Exlservice Holdings Inc (EXLS) 2023 Q3 法說會逐字稿

Good day, everyone, and thank you for standing by. Welcome to the Third Quarter 2023 ExlService Holdings, Inc. Earnings Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded.

大家好，感謝你們的支持。歡迎參加 ExlService Holdings, Inc. 2023 年第三季財報電話會議。 （操作員指示）請注意，今天的會議正在錄製中。

I would like to now hand over the conference to your first speaker today, John Kristoff, Vice President of Investor Relations. John?

現在，我想將會議交給今天的第一位發言者、投資者關係副總裁約翰·克里斯托夫 (John Kristoff)。約翰？

Thanks, Maria. Hello, and thank you for joining EXL's Third Quarter 2023 Financial Results Conference Call. On the call with me today are Rohit Kapoor, Vice Chairman and Chief Executive Officer; and Maurizio Nicolelli, Chief Financial Officer. We hope you've had an opportunity to review the third quarter earnings release we issued this morning. We have also posted an earnings release slide deck and investor fact sheet in the Investor Relations section of our website.

謝謝，瑪麗亞。您好，感謝您參加 EXL 2023 年第三季財務業績電話會議。今天與我通話的有副主席兼執行長羅希特‧卡普爾 (Rohit Kapoor)；尼可利 (Maurizio Nicollelli)，財務長。我們希望您有機會回顧我們今天早上發布的第三季財報。我們也在網站的投資者關係部分發布了收益發布幻燈片和投資者情況說明書。

As a reminder, some of the matters we'll discuss this morning are forward looking. Please keep in mind that these forward-looking statements are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. Such risks and uncertainties include, but are not limited to, general economic conditions, those factors set forth in today's press release, discussed in the company's periodic reports and other documents filed with the SEC from time to time. EXL assumes no obligation to update the information presented on this conference call today.

提醒一下，我們今天早上將討論的一些問題是前瞻性的。請記住，這些前瞻性陳述受到已知和未知的風險和不確定性的影響，可能導致實際結果與此類陳述明示或暗示的結果有重大差異。此類風險和不確定性包括但不限於總體經濟狀況、今天新聞稿中闡述的因素、公司定期報告中討論的因素以及不時向 SEC 提交的其他文件中討論的因素。 EXL 不承擔更新今天電話會議中提供的資訊的義務。

During our call, we may reference certain non-GAAP financial measures, which we believe provide useful information for investors. Reconciliation of these measures to GAAP can be found in our press release, slide deck and investor fact sheet. With that, I'll turn the call over to Rohit.

在我們的電話會議中，我們可能會參考某些非公認會計準則財務指標，我們認為這些指標為投資者提供了有用的信息。這些措施與公認會計準則的協調可以在我們的新聞稿、幻燈片和投資者情況說明書中找到。這樣，我會將電話轉給羅希特。

Thanks, John. Good morning, everyone. Welcome to EXL's Third Quarter 2023 Earnings Call. I'm pleased to be with you this morning reporting another strong quarter. We continued our growth momentum in the third quarter, with total revenue of $411 million representing year-over-year growth of 14% on a reported basis and 13% in constant currency. We grew adjusted diluted EPS 21% to $0.37 per share.

謝謝，約翰。大家，早安。歡迎參加 EXL 2023 年第三季財報電話會議。我很高興今天早上與您一起報告另一個強勁的季度。第三季我們持續維持成長勢頭，總營收達到 4.11 億美元，按報告計算年增 14%，以固定匯率計算年增 13%。調整後稀釋後每股收益成長 21%，達到每股 0.37 美元。

Our data-led strategy and balanced portfolio of businesses, bolstered by our differentiated digital and AI capabilities position us well to consistently deliver superior growth in an unpredictable environment. We delivered Analytics revenue of $183 million for the quarter, up 10% year-over-year and a sequential increase from the second quarter. As anticipated, we experienced weaker demand and lower volumes in marketing analytics. Notwithstanding this headwind, we were able to achieve double-digit growth in our Analytics business. This growth was driven by strength in our payments integrity and data management service lines.

我們以數據為主導的策略和平衡的業務組合，加上我們差異化的數位和人工智慧能力的支持，使我們能夠在不可預測的環境中持續實現卓越成長。本季我們的分析收入為 1.83 億美元，年增 10%，季增第二季。正如預期的那樣，我們經歷了需求疲軟和行銷分析量下降。儘管存在這種阻力，我們的分析業務仍實現了兩位數的成長。這一增長是由我們的支付完整性和數據管理服務線的實力所推動的。

In our Digital Operations & Solutions business, we generated third quarter revenue of $228 million, growing 17% year-over-year and 2% sequentially. This represents the 10th consecutive quarter of double-digit growth, which demonstrates the value clients place on our data-led integrated solutions. Each of our 3 segments within Digital Operations & Solutions delivered double-digit year-over-year growth during the quarter, with particularly robust performance in Insurance.

在我們的數位營運和解決方案業務中，我們第三季的營收為 2.28 億美元，年增 17%，季增 2%。這代表著連續第十個季度實現兩位數成長，這表明了客戶對我們以數據為主導的整合解決方案的重視。我們數位營運和解決方案的 3 個部門在本季度均實現了兩位數的同比增長，其中保險部門的表現尤其強勁。

The slowdown in the macroeconomic growth environment is driving our clients to increase their focus on cost efficiency and improve productivity. As they make this pivot towards a lower cost operating structure, they are also looking to transform their operations. With EXL's technological capabilities of data, digital and AI, combined with our domain expertise, we are able to create significant impact for our clients in an accelerated manner and with much greater certainty than they can achieve on their own.

宏觀經濟成長環境放緩促使我們的客戶更加關注成本效率和提高生產力。在轉向低成本營運結構的同時，他們也尋求營運轉型。憑藉 EXL 的數據、數位和人工智慧技術能力，結合我們的領域專業知識，我們能夠以更快的方式為客戶創造重大影響，並且比他們自己實現的確定性更大。

This has led to a material increase in demand for integrated digital operations which plays to our strengths across both our Data Analytics and Digital Operations & Solutions businesses.

這導致對整合數位營運的需求大幅增加，這發揮了我們在數據分析和數位營運與解決方案業務方面的優勢。

Our success pursuing large integrated deals is evident in our sales pipeline. For the past 6 quarters, we have averaged 20%-plus year-over-year pipeline growth. And both our win rates and average deal sizes have increased. Over the past 12 months, we have won several deals over $50 million in total contract value, including a few deals over $100 million of total contract value. This validates the value clients see in our end-to-end solutions and gives us confidence in our ability to generate sustained double-digit growth going forward.

