Endava PLC (DAVA) 2025 Q2 法說會逐字稿

Good day and welcome to the Endava second-quarter and fiscal year 2025 results conference call.

大家好，歡迎參加 Endava 第二季和 2025 財年業績電話會議。

(Operator Instructions).

（操作員指令）。

Please note this event is being recorded.

請注意，該事件正在被記錄。

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

現在，我想將會議交給投資者關係主管勞倫斯·馬德森 (Laurence Madsen)。

Please go ahead.

請繼續。

Thank you.

謝謝。

Good afternoon, everyone, and welcome to Endava's second-quarter of fiscal year 2025 conference call.

大家下午好，歡迎參加 Endava 2025 財年第二季電話會議。

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 Cottrell, Endava's Chief Executive Officer; and Mark Thurston, Endava's Chief Financial Officer.

今天與我一起參加的是 Endava 的執行長 John Cottrell；以及 Endava 財務長 Mark Thurston。

Before we begin, A quick reminder to our listeners.

在我們開始之前，先向聽眾們做一下快速提醒。

Our presentation and our accompanying remarks today include forward-looking statements including, but not limited to statements regarding our guidance for Q3 fiscal year 2025 and for the full fiscal year 2025.

我們今天的演示和隨附的評論包括前瞻性陳述，包括但不限於有關我們對 2025 財年第三季和 2025 財年全年的指引的陳述。

The impact of headwinds facing our industry and business, our ability to capitalize on market opportunities and trends in our industry, including with respect to the development of artificial intelligence, our addressable market, our expectations regarding the impact of our acquisition of galaxy on our business, our expectations regarding the share repurchase program, including our anticipated receipt of shareholder approval for the share repurchase program.

我們行業和業務面臨的不利因素的影響、我們利用市場機會和行業趨勢的能力，包括關於人工智慧的發展、我們的目標市場、我們對收購 Galaxy 對我們業務的影響的預期、我們對股票回購計劃的預期，包括我們預期收到股東對股票回購計劃的批准。

Expectation of the effect of Endava's financial condition of claims, litigation, contingent liabilities, and governmental and regulatory investigations and proceedings, enhancements to our technology, demand from clients for our technology services, our ability to create long term value for our clients, our people and our shareholders and our business strategies, plans, operations, and growth opportunities.

對索賠、訴訟、或有負債、政府和監管調查和訴訟對 Endava 財務狀況的影響的預期、我們技術的增強、客戶對我們的技術服務的需求、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戰略、計劃、運營和增長機會。

These statements are subject to risk and uncertainties that could cause actual results to differ materially from those contained in the forward-looking statements.

這些聲明受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。

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.

實際結果和某些事件的時間可能與此類前瞻性陳述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表現的指標。

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 factor section of our annual report filed with the Security and Exchange Commission on September 19, 2024.

有關更多信息，請參閱我們於 2024 年 9 月 19 日向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 that non-IFRS financial measures provide useful information for investors, 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.

雖然我們認為非國際財務報告準則的財務指標為投資者提供了有用的信息，但這些資訊的呈現並非旨在單獨考慮或取代根據國際財務報告準則呈現的財務資訊。

Reconciliation of such non IFRS measures to the most directly comparable IFRS measures are included in today's earnings press release, as well as in the investor presentation, both of which you can find our investor relations site or on the SEC website.

今天的收益新聞稿以及投資者介紹中包含了此類非國際財務報告準則指標與最直接可比較的國際財務報告準則指標的對賬，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。

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

本次通話的重播連結也將在我們的網站上提供。

With that, I'll turn the call over to John.

說完這些，我會把電話轉給約翰。

Thank you, Laurence, and welcome everyone.

謝謝你，勞倫斯，歡迎大家。

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

感謝您參加我們的 2025 財年第二季財報電話會議。

We continue to see a fast changing demand environment with a strong shift from traditional digital transformation services to an AI led model, what we call the digital shift.

我們持續看到需求環境快速變化，從傳統的數位轉型服務向人工智慧主導的模式發生強烈轉變，也就是我們所謂的數位轉型。

In a recent company sponsored survey of 350 tech and business leaders, 98% of senior leaders believe the digital shift has impacted their core business model in the last two years.

在最近由公司贊助的一項針對 350 名科技和商業領袖的調查中，98% 的高階領導者認為數位轉型在過去兩年中對他們的核心業務模式產生了影響。

Almost a quarter go so far as to say that their organization's mission or purpose has also changed as a direct result of the same.

近四分之一的人甚至表示，他們所在組織的使命或宗旨也因此直接改變了。

At our Investor Day back in November, we highlighted how Endava is leveraging AI enabled capabilities like Morpheus and Compass to accelerate client transformations.

在 11 月的投資者日上，我們重點介紹了 Endava 如何利用 Morpheus 和 Compass 等人工智慧功能來加速客戶轉型。

Interest in these solutions continues to grow and are contributing to our solid pipeline of signed and potential opportunities.

人們對這些解決方案的興趣持續增長，並為我們簽署的和潛在的機會提供了堅實的管道。

That said, these are large scale projects that require greater business case validation and more detailed prototyping, leading to less predictable decision making timing and an elongated ideation to production cycle.

儘管如此，這些都是大型項目，需要更大的商業案例驗證和更詳細的原型設計，導致決策時間更難預測，並且延長了構思到生產的周期。

On the technology front, Gen AI adoption is becoming a key priority for clients.

在技​​術方面，採用新一代人工智慧正成為客戶的首要任務。

With our hands on experience, coupled with deep industry expertise, we believe that we are in a strong position to cut through the hype that our clients are exposed to regarding AI.

憑藉我們的實踐經驗以及深厚的行業專業知識，我們相信我們有能力打破客戶所接觸到的有關人工智慧的炒作。

And to work with them to deliver real business value, we believe the customization of Gen AI for enterprise level delivery should create increased demand for Endava and the broader IT services industry as adoption gathers pace.

為了與他們合作提供真正的商業價值，我們相信，隨著採用速度的加快，針對企業級交付的 Gen AI 客製化將為 Endava 和更廣泛的 IT 服務產業創造更多的需求。

Implementation of Gen AI solutions requires a fundamental re-architecture.

實施 Gen AI 解決方案需要從根本上重新架構。

Deeper cloud integration, core modernization for full data access, regulatory compliance, security, resilience, and cost effective scaling of AI processing demand.

更深層的雲端整合、核心現代化以實現完全資料存取、法規遵循、安全性、彈性以及 AI 處理需求的經濟高效擴展。

Becoming truly AI native does not happen overnight for our clients.

對我們的客戶來說，成為真正的 AI 原生世代並非一朝一夕就能實現的。

It requires thoughtful planning, a clear understanding of ROI, and a willingness to challenge long-standing ways of working.

它需要周密的計劃、對投資報酬率的清晰理解、以及挑戰長期工作方式的意願。

We're proud to guide clients as they transform into AI-driven enterprises.

我們很榮幸能夠指導客戶轉型為人工智慧驅動的企業。

Additionally, today we announced our first share buyback program totalling $100 million, as we reinforce our commitment to optimizing our capital allocation.

此外，今天我們宣布了首個總額為 1 億美元的股票回購計劃，以加強我們對優化資本配置的承諾。

And now I'd like to provide you with an update on our recent successes in securing larger and longer term deals.

現在我想向大家介紹一下我們最近在達成更大、更長期交易方面取得的成功。

On our last earnings call, we explained our focus on these opportunities as a foundation for future growth.

在我們上次的財報電話會議上，我們解釋了我們將這些機會作為未來成長的基礎。

This approach has allowed us to refine our strategy, concentrating on the relationships that drive meaningful revenue growth, as well as deal size, core proposition, and deal structure.

這種方法使我們能夠改進我們的策略，專注於推動有意義的收入成長的關係以及交易規模、核心主張和交易結構。

The three months since our last earnings call have been marked with exciting wins with new customers, as well as extended partnerships with some of our long-standing clients.

自上次財報電話會議以來的三個月裡，我們取得了令人興奮的進展，贏得了新客戶，並與一些長期客戶延長了合作關係。

I'll now share some examples.

