簡柏特 (G) 2024 Q4 法說會逐字稿

Good day, ladies and gentlemen, and welcome to Genpact Limited fourth-quarter and full year 2024 earnings call. My name is Carmen, and I will be your conference moderator for today. (Operator Instructions)

女士們、先生們，大家好，歡迎參加 Genpact Limited 2024 年第四季和全年財報電話會議。我叫卡門，我將擔任今天的會議主持人。（操作員指令）

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.

提醒一下，本次通話正在錄音，以便重播。這次通話的重播將被存檔並在 Genpact 網站的 IR 部分發布。

I would now like to turn the call over to Krista Bessinger, Head of Investor Relations at Genpact. Please proceed.

現在我想將電話轉給 Genpact 投資者關係主管 Krista Bessinger。請繼續。

Thank you, Carmen. Good afternoon, everyone, and welcome to Genpact's Q4 2024 earnings conference call. We hope you had a chance to read our earnings press release, which was posted on the Investor Relations section of our website, genpact.com.

謝謝你，卡門。大家下午好，歡迎參加 Genpact 2024 年第四季財報電話會議。我們希望您有機會閱讀我們的收益新聞稿，該新聞稿發佈在我們的網站 genpact.com 的投資者關係部分。

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 year, and then Mike will cover our financial performance in greater detail before we take your questions.

今天，我們邀請到了總裁兼執行長 BK Kalra；以及財務長 Mike Weiner。BK 將首先對本季度和本年度進行高層概述，然後 Mike 將更詳細地介紹我們的財務業績，之後我們再回答您的問題。

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 and 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，我們將做出前瞻性陳述，包括有關我們的業務前景、策略和長期目標的陳述。這些評論是基於我們今天的計劃、預測和期望，可能會隨著時間的推移而改變。由於存在許多重大風險和不確定因素，包括我們向美國證券交易委員會提交的 10-K 和 10-Q 文件中的風險因素，實際結果可能存在重大差異。

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。我們在收益新聞稿中已將這些指標與最直接可比較的 GAAP 財務指標進行了協調。這些非公認會計準則指標並非旨在取代我們的公認會計準則結果。最後，本次電話會議的完整內容將在我們的投資者關係網站上進行網路直播，音訊回放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.

現在，我想把話題交給 BK。

Thank you, Krista. Hello, everyone, and thank you for joining us today. I am pleased to report another strong quarter with better-than-expected performance. Revenue in Q4 reached $1.25 billion, up 9% year over year.

謝謝你，克里斯塔。大家好，感謝大家今天加入我們。我很高興地報告本季又有強勁業績，表現優於預期。第四季營收達12.5億美元，年增9%。

Importantly, Data-Tech-AI is beginning to show its potential, up 12% year over year with accelerating revenue growth for the fourth quarter in a row.

重要的是，數據技術人工智慧開始展現其潛力，年成長 12%，連續第四個季度營收成長加速。

Digital Operations growth also accelerated, up 6% year over year. Gross margin and adjusted operating income margin also exceeded expectations in Q4, as we continue to deliver operating efficiency even while investing for growth.

數位營運成長也加速，較去年同期成長6%。第四季的毛利率和調整後的營業利潤率也超出了預期，因為我們在投資成長的同時繼續保持營運效率。

Taking a broader view, I am proud of what we accomplished in 2024. We built a strong foundation, significantly strengthening our execution and innovation muscle. We closed 14 large deals in line with last year, but with 10% higher booking in aggregate across this cohort. Revenue for the year grew 6.5% approximately 400 basis points above the midpoint of our initial guidance range.

從更廣泛的角度來看，我為我們在 2024 年所取得的成就感到自豪。我們建立了堅實的基礎，大大增強了我們的執行力和創新力。我們完成了 14 筆大筆交易，與去年持平，但本季的總訂單量增加了 10%。全年營收成長 6.5%，比我們最初預期範圍的中點高出約 400 個基點。

Operating cash flow grew 25% year over year. Adjusted diluted EPS grew 10% year over year, faster than revenue for the fourth year in a row. And we ended 2024 with new bookings of $5.7 billion, up 15% year over year after exceptionally strong performance in 2023.

經營現金流較去年同期成長25%。調整後攤薄每股收益較去年同期成長 10%，連續第四年成長速度快於營收。截至 2024 年，我們的新訂單金額為 57 億美元，年增 15%，而 2023 年的表現異常強勁。

As we enter 2025, innovation is front and center at Genpact. It's clear that businesses need to move beyond generic to domain-specific intelligence tailored to their industry needs. To meet this need, we are excited to announce the general availability of our first agentic solution for accounts payable. This is the first in a series of solutions that we will bring to market in our digital operations business powered by a proprietary LLM, our solution leverages GenAI and machine learning models to automate invoice extraction, driving superior value through this innovative approach.

當我們進入 2025 年時，創新已成為 Genpact 的首要任務。顯然，企業需要超越通用智能，轉向根據其行業需求量身定制的特定領域智能。為了滿足這項需求，我們很高興地宣布我們的第一個應付帳款代理解決方案正式上市。這是我們在數位營運業務中推出的一系列解決方案中的第一個，該系列解決方案由專有的 LLM 提供支持，我們的解決方案利用 GenAI 和機器學習模型來自動提取發票，透過這種創新方法帶來卓越的價值。

Our solutions are built on foundation of Genpact's deep industry expertise with highly detailed domain-specific knowledge embedded in each of our agents to deliver value at scale. We are also accelerating in data, tech, and AI with the launch of our AI value studio and the Genpact gigafactory. The AI value studio helps businesses identify high-impact use cases and create custom road maps with seasoned Genpact AI architects, blending process, industry, and technology expertise.

我們的解決方案建立在 Genpact 深厚的行業專業知識基礎之上，我們的每個代理商都嵌入了高度詳細的領域特定知識，以大規模地提供價值。隨著我們的人工智慧價值工作室和 Genpact 超級工廠的推出，我們也正在加速數據、技術和人工智慧領域的發展。AI 價值工作室幫助企業識別高影響力的用例，並與經驗豐富的 Genpact AI 架構師一起創建客製化路線圖，融合流程、產業和技術專業知識。

And the Genpact gigafactory is our first-of-its-kind AI accelerator, designed to help enterprises rapidly scale AI solutions from pilot to full-scale production. It includes thousands of prebuilt AI and generative models that combine deep industry knowledge with cutting-edge data engineering tools, all leveraging our unique port delivery model with cross-functional teams that bring together domain-specific knowledge, data engineering, and integration expertise all in one team to accelerate time to value with responsible AI by design.

