ExlService Holdings, Inc. (EXLS) 2025 Q4 法說會逐字稿

Inc. fourth 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. I will now turn the call over to Andrew Tout, SVP, Investor Relations and Capital Markets.

Inc. 2025 年第四季財報電話會議。（接線員指示）。另外提醒各位，本次會議將於今日錄音。如有任何異議，請此刻中斷連線。現在我將把電話交給投資人關係與資本市場資深副總裁 Andrew Tout。

Thanks, Mariana. hello, and thank you for joining EXL's fourth quarter and full year 2025 financial results conference call. My name is Andrew, and I'm the new SVP of Investor Relations and Capital Markets for EXL.

謝謝你，Mariana。各位好，感謝各位參加 EXL 2025 年第四季與全年財務結果電話會議。我叫 Andrew，我是 EXL 新任投資人關係與資本市場資深副總裁。

On the call with me today are Rohit Kapoor, Chairman and Chief Executive Officer; and Vivek Jetley, President and Head of Insurance, Healthcare and Life Sciences. Maurizio Nicolelli, Chief Financial Officer, will not be on today's call as he is tending to a family matter.

今天與我一同出席的有董事長兼執行長 Rohit Kapoor，以及保險、醫療保健與生命科學事業群總裁暨負責人 Vivek Jetley。財務長 Maurizio Nicolelli 因處理家庭事務，將不會出席今天的電話會議。

We hope you've had an opportunity to review the fourth quarter earnings press release we issued yesterday afternoon.

我們希望各位已經有機會閱讀我們昨天下午發布的第四季財報新聞稿。

We have also posted a slide deck and investor fact sheet on our Investor Relations website. As a reminder, some of the matters we'll discuss this morning are forward looking. 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.

我們也已在投資人關係網站上發布簡報投影片與投資人資料摘要。提醒各位，我們今天上午將討論的部分事項屬於前瞻性陳述。請注意，這些前瞻性陳述受已知與未知風險及不確定性影響，可能導致實際結果與該等陳述所明示或暗示者有重大差異。

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

此等風險與不確定性包括但不限於一般經濟狀況、昨日新聞稿所列因素，以及公司不時向 SEC 提交之定期報告與其他文件中所討論之因素。EXL 不承擔更新今日電話會議所呈現資訊之任何義務。

During our call, we may reference certain non-GAAP financial measures, which we believe provide useful information for investors. Reconciliation of these measures to GAAP can be found in our press release slide deck and investor fact sheet. With that, I'll turn the call over to Rohit. Rohit?

在本次電話會議中，我們可能會提及某些非 GAAP 財務衡量指標，我們認為這些指標可為投資人提供有用資訊。這些指標與 GAAP 的調節表可在我們的新聞稿、簡報投影片與投資人資料摘要中找到。接下來我把電話交給 Rohit。Rohit？

Thank you, Andrew, and good morning, everyone. Welcome to EXL's fourth quarter and full year 2025 earnings call. I'm pleased to be with you this morning to share our financial results. We delivered another strong quarter, exceeding expectations for both revenue and EPS for Q4 and the full year. This reflects sustained double-digit growth momentum and strong execution of our data and AI strategy.

謝謝你，Andrew，各位早安。歡迎參加 EXL 2025 年第四季與全年財報電話會議。很高興今天上午與各位一同分享我們的財務結果。我們再度交出強勁的一季，第四季與全年在營收與 EPS 方面均超越預期。這反映出持續的雙位數成長動能，以及我們在資料與 AI 策略上的強勁執行力。

For the full year, revenue increased 14% to nearly $2.1 billion, and adjusted EPS grew 18% year-over-year to $1.95 per share. These results reflect strong market demand for our data and AI services and solutions and reinforce client confidence in EXL as the partner of choice to embed AI directly into mission-critical workflows.

全年營收成長 14%，接近 21 億美元；調整後 EPS 年增 18%，達到每股 1.95 美元。這些結果反映市場對我們資料與 AI 服務及解決方案的強勁需求，並強化客戶對 EXL 的信心，將 EXL 視為首選合作夥伴，把 AI 直接嵌入關鍵任務工作流程之中。

In the fourth quarter, revenue reached $543 million representing 13% year-over-year organic growth. Our dollar volume of wins in the quarter was more than double that of any other quarter in 2025.

第四季營收達 5.43 億美元，年對年有機成長 13%。本季我們的簽約贏單金額（dollar volume of wins）是 2025 年任何其他季度的兩倍以上。

While Q4 is seasonally strong from a client activity perspective, we saw accelerated decision-making to advanced transformation initiatives planned for 2026.

雖然第四季在客戶活動面向上具有季節性強勁特性，但我們也看到客戶對原本規劃於 2026 年推動的進階轉型計畫，加速做出決策。

Increasingly, clients are selecting EXL as an outcome-focused partner that can modernize data foundations and operationalize AI end-to-end at scale.

客戶愈來愈多選擇 EXL 作為以成果為導向的合作夥伴，能夠現代化資料基礎，並以端到端方式在規模化情境下將 AI 落地運作。

Our revenue is split across two categories: data and AI-led and digital operations. Our data and AI revenue includes data, analytics, AI solutions and services, and it also includes data and AI-led operations.

我們的營收分為兩大類：資料與 AI 驅動，以及數位營運。我們的資料與 AI 營收包含資料、分析、AI 解決方案與服務，也包含資料與 AI 驅動的營運。

In the quarter, our data and AI led revenue grew 21% in year-over-year and now represents 57% of total revenue. Digital operations, which represents 43% of our business, grew 4% year-over-year. As previously shared, our digital operations revenue excludes data and AI-led operations revenue.

本季，我們的資料與 AI 驅動營收年增 21%，目前占總營收的 57%。數位營運占我們業務的 43%，年增 4%。如先前所分享，我們的數位營運營收不包含資料與 AI 驅動的營運營收。

In order to provide greater transparency, we've enhanced our investor fact sheet with our total operations view. The total operations revenue includes data and AI-led operations and digital operations revenue. In Q4, total operations grew 11% year-over-year and 14% for the full year.

為了提供更高透明度，我們已在投資人資料摘要中強化「總營運」視角。總營運營收包含資料與 AI 驅動的營運，以及數位營運營收。第四季總營運年增 11%，全年年增 14%。

Our deep domain expertise and proven ability to embed AI in the workflow continues to be a strategic advantage as clients modernize operations using an integrated approach to data, AI and human in the loop solutions.

當客戶以整合式方法結合資料、AI 與人機協作（human in the loop）解決方案來現代化營運時，我們深厚的產業領域專業與將 AI 嵌入工作流程的成熟能力，持續成為策略性優勢。

I'll now walk through our fourth quarter performance across each of our four operating segments along with key wins. First, insurance. The insurance segment grew 7% year-over-year and 3% sequentially. The Insurance is our largest vertical representing third of our revenue, and we see good momentum in the growth rate going forward.

接下來我將說明我們第四季在四個營運事業群的表現，以及關鍵贏單。首先是保險。保險事業群年增 7%，季增 3%。保險是我們最大的垂直領域，約占營收三分之一；我們看好未來成長率的良好動能。

Insurance carriers are accelerating adoption of AI-powered solutions to drive growth, optimize costs and improve customer experience.

保險公司正加速採用 AI 驅動解決方案，以推動成長、最佳化成本並改善客戶體驗。

A notable Q4 win was with a large North American insurance carrier that selected EXL as its enterprise transformation, data and AI partner. As part of this multiyear initiative, we will deploy a genic AI directly into operational workflows, build a comprehensive data strategy powered by EXL data and deliver end-to-end customer experience transformation.

第四季一項重要贏單來自北美一家大型保險公司，該公司選擇 EXL 作為其企業轉型、資料與 AI 合作夥伴。作為此多年期計畫的一部分，我們將把生成式 AI 直接部署到營運工作流程中，建立由 EXL 資料驅動的全面資料策略，並交付端到端的客戶體驗轉型。

Second, Healthcare and Life Sciences. This segment represented approximately a quarter of Q4 revenue and was once again our fastest-growing segment with 26% year-over-year growth. This growth was broad-based and was driven by strong demand for data and AI solutions continued growth in payment services, data analytics and expanded digital operations across both new and existing clients.

