Amdocs Ltd (DOX) 2024 Q4 法說會逐字稿

Thank you for standing by. Welcome to the Amdocs Limited fourth-quarter 2024 earnings conference call. (Operator Instructions) As a reminder, today's program is being recorded.

謝謝你的支持。歡迎參加 Amdocs Limited 2024 年第四季財報電話會議。（操作員指示）提醒一下，今天的節目正在錄製中。

And now I'd like to introduce your host for today's program, Matthew Smith, Head of Investor Relations. Please go ahead, sir.

現在我想介紹一下今天節目的主持人，投資者關係主管馬修史密斯。請繼續，先生。

Thank you, Jonathan. Before we begin, I need to call your attention to our disclaimer statement on slide 2 of the presentation. It notes that some of our comments today may be forward-looking statements and are subject to risks and uncertainties, including as described in Amdocs' SEC filings and that we will discuss certain financial information that is not prepared in accordance with GAAP. For more information regarding our use of non-GAAP financial measures, including reconciliations of these measures, we refer you to today's earnings release, which will also be furnished with the SEC on Form 6-K.

謝謝你，喬納森。在開始之前，我需要提醒您注意簡報投影片 2 上的免責聲明。它指出，我們今天的一些評論可能是前瞻性陳述，並受到風險和不確定性的影響，包括Amdocs 向SEC 提交的文件中所述的風險和不確定性，並且我們將討論某些未按照GAAP準備的財務資訊。有關我們使用非 GAAP 財務指標的更多信息，包括這些指標的調節，我們建議您參閱今天的收益報告，該報告也將通過 6-K 表向 SEC 提供。

Participating on the call with me today are Shuky Sheffer, President and Chief Executive Officer of Amdocs Management Limited; and Tamar Rapaport-Dagim, Chief Financial and Operating Officer.

今天與我一起參加電話會議的是 Amdocs Management Limited 總裁兼執行長 Shuky Sheffer；財務與營運長 Tamar Rapaport-Dagim。

To support today's earnings call, we are providing a presentation, which can be found on the Investor Relations section of our website. And as always, a copy of today's prepared remarks will also be posted immediately following the conclusion of this call.

為了支持今天的財報電話會議，我們將提供演示文稿，您可以在我們網站的投資者關係部分找到該演示文稿。與往常一樣，今天準備好的發言稿的副本也將在本次電話會議結束後立即發布。

On today's agenda, Shuky will recap our business and financial achievements for the fourth-quarter and full fiscal year 2024, and we'll update you on the continued progress we have made executing against our strategic growth framework including generative AI and our continued sales momentum in cloud. Shuky will finish by discussing our financial outlook for the full fiscal year 2025, after which Tamar will provide additional details on our fourth-quarter financial performance and forward guidance.

在今天的議程中，Shuky 將回顧我們第四季度和2024 年整個財年的業務和財務成就，我們將向您介紹我們在執行戰略成長框架（包括生成式人工智慧）方面所取得的持續進展以及我們持續的銷售勢頭在雲端。Shuky 最後將討論我們 2025 年整個財年的財務前景，之後 Tamar 將提供有關我們第四季度財務業績和前瞻性指引的更多詳細資訊。

And with that, I'll turn it over to Shuky.

這樣，我就把它交給 Shuky。

Thank you, Matt, and everyone joining us on the call today. Starting on slide 6. Fiscal 2024 was another important year in Amdocs' journey. My thanks for which goes to our thousands of employees worldwide to continuously serve our customers with innovative software products and services the design to accelerate the migration and adoption of the cloud, monetize next-generation networks, diligently transform the customer experience, and automate their mission-critical operations.

謝謝馬特和今天加入我們電話會議的所有人。從投影片 6 開始。2024 財政年度是 Amdocs 發展歷程中又一個重要的一年。我要感謝我們在全球的數千名員工，他們不斷為我們的客戶提供創新的軟體產品和服務，這些產品和服務的設計旨在加速雲端的遷移和​​採用、實現下一代網路的貨幣化、努力改變客戶體驗並實現其任務自動化- 關鍵操作。

Despite a continuously challenging industry demand environment, the year was notable in several respects. We expanded activities between new and existing customers, winning important deals: AT&T, T Mobile, Charter, and Rogers in North America; Vodafone Ziggo in the Netherlands, XL and PLDT in Southeast Asia; and NTT in Japan.

儘管產業需求環境持續充滿挑戰，但這一年在多個方面還是值得注意的。我們擴大了新客戶和現有客戶之間的活動，贏得了重要交易：北美的 AT&T、T Mobile、Charter 和 Rogers；荷蘭的 Vodafone Ziggo、東南亞的 XL 和 PLDT；和日本的 NTT。

We achieved double-digit growth in cloud, which now accounts for roughly 25% of total revenue and further extend our industry-leading position in GenAI. Managed services delivered another record year. We execute our plan to accelerate profitability, and we return more than 100% of free cash flow back to shareholders or share repurchase and dividends.

我們在雲端領域實現了兩位數的成長，目前約佔總收入的 25%，進一步鞏固了我們在 GenAI 領域的行業領先地位。託管服務再創歷史新高。我們執行加速獲利的計劃，並將超過 100% 的自由現金流返還給股東或股票回購和股利。

Summarizing our fiscal 2024 financial performance on slide 7, we delivered record revenue of $5 billion, up 2.7% from a year ago in constant currency; achieved non-GAAP operating margin of 18.4%, an improvement of 60 basis points year over year; and met our commitment to deliver double-digit total shareholder return for the fourth consecutive year in fiscal 2024 reflecting non-GAAP earnings per share growth of 9% plus our dividend yield.

第 7 張投影片總結了我們 2024 財年的財務業績，我們實現了創紀錄的 50 億美元收入，按固定匯率計算比去年同期增長 2.7%；非 GAAP 營業利益率達 18.4%，較去年同期提升 60 個基點；並履行了我們的承諾，在 2024 財年連續第四年實現兩位數的股東總回報，反映出非公認會計原則每股收益增長 9% 加上我們的股息收益率。

As to the fourth quarter, we closed the year with strong sales momentum, which includes several important deal wins. At T-Mobile, we won a significant project to deploy Amdocs next-generation monetization platform under the major multiyear vehicle transformation program we are supporting.

至於第四季度，我們以強勁的銷售勢頭結束了這一年，其中包括幾項重要的交易勝利。在 T-Mobile，我們贏得了一個重要項目，根據我們支援的多年期車輛轉型計劃部署 Amdocs 下一代貨幣化平台。

Strong sales momentum continued in the cloud with key awards with AT&T in Japan and Vodafone Italy. And we maintain a high renewal rate in managed services, signing expanded multiyear engagement with a Tier 1 operator in Southeast Asia and Telia in Denmark.

雲端領域持續保持強勁的銷售勢頭，榮獲日本 AT&T 和義大利沃達豐的重要獎項。我們在託管服務方面保持了較高的更新率，與東南亞的一級營運商和丹麥的 Telia 簽署了長期合作協議。

I'm also encouraged by the market rapid adoption of Amdocs SaaS-based platform, connectX, as the comprehensive solution from MVNOs and MVNEs, and we are making steady progress in generative AI where we have expanded activity to support T-Mobile's mission to revolutionize the customer experience.

我還對市場迅速採用基於 Amdocs SaaS 的平台 connectX 作為 MVNO 和 MVNE 的綜合解決方案感到鼓舞，我們在生成式 AI 領域取得了穩步進展，我們擴大了活動範圍以支持 T-Mobile 的革命性使命客戶體驗。

Regarding Project 4 execution, Q4 included successful product deployment at AT&T, T-Mobile to UK; A1, Bulgaria; PLDT in the Philippines, among others. At AT&T, we achieved major production milestone related to the consumer modernization and simplification program commenced the migration of applications from mainframe to the cloud under our -- our new five-year agreement and collaborate with Cricket Wireless to implement a new commission calculation system.

關於專案 4 的執行，第四季包括在 AT&T、T-Mobile 到英國的成功產品部署； A1，保加利亞；菲律賓的 PLDT 等。在 AT&T，我們實現了與消費者現代化和簡化計劃相關的重要生產里程碑，根據我們新的五年協議開始將應用程式從大型主機遷移到雲端，並與 Cricket Wireless 合作實施新的佣金計算系統。

Our reputation for consistent execution also extends to our customer industry consolidation strategies. Industry consolidation sometimes creates short-term business uncertainty but often results in long-term opportunities for Amdocs to bring our post-merger integration and modernization expertise as we see following calls acquisition of Lumen EMEA business last year and for other US and European customers that are currently progressing consolidation strategies.

我們一貫執行的聲譽也延伸到了我們的客戶產業整合策略。產業整合有時會造成短期業務不確定性，但通常會為Amdocs 帶來長期機會，讓我們能夠帶來我們的合併後整合和現代化專業知識，正如我們在去年收購Lumen EMEA 業務以及其他美國和歐洲客戶的電話中所看到的那樣。

Now, moving to slide 9. We remain confident in our multi-pillar growth strategy, which is designed to provide our customers with the market-leading innovation and technology they need to accelerate the journey to the cloud, digitally transform the customer experience from consumer and B2B, monetize the future market potential of next emersion networks, deliver dynamic connected experiences by streaming lining automating complex network ecosystems, and to simplify and accelerate adoption of generative AI.

現在，轉到投影片 9。我們對我們的多支柱成長策略仍然充滿信心，該策略旨在為我們的客戶提供他們所需的市場領先的創新和技術，以加速雲端之旅，以數位方式轉變消費者和B2B 的客戶體驗，透過未來市場貨幣化下一代浮現網路的潛力，透過串流自動化複雜的網路生態系統來提供動態連接體驗，並簡化和加速生成式人工智慧的採用。

Beginning with the cloud. Amdocs' unique ability to support complex multiyear cloud journeys as the primary technology partner continued to drive strong sales momentum in Q4. Amdocs selected to modernize Vodafone Italy's business platform by implementing cloud-ready and cloud-native solution and migrating its business support system to the Microsoft Azure cloud. Structure under an extended five-year agreement, this modernization initiative will empower Vodafone Italy to deliver faster, higher-quality, and next-generation services and experiences to its customers enhanced operational efficiency and reduce costs.

