Exlservice Holdings Inc (EXLS) 2024 Q4 法說會逐字稿

Hello, and welcome to the Exlservice Holdings, Inc., fourth-quarter 2024 year-end earnings conference call. (Operator Instructions) Also, as a reminder, this conference is being recorded today. If you have any objections, please disconnect at this time.

您好，歡迎參加 Exlservice Holdings, Inc. 2024 年第四季年終財報電話會議。（操作員指示）另外，提醒一下，今天正在錄製本次會議。如果您有任何異議，請立即斷開連接。

I will now turn the call over to John Kristoff, Vice President of Investor Relations.

現在我將電話轉給投資人關係副總裁約翰‧克里斯托夫 (John Kristoff)。

Thanks, Jennifer. Hello, and thank you for joining EXL's fourth quarter and year-end 2024 financial results conference call.

謝謝，珍妮佛。您好，感謝您參加 EXL 2024 年第四季和年終財務業績電話會議。

On the call with me today are Rohit Kapoor, Chairman and Chief Executive Officer; and Maurizio Nicolelli, Chief Financial Officer. We hope you've had an opportunity to review the fourth-quarter earnings press release we issued yesterday afternoon. We have also posted a slide deck and investor fact sheet to the Investor Relations section of our website.

今天與我一起通話的有董事長兼執行長 Rohit Kapoor；以及財務長 Maurizio Nicolelli。我們希望您有機會閱讀我們昨天下午發布的第四季度收益新聞稿。我們也在網站的投資者關係部分發布了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，我們今天早上討論的一些問題具有前瞻性。請記住，這些前瞻性陳述受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表達或暗示的結果有重大差異。這些風險和不確定性包括但不限於一般經濟狀況、今天的新聞稿中闡明的因素、公司定期報告中討論的因素以及公司不時向美國證券交易委員會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上提供的資訊的義務。

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.

在電話會議中，我們可能會參考某些非公認會計準則財務指標，我們認為這些指標可以為投資者提供有用的信息。您可以在新聞稿、投影片和投資者情況說明書中找到這些指標與 GAAP 的對照表。

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

說完這些，我會把電話轉給羅希特。

Thanks, John. Good morning, everyone. Welcome to EXL's fourth-quarter 2024 earnings call. I'm pleased to be with you this morning reviewing our strong financial results. In the fourth quarter, we generated revenue of $481 million, an increase of 16% year over year, and we grew fourth quarter adjusted EPS by 26% to $0.44 per share.

謝謝，約翰。大家早安。歡迎參加 EXL 2024 年第四季財報電話會議。我很高興今天上午與大家一起回顧我們強勁的財務表現。第四季度，我們創造了 4.81 億美元的營收，年增 16%，第四季調整後每股收益成長 26%，至每股 0.44 美元。

We were able to maintain our strong growth momentum across both our analytics and digital operations and solutions businesses during the quarter as we continued to successfully execute on our data and AI strategy. In analytics, we delivered revenue of $208 million for the quarter, up 2% sequentially and 14% year over year.

由於我們繼續成功執行數據和人工智慧策略，我們在本季度能夠保持分析和數位營運以及解決方案業務的強勁成長勢頭。在分析方面，我們本季的營收為 2.08 億美元，季增 2%，年增 14%。

This acceleration of growth was driven by an improvement in the analytics services growth rate, continued strong performance in healthcare payment services, and the contribution from the ITI Data acquisition. Our analytics business benefits from client focus on data modernization and AI adoption across the enterprise. These trends will continue to drive demand for our services.

這一成長加速得益於分析服務成長率的提高、醫療支付服務的持續強勁表現以及 ITI Data 收購的貢獻。我們的分析業務受益於客戶對資料現代化和整個企業的人工智慧採用的關注。這些趨勢將繼續推動對我們服務的需求。

In our digital operations and solutions business during the fourth quarter, we delivered strong growth as we leveraged our domain, data, and AI capabilities to win new clients and expand our business with existing clients. We grew revenue 2% sequentially and 18% year over year to $274 million. This is the result of strong growth across all three industry verticals that make up our digital operations business. We remain bullish on our digital operations business as clients continue to focus on reimagining their operating model to drive greater efficiency, better customer experience, and accelerated business growth.

在第四季度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新客戶並擴大與現有客戶的業務，實現了強勁成長。我們的營收季增 2%，年增 18%，達到 2.74 億美元。這是我們數位營運業務的所有三個垂直行業強勁成長的結果。由於客戶繼續專注於重塑其營運模式，以提高效率、改善客戶體驗並加速業務成長，我們仍然看好我們的數位營運業務。

To accelerate the execution of our data and AI strategy, capture a greater share of the growing AI market, and drive EXL's long-term growth, we have changed our operating model. The new model is comprised of industry market units, focused on delivering higher value to clients, leveraging our full suite of capabilities, and strategic growth units focused on rapidly advancing our operational, analytics, data engineering, and AI capabilities specific to our chosen industries.

為了加速執行我們的數據和人工智慧策略，在不斷增長的人工智慧市場中佔據更大的份額，並推動EXL的長期成長，我們改變了營運模式。新模式由行業市場部門組成，專注於為客戶提供更高的價值，利用我們的全套能力，以及策略性成長部門，專注於快速提升我們針對所選行業的營運、分析、數據工程和人工智慧能力。

This new operating model allows us to deepen our industry expertise and brings us closer to our clients. This enables us to anticipate and solve their challenges with greater agility and bring to bear the full suite of EXL's capabilities. It will foster collaboration, enable more efficient resource utilization, allow for scalable infrastructure deployment, and enhance adaptability to rapidly changing market needs. This will allow EXL to swiftly develop and deploy innovative data and AI solutions at scale and across multiple clients simultaneously.

這種新的營運模式使我們能夠加深行業專業知識並更貼近客戶。這使我們能夠更靈活地預測和解決他們的挑戰，並充分發揮 EXL 的全部功能。它將促進協作，實現更有效率的資源利用，允許可擴展的基礎設施部署，並增強對快速變化的市場需求的適應能力。這將使 EXL 能夠同時為多個客戶大規模開發和部署創新數據和 AI 解決方案。

Concurrent with the operating model change, we will be moving into new financial reporting segments beginning in the first quarter of 2025. These segments are aligned with our industry market units. They are insurance, healthcare and life sciences, banking, capital markets, and diversified industries, and international growth markets. Our data, AI, and analytics capabilities are driving all of our solutions and are embedded across business lines. As such, our analytics revenue will now be included in the financial reporting for each segment.

隨著營運模​​式的變化，我們將從 2025 年第一季開始進入新的財務報告部門。這些部分與我們的行業市場部門保持一致。它們是保險、醫療保健和生命科學、銀行、資本市場和多元化產業以及國際成長市場。我們的數據、人工智慧和分析能力正在推動我們所有的解決方案，並嵌入各個業務線。因此，我們的分析收入現在將包含在每個部門的財務報告中。

In order to provide greater transparency, we will report overall data and AI revenue alongside our new segments beginning with the first quarter of 2025. This shift will provide a more comprehensive representation of the performance and quality of our business as we continue executing on our data and AI growth strategy. It is an exciting time for EXL as we accelerate our AI journey, a journey that is not only redefining our company, but also reshaping the way our clients and their industries operate globally.

