Endava PLC (DAVA) 2025 Q1 法說會逐字稿

Good day and welcome to the Endava first quarter, fiscal year 2025 results conference call.

大家好，歡迎參加 Endava 2025 財年第一季業績電話會議。

All participants will be in a listen-only mode.

所有參與者將處於只聽模式。

Should you need assistance?

您需要幫助嗎？

Please signal a conference specialist by pressing the star key followed by zero.

請按星號鍵然後按零通知會議專家。

After today's presentation, there will be an opportunity to ask questions to ask a question.

今天的演講結束後，將有機會提問。

You may press star then one on a touchtone phone to withdraw your question.

您可以在按鍵電話上按星號鍵然後按一號鍵來撤回您的問題。

Please press star.

請按星號。

Then two.

然後是兩個。

Please note this event is being recorded.

請注意，該事件正在被記錄。

I would now like to turn the conference over to Laurence Madsen, Head of Investor Relations at ESG.

現在，我想將會議交給 ESG 投資者關係主管 Laurence Madsen。

Please go ahead.

請繼續。

Thank you.

謝謝。

Good morning, everyone and welcome to Endava's first quarter of fiscal year 2025 conference call.

大家早安，歡迎參加 Endava 2025 財年第一季電話會議。

As a reminder, this conference call is being recorded.

提醒一下，本次電話會議正在錄音。

Joining me today are John Core and Dava Chief Executive Officer and Mark Gerson and Dava Chief Financial Officer.

今天與我一起出席的還有 Dava 執行長 John Core 和 Dava 財務長 Mark Gerson。

Before we begin a quick reminder to our listeners, our presentation and our accompanying remarks today include forward statements including but not limited to statements regarding our guidance for future fiscal year 2025 and for the full fiscal year 2025 the effect of headwinds facing our industry and business, our ability to capitalize on market opportunities and trends in our industry, including with respect to development with artificial intelligence, our addressable market, our expectations regarding the impact of our recent acquisition of Galaxy on our business amendments to our technology and offering demand from clients for our technology services.

在我們開始快速提醒聽眾之前，我們今天的演示和隨附的評論包括前瞻性聲明，包括但不限於有關我們對未來 2025 財年和 2025 財年的指導、我們行業和業務面臨的不利因素的影響、我們利用市場機遇和行業趨勢的能力，包括關於全年對人工智慧發展、我們的目標市場、我們對最近的技術

Our ability to create long term value for our clients, our people and our shareholders and our business strategy plans, operation and growth opportunities.

我們為客戶、員工和股東創造長期價值的能力以及我們的業務策略規劃、營運和成長機會。

These statements are subject to risks and uncertainties that could cause actual results to differ materially from those contained in the forward-looking statements, actual results and the timing of certain events may differ materially from the results or timing predicted or implied by such forward-looking statements and reported results should not be considered as an indication of future performance.

這些聲明受到風險和不確定性的影響，可能導致實際結果與前瞻性聲明中的結果有重大差異，實際結果和某些事件的時間可能與此類前瞻性聲明預測或暗示的結果或時間有重大差異，且報告的結果不應被視為未來績效的指標。

Please note that these forward-looking statements made during this conference call speak only as of today's date and we undertake no obligation to update them to reflect subsequent events or circumstances other than to the extent required by law.

請注意，本次電話會議中所做的前瞻性陳述僅代表今日的觀點，除法律要求的範圍外，我們不承擔更新這些前瞻性陳述以反映後續事件或情況的義務。

For more information, please refer to the risk factors section of our annual report filed with the Securities and Exchange Commission on September 19th 2024.

有關更多信息，請參閱我們於 2024 年 9 月 19 日向美國證券交易委員會提交的年度報告中的風險因素部分。

Also during the call, we'll present both IFRS and non ifrs financial measures.

此外，在電話會議中，我們將介紹國際財務報告準則和非國際財務報告準則的財務指標。

While we believe the non ifrf financial measures provide useful information for investors.

雖然我們相信非 ifrf 財務指標能為投資人提供有用的資訊。

The presentation of this information is not intended to be considered in isolation or as a substitute for the financial information presented in accordance with IFRS reconciliations of such non IFRS measures to the most directly comparable IFRS measures are included in today's specialties as well as the investor presentation.

這些資訊的呈現並非旨在單獨考慮或取代根據 IFRS 呈現的財務訊息，這些非 IFRS 指標與最直接可比較的 IFRS 指標的調節都包含在當今的專業內容以及投資者介紹中。

Both of which you can find on our investor relations site or on the sec website.

您可以在我們的投資者關係網站或美國證券交易委員會網站上找到上述內容。

A link to the replay of this call will also be available on our website with that.

我們的網站上也將提供本次通話的重播連結。

I'll turn the call over to John.

我會把電話轉給約翰。

Thank you, Lawrence and good morning everyone.

謝謝你，勞倫斯，大家早安。

Thank you for joining us for our first quarter, fiscal year 2025 earnings call.

感謝您參加我們的 2025 財年第一季財報電話會議。

We're pleased with our first quarter results which beat our guide and showed top line growth quarter on quarter as well as year on year as we discussed on our last earnings call, we believe our market is exhibiting the characteristics of a significant digital shift.

我們對第一季的業績感到滿意，該業績超出了我們的預期，並且正如我們在上次財報電話會議上所討論的那樣，營收實現了季度環比和同比增長，我們相信我們的市場正在展現出重大數位化轉變的特徵。

This is visible in the slowdown of more traditional digital business alongside the acceleration of new, mainly A I and core modernization driven growth.

這體現在傳統數位業務成長放緩與新興業務（主要是人工智慧和核心現代化驅動的業務）成長加速的同時。

Whilst this growth has emerged from a smaller base, we believe that the acceleration is beginning to outpace the areas of decline.

儘管這種增長是在較小的基數上出現的，但我們相信，其加速速度已開始超過衰退領域。

I will add that this shift seems to differ from others.

我要補充一點，這種轉變似乎與其他轉變不同。

The markets have experienced over the years.

市場多年來經歷了各種變化。

The A I imperative to transform the core comes with a plethora of exciting opportunities revolutionizing the digital experience as we know it, we believe that our experience and expertise in digital transformation A I and core modernization make us the ideal partner for customers in this new disruptive wave.

核心轉型勢在必行，它帶來了大量令人興奮的機遇，徹底改變了我們所知的數位體驗，我們相信，我們在數位轉型和核心現代化方面的經驗和專業知識使我們成為這一新顛覆浪潮中客戶的理想合作夥伴。

Additionally, we believe the size of the market we address is expanded by the shift where quite excitingly, we are no longer focused on solutions built predominantly around the core.

此外，我們相信，我們所針對的市場規模會隨著這種轉變而擴大，令人興奮的是，我們不再專注於主要圍繞核心構建的解決方案。

But in fact need to engage directly with the core itself from through to production what we are calling the digital shift.

但事實上需要從生產直接與核心本身互動，而這就是我們所謂的數位化轉變。

We believe our business is well set up for these new growth areas.

我們相信，我們的業務已經為這些新的成長領域做好了準備。

Whilst reducing concentrations, our focus on A I is continuing to establish leading edge propositions to solve real business challenges.

在降低集中度的同時，我們對人工智慧的關注正在繼續建立前沿主張來解決實際的商業挑戰。

And our acquisition of Galaxy has enhanced our core modernization capability, adding pasted IP which provides clients with a more secure and cost effective path to their digital future.

我們對 Galaxy 的收購增強了我們的核心現代化能力，增加了貼上的 IP，為客戶提供了更安全、更具成本效益的數位化未來之路。

These capabilities give us access to larger more complex transformation programs with a powerful proprietary set of accelerators providing us with a compelling sales offering.