從雲開始。作為主要技術合作夥伴，Amdocs 支援複雜的多年雲端之旅的獨特能力繼續推動第四季度的強勁銷售勢頭。Amdocs 選擇透過實施雲端就緒和雲端原生解決方案並將其業務支援系統遷移到 Microsoft Azure 雲端來實現沃達豐義大利業務平台的現代化。根據延長的五年協議，這項現代化計畫將使沃達豐義大利能夠為其客戶提供更快、更高品質的下一代服務和體驗，從而提高營運效率並降低成本。

Additionally, we expanded our relationship with NTT InfraNet in Japan, which selected Amdocs to modernize and migrate core system applications to the cloud under the business transformation and managed services agreements that will enable great cost control, increase efficiency, and improve business capabilities.

此外，我們還擴大了與日本NTT InfraNet 的關係，後者選擇Amdocs 根據業務轉型和託管服務協議對核心系統應用程式進行現代化改造並將其遷移到雲端，從而實現出色的成本控制、提高效率並提高業務能力。

Cloud accounts for roughly 25% of Amdocs total revenue in fiscal 2024. And with this recent award adding to our strong book of business and in a traffic pipeline of opportunities, we are positioned for another year of double-digit growth in cloud in fiscal 2025.

2024 財年，雲端業務約佔 Amdocs 總營收的 25%。隨著最近的這項獎項為我們強大的業務和流量管道增添了新的機遇，我們預計在 2025 財年實現雲端運算領域又一個兩位數的成長。

Moving to digital modernization on slide 11 (sic - slide 12). MVNE.pl, digitally-driven mobile virtual network enabler in Poland, has selected Amdocs telco-in-a-box SaaS-based connectX solution under a five-year agreement to launch an innovative telecom ecosystem that empowers communities across the country to create and manage their own telecom brands with under precedent speed and affordability.

轉向投影片 11 上的數位現代化（原文如此 - 投影片 12）。波蘭數位驅動的行動虛擬網路推動者MVNE.pl 根據一項為期五年的協議，選擇了基於SaaS 的Amdocs telco-in-a-box connectX 解決方案，以推出創新的電信生態系統，使全國各地的社群能夠創造和使用以前所未有的速度和負擔能力管理自己的電信品牌。

We are delighted by the rapid adoption of connectX, which has positioned Amdocs in the forefront on the NVME and MVNO market with the growing customer leads, including AT&T and Rizz Wireless in the US, Winity in Brazil, and Melon Digital in South Africa.

我們對 connectX 的快速採用感到高興，這使 Amdocs 處於 NVME 和 MVNO 市場的前沿，客戶線索不斷增長，包括美國的 AT&T 和 Rizz Wireless、巴西的 Winity 和南非的 Melon Digital。

Additionally, Amdocs' SaaS-based Bill Experience solution was recently chosen by Convera, a global commercial payments leader, to easily simplify the billing experience and improve customer satisfaction. We are excited to be working with Convera, with this award demonstrating that Amdocs' solutions can be applicable for enterprise-scale customers beyond telco when suitable opportunities arise.

此外，全球商業支付領導者 Convera 最近選擇了 Amdocs 基於 SaaS 的帳單體驗解決方案，以輕鬆簡化帳單體驗並提高客戶滿意度。我們很高興與 Convera 合作，該獎項表明，當合適的機會出現時，Amdocs 的解決方案可以適用於電信以外的企業級客戶。

Turning to monetization on slide 12 (sic - slide 11). Amdocs continued to deliver cutting-edge technology to help service providers monetize their investment in next-generation networks including wireless 5G standalone fixed wireless access and fiber. On top of the multiyear digital transformation, we are delivering for T-Mobile, Amdocs has been selected for a significant project to deploy our next-generation cloud-native real-time organization offering, giving T-Mobile customers the freedom to define their buying experiences while delivering complete rises flexibility on a single all-inclusive platform.

轉向投影片 12 上的貨幣化（原文如此 - 投影片 11）。Amdocs 繼續提供尖端技術，幫助服務供應商將其對下一代網路的投資貨幣化，包括無線 5G 獨立固定無線存取和光纖。除了多年的數位轉型之外，我們正在為 T-Mobile 提供服務，Amdocs 已被選為一個重要專案來部署我們的下一代雲端原生即時組織產品，讓 T-Mobile 客戶可以自由地定義他們的購買體驗，同時在單一全包平台上提供完整的靈活性。

We also expanded our partnership with Altice SFR, one of France leading telecom providers, on a five-year deal to transform the mobile and fixed-line B2C billing system into a single unified platform. This consolidation will reduce operating costs and improve efficiency while unlocking additional monetization potential and enabling the delivery of a seamless enhanced customer experience.

我們還擴大了與法國領先電信供應商之一 Altice SFR 的合作夥伴關係，簽訂了一項為期五年的協議，將行動和固網 B2C 計費系統轉變為單一的統一平台。此次整合將降低營運成本並提高效率，同時釋放額外的獲利潛力並提供無縫增強的客戶體驗。

Moving to network automation on slide 13. Amdocs is in prime position to support the design and buildout of fiber network investments in the US and globally, having just introduced our next-generation fiber offering which capitalizes on recent acquisitions in this domain, including Procom Consulting in fiscal 2023.

轉向投影片 13 上的網路自動化。Amdocs 在支援美國和全球光纖網路投資的設計和建設方面處於領先地位，剛剛推出了我們的下一代光纖產品，該產品利用了該領域最近的收購，包括 2023 財年收購的 Procom Consulting。

Demonstrating our breadth of capabilities, a leading provider of fiber optic internet services in the US recently chose Amdocs to effectively manage and streamline complex fiber rollouts, enabling it to accelerate sales, enhance agility, and realize new monetization opportunities in the fiercely competitive fiber broadband market.

美國一家領先的光纖網路服務供應商最近選擇Amdocs 來有效管理和簡化複雜的光纖部署，從而展示了我們的廣泛能力，使其能夠在競爭激烈的光纖寬頻市場中加速銷售、增強敏捷性並實現新的盈利機會。

Amdocs' growing market recognition in the network domain is also reflected by recent industry awards, including Network Technology Vendor of the Year at the 2024 Network as a Service Excellence Awards, and the prestigious Orchestration Award at FutureNet Asia 2024, which Amdocs Service & Network Automation has now won two years running.

Amdocs 在網路領域不斷增長的市場認可度也反映在最近的行業獎項中，包括 2024 年網路即服務卓越獎的年度網路技術供應商獎，以及 2024 年 FutureNet Asia 著名的編排獎，Amdocs 服務和網路自動化現已連續兩年獲勝。

Turning to slide 14. Amdocs continues to extend its position as an industry leader able to help service providers unlock the transformative potential of generative AI. First, our flagship CES24 now embeds CES Copilots across Amdocs Catalog, Monetization, Intelligent Networking, and many other components of the suite, with several customers already utilizing such capabilities in production.

轉到投影片 14。Amdocs 繼續擴大其作為行業領導者的地位，能夠幫助服務提供者釋放生成式人工智慧的變革潛力。首先，我們的旗艦產品 CES24 現在在 Amdocs Catalog、Monetization、Intelligent Networking 和該套件的許多其他組件中嵌入了 CES Copilot，一些客戶已經在生產中使用了此類功能。

Second, we have collaborated with NVIDIA to enhance our generative AI platform as with innovative new agent capabilities that deliver immersive customer experiences with real-time interaction and visualization. Our first commercial platform awards are also materializing as we successfully progress many global production trials across several key domains.

其次，我們與 NVIDIA 合作，透過創新的新代理功能增強我們的生成式 AI 平台，透過即時互動和視覺化提供身臨其境的客戶體驗。隨著我們在多個關鍵領域成功推進許多全球生產試驗，我們的第一個商業平台獎項也即將實現。

As we alluded last quarter, etisalat by e& in the United Arab Emirates selected to integrate GenAI into its business systems. Leveraging amAIz, this expanded collaboration with Etisalat opened possibility for new revenue opportunities, business efficiencies, and improve customer experience for the telecom pillar of Etisalat.

正如我們上季度提到的，阿拉伯聯合大公國的 etisalat by e& 選擇將 GenAI 整合到其業務系統中。透過 amAIz，與 Etisalat 的擴大合作為 Etisalat 的電信支柱帶來了新的收入機會、業務效率和改善客戶體驗的可能性。

Third, Amdocs continues to evolve our data, AI, and generative AI platform with new capabilities designed to meet the needs of the market and to simplify and enable GenAI adoption. The platform is now equipped with customer experience insights, CXI, embedded analytics, and a unified generative AI foundation, allowing service providers access to actionable customer experience insights based on real-time data harnessed from any source.

第三，Amdocs 繼續發展我們的數據、人工智慧和生成人工智慧平台，提供旨在滿足市場需求並簡化和支援 GenAI 採用的新功能。該平台現在配備了客戶體驗洞察、CXI、嵌入式分析和統一的生成人工智慧基礎，使服務提供者能夠基於任何來源的即時數據獲得可操作的客戶體驗洞察。

Our data, AI, and generative AI platform is already relied on by several service providers around the world, including Globe Telecom in the Philippines, which recently selected Amdocs' data intelligence services. Similarly, we recently signed an expanded agreement to support our DataONE Intelligence platform at T-Mobile, which is collaborating with Open AI, to revolutionize customer experience and deliver personalized services with the first-ever AI enabled, intent-driven decisioning platform.

