Endava PLC (DAVA) 2026 Q3 法說會逐字稿

Good day and welcome to the Endava third-quarter fiscal-year 2026 conference call. (Operator Instructions) Please note, today's event is being recorded.

各位好，歡迎參加 Endava 2026 財政年度第三季財報電話會議。(接線員指示) 請注意，今天的活動將被錄音。

I would now like to turn the conference over to Laurence Madsen, Investor Relations Manager. Please go ahead.

現在我想把電話會議交給投資人關係經理 Laurence Madsen。請開始。

Thank you. Good afternoon, everyone, and welcome to Endava's third-quarter-of-our-fiscal-year 2026 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。各位下午好，歡迎參加 Endava 2026 財政年度第三季財報電話會議。提醒各位，本次電話會議將被錄音。今天與我一同出席的有 Endava 執行長 John Cotterell，以及 Endava 財務長 Mark Thurston。

Before we begin, a quick reminder to our listeners: our presentation and our comparing remarks today include forward-looking statements including, but not limited to statements regarding our guidance for Q4 fiscal-year 2026 and for the full-fiscal year 2026; the impacts of headwinds facing our industry and business, trends in our industry, including with respect to developments with AI; enhancements to our technology and offerings; the benefits of our partnerships demand from clients for our technology services; our ability to create long-term value for our clients, our people, and our shareholders; our long-term strategic positioning; and our business strategies, plans, operations, and growth opportunities.

在開始之前，先快速提醒各位聽眾：我們今天的簡報與比較性說明包含前瞻性陳述，包括但不限於關於我們對 2026 財政年度第四季及 2026 全財政年度的財測指引；我們產業與業務所面臨逆風的影響；產業趨勢（包括與 AI 發展相關者）；我們技術與產品/服務的強化；我們合作夥伴關係的效益；客戶對我們技術服務的需求；我們為客戶、員工與股東創造長期價值的能力；我們的長期策略定位；以及我們的業務策略、計畫、營運與成長機會。

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

這些陳述受風險與不確定性影響，可能導致實際結果與前瞻性陳述所載內容出現重大差異。實際結果以及某些事件的發生時點，可能與此類前瞻性陳述所預測或暗示的結果或時點有重大差異，且已揭露之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. 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 and in other filings that Endava makes from time to time with the SEC.

請注意，本次電話會議中的前瞻性陳述僅截至今日有效；除法律要求外，我們不承擔更新以反映後續事件或情況的義務。更多資訊請參閱我們於 2025 年 9 月 4 日向美國證券交易委員會（SEC）提交的年度報告中的「風險因素」章節，以及 Endava 不時向 SEC 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. 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 website or on the SEC website. A link to the replay of this call will also be available on our website.

此外，在本次電話會議中，我們將同時呈報 IFRS 與非 IFRS 財務衡量指標。雖然我們相信非 IFRS 財務衡量指標能為投資人提供有用資訊，但呈報該等資訊並非意圖讓其被單獨考量，或作為依 IFRS 呈報之財務資訊的替代。此類非 IFRS 指標與最直接可比之 IFRS 指標的調節表，已收錄於今日的財報新聞稿以及投資人簡報中，兩者皆可於我們的投資人關係網站或 SEC 網站取得。本次電話會議的重播連結也將於我們網站提供。

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

接下來我把電話交給 John。

Thank you, Laurence, and welcome, everyone. We appreciate you joining us for our third-quarter fiscal-year 2026 earnings call. I'll address first the issues that are top of mind for the investment community today. This has been one of the more challenging periods Endava has faced in recent years. Demand conditions remain uneven across several sectors, deal cycles continue to be extended, and clients are scrutinizing technology spending more carefully than at any point since the macro slowdown began.

謝謝你，Laurence，也歡迎各位。感謝各位參加我們 2026 財政年度第三季財報電話會議。我將先回應目前投資界最關切的議題。這是 Endava 近年來面臨較具挑戰性的時期之一。多個產業的需求狀況仍不均衡，交易週期持續拉長，而自總體經濟放緩開始以來，客戶對科技支出的審視比以往任何時候都更為謹慎。

Against this backdrop, the primary driver of the quarter's miss and the lowered Q4 guide was a slower-than-expected pipeline conversion. Factors impacting the revenue miss in the quarter and the lower revenue guide include clients located in the Middle East delaying work due to the ongoing conflict; a slowdown in overall client demand due to the macro and economic environment arising from that conflicts; and finally, large complex outcome-based contracts taking longer to execute than planned.

在此背景下，本季未達預期以及下調第四季指引的主要原因，是商機管線轉換速度低於預期。影響本季營收未達預期與較低營收指引的因素包括：位於中東的客戶因持續衝突而延後工作；由於該等衝突所引發的總體與經濟環境，導致整體客戶需求放緩；以及大型、複雜的成果導向合約執行所需時間較原先規劃更長。

During the quarter, we took a goodwill impairment of GBP364.6 million, which is a non-cash accounting adjustment, which does not impact our liquidity, delivery capability, client commitments, or ability to invest in the business. Mark will provide additional details on these items shortly.

本季我們認列了 3.646 億英鎊的商譽減損，這是一項非現金的會計調整，不影響我們的流動性、交付能力、對客戶的承諾或對業務的投資能力。Mark 稍後將就這些事項提供更多細節。

Although we are disappointed by these outcomes, we believe it's important to distinguish clearly between near-term execution challenges and long-term strategic positioning. Over the past several quarters, we have accelerated our transition towards AI-native delivery, expanded relationships with leading hyperscalers, deepened our presence in payments transformation, and increased engagement with senior client decision-makers pursuing enterprise scale AI initiatives.

雖然我們對這些結果感到失望，但我們認為有必要清楚區分短期執行挑戰與長期策略定位。在過去幾個季度，我們加速轉型為 AI 原生交付模式，擴大與領先超大規模雲端服務商（hyperscalers）的合作關係，深化我們在支付轉型領域的布局，並提升與推動企業級 AI 計畫之客戶高階決策者的互動。

What we are seeing now is a market moving beyond experimentation. Clients are increasingly looking for partners who can help them operationalize AI securely, integrate it into complex enterprise environments, and connect investment directly to measurable business outcomes.

我們目前看到的是市場正從實驗階段往前推進。客戶愈來愈尋求能協助其安全地將 AI 落地營運、將其整合至複雜的企業環境，並把投資直接連結到可衡量的業務成果的合作夥伴。

Each new wave of technology change has triggered the same entrepreneurial reflex inside Endava: move first, learn fast, and scale what delivers impact. The rapid emergence of artificial intelligence is simply the latest inflection point.

每一波新的科技變革，都在 Endava 內部引發相同的創業式反射動作：先行一步、快速學習，並擴大能帶來影響的作法。人工智慧的快速崛起，只是最新的轉折點。

And in recent quarters, we have concentrated talent, investment, and partner collaboration on embedding AI across our delivery model to ensure Endava is ready to lead clients through what comes next. Robust enterprise-grade IT services are essential for enabling AI leaders to scale their products safely and quickly. And thanks to our deep AI-native delivery framework and expanding partnership with both OpenAI and Google, we believe Endava is well positioned to provide the secure integration, cloud orchestration, and compliance layers that make that growth possible.

而在最近幾個季度，我們已將人才、投資與合作夥伴協作聚焦於把 AI 嵌入我們的交付模式，以確保 Endava 已準備好帶領客戶迎接下一步。強健的企業級 IT 服務對於協助 AI 領導者安全且快速地擴大其產品規模至關重要。憑藉我們深厚的 AI 原生交付框架，以及與 OpenAI 與 Google 持續擴大的合作關係，我們相信 Endava 具備良好定位，可提供安全整合、雲端編排與合規層，讓這樣的成長成為可能。

This quarter, we made strides in our go-to-market approach and in the evolution of our business model. We are transforming our go-to-market approach by engaging directly with key decision-makers to show how AI can accelerate their transformation priorities while deepening partnerships. We're moving to outcome-based contracts. For example, PGX and modular accelerate core for next-generation payment platforms delivered through Dava.Flow ties our success to measurable improvements in clients' payment operations.

本季我們在市場進入（go-to-market）方法與商業模式演進方面取得進展。我們透過直接與關鍵決策者互動，展示 AI 如何加速其轉型優先事項，同時深化合作夥伴關係，以此轉型我們的 go-to-market 方法。我們正轉向成果導向合約。例如，透過 Dava.Flow 交付的 PGX 與 Modular Accelerate Core（用於新一代支付平台），將我們的成功與客戶支付營運中可衡量的改善直接連結。

We're continuing to progress selected client engagements as part of our AI native shift with Dava.Flow. We now have 12 clients where Dava.Flow is deployed as compared to 3 last quarter. We're seeing progress in our shift from a traditional digital transformation business towards an AI-driven business. These initiatives and others like them, have moved our AI-driven business, up from 5% of total revenue a year ago in Q3 FY25 to 15% of total revenue in Q3 FY26 or GBP27 million. This shows the scale of the pivot Endava has undertaken during the past 12 months and now gives us an AI-driven base that we believe will continue to expand. Margins on its AI-driven business are higher than our traditional digital transformation business.