這些功能使我們能夠透過一套強大的專有加速器存取更大、更複雜的轉換程序，從而為我們提供引人注目的銷售產品。

Alongside this, we've diversified our customer footprint across industries and geographies and globalized our delivery capability.

除此之外，我們也跨產業、跨地區地拓展了客戶覆蓋範圍，並實現了交付能力的全球化。

We believe these changes strategically position us to meet the growing demand for the digital shift.

我們相信，這些變化將使我們在策略上處於有利地位，滿足日益增長的數位轉型需求。

And this morning, I will outline our progress across each of these priorities and look forward to showcasing some of our latest technology offerings at our investor day tomorrow and hope you can join our webcast first, our business winning activities, we continue to focus on building larger strategic partnerships with customers.

今天上午，我將概述我們在每個優先事項上取得的進展，並期待在明天的投資者日展示我們的一些最新技術產品，希望您能首先加入我們的網絡廣播、我們的業務獲勝活動，我們將繼續專注於與客戶建立更大的戰略合作夥伴關係。

As a key lever for future growth, we have increased the size of the largest opportunities we are seeing over the last few years regularly.

作為未來成長的關鍵槓桿，我們定期擴大過去幾年中看到的最大機會的規模。

Bidding on and winning deals valued at 100 million sterling and higher.

競標並贏得價值 1 億英鎊及以上的交易。

As a result of the shift in the market, we are also having more conversations with our customers about addressing the largest enterprise challenges.

由於市場的轉變，我們也與客戶進行了更多對話，以解決企業面臨的最大挑戰。

I'm pleased to share that in recent months, we secured the strategic deals with clients in various verticals and regions.

我很高興地告訴大家，近幾個月來，我們與各個垂直產業和地區的客戶達成了策略協議。

Highlighting our continued business diversification.

凸顯我們持續的業務多元化。

A few examples of these include a multiyear agreement with Aer lingus to support them with their digital transformation ambitions from specialist strategic advisory work to businesswise migration and implementation programs.

其中包括與愛爾蘭航空達成的多年協議，支持其實現數位轉型目標，從專業策略諮詢工作到業務遷移和實施計劃。

Then there is our work with a leading mining company and also several large and longer term commitments with big insurance in order to derisk their modernization programs.

此外，我們還與一家領先的礦業公司合作，並與幾家大型保險公司簽訂了幾項大型長期承諾，以降低其現代化計劃的風險。

I'm also happy to announce our progressing partnerships across the market to open up new channels and leverage relationships.

我也很高興地宣布我們在整個市場中不斷推動合作夥伴關係，以開闢新的管道和利用關係。

Today we announced a partnership with Esoft, the provider of a low code platform with which to develop business critical applications.

今天，我們宣布與 Esoft 建立合作夥伴關係，後者是一家提供用於開發關鍵業務應用程式的低程式碼平台的供應商。

ASOF continues to focus on product innovation.

ASOF 持續專注於產品創新。

Endava will provide implementation support and drive stronger customer relationships to help scale their platforms impact.

Endava 將提供實施支援並加強客戶關係，以協助擴大其平台的影響力。

We also recently formed a strategic partnership with Mambu to drive innovation in the financial services sector through cloud banking technology.

我們最近也與 Mambu 建立了策略合作夥伴關係，透過雲端銀行技術推動金融服務領域的創新。

In a nutshell, the partnership aims to help financial institutions modernize their core systems, accelerate time to market and enhance customer experiences.

簡而言之，此次合作旨在幫助金融機構實現核心系統的現代化、加快產品上市時間並增強客戶體驗。

This collaboration will empower banks and fintechs to adopt flexible scalable and AP I driven solutions, enabling them to stay competitive in an evolving digital landscape while meeting regulatory requirements efficiently.

此次合作將使銀行和金融科技公司能夠採用靈活、可擴展且由 AP I 驅動的解決方案，使他們在不斷發展的數位環境中保持競爭力，同時有效滿足監管要求。

And finally, we recently signed a strategic partnership with Gocardless, aimed at enhancing digital payment solutions for businesses globally.

最後，我們最近與 Gocardless 簽署了策略合作夥伴關係，旨在為全球企業增強數位支付解決方案。

Simply put through this partnership, businesses can expect to streamline payment processes, reduce costs and improve cash flow management.

簡而言之，透過這種合作，企業可以簡化支付流程、降低成本並改善現金流管理。

The partnership will focus on delivering innovative scalable solutions that meet the growing demand for seamless real time payment experiences.

此次合作將專注於提供創新的可擴展解決方案，以滿足對無縫即時支付體驗日益增長的需求。

Moving on to technology and A I in particular, based on the results of our recent sponsored IDC info brief titled the next wave of Digital Transformation.

根據我們最近贊助的 IDC 資訊簡報《下一波數位轉型》的結果，我們來談談技術，特別是人工智慧。

In the era of the A I powered Digital shift, 60% of CEOS consider deploying A I machine learning and generative A I to be their top modernization and transformation initiative making it the leading priority for this group.

在人工智慧驅動的數位轉型時代，60% 的執行長認為部署人工智慧機器學習和產生人工智慧是他們最重要的現代化和轉型舉措，這使其成為這一群體的首要任務。

But to truly harness A I's transformative potential organizations must ensure that this technology is embedded deep within their core systems, which is why modernizing our clients' core infrastructure is a key pillar of our long term strategy.

但要真正發揮人工智慧的變革潛力，組織必須確保這項技術深深嵌入其核心系統，這就是為什麼現代化客戶的核心基礎設施是我們長期策略的重要支柱。

So let's turn to core modernization.

因此讓我們來討論核心現代化。

We do not view it as just a behind the scenes upgrade.

我們並不認為這只是一次幕後升級。

It's the critical foundation enabling the adoption of cutting edge technologies to drive future growth from A I and automation to advanced analytics without modern flexible and scalable systems.

它是採用尖端技術推動未來從人工智慧和自動化到高級分析的成長的關鍵基礎，無需現代的靈活和可擴展系統。

Businesses simply can't take full advantage of these innovations.

企業根本無法充分利用這些創新。

The core modernization is a holistic approach to transforming platforms that have historically resisted change or been overlooked in transformation efforts.

核心現代化是一種整體方法，用於改造那些歷史上抵制變革或在轉型工作中被忽視的平台。

The same IDC research found that 49% of firms attribute overspending of digital infrastructure to the cost of maintaining legacy systems which just underscores the urgent need to modernize the greater operational efficiency.

IDC 的同一項研究還發現，49% 的公司將數位基礎設施的超支歸因於維護遺留系統的成本，這凸顯了實現現代化以提高營運效率的迫切需求。

When we work with clients to modernize their core systems, we aim to develop those relationships into long term partnerships where we can continue to help them thrive in a rapidly changing landscape.

當我們與客戶合作對其核心系統進行現代化改造時，我們旨在將這些關係發展為長期合作夥伴關係，以便我們能夠繼續幫助他們在快速變化的環境中蓬勃發展。

In short core modernization empowers us to deliver innovation at scale.

簡而言之，核心現代化使我們能夠大規模地實現創新。

Setting the stage for future growth and transformation through our data X capabilities, we design and accelerate our clients' change agendas seamlessly integrating these innovations with our foundational capabilities to drive a lasting impact.

透過我們的資料X功能為未來的成長和轉型奠定基礎，我們設計並加速客戶的變革議程，將這些創新與我們的基礎功能無縫集成，以產生持久影響。

It's about equipping organizations with the ability to implement and optimize next gen technologies without being held back by outdated systems.

它旨在使組織具備實施和優化下一代技術的能力，而不會受到過時系統的阻礙。

So what does this innovation look like in action?

那麼這項創新在實際中表現如何呢？

The cornerstone of our modernization approach is an in depth analysis of legacy technology assets.