我們的數據、人工智慧和生成式人工智慧平台已經受到世界各地多家服務供應商的依賴，其中包括菲律賓的 Globe Telecom，該公司最近選擇了 Amdocs 的數據智慧服務。同樣，我們最近簽署了一項擴展協議，以支援 T-Mobile 的 DataONE Intelligence 平台，該平台與 Open AI 合作，透過首個支援 AI 的意圖驅動決策平台徹底改變客戶體驗並提供個人化服務。

Before addressing our outlook, last quarter, we mentioned that we have been proactively evaluating Amdocs portfolio of products, services, and business line in relation to our strategic investment priorities for fiscal 2025. As a result of this review process, in fiscal year 2025, we've already begun to phase out several low-margin noncore businesses activities that are becoming commoditized and potential for long-term value addition or profitability enhancement. While Tamar will provide further comment in the remarks, we believe this action will reinforce our level of business visibility including a higher share of revenue for long-term managed services engagements.

在上季展望我們的前景之前，我們提到我們一直在根據 2025 財年的策略投資優先事項積極評估 Amdocs 的產品、服務和業務線組合。根據這個審查流程，我們已經開始在 2025 財年逐步淘汰一些低利潤的非核心業務活動，這些活動正在變得商品化，並且具有長期增值或盈利能力增強的潛力。雖然添馬艦將在評論中提供進一步的評論，但我們相信這一行動將增強我們的業務可見性水平，包括提高長期託管服務業務的收入份額。

This move also expected to sharpen our focus on higher-margin strategic priorities like cloud, next-generation monetization platform and generative AI where we are well placed to further extend our communication industry leadership with our commitments to innovation.

此舉也預計將加強我們對雲端、下一代貨幣化平台和生成人工智慧等高利潤策略優先事項的關注，我們有能力透過對創新的承諾進一步擴大我們在通訊產業的領導地位。

Wrapping everything together on slide 16, let me comment on our outlook for the coming year. We enter fiscal 2025 as an industry leader with a unique competitive position to 12 months backlog visibility and a high win rate. Moreover, we believe Amdocs is well-positioned to monetize healthy pipeline of market opportunities while navigating a continuously challenging demand environment.

讓我將投影片 16 中的所有內容總結起來，並評論一下我們對來年的展望。進入 2025 財年，我們成為產業領導者，擁有獨特的競爭地位、12 個月的積壓可見度和高勝率。此外，我們相信 Amdocs 處於有利地位，能夠在不斷挑戰的需求環境中將健康的市場機會貨幣化。

Adjusting for the phaseout of the low-margin noncore activities I just discussed, we expect pro forma revenue growth of between 1% to 4.5% in constant currency in fiscal 2025, including another year of double-digit growth in cloud. As to our profitability, we expect our non-GAAP operating margin to surpass 21% for the first time in fiscal 2025, a significant milestone and a better reflection of the platform, technology, and IP-based innovation we are delivering across our strategic areas of focus.

根據我剛才討論的逐步淘汰低利潤非核心活動的情況進行調整，我們預計2025 財年按固定匯率計算的預計收入增長將在1% 至4.5% 之間，其中雲業務又將實現兩位數增長。至於我們的獲利能力，我們預計 2025 財年我們的非 GAAP 營業利潤率將首次超過 21%，這是一個重要的里程碑，更好地反映了我們在策略領域提供的平台、技術和基於 IP 的創新的焦點。

Combined with robust earning to cash conversion, we expect to deliver double-digit expected total shareholder return for the fifth year running in fiscal 2025, assuming the midpoint of non-GAAP diluted earnings per share outlook of between 6.5% to 10.5% plus our dividend yield.

結合強勁的獲利現金轉換，我們預計 2025 財年將連續第五年實現兩位數的預期股東總回報，假設非 GAAP 攤薄每股收益前景的中點在 6.5% 至 10.5% 加上我們的股息屈服。

With that, let me turn the call over to Tamar for her remarks.

現在，讓我把電話轉給塔瑪，聽聽她的評論。

Thank you, Shuky, and hello, everyone. Thank you for joining us. I'm pleased with our solid financial results for the fourth fiscal year as detailed on slide 18.

謝謝你，舒基，大家好。感謝您加入我們。我對第四財年穩健的財務表現感到滿意，如投影片 18 所示。

Record Q4 revenue of approximately $1.26 billion was up 2.1% year-over-year in constant currency. On a reported basis, revenue increased 1.7% from a year ago and was slightly above the midpoint of guidance, adjusting for a positive impact from foreign currency movements of approximately $3 million compared to our guidance assumptions.

第四季營收創歷史新高，約 12.6 億美元，以固定匯率計算年增 2.1%。根據報告，收入較上年同期增長 1.7%，略高於指導的中點，與我們的指導假設相比，根據外匯波動約 300 萬美元的積極影響進行調整。

From a geographical perspective, we delivered year-over-year growth in North America, Europe, and rest of the world this quarter. Europe and rest of the world grew 5% year over year, while North America grew modestly by 0.2%.

從地理角度來看，本季我們在北美、歐洲和世界其他地區實現了同比增長。歐洲和世界其他地區較去年同期成長 5%，而北美則小幅成長 0.2%。

Shifting down the income statement. Non-GAAP operating margin improved to 18.7% in the fourth quarter, up 90 basis points year over year and 10 basis points sequentially. Profitability in Q4 was consistent with the high end of our target range for the year, reflecting the cumulative benefit of disciplined resource management, automation, and tools leveraging AI as well as generative AI to drive cost savings and efficiency gains across the board. Interest and other expenses amounted to roughly $7 million in the fourth quarter, including adverse foreign currency movements.

損益表下移。第四季非 GAAP 營業利潤率提高至 18.7%，較去年同期成長 90 個基點，較上季成長 10 個基點。第四季的獲利能力與我們今年目標範圍的高端一致，反映出嚴格的資源管理、自動化以及利用人工智慧和生成式人工智慧的工具的累積效益，以全面推動成本節約和效率提升。第四季的利息和其他支出約為 700 萬美元，其中包括不利的外匯變動。

On the bottom line, non-GAAP diluted EPS of $1.7 was in line with the midpoint of guidance and included a non-GAAP effective tax rate of 14.8%, which was consistent with our annual target range of 13% to 17%. Diluted GAAP EPS was $0.76 for the fourth fiscal quarter. This included the charge relating to our current restructuring program of approximately $83 million, or $0.64 per share, without which diluted GAAP EPS would have been at the higher end of guidance range of $1.34 to $1.42.

總體而言，非 GAAP 攤薄後每股收益為 1.7 美元，與指導中位數一致，其中非 GAAP 有效稅率為 14.8%，這與我們 13% 至 17% 的年度目標範圍一致。第四財季稀釋後 GAAP 每股收益為 0.76 美元。其中包括與我們目前重組計劃相關的約 8,300 萬美元的費用，即每股 0.64 美元，如果沒有這些費用，稀釋後的 GAAP 每股收益將處於指導範圍的較高端，即 1.34 美元至 1.42 美元。

Summarizing our full fiscal year 2024 performance on slide 19. Revenue was up 2.7% in constant currency, consistent with the midpoint of guidance. As Shuky referenced, we achieved strong double-digit growth in cloud, which accounted for roughly 25% of total revenue this year.

第 19 頁總結了我們 2024 年全年的業績。以固定匯率計算，營收成長 2.7%，與指導中位數一致。正如 Shuky 所提到的，我們在雲端領域實現了兩位數的強勁成長，約佔今年總收入的 25%。

On a geographical basis, we delivered record revenue across all three operating regions, with North America up slightly and Europe and rest of the world growing by 3.3% and 8.6%, respectively, on a reported basis.

從地理來看，我們在所有三個營運地區的收入均創歷史新高，據報告，北美略有成長，歐洲和世界其他地區分別成長 3.3% 和 8.6%。

Highlighting the ongoing diversification of our business and growing traction in international markets, 2 of our top 10 customers were new logos added in the last 10 years. Additionally, the number of countries in which we generate annual revenue of more than $40 million has almost doubled over the 10 years, some of those added to the list include Philippines, Italy, and India.

我們的 10 大客戶中有 2 家是在過去 10 年中添加的新徽標，這突顯了我們業務的持續多元化和在國際市場上日益增長的吸引力。此外，我們年收入超過 4000 萬美元的國家數量在過去 10 年中幾乎翻了一番，其中包括菲律賓、義大利和印度。

Overall, we delivered non-GAAP diluted earnings per share growth of 9% in fiscal year 2024, consistent with the midpoint of guidance and driven by sustained revenue growth, improved operating profitability, and the benefits of our share repurchase activity.

總體而言，我們在 2024 財年實現了非 GAAP 攤薄後每股收益增長 9%，與指導中位數一致，並受到持續收入增長、營運盈利能力提高以及股票回購活動收益的推動。

Turning to slide 20. Managed services revenue was a record $2.9 billion in fiscal 2024, up 1.7% from the prior year and equivalent to approximately 58% of total revenue. During Q4, we signed important cloud migration deals with Vodafone Italy and NTT Internet, both of which were structured under expanded multiyear managed services engagements.

轉到投影片 20。2024 財年託管服務收入達到創紀錄的 29 億美元，比上年增長 1.7%，約佔總收入的 58%。第四季度，我們與沃達豐義大利和 NTT Internet 簽署了重要的雲端遷移協議，這兩項協議都是在擴大的多年託管服務合作框架下建構的。

Additionally, we are extending our collaboration with Telia Denmark under a long-term agreement to provide managed services for their billing platform through 2032. This renewal will enhance Telia Denmark's operational efficiency, empowering them to deliver more streamlined services to their customers.

此外，我們也根據長期協議擴大與 Telia丹麥的合作，到 2032 年為其計費平台提供託管服務。此次更新將提高 Telia 丹麥公司的營運效率，使他們能夠為客戶提供更簡化的服務。

Now, turning to the balance sheet and cash flow highlights on slide 21. DSO of 74 days increased by 5 days year over year and were unchanged sequentially. The sequential increase in unbilled receivables net of deferred revenue was $49 million in Q4, aggregating the short-term and the long-term balances. As a reminder, the net difference between unbilled receivables and deferred revenue fluctuates from quarter to quarter, in line with normal business activities as well as our progress on significant multiyear transformation programs we are currently running in North America.

