簡柏特 (G) 2026 Q1 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the 2026 first-quarter Genpact Limited earnings conference call. My name is Carmen, and I will be your conference moderator for today. (Operator Instructions)

各位女士、先生，大家好，歡迎參加 Genpact Limited 2026 年第一季財報電話會議。我叫 Carmen，今天將擔任本次會議的主持人。（接線員指示）

As a reminder, this call is being recorded for replay purposes. The replay of the call will be archived and made available on the IR section of Genpact's website.

提醒各位，本次電話會議將錄音以供重播。本次會議的重播將被存檔，並於 Genpact 官網投資人關係（IR）專區提供。

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

現在我想把電話會議交給 Genpact 投資人關係主管 Kyle Vikstrom。請開始。

Good afternoon, everyone, and welcome to Genpact's Q1 2026 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.

各位下午好，歡迎參加 Genpact 2026 年第一季（Q1）財報電話會議。希望各位已閱讀我們發布於官網 genpact.com 投資人關係專區的財報新聞稿。

Today, we have with us BK Kalra, President and CEO; and Mike Wiener, 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.

今天與會者包括總裁暨執行長 BK Kalra，以及財務長 Mike Wiener。BK 將先概述本季業績，接著 Mike 會更詳細說明財務表現，之後我們將回答各位的提問。

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，我們將發表前瞻性陳述，包括關於我們業務展望、策略與長期目標的陳述。這些評論係基於我們截至今日的計畫、預測與預期，並可能隨時間而改變。由於多項重要風險與不確定性，實際結果可能與上述陳述有重大差異，其中包括我們向美國證券交易委員會（SEC）提交之 10-K 與 10-Q 文件中的風險因素。

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. More details on constant currency growth rates can also be found in our earnings press release and fact sheet posted to our Investor Relations website. And finally, this call in its entirety is being webcast from our website, and an audio replay and transcript will be available on our website in a few hours.

在本次電話會議中，我們將討論若干非 GAAP 財務衡量指標。我們已在財報新聞稿中，將其與最直接可比的 GAAP 財務衡量指標進行調節（reconcile）。這些非 GAAP 指標並非用以取代我們的 GAAP 結果。關於固定匯率（constant currency）成長率的更多細節，也可在我們發布於投資人關係網站的財報新聞稿與 fact sheet 中查閱。最後，本次電話會議全程將於我們網站進行網路直播，數小時後亦將於網站提供音訊重播與逐字稿。

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

接下來，我把時間交給 BK。

Thank you, Kyle. Hello, everyone, and thank you for joining us today. Q1 was a record start to the fiscal year, and I want to be unequivocal. I believe we are in the early innings of something that will fundamentally reshape this company's trajectory. It is rare to see the convergence of a structural shift in the market, a differentiated capability set, and the right strategic positioning all happening at the same time.

謝謝你，Kyle。各位好，感謝今天加入我們。第一季是本財年的創紀錄開局，我想明確表達。我相信，我們正處於一個將從根本上重塑公司發展軌跡的早期階段。市場結構性轉變、差異化能力組合，以及正確的策略定位同時匯聚的情況並不常見。

When they do and when a company has the discipline and courage to act on it, the resulting advantage compounds in ways that are difficult to replicate. That convergence is what we are experiencing right now, not at the moment, but as a sustained momentum we see reinforced in our pipeline, our client conversations and our early results.

當這些因素同時出現，而公司又具備紀律與勇氣去把握時，所形成的優勢會以難以複製的方式持續累積。我們現在正在經歷的正是這種匯聚，而且不是短暫一刻，而是我們在銷售管線、與客戶的對話以及初步成果中不斷被強化的持續動能。

A new Genpact is taking shape. And our Q1 results demonstrate we are on a clear path as a leader in agentic and advanced technology solutions. Disciplined execution with healthy and increasing demand drove total revenue growth of 6.7% year-over-year to $1.296 billion. Advanced Technology Solutions revenue growth accelerated to 24% year-over-year as we continue to rapidly deliver compelling innovation across our client base.

一個全新的 Genpact 正在成形。我們第一季的結果顯示，我們正走在成為代理式（agentic）與先進技術解決方案領導者的清晰道路上。在健康且持續升溫的需求帶動下，我們以嚴謹執行推動總營收年增 6.7%，達 12.96 億美元。隨著我們持續在客戶群中快速交付具吸引力的創新，先進技術解決方案營收年增加速至 24%。

Gross margin expanded for the 12th quarter in a row, up more than 100 basis points year-over-year, further enabling significant investments for long-term growth, and adjusted diluted EPS again grew faster than revenue, up 16.7% year-over-year.

毛利率連續第 12 季擴張，年增超過 100 個基點，進一步支持我們為長期成長進行重大投資；調整後稀釋每股盈餘（EPS）再次快於營收成長，年增 16.7%。

Our intentional focus and prioritization on driving high-quality, sustainable growth is showing up both in our top and bottom-line results, and in future indicators of growth across booking, pipeline and inflows. Clients, including some of the world's largest corporations, are choosing Genpact as a long-term strategic partner to reshape and run their mission-critical operations. We signed six large deals in the quarter, and we have a healthy pipeline of other large transformational deals, setting us up for continued strength through the year.

我們有意識地聚焦並優先推動高品質、可持續的成長，已同時反映在營收與獲利表現，以及訂單（booking）、銷售管線（pipeline）與新增流入（inflows）等未來成長指標上。客戶（包括全球一些最大的企業）正選擇 Genpact 作為長期策略夥伴，以重塑並營運其關鍵任務（mission-critical）作業。本季我們簽下 6 筆大型交易，且仍有健康的大型轉型交易管線，為全年持續強勁表現奠定基礎。

We are contractually changing the game. We are capturing more multi-year opportunities with annual recurring revenue streams, creating a robust, durable base we can continue to build on. And we are seeing strong early signs of scale, with headcount growth decoupling from revenue as we deeply leverage agentic and AI to make our delivery more productive.

