Exlservice Holdings Inc (EXLS) 2025 Q3 法說會逐字稿

Hello, and welcome to the EXLService Holdings, Inc. third quarter 2025 earnings conference call. Also, as a reminder, this conference is being recorded today. If you have any objections, please disconnect at this time.

大家好，歡迎參加 EXLService Holdings, Inc. 2025 年第三季財報電話會議。另外提醒大家，本次會議今天將進行錄影。如有任何異議，請立即斷開連接。

I will now turn the call over to Shirley Macbeth, Chief Marketing Officer.

現在我將把電話轉交給行銷長雪莉·麥克白。

Hello, and thank you all for joining EXL's third-quarter 2025 financial results conference call. On the call today with me are Rohit Kapoor, Chairman and Chief Executive Officer; and Maurizio Nicolelli, Chief Financial Officer.

大家好，感謝各位參加EXL 2025年第三季財務業績電話會議。今天和我一起參加電話會議的有董事長兼執行長羅希特·卡普爾，以及財務長毛里齊奧·尼科萊利。

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

希望您有機會查看我們昨天下午發布的第三季新聞稿。我們也將簡報和投資者情況說明書發佈在了投資者關係網站上。提醒一下，我們今天早上要討論的一些事項是面向未來的。

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 yesterday's press release, discussed in the company's periodic reports and other documents filed with the SEC from time to time.

請注意，這些前瞻性陳述受到已知和未知風險及不確定性的影響，可能導致實際結果與此類陳述所表達或暗示的結果有重大差異。此類風險和不確定性包括但不限於一般經濟狀況、昨天新聞稿中列出的因素、公司定期報告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中所提供的資訊的義務。在電話會議中，我們可能會提及一些非GAAP財務指標，我們認為這些指標可以為投資人提供有用的信息。這些措施與 GAAP 的核對情況可在我們的新聞稿、投影片和投資者情況說明書中找到。

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

接下來，我將把電話交給羅希特。

Thanks, Shirley. Good morning, everyone. Welcome to EXL's third quarter 2025 earnings call.

謝謝你，雪莉。各位早安。歡迎參加EXL 2025年第三季財報電話會議。

I'm pleased to report another strong quarter as we consistently executed on our data and AI growth strategy. In the third quarter, we generated revenue of $530 million, an increase of 12% year over year. And we grew adjusted EPS by 11% and to $0.48 per share.

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了數據和人工智慧成長策略。第三季度，我們實現了 5.3 億美元的收入，年增 12%。調整後每股收益成長了 11%，達到每股 0.48 美元。

In the quarter, our data and AI led revenue grew 18% year over year, reaching 56% of total revenue. Our data and AI-led revenue comes from EXL's AI-powered solutions and services, including those in which we embed data and AI into client workflows.

本季度，我們以數據和人工智慧為驅動的營收年增 18%，佔總營收的 56%。我們以數據和人工智慧為驅動的收入來自 EXL 的人工智慧解決方案和服務，包括我們將數據和人工智慧嵌入到客戶工作流程中的解決方案和服務。

This is the third consecutive quarter we have accelerated our data and AI led revenue growth, underscoring both the rising demand for AI-driven solutions and demonstrating our leadership in embedding AI directly into client workflows. At the same time, our digital operations revenue grew 6% year over year. This is significant when you consider but as we embed AI into workflows, we manage, the revenue moves from digital operations to the data and AI-led revenue category.

這已是我們連續第三個季度加速了數據和人工智慧驅動的收入成長，這不僅凸顯了對人工智慧驅動解決方案日益增長的需求，也證明了我們在將人工智慧直接嵌入客戶工作流程方面的領先地位。同時，我們的數位營運收入年增了 6%。考慮到這一點，意義重大。隨著我們將人工智慧嵌入工作流程中，我們的管理收入從數位營運轉移到了數據和人工智慧驅動的收入類別。

Our third quarter results displayed sustained momentum across all operating segments. The insurance segment grew 9% year over year, which represented a third of our revenue in the quarter. This growth was driven by our insurance clients evolving their operations to be more AI-powered. We believe the increased adoption of AI in the workflow in insurance is a long-term trend from which EXL is well positioned to benefit.

第三季業績顯示，所有營運部門均維持了持續成長動能。保險業務年增 9%，佔本季營收的三分之一。這一成長是由我們的保險客戶推動其營運模式向人工智慧驅動型轉型所驅動的。我們相信，人工智慧在保險工作流程中的日益普及是一個長期趨勢，EXL 將從中受益匪淺。

Healthcare and Life Sciences represented a quarter of our revenue and was once again our fastest-growing segment at 22% growth. This performance was fueled by our demand for data and AI solutions. This included growth in our Payment Services business as well as expansion of digital operations and analytics services with new and existing clients. banking, capital markets and diversified industries grew 12%, representing nearly a quarter of our revenue.

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部門，成長率達 22%。這項業績的取得，源自於我們對數據和人工智慧解決方案的需求。這包括支付服務業務的成長，以及面向新舊客戶的數位化營運和分析服務的拓展。銀行業、資本市場和多元化產業成長了12%，占我們總收入的近四分之一。

Looking ahead, we see significant opportunity to further increase value and improve business outcomes in this segment by leveraging our enhanced data and AI capabilities across the value chain.

展望未來，我們看到了透過利用我們在整個價值鏈中增強的數據和人工智慧能力，進一步提高該領域價值和改善業務成果的巨大機會。

In Q3, we drove 8% year-over-year growth in our international growth markets segment as we continue to diversify our business geographically. This segment represented 18% of our total revenue in the quarter.

第三季度，隨著我們繼續在地域上實現業務多元化，我們的國際成長市場部門實現了 8% 的年增長。該業務板塊佔本季總收入的 18%。

International markets represent meaningful potential for us to accelerate our long-term growth trajectory and expand our global footprint. We are encouraged by the overall demand environment, which remains positive. Our sales pipeline grew with the addition of several new data and AI-led opportunities.

國際市場對我們而言具有巨大的潛力，可以加速我們的長期成長軌跡並擴大我們的全球影響力。整體需求環境仍保持正面態勢，這令我們感到鼓舞。隨著幾個新的數據和人工智慧驅動型機會的加入，我們的銷售管道也隨之成長。

As enterprises navigate ongoing economic uncertainty, their priorities are expanding beyond the traditional focus on cost efficiency. They are also looking to change their business models, expand their total addressable market and grow revenue.

在企業應對持續的經濟不確定性之際，它們的優先事項正在超越傳統的成本效益考量。他們也希望改變商業模式，擴大潛在市場規模，並增加收入。

As clients adopt AI to help achieve these goals they need trusted partners to help them navigate change and deliver tangible business outcomes. With our proven track record and comprehensive set of innovative AI-led solutions. We are a natural partner for our clients on this journey.

當客戶採用人工智慧來幫助實現這些目標時，他們需要值得信賴的合作夥伴來幫助他們應對變化並取得實際可見的業務成果。憑藉我們良好的業績記錄和一套全面的創新人工智慧解決方案。在這段旅程中，我們是客戶的天然合作夥伴。

For our existing contracts, we maintain exceptionally high renewal rates. More than 75% of our revenue is recurring or annuity like. This provides revenue stability and predictability. Combined with a healthy new business pipeline, we have momentum to sustain double-digit top line growth into 2026.

對於現有合同，我們保持極高的續約率。我們超過 75% 的收入是經常性收入或類似年金的收入。這為收入提供了穩定性和可預測性。憑藉健康的新業務管道，我們有動力在 2026 年保持兩位數的營收成長。

I'd like to highlight progress made in advancing our data and AI strategy to deliver differentiated value for our clients. I'll cover three areas: number one, the launch of our new exldata.ai solution; two, client momentum with the adoption of embedding AI in the workflow; and three, industry recognition of our domain, data and AI leadership.

