Ibex Ltd (IBEX) 2025 Q3 法說會逐字稿

Welcome to the IBEX third-quarter FY 2025 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded. (Operator Instructions) To note, there is an accompanying earnings deck presentation available on the IBEX Investor Relations website at investors.ibex.co.

歡迎參加 IBEX 2025 財政年度第三季財報電話會議。（操作員指示）請注意，今天的會議正在錄音。（操作員指示）需要注意的是，IBEX 投資者關係網站 investors.ibex.co 上提供了隨附的收益簡報。

I will now turn this conference over to Mr. Michael Darwal, Head of Investor Relations for IBEX.

現在，我將本次會議交給 IBEX 投資者關係主管 Michael Darwal 先生。

Good afternoon and thank you for joining us today. Before we begin, I want to remind you that matters discussed on today's call may include forward-looking statements related to our operating performance, financial goals, and business outlook, which are based on management's current beliefs and assumptions. Please note that these forward-looking statements reflect our opinion as of the date of this call, and we undertake no obligation to revise this information as a result of new developments, which may occur.

下午好，感謝您今天加入我們。在我們開始之前，我想提醒您，今天電話會議上討論的事項可能包括與我們的經營業績、財務目標和業務前景相關的前瞻性陳述，這些陳述基於管理層當前的信念和假設。請注意，這些前瞻性陳述反映了我們在本次電話會議之日的觀點，我們不承擔因可能發生的新發展而修改此資訊的義務。

Forward-looking statements are subject to various risks, uncertainties, and other factors that could cause our actual results to differ materially from those expected and described today. For a more detailed description of our risk factors, please review our annual report on Form 10-K filed with the US Securities and Exchange Commission on September 12, 2024.

前瞻性陳述受各種風險、不確定性和其他因素的影響，這些因素可能導致我們的實際結果與今天預期和描述的結果有重大差異。有關我們風險因素的更詳細描述，請參閱我們於 2024 年 9 月 12 日向美國證券交易委員會提交的 10-K 表年度報告。

With that, I will now turn the call over to IBEX' CEO, Bob Dechant.

現在，我將把電話轉給 IBEX 執行長 Bob Dechant。

Thanks, Mike. Good afternoon, and thank you all for joining us today as we share our third quarter fiscal year 2025 results. I'd like to begin today by once again thanking my team for another outstanding quarter. Our track record of delivering great results continue to showcase why they are the best in the industry, and Q3 FY25 didn't disappoint.

謝謝，麥克。下午好，感謝大家今天加入我們，分享我們 2025 財年第三季的業績。今天首先我想再次感謝我的團隊又一個出色的季度。我們取得的出色業績記錄繼續證明了我們為何是業內佼佼者，而 2025 財年第三季的表現也沒有讓人失望。

The momentum we have continues to build, and I am excited to report that we have returned to double-digit organic revenue growth at 11%. This marks our best growth in more than two years and resulted in our highest revenue for a quarter ever as a company. Additionally, we had another strong quarter on profitability, where we delivered adjusted EBITDA of $19.4 million at a margin of 13.8% and expanded gross margin 50 basis points.

我們的勢頭持續增強，我很高興地報告，我們的有機收入成長已恢復到 11% 的兩位數。這是我們兩年多來最好的成長，並創造了公司歷史上最高的季度收入。此外，我們本季的獲利表現又十分強勁，調整後的 EBITDA 為 1,940 萬美元，利潤率為 13.8%，毛利率提高了 50 個基點。

I am also excited to announce that we achieved a major strategic milestone in the quarter with our entry into the India market for a leading healthcare client. Operating in this key location has been a strategic priority for the company and further enhances our client delivery options. Our reputation as a growth leader in the industry is driven by our success of our powerful new logo sales engine, winning large enterprise deals where we can execute our land and expand strategy.

我也很高興地宣布，我們在本季度為一家領先的醫療保健客戶進入印度市場，實現了一個重要的戰略里程碑。在這個關鍵位置開展業務一直是公司的策略重點，並進一步增強了我們的客戶交付選擇。我們作為行業成長領導者的聲譽源於我們強大的新標誌銷售引擎的成功，贏得了大型企業交易，我們可以在其中執行我們的土地和擴張策略。

Blue-chip clients choose us for our differentiated capabilities and our ability to disrupt the status quo and outperform our competition. More recently, clients are also choosing us for our ability to quickly bring innovative AI solutions to market, enabling us to solve for today with our BPO solutions and tomorrow with our AI stack. This is a powerful combination.

藍籌客戶選擇我們是因為我們具有差異化的能力以及打破現狀、超越競爭對手的能力。最近，客戶也選擇我們，因為我們能夠快速將創新的 AI 解決方案推向市場，使我們能夠透過 BPO 解決方案解決當前問題，並透過 AI 堆疊解決未來問題。這是一個強大的組合。

In the quarter, we won 4 key new logo opportunities, often against our much larger competitors, giving us a total of 12 for the year. As an example, we had a significant win with a top-tier global e-commerce company, providing content moderation services that leverage a complex balance of both AI automation and human review. Additional services include the verification process for traders and sellers, user review moderation, content policy enforcement and general consumer compliance. And now we are expanding with them to provide global English customer support.

