簡柏特 (G) 2025 Q1 法說會逐字稿

Good day ladies and gentlemen, and welcome to the 2025 first quarter Genpact Limited earnings conference call. My name is Howard, 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 IRS section of Genpact's website.

女士們、先生們，大家好，歡迎參加 2025 年第一季 Genpact Limited 收益電話會議。我叫霍華德，今天我將擔任會議主持人。（操作員指示）提醒一下，此通話將被錄音以供重播。這次通話的重播將被存檔並在 Genpact 網站的 IRS 部分上發布。

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

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

Thank you, Howard. Good afternoon, everyone, and welcome to Genpact's Q1 2025 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，霍華德。大家下午好，歡迎參加 Genpact 2025 年第一季財報電話會議。我們希望您有機會閱讀我們在網站 genpact.com 的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，我們邀請了總裁兼執行長 BK Kalra 和財務長 Mike Weiner。BK 將首先對本季進行高層概述。在我們回答您的問題之前，麥克將更詳細地介紹我們的財務表現。

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.

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，可能會隨著時間而改變。

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 for the SEC. 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.

由於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。此外，在本次電話會議中，我們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將這些與最直接可比較的 GAAP 財務指標進行了協調。

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.

這些非公認會計準則 (non-GAAP) 指標並非旨在取代我們的公認會計準則 (GAAP) 結果。最後，本次電話會議的完整內容將透過我們的投資者關係網站進行網路直播，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，我想把發言權交給 BK。

Good afternoon, everyone, and thank you for joining us today.

大家下午好，感謝大家今天的參與。

We entered 2025 with strong momentum, building on the execution, innovation, and discipline that defined our performance in 2024. We delivered $1.215 billion in total revenues in quarter one, up 8.3% year-over-year in constant currency above the high end of our guidance range.

我們以強勁的勢頭邁入 2025 年，並​​以 2024 年表現所依賴的執行力、創新力和紀律性為基礎。我們第一季的總營收為 12.15 億美元，以固定匯率計算年增 8.3%，高於我們預期範圍的高端。

Gross margin and adjusted operating income margin also exceeded expectations driven by better-than-expected revenue performance. And adjusted EPS grew 16% year-over-year reaching $0.84, $0.04 above the high end of our range.

受營收表現優於預期的推動，毛利率和調整後營業利潤率也超乎預期。調整後的每股盈餘年增 16%，達到 0.84 美元，比我們的預期上限高出 0.04 美元。

Our ability to exceed expectations in Q1, despite a softening macro environment, speaks to the strength of our execution. And the highly enitized nature of our business. We signed two large deals in Q1, with more than 80% of associated revenue accounted for as enitized data AI revenue.

儘管宏觀環境疲軟，但我們在第一季的表現仍超出預期，這證明了我們執行力的強勁。以及我們業務的高度企業化性質。我們在第一季簽署了兩筆大交易，其中超過80%的相關收入屬於實體化資料AI收入。

This reflects the strength of our pivot to data, AI, and other advanced technologies. That said, a few additional very large deals with higher concentration in digital operations were pushed out in the latter part of March and April due to supply chain and tariff-related uncertainty.

這體現了我們轉型為數據、人工智慧和其他先進技術的實力。儘管如此，由於供應鏈和關稅相關的不確定性，3 月下旬和 4 月期間一些額外的、數位業務集中度更高的大型交易被推遲。

As a result, we are taking a conservative approach, widening our guidance range and lowering the total revenue to reflect slower cycle times. It is important to note that these large deals continue to be very effective.

因此，我們採取了保守的做法，擴大了指導範圍，並降低了總收入，以反映較慢的周期時間。值得注意的是，這些大型交易仍然非常有效。

Many are sole sourced or are in final stages of contracting. We are being deliberate and meeting our clients where they are. Our pipeline is at an all-time high, and we believe our ability to drive productivity, optimize costs, and accelerate transformation for clients using AI and other advanced technologies is a key differentiator.

許多都是單一來源或處於簽約的最後階段。我們正在深思熟慮，並在客戶所在地與他們會面。我們的管道處於歷史最高水平，我們相信，我們利用人工智慧和其他先進技術來提高生產力、優化成本和加速客戶轉型的能力是我們的關鍵差異化因素。

As is our ability to help clients rethink how their global supply chains are configured and run. We are laser focused on execution and innovation while deepening client relationships. As we operate with consistency for clients, we gain greater market share and build a stronger business. That is exactly what we intend to do in this moment as well.

我們有能力幫助客戶重新思考其全球供應鏈的配置和運作方式。我們專注於執行和創新，同時深化客戶關係。由於我們始終如一地為客戶服務，我們獲得了更大的市場份額並建立了更強大的業務。這也正是我們此刻想要做的事。

And everything starts with disciplined execution, and at Genpact, our 3+1 execution framework introduced in 2024 has strengthened our foundation. It covers partnerships, data-tech AI, simplification, and the +1 in our 3+1 framework, which is establishing Genpact as our own best credential for AI transformation.

一切始於嚴謹的執行，在 Genpact，我們於 2024 年推出的 3+1 執行框架鞏固了我們的基礎。它涵蓋合作夥伴關係、資料技術 AI、簡化以及我們的 3+1 框架中的 +1，這使得 Genpact 成為我們自己 AI 轉型的最佳憑證。

Let me quickly walk you through the key highlights on 3+1 in the first quarter, starting with partnerships. Partner related revenues is off to a very strong start in 2025, up 80% year-over-year and more than 10% quarter over quarter, reaching 10% of total revenues in Cuba.

讓我快速向您介紹第一季 3+1 的主要亮點，首先是合作夥伴關係。2025 年，合作夥伴相關收入開局強勁，年增 80%，季增超過 10%，達到古巴總收入的 10%。

We believe partnerships represent a significant ongoing opportunity for Genpact given that technology, service and solution companies with mature partner operations typically generate 20% to 50% of revenues from partner channels.

