Exlservice Holdings Inc (EXLS) 2024 Q2 法說會逐字稿

Good day and thank you for standing by, and welcome to the second quarter 2024. EXL service Holdings, Inc. earnings conference. (Operator Instructions).

美好的一天，感謝您的支持，歡迎來到 2024 年第二季。EXL 服務控股公司收益會議。（操作員說明）。

Once again, please be advised that today's conference is being recorded.

再次請注意，今天的會議正在錄製中。

I would now like to hand the conference over to your first speaker for today, John Kristoff, VP of Investor Relations. John, please go ahead.

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，請繼續。

Thanks, Felicia, and hello and thank you for joining EXL's second quarter 2024 financial results conference call. On the call with me today are Rohit Kapoor, Chairman and Chief Executive Officer, and Maria Kelly, Chief Financial Officer. We hope you've had an opportunity to review the second quarter earnings release we issued this morning. We also have posted an earnings release slide deck and investor fact sheet in the Investor Relations section of our website.

謝謝 Felicia，您好，謝謝您參加 EXL 2024 年第二季財務業績電話會議。今天與我通話的有董事長兼執行長羅希特卡普爾 (Rohit Kapoor) 和財務長瑪麗亞凱利 (Maria Kelly)。我們希望您有機會回顧我們今天早上發布的第二季財報。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.

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 assumes no obligation to update the information presented on this conference call today. 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.

EXL 不承擔更新今天電話會議中提供的資訊的義務。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。

And with that, I'll turn the call over to Rohit.

然後，我會將電話轉給羅希特。

Thanks, John. Good morning, everyone. Welcome to EXL's second quarter 2024 earnings call. I'm pleased to be with you this morning sharing our strong financial results.

謝謝，約翰。大家早安。歡迎參加 EXL 2024 年第二季財報電話會議。我很高興今天早上能與大家分享我們強勁的財務表現。

In the second quarter, we generated revenue of $448 million, an increase of 11% year-over-year. We also grew second quarter adjusted EPS by 11% to $0.40 per share. The execution of our data and AI led strategy enabled us to accelerate our growth momentum across both our Analytics and Digital Operations & Solutions businesses during the quarter.

第二季度，我們營收 4.48 億美元，年增 11%。第二季調整後每股盈餘也成長了 11%，達到每股 0.40 美元。我們的數據和人工智慧主導策略的執行使我們能夠在本季度加快分析和數位營運與解決方案業務的成長勢頭。

In Analytics, we delivered revenue of $194 million for the quarter, up 2% sequentially and 6% year-over-year, driven by strong double-digit growth in health care payment services and data management. I am pleased to share that this marks the second consecutive quarter of sequential growth for Analytics, which positions us well to accelerate our growth rate in the second half of the year.

在分析方面，我們本季實現營收 1.94 億美元，季增 2%，年增 6%，這得益於醫療保健支付服務和數據管理強勁的兩位數成長。我很高興地告訴大家，這標誌著 Analytics 連續第二季實現環比成長，這使我們能夠在下半年加速成長。

Data management continues to be a major focus area for EXL and for our clients on their AI journey. The ability to generate insights and outcomes using AI hinges on accessible quality data, both structured and unstructured.

資料管理仍然是 EXL 和我們客戶的人工智慧之旅的主要關注領域。使用人工智慧產生見解和結果的能力取決於可獲取的結構化和非結構化的高品質資料。

In line with our strategy, I'm thrilled to announce our acquisition of ITI Data, a leading information and data management company serving the world's largest banks, financial services and health care firms. This acquisition not only bolsters our data management capabilities, but also greatly complements EXL's existing vertical markets, expanding our data and AI partner ecosystem and grows our geographic and Global 1000 client footprint.

根據我們的策略，我很高興地宣布我們收購了 ITI Data，這是一家領先的資訊和數據管理公司，為全球最大的銀行、金融服務和醫療保健公司提供服務。此次收購不僅增強了我們的數據管理能力，而且大大補充了 EXL 現有的垂直市場，擴大了我們的數據和人工智慧合作夥伴生態系統，並擴大了我們的地理和全球 1000 家客戶足跡。

This acquisition is an example of our commitment to further enhance our competitive differentiation by acquiring wider skill sets and deeper expertise in data management, as we strengthen our position as a data and AI-led company.

此次收購是我們承諾透過獲得更廣泛的技能和更深入的數據管理專業知識來進一步增強我們的競爭優勢的一個例子，同時我們鞏固了作為數據和人工智慧主導公司的地位。

In our Digital Operations & Solutions business during the second quarter, we once again delivered strong double-digit growth as we leverage our domain, data and AI capabilities to win in the market. We grew revenue 4% sequentially and 14% year-over-year to $255 million.

在第二季的數位營運和解決方案業務中，我們利用領域、數據和人工智慧能力贏得市場，再次實現了兩位數的強勁成長。我們的營收季增 4%，年增 14%，達到 2.55 億美元。

This acceleration of growth was driven by our Insurance and Emerging business segments, which grew 16% and 15%, respectively. Our clients continue to focus on cost efficiency and digital transformation, creating a favorable demand environment for us.

這種成長的加速是由我們的保險和新興業務部門推動的，分別成長了 16% 和 15%。我們的客戶持續專注於成本效率和數位轉型，為我們創造了有利的需求環境。

Last month marked EXL's 25 anniversary, and we commemorated the milestone by ringing the opening bell on NASDAQ. As I reflect on our journey over the past 2.5 decades, our transformation from a traditional outsourcing company to a recognized leader in data and AI has been truly remarkable and stands out.

上個月是 EXL 成立 25 週年，我們透過敲響納斯達克開盤鐘來紀念這一里程碑。當我回顧過去 2.5 年的歷程時，我們從一家傳統的外包公司轉變為資料和人工智慧領域公認的領導者，這一轉變確實令人矚目且脫穎而出。

Our strategic decisions to make timely pivots and evolve into a data and AI led company has contributed to our industry-leading growth rates, More importantly, we have positioned EXL for success in the rapidly evolving and expanding AI era.

我們及時做出轉變並發展成為數據和人工智慧主導公司的策略決策為我們行業領先的成長率做出了貢獻，更重要的是，我們使 EXL 在快速發展和擴張的人工智慧時代取得成功。

As we shared in our Investor Strategy Update event in May, AI has changed the business transformation landscape from one that was historically technology led to one that is now increasingly domain and data led. This plays to our core strengths in domain expertise, data mastery and AI implementation capabilities.

正如我們在 5 月的投資者策略更新活動中分享的那樣，人工智慧已經改變了業務轉型格局，從歷史上由技術主導的轉型，轉變為現在日益由領域和數據主導的轉型。這發揮了我們在領域專業知識、數據掌握和人工智慧實施能力方面的核心優勢。

It has significantly expanded our total addressable market and accelerated our growth rates, data and AI led revenue now accounts for more than half of the company's total revenue, and we anticipate that percentage to grow over time.

它顯著擴大了我們的總潛在市場並加快了我們的成長率，數據和人工智慧主導的收入目前占公司總收入的一半以上，我們預計這一比例將隨著時間的推移而成長。

We recently announced a strategic collaboration with NVIDIA to create enterprise-wide data and AI applications for insurance, healthcare, banking, retail and other industries. EXL's adoption of advanced AI technologies powered by NVIDIA AI helps our clients with fast and scalable AI in complex enterprise production environments.