我們的現代化方法的基石是對遺留技術資產的深入分析。

This analysis is supported by our own IP in the form of A I enabled accelerators which are designed to reduce disruption and vastly increase the speed and accuracy of delivery.

該分析由我們自己的 IP 以 A I 加速器的形式支持，旨在減少中斷並大幅提高交付速度和準確性。

They offer a tailored unique approach that analyzes each customer's situation thereby facilitating our ability to develop deploy and integrate impactful solutions.

他們提供量身定制的獨特方法來分析每個客戶的情況，從而增強我們開發部署和整合有影響力的解決方案的能力。

The seven Modernization Accelerators range from Kronos and Ray which focus on software assessments to morpheus orogenic A I Accelerator.

七個現代化加速器包括專注於軟體評估的 Kronos 和 Ray，以及 morpheus 造山 A I 加速器。

The sweep also includes tools for dependency mapping, predictive analysis capabilities and optimizing data center environments which clients have told us are unique features and which enables more efficient low risk accelerated transformation programs.

此次更新還包括依賴關聯式映射、預測分析功能和優化資料中心環境的工具，客戶告訴我們這些都是獨特的功能，可以實現更有效率、低風險的加速轉型計畫。

And by leveraging next generation technologies, we believe we can deliver even greater value to our clients, pushing the boundaries of what's possible with the goal of delivering sustainable growth, these accelerators and the others that we offer in specific verticals totaling more than 20 overall really come into their own.

透過利用下一代技術，我們相信我們可以為客戶提供更大的價值，突破可能的界限，實現永續成長，這些加速器以及我們在特定垂直領域提供的其他加速器（總計超過 20 個）真正發揮了它們的作用。

When underpinned by our core competencies in data A I and digital product strategy and management.

當我們以數據人工智慧和數位產品策略與管理的核心競爭力為基礎。

A big focus for us right now is supporting clients as they transition their A I use cases from proof of concept to operating in production.

我們目前的重點是支援客戶將其 A I 用例從概念驗證轉變為生產運行。

So we have front row seats when seeing the value that our A I systems provide to our clients.

因此，當我們看到我們的人工智慧系統為客戶提供的價值時，我們處於最前排。

An example for a preeminent London market insurer, we deployed an A I system that monitors the huge volume of incoming sufficients and politely declines the ones that don't suit our client's business model.

以倫敦市場一家傑出的保險公司為例，我們部署了一個人工智慧系統，可以監控大量進來的訂單，並禮貌地拒絕那些不適合我們客戶業務模式的訂單。

The system makes the decision based on whether it is the wrong type of product or if it may sway the whole portfolio.

系統會根據產品類型是否錯誤或是否會影響整個產品組合來做出決定。

Another interesting use case is one where we developed an A I system for a personal lines insurer, offering car and home insurance products in the UK.

另一個有趣的用例是我們為個人保險公司開發了一個人工智慧系統，在英國提供汽車和家庭保險產品。

We worked on their claims transformation program to increase the number of online self reported customer claims after an accident from the first notification of loss A I was used to ensure that the claimant would never need to repeat information.

我們致力於他們的索賠轉型計劃，以增加事故發生後從第一次損失通知開始的線上自我報告客戶索賠的數量，我用它來確保索賠人永遠不需要重複資訊。

Even if the case was escalated, claims handling is a major cost area for insurers.

即使案件升級，索賠處理仍然是保險公司的主要成本領域。

So this program had an important value proposition before our system went live, around 14% of their customers claims were self reported online.

因此，在我們的系統上線之前，該計劃就有一個重要的價值主張，大約 14% 的客戶索賠都是在線上自行報告的。

A year after I go live this adult to about 28% and it keeps increasing.

我上線一年後，這個比例成長到了 28% 左右，而且還在持續成長。

Then there is the US asset tracking company facing a demanding environment where precise real time tracking of physical assets was essential challenges emerged around accurately pinpointing and recording asset locations.

然後，美國資產追蹤公司面臨著一個苛刻的環境，對實體資產進行精確的即時追蹤至關重要，準確定位和記錄資產位置是其中面臨的挑戰。

So leveraging a customized A I model integrated with an IOT solution, we automated the geomarking process.

因此，透過利用與 IOT 解決方案整合的客製化 A I 模型，我們實現了地理標記流程的自動化。

This eliminated the need for manual data entry, enhanced accuracy and provided the client with a seamless tracking experience.

這消除了手動資料輸入的需要，提高了準確性並為客戶提供了無縫的追蹤體驗。

And finally, a manufacturer of intelligence glasses requires greater levels of accuracy when users issue voice commands to help resolve the problem.

最後，智慧眼鏡製造商要求使用者在發出語音命令來幫助解決問題時具有更高的準確度。

A large language model or Ln BASED solution was deployed to enhance the user experience.

部署了大型語言模型或Ln BASED解決方案來增強使用者體驗。

When a user speaks to the device, the model maps natural language to the commands supported by the device.

當使用者對設備說話時，模型將自然語言對應到設備支援的命令。

If the user words do not match predefined commands, the A I model generates an appropriate response.

如果使用者的字詞與預先定義的指令不匹配，AI 模型就會產生適當的回應。

The device is capable of processing both user speech and images providing a comprehensive and intuitive interaction experience.

該設備能夠處理用戶語音和圖像，提供全面、直覺的互動體驗。

As you can see, it's an exciting time for us.

正如您所看到的，這對我們來說是一個激動人心的時刻。

These deployed A I use cases represent just a small subset of the solutions we've been creating and deploying for clients switching gears now and moving on to galaxy integration is progressing with a focus on both commercial alignment and the goal of achieving operational excellence.

這些已部署的 A I 用例僅代表我們為客戶創建和部署的解決方案的一小部分，現在我們正在轉換方向並轉向星系集成，重點是商業協調和實現卓越運營的目標。

We are concentrating on our cross selling efforts and recently leveraged our nearshore teams to support a major us pharmaceutical retailer with their international assets demonstrating our global reach and industry insights.

我們專注於交叉銷售工作，最近利用我們的近岸團隊為美國一家大型醫藥零售商提供國際資產支持，展示了我們的全球影響力和行業洞察力。

Additionally, we broadened the scope of services offered to a longstanding galaxy healthcare client.

此外，我們也擴大了為長期銀河醫療客戶提供的服務範圍。

Now working to elevate their data strategy and reinforcing our commitment to delivering transformative outcomes in healthcare.

目前，我們正在致力於提升他們的數據策略，並加強我們在醫療保健領域實現變革性成果的承諾。

I mentioned earlier that we have globalized our delivery capability to expand on that.

我之前提到過，我們已經將我們的交付能力全球化以擴大這一點。

We are excited to have been able to open up new areas of client spend with our delivery footprint in India.

我們很高興能夠利用我們在印度的配送業務來開拓新的客戶消費領域。

Our presence in this region gives us the ability to offer global coverage across time zones and access to a diverse and skilled team, essential elements in large scale engagements.

我們在該地區的業務使我們能夠跨時區提供全球覆蓋，並擁有多元化且技術嫻熟的團隊，這些都是大規模合作所必需的要素。

As India is often a strategic location in our client's technology delivery plan.

因為印度經常是我們客戶的技術交付計畫中的一個策略位置。

We're already seeing a new level of engagement with potential customers including strategic bids that would previously have been out of our reach.

我們已經看到與潛在客戶的互動達到了一個新的水平，其中包括以前我們無法企及的策略性投標。

Our first net new success in the region was our selection as the preferred technology partner for a global capital markets organization.

我們在該地區的第一個新淨成功是被全球資本市場組織選為首選技術合作夥伴。

This perfectly illustrates the benefits from our new India footprint.

這完美地體現了我們在印度新業務帶來的好處。

Our India delivery qualified us to engage with the customer, but the services will require delivery, not just from India, but also Central Europe and Latam as well as both A I and core modernization capabilities.

