2025.

與往年一樣，我們預計第一季調整後的自由現金流為負，但與去年第一季相比有所改善，隨後在今年剩餘幾季將產生持續強勁的現金流。我們的業務展望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。我們對業務成長仍然充滿信心，並相信我們對 2025 年的指導持保守立場。

As we look back on 2024, we're delighted with our market position. We have intentionally and strategically expanded our value to clients by broadening our portfolio of solutions across the spectrum of business and technology solutions. We've embraced the opportunity of generative AI and have established a clear market leadership position that is allowing us to win large transformational programs and drive new revenue streams.

回顧 2024 年，我們對自己的市場地位感到非常滿意。我們透過拓展涵蓋業務和技術解決方案領域的解決方案組合，有意且有策略地擴大了我們為客戶創造的價值。我們抓住了生成式人工智慧的機遇，並確立了明確的市場領導地位，這使我們能夠贏得大型轉型專案並推動新的收入來源。

We believe we are making the right investments in the business to future-proof our offerings and position us for growth upside in the long term while growing margins and cash flow. We remain steadfast in our commitments to driving shareholder value through a combination of long-term revenue and margin expansion, having the right capital structure, and continued capital return through a combination of share repurchases and dividends. We're excited about the road ahead.

我們相信，我們在業務上所做的正確投資可以為我們的產品提供面向未來的保障，並使我們處於長期成長的位置，同時增加利潤率和現金流。我們始終堅定不移地致力於透過長期收入和利潤率擴張、正確的資本結構以及透過股票回購和股利相結合的方式持續實現資本回報來推動股東價值。我們對未來的道路充滿興奮。

With that, Josh, please open the line for questions.

喬希，請打開熱線來回答問題。

(Operator Instructions) Joseph Vafi, Canaccord Genuity.

(操作員指示) Joseph Vafi，Canaccord Genuity。

Nice to see progress in the business on a lot of fronts. I thought maybe we'd just drill down first on the revenue outlook. Appreciate your discussions on incremental revenue wins, share gains, and more volume switching to outsourcers. Just wanted to also get some input on -- I know you mentioned that the less complex work was going to continue to decline. I was wondering if you could provide some commentary on perhaps how many points of revenue headwind that may comprise in 2025.

很高興看到業務在許多方面都取得了進展。我想我們也許應該先深入研究一下收入前景。感謝您就增量收入、份額成長以及向外包商轉移更多產量進行的討論。只是想得到一些意見——我知道您提到不太複雜的工作將會繼續減少。我想知道您是否可以對 2025 年可能造成的收入逆風做出一些評論。

And then also if there's any headwind coming from a geographic delivery mix change from perhaps on-site or onshore to offshore, et cetera? And then I have a quick follow-up.

那麼，如果存在來自地理交付組合變化的阻力，例如從現場或在岸到海上等等，那該怎麼辦？然後我有一個快速的後續問題。

Yeah, for sure, Joe. So a couple of things. Let's start with the last one first. In terms of geo shift and revenue headwinds, we are seeing that from Europe into Africa and Eastern Europe. We are continuing to see that from North America. We talked about that a little bit where we had some health care programs going offshore. Cost for delivery is certainly a big issue with clients. And so we expect that that offshoring of work will continue. Similar to what we've talked about as a point, quite a bit of headwind of growth in the last little while.

是的，當然，喬。有幾件事。我們先從最後一個開始。在地域轉變和收入逆風方面，我們看到這種趨勢從歐洲轉向非洲和東歐。我們繼續在北美看到這種現象。我們曾就一些醫療保健項目移至海外的問題進行討論。對客戶來說，運輸成本無疑是一個大問題。因此我們預期工作離岸外包將會持續下去。與我們所討論的觀點類似，最近一段時間，經濟成長遇到了相當大的阻力。

In terms of the low-value transaction going down, our expectation is that we will lower that by another 1% to 2% in the course of 2025 so you'll get down to that 5 percentage range. There's always stuff that falls into that. But we've done what we're really happy with, a very good job over the last year of not growing that, not going after any business that would add to that and then continue to automate and drive that down. So our expectation is if you just think of 7% going down to 5% of our business of that type of headwind as we look at 2025 and what we're looking at.

