簡柏特 (G) 2026 Q2 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the 2026 second-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、各位先生，大家好，歡迎參加 Genpact Limited 2026 年第二季財報電話會議。我是 Carmen，將擔任今天的會議主持人。(接線員指示) 提醒各位，本次電話會議將錄音以供重播。本次會議的重播將會存檔，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.

接下來我想把電話交給 Genpact 投資人關係主管 Kyle Vikstrom。請開始。

Good afternoon, everyone, and welcome to Genpact's Q2 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 年第二季財報電話會議。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 Weiner, Chief Financial Officer. BK will start with an overview of our results, and then Mike will cover financial performance in greater detail before we take your questions.

今天與會的有總裁暨執行長 BK Kalra，以及財務長 Mike Weiner。BK 將先概述我們的業績表現，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.

請注意，在本次電話會議中，我們將作出前瞻性陳述，包括關於我們的業務展望、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。

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.

由於多項重要風險與不確定性，實際結果可能出現重大差異，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 文件中所列的風險因素。

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. Supplemental investor information can also be found in our earnings press release fact sheet and investor presentation posted to our investor relations website.

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 指標並非用來取代我們的 GAAP 結果。補充投資人資訊亦可於我們發布在投資人關係網站上的財報新聞稿事實資料表（fact sheet）與投資人簡報中查閱。

And finally, this call in its entirety is being webcast from our website. An audio replay and transcript will be available shortly after the call.

最後，本次電話會議全程將於我們網站進行網路直播。通話結束後不久，將提供音訊重播與逐字稿。

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

接下來，我想把電話交給 BK。

Thank you, Kyle. Hello, everyone, and thank you for joining us today. Q2 was another strong quarter for Genpact. We delivered $1.343 billion in total revenue, up 7.1% year over year. Advanced Technology Solutions revenue grew 24.1% year over year, demonstrating that our flywheel is firing on all cylinders. We expanded gross margin for yet another quarter, providing continued leverage for significant investments to drive future growth.

謝謝你，Kyle。各位好，感謝各位今天加入我們。第二季對 Genpact 而言又是一個強勁的季度。我們實現總營收 13.43 億美元，年增 7.1%。先進技術解決方案（Advanced Technology Solutions）營收年增 24.1%，顯示我們的飛輪效應正全速運轉。我們再度於本季擴大毛利率，持續釋放槓桿，以支持推動未來成長所需的重大投資。

Adjusted diluted EPS again grew double digits, faster than revenue, up 13.6% year over year, and non-FTE revenue surpassed 50% of total revenue for the first time.

調整後稀釋每股盈餘（EPS）再次以雙位數成長，增速快於營收，年增 13.6%；同時，非 FTE（非全職人力）營收占總營收比重首次超過 50%。

Last quarter, I spoke about something rare, a moment when a structural shift in the market, a differentiated capability set, and the right strategic positioning all converge at the same time. I want to build on that today.

上一季我談到一個罕見的時刻：市場出現結構性轉變、差異化能力組合，以及正確的策略定位，同時匯聚。今天我想在此基礎上進一步說明。

First, at the macro level. Demand continues to remain very strong even as AI is redrawing markets. Enterprises want autonomous workflows that do the work, not just support it. Every function now has a mandate to leverage AI with clear ROI. This is opening new buying centers with new sets of requirements and complexities.

首先，從總體層面來看。即使 AI 正在重塑市場，需求仍持續非常強勁。企業希望的是能「完成工作」的自主式工作流程（autonomous workflows），而不只是支援工作。如今每個職能部門都被要求以明確的投資報酬率（ROI）來運用 AI。這正在開啟新的採購決策中心，並帶來一套新的需求與複雜性。

At the same time, one universal truth has not changed; there is no artificial intelligence without process intelligence. And yes, frontier models are getting better by the week, but they are also beginning to converge on interchangeability with switching costs getting lower.

同時，有一個普遍真理並未改變：沒有流程智慧（process intelligence），就沒有人工智慧。沒錯，前沿模型（frontier models）每週都在變得更好，但它們也開始趨於可互換，且轉換成本正在降低。

But models do not know how a global enterprise actually runs, the exceptions, the controls, the handoffs and the actual flow of work, the last mile. This is where the outcome is actually won or lost. This is where the actual differentiation sits.

但模型並不知道一家全球性企業實際如何運作——例外情況、控制機制、交接點與實際的工作流動，也就是最後一哩路。真正的成敗就在這裡決定。真正的差異化也就在這裡。

And among enterprise clients, we continue to observe that readiness is low even if aspiration remains very high. The foundational work, the data harmonization work, the process intelligence work still has to happen first to get ROI from investments in AI. That is why AI has not scaled for most companies and it is precisely why clients are looking to Genpact and our differentiated IP solutions.

而在企業客戶之中，我們持續觀察到：即便企圖心仍然很高，準備度卻偏低。要從 AI 投資中取得 ROI，仍必須先完成基礎工作——資料整合與一致化（data harmonization）工作、流程智慧工作。這也是為什麼對多數公司而言，AI 尚未能規模化；也正因如此，客戶正在尋求 Genpact 以及我們具差異化的 IP 解決方案。

I said earlier, when such a rare structural shift is presented and a company can sharpen its differentiation and has the courage and discipline to act, the resulting advantage compounds in ways that are difficult to replicate.

我先前說過，當出現如此罕見的結構性轉變，而一家公司能夠強化其差異化，並具備採取行動的勇氣與紀律時，所形成的優勢會以難以複製的方式持續複利累積。

This is our moment. We are intentionally disrupting ourselves to be the leader in agentic operations. Genpact is not the company you knew. We are entering a new category with expanding TAM, building a higher quality, more durable, and structurally more valuable business.

這就是我們的時刻。我們正有意識地自我顛覆，成為代理式營運（agentic operations）的領導者。Genpact 已不再是你所熟悉的那家公司。我們正進入一個 TAM 持續擴大的新類別，打造更高品質、更具韌性、且在結構上更具價值的業務。

At Investor Day last June, when we first outlined our ambition for the year, we expected to deliver revenue growth of 7% with Advanced Technology Solutions growing mid-teens. Since then, our conviction in the opportunity ahead has only strengthened.

在去年六月的投資人日（Investor Day），當我們首次闡述今年的企圖時，我們預期可實現 7% 的營收成長，且先進技術解決方案成長為十幾％的中段（mid-teens）。自那之後，我們對前方機會的信心只增不減。

The momentum we are seeing makes it clear that the shape of our business is changing for the better and the strategic pivot is taking hold much faster. As a result, we are leaning in and embracing this moment to further accelerate durable long-term growth and we are allocating our capital against this opportunity.

我們所看到的動能清楚顯示，我們的業務結構正朝更好的方向改變，而策略轉型的落地速度也快得多。因此，我們正加大投入、把握此刻，以進一步加速可持續的長期成長，並將資本配置於這一機會之上。

Most importantly, we are doubling down in areas where we see the greatest long-term opportunity and the strongest returns. We are known for running mission-critical client operations at scale. We are moving from running business operations to running agentic operations. Therefore, we are codifying this process intelligence into a stronger moat and allocating even more capital here.

最重要的是，我們正在於我們看到最大長期機會與最強回報的領域加倍投入。我們以大規模運行客戶關鍵任務（mission-critical）營運而聞名。我們正從運行業務營運（business operations）轉向運行代理式營運（agentic operations）。因此，我們正將這些流程智慧加以編碼化（codifying），打造更強的護城河，並在此配置更多資本。

We are investing behind the flywheel that is already accelerating with an even greater focus on Advanced Technology Solutions, where we believe growth is durable, margins are attractive and client demand continues to build with expanding TAM.

我們正加碼投資於已在加速的飛輪效應，並更聚焦於先進技術解決方案；我們相信其成長具持久性、利潤率具吸引力，且隨著 TAM 擴大，客戶需求仍在持續累積。

This momentum also gives us the opportunity to review components in core business services that are not aligned with our agentic operations strategy.

這股動能也讓我們有機會檢視核心業務服務（core business services）中，與我們代理式營運策略不一致的組成部分。

We apply the test across our book of business with three simple questions. One, does combining our process intelligence with frontier models create durable value and an advantage that clients cannot easily replicate? Two, does it provide a compelling ROI for both the client and Genpact? And three, is it aligned with expanding TAM?

我們以三個簡單問題，對我們的業務組合（book of business）進行檢視。第一，將我們的流程智慧與前沿模型結合，是否能創造持久價值與客戶不易複製的優勢？第二，是否能同時為客戶與 Genpact 帶來具吸引力的 ROI？第三，是否與 TAM 擴大相一致？

Where the answers are yes, we are leaning in at speed. This is the vast majority of our book across finance, supply chain, insurance, banking, and many other mission-critical workloads. And this has expanding new TAM, which we have begun to capture already.

若答案是肯定的，我們就會快速加大投入。這涵蓋我們在財務、供應鏈、保險、銀行，以及許多其他關鍵任務工作負載中的絕大多數業務。而且這也帶來持續擴大的新 TAM，我們已開始加以掌握。

And where the answers are no across the board, we are working with clients to transition work back and redeploying investments. These are very small parts of our business, like certain areas of content management and commoditized parts of contact centers.

若三項答案全面是否定的，我們將與客戶合作，把工作移轉回去，並重新部署投資。這些僅占我們業務中非常小的部分，例如內容管理的某些領域，以及聯絡中心中商品化（commoditized）的部分。

This clarity is at the heart of becoming the agentic operations company. Even with this intentional disruption, we still have line of sight to deliver at least 7% year-over-year revenue growth in 2026.