為了提供更高的透明度，從 2025 年第一季開始，我們將同時報告整體數據和 AI 收入以及新的細分市場收入。隨著我們持續執行數據和人工智慧成長策略，這一轉變將更全面地展現我們業務的績效和品質。對於 EXL 來說，這是一個令人興奮的時刻，因為我們正在加速我們的人工智慧之旅，這趟旅程不僅重新定義了我們的公司，而且重塑了我們的客戶及其行業在全球範圍內的運作方式。

We made a strategic pivot towards a data and AI growth strategy built on decades of deep domain expertise, mastery of data, and proven capabilities in leveraging AI. As we execute this strategy, we achieved several significant milestones in 2024. With the acquisition of ITI Data, we enhanced our data management and engineering capabilities to enable CIOs and CTOs to drive data and platform modernization mandates.

我們制定了數據和人工智慧成長策略，該策略建立在數十年的深厚領域專業知識、數據掌握和利用人工智慧的成熟能力之上。在實施這項策略的過程中，我們在 2024 年實現了幾個重要的里程碑。透過收購 ITI Data，我們增強了資料管理和工程能力，使 CIO 和 CTO 能夠推動資料和平台現代化任務。

We scaled our existing proprietary AI solutions such as XTRAKTO, PayMentor, Smart Agent Assist, Code Harbor, and Digital Finance Suite. And we filed several new patents. We also launched our domain-specific insurance large language model, which leverages proprietary data and over 15 years of claim processing experience. To continue innovating and leading in the AI space, we have expanded our partnerships with NVIDIA, Databricks, AWS, Microsoft, and Google with a focus on leveraging their scalable and secure infrastructure, agentic AI development toolkit, and engineering innovation.

我們擴展了現有的專有 AI 解決方案，例如 XTRAKTO、PayMentor、Smart Agent Assist、Code Harbor 和 Digital Finance Suite。我們也申請了幾項新專利。我們還推出了特定領域的保險大語言模型，該模型利用專有數據和超過 15 年的索賠處理經驗。為了繼續在 AI 領域創新和引領，我們擴大了與 NVIDIA、Databricks、AWS、微軟和谷歌的合作夥伴關係，重點是利用其可擴展且安全的基礎設施、代理 AI 開發工具包和工程創新。

Let me share with you a few examples illustrating the depth and breadth of our AI implementations and the broad customer base and industry set in which we are deploying AI. We built and deployed an enterprise GenAI platform for a leading healthcare services client. We have thus far implemented four use cases on this GenAI platform, resulting in $10 million of operational savings.

讓我與大家分享幾個例子，說明我們人工智慧實施的深度和廣度，以及我們部署人工智慧的廣泛客戶群和產業環境。我們為一家領先的醫療服務客戶建置並部署了企業 GenAI 平台。到目前為止，我們已經在這個 GenAI 平台上實現了四個用例，節省了 1000 萬美元的營運成本。

We will continue to leverage this platform to deploy more use cases with this client going-forward. We implemented our domain-specific LLM for a large US insurance company to automate their claims adjudication process and provide improved negotiations and resolutions for insurance casualty claims. This has facilitated better decision making, improved indemnity, and lowered the cost of claim handling and settlement time.

我們將繼續利用該平台與該客戶一起部署更多的用例。我們為一家美國大型保險公司實施了特定領域的 LLM，以自動化他們的索賠裁決流程，並為保險意外索賠提供更好的談判和解決方案。這有助於更好地做出決策，提高賠償額，並降低索賠處理成本和結算時間。

We have launched an agentic AI deployment for one of the largest UK utility providers, increasing customer operations efficiency by 45%, while improving resiliency and customer experience. We have deployed an agentic AI solution for a large consumer products company with multiple agents across their source to contract and invoice-to-pay cycles.

我們為英國最大的公用事業供應商之一啟動了代理 AI 部署，將客戶營運效率提高了 45%，同時提高了彈性和客戶體驗。我們為一家大型消費品公司部署了代理 AI 解決方案，該公司在其從源頭到合約以及從發票到付款的周期中擁有多個代理。

This has resulted in a 75% reduction in manual effort, while improving adherence to quality and compliance standards. Data and AI are at the core of our business and accounted for 53% of our revenue in 2024, making EXL a more strategic partner for our clients. This is facilitating more complex engagements and leading to more integrated deals, resulting in a stickier business with higher growth potential.

這不僅減少了 75% 的人工工作量，同時還提高了品質和合規標準的遵守率。數據和人工智慧是我們業務的核心，2024 年占我們收入的 53%，這使得 EXL 成為我們客戶更具策略性的合作夥伴。這有助於開展更複雜的合作並達成更全面的交易，從而帶來更具黏性的業務和更高的成長潛力。

Looking towards 2025, we expect AI adoption to increase significantly. While much of the AI conversation has focused on the supply-side of AI, EXL is uniquely positioned to capitalize on the growing demand for data and AI services. First, we possess a comprehensive suite of AI assets, including our own IP with over 100 pre-built accelerators.

展望 2025 年，我們預期人工智慧的採用將大幅增加。儘管大部分關於人工智慧的討論都集中在人工智慧的供應方，但 EXL 具有獨特的優勢，可以利用日益增長的數據和人工智慧服務需求。首先，我們擁有全面的 AI 資產，包括我們自己的 IP 和 100 多個預建加速器。

Second, we offer an open, cloud-agnostic modular architecture that enables us to work across various legacy tech stacks and data streams and access third-party assets. And finally, we have extensive data management capabilities and decades of experience in domain-specific workflow complexities leading to larger integrated deals that create substantial value for clients. This fusion of domain, data and AI expertise is our core competitive differentiator, which is why we are so excited about this opportunity.

其次，我們提供開放的、與雲端無關的模組化架構，使我們能夠跨各種傳統技術堆疊和資料流工作並存取第三方資產。最後，我們擁有廣泛的資料管理能力和數十年處理特定領域工作流程複雜性的經驗，從而實現更大的綜合交易，為客戶創造巨大價值。領域、數據和人工智慧專業知識的整合是我們的核心競爭優勢，這就是我們對這個機會如此興奮的原因。

Yesterday, we announced EXLerate.AI, our agentic AI platform, which enables clients to reimagine their workflows by embedding EXL or third-party AI agents into their business operations. The platform leads to greater efficiency, increased accuracy and scalability across operations, resulting in substantial return on investment.

昨天，我們宣布了我們的代理商 AI 平台 EXLerate.AI，它使客戶能夠透過將 EXL 或第三方 AI 代理商嵌入到他們的業務運營中來重新構想他們的工作流程。該平台提高了整個營運的效率、準確性和可擴展性，從而帶來了可觀的投資回報。

EXLerate.AI is an open and modular orchestration platform, allowing for fast implementation in all client environments. It includes more than 10 industry-specific EXL built AI agents already in use across insurance, healthcare, retail, utilities, and financial services. EXL's deep domain expertise, AI capabilities and strong partner ecosystem allow us to collaborate closely with our clients to reimagine their workflows at speed. We received feedback in our most recent investor survey that it would be helpful for us to communicate more details about our AI solutions, including specific use cases.

