Amdocs Ltd (DOX) 2025 Q3 法說會逐字稿

Thank you for standing by, and welcome to the Amdocs third quarter 2025 earnings conference call. (Operator Instructions) As a reminder, today's program is being recorded.

感謝您的支持，歡迎參加 Amdocs 2025 年第三季財報電話會議。（操作員指示）提醒一下，今天的節目正在錄製。

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

現在我想介紹今天節目的主持人、投資者關係主管 Matt Smith。先生，請繼續。

Thanks, operator. Before we begin, I need to call your attention to our disclaimer statement on slide 2 of the presentation. It knows 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.

謝謝，接線生。在我們開始之前，我需要提請您注意簡報第二張投影片上的免責聲明。它知道我們今天的一些評論可能是前瞻性陳述，並受風險和不確定性的影響，包括 Amdocs SEC 文件中所述，並且我們將討論某些未按照 GAAP 編制的財務資訊。

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

有關我們使用非公認會計準則 (non-GAAP) 財務指標的更多資訊（包括這些指標的對帳），請參閱今天的收益報告，該報告也將以 6-K 表格形式提交給美國證券交易委員會 (SEC)。今天與我一起參加電話會議的還有 Amdocs Management Limited 總裁兼執行長 Shuky Shaffer 和財務兼營運長 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 today's call.

為了支持今天的收益電話會議，我們提供了一份演示文稿，可以在我們網站的投資者關係部分找到，並且與往常一樣，今天的準備好的評論的副本也將在今天的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 third quarter and full fiscal year 2025, and he'll also update you on our strategic progress, including our continued sales momentum and cloud and recent commercial developments in generative AI and data services.

在今天的議程中，Shuky 將回顧我們 2025 年第三季和全年財年的業務和財務成就，他還將向您介紹我們的策略進展，包括我們持續的銷售勢頭以及雲端和產生 AI 和數據服務方面的最新商業發展。

Shuky will finish by discussing our financial outlook for the full fiscal year 2025, after which Tamar will provide additional details on our third quarter financial performance and forward guidance. As we've, communicated previously, Shuky and Tamara will compare certain financial metrics on a pro forma basis, which adjusts prior fiscal year 2024 revenue by approximately $600 million to reflect the end of certain low margin non-core business activities, which were substantially already seized in the first quarter of fiscal 2025.

Shuky 將最後討論我們對 2025 財年全年的財務展望，之後 Tamar 將提供有關我們第三季度財務業績和前瞻性指引的更多詳細信息。正如我們先前所溝通的，Shuky 和 Tamara 將在備考基礎上比較某些財務指標，這將對 2024 財年的收入進行約 6 億美元的調整，以反映某些低利潤非核心業務活動的結束，這些活動在 2025 財年第一季已基本停止。

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

說完這些，我將把話題交給 Shuky。

Thank you, Matt, and everyone joining us on the call today. Starting on the on slide 6, Amdocs delivers solid financial results and achieve important business milestones in Q3 is our global team of amazing people continue to support the strategic business imperative of our customers with innovative cloud, digital and AI based solutions.

謝謝馬特以及今天參加我們電話會議的所有人。從第 6 張投影片開始，Amdocs 取得了穩健的財務業績，並在第三季實現了重要的業務里程碑，我們由優秀人才組成的全球團隊繼續透過創新的雲端、數位和基於人工智慧的解決方案支援客戶的策略性業務需求。

Touching on the quarterly financial highlights, revenue of $1.14 billion was up 3.5% from a year ago in a pro forma constant currency, exceeding the mid-point of our guidance with sequential growth in all regions and a record quarter in Europe. Profitability improved by 10 basis points sequentially, delivering my internal efficiency improvements. Non-GAAP diluted earnings per share was $1.72, $0.01 above the midpoint of our expectation, and we wrap up the quarter with a healthy financial backlog of $4.15 billion up 3% from a year ago pro forma.

談到季度財務亮點，按備考固定匯率計算，本季營收為 11.4 億美元，較上年同期增長 3.5%，超過我們預期的中位數，所有地區均實現連續增長，其中歐洲地區創下季度新高。獲利能力連續提高了 10 個基點，從而提高了我的內部效率。非公認會計準則每股攤薄收益為 1.72 美元，比我們預期的中點高出 0.01 美元，本季結束時，我們擁有 41.5 億美元的健康財務積壓，比去年同期的預測增長 3%。

Jumping to slide 7. Q3 features several important wins, which showcase Amdocs market and technology leadership in our proven ability to power the mission critical needs of our telco customers. We have continued to see positive sales momentum in cloud where we have recently won key modernization immigration deals which expand our long standing partnership with Elisa in Finland, Claro Brazil, and a leading Eastern European operator leveraging our end to end cloud offering in telco vertical expertise.

跳至投影片 7。第三季取得了幾項重要的勝利，展現了 Amdocs 在市場和技術方面的領導地位，證明了我們有能力滿足電信客戶的關鍵任務需求。我們繼續看到雲端運算領域的積極銷售勢頭，我們最近贏得了關鍵的現代化移民交易，這擴大了我們與芬蘭 Elisa、巴西 Claro 以及一家領先的東歐運營商的長期合作夥伴關係，利用我們在電信垂直專業知識方面的端到端雲計算產品。

In the emerging domain of generative AI and data services, I'm encouraged to say that our tech leadership and key partner collaboration with NVIDIA and Microsoft are bearing fruit as we start to convert previously discussed POCs into commercial success. Notably, we recently won strategic GenAI related deal with three customers, including a leading US service provider, Consumer Cellular and E& UAE, and I believe this will provide a foundation to which we demonstrate Amdocs GAI capabilities to further expand our customer activities over time.

在產生 AI 和數據服務這一新興領域，我很高興地說，隨著我們開始將先前討論的 POC 轉化為商業成功，我們的技術領導力以及與 NVIDIA 和微軟的關鍵合作夥伴的合作正在取得成果。值得注意的是，我們最近與三家客戶贏得了與 GenAI 相關的策略性交易，其中包括一家領先的美國服務提供商、Consumer Cellular 和 E&UAE，我相信這將為我們展示 Amdocs GAI 功能奠定基礎，以便隨著時間的推移進一步擴大我們的客戶活動。

Turning to project execution. Amdocs is engaged in complex mission-critical transformation closely working with our customer as a key partner. During Q3, we delivered near record number of deployments, achieving key outcome milestones at AT&T, Comcast, Vodafone, Italy and Netherlands, Philippines and others.

轉向專案執行。Amdocs 致力於複雜的關鍵任務轉型，並作為重要合作夥伴與我們的客戶密切合作。在第三季度，我們完成了接近創紀錄數量的部署，並在 AT&T、康卡斯特、沃達豐、義大利和荷蘭、菲律賓等地實現了關鍵的成果里程碑。

Among the highlights, Bell Canada and Amdocs set a new benchmark by moving critical billing system to the cloud, simplifying thousands of daily operation and interfaces in the process. We also supported the go live of our B2B platform in Optus in Australia and completed BSS modernization supporting 25 million subscribers in telecom South Africa.