作為我們以 Dava.Flow 推動 AI 原生轉型的一部分，我們持續推進特定客戶專案。目前已有 12 家客戶部署 Dava.Flow，相較於上一季的 3 家有所增加。我們看到從傳統數位轉型業務轉向 AI 驅動業務的進展。這些以及其他類似的計畫，使我們的 AI 驅動業務占比從一年前 2025 財政年度第三季（FY25 Q3）總營收的 5%，提升至 2026 財政年度第三季（FY26 Q3）總營收的 15%，即 2,700 萬英鎊。這顯示 Endava 在過去 12 個月所進行轉型的規模，並為我們奠定了 AI 驅動的基礎，我們相信該基礎將持續擴大。AI 驅動業務的利潤率高於我們傳統的數位轉型業務。

Let me share a few headlines for progress on this shift in the quarter. As part of our go-to-market pivot, we expanded our strategic partner network enlarging our market reach and solution set. I want to highlight our recently announced collaboration with Mastercard which combines Endava's AI-native engineering and industry expertise with Mastercard's global reach and data-driven products and services. Together, we believe we have a powerful engine to accelerate the adoption and scale of next-generation payments and immersive experiences for Endava's clients worldwide. We aim to unlock value at pace, bringing solutions to market faster for Endava's clients with initial focus on high-growth sectors such as insurance and health care, with additional attention on telco, mobility and travel.

我分享幾個本季在此轉型上的進展重點。作為我們 go-to-market 轉型的一部分，我們擴大了策略合作夥伴網絡，提升市場觸及範圍與解決方案組合。我想特別強調我們近期宣布與 Mastercard 的合作，結合 Endava 的 AI 原生工程能力與產業專業，以及 Mastercard 的全球觸及與數據驅動的產品與服務。我們相信，雙方共同打造了一個強大的引擎，可加速 Endava 全球客戶採用並擴大新一代支付與沉浸式體驗的規模。我們的目標是以更快速度釋放價值，讓 Endava 的客戶更快將解決方案推向市場；初期聚焦於保險與醫療保健等高成長產業，並同時加強對電信、移動出行與旅遊領域的關注。

On AI adoption, clients are moving beyond isolated productivity pilots. They now aim to create AI native initiatives inside their existing organizations and to launch entirely new businesses that embed AI in both build-out and day-to-day operations. Although these engagements sit at different ages of maturity, we're seeing increasing numbers implemented into production. Adoption is becoming more operational, more open and more tightly linked to measurable results. Over the coming quarters, we will focus on expanding our delivery portfolio with the goal of turning this interest into larger outcome-based programs.

在 AI 採用方面，客戶正從零散的生產力試點走向更進一步。他們現在的目標是在既有組織內打造 AI 原生（AI-native）計畫，並推出全新業務，將 AI 同時嵌入建置擴展與日常營運之中。儘管這些合作案處於不同的成熟階段，我們看到愈來愈多已導入正式生產環境。採用正變得更偏向營運化、更開放，且與可衡量的成果更緊密連結。在接下來幾個季度，我們將聚焦擴大交付產品組合，目標是把這股興趣轉化為更大型、以成果為導向的方案。

As part of our go-to-market strategy, we are investing strongly in partnerships, particularly those with the hyperscale. By combining our depth of industry expertise with the scale of AWS, Google Cloud and Microsoft, we are producing accelerators and marketplace dilutions that tackle our clients' most complex challenges. We expect to launch more than 15 marketplace offerings this year, of which 10 are already live. And we are aligning Dava.Flow with each hyperscalers platform. Together, these initiatives are expected to cut time to value and help clients realize measurable returns on their technology investments.

作為我們的市場進入（go-to-market）策略的一部分，我們正大力投資於合作夥伴關係，尤其是與超大規模雲端供應商（hyperscalers）的合作。透過結合我們深厚的產業專業與 AWS、Google Cloud 及 Microsoft 的規模，我們正在打造加速器與市集解決方案，以應對客戶最複雜的挑戰。我們預期今年將推出超過 15 項市集產品，其中 10 項已上線。同時，我們也正讓 Dava.Flow 與各家 hyperscaler 的平台對齊。綜合而言，這些計畫預期可縮短價值實現時間，並協助客戶在其技術投資上取得可衡量的回報。

Today, I want to share some of the momentum we're achieving with Google. Through our collaboration with Google, we have added new clients this year, particularly in financial services, retail and gaming. Enterprises are partnering with us to accelerate their cloud transformation and harness Google's AI capabilities. The long book insurance, we migrated and set up the AI security guardrails on an AI-driven underwriting platform for warranty and indemnity insurance, making a transformative step forward in digital underwriting built on Google Cloud. The solution uses advanced AI to automate key stages of the underwriting cycle from submission triage and risk assessment to pricing and due diligence while keeping underwriters firmly in control through a human-in-the-loop dashboard. Their innovation in AI-powered insurance and InsurTech is designed to support considerable productivity gains, cost reduction and speed to revenue for Longbrook Insurance.

今天，我想分享我們與 Google 合作所取得的一些動能。透過與 Google 的協作，我們今年新增了新客戶，特別是在金融服務、零售與遊戲領域。企業正與我們合作，加速其雲端轉型並運用 Google 的 AI 能力。針對 Longbrook Insurance，我們在一個以 AI 驅動的保證與賠償保險（warranty and indemnity insurance）核保平台上完成遷移並建立 AI 安全護欄，讓基於 Google Cloud 的數位核保邁出具變革性的一步。該解決方案運用先進 AI，自動化核保週期的關鍵階段，從投保資料分流（submission triage）與風險評估到定價與盡職調查，同時透過人機協作（human-in-the-loop）儀表板，讓核保人員仍能牢牢掌控。其在 AI 驅動保險與 InsurTech 的創新，旨在為 Longbrook Insurance 帶來顯著的生產力提升、成本降低與更快的營收實現速度。

Building on our enterprise AI progress, Google has invited Endava to participate in the Google AI Agent partner program, a program traditionally limited to their largest global system integrators. The initiative now open to a small cohort of AI disruptive partners recognized for expertise at Gemini Enterprise and Vertex AI is already generating new strategic engagements in North America, APAC and Europe. For example, we recently finalized an agreement to implement Gemini Enterprise at a leading UK high street bank. The project is expected to deliver an enterprise-grade agent gallery, the less the bank's developer community, register, govern and discover custom-built agents, fully integrated with Google data platforms such as big query and cloud storage. The solution is expected to provide timely, actionable data that improves efficiency and supports revenue growth at scale.

在我們企業級 AI 進展的基礎上，Google 邀請 Endava 參與 Google AI Agent 合作夥伴計畫；該計畫傳統上僅限於其最大的全球系統整合商。此項計畫如今對一小群具 AI 顛覆性、且在 Gemini Enterprise 與 Vertex AI 方面具專業能力的合作夥伴開放，並已在北美、亞太與歐洲帶來新的策略性合作案。例如，我們近期完成協議，將在一家英國主要高街銀行導入 Gemini Enterprise。該專案預期將交付企業級的代理（agent）展示庫，使該銀行的開發者社群能夠註冊、治理並探索客製化打造的代理，並與 Google 的資料平台（如 BigQuery 與 Cloud Storage）全面整合。該解決方案預期可提供即時且可採取行動的資料，提升效率並在規模化下支持營收成長。

A year ago, we began applying our AI-enabled engineering expertise to long-standing client needs in payments, a domain where we have more than 20 years' experience modernizing gateway and merchant services estates. We believe the sector now faces three concurrent requirements: one, lowering the marginal cost of scaling; two, tightening operational efficiency and control; and three, keeping room to innovate around embedded commerce, omnichannel acceptance, platform consolidation and marketplace models.

一年前，我們開始將 AI 賦能的工程專長應用於支付領域長期客戶的需求；在這個領域，我們擁有超過 20 年現代化支付閘道與商戶服務系統的經驗。我們認為該產業目前同時面臨三項需求：第一，降低擴張的邊際成本；第二，強化營運效率與控管；第三，保留創新空間，涵蓋嵌入式商務、全通路受理、平台整併與市集模式。

Our answer is PGX delivered through Dave flow. PGX provides a reusable core, spanning digital acceptance, orchestration and routing, merchant portals, onboarding, settlement, fraud management, developer tooling, partner/ISV enablement and back-office services so clients can modernize selectively and still differentiate the product and experience level. Shared configurable components cut scaling costs. Standardized orchestration and back-office services boost efficiency and leaves headroom to innovate. Crucially, PGX supplies the data and workflow layer needed to introduce AI-enabled operations and a genetic commerce across the front office, onboarding, servicing and back office.

我們的答案是透過 Dava.Flow 交付的 PGX。PGX 提供可重複使用的核心能力，涵蓋數位受理、編排與路由、商戶入口網站、上線導入（onboarding）、清算（settlement）、詐欺管理、開發者工具、合作夥伴/ISV 賦能與後台服務，使客戶能選擇性地現代化，同時仍能在產品與體驗層面做出差異化。共享且可配置的元件可降低擴張成本。標準化的編排與後台服務可提升效率，並保留創新餘裕。關鍵在於，PGX 提供所需的資料與工作流程層，使前台、導入、服務與後台能引入 AI 賦能的營運，以及生成式商務（genetic commerce）。

Built with a genetic AI and strict human-in-the-loop governance, PGX demonstrates the accelerated AI-assisted engineering can meet the quality and compliance demands of complex regulated payments environments. Early market reception is encouraging, with new signings in the last three months. Interest is already expanding beyond financial services into other sectors where modern payment capability is becoming central to customer engagement, efficiency and growth.