EXLerate.AI是一個開放、模組化的編排平台，可在所有客戶端環境中快速實施。它包括 10 多個行業特定的 EXL 構建的 AI 代理，已在保險、醫療保健、零售、公用事業和金融服務領域使用。EXL 深厚的領域專業知識、人工智慧能力和強大的合作夥伴生態系統使我們能夠與客戶密切合作，快速重塑他們的工作流程。我們在最近的投資者調查中收到回饋，如果我們能傳達有關我們的人工智慧解決方案的更多細節（包括具體用例）會很有幫助。

I'd like to call your attention to two upcoming events, which may be helpful. We will be hosting our annual AI inaction virtual event on March 5, where we will feature clients discussing their shift to scalable AI as well as conducting demos of our AI solutions. Details are available on our website. We will also be holding an Investor Strategy update on May 6 in New York, where we will be providing a deeper dive on the progression of our data and AI strategy and discuss our new operating model and reporting segments. Details will be announced soon. We encourage you to attend both events. Thank you all for your time and continued support. We look forward to working together to shape the future of data and AI.

我想提請大家注意兩件即將發生的事件，這可能會有所幫助。我們將於 3 月 5 日舉辦年度 AI 無為虛擬活動，屆時我們將邀請客戶討論他們向可擴展 AI 的轉變，並演示我們的 AI 解決方案。詳細資訊請參閱我們的網站。我們也將於 5 月 6 日在紐約舉行投資者策略更新會議，我們將深入探討我們的數據和人工智慧策略的進展，並討論我們的新營運模式和報告部門。詳細資訊將很快公佈。我們鼓勵您參加這兩個活動。感謝大家的時間和持續的支持。我們期待共同努力塑造數據和人工智慧的未來。

With that, I will turn the call over to Maurizio to discuss our financial results in more detail.

說完這些，我將把電話轉給 Maurizio，更詳細地討論我們的財務表現。

Thank you, Rohit, and thanks, everyone, for joining us this morning. I will provide insights into our financial performance for the fourth quarter and full-year 2024, followed by our outlook for 2025.

謝謝你，羅希特，也謝謝大家今天早上加入我們。我將介紹我們 2024 年第四季和全年的財務業績，然後介紹我們對 2025 年的展望。

We continued our growth momentum in the fourth quarter with revenue of $481.4 million, up 16.3% year-over-year on a reported and constant-currency basis. Sequentially, we grew 2.4% on a constant-currency basis. Our adjusted EPS was $0.44, a year-over-year increase of 26.1%. All revenue growth percentages mentioned hereafter are on a constant-currency basis.

我們第四季持續保持成長勢頭，營收為 4.814 億美元，按報告和固定匯率計算年增 16.3%。以固定匯率計算，我們的季度成長率為 2.4%。我們的調整後每股收益為 0.44 美元，年增 26.1%。下文提及的所有收入成長百分比均以固定匯率計算。

Revenue from our Digital Operations and Solutions businesses, as defined by three reportable segments, excluding Analytics, was $273.7 million, representing year-over-year growth of 18.1%. Sequentially, we grew 2.7%. In the Insurance segment, we generated revenue of $162 million, an increase of 16.6% year-over-year and 3.2% 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 and Solutions and Analytics businesses grew 15.8% year-over-year with revenue of $201.5 million.

我們的數位營運和解決方案業務（按三個報告部門定義，不包括分析）的收入為 2.737 億美元，年增 18.1%。與上一季相比，我們的成長了 2.7%。在保險領域，我們創造了 1.62 億美元的收入，年增 16.6%，季增 3.2%。這一成長主要得益於現有客戶關係的擴大和新客戶的成功。由我們的數位營運和解決方案與分析業務組成的保險垂直業務年增 15.8%，營收達到 2.015 億美元。

In the Emerging segment, we reported revenue of $80.2 million, a growth of 19.7% year-over-year and 1.2% sequentially. This growth was driven by the expansion of existing client relationships and new client wins. The emerging vertical consisting of both our digital operations and solutions and analytics businesses grew 16.6% year-over-year with revenue of $170.1 million.

在新興市場領域，我們報告的營收為 8,020 萬美元，年增 19.7%，季增 1.2%。這一成長主要得益於現有客戶關係的擴大和新客戶的成功。由我們的數位營運以及解決方案和分析業務組成的新興垂直產業年增 16.6%，營收達到 1.701 億美元。

The Healthcare segment reported revenue of $31.6 million, representing growth of 21.6% year-over-year and 3.5% sequentially. The year-over-year growth was driven by higher volumes and expansion in existing client relationships. The healthcare vertical consisting of our Digital Operations and Solutions and Analytics businesses grew 17% year-over-year with revenue of $109.7 million.

醫療保健部門報告的收入為 3,160 萬美元，年增 21.6%，環比增長 3.5%。年成長主要得益於業務量的增加和現有客戶關係的擴大。由我們的數位營運和解決方案與分析業務組成的醫療保健垂直業務年增 17%，營收達到 1.097 億美元。

In the Analytics segment, we generated revenue of $207.7 million, up 14.2% year-over-year. Growth in Analytics was driven by higher volumes in payment services, expansion of existing client relationships, and new client wins in Analytics services.

在分析部門，我們創造了 2.077 億美元的收入，年增 14.2%。分析業務的成長得益於支付服務量的增加、現有客戶關係的擴展以及分析服務中新客戶的贏得。

SG&A expenses, as a percentage of revenue, were down 70 basis points year-over-year to 19.9%, driven by operating leverage and partially offset by investments in AI, digital solutions, front end sales, and marketing. Our adjusted operating margin for the quarter was 18.8%, up 100 basis points year-over-year, driven by improved gross margin and SG&A operating leverage. Our adjusted EPS for the quarter was $0.44, up 26.1% year-over-year on a reported basis.

銷售、一般及行政開支佔收入的百分比年減 70 個基點至 19.9%，主要受營運槓桿的影響，但部分被對人工智慧、數位解決方案、前端銷售和行銷的投資所抵消。本季調整後的營業利潤率為 18.8%，較去年同期上升 100 個基點，這得益於毛利率和銷售、一般及行政費用營業槓桿的提高。本季我們的調整後每股收益為 0.44 美元，以報告基礎計算年增 26.1%。

Turning to our full year 2024 performance. Our revenue for the period was $1.838 billion, up 12.7% year-over-year. Revenue from our Digital Operations and Solutions businesses was $1.042 billion, an increase of 15.5% year-over-year. Our Insurance, Emerging and Healthcare segments generated year-over-year growth of 15.9%, 17.1% and 9.8%, respectively.

展望我們 2024 年全年業績。本季我們的營收為 18.38 億美元，年增 12.7%。我們的數位營運和解決方案業務收入為 10.42 億美元，年增 15.5%。我們的保險、新興和醫療保健部門分別實現了 15.9%、17.1% 和 9.8% 的年增長。

Our Analytics business generated revenue of $796.2 million, up 9.1% year-over-year. Adjusted operating margin for the year was 19.4%, up 10 basis points year-over-year. Our effective tax rate for the year was 22.3%, down 90 basis points year-over-year, driven by higher profits and lower tax jurisdictions. Our adjusted EPS for the year was $1.65, up 15.4% year-over-year on a reported basis.

我們的分析業務創造了 7.962 億美元的收入，年增 9.1%。全年調整後營業利益率為19.4%，較上年同期上升10個基點。我們本年度的有效稅率為 22.3%，較上年下降 90 個基點，這得益於利潤增加及稅收管轄區降低。我們今年的調整後每股收益為 1.65 美元，根據報告數據年增 15.4%。

Our balance sheet remains strong. Our cash, including short and long-term investments as of December 31 was $350 million and our revolver debt was $288 million for a net cash position of $62 million. We generated cash-flow from operations of $269 million in 2024, up 27% year-over-year, driven by improved profitability and working capital management. During the year, we spent $46 million on capital expenditures and $196.5 million on repurchasing 6.3 million shares at an average price of $31.30.

