Endava PLC (DAVA) 2025 Q4 法說會逐字稿

Good day, and welcome to Endava's fourth-quarter And fiscal year 2025 conference call. (Operator Instructions) Please note, this event is being recorded.

大家好，歡迎參加 Endava 第四季和 2025 財年電話會議。（操作員指示）請注意，此事件正在被記錄。

I would now like to turn the conference over to Ms. Laurence Madsen, Head of Investor Relations and ESG at Endava. Please go ahead.

現在，我想將會議交給 Endava 投資者關係和 ESG 主管 Laurence Madsen 女士。請繼續。

Thank you. Good afternoon, everyone, and welcome to Endava's fourth quarter and fiscal year 2025 conference call. As a reminder, this conference call is being recorded. Joining me today are John Cotterell, Endava's Chief Executive Officer; and Mark Thurston, Endava's Chief Financial Officer.

謝謝。大家下午好，歡迎參加 Endava 第四季和 2025 財年電話會議。提醒一下，本次電話會議正在錄音。今天與我一起出席的還有 Endava 執行長 John Cotterell 和 Endava 財務長 Mark Thurston。

Before we begin, a quick reminder to our listeners. Our presentation and accompanying remarks today include forward-looking statements including, but not limited to, statements regarding our guidance for Q1 fiscal year 2026 and for the full fiscal year 2026, the impact on 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 AI, enhancements to our technology and offerings, our pipeline of client opportunities and our ability to convert such opportunities into contracted orders, the benefits of our partnerships, our pricing models, demand from clients for 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.

在我們開始之前，請快速提醒一下我們的聽眾。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 2026 財年第一季和 2026財年全年的指導、對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、我們技術和產品的增強、我們的客戶機會管道以及我們將這些機會轉化為合約訂單的能力、我們合作夥伴關係的好處、我們的定價模式、客戶對技術服務的需求、我們為客戶、員工和股東

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. For more information, please refer to the Risk Factors section of our annual report filed with the Securities and Exchange Commission on September 4, 2025, and in other filings that Endava makes from time to time with the SEC.

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。欲了解更多信息，請參閱我們於 2025 年 9 月 4 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，以及 Endava 不時向美國證券交易委員會提交的其他文件。

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

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。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孤立地考慮或取代根據國際財務報告準則呈現的財務資訊。

Reconciliations of such non-IFRS measures to the most directly comparable IFRS measures are included in today's earnings press release as well as the investor presentation, both of which you can find on our Investor Relations site or on the SEC website. A link to the replay of this call will also be available on our 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這兩者。我們的網站上也將提供此通話的重播連結。

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

說完這些，我就把電話轉給約翰。

Thank you, Laurence, and welcome, everyone. We appreciate you joining us for our fourth quarter and full fiscal year 2025 earnings call. For 25 years, Endava has delivered as an agile native and digital native solution provider. We are now undertaking a deep cultural and operational shift becoming AI native.

謝謝你，勞倫斯，歡迎大家。感謝您參加我們的 2025 財年第四季和全年財報電話會議。25 年來，Endava 一直作為敏捷原生和數位原生解決方案提供者提供服務。我們現在正在進行深刻的文化和營運轉變，成為人工智慧原生代。

This transition is driven by our ongoing commitment to evolving our delivery model, forming new alliances, redesigning client engagements around domain expertise, adopting modern AI-oriented architectures and institutionalizing rapid experimentation.

這項轉變源自於我們持續致力於改善交付模式、建立新的聯盟、圍繞領域專業知識重新設計客戶關係、採用現代人工智慧架構以及製度化快速實驗。

Our scale, large enough to drive meaningful change yet compact enough to stay agile, allows us to execute the transformation without the inertia that hampers far bigger organizations. We're making good progress on our shift towards becoming AI native, and are seeing results, which I will highlight shortly.

我們的規模足夠大，足以推動有意義的變革，但又足夠緊湊，可以保持敏捷，這使我們能夠執行轉型，而不會受到阻礙更大組織的慣性的影響。我們在向人工智慧原生轉變的過程中取得了良好的進展，並且看到了成果，我將很快重點介紹這一點。

Client commitment to transformative technology is undiminished, which is reflected in our growing pipeline of opportunities. The conversion from the pipeline of opportunities to signed orders picked up in Q4, where we saw our highest ever order book value signed, leading to FY25 being our highest order book value signed on record.

客戶對變革性技術的承諾絲毫未減，這反映在我們不斷成長的機會管道中。第四季度，從機會管道到已簽署訂單的轉換率有所回升，這一季度我們簽署的訂單帳面價值創歷史新高，這使得 2025 財年成為我們簽署的訂單帳面價值最高的一年。

We believe this shows the strength of our customer relationships and the attractiveness of our transformative offerings. Despite the increase in the order book, the short-term operating backdrop remains volatile, and many clients continue to recalibrate the timing of spending, and therefore, our outlook remains cautious.

我們相信這體現了我們與客戶關係的強大性和我們變革性產品的吸引力。儘管訂單量有所增加，但短期經營環境依然動盪，許多客戶仍在繼續重新調整支出時機，因此，我們對前景仍保持謹慎。

AI continues to be a strategic focus for many of our clients, and we have now passed the point where over half of our people use AI in projects. Endava is currently supporting multiple engagements aimed at evaluating implementing or scaling AI capabilities. The following are select examples from recent project activities.

人工智慧仍然是我們許多客戶的策略重點，現在我們已經有超過一半的員工在專案中使用人工智慧。Endava 目前正在支援多項旨在評估實施或擴展 AI 能力的活動。以下是最近專案活動中精選的例子。

For a leading US health care services provider, we're scaling an AI-driven document processing platform that currently processes over 40 million medical records annually. The platform operates using a Four-stage Gen AI pipeline comprising standardization, data extraction, parsing and summarization, and integrates calibrated confidence scoring with a human in the loop sampling mechanism to maintain measured precision and recall levels of 95%.

對於一家領先的美國醫療服務供應商，我們正在擴展一個人工智慧驅動的文件處理平台，該平台目前每年處理超過 4,000 萬份醫療記錄。該平台採用四階段 Gen AI 管道進行運行，包括標準化、資料提取、解析和匯總，並將校準的置信度評分與人工循環採樣機制相結合，以保持 95% 的測量精度和召回率。

This system is designed to minimize per document cost while preserving accuracy. The operational design targets automation that reduces risk exposure for health care payers and providers. Current performance benchmarks indicate a sustainable reduction in processing cost per document, supporting long-term scalability and operational efficiency.

該系統旨在保持準確性的同時最大限度地降低每份文件的成本。操作設計的目標是自動化，以減少醫療保健支付方和提供者的風險敞口。目前的效能基準顯示每個文件的處理成本持續降低，支援長期的可擴展性和營運效率。

With a Tier 1 global automotive supplier, we completed development of an in-cabin driver identification prototype. The machine learning models were trained using a combined data set of synthetic and real-world video captures of in-cabin driver monitoring. Performance benchmarking was conducted across multiple models, picked to match the target hardware, with results meeting current state-of-the-art standards. Following prototype completion, the engagement has entered the customer validation phase. This includes integration into the vehicle's driver monitoring system, a prerequisite for the supplier's product deployment.

我們與一家全球一級汽車供應商合作，完成了車內駕駛員識別原型的開發。機器學習模型是使用車內駕駛員監控的合成和真實視訊擷取的組合資料集進行訓練的。對多種模型進行了性能基準測試，選擇與目標硬體相符的模型，結果符合當前最先進的標準。原型完成後，合作進入了客戶驗證階段。這包括整合到車輛的駕駛員監控系統中，這是供應商產品部署的先決條件。

In partnership with the research arm of a hyperscaler, we're exploring how creators can retain artistic control while working alongside generative AI. Our team built an image generation tool designed to improve visual fidelity compared to default models, underscoring the value of thoughtful human in the loop design.

我們與超大規模研究機構合作，探索創作者如何在與生成性人工智慧合作的同時保持藝術控制權。我們的團隊建立了一個影像生成工具，旨在提高與預設模型相比的視覺保真度，強調了周到的人機循環設計的價值。

Deployment of the tool on the partner's infrastructure is now underway. The current road map includes expansion of the models control services and customization features to support a broader set of creative use cases.

目前，該工具正在合作夥伴的基礎架構上部署。目前的路線圖包括擴展模型控制服務和自訂功能，以支援更廣泛的創意用例。

As I mentioned on our last earnings call, we are accelerating the pace of partnership expansion to enhance our solutions and further strengthen our value proposition. These partnerships are already contributing to deal flow and delivering opportunities.

正如我在上次財報電話會議上提到的，我們正在加快合作夥伴關係的擴展步伐，以增強我們的解決方案並進一步加強我們的價值主張。這些合作夥伴關係已經為交易流程做出了貢獻並帶來了機會。

Our partnership with OpenAI continues to strengthen, and resulted in a further expansion of internal technical capabilities. In June, Endava engineers and the team at OpenAI held a technical workshop focused on the model context protocol, or MCP, responses API and Codex tool chain. The session included direct sandbox experimentation, open road map discussions and direct feedback loops. The event strengthened our progress towards AI native delivery capability and informed a joint enablement and road map.