我們最近宣布與 NVIDIA 達成策略合作，為保險、醫療保健、銀行、零售和其他行業創建企業範圍的數據和人工智慧應用。EXL 採用由 NVIDIA AI 提供支援的先進 AI 技術，可協助我們的客戶在複雜的企業生產環境中實現快速且可擴展的 AI。

As a leader in helping clients redesign customer journeys and reinvent business models by integrating data, analytics and AI directly into critical workflows, EXL will play a pivotal role in fine-tuning and applying the NVIDIA AI platform to highly specialized use cases.

作為透過將數據、分析和AI 直接整合到關鍵工作流程中來幫助客戶重新設計客戶旅程和重塑業務模式的領導者，EXL 將在微調NVIDIA AI 平台並將其應用於高度專業化的用例方面發揮關鍵作用。

I am happy to share that our first insurance-specific LLM, which has been fine-tuned on 2 billion tokens curated from insurance domain data is now production ready. Our fine-tuned model outperforms several foundational models such as GPT 4.0, Claude Sonnet and Llama-[70 billion] on insurance-specific tasks in the medical claims space.

我很高興與大家分享，我們的第一個特定於保險的法學碩士已經根據保險領域數據策劃的 20 億個代幣進行了微調，現已準備好投入生產。我們的微調模型在醫療索賠領域的保險特定任務上優於 GPT 4.0、Claude Sonnet 和 Llama-[700 億] 等多個基礎模型。

We leveraged a number of proprietary data preprocessing and fine-tuning techniques in close collaboration with NVIDIA's engineering teams to achieve this outcome. Given our success, we will continue to create additional domain-specific LLMs across our chosen industries.

我們與 NVIDIA 工程團隊密切合作，利用了多種專有的資料預處理和微調技術來實現這一成果。鑑於我們的成功，我們將繼續在我們選擇的行業中創建更多特定領域的法學碩士。

Our growing ability to tangibly improve our clients' businesses through domain, data and AI is reflected in the continued strength of our sales pipeline. We are particularly encouraged by the year-over-year growth we have experienced in the data and AI portion of our pipeline.

我們透過領域、數據和人工智慧切實改善客戶業務的能力不斷增強，這反映在我們銷售管道的持續實力上。我們對管道中的數據和人工智慧部分所經歷的逐年增長感到特別鼓舞。

Let me share a couple of recent examples of how we are harnessing our differentiated capabilities to deliver meaningful value for our clients. We partnered with a global personal and commercial lines insurer to help them improve underwriter utilization and drive higher premium growth. As part of the engagement, we deployed our SaaS-based underwriting solution on our proprietary AI platform.

讓我分享幾個最近的例子，說明我們如何利用我們的差異化能力為客戶提供有意義的價值。我們與一家全球個人和商業保險公司合作，幫助他們提高承保人利用率並推動更高的保費成長。作為合作的一部分，我們在專有的人工智慧平台上部署了基於 SaaS 的核保解決方案。

This included our patented gen AI, based [XTRAKTO.AI] solution for structured and unstructured data processing, an advanced scoring engine to generate a risk score for all incoming leads and automated decision-making algorithms.

這包括我們獲得專利的基於[XTRAKTO.AI] 的人工智慧解決方案，用於結構化和非結構化資料處理，一個先進的評分引擎，用於為所有傳入的潛在客戶生成風險評分，以及自動決策演算法。

The whole underwriting process now just takes a few hours where it used to take multiple days. This solution not only improves our client quote to policy conversion, but it also helps them improve the broker experience and drives better underwriter productivity and higher premium growth.

整個承保過程現在只需要幾個小時，而以前需要幾天的時間。該解決方案不僅改善了我們的客戶報價到保單的轉換，還幫助他們改善經紀人體驗並提高承保人的生產力和更高的保費成長。

This is a great example of how EXL is combining our insurance domain expertise along with our data and AI solutions to help our clients transform their operating model. In another example, we have been working with a Fortune 50 consumer goods company to help them solve challenges in their rapidly growing e-commerce business. They were experiencing a surge in data volume, which has strained their internal resources, resulting in frequent data pipeline failures and unreliable data quality.

這是 EXL 如何將我們的保險領域專業知識與我們的數據和人工智慧解決方案相結合以幫助我們的客戶轉變其營運模式的一個很好的例子。再舉個例子，我們一直在與財富 50 強消費品公司合作，幫助他們解決快速成長的電子商務業務中的挑戰。他們的數據量激增，導致內部資源緊張，導致數據管道頻繁故障和數據品質不可靠。

Leveraging our data engineering experience and capabilities, we help the clients streamline data flow and improve data quality, this included combining data in various disparate formats across supply chain, marketing and sales into a comprehensive data warehouse.

利用我們的資料工程經驗和能力，我們幫助客戶簡化資料流並提高資料質量，其中包括將供應鏈、行銷和銷售中各種不同格式的資料組合到一個綜合的資料倉儲中。

We also optimized their data extraction algorithms and developed various actionable executive dashboards empowering leaders to make informed decisions faster. This resulted in a reduction in pipeline failures of approximately 95% with consistent data availability and smooth processing.

我們還優化了他們的資料提取演算法，並開發了各種可操作的執行儀表板，使領導者能夠更快地做出明智的決策。這使得管道故障減少了約 95%，且資料可用性一致且處理流暢。

In addition, we were able to reduce their computing costs related to extracting, transforming and loading data for those pipelines by [over one-three.] These impressive results demonstrate our ability to leverage our deep data management capabilities to become the data and AI partner of choice for some of the largest companies in the world.

此外，我們能夠將他們與提取、轉換和加載這些管道數據相關的計算成本降低[超過三分之一]。智慧合作夥伴一些世界上最大的公司的選擇。

We continue to see growing opportunities in data management and engineering as more clients focus on complex foundational work necessary to prepare for broader AI deployment in the future, and we continue to successfully attract new specialized talents to EXL as well as train and develop our existing talent in data and AI.

隨著越來越多的客戶專注於為未來更廣泛的人工智慧部署做好準備所需的複雜基礎工作，我們繼續看到資料管理和工程領域不斷增長的機會，我們繼續成功吸引新的專業人才加入EXL，並培訓和發展我們現有的人才在數據和人工智慧方面。

In summary, we delivered strong results in the second quarter, and we are encouraged by the acceleration of growth across our analytics and digital operations and solutions businesses, the consistent execution of our data and AI-led strategy, combined with our growing data and AI sales pipeline puts us in a strong position for further growth in the second half of the year.

總而言之，我們在第二季度取得了強勁的業績，我們對分析、數位營運和解決方案業務的加速成長、數據和人工智慧主導策略的一致執行以及不斷增長的數據和人工智慧感到鼓舞銷售管道使我們處於下半年進一步成長的有利地位。

With that, I'll turn the call over to Maurizio to cover our financial performance in detail.

接下來，我會將電話轉給毛里齊奧，詳細介紹我們的財務表現。

Thank you, Rohit, and thanks, everyone, for joining us this morning. I will provide insights into our financial performance for the second quarter and the first six months of 2024, followed by our revised outlook for the full year, we delivered a strong second quarter with revenue of $448.4 million, up 10.7% year-over-year on a reported basis. On a constant currency basis, we grew revenue 10.8% year-over-year and 2.8% sequentially. All revenue growth percentages mentioned hereafter are on a constant currency basis.