我們的資產負債表依然強勁。截至 12 月 31 日，我們的現金（包括短期和長期投資）為 3.5 億美元，循環信貸債務為 2.88 億美元，淨現金狀況為 6,200 萬美元。受獲利能力提高和營運資本管理改善的推動，我們在 2024 年的營運現金流為 2.69 億美元，年增 27%。本財年，我們花了 4,600 萬美元的資本支出，並花費 1.965 億美元以平均 31.30 美元的價格回購了 630 萬股股票。

Now moving on to our outlook for 2025. Based on our growth momentum, current visibility and strong pipeline, we anticipate 2025 revenue to be in the range of $2.025 billion to $2.06 billion. This represents year-over-year growth of 10% to 12% on a reported basis and 11% to 13% on a constant-currency basis with a forecasted foreign exchange headwind of $10 million.

現在我們來談談 2025 年的展望。根據我們的成長勢頭、當前的知名度和強大的管道，我們預計 2025 年的收入將在 20.25 億美元至 20.6 億美元之間。以報告基礎計算，這意味著同比增長 10% 至 12%，以固定匯率計算，這意味著同比增長 11% 至 13%，預計外匯逆風為 1000 萬美元。

We expect a foreign exchange gain of approximately $1 million, net interest expense of approximately $1 million and our full-year effective tax-rate to be in the range of 22% to 23%. We anticipate our adjusted EPS to be in the range of $1.83 to $1.89, representing year-over-year growth of 11% to 14%. 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 22% 至 23% 之間。我們預計調整後的每股盈餘在 1.83 美元至 1.89 美元之間，年增 11% 至 14%。我們預計資本支出在5000萬至5500萬美元之間。

To conclude, we are proud of our industry-leading financial performance we delivered in 2024, which demonstrates our unique competitive position. Our leading indicators remain positive, setting us up for a solid start to 2025.

總而言之，我們為 2024 年取得的產業領先財務表現感到自豪，這彰顯了我們獨特的競爭地位。我們的領先指標依然保持積極，為我們 2025 年的良好開端奠定了基礎。

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

因此，羅希特和我很樂意回答您的問題。

(Operator Instructions) Bryan Bergin, TD Cowen.

（操作員指示） Bryan Bergin，TD Cowen。

Wanted to ask on the 2025 growth outlook. So I heard the last comment you made there as far as forward indicators, but I'm curious, can you comment on just how client spending sentiment progressed through 4Q and whether you've seen really any changes year-to-date through February just amid the pickup in macro volatility.

想問一下2025年的成長前景。因此，我聽到了您關於前瞻性指標的最後一條評論，但我很好奇，您能否評論一下客戶支出情緒在第四季度的具體變化，以及在宏觀波動加劇的情況下，您是否看到今年截至 2 月份的任何變化。

Hi, Brian, this is Rohit. So for us, the demand environment continues to be strong. We saw that in the fourth quarter of the year and we continue to see that leading into the first quarter of this year as well.

你好，布萊恩，我是羅希特。因此對我們來說，需求環境持續強勁。我們在今年第四季看到了這種現象，並且在今年第一季也繼續看到這種現象。

The big shift towards AI and some of the IT spending shifting towards data and AI, that continues to play out. I think clients are looking to embed AI into the workflow, and that plays to our strengths and our capabilities. And so we see good demand signals on that. The pipeline for us continues to kind of develop well. So all in all, I think it's good progression. For 2024, you would have seen that we continue to drive strong growth rate in our business and our analytics business also picked up through the year. So we feel we are in a good position from a demand environment standpoint and from an execution standpoint.

向人工智慧的巨大轉變以及部分 IT 支出向數據和人工智慧的轉變仍在繼續。我認為客戶希望將 AI 嵌入到工作流程中，這可以發揮我們的優勢和能力。因此我們看到了良好的需求訊號。我們的管道繼續順利發展。總而言之，我認為這是一個很好的進展。展望 2024 年，您將看到我們的業務將繼續保持強勁成長率，我們的分析業務也將在今年回升。因此，我們認為從需求環境和執行的角度來看，我們處於有利地位。

Okay. Okay. That's clear. On my follow-up here, so I want to dig into the operating model change. So kind of a bit of a combo question, but can you give what's really changing on the ground? And maybe is there any relevant leadership and sales structure changes? You've obviously been executing well on the existing structure. So I'm just curious what guardrails are in place to just avoid any potential early friction of a change in the model and understanding reporting structure will change going forward.

好的。好的。這很清楚。在我這裡的後續行動中，我想深入研究營運模式的變化。所以這是一個組合問題，但您能告訴我們實際上發生了哪些變化嗎？也許存在相關的領導和銷售結構變化嗎？顯然，您在現有結構上的執行情況一直很好。所以我只是好奇，有什麼保護措施可以避免模型變化的任何潛在早期摩擦，並且理解報告結構將在未來發生變化。

Can you just unpack how '25 growth may be expected? You've talked in the past about obviously digital ops and analytics. Is there any way you can share how you maybe expect the growth in the data and AI portion of the business to grow in '25 relative to what may have been the remaining digital apps across the various market units.

您能否簡單解釋一下 25 年的成長預期如何？您過去曾談論過數位化操作和分析。您能否分享一下，相對於各個市場部門剩餘的數位應用，您預計 25 年數據和人工智慧部分的業務成長將如何？

Sure. So first off, we are all aware of the rapidly changing market environment with technological change coming in at a very, very fast pace. What we wanted to do is to be a lot closer to our clients so that we could listen to some of their priorities and their objectives and also be able to come up with ideas and ways in which we can improve operational efficiency, drive faster business growth, and improve the customer experience. So that's the fundamental reason for us making a change to our operating model.

當然。首先，我們都意識到市場環境正在快速變化，技術變革的速度也非常快。我們希望更加貼近客戶，以便我們能夠傾聽他們的一些優先事項和目標，並能夠提出想法和方法，以提高營運效率、推動更快的業務成長並改善客戶體驗。這就是我們改變營運模式的根本原因。

Our operating model allows us to do two things. Number one, be much closer to our customers and be able to get much more engaged with them and have much deeper relationships with them, offer them the full suite of EXL capabilities. And the second part of it is, it allows us to be able to develop and deploy new capabilities at a much faster pace. So those are the fundamental drivers of the change in operating model.

我們的營運模式使我們能夠做兩件事。第一，更貼近我們的客戶，能夠與他們進行更多的互動，與他們建立更深層的關係，為他們提供全套 EXL 功能。第二部分是，它使我們能夠以更快的速度開發和部署新功能。這些都是營運模式轉變的根本驅動因素。

The leadership impact is not very significant. We basically have reallocated the portfolios amongst our existing leadership talent and we are fortunate that we've got a good bench of leaders that are able to take up this new operating model in their stride. From a client perspective, there's not much change because the client executives and the account managers and the service delivery leaders essentially remain the same. However, the groupings are going to be a lot different.

領導力影響力不是十分顯著。我們基本上已經在現有領導人才中重新分配了職位，而且我們很幸運，我們擁有一群優秀的領導者，他們能夠輕鬆適應這種新的營運模式。從客戶的角度來看，變化並不大，因為客戶主管、客戶經理和服務交付負責人基本上保持不變。然而，分組將會有很大不同。

And then finally, in terms of the growth and the guidance of our business. We're going to share more details of that at our Investor Day when we meet on May 6, and we will talk a little bit more in detail about the new segment reporting as well as how we are running and managing the business. And so we hope to provide you with additional color at that point of time.