現在，轉向投影片 21 上的資產負債表和現金流重點。DSO 為 74 天，較去年同期增加 5 天，較上季持平。第四季未開立應收帳款扣除遞延收入後連續增加 4,900 萬美元，合計短期及長期餘額。提醒一下，未開立發票應收帳款和遞延收入之間的淨差額每季都會波動，這與正常業務活動以及我們目前在北美運行的重大多年轉型計劃的進展情況一致。

Reflecting strong execution, free cash flow before restructuring payments was $694 million for the full year fiscal 2024 roughly in line with our annual guidance target of $700 million. Including restructuring payments of $75 million, reported free cash flow was $619 million.

2024 財年全年重組付款前的自由現金流為 6.94 億美元，大致符合我們 7 億美元的年度指引目標，反映出強勁的執行力。包括 7,500 萬美元的重組付款在內，報告的自由現金流為 6.19 億美元。

Overall, we ended the fiscal year with a strong balance sheet, including a healthy cash balance of approximately $500 million and aggregated borrowings of roughly $650 million. We have ample liquidity to support our ongoing business needs while retaining the capacity to fund our future strategic growth.

總體而言，我們在本財年結束時擁有強勁的資產負債表，其中包括約 5 億美元的健康現金餘額和約 6.5 億美元的總借款。我們擁有充足的流動性來支持我們持續的業務需求，同時保留為我們未來策略成長提供資金的能力。

Turning to capital allocation on slide 22. We repurchased $120 million of our shares in the fourth quarter and paid cash dividends of $55 million. Overall, we returned a total of $775 million to shareholders for share repurchases and dividends in fiscal 2024, significantly exceeding free cash flow.

轉向投影片 22 上的資本配置。我們在第四季回購了 1.2 億美元的股票，並支付了 5,500 萬美元的現金股利。總體而言，我們在 2024 財年向股東返還了總計 7.75 億美元的股票回購和股息，大大超過了自由現金流。

Looking ahead, we expect free cash flow of between $710 million to $730 million in fiscal 2025, which does not include additional payments we expect to make under our current restructuring program. Our free cash flow outlook equates to conversion rate of more than 90% relative to expected non-GAAP net income and translates to a healthy free cash flow yield of roughly 7% relative to Amdocs' current market capitalization.

展望未來，我們預計 2025 財年的自由現金流將在 7.1 億至 7.3 億美元之間，其中不包括我們預計根據目前重組計畫支付的額外款項。我們的自由現金流前景相當於相對於預期非公認會計準則淨利潤的轉換率超過 90%，並轉化為相對於 Amdocs 當前市值約 7% 的健康自由現金流收益率。

Regarding our capital allocations in fiscal year 2025, we expect to return the majority of our free cash flow to shareholders. This includes dividends, for which we are pleased to announce the proposed increase of 10% in our quarterly cash payments to a new rate of $0.527 per share, subject to shareholders' approval at the Annual Meeting in January.

關於2025財年的資本配置，我們預期將大部分自由現金流返還給股東。其中包括股息，我們很高興地宣布，擬議將季度現金支付增加 10%，達到每股 0.527 美元的新股息，但須經股東在 1 月的年會上批准。

Turning now to slide 23. As mentioned last quarter, we have continued to invest in our strategic priorities while also evaluating ways to optimize our existing portfolio of product, services, and activities. Following a comprehensive review, we have already started to phase out several low-margin noncore business activities that are becoming commoditized and hold little potential for long-term value addition or profitability enhancement in the future. These activities were barely accretive to net income.

現在轉到投影片 23。正如上季所提到的，我們繼續投資於我們的策略重點，同時也在評估優化我們現有的產品、服務和活動組合的方法。經過全面審查，我們已經開始逐步淘汰一些低利潤的非核心業務活動，這些活動正在變得商品化，並且未來長期增值或盈利能力增強的潛力不大。這些活動幾乎沒有增加淨利潤。

The activities being phased out include, among others, certain low-margin software and outdoor partner activities, including phaseout of some on-prem software and hardware infrastructure and other legacy type activities as we focus more on cloud-related infrastructure and GenAI partner infrastructure. The ubiquity transactional video on demand business is another part of that, where we see a decreasing demand and noncore subscription services.

正在逐步淘汰的活動包括某些低利潤軟體和戶外合作夥伴活動，包括逐步淘汰一些本地軟體和硬體基礎設施以及其他遺留類型的活動，因為我們更加關注雲端相關基礎設施和 GenAI 合作夥伴基礎設施。無所不在的交易視訊點播業務是其中的另一部分，我們看到需求和非核心訂閱服務的減少。

To provide some added context for our decision, Amdocs has historically demonstrated the discipline to optimize our business activities in response to market conditions and ever-changing telecommunications landscape. During the 2010/2015 timeframe, for instance, we managed a gradual decline of our historical Yellow Pages directory business which we chose to hold on to, while optimizing for positive free cash flow despite the persistent top-line headwind.

為了為我們的決策提供更多背景信息，Amdocs 歷來展示了根據市場條件和不斷變化的電信環境優化我們的業務活動的紀律。例如，在 2010/2015 年期間，我們選擇保留歷史黃頁目錄業務的逐步下滑，同時優化積極的自由現金流，儘管營收持續存在逆風。

As another more recent example, in fiscal 2021, we announced the divestiture and sale of open market, a rapidly commoditizing mobile messaging business that we elected to monetize while market conditions permitted. Back to our current decision, we believe phasing out certain activities will reinforce our level of business visibility, including a higher share of revenue from long-term managed services engagements. It will also sharpen our focus on higher-margin strategic priorities like cloud, monetization platforms, and GenAI where we are well-placed to lead the communication industry through our commitment to innovation. Most of all, we believe this move will substantially improve our profitability, a point I will come back to you in a few minutes.

另一個最近的例子是，在 2021 財年，我們宣布剝離和出售開放市場，這是一項快速商品化的行動訊息業務，我們選擇在市場條件允許的情況下將其貨幣化。回到我們目前的決定，我們相信逐步取消某些活動將增強我們的業務可見性水平，包括從長期託管服務業務中獲得更高的收入份額。它還將加強我們對雲端、貨幣化平台和 GenAI 等利潤率更高的策略優先事項的關注，在這些領域，我們有能力透過對創新的承諾來引領通訊產業。最重要的是，我們相信此舉將大大提高我們的盈利能力，我將在幾分鐘後向您回复這一點。

Moving to slide 24. 12 months backlog was $4.06 billion at the end of Q4. Adjusting comparable periods for the phaseout of the previously discussed business activities, 12 months backlog was up 2.5% from a year ago and up $30 million sequentially on a pro forma basis. The sequential increase reflects a combination of strong sales momentum in the quarter and ramp-up of recently won deals within the next 12 months.

前往投影片 24。在調整逐步取消之前討論的業務活動的可比期間後，12 個月的積壓訂單比去年同期增加了 2.5%，預計環比增加了 3,000 萬美元。這一環比增長反映了本季強勁的銷售勢頭以及未來 12 個月內最近贏得的交易的增加。

As I just mentioned, phasing out certain business activities will also improve our overall level of visibility in the year ahead, with 12 months backlog now equating to roughly 90% of forward-looking revenue as compared with the historical average of roughly 80%.

正如我剛才提到的，逐步取消某些業務活動也將提高我們未來一年的整體可見度，目前 12 個月的積壓相當於預期收入的約 90%，而歷史平均約為 80%。

Now, turning to our revenue outlook on slide 25. We are continuing to closely monitor the prevailing level of macroeconomic, geopolitical business, and operational uncertainty, which remains elevated in the current business environment. That's the first-quarter and full year fiscal 2025 financial guidance reflects what we consider to be the most likely outcomes based on the information we have today, but we cannot predict all possible scenarios.

現在，轉向幻燈片 25 上的收入前景。我們將繼續密切關注宏觀經濟、地緣政治業務和營運不確定性的普遍水平，這些不確定性在當前的商業環境中仍然很高。這是 2025 財年第一季和全年的財務指引，反映了我們根據今天掌握的資訊認為最可能的結果，但我們無法預測所有可能的情況。

The activities we are phasing out were substantially already seized in the first quarter and that will naturally impact reported revenue for the full year fiscal 2025. So therefore, calculate our fiscal 2025 revenue growth versus fiscal 2024 in a comparable manner, we are providing an adjusted pro forma number based on our assessment that revenue from the phaseout activities was roughly $600 million in fiscal 2024. To assist your modeling, the regional mix of this revenue was similar to the overall company and contributed roughly $150 million per quarter.

我們正在逐步取消的活動在第一季已基本停止，這自然會影響 2025 財年全年的報告收入。因此，以可比較的方式計算我們 2025 財年與 2024 財年的營收成長，我們根據我們的評估提供調整後的預估數字，即 2024 財年逐步淘汰活動的收入約為 6 億美元。為了幫助您進行建模，該收入的區域組合與整個公司相似，每季貢獻約 1.5 億美元。

Overall, we expect revenue growth of between 1% and 4.5% on a pro forma constant currency basis in fiscal 2025, which does not include activities we are phasing out. The focus growth rate midpoint is similar to the prior fiscal year includes some inorganic contribution and incorporate another year of double-digit growth in cloud. As for the first fiscal quarter, we expect revenue within a range of $1.095 billion to $1.135 billion which assumed a favorable sequential impact of $2 million from foreign currency fluctuations as compared to Q4.

