Exlservice Holdings Inc (EXLS) 2025 Q1 法說會逐字稿

Hello and welcome to the ExlService Holdings Inc. Q1 2025 earnings 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. 2025 年第一季財報電話會議。（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, Abigail. Hello, and thank you for joining EXL's first quarter 2025 financial results conference call. On the call with me today are Rohit Kapoor, Chairman and Chief Executive Officer; and Maurizio Nicolelli, Chief Financial Officer.

謝謝，阿比蓋爾。您好，感謝您參加 EXL 2025 年第一季財務業績電話會議。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。

We hope you've had an opportunity to review the first quarter earnings press release we issued yesterday afternoon. We have also posted a slide deck and investor fact sheet on our Investor Relations website. As a reminder, some of the matters we'll discuss this morning are forward looking.

我們希望您有機會閱讀我們昨天下午發布的第一季財報新聞稿。我們也在投資者關係網站上發布了幻燈片和投資者情況說明書。提醒一下，我們今天早上討論的一些問題具有前瞻性。

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.

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明示或暗示的結果有重大差異。

Such risks and uncertainties include, but are not limited to, general economic conditions, those factors set forth in our press release, discussed in the company's periodic reports and other documents filed with the SEC from time to time.

這些風險和不確定性包括但不限於一般經濟狀況、我們的新聞稿中列出的因素、公司定期報告和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 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. With that, I'll turn the call over to Rohit.

EXL 不承擔更新今天電話會議上提供的資訊的義務。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 的對照組情況。說完這些，我會把電話轉給羅希特。

Thanks, John. Good morning, everyone. Welcome to EXL's first quarter 2025 earnings call. I'm pleased to report that we started the year with strong first quarter performance. In the first quarter, we generated revenue of $501 million, an increase of 15% year-over-year.

謝謝，約翰。大家早安。歡迎參加 EXL 2025 年第一季財報電話會議。我很高興地報告，我們今年第一季的業績表現強勁。第一季度，我們的營收為 5.01 億美元，年增 15%。

And we grew first quarter adjusted EPS by 27% to $0.48 per share. Our results demonstrate significant momentum across all our segments. Effective this quarter, we are reporting our business performance across four new segments, consistent with how we are reviewing financial information and making operating decisions.

第一季調整後每股收益成長 27%，達到 0.48 美元。我們的結果表明，我們所有部門都表現出了顯著的發展勢頭。從本季開始，我們將報告四個新部門的業務績效，這與我們審查財務資訊和製定營運決策的方式一致。

The new segments are insurance, healthcare and life sciences, banking, capital markets and diversified industries and international growth markets. We delivered solid growth in the insurance segment, which represented more than a third of our revenue in the quarter.

新的領域包括保險、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。我們的保險業務實現了穩健成長，佔本季總收入的三分之一以上。

Insurance is a core strategic market for us, where we have been a consistent leader for many years. We are excited about our growth opportunities in insurance as clients move from digital operations to AI-powered operations.

保險是我們的核心策略市場，多年來我們一直處於領先地位。隨著客戶從數位化營運轉向人工智慧運營，我們對保險領域的成長機會感到非常興奮。

Healthcare and life sciences is becoming a larger part of our business, representing about a quarter of our revenue. We continue to deliver exceptionally strong revenue growth in the segment, driven by higher volumes in payment services and expansion of business with existing clients, powered by our data and AI capabilities.

醫療保健和生命科學正在成為我們業務的重要組成部分，約占我們收入的四分之一。由於支付服務量的增加和現有客戶業務的擴展，以及我們的數據和人工智慧能力的推動，我們繼續在該領域實現異常強勁的收入成長。

Banking, capital markets and diversified industries also represented nearly a quarter of our revenue and we were able to accelerate revenue growth in the quarter. With a significant customer base in this segment, the opportunity to drive value through integrated capabilities, leveraging data and AI is tremendous.

銀行、資本市場和多元化產業也占我們收入的近四分之一，我們能夠在本季加速收入成長。憑藉該領域龐大的客戶群，透過整合能力、利用數據和人工智慧來推動價值的機會是巨大的。

Our international growth market segment enables us to leverage our data and AI strengths in growing markets outside the US, diversifying our business geographically, which is a strategic priority. In the first quarter, we grew revenue in this segment, and it now represents over 17% of our total revenue.

我們的國際成長市場部門使我們能夠在美國以外的成長市場中利用我們的數據和人工智慧優勢，實現業務的地域多元化，這是一項策略重點。第一季度，我們該部門的營收有所成長，目前占我們總營收的 17% 以上。

We have immense potential to grow our revenue with existing clients in this segment, and we have significant opportunities to expand our client base. Beginning with the first quarter and going forward, we will be reporting data and AI-led revenue on a quarterly basis.

我們擁有巨大的潛力，可以透過該領域的現有客戶來增加收入，並且我們擁有重大的機會來擴大我們的客戶群。從第一季開始，我們將按季度報告數據和人工智慧主導的收入。

Our data and AI led revenue is made up of AI powered solutions and services in which we embed data and AI into client workflows. As clients evolve from digital operations to data and AI powered operations and outcomes, these capabilities represent the next stage of enterprise transformation.

我們的數據和人工智慧主導的收入由人工智慧驅動的解決方案和服務組成，我們將數據和人工智慧嵌入到客戶工作流程中。隨著客戶從數位營運發展到數據和人工智慧驅動的營運和成果，這些能力代表著企業轉型的下一階段。

During the quarter, our data and AI led revenue grew 16% year-over-year and represented 53% of total revenue, with strong performance across all four of our reporting segments. The robust execution of our data and AI strategy has positioned EXL as an industry leader in embedding AI into the workflow and deliver business outcomes that are much superior for our clients. As our clients navigate current economic uncertainty, we are increasingly focused on lowering their costs. As a result, our overall market demand environment remains robust.

本季度，我們的數據和人工智慧主導的營收年增 16%，佔總收入的 53%，我們所有四個報告部門都表現強勁。我們數據和人工智慧策略的強勁執行使 EXL 成為將人工智慧嵌入工作流程並為我們的客戶提供卓越業務成果的行業領導者。隨著我們的客戶應對當前的經濟不確定性，我們越來越注重降低他們的成本。因此，我們的整體市場需求環境依然強勁。

Our sales pipeline remains strong and grew both year-over-year and sequentially in the first quarter. We continue to invest in growing and maturing our data and AI capabilities to bolster our competitive advantage and drive revenue growth. And we have fully leaned into agentic AI as a key value driver for clients and a differentiator for EXL.

我們的銷售通路依然強勁，第一季較去年同期成長，季增。我們將繼續投資於發展和完善我們的數據和人工智慧能力，以增強我們的競爭優勢並推動收入成長。我們已經完全依靠代理 AI 作為客戶的關鍵價值驅動因素和 EXL 的差異化因素。

During the quarter, we launched 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. Our platform enables us to deploy AI much more quickly and it is significantly lower cost resulting in substantial return on investment. Autonomous AI agents have the power to unlock exponential productivity gains, especially when they are domain optimized and seamlessly integrated into the workflow.