第二是醫療保健與生命科學。此事業群約占第四季營收四分之一，並再次成為我們成長最快的事業群，年增 26%。此成長具廣泛性，主要由資料與 AI 解決方案的強勁需求、支付服務的持續成長、資料分析，以及在新舊客戶間擴大的數位營運所帶動。

Our solutions are well positioned to help health care organizations manage rising costs, navigate regulatory complexity and improve outcomes. One of our largest wins in Q4 was with a top five health care payer.

我們的解決方案具備良好定位，可協助醫療保健機構管理上升的成本、因應法規複雜性並改善成果。第四季我們最大的贏單之一來自一家前五大醫療保險支付方。

This client has been with EXL for many years already embracing our technology platform and AI-powered payment integrity analytics. In a significant expansion of that relationship, the client selected EXL's AI-powered payment integrity solution to reengineer its clinical auditing processes to improve yield, productivity and operational alignment.

該客戶與 EXL 合作多年，並已採用我們的技術平台與 AI 驅動的支付完整性分析。在此合作關係的重大擴展中，客戶選擇 EXL 的 AI 驅動支付完整性解決方案，以重新設計其臨床稽核流程，提升產出、效率與營運一致性。

Third, our banking, capital markets and diversified industry segment grew 11% year-over-year, representing nearly fourth of Q4 revenue. Clients in this segment are turning to EXL to deliver measurable business outcomes by applying data and AI across the value chain in areas such as credit risk fraud, collections and customer experience.

第三，我們的銀行、資本市場與多元產業事業群年增 11%，約占第四季營收近四分之一。此事業群的客戶正轉向 EXL，透過在價值鏈各環節應用資料與 AI，在信用風險、詐欺、催收與客戶體驗等領域交付可衡量的業務成果。

In Q4, we renewed and expanded a multiyear engagement with a leading financial services company with an expanded scope of AI services that spans risk strategy, regulatory modeling, forecasting, collections and fraud. In addition, EXL will design and deliver the company's first-ever governance framework for generative AI models, setting a new benchmark for responsible AI adoption within a global financial institution.

第四季，我們與一家領先的金融服務公司續約並擴大多年期合作，AI 服務範疇擴展至風險策略、監管建模、預測、催收與詐欺等領域。此外，EXL 將為該公司設計並交付其史上首個生成式 AI 模型治理框架，為全球金融機構內負責任的 AI 採用樹立新標竿。

And fourth, our International Growth Markets segment grew 8% year-over-year representing 17% of our total revenue. International markets are an important driver of our long-term growth and global expansion strategy. During the quarter, we won several new deals across insurance, banking and capital markets and energy in this segment.

第四，我們的國際成長市場事業群年增 8%，占總營收 17%。國際市場是我們長期成長與全球擴張策略的重要驅動力。本季我們在該事業群於保險、銀行與資本市場，以及能源等領域贏得多筆新案。

Next, I'd like to highlight the market opportunity we see in and our strategy for growth. Enterprises are under intense pressure to extract real value from AI and our challenge to successfully applied across the enterprise.

接下來，我想強調我們所看到的市場機會，以及我們的成長策略。企業正承受巨大壓力，必須從 AI 中萃取真正價值，而我們的挑戰是在全企業範圍內成功加以應用。

The gap between AI's technical promise and real-world impact is significant. This gap is where EXL stands out. Through our mastery of domain processes, understanding of complex regulatory environments and expertise in data and AI, we are seen as a trusted partner and orchestrates enterprise workflows and makes AI real.

AI 的技術承諾與其在現實世界中的影響之間存在顯著落差。這個落差正是 EXL 脫穎而出的地方。憑藉我們對產業領域流程的精通、對複雜監管環境的理解，以及在資料與 AI 方面的專業能力，我們被視為值得信賴的合作夥伴，能夠協調企業工作流程並讓 AI 真正落地。

Let me share how we are executing on this strategy across three areas, first, deepening our data, AI and services capabilities; second, expanding our partner ecosystem; and third, developing AI talent and scale. 2025 was a milestone year in advancing our data and AI capabilities.

我來分享我們如何在三個領域落實這項策略：第一，深化我們在資料、AI 與服務方面的能力；第二，擴大我們的合作夥伴生態系；第三，培育 AI 人才並擴大規模。2025 年是推進我們資料與 AI 能力的重要里程碑。

We drove rapid innovation with new Agentic industry solutions embedded AI directly into our core platforms and grew our AI services capabilities. Launched in Q4, exldata.ai our Agentic Data Solutions suite is resonating very strongly in the market. Clients recognize that as an AI-led enterprise starts with getting the data foundation right.

我們透過全新的 Agentic 產業解決方案推動快速創新，將 AI 直接嵌入我們的核心平台，並擴大我們的 AI 服務能力。於第四季推出的 exldata.ai（我們的 Agentic Data Solutions 套件）在市場上引起非常強烈的共鳴。客戶認同：要成為 AI 驅動的企業，首先必須把資料基礎打好。

We help clients move from data to context to AI by governing and managing enterprise data capturing business context and then activating AI use cases on top of that foundation.

我們協助客戶從資料走向情境再到 AI：透過治理與管理企業資料、捕捉業務情境，並在此基礎之上啟動 AI 使用案例。

One recent [exodontia] win was with a leading consumer lending fintech, where EXL modernized the full technology stack from legacy on-prem systems to a cloud-native platform. and operationalize the new solution in just four months.

近期一個 [exodontia] 的成功案例來自一家領先的消費貸款金融科技公司，EXL 將其完整技術堆疊從傳統的內部部署（on-prem）系統現代化為雲端原生平台，並在短短四個月內將新解決方案投入營運。

Another win was with a large health care payer where exldata.ai is being used to create a centralized covered contract repository spanning structured and unstructured data.

另一個成功案例來自一家大型醫療保險支付方，該客戶正在使用 exldata.ai 建立一個集中式的承保合約儲存庫，涵蓋結構化與非結構化資料。

This enables stronger alignment between contract terms and claims adjudication reducing manual effort, minimizing payment discrepancies and improving speed and accuracy. Importantly, this is broadly applicable, well beyond health care.

這使合約條款與理賠審核之間能更緊密對齊，降低人工投入、減少付款差異，並提升速度與準確性。重要的是，這具有廣泛適用性，遠不僅限於醫療保健領域。

Anywhere where contracts and policies drive downstream operational decisions from supplier and pricing agreements to customer and partner terms. In addition to building innovative new data and AI solutions like exldata.ai, we continue embedding AI into our core platforms.

凡是合約與政策會驅動下游營運決策的場景皆適用，從供應商與定價協議到客戶與合作夥伴條款皆然。除了打造像 exldata.ai 這樣創新的資料與 AI 新解決方案外，我們也持續將 AI 嵌入我們的核心平台。

In Q4, we introduced a new set of AI agents on our industry-leading life and annuities platform, enabling insurers to automate complex tasks such as product setup, correspondence and data mapping and launch innovative new products in weeks instead of months.

在第四季，我們在業界領先的人壽與年金平台上推出一組新的 AI 代理（AI agents），使保險公司能自動化產品設定、往來函件與資料對應等複雜任務，並將創新新產品的上市時間從數月縮短至數週。

Finally, we are seeing accelerating demand for AI services. This represents a large addressable market and an important growth engine for EXL.

最後，我們看到對 AI 服務的需求正在加速成長。這代表一個龐大的可服務市場，也是 EXL 重要的成長引擎。

AI integration is a fundamentally new technology challenge particularly for complex data-intensive industries. Our data and analytics capabilities and our investments in AI give us clear advantage for winning AI services contracts.

AI 整合是一項根本上全新的技術挑戰，尤其對於資料密集且複雜的產業而言更是如此。我們的資料與分析能力，以及在 AI 上的投資，使我們在贏得 AI 服務合約方面具備明顯優勢。

We support clients across the full AI life cycle from AI strategy and adoption to models orchestration and making data AI ready. Our partner ecosystem is a critical enabler of scale. In 2025, we accelerated co-innovation with AWS, Databricks, Google, Microsoft, NVIDIA and Genesis.