我們的印度交付使我們有資格與客戶接觸，但服務不僅需要從印度交付，還需要從中歐和拉丁美洲交付，以及人工智慧和核心現代化能力。

Building on this momentum, we're progressing with further opportunities across payments and retail and are actively collaborating with existing customers to design optimal best shoring solutions.

基於這一勢頭，我們正在支付和零售領域尋求更多機遇，並積極與現有客戶合作，設計最佳的支援解決方案。

Now, moving on to our people, we ended the quarter with 11,821 endowments on board which represents a 0.5% increase from the same period last year.

現在，談到我們的員工，本季結束時，我們共有 11,821 支捐贈基金，比去年同期增加了 0.5%。

Looking forward and based on the current environment, we are prioritizing recruitment in high demand areas such as around the domains of data A I and cloud with our people in mind.

展望未來，基於當前環境，我們將優先在資料人工智慧和雲端運算等高需求領域招募人才。

I would like to focus on an area that is very important to us in Darwin, which is mental health.

我想重點關注對我們達爾文人來說非常重要的一個領域，那就是心理健康。

We are committed to creating an environment where everyone feels empowered to take care of their well being.

我們致力於創造一個讓每個人都有能力照顧自己健康的環境。

And our endowments can find support and guidance through the employee assistance program and our dedicated wellbeing champions to mark the world's mental health day.

我們的捐贈基金可以透過員工協助計畫和我們敬業的健康倡議者獲得支持和指導，以紀念世界精神健康日。

This October, we are offered a masterclass and workshops, offering practical tools and strategies to navig life's ups and downs with confidence.

今年十月，我們將舉辦大師班和研討會，提供實用的工具和策略，幫助您自信地應對生活中的起起落落。

We also joined the global Celebration of customer experience Day.

我們也參加了全球客戶體驗日慶祝活動。

Recognizing the positive impact it creates for our organization, our people and our clients.

認識到它為我們的組織、我們的員工和我們的客戶帶來的正面影響。

In October, our engineering days took center stage featuring three days of live talks streamed from Bucharest, Montevideo and Melbourne.

十月份，我們的工程日成為了焦點，包括從布加勒斯特、蒙得維的亞和墨爾本進行為期三天的現場直播講座。

These global sessions were led by our top engineers exploring key topics that resonate across our business and the wider industry.

這些全球會議由我們的頂尖工程師主持，探討在我們的業務和整個行業中引起共鳴的關鍵主題。

Today, local and regional events followed, fostering collaboration among our teams as we continue to transform how we envision and engage with technology.

今天，我們舉辦了一系列本地和地區活動，促進了我們團隊之間的協作，並繼續轉變我們對技術的設想和參與方式。

In closing, I'd like to take this opportunity to thank all endowments for their commitment and determination as we are navigating the challenges of the digital shift, but also discovering the new opportunities it brings, we will continue to manage the business for the long term, maintaining our culture and organizational health and creating exciting technological solutions that empower our clients to thrive in this next wave of A I driven digital transformation.

最後，我想藉此機會感謝所有捐贈基金的承諾和決心，因為我們正在應對數位轉型的挑戰，同時也發現它帶來的新機遇，我們將繼續長期管理業務，保持我們的文化和組織健康，並創造令人興奮的技術解決方案，使我們的客戶能夠在下一波人工智慧驅動的數位轉型中蓬勃發展。

Now I'll hand over to mark who will walk you through our quarterly financial results and offer guidance for the upcoming quarter.

現在我將把麥克風交給馬克，他將向大家介紹我們的季度財務業績，並為下一季提供指導。

And remainder of the fiscal year.

以及財政年度的剩餘時間。

And strong revenue totaled 195.1 million pounds for three months ended September 30th 24 compared to 188.4 million pounds in the same period in the prior year, representing a 3.5% increase in constant currency.

截至 9 月 30 日的三個月，公司總收入強勁，達到 1.951 億英鎊，而去年同期為 1.884 億英鎊，按固定匯率計算增長了 3.5%。

Our revenues increased 5.2% from the same period in the prior year.

我們的營收比去年同期成長了5.2%。

The contrary revenue is up 2% in constant currency on the previous quarter.

以固定匯率計算，營收較上一季成長了 2%。

Profit before tax for the three months ended.

截至三個月的稅前利潤。

September 30th 2024 is 4.2 million pounds compared to 17.3 million pounds in the same period in the prior year.

2024 年 9 月 30 日為 420 萬英鎊，去年同期為 1,730 萬英鎊。

Our adjusted PBT for the three months end, September 30th 2024 is 19.2 million pounds compared to 29.8 million pounds for the same period in the prior year.

我們截至 2024 年 9 月 30 日三個月的調整後稅前利潤為 1,920 萬英鎊，而去年同期為 2,980 萬英鎊。

Our adjusted PBT margin was 9.9% for the three months as of September 30th 2024 compared to 15.8% the same period in the prior year before tax.

截至 2024 年 9 月 30 日的三個月，我們的調整後稅前利潤率為 9.9%，而去年同期的稅前利潤率為 15.8%。

And the just the PBT were impacted by decline in operating marches.

而僅有稅前利潤受到了營業利潤下滑的影響。

As I said last quarter, we expect these margins to improve from current level in future periods.

正如我上個季度所說，我們預計未來利潤率將比目前水準有所提高。

Following the integration of Galaxy and the business optimization initiatives we only took during fiscal 2024 our adjusted diluted earning per share was 25p.

在整合 Galaxy 以及我們在 2024 財年採取的業務優化舉措之後，我們的調整後每股攤薄收益為 25 便士。

The three months ended September 30th 2024 calculated on 59.4 million shares as compared to 39p.

截至 2024 年 9 月 30 日的三個月，股票數量為 5,940 萬股，而之前為 39 便士。

The same period in the prior year calculated on 58.4 million shares.

去年同期為5840萬股。

Revenue from our 10 largest clients accounts for 36% of revenue for the three months ended September 30th 2024 compared to 35% for the same period.

截至 2024 年 9 月 30 日的三個月，來自我們十大客戶的收入佔總收入的 36%，而去年同期這一比例為 35%。

Last fiscal year.

上一財政年度。

The average spend per client from our 10 largest clients increased from 6.5 million pounds 7.1 million pounds to the three months ended September 30th 2024 as compared to the three months ended September 30th 23 representing an 8% year over year increase in the three months ended September 30th 2024 North America accounted for 39% of revenue Europe for 25%.

截至 2024 年 9 月 30 日的三個月，我們 10 個最大客戶的每位客戶平均支出從 650 萬英鎊增至 710 萬英鎊，與截至 2023 年 9 月 30 日的三個月相比增長 8%，其中北美佔收入的 39%，歐洲佔 25%。

The UK for 31%.

英國佔31%。

While the rest of the world accounted for 5%.

而世界其他地區則佔5%。

Revenue from North America grew 32.5% for the three months ended September 30th 2024 over the same period last fiscal year, comparing the same periods, revenue from Europe grew 2.7%.

截至2024年9月30日的三個月，來自北美的營收與上財年同期相比成長了32.5%，同期來自歐洲的營收成長了2.7%。

The UK declined 8.0% and the rest of the world declined.

英國下降了8.0%，世界其他地區也出現下降。

42.8% North America was boost, boosted by the contribution of the galaxy business.

北美地區成長42.8%，主要得益於銀河業務的貢獻。

While the decrease in the UK is mainly due due to an decrease in payments and the rest of the world is due mainly to work out in banking and capital markets and insurance.

英國的下降主要是由於支付的減少，而世界其他地區的下降主要是由於銀行業和資本市場以及保險業的下降。

Vertical revenue from payments declined 25.5% for the three months ended, September 30th 2024 over the same period last fiscal year and accounted for 20% of total revenue.