在本季度，我們推出了代理 AI 平台 EXLerate.AI，該平台使客戶能夠透過將 EXL 或第三方 AI 代理嵌入到他們的業務運營中來重新構想他們的工作流程。我們的平台使我們能夠更快地部署人工智慧，並且成本顯著降低，從而帶來可觀的投資回報。自主人工智慧代理能夠帶來指數級的生產力提升，尤其是當它們針對領域進行最佳化並無縫整合到工作流程中時。

Our open and modular platform includes more than 15 industry-specific proprietary AI agents that have been already deployed with clients across our vertical markets. Examples of our agentic AI use cases include, a leading specialty insurance company using underwriting agents to efficiently search, extract, enrich and categorize risk from a variety of unstructured data sources.

我們的開放模組化平台包含 15 多個行業特定的專有 AI 代理，這些代理已部署到我們垂直市場的客戶手中。我們的代理 AI 用例範例包括：一家領先的專業保險公司使用承保代理從各種非結構化資料來源中高效搜尋、提取、豐富和分類風險。

Our top 10 global insurer using specialized claims agents to identify and assist in third-party recovery determine accuracy of payments and identified potential fraud. A Fortune 500 energy company using EXL governance agents to ensure security and regulatory compliance.

我們的全球十大保險公司使用專門的索賠代理來識別和協助第三方追償，確定付款的準確性並識別潛在的詐欺行為。財富 500 強能源公司使用 EXL 治理代理商來確保安全性和法規遵循。

A large healthcare client, leveraging our audit agents to identify potential violations, analyzed root causes and ensure compliance with regulatory standards and a large global bank utilizing operational training agents to enable real-time knowledge access, conversation analysis and simulations. These are just a few examples of the many agentic AI use cases we have deployed.

一家大型醫療保健客戶利用我們的審計代理來識別潛在違規行為，分析根本原因並確保符合監管標準；一家大型全球銀行利用營運培訓代理實現即時知識存取、對話分析和模擬。這些只是我們部署的眾多代理 AI 用例中的幾個範例。

We are thrilled by the overwhelming client response to EXLerate.AI underscoring our leadership as an AI first mover within the industry. We look forward to providing an in-depth update on our data and AI strategy and solutions next Tuesday at our Investor Strategy Update event here in New York.

我們很高興看到客戶對 EXLerate.AI 的熱烈回應，這凸顯了我們作為業界人工智慧先驅的領導地位。我們期待下週二在紐約舉行的投資者策略更新活動上提供有關我們的數據和人工智慧策略和解決方案的深入更新。

Simply put, we are executing with precision and discipline amid a rapidly evolving macroeconomic landscape. Our financial results and strong sales pipeline demonstrate the strength and durability of our business model.

簡言之，在快速變化的宏觀經濟情勢下，我們正精準而有紀律地執行。我們的財務表現和強勁的銷售管道證明了我們商業模式的實力和持久性。

EXL benefits from several differentiators and structural advantages that help insulate us from economic volatility. These advantages include a high percentage of annuity like revenue, which is tied to mission critical operations for our clients, a strong diversified client base anchored by Fortune 1000 leaders in stable, less cyclical sectors like healthcare and insurance.

EXL 受益於多種差異化因素和結構優勢，有助於我們免受經濟波動的影響。這些優勢包括高比例的年金類收入（與我們客戶的關鍵任務營運息息相關），強大的多元化客戶群，由醫療保健和保險等穩定、週期性較小的行業的財富 1000 強領導者支撐。

And finally, a business model focused on driving efficiencies and cost savings to our clients, which becomes even more relevant during slower economic cycles. These factors provide us with an incredibly resilient business model, which has historically performed well in a variety of economic environments.

最後，我們致力於為客戶提高效率和節省成本，這在經濟週期放緩時變得更加重要。這些因素為我們提供了一種極具彈性的商業模式，在各種經濟環境中都表現良好。

While we are encouraged by our strong performance in the first quarter, we are mindful of the potential challenges that our clients face in the current environment. Therefore, we remain confident, but prudent in our outlook for the year. We are raising our revenue guidance range to account for our current business momentum and adjusting for more favorable currency exchange rates.

雖然我們對第一季的強勁表現感到鼓舞，但我們也意​​識到客戶在當前環境下面臨的潛在挑戰。因此，我們對今年的前景仍然充滿信心，但同時也保持謹慎。我們正在提高收入預期範圍，以適應當前的業務動能並調整更有利的貨幣匯率。

In conclusion, our balanced and resilient mix of business, unique industry exposure and the growing demand to reduce costs and improve business outcomes, positions us well to deliver on our 2025 revenue and earnings growth targets despite broad economic uncertainty.

總而言之，儘管經濟存在廣泛不確定性，但我們均衡而有韌性的業務組合、獨特的行業影響力以及不斷增長的降低成本和改善業務成果的需求，使我們能夠很好地實現 2025 年的收入和盈利增長目標。

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

說完這些，我會把電話轉給 Maurizio。

Thank you, Rohit, and thanks, everyone, for joining us this morning. I will provide insights into our financial performance for the first quarter and our revised outlook for 2025. We delivered a strong first quarter with revenue of $501 million, up 14.8% year-over-year on a reported basis and 15.1% on a constant currency basis. Sequentially, we grew 4.3% on a constant currency basis. Adjusted EPS was $0.48, a year-over-year increase of 26.9%.

謝謝你，羅希特，也謝謝大家今天早上加入我們。我將深入介紹我們第一季的財務表現以及我們對 2025 年的修訂展望。我們第一季業績表現強勁，營收達 5.01 億美元，按報告基礎計算年增 14.8%，以固定匯率計算成長 15.1%。以固定匯率計算，我們的環比成長了 4.3%。調整後每股收益為0.48美元，較去年同期成長26.9%。

All revenue growth percentages mentioned hereafter are on a constant currency basis unless otherwise stated. Now turning to revenue by segment in the first quarter. The insurance segment grew 8.7% year-over-year with revenue of $172.1 million. This was driven by expansion in existing client relationships.

除非另有說明，下文提及的所有收入成長百分比均以固定貨幣計算。現在來看看第一季各部門的收入。保險業務收入年增 8.7%，達到 1.721 億美元。這是由現有客戶關係的擴展所推動的。

The insurance vertical, including revenue from international growth markets grew 9.7% year-over-year with revenue of $200.4 million. The healthcare and life sciences segment reported revenue of $125.6 million, representing growth of 24.8% year-over-year and 11.4% sequentially.

包括國際成長市場在內的保險垂直業務收入年增 9.7%，達到 2.004 億美元。醫療保健和生命科學部門報告的收入為 1.256 億美元，年增 24.8%，環比成長 11.4%。

The year-over-year growth was driven by higher volumes in our payment services business and expansion in existing client relationships. The healthcare and life sciences vertical, including revenue from international growth markets grew 24.7% year-over-year with revenue of $125.8 million.

年比成長的動力來自於我們支付服務業務量的增加以及現有客戶關係的擴大。醫療保健和生命科學垂直領域（包括來自國際成長市場的收入）年增 24.7%，收入達到 1.258 億美元。

In the banking, capital markets and diversified industry segment, we reported revenue of $117.7 million, representing growth of 14.3% year-over-year and 6.5% sequentially. This growth was driven by the expansion of existing client relationships and new wins largely in banking and capital market clients. Banking, capital markets and diversified industries vertical, including revenue from international growth markets grew 15.3% year-over-year with revenue of $174.8 million.