我們與 OpenAI 的合作不斷加強，並進一步擴展了內部技術能力。6 月，Endava 工程師和 OpenAI 團隊舉辦了一場技術研討會，重點介紹模型情境協議 (MCP)、回應 API 和 Codex 工具鏈。會議包括直接沙盒實驗、開放路線圖討論和直接回饋循環。這項活動加強了我們在人工智慧原生交付能力方面的進展，並提供了共同支援和路線圖。

As part of our partnership, our joint go-to-market collaboration with OpenAI progressed on three fronts: first, we supplied comprehensive insurance sector pipeline data through the new shared tracking system to tighten deal tracking governance.

作為合作的一部分，我們與 OpenAI 的聯合上市合作在三個方面取得了進展：首先，我們透過新的共享追蹤系統提供全面的保險業通路數據，以加強交易追蹤治理。

Second, we developed cross-vertical playbooks that translate open AI's agent-based frameworks into standard offerings for US retail and supply chain clients. And third, we established a quarterly training cadence to keep Endava's delivery teams steadily building these capabilities. Importantly, our strategic partnership with OpenAI has resulted in client acquisitions. Between April and June of this year, the partnership supported multiple client engagements. Here are some examples.

其次，我們開發了跨垂直劇本，將開放 AI 的基於代理的框架轉化為美國零售和供應鏈客戶的標準產品。第三，我們建立了季度培訓節奏，以確保 Endava 的交付團隊穩步建立這些能力。重要的是，我們與 OpenAI 的策略合作關係促成了客戶收購。今年 4 月至 6 月期間，該合作夥伴關係支持了多項客戶合作。以下是一些範例。

An Endava sourced lead successfully converted a leading financial compliance technology provider into an enterprise customer for OpenAI enterprise GPT. We are now orchestrating a company-wide rollout beginning with legal, marketing and customer support.

Endava 的一位負責人成功地將一家領先的金融合規技術供應商轉變為 OpenAI 企業 GPT 的企業客戶。我們現在正在策劃一項全公司範圍的推廣活動，首先從法律、行銷和客戶支援開始。

The engagement includes the building of custom GPT extensions designed to integrate directly into department-level workflows. Initial performance benchmarks show an approximate 25% reduction in document review time. These results are being used to inform expansion plans across additional departments.

此次合作包括建立客製化的 GPT 擴展，旨在直接整合到部門級工作流程中。初步性能基準顯示文件審查時間減少了約 25%。這些結果將用於指導其他部門的擴張計劃。

Together with OpenAI, we've secured a new engagement for a leading global specialty insurer to implement [agentic] data to value ingestion for processing complex [exporter] of files. The engagement also includes joint visioning sessions on an AI-enabled operating model for insurers.

我們與 OpenAI 合作，為一家全球領先的專業保險公司達成了新的合作，以實施 [agentic] 數據的價值提取，從而處理複雜的文件 [exporter]。此次合作還包括針對保險公司人工智慧營運模式的聯合願景會議。

And following an introduction from OpenAI, we are undertaking a project for a leading global reinsurer that deploys autonomous AI agents to understand, classify and ingest incoming submission data. Learnings from this project are to be used to drive the design of a new AI native architecture for the clients' business, replacing the legacy systems currently in place.

在 OpenAI 的介紹下，我們正在為一家領先的全球再保險公司開展一個項目，該公司部署自主 AI 代理來理解、分類和提取傳入的提交資料。此專案的經驗將用於推動為客戶業務設計新的 AI 原生架構，以取代現有的遺留系統。

We're engaged in enterprise scale AI initiatives with both AWS and Microsoft. We are co-creating solutions that integrate generative AI to transform operations and customer experiences across sectors. These engagements reflect alignment between Endava's delivery strength and our partners' cloud native AI platforms.

我們正在與 AWS 和 Microsoft 合作開展企業規模的 AI 計畫。我們正在共同創造整合生成式人工智慧的解決方案，以改變各行業的營運和客戶體驗。這些合作反映了 Endava 的交付實力與我們合作夥伴的雲端原生 AI 平台之間的一致性。

In collaboration with Google Cloud, Endava is contributing to the advancement of agentic AI. We are actively engaged in more than 30 agent-based projects across multiple geographies. These initiatives are focused on regulated sectors, including banking and other highly regulated industries. These projects are structured around the design and evaluation of production-grade AI systems with emphasis on safety and measurable operational impacts.

Endava 與 Google Cloud 合作，為代理 AI 的發展做出貢獻。我們積極參與多個地區的 30 多個代理項目。這些措施主要針對受監管的行業，包括銀行業和其他受到嚴格監管的行業。這些項目圍繞著生產級人工智慧系統的設計和評估展開，重點關注安全性和可衡量的營運影響。

We've been named a premier partner in Adient's newly launched global partnership program. This designation reflects Endava's track record of delivering integrated payment solutions in collaboration with Adient across the commerce, financial services and digital native businesses.

我們被任命為 Adient 新推出的全球合作夥伴計畫的首要合作夥伴。這一頭銜反映了 Endava 與 Adient 合作在商業、金融服務和數位原生業務領域提供整合支付解決方案的良好記錄。

I'd now like to provide an update on our large strategic deals, defined as multiyear large-scale engagements. The total value of our pipeline of potential large opportunities has grown. Additionally, we are increasing the number of large projects with flexible pricing structures tied to meeting deadlines, achieving required features or functions or delivering a consistent high velocity.

現在，我想介紹我們的大型策略交易的最新情況，這些交易被定義為多年的大規模合作。我們潛在的巨大機會的總價值已經成長。此外，我們正在增加大型專案的數量，這些專案具有靈活的定價結構，以滿足最後期限、實現所需的特性或功能或提供一致的高速度。

These new pricing models build on our long-standing ability to deliver quality at speed, and are designed to support both our customers and ourselves. For example, in the payments vertical, Endava has begun engaging with some customers based on a transaction-based pricing model, where clients are offered the ability to pay for our services on a fee per transaction basis.

這些新的定價模式建立在我們長期以來快速提供優質產品的能力之上，旨在為我們的客戶和我們自己提供支援。例如，在支付垂直領域，Endava 已開始根據基於交易的定價模型與一些客戶合作，客戶可以以每筆交易的費用支付我們的服務。

Endava signed an extension of its partnership with Mastercard to support real-time payments. The agreement reinforces Endava's role in supporting Mastercard's live market critical services and reflects an expanded scope of collaboration.

Endava 與萬事達卡簽署了合作延期協議​​，以支援即時支付。該協議加強了 Endava 在支援萬事達卡即時市場關鍵服務方面的作用，並反映了合作範圍的擴大。

We also signed a five year agreement with Reed Exhibitions, RX, a global event organizer and part of the RELX Group, following a competitive tender process. Endava replaced the incumbent provider, and the scope of the agreement is focused on supporting RX's global technology operations over the medium to long term.

經過競爭性投標程序，我們也與全球活動組織者、RELX 集團旗下的勵展博覽集團 (RX) 簽署了一份為期五年的協議。Endava 取代了現任供應商，協議範圍重點是支援 RX 的中長期全球技術營運。

RX cited Endava's focus on automation, issue prevention and service model adaptability as key differentiators against other vendors, including traditional providers that primarily offer resource-based delivery from low-cost regions. RX highlighted Endava's use of agile-based support models, observability tools and AI-enabled service test functions as contributing factors in the selection process.

RX 指出 Endava 注重自動化、問題預防和服務模式適應性，這是其與其他供應商（包括主要從低成本地區提供基於資源的交付的傳統供應商）的主要區別所在。RX 強調 Endava 使用基於敏捷的支援模型、可觀察性工具和支援 AI 的服務測試功能作為選擇過程中的促成因素。

The RX engagement reflects an enterprise shift from the transactional outsourcing model to a structured outcome-driven technology operation. Additionally, our collaboration with a leading financial institution in North America is gaining momentum. The client has now appointed us as a preferred supplier in the area of enterprise professional services, covering artificial intelligence and automation, application development and technology advisory. This expanded mandate further solidifies Endava's standing as a strategic vendor and trusted partner within the banking and financial industry.

RX 的參與反映了企業從交易外包模式轉向結構化結果驅動的技術營運的轉變。此外，我們與北美一家領先金融機構的合作正在加速推進。客戶現已指定我們為企業專業服務領域的首選供應商，涵蓋人工智慧和自動化、應用程式開發和技術諮詢。此次擴大的授權進一步鞏固了 Endava 作為銀行和金融業策略供應商和值得信賴的合作夥伴的地位。

Moving to the important shifts resulting from the growth of agentic AI. We are developing the next generation of software delivery life cycle, with a shift towards change delivery life cycle, or CDLC for short, where intelligent software agents work side-by-side with our engineers. This is needed because truly leveraging agentic AI requires a delivery approach that pushes past traditional agile ceremonies that embraces the autonomy of AI agents and their ability to learn and adapt.

轉向代理人工智慧的發展所帶來的重要轉變。我們正在開發下一代軟體交付生命週期，轉向變更交付生命週期（簡稱 CDLC），其中智慧軟體代理與我們的工程師並肩工作。這是必要的，因為真正利用代理人工智慧需要一種超越傳統敏捷儀式的交付方法，這種方法包含人工智慧代理的自主性及其學習和適應的能力。

Instead of linear integration, AI agents demand continuous oversight, guardrails and adaptive governance to ensure safe, reliable outcomes. Our new approach replaces discrete project phases with one continuous stream of change.