截至 2024 年 9 月 30 日的三個月，垂直支付收入與上財年同期相比下降了 25.5%，佔總營收的 20%。

Comparing the same periods.

比較同一時期。

Revenue from banking and capital markets grew 23.4% and accounted for 70% of total working revenue from insurance.

來自銀行及資本市場業務的收入成長23.4%，佔保險總營業收入的70%。

Grew 14.5% to 9% of total revenue revenue from T&T declined by 4.5% and accounted for 21% of total revenue revenue from mobility declined 14.3% and accounted for 9% of total revenue revenue from healthcare which starting this quarter will be reported as a separate vertical rather than being included in our other vertical, grew 201.6% with the acquisition of Galaxy and accounted for 12% of revenue from other grew 3.0% and accounted for 12% of total revenue regarding payments.

成長 14.5% 至總收入的 9% 來自 T&T 的收入下降 4.5% 佔總收入的 21% 來自行動收入下降 14.3% 佔總收入的 9% 來自醫療保健的收入從本季度開始將作為單獨的垂直業務報告而不是包含在我們的其他垂直業務中，收購 Galaxy 後佔 201% 的總收入 13% 。

The decrease was mainly driven by lower spend by a few clients in that vertical compared to the prior year.

下降的主要原因是與前一年相比，該垂直領域的少數客戶支出減少。

However, on a sequential basis, revenue from payments increased by 2.1%.

不過，以季度計算，支付收入成長了 2.1%。

Our objective free cash flow was 3.5 million pounds.

我們的目標自由現金流是350萬英鎊。

The three months ended September 30th 2024 compared to 16 million pounds during the same period last fiscal year, our cash and cash equivalents at the end of the period to 52.8 million pounds.

截至 2024 年 9 月 30 日的三個月，與上一財年同期的 1,600 萬英鎊相比，我們的期末現金及現金等價物為 5,280 萬英鎊。

September 30th 2024 compared to 62.4 million pounds at June 30th 2024.

2024 年 9 月 30 日，而 2024 年 6 月 30 日為 6,240 萬英鎊。

Our borrowings totaled 132.6 million pounds at September 30th 2024 compared to 144.8 million pounds at June 30th 2024 capital expenditure for the three months ended September 30th 20 24% of revenue was 0.6% compared to 0.4% in the same period last fiscal year.

截至 2024 年 9 月 30 日，我們的借款總額為 1.326 億英鎊，而截至 2024 年 6 月 30 日的借款總額為 1.448 億英鎊，截至 2024 年 9 月 30 日的三個月的資本支出佔收入的 0.6%，而上一財年同期為 0.4%。

Now, moving on to our outlook, our guidance for Q2 fiscal year 2025 is as follows.

現在，讓我們來看看我們的展望，我們對 2025 財年第二季的指導如下。

The data expects revenues to be in the range of 195 million pounds to 197 million pounds representing constant currency revenue growth of between 8.5% and 9.5% on a year over year basis.

數據預計收入將在 1.95 億英鎊至 1.97 億英鎊之間，以固定貨幣計算，年增 8.5% 至 9.5%。

Endava expects adjusted diluted EPS to be in a range of 24 to 25 P per share.

Endava 預計調整後的稀釋每股盈餘將在 24 至 25 便士之間。

Our guidance for full year fiscal year 2025 is as follows and expects revenue to be in the range of 800 million pounds to 810 million pounds.

我們對 2025 財年全年的預期如下，預計營收在 8 億英鎊至 8.1 億英鎊之間。

Representing constant currency revenue increase between 10.0% and 11.5% on a year over year basis.

代表以固定貨幣計算的營收年增 10.0% 至 11.5%。

And Dava expects adjusted diluted PS to be in a range of 112 to 117 P per share.

Dava 預計調整後的稀釋每股盈餘將在 112 至 117 便士之間。

This above guidance for Q2 fiscal year 2025 and the full fiscal year 2025 assumes the exchange rates on October 31st 2024 and the exchange rate is GBP1 to $1.30 and 1.19.

上述 2025 財年第二季和 2025 財年全年的預測假設了 2024 年 10 月 31 日的匯率，即 1 英鎊兌 1.30 美元和 1.19 美元。

EUR this completely self prepared comments operator, we are now ready to open the line.

EUR這家完全自我準備的評論運營商，我們現在已經準備好開線了。

We will now begin the question and answer session to ask a question.

我們現在開始問答環節來問一個問題。

You may press star then one on your touchtone phone.

您可以在按鍵電話上按星號，然後按一。

If you are using a speakerphone, please pick up your handset before pressing the keys.

如果您使用揚聲器電話，請在按下按鍵之前拿起聽筒。

If at any time, your question has been addressed and you would like to withdraw your question.

如果您的問題已得到解答而您想撤回您的問題。

Please press star then two at this time, we will pause momentarily to assemble our roster.

此時請按星號然後按二，我們將暫停一段時間來匯總我們的名冊。

The first question today comes from Jamie Friedman with Susquehanna.

今天的第一個問題來自 Susquehanna 的 Jamie Friedman。

Please go ahead.

請繼續。

Hi, good morning.

嗨，早安。

Good afternoon.

午安.

I wanted to ask John.

我想問約翰。

I was intrigued by your prepared remarks, especially the opening commentary about the acceleration of the new technologies.

您準備好的發言引起了我的興趣，尤其是開場白中關於新技術加速發展的評論。

Now outpacing the decline of the deluxe.

現在已經超過了豪華的衰退。

But you went on to say that this is different from prior technology architectures in your view.

但您接著說，在您看來，這與先前的技術架構不同。

I was just hoping you could elaborate that like if you can help unpack, how bad is the bad stuff, how fast is the good stuff and why this is different this time?

我只是希望你能詳細說明一下，如果你能幫忙解開的話，壞東西有多糟糕，好東西有多快，以及為什麼這次不同？

Yeah, thanks Jamie and good question.

是的，謝謝 Jamie，這個問題問得好。

I mean, this is around the digital shift that I was highlighting in my opening remarks.

我的意思是，這與我在開場白中強調的數位轉變有關。

Where if you look, if you look at the previous 20 years of our business, we were largely building digital capabilities around the outside of clients core systems.

如果你回顧一下我們過去 20 年的業務，你會發現我們主要是在客戶核心系統之外建立數位化能力。

And you know, the shifts that were going on remained around the outside, the need of A I to get into the data, the workflows, the processes that sit at the heart of the enterprise means that you can't in this new era, just build around the outside, but you actually need to get into the core and do a lot of the transformation work on the core.

你知道，正在發生的轉變仍然圍繞著外部，人工智慧需要進入企業核心的數據、工作流程、流程，這意味著在這個新時代，你不能只圍繞外部進行構建，但你實際上需要進入核心並在核心上做大量的轉型工作。

And so that's the difference that I was picking out and the the impact on us is that as clients get into engaging with those questions, they, they are larger programs because it's, it's not a case of creating some product capability largely around the outside of the core, but actually a deeper program of work that goes into the core and transforms it.

這就是我所挑選出的區別，它對我們的影響是，當客戶開始關注這些問題時，它們會成為更大的項目，因為這不是主要在核心外部創建某種產品能力的情況，而是一個更深層次的工作項目，它深入核心並對其進行改造。

And that's not an easy program.

這並非一個簡單的計劃。

So the larger programs, clients taking longer to do the preparatory work on it and to do the sign off on it.

因此，專案規模越大，客戶需要花費越長的時間來完成準備工作並簽署文件。

So that's the shift and picture if you like that, that we're setting in which we are negotiating our way through at the moment.

所以，如果您願意的話，這就是我們目前正在進行的談判所呈現的轉變和圖像。

Great.

偉大的。

Thank you for the call, John, I'll drop back in the queue.

感謝您的來電，約翰，我會回到隊列中。

Thanks man.

