簡柏特 (G) 2013 Q2 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the second quarter 2013 Genpact Limited earnings conference call. My name is Derek and I will be your operator for today. At this time, all participants are in a listen-only mode. We shall facilitate a question-and-answer session towards the end of the conference. We will expect the call to conclude in an hour. As a reminder, this call is being recorded for replay purposes.

女士們、先生們，美好的一天，歡迎參加簡柏特有限公司 2013 年第二季財報電話會議。我叫 Derek，今天我將擔任您的接線生。此時，所有參與者都處於只聽模式。我們將在會議結束時安排問答環節。我們預計電話會議將在一小時內結束。謹此提醒，本次通話將會被錄音以供重播。

I would now like to turn the call over to Mr. Bharani Bobba, Head of Investor Relations at Genpact. Please proceed.

我現在想將電話轉給簡柏特投資者關係主管 Bharani Bobba 先生。請繼續。

Thank you, Derek. Welcome to Genpact's earnings call to discuss our results for the second quarter, ended June 30, 2013. We hope you have had a chance to review our earnings release, which you will also find in the IR section of our website, genpact.com. With me in New York this afternoon are Tiger Tyagarajan, our President and Chief Executive Officer; and Mohit Bhatia, our Chief Financial Officer.

謝謝你，德里克。歡迎參加簡柏特的財報電話會議，討論我們截至 2013 年 6 月 30 日的第二季業績。我們希望您有機會查看我們的收益報告，您也可以在我們網站 genpact.com 的 IR 部分找到該報告。今天下午與我一起在紐約的是我們的總裁兼執行長 Tiger Tyagarajan；和我們的財務長莫希特·巴蒂亞 (Mohit Bhatia)。

Our agenda for today is as follows. Tiger will begin with an overview of our results in the context of our long-term strategy, with a perspective on the current environment, followed by Mohit, who will discuss our financial performance in greater detail. And then Tiger will have some closing comments. Finally, Tiger and Mohit will be available to take your questions. We expect the call to last about an hour.

我們今天的議程如下。Tiger 將首先概述我們在長期策略背景下的業績，並展望當前環境，隨後 Mohit 將更詳細地討論我們的財務表現。然後老虎將發表一些結束語。最後，Tiger 和 Mohit 將回答您的問題。我們預計通話將持續約一個小時。

Please note that, today, we are also including slides with our comments, which we hope will make our presentation easier to follow. You can find the slides on the webcast version of our call and you will be able to download them after the call is concluded.

請注意，今天我們還提供了帶有評論的幻燈片，我們希望這將使我們的簡報更容易理解。您可以在我們通話的網路廣播版本中找到這些投影片，並且可以在通話結束後下載它們。

Some of the matters we will discuss today are forward-looking. These forward-looking statements involve a number of risks, uncertainties and other factors that could cause actual results to differ materially from those in such forward-looking statements. Such risks and uncertainties include but are not limited to general economic conditions and those factors set forth in our press release and discussed under the risk factors section of our annual report on Form 10-K and other SEC filings. Genpact assumes no obligation to update the information presented on this conference call.

我們今天要討論的一些問題是前瞻性的。這些前瞻性陳述涉及許多風險、不確定性和其他因素，可能導致實際結果與此類前瞻性陳述中的結果有重大差異。此類風險和不確定性包括但不限於一般經濟狀況以及我們的新聞稿中列出的因素以及我們在 10-K 表和其他 SEC 文件的年度報告的風險因素部分中討論的因素。簡柏特不承擔更新本次電話會議中提供的資訊的義務。

In our call today, we will refer to certain non-GAAP financial measures which we believe provide additional information for investors and better reflect the way management views the operating performance of the business. You can find a reconciliation of those measures to GAAP as well as related information in our earnings release in the IR section of our website, Genpact.com. Please also refer to the Investor Factsheet on the front page of the IR section of our website for further details on our results.

在今天的電話會議中，我們將提及某些非公認會計原則財務指標，我們認為這些指標為投資者提供了更多信息，並更好地反映了管理層看待企業經營業績的方式。您可以在我們網站 Genpact.com 的 IR 部分的收益發布中找到這些措施與 GAAP 的對照表以及相關資訊。另請參閱我們網站投資者關係部分首頁上的投資者情況說明書，以了解有關我們業績的更多詳細資訊。

With that, let me hand the call over to Tiger.

現在，讓我把電話轉給老虎。

Thank you, Bharani. Good afternoon, everyone, and thank you for joining us on our earnings call today.

謝謝你，巴拉尼。大家下午好，感謝您參加我們今天的財報電話會議。

Continuing our momentum in 2013, in the second quarter Genpact delivered strong growth in revenues and adjusted operating income as well as solid cash flows from operations. Second-quarter revenues of $535 million increased 14% year-over-year, led by our Global Client growth engine, which grew 20% in the quarter. Revenue growth was broad-based across industry verticals, led by Banking and Financial Services, Consumer Packaged Goods and Life Sciences and Healthcare. Momentum was also broad-based across most of our enterprise service offerings, with continued strength in Finance Accounting, ITO and our core operations in Banking and Financial services vertical. Growth in Smart Decision Services increased from last quarter, as expected, and we anticipate SDS growth will gradually accelerate over the remainder of the year.

簡柏特延續了 2013 年的勢頭，第二季度實現了收入和調整後營業收入的強勁增長以及穩定的營運現金流。在我們的全球客戶成長引擎的帶動下，第二季營收達到 5.35 億美元，年增 14%，該季度成長了 20%。各個垂直行業的收入成長基礎廣泛，其中銀行和金融服務、消費品以及生命科學和醫療保健為主導。我們的大多數企業服務產品也具有廣泛的動力，財務會計、ITO 以及銀行和金融服務垂直領域的核心業務持續強勁。正如預期的那樣，智慧決策服務的成長較上季度增加，我們預計 SDS 的成長將在今年剩餘時間內逐漸加速。

GE revenues declined by 1% year over year. This reflects the normal ebb and flow of our transactional activity with GE. We now expect total revenue from GE to be roughly flat for the year. Our relationship with GE, which is highly penetrated, continues to be strong as measured by a high NPS and the value we deliver to GE businesses.

GE營收年減1%。這反映了我們與 GE 的交易活動的正常潮起潮落。我們現在預計通用電氣今年的總收入將大致持平。我們與 GE 的關係具有高度滲透性，從高 NPS 和我們為 GE 業務提供的價值來看，我們與 GE 的關係仍然牢固。

In the second quarter Adjusted Operating Income increased 15% year-over-year and Adjusted Operating Income margin was 16.7%.

第二季調整後營業利潤年增 15%，調整後營業利益率為 16.7%。

We continued to expand relationships with existing clients in the second quarter across a range of our industrial verticals. Clients representing $5 to $15 million in annual revenue increased to 55 from 41, clients in the $15 to $25 million category increased to 14 from 11, and clients with more than $25 million in annual revenue increased to 12 from 10. This is evidence of our ability to grow relationships as we partner with clients to undertake transformational journeys and drive better performance and outcomes for them over many years of engagement.

第二季度，我們繼續在一系列工業垂直領域擴大與現有客戶的關係。年收入5至1500萬美元的客戶從41個增加到55個，15至2500萬美元類別的客戶從11個增加到14個，年收入超過2500萬美元的客戶從10個增加到12個。這證明了我們有能力與客戶合作，開展轉型之旅，並在多年的合作中為他們帶來更好的績效和成果，從而發展關係。

In summary, our second-quarter results demonstrate that the key elements of our growth strategy are resonating with the marketplace and helping to differentiate Genpact. We continue to evolve and refine this growth strategy as we increasingly target companies in a set of industry verticals that are transforming themselves. In a number of these verticals, we are bringing process, technology and insights together to develop industry-specific solutions. At the same time, we continue investing to further advance our enterprise service lines, such as finance and accounting, procurement, and focused technology services. These solutions continue to drive deep client loyalty and strengthen our foundation for long-term, sustainable growth.

