Concentrix Corp (CNXC) 2025 Q2 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Concentrix second-quarter financial results conference call. (Operator Instructions)

您好，感謝您的支持。歡迎參加 Concentrix 第二季財務業績電話會議。（操作員指示）

I would now like to turn the conference over to Sara Buda, Vice President, Investor Relations. Please go ahead.

現在，我想將會議交給投資者關係副總裁 Sara Buda。請繼續。

Great. Thank you, operator, and good evening. Welcome to the Concentrix second-quarter 2025 earnings call. This call is a 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 future performance and that by their nature, address matters that are uncertain.

偉大的。謝謝接線員，晚上好。歡迎參加 Concentrix 2025 年第二季財報電話會議。本次通話是 Concentrix 的財產，未經 Concentrix 書面許可不得錄製或轉播。本次電話會議包含涉及我們未來業績的前瞻性陳述，並且就其性質而言，涉及不確定的問題。

These uncertainties may cause our actual future results to be materially different from 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 other public filings with the SEC.

這些不確定性可能會導致我們未來的實際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 表格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 (non-GAAP) 指標的對帳表可在新聞稿和公司投資者關係網站的「財務」部分查閱。

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還有我們的總裁兼執行長克里斯·考德威爾 (Chris Caldwell) 和我們的財務長安德烈·瓦倫丁 (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您的問題。

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

現在我將把電話轉給克里斯。

Thank you very much, Sara. Hello, everyone, and thank you for joining us today for our second-quarter 2025 earnings call. We are seeing momentum from the investments we have been making, accelerating our growth rate and demonstrating the value of our differentiated offerings. Today, I'll give you a bit more detail on our progress, and then Andre will talk about our view of ongoing revenue, margin, and cash flow growth in the second half of the year.

非常感謝，薩拉。大家好，感謝您今天參加我們的 2025 年第二季財報電話會議。我們從所做的投資中看到了發展勢頭，加快了我們的成長速度，並展示了我們差異化產品的價值。今天，我將向您詳細介紹我們的進展，然後安德烈將談談我們對下半年持續收入、利潤率和現金流成長的看法。

Now let's start with the quarter. We reported yet another solid revenue quarter above our guidance, which outpaced both in our core offerings and our adjacent solutions. We saw growth in our pipeline across verticals and geographies with the desired mix of services and accretive margin profiles. Operational margins for the quarter were lighter than anticipated driven by two reasons: our decision to hold labor in April, while clients reacted to tariffs and temporarily paused projects; and two, preparing for accelerated growth in the second half, we won in quarter.

現在讓我們從本季開始。我們報告稱，本季我們的營收再次穩健成長，超出了預期，不僅超過了我們的核心產品，也超過了我們週邊的解決方案。我們看到，我們的產品線在各個垂直領域和地理上都實現了成長，並擁有理想的服務組合和不斷增長的利潤率。本季的營業利潤率低於預期，原因有二：我們決定在 4 月份暫停勞動力，而客戶對關稅做出反應並暫時停止了項目；其次，為了準備下半年的加速增長，我們在本季度取得了勝利。

As anticipated, by the end of May, we exited the month with our margin trending more favorably and expect that by later in Q3, we will again see improvement year-over-year in our margin. The goodwill we have seen from clients because of our decisions has already produced benefits. We also delivered over $200 million in adjusted free cash flow in the quarter. As you can see from our outlook, we are excited about our second-half momentum across all metrics, as Andre will detail.

正如預期的那樣，到 5 月底，我們的利潤率趨勢更加良好，預計到第三季後期，我們的利潤率將再次同比提高。由於我們的決定，客戶對我們表現出了善意，並且這種善意已經產生了效益。本季我們也實現了超過 2 億美元的調整後自由現金流。從我們的展望中可以看出，我們對下半年各項指標的勢頭感到興奮，正如安德烈將詳細說明的那樣。

We are outperforming due to a few primary factors. First, our strategy to deliver pragmatic, deployable AI solutions aligned with what clients want is working. This is being driven both by embracing third-party technology partners as well as our own IX suite of products. Clients are over the AI hype and want practical solutions. Our Gartner study recently revealed that enterprises are adopting a digital-first but not digital-only approach, and our own third-party survey of 450 global enterprises showed a similar sentiment, revealing that 85% of these enterprises expect to increase their outsourcing budget over the next two to three years. The majority of that increase is expected to be net new investments in supporting their AI agenda.

我們之所以表現優異，主要得益於幾個主要因素。首先，我們提供符合客戶需求的實用、可部署的人工智慧解決方案的策略正在發揮作用。這是透過擁抱第三方技術合作夥伴以及我們自己的 IX 產品套件來推動的。客戶已經厭倦了人工智慧的炒作，並想要切實可行的解決方案。我們最近的 Gartner 研究顯示，企業正在採用數位優先而非僅採用數位的方法，我們對 450 家全球企業進行的第三方調查也顯示出類似的觀點，其中 85% 的企業預計在未來兩到三年內增加外包預算。預計這一增長的大部分將是支持其人工智慧議程的淨新投資。

Further, even though the survey was completely blind and independent, enterprises selection of Concentrix as a partner to build and deploy their AI initiatives was significantly ahead of all other traditional companies, CX companies combined, and it was even higher than many IT services companies. This is clear third-party validation of our recognition as a technology solutions provider in the marketplace.

此外，儘管這項調查完全是盲目的和獨立的，但企業選擇 Concentrix 作為合作夥伴來建置和部署其 AI 計劃的比例明顯高於所有其他傳統公司和 CX 公司的總和，甚至高於許多 IT 服務公司。這顯然是第三方對我們作為市場技術解決方案提供者的認可。

Over the past 18 months, we have made thoughtful investments in our technology and our teams to position ourselves for this exact aha moment. In Q2, we also launched iX Hero, our agentic AI-powered application that gives humans superpowers to more accurately and efficiently complete tasks with more consistent outcomes. This complements our autonomous AI assistant product, iX Hello, giving clients an array of AI solutions to meet their needs for both full automation and human augmentation. We are delighted with the early market traction we are gaining, and our pipeline of integrated product solutions deals is strong. We believe we are on track for our products to be accretive to the business as we exit the end of the year and believe we can deliver accelerated levels of revenue growth for our products without increasing our spend this year.

在過去的 18 個月裡，我們對我們的技術和團隊進行了深思熟慮的投資，為這一刻做好準備。在第二季度，我們還推出了 iX Hero，這是一款基於代理人工智慧的應用程序，它賦予人類超能力，使其能夠更準確、更有效率地完成任務並獲得更一致的結果。這補充了我們的自主 AI 助理產品 iX Hello，為客戶提供了一系列 AI 解決方案，以滿足他們對完全自動化和人類增強的需求。我們很高興看到我們早期獲得的市場吸引力，並且我們的綜合產品解決方案交易管道非常強大。我們相信，隨著今年年底的到來，我們的產品將為業務帶來增值，並相信我們可以在不增加今年支出的情況下實現產品收入的加速成長。

Within our marketplace, we are also winning on the side of partner consolidation. This is enabling us to grow and win new business that tends to have more complexity as we introduce new adjacent services that can be deployed securely and at scale.

在我們的市場中，我們在合作夥伴整合方面也取得了勝利。隨著我們推出可以安全、大規模部署的新相鄰服務，這使我們能夠發展並贏得往往更複雜的新業務。

In summary, we delivered another strong revenue and cash flow quarter and are on track to exceed our revenue forecast for the year. We are confident the strategy we implemented several years ago is working. This strategy centered around: one, bringing integrated technology-led solutions to market that align with clients' needs and two, expanding the value we provide clients across a broader portfolio of business solutions to grow share; and finally, three, keeping our underlying business healthy by automating or deinvesting in commodity work.

