簡柏特 (G) 2025 Q2 法說會逐字稿

Good day ladies and gentlemen. Welcome to the 2025 second quarter Genpact Ltd earnings conference call. My name is Lisa, and I will be your conference moderator for today.

女士們、先生們，大家好。歡迎參加 2025 年第二季 Genpact Ltd 收益電話會議。我叫麗莎，今天我將擔任會議主持人。

(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.

（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 Relations, excuse me, Head of Investor Relations at Genpact. Please proceed.

現在我想將電話轉給關係主管 Christa Bessinger，不好意思，她是 Genpact 的投資人關係主管。請繼續。

Thank you, Lisa. Good afternoon, everyone, and welcome to Genpact's Q2 2025 earnings conference call. We hope you've 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，麗莎。大家下午好，歡迎參加 Genpact 2025 年第二季財報電話會議。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 we'll 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，我們將首先對本季進行概述，然後 Mike 將在回答您的問題之前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 with 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. These non-GAAP measures are not intended to be a substitute for our GAAP results.

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將這些與最直接可比較的 GAAP 財務指標進行了協調。這些非公認會計準則 (non-GAAP) 指標並非旨在取代我們的公認會計準則 (GAAP) 結果。

And finally, this call in its entirety is being webcast from our Investor Relations website, and a replay and transcript will be available on our website in a few hours.

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，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.

現在，我想把發言權交給 BK。

Thank you, Krista. Hello, everyone, and thank you for joining us today. Q2 was another strong quarter for Genpact with revenue reaching $1.25 billion up 7% year-over-year, reflecting broad-based outperformance across the business.

謝謝你，克里斯塔。大家好，感謝大家今天加入我們。第二季度對 Genpact 來說又是一個強勁的季度，營收達到 12.5 億美元，年成長 7%，反映出整個業務的普遍優異表現。

Gross and adjusted operating income margins were also strong, up 50 and 40 basis points year-over-year respectively, as we continue to deliver margin expansion, while also making significant investments for long term growth.

由於我們繼續實現利潤率擴張，同時也為長期成長進行了大量投資，總營業收入和調整後營業收入利潤率也表現強勁，分別比去年同期增長了 50 個基點和 40 個基點。

Importantly, adjusted EPS continues to grow faster than revenue, up 11% year-over-year, including, reaching $0.88 above the high end of our guidance range. At our Investor Day in June, we introduced Genpact Next, a strategy designed to establish Genpact as a global leader in advanced technology solutions, building on the strength of our core business services, to accelerate revenue growth and expand margins.

重要的是，調整後的每股盈餘繼續以高於收入的速度成長，年成長 11%，其中達到我們指導範圍高端以上 0.88 美元。在六月的投資者日上，我們推出了 Genpact Next，該策略旨在利用我們核心業務服務的優勢，將 Genpact 打造為先進技術解決方案的全球領導者，以加速收入成長並擴大利潤率。

The Genpact next growth model has three key elements, which we call the three C's. They are number one, our capabilities, which include what we go to market with across our advanced technology solutions and core business services.

Genpact 的下一個成長模式有三個關鍵要素，我們稱之為「三個 C」。最重要的是我們的能力，包括我們透過先進的技術解決方案和核心業務服務進入市場的能力。

Number two, our clients, which include who we serve across both the enterprise and mid-market, and three, our catalyst, which include how we plan to further accelerate growth through investments in partnerships and AI focused talent. We are seeing strong early momentum across each. Let me walk you through the key highlights.

第二，我們的客戶，包括我們在企業和中型市場服務的客戶；第三，我們的催化劑，包括我們計劃如何透過投資合作夥伴關係和專注於人工智慧的人才來進一步加速成長。我們看到每個方面都呈現出強勁的早期勢頭。讓我帶您了解一下主要亮點。

First, on capabilities. We have two sets of distinct, but interconnected offerings advanced technology solutions and core business services. These offerings amplify each other. Why? Because as you have heard me say before, there is no artificial intelligence without process intelligence. We are capitalizing on this opportunity by integrating advanced technologies into what Genpact has always been known for. Exceptional process, industry domain, and last mile expertise.

第一，關於能力。我們有兩套截然不同但又相互關聯的產品：先進的技術解決方案和核心業務服務。這些產品互相補充。為什麼？因為正如你之前聽我說過的那樣，沒有過程智能就沒有人工智慧。我們正在利用這一機會，將先進技術融入 Genpact 一直以來的知名產品中。卓越的流程、行業領域和最後一哩路的專業知識。

This quarter, advanced technology solutions revenue, which includes data and AI, digital technologies, advisory, and a agentic solutions continue to accelerate up 17% year-over-year, driven by strengthen data and AI as we continue to help clients rapidly deploy AI systems into production.

本季度，包括數據和人工智慧、數位技術、諮詢和代理解決方案在內的先進技術解決方案收入繼續同比增長 17%，這得益於我們繼續幫助客戶快速將人工智慧系統部署到生產中，從而加強了數據和人工智慧。

Our data and AI pipeline has tripled over the last year and we are innovating rapidly. The AI Gigafactory is now live across all Genpact verticals, with more than 45 clients onboarded year-to-date, and more than 100 experienced data and AI leaders joining us to help our clients rapidly scale AI.

去年，我們的數據和人工智慧管道增加了兩倍，並且我們正在快速創新。AI Gigafactory 現已涵蓋 Genpact 所有垂直領域，年初至今已有超過 45 家客戶加入，超過 100 名經驗豐富的數據和 AI 領導者加入我們，幫助我們的客戶快速擴展 AI。

We now have more than 270 Gen AI solutions in production environments with clients, either deployed or going live, up more than 3x year-over-year. Our agentic solutions are also gaining traction. All four modules of our agentic AP suite are now generally available. And we are delivering measurable results with more accurate data capture, greater touch less processing and significant productivity benefits for clients and for Genpact.

目前，我們在客戶的生產環境中擁有超過 270 個 Gen AI 解決方案（無論是已部署的還是上線的），比去年同期成長了 3 倍以上。我們的代理解決方案也越來越受到關注。我們的 agentic AP 套件的所有四個模組現在均已普遍可用。我們透過更準確的數據收集、更強大的無接觸處理以及顯著的生產力優勢，為客戶和 Genpact 帶來了可衡量的成果。

The AP suite is just one example of how our advanced technology solutions are creating more value for clients and generating high value revenue for Genpact. Our advanced technology solutions deliver more than 2x the revenue per headcount compared to the company average, and are growing at more than twice the rate of Genpact's overall revenue.