總之，我們第二季的業績表明，我們成長策略的關鍵要素與市場產生共鳴，並有助於讓簡柏特脫穎而出。隨著我們越來越多地瞄準一系列正在自我轉型的垂直行業中的公司，我們將繼續發展和完善這項成長策略。在許多此類垂直領域，我們將流程、技術和見解結合在一起，開發特定行業的解決方案。同時，我們繼續投資以進一步推進我們的企業服務線，例如財務和會計、採購以及重點技術服務。這些解決方案持續提高客戶忠誠度，並鞏固我們長期可持續成長的基礎。

The key elements of our growth strategy are as follows.

我們的成長策略的關鍵要素如下。

First, as industry thought-leaders, we guide global enterprises to best-in-class through our proprietary Smart Enterprise Processes framework that delivers measurable business impact and insights.

首先，作為產業思想領袖，我們透過專有的智慧企業流程框架引導全球企業走向一流，該框架提供可衡量的業務影響和見解。

Our clients continue to seek innovative solutions that help them transform the way they run their businesses to drive real business impact. One of our key differentiators as a partner is our ability to deliver better outcomes and effectiveness, not just in the specific services we manage for the client, but across the client's entire delivery footprint.

我們的客戶不斷尋求創新的解決方案，幫助他們轉變業務運作方式，以產生真正的業務影響。作為合作夥伴，我們的關鍵優勢之一是我們能夠提供更好的結果和效率，不僅在我們為客戶管理的特定服務中，而且在客戶的整個交付足跡中。

As an example, we were recently selected by a large US-headquartered global Industrial company to drive dramatic improvement in its Aftermarket Services organization. Based on a comprehensive assessment of their current state, through our SEP methodology and analytical insights, we are now focusing our efforts jointly on several key initiatives that will drive better inventory planning, while delivering higher revenue from spare parts sales, all of which will lead to a transformed services organization, partly managed by Genpact.

例如，最近一家總部位於美國的大型全球工業公司選擇我們來推動其售後服務組織的顯著改善。基於對當前狀態的全面評估，透過我們的SEP 方法和分析見解，我們現在正在共同致力於幾項關鍵舉措，這些舉措將推動更好的庫存規劃，同時從備件銷售中獲得更高的收入，所有這些都將引領轉型為服務組織，部分由簡柏特管理。

The second key element of our growth strategy is to invest in expanding our capabilities in targeted industry verticals and build deep domain expertise in them.

我們成長策略的第二個關鍵要素是投資擴大我們在目標產業垂直領域的能力，並在其中建立深厚的領域專業知識。

Clients want partners who are experts in their industry and processes at a granular level. Our strategy is to focus our investments and resources on specific targeted industrial verticals with long-term growth potential, where our capabilities and services are truly differentiating. Our investments include recruiting professionals with deep industry knowledge, building capabilities internally and through acquisitions that deliver end-to-end services, and developing innovative solutions that combine - and truly integrate - process, technology and data analytics.

客戶希望合作夥伴是其行業和流程的專家。我們的策略是將我們的投資和資源集中在具有長期成長潛力的特定目標垂直產業，我們的能力和服務在這些產業中真正與眾不同。我們的投資包括招募具有深厚行業知識的專業人士、內部建設能力以及透過收購提供端到端服務，以及開發結合並真正整合流程、技術和數據分析的創新解決方案。

As an example of the last point, we recently won a new ITO engagement with an existing Consumer Packaged Goods client. Our understanding of procurement processes and supply chain analytical needs in the CPG industry allowed us to combine that with our technology capabilities, and were the true differentiator in winning this business.

作為最後一點的一個例子，我們最近贏得了與現有消費品客戶的新 ITO 合作。我們對 CPG 行業採購流程和供應鏈分析需求的了解使我們能夠將其與我們的技術能力相結合，這是贏得這項業務的真正差異化因素。

The third element of our growth strategy is to allocate capital and resources to support sustainable, profitable growth and shareholder value. Just like our clients, we are focused on optimizing existing costs and investments, while we continue to allocate capital to drive top-line growth and profitability. We face a multiplicity of opportunities in our large, under-penetrated markets, which require us to be nimble and disciplined in our investment and capital allocation decisions to drive revenue growth and shareholder value.

我們成長策略的第三個要素是分配資本和資源以支持可持續的獲利成長和股東價值。就像我們的客戶一樣，我們專注於優化現有成本和投資，同時繼續分配資本以推動營收成長和獲利能力。我們在龐大的、滲透率較低的市場中面臨著多種機會，這要求我們在投資和資本配置決策中保持靈活和嚴格，以推動收入成長和股東價值。

An example is our recent acquisition of Jawood, a global leader in business services for the healthcare payer industry. Healthcare is a growth market and one of our targeted verticals. Jawood adds deep domain expertise and capabilities such as technology, systems and business processes unique to payers, to our healthcare capabilities. We are taking our healthcare solutions to current and potential Genpact clients as we integrate Jawood's capabilities into our industry-specific offerings.

一個例子是我們最近收購了 Jawood，它是醫療保健支付行業商業服務的全球領導者。醫療保健是一個不斷成長的市場，也是我們的目標垂直市場之一。Jawood 將深厚的領域專業知識和能力（例如付款人獨有的技術、系統和業務流程）添加到我們的醫療保健能力中。當我們將 Jawood 的能力整合到我們特定行業的產品中時，我們正在將我們的醫療保健解決方案提供給當前和潛在的簡柏特客戶。

The fourth key element of our growth strategy is to execute seamlessly for clients across service lines and geographies. This is in our DNA and a hallmark of our differentiated reputation for delivery and operational excellence, whether it is managing more operations, delivering on technology projects or building analytical insights from data. The entire organization is unified in support of driving client outcomes and best practices, while providing seamless delivery from any of our global delivery centers. Our relentless focus on operational excellence has been critical to our achieving industry-leading and continuously improving Net Promoter Scores.

我們成長策略的第四個關鍵要素是跨服務線和地理為客戶無縫執行。這是我們的 DNA，也是我們在交付和卓越營運方面享有盛譽的標誌，無論是管理更多營運、交付技術專案還是從數據中建立分析見解。整個組織統一支持推動客戶成果和最佳實踐，同時從我們的任何全球交付中心提供無縫交付。我們對卓越營運的不懈關注對於我們實現行業領先並不斷提高淨推薦值至關重要。

For example, we were recently engaged by a large existing Pharma client in an exciting effort to build better insights and improve the company's end-consumer experience. We won this new business because we have an industry-leading solution that combines domain, process and operating expertise, including Analytics and Social Media with Business Process Management to help their consumers make more informed decisions.

例如，我們最近與一家大型現有製藥客戶合作，致力於建立更好的見解並改善公司的最終消費者體驗。我們贏得這項新業務是因為我們擁有領先業界的解決方案，該解決方案結合了領域、流程和營運專業知識，包括分析和社交媒體與業務流程管理，以幫助消費者做出更明智的決策。

With consistent focus, implementation and investment in these four key elements of our growth strategy, we are expanding client engagements through our differentiated business model to drive sustainable, profitable growth in 2013 and beyond.

