Exlservice Holdings Inc (EXLS) 2025 Q2 法說會逐字稿

Hello, and welcome to the ExlService Holdings, Inc second-quarter 2025 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 2025 年第二季財報電話會議。（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, Jennifer. Hello, and thank you for joining EXL's second 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. We hope you've had an opportunity to review the second quarter earnings press release we issued yesterday afternoon. We have also posted a slide deck and investor fact sheet on our Investor Relations website.

謝謝，珍妮佛。您好，感謝您參加 EXL 2025 年第二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 和財務長 Maurizio Nicolelli。我們希望您有機會閱讀我們昨天下午發布的第二季財報新聞稿。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。

As a reminder, some of the matters we'll discuss this morning are forward-looking. Please keep in mind that these forward-looking statements are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. Such risks and uncertainties include, but are not limited to, general economic conditions, those factors set forth in today's press release, discussed in the company's periodic reports, and other documents filed with the SEC from time to time.

提醒一下，我們今天早上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明示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、今天的新聞稿中提出的因素、公司定期報告中討論的因素以及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.

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。

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 second quarter 2025 earnings call. I'm pleased to report another strong quarter as we consistently execute on our data and AI growth strategy. In the second quarter, we generated revenue of $514 million, an increase of 15% year-over-year, and we grew second quarter adjusted EPS by 20% to $0.49 per share.

謝謝，約翰。大家早安。歡迎參加 EXL 2025 年第二季財報電話會議。我很高興地報告，我們又迎來了一個強勁的季度，因為我們始終如一地執行我們的數據和人工智慧成長策略。第二季度，我們的營收為 5.14 億美元，年增 15%，第二季調整後每股收益成長 20%，達到每股 0.49 美元。

Our results demonstrate significant momentum across all our operating segments. We delivered solid growth in the insurance segment, which represented a third of our revenue in the quarter. Insurance is a stable core strategic market for us with long-term growth opportunities as our major clients continue to evolve their operations to be more AI-powered.

我們的業績表明，我們所有營運部門均呈現強勁成長勢頭。我們的保險業務實現了穩健成長，佔本季收入的三分之一。隨著我們的主要客戶不斷發展其業務以更加人工智慧化，保險對我們來說是一個穩定的核心策略市場，具有長期成長機會。

Health care and life sciences represented 1/4 of our revenue and was once again our fastest growing segment. This exceptional growth was driven by higher volumes in our payment services business, expansion of domain operations and analytic services with existing clients in the health care payer space, fueled by demand for our data and AI solutions. Banking, capital markets and diversified industries also represented nearly 1/4 of our revenue, and we were able to accelerate year-over-year growth for the fourth consecutive quarter.

醫療保健和生命科學占我們收入的四分之一，並且再次成為我們成長最快的領域。這一顯著增長得益於我們的支付服務業務量的增加、域名運營的擴展以及醫療保健支付領域現有客戶的分析服務，這得益於對我們的數據和人工智慧解決方案的需求。銀行、資本市場和多元化產業也占我們收入的近四分之一，我們連續第四個季度實現了同比增長。

Leveraging our full data and AI capabilities to drive end-to-end value and improve business outcomes in this segment is a tremendous opportunity. We also drove strong year-over-year and sequential growth in our international growth market segment during the quarter as we continue to diversify our business geographically.

利用我們全部的數據和人工智慧能力來推動端到端價值並改善該領域的業務成果是一個巨大的機會。由於我們繼續在地域上實現業務多元化，本季度我們的國際成長市場部門也實現了強勁的同比和環比增長。

This segment grew to 18% of our total revenue in the quarter. We have immense potential to grow our client base in this segment, which is an opportunity to enhance our overall growth rate over time. During the quarter, our data and AI-led revenue increased 17% year-over-year and grew to 54% of total revenue with strong performance across all four of our reporting segments.

該部分營收在本季成長至我們總營收的 18%。我們在該領域擁有巨大的客戶群成長潛力，這也是我們隨著時間的推移提高整體成長率的機會。本季度，我們的數據和人工智慧主導的營收年增 17%，佔總收入的 54%，我們所有四個報告部門都表現強勁。

This demonstrates the strength of our competitive position as a recognized leader in embedding AI in the workflow and delivering superior return on investments for our clients. This strength is reflected not only in our consistent double-digit revenue growth but also in a robust double-digit expansion of our sales pipeline this past quarter driven by large integrated deals.

這證明了我們作為將人工智慧嵌入工作流程並為客戶提供卓越投資回報的公認領導者的競爭地位。這項優勢不僅體現在我們持續的兩位數營收成長上，也體現在我們上個季度在大型綜合交易的推動下，銷售通路強勁的兩位數擴張上。

We have consistently delivered double-digit growth for seven of the past eight years with 2020 being the only exception due to the pandemic. Looking ahead, we remain confident in our ability to sustain this performance. I'd like to highlight three key areas where EXL is clearly differentiated, setting us apart in our ability to consistently drive double-digit long-term growth.

過去八年中，我們有七年持續實現兩位數成長，只有 2020 年因疫情而出現例外。展望未來，我們仍有信心維持這項業績。我想強調 EXL 明顯與眾不同的三個關鍵領域，這些領域使我們在持續推動兩位數長期成長的能力方面脫穎而出。

First, our business model is fundamentally different from many of our peers. We have deliberately avoided low-value work, which is highly vulnerable to disruption from AI. Instead, we have always focused on serving our clients in domain-specific complex business workflows. These workflows are mission-critical and are crucial to achieving business outcomes for our clients. Over time, we've built deep trust by continuously evolving alongside our clients, helping them drive growth and deliver measurable business outcomes.

首先，我們的商業模式與許多同行有著根本的不同。我們刻意避免低價值的工作，因為這些工作很容易受到人工智慧的干擾。相反，我們始終專注於為特定領域的複雜業務工作流程中的客戶提供服務。這些工作流程至關重要，對於幫助我們的客戶實現業務成果至關重要。隨著時間的推移，我們透過與客戶一起不斷發展，幫助他們推動成長並實現可衡量的業務成果，建立了深厚的信任。

This has resulted into exceptionally high renewal rates with over 75% of our revenue being recurring or annuity like. This provides stability and consistency in our revenue. Second, we've spent the last 25 years continually evolving our solution portfolio with a sharp focus on building analytics, data and AI.

這導致續約率極高，我們的收入中有超過 75% 是經常性收入或年金收入。這為我們的收入提供了穩定性和一致性。其次，過去 25 年來，我們不斷改進我們的解決方案組合，並專注於分析、數據和人工智慧的建構。

As generative AI and agentic AI becomes central to transformation efforts, success increasingly depends on three things: deep domain expertise and a nuanced understanding of process value chain complexity; proficiency with the multimodal data generated and consumed by these processes; and the ability to orchestrate and embed advanced AI into workflows to deliver meaningful outcomes. EXL has a unique combination of strengths across domain, data and AI.

隨著生成式人工智慧和代理式人工智慧成為轉型工作的核心，成功越來越取決於三件事：深厚的領域專業知識和對流程價值鏈複雜性的細緻理解；熟練掌握這些流程生成和使用的多模式數據；以及將高級人工智慧協調並嵌入到工作流程中以提供有意義的結果的能力。EXL 擁有跨領域、數據和人工智慧的獨特優勢組合。

Our decades of domain experience and early investments in data and AI allow us to help clients seamlessly embed AI into operations and achieve tangible results. The third key area where EXL is differentiated is that data and AI now represent the majority of our revenue, 54% this quarter. This makes us one of the only few companies in our space with such a heavy concentration of revenue in these high-growth areas.