PGX 以生成式 AI 與嚴格的人機協作治理（human-in-the-loop governance）打造，證明加速的 AI 輔助工程能滿足複雜、受監管支付環境的品質與合規要求。早期市場反應令人鼓舞，過去三個月已有新的簽約。目前的興趣也正從金融服務擴展到其他產業；在這些產業中，現代化支付能力正成為客戶互動、效率與成長的核心。

First, we have been selected as a strategic partner with Tyl by NatWest, NatWest Group's merchant payments arm to modernize and expand its payments acceptance platform. Under the partnership, Endava will deploy Dava.Flow, together with components of PGX to speed the rollout of new fully integrated products and services while improving flexibility, scalability and and end-to-end performance across the payments life cycle. Working jointly, the two companies have mapped a business and technology road map that link specific feature deliveries to defined market opportunities and associated revenue targets.

首先，我們被 NatWest 集團的商戶支付部門 Tyl by NatWest 選為策略合作夥伴，以現代化並擴展其支付受理平台。在此合作下，Endava 將部署 Dava.Flow，並結合 PGX 的部分元件，以加速推出新的全整合產品與服務，同時提升支付生命週期中的彈性、可擴展性以及端到端效能。雙方共同制定了業務與技術路線圖，將特定功能交付與明確的市場機會及相應的營收目標連結起來。

For NatWest, the partnership represents a material investment in strengthening its merchant payment offering. For Endava, this partnership adds an additional and significant large-scale complex engagement with a leading UK financial institution, reinforcing our credentials in payments transformation.

對 NatWest 而言，這項合作代表其強化商戶支付產品的重要投資。對 Endava 而言，這項合作為我們新增了一個與英國領先金融機構合作、規模龐大且高度複雜的重要專案，進一步鞏固我們在支付轉型方面的實績與能力。

Second, PDX continues to gain momentum with two additional wins, one with a global payments provider and another with a pan-European energy retailer. Both clients chose the accelerator to cut operating costs, simplify estates and accelerate time to market. Dava.Flow supplies the delivery engine that converts these modernization programs into measurable commercial value and seamless (inaudible) to ecosystem partners such as payment schemes, acquirers, POS hardware, and compliance providers.

第二，PDX 持續累積動能，新增兩項勝出案：一個來自全球支付供應商，另一個來自泛歐能源零售商。兩位客戶都選擇該加速器，以降低營運成本、簡化系統版圖並加速上市時間。Dava.Flow 提供交付引擎，將這些現代化計畫轉化為可衡量的商業價值，並與生態系夥伴（如支付卡組織、收單機構、POS 硬體與合規供應商）實現無縫（聽不清）對接。

Some other client wins, we have also recently renewed our long-standing partnership with lovenia's Ministry of Finance and Financial Administration through to 2028, bringing the relationship to more than 2 decades. Under the new agreement, we will continue to operate and enhance eDavki, the national tax portal that serves hundreds of thousands of taxpayers, integrates over 200 tax-related services and processes more than 12 million electronic documents each year. eDavki delivers a secure integrated experience that has eliminated postage costs, accelerated processing times and given the authority near real-time visibility across its core revenue systems, demonstrating Endava's ability to modernize mission-critical high-volume platforms at a national scale.

其他客戶成果方面，我們近期也將與斯洛維尼亞財政部與金融管理局的長期合作續約至 2028 年，使雙方關係延續至超過 20 年。在新協議下，我們將持續營運並強化 eDavki——該國家稅務入口網站，服務數十萬名納稅人，整合超過 200 項稅務相關服務，並每年處理超過 1,200 萬份電子文件。eDavki 提供安全且整合的體驗，已消除郵資成本、加速處理時間，並讓主管機關能近乎即時掌握其核心稅收系統的可視性，展現 Endava 具備在國家規模下現代化關鍵任務、高吞吐量平台的能力。

The insurance company, North Standard, now regards Endava as a trusted extension of its technology organization, combining strong cultural alignment with deep technical expertise to deliver consistently high-quality outcomes. The success of the partnership and the value delivered by our team gave our client the confidence to extend the engagement for a further two years and expand into additional roles and delivery teams.

保險公司 North Standard 現在將 Endava 視為其技術組織可信賴的延伸；我們結合高度的文化契合與深厚的技術專長，持續交付高品質成果。合作的成功以及我們團隊所交付的價值，讓客戶有信心將合作再延長兩年，並擴展至更多角色與交付團隊。

Our collaboration with a global brand and vehicle manufacturer has progressed from standalone engineering projects to an embedded partnership that is designed, built and operated cloud-native data platforms for connected vehicle services, real-time performance monitoring provided around-the-clock support services and delivered logistics systems covering more than 80 facilities in nearly 30 countries. We are currently using AI-enabled delivery frameworks to create modern production operation systems designed to improve life cycle management, enhance data visibility and raise efficiency in production critical environments, all underpinned by our disciplined approach to high-performance, scalable and compliant architecture.

我們與一家全球品牌與車輛製造商的合作，已從獨立的工程專案進展為深度嵌入式的夥伴關係：我們為其互聯車服務設計、建置並營運雲原生資料平台，提供即時效能監控的 24 小時支援服務，並交付涵蓋近 30 個國家、超過 80 個據點的物流系統。我們目前正運用 AI 賦能的交付框架，打造現代化的生產營運系統，旨在改善生命週期管理、提升資料可視性並提高在生產關鍵環境中的效率；其基礎是我們對高效能、可擴展且合規架構的嚴謹方法。

Let me turn to Dava.Flow and AI projects. Over the quarter, Dava.Flow has shifted from exploratory use to enterprise adoption. We enhanced the framework through a combination of partnerships and by applying it in two large-scale live engagements.

接下來我談談 Dava.Flow 與 AI 專案。在本季度，Dava.Flow 已從探索性使用轉向企業級採用。我們透過合作夥伴關係的結合，並在兩個大型、已上線的合作案中實際應用，進一步強化了該框架。

Firstly, a large-scale implementation engagement in a regulated high assurance environment. And secondly, the TechNexus technical operator program, a previously announced engagement in the payments fiscal. We have also continued to advance an AI-enabled human movement analysis platform for a leading high-performance sports organization with the quarter focused on validation, robustness and operational readiness.

首先，是在受監管的高保證環境中進行的大規模實施專案。其次，是 TechNexus 技術營運商計畫，這是一項先前已宣布、位於支付財政領域的合作案。我們也持續推進一個為領先的高效能運動組織打造、由 AI 賦能的人體移動分析平台，本季重點放在驗證、穩健性與營運就緒度。

Working closely with domain experts, we refined evaluation logic to improve alignment between system outputs and expert expectations, strengthen the core analytics pipeline, and expanded synthetic data sets to improve performance across real-world scenarios. We also introduced more structured measurements through accuracy dashboards, regular comparisons to previous versions and standardized evaluation against label data. Although still early, the increasing level of stakeholder validation underlines that the program is moving steadily towards a production-ready solution.

我們與領域專家密切合作，精煉評估邏輯，以提升系統輸出與專家預期之間的一致性、強化核心分析管線，並擴充合成資料集，以改善在真實世界情境下的表現。我們也透過準確度儀表板、與前一版本的定期比較，以及針對標註資料的標準化評估，引入更結構化的衡量方式。雖然仍處於早期階段，但利害關係人驗證程度的提升，凸顯該計畫正穩步邁向可投入生產的解決方案。

We applied the same agent-centric principles to a very different challenge, streamlining engineering knowledge for a European-based media and entertainment group. The client struggled with fragmented engineering knowledge locked in Jira, Confluence, GitHub and Microsoft 365, which lengthened incident resolution, delayed sprint planning and hampered onboarding. Endava delivered a Google Cloud agent-based pilot that unifies these sources behind a secure role-based natural language interface, automatically retrieving the most relevant tickets, code and documentation in one view. Since go-live, engineers report a roughly 60% reduction in time spent locating material and cut onboarding time by 30%, translating into faster coordinization and measurable gains in overall delivery productivity whilst also validating our agentic approach and further strengthening our partnership with Google Cloud.

我們將相同的以代理為中心（agent-centric）的原則應用於一個截然不同的挑戰：為一家歐洲媒體與娛樂集團精簡工程知識管理。該客戶面臨工程知識碎片化、被鎖在 Jira、Confluence、GitHub 與 Microsoft 365 中的問題，導致事件解決時間拉長、衝刺規劃延遲並阻礙新人上手。Endava 交付了一個基於 Google Cloud 代理的試點方案，透過安全的角色式自然語言介面將這些來源整合在一起，並在同一視圖中自動擷取最相關的工單、程式碼與文件。自上線以來，工程師回報尋找資料所花時間約減少 60%，新人上手時間縮短 30%，進而帶來更快的協作與整體交付生產力的可衡量提升，同時也驗證了我們的代理式方法並進一步強化與 Google Cloud 的合作夥伴關係。

To conclude, I want to thank our employees across Endava. Our teams continue adapting quickly to technological change while supporting clients through increasingly complex transformation programs. We remain focused on disciplined execution, operational accountability clients' delivery quality and positioning Endava for long-term relevance in the next generation of enterprise technology services. With that, I'll hand the call over to Mark, who will walk through this quarter's financial performance and our guidance for the rest of the fiscal year.