其中的亮點是，加拿大貝爾公司和 Amdocs 將關鍵計費系統遷移到雲端，簡化了流程中的數千個日常操作和介面，樹立了新的標竿。我們也支援澳洲 Optus 的 B2B 平台上線，並完成了支援南非電信 2500 萬用戶的 BSS 現代化。

Rounding out operational review. Q3 was another record quarter in managed services. Moreover, we have recently strengthened our managed services engagements with several key customers, including a leading service provider in the US, BT in the UK and Telstra in Australia.

完成營運審查。第三季是託管服務領域又一個創紀錄的季度。此外，我們最近加強了與幾個主要客戶的託管服務合作，其中包括美國領先的服務提供者、英國的 BT 和澳洲的 Telstra。

Turning to slide 8. I'd like to elaborate on our growth strategy, which is built to address our customer strategic business imperative and investment need to accelerate the journey to the cloud. Simplify and accelerate adoption of generative AI and data services, digitalize customer experience and consumer -- of consumer and B2B and monetize next-generation network investments, and streamline and automate complex network ecosystem.

翻到幻燈片 8。我想詳細說明我們的成長策略，該策略旨在滿足客戶的策略業務需求和投資需求，以加速雲端運算之旅。簡化並加速生成式人工智慧和數據服務的採用，數位化客戶體驗和消費者——消費者和 B2B 並將下一代網路投資貨幣化，並簡化和自動化複雜的網路生態系統。

The execution of our growth strategy is enabled by Amdocs unique tech-led business model, which integrates cutting-edge technology across platform and solution, project deployment and IP-based IT operation support. By continually investing in innovation to further extend our tech-led offering and capabilities, we are consistently able to bring value to our customers.

我們的成長策略的實施得益於 Amdocs 獨特的技術主導型商業模式，該模式整合了跨平台和解決方案、專案部署和基於 IP 的 IT 營運支援的尖端技術。透過不斷投資創新，進一步擴展我們的技術主導的產品和能力，我們能夠始終如一地為客戶帶來價值。

We see every engagement as an opportunity to showcase our value position and gradually scale activities within our existing customers as well as new ones. A great example of our model at work is the way which we help our customers on their journey to the cloud.

我們將每一次合作視為展示我們的價值地位並逐步擴大現有客戶和新客戶活動的機會。我們的工作模式的一個很好的例子就是我們幫助客戶走向雲端的方式。

As we can see on slide 9, more customer opportuning Amdocs as the primary partner for public, private and hybrid cloud migration using our comprehensive cloud solution and telco expertise. We are happy to announce the expansion of our partnership with Elisa in Finland to modernize their B2B platform using Amdocs US digital suite deployed on Google Cloud DCP. This transformation will enable Elisa to accelerate time to market, streamline the lead to order journey and deliver a unified experience across mobile and fixed services, all on a single converged digital platform. It's marked a significant step forward, enhancing agility, improving customer engagement and supporting Elisa long-term growth in the B2B space.

正如我們在第 9 張投影片上看到的，更多的客戶選擇 Amdocs 作為公共、私有和混合雲遷移的主要合作夥伴，利用我們全面的雲端解決方案和電信專業知識。我們很高興地宣布擴大與芬蘭 Elisa 的合作夥伴關係，使用部署在 Google Cloud DCP 上的 Amdocs US 數位套件來實現其 B2B 平台的現代化。此次轉型將使 Elisa 能夠加快產品上市時間、簡化訂單流程並在單一融合數位平台上提供跨行動和固定服務的統一體驗。這是向前邁出的重要一步，增強了靈活性，提高了客戶參與度，並支持了 Elisa 在 B2B 領域的長期成長。

We are pleased -- also pleased to announce a new win with one of Eastern European leading service provider will be leveraging our cloud-based customer experience platform, a solution designed to transform customer experience and operational agility. As part of this engagement, Amdocs will also work with the service providers to migrate newly acquired mobile customers to the platform, driving long-term efficiency and innovation. Among other notable awards, Amdocs has finalized an agreement with Claro Brazil to modernize their enterprise systems.

我們很高興——也很高興地宣布與東歐領先的服務提供商之一達成的新協議將利用我們基於雲端的客戶體驗平台，該解決方案旨在改變客戶體驗和營運敏捷性。作為此次合作的一部分，Amdocs 還將與服務供應商合作，將新獲得的行動客戶遷移到該平台，從而推動長期效率和創新。除其他值得注意的獎項外，Amdocs 還與 Claro Brazil 達成協議，以實現其企業系統的現代化。

I also want to highlight Amdocs unique suite of SaaS-based cloud solution, which are gaining market traction and contributing to growth. Our suite includes ConnectX, which is helping everyone knows and telcos to launch strong powerful brands create to target specific consumer groups with unique user experiences. ConnectX was recently adopted by Consumer Cellular and several other new logos in addition to which we deepened our collaboration with AT&T by extending our ConnectX platform agreement to accelerate its next-gen market offering.

我還想強調 Amdocs 獨特的基於 SaaS 的雲端解決方案套件，它正在獲得市場關注並促進成長。我們的套件包括 ConnectX，它可以幫助每個人都知道並幫助電信公司推出強大的品牌，以獨特的用戶體驗為目標特定消費群體創造。ConnectX 最近被 Consumer Cellular 和其他幾個新標誌採用，此外，我們還透過擴展我們的 ConnectX 平台協議深化了與 AT&T 的合作，以加速其下一代市場產品。

An example of a way in which ConnectX is supporting our customers MobiFone, leading Vietnamese s operator, which recently used platform to launch SEMI its new digital brand, especially tailored to meet evolving needs of young tech-savvy GenZ subscribers.

ConnectX 支持我們客戶的一個例子是越南領先的營運商 MobiFone，該公司最近利用 SEMI 平台推出了其新的數位品牌，特別是為了滿足精通技術的 GenZ 年輕用戶不斷變化的需求。

Supported by a strong sales momentum over the last several quarters, we expected to reach our double-digit revenue growth target for cloud in fiscal 2025. Furthermore, we believe cloud will remain a primary gross engine for Amdocs in the foreseeable future as most of our customers only just getting started on their multiyear migration journeys.

在過去幾季強勁的銷售勢頭的支持下，我們預計 2025 財年的雲端運算收入將實現兩位數成長目標。此外，我們相信，在可預見的未來，雲端運算仍將是 Amdocs 的主要總引擎，因為我們的大多數客戶才剛開始他們多年的遷移之旅。

Turning to slide 10. We are intensifying our focus on generative AI and data services as a key growth pillar for Amdocs. Let me take a moment to elaborate. First, a leading US service provider has signed an expanded multiyear agreement, which extend managed services to transform its billing commerce catalog and order management through GenAI power solution. This includes generally enabled amAIz agent bill presenter to simplify billing inquiries and enhance customer experience.