我們正在以合約方式改變遊戲規則。我們正掌握更多具多年期、且帶有年度經常性收入（annual recurring revenue）來源的機會，打造穩健且具韌性的基礎，讓我們得以持續在其上擴建。我們也看到規模化的強勁早期跡象：隨著我們深度運用代理式與 AI 提升交付生產力，人力成長正與營收成長脫鉤。

Momentum in advanced technology solutions is rapidly building. Over the last 90 days, our pipeline has grown more than 30% as demand for our agentic solutions and data and AI expertise continues to meaningfully increase. Advanced Technology Solutions is becoming an increasing proportion of our bookings, adding to our record backlog. And it is contributing more to total revenue. As I said, it grew 24% year-over-year and now accounts for 27% of total revenue.

先進技術解決方案的動能正在快速累積。過去 90 天，我們的銷售管線成長超過 30%，因市場對我們的代理式解決方案以及資料與 AI 專業能力的需求持續顯著提升。先進技術解決方案在我們的訂單中占比愈來愈高，推升我們創紀錄的在手訂單（backlog）。同時，它對總營收的貢獻也在增加。如我所說，其年增 24%，目前已占總營收的 27%。

These solutions continue to create more value for our clients and generate high-value revenue for Genpact. At Investor Day last June, we framed it as 2x2x7070. What this means is advanced technology solutions deliver more than two times the revenue per headcount and two times the revenue growth of the total company, with 70% annuitized revenue and 70% from non-FTE commercial models. All of these metrics are tracking ahead of what we reported last year, further underscoring the high-quality and sticky nature of this business.

這些解決方案持續為客戶創造更高價值，也為 Genpact 帶來高價值營收。在去年六月的投資人日（Investor Day），我們將其概括為 2x2x7070。其意涵是：先進技術解決方案的人均營收超過全公司平均的兩倍、營收成長也達全公司兩倍，且其中 70% 為年金化（annuitized）收入、70% 來自非全職人力（non-FTE）的商業模式。上述各項指標皆優於我們去年所報告的水準，進一步凸顯此業務的高品質與高黏著性。

What I continue to be most proud of is our exceptional momentum with agentic. These are not one-off projects. We are building a meaningful, long-term, annuitized business with our own IP that is deeply integrated in our client operations. Our agentic solutions growth is accelerating. This quarter alone, we nearly doubled the total contract value of our agentic solutions from all of 2025. We are fundamentally and rapidly transforming how businesses operate, and long-term demand for our agentic solutions is gaining significant traction.

我最引以為傲的，仍是我們在代理式（agentic）方面的卓越動能。這些並非一次性的專案。我們正以自有 IP 打造一個具規模、長期且年金化的業務，並深度整合至客戶的營運之中。我們的代理式解決方案成長正在加速。僅本季，我們的代理式解決方案總合約價值（total contract value）幾乎就達到 2025 年全年的兩倍。我們正從根本且快速地改變企業的運作方式，而市場對我們代理式解決方案的長期需求正獲得顯著的牽引力。

More and more new clients are choosing Genpact for our differentiated domain-driven offerings, bringing us into their operations because of the expertise and outcomes we uniquely provide. Existing clients, having known us for running mission-critical operations, are experiencing a surge of innovation from us. And they are actively integrating our agentic offerings, expanding scope, volume, or both as they move confidently toward outcome-driven, non-FTE-led operations.

愈來愈多新客戶因我們具差異化、以產業領域驅動（domain-driven）的產品與服務而選擇 Genpact，並因我們獨特提供的專業與成果而將我們導入其營運。既有客戶過去認識我們是因為我們能營運其關鍵任務作業，如今正感受到我們帶來的創新浪潮。他們也正積極整合我們的代理式產品與服務，擴大範疇、規模，或兩者兼具，並在邁向以成果為導向、非以 FTE 為主導的營運模式時更具信心。

This momentum is quickly building a meaningful, recurring annual revenue base for Genpact, with expanding margins that continue to improve as the business scales. With accounts stable, record to report, source to pay, insurance and our robust future roadmap, we are quickly becoming the agentic transformation partner of choice to move clients from digital operations to agentic operations. We are moving clients to a collaborative model between agents and human experts.

這股動能正迅速為 Genpact 建立起具規模且可重複的年度經常性營收基礎，並且隨著業務擴張，利潤率持續擴大並不斷改善。在帳務穩定、記錄到報告（Record to Report）、採購到付款（Source to Pay）、保險以及我們強健的未來路線圖等領域，我們正快速成為客戶首選的代理式（agentic）轉型夥伴，協助客戶從數位化營運邁向代理式營運。我們正推動客戶採用由代理與人類專家協作的模式。

Agents can now autonomously execute tasks in reimagined processes, while our last-mile experts validate exceptions, train and advanced models and reinforced learnings, all within the guardrails of our responsible AI framework. We call this agentic operations.

代理現在可以在重新構想的流程中自主執行任務，而我們的最後一哩專家則負責驗證例外情況、訓練進階模型並強化學習成果，所有作業皆在我們負責任 AI 架構的護欄之內進行。我們稱之為代理式營運。

Over the past couple of years, the significant investments we have made to expand our advanced technology capabilities have effectively created a flywheel that builds to agentic operations and scalable autonomy. This incredible momentum would not have been possible without decades of experience running our clients' mission-critical operations. Core business services is a key element of our growth model.

在過去幾年中，我們為擴展先進技術能力所做的重大投資，已有效形成一個飛輪效應，推動代理式營運與可擴展的自主化。若沒有數十年來為客戶運行關鍵任務營運的經驗，這股驚人的動能不可能實現。核心業務服務是我們成長模式的關鍵要素。

For our clients, our process intelligence and our ability to codify it continues to be the differentiating factor that brings their artificial intelligence to life, allowing them to achieve real scale across their global organization. Core Business Services revenue increased 1.4% in Q1 as we intentionally disrupt to create exponential value for our clients. Demand is healthy and growing. Our booking and pipeline continues to demonstrate that our deep domain and industry experience is amplifying our broader portfolio.

對客戶而言，我們的流程智慧以及將其編碼化的能力，持續成為讓其人工智慧真正落地的差異化因素，使其能在全球組織中實現真正的規模化。核心業務服務營收在第一季成長 1.4%，因為我們有意進行顛覆式調整，為客戶創造指數級價值。需求健康且持續成長。我們的訂單與商機管道持續顯示，我們深厚的領域與產業經驗正在放大我們更廣泛的產品組合。

We are taking our extensive roadmap to our clients and seeing them rapidly rotate and also shape our future agentic solutions. This is allowing us to make deliberate decisions to double down on scaling our agentic and AI-led offerings, prioritizing higher-quality, long-term growth that continues to build overtime for Genpact.