我們在追求大型綜合交易方面所取得的成功在我們的銷售管道中顯而易見。在過去 6 個季度中，我們的通路平均年增超過 20%。我們的勝率和平均交易規模都有增加。在過去的12個月裡，我們贏得了多起合約總價值超過5000萬美元的交易，其中包括一些合約總價值超過1億美元的交易。這驗證了客戶在我們的端到端解決方案中看到的價值，並使我們對未來實現持續兩位數成長的能力充滿信心。

Let me share an example of a recent win that illustrates the size, scope and level of integration to unlock value for our clients. One of the top insurance companies in the United States chose EXL as their partner to operate and transform their claims operation as part of a large multiyear deal. We are the first point of contact for all claims, and responsible for moving the claim through the process. In addition to providing a multi-shore delivery model, we are transforming the operation through extensive use of analytics, digital and AI.

讓我分享一個最近成功的例子，它說明了為我們的客戶釋放價值的整合的規模、範圍和水平。美國一家頂級保險公司選擇 EXL 作為合作夥伴來營運和改造其理賠業務，作為一項大型多年交易的一部分。我們是所有索賠的第一個聯絡人，並負責推動索賠完成整個流程。除了提供多岸交付模式外，我們還透過廣泛使用分析、數位和人工智慧來改變營運方式。

For example, we are implementing an automated digital quality assistant that provides real-time monitoring and dashboard reporting of all KPIs. Our solution also includes an AI-based coaching module, which provides guidance to individual advisers. We are also implementing EXL's smart data signals, which enables 100% real-time claim file review in a fully automated manner. This significantly improves claims outcomes by preventing leakage, improving customer sentiment and ensuring regulatory compliance.

例如，我們正在實施一個自動化數位品質助手，它提供所有 KPI 的即時監控和儀表板報告。我們的解決方案還包括基於人工智慧的輔導模組，為個人顧問提供指導。我們也實施了 EXL 的智慧資料訊號，以全自動方式實現 100% 即時索賠文件審核。透過防止洩漏、改善客戶情緒和確保監管合規性，顯著改善索賠結果。

This is just one high-level example of how we are combining all of our capabilities in analytics, data management, AI and domain expertise to maximize value for our clients.

這只是我們如何結合分析、資料管理、人工智慧和領域專業知識的所有能力來為客戶實現價值最大化的一個高級範例。

We continue to receive growing interest from our clients regarding use cases and data structure required to support generative AI. This bolsters our confidence that generative AI provides tangible growth opportunities for both our Data Analytics and Digital Operations & Solutions businesses moving forward. We are currently in more than 200 conversations with clients regarding generative AI use cases, and we have dozens of specific projects active in the sales pipeline.

我們的客戶對支援生成式人工智慧所需的用例和資料結構越來越感興趣。這增強了我們的信心，生成式人工智慧為我們的數據分析和數位營運與解決方案業務的發展提供了切實的成長機會。目前，我們與客戶就生成式 AI 用例進行了 200 多次對話，並且我們有數十個活躍的具體項目正在銷售中。

What is particularly encouraging is the diversity of use cases, which are leading us into new areas where we previously did not play. For example, many of our clients struggle with software core management and modernizing legacy codes to contemporary code languages to upscale their analytics infrastructure. This process often entails meticulous code management, translation and testing.

特別令人鼓舞的是用例的多樣性，這引導我們進入我們以前沒有涉足的新領域。例如，我們的許多客戶在軟體核心管理和將遺留程式碼現代化為現代程式碼語言以升級其分析基礎設施方面遇到困難。此過程通常需要細緻的程式碼管理、翻譯和測試。

We recently developed a new GenAI-based solution for code conversion, leveraging our domain expertise. Our solution automates the transformation of legacy code to contemporary languages and features a robust debugging capability to ensure accuracy and efficiency. This significantly speeds this translation, while reducing the potential for errors.

我們最近利用我們的領域專業知識開發了一種新的基於 GenAI 的程式碼轉換解決方案。我們的解決方案可自動將遺留程式碼轉換為現代語言，並具有強大的偵錯功能，以確保準確性和效率。這顯著加快了翻譯速度，同時減少了出錯的可能性。

We are currently working with a leading global bank on a proof of concept to migrate close to 1 million lines of legacy SaaS code to Python. It will typically take many months to accomplish this. But with our solution, it can be accomplished in a few weeks, allowing our clients to focus on retiring their technical debt. This is an example of how generative AI is helping us penetrate new buying centers as we now have several more customers interested in this solution.

我們目前正在與一家領先的全球銀行合作進行概念驗證，以近 100 萬行遺留 SaaS 程式碼遷移到 Python。通常需要幾個月的時間才能完成此任務。但透過我們的解決方案，它可以在幾週內完成，使我們的客戶能夠專注於消除他們的技術債務。這是生成式人工智慧如何幫助我們滲透新的購買中心的一個例子，因為我們現在有更多的客戶對此解決方案感興趣。

As planned, we have increased our investments in generative AI in the third quarter and will accelerate these investments further in the fourth quarter. This includes developing solutions, training and hiring specialists, and further strengthening our generative AI center of excellence where we currently have active GenAI engagements across all our key industry verticals. We believe these investments will position us well to capitalize on the strong pipeline of GenAI opportunities.

按照計劃，我們在第三季增加了對生成式人工智慧的投資，並將在第四季度進一步加快這些投資。這包括開發解決方案、培訓和招募專家，以及進一步加強我們的生成式 AI 卓越中心，目前我們在所有關鍵產業垂直領域都積極參與 GenAI。我們相信這些投資將使我們能夠充分利用 GenAI 的強大機會。

We also recently announced plans to invest in a new international operations headquarters in Dublin, Ireland. As part of the new center, we plan to hire up to 200 AI, data engineering and other specialized technology positions over the next 3 years. This builds upon our existing staff of more than 8,000 data scientists globally who are developing AI, cloud enablement and data integration technologies.

我們最近也宣布計劃在愛爾蘭都柏林投資建立一個新的國際營運總部。作為新中心的一部分，我們計劃在未來 3 年內僱用多達 200 名人工智慧、資料工程和其他專業技術職位。這建立在我們全球 8,000 多名資料科學家現有員工​​的基礎上，他們正在開發人工智慧、雲端支援和資料整合技術。

As part of our investment, we will also establish new centers of excellence across our operations to develop best practices, improve efficiencies and reduce costs. This new center will also serve as a hub for intellectual property development and future geographic market expansion.

作為投資的一部分，我們還將在整個業務範圍內建立新的卓越中心，以開發最佳實踐、提高效率並降低成本。這個新中心也將作為知識產權開發和未來地域市場擴張的中心。

Looking ahead, we are raising our 2023 revenue and EPS guidance given our strong third quarter performance and current visibility for the remainder of the year. Maurizio will walk you through the details in a few moments.

展望未來，鑑於我們強勁的第三季業績以及目前對今年剩餘時間的預見性，我們將提高 2023 年營收和每股盈餘指引。 Maurizio 稍後將引導您了解詳細資訊。

As we look forward to 2024, we are encouraged by the sustained growth in our revenue and EPS, the momentum in our growing sales pipeline and the underlying strength and resiliency of our business. We are well positioned with our current generative AI offerings and we continue to invest further in advancing our capabilities. This gives us confidence in our ability to sustain double-digit growth. And with that, I'll turn the call over to Maurizio.