就低價值交易的下降而言，我們預計到 2025 年這一比例將再降低 1% 至 2%，因此將降至 5% 的範圍。總是有一些東西落入其中。但我們做了讓我們真正感到高興的事情，在過去的一年裡，我們做得很好，沒有增加這一數字，也沒有追求任何會增加這一數字的業務，然後繼續自動化並降低這一數字。因此，我們的預期是，當我們展望 2025 年時，這種逆風將占我們業務的 7% 至 5%。

Great. And then maybe more of a detailed update. I know last quarter, you indicated that there was a large transformational win, I believe, where you were going to finance some of the upfront costs there. Just an update on those types of transactions, progress, and when they may reverse and start generating revenue and how they may contribute to the P&L in 2025.

偉大的。然後可能會有更詳細的更新。我知道上個季度您曾表示，公司取得了巨大的轉型勝利，我相信，您將為其中的部分前期成本提供資金。只是關於這些交易類型的更新、進展、何時可能逆轉並開始產生收入以及它們如何在 2025 年為損益表做出貢獻。

Yeah, for sure, Joe. So the large transformational deal that we had upfront, some of the cost will start to generate revenue in 2025 but it's more in the third and fourth quarter for it to be more meaningful. There's really not too much in Q1 outside of some costs that are running through; and Q2, we'll start to see some revenue but then it's really on the back half of the year.

是的，當然，喬。因此，我們預先達成的大型轉型交易，部分成本將在 2025 年開始產生收入，但更多的是在第三季和第四季才會更有意義。除了一些正在發生的成本之外，第一季確實沒有太多進展；從第二季開始，我們將看到一些收入，但這實際上是在下半年。

We have not done any deals of that size in Q4 that you'll see through, but we have done a number of smaller transformational deals relative to the large one. And they'll start, frankly, generating revenue within Q2 and Q3, but again, more back half of the year. The transformational deals tend to take a little longer just because we have to build out the platform forward to move the work across and then start to drive it. But you're not seeing that upfront capital requirement that we saw with the one very large transformational deal.

您將會看到，我們在第四季沒有完成任何如此規模的交易，但相對於大型交易，我們完成了一些規模較小的轉型交易。坦白說，他們將在第二季和第三季開始創造收入，但更多的收入將在今年下半年實現。轉型交易往往會花費更長的時間，因為我們必須建立平台來推進工作，然後開始推動它。但是，您並沒有看到我們在一項非常大的轉型交易中看到的前期資本需求。

Dave Koning, Baird.

戴夫·科寧，貝爾德。

Great Q4. And maybe first of all, just when we look across CX or BPO or IT, in the last couple of years, businesses have just wanted to spend less, tightened the belt a little bit. We get that.

很棒的第四季。首先，也許當我們回顧 CX 或 BPO 或 IT 時，在過去幾年中，企業只是想減少開支，稍微勒緊褲腰帶。我們明白了。

Are we getting to a point where consumers are starting to push back? We have to go through a whole bunch of bots and then finally talk to somebody on the phone. And that takes extra time that really we're having, as consumers, to take longer while businesses are getting to lower their handle time. But is there enough pushback that you're starting to see companies say, hey, we need to outsource more here, not less because there's consumer pushback and we want to reinvest in service again. Is that starting to shift back?

我們是否正處於消費者開始反抗的階段？我們必須經過一大堆機器人，然後才能透過電話與某人交談。而這實際上需要我們作為消費者花費更長的額外時間，而企業則減少了處理時間。但是，是否存在足夠多的阻力，以至於你開始看到公司說，嘿，我們需要在這裡進行更多的外包，而不是更少，因為存在消費者的阻力，我們想再次對服務進行再投資。這是否開始轉變了？

Yeah, that's a very interesting question. We see it in certain industries. We see it in BFSI. We see it in some high-value goods. We see it in a bit of auto. Where we don't actually see that pushback from consumers is in telecom for instance or in consumer electronics, for instance, because there's no one really raising the bar high enough that people can do the compare to, maybe a sad state of affairs but that's generally what we're seeing.