在本季度，我們贏得了 4 個重要的新標誌機會，而且往往是在與規模大得多的競爭對手的競爭中獲勝，使我們全年的新標誌機會總數達到 12 個。例如，我們與一家全球頂級電子商務公司取得了重大勝利，該公司提供了內容審核服務，充分利用了人工智慧自動化和人工審核的複雜平衡。其他服務包括交易者和賣家的驗證流程、使用者評論審核、內容政策執行和一般消費者合規。現在我們正在與他們一起擴展業務，提供全球英語客戶支援。

Our land and expand strategy with our embedded base clients was in full throttle in Q3. We had strong growth within our top 25 clients, and in particular, our top 5 clients. Again, this is driven by our ability to outperform our larger competitors across all our theaters. As a result, we have developed a strong trust with our clients, and this plays a huge role in their willingness to expand with us in many of our regions and even now in a brand-new market for us like India.

我們的嵌入式基礎客戶的登陸和擴張策略在第三季全面展開。我們的前 25 名客戶，尤其是前 5 名客戶都實現了強勁成長。再一次，這是因為我們有能力在所有影院超越更大的競爭對手。因此，我們與客戶建立了牢固的信任，這對他們願意與我們一起在許多地區擴張業務，甚至在印度這樣的全新市場中擴張業務起到了巨大的作用。

In the quarter, we had great success with our market-leading Wave iX AI solutions, winning and launching several clients with our AI Automate and AI Translate offerings. These significant milestones increase our stickiness with our clients and widen our competitive moat. Importantly, our Wave iX AI pipeline is robust with over 75 opportunities in the pipeline today and 9 deployments expected in fiscal Q4.

本季度，我們憑藉市場領先的 Wave iX AI 解決方案取得了巨大成功，並憑藉我們的 AI Automate 和 AI Translate 產品贏得並推出了多個客戶。這些重要的里程碑增強了我們與客戶的黏性並拓寬了我們的競爭優勢。重要的是，我們的 Wave iX AI 管道非常強大，目前管道中有超過 75 個機會，預計在第四財季將有 9 個部署。

As we look to FY26, we are confident that these high-margin services will provide meaningful revenue and margin for us. Our growth vectors continue to be our margin expansion drivers. From a geographic standpoint, we grew our highest margin offshore region by 19% year over year. This is our strongest growth there in two years. From a service standpoint, our higher-margin integrated omnichannel revenue grew by 16% year-over-year and now represents 81% of our overall business.

展望26財年，我們相信這些高利潤服務將為我們帶來可觀的收入和利潤。我們的成長動力繼續成為我們利潤擴張的動力。從地理角度來看，我們利潤率最高的離岸地區年增了 19%。這是我們兩年來最強勁的成長。從服務角度來看，我們利潤率更高的綜合全通路收入年增 16%，目前占我們整體業務的 81%。

Let me take a moment to recap what we accomplished in the quarter. We delivered record revenue of $140.7 million, up 11% from a year ago. We delivered strong Q3 adjusted EBITDA margin of $19.4 million while making key investments into India. We achieved record adjusted EPS of $0.82, up 18% from a year ago. We generated $3.6 million of free cash flow and completed the repayment of the seller financing note to TRGI associated with the strategic repurchase of approximately 3.6 million shares from them in Q2.

請容許我花點時間回顧一下我們在本季的成就。我們實現了創紀錄的 1.407 億美元收入，比去年同期成長 11%。我們在對印度進行重點投資的同時，實現了第三季調整後 EBITDA 利潤率高達 1,940 萬美元。我們實現了創紀錄的調整後每股收益 0.82 美元，比去年同期成長 18%。我們產生了 360 萬美元的自由現金流，並完成了向 TRGI 償還賣方融資票據，該票據與第二季從 TRGI 策略性回購約 360 萬股股票有關。

We closed 4 new logos in the quarter. These wins cut across the HealthTech, FinTech and Retail & E-commerce verticals. We had an impactful quarter with key wins and launches in our leading Wave iX AI solution stack. Lastly, we made our first entry into India, a strategic market that will provide us additional growth opportunities in the future. Again, I couldn't be more proud of this team and their performance.

我們在本季關閉了 4 個新標誌。這些勝利涉及健康科技、金融科技以及零售和電子商務垂直領域。我們度過了一個影響深遠的季度，在領先的 Wave iX AI 解決方案堆疊中取得了關鍵勝利並推出了許多產品。最後，我們首次進入印度，這是一個策略市場，將為我們提供未來更多的成長機會。再次，我為這支球隊和他們的表現感到無比自豪。

Before I close, I would like to take a moment to address the current tariff impacts in our business. We view the direct impact of the US trade tariffs to not have any impact on our business as our services fall outside of the scope of the trade measures. Indirectly, to date, we have seen no impact to our client volumes, and we currently believe that the impact to future volumes to be limited to a small subset of our clients as we maintain an incredibly well-diversified client and industry vertical base.