AP 套件只是我們的先進技術解決方案如何為客戶創造更多價值並為 Genpact 帶來高價值收入的一個例子。我們的先進技術解決方案使員工人均收入比公司平均水平高出兩倍多，而且收入成長率是 Genpact 整體收入的兩倍以上。

Approximately 70% of advanced technology solution revenue is annuitized and approximately 70% comes from non-FD commercial terms making it high quality, sticky and strategically aligned with our future direction.

大約 70% 的先進技術解決方案收入是年金化的，大約 70% 來自非 FD 商業條款，這使其具有高品質、高黏性且與我們的未來方向具有策略一致性。

And while we are sharing AI driven productivity gains with clients, incremental revenue is coming from expanded scope, increased volumes, and entirely new logos driving net revenue growth.

在我們與客戶分享人工智慧推動的生產力提升的同時，增量收入來自於擴大範圍、增加產量以及推動淨收入成長的全新標誌。

Second on clients. We are very proud of our enterprise and midmarket clients, many of whom shared firsthand that Investor Day how our advanced techno technology solutions are driving meaningful value. Today I want to share two additional stories with you that demonstrate how we are leveraging advanced technology solutions across both the enterprise and midmarket to build intelligent, agile operations for our clients.

其次是客戶。我們為我們的企業和中型市場客戶感到非常自豪，其中許多客戶在投資者日親自分享了我們的先進技術解決方案如何帶來有意義的價值。今天，我想與大家分享另外兩個故事，展示我們如何利用企業和中階市場的先進技術解決方案為客戶建立智慧、敏捷的營運。

The first is a leading global healthcare solutions company serving patients and providers for more than 125 years. As a strategic partner, Genpact has modernized the company's new product introduction and install-based functions to excel in the rapidly changing environment. We are now integrating Gen AI and Agentech AI into the company's product life cycle and reducing time to spend on routine engineering work through Gen AI-based documentation and leveraging agentic AI frameworks to proactively track and manage compliance across a rapidly evolving regulatory landscape.

第一家是一家全球領先的醫療保健解決方案公司，為患者和服務提供者服務超過 125 年。作為策略合作夥伴，Genpact 對公司的新產品介紹和基於安裝的功能進行了現代化改造，以在快速變化的環境中脫穎而出。我們現在將 Gen AI 和 Agentech AI 整合到公司的產品生命週期中，並透過基於 Gen AI 的文檔減少日常工程工作所花費的時間，並利用代理 AI 框架在快速發展的監管環境中主動追蹤和管理合規性。

Our AI powered solutions and industry domain expertise are enabling a more agile and innovative approach to launch new products and managing them in the aftermarket, resulting in faster time to market, enhanced compliance and sustained product quality around the world.

我們的人工智慧解決方案和行業領域專業知識使我們能夠以更靈活、更具創新性的方式推出新產品並在售後市場進行管理，從而加快產品上市時間、提高合規性並在全球範圍內保持產品品質。

The second example is a large property and casualty insurance broker in North America. We are partnering with this firm to modernize its operations using AI and other advanced technologies. Our partnership will transform their policy life cycle operation, leveraging intelligent automation, identic processes, and scalable operating models to drive greater efficiency, scalability, and enhanced experience for their retail partners and carriers. This work speaks to the strength of our leadership in the insurance sector and our focus on empowering high growth, mid-market clients with scalable, repeatable AI solutions.

第二個例子是北美一家大型財產和意外保險經紀公司。我們正在與這家公司合作，利用人工智慧和其他先進技術實現其營運的現代化。我們的合作將改變他們的政策生命週期運作，利用智慧自動化、相同流程和可擴展的營運模式，為他們的零售合作夥伴和營運商提高效率、可擴展性和增強體驗。這項工作證明了我們在保險領域的領導地位，以及我們致力於為高成長、中端市場客戶提供可擴展、可重複的人工智慧解決方案。

And finally, on Catalyst, we are further accelerating growth through investments in partnership and AI focused talent. Partnerships represent a significant growth opportunity for Genpact. Partner related revenues grew more than 70% year-over-year in quarter two, representing 10% of total revenue.

最後，在 Catalyst 上，我們透過對合作夥伴關係和人工智慧人才的投資進一步加速成長。合作關係對 Genpact 來說意味著重大的成長機會。第二季合作夥伴相關營收年增超過70%，佔總營收的10%。

We have achieved top tier partnership status with AWS, Salesforce, and ServiceNow. Our joint solution portfolio is also expanding, further differentiating Genpact and accelerating pipeline growth. Today we offer joint solutions for financial crimes with AWS Bedrock, order management with Salesforce, sourcing and procurement with ServiceNow, just to name a few.

我們已與 AWS、Salesforce 和 ServiceNow 建立了頂級合作夥伴關係。我們的聯合解決方案組合也在擴大，進一步使 Genpact 脫穎而出並加速了通路成長。今天，我們與 AWS Bedrock 共同提供金融犯罪解決方案，與 Salesforce 共同提供訂單管理解決方案，與 ServiceNow 共同提供採購解決方案，等等。

To further advance our capabilities, we are also collaborating with startups like Instabase for intelligent document processing, Zenity for responsible AI adoption, and so on and so forth. We also continue to make significant investments in AI talent, accelerating our pivot to advanced technology solutions with a focus on AI builders, experts who build AI solutions, and AI practitioners, domain experts trained to use AI in flow of work for client processes.

為了進一步提升我們的能力，我們也與 Instabase 等新創公司合作進行智慧文件處理，與 Zenity 合作進行負責任的人工智慧採用，等等。我們也持續對人工智慧人才進行大量投資，加速向先進技術解決方案的轉變，重點關注人工智慧建構者、建構人工智慧解決方案的專家以及人工智慧從業者、接受過在客戶流程中使用人工智慧培訓的領域專家。

Now turning to guidance. With better than expected results in quarter two, we are raising our full year outlook for revenue, adjusted operating income margin and EPS. Our expected revenue range is now 4% to 6% on as reported basis, up from 2% to 5% previously. We expect adjusted operating income margin of 17.4%, up from 17.3% previously, and we are raising our outlook for adjusted diluted EPS by $0.08 to $3.54 at the midpoint of the range.

現在轉向指導。由於第二季業績優於預期，我們上調了全年營收、調整後營業利益率和每股盈餘的預期。我們預期的收入範圍目前為報告基礎上的 4% 至 6%，高於先前的 2% 至 5%。我們預計調整後的營業利潤率為 17.4%，高於先前的 17.3%，並且我們將調整後的稀釋每股收益預期上調 0.08 美元，至區間中點的 3.54 美元。

In closing, we are incredibly excited about the future as we reshape Genpact to be an AI first company. Momentum is building as we leverage the advanced technology solutions to strengthen our last mile advantage and position Genpact as a clear partner of choice for AI-driven transformation.