我想重點介紹我們在推進數據和人工智慧策略方面取得的進展，以便為我們的客戶提供差異化的價值。我將介紹三個面向：第一，我們新的 exldata.ai 解決方案的推出；第二，客戶在工作流程中嵌入 AI 的採用勢頭；第三，業界對我們在領域、數據和 AI 領導地位的認可。

Firstly, I'll cover the launch of our latest innovation. Earlier this month, we unveiled EXLdata.ai, the first its-kind agenetic AI suite of data solutions that help clients make their enterprise data AI ready. Data is the single biggest barrier to AI adoption.

首先，我將介紹我們最新創新產品的發布。本月初，我們推出了 EXLdata.ai，這是首個同類基因人工智慧資料解決方案套件，可協助客戶使其企業資料做好人工智慧準備。數據是人工智慧普及應用的最大障礙。

Our research shows only 30% of organizations can access their data enterprise-wide and most struggle with unifying data silos across legacy platforms. The challenge is especially acute with unstructured data, which now represents 85% of all enterprise data, especially in regulated industries.

我們的研究表明，只有 30% 的組織能夠存取其企業範圍內的數據，而且大多數組織在統一跨越傳統平台的數據孤島方面都面臨挑戰。對於非結構化資料而言，這項挑戰尤其嚴峻，非結構化資料目前佔所有企業資料的 85%，尤其是在受監管的行業中。

To make unstructured data AI-ready, it needs to be annotated, labored and categorized within a structure. This is a manual, time-consuming and expensive process. We built exldata.ai to solve these challenges with exldata.ai, more than 65 AI agents autonomously managed data modernization, governance, quality, lineage and -- accessibility across the entire data life cycle.

要使非結構化資料適用於人工智慧，需要對其進行標註、處理和分類，使其符合一定的結構。這是一個人工操作、耗時且成本高昂的過程。我們建立 exldata.ai 來解決這些挑戰。 exldata.ai 包含 65 多個 AI 代理，可自主管理整個資料生命週期中的資料現代化、治理、品質、血緣關係和可存取性。

This AI-first approach sharply reduces implementation time, which previously used to take months, down two weeks and even days, built on a platform-agnostic architecture, exldata.ai integrates seamlessly with all leading data platforms, including our launch partner, Databricks, and Snowflake and [Panter] and can be deployed across all the major cloud providers, including Microsoft Azure, Google Cloud platform, Amazon Web Services, as well as with NVIDIA's accelerated computing infrastructure. We believe exldata.ai is a game changer, helping clients overcome the biggest hurdle to AI adoption.

這種以人工智慧為先導的方法大幅縮短了實施時間，以前需要數月的時間縮短到兩週甚至幾天。 exldata.ai 基於平台無關的架構，可與所有領先的資料平台無縫集成，包括我們的啟動合作夥伴 Databricks、Snowflake 和 [Panter]，並且可以部署在所有主要的雲端供應商上，包括 Microsoft Azure、Google Cloud 平台、Amazon Web Services 以及 NVIDIA 的加速運算基礎架構。我們相信 exldata.ai 是一款顛覆性的產品，能夠幫助客戶克服人工智慧應用的最大障礙。

Next, I'd like to highlight our success with embedding AI and client workflows. I'll share three examples that are illustrative of the scale of many projects underway and the client business value that we generate. The first use case is our multiagent powered solution for a UK insurer designed to improve and accelerate risk assessment for underwriters. EXL embedded AI into a new business submission workflow that processes thousands of e-mails and attachments each month.

接下來，我想重點介紹我們在將人工智慧融入客戶工作流程方面的成功。我將分享三個例子，以說明正在進行的許多項目的規模以及我們為客戶創造的商業價值。第一個應用案例是我們為英國一家保險公司開發的基於多智能體的解決方案，旨在改善和加快承保人的風險評估。EXL 將 AI 嵌入到新的業務提交工作流程中，該工作流程每月處理數千封電子郵件和附件。

The AI agents extract the right information and assess risk in real time. Processing time has been reduced from a week to a few hours and court conversion has increased by 7%. Real-time insights for brokers also help improve the customer experience during client interactions.

人工智慧代理能夠提取正確的資訊並即時評估風險。處理時間已從一周縮短到幾個小時，法院轉換率提高了 7%。經紀人的即時洞察也有助於改善客戶互動過程中的客戶體驗。

The second client example is a large US healthcare organization. The collaboration began with the successful delivery of an enterprise-wide gen AI platform for document processing which has become a foundational solution for managing unstructured data across the organization.

第二個客戶案例是一家大型美國醫療保健機構。雙方的合作始於成功交付一個企業級的基於人工智慧的文檔處理平台，該平台已成為管理整個組織內非結構化資料的基礎解決方案。

Building on that momentum, we are designing a next-generation agenetic ecosystem to power safe and secure solutions across their finance, pricing and supply chain functions. These AI-powered solutions are helping to reduce the cost of care accelerate speed to market for new solutions and improve end user experiences, work that used to take weeks can now be done in ours.

以此動能為動力，我們正在設計下一代人工智慧生態系統，為他們的金融、定價和供應鏈功能提供安全可靠的解決方案。這些人工智慧解決方案有助於降低護理成本，加快新解決方案的上市速度，並改善最終用戶體驗，過去需要數週才能完成的工作現在可以在一周內完成。

My third example demonstrates how EXL is using AI to transform digital operations for existing clients. EXL's in-depth knowledge of the client processes that we already run is a huge advantage in accelerating infusion of AI and driving faster outcomes. For the past two decades, EXL has been a strategic partner to one of UK's largest energy and home services companies. We've helped them reimagine their end-to-end operating processes, including onboarding, meter to cash, consume to pay and customer exit.

我的第三個例子展示了 EXL 如何利用人工智慧來改變現有客戶的數位化營運。EXL 對我們已經運行的客戶流程的深入了解，對於加速人工智慧的融入和推動更快成果的實現來說，是一個巨大的優勢。在過去的二十年裡，EXL 一直是英國最大的能源和家庭服務公司之一的策略合作夥伴。我們幫助他們重新構想了端到端的營運流程，包括客戶註冊、計量到收款、消費到付款和客戶退出。

By integrating data and AI throughout the front, middle and back office operations, over 35% of transactions that we run for this client are now AI-enabled. Our solutions have driven significant improvements in customer experience, including achieving 98% onboarding accuracy and a 10% upliftment in billing accuracy and timeliness. In addition, our initiatives leveraging intelligent automation and applied AI have improved productivity by over 30%.

透過將資料和人工智慧整合到前台、中台和後台營運中，我們為該客戶運行的交易中，超過 35% 現在都實現了人工智慧賦能。我們的解決方案顯著改善了客戶體驗，包括實現了 98% 的客戶註冊準確率，以及帳單準確率和及時性提高了 10%。此外，我們利用智慧自動化和應用人工智慧的措施已使生產力提高了 30% 以上。

Our revenue from this client has not declined as we were awarded additional work that grew the relationship. And we are positioned really well to begin implementing in genetic AI for this client and grow value-added revenue streams.

我們從這位客戶那裡獲得的收入並沒有減少，因為我們獲得了額外的項目，加深了與該客戶的關係。我們已做好充分準備，開始為該客戶實施基因人工智慧，並增加增值收入來源。

These three client examples are representative of numerous successful EXL client AI deployments. While many enterprises struggle to generate returns from AI investments, EXL's unique strengths in domain data and AI are delivering meaningful ROI and transforming how businesses operate. This has resulted in a success rate of over 90% and for EXL's AI deployments.

