簡柏特 (G) 2025 Q4 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the 2025 fourth-quarter Genpact Limited earnings conference call. My name is Carmen, and I will be your conference moderator for today. (Operator Instructions) As a reminder, this call is being recorded for replay purposes. The replay of the call will be archived and made available on the IR section of Genpact's website.

各位女士、先生，大家好，歡迎參加 Genpact Limited 2025 年第四季財報電話會議。我叫卡門，我將擔任今天會議的主持人。（操作員指示）提醒您，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, operator. Good afternoon, everyone, and welcome to Genpact's Q4 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.

謝謝接線生。各位下午好，歡迎參加 Genpact 2025 年第四季財報電話會議。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 an overview of our results 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 將首先概述我們的業績，然後 Mike 將更詳細地介紹我們的財務表現，之後我們將回答您的問題。

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

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.

在本次電話會議中，我們將討論一些非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。

More details on our constant currency growth rates can also be found in our earnings press release and fact sheet, which are posted to our Investor Relations website. 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.

有關我們按固定匯率計算的增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盈利新聞稿和情況說明書。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. We delivered a strong close to our record year for Genpact. Focused execution, accelerating innovation, and broad-based demand drove $5.08 billion in revenue, up 6.6% for 2025. Advanced Technology Solutions revenue grew 17% to $1.2 billion, now accounting for 24% of our total revenue.

謝謝你，克麗斯塔。大家好，感謝各位今天收看我們的節目。Genpact 以強勁的業績為創紀錄的一年畫上了圓滿的句號。專注的執行、加速的創新和廣泛的需求推動了 2025 年 50.8 億美元的收入成長 6.6%。先進技術解決方案營收成長 17% 至 12 億美元，占我們總營收的 24%。

We also delivered another year of healthy margin expansion. Gross margin expanded 60 basis points, and adjusted operating income margin improved 40 basis points, even with our significant investments for long-term growth. Adjusted diluted EPS increased 11% faster than revenue for the fifth year in a row.

我們也實現了連續第二年健康的利潤率成長。即使我們為長期成長進行了大量投資，毛利率仍成長了 60 個基點，調整後的營業利潤率也提高了 40 個基點。經調整後的稀釋每股盈餘連續第五年比營收成長快 11%。

In 2025, we built a strong foundation to drive sustainable long-term growth with a deliberate focus on rapidly scaling data, AI, and domain-driven agentic solutions to reimagine how clients operate. The shape of our business is meaningfully changing as a result. Our performance, pipeline, and prospects are increasingly higher quality and strategically aligned with our prioritization of advanced technology solutions and agentic-led work.

2025 年，我們奠定了堅實的基礎，以推動可持續的長期成長，並專注於快速擴展資料、人工智慧和領域驅動的代理解決方案，從而重新構想客戶的運作方式。因此，我們業務的格局正在發生顯著變化。我們的業績、業務管道和前景品質越來越高，並且在策略上與我們優先考慮先進技術解決方案和代理主導型工作的策略保持一致。

We delivered over $5.5 billion in new bookings with healthy growth in Advanced Technology Solutions, which now account for more than a third of total bookings. We won 16 large deals and continue to make progress with the next generation of market disruptors. We are in a very strong position as we enter 2026.

我們實現了超過 55 億美元的新訂單，其中先進技術解決方案實現了健康成長，目前佔總訂單金額的三分之一以上。我們贏得了 16 筆大訂單，並繼續在下一代市場顛覆者方面取得進展。進入2026年，我們處於非常有利的地位。

Demand is healthy and growing. Our inflows and pipelines are robust, and our backlog has never been higher as more clients see Genpact as a long-term strategic partner to transform their mission-critical operations.

需求健康且持續成長。我們的業務流入和專案儲備充足，積壓訂單也達到了前所未有的水平，因為越來越多的客戶將 Genpact 視為長期策略合作夥伴，以幫助他們轉型關鍵業務營運。

2025 was a year of intentional disruption and tremendous achievements. As I look back, I am most proud of what we have built, launched and scaled with our agentic solutions. We are fundamentally reshaping how businesses operate, and we are doing so at speed.

2025年是充滿改變與巨大成就的一年。回顧過去，我最引以為傲的是我們利用智能體解決方案所建構、推出和擴展的成果。我們正在從根本上重塑企業的運作方式，而且我們正在快速地進行這項工作。

Last February, we launched AP Capture, the first module in our accounts payable agentic suite with AP Advance, Trace and Assist made available at the end of June. While it is still early days, we have closed over $200 million in total contract value just for our AP agentic solutions. Within that, over 40% of awarded contract value came from new clients. And for existing accounts that have rotated from FTE-led to agentic, both revenue and gross margin expansion are notably above what we reported at Investor Day in last June.

去年二月，我們推出了 AP Capture，這是我們應付帳款代理套件中的第一個模組，AP Advance、Trace 和 Assist 功能於六月底推出。雖然目前還處於早期階段，但光是我們的 AP 代理解決方案，合約總價值就已超過 2 億美元。其中，超過 40% 的合約金額來自新客戶。而對於已經從 FTE 主導轉向代理模式的現有客戶而言，收入和毛利率的成長都明顯高於我們在去年 6 月投資者日上報告的水平。

With AP Suite, we have built the playbook for delivering sustainable, expanding value for clients and for Genpact and we are just getting started. Our strong product road map of multiple domain-specific solutions, like AP, are clearly aligned to our areas of operational expertise. The insurance policy and record-to-report agentic suite that we announced late last year are just a couple of examples.

借助 AP Suite，我們已經為客戶和 Genpact 建立了持續、不斷成長的價值交付方案，而這只是個開始。我們強大的產品路線圖涵蓋了多個特定領域的解決方案，例如 AP，這與我們的營運專長領域完全一致。我們去年底發布的保險政策和記錄到報告代理套件只是其中的幾個例子。

We believe the most successful companies will be those that leverage AI to achieve higher levels of autonomy and redefine how they run their businesses. Genpact is shifting the paradigm of how knowledge work gets done. We are pioneering a new operating model. We call it agentic operations.

我們相信，最成功的公司將是那些利用人工智慧實現更高程度的自主性並重新定義其業務運作方式的公司。Genpact正在改變知識工作的完成方式。我們正在開創一種新的營運模式。我們稱之為代理操作。

Agentic operations moves beyond automation to a collaborative model between agents and human experts through three main pillars: one, domain specific agents that autonomously execute tasks and reimagine processes; two, last mile experts that validate exceptions, train and advanced models, and reinforce learnings; and three, clear roles, skills and governance underpinned by responsible AI. Agentic operations moves from human processed, human validated to machine processed human validated.

智能體運作超越了自動化，透過三大支柱實現了智能體與人類專家之間的協作模式：一是能夠自主執行任務和重新構想流程的特定領域智能體；二是負責驗證異常情況、訓練和改進模型以及強化學習的“最後一公里”專家；三是建立在負責任的人工智能基礎上的清晰角色、技能和治理機制。智能體操作從人工處理、人工驗證轉變為機器處理、人工驗證。

As we enter 2026, a new Genpact is taking shape. We are setting the standard for AI-led transformation. We are uniquely positioned to help clients reimagine the most critical components of their journey from fundamentally redesigning end-to-end processes, to building data and AI capabilities, to operating at scale through agentic collaboration.

進入2026年，一個全新的Genpact正在形成。我們正在為人工智慧驅動的轉型樹立標準。我們擁有獨特的優勢，可以幫助客戶重新構想其發展歷程中最關鍵的組成部分，從根本上重新設計端到端流程，到建構資料和人工智慧能力，再到透過智慧協作實現規模化營運。

The opportunity ahead is significant. AI is rapidly evolving from generating insights to executing actions and CXOs face a clear business imperative, translate AI and agentic investments into measurable financial outcomes. In the US alone, the work of more than 70 million knowledge workers will be transformed by a seamless collaboration between AI agents and human expertise and research indicates that enterprise app integration with domain specialized agents that are built on last mile expertise will increasingly become the norm.

前方機遇巨大。人工智慧正迅速從產生洞察力發展到執行行動，高階主管面臨著一個明確的業務要務，那就是將人工智慧和智能體投資轉化為可衡量的財務成果。僅在美國，超過 7000 萬知識工作者的工作將因人工智慧代理與人類專業知識之間的無縫協作而發生改變，研究表明，企業應用程式與基於最後一公里專業知識的領域專業代理的整合將日益成為常態。

It is clear, enterprise transformation demands a parallel focus on process re-engineering, data modernization, agile-tech architecture with AI embedded at its core and the discipline to unlearn legacy ways of working. This is exactly where Genpact shines and where we continue to differentiate.