謝謝老兄。

The next question comes from Jonathan Lee with Guggenheim.

下一個問題來自古根漢的喬納森李。

Please go ahead.

請繼續。

Great.

偉大的。

Thanks for taking our question and tremendous to see the relative stability in the outlook here.

感謝您回答我們的問題，很高興看到這裡的前景相對穩定。

Can you provide an update around your underlying assumptions in your outlook across the macroeconomic landscape and client budgets and where you'd expect the potential for maybe growth, acceleration versus deceleration based on what you see in your pipeline today.

您能否就您對宏觀經濟狀況和客戶預算的展望中的基本假設提供最新信息，以及根據您目前看到的情況，您預計可能出現增長、加速或減速的潛力。

Good morning, Jonathan.

早安，喬納森。

And so the broad picture that we have in our outlook is based on the macro and the current situation are largely remaining unchanged.

因此，我們對整體前景的展望是基於宏觀的，而當前情況基本上保持不變。

And you know, the the processes that clients are going through in terms of thinking about where to prioritize their spend and the time it's taking them to do that following similar extended cycles as they go through that, you know, there are, there are still higher standards that CFOS are setting in terms of the financial returns of the investments that they're making than, than used to be the case during COVID and post COVID period.

您知道，客戶在考慮優先考慮哪些支出以及在經歷類似的延長週期後需要花費的時間時，您知道，就投資的財務回報而言，CFOS 設定的標準比 COVID 期間和 COVID 後期更高。

And you know, expectations of solid business cases that are going on at the same time, these are new technologies A I the approaches to core modernization that we're bringing and so on.

您知道，同時，對堅實的商業案例的期望，這些是新技術、AI，以及我們正在帶來的核心現代化方法等等。

So the creating the business cases that have the solidity are, are challenged from a technical point of view and we're putting a lot of work into helping our clients get to the bottom of that and get their cases to stand up.

因此，從技術角度來看，創建具有可靠性的商業案例是一項挑戰，我們正在投入大量精力來幫助我們的客戶徹底解決這個問題，並使他們的案例站得住腳。

So the second part of your question that that essentially is what's driving the ups and downs as there's a shift from the more traditional digital transformation work built around the outside of the core towards larger programs that are taking longer, sign off that go into the core and indeed our core modernization approach.

因此，你問題的第二部分是，這本質上就是導致起伏的原因，因為從圍繞核心外部構建的更傳統的數位轉型工作轉向需要更長時間的更大項目，簽署進入核心的批准，實際上是我們的核心現代化方法。

And so, you know, as we look forward, we are, we are balancing the ups and downs in that shift in client spend and the time that it takes them to make those decisions.

所以，您知道，展望未來，我們正在平衡客戶支出的變化和他們做出這些決定所需的時間。

Thanks for that detail.

謝謝你的詳細說明。

And just as a follow up your your outlook contemplates sequential revenue growth acceleration in the back half of your fiscal year, you know what in your customer conversations gives you that confidence and visibility into your ability to achieve that.

正如您在後續展望中所設想的，您的財政年度下半年的收入將連續加速增長，您知道在與客戶的對話中，什麼可以給您帶來信心並讓您了解自己有能力實現這一目標。

And how do we balance that with the sequentially lower head count we saw in the quarter.

我們如何平衡這現狀與本季員工人數的連續下降？

So let me, let me cover some of the customer conversations and then Mark can give some of the numbers that go alongside that.

所以，讓我來介紹一些客戶對話，然後馬克可以提供一些相關的數字。

So the customer conversations as, as I touched on in the last two conversations have all been around clients making those large transformative decisions and some of those are underway and that gives us some confidence that those programs will ramp up over the next eight months or so through to the end of our fiscal and others are still in pipelines.

因此，正如我在過去兩次談話中提到的那樣，客戶對話都是圍繞客戶做出那些重大的變革性決策進行的，其中一些決策正在進行中，這給了我們有信心，這些項目將在未來八個月左右直至財政年度結束逐步推進，而其他項目仍在籌備中。

So subject to the uncertainties that business that is still to be closed has, but nonetheless, we can see a few of those shaping up quite nicely and they are large programs and can make a solid impact on us.

因此，儘管仍需關閉的業務存在不確定性，但儘管如此，我們可以看到其中一些業務進展順利，而且它們都是大型項目，可以對我們產生實質的影響。

Mark.

標記。

Do you want.

你想要。

To have?

有嗎？

I haven't much to add to what John said.

對於約翰所說的話我沒有什麼好補充的。

I mean, the pipeline continues to grow since the last call in September.

我的意思是，自從九月上次通話以來，頻道持續成長。

It's balanced across the geos and verticals.

它在各個地域和垂直領域都保持平衡。

We're seeing larger potential deal opportunities.

我們看到了更大的潛在交易機會。

I think some of this is also coming from our enhanced capability through the galaxy acquisition.

我認為這其中的一部分也來自於我們透過收購星係而增強的能力。

So the core modernization topic John touched on and we're getting incremental interest basically, basically because of our presence, you know, in India.

因此，約翰談到的核心現代化主題以及我們越來越受到關注，主要是因為我們在印度的存在。

So that is opening, you know, opportunities up for us.

所以這對我們來說是一個機會。

And you put all of that together, it underpins that sort of confidence that we have in those sequential growth.

把所有這些放在一起，就鞏固了我們對連續成長的信心。

In the second half.

在下半場。

Great color there.

那裡的色彩很美。

Thanks guys.

謝謝大家。

Thanks.

謝謝。

All.

全部。

The next question comes from Maggie Nolan with William Blair.

下一個問題來自 William Blair 的 Maggie Nolan。

Please go ahead.

請繼續。

Thank you.

謝謝。

You've, you've sort of alluded to this in a couple of different ways, but maybe I'll just ask explicitly if you could comment on, you know, these larger longer term projects.

您已經用幾種不同的方式提到了這一點，但也許我會明確地問您是否可以對這些更大、更長期的項目發表評論。

You know, ones that are focused on core modernization slightly different than what you've done in the past.

您知道，我們的重點是核心現代化，與您過去所做的略有不同。

Do they have different conversion timelines, ramp timelines margin profiles?

他們是否有不同的轉換時間表、爬坡時間表和利潤概況？

Any other aspects that you would flag that are different from what endava you know, typically saw previously?

您是否還想指出哪些方面與您所知的、通常之前看到的 endava 有所不同？

Yeah, I think the big difference is the longer conversion times.

是的，我認為最大的區別是轉換時間更長。

We're not expecting the margin profiles to look different.

我們並不期望利潤概況看起來有所不同。

And you know, it is very much our approach to this is an accelerator enabled approach that enables us to get very good analytics on these complex legacy calls that clients have.

您知道，我們對此採取的方法是一種加速器啟用的方法，它使我們能夠對客戶的這些複雜的遺留呼叫進行非常好的分析。

And, and we all need to recognize they've left these alone as long as they can because of the complexity of understanding them, because many of the people who are involved in building them are no longer around in the businesses and so on.

而且，我們都需要認識到，他們盡可能長時間地不去管這些問題，因為理解這些問題很複雜，因為許多參與建造這些問題的人已經不在這些企業裡了。

So good analytics on understanding these co that gives a more assured transformation program and then you get a faster and more cost effective transition than the sort of historic traditional approaches that people have used.

因此，在理解這些因素後，良好的分析可以製定更有保障的轉型計劃，從而實現比人們過去使用的傳統方法更快、更具成本效益的轉型。

And we're using a I very much as part of that to deepen those routes, to understanding what the core does and to speeding up the process of changing it once you've got your arms around it.

我們將「I very」作為其中的一部分來深化這些路線，理解核心的作用，並在掌握核心之後加快改變它的進程。

So, because it's different to the historic ways in which other organizations have tackled core modernization, we don't expect it to be margin reducing.

