簡柏特 (G) 2025 Q3 法說會逐字稿

Ladies and gentlemen, welcome to the 2025 third quarter Genpact Limited earnings conference call. My name is Lisa and I will be your conference moderator for today.

女士們、先生們，歡迎參加 Genpact Limited 2025 年第三季業績電話會議。我叫麗莎，今天我將擔任本次會議的主持人。

At this time, all participants are in listen-only mode. We will conduct a question-and-answer session toward the end of this conference call. 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.

目前，所有參與者均處於只聽模式。我們將在本次電話會議的最後進行問答環節。再次提醒，本次通話將會被錄音，以便回放。本次電話會議的錄音將存檔，並發佈在 Genpact 網站的投資者關係板塊。

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

現在我將把電話交給 Genpact 投資者關係主管 Krista Bessinger。請繼續。

Thank you, Lisa. Good afternoon, everyone, and welcome to Genpact's Q3 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，麗莎。各位下午好，歡迎參加 Genpact 2025 年第三季財報電話會議。希望您有機會閱讀我們發佈在公司網站 genpact.com 投資者關係欄位中的獲利新聞稿。

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屋建瓴的概述，然後 Mike 將更詳細地介紹我們的財務業績，之後我們將回答大家的問題。

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, 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，我們將發表一些前瞻性聲明，包括關於我們業務前景、策略和長期目標的聲明。這些評論是基於我們截至目前為止的計劃、預測和預期，但隨著時間的推移，這些計劃、預測和預期可能會發生變化。實際結果可能因許多重要風險和不確定性而與預期有重大差異，包括我們在向美國證券交易委員會提交的 10-K 和 10-Q 文件中列出的風險因素。

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，我們也將討論一些非GAAP財務指標。我們在獲利新聞稿中已將這些指標與最直接可比較的 GAAP 財務指標進行了核對。這些非GAAP指標並非旨在取代我們的GAAP績效。最後，本次電話會議將在我們的投資者關係網站上進行全程網路直播，音訊回放和文字稿將在幾個小時後發佈在我們的網站上。

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

接下來，我想把麥克風交給BK。

Thank you, Krista. Hello, everyone, and thank you for joining us today. Q3 was another strong quarter for Genpact, with revenue up 7% year over year, reaching $1.291 billion, exceeding the high end of our guidance range by $21 million.

謝謝你，克麗斯塔。大家好，感謝各位今天收看我們的節目。Genpact 第三季業績表現強勁，營收年增 7%，達到 12.91 億美元，比我們預期範圍的上限高出 2,100 萬美元。

Growth in Advanced Technology Solutions continues to accelerate, with revenue up 20% year over year. This is our fifth consecutive quarter of accelerating growth, reflecting strong momentum as we successfully execute on GenpactNext.

先進技術解決方案業務持續加速成長，營收年增 20%。這是我們連續第五個季度實現加速成長，反映出我們在成功實施 GenpactNext 專案後所取得的強勁勢頭。

Gross margin of 36.4% and adjusted operating income margin of 17.7% also exceeded expectations, as we continue to drive healthy margin expansion, while making significant investments for long-term growth.

毛利率為 36.4%，調整後營業利益率為 17.7%，皆超出預期，我們持續推動利潤率健康成長，同時為長期成長進行重大投資。

And adjusted diluted EPS continues to grow significantly faster than revenue, up 14% year over year, reaching $0.97, $0.07 above the high end of our guidance range. We continue to strengthen our foundation with GenpactNext.

經調整後的稀釋每股盈餘繼續以遠高於收入的速度成長，年增 14%，達到 0.97 美元，比我們預期範圍的上限高出 0.07 美元。我們將繼續透過 GenpactNext 來鞏固我們的基礎。

Growth in Advanced Technology Solutions is accelerating with Advanced Technology Solutions now driving more than half our revenue growth. Revenue per headcount is also increasing, particularly in Advanced Technology Solutions, driving total revenue per headcount higher. And incremental revenue is coming in at much higher gross margin in 2025. We expect all of these trends to continue longer term.

先進技術解決方案業務成長加速，目前已貢獻我們一半以上的營收成長。人均收入也在成長，尤其是在先進技術解決方案領域，從而推動了人均總收入的成長。到 2025 年，新增收入的毛利率將大幅提高。我們預計所有這些趨勢都將在長期內持續下去。

GenpactNext is designed to establish Genpact as a global leader in Advanced Technology Solutions, building on strength of our core business services with accelerating revenue growth and expanding margins. Its growth model has three key elements, capabilities, clients, and catalysts. We are executing well across each.

GenpactNext 旨在將 Genpact 打造成先進技術解決方案領域的全球領導者，以我們核心業務服務的優勢為基礎，加速收入成長並擴大利潤率。其成長模式包含三個關鍵要素：能力、客戶和催化劑。我們在各方面都執行得很好。

Let me walk you through the highlights. First, our capabilities which include Advanced Technology Solutions and core business services. We hosted our second annual AI Day in September with nearly 200 clients and partners in attendance. Our message was clear. Genpact is defining the future of agentic operations. We believe that companies pivoting to agentic operations will redefine their industry, gaining market share and operating leverage by a factor, not a few points.

讓我帶你回顧一下重點內容。首先，我們的能力包括先進技術解決方案和核心業務服務。我們於 9 月舉辦了第二屆年度人工智慧日活動，近 200 位客戶和合作夥伴出席了活動。我們的訊息很明確。Genpact正在定義智能體營運的未來。我們相信，轉向代理運營的公司將重新定義其所在行業，獲得市場份額和營運槓桿，而且提升幅度不會很小。

To support this vision of the future, we announced three major products at AI Day. The first is AI Maestro, a software platform for AI practitioners that enables faster adoption of AI into last mile business processes, driving measurable near term ROI.

為了支持這個未來願景，我們在人工智慧日上發布了三款主要產品。第一個是 AI Maestro，這是一個針對 AI 從業者的軟體平台，能夠更快地將 AI 應用於最後一公里業務流程，從而帶來可衡量的近期投資回報率。

We also announced two new agentic suites, the Genpact Insurance Policy Suite, for commercial and specialty insurance designed to increase touchless clearance and deliver faster handling times; and the Genpact Record-to-Report Suite, which increases predictability and reduces enterprise risk in month and quarter and close processes. These announcements highlight the accelerating pace of innovation at Genpact and put us in an excellent position to gain further market share and momentum.