我們數十年的領域經驗以及在數據和人工智慧方面的早期投資使我們能夠幫助客戶將人工智慧無縫嵌入到營運中並取得實際的成果。EXL 差異化的第三個關鍵領域是數據和人工智慧現在占我們收入的大部分，本季佔 54%。這使得我們成為業內少數幾家收入主要集中在這些高成長領域的公司之一。

As AI adoption accelerates, industry forecasts show AI services growing at twice the pace of overall IT, cloud and digital services. This long-term secular trend presents a significant opportunity for EXL. In short, our differentiated business model, deep capabilities in data and AI and strong alignment with long-term market trends position us exceptionally well.

隨著人工智慧的採用加速，產業預測顯示人工智慧服務的成長速度是整體 IT、雲端和數位服務的兩倍。這一長期趨勢為 EXL 帶來了重大機會。簡而言之，我們差異化的商業模式、深厚的數據和人工智慧能力以及與長期市場趨勢的緊密結合使我們處於非常有利的地位。

We've earned the trust of our clients by consistently helping them grow and improve performance, making EXL the partner of choice now and into the future. We continue to invest in next-generation data and AI capabilities, solutions and partnerships to deliver differentiated value for our clients.

我們透過不斷幫助客戶成長和提高績效贏得了客戶的信任，使 EXL 成為現在和未來的首選合作夥伴。我們繼續投資下一代數據和人工智慧能力、解決方案和合作夥伴關係，為我們的客戶提供差異化價值。

During the quarter, we expanded our proprietary large language model offerings. Notably, we launched our first multimodal LLM for property insurance underwriting, leveraging our proprietary survey data. This solution automates the interpretation and classification of property survey images, enhancing our property underwriting services.

在本季度，我們擴展了專有的大型語言模型產品。值得注意的是，我們利用專有調查數據推出了首個針對財產保險承保的多模式法學碩士學位。此解決方案可自動解釋和分類財產調查影像，從而增強我們的財產承保服務。

We also introduced a finance and accounting LLM that integrates structured and unstructured data to power agentic AI across finance workflows. Built with finance-specific ontologies, it supports use cases such as invoice extraction, audit Q&A, negotiation and forecasting.

我們還推出了財務和會計法學碩士學位，它整合了結構化和非結構化數據，為整個財務工作流程中的代理 AI 提供支援。它採用特定於財務的本體構建，支援發票提取、審計問答、談判和預測等用例。

In health care, we unveiled a payer-focused LLM designed to automate and enhance the accuracy of medical core extraction and summarize complex clinical data from physician notes, medical records, discharge summaries and lab reports.

在醫療保健領域，我們推出了以付款人為中心的 LLM，旨在自動化和提高醫療核心提取的準確性，並從醫生筆記、醫療記錄、出院總結和實驗室報告中總結複雜的臨床數據。

Our extensive domain knowledge and access to relevant training data in these specific domains uniquely positions EXL to deliver more effective generative AI solutions at a lower cost to drive higher ROI for our clients.

我們在這些特定領域擁有豐富的領域知識和相關訓練資料的存取權限，這使得 EXL 能夠以更低的成本提供更有效的生成式 AI 解決方案，為我們的客戶帶來更高的投資報酬率。

We also experienced growing adoption of our EXLerate.AI agentic AI platform, which enables clients to reimagine operations and deliver transformative business outcomes. For example, we partnered with a major insurance client to modernize its customer communication management. Handling over 4 million correspondence annually, the client faced high operational costs, inconsistent templates and regulatory compliance risks.

我們的 EXLerate.AI 代理 AI 平台的採用率也不斷增長，該平台使客戶能夠重新構想營運並實現變革性的業務成果。例如，我們與一家大型保險客戶合作，以實現其客戶溝通管理的現代化。客戶每年要處理超過 400 萬封信函，面臨高昂的營運成本、不一致的範本和監管合規風險。

By deploying an agentic AI solution capable of autonomously planning, executing and adapting complex workflows with minimal human oversight, we helped the client significantly reduce costs, improve consistency and documentation and mitigate compliance risk. We leveraged our AI solutions to expand our client base by adding a large global bank.

透過部署能夠在最少人工監督的情況下自主規劃、執行和調整複雜工作流程的代理 AI 解決方案，我們幫助客戶大幅降低成本、提高一致性和文件品質並降低合規風險。我們利用我們的人工智慧解決方案，透過增加一家大型全球銀行來擴大我們的客戶群。

We partnered with them to modernize their data lineage framework. The client's legacy systems lacked transparency and were heavily reliant on manual processes. We implemented our agentic AI data harbor solution to produce a comprehensive data lineage map. Our client achieved over 98% data lineage coverage with a significantly reduced manual effort. This result exceeded the client's expectations and has enabled us to generate additional opportunities with them in other areas.

我們與他們合作，以實現其數據沿襲框架的現代化。客戶的遺留系統缺乏透明度並且嚴重依賴手動流程。我們實作了代理 AI 資料港解決方案來產生全面的資料沿襲圖。我們的客戶實現了超過 98% 的資料沿襲覆蓋率，並且顯著減少了手動工作量。這一結果超出了客戶的預期，並使我們能夠在其他領域與他們創造更多機會。

These are just two examples of how EXLerate.AI is enabling us to move into new domains from automating customer communications to delivering full data lineage and traceability, expanding our service offerings, increasing our total addressable market and sustaining our double-digit growth trajectory.

這只是 EXLerate.AI 如何幫助我們進入新領域的兩個例子，從自動化客戶溝通到提供完整的資料沿襲和可追溯性，擴展我們的服務產品，增加我們的總目標市場並保持我們的兩位數成長軌跡。

We're also extending our reach through strategic partnerships. Most recently, we announced a collaboration with Genesys, a global cloud leader in AI-powered customer experience. This partnership combines EXL's deep data, AI and domain expertise with Genesys' industry-leading contact center-as-a-service platform. Together, we are enabling enterprises across insurance, banking, health care and retail to transform customer engagement through intelligent personalization, predictive analytics and enhanced customer experiences.

我們也透過策略合作夥伴關係擴大我們的影響力。最近，我們宣布與人工智慧客戶體驗領域的全球雲端領導者 Genesys 合作。此次合作將 EXL 的深度資料、人工智慧和領域專業知識與 Genesys 業界領先的聯絡中心即服務平台結合。我們共同幫助保險、銀行、醫療保健和零售領域的企業透過智慧個人化、預測分析和增強的客戶體驗來改變客戶參與度。

Our progress on data and AI is gaining global recognition and reinforcing EXL's position as a leader in AI deployment. I recently had the privilege of participating in the World Economic Forum's Annual Meeting of the New Champions in Tianjin, China. I addressed delegates as an industry leader at an interactive AI hub session and at a press conference where EXL was honored as a 2025 MINDS Winner for our Code Harbor solution, an AI-powered platform for software code translation.

我們在數據和人工智慧方面的進展正在獲得全球認可，並鞏固了 EXL 在人工智慧部署領域的領先地位。我最近有幸參加了在中國天津舉行的世界經濟論壇新領袖年會。我在互動式人工智慧中心會議和新聞發布會上以行業領袖的身份向與會代表發表講話，EXL 憑藉我們的 Code Harbor 解決方案（一個由人工智慧驅動的軟體程式碼翻譯平台）榮獲 2025 年 MINDS 獲獎者稱號。

MINDS, which stands for Meaningful, Intelligent, Novel, Deployable Solutions, was established to spotlight real-world AI applications, delivering measurable impact at scale, not pilots or prototypes but deployed solutions already transforming industries and lives.