顯然，企業轉型需要同時關注流程重組、資料現代化、以人工智慧為核心的敏捷技術架構，以及摒棄傳統運作方式的紀律。這正是 Genpact 的優勢所在，也是我們持續保持差異化優勢的地方。

Through our GenpactNext strategy, we are expanding our capabilities, clients and catalysts to capitalize on this meaningful opportunity and moving from meeting clients where they are to getting clients where they want to be. Let me walk you through key highlights for each.

透過我們的 GenpactNext 策略，我們正在擴展我們的能力、客戶和催化劑，以抓住這一意義重大的機遇，並從滿足客戶的現狀轉變為幫助客戶實現他們的目標。讓我帶你了解它們各自的關鍵要點。

First, our capabilities. Advanced Technology Solutions grew to $1.2 billion, contributing more than half of total revenue growth in 2025. Demand for our data and AI expertise is increasing rapidly with our investments, accelerating our ability to deliver.

首先，我們的能力。先進技術解決方案業務成長至 12 億美元，在 2025 年貢獻了超過一半的總收入成長。隨著我們加大投資，市場對我們數據和人工智慧專業知識的需求正在迅速增長，這加快了我們交付能力的提升。

Our AI Gigafactory continues to scale. We now have more than 400 gen AI solutions in market either deployed or going live, up nearly 3x from last year. And recently, we introduced AI Maestro, our software platform that helps AI builders and AI practitioners embed AI into last-mile business processes at a much faster pace. Innovations like these are significantly increasing our opportunity set.

我們的人工智慧超級工廠持續擴大規模。目前市場上已有超過 400 個人工智慧解決方案，有的已經部署，有的即將上線，比去年增長了近 3 倍。最近，我們推出了 AI Maestro，這是一個軟體平台，可以幫助 AI 建構者和 AI 從業者以更快的速度將 AI 嵌入到最後一公里業務流程中。諸如此類的創新正在顯著增加我們的機會。

With our data in AI pipeline up 50% year over year. Agentic has grown more rapidly than any other offering in Genpact's history. Our agentic solutions are clearly resonating demonstrated by traction in new clients as well as higher volumes and increased scope with our existing accounts.

我們的人工智慧數據管道年增了 50%。Agentic 的成長速度超過了 Genpact 歷史上任何其他產品。我們的代理解決方案顯然引起了共鳴，新客戶的增加以及現有客戶業務量和業務範圍的擴大都證明了這一點。

Core Business Services continued to grow, increasing 3.7% in 2025. Clients look to us to run their mission-critical operations at scale and do the foundational work necessary for AI transformation later because they know there is no artificial intelligence without process intelligence. Our deep domain and industry experience reinforce our competitive position and amplify demand for our Advanced Technology Solutions, especially with large strategic engagements. Coming into 2026, we have been awarded more large deals than at the beginning of any prior fiscal year, further demonstrating how clients trust Genpact to drive real business outcomes.

核心業務服務持續成長，預計到 2025 年將成長 3.7%。客戶希望我們能夠大規模地運行其關鍵業務，並為日後的 AI 轉型做好必要的基礎工作，因為他們知道沒有流程智慧就沒有人工智慧。我們深厚的領域和產業經驗鞏固了我們的競爭地位，並提高了對我們先進技術解決方案的需求，尤其是在大型策略合作方面。進入 2026 年，我們獲得的大宗訂單數量比以往任何一個財政年度開始時都多，這進一步證明了客戶對 Genpact 的信任，相信我們能夠推動真正的業務成果。

Next, clients. Clients choose Genpact because of our ability to combine data, AI and agentic with nearly three decades of experience running core operations. Let me walk you through a couple of examples to illustrate.

接下來是客戶。客戶選擇 Genpact 是因為我們能夠將資料、人工智慧和智慧代理與近三十年的核心營運經驗結合。讓我舉幾個例子來說明。

We first demonstrates how our core business services positions us to guide clients through their broader AI-led transformation. Humana is a leading American health and well-being company, primarily focused on offering a wide range of health care services and insurance products. They are long-standing digital operation clients in finance and accounting.

我們首先展示我們的核心業務服務如何使我們能夠指導客戶完成更廣泛的人工智慧驅動轉型。Humana 是一家領先的美國健康與福祉公司，主要專注於提供各種醫療保健服務和保險產品。他們是金融和會計領域長期合作的數位化營運客戶。

Recently, we expanded our partnership to support Humana's AI-enabled transformation across revenue cycle management, procurement and, of course, finance and accounting. We are leveraging our deep process intelligence and last-mile knowledge to drive efficiency and consistency through process redesign and operating model improvements.

最近，我們擴大了合作夥伴關係，以支持 Humana 在收入週期管理、採購以及財務和會計等領域的 AI 賦能轉型。我們正在利用我們深厚的流程智慧和最後一公里知識，透過流程重新設計和營運模式改進來提高效率和一致性。

Over time, we see the opportunity to support more advanced AI-enabled operating models, including agentic operations. This aligns directly with Humana's enterprise transformation and AI strategies, and create a pathway for Genpact to become a key partner to Humana's future workforce.

隨著時間的推移，我們看到了支援更先進的人工智慧驅動型營運模式的機會，包括智慧體營運。這與 Humana 的企業轉型和人工智慧策略直接契合，並為 Genpact 成為 Humana 未來員工隊伍的關鍵合作夥伴鋪平了道路。

The next example is Wesco, which shows just how quickly agentic operations can scale and generate meaningful outcomes. Wesco, another Fortune 500 company and leading provider of business-to-business distribution, logistics, services and supply chain solutions, has partnered with Genpact to reimagine their finance function, including an overhaul of their AP process.

下一個例子是 Wesco，它充分展現了智慧營運能夠以多快的速度擴展並產生有意義的成果。Wesco 是另一家財富 500 強公司，也是領先的企業對企業分銷、物流、服務和供應鏈解決方案提供商。該公司與 Genpact 合作，重新構想其財務職能，包括對其應付帳款流程進行全面改革。

At our Investor Day in June, Wesco's CFO spoke about their comprehensive process and technology transformation. We transitioned their entire AP and procurement organization onto a unified platform and automated their end-to-end process with pretrained outcome-oriented agents. Since June, we have made even more progress to drive better accuracy, faster cycle time, and an elevated supplier experience.

在六月的投資者日上，Wesco 的財務長談到了他們全面的流程和技術轉型。我們將他們的整個應付帳款和採購組織過渡到統一的平台，並使用預先訓練的以結果為導向的代理人實現了端到端流程的自動化。自六月以來，我們在提高準確性、加快週期時間和提升供應商體驗方面取得了更大的進步。

Wesco has improved touchless processing of their 3 million invoices from 40% to 65%. We have also now implemented AP Advance with plans to implement AP Assist soon. HFS Research highlighted our work with Wesco as evidence that accounts payable is no longer just a back office function. Instead, it is becoming a front line for enterprise AI, providing a foundation for real-time visibility and agility across the finance enterprise. These are just a few of the success stories we have seen this past year.

Wesco 已將其 300 萬張發票的非接觸式處理率從 40% 提高到 65%。我們現在也已經實施了 AP Advance，並計劃很快實施 AP Assist。HFS Research 強調了我們與 Wesco 的合作，以此證明應付帳款不再只是後台職能。相反，它正在成為企業人工智慧的前線，為整個金融企業的即時可見性和敏捷性奠定基礎。以上僅是我們過去一年看到的一些成功案例。

And finally, catalyst. In 2025, partner-related revenue grew nearly 50% year over year. Partnering with companies like AWS, Microsoft, GCP, Databricks is accelerating our ability to drive AI-led transformation. We are embedding domain-led solutions into their tech stacks with joint go-to-market efforts and road maps, setting us up to rapidly scale our execution.

最後，還有催化劑。2025年，合作夥伴相關收入年增近50%。與 AWS、微軟、GCP、Databricks 等公司合作，正在加速我們推動人工智慧驅動轉型的能力。我們正在將領域主導的解決方案嵌入到他們的技術堆疊中，並共同製定市場推廣計劃和路線圖，這使我們能夠快速擴大執行規模。

We also continue to invest aggressively in AI talent through both hiring technology experts and intentionally training and upskilling our teams. Now with over 7,000 AI builders and nearly 20,000 AI practitioners, we are quickly building our future-ready workforce that can innovate, collaborate, and drive impact at scale.

