ExlService Holdings, Inc. (EXLS) 2026 Q2 法說會逐字稿

Hello, and welcome to the ExlService Holdings Inc second-quarter 2026 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.

各位好，歡迎參加 ExlService Holdings Inc 2026 年第二季財報電話會議。(接線員指示) 另外提醒各位，本次會議將於今日錄音。如您有任何異議，請於此時中斷連線。

I will now turn the call over to Andrew Thut, Head of Investor Relations and Capital Markets.

現在我將把電話交給投資人關係與資本市場主管 Andrew Thut。

Thanks, Mariana. Hello, and thank you for joining EXL's second-quarter 2026 financial results conference call. On the call with me today are Rohit Kapoor, Chairman and Chief Executive Officer; and Maurizio Nicolelli, Chief Financial Officer. We hope you've had an opportunity to review the second quarter earnings press release we issued yesterday afternoon. We have also posted a slide deck and investor fact sheet on our Investor Relations website.

謝謝你，Mariana。各位好，感謝您參加 EXL 2026 年第二季財務結果電話會議。今天與我一同出席的有董事長兼執行長 Rohit Kapoor，以及財務長 Maurizio Nicolelli。我們希望各位已經有機會閱讀我們昨天下午發布的第二季財報新聞稿。我們也已在投資人關係網站上發布簡報投影片與投資人資料表。

As a reminder, some of the matters we'll discuss this morning are forward-looking. Please keep in mind that these forward-looking statements are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. Such risks and uncertainties include, but are not limited to, those factors set forth in yesterday's press release and in EXL's filings with the Securities and Exchange Commission from time to time.

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，這些前瞻性陳述受到已知與未知風險及不確定性的影響，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。此等風險與不確定性包括但不限於昨日新聞稿以及 EXL 不時向美國證券交易委員會提交之文件中所載之因素。

EXL assumes no obligation to update the information presented on the 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 不承擔更新今日電話會議所呈現資訊之任何義務。在本次電話會議中，我們可能會提及若干非 GAAP 財務衡量指標，我們相信這些指標可為投資人提供有用資訊。這些指標與 GAAP 之調節表可於我們的新聞稿、簡報投影片及投資人資料表中查閱。

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

接下來，我把電話交給 Rohit。Rohit？

Thank you, Andrew, and good morning, everyone. EXL delivered strong second quarter results, posting revenues of $595 million, up 16% year-over-year and adjusted earnings per share of $0.59, an increase of 22% year-over-year. We entered the year with positive business momentum, which has continued to strengthen throughout the first half with broad-based growth across every segment of our business. We sit here today with very good visibility into the balance of the year and are looking forward to a strong finish to 2026.

謝謝你，Andrew，各位早安。EXL 交出強勁的第二季成績，營收達 5.95 億美元，年增 16%；調整後每股盈餘為 0.59 美元，年增 22%。我們在年初即具備正向的業務動能，且在上半年持續增強，公司的各個業務板塊皆呈現廣泛成長。截至今日，我們對今年剩餘期間的能見度非常良好，並期待 2026 年能以強勁表現收官。

We continue to differentiate ourselves with industry-leading growth. As enterprises move from proof-of-concept to AI implementation, our expertise, solutions and services sit squarely at the center of the demand vectors where investment dollars are focused, delivering measurable business outcomes and economic efficiencies. Our deep understanding of client workflows and domain context, combined with our competencies in data and AI engineering is creating a tailwind as we help clients solve the acute challenge of making AI work effectively in the enterprise.

我們持續以業界領先的成長表現展現差異化。當企業從概念驗證走向 AI 落地導入時，我們的專業能力、解決方案與服務正位於投資資金聚焦的需求向量核心，能帶來可衡量的業務成果與經濟效率。我們對客戶工作流程與產業情境的深刻理解，結合我們在資料與 AI 工程方面的能力，正形成順風助力，協助客戶解決在企業中有效落地 AI 的迫切挑戰。

We are pleased with our results that reflect the strength of our data and AI-led strategy and our focused execution. Over the last two earnings calls, we have made additional efforts to bring transparency to our financial reporting. In addition to providing a revenue breakout across both data and AI-led and digital operations, we now provide revenue from total operations as well.

我們對本季成果感到滿意，這反映了我們以資料與 AI 為核心策略的實力，以及聚焦執行的成效。在過去兩次財報電話會議中，我們也進一步努力提升財務揭露的透明度。除了提供資料與 AI 驅動以及數位營運兩大類別的營收拆分外，我們現在也提供總營運（total operations）營收。

Data and AI-led revenue has accelerated over the past four quarters, growing 18% in Q3 2025, 21% in Q4 2025, 28% in Q1 2026 and now 30% year-over-year in Q2 2026. Data and AI-led services and solutions represent 61% of revenue with broad-based growth across data management, AI services and solutions, payment integrity and data and AI-led operations.

資料與 AI 驅動營收在過去四個季度持續加速成長：2025 年第三季年增 18%、2025 年第四季年增 21%、2026 年第一季年增 28%，而 2026 年第二季則達到年增 30%。資料與 AI 驅動的服務與解決方案占營收 61%，在資料管理、AI 服務與解決方案、支付完整性（Payment Integrity）以及資料與 AI 驅動營運等領域皆呈現廣泛成長。

Reported digital operations revenue was down approximately 1.5% year-over-year, and I want to be explicit about why, because this is important. This decline is by design, and it reflects the evolution of our business mix. As we embed AI into operations engagements, that work becomes more IP-led and higher value. And the related revenue moves into our data and AI-led category. For this reason, we believe the best way to evaluate the health of our operations business is to look at total operations, which includes both digital and AI-led.

已揭露的數位營運營收年減約 1.5%，我想明確說明原因，因為這點很重要。這項下滑是刻意為之，反映了我們業務組合的演進。當我們將 AI 嵌入營運類專案時，相關工作會更偏向以智慧財產（IP）驅動且價值更高。相應的營收也會轉入我們的資料與 AI 驅動類別。因此，我們認為評估營運業務健康狀況的最佳方式，是觀察總營運（包含數位與 AI 驅動兩者）。

Our total operations revenue in Q2 were up 10% year-over-year, continuing a trend of healthy, consistent growth. As we go to market with an AI-forward value proposition in operations, it strengthens our data and AI-led performance and vice versa. Combining operational expertise with proprietary data and AI capabilities, we help clients unlock greater productivity, faster decision-making and measurable business impact.

我們 2026 年第二季的總營運營收年增 10%，延續健康且穩健的成長趨勢。當我們以 AI 優先（AI-forward）的價值主張推向市場時，會強化我們的資料與 AI 驅動表現，反之亦然。透過結合營運專業與專有資料及 AI 能力，我們協助客戶釋放更高生產力、更快速決策，以及可衡量的業務影響。

As AI adoption expands, the value of our operations relationships deepens, enabling us to identify new use cases, accelerate deployment and drive sustained transformation. This creates a mutually reinforcing cycle that delivers greater value to clients while supporting durable recurring growth for EXL.

隨著 AI 採用擴大，我們與客戶的營運合作關係價值也更為深化，使我們能辨識新的使用情境、加速部署並推動持續轉型。這形成相互強化的循環：一方面為客戶帶來更大價值，另一方面也支持 EXL 長期且可持續的經常性成長。

We saw strong performance across each of our four operating segments in the quarter. Insurance grew 15% year-over-year, representing one-third of our revenues. Q2 was a defining quarter for EXL's insurance practice, translating multiyear AI investments into demonstrable client outcomes. Insurers continue to accelerate AI adoption across underwriting, claims and customer experience, and we are seeing strong deal activity across market segments.