是的，這是一個非常有趣的問題。我們在某些​​行業看到這種情況。我們在 BFSI 中看到了這一點。我們在一些高價值商品中看到了它。我們在一些汽車中看到了它。我們實際上並沒有看到來自消費者的反對意見，例如在電信或消費性電子產品領域，因為沒有人真正提高足夠高的標準以供人們進行比較，這可能是一個令人悲哀的狀況，但這通常是我們所看到的。

And so where we see businesses really want to separate and differentiate their offering, they're outsourcing more and they're outsourcing more of the tech and they're doing it in a combined manner that really drives a better customer experience. We do think as consumer purchasing power, hopefully, rebounds in 2025, that companies will try to differentiate a lot more. And I think generally, what we're seeing is that probably there will be some human involved in that. And most likely, that human will be in an outsourced relationship.

因此，我們看到企業確實希望區分和差異化他們的產品，他們進行更多的外包，將更多的技術外包出去，並以全面的方式進行，以真正帶來更好的客戶體驗。我們確實認為，隨著消費者購買力在 2025 年反彈，公司將會嘗試更多差異化。我認為總體而言，我們看到的可能是其中有人參與其中。而且最有可能的是，該人將處於外包關係中。

Yeah, that's great to hear. And then maybe my follow-up. I know you kind of indicated that in the beginning of the call back to mid-single digits at some point. Is there a time frame which you expect to get back to that? Are there indications in the pipeline or anything in the demand environment that you're seeing that would say, hey, maybe we're only three, four, five quarters from that? Just a little context around that.

是的，很高興聽到這個消息。然後也許是我的後續行動。我知道您在開始時就指出過這一點，某個時候會回到個位數的中間值。您預計恢復該狀態的時間框架是什麼？您是否看到了通路或需求環境中的任何跡象，表明我們可能只剩下三、四、五個季度的時間了？僅介紹一下此事的背景。

Yeah, for sure. I mean, if you look at what we called out and you just simply take the $1 billion of business that we talked about in the opening comments growing high single digits, when you talk about the Catalyst business, which is growing roughly in that range, and then we have a number of other capabilities within our business growing within that range, you can see that at scale, right, that's a few billion dollars. At scale, we are growing above that single-digit mark.

是的，當然。我的意思是，如果你看看我們所提到的，你只需簡單地拿出我們在開場評論中提到的 10 億美元業務，這個業務以高個位數增長，當你談到 Catalyst 業務時，它的增長幅度大致在這個範圍內，然後我們業務中的許多其他能力也在這個範圍內增長，你可以看到，從規模上看，那是幾十億美元。從規模來看，我們的成長速度已經超過了個位數。

So clearly, what do we need to do? We need to continue to be faster at automating some of the work that we can get done because when we do that, we tend to win more work. We need to continue to focus on bringing down our lower-value work so that we don't have that overhang within our business. And if you do the math, we talk about other years but it's not multiple years. Our expectation is that getting out of 2025 and if we can continue to drive what we want to drive, then that's something that we should be able to achieve shortly thereafter.

那麼清楚了，我們需要做些什麼呢？我們需要繼續更快地實現一些我們可以完成的工作的自動化，因為當我們這樣做時，我們往往會贏得更多的工作。我們需要繼續致力於減少低價值的工作，這樣我們的業務就不會出現這種懸而未決的問題。如果你算一下，你會發現我們討論的是其他年份，但不是多年。我們的期望是，到 2025 年，如果我們能夠繼續推動我們想要推動的事情，那麼我們就應該能夠在不久的將來實現這一目標。

Ruplu Bhattacharya, Bank of America.

美國銀行的 Ruplu Bhattacharya。

This is Aisling on for Ruplu. My first question is for Chris. Can you just talk about how your digital CX or Catalyst business is trending? What was the revenue growth year over year this quarter? And how should we think about growth in fiscal '25 since you've talked about some potential large deals you're pursuing?

這是 Aisling 為 Ruplu 表演的。我的第一個問題是針對克里斯的。您能談談您的數位 CX 或 Catalyst 業務的發展趨勢嗎？本季的營收年增多少？既然您談到了正在追求的一些潛在的大型交易，那麼我們應該如何看待 25 財年的成長？

Yeah. So our Catalyst business is doing very, very well. We talked about it being roughly 8% of our business, and we talked about it growing well, which you consider mid to high single-digit growth through the course of the year. There's some fluctuation in that as we continue to add more partner implementations. Our expectation is that's what's going to continue to grow. It's one of the bigger growing areas as we implement more and more technology. And we're quite happy with what we're finding with it, and it's adding a lot of value to our overall relationships within our client base.