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二季和 2024 年前六個月的財務業績，然後是我們修訂後的全年展望，我們第二季度表現強勁，收入為 4.484 億美元，同比增長 10.7%在報告的基礎上。以固定匯率計算，我們的營收年增 10.8%，季增 2.8%。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 three reportable segments, excluding Analytics, was $254.6 million, which represents year-over-year growth of 14.3%. Sequentially from the first quarter of 2024, we grew revenue 3.6%.

我們的數位營運和解決方案業務（由三個可報告部門（不包括分析）定義）的收入為 2.546 億美元，年增 14.3%。從 2024 年第一季開始，我們的營收成長了 3.6%。

In the Insurance segment, we generated revenue of $149.3 million, an increase of 16.2% year-over-year and 2.8% sequentially this growth was driven by the expansion of existing client relationships and new client wins, the Insurance vertical consisting of both our Digital Operations & Solutions and Analytics businesses grew 12.9% year-over-year with revenue of $185.7 million.

在保險領域，我們的收入為 1.493 億美元，年增 16.2%，環比增長 2.8%，這一增長是由現有客戶關係的擴展和新客戶贏得推動的，保險垂直領域包括我們的數位營運、解決方案和分析業務年增12.9%，營收達1.857 億美元。

In the Emerging segment, we grew revenue 15.1% year-over-year and 4% sequentially to $77.2 million. This growth was primarily driven by the expansion of existing client relationships, the emerging vertical consisting of both our Digital Operations & Solutions and Analytics businesses grew 5% year-over-year with revenue of $159.7 million.

在新興市場，我們的營收年增 15.1%，季增 4%，達到 7,720 萬美元。這一成長主要是由現有客戶關係的擴展推動的，由我們的數位營運和解決方案以及分析業務組成的新興垂直業務同比增長 5%，收入達到 1.597 億美元。

The Healthcare segment reported revenue of $28.1 million, growing 3.5% year-over-year and 7% sequentially. This growth was driven by higher volumes in our Clinical Services business. The Healthcare vertical, consisting of our Digital Operations & Solutions and Analytics businesses, grew 16.8% year-over-year with revenue of $103 million.

醫療保健部門報告收入為 2810 萬美元，年增 3.5%，環比增長 7%。這一增長是由我們的臨床服務業務量增加所推動的。醫療保健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 16.8%，營收達 1.03 億美元。

In the Analytics segment, we generated revenue of $193.8 million, up 6.4% year-over-year and 1.7% sequentially. Growth in Analytics was driven by higher volumes in payment services and growth in our data management business.

在分析領域，我們的營收為 1.938 億美元，年增 6.4%，季增 1.7%。分析的成長是由支付服務量的增加和我們的資料管理業務的成長所推動的。

SG&A expenses as a percentage of revenue increased by 230 basis points year-over-year to 20.5% driven by investments in sales and marketing, generative AI and digital solutions as well as restructuring and litigation settlement costs.

由於銷售和行銷、產生人工智慧和數位解決方案以及重組和訴訟和解成本的投資，SG&A 費用佔收入的百分比同比增長 230 個基點，達到 20.5%。

In the second quarter, we incurred $6.2 million in restructuring and litigation settlement costs to realign a portion of our employee workforce to better meet the evolving needs of our clients. This was largely completed in the second quarter. We do not expect to incur any additional material costs in the third quarter.

第二季度，我們產生了 620 萬美元的重組和訴訟和解費用，以重新調整部分員工隊伍，以更好地滿足客戶不斷變化的需求。該工作已在第二季基本完成。我們預計第三季不會產生任何額外的材料成本。

Our adjusted operating margin for the quarter was 19.8%, down 20 basis points year-over-year, primarily due to increased SG&A investments. Our effective tax rate for the quarter was 23.2%, down 70 basis points year-over-year. This was driven by higher profits in lower tax jurisdictions. Our adjusted EPS for the quarter was $0.40, a 10.8% increase year-over-year on a reported basis.

本季調整後營業利潤率為 19.8%，年減 20 個基點，主要是由於 SG&A 投資增加。本季我們的有效稅率為 23.2%，年減 70 個基點。這是由低稅收管轄區更高的利潤推動的。我們本季調整後的每股收益為 0.40 美元，按報告數據年增 10.8%。

Turning to our first half performance. Our revenue for the period was $884.9 million, up 9.8% year-over-year on a reported and constant currency basis. This growth was driven by both our Digital Operations & Solutions and Analytics businesses.

回到我們上半場的表現。我們本季的營收為 8.849 億美元，按報告和固定匯率計算，年增 9.8%。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。

Adjusted operating margin for the period was 19.4%, down 30 basis points year-over-year. Our first half adjusted EPS was $0.78, up 9.9% year-over-year on a reported basis.

調整後營業利益率為 19.4%，較去年同期下降 30 個基點。我們上半年調整後每股收益為 0.78 美元，按報告計算年增 9.9%。

Our balance sheet remained strong. Our cash, including short- and long-term investments, as of June 30 was $285 million, and our revolver debt was $335 million for a net debt position of $50 million. We generated cash flow from operations of $75 million in the second quarter compared to $48 million for the same period in 2023, driven by improved working capital management.

我們的資產負債表仍然強勁。截至 6 月 30 日，我們的現金（包括短期和長期投資）為 2.85 億美元，循環債務為 3.35 億美元，淨債務部位為 5,000 萬美元。在營運資本管理改善的推動下，我們第二季的營運現金流為 7,500 萬美元，而 2023 年同期為 4,800 萬美元。

During the first 6 months, we spent $23 million on capital expenditures and repurchased approximately 4.3 million shares at an average cost of $30 per share for a total of $128.3 million. This includes 3.35 million shares received upfront as part of our previously announced $125 million accelerated share repurchase plan. We received the remaining shares in July.

前 6 個月，我們花了 2,300 萬美元的資本支出，並以每股 30 美元的平均成本回購了約 430 萬股股票，總計 1.283 億美元。這包括作為我們先前宣布的 1.25 億美元加速股票回購計畫的一部分預先收到的 335 萬股股票。我們在七月收到了剩餘的股份。

Now moving on to our outlook for 2024. Although the macroeconomic environment remains unpredictable, we are raising our guidance range for revenue based on our strong first six months results and the recent acquisition of ITI Data.

現在我們展望 2024 年。儘管宏觀經濟環境仍然不可預測，但基於我們強勁的前六個月業績以及最近收購 ITI Data，我們正在提高收入指導範圍。

We now anticipate revenue to be in the range of $1.805 billion to $1.83 billion, representing year-over-year growth of 11% to 12% on both a reported and constant currency basis. This represents an increase of $13 million at the midpoint from our previous guidance of $1.79 billion to $1.82 billion. The current revenue guidance includes $7 million to $9 million from ITI Data for the remaining 5 months of 2024.

我們目前預計營收將在 18.05 億美元至 18.3 億美元之間，按報告和固定匯率計算，年增 11% 至 12%。這意味著從我們之前指導的 17.9 億美元增加到 18.2 億美元，中間值增加了 1300 萬美元。目前的收入指導包括 2024 年剩餘 5 個月來自 ITI Data 的 700 萬至 900 萬美元。

We expect a foreign exchange gain of approximately $1 million, net interest expense of approximately $5 million to $6 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 $1.59 to $1.62, representing year-over-year growth of 11% to 13%, which is an increase from our prior adjusted EPS guidance of $1.58 to $1.62.