我現在分享一些例子。

We're helping a leading global fintech and payments provider refresh their technology stack by tackling technical debt and assisting with their data center migration and consolidation.

我們正在幫助一家全球領先的金融科技和支付提供者解決技術債並協助其資料中心遷移和整合，以更新其技術堆疊。

Using [RA] and infra accelerators, we are also providing an independent third party view of risks, opportunities, and strengths of the applications and products they offer to their clients.

透過 [RA] 和基礎設施加速器，我們也可以從獨立的第三方角度看待他們向客戶提供的應用程式和產品的風險、機會和優勢。

We also secured a core modernization project with a leading financial institution in North America.

我們也與北美一家領先的金融機構簽訂了核心現代化專案。

In the first phase, we used our [RA] accelerator to create a comprehensive inventory of applications, focusing on key outputs such as modernization paths, a risk model, a prioritization model, and a costing model.

在第一階段，我們使用我們的 [RA] 加速器創建了一個全面的應用程式清單，重點關注關鍵輸出，例如現代化路徑、風險模型、優先級模型和成本模型。

The second phase will build on these outcomes, delivering deeper application level insights and finalizing the frameworks established in Phase 1.

第二階段將在這些成果的基礎上，提供更深入的應用層面洞察，並最終確定第一階段所建立的架構。

Using our maps and dash accelerators, we expect to develop a detailed modernization mode map for the organization's core applications, helping them drive transformation with clarity and confidence.

利用我們的地圖和儀表板加速器，我們希望為組織的核心應用程式開發詳細的現代化模式地圖，幫助他們清晰而自信地推動轉型。

These two clients are in our banking and capital markets industry vertical.

這兩位客戶都屬於我們的銀行和資本市場垂直產業。

We're seeing strong growth in this sector, which is up 43.6% over the past 12 months.

我們看到該行業強勁成長，過去 12 個月成長了 43.6%。

And these two engagements are illustrative of the scale of spend we can unlock as we apply our accelerators to this space.

這兩次合作說明了當我們將加速器應用到這個領域時可以解鎖的支出規模。

Moving on to other industries.

轉向其他行業。

One of our longest standing customers and a global player in the talent acquisition industry, Alexander Mann Solutions, signed their longest commitment with us, a five year extension as their key technology partner.

Alexander Mann Solutions 是我們最長期的客戶之一，也是人才招募產業的全球參與者，與我們簽署了最長的承諾，即延長五年作為其主要技術合作夥伴。

This is particularly exciting for us, as whilst we continue to maintain and optimize their critical platforms and services, we are also exploring new ways to expand our partnership driven by our strengths in technology innovation and core modernization.

這對我們來說尤其令人興奮，因為在我們繼續維護和優化他們的關鍵平台和服務的同時，我們也在探索利用我們在技術創新和核心現代化方面的優勢來擴大合作夥伴關係的新方法。

We also extended a multi-year partnership with a major European commodities trader, becoming their prime technology partner.

我們也與一家歐洲主要大宗商品交易商延長了多年的合作關係，成為其主要技術合作夥伴。

Together we are focusing on providing advanced technology and data engineering solutions to meet the demands of the fast changing global commodities trading markets, including areas like market data, collateral management, trade finance, and pricing.

我們共同致力於提供先進的技術和數據工程解決方案，以滿足快速變化的全球大宗商品交易市場的需求，包括市場數據、抵押品管理、貿易融資和定價等領域。

We're also working on several projects for a global healthcare company, covering various facets of their operations.

我們也為一家全球醫療保健公司開展了多個項目，涉及其營運的各個方面。

This includes providing professional services to build out an innovation hub in India.

這包括提供專業服務以在印度建立創新中心。

And we're also working on modernizing their mobile application for clients and providers to improve the customer experience.

我們也致力於為客戶和供應商更新他們的行動應用程序，以改善客戶體驗。

We continue to win new clients and were selected as the technology partner for a London-based market insurer in a three year deal to help with the transformation of their technology operating model and their technology estate.

我們不斷贏得新客戶，並被一家總部位於倫敦的市場保險公司選為技術合作夥伴，簽訂了為期三年的協議，幫助他們轉型技術營運模式和技術資產。

And in the US, we launched a campaign targeting an emerging energy industry need.

在美國，我們發起了一項針對新興能源產業需求的活動。

We've just signed Austin Energy, one of several US energy providers we are working with to address a common need to modernize similar legacy technology platforms.

我們剛與奧斯汀能源公司簽約，該公司是我們正在合作的幾家美國能源供應商之一，旨在滿足對類似傳統技術平台進行現代化改造的共同需求。

We're aiming to secure additional US energy providers as clients for this service.

我們的目標是確保更多的美國能源供應商作為此項服務的客戶。

As I mentioned earlier, Gen AI continues to be a major driver of technological advancement.

正如我之前提到的，人工智慧仍然是技術進步的主要驅動力。

We're seeing ongoing evolution in the space from more powerful models and breakthroughs in model training from both a cost and a technology perspective.

我們看到該領域正在不斷發展，從更強大的模型到成本和技術角度的模型訓練都取得了突破。

To deeper integration into the software delivery life cycle, advancement in agentic AI, and the increase of available open source models.

更深入地融入軟體交付生命週期、代理人工智慧的進步以及可用開源模型的增加。

All of this leads to more choice and options to build exciting solutions for our clients.

所有這些都為我們的客戶帶來了更多的選擇和選項，從而建立令人興奮的解決方案。

But in Dava, we believe AI is the single most defining technological advance of our lifetimes.

但在 Dava，我們相信人工智慧是我們一生中最具決定性的技術進步。

It has the potential to change every aspect of our professional and personal lives, and we are already seeing this impact unfold daily.

它有可能改變我們職業和個人生活的方方面面，而我們已經每天都看到這種影響。

Through cutting edge innovation, we are guiding our clients on their AI transformation journeys, helping them implement scale and optimize AI to achieve real business value.

透過尖端創新，我們引導客戶進行人工智慧轉型之旅，幫助他們實現規模化和優化人工智慧，以實現真正的商業價值。

Let me take you through some examples.

讓我給你看一些例子。

In our ongoing partnership with a major global pharmaceutical business, we are working to transform one of their critical clinical code processes, where consistent and reliable results are absolutely essential.

在我們與一家全球大型製藥公司的持續合作中，我們正在努力改變他們的一個關鍵臨床代碼流程，其中一致且可靠的結果是絕對必要的。

In an industry, where decisions are heavily scrutinized and the AI landscape presents challenges around consistency, the client needed a solution they could fully trust.

在一個決策受到嚴格審查且人工智慧領域在一致性方面面臨挑戰的行業中，客戶需要一個他們可以完全信賴的解決方案。

To address this, we developed an innovative consensus mechanism within our agent framework, a software protocol designed to validate data by cross verifying outputs.

為了解決這個問題，我們在代理框架內開發了一種創新的共識機制，這是一種透過交叉驗證輸出來驗證資料的軟體協定。

This approach significantly enhances reliability.

這種方法大大提高了可靠性。

Through multi-shot training, a method that reuses stored data instead of starting from scratch each time.

透過多次訓練，可以重複使用儲存的數據，而不是每次都從頭開始。

The system is designed to reinforce correct behaviors by capturing the best answers and using them as references for future interactions.

該系統旨在透過捕捉最佳答案並將其作為未來互動的參考來強化正確的行為。

Working closely with the client, we are fine tuning the system incrementally, aiming to uncover previously hidden complexities.

我們與客戶密切合作，逐步對系統進行微調，旨在揭示先前隱藏的複雜性。

This process not only improves the solution itself, but also provides the client with a deeper understanding of their workflows, enhancing transparency and control.

這個過程不僅改善了解決方案本身，而且還使客戶能夠更深入地了解他們的工作流程，從而提高透明度和控制力。

What is particularly exciting is that this solution has the potential to go beyond the immediate challenge we're solving.