我們在 AI 全生命週期為客戶提供支援，從 AI 策略與導入，到模型協同編排（orchestration）以及讓資料具備 AI 可用性（AI ready）。我們的合作夥伴生態系是實現規模化的關鍵推動力。在 2025 年，我們加速與 AWS、Databricks、Google、Microsoft、NVIDIA 與 Genesis 的共同創新。

This included partnering with NVIDIA on its new AI blueprint for fraud detection, integrating our AI capabilities for CX into Genesis and completing the migration of our life and annuities platform to AWS.

其中包括與 NVIDIA 合作其全新的詐欺偵測 AI 藍圖、將我們用於客戶體驗（CX）的 AI 能力整合至 Genesis，並完成將我們的人壽與年金平台遷移至 AWS。

Core selling momentum has increased with 16 EXL solutions now on marketplaces with AWS, Microsoft, data bricks and Genesis. For example, we collaborated with AWS to deploy agentic AI for Sonos' IT service management workflows aiming to create a new benchmark for efficiency, operational intelligence and risk mitigation.

核心銷售動能持續提升，目前已有 16 項 EXL 解決方案上架 AWS、Microsoft、data bricks 與 Genesis 的市集。例如，我們與 AWS 合作，為 Sonos 的 IT 服務管理工作流程部署 agentic AI，目標是為效率、營運智慧與風險緩解建立新的標竿。

These efforts earned industry recognition including becoming a globally managed Google Cloud strategic services partner and being named AWS' 2025 AI ML market disruptor of the year.

這些努力也獲得產業肯定，包括成為 Google Cloud 全球託管（globally managed）的策略服務合作夥伴，並獲選為 AWS 2025 年度 AI/ML 市場顛覆者（market disruptor of the year）。

Finally, our growth strategy is powered by our talent. We are building an AI-native workforce with deep expertise across engineering, generative AI, agentic AI, partner technologies and cloud platforms.

最後，我們的成長策略由人才驅動。我們正在打造 AI 原生（AI-native）的工作團隊，在工程、生成式 AI、agentic AI、合作夥伴技術與雲端平台等領域具備深厚專業。

Our sustained focus on embedding AI into workflows is driving rapid employee innovation resulting in 10 new US patents awarded over the past 12 months. Innovation is central to the EXL culture.

我們持續聚焦於將 AI 嵌入工作流程，正推動員工快速創新，過去 12 個月已獲授權 10 項美國專利。創新是 EXL 文化的核心。

We continue to invest in training, certifications and tools such as our AI tray ground, enabling colleagues to explore, experiment and build with agentic technologies.

我們持續投資於訓練、認證與工具，例如我們的 AI tray ground，使同仁能夠探索、實驗並以 agentic 技術進行建置。

Our second Annual Idea Tank competition generated more than 11,000 employee submitted ideas, a sevenfold increase from last year. From these 200 ideas were shortlisted for development on our sandbox with winning ideas receiving development resources to launch new capabilities.

我們第二屆年度 Idea Tank 競賽收到超過 11,000 件員工提交的點子，較去年成長七倍。其中有 200 個點子入選，將在我們的沙盒環境中進行開發；獲勝點子將獲得開發資源以推出新能力。

In summary, while AI is reshaping the services industry, we view it as a clear opportunity for EXL. Our integrated approach to AI is creating better business outcomes and growth for our clients thereby resulting in new revenue streams for EXL.

總結而言，儘管 AI 正在重塑服務產業，我們將其視為 EXL 明確的機會。我們對 AI 的整合式方法正在為客戶創造更佳的業務成果與成長，進而為 EXL 帶來新的營收來源。

AI is driving revenue expansion for our clients and has become a growth engine for EXL enters 2026 with strong momentum and clear strategic focus. Our data and AI pivot is well underway representing 57% of our revenue. Demand for our data and AI-led services and solutions remains robust, and we continue to strengthen our competitive position through investments and capabilities, partnerships and talent.

AI 正推動客戶營收擴張，並已成為 EXL 的成長引擎；EXL 以強勁動能與清晰的策略聚焦邁入 2026 年。我們的資料與 AI 轉型已全面展開，目前占我們營收的 57%。市場對我們以資料與 AI 驅動的服務與解決方案需求仍然強勁，我們也持續透過投資與能力、合作夥伴關係與人才來強化競爭地位。

Our client base is diverse. Our pipeline is strong, and we have high renewal rates. More than 75% of our revenue is recurring or annuity like. This provides revenue stability and predictability. We have excellent visibility into 2026.

我們的客戶基礎多元。我們的商機管線（pipeline）強勁，且續約率高。超過 75% 的營收為經常性或類年金（annuity-like）收入。這提供了營收的穩定性與可預測性。我們對 2026 年具有極佳的能見度。

Turning to our outlook for 2026. We expect revenue to be in the range of $2.275 billion to $2.315 billion representing 9% to 11% in constant currency organic growth. Adjusted diluted EPS is expected to be in the range of $2.14 to $2.19, representing a 10% to 12% increase over 2025.

接著談我們對 2026 年的展望。我們預期營收將介於 22.75 億美元至 23.15 億美元之間，按固定匯率計算的有機成長為 9% 至 11%。調整後稀釋每股盈餘（EPS）預期介於 2.14 美元至 2.19 美元之間，較 2025 年成長 10% 至 12%。

I want to thank our clients for their trust our partners for their collaboration, our employees for their continued innovation and commitment and our shareholders for their ongoing support of EXL's vision. Lastly, I'd like to call your attention to two upcoming events.

我要感謝客戶的信任、合作夥伴的協作、員工持續的創新與投入，以及股東對 EXL 願景的長期支持。最後，我想請各位留意兩項即將到來的活動。

We look forward to hosting our Annual AI In Action virtual event on March 11, followed by our investor strategy update on May 13, in New York. With that, I'll turn it over to Vivek, who is stepping in for Maurizio.

我們期待於 3 月 11 日舉辦年度「AI In Action」線上活動，接著於 5 月 13 日在紐約舉行投資人策略更新會。接下來我把時間交給 Vivek，他將代替 Maurizio。

Thank you, Rohit, and thank you, everyone, for joining us this morning. I will provide insights into our financial performance for the fourth quarter and for the full year 2025, followed by our outlook for 2026.

謝謝你，Rohit，也謝謝各位今天早上加入我們。我將分享我們第四季與 2025 全年的財務表現，接著說明我們對 2026 年的展望。

We continued our growth momentum in the fourth quarter with revenue of $542.6 million, up 12.7% year-over-year on our reported and 12.6% on an organic constant currency basis.

我們在第四季延續成長動能，營收為 5.426 億美元，按報告基礎年增 12.7%，按有機固定匯率基礎年增 12.6%。

This increase was driven by double-digit growth in our data and AI-led services, which grew 20.7% year-over-year on a constant currency basis. Our adjusted EPS was $0.50 and a year-over-year increase of 15%.

這項成長主要由我們以資料與 AI 驅動的服務雙位數成長所帶動，該業務按固定匯率計算年增 20.7%。我們的調整後 EPS 為 0.50 美元，年增 15%。

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

以下提及的所有營收成長百分比皆以固定匯率基礎計算。

Now turning to the fourth quarter revenue by segment. The insurance segment grew 7.2% year-over-year and 2.9% sequentially with revenue of $185.8 million. This growth was primarily driven by expansion in existing client relationships.

接著看第四季按事業部門劃分的營收。保險部門營收為 1.858 億美元，年增 7.2%，季增 2.9%。此成長主要由既有客戶關係的擴張所驅動。

The insurance vertical, which includes revenue from international growth markets, grew 6.7% year-over-year with revenue of $215.2 million. The Healthcare and Life Sciences segment reported revenue of $142.2 million representing growth of 26.2% year-over-year and 5.1% sequentially.

保險垂直領域（包含來自國際成長市場的營收）年增 6.7%，營收為 2.152 億美元。醫療保健與生命科學部門營收為 1.422 億美元，年增 26.2%，季增 5.1%。

The year-over-year growth was broad-based, driven by higher volumes in our Payment Services business and expansion in existing client relationships. The Healthcare and Life Sciences vertical, including revenue from international growth markets grew 26.1% year-over-year with revenue of $142.5 million.