我們也發布了兩款新的代理商套件：Genpact 保險政策套件，適用於商業和特殊保險，旨在提高非接觸式清算效率並加快處理速度；以及 Genpact 記錄到報告套件，可提高月度、季度和結算流程的可預測性並降低企業風險。這些公告凸顯了 Genpact 創新步伐的加快，並使我們處於有利地位，能夠進一步獲得市場份額和發展勢頭。

Our focus on delivering innovative results is also driving strength in data and AI more broadly. The AI Gigafactory is now supporting approximately 100 clients up more than 2x quarter over quarter, with a robust set of accelerators developed through G Solution.ai. We also now have more than 330 GenAI Solution in market, either deployed or going live up more than 1.5x from the year ago period. These are full solutions deployed in live production environment, driving measurable business results for clients.

我們專注於提供創新成果，這也在更廣泛的範圍內增強了我們在數據和人工智慧領域的能力。AI Gigafactory 目前為約 100 家客戶提供支持，環比增長超過兩倍，這得益於 G Solution.ai 開發的一系列強大的加速器。此外，我們目前已有超過 330 個 GenAI 解決方案投入市場，包括部署和即將上線的方案，較去年同期成長超過 1.5 倍。這些都是已部署在實際生產環境中的完整解決方案，可為客戶帶來可衡量的業務成果。

In terms of agentic adoption, our solutions for agentic operations are growing at an exponential rate, faster than any solutions in Genpact history with a strong product roadmap ahead. While it's still early days, agentic contract value is growing rapidly as well. Volumes are significantly higher than we spoke at our Investor Day in June, with a healthy mix of contracts coming in from new and existing clients. Year to date, more than 30% of our awarded agentic contract value is coming in from new clients.

就智慧體應用而言，我們的智慧體操作解決方案正以指數級速度成長，比 Genpact 歷史上任何解決方案都快，並且未來還有強大的產品路線圖。雖然目前還處於早期階段，但經紀人合約的價值也在快速增長。交易量比我們在 6 月投資者日上所說的要高得多，新舊客戶都簽訂了健康的合約。今年迄今為止，我們獲得的代理合約金額中超過 30% 來自新客戶。

For existing clients, both net revenue growth and gross margin expansion continue to trend in a positive direction relative to the staff we shared with you in June. In core business services, revenue grew 3% year over year with strength in digital operations and technology services, providing a solid foundation for future growth.

對於現有客戶而言，與我們在 6 月與您分享的人員情況相比，淨收入成長和毛利率擴張均繼續朝著正面的方向發展。在核心業務服務方面，營收年增 3%，這得益於數位化營運和技術服務的優勢，為未來的成長奠定了堅實的基礎。

Looking ahead, we see an opportunity to sharpen our go-to-market focus in decision support services to drive stronger execution and greater market share over time. We continue to invest in all three capabilities in core business services to serve clients who are working towards AI readiness, but who are not ready to launch agentic operations today.

展望未來，我們看到了一個機會，即透過加強在決策支援服務領域的市場拓展，來推動更強有力的執行，並隨著時間的推移獲得更大的市場份額。我們將繼續投資於核心業務服務的這三項能力，以服務那些正在努力實現人工智慧就緒，但目前尚未準備好啟動代理操作的客戶。

Taking a step back, Advanced Technology Solutions and core business services continue to amplify each other. Let me give you a couple of examples to illustrate. At AI Day, we were honored to have a number of large clients join us to share real world examples of how Genpact's data and AI knowledge and last mile expertise are driving real business outcomes.

從更宏觀的角度來看，先進技術解決方案和核心業務服務持續相互促進、相輔相成。我舉幾個例子來說明一下。在人工智慧日活動上，我們很榮幸邀請到許多大型客戶與我們分享 Genpact 的數據和人工智慧知識以及最後一公里專業知識如何推動實際業務成果的真實案例。

I want to share two stories with you today. with long-standing clients who started many years ago with us in core business services, who are now power users of Advanced Technology Solutions in addition to remaining highly valued clients in the core.

今天我想和大家分享兩個故事。一個是與我們合作多年的老客戶，他們多年前就開始使用我們的核心業務服務，現在他們不僅是我們核心業務服務的重要客戶，也是我們先進技術解決方案的資深用戶。

The first is Mars, a family-owned business with more than $55 billion in annual revenue that produces some of the world's best-loved brands. Our long-standing partnership has been built on operational excellence, trust, innovation, and shared success. Mars started with us in 2018 as a digital operations client in finance and accounting, and later expanded into other service lines. Today, we have deployed a number of AI solutions that are delivering strong ROI with more stability to launch soon.

第一家是瑪氏公司，這是一家家族企業，年收入超過 550 億美元，生產一些世界上最受歡迎的品牌。我們長期的合作關係建立在卓越營運、信任、創新和共同成功的基礎上。Mars 於 2018 年作為財務和會計領域的數位營運客戶與我們合作，後來擴展到其他服務領域。今天，我們已經部署了多項人工智慧解決方案，這些方案投資回報率高，穩定性更強，並將很快推出。

As an example, we have built and deployed a team of autonomous GenAI agents that interpret, reason, and act across the entire cash lifecycle, delivering an increase in on-time cash collections and working capital improvements. The Mars team has been an exceptional partner for us. The additional keys to our success have been our deep process intelligence, our industry depth, working with some of the world's largest consumer good companies, and our last mile knowledge, which in this case includes a detailed understanding of Mars technology, their operating environment, understanding of friction points, and the years of operational experience that we have gained there.

例如，我們建立並部署了一支自主 GenAI 代理團隊，這些代理商能夠在整個現金生命週期中進行解釋、推理和行動，從而提高按時收款率並改善營運資金狀況。瑪氏團隊一直是我們的優秀合作夥伴。我們成功的關鍵還在於我們深厚的流程智慧、深厚的行業經驗、與一些全球最大的消費品公司合作的經驗，以及我們對最後一公里交付的了解，這包括對瑪氏技術、其運營環境、摩擦點的深入了解，以及我們在那裡積累的多年運營經驗。

Our partnership has delivered significant value with hopefully our best years still yet to come as we work towards an agentic and increased autonomous enterprise.

我們的合作已經創造了巨大的價值，希望在我們努力打造一個更具自主性和更高自主性的企業的過程中，我們最好的時光還在後頭。

The second example is Heineken, one of the world's most iconic beverage companies. We have had the privilege of partnering with Heineken for over 15 years. Over the past year, we established a data quality factory that sets new standards for delivering trusted data at scale. With agentic AI now infused through orchestrated agents on Azure and Databricks, we have taken a significant stride towards intelligence and autonomous data quality.