翻到第 10 張投影片。我們正在加強對生成性人工智慧和資料服務的關注，將其作為 Amdocs 的關鍵成長支柱。請容許我花一點時間來詳細說明。首先，一家領先的美國服務供應商簽署了一項擴展的多年期協議，該協議擴展了託管服務，透過 GenAI 電源解決方案轉變其計費商務目錄和訂單管理。這包括普遍啟用的 amAIz 代理帳單呈現器，以簡化帳單查詢並增強客戶體驗。

Second, Amdocs expanding a multiyear agreement with Consumer Cellular as this wires provided transition to an AI-powered MVNE. Building on our recent deployment of ConnectX, this agreement leverage Amdocs AI and data platform, customer experience insight and the made suite to transform telecom data into actionable insights and real-time predictive analytics for greater automation intelligence.

其次，Amdocs 擴大了與 Consumer Cellular 的多年期協議，因為這為向 AI 驅動的 MVNE 過渡提供了可能。在我們最近部署的 ConnectX 的基礎上，該協議利用 Amdocs 的人工智慧和數據平台、客戶體驗洞察和客製化套件，將電信數據轉化為可操作的洞察和即時預測分析，從而實現更高的自動化智慧。

Third, I'm glad to share that we expanded our collaboration with the UAE's largest service provider, E& UAE through additional new GenAI use cases. This development built on the successful implementation of our amAIz platform and marks another step in the journey towards fully powering all of E& UAE customer-facing channels with GenAI.

第三，我很高興地告訴大家，我們透過額外的新 GenAI 用例擴大了與阿聯酋最大的服務提供者 E&UAE 的合作。這項發展建立在我們 amAIz 平台成功實施的基礎上，標誌著我們在透過 GenAI 全面支持所有歐盟和阿聯酋客戶管道的旅程中又邁出了一步。

Overall, I'm encouraged by this recent deal because they reflect Amdocs GenAI data service leadership in the telco industry and because they provide strategic foundation on which we can demonstrate value and gradually scale our customer activities in this emerging domain over time.

總的來說，我對這筆最近的交易感到鼓舞，因為它反映了 Amdocs GenAI 數據服務在電信行業的領導地位，也因為它提供了戰略基礎，我們可以在此基礎上展示價值，並隨著時間的推移逐步擴大我們在這個新興領域的客戶活動。

Moving on Q3 it also include notable customer development across our additional key strategic pillars, as shown on slide 11. BT is awarded Amdocs a digital transformation project, starting date to be finalized, that will enhance their consumer -- customer experience as part of their multiyear managed services engagement.

在第三季度，它還包括我們其他關鍵策略支柱的顯著客戶發展，如投影片 11 所示。英國電信 (BT) 被授予 Amdocs 一個數位轉型項目，該項目將作為其多年託管服務合作的一部分，提升其消費者 - 客戶體驗，啟動日期尚未確定。

Comcast extended the multiyear commitment to leverage the Amdocs Bill presenter solution across our services. In Network, we have extended an engagement with Australian Telstra and we will continue a multiyear OSS digitization, which will enable Telstra to benefit from our GenAI and network automation capabilities.

康卡斯特延長了多年的承諾，在我們的服務中利用 Amdocs Bill presenter 解決方案。在網路方面，我們擴大了與澳洲 Telstra 的合作，並將繼續進行多年的 OSS 數位化，這將使 Telstra 能夠受益於我們的 GenAI 和網路自動化功能。

Additionally, AT&T renewed its opened policy managed services engagement with Amdocs under an expanded long-term agreement. Claro Brazil, expedited policy platform agreement with Amdocs to better serve the evolving needs of its prepaid and postpaid customers and Globe Telecom in Philippines selected Amdocs to deliver end-to-end run optimization services. This is again will cover the full spectrum of fund services, including installation, commissioning, integration testing, exception and optimization of its radio sites.

此外，AT&T 還根據擴大的長期協議與 Amdocs 續簽了開放式策略管理服務協議。Claro Brazil 加快了與 Amdocs 的政策平台協議，以更好地滿足其預付費和後付費客戶不斷變化的需求，而菲律賓的 Globe Telecom 則選擇 Amdocs 提供端到端運行優化服務。這再次涵蓋了全方位的基金服務，包括無線電站點的安裝、調試、整合測試、異常和最佳化。

Global service providers are also accelerate their fiber network expansion investments to enable converged value offering, which bundle broadband and mobile together. The trend is creating strong demand for fiber network design, the deployment, orchestration and digital infrastructure management solution, which Amdocs is positioned to support with our next-gen fiber solution.

全球服務供應商也正在加速光纖網路擴展投資，以實現將寬頻和行動捆綁在一起的整合價值服務。這一趨勢對光纖網路設計、部署、編排和數位基礎設施管理解決方案產生了強烈的需求，Amdocs 的下一代光纖解決方案將為此提供支援。

For instance, we have significantly increased our fiber engineering services to support in support of AT&T's fiber expansion, serving them as their connectivity design partner across the majority of AT&T's markets. To further advance our capabilities and market position in fiber, we recently closed the deal to acquire the telco network engineering business of MOBIA, a privately owned company, which will expand our fiber offering and fiber customer footprint in Canada.

例如，我們大幅增加了光纖工程服務以支援 AT&T 的光纖擴展，並作為他們在 AT&T 大多數市場的連接設計合作夥伴。為了進一步提升我們在光纖領域的能力和市場地位，我們最近完成了收購私人公司 MOBIA 的電信網路工程業務的交易，這將擴大我們在加拿大的光纖產品和光纖客戶覆蓋範圍。

Finally, in next-gen network monetization, A1 Group in Europe has selected Amdocs billing charging and product catalog solutions to establish a converged cloud-ready monetization platform for this Macedonia affiliates.

最後，在下一代網路貨幣化方面，歐洲 A1 集團選擇了 Amdocs 計費和產品目錄解決方案，為其馬其頓分店建立了融合的雲端就緒貨幣化平台。

Turning now to the current operating environment on slide 12. We continue to see reach an encouraging pipeline of opportunities across our large service addressable market of nearly $60 billion. Our 12-month backlog position is healthy. And as I mentioned, we are on track to achieve our double-digit growth target in cloud this year. That said, we are closely watching any impact of the uncertain global macroeconomic environment on us and our customer spending behavior.

現在轉到第 12 張投影片上的目前操作環境。我們繼續看到，在我們規模接近 600 億美元的龐大服務目標市場中，存在著令人鼓舞的機會。我們的 12 個月積壓訂單狀況良好。正如我所提到的，我們預計今年將實現雲端運算領域的兩位數成長目標。話雖如此，我們正在密切關注不確定的全球宏觀經濟環境對我們和客戶消費行為的任何影響。

Bringing it all together on slide 13. We now expect slightly better revenue growth of roughly 2.9% in pro forma constant currency at the midpoint of our fiscal 2025 outlook. Equating to an improvement of about 20 basis points compared with our fiber guidance. We are also on track to deliver double-digit expected total shareholder return for the fifth consecutive year, assuming the midpoint of our non-GAAP diluted earnings per share outlook supported by significantly improved profitable and robust earnings to cash conversion.

