WNS (Holdings) Ltd (WNS) 2024 Q1 法說會逐字稿

Good morning, and welcome to the WNS Holdings Fiscal 2024 First Quarter Earnings Conference Call. (Operator Instructions) As a reminder, this call is being recorded for replay purposes. Now I would like to turn your call over to David Mackey, WNS' Executive Vice President of Finance and Head of Investor Relations. Please go ahead.

早上好，歡迎參加 WNS Holdings 2024 財年第一季度收益電話會議。 （操作員說明）謹此提醒，此通話正在錄音以供重播之用。現在我想將您的電話轉接給 WNS 財務執行副總裁兼投資者關係主管 David Mackey。請繼續。

Thank you, and welcome to our fiscal 2024 First Quarter Earnings Call. With me today on the call, I have WNS' CEO, Keshav Murugesh; and WNS' CFO, Sanjay Puria. A press release detailing our financial results was issued earlier today. This release is also available on the Investor Relations section of our website at www.wns.com.

謝謝，歡迎參加我們的 2024 財年第一季度收益電話會議。今天與我一起參加電話會議的有 WNS 首席執行官 Keshav Murugesh；以及 WNS 首席財務官 Sanjay Puria。今天早些時候發布了一份詳細介紹我們財務業績的新聞稿。此新聞稿也可在我們網站 www.wns.com 的投資者關係部分獲取。

Today's remarks will focus on the results for the fiscal first quarter ended June 30, 2023. Some of the matters that will be discussed on today's call are forward-looking. Please keep in mind that these forward-looking statements are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. Such risks and uncertainties include, but are not limited to, those factors set forth in the company's Form 20-F. This document is also available on the company website.

今天的講話將重點關注截至 2023 年 6 月 30 日的第一財季業績。今天的電話會議將討論的一些事項具有前瞻性。請記住，這些前瞻性陳述受到已知和未知的風險和不確定性的影響，可能導致實際結果與此類陳述明示或暗示的結果存在重大差異。此類風險和不確定性包括但不限於公司 20-F 表格中列出的因素。該文件也可以在公司網站上找到。

During this call, management will reference certain non-GAAP financial measures, which we believe provide useful information for investors. Reconciliations of these non-GAAP financial measures to GAAP results can be found in the press release issued earlier today. Some of the non-GAAP financial measures management will discuss are defined as follows: Net revenue is defined as revenue less repair payments; adjusted operating margin is defined as operating margin, excluding amortization of intangible assets, share-based compensation, acquisition-related expenses or benefits and goodwill impairment; adjusted net income, or ANI, is defined as profit excluding amortization of intangible assets, share-based compensation, acquisition-related expenses or benefits, goodwill impairment and all associated taxes. These terms will be used throughout today's call.

在本次電話會議中，管理層將參考某些非公認會計準則財務指標，我們認為這些指標為投資者提供了有用的信息。這些非公認會計原則財務指標與公認會計原則結果的調節可以在今天早些時候發布的新聞稿中找到。管理層將討論的一些非公認會計原則財務指標定義如下： 淨收入定義為收入減去維修費用；調整後營業利潤率定義為營業利潤率，不包括無形資產攤銷、股權激勵、收購相關費用或福利以及商譽減值；調整後淨利潤（ANI）被定義為不包括無形資產攤銷、股權激勵、收購相關費用或福利、商譽減值和所有相關稅費的利潤。這些術語將在今天的電話會議中使用。

I would now like to turn the call over to WNS' CEO, Keshav Murugesh. Keshav?

我現在想將電話轉給 WNS 首席執行官 Keshav Murugesh。凱沙夫？

Thank you, David, and good morning, everyone. In the first quarter, WNS continued to deliver healthy financial results and positioned our business for long-term success. Despite the challenging macro environment, WNS posted Q1 net revenue of $317.5 million, representing a year-over-year increase of 15.5% on a reported basis and 17.5% constant currency. Sequentially, net revenue increased by 4.1% on a reported basis and 3.6% on a constant currency basis after adjusting for foreign exchange. Our acquisitions added approximately 6% to year-over-year growth and had no impact sequentially.

謝謝大衛，大家早上好。第一季度，WNS 繼續實現健康的財務業績，並為我們的業務奠定了長期成功的基礎。儘管宏觀環境充滿挑戰，WNS 公佈第一季度淨收入為 3.175 億美元，按報告數據計算，同比增長 15.5%，按固定匯率計算，同比增長 17.5%。隨後，淨收入在報告基礎上增長了 4.1%，在匯率調整後按固定匯率計算增長了 3.6%。我們的收購使同比增長約 6%，並且對後續沒有影響。

In the first quarter, WNS added 6 new logos and expanded 36 existing relationships. Sanjay will provide further details on our first quarter financial performance in his prepared remarks. Today, the advance of Generative AI and its potential impacts on business and society are being discussed and debated globally. The growth in the size and sophistication of large language models is a significant technological advance that will have meaningful and wide-ranging impacts, but there is still much to be learned in the coming months and years about its costs, benefits, risks and applicability.

第一季度，WNS 增加了 6 個新徽標，並擴展了 36 個現有關係。桑傑將在他準備好的講話中提供有關我們第一季度財務業績的更多詳細信息。如今，生成式人工智能的進步及其對商業和社會的潛在影響正在全球範圍內進行討論和辯論。大型語言模型的規模和復雜性的增長是一項重大的技術進步，將產生有意義和廣泛的影響，但在未來的幾個月和幾年裡，關於其成本、收益、風險和適用性，仍有很多東西需要學習。

That being said, WNS is extremely excited about the opportunities GenAI will create for our business moving forward. As we work to create new and innovative use cases for GenAI, it is important to remember that GenAI is a tool that represents only one component of an impactful solution. Leveraging the benefits from this and other technologies will require the expertise of firms like WNS who can combine deep domain and process expertise, advanced analytics and global talent to deliver business outcomes.