最後，我們對未來感到無比興奮，因為我們將重塑 Genpact 成為一家人工智慧優先的公司。隨著我們利用先進的技術解決方案來增強我們的最後一哩優勢，並將 Genpact 定位為人工智慧驅動轉型的首選合作夥伴，勢頭正在增強。

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. Results of the second quarter exceeded our expectations with broadband strength across our businesses. Total revenue grew to $1.254 billion, up 7% from the prior year, driven by organic growth.

大家下午好，感謝大家的參與。第二季的業績超出了我們的預期，我們各業務的寬頻實力都很強。在有機成長的推動下，總營收成長至 12.54 億美元，比上年成長 7%。

Data tech and AI represented 48% of total revenue, or $599 million and grew at 10% from the prior year, driven by continued strength in data and AI. Digital operations revenue of $655 million was up 4% year-over- year, driven by strong execution and deal ramps. Digital operations accounted for 52% of total revenue.

數據技術和人工智慧佔總收入的 48%，即 5.99 億美元，比上年增長 10%，這得益於數據和人工智慧的持續強勁增長。數位營運收入為 6.55 億美元，年增 4%，這得益於強勁的執行力和交易量的增加。數位化營運佔總收入的52%。

At Investor Day, we introduced two additional revenue metrics to track our progress against our Genpact next strategy, advanced technology solutions and core business services. Advanced technology solutions revenue of $293 million was up 17% year-over-year, reflecting strength in data and AI. Core business services revenue of approximately $962 million was up 4%, primarily driven by digital operations. This quarter advanced technology solutions represented 23% of total revenue.

在投資者日，我們推出了兩個額外的收入指標來追蹤我們在 Genpact 下一個策略、先進技術解決方案和核心業務服務方面的進展。先進技術解決方案營收為 2.93 億美元，年增 17%，反映了數據和人工智慧的強勁表現。核心業務服務收入約 9.62 億美元，成長 4%，主要由數位化營運推動。本季先進技術解決方案佔總營收的23%。

We closed four large deals in the second quarter, including one that was pushed out in the first quarter. All the remaining large deals are pushed out remain active. As a reminder, large deals are $50 million or greater in total contract value. We also continue to expand our footprint both with enterprise and mid-market clients. Our pipeline remains strong and balanced across a mix of deal sizes with both advanced technology solutions pipeline up nearly 1.5 times year-over-year.

我們在第二季完成了四筆大交易，其中包括一筆在第一季被推遲的交易。所有剩餘的大額交易均推出，但仍保持活躍。提醒一下，大型交易的合約總價值為 5000 萬美元或以上。我們也將繼續擴大我們在企業和中型市場客戶的影響力。我們的管道在各種規模的交易中保持強勁和平衡，先進的技術解決方案管道同比增長近 1.5 倍。

Revenue grew across all segments led by high tech and manufacturing at 13%, followed by financial services at 6%, and consumer and healthcare at 1%. Non-FTU revenue, which now includes outcome, consumption, and fixed fee deals accounted for 46% of second quarter revenue in line with the period a year ago.

所有領域的收入均有所增長，其中高科技和製造業增長了 13%，其次是金融服務業增長了 6%，消費和醫療保健業增長了 1%。非 FTU 收入（現在包括結果、消費和固定費用交易）佔第二季收入的 46%，與去年同期持平。

Turning to profitability. We expand the gross margin by 50 basis points year-over-year, reaching 35.9%, driven by operating leverage. SG&A expenses were 21.2% of revenue. Adjusted operating income was $217 million and adjusted operating income margin expanded 40 basis points to 17.3%. Our effective tax rate for the second quarter was 24.9% in line with the prior year.

轉向盈利能力。在經營槓桿的推動下，我們的毛利率較去年同期擴大了 50 個基點，達到 35.9%。銷售、一般及行政費用佔收入的21.2%。調整後的營業收入為 2.17 億美元，調整後的營業收入利潤率擴大 40 個基點至 17.3%。我們第二季的有效稅率為 24.9%，與去年持平。

Net income for the quarter was $133 million and diluted EPS was $0.75. Adjusted diluted EPS was $0.88, up 11.4% year-over-year. Operating cash flow was $177 million down from $209 million in the prior year. Additionally, DSOs were 91 days.

本季淨利為1.33億美元，稀釋每股收益為0.75美元。調整後稀釋每股收益為0.88美元，較去年同期成長11.4%。營運現金流為 1.77 億美元，低於上年的 2.09 億美元。此外，DSO 為 91 天。

We ended the second quarter with $663 million in cash and cash equivalents, down from $914 million a year ago. As a reminder, 2Q 2024 included proceeds from a bond issuance which were used to repay a bond maturity later in the year. We've returned $60 million to shareholders in the second quarter through $30 million in share repurchases and $30 million in dividends.

截至第二季末，我們的現金和現金等價物為 6.63 億美元，低於去年同期的 9.14 億美元。提醒一下，2024 年第二季包括發行債券所得收益，這些收益用於償還當年稍後到期的債券。我們在第二季透過 3,000 萬美元的股票回購和 3,000 萬美元的股息向股東返還了 6,000 萬美元。

Turning to guidance, with our strong second quarter performance, we're increasing our guidance range. For the full year on an as reported basis, we now expect to deliver net revenue in the range of $4.958 million to $5.053 billion or 4% to 6% growth at the midpoint of 5%, Data tech and AI and digital operations revenue is expected to be approximately 7.4% to 2.9% respectively.

談到指導，由於我們第二季的強勁表現，我們正在擴大指導範圍。就報告的全年而言，我們現在預計淨收入將在 49.58 億美元至 50.53 億美元之間，或成長 4% 至 6%（中位數為 5%），數據技術和人工智慧以及數位營運收入預計分別約為 7.4% 至 2.9%。

Given that estimated range, our adjusted diluted EPS is now expected to be between $3.51 and $3.58 representing 8.1% growth year-over-year at the midpoint, again, projected to grow faster than revenue. To provide additional details on reaching our 5% midpoint of our full year revenue guide, we need to deliver $238 million of growth for the full year, of which roughly 70% has been delivered in the first half. That leaves 30% or $76 million to be delivered in the second half.

鑑於該估計範圍，我們目前預計調整後的稀釋每股收益將在 3.51 美元至 3.58 美元之間，相當於同比增長 8.1%，預計增長速度也將快於收入。為了提供有關達到全年收入指南 5% 中點的更多詳細信息，我們需要實現全年 2.38 億美元的增長，其中約 70% 已在上半年實現。剩下的 30% 即 7,600 萬美元將在下半年交付。

Moving on, our expectations for full year gross margin remain at 36%, a 50 basis point increase year-over-year. Expectations for adjusted operating income margin are now 17.4%, a 30 basis point increase from the prior year. Operating cash flow is expected to be approximately $610 million.