透過對成長策略的這四個關鍵要素的持續關注、實施和投資，我們正在透過差異化的業務模式擴大客戶參與度，以推動 2013 年及以後的可持續獲利成長。

Looking ahead, the macro environment continues to be mixed, challenging for some industries and geographies, improving in others. Our pipeline is healthy and stable with a significant uptick in larger transformative deals. Clients continue to focus on improving their business models to adapt to this challenging environment, now with increasing interest in longer term, more transformative engagements, as well as continued demand for immediate cost-reduction opportunities. Our pipeline is strong across our core industry verticals with growth especially robust in Capital Markets, Consumer Packaged Goods, Life Sciences and Banking and financial services verticals. The Finance and Accounting pipeline remains strong and there is significant growth in ITO, largely driven by Capital Markets vertical and in the banking operations. Geographically, pipeline growth was especially strong in the Americas and Europe. Our pipeline growth reflects our focus on targeted verticals, enterprise service offerings and geographies.

展望未來，宏觀環境持續好壞參半，一些行業和地區面臨挑戰，而另一些行業和地區則有所改善。我們的管道健康穩定，大型變革性交易大幅增加。客戶繼續專注於改善其業務模式以適應這種充滿挑戰的環境，現在對長期、更具變革性的合作越來越感興趣，並且對立即降低成本機會的持續需求。我們的產品線在核心產業垂直領域都很強大，其中資本市場、快速消費品、生命科學以及銀行和金融服務垂直產業的成長尤為強勁。財務和會計管道仍然強勁，ITO 顯著增長，這主要是由資本市場垂直和銀行業務推動的。從地域上看，美洲和歐洲的管道成長尤其強勁。我們的通路成長反映了我們對目標垂直市場、企業服務產品和地區的關注。

The demand for transformation combined with our targeted approach has significantly increased the percentage of larger deals in our pipeline. These large transformational engagements are where we want to be and where the depth of our operational capabilities and benchmarks add the most value to our clients. At the same time, these large deals are complex and do have a longer decision cycle time. But our win rates have been steady and pricing competitive but stable.

轉型需求與我們有針對性的方法相結合，顯著增加了我們管道中較大交易的百分比。這些大型轉型活動正是我們想要實現的目標，也是我們營運能力和基準深度為客戶增加最大價值的地方。同時，這些大型交易非常複雜，決策週期也較長。但我們的勝率一直穩定，定價具有競爭力但穩定。

With that, I will now turn the call over to Mohit.

現在，我將把電話轉給莫希特。

Thank you, Tiger, and Good afternoon, everyone. Today I will review our second-quarter performance, followed by a summary of key highlights on the balance sheet and statements of cash flow.

謝謝老虎，大家下午好。今天，我將回顧我們第二季的業績，然後總結資產負債表和現金流量表的主要亮點。

On a year-to-date basis, our revenues were $1.039 billion, up 15% compared to the first six months of 2012. Our adjusted operating income for the first six months of 2013 was $171.9 million, also up 15% compared to the same period last year, representing a margin of 16.6%, up 10 basis points.

年初至今，我們的營收為 10.39 億美元，比 2012 年前六個月成長 15%。2013年前六個月調整後營業收入為1.719億美元，較去年同期成長15%，利潤率為16.6%，上升10個基點。

We closed the second quarter of 2013 with revenues of $534.8 million, an increase of 14.4% year-over-year and 6.1% sequentially.

截至 2013 年第二季度，我們的營收為 5.348 億美元，年增 14.4%，季增 6.1%。

Revenues from Global Clients increased 20% year-over-year. Within Global Clients, Business Process Management revenues increased 18%, while ITO revenues increased 25%. GE revenues declined 1% with growth in ITO more than offset by a decline in Business Process Management.

來自全球客戶的營收年增 20%。在全球客戶中，業務流程管理收入成長了 18%，而 ITO 收入成長了 25%。GE 營收下降 1%，ITO 業務的成長被業務流程管理業務的下降所抵消。

Our overall Business Process Management revenues increased 12%, within which Smart Decision Services grew 9%. Our overall IT services revenues increased 21%, driven by healthy growth in both Global Clients and GE, including the contribution from our February 2013 acquisition in Jawood.

我們的整體業務流程管理收入成長了 12%，其中智慧決策服務成長了 9%。在全球客戶和 GE 健康成長的推動下，我們的整體 IT 服務收入成長了 21%，其中包括我們 2013 年 2 月收購 Jawood 的貢獻。

Adjusted income from operations totaled $89.2 million, an increase of $11.3 million from the prior year. This represents a margin of 16.7%, up from 16.6% in the second quarter of 2012.

調整後的營運收入總計 8,920 萬美元，比前一年增加 1,130 萬美元。這意味著利潤率為 16.7%，高於 2012 年第二季的 16.6%。

Our gross profit for the quarter totaled $202 million, representing a gross margin of 37.8% compared to 39% last year. This margin decline was less than expected with wage inflation, foreign exchange and recent acquisitions offset by operating efficiencies.

本季毛利總計 2.02 億美元，毛利率為 37.8%，去年為 39%。由於薪資上漲、外匯和最近的收購被營運效率所抵消，利潤率下降幅度小於預期。

SG&A expenses totaled $118 million, representing 22.1% of revenue, an improvement of 230 basis points from 24.4% or $114 million, in the second quarter of last year. The improvement was driven by better utilization of resources and technology and phasing of our investments towards the second half of the year.

SG&A 費用總計 1.18 億美元，佔營收的 22.1%，比去年第二季的 24.4%（1.14 億美元）提高了 230 個基點。這項改善是由於更好地利用資源和技術以及我們在下半年分階段進行投資所推動的。

Our sales and marketing expenditure as a percentage of revenue was approximately 4.3% in the second quarter, compared to approximately 5% in the same quarter last year. We continue to ramp-up client facing and domain-expert teams. We plan to accelerate hiring and increased marketing spend in the second half of 2013.

第二季我們的銷售和行銷支出佔收入的比例約為 4.3%，而去年同期約為 5%。我們持續加強面向客戶和領域專家的團隊。我們計劃在 2013 年下半年加速招募並增加行銷支出。

Net income was $63.9 million or $0.27 per diluted share in the second quarter of 2013, up from $61.1 million and $0.27 per diluted share in the second quarter of 2012. Our adjusted EPS for the second quarter of 2013 was $0.32 per share, equal to the second quarter last year. The year-over-year contributions from higher operating income of $0.04 per share, was offset by a lesser benefit from foreign exchange re-measurement recorded below the income from operations line of $0.02 per share and a higher net interest expense of $0.02 per share.

2013 年第二季的淨利潤為 6,390 萬美元，即稀釋後每股收益 0.27 美元，高於 2012 年第二季的 6,110 萬美元，稀釋後每股收益為 0.27 美元。2013 年第二季調整後每股收益為 0.32 美元，與去年第二季持平。每股營業收入增加 0.04 美元的年比貢獻被營業收入線下方記錄的外匯重新計量收益減少（每股 0.02 美元）和每股淨利息支出增加 0.02 美元所抵銷。

Before I turn to the remainder of the income statement I would like to provide color on the debt refinancing we completed this quarter. In June 2013, we refinanced the existing credit facility of $925 million. Under the new facility, we were able to bring down the applicable margin over LIBOR on the term loan from 3.25% per annum to 2.75% per annum, and on the revolving credit facility from 3.25% to 2.5% per annum. In addition, the LIBOR floor on the term loan was reduced from 1% to 75 basis points.

在討論損益表的其餘部分之前，我想先介紹一下我們本季完成的債務再融資。2013 年 6 月，我們為現有的 9.25 億美元信貸額度進行了再融資。根據新的貸款安排，我們能夠將定期貸款的倫敦銀行間同業拆借利率（LIBOR）的適用保證金從每年3.25% 降低至每年2.75%，並將循環信貸安排的適用保證金從每年3.25% 降低至2.5% 。此外，定期貸款的 LIBOR 下限從 1% 降至 75 個基點。

Going forward, our interest expense will benefit from these lower interest rates. We now expect our pre-tax interest expense to be approximately $7.5 million per quarter instead of $9.3 million per quarter mentioned in prior calls.