MINDS 代表有意義的、智慧的、新穎的、可部署的解決方案，其成立旨在聚焦現實世界的人工智慧應用，提供大規模可衡量的影響，不是試點或原型，而是已經改變產業和生活的已部署解決方案。

As part of this recognition, EXL will actively contribute insights to World Economic Forum initiatives over the next two years and collaborate with other global AI leaders working on similar challenges. We believe this collective approach is critical to unlocking AI's full potential, a positive impact.

作為此次認可的一部分，EXL 將在未來兩年內積極為世界經濟論壇的倡議貢獻見解，並與其他致力於應對類似挑戰的全球人工智慧領導者合作。我們相信，這種集體方法對於釋放人工智慧的全部潛力至關重要，並產生積極影響。

In conclusion, we are excited about the expanding market opportunities in data and AI. With our deep domain knowledge, advanced data and AI capabilities and proven ability to embed AI into complex workflows, EXL is uniquely positioned to deliver meaningful business outcomes and strong ROI for our clients.

總之，我們對數據和人工智慧領域不斷擴大的市場機會感到興奮。憑藉我們深厚的領域知識、先進的數據和人工智慧能力以及將人工智慧嵌入複雜工作流程的成熟能力，EXL 擁有獨特的優勢，能夠為我們的客戶提供有意義的業務成果和強大的投資回報率。

Our business model is well balanced and resilient with a strong track record of performance across economic cycles. Over 75% of our revenue is annuity-like, providing excellent visibility and stability for the remainder of the year. Coupled with the continued double-digit growth in our sales pipeline, this strong foundation gives us the confidence to raise both our revenue and EPS guidance for the full year.

我們的商業模式均衡且富有彈性，在各個經濟週期中都擁有出色的業績記錄。我們超過 75% 的收入是年金式的，為今年剩餘時間提供了出色的可見度和穩定性。再加上我們的銷售通路持續保持兩位數的成長，這強大的基礎使我們有信心提高全年的營收和每股盈餘預期。

With that, I'll turn the call over to Maurizio to provide more details on our financial performance.

說完這些，我將把電話轉給 Maurizio，讓他提供有關我們財務表現的更多詳細資訊。

Thank you, Rohit, and thanks, everyone, for joining us this morning. I will provide insights into our financial performance for the second quarter and our revised outlook for 2025. We delivered a strong second quarter with revenue of $514.5 million, up 14.7% year-over-year on a reported basis and 14.6% on a constant currency basis. Sequentially, we grew 2.2% on a constant currency basis. Adjusted EPS was $0.49, a year-over-year increase of 20.3%.

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二季的財務表現以及我們對 2025 年的修訂展望。我們第二季表現強勁，營收達 5.145 億美元，按報告基礎計算年增 14.7%，以固定匯率計算成長 14.6%。以固定匯率計算，我們的環比成長了 2.2%。調整後每股收益為0.49美元，年增20.3%。

All revenue growth percentages mentioned hereafter are on a constant currency basis unless otherwise stated.

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。

Now turning to revenue by segment in the second quarter. The insurance segment grew 8.6% year-over-year with revenue of $172.2 million. This was driven by expansion in existing client relationships and new client wins. The insurance vertical, including revenue from international growth markets grew 9.5% year-over-year with revenue of $203.2 million.

現在來看看第二季各部門的收入。保險業務收入年增8.6%，達到1.722億美元。這是由現有客戶關係的擴展和新客戶的贏得所推動的。保險垂直領域（包括來自國際成長市場的收入）年增 9.5%，收入達 2.032 億美元。

The Health Care and Life Sciences segment reported revenue of $129.5 million, representing growth of 22% year-over-year and 3.1% sequentially. The year-over-year growth was driven by higher volumes in our payment services business and expansion in existing client relationships. The health care and life sciences vertical including revenue from international growth markets grew 21.9% year-over-year with revenue of $129.7 million.

醫療保健和生命科學部門報告的收入為 1.295 億美元，年增 22%，環比增長 3.1%。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。包括來自國際成長市場的收入在內的醫療保健和生命科學垂直領域年增 21.9%，收入達到 1.297 億美元。

In the banking, capital markets and diversified industries segment, we reported revenue of $121.1 million, representing growth of 15.8% year-over-year and 2.7% sequentially. This growth was driven by the expansion of existing client relationships and new wins largely in banking and capital markets clients. The banking, capital markets and diversified industries vertical, including revenue from international growth markets grew 15.7% year-over-year with revenue of $181.5 million.

在銀行、資本市場和多元化產業領域，我們報告的收入為 1.211 億美元，年增 15.8%，季增 2.7%。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 15.7%，營收達到 1.815 億美元。

In the international growth markets segment, we generated revenue of $91.7 million, up 15% year-over-year and 4.7% sequentially. This growth was primarily driven by new client wins, ramp-ups and higher volumes with existing clients across insurance and banking, capital markets and diversified industries.

在國際成長市場領域，我們的營收為 9,170 萬美元，較去年同期成長 15%，較上季成長 4.7%。這一成長主要得益於新客戶的贏得、業務的成長以及保險和銀行、資本市場和多元化行業現有客戶的數量的增加。

SG&A expenses as a percentage of revenue declined 130 basis points year-over-year to 19.2%, driven by the onetime restructuring costs we had in the second quarter of last year and lower employee costs. Our adjusted operating margin for the quarter was 19.6%, down 20 basis points year-over-year, driven by investments in new solutions.

銷售、一般及行政費用佔收入的百分比年減 130 個基點至 19.2%，主要是由於去年第二季的一次性重組成本和員工成本降低。本季調整後的營業利潤率為 19.6%，年減 20 個基點，主要原因是對新解決方案的投資。

Our effective tax rate for the quarter was 22.4%, down 80 basis points year-over-year, driven by higher profits in lower tax jurisdictions and reduced US state taxes. Our adjusted EPS for the quarter was $0.49, up 20.3% year-over-year on a reported basis.

本季我們的有效稅率為 22.4%，年減 80 個基點，這得益於低稅管轄區的利潤增加以及美國州稅的減少。本季調整後的每股收益為 0.49 美元，以報告基礎計算年增 20.3%。

Turning to our first half performance. Our revenue for the period was $1.015 billion, up 14.9% year-over-year on a constant currency basis. This increase was driven by double-digit growth across both our data and AI-led and digital operation services. The adjusted operating margin for the period was 19.9%, up 50 basis points year-over-year.

談談我們上半年的表現。本期間我們的營收為 10.15 億美元，以固定匯率計算年增 14.9%。這一成長是由我們的數據、人工智慧和數位營運服務的兩位數成長所推動的。本期調整後的營業利益率為19.9%，較去年成長50個基點。

Our first half adjusted EPS was $0.97, up 23.5% year-over-year on a reported basis. Our balance sheet remains strong. Our cash, including short- and long-term investments as of June 30 was $356 million, and our revolver debt was $260 million or a net cash position of $96 million.

我們上半年調整後的每股盈餘為 0.97 美元，以報告基礎計算年增 23.5%。我們的資產負債表依然強勁。截至 6 月 30 日，我們的現金（包括短期和長期投資）為 3.56 億美元，循環債務為 2.6 億美元，淨現金部位為 9,600 萬美元。

We generated cash flow from operations of $109 million in the quarter versus $75 million in the second quarter of 2024. This improvement was driven by higher profitability and improved working capital.

本季我們的經營現金流為 1.09 億美元，而 2024 年第二季為 7,500 萬美元。這項改善是由更高的獲利能力和更好的營運資本所推動的。

During the first six months, we spent $27 million on capital expenditures and $50 million on share repurchases. Given our confidence in the business and strong cash flow generation, we have entered into a $125 million accelerated share repurchase program under our existing $500 million Board authorization. The repurchase will be funded through available cash and our credit facility.