Genpact 超級工廠是我們首個此類人工智慧加速器，旨在幫助企業快速將人工智慧解決方案從試點擴展到全面生產。它包括數千個預先建立的 AI 和生成模型，將深厚的行業知識與尖端的資料工程工具相結合，所有這些都利用我們獨特的港口交付模式和跨職能團隊，將領域特定知識、資料工程和整合專業知識整合到一個團隊中，以透過負責任的 AI 設計來加速價值實現時間。

Databricks is one of our first partners as we scale this gigafactory. This faster pace of innovation is built on the strong foundation of 3+1 Execution Framework that we introduced in 2024, which is now firmly embedded in our DNA. It covers partnerships, Data-Tech-AI, simplification and the plus one in our 3+1 framework, which is establishing Genpact as our own best credential for AI-led transformation.

Databricks 是我們擴大這個超級工廠規模的首批合作夥伴之一。這種更快的創新步伐建立在我們於 2024 年推出的 3+1 執行框架的堅實基礎之上，該框架現已牢牢融入我們的 DNA 中。它涵蓋合作夥伴關係、數據技術人工智慧、簡化以及我們的 3+1 框架中的加一，這使 Genpact 成為我們自己人工智慧主導轉型的最佳憑證。

To close out the year, I will walk you through the final key highlights on each. First, we made meaningful progress on partnerships in 2024 with partner-related revenues up 50% year over year, reaching high single digits as a percentage of revenue by year-end with line of sight to generating significantly more in future periods. Growth was driven by investing in a world-class leadership team, driving awareness improving our go-to-market and scaling delivery capabilities with a number of hyperscalers and other large technology partners.

為了結束這一年，我將帶你了解每個年度的最後關鍵亮點。首先，我們在 2024 年的合作夥伴關係方面取得了有意義的進展，合作夥伴相關收入同比增長 50%，到年底佔收入的百分比將達到個位數的高位，並且有望在未來期間創造更多收入。成長的動力來自於投資一支世界一流的領導團隊，提高我們的知名度，改善我們的市場進入能力，並與許多超大規模企業和其他大型技術合作夥伴一起擴大交付能力。

We believe this represents a significant ongoing opportunity for Genpact in 2025 and beyond.

我們相信，這對 Genpact 在 2025 年及以後來說是一個重要的持續機會。

Looking ahead, we are also expanding our footprint in the start-up ecosystem with a particular focus on next-generation AI orchestration and other systems specifically designed to optimize business processes and workflows with AI. We expect these partnerships with emerging technology leaders will further accelerate our technology capability and go-to-market efforts in Data-Tech-AI.

展望未來，我們也將擴大在新創企業生態系統中的足跡，特別關注下一代人工智慧編排和其他專門設計用於利用人工智慧優化業務流程和工作流程的系統。我們期待與新興技術領導者的合作將進一步加速我們在資料技術和人工智慧領域的技術能力和市場推廣力度。

Second, our focus on delivering comprehensive solutions drove accelerating growth in Data-Tech-AI in Q4 with revenue up 12% year over year. I'll give you a couple of examples that speak to the kind of work we are doing and the value it is driving for clients.

其次，我們專注於提供全面的解決方案，推動了數據-技術-人工智慧在第四季度的加速成長，營收年增了 12%。我將舉幾個例子來說明我們正在做的工作類型以及它為客戶帶來的價值。

We are forming a strategic relationship with Otis the world's leading company for elevator and escalator manufacturing, installation and service to accelerate their transformation.

我們正在與世界領先的電梯和自動扶梯製造、安裝和服務公司奧的斯建立戰略合作關係，以加速他們的轉型。

As part of this, we would implement strong data architecture and new AI power technologies to make a number of core high-volume transactional and repeatable activities more efficient. With advanced automation, we would help standardize Otis critical business processes, making it easier for customers to do business with them and align Otis to continue focus on serving its customers with best-in-class service and innovative products that will propel them forward.

作為其中的一部分，我們將實施強大的資料架構和新的人工智慧技術，以提高許多核心的大容量交易和可重複活動的效率。憑藉先進的自動化技術，我們將幫助標準化奧的斯關鍵業務流程，使客戶更容易與他們開展業務，並使奧的斯繼續專注於為客戶提供一流的服務和創新產品，推動他們繼續前進。

We are also working with NTT Data, a global technology leader, providing network solutions, cloud infrastructure and data center services, to transform their technology solutions finance operations with the help of generative AI. As part of this transformation, Genpact is deploying multiple AI-powered solutions designed to improve many finance and accounting processes, including time to bill, credit rebuild, leading to improved accuracy, shorter purchase order lead times, and better overall vendor and customer experience.

我們也與全球技術領導者 NTT Data 合作，提供網路解決方案、雲端基礎設施和資料中心服務，借助生成式人工智慧轉變他們的技術解決方案融資營運。作為轉型的一部分，Genpact 正在部署多種人工智慧解決方案，旨在改善許多財務和會計流程，包括開票時間、信用重建，從而提高準確性、縮短採購訂單交付週期並改善整體供應商和客戶體驗。

We see ongoing evidence that GenAI is significantly expanding our total addressable market. We now have more than 145 GenAI solutions in production environment with clients, even deployed or going live with GenAI bookings accelerating to $100 million just in Q4.

我們看到越來越多的證據表明，GenAI 正在顯著擴大我們的整體潛在市場。目前，我們在客戶的生產環境中擁有超過 145 個 GenAI 解決方案，甚至已部署或上線，僅在第四季度，GenAI 預訂額就加速到 1 億美元。

Coming back to the third element in our 3+1 framework, which is simplification. We continue to streamline our operations to scale more efficiently. As an example, ongoing simplification to our cash collection process contributed to the significant increase in operating cash flows we delivered in 2024.

回到我們的3+1框架中的第三個要素，即簡化。我們將繼續簡化營運流程，以便更有效地擴大規模。例如，我們不斷簡化現金收款流程，這有助於我們在 2024 年實現的營運現金流大幅增加。

And finally, on leading with Genpact as our own best credential for AI-led transformation we continue to make meaningful progress. I'll give you two examples.

最後，以 Genpact 為代表的人工智慧轉型最佳憑證讓我們繼續取得有意義的進展。我給你舉兩個例子。

We introduced chat with data, and that feature is live with HR, finance, sales, integrating advanced analytics machine learning, generative AI to increase forecast accuracy and leverage intelligent sourcing. We also adopted AI-powered network operations deploying AI across 120,000 endpoints in our network, implementing zero-touch provisioning and significantly reducing tickets during the year.