本季我們四個營運事業部皆表現強勁。保險業務年增 15%，約占我們營收的三分之一。第二季是 EXL 保險事業的關鍵季度，將多年 AI 投資轉化為可驗證的客戶成果。保險公司持續加速在核保、理賠與客戶體驗等領域採用 AI，我們也看到各細分市場的交易活動相當活躍。

Healthcare and Life Sciences grew 22% year-over-year, representing more than a quarter of our revenues. Payment Integrity continues to be a significant growth driver, and we are seeing strength in analytics, AI services and solutions and operations. Payers and providers are under meaningful cost and regulatory pressure and are turning to EXL to apply AI at scale to improve productivity and outcomes.

醫療保健與生命科學業務年增 22%，占我們營收超過四分之一。支付完整性（Payment Integrity）仍是重要的成長動能來源，我們在分析、AI 服務與解決方案以及營運方面也展現強勢。付款方與醫療服務提供者正承受顯著的成本與監管壓力，並轉向 EXL，以大規模應用 AI 來提升生產力與成果。

Banking, Capital Markets and Diversified Industries grew 11% year-over-year, representing a little under a quarter of our revenues. Deal activity was strong in the quarter, and we remain confident in continued progress through the year. International Growth Markets grew 15% year-over-year, an acceleration attributable to ramp-ups and new client wins. This quarter, we welcomed Bhupender Singh as President and Head of International Growth Markets.

銀行、資本市場與多元產業業務年增 11%，占我們營收略低於四分之一。本季交易活動強勁，我們對全年持續進展仍具信心。國際成長市場年增 15%，加速成長主要來自專案擴量（ramp-ups）與新客戶得標。本季我們迎來 Bhupender Singh 擔任國際成長市場總裁暨負責人。

Bhupender brings a track record of building and scaling multibillion-dollar businesses in complex international markets, and he has hit the ground running, architecting our EMEA and APAC go-to-market, deepening client relationships and building pipeline. International represents one of our largest long-term growth opportunities, and Bhupender's appointment reflects our commitment to capturing it.

Bhupender 在複雜的國際市場中打造並擴張數十億美元規模業務方面具備卓越實績；他上任後迅速展開工作，規劃我們在 EMEA 與 APAC 的市場拓展策略（go-to-market），深化客戶關係並建立商機管線。國際市場是我們長期最大的成長機會之一，而任命 Bhupender 也反映我們致力於把握此機會的承諾。

Let me make our differentiation in the market more concrete with a few examples from the quarter because the thread running through all of them is the same. You cannot deliver strong business outcomes without deep understanding of the clients' domain and their data.

我想用本季幾個例子更具體說明我們在市場上的差異化，因為貫穿所有案例的主軸都相同。若沒有對客戶產業領域與其資料的深刻理解，就無法交付強勁的業務成果。

First, in health care. We went live at a large national health plan with their first-ever customer-facing agentic AI module, delivering a high deflection rate and significant ROI for the client. When the client independently benchmarked our solution against that of a leading hyperscaler, EXL outperformed on every measure. What became apparent is that while technology and AI capabilities are necessary, combining deep contextual knowledge with data and AI is what creates exceptional value, and that is where we differentiate ourselves.

首先，在醫療保健領域。我們在一家大型全國性健康保險計畫上線其史上第一個面向客戶的代理式（agentic）AI 模組，為客戶帶來高分流率（deflection rate）與顯著的投資報酬率（ROI）。當客戶自行將我們的解決方案與一家領先超大規模雲端服務商（hyperscaler）的方案進行基準比較時，EXL 在各項指標上皆表現更佳。顯而易見的是，技術與 AI 能力固然必要，但將深厚的情境知識與資料及 AI 結合，才是創造卓越價值的關鍵，而這正是我們的差異化所在。

Second, in insurance, we entered a competitive multi-vendor hackathon at a global carrier to build an AI-based data ingestion solution. Our approach, leveraging a strong understanding of the client's domain resulted in us presenting the best solution. That win positions us as their agentic partner as they reimagine their data estate. It is repeatable, referenceable work we can now deploy rapidly across our client base.

第二，在保險領域，我們參加一家全球保險公司舉辦的競爭性多供應商黑客松（hackathon），以建置一套以 AI 為基礎的資料擷取（ingestion）解決方案。我們的方法運用對客戶產業領域的深刻理解，使我們提出最佳方案。這項勝利使我們成為其代理式（agentic）合作夥伴，協助其重新構想資料資產版圖（data estate）。這是一項可複製、可作為客戶案例引用的工作，我們現在可以快速在客戶群中部署。

Third, a capability that has increasingly become more important and integral to scaling AI services is token optimization. As enterprises operationalize AI at scale, token consumption has become a dominant constraint on cost, speed and reliability. Working inside client workflows, we are able to reduce client token consumption by as much as 80%, helping them conserve spend and make their AI systems dramatically more efficient without compromising quality or latency.

第三，對於擴大 AI 服務規模而言，愈來愈重要且不可或缺的一項能力是代幣（token）最佳化。當企業以規模化方式將 AI 導入營運時，代幣消耗已成為成本、速度與可靠性的主要限制因素。透過深入客戶工作流程，我們能將客戶的代幣消耗最多降低 80%，協助其節省支出，並在不犧牲品質或延遲的情況下，讓其 AI 系統大幅提升效率。

None of this is possible as a simple technology plug and play. It requires deep knowledge of the workflow, experience of the regulatory context and understanding of ontologies of the data estate within the industries we serve. Also during the quarter, we hosted our Investor and Analyst Day in New York. The core message was straightforward. The AI opportunity for enterprises is immense and capturing it requires partners that can make AI scalable, effective and accountable inside complex regulated environments.

這些都不可能只是簡單的技術即插即用。它需要對工作流程的深刻理解、對監管環境的經驗，以及對我們所服務產業之資料資產本體（ontology）的掌握。此外，在本季度期間，我們也在紐約舉辦了投資人與分析師日。核心訊息很直接。企業的 AI 機會極為龐大，而要把握這個機會，需要能在複雜且受監管的環境中，讓 AI 具備可擴展性、有效性與可問責性的合作夥伴。

We laid out our view that sustained AI outcomes depends on three things working together: the right data, deep domain context and proven AI capabilities, coupled with trusted execution at scale. This is the framework that guides how we build, how we invest and increasingly, it is what we hear directly from clients as they move from pilots into production deployments.

我們闡述了我們的觀點：要取得可持續的 AI 成果，取決於三項要素協同運作：正確的資料、深厚的領域情境與經驗證的 AI 能力，並結合在規模化下值得信賴的交付執行。這一框架指引我們如何建構、如何投資，而且隨著客戶從試點走向正式上線部署，我們也愈來愈常直接從客戶那裡聽到同樣的需求。

We also outlined our investment priorities to extend our competitive advantage, continued investment in proprietary IP, solutions that move us up the value chain and targeted M&A. 25% of our client revenues today touch our proprietary IP. Strong free cash flow and an underlevered balance sheet gives us the flexibility to continue our share repurchase program and pursue acquisitions of products and solutions that allow us to better serve our clients' needs, which brings me to the most significant announcement of the quarter.

我們也說明了我們的投資優先事項，以延伸我們的競爭優勢，包括持續投資自有智慧財產（IP）、推動我們往價值鏈上游的解決方案，以及有針對性的併購。目前我們 25% 的客戶營收與我們的自有 IP 有所關聯。強勁的自由現金流與較低槓桿的資產負債表，讓我們有彈性持續推動股票回購計畫，並尋求收購能更好滿足客戶需求的產品與解決方案——這也引出本季度最重要的公告。

Last month, we announced the acquisition of iMerit, which we expect to close on July 31. iMerit is a recognized leader in AI model training, evaluation and reinforcement learning, and we view this deal as a transformational pivot for EXL. It brings established relationships with leading foundation model companies, a new and strategically important client segment for us. It also deepens our vertically specialized AI capabilities and expands our total addressable market into high-growth AI tech sectors.