在前六個月，我們花了 2700 萬美元用於資本支出，花費了 5000 萬美元用於股票回購。鑑於我們對業務的信心和強勁的現金流，我們根據現有的 5 億美元董事會授權，簽訂了 1.25 億美元的加速股票回購計畫。回購資金將透過可用現金和我們的信貸額度提供。

Share repurchases are a key component of our capital allocation strategy and an effective way to enhance shareholder value.

股票回購是我們資本配置策略的重要組成部分，也是提升股東價值的有效方式。

Now moving on to our outlook for 2025. While we remain prudent in our outlook for the year, our continued momentum and strong sales pipeline gives us confidence to raise our revenue and adjusted diluted EPS guidance for the year. We now anticipate 2025 revenue to be in the range of $2.05 billion to $2.07 billion, representing year-over-year growth of 12% to 13% on a reported and constant currency basis. This is an increase of $10 million at the midpoint of our previous guidance.

現在我們來展望一下 2025 年。雖然我們對今年的前景保持謹慎，但我們持續的發展勢頭和強勁的銷售管道使我們有信心提高今年的收入和調整後的稀釋每股收益預期。我們現在預計 2025 年的營收將在 20.5 億美元至 20.7 億美元之間，按報告和固定匯率計算，年增 12% 至 13%。這比我們之前指導的中位數增加了 1000 萬美元。

We expect a foreign exchange gain of approximately $4 million to $5 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. We anticipate our adjusted EPS to be in the range of $1.86 to $1.90, representing year-over-year growth of 13% to 15%.

我們預計外匯收益約為 400 萬至 500 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。我們預計調整後的每股盈餘將在 1.86 美元至 1.90 美元之間，年增 13% 至 15%。

To conclude, we delivered another exceptional quarter, demonstrating our formidable competitive position in embedding AI into the workflow. In addition, we have a highly adaptable and resilient business model and a strong sales pipeline, giving us confidence in our ability to maintain our double-digit growth momentum.

總而言之，我們又度過了一個出色的季度，展示了我們在將人工智慧嵌入工作流程方面的強大競爭地位。此外，我們擁有高度適應性和彈性的商業模式和強大的銷售管道，使我們有信心保持兩位數的成長動能。

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

有了這些，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。

I wanted to start on some details within your two key sectors in insurance and health care. So in insurance, you see growth was stable quarter-on-quarter. Just curious, are there any drivers weighing on that relative growth rate versus the strong growth in the other sectors? And do you see insurance accelerating as you go through the second half?

我想先介紹一下你們兩個關鍵領域的保險和醫療保健的一些細節。因此，在保險方面，您會看到成長環比穩定。只是好奇，與其他行業的強勁成長相比，是否存在任何驅動因素影響了該相對成長率？您是否認為下半年保險業將會加速發展？

And then on health care, really strong first half. Can you just give some details, though, on your underlying exposures? We've gotten some questions as it's related from risks from the Beautiful Bill cuts to certain programs. So just curious if you see any impacts potentially in that sector as you move ahead.

在醫療保健方面，上半年表現非常強勁。不過，您能否提供一些有關您的基本風險敞口的詳細資訊？我們收到了一些問題，因為這與《美麗法案》削減某些項目帶來的風險有關。所以我很好奇，隨著您繼續前進，您是否看到該領域可能受到任何影響。

Sure, Bryan. So look, I think first of all, the overall growth of the company is very good and healthy, and as we've guided to, between 11% to 13%, and that's very solid growth that we are seeing. In terms of the industry verticals, the growth rate in the insurance industry vertical is a nice healthy growth rate. And the pipeline that we have in insurance is actually very strong, and it continues to be a very attractive industry vertical for us to continue to modernize, continue to embed more data and AI into the workflows and continue to help our clients achieve and get the benefits of AI. So we feel good about the industry vertical.

當然，布萊恩。所以，我認為首先，公司的整體成長非常好、很健康，正如我們所預期的，成長在 11% 到 13% 之間，這是我們所看到的非常穩健的成長。從行業垂直角度來看，保險業垂直領域的成長率是一個良好的健康成長率。我們在保險領域的管道實際上非常強大，它仍然是一個非常有吸引力的行業垂直領域，讓我們繼續現代化，繼續在工作流程中嵌入更多數據和人工智慧，並繼續幫助我們的客戶實現並獲得人工智慧的好處。因此，我們對垂直行業感到樂觀。

In terms of health care, we've had strong growth in the health care industry vertical for the last several quarters. The reason for that is that some of the data and AI solutions that we have out there, particularly around payment integrity as well as some of the domain-specific operations that use a fair amount of data and AI-led solutions, that's resonating very strongly with the health care industry payers.

在醫療保健方面，過去幾季我們在醫療保健產業垂直領域實現了強勁成長。原因在於，我們現有的一些數據和人工智慧解決方案，特別是圍繞支付完整性以及一些使用大量數據和人工智慧解決方案的特定領域操作，與醫療保健行業付款人產生了強烈共鳴。

And while there has been a number of different regulations that are impacting the health care payers, they are constantly looking at ways to introduce more efficiency into their business operations. And we are a very effective partner for them to be able to deliver that. So some of this will ebb and flow as things go along.

儘管有許多不同的法規對醫療保健支付者產生影響，但他們仍在不斷尋找提高業務營運效率的方法。我們是他們非常有效的合作夥伴，能夠實現這一目標。因此，隨著事態的發展，其中一些情況將會有所起伏。

And I think some of the industries will rotate out and some will grow faster, some will grow slower. But in general, if you take a look at our core industry verticals of insurance, health care and life sciences, banking, retail, diversified industries as well as our international growth markets, there is adequate diversification that we have. And in general, we see good momentum across the board, across the industries.

我認為有些產業將會輪換，有些產業會成長更快，有些產業會成長較慢。但總的來說，如果你看看我們的核心產業垂直領域，包括保險、醫療保健和生命科學、銀行、零售、多元化產業以及我們的國際成長市場，你會發現我們已經擁有足夠的多元化。總體而言，我們看到各行各業都呈現良好勢頭。

Okay, understood. And then on gen AI and agentic, so very active developments continue, good to see there. Understanding it's early, but as clients are adopting your solutions and transitioning from traditional contracting to leveraging these tools, can you share any quantitative details on how that's impacting the relative revenue and margin profiles of the engagements?

好的，明白了。然後是人工智慧和代理，非常活躍的發展仍在繼續，很高興看到這一點。雖然現在還為時過早，但隨著客戶採用您的解決方案並從傳統合約過渡到利用這些工具，您能否分享一些定量細節，說明這將如何影響業務的相對收入和利潤狀況？

Sure. So you're absolutely right. I think with generative and agentic AI and all of our new solutions in that area, that's something which we are very excited about because the adoption of these solutions is now taking place across the board.

當然。所以你完全正確。我認為，有了生成式人工智慧和代理式人工智慧以及我們在該領域的所有新解決方案，我們感到非常興奮，因為這些解決方案現在正在全面採用。

As we engage with our clients out here, the first and foremost objective for the company is to be able to deliver the business outcome that we are promising to these clients. Keep in mind that the traditional industry success rate in terms of deploying data and AI solutions leveraging generative AI is actually quite low at present. It's only about 30% success rate. EXL is operating at about a 94% success rate associated with the implementation of these data and AI solutions.

當我們與客戶合作時，公司的首要目標是能夠實現我們向這些客戶承諾的業務成果。請記住，目前傳統產業在利用生成式人工智慧部署資料和人工智慧解決方案方面的成功率實際上相當低。成功率只有30%左右。EXL 在實施這些數據和 AI 解決方案方面的成功率約為 94%。

So that's the number one thing that we are focusing on, which is to deliver that business outcome. In terms of the commercial model, the commercial model is shifting, and it will gravitate down towards much more usage-based metrics. So that becomes a lot more on a transaction basis or an outcome basis.