展望未來，我們的利息支出將受益於較低的利率。我們現在預計稅前利息支出約為每季 750 萬美元，而不是先前電話中提到的每季 930 萬美元。

In the second quarter of 2013, we incurred a net interest expense of $8.3 million compared to $1 million in the same quarter last year, representing an increase of $0.02 per share. Our net interest expense was higher primarily due to the following -

2013年第二季度，我們的淨利息支出為830萬美元，而去年同期為100萬美元，每股增加了0.02美元。我們的淨利息支出較高主要是由於以下原因 -

1. The impact of the credit facility that we closed in the third quarter of 2012 of approximately $0.02 per share;

1. 我們在 2012 年第三季關閉的信貸安排的影響約為每股 0.02 美元；

2. A one-time write-off relating to the second quarter of 2013 refinancing transaction that included upfront fee and payment of a soft call on the previous facility of approximately $0.01 per share;

2. 與 2013 年第二季再融資交易相關的一次性沖銷，其中包括預付費用以及對先前融資約每股 0.01 美元的軟贖回付款；

3. This was partly offset by higher interest income of approximately $0.01 per share.

3. 這被每股約 0.01 美元的較高利息收入部分抵銷。

In the second quarter of 2013, Foreign Exchange re-measurement gain recorded below the income from operations line was $17.2 million compared to $22 million in the second quarter of 2012. This resulted in lesser benefit of $0.02 per share mentioned earlier.

2013 年第二季度，營業收入線以下記錄的外匯重新計量收益為 1,720 萬美元，而 2012 年第二季為 2,200 萬美元。這導致前面提到的每股收益減少 0.02 美元。

Our tax expense for the second quarter was $19.2 million, down from $21.6 million in the second quarter of 2012, representing an effective tax rate of 23.1%, down from 26.1% in 2012. The improvement in the effective tax rate was primarily driven by growth in tax-exempt and low-tax jurisdictions, one-time items such as foreign currency fluctuation gains, and the impact of certain rate increases on our deferred tax assets.

我們第二季的稅務支出為 1,920 萬美元，低於 2012 年第二季的 2,160 萬美元，有效稅率為 23.1%，低於 2012 年的 26.1%。有效稅率的提高主要是由於免稅和低稅司法管轄區的成長、外幣波動收益等一次性項目以及某些稅率上調對我們的遞延稅資產的影響。

In 2013, we now expect our effective tax rate to be in the range of 25%-27%, an improvement over the 27%-29% range that we mentioned in the last quarter call. We expect continued growth in tax-exempt and low-tax jurisdictions.

2013 年，我們預計有效稅率將在 25%-27% 範圍內，比我們在上一季電話會議中提到的 27%-29% 範圍有所改善。我們預計免稅和低稅司法管轄區將持續成長。

I will now turn to our balance sheet. Our cash and liquid assets totaled approximately $536 million, up from $493 million at the end of the first quarter of 2013. This balance was after utilizing $11 million towards capital expenditure and $9 million towards upfront costs relating to the recent refinancing transaction. With $536 million of cash and an undrawn debt capacity of approximately $128 million, we continue to have the necessary resources to pursue growth opportunities. Our net debt to EBITDA for the last four rolling quarters was approximately 0.7X.

我現在談談我們的資產負債表。我們的現金和流動資產總計約 5.36 億美元，高於 2013 年第一季末的 4.93 億美元。這一餘額是在使用 1100 萬美元用於資本支出和 900 萬美元用於與最近的再融資交易相關的前期成本之後產生的。憑藉 5.36 億美元的現金和約 1.28 億美元的未動用債務能力，我們繼續擁有必要的資源來尋求成長機會。過去四個滾動季度我們的 EBITDA 淨負債約為 0.7 倍。

Our days sales outstanding stood at 80 days, an improvement of two days from the second quarter last year as well as sequentially, driven by continued process improvements.

在持續流程改善的推動下，我們的應收帳款天數為 80 天，比去年第二季和上一季增加了兩天。

Turning to operating cash flows, we generated $76 million of cash from operations in the second quarter of 2013 compared to $127 million in the same quarter last year. Our second-quarter 2012 cash flows included a receipt of an upfront client payment of approximately $45 million. Normalizing for the timing of this payment, our second-quarter 2013 cash flows declined by 7% due to accelerated payments from clients in the first quarter as well as timing of employee bonus payments across quarter end.

就營運現金流而言，2013 年第二季我們從營運中產生了 7,600 萬美元的現金，而去年同期為 1.27 億美元。我們 2012 年第二季的現金流量包括收到的約 4,500 萬美元的客戶預付款。將此付款時間正常化後，由於第一季客戶付款加速以及季度末員工獎金支付時間的延長，我們 2013 年第二季度的現金流量下降了 7%。

On a year-to-date basis, after normalizing for the upfront client payment, our cash flow from operations has grown 24% in 2013.

年初至今，在客戶預付款正常化後，2013 年我們的營運現金流成長了 24%。

We now expect our full-year 2013 cash flow from operations to be 5%-10% lower than last year, an improvement over the 10%-15% decline indicated in our previous calls.

我們現在預計 2013 年全年營運現金流將比去年下降 5%-10%，比我們先前預測的 10%-15% 下降有所改善。

Capital expenditures as a percentage of revenue were approximately 1.9% in the first half of 2013. Capital expenditures are at lower levels due to better utilization of existing infrastructure and technology, and planned phasing of investments in the second half.

2013年上半年資本支出佔收入的比例約為1.9%。由於更好地利用現有基礎設施和技術以及計劃在下半年分階段投資，資本支出處於較低水平。

We now expect capital expenditures as a percentage of revenue to be in the range of 3% to 3.5% for the full year compared to 3% to 4% mentioned in the last quarter call.

我們現在預計全年資本支出佔收入的百分比將在 3% 至 3.5% 之間，而上季電話會議中提到的則為 3% 至 4%。

With that, I will hand it back to Tiger for his closing comments.

至此，我將把它交還給老虎，讓他發表結束語。

Thank you, Mohit.

謝謝你，莫希特。

In closing, Genpact helps clients navigate economic and secular change. Our clients continue to face uncertainty that is forcing them to demand better returns on investment, develop more competitive insights and re-think their business models while they drive growth. In order to best serve them and our shareholders, we continue to focus on four things -

最後，簡柏特幫助客戶應對經濟和長期變革。我們的客戶繼續面臨不確定性，這迫使他們在推動成長的同時要求更好的投資回報、開發更具競爭力的見解並重新思考他們的商業模式。為了最好地服務他們和我們的股東，我們繼續關註四件事 -

First, we are excited about what we believe is a considerable runway for growth and our position of strength in our core Global Client Business Process Management market.

首先，我們對我們認為的巨大成長跑道以及我們在核心全球客戶業務流程管理市場的實力地位感到興奮。

Second, we continue to refine and evolve our growth strategy, with increasing focus on those opportunities and vertical markets where the growth potential and our competitive advantages are clear.

其次，我們持續完善和發展我們的成長策略，更加重視成長潛力和競爭優勢明顯的機會和垂直市場。

Third, we are strategically investing to provide clients in our targeted industry verticals with the differentiated and integrated capabilities, insights and services that will enable them to transform and run their business processes and operations better.

第三，我們進行策略性投資，為目標垂直行業的客戶提供差異化和整合的能力、見解和服務，使他們能夠更好地轉型和營運其業務流程和營運。

Finally, our relentless focus on operational excellence drives measurable business outcomes and high client satisfaction levels, as measured by our industry-leading Net Promoter Scores.