上個月，我們宣布收購 iMerit，預計將於 7 月 31 日完成交割。iMerit 是 AI 模型訓練、評估與強化學習領域公認的領導者，我們將此交易視為 EXL 的轉型性關鍵轉折。此交易帶來與領先基礎模型公司既有的合作關係，這對我們而言是一個全新且具策略重要性的客戶族群。它也深化了我們在垂直產業專精的 AI 能力，並將我們的總可服務市場（TAM）擴展至高成長的 AI 科技領域。

The landscape is also shifting in a way that makes this timely. Gartner predicts that by 2028, open source Gen AI models will underpin more than 50% of enterprise use cases, up from less than 10% today. We believe this shift will be especially pronounced in the regulated industries we serve, where domain knowledge, context and compliance are absolutely critical.

市場格局也正以使此時機恰到好處的方式轉變。Gartner 預測，到 2028 年，開源生成式 AI（Gen AI）模型將支撐超過 50% 的企業使用案例，高於目前不到 10%。我們相信，這一轉變在我們所服務的受監管產業中將尤其明顯，因為領域知識、情境理解與合規性至關重要。

Deploying AI reliably in the business-critical workflows requires industry-specific data, rigorous evaluation and constant reinforcement learning. By combining iMerit's capabilities with EXL's domain expertise and AI platforms, we will be well positioned to help enterprises build, fine-tune and operationalize AI that performs reliably in production, a natural extension of the data and AI-led strategy we have been executing for years.

要在業務關鍵工作流程中可靠地部署 AI，需要具產業特性的資料、嚴謹的評估，以及持續的強化學習。結合 iMerit 的能力與 EXL 的領域專長及 AI 平台後，我們將具備良好定位，協助企業建置、微調並營運化 AI，使其在正式環境中可靠運作，這也是我們多年來持續推進之資料與 AI 驅動策略的自然延伸。

The strength of our business performance and the addition of iMerit give us the confidence to raise our guidance for the full year. We now expect 2026 revenue to be in the range of $2.39 billion to $2.415 billion, representing 14% to 16% growth on a reported basis, up from our prior guidance of $2.3 billion to $2.33 billion. iMerit accounts for approximately $28 million to $32 million of that revenue for the remaining five months of the year.

我們業務表現的強勁，以及 iMerit 的加入，讓我們有信心上調全年指引。我們目前預期 2026 年營收將介於 23.9 億美元至 24.15 億美元之間，按報告基礎計算代表 14% 至 16% 的成長，高於先前指引的 23 億美元至 23.3 億美元。iMerit 在本年度剩餘五個月預計貢獻約 2,800 萬美元至 3,200 萬美元的營收。

We are also raising our adjusted diluted EPS guidance to a range of $2.25 to $2.29, representing approximately 16% to 18% year-over-year growth, up from our prior guidance of $2.18 to $2.23. As always, I want to thank our clients, partners and employees for their continued trust and commitment and our shareholders for their continued support.

我們也將調整後稀釋每股盈餘（EPS）指引上調至 2.25 美元至 2.29 美元區間，約代表年增 16% 至 18%，高於先前指引的 2.18 美元至 2.23 美元。一如既往，我要感謝我們的客戶、合作夥伴與員工持續的信任與投入，也感謝股東們持續的支持。

With that, I'll turn the call over to Maurizio to provide additional details on our financial results and outlook.

接下來，我把電話會議交給 Maurizio，請他提供我們財務結果與展望的更多細節。

Thank you, Rohit, and thanks, everyone, for joining us this morning. I will provide insights into our financial performance for the second quarter and our revised outlook for 2026. We delivered a strong second quarter with revenue of $594.8 million, up 15.6% year-over-year on a reported basis and 15.9% on a constant currency basis. Sequentially, revenue grew 4.4% on a constant currency basis. Adjusted EPS for the quarter was $0.59, representing a year-over-year growth of 22.3%. All revenue growth percentages mentioned hereafter are on a constant currency basis, unless otherwise stated.

謝謝你，Rohit，也謝謝各位今天早上加入我們。我將就第二季的財務表現以及我們對 2026 年修訂後的展望提供一些觀點。我們第二季表現強勁，營收為 5.948 億美元，按報告基礎年增 15.6%，按固定匯率基礎年增 15.9%。按固定匯率基礎，營收季增 4.4%。本季調整後 EPS 為 0.59 美元，年增 22.3%。除非另有說明，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 second quarter revenue performance by segment. Insurance revenue was $197.8 million, up 14.9% year-over-year. This growth was driven by both the expansion and higher volumes in existing client relationships. Sequentially, insurance revenue grew 2%. The insurance vertical, including revenue from international growth markets, grew 14.9% year-over-year with revenue of $233.7 million.

接著看第二季各事業部門的營收表現。保險業務營收為 1.978 億美元，年增 14.9%。此成長來自既有客戶關係的擴張與更高的業務量。就季比而言，保險營收成長 2%。保險垂直領域（包含國際成長市場的營收）年增 14.9%，營收為 2.337 億美元。

Healthcare and Life Sciences reported revenue of $158 million, representing growth of 22% year-over-year and 4% 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. The Healthcare and Life Sciences vertical, including revenue from international growth markets, grew 22% year-over-year with revenue of $158.3 million.

醫療保健與生命科學營收為 1.58 億美元，年增 22%，季增 4%。年增主要由我們支付服務業務的更高業務量、既有客戶關係的擴張以及新客戶贏單所帶動。醫療保健與生命科學垂直領域（包含國際成長市場的營收）年增 22%，營收為 1.583 億美元。

Banking, Capital Markets and Diversified Industries reported revenue of $133.9 million, representing growth of 10.7% year-over-year and 5.1% sequentially. This growth was driven by the new client wins and expansion of existing client relationships. The Banking, Capital Markets and Diversified Industries vertical, including revenue from international growth markets, grew 12.8% year-over-year with revenue of $202.8 million.

銀行、資本市場與多元產業營收為 1.339 億美元，年增 10.7%，季增 5.1%。此成長由新客戶贏單以及既有客戶關係的擴張所帶動。銀行、資本市場與多元產業垂直領域（包含國際成長市場的營收）年增 12.8%，營收為 2.028 億美元。

International Growth Markets reported revenue of $105.1 million, up 16.3% year-over-year and 8.9% sequentially. This growth was driven by ramp-ups and higher volumes with existing clients and new client wins in banking, capital markets and diversified industries and insurance.

國際成長市場營收為 1.051 億美元，年增 16.3%，季增 8.9%。此成長由既有客戶的擴量與更高業務量，以及在銀行、資本市場與多元產業和保險領域的新客戶贏單所帶動。

SG&A expenses as a percentage of revenue increased 170 basis points year-over-year to 20.9%, primarily driven by higher investments in front-end sales and support. Our adjusted operating margin for the quarter was 19.7%, up 10 basis points year-over-year, driven primarily by improved gross margins. Our effective tax rate for the quarter was 21.3%, down 110 basis points year-over-year, driven by higher profits in lower tax jurisdictions. Our adjusted EPS for the quarter was $0.59, up 22.3% 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 170 個基點至 20.9%，主要由於在前端銷售與支援方面的投資增加。本季調整後營業利益率為 19.7%，年增 10 個基點，主要由毛利率改善所帶動。本季有效稅率為 21.3%，年減 110 個基點，主要由於在較低稅負司法管轄區的獲利占比提高。本季調整後 EPS 為 0.59 美元，按報告基礎年增 22.3%。

Turning to the first -- to our first half performance. Our revenue for the period was $1.17 billion, up 14.7% year-over-year on a reported and constant currency basis. This growth was broad-based across all segments, driven by double-digit growth in healthcare and life sciences, insurance and international growth markets. Our adjusted operating margin for the first half was 20.1%, up 20 basis points year-over-year. Our first half adjusted EPS was $1.17, up 21.3% year-over-year on a reported basis.

