簡柏特 (G) 2024 Q3 法說會逐字稿

Good day, ladies and gentlemen. Welcome to the 2024 third quarter Genpact Limited earnings conference call. My name is Sherri, and I will be your conference moderator for today. (Operator Instructions) As a reminder, this call is being recorded for replay purposes. The replay of the call will be archived and made available on the IR section of Genpact's website.

美好的一天，女士們先生們。歡迎參加簡柏特有限公司 2024 年第三季財報電話會議。我叫雪莉，我將擔任今天的會議主持人。（操作員說明）謹此提醒，此通話正在錄音以供重播之用。通話重播將被存檔並在簡柏特網站的 IR 部分提供。

I would now like to turn the call over to Krista Bessinger, 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克里斯塔·貝辛格 (Krista Bessinger)。請繼續。

Thank you, Sherri. Good afternoon, everyone, and welcome to Genpact's Q3 2024 earnings conference call. We hope you've had a chance to read our earnings press release posted on the Investor Relations section of our website, genpact.com.

謝謝你，雪莉。大家下午好，歡迎參加簡柏特 2024 年第三季財報電話會議。我們希望您有機會閱讀我們網站 genpact.com 投資者關係部分發布的收益新聞稿。

Today, we have with us BK Kalra, President and CEO; and Mike Weiner, Chief Financial Officer. BK will start with a high-level overview of the quarter, and then Mike will cover our financial performance in greater detail before we take your questions.

今天，與我們在一起的還有總裁兼執行長 BK Kalra；和財務長麥克·韋納。BK 將從本季度的高級概述開始，然後麥克將在我們回答您的問題之前更詳細地介紹我們的財務業績。

Please note that during this call, we will make forward-looking statements, including statements about our business outlook, strategies and long-term goals. These comments are based on our plans, predictions and expectations as of today, which may change over time. Actual results could differ materially due to a number of important risks and uncertainties, including the risk factors in our 10-K and 10-Q filings with the SEC.

請注意，在本次電話會議中，我們將做出前瞻性聲明，包括有關我們的業務前景、策略和長期目標的聲明。這些評論是基於我們今天的計劃、預測和期望，這些計劃、預測和期望可能會隨著時間的推移而改變。由於許多重要的風險和不確定性，包括我們向 SEC 提交的 10-K 和 10-Q 文件中的風險因素，實際結果可能會存在重大差異。

Also during this call, we will discuss certain non-GAAP financial measures. We have reconciled those to the most directly comparable GAAP financial measures in our earnings press release. These non-GAAP measures are not intended to be a substitute for our GAAP results. And finally, this call in its entirety is being webcast from our Investor Relations website, and an audio replay and transcript will be available on our website in a few hours.

此外，在本次電話會議中，我們還將討論某些非公認會計準則財務指標。我們已在收益新聞稿中將這些指標與最直接可比較的公認會計準則財務指標進行了調整。這些非公認會計準則衡量標準無意取代我們的公認會計準則結果。最後，整個電話會議將透過我們的投資者關係網站進行網路直播，音訊重播和文字記錄將在幾個小時後在我們的網站上提供。

And with that, I'd like to turn it over to BK.

說到這裡，我想把它交給 BK。

Thank you, Krista. Hello, everyone, and thank you for joining us today. I am pleased to report another strong quarter with accelerating revenue growth and continued market share gains. Revenue reached $1.21 billion, up 7% year-over-year, above the high end of our guidance range, with accelerating growth driven by Data-Tech-AI and healthy supporting growth from Digital Operations.

謝謝你，克里斯塔。大家好，感謝您今天加入我們。我很高興地報告又一個強勁的季度，收入增長加快，市場份額持續增長。營收達到 12.1 億美元，年增 7%，高於我們指導範圍的上限，數據技術人工智慧推動加速成長，數位營運健康支援成長。

Gross margin of 35.6% and adjusted operating income margin of 17.6% also exceeded our expectations as we invest to drive growth while also delivering operating efficiency. We talk a lot about execution here at Genpact, and we are equally focused on innovation. Both are delivering results. I'll give you some color on innovation and how it is leading to accelerating growth.

35.6% 的毛利率和 17.6% 的調整後營業利潤率也超出了我們的預期，因為我們在投資推動成長的同時也提高了營運效率。在簡柏特，我們經常談論執行力，並且我們同樣關注創新。兩者都正在取得成果。我將向您介紹創新以及創新如何促進加速成長。

We are now on track to deliver 6% revenue growth in 2024 at the midpoint, up from 2% in 2023, with adjusted EPS expected to grow faster than revenue for the fourth year in a row. Relentless execution on our 3+1 Framework is delivering results, and we will continue to build our execution and innovation muscle with a sharp focus on partnerships, comprehensive Data-Tech-AI solutions, simplification and the [plus 1] in our 3+1 Framework, which is about establishing Genpact as our own best credential for AI-led transformation.

我們目前預計在 2024 年中期實現 6% 的營收成長，高於 2023 年的 2%，調整後每股盈餘預計將連續第四年快於營收成長。我們對3+1 框架的不懈執行正在取得成果，我們將繼續增強我們的執行力和創新能力，重點關注合作夥伴關係、全面的數據技術-人工智慧解決方案、簡化以及3+1 中的[plus 1]框架，旨在將簡柏特打造成我們自己實現人工智慧主導轉型的最佳憑證。

Let me walk you through the key highlights on each. First, on partnership. We continue to see a meaningful opportunity to accelerate revenue growth as we increase the strength of our partner relationships. We started ramping investments in our partnership organization at the beginning of the year and continue to make meaningful progress.

讓我帶您了解每個方面的主要亮點。第一，關於夥伴關係。隨著我們加強合作夥伴關係，我們繼續看到加速收入成長的有意義的機會。我們從今年年初開始加大對合作夥伴組織的投資，並繼續取得有意義的進展。

We have made a number of important announcements since our last earnings call. I'll highlight a couple of recent ones. The first is our proprietary Finance Data Hub, powered by Databricks' data intelligence platform. This AI-led solution provides CFOs and their teams with faster access to accurate data to improve decision-making and boost operational efficiency.