這三個客戶案例代表了EXL眾多成功的AI客戶部署案例。雖然許多企業難以從人工智慧投資中獲得回報，但 EXL 在領域數據和人工智慧方面的獨特優勢正在帶來有意義的投資報酬率，並改變企業的運作方式。這使得 EXL 的 AI 部署成功率超過 90%。

Finally, I'm proud to share that in Q3, EXL received several recognitions of our AI services and solutions leadership across our core industry verticals. Here are a few highlights. In insurance, we were named a market leader in the HFS Research, Horizon Insurance Services 2025 report, which emphasized EXL's data-first approach, deep insurance expertise and AI-driven operational insights.

最後，我很高興地宣布，在第三季度，EXL 在核心產業垂直領域憑藉其人工智慧服務和解決方案的領先地位獲得了多項認可。以下是一些亮點。在保險領域，我們在 HFS Research 發布的《2025 年地平線保險服務報告》中被評為市場領導者，該報告強調了 EXL 以數據為先的方法、深厚的保險專業知識和人工智能驅動的運營洞察力。

For healthcare, EXL was recognized as a leader in Evris Group's healthcare data, analytics and AI services Peak Matrix 2025 for our domain expertise, analytics focus and strong partner ecosystem. In banking, EXL was recognized as a category winner in the 2025 IDC FinTech Real Resorts program. We were recognized for building a financing solution that allowed First National Bank of Omaha to introduce new financing options quickly, integrate seamlessly with merchants and scale with agility.

在醫療保健領域，EXL 憑藉其專業領域知識、分析重點和強大的合作夥伴生態系統，被 Evris Group 的醫療保健數據、分析和人工智慧服務 Peak Matrix 2025 評為領導者。在銀行業領域，EXL 在 2025 年 IDC 金融科技真實度假村計畫中被評為類別優勝者。我們因建立融資解決方案而受到認可，該方案使奧馬哈第一國民銀行能夠快速推出新的融資選擇，與商家無縫集成，並靈活擴展。

These recognitions validate EXL's innovative data and AI expertise as well as our unique approach to helping clients deliver significant business outcomes at scale. In conclusion, we saw strong demand for our services and solutions across the markets we serve. We have bolstered EXL's competitive position by investing in next-generation data and AI capabilities with the launch of exldata.ai.

這些認可證明了 EXL 在數據和人工智慧領域的創新能力，以及我們幫助客戶大規模實現重大業務成果的獨特方法。總之，我們看到，在我們所服務的市場中，對我們的服務和解決方案的需求十分強勁。我們透過推出 exldata.ai，投資於下一代資料和人工智慧能力，從而增強了 EXL 的競爭地位。

Our business portfolio is well balanced and stable and we have excellent visibility and confidence for the remainder of the year. As a result, we are raising our revenue and EPS guidance for the full year.

我們的業務組合均衡穩定，對今年剩餘時間的前景充滿信心。因此，我們提高了全年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.

接下來，我會把電話交給 Maurizio，讓他詳細介紹我們的財務表現。

Thank you, Rohit, and thanks, everyone, for joining us this morning. I will provide insights into our financial performance for the third quarter and nine months ended September 30, followed by our revised outlook for 2025.

謝謝羅希特，也謝謝大家今天早上收看我們的節目。我將介紹我們截至 9 月 30 日的第三季和前九個月的財務業績，以及我們對 2025 年的修訂展望。

We delivered a strong third quarter with revenue of $529.6 million, up 12.2% year over year on a reported basis and 12.3% on a constant currency basis. Sequentially, we grew 3.1% on a constant currency basis. Adjusted EPS was $0.48 and a year-over-year increase of 10.8%.

第三季業績強勁，營收達 5.296 億美元，以報告匯率計算年增 12.2%，以固定匯率計算年增 12.3%。以固定匯率計算，我們季增了3.1%。調整後每股收益為 0.48 美元，年增 10.8%。

All revenue growth percentages mentioned hereafter are on a constant currency basis unless otherwise stated. Now. Turning to the third quarter revenue by segment. The insurance segment grew 8.5% year over year with revenue of $180.5 million and 4.9% sequentially.

除非另有說明，以下提及的所有收入成長百分比均以固定匯率為基礎。現在。接下來來看第三季各業務部門的收入狀況。保險業務年增 8.5%，營收達 1.805 億美元，季增 4.9%。

This growth was primarily driven by expansion in existing client relationships and new client wins. The insurance vertical, including revenue from international growth markets grew 7.3% year over year with revenue of $211.1 million.

這一成長主要得益於現有客戶關係的拓展和新客戶的贏得。保險業務（包括來自國際成長市場的收入）年增 7.3%，營收達 2.111 億美元。

The Healthcare and Life Sciences segment reported revenue of $135.3 million, representing growth of 21.6% year over year and 4.5% sequentially. The year-over-year growth was driven by higher volumes in our Payment Services business expansion in existing client relationships and new client wins.

醫療保健和生命科學部門報告收入為 1.353 億美元，年增 21.6%，環比增長 4.5%。年成長主要得益於支付服務業務在現有客戶關係拓展和新客戶拓展方面的交易量增加。

The healthcare and life sciences vertical, including revenue from international growth markets grew year over year with revenue of $135.5 million. In the banking, capital markets and Diversified Industries segment, we reported revenue of $121 million representing growth of 11.8% year over year.

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，收入達 1.355 億美元。在銀行、資本市場和多元化產業板塊，我們報告的收入為 1.21 億美元，年增 11.8%。

This growth was driven by the expansion of existing client relationships, primarily in banking, capital markets and new client wins. The banking, capital markets and diversified industries vertical, including revenue from international growth markets grew 12.1% year over year with revenue of $182.9 million.

這一成長主要得益於現有客戶關係的拓展，尤其是在銀行、資本市場領域，以及新客戶的拓展。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 12.1%，營收達 1.829 億美元。

In the International Growth Markets segment, we generated revenue of $92.8 million, up 8.4% year over year and 1.7% sequentially. This growth was primarily driven by higher volumes with existing clients in banking, capital markets and diversified industries and new client wins. SG&A expenses as a percentage of revenue increased by 120 basis points year over year to 21.3% driven by investments in front-end sales and marketing.

在國際成長市場板塊，我們創造了 9,280 萬美元的收入，年增 8.4%，季增 1.7%。這一成長主要得益於銀行、資本市場和多元化產業現有客戶的業務量增加以及新客戶的贏得。銷售、一般及行政費用佔收入的百分比年增 120 個基點至 21.3%，主要原因是前端銷售和行銷方面的投資。

Our adjusted operating margin for the quarter was 19.4%, down [50] basis points year over year, driven by investments in front-end sales and new solutions. Our effective tax rate for the quarter was 22.1%, down 70 basis points year over year, driven by higher profitability and lower tax realizations. Our adjusted EPS for the quarter was $0.48, up 10.8% year over year on a reported basis.

本季調整後的營業利益率為 19.4%，年減 [50] 個基點，主要原因是前端銷售和新解決方案的投資。本季實際稅率為 22.1%，年減 70 個基點，主要得益於更高的獲利能力和更低的稅收實現。本季調整後每股收益為 0.48 美元，按報告數據計算年增 10.8%。

Turning to our nine months performance. Our revenue for the period was $1.55 billion, up 14% 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. Our data and AI-led services grew 17.1% year over year on a constant currency basis.

接下來回顧我們前九個月的業績。本期營收為15.5億美元，以固定匯率計算年增14%。這一成長主要得益於我們數據、人工智慧驅動型服務和數位化營運服務兩位數的成長。以固定匯率計算，我們的數據和人工智慧驅動型服務年增 17.1%。

The adjusted operating margin for the period was 19.7%, up 10 basis points year over year. Our first nine months adjusted EPS was $1.45, up 19% year over year. Our balance sheet remains strong.