因此，由於它與其他組織解決核心現代化的歷史方法不同，我們預計它不會降低利潤。

But actually, you know, to operate to a similar dynamic that we had with digital transformation over the past 20 years.

但實際上，你知道，我們的運作方式與過去 20 年數位轉型時的動態類似。

And the added value of the approach and the economic benefits to the clients, you know, being an ability to protect our margins as we go through that.

這種方法的附加價值和對客戶的經濟利益在於，在我們經歷這個過程時能夠保護我們的利潤。

That's helpful.

這很有幫助。

Thank you.

謝謝。

And then Mark maybe could you, is there any more insight you could give into the trajectory of the adjusted P BT margin over the course of the fiscal year?

然後馬克，您能否再提供一些關於本財年調整後市盈率走勢的深入見解？

Is that a, you know, second half phenomenon later in the year and then as well as the kind of the magnitude of the improvement as we think about things like the cost efficiency program integration, you know, revenue trajectory.

這是今年下半年出現的現象嗎？

Thank you.

謝謝。

So I mean, the EPS guide for Q2 can tell that the adjusted P BT outlook is, is broadly in line with Q1, I think we see the improvements come through in the second half, partially through sort of Q3, but mainly Q4 when we complete our integration from systems perspective and process perspective with galaxy which is scheduled for, you know, the end of February.

所以我的意思是，第二季度的每股盈餘指南可以看出，調整後的本益比前景與第一季度大致一致，我認為我們會看到下半年的改善，部分是透過第三季度實現的，但主要是在第四季度，屆時我們將從系統角度和流程角度完成與 Galaxy 的整合，預計在 2 月底完成。

So there's still heavy investment going on in the integration activities in Q2 and Q3.

因此，第二季和第三季的整合活動仍需要大量投資。

And then that abates somewhat when we get into Q4 where, you know, adjusted P BT margins move up to, you know, the sort of 13%-14% or so.

然後，當我們進入第四季度時，這種情況會減弱，調整後的 PBT 利潤率將上升到 13％-14％ 左右。

So we we should be exiting this fiscal year And a much.

因此，我們應該順利結束這個財政年度。

Improved sort of run rate Outlook.

改進了運行率展望。

Thank you.

謝謝。

Thanks Matt.

謝謝馬特。

The next question comes from Brian Bergen with TD Cowan.

下一個問題來自 TD Cowan 的 Brian Bergen。

Please go ahead.

請繼續。

I think this is Zach Aizenman on for Brian Bergen.

我認為這是 Zach Aizenman 代替 Brian Bergen 上場。

First question we had was on top client performance.

我們的第一個問題是關於頂級客戶的表現。

It was encouraging to see the TOP10 cohort better sequentially again here.

很高興再次看到 TOP10 群體的表現連續更好。

But just given some of the variability seen over the past year with some of the top accounts, can you just speak to what's embedded in the fiscal '25 outlook and and maybe provide more insight into the latest sentiment with some of these key accounts relative to what was seen earlier this calendar year?

但是，考慮到過去一年中一些頂級帳戶的變化，您能否談談 25 財年的前景，並或許提供一些關於這些關鍵帳戶的最新情緒的更多見解，相對於今年早些時候的情況？

Yes, I think on the previous call, we said that our largest client was a galaxy client.

是的，我想在上次電話會議中我們說過我們最大的客戶是銀河客戶。

We expect stability there.

我們期待那裡保持穩定。

Our next couple of clients are in the payment sort of space and we're seeing stability there as well.

我們的下幾個客戶都屬於支付領域，我們也看到了該領域的穩定性。

And indeed, we may see a little bit of growth in one of them in the second half.

事實上，我們可能會在下半年看到其中一個行業略有成長。

The rest of the client group looks pretty stable.

其餘客戶群看起來相當穩定。

We do have a slowdown in a media client where there's been an M&A transaction which we're expecting to ramp down quite quickly.

我們的一個媒體客戶確實遇到了業務放緩的問題，該客戶剛剛進行了一筆併購交易，我們預計這筆交易會很快減少。

So that will impact Q2 and the balance of the year, but.

所以這將影響第二季度和全年的平衡，但是。

The rest of the clients.

其餘的客戶。

Look stable and in fact, it looks like it will grow quite nicely.

看起來很穩定，事實上，它看起來會生長得很好。

That's good to hear.

我很高興聽到這個消息。

And our follow up on gen A I.

我們對 A 代 I 進行了跟進。

Any notable change in the number of projects that are now progressing into full scale production mode and, and for programs that are moving forward, can you compare and contrast contract structures, pricing productivity commitments, anything along those lines relative to more of the traditional work that you've done in the past?

現在進入全面生產模式的項目數量是否有顯著變化？

Yes.

是的。

So there is, there is a step up in projects that are going into production.

因此，投入生產的項目數量正在加快。

I would caution that it's not huge in the context of the number of projects that inva does, but it is a steady increase from a small base.

我要提醒的是，相對於 inva 所進行的項目數量來說，這個數字並不算大，但是這是一個從小基數開始的穩定成長。

And you know, it's good to see those many proof of concepts, some of them starting to convert into production assignments and start to see the benefits being delivered to clients.

你知道，很高興看到這麼多概念驗證，其中一些開始轉化為生產任務，並開始看到為客戶帶來的好處。

I mean, this is something we've been doing for a while.

我的意思是，這是我們一直在做的事情。

You'll have picked up in the opening remarks that a couple of those have been in place for over a year.

您可能從開場白中就注意到，其中一些措施已經實施了一年多。

And you know, so it's, it's, it's not ramping from nothing completely new but the gen a space as it is picking up speed is moving up from a contracting point of view.

你知道，所以它不是從無到有的，而是從收縮的角度看，正在加速發展的新一代空間。

We expect that over time and we're talking two or three years here that the shape of the contractual discussions will begin to move towards more outcome based high pricing.

我們預計，隨著時間的推移，也就是兩三年後，合約討論的形式將開始轉向更基於結果的高定價。

However today it is, it is all on A T&M basis and there is, there is still too much learning to be done both by us and by our clients in terms of what can be done with gen A I to actually be turning that into outcome based pricing.

然而今天一切都是以 T&M 為基礎的，而且我們和我們的客戶在如何利用 gen A I 將其真正轉化為基於結果的定價方面還有太多東西需要學習。

But we do believe that there will be opportunity, you know, particularly as we as we get specific use cases nailed and we can roll them into multiple clients across an industry that are actually moving to an outcome based mechanism will become part of our process around general, very helpful color.

但我們確實相信會有機會，特別是當我們確定具體的用例並將它們推廣到整個行業的多個客戶中時，這些客戶實際上正在轉向基於結果的機制，這將成為我們圍繞一般、非常有用的顏色的流程的一部分。

Thank you.

謝謝。

Thank you.

謝謝。

The next question comes from Bryan Keane with Deutsche Bank.

下一個問題來自德意志銀行的布萊恩·基恩。

Please go ahead.

請繼續。

Yeah, hi.

是的，你好。

Thanks for taking my questions.

感謝您回答我的問題。

Can you guys quantify the percent of revenue now coming from Gen A I and then mark any update on pricing on the contracts of what you're seeing in the market.

你們能否量化現在來自 Gen A I 的收入百分比，然後在合約上標記您在市場上看到的任何價格更新？

I mean, pricing overall just remains stable, still competitive with budget pressures, but we're not seeing price erosion or meaningful price erosion based on, you know, average measures of, you know, the rate per workday.

我的意思是，整體價格保持穩定，在預算壓力下仍然具有競爭力，但我們並沒有看到價格下滑，或基於平均工作日費率的顯著價格下滑。

I think the A I piece we're not tending to look at it that way because again, I think we think about providing solutions for clients using the various technologies.