展望 2024 年，我們的營收和每股盈餘持續成長、銷售管道不斷增長的勢頭以及業務的潛在實力和彈性令我們感到鼓舞。我們目前的生成式人工智慧產品處於有利地位，並且我們將繼續進一步投資以提高我們的能力。這讓我們對維持兩位數成長的能力充滿信心。接下來，我會將電話轉給毛里齊奧。

Thank you, Rohit, and thank you, everyone, for joining us this morning. I will provide insights into our financial performance for the third quarter and the first 9 months of 2023, followed by our revised outlook.

謝謝羅希特，也謝謝大家今天早上加入我們。我將深入了解我們第三季和 2023 年前 9 個月的財務業績，然後是我們修訂後的前景。

We delivered a strong third quarter with revenue of $411 million, up 13.7% year-over-year on a reported basis. On a constant currency basis, we grew revenue 13.2% year-over-year and 1.5% sequentially. Adjusted EPS was $0.37, an increase of 21.3% year-over-year. All revenue growth percentages mentioned hereafter are on a constant currency basis.

我們第三季業績強勁，營收達 4.11 億美元，按報告計算年增 13.7%。以固定匯率計算，我們的營收年增 13.2%，季增 1.5%。調整後每股收益為 0.37 美元，年增 21.3%。下文所述的所有收入成長百分比均以固定匯率計算。

Revenue from our digital operations solutions businesses as defined by 3 reportable segments, excluding Analytics, was $227.9 million, which represents year-over-year growth of 16.4%. Sequentially, we grew revenue 2.3%. In the Insurance segment, we generated revenue of $136.4 million, an increase of 17.6% year-over-year and 6.3% sequentially. This growth was driven by the expansion of existing clients and new client relationships. The Insurance vertical, consisting of both our Digital Operations & solutions and Analytics businesses, grew 14.4% year-over-year with revenue of $170.8 million.

我們的數位營運解決方案業務（由 3 個可報告部門（不包括分析）定義）的收入為 2.279 億美元，年增 16.4%。隨後，我們的收入成長了 2.3%。在保險業務領域，我們營收 1.364 億美元，年增 17.6%，季增 6.3%。這一成長是由現有客戶和新客戶關係的擴張所推動的。保險垂直領域由我們的數位營運和解決方案以及分析業務組成，年增 14.4%，收入達 1.708 億美元。

In the Emerging segment, we grew revenue 14.7% year-over-year. This growth was driven by the expansion of existing client relationships and new client wins. Sequentially, revenue declined 2.8% to $65.3 million. The sequential revenue decline was driven by the bankruptcy of a client, Yellow Corporation. Excluding the impact of the bankruptcy, we expect revenue would have grown sequentially. The Emerging vertical consists of both our Digital Operations & Solutions and Analytics businesses grew 4% year-over-year with revenue of $147.9 million.

在新興市場，我們的營收年增 14.7%。這一成長是由現有客戶關係的擴大和新客戶的贏得所推動的。隨後，營收下降 2.8% 至 6,530 萬美元。收入環比下降是由客戶 Yellow Corporation 破產造成的。排除破產的影響，我們預計收入將環比增長。新興垂直市場由我們的數位營運和解決方案以及分析業務組成，年增 4%，收入達 1.479 億美元。

The Healthcare segment reported revenue of $26.2 million, representing growth of 14.8% year-over-year and a decrease of 3.6% sequentially. The year-over-year growth was driven by expansion in existing client relationships. The Healthcare vertical consisting of our Digital Operations & Solutions and Analytics businesses grew 28.6% year-over-year, with revenue of $92.3 million.

醫療保健部門報告收入為 2,620 萬美元，年增 14.8%，環比下降 3.6%。同比成長是由現有客戶關係的擴展所推動的。由我們的數位營運和解決方案以及分析業務組成的醫療保健垂直領域年增 28.6%，收入達到 9,230 萬美元。

In the Analytics segment, we generated revenue of $183.1 million, up 9.4% year-over-year and up slightly sequentially. Our decision analytics services, payment integrity and data management businesses continue to grow year-on-year, partially offset by the decline in marketing analytics as our clients in insurance and banking continue to reduce their marketing spend.

在分析領域，我們的營收為 1.831 億美元，較去年同期成長 9.4%，較上季略有成長。我們的決策分析服務、支付完整性和資料管理業務繼續同比增長，但由於我們的保險和銀行客戶繼續減少行銷支出，因此行銷分析的下降部分抵消了我們的業務。

SG&A expenses as a percentage of revenue were up 180 basis points year-over-year to 20.2%, driven by investments in front-end sales, marketing, digital and AI capabilities. Our adjusted operating margin for the quarter was 20%, up 150 basis points year-over-year driven by higher volumes and revenue. Our effective tax rate for the quarter was 23.4%, down 60 basis points year-over-year, driven by higher profits in lower tax jurisdictions. Our adjusted EPS for the quarter was $0.37, a 21.3% increase year-over-year on a reported basis.

受前端銷售、行銷、數位和人工智慧能力投資的推動，SG&A 費用佔營收的百分比年增 180 個基點，達到 20.2%。由於銷售和收入增加，我們本季調整後的營業利潤率為 20%，年增 150 個基點。我們本季的有效稅率為 23.4%，年減 60 個基點，這得益於低稅管轄區利潤的增加。我們本季調整後的每股收益為 0.37 美元，按報告數據年增 21.3%。

Turning to our 9-month performance. Our revenue for the period was $1.217 billion, up 17.6% year-over-year on a constant currency basis. This growth was driven by both our Digital Operations & Solutions and Analytics businesses. Adjusted operating margin for the period was 19.8%, up 140 basis points year-over-year. Nine-month adjusted EPS was $1.09, up 21.8% year-over-year on a reported basis.

轉向我們 9 個月的表現。我們期內的營收為 12.17 億美元，以固定匯率計算年增 17.6%。這一成長是由我們的數位營運和解決方案以及分析業務所推動的。調整後營業利益率為 19.8%，較去年成長 140 個基點。據報道，九個月調整後每股收益為 1.09 美元，年增 21.8%。

Our balance sheet remains strong. Our cash, including short- and long-term investments as of September 30, was $275 million and our revolver debt was $210 million, for a net cash position of $65 million. We generated cash flow from operations of $132 million in the first 9 months compared to $101 million for the same period in 2022. This improvement was driven by the expansion in our adjusted operating margin. During the first 9 months, we spent $41 million on capital expenditures and repurchased $93.5 million of our shares at an average cost of $31 per share.