將所有內容匯總到投影片 13 上。我們現在預計，在 2025 財年展望的中期，營收成長率將略有改善，以預測的固定匯率計算約為 2.9%。與我們的光纖指導相比，這相當於提高了約 20 個基點。假設我們的非公認會計準則稀釋每股收益預期的中點得到盈利能力顯著改善和強勁的盈利現金轉換的支持，我們還有望連續第五年實現兩位數的預期股東總回報率。

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

現在，請塔瑪爾發言。

Thank you, Shuky, and hello, everyone. Thank you for joining us. Before I begin in today's comments, I will compare certain financial metrics on a pro forma basis, which adjusts prior fiscal year 2024 revenue by approximately $600 million to reflect the phase out of certain low-margin noncore business activities, which were substantially already seized in the first quarter of fiscal 2025. To further assist in modeling, the regional mix of this revenue was similar to the overall company, and it contributed roughly $150 million per quarter.

謝謝你，Shuky，大家好。感謝您加入我們。在我開始今天的評論之前，我將在形式上比較某些財務指標，這將對 2024 財年的收入進行約 6 億美元的調整，以反映某些低利潤非核心業務活動的逐步淘汰，這些活動在 2025 財年第一季已基本停止。為了進一步協助建模，該收入的區域結構與整個公司相似，每季貢獻約 1.5 億美元。

To begin, I'm pleased with our solid financial performance for the third fiscal quarter as detailed on Slide 15. Q3 revenue of approximately $1.14 billion was up 3.5% year-over-year in pro forma constant currency and exceeded the midpoint of our guidance even after adjusting for a positive impact from foreign currency movements of approximately $9 million compared to our assumptions. Reflecting the phaseout of certain business activities, reported revenue declined by 8.4% from a year ago.

首先，我對投影片 15 中詳述的第三財季穩健的財務表現感到滿意。第三季營收約為 11.4 億美元，以預測固定匯率計算年增 3.5%，即使在考慮了外匯波動帶來的約 900 萬美元的正面影響後，仍超過了我們預期的中位數。由於某些業務活動的逐步取消，報告收入較去年同期下降了 8.4%。

On a regional basis, North America improved by 1% sequentially, posting its strongest quarter of the fiscal year. Europe delivered a record quarter with year-over-year revenue growth of nearly 8% driven primarily by the ramp-up of new deal activities as well as some contribution from the earlier acquisition of Profinit, which we closed at the end of Q1. Rest of the world was slightly higher on a sequential basis. We continue to see mixed trends while Southeast Asia growth is partially offset by weakness in Latin America.

從地區來看，北美地區季增 1%，創下本財年最強勁的一個季度。歐洲本季創下紀錄，營收年增近 8%，這主要得益於新交易活動的增加以及我們在第一季末完成的對 Profinit 的收購帶來的部分貢獻。世界其他地區的環比增長略高。我們繼續看到混合趨勢，而東南亞的成長部分被拉丁美洲的疲軟所抵消。

Shifting down the income statement, non-GAAP operating margin of 21.4%, improved by 280 basis points from a year ago. reflecting the announced phaseout of the low-margin noncore business activities and the benefits of ongoing efficiency gains within our operations. Non-GAAP operating margin improved by 10 basis points sequentially. Interest and other expenses amounted to roughly $11.7 million in the third quarter and included a onetime charge taken in respect to $2.5 million write-off of a small minority investment this quarter. On the bottom line, non-GAAP diluted EPS of $1.72 was $0.01 above the midpoint of guidance, and diluted GAAP EPS of $1.39 was slightly above our guidance range in the third quarter.

在收入表中，非公認會計準則營業利潤率為 21.4%，較去年同期提高 280 個基點，反映了宣布逐步淘汰低利潤率的非核心業務活動以及我們營運中持續提高效率的好處。非公認會計準則營業利益率較上月提高 10 個基點。第三季的利息和其他費用約為 1,170 萬美元，其中包括本季因註銷少量少數股權投資而產生的一次性費用。總體而言，第三季非 GAAP 稀釋每股收益為 1.72 美元，比預期中點高出 0.01 美元，而 GAAP 稀釋每股收益為 1.39 美元，略高於我們的預期範圍。

Turning to slide 16. Revenue from Managed Services was a record $771 million in the third fiscal quarter, up 4.1% from a year ago. Accounting for roughly two thirds of total revenue, managed services engagements are a key measure of Amdocs long-term visibility and business resiliency, underpinned by customer renewal rates, which have historically approached 100%.

翻到第 16 張投影片。第三財季託管服務收入達到創紀錄的 7.71 億美元，比去年同期成長 4.1%。託管服務業務約佔總收入的三分之二，是衡量 Amdocs 長期可見性和業務彈性的關鍵指標，而客戶續約率則為其提供了支撐，歷史上，客戶續約率一直接近 100%。

To provide some recent examples of the ways in which we deliver value to our managed services customers over time. We recently signed a significant multiyear agreement, which extends and expands our managed services engagement with a leading US service provider, leveraging our generative AI powered platform.

提供一些近期的例子，說明我們如何隨著時間的推移為託管服務客戶提供價值。我們最近簽署了一項重要的多年期協議，該協議延長並擴大了我們與美國領先服務提供商的託管服務合作，利用了我們的生成式人工智慧平台。

In Australia, Telstra extended its managed services engagement continuing the multiyear amAIz digitalization, which will enable you to benefit from our GenAI and network automation capabilities. And BT has awarded Amdocs a digital transformation project, starting dates to be finalized that will enhance their consumer customer experience as a part of a multiyear managed services engagement.

在澳大利亞，Telstra 擴展了其託管服務參與度，繼續進行多年的 amAIz 數位化，這將使您能夠受益於我們的 GenAI 和網路自動化功能。英國電信已授予 Amdocs 一個數位轉型項目，該項目將作為多年託管服務合作的一部分，提升其消費者客戶體驗，啟動日期尚未確定。

Moving to the balance sheet and cash flow highlights on slide 17. Days of 76 days was down by 1 day sequentially and up 2 days year-over-year, reflecting normal fluctuations in business activity. Unbilled receivables net of deferred revenue declined by $71 million sequentially in Q3, aggregating the short-term and long-term balances. This is the second consecutive quarter of sequential improvement in this metric as billings have been running higher than revenue.

前往投影片 17 上的資產負債表和現金流重點。76天，較上一季減少1天，比去年同期增加2天，反映出商業活動的正常波動。第三季度，扣除遞延收入後的未開立應收帳款季減 7,100 萬美元，總計短期和長期餘額。這是該指標連續第二季出現環比改善，因為帳單金額一直高於收入。

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 multiyear transformation programs. With free cash flow before restructuring payments of $230 million in Q3, we are on track to achieve our annual target, including restructuring payments of $19 million, reported free cash flow was $212 million.

提醒一下，未開立發票應收帳款和遞延收入之間的淨差額會根據正常的業務活動以及我們多年轉型計劃的進展而逐季度波動。第三季重組支付前的自由現金流為 2.3 億美元，我們預計將實現年度目標，包括 1,900 萬美元的重組支付，報告的自由現金流為 2.12 億美元。

Overall, we ended Q3 with a healthy cash balance of approximately $342 million and an available $500 million revolving credit facility, providing ample liquidity to support our ongoing business needs while retaining the capacity to fund our future strategic growth.