最後，我想感謝 Endava 全體員工。我們的團隊持續快速適應技術變革，同時協助客戶推進日益複雜的轉型計畫。我們仍專注於嚴謹執行、營運問責、客戶交付品質，並讓 Endava 在下一代企業技術服務中保持長期相關性。接下來我把電話交給 Mark，他將說明本季的財務表現以及我們對本財政年度剩餘期間的指引。

Thanks, John. Revenue for the quarter ended March 31, 2026, was GBP178.5 million. The revenue miss in the quarter was due to opportunities looking beyond March. As John mentioned, there were several factors that impacted revenue this quarter, along with the revised Q4 outlook. Mainly clients located in the Middle East delaying work due to the ongoing conflict a slowdown in overall client demand due to the macroeconomic environment arising from the conflict and finally, large complex outcome-based contracts taking longer to execute than planned.

謝謝，John。截至 2026 年 3 月 31 日止季度的營收為 1.785 億英鎊。本季營收未達預期，原因在於部分機會落在 3 月之後。如 John 所提，本季有多項因素影響營收，同時也影響了修訂後的第四季展望。主要包括：位於中東的客戶因持續衝突而延後工作；衝突引發的總體經濟環境導致整體客戶需求放緩；以及大型、複雜的成果導向合約執行時間比原先規劃更長。

This compares to GBP194.8 million in the same period in the prior year, representing an 8.4% decrease. In constant currency, our revenue decreased 6.4% from the same period in the prior year. Loss before tax for the 3 months ended March 31, 2026, was GBP372 million, which includes a noncash goodwill impairment of GBP364.6 million compared to a profit of GBP13.6 million in the same period in the prior year. Our adjusted PBT for the 3 months ended March 31, 2026, was GBP3.2 million compared to GBP24.6 million for the same period in the prior year.

相較於上一年度同期的 1.948 億英鎊，下降 8.4%。以固定匯率計算，我們的營收較上一年度同期下降 6.4%。截至 2026 年 3 月 31 日止 3 個月的稅前虧損為 3.72 億英鎊，其中包含 3.646 億英鎊的非現金商譽減損；相較之下，上一年度同期稅前獲利為 1,360 萬英鎊。截至 2026 年 3 月 31 日止 3 個月的調整後稅前利潤（adjusted PBT）為 320 萬英鎊，較上一年度同期的 2,460 萬英鎊下降。

Our adjusted PBT margin was 1.8% for the 3 months ended March 31, 2026, compared to 12.6% for the same period in the prior year. Our costs increased in the quarter due to higher go-to-market investments and an increase in the bench as we are training staff in AI and Dava.Flow skills. This is a key investment in skills for our new AI-driven business.

截至 2026 年 3 月 31 日止 3 個月的調整後稅前利潤率為 1.8%，相較於上一年度同期的 12.6%。本季成本上升，原因在於更高的市場拓展（go-to-market）投資，以及因我們正在培訓員工 AI 與 Dava.Flow 技能而使待派人力（bench）增加。這是我們新 AI 驅動業務在技能方面的一項關鍵投資。

The market capitalization of the company and the reduced outlook has required us to assess the carrying value of goodwill and the deferred tax asset for UK tax losses in the UK. As a consequence, we have taken an exceptional charge of GBP364.6 million in relation to the impairment of goodwill and GBP23.2 million regarding the derecognition of the deferred tax asset. Those charges are noncash and one-off in nature.

公司的市值以及下修後的展望，要求我們評估商譽的帳面價值，以及英國境內稅務虧損所形成之遞延所得稅資產的帳面價值。因此，我們就商譽減損認列 3.646 億英鎊的一次性費用，並就遞延所得稅資產除列認列 2,320 萬英鎊。這些費用均為非現金且屬一次性。

The deferred tax asset derecognition because it has occurred partly through the financial year impacts our adjusted tax rate, which for Q3 is 17% and is expected to rise to 37% in Q4 leading the estimated full year adjusted tax rate at around 25%. These adjusted tax rates do not change the amount of cash tax we are paying. Our adjusted diluted earnings per share was 5p for the 3 months ended March 31, 2020, calculated on 52.2 million diluted shares as compared to 34p for the same period in the prior year calculated on 59.4 million diluted shares.

由於遞延所得稅資產的除列發生在本財政年度期間的一部分，影響了我們的調整後有效稅率：第三季為 17%，預期第四季將上升至 37%，使得全年估計調整後有效稅率約為 25%。這些調整後稅率並不改變我們實際支付的現金稅額。截至 2020 年 3 月 31 日止 3 個月的調整後稀釋每股盈餘為 5 便士，係以 5,220 萬股稀釋後股數計算；相較之下，上一年度同期為 34 便士，係以 5,940 萬股稀釋後股數計算。

Revenue from our 10 largest clients accounted for 40% of revenue for the 3 months ended March 31, 2026 compared to 39% in the same period last fiscal year. The average spend per client from our 10 largest clients decreased from GBP7.5 million to GBP7.1 million for the 3 months ended March 31, 2026, as compared to the 3 months ended March 31, 2025, representing a 5.6% year-over-year decrease. Office movement FX contributed to a 3.7% year-over-year decrease due to US dollar weakness in the quarter.

截至 2026 年 3 月 31 日止 3 個月，我們前 10 大客戶的營收占比為 40%，相較於上一財政年度同期的 39%。截至 2026 年 3 月 31 日止 3 個月，前 10 大客戶的平均客戶支出由截至 2025 年 3 月 31 日止 3 個月的 750 萬英鎊降至 710 萬英鎊，年減 5.6%。匯率變動（FX）因本季美元走弱，對年比造成 3.7% 的下滑。

In the 3 months ended March 31, 2026, North America accounted for 38% of revenue, Europe or 23%, the UK for 33%, while the rest of the world accounted for 6%. Revenue from North America decreased by 5.5% for the 3 months ended March 31, 2026, over the same period last fiscal year. The decrease was driven by an FX headwind of 6.1%. Comparing the same periods, revenue for Europe declined 3.6% due mainly to weakness in payments and TMT, and the UK

截至 2026 年 3 月 31 日止 3 個月，北美占營收 38%，歐洲占 23%，英國占 33%，其餘地區占 6%。截至 2026 年 3 月 31 日止 3 個月，北美營收較上一財政年度同期下降 5.5%。下降主要由 6.1% 的匯率逆風所致。在相同期間比較下，歐洲營收下降 3.6%，主要因支付與 TMT（科技、媒體與電信）疲弱，而英國

decreased 15.4% due mainly to the reclassification of the large payments client from the UK to North America as the relationship with the client is now based there, which was mentioned last quarter. The rest of the world decreased 1.8%, driven mainly by the payments and other verticals.

下降 15.4%，主要因將一位大型支付客戶由英國重新分類至北美，因為與該客戶的合作關係現已以北美為基地，這點我們在上季已提及。其餘地區下降 1.8%，主要由支付及其他垂直領域所帶動。

Our adjusted free cash flow was negative GBP3.1 million for the 3 months ended March 31, 2026, from a positive GBP17.5 million during the same period last fiscal year. Free cash flow was negative in the quarter, mainly due to an increase in receivables as a large proportion of the billing for the quarter was issued in March. We anticipate collecting the majority of this by the end of June.

截至 2026 年 3 月 31 日止 3 個月，我們的調整後自由現金流為負 310 萬英鎊，而上一財政年度同期為正 1,750 萬英鎊。本季自由現金流為負，主要因應收帳款增加，因為本季相當大比例的帳單在 3 月開立。我們預期在 6 月底前收回其中大部分款項。

Our cash and cash equivalents at the end of the period totaled GBP48.4 million at March 31, 2026, compared to GBP59.3 million at June 30, 2025, and GBP68.3 million at March 31, 2025. Our borrowings increased to GBP195.8 million at March 31, 2026, from GBP180.9 million at June 30, 2025 and GBP136.5 million at March 31, 2025, primarily to support the funding requirements of our share repurchase program. Capital expenditure for the 3 months ended March 31, 2026, as a percentage of revenue was 1.6% compared to 0.6% in the same period last fiscal year.

期末現金及約當現金於 2026 年 3 月 31 日合計為 4,840 萬英鎊，相較於 2025 年 6 月 30 日的 5,930 萬英鎊，以及 2025 年 3 月 31 日的 6,830 萬英鎊。我們的借款於 2026 年 3 月 31 日增至 1.958 億英鎊，高於 2025 年 6 月 30 日的 1.809 億英鎊及 2025 年 3 月 31 日的 1.365 億英鎊，主要用以支應股份回購計畫的資金需求。截至 2026 年 3 月 31 日止 3 個月的資本支出占營收比重為 1.6%，相較於上一財政年度同期的 0.6%。

Turning to the guide for the remainder of the fiscal year, as John mentioned earlier, we have lowered the Q4 guide due to slower-than-expected pipeline conversion, which is most marked in banking and capital markets across all of our regions.

談到本財政年度剩餘期間的指引，如 John 先前提到的，由於管線轉換速度低於預期，我們下調了第四季指引；此情況在我們所有地區的銀行與資本市場領域最為明顯。

Now, moving to our outlooK, our guidance for Q4 fiscal year 2026 is as follows: we expect revenue to be in the range of GBP181 million to GBP185 million representing constant currency revenue decrease of between 3.5% and 1.0% on a year-over-year basis. We expect adjusted diluted EPS to be in the range of 9p to 13p per share.