我們的資產負債表仍然強勁。截至 9 月 30 日，我們的現金（包括短期和長期投資）為 2.75 億美元，循環債務為 2.1 億美元，淨現金部位為 6,500 萬美元。前 9 個月，我們的營運現金流為 1.32 億美元，而 2022 年同期為 1.01 億美元。這項改善是由我們調整後的營運利潤率的擴大所推動的。前 9 個月，我們花了 4,100 萬美元的資本支出，並以每股 31 美元的平均成本回購了 9,350 萬美元的股票。

Now moving on to our outlook for 2023. Based on our strong performance for the first 9 months of the year and our current visibility across all verticals, we are raising our outlook for the year. We now anticipate revenue to be in the range of $1.62 billion to $1.628 billion, representing year-over-year growth of 15% on a reported basis, and 15% to 16% on a constant currency basis. This represents an increase of $9 million at the midpoint despite a foreign exchange headwind of $2 million from previous guidance.

現在談談我們對 2023 年的展望。基於我們今年前 9 個月的強勁表現以及我們目前在所有垂直領域的能見度，我們正在上調今年的展望。我們目前預計營收將在 16.2 億美元至 16.28 億美元之間，按報告數據計算，年增 15%；以固定匯率計算，年增 15% 至 16%。儘管外匯匯率較先前的指導意見有 200 萬美元的阻力，但中間值仍增加了 900 萬美元。

We expect a foreign exchange gain of approximately $1 million, net interest expense to be approximately $1 million and our full year effective tax rate to be in the range of 23% to 24%. Based on this, we anticipate our adjusted EPS to be in the range of $1.40 to $1.42, representing year-over-year growth of 16% to 18%, which is an increase from our prior adjusted EPS guidance of 15% to 17% growth. We expect capital expenditures to be in the range of [$50 million] to $55 million.

我們預計外匯收益約為 100 萬美元，淨利息支出約為 100 萬美元，全年有效稅率在 23% 至 24% 之間。據此，我們預計調整後每股收益將在 1.40 美元至 1.42 美元之間，年增 16% 至 18%，高於我們先前調整後每股收益成長 15% 至 17% 的預期。我們預計資本支出將在 [5000 萬美元] 至 5500 萬美元之間。

In summary, our data-led strategy is sound and is resonating with our clients. Our differentiated business model remains resilient due to our substantial recurring revenue and a well-balanced portfolio across our Data Analytics and Digital Operations & Solutions Businesses. Our strong pipeline and high percentage of annuity revenue provide us with confidence in our ability to continue to deliver double-digit growth going forward. This, coupled with our expanding capabilities in data management and ongoing investments in generative AI, puts us in a strong position as we look to 2024.

總而言之，我們以數據為主導的策略是合理的，並且與我們的客戶產生了共鳴。由於我們可觀的經常性收入以及數據分析和數位營運與解決方案業務的均衡投資組合，我們的差異化業務模式仍然具有彈性。我們強大的管道和高比例的年金收入使我們對未來繼續實現兩位數成長的能力充滿信心。再加上我們不斷擴大的數據管理能力以及對生成人工智慧的持續投資，使我們在展望 2024 年時處於有利地位。

With that, Rohit and I would be happy to take your questions.

羅希特和我很樂意回答您的問題。

(Operator Instructions) Our first question comes from the line of Bryan Bergin from TD Cowen.

（操作員說明）我們的第一個問題來自 TD Cowen 的 Bryan Bergin。

I guess I'll start here with the outlook. Can you just break down how you're expecting Digital Ops and Analytics to grow in 4Q? And then just understanding it's early here and the backdrop is quite uncertain, but we appreciate your commentary on sustaining double-digit growth. Can you just share some qualitative commentary on how you're thinking about what's going to remain consistent in '24 versus '23? What may not reoccur and maybe what might be incremental?

我想我將從展望開始。您能否詳細說明一下您對數位營運和分析在第四季度的成長的預期？然後我們就知道現在還為時過早，背景還相當不確定，但我們感謝您對維持兩位數成長的評論。您能否分享一些定性評論，談談您如何看待「24 年與 23 年」中哪些方面將保持一致？什麼可能不會重複發生，什麼可能會增量發生？

Sure, Bryan. So firstly, in terms of our guidance for the year and the implied guidance for the fourth quarter, we have increased our guidance, as we mentioned, by $9 million at the midpoint. This is despite a $2 million headwind on the currency side. And despite the fact that we have had one of our clients undergo bankruptcy and the volume has fallen off. We expect, after taking all of these things into consideration, that our fourth quarter would be flattish compared to our third quarter, and that's across both of our business lines, and that's how we would anticipate it might play out.

當然，布萊恩。因此，首先，就我們今年的指導和第四季度的隱含指導而言，正如我們所提到的，我們將指導中位數增加了 900 萬美元。儘管貨幣方面存在 200 萬美元的逆風，但情況仍然如此。儘管我們的一位客戶破產了，而且銷售量也有所下降。考慮到所有這些因素後，我們預計第四季度的業績將與第三季持平，這涉及我們的兩個業務線，這就是我們預期的結果。

Going forward, in terms of our double-digit growth, what we are seeing is we are seeing a very strong demand in the pipeline. We've seen our win rates increase. We've seen the size of the deals increase. And therefore, we have confidence in terms of being able to sustain double-digit growth. What we are not sure of at this point of time is how would marketing analytics perform, and that's something which, as we have shared with you previously, we're looking to diversify our industry verticals within marketing analytics and focusing on areas of strength, particularly around data management, payments integrity and analytical services.

展望未來，就我們的兩位數成長而言，我們看到的是我們看到了非常強勁的需求。我們已經看到我們的勝率有所提高。我們看到交易規模不斷增加。因此，我們有信心能夠維持兩位數的成長。目前我們不確定行銷分析的表現如何，正如我們之前與您分享的那樣，我們希望在行銷分析中實現行業垂直多元化，並專注於優勢領域，特別是在數據管理、支付完整性和分析服務方面。

Our expectation is that when we think about both of our business lines on Digital Operations & Solutions and on Data Analytics, both these business lines should be able to provide us with great growth opportunities. We would expect the Data Analytics business on a secular basis to give us double-digit growth as such. And at this point of time, given the deals that we have already won, we think we've got -- we are in a very good position as far as digital operations is concerned as well. So frankly, the portfolio seems to be performing well and it's very well balanced, and we're very pleased with the way in which things are at this point of time despite a pretty difficult macroeconomic environment.

我們的期望是，當我們考慮數位營運和解決方案以及數據分析的兩條業務線時，這兩條業務線都應該能夠為我們提供巨大的成長機會。我們預計數據分析業務的長期成長將為我們帶來兩位數的成長。目前，考慮到我們已經贏得的交易，我們認為我們在數位營運方面也處於非常有利的位置。坦白說，該投資組合似乎表現良好，而且非常平衡，儘管宏觀經濟環境相當困難，但我們對目前的情況感到非常滿意。

Okay. I appreciate that color. And then just on the margin here, as we kind of back into the implied 4Q adjusted operating margin, I think it would imply 18% or below. Is this just the timing of expenses you mentioned in kind of talent, GenAI solution development or any other top items to consider?