總體而言，我們在第三季結束時擁有約 3.42 億美元的健康現金餘額和 5 億美元的可用循環信貸額度，這為我們持續的業務需求提供了充足的流動性，同時保留了為我們未來的戰略增長提供資金的能力。

Switching to capital allocation on slide 18. This quarter, we repurchased $135 million of our shares. Including the new $1 billion share repurchase authorization approved by our Board last quarter, we add up to $1.12 billion of remaining repurchase authority as of June 30, 2025. We paid cash dividends of $59 million in the third fiscal quarter. Looking ahead, we are iterating our annual free cash flow target of between $710 million to $730 million in fiscal 2025, which is before restructuring payments.

切換到投影片 18 上的資本配置。本季度，我們回購了價值 1.35 億美元的股票。包括董事會上季核准的 10 億美元新股票回購授權在內，截至 2025 年 6 月 30 日，我們剩餘的回購授權總額為 11.2 億美元。我們在第三財季支付了 5,900 萬美元的現金股利。展望未來，我們將 2025 財年的年度自由現金流目標定為 7.1 億美元至 7.3 億美元之間，這還不包括重組支付。

Our annual free cash flow outlook equates to a conversion rate of more than 90% relative to expected non-GAAP net income and translates to a healthy free cash flow yield of more than 7% relative to Amdocs current market capitalization. Regarding our capital allocations in fiscal year 2025, we expect to return the majority of our free cash flow to shareholders.

我們的年度自由現金流前景相當於相對於預期非 GAAP 淨收入超過 90% 的轉換率，並轉化為相對於 Amdocs 當前市值超過 7% 的健康自由現金流收益率。關於我們 2025 財年的資本配置，我們預計將大部分自由現金流回饋給股東。

Moving to slide 19, 12 months backlog was $4.15 billion at the end of Q3, up 3% from a year ago on a pro forma basis. We expect 12 months backlog to represent roughly 90% of forward-looking revenue, further underscoring the importance of this metric as a leading indicator of our business.

前往投影片 19，第三季末的 12 個月積壓訂單為 41.5 億美元，以備考基礎計算比去年同期成長 3%。我們預計 12 個月的積壓訂單將佔前瞻性收入的約 90%，進一步強調了該指標作為我們業務領先指標的重要性。

Now turning to our revenue outlook on slide 20. We are continuing to closely monitor the prevailing level of market economic, geopolitical business and operational uncertainty in the current business environment. The fourth quarter and full fiscal year 2025 financial guidance reflects what we consider to be the most likely outcome based on the information we have today, but we cannot predict all possible scenarios.

現在轉到幻燈片 20 上的收入展望。我們將繼續密切關注當前商業環境中市場經濟、地緣政治商業和營運不確定性的普遍水準。2025 財年第四季和全年財務指引反映了我們根據目前掌握的資訊認為最有可能的結果，但我們無法預測所有可能的情況。

For the full fiscal year 2025, we now expect revenue growth of between 2.4% and 3.4% in pro forma constant currency, the 2.9% midpoint of which equates to an improvement of roughly 20 basis points as compared with our previous outlook.

對於整個 2025 財年，我們目前預期營收成長率在 2.4% 至 3.4% 之間（以預測的固定匯率計算），其中 2.9% 的中間值與我們先前的預測相比相當於提高了約 20 個基點。

Our annual guidance incorporates double-digit growth in cloud and some contribution from inorganic deal activity. As to the fourth fiscal quarter, we expect revenue of between $1.125 billion to $1.165 billion, and for your modeling purposes, revenue from acquisition of Mobia's network engineering business will be immaterial in Q4.

我們的年度指導涵蓋了雲端運算的兩位數成長以及無機交易活動的一些貢獻。至於第四財季，我們預計營收將在 11.25 億美元至 11.65 億美元之間，並且出於您的建模目的，收購 Mobia 網路工程業務的營收在第四季度將無關緊要。

Moving down the income statement. We are on track to produce non-GAAP operating margins within our guidance range of 21.1% to 21.7% in fiscal year 2025. The midpoint of our guidance equates to a substantial increase of roughly 300 basis points this fiscal year, roughly 230 basis points of which is from the previously announced phaseout of business activities. Another 60 basis points to 70 basis points of margin expansion is resulting from our continued focus on operational excellence, automation and the gradual implementation of GenAI.

向下移動損益表。我們預計在 2025 財年實現非 GAAP 營業利潤率達到我們預期的 21.1% 至 21.7% 範圍內。我們的指導中點相當於本財年大幅增加約 300 個基點，其中約 230 個基點來自先前宣布的逐步停止業務活動。另外 60 個基點至 70 個基點的利潤率擴張是由於我們持續關注卓越營運、自動化和 GenAI 的逐步實施。

As part of our process of accelerating the internal adoption of GenAI across everything we do at Amdocs, we are proactively evaluating our strategic investment priorities for fiscal 2026 and having regard to our future workforce allocation and the optimal mix of technology, infrastructure, workspace and other resources.

作為我們在 Amdocs 所做的一切工作中加速內部採用 GenAI 的過程的一部分，我們正在積極評估 2026 財年的戰略投資重點，並考慮我們未來的勞動力分配以及技術、基礎設施、工作空間和其他資源的最佳組合。

Below the operating line, foreign currency fluctuations and hedging costs are expected to impact non-GAAP net interest and other expense by roughly 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, consistent with our initial guidance.

在營業線以下，預計外匯波動和對沖成本將對非公認會計準則淨利息和其他支出每季產生約數百萬美元的影響。我們預計 2025 財年的非 GAAP 有效稅率將在 2025 財年全年 15% 至 17% 的年度目標範圍內，與我們的初步指引一致。

Wrapping everything together on slide 22. We now expect non-GAAP diluted earnings per share growth within a tighter range of 8% and 9% for the full fiscal year 2025. The 8.5% midpoint of which is unchanged as compared with our prior outlook of 6.5% to 8% -- sorry, to 10.5% previously. Assuming the 8.5% midpoint, we are on track to achieve double-digit expected total shareholders' return for a fifth consecutive year in fiscal 2025, including our dividend yield.

將所有內容匯總到第 22 張投影片。我們現在預計，2025 財年全年非公認會計準則稀釋每股盈餘成長率將在 8% 至 9% 的較窄範圍內。其中 8.5% 的中間值與我們先前預測的 6.5% 至 8%（抱歉，之前是 10.5%）相比沒有變化。假設中間值為 8.5%，我們預期在 2025 財年連續第五年實現兩位數的預期股東總回報率，包括我們的股息殖利率。

With that, back to you, Shuky.

好了，回到你這裡，Shuky。

Thanks, Tamar. I'm pleased with our solid financial performance and business achievements in the third quarter, including our ongoing momentum in cloud and encouraging signs of commercial progress in GenAI and data services. With our unique technology-led business model, we are on track to meet our national targets for the full fiscal year.

謝謝，塔瑪爾。我對我們第三季度穩健的財務業績和業務成就感到滿意，包括我們在雲端運算領域的持續發展勢頭以及 GenAI 和數據服務商業進展的令人鼓舞的跡象。憑藉我們獨特的技術主導型商業模式，我們有望實現整個財政年度的國家目標。

With that, we are happy to take your questions.

我們很樂意回答您的問題。

George Notter, Wolf Research.