自上次財報電話會議以來，我們發布了許多重要公告。我將重點介紹最近的幾個。第一個是我們專有的金融資料中心，由 Databricks 的資料智慧平台提供支援。這種以人工智慧為主導的解決方案使財務長及其團隊能夠更快地存取準確的數據，以改善決策並提高營運效率。

And we are very proud to have achieved GenAI competency in AWS Consulting Services. This is a significant accomplishment, and we now hold a full suite of data analytics, machine learning, AI and GenAI competencies available with AWS.

我們非常自豪能夠在 AWS 諮詢服務中獲得 GenAI 能力。這是一項重大成就，我們現在擁有 AWS 提供的全套數據分析、機器學習、AI 和 GenAI 能力。

Second, on Data-Tech-AI. Our focus on delivering comprehensive solutions is driving accelerating growth with Data-Tech-AI revenue up 9% year-over-year, more than double our growth in the second quarter. Both innovation and execution are at play here.

第二，關於數據-技術-人工智慧。我們專注於提供全面的解決方案，正在推動加速成長，數據-技術-人工智慧收入較去年同期成長 9%，是第二季成長的兩倍多。創新和執行都在這裡發揮作用。

GenAI is significantly expanding our total addressable market. While the absolute numbers are still small, GenAI bookings were up meaningfully quarter-over-quarter. We now have approximately 130 GenAI solutions in production environments with clients, either deployed or going live, up more than 60% versus the previous quarter.

GenAI 正在大幅擴大我們的整體目標市場。儘管絕對數量仍然很小，但 GenAI 的預訂量較上季大幅成長。目前，我們在客戶生產環境中擁有約 130 個 GenAI 解決方案，無論是已部署還是已上線，與上一季相比成長了 60% 以上。

GenAI is not just about productivity, it's about generating long-term value. By combining the power of Genpact advanced technology expertise, industry knowledge and operational excellence, we are empowering clients to accelerate their GenAI journeys and achieve transformative outcomes.

GenAI 不僅僅關乎生產力，還關乎創造長期價值。透過將簡柏特先進技術專業知識、行業知識和卓越營運的力量相結合，我們正在幫助客戶加速他們的 GenAI 之旅並實現變革性成果。

This innovation was at the heart of the AI Day we hosted in early October. That event brought together more than 100 clients and partners to learn about the latest advances in generative AI, machine learning, data and analytics at Genpact.

這項創新是我們 10 月初舉辦的人工智慧日的核心內容。該活動匯集了 100 多名客戶和合作夥伴，了解簡柏特在產生人工智慧、機器學習、數據和分析方面的最新進展。

The theme was AI of Now with a specific focus on how Genpact is turning innovation into direct business outcomes for clients today. We are proud that a number of our valued clients and partners were on stage, be it Sysco Foods, Advantage Solutions, Resolution Life or others, and it was our clients who shared how our solutions are driving meaningful value in their organization.

主題是“AI of Now”，重點關注簡柏特如何將創新轉化為當今客戶的直接業務成果。我們感到自豪的是，許多重要的客戶和合作夥伴都登上了舞台，無論是Sysco Foods、Advantage Solutions、Resolution Life 還是其他公司，我們的客戶分享了我們的解決方案如何為其組織帶來有意義的價值。

I'll give you a few examples. Mondelēz International, one of the world's largest CPG companies, spoke about the Genpact CFO action hub that provides real-time predictive insights with a conversational interface and recommended next best actions. Our tailored AI solution built on Google Gemini Pro streamlines finance operations, identifies actionable insights and enhances the overall customer experience.

我給你舉幾個例子。全球最大的消費品公司之一億滋國際 (Mondeläz International) 談到了簡柏特 CFO 行動中心，該中心透過對話介面提供即時預測見解，並推薦下一步最佳行動。我們基於 Google Gemini Pro 構建的客製化人工智慧解決方案可簡化財務營運、識別可行的見解並增強整體客戶體驗。

Each client brought a unique perspective on leveraging our solutions to address their specific challenges. Penske Transportation Solutions, an industry leader in transportation and logistics, spoke about Genpact's AI-based demand planning and forecasting solution. The Genpact model takes into account all fleet details, vendor availability, pricing, on-site storage and logistics to improve vehicle uptime and lower inventory costs.

每個客戶都對利用我們的解決方案來應對其特定挑戰提出了獨特的看法。運輸和物流領域的產業領導者 Penske Transportation Solutions 介紹了簡柏特基於人工智慧的需求規劃和預測解決方案。簡柏特模型考慮了所有車隊詳細資訊、供應商可用性、定價、現場儲存和物流，以提高車輛正常運行時間並降低庫存成本。

And insurance being a key sector for us, Liberty Mutual Insurance, one of the largest global property and casualty insurances, spoke about the claim resolution and the solution we develop for them and leveraging Amazon Bedrock and Genpact proprietary data to drive more efficient claim processing.

保險是我們的一個關鍵部門，全球最大的財產和意外傷害保險之一Liberty Mutual Insurance 談到了索賠解決方案和我們為他們開發的解決方案，並利用Amazon Bedrock 和Genpact 專有數據來推動更高效的索賠處理。

Apart from these client stories, we also demonstrated a number of AI-enabled solutions at the AI Day across many competencies, including finance and accounting, supply chain or insurance, illustrating how the combined power of industry knowledge, data, artificial intelligence can transform business processes and drive superior value.

除了這些客戶案例之外，我們還在人工智慧日展示了許多支援人工智慧的解決方案，涉及財務和會計、供應鏈或保險等多個領域，展示了行業知識、數據和人工智慧的綜合力量如何改變業務流程並推動卓越價值。

I'll highlight just one of these solutions, which is our agentic solution for accounts payable. Powered by our proprietary LLM, our solution leverages machine learning and AI to increase automation across this end-to-end business process, achieving significantly more productivity than existing solutions. It reduces the cost of operations, improves working capital and enhances the finance user's experience.

我將僅重點介紹其中一種解決方案，即我們的應付帳款代理解決方案。在我們專有的法學碩士的支持下，我們的解決方案利用機器學習和人工智慧來提高整個端到端業務流程的自動化程度，與現有解決方案相比，生產力顯著提高。它降低了營運成本，改善了營運資金並增強了財務用戶的體驗。

Coming back to the third element in our 3+1 framework, which is simplification, we continue to streamline our operations so that we can scale more efficiently. As an example, we have taken steps to simplify our cash-to-collection process, which is delivering improvement in time to bill and operating cash flow. In addition, we are both simplifying and further automating our own accounts payable process, resulting in improved working capital as well.