我們引入了數據聊天功能，可與人力資源、財務、銷售部門即時協作，整合高級分析機器學習和生成式人工智慧，以提高預測準確性並利用智慧採購。我們還採用了人工智慧網路運營，在我們網路中的 120,000 個端點部署了人工智慧，實現了零接觸配置，並在一年內大幅減少了工單。

Now turning to our outlook. 2025 will be a year of accelerated innovation for Genpact, and we feel good about our momentum as we enter the year. As a result, we are setting full year revenue guidance at 6.5% at the midpoint of the range on as-reported basis, which equates to approximately 7.2% at the midpoint in constant currency terms. We expect to deliver gross margin and AOI margins of 36% and 17.3%, respectively, representing healthy expansion over 2024 with EPS growth of 9% at the midpoint.

現在來談談我們的展望。 2025年將是Genpact加速創新的一年，進入新的一年，我們對我們的發展勢頭感到很滿意。因此，我們根據報告基礎設定了全年收入預期為中間值 6.5%，以固定匯率計算，中間值約為 7.2%。我們預計毛利率和 AOI 利潤率分別為 36% 和 17.3%，這意味著 2024 年將實現健康擴張，中期每股盈餘成長率為 9%。

Consistent with our approach in 2024, our plan will be to reinvest any revenue upside we are able to generate over the course of the year back into the business to drive future revenue growth.

與我們 2024 年的方針一致，我們的計劃是將我們在這一年中能夠產生的任何收入成長重新投資到業務中，以推動未來的收入成長。

Finally, as we lean into the innovation in 2025, we are excited to share more details at our upcoming Analyst Day which will be held on June 26 in New York City. Please save the date. Our press release with additional details will be coming out soon.

最後，隨著我們走向 2025 年的創新，我們很高興在即將於 6 月 26 日在紐約舉行的分析師日上分享更多細節。請記住這個日期。我們的新聞稿將包含更多詳細信息，敬請期待。

In closing, we are incredibly excited about the future, as we accelerate the pace of innovation and change at Genpact. Our commitment to scaling data, AI, and domain-driven agentic solutions is positioning us as a clear leader in AI-driven transformation and driving superior value for our clients. I want to thank the entire Genpact team for their incredible dedication and I am excited to see what we can deliver together in 2025.

最後，隨著 Genpact 創新和變革的步伐加快，我們對未來感到無比興奮。我們致力於擴展數據、人工智慧和領域驅動的代理解決方案，這使我們成為人工智慧驅動轉型的明確領導者，並為我們的客戶創造卓越的價值。我要感謝整個 Genpact 團隊的非凡奉獻精神，並期待看到我們在 2025 年能夠共同取得成果。

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

說完這些，讓我把電話轉給麥克。

Good afternoon, everyone, and thank you for joining us today. I'll start with our fourth quarter results before moving on to full year results and guidance. Results for the fourth quarter exceeded our expectations. We are particularly pleased with our strong revenue growth, which was broad-based across all segments with particular strength in Data, Tech and AI.

大家下午好，感謝大家今天的參與。我將首先介紹我們的第四季業績，然後再介紹全年業績和指引。第四季的業績超出了我們的預期。我們對強勁的營收成長感到特別高興，這一成長廣泛存在於所有領域，尤其在數據、技術和人工智慧方面表現強勁。

Turning to our fourth quarter income statement. On an as-reported basis, net revenue reached $1.25 billion, a 9% year over year increase. Data, Tech and AI achieved revenue of $595 million, a 12% increase fueled by strong demand for data and technology solutions. Data, Tech and AI contributed 48% of total quarterly revenue. Digital Operations, which represented 52% of total revenue, grew 6% to $654 million, supported by the successful ramp-up of large-scale deals.

談到我們的第四季損益表。據報道，淨收入達 12.5 億美元，年增 9%。數據、科技和人工智慧實現了 5.95 億美元的收入，成長 12%，這得益於對數據和技術解決方案的強勁需求。數據、技術和人工智慧貢獻了季度總收入的 48%。數位營運佔總收入的 52%，在成功達成大規模交易的推動下成長 6%，達到 6.54 億美元。

Revenue from priority accounts grew approximately 9% year over year, representing 64% of fourth quarter revenue. We delivered healthy growth in the fourth quarter across all three vertical segments. Consumer and Healthcare revenue increased 11%. High Tech and Manufacturing increased 9% and Financial Services increased 6%.

優先帳戶營收年增約 9%，佔第四季營收的 64%。第四季度，我們在三個垂直領域都實現了健康成長。消費者和醫療保健收入增加了11％。高科技和製造業成長了 9%，金融服務業成長了 6%。

Outcome in consumption-based deals, excluding fixed fee contracts accounted for 21% of fourth quarter revenue. Our strategic shift to these deals positions us well to capture higher-margin opportunities while delivering even greater value to our clients.

不包括固定費用合約的基於消費的交易結果佔第四季度收入的 21%。我們對這些交易的策略轉變使我們能夠抓住更高利潤的機會，同時為我們的客戶提供更大的價值。

Turning to profitability. We expanded gross margin by 10 basis points year over year in the fourth quarter to 35.7% due to operating leverage. SG&A expenses were 20% of revenue compared to 20.7% of revenue in the prior year, reflecting our continued investments in strategic growth areas as well as streamline operations and enhance productivity.

轉向盈利能力。由於經營槓桿的作用，我們第四季的毛利率年增了 10 個基點，達到 35.7%。銷售、一般及行政開支佔收入的 20%，而上年為 20.7%，這反映了我們對策略成長領域的持續投資以及精簡營運和提高生產力。

Adjusted operating income was $221 million and adjusted operating income margin was 17.7%.

調整後營業收入為 2.21 億美元，調整後營業收入利潤率為 17.7%。

Our effective tax rate for the fourth quarter was 22.3% compared to our prior year rate that was favorably impacted by a nonrecurring tax benefit from an intercompany transfer of intellectual property.

我們第四季的有效稅率為 22.3%，而去年同期的有效稅率則受到公司間智慧財產權轉讓產生的非經常性稅收優惠的正面影響。

Net income for the quarter was $142 million. Diluted EPS was $0.79 and adjusted diluted EPS reached a record of $0.91, representing 11.1% annual increase.

本季淨收入為1.42億美元。稀釋每股收益為 0.79 美元，調整後稀釋每股收益達到創紀錄的 0.91 美元，年增 11.1%。

Now turning to the full year. Annual bookings increased 15% to $5.7 billion, reflecting healthy growth across all deal sizes. We won 14 large deals in line with last year, but with 10% higher bookings in aggregate across that cohort. We also added 101 new logos, 10 more than prior year, with a win rate of 50% with sole-source deals accounting for 42% of total annual bookings.