最後，我們對卓越營運的不懈關注推動了可衡量的業務成果和高客戶滿意度（透過我們領先業界的淨推薦值來衡量）。

To sum it up, our goal is to provide world-class service to our clients, and to drive sustainable profitable growth and value for our shareholders.

總而言之，我們的目標是為客戶提供世界級的服務，並為股東推動可持續的獲利成長和價值。

Lastly, I want to provide you with an update on our outlook for 2013. The macro environment continues to be mixed, challenging for some industries and geographies, improving in others. Our pipeline is healthy and stable, with a significant uptick in larger deals. Large, transformational engagements are where we want to be, but they are complex and do have a longer decision cycle time. As a result of these longer cycle times, together with more subdued GE revenues, we now expect revenues for the full year 2013 to be in the lower half of our range of $2.15 to $2.2 billion. We continue to expect adjusted operating income margin in the range of 15.8% to 16.3%.

最後，我想向您介紹我們 2013 年的最新展望。宏觀環境持續複雜多樣，對某些產業和地區來說充滿挑戰，而有些產業和地區則有所改善。我們的管道健康穩定，大型交易大幅增加。大型的、變革性的參與是我們想要的，但它們很複雜，而且決策週期確實較長。由於週期時間較長，加上 GE 收入更加低迷，我們現在預計 2013 年全年營收將處於 2.15 至 22 億美元區間的下半部分。我們繼續預期調整後營業利潤率在 15.8% 至 16.3% 之間。

I will now hand the call back to Bharani.

我現在將把電話交還給巴拉尼。

Thank you, Tiger. We would like to open up for Q&A at this time. Operator, can you give the instructions?

謝謝你，老虎。我們想在此時開放問答。接線生，您能指點一下嗎？

(Operator instructions) Tien-Tsin Huang, JPMorgan.

（操作員指示）Tien-Tsin Huang，摩根大通。

I just wanted to ask first just about GE, maybe just what has specifically changed since last quarter, your comments around things being subdued there. It sounds like it's BPM. Can you just elaborate? Thanks.

我只想先問一下關於通用電氣的問題，也許自上季以來具體發生了什麼變化，你對那裡的事情的評論受到了抑制。聽起來像是 BPM。能詳細說明一下嗎？謝謝。

The first part of the answer is that, it is regular ebb and flow as we go quarter by quarter and through our year. If you look at our GE growth over the years, it has been always around the very low-single digits. A couple of years back, we had a couple of quarters where we had similar ebb and flow. We are so penetrated with the GE businesses that transactional activity, our transactional activity is also a reflection of GE's own transactional activities.

答案的第一部分是，隨著我們每季和全年的發展，它是有規律的潮起潮落。如果你看看我們多年來通用電氣的成長，你會發現它始終保持在非常低的個位數左右。幾年前，我們有幾個季度經歷過類似的潮起潮落。我們對 GE 業務的滲透程度如此之深，以至於我們的交易活動也反映了 GE 本身的交易活動。

GE Capital's balance continues to shrink and there is clear discretionary expense focus in the GE businesses. Our relationship, as I said, continues to be really strong. Our Net Promoter Scores are actually, again, at a historic high this year. And the good thing about discretionary expense focus with GE is that, over the medium- and longer-term, it comes back as new business opportunities that we can talk to GE about.

GE Capital 的餘額持續萎縮，GE 業務中明顯存在可自由支配費用的重點。正如我所說，我們的關係仍然非常牢固。事實上，今年我們的淨推薦值再次創下歷史新高。通用電氣關注可自由支配費用的好處是，從中長期來看，它會成為我們可以與通用電氣討論的新商機。

So in the context of transactional activity, GE Capital balance sheet and discretionary expense, we now think that the GE revenue for the year will be more around the flat mark.

因此，在交易活動、GE Capital 資產負債表和可自由支配費用的背景下，我們現在認為 GE 今年的收入將基本持平。

Okay, so just the normal volatility, no share loss, obviously, with the high NPS score, is that a fair summary?

好的，所以只是正常的波動，沒有份額損失，顯然，加上高 NPS 分數，這是一個公平的總結嗎？

Yes, absolutely right, Tien-Tsin, yes.

是的，完全正確，田津，是的。

Okay, I just wanted to make sure, Tiger; that's helpful. Just one more follow-up, if you don't mind. Just decision cycle times on the larger deals -- I heard that. But has it changed in the last three months? I heard you say it is stable and healthy, but has the cycle times changed in the last three months? Is that the difference in the commentary?

好吧，我只是想確認一下，老虎；這很有幫助。如果您不介意的話，只需再跟進一次。只是較大交易的決策週期時間——我聽說過。但最近三個​​月情況有改變嗎？我聽說你說它是穩定和健康的，但是最近三個月的周期時間有變化嗎？這就是評論的差別嗎？

No. So here is the way I would articulate that. Larger deals tend to be more complex and have always taken longer decision cycle times. I would pick 12 to 18 months as long decision cycle times on larger deals. The proportion of larger deals in our pipeline is much higher now than before, and it is truly a reflection of the clear signs of our sales investment now leading to large deal pipeline growth in the industries and the domain areas that we had aligned our sales team to as we recruited them over the last 18 months.

不。這就是我闡述這一點的方式。較大的交易往往更加複雜，並且總是需要更長的決策週期時間。對於較大的交易，我會選擇 12 到 18 個月作為較長的決策週期。我們的管道中較大交易的比例現在比以前高得多，這確實反映了我們銷售投資的明顯跡象，現在導致我們已調整銷售團隊的行業和領域的大型交易管道增長我們在過去18 個月裡招募了他們。

So that segment of our pipeline obviously will take longer for decision cycle times, because they often go to board levels, given the nature and the complexity of these change management and transformational programs. The overall cycle time in the broad industry from our perspective hasn't changed.

因此，考慮到這些變革管理和轉型計劃的性質和複雜性，我們管道的這一部分顯然需要更長的決策週期時間，因為它們經常進入董事會層級。從我們的角度來看，整個產業的整體週期時間並沒有改變。

Okay, makes sense, thanks for the clarification.

好的，有道理，謝謝你的澄清。

Bryan Keane, Deutsche Bank.

布萊恩‧基恩，德意志銀行。

This is Ashish Sabadra calling on behalf of Bryan. I was wondering if you can give the organic growth in the ITO business, excluding the JAWOOD acquisition. Also last quarter, you had highlighted strength in IT business for healthcare, capital market insurance verticals. I was wondering if those are still the growth drivers and if you can give some color on the sustainability of these accelerated growth rates.

我是 Ashish Sabadra 代表 Bryan 打來的電話。我想知道您是否可以給予 ITO 業務的有機成長（不包括 JAWOOD 收購）。同樣在上個季度，您也強調了醫療保健、資本市場保險垂直產業 IT 業務的實力。我想知道這些是否仍然是成長動力，以及您是否可以對這些加速成長率的可持續性進行一些說明。

So for the ITO business, if you were to exclude the acquisition, our organic growth rates, Ashish, would be 8% to 9%.

因此，對於 ITO 業務，如果排除收購，我們的有機成長率 Ashish 將為 8% 至 9%。

And comments on the growth driver and the sustainability of the growth in those verticals?

對這些垂直領域的成長動力和成長可持續性有何評論？

Yes, so let me take that, Ashish. So clearly, let's start with capital markets. It's one of the verticals where we have seen these large, transformational, big deals. And they are significant IT combined with back-office process transformational engagements. -- exactly what we thought the industry would go through as it undergoes major transformation with the secular change.