我們也將繼續大力投資人工智慧人才，包括聘請技術專家和有意識地培訓和提昇團隊技能。現在，我們擁有超過 7,000 名 AI 建構者和近 20,000 名 AI 從業者，我們正在快速建立一支面向未來的員工隊伍，他們能夠創新、協作並大規模地產生影響。

Looking ahead, 2026 will be a pivotal year for Genpact. Building on momentum of GenpactNext, we expect to deliver another year of strong, high-quality results. Revenue growth of at least 7% year over year will be powered by Advanced Technology Solutions growth in at least the high teens.

展望未來，2026 年將是 Genpact 的關鍵一年。憑藉 GenpactNext 的強勁勢頭，我們預計今年將取得另一個強勁、高品質的業績。營收年增至少 7%，這主要得益於先進技術解決方案至少 10% 以上的成長。

We will continue to aggressively invest in our advanced technology solutions, expanding product development across agentic, data and AI, and strengthening our sales and partnership ecosystem. Even with these significant investments, we are committed to again deliver healthy margin expansion. Finally, we expect to drive another year of double-digit adjusted EPS growth while continuing to return a significant portion of operating cash flows to our shareholders.

我們將繼續大力投資我們的先進技術解決方案，擴大在代理商、數據和人工智慧領域的產品開發，並加強我們的銷售和合作夥伴生態系統。即使進行了這些重大投資，我們仍致力於再次實現健康的利潤率成長。最後，我們預計未來一年將達到兩位數的調整後每股盈餘成長，同時繼續將相當一部分經營現金流返還給股東。

In closing, let me leave you with a quote from one of our recent tech hires that perfectly captures why we are so excited about this new era. Genpact offers an incredibly unique opportunity to help customers move past the era of AI novelties and into the era of last-mile agentic AI. Customers are realizing we can do what others can't. We bring technology and process into the same room, connecting deep functional and industry understanding, proprietary data, AI and agentic systems to truly integrate AI and transform their businesses.

最後，我想引用我們最近招募的一位技術人員的一句話，這句話完美地詮釋了我們為什麼對這個新時代感到如此興奮。Genpact 提供了一個極其獨特的機會，幫助客戶擺脫人工智慧新奇事物的時代，邁入最後一公里智慧人工智慧時代。客戶逐漸意識到，我們能做到別人做不到的事。我們將技術和流程融合在一起，結合深厚的功能和行業理解、專有數據、人工智慧和代理系統，真正實現人工智慧的整合，從而改變他們的業務。

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

那麼，我把電話交給麥克吧。

Good afternoon, everyone, and thank you for joining us today. We delivered a strong fourth quarter that exceeded our expectations, underscoring the progress we have made throughout the fiscal year. As we consistently execute across our businesses, momentum from GenpactNext strategy continues to build, demonstrating our strategic investments are paying off.

各位下午好，感謝各位今天參加我們的節目。我們第四季業績強勁，超乎預期，凸顯了我們在整個財年的進展。隨著我們在各項業務中持續推進，GenpactNext 策略的勢頭不斷增強，這表明我們的策略投資正在取得成效。

In the fourth quarter, total revenue increased 5.6% to $1.319 billion. Advanced Technology Solutions revenue, which includes data and AI, digital technologies, advisory and agentic increased 15% to $323 million, with particular strength in data and AI.

第四季總營收成長5.6%，達到13.19億美元。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）成長 15% 至 3.23 億美元，其中數據和人工智慧表現尤為強勁。

Our Advanced Technology Solutions continue to create incremental value for our clients and generating higher-value revenue for Genpact, delivering more than 2 times the revenue per head count compared to the company average. This revenue was also growing more than 2 times faster than Genpact's overall revenue with roughly 70% annuitized revenue and 70% from non-FTE models. Advanced Technology Solutions is high quality, sticky and most importantly, strategically aligned to our future direction.

我們的先進技術解決方案持續為客戶創造增量價值，並為 Genpact 創造更高價值的收入，人均收入是公司平均的 2 倍以上。該收入的成長速度也比 Genpact 的整體收入快 2 倍以上，其中約 70% 為年金收入，70% 來自非 FTE 模式。先進技術解決方案品質高、黏性強，最重要的是，與我們未來的策略發展方向高度契合。

Our rapid acceleration in Agentic reflects the strong foundation and client trust we have built over years as well as our leadership in advancing AI-led transformation. As BK mentioned, we closed over $200 million in agentic contracts across new and existing clients in 2025, with more than 40% of awarded contract value coming from new clients. Within existing AP clients rotating to agentic-led, we continue to see revenue and margin improvement driven by higher volumes, increased scope for both, demonstrating the expansive opportunity of our agentic investments.

Agentic 的快速發展反映了我們多年來建立的強大基礎和客戶信任，以及我們在推動人工智慧驅動轉型方面的領導地位。正如 BK 所提到的，我們在 2025 年與新舊客戶簽訂了超過 2 億美元的代理合同，其中超過 40% 的合約金額來自新客戶。在現有 AP 客戶轉向代理主導模式的過程中，我們持續看到收入和利潤率的提高，這得益於更高的交易量和更大的業務範圍，也證明了我們在代理投資方面的巨大潛力。

Core Business Services which includes digital operations, decision support services and technology services grew 2.9% to $996 million in the fourth quarter, reflecting continued client trust and demand for our domain and industry expertise. Growth in core was offset by softness in decision support services as we continue to work through our go-to-market approach.

核心業務服務（包括數位營運、決策支援服務和技術服務）第四季成長 2.9% 至 9.96 億美元，反映出客戶對我們領域和產業專業知識的持續信任和需求。核心業務的成長被決策支援服務的疲軟所抵消，因為我們仍在不斷完善我們的市場推廣策略。

In the fourth quarter, data tech and AI revenue increased 7.4% to $639 million, and digital operations increased 4% to $681 million. Non-FTE revenue, which captures our strategic shift to fixed fee, consumption and outcome-based deals represented 48% of fourth-quarter revenue.

第四季度，數據技術和人工智慧收入成長7.4%至6.39億美元，數位營運收入成長4%至6.81億美元。非全職員工收入體現了我們向固定費用、消費和結果導向交易的策略轉變，佔第四季收入的 48%。

At a segment level, High Tech and Manufacturing grew 9.9% followed by financial services growth of 5% and Consumer and Healthcare revenue growth of 1.5%. Sales execution and demand remained strong as we continue to make progress with new and existing clients. Existing client relationships continue to grow, demonstrated by our improvements in our net revenue retention rate.

從行業細分來看，高科技和製造業成長了 9.9%，其次是金融服務業成長了 5%，消費和醫療保健業收入成長了 1.5%。銷售執行力和市場需求依然強勁，我們不斷與新舊客戶取得進展。現有客戶關係持續成長，淨收入留存率的提高就證明了這一點。

Our large deal momentum also continues. As noted earlier, in addition to the deals closed in the fourth quarter, we have a number of large deals awarded that we expect to close in the coming months, including some net new to Genpact. As a reminder, large deals are $50 million or more in total contract value. And across clients and cohorts, we are seeing a growing mix of Advanced Technology Solutions pipeline and bookings.

我們的大宗交易勢頭依然強勁。如前所述，除了第四季度完成的交易外，我們還獲得了一些大型交易，預計將在未來幾個月內完成，其中包括一些 Genpact 的新交易。再次提醒，大額交易是指合約總價值達到或超過 5000 萬美元的交易。在各個客戶群中，我們看到先進技術解決方案的銷售管道和訂單量都在不斷增長。

Turning to profitability. Gross margin in the fourth quarter expanded by approximately 90 basis points to 36.6%. Over the past two years, our consistent track record of margin expansion reflects our disciplined approach to driving operational efficiencies as well as an increasing contribution from our high-value Advanced Technology Solutions.

轉向盈利。第四季毛利率成長約 90 個基點，達到 36.6%。過去兩年，我們持續的利潤率成長記錄反映了我們為提高營運效率所採取的嚴謹方法，以及我們高價值先進技術解決方案日益增長的貢獻。

SG&A expense as a percentage of revenue was 20.3%. Adjusting the operating income was $232 million, with adjusted operating income margin of 17.6% as we continue to self-fund our strategic investments. Our effective tax rate in the fourth quarter was 24.2%, an increase from our prior-year rate that was favorably impacted by a nonrecurring discrete item.

銷售、一般及行政費用佔收入的百分比為 20.3%。經調整後，營業收入為 2.32 億美元，經調整後的營業收入利潤率為 17.6%，我們繼續為策略性投資提供自有資金。第四季我們的實際稅率為 24.2%，比上年同期有所上升，這主要得益於一項非經常性單項項目的有利影響。

Our full-year effective tax rate was 24.3%. Net income for the fourth quarter was $143 million, and diluted EPS was $0.81. Adjusted diluted EPS increased 6.6% to $0.97 faster than revenue growth for yet another quarter. We ended the fourth quarter with $854 million in cash and cash equivalents, up $207 million from a year ago. This quarter, we returned $129 million to shareholders through $100 million in share repurchases and $29 million in dividends.