現在轉向全年。年度訂單量成長 15%，達到 57 億美元，反映所有交易規模的健康成長。我們贏得了 14 筆大訂單，與去年持平，但整體訂單量增加了 10%。我們還增加了 101 個新標誌，比去年多 10 個，中標率為 50%，單一來源交易佔年度總預訂量的 42%。

Our income for the full year is as follows on an as-reported basis. Net revenue grew 6.5% to $4.77 billion. Data, Tech and AI delivered revenue of $2.23 billion, increasing 6.9% and making up 47% of total revenue. Digital Operations, which accounted for the remaining 53% of revenue expanded by 6.1% year over year to $2.53 billion, driven by large deal wins and client expansions.

根據報告，我們的全年收入如下。淨收入成長6.5%至47.7億美元。數據、科技和人工智慧實現了 22.3 億美元的收入，成長 6.9%，佔總收入的 47%。數位營運佔剩餘 53% 的收入，在大筆交易的勝利和客戶擴張的推動下，年增 6.1% 至 25.3 億美元。

Across our industry segments, we achieved balanced growth during the year, with consumer and health care revenue up 8%, while High-Tech and Manufacturing and Financial Services grew 6% and 5%, respectively. Annual revenue from outcome and consumption-based deals, excluding fixed fee contracts, comprised 20% of total revenue for the year, while revenue from priority accounts grew approximately 6% year over year, contributing to 63% of total revenue.

在我們的各個行業領域，我們今年實現了均衡的成長，其中消費者和醫療保健收入成長了 8%，而高科技、製造業和金融服務收入分別成長了 6% 和 5%。來自成果和基於消費的交易的年收入（不包括固定費用合約）佔全年總收入的 20%，而來自優先帳戶的收入同比增長約 6%，佔總收入的 63%。

Gross margin for the year improved 40 basis points to 35.5% as we drove operational leverage.

由於我們提高營運槓桿，全年毛利率提高了 40 個基點，達到 35.5%。

SG&A expense as a percentage of total revenue was 20.3% compared to 20.4% in the prior year, reflecting continued strategic investments, net of our disciplined G&A cost management.

銷售、一般及行政費用佔總收入的百分比為 20.3%，而上年為 20.4%，這反映了我們持續的策略投資，扣除我們嚴格的銷售、一般及行政費用管理。

Adjusted operating income grew 6.7% to $814 million. Margin increased 10 basis points from the prior year to 17.1%, its highest annual level. Our effective tax rate for the year was 24.1%, which brought in net income of $514 million.

調整後營業收入成長 6.7% 至 8.14 億美元。利潤率較前一年增加10個基點，達到17.1%，為年度最高水準。我們本年度的有效稅率為 24.1%，帶來淨收入 5.14 億美元。

Adjusted diluted EPS was $3.28, a 10% increase, significantly outpacing revenue growth for the fourth consecutive year. We generated strong cash flow from operations, delivering $615 million, a 25% increase to prior year.

調整後攤薄每股收益為 3.28 美元，成長 10%，連續第四年大幅超過營收成長。我們的經營活動產生了強勁的現金流，達到 6.15 億美元，比上年增長了 25%。

Turning to our balance sheet and capital allocation. We ended 2024 with a solid balance sheet, highlighted by $648 million of cash and cash equivalents, up from $584 million in the year ago period. Additionally, DSOs were 86 days, two days lower than 2023. We returned $112 million to shareholders in the fourth quarter through $85 million in share repurchases at an average share price of $45.41 and $27 million in dividends.

轉向我們的資產負債表和資本配置。到 2024 年底，我們的資產負債表穩健，其中現金和現金等價物為 6.48 億美元，高於去年同期的 5.84 億美元。此外，DSO 為 86 天，比 2023 年少兩天。第四季度，我們以平均每股 45.41 美元的價格回購 8,500 萬美元的股票和以 2,700 萬美元的股息向股東返還了 1.12 億美元。

For the full year, we returned $361 million, made up of $253 million in share repurchases at an average price of $38.31 and $108 million in dividends. Let me pause now and review our guidance for 2025. Our approach remains consistent with last year and reflects our expectations that the macro environment will be similar to that in 2024.

全年我們返還了 3.61 億美元，其中包括 2.53 億美元的股票回購（平均價格為 38.31 美元）和 1.08 億美元的股息。現在，讓我停下來，回顧一下我們對 2025 年的指導。我們的方法與去年保持一致，並反映了我們對宏觀環境將與 2024 年類似的預期。

For the full year, on an as-reported basis, we expect to deliver net revenue in the range of $5.029 billion to $5.125 billion, growth of 5.5% to 7.7% representing a 6.5% growth at the midpoint. At that midpoint, Data, Tech and AI and digital operations revenue growth is expected to be approximately 6.2% and 6.8%, respectively. Given that estimated range, our adjusted diluted EPS is expected to be between $3.52 and $3.59 in representing 9% growth year over year at the midpoint, again, projected to grow faster than revenue.

根據報告，我們預計全年淨營收將在 50.29 億美元至 51.25 億美元之間，成長 5.5% 至 7.7%，中間值為 6.5%。在該中間點，數據、技術和人工智慧以及數位營運收入成長預計分別約為 6.2% 和 6.8%。鑑於該估計範圍，我們預計調整後的稀釋每股收益將在 3.52 美元至 3.59 美元之間，中間值年增長 9%，同樣預計增長速度將快於收入。

In constant currency terms, net revenue grew in the range of 6.2% to 8.2%, representing 7.2% at the midpoint, which translates into Data, Tech, and AI and digital operations revenue growth of approximately 6.4% and 7.9%, respectively.

以固定匯率計算，淨收入成長在 6.2% 到 8.2% 之間，中間值為 7.2%，這意味著數據、科技、人工智慧和數位營運收入分別成長約 6.4% 和 7.9%。

Moving on. Full year gross margin is expected to expand to 36%, an increase of 50 basis points year over year supported by operating leverage. Operating cash flow is expected to be approximately $590 million.

繼續。預計全年毛利率將擴大至36%，在經營槓桿的支持下年增50個基點。預計營運現金流約5.9億美元。

On capital allocation. As in the past, we aim to return at least 50% of cash flow to investors through a combination of share repurchases and dividends, while maintaining flexibility for strategic investments.