好的。我很欣賞那種顏色。然後就這裡的利潤率而言，當我們回到隱含的第四季度調整後營業利潤率時，我認為這意味著 18% 或更低。這只是您提到的人才、GenAI 解決方案開發或其他需要考慮的首要項目的費用時間嗎？

Yes, Bryan, it's -- you've hit it a little bit on the head there, it's a bit of timing. If you look at our AOPM for the first 3 quarters, we've had AOPM hovering right around 19.8%. So much higher than what we talked about in our guidance at the beginning of the year. And we talked about low to mid-18% range. So we performed very well on profitability in the first 3 quarters.

是的，布萊恩，你有點擊中了要害，這是一個時機。如果你看看我們前三個季度的 AOPM，我們的 AOPM 徘徊在 19.8% 左右。比我們年初的指導中談到的要高得多。我們討論了低至中 18% 的範圍。所以我們前三個季度的獲利能力表現非常好。

We do have a number of investments that we want to make in Q4 in front-end sales, in marketing and also in our digital area, particularly in GenAI, which we were looking to do in Q3, that -- some of that got postponed to Q4. And so that's reflective in that high 17% to low 18% range of AOPM in the fourth quarter. And that doesn't change our outlook going into 2024, it's more of a timing for Q4. And that's still -- even with those percentage and that AOPM in Q4, you're still at a 19% plus for the year given the performance of the first 3 quarters.

我們確實希望在第四季度在前端銷售、行銷和數位領域進行大量投資，特別是在 GenAI 方面，我們本來希望在第三季進行投資，但其中一些投資被推遲了到 Q4。這反映在第四季 AOPM 從高 17% 到低 18% 的範圍內。這並不會改變我們對 2024 年的展望，這更多的是第四季的時機。即使考慮到這些百分比和第四季度的 AOPM，考慮到前 3 個季度的表現，今年的成長率仍然是 19% 以上。

Our next question comes from the line of Maggie Nolan of William Blair.

我們的下一個問題來自威廉·布萊爾的瑪姬·諾蘭。

So it sounds like the recovery trajectory in marketing analytics is still a little difficult to predict and uncertain, which I can definitely appreciate. But what about just kind of where you stand in terms of the amount of pressure that you're seeing. Are you expecting maybe incremental pressure? Or do you see any signs of stabilization even though a recovery is still uncertain at this point?

因此，聽起來行銷分析的復甦軌跡仍然有點難以預測和不確定，我絕對可以理解這一點。但從你所看到的壓力大小來看，你所處的位置又如何呢？您是否預計壓力會增加？或者，儘管目前復甦仍不確定，但您是否看到任何穩定的跡象？

Sure, Maggie. So first of all, just a bit of color. For us, marketing analytics, declined quarter-on-quarter. So Q3 revenue from marketing analytics was lower than our revenue from marketing analytics in Q2. But as we have shared with you previously, we have won a number of deals in other industry verticals for marketing analytics, particularly around healthcare. So we're going to see how that plays out in Q4, and that will give us a good sense of how that recovery will shape up going forward into '24.

當然，瑪吉。首先，只是一點顏色。對我們來說，行銷分析季減。因此，第三季行銷分析的收入低於第二季行銷分析的收入。但正如我們之前與您分享的那樣，我們在其他行業垂直領域贏得了許多行銷分析交易，特別是在醫療保健領域。因此，我們將看到第四季度的情況如何，這將使我們更好地了解 24 年的復甦將如何形成。

Okay. And then you were -- when you were speaking about Dublin, you mentioned that this could be a hub for additional geographic expansion. Could you elaborate on that a little bit, maybe what you're expecting over the next several years as you think about your geographic mix and where could be areas of growth or drivers for the business?

好的。然後，當您談到都柏林時，您提到這可能是進一步地理擴張的中心。您能否詳細說明一下，當您考慮您的地理組合以及業務成長領域或驅動力時，您對未來幾年的期望是什麼？

Absolutely. So for us, first of all, our business in the U.K. has been growing very, very nicely. And the percentage contribution of total revenue from that market has been increasing over the last couple of quarters, and we're very pleased with the progress that we are making out there. Number two, with the setting up of the office in Dublin, Ireland, it actually will open up the market for us in Continental Europe and across the EU. So we think we'll have an opportunity to be able to access talent, access customers and be able to leverage our IP across the continent. And it's a very strategically important decision for us to be able to expand in Europe and actually diversify our revenue base across the world.

絕對地。因此，對我們來說，首先，我們在英國的業務成長得非常非常好。在過去的幾個季度中，該市場佔總收入的百分比一直在增加，我們對我們在該市場取得的進展感到非常滿意。第二，隨著在愛爾蘭都柏林設立辦事處，它實際上將為我們在歐洲大陸和整個歐盟打開市場。因此，我們認為我們將有機會接觸人才、接觸客戶並能夠在整個非洲大陸利用我們的智慧財產權。對我們來說，能夠在歐洲擴張並真正實現我們在全球的收入基礎多元化，這是一個非常重要的策略決策。

So this is something which we are very excited about. It's a conscious and a deliberate investment that we are making, and we hope that it will play out nicely over the next couple of years.

所以這是我們非常興奮的事情。這是我們正在進行的一項有意識且深思熟慮的投資，我們希望它在未來幾年內能達到良好的效果。

Our next question comes from the line of Ashwin Shirvaikar from Citi.

我們的下一個問題來自花旗銀行的 Ashwin Shirvaikar。

I wanted to sort of maybe get a more granular look into digital ops. As I sort of look at Insurance, you keep showing sequential growth. Good trends there. The Healthcare business is -- it's sort of sequentially static for a couple of quarters, same thing with the Emerging part of it. If you could provide more color on what's underlying those 2 pieces? And any kind of a breakout you could provide with regards to Emerging, that helps us from a forward modeling perspective would be great.

我想更深入地了解數位營運。當我觀察保險業時，你一直顯示出連續成長。那裡有好的趨勢。醫療保健業務連續幾個季度都處於停滯狀態，新興業務也是如此。您能否為這兩件作品的底層提供更多色彩？您可以在新興領域提供任何類型的突破，從正向建模的角度幫助我們，那就太好了。

Sure. So Ashwin, the first thing is that our Digital Operations & Solutions business is actually performing really, really well. And we think the big reason for that is, number one, the demand for client seeking, cost efficiency and productivity gains has improved in this environment, and clients are looking at aggressively managing their cost structure and getting more efficiency and operational efficiency into that process and business. We have seen that increase the pipeline, and we have seen that our strategy of combining data, digital, AI and domain is resonating very well.

當然。阿什溫（Ashwin），首先是我們的數位營運和解決方案業務實際上表現得非常非常好。我們認為，造成這種情況的主要原因是，第一，在這種環境下，對客戶尋求、成本效率和生產力提高的需求有所改善，客戶正在考慮積極管理其成本結構，並在該流程中獲得更高的效率和營運效率和業務。我們已經看到管道的增加，我們也看到我們將數據、數位、人工智慧和領域結合的策略引起了很好的共鳴。

So our win rates have gone up and the deal sizes that we are winning, that has gone up. So frankly, these are all reasons why the Digital Operations & Solution business is actually growing very nicely for us. Within this business, Insurance, as you know, is an industry vertical where we have a leadership position. It is a business which we pride ourselves in terms of our knowledge and understanding of the marketplace there. And I think we're getting rewarded for that knowledge and expertise that we have, because more and more clients are giving us larger pieces of work and that business for us is growing very nicely.