年增成長呈現全面性擴張，主要受我們支付服務業務量提升以及既有客戶關係擴大所帶動。醫療保健與生命科學垂直領域（包含來自國際成長市場的營收）年增 26.1%，營收為 1.425 億美元。

In the banking capital markets and Diversified Industries segment, we reported revenue of $122.6 million, representing growth of 10.8% year-over-year and sequentially 1.3%. This growth was driven by the expansion of existing client relationships, primarily in banking capital markets and new client wins.

在銀行資本市場與多元化產業（Diversified Industries）分部，我們報告營收為 1.226 億美元，年增 10.8%，且較前一季成長 1.3%。此成長主要由既有客戶關係擴大所驅動，主要集中於銀行資本市場，以及新客戶贏單。

The banking capital markets and diversified industries vertical, including revenue from international growth markets grew 10.6% year-over-year with revenue of $185 million.

銀行資本市場與多元化產業垂直領域（包含來自國際成長市場的營收）年增 10.6%，營收為 1.85 億美元。

In the International Growth Markets segment, we generated revenue of $92 million, up 8.1% year-over-year. This growth was primarily driven by higher volumes with existing clients in banking, capital markets and diversified industries and new client wins.

在國際成長市場分部，我們創造營收 9,200 萬美元，年增 8.1%。此成長主要由銀行、資本市場與多元化產業既有客戶的業務量提升，以及新客戶贏單所帶動。

SG&A expenses as a percentage of revenue increased by 130 basis points year-over-year to 21.2% driven by investments in sales and marketing. As expected, our adjusted operating margin for the quarter was 18.8%. This was flat year-over-year. Our adjusted EPS for the quarter was $0.50, up 15% year-over-year on a reported basis.

銷售、一般及行政（SG&A）費用占營收比重年增 130 個基點至 21.2%，主要因對銷售與行銷的投資。如預期，本季調整後營業利益率為 18.8%。與去年同期持平。本季調整後每股盈餘（EPS）為 0.50 美元，以報告基礎計年增 15%。

Turning to our full year performance. Our revenue for the period was $2.09 billion, up 13.6% year-over-year on a reported and constant currency basis. This increase was driven by double-digit growth in our data and AI-led services, which grew 18% year-over-year on a constant currency basis.

接著談我們的全年表現。本期間營收為 20.9 億美元，以報告及固定匯率基礎計年增 13.6%。此增幅主要由我們以資料與 AI 驅動的服務達到雙位數成長所帶動；該業務以固定匯率基礎計年增 18%。

The adjusted operating margin for the period was 19.5%, up 10 basis points year-over-year. Our effective tax rate for the year was 21.6%, down 70 basis points year-over-year, driven by higher profitability in lower tax jurisdictions.

本期間調整後營業利益率為 19.5%，年增 10 個基點。本年度有效稅率為 21.6%，年減 70 個基點，主要因在較低稅負司法管轄區的獲利能力提高。

Our adjusted EPS for the year was $1.95 and up 18% year-over-year. Our balance sheet remains strong. Our cash, including short- and long-term investments as of the December 31, was $331 million, and our revolver debt was $299 million for a net cash position of $32 million. We generated cash flow from operations of $351 million in 2025. And up 30.6% year-over-year.

本年度調整後每股盈餘（EPS）為 1.95 美元，年增 18%。我們的資產負債表仍然強健。截至 12 月 31 日，我們的現金（包含短期與長期投資）為 3.31 億美元，循環信貸（revolver）負債為 2.99 億美元，淨現金部位為 3,200 萬美元。我們在 2025 年產生營運活動現金流量 3.51 億美元。且年增 30.6%。

This improvement was primarily driven by higher profitability and better working capital management.

此改善主要由獲利能力提升以及更佳的營運資金管理所帶動。

During the year, we spent $53 million on capital expenditures and repurchased approximately 7.5 million shares at an average cost of $42.3 per share. for a total of $317 million. Now turning to our outlook for 2026. Supported by strong momentum, our current visibility and a robust pipeline, we expect 2026 revenue to be in the range of $2.275 billion to $2.35 billion. This represents a year-over-year growth of 9% to 11% and on a reported and constant currency basis.

本年度我們資本支出 5,300 萬美元，並以每股平均成本 42.3 美元回購約 750 萬股，合計 3.17 億美元。接著談我們對 2026 年的展望。在強勁動能、目前能見度以及穩健的案源管線支持下，我們預期 2026 年營收將介於 22.75 億至 23.5 億美元。這代表以報告及固定匯率基礎計年增 9% 至 11%。

In November, the government of India consolidated multiple existing legislations into a unified framework referred to as the new labor cohort. These changes did not have a material impact on the income statement for the quarter.

11 月，印度政府將多項既有法規整併為一個統一架構，稱為新的勞動法規組合（new labor cohort）。這些變更對本季損益表並無重大影響。

However, they resulted in a onetime increase of $10.3 million in our defined benefit liability in the balance sheet with a corresponding increase in accumulated other comprehensive income. We expect a prospective increase in employee costs for the year, resulting in an approximately $0.02 to $0.03 dilution to adjusted EPS, which is incorporated in our guidance.

然而，這些變更使我們資產負債表中的確定給付負債一次性增加 1,030 萬美元，並使累積其他綜合損益相應增加。我們預期本年度員工成本將出現前瞻性增加，導致調整後每股盈餘（EPS）約稀釋 0.02 至 0.03 美元，該影響已納入我們的指引。

We expect a foreign exchange gain of approximately $2 million net interest expense of approximately $1 million and our full year effective tax rate to be in the range of 21% to 22%. We expect capital expenditures to be in the range of $50 million to $55 million.

我們預期外匯收益約 200 萬美元、淨利息費用約 100 萬美元，且全年有效稅率將介於 21% 至 22%。我們預期資本支出將介於 5,000 萬至 5,500 萬美元。

Our Board of Directors authorized a $500 million common stock repurchase program, effective the February 28, 2026, for a two-year period. This is in line with our capital allocation strategy. This new authorization of $500 million represents confidence in our ability to continue our growth trajectory and generate significant free cash flow.

我們董事會核准一項 5 億美元的普通股回購計畫，自 2026 年 2 月 28 日起生效，為期兩年。這與我們的資本配置策略一致。這項新的 5 億美元授權反映我們對持續成長軌跡並產生可觀自由現金流能力的信心。

We anticipate our adjusted EPS to be in the range of $2.14 to $2.19, representing year-over-year growth of 10% to 12%. This includes a 100 basis points impact due to the implementation of the Indian labor court.

我們預期調整後每股盈餘（EPS）將介於 2.14 至 2.19 美元，代表年增 10% 至 12%。其中包含因印度勞動法院（labor court）實施所帶來的 100 個基點影響。

To conclude, we delivered industry-leading financial performance in 2025. And demonstrating our strong competitive position in embedding AI across client businesses.

總結而言，我們在 2025 年交出業界領先的財務表現。並展現我們在將 AI 嵌入客戶業務方面的強勁競爭地位。

Our leading indicators remain positive and our robust pipeline visibility positions us for a strong start to 2026. With that, Rohit and I would be happy to take your questions.

我們的領先指標仍維持正向，而穩健的案源管線能見度使我們有望在 2026 年強勢開局。接下來，Rohit 和我很樂意回答各位的問題。

(Operator Instructions)

（接線員指示）

Puneet Jain, JPMorgan.

JPMorgan 的 Puneet Jain。

Yeah, hi, thanks for taking my question. So I wanted to ask about like all the recent news flow around Entropic and Agentic solutions. Like Rohit, you also talked about like how you are seeing like the accelerated decision-making at your clients.

是的，您好，謝謝讓我提問。我想問一下，關於近期圍繞 Entropic 與 Agentic 解決方案的各種新聞動態。Rohit，你也提到你看到客戶端決策正在加速。

Could that accelerated decision-making be a result of all that news flow, which might be causing more urgency on clients to act and to move forward with AI? Or if not that, what would you attribute that accelerated decision-making to.