回到我們3+1框架中的第三個要素，即簡化，我們繼續簡化我們的運營，以便我們能夠更有效地擴展。例如，我們已採取措施簡化現金收款流程，從而縮短了開票時間並改善了營運現金流。此外，我們正在簡化並進一步自動化我們自己的應付帳款流程，從而改善營運資金。

And finally, on leading with Genpact as our best credential for AI-led transformation, we continue to make meaningful progress. I'll give you one example, which we also covered in detail at AI Day. We now have a family of AI agents called Scout available to every Genpact employee. Scout brings the power of AI to everyday work with summarizing documents or translating content.

最後，以簡柏特作為我們人工智慧主導轉型的最佳憑證，我們將繼續取得有意義的進展。我舉一個例子，我們在 AI Day 上也詳細介紹過這個例子。現在，我們為每位簡柏特員工提供了一系列名為 Scout 的人工智慧代理商。Scout 將人工智慧的力量帶入日常工作中，總結文件或翻譯內容。

For specialized functions like HR and IT, we are also customizing our agents to solve more complex problems. Still in early stages of adoption, we have over 20 agents in production today with many more in development.

對於人力資源和 IT 等專業職能，我們也客製化代理商來解決更複雜的問題。目前，我們仍處於採用的早期階段，目前有 20 多個代理商正在生產中，還有更多代理商正在開發中。

In the process of developing Scout, we also created our own agent development life cycle. This is different from the classic software development life cycle with a specific focus on model selection, training and management, allowing us to generate AI agents with greater speed and accuracy.

在開發Scout的過程中，我們也創建了自己的代理開發生命週期。這與傳統的軟體開發生命週期不同，傳統的軟體開發生命週期特別關注模型選擇、訓練和管理，使我們能夠以更高的速度和準確性產生人工智慧代理。

Now turning to guidance. With another quarter of better-than-expected results, we are raising our outlook again for the full year. We are increasing revenue guidance by 150 basis points at the midpoint, with 6% growth now expected on as reported basis, up from 4.5% previously. We are also increasing gross and AOI margin for the full year by 10 basis points each. And we are raising our outlook of adjusted EPS to $3.24 with an approximate $0.08 increase at the midpoint of the range to reflect strong year-to-date performance.

現在轉向指導。由於又一個季度的業績優於預期，我們再次上調全年預期。我們將營收指引中位數上調 150 個基點，目前預計按報告數據成長 6%，高於先前的 4.5%。我們也將全年毛利率和 AOI 利潤率各提高 10 個基點。我們將調整後每股收益的預期上調至 3.24 美元，中間值增加約 0.08 美元，以反映年初至今的強勁表現。

As we look ahead to 2025, we are optimistic about the results we can deliver both for our clients and for our shareholders. That said, there is significant work ahead. Our journey at Genpact is not just about adopting the latest technology. It is about fundamentally reimagining how we deliver transformative value and operational excellence for our clients. We are off to a good start but remain heads down, focus on execution and innovation and building what's next for Genpact.

展望 2025 年，我們對能為客戶和股東帶來的成果感到樂觀。也就是說，未來還有大量工作要做。我們在簡柏特的旅程不僅僅是採用最新技術。它從根本上重新構想我們如何為客戶提供變革性價值和卓越營運。我們有了一個良好的開端，但仍然保持低調，專注於執行和創新，並為簡柏特打造下一步。

In closing, we see a bright future ahead. GenAI is expanding our total addressable market, and we believe we are well positioned with our unique combination of data, technology and domain. We are also proud of the performance we have delivered year-to-date. The changes we are making, while not easy, are improving execution and innovation across the board, but perhaps most importantly in data, tech and AI. I have witnessed the incredible dedication of the Genpact team every day and the immense value we bring to clients. I want to thank every one of our employees for their incredible passion.

最後，我們看到了光明的未來。GenAI 正在擴大我們的整體目標市場，我們相信我們憑藉數據、技術和領域的獨特組合處於有利地位。我們也對今年迄今所取得的業績感到自豪。我們正在做出的改變雖然不容易，但正在全面提高執行力和創新，但也許最重要的是在數據、技術和人工智慧方面。我每天都見證了簡柏特團隊令人難以置信的奉獻精神以及我們為客戶帶來的巨大價值。我要感謝我們每一位員工的難以置信的熱情。

With that, let me turn the call over to Mike.

接下來，讓我把電話轉給麥克。

Thanks, BK, and good afternoon, everyone. Thank you for joining us as we review our third quarter results and provide insights into how we're positioned for the remainder of the year. We demonstrated broad-based strength in the third quarter, achieving 7% revenue growth, 12% adjusted diluted EPS growth and accelerating cash flow generation.

謝謝，BK，大家下午好。感謝您加入我們，我們將回顧第三季的業績，並就我們今年剩餘時間的定位提供見解。我們在第三季展現了廣泛的實力，實現了 7% 的營收成長、12% 的調整後攤薄每股收益成長，並加速了現金流的產生。

Our pipeline remains at record levels, reflecting a balanced mix of deal sizes. We achieved win rates of 43% for the quarter with sole-source deals accounting for approximately 42% of total bookings. We also added 21 new logos and won 3 large deals in the quarter. As a reminder, large deals are $50 million or greater in total contract value.

我們的管道保持在創紀錄的水平，反映了交易規模的平衡組合。本季我們的勝率達 43%，獨家來源交易約佔總預訂量的 42%。我們還添加了 21 個新徽標，並在本季度贏得了 3 筆大交易。請注意，大型交易的合約總價值為 5000 萬美元或以上。

Our footprint is expanding. The number of clients generating more than $5 million in annual revenue grew to an all-time high of 188 in this quarter. We also increased the number of clients contributing more than $25 million in revenue to 43, with 5 clients generating over $100 million annually, reflecting the importance of solutions in driving their success.