在銀行、資本市場和多元化產業領域，我們報告的收入為 1.177 億美元，年增 14.3%，季增 6.5%。這一成長主要得益於現有客戶關係的擴大以及銀行和資本市場客戶的新客戶。銀行、資本市場和多元化產業垂直領域（包括來自國際成長市場的收入）年增 15.3%，營收達到 1.748 億美元。

In the international growth markets segment, we generated revenue of $85.7 million, up 17% year-over-year and 2% sequentially. This growth was driven by ramp-ups and higher volumes with the existing clients across banking, capital markets and diversified industries and insurance.

在國際成長市場領域，我們的營收為 8,570 萬美元，較去年同期成長 17%，較上季成長 2%。這一成長得益於銀行、資本市場、多元化產業和保險領域現有客戶的業務量成長和業務量增加。

SG&A expenses as a percentage of revenue declined 20 basis points year-over-year to 20.2% driven by operating leverage. Our adjusted operating margin for the quarter was 20.1%, up 120 basis points, year-over-year, driven by improved gross margins.

受營運槓桿的影響，銷售、一般及行政費用佔收入的百分比年減 20 個基點至 20.2%。本季調整後的營業利潤率為 20.1%，年增 120 個基點，得益於毛利率的提高。

Our effective tax rate for the quarter was 22.3%, down 90 basis points year-over-year, driven by higher profits in lower tax jurisdictions and reduced US tax -- paid taxes. Our adjusted EPS for the quarter was $0.48, up 26.9% year-over-year on a reported basis.

本季我們的有效稅率為 22.3%，較去年同期下降 90 個基點，這得益於低稅管轄區的利潤增加以及美國納稅額的減少。本季調整後的每股收益為 0.48 美元，以報告基礎計算年增 26.9%。

Our balance sheet remains strong. Our cash, including short- and long-term investments as of March 31 was $346 million, and our revolver debt was $307 million for a net cash position of $39 million. We generated cash flow from operations of $3 million in the quarter against a cash deficit of $22 million in the first quarter of 2024.

我們的資產負債表依然強勁。截至 3 月 31 日，我們的現金（包括短期和長期投資）為 3.46 億美元，循環債務為 3.07 億美元，淨現金部位為 3,900 萬美元。本季我們的營運現金流為 300 萬美元，而 2024 年第一季的現金赤字為 2,200 萬美元。

This improvement was driven by higher profitability and onetime earn-out payments related to a prior acquisition in the first quarter of 2024. During the quarter, we spent $13 million on capital expenditures and $8 million on share repurchases.

這一改善得益於更高的盈利能力以及與 2024 年第一季的先前收購相關的一次性盈利支付。本季度，我們花了 1300 萬美元用於資本支出，800 萬美元用於股票回購。

Now moving on to our outlook for 2025. While we remain cautious about the current macroeconomic climate, we are increasing our revenue guidance for the year based on more favorable currency exchange rates our current growth momentum and strong pipeline.

現在我們來展望一下 2025 年。雖然我們對當前的宏觀經濟環境保持謹慎，但基於更有利的匯率、我們目前的成長動能和強勁的銷售管道，我們提高了今年的收入預期。

We now anticipate 2025 revenue to be in the range of $2.035 billion to $2.065 billion. This represents year-over-year growth of 11% to 12% on a reported basis and 11% to 13% on a constant currency basis with a year-over-year forecasted foreign exchange headwind of approximately $5 million.

我們現在預計 2025 年的營收將在 20.35 億至 20.65 億美元之間。這意味著，以報告基礎計算，年增 11% 至 12%，以固定匯率計算，年增 11% 至 13%，預計年比外匯逆差約為 500 萬美元。

This represents an increase of $7 million at the midpoint of our previous guidance. We anticipate increased investments in data and AI capabilities and solutions to maintain and expand our competitive advantage going forward and continue to anticipate adjusted operating profit margin improvement of 10 to 20 basis points for the full year.

這意味著，與我們之前的指導中位數相比，增加了 700 萬美元。我們預計將增加對數據和人工智慧能力及解決方案的投資，以維持和擴大我們未來的競爭優勢，並繼續預計全年調整後的營業利潤率將提高 10 至 20 個基點。

We expect the foreign exchange gain of approximately $2 million to $3 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 expect capital expenditures to be in the range of $50 million to $55 million.

我們預計外匯收益約為 200 萬至 300 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。我們預計資本支出將在 5,000 萬美元至 5,500 萬美元之間。

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%. To conclude, we had a great start to the year with industry-leading financial performance, which demonstrates our unique competitive position. Despite the current market uncertainty, our leading indicators remain positive, and we have a highly adaptable and resilient business model, setting us up for a solid 2025.

我們預計調整後的每股盈餘將在 1.83 美元至 1.89 美元之間，年增 11% 至 14%。總而言之，我們今年開局良好，財務表現處於行業領先地位，這彰顯了我們獨特的競爭地位。儘管當前市場充滿不確定性，但我們的領先指標仍然保持積極，並且我們擁有高度適應性和彈性的商業模式，為我們穩固的2025年奠定了基礎。

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

羅希特和我很樂意回答您的問題。

(Operator Instructions) Bryan Bergin, TD Cowen.

（操作員指示） Bryan Bergin，TD Cowen。

Hi, thank you. Good morning. I'll start with the '25 growth guidance. So I fully understand the affirmation here despite the 1Q outperformance. But I guess as we all try to test insulation into potential macro slowing, can you remind us on the level of annuitized revenue? And what's contractually committed versus potentially needing to go get and convert within the fiscal '25 growth guidance?

你好，謝謝。早安.我將從 25 年成長指引開始。因此，儘管第一季表現優異，但我完全理解這裡的肯定。但我想，當我們都試圖測試對潛在宏觀經濟放緩的隔離時，您能否提醒我們年金收入的水平？那麼，合約承諾的是什麼，以及可能需要在 25 財年增長指導範圍內獲取和轉換什麼？

Hey Bryan, it's Maurizio. When you look at our projection for the rest of the year and you look at our pipeline and our revenue, we have about 87% committed in our revenue for the year at the midpoint of our guidance and right around 95% visibility overall at the midpoint.

嘿，布萊恩，我是毛里齊奧。當您查看我們對今年剩餘時間的預測以及我們的管道和收入時，您會發現，在指導中期，我們已承諾實現今年收入的 87% 左右，在指導中期，總體可見度約為 95%。

So we feel like we're in a pretty good spot for the rest of the year. Now we're only one quarter in right now, but that's where we stand today. So we're fairly confident for the rest of the year given those numbers.

因此，我們感覺今年剩餘時間的情況相當不錯。現在我們只進行了一個季度，但這就是我們今天的狀況。因此，根據這些數據，我們對今年剩餘時間的表現相當有信心。

Okay, good to hear. And then my follow-up around AI and data-related revenue. Can you just talk about how the labor effort is allocated in AI-driven processes? And does increased AI adoption in certain processes definitively cannibalize a portion of revenue in other services areas like digital ops. Just talk about that and then the net overall impact that you're seeing?

好的，很高興聽到這個消息。然後我繼續關注人工智慧和數據相關的收入。您能談談在人工智慧驅動的過程中如何分配勞動力嗎？並且，在某些流程中增加人工智慧的應用是否確實會蠶食數位營運等其他服務領域的部分收入？只談論這一點，然後您看到的整體淨影響是什麼？

Yeah, sure, Bryan. So for us, we think AI is going to be adopted with human in the loop, and therefore, that's a critical element that continues to be part of the equation. What we would expect to see in the data and AI-led revenue piece is that our revenue per head count would start to increase out there. And that's something which is a favorable trend for the business for us to be able to grow our revenues and grow profits faster than our revenue.