最後，關於我們業務的成長和指導。我們將在 5 月 6 日的投資者日上分享更多細節，並將更詳細地討論新的分部報告以及我們如何經營和管理業務。因此，我們希望在那時為您提供更多色彩。

Surinder Thind, Jefferies LLC.

Surinder Thind，Jefferies LLC。

Rohit, I'd like to start with a higher level, more strategic question. It sounds like from the commentary that perhaps there's a bit more emphasis on the development of IP in this part of the technology cycle. Is that a fair comment at this point relative to maybe how business was conducted, let's say, pre-pandemic or during the earlier days of the rise of cloud? It just seems that there's a lot more emphasis there and that's the point of differentiation here.

羅希特，我想從一個更高層次、更具策略性的問題開始。從評論來看，在技術週期的這一部分，可能更重視 IP 的開發。相對於疫情之前或是雲端運算興起初期的業務開展方式，這是否是一個公平的評論？看起來那裡更加受重視，而這正是這裡的差異。

Surinder, you're absolutely right. I think with all of these changes taking place, we think innovation is going to have a much more strategic importance. The development of IP is going to be critical. The access to data assets becomes a very, very strong value enabler. So there is a big shift that's taking place out here and we want to position ourselves to be able to develop our own IP, take it out to market and be able to implement it into the workflow so that our clients then can benefit from it.

Surinder，你完全正確。我認為，隨著所有這些變化的發生，我們認為創新將具有更重要的戰略意義。IP 的發展將至關重要。獲取數據資產將成為非常強大的價值推動因素。這裡正在發生巨大的轉變，我們希望能夠開發自己的 IP，將其推向市場，並能夠將其實施到工作流程中，以便我們的客戶可以從中受益。

There is a fundamental shift that's also taking place, which is the IT spend is shifting over to AI and it's shifting over to AI enablement into the workflow. And so we want to be able to participate in that broader TAM, which we weren't addressing previously and position ourselves on that. But you're absolutely right, I think the development of IP, the innovation engine, these are all going to become critical attributes of successful and sustainable growth-oriented companies.

正在發生的根本性轉變是，IT 支出正在轉向 AI，並且正在轉向將 AI 支援納入工作流程。因此，我們希望能夠參與更廣泛的 TAM，這是我們之前沒有解決的問題，我們希望能夠在這方面定位自己。但你完全正確，我認為智慧財產權的發展、創新引擎，這些都將成為成功和永續成長型公司的關鍵屬性。

That's helpful. And then as a related follow-up, one of the challenges from an industry perspective has been just the client's readiness from an infrastructure perspective, that there's a lot of heavy lifting to do before they can maybe fully benefit from some of the AI solutions that are being developed. It sounds like you guys are maybe not seeing the same level. Do you guys - is it more like point solutions that you guys are implementing into workflows at this point? Or, how should we think about that part of the overall spend of what you're seeing clients allowing you to do maybe a bit more AI work than perhaps what may be going on at competitors?

這很有幫助。然後作為相關的後續問題，從行業角度來看，挑戰之一就是從基礎設施角度來看客戶的準備情況，在他們能夠充分受益於正在開發的一些人工智慧解決方案之前，還有很多繁重的工作要做。聽起來你們可能看到的不是同一個層次。你們現在實施到工作流程中是否更像是點解決方案？或者，我們應該如何看待客戶整體支出的這一部分，這部分支出可能會讓您比競爭對手做更多的人工智慧工作？

So Surinder, we would break up the readiness of infrastructure at our client organizations into three parts. Number one is the shift to the cloud, number two is the modernization of legacy technology platforms, and number three is the availability of data assets so that you can leverage AI in a much more meaningful way.

所以 Surinder，我們將客戶組織的基礎設施準備分為三個部分。第一是向雲端的轉變，第二是傳統技術平台的現代化，第三是資料資產的可用性，以便您能夠以更有意義的方式利用人工智慧。

We are now playing in all three of these stacks, helping our clients move their data to the cloud and therefore make it much more usable for AI. Number two, helping them modernize their legacy technology platforms. We've just announced our Code Harbor, which is a code conversion capability leveraging AI that allows us to be able to change some of the legacy models and some of the software that was written into modern code.

我們現在正在這三種堆疊中發揮作用，幫助我們的客戶將他們的資料遷移到雲端，使其更適用於 AI。第二，幫助他們實現傳統科技平台的現代化。我們剛剛宣布了我們的 Code Harbor，這是一種利用人工智慧的程式碼轉換功能，使我們能夠改變一些遺留模型和一些寫入現代程式碼的軟體。

And then we are continuing to invest in our data management capabilities so that we can help our clients put their data estate in order, particularly around unstructured data, which has been the piece that has been missing and that requires a heavy lift. And I think all these three different elements allow our clients to be able to benefit from the use of technology and the use of AI going forward.

然後，我們將繼續投資於我們的數據管理能力，以便我們可以幫助我們的客戶整理他們的數據資產，特別是非結構化數據，這是一直以來缺少的部分，需要大力支持。我認為這三個不同的要素將使我們的客戶能夠從未來的技術和人工智慧的使用中受益。

Maggie Nolan, William Blair.

瑪吉諾蘭，威廉布萊爾。

I wanted to ask about, I think, Rohit, you referred to them as 100 data assets, including accelerators, or maybe correct me if I've misheard that, but I just wanted to try to get a sense for how widely used those are across your customer base and in particular, if you've been able to apply them to some of your larger client relationships as well?

我想問一下，Rohit，你將它們稱為 100 個數據資產，包括加速器，如果我聽錯了，請糾正我，但我只是想了解它們在您的客戶群中的使用範圍有多廣泛，特別是，您是否能夠將它們也應用於一些較大的客戶關係中？

Sure. So Maggie, one of the big advantages that EXL had is that we invested in analytics way ahead of the curve and we started to build a number of these accelerators using machine learning and using advanced analytics. So the 100 accelerators that we've got is actually a very modern tech stack that we've got. These are all in - these have all been deployed with clients.

當然。Maggie，EXL 的一大優勢是，我們在分析方面進行了超前的投資，並開始利用機器學習和高級分析技術來建立大量此類加速器。因此，我們擁有的 100 個加速器實際上是一個非常現代的技術堆疊。這些都已到位 – 並且已與客戶一起部署。

So they've all been tested out and they are applied in a practical workflow situation and these are not new ideas that need to be experimented with. We find that the ability to kind of leverage this across multiple clients gives us an ability to implement with speed and implement with certainty, which is why our execution on AI is at such high levels.

所以它們都經過了測試並應用於實際的工作流程情況，這些並不是需要嘗試的新想法。我們發現，跨多個客戶端利用這種能力使我們能夠快速且確定地實施，這就是為什麼我們在人工智慧方面的執行水平如此之高。

I would say that in terms of the application of these 100 accelerators, the penetration of this is still very, very low. So it's still not applied across all of our clients and there's a lot of opportunity for us to continue to embed this into client workflows. And we - with the new EXLerate.AI platform that we just announced yesterday, we can actually leverage this in a much, much more agile, flexible and with speed and at scale. So that gives us a distinct advantage here.