總體而言，我們預計 2025 財年以固定匯率計算，營收將成長 1% 至 4.5%，其中不包括我們正在逐步取消的活動。重點成長率中點與上一財年相似，包括一些無機貢獻，並納入了雲端領域又一年的兩位數成長。至於第一財季，我們預期營收將在 10.95 億美元至 11.35 億美元之間，假設與第四季相比，外匯波動帶來 200 萬美元的有利連續影響。

Moving down the income statement, I'm excited to share that we expect non-GAAP operating margin within a new and improved range of 21.1% to 21.7% in fiscal 2025. We the midpoint of which equates to a substantial increase of roughly 300 basis points as compared with our full-year non-GAAP operating margin of 18.4% in fiscal 2024.

向下看損益表，我很高興地告訴大家，我們預計 2025 財年非 GAAP 營業利潤率將達到新的改進範圍，即 21.1% 至 21.7%。與 2024 財年 18.4% 的全年非 GAAP 營業利潤率相比，我們的中點相當於大幅成長約 300 個基點。

Assuming the midpoint of our new fiscal 2025 guidance, we believe our focus on operational excellence, automation and the gradual implementation of GenAI will support ongoing margin expansion of about 50 to 70 basis points, similar to the size of margin improvement we generated in fiscal 2024. The rest of the margin expansion in fiscal 2025 will result from phasing out noncore low-margin business activities.

假設我們新的2025 財年指導方針的中點，我們相信我們對卓越營運、自動化和GenAI 的逐步實施的關注將支持利潤率持續擴大約50 至70 個基點，類似於我們在2024 財年實現的利潤率改善規模。2025 財年利潤率擴張的其餘部分將來自於逐步淘汰非核心低利潤業務活動。

Our margin outlook excludes additional restructuring charges we may take. Below the operating line, we anticipate that foreign currency fluctuations and hedging costs will impact our non-GAAP net interest and other expense lines in the range of several million dollars on a quarterly basis. We expect our non-GAAP effective tax rate for fiscal 2025 to be within an annual target range of 15% to 17% for the full fiscal year 2025. And for Q1 specifically, above the high end of that annual range.

我們的利潤率展望不包括我們可能收取的額外重組費用。在營業線以下，我們預計外幣波動和對沖成本將按季度影響我們的非公認會計準則淨利息和其他費用線數百萬美元。我們預計 2025 財年的非 GAAP 有效稅率將在 2025 財年 15% 至 17% 的年度目標範圍內。特別是對於第一季度，高於年度範圍的高端。

Bringing everything together on slide 27, we expect to deliver non-GAAP diluted earnings per share growth of 6.5% to 10.5% in fiscal 2025. In the midpoint of which positions us to achieve double-digit expected total shareholders' return for the fifth year running when including our dividend yield of roughly 2.3%. Based on the proposed 10% payment increase announced today.

將投影片 27 中的所有內容綜合起來，我們預計 2025 財年非 GAAP 稀釋後每股盈餘將成長 6.5% 至 10.5%。在此期間，我們將連續第五年達到兩位數的預期股東總回報率，其中股息殖利率約為 2.3%。基於今天宣布的 10% 的付款增加建議。

With that, back to you, Shuky.

說到這裡，回到你身邊，舒基。

Thank you, Tamar. We entered fiscal 2025 with a strong 12 months' backlog visibility, supported by our unique business model. Across our large serviceable addressable market and with the challenging demand environment, we continue to see healthy pipeline of opportunity.

謝謝你，塔瑪。在我們獨特的業務模式的支持下，我們進入 2025 財年，擁有 12 個月的積壓訂單可見度。在我們龐大的可服務可尋址市場和充滿挑戰的需求環境中，我們繼續看到健康的機會管道。

And with our ongoing commitment to innovation and best-in-class execution, we are positioned to maintain a high win rate across our strategic domain such as cloud, which continue to grow at a double-digit rates; next-generation monetization platforms; and GenAI, where we were starting to see some production pilots to our first commercial awards.

憑藉我們對創新和一流執行力的持續承諾，我們有能力在雲端等策略領域保持高勝率，並繼續以兩位數的速度成長；下一代貨幣化平台；和 GenAI，我們開始看到一些生產試點獲得了我們的第一個商業獎項。

We're also confident in our ability to drive ongoing margin improvement and a robust earning-to-cash conversion, further supporting our commitment to deliver double-digit expected total share returns in fiscal 2025.

我們也對推動利潤率持續改善和強勁的獲利現金轉換的能力充滿信心，進一步支持我們在 2025 財年實現兩位數預期總股票回報率的承諾。

With that, we are happy to take your questions.

因此，我們很樂意回答您的問題。

(Operator Instructions) Tim Horan, OpCo.

（操作員說明）Tim Horan，OpCo。

I guess, two questions. How integrated were these businesses with other units and how difficult is it to carve it out or were they fairly distinct.

我想，有兩個問題。這些業務與其他部門的整合程度如何，將其分拆出來有多困難，或者它們是否相當獨特。

Secondly, the free cash flow is growing the guidance by 3.5%, but earnings growing 8.5%. Why such a big gap in the two different growth rates? Thank you.

其次，自由現金流指引增加了 3.5%，但獲利成長了 8.5%。為什麼兩種不同的成長率差距如此大？謝謝。

So Tim, those businesses or activities that we decided to phase out from were not much integrated with other things. And we've been working on that for some time now in terms of how to do it in the best way, of course, that it doesn't interfere with other activities that we have. So we feel comfortable that this is achievable, and this is why we said we already phased out as we started the fiscal year from these activities.

提姆，我們決定逐步淘汰的那些業務或活動與其他事物沒有太多整合。我們已經為此努力了一段時間，研究如何以最好的方式做到這一點，當然，它不會幹擾我們的其他活動。因此，我們感覺到這是可以實現的，這就是為什麼我們說我們在本財年開始時就已經逐步停止這些活動。

And regarding the free cash flow, look, things are not tracking one-to-one in terms of earning growth to free cash flow. But if you look overall, on the health of the business, ability to translate earnings to cash, we feel very comfortable looking on the past several years, you can see that good conversion rate. Some years have been over 100%, some years in the 90%. So I don't think it's like a mathematical accurate formula because, of course, we need to build it bottom up based on the plan of record of the different business activities, the projects, the different deals that we have and we're trying to give the best outlook that we got in terms of what's happening.

至於自由現金流，你看，就獲利成長與自由現金流而言，情況並不是一對一的。但如果你從整體上看，就業務的健康狀況、將收益轉化為現金的能力而言，我們對過去幾年感到非常滿意，你可以看到良好的轉換率。有的年份超過100%，有的年份在90%。所以我不認為它像一個精確的數學公式，因為當然，我們需要根據不同業務活動、項目、我們擁有和正在嘗試的不同交易的記錄計劃自下而上地構建它給出我們對正在發生的事情的最佳展望。

But I don't think there's any reason for concern in that, and I don't think there's any fundamental change in the way we run the business in terms of expectations that we should be tracking on par earnings to cash over time.

但我認為沒有任何理由擔心這一點，而且我認為我們經營業務的方式沒有任何根本性的改變，因為我們期望隨著時間的推移，我們應該追蹤現金的面值收益。

Thank you. And then just can you characterize the backlog and, I guess, overall demand levels out there right now compared to what it was a year or a couple of years ago? Thank you.

謝謝。然後，您能否描述一下與一年或幾年前相比，目前的積壓情況以及整體需求水準？謝謝。

Regarding the overall demand environment, I think we've been saying on the one hand, a lot of excitement around the cloud opportunities that we can provide to our customers and obviously presented in the very strong double-digit growth we've been doing in the cloud activities in the last two years.

關於整體需求環境，我認為我們一方面一直在說，我們可以為客戶提供雲端機會，這讓我們感到非常興奮，這顯然體現在我們一直在實現的非常強勁的兩位數增長中。的雲端活動。

And to remind you, when we say cloud activities, anything between cloud-native products that are coming out of R&D shop to be deployed to the customer, including gradual modernization to the cloud that we enable our customers to take with upgrading current more -- not current, so we at prior product versions of Amdocs, migration into the cloud from different legacy platform into the cloud platforms and managed service cloud ops that we provide our customers. So it includes many, many aspects, including consulting, how to do it, et cetera.

提醒您，當我們說雲端活動時，任何從研發部門出來部署到客戶的雲端原生產品，包括我們使客戶能夠透過升級當前更多產品而逐步實現的雲端現代化——不是當前的，因此我們在Amdocs在的早期產品版本中，從不同的遺留平台遷移到雲端中，遷移到我們為客戶提供的雲端平台和託管服務雲端操作。所以它包括很多很多方面，包括諮詢、怎麼做等等。

So from that point of view, the demand is strong. In terms of the overall environment, I would say, we are not saying relative to the prior quarters we've been discussing. I don't feel there's a reflection point, but we continue to see a strong pipeline. Still, in some assets, I would say, slow conversion of pipeline to deals.

所以從這個角度來看，需求是強勁的。就整體環境而言，我想說，我們並不是說相對於我們一直在討論的前幾季而言。我不認為存在反思點，但我們繼續看到強大的管道。儘管如此，我想說，在某些資產中，通路轉換成交易的速度緩慢。

But you can see we have a very strong win rate. We've been winning a lot of deals, both in terms of managed services, renewal and expansion as well as new transformations and new activities, very strong proof of concept with GenAI that we start seeing conversion into deals, et cetera.

但你可以看到我們的勝率非常高。我們贏得了許多交易，無論是在託管服務、更新和擴張方面，還是在新轉型和新活動方面，GenAI 的概念證明非常有力，我們開始看到轉化為交易等。

Thank you.

謝謝。

Shlomo Rosenbaum, Stifel.

什洛莫·羅森鮑姆，斯蒂菲爾。

Hi. Thank you for taking my questions. I just wanted to ask you a little bit Tamar about the cadence of revenue growth that you expect in fiscal year '25 because the high end of the revenue growth and even just the midpoint implies a tick-up in growth over what you've been seeing over the last three quarters?