話雖如此，WNS 對 GenAI 將為我們的業務發展創造的機會感到非常興奮。當我們致力於為 GenAI 創建新的創新用例時，請務必記住，GenAI 是一種工具，僅代表有影響力的解決方案的一個組成部分。要充分利用這項技術和其他技術的優勢，需要像 WNS 這樣的公司擁有專業知識，這些公司可以結合深厚的領域和流程專業知識、高級分析和全球人才來交付業務成果。

In fact, we believe that meaningful disruptions to our clients' models, such as technology advancements, helped drive increased opportunity for BPM providers, including expanding the addressable market, growing existing relationships and accelerating adoption.

事實上，我們相信，對客戶模型的有意義的顛覆（例如技術進步）有助於為 BPM 提供商帶來更多機會，包括擴大潛在市場、發展現有關係和加速採用。

Over the past 15 years, we have seen several disruptive forces impact our clients' business such as macro cost pressure, the Internet, the Cloud, the emergence of big data, digitization and automation as well as the COVID pandemic. Each of these themes has now proven to generate increased adoption of new services and process outsourcing.

在過去的 15 年裡，我們看到多種顛覆性力量影響著我們客戶的業務，例如宏觀成本壓力、互聯網、雲、大數據、數字化和自動化的出現以及新冠疫情。現在，這些主題中的每一個都已被證明可以促進新服務和流程外包的採用。

In addition, we also see GenAI as a catalyst for driving higher value services -- solutions as well as engagement models. We believe that GenAI will enable WNS to continue moving our relationships up the value chain and shift engagements from headcount-based pricing to models based on ownership and accountability for results. As a result, we will be able to better align relationship objectives, delivering great outcomes for clients and stickier revenues with increased margin opportunities for WNS.

此外，我們還認為 GenAI 是推動更高價值服務（解決方案和參與模型）的催化劑。我們相信，GenAI 將使 WNS 能夠繼續將我們的關係推向價值鏈上游，並將業務從基於人數的定價轉變為基於所有權和結果責任的模型。因此，我們將能夠更好地調整關係目標，為客戶提供出色的成果，並通過增加 WNS 的利潤機會來實現更粘性的收入。

As we have seen already one undisputable impact from GenAI will be improvements in productivity, similar to other disruptive technologies, we understand that this will reduce the reliance on some existing skills, enhance the performance of others and result in the creation of completely new roles. For BPM providers, committed year-over-year productivity improvements are business as usual.

正如我們已經看到的，GenAI 的一個無可爭議的影響將是提高生產力，與其他顛覆性技術類似，我們知道這將減少對某些現有技能的依賴，提高其他技能的績效，並導致全新角色的創建。對於 BPM 提供商來說，承諾逐年提高生產力是常態。

At WNS, our experience demonstrates that increased productivity headwinds, driven by technology and automation, has been more than offset by relationship scope expansion and the ability to attract new clients. This is due to the underpenetrated nature of both our industry and the majority of our client engagements as well as the need for clients to increasingly leverage new technologies to remain competitive.

在 WNS，我們的經驗表明，由技術和自動化驅動的生產力提高的阻力，已經被關係範圍的擴大和吸引新客戶的能力所抵消。這是由於我們的行業和大多數客戶參與的滲透率較低，以及客戶需要越來越多地利用新技術來保持競爭力。

As a result, despite market fears to the contrary, technology advancements have proven to generate net outsourcing gains for BPM providers. With this backdrop, I want to provide you with a look at WNS' current approach and capabilities with respect to Generative AI. Over the past 10-plus years, WNS has demonstrated a unique ability to leverage our culture of innovation, flexibility and client centricity to adapt and flourish. We've been able to successfully manage several key industry changes and challenges, including Brexit, SMACK, digital and COVID, while delivering industry-leading growth and margins for the company and co-creating differentiated solutions for all our clients.

因此，儘管市場存在相反的擔憂，技術進步已被證明可以為 BPM 提供商帶來淨外包收益。在此背景下，我想向您介紹 WNS 當前在生成人工智能方面的方法和功能。在過去的十多年裡，WNS 展示了利用我們的創新、靈活性和以客戶為中心的文化來適應和蓬勃發展的獨特能力。我們成功應對了多項關鍵的行業變革和挑戰，包括英國脫歐、SMACK、數字化和新冠疫情，同時為公司提供行業領先的增長和利潤，並為所有客戶共同創造差異化的解決方案。

We believe that with respect to GenAI, innovation and adaptability will be important requirements for success. In addition, WNS has also the foundational skills necessary to help our clients leverage the capabilities of GenAI. Our internal investments and strategic acquisitions over the past several years in technology, data and analytics as well as domain expertise have positioned WNS to meet our clients' evolving requirements. And today, we have approximately 5,000 people in the company with data, AI and GenAI skills, and another 1,000-plus people with the core skill sets to be rapidly trained and upskilled for growth. These include analysts, engineers, scientists, developers and architects with skins across data, AI, Cloud, enterprise and UI and UX.