接著看上半年表現。本期間營收為 11.7 億美元，按報告基礎與固定匯率基礎皆年增 14.7%。此成長在所有事業部門均衡展開，主要由醫療保健與生命科學、保險以及國際成長市場的雙位數成長所帶動。上半年調整後營業利益率為 20.1%，年增 20 個基點。上半年調整後 EPS 為 1.17 美元，按報告基礎年增 21.3%。

Our balance sheet remains strong. Our cash, including short- and long-term investments as of June 30 was $284 million and revolver debt was $381 million for a net debt position of $97 million. We generated cash flow from operations of $90 million for the first six months of the year. During the first half of 2026, we spent $27 million on capital expenditures and repurchased 5.8 million shares at an average price of $30.90 per share, totaling $179 million. This includes 4.15 million shares repurchased under the accelerated share repurchase program at an average price of $30.10.

我們的資產負債表依然穩健。截至 6 月 30 日，我們的現金（包含短期與長期投資）為 2.84 億美元，循環信貸（revolver）負債為 3.81 億美元，淨負債部位為 9,700 萬美元。今年前六個月，我們由營運活動產生的現金流為 9,000 萬美元。在 2026 年上半年，我們資本支出 2,700 萬美元，並以每股平均 30.90 美元回購 580 萬股，合計 1.79 億美元。其中包含在加速股份回購計畫下，以每股平均 30.10 美元回購的 415 萬股。

Now moving on to our outlook for 2026. While we continue to monitor the evolving macroeconomic and geopolitical environment, our strong second quarter performance, sustained growth momentum and healthy pipeline in addition to the acquisition of iMerit provides us with the confidence to raise our outlook for the remainder of the year. We now expect 2026 revenue to be in the range of $2.39 billion to $2.415 billion, including $28 million to $32 million of anticipated revenue from the iMerit acquisition, which is expected to close on July 31, 2026.

接著談談我們對 2026 年的展望。在我們持續關注不斷演變的總體經濟與地緣政治環境之際，憑藉第二季強勁表現、持續的成長動能、健康的案源管線，以及收購 iMerit，讓我們有信心上調今年剩餘期間的展望。我們目前預期 2026 年營收將落在 23.9 億至 24.15 億美元之間，其中包含預期來自 iMerit 收購案的 2,800 萬至 3,200 萬美元營收；該收購案預計於 2026 年 7 月 31 日完成交割。

This represents a year-over-year growth of 14% to 16% on a reported basis and 13% to 14% on an organic constant currency basis. At the midpoint, the revised range is $88 million higher than our previous guidance. Based on the strong market opportunity and the need for us to continue to stay ahead in AI, we will increase our investments in front-end sales, data and AI capabilities and solutions for the rest of the year, and our adjusted operating margin will be lower in the second half of the year compared to the first half.

這相當於以報表口徑計算的年增 14% 至 16%，以及以有機、固定匯率口徑計算的年增 13% 至 14%。以區間中點來看，修訂後的區間較我們先前指引高出 8,800 萬美元。基於強勁的市場機會，以及我們需要持續在 AI 領域保持領先，我們將在今年剩餘期間增加前端銷售、資料與 AI 能力及解決方案的投資，因此下半年調整後營業利益率將低於上半年。

We expect a foreign exchange gain of approximately $3 million, net interest expense of approximately $16 million to $18 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 $58 million to $62 million. We anticipate our adjusted EPS to be in the range of $2.25 to $2.29, representing year-over-year growth of 16% to 18%, up from our previous guidance of $2.18 to $2.23. Our adjusted EPS guidance includes a marginal dilutive impact of $0.01 from the iMerit acquisition.

我們預期外匯收益約 300 萬美元，淨利息費用約 1,600 萬至 1,800 萬美元，全年有效稅率預計落在 21% 至 22%。我們預期資本支出將落在 5,800 萬至 6,200 萬美元。我們預期調整後 EPS 將落在 2.25 至 2.29 美元之間，代表年增 16% 至 18%，高於先前指引的 2.18 至 2.23 美元。我們的調整後 EPS 指引包含 iMerit 收購案帶來的 0.01 美元輕微稀釋影響。

To conclude, we had a strong first half, underscoring our differentiated competitive position and exposure to attractive high-growth market segments. Our leading indicators remain positive, and our resilient, adaptable business model positions us well for a solid performance in 2026. With that, Rohit and I would be happy to take your questions.

總結來說，我們上半年表現強勁，凸顯我們差異化的競爭地位，以及對具吸引力的高成長市場區隔的曝險。我們的領先指標仍然正向，而我們具韌性、可調適的商業模式，使我們在 2026 年有望交出穩健表現。接下來，Rohit 和我很樂意回答各位的提問。

(Operator Instructions)

（接線員指示）

Bryan Bergin, TD Cowen.

Bryan Bergin，TD Cowen。

Hey, good morning. Thank you. I'd like to start on the data and AI strength and the durability there. So above 30% growth in the quarter, but even above 20% EXL digital solutions and data and AI-led ops. Curious if you could help kind of parse how much of that growth is coming from new AI-native programs versus traditional kind of analytics modernizations? And what gives you the confidence that data and AI perhaps can retain a 20% plus grower for the balance of '26?

嗨，早安。謝謝。我想先從資料與 AI 的強勁表現以及其持續性談起。本季成長超過 30%，而 EXL 數位解決方案以及資料與 AI 驅動的營運也有超過 20% 的成長。想請你們協助拆解一下，這些成長有多少來自新的 AI 原生（AI-native）專案，相較於較傳統的分析現代化（analytics modernization）？另外，你們有何信心認為資料與 AI 在 2026 年剩餘期間仍可維持 20% 以上的成長？

Hi, Bryan. So yeah, we saw a tremendous amount of strength in our data and AI-led business, and that growth rate has been accelerating for us for the last four quarters. The reason why it's kind of showing this kind of strength is because each of the service lines within our data and AI-led business are actually performing really well. So Payment Integrity continues to grow very nicely. The data management part of our business is accelerating. The analytics and AI services part continues to grow nicely.

嗨，Bryan。是的，我們在資料與 AI 驅動業務上看到非常強勁的動能，而且過去四個季度這個成長率一直在加速。之所以呈現這樣的強度，是因為我們資料與 AI 驅動業務中的各條服務線其實都表現得非常好。因此，Payment Integrity 持續相當不錯地成長。我們的資料管理業務正在加速。分析與 AI 服務也持續穩健成長。

So in terms of your question in terms of new work that we are undertaking here versus existing work that we're undertaking, it really is a mix of both. We do have a stable business within our payment integrity service line as well as within our analytics business. But the newer areas of data management, AI services and AI solutions, those are growing very, very rapidly on a small base, but becoming much more pronounced and big for us.

至於你問到我們正在承接的新工作相較於既有工作，實際上兩者兼具。我們在支付完整性（payment integrity）服務線以及分析業務中都有穩定的業務基礎。但在資料管理、AI 服務與 AI 解決方案等較新的領域，雖然基期較小，卻成長非常、非常快，並且對我們而言正變得更為顯著且規模更大。

So going forward, this area of data and AI-led services and solutions for us is going to remain a high growth driver even after excluding data and AI-led operations. And we think we are very well positioned with this portfolio of services and the capabilities that we are demonstrating to our clients is giving them the confidence to engage with us in much more strategic ways.

展望未來，即使不包含資料與 AI 驅動的營運（operations），資料與 AI 驅動的服務與解決方案仍將是我們的重要高成長驅動力。我們認為，憑藉這個服務組合以及我們向客戶展現的能力，正讓客戶更有信心以更具策略性的方式與我們合作。

Okay. That's clear. And then, Rohit, you had interesting comments on kind of tokenomics and the optimization potential there. Just given your data and process expertise, it seems to be a major opportunity for you and just understanding there are some highly valued third-party routing platforms in the market.

了解。很清楚。另外，Rohit，你對代幣經濟（tokenomics）以及其中的最佳化潛力有一些很有意思的評論。考量你們在資料與流程方面的專長，這看起來對你們是個重大機會；同時也理解市場上有一些估值很高的第三方路由平台。

I'm curious how you're approaching this vector. Is this an area where you're developing IP that can kind of better serve vertical-specific applications? And can you also use such a solution as kind of a tip of the spear to accelerate new opportunities out there?