我們的足跡正在擴大。本季年收入超過 500 萬美元的客戶數量增至 188 個，創歷史新高。我們還將貢獻超過 2,500 萬美元收入的客戶數量增加到 43 個，其中 5 個客戶的年收入超過 1 億美元，這反映了解決方案在推動他們成功方面的重要性。

Turning to the income statement. Total revenue was $1.211 billion, a year-over-year increase of approximately 7% on both an as-reported and constant currency basis. This strong performance underscores our disciplined execution. Data-Tech-AI revenue was $569 million, representing a 9% year-over-year increase in both reported and constant currency terms. Growth was driven by all components of Data-Tech-AI, which is 47% of total revenue for the quarter.

轉向損益表。總收入為 12.11 億美元，按報告和固定匯率計算，年增約 7%。這一強勁的業績凸顯了我們嚴格的執行力。數據-技術-人工智慧收入為 5.69 億美元，按報告貨幣和固定貨幣計算年增 9%。成長是由數據-技術-人工智慧的所有組成部分推動的，佔本季總收入的 47%。

Digital Operations revenue was $642 million, growing at 5% on an as-reported and constant currency basis, primarily continued new deal additions. Digital Operations contributed 53% of total revenue in the quarter. Revenue from outcome and consumption-based deals, excluding fixed fee contracts, comprised 20% of total revenue, up 17% from a year ago. While priority accounts contributed 62% of total revenue with growth of approximately 4% year-over-year.

數位營運收入為 6.42 億美元，按報告和固定匯率計算成長 5%，主要是新交易的持續增加。數位營運佔本季總收入的 53%。基於成果和消費的交易收入（不包括固定費用合約）佔總收入的 20%，比去年同期成長 17%。而優先客戶貢獻了總營收的62%，較去年同期成長約4%。

All three segments posted healthy growth. Consumer and Health care revenue grew approximately 8%, while both high tech and manufacturing and financial services were up approximately 6% compared to last year. All three segments saw gains in new deal ramps, advanced tech services, data, analytics and AI.

所有三個細分市場均實現健康成長。與去年相比，消費者和醫療保健收入成長約 8%，而高科技、製造和金融服務收入成長約 6%。所有三個細分市場都在新交易成長、先進技術服務、數據、分析和人工智慧方面取得了成長。

Moving from revenue to profitability. We expanded gross margins at 35.6%, up 10 basis points from the prior year period. In addition to driving accelerated revenue growth, we enhanced our productivity. Our efforts reduced SG&A expense by 10 basis points year-over-year to 20.1% of revenue, reflecting increased investments in sales that were more than offset by optimization of G&A.

從收入轉向盈利。我們的毛利率擴大至 35.6%，比去年同期成長 10 個基點。除了推動收入加速成長外，我們還提高了生產力。我們的努力使 SG&A 費用年減了 10 個基點，達到收入的 20.1%，反映出銷售投資的增加，而 G&A 的優化遠遠抵消了銷售投資的增加。

We also increased our adjusted operating income margin by 40 basis points year-over-year to 17.6%. Our effective tax rate was 24.3% compared to 24.1% in the prior year period. Net income in the quarter was $133 million, a 13% increase year-over-year. Diluted EPS grew to $0.74 or 16% year-over-year.

我們也將調整後營業利潤率年增了 40 個基點，達到 17.6%。我們的有效稅率為 24.3%，而去年同期為 24.1%。該季度淨利潤為 1.33 億美元，年增 13%。稀釋後每股收益成長至 0.74 美元，年增 16%。

On a non-GAAP basis, adjusted diluted EPS was $0.85, a 12% increase year-over-year from the prior period. Importantly, EPS growth has outpaced revenue growth in each of the quarters this year. Year-to-date, adjusted diluted EPS growth was 10% versus 6% revenue growth. We achieved operating cash flow -- we achieved increased operating cash flow of 41% year-over-year, delivering $228 million as higher revenue supported improvements in working capital.

以非 GAAP 計算，調整後攤薄每股收益為 0.85 美元，較上年同期成長 12%。重要的是，今年每季的每股盈餘成長都超過了營收成長。年初至今，調整後稀釋後每股盈餘成長率為 10%，而營收成長率為 6%。我們實現了營運現金流——我們的營運現金流年增了 41%，實現了 2.28 億美元，因為更高的收入支持了營運資本的改善。

On the balance sheet, cash and cash equivalents stood at approximately $1 billion, up $541 million from a year ago, largely driven by the proceeds of a debt issuance last quarter that will be used to repay a bond maturity at the end of this month.

在資產負債表上，現金和現金等價物約為 10 億美元，比去年同期增加 5.41 億美元，這主要是受到上季債務發行收益的推動，該收益將用於償還本月底到期的債券。

As a result, our net debt to last 12 months EBITDA ratio for the -- remained at the low end of our range at 0.8 times for the quarter. DSOs were 90 days. The overall credit quality of our portfolio remains strong. Even as we invest for long-term growth, we're returning a significant amount of capital to our shareholders through dividends and share repurchases.

因此，我們的淨負債與過去 12 個月的 EBITDA 比率仍處於本季範圍的低端，即 0.8 倍。DSO 為 90 天。我們投資組合的整體信用品質依然強勁。即使我們投資是為了長期成長，我們也會透過股利和股票回購向股東返還大量資本。

In the first nine months of the year, we returned nearly $0.25 billion. This includes $75 million for repurchases of 1.9 million shares and $27 million in dividends during the third quarter. Our disciplined capital allocation philosophy, returning at least 30% of cash flow from operations through share repurchases and 20% via dividend payments, demonstrates our commitment to delivering shareholder value while maintaining flexibility for strategic growth investments. Attrition in the quarter was at 25%, 100 basis points lower than the prior period.

今年前 9 個月，我們返還了近 2.5 億美元。其中包括用於回購 190 萬股股票的 7,500 萬美元以及第三季的 2,700 萬美元股息。我們嚴格的資本配置理念，透過股票回購回報至少 30% 的營運現金流，透過股息支付回報 20%，這表明我們致力於提供股東價值，同時保持策略性成長投資的靈活性。本季的員工流動率為 25%，比上一季低 100 個基點。

Now let me turn to guidance. We are raising our guide with increased visibility for the remainder of the year. Our full year, we are increasing our revenue guide by approximately 150 basis points to 6% at the midpoint. Additionally, we are raising our projected growth and AOI margin 10 basis points each, bringing them to 35.4% and 17.1%, respectively.