所以這是我們關注的首要事情，就是實現這項業務成果。就商業模式而言，商業模式正在轉變，它將趨向於更多基於使用情況的指標。因此，這更多是基於交易或結果的。

And as that shift takes place, I think there is an opportunity for us to be able to expand margins, and that's one of the levers that we have over the long term to be able to continue to deliver EPS growth rate, which is faster than revenue.

隨著這種轉變的發生，我認為我們有機會擴大利潤率，這是我們長期能夠繼續實現高於收入成長率的每股盈餘成長率的槓桿之一。

So that's a long-term trend that we see, which is as we get more data and AI revenue into our portfolio, the opportunity for us to be able to manage our margins becomes a lot better. And there is less sensitivity to pricing associated with this because the value that we are delivering to our clients is significantly higher. And so as long as we can deliver that value to our clients, I think it will afford the opportunity for us and our clients to be able to share in that benefit and continue to build and grow our margins out there.

所以這是我們看到的一個長期趨勢，隨著我們的投資組合中獲得更多數據和人工智慧收入，我們管理利潤的機會就會變得更好。由於我們向客戶提供的價值明顯更高，因此與此相關的定價敏感度較低。因此，只要我們能夠為客戶提供這種價值，我認為這將為我們和客戶提供機會分享這種利益，並繼續建立和增加我們的利潤。

Surinder Thind, Jefferies LLC.

Surinder Thind，Jefferies LLC。

I guess where I'd like to start with is, given that we're building all of these more proprietary type solutions, Rohit, can you talk a little bit about the moat and your ability to protect the IP around that versus competitors acting as fast followers?

我想首先要說的是，鑑於我們正在建造所有這些更專有的解決方案，Rohit，您能否談談護城河以及您保護其智慧財產權的能力，而不是競爭對手的快速跟隨？

Sure, Surinder. So there are a couple of things that I'd like to kind of just point out to. Number one is at EXL, we own a number of technology platforms on which we serve our clients, particularly in insurance and in health care and then some of the new solutions that we've built. These platforms actually allow us access to proprietary data sets, and we've used these proprietary data sets to train our models and to be able to implement differentiated solutions for our clients. And some of the LLM that I spoke about in my prepared remarks talk about how we've trained these models on these proprietary data sets and create differentiated solutions.

當然，Surinder。因此，我想指出幾件事。首先，在 EXL，我們擁有多個技術平台，用於為客戶提供服務，特別是在保險和醫療保健領域，以及我們建立的一些新解決方案。這些平台實際上允許我們存取專有資料集，並且我們使用這些專有資料集來訓練我們的模型並能夠為我們的客戶實施差異化解決方案。我在準備好的演講中談到的一些法學碩士談到了我們如何在這些專有資料集上訓練這些模型並創建差異化的解決方案。

So one big source of differentiation and IP protection for us comes from these proprietary data assets, which we have access to and others do not have access to. The second part of that IP protection is you would see that the number of patents and the number of proprietary solutions that we are creating at a rapid pace, that is accelerating very strongly. And so those areas of creation of this IP creates, again, a proprietary differentiated access point for us, and I think that's going to be pretty sustainable. So I would really point out to those two things. One is access to data sets which are not available to others, and number two, creating proprietary IP solutions.

因此，我們的一大差異化和智慧財產權保護來源就是這些專有資料資產，我們可以存取而其他人則無法存取。智慧財產權保護的第二部分是，你會看到我們正在快速創造的專利數量和專有解決方案的數量正在強勁增長。因此，這些 IP 的創建領域再次為我們創建了一個專有的差異化接入點，我認為這將非常永續。所以我真的想指出這兩件事。一是取得他人無法取得的資料集，二是建立專有 IP 解決方案。

That's helpful. And then when we think about just the mix of business, obviously, significant continued demand on the data and AI-led piece. The quarter-over-quarter growth in digital operations was a little bit slower than it has been historically.

這很有幫助。然後，當我們考慮業務組合時，顯然對數據和人工智慧主導的部分的需求持續存在。數位化業務的季度環比成長比歷史上略慢一些。

Can you talk a little bit about that and the pipeline of those projects? And when you talk about maintaining double-digit growth, is that meant for both segments or is that meant to be an overall firm-wide growth rate?

您能否稍微談談這個問題以及這些專案的進度？當您談到保持兩位數的成長時，是指兩個部門的成長，還是指整個公司的整體成長率？

Sure. I think that's a great question, Surinder. Look, I think what we are focused on is, number one, to deliver double-digit growth overall for the company. That's most important for us. Now the biggest pivot that we've made as an organization is to continue to sharpen our focus on data and AI-led revenue.

當然。我認為這是一個很好的問題，Surinder。聽著，我認為我們關注的重點首先是為公司實現整體兩位數的成長。這對我們來說是最重要的。現在，作為一個組織，我們所做的最大轉變是繼續加強對數據和人工智慧驅動的收入的關注。

And as you saw in this quarter, we grew that by about 17%, and that's growing much faster than the rest of the company. And that's something which we're going to be very focused on in terms of driving the growth rate, driving our acceptance with our customer base out there, improving our win rate on those solutions. Because our belief is that over the next one, three and five year terms, those data and AI services and solutions are going to grow at twice the pace of the rest of the services that are there in the industry.

正如您在本季看到的，我們的成長了約 17%，而且成長速度遠遠快於公司其他部門。我們將非常關注這一點，以推動成長率，推動客戶群對我們產品的接受度，提高這些解決方案的成功率。因為我們相信，在未來一、三、五年內，這些數據和人工智慧服務和解決方案的成長速度將是業內其他服務的兩倍。

So if we can position ourselves with the majority of our portfolio, being in those segments, we can actually grow faster and we can deliver that double-digit growth rate for the overall company. Now interestingly enough, the digital operations part of our business also is getting good traction, and we're seeing a fair amount of healthy demand out there as well.

因此，如果我們能夠將大部分投資組合定位於這些領域，我們實際上可以成長得更快，並且可以為整個公司實現兩位數的成長率。有趣的是，我們業務的數位營運部分也獲得了良好的發展勢頭，我們也看到了相當多的健康需求。

Our job is to take that digital operation and convert that as much as possible with data and AI-led solutions so that we are continuously embedding more and more of our solutions into the work that our clients entrust us to do.

我們的工作是利用數據和人工智慧解決方案盡可能地實現數位化營運和轉換，以便我們不斷將越來越多的解決方案嵌入到客戶委託我們所做的工作中。

So frankly, this is a shift in our business mix, but it's also a shift in terms of being able to access a lot more and expand the playing field that we have, and therefore, the TAM that we kind of target and to be able to kind of sustain a double-digit growth rate.

所以坦白說，這是我們業務組合的轉變，但這也是我們能夠接觸更多業務、擴大競爭環境的轉變，因此，我們的目標 TAM 能夠維持兩位數的成長率。

Puneet Jain, JPMorgan.

摩根大通的 Puneet Jain。

Rohit, it seems like the AI adoption traction has increased this year. Do clients typically go with their existing vendors, like existing vendors of business process or existing BPO vendors when they are looking to implement AI solutions? Or like the differences across vendors is high enough right now in terms of what they can offer in AI that they would be okay going with a new vendor to replace human-driven BPO services or automate human-driven BPO services?