你好。感謝您回答我的問題。我只是想問你，Tamar，你對 25 財年收入增長節奏的預期，因為收入增長的高端，甚至只是中點，都意味著增長比你之前的增長有所加快。如何？

And maybe you can just talk a little bit about that and how we should be thinking about it? Or is it if I strip out the noncore businesses that you're exiting, that it really is the same. Just trying to think of what the trajectory of the business really is that you're expecting in the guidance?

也許你可以談談這個問題以及我們應該如何思考它？或者說，如果我剔除你們正在退出的非核心業務，情況真的是一樣的嗎？只是想一下您在指南中所期望的業務發展軌跡到底是什麼？

Thanks for the question, Shlomo. We've been trying to give a comparable number. So that's why when we say 1% to 4.5% that's after taking out the $600 million of the business we are phasing out from. So from that point of view, we definitely feel just -- that's like the real expectation of comparing apples-to-apples.

謝謝你的提問，什洛莫。我們一直在努力給出一個可比較的數字。這就是為什麼我們說 1% 到 4.5% 是在扣除我們正在逐步淘汰的 6 億美元業務之後。因此，從這個角度來看，我們確實感覺到了——這就像進行同類比較的真正期望。

The high end of that expects, I would say, better activity in terms of the pace of conversion of pipeline to as well as [to some] backlog, while we are expected rate visibility of 90% at selling the yield, of course, there are different moving parts in terms of pace of execution activities that we are taking into the -- so that's also disclosing there.

我想說的是，就管道轉換速度以及[某些]積壓而言，預計高端活動會更好，而我們預計出售收益率的可見度為 90％，當然，就我們正在採取的執行活動的節奏而言，是不同的活動部分——所以這也在那裡披露。

So is it -- what's -- is it really -- it's basically you have line of sight to the vast majority, it's just a matter of how fast the pipeline is going to move. Is that the way to think of it? And in terms of --

是這樣嗎——什麼——真的嗎——基本上你可以看到絕大多數人的視線，這只是管道移動速度的問題。是這樣想的嗎？並且就--

Yeah. So when you have the pipeline, you need to close the deal, right? So yeah, it's about making certain estimations on how fast we can convert the deals into closure. But it's also, to some extent, about the pace of taking the back to the things that are in the backlog and recognizing it in the next year.

是的。因此，當您擁有管道時，您需要完成交易，對嗎？所以，是的，我們需要對我們將交易轉化為成交的速度做出一定的估計。但在某種程度上，這也與重新處理積壓的事情並在明年認識到這一點的速度有關。

So while we may have a -- we have a great visibility entering the year -- it's based on certain estimations of how the business we already have in hand is going to convert into revenue, right? So we are taking some scenarios on that as well.

因此，雖然我們可能在進入今年時有很大的知名度，但它是基於對我們現有業務將如何轉化為收入的某些估計，對嗎？所以我們也正在考慮一些場景。

So should we see the revenue growth accelerating? Is that -- that's kind of what I'm looking for. Are we going to see an acceleration of the revenue growth through the year or is it just going to be bumping down around between quarters?

那我們應該看到收入成長加速嗎？這就是我正在尋找的東西嗎？我們會看到全年營收成長加速，還是會在季度之間出現下滑？

Yeah, we will see acceleration of the revenue through the year. It's hard to predict exactly the exact trajectory. But yeah, overall, this is what we expect.

是的，我們將看到全年收入加速成長。很難準確預測確切的軌跡。但是，是的，總的來說，這是我們所期望的。

And then how should we think about in terms of the restructuring costs that we're going to be backing out of or adding back to free cash flow -- is there a number that you have a line of sight to or a range that we should think about that so we can get actual free cash flow and then kind of build back to the adjusted free cash flow.

然後，我們應該如何考慮我們將取消或增加自由現金流的重組成本——是否有一個您可以看到的數字或我們應該考慮的範圍考慮一下，這樣我們就可以獲得實際的自由現金流，然後恢復到調整後的自由現金流。

I would expect something in the ballpark of what we've had in 2024. So I would take that assumption into consideration. So we're talking about roughly $70 million, $75 million.

我預計 2024 年會出現一些大致情況。所以我會考慮這個假設。所以我們談論的是大約 7000 萬美元、7500 萬美元。

Okay, thank you.

好的，謝謝。

Tal Liani, Bank of America.

塔爾·利亞尼，美國銀行。

Hi, guys. I normally don't give complements to management teams on the call, but I want to give you a compliment for the transparency and great detail in your presentation, very clear. But now is a tough question. You pay for it now. If I -- I want to continue the last question in a different angle. So if I remove the $600 million, I'm still at the same growth rate of last year, which means -- and that's the midpoint, which means the environment -- so I assume, I just assumed that the $600 million didn't have a high growth rate. So that means the core business is X the $600 million is likely continuing the same weakness of last year.

嗨，大家好。我通常不會在電話會議上對管理團隊進行補充，但我想對您演示中的透明度和詳細信息表示讚賞，非常清晰。但現在是一個棘手的問題。你現在就付錢。如果我——我想從不同的角度繼續最後一個問題。因此，如果我去掉 6 億美元，我仍然保持與去年相同的成長率，這意味著——這是中點，這意味著環境——所以我假設，我只是假設這 6 億美元沒有更高的增長率。因此，這意味著 6 億美元的核心業務可能會繼續與去年一樣疲軟。

And the question is about the spending environment. I don't have -- I don't think looking at your presentation, which is excellent and understanding what you're doing, I don't think we have any concerns whatsoever with what you offer with your portfolio, with your added value, but we do have a concern over the spending environment. So can you take us through what happened in 2024, meaning how the environment deteriorated? What have you seen in 2024 and your expectations for 2025 when it comes to the spending environment to the willingness of customers to spend money on these kind of projects and what changes the current weakness that we're seeing?

問題在於消費環境。我不認為——我不認為看到你的演示文稿，它非常出色並且了解你在做什麼，我認為我們對你的投資組合提供的內容以及你的附加價值沒有任何擔憂，但我們確實對消費環境感到擔憂。那麼您能帶我們回顧一下2024年發生的事情，即環境是如何惡化的嗎？當談到消費環境、客戶在此類項目上花錢的意願時，您對 2024 年有何看法以及您對 2025 年的期望？

Hi, Tal. I don't think we see deterioration in '25 comparing to '24. But on the other hand, we don't see yet a recovery of the environment. So far, we -- while we have a lot of opportunities, we're experiencing the same demand environment, which means where win rate is high, but it takes more time to convert deals to obviously, to real projects and revenue or everything.

嗨，塔爾。與 24 年相比，我認為 25 年的情況不會惡化。但另一方面，我們還沒有看到環境的恢復。到目前為止，雖然我們有很多機會，但我們正在經歷相同的需求環境，這意味著獲勝率很高，但顯然需要更多時間將交易轉化為實際項目和收入或一切。

On the other hand, as we report, we see a lot of growth on the cloud. So on one hand, we have this growth engine is working extremely well for us. I mean, last year, you said 20% of revenue, now, it's 25% of its growing double digit. On the other hand, there is some headwinds in certain respects of legacy systems, as we discussed before. So obviously, this offsets some of the nice activity that we see in the cloud.

另一方面，正如我們所報告的，我們看到雲端運算的大量成長。因此，一方面，我們的成長引擎對我們來說運作得非常好。我的意思是，去年，你說佔收入的 20%，現在，這是其兩位數成長的 25%。另一方面，正如我們之前討論的，遺留系統在某些方面存在一些阻力。顯然，這抵消了我們在雲端中看到的一些不錯的活動。

But overall, to your question, we don't see deterioration in the demand environment; it's relatively similar. And we check ourselves also with other people to see that we are not seeing something else. And everyone pretty much see the same thing, is that we see relatively the same demand environment, while extremely strong in areas like cloud monetization and others and less strong, if you talk about the legacy implementation, et cetera. So I think it's pretty much the same environment as this is why we didn't feel comfortable, although we see a lot of opportunities to change the growth projection for next year.

但整體而言，對於你的問題，我們沒有看到需求環境惡化；是比較相似的。我們也會與其他人一起檢查自己，看看我們沒有看到其他東西。每個人幾乎都看到同樣的事情，那就是我們看到相對相同的需求環境，雖然在雲端貨幣化和其他領域非常強勁，但如果你談論遺留實施等，則不太強勁。因此，我認為這與我們感到不舒服的環境幾乎相同，儘管我們看到了許多改變明年成長預測的機會。

Tal, I do want to add one point, which is about the amazing success we had in 2024 in renewal and expansion of managed services engagements, which is positioned and asset base in a strong way. And given the fact we are continuing to bring new innovation to the table and a lot of our success in winning new opportunities within existing customers as well as new logos has to do with the fact that, a, the base is secured and then the fact that we can continue and upsell into these accounts, the new innovation we bring.

Tal，我確實想補充一點，那就是我們在 2024 年在更新和擴展託管服務業務方面取得了驚人的成功，這些業務的定位和資產基礎都非常強大。鑑於我們正在繼續帶來新的創新，並且我們在現有客戶中贏得新機會以及新徽標方面取得的許多成功都與以下事實有關：a，基礎穩固，然後事實我們可以繼續向這些客戶追加銷售我們帶來的新創新。

So I think that by that we are positioned in a very good way. So once the demand environment is accelerating, we are coming with the right offering, we have the right base of customers. We have secured our long-term agreements, and we can hopefully accelerate the sale of the new things we bring to the table.