是的，當然，布萊恩。因此，對我們來說，我們認為人工智慧將在人類的參與下被採用，因此，這是一個繼續成為等式一部分的關鍵要素。我們期望在數據和人工智慧主導的收入部分看到我們的人均收入將開始增加。這對我們的業務來說是一個有利的趨勢，使我們的收入和利潤成長速度快於收入成長。

We think the change in terms of the labor component and the head count that we have, that's something which is going to be gradual, and that's something which will play out over a long period of time. But as we embed more data and more AI into the workflow and into the client operations, we're going to continue to need to add more headcount, but probably at a much slower pace.

我們認為，勞動力組成和員工人數的變化是一個漸進的過程，並且需要很長一段時間才能完成。但隨著我們在工作流程和客戶營運中嵌入更多資料和人工智慧，我們將繼續需要增加更多員工，但速度可能會慢得多。

All right, thank you.

好的，謝謝。

Surinder Thind, Jefferies LLC.

Surinder Thind，Jefferies LLC。

Can you maybe just talk a little bit about -- you emphasize perhaps the first mover advantage in all of the investments that you're making. Can you perhaps talk about the what I would call the sustainability of that and how you think that's evolving at this point?

您能否稍微談一下——您可能強調了您所做的所有投資中的先發優勢。您能否談談我所說的它的可持續性以及您認為它目前的發展？

Sure, Surinder. So first off, some of the foundational elements that we had invested in, that's playing to our advantage at this point of time. So as you know, for the last 25 years, we've been investing in building up our capability on select industry domains and around processes and running operations.

當然，Surinder。首先，我們投資的一些基礎要素目​​前對我們有利。如您所知，在過去的 25 年裡，我們一直在投資建立我們在特定行業領域以及流程和營運方面的能力。

And that gives us a huge leg up when it comes to embedding AI into the workflow. Over the past 15 to plus years, we've been investing in building up our analytics capability and therefore, our data science and data engineering capabilities, those are very well established, and they allow us to embed AI into the workflow at a much faster pace with greater confidence and with much better results.

這在將 AI 嵌入到工作流程中時為我們提供了巨大的優勢。在過去的 15 多年裡，我們一直在投資建立我們的分析能力，因此，我們的數據科學和數據工程能力已經非常完善，它們使我們能夠以更快的速度、更大的信心和更好的結果將人工智慧嵌入到工作流程中。

And over the last several years, we've been investing in building up our data capabilities and having mastery over data. So these three elements of domain data and AI give us a huge advantage. Now that's what has resulted in us being able to build up EXLerate.AI, which is our Agentic AI platform.

在過去的幾年裡，我們一直在投資建立我們的數據能力並掌握數據。因此，領域數據和人工智慧這三個要素為我們帶來了巨大的優勢。現在，我們能夠建立 EXLerate.AI，即我們的 Agentic AI 平台。

Create 15 plus agentic AI use cases, which are already deployed, build 100 plus accelerators and that's given us a slight advantage in terms of our peer group, where we've been able to kind of be a little bit ahead of the game -- and that's why we see a much faster client adoption of this and a much higher growth rate for our business.

創建 15 多個代理 AI 用例（這些用例已經部署），建立 100 多個加速器，這讓我們在同行中略佔優勢，在某種程度上，我們能夠領先一步 - 這就是為什麼我們看到客戶對此的採用速度更快，我們的業務增長率也更高。

Now in terms of the sustainability of this advantage, we think we have to continue to invest in building up this capability, both from a talent perspective as well as from a solution and a capability perspective. So that's why we're going to be continuing to increase the monetary investment, both in terms of the number of people and the experts that we will have for deploying AI as well as some of the solutions that we would create leveraging AI. And I think as long as we can do that successfully, we hopefully should be able to maintain an advantage on a sustained basis.

現在就這項優勢的可持續性而言，我們認為我們必須繼續投資建立這項能力，無論是從人才角度還是從解決方案和能力角度。這就是為什麼我們將繼續增加資金投入，包括部署人工智慧的人員和專家數量，以及利用人工智慧創造的一些解決方案。我認為，只要我們能夠成功做到這一點，我們就有望能夠持續保持優勢。

Helpful. And then when we think about where we are in the business cycle, I think you highlighted a lot of the elements that make your business resilient. Any color on just the clients' willingness or their ability to the level of technology, I guess, that they're willing to adapt that in the sense that when we look at where things were with AI last year, they've quickly or continue to evolve quickly.

很有幫助。然後，當我們思考我們所處的商業週期時，我認為您強調了許多使您的業務具有彈性的因素。我想，客戶的意願或技術水平的能力都表明他們願意適應這種技術，當我們回顧去年人工智慧的發展時，就會發現他們已經或將繼續快速發展。

So how do clients go about making a decision of what they're going to implement or what they're willing to take a risk on in terms of the implementation? And is that effectively where the outcome base comes into play as the selling point.

那麼客戶如何決定他們要實施什麼或他們願意在實施上承擔什麼風險？這是否有效地將結果基礎作為賣點發揮作用？

Yeah, I think that really goes to the heart of our business, Surinder, and tells how we see this. Number one, our clients continue to make increased investments around technology, around AI, around data and then making that work for them and provide them with a huge advantage.

是的，我認為這確實觸及了我們業務的核心，Surinder，並說明了我們如何看待這一點。首先，我們的客戶繼續增加對科技、人工智慧和數據的投資，並讓這些投資為他們服務，為他們帶來巨大的優勢。

But the first thing that they have to do is to make room for that, and therefore, they need to reduce costs and create ample room so that they can continue to make these investments. So it's really a dual play that they're making.

但他們要做的第一件事就是為此騰出空間，因此，他們需要降低成本並創造充足的空間，以便能夠繼續進行這些投資。所以這實際上是他們正在進行的雙重遊戲。

On the one hand, they are looking at places where they can reduce the cost and create room for investment. And on the other side, they are making that investment. And they'll continue to make that investment despite any kind of an economic environment as long as they get the return on investment.

一方面，他們正在尋找可以降低成本並創造投資空間的地方。另一方面，他們正在進行投資。無論經濟環境如何，只要能夠獲得投資回報，他們就會繼續進行投資。

So the critical elements are, can we provide them with the cost savings that can fuel the investments around technology and AI. And then secondly, can we take those investment dollars in technology and AI and create better business outcomes for them and a faster and a more impactful return on investment so that they continue to leverage the capabilities that are being created and leverage the new technologies that are being launched.

因此，關鍵因素是，我們能否為他們提供成本節約，以推動圍繞技術和人工智慧的投資。其次，我們能否利用這些對科技和人工智慧的投資為他們創造更好的業務成果以及更快、更有影響力的投資回報，以便他們繼續利用正在創造的能力和正在推出的新技術。

And I think that's where we fit in very nicely. We already have been helping our clients manage their cost structure, and we continue to help them create more efficiency and productivity around that. And on the other side, we are helping them innovate and be able to transform their operations and leverage AI and data in a much more strategic way. So this kind of plays in very nicely to what our clients want to do and how EXL can strategically partner with our clients.

我認為這就是我們非常適合的地方。我們一直在幫助我們的客戶管理他們的成本結構，並且我們將繼續幫助他們提高效率和生產力。另一方面，我們正在幫助他們創新，轉變營運方式，以更具策略性的方式利用人工智慧和數據。因此，這與我們的客戶想要做的事情以及 EXL 如何與我們的客戶建立策略夥伴關係非常契合。

Thank you.