我們認為，合作夥伴關係對 Genpact 來說是一個重要的持續機遇，因為擁有成熟合作夥伴經營的技術、服務和解決方案公司通常從合作夥伴管道獲得 20% 至 50% 的收入。

Second, on data-tech AI, our focus on delivering innovative solutions is driving results with revenue up 12% year-over-year on a constant currency basis in Q1. We now have more than 215 Gen AI solutions in production environment with clients either deployed or going live up approximately 50% quarter over quarter with Gen AI revenues nearly doubling from quarter before.

其次，在數據技術人工智慧方面，我們專注於提供創新解決方案，推動績效成長，第一季營收以固定匯率計算年增 12%。目前，我們在生產環境中擁有超過 215 個 Gen AI 解決方案，客戶已部署或上線的 Gen AI 解決方案數量環比增長約 50%，Gen AI 收入幾乎比上一季翻了一番。

We are also seeing early traction with our agentic solutions. We launched our first agentic solutions for accounts payable in February of this year, delivering strong productivity gains for clients with reduced manual effort and faster processing times.

我們也看到了代理解決方案的早期發展勢頭。我們於今年 2 月推出了首個應付帳款代理解決方案，透過減少人工工作量並縮短處理時間，顯著提高了客戶的生產力。

While we are sharing AI-driven productivity gains with clients with new commercial models, incremental revenue is coming from expanded scope, increased volumes, or both, resulting in net revenue growth for Genpact.

當我們與擁有新商業模式的客戶分享人工智慧驅動的生產力收益時，增量收入來自於擴大範圍、增加產量或兩者兼而有之，從而為 Genpact 帶來淨收入成長。

We are seeing strong engagement with our AI Gigafactory as well. It is now live across manufacturing, retail, and financial services, with additional vertical service offerings coming in Q2. Since launch in January, we have onboarded more than 30 existing clients looking to scale AI more broadly across their operations.

我們也看到了 AI Gigafactory 的強勁參與度。目前，它已涵蓋製造業、零售業和金融服務業，並將於第二季推出更多垂直服務產品。自一月推出以來，我們已經擁有 30 多家現有客戶，他們希望在其營運中更廣泛地擴展 AI。

Third, our simplification efforts continue to deliver results. As an example, we have meaningfully reduced time to bill the average number of days it takes to initiate client billing. This reflects tighter coordination between our sales and delivery teams and tangible progress in simplifying our internal processes. And finally on client 0, we made meaningful progress in Q1.

第三，我們的簡化努力持續取得成效。舉例來說，我們已大幅減少了啟動客戶帳單所需的平均天數。這反映了我們的銷售和交付團隊之間更緊密的協調以及在簡化內部流程方面取得的實際進展。最後，在客戶端 0 上，我們在第一季取得了有意義的進展。

And let me talk about two fronts first. AI led efficiencies allowed us to reduce headcount in IT and HR, protecting margins and creating a leaner long-term cost structure. Second, client ZEO is becoming an increasingly effective sales tool. We are seeing significant interest from clients who want access to Scout, the family of AI agents we developed internally and deployed across our IT, HR and finance organizations.

我先講兩個方面。人工智慧帶來的效率使我們能夠減少 IT 和人力資源部門的員工數量，保護利潤率並創建更精簡的長期成本結構。其次，客戶ZEO正成為越來越有效的銷售工具。我們看到客戶對 Scout 表現出濃厚的興趣，Scout 是我們內部開發的 AI 代理系列，並在我們的 IT、人力資源和財務部門中部署。

Now turning to our guidance in more detail, our outlook at the beginning of the year assumed a stable macro environment relative to the second half of 2024. The operating environment has changed significantly since then.

現在更詳細地談談我們的指導，我們年初的展望假設相對於 2024 年下半年宏觀環境穩定。自那時起，營運環境發生了重大變化。

As a result, we are taking a measured approach. There are three key components to our updated guidance. First, we are widening our range to reflect increased uncertainty in certain industries driven by changes in global trade. Second, in spite of our record large deal pipeline.

因此，我們採取了一種審慎的做法。我們更新的指南包含三個關鍵部分。首先，我們正在擴大範圍，以反映全球貿易變化導致的某些行業不確定性的增加。其次，儘管我們的交易量創下了紀錄。

We are reducing our digital operations and data-tech AI outlook to reflect the few large deals that were pushed out in the latter part of March and April. Delays in large deals early in the year disproportionately affect digital operations because in-year revenues is more dependent on signing early.

我們正在減少數位營運和數據技術人工智慧前景，以反映 3 月下旬和 4 月推出的幾筆大型交易。年初大型交易的延遲會對數位營運造成不成比例的影響，因為年內收入更依賴早期簽約。

On data AI, although the strong momentum has been built, and we have not observed any slowdown yet to date, with strong demand and conversion rate continuing through the end of April, we are lowering numbers for data-tech AI out of an abundance of caution.

在數據人工智慧方面，儘管已經形成了強勁勢頭，而且迄今為止我們尚未觀察到任何放緩，強勁的需求和轉換率持續到 4 月底，但出於謹慎考慮，我們降低了數據技術人工智慧的數字。

As mentioned earlier, our pipeline for large deals is at record levels, up more than 80% year-over-year, reflecting healthy long-term demand and increased focus on cost takeout, which often happens during economic downturns.

如前所述，我們的大型交易管道達到了創紀錄的水平，同比增長超過 80%，這反映了健康的長期需求和對成本削減的更多關注，這在經濟低迷時期經常發生。

All of these views are actively in play, and we are ensuring we are meeting our clients where they are, matching their pace in this uncertain environment. Finally, our gross and AOI margin guidance remains unchanged as we stay disciplined on cost management while continuing to invest in our top priorities to accelerate long term growth with EPS continuing to grow faster than revenue.

