Concentrix Corp (CNXC) 2025 Q4 法說會逐字稿

Hello everyone. Thank you for joining us and welcome to the Concentrix's fourth quarter and fiscal year 2025 financial results conference call. After today's prepared remarks, we will host a question-and-answer session. (Operator Instruction) I will now hand the conference over to Sara Budda, Vice President of Investor Relations. Please go ahead.

大家好。感謝您參加 Concentrix 2025 財年第四季及全年財務業績電話會議。在今天的演講結束後，我們將進行問答環節。（操作員指示）現在我將把會議交給投資者關係副總裁薩拉·布達。請繼續。

Great, thank you, operator, and good morning, everyone. Welcome to the Concentrix forth quarter and fiscal 2025 earnings call. This call is the property of Concentrix and may not be recorded or rebroadcast without the written permission of Concentrix.

太好了，謝謝接線員，大家早安。歡迎參加 Concentrix 第四季及 2025 財年業績電話會議。此通話內容屬於 Concentrix 所有，未經 Concentrix 書面許可，不得錄音或轉播。

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

本次電話會議包含有關我們未來預期績效的前瞻性陳述，這些陳述本質上涉及不確定事項。這些不確定因素可能導致我們未來的實際業績與我們在前瞻性聲明中表達的業績有重大差異。我們不承諾因新資訊或未來預期、事件或發展而更新我們的前瞻性聲明。

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

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，請參閱我們今天發布的收益報告以及我們最近向美國聯邦通信委員會提交的文件。這包括我們在 10-K 表格年度報告和我們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 margin, non-GAAP net income, non-GAAP EPS, and constant currency revenue growth. A reconciliation of these non-GAAP measures is available in the news release and on the company's investor relations website under financials.

此外，在電話會議期間，我們將討論非GAAP財務指標，包括調整後的自由現金流量、非GAAP營業收入、非GAAP營業利潤率、調整後的EBITDA利潤率、非GAAP淨收入、非GAAP每股收益和固定匯率收入成長。這些非GAAP指標的調節表可在新聞稿和公司投資者關係網站的財務報表欄位中找到。

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. And then we will open up the call for your questions. Now I'll turn the call over to Chris. Thank you.

今天和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，以及我們的財務長安德烈·瓦倫丁。Chris 將概述我們的營運表現和成長策略，Andre 將介紹我們的財務表現和業務展望。接下來我們將開放提問環節。現在我把電話交給克里斯。謝謝。

Thank you, Sara. Hello everyone, and thank you for joining us today for our forth quarter and fiscal year 2025 earnings call. I'm going to start off with an overview of 2025 and provide some thoughts on the year ahead before I hand it over to Andre, who will discuss details of our financial results and outlook for 2026.

謝謝你，薩拉。大家好，感謝各位今天參加我們2025財年第四季及全年業績電話會議。我將首先概述 2025 年的情況，並對未來一年提出一些想法，然後再將發言權交給 Andre，他將討論我們 2026 年的財務表現和展望的細節。

For the past few years, we've been clear about evolving our business to deliver more solutions that involve technology. We have made investments in building our capabilities while strengthening our deep domain expertise in line with this. This early start embracing technology solutions has helped us capitalize on the introduction of AI by helping clients navigate the path to success with these new advances. We see a vast opportunity in front of us today to redefine our industry and add incremental value to clients.

過去幾年，我們一直明確要發展業務，提供更多涉及科技的解決方案。我們已投入資金來提升自身能力，同時加強我們深厚的專業知識，以符合這一目標。我們很早就開始採用技術解決方案，這幫助我們充分利用了人工智慧的引入，幫助客戶利用這些新技術走向成功。我們看到，今天我們面前有一個巨大的機遇，可以重新定義我們的行業，並為客戶增加價值。

At the start of 2025, we started executing on an internal plan to capture more of this opportunity and accelerate our evolution to a high-value intelligent transformation partner to execute. We aligned our team around four key sets of actions.

2025 年初，我們開始執行一項內部計劃，以抓住更多這樣的機會，並加速我們向高價值智慧轉型合作夥伴的轉型。我們圍繞著四項關鍵行動制定了團隊計劃。

First, focus on complex work and high-value services to become our client's preferred number one partner while deepening our relationship with them. Second, grow share of wallet by utilizing our extended offerings as clients consolidate the use of CX, BPO, and ITS vendors into fewer partners. Third, leverage our own IP investments and platforms to differentiate ourselves from competitors. Fourth, and finally, drive incremental efficiencies so we can save to invest in these new areas of growth and opportunity.

首先，專注於複雜工作和高價值服務，力求成為客戶首選的第一個合作夥伴，同時加深與客戶的關係。其次，隨著客戶將 CX、BPO 和 ITS 供應商整合到更少的合作夥伴中，我們可以利用我們擴展的產品和服務來增加錢包份額。第三，利用我們自己的智慧財產權投資和平台，使我們與競爭對手區分開來。第四，也是最後一點，要逐步提高效率，以便節省資金，投資這些新的成長和機會領域。

Reflecting on 2025, I'm pleased with the progress we have made along these four areas. First, high complexity work. This year, we were successful in reducing our non-complex work from 7% to 5% of our revenue. What we are most happy about is we did the majority of this by putting in our own technology to automate work. We also worked with clients to optimize their cost structure by resolutioning existing work to take advantage of technology and our global footprint.

展望2025年，我對我們在這四個領域的進展感到滿意。首先，高複雜度工作。今年，我們成功地將非複雜業務的收入佔比從 7% 降低到 5%。最令我們欣慰的是，我們大部分的工作都是透過引進我們自己的技術來實現自動化。我們也與客戶合作，透過解決現有工作問題來優化他們的成本結構，從而利用技術和我們的全球佈局。

In fact, in 2025, we invested $95 million in new capabilities, capacity, facilities, security, and footprint. This helped move 4% of our onshore business to offshore centers. This migration does result in some margin compression as we incur additional and duplicate costs for a period of time. However, by doing so, we captured share, drove new solution sales, attracted new talent, and strengthened our position with our client base while providing a foundation for further growth into 2026.

事實上，到 2025 年，我們投資了 9,500 萬美元用於新的能力、產能、設施、安全和佈局。這有助於將我們 4% 的境內業務轉移到境外中心。此次遷移確實會導致利潤率下降，因為我們在一段時間內會產生額外的重複成本。然而，透過這樣做，我們獲得了市場份額，推動了新解決方案的銷售，吸引了新人才，並鞏固了我們在客戶群中的地位，同時為 2026 年的進一步成長奠定了基礎。

Second, wallet share. Striving to be number one in execution with our clients has allowed us to grow our share of wallet by selling them additional solutions. To capitalize on these opportunities, we invested in retooling our go to market capabilities significantly through the year. We have retained -- we have retrained our entire sales and account management team, upgraded 25% of this team with enterprise sellers, invested in SMEs supporting technology solutions, and developed a clear vertical offerings while building out our partner organization for a little over $25 million of incremental spend.