尤其令人興奮的是，這個解決方案有可能超越我們正在解決的當前挑戰。

It offers a versatile approach that can be applied across a wide range of industries, and we're eager to explore how it can create value for others.

它提供了一種可應用於廣泛行業的多功能方法，我們渴望探索它如何為他人創造價值。

In another example, we partnered with a multinational insurance provider owned by a private equity fund to help modernize and streamline their operations using AI-driven solutions.

另一個例子是，我們與一家私募股權基金旗下的跨國保險公司合作，利用人工智慧驅動的解決方案來幫助他們實現營運現代化和簡化。

Their new leadership team wanted to understand how AI could transform their business, and so together we identified two high impact AI projects and a payment processing flow transformation as key focus areas.

他們的新領導團隊希望了解人工智慧如何改變他們的業務，因此我們共同確定了兩個高影響力的人工智慧專案和一個支付處理流程轉型作為重點關注領域。

Working with the client, we first introduced ChatGPT Enterprise and began training their teams to rethink daily workflows using AI.

在與客戶合作的過程中，我們首先推出了 ChatGPT Enterprise，並開始訓練他們的團隊使用 AI 重新思考日常工作流程。

By focusing first on foundational understanding and personal productivity gains, we aim to build a strong base for broader organizational transformation.

透過首先關注基礎理解和個人生產力提升，我們旨在為更廣泛的組織轉型奠定堅實的基礎。

Starting at the individual level allows us to lay the groundwork for reimagining larger processes further down the road.

從個人層面開始可以讓我們為未來重新構想更大的流程奠定基礎。

Another recent project was with a leading golf equipment company.

最近的另一個項目是與一家領先的高爾夫設備公司合作。

They wanted to expand their B2B golfer training business into the B2C space with a direct to consumer mobile application.

他們希望透過直接面向消費者的行動應用程式將其 B2B 高爾夫球手培訓業務擴展到 B2C 領域。

However, existing solutions for golfer swing analysis did not meet the quality and precision standards that they are known for.

然而，現有的高爾夫球手揮桿分析解決方案並未達到其所聞名的品質和精度標準。

That's where we came in.

這正是我們介入的地方。

Together we developed a tailored AI solution that brings their renowned training programs straight to consumers.

我們共同開發了客製化的人工智慧解決方案，將他們著名的培訓計劃直接帶給消費者。

By doing so, the company opened up a new revenue stream whilst allowing customers to benefit from professional grade training programs that were previously too expensive to be accessible.

透過此舉，公司開闢了新的收入來源，同時讓客戶受益於以前過於昂貴而無法獲得的專業級培訓計畫。

We've also been working with an automotive technology provider.

我們也一直與一家汽車技術提供商合作。

Which facing resourcing and time constraints, struggle to meet deadlines for developing in cabin facial identification technology and scaling its internal synthetic data capabilities.

面臨資源和時間的限制，該公司難以按時開發機艙內臉部辨識技術並擴展其內部合成數據能力。

To help the team overcome these challenges, they partnered with Indala as their technology augmentation partner.

為了幫助團隊克服這些挑戰，他們與 Indala 合作作為技術增強合作夥伴。

We stepped in with cutting edge solutions.

我們介入並提出了最先進的解決方案。

Conducting R&D and developing a prototype facial recognition solution that pushed technological boundaries.

進行研發並開發突破技術界限的原型臉部辨識解決方案。

To support their synthetic data needs, we used advanced 3D graphics tools to create tailored assets and provided technical consultation to optimize and streamline their pipeline.

為了支援他們的合成數據需求，我們使用先進的 3D 圖形工具來創建客製化資產，並提供技術諮詢以優化和簡化他們的管道。

This scaled development of pipeline optimization achieved up to a 50% increase in speed, enabling the client to meet project timelines, whilst also unlocking greater innovation potential.

這種規模化的管道優化開發使速度提高了 50%，使客戶能夠滿足專案時程，同時也能釋放更大的創新潛力。

Following positive feedback, we're now exploring additional opportunities to enhance their workflows and drive long term success.

根據正面的回饋，我們現在正在探索更多機會來增強他們的工作流程並推動長期成功。

Also, within Endeavor, the integration of galaxy is continuing, and we are focused on both commercial alignment and a goal of achieving operational excellence.

此外，在 Endeavor 內部，星系的整合仍在繼續，我們專注於商業協調和實現卓越營運的目標。

Client satisfaction is core to our service delivery.

客戶滿意度是我們提供服務的核心。

We completed our latest client satisfaction survey in November 2024, and I am happy to report that 92% of our participating clients stated that they would be likely to recommend Endava as compared to 91% in April 2024.

我們在 2024 年 11 月完成了最新的客戶滿意度調查，我很高興地報告，92% 的參與客戶表示他們可能會推薦 Endava，而 2024 年 4 月這一比例為 91%。

And 90% stated that they would likely repurchase from us compared to 88% in April 2024.

90% 的受訪者表示可能會再次向我們購買產品，而 2024 年 4 月這一比例為 88%。

And now moving on to our people, we ended the quarter with 11,668 Endavans on board, which represents a 1.1% increase from the same period last year.

現在談談我們的員工，本季結束時，我們的 Endavan 員工總數為 11,668 人，比去年同期增加了 1.1%。

Looking forward and based on the current environment, we continue to prioritize recruitment in high demand areas such as around the domains of data, AI, and cloud.

展望未來，基於當前環境，我們將繼續優先在資料、人工智慧和雲端等領域進行招募。

In closing, I would like to take this opportunity to thank all Endavans for their commitment and determination as we are navigating the digital shift and discovering the new opportunities that it brings.

最後，我想藉此機會感謝所有 Endavans 的承諾和決心，因為我們正在駕馭數位轉型並探索其帶來的新機會。

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.

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，幫助我們的客戶蓬勃發展。

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

現在我將交給馬克，他將向您介紹我們的季度財務業績，並為下一季和本財年剩餘時間提供指導。

Thanks John.

謝謝約翰。

Endava's revenue totaled GBP195.6 million for the three months ending December 31, 2024 compared to GBP183.6 million in the same period in the prior year, representing a 6.6% increase.

截至 2024 年 12 月 31 日的三個月，Endava 的總營收為 1.956 億英鎊，而去年同期為 1.836 億英鎊，成長 6.6%。

In constant currency, our revenue increased 9.1% from the same period in the prior year.

以固定匯率計算，我們的營收較去年同期成長了 9.1%。

Profit before tax for the three months ending December 31, 2024 was GBP2.5 million compared to GBP10.6 million in the same period in the prior year.

截至 2024 年 12 月 31 日的三個月的稅前利潤為 250 萬英鎊，而去年同期為 1,060 萬英鎊。

Adjusted PBT for the three months ended December 31, 2024 GBP21.8 million compared to GBP22.7 million for the same period in the prior year.

截至 2024 年 12 月 31 日的三個月的調整後稅前利潤為 2,180 萬英鎊，而去年同期為 2,270 萬英鎊。

Our adjusted PBT margin was 11.2% for the three months ending December 31, 2024, compared to 12.4% for the same period in the prior year.

截至 2024 年 12 月 31 日的三個月，我們的調整後稅前利潤率為 11.2%，而去年同期為 12.4%。

Our adjusted PBT continues to improve when compared to the 9.9% we reported in Q1 fiscal 2025, due mainly to cost control, and we expect a continued margin recovery as we continue to integrate Galaxy and benefit from the optimization effort we took in Q2 fiscal '25, which I'll comment on shortly.

與 2025 財年第一季報告的 9.9% 相比，我們的調整後稅前利潤繼續改善，這主要歸功於成本控制，而且隨著我們繼續整合 Galaxy 並受益於 2025 財年第二季度所做的優化工作，我們預計利潤率將繼續回升，我將在短期內對此發表評論。

Our adjusted diluted earnings per share was 30p for the three months ended December 31, 2024, calculated on GBP59.6 million diluted shares as compared to 30p for the same period in the prior year calculated on GBP58.6 million diluted shares.