我們全年的實際稅率為 24.3%。第四季淨利為1.43億美元，攤薄後每股收益為0.81美元。調整後的攤薄後每股收益成長6.6%至0.97美元，再次超過營收成長速度。第四季末，我們持有現金及現金等價物 8.54 億美元，比去年同期增加 2.07 億美元。本季度，我們透過1億美元的股票回購和2,900萬美元的股息，向股東返還了1.29億美元。

Turning to the full year. We delivered $5.08 billion in revenue, up 6.6% year over year. Advanced Technology Solutions increased 17% to $1.204 billion and core business services revenue grew 3.7% to $3.876 billion. Datatech and AI increased 9.3% to $2.442 billion, and digital operations increased 4.1% to $2.638 billion.

展望全年。我們實現了 50.8 億美元的收入，年增 6.6%。先進技術解決方案營收成長 17% 至 12.04 億美元，核心業務服務收入成長 3.7% 至 38.76 億美元。數據技術和人工智慧成長 9.3% 至 24.42 億美元，數位營運成長 4.1% 至 26.38 億美元。

In 2025, we drove another 60 basis points of gross margin expansion to 36% through rigorous operational discipline and our strategic focus on driving higher-value revenue streams. SG&A expenses as a percentage of total revenue was 20.3%, consistent with last year. We remain disciplined in managing costs by prioritizing strategic investments. Adjusted operating income grew 9.1% to $888 million, with adjusted operating income margin expanding 40 basis points year over year to 17.5%.

2025 年，我們透過嚴格的營運紀律和推動更高價值收入來源的策略重點，將毛利率提高了 60 個基點，達到 36%。銷售、一般及行政費用佔總收入的20.3%，與去年持平。我們透過優先進行策略性投資，在成本控制方面保持嚴謹的態度。經調整後的營業收入成長9.1%至8.88億美元，經調整後的營業收入利潤率較去年同期成長40個基點至17.5%。

Net income grew to $552 million. Adjusted diluted EPS increased 11.3% to $3.65, reaching a record high, growing faster than revenue for the fifth consecutive year. For 2025, we generated operating cash flow of $813 million, including $170 million from a client prepayment in the third and fourth quarters. Excluding this impact, cash flow from operations increased 5% year over year. Finally, we returned $401 million to shareholders through $283 million in share repurchases and $118 million in dividends.

淨收入成長至5.52億美元。經調整後的稀釋每股盈餘成長 11.3% 至 3.65 美元，創歷史新高，連續第五年成長超過營收。2025 年，我們產生了 8.13 億美元的營運現金流，其中包括第三季和第四季客戶預付款 1.7 億美元。剔除此影響，經營活動產生的現金流年增 5%。最後，我們透過2.83億美元的股票回購和1.18億美元的股息，向股東返還了4.01億美元。

Turning to our outlook, which assumes the operating environment will remain relatively consistent. Our strong execution, significant backlog, and rapidly accelerating demand for Advanced Technology Solutions put us in a very strong position during the year. As a result, we expect to deliver at least 7% growth for 2026 on an as-reported basis. This guide reflects committed revenue in line with historical ranges.

接下來談談我們的展望，我們假設經營環境將保持相對穩定。我們強大的執行力、大量的積壓訂單以及對先進技術解決方案的快速增長的需求，使我們在這一年中處於非常有利的地位。因此，我們預計 2026 年按報告數據計算，成長率至少為 7%。本指南反映了與歷史範圍一致的承諾收入。

In Advanced Technology Solutions, we expect revenue to grow at, at least high-teens for the full year, driven by ongoing demand for data and AI as well as strengthening partnerships and continued momentum in agentic.

在先進技術解決方案領域，我們預計全年營收至少將實現兩位數以上的成長，這主要得益於對資料和人工智慧的持續需求，以及合作夥伴關係的加強和智慧代理領域的持續發展勢頭。

In core business services, we expect growth to continue, even as we help clients accelerate their AI-led transformations through agentic operations, and we increased our focus on driving sustainable growth through advanced technology innovations. Full-year gross margin is expected to further expand by 50 basis points to 36.5%. Adjusted operating income margin is expected to increase 25 basis points to 17.7%, reflecting our continued commitment to self-fund investments for growth. As a result, we expect adjusted diluted EPS to grow approximately 10%, again, faster than revenue.

在核心業務服務方面，我們預計成長將持續，同時我們透過代理營運幫助客戶加速人工智慧驅動的轉型，我們更加重視透過先進的技術創新推動永續成長。預計全年毛利率將進一步提高 50 個基點，達到 36.5%。經調整後的營業利潤率預計將成長 25 個基點至 17.7%，這反映了我們持續致力於自籌資金進行成長投資。因此，我們預計調整後的稀釋每股盈餘將成長約 10%，再次超過營收成長速度。

Regarding our capital allocation strategy. We continue to take a balanced and disciplined approach. We aim to return approximately 50% to shareholders through share repurchases and dividends while maintaining flexibility for strategic investments. As a result, our Board of Directors has approved a 10% increase in our regular quarterly dividend to $0.1875 per quarter and $0.75 on an annual basis.

關於我們的資本配置策略。我們將繼續採取平衡且嚴謹的方法。我們的目標是透過股票回購和分紅向股東返還約 50% 的收益，同時保持策略投資的靈活性。因此，我們的董事會已批准將季度常規股息提高 10%，至每季 0.1875 美元，年度股息提高 0.75 美元。

Turning to the first quarter on an as-reported basis. We expect to deliver total revenue between $1.282 billion and $1.294 billion or 6% growth in midpoint. We expect Advanced Technology Solutions to accelerate from the fourth quarter to high-teens growth year over year, and we expect continued growth in core business services. We expect gross margin to expand to 36.3% and adjusted operating income margin to increase to 17.3%. Finally, we expect adjusted diluted EPS of $0.92 to $0.93 for the first quarter.

接下來，我們來看第一季的業績報告。我們預計總營收將在 12.82 億美元至 12.94 億美元之間，即成長 6%（取中間值）。我們預計先進技術解決方案業務從第四季度開始加速成長，年成長接近兩位數，我們預計核心業務服務業務將繼續成長。我們預計毛利率將擴大至 36.3%，調整後營業利益率將提高至 17.3%。最後，我們預計第一季調整後稀釋每股收益為 0.92 至 0.93 美元。

In closing, the unique combination of our last-mile expertise with advanced technology capabilities allows us to define how enterprises will operate in the future. With our GenpactNext strategy, we're innovating at scale to accelerate high-quality revenue growth and consistently expanding margins, all while further amplifying our differentiated position in the market.

總之，我們憑藉著最後一公里配送的專業知識和先進的技術能力，能夠定義企業未來將如何運作。透過 GenpactNext 策略，我們正在大規模創新，以加速高品質的收入成長並持續擴大利潤率，同時進一步鞏固我們在市場上的差異化地位。

We remain committed to investing aggressively against the most strategic areas of our business to drive sustainable growth and improvements in our margin profile with long-term partnerships that support improved economics for both Genpact and our clients. All this allows us to continue to grow adjusted diluted EPS double digits while driving long-term value creation.

我們將繼續致力於在業務中最具戰略意義的領域進行積極投資，以推動永續成長並改善利潤率，同時建立長期合作夥伴關係，從而改善 Genpact 和我們客戶的經濟效益。這一切都使我們能夠繼續實現調整後稀釋每股盈餘兩位數的成長，同時推動長期價值創造。

With that said, let me turn the call back over to BK.

話雖如此，現在讓我把電話轉回BK。

Before turning to Q&A, I want to extend my thanks to an incredible leader. Krista Bessinger is transitioning to a new role at Genpact in 2026. Krista, you have made significant impact here at Genpact. Thank you. Thank you for your partnership, and I look forward to working with you in your new advisory role.

在進入問答環節之前，我想對一位傑出的領導者表示感謝。Krista Bessinger 將於 2026 年在 Genpact 擔任新職務。Krista，你為 Genpact 做出了重大貢獻。謝謝。感謝您的合作，我期待在您新的顧問職位上與您共事。

With that, I also want to welcome Kyle Vikstrom as our Head of Investor Relations, and the newest member of our Genpact Leadership Council. Kyle joined us from Microsoft last spring with over 20 years of experience in various finance roles in technology. We are very excited to have her on Board.