其次，錢包共享。我們力求在執行方面做到客戶第一，這使我們能夠透過向客戶銷售更多解決方案來增加我們的市場份額。為了把握這些機遇，我們全年投入巨資，大幅提升了我們的市場拓展能力。我們保留了原有的銷售和客戶管理團隊，並對其進行了再培訓，將其中 25% 的團隊升級為企業銷售人員，投資於支援技術解決方案的中小企業，並開發了清晰的垂直行業產品，同時以略高於 2500 萬美元的增量支出擴建了我們的合作夥伴組織。

These results are now showing strong promise. A few data points, a 6% increase in the annual contract value of deals in the pipeline as we exited this year, and 9% increase in new wins year on year, a 14% increase in transformational deal values this year, a 23% increase in cross-sell upsell deals this year, and a 37% increase in values for our new service areas this year.

目前這些結果顯示出了良好的前景。一些數據點表明，截至今年年底，在研交易的年度合約價值增長了 6%，新成交量同比增長了 9%，轉型交易價值增長了 14%，交叉銷售和追加銷售交易增長了 23%，新服務區域的價值增長了 37%。

These data points help illustrate the business mix evolving more to technology-enabled, specialist, and adjacent services. We are now being recognized in enterprise circles as being a trusted end to end solutions partner. This has also helped drive our consolidation wins to record highs this year. Within our existing base, 98% of our top 50 clients now rely on Concentrix for more than one solution. Going into 2026, we believe we've got a foundation to gain market and wallet share with the right clients doing the right business.

這些數據點有助於說明業務組合正朝著技術驅動型、專業化和相關服務的方向發展。現在，我們在企業界已被公認為值得信賴的端到端解決方案合作夥伴。這也幫助我們今年的併購交易額創下歷史新高。在我們現有的客戶群中，前 50 名客戶中有 98% 現在依賴 Concentrix 提供不只一種解決方案。展望 2026 年，我們相信我們已經具備了與合適的客戶一起開展合適的業務，從而獲得市場份額和錢包份額的基礎。

Third, leveraging our own IP 2025 was also a pivotal year as we launched iX Suite, our AI platform. This was an incremental investment of over $25 million in the fiscal year to develop, productize, and commercialize our product.

第三，利用我們自己的智慧財產權 2025 年也是關鍵的一年，因為我們推出了我們的人工智慧平台 iX Suite。本財年新增投資超過 2,500 萬美元，用於開發、產品化和商業化我們的產品。

While the AI market is crowded and competitive, we have been very happy with our progress in differentiating and gaining adoption of our tech. Particularly with our iX Hero solution that augments and supercharges human advisors. We exited 2025 with over $60 million in annualized AI revenue of just our AI platform, reaching break-even as we committed to at the start of the year.

儘管人工智慧市場擁擠且競爭激烈，但我們對我們在技術差異化和推廣應用方面的進展感到非常滿意。尤其是我們的 iX Hero 解決方案，它可以增強和強化人工顧問的能力。到 2025 年底，我們光是人工智慧平台的年化人工智慧收入就超過了 6,000 萬美元，實現了年初承諾的收支平衡。

This is in addition to us selling third-party AI solutions and helping clients deploy their own AI investments. Now more than 40% of our new business includes some form of our own technology as part of the solution. This attach rate is well ahead of our expectations. Most importantly, our clients are realizing tangible results and impressive feat amid a marked backdrop of AI noise and failed promises.

除了銷售第三方人工智慧解決方案和幫助客戶部署自己的人工智慧投資之外，我們還提供其他服務。現在，我們超過 40% 的新業務都包含某種形式的我們自己的技術作為解決方案的一部分。這個附加率遠遠超出了我們的預期。最重要的是，在人工智慧噪音和承諾落空的背景下，我們的客戶正在獲得切實可見的成果和令人矚目的成就。

Fourth and finally, to drive efficiencies in our business. As I've laid out, we have been busy accelerating our evolution that has brought forward some costs, to offset as much of these costs as possible, we've been very disciplined in driving efficiencies in our own business, so we can invest in the areas we have just talked about. We deployed significant technology internally and retooled many areas of our business to focus on our future state. This has allowed us to reduce our expenditures on non-billable resources and infrastructure by close to 100 million by run rate as we exit Q1 2026 and invest those savings in the areas that drive further future growth.

第四，也是最後一點，提高我們業務的效率。正如我之前所說，我們一直在努力加速發展，這帶來了一些成本。為了盡可能抵銷這些成本，我們一直非常自律地提高自身業務的效率，以便我們能夠投資於我們剛才談到的領域。我們內部部署了大量技術，並對業務的許多領域進行了調整，以專注於我們的未來發展。這使得我們在 2026 年第一季末，按年率計算，能夠將非計費資源和基礎設施的支出減少近 1 億美元，並將節省下來的資金投資於能夠推動未來進一步增長的領域。

Looking back at the successful operations of 2025, I am pleased with our results. Through the year, we supported clients through significant tariff uncertainties, natural disasters, and geopolitical headwinds, staying a valuable part of their ecosystem. Doing what is right for clients has allowed us to continually accelerate our revenue growth, increase our CSAP, and develop a defensible model that blends technology and services.

回顧2025年的成功運營，我對我們的成果感到滿意。在過去一年中，我們幫助客戶應對了關稅的重大不確定性、自然災害和地緣政治逆風，始終是他們生態系統中不可或缺的一部分。為客戶做正確的事，使我們能夠不斷加快收入成長，提高客戶滿意度，並建立起融合技術和服務的穩固模式。

This year, we exceeded revenue expectations with steadily improving year on year growth every quarter throughout the year. For the fiscal year, we delivered 2% total growth in constant currency and exited Q4 with constant currency revenue growth above 3%. This growth was achieved even as we reduced the amount of low complexity work in our business by 2% year on year, moved 4% of our onshore business to offshore, and acted selectively in the business we took on. Our newer adjacent offerings have a growth rate reaching high single-digits in aggregate and now represent a meaningful part of our business. The quality of revenue has never been stronger.

今年，我們的營收超出了預期，全年每季都實現了穩定成長。本財年，我們以固定匯率計算實現了 2% 的總成長，第四季以固定匯率計算的營收成長超過 3%。即使我們每年將業務中低複雜度的工作量減少 2%，將 4% 的在岸業務轉移到離岸，並且對我們承接的業務採取了有選擇性的做法，我們仍然實現了這一增長。我們新推出的鄰近產品和服務整體成長率已達到接近兩位數，現在已成為我們業務的重要組成部分。收入品質從未如此強勁。

Before I hand over to Andre, I would like to highlight a few key wins in 2025 to bring life for investors, how we have seen our offerings evolve. We were chosen by one of the largest banks in the world to design, build, and operate, build operate, transfer model for the bank's highly complex investment banking asset security trading back office processes.

在將發言權交給安德烈之前，我想重點介紹 2025 年取得的一些關鍵成就，以便讓投資者了解我們的產品和服務是如何演變的。我們被世界最大的銀行之一選中，為該銀行高度複雜的投資銀行資產證券交易後台流程設計、建構和營運、建構營運、移交模式。

We now have opportunities in multiple geographies with multiple lines of business to grow that relationship. We were selected by one of the largest electric car companies to manage their digital footprint, providing insights, content, and warnings back to the head office, all being supported by our technology solutions. We have been recognized for helping scale their global presence and driving operational efficiencies.