該期間調整後的營業利潤率為 19.7%，較去年同期成長 10 個基點。我們前九個月的調整後每股收益為 1.45 美元，年增 19%。我們的資產負債表依然穩健。

Our cash, including short- and long-term investments as of September 30 was $393 million, and our revolver debt was $355 million, for net cash position of $38 million. We generated cash flow from operations of $233 million in the first nine months of the year versus $163 million for the same period last year. This improvement was primarily driven by higher profitability and better working capital management.

截至 9 月 30 日，我們的現金（包括短期和長期投資）為 3.93 億美元，循環債務為 3.55 億美元，淨現金部位為 3,800 萬美元。今年前九個月，我們的經營活動產生的現金流為 2.33 億美元，去年同期為 1.63 億美元。這項改善主要得益於更高的獲利能力和更好的營運資金管理。

During the first nine months, we spent $42 million on capital expenditures and repurchased approximately 4.2 million shares at an average cost of $44 per share for a total of $183 million. This includes 2.3 million shares received upfront as part of the settlement of our previously announced $125 million accelerated share repurchase plan. We expect to receive the remaining shares in the fourth quarter.

在前九個月中，我們花了 4,200 萬美元用於資本支出，並以每股 44 美元的平均成本回購了約 420 萬股股票，總計 1.83 億美元。這其中包括作為我們先前宣布的 1.25 億美元加速股票回購計畫結算的一部分而預先收到的 230 萬股股票。我們預計將在第四季度收到剩餘股份。

Now moving on to our outlook for 2025. Based on our strong year-to-date performance, continued momentum and current visibility for the remainder of the year, we are raising our revenue and adjusted EPS guidance.

接下來，我們展望一下2025年。鑑於我們今年迄今為止的強勁業績、持續的成長勢頭以及對今年剩餘時間的清晰預期，我們提高了收入和調整後每股收益預期。

We now anticipate 2025 revenue to be in the range of $2.07 billion to $2.08 billion, representing year-over-year growth of 13%, both on a reported and constant currency basis. This is an increase of $15 million at the midpoint of our previous guidance. We expect a foreign exchange gain of approximately $2 million to $3 million, net interest income of approximately $1 million and our full year effective tax rate to be in the range of 22% to 23%.

我們現在預計 2025 年的營收將在 20.7 億美元至 20.8 億美元之間，按報告匯率和固定匯率計算，年增 13%。這比我們之前預期值的中位數增加了 1500 萬美元。我們預計外匯收益約為 200 萬至 300 萬美元，淨利息收入約為 100 萬美元，全年實際稅率將在 22% 至 23% 之間。

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 $1.88 to $1.92, representing year-over-year growth of 14% to 16%.

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 1.88 美元至 1.92 美元之間，年增 14% 至 16%。

To conclude, we delivered a strong third quarter, demonstrating our formidable competitive position in embedding AI into the workflow and our resilient business model and strong sales pipeline gives us confidence in our ability to maintain double-digit growth momentum in 2026.

總而言之，我們第三季業績強勁，展現了我們在將人工智慧融入工作流程方面強大的競爭優勢，我們穩健的商業模式和強勁的銷售管道使我們有信心在 2026 年保持兩位數的成長勢頭。

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

那麼，羅希特和我很高興現在就來回答你們的問題。

(Operator Instructions) Surinder Thind, Jefferies.

（操作說明）Surinder Thind，Jefferies。

Rohit, can you maybe just talk a little bit about how you're thinking about the change in the overall demand environment? Would you characterize it as relatively unchanged or are clients maybe getting a little bit more positive when it comes to some of the innovation spend that obviously, you guys sit on a different end of the spectrum versus some of your peers, but I just wanted to understand what you're seeing in your commentary on the sustainability of the double-digit organic revenue growth.

羅希特，你能否談談你對整體需求環境變化的看法？您認為情況相對沒有變化，還是顧客對某些創新支出的態度變得更加正面？顯然，你們與一些同行相比處於不同的境地，但我只是想了解你們在評論中對這兩位數有機收入成長的可持續性有何看法。

Sure, Surinder. So I think the way I would characterize it is that the overall demand continues to be very strong. And what we are seeing is that the TAM for our services and solutions has really expanded. But this is probably the first quarter in which the shift in demand is now visible in our financials. And you can see that our data and AI-led revenue has moved quite significantly up and become 56% of our total revenue.

當然可以，蘇林德。所以我認為，整體需求依然非常強勁。我們看到，我們服務和解決方案的潛在市場規模確實擴大了。但這可能是需求變化首次在我們的財務報表中顯現出來的第一個季度。你可以看到，我們以數據和人工智慧為驅動的收入已經顯著成長，佔總收入的 56%。

We can see the conversion of some traditional domain and F&A operations, businesses that we used to manage being converted to AI-led operations.

我們可以看到一些傳統的領域和財務運營，以及我們過去管理的業務，正在轉變為人工智慧驅動的營運。

We can see Gen AI and Agentic AI move from POCs to production to actually going to enterprise scale. And there is a huge amount of demand that is building up around data enablement for AI. So frankly, the market overall demand in terms of innovation spend and sustainability is moving exactly in the direction in which we thought we should be strategically playing and building out our capabilities. And some of this is now becoming quite visible in our financials.

我們可以看到，Gen AI 和 Agentic AI 從概念驗證階段發展到生產階段，最終走向企業級規模。人工智慧資料賦能方面的需求正在不斷增長。坦白說，市場在創新支出和永續性方面的整體需求，正朝著我們認為應該採取的策略方向發展，並以此來增強我們的能力。而其中一些問題現在已經在我們的財務報表中變得相當明顯。

We are pleased with our ability to in new clients. We are pleased with our ability to win market share from other providers. And we're pleased to become the AI transformation partner for these clients and help them along these journeys.

我們對拓展新客戶的能力感到滿意。我們對能夠從其他供應商贏得市場份額感到滿意。我們很高興能成為這些客戶的人工智慧轉型合作夥伴，並協助他們完成這些轉型之旅。

So when we think about sustained growth in double digits, we are very confident of our ability to be able to drive that because our data and AI led business, which is 56% and it grew at 18% in the third quarter, that alone will be able to command a double-digit growth rate for the full company. So frankly, all of these signs are very encouraging for us and the pivots that we have made seem to be playing out quite nicely.

因此，當我們考慮持續兩位數成長時，我們非常有信心能夠實現這一目標，因為我們的數據和人工智慧驅動業務佔 56%，第三季度增長了 18%，僅此一項就足以帶動整個公司實現兩位數的增長率。坦白說，所有這些跡像都讓我們非常鼓舞，我們所做的調整似乎也取得了相當不錯的成效。

That's helpful. And then I guess as a follow-up in the shift in demand and the shift in the underlying business. I think you pointed out some interesting things where work that may be used to take months may not be done in weeks and in a few instances or some instances, maybe it can be done in the course of ours or a week. That sounds very deflationary, right, optically.

那很有幫助。然後，我想這可以作為需求變化和基礎業務變化的後續影響。我認為你指出了一些有趣的事情，有些工作可能需要幾個月才能完成，但可能幾週內就能完成，在某些情況下，甚至可能在一周內完成。從表面上看，這聽起來很像是通貨緊縮的跡象，對吧。

Can you maybe help us understand how and where the makeup of this is that when you go to that client and you offer to do work that used to be three months, and now you're telling him, hey, we can do it in three weeks. Where is that rental revenue coming from? Are you now doing three or four times as much work at that client? Or what is going on in here -- to also understand the sustainability of the growth rate.