我想了解你們如何切入這個方向。這是否是你們正在開發可更好服務於特定垂直領域應用的智慧財產（IP）的領域？另外，你們是否也能把這類解決方案作為「先鋒」（tip of the spear），以加速開拓新的機會？

Yes, Bryan. So look, I think token economics is going to become a very important and integral part of any AI modernization program for an enterprise client. And there seems to be a tremendous amount of value that can be created for clients just in terms of the design, the engineering and the way in which the implementation is done for AI models and the way in which agentic AI is used on the operating workflows.

是的，Bryan。我認為代幣經濟將成為企業客戶任何 AI 現代化計畫中非常重要且不可或缺的一部分。而且，僅就 AI 模型的設計、工程，以及導入方式，再到在營運工作流程中如何使用代理式 AI（agentic AI），就能為客戶創造非常可觀的價值。

We are obviously in a much more advantageous position, having a deep knowledge of our clients' industry and their workflow and their data. And we are building up capabilities that will give us advanced signals about the use of tokens and the cost of tokens, and we can make that transparent to our clients and be able to help them reduce their cost on token economics. This is going to be one of the principal areas of spend.

我們顯然處於更有利的位置，因為我們對客戶的產業、工作流程與資料有深度了解。我們也正在建立能力，讓我們能取得關於代幣使用量與代幣成本的更進階訊號，並將其透明化提供給客戶，進而協助他們降低代幣經濟相關成本。這將會是主要的支出領域之一。

And I think clients will also start to look at more complex solutions out here where they might even think about having their own hosted environments for the infrastructure and being able to deploy the AI models on their own GPUs and in their own environments. So frankly, this is an area that's going to continue to become more complex and expand rapidly. And there's a lot of value that needs to be delivered to clients on that, and we are in a great position to do that.

我也認為客戶將開始尋求更複雜的解決方案，例如他們甚至可能考慮為基礎設施建立自有託管環境，並能在自有 GPU 與自有環境中部署 AI 模型。坦白說，這個領域將持續變得更複雜並快速擴張。而在這方面需要為客戶交付大量價值，我們也處於非常有利的位置來做到這點。

Okay. Sounds like (inaudible) opportunity. Thank you.

好的。聽起來是（聽不清）機會。謝謝。

Surinder Thind, Jefferies.

Surinder Thind，Jefferies。

Thank you. Rohit, can you maybe talk a bit more on just kind of the dynamics of what's going on in the international growth markets. Obviously, the back half of 2025 growth was kind of flat quarter-over-quarter. And obviously, you've seen a material acceleration there. Can you talk about can that continue and how we should think about that segment on a go-forward basis?

謝謝。Rohit，你能否再多談一些國際成長市場目前的動態？顯然 2025 年下半年成長在季對季上大致持平。而你們也明顯看到那裡出現顯著加速。你能談談這是否能持續，以及我們在未來應如何看待這個業務區隔嗎？

Sure, Surinder. So look, our view is that the international growth markets is a huge opportunity for EXL. The adoption of AI by clients in the international growth markets is actually trying to keep up pace with the adoption of AI from our US clients. And actually, what we are seeing is given the fact that we are in a much more connected world right now, everybody is moving on to the adoption of AI very, very rapidly and equally. So we see that to be a tremendous opportunity for us to help and engage with clients internationally and be able to support them along these journeys.

當然，Surinder。所以你看，我們的觀點是，國際成長市場對 EXL 而言是一個巨大的機會。國際成長市場的客戶在採用 AI 方面，實際上正努力跟上我們美國客戶採用 AI 的步伐。而且事實上，我們看到的是，鑑於我們現在處於一個更加互聯的世界，每個人都在非常、非常快速且同樣地推進 AI 的採用。因此，我們認為這對我們而言是極大的機會，能在國際上協助並與客戶互動，並在他們的旅程中提供支持。

Now in the past, we've had a limited presence internationally, but we've been investing quite aggressively in terms of building up more talent capability and solutioning capability in the international growth markets so that we can serve our international clients much more directly and much more near their point of execution. So this for us remains an important strategic focus area. It's a huge demand vector that is literally untapped by us. And we think we can play in this space and create a significant amount of revenue volume out here.

過去我們在國際上的布局相對有限，但我們一直在國際成長市場相當積極地投資，建立更多的人才能力與解決方案能力，讓我們能更直接地服務國際客戶，並更貼近其執行端。因此，這對我們而言仍是一個重要的策略聚焦領域。這是一個我們幾乎尚未開發的巨大需求向量。我們認為我們可以在這個領域發揮，並在此創造可觀的營收規模。

Helpful. And then as a follow-up on the investment spend or the incremental investment spend, you talked about investing maybe a bit more in front-end sales as well as data and AI capabilities. Any additional color you can provide there? Is front-end sales maybe more in international growth markets, certain segments? And then on the data and AI capabilities, is that more product build-out? Or is that more services capability build-out?

很有幫助。接著追問投資支出或增量投資支出，你提到可能會在前端銷售以及資料與 AI 能力上多投資一些。你能否再補充一些細節？前端銷售是否更多是針對國際成長市場、或特定產業/客群？另外在資料與 AI 能力方面，是偏向產品建置擴充嗎？還是更偏向服務能力的建置擴充？

Yes, Surinder. So for us, the data and AI capabilities is much more building out solutions and product capability. And as AI continues to evolve, this is something which we will continue to invest in. And then the front-end investment is also essential because the skill set required to make a sale on data and AI is quite different from traditional digital operations. And that's something which we are investing in.

是的，Surinder。對我們而言，資料與 AI 能力更多是用來擴建解決方案與產品能力。而且隨著 AI 持續演進，這會是我們持續投入的方向。此外，前端投資也同樣關鍵，因為銷售資料與 AI 所需的技能組，與傳統數位營運的銷售相當不同。這也是我們正在投資的部分。

One of the things which we have noticed is that the velocity of decision-making of deals by clients is actually coming -- the velocity is increasing and the cycle time is coming down. So we need to have a greater amount of sales and front-end capability to be able to deal with this higher velocity and a much faster cycle time as well as much deeper product knowledge about our data and AI services and capabilities and the way in which we can enable AI for the clients.

我們注意到的一點是，客戶對交易的決策速度正在提升——也就是速度變快、週期時間縮短。因此，我們需要更強的銷售與前端能力，以因應更高的決策速度與更短的週期時間；同時也需要對我們的資料與 AI 服務與能力，以及我們如何為客戶啟用 AI，具備更深入的產品知識。

Thank you.

謝謝。

Puneet Jain, JPMorgan.

Puneet Jain，摩根大通。

Hey. Thanks for taking my questions and strong results. Rohit, are you seeing any changes in clients' conversations or their willingness to outsource given increasing AI complexity and the news flow around AI and also like the low enterprise value creation or ROI that some of those AI projects have created so far?

嗨。謝謝回答我的問題，也恭喜強勁的業績。Rohit，隨著 AI 複雜度提高、以及市場上關於 AI 的新聞動態，再加上一些 AI 專案迄今為止帶來的企業價值創造或投資報酬率（ROI）偏低，你是否看到客戶在對話內容或其外包意願上有任何改變？

Thanks, Puneet. So yes, look, as we've kind of shared previously, the changes that we are seeing are clients are moving away from pilots and they want to go into production. So they want to be able to deploy AI in production. But still, we are in the early stages, and this deployment into production is use case by use case. So it's still at initial nascent phase.

謝謝，Puneet。所以是的，你看，正如我們先前分享的，我們看到的變化是客戶正在從試點（pilot）轉向，希望進入正式上線（production）。也就是他們希望能在生產環境中部署 AI。但我們仍處於早期階段，而導入生產環境是以一個用例（use case）接一個用例的方式推進。因此目前仍在初期萌芽階段。

The second part is enterprise clients are building out their foundations for the AI enablement of the enterprise. So what that means is they're getting their data estates in order. They are putting together platforms that will allow them to develop, deploy and activate agentic AI. They are putting together AI harnesses that will allow them to be able to iterate and modify their AI models very, very rapidly and be able to govern and be able to have adequate security and compliance with regulatory requirements and have that in place.