我們現在有機會在多個地區和多個業務領域發展這種關係。我們被一家最大的電動車公司選中，負責管理其數位足跡，向總部提供洞察、內容和預警，所有這些都由我們的技術解決方案提供支援。我們因幫助他們擴大全球業務規模和提高營運效率而獲得認可。

We took over a captive of one of our clients with the introduction of our own system and processes and have been able to achieve significant cost savings within the first year for the client while improving their customers experience.

我們接手了一位客戶的自營業務，引入了我們自己的系統和流程，並在第一年就為客戶節省了大量成本，同時改善了他們的客戶體驗。

This is resulting in further opportunities with the client to take over other shared service centers around the world. For one of our largest European banks, we proactively automated the intake of claims, which resulted in a larger award of business to us that grows our revenue and our margins. We have launched a revenue generation program with one of the largest AI model makers helping them find sources of revenue and developing a community of integrators to use their technology, demonstrating even the leaders in AI rely on Concentrix for services.

這將為客戶帶來更多機會，接管世界各地的其他共享服務中心。對於我們最大的歐洲銀行之一，我們主動實現了索賠受理的自動化，從而為我們贏得了更多業務，提高了我們的收入和利潤率。我們與一家最大的 AI 模型製造商合作，啟動了一項創收計劃，幫助他們尋找收入來源，並發展一個整合商社群來使用他們的技術，這表明即使是 AI 領域的領導者也依賴 Concentrix 的服務。

These are just a few of the magnitude of wins we have had our business in 2025 that demonstrate the value we bring to our clients. No matter if a client has their own operations or uses ours, uses our AI solutions or is a true AI company, an emerging contender or a mature enterprise. We are able to win service and grow these clients.

以上僅是我們2025年業務取得的眾多重大勝利中的一小部分，這些勝利證明了我們為客戶帶來的價值。無論客戶是擁有自己的營運體系還是使用我們的體系，使用我們的人工智慧解決方案還是真正的人工智慧公司、新興競爭者或成熟企業。我們能夠贏得這些客戶的信任並成長。

Turning our thoughts to 2026, the demand environment continues to evolve and Concentrics wants to lead the way. For our clients, we believe scale matters in many ways, cost optimized global footprint, breadth of offering, domain expertise across vertical, horizontal regions and technologies. We believe we're competing and winning in this market because we bring both the agility of an entrepreneurial organization with the maturity and scale of an established market leader to deliver the innovation and excellence clients expect.

展望 2026 年，市場需求環境不斷變化，Concentrics 希望引領這項變革。我們相信，對於我們的客戶而言，規模在許多方面都很重要，包括成本優化的全球佈局、廣泛的產品/服務範圍、跨垂直、橫向區域和技術領域的專業知識。我們相信，我們之所以能夠在這個市場中競爭並取得成功，是因為我們既擁有創業型組織的敏捷性，又具備成熟市場領導者的成熟度和規模，從而能夠提供客戶所期望的創新和卓越品質。

Regardless of the fluctuation of our stock price in 2025, we're committed to evolving our business. Despite three years of speculation, we are proving that AI is a tailwind for our business. We are growing our revenue consistently quarter over quarter. We are entering new areas of TAM growth. We're generating strong cash flow. We are returning value to shareholders, and we are paying down debt. In short, evaluation today is a stark disconnect from the underlying strength of our business and the upside opportunity of our long-term strategy.

無論2025年我們的股價如何波動，我們都致力於發展我們的業務。儘管過去三年來人們一直在猜測，但我們正在證明人工智慧是我們業務發展的順風。我們的營收每季都在持續成長。我們正在進入TAM成長的新領域。我們現金流強勁。我們正在為股東創造價值，同時也在償還債務。簡而言之，目前的評估與我們業務的根本實力和長期策略的潛在成長機會嚴重脫節。

In summary, this is the right market and the right moment for Concentrix. We see a tremendous opportunity in front of us to refine our industry and deliver the solutions our clients need at the speed, scale, and caliber they expect. We're making the right investments in the business to capitalize on these opportunities that continue to increase our quality of revenue that is longer-term, margin accretive after implementation, higher complexity with multi-service consumption that drives tangible value for our clients. I am positive about our vision, our model, and our prospects for long-term profitable growth, and I'm excited about the road ahead.

總之，對 Concentrix 而言，現在是進入正確市場和正確時機。我們看到了一個巨大的機遇，可以改善我們的行業，並以客戶期望的速度、規模和品質提供他們所需的解決方案。我們正在對業務進行正確的投資，以抓住這些機遇，不斷提高我們的收入質量，實現更長期的收入增長，在實施後增加利潤，透過多服務消費實現更高的複雜性，從而為我們的客戶創造切實價值。我對我們的願景、模式以及長期獲利成長的前景充滿信心，並對未來的道路感到興奮。

And now, I will turn the call over to Andre.

現在，我將把電話交給安德烈。

Thank you, Chris, and hello everyone.

謝謝你，克里斯，大家好。

2025 was a year of significant achievement for Concentrix. We accelerated revenue growth in each sequential quarter. We achieved breakeven profitability with our iX Suite. We generated record adjusted free cash flow, growing our adjusted free cash flow by over $150 million from the prior year. We returned a record $258 million to shareholders through a combination of our dividends and share repurchases. We reduced our net debt.

2025年是Concentrix的重大成就一年。我們每季都加快了營收成長。我們的 iX 套件實現了收支平衡。我們實現了創紀錄的調整後自由現金流，比前一年增加了超過 1.5 億美元。我們透過分紅和股票回購的方式，向股東返還了創紀錄的 2.58 億美元。我們減少了淨債務。

We help clients manage through a dynamic geopolitical environment. We weathered natural disasters, and we continue to diversify and broaden our value to clients through a diversified set of service offerings. With a successful 2025 behind us, I'm confident that we are positioned to continue to grow revenue and cash flow in 2026. As Chris mentioned, we're on an exciting journey as a company. We're successfully evolving to become one of the world's most trusted partners for intelligent transformation solutions.

我們幫助客戶應對瞬息萬變的地緣政治環境。我們經歷了自然災害的考驗，並且我們透過多元化的服務產品不斷拓展和擴大我們為客戶創造的價值。2025 年的成功讓我們充滿信心，我相信我們有能力在 2026 年繼續實現收入和現金流的成長。正如克里斯所說，我們公司正處於一段激動人心的旅程中。我們正成功發展成為全球最值得信賴的智慧轉型解決方案合作夥伴之一。

Now, let me review our financial results for the forth quarter and fiscal 2025 and then discuss our outlook for 2026. In the fourth quarter we delivered revenue of approximately $2.55 billion on a constant currency basis. This represented growth of 3.1%, which is above the high end of the guidance we provided in September. On a constant currency basis, our revenue growth by vertical in the fourth quarter was as follows.