第二個例子是喜力，它是世界上最具代表性的飲料公司之一。我們很榮幸與喜力啤酒合作超過15年。過去一年，我們建立了一個資料品質工廠，為大規模交付可信任資料樹立了新的標準。透過將智慧AI融入Azure和Databricks上的協調代理，我們在智慧和自主資料品質方面邁出了重要一步。

To deliver, Genpact brought more than just technology. We also brought process intelligence and understanding of how data flows in the Heineken ecosystem, how their markets operate, and understanding of the friction points in various parts of the process.

為了實現這一目標，Genpact 帶來的不僅僅是技術。我們也帶來了流程智能，了解喜力生態系中的資料流動方式、市場運作方式，以及流程各環節的摩擦點。

Early results show strong ROI with an improvement in automated data quality of up to 70% and 67% faster times to diagnose and fix data quality issues. The team has also reported better order fulfillment, fewer delivery failures, stronger compliance, and more confident decisions. We are incredibly grateful for their partnership.

初步結果顯示，自動化數據品質提高了 70%，診斷和修復數據品質問題的速度提高了 67%，投資回報率顯著提高。團隊也報告稱，訂單履行情況有所改善，交付失敗率下降，合規性提高，決策也更有自信。我們非常感謝他們的合作。

And finally, on Catalyst. We continue to accelerate growth through investments in partnership and AI talent. In Q3, partner related revenue grew 56% year over year. Partnerships represent an important opportunity for Genpact as demand for data and AI led transformation requires deep process and domain expertise and integrated offerings. We are partnering with companies like AWS, GCP, and Databricks to embed domain-led solutions into their tech stacks with joint go-to-market efforts and roadmaps.

最後，關於 Catalyst。我們透過投資合作夥伴關係和人工智慧人才，持續加速成長。第三季度，合作夥伴相關營收年增 56%。對於 Genpact 而言，合作夥伴關係代表著一個重要的機遇，因為對數據和人工智慧驅動的轉型需求需要深厚的流程和領域專業知識以及整合產品。我們正在與 AWS、GCP 和 Databricks 等公司合作，透過聯合市場推廣活動和路線圖，將領域主導的解決方案嵌入到他們的技術堆疊中。

At only 10% of revenue, we believe partnerships represent a significant growth opportunity for Genpact going forward. We also continue to invest aggressively in AI talent, rapidly accelerating the pace and quality of hiring in our Advanced Technology Solutions leadership team to support our strategic pivot. We continue to hire leaders with significant experience in data and AI, product development, and technology consulting who are driving critical initiatives at Genpact, including our AI Gigafactory and agentic products. We are also developing thousands of AI builders and practitioners and remain on track to achieve the 2025 targets laid out at our invest today in June.

我們認為，儘管合作夥伴關係僅占公司收入的 10%，但它代表著 Genpact 未來發展的重要成長機會。我們也將繼續大力投資人工智慧人才，快速加快先進技術解決方案領導團隊的招募速度和質量，以支援我們的策略轉型。我們持續招募在數據和人工智慧、產品開發和技術諮詢方面擁有豐富經驗的領導者，他們正在推動 Genpact 的關鍵舉措，包括我們的人工智慧超級工廠和代理產品。我們也正在培養數千名人工智慧建構者和實踐者，並繼續朝著我們在6月份的投資會議上所製定的2025年目標穩步前進。

Now turning to guidance. With better than expected results in Q3, we are raising our full year outlook for revenue and EPS. Our expected revenue range is now 6.1% to 6.4% as reported basis, up from 4% to 6% previously. an increase of 120 basis points at the midpoint of the range. We are also raising our outlook for adjusted diluted EPS by $0.07 to $3.61 at the midpoint, reflecting double digit growth.

現在進入指導環節。由於第三季業績優於預期，我們提高了全年營收和每股盈餘預期。以報告基準計算，我們目前的預期營收成長範圍為 6.1% 至 6.4%，高於先前的 4% 至 6%，中點數值成長了 120 個基點。我們同時將調整後稀釋每股盈餘預期上調 0.07 美元至 3.61 美元（中位數），反映出兩位數的成長。

In closing, we are incredibly excited about the future. Genpact is proving to be a clear partner of choice of AI driven transformation with significant momentum as we leverage Advanced Technology Solutions to strengthen our last mile advantage. I said earlier that we believe that companies that pivot to a Genpact will redefine their industries, gaining market share and operating leverage by a factor, not a few points. I believe that future exists for Genpact as well.

最後，我們對未來感到無比興奮。Genpact 正憑藉其先進的技術解決方案，鞏固我們在最後一公里配送方面的優勢，成為人工智慧驅動轉型領域首選的合作夥伴，並取得了顯著進展。我之前說過，我們相信轉型為 Genpact 的公司將重新定義其所在行業，獲得市場份額和營運槓桿，而且是成倍增長，而不是幾個百分點。我相信Genpact也有未來。

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

那麼，我把電話交給麥克吧。謝謝。

Good afternoon, everyone, and thank you for joining us. Third quarter results exceeded expectations driven by strong execution across our business. As BK mentioned, momentum continues to build with GenpactNext, and we are seeing our strategic investments starting to pay off.

各位下午好，感謝各位的參與。第三季業績超出預期，主要得益於公司各業務部門的強勁執行力。正如 BK 所提到的，GenpactNext 的發展勢頭持續增強，我們看到我們的策略投資開始獲得回報。

Total revenue increased to $1.291 billion, up 6.6% year over year. Advanced Technology Solutions revenue, which includes data and AI, digital technologies, advisory and agentic solutions, accelerated again up 20% to $311 million, with particular strength across data and AI solutions. Advanced Technology Solutions represents 24% of our third quarter revenue compared to 21% in 3Q 2024. Year to date, Advanced Technology Solutions has driven more than half of the total growth for Genpact.

總收入增至 12.91 億美元，年增 6.6%。先進技術解決方案收入（包括數據和人工智慧、數位技術、諮詢和代理解決方案）再次加速成長 20%，達到 3.11 億美元，其中數據和人工智慧解決方案表現尤為強勁。先進技術解決方案占我們第三季營收的 24%，而 2024 年第三季這一比例為 21%。今年迄今為止，先進技術解決方案業務已為 Genpact 帶來了超過一半的總成長。

Core business services, which includes revenue from digital operations, decision support services, and technology services increased 3% to $980 million, driven by the strength in digital operations, and technology services, which reflects continued demand for our deep operational and industry experience. This was partially offset by softness in decision support services, which we are actively addressing as BK noted earlier.