因此，我們的獲勝率有所上升，我們贏得的交易規模也有所增加。坦白說，這些都是我們數位營運和解決方案業務實際上成長得非常好的原因。如您所知，在這個行業中，保險是一個垂直行業，我們在該行業中處於領先地位。我們對當地市場的了解和理解令我們感到自豪。我認為我們因擁有的知識和專業知識而獲得了回報，因為越來越多的客戶為我們提供了更大的工作，而且我們的業務成長得非常好。

We are seeing a similar kind of a trend shape up in Healthcare and EBU in our Emerging business unit. But certainly, these 2 businesses are much smaller in size as compared to the Insurance business. The Emerging business units in this particular quarter did have one client which transitioned out because of them filing for bankruptcy, so there has been an impact on that. But keep in mind that our Emerging business unit targets actually many, many subverticals. So we target clients in utilities, in travel, transportation and logistics, in retail. And therefore, we're seeing a great amount of, actually, diversified strength coming in into the Emerging business unit.

我們在新興業務部門的醫療保健和 EBU 領域看到了類似的趨勢。但可以肯定的是，與保險業務相比，這兩項業務的規模要小得多。在這個特定季度的新興業務部門確實有一個客戶因申請破產而轉出，因此對此產生了影響。但請記住，我們的新興業務部門實際上瞄準了很多很多的垂直行業。因此，我們的目標客戶是公用事業、旅遊、運輸和物流以及零售業的客戶。因此，我們實際上看到大量的多元化力量進入新興業務部門。

The Healthcare business for us is largely driven on the operations management sees around clinical operations. And there, we are seeing that there can be increase in volumes at sometimes and there can be a diversification of a customer base as well. So our hope is to continue to build that and bring the same kind of value that we are bringing in Insurance, which is the combination of data analytics and operations and bringing that to bear in Healthcare. So frankly, for us, we are very, very happy with the way in which the Digital Operations & Solutions business is growing.

我們的醫療保健業務很大程度上是由圍繞臨床營運的營運管理視角所驅動的。在那裡，我們看到有時銷量會增加，而且客戶群也可能會多樣化。因此，我們的希望是繼續建立這一點，並帶來與保險業相同的價值，即數據分析和營運的結合，並將其應用於醫療保健領域。坦白說，對我們來說，我們對數位營運和解決方案業務的成長方式非常非常滿意。

Understood. Understood. One of the questions we get relatively frequently nowadays from investors is with regards to what's the normalized growth for a company like EXL over time. And I found maybe a potential clue on an interview you had given to a newspaper where you said $2 billion in revenue by 2025, which would imply somewhere in the low double digit, 11% and change type growth. If you could kind of provide more color on that. Because that -- relative to how you've grown the last 3, 4 years, that seems quite modest. So any color that you can provide, if stuff is changing in the last 2, 3 years or just anomaly. How would you think of that?

明白了。明白了。如今，我們從投資者那裡得到的相對頻繁的問題之一是，像 EXL 這樣的公司隨著時間的推移，正常成長是多少。我在您接受報紙的採訪中發現了一個潛在的線索，您說到 2025 年收入將達到 20 億美元，這意味著低兩位數、11% 和變革型成長。如果你能提供更多的顏色。因為相對於你過去三、四年的成長，這似乎相當溫和。因此，如果過去 2、3 年發生變化或只是出現異常，您可以提供任何顏色。你覺得怎麼樣？

Sure. So I guess, for the last few years, we've grown nicely. But I think the conviction that we have is twofold. One, the portfolio that we have, which is a combination of the Data Analytics business, which represents approximately 45% of our revenue and the Digital Operations & Solutions business, which is 55% of our business, both these businesses for us are strong growth businesses. We would expect on a combined basis to be able to grow double digit on a normalized growth trajectory.

當然。所以我想，在過去的幾年裡，我們成長得很好。但我認為我們的信念是雙重的。一是我們擁有的產品組合，它是數據分析業務（約占我們收入的45％）和數位營運和解決方案業務（占我們業務的55％）的組合，這兩項業務對我們來說都是強勁的成長企業。我們預計在合併的基礎上能夠在正常化的成長軌跡上實現兩位數的成長。

There will be points in time where one of these business lines might grow faster and the other one might grow a bit slower and vice versa, and we've already seen that happen. So for example, in 2022, our Data Analytics business was growing very, very rapidly as such; and the Digital Operations business was growing slightly slower at that point of time. Right now, in this current environment, we are seeing the Digital Operations business really grow much more strongly, and the Data Analytics business has been challenged because of discretionary projects as well as the marketing analytics that we've spoken about.

在某些時間點，這些業務線之一可能會成長得更快，而另一條業務可能會成長得慢一些，反之亦然，我們已經看到這種情況發生了。例如，在 2022 年，我們的數據分析業務成長得非常非常快；當時數位營運業務的成長速度略有放緩。目前，在當前的環境下，我們看到數位營運業務確實成長得更加強勁，而數據分析業務由於我們談到的可自由支配的項目以及行銷分析而受到了挑戰。

But long term, on a normalized basis, we expect double-digit growth across both these businesses on an organic constant currency basis. We do think we have the ability to be able to add on to this through inorganic growth. And M&A is certainly something which we'd be looking at and adding on to that. You've seen us do the acquisition of Clairvoyant, and that was a very successful acquisition for us, which added very specific capabilities and expanded our portfolio.

但從長遠來看，在正常化的基礎上，我們預期這兩項業務在有機不變的貨幣基礎上將實現兩位數的成長。我們確實認為我們有能力透過無機成長來增加這一點。併購當然是我們會考慮補充的內容。您已經看到我們收購了 Clairvoyant，這對我們來說是一次非常成功的收購，它增加了非常特定的功能並擴大了我們的產品組合。

So we feel comfortable about growing our business double digit long term in a normalized way. And it's great to be able to see that regardless of the market environment, our business model is very resilient and very growth oriented, and we can grow our top line and our bottom line at double digits.

因此，我們對以標準化方式長期實現兩位數業務成長感到滿意。很高興能夠看到，無論市場環境如何，我們的業務模式都非常有彈性並且非常以成長為導向，我們的營收和利潤可以實現兩位數的成長。

Our next question comes from the line of Mayank Tandon from Needham.

我們的下一個問題來自李約瑟的 Mayank Tandon。

Rohit, you talked about the GenAI opportunities. Could you talk in terms of is that changing the existing contract structure with your clients? Is that being integrated into it? And how is that affecting the size and scope of the engagements with your existing client base as they incorporate GenAI into their business models?