現在，讓我回顧一下我們第四季和 2025 財年的財務業績，然後討論一下我們對 2026 年的展望。第四季度，我們以固定匯率計算實現了約 25.5 億美元的營收。這相當於成長了 3.1%，高於我們在 9 月給出的預期上限。以固定匯率計算，我們第四季各垂直行業的營收成長如下。

Revenue from banking, financial services, and insurance clients grew 11%, revenue from communications and media clients increased 7%, revenue from travel clients grew 7%, and revenue from other clients also grew 7%, primarily reflecting growth with automotive clients. Revenue from technology and consumer electronics and healthcare clients both decreased by approximately 2%, reflecting shore movement and underlying volume.

來自銀行、金融服務和保險客戶的收入成長了 11%，來自通訊和媒體客戶的收入成長了 7%，來自旅遊客戶的收入成長了 7%，來自其他客戶的收入也成長了 7%，主要反映了汽車客戶的成長。來自科技、消費性電子產品和醫療保健客戶的收入均下降了約 2%，反映了岸上運輸和潛在交易量的變化。

Turning to profitability, our non-GAAP operating income was $323 million within the guidance range we provided on our last call. Non-GAAP operating income margin was 12.7%, a sequential quarter increase of 40 basis points compared with the third quarter as we worked through the overcapacity related issues we discussed earlier in the year.

就獲利能力而言，我們的非GAAP營業收入為3.23億美元，符合我們在上次電話會議上給出的預期範圍。非GAAP營業利潤率為12.7%，較第三季環比增長40個基點，這得益於我們解決了年初討論過的產能過剩相關問題。

On a year over year basis, non-GAAP operating income margins decreased from the fourth quarter of 2024. Adjusted EBITDA in the quarter was $379 million a margin of 14.8%. Non-GAAP net income was $192 million in the quarter and non-GAAP diluted earnings per share was $2.95 per share.

與去年同期相比，非GAAP營業利潤率從2024年第四季開始下降。本季調整後 EBITDA 為 3.79 億美元，利潤率為 14.8%。本季非GAAP淨收入為1.92億美元，非GAAP稀釋後每股收益為2.95美元。

In the quarter we generated over $287 million of adjusted free cash flow, a quarterly record for Concentrics. In the quarter we returned nearly $80 million to shareholders through a combination of our quarterly dividend and $56 million in share repurchases.

本季我們產生了超過 2.87 億美元的調整後自由現金流，創下 Concentrics 的季度紀錄。本季度，我們透過季度分紅和5,600萬美元的股票回購，向股東返還了近8,000萬美元。

Our GAAP net loss reflected a $1.52 billion non-cash goodwill impairment charge recorded in the quarter. This impairment charge reflects the trading range of our stock during the quarter. A full reconciliation of our GAAP and non-GAAP measures is provided in today's earnings release.

我們的 GAAP 淨虧損反映了本季提列的 15.2 億美元非現金商譽減損費用。這項減損支出反映了我們股票在本季的交易區間。今天發布的獲利報告中提供了我們GAAP和非GAAP指標的完整調節表。

Looking at the results for the full year fiscal, 2025, we delivered 2.1% growth on a constant currency basis, 60 basis points above the high end of the guidance range we provided a year ago, and above many peers. Non-GAAP operating income of $1.254 billion non-GAAP operating margin of 12.8%. Adjusted free cash flow of $626 million an increase of 32%, and more than $150 million over the prior year.

從 2025 財年全年業績來看，我們以固定匯率計算實現了 2.1% 的成長，比我們一年前給出的指導範圍上限高出 60 個基點，也高於許多同業。非GAAP營業收入為12.54億美元，非GAAP營業利益率為12.8%。經調整後的自由現金流為 6.26 億美元，成長 32%，比上年增長超過 1.5 億美元。

We returned $258 million to shareholders. Specifically, we repurchased $169 million of our common shares, representing nearly 3.6 million common shares at an average price of approximately $47 per share, and we paid approximately $89 million in dividends during the year.

我們向股東返還了2.58億美元。具體來說，我們回購了價值 1.69 億美元的普通股，相當於近 360 萬股普通股，平均價格約為每股 47 美元；此外，我們在這一年支付了約 8,900 萬美元的股息。

We reduced our net debt by approximately $184 million during the year and we further reduced our off balance sheet obligation related to accounts receivable factoring by $43 million during the year to approximately $119 million at year end.

本年度，我們的淨債務減少了約 1.84 億美元，而本年度與應收帳款保理相關的表外負債進一步減少了 4,300 萬美元，到年末約為 1.19 億美元。

At the end of the fourth quarter, cash and cash equivalents were $327 million and total debt was $4.639 billion bringing our net debt to $4.311 billion at year end. Our liquidity remains strong at nearly $1.6 billion including our $1.1 billion dollar line of credit, which is undrawn.

第四季末，現金及現金等價物為 3.27 億美元，總債務為 46.39 億美元，使年底淨債務達到 43.11 億美元。我們的流動資金依然充裕，接近 16 億美元，其中包括尚未動用的 11 億美元信貸額度。

With this, let me now turn my attention to discuss our outlook for 2026 and the first quarter. We are confident in the growth of the business and believe we are making, taking a conservative position on guidance for 2026. As Chris mentioned, we continue to strategically invest in the business for long-term growth while continuing to drive strong cash flow.

接下來，我將重點討論我們對 2026 年和第一季的展望。我們對業務成長充滿信心，並相信我們正在取得進展，因此對 2026 年的業績指引採取保守態度。正如克里斯所提到的，我們將繼續對業務進行策略性投資，以實現長期成長，同時繼續推動強勁的現金流。

For 2026, our expectations include full year reported revenue of $10.035 billion to $10.180 billion. Our guidance implies constant currency revenue growth for the full year in a range of 1.5% to 3%. Based on current exchange rates, our expectation assumes a 60 basis point positive impact of foreign exchange rates compared with 2025.

我們預計 2026 年全年報告收入將達到 100.35 億美元至 101.8 億美元。我們預計全年以固定匯率計算的收入成長率將在 1.5% 至 3% 之間。根據目前的匯率，我們預計與 2025 年相比，外匯匯率將產生 60 個基點的正面影響。

Our revenue expectation is based on the following progress in evolving our business with our successful track record of growing market share and wallet share in our high growth verticals, growth in new service offerings, and a strong pipeline of the business entering 2026.

我們的收入預期基於以下業務發展進展：我們在高成長垂直領域成功擴大了市場份額和客戶份額，新增了服務產品，並且到 2026 年，我們擁有強大的業務發展前景。

At the same time, we also expect the proactive reduction of our noncomplex work, which will impact our revenue by approximately 1% in fiscal 2026. And re-solutioning of our work to optimize our client's cost structure, which we think will impact our revenue by 2% in fiscal 2026.

同時，我們也預期主動減少非複雜工作，這將使我們在 2026 財年的收入減少約 1%。我們也重新調整了工作方案，以優化客戶的成本結構，我們認為這將使我們在 2026 財年的營收成長 2%。

Moving to profitability, we expect full year non-GAAP operating income to be in a range of $1.24 to $1.29 billion. And full year non-GAAP EPS is expected to be $11.48 to $12.07 per share. This assumes interest expense of approximately $257 million approximately $60.6 million diluted common shares outstanding, approximately 4.9% of net income attributable to participating securities. The effective tax rate is expected to be approximately 25%.