所有這些觀點都在積極發揮作用，我們正在確保在客戶所在的地方與他們會面，並在這個不確定的環境中跟上他們的步伐。最後，我們的毛利率和 AOI 利潤率指引保持不變，因為我們在成本管理方面保持嚴格，同時繼續投資於我們的首要任務，以加速長期增長，使每股收益的增長速度繼續快於收入的增長速度。

In summary, we entered 2025 with strong momentum, delivering a first quarter that demonstrates the power of our business, anchored in execution, innovation, and trusted client relationships. While the operating environment has changed, we remain confident in our strategy. Our pipeline remains strong, and we continue to execute with discipline, staying tightly aligned with our clients. And helping them succeed in today's rapidly changing environment.

總而言之，我們以強勁的勢頭進入 2025 年，第一季的業績展現了我們業務的實力，並以執行力、創新和值得信賴的客戶關係為基礎。儘管經營環境發生了變化，但我們對我們的策略仍然充滿信心。我們的管道依然強勁，我們將繼續嚴格執行，與客戶保持緊密聯繫。並幫助他們在當今快速變化的環境中取得成功。

Our focus on execution, innovation, and long-term value creation has never been clearer. We have demonstrated our ability to accelerate growth across revenues, margins, EPS, and cash flow, and we will continue our momentum by gaining market share as operating environment improves.

我們對執行、創新和長期價值創造的關注從未如此清晰。我們已經證明了我們有能力加速收入、利潤率、每股盈餘和現金流的成長，並且隨著營運環境的改善，我們將透過擴大市場份額來保持這一勢頭。

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

說完這些，我將把電話轉給麥克。

Good afternoon everyone, and thank you for joining us today. We're pleased to report a strong first quarter with the results ahead of our expectations.

大家下午好，感謝大家今天的參與。我們很高興地報告第一季業績強勁，超出了我們的預期。

At the same time, as BK mentioned, we're seeing some delayed decision making in select and markets, particularly those impacted by shifting global trade dynamics. As a result, we're taking a constern approach and updating our full year guidance, which I'll walk you through shortly.

同時，正如 BK 所提到的，我們看到一些精選市場，特別是那些受到全球貿易動態變化影響的市場，在決策方面出現了延遲。因此，我們採取了謹慎的態度並更新了我們的全年指導，我將很快向您介紹。

Turning to the quarter, we delivered 16% adjusted EPS growth, well ahead of the 7% net revenue growth of $1.215 billion. This marks the sixth consecutive quarter with adjusted EPS increasing at a faster pace in revenue. On a constant currency basis, net revenue grew to 8%.

展望本季度，我們實現了 16% 的調整後每股收益成長，遠高於 7% 的 12.15 億美元淨收入成長。這是調整後每股收益連續第六個季度以更快的速度成長。以固定匯率計算，淨收入成長了 8%。

Our pipeline was up from the fourth quarter and reached a new high with a healthy mix across deal sizes. We achieved win rates of 40% in the quarter with sole sourced deals accounting for approximately 54% of the total bookings, up from 35% in the prior year. We added 18 new logos and won two large new deals in the quarter. As a reminder, large deals are $150 million or greater in total contract value.

我們的交易管道從第四季開始上升，達到了新的高度，交易規模呈現出健康的組合態勢。本季我們的成功率為 40%，其中單一來源交易約佔總預訂量的 54%，高於去年的 35%。我們在本季增加了 18 個新標識，並贏得了兩筆大型新交易。提醒一下，大型交易的合約總價值為 1.5 億美元或以上。

Data tech and AI services represented 48% of total revenue and or $582 million driven by demand for our tech services and data modernization. This was an 11% increase in the prior year and 12% constant currency, exceeding the high end of our guide.

數據技術和人工智慧服務佔總收入的 48%，即 5.82 億美元，這得益於對我們的技術服務和數據現代化的需求。這比去年同期成長了 11%，以固定匯率計算成長了 12%，超過了我們預期的高端。

Digital operations revenue of $633 million was up 4% year-over-year, 5% on a constant currency basis. This performance was in line with our expectations. Digital operations accounted for 52% of total revenue. Revenue from priority accounts grew approximately 6% over the prior year and represented 62% of the total.

數位營運收入為 6.33 億美元，年增 4%，以固定匯率計算成長 5%。這一表現符合我們的預期。數位化營運佔總收入的52%。優先帳戶收入比上年增長約 6%，佔總收入的 62%。

Growth was balanced across our segments led by high tech and manufacturing at 11%, followed by financial services at 7%, and consumer and healthcare at 4%. Outcome and consumption-based deals excluding fixed fee contracts accounted for 22% of first quarter revenue, up 19% from 19% in the prior year.

我們各部門的成長均衡，其中高科技和製造業成長 11%，其次是金融服務業 7%，消費和醫療保健業 4%。不包括固定費用合約的成果和基於消費的交易佔第一季營收的 22%，比去年同期的 19% 成長 19%。

Turning to profitability, we expand the gross margin by 30 basis points year-over-year to 35.3%, driven by operating leverage and continued cost discipline. SG&A expenses were 19.8% of revenue, down from 20.8% in the prior year. This reflects both the revenue growth and operating leverage even as we continue to invest strategically across the business.

談到獲利能力，受經營槓桿和持續的成本控制推動，我們的毛利率年增 30 個基點至 35.3%。銷售、一般及行政費用佔收入的 19.8%，低於前一年的 20.8%。即使我們繼續對整個業務進行策略性投資，這也反映了收入成長和經營槓桿。

Adjusted operating income was $210 million, up from $182 million while adjusted operating income margin expanded 120 basis points to 17.3%. Our effective tax rate in the first quarter was 25.3%. That compares to 25.2% in the prior year.