接著談我們的展望，我們對 2026 財年第四季的指引如下：我們預期營收介於 1.81 億英鎊至 1.85 億英鎊之間，按固定匯率計算，年增率將下降 3.5% 至 1.0%。我們預期調整後稀釋每股盈餘（EPS）介於每股 9 便士至 13 便士。

Our guidance for full fiscal year 2026 is as follows: we expect revenue to be in the range of GBP721.8 million to GBP725.8 million, representing constant currency revenue decrease of between 60% and and 5.0% on a year-over-year basis. We expect adjusted diluted EPS to be in the range of 45p to 49p per share. The above guidance for Q4 fiscal year 2026 and the full fiscal year 2026, assumes exchange rates on April 30, 2026 when the exchange rate was GBP1 to USD1.35 and EUR1.16. This concludes our prepared comments. Operator, we are now ready to open the line for Q&A.

我們對 2026 全財年的指引如下：我們預期營收介於 7.218 億英鎊至 7.258 億英鎊之間，按固定匯率計算，年增率將下降 60% 至 5.0%。我們預期調整後稀釋每股盈餘（EPS）介於每股 45 便士至 49 便士。上述 2026 財年第四季及 2026 全財年的指引，係假設採用 2026 年 4 月 30 日的匯率，當時匯率為 1 英鎊兌 1.35 美元、1 歐元兌 1.16 美元。以上為我們的準備發言。接線員，我們現在準備開放問答。

(Operator Instructions) James Faucette, Morgan Stanley.

(接線員指示) James Faucette，摩根士丹利。

Thank you very much wanted to dig in quickly into two topics. -- a little bit unrelated or I mean, always related, but separate. First, in terms of customer decision-making, I mean, obviously, there's a lot of AI and valuation, et cetera, going on. And you talked about projects moving to production. But we're still seeing kind of pressure on the rest of the budget and spend.

非常感謝。我想快速深入兩個主題——有點不太相關，或者說其實總是相關，但屬於不同面向。第一，關於客戶決策，我的意思是，顯然目前有很多 AI、估值等等的事情在進行。你也提到專案正在走向上線投產。但我們仍看到其餘預算與支出方面存在某種壓力。

And you talked about obviously extending decision cycles. Can you just help us bridge those and when or under what conditions you would expect to see that movement to AI production start to benefit you and we can start to see real movement on the bookings side.

你也談到決策週期明顯拉長。你能否協助我們把這兩者串起來：在何時、或在什麼條件下，你會預期 AI 投產的推進開始讓你們受益，並且我們能在訂單（bookings）端看到實質的改善？

And then on capital allocation, can you just talk about how you're thinking about what you should be doing around your debt and borrowings, especially -- obviously you've tried to take advantage of where the stock is with buybacks, but just wondering if delevering is an increasing priority, et cetera.

另外在資本配置方面，你能談談你們如何思考債務與借款的安排嗎，尤其是——顯然你們一直試圖利用目前股價水準進行回購，但我想了解去槓桿是否正成為更高的優先事項等等。

Thanks, James. So let me pick up the customer decision-making question that you had. We are seeing much more substantive AI-driven deals coming through. We announced NatWest and the collaboration we have with Mastercard in the opening remarks. And it's visibly growing as a proportion of our business, time what it was a year ago, taking it to [$27] million in the quarter or 15% of the total business, so it's now becoming a substantive element of the business that we expect to grow from.

謝謝你，James。我先回應你關於客戶決策的問題。我們看到更具實質內容、由 AI 驅動的交易正在進來。我們在開場致詞中提到 NatWest，以及我們與 Mastercard 的合作。而且它在我們業務中的占比相較一年前明顯成長，季度達到 [27] 百萬美元，約占總業務的 15%；因此它正成為我們業務中一個實質的組成部分，我們預期將以此為基礎持續成長。

We're seeing that in respective deals that are coming through. They are more complex in nature, outcome-based, looking at serious transformation across the customers' business, and they've taken longer to close and get started. We do use AI very much as part of that sales process. So actually establishing what is going to be done, is a very AI-driven process.

我們也在正在落地的相關交易中看到這點。這些交易本質上更複雜、以成果為導向，著眼於對客戶業務進行嚴肅的轉型，因此需要更長時間才能完成簽約並啟動。我們確實在銷售流程中大量使用 AI。所以實際上，要界定將要做什麼，本身就是一個高度由 AI 驅動的流程。

You are correct. There is pressure on discretionary spend. I think in Endava, we are more exposed to that than many of our peers, a lot of our business is more in the discretionary camp. And we continue to see downward pressure on that. You can see that in the underlying shift of our business from our traditional business, digital transformation business, towards the AI-driven business that I highlighted in the opening remarks.

你說得沒錯。可自由支配支出確實承壓。我認為在 Endava，我們比許多同業更暴露於此，因為我們相當大一部分業務屬於可自由支配的範疇。我們仍持續看到這方面的下行壓力。你可以從我們業務的底層結構轉移看出來：從我們傳統的數位轉型業務，轉向我在開場致詞中強調的 AI 驅動業務。

So obviously, the digital transformation business has been declining whilst we've been seeing the AI side ramp up. However, that is the shift. That is the pivot that we are deliberately making as a company. And we're very comfortable to be seeing the AI-driven arena growing. Mark, do you want to pick up on the capital allocation?

因此，顯然數位轉型業務在下滑，而 AI 端則在加速爬坡。不過，這正是轉移方向。這是我們作為公司刻意進行的轉型。我們對於看到 AI 驅動領域成長感到非常安心。Mark，你要不要接著談資本配置？

Yes. So the cash generation in the quarter was disappointing. As I said, most of the billings arose in March. So the collections will take place between now and June. So we anticipate a significantly better cash flow generation in Q4. But notwithstanding that, leverage is something we want to focus on reducing. We do have a refinancing coming up during the course of FY27. But looking at the wider funding of the business, it is something that we will consider as part of that.

好的。本季的現金創造表現令人失望。如我所說，大部分開立帳單發生在 3 月。因此，收款將在現在到 6 月之間進行。所以我們預期第四季的現金流創造將顯著改善。但即便如此，槓桿水準仍是我們希望著力降低的項目。我們在 27 財年期間會有一筆再融資到期。不過，從公司更廣泛的資金安排角度來看，這也會是我們在該過程中一併考量的事項。

Bryan Bergin, TD Cowen.

Bryan Bergin，TD Cowen。

So maybe a bit of a follow-up as it relates to the unplanned pressure here. So I understand the Mid East volatility causing the discretionary issues and large deal opportunities taking longer than planned. But in addition to that, is there vendor consolidation and broader shifts in client priorities playing out where the offering just isn't as robust yet as competitors. Really trying to understand how much maybe transitory timing dynamic versus a function of client setting programs and shifting those priorities elsewhere or the consolidation share loss or even other factors like over competitive pricing in the market? If you could just comment on that.

我想就這裡的非預期壓力做個追問。我理解中東波動導致可自由支配支出問題，以及大型交易機會比原先計畫花更久時間。但除此之外，是否也有供應商整併、以及客戶優先事項更廣泛的轉移在發生，使得你們的產品/服務組合相較競爭對手還不夠強健？我想真正理解：這有多少是短期的時點因素，還是客戶在設定計畫並把優先順序轉移到其他地方、或整併導致市占流失，甚至其他因素例如市場過度競爭的定價所致？能否請你評論一下。

So we're not seeing a huge vendor consolidation headwind. The pressure seems to be coming from as we deliver more productively. We've been talking about our shift to AI native where more than 75% of our staff are now using AI in their daily work, and that is driving higher productivity. Clients are harvesting a little bit more of that benefit than we would prefer as we are not reinvesting it.

我們沒有看到很大的供應商整併逆風。壓力似乎來自於我們交付效率提升。我們一直在談我們轉向 AI 原生（AI native），目前超過 75% 的員工在日常工作中使用 AI，而這正在推動更高的生產力。客戶正在取得其中一部分效益，幅度比我們希望的更大，因為我們並未將其再投資回去。

But I think that is also part of the shift as they're looking to a much more substantive AI-driven transformations and that's very much part of the pivot that we are focusing on. Those projects are taking longer to come through. They continue to take longer. The thing that I'm highlighting is that they are coming through, and we are getting them signed there.

但我認為這也是轉變的一部分：他們正在尋求更具實質內容、由 AI 驅動的轉型，而這正是我們聚焦的轉型方向。這些專案需要更久時間才會落地。而且它們仍然需要更久。我想強調的是，它們確實正在進來，而且我們也正在把它們簽下來。

Okay. And then my follow-up as it relates to some of the actions by the foundational model provider. So obviously, with news flow around open AI deployment companies, some of the joint ventures, the Anthropic and OpenAI are looking to set up as well as they're looking for consulting and engineering talent I guess there are a couple of avenues here. But what's your perspective there? Just considering your base of engineering talent, it seems like it would be obviously an attractive potential opportunity for them to lean into partners like you more. But as you think about kind of competition versus cooperation kind of where do you land? What are your thoughts on them?

了解。接著我想追問一些基礎模型供應商的動作。顯然，近期有關 OpenAI 部署型公司的新聞動態、一些合資安排，以及 Anthropic 和 OpenAI 也在尋求建立相關布局，同時他們也在尋找顧問與工程人才——我想這裡有幾條可能的路徑。但你對此的看法是什麼？考量到你們的工程人才基礎，看起來他們更倚重像你們這樣的合作夥伴，應該會是很有吸引力的潛在機會。但當你思考競爭與合作時，你的立場落在哪裡？你對他們有什麼想法？

Yes. So we actually -- number one, I think, the foundational model companies are actually showing that they need services partners for implementation in the real world, and they're looking for how to accelerate that and push it along and that's the reason for some of these deploy co models that they're coming up with. We are in conversations with them very, very much. The expectation is that, that will become a new channel to market for us as they utilize our skills and capabilities in order to drive the commitments that they will be making to clients.