我們相信，對於GenAI來說，創新和適應性將是成功的重要要求。此外，WNS 還擁有幫助我們的客戶利用 GenAI 功能所需的基礎技能。過去幾年，我們在技術、數據和分析以及領域專業知識方面的內部投資和戰略收購使 WNS 能夠滿足客戶不斷變化的需求。如今，我們公司大約有 5,000 名擁有數據、人工智能和 GenAI 技能的員工，還有 1,000 多名擁有核心技能的員工，需要快速培訓和提陞技能以實現增長。其中包括分析師、工程師、科學家、開發人員和架構師，他們的皮膚涵蓋數據、人工智能、雲、企業以及 UI 和 UX。

In terms of solution development, WNS has already embedded GenAI capabilities into 7 of our existing digital assets, which are now enabled and ready to go. In addition, we currently have more than 75 GenAI use cases in various stages of development across horizontals as well as verticals, of which 9 are currently built, demoed and ready for deployment.

在解決方案開發方面，WNS 已將 GenAI 功能嵌入到我們現有的 7 個數字資產中，這些資產現已啟用並準備就緒。此外，我們目前有超過 75 個 GenAI 用例處於橫向和縱向的不同開發階段，其中 9 個目前已構建、演示並準備部署。

For example, in the health care space, we have combined our deep industry knowledge with GenAI to create a medical summarization solution, which can summarize, analyze and synthesize complex clinical as well as medical records by leveraging GenAI to process diverse data sets, including patient history, lab results, medical codes and treatment plans. WNS is able to help health care payers and providers access critical information rapidly, improved decision-making and drive better patient outcomes.

例如，在醫療保健領域，我們將深厚的行業知識與GenAI相結合，創建了醫療總結解決方案，可以利用GenAI處理各種數據集，包括患者病史、實驗室結果、醫療代碼和治療計劃，總結、分析和綜合複雜的臨床和醫療記錄。 WNS 能夠幫助醫療保健支付者和提供者快速訪問關鍵信息、改進決策並推動更好的患者治療結果。

Most importantly, we continue to believe that our decades long focused on domain first remains our key differentiator and that industry knowledge will be the most important enabler to leveraging Generative AI. Our role as a domain-centric partner provides us with unmatched visibility and knowledge of industry-specific processes, data and operations across a large number of clients.

最重要的是，我們仍然相信，我們幾十年來對領域優先的關注仍然是我們的關鍵差異化因素，而行業知識將是利用生成式人工智能的最重要的推動因素。作為以領域為中心的合作夥伴，我們對大量客戶的行業特定流程、數據和運營擁有無與倫比的可見性和知識。

Since domain expertise is critical to data sourcing and selection, model training and utilizing large language models to create new solutions, we feel WNS is uniquely qualified to help our clients leverage GenAI to solve industry problems as well as drive great outcomes for them.

由於領域專業知識對於數據採購和選擇、模型訓練以及利用大型語言模型創建新解決方案至關重要，因此我們認為 WNS 具有獨特的資格來幫助我們的客戶利用 GenAI 解決行業問題並為他們帶來巨大的成果。

So to summarize, we believe that AI and GenAI create more opportunity than threat for our business, and that WNS is best embracing and well positioned to take advantage of this technological advancement.

總而言之，我們相信人工智能和 GenAI 為我們的業務創造的機會多於威脅，而 WNS 最好地擁抱並充分利用這一技術進步。

With respect to our full year outlook, companies appear to be slightly more cautious about a sustained macro slowdown. As a result, we are seeing defensive behaviors from some clients such as reduced volume projections and delays in decision-making. To date, this has not impacted our revenues, and we believe the volume projections they are providing are conservative.

就我們的全年前景而言，企業似乎對宏觀經濟持續放緩持更為謹慎的態度。因此，我們看到一些客戶的防禦行為，例如減少交易量預測和延遲決策。迄今為止，這尚未影響我們的收入，我們認為他們提供的銷量預測是保守的。

Despite these challenges, we continue to expect low to mid-double-digit revenue growth and stable industry-leading margins for this year. WNS' new business pipeline remains extremely strong. The company is executing well, and we continue to invest in domain, technology and talent in order to drive long-term sustainable value for all of our key stakeholders.

儘管面臨這些挑戰，我們仍然預計今年將實現低至中兩位數的收入增長和穩定的行業領先利潤率。 WNS 的新業務渠道仍然極其強勁。公司執行良好，我們將繼續在領域、技術和人才方面進行投資，以便為所有主要利益相關者帶來長期可持續的價值。

I would now like to call -- turn the call over really to CFO, Sanjay Puria, to further discuss our results and outlook. Over to you, Sanjay.

我現在想打電話給首席財務官 Sanjay Puria，進一步討論我們的業績和前景。交給你了，桑傑。

Thank you, Keshav. In the fiscal first quarter, WNS' net revenue came in at $317.5 million or 15.5% from $274.8 million posted in the same quarter of last year, and up 17.5% on a constant currency basis. Sequentially, net revenue increased by 4.1% on a reported basis and 3.6% on constant currency basis. Acquisitions contributed approximately 6% to year-over-year revenue growth and had no impact versus last quarter.

謝謝你，凱沙夫。在第一財季，WNS 的淨收入為 3.175 億美元，較去年同期的 2.748 億美元增長 15.5%，按固定匯率計算增長 17.5%。隨後，淨收入按報告基礎增長 4.1%，按固定匯率計算增長 3.6%。收購對同比收入增長貢獻了約 6%，與上季度相比沒有影響。

Our sequential revenue growth was driven by broad-based momentum with both new and existing clients and favorable currency movements. These benefits were partially offset by the impact of contractual productivity commitments to certain clients. In the first quarter, WNS recorded $2.6 million of high-margin short-term revenue.