我們正將廣泛的路線圖帶給客戶，並看到他們迅速轉向採用，同時也共同塑造我們未來的代理式解決方案。這使我們能做出審慎決策，加碼擴大代理式與 AI 驅動的產品供給，優先追求更高品質、長期的成長，並隨時間持續為 Genpact 累積。

Clients across the globe are now choosing Genpact for more than just our operational expertise. They are choosing us for our technology and our ability to codify and scale process context. While our US client traction continues to be strong, let me share two global examples and both are new.

全球各地的客戶如今選擇 Genpact，不再僅僅因為我們的營運專業。他們選擇我們，是因為我們的技術，以及將流程情境編碼化並規模化的能力。在我們於美國客戶端的動能持續強勁之際，我想分享兩個全球案例，而且兩者都是新的。

First, from Europe. This quarter, we entered a new strategic partnership with a global leader in insurance and financial services to support their transformation into global verticals. We will be running and optimizing their mission-critical operations while building functions of the future, entrusted to address the needs of all stakeholders, including their customers, employees and shareholders.

首先，來自歐洲。本季，我們與一家保險與金融服務領域的全球領導者建立新的策略夥伴關係，支持其轉型為全球垂直事業。我們將負責運行並優化其關鍵任務營運，同時打造未來職能，受託滿足所有利害關係人的需求，包括其客戶、員工與股東。

We are partnering to reimagine how their key functions operate and scale at an enterprise level, embedding agentic and AI-driven capabilities at the very core of our global enterprise transformation. We are integrating Genpact's agentic finance IP solutions like Accounts Payable and Record to Report, as well as other AI-led offerings.

我們正攜手重新構想其關鍵職能如何在企業層級運作與擴展，並在全球企業轉型的核心嵌入代理式與 AI 驅動能力。我們正在整合 Genpact 的代理式財務 IP 解決方案，例如應付帳款（Accounts Payable）與記錄到報告（Record to Report），以及其他 AI 驅動的產品。

The result is a fundamental shift for these functions to become predictive business partners, while reducing transaction costs and improving compliance. The combination of understanding the business context at the last mile, bringing the latest agentic innovations and strong cultural and people alignment with outcome orientation creates an incredibly strong foundation for the strategic partnership.

其結果是，這些職能發生根本性轉變，成為具預測性的業務夥伴，同時降低交易成本並提升合規性。在最後一哩理解業務情境、導入最新代理式創新，以及與成果導向相一致的強大文化與人才對齊，三者結合，為此策略夥伴關係奠定極其堅實的基礎。

The next example comes from one of our new next-gen clients, which represents next generation of market disruptors. Bendigo Bank, one of Australia's leading banks is transforming its operating model to create a leaner, more resilient operating backbone, allowing investments to be redirected into customer experience, data and product innovation. Bendigo Bank entered into a strategic multi-year partnership with Genpact to drive greater productivity with stronger risk and control outcomes across core operations.

下一個例子來自我們的新一代客戶之一，代表著下一代的市場顛覆者。澳洲領先銀行之一 Bendigo Bank 正在轉型其營運模式，以打造更精實、更具韌性的營運骨幹，使投資得以重新導向客戶體驗、數據與產品創新。Bendigo Bank 與 Genpact 簽訂多年期策略合作夥伴關係，以在核心營運中提升生產力，同時強化風險與控制成效。

Bendigo Bank selected Genpact given our ability to combine deep Australian banking operation expertise, proven innovation as demonstrated through real AI and agentic case studies, and a risk-balanced mindset critical in regulated environments. Both of these examples underscore our unique positioning and a clear flywheel effect. Decades of experience translating into codified domain knowledge, combined with expanding advanced technology capabilities and agentic operations, and all of these are compounding.

Bendigo Bank 選擇 Genpact，是因為我們能結合深厚的澳洲銀行營運專業、透過真實 AI 與代理式案例研究所展現的成熟創新能力，以及在受監管環境中至關重要的風險平衡思維。這兩個案例都凸顯了我們獨特的定位與清晰的飛輪效應。數十年的經驗轉化為可編碼的領域知識，並與不斷擴展的先進技術能力與代理式營運相結合，而這一切都在持續疊加增長。

What we also hear from clients is that their data, infrastructure, systems and processes are complex. They need help navigating rapid technology changes, and they need partners who can connect across the broader ecosystem. We continue to deepen and expand our partner relationships with differentiated offerings, leveraging our clear domain expertise and connecting the dots for clients.

我們也從客戶那裡聽到，他們的數據、基礎設施、系統與流程都相當複雜。他們需要協助以因應快速的技術變化，也需要能在更廣泛生態系中串聯協作的夥伴。我們持續深化並擴大夥伴關係，提供具差異化的方案，運用我們清晰的領域專長，為客戶串起各個環節。

In Q1, our partner-related revenues grew 35% year-over-year, now accounting for nearly 13% of total revenue. We continue to make meaningful progress against our partner strategy, and this week marks a significant milestone. We just announced a strategic alliance with Google to create agentic and AI-led solutions for the office of the CFO. This is not just a partnership announcement, it is deepening of a relationship that is already delivering real results for clients.

第一季，我們與夥伴相關的營收年增 35%，目前約占總營收的 13%。我們在夥伴策略上持續取得實質進展，而本週更是一個重要里程碑。我們剛宣布與 Google 建立策略聯盟，為 CFO 辦公室打造代理式與 AI 驅動的解決方案。這不僅是一則合作公告，而是深化一段已經為客戶帶來實際成果的關係。

Just two weeks ago at Google Next, Google spotlighted Genpact's finance solutions, showcasing how we are enabling finance users to gain actionable insights from revenue and P&L data through natural language conversations in Gemini Enterprise. The thesis is simple. Genpact's context-rich process intelligence combined with Google Cloud's AI infrastructure allows us to drive agentic transformation across the office of the CFO.