人工智慧代理不需要線性集成，而是需要持續的監督、護欄和自適應治理來確保安全可靠的結果。我們的新方法以連續的變化流取代了離散的專案階段。

Every feature, fix or enhancement flows from idea to production with outpours. Internally, we created a program driving this change, serving as Endava's early adopter initiative that equips a growing cohort of engineers to apply agentic coding tooling, including OpenAI's Codex and wind surface cascade.

每個功能、修復或增強都從構思到生產，經歷了大量的過程。在內部，我們創建了一個推動這項變革的計劃，作為 Endava 的早期採用者計劃，讓越來越多的工程師能夠應用代理程式編碼工具，包括 OpenAI 的 Codex 和風面級聯。

While the program is still in its initial deployment phase, it is already being used on real client work, and we are recording clear gains in speed, quality and cost. We've seen tasks that took days being completed in minutes and regularly see up to 10 times productivity improvements.

雖然該程式仍處於初始部署階段，但它已經在實際客戶工作中使用，並且我們在速度、品質和成本方面都取得了明顯的進步。我們看到原本需要幾天才能完成的任務在幾分鐘內就能完成，生產力通常可以提高 10 倍。

We call this new delivery framework Endava Flow, a lean pull-based operating model that is designed to propel a stream of change, remove friction and release value the instant it is ready. Pilot engagements using this approach are already underway with throughput, lead time and quality metrics informing wider rollout.

我們將這種新的交付框架稱為 Endava Flow，這是一種精益拉動式營運模式，旨在推動變革流、消除摩擦並在準備就緒時立即釋放價值。採用這種方法的試點工作已在進行中，吞吐量、交付週期和品質指標將為更廣泛的推廣提供資訊。

Collectively, these initiatives position agent technology at the core of Endava's long-term operating model transformation, driving higher productivity and faster change delivery. By powering talent enablement with our CDLC-driven Endava Flow, we are cultivating delivery environments where AI agents and human engineers work side by side safely and at scale. This capability places Endava amongst the select group technology services firms able to operationalize AI across the entire software life cycle.

總的來說，這些舉措將代理技術定位為 Endava 長期營運模式轉型的核心，從而提高生產力並加快變革交付。透過使用 CDLC 驅動的 Endava Flow 來支援人才，我們正在培育 AI 代理和人類工程師可以安全、大規模地並肩工作的交付環境。這項能力使 Endava 成為能夠在整個軟體生命週期內實施人工智慧的精選集團技術服務公司之一。

Moving now to our continued commitment to creating a positive impact for our people, clients and the communities in which we operate. Today, we published our We Care Sustainability Report for the fiscal year 2025, our fifth consecutive year of sustainability reporting.

現在，我們將繼續致力於為我們的員工、客戶和我們經營所在的社區創造積極影響。今天，我們發布了 2025 財年的《我們關懷永續發展報告》，這是我們連續第五年發布永續發展報告。

As announced in July, we had some leadership changes, including my assumption of additional operational responsibilities for the sales and go-to-market strategy, following the retirement of Julian Bull, our former Chief Operating Officer. Alastair Lukies CBE, also joined us as Chief Engagement Officer, and he is responsible for chairing our new Global Advisory Board, whose members bring a wide experience across industries and regions, reflecting the breadth of the technology industry today. And finally, Rob Machin has returned as Chief People and Locations Officer, succeeding David Churchill.

正如 7 月宣布的那樣，我們進行了一些領導層變動，包括在我們前任營運長朱利安·布爾 (Julian Bull) 退休後，我將承擔銷售和行銷策略方面的額外營運責任。Alastair Lukies CBE 也加入我們並擔任首席參與官，他負責主持我們新的全球顧問委員會，該委員會的成員在各個行業和地區擁有豐富的經驗，反映了當今技術行業的廣度。最後，羅布·馬欽 (Rob Machin) 接替大衛·邱吉爾 (David Churchill) 回歸擔任首席人才和地點官。

While strengthening our leadership team, we have also continued to adapt the size and shape of our workforce to align with market demands. As of quarter end, we were 11,479 Endavans strong, representing a 5% decrease from the same period last year. We continue to prioritize recruitment in high-demand areas, including data, AI and cloud to match the evolving needs of our clients.

在加強領導團隊的同時，我們也不斷調整員工隊伍的規模和結構，以適應市場需求。截至季末，我們的 Endavan 員工人數為 11,479 人，比去年同期減少了 5%。我們持續優先在數據、人工智慧和雲端等高需求領域招募人才，以滿足客戶不斷變化的需求。

In closing, I want to thank all Endavans, for your unwavering commitment and determination as we move through this era of digital change and uncover the opportunities it presents. We are committed to sustainable growth, to safeguarding the culture that makes us unique and to delivering solutions that enable our clients to lead with confidence in a rapidly evolving world.

最後，我要感謝所有 Endavans，感謝你們在我們經歷數位變革時代並發掘其帶來的機會時所表現出的堅定承諾和決心。我們致力於永續發展，維護我們獨特的文化，並提供解決方案，使我們的客戶能夠在快速發展的世界中充滿信心地引領潮流。

And with that, I'll hand over to Mark for a closer look at our quarterly and annual financial results and guidance for the upcoming quarter and the new fiscal year.

接下來，我將把時間交給馬克，讓他仔細研究我們的季度和年度財務表現以及下一季和新財年的指導。

Thanks, John. Endava's revenue totaled GBP186.8 million for the three months ended June 30, 2025, compared to GBP194.4 million in the same period in the prior year, representing a 3.9% decrease. In constant currency, our revenue decreased 0.7% from the same period in the prior year.

謝謝，約翰。截至 2025 年 6 月 30 日的三個月，Endava 的總收入為 1.868 億英鎊，而去年同期為 1.944 億英鎊，下降了 3.9%。以固定匯率計算，我們的營收比去年同期下降了 0.7%。

Profit before tax for the three months ended June 30, 2025, was GBP3.8 million compared to a loss of GBP0.4 million in the same period in the prior year. Our adjusted PBT for the three months ended June 30, 2025, was GBP16.4 million compared to GBP14.9 million for the same period in the prior year. Our adjusted PBT margin was 8.8% for the three months ended June 30, 2025, compared to 7.7% in the same period in the prior year.

截至 2025 年 6 月 30 日的三個月的稅前利潤為 380 萬英鎊，而去年同期的虧損為 40 萬英鎊。截至 2025 年 6 月 30 日的三個月，我們的調整後稅前利潤為 1,640 萬英鎊，而去年同期為 1,490 萬英鎊。截至 2025 年 6 月 30 日的三個月，我們的調整後 PBT 利潤率為 8.8%，而去年同期為 7.7%。

Our adjusted diluted earnings per share was 24p for the three months ended June 30, 2025, calculated on 56.2 million diluted shares as compared to 22p for the same period in the prior year, calculated on 58.8 million diluted shares.

截至 2025 年 6 月 30 日的三個月，我們的調整後每股攤薄收益為 24 便士，以 5,620 萬股攤薄股份計算，而去年同期的調整後每股攤薄收益為 22 便士，以 5,880 萬股攤薄股份計算。

Revenue from our 10 largest clients accounted for 37% of revenue for the three months ended June 30, 2025, compared to 34% for the same period last fiscal year. The average spend per client from our 10 largest clients increased from GBP6.7 million to GBP6.9 million for three months ended June 30, 2025, as compared to the three months ended June 30, 2024, representing a 2.8% year-over-year increase.

截至 2025 年 6 月 30 日的三個月，來自我們十大客戶的營收佔總營收的 37%，而上一財年同期這一比例為 34%。截至 2025 年 6 月 30 日的三個月，與截至 2024 年 6 月 30 日的三個月相比，我們十大客戶的每位客戶平均支出從 670 萬英鎊增加到 690 萬英鎊，年增 2.8%。

In the three months ended June 30, 2025, North America accounted for 38% of revenue, Europe for 23%, the UK for 33%, while the rest of the world accounted for 6%. Revenue from North America decreased 5.3% for the three months ended June 30, 2025, over the same period last fiscal year, due mainly to FX movements. Comparing the same periods, revenue from Europe declined to 13.1%, due mainly to weakness in the TMT and mobility verticals. The UK grew 5.9% and the rest of world declined 5.8%.

截至2025年6月30日的三個月內，北美佔營收的38%，歐洲佔23%，英國佔33%，而世界其他地區佔6%。截至 2025 年 6 月 30 日的三個月，北美營收與上一財年同期相比下降了 5.3%，主要原因是外匯變動。與同期相比，來自歐洲的營收下降至 13.1%，主要原因是 TMT 和行動垂直產業的疲軟。英國成長了 5.9%，而世界其他地區則下降了 5.8%。

Our adjusted free cash flow was a negative GBP4.0 million for the three months ended June 30, 2025, compared to a positive GBP6.6 million during the same period last fiscal year. Our adjusted free cash flow in the quarter was mainly impacted by an agreement to extend our relationship with an existing key client. As part of securing the contract, we agreed improved terms of trade for them, which resulted in payments for work performed in FY25 being delayed into Q1 FY26.