這份清晰度正是成為代理式營運公司的核心。即便進行這種有意識的自我顛覆，我們仍可清楚預見在 2026 年實現至少 7% 的年增營收成長。

On a full-year basis, we expect the transition away from this work not aligned with our agentic operations strategy will have nearly 2 points of impact to total revenue growth.

以全年為基礎，我們預期從這些與我們代理式營運（agentic operations）策略不一致的工作中轉出，將對總營收成長帶來近 2 個百分點的影響。

Despite this, core Business Services revenue is still expected to grow for 2026. At the same time, we now expect Advanced Technology Solutions revenue to accelerate, growing at least 25% for 2026. This acceleration underscores the rapid pace of adoption and how our investments are paying off.

儘管如此，核心商業服務（Business Services）營收在 2026 年仍預期成長。同時，我們現在預期先進技術解決方案（Advanced Technology Solutions）營收將加速，2026 年至少成長 25%。這項加速凸顯採用速度之快，以及我們的投資正在產生回報。

While timing will be a factor for both 2026 and 2027, for 2027, we currently expect the dollar impact to be slightly larger, though offset by continued momentum in areas aligned with our strategy.

雖然時點將是 2026 年與 2027 年的共同因素，但就 2027 年而言，我們目前預期其美元影響將略大一些，不過將由與我們策略一致領域的持續動能所抵銷。

Our deliberate focus and prioritization continue to show up in top- and bottom-line growth and in our demand signals. Demand for our deep domain and industry expertise is healthy and growing, as evidenced by our booking, backlog, and pipeline, all increasing across both core and advanced tech.

我們有意識的聚焦與優先排序，持續反映在營收與獲利的成長，以及我們的需求訊號上。市場對我們深厚的領域與產業專業需求健康且持續成長，從我們的簽約（booking）、在手訂單（backlog）與銷售管線（pipeline）可見一斑，這些指標在核心與先進技術兩方面皆呈現成長。

This quarter marked our largest-ever quarterly bookings. We signed another six large deals with a large pipeline of other transformational deals setting us up for a healthy close to the year. And our revenue retention continues to be strong.

本季創下我們史上最高的單季簽約額。我們又簽下另外六筆大型交易，且仍有大量其他轉型型交易的管線，讓我們有望在年底前健康收官。同時，我們的營收留存率（revenue retention）持續強勁。

The mix of our business continues to move towards higher-value advanced tech offerings as we make meaningful progress against our 2x/2x/70/70 metric frame.

隨著我們在 2x/2x/70/70 指標框架上取得實質進展，我們的業務組合持續朝向更高價值的先進技術產品移動。

Advanced Technology Solutions deliver more than 2 times the revenue per headcount and more than 2 times the revenue growth of the total company, with more than 70% annuitized revenue and more than 70% for non-FTE commercial models.

先進技術解決方案的人均營收超過 2 倍，且其營收成長率超過公司整體的 2 倍；其中超過 70% 為年金化（annuitized）營收，且超過 70% 採用非全職人力（non-FTE）的商業模式。

As we fundamentally change how we contract and deliver, we are creating a robust, durable base to build on that is no longer tied to headcount. This includes more multiyear recurring annual revenue streams and margin leverage from agentic and AI driving more meaningful scale.

隨著我們從根本上改變簽約與交付方式，我們正在打造一個強健且可持續的基礎，不再與人力規模綁定。這包括更多多年期的年度經常性營收來源，以及由代理式與 AI 驅動更具意義的規模化所帶來的利潤率槓桿。

Over the past few years, we have systematically expanded our advanced technology capabilities in areas of our core strength. This has effectively created a powerful flywheel that is fueling agentic operations.

過去幾年，我們在核心優勢領域有系統地擴展先進技術能力。這有效打造出一個強大的飛輪，正為代理式營運提供動能。

The flywheel starts with our core: expert operators, decades of client trust, clear domains, last mile knowledge, in essence, process intelligence you cannot buy off a shelf. Then the flywheel turns with the expanded capabilities in data and AI and through our partner ecosystem that power the Advanced Technology Solutions of today.

飛輪始於我們的核心：專家級營運人才、數十年的客戶信任、清晰的領域專長、最後一哩（last mile）知識；本質上，這是你無法從現成貨架上買到的流程智慧（process intelligence）。接著，飛輪透過我們在資料與 AI 的擴展能力，以及合作夥伴生態系的加持而轉動，驅動今日的先進技術解決方案。

And that enriches process intelligence further, which earns trust to deliver the agentic mandate. The mandate expands our scope, which deepens our intelligence, and deeper intelligence makes the next solution better.

而這又進一步豐富流程智慧，進而贏得交付代理式使命（agentic mandate）的信任。使命擴大我們的範疇，深化我們的智慧；更深的智慧讓下一個解決方案更出色。

This flywheel compounds, building agentic operations at scale, making our success hard to replicate. We are actively moving from human-processed and human-validated to machine-processed and human-validated, all wrapped in responsible AI, driving compounding advantages from autonomous agents with the context, governance, and oversight that only last-mile experts like Genpact can provide.

這個飛輪持續複利，打造可規模化的代理式營運，使我們的成功難以被複製。我們正積極從「人工處理、人工驗證」轉向「機器處理、人工驗證」，並以負責任的 AI 全面包覆；透過具備情境、治理與監督的自主代理（autonomous agents）帶來複利優勢，而這些能力唯有像 Genpact 這樣的最後一哩專家才能提供。

All of this is further accelerating Advanced Technology Solutions, and that's playing out with the significant momentum we are seeing.

上述一切正進一步加速先進技術解決方案的成長，而我們所見到的顯著動能也正在印證這點。

Advanced Technology Solutions revenue grew another 24% in quarter two, now accounting for 27% of total revenue. This quarter, Advanced Technology Solutions represented nearly 40% of our bookings, and our pipeline increased meaningfully across all capabilities quarter over quarter, highlighting the significant demand our flywheel is driving.

先進技術解決方案營收在第二季再成長 24%，目前占總營收的 27%。本季，先進技術解決方案幾乎占我們簽約的 40%，且我們的管線在所有能力面向皆較上季顯著增加，凸顯飛輪所帶動的強勁需求。

We are not adding a fast line to the past. We are changing what the whole business is and moving to a new category.

我們不是在過去的基礎上加一條快速線。我們正在改變整個業務的本質，並邁向一個新類別。

This is where it all comes together. Clients do not come to us to buy core or advanced tech. They come to us with a vision for the future and a reality of where they are today. We are enabling the journey to agentic-led autonomy that enterprises can trust.

這正是所有要素匯聚之處。客戶來找我們，並不是為了購買核心或先進技術。他們帶著對未來的願景，以及對當下現況的認知而來。我們正在促成企業可信賴的、由代理式主導的自主化（agentic-led autonomy）旅程。

We call it agentic operations. Domain experts and AI agents working side-by-side to reimagine processes to execute transactions, model agnostic, built for enterprise governance and clear auditability, learning that compounds delivered through multiyear annuitized recurring revenues, and the traction and demand are real.

我們稱之為代理式營運（agentic operations）。領域專家與 AI 代理並肩合作，重新想像流程以執行交易；模型不可知（model agnostic）、為企業治理而建並具備清晰可稽核性；可複利學習，透過多年期年金化的經常性營收交付，而其牽引力與需求都是真實存在的。

In Agentic Solutions, we are on track to book over $1 billion in total contract value just in 2026. This is not a trivial number, and it is not agentic washing. This represents just our productized AI offerings built with Genpact IP to run mission-critical business processes at enterprise scale, and it is delivered with multiyear annuitized recurring revenues through a commercial model that is not tied to headcount.

在代理式解決方案（Agentic Solutions）方面，我們正朝著僅在 2026 年就達成超過 10 億美元總合約價值（total contract value）的簽約目標前進。這不是一個微不足道的數字，也不是「代理式漂綠」（agentic washing）。這僅代表我們以 Genpact 自有智慧財產（IP）打造的產品化 AI 產品，用於在企業規模下運行關鍵任務的業務流程，並透過不與人力規模綁定的商業模式，以多年期年金化的經常性營收交付。

Looking at agentic booking to date, more than half has come from new clients, proving the additional TAM we are capturing at speed. And from the clients who rotate, we have seen more than 3% net revenue growth and more than 300 basis points of gross margin expansion. More clients, bigger wallets, a larger market and richer margins, all at once.

從目前為止的代理式簽約來看，超過一半來自新客戶，證明我們正快速捕捉到額外的可服務總市場（TAM）。而在續約／輪替的客戶中，我們看到超過 3% 的淨營收成長，以及超過 300 個基點的毛利率擴張。更多客戶、更大的錢包、更大的市場與更高的利潤率，同時發生。

And we are quickly building our robust road map that aligns where our clients are going with what we can uniquely deliver. We recently announced Genpact Transaction Monitoring Analyst, the first module of our new Genpact Banking Analyst Suite, to help banks complete routine investigations faster and more consistently, with full auditability and human oversight built in.

同時，我們正快速建立一套強健的產品路線圖，使客戶的發展方向與我們可獨特交付的能力相一致。我們近期發布 Genpact Transaction Monitoring Analyst，作為全新 Genpact Banking Analyst Suite 的第一個模組，協助銀行以更快且更一致的方式完成例行調查，並內建完整可稽核性與人工監督。

We also recently launched the Genpact Deductions Recovery Solution, our agentic offering designed to help consumer goods companies recover millions in lost revenue by automating the identification, validation, and resolution of disputed deductions with faster cycle times and enhanced compliance.