所以我認為我們的定位非常好。因此，一旦需求環境加速發展，我們就會提供合適的產品，並擁有合適的客戶群。我們已經達成了長期協議，我們有望加快新產品的銷售。

But Tamar, if I take the question is, is cloud substituting the other 75% of revenues? Because you said that cloud is 25% of revenues. You said it's going to grow double digits. So if I take 10% on 25%, it's 2.5% growth. So that means almost your entire growth is cloud and the other 75% of the business is flat. That's just from taking your midpoint, give or take. So the question is --

但 Tamar，如果我問這個問題，雲端是否會取代另外 75% 的收入？因為你說雲端佔收入的 25%。你說它將成長兩位數。因此，如果我在 25% 上取 10%，那就是 2.5% 的成長。因此，這意味著幾乎您的全部成長都來自於雲，而其餘 75% 的業務則持平。這只是從你的中點開始，給予或接受。所以問題是--

Some of the cloud activities, not all of them are incremental. For example, if we had managed services on-premise, and we do a project and migration to the cloud, and we are moving from on-premise managed services to cloud, there is some incremental, but you cannot assume that everything is incremental because so you're replacing one type of managed services, which one, which is more expanded one, but it's like everything is incremental.

有些雲端活動（並非全部）是增量的。例如，如果我們有本地託管服務，我們做了一個專案並遷移到雲，並且我們正在從本地託管服務遷移到雲，那麼就會有一些增量，但你不能假設一切都是增量的，因為因此，您要替換一種類型的託管服務，其中一種是擴展性更強的服務，但似乎一切都是增量的。

And on a debt basis, eventually, the company is growing, given the phenomena that Shuky mentioned as well as the fact that we are continuing to add new scope in certain customers, right? So in some aspects, it's replacing activities we've done before. And in some aspects, it's new activities --

考慮到 Shuky 提到的現像以及我們不斷在某些客戶中增加新範圍的事實，在債務基礎上，公司最終會成長，對嗎？所以在某些方面，它正在取代我們之前所做的活動。在某些方面，這是新的活動--

It's a combination of replacing on-premise activities with cloud and in many cases, some incremental.

它是用雲端替換本地活動的組合，並且在許多情況下是一些增量活動。

Lastly -- I understand. So lastly, how do you define cloud? Meaning I saw the chart -- and on the right-hand corner on top, you say partnership with Amazon and others. So can you -- I understand what you're doing with cloud activities with telecom providers which you just described. What do you do with cloud titans, meaning how do you participate in the cloud titan environment? And how important is that part of your business?

最後——我明白了。最後，您如何定義雲端？意思是我看到了圖表 - 在頂部的右上角，你說與亞馬遜和其他公司的合作夥伴關係。您也可以嗎？ 我了解您正在與您剛才描述的電信供應商進行雲端活動。你用雲泰坦做什麼，也就是說你如何參與雲泰坦環境？這部分對您的業務有多重要？

So it's a good question. We have different type of cloud activities. It trends from our activities in T-Mobile, in AT&T, which is a complete rip and replace. We are replacing everything in the legacy platform to a completely our next-generation platform, which is Cloud Native, and we are bringing to the customer a full model of holistic value proposition from the system, the operation, the cloud consumption, everything. They are just paying us, and we are obviously getting the whole service A to Z. This is like the model that we are running now use transformation program both in T-Mobile and AT&T.

所以這是一個好問題。我們有不同類型的雲端活動。這是我們在 T-Mobile、AT&T 的活動的趨勢，這是完全的淘汰和替換。我們正在將舊平台中的所有內容替換為完全我們的下一代平台，即雲端原生，我們正在為客戶帶來從系統、營運、雲端消費等一切方面的整體價值主張的完整模型。他們只是付錢給我們，而我們顯然得到了從頭到尾的整個服務。

We have some customers, for example, the one that we recently signed Vodafone Italy. This is more like a gradual transformation. We take the current version that the customer is running, and we are adding to the cloud version. So this is not a complete rip and replace like we do in AT&T, T-Mobile, and Vodafone Germany, and others. And here, where actually they are embarking on a more gradual modernization journey.

我們有一些客戶，例如我們最近與義大利沃達豐簽約的客戶。這更像是一個漸進的轉變。我們採用客戶正在運行的當前版本，並將其新增至雲端版本。因此，這並不像我們在 AT&T、T-Mobile 和沃達豐德國等公司所做的那樣完全推倒重來。而在這裡，他們實際上正在踏上更漸進的現代化之旅。

We have a customer that we take non-Amdocs system, which are in our domain, and we transition into the cloud. This is another example. Another very good example is the deal we signed with AT&T over there, we're taking hundreds of mainframe applications of AT&T, and we are moving them from the mainframe domain, convert it from Cobalt to then moving and doing their services running them running them in the -- on the cloud environment.

我們有一個客戶，我們採用非 Amdocs 系統，這些系統在我們的網域內，然後我們過渡到雲端。這是另一個例子。另一個很好的例子是我們與AT&T 在那裡簽署的協議，我們正在採用AT&T 的數百個大型機應用程序，我們正在將它們從大型機域中移出，將其從Cobalt 轉換為然後移動並執行運行它們的服務在雲端環境中。

We have our platform on cloud agnostic. So in some customers, we run in AWS, some customer runs on Microsoft Azure, for example, T-Mobile is AWS. AT&T is Microsoft Azure. And when we talked about our partnership with the Webscale, it depends on which cloud we are running what type of infrastructure we are bringing to this type of modernization. It could vary between the different cloud providers.

我們的平台與雲端無關。所以有的客戶，我們在AWS上運行，有的客戶在Microsoft Azure上運行，例如T-Mobile就是AWS。AT&T 是微軟 Azure。當我們談論與 Webscale 的合作夥伴關係時，這取決於我們正在運行的雲端、我們為這種現代化帶來的基礎設施類型。不同的雲端提供者之間可能會有所不同。

Got it. Thank you very much for the detailed answer.

知道了。非常感謝您的詳細回答。

Thank you, Tal.

謝謝你，塔爾。

Tavy Rosner, Barclays.

泰維·羅斯納，巴克萊銀行。

Hi, good afternoon. Thanks for taking my questions. I just wanted to ask about the competitive environment and especially around the strategic domains. Are you concerned that some of your customers whenever they will transition from on-prem to the cloud, might they be tempted to use kind of point solution for your competitors or you're still confident around your retention rate?

嗨，下午好。感謝您回答我的問題。我只是想問競爭環境，尤其是策略領域的競爭環境。您是否擔心您的一些客戶每當從本地遷移到雲端時，可能會傾向於為您的競爭對手使用某種單點解決方案，或者您仍然對自己的保留率充滿信心？

We are very confident. First of all, we have a major -- an excellent 100% retention of all our customers. And actually, we discussed it before in our as in the cloud operation it's a bit -- they are even more expanded comparing to the on-premise. And I will give an example.

我們非常有信心。首先，我們有一個主要目標—出色地100%保留我們所有的客戶。實際上，我們之前在雲端操作中討論過這一點——與本地部署相比，它們甚至更加擴展。我會舉一個例子。

In most of the cases, in the on-premise environment, our managed services operation where for the most part, including running our Amdocs system or other systems in the data center. All the data center operations was, in most cases, was running by the customer. When we move to cloud operation, actually, we are taking everything. We are both running the -- our system in services. At the same time, we are running all the cloud infrastructure as part of the managed service. So I would argue that our position in the cloud definitely is not eroded, if any, it's even more stronger.

在大多數情況下，在本機環境中，我們的託管服務操作大部分包括在資料中心運行我們的 Amdocs 系統或其他系統。在大多數情況下，所有資料中心營運均由客戶運行。當我們轉向雲端運營時，實際上，我們正​​在拿走一切。我們都在服務中運行我們的系統。同時，我們將所有雲端基礎設施作為託管服務的一部分來運作。所以我認為我們在雲端的地位絕對不會受到削弱，如果有的話，它甚至會更強大。

Thanks for that, Shuky. That's all for me. Thank you.

謝謝你，舒基。這就是我的全部。謝謝。

See you tomorrow.

明天見。

Ryan Potter, Citigroup.

瑞安‧波特，花旗集團。

(inaudible) on for Ryan Potter. I just going to dive back into the phase out. I was curious if you could maybe go into a little bit more color on the business lines that are being included here and the mechanics of how that will be phased out? It sounds like it's began, but curious if it's like a gradual phase out there at 2025? Or is this something that you guys are expecting to happen by a certain point in time? Is there any attempt also selling these businesses prior to taking them out? And to what degree is free cash flow being impacted by these phaseout? Thank you.

（聽不清楚）瑞恩·波特上場。我只想回到逐步淘汰的話題。我很好奇您是否可以對此處包含的業務線以及如何逐步淘汰這些業務線進行更多的介紹？聽起來好像已經開始了，但很好奇這是否會在 2025 年逐步進入？或者這是你們期望在某個時間點發生的事情嗎？在將這些業務撤出之前，是否有嘗試將其出售？這些逐步淘汰對自由現金流的影響有多大？謝謝。

I will start -- first of all, it started immediately already started in our first quarter in fiscal '25. So we're implementing this immediately -- this is -- the whole phase out process is a result of a very slow, I would say, methodical process that we've gone through is throughout the second part of 2024 as we prepare for 2025.

我將開始 - 首先，它已經在 25 財年第一季立即開始了。因此，我們正在立即實施這項措施——整個逐步淘汰過程是一個非常緩慢的結果，我想說，我們在 2024 年下半年為 2025 年做準備時所經歷的有條不紊的過程。

And when we talk about the business when we are phasing out, it's clearly impacted by the strategic priorities of the company. When we move much more to cloud activities and cloud operations, and we are actually phasing out on-premise activity. When we move to support more type of data generative AI and this type.

當我們談論逐步淘汰的業務時，它顯然受到公司策略優先事項的影響。當我們更多地轉向雲端活動和雲端營運時，我們實際上正在逐步淘汰本地活動。當我們轉向支援更多類型的數據生成人工智慧和這種類型。

So actually, we did not see any point to continue to hold a low-margin business, which is a less lower visibility, low margin, there's not so much more on-premise and legacy activities and that we thought we didn't see any way to improve the profitability or to make it much more strategic. So the priority was on the strategic domain of the company. And this is where we are investing, and this is where we want to make sure that we continue to grow, and this was the rationale for the phaseout.