關於資本配置。與過去一樣，我們的目標是透過股票回購和股利結合的方式向投資者返還至少 50% 的現金流，同時保持策略性投資的靈活性。

Accordingly, our Board of Directors approved an 11% increase in our regular quarterly dividend to $0.17 per quarter and $0.68 on an annual basis. In addition, our Board also approved a $500 million increase to our existing share repurchase authorization.

因此，我們的董事會批准將我們的常規季度股息增加 11% 至每季 0.17 美元，每年 0.68 美元。此外，董事會也批准將現有的股票回購授權增加 5 億美元。

Looking at the first quarter now. On an as-reported basis, we expect to deliver net revenue between $1.202 billion and $1.213 billion, growing at 6.2% to 7.2%, representing 6.7% at the midpoint. This translates into Data-Tech-AI, as well as digital operations revenue of approximately 9.8% and 4.1%, respectively.

現在回顧第一季。根據報告，我們預計淨收入在 12.02 億美元至 12.13 億美元之間，成長 6.2% 至 7.2%，中間值為 6.7%。這意味著數據-技術-人工智慧以及數位營運收入分別約為 9.8% 和 4.1%。

In constant currency terms, net revenue growth is in the range of 7.1% to 8.1%, representing 7.6% at the midpoint, which translates into Data-Tech-AI and Digital Operations revenue growth of approximately 10% and 5.4%, respectively.

以固定匯率計算，淨收入成長在 7.1% 至 8.1% 之間，中間值為 7.6%，這意味著數據-技術-人工智慧和數位營運收入分別成長約 10% 和 5.4%。

We anticipate gross margin of 35% and adjusted operating income margin of 16.5%.

我們預期毛利率為 35%，調整後營業收入利潤率為 16.5%。

Lastly, we are projecting our adjusted diluted EPS of $0.79 to $0.80, an increase of approximately 9% at the midpoint compared to last year. With that, let me turn the call over to Krista.

最後，我們預計調整後的稀釋每股收益為 0.79 美元至 0.80 美元，與去年相比中位數成長約 9%。說完這些，讓我把電話轉給克里斯塔。

Thank you, Mike. Carmen, we're ready to take questions.

謝謝你，麥克。卡門，我們準備好回答問題了。

(Operator Instructions) Puneet Jain, JPMorgan.

(操作員指示) Puneet Jain，摩根大通。

Great quarter. I wanted to ask on the guidance, specifically as it relates to Data-Tech-AI and Digital Operations. It seems like from the guidance Data-Tech-AI, you expect it to slow down beyond Q1, part of it could be tough comps. But I'd like to ask if there is anything else going on.

非常棒的一個季度。我想問一下有關指導的問題，特別是與數據技術人工智慧和數位化營運相關的問題。從 Data-Tech-AI 的指導來看，似乎預計它會在第一季之後放緩，部分原因可能是競爭激烈。但我想問是否有其他事情發生。

And the same question on Digital Operations, but like the growth is expected to accelerate. So what drives that acceleration rest of the year beyond Q1 in that business?

關於數位化營運也有同樣的問題，但預計成長將會加速。那麼，是什麼推動了該業務在第一季之後在今年剩餘時間內加速發展？

Yeah. So let me keep this off and hand it over to you, BK, if you want to put some additional comments. So putting, as you know, approximately 75% of our business, we call, annuitized that's business that we have that's converted to bookings where it's convert to revenue that we have very good line of sight to and confidence in.

是的。所以，如果您想提出一些補充意見，請讓我繼續並將這個問題交給您，BK。因此，如您所知，我們大約 75% 的業務被我們稱為年金業務，這些業務轉化為預訂量，進而轉化為收入，我們對此有很好的把握和信心。

The other 25% of revenue, we have to convert that pipeline to bookings into revenue in the immediate quarter. So obviously, as you go out later in the year, you have less visibility into it. So I'd say that when we came up with our guide for the full year on a quarterly basis, we gave you the first quarter already, is it reflects a prudent approach takes into account that annuitized book of the business as well as the non-annuitized book of the business, which is disproportionately affected our results in Data, Tech and AI.

對於剩下的 25% 的收入，我們必須將該管道轉化為預訂量並在本季度轉化為收入。因此顯然，隨著你在一年中晚些時候出行，你對它的了解就會減少。因此，我想說，當我們按季度製定全年指南時，我們已經為您提供了第一季的數據，它反映了一種審慎的方法，既考慮到業務的年金賬簿，也考慮到業務的非年金賬簿，這對我們在數據、技術和人工智能方面的業績產生了不成比例的影響。

In addition to it, as you alluded to, it's a little bit tougher comps in the second half of the year. So we're committed to providing guidance on a quarterly basis and see how it goes from there.

除此之外，正如您所提到的，今年下半年的競爭會更加激烈一些。因此，我們致力於按季度提供指導，並觀察其進展。

Understood. Understood. And then on GenAI, BK, you talked about like implementing some solutions, some of them live for clients. Are you seeing like an increase in size of some of those contracts as it relates to revenue you can generate from those engagements?

明白了。明白了。然後在 GenAI、BK 上，您談到了實施一些解決方案，其中一些是為客戶而設的。您是否看到某些合約的規模有所增加，因為這與您從這些合約中獲得的收入有關？

So what we are seeing, Punit, that as we implement these GenAI solutions, there are many follow-on conversations and contracts that we are getting beat with our existing customers or new customers, because they are seeing the benefit and the value that we are able to drive. And that has been also the genesis of the gigafactory that we recently launched, where it is helping clients to move from proof of concept or pilots to getting to large-scale production enterprise-wide at a faster pace.

因此，Punit，我們看到，當我們實施這些 GenAI 解決方案時，我們與現有客戶或新客戶進行了許多後續對話和簽訂了合同，因為他們看到了我們能夠帶來的好處和價值。這也是我們最近推出的超級工廠的起源，它可以幫助客戶以更快的速度從概念驗證或試點轉向全企業的大規模生產。

So short answer, as we always say, been saying it actually all through last year, that we see GenAI as our total addressable market enhancer for us. And we continue to see that play out in our pipeline, in our conversations and in our revenues.

簡而言之，正如我們常說的，實際上去年全年我們都在說，我們將 GenAI 視為我們整體可尋址市場的增強劑。我們繼續看到這種情況在我們的管道、我們的對話和我們的收入中發揮作用。

Got it. Thank you.

知道了。謝謝。

Maggie Nolan, William Blair.

瑪吉諾蘭，威廉布萊爾。

Hi, thank you. On the topic of Agentic Solutions. As we think about the guidance that you just gave revenue guidance for 2025, what pace of hiring should we expect to be associated with that revenue guidance given the rollout of these types of solutions?