現在讓我談談指引。我們正在提高我們的指南，以提高今年剩餘時間的可見度。我們全年的收入指引將提高約 150 個基點，達到中位數 6%。此外，我們還將預期成長率和 AOI 利潤率分別上調 10 個基點，分別達到 35.4% 和 17.1%。

Our adjusted diluted EPS guide is also increasing by approximately $0.08, now expected to reach $3.24 at the midpoint. Operating cash flow for the full year is now being revised upwards by $35 million, bringing our total outlook to $560 million.

我們調整後的攤薄每股收益指南也增加了約 0.08 美元，目前預計中點將達到 3.24 美元。目前，我們將全年營運現金流上調了 3,500 萬美元，使我們的整體預期達到 5.6 億美元。

Now I'll walk you through our full year and fourth quarter guide in detail starting with the up-and-coming quarter. Fourth quarter, we expect to deliver total revenue in the range of $1.222 billion to $1.233 billion with Data-Tech-AI and Digital Operations growth projected to be 9% and 5.4%, respectively, at the midpoint of the range.

現在，我將向您詳細介紹我們的全年和第四季度指南，從即將到來的季度開始。我們預計第四季度總收入將在 12.22 億美元至 12.33 億美元之間，數據技術人工智慧和數位營運成長預計分別為 9% 和 5.4%，處於該範圍的中點。

Our gross margin is expected to be 35.6%, and our adjusted operating income margin is expected to be 17.6%. For the full year, we are projecting total revenue in the range of $4.740 billion to $4.751 billion as reported. This represents a 6% revenue growth at the midpoint of our range, up from 4.5% previously, driven by our solid year-to-date results and continued strength across our business.

我們的毛利率預計為 35.6%，調整後的營業利潤率預計為 17.6%。據報道，我們預計全年總收入在 47.40 億美元至 47.51 億美元之間。這意味著我們的收入成長了 6%，高於先前的 4.5%，這得益於我們今年迄今穩健的表現和整個業務的持續實力。

We now expect Data-Tech-AI and Digital Operations to increase 6.2% and 5.9% for the full year at the midpoint of the range. We are raising our adjusted diluted EPS guide by approximately $0.08 at the midpoint of the range to $3.23 to $3.24. This approximately $0.26 year-over-year increase is expected to be driven by higher adjusted operating income of $0.19 and a $0.09 benefit from reduced share count, partially offset by $0.02, consisting of higher interest expense and expected tax impacts.

我們現在預計全年數據-技術-人工智慧和數位營運將成長 6.2% 和 5.9%，處於區間中點。我們將調整後的稀釋後每股盈餘指引值上調約 0.08 美元，達到區間中點至 3.23 至 3.24 美元。預計將年增約 0.26 美元，原因是調整後營業收入增加 0.19 美元，以及股份數量減少帶來的 0.09 美元收益，部分被 0.02 美元抵消，其中包括較高的利息支出和預期稅收影響。

To conclude, we are pleased with our results, delivering profitable growth while making key investments in the future.

總而言之，我們對我們的業績感到滿意，實現了獲利成長，同時對未來進行了關鍵投資。

With that, let me turn the call over to Krista.

接下來，讓我把電話轉給克里斯塔。

Great. Thank you, Mike and BK. Sherri, we're ready to take questions.

偉大的。謝謝邁克和 BK。雪莉，我們準備好回答問題了。

(Operator Instructions) Bryan Bergin, TD Cowen.

（操作員說明）Bryan Bergin，TD Cowen。

Yeah, it's actually Jared Levine on for Bryan tonight. Over the last 90 days, has there been any improvement in the short-cycle projects and advisory work? It was good to see that strong DTA growth, but just curious if that benefited it.

是的，今晚實際上是賈里德·萊文 (Jared Levine) 替補布萊恩 (Bryan)。過去90天裡，短週期專案和顧問工作有什麼改進嗎？很高興看到 DTA 的強勁增長，但只是好奇這是否有利於它。

Yes. I think overall -- can you hear me okay?

是的。我想總的來說——你聽得到我說話嗎？

Yeah.

是的。

Okay. So there has been, overall, I think, strong execution that is driving this result. I think we continue to see stable business environment, but stronger execution is helping us deliver better results.

好的。因此，我認為，整體而言，強而有力的執行力推動了這個結果。我認為我們繼續看到穩定的商業環境，但更強的執行力正在幫助我們取得更好的表現。

BK, maybe quickly just to add on to that. If you're referring to our DTA component of our growth, right, we're continuing to execute really well on advanced technologies-led solutions that also are involving a lot of generative AI and AI-related initiatives. So we're pretty pleased with our performance this quarter within Data-Tech-AI.

BK，也許很快就能補充這一點。如果您指的是我們成長的 DTA 組成部分，對吧，我們將繼續在以先進技術為主導的解決方案上執行得非常好，這些解決方案還涉及許多生成式人工智慧和人工智慧相關計劃。因此，我們對本季數據技術人工智慧領域的表現非常滿意。

Okay. Great. And then can you provide an update on your progress on expanding partnership source revenue? Who are your most important partnerships currently and which are the fastest-growing?

好的。偉大的。那麼您能否提供擴大合作夥伴來源收入的最新進展？目前誰是您最重要的合作夥伴，哪些是成長最快的？

Yeah. I think the way to think about it is think of hyperscalers, so be it in AWS or Microsoft or Google, as you can imagine, they continue to be strong partner for us or people like ServiceNow, Salesforce and then very specific domain-led solutions where we bring in a number of these partners. I mean each of these partners, the differentiation is we are building our proprietary solutions on the top, which can act as a multiplier effect as we continue to enhance developments and bring in our operational keystroke knowledge and keystroke understanding in these domain solutions for our clients.

是的。我認為思考這個問題的方法是考慮超大規模企業，所以無論是在AWS、微軟還是谷歌，正如你可以想像的那樣，他們仍然是我們或ServiceNow、Salesforce 等人的強大合作夥伴，然後是非常具體的領域主導的解決方案我們引進了一些這樣的合作夥伴。我的意思是這些合作夥伴中的每一個，區別在於我們正在頂部構建我們的專有解決方案，隨著我們繼續加強開發並將我們的操作擊鍵知識和擊鍵理解引入到我們的客戶的這些在領域解決方案中，這可以起到乘數效應。

Yes. Let me just quickly add on to that. If you think of partnerships and how much revenues contributed to the business from partnerships, it's still relatively low compared to the industry as a whole. So our investments in partnerships and the ones BK alluded to a moment or so ago are really driving a lot of revenue for us currently, and we'll see how it goes going forward. Sorry, I cut you off.