我們預計外匯收益約為 100 萬美元，淨利息支出約為 500 萬至 600 萬美元，全年有效稅率為 23% 至 24%。據此，我們預計調整後每股收益將在 1.59 美元至 1.62 美元之間，年增 11% 至 13%，高於我們先前調整後每股收益指引值 1.58 美元至 1.62 美元。

The ITI Data acquisition is expected to be neutral to adjusted EPS in 2024. We expect capital expenditures to be in the range of $50 million to $55 million.

ITI Data 收購預計對 2024 年調整後每股盈餘產生中性影響。我們預計資本支出將在 5,000 萬至 5,500 萬美元之間。

In summary, we are pleased with our second quarter results and encouraged by the acceleration of our growth momentum. By continuing to execute on our data and AI-led strategy, we are confident in our ability to maintain our double-digit growth trajectory.

總而言之，我們對第二季的業績感到滿意，並對我們成長動能的加速感到鼓舞。透過繼續執行我們的數據和人工智慧主導的策略，我們對保持兩位數成長軌蹟的能力充滿信心。

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

至此，羅希特和我現在很樂意回答你們的問題。

(Operator Instructions)

（操作員說明）

Maggie Nolan of William Blair.

威廉·布萊爾的瑪吉·諾蘭。

Hi, thank you. I'm hoping you can break down your analytics segment in a little bit more detail for us where you're seeing incremental tailwinds versus where you're seeing headwinds by kind of offering and vertical alignment within the analytics segment as well?

你好，謝謝。我希望您能為我們更詳細地分解您的分析細分市場，透過分析細分市場內的產品類型和垂直調整，您會看到增量順風還是逆風？

Sure, Maggie. So as we mentioned, the places where we are seeing a tremendous amount of growth is around some of the work that we do on healthcare payment services as well as data management. Both of these continue to drive the growth in our Analytics business very nicely in double digits.

當然，瑪吉。正如我們所提到的，我們看到巨大成長的地方是我們在醫療保健支付服務和資料管理方面所做的一些工作。這兩者都繼續推動我們的分析業務以兩位數的速度成長。

We are also seeing some of the strength come back across some of the industry verticals. So what do we do in Analytics, particularly in some of the other industry verticals like retail and banking, and that's encouraging for us. And then as we mentioned previously, marketing analytics for us continues to be a tailwind and that's something which has been a drag in terms of our growth rate for the second quarter.

我們也看到一些垂直產業的實力有所恢復。那麼我們在分析方面做了什麼，特別是在零售和銀行等其他一些垂直行業，這對我們來說是令人鼓舞的。正如我們之前提到的，行銷分析對我們來說仍然是一股順風，這一直拖累我們第二季的成長率。

Thank you. And can you talk in a little bit more detail about the adjusted operating margin expansion expectation on a quarterly basis? And in particular, what we should expect in terms of SG&A investments over the remainder of the year?

謝謝。您能否更詳細地談談調整後的季度營運利潤率擴張預期？特別是，我們對今年剩餘時間的銷售管理、行政管理投資有何預期？

Sure, Maggie. So when you take a look at our adjusted operating margin, in 2023, our margin expanded 100 basis points to 19.3% and we had guided this year to be flat -- fairly flat with 2023. If you look at the first half of the year, we ended the first half of the year at 19.4%. We had a lower first quarter because of a number of investments that we planned on making and we made that brought that AOPM down to 18.9%.

當然，瑪吉。因此，當你看一下我們調整後的營業利潤率時，2023 年，我們的利潤率擴大了 100 個基點，達到 19.3%，我們預計今年將持平——與 2023 年相當持平。如果你看今年上半年，我們上半年的成長率為 19.4%。我們第一季的業績較低，因為我們計劃進行大量投資，而我們的投資使 AOPM 下降至 18.9%。

But now that we've made those investments in the first quarter, we get to much more of a normalized AOPM for the rest of the year. So you can anticipate or expect the second half of the year AOPM to be right in line with our guidance to being flat with 2023, right around that 19.3%, 19.4% range.

但現在我們已經在第一季進行了這些投資，今年剩餘時間我們將獲得更多標準化的 AOPM。因此，您可以預期或預計今年下半年 AOPM 將與我們的指導一致，即與 2023 年持平，大約在 19.3%、19.4% 的範圍內。

In terms of SG&A investments, we made a number of investments, both in AI and also in our front-end sales in the first half of the year. So our second half investments in SG&A should be fairly reasonable, nothing significant in SG&A. Thank you.

在SG&A投資方面，我們在上半年進行了多項投資，包括人工智慧和前端銷售。因此，我們下半年在 SG&A 上的投資應該相當合理，在 SG&A 上沒有重大的投資。謝謝。

Bryan Bergin of TD Cowen.

TD Cowen 的布萊恩伯金 (Bryan Bergin)。

Good morning, I mean on ITI, can you give more detail on how that target complements your existing data management practice? I'm curious if it's about -- more about scale or more so additive solutions and kind of the industry penetration? And then just on the financial side, has that -- can you comment on how growth has been performing there?

早安，我的意思是 ITI，您能否詳細說明該目標如何補充您現有的資料管理實務？我很好奇它是否更多地與規模有關，或者更多地與添加劑解決方案和行業滲透有關？那麼就財務方面而言，您能評論一下那裡的成長表現嗎？

Sure. So first of all, we are really excited to welcome the ITI team to become part of EXL. As we've kind of gotten to know them, we find that there's exceptional talent within ITI Data. I think what it does for us is from a strategic lens, it further strengthens our capability in data management, and it allows us to be able to provide a wider array of services to our clients around data management.

當然。首先，我們非常高興地歡迎 ITI 團隊成為 EXL 的一部分。隨著我們對他們的了解，我們發現 ITI Data 內部擁有傑出的人才。我認為它對我們的作用是從策略的角度來看，它進一步增強了我們在資料管理方面的能力，它使我們能夠圍繞資料管理為客戶提供更廣泛的服務。

It also brings to us a much more Global 1000 customer base. And so a number of new large client relationships that we think we can leverage together and add to the capabilities out there. It also brings some IP as well as some partnerships, which we think would be additive and would be helpful.

它還為我們帶來了更多的全球 1000 強客戶群。因此，我們認為我們可以共同利用一些新的大客戶關係並增加現有的能力。它還帶來了一些知識產權以及一些合作夥伴關係，我們認為這將是附加的並且會有所幫助。

And then finally, it's got a very nice global mix of business that complements the capabilities that EXL has. So we are excited about this combination. And we think with this combination, we should be able to grow the business at a much faster pace and be able to add to the service offerings that we currently have for our clients around data management.

最後，它擁有非常好的全球業務組合，並補充了 EXL 的功能。所以我們對這種組合感到興奮。我們認為，透過這種組合，我們應該能夠以更快的速度發展業務，並且能夠增加我們目前為客戶提供的資料管理服務。

Okay. And then my follow-up, just on the gen AI front. The insurance specific LLM you trained here is interesting. Can you comment on how you intend to contract engagements that may leverage that as well as just any other details on kind of the productivity and delivery implications?

好的。然後是我的後續行動，就在新一代人工智慧方面。您在這裡培訓的保險專業法學碩士很有趣。您能否評論一下您打算如何簽訂可能利用這一點的合約以及有關生產力和交付影響的任何其他細節？

Yes. So that's exciting for us. It's our first domain-specific trained LLM and we naturally chose to do that in our insurance vertical, which is where we've got the maximum amount of domain knowledge as well as access to data.