第二點是，企業客戶正在為企業層級的 AI 啟用建立基礎。這代表他們正在整理並完善其資料資產（data estates）。他們正在建置平台，使其能夠開發、部署並啟動代理式 AI（agentic AI）。他們也在建立 AI 的「harness」框架，讓他們能非常、非常快速地迭代與修改 AI 模型，並能進行治理，並具備足夠的安全性與法規遵循，以符合監管要求，並把這些都落實到位。

But the effort that is required to enable AI for any enterprise is massive, and it's really an enormous opportunity. I think this is one area which is significantly underestimated by the market. And what we are seeing is clients are really struggling with this change, and we are in a great position to actually help them with this. So we feel fortunate that we've got the right kind of capabilities, the right kind of skill sets and the right kind of relationships and the know-how to be able to help them move on this journey.

但要為任何企業啟用 AI 所需的工作量非常龐大，這確實是一個巨大的機會。我認為這是市場嚴重低估的一個領域。而我們看到的是，客戶在這項變革上確實很吃力，而我們正處於一個非常有利的位置，能實際協助他們。因此，我們覺得很幸運，因為我們具備合適的能力、合適的技能組、合適的客戶關係，以及能夠協助他們走完這段旅程的專業與方法。

That's great to hear. And my second question is similar to Bryan's question, but focused on AI and data work that's embedded within digital ops. Can you double-click on the -- specifically what type of work you do in that practice within digital ops? That's like 15% of total revenue growing -- obviously growing at a very high clip. Directionally, how much of that growth in revenue stems from AI-driven agentic operations versus data analytics work with -- and again, I'm talking about data AI within digital ops.

很高興聽到。我的第二個問題和 Bryan 的問題類似，但聚焦在數位營運（digital ops）中內嵌的 AI 與資料工作。你能否更深入說明——具體而言，在數位營運之內的那個實務（practice）你們做的是哪些類型的工作？那部分約占總營收的 15%，而且顯然成長非常快。就方向性而言，這些營收成長中，有多少來自 AI 驅動的代理式營運（agentic operations），又有多少來自資料分析工作——同樣地，我指的是數位營運中的 data/AI。

Right. So when we talk about embedding data and AI into digital operations, think about some of the common processes that we run for clients. So let's take insurance where we run claims processes for clients or we run underwriting processes for clients. We are embedding agentic AI into claims and into underwriting. So what that means is, we are pulling together pieces of that process and AI enabling that and allowing the LLMs to be able to take the decisions and to be able to automate some of the workflows that we are working on with our clients.

好的。所以當我們談到把資料與 AI 內嵌到數位營運時，可以想像我們為客戶執行的一些常見流程。以保險為例，我們為客戶執行理賠流程，或為客戶執行核保流程。我們正在把代理式 AI 內嵌到理賠與核保之中。這代表我們把流程中的一些環節整合起來並以 AI 進行賦能，讓大型語言模型（LLM）能夠做出決策，並自動化我們與客戶共同處理的一部分工作流程。

Now we have to do this in a responsible manner, which is also got the right kind of guardrails for a regulated industry and for a regulated workflow. So what that means is that in some cases, we use deterministic models, which are very much well suited for following policies, procedures and regulations. And in some cases, we are using probabilistic models which is -- where judgment is required and where decision-making is required. And it's really the art of combining both of these two deterministic models and probabilistic models and integrating that into the workflow. That's the effort required to embed data and AI into these digital operations processes that we're running.

當然，我們必須以負責任的方式來做，並且要有適當的防護欄（guardrails），以符合受監管產業與受監管工作流程的要求。這表示在某些情況下，我們會使用確定性模型（deterministic models），這類模型非常適合遵循政策、程序與法規。而在某些情況下，我們會使用機率性模型（probabilistic models）——也就是需要判斷、需要決策的地方。真正的關鍵在於把確定性模型與機率性模型這兩者結合起來，並將其整合進工作流程中。這就是把資料與 AI 內嵌到我們所執行的這些數位營運流程中所需投入的工作。

Now keep in mind, every time we do this, if you're doing this for a particular carrier, a particular business line, a particular geography, each one of this is a unique intervention that needs to be undertaken. It's got a common harness. It's got a common component pieces that can be deployed. But every single time, the enablement requires a very high level of customization. And that level of customization is also iterative, and it requires deep knowledge of the workflow, deep understanding of the data sets and a deep knowledge of being able to integrate and orchestrate across the various technology platforms of our clients.

另外請記住，每次我們做這件事時，如果是針對某一家保險公司、某一條業務線、某一個地理區域，每一個都需要進行獨特的介入。它有共通的框架（harness）。也有可部署的共通元件。但每一次的啟用都需要非常高程度的客製化。而這種客製化也需要反覆迭代，並且要求對工作流程有深度理解、對資料集有深度掌握，以及具備在客戶各種技術平台之間進行整合與協同編排（orchestrate）的深厚能力。

So it's a slow and gradual process, but we are in the best position to be able to deploy this for our clients, because of our knowledge and understanding of the workflow and the fact that we already do this work for our clients. And that's why we're seeing greater adoption and greater traction and greater confidence by our clients to allow us to do this work.

因此這是一個緩慢且循序漸進的過程，但我們處於最有利的位置，能為客戶部署這些能力，因為我們了解並熟悉工作流程，而且我們本來就為客戶執行這些工作。這也是為什麼我們看到客戶採用度更高、推進更有進展、且對讓我們來做這項工作的信心也更強。

Thanks.

謝謝。

Maggie Nolan, William Blair.

Maggie Nolan，William Blair。

Hi, thank you. So there are a lot of moving parts on the margin, the acquisition, the India Labor Code tokenomics, you outlined some investments in the prepared remarks. Are you still hoping to drive gross margin up and then also modestly improve operating margin annually? Or is the priority for the business for the next couple of years really to invest for and drive growth on the top line?

嗨，謝謝。所以在毛利率、併購、印度《勞動法典》代幣經濟（tokenomics）方面有很多變動因素，你也在準備好的發言中概述了一些投資。你們仍然希望推動毛利率上升，並且每年也小幅改善營業利潤率嗎？還是說，未來幾年這項業務的優先事項其實是投資並推動營收端的成長？

Hi, Maggie. Thanks for the question. I don't think anything has really changed in our thinking around gross margins and also AOPM. You saw gross margins come down about 90 basis points from Q1. The big driver there was our increments came into effect as of April 1 globally. So that always creates a lower gross margin in the second quarter, which is no different than the prior year. You'll see the same effect in the prior year.

嗨，Maggie。謝謝你的問題。我認為我們對毛利率以及 AOPM（調整後營業利潤率）的看法並沒有真正改變。你看到毛利率相較第一季下降了約 90 個基點。主要原因是我們的調薪自 4 月 1 日起在全球生效。因此這總是會在第二季造成較低的毛利率，這點與前一年並無不同。你也會在前一年看到同樣的影響。

And so we continue to make improvements marginally every year to gross margin as we drive more value overall from embedding more data and AI into our client workflows. And we've talked about that pretty significantly in the past, and nothing has changed there. Now when it comes to our overall margin, we continue to see our overall margin in 2026 to be comparable to 2025.

因此，隨著我們在客戶工作流程中嵌入更多資料與 AI、從而整體創造更多價值，我們仍會持續每年在毛利率上做些微改善。我們過去已相當深入地談過這點，而目前也沒有任何改變。至於整體利潤率，我們仍預期 2026 年的整體利潤率將與 2025 年相當。

Now we had a very good first half of the year in terms of our adjusted operating margin, and we will continue to invest in the second half of the year, which will help us really drive overall top line growth, both for the second half of this year and 2027. And again, that comes into the -- that involves the investments that we're going to be making in front-end sales and also to build out capabilities in both data management and also in our AI capability area.