是的。因此我們的 Catalyst 業務表現非常非常好。我們說過它約占我們業務的 8%，我們說過它成長良好，全年都保持中高個位數的成長率。隨著我們繼續增加更多合作夥伴的實施，會出現一些波動。我們預期這會繼續增長。隨著我們實施越來越多的技術，它將成為更大的成長領域之一。我們對於所發現的結果感到非常滿意，它為我們與客戶群的整體關係增添了許多價值。

One for Andre. Can you just talk about priorities for cash in fiscal '25 and how you balance reinvesting in the business versus M&A versus buybacks? Just any color around that would help.

一份給安德烈。您能談談 25 財年的現金優先事項以及如何平衡業務再投資、併購和回購嗎？周圍的任何顏色都可以。

Sure, happy to do it. So we feel really confident in the free cash flow generation in 2025 and that will give us the opportunity to continue doing what we have been doing, which is obviously, first and foremost, investing in growing the business organically and then having the free cash flow left over to continue to pay down our debt and as well as return capital to shareholders.

當然，我很樂意這麼做。因此，我們對 2025 年的自由現金流產生非常有信心，這將使我們有機會繼續做我們一直在做的事情，顯然，首先也是最重要的，投資於業務的有機增長，然後用剩餘的自由現金流繼續償還債務並向股東返還資本。

So we feel great about the confidence that our Board has shown in us, in increasing the authorization for share repurchases up to $600 million. We've said that we'll continue -- certainly during this period where we feel like there's a disconnect between our valuation and the underlying fundamentals of the business, we'll be active in share buyback. In my commentary, I said we'd buy back slightly more, modestly more than what we've repurchased in fiscal year '24.

因此，我們對董事會對我們的信心感到非常有信心，將股票回購授權增加至 6 億美元。我們說過，我們會繼續下去——當然，在這段時期，當我們覺得我們的估值與業務的基本面存在脫節時，我們會積極進行股票回購。我在我的評論中說過，我們會回購更多，比我們在24財年回購的要多一些。

So you can figure out from that what the priorities will be. Generate the strong free cash flow, share repurchases slightly more than the $136 million that we did this year. Our dividend was $84 million this past year, that we've increased it in the past by 10% each year. We might like to do that again this year. And then with the remainder left to move closer to -- pay down debt to move closer to our targeted leverage ratio.

因此您可以從中了解優先事項是什麼。產生強勁的自由現金流，股票回購金額略高於今年的 1.36 億美元。去年我們的股息為 8,400 萬美元，並且每年都以 10% 的速度增加。今年我們可能還想再做一次。然後用剩下的錢償還債務，以更接近我們的目標槓桿率。

Divya Goyal, Scotiabank.

加拿大豐業銀行的 Divya Goyal。

So I wanted to further talk about this demand environment that we're talking about here. Chris, could you help us understand the sustainability of these revenues? Obviously, the growth is bleak for fiscal 2025. How should the market get confident in terms of the company returning to, say, even the mid-single digits from a revenue growth standpoint? And if you could potentially also help us understand how could or should we expect the margins to potentially grow on a go-forward basis?

所以我想進一步談談我們在這裡討論的這種需求環境。克里斯，您能幫助我們了解這些收入的可持續性嗎？顯然，2025財年的成長前景黯淡。從收入成長的角度來看，市場如何對公司恢復到中等個位數的績效充滿信心？您是否還可以幫助我們了解，我們應該如何預期利潤率在未來實現成長？

Yes, Divya, so a couple of things. As we talked about, we've got a lot of businesses growing within our portfolio that are at mid-single digits, if not higher, and some even higher. And as they get more and more scale of our business, that's what gives us the confidence to believe that we can get to mid-single digit.

是的，Divya，有幾件事。正如我們所討論的，我們投資組合中有很多企業的成長速度都處於中等個位數，甚至更高，有的甚至更高。隨著我們業務規模越來越大，我們有信心達到中等個位數。

As Andre also talked about, if you think about this year ahead, not only are the wins that we've gotten within 2024 that will layer into our business over the course of the year, but we'll also drive down our transactional low-value business from 7% to 6% to 5% through the course of the year. So there are some headwinds to that.