截至 2024 年 12 月 31 日的三個月，我們的調整後每股攤薄收益為 30 便士，以 5,960 萬英鎊攤薄股份計算，而去年同期的調整後每股攤薄收益為 30 便士，以 5,860 萬英鎊攤薄股份計算。

Our adjusted diluted earnings per share in Q2 was stronger than our previous guide of 24p to 25p due to improved cost management, largely in indirect costs.

由於成本管理的改善（主要是間接成本），我們第二季的調整後每股攤薄收益高於我們先前預期的 24 便士至 25 便士。

We continue our business optimization efforts, which have resulted in an exceptional charge in the quarter of GBP5.5 million due to headcount reduction.

我們繼續進行業務優化努力，由於員工人數減少，本季產生了 550 萬英鎊的特殊費用。

Most of the exits occurred at the end of the quarter, and thus this latest round of business optimization has limited impact on profitability in Q2, which should largely benefit future quarters.

大多數退出發生在本季度末，因此最新一輪的業務優化對第二季度的盈利能力影響有限，這將極大地有利於未來幾季的盈利能力。

Additionally, the adjusted tax rate in the quarter was 18.2%, down from 21.5% in Q1 FY25.

此外，本季的調整後稅率為 18.2%，低於 25 財年第一季的 21.5%。

UK and Romania agreed on a new tax treaty in November, which will exempt Endava from Romania dividend withholding tax once it is fully ratified by both countries.

英國和羅馬尼亞於 11 月達成了一項新的稅收協定，一旦該協定得到兩國全面批准，Endava 將免徵羅馬尼亞股息預扣稅。

This charge added 1p to adjusted EPS in the quarter.

該費用導致本季調整後的每股收益增加了 1 便士。

The impact against the statutory EPS figure is approximately 6p.

對法定每股收益數字的影響約為 6 便士。

As a result of this tax change, we now expect our adjusted tax rate to be around 18.5% for the remainder of fiscal year 2025.

由於此稅收變化，我們預計 2025 財年剩餘時間的調整後稅率將在 18.5% 左右。

Revenue from our 10 largest clients accounted for 36% of revenue for the three months ending December 31, 2024, compared to 34% for the same period last fiscal year.

截至 2024 年 12 月 31 日的三個月，來自我們十大客戶的營收佔總營收的 36%，而上一財年同期為 34%。

The average spend per client from our 10 largest clients increased from GBP6.3 million to GBP7.1 million for the three months ended December 31, 2024 as compared to the three months ended December 31, 2023, representing a 13% year-over-year increase.

截至 2024 年 12 月 31 日的三個月與截至 2023 年 12 月 31 日的三個月相比，我們十大客戶的每位客戶平均支出從 630 萬英鎊增加到 710 萬英鎊，年增 13%。

In three months ended December 31, 2024, North America accounted for 39% of revenue, Europe for 24%, the UK for 32%, while the Rest of the World accounted for 5%.

截至 2024 年 12 月 31 日的三個月內，北美佔收入的 39%，歐洲佔 24%，英國佔 32%，而世界其他地區佔 5%。

Revenue from North America grew 32.7%, three months end December 31, 2024 over the same period last fiscal year.

截至 2024 年 12 月 31 日的三個月，來自北美的營收與上一財年同期相比成長了 32.7%。

Comparing the same periods, revenue from Europe declined 0.6%, the UK grew 1.3% and the Rest of the World declined 43.5%.

與同期相比，歐洲收入下降了 0.6%，英國成長了 1.3%，世界其他地區的收入下降了 43.5%。

North America was again boosted by the contribution of the Galaxy business, while the decrease in Europe is mainly due to a slowdown of a client in TMT and an FX headwind.

北美地區再次受到銀河業務貢獻的推動，而歐洲地區的下降主要由於TMT客戶業務放緩和外匯逆風。

The decline in the Rest of the World is due to several clients and various verticals pulling back on projects.

世界其他地區的衰退是由於多個客戶和各個垂直行業縮減了專案。

Revenue in the payments vertical remains challenged as some of our larger clients continue to reduce spend.

由於我們的一些較大客戶繼續削減支出，支付垂直領域的收入仍面臨挑戰。

We saw a strong pick up in banking and capital markets driven by some larger projects and expect this vertical to continue growing the remainder of the fiscal year.

我們看到，在一些大型專案的推動下，銀行業和資本市場強勁回暖，預計這一垂直市場將在本財年剩餘時間內繼續成長。

Insurance remains another source of strength for us, and we would expect this vertical to continue to grow the remainder of the fiscal year.

保險仍然是我們的另一個優勢來源，我們預計這項垂直業務將在本財年剩餘時間內繼續成長。

In TMT, one of our larger clients in media was acquired in Q1 fiscal '25, and the buyer shut down our project, which explains in part the continued weakness in that vertical.

在TMT領域，我們的一個較大的媒體客戶在25財年第一季被收購，買家關閉了我們的項目，這在一定程度上解釋了該垂直領域持續疲軟的原因。

The decline in mobility revenue is primarily explained by the planned rampdown for one large US client project in the last 12 months.

行動收入的下降主要原因是過去 12 個月美國一個大型客戶專案的計畫縮減。

Healthcare revenue growth is primarily explained by the Galaxy acquisition.

醫療保健收入的成長主要得益於 Galaxy 的收購。

Our adjusted free cash flow was GBP31.6 million for the three months ended December 31, 2024 compared to GBP34 million during the same period last fiscal year.

截至 2024 年 12 月 31 日的三個月，我們的調整後自由現金流為 3,160 萬英鎊，而上一財年同期為 3,400 萬英鎊。

Our cash and cash equivalents at the end of the period total GBP60.1 million December 31, 2024, compared to GBP62.4 million at June 30, 2024.

截至 2024 年 12 月 31 日，我們的期末現金及現金等價物總額為 6,010 萬英鎊，而 2024 年 6 月 30 日為 6,240 萬英鎊。

Our borrowings totaled GBP123.7 million at December 31, 2024, compared to GBP144.8 million at June 30, 2024.

截至 2024 年 12 月 31 日，我們的借款總額為 1.237 億英鎊，而 2024 年 6 月 30 日的借款總額為 1.448 億英鎊。

Capital expenditure for the three months ended December 31, 2024 as a percentage of revenue was 0.2% compared to 0.8% in the same period last fiscal year.

截至 2024 年 12 月 31 日的三個月的資本支出佔收入的百分比為 0.2%，而上一財年同期為 0.8%。

Additionally, as John mentioned earlier, the Board of Directors of Endava approved a $100 million share repurchase program as part of Endava's evolving approach to capital allocation.

此外，正如約翰之前提到的，Endava 董事會批准了一項 1 億美元的股票回購計劃，這是 Endava 不斷發展的資本配置方法的一部分。

The execution of the share repurchase program is subject to shareholder approval, which we intend to seek at a general meeting to be held on or around March 14, 2025.

股票回購計畫的執行需獲得股東批准，我們打算在 2025 年 3 月 14 日左右舉行的股東大會上尋求批准。

Before providing the guide, I would like to provide some additional details.

在提供指南之前，我想提供一些額外的細節。

Since the end of the quarter, we have seen increased softness in the UK and the Rest of World regions due to a worsening macroeconomic environment, leading to increased caution regarding spend, which in turn resulted in unplanned ramp downs on existing projects and delays in our pipeline.

自本季結束以來，由於宏觀經濟環境惡化，我們看到英國和世界其他地區的疲軟加劇，導致人們對支出更加謹慎，進而導致現有項目的計劃外縮減和通路延遲。

Consequently, we are pulling back the revenue and growth outlook.

因此，我們下調了營收和成長預期。

And moving on to the outlook.

接下來是展望。

Our guidance for Q3 fiscal year 2025 is as follows.

我們對 2025 財年第三季的指引如下。

Endava expects revenue to be in the range of GBP198 million to GBP200 million, representing constant currency revenue growth of between 13% and 14% on a year-over-year basis.

Endava 預計營收將在 1.98 億英鎊至 2 億英鎊之間，以固定匯率計算，營收年增 13% 至 14%。

Endava expects adjusted diluted EPS to be in a range of 31p to 32p per share.