在結束之前，我想花點時間談談當前關稅對我們業務的影響。我們認為美國貿易關稅的直接影響不會對我們的業務產生任何影響，因為我們的服務不屬於貿易措施的範圍。間接地，到目前為止，我們尚未看到對客戶數量的影響，而且我們目前認為，由於我們保持著極其多樣化的客戶和行業垂直基礎，對未來數量的影響僅限於一小部分客戶。

In closing, we remain confident in the trajectory of our business. Therefore, I'm excited to announce that we are raising full year guidance on both revenue and EBITDA and are launching a new $15 million share repurchase program. We have built a very strong business that continues to execute quarter-over-quarter, and we are well positioned to do so in the future.

最後，我們對我們的業務發展軌跡仍然充滿信心。因此，我很高興地宣布，我們將提高全年營收和 EBITDA 預期，並啟動一項新的 1,500 萬美元股票回購計畫。我們已經建立了非常強大的業務，並且能夠持續逐季執行，並且我們已做好充分準備在未來做到這一點。

With that, I will now turn the call over to Taylor to go into more details on our third quarter FY25 financials and guidance. Over to you, Taylor.

說完這些，我現在將電話轉給泰勒，讓他更詳細地介紹我們 25 財年第三季的財務狀況和指導。交給你了，泰勒。

Thank you, Bob, and good afternoon, everyone. Thank you for joining the call today. In my discussions of our third quarter fiscal year 2025 financial results, references to revenue, net income and net cash generated from operations are on a US GAAP basis, while adjusted net income, adjusted earnings per share, adjusted EBITDA and free cash flow are on a non-GAAP basis. Reconciliations of our US GAAP to non-GAAP measures are included in the tables attached to our earnings press release.

謝謝你，鮑勃，大家下午好。感謝您今天參加電話會議。在我對 2025 財年第三季財務業績的討論中，對收入、淨收入和經營活動產生的淨現金的引用均基於美國 GAAP，而調整後的淨收入、調整後的每股收益、調整後的 EBITDA 和自由現金流均基於非 GAAP。我們的美國公認會計準則 (US GAAP) 與非公認會計準則 (NOTA) 指標的對帳表包含在我們收益新聞稿所附的表格中。

Turning to our results, our third-quarter results are once again among the strongest in our history with record top line results, strong profitability and record adjusted EPS. Third quarter revenue was $140.7 million, an increase of 11% from $126.8 million in the prior year quarter. Revenue growth was driven by vertical growth in HealthTech of 20%, Travel, Transportation and Logistics of 19% and Retail & E-commerce of 15%, along with growth in our digital acquisition business. These increases were partially offset by a decline in the FinTech vertical of 12%.

談到我們的業績，我們的第三季業績再次成為史上最強勁的業績之一，創下了創紀錄的營收業績、強勁的獲利能力和創紀錄的調整後每股盈餘。第三季營收為 1.407 億美元，較去年同期的 1.268 億美元成長 11%。營收成長主要得益於健康科技垂直成長 20%，旅遊、運輸和物流成長 19%，零售和電子商務成長 15%，以及數位收購業務的成長。但金融科技垂直產業 12% 的下滑卻部分抵銷了這些成長。

It is worth noting this quarter also saw a slight sequential growth over our second quarter, which is typically our highest revenue fiscal quarter for the first time in nine years. Market share gains enabled this result. Focused efforts to grow our higher-margin offshore delivery locations are continuing to have a favorable impact on bottom line results. Offshore revenues now comprise 51% of total revenue versus 48% in the prior year quarter, contributing to our 50 basis point gross margin improvement to 31.8%.

值得注意的是，本季的營收較第二季也略有成長，而第二季通常是我們九年來首次實現最高營收的財季。市場份額的成長促成了這一結果。我們致力於擴大利潤率更高的海外交付地點，這將繼續對獲利結果產生積極影響。目前，海外收入佔總收入的 51%，而去年同期為 48%，推動我們的毛利率提高 50 個基點，達到 31.8%。

Revenue mix in our higher-margin digital and omnichannel services also continues to be strong. Digital and omnichannel delivery represented 81% of our total revenue, an increase from 78% in the prior year quarter and grew 16% versus the same quarter a year ago.

我們利潤率較高的數位和全通路服務的收入組合也持續保持強勁。數位和全通路交付占我們總收入的 81%，高於去年同期的 78%，比去年同期成長 16%。

For context, digital and omnichannel comprised roughly 65% at the time of our IPO in 2020. We expect that we will continue to be successful driving growth in these higher-margin regions and services as new client wins and growth in our embedded base continue to be focused in these areas and as we grow in our new market, India.