就在兩週前的 Google Next 大會上，Google 聚焦展示了 Genpact 的財務解決方案，呈現我們如何在 Gemini Enterprise 中透過自然語言對話，協助財務使用者從營收與損益（P&L）數據中獲得可採取行動的洞察。其核心論點很簡單。Genpact 具情境脈絡的流程智慧，結合 Google Cloud 的 AI 基礎設施，使我們能推動 CFO 辦公室的代理式轉型。

Let me bring that to life with a client example. Cardinal Health manufactures and distributes medical and healthcare products, operating in 30 countries and serving 90% of US hospitals. We have a long-standing relationship with Cardinal Health, working on transformation across both finance and supply chain. The company wanted to streamline manual processes, further to drive meaningful quality, cost, and productivity gains using AI. We collaborated with Google Cloud to launch an AI-led innovation, leveraging deep process intelligence to pinpoint the right starting point.

我用一個客戶案例來具體說明。Cardinal Health 製造並分銷醫療與健康照護產品，業務遍及 30 個國家，服務美國 90% 的醫院。我們與 Cardinal Health 長期合作，推動財務與供應鏈兩大領域的轉型。該公司希望精簡人工流程，並進一步運用 AI 取得顯著的品質、成本與生產力提升。我們與 Google Cloud 合作推出 AI 驅動的創新方案，運用深厚的流程智慧鎖定正確的切入點。

The results, for example, from credit memo processing are clear. Our agentic solutions are driving a meaningful increase in touchless processing, faster cycle times and a significant improvement in cash flows. This is the kind of transformation change Genpact is enabling as we scale with partners across enterprise operations.

例如，在貸項通知單（credit memo）處理方面，成果十分明確。我們的代理式解決方案正推動免接觸處理比例顯著提升、週期時間加快，並大幅改善現金流。這正是 Genpact 在與夥伴共同擴展企業營運時所促成的轉型變革。

I open today by describing something rare. A moment when structural shift in the market, a clear opportunity, and a company's unique positioning all converge at the same time. Quarter one, makes the case that 2026 is proving to be that moment, and Genpact is not just watching it unfold, we are shaping it. Our strategy is clear, our momentum is measurable, and increasingly, the market is seeing our different Genpact.

我今天開場描述的是一種罕見的情況。當市場的結構性轉變、清晰的機會，以及一家公司的獨特定位在同一時間匯聚。第一季的表現證明，2026 年正逐步成為那個時刻，而 Genpact 不只是旁觀其發展，我們正在塑造它。我們的策略清晰、動能可衡量，而且市場也愈來愈看見不一樣的 Genpact。

For decades, we have been trusted for deep process intelligence and running mission-critical operations at scale. That foundation has only strengthened. What's changed is what clients are now asking us to do with that foundation. Today, they come to us to bring together processes, technology, data, organizations to deliver outcomes that simply were not possible before. And because of that, we are winning new kinds of work, engaging in new kinds of conversations, and expanding the addressable market in front of us.

數十年來，我們憑藉深厚的流程洞察力，以及以規模化方式運行關鍵任務營運而贏得信任。這一基礎只會更加穩固。改變的是，客戶如今希望我們如何運用這一基礎。今天，他們來找我們，是要把流程、技術、數據與組織整合起來，交付過去根本不可能實現的成果。也正因如此，我們正在贏得新類型的業務、展開新類型的對話，並擴大我們面前的可服務市場。

Agentic operations is at the center of this. We are building, orchestrating, and responsibly governing agentic systems across the most essential parts of our clients' businesses. We are combining AI with decades of domain expertise in a way that is incredibly difficult to replicate. This isn't just a concept for us, it is live, it is scaling and it is showing up in our results.

代理型營運正是這一切的核心。我們正在客戶業務中最關鍵的領域，建置、編排並以負責任的方式治理代理型系統。我們把 AI 與數十年的領域專業結合，其難以被複製的程度極高。這對我們而言不只是概念，而是已在運行、正在擴張，並且反映在我們的業績之中。

And you can see the effect on the quality of the business. The shape of our business is changing in ways that matter. We are building revenues that are high-quality, more durable and harder to displace. The margin profile is structurally richer. We are leaning in hard behind our most strategic priorities and that is opening up a daylight between Genpact and the market around us. This quarter is not an aspiration, it is a proof point. A new Genpact is here, and we are just getting started.

你也能看到它對業務品質的影響。我們的業務形態正以重要的方式改變。我們正在打造高品質、更具持久性且更難被取代的營收。利潤率結構在本質上更為優化。我們正全力聚焦於最具策略性的優先事項，這正在拉開 Genpact 與周遭市場之間的差距。本季不是願景，而是實證。一個全新的 Genpact 已經到來，而我們才剛剛開始。

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

接下來，讓我把電話會議交給 Mike。

Good afternoon, everyone, and thank you for joining us today. We delivered another strong quarter, highlighting the tremendous momentum we've seen as we set a new standard for AI-led transformation.

各位下午好，感謝大家今天加入我們。我們再度交出強勁的一季，凸顯我們在以 AI 引領轉型、樹立新標準方面所展現的巨大動能。

Total revenue grew 6.7% year-over-year to $1.296 billion, with accelerating growth in advanced technology solutions. Advanced technology solutions, which includes data and AI, digital technologies, advisory, and agentic, grew 24% year-over-year, reaching $345 million, with significant strength in data and AI and agentic.

總營收年增 6.7% 至 12.96 億美元，先進技術解決方案的成長加速。先進技術解決方案（包含數據與 AI、數位技術、顧問服務與代理型業務）年增 24%，達到 3.45 億美元，其中數據與 AI 以及代理型業務表現尤為強勁。

Demand for our advanced technology solutions is growing rapidly, and our strategic investments are paying off. Our advanced tech capabilities continue to grow with clear innovation across agentic and AI-led offerings. We are expanding our total addressable market, delivering more value to clients across end-to-end workflows, and driving high-value revenue for Genpact.

市場對我們先進技術解決方案的需求正快速成長，而我們的策略性投資正在見到回報。我們的先進技術能力持續提升，在代理型與 AI 引領的產品與服務上展現明確創新。我們正在擴大整體可服務市場，於端到端工作流程中為客戶交付更多價值，並為 Genpact 推動高價值營收。

As BK mentioned, we continue to make tremendous progress building a sticky, high-quality business. For advanced technology solutions, 2x2x7070 is just getting better. In agentic operations, we are quickly becoming the partner of choice to move clients from traditional digital operations to agentic. This quarter alone, we nearly doubled the total contract value of our agentic solutions relative to 2025, with more than 50% of our cumulative awarded contract value coming from new clients. This is a clear indication of our increasing TAM and expanding wallet share.