核心業務服務（包括數位營運、決策支援服務和技術服務的收入）成長 3% 至 9.8 億美元，這主要得益於數位營運和技術服務的強勁表現，也反映了市場對我們深厚的營運和產業經驗的持續需求。決策支援服務的不足部分抵消了這一影響，正如 BK 先前指出的那樣，我們正在積極解決這個問題。

Data, tech and AI increased 9.3% year over year to $622 million and digital operations increased 4.3% year over year to $669 million. At a segment level, revenue grew 14% in high tech and manufacturing, followed by financial services at 3%, and consumer and healthcare at 1%. Non-FTE revenue, which includes fixed fee as well as outcome deals, accounted for 47% of third quarter revenue, increasing from the prior year, benefiting from continued momentum in Advanced Technology Solutions.

數據、技術和人工智慧年增 9.3% 至 6.22 億美元，數位營運年增 4.3% 至 6.69 億美元。從行業細分來看，高科技和製造業的收入成長了 14%，其次是金融服務業，成長了 3%，消費和醫療保健業成長了 1%。非 FTE 收入（包括固定費用和結果交易）佔第三季營收的 47%，較上年同期有所成長，這得益於先進技術解決方案的持續成長動能。

Demand for our solutions continues to grow. We signed five large deals this quarter. As a reminder, these deals are over $50 million or greater in total contract value. And our pipeline increased from 2Q, as clients looked to us as partners to run and transform their businesses.

對我們解決方案的需求持續成長。本季我們簽了五項大合約。再次提醒，這些交易的總合約價值均超過 5,000 萬美元。從第二季開始，我們的業務拓展管道有所增加，因為客戶希望我們成為他們營運和轉型業務的合作夥伴。

Turn to profitability. Gross margin expanded this quarter to 36.4%, up more than 70 basis points year over year, reflecting continued operating leverage against healthy revenue growth. Year to date, We have driven $242 million of incremental revenue year over year, with $104 million of incremental gross profit over the same period.

轉向盈利。本季毛利率擴大至 36.4%，年成長超過 70 個基點，反映出持續的營運槓桿作用與健康的營收成長相輔相成。今年迄今為止，我們實現了年增 2.42 億美元的收入，同期毛利成長了 1.04 億美元。

SG&A expense as a percentage of revenue were 20.3%. Adjusted operating income for the quarter was $229 million with adjusted operating income margin expanding more than 10 basis points to 17.7%, as we continue to sell fund our strategic investments.

銷售、一般及行政費用佔收入的百分比為 20.3%。本季調整後營業收入為 2.29 億美元，調整後營業收入率成長超過 10 個基點至 17.7%，因為我們繼續出售資金用於我們的策略投資。

Our effective tax rate was 23% down from the previous year, reflecting geographic mix of earnings. Third quarter net income was $146 million and diluted EPS was $0.83. Adjusted to diluted EPS again grew faster than revenue to $0.97, up 14.1% from the same period a year ago.

我們的實際稅率比前一年下降了 23%，這反映了收益的地域組合。第三季淨利為 1.46 億美元，稀釋後每股收益為 0.83 美元。經過調整後的稀釋後每股盈餘再次超過營收成長速度，達到 0.97 美元，比去年同期成長 14.1%。

Operating cash flow of $308 million includes a $45 million advanced client payment made in the quarter. Excluding this impact, operating cash flow was $228 million, up 15% year over year.

本季營運現金流為 3.08 億美元，其中包括本季預付給客戶的 4,500 萬美元款項。剔除此影響，經營現金流為 2.28 億美元，較去年同期成長 15%。

Additionally, DSOs were 89 days. Third quarter ended with $741 million in cash and cash equivalents, down from $1 billion a year ago. As a reminder, 3Q 2024 cash included proceeds from a bond issuance, which we used to repay a bond maturity later in the year.

此外，DSO 為 89 天。第三季末，公司現金及現金等價物為 7.41 億美元，低於去年同期的 10 億美元。提醒一下，2024 年第三季現金包括債券發行所得款項，我們用這筆款項償還了今年稍後到期的債券。

Even as we make significant investments to drive our pivot as an agentic and AI-led company, we continue to return significant amount of capital to our shareholders. This quarter, we returned $119 million to shareholders through $90 million in share repurchases and $29 million in dividends, bringing the year to date capital return to $272 million or 59% of free cashflow.

即使我們投入巨資推動公司轉型為一家以智慧和人工智慧為主導的公司，我們仍然會繼續向股東返還大量資金。本季度，我們透過9,000萬美元的股票回購和2,900萬美元的股息向股東返還了1.19億美元，使今年迄今的資本回報達到2.72億美元，佔自由現金流的59%。

Turning to guidance, as BK mentioned, with another strong quarter of execution behind us, we are raising our full year guidance for revenue and EPS. For the fourth quarter, we expect to deliver net revenue between $1.298 billion and $1.311 billion, or 4% to 5% growth, representing 4.5% at the midpoint.

談到業績指引，正如 BK 所提到的，隨著另一個季度強勁的執行力過去，我們提高了全年營收和每股盈餘的預期。我們預計第四季淨收入將在 12.98 億美元至 13.11 億美元之間，成長 4% 至 5%，中位數為 4.5%。

Advanced Technology Solutions is expected to grow mid-teens, driven by continued demand for data and AI. And we expect core business services to grow in the low single digits at the midpoint.

受數據和人工智慧持續需求的推動，先進技術解決方案預計將實現兩位數以上的成長。我們預計核心業務服務將在年中實現個位數低成長。

This translates into data, tech, and AI and digital operations revenue of approximately 7% and 2.2%, respectively. We expect gross margin to expand to 36.4% and adjusted operating income margin to come in at 17.4%. We expect diluted EPS of $0.93 to $0.94 for the fourth quarter.

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 7% 和 2.2%。我們預計毛利率將擴大至 36.4%，調整後的營業利潤率將達到 17.4%。我們預計第四季度稀釋後每股收益為 0.93 美元至 0.94 美元。

As a result, for the full year, we now expect to deliver net revenue in the range of $5.059 billion to $5.071 billion, or 6.1% to 6.4% growth, with Advanced Technology Solutions in the mid to high teens, and core business services in the low single digits. Data, tech, and AI and digital operations revenue is expected to be 9.2% to 3.6% at the midpoint, respectively.

因此，我們現在預計全年淨收入將在 50.59 億美元至 50.71 億美元之間，成長 6.1% 至 6.4%，其中先進技術解決方案將實現 15% 至 10% 的成長，核心業務服務將實現個位數低成長。數據、技術、人工智慧和數位營運收入預計分別為 9.2% 至 3.6%（取中間值）。

Our full year gross margin is expected to be 36%, a 50-basis point increase in the prior year. Adjusted operating income margin is anticipated to be 17.4%, an increase of 30 basis points in the prior year. Our adjusted diluted EPS is now expected to be between $3.60 and $3.61, representing a 10.2% growth year over year. We continue to grow adjusted diluted EPS faster than revenue.