是的。這對我們來說是令人興奮的。這是我們第一個經過特定領域培訓的法學碩士，我們自然地選擇在我們的保險垂直領域這樣做，這是我們擁有最大量的領域知識以及資料存取權限的地方。

And I think the -- there are a number of things that we are learning as we are experimenting with this and as we are building up these LLMs. Number one, what we are finding is, foundational models are good. But when you have to deploy them into the workflow, these need to be specifically trained on the domain and data from that domain and that's what allows them to be a lot more effective and be able to be a lot more productive.

我認為，當我們進行試驗和建立這些法學碩士時，我們正在學習很多東西。第一，我們發現基礎模型很好。但是，當您必須將它們部署到工作流程中時，需要對這些網域和來自該網域的資料進行專門培訓，這使得它們更加有效並且能夠更有效率。

So one of the things which we have done is to create our own insurance LLM, which can now be a plug and play. So it actually allows us to be able to offer that service to multiple clients simultaneously. And it requires a onetime effort upfront, which is what we have done and trained that LLM on 2 billion parameters.

因此，我們所做的事情之一就是創建我們自己的保險法學碩士，它現在可以是即插即用的。因此，它實際上使我們能夠同時向多個客戶提供該服務。這需要預先付出一次性的努力，這就是我們所做的，並用 20 億個參數對法學碩士進行了培訓。

And we are finding that the efficacy of that LLM is far superior to the foundational models that we are kind of testing it out against and so it allows us to be able to deploy the solution with speed, at much lower cost and get great results.

我們發現該法學碩士的功效遠遠優於我們正在測試的基礎模型，因此它使我們能夠以更低的成本快速部署解決方案並獲得良好的結果。

I think in terms of the commercial model, that's something which is going to evolve as we go forward. It will depend upon the kind of engagement that our clients want to kind of have with us. If they want to have an engagement, which is a total outsourcing engagement, we will embed this as part of the cost structure and be able to offer them a benefit and an outcome and it might be a commercial model that integrates in our operations management capabilities, our analytics capabilities and the LLM.

我認為就商業模式而言，隨著我們的前進，這將會不斷發展。這將取決於我們的客戶希望與我們進行何種互動。如果他們想要參與，即完全外包參與，我們會將其嵌入成本結構的一部分，並能夠為他們提供利益和成果，這可能是整合到我們的營運管理能力中的商業模式、我們的分析能力和法學碩士。

In other situations where clients may want to adopt this as a stand-alone capability, there would be perhaps a licensing agreement as well as a payment for the use of this LLM. And obviously, this is just the beginning for us. We hope to be able to continue to kind of keep improving on this and also building out LLMs in other industry verticals.

在其他情況下，客戶可能希望將其作為獨立功能採用，可能會簽訂許可協議以及使用該法學碩士的費用。顯然，這對我們來說只是一個開始。我們希望能夠繼續在這方面不斷改進，並在其他垂直行業建立法學碩士。

I think our viewpoint is that, that's where the market is headed. And we are excited that we are able to kind of take the lead in terms of going forward with one of these LLMs and be able to demonstrate its performance and its efficacy.

我認為我們的觀點是，這就是市場的發展方向。我們很高興能夠在其中一個法學碩士的發展方面發揮領導作用，並能夠展示其表現和功效。

All right, very good. Thank you.

好的，非常好。謝謝。

Surinder Thind of Jefferies.

傑弗里斯的蘇林德·辛德（Surinder Thind）。

Thank you. Rohit, just following up on the prior question about proprietary LLMs that are industry specific. Can you help me understand how the training of the models work in the sense that where are you getting that data from? And then are you able to then go to the client? And does it have to be further trained with client data? Or where is the IP for some of that exists?

謝謝。羅希特（Rohit），只是跟進之前有關特定行業的專有法學碩士的問題。您能否幫助我理解模型的訓練是如何運作的，也就是您從哪裡取得資料？然後你能去找客戶嗎？是否需要使用客戶資料進行進一步培訓？或者其中一些存在的 IP 在哪裡？

Sure, Surinder. So first off, as you know, for us, we go deep into industry verticals, and we work with multiple clients across each of our industry verticals. So take insurance as an example. We work with several leading carriers in that space, and we have a deep knowledge and understanding about the workflow, the processes, the data and everything that needs to happen there.

當然，蘇林德。因此，正如您所知，首先，對我們來說，我們深入垂直行業，並與每個垂直行業的多個客戶合作。所以以保險為例。我們與該領域的幾家領先運營商合作，我們對工作流程、流程、數據以及那裡需要發生的一切都有深入的了解和理解。

Second, we do have contractual rights to be able to use the data across some of our client relationships. And those situations where we have permissioning to be able to use the data as well as to be able to use derivative actionable data, we're basically using both of this. So we are using the primary data as well as some of the derivative data to be able to train our models on these insurance processes.

其次，我們確實擁有能夠在某些客戶關係中使用資料的合約權利。在我們獲得許可能夠使用資料以及能夠使用衍生的可操作資料的情況下，我們基本上同時使用了這兩種資料。因此，我們使用主要數據以及一些衍生數據來訓練我們在這些保險流程上的模型。

Now going forward, in terms of the work that we will do, certainly, in terms of areas where we have invested in terms of creating that model, and we have trained that data, that IP will belong to us. But as we deploy it in client workflows, that IP will jointly be owned by us and by our clients. So it's going to be no different than other technology solutions that we create or we deploy across our client portfolio.

現在，就我們將要做的工作而言，當然，就我們在創建該模型方面投資的領域而言，並且我們已經訓練了該數據，該知識產權將屬於我們。但當我們將其部署在客戶工作流程中時，該智慧財產權將由我們和我們的客戶共同擁有。因此，它與我們創建或在客戶組合中部署的其他技術解決方案沒有什麼不同。

But I think the exciting part out here is the efficacy that we are able to get, I mean, that is beating the foundational models, which are trained on much, much more larger parameters. I think that's what is exciting for us and for our clients.

但我認為這裡令人興奮的部分是我們能夠獲得的功效，我的意思是，這超越了基礎模型，這些模型是在更大的參數上進行訓練的。我認為這對我們和我們的客戶來說是令人興奮的。

That's helpful. And then just in terms of a bigger picture question here. I think you've noted that the current environment from a digital ops perspective has been highly supportive with considerations around cost and efficiency. But as we move towards maybe rates coming down, perhaps a bit more growth on the discretionary spend in part, how are you thinking about the potential impact on the digital ops business? So how much of that tailwind should go away as we think over the next 2, 3 years or whenever the demand normalizes?

這很有幫助。然後就這裡更大的問題而言。我想您已經注意到，從數位營運的角度來看，當前環境對於成本和效率的考慮非常支持。但隨著我們的利率可能會下降，可自由支配支出可能會成長，您如何看待這對數位營運業務的潛在影響？那麼，當我們考慮未來 2、3 年或需求正常化時，這種順風應該會消失多少？

Sure. So fundamentally, when we think about our business and what we are helping our clients with at the highest level, there are two things that we are helping them with. Number one is helping them drive down cost; and number two, helping them transform their businesses. That's what we focus in on the digital operations side.

當然。因此，從根本上來說，當我們考慮我們的業務以及我們在最高水平上為客戶提供哪些幫助時，我們正在為他們提供兩件事幫助。第一是幫助他們降低成本；第二，幫助他們實現業務轉型。這就是我們在數位營運方面的重點。

We've said always that for us, the demand environment continues to be strong as long as the penetration is low and the adoption of our capabilities can be used to leverage for clients being able to benefit from the cost reduction as well as transformation of their operating processes.