是的。讓我快速補充一下。如果你考慮一下合作關係以及合作夥伴關係為業務帶來的收入，你會發現與整個行業相比，它仍然相對較低。因此，我們對合作關係的投資以及 BK 剛才提到的合作夥伴關係確實為我們帶來了大量收入，我們將看看未來的發展。抱歉，我打斷了你。

Thank you

謝謝

Maggie Nolan, William Blair.

瑪吉諾蘭、威廉布萊爾。

Hey, It's Kate on for Maggie. Congrats on the nice results today. My first question is what parts of the Data-Tech-AI business do you feel like are resonating the most with clients right now that's really driving that accelerated growth?

嘿，凱特為瑪姬代言。恭喜今天取得的好成績。我的第一個問題是，您認為數據技術人工智慧業務的哪些部分目前最能引起客戶的共鳴，真正推動了加速成長？

It is all parts of the Data-Tech-AI. And I would not say that there is only AI or GenAI. Yes, that is certainly helping us. But with that, any of the AI, GenAI conversation is not complete without data. And then obviously, it is the underlying technology and the various applications and our understanding there and how those applications need to evolve. So it is more holistic approach in Data-Tech-AI, point number one.

它是數據-技術-人工智慧的所有部分。我不會說只有人工智慧或 GenAI。是的，這確實對我們有幫助。但話雖如此，如果沒有數據，任何人工智慧、GenAI 對話都是不完整的。顯然，這是底層技術和各種應用程式以及我們對那裡的理解以及這些應用程式需要如何發展。因此，這是數據-技術-人工智慧中更全面的方法，這是第一點。

Point number two, I think in all of our digital operations, I do not know of any large deal or even medium-sized deal which we bring to our clients' attention and execute and book without Data-Tech-AI. In each of these digital operations deals, Data-Tech-AI is always a significant or a pretty strong component. And both of those attributes are changing our game in Data-Tech-AI.

第二點，我認為在我們所有的數位化營運中，我不知道有任何大型交易甚至中型交易是我們引起客戶注意、在沒有數據技術人工智慧的情況下執行和預訂的。在這些數位化營運交易中，數據-技術-人工智慧始終是重要或相當強大的組成部分。這兩個屬性正在改變我們在數據-技術-人工智慧領域的遊戲規則。

Okay. Great. And then just going off of that a little bit. During the AI Day that you held, are you starting to get the sense that customers are getting a little bit more comfortable with the generative AI technology as time progresses?

好的。偉大的。然後稍微偏離一下。在您舉辦的人工智慧日期間，您是否開始感覺到隨著時間的推移，客戶對生成式人工智慧技術越來越滿意？

Yeah. I would still say it is early days, but clearly, a lot more adoption is happening. Clearly, there is change from just the interest or proof of concept to more putting the solution in production environments. And what was quite endearing for us that we had a number of our clients on the stage and operators in our clients who were talking about how it is generating meaningful value, and that is always a little bit more credible because the clients are listening to those stories and how that replicability can happen. So yes, it is still -- it is making a pretty good progress. I would still say it's early days.

是的。我仍然想說現在還處於早期階段，但顯然，更多的採用正在發生。顯然，從單純的興趣或概念驗證到更多地將解決方案投入生產環境中，已經發生了變化。對我們來說非常可愛的是，我們有很多客戶在台上，我們的客戶中的運營商正在談論它如何產生有意義的價值，這總是更可信一點，因為客戶正在傾聽那些故事以及如何實現這種可複製性。所以，是的，它仍然取得了相當好的進展。我仍然會說現在還為時過早。

Okay, great. Thank you, Congrats on the quarter.

好的，太好了。謝謝，恭喜本季。

Robbie Bamberger, Baird.

羅比·班伯格，貝爾德。

So, thank you for taking up my question. So if we think about Q4, it implies about 6% year-over-year organic constant FX growth. Is that sort of a good starting point if we think about 2025 growth expectations or any one-offs that we should be thinking about as we look into next year?

所以，謝謝你接受我的問題。因此，如果我們考慮第四季度，這意味著外匯的同比有機恆定成長率約為 6%。如果我們考慮 2025 年的成長預期或我們在展望明年時應該考慮的任何一次性問題，這是一個很好的起點嗎？

Let me kick it off and hand it over to you, BK. So when you think about our business, right, I think you're referring to the guide for the fourth quarter and also for the full year, which does represent that 6% and 7% growth that we're projecting for the fourth quarter, if you kind of back into it from there.

讓我開始並把它交給你，BK。因此，當您考慮我們的業務時，對吧，我認為您指的是第四季度和全年的指南，這確實代表了我們預計第四季度 6% 和 7% 的增長，如果您從那裡回到它。

We'll provide formal guidance when we give our -- or when we meet in three months from now. But we continue to see a stable buying environment that we'll be moving off of. Again, it was a good year for us. So it will be a stronger comp to grow off of there. But again, we feel pretty good about where we are for the fourth quarter and also for the full year.

當我們給出我們的建議時，或當我們在三個月後開會時，我們將提供正式的指導。但我們仍然看到一個穩定的購買環境，我們將擺脫這個環境。再說一遍，這對我們來說是美好的一年。因此，從那裡成長將是一個更強大的競爭。但同樣，我們對第四季和全年的狀況感到非常滿意。

Yeah. I think what I would add, look, as Mike just said, certainly feel great about the progress on execution, how we are layering innovation. But I must also say that we are just beginning. And yes, we are a small company, but we are a large company, too. And while we are heads down in execution, it's still early days. And yes, we have a gift of delivering well this year, so that gets us to tougher comps.