今年上半年我們在調整後營業利潤率方面表現非常好，而我們將在下半年持續投資，這將有助於我們真正推動整體營收成長，不僅是今年下半年，也包括 2027 年。同樣地，這涉及我們將在前端銷售上的投資，以及在資料管理與 AI 能力領域擴建能力。

So we continue to make progress on gross margins. You will see them go up and down slightly when you look at it quarterly, but we will continue to make progress there. And you will see us invest a bit more in the second half of the year, but our overall margin for the year will be comparable to the prior year.

因此我們在毛利率方面持續取得進展。按季度來看你會看到它們略有上下波動，但我們會持續在這方面前進。你也會看到我們在下半年多投資一些，但全年整體利潤率將與前一年相當。

Got it. Thank you, Maurizio. And then can you talk about are you -- have you seen success in penetrating the mid-market opportunity? Do you think that cohort is in perhaps greater need of a partnership and services from you all than the enterprise? Or how are you thinking about that?

了解。謝謝你，Maurizio。另外，你能談談你們——在滲透中型市場（mid-market）機會方面是否已看到成效嗎？你認為那個客群相較於大型企業，是否更需要與你們的合作夥伴關係與服務？或者你們是如何看待這件事的？

Yes, Maggie. I think the mid-market is trying to catch up on AI as quickly as possible. And frankly, the mid-market needs a lot more help than the large enterprises. So we are seeing a fair amount of traction out there. And we are in a great position to help out the mid-market clients because of the kind of attention that we can provide to them.

是的，Maggie。我認為中型市場正試圖盡快在 AI 方面追趕。坦白說，中型市場比大型企業需要更多協助。所以我們確實看到相當多的進展。而且我們處於非常有利的位置，能夠協助中型市場客戶，因為我們能提供他們所需的關注程度。

And these mid-market clients are very meaningful and wholesome client relationships for us that are developing quite nicely. And so it plays to the nice fitment between us and the mid-market clients and the value that we can deliver for them.

而這些中型市場客戶對我們而言是非常重要且健康的客戶關係，且正在相當順利地發展。因此，這也凸顯了我們與中型市場客戶之間良好的契合度，以及我們能為他們交付的價值。

And the last piece I would say is everything has obviously got to be done with speed being at the center of the value equation. And again, our ability to be able to engage with the mid-market clients, deliver the value to them at speed and give them the focus and attention is really helping us.

最後我想說的是，一切顯然都必須以速度作為價值方程式的核心。同樣地，我們與中型市場客戶互動、快速為他們交付價值，並給予他們專注與關注的能力，確實正在幫助我們。

Thanks, Rohit.

謝謝，Rohit。

David Grossman, Stifel.

David Grossman，Stifel。

Good morning, thank you. So just looking at the kind of cadence of growth over the last couple of quarters, it looks like growth has accelerated on an organic constant basis. And just looking at the pace of new client adds in the back half of last year, it looks like you had a pretty dramatic uptick. And just curious, is the acceleration that we're seeing the pace of adds, new client adds over the last three quarters or so? Or was there something about the second quarter? Because the second quarter had a much steeper acceleration of growth. And just curious if there was anything else that may have landed in the second quarter that drove that.

早安，謝謝。所以看一下過去幾季的成長節奏，似乎在有機、固定匯率基礎上成長有所加速。再看去年下半年新增客戶的速度，似乎出現相當明顯的上升。我想請教，我們看到的加速是否就是過去大約三季左右新增客戶數的加快？還是第二季有什麼特別之處？因為第二季的成長加速幅度更陡。想了解是否有其他因素在第二季落地，進而推動了這個結果。

Yes. Thanks, David. So look, I think the second quarter for us was a unique quarter. Every single service line actually delivered with strength. And we saw particularly good momentum in our data and AI-led business. And that grew very, very rapidly. We are also fortunate that our client portfolio is actually very broad-based, and their confidence in our ability to provide them these services that seems to be increasing.

是的。謝謝，David。我想第二季對我們而言是一個獨特的季度。每一條服務線實際上都強勁交付。我們在以資料與 AI 驅動的業務上尤其看到很好的動能。而那部分成長非常、非常快。我們也很幸運，我們的客戶組合其實相當多元分散，而他們對我們提供這些服務的能力之信心似乎正在提升。

So you're absolutely right. The wins that we had in the second half of last year, combined with all of our service lines actually seeing good traction resulted in a very strong outperformance in the second quarter. And that's what gives us confidence and much greater visibility into the second half of 2026. And therefore, we've increased our guidance for the full year.

所以你說得完全正確。去年下半年我們拿下的案子，加上我們所有服務線都看到良好進展，帶來了第二季非常強勁的超預期表現。這也讓我們對 2026 年下半年更有信心，並且能見度更高。因此，我們上調了全年指引。

Yeah. I guess what's a little confusing, Rohit, is that despite easier compares, the guidance implies growth decelerating in the back half of the year, and that's really not your business model, right? It's fairly consistent and stable. So just trying to kind of reconcile what sounds like incredibly strong momentum and the guide that implies somewhat decelerating growth in the back half of the year.

是。我想有點讓人困惑的是，Rohit，儘管比較基期更容易，但指引卻暗示下半年成長會放緩，而這其實不是你們的商業模式，對吧？你們的表現通常相當一致且穩定。所以我只是想釐清：一方面聽起來動能非常強，另一方面指引卻暗示下半年成長略為減速，這兩者要如何對照理解？

Right. So David, look, I think for us, number one, the macroeconomic environment continues to be a little bit unsettled. We do need to continue to win the hearts and minds of the CIOs in our enterprise client organizations. And this enablement of AI and this change is hard. So it's something which needs to be worked upon, and we need to be able to demonstrate the ROI to our clients on a daily basis to be able to continue to build and grow our business.

對。所以 David，你看，對我們而言，第一，總體經濟環境仍然有些不穩定。我們確實需要持續贏得企業客戶組織中 CIO 的認同與支持。而 AI 的導入與這種變革是困難的。因此這需要持續推進，我們也必須每天向客戶證明投資報酬率（ROI），才能持續建立並擴大我們的業務。

So there are a number of challenges and risks that we have in our business. We are also doing a major acquisition with iMerit, and we are going to be integrating that and building up new capabilities on model evaluation, reinforcement learning, and we have to focus our attention out there. So yes, I think this is something which we are kind of -- this is our best guess in terms of a prudent way to be able to build and grow out the organization.

因此，我們的業務存在多項挑戰與風險。我們也正在進行一項與 iMerit 的重大併購，我們將整合該業務並建立模型評估、強化學習等新能力，而我們必須把注意力放在那裡。所以是的，我認為這是我們在審慎前提下，對如何建設並擴張組織所做的——某種程度上——最佳判斷。

Sure. And just one quick question for you, Maurizio, on the share count. I know you had the ASR in place, right? So you brought the share count down in the second quarter. Does that -- can you give us some kind of insight into what the share count looks like in the back half of the year? Are we pretty stable now? Or does it go down some more in the back half?

好的。另外一個很快的問題想問你，Maurizio，關於股數。我知道你們有進行 ASR（加速股票回購），對吧？所以你們在第二季把流通股數降下來了。那麼——你能否給我們一些對下半年股數走勢的看法？現在大致穩定了嗎？還是下半年還會再下降一些？

Well, we'll continue to see benefit from the share repurchases we did in the first half and the second half of the year, obviously, in the share count. But we'll continue our share repurchase program in the second half of the year. I think given where our share price was in the first half of the year, we saw it to be prudent to spend a bit more on share repurchases in the first half of the year. And that's -- and again, we spent $179 million in the first half of the year. So we'll continue to be buying back shares throughout the year, just most likely not at the accelerated pace of the first half.

嗯，我們將持續看到我們在上半年以及下半年所進行的股票回購所帶來的效益，顯然會反映在流通股數上。但我們會在下半年持續推進我們的股票回購計畫。我認為，考量到我們上半年股價所處的位置，我們認為在上半年多花一些資金進行股票回購是審慎之舉。而且——再次強調，我們在上半年花了1.79億美元。因此，我們會在全年持續回購股票，只是很可能不會像上半年那樣以加速的節奏進行。

Got it. Great, thank you.