就背景而言，在我們 2020 年 IPO 時，數位和全通路約佔 65%。我們預計，隨著新客戶的贏得和嵌入式基礎的成長繼續集中在這些地區，以及隨著我們在新市場印度的成長，我們將繼續成功推動這些利潤率較高的地區和服務的成長。

Third quarter net income increased slightly to $10.5 million compared to $10.3 million in the prior year quarter. The increase was primarily driven by the meaningful growth of work in higher-margin offshore regions of 19% year over year for the quarter and the realization of site and cost optimization efforts completed over the past year, partially offset by higher selling, general and administrative expenses related to investments in our teams, technology, expansion into India and the Workday implementation. Net income was also impacted by increases in interest expense and income tax expense due to the absence of a favorable discrete item recorded in the prior year.

第三季淨收入略微增加至 1,050 萬美元，而去年同期為 1,030 萬美元。這一成長主要得益於本季利潤率較高的離岸地區業務的顯著增長（同比增長 19%）以及過去一年完成的場地和成本優化工作，但與團隊投資、技術、印度擴張和 Workday 實施相關的銷售、一般和行政費用的增加部分抵消了這一增長。由於前一年沒有記錄有利的單項項目，淨收入也受到利息支出和所得稅支出增加的影響。

Fully diluted EPS was $0.73, up from $0.57 in the prior year quarter. Contributing to the EPS growth was the impact from fewer diluted shares outstanding from share repurchase over the last year, including the repurchase of 3.6 million shares from TRGI in November. Our weighted average diluted shares outstanding for the quarter were 14.4 million versus 18.0 million one year ago. The Board has recently authorized an additional $15 million share repurchase plan over the next year.

完全稀釋每股收益為 0.73 美元，高於去年同期的 0.57 美元。每股盈餘的成長得益於去年股票回購導致的稀釋流通股減少，包括 11 月從 TRGI 回購的 360 萬股股票。本季我們的加權平均攤薄流通股數為 1,440 萬股，而去年同期為 1,800 萬股。董事會最近批准了未來一年額外 1500 萬美元的股票回購計畫。

Moving to non-GAAP measures. Adjusted EBITDA increased to $19.4 million or 13.8% of revenue from $19.2 million or 15.1% of revenue for the same period last year. Our improved gross margin performance was offset primarily by increases in selling, general and administrative expenses related to the aforementioned investments in our expansion in India and in our people and technology, leading to a 130 basis point decline in adjusted EBITDA margin during the three months ended March 31, 2025, compared to the same quarter in the prior year.

轉向非公認會計準則衡量。調整後 EBITDA 從去年同期的 1,920 萬美元（佔營收的 15.1%）增至 1,940 萬美元（佔營收的 13.8%）。我們毛利率表現的改善主要被與上述在印度擴張以及在人員和技術方面的投資相關的銷售、一般和行政費用的增加所抵消，導致截至 2025 年 3 月 31 日的三個月的調整後 EBITDA 利潤率與去年同期相比下降了 130 個基點。

Adjusted net income decreased to $11.8 million from $12.6 million in the prior year quarter. Non-GAAP fully diluted earnings per share increased to $0.82 from $0.70 in the prior year quarter, which was driven by the impact of higher revenue, improved operating performance and fewer diluted shares outstanding, offset by higher income tax and interest expense. We expect our tax rate to track toward 20% to 21% for the year.

調整後淨收入從去年同期的 1,260 萬美元下降至 1,180 萬美元。非公認會計準則完全稀釋每股收益從去年同期的 0.70 美元增至 0.82 美元，這得益於收入增加、經營業績改善和流通在外稀釋股份減少的影響，但被所得稅和利息支出增加所抵消。我們預計今年的稅率將達到 20% 至 21%。

As a company, we're pleased with the client diversification we have established over the last several years. For the third quarter of fiscal year 2025, our largest client accounted for 11% of revenue. And our top 5, top 10 and top 25 client concentrations remained consistent with the prior year at 38%, 54% and 80%, respectively, of overall revenue, representative of a well-diversified client portfolio. Over the past decade, we've done a tremendous job retaining our top 25 clients and are excited to see one of our signature client wins from fiscal year '24 now move into the top 15.

作為一家公司，我們對過去幾年建立的客戶多樣化感到滿意。2025財年第三季度，我們最大的客戶佔營收的11%。我們的前 5、前 10 和前 25 名客戶集中度與前一年保持一致，分別佔總收入的 38%、54% 和 80%，體現出客戶組合的多元化。在過去的十年中，我們為保留前 25 名客戶做出了巨大的努力，並且很高興看到我們在 24 財年贏得的一位標誌性客戶現在進入了前 15 名。

Switching to our verticals. HealthTech increased to 15.8% of third quarter revenue versus 14.6% in the prior year quarter. Travel, Transportation and Logistics increased to 14% versus 13.1% in the prior year quarter. And Retail & E-commerce increased to 25.7% versus 24.9% in the prior year quarter. These increases were driven by continued growth in multiple offshore geographies and our continued ability to win significant new clients in these verticals.