Endava 預計調整後的稀釋每股盈餘將在 31 便士至 32 便士之間。

Our guidance for the full year fiscal year 2025 is as follows.

我們對 2025 財年全年的指導如下。

Endava expects revenue to be in the range of GBP795 million to GBP800 million pounds, representing constant currency revenue increase between 8.5% and 9% on a year-over-year basis.

Endava 預計營收將在 7.95 億英鎊至 8 億英鎊之間，以固定匯率計算，營收年增 8.5% 至 9%。

Endava expects a just a diluted EPS to be in the range of 120p to 123p per share.

Endava 預計稀釋每股盈餘將在 120 便士至 123 便士之間。

This above guidance for Q3 fiscal 2025 and for full year fiscal '25 assumes the exchange rates on January 31, 2025, and the exchange rate was GBP1 to USD1.24 and EUR1.20.

上述 2025 財年第三季和 2025 財年全年預測假設了 2025 年 1 月 31 日的匯率，即 1 英鎊兌 1.24 美元和 1.20 歐元。

This concludes our prepared comments.

我們的準備好的評論到此結束。

Operator, we are now ready to open a line for Q&A.

接線員，我們現在可以開通問答熱線。

(Operator Instructions)

（操作員指令）

Bryan Bergin, TD Cowen

布萊恩·伯金（Bryan Bergin），TD Cowen

Hi, thanks.

嗨，謝謝。

This is Zach Azman on for Bryan.

這是紮克·阿茲曼，代替布萊恩。

First question we had is on the outlook.

我們的第一個問題是關於前景。

We were hoping that you can maybe go deeper into the underlying assumptions that inform the 3Q guide and the implied acceleration in 4Q sequentially, just hoping for for any more color that you can share on the large deal conversion and kind of what's contemplated there.

我們希望您能夠更深入地了解第三季指南中所包含的潛在假設以及第四季度隱含的加速成長，只是希望您能分享更多關於大額交易轉換以及其中所考慮的內容的詳細資訊。

It sounds like there was a macro downtick in some GOs earlier this calendar year, but just kind of curious what the assumptions are underpinning the March queue and June quarter guides.

聽起來今年早些時候一些 GO 出現了宏觀下滑，但我有點好奇 ​​3 月份隊列和 6 月份季度指南所依據的假設是什麼。

Thanks Zach.

謝謝扎克。

Quite a lot to cover there.

那裡有很多內容要講。

I think Mark's going to kick off with the underlying assumptions around Q3.

我認為馬克將首先針對第三季做出基本假設。

I'll pick up some of the things driving the acceleration through into Q4, which is around large deals so that overlaps.

我將介紹一些推動第四季加速發展的因素，這些因素都圍繞著大型交易，因此有所重疊。

Yeah, so Zach on the Q3 outlook as we sort of said in the reduction and there's some macro effects.

是的，正如我們在減少的情況下所說的那樣，Zach 對第三季的展望有一些宏觀影響。

I mean, basically North America remains strong for us.

我的意思是，基本上北美市場對我們來說仍然很強大。

Europe stable with some puts and takes in there.

歐洲局勢穩定，但有些波動。

But the UK definitely signing towards the negative side, and that's what's really for a reduction mainly around financials and similarly sort of Rest of World again, a negative sort of sentiment.

但英國的跡象肯定是朝著負面方向發展的，這才是真正減少主要圍繞金融領域以及世界其他地區負面情緒的原因。

If you look at it by industry verticals, banking and capital markets is strong, so good growth there on the quarter and actually it's one of our stronger areas, as is insurance.

如果以垂直行業來看，銀行業和資本市場表現強勁，因此本季成長良好，實際上這是我們的優勢領域之一，保險也是如此。

Payments are stable again, but there is pressure there and puts and takes by geography.

支付情況已恢復穩定，但仍存在壓力，並且因地域不同而存在差異。

On the negative side though, you do have TMT weakening and mobility.

但從消極的一面來看，TMT 確實存在著弱化和流動性的問題。

And in terms of the pipeline outlook that has also had an effect in terms of the judgments that we've made.

就管道前景而言，這也對我們所做的判斷產生了影響。

I mean, John can comment on some of the bigger deal pipeline, which is encouraging.

我的意思是，約翰可以對一些較大的交易管道發表評論，這令人鼓舞。

It is going to be timing in that instance.

在那種情況下，這將是時機。

So John, over to you.

那麼約翰，就交給你了。

Yeah, sure.

是的，當然。

So, one of the things that's happening under the surface is what we've been talking about for a few quarters, which is these larger deals often call modernization.

因此，暗中發生的事情之一就是我們幾個季度以來一直在談論的事情，這些較大的交易通常被稱為現代化。

Related, where there's a longer sales cycle.

相關的是，銷售週期更長。

The sales cycle being the clients need to actually understand what is now possible with the new technologies that we bring to bear.

銷售週期是客戶需要真正了解我們採用的新技術可以實現什麼。

AI enabled a lot of it.

人工智慧使很多事情成為可能。

To enable a cost-effective, assured delivery and speedy core modernization program that they struggled with in the past.

實現他們過去一直努力實現的具有成本效益、有保證的交付和快速的核心現代化計劃。

Once they get their heads around, the possible, they then need to, and want to prove out the approach often via trial or a proof of concept.

一旦他們意識到了可能性，他們就需要並且希望透過試驗或概念驗證來證明這種方法。

Then they want to raise budgets and get their business cases together.

然後他們想要增加預算並將他們的商業案例整合在一起。

Sign deals and then there's a slower scaling as we put the program together because these are large programs.

簽署協議後，隨著我們整合計劃，擴展速度會變慢，因為這些都是大型計劃。

And then as you get through that, you start to see the revenues ramping through.

然後當你度過這一關後，你會開始看到收入的增加。

So we get earlier visibility on all of that happening that is visible, in terms of booking revenue coming through.

因此，從預訂收入的角度來看，我們可以更早地了解所有可見的情況。

Ad an example of that is, we've been working on a core modernization with a large banking and capital markets client, and that started around two years ago.

舉個例子，我們一直在與一家大型銀行和資本市場客戶合作進行核心現代化，這項工作大約在兩年前開始的。

This time last year, they were spending $1.5 million a quarter with us.

去年此時，他們每季在我們這裡花費 150 萬美元。

It's now 4 times that and continues to grow.

現在已是原來的 4 倍，而且還在持續成長。

And so, looking forward, we see the opportunity for that to grow, and we're seeing many other clients progressing down that road.

因此，展望未來，我們看到了成長的機會，我們看到許多其他客戶也在沿著這條道路前進。

And, as, at various stages, and as they progress down that road, that informs the forecast that we have going forward.

並且，隨著它們在各個階段的不斷推進，這將為我們未來的預測提供參考。

Now some of that's coming in in Q3, but mitigated by those macro effects that Mark was just taking you through.

現在其中一些已經在第三季出現，但由於馬克剛才向您介紹的宏觀效應而被緩解。

And outside of further macro, we'd expect to see the acceleration going into Q4.

除了進一步的宏觀因素之外，我們預計第四季經濟將會加速。

That's very helpful.

這非常有幫助。

And the follow up is on the large account activity.

並跟進大帳戶活動。

Can you provide more insight into top client behavior and expectations moving forward?

您能否提供更多有關未來頂級客戶行為和期望的見解？

Just kind of looking for any incremental color on the top healthcare client which actually looked pretty strong sequentially, and then some of the volatility called out on the larger payment customer side.

只是尋找頂級醫療保健客戶的任何增量顏色，實際上它看起來連續相當強勁，然後一些波動在較大的支付客戶方面顯現出來。

We're just hoping to dig in a little bit further as to what some of those conversations and interactions have been more recently.

我們只是希望進一步了解最近的一些對話和互動。

Yeah, so where we're seeing the strength is in the AI driven core modernization driven space.

是的，我們看到的優勢在於人工智慧驅動的核心現代化驅動領域。

So we see, you see that with the healthcare client that was a Galaxy client where they've been doing core modernization work using their accelerators for years now, and that work continues to flow through with that client, and is giving growth there, which you've picked up in the numbers.