我們也在近期推出 Genpact Deductions Recovery Solution，這是我們的代理式產品，旨在透過自動化識別、驗證與解決爭議扣款，縮短週期並強化合規，協助消費品公司追回數百萬美元的流失營收。

Adding to our existing agentic portfolio, which includes accounts payable, record to report, source to pay, and insurance, these are just two additional examples of how we are actively delivering the outcomes clients need to reshape their operations.

在我們既有的代理式產品組合（包含應付帳款、記錄到報告（record to report）、尋源到付款（source to pay）以及保險）之上，這只是另外兩個例子，說明我們如何積極交付客戶所需的成果，以重塑其營運。

As clients see the compounding effects of our flywheel and expanding agentic operations, they are choosing Genpact over legacy and new competitors to work across even more workflows and the additional parts of their transformation.

隨著客戶看見我們飛輪的複利效應與代理式營運的擴張，他們正選擇 Genpact，而非傳統與新進競爭者，來涵蓋更多工作流程以及其轉型的更多環節。

As a case in point, we recently embarked on a journey with Lumen, a global networking and technology company, to identify their accounts payable operation. And Mondelēz International, one of the world's largest snacking companies, expanded our relationship to build an enterprise-wide agentic operating model across their source-to-pay processes, spanning procurement through accounts payable. These are just a couple of examples.

例如，我們近期與全球網路與科技公司 Lumen 展開旅程，以識別其應付帳款營運。而 Mondelez International（全球最大的零食公司之一）也擴大與我們的合作關係，打造企業級的代理式營運模型，涵蓋其尋源到付款流程，從採購延伸至應付帳款。這只是其中幾個例子。

Partners also continue to be an important part of our strategy. In quarter two, our partner-related revenue growth accelerated as we continue to deepen relationship with partners core to our clients' infrastructures. This quarter, we achieved the Databricks Brickbuilder specialization for manufacturing, transportation, and energy. ISG recognized Genpact as a leader in the ServiceNow ecosystem partners for 2026 and as a rising star in their Databricks ecosystem report for AI/ML and managed data optimization.

合作夥伴也持續是我們策略的重要一環。在第二季，隨著我們持續深化與客戶核心基礎架構相關合作夥伴的關係，合作夥伴相關營收成長加速。本季，我們取得 Databricks Brickbuilder 在製造、運輸與能源領域的專精認證。ISG 在 2026 年將 Genpact 評為 ServiceNow 生態系合作夥伴的領導者，並在其 Databricks 生態系報告中，將我們評為 AI/ML 與託管式資料最佳化（managed data optimization）的明日之星（rising star）。

And earlier this week, NelsonHall identified Genpact as a leader in all six of their F&A Transformation NEAT market segments for 2026, including agentic AI, procure-to-pay, record-to-report, order-to-cash, CFO advisory and finance transformation overall. These are just a few recent examples that highlight how focus in our strategic areas is having a clear impact.

而在本週稍早，NelsonHall 在其 2026 年 F&A 轉型 NEAT 的六個市場區隔中，皆將 Genpact 評為領導者，包含代理式 AI、採購到付款（procure-to-pay）、記錄到報告（record-to-report）、訂單到收款（order-to-cash）、CFO 顧問服務，以及整體財務轉型。這些只是近期幾個例子，凸顯我們在策略領域的聚焦正產生明確影響。

In closing, this quarter is a significant proof point for Genpact as we shape what comes next as a leader in agentic operations. We are changing our business in ways that matter, building a new Genpact in a fundamentally different category, doubling down on our most strategic priorities to accelerate the flywheel for agentic operations.

最後總結，本季是 Genpact 的一個重要佐證，證明我們正以代理式營運領導者之姿塑造下一步。我們正以真正重要的方式改變業務，打造一個處於根本不同類別的全新 Genpact，並加倍投入最具策略性的優先事項，以加速代理式營運的飛輪。

Building high-quality, durable revenue that compounds and is harder to replicate, driving structurally richer margins and ultimately, opening daylight between Genpact and the market around us.

打造高品質、可持續的營收，能夠複利成長且更難被複製，推動結構性更高的利潤率，並最終讓 Genpact 與周遭市場拉開差距。

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 a strong second quarter, highlighting how our focus and investments are strengthening our position in agentic operations.

各位下午好，感謝今天加入我們。我們交出強勁的第二季成績，凸顯我們的聚焦與投資正強化我們在代理式營運（agentic operations）領域的地位。

Total revenue grew 7.1% year over year to $1.343 billion as momentum in Advanced Technology Solutions continues to build.

在先進技術解決方案（Advanced Technology Solutions）的動能持續增強下，總營收年增 7.1% 至 13.43 億美元。

Advanced Technology Solutions revenue, which includes data and AI, digital technologies, advisory, and agentic, reached $363 million, growing again over 24% year over year, with broad-based strength across our flywheel.

先進技術解決方案營收（包含資料與 AI、數位技術、顧問服務與代理式）達 3.63 億美元，再度年增逾 24%，並在我們飛輪的各個面向展現廣泛的強勁表現。

Demand for our Advanced Technology Solutions is scaling quickly, and our strategic investments are delivering results. Our advanced technology capabilities are compounding, with agentic and AI-led innovation showing up across a growing set of offerings.

市場對我們先進技術解決方案的需求正快速擴大，而我們的策略性投資也正在產生成果。我們的先進技術能力持續複利累積，代理式與 AI 驅動的創新正體現在日益擴大的產品與服務組合中。

We are focused on exponentially expanding our total addressable market, delivering more value for clients across end-to-end workflows, and driving higher value, more durable revenue for Genpact. As BK mentioned, we're doubling down on our most strategic priorities to accelerate the flywheel for agentic operations. And we can start seeing the payoff. In the second quarter, our agentic bookings grew significantly quarter over quarter.

我們專注於以指數級方式擴大可服務市場總量（TAM），在端到端工作流程中為客戶創造更多價值，並為 Genpact 帶來更高價值、更具韌性的營收。如 BK 所提，我們正加碼最具策略性的優先事項，以加速代理式營運的飛輪。而我們已開始看到回報。第二季，我們的代理式訂單（bookings）較前一季顯著成長。

For 2026, we are tracking to deliver over $1 billion in agentic TCV, 5 times more than 2025. And as BK noted, our agentic business continues to capture a broader TAM and wallet share with meaningful traction across both new and existing clients.

展望 2026 年，我們正朝著交付超過 10 億美元代理式合約總價值（TCV）的目標前進，將是 2025 年的 5 倍。同時，如 BK 所指出，我們的代理式業務持續擴大可觸及的 TAM 與客戶錢包份額，並在新客戶與既有客戶兩端都取得具意義的進展。

To date, more than 50% of our cumulative awarded contract value is coming from new clients. For existing accounts that are rotating from traditional to agentic delivery, both net revenue growth and gross margin expansion continue to be above what we reported at Investor Day in June of last year as we continue to drive higher volumes, increased scope, or both within our existing clients. This momentum is compounding into what we believe is a more durable revenue base with higher gross margins that continue to improve with scale.

截至目前，我們累計已獲授予的合約價值中，超過 50% 來自新客戶。對於從傳統交付模式轉向代理式交付的既有客戶帳戶，隨著我們在既有客戶中推動更高的量、更大的範疇，或兩者兼具，淨營收成長與毛利率擴張仍持續高於我們在去年 6 月投資人日所揭露的水準。我們相信，這股動能正複利累積，形成更具韌性的營收基礎與更高的毛利率，且毛利率會隨規模擴大而持續改善。

Core Business Services revenue, which includes digital operations, decision support services, and technology services, grew 1.9% to $980 million in the second quarter.

核心業務服務（Core Business Services）營收（包含數位營運、決策支援服務與技術服務）在第二季成長 1.9% 至 9.80 億美元。

We continue to see strong demand for our deep domain and industry experience built from decades of client trust as we help clients navigate through the different stages of their transformational journeys.

我們持續看到市場對我們深厚的領域與產業經驗有強勁需求；這些能力建立在數十年來客戶信任之上，並協助客戶走過其轉型旅程的不同階段。

Our sales team continued to execute well with strong demand for our core and advanced technology capabilities across new and existing clients. Net revenue retention remains accretive, and we continue to feel good about our pricing as we deliver incremental value for our client base.

我們的銷售團隊持續展現良好執行力，來自新客戶與既有客戶對我們核心與先進技術能力的需求皆強勁。淨營收留存率（net revenue retention）仍具增益效果（accretive），且隨著我們為客戶群提供增量價值，我們對定價仍持正面看法。

In 2Q, our large deal momentum also continued. We signed six large deals compared to three in the same period last year. This brings us to 12 large deals year to date, double of what we did in the same period last year. As a reminder, large deals are $50 million or greater in total contract value.

第二季，我們的大型交易動能也持續延伸。我們簽下 6 筆大型交易，去年同期為 3 筆。因此，今年迄今大型交易達 12 筆，是去年同期的兩倍。提醒一下，大型交易指總合約價值達 5,000 萬美元或以上。

Our bookings performance in the quarter was also the largest ever with nearly 40% coming from Advanced Technology Solutions, and we continue to have a strong pipeline of additional large deals. With the record backlog and pipeline, we're in a very strong position for the second half of the year.

本季我們的接單表現也創下歷史新高，其中近 40% 來自先進技術解決方案；同時，我們仍有強勁的額外大型交易管線。憑藉創紀錄的在手訂單（backlog）與管線，我們在下半年處於非常有利的位置。

This quarter, non-FTE revenue surpassed 50% of total revenue, reflecting our disciplined focus on shifting to fixed fee, consumption, and outcome-based models, and we are building a meaningful recurring annual revenue base that is decoupled from FTEs.