在此，我也要歡迎 Kyle Vikstrom 加入我們，擔任投資者關係主管，並成為 Genpact 領導委員會的最新成員。Kyle 去年春天從微軟加入我們，他在科技業的各種財務崗位上擁有超過 20 年的經驗。我們非常高興她能加入我們。

And now let me hand it over for Q&A.

現在交給問答環節。

(Operator Instructions) Bryan Bergin, TD Cowen.

（操作說明）布萊恩·伯金，TD Cowen。

Maybe just given the material pressure on the sector from announcements from Anthropic and others. Maybe we could just start off with whether anything has changed for you on the ground in contracting conversations, whether you see any instances of clients seeking to try to do more themselves? I guess I'm curious, where do you see type in the market being just that versus where there may be some validity to the risks that some of the traditional models face?

或許只是因為 Anthropic 等公司發布的公告給該行業帶來了巨大的壓力。或許我們可以先問問您在合約洽談方面是否有任何變化，您是否注意到客戶試圖更多地自行完成工作的情況？我很好奇，您認為市場上的哪些類型只是類型而已，而哪些類型又確實存在一些傳統模式所面臨的風險？

Sure, Bryan. Thanks. Let me take that. Look, I would say that we are incredibly excited with what's happening in the Silicon Valley. And because it is accelerating our pivot, it is helping us drive outcomes for our clients faster. And whenever any of these tech shifts happen, it's always nuanced as to how it will apply to various different companies, and we clearly see this as a tailwind for us.

當然可以，布萊恩。謝謝。讓我來拿吧。說實話，我們對矽谷正在發生的一切感到無比興奮。因為它加速了我們的轉型，所以它幫助我們更快地為客戶取得成果。每當發生這些技術變革時，它對不同公司的影響總是千差萬別，而我們顯然認為這對我們來說是一個有利因素。

We see that in our pipeline. We see that in our conversations. And if I just step back and maybe -- this is oversimplifying, Brian. I see this as two main AI focus areas. One is, let's say, research AI and the other one is task-oriented AI. What you are probably referring to is more -- what is getting more attention these days in research AI, which is helping us accelerate our work.

我們在生產線上看到了這一點。我們在交談中就能看出這一點。如果我退後一步，也許——布萊恩，這樣做過於簡化了。我認為這是人工智慧領域的兩個主要關注點。例如，一個是研究型人工智慧，另一個是任務導向人工智慧。您可能指的是更多——如今在研究人工智慧領域，人工智慧越來越受到關注，這有助於我們加快工作進度。

Where we come in is more in task-oriented AI and that's where we are building this agentic operations where we execute specific tasks within our process and making sure we are bringing in AI into the entire system of work, looking at every data, looking at the context in this complex end-to-end business processes, which are unique to every industry.

我們更專注於任務導向的人工智慧，我們正在建立這種智慧操作，在我們的流程中執行特定任務，並確保將人工智慧引入整個工作系統，查看每條數據，查看這個複雜的端到端業務流程中的上下文，而這些流程對於每個行業來說都是獨一無二的。

So fundamentally, if I see it from the operator lens, as we speak to many Fortune 500 companies, not just the frontier companies, we see our relevance increase. And we are seeing that again how our agentic operations has taken up, how data and AI has taken up. And what I would say is we are only seeing our pivot to accelerate and only excited with this.

所以從根本上來說，如果我從運營商的角度來看，當我們與許多財富 500 強公司（不僅僅是前沿公司）交談時，我們發現我們的相關性正在提高。我們再次看到，我們的代理操作是如何普及的，而數據和人工智慧又是如何普及的。我想說的是，我們看到的只是轉型加速，對此我們感到非常興奮。

Okay. Understood. And my follow-up will be on ATS. You had nice solid growth here again in for order of 15%. Now you're calling for an acceleration off that level. So I want to touch just the factors driving that confidence. So I heard plenty of activity in your prepared script.

好的。明白了。我的後續報道將聚焦於ATS。你們這裡再次實現了穩健成長，增幅約為 15%。現在你要求的是從這個水準加速發展。所以我想重點談談影響這種信心的因素。我聽出了你事先準備好的劇本裡面有很多精彩的表演。

Can you just give us a sense of maybe ATS bookings growth and is there an acceleration of work that's coming out of CBS and into ATS? Anything that's kind of mechanically migrating between the two?

您能否簡單介紹一下 ATS 預訂量的成長情況，以及從 CBS 流向 ATS 的工作量是否增加？有什麼東西在兩者之間以某種機械方式遷移嗎？

So I'll answer it in two parts, and Mike, feel free to give you a color. Point number one, I think we are beginning to see -- getting into a lot more conversations where we were originally not invited to. And I often have said that we are meeting where clients are. And increasingly, we see that we can take them to where they want to be in a much faster manner. So we are -- be it in large deals or mega deals. We have begun to see into the conversation where we were earlier not invited and that we see in our pipeline.

所以我將分兩部分回答這個問題，麥克，你可以隨意選擇一種顏色。第一點，我認為我們開始看到──我們開始參與許多原本沒有邀請我們參與的對話。我常說，我們會到客戶所在的地方與他們會面。而且我們越來越發現，我們可以以更快的速度帶他們到他們想去的地方。所以，無論是大型交易還是超級交易，我們都是這麼做的。我們已經開始參與到之前我們未被邀請參與的對話中，而我們現在看到了我們人才儲備庫中的機會。

Second, I think, just from a core business services standpoint, we continue to see a very, very healthy demand because that's where we see last-mile advantage. That's where we have done mission-critical operations at scale. And that's where we understand the complexities and bring the process and technology conversation in one go.

其次，我認為，僅從核心業務服務的角度來看，我們仍然看到非常非常健康的需求，因為我們看到了最後一公里優勢。我們曾在那裡大規模開展關鍵任務營運。正因如此，我們才能理解其中的複雜性，並將流程和技術的討論結合起來。

And fundamentally, what we have seen just agentic contracts grow, including with new clients, 40% of the booking coming in from new clients or this contract value. We are really excited. And even for the rotation, we see incremental revenue growth and gross margin growth.

從根本上講，我們看到代理合約數量有所增長，包括與新客戶的合同，40% 的預訂量或合約價值來自新客戶。我們非常興奮。即使是輪換銷售，我們也看到了收入和毛利率的逐步成長。

Yes. So you may just double-click on that for a quick second. So just if you really want to just think about it from that perspective, in the sense of how do we view ourselves in terms of ATS growth at the rate that we're projecting in the high-teens for 2026, it's really driven by the two things BK alluded to.

是的。所以你只需雙擊一下就能快速操作。所以，如果你真的想從這個角度來思考，即我們如何看待 ATS 的成長，我們預計到 2026 年 ATS 的成長速度將達到 10% 以上，這實際上是由 BK 提到的兩件事驅動的。

First, momentum we've seen in the agentic ramp-up has been notable, right? We put forth -- we had a TCV of approximately $200 million in bookings where we ended the year and that's going to accelerate more as you are all at additional agentic-related solutions. That will help pivot some of the revenue from the core business services.

首先，我們看到代理能力提升的勢頭非常顯著，對吧？我們提出的方案是——到年底時，我們的總合約價值約為 2 億美元，隨著你們都在尋求更多與代理商相關的解決方案，這一數字將會加速成長。這將有助於將部分收入從核心業務服務轉移出去。

And a few comments on that. As we talked about in our prepared remarks, the quality and sustainability of that revenue is incredibly important to us. It's highly sticky and continues to grow at a measured pace. It's recurring annual revenue, if you want to think about it from that perspective.

關於這一點，我還有幾點要補充。正如我們在準備好的演講稿中所談到的，收入的品質和可持續性對我們來說極為重要。它具有很強的黏性，並且會以穩定的速度持續生長。如果從這個角度來看，這是一筆經常性的年度收入。

I think maybe what I'm really excited about is how the shape of our business is changing, and the pace at which it is changing and more than a third of the booking is advanced technology solutions. And majority of deals that in agentic are obviously non-FTE, but driving consistent recurring annual revenue seen. So the new commercial model is taking hold in a significant way.

我覺得真正讓我興奮的是我們業務的格局正在發生變化，而且變化的速度也很快，超過三分之一的預訂都採用了先進的技術解決方案。而且，代理商中的大多數交易顯然都不是全職員工交易，但卻帶來了持續的年度經常性收入。因此，這種新的商業模式正在以顯著的方式站穩腳跟。

Maggie Nolan, William Blair.

瑪吉諾蘭，威廉布萊爾。

You mentioned, I think, 40% of your TCV for the AP suite was new clients. I think that number was maybe closer to 30% last quarter.