是的，所以讓我接受，阿什什。顯然，讓我們從資本市場開始。這是我們看到這些大型、變革性、大交易的垂直領域之一。它們是重要的 IT 與後台流程轉型活動的結合。——這正是我們所認為的，隨著長期變化，該產業將經歷重大轉型。

We are seeing different but similar changes in the healthcare segment where, with our Jawood acquisition, our ability to take some of those capabilities to our healthcare payer market -- we are beginning to now take them there. Those are early days because that acquisition is more recent.

我們在醫療保健領域看到了不同但相似的變化，隨著我們收購 Jawood，我們有能力將其中一些功能帶入我們的醫療保健支付市場——我們現在開始將它們帶到那裡。這些還處於早期階段，因為該收購是最近才進行的。

So we continue to see strong pipeline in the capital markets vertical and technology in the healthcare vertical, as well as, as you rightly pointed out, in insurance. So those continue to be -- and they are some of the areas that we are actually focusing a lot of energies on.

因此，我們繼續看到資本市場垂直領域的強大管道和醫療保健垂直領域的技術，以及正如您正確指出的那樣，在保險領域。所以這些仍然是——而且它們是我們實際上投入大量精力的一些領域。

That's great. One quick follow-up, if I can -- the attrition that came in slightly higher and the number of employees remain unchanged from the end of last year. I believe you mentioned on the call that there are plans to hire employees through the rest of the year. But I was just wondering if you could provide any color on attrition and plans for hiring through the rest of the year.

那太棒了。如果可以的話，我可以快速跟進——與去年年底相比，人員流動率略高，員工人數保持不變。我相信您在電話會議中提到，計劃在今年剩餘時間內僱用員工。但我只是想知道您是否可以提供有關今年剩餘時間的人員流失和招聘計劃的任何資訊。

So, one, attrition second quarter is always higher in general across the four quarters for obvious reasons because, particularly in India, the end of the first quarter and the beginning of the second quarter is when annual bonus payments go out. And this is industry-wide phenomenon, so we are not surprised with the general trend quarter to quarter.

因此，第一季的員工流失率在四個季度中總體上總是較高，原因顯而易見，因為特別是在印度，第一季末和第二季度初是年度獎金發放的時間。這是全行業的現象，因此我們對季度與季度的整體趨勢並不感到驚訝。

In any case, I think again on attrition, quarter-to-quarter monitoring is not something that we focus too much of our energies on. We like what we see in our overall employee base. The extent to which they are engaged is reflected in the Net Promoter Score from our clients. Both GE and Global Clients is at a new historic high. We tend to promote a lot of people through training and domain expertise, so we feel very good about our industry-leading attrition rates for the types of services that we offer.

無論如何，我再次認為，在人員流失方面，我們不會將太多精力放在季度監測上。我們喜歡我們在整體員工基礎上看到的情況。他們的參與程度反映在我們客戶的淨推薦值中。GE 和 Global Client 皆為歷史新高。我們傾向於透過培訓和領域專業知識來提拔許多人，因此我們對我們提供的服務類型行業領先的流失率感到非常滿意。

Okay, thanks.

好的謝謝。

Paul Thomas, Goldman Sachs.

保羅湯瑪斯，高盛。

Just following up on that guidance question from earlier, can you just talk a little more there about what is not materializing in the second half that you were anticipating? Because it sounds like SDS did pretty well returning to growth. So was there a little more push-out, I guess, in terms of these large deals, or is it a little more volatility expected in the second half from GE? Can you just talk a little bit more about what is not coming together in the second half right now?

繼續之前提出的指導問題，您能否再多談談您預期的下半年沒有實現的事情？因為聽起來 SDS 恢復成長的表現相當不錯。那麼，我想，就這些大型交易而言，是否會有更多的退出，或者預計下半年通用電氣的波動會更大一些？能多談談現在下半場沒有發生的事情嗎？

So, Paul, let's start with GE, where I think, clearly, our expectation now for the year is more subdued than we had originally thought and planned. And, given the size of the relationship, that does make some difference.

所以，保羅，讓我們從通用電氣開始，我認為，顯然，我們現在對今年的預期比我們最初的設想和計劃更溫和。而且，考慮到雙方關係的規模，這確實會產生一些影響。

Second, in terms of larger deals, yes, larger deals do tend to be, one, more complex. They are also complex because they are definitely global, so they are typically North American and European, and they are global.

其次，就規模較大的交易而言，是的，規模較大的交易確實往往更加複雜。它們也很複雜，因為它們絕對是全球性的，所以它們通常是北美和歐洲的，而且它們是全球性的。

Three, they tend to bring together multiple service lines and, therefore, add complexity.

第三，它們傾向於將多個服務線整合在一起，因此增加了複雜性。

And four, decision-making goes right up to the board. So our ability to exactly pin down decision cycle times and exact decision-making on some of these large transformative engagements is much less than it is on more flow type of business. As I said, we have a much larger proportion of large deals, again a reflection of all our sales investments that we did.

第四，決策權直接由董事會決定。因此，我們在某些​​大型變革性業務上準確地確定決策週期時間和準確決策的能力遠低於在更多流程類型的業務上的能力。正如我所說，我們的大型交易比例要大得多，這再次反映了我們所做的所有銷售投資。

The final point I do want to make, and this won't come as a surprise, Paul, is that we do have a meaningful business that serves the mortgage origination market. It is not very big, but it is there. And particularly in the second quarter, we started seeing softness. That is not a surprise in the US market, around refinance and the volumes around refinance. And a lot of that volume gets processed through our origination business. So some of that is also flowing through into our outlook for the third and the fourth quarter.

我確實想說的最後一點，保羅，這不會讓人感到驚訝，那就是我們確實擁有一項有意義的業務，為抵押貸款發放市場提供服務。它不是很大，但它就在那裡。特別是在第二季度，我們開始看到疲軟。在美國市場，無論是再融資還是再融資規模，這並不奇怪。其中很大一部分的量是透過我們原始的業務處理。因此，其中一些也體現在我們對第三季和第四季的展望中。

That's helpful color, and then I guess maybe just one follow-up on SDS. I think you did say, Mohit, that it was 9% growth. How are the ramp-downs you were anticipating progressing? Are we going to have those all behind us at the end of 3Q?

這是有用的顏色，然後我想也許只是 SDS 的一個後續行動。Mohit，我想你確實說過成長了 9%。您預計的減產進度如何？我們會在第三季末將這些全部拋在身後嗎？

So I didn't answer the SDS part of your question earlier. So we are seeing growth come back into SDS, as we had planned. But, remember, this is growth coming back into single digits and then will ramp through the year, and the ramp through the year is a reflection of some of the deletions and the work moving back that we talked about last quarter getting completed. But really, the impact of that will fully be felt only next year as we finish the full year because the year-to-year comparisons will still show some of that volume having gone away in a couple of those clients where that volume went back into their own operations.

所以我之前沒有回答你問題的 SDS 部分。因此，正如我們計劃的那樣，我們看到 SDS 恢復了成長。但是，請記住，這是成長回到個位數，然後將在全年中逐步成長，而全年的成長反映了我們上季度談到的一些刪除和工作的回溯已經完成。但實際上，只有明年我們全年結束時才能充分感受到這種影響，因為逐年比較仍然會顯示，在一些客戶中，部分交易量已經消失，而這些交易量又​​回到了原來的水平。他們自己的經營。

Okay, thanks a lot, guys.

好的，非常感謝，夥計們。

Arvind Ramnani, BNP Paribas.

阿爾文德‧拉姆納尼 (Arvind Ramnani)，法國巴黎銀行。

Just a couple of questions. Were there any specific clients, other than GE, or segments where you saw soft demand, or was it kind of lowering your guidance more due to overall weakness across your accounts?