本季，非 FTE（非全職人力）營收占總營收比重超過 50%，反映我們有紀律地將模式轉向固定費用、用量計費與成果導向模式；同時，我們正在建立一個與 FTE 脫鉤、具規模的年度經常性營收基礎。

At a segment level, consumer and healthcare grew 9.5%, followed by hi-tech and manufacturing growth of 7.6% and financial services growth of 3.3%.

以事業群來看，消費與醫療保健成長 9.5%，其次是高科技與製造業成長 7.6%，以及金融服務成長 3.3%。

Turning to profitability, gross margin expanded for the 13th consecutive quarter to 36.5%, up approximately 60 basis points year over year. Our margin profile reflects our continued operating and pricing discipline as well as revenue contribution from our high-value Advanced Technology Solutions.

轉向獲利能力，毛利率連續第 13 季擴張至 36.5%，年增約 60 個基點。我們的利潤率表現反映我們持續的營運與定價紀律，以及高價值的先進技術解決方案對營收的貢獻。

Notably, we are also seeing revenue growth decoupled from headcount as we embed these solutions in our own operations and delivery.

值得注意的是，隨著我們將這些解決方案嵌入自身營運與交付流程，我們也看到營收成長正逐步與人力規模脫鉤。

Moving down to the P&L. SG&A expense as a percentage of revenue was 21.9%. Adjusted operating income was $234 million, up 7.5% year over year, faster than our revenue growth. Adjusted operating income margin was 17.4% as we continue to self-fund our strategic investments.

接著看損益表（P&L）。SG&A 費用占營收比重為 21.9%。調整後營業利益為 2.34 億美元，年增 7.5%，增速快於營收成長。調整後營業利益率為 17.4%，我們持續以自有資金支應策略性投資。

Our effective tax rate in the second quarter was 23.7%, net income was $146 million, and diluted EPS was $0.86. Adjusted diluted EPS increased 13.6% to $1 per share, growing significantly faster than revenue for yet another quarter.

第二季有效稅率為 23.7%，淨利為 1.46 億美元，稀釋後 EPS 為 0.86 美元。調整後稀釋 EPS 年增 13.6% 至每股 1.00 美元，再一次顯著快於營收成長。

Shifting to cash, we generated $72 million of cash from operations, ending the second quarter with $517 million in cash and cash equivalents. This was impacted by timing of collections as well as prepayments made in 2025.

轉向現金流，我們自營運活動產生 7,200 萬美元現金，第二季末現金及約當現金為 5.17 億美元。此結果受到收款時點以及 2025 年所做預付款的影響。

Credit quality remains high. In the quarter, we returned $82 million to shareholders, $50 million in share repurchases, and $32 million in dividends.

信用品質仍維持高水準。本季我們回饋股東 8,200 萬美元，其中 5,000 萬美元用於庫藏股回購，3,200 萬美元為股利。

Turning to the outlook, as BK noted, the momentum we're seeing in Advanced Technology Solutions is significant.

談到展望，如 BK 所提，我們在先進技術解決方案看到的動能相當顯著。

As a result, we're doubling down behind the flywheel that is already accelerating, focusing resources on where we can drive durable value and demand over the long term.

因此，我們將在已加速運轉的飛輪上進一步加碼，把資源聚焦在能夠長期驅動具韌性價值與需求的領域。

With a strong backlog, pipeline, and demand for our differentiated capabilities, we have line of sight to deliver at least 7% revenue growth on an as-reported basis in 2026, even with nearly 2 points of impact from our transition away from work not aligned with our agentic operations strategy.

憑藉強勁的在手訂單、管線，以及市場對我們差異化能力的需求，我們有明確能見度在 2026 年以申報口徑（as-reported）至少達成 7% 的營收成長；即便我們因轉離不符合代理式營運策略的業務而承受近 2 個百分點的影響。

Given the exceptional demand, we now expect Advanced Technology Solutions revenue growth to accelerate in the second half of the year, increasing at least 25% for the full year.

鑑於需求異常強勁，我們現在預期先進技術解決方案營收成長將在下半年加速，全年增幅至少達 25%。

In Core Business Services, we still expect 2026 to grow, even after roughly 2 points of impact from the transition noted earlier.

在核心業務服務方面，即使扣除前述轉型帶來約 2 個百分點的影響，我們仍預期 2026 年將維持成長。

From a timing perspective, the impact of the transition will be concentrated in the second-half numbers. On margins, we continue to expect full-year gross margin to expand 50 basis points to 36.5% with adjusted operating income margin expected to increase approximately 25 basis points to 17.7%, reflecting our continued commitment to self-fund investments for growth. And we now expect adjusted diluted EPS to grow at least 12%.

就時點而言，轉型的影響將主要集中在下半年的數字上。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期提升約 25 個基點至 17.7%，反映我們持續承諾以自有資金支應成長投資。此外，我們現在預期調整後稀釋 EPS 至少成長 12%。

Turning to the third quarter on an as-reported basis, we expect to deliver total revenue between $1.369 billion and $1.382 billion or 6.5% growth at the midpoint. We expect Advanced Technology Solutions revenue growth to accelerate to at least 25% year over year.

再看第三季，以申報口徑（as-reported）計算，我們預期總營收介於 13.69 億至 13.82 億美元，中位數成長 6.5%。我們預期先進技術解決方案營收年增將加速至至少 25%。

We expect Core Business Services to be flat to slightly down even after about three points of impact from the transition away from work not aligned with our agentic operations strategy. We expect gross margin to expand to 36.6% and adjusted operating income margin to increase to 17.8%.

我們預期核心業務服務將持平至小幅下滑，即使其中已包含因轉離不符合代理式營運策略的業務所帶來約 3 個百分點的影響。我們預期毛利率將擴張至 36.6%，調整後營業利益率提升至 17.8%。

Finally, we expect adjusted diluted EPS of $1.04 to $1.05 for the third quarter.

最後，我們預期第三季調整後稀釋 EPS 為 1.04 至 1.05 美元。

In closing, as BK made it clear, a new Genpact is taking shape. To capture this enormous opportunity, we are reshaping how businesses operate, leveraging our unique strengths rooted in domain and industry expertise with significant advancements in our Advanced Technology Solutions.

最後，正如 BK 已清楚說明，一個全新的 Genpact 正在成形。為了把握這個龐大的機會，我們正重塑企業的營運方式，運用我們植基於領域與產業專業的獨特優勢，並結合我們在先進技術解決方案（Advanced Technology Solutions）方面的重大進展。

We are focused on differentiating our position in the market, expanding our TAM dramatically, accelerating high-quality revenue growth, and consistently expanding margins, all of which will allow us to continue to deliver double-digit growth in adjusted diluted EPS and long-term client value.

我們聚焦於強化市場差異化定位、大幅擴張我們的 TAM（總可服務市場）、加速高品質營收成長，並持續擴大利潤率；這些都將使我們得以持續交付調整後稀釋 EPS 的兩位數成長，以及長期的客戶價值。

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。

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

謝謝你，Mike。接線員，我們準備開始回答問題。

(Operator Instructions) Bryan Bergin, TD Cowen.

(接線員指示) TD Cowen 的 Bryan Bergin。

Hey, good afternoon. Thank you. So on the strategic prioritization that you're taking here, maybe the segment dynamics, just based on this conscious disruption of the business with the 2-point CBS headwind this year and what sounds like a similar headwind next year, what does the target growth model kind of look on the other side of these changes?

嗨，午安。謝謝。關於你們正在推動的策略優先順序，或許談談部門動態：基於今年因有意識地擾動業務而帶來 2 個百分點的 CBS 逆風，且聽起來明年也有類似逆風，在這些變革完成後，目標成長模型大概會是什麼樣子？

If I can adjust for the 2% that second-half weighted, it seems like you're still somewhat in the CBS target model, but I want to confirm whether you do have a different view of the target model versus the Investor Day kind of the 4% to 5% CBS and the 15%-plus ATS? And if it is different, maybe speak to the sustainability of the very strong ATS growth?

如果我把下半年權重較高的那 2% 調整掉，看起來你們仍有點落在 CBS 的目標模型之內，但我想確認：相較於投資人日所提的 CBS 4% 到 5%、以及 ATS 15% 以上，你們對目標模型是否有不同看法？如果確實不同，也請談談 ATS 非常強勁成長的可持續性。

Yeah, I'll take that, Bryan. Thanks. Overall, we feel exceptionally good about how we are ramping the business. Not just in Advanced Tech, but also core business services because this is how the flywheel is delivering, which starts from core and data and AI advisory partner solutions and landing and agentic operations, which we are building and delivering on a new category.

Bryan，我來回答。謝謝。整體而言，我們對業務的爬坡進展感到非常、非常有信心。不僅是先進技術，也包括核心業務服務，因為這正是飛輪效應在發揮作用：從核心出發，結合資料與 AI 諮詢夥伴解決方案、落地（landing）以及代理式（agentic）營運；我們正在打造並交付一個全新的類別。

So if I see the demand signals are obviously exceptionally high in Advanced Tech, continue to be very strong. In Core, our backlog is really building up very strongly. We mentioned highest-ever quarterly booking just previous quarter, and pipeline continues to be strong.