了解。很好，謝謝。

Vincent Colicchio, Barrington Research.

Vincent Colicchio，Barrington Research。

Yeah, Rohit, I'm curious, can you -- can we think of this -- I'm trying to think of today's AI revenue and how much represents entirely new spending versus existing work being modernized. Can you sort of give us an idea of how that looks?

是的，Rohit，我很好奇，你能不能——我們能不能這樣看——我在思考今天的AI營收，其中有多少代表完全新增的支出， versus 既有工作正在被現代化改造。你能不能大致給我們一個概念，這看起來是什麼樣子？

Right. So Vincent, for us, the AI revenue for us, which is stand-alone AI services and solutions is still a very small portion of our overall revenue. And we think there's a tremendous amount of growth that we would see in that service line going forward. The AI enablement of digital operations, again, the penetration of that remains quite low. And there's a lot more work to be done in terms of extending that to the entire existing portfolio.

對。所以Vincent，對我們而言，AI營收——也就是獨立的AI服務與解決方案——在我們整體營收中仍然只占非常小的一部分。而我們認為，未來在這條服務線上會看到非常可觀的成長。至於以AI賦能數位營運，同樣地，其滲透率仍然相當低。而在把這能力延伸到整個既有產品／服務組合方面，還有很多工作要做。

Keep in mind that the work that we do in digital operations is spread across 2,000 unique processes. It's spread across multiple hundreds of clients and enabling that for each use case is -- it's very difficult and hard and time-consuming and can only be done in areas where the economics justify it.

請記住，我們在數位營運所做的工作分布在2,000個獨特流程上。它分布在數百個客戶之間，而要針對每個使用情境去做賦能——這非常困難、很硬、很耗時，而且只能在經濟效益足以支撐的領域才能做。

So frankly, this is going to be a much longer-term change that's going to take place. And our goal is to do this as rapidly as we possibly can. And frankly, the faster we can do this, the more client confidence we gain and the clients are willing to give us much larger pieces of their business so that we can do this across their much bigger operations estate.

所以坦白說，這將是一個更長期的變革，會逐步發生。而我們的目標是盡可能快速地推進。而且坦白說，我們做得越快，就越能獲得客戶信心，客戶也更願意把更大一部分業務交給我們，讓我們能在他們更龐大的營運版圖上推行這件事。

And are you getting better at generating international revenue from cross-selling to US clients? I know that's a large opportunity for you.

那你們在對美國客戶進行交叉銷售、以此帶動國際營收方面，有變得更好嗎？我知道那對你們來說是個很大的機會。

Right. Actually, that's one area that we need to invest more in, and we have not been able to do a good job of that. Bhupender, who's just come in as our President and Head of International Growth Markets, one of the key areas that he wants to drive and focus on is cross-selling to our US customer base internationally. And that is something which we will focus on. It quite candidly has not been something that we have deliberately done in the past few years, and we do need to focus on that a lot more.

對。其實那是我們需要加大投資的一個領域，而我們在那方面做得並不好。Bhupender剛加入，擔任我們的總裁暨國際成長市場負責人，他想推動並聚焦的關鍵領域之一，就是對我們的美國客戶群在海外進行交叉銷售。而這也是我們將會聚焦的事情。坦白說，過去幾年我們並沒有刻意去做這件事，而我們確實需要更大幅度地加強。

Thanks, good quarter.

謝謝，這是一個不錯的季度。

David Koning, Baird.

David Koning，Baird。

Yeah. Hey, guys, thank you. Great job. When we think about the acceleration, I was kind of thinking of a few buckets that it seems like the spending might fall into. First of all, business spending had been kind of slow in general. And so maybe some of that's unfreezing that slowness. Secondly, is there a reallocation of AI spend to the established IT services players like yourselves? And then third, is it just you gaining market share? And maybe all three are driving it right now. But is there a way to kind of bucket -- why you think this acceleration is happening, where it's coming from?

是的。嗨，各位，謝謝。做得很好。當我們思考這個加速時，我在想支出似乎可能落在幾個類別。首先，整體而言企業支出一直偏慢。所以也許其中一部分是那種遲緩正在解凍。第二，AI支出是否正在重新分配到像你們這樣既有的IT服務業者？第三，是否只是你們在取得市占？也許目前是三者同時在推動。但有沒有辦法大致分桶——你們認為這個加速為何會發生、它從哪裡來？

Thanks, Dave. Yeah. Look, I think you're right in terms of these three categories. Our sense, if you think about the total spend on AI over the last 12 months, -- the largest part of that spend has gone towards AI infrastructure and then to the AI models. And actually, very little spend has gone towards the app layer and the AI enablement layer.

謝謝，Dave。是的。你提到的這三個類別，我認為是對的。我們的感受是，如果你看過去12個月AI的總支出——其中最大的一部分支出流向了AI基礎設施，接著是AI模型。而實際上，流向應用層與AI賦能層的支出非常少。

So going forward, we think that, that is going to change, and there will be much more spend as a percentage of the total aggregate AI spend that's going to be on apps and on AI enablement. And we obviously hope to benefit from that.

所以往前看，我們認為這會改變，作為總體AI支出的一個比例，會有更多支出投入在應用與AI賦能上。而我們當然希望能從中受益。

The reallocation of spend that is there, that's a little bit difficult to estimate because clients will spend on the areas that provide them with the highest ROI. And I think we -- our goal is to be able to demonstrate transparently the evidence of delivering greater ROI and to be able to be part of that reallocation spend.

至於支出的重新分配，這有點難以估算，因為客戶會把錢花在能帶來最高投資報酬率（ROI）的領域。而我認為——我們的目標是能夠透明地展示我們交付更高ROI的證據，並能成為那部分重新分配支出的一環。

And then from a market share perspective, clearly, our growth rate suggests that, that's something that is happening. And I would attribute it to two things. One is the speed of play and the value that we are delivering. So the speed and the value that we deliver, both of them are going to be differentiators. And it's just that our knowledge of the workflow and our knowledge and understanding of the data set just puts us in a slightly better position as compared to our competition.

然後從市占的角度來看，很明顯，我們的成長率顯示這確實正在發生。我會把它歸因於兩件事。第一是我們推進的速度以及我們交付的價值。所以，我們交付的速度與價值，兩者都會是差異化因素。而且我們對工作流程的知識、以及對資料集的理解與掌握，讓我們相較於競爭對手處於稍微更有利的位置。

Great. Thank you for that. And then just one follow-up. The iMerit acquisition, you gave the revenue contribution. Is it pretty split across all verticals? Or are there one or two verticals we should kind of allocate that more toward?

很好。謝謝你的說明。然後再追問一個。關於iMerit的收購，你們給了營收貢獻。它大致平均分布在所有垂直領域嗎？還是有一兩個垂直領域我們應該把它更多地歸到那邊？

So the iMerit revenue is actually split up with some of the frontier and foundational model companies. So that would really fall into our diversified industries bucket. But they also do a fair amount of work within health care and life sciences. So that's going to be meaningful. There's very little work that iMerit does in the international growth markets. So that's not going to be a meaningful add. But I would say the majority of that really will fall into the diversified industries category, and that's where most of the revenue would come in.

所以iMerit的營收其實有一部分來自一些前沿與基礎模型公司。因此那會歸入我們的多元化產業（diversified industries）類別。但他們在醫療保健與生命科學領域也做了相當多的工作。所以那也會是有意義的部分。iMerit在國際成長市場做的工作非常少。所以那不會是有意義的增量。但我會說，其中大多數確實會落在多元化產業類別，而大部分營收也會從那裡進來。

Great. Thank you, good job.

很好。謝謝，做得很好。

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

目前沒有其他問題。本次電話會議到此結束。謝謝，祝各位有美好的一天。