只是幾個問題。除了通用電氣之外，是否有任何特定客戶或您看到需求疲軟的細分市場，或者是否由於您的帳戶整體疲軟而進一步降低了您的指導？

No, I think we talked about three things, Arvind, particularly in the context of the full year. We did start seeing GE and the transactional activity around both the GE Capital and some of the industrial businesses. And that is partly reflected beyond quarter two into quarter three and quarter four. The mortgage business, as I talked about in terms of origination, we started seeing that probably around May of this year, and we see that continuing into Q3 and Q4.

不，我認為我們討論了三件事，Arvind，特別是在全年的背景下。我們確實開始看到通用電氣以及圍繞通用電氣資本和一些工業企業的交易活動。這部分反映在第二季之後到第三季和第四季。正如我在起源方面談到的抵押貸款業務，我們可能會在今年 5 月左右開始看到這種情況，我們看到這種情況持續到第三季和第四季。

And the large deal one is more a reflection of Q3 and Q4, where we think that some of those deals will take longer to close just in the nature -- but that's a good thing to have, because you really want to deal with those complex situations, because we do think we are very differentiated in those conversations.

最重要的交易更反映了第三季和第四季的情況，我們認為其中一些交易本質上需要更長的時間才能完成——但這是一件好事，因為你真的想處理那些複雜的交易情況，因為我們確實認為我們在這些對話中非常與眾不同。

But some of these large deals -- this is probably a pretty evolved, powerful strategy. It wasn't like suddenly you decided to focus on these large deals. So is it really fair to say that that is what caused you to adjust your estimates?

但其中一些大型交易——這可能是一個相當成熟、強大的策略。您並不是突然決定專注於這些大型交易。那麼，可以說這就是您調整估計的原因嗎？

No, I agree, so that's why I would call out the first two, but the third is not insignificant, Arvind. While we had planned for more large deals, given our sales investments, I think we are very pleased with the extent to which it spiked up. We also, obviously, anticipated a certain pace of closure, and that closure is taking its fair time. And one, the number of such large deals in our pipeline in proportion is higher; and, two, they are taking its full time.

不，我同意，所以這就是為什麼我會指出前兩個，但第三個也並非無關緊要，Arvind。雖然我們計劃進行更多大型交易，但考慮到我們的銷售投資，我認為我們對其飆升的程度感到非常滿意。顯然，我們也預計會有一定的關閉速度，而且關閉正在慢慢進行。第一，我們此類大額交易的數量比例較高；第二，他們正在全職工作。

Great, and just one last thing for me. These larger deals typically have lower margins. So is there a chance like a year from now we may have to revisit your margins, or are you being pretty firm in negotiating pricing and making sure margins don't get impacted?

太好了，對我來說只是最後一件事。這些規模較大的交易通常利潤率較低。那麼一年後我們是否有可能不得不重新審視您的利潤率，或者您在定價談判方面是否非常堅定並確保利潤率不會受到影響？

So I wouldn't necessarily characterize large deals as being low-margin, wouldn't necessarily agree, which is why the large deals we are talking about are complex. They tend to have multiple service lines pulled together. For us it is deep vertical. Our Finance and Accounting or Procurement-type horizontal enterprise-level process understanding with the underlying technology often wrapped in, particularly in verticals and horizontals that we have become very good at, in wrapping technology around and analytical insights and data insights.

因此，我不一定會將大型交易描述為低利潤，也不一定同意，這就是為什麼我們正在談論的大型交易很複雜。他們往往將多個服務線整合在一起。對我們來說，它是深度垂直的。我們對財務和會計或採購類型的水平企業級流程的理解通常包含底層技術，特別是在我們非常擅長的垂直和水平領域，在技術、分析洞察和數據洞察方面。

When you pull those together; one, they tend to get more complex. Two, they tend to have much more differentiated value propositions that obviously drives much better value for clients and, therefore, commands the right price in margin. So don't expect large deals to therefore mean lower margins.

當你把它們放在一起時；第一，它們往往變得更加複雜。第二，他們往往擁有更差異化的價值主張，這顯然可以為客戶帶來更好的價值，因此可以控制合適的利潤價格。因此，不要指望大宗交易就意味著利潤率下降。

Great, extremely helpful. Thank you very much.

太棒了，非常有幫助。非常感謝。

(Operator instructions) Edward Caso, Wells Fargo.

（操作員指示）Edward Caso，富國銀行。

It's actually Rick Eskelsen on for Ed, thanks for taking my question. A question actually here on the investments that you are making in sales and marketing -- can you just give us an update here on the deal win trends? And then also with the domain-focused investments in particular, are you seeing an increase in the volume of sole-sourced deals that you are able to now source? Thanks.

實際上是 Ed 的 Rick Eskelsen，感謝您提出我的問題。實際上，這裡有一個關於您在銷售和行銷方面進行的投資的問題——您能給我們介紹一下交易獲勝趨勢的最新情況嗎？然後，特別是對於以領域為中心的投資，您是否看到您現在能夠採購的單一來源交易量增加？謝謝。

The first part of the question -- as we do our sales investments, clearly, we are seeing more domain-led conversations, which is why a lot of our transformative deals are in exactly the areas where we made the sales and domain investments. Our pipeline growth in the US and in Europe, our pipeline growth in verticals such as Banking, Insurance, Capital Markets, Life Sciences, CPG, Industrial and Machinery, are all the verticals that we have made those investments. We think we still have runway to go in terms of making those investments, and these are still early days of those investments beginning to pay off in terms of pipeline growth.

問題的第一部分——顯然，當我們進行銷售投資時，我們看到了更多以領域為主導的對話，這就是為什麼我們的許多變革性交易正是在我們進行銷售和領域投資的領域。我們在美國和歐洲的管道成長，我們在銀行、保險、資本市場、生命科學、消費品、工業和機械等垂直行業的管道成長，都是我們進行這些投資的垂直行業。我們認為，在進行這些投資方面，我們還有很長的路要走，而這些投資仍處於開始在管道成長方面獲得回報的早期階段。

We obviously need to win our fair share of that pipeline. Our win rates continue to be steady in that competitive environment across the different verticals and across the different service lines. Clearly, our win rates are lower when it comes to technology, which is much more competitive. On the analytics and BPM side, they tend to be higher. When it gets to mining and working with existing clients who know us well, they tend to be higher. But the overall trajectory of that is very similar to what it has been.

顯然，我們需要贏得該頻道的公平份額。在不同垂直產業和不同服務線的競爭環境中，我們的勝率持續保持穩定。顯然，我們在技術方面的勝率較低，而技術方面的競爭力強得多。在分析和 BPM 方面，它們往往更高。當涉及到挖掘並與熟悉我們的現有客戶合作時，他們往往會更高。但整體軌跡與過去非常相似。

On the question around -- your second question was around sole-source. I think it takes time to build a sole-source relationship in this competitive environment. As you know, we compete often with Accenture, IBM, CapGemini and large competitive players in this space, and they have deep relationships right up to senior-most levels in organizations. It will take us time to build those relationships to be able to command sole-source discussions. I can tell you that, as we build our relationships with clients, they do tend to be sole-source value propositions. These are large corporations. They will still tend to run some sort of competitive environment, but obviously we are deep inside. We know the landscape better, so that puts us in a great position.