展望獲利能力，我們預計全年非GAAP營業收入將在12.4億美元至12.9億美元之間。預計全年非GAAP每股收益為11.48美元至12.07美元。這假設利息支出約為 2.57 億美元，流通在外的稀釋普通股約為 6,060 萬股，約佔歸屬於參與證券的淨收入的 4.9%。實際稅率預計約25%。

Our view of profitability is based on our expectation that we will drive ongoing efficiencies in our cost structure through automation and simplification of our business balanced by our investments in the business to support long-term growth, including optimizing our footprint to meet client demand, incurring duplicate costs for a period of time as we resolution client programs, and making intentional investments in our go to market spending.

我們對獲利能力的看法基於這樣的預期：我們將透過業務的自動化和簡化不斷提高成本結構的效率，同時透過對業務的投資來支持長期成長，包括優化我們的佈局以滿足客戶需求，在解決客戶專案時承擔一段時間的重複成本，以及有意識地投資於我們的市場推廣支出。

Including investment in technology, SMEs, and vertical offerings to take advantage of the current market opportunity and support the growth of our own AI platform, our expectation is that we will drive sequential quarterly increases in non-GAAP operating income in the second half of 2026 by removing duplicate costs while simplifying the business. Continuing the acceleration of our growth rate and progressing the delivery of the transformational deals we have won in fiscal 2025.

包括對技術、中小企業和垂直領域產品的投資，以利用當前的市場機會並支持我們自己的人工智慧平台的成長，我們預計，透過消除重複成本和簡化業務，我們將在 2026 年下半年推動非 GAAP 營業收入的季度環比增長。繼續加快成長速度，並推動我們在 2025 財年贏得的變革性交易的交付。

Turning to cash flow for full year 2026, we expect adjusted free cash flow to increase to a range of $630 to $650 million through a combination of higher income and lower interest expense. Our capital allocation priorities remain balanced. We expect spending on fiscal year 2026 share repurchases to be similar to that of fiscal year 2025, taking advantage of what we believe is a significant disconnect between the fundamentals of our business and our current valuation. We are committed to maintaining investment grade principles, repaying our debt to move closer to our target leverage ratio, and supporting our dividend.

展望 2026 年全年現金流，我們預計，由於收入增加和利息支出減少，調整後的自由現金流將增加至 6.3 億美元至 6.5 億美元之間。我們的資本配置優先事項保持平衡。我們預計 2026 財年的股票回購支出將與 2025 財年類似，利用我們認為公司基本面與當前估值之間的顯著脫節。我們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，並支持我們的股利。

Turning to the first quarter, we expect first quarter reported revenue of $2.475 billion to $2.50 billion implying cuts in currency revenue growth of 1.5% to 2.5%. Based on current exchange rates, our expectations assumed a 290 basis point positive impact of foreign exchange rates compared with the first quarter of 2025. Non-GAAP operating income is expected to be in a range of 290 to $300 million.

展望第一季度，我們預計第一季報告營收為 24.75 億美元至 25 億美元，這意味著按匯率計算的營收成長將減少 1.5% 至 2.5%。根據目前的匯率，我們預計與 2025 年第一季相比，外匯匯率將產生 290 個基點的正面影響。預計非GAAP營業收入將在2.9億美元至3億美元之間。

We expect non-GAAP EPS of $2.57 per share to $2.69 per share, assuming interest expense is $66 million approximately $61.5 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 be approximately 25%.

我們預期非GAAP每股盈餘為2.57美元至2.69美元，假設利息支出為6,600萬美元，約6,150萬股稀釋後普通股流通在外，以及約5%的淨利歸屬於參與證券。預計第一季的實際稅率約為25%。

As in prior years, we expect adjusted free cash flow in the first quarter to be slightly negative, although improved as compared to last year's first quarter, 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 potential future acquisitions or impacts from future foreign currency fluctuations.

與往年一樣，我們預計第一季調整後的自由現金流將略微為負，但與去年第一季相比有所改善，隨後在今年剩餘的幾個季度中將持續產生強勁的現金流。我們的業務展望和現金流預期不包括任何潛在的未來收購或未來外匯波動的影響。

We're pleased with our market position. We have intentionally and strategically expanded our value by broadening our portfolio of offerings across the spectrum of business and technology solutions. Our success in doing this supports our confidence that our business is on the path to mid single-digit growth.

我們對我們的市場地位感到滿意。我們有意且有策略地擴大了我們在商業和技術解決方案領域的產品組合，從而提升了我們的價值。我們在這方面的成功增強了我們對公司業務正朝著中等個位數成長方向發展的信心。

As Chris said, we're excited about the road ahead with that operator, please now open the line for questions.

正如克里斯所說，我們對與該運營商的未來合作感到興奮，現在請開放提問環節。

Thank you. (Operator Instruction)

謝謝。（操作說明）

Ruplu Bhattacharya with B of A.

Ruplu Bhattacharya 與 B of A。

Hi, thank you for taking my questions. Chris, can you remind us on the metrics you focus on in terms of judging how much to invest in AI related software and chatbots, and can you give us more details of your areas of spend in 2026, both in terms of OpEx and CapEx, and how you will judge their success?

您好，感謝您回答我的問題。克里斯，你能否提醒我們一下，在判斷應該在人工智慧相關軟體和聊天機器人上投入多少資金時，你主要關注哪些指標？你能否詳細介紹一下你在 2026 年的支出領域，包括營運支出和資本支出，以及你將如何判斷這些支出是否成功？

Hi Ruple, thanks for the question. So first of all, when we look at our, metrics on our AI -- our pure own AI platform, we're very committed to making sure that we could be accreted this year and hit a certain revenue goal, and obviously we achieved that kind of exiting the year with 60 million of run rate on sort of a total spend of around a little over $50 million, give or take, with $25 million incremental within the, fiscal year 2025.

嗨，Ruple，謝謝你的提問。首先，當我們審視我們自身的人工智慧平台——我們純粹的人工智慧平台——的各項指標時，我們非常致力於確保今年能夠實現成長並達到一定的收入目標，顯然我們實現了這一目標，年底的年化收入為 6000 萬美元，總支出略高於 5000 萬美元，預計在 2025 財年還將增加 2500 萬美元。

Right now, we see the ability to continue to invest, but we want to continue to make sure that it's accretive to our business and, we're doing the right thing to not only control the market share, but also make sure that clients, in the right circumstances are using our technology. It's a very crowded and competitive space right now, Ruler, so we're being, very entrepreneurial and running that business very much like a startup in that space to drive the returns that we expect.