總而言之，我們又一個季度實現了強勁的收入和現金流，並有望超過今年的收入預測。我們相信，幾年前實施的策略正在發揮作用。這項策略的核心是：第一，將符合客戶需求的綜合技術主導的解決方案推向市場；第二，透過更廣泛的業務解決方案組合擴大我們為客戶提供的價值，以增加市場份額；第三，透過自動化或減少對商品工作的投資，維持我們基礎業務的健康發展。

The market is evolving as we anticipated. Clients are centralizing spend with partners that have scale, breadth, and expertise to deliver real-world solutions that drive tangible results. We are well positioned against our competitor set particularly for large-scale programs that combine consulting, IT integration, CX expertise, and AI. We have made and will continue to make the right investments in the business for ongoing profitability. I would like to thank our game changers for their passion this quarter and the clients for their trust.

市場正在按照我們的預期發展。客戶正在與具有規模、廣度和專業知識的合作夥伴集中支出，以提供能夠帶來實際成果的實際解決方案。我們在與競爭對手的競爭中佔據優勢地位，特別是在結合諮詢、IT 整合、CX 專業知識和 AI 的大型專案方面。我們已經並將繼續對業務進行正確的投資，以實現持續盈利。我要感謝我們遊戲規則改變者本季的熱情以及客戶的信任。

And with that, Andre, I'll turn it over to you.

安德烈，現在我把話題交給你了。

Well, thank you, Chris. In the second quarter, we exceeded our revenue guidance yet again, delivering revenue of approximately $2.4 billion, an increase of 1.5% year on year on both a constant currency and as-reported basis. The growth in the quarter was broad-based across our client base and reflects continued strength in our core AI-led customer experience offerings and ongoing growth in our adjacent AI solutions. These adjacent services are growing at a rate that is faster than the company as a whole, and we continue to believe that as these solutions increase in scale, there is an increasing opportunity for them to contribute to revenue growth.

好吧，謝謝你，克里斯。第二季度，我們的營收再次超出預期，實現約 24 億美元的收入，以固定匯率和報告基礎計算，年增 1.5%。本季的成長廣泛存在於我們的客戶群中，反映了我們核心的人工智慧主導的客戶體驗產品的持續強勁以及我們相鄰的人工智慧解決方案的持續成長。這些鄰近服務的成長速度快於整個公司的成長速度，我們仍然相信，隨著這些解決方案規模的擴大，它們為收入成長做出貢獻的機會將越來越大。

Looking at our second-quarter revenue growth by vertical. On a constant currency basis, growth was well balanced across verticals. Revenue from retail, travel, and e-commerce clients grew 3% year over year, led by growth with travel clients. Media and communications also grew 3% year on year this quarter. This is positive to see as this vertical has been flat to down in the past few years. Revenue from banking, financial services, and insurance clients grew 2%, and our tech vertical and our health care vertical were both relatively flat, reflecting offshore movement.

從垂直角度來看我們第二季的營收成長。以固定匯率計算，各垂直產業的成長十分均衡。來自零售、旅遊和電子商務客戶的收入年增 3%，其中旅遊客戶的成長最為顯著。本季媒體和通訊業也較去年同期成長了 3%。這是一個積極的跡象，因為過去幾年中這一垂直趨勢一直持平或下降。來自銀行、金融服務和保險客戶的收入成長了 2%，而我們的技術垂直領域和醫療保健垂直領域均相對持平，反映了離岸流動。

Turning to profitability. Our non-GAAP operating income was $304 million. This is below the guidance range we provided on our last call. As Chris mentioned, in April, some clients paused programs as they sorted through the impact of tariffs on their business. During this time, we kept their program stable with the expectation that the programs will start to resume in May, as they have.

轉向盈利能力。我們的非公認會計準則營業收入為 3.04 億美元。這低於我們上次電話會議中提供的指導範圍。正如克里斯所提到的，四月份，一些客戶暫停了相關計劃，因為他們正在研究關稅對其業務的影響。在此期間，我們保持他們的計劃穩定，並期望這些計劃能夠在 5 月開始恢復。

We also made elevated investments to support the acceleration of revenue growth in the second half of 2025. Margins improved in May, and we expect meaningful sequential margin improvement in both the third and fourth quarter of the year.

我們也加強了投資力度，以支持 2025 年下半年營收成長的加速。五月利潤率有所提高，我們預計今年第三季和第四季的利潤率都將持續顯著提高。

Adjusted EBITDA in the quarter was $357 million, a margin of 14.8%. Non-GAAP diluted EPS was $2.70 per share within our guidance range and an increase of $0.01 year on year as we benefit from lower interest expense, a more favorable tax rate and a lower share count as we continue to repurchase our shares. GAAP net income was $42 million for the quarter and GAAP diluted EPS was $0.63 per share. Reconciliations for GAAP and non-GAAP measures are provided in today's earnings release.

本季調整後的 EBITDA 為 3.57 億美元，利潤率為 14.8%。非公認會計準則稀釋每股收益為 2.70 美元，在我們的指導範圍內，同比增長 0.01 美元，因為我們受益於較低的利息支出、更優惠的稅率和較低的股票數量（因為我們繼續回購股票）。本季 GAAP 淨收入為 4,200 萬美元，GAAP 稀釋每股收益為 0.63 美元。今天的收益報告中提供了 GAAP 和非 GAAP 指標的對帳表。

Adjusted free cash flow was $200 million in the quarter, an improvement of about $240 million sequentially from Q1. We returned approximately $67 million to shareholders in the quarter, which included repurchasing $45 million of our common shares or approximately 920,000 shares at an average price of approximately $49 per share. The remaining $22 million in shareholder return was in the form of our quarterly dividend. At the end of the second quarter, cash and cash equivalents were $343 million, and total debt was approximately $4.9 billion, bringing our net debt to $4.5 billion. We also reduced the amount of our off-balance sheet factored accounts receivable with the balance standing at approximately $142 million at the end of the quarter.

本季調整後的自由現金流為 2 億美元，較第一季較上季增加約 2.4 億美元。本季我們向股東返還了約 6,700 萬美元，其中包括以平均每股約 49 美元的價格回購價值 4,500 萬美元的普通股或約 92 萬股。剩餘的 2,200 萬美元股東回報是以季度股息的形式發放的。截至第二季末，現金和現金等價物為 3.43 億美元，總債務約為 49 億美元，使我們的淨債務達到 45 億美元。我們也減少了表外應收帳款的金額，本季末餘額約為 1.42 億美元。

As previously disclosed, we refinanced a portion of our debt maturities and extended our revolving credit facility on favorable terms in the quarter. Late in the quarter, we made a $150 million voluntary principal payment against our term loan that matures in December of 2026, bringing the balance on that term loan down to $600 million. At the end of the quarter, we had approximately $1.5 billion in liquidity and including our $1.1 billion revolver, which is undrawn.

如前所述，我們在本季對部分債務到期進行了再融資，並以優惠條件延長了循環信貸額度。本季末，我們自願支付了 1.5 億美元的定期貸款本金，該貸款將於 2026 年 12 月到期，使該定期貸款的餘額降至 6 億美元。截至本季末，我們擁有約 15 億美元的流動資金，其中包括未提取的 11 億美元循環信貸額度。

Overall, we delivered a strong quarter -- revenue quarter above expectations with steady growth across verticals. We continue to complement our core CX growth with strong momentum from our adjacent solutions, such as data annotation, analytics, B2B sales, and AI implementation IT solutions. Our pipeline is strong, and the new business we are signing is accretive to margins as these programs scale.

整體而言，我們本季表現強勁—營收超出預期，各個垂直領域均穩定成長。我們繼續利用相鄰解決方案（例如資料註釋、分析、B2B 銷售和 AI 實施 IT 解決方案）的強勁勢頭來補充我們的核心 CX 成長。我們的管道很強大，隨著這些項目的擴大，我們簽署的新業務將增加利潤。

Now I will turn to our outlook. For the third quarter, we expect the following: revenue of $2.445 billion to $2.470 billion. Based on current exchange rates, these expectations assume an approximate 140 basis point positive impact of foreign exchange rates compared with the prior-year period. The guidance implies constant currency revenue growth for the quarter ranging from 1% to 2%. We expect operating income of $162 million to $172 million and non-GAAP operating income of $318 million to $328 million.