延續，我們對全年毛利率的預期仍為 36%，年增 50 個基點。調整後的營業收入利潤率預期目前為 17.4%，比前一年增加 30 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 maintaining the flexibility for strategic investments. As a reminder, the exponential acquisition, which closed in June is now included in our guide and is not expected to have a material impact in 2025 results.

在資本配置方面，我們持續致力於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。提醒一下，6 月完成的指數級收購現已納入我們的指南，預計不會對 2025 年的業績產生重大影響。

During the third quarter on an as reported basis, we expect to deliver net revenue between $1.258 billion and $1.27 billion or 3.9% to 4.9% growth, representing 4.4% of the midpoint. This translates into data tech and AI and digital operations revenue of approximately 6.7% and 2.3% respectively. We are now anticipating a margin of 36%, an adjusted operating income margin of 17.5%. We expect a diluted EPS of $0.89 to $0.90 for the third quarter. More details on constant currency growth rates can be found on our earnings press release and fact sheet posted to our investor relations website.

根據報告，我們預計第三季淨收入將在 12.58 億美元至 12.7 億美元之間，成長 3.9% 至 4.9%，佔中位數的 4.4%。這意味著數據技術和人工智慧以及數位營運收入分別約為 6.7% 和 2.3%。我們現在預期利潤率為 36%，調整後的營業收入利潤率為 17.5%。我們預計第三季稀釋每股收益為 0.89 美元至 0.90 美元。有關固定貨幣成長率的更多詳細信息，請參閱我們發佈在投資者關係網站上的收益新聞稿和情況說明書。

In closing, we're excited about the future, remaining committed to growing adjusted diluted EPS faster than revenue, expanding margins while self-funding investments for growth, and maintaining a strong track record of returning cash to shareholders.

最後，我們對未來充滿期待，將繼續致力於使調整後稀釋每股收益的增長速度快於收入的增長速度，在擴大利潤率的同時實現自我融資以實現增長，並保持向股東返還現金的良好記錄。

With that said, I'll turn the call over to Krista now.

話雖如此，我現在將電話轉給克里斯塔。

Great. Thank you, Mike. Operator, we're ready to go ahead and take questions. Thank you.

偉大的。謝謝你，麥克。接線員，我們準備好開始回答問題了。謝謝。

(Operator Instructions)

（操作員指示）

Bryan Bergin, TD Cowen.

布萊恩·伯金 (Bryan Bergin)，TD Cowen。

Hey guys, good afternoon. Thank you for taking questions here. I guess the first one I have is just relates to pace and conversion of the new bookings. You had noted the deal was signed ahead of the Investor Day. Just any further traction you've seen there as far as pipeline conversion goes and whether any prior tariff related delays are fine.

大家好，下午好。感謝您在這裡回答問題。我想我第一個問題只是與新預訂的速度和轉換有關。您注意到該協議是在投資者日之前簽署的。就管道轉換而言，您是否看到了任何進一步的進展，以及先前與關稅相關的延誤是否可以接受。

Maybe I'll start my feel free to add, thanks Bryan. Look, overall inflow and conversion and pipelines continue to be in a very healthy state. Bryan, really pleased with the execution and innovation and investments that we are doing to fuel innovation, specifically, on the deals that we spoke about in quarter one, as Mike said in his prepared remarks, we already closed one of them, and we closed many of the large deals or a few of the large deals in the second quarter. And both the large deal or overall pipeline continues to be in a pretty healthy state. Mike?

也許我會開始隨意添加，謝謝布萊恩。看起來，整體流入、轉換和管道繼續處於非常健康的狀態。布萊恩，對於我們為推動創新所做的執行、創新和投資感到非常滿意，特別是在我們在第一季度談到的交易中，正如邁克在他的準備好的發言中所說，我們已經完成了其中一項，並且我們在第二季度完成了許多大交易或幾項大交易。無論是大宗交易還是整體管道，都繼續處於相當健康的狀態。麥克風？

The only thing I'd like to add is that we closed one of those deals in the first quarter as BK talked about, and we had three other large deals in a different cohort that weren't delayed that that closed in the second quarter. We're still in active dialogue with those deals, and we expect them to come to fruition within the year.

我唯一想補充的是，正如 BK 所說的，我們在第一季完成了其中一筆交易，並且我們在另一個季度完成了另外三筆沒有延遲的大型交易。我們仍在積極商談這些交易，並預計它們將在年內取得成果。

Okay, good. Second question on Gen AI just anything the latest you can share about that net impact of Gen AI from from traditional contracting on your base business and if you got any incremental details on the range of outcomes that you may have across engagements.

好的，很好。第二個問題是關於人工智慧的，您能否分享一下人工智慧從傳統承包到您的基礎業務的淨影響的最新情況，以及您是否獲得了有關您在各項合作中可能獲得的結果範圍的任何增量詳細資訊。

Yeah, I think as Bryan, you may have noticed that during our Investor Day, we shared a little bit of a detailed illustration of how a lot of this Gen AI and gentech implementations are shaping up our franchise.

是的，我想，正如布萊恩所說，你可能已經注意到，在我們的投資者日期間，我們分享了一些詳細的說明，說明了許多 Gen AI 和 gentech 實施如何塑造我們的特許經營權。

And it pretty much stays in a similar range. And it was a demonstration of how AI is a clear tailwind, and we continue to see that progress reasonably well. And I think how if I look at the pipeline, be it from a data AI standpoint or Gen AI standpoint, the pipeline is actually as proportion from advanced technology solution continues to be actually at a very healthy stage and really thrilled as to how we are shaping the curve of the business, especially with our investments in this innovation.

並且它幾乎保持在相似的範圍內。這表明人工智慧是一個明顯的順風，而且我們將繼續看到這一進展相當順利。我認為，如果我看一下這個管道，無論是從數據人工智慧的角度還是從通用人工智慧的角度，這個管道實際上與先進技術解決方案的比例仍然處於非常健康的階段，並且我們對如何塑造業務曲線感到非常興奮，特別是我們對這項創新的投資。

Yeah, if I can just tap on to that, right? So when we think about it, we laid out, we gave an illustrative example that BK alluded to earlier that we had in our Investor Day. But the way to kind of think about it is, we are sharing the AI productivity gains with our clients, that's to be expected, but we are seeing incremental revenue coming from a number of sources, including expanded scope, increased volumes or both, as well as new logos. That on top of our ability to do it and enhance our margins makes it very creative for Genpact both top and bottom line.