您能否幫助我們理解一下，當您去見客戶並提出完成以前需要三個月才能完成的工作時，現在您卻告訴他，嘿，我們可以在三週內完成，這是怎麼回事？這些租金收入來自哪裡？你現在為那個客戶所做的工作量是你以前的三到四倍嗎？或者說，這裡究竟發生了什麼事——也是為了了解成長率的可持續性。

Yes, absolutely. And the best anecdotal example of that was what I shared in my prepared remarks about an existing client for which we have implemented AI-led operations. And now we have 35% of the transactions, which are AI-enabled, and that's generated 30% productivity benefit for this client. And yet our revenue for this client has remained the same.

是的，絕對的。而最好的例證就是我在準備好的發言稿中分享的關於我們現有客戶實施人工智慧驅動營運的案例。現在，我們有 35% 的交易由人工智慧驅動，這為該客戶帶來了 30% 的生產力提升。然而，我們從這位客戶獲得的收入卻保持不變。

And to your point, the reason the revenue has remained the same is -- this find obviously has great confidence in our ability to be able to apply AI and deliver that productivity benefit to them. And therefore, they're giving us more and more work which is being shifted over from what they were running themselves or what they might have been running with other providers and we are winning more business from them.

正如您所說，收入保持不變的原因是——這家公司顯然對我們應用人工智慧並為他們帶來生產力提升的能力充滿信心。因此，他們把越來越多的工作交給我們，這些工作原本是他們自己做的，或者是他們與其他供應商合作做的，而我們從他們那裡贏得了更多的業務。

And therefore, this deflationary piece that you talk about, we don't really see that because today -- even today, I mean, the penetration of the work that we do with our clients is still relatively low. And the opportunity set for us is enormous.

因此，你提到的通貨緊縮問題，我們並沒有真正看到，因為即使在今天，我的意思是，我們為客戶所做的工作的滲透率仍然相對較低。我們面臨的機會是巨大的。

And then finally, there are new areas that this client would never have engaged with in the past with anybody, so things around a genetic things around bringing together their data together and bringing it in a manner that can be accessed, looking at data lineage, looking at data governance.

最後，還有一些這位客戶過去從未與任何人接觸過的新領域，例如基因相關的數據整合，以及以可存取的方式整合數據，包括數據沿襲和數據治理。

These are things which were never necessary in the past because AI was not being used in these business operations. And now that it is these are areas that need to be worked upon and we are the natural choice partner for them.

這些事情在過去都不是必需的，因為人工智慧沒有在這些業務運作中使用。既然如此，這些領域就需要改進，而我們自然是他們的最佳合作夥伴。

So frankly, what we are seeing is the more benefit we can provide to our clients and the quicker we can do it for them. the more they tend to rely on us and give us more work and we become an even more trusted partner in this journey.

坦白說，我們發現，我們能為客戶提供的利益越多，速度越快，他們就越依賴我們，給我們更多的工作，我們也因此成為他們旅程中更值得信賴的合作夥伴。

Bryan Bergin, TD Cowen.

Bryan Bergin，TD Cowen。

First question is on digital app. So can you just unpack further your expectations for the fourth quarter for digital ops and really into fiscal '26 as well, just given the first half comps. And Rohit, just based on that demand shift noted here recently, where does the comp lie in digital ops longer term? Is it still high single digits? Is it mid-single to high single?

第一個問題是關於數位應用程式的。鑑於上半年的業績比較情況，您能否進一步闡述您對第四季度數位營運以及 2026 財年的預期？羅希特，僅根據最近這裡提到的需求變化，從長遠來看，數位營運的競爭優勢在哪裡？現在還是個位數高位嗎？是中單打等級還是高單打等級？

And then my follow-up, I'll ask both up front here. Just on the top client, what's driving that top line strength and what's the sustainability.

接下來，我會直接在這裡問他們兩個問題。就最重要的客戶而言，是什麼推動了其營收成長，以及這種成長的可持續性如何？

Sure. So Bryan, first of all, I just want to make sure that everybody understands that when we talk about digital operations, it includes three service lines below that. Number one is domain operations. Number two is finance and accounting operations and number three is platform services. So those are the three elements that constitute our digital operations business.

當然。所以布萊恩，首先，我想確保每個人都明白，當我們談論數位營運時，它包括以下三個服務線。第一點是領域操作。第二是財務和會計運營，第三是平台服務。以上就是構成我們數位化營運業務的三大要素。

Now in terms of the growth rate of digital operations, Clearly, as we embed AI into domain operations, F&A operations and platform services, some of that revenue is moving from the digital operations bucket to the data and AI-led bucket. So that's very important to understand because we ourselves are AI-enabling a lot of digital operations and making it data and AI-led operations.

就數位營運的成長率而言，顯然，隨著我們將人工智慧嵌入到領域營運、財務和會計營運以及平台服務中，部分收入正在從數位營運領域轉移到數據和人工智慧驅動領域。所以理解這一點非常重要，因為我們自己正在利用人工智慧實現許多數位化運營，使其成為數據和人工智慧驅動的營運。

What you are seeing is the net growth of digital operations, which is at 6% for this quarter. What you are not seeing is that the overall growth rate of this business is much higher. And because the shift of digital operations to data and AI led is taking place, that's not visible to you. So that's something which I just want to preface the conversation in.

您現在看到的是數位業務的淨成長，本季淨成長率為 6%。你沒有看到的是，這家企業的整體成長率要高得多。而且由於數位化營運正在朝著數據和人工智慧驅動的方向轉變，所以你看不到這一點。所以，我想先就此打住，為接下來的對話做個鋪墊。

Now in terms of how we are seeing domain operations grow, finance and accounting operations grow, platform services growth. We're actually very pleased with how clients are engaging with us a lot more in this direction. And when they first engage with us, a lot of this is some of the traditional work that we have done with them.

現在，我們看到網域營運、財務和會計營運、平台服務都在成長。我們非常高興地看到客戶在這方面與我們互動增多。當他們第一次與我們接觸時，許多工作都是我們過去與他們一起完成的傳統工作。

And then very quickly within the first six months to one year, we start to apply AI into this operation. So frankly, this engagement with a new client, starting out with the digital operations and then converting it to an AI-led operations is a very good pathway and we feel very good about the growth that we are seeing, the engagement that we are experiencing. And this seems to be working really, really well.

然後，在最初的六個月到一年內，我們很快就開始將人工智慧應用於這項業務。坦白說，與新客戶的合作，從數位化營運開始，然後將其轉變為人工智慧驅動的運營，這是一個非常好的途徑，我們對目前取得的成長和獲得的合作體驗感到非常滿意。而且這種方法似乎效果非常好。

The top client question that you asked, for us, the top client grew very nicely year on year. And I will tell you this that our penetration rate with this top client still is extremely low. And we think there's an opportunity set for us to really expand this volume of business with the top client far, far more meaningfully. In fact, it can be multiples of the amount of business that we do with this client today. So there is no real limit to how much we can grow.

您提出的客戶最關心的問題是，對我們來說，最重要的客戶數量逐年增長非常可觀。我還要告訴你們，我們與這位頂級客戶的合作滲透率仍然非常低。我們認為，我們有機會與這位頂級客戶更有意義地大幅拓展業務量。事實上，它可能是目前我們與該客戶業務量數倍之多。所以，我們的發展潛力是沒有真正限制的。

I think if you also look at our second largest client, that also grew very nicely. So frankly, as we get more engaged with clients across multiple service lines, which includes domain operations, finance and accounting operations platform services, analytics, data management, AI services, our ability to expand work and revenue with large clients is actually -- there's a tremendous amount of potential out there.

我認為，如果你看看我們第二大客戶，他們的成長情況也非常好。坦白說，隨著我們與客戶在多個服務領域（包括領域營運、財務和會計營運平台服務、分析、資料管理、人工智慧服務）的互動越來越多，我們與大型客戶拓展業務和收入的能力實際上——蘊藏著巨大的潛力。

Maggie Nolan, William Blair.