截至 2025 年 6 月 30 日的三個月，我們的調整後自由現金流為負 400 萬英鎊，而上一財年同期為正 660 萬英鎊。本季我們調整後的自由現金流主要受到與現有主要客戶延長關係的協議的影響。作為確保合約的一部分，我們同意改善他們的貿易條款，這導致 25 財年所完成工作的付款被推遲到 26 財年第一季。

Our cash and cash equivalents at the end of the period totaled GBP59.3 million at June 30, 2025, compared to GBP68.3 million at March 31, 2025, and GBP62.4 million at June 30, 2024. Our borrowings totaled GBP180.9 million at June 30, 2025, compared to GBP136.5 million at March 31, 2025, and GBP144.8 million at June 30, 2024.

截至 2025 年 6 月 30 日，我們的期末現金及現金等價物總額為 5,930 萬英鎊，而 2025 年 3 月 31 日為 6,830 萬英鎊，2024 年 6 月 30 日為 6,240 萬英鎊。截至 2025 年 6 月 30 日，我們的借款總額為 1.809 億英鎊，而 2025 年 3 月 31 日為 1.365 億英鎊，2024 年 6 月 30 日為 1.448 億英鎊。

Capital expenditure for the three months ended June 30, 2025, as a percentage of revenue, was 0.9% compared to 0.8% in the same period last fiscal year.

截至 2025 年 6 月 30 日的三個月，資本支出佔營收的百分比為 0.9%，而上一財年同期為 0.8%。

I'd now like to move on to some highlights for our fiscal year 2025. Endava's revenue totaled GBP772.3 million for the fiscal year ended June 30, 2025, compared to GBP740.8 million in the previous fiscal year, a 4.3% increase over prior year. In constant currency, our revenue increased 6.3% from the prior year.

現在我想談談我們 2025 財年的一些亮點。Endava 截至 2025 年 6 月 30 日的財政年度總收入為 7.723 億英鎊，而上一財政年度為 7.408 億英鎊，比上一年增長 4.3%。以固定匯率計算，我們的收入比上年增長了 6.3%。

Profit before tax for the fiscal year ended June 30, 2025, was GBP24.1 million compared to profit before tax of GBP27.0 million in the prior year. Our adjusted PBT for the fiscal year 2025 was GBP82.1 million compared to GBP83.0 million in the prior year. Our adjusted PBT margin was 10.6% in fiscal year 2025 compared to 11.2% in the prior year.

截至 2025 年 6 月 30 日的財政年度的稅前利潤為 2,410 萬英鎊，而上一年的稅前利潤為 2,700 萬英鎊。我們 2025 財年的調整後息稅前利潤為 8,210 萬英鎊，而前一年為 8,300 萬英鎊。我們 2025 財年的調整後 PBT 利潤率為 10.6%，而前一年為 11.2%。

Our adjusted diluted earnings per share was 113p for the fiscal year 2025, calculated on 58.9 million diluted shares as compared to 112p for the previous fiscal year, calculated on 58.7 million diluted shares.

我們 2025 財年的調整後每股攤薄收益為 113 便士，以 5,890 萬股攤薄股份計算，而上一財年的調整後每股攤薄收益為 112 便士，以 5,870 萬股攤薄股份計算。

Revenue from our 10 largest clients accounted for 36% of revenue for the fiscal year 2025 compared to 32% for the previous fiscal year. The average spend per client from our 10 largest clients increased from GBP24.1 million to GBP27.9 million for the fiscal year 2025 as compared to fiscal year 2024.

來自我們十大客戶的收入佔 2025 財年收入的 36%，而上一財年這一比例為 32%。與 2024 財年相比，我們 10 個最大客戶的每位客戶平均支出在 2025 財年從 2,410 萬英鎊增加到 2,790 萬英鎊。

In terms of geographies on a year-over-year basis, revenue from North America increased 21.9%, due mainly to the contribution of GalaxE. Europe decreased 5.5%, due mainly to the payments and TMT verticals. The UK increased 2.8%, due mainly to an increase in banking and capital markets. And the rest of world was down 29.7%, due to decreases across most verticals, partially offset by growth in payments.

從地理來看，北美地區營收年增21.9%，主要得益於GalaxE的貢獻。歐洲下降了 5.5%，主要原因是支付和 TMT 垂直行業。英國成長了2.8%，主要由於銀行業和資本市場的成長。世界其他地區則下降了 29.7%，原因是大多數垂直行業的下滑，但部分被支付的成長所抵消。

On a year-over-year basis, revenue from payments decreased 19.0% due to a reduction in the pace of activities for certain large clients in the UK and North America. Banking and Capital Markets increased 37.4% due to a mix of organic growth and the impact of the GalaxE acquisition. Insurance increased 12.1% due mainly to growth in the UK and North America.

與去年同期相比，由於英國和北美某些大客戶的活動節奏減少，支付收入下降了 19.0%。由於有機成長和收購 GalaxE 的影響，銀行和資本市場成長了 37.4%。保險業成長了 12.1%，主要由於英國和北美的成長。

TMT decreased 13.2% due to reduced activity in media across all geographies and telecommunications in North America, partially offset by an increase in technology. Mobility decreased 11.7%, primarily due to lower activity in the travel sector across most geographies. And health care increased 103.8% due mainly to the GalaxE acquisition and other increased 0.8%.

TMT 下降了 13.2%，因為所有地區的媒體和北美電信活動的減少，但被技術的成長部分抵消。流動性下降了 11.7%，主要是由於大多數地區的旅遊業活動減少。其中醫療保健業務成長了 103.8%，主要原因是收購了 GalaxE，其他業務成長了 0.8%。

Our adjusted free cash flow was GBP48.7 million for the fiscal year ended June 30, 2025, compared to GBP58.4 million during the same period last fiscal year. Capital expenditure for the fiscal year ended June 30, 2025, as a percentage of revenue, was 0.6% compared to 0.7% in the last fiscal year.

截至 2025 年 6 月 30 日的財政年度，我們的調整後自由現金流為 4,870 萬英鎊，而上一財政年度同期為 5,840 萬英鎊。截至 2025 年 6 月 30 日的財政年度的資本支出佔收入的百分比為 0.6%，而上一財政年度為 0.7%。

Now with an update on our share repurchase program. Endava has repurchased approximately 6.7 million ADSs for $111.2 million as of August 29, 2025. As of August 29, 2025, $38.8 million remain for additional repurchase under the authorization.

現在介紹一下我們的股票回購計畫的最新情況。截至 2025 年 8 月 29 日，Endava 已以 1.112 億美元回購了約 670 萬股 A​​DS。截至 2025 年 8 月 29 日，根據授權仍有 3,880 萬美元可供額外回購。

Before providing the guide, I'd like to remind everyone that as stated during our Q3 FY25 earnings call, we are utilizing a stricter guidance methodology, under which revenue from any unsigned large opportunity in the pipeline is excluded until the related statement of work is executed and delivery has begun. The current outlook, therefore, recognizes 8 recently signed multiyear agreements.

在提供指南之前，我想提醒大家，正如我們在 2025 財年第三季度收益電話會議上所述，我們正在採用更嚴格的指導方法，根據該方法，在執行相關工作說明並開始交付之前，任何未簽署的大型機會的收入都將被排除在外。因此，目前的展望承認最近簽署了 8 項多年協議。

At the same time, we are increasing investment in the change delivery life cycle program that John mentioned earlier. This initiative is projected to raise operating expenses, and thus impact adjusted gross margin and adjusted SG&A.

同時，我們正在加大對約翰先前提到的變更交付生命週期計畫的投資。預計此舉將增加營運費用，影響調整後的毛利率和調整後的銷售、一般及行政費用。

Because of any productivity gains from the program are not yet certain, no margin improvement has been credited in the guidance. In addition, reinstating the company-wide bonus scheme is expected to also negatively impact margins. We believe these expenses will impact our adjusted PBT margin by 3% in FY26.

由於該計劃帶來的生產力提升尚不確定，因此該指引中並未提及利潤率的提高。此外，恢復全公司獎金計畫預計也會對利潤率產生負面影響。我們相信這些費用將影響我們 26 財年的調整後稅前利潤率 3%。

Now moving to our outlook. Our guidance for Q1 fiscal year 2026 is as follows: Endava expects revenue to be in the range of GBP181 million to GBP183 million, representing constant currency revenue decrease of between 6% and 5% on a year-over-year basis. Endava expects adjusted diluted EPS to be in the range of 17p to 19p per share.

現在轉向我們的展望。我們對 2026 財年第一季的指引如下：Endava 預計營收將在 1.81 億英鎊至 1.83 億英鎊之間，以固定匯率計算，營收年減 6% 至 5%。Endava 預計調整後的稀釋每股盈餘將在 17 便士至 19 便士之間。

Our guidance for full fiscal year 2026 is as follows: Endava expects revenue to be in the range of GBP750 million to GBP765 million, representing constant currency revenue change of between minus 1.5% and plus 0.5% on a year-over-year basis. Endava expects adjusted diluted EPS to be in the range of 82p to 94p per share.

我們對 2026 財年全年的指導如下：Endava 預計收入將在 7.5 億英鎊至 7.65 億英鎊之間，相當於同比固定貨幣收入變化在 -1.5% 至 +0.5% 之間。Endava 預計調整後的稀釋每股盈餘將在 82 便士至 94 便士之間。

This above guidance for Q1 fiscal year '26 and the full fiscal year 2026 assumes exchange rates on August 31, 2025, when the exchange rate was GBP1 to $1.35 and EUR1.15.