調整後的營業收入為 2.1 億美元，高於 1.82 億美元，調整後的營業收入利潤率擴大 120 個基點，達到 17.3%。我們第一季的有效稅率為25.3%。相比之下，上一年這一比例為 25.2%。

Net income for the quarter was $131 million, diluted EPS was $0.73, and adjust the diluted EPS came in at $0.84, representing a notable 16% annual increase. Operating cash flow improved to $40 million from a $26 million outflow in the prior year.

本季淨利為1.31億美元，稀釋每股收益為0.73美元，調整後稀釋每股收益為0.84美元，年增16%。經營現金流從去年的 2,600 萬美元流出改善至 4,000 萬美元。

Turning to our balance sheet and capital allocation. We ended the first quarter with a solid balance sheet demonstrated by $562 million in cash and cash equivalents, up from $478 million a year ago. Additionally, our DSOs were 88 days, three days lower than the prior year. We returned $93 million to shareholders in the first quarter through $63 million in share repurchases and $30 million in dividends.

轉向我們的資產負債表和資本配置。我們第一季結束時擁有穩健的資產負債表，現金和現金等價物為 5.62 億美元，高於去年同期的 4.78 億美元。此外，我們的 DSO 為 88 天，比前一年減少了 3 天。我們在第一季透過 6,300 萬美元的股票回購和 3,000 萬美元的股息向股東返還了 9,300 萬美元。

Our pipeline has grown to record levels across all deal cohorts and continues to progress well. However, in late first quarter and early second quarter, we saw increasing caution in the buying behavior, particularly in end market sensitive to global trade. A few large deals expected to close in the first quarter have been delayed. This delay has impacted future quarter revenue timing with the impact more visible in digital operations.

我們的交易管道已在所有交易群中增長至創紀錄的水平，並且繼續保持良好的進展。然而，在第一季末和第二季初，我們看到購買行為越來越謹慎，特別是在對全球貿易敏感的終端市場。預計第一季完成的幾筆大型交易已被推遲。這種延遲影響了未來季度的收入時間，其影響在數位營運中更為明顯。

Given these dynamics, we're taking a more conservative approach to our full year guide specifically. One, widening the range to incorporate changing operating environment from 2024 with a notable increase in uncertainty. Two, we're lowering our expectations for digital operations to account for the delayed decision-making impacting revenue timing for future quarters.

鑑於這些動態，我們對全年指南採取了更保守的方法。一是擴大範圍，納入2024年起不斷變化的經營環境，不確定性顯著增加。其次，我們降低了對數位化營運的預期，以應對延遲的決策對未來幾季的收入時間的影響。

We're also modestly reducing our expectations for DTAI despite continued trend through April. This adjustment reflects caution due to the current environment. Three, we're reaffirming our outlook for gross and adjusted operating income margins. Just to be clear, we are not seeing any deal cancellations, deletions, or cannibalization.

儘管 4 月趨勢持續，但我們還是適度降低了對 DTAI 的預期。此次調整反映了當前環境下的謹慎態度。第三，我們重申對毛營業利潤率和調整後營業利潤率的展望。需要明確的是，我們沒有看到任何交易取消、刪除或蠶食的情況。

For the full year on an as reported basis, we now expect to deliver net revenue in the range of $4.862 million to $5.005 billion. Growth of 2% to 5% respectively, 3.5% of the midpoint. At the midpoint, data-tech and AI and digital operations revenue growth is expected to be approximately 5.1% and 2% respectively.

根據報告，我們預計全年淨收入將在 48.62 億美元至 50.05 億美元之間。成長2%至5%，中點為3.5%。中位數來看，數據技術和人工智慧及數位營運收入成長預計分別約為 5.1% 和 2%。

Given that estimated range, our adjusted diluted EPS is expected to be between $3.41 and $3.52 representing 5.7% growth year-over-year at the midpoint, again, projected to growth faster than revenue for the fifth straight year.

鑑於該估計範圍，我們預計調整後的稀釋每股收益將在 3.41 美元至 3.52 美元之間，相當於中點同比增長 5.7%，預計連續第五年增長速度快於收入。

To provide additional detail, to reach the midpoint of our full year revenue guidance of 3.5%, we need to achieve $166 million of growth of this, $84 million was delivered in the first quarter, and we're estimating $45 million in the second quarter.

為了提供更多細節，為了達到我們全年營收預期 3.5% 的中點，我們需要實現 1.66 億美元的成長，其中第一季實現了 8,400 萬美元，我們估計第二季實現了 4,500 萬美元。

This means we would need to achieve $37 million in the second half of the year to achieve 3.5% of revenue growth target for the year. In constant currency terms, we expect net revenue growth in the range of 1.9% to 4.9%, representing 3.4% at the midpoint, which translates into data-tech and AI and digital operations revenue growth of approximately 5.1% and 1.9% respectively.

這意味著我們需要在下半年實現 3,700 萬美元的收入才能實現全年 3.5% 的營收成長目標。以固定匯率計算，我們預期淨收入成長率將在 1.9% 至 4.9% 之間，中間值為 3.4%，這意味著數據技術和人工智慧及數位營運收入成長率分別約為 5.1% 和 1.9%。

Moving on, full year gross margin remains at 36%, an increase of 50 basis points year-over-year, supported by our operating leverage. Adjusted operating income margin remains at 17.3%, at 20 basis point increase from the prior year. Operating cash flow is expected to be approximately $610 million.

繼續，全年毛利率維持在 36%，年增 50 個基點，這得益於我們的經營槓桿。調整後的營業收入利潤率維持在17.3%，比前一年增加20個基點。預計經營現金流約6.1億美元。

On capital allocation, we continue to aim to return at least 50% of cash flow to investors through a combination of share repurchases and dividends, while remaining flexible for strategic investments. Looking at the second quarter on an as reported basis, we expect to deliver net revenue between $1.210 billion and $1.233 billion. Growth of 2.8% to 4.8%, representing 3.8% of the midpoint.