我們的收入連續增長是由新老客戶的廣泛勢頭以及有利的貨幣走勢推動的。這些收益被對某些客戶的合同生產力承諾的影響部分抵消。第一季度，WNS 錄得 260 萬美元的高利潤短期收入。

Adjusted operating margin in quarter 1 was 21% as compared to 21.1% reported in the same quarter of fiscal 2023, and 20.6% last quarter. Year-over-year, adjusted operating margin decreased slightly as headwinds from annual wage increases and return-to-office costs were largely offset by operating leverage on higher volumes and favorable currency movements. Sequentially, margin increased as a result of higher volumes, favorable currency impact, including the FX losses on our monetary assets and liabilities (inaudible) and high-margin short-term revenues. This benefit was partially offset by wage increases and higher return-to-office costs.

第一季度調整後營業利潤率為 21%，而 2023 財年同一季度為 21.1%，上季度為 20.6%。與去年同期相比，調整後的營業利潤率略有下降，因為年度工資增長和重返辦公室成本帶來的阻力在很大程度上被銷量增加和有利的貨幣走勢帶來的營業槓桿所抵消。隨後，由於交易量增加、有利的貨幣影響，包括我們的貨幣資產和負債的外匯損失（聽不清）以及高利潤的短期收入，利潤率有所增加。這一福利被工資上漲和更高的重返辦公室成本部分抵消。

The company's net other income expense was $2 million of net expense in the first quarter as compared to $0.2 million of net income reported in quarter 1 of fiscal 2023 and $0.4 million of net expense last quarter. Year-over-year, net interest expense increased, driven by higher debt levels, new operating leases and lower cash balances resulting from acquisition and share repurchase. This headwind was partially offset by higher interest rates and interest income on tax refunds.

該公司第一季度的其他淨收入支出為 200 萬美元的淨支出，而 2023 財年第一季度報告的淨收入為 20 萬美元，上季度的淨支出為 40 萬美元。與去年同期相比，淨利息支出有所增加，原因是債務水平上升、新的經營租賃以及收購和股票回購導致的現金餘額減少。這一不利因素被較高的利率和退稅利息收入部分抵消。

Sequentially, the unfavorable variance was a result of reduced benefits from interest income on tax refunds, lower average cash balances and additional interest expense stemming from $40.2 million of short-term debt taken in quarter 1. WNS' effective tax rate for quarter 1 came in at 21.8%, up from 21.1% last year, and up from 15.8% last quarter. Both year-over-year and sequentially, changes in our effective tax rate are largely the result of shifts in our geographical profit mix, changes to the mix of work delivered from tax incentive facilities. Sequentially, the tax rate also increased as a result of a onetime cash accounting benefit of $1.7 million in quarter 4 of last year.

其次，不利差異是由於退稅利息收入減少、平均現金餘額減少以及第一季度承擔的 4,020 萬美元短期債務產生的額外利息支出造成的。WNS 第一季度的有效稅率為 21.8%，高於去年的 21.1%，也高於上一季度的 15.8%。無論是同比還是連續，我們的有效稅率的變化很大程度上是由於我們的地理利潤組合的變化以及稅收激勵設施提供的工作組合的變化的結果。隨後，由於去年第四季度一次性現金會計收益為 170 萬美元，稅率也有所增加。

The company's adjusted net income for quarter 1 was $15.6 million compared with $45.9 million in the same quarter of fiscal 2023 and $52.4 million last quarter. Adjusted diluted earnings were $1.01 per share in quarter 1 versus $0.90 in the first quarter of last year and $1.04 last quarter.

該公司第一季度調整後淨利潤為 1560 萬美元，而 2023 財年同季度為 4590 萬美元，上季度為 5240 萬美元。第一季度調整後攤薄收益為每股 1.01 美元，去年第一季度為 0.90 美元，上季度為 1.04 美元。

As of June 30, 2023, WNS' balances in cash and investments totaled $242.6 million and the company had $206.2 million in debt. Included in this debt amount is $40.2 million borrowed for general corporate purposes against our line of credit during the quarter.

截至 2023 年 6 月 30 日，WNS 的現金和投資餘額總計 2.426 億美元，公司債務為 2.062 億美元。該債務金額中包括本季度根據我們的信貸額度為一般公司目的借入的 4020 萬美元。

In quarter 1, WNS generated $19.5 million of cash from operating activities, incurred $17.8 million in capital expenditures, and made scheduled debt repayments of $10.6 million. The company also repurchased 1.1 million shares of stock at an average price of $77.84 which impacted quarter 1 cash by $85.6 million. DSO in the first quarter came in at 34 days as compared to 29 days reported in quarter 1 of last year and 32 days last quarter.

第一季度，WNS 從經營活動中產生了 1950 萬美元的現金，產生了 1780 萬美元的資本支出，並按計劃償還了 1060 萬美元的債務。該公司還以平均價格 77.84 美元回購了 110 萬股股票，這對第一季度現金造成了 8560 萬美元的影響。第一季度的 DSO 為 34 天，而去年第一季度報告的 DSO 為 29 天，上季度報告為 32 天。

With respect to other key operating metrics, total headcount at the end of the quarter was 59,871, and our attrition rate in the first quarter was 32% as compared to 49% reported in quarter 1 of last year and 40% in the previous quarter. In the quarter, attrition for entry-level voice-based CX services reduced significantly. We expect attrition will normalize over time in the low to mid-30% range, but would continue to be volatile quarter-to-quarter in the current labor environment. Build seat capacity at the end of the quarter 1 increased to 38,945, and WNS continued our progress towards in-person operations, averaging 65% work from office during the quarter.