是的，如果我可以點擊它，對嗎？因此，當我們思考這個問題時，我們制定了計劃，並給出了 BK 之前在投資者日提到的一個說明性例子。但這樣想的話，我們會與客戶分享人工智慧生產力的提升，這是意料之中的，但我們看到增量收入來自多個來源，包括擴大範圍、增加數量或兩者兼而有之，以及新標誌。除此之外，我們還能做到這一點並提高我們的利潤率，這使得 Genpact 的營收和利潤都非常有創意。

Okay, very good. Thank you.

好的，非常好。謝謝。

Thanks.

謝謝。

Surinder Thind, Jefferies.

蘇林德‧廷德（Surinder Thind），傑富瑞集團（Jefferies）。

Thank you. BK, can you maybe just talk about, a bit more about the advanced technology solutions, the pipeline there, maybe how quickly that converts and just kind of the length of the project so we have a better understanding of that segment reporting given it's one of the newer pieces of data that you're providing.

謝謝。BK，您能否再多談一下有關先進技術解決方案、管道、轉換速度以及專案的長度，以便我們更好地理解分部報告，因為它是您提供的較新的數據之一。

Yeah, thanks for the question. Look overall, it's a revenue desegregation, just specifically on advanced technology solution. As you, as I, just to find that the pipeline is actually growing at a much healthier pace overall and in across various components of advanced technology solution, conversion is tad faster.

是的，謝謝你的提問。整體來看，這是一種收入分離，具體來說是針對先進的技術解決方案。正如您和我一樣，發現管道實際上總體上正在以更健康的速度增長，並且在先進技術解決方案的各個組件中，轉換速度也更快。

And as I mentioned, including at the Investor Day or in my prepared remarks today, it is greater than 2x revenue by headcount. And is growing certainly north of 2x of the overall company average and on your specific question on the length of the contract, 70% of all of advanced technology solutions approximately is amortized and also non-FD.

正如我所提到的，包括在投資者日或我今天的準備好的發言中，按員工人數計算，這是收入的兩倍多。並且肯定是整個公司平均水平的 2 倍以上，關於您關於合約期限的具體問題，大約 70% 的先進技術解決方案是攤銷的，也是非 FD。

Got it. That's helpful. And then just kind of following up, when I think about the growth rates from a segment perspective, it looks like you had nice growth across each of the verticals. Any additional color that you can provide there, obviously it seems like we've seen a pick up in professional services, just in color and how we should think about the demand environment there are at the same level.

知道了。這很有幫助。然後，當我從細分市場的角度考慮成長率時，看起來你們在每個垂直領域都取得了良好的成長。您可以提供任何額外的顏色，顯然我們已經看到專業服務的回升，僅在顏色方面以及我們應該如何考慮需求環境處於同一水平。

Look, overall, again very pleased with the execution and the total growth being 7% year-over-year on pretty decent coms. High tech and manufacturing, and it is high tech and manufacturing, we don't split it out grew 13% as Mike mentioned in his prepared remarks. Our financial services 6%. And yes, consumer healthcare was 1%, some concentration of macro sensitive customers specifically.

整體而言，我們對執行情況非常滿意，整體成長率年增 7%，業績相當不錯。高科技和製造業，它是高科技和製造業，我們不會將其分開，正如麥克在他的準備好的發言中提到的那樣，增長了 13%。我們的金融服務6%。是的，消費者醫療保健佔 1%，具體來說是一些宏觀敏感客戶的集中。

If I look at the pipeline across cohorts, be it cohorts of the deal or cohorts of vertical cohort of geos, continues to be in a pretty strong and pretty healthy stage and really pleased with the strong execution that the team is demonstrating along with the clients.

如果我看一下各個群組的管道，無論是交易群組還是地理垂直群組的群組，都繼續處於相當強勁和相當健康的階段，並且對團隊與客戶一起展示的強大執行力感到非常滿意。

Yeah, Surinder, the only thing I'd like to add to that is that, we delivered 7% growth for the quarter, right? And then we are seeing, we're beginning to see the benefits of the strategic investments we've made that we've self funded in the business that's really reflecting in, really our revenue desegregations, particularly that we're quite pleased with the 17% in advanced technology solutions, which PK talked about in the previous question, 70% (inaudible) is saying we're really proud of.

是的，Surinder，我唯一想補充的是，我們本季實現了 7% 的成長，對嗎？然後我們看到，我們開始看到我們在業務中自籌資金進行的戰略投資帶來的好處，這確實反映在我們的收入分類中，特別是我們對先進技術解決方案的 17% 感到非常滿意，PK 在上一個問題中談到了這一點，70%（聽不清楚）的人表示我們真的為此感到自豪。

Thank you.

謝謝。

Jacob Haggerty, Baird.

雅各·哈格蒂，貝爾德。

Yeah, hey guys, and congrats on a good quarter. I just had a question quick on sequential trends. So at the midpoint of your Q3 guide, it implies below sequential trends, which would then mean that Q4 would have to be sort of above what's normal for you to hit the top end of your guide. Is that something that's possible if you hit the midpoint, or are you guys going to have to kind of lower the top end there? What are your thoughts on that?

是的，嘿夥計們，恭喜你們取得了一個好的季度業績。我只是想快速詢問一下連續趨勢。因此，在第三季指南的中點，它意味著低於連續趨勢，這意味著第四季必須高於正常水平才能達到指南的最高點。如果達到中間點，這可能嗎？還是你們必須降低頂端？您對此有何看法？

Yeah, hi, it's Mike. So again, we feel really good about our guide in terms of the range. Again, the way I'd like you to think about it, so at 5%, which is the midpoint of it, right? First of all, we haven't changed our approach on how we guide, right? Nothing really changed on a sequential basis. So again, using just simple math, at 5% growth in the midpoint, right, we need to deliver about $238 million for the year as I talked about.

是的，你好，我是麥克。因此，就範圍而言，我們對我們的指南感到非常滿意。再說一次，我希望你能這樣想，5% 就是它的中間點，對嗎？首先，我們的指導方式沒有改變，對嗎？從連續性來看，一切其實都沒有改變。因此，再說一次，只需使用簡單的數學計算，中間點增長率為 5%，那麼，正如我所說的，我們需要在今年交付約 2.38 億美元。

70% of that has already been behind us. So if you then can extrapolate that, the other 30% is about $76 million. And again, we feel good about being able to achieve that certainly at the midpoint of the range, and we'll ultimately see about execution and client and client involvement that potentially could push us above that number.