我想說就這100個加速器的應用而言，這個滲透率還是非常非常低的。因此，它仍然沒有適用於我們所有的客戶，我們有很多機會繼續將其嵌入到客戶工作流程中。而且，借助我們昨天剛宣布的全新 EXLerate.AI 平台，我們實際上可以以更敏捷、靈活、快速和大規模的方式利用它。這給了我們明顯的優勢。

Thank you. And then, Maurizio, maybe for 2025, can you give us a sense for margin expectations both at the gross margin and operating level and sort of the puts and takes that you're considering over the course of the year?

謝謝。然後，Maurizio，也許對於 2025 年，您能否向我們介紹毛利率和營業水平的利潤預期，以及您在一年內考慮的利弊？

Sure, Maggie. When you look at - when you kind of look at the progression of the year, in terms of gross margins, we have been doing well in terms of increasing our gross margins. I mean, if you look at 2023 versus 2024, we increased our gross margins by 30 basis points to 37.6%. And if you look at Q4, it's even higher than that. But that's going to be critical for us going forward as we do more and more investments in AI. We're going to need to really drive our gross margin and really get paid for that higher value of service that we're driving now going forward.

當然，瑪吉。當您查看今年的毛利率進度時，您會發現我們在提高毛利率方面一直做得很好。我的意思是，如果您比較 2023 年和 2024 年，我們的毛利率提高了 30 個基點，達到 37.6%。如果你看看第四季度，它甚至比這還要高。但隨著我們在人工智慧領域的投資不斷增加，這對我們未來的發展至關重要。我們需要真正提高我們的毛利率，並真正獲得我們現在所推動的更高價值服務的報酬。

And so what you will see in 2025 is that progression of higher - of us increasing our gross margins on an annual basis. It will still be choppy between the quarters, but an overall annual comparison, you'll continue to see gross margins increase. We'll need to spend a bit more now on investments in R&D and development of our solutions. So the net of all that will continue to be similar to what you've seen in 2024 with that 10 basis-point to 20 basis-point increase in our overall AOPM margin for the year.

因此，您將在 2025 年看到我們的毛利率逐年增加。各季度之間仍會存在波動，但從整體年度比較來看，毛利率將持續增加。我們現在需要在解決方案的研發和開發上投入更多。因此，所有這些的淨值將繼續與您在 2024 年看到的類似，全年我們的整體 AOPM 利潤率將增加 10 個基點至 20 個基點。

Very clear. Thank you, and great to see the continued strong growth. Congrats.

非常清楚。謝謝，很高興看到持續強勁的成長。恭喜。

Puneet Jain, JPMorgan.

摩根大通的 Puneet Jain。

Hi, thanks for taking my question. So Rohit, when you bring these AI agent to a client, why can't they handle it themselves like we hear all the times like that IT clients like they are investing a lot in their in-house operations? So why is it that they cannot like implement some of these AI solutions themselves? Or, maybe broadly if you can talk about competitive dynamics when you deploy AI solutions at any of your clients?

你好，謝謝你回答我的問題。那麼 Rohit，當你將這些 AI 代理商帶給客戶時，為什麼他們不能自己處理，就像我們經常聽到的那樣，IT 客戶在內部營運上投入了大量資金？那麼為什麼他們不能自己實現這些人工智慧解決方案呢？或者，您能否廣泛地談談您在任何客戶處部署 AI 解決方案時的競爭動態？

Sure, Puneet. So from our lens, there are a couple of things which are really important for these AI agents to be effectively deployed in our client organizations. The number one issue is the adoption of these AI agents and there are a couple of things that are necessary to ensure that you have high adoption. Number one is these AI agents need to be embedded into the workflow. They are actually quite useless on a standalone basis. And unless and until they become an integral part of the workflow, the efficacy and the usefulness of that AI agent is very low.

當然，Puneet。因此，從我們的角度來看，有幾件事對於在我們的客戶組織中有效部署這些人工智慧代理非常重要。首要的問題是這些人工智慧代理的採用，並且有幾件事是必要的，以確保您獲得較高的採用率。首先，這些人工智慧代理需要嵌入到工作流程中。事實上，它們單獨來看是沒什麼用的。除非它們成為工作流程不可或缺的一部分，否則人工智慧代理的功效和實用性都會非常低。

Number two is AI agents necessarily need to be able to talk to the data assets and the data estate of our clients. And stitching that together is another thing which is really, really important to create value from these AI agents and increase the adoption rate. And then finally, this has to be done in a hybrid environment, which the client has.

第二，人工智慧代理必須能夠與客戶的數據資產和數據資產進行對話。將這些結合在一起是另一件非常非常重要的事情，它可以從這些人工智慧代理中創造價值並提高採用率。最後，這必須在客戶端的混合環境中完成。

So whether they use the cloud or whether they have an on-premise capability, it has to be kind of stitched in that hybrid environment. Our expertise is not only building the AI agent, which has the functional capability, but actually integrating that into the workflow and combining it with their data assets and therefore, the adoption rate of these AI agents is much higher.

因此，無論他們使用雲端還是具有內部部署功能，都必須在混合環境中進行縫合。我們的專長不僅在於建立具有功能能力的人工智慧代理，還在於將其實際整合到工作流程中並將其與其數據資產相結合，因此這些人工智慧代理的採用率要高得多。

And that's something which our clients struggle with doing themselves. That's something which they struggle with other partners that they work with. We are in that sweet spot where we understand the domain, we understand the workflow, we've got mastery over helping our clients organize their data assets. And then we've got deep expertise in terms of being able to fine-tune those AI models and embed that AI model into the workflow. And that's what our clients really love about us and that's why they're engaging with us.

而這正是我們的客戶自己難以做到的事。這是他們與其他合作夥伴共同面臨的難題。我們處於最佳狀態，我們了解領域，我們了解工作流程，我們已經掌握了幫助客戶組織他們的資料資產的方法。我們在微調這些 AI 模型並將該 AI 模型嵌入到工作流程方面擁有深厚的專業知識。這正是我們的客戶真正喜歡我們的原因，也是他們與我們合作的原因。

Got it. That's very helpful. And then your new financial model, operating model, I think it makes sense to combine data, AI within analytics with those capabilities in digital operations. But how should we think about standalone analytics services like the marketing analytics you provided to financial services clients?

知道了。這非常有幫助。然後，對於您的新財務模型、營運模型，我認為將數據、分析中的人工智慧與數位營運中的這些功能結合起來是有意義的。但是，我們應該如何看待獨立的分析服務，例如您為金融服務客戶提供的行銷分析？

So how are you going to ensure that there is enough accountability, like the visibility on some of those services and those services continue to grow at the same rate in new operating model?

那麼，您將如何確保有足夠的責任，例如某些服務的可見性，以及這些服務在新的營運模式中繼續以相同的速度成長？

Sure. So firstly, you're right. Our analytics business has really grown and become one of the largest analytics business that there is on a standalone basis. And I think last year it was close to about $800 million of revenue and that is now tightly integrated in with each of the industry verticals where we serve our clients and therefore, we're going to have it be part of the reporting segments and the industry market units that we have as we go to market.