這種加速決策是否可能是因為那些新聞動態，讓客戶更有急迫感去採取行動並推進 AI？如果不是，那你會把這種加速決策歸因於什麼？

Sure, Puneet. So we saw accelerated resection making in the fourth quarter. And frankly, the client conversations in the first quarter of 2026 continue to be very active. I think what we are seeing is a greater propensity from enterprise clients to adopt and leverage AI and I think that fits in really well with EXL's capabilities and our engagements with our clients.

當然，Puneet。我們在第四季看到決策加速。坦白說，2026 年第一季與客戶的對話仍然非常活躍。我認為我們看到的是企業客戶更傾向於採用並運用 AI，而這與 EXL 的能力以及我們與客戶的合作非常契合。

As you know, in 2025, most of the engagements ended up being proof of concepts, and there wasn't really an enterprise and a scaled up adoption of AI.

如你所知，在 2025 年，多數合作案最後都停留在概念驗證（POC），並沒有真正達到企業級、規模化的 AI 採用。

That seems to be changing at this point of time. There's also a change in terms of shifting the focus from a cost takeout to growth. And I think using AI for growth allows companies to be a lot more competitive and to be able to build up their businesses.

目前看起來這正在改變。另外也出現一個轉變：焦點從成本削減轉向成長。我認為把 AI 用於成長，能讓公司更具競爭力，並能夠把業務做大。

So frankly, from our perspective, the environment has become a lot more active and it allows us to engage with our clients even more strategically to help them in these implementations and to help them in the adoption of AI.

因此坦白說，從我們的角度來看，整體環境變得更活躍，也讓我們能以更具策略性的方式與客戶合作，協助他們進行這些導入並推動 AI 的採用。

Got it. No, that's very helpful and thanks for sharing additional disclosures around data and AI-LED within operations. Could you share like when -- like a traditional operations management client when they decide to implement AI in their processes. What happens to the overall revenue, including like the typical range of efficiency gains that you pass on to the client and incremental work that might come your way in form of maybe data services or managing additional workflows or servicing more processes to that client. What happens when an operations management client decides to implement AI with the EXL to revenue?

了解。這非常有幫助，也謝謝你分享更多關於在營運中資料與 AI 驅動（data and AI-LED）的補充揭露。你能否分享一下，當一個傳統的營運管理客戶決定在其流程中導入 AI 時，會發生什麼？整體營收會如何變化——包括你們通常會讓利給客戶的效率提升幅度，以及可能以資料服務、管理更多工作流程或為該客戶服務更多流程等形式帶來的增量工作。當一個營運管理客戶決定與 EXL 一起導入 AI 時，對營收會有什麼影響？

Sure. So first of all, we've now disclosed our total operations revenue and shared with you the growth of total operations that we are seeing quarter-on-quarter with our clients and we think that, that growth is very positive and very supportive of the total company's growth rate.

當然。首先，我們現在已披露我們的總營運收入，並與各位分享我們在客戶端所看到的總營運收入季對季成長；我們認為這樣的成長非常正向，且對公司整體成長率具有很強的支撐作用。

There are a few points that I'd like to kind of just highlight for you and everybody else around operations management.

關於營運管理，我想為你以及在座各位特別強調幾點。

Number one, the penetration rate of outsourcing of operation management by clients, in general, continues to remain low at about 15% to 20%. So what that means is that there's a lot more that clients can outsource and particularly with the engagement of AI and technology coming in, a number of more complex processes and more intertwined processes can now be outsourced and that creates a huge amount of opportunity for us.

第一，整體而言，客戶將營運管理外包的滲透率仍然偏低，大約在15%到20%。這代表客戶仍有很大一部分工作可以外包；尤其隨著AI與科技的導入，更多更複雜、且彼此交織的流程現在也能外包，這為我們帶來非常巨大的機會。

The second part of this is that as AI and intelligence is being put into the operations, what clients are looking for is a trusted AI-enabled operator of their business and EXL is uniquely positioned to serve as a trusted AI operator for our clients, and therefore, their confidence in entrusting us with more work is being reflected in our revenues and in our financial statements.

第二，當AI與智慧被導入營運之後，客戶所尋求的是一個值得信賴、具備AI能力的營運商來協助其業務；而EXL具備獨特優勢，能成為客戶可信賴的AI營運商。因此，客戶更有信心把更多工作交給我們，這也反映在我們的營收與財務報表上。

The AI certainly is able to provide productivity benefits associated with the use of that technology in operations. And the question really is can a partner make that productivity benefit real for the clients and result in tangible business outcomes being delivered to the client and get them the ROI.

AI確實能在營運中帶來與該技術使用相關的生產力效益。真正的問題在於：合作夥伴能否把這些生產力效益真正落地到客戶端，並交付可衡量的業務成果，讓客戶取得投資報酬率（ROI）。

EXL has been in the fortunate position of actually executing to that and making good on that promise, which clients themselves on their own struggle and other providers have struggled as well. We understand the domain, we understand the data.

EXL很幸運地確實做到了，並兌現了這項承諾；而客戶自己往往難以做到，其他供應商也同樣面臨挑戰。我們理解產業領域，也理解資料。

We have expertise in applying AI into the workflow and therefore, our ability to deliver value to the customer and real tangible outcomes is what is creating EXL to be able to grow at a much more differentiated pace than all of our other peers and competition. I hope that helps you.

我們具備將AI導入工作流程的專業能力，因此，我們為客戶交付價值與真正可量化成果的能力，正是讓EXL能以比同業與競爭對手更具差異化的速度成長的原因。希望這能解答你的問題。

Yes, it does. And I totally appreciate like that AI within operations is growing at 40%, 50% rate, much faster than the overall industry and EXL overall. So I appreciate it. Thank you.

是的，有幫助。而且我非常認同，營運中的AI成長率達到40%、50%，遠快於整體產業與EXL整體。所以我很感謝。謝謝。

Bryan Bergin, TD Cowen.

Bryan Bergin，TD Cowen。

Hi guys, good morning. Thank you. I wanted to ask on the 2026 growth guide. And really, I'm just trying to reconcile a '26 versus what you did you're obviously bringing more AI IP to the market. I hear the strength of the AI-related services and the strong pipeline, and you guys have grown well ahead of comps but you are guiding annual growth 2 points lower than you initially did last year. So I'm trying to reconcile that. What would you say is the biggest difference now versus one year ago is it parts of the client budgets or programs that are just seeing some more pronounced pause or pressure because of the AI initiatives? Is it potentially factoring some added uncertainty in the forecast? Just help us reconcile that, please.

各位早安。謝謝。我想問一下2026年的成長指引。我主要是想把2026年與你們過去的表現對照起來：你們顯然正把更多AI智慧財產（IP）推向市場。我也聽到AI相關服務的強勁動能與強大的案源（pipeline），而且你們的成長明顯領先同業，但你們給出的年度成長指引卻比去年最初給的低了2個百分點。所以我想釐清這點。你會說現在相較一年前最大的差異是什麼？是客戶預算或專案因AI計畫而出現更明顯的暫停或壓力嗎？還是你們在預測中納入了更多不確定性？請協助我們理解。

Sure Bryan. Let me clarify for you. In 2025, when we gave guidance that included in organic growth. We had done an acquisition for ITI Group and our guidance included inorganic growth.

當然，Bryan。我先幫你釐清。在2025年，我們給出的指引除了有機成長之外，因為我們收購了ITI Group，所以指引也包含了無機成長。

From our perspective, the guidance that we are giving you today for 2026 is exactly the same as the guidance that we gave to you in 2025 on an organic constant currency basis.

以我們的角度來看，我們今天給你的2026年指引，在有機、固定匯率（constant currency）基礎上，與我們在2025年給你的指引完全一致。

Now in terms of our visibility and our backlog associated with this, the visibility is about the same as what we had last year. The backlog is actually a little bit stronger.

至於我們對此的能見度與相關在手訂單（backlog），能見度大致與去年相同。而在手訂單其實略為更強。

What I will tell you is a difference for 2026 revenue guidance is we are exiting Q4 of 2025, actually very strong. And you can see that being reflected in a slight uptick in our growth rate.