在資本配置方面，我們持續致力於透過股票回購和股利等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。根據報告顯示，我們預計第二季淨收入將在 12.10 億美元至 12.33 億美元之間。成長2.8%至4.8%，佔中點的3.8%。

This translates into data-tech and digital operations revenue of approximately 7.6% and 0.6% respectively. In constant currency terms, we expect net revenue growth in the range of 2.5% to 4.5%, representing 3.5% of the midpoint, which translates into data-tech and AI and digital operations revenue growth of approximately 7.4% and 0.1% respectively.

這意味著數據技術和數位營運收入分別約為 7.6% 和 0.6%。以固定匯率計算，我們預期淨收入成長在 2.5% 至 4.5% 之間，佔中間值的 3.5%，這意味著數據技術和人工智慧及數位營運收入分別成長約 7.4% 和 0.1%。

We are anticipating gross margin of 35.5% and adjusted operating income margin of 17.3%, a 40 basis pointing expansion from the prior period. Lastly, we're guiding to adjust the diluted EPS of $0.84 to $0.86, an increase of approximately 8% at the midpoint compared to last year. With that, let me turn the call over to Krista.

我們預期毛利率為 35.5%，調整後營業收入利潤率為 17.3%，較上期擴大 40 個基點。最後，我們預計稀釋每股收益從 0.84 美元調整為 0.86 美元，與去年同期相比中位數成長約 8%。說完這些，讓我把電話轉給克里斯塔。

Great. Thank you, Mike. Howard, I think we're ready to go ahead and queue for questions.

偉大的。謝謝你，麥克。霍華德，我想我們可以開始排隊問問題了。

(Operator Instructions)

（操作員指示）

Bryan Bergin, TD Cowen.

布萊恩·伯金 (Bryan Bergin)，TD Cowen。

Hi guys, thanks for taking the question here. So, let's start on growth and the revised outlook, particularly just in DigitalOps, the magnitude of the change in a short period of time is a surprise. So can you just help us with the moving pieces here, dig in a little bit as it relates to those deals that have gotten pushed out, how many we're talking about, and then as we think about it as you go through the year, they've been delayed.

大家好，感謝你們在這裡提出這個問題。因此，讓我們開始討論成長和修訂後的前景，特別是在 DigitalOps 領域，短時間內的變化幅度令人驚訝。那麼，您能否幫助我們了解這裡的動態，深入了解那些被推遲的交易，我們談論了多少，然後當我們回顧這一年，它們都被推遲了。

But are you relying on them to be signed at any point soon to account for the implied second half sequential pick up? Or are you, have you basically just removed those out fully and you're guiding to a little bit of growth on the existing base of business?

但是您是否指望他們很快就會簽約以解釋隱含的下半年連續回升？或者，您基本上已經完全刪除了這些內容，並在現有業務基礎上引導一點點成長？

Hey Brian, it's Mike. So, we start that off. Maybe you can chime in in a moment or so. So, you're correct in your assertion that digital operations, the vast majority of the reduction, if not all the reduction, is really driven by the delay in these large deals. Just a reminder, large deals are greater than $50 million, and these deals have been pushed out. We're well in excess of that.

嘿，布萊恩，我是麥克。那麼，我們就此開始吧。也許您稍後可以加入討論。因此，您的斷言是正確的，數位化營運的絕大部分削減（如果不是全部削減）實際上是由這些大型交易的延遲造成的。需要提醒的是，大型交易的金額超過 5,000 萬美元，這些交易已被推遲。我們已經遠遠超出了這一點。

So they had a meaningful impact, particularly in the business for the second half of the year. Our range does not incorporate that those deals will happen in a reasonable period of time. Again, a deal that is signed in late in the fourth quarter or in the fourth quarter will just not have the material revenue impact that it would have had based on our assumptions in the first quarter of the year.

因此，它們產生了重大影響，特別是對下半年的業務。我們的範圍並不包括這些交易將在合理的時間內發生。再次，在第四季末或第四季簽署的協議不會產生根據我們在今年第一季的假設所產生的重大收入影響。

So I think from that perspective we feel very good about the outlook and where we are. We hope to get those deals consummated as soon as possible. Again, none of them have been cancelled. They've just simply been delayed. And I think what's kind of interesting about it when you double click on what those deals are, who they are. It's interesting. They're all within, manufacturing, consumer goods, high-tech hardware.

因此我認為從這個角度來看，我們對前景和現狀感到非常滿意。我們希望盡快完成這些交易。再次，這些措施均未被取消。他們只是被耽擱了而已。我認為，當你雙擊這些交易是什麼、它們是誰時，你會發現這很有趣。這很有趣。它們都涉及製造業、消費品和高科技硬體領域。

And even look at a deeper level of it, and you look at the services underneath those, quite a few of them had to do with supply chain related work that we do. which really ties into the macro, which is what we're seeing a greater level of uncertainty really related to tariff-related industries, which, unfortunately is impacting us disproportionately this quarter.

即使從更深層次來看，看看背後的服務，你會發現其中相當一部分與我們所做的供應鏈相關工作有關。這確實與宏觀經濟息息相關，我們看到與關稅相關的行業確實存在更大程度的不確定性，不幸的是，這對我們本季的影響尤其嚴重。

Be careful that.

小心一點。

Two more points. Thanks, Brian. And all of these deals that Mike referred, they have two in number, Brian, continue to be in a very active dialogue. A number of them are actually sole source conversations, but given our clients are also dealing with a multitude of issues, it is taking longer than we expected. And that is what is reflected in the guide.

另外兩點。謝謝，布萊恩。麥克提到的所有這些交易，布萊恩和另外兩個都在繼續進行非常積極的對話。其中一些實際上是單一來源的對話，但考慮到我們的客戶也在處理大量問題，因此花費的時間比我們預期的要長。這正是指南中所反映的內容。

And I think I'll also point out that actually the couple of large deals that we signed in the first quarter that we just reported had a higher proportion of data-tech AI which talks to the strength of the solutions that we have developed, but, just from a granularity of guidance goes more to support data-tech AI.