轉向我們的垂直領域。健康科技佔第三季營收的 15.8%，去年同期為 14.6%。旅遊、運輸和物流業成長至 14%，去年同期為 13.1%。零售和電子商務佔比從去年同期的 24.9% 成長至 25.7%。這些成長是由多個離岸地區的持續成長以及我們在這些垂直領域持續贏得重要新客戶的能力所推動的。

Conversely, our exposure to the FinTech vertical decreased to 10.8% of revenue for the quarter versus 13.7% in the prior year quarter as we believe after this quarter, we will have largely lapped the impact of some client payment support model changes and geographic shifts from onshore to offshore delivery over the last year.

相反，我們對金融科技垂直領域的投資下降至本季度收入的 10.8%，而去年同期為 13.7%，因為我們相信，本季度之後，我們將在很大程度上抵消一些客戶支付支持模式變化以及去年從境內交付到境外交付的地理轉移的影響。

Net cash generated from operating activities was $8.8 million for the third quarter of fiscal 2025 compared to $11.4 million for the prior year quarter. Our DSOs were 77 days, down from 79 days at the end of the second quarter. We expect our DSOs to remain stable in the mid-70s on a go-forward basis. Improvement in our days sales outstanding during the current year quarter was offset by increased investments in organizational teams and technology and expansions into the Indian market as compared to the prior year quarter.

2025 財年第三季經營活動產生的淨現金為 880 萬美元，去年同期為 1,140 萬美元。我們的 DSO 為 77 天，低於第二季末的 79 天。我們預計我們的 DSO 未來將保持穩定在 70 年代中期。與去年同期相比，本季我們的應收帳款週轉天數有所改善，但因對組織團隊和技術的投資增加以及對印度市場的擴張而有所抵消。

Capital expenditures were $5.3 million or 3.7% of revenue for the third quarter of fiscal year 2025 versus $1.7 million or 1.3% of revenue for the prior year quarter. This planned increase was primarily driven by expansion to meet demand in our offshore and nearshore regions supporting growth in these higher-margin geographies. As a result of our operating cash flow and increased capital expenditures in the quarter, free cash flow was an inflow of $3.6 million in the current quarter compared to $9.7 million in the prior year quarter.

2025 財年第三季的資本支出為 530 萬美元，佔營收的 3.7%，而去年同期的資本支出為 170 萬美元，佔營收的 1.3%。這項計畫成長主要是為了滿足我們海上和近岸地區的需求，從而支持這些高利潤地區的成長。由於本季我們的營運現金流和資本支出增加，本季自由現金流流入 360 萬美元，去年同期為 970 萬美元。

We ended the third quarter with $13 million of cash and debt of $20.6 million for a net debt of $7.6 million, an improvement of $6.1 million compared to net debt of $13.7 million at the end of our second quarter. During the quarter, we used our available cash and HSBC revolving facilities to retire the $25 million convertible note we had with TRGI.

第三季末，我們的現金為 1,300 萬美元，債務為 2,060 萬美元，淨債務為 760 萬美元，與第二季末的 1,370 萬美元淨債務相比，改善了 610 萬美元。在本季度，我們使用可用現金和匯豐循環信貸額度償還了我們在 TRGI 持有的 2500 萬美元可轉換票據。

To summarize our third quarter of fiscal 2025, we achieved outstanding top and strong bottom line third quarter results. We delivered a multi-high top line performance with 11% revenue growth, over 7% fiscal year-to-date with 19% growth in our highest margin offshore regions. Our adjusted EPS of $0.82 was up 18% over the prior year quarter and was a record for our business.

總結 2025 財年第三季度，我們取得了出色的營收和強勁的獲利業績。我們實現了多項高營收業績，營收成長 11%，本財年迄今成長超過 7%，其中利潤率最高的離岸地區成長 19%。我們的調整後每股收益為 0.82 美元，比去年同期增長 18%，創下了我們業務的最高紀錄。

The continued expansion of our embedded client base and new client wins over the last year drove these excellent results. The upward trend in our results over the last few quarters not only enable strategic investments in our growing AI capabilities and sales resources but also our in-quarter entry into the India market. Importantly, these results instill continued confidence in the execution of our strategy, enabling us to again raise our fiscal year guidance, commence the newly authorized share repurchase program and continue to return value to shareholders.

過去一年來，我們嵌入式客戶群的持續擴大和新客戶的贏得推動了這些優異的業績。過去幾季我們的業績呈上升趨勢，這不僅促使我們對不斷增長的人工智慧能力和銷售資源進行策略性投資，也促使我們在本季進入印度市場。重要的是，這些結果為我們策略的執行注入了持續的信心，使我們能夠再次提高財年指引，啟動新授權的股票回購計劃，並繼續為股東帶來價值。

In terms of guidance, for fiscal year 2025, revenue is now expected to be in the range of $540 million to $545 million versus a previous range of $525 million to $535 million. And adjusted EBITDA is expected to be in the range of $68 million to $70 million versus the previous range of $68 million to $69 million. Capital expenditures are expected to remain in the range of $15 million to $20 million. Our business is well positioned for today and the years ahead, and we're excited about the future of IBEX as we complete fiscal year 2025 and look to fiscal year 2026 and beyond.