喬治·諾特（George Notter），沃爾夫研究公司。

Hi guys, thanks very much. I guess I wanted to start just by asking about the British Telecom win. Looking back, I don't think you guys did much business there. I guess I'm just wondering how big that opportunity is for you if you could size it, that would be very interesting.

大家好，非常感謝。我想我首先想問一下英國電信的勝利情況。回想起來，我認為你們在那裡並沒有做多少生意。我想我只是想知道這個機會對你來說有多大，如果你能衡量它的大小，那將會非常有趣。

Also, if I go back in the last three or six months, you guys talked about some bigger deals kind of working through your pipeline. I assume you're referencing the BT transaction. And then also, I'm just curious if that BT situation is in backlog at this point or not. Thanks.

此外，如果我回顧過去三到六個月，你們談論了一些透過你們的管道進行的更大的交易。我假設您指的是 BT 交易。而且，我只是好奇 BT 的情況目前是否有積壓。謝謝。

The second question is not in our backlog because it was signed after June 30. And second, we did have -- we are doing many years business with what used to be everything everywhere, which was acquired by British Telecom. And they are running some of our legacy platform. This deal is actually modernizing all the commerce domain of everything everywhere. It's a combination of full modernization project with an extended managed services to support everything there. So it's an incremental activity -- significant incremental activity to our previous activities with everything everywhere, which is now BT.

第二個問題不在我們的積壓工作中，因為它是在 6 月 30 日之後簽署的。其次，我們確實與曾經的「everything everywhere」公司有多年的業務往來，後來被英國電信收購。他們正在運行我們的一些傳統平台。這筆交易實際上正在使世界各地所有事物的商業領域現代化。它是全面現代化專案與擴展託管服務的結合，以支援那裡的一切。所以，這是一項增量活動——與我們之前無處不在的活動（現在為 BT）相比，這是一個顯著的增量活動。

And just to refer to your other point about having significant deals in the pipeline, we mentioned a couple of examples that were signed in the quarter, some of which, I would say are important and strategic, not necessarily huge in size like Telstra and some of which like the US leading operator, which we cannot mention by name right now is a significant deal, including modernization, including GenAI, including multiyear managed services extension and expansion, so definitely an example of a deal that is in the other, I would say, scale in terms of sizing. So we see both George. And yes, we continue to sign deals as we speak. So like it's cut in a way by cut point on June 30, but in reality, it continues, obviously, in the week since.

再說一下您提到的另一點，即正在進行的重大交易，我們提到了本季度簽署的幾個例子，其中一些我認為是重要的和具有戰略意義的，不一定像 Telstra 那樣規模巨大，還有一些像美國領先的運營商那樣，我們現在不能提及他們的名字，這是一項重大交易，包括現代化、包括 GenAI、包括多年託管服務的例子。所以我們看到了喬治。是的，我們正在繼續簽署協議。因此，就像它在 6 月 30 日的截止點處以某種方式被切斷一樣，但實際上，它顯然在接下來的一周內繼續進行。

Got it. That's great. And then I guess I'd also just ask you about AI. I know you guys, I think, had around a dozen POCs going on with the amAIz product I think, mainly in call center types of applications. So I was just curious about what kind of progress you're making there? Have you had customers convert from trial to production rollouts, anything you can say there would be interesting too. Thanks a lot.

知道了。那太棒了。然後我想我還會問你關於人工智慧的問題。我知道你們大約有十幾個 POC 使用 amAIz 產品，主要在呼叫中心類型的應用程式中。所以我只是好奇你在那裡取得了什麼樣的進展？您的客戶是否曾經從試用版轉向生產版，您所說的任何事情都會很有趣。多謝。

Thanks, George. So we converted actually four different customers from POCs to actual deals this quarter. And this -- in one of them in the UAE is the expansion of the previous deal that we've signed. And actually, they will continue and expanding build agents on top of the infrastructure that we have built. In the other, three customers that we mentioned, we are installing our amAIz platform, and we are building -- starting to build use cases on top of it. We are helping also the customer to arrange the data to support it. It's a combination of care-related billing care or care related use cases and also commerce and upsell use cases.

謝謝，喬治。因此，本季我們實際上將四個不同的客戶從 POC 轉化為實際交易。其中一項與阿聯酋的協議是我們先前簽署的協議的擴展。實際上，他們將繼續在我們已經建置的基礎架構上擴展建置代理程式。對於我們提到的另外三個客戶，我們正在安裝我們的 amAIz 平台，並且我們正在建立 - 開始在其基礎上建立用例。我們還幫助客戶安排數據來支援它。它是與護理相關的計費護理或護理相關用例以及商業和追加銷售用例的組合。

Okay. Thank you very much.

好的。非常感謝。

Thanks, George.

謝謝，喬治。

Shlomo Rosenbaum, Stifel.

施蒂費爾的什洛莫·羅森鮑姆。

Hi, thank you very much. It's good to hear about all the deals. And I just wanted to follow on a comment that you made, Tamar, about the June 30 being kind of just a cut out point in time. So the first time in many years that we've seen a sequential ticked down even albeit small in backlog, it's down $20 million. Can you talk a little bit about that and what's contributing to that?

你好，非常感謝。很高興聽到有關所有這些交易的消息。我只是想繼續你剛才的評論，塔瑪，6 月 30 日只是一個截止時間點。因此，這是我們多年來第一次看到訂單量連續下降，儘管積壓訂單量很小，但下降了 2000 萬美元。您能否稍微談一下這個問題以及造成這現象的原因是什麼？

And then afterwards, I just want to ask a little bit more following up on the AI deals. If you could just help kind of dimensionalize then? And do you think that that's going to -- at what point in time will we help see that be incremental to revenue growth, so kind of lifting up the expectation for revenue growth on a year-over-year basis even just a little bit.

然後，我只想問一些有關人工智慧交易的後續問題。那麼您是否能幫助實現維度化呢？您是否認為，在什麼時間點我們才能夠看到收入成長的增量，從而稍微提高收入年增的預期？

Thanks, Shlomo. So when you look on backlog and as I always say, it's a good leading indicator as we look on the next 12 months backlog. And we continue to see nice year-over-year growth, 3% this quarter. You're right. Sequentially, it was down 20%. I'm less focused on that since eventually, signing of deals can happen on August 1 and August 2 and you're right that it's unusual, but at the same time, we've seen deals being signed, like the BT one that is a significant one in others.

謝謝，什洛莫。因此，當您查看積壓訂單時，正如我常說的，當我們查看未來 12 個月的積壓訂單時，這是一個很好的領先指標。我們繼續看到良好的同比增長，本季度增長了 3%。你說得對。環比下降了 20%。我對此不太關注，因為最終，協議的簽署可能會在 8 月 1 日和 8 月 2 日進行，您說得對，這很不尋常，但與此同時，我們已經看到簽署了協議，例如 BT 協議，這對其他協議而言具有重要意義。

So we are focused on looking forward and continue to see the back of giving us great visibility. We talk about roughly 90%, never take it as an accurate mathematical formula, but it is giving us a good coverage as we look forward, both in terms of understanding the revenue picture as well as ability to plan, which is really important in terms of resources and how we are thinking about executing the deals and being prepared to do so.