上述針對 2026 財年第一季和 2026 財年全年的預測假設了 2025 年 8 月 31 日的匯率，當時的匯率為 1 英鎊兌 1.35 美元和 1 歐元兌 1.15 歐元。

This concludes our prepared comments. Operator, we are now ready to open the line for Q&A.

我們的準備評論到此結束。接線員，我們現在可以開通問答熱線了。

(Operator Instructions) Bryan Bergin, TD Cowen.

（操作員指示） Bryan Bergin，TD Cowen。

I guess the first one, as it relates to 2026 growth guidance, I want to just try and reconcile that with the strong order book commentary that you have here in 4Q. Are these engagements kind of stuck in backlog and the work is just not commencing or is there a base business that's running off that's more than offsetting the new work scaling? Just help us, how do we match that order book strength in 4Q with the '26 growth view?

我想第一個問題，因為它與 2026 年的成長指引有關，我只是想嘗試將其與您在第四季度看到的強勁訂單評論相協調。這些工作是否陷入積壓狀態，工作尚未開始，或者是否有基礎業務正在運行，足以抵消新工作規模？請幫幫我們，我們如何將第四季的訂單實力與 26 年的成長觀點相匹配？

Thanks, Bryan, and good morning. We are in New York. The order book that's coming through has a mixture of renewal work, but then a good amount of new business layered on top of that. Now the new business element takes a while to ramp into revenue, either because the projects in the early stage are running with smaller teams before we get into the full ramp-up as delivery gets into full flight.

謝謝，布萊恩，早安。我們在紐約。收到的訂單中既有續約工作，也有大量的新業務。現在，新的業務元素需要一段時間才能轉化為收入，這是因為早期階段的專案是由較小的團隊運行的，然後隨著交付的全面展開，我們才能全面投入使用。

Others are -- there is just a delay in terms of the win of the revenue starts. For instance, one of the larger deals was in order book in Q4, but revenue is H2 in 2026. So we're pulling all of that together in terms of the guidance that we're giving.

其他的則是——在收入開始方面只是有所延遲。例如，其中一筆較大的交易是在第四季的訂單中，但收入是在 2026 年下半年。因此，我們將所有這些內容整合在一起，形成我們給予的指導。

Mark, I don't know if you want to say anything about that?

馬克，我不知道你是否想對此說些什麼？

I think that's right. We have a few deals, a couple where they have a step change in nature from quarter-to-quarter. There's a good mix where I'll call it, extensions of existing work, so there's no real change in sort of run rate, and then others where you get a gradual build over the course of the year.

我認為那是對的。我們有一些交易，其中幾筆交易的性​​質在每個季度之間都有顯著變化。我將稱之為一種很好的組合，即現有工作的延伸，因此運行率不會發生真正的變化，而其他工作則會在一年內逐漸增加。

Okay. And then maybe, Mark, on the margin side, as we bridge the growth to the EPS outlook, you mentioned investments there. I think I heard 3 points effectively of adjusted PBT margin headwind. Can you kind of just give some finer points as you're projecting the year PBT margin as you go through the quarterly progression of '26?

好的。然後，馬克，也許在利潤方面，當我們將成長與每股收益前景聯繫起來時，您提到了那裡的投資。我認為我有效地聽到了調整後的 PBT 利潤率逆風的 3 點。當您預測 26 年季度進展中的年度稅前利潤率時，您能否給出一些更詳細的觀點？

So I mean -- if I sort of go through, you say the bridge from Q4 to Q1, so we exit on an adjusted basis at [30.4%]. Reinstating the bonus for Endava because there was no bonus paid last year or the year before, it takes about 1% off.

所以我的意思是——如果我通過，你說從 Q4 到 Q1 的橋樑，那麼我們會在調整後退出[30.4%]。由於去年和前年沒有支付獎金，因此恢復 Endava 的獎金，大約需要 1% 的折扣。

And the AI investment is a further 1% off as well. So there is an underlying sort of improved, but those investments are weighing on the adjusted gross margin. So that we're seeing a reduction in overall gross margin about 1%, which I think will be consistent through Q1 and Q2, and then we will start to get a little bit of leverage in it.

人工智慧投資也進一步降低了 1%。因此，雖然有潛在的改善，但這些投資正在影響調整後的毛利率。因此，我們看到整體毛利率下降了約 1%，我認為這一情況將持續到第一季和第二季度，然後我們將開始獲得一點槓桿作用。

The other impact is also in G&A, which tends to be -- there is a further element to it, but it is mainly again through the investment in AI, and that's about 1% as well. So there's a 3% depreciation in the adjusted PBT margin from Q4 about 8.8% to about 7% or so, and that directly impact the EPS by [24] in Q4. It takes about 5 (technical difficulty) off.

另一個影響也反映在一般及行政費用上，這往往還有進一步的因素，但主要還是透過對人工智慧的投資，這也是 1% 左右。因此，調整後的稅前利潤率從第四季度的約 8.8% 下降了 3% 左右，降至約 7%，直接影響了第四季的每股盈餘 [24]。大約需要 5（技術難度）。

There's some movement -- maybe to draw your attention to in terms of the tax rate is moving up. So the tax rate that we ended at FY25 was around 17 -- sorry, was around 19%. It's pretty low actually in Q4, but we'll move up to 21% due to the shift in profitability to higher tax jurisdictions.

有一些動向——也許值得引起你的注意，因為稅率正在上升。因此，我們在 25 財年結束時的稅率約為 17%——抱歉，約為 19%。實際上，第四季度的比例相當低，但由於獲利能力向稅收更高的管轄區轉移，我們將上升至 21%。

And then the result of the buyback has reduced the number of shares also outstanding. So there's going to be a dip that we'll see through the course of FY26. But the increased tax rate and the reduction in the number of shares basically have offset certainly cash flow. So EPS -- is maybe about adjusted PBT much and then the investments that are [outlined] to the core.

回購的結果也減少了流通股數。因此，我們將在 26 財年看到一個下滑趨勢。但稅率的提高和股份數量的減少基本上已經抵消了一定的現金流。因此，每股盈餘 - 可能與調整後的稅前利潤 (PBT) 有關，然後是核心投資。

Jonathan Lee, Guggenheim.

喬納森李，古根漢。

It looks like total clients declined to 619 from, call it, 656 prior. Can you help us unpack what you're seeing there, especially on the back of incremental new logos from your developing partnerships?

看起來客戶總數從之前的 656 下降到了 619。您能否幫助我們解讀您所看到的內容，特別是在您不斷發展的合作夥伴關係所帶來的新標誌的背景下？

The total number of clients is a trading figure. I think in the quarter, we have some net additions, but obviously, it's come down on a sort of -- because it's a rolling 12-month figure, we've had some lost clients, which aren't [weighted]. So that's a true statement.

客戶總數是一個交易數字。我認為在本季度，我們有一些淨增，但顯然，這是由於某種原因——因為這是一個連續 12 個月的數據，我們失去了一些客戶，這些客戶並不是[加權]。所以這是正確的陳述。

I think the cost of reduction are usually very sort of small and they are dropping out of revenue is say four quarters back. The sort of pattern is it's across most jobs. There's no particular geography where it's decreasing. It's as it be, I suspect it's more strongly in payments than for a vertical perspective.

我認為削減的成本通常很小，而且他們的收入下降幅度大約是四個季度前。這種模式存在於大多數工作中。沒有哪個特定地區的人口密度出現下降。事實就是如此，我懷疑它在支付方面比在垂直視角方面更強大。

The net additions, though, again, they're sparse, but there's more strength in BCM, which is one of our better growing segments. And also in the other sort of category in TMT. So it's a bit of a mixed picture. I think payments is weighing on those client numbers.

雖然淨增值再次減少，但 BCM 的實力更強，這是我們成長較好的部門之一。並且還屬於TMT中的其他類別。所以，情況有點複雜。我認為付款對客戶數量有影響。

Jonathan, we are expecting to continue to see some of this because part of it is tidying up the tail where we've had a long tail of very small clients. And actually, the cost of operating those clients is prohibitive compared to the revenue that comes through. And so that's a trend that you've been seeing over the last few quarters as we've been looking to tidy that up. Even although there's a small negative impact on revenue at a time where we don't need it, we see it as the right business choice for us at the moment to tidy up that tail.

喬納森，我們期望繼續看到這樣的情況，因為部分原因是我們正在整理我們擁有大量小客戶的尾部。實際上，與獲得的收入相比，經營這些客戶的成本過高。這是過去幾個季度以來您看到的趨勢，我們一直在尋求解決這個問題的方法。即使在我們不需要的時候，這對收入有一點負面影響，但我們認為這是目前我們正確的商業選擇，以整理這個尾巴。

Understood. Can you decompose organic growth in the quarter and sort of how you're thinking about that versus prior quarter as well as what's embedded in the outlook from an organic growth perspective?