如 BK 所提到的，我們在打造高黏著度、高品質的業務方面持續取得巨大進展。就先進技術解決方案而言，2x2x7070 正變得愈來愈好。在代理型營運方面，我們正迅速成為協助客戶從傳統數位營運轉向代理型的首選合作夥伴。僅本季，我們的代理型解決方案總合約價值相較 2025 年幾乎翻倍，且我們累計已獲授予的合約價值中，超過 50% 來自新客戶。這清楚顯示我們的 TAM 正在擴大，且客戶錢包份額持續提升。

For existing accounts that are rotating from traditional to agentic delivery, net revenue growth and gross margin expansion are both notably above what we reported at our Investor Day in June. This momentum in agentic across both new and existing clients is building a stronger annual recurring revenue base for Genpact with higher gross margins that continue to improve with scale.

對於既有客戶從傳統交付模式輪轉至代理型交付的帳戶，淨營收成長與毛利率擴張都明顯高於我們在 6 月投資人日所報告的水準。代理型在新舊客戶兩端的這股動能，正為 Genpact 建立更強的年度經常性營收基礎，且毛利率更高，並會隨規模擴大而持續改善。

Core business services includes digital operations, decision support services, and technology services grew 1.4% to $951 million in the first quarter, reflecting continued client trust and ongoing demand for our deep domain and industry experience, as well as deliberate focus on driving high-quality, long-term growth for Genpact. Sales execution and demand remained strong across advanced technology solutions and core business services as we continue to make progress with both new and existing clients.

核心業務服務（包含數位營運、決策支援服務與技術服務）在第一季成長 1.4% 至 9.51 億美元，反映客戶持續信任以及對我們深厚領域與產業經驗的持續需求，同時也體現我們有意識地聚焦於推動 Genpact 的高品質、長期成長。隨著我們在新舊客戶兩端持續取得進展，先進技術解決方案與核心業務服務的銷售執行與需求仍然強勁。

Net revenue retention remains accretive, and we feel good about our pricing as we continue to deliver meaningful ROI to our clients through their transformational journeys. Our large deal momentum also continues. We signed six large deals in 1Q, and we have a strong pipeline of additional large deals, which combined with our record backlog, puts us in a very strong position for the remainder of the year.

淨營收留存率仍具增益效果；隨著我們在客戶轉型旅程中持續交付具意義的投資報酬率（ROI），我們對定價也感到樂觀。我們的大型交易動能亦持續。第一季我們簽下六筆大型交易，且仍有強勁的大型交易管線；再加上創紀錄的在手訂單，使我們在今年剩餘期間處於非常有利的位置。

As a reminder, large deals are $50 million or greater in total contract value. Non-FTE revenue represented 48% of total revenue in 1Q, reflecting a strategic shift to fixed fee, consumption, and outcome-based models. And with the tremendous momentum we're seeing in agentic, we're building meaningful recurring annual revenue base decoupled from FTs. We are effectively shifting away from productivity-dependent commercial models of the past. At a segment level, high-tech and manufacturing grew 8%, followed by consumer and healthcare growth of 6.1% and financial services growth of 5.4%.

提醒一下，大型交易指總合約價值達 5,000 萬美元或以上的交易。第一季非 FTE（非全職人力）營收占總營收 48%，反映我們策略性轉向固定費用、按使用量計費與成果導向的模式。隨著代理型業務展現強勁動能，我們正在建立與 FTE 脫鉤、具實質規模的年度經常性營收基礎。我們正有效地從過去依賴生產力的商業模式轉型。以產業別來看，高科技與製造業成長 8%，其次為消費與醫療保健成長 6.1%，以及金融服務成長 5.4%。

Turning to profitability, gross margin expanded once again, up approximately 110 basis points to 36.4%, strengthening our ability to invest for long-term growth. Our consistent track record of margin expansion reflects our disciplined approach to operations and pricing, as well as an increasing contribution from high-value advanced technology solutions revenue. Importantly, we are also seeing strong early signs of revenue growth decoupling from headcount as we embed AI and agentic solutions in our own operations and delivery.

接著談獲利能力，毛利率再次擴張，上升約 110 個基點至 36.4%，強化我們投資長期成長的能力。我們一貫的毛利率擴張紀錄，反映我們在營運與定價上的紀律，以及高價值先進技術解決方案營收貢獻度的提升。更重要的是，隨著我們在自身營運與交付中嵌入 AI 與代理型解決方案，我們也看到營收成長與人力規模脫鉤的強勁早期跡象。

Moving on to the rest of the P&L, SG&A expense as a percentage of revenue was 20.9%. Adjusted operating income was $224 million, with adjusted operating income margin of 17.3%, as we continue to self-fund our strategic investments. Our effective tax return in the first quarter was 23.7%. Net income for the first quarter was $148 million and diluted EPS was $0.86. Adjusted diluted EPS increased 16.7% to $0.98, growing significantly faster than revenue for yet another quarter.

再看損益表其餘項目，SG&A（銷售、一般及行政）費用占營收比重為 20.9%。調整後營業利益為 2.24 億美元，調整後營業利益率為 17.3%，我們持續以自有資金支持策略性投資。第一季有效稅率為 23.7%。第一季淨利為 1.48 億美元，稀釋後 EPS 為 0.86 美元。調整後稀釋 EPS 年增 16.7% 至 0.98 美元，再一次顯著快於營收成長。

Turning to cash, we utilized $24 million of cash in operations, which is in line with typical first quarter trends and ended with $578 million in cash and cash equivalents, up $16 million from a year ago. We also returned $102 million to shareholders in 1Q through $70 million in share repurchases and $32 million in dividends.

再看現金流，我們在營運活動中使用了 2,400 萬美元現金，符合第一季的典型趨勢；期末現金及約當現金為 5.78 億美元，較一年前增加 1,600 萬美元。我們也在第一季透過 7,000 萬美元庫藏股回購與 3,200 萬美元股利，向股東回饋 1.02 億美元。

Turning to our outlook. Our backlog, pipeline, and inflows are at record levels, with exceptional strength in agentic and advanced technology solutions putting us in a strong position for the remainder of the year. As a result, we continue to expect to deliver at least 7% growth for 2026 on an as-reported basis. Given the accelerating momentum in agentic, our strengthening partnerships, and healthy demand we're seeing for data and AI, we now expect advanced technology solutions to grow at least 20%.