其中 70% 已經過去了。因此，如果你可以推斷，剩下的 30% 約為 7600 萬美元。再次，我們很高興能夠在範圍的中間點實現這一目標，我們最終將看到執行情況以及客戶和客戶的參與可能會使我們超越這一數字。

Yeah, and we continue to be prudent about how we guide and how we deliver.

是的，我們將繼續謹慎地指導和交付。

Got you. And then just a quick follow up. So appreciate the disclosures on advanced tech solutions and core business services. Just looking back at 2024, that really advanced tech solutions started to really accelerate in Q3, and since then core business services has been decelerating. Is that a trend that you expect to continue? I know we start to hit tougher comps in the back half for advanced tech solutions, like how are you viewing the interaction between those two growth rates?

明白了。然後只是快速跟進。因此，我們非常重視先進技術解決方案和核心業務服務的揭露。回顧 2024 年，真正先進的技術解決方案在第三季開始真正加速，而從那時起核心業務服務一直在減速。您預計這種趨勢會持續下去嗎？我知道我們在下半年開始面臨更嚴峻的先進技術解決方案競爭，您如何看待這兩個成長率之間的相互作用？

Yeah, so I'll kick this off, BK and then maybe we'll hand it over to you with some additional high-level comments about it. So if we harken back to our Investor Day, we had about six weeks ago, right? We gave out our targets for the midpoint, but the way to kind of think about it, we're thinking about our ATS business growing at least 15%, right, and our core business is growing at 4% to 5%. And some of that is really driven by the rotation out of core business services as we pivot into advanced technology solutions.

是的，BK，我先開始這個主題，然後我們可能會把它交給你，並附上一些額外的高層評論。因此，如果我們回顧一下大約六週前的投資者日，對嗎？我們給出了中期目標，但思考的方式是，我們認為我們的 ATS 業務至少成長 15%，對，我們的核心業務成長 4% 到 5%。其中部分原因其實是我們轉向先進技術解決方案時核心業務服務的輪調所致。

And again, you're correct to assume, it's correct to point out the acceleration we had late last year and throughout this year in advanced technology solutions, and that really pinpoints back to the investments we've made in that revenue category, and we're looking at hyper charging that on a go forward basis and that's really what's reflected in our guide for this year and for our medium term guide.

再說一次，你的假設是正確的，指出我們在去年年底和今年全年在先進技術解決方案方面的加速發展也是正確的，這確實表明了我們在該收入類別中所做的投資，我們正在考慮在未來大幅增加這方面的投資，這也確實反映在我們今年的指南和中期指南中。

And there'll be some variability in coms and numbers that might come through and I won't overread into that, but fundamentally really pleased with all of our investments that we are making in advanced technology solution how it's ramping up, but I will also send the argument a little bit on total revenue growth that we continue to deliver at amongst the top end profile of in our sector.

通訊和數位可能會有一些變化，我不會過度解讀這一點，但從根本上來說，我們對我們在先進技術解決方案方面的所有投資感到非常滿意，而且這些投資正在不斷增加，但我也會就我們繼續在我們行業中處於領先地位的總收入增長發表一些看法。

Got you. Thanks, guys.

明白了。謝謝大家。

Sean Kennedy, Mizuho.

肖恩‧甘迺迪 (Sean Kennedy)，瑞穗。

Hi, nice results and thanks for taking my question. So, how should we think about the net new versus existing accounts mix for Agenic solutions currently and how can that mix change over time?

你好，結果很好，謝謝你回答我的問題。那麼，我們目前應該如何看待 Agenic 解決方案的淨新帳戶與現有帳戶組合，以及這種組合會如何隨時間而變化？

Look, I think, point number one, Sean, I would say really pleased with the book of business and the clients that we have, be it in enterprise or mid-market, and we are continuing to take these innovative solutions to all of these clients, and all of these clients are adopting a different pace depending upon where they are in their journeys.

肖恩，我認為，第一點，我對我們的業務和客戶感到非常滿意，無論是在企業還是中型市場，我們都在繼續為所有這些客戶提供這些創新解決方案，所有這些客戶都根據他們在旅程中所處的位置採用不同的步伐。

And what we are seeing is clearly all of these solutions taken up by new logos as well are a little bit more actively so really pleased as to how be the agentech or data Gen AI solutions are in our pipeline fueled by both existing clients as well as newer ones.

我們看到的是，所有這些解決方案都被新公司採用，而且它們也更加積極，因此我們真的很高興看到 agentech 或 data Gen AI 解決方案在我們的管道中得到現有客戶和新客戶的推動。

Great, thank you. And then also, could you share like how client conversations progressed in the last few months, from early April and tariffs through today, was it a brief pause followed by a quick re-engagement or clients still generally more cautious?

太好了，謝謝。另外，您能否分享一下過去幾個月從 4 月初的關稅到今天的客戶對話進展情況，是短暫的停頓然後又迅速重新參與，還是客戶總體上仍然比較謹慎？

So overall, look, client conversations continue to be more centered around data and AI and how all of this can actually generate ROI for all of the investments they are making. We all talk about technical debt and, some of my conversation is always about the process debt, and the frame that I always say that there ain't any benefit of artificial intelligence if there is not process intelligence behind it, and I think a lot of that differentiation is coming to life.

因此，總體而言，客戶的對話繼續更多地圍繞著數據和人工智慧，以及所有這些如何為他們所做的所有投資產生投資回報。我們都談論技術債，我的談話總是關於流程債務，我總是說，如果沒有流程智慧的支持，人工智慧就沒有任何好處，我認為很多這種差異正在變得生動起來。

Yeah, thanks. (inaudible) So a lot of our conversations remain really healthy for us. That's something we're super proud of and that's reflected in our guide. The macro remains somewhat muted, right? It has clarified a little from the paralysis that we've seen in the early part of the year we've remained, somewhat cautious and prudent with how we think about it on a perspective basis, but, our guide really is how to think about it from reflecting it, particularly that in advanced technology solutions, as we're seeing enhanced demand for that.

是的，謝謝。（聽不清楚）所以我們的許多對話對我們來說仍然非常健康。這是我們非常自豪的事情，並且在我們的指南中有所體現。宏觀還是有些沉默，對嗎？從今年年初我們看到的癱瘓狀態中，我們稍微清楚了一點，我們仍然保持謹慎和審慎的態度，從長遠角度來思考這個問題，但是，我們的指導實際上是如何從反映它的角度來思考它，特別是在先進的技術解決方案中，因為我們看到對此的需求不斷增強。

Great, thank you. Appreciate all the color. Congrats again.

太好了，謝謝。欣賞所有的色彩。再次恭喜。

Thank you.

謝謝。

Puneet Jain, JPMorgan Chase.