我可以告訴你，2026年營收指引的一個差異在於：我們在2025年第四季（Q4）結束時其實非常強勁。你也可以看到這反映在我們成長率的小幅上修。

We've also shared with you that we had client wins in Q4, which are more than twice the pace at which we signed up clients in all of 2025.

我們也與各位分享過，我們在Q4拿下的客戶勝利（client wins），簽約速度是2025年全年簽下客戶速度的兩倍以上。

So frankly, our expectation is that we're going to have a much stronger start to the year in 2026, than we had in '25. And so we feel very good about our guidance, and we feel very good about the visibility associated with our guidance.

所以坦白說，我們預期2026年的開局會比2025年強很多。因此我們對指引非常有信心，也對支撐該指引的能見度非常有信心。

Okay. That's good to hear. If we go a layer deeper here, can you give us a sense on how you're thinking about data and AI-led growth potential versus digital ops and any important considerations as you move through the year from a standpoint of growth as you go through the quarters

了解。很高興聽到。如果再深入一層，你能否談談你們如何看待資料與AI帶動的成長潛力，相較於數位營運（digital ops），以及在一年當中、按季度推進時，從成長角度有哪些重要考量？

Thank you.

謝謝。

Yeah, absolutely. As you know, our data and AI-led business is 57% of our portfolio, and it's likely to grow much faster than the corporate average. Our digital operations business continues to grow, and we continue to see demand for that from our clients, but it's going to grow at a pace which is lower than the corporate average.

好的，當然可以。如你所知，我們以資料與AI帶動的業務占我們組合的57%，而且它很可能會以遠高於公司平均的速度成長。我們的數位營運業務仍在成長，我們也持續看到客戶對此的需求，但其成長速度會低於公司平均。

And I think the portfolio mix that we have is actually really, really foundationally strong because it allows us to be able to learn from the operations business, build new AI services and solutions for our clients and be able to accelerate the growth rate of our data and AI led business. We're seeing a tremendous amount of strength on data management.

我認為我們目前的組合結構在根本上非常強，因為它讓我們能從營運業務中學習，為客戶打造新的AI服務與解決方案，並進一步加速我們資料與AI帶動業務的成長率。我們在資料管理方面看到非常強勁的動能。

We're seeing a tremendous amount of strength on AI services. We are seeing our analytics business be the leading edge to get converted into AI services.

我們在AI服務方面也看到非常強勁的動能。我們也看到分析（analytics）業務正站在最前緣，逐步轉化為AI服務。

So frankly, the engagement with clients is very, very good, and we are very actively engaged in conversations with them as to how they can deploy AI.

所以坦白說，我們與客戶的互動非常、非常好，我們也非常積極地與他們討論如何部署AI。

Okay, thank you.

好的，謝謝。

David Grossman, Stifel Europe.

David Grossman，Stifel Europe。

Thank you. Good morning. So Rohit, I think you already gave some pretty good color on visibility and kind of growth in 2026. I'm just curious, how should we think about the cadence of growth over the course of the year? Do you expect it to be relatively even throughout the four quarters? Or are there some things that we should be attentive to that may skew one quarter over another.

謝謝。早安。Rohit，我想你剛才已經就能見度以及2026年的成長提供了相當不錯的說明。我只是好奇，我們應該如何看待全年成長的節奏？你預期四個季度會相對平均嗎？還是有一些我們需要留意、可能導致某些季度高於或低於其他季度的因素？

Sure, David. So at this point of time, clearly, the visibility into the first half of '26, is much better than the second half of '26, just because of the timing perspective. And what we've already shared is that we're going to be starting out strong. You can see what our growth rate was in Q4 of '25. We think Q1 of '25, is going to be a good growth rate for us.

當然，David。以目前這個時間點來看，對2026年上半年的能見度明顯比下半年好，主要是時間因素所致。而我們也已經分享過，我們將以強勁態勢開局。你可以看到我們在2025年Q4的成長率。我們認為2025年Q1對我們來說也會是個不錯的成長率。

So frankly, with the current guidance, the way it kind of sets up, we're going to start off strong, and we're going to wait and see how the visibility develops in the second half of the year. And based on that, we will update our guidance accordingly.

所以坦白說，以目前的指引來看，整體設定是：我們會強勢起步，然後觀察下半年能見度如何發展。並依此適時更新我們的指引。

Got it. And you mentioned some of the things that differentiate you versus some of the IT services companies as well as other peers in the space and why you're growing faster. I'm just curious, you mentioned that you had a large win with an existing client, one of the top five payers in the US for Payment Integrity during the quarter.

了解。你也提到一些讓你們相較部分IT服務公司以及其他同業更具差異化、且成長更快的因素。我只是好奇，你提到本季你們在Payment Integrity方面，從一個既有客戶（美國前五大付款方之一）拿下了一個大型案子。

So if I got that right, Payment Integrity is actually one of the areas that people thought would be most vulnerable, right, to some of the innovations coming with AI. So can you just give us any insight into kind of that process, what they were thinking, why that re-upped with you or an expanded scope given some of the newer technologies that are out there?

所以如果我理解正確，支付完整性（Payment Integrity）其實是人們認為最容易受到 AI 帶來的一些創新影響、也就是最脆弱的領域之一，對吧？那你能否就那個流程提供一些見解：他們當時在想什麼、為什麼在一些較新的技術出現後，這件事反而讓你們獲得續約或擴大合作範圍？

Thanks, David. This is Vivek. I'll take that question. So as you can see, health care was a very strong growth driver for us, all the way through '25, and including in the fourth quarter. Now what distinguishes health care for us is that we're seeing broad-based growth in health care across our multiple offerings.

謝謝你，David。我是 Vivek。我來回答這個問題。如你所見，醫療保健一直是我們非常強勁的成長驅動力，貫穿到 2025 年，第四季也包括在內。對我們而言，醫療保健的不同之處在於：我們在醫療保健領域的多項產品/服務上都看到廣泛的成長。

So if I were to call it out, there's really three pillars for growth in health care right now, one of which is our AI-led operations. The other is the work that we do in AI services and analytics and the third one is payment integrity. Now we've got good visibility for all three and we expect to see growth for all three as we go through the year.

如果要我點出來，醫療保健目前的成長其實有三大支柱，其中之一是我們以 AI 驅動的營運。第二是我們在 AI 服務與分析方面所做的工作，第三則是支付完整性。這三個方向我們都有良好的能見度，並且預期在接下來一年中三者都會成長。

Your point about the cost pressures for payers and what does that mean for payers actually points to a tailwind for payment integrity. Because what happens is right now is the payers start facing more cost on their medical loss ratios as well as on their admin costs, they're going to be forced to become more efficient and manage those costs in a better way and EXL's payment integrity offerings is one of those things that they will return to in order to optimize that.

你提到付款方（payers）的成本壓力，以及這對付款方意味著什麼，實際上反而是支付完整性的順風。因為目前的情況是，當付款方在醫療損失率（medical loss ratios）以及行政成本上承受更高成本時，他們將被迫提高效率、以更好的方式管理這些成本，而 EXL 的支付完整性產品/服務正是他們會回頭採用、用來優化成本的一項手段。

Our win in Q4 is actually an illustration of that because it's someone who's looking to say look, I want to kind of use the AI, bring it into what I'm doing with my payments and try and optimize my overall cost base. And we see that trend continuing.

我們在第四季的贏單其實就是一個例子：有客戶在思考「我想把 AI 導入我在支付上的作法，並嘗試優化整體成本基礎」。而我們看到這個趨勢會持續。

Right. I guess the question though Vivek is, is there any consideration at the payers we've got fairly substantial IT budgets and operations to try to start doing this themselves, given the availability of some of the newer technology and if not, some gating items to them doing that.

了解。不過 Vivek，我想問的是：付款方本身有相當可觀的 IT 預算與營運團隊，考量到一些新技術的可得性，他們是否會考慮自己做？如果不會，他們自己做的門檻/卡點是什麼？

So we are not seeing any of those trends right now. In fact, what we are seeing is that the payers are actively talking to us and to other partners in terms of looking at what is it that they need to do to kind of refine their algorithms and what is it that they need to do to kind of create more sales. So we are not seeing any initiatives at this point and trying to take it in-house.