你好，謝謝。關於 Agentic Solutions 的主題。當我們考慮您剛剛給出的 2025 年收入指導時，考慮到這些類型的解決方案的推出，我們應該預期與該收入指導相關的招募速度是多少？

Thanks, Maggie. I'll take that question. Look, I think, first, we are thrilled with the innovation posture that is taking hold in the market. And a little bit of the first mover advantage that we are in the early days, early stages beginning to harness.

謝謝，瑪吉。我來回答這個問題。首先，我認為，我們對市場上正在興起的創新態勢感到非常興奮。我們在早期、早期階段開始利用先發優勢。

And long term, medium to long term, we will see a cadence of revenue higher than the typical hiring that has happened over the last say, four or five years. In short term, we are meeting more of data, technology, AI kind of skills that we are ramping to hire.

從長期來看，中期到長期，我們將看到收入的成長節奏高於過去四、五年來的典型招募節奏。短期內，我們將加強對數據、技術、人工智慧等領域的人才的招募。

So I don't think each quarter on quarter, you will see a massive shift, but there is a massive shift that is getting driven inside the company to higher skilled, as well as we are retaining and rearchitecting our current skill base through internal build programs through genome programs to the world that -- for the skills that are needed in the coming world.

因此，我不認為每個季度都會出現大規模的轉變，但公司內部正在發生大規模的轉變，要求員工具備更高的技能，同時，我們也在透過內部建設計劃、透過基因組計劃來保留和重新構建我們現有的技能基礎，以滿足未來世界對技能的需求。

Yeah. And I would say the cost structure associated with all of that that we're doing is represented in the plan that we laid out in our guidance.

是的。我想說，我們所做一切的成本結構都反映在我們指導中列出的計劃中。

Got it. And then as we think about your business overall and how you might apply these new technologies going forward, what's kind of the balance between maybe more horizontal type solutions like this accounts payable solution or just accounts payable-type work -- horizontal work that you're doing versus domain-specific work that you're doing? And how do you view applicability of the emerging technology across those two buckets?

知道了。然後，當我們考慮您的整體業務以及您將來如何應用這些新技術時，更多橫向解決方案（如應付帳款解決方案或僅僅是應付帳款類型的工作）之間的平衡是什麼樣的？您如何看待新興科技在這兩個領域的適用性？

So I think as we look at our business, Maggie, it is a combination of horizontal and vertical domain specific solutions. So the example that you're taking as an accounts payable, yeah, it is more horizontal or certain pieces from a supply chain standpoint are more horizontal.

因此，我認為，當我們審視我們的業務時，Maggie，它是橫向和縱向領域特定解決方案的組合。因此，您以應付帳款為例，是的，它比較橫向，或從供應鏈的角度來看某些部分較為橫向。

But similar posture, we are increasing in insurance business, which is more around claims or underwriting or in our banking operation or, for example, trade promotion, so the posture is similar. And I think we are -- it is both into the industry verticals that we play in, as well as intersection of the horizontals of finance or supply chain or procurement or others.

但類似的態勢是，我們的保險業務正在成長，更多的是圍繞索賠或承保或銀行業務，或例如貿易促進，因此態勢是類似的。我認為我們既涉及我們所涉足的垂直行業，也涉及金融、供應鏈、採購等水平行業的交叉點。

Thank you.

謝謝。

Sean Kennedy, Mizuho.

瑞穗的肖恩肯尼迪。

Good evening. Thank you for taking my question. Congrats on the results. So I was wondering how GenAI is expecting the company's trust and safety business, specifically content moderation in terms of potential opportunities and challenges for the business? And also, could policy changes, like the ones Meta recently made have an affect on it?

晚安.感謝您回答我的問題。恭喜你所取得的成果。所以我想知道 GenAI 對公司的信任和安全業務，特別是內容審核有何期待，以及該業務可能面臨的機會和挑戰是什麼？此外，Meta 最近做出的政策變化會對其產生影響嗎？

So I'll take that, Sean. Thanks. So just as a reminder, content moderation or similar processes represent less than 10% of Genpact revenue. So it is not a significant portion of Genpact revenue point number one.

所以我會接受的，肖恩。謝謝。因此需要提醒的是，內容審核或類似流程佔 Genpact 收入的不到 10%。因此，它並不是 Genpact 第一大收入點的重要組成部分。

Point number two, to the specifics that you are asking or many other such initiatives, we stay in constant touch with our clients. And we are only seeing increased intimacy with our clients. And to be specific as an fact check, those are the kind of work that we do not do, so we don't see that impact.

第二點，針對您所詢問的具體內容或其他類似的舉措，我們會與客戶保持密切聯繫。我們與客戶之間的親密關係也日益加深。具體來說，作為事實查核，這些是我們沒有做的工作，所以我們看不到影響。

But more importantly, we stay in a very active touch with all of our clients. And we see a continued progression towards what our goals are and what our clients' goals are, but we don't see any threat that you -- if you're alluding to any.

但更重要的是，我們與所有客戶保持著正面的聯繫。我們看到我們在朝著自己的目標和客戶的目標不斷前進，但我們沒有看到任何威脅 — — 如果您暗示的話。

Is there an opportunity to use AI to kind of combat some of kind of malicious content? AI is kind of a threat in terms of content moderation, like is there an opportunity there as well?

是否有機會使用人工智慧來打擊某些惡意內容？對於內容審核而言，人工智慧是一種威脅，那麼是否存在機會？

So there is -- short answer is yes. However, as you are dealing with large technology players, they obviously have their solution sets as well shown that they are actively engaging, and we are in technical part of the solution. And we bring all those innovations to their doorstep as well. So it's a combination of factors where these large technology companies deploy their tool set or in certain cases, we deploy the tool sets for them.

所以有——簡短的回答是肯定的。然而，當您與大型科技公司打交道時，他們顯然也有自己的解決方案，表明他們正在積極參與，而我們處於解決方案的技術部分。我們也將所有這些創新帶到了他們家門口。因此，這些大型科技公司部署他們的工具集，或者在某些情況下，我們為他們部署工具集，這是多種因素的結合。

Right. I appreciate the color. Congrats again on the quarter.

正確的。我很欣賞這個顏色。再次恭喜本季取得佳績。

Bryan Bergin, TD Cowen.

布萊恩·伯金（Bryan Bergin），TD Cowen 公司。

BK, one year in the role now as you kind of look back on where would you say you've made the most progress? And where now are you going to be most focused in '25? I'm curious is it about just merely scaling and executing upon the initiatives that have been installed over the past year? Or are there additional actions you're aiming to lean into?