明白了。您能否分解本季的有機成長情況，以及您如何看待與上一季相比的有機成長情況，以及從有機成長的角度來看前景如何？

Each on that organic revenue growth (technical difficulty) about comments. So I think in the quarter, the Q4 quarter we just reported, we still had a year-on-year decline -- 2%. We had a big FX hit because of dollar volatility. So whilst the reported fee was that minus 4%, minus [3.9%], a big chunk of that was US dollar related. So there was a decline year-over-year of about minus 1%. But there was a small contribution for GalaxE so you've got a minus 2%.

各人就有機收入成長（技術難度）發表意見。所以我認為，在我們剛剛報告的第四季度，我們的銷售額仍然比去年同期下降了 2%。由於美元波動，我們遭受了巨大的外匯衝擊。因此，雖然報告的費用是減去 4% 即減去 [3.9%]，但其中很大一部分與美元有關。因此比去年同期下降了約-1%。但是 GalaxE 的貢獻很小，所以結果是負 2%。

In terms of the guide at the top being about minus 6%, we still -- that's on a reported basis. We're still encountering US dollar weakness, which is hurting our revenue growth. So it's a clean number. It still decline year-over-year. It's about 4%, 4.5% on a positive currency basis. And on a constant currency basis, sequentially, we're still down about minus 2%. Although they're looking at the guide as we go on in the pipeline, we then expect some sequential growth once we get beyond Q1.

就頂部指南而言，約為負 6%，我們仍然 - 這是根據報告得出的。我們仍然面臨美元疲軟的局面，這正在損害我們的營收成長。所以這是一個乾淨的數字。但同比來看，仍呈現下降趨勢。以正貨幣計算，約為 4% 或 4.5%。以固定匯率計算，我們季比仍下降了約-2%​​。儘管他們在我們推進過程中一直在關注指南，但我們預計，一旦我們度過第一季度，就會出現一些連續的成長。

James Faucette, Morgan Stanley.

摩根士丹利的詹姆斯·福塞特。

It's Antonio on for James. I wanted to ask about your guys' OpenAI partnership. Can you maybe talk about the economics of that partnership? What was the contribution of revs in the quarter? And what you maybe expect to see in the upcoming fiscal year?

安東尼奧替換詹姆斯。我想詢問一下你們與 OpenAI 的合作關係。您能談談這種合作關係的經濟效益嗎？本季的營收貢獻是多少？您對即將到來的財政年度有何期待？

The partnership with OpenAI is one that we've been developing for over 18 months now. It's a very strong leadership type of relationship where we are working together on new propositions to market, using their capabilities but also introducing our domain knowledge and our understanding of the areas they are going to make a business impact on our clients.

我們與 OpenAI 的合作關係已經持續了 18 個多月。這是一種非常強大的領導關係，我們共同努力向市場推出新的產品，利用他們的能力，同時也介紹我們的領域知識和我們對他們將對我們的客戶產生業務影響的領域的理解。

And then we're jointly taking those capabilities to market. So we're seeing OpenAI bring opportunities through as well as Endava bringing opportunities that then use that platform. It's one of our partnerships that's key in this area. And I've touched on the others with Google with AWS and Microsoft in particular.

然後我們共同將這些能力推向市場。因此，我們看到 OpenAI 帶來了機遇，Endava 也帶來了使用該平台的機會。這是我們在該領域的關鍵合作夥伴關係之一。我還特別談到了其他公司，包括Google、AWS 和微軟。

So it's -- we don't carve out an analysis around OpenAI. Our focus is on developing this partnership area, which historically has been an area that we haven't focused on. But we see the shift to AI, making the hyperscalers and the likes of OpenAI, bringing a key -- playing a key part in how we drive that shift, more key than we found in the digital transformation wave, which is why we're focusing so much on it.

所以——我們不會圍繞 OpenAI 展開分析。我們的重點是發展這個合作領域，而從歷史上看，這是我們沒有重點關注的領域。但我們看到了向人工智慧的轉變，使得超大規模企業和 OpenAI 這樣的公司在我們推動這一轉變的過程中發揮了關鍵作用，比我們在數位轉型浪潮中發現的更為重要，這就是我們如此關注它的原因。

Got it. That's helpful. And then I want to shift over to the payments vertical. Could you maybe talk about what some of your largest clients in that vertical have sort of signaled on their spending intentions and like what they're saying around that?

知道了。這很有幫助。然後我想轉到支付垂直領域。您能否談談該垂直領域的一些最大客戶在支出意圖方面有何表態，以及他們對此有何看法？

So we retain very positive relationships with our largest clients in the payments arena. We believe our relationship with Mastercard remains solid, and we're working on multiple projects with them across the organization and continue to have conversations about other things that we can work on with them.

因此，我們與支付領域的最大客戶保持著非常良好的關係。我們相信我們與萬事達卡的關係仍然牢固，我們正在整個組織內與他們合作開展多個項目，並繼續就我們可以與他們合作的其他事項進行對話。

The other key client that is out there is Worldpay. They continue to be an important client to us in one of our most strategic industries. And we value that longer-term partnership and the continued opportunities to grow our contributions to their major programs at work.

另一個主要客戶是 Worldpay。在我們最具戰略意義的行業之一中，他們仍然是我們的重要客戶。我們重視長期合作關係以及持續為其主要工作項目做出更多貢獻的機會。

We -- they are obviously a transaction going on that's out there. And we know all of the players in this transaction have a good feel about the opportunities arising. I would say in payments, we're also seeing early signs of interest from other clients as the payments market shifts, and some of them are starting to realize and want to respond to that shift by addressing their more legacy platforms, but it is early days on that at the moment.

我們——他們顯然正在進行交易。我們知道，參與此交易的所有參與者都對出現的機會充滿信心。我想說，在支付方面，隨著支付市場的變化，我們也看到了其他客戶早期感興趣的跡象，其中一些客戶開始意識到這一點，並希望透過解決其更傳統的平台來應對這種轉變，但目前還處於早期階段。

Nate Svensson, Deutsche Bank.

德意志銀行的 Nate Svensson。

At the end of one of Jonathan's question, you mentioned the expectations for sequential growth after 1Q. So I was hoping to follow up on that. So as you mentioned, we're going to see a sequential decline in 1Q, but in order to hit that four year guide, you're going to have to show some pretty solid sequential growth. So wondering on the cadence of that? And then more specifically, the confidence or visibility you have in that actually occurring?

在喬納森的一個問題的最後，您提到了對第一季之後的連續成長的預期。所以我希望能夠跟進此事。正如您所說，我們將看到第一季出現連續下滑，但為了達到四年來的預期，您必須實現相當穩健的連續成長。那麼想知道它的節奏嗎？更具體地說，您對實際發生的情況有何信心或預見性？

And the reason I asked, I think this is the third consecutive fiscal year where we're kind of expecting that same sort of sequential ramp through the year, and there's obviously been a lot going on in the macro, but that hasn't materialized. So just wondering confidence and visibility and then the cadence of that sequential growth after 1Q.

我之所以問這個問題，是因為我認為這是我們連續第三個財年預計全年會出現同樣的連續增長，而且宏觀方面顯然發生了很多事情，但這並沒有實現。所以只是想知道信心和可見性以及第一季之後的連續成長節奏。

Yes. So as we sort of said, the costs in terms of was the proportion -- well, if I start with what forces of contracted and committed. As we go into the full year (technical difficulty) -- compare that with when we were guiding this time last year, it was about 60%. We don't have any of the big deals in the pipeline, apart from those that were won, which is eight. Not all of those will produce a significant step-up from quarter-to-quarter, about a couple will, which is also the underpin of the confidence of some of the sequential movement from one quarter to the other.

是的。因此，正如我們所說的那樣，成本的比例是 - 好吧，如果我從簽約和承諾的力量開始的話。當我們進入全年時（技術難度）——與我們去年這個時候指導時相比，大約是 60%。除了已經達成的八項大交易外，我們目前還沒有其他大交易。並非所有這些因素都會在季度間產生顯著的成長，大約有幾個因素會產生顯著的成長，這也是從一個季度到另一個季度的連續變動的信心的基礎。

The other six big deals come through, some will deliver at a consistent quarter-on-quarter growth, but others will sort of ramp through the course of the year as well. So the top of the guide has some modest sequential growth, something like 2%, I think from Q2, Q3 underlying, and a slight uptick in Q4.

其餘六筆大交易中，有些將實現季度環比持續成長，但其他交易也將在全年呈現一定程度的成長。因此，我認為指南的頂部有一些適度的連續成長，大約 2%，這是從第二季、第三季開始的，第四季會略有上升。

And in terms of the lower end of the guide, we've assumed that the run rate and some of that new work comes through more slowly. But it is underpinned by what we are seeing in the pipeline was being secured today.

就指南的低端而言，我們假設運行率和一些新工作進展得更慢。但我們今天看到的管道安全狀況為其提供了支撐。

Got it. That's helpful. And then the other thing I wanted to ask on was the shift to those flexible pricing structures that you mentioned in the prepared remarks. I mean from my perspective, it seems like this is a necessary shift, particularly as AI becomes a bigger part of the delivery model. But at the same time, a lot of the risk associated in delivery moves on to your plate rather than the client.