我想我還要指出的是，實際上，我們剛剛報告的第一季簽署的幾筆大交易中，數據技術人工智慧的比例更高，這說明了我們開發的解決方案的優勢，但是，僅從指導的粒度來看，它更多地支援數據技術人工智慧。

And I think we do, want to center more on the total revenue and because our go to market motions are solving client problems at scale, and DO digital loss data-tech AI is more characterization of the skills that we bring to bear. But we feel really good, in the range, to deliver, total revenues, including the AI and DO.

我認為我們確實希望更專注於總收入，因為我們的市場動向是大規模解決客戶問題，而 DO 數位損失數據技術 AI 更體現了我們所運用的技能。但我們感覺非常好，能夠實現包括 AI 和 DO 在內的總收入。

Okay, and just to be clear that to follow up on that, the deals that are you're currently waiting on, do you see any situation where they could be cancelled or are they far enough along and there, proposing some efficiency measures where you don't see the risk of those ultimately getting cancelled?

好的，為了明確起見，請繼續關注，您目前正在等待的交易，您是否認為存在可能被取消的情況，或者這些交易是否已經進展到一定程度，並且您提出了一些效率措施，您認為這些交易最終不會被取消？

I'll tell you, we don't see any risk of because the dialogue is actually more number of conversations are happening. We had expected them to sign obviously by this time, and a number of our team members are in front of both of these large companies as well.

我告訴你，我們沒有看到任何風險，因為對話實際上正在進行更多的對話。我們顯然已經預料到他們此時會簽約，而且我們團隊的許多成員也都出現在這兩家大公司的面前。

So they know that these programs, large deals are very meaningful for them. So, I don't see them any chance of getting cancelled. Actually, our pipeline overall for large deals is 80% higher. YOY, and this metric hasn't happened over a period of time, so we feel really good about the demand overall.

所以他們知道這些項目、大交易對他們來說意義重大。所以，我認為他們不可能被取消。實際上，我們大型交易的整體管道高出了 80%。年比來看，這個指標在一段時間內都沒有出現過，所以我們對整體需求感覺非常好。

This is basically a timing related issue for us.

對我們來說，這基本上是一個與時間相關的問題。

Okay, and sorry, if I could just touch on margin here, so you, as we look, you affirm the outlook for the gross margin and the off margin. It does imply the second half gross margin steps up pretty notably, can you just help us, gain comfort there on what drives that step up?

好的，抱歉，如果我可以在這裡談談利潤率，那麼，正如我們所見，您肯定了毛利率和利潤率的前景。這確實意味著下半年毛利率將顯著上升，您能否幫助我們了解推動這一上升的因素是什麼？

Yeah, it's a little counterintuitive when you think about it from that perspective. Yeah, with the, first of all, we outperformed in the first quarter, both on gross margin and AOI perspective versus our expectations, which is going to carry forward for the remaining part of the year.

是的，從這個角度考慮的話，這有點違反直覺。是的，首先，我們在第一季的表現優於預期，無論是毛利率還是 AOI 方面，這種良好勢頭將延續到今年剩餘時間。

We continue to execute exceptionally well in our plus one in operational development and operations. And then the interesting thing is in the absence of these large deals coming in, large deals typically come in early on. These are multi-year, five-to-seven-year deals. They come in at a below average gross margin.

我們在營運開發和營運方面繼續表現優異。有趣的是，在沒有這些大型交易的情況下，大型交易通常會在早期出現。這些都是多年期、五至七年的合約。他們的毛利率低於平均值。

So the absence of some of those deals or the delay in those deals from when we anticipated them, will continue to support that gross margin that we're forecasting.

因此，部分交易的缺失或交易延遲仍將繼續支撐我們預測的毛利率。

Okay, makes sense. Thank you.

好的，有道理。謝謝。

Maggie Nolan, William Blair.

瑪吉諾蘭、威廉布萊爾。

Hi, thank you. I wanted to follow up on the large deals that were delayed. Are they showing any signs of pricing pressure given the changing environment?

你好，謝謝。我想跟進那些被推遲的大額交易。鑑於不斷變化的環境，他們是否表現出任何定價壓力的跡象？

No, absolutely not, really, it has nothing to do with the composition of the deal, the scoping of the deal, by any stretch like that, or the competitive pressure associated with it. It's literally a timing effect. And we anticipated these deals closing in the early part of the year.

不，絕對不是，真的，這與交易的構成、交易的範圍或與之相關的競爭壓力沒有任何關係。這實際上是一種時間效應。我們預計這些交易將在今年年初完成。

We still are looking forward to them closing towards the latter part of the year, but unfortunately because of the revenue cadence pattern of it, it's disproportionately impacting our business growth rates for the year and notably that's in digital operations.

我們仍然期待它們在今年下半年完成，但不幸的是，由於其收入節奏模式，它對我們今年的業務成長率產生了不成比例的影響，尤其是在數位營運方面。

Yeah, exactly right. And also, Maggie, we don't need to close these deals to land in our guidance range. We are obviously becoming more conservative, relative to the macro environment that we've been, we find ourselves, since the beginning of this quarter, but we are not seeing any pricing pressure and our solutions are actually taking hold more strongly.

是的，完全正確。而且，瑪吉，我們不需要完成這些交易就能達到我們的指導範圍。自本季初以來，相對於我們所處的宏觀環境，我們顯然變得更加保守，但我們沒有看到任何定價壓力，而且我們的解決方案實際上更加紮實。

Okay, thank you. And then you mentioned that it was largely in like manufacturing and markets. Is there a particular concentration of end markets into segments that you split out the DTAI versus DigitalOps, both manufacturing and then, any others as we think about what might be impacted by the changing environment?