BK，擔任該職位已經一年了，回顧過去，您認為自己在哪些方面取得了最大的進步？那麼，25 年您最關注的重點是什麼呢？我很好奇，這是否只是為了擴大和執行過去一年來實施的措施？或者您打算採取其他行動？

Thanks, Bryan. Look, I think cave, I would say the most impact has been in the execution, agility and the execution framework that I spoke all of in 2024, be the 3+1 or other elements. And what I'm really thrilled about is how innovation is also taking hold. So it is not just scaling up what we did in 2024, that is table stakes.

謝謝，布萊恩。看，我認為 Cave，我想說最大的影響在於執行、敏捷性和我在 2024 年談到的執行框架，無論是 3+1 還是其他元素。令我真正興奮的是創新也正在生根發芽。因此，這不僅僅是擴大我們在 2024 年所做的事情，這只是賭注。

And you see some reflections of innovation already taking hold in terms of like factory in terms of AI value studio in terms of service as identic solution. These are all new postures of Genpact. And I think those are truly exciting as to how it is getting embraced beat in our -- all of the global employee base, but more importantly, also with our clients. So truly innovation is where our focus is and execution agility is the table stakes for that.

你會看到，一些創新的體現已經在工廠、人工智慧價值工作室以及服務等相同解決方案方面紮根。這些都是Genpact的新姿態。我認為這些確實令人興奮，因為它受到了我們全球所有員工的歡迎，但更重要的是，也受到了我們的客戶的歡迎。因此，創新才是我們真正的關注點，而執行敏捷性才是實現創新的前提。

If I may just add on one thing BK has done, and we've seen it quarter after quarter, and that's really going to be a big focus for our is speed, right? So we absolutely understand how fast the outside world is moving, right? And we are committed to keeping up, if not, exceeding that speed in terms of our own execution and changes in the organization. I think that's a key focus for us in 2025.

如果我可以補充一點 BK 所做的事情，而且我們已經一個季度又一個季度地看到了這一點，那麼這真的會成為我們關注速度的一大焦點，對嗎？所以我們完全了解外在世界變化的速度有多快，對嗎？我們致力於在組織執行和變革方面保持甚至超越這一速度。我認為這是我們 2025 年的重點。

Okay. Okay. That's helpful. My follow-up is on bookings. So 15% growth here is solid off of already saw book in the prior year. I see there is some definitional change, it looks like it's duration basically. Can you just clarify on that? And then can you give any sense on how ACV has trended here over the last year?

好的。好的。這很有幫助。我的跟進內容​​是預訂情況。因此，與前一年的業績相比，15% 的增幅是穩固的。我發現有一些定義上的變化，看起來基本上是持續時間。你能澄清一下嗎？那麼您能否介紹一下 ACV 在過去一年的趨勢呢？

Yes. Let me quickly, quickly take that. So yes, we have changed some of the definition of our bookings. So previously, we had capped our bookings in aggregate to five years and again, it didn't really make that much of a difference. But we have seen over the last couple of years, greater than five-year aggregated bookings and to be in line with the industry, we've moved to an uncapped level of bookings.

是的。讓我快速、快速地拿到它。是的，我們改變了一些預訂的定義。因此，之前我們將總預訂限制為五年，但這並沒有什麼太大的區別。但在過去幾年中，我們看到，五年的總預訂量已經超過，為了與行業保持一致，我們的預訂量已不受限制。

So again, previously, if we did, I'm making this up, a seven-year booking, we would reflect five of those seven years, right? So we're moving to more of an industry standard. Also, if you think about it, it really wasn't a material number for us. But again, over the last couple of years, we've seen the duration of those things expanding.

所以，之前我們再說一次，如果我們這樣做了，我會編造一個七年的預訂，我們會反映其中的五年，對嗎？因此，我們正在轉向更加行業標準。而且，如果你仔細想想，你會發現這對我們來說真的不是一個重要的數字。但在過去幾年中，我們看到這些現象的持續時間正在延長。

ACV? Yes. So I think what you're alluding to in is when you think about our deals, yes, the mixture of our deals continues to change, right? So if you think about when we had the over 26% bookings in the prior year, those deals tended to be on the larger side, longer tenure deals, right?

蘋果醋？是的。所以我認為，您所暗示的是，當您考慮我們的交易時，是的，我們的交易組合會繼續發生變化，對嗎？因此，如果您想想我們去年的預訂量超過 26%，那麼這些交易往往規模較大，期限較長，對嗎？

So you would reflect less ACV in the next year. Obviously, this year, it's a little bit more even keeled. -- in what represents that 15% number. So it's not really comparable when you think about it from that perspective in terms of the duration of the deals.

因此，您明年反映的 ACV 將會減少。顯然，今年的情況更加平穩了。 ——這代表了 15% 這個數字。因此，如果從交易期限這個角度來考慮，實際上是無法進行比較的。

Okay. Appreciate it. Thank you.

好的。非常感謝。謝謝。

Surinder Thind, Jefferies.

蘇林德·廷德（Surinder Thind），傑富瑞（Jefferies）。

BK, I'd like to start with a big picture question around just the talent, the need for, what I would call, more technical talent at this point. How are you thinking about that in terms of -- it seems like as you accelerate innovation, you're looking for more software-type skills -- is that a fair characterization that the build-out is more of those?

BK，我想先從一個有關人才的大問題開始，現在我們需要更多的技術人才。您是如何看待這一點的——似乎隨著您加速創新，您正在尋找更多軟體類型的技能——這是否公平地描述為構建更多此類技能？

And then ultimately, how do you answer if someone was to say, well, you guys are IT services firms, whereas you're not a software development firm? And so, is AI partly a software solution that maybe should be the expertise of those outside? Or is it more of a domain-specific solution, because there's a lot of money being thrown at software companies trying to build or better business processes?

最後，如果有人問你，你們是 IT 服務公司，但不是軟體開發公司，你會如何回答？那麼，人工智慧在某種程度上是一種軟體解決方案，也許應該是外部人員的專業知識？或者它更像是一個特定領域的解決方案，因為大量資金被投入到軟體公司來嘗試建立或改善業務流程？

So let me take possibly your second question first, Surinder. And then I'll tie it up with your first question, if that's okay. So look, we are our solutions, and you see we are a solutions firm that brings in not just services but also software or other elements of accelerated together to solve business problems at scale for our clients.