羅希特，今年人工智慧的採用動能似乎有所增強。當客戶尋求實施 AI 解決方案時，他們通常會選擇現有的供應商，例如現有的業務流程供應商或現有的 BPO 供應商嗎？或者說，目前各個供應商在 AI 領域提供的服務方面的差異已經足夠大，以至於他們願意選擇新的供應商來取代人工驅動的 BPO 服務或實現人工驅動的 BPO 服務的自動化？

Sure, Puneet. So you're absolutely right. The adoption of data and AI is accelerating, and it's actually playing out very nicely for EXL. From a client perspective, I will tell you that clients are focused on seeing where they can get the most amount of value and which service partner of theirs is going to deliver the most amount of value and help them in this journey of modernizing their operating and their business stack and being able to serve their end customers in a seamless way.

當然，Puneet。所以你完全正確。數據和人工智慧的應用正在加速，這對 EXL 來說實際上非常有利。從客戶的角度來看，我會告訴你，客戶專注於了解他們可以從哪裡獲得最大的價值，以及哪個服務合作夥伴將提供最大的價值，並幫助他們實現營運和業務堆疊的現代化，並能夠以無縫的方式為最終客戶提供服務。

We, at EXL, have a distinct advantage that we understand the domain and the business of our clients. We understand the workflow, we understand how to manage, access and use data and we know how to apply AI into the workflow. So that unique combination of mastery of domain, data and AI definitely creates a positive differentiation for EXL to be the partner of choice for many of these engagements that our clients are undertaking.

在 EXL，我們有一個獨特的優勢，那就是我們了解客戶的領域和業務。我們了解工作流程，我們了解如何管理、存取和使用數據，我們知道如何將人工智慧應用到工作流程中。因此，對領域、數據和人工智慧的掌握的獨特組合無疑為 EXL 創造了積極的差異化，使其成為我們客戶在開展許多此類業務時首選的合作夥伴。

What we are finding is a number of newer clients are being attracted to us because of our ability to do this, and existing clients are gaining confidence in terms of entrusting us to be able to work there. The key thing for us is to be able to also access the CIO and the CTO of our client organizations. And so we are building up those relationship access points so that we can serve our clients on the operating and the business side alongside with serving the clients on the technology side.

我們發現，由於我們有能力做到這一點，許多新客戶被我們吸引，而現有客戶也越來越有信心委託我們在那裡工作。對我們來說，關鍵的是能夠接觸到客戶組織的 CIO 和 CTO。因此，我們正在建立這些關係存取點，以便我們能夠在營運和業務方面為客戶提供服務，同時在技術方面為客戶提供服務。

Understood. And should we expect like the growth trends across data and AI-led and digital operations to continue in second half, especially on a sequential basis?

明白了。我們是否應該預期數據、人工智慧和數位化營運的成長趨勢將在下半年繼續，尤其是環比成長？

Yes. So we would expect our data and AI business to continue to grow and kind of increase, and you should expect a slightly lower growth rate of the digital operations business. So that's something which we would see on a go-forward basis. Keep in mind one thing, that as we embed more data and AI into our existing digital operations business, that becomes a lot more valuable for us and for our clients as we go along. So the primary metric to focus on is obviously the overall growth rate of the company but also how quickly we are being able to pivot towards data and AI-led operations.

是的。因此，我們預計我們的數據和人工智慧業務將繼續成長並增加，而數位營運業務的成長率應該會略低。所以這是我們未來會看到的事情。請記住一件事，隨著我們將更多的數據和人工智慧嵌入到我們現有的數位營運業務中，這對我們和我們的客戶來說都會變得更有價值。因此，需要關注的主要指標顯然是公司的整體成長率，以及我們能夠多快轉向數據和人工智慧主導的營運。

Matt Dezort, William Blair.

馬特·德佐特、威廉·布萊爾。

This is Matt on for Maggie Nolan. Congrats on the sustainable organic growth you're enjoying. I guess what gives you confidence that, that can persist? And can you parse out the drivers across volume from existing clients versus new logo additions? And how do you expect that to evolve?

這是馬特 (Matt) 為瑪吉諾蘭 (Maggie Nolan) 表演的。恭喜您享受到可持續的有機成長。我想什麼能給你信心，讓你相信這件事能夠堅持下去呢？您能否分析出現有客戶和新客戶在數量上的影響因素？您預計將如何發展？

Sure, Matt. So I think a few things really stand out for us. Number one is the work that we essentially do for our clients is mission-critical work. It's work that they need to kind of undertake no matter what the economic environment is. And therefore, despite all the geopolitical noise, despite all the uncertainty in the economic environment, our engagement with our clients with over 75% of our business being annuity-like and recurring is a very strong foundation for that sustainable growth rate.

當然，馬特。所以我認為有幾件事對我們來說確實很突出。首先，我們為客戶所做的工作本質上是關鍵任務工作。無論經濟環境如何，這都是他們需要承擔的工作。因此，儘管存在各種地緣政治噪音，儘管經濟環境充滿不確定性，但我們與客戶的合作（其中超過 75% 的業務為年金式和經常性業務）為實現永續成長率奠定了非常堅實的基礎。

The second aspect of this is we've been able to shift our portfolio where 54% of our total revenue now is data and AI, and that piece is accelerating in growth and the market opportunity is actually expanding. We would say that AI has dramatically increased the TAM that we can now target.

第二個方面是，我們已經能夠轉變我們的投資組合，現在我們總收入的 54% 來自數據和人工智慧，而且這一部分正在加速成長，市場機會實際上正在擴大。我們可以這樣說，人工智慧極大地提高了我們現在可以瞄準的 TAM。

And in terms of some of these new services and solutions that we are offering to our clients, it's a gigantic opportunity that we have in front of us and so we are positioned very well. And the final piece is execution. I think you have to execute and deliver the business outcome for your clients and in order to have sustained growth and able to have sustained momentum.

就我們向客戶提供的一些新服務和解決方案而言，我們面前有一個巨大的機遇，因此我們處於非常有利的位置。最後一步是執行。我認為您必須為您的客戶執行並交付業務成果，才能實現持續成長並保持持續的勢頭。

We are in a fortunate position that we've been able to do this consistently across our customer base and be able to drive that. Your last point about existing clients and new clients, I think we've got a pretty healthy mix in terms of growth coming in from our existing clients as well as our ability to add on new clients. So we're very pleased with how the portfolio is progressing.

我們很幸運，我們能夠在我們的客戶群中始終如一地做到這一點，並能夠推動這一點。您最後提到的關於現有客戶和新客戶的問題，我認為我們在現有客戶的成長以及增加新客戶的能力方面擁有相當健康的組合。因此，我們對投資組合的進展感到非常滿意。

I guess to follow up, could I ask you to discuss the competitive environment? How are you seeing that evolve as clients are pressured a little bit by the macro in tariffs and the drive to adopt AI, which you seem to have an advantage in? Are you seeing sole-source deals increase? Is this a mix of elements, improving the competitive environment for you guys? Just talk to me about that a little bit.

我想跟進一下，我可以請您討論一下競爭環境嗎？當客戶受到宏觀關稅和採用人工智慧的壓力時，您如何看待這種情況的發展，而您似乎在這方面具有優勢？您是否看到單一來源交易在增加？這是多種因素的混合，從而改善了你們的競爭環境嗎？跟我簡單聊聊這個吧。

Sure. The competitive environment has certainly changed in this kind of a backdrop. Number one, with AI coming in, there are a number of new start-ups. There are a number of AI-first companies and organizations that are participating. There are a number of large global consulting firms that are getting into the fray, a number of large data companies getting into the fray, a number of new AI companies kind of getting into the fray.