現在我將談談我們的展望。對於第三季度，我們預計營收為 24.45 億美元至 24.70 億美元。根據當前匯率，這些預期假設外匯匯率與去年同期相比將產生約 140 個基點的正面影響。該指引暗示本季貨幣收入成長率將在 1% 至 2% 之間。我們預計營業收入為 1.62 億美元至 1.72 億美元，非 GAAP 營業收入為 3.18 億美元至 3.28 億美元。

This translates into expected non-GAAP EPS of $2.80 per share to $2.91 per share, assuming approximately $68 million in non-GAAP interest expense, 62.7 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% in the quarter.

這意味著預期非 GAAP 每股收益為 2.80 美元至 2.91 美元，假設非 GAAP 利息支出約為 6,800 萬美元，流通在外的稀釋普通股為 6,270 萬股，且歸屬於參與證券的淨收入約為 5%。預計本季有效稅率約為25.5%。

Our guidance for the full year 2025 is as follows: fiscal year reported revenue of $9.720 billion to $9.815 billion based on current exchange rates which assumes a de minimis impact for the quarter compared with the prior year period. Accordingly, we are increasing our guidance for constant currency revenue growth for the full year to 1% to 2%. We expect operating income of $675 million to $695 million and non-GAAP operating income of $1,300 million to $1,320 million. This is within our initial profit guidance for the year and adjust for the results in Q2 and a currency headwind to profit as compared to our initial guidance. We do expect our non-GAAP profit margin to increase sequentially in both the third and fourth quarters as revenue follows the upfront investments we've made and as our technology suite moves to being accretive to the business in the fourth quarter.

我們對 2025 年全年的預期如下：根據當前匯率計算，財政年度報告收入為 97.20 億美元至 98.15 億美元，假設本季與去年同期相比的影響微乎其微。因此，我們將全年固定貨幣收入成長預期上調至 1% 至 2%。我們預計營業收入為 6.75 億美元至 6.95 億美元，非 GAAP 營業收入為 13 億至 13.2 億美元。這符合我們今年的初步利潤預期，與我們的初步預期相比，已根據第二季的業績和貨幣逆風對利潤的影響進行了調整。我們確實預計，隨著收入跟隨我們所做的前期投資，以及我們的技術套件在第四季度對業務產生增值作用，我們的非公認會計準則利潤率將在第三季度和第四季度連續增長。

Our guidance for non-GAAP EPS is $11.53 to $11.76 per share, assuming non-GAAP interest expense of $273 million, approximately 63.1 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% for the full year. And finally, we continue to expect adjusted free cash flow of $625 million to $650 million. Included in this expectation is an improvement in days sales outstanding from current levels, and the expected sequential improvement in profitability and lower integration costs.

我們對非公認會計準則每股收益的預期為每股 11.53 美元至 11.76 美元，假設非公認會計準則利息支出為 2.73 億美元，流通在外的稀釋普通股約為 6,310 萬股，且歸屬於參與證券的淨收入約為 5%。預計全年有效稅率約為25%。最後，我們繼續預期調整後的自由現金流為 6.25 億美元至 6.5 億美元。這項預期包括應收帳款週轉天數較目前水準有所改善、獲利能力可望連續提高以及整合成本可望降低。

In regard to capital allocation priorities, as we said in January, we expect our spending on share repurchases to modestly exceed last year, taking advantage of the disconnect between the fundamentals of our business and our current valuation while continuing to pay down debt. We remain committed to maintaining our investment-grade principles. And of course, we will continue to support our dividend, which currently has a yield of approximately 2.4%.

關於資本配置優先事項，正如我們在一月份所說的那樣，我們預計股票回購支出將略高於去年，利用我們業務基本面與當前估值之間的脫節，同時繼續償還債務。我們仍然致力於維護我們的投資等級原則。當然，我們將繼續支持我們的股息，目前的股息殖利率約為 2.4%。

In summary, we are seeing a steady acceleration in our growth rate and are confident that our strategy to differentiate Concentrix in the market will continue to drive stronger growth in the second half of 2025 and beyond. We expect margin improvement in the second half and are committed to driving strong year-on-year free cash flow growth. We have made the right investments in the business that are allowing us to outperform and over the long term, position us to generate mid-single-digit growth, we believe this business can deliver. And we are committed to having the right capital structure and continued capital return through a combination of share repurchases and dividends, while reducing our leverage.

總而言之，我們的成長率正在穩步加速，並且有信心，我們在市場上使 Concentrix 脫穎而出的策略將繼續推動 2025 年下半年及以後更強勁的成長。我們預計下半年利潤率將有所提高，並致力於推動自由現金流較去年同期強勁成長。我們對這項業務進行了正確的投資，這使我們能夠表現出色，並且從長遠來看，使我們能夠實現中等個位數的成長，我們相信這項業務能夠實現這一目標。我們致力於透過股票回購和股利結合的方式實現正確的資本結構和持續的資本回報，同時降低我們的槓桿率。

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

接線員，現在請打開熱線來回答問題。

(Operator Instructions)

（操作員指示）

Joseph Vafi, Canaccord.

約瑟夫·瓦菲（Joseph Vafi），Canaccord。

Great to see another solid quarter here relative to expectations. So congrats on that. Just maybe just a few quick ones for me. I know it did sound like some of the weaker verticals kind of from a broad base are doing a little bit better, and I know you're looking for a little bit of revenue acceleration here in the second half. Just wanted to drill down on that a little bit.

很高興看到本季又達到了預期的穩健水準。對此我表示祝賀。對我來說可能只是幾個簡單的問題。我知道這聽起來確實像是從廣泛角度來看一些較弱的垂直行業表現得更好一些，而且我知道您希望下半年的收入能有所加速。只是想稍微深入探討一下這一點。

If revenue acceleration is more broad-based here? Or are -- is it more reliant on a couple of specific contracts and maybe other color there on where it might be coming from, from a vertical basis. And then I'll have a quick follow-up.

如果收入加速成長在這裡更為廣泛？或者 — — 它是否更多地依賴於幾個特定的合同，也許還有其他顏色，從垂直角度來看，它可能來自哪裡。然後我會快速跟進。

For sure, Joe. It's Chris. So the momentum is broad-based. As we talked about from a pipeline perspective, we're seeing very solid pipeline building not only from a geography perspective in all of our geographies, but also on a vertical perspective. I think banking, as Andre alluded to, tech and media and comms, we're starting to see some good momentum.

當然，喬。我是克里斯。因此，這種勢頭是廣泛的。正如我們從管道角度所討論的那樣，我們看到管道建設非常穩固，不僅從所有地區的地理角度來看如此，而且從垂直角度來看也是如此。我認為，正如安德烈所提到的，銀行業、科技、媒體和通訊業，我們開始看到一些好的勢頭。

Health care, we're starting to get to the end of the offshoring mutation or muting of our growth. And so we're really excited about what we're seeing. And frankly, as we kind of indicated in our comments, the type of deals that we're winning and the solutions that we're type of winning are the types that we've been after. They're much more stickier, they're more complex and a big chunk of them use our technology. So we're pretty happy with that.

在醫療保健領域，我們正開始走向離岸外包變異或成長放緩的尾聲。因此，我們對所看到的一切感到非常興奮。坦白說，正如我們在評論中所指出的，我們贏得的交易類型和我們贏得的解決方案正是我們一直追求的類型。它們的黏性更強，更複雜，而且其中很大一部分都使用了我們的技術。所以我們對此非常滿意。

That's great. And then kind of talking about your technology, definitely congrats on getting that market research recognition for the technology. Where are we in this journey now? It's been -- I think Concentrix has done a great job here in turning AI into a clear positive from an unknown over the last year, 1.5 years. I know you're rolling out some stand-alone software products.