是的。所以我們實際上——第一，我認為基礎模型公司正顯示出他們在現實世界落地實施時需要服務合作夥伴，他們也在尋找如何加速並推動落地，這也是他們提出一些 deploy co 模式的原因。我們與他們有非常、非常多的對話。我們的預期是，當他們運用我們的技能與能力來推動他們對客戶所做的承諾時，這將成為我們新的市場通路。

So we see it much more as being a collaboration opportunity, a go-to-market opportunity than a competitive activity. A lot of what they're focusing on is complementary to what we do in terms of the heavy lift engineering capabilities that we've built in the AI space, and they recognize that.

因此我們更把它視為一個合作機會、一個共同進入市場（go-to-market）的機會，而不是競爭行為。他們聚焦的許多事情，就我們在 AI 領域建立的高強度工程能力而言，與我們所做的是互補的，而他們也認可這一點。

Puneet Jain, JPMorgan.

Puneet Jain，摩根大通（JPMorgan）。

I want to follow up on Bryan's question on revenue weakness. I want to focus on both related to your estimates as well as your peers. So I understand that the Middle East surprised you in this quarter, but revenue has come in below your expectations many quarters in the last three years. So do you think like you need to change anything in the planning process, like to get a better handle of quarterly revenue or your -- even the quarter as well as full-year guidance.

我想跟進 Bryan 關於營收疲弱的問題。我想同時聚焦在你們的預估以及同業的情況。我理解本季中東的情況讓你們意外，但在過去三年裡，營收有很多季都低於你們的預期。所以你是否認為需要在規劃流程上做些改變，例如更好地掌握季度營收，或是你們——不論是單季還是全年指引。

Yes. I mean the Middle East arena was not something we saw coming, we'd actually invested pretty heavily over the past 12 months. and had deals ready to sign literally about to kick off when the conflict kicked off. And it literally stopped all activity across our client base. And that had a noticeable impact on Q3 and a bigger impact on Q4.

是的。我的意思是，中東這個區域不是我們預見到的情況；過去 12 個月我們其實投入相當多資源，而且有些交易已經準備簽約，幾乎就要啟動時衝突爆發。結果它幾乎讓我們客戶群的所有活動都停擺。這對第三季有明顯影響，對第四季的影響更大。

Your question about the timing of how -- essentially how quickly we get these deals through the pipeline and into revenue is 1 that we're paying a lot of attention to. We're very sensitive to it. If you look at our Q4 guide, we've put a lot of work into the client conversations and the project plan, if you like, of getting these deals signed and the revenue ramping. So it is something that continues to need a lot of attention, and we definitely got caught by that in Q3.

你問到時點——本質上是我們多快能把這些交易推進管線並轉成營收——這是我們非常關注的一點。我們對此非常敏感。如果你看我們第四季的指引，我們在客戶對話與專案計畫（如果你願意這麼說）上做了大量工作，以促成這些交易簽約並讓營收爬坡。所以這確實是需要持續高度關注的事情，而我們在第三季也確實因此被影響到了。

Okay. Got it. And then it's been like, give or take, like a couple of years since you acquired Galaxy, and now you are also pushing ahead with this AI first model, AI first delivery. Talk to us about change management within Endava, like motor employees, motivating them to embrace AI to increase like this new way of delivery while also like the stock obviously has been down so much. So -- and some of those employees might also be worried about their jobs, given like the news flow around AI. So talk to us about the change management with the Endava, like how are you managing all those things?

好的。了解。另外，距離你們收購 Galaxy 大概也過了差不多兩年，而你們現在也在推進 AI first 模式、AI first 交付。請談談 Endava 內部的變革管理，例如如何驅動員工、激勵他們擁抱 AI，以提升這種新的交付方式，同時股價顯然也下跌了很多。所以——而且考量到圍繞 AI 的新聞動態，有些員工也可能擔心自己的工作。請談談 Endava 的變革管理，你們如何管理這些事情？

Our approach to change here has been a pioneer and rollout model. So in each area, as we're driving change, we get a smaller group of people who pioneer what good looks like and then roll it out across the organization. So the first of those that we talked about around 18 months ago was the shift to AI native. That was done by getting small teams across each part of the business to engage with AI at that stage.

我們在這裡推動變革的方法是「先行者（pioneer）＋推廣（rollout）」模式。也就是在每個領域推動變革時，我們先找一小群人作為先行者，定義什麼是好的樣貌，然後再推廣到整個組織。我們在大約 18 個月前談到的第一個變革，就是轉向 AI native。當時是透過讓各業務部門的小團隊先開始接觸 AI 來完成的。

It was the agentic -- sorry, the generative AI that was in play and how to create GPTs, and how to drive usage across that each part of the business. We then moved into a rollout phase where adoption was pushed right across the business with everyone having access to -- we went for that GPT Enterprise as our standard across the business. And over the following 3 to 4 months, we saw usage across our staff base to move above 75% of people using it every day in their job, which was our objective to have that AI native shift.

當時在運作的是——代理式（agentic）——抱歉，是生成式 AI，以及如何建立 GPT、以及如何在各業務部門推動使用。接著我們進入推廣階段，把採用推向整個公司，讓每個人都能使用——我們選擇 GPT Enterprise 作為全公司的標準。在接下來 3 到 4 個月裡，我們看到員工使用率提升到超過 75% 的人每天在工作中使用，這就是我們要完成 AI native 轉型的目標。

The big shift that we're pushing at the moment is Dava.Flow. Now we've been developing Dava.Flow over the last 18 months or so. You'd be aware that we came out with our own genic solution ahead of the large vendors coming up with agenetic models. And so we were using that to initially start keeping how Dava.Flow would work. Dava.Flow being our method around how you develop business solutions and ultimately, software and agentic solutions in an agentive world where most of the work is done by agents rather than buy people that shift from agile, if you like.

我們目前正在推動的重大轉變是 Dava.Flow。過去大約 18 個月我們一直在開發 Dava.Flow。你應該知道，在大型供應商推出代理式模型之前，我們就先推出了自己的 genic 解決方案。因此我們一開始用它來開始構思 Dava.Flow 會如何運作。Dava.Flow 是我們用來開發商業解決方案、最終開發軟體與代理式解決方案的方法論；在一個多數工作由代理（agents）而非人來完成的代理世界中，這可說是從敏捷（agile）的一種轉變。

So those pioneering groups actually defined Dava.Flow, created all the prompts, et cetera, that go into it, created the context warehousing, all of the pieces that go to make Dava.Flow work. We pushed that into our payments gateway, which I've talked about on the opening remarks so that we had an internal project where we could really drive not only the payments the way we were building but also the development of Dava.Flow.

因此，這些先行小組實際上定義了 Dava.Flow，建立了其中所有的提示詞（prompts）等等，建立了情境倉儲（context warehousing），以及讓 Dava.Flow 運作所需的所有組件。我們把它導入到我們的支付閘道（payments gateway），我在開場致詞中提過，這樣我們就有一個內部專案，能夠真正推動的不只是支付建置方式，也包括 Dava.Flow 的開發。

And then over the last six months, we started to shift to spreading that step by step across the organization. I highlighted we've now got 12 clients using Dava.Flow in (inaudible), up from 3 last quarter. So that's the rollout speed. Within the organization, we've got over 1,000 engineers who are actually using a training on Dava.Flow now or over 10% of our direct staff, and that's in anticipation of the greater use of Dava.Flow that we anticipate coming through both Q4 and as we move into Q1. All of that within a change management framework, we call it our Keystone management program that is driving that change.

然後在過去六個月，我們開始一步一步把它擴散到整個組織。我強調過，現在已有 12 個客戶在（聽不清）使用 Dava.Flow，高於上一季的 3 個。所以這就是推廣速度。在組織內部，現在有超過 1,000 名工程師正在使用或接受 Dava.Flow 的訓練，約占我們直接員工的 10% 以上；這是為了因應我們預期在第四季以及進入第一季時，Dava.Flow 使用量會更大幅提升。所有這些都在一個變革管理框架下進行，我們稱之為 Keystone 管理計畫，用來推動這項變革。

Nate Svensson, Deutsche Bank.

Nate Svensson，德意志銀行（Deutsche Bank）。

Hey, guys. I wanted to ask about another one of the factors you called out is driving the miss and guide down specifically the outcome-based contracts taking longer to execute. So hoping you can give some detail around what exactly is taking longer to execute here. And then I guess more broadly, you've clearly talked a lot about the shift to outcome-based contracts over the last few quarters. So I guess I'm just wondering, if these problems or the things that are taking longer to execute are actually fixable or transitory, or is there any sort of dynamic where clients just don't want to shift to outcome-based models to try and realize benefits on pricing or efficiency or your traditional time and materials contracts.

嗨，各位。我想問另一個你們提到、導致未達預期並下修指引的因素，具體是以成果為基礎（outcome-based）的合約需要更長時間才能執行。所以希望你們能更詳細說明，到底是哪些環節需要更長時間才能執行。然後更廣泛地說，你們過去幾季顯然談了很多轉向成果導向合約。所以我想知道，這些問題或導致執行變慢的事情，是可修正的或只是暫時性的？還是存在某種動態：客戶其實不想轉向成果導向模式，因為他們想在定價或效率上取得好處，或是更偏好你們傳統的按工時與材料（time and materials）合約。

Yes. So we're not seeing that latter problem. It's just these are, by nature, very large transformative engagements in the tens of millions type category and nailing down. We're using AI to help give clarity on what it is that we're going to be delivering and getting that much earlier in the cycle and expecting that we would see a three- or four-month sales cycle from having shaped what it is that we're going to be delivering and how AI is going to be making an impact.