我們目前沒有看到任何這樣的趨勢。事實上，我們看到的是付款方正積極與我們以及其他合作夥伴討論：他們需要做什麼來精進他們的演算法，以及需要做什麼來創造更多銷售。所以目前我們沒有看到他們要把這件事內製（in-house）的任何動作。

So David, let me just add to Vivek's comment on that. Clients at this point of time are concerned with business outcomes.

David，我再補充一下 Vivek 的看法。客戶在這個時間點關注的是商業成果。

And if you can drive superior business outcomes than what they can get with other providers or by their own internal teams, they're going to allocate the business to that provider that is delivering better business outcomes.

如果你能帶來比其他供應商或他們內部團隊更優異的商業成果，他們就會把業務分配給那個能交付更好成果的供應商。

You can see in the same example that we've quoted, this was a client that has capability, of course, of doing this work in-house. We have been working with us for several years.

你可以從我們引用的同一個例子看到，這位客戶當然具備把這項工作內部執行的能力。他們也已經與我們合作了好幾年。

But based on our capability, which is demonstrated and proven. They decided to award us a single largest win for us and give us even more business because they want to get the better business outcome.

但基於我們已展現且被驗證的能力，他們決定把對我們而言單一最大的一筆贏單交給我們，並且給我們更多業務，因為他們想要更好的商業成果。

And that's what is going to be, I think, quite different in this AI world where business outcomes will matter a lot more than a promise or any other statement because everybody will be making statements and claims.

而我認為，在這個 AI 世界裡，這會是很不一樣的一點：商業成果會比承諾或任何其他說法重要得多，因為每個人都會發表說法與主張。

It is which entity can actually deliver that business outcome, and that's what we are seeing is reflecting in our growth rate being much higher than others.

關鍵在於哪個實體真的能交付那個商業成果；而我們看到的情況是，這也反映在我們的成長率明顯高於其他同業。

[Elanor Dick, William Blair].

[Elanor Dick，William Blair]。

Hi, thank you. This is Eli Dick on for Maggie Nolan. I wanted to ask about the win in the fourth quarter with the large North American insurance carrier. Can you talk about the nuances of that process? Like was it competitively bid, was it new or existing? And what were like the pricing dynamics there? I'm just wondering if you had any takeaways from the process about pricing or revenue cannibalization or accretion?

嗨，謝謝。我是 Eli Dick，代替 Maggie Nolan 提問。我想問第四季與一家大型北美保險承保商的那筆贏單。你能談談那個流程中的一些細節嗎？例如是否有競標、是新案還是既有案？以及當時的定價動態如何？我想了解你們是否從這個流程中得到任何關於定價、營收互相侵蝕（cannibalization）或增厚（accretion）的觀察？

Sure. So first of all, this was a brand-new customer for us. This was a new client that we acquired. So there is no existing revenue and therefore, no cannibalization. But what really stood out for us in this deal was that the client actually is engaging with us on a complete enterprise transformation.

當然。首先，這對我們而言是一個全新的客戶。這是一位我們新取得的客戶。因此沒有既有營收，也就不存在互相侵蝕。但這筆交易真正讓我們印象深刻的是，客戶實際上是以「完整的企業轉型」來與我們合作。

The work that we are taking on is a data and AI-led transformation of their overall data infrastructure. We're using exldata.ai for that. And then using our AI capabilities and accelerate AI capabilities to go in, transform what they're doing with their CX, transform what they're doing with their back office and transform what they're doing in terms of the overall end-to-end processes that they are running.

我們承接的工作，是以資料與 AI 驅動的方式，轉型他們整體的資料基礎設施。我們會使用 exldata.ai 來完成這件事。接著運用我們的 AI 能力與 accelerate AI 能力，進一步轉型他們在客戶體驗（CX）上的作法、轉型他們的後台（back office）作業，以及轉型他們所運行的整體端到端流程。

The deal really stands out for us because what we've done is chosen us as the enterprise AI partner that's going to come in, do all of the transformation and then pick up the operations and operate it in an AI plus a human manner, bringing in our outsourced capabilities. So it's a really interesting deal for us.

這筆交易之所以特別，是因為客戶選擇我們作為企業級 AI 合作夥伴：我們會進場完成所有轉型，然後接手營運，以「AI 加上人」的方式來運作，並導入我們的外包能力。所以這對我們來說是一筆非常有意思的交易。

The other part of your question was in terms of pricing. And in this deal, what really stands out for me is the fact that DXL is able to start charging for our IP.

你問題的另一部分是關於定價。在這筆交易中，對我來說最突出的點是：DXL 能開始對我們的 IP 收費。

So we've built in a component here, which is an explicit pricing for the capabilities that we're bringing in and deploying and that's over and above what we've got in terms of time and material. And I imagine you're going to start seeing deals -- more deals of this type going forward.

我們在這裡加入了一個組成部分，也就是對我們帶入並部署的能力進行明確的定價，這是超出我們既有的按工時與材料（time and material）計價之外的。我想你接下來會看到更多這類型的交易。

Thank you, and then also I just was wondering, are you seeing a shift in client priorities between cost takeout mandates versus long-term digital transformation, including AI? And how can you pivot to capture either?

謝謝。另外我也想問，你們是否看到客戶優先事項在「成本削減要求」與「長期數位轉型（包含 AI）」之間出現轉移？你們要如何調整以掌握任一種需求？

So I think AI right now actually works across the spectrum, right? So you could actually walk into every functional group within a client and they're looking at saying, how can I deploy AI in a better way? And what is it that I can do right now with agentic AI and bring that into my business.

我認為 AI 現在其實橫跨整個光譜，對吧？你幾乎可以走進客戶的每一個職能團隊，他們都在思考：我如何能更好地部署 AI？以及我現在能用代理式 AI（agentic AI）做些什麼，並把它帶進我的業務。

So it's across the board. It's on the revenue line, it's on customer management, it's on cost, it's on audit and controls, what have you.

所以是全面性的。它涵蓋營收端、客戶管理、成本、稽核與控管等等。

So from our perspective, we have the capabilities right now within our verticals of talking to CXOs across those different areas and bring to them the right AI-led value propositions and that's, I think, what you're seeing a little bit in terms of the pipeline and in terms of the wins that we've talked about. It's that value proposition kind of resonating in the marketplace.

從我們的角度來看，我們目前在各個垂直領域都具備能力，能與不同領域的 CXO 對話，並向他們提出正確的 AI 驅動價值主張；我想你在我們的案源（pipeline）以及我們談到的贏單中也看到一些這樣的反映。也就是這個價值主張正在市場上產生共鳴。

Robby Bamberger, Baird.

Robby Bamberger，Baird。

Yeah, thanks for taking my question. So just thinking about types of employees being hired, like how should we think about which employees are being hired? Are they higher revenue per employee AI trained? And then maybe also the expected cadence of employee growth through 2026. Any color on that revenue per employee through the year as well?

是的，謝謝讓我提問。我想從正在招募的員工類型來思考：我們應該如何看待你們在招募哪些員工？他們是否是受過 AI 訓練、每位員工帶來更高營收的類型？另外也想請教 2026 年之前員工人數成長的預期節奏。也請分享一下今年每位員工營收（revenue per employee）的走勢/趨勢。

Sure. So I think the first point I'd like to make is that our employee headcount growth rate is much lower than the growth rate of our revenue. And we think that, that trend will continue. So we will see a differential between our revenue growth rate and our employee headcount growth rate.

好的。我認為我想先提出的第一點是，我們員工人數的成長率遠低於營收的成長率。而且我們認為這個趨勢將會持續。因此，我們將會看到營收成長率與員工人數成長率之間的差距。

Second, in terms of the skill sets, our goal is to make sure that every single employee of EXL can be provided the opportunity to get trained, certified and practically apply AI as confidently and as comfortably as one needs to be in this new age of AI.