正如安德烈所說，如果你展望未來一年，你會發現，我們在 2024 年取得的勝利不僅會在全年影響我們的業務，而且我們還將在全年將交易性低價值業務的比例從 7% 降至 6% 再降至 5%。因此，這方面存在一些阻力。

But ultimately, we're quite confident that we can grow past that with all the different areas that we're making. And the areas that are growing are things that are in demand around generative AI, whether it be the data annotation, whether it be our analytics business. Analytics business is doing very, very well, whether it be some of our GenAI prototyping and tooling and implementation. We've signed up with Salesforce, Microsoft, and Google this year to do more and more partner work. Just certainly expanding and we're happy with that.

但最終，我們非常有信心，透過我們正在進行的所有不同領域的工作，我們可以超越這個層次。正在成長的領域是對生成式人工智慧的需求，無論是資料註釋，還是我們的分析業務。分析業務表現非常非常好，無論是我們的 GenAI 原型設計、工具或實作。我們今年已經與 Salesforce、微軟和Google簽約，進行更多的合作工作。確實在擴大，我們對此感到高興。

So there's lots of momentum in the business. And as Andre pointed out, we're also being somewhat prudent with our guidance for fiscal '25 because we will do the right thing for our clients, but we also want to make sure that we're messaging to investors, being prudent with what we want to get done. And if there's an opportunity to move stuff offshore that will drive a higher margin for us, we would probably do that, whether it creates a revenue headwind or not.

因此，該業務的發展勢頭強勁。正如安德烈指出的那樣，我們對 25 財年的指導也持謹慎態度，因為我們會為客戶做正確的事情，但我們也希望確保向投資者傳達訊息，謹慎對待我們想要做的事情。如果有機會將產品轉移到海外，從而為我們帶來更高的利潤，那麼無論是否會帶來收入阻力，我們可能都會這麼做。

I think in terms of the margin expansion process, through the course of 2024, we were pretty clear about where we were making additional investments, whether it be in our software platforms, whether it be in some of the new capabilities that we're building out with our partners. And obviously, we have to hire, in some cases, a different skill set of individuals for some of the work that we've gotten into, whether it's our financial crime and compliance, whether it'd be some of our BFSI work, et cetera.

我認為，就利潤率擴大過程而言，到 2024 年，我們非常清楚我們將在哪裡進行額外投資，無論是在我們的軟體平台上，還是在我們與合作夥伴共同建立的一些新功能上。顯然，在某些情況下，我們必須僱用具有不同技能的人員來完成我們所涉及的某些工作，無論是金融犯罪和合規工作，還是一些 BFSI 工作等等。

And I think all of those are higher-margin businesses that we are growing and we're going well. And so my expectation is that that will start getting layered in and we'll start to see that grow. And as Andre also pointed out in the prepared remarks, we do not expect to spend the same on our software development this year as we did last year. We told investors that we needed to get everything into a multi-tenant, more commercially-ready state that we would be spending up until the end of the year. And then we would be looking at reducing that spend through the course of 2025, more in line with how we're driving revenue.

我認為，所有這些都是利潤率較高的業務，我們正在發展這些業務，而且進展順利。因此，我的預期是，這將開始逐漸顯現，我們將開始看到它的成長。正如安德烈在準備好的演講中指出的那樣，我們預計今年在軟體開發上的支出不會與去年相同。我們告訴投資者，我們需要將一切投入到多租戶、更具商業準備的狀態，我們將在年底前完成這些投入。然後，我們將考慮在 2025 年之前減少這些支出，以更符合我們的收入成長方式。

So that's our plan. Also, one thing that we should call out is that we are very happy with the number of IX product sales we got within the first couple of weeks. We've got a very strong pipeline with that. And clearly, that's very low dollar value to begin with, but frankly, it's software margins. And so as we layer more and more of that into our business, we have the ability to grow our margins through that as well.