目前，我們看到了繼續投資的能力，但我們希望繼續確保投資能為我們的業務帶來成長，並且我們正在做正確的事情，不僅是為了控制市場份額，也是為了確保客戶在合適的條件下使用我們的技術。Ruler，目前這個領域競爭非常激烈，所以我們採取了非常具有創業精神的方式，像新創公司一樣經營這項業務，以實現我們預期的回報。

When we look at our capital allocation, in terms of OpEx and CapEx for fiscal '26, our CapEx, really historically has been anywhere from 2.5% to 3% of our revenue and we don't see that very different in 2026. In fact, probably under [2.5%] is where we're going to come in at. From an OpEx perspective, what we're very focused and committed to Root Blue right at the moment is driving OpEx spend that is variable and driving net new opportunities for our business.

當我們審視 2026 財年的營運支出和資本支出方面的資本配置時，我們的資本支出歷來佔收入的 2.5% 到 3%，我們認為 2026 年也不會有太大變化。事實上，我們最終的佔比可能低於 2.5%。從營運支出角度來看，Root Blue 目前非常關注並致力於推動可變營運支出，並為我們的業務創造新的淨機會。

And so our go to market spend, we spend an incremental $25 million in '25, we're spending probably another incremental number reasonably in that level for '26, and we're seeing the benefits of it. You saw the stats where our cross sell upsell, our deeper domain expertise, our technology solutions are all growing much more rapidly, than we entered the year in '25, and our expectation is that we'll continue to drive that into '26.

因此，我們在市場推廣方面的支出，2025 年增加了 2500 萬美元，2026 年我們可能會在同等水平上再增加一定數額的支出，而且我們已經看到了收益。您已經看到了統計數據，我們的交叉銷售、向上銷售、更深厚的領域專業知識、技術解決方案的增長速度都比 2025 年初快得多，我們預計這種增長勢頭將持續到 2026 年。

And we're looking at on a quarterly by quarterly basis to making sure that we're making the right investments and being very nimble in that space. In terms of the other large investments that we're making. We look at it aligned to our clients and the type of revenue we're driving and so I go back to the quality of revenue comment we invested sort of $95 million in '25 that that went into capabilities and facilities and footprint and security.

我們正在按季度進行評估，以確保我們做出正確的投資，並在該領域保持非常靈活的策略。至於我們正在進行的其他大型投資。我們從客戶的角度以及我們正在推動的收入類型來看待這個問題，所以我要回到收入品質的評論上來，我們在 2025 年投資了大約 9500 萬美元，用於能力、設施、佈局和安全。

All of those are really kind of tied to sort of the new revenue that we're driving, the new transformational contracts that we're driving and we can see by our models that as we finish the implementation we start to finish some of those implementations we're seeing a creative margins to our business we're seeing longer-term relationships we're seeing more opportunities within that client base and that's the return that we're looking for and as we think of 2026, spending sort of similar amounts we're expecting similar if not better returns as we get more leverage off of our cost base.

所有這些都與我們正在推動的新收入、我們正在推動的新轉型合約息息相關。從我們的模型中可以看出，隨著一些專案的實施完成，我們的業務利潤空間正在擴大，我們建立了更長期的合作關係，我們在客戶群中看到了更多機會。這就是我們所期望的回報。展望2026年，在投入類似金額的情況下，我們預期會獲得類似甚至更好的回報，因為我們能夠更好地利用成本基礎。

Okay, thanks for the details there, Chris. Can I ask how do you determine whether it's worth supporting a customer as they may themselves face a slowdown and have lower call volumes? So in terms of the deals that may require more upfront investment, whether it's facilities or training, how is that determination made and what leverage do you have if you feel that the volumes are not materializing? How do you plan to deal with that situation?

好的，謝謝你提供的詳細信息，克里斯。請問您如何判斷是否值得支持客戶，因為他們本身可能面臨業務放緩和呼叫量下降的情況？那麼，對於那些可能需要更多前期投資的交易，無論是設施還是培訓，是如何做出決定的？如果你覺得交易量沒有達到預期，你有什麼籌碼？你打算如何處理這種情況？

Yeah, good question. I first make a sort of a clarification comment that call volumes have nothing to do with any of our thesis around investment. It's around the type of services that a client needs, and if you look at the examples I gave, actually none of those relate to call volumes. They all relate to other areas of, work that we're servicing them.

嗯，問得好。首先我要澄清一點，通話量與我們關於投資的任何論點都無關。這取決於客戶需要的服務類型，如果你看看我舉的例子，實際上這些例子都與呼叫量無關。它們都與我們正在為他們服務的其他領域相關。

And when we look at a client of making investments, we look at how historically they buy. Are they a price shopper? Are they long-term value focused, client? We look at do they want to be best in class within their market and so we can help them enable that. We look at are they a client who consumes multiple levels of business and services, or do we have that opportunity, and we're very focused on sort of the. Long-term client relationships.

當我們觀察客戶進行投資時，我們會查看他們過去的購買習慣。他們是價格敏感型消費者嗎？客戶，他們是否注重長期價值？我們會觀察他們是否想成為市場中的佼佼者，然後幫助他們實現這個目標。我們會觀察他們是否是會消費多個層級業務和服務的客戶，或者我們是否有這樣的機會，我們非常關注這一點。建立長期客戶關係。

So if you look at our top 25 clients, we're now close to almost 18 years of service. We look for those types of clients with that type of long longevity who, equally we help support as they go through challenges and they help and support us as we kind of evolve our business by consuming more goods and services. So it's a bit of a both a qualitative and quantitative discussion around that, but so far we've been extremely happy with what we've seen and moving into some of these higher end areas we're seeing the same benefits that we've seen before.

所以，如果你看看我們前 25 名的客戶，我們現在已經為他們服務了近 18 年。我們尋找的是那種具有長期合作關係的客戶，我們會盡力幫助他們應對挑戰，同時，他們也會在我們透過消費更多商品和服務來發展業務的過程中給予我們幫助和支持。所以這方面既有定性也有定量的討論，但到目前為止，我們對所看到的情況非常滿意，而且進入一些高端領域後，我們看到了與以前相同的益處。

Okay, if I can sneak just one more in. At what rate do you think the market is growing at? Looks like you're guiding for low single-digit revenue growth and fiscal '26 on a constant currency basis. Did web help meet your expectations for synergies and growth? And now going forward, how are you thinking about acquisitions? Thank you.

好吧，如果我能再偷偷加一個的話。你認為市場成長速度如何？看來你們預期 2026 財年以固定匯率計算的營收成長將達到個位數低點。網路是否幫助您實現了預期的協同效應和成長？那麼展望未來，您對收購有何打算？謝謝。

Yeah, so web help absolutely, met our expectations, if not a little better. I mean, a lot of the consolidation work that we're winning is because of our global footprint and, where we're able to service people from the technology that we were able to bring to the solution to web help clients and some of the techno technology that web help had that brought to the existing client base, we met our synergy goals, in fact, just slightly exceeded them from a cost take up perspective, and we're seeing that, ability to drive that new growth in the business.