Rohit，您談到了 GenAI 機會。您能談談改變與客戶現有的合約結構嗎？是不是融入其中了？當現有客戶群將 GenAI 納入其業務模式時，這會如何影響與他們的合作規模和範圍？

Sure, Mayank. I think GenAI is having an impact on the way in which we are growing in multiple ways. Let me try and articulate this to you. Number one, the work that we do with our clients on our existing contracts in digital operations, we are certainly embedding a lot more GenAI into those operations and into those solutions. Number two, we are going to clients, leveraging GenAI and winning large pieces of integrated digital operations deals. So this is helping us win new business from -- either from existing customers or from new customers.

當然，瑪雅克。我認為 GenAI 正在以多種方式對我們的成長方式產生影響。讓我嘗試向您闡明這一點。第一，我們與客戶就現有的數位營運合約所做的工作，我們無疑將更多的 GenAI 嵌入到這些營運和解決方案中。第二，我們將面向客戶，利用 GenAI 並贏得大量整合數位營運交易。因此，這有助於我們從現有客戶或新客戶那裡贏得新業務。

Number three, GenAI is also leading us to be able to deploy GenAI with clients which might have outsourced to work with other providers, and where we may not be handling the digital operations part, but we are applying our domain knowledge and our expertise on GenAI and helping them create operational efficiency and productivity gains. And number four, GenAI is creating a huge opportunity for us on the data management side.

第三，GenAI 還使我們能夠與可能外包與其他提供者合作的客戶部署 GenAI，並且我們可能不處理數位營運部分，但我們正在將我們的領域知識和專業知識應用於 GenAI並幫助他們提高營運效率和生產力。第四，GenAI 在資料管理方面為我們創造了巨大的機會。

So we all know that in order for GenAI to be effective, the data estate of our clients' needs to be in order. And right now, there is a huge movement in order of our clients wanting to fix their data estate. Most of them in the past had focused in on moving their structured data to the cloud and getting their structured data organized so that, that data will be usable. Well, what we are finding is that the unstructured data is a much bigger piece of the work that remains to be done, and we can be very, very helpful to our clients, manage their unstructured data sets.

所以我們都知道，為了讓 GenAI 發揮作用，我們客戶的資料資產需要井然有序。現在，我們的客戶希望修復他們的數據資產，並發生了巨大的變化。他們中的大多數人過去都專注於將結構化資料轉移到雲端並組織結構化數據，以便該數據可用。嗯，我們發現非結構化資料是仍有待完成的工作中更大的一部分，我們可以對我們的客戶非常非常有幫助，管理他們的非結構化資料集。

So frankly, there's tremendous opportunity with existing clients and existing work that we have, new business that we can win with it, GenAI, pure GenAI solutions and deployments that we can have and then on the data management side. So we think this is becoming a more strategic lever for growth for us going forward, and that's why we are investing more heavily in this particular area.

坦白說，我們現有的客戶和現有工作有巨大的機會，我們可以用它贏得新業務，GenAI，我們可以擁有的純 GenAI 解決方案和部署，然後在數據管理方面。因此，我們認為這正在成為我們未來成長的更具策略性的槓桿，這就是我們在這一特定領域加大投資的原因。

That's very helpful color. It sounds like a boon not a curse as some people in the market have believed. So good to see some proof points there. Rohit and Maurizio, as my quick follow-up here on margins. Sorry, I did hear your comments, Maurizio, on margins, but for fiscal '24, I know you're not giving guidance, but if you are able to grow double digits, should we just expect some margin improvement even off the 19-plus level that you're going to end up in '23 just from scale benefits if nothing else really changes?

這是非常有用的顏色。正如市場上一些人所認為的那樣，這聽起來像是一種福音，而不是一種詛咒。很高興在那裡看到一些證據。羅希特和毛里齊奧，作為我在邊緣的快速跟進。抱歉，毛里齊奧，我確實聽到了您對利潤率的評論，但對於24 財年，我知道您沒有提供指導，但如果您能夠實現兩位數增長，我們是否應該期望利潤率在19 財年有所改善？如果沒有其他真正改變的話，你會僅僅因為規模效益而最終達到23年的水平嗎？

We have talked about -- and thank you for the question, Mayank. So we have talked about every year making improvements to our margins going forward. We had the big spike up from 2020 to 2022, where we went all the way up to 18.3% from a range of 14% to 15%. And now we talked about making improvements to margins on an annual basis, marginally, meaning 10 to 20 basis points a year. And we've been very successful at doing more than that. But we still think in our mindset that we should continue to drive margins higher, just incrementally not these larger big spikes that you've seen in prior years.

我們已經討論過——謝謝你的提問，Mayank。因此，我們每年都會討論如何提高未來的利潤率。從 2020 年到 2022 年，我們的成長率從 14% 到 15% 一路飆升至 18.3%。現在我們討論了每年略微提高利潤率，即每年 10 到 20 個基點。我們在做的事情不只這些方面非常成功。但我們仍然認為，我們應該繼續提高利潤率，只是逐步提高，而不是像前幾年那樣大幅成長。

Our next question comes from the line of Surinder Thind from Jefferies LLC.

我們的下一個問題來自 Jefferies LLC 的 Surinder Thind。

So for the first question, I just wanted to kind of understand the new logo wins. As I look across the past few quarters, it seems that you started the year off really strong in Digital Ops. And sequentially, the number of new logo wins has been declining and it's the exact opposite in Analytics. Is there anything to read into that? Or how should we think about demand dynamics between the 2?

所以對於第一個問題，我只是想了解新標誌的勝利。縱觀過去幾個季度，你們在數位營運領域的開局似乎非常強勁。隨後，新徽標獲勝的數量一直在下降，而分析中的情況則恰恰相反。有什麼值得解讀的嗎？或者我們應該如何考慮兩者之間的需求動態？

Sure, Surinder. So for us, the new client wins and the new logo wins I think looking at it on a quarter-by-quarter basis is not going to provide much help. It's much more to kind of see the trend over several quarters that gives a much better understanding of the kind of wins that we're having. So if you take a look at the 3 quarters of 2023, the number of new logos that we have signed up this year is higher than the number of logos that we signed up last year, and the split between Digital Operations & Solutions and Data Analytics is also very well balanced. So we have 26 clients that we have won in Digital Operations & Solutions this year, and we won 20 clients in Data Analytics. So it's -- we are very happy with the split and the mix as such.

當然，蘇林德。因此，對我們來說，新客戶獲勝，新徽標獲勝，我認為按季度查看不會提供太多幫助。更重要的是了解幾個季度的趨勢，以便更好地了解我們所取得的勝利。因此，如果你看一下 2023 年的三個季度，我們今年簽署的新徽標數量高於去年簽署的徽標數量，以及數位營運和解決方案與數據分析之間的劃分也非常平衡。今年我們在數位營運和解決方案領域贏得了 26 位客戶，在數據分析領域贏得了 20 位客戶。所以，我們對這樣的拆分和混合非常滿意。

The important part is that these are larger deals, and we already alluded to that when we spoke about and provided some color on the size of the deals that we are winning. And that is something which is very encouraging. So as the company grows and as we are kind of building up our business, the fact that we are signing up much larger deals now gives us confidence in terms of being able to sustain that double-digit growth.