謝謝。

Puneet Jain, JPMorgan.

摩根大通的 Puneet Jain。

Hey, thanks for taking my question, Rohit, Maurizio. Like, obviously, like in the current macro environment, like a lot of concerns around like potential impact on various companies from macro news cycle. So in the past, you have talked about marketing analytics as one area, which could be adversely impacted, but that is also an area which has been weak for last few years.

嘿，感謝 Rohit、Maurizio 回答我的問題。顯然，在當前的宏觀環境下，人們非常擔心宏觀新聞週期對各種公司可能產生的影響。所以在過去，您曾談到行銷分析可能會受到不利影響，但這也是過去幾年一直較弱的領域。

So in case like my question is, in an event of a macro headwind, incremental macro headwind potential recession or whatever, how low some of like the things that are more aligned to client discrete can go from current levels? Like maybe if you can talk about your exposure to discretionary spend. in an event of adverse macro outlook?

因此，如果我的問題是，在出現宏觀逆風、漸進式宏觀逆風、潛在衰退或其他情況的情況下，一些與客戶離散更相關的東西可以從當前水平降到多低？例如，您是否可以談談自己在自由支配支出方面的風險。如果宏觀前景不利？

Sure Puneet. So first of all, our viewpoint is that there's going to be increased volatility in the macroeconomic environment. And -- there may be a slowdown in the macroeconomic environment and that's something which our business model is well prepared for because we've got a very diversified business model.

當然可以。 Puneet。首先，我們的觀點是宏觀經濟環境的波動性將會增加。宏觀經濟環境可能會放緩，而我們的商業模式已經為此做好了充分的準備，因為我們的商業模式非常多樣化。

A large percentage of our business is annuity-based and we are diversified globally as well as we are diversified by a number of clients and by the type of work that we do for our clients. The discretionary elements where clients can cut back some of their spend. That's always going to be the case, and they'll always focus their effort and energy and investment in areas that produces the highest ROI for them.

我們的業務很大一部分是基於年金的，我們在全球範圍內實現多元化，並且我們的客戶數量和我們為客戶所做的工作類型也多樣化。客戶可以自行決定削減部分支出。情況總是如此，他們總是將精力、能量和投資集中在能為他們帶來最高投資報酬率的領域。

And I think we are in a fortunate place where the kind of work that we do for our clients. Number one, it's mission-critical, and number two, all the transformation and change that we are making for them produces an immediate ROI. So that's something which we think we are very well buffeted from even if there is an economic environment slowdown that might take place.

我認為我們很幸運，能夠為客戶完成這樣的工作。首先，這是至關重要的任務；其次，我們為他們進行的所有轉型和變革都會立即產生投資回報。因此，我們認為，即使經濟環境可能出現放緩，我們也能很好地應對。

Now there may be certain services or certain solutions that might grow slower or might have an impact, but there are other services and solutions that kind of pick up. And that's why the business model is very, very resilient.

現在，某些服務或某些解決方案可能會成長得更慢或產生影響，但其他服務和解決方案則會回升。這就是為什麼該商業模式非常具有彈性。

And you can see historically as well, whenever there's been an economic slowdown, our business model has performed really well because as clients shift towards cutting costs and focusing in on cost efficiency, we can be a very, very powerful lever for helping them achieve that.

從歷史上看，你也可以看到，每當經濟放緩時，我們的商業模式都會表現得非常好，因為當客戶轉向削減成本並注重成本效率時，我們可以成為幫助他們實現這一目標的非常強大的槓桿。

Got it. And follow-up to that, like how should we think about tenants of your revenue growth and margin throughout this year?

知道了。接下來的問題是，我們該如何看待您今年的營收成長和利潤率？

So Puneet, when you look at the start of the year, in terms of constant currency, we did very well in the first quarter, right around 15.1%. Now when you look at the cadence for the year, in our -- at the midpoint of our guidance, we're going to have a stronger first half of the year versus the second half of the year. And the reason for that is if you go back to 2024, we had a weaker first half of 2024 and a stronger second half of 2024.

因此，Puneet，當您回顧今年年初時，以固定匯率計算，我們在第一季的表現非常好，約為 15.1%。現在，當你查看今年的節奏時，在我們的指導中點，我們上半年的表現將比下半年更加強勁。原因是，如果回顧 2024 年，我們會發現 2024 年上半年經濟表現較弱，而 2024 年下半年經濟表現較強。

So the second half of the year has a harder comparable on a year-over-year basis. So think about that and how you think about the cadence on a quarterly basis for the rest of the year. And then in terms of margins, look, we had a very strong first quarter at 20.1% in terms of (inaudible). We are still projecting ourselves 10 to 20 basis points higher than the previous year, which will put us right around 19.5% to 19.6%.

因此，今年下半年與去年同期相比更難進行比較。因此，請考慮這一點，以及您如何考慮今年剩餘時間按季度進行的節奏。就利潤率而言，我們第一季的利潤率非常強勁，達到了 20.1%。（聽不清楚）。我們仍預期成長率將比上年高出 10 至 20 個基點，達到 19.5% 至 19.6% 左右。

And what's really you'll see in Q2 through 4 is a higher level of investment for us to really drive more of our AI services solutions and really build our capabilities over the next three quarters to continue to increase our growth or propel our growth going forward into 2026. So you'll see a higher level of investment for the rest of the year so that our margin will be slightly lower than just that average for the rest of the year when I talk about 19.5% to 19.6%.

而您在第二季到第四季真正會看到的是，我們將投入更多資金來真正推動更多的人工智慧服務解決方案，並在未來三個季度真正建立我們的能力，以繼續提高我們的成長速度或推動我們在 2026 年的成長。因此，您會看到今年剩餘時間的投資水平更高，因此我們的利潤率將略低於今年剩餘時間的平均水平（我所說的 19.5% 至 19.6%）。

Can you quickly also talk about like cadence on sequential growth basis, Maurizio, like from Q1 to Q2 to Q3 to Q4.

Maurizio，您能否快速談談連續成長的節奏，例如從第一季到第二季到第三季到第四季。

I think for the rest of the year, when you think about just the overall cadence, I think it would be fairly similar to how you -- how we performed in the prior year. When you look at our cadence in the prior year from Q2 to Q3 to Q4, I think that will be fairly similar. We don't see any one significant outlier bump one way or the other in the sequential quarters.

我認為，對於今年剩餘的時間，當你考慮整體節奏時，我認為它會與我們去年的表現非常相似。當您查看我們去年第二季度到第三季度再到第四季度的節奏時，我認為這將非常相似。在連續幾個季度中，我們並未看到任何顯著的異常增長。

No, understood. Appreciate it. Thank you.

不，明白。非常感謝。謝謝。

Maggie Nolan, William Blair.

瑪吉諾蘭、威廉布萊爾。

Thank you and congrats on the quarter. I'm wondering how your 10 new client additions compared to your internal expectations? And then the same question for expansions with existing customers. Are there any changes or nuances with where you're seeing traction just given the kind of client sentiment is changing in response to the economy.