接著談我們的展望。我們的在手訂單、管線與新增訂單皆創下新高，其中代理型與先進技術解決方案表現格外強勁，使我們在今年剩餘期間處於有利位置。因此，我們仍預期 2026 年在申報口徑（as-reported）下至少可實現 7% 的成長。鑑於代理型動能加速、合作夥伴關係持續強化，以及我們在數據與 AI 方面看到的健康需求，我們現在預期先進技術解決方案至少成長 20%。

And in core business services, we expect growth to continue, even as we help clients accelerate their AI-led transformation through agentic operations and increase our focus on driving sustainable growth through advanced technology innovations.

而在核心業務服務方面，即使我們協助客戶透過代理式（agentic）營運加速其 AI 主導的轉型，並進一步加大對以先進技術創新推動永續成長的聚焦，我們仍預期成長將持續。

On margins, we continue to expect full-year gross margin to expand by 50 basis points to 36.5%, with adjusted operating income margin expected to increase 25 basis points to 17.7%. This reflects our continued commitment to self-fund investments for growth. And we expect adjusted diluted EPS to grow over 10%, again faster than revenue.

在利潤率方面，我們仍預期全年毛利率將擴張 50 個基點至 36.5%，調整後營業利益率預計將提升 25 個基點至 17.7%。這反映了我們持續致力於以自有資金投入成長投資。此外，我們預期調整後稀釋每股盈餘（EPS）將成長超過 10%，再次快於營收成長。

Turning to the second quarter, on an as-reported basis, we expect to deliver total revenue between $1.324 billion and $1.336 billion, or 6% growth in the midpoint. We expect Advanced Technology Solutions to grow at least 20% year-over-year, and we expect continued growth in core Business Services. We expect gross margin to expand to 36.4% and adjusted operating income margin to increase to 17.4%. Finally, we expect adjusted diluted EPS of $0.96 to $0.97 for the second quarter.

談到第二季，以申報口徑（as-reported）計算，我們預期總營收將介於 13.24 億美元至 13.36 億美元之間，中位數約成長 6%。我們預期先進技術解決方案（ATS）年增至少 20%，並預期核心業務服務將持續成長。我們預期毛利率將擴張至 36.4%，調整後營業利益率將提升至 17.4%。最後，我們預期第二季調整後稀釋每股盈餘為 0.96 至 0.97 美元。

In closing, as BK made clear, the shape of our business is changing. We are reshaping how businesses operate, building on the strength of our deep domain and industry experience with significant investments in advanced technology solutions. We are differentiating our position in the market, expanding our TAM, accelerating high-quality revenue growth and consistently expanding margins, all of which allow us to continue to deliver double-digit growth in adjusted diluted EPS and long-term value for clients and Genpact alike.

總結來說，正如 BK 已清楚說明，我們業務的樣貌正在改變。我們正重塑企業的營運方式，在我們深厚的領域與產業經驗基礎上，投入大量資金於先進技術解決方案。我們正在強化市場差異化定位、擴大我們的 TAM（可服務總市場）、加速高品質營收成長並持續擴張利潤率；這些都使我們能持續實現調整後稀釋 EPS 的兩位數成長，並為客戶與 Genpact 共同創造長期價值。

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

話說到這裡，我把電話交回給 Kyle。

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

很好。謝謝你，Mike。接線員，我們準備開始回答提問。

(Operator Instructions)

（接線員指示）

Bryan Bergin, TD Cowen.

TD Cowen 的 Bryan Bergin。

So my first question just really at a high level status update on client decision-making and spending trends from a macro standpoint, given it picked up and certainly picked up in April and May. And then pipeline and large deal sales activities seem pretty solid, but just wanted to test any areas by impact vertical geography.

我的第一個問題是，從宏觀角度來看，想請你們高層更新一下客戶決策與支出趨勢的狀況；因為看起來確實回升了，尤其在 4 月與 5 月更為明顯。另外，管線與大型交易的銷售活動似乎相當穩健，但我想確認是否有任何在產業別或地理區域上受到影響的領域。

And then I'll ask my second question upfront here, just as it relates to CBS, the ATS kind of migration. Can you dig in a little bit more on the level of change between the segments as you modernize your delivery and kind of re-categorize?

我也先把第二個問題一起問：就 CBS 與 ATS 之間的遷移而言，在你們現代化交付並重新分類的過程中，能否更深入談談兩個分部之間變動的程度？

So overall demand environment across the board, be it if I see in cohorts of advanced technology or core business services or new clients, existing clients or various segments that we have or geos, it continues to be very strong and continues our pipeline and inflows continue to be at record levels. So really pleased with that.

整體而言，各面向的需求環境都非常強勁——不論是先進技術的各個群組、核心業務服務、新客戶或既有客戶、我們涵蓋的不同分部或不同地區——都持續非常強勁；我們的管線與新增訂單（inflows）也持續維持在創紀錄水準。因此我們對此非常滿意。

And maybe how I'll respond to your second question is I think our flywheel effect has begun to show results. And the flywheel effect actually starts from core business services, where demand continues to be strong. But our context-rich process intelligence that we harnessed for decades, and that is the core with which, in combination with modern data, reimagined workflows, cleaner architectures and how we are bringing all of this together to deliver superior outcomes for our clients is beginning to show results and it is showing in a disproportionate way in advanced technology solutions.

至於你第二個問題，我的回應方式是：我認為我們的飛輪效應已開始展現成果。而飛輪效應其實是從核心業務服務開始的，該處需求持續強勁。但我們數十年來累積並運用的、具備豐富情境的流程智慧（process intelligence），是核心所在；再結合現代化資料、重新設計的工作流程、更乾淨的架構，以及我們如何把這一切整合起來為客戶交付更優異成果——這些開始顯現成效，而且在先進技術解決方案上呈現出不成比例的成果。

Really, I think, getting engaged into newer kind of conversations and more focused now on not just meeting the clients where they are, but also getting them where they want to be at a much faster pace. So really pleased with where we are and how we are shaping the new Genpact.