我記得你提到過，AP套件的總合約價值中有40%來自新客戶。我認為上個季度這個數字可能接近30%。

Are there patterns in who is adopting this are different than the typical clients that would have engaged with Genpact or BPO in general in the past? And then can you give us some data on how you're thinking about addressable market growth as you roll out these solutions?

採用此模式的客戶群與過去與 Genpact 或一般 BPO 合作的典型客戶群是否有差異？那麼，您能否提供一些數據，說明您在推出這些解決方案時是如何考慮目標市場成長的？

Thanks, Maggie. Look, I think it clearly points to significantly expanding our total addressable market. And as I've said that we haven't seen take off of any solution in Genpact history at the pace that we are seeing this. And many of these new clients are obviously net new to Genpact, but a number of them are also our existing clients who are not using finance, but they have now begun to use our finance stack.

謝謝你，瑪吉。你看，我認為這清楚地表明我們需要大幅擴大我們的潛在市場規模。正如我之前所說，在 Genpact 的歷史上，我們從未見過任何解決方案像現在這樣迅速普及。這些新客戶中有很多顯然是 Genpact 的新客戶，但也有一些是我們現有的客戶，他們以前沒有使用我們的金融產品，但現在已經開始使用我們的金融產品組合。

So fundamentally, it is the enterprise client. It is mid-market clients. It is our existing clients who are not using finance -- using us for finance. So combination of all of that is really enhancing. And this is also, in many ways, getting us into the core foundational work that we need to do for many of these clients.

所以從根本上來說，它面向的是企業客戶。目標客戶群為中端市場客戶。正是我們現有的客戶沒有使用金融服務，而是把我們當作金融服務公司來使用。因此，所有這些因素結合起來確實起到了增強作用。從很多方面來看，這也讓我們進入了我們需要為許多客戶進行的核心基礎工作。

Okay. And then have you noticed any improvements in the sales cycle or ramp times in the last 90 days or so, particularly in large deals? And I'm curious what's contemplated in the full-year guidance with respect to those variables. And you sort of alluded to large deals in January being quite strong. Are those baked into the guide?

好的。那麼，在過去的90天左右，您是否注意到銷售週期或啟動時間有任何改善，尤其是在大額交易方面？我很想知道全年業績指引中針對這些變數是如何考慮的。你之前也暗示過一月份的大宗交易會非常強勁。這些內容都包含在指南裡了嗎？

Look, I think large deals have your correctors, some move at a very accelerated pace and some take much longer. And especially as we bring more technology and process and data and all of these skills together, especially for larger awards, it doesn't move in 90-day increments. But really thrilled with a number of these conversations, the pipeline across cohorts, including large deals is at record levels.

你看，我認為大宗交易總是會有一些糾正措施，有些進展非常迅速，有些則需要更長。尤其是在我們將更多技術、流程、數據以及所有這些技能整合在一起時，特別是對於更大的項目，進展不會以 90 天為單位。但令我非常高興的是，這些對話促成了許多交易，各個群體（包括大型交易）的潛在客戶數量都達到了創紀錄的水平。

Maybe I will add on to that, BK. So Maggie, thanks for the question. Let me just bring this up a little. We're really confident in our guide at 7% on a full-year basis, right? So we look at everything that we look at all deals. We probability weight them as we move forward in our business.

或許我會補充一些內容，BK。瑪吉，謝謝你的提問。我只想稍微提一下這件事。我們對全年7%的指導收益率非常有信心，對吧？所以我們會審查所有交易。隨著業務的推進，我們會根據機率對這些因素進行加權。

But a few things I want to just quickly talk about when we think about the 7% number for us. We look at it in an absolute-dollar perspective, right? So we grew last year, a little over 6.5% and roughly the same number a year ago. So it's not a Herculean effort for us to grow at that rate for next year.

但關於我們理解的7%這個數字，有幾點我想簡單談談。我們是從絕對美元的角度來看這個問題的，對吧？所以去年我們實現了成長，略高於 6.5%，與前年大致相同。所以，明年我們要維持這樣的成長速度並非難事。

But I'd also like to just point out that our committed revenue is in line with historical averages, which is about 75%-ish, right? And again, this is all built off of a significant backlog, which is at record levels, which takes into account 2025 bookings as well as an exceptionally strong 2023 and 2024. So we feel really good about that on a go-forward basis, and specifically regarding your question on is all deals are probability weighted into how we look at the guide on a prospective basis.

但我還想指出，我們承諾的收入與歷史平均值一致，大約在 75% 左右，對吧？而且，這一切都建立在大量的積壓訂單之上，這些訂單目前處於歷史最高水平，其中包括 2025 年的預訂以及 2023 年和 2024 年異常強勁的預訂。因此，我們對未來的發展感到非常樂觀，特別是關於您提出的問題，即所有交易是否都會根據機率加權，以便我們可以從長遠角度看待該指南。

Surinder Thind, Jefferies.

蘇林德‧辛德，傑富瑞。

I'd like to touch base on the margins, starting with the gross margins and the expectations of 50 basis points expansion. Can you walk me through the levers that you're using there? And then what is the potential to kind of continue that trajectory as we look further out into '27 and '28?

我想談談利潤率，首先是毛利率以及預計成長 50 個基點的預期。你可以跟我講解一下你在那裡使用的那些控制桿嗎？那麼，展望 2027 年和 2028 年，這種發展趨勢持續下去的潛力有多大呢？

Maybe I'll start, and Mike, feel free to comment on it. Look, fundamentally, it is a shift to Advanced Technology Solutions, which is giving a higher value to our clients, and it is a higher-value revenue for Genpact. And we've been talking about it for a bit. And now I think it is -- as it is picking up the momentum, we see that come through.

或許我可以先開始，麥克，歡迎你提出意見。從根本上講，這是向先進技術解決方案的轉變，這為我們的客戶帶來了更高的價值，也為 Genpact 帶來了更高的收入。我們已經討論這個問題一段時間了。現在我認為確實如此——隨著勢頭增強，我們看到了這一點。

Apart from the disciplined operational capabilities that we are driving, but it is more from our Advanced Technology Solutions. And I'll not like to opine on what will happen in '27, '28. But fundamentally, our trajectory is clear as we have demonstrated, Surinder, over the last couple of years and increase the margin by 90 bps or 100 bps over the last two years. And we are very clear that it will certainly grow further in this year as we have guided The Street.

除了我們正在推進的嚴謹的營運能力之外，更重要的是我們先進的技術解決方案。我不想對 2027 年、2028 年會發生什麼事發表意見。但從根本上來說，我們的發展軌跡很明確，正如我們在過去幾年中所展示的那樣，蘇林德，並在過去兩年中將利潤率提高了 90 或 100 個基點。我們非常清楚，正如我們向華爾街所預測的那樣，今年它肯定會進一步成長。

Yes. Two just quick add-ons to that, Surinder. So when -- as BK alluded to, right, the increased mix from ATS, right, particularly that we see these the non-FTE commercial models really support our margin in that business. In addition to it, if you think of our margin in totality or the AOI margin, we lay out and remember that grew 40 basis points year over year, that is net of significant investments we've made in our organization. So we feel very good about our margin trajectory on a go-forward basis.

是的。蘇林德，還有兩點補充。所以，正如 BK 所暗示的那樣，ATS 的組合增加，特別是我們看到這些非 FTE 商業模式確實支撐了我們在該業務中的利潤率。此外，如果您考慮我們的整體利潤率或 AOI 利潤率，我們會指出並記住，它同比增長了 40 個基點，這已扣除了我們對該公司進行的重大投資。因此，我們對未來的利潤率走勢感到非常樂觀。

That's helpful. And I guess, as a point of clarification, what I was trying to tease out here is this idea that is this predominantly a mix shift benefit that you're receiving? Or is there other benefits that you can get from -- just from the delivery footprint and the AI advances that we're seeing? I was just trying to understand that component here.

那很有幫助。我想澄清一點，我在這裡試圖闡明的是，你所獲得的這種好處主要是一種混合模式的轉變嗎？或者，僅從配送範圍和我們所看到的 AI 進步中，還能獲得其他好處嗎？我只是想弄清楚這個部件的意思。

Yes. So correct. So the mix shift component and the nature of the work we do in ATS, we just alluded to is one component of it. But if you're thinking about it from a client-zero perspective, which is how we think about our organization and using AI and everything and how we're training our internal organization, yes, that's help perpetuate the growth and the efficiencies that we're seeing in our own business. Remember, we come to the term client zero because we're embedding technologies in everything that we do, right?