好的，謝謝。然後您提到它主要涉及製造業和市場。終端市場是否集中於特定細分市場，您是否將 DTAI 與 DigitalOps 劃分為製造業以及其他領域，因為我們考慮哪些方面可能受到不斷變化的環境的影響？

I won't say there is concentration, many, actually we have, we gain from a very diversified set of industries that we work with, but there are, then, we need to deal with some of these variations that come in. And yes, we have, strong client base in manufacturing and CPG in retail. And all of these end markets are a little bit in times of more uncertainty than other end markets.

我不會說存在集中，實際上，我們從與我們合作的非常多樣化的行業中獲益匪淺，但是，我們需要處理其中的一些變化。是的，我們在製造業和零售業的快速消費品領域擁有強大的客戶群。所有這些終端市場都比其他終端市場更不確定。

Jacob Haggerty, RW Baird.

雅各哈格蒂、RW 貝爾德。

Hey guys, thanks for taking my question. I just wanted to touch on what kind of deals are like being affected here, the deals that are getting pushed off. So you guys mentioned that these are longer term in nature just kind of curious if these are more cost take out deals and they're still getting delayed or are these more discretionary, more transformational?

嘿夥計們，謝謝你們回答我的問題。我只是想談談哪些交易受到了影響，哪些交易被推遲了。所以你們提到這些本質上是長期的，只是有點好奇這些是否是更多的成本承擔交易並且它們仍然被推遲，或者這些是更具自由裁量權，更具變革性的？

So a lot of these deals, Jacob are in, supply chain, so for a large, Consumer goods company, there's a big program that we've been running, and now this is a large transaction in supply chain, and this is much bigger than $50 million.

因此，雅各的許多交易都涉及供應鏈，因此對於一家大型消費品公司來說，我們一直在運行一個大型項目，現在這是供應鏈中的一筆大交易，其金額遠遠超過 5000 萬美元。

And these are, I won't say that they are just cost takeout. They obviously any of these solutions have a significant productivity that comes in over a period of time, over a 57-year period. But they are also, they always improve the outcomes too.

而這些，我不會說它們只是成本外送。顯然，這些解決方案中的任何一個在一段時間內（57 年的時間）都具有顯著的生產力。但他們也總是會改善結果。

So there's always an efficiency and effectiveness lever, that gets deployed with all the solutions of, be it Agentech or Gen AI or any of the other solutions, but it is, a number of these deals are in the, are in these, and markets that we referred to, and most of the deals that are actually came in contention are in those markets and those, deals continue to be in very active dialogue, it is just taking a little bit longer than our expectations to be close.

因此，所有解決方案中總會有一個效率和效力槓桿，無論是 Agentech 還是 Gen AI 或任何其他解決方案，但其中許多交易都位於我們提到的這些市場中，而且大多數實際有爭議的交易都位於這些市場中，而且這些交易仍在繼續非常活躍的對話中，只是比我們預期的時間要長一點才能完成。

Yeah, one thing just quickly add on as BK talked about, these are very large deals. They're in excess of $50 million which is our definition of large deals. And yes, they are over a long period of time. These deals are contracted for five to seven years wouldn't be an unusual component of it. And just for just an additional point of clarity on that.

是的，正如 BK 所說，這些都是非常大的交易。這些交易的金額超過了 5000 萬美元，這正是我們對大額交易的定義。是的，它們已經持續了很長一段時間了。這些交易的合約期限為五到七年，這並不是不尋常的組成部分。只是為了進一步澄清這一點。

People don't come in and buy digital operations or data-tech and eye for from us. These are solutions, and in many of these large deals, if not all of them, it is a component of both. So, I just want to make that bifurcation clear.

人們不會來向我們購買數位化營運或數據技術。這些都是解決方案，在許多大型交易中（如果不是全部的話），它是兩者的組成部分。所以，我只是想明確說明這種分歧。

Thanks guys.

謝謝大家。

(Operator Instructions)

（操作員指示）

Sean Kennedy, Mizuho.

肖恩‧甘迺迪 (Sean Kennedy)，瑞穗。

Hi everyone, thanks for taking my question. Nice to hear that there were no deal, cancellations and that data-tech AI has remained strong in your date. So, for data-tech AI, can you provide more detail on the outlook for different customer and markets?

大家好，感謝你們回答我的問題。很高興聽到沒有交易、取消，並且數據技術 AI 在您的約會中保持強勁。那麼，對於數據技術 AI，您能否提供更多有關不同客戶和市場的前景的細節？

So, yeah, I mean, the way we don't really think about it from that perspective. We think about it when we talk about our data-tech and AI revenue disaggregation. We really split it between the, deals that are greater than 12 months and less than 12 months.

所以，是的，我的意思是，我們實際上並沒有從那個角度來考慮這個問題。當我們談論數據技術和人工智慧收入分解時，我們會考慮到這一點。我們實際上將其分為期限超過 12 個月的交易和期限少於 12 個月的交易。

So the larger deals that are greater than 12 months are really associated with these multi multi-year transformational deals, which performed exceptionally well, particularly in the first quarter, as BK alluded to the two large deals that we closed had a larger proponent of data-tech on there. We're sitting on a record pipeline, which we're working aggressively on closing them down.

因此，超過 12 個月的大型交易實際上與這些多年的轉型交易有關，這些交易表現異常出色，尤其是在第一季度，正如 BK 提到的，我們完成的兩筆大型交易中都有更大的數據技術支持者。我們正坐擁一條創紀錄的管道，我們正在積極努力關閉它們。

And so we've just taken a very conservative, prudent approach on our forecasting on the shorter cycle retail type deals that we do that are sometimes more susceptible to discretionary buying behavior of our clients, and that's really what's reflected in our guide.

因此，我們對週期較短的零售類型交易的預測採取了非常保守、謹慎的態度，這些交易有時更容易受到客戶的自由購買行為的影響，而這正是我們的指南所反映的。

Okay, great, thank you.