因此，如果看需求訊號，先進技術的需求顯然非常高，且持續非常強勁。在核心業務方面，我們的積壓訂單（backlog）也在非常強勁地累積。我們提到上一季創下史上最高的單季簽約（booking），而且銷售管線（pipeline）仍然強勁。

So fundamentally, we are shaping the business to become a far higher growth and more durable, richer business as we cycle through '26/'27.

所以從根本上，我們正在塑造公司，使其在 2026/2027 年輪轉期間，成為成長更快、更具韌性、且價值密度更高的業務。

Mike?

Mike？

Yeah. So the only thing I'd add to that, first of all, let's level it up the discussion a little bit. Our clients don't really come to us to buy core business services or ATS-related. These are just revenue classifications of the services and the products that we offer, right? They come to us to solve problems and run critical operations. We're working aggressively to identify those operations, as BK just spoke about.

好。我唯一想補充的是，首先把討論層級拉高一點。客戶其實不會因為要買核心業務服務或 ATS 相關服務而來找我們。這些只是我們所提供服務與產品的營收分類，對吧？他們來找我們是為了解決問題並運行關鍵營運。我們正積極識別這些營運項目，正如 BK 剛才所說。

So when you think about it, we still continue to feel very, very good about the guide we put forward through this year and our long-term guide, which we articulated at our Investor Day, arguably, I guess, that was in June of last year.

因此，整體來看，我們仍然對今年提出的指引，以及我們在投資人日所闡述的長期指引感到非常、非常有信心；如果沒記錯，那是在去年 6 月。

Okay, understood. And my follow-up on bookings and backlog visibility, you highlighted here record bookings, backlog growth and obviously strong pipeline still. Just at this juncture, how much visibility is that base providing you into 2027 growth?

好的，了解。我追問一下關於簽約與積壓訂單的能見度：你們提到創紀錄的簽約、積壓訂單成長，且顯然銷售管線仍強勁。在目前這個時間點，這個基礎能為你們提供多少對 2027 年成長的能見度？

So I'm not going to really talk about 2027 specifically. Let me just build up on how we're thinking about our guide this year and you can extrapolate that into next year. I think that would be somewhat helpful, right?

我不會特別談 2027 年。我先說明我們如何看待今年的指引，你可以把這個邏輯外推到明年。我想這會比較有幫助，對吧？

So as you correctly repeated, we have record bookings. And backlog from just a tremendous first half of this year. So if you think about it, because this will help perpetuate us into next year as well, we had 12 large deals in the first half. That's double what we had in the first half of last year. Add on to that, an incredibly strong pipeline, which we're working hard to execute on. So we're seeing continued strength in demand across both core and ATS.

如你所說，我們有創紀錄的簽約。以及今年上半年非常亮眼表現所帶來的積壓訂單。因此，這也會延續到明年：上半年我們有 12 筆大型交易。這是去年上半年的兩倍。再加上非常強勁的銷售管線，我們正努力執行落地。所以我們看到核心與 ATS 的需求都持續強勁。

With regard to the work that we're transitioning back to our clients, correct, that will manifest itself over the next four to six quarters with two points being affected full year this year.

至於我們正在把部分工作移轉回客戶端，沒錯，這會在接下來 4 到 6 個季度逐步反映出來，而今年全年將受到 2 個百分點的影響。

And I would also just continue to think through how the business continues to roll out and execute. So again, we feel very good about where we are. We have good line of sight to driving these results for this year and then through into next year.

此外，也請持續觀察業務如何推進與執行。總之，我們對目前的位置感到非常有信心。我們對推動今年的成果有良好能見度，並可延續到明年。

And I think if I was to add, there is a strong momentum building up in Advanced Tech. And Advanced Tech is also annuitized business. And therefore, the flywheel from core to Advanced Tech, which lands into agentic operations, is creating a pretty strong momentum and durable richer revenues.

我想補充的是，先進技術的動能正在強勁累積。而先進技術同時也是年金化（annuitized）的業務。因此，從核心到先進技術、再落地到代理式營運的飛輪，正在形成相當強的動能，以及更具韌性、價值密度更高的營收。

Maggie Nolan, William Blair.

William Blair 的 Maggie Nolan。

Hi, thank you. Another one maybe on the non-strategic work. Can you help us understand where this fall in terms of margins versus other offerings within your portfolio, and then maybe how that would show up this year versus next year, and then is this process sort of complete for now?

嗨，謝謝。我也想問一題關於非策略性工作。你們能否協助我們理解：這類工作相較於你們產品組合中的其他服務，其利潤率大概落在哪裡？另外，這會如何在今年與明年反映出來？以及這個流程目前是否算是暫時告一段落？

Yeah, maybe I'll take it, and Mike, feel free to add.

好，我來回答，Mike 也歡迎補充。

First, what you can see, Maggie, consistently with 13th quarter of a gross margin expansion, I think that trajectory is not changing, that momentum is not changing. So I think we are shaping the business, as I mentioned, with more durable and more richer revenues. And therefore, margin profile, we are expecting the gross margin or AOI with the trajectory that we are talking about.

首先，Maggie，你可以看到我們已連續第 13 個季度擴張毛利率；我認為這個趨勢不會改變，這股動能不會改變。因此，如我所提，我們正在塑造業務，使其擁有更具韌性、且價值密度更高的營收。因此，就利潤率輪廓而言，我們預期毛利率或 AOI 會沿著我們所談的軌跡前進。

And I think just more specifically, this is, again, a very small portion of our business that didn't stood the test of the three tests that we talked about. How do we create a durable value that can be easily replicated or does it provide a strong ROI both for Genpact and obviously for our clients? And is it aligned with large fast-growing market and expanding TAM?

更具體地說，這同樣只占我們業務中非常小的一部分，未能通過我們所提的三項檢驗。也就是：我們如何創造可持續、且能輕易複製的價值？或它是否能為 Genpact 以及當然也為客戶帶來強勁的投資報酬率（ROI）？以及它是否與一個大型、快速成長的市場並且 TAM 持續擴張相一致？

And these are, again, a very small portion of our business, as I mentioned, small portions of content management or some of the commoditized contact center play, which is what we are walking away from.

而這些同樣只占我們業務中非常小的一部分；如我所說，像是內容管理的一小部分，或某些商品化的聯絡中心業務，這些就是我們正在退出的部分。

Understood. And then as we get comfortable with sort of the new Genpact with new pricing models and I'm wondering if you can help us better understand on the agentic workflows what happens to pricing and margins as token prices increase and how that impacts your ability to drive margin expansion?

了解。接著，當我們逐步適應這個「新 Genpact」與新的定價模式時，我想請你們協助我們更好理解：在代理式工作流程（agentic workflows）方面，當 token 價格上升時，定價與利潤率會如何變化？以及這會如何影響你們推動利潤率擴張的能力？

Yeah, so maybe I'll quickly take that again. Agentic solutions, one, we are leveraging the scale and these are not bespoke agents that we built. And I think that's a very important distinction versus what you see elsewhere.

好，我再快速回答一下。代理式解決方案方面，第一，我們運用規模效益，而且我們打造的不是客製化（bespoke）的代理。我認為這是與你在其他地方看到的做法非常重要的差異。

And because there's a component of a compounding learning within the solution set and the scale from an economic perspective as well. And these are annuitized recurring revenues with minimum volume commit. So there's a floor on the revenue we earn and then upside as client expands use cases or add agentic workflows. And obviously, very high retention, multiyear, and far more sticky relationship.

此外，解決方案組合中包含複利式學習（compounding learning）的成分，並且在經濟性上也具備規模效益。而這些是年金化的經常性收入，並有最低量承諾（minimum volume commit）。因此，我們所賺取的收入有底線；當客戶擴大使用情境或新增代理式工作流程時，則有上行空間。而且顯然留存率非常高、合約多為多年期，關係也更具黏著度。

And again, from a margin standpoint, structurally we expect to gain from both sides of the equation, technology costs decline over time as compute advances, we own the stack, so efficiency gains flow to us. And then labor costs decrease as agents handle more of the workflow. And humans are brought only for high judgment situation and not for volume processing.

再者，從毛利率的角度來看，在結構上我們預期會在等式兩端都受益：隨著運算能力進步，技術成本會隨時間下降；我們擁有整個技術堆疊，因此效率提升會回流到我們身上。同時，隨著代理（agents）能處理更多工作流程，人力成本也會下降。而人員只會在需要高判斷力的情境才介入，而不是用於大量處理。

As far as token economics is concerned, it is also how we are building the architecture that allows dynamic switching, model flexibility without any client disruption, and I think there is a strong, I would say, token FinOps that we have, so we procure well. There isn't overall under-provisioning or what have you. So feel really good about as to where we are taking the company.

就 Token 經濟而言，這也關乎我們如何打造能夠動態切換的架構，在不影響客戶的情況下提供模型彈性；我認為我們在 Token FinOps 上有很強的能力，因此採購做得很好。整體上不會出現供給不足或諸如此類的問題。所以我對我們帶領公司前進的方向感到非常有信心。

Very thorough. Thank you, BK.

非常周全。謝謝你，BK。

Surinder Thind, Jefferies.

Surinder Thind，Jefferies。

Thank you. BK, when we think about the Advanced Technology Solutions segment and the acceleration that we've seen there in the work or the revenue growth, can you maybe talk about like when I think about the agentic solutions that are available, how much of that is being driven by just more products that you have, more services that tie into that business line item versus what I would call just accelerating demand for an existing products that are served.