那太棒了。然後談論您的技術，絕對祝賀您獲得該技術市場研究的認可。我們現在處於這個旅程的哪個階段？我認為 Concentrix 在過去一年半的時間裡在將人工智慧從未知領域轉變為明顯的積極領域方面做得非常出色。我知道您正在推出一些獨立的軟體產品。

It sounds like it's helping you gain share. Just -- maybe just kind of -- maybe just some more broad some more detailed commentary here on how AI is treating you right now in the market and what you make -- what we should expect here for the next years?

聽起來它正在幫助你獲得份額。只是——也許只是有點——也許只是一些更廣泛、更詳細的評論，關於人工智慧現在在市場上如何對待你以及你做了什麼——我們應該對未來幾年有什麼期待？

Yes, for sure, Joe. So I'll tackle the question in two parts. The first part is really our own technology. As we talked about sort of two years ago, not frankly, many clients were buying real AI. And so we developed a suite of products internally ourselves and starting to see some very strong benefits.

是的，當然，喬。所以我會分成兩個部分來回答這個問題。第一部分其實是我們自己的技術。正如我們兩年前談到的，坦白說，許多客戶都在購買真正的人工智慧。因此，我們自己開發了一套產品，並開始看到一些非常強大的優勢。

And then middle of last year, our clients started talking about wanting to deploy what we had basically been showing them internally working. And so that's where we started to commercialize the product and launched the first fully autonomous product late last year. And then the, I'll call it, human augmentation product, iX Hero at the beginning of Q2.

然後在去年年中，我們的客戶開始談論想要部署我們基本上向他們展示的內部工作。因此，我們開始將產品商業化，並在去年年底推出了第一款全自動產品。然後，我將在第二季初推出人類增強產品 iX Hero。

And what we've been super happy with is not only are we getting clients to think about how to use it internally and are adopting it at sort of a little ahead of where we expected them to adopt it. But also from the size of deployment, we're very happy that we're starting to see some scale. The one thing that we are seeing is the economic model is slightly different than what we expected. We're seeing clients willing to give us more work because of our platform, which we are obviously costing into that, and we're getting economic return from but it's not necessarily always turning into discrete billing.

我們非常高興的是，我們不僅讓客戶思考如何在內部使用它，而且採用它的速度比我們預期的要快一些。但從部署規模來看，我們很高興開始看到一定的規模。我們看到的是，經濟模式與我們預期的略有不同。我們看到客戶願意透過我們的平台給我們更多的工作，我們顯然將成本投入其中，並從中獲得了經濟回報，但這並不一定總是轉化為單獨計費。

We are also growing our discrete billing though when a client is deploying it across their enterprise, or wants to split how they're buying products and services from us. And so we're super, super happy with how that is going. As we talked about, our expectation is that we'll be accretive by the end of Q4. And as I also mentioned, we expect to be able to accelerate growth on those products without investing more at this rate because we built sort of and took the time to build it into a commercial product at the beginning of the year. So as painful as it was at the beginning of the year, we're starting to see the benefits of that investment and that time taken to build it that way.

當客戶在整個企業中部署離散計費，或希望分割從我們這裡購買產品和服務的方式時，我們也在增加離散計費。所以我們對事情的進展感到非常非常高興。正如我們所說的，我們預計到第四季末我們將實現增值。正如我所提到的，我們預計能夠加速這些產品的成長，而無需以這種速度投入更多資金，因為我們在年初就花了一些時間將其打造成為商業產品。因此，儘管年初的時候很痛苦，但我們開始看到這項投資和花費時間建造所帶來的好處。

The second part of the AI discussion is really about our third-party technology partners and our adjacent services. And the third technology partners are really coming to us because they've got this technology and they don't understand how to implement it in the last mile that drives value for clients. Many of them had failed POCs or where they can't get growth out of it, and they're coming to us to say, how do we actually implement this and use it and working with the clients to do that. So we're seeing good growth in those implementation services. We're seeing good growth in the pipeline, and we're also selling services around that from a delivery of services perspective.

人工智慧討論的第二部分實際上是關於我們的第三方技術合作夥伴和我們的相關服務。第三個技術合作夥伴之所以來找我們，是因為他們擁有這項技術，但他們不明白如何在最後一哩路實施這項技術，從而為客戶創造價值。他們中的許多人的 POC 都失敗了，或者無法從中獲得成長，他們來找我們問，我們如何真正實現和使用它，並與客戶合作來做到這一點。因此，我們看到這些實施服務正在取得良好的成長。我們看到管道中出現了良好的成長，我們也從服務交付的角度銷售相關服務。

And then from an adjacent services perspective, the growth in our data annotation, our analytics business, our implementations business, our consulting our managed services business and even our B2B business, where we're actually selling AI solutions on behalf of software vendors, as we talked about a quarter or two ago, is not getting to $1 billion and growing much faster than our core business. And so we're seeing all these positives from this AI as we talked about two years ago, despite a lot of people not necessarily believing us at that time, and we're excited to see where the momentum can take us.

然後從相鄰服務的角度來看，我們的數據註釋、分析業務、實施業務、諮詢託管服務業務甚至 B2B 業務的增長，我們實際上代表軟體供應商銷售人工智慧解決方案，正如我們一兩個季度前談到的那樣，並沒有達到 10 億美元，而且增長速度遠遠快於我們的核心業務。正如我們兩年前談到的，儘管當時很多人並不一定相信我們，但我們看到了人工智慧的所有積極方面，我們很高興看到這種勢頭能帶我們走向何方。

Robby Bamberger, Baird.

羅比·班伯格，貝爾德。

Can you maybe provide just a little bit more color on kind of what happened to margins in Q2 that caused you to be about 80 bps below last guide? And then how much of that was due to that pause from tariffs that you mentioned? And then also how much was due to impacts like FX or anything else that one-off this quarter?

您能否更詳細地說明第二季利潤率發生了什麼變化，導致利潤率比上次指引低了約 80 個基點？那麼其中有多少是由於您提到的關稅暫停造成的？那麼本季外匯或其他一次性影響的程度又有多少呢？

For sure, Bobby. No problem. So let me walk you through the quarter because it might provide a little better color. The first months of the quarter March was well in line with than what we expected, growing well, pipeline doing well. When the tariffs kicked in, I think, some of our clients, it was a small handset of -- a small subset of clients who are in the logistics industry and some who are manufacturing products, were quite surprised about how robust the tariffs were.

當然，鮑比。沒問題。因此，讓我帶您了解本季的情況，因為它可能會提供更好的色彩。本季前幾個月的表現與我們的預期相符，三月成長良好，管線運作良好。當關稅生效時，我認為，我們的一些客戶，一小部分從事物流行業的客戶和一些從事產品製造的客戶，對關稅的力度之大感到非常驚訝。

And so really, what they did was they paused and they said, look, we need a couple of weeks to kind of figure out what to do. We want to hold some of these projects to kind of figure out like -- are they going to be driving the returns that we expected? Do we need to reorganize our supply chain before we continue to ship, et cetera, et cetera, et cetera.

所以實際上，他們所做的就是停下來，然後說，看，我們需要幾週的時間來弄清楚該怎麼做。我們希望保留其中一些項目，以便弄清楚——它們是否會帶來我們預期的回報？我們是否需要在繼續發貨之前重新組織我們的供應鏈等等。

And with a few -- and again, this is less than a handful of clients who are relatively larger clients with us, we had a conversation where we said, look, we can downsize all this labor. We can pull all these projects in isolation. But our expectation is that tariffs will get sorted out that you'll be able to rebound pretty quickly. And that's going to delay you three or four months of support and cause you other problems. And so we worked out where we actually held the labor.