好的，太好了，謝謝。

Puneet Jain, JP Morgan.

摩根大通的 Puneet Jain。

Hey, thanks for taking my question. I wanted to follow up on like all these questions on large fields, especially around 2Q guidance, like it, like the only issue is around large fields that are in pipeline.

嘿，謝謝你回答我的問題。我想跟進有關大型油田的所有這些問題，特別是圍繞第二季度指引的問題，唯一的問題是圍繞著正在建造中的大型油田。

But that shouldn't have much impact on second quarter, growth, so are you also seeing like headwinds or some weakness in your existing customers or the deals that have already ramped up that will impact in the second quarter?

但這應該不會對第二季度的成長產生太大影響，那麼您是否也看到了現有客戶或已經增加的交易中的一些阻力或弱點，這些會對第二季度產生影響？

No, I think we feel really good about our second quarter, in terms of where those numbers are relevant of those large deals as BK alluded to, from that perspective. Again, what we've talked about, not just for large deals, but for also different size deals across both the revenue categorizations of the and data-tech are just much more prudent conservative view. and a greater level of uncertainty and that's really what's reflected in our outlook. Now that said, we are sitting here into the quarter, so we feel really good about that.

不，我認為我們對第二季的表現非常滿意，從這個角度來看，正如 BK 所提到的，這些數字與那些大交易的相關性很高。再說一次，我們所談論的不僅是大型交易，而且還有不同規模的交易，無論是收入類別還是數據技術，都只是更謹慎的保守觀點。以及更大程度的不確定性，而這確實反映在我們的前景中。話雖如此，我們已經進入本季度，因此我們對此感到非常高興。

So, the way that I talked about it in my prepared remarks is to kind of think about our business and think about our 3.5% growth that we're forecasting for the year. 3.5% growth is arguably about $166 million for us. We took down 50% of that growth in the first quarter alone. We're anticipating taking down. 5 million, which is about 27% of that in the second quarter, which we feel really good about.

因此，我在準備好的發言中談論這個問題的方式是思考我們的業務，並思考我們預測今年的 3.5% 的成長率。 3.5% 的成長對我們來說意味著約 1.66 億美元。僅在第一季度，我們的成長就減少了 50%。我們期待拆除。 500萬，約佔第二季的27%，我們對此感到非常滿意。

So if you think about it from that perspective, the second half of the year really has us projected to grow about $35 million or about 22%. So, it does give you some sense of how we're thinking about the year and how we're approaching our pretty conservative guide really driven by a lot of the uncertainty out there.

所以如果從這個角度考慮，我們預計今年下半年的銷售額確實會成長約 3,500 萬美元，即 22% 左右。因此，它確實讓您了解我們如何看待這一年，以及我們如何制定相當保守的指南，而這實際上是受到許多不確定性的影響。

Got it. And then second, like, as you like compete for some of these last deals like what do you bake in for AI driven productivity savings? I'm assuming like these deals are multi-year, three years, five years. Like what do you typically promise your customers of AI driven benefits that you can generate over the top of the deal?

知道了。其次，當您想競爭最後的一些交易時，您會為人工智慧驅動的生產力節約做些什麼呢？我假設這些交易是多年期、三年期、五年期的。例如，您通常會向客戶承諾哪些可以在交易之外實現的人工智慧驅動的利益？

So overall, especially in these large deals for me, there is a holistic solution that walks in, traditionally, obviously, we will, bake in, many, solutions like lean and then predictive analytics came in, including machine learning and then generative AI came in and now agentic AI has come in. It's always a holistic solution that we bring in. That drives, we've been driving productivity for over a decade and sharing that productivity with clients.

所以總的來說，特別是在這些大交易中，對我來說，有一個整體的解決方案，傳統上，顯然，我們會融入許多解決方案，比如精益，然後是預測分析，包括機器學習，然後是生成人工智能，現在代理人工智能也出現了。我們始終會提出整體解決方案。十多年來，我們一直致力於提高生產力，並與客戶分享生產力。

This time is no different. Yes, tools are far more visible, tools are different, and tools are better. And therefore, in a five-to-seven-year large deal, the productivities are anywhere from 30% to 40% to 45% and over spread over five to seven years. And that's how, and it stays in a very competitive zone, in our markets and a number of these are sole source deals as well, but we are always comparing to the best in the industry.

這次也不例外。是的，工具更加明顯，工具更加多樣化，而且工具更加優秀。因此，在一筆為期五到七年的大交易中，生產力會在五到七年的時間內分佈在 30% 到 40% 到 45% 之間。這就是我們的市場，它一直處於競爭非常激烈的領域，其中許多也是單一來源交易，但我們始終在與業內最佳企業進行比較。

Got it. Thank you.

知道了。謝謝。

(Operator Instructions)

（操作員指示）

I'm sure no additional questions in the queue at this time. I'd like to turn the conference back over to management for any closing remarks.

我確信此時隊列中沒有其他問題。我想將會議交還給管理階層，請他們發表結束語。

Thank you, Howard. Before we wrap, I want to thank our entire team and clients. I'm proud of what we have accomplished together, and I am confident in what we will continue to build one quarter at a time. We look forward to sharing more about our strategy, priorities, and long-term outlook at our invest today in June.

謝謝你，霍華德。在結束之前，我想感謝我們整個團隊和客戶。我為我們共同取得的成就感到自豪，並且我對我們將繼續一個季度一個季度地建設充滿信心。我們期待在六月的投資日上分享更多有關我們的策略、優先事項和長期展望的資訊。

Thank you.

謝謝。

Ladies and gentlemen, thank you for participating in today's conference. This concludes the program. You may now disconnect, everyone, have a wonderful day.

女士們、先生們，感謝大家參加今天的會議。本節目到此結束。各位現在可以斷開連線了，祝大家有美好的一天。