謝謝。BK，當我們思考先進技術解決方案（Advanced Technology Solutions）事業部，以及我們在該業務的工作量或營收成長所看到的加速，你能否談談：以我對現有代理式（agentic）解決方案的理解，這其中有多少是由於你們提供了更多產品、更多與該業務線項目相連結的服務所帶動；相較之下，又有多少是我所稱的既有產品需求加速所驅動？

I'm just trying to understand that as you build and create more agentic solutions, should we expect to see Advanced Technology Solutions continue to maybe accelerate in growth rate, or how do we characterize or understand or put context around what the current growth rate is and maybe the sustainability of it?

我只是想理解，當你們建置並創造更多代理式解決方案時，我們是否應預期先進技術解決方案的成長率會持續加速？或者我們該如何描述、理解，或為目前的成長率提供脈絡，以及其可持續性？

Yeah. Short answer, yes, you should expect it to accelerate and I think it is the flywheel effect that we are talking about and the flywheel builds actually from the strength of our core, the deep process intelligence, domain expertise, decades of operational excellence. And then that brings in process, data, enterprise technology, all of that together in a room and then we own the driving change management at the client end as well.

是的。簡短回答：是的，你應該預期它會加速。我認為這就是我們所談的飛輪效應，而飛輪其實是建立在我們核心優勢之上：深厚的流程智慧、領域專業，以及數十年的營運卓越。接著把流程、資料、企業技術等全部整合在一起，同時我們也主導客戶端的變革管理推動。

It also opens up new workloads for us and we are moving from just running client operations to getting to own the entire part of transformation for them, be it the foundational work or the data modernization.

這也為我們開啟了新的工作負載，我們正從單純代營運客戶作業，走向能夠為他們承擔整個轉型的一部分，不論是基礎性工作或資料現代化。

Enterprise architecture, as I mentioned, and therefore building these scale agentic solutions that will create the exponential effect as we go along. So yes, you should expect that this acceleration will continue and it is firing across all the components.

如我提到的企業架構，因此我們打造這些可規模化的代理式解決方案，將在未來推進過程中帶來指數型效果。所以是的，你應該預期這種加速會持續，而且它正在各個組成面向同時發力。

I can just add one thing to that, BK. When you talked about Advanced Technology Solutions revenue in the quarter, it was 24%, that's a $360 million-ish, very little of that is agentic-related revenue, but we talk a lot about the bookings. So that's going to just support the growth, particularly on a go-forward basis. We're very pleased with the agentic bookings, and we laid out we're looking forward to that getting to about $1 billion this year.

BK，我再補充一點。你提到本季先進技術解決方案的營收成長是 24%，約 3.6 億美元，其中與代理式相關的營收其實非常少，但我們談了很多訂單（bookings）。因此這將支撐成長，特別是在未來的推進上。我們對代理式的訂單表現非常滿意，我們也說明了今年目標是讓它達到約 10 億美元。

That's helpful. And then, BK, over the last couple of years, the partnership sourcing revenues have been an important part of this strategy. Can you maybe provide a bit more color there, maybe in terms of there's some commentary in the prepared comments? Like when you think about the bookings that you're realizing now, how much of that is coming through your partners and maybe how does that compare over the past year, and how we should think about it on a go-forward basis?

這很有幫助。另外，BK，過去幾年，透過合作夥伴導入（partnership sourcing）的營收一直是這項策略的重要部分。你能否再提供一些細節，或許就你在事先準備的講稿中提到的內容補充說明？例如，當你思考目前正在實現的訂單（bookings）時，其中有多少是透過合作夥伴帶來的？與去年相比如何？以及我們未來應如何看待？

Partners are an integral part of the flywheel. And I constantly believe that you could be anybody, but all solutions don't exist in just any four walls, even if you are a coolest model company.

合作夥伴是飛輪不可或缺的一部分。我一直相信，你可以是任何人，但所有解決方案不可能只存在於任何一家公司的四面牆內，即便你是最酷的模型公司也是如此。

And therefore, the tech and partner ecosystem is integral to how you bring value to clients and we have invested heavily here and I think I'll say we are in the early stages of the journey and there's a significant opportunity ahead.

因此，技術與合作夥伴生態系是你如何為客戶帶來價值的關鍵；我們在這方面投入很大，我想說我們仍處於旅程的早期階段，前方有顯著的機會。

And if I give you a very quick example, in a recent case for a supply chain where we partnered with ServiceNow, this is for a leading energy equipment manufacturer, and they wanted to transition heavily customized legacy platform into a new domain-specific platform that is supported by ServiceNow. And they chose Genpact to drive that transformation, where we built the data model standardization, governance, workflows, almost 100 fragmented workflows got integrated. And a lot of customizations that we resolved and then built a future-ready platform.

我給你一個很快的例子：最近在一個供應鏈案例中，我們與 ServiceNow 合作，客戶是一家領先的能源設備製造商，他們希望把高度客製化的舊有平台，轉換到由 ServiceNow 支援、以特定領域為導向的新平台。他們選擇由 Genpact 推動這項轉型，我們建立了資料模型標準化、治理與工作流程，將近 100 個分散的工作流程被整合起來。我們也解決了大量客製化問題，並打造出面向未來的平台。

Now, all of this was a combination of our supply chain domain expertise and a strong relationship with ServiceNow. And all of this is showing up in our results and actually hopefully in their results, too.

這一切是我們的供應鏈領域專業與我們和 ServiceNow 的強大合作關係的結合。而這些都反映在我們的成果中，也希望同樣反映在他們的成果上。

Sean Kennedy, Mizuho.

Sean Kennedy，Mizuho。

Hi, everyone. Congrats on the results and for taking my questions. I wanted to ask if you're seeing any incremental pressure from customer insourcing trends or crowding out to the AI token infrastructure spend as some of your peers are experiencing? Thank you.

各位好。恭喜本季成果，也謝謝回答我的問題。我想請教，你們是否看到因客戶內製（insourcing）趨勢，或因 AI Token 基礎設施支出擠壓（crowding out）而帶來的額外壓力？你們的一些同業正有這樣的情況。謝謝。

Thanks, Sean. Look, I think overall, all of this is rooted into the strategy as to what we are driving and how we are wanting to shape the future of this company. If I think about where are clients prioritizing their engineering resources, it is more of the harder problems that is hard to their company strategy. As an example, for a pharmaceutical company, it is sitting in a how do they develop a new molecule or a food or a beverage company, it is kind of what is the next best drink or the next best brand that they can bring to the market.

謝謝，Sean。我認為整體而言，這一切都根植於我們正在推動的策略，以及我們希望如何塑造公司未來。如果我思考客戶把工程資源優先投入在哪裡，更多是在那些更難、且與其公司策略高度相關的問題上。例如，對製藥公司而言，是如何開發新分子；對食品或飲料公司而言，則是下一個最佳飲品或下一個最佳品牌要如何推向市場。

For running mission-critical operations, finance, HR, supply chain, procurement, which is core to Genpact, that's where we are taking the company. That's where we are bringing in all of these agentic solutions that our clients are taking in a significant way.

至於營運關鍵任務（mission-critical operations），如財務、人資、供應鏈、採購——這些是 Genpact 的核心——這就是我們帶領公司前進的方向。我們也正把所有這些代理式解決方案導入其中，而客戶正以相當顯著的方式採用。

That's great to hear. And then for those agentic bookings, are you seeing particular success with any specific type of customer?

很高興聽到。那麼就這些代理式訂單（agentic bookings）而言，你們是否在某一類特定客戶上看到特別成功？

I would say it is actually across the board, including new, and we are capturing the new TAM as we mentioned that we expect greater than $1 billion of booking just in agentic and with not agentic washing. It is sold as annuitized recurring revenues. Greater than 50% of it is from newer clients. And also, we are rotating our existing clients and that's based on the domain and industry-specific expertise that we have that we are bringing our new and existing clients and capturing the TAM.

我會說其實是全面性的，包括新客戶；而且如我們所提，我們正在擴大並掌握新的 TAM（可服務市場），我們預期僅代理式就能取得超過 10 億美元的訂單，而且不是所謂的「agentic 洗白」。這些是以年金化的經常性收入（annuitized recurring revenues）形式銷售。其中超過 50% 來自較新的客戶。同時，我們也在推動既有客戶的轉換，這是基於我們所具備的領域與產業專業，將新舊客戶都納入並掌握 TAM。

So core gives us this right to win and that is the reason we have built the strategy that we talked about. And it is therefore building a very long runway in clear chosen areas of our domain and industry expertise. And the client trust is building further.

因此，核心業務賦予我們「贏的權利」（right to win），這也是我們建立所談策略的原因。因此在我們清楚選定的領域與產業專長上，正在打造非常長的成長跑道。而客戶信任也在進一步提升。

Great. Thanks so much.

很好。非常感謝。

Puneet Jain, JPMorgan.

Puneet Jain，JPMorgan。

Hey, thanks for taking my question. I also wanted to follow-up on this non-strategic portfolio. So are these contracts typically -- like do these contracts typically stem from standalone client relationships or are these -- the processes you serve as part of larger clients?

嗨，謝謝回答我的問題。我也想追問一下這個非策略性投資組合（non-strategic portfolio）。所以這些合約通常——這些合約通常是源自於獨立的客戶關係，還是——你們所服務的流程其實是大型客戶整體合作的一部分？

And where do you think like the work that's transitioning away will go? Will it go to any of your competitors or clients start taking them in-house?

另外，你認為正在轉移出去的工作會流向哪裡？會流向你們的競爭對手，還是客戶會開始把它們收回內部自行處理？

I would say it is more one-off contract that we have had, but I'll first step back and just ground you, Puneet, and thanks for asking that.