我們一直說，對我們來說，只要滲透率較低，需求環境就會持續強勁，並且我們的能力的採用可以使客戶能夠從成本降低和業務轉型中受益。

In an economic environment where the growth rates are slowing down, the interest rates are coming down, the propensity of clients to focus in on a lot more cost savings becomes even more significant. So frankly, at that point of time, we would expect more and more immediacy in terms of client actions outsourcing their work and entrusting that work to us so that we can actually lower and reduce their cost structure in a very significant way.

在成長率放緩、利率下降的經濟環境中，客戶更重視節省成本。坦白說，在那個時候，我們希望客戶的行動能夠越來越即時地外包他們的工作並將該工作委託給我們，以便我們實際上可以以非常顯著的方式降低和減少他們的成本結構。

In terms of transformation, the way in which clients are approaching this is they want to be able to get the benefit of the transformation in the current period itself. And therefore, they want to work with those providers that have the necessary tools and the skill sets and the capabilities that can be deployed immediately where the return on investment can be very, very high, very quickly. So I think we end up being a very credible partner for our clients in terms of helping them engage on the transformation initiative as well.

就轉型而言，客戶處理這一問題的方式是他們希望能夠在當前時期獲得轉型的好處。因此，他們希望與那些擁有必要工具、技能組合和可以立即部署的能力的提供者合作，投資回報可以非常非常高、非常快。因此，我認為我們最終會成為客戶非常可靠的合作夥伴，幫助他們參與轉型計畫。

So that's why I think for us, the Digital Operations & Solutions business is strong, and we would expect it to continue to remain strong. Our expectation is that our growth rate has accelerated in the second quarter, both in analytics and in digital operations and we do expect that acceleration to continue in the second half of this year.

這就是為什麼我認為對我們來說，數位營運和解決方案業務很強勁，我們預計它將繼續保持強勁。我們的預期是，我們的成長率在第二季度有所加快，無論是在分析還是在數位營運方面，我們確實預計這種加速將在今年下半年繼續。

Puneet Jain of JPMorgan.

摩根大通的普尼特‧賈恩 (Puneet Jain)。

Thanks for taking my question. I have like a follow-up on digital ops. So it seems like in the industry, clients' in-house operations are ramping up on an overall basis. Are you seeing that trend in operations management as well? And broadly, what do you expect for in-sourcing versus outsourcing decisions by your clients in digital ops?

感謝您提出我的問題。我有關於數字操作的後續行動。因此，在該行業中，客戶的內部業務似乎總體上正在增加。您是否也看到了營運管理的這種趨勢？從廣義上講，您對客戶在數位營運方面的內包與外包決策有何期望？

Puneet, yes, I think clients do use multiple avenues for being able to manage and run their operations efficiently and certainly creating in-house operations or captive operations or global captive centers, that is certainly part of that portfolio.

普尼特，是的，我認為客戶確實使用多種途徑來有效地管理和運營其業務，當然還可以創建內部業務或自保業務或全球自保中心，這當然是該投資組合的一部分。

I think the place where we tend to have an advantage is where there is a leading and cutting-edge technology that needs to be applied, where data flows need to be integrated in the customer workflows, where AI needs to be deployed, that's where I think we have an advantage because we tend to see this across multiple clients and across multiple use cases, and therefore, our understanding of being able to deploy this effectively in a shorter time period and quickly tends to be a little bit better.

我認為我們往往有優勢的地方是，哪裡有領先、前沿的技術需要應用，哪裡需要將資料流整合到客戶工作流程中，哪裡需要部署人工智慧，這就是我所關注的地方。 ，因為我們傾向於在多個客戶端和多個用例中看到這一點，因此，我們對能夠在更短的時間內快速有效地部署它的理解往往會更好一些。

So it actually works quite well because we end up complementing some of the work that the in-house captives are doing. And many times, we might do the work initially and subsequently, the captive might do that work or vice versa, right?

所以它實際上運作得很好，因為我們最終補充了內部俘虜正在做的一些工作。很多時候，我們可能會先做這項工作，隨後，俘虜也可能做這項工作，反之亦然，對嗎？

So it actually is a good ecosystem. I think the key is, can we continue to remain competitive and continue to innovate and continue to be adding value to our client relationships across the board. And I think by virtue of us going deep into the domain, by going deep into data, by going deep into AI, which is our strategy, we are able to maintain that differentiation and that competitive edge.

所以它實際上是一個很好的生態系統。我認為關鍵是，我們能否繼續保持競爭力，繼續創新，並繼續為我們的客戶關係全面增加價值。我認為，憑藉我們深入該領域、深入數據、深入人工智慧（這是我們的策略），我們能夠保持這種差異化和競爭優勢。

Got it. No, that makes sense. And then you had like accelerated repurchase this year just completed an acquisition. From here on, how should we think about the use of cash, and also, like how much you are paying for the ITI acquisition?

知道了。不，這是有道理的。然後你想加速回購今年剛完成的收購。從現在開始，我們應該如何考慮現金的使用，以及您為 ITI 收購支付了多少錢？

Sure, Puneet. So to answer your latter question, the ITI acquisition was $26 million in cash that we purchased the company for. So we use that from existing cash resources. Going forward, we have been pretty aggressive on share repurchase in the first seven months of the year. We closed the ASR in July. And we've repurchased right around $160 million worth of stock so far this year right around $30 per share.

當然，普尼特。因此，為了回答你的後一個問題，ITI 收購是我們購買該公司的 2,600 萬美元現金。因此，我們使用現有的現金資源。展望未來，今年前七個月我們在股票回購方面相當積極。我們於 7 月關閉了 ASR。今年到目前為止，我們已經回購了價值約 1.6 億美元的股票，每股約 30 美元。

So it's been very -- we've been fairly aggressive, and we've done a good price on our share repurchases for the year. We got approval of $0.5 billion back in March by the Board for the next two years for share repurchases. So at least for 2025, our minimum for share repurchases that we would plan on is at least half that number, which would require us to do about another $90 million in share repurchases in the final five months of the year.

因此，我們相當積極，並且在今年的股票回購方面取得了不錯的價格。今年 3 月份，我們獲得了董事會批准，用於未來兩年的 5 億美元股票回購。因此，至少到 2025 年，我們計劃的最低股票回購數量至少是該數字的一半，這將要求我們在今年最後五個月內再進行約 9,000 萬美元的股票回購。

So when we allocate capital for the remainder of 2024, you'll see a portion of that go towards share repurchases and then any other opportunities that come up on the M&A side going forward.

因此，當我們為 2024 年剩餘時間分配資本時，您會看到其中一部分用於股票回購，以及未來併購方面出現的任何其他機會。

Dave Koning of Baird.

貝爾德公司的戴夫·科寧。

Yes, hey, guys. Nice quarter in. I guess my first question, new wins were really strong new client wins in the quarter. I think the best I think we've ever seen certainly a lot higher than many of the recent quarters. I guess is that an indication in part that macros getting a lot better. And maybe what are the size of those? Is the size also bigger in what's the lag again, like when you win this quarter a lot. Is that kind of a really a 2025 on impact more so than next six months?

是的，嘿，夥計們。不錯的季度。我想我的第一個問題是，新的勝利是本季真正強勁的新客戶勝利。我認為我們所見過的最好的水平肯定比最近幾個季度的許多水平要高得多。我想這在一定程度上表明宏變得更好了。也許它們的大小是多少？再次滯後時的尺寸是否也更大，就像當你在本季度贏得很多一樣。2025 年的影響真的比未來六個月更大嗎？

Yes. Thanks, Dave. So we're very pleased with the number of new client wins that we had in the second quarter. And also, if you saw our first quarter new client wins was pretty healthy. So I think in the first half of the year, we've signed up 39 new clients, 23 of them coming in the second quarter.