我們和一些——再說一次，這些客戶數量還不到一小撮，他們都是我們的大客戶，我們進行了一次談話，說，看，我們可以減少所有這些勞動力。我們可以將所有這些項目單獨地放在一起。但我們預計關稅問題將得到解決，經濟將能夠很快反彈。這將會延遲您三到四個月的支持並給您帶來其他問題。這樣我們就確定了實際的勞動力所在地。

We paused the projects that kept sort of the investment going from that perspective. And we started already in May, starting to see those margins coming back in line. And as we talked about in my prepared script, we'll see those margins come back in line through the first part of Q3. By the end of Q3, we expect to be up again year on year on margins.

從這個角度來看，我們暫停了那些可以繼續投資的項目。從五月開始，我們就看到利潤率開始回升。正如我們在我準備好的腳本中所討論的那樣，我們將看到這些利潤率在第三季的第一部分恢復正常。到第三季末，我們預計利潤率將比去年同期再次上升。

The benefit we got from that, which is really important for investors to understand is that the clients very much appreciated what we did. They didn't miss a beat in their supply chain. They've now started to ask us to take on more volume because some other partners pulled back, and we were able to capture that. And that's allowed us to kind of accelerate some of the investments that we talked about going in.

我們從中獲得的好處是，客戶非常欣賞我們所做的事情，這對投資者來說非常重要。他們的供應鏈沒有出現任何問題。他們現在開始要求我們承擔更多的交易量，因為其他一些合作夥伴退出了，而我們能夠抓住這一點。這使我們能夠加快我們談到的一些投資。

If you look at sort of the midpoint of our earnings guide, and Andre can chip in. But if you look at the midpoint of our earnings guide from a margin perspective, you can think of it as really the majority held labor, a small portion of it as being investments that we won in the quarter because of the held labor that people are going to move volume to us for. And then FX, Andre, do you want to comment on FX?

如果你看一下我們的收益指南的中間點，安德烈就可以參與其中。但是，如果從利潤率的角度來看我們的獲利指南的中點，您可以認為它實際上是大部分持有的勞動力，其中一小部分是我們在本季度贏得的投資，因為人們將把大量勞動力轉移給我們。然後是 FX，安德烈，你想對 FX 做出評論嗎？

Yeah, FX is certainly a mixed bag for us, Robbie, as you think about the top line, certainly, it was more of a tailwind than we expected. But when you net things out, it was a bit of a -- sorry, a headwind for us from a profitability perspective. And obviously, we benefited from the strength of the euro and the pound. But at the same time, the weakening of the USD versus the unhedged portion of our exposure to the Philippines peso, Indian rupee had an impact. But overall, is it was certainly smaller than the impacts that Chris has talked about.

是的，羅比，對我們來說，FX 無疑是好壞參半，就營收而言，它當然比我們預期的要順風。但當你把所有事情都考慮進去時，從盈利能力的角度來看，這對我們來說有點——抱歉，是一個阻力。顯然，我們受益於歐元和英鎊的強勢。但同時，美元兌菲律賓比索和印度盧比未對沖部分的走弱也產生了影響。但總體而言，它的影響肯定比克里斯談到的要小。

Yes. That's very helpful there. And then if we look in the back half, we can imply sort of mildly above 2% organic constant FX growth in H2 after about 1.5% in the first half. I guess what gives you confidence in the mild acceleration there? And then is it partly due to the April revenue volumes kind of being a little bit lower because of those clients essentially pausing spend due to the tariffs?

是的。這非常有幫助。然後，如果我們看下半年，我們可以推斷，在上半年有機恆定外匯增長率約為 1.5% 之後，下半年有機恆定外匯增長率將略高於 2%。我猜是什麼讓您對那裡的輕微加速充滿信心？那麼，這是否部分是由於 4 月的收入略有下降，因為那些客戶由於關稅基本上暫停了支出？

And then Q3 guide implies mildly above that 1% sequential that we've seen sort of the past three years. Is that due to the tariff impact?

然後，第三季的指引暗示，這一增幅略高於我們過去三年看到的 1% 的環比增幅。這是由於關稅的影響嗎？

Yes. I wouldn't read too much on the tariff impact. I'll let Andre kind of go through some of the other comments. But just to be very clear, we started seeing the volume coming back in our expectations by the end of May from the volume that was held off in April from the tariffs and that's layered in. If you think about how we've guided for the last two quarters, we've been quite conservative and coming over our guide.

是的。我不會過度關注關稅的影響。我會讓安德烈回顧一下其他一些評論。但要明確的是，我們開始看到，到 5 月底，交易量將從 4 月因關稅而受到抑制的交易量中恢復，並達到我們的預期。如果您考慮我們過去兩個季度的指導方針，您會發現我們一直非常保守，並且已經超出了我們的指導方針。

And I think that's still our philosophy from a revenue perspective. And so if you extrapolate that out, you can see that we came over the guide even with this pause. We would have probably come in even more over the guide with this pause and our expectation is that we're going to continue to well and accelerate through the back half of the year.

我認為從收入角度來看這仍然是我們的理念。因此，如果你推斷一下，你會發現即使有這個停頓，我們仍然遵循了指南。透過這次暫停，我們可能已經超出預期，我們預計今年下半年我們的業績將繼續保持良好勢頭並加速成長。

Yes. I think our confidence, Robbie, comes from the new business that we've signed so far this year that is ramping as well as the extra share that we think we've picked up because of the actions we took in the second quarter to gain even more traction with some clients. So very confident in our guide. As Chris has said, we've tried to be very conservative very much focused on coming in at the top end of the range for every period that we've given, which would imply a nice acceleration through the second half.

是的。羅比，我認為我們的信心來自於我們今年迄今為止簽署的新業務，這些業務正在不斷增長，以及我們認為我們已經獲得的額外份額，因為我們在第二季度採取了行動，以進一步吸引一些客戶。對我們的導遊非常有信心。正如克里斯所說，我們試圖保持非常保守的態度，非常專注於在給定的每個時期都達到最高水平，這意味著下半年會有一個良好的加速。

Ruplu Bhattacharya, Bank of America.

美國銀行的 Ruplu Bhattacharya。

Chris, how should we think about the revenue contribution from iX Hello and Hero AI offerings this year and beyond? And since it looks like operating margin guide for the full year is now lower by 40 bps on to 13.4% at the midpoint, are you planning to moderate your spending on.

克里斯，我們該如何看待今年及以後 iX Hello 和 Hero AI 產品的營收貢獻？而且由於看起來全年營業利潤率指南現在下降了 40 個基點至中間點的 13.4%，您是否計劃減少支出？

Yeah. So a couple of things. First, from a common perspective, as we mentioned, we're spending about $50 million incrementally $100 million total on internal tools, but $50 million specifically to our iX suite. And when you look at that, we've talked about in Q4, our expectation is that will be accretive, and we're on plan to do that from an economic value perspective. And we've also said that we can hold our spending as is and continue to accelerate revenue on that.

是的。有幾件事。首先，從普遍的角度來看，正如我們所提到的，我們在內部工具上的支出約為 5000 萬美元，總計 1 億美元，但其中 5000 萬美元專門用於我們的 iX 套件。當您看到這一點時，我們已經在第四季度討論過，我們期望它會帶來增值，並且我們計劃從經濟價值的角度來做到這一點。我們也表示，我們可以維持目前的支出，並繼續增加收入。

And so honestly, our expectation is that we'll continue going into the next year, not guiding for the next year that we'll see continued margin expansion capabilities with it and also tying into growth by client bundling services and technology with us going into the new year.

所以說實話，我們的預期是，我們將繼續進入明年，而不是為明年做預測，我們將看到利潤率繼續擴大，並且透過客戶捆綁服務和技術與我們在新的一年中實現成長。

So from our perspective, we're very happy where we're positioning. We're very happy with the comfortable of spend. We don't need to increase our spend to continue to see the benefit and are using sort of generative AI tools internally ourselves to drive better value from our development team. So that is all going very, very, very well. We would not, Ruplu, be investing in these suite of products to get a business that just covers our development costs.