瑪吉諾蘭，威廉布萊爾。

Maybe to build on an earlier question about your ability to win additional work in these clients, can you talk about how you're changing your client relationship management, your go-to-market motions and those types of things. And just in general, your confidence in your ability to win additional market share as these shifts happen?

或許可以接著之前關於你如何從這些客戶那裡贏得更多業務的問題，談談你是如何改變你的客戶關係管理、市場推廣策略等等的。總的來說，您對在這些變化發生時贏得更多市場份額的能力有多大信心？

Sure, Maggie. I think that's a really important attribute and you're touching upon something which we've been working on very proactively because Clearly, the nature of our conversation with our clients has changed. It's no longer about just providing them with cost efficiency. It's much more about innovation. It's much more about transformation of their business model a lot more about applying AI correctly in a sustainable way.

當然可以，瑪吉。我認為這是一個非常重要的特質，你也觸及了我們一直在積極努力的方向，因為很明顯，我們與客戶的對話性質已經改變了。現在的問題不再只是為他們提供成本效益。這更多的是關於創新。這更多的是關於他們商業模式的轉型，更多的是關於以可持續的方式正確應用人工智慧。

So what that means is two or three things. Number one, our account managers and our client executives and our sales hunters. They all need to be proficient in terms of being able to engage and talk to clients with the use of some of these highly complex and newer technologies. So they need to be conversant with data with AI. They need to know how to apply that into the client workflow.

所以這意味著兩三件事。第一，我們的客戶經理、客戶主管和銷售人員。他們都需要熟練運用這些高度複雜的新技術與客戶溝通與溝通。所以他們需要熟悉人工智慧數據處理。他們需要知道如何將這些知識應用到客戶的工作流程中。

They need to understand what it takes in order to pull this whole ecosystem together and deliver that business outcome to them. So that's a big change, and we are training our front-end teams to learn, understand and be able to communicate this appropriately to our customers and our prospects.

他們需要了解如何將整個生態系統整合起來，並為他們帶來業務成果。所以這是一個很大的變化，我們正在培訓我們的前端團隊，讓他們學習、理解並能夠適當地與我們的客戶和潛在客戶溝通這一點。

The second thing that's happening is, we are no longer talking only to the Chief Operating Officer. We're talking to the CIO. We're talking to the CDO. We're talking to the business head. We are talking to the CEO.

第二件事是，我們不再只和營運長溝通了。我們正在和資訊長談。我們正在和首席數據長談。我們正在和業務負責人談。我們正在和執行長談話。

And therefore, the buying centers are much more integrated and much more spread across the organization. What that also means is these are much larger deal sizes, and these are much more strategic decisions that the client needs to make.

因此，採購中心的整合程度較高，分佈範圍也較廣。這也意味著這些交易的規模更大，客戶需要做出更具策略性的決策。

And the third part of it is the entry point for us is it starts off with providing them the confidence on a single use case and then expand that use case at scale for the enterprise and then actually expand and proliferate across the organization across multiple businesses, multiple geographies and multiple functions. So the go-to-market piece has changed quite significantly.

第三部分是我們的切入點，它首先讓他們對單一用例充滿信心，然後將該用例大規模擴展到企業，然後真正在整個組織內跨多個業務、多個地域和多個職能部門進行擴展和普及。因此，市場推廣策略發生了相當大的變化。

And then the third element of this is a large part of our go-to-market is now with partners. So the partners has got a number of the technology partners that we partner with. So we partner with Microsoft Azure, with GCP, we partner with AWS, we partner with the data platforms, Databricks, which is our launch partner for exldata.ai, with Snowflake, with patent and the go-to-market motion is jointly with these technology partners.

第三個要素是，我們現在很大一部分的市場推廣活動都是與合作夥伴共同進行。所以，我們的合作夥伴包括許多與我們合作的技術合作夥伴。因此，我們與微軟 Azure、GCP、AWS、資料平台 Databricks（我們的 exldata.ai 啟動合作夥伴）、Snowflake 以及專利和市場推廣策略是與這些技術合作夥伴共同推進的。

We're also partnering with private equity firms, which are looking at applying this AI into their portfolio of clients a lot quicker. So again, the total market motion has changed very, very significantly.

我們也與私募股權公司合作，這些公司希望更快地將這項人工智慧技術應用到他們的客戶投資組合中。所以，整體市場走勢又發生了非常非常大的變化。

That's great detail. My follow-up would be about the growth in revenue per employee. Can you talk about the puts and takes there, just given that your growth was led by the data in AI? I would have expected that to track a little more closely with that growth rate? Any incremental color would be great.

細節很到位。我的後續問題是關於每位員工的收入成長。鑑於貴公司的發展是由人工智慧領域的數據驅動的，您能否談談這方面的利弊？我原本預期它會與該成長率更加接近一些？任何漸層色都可以。

Right. So we are seeing there to be changed an upward improvement in terms of the revenue per employee across the company. So that's a trend we would expect to see going forward for the next several years as we apply AI and we get into more complex work for our clients. But keep in mind that we are also going to see this happen over a period of time.

正確的。因此，我們看到公司各部門的員工人均收入有所提高。因此，隨著我們應用人工智慧並為客戶進行更複雜的工作，我們預計在未來幾年內，這種趨勢將會持續下去。但請記住，這種情況也會隨著時間的推移而逐漸發生。

So there may be quarters in which this will move in different directions. It all depends upon what work we are winning, what the business composition of that work is and how it correlates. You can see actually quite visibly that the number of employees that we've added year on year is at a much slower pace as compared to our revenue growth rate. And that's been trending for the last several quarters. And that's something which we would expect to see going forward.

因此，在某些方面，這種情況可能會朝著不同的方向發展。這一切都取決於我們贏得了什麼項目，這些項目的業務組成是什麼，以及它們之間的相互關係。實際上可以很明顯地看出，我們每年新增員工人數的成長速度遠低於我們的營收成長率。而且這種趨勢已經持續了好幾個季度。而這正是我們預期未來會看到的趨勢。

So we would expect to see our revenue grow double digit but we don't expect to add employee head count at a double-digit growth rate. It's going to be pretty much in a single digit, maybe a mid- to high single-digit a growth rate.

因此，我們預計收入將實現兩位數成長，但我們預計員工人數不會以兩位數的速度成長。成長率基本上會是個位數，或許是中高個位數。

David Koning, RW Baird.

David Koning，RW Baird。

Thanks. Good quarter. I guess A couple of questions. My first question, healthcare has dramatically grown the last couple of years. It's about 50% bigger than two years ago.

謝謝。本季表現不錯。我想問幾個問題。我的第一個問題是，醫療保健產業在過去幾年發展迅速。比兩年前大了大約 50%。

Maybe just talk a little bit about the outlook there. Can you keep growing this fast? What are you doing to keep the pipeline going. But yes, the biggest question, just can you keep this growth rate up, it's been so good.

或許可以稍微談談那裡的前景。你能一直保持這樣的成長速度嗎？你們採取了哪些措施來維持管線的正常運作？但是，最大的問題是，你們能否維持這樣的成長速度，目前為止表現非常出色。

So Dave, for us, the way we think about it is that our healthcare business is really in its infancy because the healthcare market is so enormous and so huge. You also know that it's very data rich. It's got broken and fragmented processes. It is adopting AI and it's applying analytics in a much more aggressive way. And therefore, the opportunity set in healthcare is enormous.

所以戴夫，對我們來說，我們認為我們的醫療保健業務實際上還處於起步階段，因為醫療保健市場非常龐大。你也知道它擁有非常豐富的數據。它的流程支離破碎。它正在採用人工智慧，並以更積極的方式應用分析技術。因此，醫療保健領域蘊藏著巨大的機會。

We are pleased with how we've -- we are building up our healthcare business. If you talk to our clients in healthcare, they can clearly see the value that we bring to them. Our Payment Integrity business continues to grow very nicely. But what we are also very pleased with is that our domain operations business in healthcare this year grew very nicely.