我們預計全年毛利率為 36%，比上年增長 50 個基點。經調整後的營業利潤率預計為 17.4%，比上年增長 30 個基點。我們調整後的稀釋每股盈餘預計在 3.60 美元至 3.61 美元之間，年增 10.2%。我們調整後攤薄每股收益的成長速度持續超過營收的成長速度。

Operating cash flows expected to be approximately $650 million. This includes the $45 million advance payment in the third quarter from the client noted earlier.

預計經營現金流約 6.5 億美元。這其中包括前面提到的客戶在第三季預付的 4,500 萬美元。

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 flexibility for strategic investments. More details on constant currency growth rates can be found in our earnings press release and fact sheet posted to our Investor Relations website.

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，將至少 50% 的現金流返還給投資者，同時保持策略投資的靈活性。有關以固定匯率計算的成長率的更多詳情，請參閱我們發佈在投資者關係網站上的獲利新聞稿和情況說明書。

Before turning the call over to Krista, I'd like to share a couple of early thoughts on 2026.

在將電話交給克麗斯塔之前，我想分享我對 2026 年的一些初步想法。

First, we remain committed to the medium-term targets we laid out our Investor Day. And we see potential for upside momentum continues to build, amplifying what sets us apart with Advanced Technology Solutions as we define the future of agentic operations. Next. You should expect to see an increased emphasis on GenpactNext Framework, particularly as we track our progress against our ambition to establish Genpact as a global leader in Advanced Technology Solutions. And finally, we continue to execute across our businesses to drive sustainable growth, working with our clients to accelerate AI transformation that builds long-term partnerships and supports improved economics for both Genpact and our clients.

首先，我們仍然致力於實現我們在投資者日上提出的中期目標。我們看到上漲勢頭持續增強，這進一步凸顯了我們在先進技術解決方案方面的獨特優勢，因為我們正在定義智慧體操作的未來。下一個。您應該會看到我們對 GenpactNext 框架的重視程度不斷提高，尤其是在我們追蹤自身進展，以實現將 Genpact 打造成為先進技術解決方案全球領導者的目標的過程中。最後，我們繼續在各項業務中推動永續成長，與客戶攜手加速人工智慧轉型，建立長期合作夥伴關係，並為 Genpact 和我們的客戶帶來更好的經濟效益。

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

話雖如此，我還是把電話交給克麗斯塔吧。

Thank you, Mike. Before we begin Q&A, I just wanted to quickly note that due to a family emergency, BK and Mike are taking the call from separate locations today. As a result, although we have tested to ensure a seamless connection, you may hear a lag or delay when they're speaking. If that happens, please bear with us as we do our best to get it corrected. Thank you.

謝謝你，麥克。在開始問答環節之前，我想快速說明一下，由於家庭緊急情況，BK 和 Mike 今天將在不同的地點接聽電話。因此，儘管我們已經測試以確保連接順暢，但當他們說話時，您可能會聽到延遲或卡頓。如果發生這種情況，請您耐心等待，我們會盡力糾正。謝謝。

Operator, we're now ready to take questions.

接線員，我們現在可以開始回答問題了。

(Operator Instructions) Brian Bergen, TD Cowen.

（操作說明）布萊恩·伯根，TD Cowen。

Hi, guys. Good afternoon. Thank you. I wanted to open up here just as a related demand. If you can comment on the bookings performance you saw here in the third quarter. Give us a sense on that larger deal momentum, how you're feeling about that? And maybe just as a change much as you've gone through October and into November.

嗨，大家好。午安.謝謝。我之所以想在這裡開店，只是出於相關的需求。如果您能對第三季的預訂情況發表一下看法就太好了。請您談談對這筆更大交易的進展情況，您對此有何感想？或許就像你經歷了十月和十一月那樣，發生了一些變化。

Sure, Brian, maybe I'll pick it up and Mike feel free to add. So look, overall, demand signals, Brian, continue to be strong across the board. If I see various cohorts of the deal or I look at new clients, existing clients, or even oh various segments, so demand signals continue to be pretty good, be it in-flow, be it pipelined.

當然，布萊恩，也許我會把它買下來，麥克也可以補充。所以，布萊恩，總的來說，需求訊號依然強勁。如果我查看交易的各個群體，或查看新客戶、現有客戶，甚至是各個細分市場，那麼需求訊號仍然相當不錯，無論是流入的還是已規劃的。

And what I must also say is that look, sales cycles, especially for large deals, continue to be -- we are seeing a mix. Some are moving at an accelerated pace. We closed five large deals this quarter, especially given their size. And others are taking more time to close as we work through long-term transformational roadmaps as our clients are breaking all of the AI benefits into the deals; and by definition, as you know, largely represent long-term strategic partnerships. And they have their own timing, own cadence, and don't necessarily move with a 90-day increment or so. But we feel really good about the overall environment.

我還要說的是，銷售週期，尤其是大額交易的銷售週期，仍然呈現出混合態勢。有些進展速度很快。本季我們完成了五筆大交易，考慮到它們的規模，這尤其令人欣喜。還有一些交易需要更多時間才能完成，因為我們正在製定長期轉型路線圖，我們的客戶正在將所有人工智慧帶來的好處融入交易中；而且，正如您所知，這些交易在很大程度上代表著長期的策略合作夥伴關係。它們有自己的時間安排、節奏，並不一定以 90 天左右為週期進行調整。但我們對整體環境感到非常滿意。

And Mike, if you would like to comment a bit more on the booking?

麥克，你是否願意就預訂事宜再補充一些內容？

Yeah. So first of all, I just want to comment a little bit more in total. We're seeing strong demand in both new and existing clients, and remain committed to not just the full year guidance we laid forth earlier with 6.1% to 6.4% growth for the year. I just want to again reiterate our mediums and targets for 26 and 27 are growing at least 7% for those years respectively, still remains on track.

是的。首先，我想再補充幾點。我們看到新舊客戶的需求都很強勁，我們將繼續致力於實現先前設定的全年成長目標，即全年成長 6.1% 至 6.4%。我只想再次重申，我們2026年和2027年的目標分別是至少成長7%，目前仍按計畫進行。

With regard to bookings, again, strong pipeline, growing demand. We'll translate into what that revenue is going to be for the medium term. We'll evaluate everything else on a go-forward basis, but we feel really good, particularly about our medium-term targets for the next two years.