第二，就技能組合而言，我們的目標是確保 EXL 的每一位員工都能獲得機會接受訓練、取得認證，並能在這個 AI 新時代中，以所需的信心與舒適度在實務上應用 AI。

So that's something which we are investing a huge amount of effort and resources to be able to train and skill our employees to be proficient with AI and work with AI as an AI-enabled operator as well as create new solutions leveraging AI.

因此，這是我們正在投入大量心力與資源的事情，讓員工能夠受訓並提升技能，熟練運用 AI，作為 AI 賦能的作業人員與 AI 協作，同時也能運用 AI 創造新的解決方案。

Lastly, we are hiring, of course, a lot of people, particularly around data management, around working with AI services and creating a lot more of engineering talent that can deploy AI solutions in the enterprise. I will tell you this that our data and AI-led business today is constrained for growth due to talent.

最後，當然我們也在招募很多人，特別是在資料管理、AI 服務相關工作，以及打造更多能在企業內部署 AI 解決方案的工程人才方面。我可以告訴你，我們目前以資料與 AI 驅動的業務，其成長受到人才的限制。

And that's something which we are working very actively on to make sure that we have adequate talent resources to be able to leverage the full potential of the data and AI piece.

而這也是我們正在非常積極推動的事情，以確保我們擁有足夠的人才資源，能夠充分發揮資料與 AI 這一塊的全部潛力。

Just to add to Rohit's comments, I'll just substantiate that with the data. So it's a part of our fact sheet, but the headcount growth for the full year in '25, was less than 10%. It was 9.8% in and you see that the revenue growth that we delivered against that was closer to 14%. So that's where we're kind of creating that leverage in terms of revenue per headcount.

補充 Rohit 的評論，我用數據來佐證一下。這是我們資料表的一部分：在 2025 全年，員工人數成長不到 10%。實際是 9.8%，而你也看到我們在此基礎上交出的營收成長更接近 14%。因此，我們就是在每位員工創造的營收（revenue per headcount）方面形成這種槓桿效應。

Yes. Super helpful. And just in terms of guidance, just wondering what operating and gross margins you have embedded in 2026 guidance and maybe the cadence through the year as well and how that Indian labor code impacts margins throughout the year as well.

是的。非常有幫助。另外就指引而言，我想了解你們在 2026 年指引中所隱含的營業利益率與毛利率水準，以及全年節奏可能會是如何；同時也想請教印度勞動法規對全年利潤率的影響。

Sure. So I mean, you had already heard from Mauricio about our viewpoint in terms of how to manage adjusting operating margin going forward. Our adjusted operating margin for Q4 was 18.8%, which was flat to what we were in Q4 of '24.

好的。你先前已經聽 Mauricio 談過我們對於未來如何管理調整後營業利益率的看法。我們第四季的調整後營業利益率為 18.8%，與 2024 年第四季持平。

This is something that we'd already talked to you about, and this was because of investments in the front-end sales and support and in solutions and services. For the full year, our adjusted operating margin actually went up to 19.5%.

這點我們之前也和各位談過，原因在於我們在前端銷售與支援，以及解決方案與服務方面的投資。就全年而言，我們的調整後營業利益率實際上提升至 19.5%。

Our expectation is that we are going to keep it flat for next year and which includes the impact of what's going on with the new labor courts in India.

我們的預期是明年會維持持平，其中也包含印度新勞動法規（labor courts）所帶來的影響。

So the number would have gone up were it not for the new labor court. But net of that, we're going to keep it flat.

如果不是因為新的勞動法規，這個數字本來會更高。但扣除該影響後，我們會維持持平。

Vincent Colicchio, Barrington Research Associates.

Vincent Colicchio，Barrington Research Associates。

Hey, Rohit, I'm interested in an update on the competitive landscape on the AI side. Are you seeing any new competitors? And if so, is there any impact on your win rates?

嗨，Rohit，我想了解 AI 方面競爭態勢的最新情況。你們是否看到任何新的競爭對手？如果有，對你們的得標率（win rates）是否有任何影響？

Yes, Vincent. We are seeing new competitors come in, and that's something which we've been seeing for a while now. So it's no longer just the traditional services companies that we compete with. We are seeing some of the hyperscalers kind of get in here. We're seeing some of the technology providers getting into the space.

是的，Vincent。我們確實看到新的競爭者進入，而這其實我們已經觀察一段時間了。所以現在不再只是與傳統服務公司競爭。我們看到一些超大規模雲端業者（hyperscalers）開始進入。也看到一些科技供應商進入這個領域。

And there certainly are a number of other consulting firms who are kind of trying to kind of go into this space. So the set of competition has certainly changed and it's changed for a while.

此外，確實也有不少其他顧問公司正試圖切入這個領域。因此，競爭版圖確實已經改變，而且改變已經有一段時間了。

Our advantage really is the fact that we have this integrated approach to helping our clients embed and use AI across the enterprise in a very disciplined way that delivers much better business outcomes.

我們的優勢在於，我們採取整合式的方法，協助客戶以非常嚴謹的方式在整個企業內嵌入並使用 AI，從而帶來更好的業務成果。

So our knowledge and domain expertise about the industry and our clients business, our mastery of data and applying AI and ML techniques to the adoption of AI and our understanding of the workflow. These all make it very, very easy for clients to kind of adopt AI.

我們對產業以及客戶業務的知識與領域專業、我們在資料方面的掌握，以及將 AI 與機器學習（ML）技術應用於 AI 導入的能力，還有我們對工作流程的理解。這些都讓客戶更容易導入 AI。

And then finally, Keep in mind that a large percentage of our client portfolio is in regulated industries and our knowledge and understanding of regulations and the ability to keep our clients fully compliant with regulatory requirements.

最後，請記住，我們客戶組合中有很大比例來自受監管產業，而我們對法規的認識與理解，以及讓客戶完全符合監管要求的能力。

That's a big standout, and that's why they trust us for being that AI-enabled operator and the AI implementation partner for them.

這是一個非常突出的差異點，也因此他們信任我們，讓我們成為其 AI 賦能的營運夥伴以及 AI 導入的合作夥伴。

And so we stand out, though others are certainly coming into this space, and they're certainly coming at it from a standpoint of either having the technology or having the foundational model and trying to leverage that capability and bringing it to enterprise clients.

因此，雖然其他人確實正在進入這個領域，但我們仍然能脫穎而出；而他們切入的角度通常是擁有技術或基礎模型，並試圖利用該能力把它帶給企業客戶。

And can you update us on your acquisition priorities?

另外，你能更新一下你們的併購優先事項嗎？

Sure So one of the good things about EXL is that we've got a very strong balance sheet, and we've got a tremendous amount of capital available to do acquisitions. And at this point of time, some of the valuations and some of the assets are becoming quite attractive.

當然。EXL 的一個優勢是我們資產負債表非常強健，而且我們有相當充裕的資本可用於併購。而在目前這個時間點，一些估值與一些資產正變得相當具吸引力。

And then therefore, for us to be active in the M&A space, that's something which is something that you should expect. The prioritization for us is going to be to continue to further our strategy around helping clients with AI. And so what that means is investing in capabilities around data and making data ready for AI.

因此，我們在併購（M&A）領域保持積極，是你們可以預期的。我們的優先順序將是持續推進協助客戶運用 AI 的策略。這代表投資於資料相關能力，讓資料為 AI 做好準備。

What that means is having the engineering skill sets to apply AI into enterprise workflows, what that means is for us to be acquiring new capabilities that we can take to our clients. And then finally, geographic diversification.

這也代表具備將 AI 應用到企業工作流程中的工程技能；也代表我們將收購可帶給客戶的新能力。最後則是地理多元化。

So those are some of the areas that are important priorities for us from an M&A perspective. And in this environment, I think the targets are becoming a lot more accessible, approachable and hopefully, affordable. So that's something which we are hoping that we can take advantage of.

以上是我們在併購面向的一些重要優先事項。在這樣的環境下，我認為標的正變得更容易接觸、更容易洽談，並且希望也更可負擔。因此，我們希望能把握這個機會。

We have no further questions at this time.

我們目前沒有其他問題。

This concludes our call.

本次電話會議到此結束。

Thank you and have a good day.

謝謝，祝各位有美好的一天。