謝謝您，並恭喜本季取得佳績。我想知道您新增的 10 位客戶與您的內部預期相比如何？然後對於現有客戶的擴展也提出了同樣的問題。鑑於客戶情緒隨著經濟的變化而變化，您是否看到了任何變化或細微差別？

Thanks, Maggie. So the 10 new clients that we signed up, we think the quality of those client relationships that we've signed up are -- is very good and positive. Many of them are what we would call as our named accounts, which means these are accounts that we are proactively chasing and we've been able to convert them. The expansion from existing clients has been quite strong. And I would also add that we've added on a number of new clients and new prospects into our pipeline, which increased quarter-on-quarter and year-on-year.

謝謝，瑪吉。因此，我們認為我們簽約的 10 個新客戶與客戶的關係品質非常好，而且很積極。其中許多都是我們所謂的指定帳戶，這意味著這些是我們正在主動追逐的帳戶，並且我們已經能夠轉換它們。現有客戶的擴張勢頭相當強勁。我還要補充一點，我們的管道中增加了許多新客戶和新潛在客戶，數量比上一季和去年同期都有所增加。

So the client activity is pretty healthy and pretty well kind of set up. Though the number of new clients that we did sign up in the first quarter is lower than the number of new clients that we've signed up each quarter last year. But I think what you need to focus in on is much more on the quality of those names and the size of those business deals that we've signed up, and we are pretty happy with what we were able to accomplish in Q1.

因此，客戶活動非常健康，並且設置得相當好。儘管我們第一季簽約的新客戶數量低於去年每季簽約的新客戶數量。但我認為你需要關注的更多是這些名字的品質以及我們簽署的商業交易的規模，我們對第一季的成就感到非常滿意。

Thanks, Rohit, that's helpful. My second question is about the Healthcare and Life Sciences vertical has a higher percentage of outcome-based revenue, and it's got a notably stronger gross margin profile, which is great. Do you have the ability to increase outcome-based revenue in your other verticals? And how are you expecting that to trend over several quarters or even several years?

謝謝，羅希特，這很有幫助。我的第二個問題是，醫療保健和生命科學垂直領域基於結果的收入比例更高，而且毛利率明顯更高，這很好。您是否有能力增加其他垂直領域的基於成果的收入？您預計未來幾季甚至幾年內趨勢會如何？

Yes. I think you will see that trend play out over the next several years. We'll probably not see that on a quarterly cycle. But one of the hopes and the priorities for the company is as we embed more data and AI-led solutions and we offer these to our clients, these solutions would have a higher gross margin for us because they are directly linked to the outcome that we can generate for our clients. And we are seeing a healthy momentum of buildup of some of these standalone AI solutions that we've created.

是的。我認為您將在未來幾年看到這一趨勢的顯現。我們可能不會在季度週期內看到這種情況。但該公司的希望和優先事項之一是，隨著我們嵌入更多數據和人工智慧解決方案並將其提供給我們的客戶，這些解決方案將為我們帶來更高的毛利率，因為它們與我們能為客戶創造的成果直接相關。我們看到我們創建的一些獨立人工智慧解決方案正在呈現健康的成長勢頭。

Today, we have more than 10 different solutions that we sell on an independent basis and the traction that we are picking up on this is very encouraging, and that's something which we will continue to invest behind. So over a period of time, we would expect this curve to shift where we would have more of revenue coming in from independent AI and data led solutions, and more of these would be outcomes linked and with higher ability to earn margin out there.

如今，我們擁有超過 10 種獨立銷售的不同解決方案，我們在這方面取得的進展非常令人鼓舞，我們將繼續為此進行投資。因此，在一段時間內，我們預計這條曲線將發生變化，我們將從獨立的人工智慧和數據主導的解決方案中獲得更多的收入，而且這些收入將更多地與結果掛鉤，並具有更高的賺取利潤的能力。

Got it. Thank you.

知道了。謝謝。

David Koning, Robert W. Baird and Co Inc.

大衛·科寧、羅伯特·W·貝爾德公司

Hey guys, great job. I guess, first of all, I love the new segmentation, data AI. If we look at that and take out the legacy analytics business, I think we're left with what we can kind of back into a new kind of AI subunit. And when we looked at that, it looked like about $185 million of revenue last year and $105 million of the prior year, so $80 million or so of growth, like a huge growth driver for you guys. Is that pretty sustainably growing? Or is that lumpy? Or do you think that will grow another $80 million or so this year?

嘿，大家，幹得好。我想，首先，我喜歡新的細分、資料 AI。如果我們看一下這一點，並拿出傳統的分析業務，我認為我們剩下的東西可以重新回到一個新的人工智慧子單元。當我們查看時，我們發現去年的收入約為 1.85 億美元，前年的收入為 1.05 億美元，因此增長了 8000 萬美元左右，這對你們來說是一個巨大的增長動力。這是永續成長嗎？或者說它是塊狀的？或者您認為今年還會再成長 8,000 萬美元左右嗎？

Hey Dave, it's Maurizio. Thanks for the question. It's -- so when you look at our data and AI-led revenue, it grew 16% on a year-over-year basis overall. We think that's sustainable going forward. That's going to be our big driver now going forward.

嘿，戴夫，我是毛里齊奧。謝謝你的提問。所以，當你查看我們的數據和人工智慧驅動的收入時，你會發現它總體上同比增長了 16%。我們認為這種趨勢在未來是可持續的。這將成為我們前進的最大動力。

It's not just us selling more value-added services in both data and AI, but it's also adding more AI into our existing client workflows, and that becoming part of our data and AI revenue now going forward overall. So we do believe that we should -- over time, you should continue to see that sustainability in that growth overall update in AI start to build and become far beyond 53% of our total revenue.

我們不僅在數據和人工智慧領域銷售更多增值服務，還將更多的人工智慧添加到我們現有的客戶工作流程中，這將成為我們未來數據和人工智慧收入的一部分。因此，我們確實相信，隨著時間的推移，您應該繼續看到人工智慧整體成長的可持續性開始增強，並遠遠超過我們總收入的 53%。

Okay. Okay. Got it. And I guess my follow-up, just the healthcare business, you called up the massive sequential growth, the 11% sequentially. I think it was $125 million in the quarter. Is -- was there anything lumpy in that business? Or is that kind of the new point to drive higher sequentially from here?

好的。好的。知道了。我想我的後續問題是，僅就醫療保健業務而言，您提到了巨大的連續成長，即連續 11% 的成長。我認為本季是 1.25 億美元。那件事中有什麼不順利的地方嗎？或者這是從現在開始逐步提高的新點嗎？

No. Look, I think we had a couple of new client relationships that started off in the beginning of the year and we had strength across some of our service lines as well. The healthcare and life sciences business is a business that we've been investing on very, very deliberately for the last 8 to 10 years. And actually, we are very pleased with how this business is shaping up for us because it's giving us a very distinct advantage in the ability to leverage data and AI into this vertical.

不。你看，我認為我們在年初就建立了一些新客戶關係，而且我們的一些服務線也具有實力。過去 8 到 10 年來，我們一直非常謹慎地投資醫療保健和生命科學業務。事實上，我們對這項業務的進展感到非常滿意，因為它讓我們在利用數據和人工智慧進入這一垂直領域方面具有非常明顯的優勢。

And we think this is an enormous vertical, it's something which we hope to be able to capitalize going forward as well. There's a lot of need of being able to leverage data into the healthcare and life sciences business. And that's what we are focused in on. And it's a very rich vertical space for us to drive growth.