是的。我想我要補充的是，正如麥克剛才所說，我們對執行方面的進展以及我們如何分層創新感到非常滿意。但我還必須說，我們才剛開始。是的，我們是一家小公司，但我們也是一家大公司。雖然我們正在埋頭執行，但現在還處於早期階段。是的，我們今年有出色的表現，這讓我們的比賽更加艱難。

But we will give you a more specific guide in another 90 days for 2025, but feel really good as to where we stand. And yes, it is still a stable buying environment, and we will see as to how clients look at in early January, and we'll give you more specific guide as we meet in another 60, 90 days.

但我們將在 2025 年的另外 90 天內為您提供更具體的指南，但我們對我們的立場感到非常滿意。是的，這仍然是一個穩定的購買環境，我們將在 1 月初了解客戶的看法，我們將在 60、90 天後的會議上為您提供更具體的指導。

Awesome. And then in terms of just outcome-based pricing, I remember last quarter, you noted about 20% was outcome-based. Do you have an update on what percent is outcome-based now in Q3 and then I guess what's causing this acceleration? Is GenAI -- I think you noted last quarter talking about how GenAI-type deals will be more outcome-based than time and materials. Maybe just thinking about that dynamic.

驚人的。然後就基於結果的定價而言，我記得上個季度，您指出大約 20% 是基於結果的。您是否有關於第三季度基於結果的百分比的最新信息，然後我猜是什麼導致了這種加速？是 GenAI 嗎？也許只是想想這種動態。

Sure. So you're -- so starting at the second part of your question. That will absolutely drive more outcome-based alternative commercial model solutions. We had about 20% of our total revenue attributed to that classification of revenue. But it's important to look at -- while it's relatively flat sequentially, 20%, 20%, it's up from 17% a year ago. So we're quite bullish on that. And we're also quite bullish on the industry itself, continue to pivot to these alternative commercial models, particularly as generative AI point-based solutions and solutions in total continue to gain traction.

當然。所以你從問題的第二部分開始。這絕對會推動更多基於結果的替代商業模式解決方案。我們總收入的大約 20% 歸因於該收入分類。但重要的是要注意——雖然環比相對持平，20%、20%，但比一年前的 17% 有所上升。所以我們對此非常樂觀。我們也非常看好產業本身，繼續轉向這些替代商業模式，特別是隨著基於點的生成式人工智慧解決方案和整體解決方案繼續獲得關注。

Awesome, Thank you.

太棒了，謝謝。

Surinder Thind, Jefferies.

蘇林德·辛德，傑弗里斯。

Thank yoiu, BK, can you maybe provide a bit more color around your commentary that you're, at this point, expecting a larger TAM for the set of services. Just any color on how you think about that? Is it just there's a lot more breadth of services that you can look at from a client perspective? Or is it just a broader range of technologies that you plan on working with? How should we think about that?

謝謝 y​​oiu，BK，您能否在您的評論中提供更多的色彩，您目前期望為這組服務提供更大的 TAM。您對此有何看法？只是您可以從客戶的角度看待更廣泛的服務嗎？或者您只是計劃使用更廣泛的技術？我們該如何思考這個問題？

Yeah. I think how we are observing in our pipeline, Surinder, is yes, increase in the scope of activity because certain attributes which were possibly our clients were not thinking, I think GenAI has expanded that scope. Even in the certain conversations that we were having, just GenAI is helping us bring more end-to-end solutions to bear, point number one.

是的。Surinder，我認為我們在管道中觀察到的情況是，活動範圍有所增加，因為某些屬性可能是我們的客戶沒有想到的，我認為 GenAI 已經擴大了該範圍。即使在我們正在進行的某些對話中，只有 GenAI 才能幫助我們帶來更多的端到端解決方案，而這正是第一點。

Point number two, then as I reflected also for AI Day, a number of our clients are engaging us for bringing domain-led AI solutions, which they were not earlier thinking about. And they are also stand-alone as well as embedded solutions. So that is increasing the total addressable market as well.

第二點，正如我在人工智慧日所反映的那樣，我們的許多客戶正在與我們合作，提供以領域為主導的人工智慧解決方案，這是他們之前沒有考慮到的。它們也是獨立的和嵌入式的解決方案。因此，這也增加了總的潛在市場。

And then data was always at the sidebars, and data has become a main actor conversation. And because none of the AI, GenAI, while all the clients understood it, but now it is very real. And therefore, data-led conversations, and we have pretty strong franchise in data and analytics, and that is helping us grow the data, tech franchise. So it is more holistic approach that we are seeing in the pipeline is what we are sharing with you.

然後數據始終處於側邊欄，數據已成為主要參與者對話。因為沒有一個人工智慧，GenAI，雖然所有的客戶都理解它，但現在它是非常真實的。因此，以數據為主導的對話，以及我們在數據和分析方面擁有相當強大的特許經營權，這正在幫助我們發展數據和技術專營權。因此，我們正在與您分享的是我們在管道中看到的更全面的方法。

That's helpful. And then when we think about the acceleration in the growth that you're seeing in what I think you're describing is a relatively stable demand environment, any color around maybe why now?

這很有幫助。然後，當我們考慮您在我認為您所描述的相對穩定的需求環境中所看到的成長加速時，有什麼顏色可能是為什麼現在呢？

I understand or I hear you on the execution part of it, but is it that you feel like you've built certain proprietary solutions that you can take to the clients that are perhaps mature enough from an AI perspective or offering perspective where it's differentiated?

我理解或我聽到你在執行部分，但你是否覺得你已經建立了某些專有的解決方案，你可以將這些解決方案提供給客戶，這些解決方案從人工智慧的角度或提供差異化的角度來看可能已經夠成熟？

Or are clients just a bit more willing to maybe open up the budget a little bit more if they see something that's interesting annual -- I'm just trying to understand the magnitude of the improvement that you're seeing and how we should think about that on a go-forward basis.

或者，如果客戶每年看到一些有趣的東西，他們是否更願意增加預算——我只是想了解您所看到的改進的程度以及我們應該如何考慮在前進的基礎上。

What I will go back to, Surinder, is our 3+1 Framework. And in that execution as well as innovation, I think both of those elements in a stable demand environment is helping us deliver better. So when I say 3+1, including partnership, is it becoming a more stronger muscle and we are still at early days. It is clearly showing results, and that's what we are sharing with you, and a lot of that is sitting in Data-Tech-AI.