所以我們看到，您看到醫療保健客戶是 Galaxy 客戶，他們多年來一直在使用加速器進行核心現代化工作，並且這項工作繼續在該客戶那裡進行，並在那裡實現增長，您已經從數字中看出了這一點。

As you look at payments and, the BCM space, they're contrasting stories.

當您查看支付和 BCM 領域時，您會發現它們有著截然不同的故事。

The payment side, which, to be clear is focused on the payments processes as clients continues to decline a little.

需要明確的是，由於客戶數量持續減少，支付方面主要關注支付流程。

It's much more stable than it was, if you look back a year ago when it was declining quite fast, but there's still a slow decline in that space.

如果回顧一年前，當時它的下降速度相當快，那麼現在它比以前穩定得多，但該領域的下降速度仍然緩慢。

That is contrasted by very strong growth in the banking and capital market space.

這與銀行業和資本市場領域的強勁成長形成鮮明對比。

Now the reason I highlight the two next to each other is some of that is payments work that we are doing in the banking and capital market space where banks are investing in their payments infrastructure, but that isn't visible as payments work because it's part of a banking organization of being a payments processor.

現在我重點強調這兩者的原因在於，其中一些是我們在銀行和資本市場領域所做的支付工作，銀行正在投資其支付基礎設施，但這並不被視為支付工作，因為它是銀行組織作為支付處理商的一部分。

So we continue to see demand for our payments capabilities, but it's more appearing, alongside many other things in the banking and capital market segment.

因此，我們繼續看到對我們的支付能力的需求，但它更多地出現在銀行和資本市場領域的許多其他事物中。

And a lot of that is for modernization related.

其中很多都與現代化有關。

I just gave the example a moment ago of one large bank in North America where they're ramping up with us in terms of the spend, and we're seeing huge interest in the banking space around that capability, and expect that to be a leading sector for us in adopting our capabilities and core modernization.

我剛才舉了北美一家大型銀行的例子，他們正在加大支出力度，我們看到銀行業對這一能力有著濃厚的興趣，我們預計這將成為我們採用我們的能力和核心現代化的領先領域。

Appreciate that color.

欣賞那種顏色。

(inaudible).

（聽不清楚）。

Tyler DuPont, Bank of America.

美國銀行的泰勒杜邦 (Tyler DuPont)。

Hi, good morning.

嗨，早安。

Thanks for taking our questions.

感謝您回答我們的問題。

I just want to also start with a demand related question.

我只是想從一個與需求相關的問題開始。

It sounds like some of your clients you are continuing to either delay or ramp down projects.

聽起來你的一些客戶正在繼續推遲或減少專案。

Can you maybe just discuss the visibility you have into calendar 2025 budgets given we're, I guess, sort of near the end of February and budgets tend to be set around this time, I guess both on an absolute basis and versus this time last year.

您能否討論一下您對 2025 年日曆預算的了解情況，因為我想現在差不多是二月底了，而且預算往往是在這個時候制定的，我想無論是從絕對基礎來看，還是與去年同期相比。

Yeah, so, I mean we're still seeing budgets get settled down.

是的，所以我的意思是我們仍然看到預算穩定下來。

I think part of the reason for that is what I was picking up on earlier around our core modernization approach, which is where we're seeing a lot of demand that AI-driven approach to core modernization is pretty new in the market.

我認為部分原因在於我之前對我們的核心現代化方法的關注，我們發現市場上對人工智慧驅動的核心現代化方法的需求非常新。

It's a pretty unusual and unique proposition that we have.

這是我們的一個非常不尋常且獨特的主張。

And so, clients not knowing that is available and having confidence in it until they've done the proof and concepts and so on and not sitting on budget going we're expecting to do this piece of work.

因此，客戶不知道是否有可用的產品，並且在完成證明和概念等之前對它有信心，而且不會坐在預算上進行我們期望完成這項工作。

The opportunity to do the work opens up as they understand the art of the possible.

當他們理解了可能性的藝術後，完成工作的機會就出現了。

And so with some clients, we're seeing them shape that into that budgets.

對於一些客戶，我們看到他們將其納入預算中。

With other clients we're still seeing them shuffle budgets around and look for budget in order to get these programs underway.

對於其他客戶，我們仍然看到他們調整預算並尋找預算以啟動這些專案。

So that may be specific to where we are with our capabilities and the conversations we're having with clients, which as we all know, is more around the discretionary spend space of what's really going to drive change in client organizations.

因此，這可能具體到我們的能力和與客戶的對話，眾所周知，更多的是圍繞真正推動客戶組織變革的可自由支配支出空間。

Okay, that's helpful.

好的，這很有幫助。

And then just as a follow up.

然後只是作為後續行動。

I want to ask about any potential pricing conversations you're having, as we're still, given the continued malaise in spending, particularly on the discretionary side.

我想問一下您是否正在進行任何潛在的定價對話，因為考慮到支出（特別是在可自由支配的支出方面）持續低迷，我們仍然處於這一狀態。

Are you having to engage in more meaningful pricing conversations to sort of compensate for that pullback if you will, and if so, sort of where are those more pronounced versus others, just any clarity there.

您是否必須進行更有意義的定價對話，以彌補這種回調？

I mean, we're actually seeing a slow improvement in pricing.

我的意思是，我們實際上看到價格正在緩慢改善。

I mean this is measured on a sort of average, revenue per work day and indeed on a revenue per head basis.

我的意思是，這是根據平均每個工作日的收入，實際上是根據每個收入來衡量的。

I think most of it is us actually recovering inflationary driven sort of rises.

我認為其中大部分是我們實際上正在恢復通膨驅動的上漲。

But we're also, I think, seeing some benefits from the [prerogivity] we're achieving on some of our outcome-based deals.

但我認為，我們也從一些基於結果的交易中所取得的特權中看到了一些好處。

I think the core modernization, I think as we land those bigger deals, they'll be multi-year and will be around us extracting sort of efficiency.

我認為核心的現代化，我認為隨著我們達成那些更大的交易，它們將是多年的，並將圍繞著我們提取某種效率。

So they will play very much to a productivity sort of play and our use of our accelerators that we've called out ray and dash as well as the AI Morpheus and Compass.

因此，它們將在很大程度上發揮生產力的作用，並利用我們的加速器，即我們所稱的 ray 和 dash，以及 AI Morpheus 和 Compass。

Good, thank you very much.

好的，非常感謝。

Thanks, Tyler.

謝謝，泰勒。

Jonathan Lee, Guggenheim Partners.

古根漢合夥人公司喬納森李 (Jonathan Lee)。

Great, thanks for taking our questions.

太好了，感謝您回答我們的問題。

If you think about some of the recent ramp downs and softness driving the revised outlook, were those more broad based across your client base, or are you expecting any incremental challenges some of your large customers?

如果您考慮一下最近的一些下滑和疲軟因素導致的前景修改，這些因素是否更廣泛地基於您的客戶群，或者您是否預計您的一些大客戶會面臨一些漸進式的挑戰？

They have been relatively broad based.

它們的基礎相對廣泛。

I mean, they've been more noticeable for the geographies that we sort of called out the UK and the Rest of the World.

我的意思是，對於我們所說的英國和世界其他地區來說，它們更加引人注目。

I guess, given our exposure to financial services is where we've seen most of it.

我想，鑑於我們在金融服務方面的接觸，我們已經看到了大部分的情況。

But it's not, we can't point to one sort of client or a very specific instance what has caused it.

但事實並非如此，我們無法指出導致這種情況的某一類客戶或某個非常具體的實例。

It's general sort of softness, which we think is, certainly, let's call it macro-driven, certainly, the UK.

這是一種整體的疲軟，我們認為這當然是宏觀驅動的，當然也是英國的。

I can certainly vouch for that at the moment and we are hearing also about softness Asia Pacific, more particularly sort of Australia.