是的。謝謝，戴夫。因此，我們對第二季贏得的新客戶數量感到非常滿意。而且，如果您看到我們第一季的新客戶贏得情況相當健康。所以我認為今年上半年，我們已經簽約了 39 個新客戶，其中 23 個是在第二季到來的。

I think what this is showing us is that the adoption of our business model and working with clients seems to be resonating nicely. And therefore, we have been able to widen the number of client relationships that we work with. We're also very happy about the quality of these new clients that we are signing up because some of these are very significant client relationships, and we expect to be able to do a very significant and meaningful amount of revenue with them.

我認為這向我們展示的是，我們的商業模式的採用以及與客戶的合作似乎產生了很好的共鳴。因此，我們能夠擴大合作的客戶關係數量。我們也對我們正在簽約的這些新客戶的品質感到非常高興，因為其中一些是非常重要的客戶關係，我們希望能夠與他們一起獲得非常可觀且有意義的收入。

But as you correctly noted, most of this is going to be a revenue growth that takes place in 2025 and beyond. We get very little growth from new clients in the current period. Keep in mind that we've had a good track record of signing up new clients in all of '23 and '24 as well. And some of the clients that we signed up in '23, we are still in the process of ramping those up right now and into the second half of '24. So that should be adding on to our volume of business going forward.

但正如您正確指出的那樣，其中大部分將是 2025 年及以後發生的收入成長。目前，我們從新客戶那裡獲得的成長很少。請記住，我們在 2023 年和 24 年的所有新客戶簽約方面都擁有良好的記錄。對於我們在 23 年簽約的一些客戶，我們現在仍在增加這些客戶，並進入 24 年下半年。因此，這應該會增加我們未來的業務量。

Got you. And maybe as my follow-up, you guys don't do -- you guys have very, very limited like restructuring type actions over time. You've super clean financials for many years and this was pretty small too, the $6 million or so. But maybe describe a little more. Was this part of why employee growth was a little slower sequentially than normal? And maybe what are the savings going to be around it? Or just maybe a little more data around it.

明白你了。也許作為我的後續行動，你們不會這樣做——隨著時間的推移，你們的重組類型行動非常非常有限。多年來，你們的財務狀況一直非常乾淨，而且這個數字也很小，只有 600 萬美元左右。但也許描述得更多。這是員工成長比正常情況稍慢的部分原因嗎？也許圍繞它可以節省多少？或只是更多一些相關數據。

Sure, Dave. So in the second quarter, we did have a restructuring and legal settlement charge of $6.2 million. The restructuring piece was $4.8 million. It involved about 450 employees that were affected by the restructuring, so less than 1% of the overall workforce. And it was really just to realign a small portion of our workforce during the quarter.

當然，戴夫。所以在第二季度，我們確實有 620 萬美元的重組和法律和解費用。重組費用為 480 萬美元。此次重組涉及約 450 名員工，不到員工總數的 1%。實際上只是在本季重新調整了一小部分員工隊伍。

And so it did contribute to a slower headcount growth number during the second quarter. We grew just slightly north of 800 employees during the quarter, and so they did contribute to that. But it was really just a onetime exercise in the second quarter, and we don't see that reoccurring at all for the rest of the year.

因此，這確實導致了第二季員工人數成長放緩。本季我們的員工人數略高於 800 名，因此他們確實對此做出了貢獻。但這其實只是第二季的一次性活動，我們認為今年剩餘時間不會再發生這種情況。

Got it. Thanks, guys. Nice job.

知道了。謝謝，夥計們。幹得好。

David Grossman of Stifel.

Stifel 的大衛·格羅斯曼。

Good morning. Thank you. I just wanted to follow up on two of the questions that were already asked. The first one was just, Rohit, going back to the backlog and the pipeline. You talked about the pipeline at least for data analytics being fairly strong and AI. I'm just curious on the ops -- digital ops side, what does the backlog look like year-over-year and as well as the pipeline and where are we in terms of rolling out '23 wins in '24? Do you think that's going to extend into '25? Or do you think most of those contracts will ramp in '24?

早安.謝謝。我只是想跟進已經提出的兩個問題。第一個是，羅希特，回到積壓和管道。您談到了至少數據分析和人工智慧的管道。我只是對營運 - 數位營運方面感到好奇，積壓的訂單同比情況以及管道情況如何，以及我們在 24 年推出 23 場勝利方面處於什麼位置？您認為這種情況會延續到 25 年嗎？或者您認為大部分合約會在 24 年增加嗎？

Sure, David. So the backlog and the pipeline for us across the board continues to be pretty healthy. It continues to be strong. We're not really seeing any material change in that. I think for us, in terms of the implementation of deals that we've already won, we've only partially implemented the backlog that we had at the beginning of the year.

當然，大衛。因此，我們的整體積壓和管道仍然非常健康。它繼續強勁。我們並沒有真正看到這方面有任何實質變化。我認為對我們來說，就我們已經贏得的交易的實施而言，我們只部分實施了年初的積壓訂單。

We've got a tremendous amount of backlog that we still need to implement on in the second half of this year. And there are a number of large client wins that we will be implementing in the second half of the year.

我們有大量的積壓工作，仍然需要在今年下半年實施。我們將在今年下半年實現一些大客戶的成功。

The pipeline for us is basically strong across verticals. But what I would say is while the large deal pipeline within our overall pipeline, that ratio is about the same as what it's been previously.

我們的管道在各個垂直領域基本上都很強大。但我要說的是，雖然我們的整體管道中有大量交易管道，但該比率與以前大致相同。

The place where we've seen, obviously, a tremendous amount of growth in the pipeline is the pipeline attributable to gen AI and that's increased in a pretty material way over the last 12 months. So we are encouraged by the quality of that pipeline and the areas in which clients want to partner with us.

顯然，我們看到的管道中大量增長的地方是可歸因於人工智慧的管道，並且在過去 12 個月中以相當實質的方式增長。因此，我們對該管道的品質以及客戶希望與我們合作的領域感到鼓舞。

And how should we think about the revenue conversion of a gen AI deal? Is that fairly small and quick turn or are those going to be a longer duration type relationships?

我們應該如何考慮人工智慧交易的收入轉換？這種關係是小而快的轉變，還是持續較長的關係？

Yes. So I would say that what we are seeing is a bipolar effect on the gen AI part. In some cases, we are seeing gen AI being embedded into the operations and into the workflow and the client outsourcing the entire operation to us along with the gen AI implementation, and those tend to be the large-sized deals.

是的。所以我想說，我們看到的是對人工智慧世代的兩極效應。在某些情況下，我們看到 gen AI 被嵌入到營運和工作流程中，客戶將整個營運以及 gen AI 實施外包給我們，而這些往往是大型交易。

And on the other side of the spectrum, they want us to implement gen AI solutions into existing operations, which they might be running or some of our competitors might be running and those tend to be typically much smaller implementations as such. So we are seeing deals at both ends of the spectrum that are there. Some which are bundled in with the operations, which tend to be large, and some of which are pure gen AI implementations, which tend to be much smaller in size.