我們對目前的進展感到滿意——我們正在逐步建立起我們的醫療保健業務。如果你和我們在醫療保健領域的客戶交談，他們就能清楚地看到我們為他們帶來的價值。我們的支付完整性業務持續穩定成長。但令我們非常高興的是，今年我們在醫療保健領域的營運業務成長非常順利。

So frankly, there are multiple areas where we can help our clients as such. One of the biggest opportunities for healthcare is going to be able to help them around their data. And that's something which we can see again is growing nicely. So the headroom for us is enormous. These are enormous markets for us.

坦白說，我們可以在多個方面為客戶提供幫助。醫療保健領域最大的機會之一，就是能夠幫助他們更好地利用數據。而我們再次看到，這方面正在穩步發展。因此，我們的發展空間非常大。這些對我們來說都是巨大的市場。

And I think even if we've grown 50% it's just a fraction of where our potential is within these industry segments.

我認為，即使我們已經成長了 50%，也只是我們在這些產業領域潛在成長的一小部分。

Yes. Okay. Great to hear that. And then a question for Maurizio. You're doing a really nice job executing to the full year plan on margins.

是的。好的。聽到這個消息真是太好了。然後我問毛里齊奧一個問題。你們在利潤率方面，對全年計劃的執行非常出色。

But it's a little bit lumpy -- the way Q1 was so good with margins. And then now as you're going through the year just as expected. But margins being down in Q3 and maybe flattish in Q4, it looks like is -- do you still expect growth next year, right, like growth in margin next year? I'm just wondering the cadence this year is next year going to be more stable growth through the year?

但情況有點不穩定——就像第一季利潤率非常高一樣。然後，現在你正如預期度過這一年。但第三季利潤率下降，第四季可能持平，看起來——你仍然預期明年會有成長嗎？例如明年利潤率會成長？我只是想知道今年的成長節奏，以及明年是否會全年保持更穩定的成長？

So Dave, you are correct, right? So the first half of the year, our adjusted margin was 19.9%. We just closed the quarter at 19.4%. So it's a little bit lumpy this year, right? We started extremely high, just over 20% in Q1, and we're trending more towards what I've been guiding to is 10 to 20 basis points higher on a year-over-year basis, which would put us right around 19.5% for the year.

所以戴夫，你說得對，對吧？因此，今年上半年，我們的調整後利潤率為 19.9%。我們剛結束了本季度，業績為 19.4%。所以今年的情況有點起伏不定，對吧？我們第一季的開局非常高，略高於 20%，而我們目前的趨勢更接近我一直以來預測的同比高出 10 到 20 個基點，這將使我們全年的成長率達到 19.5% 左右。

So going forward, when we look at Q1 and also 2026, we continue to see margin improvement of 10 to 20 basis points a year, but a little bit more flatlined than what you've seen this year, meaning Q1 should be a little bit more reflective of the annual margin going forward. And you should see that for the rest of next year. So a little bit more balanced next year.

因此，展望未來，當我們展望第一季以及 2026 年時，我們預計利潤率將繼續每年提高 10 到 20 個基點，但與今年相比，成長幅度會略微趨於平穩，這意味著第一季的利潤率應該更能反映未來的年度利潤率。在明年剩下的時間裡，你應該會看到這種情況。所以明年會更平衡一些。

But right now, you're seeing us spend a bit more on front-end sales and also on capability development and that's where we're really putting our investment dollars in the second half of the year.

但目前，您會看到我們在前端銷售和能力發展方面投入了更多資金，這也是我們下半年真正投入資金的領域。

Vincent Colicchio, Barrington Research Associates.

Vincent Colicchio，巴林頓研究協會。

Rohit, the exldata.ai, the product sounds very promising. Just curious, what does the landscape look like there? Are there similar products out there?

Rohit，exldata.ai 這個產品聽起來很有前景。我很好奇，那裡的風景是什麼樣的？市面上是否有類似產品？

So yes, Vincent, I think on the data side, a number of companies which are trying to build solutions and help clients manage their data and get their data AI-ready, we all know that, that's the number one problem that clients face.

是的，Vincent，我認為在數據方面，許多公司都在努力建立解決方案，幫助客戶管理數據，並使數據做好人工智慧準備，我們都知道，這是客戶面臨的首要問題。

But I think the way in which we have thought about being helpful to our clients is really to use AI to make data AI ready. And therefore, the large part of the effort and the heavy lifting is not manual, but actually it leverages AI itself for helping our clients have that data be here ready.

但我認為，我們幫助客戶的方式實際上是利用人工智慧使數據能夠適應人工智慧。因此，大部分工作和繁重的工作並不是人工完成的，而是利用人工智慧本身來幫助我們的客戶準備好所需的數據。

I would say that we differentiate ourselves in two ways. Number one is the use of AI for data being AI ready. And number two is we built this platform and the solution set, which is fully comprehensive end-to-end.

我認為我們的差異體現在兩個方面。第一點是利用人工智慧處理數據，確保數據已做好人工智慧應用的準備。第二點是，我們建立了這個平台和解決方案集，這是一個完全全面的端到端解決方案。

And that means it can help in data lineage, data accessibility, data governance, master data management, having data being coordinated across different platforms and silos and really attacking unstructured data which is the heaviest piece of lifting that needs to happen and do that by leveraging AI itself.

這意味著它可以幫助實現數據沿襲、數據可訪問性、數據治理、主數據管理，協調不同平台和孤島之間的數據，並真正解決非結構化數據問題，這是最艱鉅的任務，而這一切都可以透過利用人工智慧本身來實現。

So as of today, we think this is really a first of its kind -- when we talk to our launch partners and other partners, which have data platforms, they find this solution to be compelling. And we are seeing tremendous amount of excitement around this. So a lot of demos, a lot of use cases and a lot of activity associated with this at this point of time.

所以截至目前，我們認為這真的是首創——當我們與我們的啟動合作夥伴和其他擁有數據平台的合作夥伴交談時，他們都認為這個解決方案很有吸引力。我們看到大家對此感到非常興奮。所以目前有很多演示、很多用例以及很多相關的活動。

Thanks for that. The international segment looks should be a large opportunity for you given your penetration. What are you doing to accelerate that? Are you making investments in the marketing side, for example?

謝謝。鑑於您目前的市場滲透率，國際市場對您來說應該是一個很大的機會。你們正在採取哪些措施來加速這一進程？例如，您是否在行銷方面進行投資？

Yes, Vincent. You're right. The international piece for us should overall be growing at a faster pace. And that's something which we are consciously investing in and also making sure that we have senior executive talent closer to our customers out there. So we are bringing on additional talent out there.

是的，文森。你說得對。總體而言，我們的國際業務應該會以更快的速度成長。這是我們有意投資的領域，也是我們確保高階管理人才更貼近客戶的方向。所以我們正在引進更多的人才。

We are taking our solutions and capabilities that we've created our leverage with some of our US-based clients and applying that into these international geographies. We are building up some local partnerships in these geographies. And we really do need to mature the business as such, but the opportunity and the potential is very, very strong here.

我們將利用我們在美國的一些客戶所建立的解決方案和能力，並將其應用於這些國際地區。我們正在這些地區建立一些當地合作夥伴關係。我們確實需要讓這項業務走向成熟，但這裡的機會和潛力非常非常大。

David Grossman, Stifel Europe.

David Grossman，Stifel Europe。

I wonder if we could talk a little bit more about the requirements to really deploy enterprise or AI, if you will. And I think Rohit, you're talking quite a bit on this call about the amount of data preparation required to execute that and the new products that you have in the marketplace that automates a large part of that.