當然。首先，你是對的。我們的分析業務確實已經發展成為最大的獨立分析業務之一。我認為去年它的收入接近 8 億美元，現在它與我們服務客戶的每個垂直行業緊密結合，因此，我們將把它作為報告部門和我們進入市場的行業市場部門的一部分。

We are going to provide you with greater transparency on data and AI. And that's something which we will provide to you on a quarterly basis. As I said in my prepared remarks, our current penetration of data and AI at the end of 2024 stands at 53%. So that's something which we believe is one of the most mature levels of data and AI capabilities. And keep in mind, this data and AI metric that we are reporting out is standalone capability.

我們將為您提供更高的數據和人工智慧透明度。我們將每季向您提供這些資訊。正如我在準備好的演講中所說，到 2024 年底，我們目前的數據和人工智慧的滲透率將達到 53%。因此，我們認為這是數據和人工智慧能力最成熟的水平之一。請記住，我們報告的數據和 AI 指標是獨立功能。

And therefore, this is something which we will continue to report on a quarterly basis. We're going to unpack this for you in a much more meaningful way at our Investor Day on May 6, so that you'll be able to track this and be able to get much more confidence in terms of the progression of the complexity of our business as well as some of the forays that we are making into data and AI and how that is evolving as well.

因此，我們將繼續每季報告這一情況。我們將在 5 月 6 日的投資者日上以更有意義的方式為您解讀這一點，以便您能夠追蹤這一點，並且能夠對我們業務複雜性的進展以及我們在數據和人工智慧領域進行的一些嘗試及其發展方式更加有信心。

Jacob, Baird.

雅各布，貝爾德。

Could you just go over really quick the Q4 and expected 2025 acquisition contribution? Could you quantify that for us, please?

您能否快速介紹一下第四季以及預計 2025 年的收購貢獻？您能為我們量化一下嗎？

So during the year, we repurchased ITI back in the third quarter of 2024. And if you look at just the overall growth of the year, overall growth -- overall, we grew 12.7% on a reported basis and on an organic basis, we grew 12.1%. So it's right around $9 million of contribution during the year.

因此，我們在 2024 年第三季回購了 ITI。如果你只看今年的整體成長，整體成長——整體而言，我們的報告成長率為 12.7%，有機成長率為 12.1%。因此，今年的捐款總額約為 900 萬美元。

And then just wanted to touch on kind of the dynamics with the analytics businesses across the three verticals. So it looks like in emerging analytics, you had a nice acceleration, but deceleration in health and insurance. Can you guys just kind of explain some of the dynamics that are happening there and if you expect it to continue in a similar manner into 2025?

然後我只想談談三個垂直領域的分析業務的動態。因此看起來，在新興分析領域，你取得了良好的加速，但在健康和保險領域卻減速了。你們能否解釋那裡正在發生的一些動態，以及你們是否預計這種情況會以類似的方式持續到 2025 年？

If you look at just the year-over-year growth rate, just on a constant-currency basis, if you look at healthcare, emerging and insurance is the growth rate growth rates with analytics embedded, it's actually fairly consistent on a constant-currency basis. The variation there is only between 13% and 15%. So it's - there's some, there's some puts and takes here and there within each of the segments when we embed analytics, but it's still very consistent overall.

如果您只看同比成長率，僅以恆定匯率計算，如果您看醫療保健、新興市場和保險業的成長率，即嵌入分析的成長率，它實際上在恆定匯率基礎上是相當一致的。那裡的變化僅在13%到15%之間。因此，當我們嵌入分析時，每個部分都會有一些變化，但總體來說仍然是非常一致的。

Yes. I would just add that on a quarter-on-quarter basis, there would be variation and there is a divergence between the three industry verticals. But on a year-on-year basis, actually the progression is pretty much at the same level.

是的。我只想補充一點，按季度計算，會有差異，三個垂直行業之間存在分歧。但與上年同期相比，實際上進展幾乎處於同一水平。

(Operator Instructions) David Grossman, Stifel Europe.

（操作員指示）David Grossman，Stifel Europe。

Good morning. Thank you. Rohit, maybe you could go back to just the operating model change and maybe you could just go into a little more detail in terms of what were the fundamental business reasons? What were you seeing that really motivated you to make this change? Was it you know a need to kind of provide one point of contact and responsibility for really managing the relationship on an industry level and offering the entire service offering or is it something more than that?

早安.謝謝。羅希特，也許您可以回到營運模式的轉變上，也許您可以更詳細地講講根本的商業原因是什麼？您看到了什麼真正促使您做出這項改變？您是否知道需要提供一個聯繫點和責任來真正管理行業層面的關係並提供整個服務產品，還是還有更多其他的東西？

Sure, David. So if you take a look at our operating model previously, we were structured by three industry verticals, insurance, healthcare and our emerging business unit. And one horizontal capability, which was analytics. So we had three industry verticals and one horizontal capability analytics. Now we wanted to keep it that way because analytics was a business that we wanted to really develop and mature. We wanted to be able to monitor the - not only the revenue progression, but also the margin progression of that business.

當然，大衛。如果你看一下我們之前的營運模式，你會發現我們是由三個垂直產業構成的，也就是保險、醫療保健和新興業務部門。還有一項水平能力，那就是分析能力。因此，我們有三個垂直行業和一個水平行業能力分析。現在我們希望保持這種狀態，因為分析是我們想要真正發展和成熟的業務。我們希望能夠監控—不僅是收入進展，還有該業務的利潤進展。

And we wanted to ensure that it got the full attention of the team in terms of the development of that vertical. We now believe that the analytics vertical - I'm sorry, the analytics business unit is a mature business unit. It's like I said, $800 million of revenue. It's one of the largest and most powerful service offerings that we have in the marketplace and it's embedded in every single thing that we do now with our clients across the board and the cross penetration between digital operations clients and analytics has kind of increased quite significantly.

我們希望確保它在該垂直領域的發展方面得到團隊的充分關注。我們現在認為，分析垂直領域——對不起，分析業務部門是一個成熟的業務部門。就像我說的，8 億美元的收入。這是我們在市場上提供的最大、最強大的服務產品之一，它融入我們現在與客戶進行的每項工作中，數位營運客戶和分析之間的交叉滲透已經顯著增加。

Going forward, we felt it would be much better for us to be able to focus in on our clients and be much closer to them. We also wanted to make sure that the international markets are a space that we start to focus in on and start to give additional attention on. You would have seen that the international growth markets for us, the penetration has increased for us over the last three years. I believe in 2022, international markets contributed about 14% of our revenue. We took it up to 16% in '23. And in '24, it has expanded to 18%. That is something which we are going to continue to drive going-forward and that becomes an important priority for us.

展望未來，我們覺得如果我們能夠更加專注於我們的客戶並且更加貼近他們，那將會更好。我們也希望確保國際市場是我們開始關注並給予額外關注的領域。您可能已經看到，過去三年來，我們的國際成長市場滲透率已經提高。我相信到 2022 年，國際市場將貢獻我們約 14% 的收入。到 23 年，我們將其提高到了 16%。而在1924年，這一比例已擴大到18%。這是我們將繼續推動的事情，這將成為我們的一項重要優先事項。

So the new operating model that we now have has got insurance, it's got healthcare, it's got banking and capital markets and diversified industries together, and then it's got all of the international growth markets are where we want to kind of pay special attention to. So this allows us to kind of manage the business in a way that we can be closer to our customers, give much more focus on it, and then every single client of ours can avail off all the service offering that we've got in place.