就指導而言，2025 財年的營收預計在 5.4 億美元至 5.45 億美元之間，而先前的預期為 5.25 億美元至 5.35 億美元。調整後的 EBITDA 預計在 6,800 萬美元至 7,000 萬美元之間，而之前的區間為 6,800 萬美元至 6,900 萬美元。預計資本支出將維持在1500萬美元至2000萬美元之間。我們的業務已為當前和未來做好了準備，在完成 2025 財年並展望 2026 財年及以後之際，我們對 IBEX 的未來充滿期待。

With that, Bob and I will now take questions. Operator, please open the line.

現在，鮑伯和我將回答您的提問。接線員，請接通線路。

(Operator Instructions) Jacob Haggarty, Baird.

（操作員指示）Jacob Haggarty，Baird。

Congrats on the great results and getting into India. That's exciting. So I just had a question for you. You guys beat on your sequential -- against normal sequential trends pretty meaningfully this quarter. And I was just kind of curious if that's something that we should expect going forward.

恭喜您取得優異成績並進入印度。這太令人興奮了。所以我只是想問你一個問題。本季度，你們的業績顯著超出了正常的連續趨勢。我只是有點好奇這是我們未來該期待的事。

It looks like based on the guidance kind of at the top end, you're still looking at being below normal sequential trends. So how should we kind of model like Q4 sequential trends? Do you expect them to be similar to this quarte or do you expect a step down? And then kind of going into 2026, is this going to become a trend of being able to exceed the historical trends?

看起來，根據高端指導，您仍然會看到低於正常的連續趨勢。那我們該如何模擬第四季的連續趨勢呢？您預計它們會與本季類似還是會有所下降？那麼到 2026 年，這是否會成為一種能夠超越歷史趨勢的趨勢？

Yes. Thanks, and great question, Jacob. I appreciate you being on the call and all. So we're really proud that our Q3 did not contract from our seasonal -- typical seasonal strongest quarter of Q2. How that happened, there are multiple dimensions to that.

是的。謝謝，雅各布，這個問題問得真好。我很感謝你接聽我的電話。因此，我們非常自豪，我們的第三季與第二季相比沒有出現季節性下滑——第二季是典型的季節性最強勁的季度。事情是如何發生的，有多個層面的原因。

First of all, over the years, we've done a pretty good job of building our business beyond just heavy, heavy retail. And so when you bring in healthcare opportunities, things like that, a lot of the -- a lot of those volumes are not quite -- they extend into Q3 pretty well as, let's say, customers and members may change plans and such. So we think we've structurally changed it.

首先，多年來，我們在拓展重磅零售以外的業務方面做得非常出色。因此，當你引入醫療保健機會時，諸如此類的事情，很多——很多這樣的數量並不完全——它們會很好地延續到第三季度，比如說，客戶和會員可能會改變計劃等等。所以我們認為我們已經從結構上改變了它。

Now that being said, we have a strong amount of Q2, call it, peak holiday volume that we will always have. One of the key things we did this year was we were able to take significant market share away from our competitors in Q3 driven by performance. And so as those volumes were contracted across the enterprise for our retail customers, they took the volume out of our competitors and kept us much stronger based off of performance. Our goal is to keep that up year-over-year. And so there -- those are two vectors that drove that.

話雖如此，我們第二季的銷售量非常可觀，可以說是一直存在的假期高峰。我們今年所做的關鍵事情之一是，憑藉業績的推動，我們在第三季從競爭對手手中奪取了相當大的市場份額。因此，當我們在整個企業內為零售客戶簽訂合約時，他們就從我們的競爭對手那裡搶走了訂單，並讓我們在業績上變得更加強大。我們的目標是逐年維持這一水準。因此 — — 這兩個因素推動了這個進程。

The third is our strength of our new logo team. And when I looked at the data, I think we're about $5 million of new logo revenue in the quarter that did not exist a year ago. And we expect that to continue.

第三是我們新標誌團隊的力量。當我查看數據時，我認為本季我們的新標誌收入約為 500 萬美元，而一年前這還不存在。我們預計這種情況將會持續下去。

So look, we would love it to be flat year-over-year. I don't think that's necessarily the perfect expectation, but I feel pretty confident that the sequential decline from Q2 to Q3 will be muted, will be -- the slope down will be a lot less than it has historically been. Now as it relates to Q4, look, we typically decline just a little bit from Q3 to Q4 from an absolute dollar standpoint. We'll see where that's going. I mean that trend probably is -- will probably continue.

所以，我們希望它與去年同期持平。我認為這不一定是完美的預期，但我非常有信心，從第二季到第三季的連續下滑將會減弱，下滑幅度將比歷史上小得多。現在就第四季而言，從絕對美元角度來看，我們通常會從第三季到第四季略有下降。我們將拭目以待。我的意思是，這種趨勢可能會持續下去。

Taylor, I'll throw it over to you. Taylor, maybe you have a little more comment on Q3 to Q4.