是的。所以我們沒有看到你說的後者那個問題。只是這類案子本質上是非常大型的轉型型專案，規模屬於數千萬美元等級，而要把細節敲定。我們正在使用 AI 來協助更清楚界定我們將交付什麼，並在更早的週期就把這點釐清；我們原本預期，從完成交付內容的塑形（shaping）以及 AI 將如何產生影響開始算起，會看到 3 到 4 個月的銷售週期。

But seeing that turn into five, six months to get the deals closed. There is an element of clients being on a learning curve, their legal departments, worrying about issues, worrying about regulation, worrying about how to contract these deals that is becoming visible and it's taking longer. We expect that to ameliorate as people become more familiar with the issues and can get these things through faster on their side. We're not seeing it being because they don't want to engage on outcome-based deals. These things are progressing.

但眼看著那變成需要五、六個月才能把交易簽下來。客戶處於學習曲線上、他們的法務部門擔心各種議題、擔心監管、擔心這些交易要如何簽約等因素，正變得更明顯，因此耗時更久。我們預期，隨著大家對這些議題更熟悉、能在他們那一端更快推進，情況會有所改善。我們並未看到這是因為他們不想參與以成果為基礎的交易。這些事情都在推進中。

We announced some in the opening remarks, and there are others under the covers that a little smaller. We are seeing them progressing. They're just taking longer than expected.

我們在開場致詞中宣布了一些，另外還有一些在檯面下、規模稍小的。我們看到它們都在推進。只是比預期花更久時間。

Okay. Got it. And then for a follow-up, I wanted to ask specifically on two of the verticals. So I guess, first, what's happening in banking and capital markets that vertical have been growing nicely for you and the growth fell pretty dramatically in 3Q. I think you mentioned worse pipeline conversion, but more color would be helpful there.

好的。了解。接著追問一下，我想特別問兩個垂直領域。我想先問，銀行與資本市場這個垂直領域之前對你們來說成長得不錯，但在第三季成長卻大幅下滑。我記得你提到管線轉換變差，但如果能再多一些說明會很有幫助。

And then in health care, specifically, I think on the call last quarter, you talked about a large health care clients slowing down spend in 3Q, but you had expected them to return to spend in 4Q. So it looks like that played out in 3Q, but is that specific client still expected to return to spend here in the fourth quarter?

另外在醫療保健方面，特別是我記得上季電話會議你提到有一家大型醫療保健客戶在第三季放緩支出，但你們原本預期他們會在第四季恢復支出。所以看起來第三季確實如此，但那家特定客戶是否仍預期會在第四季恢復支出？

On the healthcare side, yes, we expected one of our larger clients to slow, which they have continued to do. So they came in as expected. And we expect that actually to continue slowing into Q4. There is some offset to a certain extent as we go into Q4 because another client is actually growing quite quickly. The trouble is the decline of the larger client has happened more quickly than anticipated with the ramp-up of the newer client -- larger clients.

在醫療保健方面，是的，我們預期我們其中一個較大的客戶會放緩，而他們也確實持續放緩。所以他們的表現符合預期。而我們預期這種放緩其實會延續到第四季。進入第四季時，某種程度上會有一些抵銷，因為另一個客戶其實成長得相當快。問題在於，較大客戶的下滑發生得比預期更快，而較新的客戶——大型客戶——的爬坡速度跟不上。

And then we do have a ramp down from an existing client from Q2 through Q3 and Q4. So you're right, we've sort of come off a good sort of Q2. There's been a step down because of those sort of dynamics, but it stabilizes as we go into Q4 as anticipated in the guide.

另外，我們也有一個既有客戶從第二季一路到第三季與第四季的降載（ramp down）。所以你說得對，我們算是從第二季相對不錯的水準下來。因為這些動態因素而出現一個台階式下滑，但如同指引所預期，進入第四季會趨於穩定。

Got it. Anything on banking and capital markets or --

了解。那銀行與資本市場方面有什麼補充嗎，或--

Yes. Sorry. So in banking and capital markets, we were pretty sort of stable through Q1, Q2. We did see a step down. This -- as we went into Q3, I think a [couple of million, 1.5 million] or so partly 1 client coming off project work that we've been doing for them and also some lumpiness in the delivery profile for another client.

有的。抱歉。所以在銀行與資本市場方面，我們在第一季、第二季都相當穩定。我們確實看到一個下滑。進入第三季時，我想大概是[幾百萬、約150萬]左右，部分原因是一個客戶結束了我們為他們進行的專案型工作，另外也有另一個客戶在交付節奏上的一些不均勻（lumpiness）。

But we do expect recovery in BCM into Q4. But the point is it's not as strong as we were anticipating in the original guide that we set in February. And that sort of slowdown in banking and capital markets is most pronounced in the US and the UK although we are feeling it to a smaller extent in the other geographies, but it's more significantly in UK and North America.

但我們確實預期銀行與資本市場（BCM）在第四季會回升。但重點是，回升力道不如我們在2月設定原始指引時所預期的那麼強。而銀行與資本市場的這種放緩在美國與英國最為明顯，雖然其他地區也有較小程度的影響，但英國與北美更為顯著。

Jonathan Lee, Guggenheim Partners.

Jonathan Lee，Guggenheim Partners。

Great, thanks for taking my question. Given what we saw in the quarter versus the mid-February commentary around 95% contract and committed visibility, what are you seeing quarter to date in April and May on both demand and the slip contracts? And what's the coverage on the 4Q range today? What gives you confidence in that sequential improvement into 4Q that's implied in the outlook?

很好，謝謝讓我提問。相較於2月中旬提到的95%合約與已承諾可見度，從本季表現來看，你們在4月與5月截至目前，在需求與延後簽約的合約方面看到了什麼？而目前對第四季區間的覆蓋率（coverage）是多少？是什麼讓你們對展望所暗示的、第四季相較前一季的改善有信心？

So if go back to Q3, we had a range of [GBP185 million to GBP182 million]. We were saying the contractual coverage at the high end I think it was about 90% and it rose, I think, about 92% for the low end of the guide. So the pipeline to convert in both high and low was about GBP19 million and GBP16 million, and we converted about GBP13 million. So you've got a conversion which is below what we anticipate is at the low end, it's about 80%.

如果回到第三季，我們的區間是[1.85億英鎊到1.82億英鎊]。我們當時說高端的合約覆蓋率我記得大約是90%，而低端的指引則上升到大約92%。所以高端與低端需要由管線轉換的金額大約分別是1,900萬英鎊與1,600萬英鎊，而我們實際轉換了約1,300萬英鎊。因此轉換率低於我們在低端所預期的水準，大約是80%。

Now, for the high guide in Q4, we have contractual -- contracted and committed of 95% for the low end of GBP181 million, we have 97%. So that leaves about GBP9 million at the high end to convert and 5 mill to convert at the low end. We have three or four opportunities that are sort of sizable. But we have taken a view that -- some of those are not going to convert as part of the high guide and then a severe downside, that's one converts when we get to the low end of the guide. So we have been sort of conservative, I believe.

現在，第四季指引的高端，我們的合約——已簽約與已承諾——對低端1.81億英鎊的覆蓋率是95%，而對低端我們是97%。所以高端還剩大約900萬英鎊需要轉換，低端則還有500萬需要轉換。我們有三到四個機會，規模算是可觀。但我們的看法是——其中一些不會在高端指引中轉換；而在嚴重下行情境下，當我們落到指引低端時，才會有一個轉換。所以我認為我們的假設是偏保守的。

I know we have missed in the quarter with that sort of outlook. And in terms of the step-up, it's something like at the top end of the guide about I think, 3.5%. We do have some movement in terms of working days between the quarters, that actually does help us somewhat sort of step-up is not as strong as it may appear when you look at it on an absolute sort of growth basis. But there is always pipeline in our figures, it's the nature of the business model. The issue going back to sort of John's initial comments has been the predictability of when opportunities convert.

我知道我們在本季以這樣的展望確實失準了。至於這個跳升（step-up），在指引上緣大概是我想約3.5%。兩個季度之間的工作天數有些變動，這其實在某種程度上對我們有幫助，因此若以絕對成長來看，這個跳升沒有表面上看起來那麼強。但我們的數字中一向都會有管線，這是商業模式的本質。回到John一開始的評論，問題在於機會何時轉換的可預測性。

Thanks for that color, Mark. And just as a follow-up, can you help us think through some of the earlier comments around AI productivity harvesting. As clients become more aware of the efficiency gains that AI is enabling, how do you think about the structural durability of pricing and contract profitability over the longer term, particularly as clients may look to extract more of those gains at the table. What's sort of the offset mechanism there?

謝謝你補充這些細節，Mark。再追問一下，你能否協助我們理解先前關於AI生產力收割（harvesting）的評論。隨著客戶更了解AI帶來的效率提升，你們如何看待長期而言定價與合約獲利能力的結構性韌性，特別是當客戶可能會在談判桌上試圖取得更多這些收益時？那裡的抵銷機制是什麼？

I think the offset mechanism is the change in the business model, John was outlining in terms of AI-driven models, which is basically outcome based. Yes, there's been pressure in the traditional T&M space. We are being more productive. It sort of erodes revenues. But we're moving more to an outcome-based longer-term duration partnership arrangement with large clients, where we have stronger visibility of revenue and we can capture more of that benefit from the rollout of Dava.Flow to path more of that benefit.