就預訂情況而言，同樣，訂單儲備充足，需求不斷增長。我們將把這些收入轉化為中期收入預期。我們會根據實際情況評估其他所有事項，但我們感覺非常好，尤其是對未來兩年的中期目標。

Okay. Okay, very good. And then my follow-up, just around GenAI and Genpact contracts and the resultant revenue and kind of margin impacts. You mentioned contract values continue to move higher. Obviously talking favorably about the revenue being at higher margins and ATS having higher growth in margins. Is there any framing you can help with there? The investor that you talked about, kind of the aggregate 300 bps higher margin. Any context you can share around that number as far as if it's still in that type of range? Is it changing in any direction?

好的。好的，很好。然後我的後續問題是，圍繞 GenAI 和 Genpact 的合約以及由此產生的收入和利潤率影響。您提到合約價值持續上漲。顯然是在讚揚更高的收入利潤率和更高的利潤率成長。請問您在裱框方面能幫上什麼忙嗎？你提到的那位投資者，總利潤率提高了 300 個基點。您能否提供一些關於這個數字的背景信息，例如它是否仍然在這個範圍內？它有朝哪個方向改變嗎？

Thanks. Sure, Brian. Overall, we feel very good with how agentic contract value is shaping up. We really see this playing in a very strong fashion, that no artificial intelligence without process intelligence as our clients lean in more with trusted partner like us. As we need to implement more complex tools, they need the process expertise the last mile, and now specifically on the stats, continue to trend in the positive direction as well.

謝謝。當然可以，布萊恩。整體而言，我們對代理合約價值的發展趨勢感到非常滿意。我們確實看到這種趨勢發揮了非常強大的作用，那就是沒有流程智慧就沒有人工智慧，因為我們的客戶越來越依賴像我們這樣值得信賴的合作夥伴。隨著我們需要實施更複雜的工具，他們需要流程的專業知識來完成最後一步，而現在，尤其是在統計數據方面，也繼續朝著正面的方向發展。

And what we are really pleased is about the awarded agentic contract value as Mike noted and I noted earlier. The 30% of that is coming in from newer clients as well and that's a significant number. And that has improved from that particular day as well, as well as the 300 -- or 300 bps or the growth of without existing clients. It's all moving in depository.

我們真正感到高興的是，正如 Mike 和我之前提到的那樣，代理合約的價值很高。其中 30% 來自新客戶，這是一個相當可觀的數字。而且從那天起，情況也有所改善，還有 300——或者說 300 個基點，或者說在沒有現有客戶的情況下實現了成長。所有東西都在倉庫裡轉移。

Yeah, so if I just quickly add on BK just to kind of sum it up, Brian, for you. So, BK alluded to when we talked directly about 30% of the awarded agenda contract value year to date is coming from new clients, and that's a significant number, right? As we move continuously through the year, we're very proud of, you know, BK talked about the 300 basis points or 3% accretion in terms of total revenue. On a year-to-date basis, we're tracking above that number. That's something we're quite proud of.

是的，所以如果我簡單地補充BK，就算是總結一下吧，布萊恩，給你。所以，BK 在我們直接談到今年迄今為止授予的議程合約價值的 30% 來自新客戶時，暗示了這一點，這是一個相當大的數字，對吧？隨著一年的推進，我們感到非常自豪，你知道，BK 談到了總收入成長 300 個基點或 3%。今年迄今為止，我們的業績已經超過了這個數字。這是我們引以為傲的事。

Okay, great, thank you.

好的，太好了，謝謝。

Maggie Nolan, William Blair.

瑪吉諾蘭，威廉布萊爾。

Thank you. Can you help me understand maybe when your clients are not ready to launch agentic operations, what are the primary reasons there? And then anything you can share about how penetrated you are in your client base with the agentic operations offerings, and then your expectations for the pace of adoption from here.

謝謝。您能否幫我了解一下，當您的客戶尚未準備好開展代理業務時，主要原因是什麼？然後，您可以分享您的代理商營運產品在您的客戶群中的滲透率，以及您對未來採用速度的預期。

This is a long term trend, Maggie, and it can take much longer to translate. However, we are taking it in a very strong fashion with all of our existing clients -- new clients. And for new clients, not surprisingly, a lot of times their data sets are not ready or the process standardization still has to happen.

瑪吉，這是一個長期趨勢，需要更長的時間才能轉化成現實。但是，我們正在以非常強硬的態度對待所有現有客戶和新客戶。對於新客戶而言，不出所料，很多時候他們的資料集尚未準備就緒，或者流程標準化仍需進行。

And it's not just about the technical debt, it's the process debt and the data debt. And you see that in our advanced technology solution because our data and AI set of solutions is really taking hold in a very, very strong fashion. And we got to meet our clients where they are. And that's certainly helping us beat from our core business services or also nudging them towards Advanced Technology Solutions, including agentic.

這不僅是技術債的問題，還有流程債和數據債的問題。這一點在我們的先進技術解決方案中得到了體現，因為我們的數據和人工智慧解決方案組合正在以非常非常強大的方式發揮作用。我們有機會在客戶所在的地方與他們見面。這無疑有助於我們從核心業務服務中脫穎而出，或推動他們轉向先進技術解決方案，包括代理商。

But we feel really good with all of our existing clients and new clients in taking this agentic journey and reshaping the industry, as well as leading the industry from an agentic operation standpoint.

但我們對所有現有客戶和新客戶都非常滿意，他們正攜手踏上這段代理商之旅，重塑產業，並從代理商營運的角度引領產業發展。

Yeah. If I may just add on that, BK, Maggie, the way we think about it from our clients, right, they're looking for a trusted partner and they found that in Genpact, right? They need that process level or domain level expertise as they move ahead on their journey, particularly that with the agentic.

是的。BK、Maggie，如果我可以補充一點，我們會從客戶的角度考慮問題，對吧？他們正在尋找值得信賴的合作夥伴，而他們在 Genpact 找到了，對吧？他們在前進的過程中需要流程層面或領域層面的專業知識，尤其是在代理方面。

I think it's important what BK spoke about a minute ago, we need to meet them where they are in terms of their process. I can assure you we are, as aggressive as everybody else, can be in pushing agentic solutions and enhancements in technology. But again, it has to be a comfort level that our clients seem to have.

我認為BK剛才所說的很重要，我們需要在流程上與他們保持一致。我可以向你保證，我們和其他人一樣，在推動智慧解決方案和技術改進方面都盡可能地積極進取。但話說回來，這必須是我們的客戶能夠接受的舒適度。

So we feel very good about both the progression we're making in our core business services and our Advanced Technology Services, and I particularly feel good about the process we've made in our agentic solutions growth.

因此，我們對核心業務服務和先進技術服務的發展進展感到非常滿意，我尤其對我們在代理解決方案發展方面的成就感到滿意。

Okay, thank you. And then in light of some consolidation in the industry, as well as maybe more traditional ITO increasing their focus on things like agentic operations, can you just comment on the competitive landscape for you right now, in your positioning?