因此，我們專注於展望未來，並繼續看到為我們帶來巨大可見性的過去。我們談論的是大約 90%，從來沒有把它當作一個精確的數學公式，但它為我們展望未來提供了良好的保障，無論是在了解收入前景方面，還是在規劃能力方面，這對於資源以及我們如何考慮執行交易並做好準備來說非常重要。

And regarding GenAI, we do see contribution already, but it's starting in small increments. And I think the importance, like the E& UAE example, which we've been talking about them adopting our amAIz platform. And since then, every quarter, we see adoption of additional use cases. So the idea is we get the customer excited about what they see, and we grow from them. And we bring the value, and hopefully, we can grow even further.

關於 GenAI，我們確實已經看到了貢獻，但它只是從小幅度的增加開始。我認為，就像歐盟和阿聯酋的例子一樣，我們一直在談論他們採用我們的 amAIz 平台。從那時起，每個季度我們都會看到更多用例的採用。因此，我們的想法是讓客戶對他們所看到的東西感到興奮，然後我們從他們身上獲得成長。我們帶來了價值，希望我們能夠進一步發展。

And other layer I would mention is that the data-related services preparing for the GenAI use cases is another important part and actually comes first typically in the cycle in terms of getting the data ready and the services associated with that as well as our data one platform in order to help customers do so.

我想提到的另一層面是，為 GenAI 用例做準備的資料相關服務是另一個重要部分，實際上，在準備好資料和與之相關的服務以及我們的資料一站式平台方面，它通常處於週期的首位，以幫助客戶做到這一點。

So this is the two, I would say, vectors that we are seeing from pure revenue point of view, the data-related activities are bigger right now, and the GenAI use cases are the ones we -- as we said, converting now from PCs to commercial deals, and we like this conversion rate, and we expect to see more as we move forward.

所以我想說，從純收入的角度來看，我們看到了這兩個向量，目前與資料相關的活動規模更大，而 GenAI 用例就是我們所說的，現在從 PC 轉換為商業交易，我們喜歡這種轉換率，並且我們期望在未來看到更多。

Thank you.

謝謝。

Thanks, Tim.

謝謝，蒂姆。

Timothy Horan, Oppenheimer.

提摩西霍蘭，奧本海默。

Thanks guys. The North American win, is that a relatively smaller customer that's going to become larger? Or can you give us some sense of how meaningful and material that is? And then on --

謝謝大家。北美的勝利，是一個相對較小的客戶，將來會變得更大嗎？或者您能讓我們了解一下這有多有意義和實質嗎？然後--

It's a bigger customer that become bigger.

客戶越大，公司就越大。

Got it. On the SaaS products, can you tell us how meaningful that is to overall revenue or maybe just incremental revenue growth at this point? And I know you talked a lot about ConnectX. Are there other SaaS products that are doing well?

知道了。關於 SaaS 產品，您能否告訴我們這對整體營收或目前的增量收入成長有多大意義？我知道您談論了很多有關 ConnectX 的事情。還有其他表現良好的 SaaS 產品嗎？

I will start to describe the SaaS product and Tamar will give more there. It's growing double digit. I mean it's a growth engine for us. We have several SaaS products. There is obviously the ConnectX market one, which is our monetization platform, is also SaaS, and our eSIM platform is also a SaaS platform.

我將開始描述 SaaS 產品，Tamar 將在那裡提供更多資訊。它正以兩位數的速度成長。我的意思是它是我們的成長引擎。我們有幾種 SaaS 產品。顯然，ConnectX 市場是我們的貨幣化平台，也是 SaaS，我們的 eSIM 平台也是一個 SaaS 平台。

I think that we developed quite nice. And I think in easing, we have more than 40 customers worldwide. So we see more and more traction. I think the -- obviously, the ConnectX getting a lot of attention lately because this is really, really we achieved there, I don't know, tens of customers earlier --

我認為我們發展得很好。我認為，我們在全球擁有超過 40 個客戶。因此，我們看到了越來越多的牽引力。我認為——顯然，ConnectX 最近受到了很多關注，因為這是我們之前為數十位客戶實現的--

It's the newest one and one that we launched though the market several quarters ago, and we see very nice traction since addressing both the MVNO opportunity as well as the digital brands of the larger players and people are really excited about -- we mentioned, for example, Consumer Cellular. It's a new win of last quarter. This quarter already, we've seen expansion of the business with them.

這是我們幾個季度前在市場上推出的最新產品，自從解決了 MVNO 機會以及大型參與者的數位品牌以來，我們看到了非常好的吸引力，人們對此感到非常興奮 - 例如，我們提到的 Consumer Cellular。這是上個季度的新勝利。本季我們已經看到與他們的業務擴大。

So the momentum is being built. Now aggregating all of the revenue we see in the SaaS business, it's not in the hundreds of millions, don't get me wrong, but the fact that it's growing very nicely and it is obviously generating as it scales up, nice margin is giving us the appetite, I would say, to invest more into these kind of offerings.

因此，這種勢頭正在增強。現在，匯總我們在 SaaS 業務中看到的所有收入，雖然沒有數億美元，但請不要誤會我的意思，但事實是，它的增長非常好，而且隨著規模的擴大，它顯然正在產生可觀的利潤，我想說，這給了我們興趣，讓我們在這類產品上投入更多資金。

And do you have a sense of where we are in the cloud migration by your customers? Maybe what percentage or what inning we're in and -- do they recognize that they have to migrate to the cloud to really use GenAI? And are they thinking that GenAI is going to really help them move the needle fundamentally?

您是否了解我們在客戶雲端遷移方面處於什麼位置？也許我們處於什麼百分比或什麼局——他們是否認識到他們必須遷移到雲端才能真正使用 GenAI？他們是否認為 GenAI 真的能從根本上幫助他們取得進展？

I think it's two different things. I think that -- although, obviously, we are using GenAI tools, but many customers of Amdocs started the journey to move to the cloud. The journey includes obviously some type of consulting. And then you need to have all the activity of taking the platform to the cloud, then you have migration. So it's not a simple necessarily.

我認為這是兩件不同的事情。我認為——儘管我們顯然正在使用 GenAI 工具，但 Amdocs 的許多客戶已經開始了向雲端遷移的旅程。這次旅程顯然包括某種類型的諮詢。然後，您需要將平台遷移到雲端，然後進行遷移。所以這不一定是一件簡單的事。

Definitely, it's not a short project. So we have many, many customers that are starting to immigration or the mid of the immigration, but I would say, less than a handful of Amdocs customer completed that, but we really -- we did start the journey from with many customers. So there is a lot of activities ahead of us in this specific domain.

毫無疑問，這不是一個短期項目。因此，我們有很多客戶開始移民或處於移民中期，但我想說，只有不到少數的 Amdocs 客戶完成了這一目標，但我們確實 - 我們確實與許多客戶一起開始了這一旅程。因此，在這個特定領域，我們還有許多工作要做。

And last for Tama, the margin expansion you sold this year, 60 basis points, 70 basis points. Do you think that's sustainable or repeatable? Thanks.