我會說這比較像是我們曾經有過的一次性合約，但我先退一步，先把背景脈絡說清楚，Puneet，也謝謝你提出這個問題。

Look, the investments that we've been making for the last couple of years. That has created this incredible opportunity to participate across more parts of clients' end-to-end operations and transformation journeys.

你看，我們在過去幾年所做的投資。這創造了一個非常難得的機會，讓我們能參與客戶端端到端營運與轉型旅程中更多的環節。

And at the center of this flywheel that we are building is applying advanced tech to core that drives this agentic operations long term. And we are doubling down there and continuing to partner with clients more broadly, more deeply.

而我們正在打造的這個飛輪核心，是把先進技術應用到核心業務上，長期驅動這種代理式（agentic）的營運。我們會在這方面加碼投入，並持續以更廣、更深的方式與客戶合作。

Now, having said that, there are certain parts of where it is more one-off, I will call it little bit undifferentiated tail, which is not connected to the transformational work we do. Commercial is only tied to maybe per-hour basis, we are not wanting that ,and I think that's where -- and it's a very small portion of our book and therefore shaping the business to become far more durable, far higher quality, especially higher margins for long term.

話雖如此，確實有些部分比較偏一次性，我會稱之為有點缺乏差異化的尾端業務，這些並未連結到我們所做的轉型工作。商業模式可能只綁在按小時計費，我們不希望那樣；我想這就是——而且它在我們的業務組合中占比非常小——因此我們正在塑造業務，使其長期更具韌性、品質更高，尤其是長期毛利率更高。

Okay. And can you share more details on the timelines of this transition? Like when did you engage with clients to take start this process? And when will this 2 points of advance, like when will that kick in? Like has that already kicked in 2Q and continuing in second half or will that happen sometime in 3Q or 4Q?

好的。那你能否分享更多關於這次轉換的時間表細節？例如你們是何時開始與客戶接觸並啟動這個流程？以及這個預付2個點（2 points of advance）會在什麼時候生效？像是已經在第二季生效並在下半年延續，還是會在第三季或第四季的某個時間點才發生？

So maybe I'll take the first part. Mike, you can take the timing portion of it. I think, one, you should know that we are a pretty active and intense company, so constantly are talking to the clients. And as we build these strategies, they are not built in vacuum. They are built by validating a lot of these questions with the clients too. So it's a constant dialogue that we are having with the clients.

那我先回答第一部分。Mike，你可以回答時點的部分。我想第一，你應該知道我們是一家相當積極、節奏很快的公司，所以我們一直都在和客戶溝通。而且當我們制定這些策略時，並不是在真空中做出來的。我們也會和客戶一起驗證很多這類問題。所以我們與客戶之間一直保持著持續性的對話。

And I think just from a timing standpoint, Mike?

那就時間點來說，Mike？

Yeah, I would kind of think about it is from a perspective standpoint. We'll be transitioning that work over the next four to six quarters, and I think we've quantified the impact from a points perspective of 2 points for the full-year impact for 2026.

對，我會從一個視角來看。我們會在接下來四到六個季度逐步把那部分工作轉移出去；而且就點數影響來看，我們已量化為：在2026年，全年影響約為2個點。

Okay. Thank you.

好的。謝謝。

David Koning, Baird.

David Koning，Baird。

Yeah. Hey, guys. Great job. One thing that I noticed in the supplemental materials, employees were down maybe a couple percent sequentially, I think a few percent year-over-year. And it's really impressive. You're going revenue 7%, employees down 3%, so you're getting, I guess, 10% efficiency growth.

是的。嗨，各位。做得很棒。我在補充資料裡注意到，員工人數環比可能下降了幾個百分點，我想同比也下降了幾個百分點。這真的很令人印象深刻。你們營收成長7%，員工數下降3%，所以我想你們大概取得了10%的效率提升。

We haven't seen anything like that in years. And just wondering maybe the dynamics of that, I assume that's driving margins, et cetera. And I saw attrition also ticked up to the highest level in a handful of years and if any of that's forced attrition or voluntary, but just maybe that whole dynamic.

我們已經好幾年沒看到這樣的情況了。想請教一下這背後的動態，我猜這也在推動毛利率等等。另外我也看到離職率上升到幾年來的高點；想了解其中有多少是被動離職、多少是自願離職，請談談整體的情況。

Thanks, David. I'll take that. Look, I think we are taking a very disciplined approach to headcount, but I won't say that we are at any inflection point. I'll just say we are getting started. We are making significant investments in Advanced Tech, and we'll continue to do that. I'm really proud how the team is driving change and reskilling our workforce at scale.

謝謝你，David。我來回答。你看，我們在人力規模上採取非常嚴謹自律的做法，但我不會說我們已經到了任何拐點。我只會說我們才剛開始。我們正在對先進技術（Advanced Tech）進行重大投資，而且會持續投入。我也很自豪團隊正在推動變革，並以規模化方式為我們的員工進行再技能培訓（reskilling）。

And as we said June last year, the longer term, we do expect revenue and headcount growth to decouple. I would say we are still in the early stages of that, becoming a leaner, highly productive talent base that is followed by a solution, not some linear hiring.

而且正如我們去年六月所說，從長期來看，我們確實預期營收成長與人力成長會脫鉤。我會說我們仍處於早期階段：打造更精實、但生產力更高的人才基礎，並由解決方案來帶動，而不是線性地招人。

So early signs of leverage, but pleased that we are making that progress.

所以目前看到一些槓桿效應的早期跡象，也很高興我們正在取得進展。

Just one other thing to add on to it, David, you heard in BK's prepared remarks and we. Think of our ATS revenue. And you talk, think about it, and it's growing, as we just said this quarter, 24%-ish. That revenue cohort, revenue per headcount is double, right? So as that continues to leverage up, that's going to continue to support that decoupling when we get to whatever that inflection point might look like.

David，我再補充一點：你在BK的事先準備發言中也聽到了——我們在談ATS營收。如果你去想它，而且正如我們剛才說的，這一季它成長約24%。那一群（cohort）營收的「每人營收」是雙倍，對吧？所以隨著那部分持續放大槓桿，當我們走到不管那個拐點會長什麼樣子時，它都會持續支持這種脫鉤。

Yeah, that's helpful. And then just as a follow-up, what prohibits or what type of work would never leave CBS like maybe examples or even like what percent of the pie like you run about $4 billion or so run rate, but is $1 billion of it could never ever be moved because of a reason or maybe just talk through that, too?

是的，這很有幫助。那再追問一下：是什麼因素會禁止、或是哪類工作永遠不會離開CBS？能否舉例？或者大概占比多少？例如你們目前大概是40億美元左右的年化規模，但其中是否有10億美元因為某些原因永遠不可能被移出？也請你談談這點。

Yeah, I think maybe how I'll respond to that, David, is that whenever we are onboarding, we talked about now we have onboarded dozen large deals that we will be onboarding as we go along, clients need foundational work to begin with.

是的，David，我可能會這樣回應：每當我們在導入（onboarding）時——我們也提到過，我們已經簽下十幾個大型案子，接下來會陸續導入——客戶一開始都需要一些基礎性工作。

So while some of it might be leaving and kind of where clients want to go, a lot of foundational work first starts in that the bottom of the flywheel, if you will, and a lot of foundational work that we need to do, be it the data work or the process foundational work that we need to do. And therefore, core is also a bucket that constantly fills is also an element.

所以即便其中有些可能會移出、也就是客戶想要前往的方向，但很多基礎性工作會先從——如果你願意這麼說——飛輪的底部開始；我們需要做大量的基礎工作，不管是資料相關工作，或是流程的基礎建設工作。因此，核心（core）本身也是一個會持續被補充、持續填滿的類別，也是其中一個要素。

Now, we are building solutions where we want to take the clients more quickly to advanced tech, but it also depends upon what is the starting point of a client. And a lot of time, the starting point for our clients need some of that foundational work, which is core.

現在，我們正在打造解決方案，希望能更快把客戶帶到先進技術，但這也取決於客戶的起點是什麼。而很多時候，客戶的起點需要先做一些基礎性工作，而那就是核心（core）。

Yeah, so if I can just add on one thing, if you don't mind. So if you think about, again, if we think about it from a higher-level strategic perspective, we're. We're becoming an agentic operating company, so we're just not sitting still. We're developing products identified to continue to transition that work into more meaningful business models for us and for our customers. So that will continue to evolve, not just quarters and years. And that's really the hypothesis on everything that we're doing here on how we're pivoting this company. And again, early days, but signs are quite positive.

是的，如果你不介意，我再補充一點。如果我們再從更高層次的策略視角來看——我們正在成為一家代理式（agentic）的營運公司，所以我們不會停在原地。我們正在開發產品，目標是持續把那部分工作轉換成對我們與客戶都更有意義的商業模式。所以這會持續演進，不只是以季度或年度為單位。而這正是我們在這裡所做一切的核心假設：我們如何讓公司轉向。同樣地，仍是早期階段，但跡象相當正面。

Thank you, guys.

謝謝各位。

Nate Svensson, Deutsche Bank.

Nate Svensson，德意志銀行（Deutsche Bank）。

Hey, thanks for the question. BK, I wanted to talk about the 70/70 framework you mentioned in your prepared remarks. So ATS, more than 70% annuitized revenues and more than 70% non-FTE commercial models.

嗨，謝謝讓我提問。BK，我想談談你在事先準備發言中提到的70/70框架。也就是ATS：超過70%的年金化（annuitized）營收，以及超過70%的非FTE（非全職人力）商業模式。

I guess I'm interested in maybe kind of the 30/30 portion of that book. So those. Projects that aren't annuitized or are still using FTE models, could you maybe give some more color on why clients may be anchoring towards those legacy structures? Is it inertia? Are they pushing back on pricing, something else?