我們認為這是一個巨大的垂直領域，我們希望能夠在未來充分利用它。醫療保健和生命科學業務非常需要利用數據。這正是我們關注的重點。這對我們來說是一個非常豐富的垂直空間來推動成長。

Sounds good. Great job, guys.

聽起來不錯。幹得好，夥計們。

(Operator Instructions) Vincent Colicchio, Barrington Research Associates.

（操作員指示）Vincent Colicchio，Barrington Research Associates。

Yeah, Rohit, can you provide an update on the AI competitive landscape? Are you seeing any new competitors enter in a meaningful way?

是的，羅希特，您能提供一下人工智慧競爭格局的最新情況嗎？您是否看到有新的競爭對手以有意義的方式進入？

Yes, Vincent. So on the AI side, we compete actually with many non-traditional competitors. And there are a number of different players that we would compete with. We compete against some start-ups. We compete against some of the hyperscalers.

是的，文森。因此，在人工智慧方面，我們實際上與許多非傳統競爭對手競爭。我們的競爭對手很多。我們與一些新創企業競爭。我們與一些超大規模企業展開競爭。

We compete against some of the large technology companies that are building up capability within AI. So our competitor set in AI is very large, very distributed, and it's very specific to the use case. The big advantage that we have, while competing against many of these players is, number one, we understand our clients' business, their workflow, their operation and their process. and their data much better than any of the others. So that's a distinct advantage.

我們與一些正在人工智慧領域建立能力的大型科技公司競爭。因此，我們在人工智慧領域的競爭對手非常龐大、分佈非常分散，並且針對具體用例。在與眾多競爭對手的競爭中，我們最大的優勢在於，首先，我們了解客戶的業務、工作流程、營運和流程。而且他們的數據比其他任何人都好得多。這是一個明顯的優勢。

The fact that we are running their operations for them already, the fact that we've got very high NPS scores with satisfied customers gives us a preferential way for us to be able to introduce AI into these client operations.

事實上，我們已經在為他們經營業務，而且我們擁有非常高的 NPS 分數和滿意的客戶，這為我們提供了將 AI 引入這些客戶運營的優先方式。

And then finally, as you all know, ultimately, the success of this is driven by the business outcome that you can drive leveraging AI. So a client or a prospect may give you a try on a particular use case. But unless and until the return on investment is significantly high.

最後，如大家所知，最終，這項計畫的成功取決於利用人工智慧所能帶來的業務成果。因此，客戶或潛在客戶可能會讓您嘗試特定的用例。但除非投資報酬率非常高。

They're not going to continue on with you. And we've been very, very successful in terms of being able to deliver that business outcome for our clients and prospects, and therefore, we are seeing good traction and success associated with it.

他們不會繼續和你合作。我們在為客戶和潛在客戶實現這項業務成果方面非常成功，因此，我們看到了與此相關的良好牽引力和成功。

We are going to be sharing a lot of detail around this in our Investor Day next week. And so we'd encourage everybody to come and attend and be able to see some of the demos and some of the capabilities that we've built that we'll be sharing next week with all of you.

我們將在下週的投資者日上分享有關此問題的大量細節。因此，我們鼓勵每個人都來參加，並能夠看到一些演示和我們建立的一些功能，我們將在下週與大家分享。

And as a follow-up, how is pricing trending? Is there any impact from the macro?

接下來，價格趨勢如何？宏觀方面有影響嗎？

Pricing is definitely when the macroeconomic environment slows down, pricing and cost cutting becomes a priority for clients and prospects. So it is competitive. It is something which is something that comes up quite often. Our focus is to continue to demonstrate value to our clients and we have the focus be on business outcomes and on the value that we generate for them.

當宏觀經濟環境放緩時，定價和削減成本肯定會成為客戶和潛在客戶的首要任務。所以它很有競爭力。這是經常發生的事。我們的重點是繼續向客戶展示價值，並且我們關注的是業務成果和我們為他們創造的價值。

And I think at this point of time with a number of our clients having experienced us not just over a year or over a couple of years, but really over decades, that is a huge amount of goodwill that we carry and therefore, our ability to manage pricing and competitive pressure.

我認為，目前我們的許多客戶與我們合作的時間不只是一年或幾年，而是幾十年，這說明我們擁有巨大的商譽，因此也提高了我們管理價格和競爭壓力的能力。

Thank you. A good quarter gentlemen.

謝謝。一位好先生。

Thank you.

謝謝。

David Grossman, Stifel Europe.

大衛·格羅斯曼（David Grossman），Stifel Europe 公司。

Good morning. Thank you. So sorry if I missed this, but I was looking at the restated verticals. And when you include the international markets in the insurance piece, it looks like you grew about 10% and you had been growing mid-teens. Is there anything to discuss there in terms of what are the dynamics that may be impacting the growth of the insurance markets.

早安.謝謝。如果我錯過了這一點，那麼很抱歉，但我正在查看重述的垂直線。如果將國際市場納入保險業務，那麼看起來您的成長幅度約為 10%，並且先前的成長速度一直保持在十五六個百分點。關於哪些動態可能會影響保險市場的成長，有什麼需要討論的嗎？

And as a point of reference, I think one very large competitor based in India had mentioned weakness in the insurance vertical when they reported their March quarter also. So that was a little bit of a surprise to me then and seeing this deceleration seems to be consistent with that dynamic.

作為參考，我認為印度一家非常大的競爭對手在報告其三月季度業績時也提到了保險垂直領域的疲軟。所以這對我來說有點驚訝，看到這種減速似乎與這種動態一致。

Sure, David. So firstly, our insurance business, including international growth markets in calendar year 2024, grew at 14%, which is pretty much in line with the growth rate of the company. You're right about the first quarter that, that growth rate is close to about, I think, 9.5% and 10%.

當然，大衛。首先，我們的保險業務（包括 2024 日曆年的國際成長市場）成長了 14%，這與公司的成長率基本一致。您說得對，第一季的成長率接近 9.5% 和 10%。

We've looked at that data, and we've looked at what's happening in that. We don't think it's an issue, it's just a timing issue because we expect the growth rate of that insurance business to increase in the following part of the year, and don't really read much into that.

我們查看了這些數據，並了解了其中發生的情況。我們認為這不是什麼問題，只是時間問題，因為我們預計保險業務的成長率將在今年下半年上升，但我們並沒有對此進行過多的解讀。

That insurance vertical for us is a very key vertical. It's a vertical where we are an industry leader. It's a vertical that is adopting data and AI in a very aggressive manner. It's a vertical where the return on investment on data and AI is tremendous because it's got a lot of legacy technology.

對我們來說，保險垂直領域是一個非常關鍵的垂直領域。在這個垂直領域，我們是業界的領導者。這是一個積極採用數據和人工智慧的垂直行業。這是一個垂直領域，由於它擁有大量的傳統技術，因此數據和人工智慧的投資回報率非常高。

And when you overlay data and AI on top, it can create tremendous value, and we think that, that market is going to be a great market for us to continue to grow going forward. So won't read too much into that first quarter lower growth rate.

當你將數據和人工智慧疊加在一起時，它可以創造巨大的價值，我們認為，這個市場將成為我們未來持續成長的巨大市場。因此，不要對第一季較低的成長率進行過多解讀。

So you'd expect it to grow at least as fast as the overall company in '25?

所以你預計它在 25 年的成長速度至少會和整個公司一樣快嗎？

Yes, I think it should grow in line with the overall company.