因此從我們的角度來看，我們對自己的定位非常滿意。我們對消費的舒適度感到非常滿意。我們不需要增加支出就能繼續看到收益，而我們自己內部正在使用某種生成式人工智慧工具來為我們的開發團隊帶來更好的價值。一切都進展得非常非常順利。Ruplu，我們不會投資這些產品套件來獲得僅能涵蓋我們開發成本的業務。

We see this as a very strategic initiative. We see this as a very differentiated initiative. Our clients are seeing it that way as well. We're getting some great recognition from a number of different analysts around our AI technology and what we're able to do with it. And so over the coming years, we continue to see it as a benefit by taking the strategy.

我們認為這是一項非常具有策略意義的舉措。我們認為這是一項非常與眾不同的舉措。我們的客戶也這麼認為。許多不同的分析師對我們的人工智慧技術以及我們能夠利用它做什麼給予了高度認可。因此，在未來幾年裡，我們將繼續認為採取這項策略將帶來好處。

Okay. Andre, I'd like to follow up a little bit more on operating margins. I mean, like fiscal 2Q operating margins were 80 bps lower than the midpoint of your guidance, but revenue was higher than guidance. So when we look at the guide, it's 50 bps higher sequentially to 13.1%, but just on $40 million higher revenue sequentially at the midpoint. So I think that implies like a sequential incremental margin or something like 46%, which is just the change in operating income over the change in revenue.

好的。安德烈，我想進一步了解營業利益率。我的意思是，第二財季的營業利潤率比預期中點低 80 個基點，但收入高於預期。因此，當我們查看指南時，它比上一季高出 50 個基點，達到 13.1%，但中間值的收入比上一季高出 4000 萬美元。所以我認為這意味著連續的增量利潤率或 46% 左右，也就是營業收入的變化與收入的變化之比。

So I'd like to ask you, like what gives you the confidence that you're going to get that level of margin improvement on just $40 million higher revenue sequentially. And you said margins are trending better now. What are the operating margins trending at in -- currently in the quarter?

所以我想問您，是什麼讓您有信心在收入環比僅增加 4000 萬美元的情況下實現如此高的利潤率提升？您說利潤率現在呈現上升趨勢。本季目前的營業利潤率趨勢如何？

Yes. So again, I'll start Ruplu, by reminding you, we're very focused on the higher end of our revenue guide. And so therefore, the incremental revenue we're trying to drive in Q3 is certainly higher than the $40 million at the midpoint. We should see -- we've always talked about incremental revenue driving roughly 20% to 25% of flow through. So you can do the math and see what that would give us.

是的。因此，我再次提醒您，Ruplu 的啟動，我們非常關注收入指南的高端。因此，我們試圖在第三季實現的增量收入肯定高於中間值的 4,000 萬美元。我們應該看到——我們一直在談論增量收入推動大約 20% 到 25% 的流量。所以你可以算一下，看看這會帶給我們什麼。

We expect the impact from the tariff pause to start to mostly get leaned away completely as we go through this quarter. So most of that benefit most of that hurt being onetime. So that will drive improvement as we move into Q3. And then just other underlying improvements in our operations as we scale programs -- and lastly, moving to a positive -- a more positive position getting towards accretion in the AI investment. All those things are kind of baked into the stepping stones to the midpoint of our guide.

我們預計，隨著本季的到來，關稅暫停的影響將開始基本上完全消失。因此，大部分好處和大部分的傷害都是一次性。因此，當我們進入第三季時，這將推動改進。隨著我們擴大專案規模，我們的營運也得到了其他潛在的改進——最後，我們朝著積極的方向發展——在人工智慧投資方面取得更積極的進展。所有這些內容都已融入我們指南中點的墊腳石中。

Okay. Chris, if I can ask you one more real quick. I mean just looking at the general operating environment, can you talk about how sales cycles are trending? And you said that some customers are trying to move their services offshore -- what was the impact to revenues and margins? And can you also talk about the catalyst business?

好的。克里斯，如果我可以再問你一個問題的話。我的意思是，僅從整體營運環境來看，您能談談銷售週期的趨勢嗎？您說有些客戶正試圖將他們的服務轉移到海外—這對收入和利潤有什麼影響？您能談談催化劑業務嗎？

How should we think about revenue growth there? So if you can just give us these details about the operating environment.

我們該如何看待那裡的收入成長？因此，如果您能向我們提供有關操作環境的詳細資訊。

Yes, for sure. So I'll tell you, transformation deals that obviously, we're winning and having our pipeline ends to take longer, but they're not elongated and they're not shrinking. They tend to go through a lot more sign-offs just because of the type of investment that's required. But we're quite happy with what we're seeing in our pipeline. We're quite happy with our win rate within those.

是的，當然。所以我要告訴你，轉型交易顯然我們正在獲勝，我們的管道末端需要更長的時間，但它們並沒有拉長，也沒有縮短。由於所需的投資類型，他們往往會經歷更多的簽署程序。但我們對管道中看到的情況感到非常滿意。我們對我們的勝率感到非常滿意。

In the traditional operating environment, where we can drive savings for clients and show them what we can do with them with our own technology with third-party technologies those continue to move at a reasonable pace. We're talking a quarter to two quarters to go from start to close of a deal. And then again, probably two quarters before it gets to revenue and starts to contribute to our organization, which historically has been the case for a long, long time.

在傳統的營運環境中，我們可以為客戶節省開支，並向他們展示我們可以利用自己的技術和第三方技術為他們做些什麼，這些技術將繼續以合理的速度發展。我們談論的是交易從開始到結束需要一到兩個季度的時間。然後，可能還需要兩個季度的時間才能產生收入並開始為我們的組織做出貢獻，從歷史上看，這種情況已經持續了很長一段時間了。

What clients are looking for is something different. They're looking for something unique. They're looking for something that works. They're looking for something that's pragmatic. And I think we fit very well in that space.

客戶所尋找的是不同的東西。他們正在尋找一些獨特的東西。他們正在尋找一些有效的東西。他們正在尋找一些實用的東西。我認為我們非常適合這個領域。

And clients are also looking for a service provider that can bring them the technology, the integration, the managed services and the delivery of what they need to do. And that's sort of a unique position that we see ourselves in and where we are winning very, very, very nicely. And so we're quite happy with the operating environment.

客戶也在尋找能夠為他們提供技術、整合、託管服務和所需交付的服務提供者。這是我們認為自己處於的獨特地位，而且我們贏得非常非常好。因此我們對營運環境非常滿意。

Because we're succeeding in that space, obviously, our catalyst business is a key part of that. Now our catalyst revenue is growing in line with our business, but it's enabling more growth within the business that we don't necessarily count under the catalyst label. That sometimes sits in other parts of our P&L for lack of a better term. But you should see this going forward more and more as an integrated offering as we execute.

因為我們在該領域取得了成功，所以顯然我們的催化劑業務是其中的關鍵部分。現在，我們的催化劑收入與我們的業務同步成長，但它也推動了業務的進一步成長，而這些成長並不一定被算在催化劑的標籤下。由於缺乏更好的術語，它有時會出現在我們的損益表的其他部分。但隨著我們的實施，您應該會看到它越來越多地作為一項綜合產品向前發展。

And then in terms of pricing, from a transformational perspective, from a complexity perspective, that pricing is, as we talked about accretive, it's healthy -- I mean, it's always competitive. Things that are very commodity based, which obviously we're walking away from that type of work is very, very, very price sensitive right now. And that's why we just don't pursue it. If we can't automate it, we're deinvesting in that space.

然後就定價而言，從轉型角度和複雜性角度來看，定價是增值的，是健康的——我的意思是，它始終具有競爭力。那些以商品為基礎的東西，顯然我們現在正在放棄這種類型的工作，因為這種工作對價格非常非常敏感。這就是我們不去追求它的原因。如果我們無法實現自動化，我們就會減少對該領域的投資。

From an onshore to offshore perspective, Ruplu, it's about a 2% headwind that we see from a growth perspective, 1.5% to 2%, depending on the quarter of work moving from a high-cost country to an offshore country. And we tend to duplicate costs for about 1 quarter, 1.5 quarters to possibly sometimes 2 quarters depending on the complexity of the program, before we see margins go up, even though revenue kind of drops right out of the gate as we move the stuff of offshore. But that will continue to become less and less of a burden as you go through because as we've mentioned for the last year or two, the primary new wins are coming in nearshore and offshore, they're not coming on onshore for the most part. So that tends to fade down.