就其他關鍵運營指標而言，本季度末總員工人數為 59,871 人，第一季度的員工流失率為 32%，而去年第一季度的員工流失率為 49%，上一季度的員工流失率為 40%。本季度，基於語音的入門級 CX 服務的流失率大幅下降。我們預計，隨著時間的推移，員工流失率將在 30% 的低至中水平範圍內正常化，但在當前的勞動力環境下，員工流失率將繼續按季度波動。第一季度末的座位容量增加至 38,945 個，WNS 繼續在面對面操作方面取得進展，本季度平均 65% 的工作在辦公室進行。

In our press release issued earlier today, WNS provided our revised full year guidance for fiscal 2024. Based on the company's current visibility levels, we expect net revenue to be in the range of $1.296 billion to $1.354 billion representing year-over-year growth of 12% to 17% on a reported basis and 11% to 16% on a constant currency basis.

在今天早些時候發布的新聞稿中，WNS 提供了修訂後的 2024 財年全年指引。根據公司當前的可見度水平，我們預計淨收入將在 12.96 億美元至 13.54 億美元之間，按報告數據計算同比增長 12% 至 17%，按固定匯率計算同比增長 11% 至 16%。

Our acquisitions are expected to contribute 3% inorganic growth in fiscal 2024 and we currently have 92% visibility to the midpoint of the range. Top line projections assume a British pound to U.S. dollar an average exchange rate of 1.27 for the remainder of the fiscal year. Our revised relation guidance includes a headwind of approximately 1% for reduced volume projections from certain clients.

我們的收購預計將在 2024 財年貢獻 3% 的無機增長，目前我們對該範圍中點的可見度為 92%。頂線預測假設本財年剩餘時間內英鎊兌美元的平均匯率為 1.27。我們修訂後的關係指引包括因某些客戶的交易量預測減少而帶來約 1% 的不利影響。

As Keshav mentioned, we have not seen these reductions materialize to date, but in a week and uncertain macro, it is not surprising that clients are being conservative related to their future volume commitments. We have incorporated this lower estimate into our guidance consistent with the company's visibility based approach.

正如 Keshav 提到的，迄今為止，我們尚未看到這些削減得以實現，但在一周和不確定的宏觀環境中，客戶對其未來銷量承諾持保守態度也就不足為奇了。我們已將這一較低的估計納入我們的指導中，與公司基於可見性的方法一致。

Full year adjusted net income for fiscal 2024 is expected to be in the range of $211 million to $223 million based on a INR 82 to U.S. dollar exchange rate for the remainder of fiscal 2024. This implies adjusted EPS of $4.21 to $4.45, assuming a diluted share count of approximately 50.1 million shares. The midpoint of guidance represents more than 12% growth in EPS.

根據 2024 財年剩餘時間的 82 印度盧比兌美元匯率計算，2024 財年全年調整後淨利潤預計將在 2.11 億至 2.23 億美元之間。這意味著，假設稀釋後股數約為 5,010 萬股，調整後每股收益為 4.21 至 4.45 美元。指引的中點代表 EPS 增長超過 12%。

With respect to capital expenditures, WNS currently expects a requirement for fiscal 2024 to be up to $60 million. I would also like to mention that beginning this quarter, WNS has changed our segment for financial reporting proposes to align with our new SBU structure. You will now see revenue and margin contribution by SBU in our company metrics wise and relevant SEC filings.

在資本支出方面，WNS 目前預計 2024 財年的資本支出需求將高達 6000 萬美元。我還想提一下，從本季度開始，WNS 更改了我們的財務報告部門，建議與我們新的 SBU 結構保持一致。現在，您將在我們的公司指標和相關 SEC 文件中看到 SBU 的收入和利潤貢獻。

We'll now open the call for questions. Operator?

我們現在開始提問。操作員？

(Operator Instructions) The first question comes from Bryan Bergin with TC Cowen.

（操作員說明）第一個問題來自 Bryan Bergin 和 TC Cowen。

I wanted to start on demand and the growth outlook here. So I understand that your actual volumes have not been impacted yet. But can you give us some more color on the industries that are providing the more conservative forward volume projections? And also, how broad-based is the slower decision-making comment? Anything more you can say on that?

我想從這裡開始討論需求和增長前景。據我了解，您的實際數量尚未受到影響。但您能給我們更多關於提供更保守的遠期銷量預測的行業的信息嗎？而且，較慢的決策評論的基礎有多廣泛？對此您還有什麼想說的嗎？

Sure. Let me take a first cut at that, Bryan, and Keshav and Sanjay can contribute here. When you look at where we're seeing the volume slowdown, I think in terms of the commitments from clients, it's the places you would expect. So we are seeing it in the OTA travel space, we're seeing it in high-tech, we're seeing it in shipping and logistics. And this is a very similar pattern to what we saw during the pandemic and in terms of conservatism.

當然。讓我先講一下，Bryan，Keshav 和 Sanjay 可以在這裡做出貢獻。當你看到我們在哪裡看到銷量放緩時，我認為就客戶的承諾而言，這是你所期望的地方。因此，我們在 OTA 旅遊領域、高科技領域、運輸和物流領域看到了它。這與我們在大流行期間看到的保守主義模式非常相似。

Obviously, the way our contracts are structured, clients have a pretty significant incentive to be conservative in that if they give us projections and they're not able to meet those projections, they're on the hook for paying for resources. So I think this is just a function of the environment. Certainly, we would prefer that these commitments be stable to increasing in nature, but given the macro, it's not surprising.

顯然，根據我們合同的結構方式，客戶有相當大的動機採取保守態度，因為如果他們向我們提供預測而他們無法滿足這些預測，那麼他們就要為資源付費。所以我認為這只是環境的函數。當然，我們希望這些承諾在性質上保持穩定而不是增加，但考慮到宏觀經濟，這並不奇怪。

In terms of the demand environment, I think, overall, the demand environment remains extremely healthy. We just wanted to call out here that we have seen for a handful of clients, and it's not specific to any vertical or any geography, delays in decision making, pulling the trigger on moving forward with an initiative. Don't view this as an overall trend at this point, but just did want to call out that we are starting to see some of that.