關於這個問題——你的第二個問題是關於唯一來源的。我認為在這個競爭環境中建立獨家來源關係需要時間。如你所知，我們經常與埃森哲、IBM、CapGemini 和該領域的大型競爭者競爭，他們與組織中的最高層都有著深厚的關係。我們需要時間來建立這些關係，以便能夠進行獨家討論。我可以告訴你，當我們與客戶建立關係時，他們確實往往是單一來源的價值主張。這些都是大公司。他們仍然傾向於運行某種競爭環境，但顯然我們已經深入內部。我們更了解當地情況，這使我們處於有利的位置。

Rahul Bhangare, William Blair.

拉胡爾·班加爾，威廉·布萊爾。

I just had a question on the competitive environment, in particular on these transformational deals. Are you seeing the same players, or are you increasingly seeing some of the IT players?

我只是有一個關於競爭環境的問題，特別是關於這些轉型交易的問題。您看到的是相同的參與者，還是越來越多地看到一些 IT 參與者？

Actually, Rahul, we continue to see the same players in the specific spaces that we have seen them. So in large global enterprise service-type deals, it continues to be the global majors. In specifically vertical focused deals -- an example would be the insurance vertical -- we tend to see people who have been focused on that vertical.

事實上，拉胡爾，我們繼續在特定的空間中看到與我們見過的相同的球員。因此，在大型全球企業服務型交易中，它仍然是全球巨頭。在專門針對垂直行業的交易中（例如保險業），我們往往會看到專注於該垂直行業的人。

In financial services we tend to see some of the Indian IT players who have built capabilities around the financial services vertical in the BPM space. That hasn't changed much because the value proposition along these large, complex deals tend to be a lot of proof points, a lot of value creation that you can demonstrate, and the ability to really show domain expertise and process expertise and analytical skills, apart from an understanding of the technology platform.

在金融服務領域，我們往往會看到一些印度 IT 參與者圍繞 BPM 領域的金融服務垂直領域建立了能力。這並沒有太大變化，因為這些大型、複雜交易的價值主張往往是大量的證據點、大量可以展示的價值創造，以及真正展示領域專業知識、流程專業知識和分析技能的能力，除了對技術平台的了解之外。

Got it, thank you.

收到了。

Manish Hemrajani, Oppenheimer.

曼尼什·赫姆拉賈尼，奧本海默。

This is Kunal Doctor on behalf of Manish Hemrajani. The demand within BFSI has picked up a bit. Can you break it down into components, where physically you guys have seen strength in the vertical?

我是庫納爾醫生，代表曼尼什‧赫姆拉賈尼 (Manish Hemrajani)。BFSI 內部的需求有所回升。您能否將其分解為幾個組成部分，在這些組成部分中，您在物理上看到了垂直方向的力量？

Yes. So the way I would respond to that is, clearly, the regulatory environment is such that a number of banking, financial services clients, particularly in the consumer and commercial banking space, and not just in the US, but also in Europe and Australia, have much more work that needs to be done to comply with regulations, to do regulatory reporting. And all of that tends to be more work that needs to be done, more work that needs to be done in quick order. And that has been one of the drivers of our pipeline and growth in the BFSI vertical.

是的。因此，我對此的回應顯然是，監管環境使得許多銀行、金融服務客戶，特別是消費者和商業銀行領域的客戶，不僅在美國，而且在歐洲和澳大利亞，為了遵守法規、進行監管報告，還有很多工作要做。所有這些往往是更多需要完成的工作，更多需要快速完成的工作。這一直是我們在 BFSI 垂直領域的管道和成長的驅動力之一。

On the insurance side I think it is continued penetration of what is clearly an underpenetrated market, particularly if you look at property and casualty, for example, as an industry vertical.

在保險方面，我認為這是對明顯未充分滲透的市場的持續滲透，特別是如果你將財產和傷亡視為垂直行業。

Capital markets is a very different story. It has been on a big transformational agenda for some time now. That is beginning to populate the pipeline in terms of large transformational deals that I talked about, so it's a little different story, but different drivers in some of those verticals.

資本市場的情況則截然不同。一段時間以來，它一直被列入重大轉型議程。我談到的大型轉型交易正在開始填充管道，所以這是一個有點不同的故事，但其中一些垂直領域的驅動因素不同。

Ashwin Shirvaikar, Citi.

阿什溫‧希爾瓦卡 (Ashwin Shirvaikar)，花旗銀行。

So I guess my question is what portion of your pipeline is the larger, more complex deals where decision-making is slow? And the reason I ask is, when I look at my previous number, I put in a 0% GE growth. I put in some slowdown for the mortgage origination. I am at the upper end of your new range. So I'm trying to get to what the real impact is from some of these slow decisions.

所以我想我的問題是，你們的管道中哪一部分是規模更大、更複雜且決策緩慢的交易？我問的原因是，當我查看之前的數字時，我輸入了 0% 的 GE 成長率。我放慢了抵押貸款的發放速度。我處於你的新範圍的上限。因此，我試圖了解其中一些緩慢的決定的真正影響是什麼。

So the way I would characterize our pipeline is on the larger deals, and we will talk about larger deals in the context of $10 million annual contract value, our pipeline has doubled. And that's a significant, material change, given that a lot of that is around the BPM space with technology and analytics wrapped around it.

因此，我對我們的管道的描述方式是較大的交易，我們將在年度合約價值 1000 萬美元的背景下討論較大的交易，我們的管道已經翻了一番。這是一個重大的實質變化，因為其中許多變化都是圍繞著 BPM 領域進行的，並且圍繞著它進行技術和分析。

So it has doubled in what time frame, Tiger?

那麼它在什麼時間範圍內翻了一番，老虎？

In the last two quarters.

最近兩個季度。

Okay.

好的。

As you can imagine, typically like any other pipeline, discussions progress to various stages in the pipeline, and the stage at which we are now saying that it's in there, in real discussions, fully qualified -- that portion has doubled.

正如您可以想像的那樣，通常與任何其他管道一樣，討論會進展到管道中的各個階段，而我們現在所說的階段，在真正的討論中，完全合格——該部分已經增加了一倍。

Got it. And Mohit, I guess you said higher cash flow expectations then before. I guess to what extent is this? Because some of these decisions here got pushed out, so maybe your investment that you might need to make gets pushed out to later in the year or next year.

知道了。莫希特，我猜你說過比以前更高的現金流預期。我想這要到什麼程度呢？因為其中一些決定被推遲，所以你可能需要做出的投資可能會被推遲到今年晚些時候或明年。

So cash flow from operations for the full year, Ashwin, like I had mentioned, we had initially forecasted closing the year at 10% to 15% lower cash flow from operations as compared to 2012. We now feel that that 10% to 15% is more like 5% to 10%. So that's a reasonable improvement over what I mentioned the last quarter on cash flow from operations.

因此，全年營運現金流量，Ashwin，正如我所提到的，我們最初預測 2012 年營運現金流量將比 2012 年減少 10% 至 15%。我們現在覺得10%到15%更像是5%到10%。因此，與我上季度提到的營運現金流相比，這是一個合理的改善。

While you are right that to a certain extent with slightly lower revenue I have lesser investment to make on receivables, but do bear in mind that this also takes into account a slew of investments that we have, in fact, planned for the second half of the year. So there are many puts and takes, but we are very happy, from where I sit, in terms of our new forecasted cash flow from operations for the year.

雖然你說得對，在某種程度上，由於收入略低，我在應收賬款上的投資較少，但請記住，這也考慮到了我們實際上計劃在下半年進行的大量投資。一年。因此，有許多看跌期權和看跌期權，但從我的角度來看，我們對今年新的營運現金流預測感到非常高興。

At this time, ladies and gentlemen, we have no further questions in queue. That will conclude today's conference. We thank you for your participation and you may all now disconnect and have a wonderful day.

女士們、先生們，目前我們已經沒有其他問題了。今天的會議到此結束。我們感謝您的參與，現在您可以斷開連接並度過美好的一天。