重要的是，這些都是規模較大的交易，當我們談論並提供有關我們贏得的交易規模的一些資訊時，我們已經提到了這一點。這是非常令人鼓舞的事。因此，隨著公司的發展和我們業務的發展，我們正在簽署更大的交易，這一事實讓我們對能夠維持兩位數的成長充滿信心。

That's helpful. And then just a follow-up on the Analytics. Is there any color that you can provide in terms of the visibility into the pipeline that you have? Is there a lot of multiyear projects here where there's a certain amount of kind of reoccurring project-type revenues? Or how much more do you have to do in terms of new wins to kind of hit your medium-term targets here?

這很有幫助。然後是分析的後續行動。就您擁有的管道的可見性而言，您可以提供任何顏色嗎？這裡是否有許多多年期項目，其中有一定數量的重複項目類型收入？或者在新的勝利方面您還需要做多少工作才能實現您的中期目標？

Sure. The Data Analytics business for us is a business where 2/3 of the business is annuity-based. So that means we have multiyear contracts associated with it. And we have ongoing support and work that we do for clients, manage their existing analytical operations. 1/3 of the work that we do is project-based and discretionary, and that's the part that is volatile and that kind of moves around quarter-to-quarter. But keep in mind, with the trends that we are seeing around generative AI, the need for that project-based spend has increased.

當然。我們的數據分析業務是一個2/3的業務是基於年金的業務。這意味著我們有與之相關的多年合約。我們為客戶提供持續的支援和工作，管理他們現有的分析操作。我們所做的 1/3 的工作是基於專案的、可自由支配的，而這部分是不穩定的，每季都會改變。但請記住，隨著我們所看到的生成人工智慧的趨勢，基於專案的支出的需求已經增加。

The work that we are doing, particularly around payment integrity, that's something which is growing very nicely. The work that we do around data management, some portion of that is project-based, but the demand strength out there is very high. So we've got great pockets of growth and opportunity. And there are certainly pockets like marketing analytics, which are project based where there is definitely a headwind for us.

我們正在做的工作，特別是在支付完整性方面，進展非常順利。我們圍繞著資料管理所做的工作，其中一部分是基於專案的，但需求強度非常高。因此，我們擁有巨大的成長空間和機會。當然還有像行銷分析這樣的領域，它們是基於專案的，這對我們來說肯定是一個阻力。

Got it. And then just as a final kind of a clarification here. Just any color on what quarter-over-quarter growth in Analytics would have looked like if you take away marketing. So I mean, if we look at the decision analytics, the data management, the payment integrity, any color there on what -- yes.

知道了。然後作為最後一種澄清。如果去掉行銷，分析的季度環比成長會是什麼樣子？所以我的意思是，如果我們看看決策分析、資料管理、支付完整性，以及任何顏色——是的。

Yes. Surinder, so if you peeled out marketing and analytics, your growth rate would be in the mid-teens for the rest of the business. So all the other parts of the business are growing very nicely. This one piece is bringing -- is dragging our growth rate lower. But you would have seen it right around the mid-teens.

是的。 Surinder，因此，如果您剝離行銷和分析，那麼其餘業務的成長率將在十幾歲左右。因此，該業務的所有其他部分都成長得非常好。這一件事情正在拖慢我們的成長率。但你會在十幾歲左右看到它。

(Operator Instructions) Our next question comes from the line of Vincent Colicchio of Barrington Research.

（操作員說明）我們的下一個問題來自 Barrington Research 的 Vincent Colicchio。

Yes. Curious, is the Yellow Corp situation sort of a one-off? Or are there any other clients who are under financial distress that require monitoring?

是的。好奇的是，黃色公司的狀況是一次性的嗎？或者有其他陷入財務困境的客戶需要監控嗎？

No. Vince, it's Maurizio, and thanks for the question. But no, it's a -- this is a one-off. We don't have any other client in this type of a situation. And when you look at our DSO and we also look at the health of our clients, this right now really is a one-off at the end of the day and we don't have any other situation that's significant like that.

不，文斯，我是毛里齊奧，謝謝你的提問。但不，這是一次性的。我們沒有其他客戶遇到這種情況。當您查看我們的 DSO 以及我們客戶的健康狀況時，您會發現，歸根結底，這確實是一次性的，我們沒有其他類似的情況。

Okay. Second question as a follow-up. You haven't done M&A in some time. Your business is in solid shape, I would imagine, better than some others. So as your pipeline is strong and have valuations come down, making it an attractive time to look?

好的。第二個問題作為後續。您已經有一段時間沒有進行併購了。我想，你們的企業狀況比其他一些企業好。那麼，隨著您的產品線強勁且估值下降，現在是一個有吸引力的投資時機嗎？

Yes. So Vince, M&A is still a significant opportunity for us. We do have a fairly healthy pipeline of M&A opportunities that we're evaluating. And we continue to go through that process. I think valuations have become a bit more reasonable than they had been in 2022, and so you are seeing that. It's -- as we go forward and we want to add capabilities, and given the amount of cash flow that we generate now, this is an area that we truly want to focus on. And it's areas within data, analytics, technology, digital, AI, it's really adding additional capabilities to those key core areas for us to really continue to drive the business.

是的。所以文斯，併購對我們來說仍然是一個重要的機會。我們確實有相當健康的併購機會可供評估。我們將繼續經歷這個過程。我認為估值已經比 2022 年更合理了，所以你也看到了這一點。隨著我們前進，我們想要增加能力，考慮到我們現在產生的現金流量，這是我們真正想要關注的領域。它是數據、分析、技術、數位、人工智慧領域，它確實為這些關鍵核心領域增加了額外的功能，使我們能夠真正繼續推動業務發展。

So going forward, we will be allocating capital between M&A and share repurchase. And you'll start to see more of an allocation between the 2 versus being more on the buyback side over the last kind of 1.5 years.

因此，展望未來，我們將在併購和股票回購之間分配資本。在過去 1.5 年裡，您將開始看到兩者之間的分配更多，而不是回購方面更多。

Okay. Nice quarter.

好的。不錯的季度。

Thank you.

謝謝。

Our next question comes from the line of David Grossman from Stifel. David Grossman. Wonderful. So we're going to go ahead and head back to the speaker. I would now like to turn it back to John Kristoff for closing remarks.

我們的下一個問題來自 Stifel 的 David Grossman。大衛‧格羅斯曼。精彩的。所以我們要繼續回到演講者。現在我想請約翰·克里斯托夫（John Kristoff）發表結束語。

Thank you, Maria. Thank you, everyone, for joining our call today. And as always, for follow-up questions, please don't hesitate to reach out to me directly. Thank you again.

謝謝你，瑪麗亞。謝謝大家今天加入我們的電話會議。與往常一樣，對於後續問題，請隨時直接與我聯繫。再次感謝你。

Thank you for participating in today's conference. This does conclude the program. You may now disconnect.

感謝您參加今天的會議。這確實結束了該程式。您現在可以斷開連線。