就需求環境而言，我認為總體而言，需求環境仍然非常健康。我們只是想在這裡指出，我們在少數客戶身上看到過，這並不特定於任何垂直或任何地理區域，決策的延遲，觸發了一項計劃的推進。目前不要將其視為總體趨勢，但只是想指出我們已經開始看到其中的一些趨勢。

Yes. I'd just add that we are actually continuing to see a very healthy pipeline, as I called out earlier, Bryan, one. Second thing is, we're seeing lots of new deals getting added to that pipeline. And as Dave said, because of the current macros, maybe 1 or 2 delayed decision kind of cycle is taking place with one of our clients, and more importantly, we are seeing a lot of conservatism in terms of if people providing volume projections.

是的。我想補充一點，我們實際上繼續看到一個非常健康的管道，正如我之前所說的，布萊恩，其中之一。第二件事是，我們看到許多新交易被添加到該管道中。正如 Dave 所說，由於當前的宏觀情況，我們的一位客戶可能會發生 1 或 2 個延遲決策週期，更重要的是，我們看到人們在提供交易量預測方面存在很多保守主義。

But the core is people -- clients are flying up and down, interacting with us across the globe. Our people are flying around and interacting with them at a pace never seen before. And overall, I'm quite happy about the quality of the pipeline and the fact that, in this macro, while transformation continues to be very, very important, we also think now that people are starting to look at these cost-saving initiatives as well, which is also adding to this pipeline.

但核心是人——客戶在全球各地飛來飛去，與我們互動。我們的人民以前所未有的速度四處飛行並與他們互動。總的來說，我對渠道的質量感到非常滿意，事實上，在這個宏觀上，雖然轉型仍然非常非常重要，但我們也認為現在人們也開始關注這些節省成本的舉措，這也增加了這條渠道。

So a little much. Remember, when we went into the first quarter also, we saw similar trends, but the quarter actually has delivered far better than our earlier anticipation.

所以有點多了。請記住，當我們進入第一季度時，我們也看到了類似的趨勢，但該季度的表現實際上遠遠好於我們之前的預期。

Okay. Makes sense. Your conservatism it makes sense. Follow-up here on Generative AI. Just obviously, it's very early with all of this, but how are clients viewing WNS as a partner in this type of work? And what types of investments do you need to scale? So I hear you on the solution development you've made internally. But I'm just curious what the nature is on those external client conversations?

好的。說得通。你的保守主義是有道理的。這裡是生成人工智能的後續內容。顯然，所有這些都還為時尚早，但客戶如何看待 WNS 作為此類工作的合作夥伴？您需要擴大哪些類型的投資？我聽到了您內部開發的解決方案。但我只是好奇這些外部客戶對話的本質是什麼？

And then on the investments, do you see this as an opportunity to lean in incrementally on capability investment? Or is this just more so in the existing run rate of what you do in your capability investments?

那麼在投資方面，您是否認為這是一個逐步依靠能力投資的機會？或者，這在您能力投資的現有運行率中是否更是如此？

Yes. So great question, Bryan. And first thing I'll tell you is, clients are extremely comfortable that they have a partner like WNS who have invested so solidly, first of all, in terms of domain, in terms of technology transformation as well as analytics over the years and have led the way in terms of their own transform models over a period of time.

是的。這是一個很好的問題，布萊恩。我要告訴您的第一件事是，客戶對擁有像 WNS 這樣的合作夥伴感到非常滿意，他們多年來在領域、技術轉型和分析方面進行瞭如此紮實的投資，並且在一段時間內在自己的轉型模型方面處於領先地位。

So I think the comfort that we are operating as an extension of their enterprise. So, therefore, we can lead them in unknown areas around Generative AI. Proactively this is a big, big comforting factor. That's the first thing I must tell you. In many of my conversations with clients, I'm also realizing that a number of them are wondering why there is so much hype on this particular area, right? And the reason for that is because they say, you guys have led us through all the other disruptions that we have seen across the years. We are super confident that you will lead us through this one as well.

所以我認為我們作為他們企業的延伸而運營是令人欣慰的。因此，我們可以帶領他們進入生成人工智能的未知領域。積極主動地，這是一個很大很大的安慰因素。這是我必須告訴你的第一件事。在我與客戶的許多對話中，我也意識到他們中的許多人想知道為什麼這個特定領域有如此多的炒作，對嗎？原因是他們說，你們帶領我們度過了多年來我們所看到的所有其他混亂。我們非常有信心您也將帶領我們度過這一難關。

And it is not that any of them want to dramatically change their models overnight because there's a Generative AI kind of outlook out there in the marketplace. I think what they're looking for only is comfort that our partner understands the space, can integrate it quickly as the space evolves, and can help us in terms of faster go to market, higher productivity, all the other good takes. So from that point of view, we are very comfortable.

並不是說他們中的任何人都想在一夜之間徹底改變他們的模型，因為市場上存在一種生成式人工智能的前景。我認為他們所尋求的只是讓我們的合作夥伴了解該領域，能夠隨著該領域的發展快速整合它，並能夠幫助我們更快地進入市場、提高生產力以及所有其他好處。所以從這個角度來看，我們感到非常舒服。

We spoke about a lot of initiatives that we're driving in-house and some of the areas that we focused on that will start impacting our internal -- our existing clients at this point in time. But we're also excited about the fact that a lot of this is now going to help us penetrate a 75% different unpenetrated BPM space, right? And therefore, we'll have to watch this space because we are excited. We will keep making announcements around things that we're doing here but it's going to be in a very measured manner, and it will be all around, not only helping every one of our clients with the opportunity around Generative AI, but also getting after new areas that we think are now getting opened up as a result of our investments in this space.