是的，所以網路幫助絕對符合我們的預期，甚至可能超出預期。我的意思是，我們贏得的整合工作很多都是因為我們的全球佈局，以及我們能夠利用我們為網路幫助客戶帶來的解決方案技術，以及網路幫助客戶為現有客戶群帶來的一些技術，為人們提供服務。我們實現了協同效應目標，實際上，從成本分攤的角度來看，我們甚至略微超額完成了目標，而且我們看到，這種能力正在推動業務的新成長。

And in fact, a fairly reasonable size of that 4% movement from onshore offshore came out of Europe into other markets which was traditionally the web help business and so we've been very happy with that, because it's driving the right type of business that we want, from a market perspective look, traditional, CX market is flat, overall, when you look at some of the other services that we're talking about, it's, mid single-digits and then we talked about in the prepared marks or my prepared remarks we have a lot of these services, that are now a meaningful part of our business growing in high single-digits and so we're winning in the right markets doing faster than what people, would I think expect and in the, sort of the, business that that, from a CX perspective, I think we're taking share and doing well in that market as well.

事實上，這4%的業務成長中，有相當一部分來自歐洲，並轉移到了其他市場，而這些市場傳統上是網路幫助業務。我們對此感到非常滿意，因為它推動了我們想要的那種業務發展。從市場角度來看，傳統的客戶體驗（CX）市場整體持平，而我們討論的其他一些服務，其成長率僅為個位數中段。正如我在準備的演講稿中提到的，我們有很多服務，現在已成為我們業務的重要組成部分，並且實現了接近兩位數的成長。因此，我們在正確的市場中取得了成功，其速度超過了人們的預期。而且，從客戶體驗的角度來看，我認為我們也正在擴大市場份額，並在該市場中表現出色。

And acquisitions.

以及收購。

So from an acquisition perspective look -- we are going to be opportunistic, we're going to do things that support our client base, we're going to do things that have the right financial profile for us and drive the right long-term business and so, as Andre talked about, we're very focused on kind of reducing our debt to our target leverage ratio.

所以從收購的角度來看——我們將抓住機會，我們將做一些能夠支持我們客戶群的事情，我們將做一些對我們來說財務狀況良好且能夠推動長期業務發展的事情，正如安德烈所說，我們非常注重降低債務，以達到我們的目標槓桿率。

And so we don't have anything kind of on the works, but definitely we will participate in the consolidation in the marketplace.

所以目前我們還沒有任何正在籌備的項目，但我們肯定會參與市場整合。

All right, thank you for all the details. I appreciate it.

好的，謝謝你提供的所有細節。謝謝。

David Koning, Baird.

David Koning，貝爾德。

My biggest question is really on margins. You only look back a couple of years, 14%, this year you're guiding to about 12.5%. It seems like there was a lot of discrete kind of investment and some one-off capacity, excess capacity around the tariff, in the mid, kind of mid last year time frame.

我最大的疑問其實是關於利潤率的。回顧前幾年，成長率為 14%，而今年預計約為 12.5%。似乎在去年年中左右，圍繞關稅出現了一些零散的投資和一次性產能過剩。

Are we just dealing with kind of a four quarter margin drag that kind of ends around Q1 Q2 of this year, meaning it's down your margins down year over year, but by the back half is there reason to believe they will be up year over year and sustainably up after that?

我們是否正面臨持續四個季度的利潤率下滑，這種情況將在今年第一季和第二季左右結束？這意味著利潤率同比下降，但到下半年，是否有理由相信利潤率將同比增長，並且之後能夠持續增長？

Hi, yes, so in answering that question, you're right. In my prepared remarks, I mentioned that we expect to see sequential improvement in the back half of this year in margins as we complete working through some of the overcapacity issues or the tariffs, we made good progress on that in the fourth quarter. As we move through, some of the process of implementing some of the transformational deals that we've won in 2025 and get closer to kind of the run rate profitability of those deals and as we move forward with, automation efforts and the simplification of our business to take out.

你好，是的，所以回答這個問題，你是對的。我在事先準備好的發言稿中提到，隨著我們逐步解決產能過剩問題或關稅問題，我們預計今年下半年利潤率將逐年改善，我們在第四季度在這方面取得了良好進展。隨著我們逐步推進，我們將實施一些我們在 2025 年贏得的變革性交易，並逐漸接近這些交易的盈利能力，同時推進自動化工作，簡化我們的業務，以減少…

Some of the duplicate costs that we currently have that are created by some of the resolution that we've talked about and some of the costs that come with some of these transformational deals as well. So all of those things give us confidence that we can see the margin improve in the back half of the year, which mathematically will get you to a situation where we're looking at year over year margin increases, as we close out the year.

我們目前面臨的一些重複成本是由我們討論過的一些決議造成的，還有一些成本是這些變革性交易帶來的。因此，所有這些因素都讓我們有信心，下半年利潤率將會提高，從數學角度來看，這將使我們在年底時看到利潤率同比增長。

Yeah, okay, thank you. And then just momentum revenue growth accelerated each quarter of the year, so momentum actually seems, very good. You're guiding a little less than the 3% constant currency growth in Q4 it is 3%, but you're guiding a little less than that in '26. Is there really anything behind that other than just, hey, it's a slow year, you don't want to get ahead of yourself?

好的，謝謝。而且，營收成長勢頭在每個季度都在加速，所以成長勢頭看起來非常好。您對第四季度以固定匯率計算的成長預期略低於 3%，實際成長率為 3%，但您對 2026 年的成長預期略低於這個數字。除了「今年市場比較清淡，不想操之過急」之外，背後真的還有什麼更深層的原因嗎？

That, that's really it, Dave. We talked about, all throughout, fiscal 2025 about the fact that we were being conservative with the revenue guide, very focused, in each quarter and for the full year and coming in in 2025 at or above the high end of the guidance range. Our principles as we think about our guidance for 2026 with regard to that haven't changed.

就這樣，真的就到此為止了，戴夫。在整個 2025 財年，我們都在討論我們對收入預期採取保守態度，非常注重每個季度和全年的收入目標，並力爭在 2025 年達到或超過預期範圍的上限。我們在考慮 2026 年相關指導原則時，原則並沒有改變。

So there is nothing that's going on underneath the covers that would imply any sort of slowdown in in things. In fact, we're quite confident that we can continue the trajectory of sequential quarterly revenue increases as sequential acceleration as we go through fiscal 2026.

所以，目前沒有任何跡象顯示事情會因此而放緩。事實上，我們非常有信心，在 2026 財年，我們可以繼續保持季度營收連續成長的勢頭，並且增速還會逐步加快。

Great, thanks guys.

太好了，謝謝各位。

All right, thank you.

好的，謝謝。

Luke Morrison, Canaccord Genuity.

盧克·莫里森，Canaccord Genuity。

Hey guys, thanks for taking the question here. So, last year's results, you mentioned laid out several deliberate growth drags runoff of low complexity work, those onshore to offshore transitions. We, it looks like you expect some of those to persist in '26, I think resulting in aggregate 3% headwind to growth. Can you just help us think about sort of the lingering or continuing effects of those headwinds, over the long-term this year, next year going forward.