最後對於 Tama，您今年出售的保證金擴大了 60 個基點，70 個基點。您認為這是可持續的或可重複的嗎？謝謝。

We're not committing now to next year margin expansion. But the trajectory, I would say, of the ability to take technology and automation and definitely GenAI now is an accelerated opportunity is definitely there, and it's in everything we do. At the same time, there's always a balancing act between how much we see productivity gains and how much we are investing into the business and the growth.

我們現在不承諾明年的利潤率擴大。但我想說，利用技術和自動化的能力軌跡，以及現在肯定存在的加速機會，肯定存在，而且它存在於我們所做的每一件事中。同時，我們在生產力提高的程度和我們對業務和成長的投資之間總是存在著一種平衡。

So this is why I'm being careful to get ahead of ourselves and talk now explicitly about what's the margin number for 2026. But we continue to see the productivity gains. We continue to see the ability to take different capabilities that we have that are tech lead and build that into the way we do things internally.

所以這就是為什麼我要小心謹慎，現在明確談論 2026 年的利潤數字是多少。但我們繼續看到生產力的提高。我們繼續看到將我們所擁有的不同技術領先能力融入我們內部做事方式的能力。

Thank you.

謝謝。

(Operator Instructions)

（操作員指示）

Tal Liani, Bank of America.

塔爾·利亞尼（Tal Liani），美國銀行。

Hi guys, this is Kevin [Brunner], on for Tal Liani of Bank of America. I have two questions for you. The first one is about GenAI. I know we already had some questions about GenAI, but I wanted to ask you in a little bit of a different sense in the terms of -- what are you guys thinking about the potential for GenAI to contribute meaningfully to revenue over time, whether it's a stand-alone opportunity or an accelerator of the existing service lines. And directionally speaking, is it crazy to think that in a year from now, that GenAI is a meaningful contributor to revenues? Or is it still a few years out?

大家好，我是 Kevin [Brunner]，代表美國銀行的 Tal Liani。我有兩個問題想問你。第一個是關於GenAI的。我知道我們已經對 GenAI 有一些疑問，但我想從不同的角度問你們——你們認為 GenAI 隨著時間的推移對收入做出有意義貢獻的潛力是什麼，無論它是一個獨立的機會還是現有服務線的加速器。從方向上來說，認為一年後 GenAI 會對收入產生重大貢獻的想法是否太瘋狂了？還是還需要幾年的時間？

I think what we see in 2025, as we said, it's the year of exploration. As we expected, during the year, we had several or I'd say, quite a lot of proof of concepts, engagement with customers, they're evaluating the capabilities, how to take it into supporting their business either to create a better customer experience or reduce cost and create efficiencies. We are starting to see conversion, -- again, as expected, of this proof of concept into commercial deals now.

我認為，正如我們所說，2025 年是探索之年。正如我們預期的那樣，在這一年中，我們進行了幾次，或者說相當多的概念驗證，與客戶的互動，他們正在評估其能力，如何利用它來支持他們的業務，以創造更好的客戶體驗或降低成本並提高效率。我們開始看到轉換——正如預期的那樣，這個概念證明現在轉化為商業交易。

The pace is hard to predict. Another thing that we are seeing, as I noted before, is that a lot of the investment needs to go into the data layer, meaning in order to be ready to leverage the opportunity of GenAI there needs to -- Shuky like to call it the plumbing, the plumbing behind the scenes of the data domain.

步伐很難預測。正如我之前提到的，我們看到的另一件事是，大量投資需要投入到數據層，這意味著為了準備好利用 GenAI 的機會，需要——Shuky 喜歡稱之為管道，數據領域幕後的管道。

So we do see the revenue picking up on that aspect already. We are not in -- with the crystal boiler, I would say, to say exactly what's going to be the revenue contribution and the pace of maturity. But I'm optimistic as we are seeing it. I mean, we're seeing the value, we'll think the dialogues with customers, they start definitely to experiment and move to commercial deployment. We are seeing -- it's not just -- when we say positive concept, just to be clear, it's not in a lab.

因此，我們確實看到這方面的收入正在回升。我想說的是，我們無法確切地說出水晶鍋爐的收入貢獻和成熟速度。但我對我們看到的這一情況感到樂觀。我的意思是，我們看到了價值，我們會考慮與客戶的對話，他們肯定會開始嘗試並轉向商業部署。我們看到——這不僅僅是——當我們說積極的概念時，只是為了清楚起見，它不是在實驗室裡。

It's taking real production environment, real customer data and showing concrete KPIs improvement relative to the comparison. So the -- I would say the elements are there. The pace of impact of revenue yet to be seen.

它採用真實的生產環境、真實的客戶數據，並顯示相對於比較的具體 KPI 改進。所以——我想說這些要素都存在。對收入的影響速度還有待觀察。

Got it, thank you. And then again, I'm not asking for any number, but just again, directionally, as we get towards the end of the year and into fiscal year '26, can you maybe speak to some of the broader demand trends you're seeing across your service lines? Is there anything structural or secular drivers or anything that's really sticking out that would make you believe that the current fiscal year growth rate of fiscal year '25 growth rate could differ up or down in fiscal year '26 or are we seeing kind of more consistent trends?

知道了，謝謝。再說一次，我不是問任何數字，而只是再次從方向上講，隨著我們接近年底並進入 26 財年，您能否談談您在服務線上看到的一些更廣泛的需求趨勢？是否存在一些結構性或長期驅動因素，或者任何真正突出的因素，讓您相信當前財年的增長率與 25 財年的增長率在 26 財年可能會有所上升或下降，或者我們看到的是否是更一致的趨勢？

I think that from spending behavior, we see the same, still the same uncertainty that we discussed before. And because of different rates and be macroeconomic tariffs, geopolitical and others. So we see the same interest rate cuts, et cetera on. So we see the same pressure on spending, but it's the same. We don't see any change, I think from this quarter to previous quarter.

我認為從消費行為來看，我們看到的仍然是我們之前討論過的同樣的不確定性。而且由於不同的利率和宏觀經濟關稅、地緣政治等因素。因此，我們看到同樣的降息等等。因此，我們看到支出面臨同樣的壓力，但情況是一樣的。我認為從本季到上一季度，我們沒有看到任何變化。

We don't see any erosion but at the same time, we don't see necessarily that these things is changing. But we believe we are -- so far, we are navigating in pretty much the same environment that we have in the prior quarters.

我們沒有看到任何侵蝕，但同時，我們也沒有看到這些事情正在改變。但我們相信，到目前為止，我們所處的環境與前幾季幾乎相同。

Got it. Thank you guys.

知道了。謝謝你們。

Thank you.

謝謝。

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

謝謝。今天節目的問答環節到此結束。我想將節目交還給馬特史密斯 (Matt Smith)，以便他發表進一步的評論。

Thanks, operator, and thanks, everyone, for joining the call. If you have any additional questions, please give us a call here in the IR department. And with that, have a great night. Thanks.

謝謝接線員，也謝謝大家加入通話。如果您有任何其他問題，請致電 IR 部門。祝您有個美好的夜晚。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，感謝各位參加今天的會議。該計劃確實就此結束。您現在可以斷開連線。再會。