我們談到了我們在內部推動的許多舉措，以及我們關注的一些領域，這些領域將開始影響我們的內部——我們目前的現有客戶。但我們也很興奮，因為其中很多現在將幫助我們滲透 75% 不同的未滲透 BPM 空間，對嗎？因此，我們必須關注這個領域，因為我們很興奮。我們將繼續圍繞我們正在做的事情發佈公告，但將以一種非常謹慎的方式進行，並且將是全方位的，不僅幫助我們的每一位客戶獲得圍繞生成人工智能的機會，而且還追求我們認為由於我們在這個領域的投資而正在開放的新領域。

And maybe I'll just add over there that specifically, there will be certain acceleration of the investments, specifically in GenAI as well as the AI area, what Keshav just spoke about. Because this is a time not to like shy way, but leading those investments from a need of an our perspective. And accordingly, maybe we start seeing quarter 2, a margin to be a little bit lighter than quarter 1 compared specifically, along with some of the return to office and some of the short-term revenue with a high margin in quarter 1.

也許我會補充一點，具體來說，投資將會有一定的加速，特別是在 GenAI 以及 Keshav 剛才談到的人工智能領域。因為現在不應該喜歡害羞的方式，而是從我們的角度出發來引導這些投資。因此，也許我們開始看到第二季度的利潤率比第一季度要低一些，而且第一季度的一些回報和一些短期收入的利潤率很高。

And just to add to that, Bryan, just to give some focus and color about what we're seeing in terms of activity levels and inbound questions from our customers, we are currently in discussions with more than 20 of our clients about specific GenAI use cases. And at this point in time, we have secured commitments from 3 of those clients to implement those use cases.

除此之外，Bryan，為了對我們在活動水平和客戶的入站問題方面所看到的情況提供一些重點和色彩，我們目前正在與 20 多家客戶討論特定的 GenAI 用例。目前，我們已獲得其中 3 個客戶的承諾，將實施這些用例。

So we are seeing people come to us, as Keshav mentioned, to help them with this journey, to understand what it means for them. And I think we're in a great position to be able to lead them through this journey.

因此，正如凱沙夫提到的，我們看到人們來找我們，幫助他們完成這段旅程，了解這對他們意味著什麼。我認為我們處於有利位置，能夠帶領他們完成這一旅程。

The next question comes from Ashwin Shirvaikar with Citi.

下一個問題來自花旗銀行的 Ashwin Shirvaikar。

Congratulations on the quarter. I wanted to ask about the new organizational structure implemented at the beginning of April. Are you beginning to see the benefits that you expected? Or is it too early? I mean, in terms of just looking at growth profile, looking at demand looking at responsiveness, what metrics are you using? And any kind of early update that you can provide would be great.

祝賀本季度。我想問一下四月初實施的新組織架構。您開始看到預期的好處了嗎？還是現在還太早？我的意思是，就僅關注增長概況、關注需求、關注響應能力而言，您使用什麼指標？您能提供的任何類型的早期更新都會很棒。

Actually, it's early days at this point in time. And what I can say at this point in time is, I think the new org structure has actually been digested well, has been implemented well, has been accepted very well. And we can see that as far as the 4 SBUs are concerned, the impact with clients actually has already started being very positive because now there is much more focus on a global footprint. Every client's sales is now handled globally. And therefore, we're seeing some larger global deals enter as a result of this organizational structure.

事實上，現在還為時尚早。我現在能說的是，我認為新的組織結構實際上已經被很好地消化，已經很好地實施，已經很好地被接受。我們可以看到，就 4 個 SBU 而言，對客戶的影響實際上已經開始非常積極，因為現在更加關注全球足跡。現在每個客戶的銷售都是在全球範圍內處理的。因此，我們看到一些更大的全球交易由於這種組織結構而進入。

Similarly, we are also seeing leadership pipeline inside the company, obviously, increasing because you're having an end-to-end P&L responsibility with 4 senior leaders inside the company. And that obviously generates a different kind of behavior including a lot more aggression in terms of focusing on their specific areas.

同樣，我們也看到公司內部的領導梯隊明顯在增加，因為公司內部有 4 名高級領導負責端到端的損益責任。這顯然會產生一種不同的行為，包括在專注於特定領域時產生更多的攻擊性。

At the same time, the clamor for investment within each of those SBU structures in some of the areas that we have traditionally invested in, but also all these new areas, including the need for tuck-in kind of M&A and capital allocation is also emerging at a very logical pace, I would say, as a result of this restructuring.

與此同時，我想說，由於這次重組，我們傳統上投資的一些領域以及所有這些新領域，包括對併購和資本配置的需求，在每個 SBU 結構中的投資呼聲也以非常合乎邏輯的速度出現。

So while it's early days, I'm really satisfied with the outcomes that we're seeing already in terms of much higher client centricity, much more focused activity around the sales pipeline, much better understanding of clients' needs in a transformative market and finally, a much deeper understanding of how to invest and maintain and grow margins in a very transformative macro.

因此，雖然現在還處於早期階段，但我對我們已經看到的結果感到非常滿意，包括更高的以客戶為中心、圍繞銷售渠道的活動更加集中、更好地了解客戶在變革性市場中的需求，以及最後更深入地了解如何在變革性的宏觀環境中投資、維持和提高利潤。

Got it. Got it. That's good. That's good to know. The second question is, as I sort of look at the updated outlook and the updated visibility number, I'm kind of trying to see what changed? On the positive side, there's FX, there's 1Q [beat], there is continued -- semi-continued strength in terms of flow-through from signed deals. On the negative side, you've already reflected the lower visibility. Are there other factors that perhaps I'm missing, maybe at a segment level? Like I see the BFSI strength, for example. Any overall color in terms of additional points we should be thinking of?