Surinder，我要回到的是我們的 3+1 框架。在執行和創新方面，我認為穩定的需求環境中的這兩個要素都有助於我們提供更好的服務。因此，當我說3+1，包括夥伴關係時，它是否會成為更強大的肌肉，而我們仍處於早期階段。它清楚地顯示了結果，這就是我們與您分享的內容，其中許多內容都在數據-技術-人工智慧中。

Similarly, in the Data-Tech-AI as our second pivot within -- or second key initiative in 3+1, be it the data, be it the AI, be it advanced technology that we are bringing in our solutions, is helping us accelerate. And a lot of our clients find it really endearing that we are driving this transformation on ourselves in plus 1, and that was also quite intriguing for our clients at AI Day because we shared a number of these areas where we are -- we have the entire control of data, we have the entire control of infrastructure and how we are accelerating that journey. And that is still early days, beginning to act as an inspiration for our clients.

同樣，在數據-技術-人工智慧中，作為我們的第二個支點，或者說3+1 中的第二個關鍵舉措，無論是數據、人工智慧還是我們在解決方案中引入的先進技術，都在幫助我們加速。我們的許多客戶發現我們在+1中推動這一轉變真的很可愛，這對我們在人工智慧日的客戶來說也很有趣，因為我們分享了我們所處的許多領域——我們有我們完全控制數據，我們完全控制基礎設施以及如何加速這一進程。這還處於早期階段，已經開始為我們的客戶帶來靈感。

Thank you.

謝謝。

Bradley Clark, BMO Capital Markets.

Bradley Clark，BMO 資本市場。

Thanks for taking up my question. You've been mentioning sort of stable business demand for a number of quarters. As we start turning the calendar year, what signs are you looking for your customers that could perhaps suggest a budget influx and signs of -- early signs of an improved business environment?

感謝您回答我的問題。您一直在提到幾個季度的穩定業務需求。當我們開始進入新的一年時，您正在為您的客戶尋找哪些跡象，這些跡象可能表明預算流入以及商業環境改善的早期跡象？

Yeah. So let me kick that off. So what we're seeing from our side, I think what you're alluding to -- are we seeing any signs in our definition of what a stable business environment is of budget flushes going through the remainder of the year and potentially into next year as people redo or refine their budgets. We have not seen that and nor are we assuming that in our guidance now.

是的。那麼就讓我開始吧。因此，我們從我們這邊看到的，我想你所提到的是——我們在穩定的商業環境的定義中是否看到任何跡象表明預算在今年剩餘時間內並可能持續到明年當人們重新制定或完善他們的預算時。我們還沒有看到這一點，我們現在的指導中也沒有做出這樣的假設。

Listen, early days as we finish up the third quarter, actually enter into the fourth quarter. We'll provide additional guidance that -- for next year when we meet in a quarter or so, but we hope to have some additional color from our clients is they really refocus on what they're going to be doing for 2025.

聽著，我們剛結束第三季度，實際上就進入了第四季。我們將在明年一個季度左右開會時提供額外的指導，但我們希望客戶能提供一些額外的信息，讓他們真正重新關注 2025 年要做的事情。

Okay. And then just as a quick follow-up. The percentage of sole-source deals ticked down slightly. And sort of off the back of that, I wanted to just see what the sort of pricing environment has been like if there've been any changes or perhaps if there's been any sources of more competitive pricing, especially around generative AI projects.

好的。然後作為快速跟進。單一來源交易的比例略有下降。在那之後，我想看看定價環境是什麼樣的，是否有任何變化，或者是否有任何更具競爭力的定價來源，特別是在生成人工智慧專案方面。

So I didn't hear the first part of your question. I'll answer the second part and maybe you can repeat it for us. Our pricing environment has remained relatively constant. We haven't seen anybody doing anything kind of dramatically different. So I'd say it's a stable pricing environment. But I didn't hear the first part of your question, I apologize.

所以我沒有聽到你問題的第一部分。我將回答第二部分，也許你可以為我們重複一遍。我們的定價環境保持相對穩定。我們還沒有看到任何人做任何顯著不同的事情。所以我想說這是一個穩定的定價環境。但我沒有聽到你問題的第一部分，我很抱歉。

Yeah. The first part of the question, I just noticed that sole-source deals, I think, was 42% this quarter, was 45% last quarter. And I just was wondering if that tied into any sort of change in the pricing dynamic. (inaudible)

是的。問題的第一部分，我剛剛注意到，我認為本季的獨家交易為 42%，上季為 45%。我只是想知道這是否與定價動態的任何變化有關。（聽不清楚）

No, I wouldn't read much into that. Again, they're going to be lumpy in nature on sole-source deals. When you look at things like disproportionately, larger deals are not sole-source versus -- sole-source deals are typically on the smaller side. So there's nothing really to read into that on a quarterly basis. They're lumpy.

不，我不會對此進行太多解讀。同樣，它們在單一來源交易中本質上將是不穩定的。當你不成比例地看待這樣的事情時，較大的交易並不是單一來源的交易，而單一來源的交易通常是較小的交易。因此，沒有什麼真正值得按季度解讀的。它們是塊狀的。

Okay. Thank you.

好的。謝謝。

(Operator Instructions) Puneet Jain, JPMorgan. Again, Puneet, if your line is on mute, please open up your line.

（操作員指令）Puneet Jain，摩根大通。再次強調，Puneet，如果您的線路處於靜音狀態，請打開您的線路。

I think, Sherri, he might be in transit, so he may not be available to pick up.

我想，雪莉，他可能正在過境，所以可能無法接他。

Okay. I'm showing no further questions in the queue at this time. I would like to turn the call back over to management for any closing remarks.

好的。目前我在隊列中沒有顯示任何其他問題。我想將電話轉回給管理階層，讓他們發表結束語。

Thank you, Sherri. And before we sign off, I just want to say thanks to all of our clients for choosing Genpact and to all of our shareholders for their ongoing support. We are excited to keep innovating, and we look forward to talking to you again next quarter. Thank you.

謝謝你，雪莉。在我們結束之前，我只想感謝所有選擇簡柏特的客戶以及所有股東的持續支持。我們很高興能夠不斷創新，並期待下個季度再次與您交談。謝謝。

Thank you for participating. This concludes today's program. You may now disconnect.

感謝您的參與。今天的節目到此結束。您現在可以斷開連線。