好的，謝謝。鑑於產業內的一些整合，以及一些較傳統的ITO公司可能更加重視代理商營運等事項，您能否就您目前的競爭格局和市場定位發表一下看法？

Look, I think -- sure. Look, I think, again, where our differentiation lies is in the last mile expertise, understanding the domain, the process expertise of where the friction points are. And that is where we have spent just about three decades, Maggie. And then the trust that we have built with number of these clients and number of these are Fortune 500 clients, as you know.

你看，我覺得──當然可以。我認為，我們的優勢在於最後一公里的專業知識，了解產業現狀，掌握流程的專業知識，並知道哪裡有摩擦點。瑪吉，我們在那裡度過了近三十年。而且，如您所知，我們與其中許多客戶建立了信任關係，其中許多客戶都是財富 500 強企業。

And now we are investing heavily in the Advanced Technology Solutions at that edge issues. And we are bringing software at those edge cases that sits on top of many of standard platforms, as well as APIs that we have built with systems of [echos] like SAP, Oracle, and so on.

現在，我們正在大力投資解決前沿問題的先進技術解決方案。我們正在為那些邊緣案例提供軟體，這些軟體運行在許多標準平台之上，以及我們與 SAP、Oracle 等 [echos] 系統構建的 API。

And I would also say that the culture matters a lot. And I think we win a lot because of our strong and distinctive culture of, obviously, client-centricity, but also the startup mentality that exists and that innovation is taking shape with a ton of speed and agility. So we really feel good about our differentiation and it's showing up in the numbers in what we are executing on from an organic and are really proud of what teams are doing.

而且我認為文化也很重要。我認為我們之所以能取得很多成功，是因為我們擁有強大而獨特的企業文化，這種文化顯然是以客戶為中心的，但也體現了創業精神，創新正以極快的速度和敏捷性逐步成形。所以我們對自身的差異化感到非常滿意，這也反映在我們從自身發展到實際執行的各項數據中，我們為團隊的工作感到非常自豪。

Thank you. Nice results. Thank you.

謝謝。結果不錯。謝謝。

Surinder Thind, Jefferies.

蘇林德‧辛德，傑富瑞。

Thank you. BK, can you maybe provide some color on why maybe upwards of the 30% of agentic work for the awarded contracts are coming from new clients? It's hard for to reconcile, given that you would have had much stronger relationships with your existing clients. So what's allowing the wind, and kind of what is going on?

謝謝。BK，您能否解釋一下，為什麼在已授予的合約中，高達 30% 的代理工作來自新客戶？考慮到你原本與現有客戶的關係會更加牢固，這很難讓人接受。那麼是什麼原因導致了風的出現，以及到底發生了什麼事？

Yeah, so overall, Surinder, there is a strong traction building up with existing clients, too. But what I am also super excited are that number of these agentic solutions are taking hold with new clients too, who are net new to Genpact, or are net new to that particular agentic solution. And sometimes they are running these processes, or you know, working with other partners. So that is what we are serving as new clients.

是的，蘇林德，總的來說，現有客戶群也正在迅速壯大。但令我非常興奮的是，這些代理商解決方案中的許多也正在被新客戶所接受，這些客戶要么是 Genpact 的新客戶，要么是該特定代理解決方案的新客戶。有時他們會獨立運作這些流程，或與其他合作夥伴合作。這就是我們為新客戶提供的服務。

And -- but I must note that it is our existing clients are also absorbing these solutions fast; not fast enough, I'm nothing, we are nothing than more. But clearly, all of these are taking hold, and therefore, tells us about the total addressable market that we have begun to attack more and therefore really deal with how this AI is turning as a tailwind for us and increasing our total reversible market.

而且——但我必須指出，我們現有的客戶也在快速吸收這些解決方案；速度還不夠快，否則我什麼都不是，我們只會做得更好。但顯然，所有這些都正在發生，因此，這告訴我們，我們已經開始更多地瞄準整個潛在市場，因此，真正應對人工智慧如何成為我們的順風並擴大我們的可逆市場總量。

Got it. And then I guess when I think about just the Advanced Technology Solutions offering, can you maybe talk about the size and scope of those projects and maybe the cadence of how those work from initial interest to when they convert to revenues? And then how quickly you can execute a project? And then maybe what the follow on might look like?

知道了。那麼，當我考慮先進技術解決方案產品時，您能否談談這些專案的規模和範圍，以及從最初的興趣到最終轉化為收入的整個過程？那麼，你執行專案的速度有多快？那麼，後續發展可能會是什麼樣子呢？

Yeah, I think, first, I would go back to the other on one of the core metrics that we shared for Advanced Technology Solutions, which we call at the Investor Day, [2X, 2X, 70-70]. And the 2X was, it is growing -- Advanced Technology Solutions are growing 2X the rate of the total company, and they are revenue by headcount greater than 2X of the total company. And 70% is annuitized, nearly 70% is annuitized is the point I was wanting to address in that question that you asked. And 70% is non-FT, and therefore, more value accretion happens for Genpact too.

是的，我認為，首先，我會回到我們在投資者日上分享的先進技術解決方案核心指標之一。[2X, 2X, 70-70].而且，2X 指的是，它正在成長——先進技術解決方案的成長速度是公司整體的 2 倍，而且其員工人數所佔的收入是公司整體收入的 2 倍以上。而其中 70% 是年金化的，接近 70% 是年金化的，這正是我想在你提出的問題中回答的重點。其中 70% 為非全職員工，因此 Genpact 也獲得了更多價值成長。

And these are series of -- as an example, you know, if I think of agentic solutions, these are -- we have the launch, as we talked about, agentic AP Suite. And it is one of the fastest solutions in the entire history of Genpact that has taken hold. And that is with existing clients as well as new clients.

例如，如果我們想到代理解決方案，就會想到這些——正如我們之前討論過的，我們已經推出了代理 AP 套件。這是 Genpact 公司歷史上最快成功的解決方案之一。無論是現有客戶還是新客戶，情況都是如此。

And then ddata and AI, which is another part of Advanced Technology Solution, is growing at a very rapid pace. Because now, a lot of our data demands or the data capabilities are getting leveraged. I mentioned in my prepared remarks about how nearly 100 clients are in our Gigafactory, which delivers better ROI on all of the data program and projects. And most of these data programs, I mentioned, Heineken. Heineken data program is a longer term program. It is not 7-month effort or 10 months. Thank you.