泰勒，我把它交給你。泰勒，也許您對第三季至第四季還有更多評論。

Yes. No, Bob, I think you're correct. I think we will see the trend of a small decline from Q3 to Q4, and our full year guidance would suggest that. Also, if you look at the year-over-year growth rate, Q4 last year was the year where we really started inflecting toward growth. So the comps are going to get a little tougher for us, but we still feel like we have great momentum and are very pleased with the direction of the business.

是的。不，鮑勃，我認為你是對的。我認為我們將看到從第三季到第四季出現小幅下降的趨勢，我們的全年指導也表明了這一點。此外，如果你看一下年成長率，你會發現去年第四季是我們真正開始轉向成長的一年。因此，對我們來說，競爭會變得更加艱難，但我們仍然覺得我們擁有巨大的發展勢頭，並且對業務的發展方向感到非常滿意。

Yes. No, I appreciate it. And just to kind of follow up on that. So when we've talked about kind of AI with you guys in the past, it's been about it coming on at a stronger margin. So I just kind of wanted to touch on the year-over-year margin decline this quarter.

是的。不，我很感激。只是為了跟進這一點。因此，當我們過去與你們討論人工智慧時，我們討論的是它以更強大的優勢出現。所以我只是想談談本季同比利潤率的下降。

Is that like really just pretty much 100% coming from your expansion to India? Is there a little piece of maybe new volume that was signed that's kind of bringing that down a little bit or what's kind of the dynamic there?

這真的 100% 來自你們在印度的擴張嗎？是否有一些新簽署的協議會稍微降低這一水平，或者那裡的動態是什麼樣的？

Sure. Let me start with that. So when we think of our overall business, we actually grew gross margin 50 basis points year over year. So that is driven by the growth of our high-margin services and regions. We expect that to continue.

當然。讓我從那開始。因此，當我們考慮整體業務時，我們的毛利率實際上比去年同期增長了 50 個基點。這是由我們的高利潤服務和地區的成長所推動的。我們預計這種情況將會持續下去。

Now, we've made some pretty big investments in the quarter, in particular, India, that those costs hit the quarter but they jumpstart you for another vector of growth. So that's how we looked at that. So I think structurally, our business is not under headwinds on margin decline unless we're making aggressive investments for growth, which is growth and kind of a real strategic footprint for us. So we feel very good about that trajectory of our business.

現在，我們在本季度進行了一些相當大的投資，特別是在印度，這些成本影響了本季度，但它們為你帶來了另一個成長方向。這就是我們看待這個問題的方式。因此，我認為從結構上講，我們的業務不會面臨利潤率下降的阻力，除非我們為成長進行積極的投資，這對我們來說是一種成長和真正的策略足跡。因此，我們對我們的業務發展軌跡感到非常滿意。

Now, one -- and you kind of touched on AI. Now we believe AI will come in and be even a higher-margin service than any of the other services we have in our stack and any of the other geographies we have in our stack today. Now, what's really exciting is as we move from Q3 to Q4, I think we are now moving from our business -- our AI solutions being what I'll call prototypes and pilots to now being full deployments that will have very important impact into our clients' business and then, as a result, will start driving, as I said, meaningful revenue and margin expansion for us. I look at the move from Q3 to Q4 as that inflection point from going like exciting pilots to really powerful deployments and full production deployments. And so we're really excited about that and think that positions us very well into FY26.

現在，首先 — — 您有點觸及了人工智慧。現在，我們相信人工智慧將會進入市場，並成為一項利潤率比我們堆疊中的任何其他服務以及我們堆疊中任何其他地區都更高的服務。現在，真正令人興奮的是，隨著我們從第三季度進入第四季度，我認為我們的業務——我們的人工智慧解決方案——正在從原型和試點階段轉向全面部署，這將對我們客戶的業務產生非常重要的影響，並因此開始為我們帶來有意義的收入和利潤成長。我認為從第三季到第四季的轉變是一個轉折點，即從令人興奮的試點階段轉向真正強大的部署和全面生產部署。因此，我們對此感到非常興奮，並認為這將使我們在 2026 財年處於非常有利的地位。

Yes. No, that sounds good. I just -- I guess just kind of touching on -- and this is my last question, sorry, just kind of touching on the AI dynamics there when you're saying that it's going to provide a meaningful revenue uplift. So is that something that you guys are going to start realizing kind of right away, right at the start of the implementation of these projects or does that take a quarter or two to develop? And then is that something that you're implementing within your base as well where we might even see existing contracts get a revenue uplift?

是的。不，聽起來不錯。我只是——我想只是觸及——這是我的最後一個問題，抱歉，當您說它將帶來有意義的收入成長時，我只是觸及了那裡的人工智慧動態。那麼，你們是不是會在這些專案開始實施時就立即實現這一點，還是需要一兩個季度的時間來開發？那麼，這也是您在基地內實施的措施嗎？我們甚至可能會看到現有合約的收入增加？

Sure. So really, really good question. We've been winning these deals over the last several quarters. And I would say kind of to your question, it's a couple of quarters' worth of, as you win those, work with clients to begin piloting the solution before you go full production. And so we've been deploying these but mostly in exciting pilots that now are going into production.