當然。在這種背景下，競爭環境確實發生了變化。第一，隨著人工智慧的出現，出現了許多新的新創公司。有許多 AI-first 公司和組織正在參與其中。許多大型全球顧問公司、許多大型數據公司和許多新型人工智慧公司都加入了競爭。

And I think clients will look at all available options that are out there. Our advantage lies in the fact that we understand the AI part of it, and we've built very strong capability around it, but we also understand the domain and the workflow. And that is something which I think some of these new companies lack, which is they don't have the same domain knowledge and business understanding of the operating processes which we have by virtue of being engaged with our clients over this long period of time.

我認為客戶會考慮所有可用的選項。我們的優勢在於我們了解其中的人工智慧部分，我們圍繞它建立了非常強大的能力，但我們也了解該領域和工作流程。我認為這些新公司中有些就缺乏這一點，他們不具備我們透過長期與客戶合作而獲得的領域知識和對營運流程的業務理解。

So that's certainly changing in terms of the competitive landscape. To your point about geopolitical changes, in terms of economic uncertainty, I think clients are gravitating towards having long-term partnerships with select strategic providers.

因此，就競爭格局而言，這肯定正在改變。關於您提到的地緣政治變化，就經濟不確定性而言，我認為客戶傾向於與精選的策略供應商建立長期合作關係。

And they're choosing partners that are going to be relevant for them today and are going to be relevant for them three to five years out because these are long-term relationships that they're building. And necessarily, there is a lot of engagement that needs to take place from the client's organization and from the partner's organization. So this takes a while to be able to be established. They cannot really work with hundreds of different providers out here because that way, the effort to transform is going to get diffused. You'll end up in different kind of architectures and it's going to be quite messy.

他們選擇的合作夥伴對他們目前和未來三到五年都有利，因為這是他們正在建立的長期關係。並且必然需要客戶組織和合作夥伴組織進行大量的參與。所以這需要一段時間才能建立。他們實際上無法與數百家不同的供應商合作，因為這樣一來，轉型的努力就會分散。你最終會得到不同類型的架構，而且會相當混亂。

And at the same time, going to a single partner is also problematic because the ability to access new ideas, the ability to diversify all of those benefits go away. So in general, we are seeing them gravitate down to a few strategic partners that they're going to work across the value chain. So that's across business operations, across advanced analytics, around data management, around AI and kind of pulling all of that together. And we are, again, in one of those fortunate positions that we've got all the right capabilities to be that strategic partner of choice for our clients.

同時，只與單一合作夥伴合作也存在問題，因為獲取新想法的能力、實現多樣化所有這些好處的能力都會消失。因此，總體而言，我們看到他們逐漸傾向於選擇一些策略夥伴，並在整個價值鏈中合作。所以這涉及業務運營、高級分析、數據管理、人工智慧，並將所有這些整合在一起。我們再次處於一個幸運的位置，我們擁有成為客戶首選策略夥伴的所有適當能力。

David Grossman, Stifel Europe.

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

The first question I have is just on the architecture of the guidance. It would seem to -- your annual guide would seem to imply EPS will be down year-over-year in the back half of the year. And just curious, maybe you could help us understand that dynamic, given what appears to be very strong momentum in the business, and plus you've got the share repurchase coming in at some point in the back half of the year.

我的第一個問題是關於指導的架構。您的年度指南似乎暗示下半年每股盈餘將年減。只是好奇，也許您可以幫助我們理解這種動態，因為業務看起來勢頭非常強勁，而且您將在今年下半年的某個時候進行股票回購。

David, it's Maurizio. That is correct. So when you look at the first half of the year, we had a very strong first half of the year financially, both top line and bottom line. And we continue to see that going into the second half of the year. Now we've always guided for our AOPM at slightly higher than what we did last year.

大衛，我是毛里齊奧。沒錯。因此，當您回顧今年上半年時，您會發現我們的財務狀況非常強勁，無論是營收還是利潤。而我們將繼續看到這種情況持續到今年下半年。現在，我們始終將 AOPM 的指引值定為略高於去年的水準。

In 2024, we had AOPM of 19.4%, and we are still targeting this year to be slightly higher, 10 to 20 basis points this year. We ended the first half of the year at 19.9%. In order for us to continue our growth trend of being growing double digits well into 2026 and thereafter, we have to continue to invest. And that's what we'll be doing in the second half of the year. So we still project the year to be in the mid-19% range as we've always talked about.

2024 年，我們的 AOPM 為 19.4%，今年我們的目標仍是略高一些，即 10 到 20 個基點。截至今年上半年，我們的利潤率為 19.9%。為了讓我們在 2026 年及以後繼續保持兩位數的成長趨勢，我們必須繼續投資。這就是我們下半年要做的事。因此，我們仍然預測今年的成長率將達到 19% 左右，正如我們一直在談論的那樣。

But given the strong first half of the year, there's a little bit of a reflection in the EPS guidance that we will be slightly lower than the midpoint of 19% in the second half of the year, more towards the lower end of 19%. And that's really for us to continue to invest in both data and AI solutions to really drive revenue in 2026 and thereafter.

但鑑於上半年的強勁表現，每股收益指引中多少反映出，下半年的每股盈餘將略低於 19% 的中點，更接近 19% 的低端。這實際上是為了讓我們繼續投資數據和人工智慧解決方案，以真正推動 2026 年及以後的收入。

Okay. And I guess to that point, just looking at the headcount trends versus revenue growth. Last, I think, two, three, four quarters, your revenue growth is outpacing the headcount growth. So that, I would think, would be a positive to margins. So maybe you could reflect on what's going on in that dynamic?

好的。我想，就這一點而言，只需看看員工人數趨勢與收入成長即可。最後，我認為，第二、三、四個季度，你們的收入成長速度超過了員工人數的成長速度。因此，我認為這對利潤率來說是一個利好。那麼也許您可以反思一下這種動態中發生了什麼？

Is it kind of some of the AI initiatives that get your productivity gains internally and operationally, or maybe there's something else going on that's more kind of point-in-time and something secular? But the fact that you're growing revenue substantially faster than headcount is an interesting dynamic. And curious of the impact kind of going forward and the impact on margins.

這是否是一些人工智慧計劃，可以提高你們內部和營運的生產力，或者還有其他一些更具時間點和長期性的事情正在發生？但事實上，收入的成長速度遠遠快於員工人數的成長速度，這是一個有趣的動態。我很好奇其未來的影響以及對利潤的影響。

Yes, David, that's a great observation because that's a key metric for us is to really drive our revenue growth faster than headcount growth. And if you look at it again this quarter, revenue per headcount continued to increase quarter-over-quarter sequentially. And that's really important for us going forward. What we're doing today, as we get that benefit in our P&L is reinvesting it back into data and AI to really drive future growth. And keep in mind, a lot of our AI solutions that we're building today, they're still in the -- in a very young phase at the end of the day.

是的，大衛，這是一個很好的觀察，因為這對我們來說是一個關鍵指標，它真正推動我們的收入成長速度快於員工人數成長速度。如果你再看一下本季度，你會發現人均收入持續較上季成長。這對我們的未來發展確實非常重要。我們今天所做的就是，當我們在損益表中獲得收益時，將其重新投資於數據和人工智慧，以真正推動未來的成長。請記住，我們今天建立的許多人工智慧解決方案，歸根結底仍處於非常早期的階段。

And those, as we continue to sell those and those get more accepted into the market and we really build on that, that's when we really get the benefit in future years. And it goes back to what Rohit was talking about in that we should continue to see that benefit to margins going forward in future years. So we -- right now, we are reinvesting that into the business and continually pushing to drive top line growth in that low double-digit range.