是的，我認為它應該與整個公司同步成長。

Right. And I think this question came up in some context earlier. But as you think about the impact of AI as opposed to the growth opportunity around new opportunities. There's obviously a lot of questions about the impact it has on the installed base of business and how the efficiencies get shared with clients and the potential deflationary impact it may have.

正確的。我認為這個問題之前在某些背景下出現過。但是，當您考慮人工智慧的影響而不是新機會帶來的成長機會時。顯然，人們對其對現有業務的影響、如何與客戶分享效率以及可能產生的潛在通貨緊縮影響存在許多疑問。

And I know this varies by segment because there's some nuances between the different verticals that you participate in the impact it may have. But maybe you could dig in just a little bit deeper and share some thoughts on how we should think about the deflationary impact, if any, from deploying AI in the existing book of business?

我知道這會因細分市場而異，因為您參與的不同垂直行業之間存在一些細微差別，這可能會產生影響。但也許您可以深入挖掘一下，並分享一些想法，我們應該如何看待在現有業務中部署人工智慧所帶來的通貨緊縮影響（如果有的話）？

Yeah, sure. So I guess the starting point around that, David, is the fact that if you take a look at our existing portfolio and our existing business mix, we only have less than 50% of our business being that installed base of running operations because the balance 50% is the work that we do purely around data management, analytics and AI.

是的，當然。所以我想，大衛，圍繞這一點的出發點是，如果你看看我們現有的投資組合和現有的業務組合，我們只有不到 50% 的業務是已安裝的運行業務基礎，因為剩下的 50% 是我們純粹圍繞數據管理、分析和人工智能所做的工作。

And so that business mix is a very healthy starting point for us because for some of our competitors or other players, they might have a much larger component of business operations being the starting point. Number two, we've been at this journey of embedding data and AI within digital operations for a while now.

因此，這種業務組合對我們來說是一個非常健康的起點，因為對於我們的一些競爭對手或其他參與者來說，他們可能擁有更大的業務營運組成部分作為起點。第二，我們已經將資料和人工智慧嵌入數位化營運一段時間了。

And we have been actually probably more aggressive and more proactive about embedding AI into this operation and proactively cannibalizing revenue wherever we can for our clients' advantage.

事實上，我們可能更積極主動地將人工智慧嵌入這項營運中，並盡可能主動地蠶食收入，為我們的客戶謀福利。

And the ironic part is the players that proactively cannibalize revenue and demonstrate value to their clients, grow faster than anybody else because our clients and our prospects feel confident to give us more business out there. So as long as you kind of continue to drive value for your clients on your existing base in a meaningful way.

諷刺的是，那些主動蠶食收入並向客戶展示價值的參與者比其他任何人都成長得更快，因為我​​們的客戶和潛在客戶有信心為我們帶來更多業務。因此，只要您繼續以有意義的方式在現有基礎上為客戶創造價值。

Actually, the growth rate should accelerate, not decelerate. And we are on that strategic path. We have a very, very ambitious goal of continuing to drive data and AI into existing operations in a very, very meaningful manner for us to be able to grow new solutions and new business that we acquire, leveraging data and AI.

實際上，成長率應該加快，而不是減慢。我們正走在這條戰略道路上。我們有一個非常非常雄心勃勃的目標，那就是繼續以非常非常有意義的方式將數據和人工智慧引入現有運營，以便我們能夠利用數據和人工智慧來發展我們獲得的新解決方案和新業務。

And then we also want to embed data and AI into our enterprise functions and use it ourselves because it provides us with the cost efficiency in the way in which we operate. So frankly, all three of them, which is an installed base, new activity and enterprise operations, we're going to be embedding data and AI into that.

然後，我們也希望將資料和人工智慧嵌入到我們的企業功能中並自行使用，因為它為我們的營運方式提供了成本效益。坦白說，我們將把資料和人工智慧嵌入到已安裝基礎、新活動和企業營運這三個領域中。

So if you think about the installed base comment that you just made and you said that you've been -- you've already began that process. Where do you think you are in that journey in terms of because there's a (inaudible) function right of headwind that comes with that kind of transformation. So would you say you're beyond that point in terms of the biggest impact? Or do you think that that's still coming in the future?

因此，如果您考慮您剛才所做的安裝基礎評論，並且您說您已經 - 您已經開始了這個過程。您認為自己在這段旅程中處於什麼位置，因為這種轉變會帶來（聽不清楚）逆風的功能。那麼，您是否認為就最大的影響而言，您已經超越了這一點？或者您認為未來還會發生這種情況？

The pace of adoption of this, David, is something which I think people tend to get it wrong. I think the pace of adoption when you think about all the challenges of embedding data and AI into the existing installed base, is still going to be gradual. It's still going to take time and it's still going to happen over a matter of years, and it won't really happen immediately.

大衛，我認為人們往往會誤解這個問題的採用速度。我認為，當你考慮到將資料和人工智慧嵌入現有安裝基礎中的所有挑戰時，採用的速度仍將是漸進的。這仍然需要時間，並且需要幾年的時間，但不會立即發生。

And the reason for that is leveraging technology making the AI algorithm work, scaling them up on the enterprise; side, being responsible in terms of the use of AI, all the security concerns are associated with it, you have to really balance out all of that.

這樣做的原因是利用技術使人工智慧演算法發揮作用，並在企業中擴大其規模；一方面，在使用人工智慧方面要負責任，所有的安全問題都與之相關，你必須真正平衡所有這些。

So the way I'd answer your question is, we're still in the early phases of the adoption of AI into the workflow. However, it's going to take some time before a majority of the existing installed base has got AI embedded in every aspect of it. And that's going to happen over a period of time. And we are trying to drive that adoption as quickly as we can.

所以我回答你問題的方式是，我們仍處於將人工智慧融入工作流程的早期階段。然而，在現有的大多數安裝基礎上將人工智慧嵌入其各個方面還需要一段時間。這將在一段時間內發生。我們正在努力盡快推動這項應用。

We don't think that there is a tipping point out here. We think this is a shift that is going to take place that is going to provide the business benefit to our clients. And at the same time, it's going to allow us to be able to grow our business in a very meaningful way.

我們認為這裡不存在臨界點。我們認為，這種即將發生的轉變將為我們的客戶帶來商業利益。同時，它將使我們能夠以非常有意義的方式發展我們的業務。

All right, great. Very helpful commentary. Thank you for that. If I may, just one quick question for Maurizio. How much of the FX impact or how much of the increase to the revenue guide was FX.

好的，太好了。非常有用的評論。謝謝你。如果可以的話，我只想問 Maurizio 一個簡單的問題。外匯的影響有多少，或收入指南的成長有多少是外匯造成的。

So David, it was right around $5 million overall. So our increase at the bottom end was FX and then the increase at the top end was primarily (inaudible)

大衛，總共大約是 500 萬美元。因此，我們在底部的增加是外匯，而頂部的增加主要是（聽不清楚）

Got it. All right, guys, thanks again.

知道了。好的，夥計們，再次感謝。

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。我會把電話轉回約翰‧克里斯托夫 (John Kristoff) 作結束語。

Thank you, everyone, for joining us this morning. As always, feel free to reach out directly to me with follow-up questions, and we look forward to seeing many of you on Tuesday at our investor event. Thank you again.

感謝大家今天上午加入我們。像往常一樣，如果您有後續問題，請隨時直接與我聯繫，我們期待在周二的投資者活動中見到你們。再次感謝您。