從陸上到海上的角度來看，Ruplu，從成長角度來看，我們看到大約 2% 的逆風，即 1.5% 到 2%，具體取決於從高成本國家轉移到海上國家的四分之一工作。我們傾向於將成本重複約 1 個季度、1.5 個季度，有時甚至是 2 個季度，具體取決於專案的複雜程度，然後我們才會看到利潤率上升，儘管隨著我們將業務轉移到海外，收入會立即下降。但隨著時間的推移，這種負擔會越來越小，因為正如我們在過去一兩年裡提到的那樣，主要的新勝利都來自近岸和海上，而大部分不是來自陸上。所以這種情況會逐漸消失。

And then the last thing that we've talked about is that from a complexity of product perspective, we have about 7%. It's actually a little less now. But 7% of our revenue is commoditized. And we are -- our expectation would be up to 5% by the end of the year. So it's about a 2% headwind.

我們最後談到的是，從產品複雜性的角度來看，我們的佔比大約是 7%。現在實際上已經少了一些。但我們7%的收入是商品化的。我們預計到今年年底這一比例將達到 5%。因此逆風率約為 2%。

And we're on pace to do that. So you would like to think about us halfway through the year being halfway through that move. You've got that headwind, which we don't expect to repeat next year, which gives us further cause for why we see acceleration in our business as we go in and again, not guiding for next year, but going into next year.

我們正在按計劃實現這一目標。因此，您可能會認為，我們已經完成了今年中期的行動。我們面臨著逆風，我們預計明年不會再出現這種情況，這進一步解釋了為什麼我們的業務在進入新一年時會加速發展，這不是對明年的指引，而是對明年的展望。

Sorry, Ruplu, I know that was a very long-winded answer, but hopefully, that covered all your points.

抱歉，Ruplu，我知道這是一個非常冗長的回答，但希望它涵蓋了你的所有觀點。

Vincent Colicchio, Barrington Research.

文森‧科利奇奧（Vincent Colicchio），巴林頓研究公司。

Yes, Chris, it's nice to see additional consolidation benefits for the company. Can you give us some color on how these came about? Why you are benefiting from this trend? And if we have legs here into the second half of the additional consolidation.

是的，克里斯，很高興看到公司獲得額外的整合效益。您能為我們講講這些是怎麼發生的嗎？為什麼您會從這一趨勢中受益？如果我們能夠進入下半年的進一步整合。

Yes. So let me start with the last part of your question first. Yes, we have legs into the next part of the back half of the year and frankly beyond because we do see this trend of clients as a whole wanting fewer partners and they want partners with broader services so that they can obviously boil it down to fewer partners.

是的。那麼讓我先從你問題的最後一部分開始。是的，我們將在下半年甚至更長時間內保持領先，因為我們確實看到了這樣的趨勢：客戶整體上希望合作夥伴減少，並且希望合作夥伴能夠提供更廣泛的服務，這樣他們顯然可以將其歸結為減少合作夥伴的數量。

Really around consolidation comes to three things. The first thing is being top of the stack rank, operational excellence. And we perform and are always focused on trying to be number one for our clients and where we are number one for our clients we tend to win from a consolidation perspective. The second thing that's super important to clients is technology to help them automate and improve their delivery. And with our own iX suite of products as well as with third-party products we tend to do very well from that perspective as well.

圍繞整合，實際上涉及三件事。第一件事是成為頂級的，卓越營運。我們始終致力於成為客戶的第一，而當我們成為客戶的第一時，我們往往會從整合的角度贏得勝利。對於客戶來說，第二件非常重要的事情是幫助他們實現自動化和改進交付的技術。從這個角度來看，我們自己的 iX 產品套件以及第三方產品也往往做得很好。

And then the third thing that's important from a consolidation perspective is scale. Scale not only on a footprint perspective but also on a capabilities perspective. And so if you think about a client dealing with three or four partners, one partner for analytics, one partner for some tech, one partner for a CX, one partner for back office and yet they can come to Concentrix and we can say, look, we can do all this for you. We can help you with your platforms. We can run it. We're very flexible from a commercial perspective.

從整合的角度來看，第三件重要的事情就是規模。不僅從足跡角度進行擴展，而且從能力角度進行擴展。因此，如果您考慮一個客戶與三四個合作夥伴打交道，一個合作夥伴負責分析，一個合作夥伴負責某些技術，一個合作夥伴負責 CX，一個合作夥伴負責後台辦公室，但他們可以來到 Concentrix，我們可以說，看，我們可以為您做到這一切。我們可以幫助您建立平台。我們可以運行它。從商業角度來看，我們非常靈活。

That really resonates with these clients. And that's where we tend to do very, very well. And across those three pillars, we continue to see lots of ability to execute going over the back half of the year and into 2026.

這確實引起了這些客戶的共鳴。而這正是我們往往做得非常非常好的地方。在這三大支柱中，我們將繼續看到下半年甚至 2026 年的巨大執行能力。

And could you give us some color on managed services? Does that continue to grow and sort of what level are you at in terms of managed services as a percent of the business?

能為我們介紹一下託管服務嗎？這個數字會繼續成長嗎？就託管服務佔業務的百分比而言，您處於什麼水平？

Yeah. So we do see managed services growing. And we really see -- actually, AI is one of the big areas that we see managed services continue to grow much faster than historically what we've done in managed services because with AI, it's not plugging it and it's done. It requires a lot of maintenance to continue to drive the efficiency that AI can do. So we see that growing.

是的。因此我們確實看到託管服務正在成長。我們確實看到——實際上，人工智慧是我們看到託管服務繼續以比歷史上更快的速度成長的一大領域，因為有了人工智慧，它就不會堵塞它，它已經完成了。要持續提高人工智慧的效率，需要大量的維護。因此我們看到這種趨勢正在成長。

Right now, the managed services business in our overall business is not massive. It's a portion of our catalyst business. And if you think of our catalyst business is being 8% of revenue, it's smaller, but it is one of the areas that is growing faster than our overall business. And we see that continuing to grow based on the demands of what AI drives for managed services.

目前，託管服務業務在我們的整體業務中規模還不是很大。這是我們催化劑業務的一部分。如果你考慮到我們的催化劑業務佔收入的 8%，這個比例雖然較小，但它是成長速度比我們整體業務更快的領域之一。我們看到，隨著人工智慧對託管服務的需求不斷增長。

(Operator Instructions) Divya Goyal, Scotiabank.

（操作員指示） Divya Goyal，豐業銀行。

So thanks a lot for all the color that you provided here in profitability. Andre and Chris, I wanted to get a little bit more color in terms of the elasticity of your head count as the revenue potentially continues to grow from an automation standpoint and an offshoring standpoint? And obviously, what happened this quarter where you ended up holding on to a lot of labor and staff despite slight weakness. So help us understand how do you potentially see it trending with increasing automation and AI getting more prominent across the revenues?

非常感謝您為盈利能力提供的所有幫助。安德烈和克里斯，我想進一步了解你們的員工人數彈性，因為從自動化和離岸外包的角度來看，收入可能會繼續成長？顯然，本季的情況是這樣的，儘管略有疲軟，但你最終還是保留了大量勞動力和員工。那麼，請幫助我們了解，隨著自動化程度的提高和人工智慧在收入中變得越來越突出，您如何看待它的趨勢？

For sure, Divya. I appreciate that. The first thing that you should appreciate, and I think you know, because you know the industry well, is that we can lower our cost pretty quickly from a head count perspective if we need to. And we took a conscious decision in April to keep it based on not only the client relationships and where we saw it as a competitive advantage. But if we had not seen that, we could have exited the labor very, very, very quickly and kind of had a different result. But net-net, economically, we think it was better with what we did.