我認為，這確實讓我們能參與更新型的對話；而且我們現在更聚焦的不只是「在客戶所在之處與其會合」，也要以更快的速度把他們帶到他們想去的地方。因此我們對目前的進展，以及我們如何塑造全新的 Genpact，感到非常滿意。

Sean Kennedy, Mizuho.

Mizuho 的 Sean Kennedy。

So congrats on the ATS acceleration. Really impressive. I was wondering on the visibility in that business and how dependent ATS is on partner-related revenue growth and the runway you see there being 13% of revenue at the moment.

先恭喜 ATS 加速成長。真的很令人印象深刻。我想請教的是，這項業務的能見度如何？以及 ATS 對合作夥伴相關營收成長的依賴程度有多高？目前 ATS 約占營收 13%，你們看到的成長跑道（runway）如何？

Again, I'll take it, and Mike, feel free to add. All of the components of Advanced Tech or for that matter core, I'll make three points, Sean. Point number one, just from, as I mentioned, 2x2x7070, high proportion of all of Advanced Tech is annuitized, so we have, again, pretty strong visibility into it.

我再回答一次，Mike 也歡迎補充。不論是先進技術的各個組成，或就核心業務而言，我有三點想說，Sean。第一點，從我提到的 2x2x7070 來看，先進技術中有很高比例是年金化（annuitized）的，因此我們對其仍有相當高的能見度。

I won't say that it is only partner solutions. Yes, partner solutions is taking shape. What is gaining more and more traction is agentic as well as data and AI. And all of these are inexorable in many ways. We leverage partner solutions, as I enumerated in my prepared remarks as well, but feel really good about advanced technology solution visibility as well as core business services.

我不會說它只來自合作夥伴解決方案。是的，合作夥伴解決方案正在成形。但越來越有動能的是代理式（agentic）以及資料與 AI。而這些在許多方面都是不可逆的趨勢。我們會運用合作夥伴解決方案——我在事先準備的發言中也已列舉——但我們對先進技術解決方案以及核心業務服務的能見度都感到非常有信心。

Yeah, the only thing I'd kind of top that off, if you don't mind, BK, is when you think about ATS, BK alluded to the 2x2x7070, particularly of note, I just want to repeat, the 70% of that business being annuitized gives us very good ability to predict the business within how we've been able to do it. I would also say it's also supported by a really strong pipeline and inflows that are growing, so we feel great about it.

對，我想再補充一點，如果你不介意的話，BK：當你思考 ATS 時，BK 提到了 2x2x7070；其中尤其值得注意的是，我想再重申，該業務有 70% 是年金化（annuitized），這讓我們在既有能力範圍內，對業務的預測能力非常強。我也會說，這同時受到非常強勁的管線與持續成長的新增訂單（inflows）所支撐，因此我們對此感覺非常好。

Surinder Thind, Jefferies.

Jefferies 的 Surinder Thind。

So, BK, on the Advanced Technology Solutions and kind of the 2x revenue per headcount, is that what you're initially seeing at this point? And is that what like -- how should we expect that to evolve over the coming years? And I guess what I'm trying to get to is to get a better understanding of when a client kind of shifts from kind of their core operations to more agentic operations, like what percentage of that technology or revenues is more IT based? And then how do we think about the human component there and the ongoing maintenance and recalibration that's often required?

BK，關於先進技術解決方案，以及你提到的人均營收 2 倍，這是你們目前初步看到的情況嗎？那麼未來幾年我們應該如何預期它的演變？我想更了解的是：當客戶從核心營運轉向更代理式的營運時，那其中有多少比例的技術或營收更偏 IT？另外，人力要素以及常見所需的持續維護與重新校準（recalibration），我們應該如何看待？

So, I think there are many questions in that question, so I'll pass that and let me know in case you have any follow-on, okay? First, overall, at a business level, we are seeing the early signs of decoupling and creating more leverage where revenue will grow faster than headcount and it has begun to show results, I'll still say we are in the early stages of that, point number one.

我認為這個問題裡包含了很多個問題，所以我先回答到這裡；如果你有後續追問再告訴我，好嗎？首先，從整體業務層面來看，我們已看到早期的「脫鉤」跡象，並創造出更高的槓桿，使得營收成長會快於人力規模；而且這已開始展現成果。我仍會說，我們還處於非常早期的階段——這是第一點。

Point number two, I'll say to the specific question you asked, any of the agentic, all of those revenues have no bearing on headcount, it is all IP-based revenues amortized with minimum volume commitments, and it's more amortized recurring revenues, so it has zero bearing on headcount, whatever, obviously, there's a headcount deployed there. But as we drive more efficiency there, the revenue by headcount will only increase.

第二點，我會針對你提出的具體問題來說，任何 agentic（代理式）相關的收入，對人力編制沒有任何影響；這些全部都是以 IP 為基礎的收入，搭配最低量承諾進行攤銷，且更偏向攤銷式的經常性收入，所以對人力編制完全沒有影響；當然，顯然那裡還是有配置人力。但隨著我們在那裡推動更高效率，人均創收只會提高。

Last point I'll make on overall Advanced Technology Solution, which is greater than 2x, and we expect it to continue to grow better than 2x to better numbers, better numerics.

我最後想補充的是，整體 Advanced Technology Solution（先進技術解決方案）已經超過 2 倍，我們預期它會持續以優於 2 倍的速度成長，達到更好的數字、更好的表現。

And then when I think about just the earlier commentary on demand, it seems like things relative to 60 days ago or 90 days ago hasn't really changed. Is that the messaging here? Because when we think about all of the messaging kind of from peers or competitors or I guess the industry, it just seems like everybody's seeing a little bit more weakness, a bit more delays in client decisioning and that's kind of being reflected in guides and forward numbers. But just wanted to get your take if you guys are just seeing a completely different picture because of the nature of some of the work that you have.

然後當我回想你們先前對需求的評論，看起來相較於 60 天前或 90 天前，其實並沒有真正改變。這就是你們現在要傳達的訊息嗎？因為當我們看同業、競爭對手，或我想整個產業的各種訊息時，感覺大家都看到一些更明顯的疲弱、客戶決策更延遲，而這也反映在指引與前瞻數字上。但我想聽聽你們的看法：是否因為你們所做的一些工作性質不同，所以你們看到的是完全不同的景象？

Yeah, how I'll characterize on this surrender is, we hear some of that commentary too, but we have in our pipeline, in our inflows, we believe we have begun to demonstrate that we are separating from the pack. We see record levels of pipeline across cohorts, as I mentioned in my previous comment. And more of that flywheel effect taking shape because of -- potentially, our context-rich process intelligence, we've been working on it for decades, and possibly the time has come to show as to what it means as we supplement it with technology investments and ramp in our strategic areas and really demonstrate meaningful results to world's largest companies as these agents go live in their environments.