我現在當然可以保證這一點，我們也聽說亞太地區，特別是澳洲的疲軟態勢。

So we have seen some of these unnotified ramps, obviously we get the notice, but they, we haven't seen them coming, and the reasons are typically sort of budget pressures or uncertainty, which I think is macro-driven.

因此，我們已經看到了一些未經通知的增長，顯然我們收到了通知，但是，我們並沒有預見到它們的出現，其原因通常是預算壓力或不確定性，我認為這是宏觀驅動的。

Understood and again in the context of ramp downs, I mean, how should we think about the pace of hiring going forward for the remainder of the year, especially given the sequential ramp that you're seeing in fiscal 4Q.

理解，再次在縮減的背景下，我的意思是，我們應該如何看待今年剩餘時間的招聘速度，尤其是考慮到您在第四財季看到的連續增長。

So I think with Q3 coming up, we'll see sort of the headcounts step down on an average basis when we report the number in May.

因此我認為隨著第三季的到來，當我們在五月報告數字時，我們將看到員工人數平均下降。

But actually, given the sequential increase that we're seeing, it's implied by the back end Q4, I think it's growth of between, organically about [4%,6%] year-on-year, we will start to recruit to make that happen.

但實際上，鑑於我們看到的連續成長，這是第四季度後端所暗示的，我認為成長率在 4% 至 6% 之間，我們將開始招募人才來實現這一目標。

So you will see headcount start to build maybe towards, you won't see it, I don't think, towards the end of March, but certainly we will build headcount as we go through the fourth quarter of June.

因此，您會看到員工人數開始增加，也許在 3 月底您不會看到這種情況，但到了 6 月份第四季度，我們肯定會增加員工人數。

I'll just add to that.

我只想補充一點。

There's a bit of rotation of skills that are going on as we go through this digital shift, and that's a little bit of a rotation towards higher value.

隨著我們經歷數位轉型，技能也不斷輪換，這種輪換是為了獲得更高的價值。

So I'd expect head down to be growing slower than the revenues we look for.

因此我預期營收成長速度會比我們預期的要慢。

Yes, absolutely.

是的，絕對是如此。

Got it, thanks for the detailed commentary there.

明白了，謝謝那裡的詳細評論。

Thanks, Jonathan.

謝謝，喬納森。

Jane Fawcett, Morgan Stanley

摩根士丹利的 Jane Fawcett

Hey guys, thanks for the question.

嘿夥計們，謝謝你的提問。

It's Antonio on for James Fawcett.

安東尼奧 (Antonio) 替換詹姆斯·福塞特 (James Fawcett)。

I wanted to ask more on the Galaxy acquisition.

我想要詢問有關 Galaxy 收購的更多資訊。

How far along are you in that, like in that process as far as like integration?

就整合過程而言，您進展到哪一步了？

And what is baked into that increase in, I mean like profitability that you're, I'm expecting in the back half of the year?

那麼，這種成長背後的原因是什麼呢？ 我的意思是，您預計今年下半年的獲利能力將會提高嗎？

So we're well progressed, certainly from a systems perspective, we aim to cut over at the end of this month, and derive our financial, so all our operating systems, financial systems will be locked.

因此，我們進展順利，當然從系統的角度來看，我們的目標是在本月底完成切換，並獲得財務支持，因此我們所有的營運系統、財務系統都將被鎖定。

We are currently working in a joint manner on propositions with the core modernization proposal that we have out in the marketplace.

我們目前正在以聯合的方式就我們在市場上推出的核心現代化提案開展工作。

We are, as we're getting closer to integration, I think there will be further opportunities for cost optimization.

隨著我們越來越接近整合，我認為將會有進一步的成本優化機會。

We are focused more on G&A in the initial sort of stages, but as the two organizations come more closely together, I expect more to come from it.

在最初階段，我們更專注於一般和行政管理，但隨著兩個組織之間的聯繫越來越緊密，我期待從中獲得更多收益。

So slowly we are improving the profitability at Galaxies.

我們正在緩慢地提高 Galaxies 的盈利能力。

We bring the two organizations together.

我們將這兩個組織聯合起來。

And I think there'll be more further actual opportunity for that actually into FY26 for us as we get closer and closer aligned and build on the core modernization prop together.

我認為，隨著我們越來越緊密地團結在一起並共同建立核心現代化支柱，我們在 2026 財政年度將有更多的實際機會。

Got it.

知道了。

That's helpful.

這很有幫助。

And then as a follow up, I just wanted to ask on your bench dynamic and the rate of like utilization and how that's trending both onshore and offshore.

然後作為後續問題，我只想問一下您的工作台動態和利用率，以及陸上和海上的趨勢如何。

Thank you.

謝謝。

Bench is stable.

工作台很穩定。

It's low by historic standards for us.

對我們來說，以歷史標準來看，這個數字是比較低的。

I think we're operating at around, I think 6%, 7%.

我認為我們的營運率大約在 6% 到 7% 之間。

I think we will operate at that level subject to the sort of integration further with Galaxy.

我認為，我們將在該層面上開展運營，並進一步與 Galaxy 進行整合。

We expect utilization to move up modestly from where we are at the moment.

我們預計利用率將較目前水準略有上升。

It's reasonably high for us by historic standards, but actually I think we're getting more effective and efficient, and I think it's through adopting.

按照歷史標準來看，這個數字對我們來說是相當高的，但實際上我認為我們正在變得更加有效和高效，我認為這是透過採用來實現的。

Some of the tools that we've outlined.

我們已經概述了一些工具。

We're not making any significant step change because of the use of AI, which we are rolling out across the company, but we see sort of modest improvements from utilization towards the end of this fiscal.

我們並沒有因為在公司範圍內推廣使用人工智慧而做出任何重大的改變，但我們看到在本財年末，利用率有了一定程度的提升。

Got it.

知道了。

Thank you for the color, guys.

謝謝你們的顏色，夥伴們。

Maggie Nolan, William Blair

瑪吉諾蘭，威廉布萊爾

Hi everyone, it's Kate Krostein on from Maggie.

大家好，我是 Maggie 的 Kate Krostein。

Thanks for taking my question.

感謝您回答我的問題。

My first question is, you guys mentioned the continued focus on hiring for AI and data skills, and you also talked about the digital skills shift going on in the market.

我的第一個問題是，你們提到繼續關注招募具有人工智慧和數據技能的人才，並且還談到了市場上正在發生的數位技能轉變。

Can you talk a little bit more about what you're seeing in the hiring market right now and how you feel your access to this talent has evolved over the past year.

您能否進一步談談您目前看到的招聘市場的情況，以及您認為過去一年來您獲得人才的管道有何變化。

Thanks Kate.

謝謝凱特。

Yeah, so we've got a big program going on around what we call being AI native.

是的，我們正在進行一個大型計劃，旨在實現所謂的「AI 原生」。

And we would define that as being, everyone using generative AI in their daily work, and I emphasize the word daily, so that you're seeing people use it, just as part of how they operate.

我們將其定義為每個人在日常工作中使用生成式人工智慧，我強調「日常」這個詞，這樣你就會看到人們使用它，只是作為他們工作方式的一部分。

Now, a lot of what we're doing in that space is transitioning Endavans into the AI space as opposed to just recruiting new talent in the market.

現在，我們在該領域所做的許多工作是將 Endavans 轉變為人工智慧領域，而不是僅僅在市場上招募新的人才。

Everyone has gone back to the start from an AI point of view.

從AI的角度來說大家都回到了原點。

Just over two years ago.

就在兩年多前。

And so actually the best way of us moving forward is actually to equip our people and retrain them.

因此，我們前進的最佳方式實際上是裝備我們的員工並對他們進行再培訓。

If you look at the ChatGPT licenses that we have out there, because we have an enterprise license across the organization.

如果你查看我們擁有的 ChatGPT 許可證，你會發現，因為我們在整個組織內都有企業許可證。

We're seeing 80% of those being utilized on a daily basis now.

我們發現其中 80% 目前已在日常使用。

And across all Endavans, we're at about 60% mark, where people are using it in their daily work.