那麼，讓我先回答你的第二個問題，Surinder。然後我會把它和你的第一個問題連結起來，如果可以的話。所以看，我們就是我們的解決方案，你知道我們是一家解決方案公司，不僅帶來服務，還提供軟體或其他加速元素，以大規模地為我們的客戶解決業務問題。

And what I would say that fundamentally, many of the softwares, the ERPs, more recently, SaaS, all of those existed. We know SaaS came in for the last almost 8, 10 years. Yet at the key stroke level, there is a lot that needs to happen at scale. What we are doing is that intersection of domain intersection of function with the industry expertise building solutions, including software that solves the problem at the key stroke level at scale.

我想說的是，從根本上來說，許多軟體、 ERP 以及最近的 SaaS 都已經存在。我們知道 SaaS 已經出現了近 8 到 10 年。然而，在按鍵層面，還有很多工作需要大規模地進行。我們正在做的是將領域功能與行業專業知識相結合，建立解決方案，包括大規模解決關鍵擊鍵問題軟體。

And what I would say is that, yes, you can throw a lot of money at it, but you need to have a body of experience that is documented at scale over a period of time to understand the exceptions across industries to truly build that knowledge and build into software. And to service that is how we are hiring point -- question number one, talent around data, technology, AI at scale.

我想說的是，是的，你可以投入大量資金，但你需要擁有一段時間內大規模記錄的經驗，以了解各個行業的例外情況，從而真正積累這些知識並融入軟體中。這就是我們招募的服務重點——第一個問題，圍繞著數據、技術、人工智慧的大規模人才。

And one of the key value proposition for this talent is seeing in action the sandbox that doesn't exist generally available in software companies. And I think we are that last mile that enable a lot of these generic AI also the foundation models or tools or SaaS and truly convert business value and creation of business value for our clients. And I think our progress on talent has been terrific.

對這類人才來說，一個關鍵的價值主張就是親眼見證軟體公司普遍不存在的沙盒的實際運作。我認為我們處於最後一英里，使許多通用人工智慧、基礎模型或工具或 SaaS 成為可能，真正為我們的客戶轉化商業價值並創造商業價值。我認為我們在人才方面取得了顯著的進步。

We continue to fuel that more. And we are seeing various channels to accelerate that technology talent journey and really thrilled as to where we are at the end of 2024 and continue to make progress as we enter into '25.

我們將繼續為此提供更多動力。我們正在透過各種管道加速技術人才的培養，我們對 2024 年底的成績感到非常興奮，並在進入 2025 年時繼續取得進展。

That's helpful. And then as a follow-up, related to that, how do you think about M&A at this point? Is that something that can be used to bring in additional capabilities, accelerate development? Or does the innovation because of it is so domain specific, have to be done much more organically?

這很有幫助。然後作為與此相關的後續問題，您現在如何看待併購？它是否可以用於帶來額外的能力並加速發展？或者，由於創新領域過於特定，所以必須更有機地進行？

So our capital allocation methodology and principles stay the same. We constantly are evaluating serine M&A opportunities and through a very disciplined financial approach and strategic thesis that where we cannot build organic capabilities at the speed that we need, we will deploy the M&A posture in there.

因此我們的資本配置方法和原則保持不變。我們不斷評估絲胺酸的併購機會，並透過非常嚴謹的財務方法和策略論點，當我們無法以所需的速度建立有機能力時，我們將在那裡部署併購態勢。

And it is also integral to building the technology talent as well. But again, this is a very, very disciplined approach. And if something certifies obviously, you all will get to know, but it is in technical part of the strategic posture.

這對於培養技術人才也至關重要。但再次強調，這是一個非常非常嚴謹的方法。如果某件事明顯得到證實，大家都會知道，但這是戰略態勢的技術部分。

Thank you.

謝謝。

(Operator Instructions) Bradley Clark, BMO Capital Markets.

（操作員指示）Bradley Clark，BMO 資本市場。

Hi, thanks for taking my question and congrats on the results. I want to go back to generative AI. You've been consistent in expressing that this is a TAM expander for Genpact. But I want to understand in the project that you're working on and sort of guidance and conversations with customers in 2025, is generative AI being funded for services projects with net new dollars? Or is it in part coming at the expense of some more legacy.

你好，感謝您回答我的問題，並對結果表示祝賀。我想回到生成式人工智慧。您一直表示，這是 Genpact 的 TAM 擴充器。但我想了解，在您正在進行的專案以及 2025 年與客戶的指導和對話中，生成式人工智慧是否會透過淨新資金用於服務專案？或者說這在某種程度上是以犧牲更多遺產為代價的。

I'm trying to understand the spend in generative AI solutions that you'll be deploying net new spend. Because I understand it could be not new to the market, but I'm trying to understand the near-term where that spend is coming from.

我試圖了解您將在生成式 AI 解決方案中部署的淨新支出。因為我知道這對市場來說可能並不新鮮，但我試著去了解短期內這些支出的來源。

Sure, Brad. Look, I think what we observed in 2024 that it was more shift of the dollars than net new incremental dollars. And it could be a combination of factors as I speak to clients all the time. from where they are, including experimenting because I do not know of a client. I do not know of a client who did not experiment into AI in 2024, whether with us or with other partners.

當然，布拉德。看起來，我認為我們在 2024 年觀察到的是美元的轉移，而不是淨新增美元。由於我經常與客戶交談，這可能是由多種因素造成的。從他們所在的地方，包括進行實驗，因為我不知道客戶。我不知道有哪個客戶沒有在 2024 年嘗試人工智慧，無論是與我們還是其他合作夥伴。

And therefore, what we saw in our book with our clients, a lot of those successful journeys gave them confidence to continue to build in that momentum. But to your specific question, it was more shift of the dollars. Now, we will see how 2025 pans out. But at a broad macro level, what we saw was more shift of the dollars than incremental dollars, Brad.

因此，我們在客戶書中看到，許多成功的歷程給了他們信心，使他們有信心繼續保持這種勢頭。但對於您提出的具體問題，這更多的是美元的轉移。現在，我們將看看 2025 年將會如何發展。但從廣泛的宏觀層面來看，我們看到的是資金的轉移，而不是增量，布拉德。

Appreciate that. And congrats again.

非常感謝。再次恭喜。

And this concludes the Q&A, and I will pass it back to management for closing comments.

問答環節到此結束，我將把內容交回管理階層徵求他們的結論。

Thank you. And before we go, 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 and hosting many of you at our Analyst Day in June. Thank you.

謝謝。在結束之前，我只想感謝所有客戶選擇 Genpact，並感謝所有股東的持續支持。我們很高興能夠繼續創新，並期待下個季度再次與您交談，並在六月的分析師日接待你們。謝謝。

And with that, we conclude today's conference call. Thank you all for participating, and you may now disconnect.

今天的電話會議到此結束。感謝大家的參與，現在您可以斷開連線了。