隨著我們繼續銷售這些產品，並且它們被市場更多地接受，我們真正在此基礎上發展，那麼我們在未來幾年就會真正受益。這又回到了羅希特所說的內容，我們應該在未來幾年繼續看到利潤率的提高。因此，我們現在正在將其重新投資到業務中，並不斷努力推動營收成長達到較低的兩位數。

Right. And if I could just sneak one more in. Obviously, there was -- one of your competitors was taken out recently. I don't know, Rohit, if you have any thoughts on consolidation, what the implications may be for EXL and kind of how you're viewing that dynamic.

正確的。如果我能再偷偷溜進去一個就好了。顯然，你們的一位競爭對手最近被淘汰了。羅希特，我不知道您對合併有什麼看法，這對 EXL 可能意味著什麼，以及您如何看待這種動態。

Sure, David. So look, first of all, the market space in which we are playing in is very large. And one of our competitors being taken out, I don't think, has any real material impact on us. The real issue for us is we have to focus in on our efforts to be able to be relevant for our clients. And we think with our domain knowledge and understanding of our clients' business, the investments that we've made in data and AI, that's actually resonating well, and we are actually very well positioned to compete against any competitor in this space to be able to continue to drive growth and be able to build margins in our business.

當然，大衛。首先，我們所處的市場空間非常大。我認為，我們的一個競爭對手被淘汰不會對我們造成任何實際的實質影響。對我們來說，真正的問題是我們必須專注於為客戶提供相關服務。我們認為，憑藉我們的領域知識和對客戶業務的理解，以及我們在數據和人工智慧方面所做的投資，實際上產生了良好的共鳴，我們實際上非常有能力與該領域的任何競爭對手競爭，從而能夠繼續推動成長並能夠在我們的業務中建立利潤率。

I think what -- how that particular transaction will play out, we'll see over a period of time. As you very well know, a lot of that depends on execution and the ability to integrate, and we'll see how that plays out. But what I would say is that the market space is so big and so large, and we have a number of competitors that we compete with, that this really should not make any difference to our competitive positioning in the market space. And we are just focused in on just building and growing our business and continuing to add value to our clients.

我認為，我們需要一段時間才能看到這項特定交易將如何進行。正如您所知，這在很大程度上取決於執行力和整合能力，我們將拭目以待。但我想說的是，市場空間如此之大，而且我們有許多競爭對手，這實際上不會對我們在市場空間中的競爭定位產生任何影響。我們只專注於建立和發展我們的業務並繼續為我們的客戶增加價值。

Got it. Just while I have you, sorry, Rohit, if I could just get one more. Just it looks like the new client adds in the first half of the year have decelerated pretty significantly from the first half last year. And you obviously had a really strong first half of last year. But just wondering, is that more a reflection of the size of the clients?

知道了。就在我有你的時候，對不起，羅希特，如果我能再得到一個。看起來，今年上半年新增客戶的數量與去年上半年相比已經大幅下降。顯然，你們去年上半年的表現非常強勁。但只是想知道，這是否更反映了客戶的規模？

Is it kind of the economic backdrop? And anything you can share there since you don't really report bookings. Maybe help us understand that dynamic.

這算是一種經濟背景嗎？由於您實際上並未報告預訂情況，因此您可以在那裡分享任何資訊。也許可以幫助我們理解這種動態。

Yes. You're right, David. I think that's a correct observation. But the way we are seeing the business trends, we're seeing the demand, we are seeing a look at the pipeline, our pipeline has actually expanded by very strong double-digit growth in the pipeline. And so the business opportunities for us remain good.

是的。你說得對，大衛。我認為這是正確的觀察。但從我們看到的商業趨勢、看到的需求、看到管道的情況來看，我們的管道實際上已經實現了非常強勁的兩位數成長。因此，我們的商業機會仍然很好。

The quality of the clients that we have signed up, we are comfortable with that. So we think the growth rate of the business continues to be sustained going forward. There's nothing that we are seeing which would cause us any concern for our growth rate for the second half of this year or going into '26. I think there is a lot of active dialogue with new clients.

我們對已簽約客戶的品質感到滿意。因此我們認為未來業務的成長率將持續保持。我們沒有看到任何讓我們對今年下半年或26年的成長率感到擔憂的跡象。我認為與新客戶有很多正面的對話。

And like I said, these capabilities are opening up avenues for us to provide new services to existing clients and new services to new clients as well. And then frankly, it's a pretty healthy trend that we have. And the opportunity set for us globally is actually huge. So frankly, there's a lot for us to do out here, and there's enough demand for us to be able to target and to be able to build and grow the business.

正如我所說的，這些能力為我們向現有客戶提供新服務以及向新客戶提供新服務開闢了途徑。坦白說，這是一個非常健康的趨勢。事實上，全球帶給我們的機會是巨大的。所以坦白說，我們有很多事情要做，而且有足夠的需求讓我們能夠瞄準目標、建立和發展業務。

David Koning, Robert W. Baird & Co.

大衛‧科寧，羅伯特‧W‧貝爾德公司

Great job, again. I guess first of all, employee costs, I was just looking at the 10-Q. Employee costs were up 16% to 17% year-over-year, employees themselves up about 9%. I guess what are the dynamics? Or is this partly a function of kind of a shift to hiring -- higher value-add employees or maybe what are some of the dynamics of that?

再次，幹得好。我想首先是員工成本，我只是看了 10-Q。員工成本較去年同期上漲16%至17%，員工本身成本上漲約9%。我猜想其動態是怎麼樣的？或者這在某種程度上是向招募轉變的一種表現——招募更高附加價值的員工，或者這其中可能存在哪些動態？

Yes, Dave, the biggest driver there is really us hiring more highly skilled talent going forward overall. You're right, you do see a slower growth in terms of overall headcount and a higher percentage on employee cost. I would say the biggest driver there is as we get more and more into data and AI, there's a lot more in terms of technical, highly technical skilled employees that we need to hire. And that's really starting to get reflected in that percentage overall.

是的，戴夫，最大的驅動力實際上是我們整體上在未來招募更多高技能人才。你說得對，你確實看到整體員工人數的成長放緩，而員工成本的比例則上升。我想說，最大的驅動力是，隨著我們越來越涉足數據和人工智慧，我們需要雇用更多的技術人員和高技術技能的員工。這確實開始在總體百分比中得到體現。

Yes. And I would add, David, that as you know, the second quarter is when we do our salary increments. And so that's also been added on to the cost of the employees in the second quarter.

是的。大衛，我想補充一點，如你所知，第二季是我們加薪的時候。因此這也被加到第二季的員工成本。

Okay, got you. And then a lot of great questions already asked, so I'll ask just kind of a technical 10-Q question. I saw another line called the other costs within cost of services. That's been down quite a bit year-to-date, both in Q1 and Q2. I think it was $13 million this quarter, $17 million in the year ago quarter. So that's -- it seems like that's helping margins. What is that and does that sustainably help margins going forward?

好的，明白了。已經有很多很好的問題被問到了，所以我會問一個技術性的 10-Q 問題。我看到另一行稱為服務成本中的其他成本。今年迄今為止，第一季和第二季的銷售額均大幅下降。我認為本季是 1300 萬美元，去年同期是 1700 萬美元。所以這似乎有助於提高利潤率。那是什麼？那是否能持續幫助提高未來的利潤率？

Yes. Dave, if you look back in the second quarter of last year, we had a onetime restructuring charge during the period, so that was the biggest driver in that and you see that fall off this year.

是的。戴夫，如果你回顧去年第二季度，你會發現我們在此期間有一筆一次性重組費用，這是最大的驅動因素，而今年這一數字有所下降。

And with that, we have no further questions at this time. I will turn the call back to John Kristoff for closing remarks.

至此，我們目前沒有其他問題了。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. And as always, if you have additional questions, please don't hesitate to reach out to me directly.

感謝大家今天上午加入我們。像往常一樣，如果您還有其他問題，請隨時直接與我聯繫。