我想我們能否再詳細談談真正部署企業級人工智慧的要求。羅希特，我認為你在這次電話會議上談了很多關於執行該操作所需的數據準備工作量，以及你們在市場上推出的可以自動完成其中大部分工作的新產品。

So when you're going to these clients, are you going to market offering this service, which is then converting into follow-on revenue? So in other words, is it being sold as a stand-alone business. And if it is, what is the typical multiplier effect that you're getting once you get in with the client on that type of engagement in terms of the following work.

所以，當你接觸這些客戶時，你是要推銷這項服務，進而轉換為後續收入嗎？換句話說，它是作為一家獨立企業出售的嗎？如果是這樣，那麼在與客戶建立這種類型的合作關係後，在後續工作中通常會產生怎樣的倍增效應？

That's a great question, David. You're right. We're doing this in -- two different motions. One is on a stand-alone motion. So we are taking exldata.ai as a stand-alone capability and whether or not our clients use us for embedding AI into the workflow, we're just helping them get that data estate in order and make sure that their data is AI ready.

大衛，你問得好。你說得對。我們正在用兩種不同的動作來完成這項工作。其中一項是獨立運動。因此，我們將 exldata.ai 作為一項獨立功能來對待，無論我們的客戶是否使用我們來將 AI 嵌入到工作流程中，我們只是幫助他們整理資料資產，並確保他們的資料已準備好用於 AI。

And so these are stand-alone engagements. They typically start off with demonstrating our ability with one particular use case, but it very quickly expands to working across the enterprise and working across a number of their legacy data platforms and converting that and moving that to the cloud and moving that into a much more modern data platform. So that's one motion.

因此，這些都是獨立進行的合作。他們通常先透過一個特定的用例來展示我們的能力，但很快就會擴展到整個企業，擴展到他們的多個傳統資料平台，並將這些資料轉換並遷移到雲端，遷移到更現代化的資料平台。這是一個動作。

The second motion is where we engage with clients to help them embed AI into the workflow, and we have the responsibility of doing the end-to-end charter, which means we have to get the data estate in order. We have to apply AI to that data and we have to deliver a business outcome to the client.

第二步是與客戶合作，幫助他們將人工智慧融入工作流程，我們有責任完成端到端的章程，這意味著我們必須整理好資料資產。我們必須將人工智慧應用於這些數據，並為客戶帶來業務成果。

And there, it's in a much more integrated format that we bring in our capabilities and services. We are finding actually -- both of these seem to be resonating. And clearly, the need for this across our clients is very, very strong.

在那裡，我們以更一體化的形式引入我們的能力和服務。我們發現，實際上——這兩者似乎都引起了共鳴。顯然，我們的客戶對這方面的需求非常非常強烈。

So what do you think the multiplier is stand-alone versus the integrated sell?

那你認為單獨銷售和整合銷售的乘數效應分別是什麼？

At this point of time, David, the data management piece in itself is a large part. So the AI enablement is a much smaller piece, but the heavy lifting is much more around the data enablement. So the multiplier at this point of time is not that strong. But I think as this progresses, it will become larger and larger. And so we'll see how that plays out.

大衛，就目前而言，資料管理本身就是一個很大的問題。因此，人工智慧賦能只是很小的一部分，真正的挑戰在於資料賦能。所以，目前來看，乘數效應並不強。但我認為隨著事態發展，規模會越來越大。所以，我們拭目以待。

And then just as you're thinking I know you've guided to double-digit growth as your target model here. And as you formulated that double-digit target, how much of that is net revenue retention or same-store growth, same client growth versus new bookings?

就在你思考的時候，我知道你已經將兩位數成長作為你的目標模型。在您制定兩位數成長目標時，其中有多少是淨收入留存率或同店成長，有多少是現有客戶成長，又有多少是新訂單？

Yes, that's a very strong metric for us, David, because with existing clients, as we embed more AI as we deliver greater value to them, the renewal rates are north of 90%. We continue to win additional business from them and then we add on new clients.

是的，David，這對我們來說是一個非常重要的指標，因為對於現有客戶而言，隨著我們嵌入更多人工智慧技術，為他們提供更大的價值，續約率超過 90%。我們不斷從他們那裡贏得更多業務，然後我們又增加了新客戶。

I think we've shared this metric before for us, adding new clients in any given year only contributes somewhere between less than 5% of the revenue for that year. So a large part of this is with existing clients that they're able to build and grow.

我認為我們之前分享過這個指標，對我們來說，每年新增客戶僅佔該年度收入的不到 5%。因此，很大一部分收入來自於他們能夠成長的現有客戶群。

Got it. And just if I could sneak one more in because I was a little confused by your response to an earlier question because I think you said that you were getting 30% productivity gains from a client, yet their client -- their revenues were remaining flat. So I think the context of the question was the deflationary -- or potential deflationary component of AI to the industry, not just for EXL.

知道了。我還能再問一個問題嗎？因為我對你之前回答的一個問題有點困惑，你好像說過你從一位客戶那裡獲得了 30% 的生產力提升，但是他們的客戶——他們的收入卻保持不變。所以我認為這個問題的背景是人工智慧對產業的通貨緊縮——或者潛在的通貨緊縮——的因素，而不僅僅是對 EXL 而言。

So did I hear that right that it's flat? And if I did, again, I guess I would ask the same question again. How should we think about this if we're just getting to flat off of a 30% productivity gain?

所以我沒聽錯吧，它是平的？如果我再這樣做，我想我還會問同樣的問題。如果我們剛剛經歷了30%的生產力提升，現在卻又接近瓶頸，我們該如何看待這個問題？

Yes. So think about it this way that if our revenue was 100, we were able to provide a productivity benefit of 30 and it dropped down to 70% we were given incremental revenue of another $30 that brought it back to 100. Now we came back to 100 with better margins, higher revenue per head count and an increased amount of value for the customer. So our penetration rate with that customer increased and the strategic relationship with that customer just got enhanced.

是的。這樣想，如果我們的收入是 100，我們能夠提供 30 的生產力效益，而當它下降到 70% 時，我們獲得了額外的 30 美元收入，使其回到了 100。現在我們以更高的利潤率、更高的人均收入和更高的客戶價值回歸到 100 人。因此，我們與該客戶的滲透率提高了，與該客戶的策略關係也得到了加強。

Got it. So then is that more of a I wouldn't call it a onetime event, but is it really just more of an upfront event. So if you can keep it flat, that's a victory, and then you can grow off that base going forward? Is that the way to think about it at higher margin and higher value?

知道了。所以，這更像是一件……我不會稱之為一次性事件，但它真的更像是一件預先安排好的事件嗎？所以，如果你能保持平穩，那就是一場勝利，然後你就可以以此為基礎繼續發展？在高利潤率和高價值的情況下，是否應該這樣思考？

Yes. So that part of the business for us remained flat. But we then became a strategic partner for the same client on helping them use a genetic AI. And Agentic AI is a space that we would have never played with in the past and the client would never have used us in the past. And therefore, it opened up newer revenue streams, which are much more higher value added and a much more strategic and much higher margin.

是的。因此，這部分業務對我們來說保持不變。但後來我們成為了同一客戶的策略夥伴，幫助他們使用基因人工智慧。而智能體人工智慧是我們過去從未涉足的領域，客戶過去也從未與我們合作過。因此，它開闢了新的收入來源，這些收入來源附加價值更高，更具策略意義，利潤率更高。

Okay. I appreciate that.

好的。我很感激。

We have no further questions this time. This concludes our call. Thank you, and have a good day.

這次我們沒有其他問題了。通話到此結束。謝謝，祝您今天過得愉快。