在所有 Endavan 中，大約有 60% 的人在日常工作中使用它。

The reason for the difference being is some of our people are on client environments and the clients haven't made G&A AI available to them yet, although we are seeing progression in that direction.

造成差異的原因在於我們的一些人處於客戶環境中，而客戶尚未向他們提供 G&A AI，儘管我們看到了朝著這個方向的進展。

So the big push is on developing our own people and through training, through the, (inaudible) University and so on, and we're seeing rapid progress there.

因此，我們大力發展自己的人才，透過培訓、透過（聽不清楚）大學等等，我們看到了快速的進步。

We are bringing people in, particularly around the data science, space, but also, where we find a few people who've gone further down the road in the use of AI, for instance, in the agentic AI space and so on.

我們正在引進人才，特別是在數據科學領域，但同時，我們也發現一些在人工智慧應用方面走得更遠的人，例如在代理人工智慧領域等等。

We snap those people up as well where possible.

只要有可能，我們也會招募這些人。

We're just moving as fast as we possibly can into making AI completely ubiquitous across the organization.

我們正在盡可能快速地使人工智慧在整個組織中普及。

Great, that's super helpful.

太棒了，這非常有幫助。

Thank you.

謝謝。

And then can you guys hit a little bit on the $5 million restructuring charge that you took during the quarter and actions that you're taking to improve overall efficiencies in the business?

那麼，你們能否稍微談談本季承擔的 500 萬美元重組費用，以及為提高業務整體效率而採取的措施？

Yeah.

是的。

So, we took out around below 200 people, just before Christmas split between direct and indirect.

因此，聖誕節前，我們直接和間接地撤走了大約 200 人。

Quite a bit of this is actually anticipating the integration with Galaxy as I said earlier.

正如我之前所說，其中相當一部分實際上是預期與 Galaxy 的整合。

We do certainly do our system switch at the end of February.

我們確實會在二月底進行系統切換。

So it was very much focused on removing any sort of duplication and trying to simplify ahead of, further integration that will happen from that point forward.

因此，它非常注重消除任何類型的重複，並試圖簡化從那時起將會發生進一步的整合。

I think there will be further opportunities to take out costs whether it will be at this level.

我認為無論是否保持這一水平，都會有進一步降低成本的機會。

It's hard to say until we are fully on the systems and fully understand the delivery models on both sides.

在我們完全進入系統並充分理解雙方的交付模式之前，很難說。

But I think we will continue to be vigilant on cost basically given we still have this uncertainty from a macro perspective.

但我認為，由於宏觀角度仍然存在不確定性，我們將繼續對成本保持警覺。

Great.

偉大的。

Thank you both.

謝謝你們兩位。

Thank you.

謝謝。

Jamie Friedman, Susquehanna.

薩斯奎哈納的傑米·弗里德曼。

Hi, good morning, good afternoon.

大家好，早安，下午好。

I was just wondering if you could talk about what you're thinking or contemplating in terms of revenue realization, meaning like the revenue per headcount, because some of the companies are now seeing revenue grow faster than headcount, utilized headcount.

我只是想知道您是否可以談談您在收入實現方面的想法或考慮，即人均收入，因為一些公司現在發現收入增長速度快於員工人數增長速度，即員工利用率增長速度。

So revenue is growing faster than utilized headcount, right?

那麼收入成長速度比員工人數成長速度快，對嗎？

So it's apples to apples.

所以這是蘋果對蘋果的比較。

So, any comment on the revenue per headcount at this stage?

那麼，您對現階段的人均所得有何評論？

Thanks Jamie.

謝謝傑米。

I think it will improve, basically as we were saying because we're seeing pricing moderately improve.

我認為情況會改善，基本上正如我們所說的那樣，因為我們看到價格適度改善。

So, if you think about that in terms of the workdays that we're delivering, and we're still predominantly time and material, although we will increasingly sort of shift with our larger contracts to potentially more outcome-based, but for the near term retirement materials, so there is a heavy linkage with the workdays delivered.

因此，如果您從我們提供的工作日角度來考慮，我們仍然主要關注時間和材料，儘管我們將越來越多地將我們的大合同轉向可能更加基於結果的合同，但對於近期的退休材料，它與交付的工作日有著很大的聯繫。

We are seeing some pricing improvement.

我們看到價格有所改善。

So, if with a modest improvement in utilization, which again is what we're seeing through the adoption of the tools that we have internally.

因此，如果利用率略有提高，這也是我們透過採用內部工具所看到的。

We will see that revenue per head move up.

我們將看到人均收入上升。

It is modest, but it is moving up.

雖然規模不大，但不斷擴大。

So I guess with us, I think, if you were trying to sort of do a head count, revenue growth, what's about linkage, you'll see us run a little bit hot, I think, towards Q3, Q4.

因此，我想，如果您嘗試進行人數統計、收入成長以及聯繫等，您會發現我們在第三季和第四季的業務表現會有些出色。

But I think going forward, if that's linkage with headcount and revenue holds true, which I think will change actually is the big deal sort of come in.

但我認為，展望未來，如果員工人數和收入之間的連結成立，那麼這種連結實際上將會發生重大變化。

You would then start to see us recruit at the same rate.

然後你會看到我們以同樣的速度招募人才。

Okay, thank you.

好的，謝謝。

And then in terms of the concerns that you're mentioning with regard to the macro in the UK.

然後就您提到的有關英國宏觀經濟的擔憂而言。

Could you just elaborate on that, when did that start, or is that more the same and is it, and to what extent is it contemplated to weigh on the guidance?

您能否詳細說明一下，這種情況是從什麼時候開始的，或者情況是否大體相同，以及在多大程度上會影響指導？

It does weigh.

它確實有重量。

We basically saw it through, January, February, I guess it's not followed the UK economy that closely in the US, but the inflation is difficult, growth is difficult.

我們基本上經歷了一月、二月，我想美國經濟並沒有那麼緊密地跟隨英國經濟，但是通貨膨脹很困難，成長也很困難。

There is some uncertainty in terms of the outlook and we've definitely seen.

前景方面存在一些不確定性，我們已經看到這一點。

That being a factor in clients being more cautious, so they are delaying the speed at which things progress, but also they are in some cases ramping down existing work.

這是導致客戶更加謹慎的因素，因此他們延緩了事情進展的速度，但在某些情況下也會減少現有的工作。

And it's similar position in the Rest of the World.

世界其他地區的情況也類似。

So, it's something that is materialized as we cross over from the end of December into January, February.

所以，當我們從 12 月底進入 1 月、2 月時，這件事就實現了。

Great.

偉大的。

I'll drop back in the queue.

我將重新回到隊列中。

Thank you.

謝謝。

Thanks Jamie.

謝謝傑米。

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 Mr. John Cottrell for any closing remarks.

我想將會議交還給約翰·科特雷爾先生，請他作最後發言。

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're continuing to see excitement in the market about AI enabled capabilities such as Morpheus and Compass on the core modernization side and progress on closing deals and initiating those ramps into production.

正如我在準備好的發言中提到的那樣，我們繼續看到市場對人工智慧支援的功能感到興奮，例如核心現代化方面的 Morpheus 和 Compass，以及在達成交易和啟動生產方面取得的進展。

But, I just want to re-emphasize these are large projects with longer sales cycles and slower paths to scale.

但是，我只想再次強調，這些都是大型項目，銷售週期更長，擴展速度更慢。

And so whilst we're seeing that coming through, it will take a while to reach revenue.

因此，儘管我們看到了這一點，但實現收入仍需要一段時間。

The adoption of Gen AI is becoming more top of mind for clients.

採用 Gen AI 正成為客戶最關心的問題。

And with our hands-on experience with this technology, we think we're in a strong position to cut through the hype and focus on delivering tangible benefits from the technology, which is backed up by our deep industry experience.

憑藉我們對這項技術的實踐經驗，我們認為我們完全有能力打破炒作，專注於從該技術中獲得切實的利益，而這得益於我們深厚的行業經驗。

So, I look forward to speaking with you all at our next earnings call in May.

因此，我期待在 5 月的下次財報電話會議上與大家交談。

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。