我認為抵銷機制在於商業模式的改變，正如John所概述的AI驅動模式，基本上是以成果為基礎。是的，在傳統的按工時與材料（T&M）領域確實有壓力。我們的生產力正在提升。這在某種程度上會侵蝕營收。但我們正更多轉向以成果為基礎、期限更長的合作夥伴安排，與大型客戶建立關係；在那裡我們的營收可見度更強，並且能透過推廣Dava.Flow來捕捉更多這些效益，從而取得更多收益。

And therefore, sort of protect margins.

因此，某種程度上能保護利潤率。

I think the sort of key thing. I mean, these are -- we're not going to quote numbers at you, but the new model revenue margins are significantly higher than our existing T&M margin figures, which are under pressure. It's a question of can we accelerate the new AI-driven business to offset that decline that we're seeing in the, let's call it, the traditional digital transformation business, which is largely T&M.

我想關鍵在於這點。我的意思是——我們不會對你報具體數字，但新模式的營收利潤率顯著高於我們現有的T&M利潤率水準，而後者正承受壓力。問題在於，我們能否加速新的AI驅動業務，以抵銷我們在（姑且稱之為）傳統數位轉型業務中看到的下滑，而那部分主要是T&M。

I mean I think the other thing just to add to that, it's not specifically around the productivity and the model style and the pricing attached to it. But our utilization availability is running much lower as we're going through this pivot we're investing in skilled retraining and so on. And actually, we need to do that to prepare our workforce for the enemies coming through. It's not an optional extra, and that is part of the -- or a big part of the margin compression that you're seeing rather than specifically a pricing issue. Pricing has been actually pretty --

我的意思是，我認為另外一點要補充的是，這並不是特別針對生產力、模型型態以及與之相關的定價。但在我們進行這次轉型的過程中、投入技術再培訓等工作時，我們的可用稼動率正處於更低的水準。而且事實上，我們必須這麼做，才能讓我們的勞動力為即將到來的競爭對手做好準備。這不是可有可無的額外項目，而這也是——或者說，是你們所看到的利潤率被壓縮的一大部分原因，而非特別是定價問題。定價其實相當--

It's pretty stable when you look at it also on an average work going measure. I think this is a sort of issue that sort of transition, the usual metrics of billability and average rate per work day are sort of flying a little bit as we go through this change.

從平均每個工作量的衡量來看，它相當穩定。我認為這是一個轉型期的問題：在我們經歷這項變革時，傳統的可計費率與每個工作日的平均費率等常用指標有點失真。

Matt Dezort, William Blair.

Matt Dezort，William Blair。

This is Matt, on for Maggie Nolan. I guess to follow up on that last point on AI, how are you defining your AI revenue? I guess what growth trajectory are you underwriting there? When do you expect that could become a majority of the business mix?

我是 Matt，代 Maggie Nolan 提問。我想就剛才關於 AI 的最後一點追問一下：你們如何定義 AI 收入？你們在那裡承作（underwrite）的成長軌跡是什麼？你們預期何時它可能成為業務組合中的主要部分？

Yes. So we've pulled this out as what we're calling AI-driven business where AI is at the core of the business transformation proposition, often outcome-based typically, sold at the top of the C-suite. The two examples, NatWest and the collaboration with Mastercard and a number of the Google Cloud deals in the opening remarks fall into that category, and we're very focused on developing this type of pipeline.

是的。所以我們把這部分獨立出來，稱之為「AI 驅動型業務」，也就是 AI 位於業務轉型主張的核心，通常是以成果為基礎（outcome-based），一般在 C-suite 高層層級銷售。兩個例子——NatWest、以及與 Mastercard 的合作，還有開場致詞中提到的多筆 Google Cloud 交易——都屬於這一類，我們也非常專注於打造這類型的商機管線。

It needs let me call them forward-leaning organizations who are up for this acceleration, and that is a subset of the market. It's not everyone who's up for that right now. But where we find those people we're getting really, really good traction around the AI-driven change. I would highlight, it's different to the AI native measure that we've previously published which has stabilized in the sort of 75% to 80% mark, which is a measure of how people are using AI in the organization. And if they're using it on a daily basis in their work, we're counting that as AI usage. That enables strong productivity, but it's not the same as the sort of AI-driven business transformation that we are classifying here.

這需要——我稱之為——更積極前瞻的組織，願意接受這種加速，而這只是市場中的一個子集合。目前並不是每個人都準備好。但當我們找到這些客戶時，我們在 AI 驅動的變革上獲得非常、非常好的進展。我想強調，這與我們先前公布的「AI 原生（AI native）」指標不同；該指標已穩定在約 75% 到 80% 的區間，衡量的是人們在組織中如何使用 AI。如果他們在工作中每天使用，我們就把它計為 AI 使用。這能帶來強勁的生產力，但與我們在此所歸類的 AI 驅動型業務轉型並不相同。

Got it. And then I guess on the margins, what specific levers do you have to protect or expand margins given the revenue pressures you're seeing as you pivot the business? And how do you think about that going into next year?

了解。那麼關於利潤率，在你們轉型業務、且面臨收入壓力的情況下，你們有哪些具體槓桿可以用來保護或擴大利潤率？你們如何看待明年的情況？

Margins, well, we sort of managing to two dynamics, which is we'll call it the traditional T&M business and the -- which we can call the digital transformation business. So the way you've always sort of managed margin pressure there is actually just looking at cost and getting visibility, which we can do. You do have to have good visibility so that it's not disruptive, but that is definitely a lever.

利潤率方面，我們基本上是在管理兩種動態：我們稱之為傳統的 T&M（按工時與材料計價）業務，以及——我們可以稱之為——數位轉型業務。所以你過去一直用來管理那裡利潤率壓力的方法，其實就是看成本並取得可視性，而我們做得到。你確實需要良好的可視性，避免造成干擾，但這絕對是一個槓桿。

The other offset is to actually build the new more quickly with the AI-driven work where you have longer-term visibility year-to-year. You have more control over how you deliver that work because it's not on a time and material basis. And it's about the deployment of Dava.Flow to capture that sort of benefit. So those are the two levers that you can -- you apply basically, is managing that sort of dynamic.

另一個抵銷方式，是更快地建立新的、以 AI 驅動的工作，因為那類工作在年度之間有更長期的可視性。你對交付方式有更多掌控，因為它不是按工時與材料計價。而且這關乎部署 Dava.Flow 以捕捉那類效益。所以你基本上可以運用的兩個槓桿，就是管理這種動態。

And I expect over the coming years, this sort of split between what is fixed price and what is T&M is going to start to shift. We don't have any figures at the moment, but we definitely do know at the moment that our T&M proportion of revenues is starting to come down. So I think last year, it was about GBP77 million on a full year basis, FY25. It's probably about 71% of our revenues in this quarter. So that is an indication of the shift that is going on where we are contracting through fixed price outcomes, not all through Dava.Flow. But that is one way that you can protect margin going forward about growing the new more profitable work.

而且我預期在未來幾年，固定價格與 T&M 之間的這種分拆將開始轉移。我們目前沒有任何數字，但我們確實知道，我們的 T&M 收入占比已開始下降。所以我想去年按全年口徑，FY25 大約是 7,700 萬英鎊。本季它大概占我們收入的 71%。這顯示我們正在發生的轉變：我們透過固定價格的成果型合約來簽約，不是全部都透過 Dava.Flow，但那是其中一種方式。展望未來，透過成長新的、更高獲利的工作，你就能保護利潤率。

Phani Kanumuri, HSBC.

Phani Kanumuri，匯豐（HSBC）。

I just want to ask on the update regarding your go-to-market with OpenAI. You have a partnership. Do you have any update on how it's going?

我想詢問一下你們與 OpenAI 的市場推進（go-to-market）合作更新。你們有合作夥伴關係。能否更新一下目前進展如何？

Yes, we continue to have a really strong relationship with OpenAI. It's global in nature, driven out of the -- out of the US. The conversations that we had with the new deploy code, a part of that relationship and through that, putting together thoughts and plans on how we're going to work together with the new deploy code. We continue to get early sight of some of the models and so on that they're putting out so that we can prepare go-to-market capabilities alongside them, and we continue to bid together on opportunities, some of which were in the large complex space.

是的，我們與 OpenAI 仍維持非常強的合作關係。這是全球性的合作，由——由美國主導。我們與他們就新的 deploy code 進行了對話，這是該合作關係的一部分；並透過它整理我們將如何與新的 deploy code 一起合作的想法與計畫。我們持續能提前看到他們推出的一些模型等內容，以便我們能與他們並行準備市場推進能力；我們也持續共同投標一些機會，其中部分屬於大型且複雜的領域。

And that concludes our question-and-answer session. I'd like to turn the conference back over to John Cotterell for any closing remarks.

以上為問答環節的結束。我想把電話會議交回給 John Cotterell，請他做結語。

Yes. So thank you all for joining us today, and I look forward to speaking to you in September.

好的。非常感謝各位今天加入我們，我期待在九月再與各位交流。

Thank you, sir. That concludes today's conference call. We thank you all for attending today's presentation. You may now disconnect your lines, and have a wonderful day.

謝謝您，先生。今天的電話會議到此結束。感謝各位出席今天的簡報。您現在可以掛線，祝您有美好的一天。