這就是我們的計劃。此外，我們應該指出的一點是，我們對前幾週內 IX 產品的銷售數量感到非常滿意。我們擁有非常強大的管道。顯然，這首先是非常低的美元價值，但坦白說，這是軟體利潤。因此，隨著我們將越來越多的內容融入我們的業務中，我們也有能力透過這種方式來增加我們的利潤。

That's helpful. Maybe I'll just ask one more question in the interest of the concerns around the CX sector. Could you help us understand, like with the increased prevalence of agentic AI, how does Concentrix managed services play out? Or what specific role would Concentrix have to play with the increasing prevalence of automation, AI, and agentic AI? And that's all for me.

這很有幫助。也許我會再問一個問題，以滿足人們對 CX 部門的關注。您能否幫助我們了解，隨著代理 AI 的日益普及，Concentrix 託管服務將如何發揮作用？或者，隨著自動化、人工智慧和代理人工智慧的日益普及，Concentrix 將扮演什麼具體的角色？對我來說這就是全部了。

Yeah, for sure, Divya. I go back to our prepared remarks. Like right now, what I think investors don't quite understand is that we have half our clients on GenAI right now. We have literally tens of thousands of autonomous agentic agents doing what they need to do and continue to drive it. These things do require tuning.

是的，當然了，Divya。我回到我們準備好的發言上。就像現在，我認為投資者不太明白的是，我們現在有一半的客戶都在使用 GenAI。我們確實有成千上萬的自主代理機構在做他們需要做的事情並繼續推動它。這些事情確實需要調整。

They do require data management. They do require analytics to make sure that they're doing the right things. There does need to be some regulatory compliance around them, depending on which countries they're deployed on. There's just a lot of other management that goes around with it. And here, we have grown our revenues, while in the last two years, driving GenAI deep into our client base and doing a lot of autonomous work.

它們確實需要資料管理。他們確實需要分析來確保他們所做的事情正確。它們確實需要遵守一些監管規定，這取決於它們被部署到哪些國家。還有許多其他管理工作與之相關。在這裡，我們的收入增加了，同時在過去的兩年裡，我們將 GenAI 深入到我們的客戶群中，並做了許多自主的工作。

And what we're finding is that even the big software providers are coming to us to say, look, you understand the domain expertise around this. You understand how the systems are built. You have time with all the technology. You understand the data and the domain expertise around what we're trying to achieve. You understand the client relationship. So help us try to figure out how to get our products in there, sell our products in there, and then maintain the products as they go. And so that provides new revenue streams for us that, two years ago, we didn't have.

我們發現，甚至大型軟體供應商也會來找我們，說，看，你們了解這個領域的專業知識。您了解系統是如何建構的。您有時間運用所有技術。您了解我們要實現的目標的數據和領域專業知識。您了解客戶關係。所以請幫助我們想辦法如何將我們的產品引入那裡、如何在那裡銷售我們的產品，以及如何維護這些產品。這為我們提供了新的收入來源，而兩年前我們還沒有這樣的收入來源。

I think the other thing that we called out in the prepared remarks and our businesses that weren't at scale two years ago and now are at scale is even revenue generation. A lot of people are thinking generative AI is simply for reducing costs and taking out costs. We found that clients are actually open to try and figure out how to use GenAI for driving revenues and figuring out how to improve the experience and actually delivering better outcomes for their clients. And again, that requires consulting, analytics, and data modelling, and data annotation, and managed services around that and security and compliance, et cetera, et cetera, et cetera.

我認為我們在準備好的發言中提到的另一件事以及我們的業務兩年前還沒有達到規模而現在已經達到規模甚至是創造收入。很多人認為生成式人工智慧只是為了降低成本和消除成本。我們發現客戶實際上願意嘗試如何使用 GenAI 來增加收入並改善體驗，從而為客戶提供更好的結果。再次強調，這需要諮詢、分析、資料建模、資料註釋、圍繞此的託管服務、安全性和合規性等等。

And I just don't think that people appreciate, this isn't -- despite the best commercials on TV and as you walk through the airport about how one and done this stuff is, it isn't. And it requires professional services companies to be able to support them.

我只是不認為人們會意識到這一點，儘管電視上播放著最精彩的廣告，當你走過機場時，你會知道這些事情是多麼的簡單，但事實並非如此。並且它需要專業服務公司來為其提供支援。

(Operator Instructions) And I'm not showing any further questions. This concludes the conference. Thank you for your participation. You may now disconnect.

（操作員指示）我不會再提出任何其他問題。會議到此結束。感謝您的參與。您現在可以斷開連線。