當然。所以這個問題問得非常好。過去幾個季度我們一直在贏得這些交易。我想回答你的問題，這需要幾個季度的時間，當你贏得這些時，與客戶合作，在全面生產之前開始試行解決方案。因此，我們一直在部署這些技術，但主要是在令人興奮的試點中，現在即將投入生產。

So those will go into production and should start generating revenue and high margin, let's say, starting this quarter, our Q4, and obviously then move stronger into FY26.

因此，這些產品將投入生產，並開始產生收入和高利潤，比如說，從本季（我們的第四季）開始，顯然會在 26 財年表現得更強勁。

The wins that we continue to have, we'll have that probably 2-quarter effect of where we pilot them, and then we move into kind of full-scale production. So we feel like with the 75 opportunities that we have in the pipeline, we're going to continue to win, win at a good rate and start layering those in as pilots that evolve into production. And you can just see -- you can see a cascading effect into the growth of that, I think, quarter over quarter. So we're pretty -- I think we're pretty excited about that.

我們持續取得的勝利，大概會在試點的 2 個季度內產生效果，然後我們就會進入全面生產階段。因此，我們覺得，憑藉我們現有的 75 個機會，我們將繼續獲勝，並以良好的速度獲勝，並開始將這些機會作為試點逐步轉化為生產。您可以看到—您可以看到這種成長的連鎖效應，我認為，每個季度都會有所成長。所以我們非常——我想我們對此感到非常興奮。

And let me just -- there's two key offers we have that we have really made commercial. One is our AI Automate, and that's where we are automating customer interactions. And we see low complexity calls as ideal for that. And we're working with our clients to identify those and bring those in. That will go into eliminating some of human volume.

讓我簡單說一下——我們有兩個真正實現商業化的關鍵提案。一個是我們的 AI 自動化，這就是我們實現客戶互動自動化的地方。我們認為低複雜度的呼叫是理想的選擇。我們正在與客戶合作，識別這些並引入它們。這將會減少部分人力。

But the math that we've done with our size, when we win those opportunities, we win them on an enterprise basis. We may have 20% of the outsourced work or 30% of the outsourced work. We may lose some of that revenue to the -- from the human calls that then goes to AI, but we're winning AI at an enterprise level. The math, we believe that's accretive revenue to us.

但根據我們的規模計算，當我們贏得這些機會時，我們是按照企業規模來贏得的。我們可能有20%的外包工作，或是30%的外包工作。我們可能會因為人工呼叫而損失部分收入，而這些收入隨後轉移到了人工智慧，但我們正在企業層面贏得人工智慧。從數學上講，我們相信這對我們來說是增值收入。

Now the second solution we have is AI Translate. And AI Translate for us is where we go after the language translation services bureaus where it's 100% accretive to us. That's -- every deployment there is accretive -- fully accretive revenue to us. So when you put those two together, we believe that AI is a growth vector into our overall business even as it may be offset a little bit with cannibalizing a little bit of our agent volume. But because we win so much of that on an enterprise level, we believe it's all accretive.

現在我們的第二個解決方案是AI Translate。對我們來說，AI Translate 是我們繼語言翻譯服務機構之後的選擇，它為我們帶來了 100% 的增值。也就是說，每次部署都會為我們帶來增值收入。因此，當你將這兩者結合起來時，我們相信人工智慧是我們整體業務的成長載體，即使它可能會因蠶食我們代理量而受到一點抵消。但因為我們在企業層面贏得瞭如此多的勝利，我們相信這一切都是增值的。

I would now like to turn the call back over to Bob Dechant for any closing remarks.

現在我想將電話轉回給 Bob Dechant 來做最後發言。

Josh, thank you, and thank you all for attending the call today. As you could tell, we're very proud of the results that we've delivered this quarter. But I think more importantly, these results that we've delivered over quarter after quarter after quarter, you can see the momentum in the business. We're very excited what we've built. We believe that we have created just a fantastic business in this space, and we're outperforming the industry.

喬希，謝謝你，也謝謝大家今天參加電話會議。正如您所看到的，我們對本季所取得的業績感到非常自豪。但我認為更重要的是，我們一個季度又一個季度所取得的這些成果，你可以看到業務的發展勢頭。我們對我們所建造的東西感到非常興奮。我們相信，我們在這個領域創造了一項出色的業務，並且我們的表現優於整個行業。

Look forward to that. So thank you all, and we look forward to talking to you all after the full year results in September. Thank you.

期待這一點。所以謝謝大家，我們期待在九月公佈全年業績後與大家進行交談。謝謝。

Thank you. This concludes the conference. Thank you for your participation. You may now disconnect.

謝謝。會議到此結束。感謝您的參與。您現在可以斷開連線。