所以我們現在的新營運模式將保險、醫療保健、銀行和資本市場以及多元化產業融為一體，並將所有國際成長市場納入其中，這是我們想要特別關注的。因此，這使我們能夠以更貼近客戶的方式管理業務，更加關注客戶，然後我們的每位客戶都可以享受我們提供的所有服務。

We believe there are two fundamental go-to-market motions that this would be particularly helpful in. Number one is, it will help our ability to cross-sell and we think that our cross-sell penetration is still very low and therefore, we can cross-sell services into the same client base. And number two, as integrated deals become much more important and we are already seeing that trend, we can combine all of the capabilities of our domain operations, platforms, data management capabilities, AI services, analytics services, AI solutions and bundle that together and be able to handle that for our clients. So these two go-to-market motions will become much more pronounced as we go forward in the new operating model.

我們相信，這對兩種基本的上市動議尤其有幫助。首先，它將有助於提高我們的交叉銷售能力，我們認為我們的交叉銷售滲透率仍然很低，因此，我們可以向同一客戶群交叉銷售服務。第二，隨著綜合交易變得越來越重要，我們已經看到了這種趨勢，我們可以將我們領域營運、平台、資料管理功能、人工智慧服務、分析服務、人工智慧解決方案的所有功能結合起來，並將它們捆綁在一起，為我們的客戶處理這些問題。因此，隨著我們在新的營運模式下前進，這兩種進入市場的動議將變得更加明顯。

Okay. Got it. Thanks for that. There was one other question. I think it may have come up in a previous question or it's - you've talked about this historically is the use of automation to convert or to migrate your customers' legacy applications to more modern code? And just using that capabilities backdrop, just wondering if you could update us on how GenAI is impacting your delivery of service beyond kind of what you've already talked about historically and that code conversion. How pervasive is that and what other use cases for AI are you seeing in the delivery of the service offering and what impact do you think that's going to have on your margins over-time as well as your revenue growth?

好的。知道了。謝謝。還有一個問題。我認為它可能出現在之前的問題中，或者是 - 您曾經談論過這個問題，是否使用自動化將客戶的遺留應用程式轉換或遷移到更現代的程式碼？並且僅使用這些功能背景，只是想知道您是否可以向我們介紹 GenAI 如何影響您的服務交付，除了您過去已經談到的內容和程式碼轉換之外。這種技術有多普遍？您在提供服務時看到了人工智慧的哪些其他用例？您認為這會對您的利潤率和收入成長產生什麼影響？

Sure. So look, as we've stated previously, there are three fundamental areas where we are leveraging GenAI. One is our code conversion and there we've got a capability called Code Harbor. The second is around our customer service, the ability to be able to provide automated content and streamline and create greater efficiency in customer service.

當然。正如我們之前所說，我們在三個基本領域中利用 GenAI。一個是我們的程式碼轉換，我們有一個叫做Code Harbor的功能。第二是關於我們的客戶服務，能夠提供自動化內容並簡化並提高客戶服務效率。

And the third is around data extraction and our ability to pull unstructured data and bring it into the workflow and create additional value. So I'll focus a little bit more on the code hardware solution that we have, which allows us to be able to use GenAI to modernize our clients' legacy platforms and legacy code into modern-day code. So think about it as a prime example is clients wanting to convert their SaaS models into modern-day Python or newer code that is much more flexible and much more functionally useful for them.

第三個是關於資料提取以及我們提取非結構化資料並將其納入工作流程並創造額外價值的能力。因此，我將更專注於我們擁有的程式碼硬體解決方案，該解決方案使我們能夠使用 GenAI 將客戶的傳統平台和傳統程式碼現代化為現代程式碼。因此，一個很好的例子是客戶希望將他們的 SaaS 模型轉換為現代 Python 或更新的程式碼，對他們來說更加靈活、功能更有用。

In the past, that would have taken us a number of man-months and years to be able to convert the SaaS code into Python. Today, we are able to create a chunking of that code and break it into different elements. We are able to document you know what the code actually means and then we are able to convert it again using GenAI in a very efficient format. So what it does is it brings down the time and the cost of that code conversion very significantly. And therefore, our clients are embracing this and moving forward on this code conversion very, very rapidly.

過去，我們需要花費數月甚至數年的時間才能將 SaaS 程式碼轉換為 Python。今天，我們能夠對該程式碼進行分塊並將其分解為不同的元素。我們能夠記錄程式碼的實際含義，然後我們能夠使用 GenAI 以非常有效率的格式再次轉換它。所以它的作用是顯著降低程式碼轉換的時間和成本。因此，我們的客戶接受了這一點，並且非常迅速地推進了程式碼轉換。

We've got a number of our clients that have chosen to partner with us on this. And because we understand their business models, we are very familiar with this code conversion factory. We're able to kind of get them to the new code in a very, very quick time frame and help them modernize their platforms. So I hope that's helpful a little bit in terms of the understanding. We are going to be showcasing Code Harbor as part of our March 5th AI in Action webinar that we have. So that will provide additional color on that as well.

我們有許多客戶選擇與我們合作。而且因為我們了解他們的商業模式，所以我們對這個代碼轉換工廠非常熟悉。我們能夠在非常短的時間內讓他們掌握新程式碼，並幫助他們實現平台現代化。所以我希望這對我們的理解有一點幫助。我們將在 3 月 5 日舉行的 AI in Action 網路研討會上展示 Code Harbor。因此這也會提供額外的色彩。

Yes. But just from a financial perspective, Rohit, how should we think about these three elements and whether it's a headwind or a tailwind to revenue growth and margin?

是的。但羅希特，僅從財務角度來看，我們應該如何看待這三個因素，以及它們對於收入成長和利潤來說是逆風還是順風？

Well, for us, it's actually turning out to be a tailwind because what we are finding is that we can work on a much bigger piece of opportunity at our clients and therefore, the work is not limited to a process or a part of a process and a task. It actually is the full customer journey and a complete integrated deal.

嗯，對我們來說，這實際上是一個順風，因為我們發現，我們可以為客戶創造更大的機會，因此，工作不僅限於一個流程或流程的一部分和一項任務。它實際上是完整的客戶旅程和完整的綜合交易。

Number two, because we have this capability, we're getting access to a number of different initiatives at the client organization that typically we wouldn't have had in the past. And lastly, our buying centers have also expanded and now the CIO and the CDO are engaged with us directly on this.

第二，由於我們擁有這種能力，因此我們能夠接觸到客戶組織中的許多不同計劃，而這些計劃在過去通常是無法獲得的。最後，我們的採購中心也擴大了，現在資訊長和首席資料長直接與我們合作。

Previously, we would have only worked with the COO. So it actually expands the TAM, it expands the size of the engagement and it and it is a tailwind. And you can see that in the growth rate of our digital operations revenue growth, which is growing very nicely and in Q4, it grew at 18%. So that's been a very, very nice uptick for us.

以前，我們只會與營運長合作。因此，它實際上擴大了 TAM，擴大了參與的規模，而且它是一個順風。您可以看到，我們的數位營運收入成長率非常好，第四季成長率為 18%。所以這對我們來說是一個非常非常好的成長。

We have no further questions at this time. I will turn the call back to John Kristoff for closing remarks.

目前我們沒有其他問題。我會把電話轉回給約翰‧克里斯托夫 (John Kristoff)，請他作最後發言。

Yes. I'd like to thank everyone for joining us this morning. And as always, for additional questions, please feel free-to reach out to me directly. Thank you.

是的。我想感謝大家今天早上的參加。像往常一樣，如果您有其他問題，請隨時直接與我聯繫。謝謝。