知道了。這很有幫助。然後我想問的另一件事是您在準備好的發言中提到的那些靈活定價結構的轉變。我的意思是，從我的角度來看，這似乎是一個必要的轉變，特別是當人工智慧成為交付模式中更重要的一部分時。但同時，許多與交付相關的風險都轉移到了您而不是客戶身上。

So maybe you can talk about how we should think about the risk from that shift with regards to your financial outlook? Is your visibility may be lower than it's been historically, if it's all outcome-based or transaction-based? Or is there going to be -- as we move into the out years of the model, is there going to be a fundamental shift in your margin profile from these new pricing structures?

那麼，也許您可以談談我們應該如何看待這種轉變對您的財務前景帶來的風險？如果一切都基於結果或基於交易，您的知名度是否會低於歷史水平？或者說，隨著我們進入模型的後期，這些新的定價結構是否會發生根本性的轉變？

We see these pricing structures as being an opportunity, recognize that there's a balance that we're taking some of the risk from the client in performing in that way. But we go through a very rigorous understanding of what those risks are and how we, as an organization with our capabilities, are able to handle and manage those risks, often in a much better way than our clients are able to.

我們認為這些定價結構是一個機會，並認識到在以這種方式執行時我們需要承擔客戶的部分風險。但是，我們對這些風險是什麼以及我們作為一個有能力的組織如何處理和管理這些風險進行了非常嚴格的了解，通常比我們的客戶做得更好。

So the downside, we believe we are managing well. When we talk about flexible pricing structures like transaction-based prices, et cetera, we would always be looking for some security around that, i.e., there are minimum volumes that clients are already transacting and that underpins the contract, with upside coming from things like us with the new product that we help create driving growth to the benefit of both organizations.

因此，對於不利的一面，我們相信我們處理得很好。當我們談論靈活的定價結構（如基於交易的價格等）時，我們總是在尋找一些安全性，即客戶已經交易的最低交易量，這是合約的基礎，而我們幫助創造的新產品可以帶來好處，從而推動成長，使兩個組織都受益。

So they're sensibly structured opportunities. We talked about them as being more outcome-based rather than fixed price. Fixed price has a different connotation perhaps on the market is more experienced with, that has risk attached to it. It is less usual for us to go down a full fixed price route and more to go down an outcome-based route where we see the upside with the client as we both perform.

所以，這些都是結構合理的機會。我們認為它們更多是基於結果而不是固定價格。固定價格有不同的內涵，也許市場上對此更有經驗，並且附帶風險。我們很少採取完全固定價格的路線，而更多地採用基於結果的路線，這樣我們就能從雙方的表現中看到客戶的優勢。

The -- I believe, Mark, we're going to start separating out fixed price in the future because it captures all of these things -- .

我相信，馬克，我們將來會開始將固定價格分開，因為它涵蓋了所有這些事情-- 。

Yes, we disclosed the percentage of [10] and (technical difficulty). I think in (technical difficulty) I think it's increased year-over-year from FY24 to FY25, we're about 23%. We think it will be more useful to use the accounts as much as -- with current based on the top that as opposed to what the (technical difficulty) because it's becoming a significant part of revenue.

是的，我們披露了[10]的百分比，並且（技術難度）。我認為（技術難度）從 24 財年到 25 財年，這一數字年增了約 23%。我們認為，盡可能多地使用帳戶會更有用——基於當前情況而不是技術難度，因為它正在成為收入的重要組成部分。

Spencer Anson, Susquehanna.

史賓塞安森，薩斯奎漢納。

Can you just talk about the dynamics between head count growth and your revenue? You mentioned that head count was down 5% and the guide implies minus 1.5 to plus 0.5. Are you using AI internally to drive efficiency? Just any dynamics there would be helpful.

能談談員工數量成長與收入之間的動態關係嗎？您提到員工人數減少了 5%，而指導值預計員工人數將減少 1.5 至增加 0.5。你們內部是否使用人工智慧來提高效率？任何動態都會有幫助。

I think you missed it. We talked about the head count reduction from FY24 to FY25. It wasn't a comment in relation to the guide. So I think just to correct you on that. I mean we will see some increase in headcount. We've seen it as we've exited Q4. And we believe we will see head count growth through Q1, Q2 modestly.

我想你錯過了。我們討論了 24 財年至 25 財年的員工人數削減問題。這不是與指南相關的評論。所以我想糾正一下你這一點。我的意思是我們的員工人數將會增加。我們在退出第四季時就看到了這一點。我們相信，第一季和第二季的員工人數將會出現適度成長。

I think it will slow as we go into Q3, Q4 as we get the benefits of Endava sort of flow, but it will continue to sort of grow. So I anticipate given the growth that we've given for the guide of 0.5% on a cost currency at the top. Head count will probably rise from a delivery perspective, something like 2% or 3%. But it will probably be heavy in the first half of the year around the second half.

我認為，隨著我們進入第三季度和第四季度，隨著我們獲得 Endava 流程的好處，成長速度將會放緩，但還會繼續成長。因此，我預計，鑑於我們給予的成長指導，成本貨幣的最高成長率為 0.5%。從交付角度來看，員工人數可能會增加 2% 或 3% 左右。但上半年到下半年左右可能會比較重。

Great. That was helpful. And if I could just ask a follow-on on the flexible pricing models that you mentioned. How can we think about how that might impact revenue realization?

偉大的。這很有幫助。我是否可以就您提到的彈性定價模式提出後續問題？我們如何看待這會對收入實現產生什麼影響？

Well, going back to the example John was giving about transaction volumes, if we are -- and this is just hypothetical. If we are involved in building, say, a platform but it's new for a client, but the client has existing volumes that are passing through that platform and are stable, we will price on that basis.

好吧，回到約翰給出的關於交易量的例子，如果我們——這只是假設。如果我們參與建立一個平台，但對客戶來說這是一個新平台，而客戶現有的交易量正在通過該平台並且穩定，我們將在此基礎上定價。

And the benefit for us is that the new functionality in the appeal the product should grow volume through that platform. And so the outcome base is basically around us securing the share of that uplift in volume through the product that we built.

對我們來說，好處是產品的新功能將透過該平台增加銷售量。因此，結果基礎基本上是圍繞著我們透過我們製造的產品來確保銷售成長的份額。

So there's going be some security of the existing volumes which will equate to sort of activity. And as we deliver through (technical difficulty) we know capable of doing, but it's how I think we secure the margin upside.

因此，現有捲的安全性將會得到一定程度的保障，這相當於某種活動。當我們克服（技術困難）時，我們知道我們有能力做到，但我認為這就是我們確保利潤上漲的方式。

Maggie Nolan, William Blair.

瑪吉諾蘭，威廉布萊爾。

I was hoping you could expand on Endava Flow and this idea of the change management delivery model in some terms around what that means in terms of head count, your hiring ambitions? Maybe how you deliver to the clients from a on-site versus nearshore perspective, any billing implications? Just help us understand, is this a big shift operationally for the company?

我希望您能夠詳細說明 Endava Flow 和變革管理交付模型的理念，以及這對員工人數和招募目標意味著什麼？也許您從現場還是近岸的角度向客戶提供服務，有任何計費影響嗎？請幫助我們理解，這對公司的營運來說是一個重大轉變嗎？

Thanks, Maggie. Yes, it is a big shift. It's a big shift that is being driven by the introduction of AI, particularly agents into the market and into the way in which we work. It's an approach suitable for an enterprise environment that replaces what many people have moved to over the last 20 years or so in terms of agile. We don't believe that agile as an approach is going to be appropriate as AI agents gather momentum.

謝謝，瑪吉。是的，這是一個巨大的轉變。這是人工智慧（尤其是代理商）進入市場和我們工作方式所推動的重大轉變。這是一種適合企業環境的方法，它取代了過去 20 年左右許多人在敏捷方面所採用的方法。我們認為，隨著人工智慧代理的發展勢頭強勁，敏捷方法不再適用。

And so what we're doing, it's not just about speed that you can get out of AI agents. It's about better overall delivery. And it means that you can get faster throughput and improved quality, reduced rework, try to control less delivery risk. And there is a speed dimension to it, so you can help realize value sooner, get earlier business impact and more rapid feedback loops for improvement.

因此，我們所做的不僅僅是提高人工智慧代理的速度。這是為了實現更好的整體交付。這意味著您可以獲得更快的吞吐量和更高的質量，減少返工，並儘量控制更少的交付風險。而且它還具有速度維度，因此您可以更快地實現價值，更早獲得業務影響並獲得更快的改進回饋循環。

And we see that as we introduce that, we will be providing a pathway for enterprises to confidently adopt AI alongside ourselves into the large-scale transformation programs. And that's been one of the big restrictions that we see as operating in the market is client confidence to actually drive these large programs with the different method and approach that it needs. We see it as a premium product.

我們看到，當我們引入這一點時，我們將為企業提供一條途徑，讓他們能夠自信地將人工智慧與我們一起納入大規模轉型計劃。我們認為，市場營運面臨的一大限制是客戶信心不足，無法真正以所需的不同方法和途徑推動這些大型專案。我們認為它是一款優質產品。

And as it scales across the organization and what we're doing, we see margin improvement that can come through it. However, as Mark touched on, as you look at FY26, it's an area where we're investing in and building scale. And so it has a short-term negative impact on the margins that we're coming up with. But it's a process that we need to go through to move to that new world of enterprise delivery enabled by AI.