大家好，感謝你們回答這個問題。所以，你提到的去年的業績表明，一些刻意追求成長的因素拖累了低複雜度的工作，也就是從陸上到離岸的過渡。看來您預計其中一些因素會在 2026 年持續存在，我認為這將導致經濟成長總體上受到 3% 的阻力。您能否幫我們思考一下，這些不利因素會對今年、明年以及未來很長一段時間產生哪些持續或揮之不去的影響？

Yeah, for sure, Luke, so from a low complexity work perspective, we did 2% in '25, we expect 1% in '26, we always expect there'll be some portion of low complexity work as part of our portfolio, so that kind of wanes to weed off to less headwinds and '27, frankly we just don't see a big, push past that from an offshore, work perspective. We have about 15% give or take of our revenue that could possibly go offshore, but the reality is that some clients have brand promises to do things onshore. Some things from a compliance perspective can't go offshore, some markets and some things that we service are highly sensitive from a sovereignty perspective.

是的，當然，盧克。從低複雜度工作的角度來看，我們在 2025 年完成了 2%，預計 2026 年將達到 1%。我們一直預期我們的業務組合中會包含一定比例的低複雜度工作，因此隨著阻力的減小，這類工作的比例會逐漸減少。坦白說，從海外業務的角度來看，我們預計 2027 年不會有太大的成長。我們大約有 15% 的收入可能會轉移到海外，但現實情況是，有些客戶有品牌承諾，要在國內完成相關工作。從合規角度來看，有些事情不能轉移到海外；從主權角度來看，某些市場和我們服務的某些事物高度敏感。

And so when you think about that 4% move this year and what we're kind of leading to next year, you're weeding through that pretty quickly and as we've talked about for the last. (inaudible) Andre, probably a year and a half, really the vast majority of work that we are winning right now, vast majority of work is being put where it should stay and not move from. And so you're not re kind of building this, top of the funnel, you're really kind of, optimizing what we've already got in place.

所以，當你考慮到今年 4% 的漲幅以及我們明年可能面臨的情況時，你會很快理清思路，就像我們之前討論的那樣。（聽不清楚）安德烈，大概一年半的時間，我們現在贏得的大部分工作，大部分工作都被安排在了應該待的地方，而不是轉移的地方。所以你不是在重新建構漏斗頂端，而是在優化我們已經擁有的東西。

Excellent. And maybe just to follow-up, I think you mentioned high single-digit growth in some of your adjacent services. Could you just double click there and unpack that? Like what are you seeing, where are you seeing the most momentum momentum, etc.

出色的。另外，我想補充一點，您之前提到您的一些相關服務實現了接近兩位數的成長。您能雙擊那裡解壓縮一下嗎？例如你看到了什麼，你在哪裡看到了最強勁的勢頭等等。

Yeah, so if you look at a lot of the specialized services whether it be data annotation, analytics, FCNC, so financial crimes and compliance, any money laundering, are some of our IT services within that space, some of our revenue generation capabilities and digital assets in that space, in fact, you're probably getting close to 20% of our revenue that is, growing at high single-digits.

是的，如果你看看很多專業服務，無論是數據標註、分析、FCNC（金融犯罪和合規）、任何洗錢活動，這些都是我們在這個領域的一些IT服務、一些創收能力和數字資產，事實上，這些服務可能占我們收入的近20%，並且以接近兩位數的速度增長。

Okay great thank you.

好的，非常感謝。

Vincent Colicchio, Barrington Research.

Vincent Colicchio，巴林頓研究公司。

Yeah Chris, I didn't hear too much about consolidation. I know that some theme that's been, strong for you, so how did that look in the quarter? Are there still legs to that?

是的，克里斯，我沒怎麼聽到關於合併的消息。我知道你一直很重視某個主題，那麼這個季度它的表現如何呢？這件事還有後續發展嗎？

Yeah, we expect there's going to be a lot of consolidation. There was in this quarter. There's a lot more going into 2026, and I think this is what we kind of commented about driving the share of wallet in our clients. Clients are consolidating with us because not only can we do their CX and BPO, but we can also do their IT services and vice versa.

是的，我們預計會出現大量的整合。本季有。2026 年還有更多的事情要發生，我認為這就是我們之前提到的，推動客戶錢包份額成長的原因。客戶選擇與我們整合資源，是因為我們不僅可以為他們提供客戶體驗 (CX) 和業務流程外包 (BPO) 服務，還可以為他們提供 IT 服務，反之亦然。

By the way, in the quarter we actually picked up some IT clients, or sorry, we had some IT clients that we picked up some of their CX and BPO services from. Which most people might not realize that we're actually doing. Clients are looking for stronger partners, more mature operations, global scale, security, a lot of things that we've been investing in to consolidate with, and we're doing very well in that, very well in that space.

順便一提，本季度我們實際上獲得了一些 IT 客戶，或者更準確地說，我們之前有一些 IT 客戶，我們從他們那裡獲得了一些 CX 和 BPO 服務。大多數人可能並沒有意識到我們實際上正在這樣做。客戶正在尋找更強大的合作夥伴、更成熟的營運、全球規模、安全性，以及我們一直在投資整合的許多方面，而且我們在這方面做得非常好，在這個領域做得非常好。

And what is the, how does the pricing look, in the traditional CX business? Is the pressure increasing?

那麼，傳統客戶體驗業務的定價模式是怎麼樣的呢？壓力是否在增加？

So in commodity work it's very competitive. I think people are chasing a lot of volume for volume versus quality, and so we're seeing that as being very competitive. I think in the rest of the business, look, it's always competitive, but it's reasonably competitive if that makes sense and people do the right business and we've been very selective on the types of work we get. What we're most focused on, as we talked about is driving the quality of revenue. Which is margin accretive when we get, past implementation complex work that is sticky, and hard to do that's really driving a lot of value for the clients so that they see us as being a valued partner to their business.

所以，在商品類工作中，競爭非常激烈。我認為人們為了追求數量而忽略了質量，所以我們看到競爭非常激烈。我認為在其他業務領域，競爭總是存在的，但如果這麼說你能理解的話，競爭程度是合理的，而且人們都在做正確的生意，我們對所承接的工作類型一直非常挑剔。正如我們剛才所說，我們最關注的是提高收入品質。當我們完成實施複雜、棘手且難以完成的工作，真正為客戶創造大量價值，從而將我們視為其業務中有價值的合作夥伴時，利潤就會增加。

And are you finding it, are you experiencing any challenges accessing talent as you move into higher end solutions?

您在向高端解決方案轉型過程中，是否遇到過人才獲取方面的挑戰？

Yeah, so look, we spent more this year than I think some people were expecting to get that talent. We haven't necessarily found problems, but we also have a global footprint that we can pull from and that's been very helpful to us because we are in so many markets, we are able to access a very robust talent pool for it and we're making sure that we harness that and utilize that strategically.

是的，所以你看，我們今年花的錢比一些人預期的要多，才能招到這些人才。我們未必發現了什麼問題，但我們擁有全球佈局，可以從中汲取資源，這對我們非常有幫助，因為我們在許多市場都有業務，我們可以獲得非常強大的人才庫，我們正在確保充分利用並策略性地運用這些資源。

Okay. Thanks Chris.

好的。謝謝克里斯。

Thank you.

謝謝。

There are no further questions at this time. This concludes today's call. Thank you for attending. You may now disconnect.

目前沒有其他問題了。今天的電話會議到此結束。謝謝各位的出席。您現在可以斷開連線了。