是的，我會這樣描述：我們也聽到一些那樣的評論，但從我們的管線與流入來看，我們相信我們已開始展現出正在與同業拉開差距。如我在前一則評論提到的，我們在各個 cohort（客群/批次）都看到創紀錄的管線水位。而且那種飛輪效應正在成形，原因可能在於我們具備情境豐富的流程智慧（process intelligence）；我們已經耕耘數十年，或許現在正是時候展現其意義——當我們以技術投資來補強、在策略領域加速擴張，並在這些代理（agents）於客戶環境中上線時，向全球最大型企業真正展示具體且有意義的成果。

(Operator Instructions)

（接線員指示）

Puneet Jain, JPMorgan.

Puneet Jain，摩根大通。

So, because I was wondering, like, if you can talk about like the specific drivers for such strong traction in agentic services you are seeing this quarter? Was it in any way related to evolution in AI models, especially Claude and Anthropic, which could be driving clients to embrace some of these models? Or it's just that like with new budgets, like clients have new urgency to push ahead with that.

所以我在想，你能否談談本季你們在 agentic 服務上看到如此強勁動能的具體驅動因素？這是否在某種程度上與 AI 模型的演進有關，特別是 Claude 與 Anthropic，可能促使客戶更願意採用這些模型？或者只是因為新年度預算到位，客戶有新的急迫性要加速推進？

Puneet, as we mentioned in our prepared remarks that we nearly doubled the agentic bookings, and all of these are in annualized recurring revenues of relative to whatever we did all in 2025. And I would not say that it is, yes, I'm in improved models, all of those help. We were in many cases using the models.

Puneet，如同我們在事先準備的發言中提到的，我們的 agentic 訂單（bookings）幾乎翻倍，而這些全部都是年化經常性收入，相較於我們在 2025 年所做的總量。我不會說這完全是因為模型變得更好——是的，模型的改善確實有幫助。我們在很多情況下也在使用這些模型。

But fundamentally, what is begun to show, as I was mentioning in our existing client base, as well as the new clients, the structural advantage that we have that is driven by context-rich process intelligence. I have always said there is no artificial intelligence without process intelligence, and it is beginning to show in our results.

但從根本上來看，正如我所提到的，無論是在既有客戶基礎或新客戶中，我們由情境豐富的流程智慧所驅動的結構性優勢，已開始顯現。我一直說，沒有流程智慧就沒有人工智慧，而這一點正開始反映在我們的成果上。

And if you think of like you mentioned, models, process, people, technology. Technology is becoming more and more ubiquitous, it is more available. Process is more intense, and I think that's where we live, that's where the intersection of AI needs to be, that's where we see the outcomes, and we are delivering superior outcomes, and that structural advantage has begun to show in its early days.

如果你把你提到的要素拆開來看：模型、流程、人員、技術。技術正變得越來越普及，也更容易取得。流程則更為關鍵、更為深入，我認為那正是我們的核心所在；AI 需要落在那個交會點上，我們也正是在那裡看到成果、交付成果。我們正在交付更優異的成果，而這個結構性優勢才剛開始在早期階段顯現。

Got it. And if you can also talk about the operational structure of these deals, agentic deals, do you purchase tokens, decide which models are relevant for clients and manage like the change management governance constraints that have kept adoption low in the past?

了解。另外你能否談談這些交易（agentic 交易）的營運架構？你們是否會購買 tokens、決定哪些模型適用於客戶，並管理像是變更管理、治理等過去讓採用率偏低的限制？

So look, I think, again, maybe there are a couple of parts of the question, if I hear you right, Puneet. One, obviously, we live in these client environments. So as I mentioned, we understand their data, we understand the friction points, we understand the process flows, we understand how upstream, downstream processes work, how the change dynamics have to work. And therefore, we handhold clients holistically to drive and embed into the agentic systems and not just hand over the software and kind of go on.

我想，這個問題可能有幾個部分，如果我沒聽錯的話，Puneet。第一，顯然我們是在客戶的環境裡運作。所以如我所說，我們了解他們的資料、了解摩擦點、了解流程流向、了解上下游流程如何運作，以及變更動態必須如何推進。因此，我們會以整體方式陪伴客戶，推動並嵌入到 agentic 系統中，而不只是把軟體交付出去就離開。

And whether what models -- and it is a pretty structured process in which we are to use what models and how to bring, we don't need to expose clients to these many tokens and these many things. Those are our internal things, client care for how we are driving outcomes, and we structure the commercial models in more annuitized recurring revenues with minimum volume commits.

至於要用哪些模型——我們有一套相當結構化的流程，決定使用哪些模型以及如何導入；我們不需要讓客戶去面對這麼多 tokens 或這麼多細節。那些是我們內部的事情；客戶在意的是我們如何推動成果。我們也會把商業模式設計成更偏年金化的經常性收入，並搭配最低量承諾。

Thank you so much. As I see no further questions in the queue, I will conclude this session and pass it back to management for closing comments.

非常感謝。由於我看到隊列中沒有其他問題，我將結束本次問答，並把時間交回管理層作結語。

Thank you, Carmen. I want to extend my sincere gratitude to all of our employees around the globe, whose dedication and innovation makes everything we are building possible. And yes to our esteemed clients for continuing to choose Genpact as their partner for agentic transformation. And yes to our shareholders for their ongoing support.

謝謝你，Carmen。我想向全球所有員工致上最誠摯的感謝，你們的投入與創新讓我們正在打造的一切成為可能。也要感謝我們尊貴的客戶，持續選擇 Genpact 作為你們進行 agentic 轉型的合作夥伴。也要感謝我們的股東一直以來的支持。

You are seeing a new Genpact, and we look forward to showing you even more. Thank you.

你們正在看到一個全新的 Genpact，我們也期待向各位展示更多。謝謝。

This concludes our conference. Thank you for participating, and you may now disconnect.

本次電話會議到此結束。感謝各位參與，現在可以掛線。