因此，實際上，我們沒有看到繼續持有低利潤業務的任何意義，該業務的可見性較低，利潤率較低，沒有太多的內部部署和遺留活動，我們認為我們沒有看到任何提高盈利能力或使其更具策略性的方法。因此，優先考慮的是公司的策略領域。這就是我們正在投資的地方，這就是我們想要確保我們繼續成長的地方，這就是逐步淘汰的理由。

Tamar, do you want to --

塔瑪，你想嗎--

I just want to say that as we explained to some historical examples. When we decide that there is a business that is not going to be part of our future strategy, naturally, we ask ourselves whether we want to tip it and milk it for margins and cash. Do we want to sell it or we just want to see doing it given these kind of activities that we are talking about now, unlike maybe other decisions we had in the past.

我只是想說，正如我們對一些歷史例子所解釋的那樣。當我們決定某項業務不會成為我們未來策略的一部分時，我們自然會問自己是否要給它小費並從中榨取利潤和現金。鑑於我們現在正在討論的此類活動，我們是否想出售它，或者我們只是想看看這樣做，這與我們過去做出的其他決定不同。

In this case, we decided the best approach will be to stop doing it. And we prepared ourselves to doing it, of course, making sure that we do it in the right way, while taking into consideration all aspects, and this is how we got to the conclusion. And then that's something that -- that makes sense to sell in any way.

在這種情況下，我們決定最好的方法是停止這樣做。當然，我們做好了這樣做的準備，確保我們以正確的方式去做，同時考慮到各個方面，這就是我們得出的結論。然後，這就是以任何方式出售都是有意義的。

And as result, I think as we discussed with the new, I would say, milestone in the profitability, which is over 21%.

因此，我認為，正如我們討論的那樣，我想說的是，盈利能力的新里程碑，超過 21%。

Got you. And that makes -- are there any opportunities -- like additional opportunities here to optimize the portfolio that you guys are evaluating? Is that possible maybe to near term, but just curious about that.

明白你了。這使得——是否有任何機會——例如這裡有額外的機會來優化你們正在評估的投資組合？短期內這可能嗎，但只是好奇。

I think any healthy company should -- we should ask that question on an ongoing basis, right? I mean so never say never, there isn't anything imminent that we can talk about, but with some that we need to assess all the time and ask that question, what do we want to accelerate or want to keep doing versus what do we need to stop doing -- but it's not big next week that we forgot to mention now.

我認為任何健康的公司都應該——我們應該不斷地問這個問題，對吧？我的意思是，永遠不要說永遠，沒有任何迫在眉睫的事情我們可以談論，但對於一些我們需要一直評估並提出這個問題的問題，我們想要加速或想要繼續做的事情與我們應該做什麼需要停止做——但下週我們忘記提及的事情並不大。

Got you. Yeah, that makes sense. And last question for me is just on some of the business lines that we're phasing out. Just it seems like some of these were from that were related to acquisitions that we made in prior years and the thought process around M&A and maybe the due diligence process there changed at all? And your approach for M&A as you enter 2025 change at all or really capital allocation more broadly?

明白你了。是的，這是有道理的。我的最後一個問題是關於我們正在逐步淘汰的一些業務線。只是其中一些似乎與我們前幾年進行的收購以及圍繞併購的思維過程有關，也許那裡的盡職調查過程根本改變了？進入 2025 年，您的併購方法是否會發生根本性變化，或更廣泛的資本配置？

Yeah. But just to put some frame up to that. The one piece there that is related to M&A was something that we've done in 2018. So it's quite a while ago, and it specific pace of was that has to do with video on demand. So it's not that the whole business there is changing. It's just the speed on demand became something that is really reduced and not relevant as it was in the past.

是的。但只是為此提供一些框架。與併購相關的一件事情是我們在 2018 年所做的事情。這是很久以前的事了，它的具體速度與隨選視訊有關。所以這並不是說整個產業都在改變。只是按需速度變得確實降低了並且不再像過去那樣相關。

But back to M&A, we are actually very happy with the M&A we've done. When you look on some early success signs of recent M&A like in the case of TEOCO, which is around service assurance. We've won a big deal of next gen of that in APAC that we mentioned last quarter, in which the offering of TEOCO has been a major piece.

但回到併購，我們實際上對我們所做的併購非常滿意。當你觀察最近併購的一些早期成功跡象時，例如 TEOCO 的案例，它圍繞著服務保證。我們在上個季度提到的亞太地區贏得了下一代的大筆交易，其中 TEOCO 的產品是其中一個重要的部分。

We talked about the large deal of AT&T, of maintenance to cloud in which capabilities we acquired from the [ASTIDIA] deal, the deal that we've done last November was a part of. So we're actually pretty pleased with the recent M&A activities that we've done, and we will continue to look on the right opportunities. There isn't anything to talk about in terms of change of M&A strategy. We've continuing to do cap on deals where we may find opportunities to enhance our offering, original spread, et cetera. So I think you should consider that approach is something we will move on and do also in the future.

我們討論了 AT&T 的大量雲端維護業務，我們從 [ASTIDIA] 交易中獲得了這些功能，我們去年 11 月完成的交易就是其中的一部分。因此，我們實際上對最近所做的併購活動非常滿意，我們將繼續尋找合適的機會。併購策略的改變沒什麼好談的。我們將繼續對交易進行限制，我們可能會找到機會來增強我們的產品、原始點差等。因此，我認為您應該考慮我們將繼續採取這種方法，並在未來採取行動。

Okay. Thank you.

好的。謝謝。

William Power, Baird.

威廉鮑爾，貝爾德。

Okay, great. Thanks. I guess maybe a couple of follow-ups. I guess, Tamar, it'd be great if there's anything you could share on the inorganic contribution to fiscal '25, any kind of framework there, I think, would be helpful.

好的，太好了。謝謝。我想也許會有一些後續行動。我想，Tamar，如果您能就 25 財年的無機貢獻分享任何內容，那就太好了，我認為任何類型的框架都會有所幫助。

And then maybe for Shuky, I just like to get your perspective on the generative AI momentum. You're seeing customer conversations, how we should expect the revenue on that front to potentially build over the course of the year?

也許對於 Shuky，我只是想了解您對生成式人工智慧勢頭的看法。您正在看到客戶對話，我們應該如何預期這方面的收入在這一年可能會增加？

So I will start with generative AI question. I think we will see it accelerate throughout the year. Remember, when we talk about generative AI, there are different layers or domains that we see potential revenue acceleration. There is the high-end generative AI when we partner with NVIDIA and OpenAI and others, and we create the agent or the super agent and the capabilities.

所以我將從生成人工智慧問題開始。我認為我們會看到它在全年中加速。請記住，當我們談論生成式人工智慧時，我們看到了不同層次或領域的潛在收入加速。當我們與 NVIDIA 和 OpenAI 等公司合作時，就會出現高階生成式 AI，我們會建立代理或超級代理和功能。

But as we discussed before, GenAI everything is about data. And actually, the whole plumbing that you need to do under the route to allow this -- the models to be accurate and to be efficient -- so it's a very big data play. So we see a lot of potential in data play for example, we announced that we are collaborate in T-Mobile, with OpenAI and T-Mobile to doing the levering our data platform called DataONE, to be able to provide all the relevant data in real time, which is relevant for all these activities.

但正如我們之前討論的，GenAI 一切都與數據有關。實際上，為了實現這一點，您需要在路線下進行整個管道工作 - 模型要準確且高效 - 所以這是一個非常大的數據遊戲。因此，我們看到了資料發揮的巨大潛力，例如，我們宣布與 T-Mobile 合作，與 OpenAI 和 T-Mobile 合作，利用我們名為 DataONE 的資料平台，以便能夠提供所有相關資料即時，與所有這些活動相關。

So we won a couple of deals, one of them we cannot announce this quarter because we didn't get approval. So we see -- I believe that throughout the year, in more and more proof of concept, become real projects, and we see more adoption to our platform and the data domain that we see acceleration in revenue.

因此，我們贏得了幾筆交易，其中一項我們無法在本季度宣布，因為我們沒有獲得批准。所以我們看到——我相信，在這一年中，越來越多的概念驗證將成為真正的項目，我們看到我們的平台和數據領域得到更多採用，我們看到收入的加速成長。

I forgot the first question.

我忘了第一個問題。

Yeah. Now, I'll go back to the question about the inorganic contribution to the growth rate. So the majority of the growth is expected to be organic. Yes, we did factor in some impact also from M&A that will come through the year. And from a margin point of view, definitely organic based on a lot of activities we do around operational excellence, automation, the tools, the GenAI, et cetera, as well as the change in the business mix given the phaseout that we discussed.

是的。現在，我將回到關於無機對成長率的貢獻的問題。因此，預計大部分增長將是有機增長。是的，我們確實也考慮了今年併購的一些影響。從利潤的角度來看，這絕對是有機的，基於我們圍繞卓越營運、自動化、工具、GenAI 等所做的許多活動，以及我們討論的逐步淘汰所帶來的業務組合的變化。

Okay, thank you, all.

好的，謝謝大家。

Thank you.

謝謝。

This does conclude the question-and-answer session of today's program. I'd like to hand the program back to Matthew Smith for any further remarks.

今天節目的問答環節到此結束。我想將程序交還給馬修史密斯以供進一步評論。

Yeah. Thanks, John, and thanks, everybody, for joining us this evening. If you have any additional questions, just reach out to us here in the IR group. And with that, have a great night. Thanks.

是的。謝謝約翰，也謝謝大家今晚加入我們。如果您還有任何其他問題，請透過 IR 小組與我們聯繫。就這樣，祝你有個美好的夜晚。謝謝。

Thank you, ladies and gentlemen, for your participation in today's conference. This does conclude the program. You may now disconnect. Good day.

女士們、先生們，感謝你們參加今天的會議。這確實結束了該程式。您現在可以斷開連線。再會。