此外，作為先進技術解決方案另一部分的數據和人工智慧也正在以非常快的速度成長。因為現在，我們的許多數據需求或數據能力都被充分利用了。我在事先準備好的演講稿中提到，我們的 Gigafactory 擁有近 100 位客戶，這為所有數據項目和計畫帶來了更高的投資報酬率。而我提到的這些數據程式中的大多數，都與喜力啤酒有關。喜力數據項目是一個長期項目。這並非需要7個月或10個月的努力。謝謝。

Puneet Jain, JPMorgan.

Puneet Jain，摩根大通。

Hey, thanks for taking my question. I want to follow up on the question that Maggie asked earlier. First, it was nice to hear the case studies on agentic AI. But that clients, ready to move some of those solutions and ideas into production and overcome concerns around governance, change management, in some cases, data and like, the technology around that solution that, they intend to implement?

嘿，謝謝你回答我的問題。我想就瑪吉之前提出的問題做個後續說明。首先，很高興聽到關於智能體人工智慧的案例研究。但是，這些客戶是否準備好將其中一些解決方案和想法投入生產，並克服在治理、變更管理、某些情況下的數據以及他們打算實施的解決方案相關的技術等方面的擔憂呢？

Puneet, that's where the question of trust comes in. That's where the question of last mile comes in. That's fair. You know, when we have built over decade long relationships, I mentioned Heineken or Mars or many other examples that you saw even on the Investor Day.

普尼特，這就是信任問題所在。這就引出了「最後一公里」的問題。這很合理。你知道，當我們建立起長達十多年的合作關係時，我提到了喜力、瑪氏或許多其他例子，你甚至在投資者日上也看到了。

You know, we shared about the Wesco example on the Investor Day where we used to run accounts table, but we know the ins and outs. We know you know how their entire organization is wired in, how the workflow is wired in, where the data issues are, where the friction points are, what are the chain management issues in the client organization.

你知道，我們在投資者日上分享了 Wesco 的例子，當時我們運行帳戶表，但我們了解其中的來龍去脈。我們知道您了解他們整個組織的運作方式、工作流程的運作方式、資料問題所在、摩擦點所在，以及客戶組織中的供應鏈管理問題。

So as we implement more complex technologies, our clients certainly need trusted partners, is why we are seeing all of this take hold in production environment for our clients. And that is the exact thesis I talked about no artificial intelligence without process intelligence. And our last mile expertise is creating the most acute differentiated.

因此，隨著我們實施更複雜的技術，我們的客戶當然需要值得信賴的合作夥伴，這就是為什麼我們看到所有這些技術都在我們客戶的生產環境中得到應用。而這正是我之前提到的論點：沒有過程智能就沒有人工智慧。我們在最後一公里配送方面的專業知識正在創造最顯著的差異化優勢。

And how are some of these contracts structured? We hear like all types of models, like the subscription models that some companies are exploring. Like, how are you structuring some of these contracts when you manage like a process using your own or third-party agentic AI solution?

這些合約的結構是怎麼樣的？我們聽說了各種各樣的模式，例如一些公司正在探索的訂閱模式。例如，當您使用自己的或第三方智慧體人工智慧解決方案來管理流程時，您是如何建立這些合約的？

The commercial model, that's why we -- as part of GenpactNext, we are very clear about non-FTE models. So that's a shift that we are driving in a very sharp manner towards non-FTE models. And this is our software. So wherever there is a software, are more subscription ARR-based early days, but they are more value and consumption-based structure, and not resource-based structures.

這就是為什麼我們——作為 GenpactNext 的一部分——對非全職員工模式有非常明確的商業理念。所以，我們正在以非常迅速的方式推動非全職員工模式的轉變。這就是我們的軟體。因此，無論在何處，只要有軟體，早期都會更多地採用基於訂閱的 ARR（年度經常性收入）模式，但它們更注重價值和消費結構，而不是資源結構。

Got it.

知道了。

Quickly add on to that, just to emphasize the point, Puneet, this is our software, this is our IP, right? So we're able to convert it into an ARR-type model, right? And move away from all non-FTE related commercial models associated with it, which is just logical, if you think about it from a software perspective.

Puneet，為了強調這一點，我再補充一點，這是我們的軟體，這是我們的智慧財產權，對吧？所以我們可以把它轉換成 ARR 類型的模型，對吧？並且要擺脫所有與 FTE 無關的商業模式，從軟體的角度來看，這完全合乎邏輯。

That's great to hear. And if I can quickly follow up on that, like do you intend to disclose, like how much of revenue stems from those models or purely from agentic AI-based solutions?

聽到這個消息真是太好了。我能再追問一下嗎？例如，你們是否打算揭露，例如有多少收入來自這些模型，或者有多少收入完全來自基於人工智慧的智能體解決方案？

Yeah, I mean -- it's Mike again. So metrics focused on leading indicators are the best measures we have of the business health right now. So we'll -- when we go through our 2026, expect to see a more focus on GenpactNext-related metrics, particularly that on our ATS, our core business services, and non-FTE revenue as a percentage are really the key indicators we're going to focus on right now.

是啊，我是說——又是麥克。因此，目前衡量企業健康狀況的最佳指標是專注於領先指標的指標。因此，展望 2026 年，我們預計會更加關注 GenpactNext 相關指標，特別是我們的 ATS、核心業務服務以及非 FTE 收入百分比，這些都是我們目前重點關注的關鍵指標。

Okay. No, that makes sense. Good luck. Thank you.

好的。沒錯，這很有道理。祝你好運。謝謝。

(Operator Instructions) At this time, I'm not seeing any more questions in the queue, and I would like to turn the call back to the management for closing remarks. Please go ahead.

（操作員指示）目前，我沒有看到隊列中還有其他問題，我想把電話轉回給管理階層做總結發言。請繼續。

Thank you, Lisa. I do want to thank you all for joining us today. We are incredibly excited about the future at Genpact as we continue to define the future of agentic operations. And I do want to thank all of our employees for their unstinted efforts, as we drive this change and take this opportunity to thank all of our clients for choosing Genpact, and yes, all our shareholders for their ongoing support. We look forward to speaking with you again next quarter. Thank you.

謝謝你，麗莎。我衷心感謝各位今天蒞臨現場。我們對 Genpact 的未來感到無比興奮，因為我們將繼續定義智慧體營運的未來。我還要感謝我們所有員工為推動這項變革所付出的不懈努力，並藉此機會感謝所有客戶選擇 Genpact，當然，也要感謝所有股東的持續支持。我們期待下個季度再次與您交流。謝謝。

This concludes today's conference call. Thank you all for joining. You may now disconnect.

今天的電話會議到此結束。感謝各位的參與。您現在可以斷開連線了。