當然，Divya。我很感激。您應該欣賞的第一件事是，而且我認為您知道，因為您非常了解這個行業，如果需要，我們可以從員工人數的角度很快降低成本。我們在四月做出了一個明智的決定，不僅基於客戶關係，而且基於我們認為的競爭優勢，保留它。但如果我們沒有看到這一點，我們可能會非常非常快地結束分娩，並得到不同的結果。但從總體經濟角度來看，我們認為我們的做法更好。

From an elasticity perspective of labor, I'm hesitant to give too much details because I see people coming out with these things in like 40% of our work is done by AI, 90% of our work is done by AI, but they're not decreasing their head count, which is a little dubious. What we find is that our efficiencies, depending on the role and job that is done is anywhere from about 5% to 40%. And I know that's quite a large range but it depends where we're putting it in. It depends on the task that we're doing it in, and it depends on the skill set of the individual.

從勞動力彈性的角度來看，我不願意透露太多細節，因為我看到人們提出這樣的事情，例如我們 40% 的工作是由人工智慧完成的，我們 90% 的工作是由人工智慧完成的，但他們並沒有減少員工數量，這有點令人懷疑。我們發現，我們的效率根據所扮演的角色和所做的工作而定，大約在 5% 到 40% 之間。我知道這個範圍很大，但這取決於我們把它放在哪裡。這取決於我們執行的任務，也取決於個人的技能。

We are seeing some of that elasticity now. We are using some of that for competitive advantage on getting volume from others because we can be more competitive in the space while still maintaining and growing our margins. We also see that as where we are helping our clients be more cost efficient and therefore, they're buying our technology to do that. But long term, we do see our ability to continue to grow our revenue without growing our headcount. And if you look at our head count numbers for the most part, through the course of the year, they haven't really materially changed yet we've grown our revenue.

我們現在看到了一些這種彈性。我們正在利用其中的一些優勢來從其他公司獲得銷量，因為我們可以在該領域更具競爭力，同時仍然保持和增加我們的利潤率。我們也認為，我們正在幫助客戶提高成本效益，因此他們購買我們的技術來實現這一點。但從長遠來看，我們確實看到我們有能力在不增加員工人數的情況下繼續增加收入。如果你看一下我們一年來的大部分員工人數，你會發現他們並沒有實質的變化，但我們的收入卻增加了。

That's very helpful. But as of now, given the potential increase in automation and AI you don't see a decline in headcount. Like I'm just wondering from a global employment loss standpoint, like that's where my head's at. And I'm thinking about how can we best preempt that situation?

這非常有幫助。但截至目前，考慮到自動化和人工智慧的潛在成長，員工數量不會減少。就像我只是從全球就業損失的角度思考一樣，這就是我的想法。我在思考我們如何才能最好地預防這種情況？

Yes. So Divya, our goal is frankly to keep our head count flat as we grow revenue and maybe possibly decline head count depending on our growth of revenue. And clearly, we're going to take advantages as much automation as we can. I think from our perspective, what we look is kind of our margin profile of our business is accretive to the complexity of the work that we're dealing with. There is some automation, more will come.

是的。所以 Divya，坦白說，我們的目標是隨著收入的增長保持員工人數不變，並且可能根據收入的增長減少員工人數。顯然，我們將盡可能地利用自動化。我認為從我們的角度來看，我們業務的利潤狀況會隨著我們處理的工作的複雜性而增加。已經有一些自動化，還會有更多。

And as that comes in, we will take the appropriate action. But right now, we do not see a massive decrease. And in fact, if you look at some of the analyst studies like I think Gartner has come out with it and McKinsey just came out with a report recently, and there was an FT column on it, they all expected employment and outsourcing will actually increase over the next three years. So it's an interesting phenomenon and goes in the face of some of the what the pure tech companies are saying because they might not necessarily understand the dynamics of how to deliver services around their tech.

一旦情況得到解決，我們將採取適當的行動。但目前，我們並沒有看到大幅下降。事實上，如果你看一些分析師的研究報告，例如 Gartner 發布的一份報告，麥肯錫最近也發布了一份報告，英國《金融時報》也對此進行了專欄報道，他們都預計未來三年就業和外包實際上會增加。這是一個有趣的現象，與一些純科技公司的說法相悖，因為他們可能不一定了解如何圍繞他們的技術提供服務的動態。

That's very helpful. I'll just ask one last question here. You briefly spoke about the shift in pricing dynamics out there. Could you talk to us a little bit more about how exactly are you seeing your pricing strategy evolves, again, with increasing automation, increasing AI, increasing offshoring, are you seeing a shift from time and material to more outcomes-based pricing and plus with your iX Hello ike solutions, right? Talk to us a little bit about your pricing strategy and how are you broadly competing with the increasing consolidation in mind as well, and that will be all for me.

這非常有幫助。我在這裡只想問最後一個問題。您簡要地談到了定價動態的變化。您能否再多跟我們談談您看到您的定價策略如何演變，再次，隨著自動化程度的提高、人工智慧的提高、離岸外包的增加，您是否看到從時間和材料到基於結果的定價的轉變，再加上您的 iX Hello ike 解決方案，對嗎？請與我們簡單談談您的定價策略，以及在日益激烈的整合情況下，您如何進行廣泛的競爭，我就講這麼多。

No problem, Divya. So first off, we're not seeing -- when you look at the size of our business we have, we're not seeing a material change. We are seeing more interest in outcomes-based pricing. We're seeing more interest in sort of the transformational deals that we're doing that will lower cost, but it still tends to come to a transactional unit times by a revenue unit and there you get the revenue. And we do expect that will continue to slowly change, but we've said that for the last 10 years, and it hasn't necessarily moved that much. So it might be another 10 years, we're still discussing it for the most part.

沒問題，Divya。首先，當你看看我們的業務規模時，我們沒有看到實質的變化。我們看到人們對基於結果的定價越來越感興趣。我們看到人們對我們正在進行的能夠降低成本的轉型交易越來越感興趣，但它仍然傾向於以交易單位乘以收入單位來獲得收入。我們確實預計這種情況會繼續緩慢改變，但我們在過去 10 年裡已經說過了，情況並不一定會發生那麼大的變化。所以可能還需要 10 年，我們大部分時間仍在討論這個問題。

I think from our perspective, what we are focused on is growing net new streams of revenue, such as our iX product suite. And so while I mentioned, we do have some of it bundled into our services, we also have discrete revenue, and that's very much like software SaaS revenue, and our goal is certainly very much to grow that as a discrete revenue line. We also have a managed services contracts that I think Vince brought up where actually are billing for a set fee for the whole year, and we manage the equipment and services that we're doing. And so that's a bit of a different revenue flow.

我認為從我們的角度來看，我們關注的是增加新的淨收入來源，例如我們的 iX 產品套件。正如我所提到的，我們確實將其中一些捆綁到我們的服務中，我們也有離散收入，這非常像軟體 SaaS 收入，我們的目標當然是將其發展為離散收入線。我們還有一份託管服務合同，我認為文斯提到過，實際上是按全年固定費用計費，我們管理我們正在做的設備和服務。所以這是一個有點不同的收入流。

But all these different revenue flows are well under half of our revenue. And just to set expectations, the margin profile is great. We definitely want to grow it, but we don't see it getting over half our revenue for the foreseeable future by any stretch of the imagination.

但所有這些不同的收入流都遠低於我們收入的一半。只是為了設定預期，利潤率狀況非常好。我們確實希望它能夠發展，但無論如何，我們都不認為它在可預見的未來能夠貢獻我們一半以上的收入。

Thank you. There are no more questions in the queue. And at this time, this does conclude the conference call for today. You may all disconnect, and have a great evening.

謝謝。隊列中沒有其他問題。至此，今天的電話會議就結束了。大家可以斷開連接，度過一個愉快的夜晚。