摩根大通的 Puneet Jain。

Hey, thanks for taking my question, and good quarter guys. My question is around like AI, like, are there any processes or, vertical regions where AI adoption is higher than others? And do clients typically go with their existing vendors when they're trying to bring AI in their business processes or are they okay like looking at new vendors like a vendor who can bring more AI solutions than their current providers can.

嘿，謝謝你回答我的問題，大家好。我的問題是關於人工智慧的，例如，是否存在某些流程或垂直領域對人工智慧的採用率高於其他領域？當客戶嘗試將人工智慧引入其業務流程時，他們通常會選擇現有的供應商嗎？或者他們是否願意尋找新的供應商，例如能夠比現有供應商提供更多人工智慧解決方案的供應商。

Yeah, thanks, Puneet. Overall, I would say, maybe I'll address your second question first. What we see, as I was mentioning earlier, a very strong demand from all of our existing clients, as well as new clients, and I think the last mile expertise beat off end to end process ownership, deep domain or operational data operating at scale is shining through, especially when we are investing in technology at that last mile and shining the differentiation further.

是的，謝謝，Puneet。總的來說，我想說，也許我會先回答你的第二個問題。正如我之前提到的，我們看到所有現有客戶以及新客戶的需求都非常強烈，我認為最後一英里的專業知識勝過端到端流程所有權、深度領域或大規模運營的運營數據，特別是當我們在最後一英里投資技術並進一步突出差異化時。

And, clearly we see an uptick there and that's what you see in our advanced technology solutions results and I think even as you progress within this quarter. And then our investments in partnerships is further accelerating that. More on your question one, I think, look, I would say it is across sectors, clearly financial services by, how they experiment at a much faster pace, but we are seeing even manufacturing, high tech or even consumer companies, really not behind. Maybe from a geography standpoint, US is continues to lead more. Australia is ahead to so is Europe. I think it's more broad-based, I would say.

而且，我們明顯看到了上升趨勢，這就是您在我們的先進技術解決方案結果中看到的，我認為即使您在本季度取得進展。我們對合作關係的投資將進一步加速這一進程。關於你的第一個問題，我想說，跨產業的情況很明顯，金融服務業的試驗速度要快得多，但我們看到，即使是製造業、高科技甚至消費品公司，也沒有落後。也許從地理角度來看，美國繼續保持領先地位。澳洲領先，歐洲也同樣領先。我想說，我認為它的基礎更為廣泛。

Got it. No, thanks for that. And can you also comment on pricing environment, whether AI is accelerating some of the pricing pressure, or if you are seeing any instances of any of your competitors pursuing deals and being irrational in pricing at all.

知道了。不，謝謝你。您能否評論一下定價環境，人工智慧是否正在加速一些定價壓力，或者您是否看到任何競爭對手在追求交易並且在定價上不合理的例子。

So I won't say, Mike. You look at pricing also far more closely. I don't see any irrational pricing behavior at all, Puneet, and clients are actually getting more focused on value, not just also cost, and clearly we are shifting the needle on non-FT models as well, and we spoke about advanced technology solution nearly 70% non-FT and more consumption-based structures or. So I think I, we don't see any rational pricing behavior. Mike?

所以我不會說，麥克。您也會更仔細地考慮定價。我根本沒有看到任何不合理的定價行為，Puneet，客戶實際上越來越關注價值，而不僅僅是成本，顯然我們也在轉變非 FT 模式，我們談到了先進的技術解決方案，其中近 70% 是非 FT 和更多基於消費的結構。所以我認為，我們沒有看到任何理性的定價行為。麥克風？

No, we don't see any rational pricing behavior. The one thing that I would continue to point out that you just alluded to is the delivery from FTE legacy models is now shifting at a faster pace to non-FTE or outcome-based models or, any flavor of that pricing, which I think is really healthy for us and also healthy for the industry as all.

不，我們沒有看到任何理性的定價行為。我想繼續指出的一點是，您剛才提到的 FTE 傳統模式的交付現在正以更快的速度轉向非 FTE 或基於結果的模式，或者任何類似的定價方式，我認為這對我們來說真的很健康，對整個行業來說也是健康的。

Okay. Thank you.

好的。謝謝。

(Operator Instructions)

（操作員指示）

Bradley Clark, BMO Capital Markets.

布拉德利克拉克 (Bradley Clark)，BMO 資本市場。

Hi, thanks for taking my question. I want to ask about the midterm target of 7% growth and sort of how it relates to the year 2026 given, your guide for the second half does imply some further deceleration and I want to understand about, what, yeah you guys are seeing on the pipeline or in the large deal booking that you closed in the quarter that help give you confidence in that acceleration from sort of where the second half is laid out here to that 7% growth target that you laid out in (inaudible) What could help go back to to get the numbers back up. Thank you.

你好，謝謝你回答我的問題。我想問一下 7% 增長的中期目標，以及它與 2026 年的關係，鑑於您對下半年的指導確實暗示了進一步的減速，我想了解一下，是的，你們在本季度完成的管道或大額交易訂單中看到了什麼，這有助於讓你們對下半年的加速發展充滿信心，從這裡列出的下半年到你們在幫助下半年的目標，回來謝謝。

Yeah, so again in our best, we highlighted at least 7% growth for the midterm, which is '26 and '27, right? We continue to build momentum in our business. The pipeline remains very healthy in conversion rates that BK alluded to. We'll provide some bookings information at the end of the year, but if you're really double clicking on what will the impact be of potentially these this cohort of delayed large deals really has no effect on our view either for this year or for next year. We continue to execute extremely well in the existing deals that we have, as well as where our pipeline lies.

是的，我們再次強調，中期選舉（也就是 26 年和 27 年）的成長率至少為 7%，對嗎？我們的業務持續保持強勁成長勢頭。正如 BK 所提到的，通路的轉換率仍然非常健康。我們將在年底提供一些預訂信息，但如果你真的仔細想想這些延遲的大額交易可能產生什麼影響，這對我們對今年或明年的看法實際上沒有影響。我們繼續出色地執行現有的交易以及我們的管道。

Yeah, maybe two comments through add. We stay, continue to stay prudent about our guide and don't want numbers to run ahead of us, and we remain confident of our medium term targets that we laid out at Investor Day. And if you look at last 10 number of quarters, we continue to perform at the top end of our services sector.

是的，也許可以透過添加兩則評論。我們將繼續對我們的指導保持謹慎，不希望數字領先於我們，我們仍然對我們在投資者日制定的中期目標充滿信心。如果你回顧過去 10 個季度，你會發現我們的表現在服務業中仍然處於領先地位。

That's so (inaudible) . Appreciate the color.

就是這樣（聽不清楚）。欣賞色彩。

Margaret Nolan, William Blair.