我認為我們不會從那個角度看待 A I 部分，因為我認為我們考慮使用各種技術為客戶提供解決方案。

And obviously A I is a sort of strong component of BTIC embedded in most of the solutions that we are, we are offering to clients.

顯然，A I 是 BTIC 的一個強大組成部分，它嵌入在我們為客戶提供的大多數解決方案中。

But we don't look at it as like this is a percentage of, you know, the opportunities that are on the slate that include A I think A I is in all of them to a varying sort of degree.

但我們不會把它看作是包括 A 在內的所有機會的百分比，我認為 A I 在所有機會中都佔有不同程度的地位。

So it's, it's a figure that I can give you.

所以這是我可以給你的數字。

Got it.

知道了。

And March is hoping to get the acquisition contribution for the quarter and what you're expecting for fiscal year '25.

March 希望獲得本季的收購貢獻以及您對 25 財年的預期。

So as a percentage of reporter revenue for Q2, we expect the contribution to be 13% as it was in Q1 and the proportion of the M&A for the full year remains unchanged from the previous guide.

因此，作為第二季報告收入的百分比，我們預計貢獻將與第一季一樣達到 13%，並且全年併購的比例與先前的指南保持不變。

Okay, thanks so Much.

好的，非常感謝。

Thanks for that.

謝謝。

Thank you.

謝謝。

As a reminder.

提醒一下。

If you would like to ask a question, please press star then one to join the question queue.

如果您想提問，請按星號，然後按一，加入提問佇列。

The next question comes from Jane Fawcett with Morgan Stanley.

下一個問題來自摩根士丹利的 Jane Fawcett。

Please go ahead.

請繼續。

Hey, good morning.

嘿，早安。

Thanks for these details.

感謝這些詳細資訊。

I wanted to just follow up on question in terms of the project size and, and conversion time.

我只是想跟進有關專案規模和轉換時間的問題。

What does that entail or what should we take from that?

這意味著什麼或我們應該從中得到什麼？

In terms of the amount of competition there are for these projects.

就這些項目的競爭程度而言。

Is that also different?

那也不同嗎？

And you know, as you're looking at these longer time to conversion, how should we think about the change in visibility as we go out beyond kind of your your current forecast horizon?

而且您知道，當您查看這些較長的轉換時間時，我們應該如何看待超出當前預測範圍後的可見性變化？

So the the project sizes, as I touched on in the opening remarks and earlier are larger.

因此，正如我在開場白中和之前提到的那樣，專案規模更大。

Of course, one of the challenges to work through with clients is to set them a road map where they can, whilst they can see the overall size, they can actually break the deliverables down into more bite sized chunks with business benefits aligned with that.

當然，與客戶合作時面臨的挑戰之一是為他們制定一份路線圖，讓他們能夠看到總體規模，同時實際上可以將可交付成果分解成更小的區塊，並與商業利益保持一致。

So that so that we turn it into an incremental improvement approach and it still hits the longer conversion time that I've been touching on because of the need for that overall framework and the client confidence about the road map that they have.

這樣，我們就可以將其轉變為漸進式改進方法，但它仍然會達到我一直提到的更長的轉換時間，因為需要這個總體框架，而且客戶對他們所擁有的路線圖有信心。

But then once we start moving into pulling off bite size chunks, then the program gets traction and starts to move forward.

但是，一旦我們開始著手完成小塊的任務，那麼該計劃就會獲得牽引力並開始向前發展。

The competition question is mixed, I think sometimes yes, we do see higher levels of competition but other times it, it follows the traditional business winning approach that we've had over the last 25 years where we've been working with a client around the art of the possible doing proof of concepts, whether at the A I end or at the core modernization end to show them what can be achieved alongside the road map planning and then actually start to see that pull off without, without going through an RFP or a large scale process.

競爭問題是複雜的，我認為有時是的，我們確實看到了更高水平的競爭，但其他時候，它遵循我們過去 25 年來一直採用的傳統商業制勝法寶，我們一直與客戶合作，圍繞概念驗證的可能性，無論是在人工智能端還是在核心現代化端，向他們展示在路線圖規劃的同時可以實現什麼，然後真正開始看到這一過程

So it falls into both categories.

因此它屬於這兩個類別。

We do see a little bit more of the competition and the RFP process on some of the large programs but not exclusively.

我們確實看到一些大型專案的競爭和 RFP 流程有所加強，但並非僅限於此。

Got it, got it.

知道了，知道了。

And then just on touching on the, the visibility point, I mean, it seems like is, is this improving your visibility, I guess beyond this fiscal year and into next.

然後談到可見性點，我的意思是，這似乎會提高你的可見性，我想這將會超越這個財政年度並延續到下一個財政年度。

And, and when should we, and this following up a little bit on Jonathan's question, like, how should we be thinking about the the pace of hiring or, or net head count over the course of the rest of this fiscal year.

並且，我們應該什麼時候以及稍微回答一下喬納森的問題，例如，我們應該如何考慮本財年剩餘時間內的招聘速度或淨員工人數。

The sort of elongated decision making makes judgments on pipeline conversion more challenging than it has been.

這種漫長的決策過程使得管道轉換的判斷比以前更具挑戰性。

So we're adopting a cautious approach to that, I think as we're approaching, you know, the turn of the calendar year budgets are being set and again, we're exerting sort of caution around our assumptions around pipeline conversion there and how that sort of manifests itself in terms of head count growth is that we don't anticipate any sort.

因此，我們對此採取了謹慎的態度，我認為，隨著日曆年的臨近，預算正在製定中，我們對那裡的管道轉換的假設以及這在員工人數增長方面如何體現出來持謹慎態度，我們不預期任何形式的增長。

Of significant ramp.

具有顯著的斜坡。

Up.

向上。

In head.

在頭上。

Count until we get well into, you know, beyond Q3, really, we are recruiting though, I have to say we are focused on certain skills which are high demand, so data A I and cloud, but they are just topping up skills for work that we can.

算上我們進入第三季之後，我們確實在招聘，我不得不說，我們專注於某些需求量很大的技能，例如數據 AI 和雲，但它們只是為我們所能從事的工作補充技能。

See here and now.

請立即查看。

That's great.

那太棒了。

Thanks for all the color.

感謝所有的色彩。

Excellent.

出色的。

This concludes our question and answer session.

我們的問答環節到此結束。

I would like to turn the conference back over to John Cottrell for closing remarks.

我想將會議交還給約翰·科特雷爾 (John Cottrell) 作結束語。

Thank you and thank you all for joining us today.

謝謝大家，也謝謝大家今天的參與。

As I mentioned in my prepared remarks, we believe the market continues to exhibit characteristics of a significant digital shift and that's visible in the slowdown of more traditional digital business alongside the acceleration of new meaning A I and core modernization, driven growth.

正如我在準備好的發言中提到的，我們相信市場繼續表現出重大數位化轉變的特徵，這體現在傳統數位業務成長放緩的同時，新意義人工智慧和核心現代化加速推動的成長。

And we believe that our experience and expertise in digital transformation A I and core modernization make us the ideal partner for customers in this new disruptive wave.

我們相信，我們在數位轉型AI和核心現代化方面的經驗和專業知識使我們成為這股新顛覆浪潮中客戶的理想合作夥伴。

Additionally, as a result of the digital shift and our work into the core, we believe we can now offer services to a wider range of potential clients.

此外，由於數位轉型和我們的核心工作，我們相信我們現在可以為更廣泛的潛在客戶提供服務。

I look forward to our investor day tomorrow.

我期待明天的投資者日。

I hope some of you can join us and to our next earnings call in February.

我希望你們中的一些人可以加入我們，參加我們二月份的下一次財報電話會議。

Thank you.

謝謝。

The conference is now concluded.

會議現已結束。

Thank you for attending today's presentation.

感謝您參加今天的演講。

You may now disconnect.

您現在可以斷開連線。