另一方面，他們希望我們將新一代人工智慧解決方案實施到現有的營運中，他們可能正在運行這些解決方案，或者我們的一些競爭對手可能正在運行這些解決方案，而這些解決方案通常是規模小得多的實施方案。因此，我們看到了兩端的交易。有些與操作捆綁在一起，往往規模很大，而有些是純人工智慧實現，其規模往往要小得多。

And just as a follow-up on your comments about your domain-specific model, I think you mentioned that how you're going to monetize that is still a little bit up in the air. However, as you look beyond the near-term, Rohit, how do you think a domain-specific model impacts your business longer term?

正如您對特定領域模型的評論的後續行動一樣，我認為您提到瞭如何將其貨幣化仍然有點懸而未決。然而，當您超越近期時，Rohit，您認為特定領域的模式如何長期影響您的業務？

Over time, the market has a tendency, at least the BPO market has a tendency to price in a lot of this, and they want to recapture a lot of the benefit, the client wants to recapture a lot of the benefits. So is there something different here that would suggest that EXL can retain a larger piece of the economics as it relates to these models? Or do you think it follows a more traditional pattern?

隨著時間的推移，市場有一種趨勢，至少BPO市場有一種定價的趨勢，他們想要重新獲得很多利益，客戶想要重新獲得很多利益。那麼這裡是否有什麼不同之處表明 EXL 可以保留與這些車型相關的更大的經濟效益？或者您認為它遵循更傳統的模式？

Yes. So I think you're right. I think there will always be a tussle between clients and service providers in terms of retaining economic value. But I think where we stand out is our focus and our expertise and our domain knowledge in select industry verticals. I think in those areas where we have deep knowledge and we have deep access to data, our ability to train these models and to be able to leverage these models will perhaps be a little bit better.

是的。所以我認為你是對的。我認為客戶和服務提供者在保留經濟價值方面始終會發生爭執。但我認為我們的突出之處在於我們的重點、我們的專業知識以及我們在特定行業垂直領域的領域知識。我認為，在那些我們擁有深厚知識並且能夠深入存取資料的領域，我們訓練這些模型並利用這些模型的能力可能會更好一些。

And the networking effect of being able to see workflows across multiple clients, I think that is very powerful when the use of gen AI is involved. So I think that's what gives us a little bit of an advantage and a little bit of pricing power that can leverage the value that we can create out there.

我認為，當涉及到 gen AI 的使用時，能夠看到跨多個客戶端的工作流程的網路效應非常強大。所以我認為這給了我們一點優勢和一點定價能力，可以利用我們可以創造的價值。

I see. If I could just squeeze one more in. Maurizio, can you give us what post all the share repurchases to date, what the fully diluted share count should look like?

我懂了。如果我能再擠一個進去就好了。毛里齊奧（Maurizio），您能否告訴我們迄今為止所有股票回購的情況，完全稀釋後的股票數量應該是什麼樣子？

So David, so far, we have purchased right around 4.5 million to 5 million shares overall. So if you deduct that from our overall share count going forward in 2025, you're going to find us right around -- you can calculate what that reduction in the share count will be. But that's what we've done so far.

David，到目前為止，我們總共購買了大約 450 萬到 500 萬股股票。因此，如果你從 2025 年我們的總股數中扣除這一數字，你會發現我們就在附近——你可以計算出股數的減少量是多少。但這就是我們迄今為止所做的。

So you're talking about 4.5 million versus where you were at the beginning of the year then?

那你說的是 450 萬，而年初的數字是多少？

No, you'd have to average that out for the year. You're going to get a much -- when you do the diluted average shares for the year, and you do your calculation, you're going to have to weigh that over the year. But we've done that in the first seven months of the year. So you have to break that -- you have to average that out over the first seven months and calculate and recalculate that. So you're not going to get that whole benefit this year. You'll get that next year.

不，你必須將這一年的平均值計算出來。當你計算當年的稀釋平均股票並進行計算時，你會得到很多，你將不得不在這一年中進行權衡。但我們在今年前七個月就做到了這一點。所以你必須打破這一點——你必須在前七個月內對其進行平均，然後計算並重新計算。所以今年你不會獲得全部好處。明年你就會得到它。

Okay. Great, guys. Thanks very much.

好的。太棒了，夥計們。非常感謝。

Vincent Colicchio of Barrington Research.

巴靈頓研究中心的文森特·科利奇奧。

Yes, Rohit VITI. deal with some quite a lack of value add. You haven't been very acquisitive for some time. Will we clearly see more ITI. type deals as a way to accelerate your positioning?

是的，羅希特·維蒂。處理一些相當缺乏附加價值的問題。你已經有一段時間不太貪婪了。我們會清楚地看到更多的 ITI 嗎？鍵入交易以加速您的定位？

Yes, Vincent. I think we've been very clear that for us, we'd love to be able to grow our business organically and inorganically. And frankly, the amount of cash flow that we generate and the strength of our balance sheet allows us to be in a fortunate position of being able to acquire assets.

是的，文森。我認為我們已經非常清楚，對我們來說，我們希望能夠有機和無機地發展我們的業務。坦白說，我們產生的現金流量和資產負債表的實力使我們能夠處於能夠收購資產的幸運位置。

But we're going to be very selective in terms of the strategic fit, the financial discipline and the cultural fit of the assets that we acquire. And therefore, we do think that there's a lot of opportunity for us to be able to deploy capital and integrate in assets. And as things continue to evolve and progress, I think you should be expecting to see us continue to be active in this area.

但我們將在收購資產的策略契合度、財務紀律和文化契合度方面非常有選擇性。因此，我們確實認為我們有很多機會能夠部署資本和整合資產。隨著事情的不斷發展和進步，我認為您應該期待看到我們繼續活躍在這一領域。

And how should we think about this NVIDIA partnership in terms of how long it will take to meaningfully benefit the company?

我們應該如何考慮與 NVIDIA 的合作關係需要多長時間才能為公司帶來有意義的利益？

I think it's a very strategic partnership, which -- where we are going to be making a tremendous amount of investment of talent and resources, time and commitment and building up capabilities on the NVIDIA AI stack. We think their software and their platform is actually highly differentiated and provides for much better business outcomes. So as we deploy it and jointly go to market, I think you're going to see us being able to kind of benefit from that and our clients being able to benefit from that.

我認為這是一個非常具有戰略意義的合作夥伴關係，我們將投入大量人才和資源、時間和承諾，並在 NVIDIA AI 堆疊上建立能力。我們認為他們的軟體和平台實際上是高度差異化的，並提供了更好的業務成果。因此，當我們部署它並共同進入市場時，我認為您將看到我們能夠從中受益，我們的客戶也能夠從中受益。

Traditionally, NVIDIA has been seen as a hardware company and as a gaming company and their use of their advanced computing capabilities into the workflow is something that we think we can be very, very additive on. And so for us and for them, I think it's going to be a very meaningful partnership.

傳統上，NVIDIA 一直被視為一家硬體公司和一家遊戲公司，我們認為我們可以非常非常多地在工作流程中使用他們的先進運算能力。因此，對於我們和他們來說，我認為這將是一次非常有意義的合作關係。

This concludes the question-and-answer session. I would now like to turn it back to John Kristoff.

問答環節到此結束。現在我想把它轉回給約翰·克里斯托夫。

Okay. Thank you, everyone, for joining our call today. And as always, feel free to reach out directly to me with follow-up questions, and hope everyone has a great day. Thanks, and bye-bye.

好的。謝謝大家今天加入我們的電話會議。像往常一樣，如有後續問題，請隨時直接與我聯繫，並希望每個人都有美好的一天。謝謝，再見。