瑪格麗特諾蘭、威廉布萊爾。

Hi, this is Maggie Nolan with William Blair. Thanks for taking my question. I wanted to see your thoughts on, as we continue to see how these trends of AI develop, whether or not you're seeing a little bit of a convergence between what would have traditionally been considered IT services and what have traditionally would have been considered BPO.

大家好，我是 William Blair 的 Maggie Nolan。感謝您回答我的問題。我想聽聽您的看法，隨著我們繼續觀察人工智慧趨勢的發展，您是否看到傳統上被視為 IT 服務和傳統上被視為 BPO 的服務之間存在一些融合。

Just given that AI is more comprehensive, there seems to be an appetite for larger, more comprehensive deal sizes that touch data and processing all these different areas. Is that something that resonates with you as you think about, a multi-year vision for the company and how is Genpact responding to that?

鑑於人工智慧更加全面，人們似乎對涉及數據和處理所有這些不同領域的更大、更全面的交易規模有需求。當您考慮公司的多年願景時，這是否引起了您的共鳴？ Genpact 對此有何反應？

Thanks, Maggie. Look, I think I'll first speak to our strategy, Maggie, and strategy of known as last mile experts, be it from a process domain, contextual data, operational data, and operations at scale, and applying investments in technology on this differentiation that has been called to us.

謝謝，瑪吉。聽著，我想我首先要談談我們的策略，瑪吉，以及所謂的最後一哩專家的策略，無論是從流程領域、上下文數據、營運數據還是大規模運營，以及如何將技術投資應用於我們所要求的這種差異化。

And I think that is begun to shine more and more and like I typically say, 2x, 2x, 7,070, I think it's getting shown in nearly now a quarter of our revenue, growing at 2x, the rate of the company and the 70% advertized and 70% non-FT models and 2x the revenue by headcount.

我認為這一點開始越來越引人注目，就像我通常說的，2 倍、2 倍、7,070，我認為它現在幾乎占我們收入的四分之一，公司增長率為 2 倍，70% 為廣告，70% 為非 FT 模式，員工人數收入為 2 倍。

Look, I think we do believe that, for clients, clients don't think about BPOIT, clients are looking for who is providing them value, who is underwriting the value, and I think that's where the industry domain running operations at last scale, knowing the last mile, I think has begun to shine more. I don't know if that answers your question.

看，我認為我們確實相信，對於客戶來說，客戶不會考慮 BPOIT，客戶正在尋找誰為他們提供價值，誰在承保價值，我認為這就是行業領域在最後一個規模上運行運營的地方，了解最後一英里，我認為這已經開始更加閃耀。我不知道這是否回答了你的問題。

Yes, that's helpful. Thank you.

是的，這很有幫助。謝謝。

And then also on kind of a multi-year timeline, obviously you've talked about this a little bit in the past, but can you elaborate on the ability to drive revenue, and kind of decouple that to some degree from headcount, and then what type of investments are most important for the headcount that does remain if you perhaps invest a little bit less in headcount to drive the same amount of revenue. Thank you.

然後，同樣在多年的時間表上，顯然您過去已經談過這一點，但您能否詳細說明推動收入的能力，並將其在某種程度上與員工人數脫鉤，然後什麼類型的投資對於保留的員工人數最重要，如果您在員工人數上的投資可能稍微減少一點，但可以帶來相同的收入。謝謝。

Sure. So maybe two parts, two part answer as I think about what you asked. Look, I think first thing all this transformation is not happening overnight. It is a multi-year transition and transformation. We are wanting to take all these solutions to our clients, and we've got to meet where our clients are and kind of also while, we accelerate their pace, but we also need to kind of walk with them and kind of set up the data pipeline, set up the infrastructure, and I think we are in that early phase.

當然。所以當我思考你所問的問題時，答案可能是兩個部分。聽著，我認為首先所有這些轉變都不是一夜之間發生的。這是一個多年的過渡和轉變。我們希望將所有這些解決方案帶給我們的客戶，我們必須滿足客戶的需要，同時，我們加快他們的步伐，但我們也需要與他們同行，建立數據管道，建立基礎設施，我認為我們正處於早期階段。

And now I think, so multi-year, as we have said, I think we gave certainly medium term targets of at least 7 and as we think from a workforce standpoint, Maggie, we said that there are only as we progress, there will be only two cohorts of people in Genpact, AI builders or AI practitioners. We set up some near term targets as well. We shared at the Investor Day and really pleased as to how the talent make and how our talent is really adopting all of these new technologies and new techniques at scale.

現在我認為，正如我們所說的那樣，多年期目標，我認為我們給出了至少 7 個中期目標，正如我們從勞動力的角度所想，瑪吉，我們說，只有隨著我們的進步，Genpact 中才會只有兩類人，人工智能建設者或人工智能從業者。我們也設定了一些近期目標。我們在投資者日分享了我們對人才的貢獻以及我們的人才如何真正大規模採用所有這些新技術和新技巧的感受，並感到非常高興。

And I mentioned about our culture as well, and one attribute of the culture is learning attribute that has always been Genpact, and that is really again, taking shape in a more fundamental way now.

我也提到了我們的文化，文化的一個屬性就是學習屬性，這一直是 Genpact 的屬性，現在它又以更根本的方式形成了。

Thank you very much.

非常感謝。

Thanks, Maggie.

謝謝，瑪吉。

Thank you, and there are no more questions in the queue. I would like to turn the call back over to management for any closing remarks. Please proceed.

謝謝，現在沒有其他問題了。我想將電話轉回給管理階層，請他們做最後的總結發言。請繼續。

Thank you, Lisa. Look, I want to thank you all for joining us today and my heartfelt thanks to our incredible employees for all of their hard work. We are very excited about the future of Genpact. As we look ahead, we will continue to leverage advanced technology solutions to strengthen our last mile advantage and positions in fact as a partner of choice for AI-driven transformation.

謝謝你，麗莎。聽著，我要感謝大家今天的到來，並衷心感謝我們優秀的員工所做的所有努力。我們對 Genpact 的未來充滿期待。展望未來，我們將繼續利用先進的技術解決方案來增強我們的最後一哩優勢，並成為人工智慧驅動轉型的首選合作夥伴。

I also want to take this opportunity to thank all of our clients for choosing Genpact and all the shareholders for ongoing support. We look forward to speaking with you again next quarter. Thank you.

我也想藉此機會感謝所有客戶選擇 Genpact 以及所有股東的持續支持。我們期待下個季度再次與您交談。謝謝。

Thank you for joining today's conference call. This does conclude today's meeting. You may all disconnect.

感謝您參加今天的電話會議。今天的會議到此結束。你們都可以斷開連線。