是的。沒錯。所以，我們剛才提到的混合變化成分以及我們在 ATS 中所做的工作的性質，是其中的一個組成部分。但如果你從客戶零的角度來思考這個問題，也就是我們思考我們組織、使用人工智慧以及所有相關事物、以及我們培訓內部組織的方式，那麼是的，這有助於延續我們在自身業務中看到的成長和效率提升。記住，我們之所以會提到「零號客戶」這個概念，是因為我們正在將科技融入我們所做的每一件事中，對吧？

I disproportionately focus on functional areas. And I've seen that technology payoff, right? And we're using some of that benefit to invest in the future of our organization. So I think it's both things. I think you're correct.

我格外關注功能性領域。我已經看到了這項技術帶來的回報，對吧？我們將利用部分收益來投資我們組織的未來。所以我認為兩者都是。我認為你是對的。

That's helpful. And then following up on the comment about this is all net of -- you're making a lot of investments. And so obviously, you're still seeing some good adjusted operating income margin expansion. Can you kind of use the terminology you're investing aggressively in strategic areas? Can you elaborate on that in the sense of, can you do more?

那很有幫助。然後，關於這一點的評論是，所有這些都是淨收益——你進行了很多投資。因此很明顯，調整後的營業利潤率仍然出現了良好的擴張。您能否用更簡單易懂的語言來表達您正在對策略領域進行積極投資？您能否詳細說明一下，例如，您還能做更多嗎？

And is it -- how do you balance the level that you want here? Because when we look at other, I'll use the extreme example is just the hyperscalers. Their CapEx spend this year is coming in much, much higher than anybody's anticipating. So it always seems like there's the ability to invest more. How are you drawing that line?

那麼——你如何在這裡達到你想要的平衡水平？因為當我們看其他方面時，我舉一個極端的例子，那就是超大規模資料中心。他們今年的資本支出遠遠超出了任何人的預期。所以似乎總有機會追加投資。你是如何劃定這條界線的？

So I'll kick it off and hand it over. So remember, what we're doing, there's a tremendous amount of CapEx associated when we talk about investments in totality, right? We do run a very disciplined process in the organization, right? We look at the ROIs and the strategic implications of every one of the investments that we do, right?

那我就先開始，然後把它交出來。所以請記住，我們所做的事情，當我們談論整體投資時，會涉及大量的資本支出，對吧？我們公司內部確實實行非常嚴格的流程，對吧？我們會考察每一項投資的投資報酬率和策略意義，對吧？

Is there always a greater ask that we're willing to do? We evaluate that on a quarterly basis. We do it in a very disciplined fashion, right? But what I will say is from an investment perspective in things like partnerships, which we've called out in quarters past to training, we are not pulling back from that by any stretch. We are investing quite a bit of the operating leverage of the business in the future strategic investments and a whole course of things.

我們是否總願意接受更大的要求？我們按季度進行評估。我們做事非常有條理，對吧？但我想說的是，從投資的角度來看，例如合作關係，我們過去幾季在培訓中都提到過，我們絕對不會在這方面退縮。我們將把公司相當一部分的經營槓桿投入未來的策略投資和一系列專案。

And I think there are clear areas of our investments, Surinder, that we have laid out, partnerships we have laid out, we continue to invest more and more than that. We have laid out in building the talent, we have -- we are increasing that more and more.

蘇林德，我認為我們已經明確劃分了投資領域和合作關係，而且我們將繼續加強投資。我們在人才培育方面已經投入了大量資源，而且我們還在不斷增加人才儲備。

I talked about agentic ops and so on and so forth. This is all the product investments and the engineering investments that we have done. Sales investments and the front-end investments we are doing. So we are changing the business. That's what I mentioned. The shape of the business is changing very fast. And may I say, we are no longer the company than we were two years ago and really proud as to the speed and pace at which we are moving.

我談到了代理操作等等等等。這就是我們所有的產品投資和工程投資。銷售投資和我們正在進行的前端投資。所以我們正在改變業務模式。我剛才說的就是這個。商業格局正在快速變化。我想說，我們現在已經不是兩年前的那家公司了，我對我們發展的速度和步伐感到非常自豪。

David Koning, Baird.

David Koning，貝爾德。

Yes. Great job. I guess my first question is really on pricing. And our clients, it seems like coming to it at an increasing pace, that's great. Are they coming with greater expectations of the ability to drive more efficiencies?

是的。幹得好。我想問的第一個問題其實是關於價格的。我們的客戶似乎以越來越快的速度接受這種方式，這很好。他們是否對提高效率抱持更高的期望？

Are you having to change dynamics like faster kind of efficiency gains in their contracts? Or anything changing in the dynamics of the backdrop?

你們是否需要改變一些動態，例如在合約中加快效率提升？或者背景動態方面有變化嗎？

Maybe I'll take first and feel free to opine overall, Mike. Look, fundamentally, how I think about it is, yes, aspirations are high. Overall aspiration of whatever everybody is reading and, therefore, what can happen in their businesses is high. And so is true in pricing as well. But what we are able to -- so I'll say it in two parts.

或許我會先發言，然後你隨意發表你的整體意見，麥克。從根本上講，我的看法是，是的，人們的期望很高。大家對所讀內容的整體期望很高，因此，人們對自身業務發展抱有很高的期望。定價也是如此。但我們能夠做到的——所以我將分成兩部分來說。

First thing is, think of it as simple as p times q. I mean, p times q, yes, we are giving in more productivity to our clients, but our costs are offsetting at a much faster pace, and that's what you see in gross margin. And as far as our top line is concerned, we are getting a bigger share or more scope than for the same body of work we are able to -- that's what we reported that in agentic. Our revenue growth is much higher than what we reported in June. So I think there is -- that's why we are saying that we are creating higher-value solutions for our clients and we are gaining in the process.

首先，把它簡單地理解為 p 乘以 q。我的意思是，p 乘以 q，是的，我們為客戶帶來了更高的生產力，但我們的成本抵消速度要快得多，這就是你在毛利率中看到的情況。就我們的收入而言，我們獲得了比以往更多的份額或更大的工作範圍——這就是我們在代理商中報告的內容。我們的營收成長遠高於6月公佈的數據。所以我認為確實如此——這就是為什麼我們說我們正在為客戶創造更高價值的解決方案，並且我們在這個過程中也獲得了收益。

The second piece I'll also say is how we are working with our partners and leveraging our partner ecosystem as well as embedding solutions at the last mile, and they are repeatable in nature. And therefore, I think we are gaining as a leverage point there as well.

第二點我想說的是，我們如何與合作夥伴合作，如何利用我們的合作夥伴生態系統，以及如何在最後一公里內嵌入解決方案，而這些方案本質上是可重複的。因此，我認為我們在那裡也獲得了更大的籌碼。

Mike?

麥克風？

Yes. The way I think about it is it just I look at our gross margins, right? And I look at the gross margin expansion that we have and the gross margin expansion that we're guiding for, right? I think that's really the best measure on how we're doing this, right? So yes, as BK alluded to in the beginning of his comments, there's always productivity asks, right?

是的。我的想法是，我只需要看我們的毛利率，對吧？然後我觀察一下我們目前的毛利率擴張情況，以及我們預期的毛利率擴張情況，對吧？我認為這才是衡量我們工作成效的最佳標準，對吧？所以，正如 BK 在他的評論開頭所暗示的那樣，總是會有關於生產力的問題，對吧？

We've seen nothing dramatically changed from the past. But it's always been there, and it's not going to go away. And I think our ability to navigate through that thus far and what we're projecting has been quite impressive.

我們看到的情況與過去相比並沒有顯著變化。但它一直都在那裡，而且不會消失。我認為我們迄今為止應對這種情況的能力以及我們所展現出的前景都令人印象深刻。

Yes, consumption structures are taking hold. So that's giving us more leverage.

是的，消費結構正在形成。這樣我們就有了更大的談判籌碼。

Yes. Okay. That's great. I guess a follow-up question. When a company -- let's say, they're brand new to outsourcing, they haven't thought of AI too much yet. They're on the forefront of thinking about it.

是的。好的。那太棒了。我想問一個後續問題。假設一家公司是外包領域的新手，他們還沒有太多考慮人工智慧。他們在這方面走在了前沿。

Who do they first turn to? Is it you guys? Is it one of the bigger tech companies like -- are you at the kind of the tip of the spear, like Genpact is our first call to like start this all out? Or who do they go to?