我想我比較關心的是那個業務組合中30/30的部分。也就是那些尚未年金化、或仍在使用FTE模式的專案；你能否多補充一些背景，說明為什麼客戶可能仍傾向於那些傳統結構？是慣性使然嗎？還是他們在價格上有反彈，或是其他原因？

And then maybe going forward, can you talk about if 70/70 becomes 80/80 or 90/90, I guess why or why not?

那麼接下來，您能否談談如果 70/70 變成 80/80 或 90/90，我想知道為什麼會或為什麼不會？

Yeah, directionally, Nate, we are headed to far bigger than 2x2x, far bigger than 70/70. You should know that. And it is already greater than that. Now, sometimes, and we say annuitize, sometimes there are projects which are eight months, nine months, four months, and they need to advise project on data strategy.

是的，Nate，從方向上來看，我們正朝著遠遠大於 2x2x、遠遠大於 70/70 的方向前進。你應該知道這一點。而且現在已經高於那個水準了。不過有時候——我們說「年金化」（annuitize）——有些專案是八個月、九個月、四個月，他們需要就資料策略提供專案諮詢。

So it starts with a four-month project and the client is then thinking about, hey, what it is. There is a portion of that book also and because that enables further annuity, but directionally, are we wanting this 2x/2x/70/70 to look much better than numeric, the answer is yes.

所以它可能從一個四個月的專案開始，客戶接著就在思考，嘿，這到底是什麼。那本「業務簿」裡也有一部分屬於這類，因為那能帶來進一步的年金化；但從方向上來看，我們是否希望這個 2x/2x/70/70 在數字上看起來更好？答案是肯定的。

Got it. That's helpful. And then, Mike, in response to a couple of the other questions, you talked about the revenue headwinds associated from this shift lasting four to six quarters. I guess just thinking about that in light of the 3-point headwind for 3Q and 2 points for 2026, is that 3-point per quarter headwind kind of a right level to think about for the entirety of that four to six quarters, or are there factors that push that higher or lower in the early stages of this shift?

了解。這很有幫助。接著，Mike，回應前面幾個問題時，你提到這次轉型帶來的營收逆風會持續四到六個季度。我想結合第三季 3 個百分點的逆風以及 2026 年 2 個百分點來看，這種「每季 3 個百分點」的逆風是否可以視為那四到六個季度期間的合理估計？還是說在轉型初期有一些因素會讓它更高或更低？

And then the related question just on the offsets from kind of faster AFS growth, are there any dynamics for you to consider on ATS bookings and the timing of those that may impact the offsets? I'm thinking about things like ATS durations, how long the projects take to ramp, maybe they could be shorter, longer, faster, slower, just trying to think about the moving pieces on the offsets as we think about overall growth for the company.

另外一個相關問題是，關於來自較快 AFS 成長的抵銷效果，你們在 ATS 訂單（bookings）以及其入帳時點上，有沒有任何需要考量、可能影響抵銷效果的動態？我在想像像是 ATS 專案期間、專案需要多久爬坡，可能更短、更長、更快、更慢——只是想釐清在評估公司整體成長時，這些抵銷項的變動因素有哪些。

Yeah, so I'll work my way backwards, Nate. So ATS, we raised our guide to 25% for this year, and we'll continue to build off of that. So we'll continue. And obviously, the pipeline, the bookings, and all the momentum, particularly on agentic, as that starts earning into revenue, we'll continue to accelerate that growth on a go-forward basis.

好，我會從後面往前回答，Nate。就 ATS 而言，我們把今年的指引上調到 25%，而且我們會在此基礎上持續推進。所以我們會持續。而且很明顯，隨著管線、訂單以及各項動能——特別是在 agentic 方面——開始轉化為營收，我們未來會持續加速這項成長。

And then going back to the last question we just got, we also talked about the durability and the quality of that revenue. So that's one thing.

再回到我們剛剛收到的上一個問題，我們也談到該營收的耐久性與品質。這是一點。

With regard to ostensibly how do I think of the four to six quarters, what we've given you the numbers by definition for the remainder part of this year, we'll ultimately see how it pans out on a prospective basis in 2027 on how the calendar rises its way out. But what I would continue just to elevate the discussion, really think about our guidance in totality and to also think about where our views were from when we -- our longer-term views from our Investor Day back in June of 2025 of at least 7% growth.

至於表面上該如何看待這四到六個季度，我們已經按定義給了你今年剩餘期間的數字；至於 2027 年在前瞻角度會如何展開，最終要看日曆如何逐步走出來。但我想把討論再拉高一點：請從整體來看我們的指引，也請回想我們在 2025 年 6 月投資人日所提出的長期觀點——至少 7% 的成長。

Bryan Keane, Citigroup.

Bryan Keane，花旗集團。

Hey, guys. Thanks for fitting me in here. BK, just looking at that chart showing the ATS growth rates kind of your expectations going from mid-teens to high-teens, at least 20, now we're going to 25 or at least 25. What surprised you there that the solution is resonating so much? What's the reason why we're seeing the growth rates accelerate like that versus your original expectations?

嗨，各位。謝謝讓我插進來提問。BK，我在看那張圖表，顯示 ATS 成長率的預期從中十位數到高十位數、至少 20%，現在變成 25% 或至少 25%。有哪些地方讓你們感到意外，讓這個解決方案如此受到市場共鳴？為什麼我們看到成長率相較於你們原先的預期加速得這麼快？

I think what is positive surprise, Bryan, I would say, is how it is resonating with both existing but more importantly new clients and how we've been able to capture the new TAM. In a number of instances, we picked it up from a few of our peers because we now have this agentic solution, which is more machine processed than human validated responsible AI.

Bryan，我認為正面的驚喜在於，它不僅在既有客戶中產生共鳴，更重要的是在新客戶中也產生共鳴，以及我們如何捕捉到新的 TAM（可服務總市場）。在不少情況下，我們從一些同業手中拿下了案子，因為我們現在有這個 agentic 解決方案，相較於以人為驗證的負責任 AI，它更偏向機器處理。

So I think the traction that it is taking hold not only with our existing clients, but more importantly, with new clients is clearly helping. And then I think how the flywheel is shaping is another -- we've been making these investments, and I think we'll continue to -- but the shape of the flywheel and how the flywheel and investments in -- AI investments in last year, we did the transaction of exponential that has gone exceptionally well, investments in partners that I spoke about.

所以我認為，這種牽引力不僅在既有客戶中形成，更重要的是在新客戶中形成，顯然正在帶來幫助。另外，我認為「飛輪」的成形方式也是另一個因素——我們一直在做這些投資，而且我想我們會繼續——但飛輪的形狀，以及飛輪與投資的結合：我們去年在 AI 上的投資、我們完成 Exponential 的交易且進展非常好、以及我提到的對合作夥伴的投資。

So I think combination of all of those things, everything is coming together and that's why we are taking a little bit more bolder step ahead to move in the direction we need to go in any case.

所以我認為上述所有因素的組合，讓一切都正在匯聚到一起；這也是為什麼我們現在採取更大膽的一步，朝著我們本來就必須前進的方向加速。

And then just to follow on to that, is there a way to think about win rates versus peers in the ATS book of business? Like is it much higher than Genpact historically? And just trying to figure out, are you just taking share from some of the legacy providers for the ATS business?

接著延伸追問一下，有沒有方式可以看待 ATS 業務簿中相對同業的得標率（win rates）？例如是否比 Genpact 過去的歷史水準高很多？我想釐清的是，你們是否正在從一些傳統供應商手中搶下 ATS 業務的市占？

Look, I think our mode is, which is shaping further is process intelligence with rich context. And most of our -- and that has come from running mission-critical operations, where we are bringing operations, data, technology, architecture, people, our people, our clients' people, all of that together in a room and that is showing up as a differentiator. That is showing up as a big differentiator. This is what our clients are telling us.

你看，我認為我們的模式——而且正在進一步成形——是具備豐富情境的流程智慧（process intelligence）。而我們大多數的能力來源於執行關鍵任務營運：我們把營運、資料、技術、架構、人員——我們的人、客戶的人——把所有這些都聚在同一個房間裡，這正成為我們的差異化因素。這正在成為一個很大的差異化。這是客戶告訴我們的。

And then one of the proof points is six large deals in the first half of last year, 12 large deals first half of this year. And then continued progress on gross margin is telling us the direction we are taking the company to.

另外一個佐證是：去年上半年有 6 筆大型交易，今年上半年有 12 筆大型交易。再加上毛利率的持續改善，正在告訴我們公司前進方向是正確的。

Great. Thanks for taking the questions.

很好。謝謝回答問題。

Thank you.

謝謝。

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

以上為我們的問答環節。我將把時間交回管理層做最後的結語。

Thank you, all, for joining today, and I want to extend my sincere gratitude to our employees around the world whose discipline and innovation keeps our flywheel turning. And most importantly, to our clients who are trusting Genpact as their partner on the journey on this agentic transformation and yes to our shareholders for their continued confidence.

感謝各位今天的參與。我也要向全球的員工致上誠摯謝意，正是你們的紀律與創新讓我們的飛輪持續運轉。最重要的是，感謝我們的客戶在這段 agentic 轉型旅程中信任 Genpact 作為合作夥伴；也感謝股東持續的信心。

This is our moment, and we have so much more to come. Thank you.

這是屬於我們的時刻，而我們還有更多精彩即將到來。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，您現在可以掛線。