隨著它在整個組織和我們所做的事情的擴大，我們看到了利潤率的提高。然而，正如馬克所提到的，當你回顧 26 財年時，這是我們正在投資和擴大規模的領域。因此，這會對我們實現的利潤產生短期負面影響。但我們需要經歷這個過程才能進入由人工智慧實現的企業交付新世界。

That's helpful. And then maybe in the context of the guide in the next several quarters, where do you think the growth drivers are for the business in terms of either segments or geographies? Where are you most optimistic?

這很有幫助。那麼，在未來幾季的指導背景下，您認為從細分市場或地理角度來看，業務的成長動力在哪裡？您最樂觀的是什麼？

Well, geography-wise, I think North America will go strongly. There's an element where one of our key payments accounts, the sensor of gravity is moving from the UK to North America. So it will be a shift that you'll see for a geography perspective from Q4 to Q1. But that aside, I think that sort of shift, the geography is for -- the core from a geography perspective, about North America, UK optics.

嗯，從地理位置來看，我認為北美將會表現強勁。我們的一個關鍵支付帳戶，重力感測器正在從英國轉移到北美。因此，從地理角度來看，您將看到從第四季度到第一季的轉變。但除此之外，我認為這種轉變，從地理角度來看，其核心是北美、英國的光學。

I think payments wise, we still see that as running flat, which would mean that you'd see a sequential decline year-on-year, but we expect BCM to offset that, such as we see it strongly sort of growth. Insurance would be stable. I think TMT, we will see flat decline. Again, I think the RX deal will come through and improve it into the back half. Mobility, I think, again, it is sustainable.

我認為，從付款角度來看，我們仍然認為支付將持平，這意味著你會看到同比連續下降，但我們預計 BCM 將抵消這一影響，因為我們看到它強勁的成長。保險將會穩定。我認為TMT領域將會出現平穩下滑。再次，我認為 RX 交易將會成功，並在後半段有所改善。我認為，流動性是可持續的。

Largely, I think automotive stabilized as we were worried from a tariff perspective, but that doesn't seem to be impacting. And I think health care makes good progress, and some of the deals will come through maybe again, as we said in the second half.

總體而言，我認為汽車市場已經穩定下來，因為我們擔心關稅問題，但這似乎並沒有產生影響。我認為醫療保健領域取得了良好進展，正如我們在下半年所說的那樣，一些交易可能會再次達成。

So I think payments summary will look flat as we secure work, we'll revise. BTM will stand out. The others will make a more sequential sort of improvement and then maybe some because of the deals we've mentioned. And also North America will stop because of that change in where the work is delivered to the client in the payment space.

因此，我認為付款摘要將看起來平淡無奇，因為我們會確保工作，我們將進行修改。BTM 將脫穎而出。其他人將會做出更連續的改進，然後可能會因為我們提到的交易而做出一些改進。而且由於在支付領域將工作交付給客戶的方式發生了變化，北美也將停止這項進程。

(Operator Instructions) Puneet Jain, JPMorgan.

（操作員指示）摩根大通的 Puneet Jain。

So growth rates being weak for last two, three years, like how do you convince investors that the weakness that we are seeing right now is macro-related or like the clients delaying this is in making a project and that it's not AI-related? But AI is making IT services work more productive or making IT services model less relevant.

因此，過去兩三年成長率一直很弱，你如何讓投資者相信我們現在看到的弱點與宏觀經濟有關，或者客戶推遲這一舉措是為了製定項目，而與人工智慧無關？但人工智慧正在使 IT 服務工作更有效率，或使 IT 服務模型變得不那麼相關。

Puneet, I would actually look at that slightly differently. I think there is an AI-related element, which is the client decision-making from a technology point of view, alongside the macro is also being delayed because of AI. And the fast-moving nature of the AI world and the rate at which from a technical point of view, things are changing, means that clients are hesitating to move fast and jump into their new programs.

Puneet，我實際上會以稍微不同的方式看待這個問題。我認為有一個與人工智慧相關的元素，從技術角度來看這是客戶的決策，同時宏觀也因為人工智慧而被推遲。人工智慧世界的快速發展以及從技術角度來看事物變化的速度意味著客戶不願意快速行動並投入他們的新專案。

And that is what's driving the nature of our growing pipeline, and we're hearing that from peers as well. And so we see that dimension of speed of change slowing down decision-making. We're not concerned about the AI productivity causing clients to stop buying our services, where there may be a very small amount around the edges where we've completed programs a little more quickly than we expected and clients draw a line under it rather than continuing to spend the money that they've saved, if you like.

這就是推動我們不斷增長的管道的本質，我們也從同行那裡聽到了這一點。因此，我們看到變化速度減緩了決策速度。我們並不擔心人工智慧生產力會導致客戶停止購買我們的服務，我們完成程式的速度可能比我們預期的要快一點，客戶會劃一條底線，而不是繼續花他們省下的錢，如果你願意的話。

But in the main, that isn't what we're seeing. We're seeing that clients actually expand their scope and expand the quality work that we do around delivery in order to get higher quality products and more widely scoped products of the benefit that's coming through. And we expect that, that will accelerate.

但總體而言，我們看到的並不是這樣的。我們看到客戶實際上擴大了他們的範圍並擴大了我們在交付方面所做的品質工作，以便獲得更高品質的產品和更廣泛的產品範圍並獲得收益。我們預計這一進程將會加速。

If you look forward, the ability to do more transformative systems using AI is what's driving most of our conversations with clients. And they are working through being prepared to spend substantial budgets on driving that change. It's the hesitation to kick things off because there might be something better in three months' time that has been an issue.

如果你展望未來，你會發現利用人工智慧實現更多變革系統的能力正是我們與客戶對話的驅動力。他們正準備投入大量預算來推動這項變革。我們猶豫是否要開始做這件事，因為三個月後可能會出現更好的事情，而這一直是個問題。

And that's part of what we're addressing through our Endava Flow approach is how you stay on top of the technology and continue to drive towards business solutions without concerns about the technology slowing you down.

這就是我們透過 Endava Flow 方法解決的部分問題，即如何讓您掌握技術並繼續推動業務解決方案，而不必擔心技術會減慢您的速度。

Understood. That's very well said. And then as you implement Endava Flow at your clients generate productivity savings offer it back to clients. What could offset that, like the productivity savings for Endava in -- times SKU equation? Like what will drive that higher quantity for you to be able to offset reduced pricing because of AI benefits?

明白了。說得很好。然後，當您在客戶處實施 Endava Flow 時，可以節省生產力並將其回饋給客戶。什麼可以抵消這一點，例如 Endava 的生產力節省乘以 SKU 方程式？例如，什麼可以推動更高的數量，以便您能夠抵消由於人工智慧優勢而降低的價格？

Well, this is where the much more transformative conversations that we're having at senior levels with clients is crucial to our strategy going forward. And the reason for some of the changes that we've made in terms of our go-to-market to make sure that we're speaking at the right level and having the right sort of transformative conversations.

嗯，這就是我們與客戶高層進行的更具變革性的對話對於我們未來策略至關重要的地方。我們在行銷方面做出一些改變的原因是為了確保我們在正確的層面上進行演講並進行正確的變革性對話。

Now as we do that, and we're able to introduce the technologies, the productivity, the impact on clients, that's where we're looking to put the deals together with more flexible pricing structures, outcome-based as we call them, where the client gets more assurance of the change that we're going to apply to their organization and the benefit that they're going to get.

現在，當我們這樣做時，我們能夠引入技術、生產力和對客戶的影響，這就是我們希望將交易與更靈活的定價結構結合起來的地方，我們稱之為基於結果的定價結構，客戶可以更加確信我們將應用於他們的組織的變化以及他們將獲得的利益。

And we get the assurance of knowing how to use the technology to drive that change and drive that impact. And that is a big TAM for us that we historically have not really addressed with the -- in the digital transformation wave, where what we were doing was building more around the outside of core systems and adding customer-facing capability generally. This goes much deeper into the organization and has much bigger transformative impacts with clients.

我們確信知道如何利用科技來推動這種變革並產生這種影響。對我們來說，這是一個很大的 TAM，我們過去並沒有真正解決這個問題——在數位轉型浪潮中，我們所做的是圍繞核心系統外部進行更多構建，並通常增加面向客戶的能力。這對組織的影響更為深入，並對客戶產生更大的變革影響。

This concludes our question-and-answer session. I would like to turn the conference back over to John Cotterell, CEO, for any closing remarks.

我們的問答環節到此結束。我想將會議交還給執行長約翰·科特雷爾 (John Cotterell) 來做閉幕發言。

Thank you all for joining us today. You can see that Endava is advancing its transformation to become an AI-native company. And we've now passed the point where over half of our people are using AI in projects constantly.

感謝大家今天的參與。您可以看到 Endava 正在推進轉型，成為 AI 原生公司。現在我們已經超過一半的員工在專案中不斷使用人工智慧。

Strategic partnerships are fueling innovation and new delivery models and large-scale opportunities across industries. And we continue to expand long-term collaborations with major clients, and our pipeline of opportunities continues to grow.

戰略夥伴關係正在推動各行各業的創新、新交付模式和大規模機會。我們繼續擴大與主要客戶的長期合作，我們的機會管道也不斷增加。

I look forward to speaking to you on our next earnings call in November. Thank you.

我期待在 11 月的下一次財報電話會議上與您交談。謝謝。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。