他們會先向誰求助？是你們嗎？它是像 Genpact 這樣的大型科技公司嗎？ ——你們是像 Genpact 這樣的先鋒企業嗎？ Genpact 是我們啟動這一切的首選合作夥伴。或是他們會去找誰？

Look, I think this is what I was referring in one of my earlier comments that over the last year or so, we have begun to see and sit on the table where we were usually not invited because we are bringing the process, technology, data and how to run mission-critical operations at scale, all in one dialogue, all in one conversation. And that is really accelerating our pipeline, and you see the progress thereof.

你看，我想這就是我之前評論中提到的，在過去一年左右的時間裡，我們開始看到並參與到通常不邀請我們參與的討論中，因為我們把流程、技術、數據以及如何大規模運行關鍵任務運營，所有這些都融入到一次對話中。這確實加快了我們的產品線生產速度，你也看到了其中的進展。

And we are talking about Advanced Technology Solutions growing 17%. And we are saying for next year, our view is -- it'll grow on top of 17% this year, another 17% at least. So we see that in our pipeline. We see that in our momentum. And yes, I think we are getting invited where we were not earlier invited. So feel really thrilled about that.

我們正在討論的是先進技術解決方案成長17%。我們預計明年，在今年17%的成長基礎上，至少還會再成長17%。所以我們在生產線上看到了這一點。我們從目前的勢頭中就能看出這一點。是的，我認為我們現在收到了以前沒有收到的邀請。所以對此感到非常興奮。

Puneet Jain, JPMorgan.

Puneet Jain，摩根大通。

I wanted to follow up on agentic solutions when you offer like agentic operations or AP solutions. Who's the decision maker within client organizations? Is it like the business managers or the CIO office? Who's driving the charge towards embracing agentic AI within your clients?

我想跟進一下貴公司提供的代理解決方案，例如代理商營運或 AP 解決方案。客戶組織內部的決策者是誰？它類似於業務經理還是首席資訊長辦公室？誰在推動客戶採用智慧體人工智慧？

Yes. Look, I think it is always a combination of both. When we were just talking about running mission-critical operation, obviously, the business voice is much bigger. Well, fundamentally, now as you need to intersect and need to rewin all of these agents into their complex system road map, clearly, their CIO or CDIO, they are integral part of the equation. And therefore, that's the other piece where we are getting invited when a CIO, CDIOs looks at how we are thinking about agentic operations, how agents combine with human expertise, how overall underpinned with responsible governance or all of the framework, we are getting invited in more and more dialogues.

是的。你看，我認為這總是兩者的結合。當我們討論如何運作關鍵任務時，很明顯，業務的聲音要大得多。從根本上講，現在你需要將所有這些代理人納入到他們複雜的系統路線圖中，顯然，他們的首席資訊長 (CIO) 或首席數位資訊長 (CDIO) 都是其中不可或缺的一部分。因此，當資訊長 (CIO)、首席數位資訊長 (CDIO) 審視我們如何思考智能體操作、智能體如何與人類專業知識相結合、以及在負責任的治理或整個框架下如何全面支撐時，我們就會受邀參與越來越多的對話。

And then on the last deals that you have closed this year, what's driving that increase or the trend? Like are these like deals typically rebadging come -- like do these deals have rebadging components, meaning that they are coming from clients in-house operations? Are these AI-led deals? What type of work you are you typically see in those deals?

那麼，今年最後成交的幾筆交易中，是什麼因素推動了成長或這種趨勢？這些交易是否像典型的重新貼牌交易一樣——這些交易是否包含重新貼牌的成分，也就是說，它們是否來自客戶的內部營運部門？這些是人工智慧主導的交易嗎？您通常會在這些交易中看到哪些類型的工作？

Look, operations and maybe you're referring to talent transfer and others, it has been integral part of our model. And there is nothing special about that. Clearly, what is special that a lot more of our clients have begun to see that bringing -- we've been running these mission-critical operations, sometimes they are running themselves. But how we are bringing agentic operations in those mission-critical operations. Therefore, some of those demand spigots are opening up more.

你看，營運方面，或許你指的是人才轉移等等，它一直是我們模式不可或缺的一部分。這沒什麼特別的。顯然，特別之處在於，越來越多的客戶開始意識到這一點——我們一直在運行這些關鍵任務操作，有時它們甚至可以自動運行。但是，我們如何將代理操作引入這些關鍵任務操作呢？因此，一些需求管道正在進一步打開。

And we are getting invited into even GCC conversations that, hey, why don't you take up the center and run it for us because that's not what their expertise is and there, that expertise has begun to shine more and more.

我們甚至被邀請參與海灣合作委員會的對話，對方會說：「嘿，為什麼不讓你們接管這個中心，替我們運作呢？因為那不是他們的專長。」而他們的專長也開始在那裡越來越閃耀。

Bradley Clark, BMO Capital Markets.

Bradley Clark，BMO資本市場。

Just one from me. I think it's clear that trend with your business are strong right now and in the BPO industry with really strong pipeline and expect an acceleration in ATS. And I guess I want to shift focus to like long-term durability, like the demand of customers needing help implementing a lot of different solutions, including your own solutions like your IP solution into these processes that had previously been mostly manual label.

我只有一個。我認為很明顯，貴公司目前的業務發展趨勢強勁，BPO 產業也擁有非常強勁的業務管道，預計 ATS 將加速發展。我想把重點轉移到長期耐用性上，例如客戶需要幫助實施許多不同的解決方案，包括您自己的解決方案，例如您的 IP 解決方案，並將其應用到以前主要依靠人工貼標籤的流程中。

And I guess I want to understand like what's the tail of these types of projects or services the client like 1Q help them implement the solution, whether it be your AP agent solution or a third-party agentic solution? How did growth come after that?

我想了解的是，像 1Q 這樣的客戶如何幫助他們實施這類專案或服務，無論是你們的 AP 代理解決方案還是第三方代理解決方案，這些專案的後續發展是什麼？此後的成長是如何發生的？

Yes. Look, I think these are -- and what I'm talking is more from an operator lens, what we see every single day. And fundamentally, it is -- when I'm talking about AP agentic solution or for that matter record to report or insurance, these are just very initial solutions that are taking hold. And please understand each of these solutions are building recurring annual revenues for Genpact. And that's what the commercial model is.

是的。你看，我認為這些——我指的是從操作人員的角度來看，我們每天都能看到的情況。從根本上來說，當我談到 AP 代理解決方案，或者就此而言，記錄到報告或保險時，這些都只是正在興起的非常初步的解決方案。請理解，這些解決方案都能為 Genpact 帶來持續的年度收入。這就是商業模式。

And these are clearly, as we see it, shaping the business in a very significantly different ways. And like I mentioned in my previous comment, more and more of our clients, especially mega deals, they have begun to see that the benefit of agentic operations, especially running finance, supply chain, submit offices, claims operation, underwriting operations, banking operations, it is how we bring in agents with human expertise in a responsible AI framework so that they get enabled at the front end, they can gain market share and they can focus where they need to focus. So we really see this as a long-term change that is building a long-term business for us in a meaningful way.

顯然，從我們的角度來看，這些因素正在以截然不同的方式塑造商業格局。正如我在先前的評論中提到的，越來越多的客戶，尤其是那些進行大型交易的客戶，開始意識到代理營運的好處，尤其是在財務、供應鏈、提交辦事處、理賠營運、承保營運、銀行營運等方面。我們透過負責任的人工智慧框架引入具有人類專業知識的代理人，使他們能夠在前端獲得賦能，從而贏得市場份額，並專注於他們需要關注的領域。因此，我們確實將此視為一項長期變革，它正在以一種有意義的方式為我們建立一個長期的業務。

And this will end our Q&A session. I will pass it back to management for final comments.

我們的問答環節到此結束。我會將此方案提交給管理階層，徵求他們的最終意見。

Thank you. Thank you, Carmen. Look, I just want to take the opportunity and thank all of the employees across the globe who make -- what Genpact is becoming possible. So my deepest thanks to all of them. And most importantly to our clients who are choosing Genpact, also to our shareholders for their ongoing support.

謝謝。謝謝你，卡門。我想藉此機會感謝全球所有員工，正是他們讓 Genpact 的今天成為可能。所以，我向他們所有人致以最深切的感謝。最重要的是，感謝選擇 Genpact 的客戶，也感謝股東們的持續支持。

2025 was an incredible year, set us up for even better credible year in 2016 and beyond. And look forward to showing you more and more of that and really do want to thank you all. Thank you.

2025 年是令人難以置信的一年，為我們在 2016 年及以後取得更好、更可靠的成績奠定了基礎。期待能向大家展示更多這樣的作品，也真心感謝大家。謝謝。

[This concludes] our conference. Thank you for participating. You may now disconnect.

會議到此結束。感謝您的參與。您現在可以斷開連線了。