知道了。知道了。那挺好的。很高興知道這一點。第二個問題是，當我查看更新後的展望和更新後的可見度數字時，我想看看發生了什麼變化？從積極的一面來看，有外匯，有第一季度[節拍]，就已簽署交易的流量而言，有持續的、半持續的強勢。從消極的一面來看，你已經反映出了較低的能見度。是否還有其他我可能遺漏的因素，也許是在細分層面？例如，我看到了 BFSI 的實力。就我們應該考慮的附加點而言，有什麼總體顏色嗎？

No. I think, Ashwin, we have covered all those specific points, whatever is there. Other than just want to highlight that this visibility, just want to remind that also factors based on certain of the short-term revenue based on certain acquisitions what we have done but with a very high growth opportunity over there, and that itself has a couple of percentage point impact on the visibility, right? But still, it has gone from 88% to 92%, and just wanted to remind that this does not still include the short-term revenue where we don't have a visibility as we move forward.

不，我認為，阿什溫，我們已經涵蓋了所有這些具體要點，無論是什麼。除了想強調這種可見性之外，只是想提醒一下，還有一些因素基於我們所做的某些收購的某些短期收入，但那裡有非常高的增長機會，這本身對可見性有幾個百分點的影響，對嗎？但它仍然從 88% 上升到 92%，只是想提醒一下，這還不包括我們在前進過程中無法看到的短期收入。

Yes. So I think, to Sanjay's point, Ashwin, this is pretty much business as usual for us. If you were to look at kind of what's really changed from a couple of months ago when we provided guidance, we obviously had revenue come in stronger for Q1, which is a positive. And the only other thing that's changed is we've baked in that 1% headwind from the lower volume forecast that we've received from clients. Again, I think those will hopefully prove to be conservative in nature. But other than that, this is business as usual for us.

是的。所以我認為，按照 Sanjay 的觀點，Ashwin，這對我們來說幾乎是一切如常。如果你看看與幾個月前我們提供指導時相比真正發生了什麼變化，我們顯然第一季度的收入有所增長，這是一個積極的因素。唯一改變的另一件事是，我們從客戶處收到的銷量預測較低，因此受到了 1% 的不利影響。再次，我認為這些有望被證明是保守的。但除此之外，這對我們來說一切如常。

The next question comes from Sam Salvas with Needham & Company.

下一個問題來自 Needham & Company 的 Sam Salvas。

I'm on for Mayank today. Just wanted to ask about those new logo wins, the 6 this quarter. Could you guys talk a little bit more about those in terms of the size, scale and what verticals those were in?

我今天要參加 Mayank。只是想問一下本季度贏得的 6 個新徽標。你們能多談談這些項目的規模、規模和垂直領域嗎？

Sure. I can take that. We usually don't discuss the size, but I think when you look at the 6 new logos, one of them is what I would consider to be transformational in terms of the size and capability to become a top 10 customer. So very excited about that specific opportunity.

當然。我可以接受。我們通常不會討論尺寸，但我認為當你看到 6 個新徽標時，我認為其中一個在尺寸和成為前 10 名客戶的能力方面具有變革性。對於這個特定的機會非常興奮。

With respect to the areas where they are, again, kind of reflective of our overall business. So the 6 logos, we've got 2 in banking and financial services, we've got 1 in travel, we've got 1 in insurance, we've got 1 in retail manufacturing, and we've got 1 in health care. So again, 6 logos spread across 5 different verticals. I would say 3 of them good in size, with 1 of them with the potential to be a very meaningful contributor to the company over the next 2 to 3 years.

就其所在領域而言，它們再次反映了我們的整體業務。所以這 6 個標誌，我們在銀行和金融服務業有 2 個，在旅遊業有 1 個，在保險業有 1 個，在零售製造業有 1 個，在醫療保健業有 1 個。同樣，6 個徽標分佈在 5 個不同的垂直領域。我想說其中 3 名規模不錯，其中 1 名有潛力在未來 2 到 3 年內為公司做出非常有意義的貢獻。

Got it. That's helpful. And then just a quick follow-up. Are you guys seeing any difference in terms of demand between your larger versus smaller customers over the past few months?

知道了。這很有幫助。然後進行快速跟進。在過去的幾個月裡，你們發現大客戶和小客戶之間的需求有什麼不同嗎？

So I'll take that. Frankly, like I mentioned earlier, we are seeing -- we continue to see excellent conversations with every one of the clients and prospects that we have. We're continuing to see a lot of travel up and down in terms of what is (inaudible) possible in terms of client's transformation agenda, how the business can help them, and the pipeline continues to be healthy and continues to fill up extremely well.

所以我會接受的。坦率地說，就像我之前提到的那樣，我們繼續看到與我們擁有的每一位客戶和潛在客戶進行了精彩的對話。我們繼續看到在客戶的轉型議程方面（聽不清）可能發生的事情、業務如何幫助他們以及渠道繼續保持健康並繼續填充得很好方面，存在大量的上下波動。

And as I mentioned, in addition to the transformation agenda, we're starting to see also people wanting to look at now the cost saving agenda as well. So overall, we actually think it should be positive thing for us. The only change that we're seeing is clients not wanting to commit volumes and get committed at this point in time. And I think that's much more to do with their trying to figure out how this whole macro is going to play out, what's going to happen with inflation and therefore, impacting their own businesses?

正如我所提到的，除了轉型議程之外，我們還開始看到人們現在也想考慮成本節約議程。總的來說，我們實際上認為這對我們來說應該是積極的事情。我們看到的唯一變化是客戶不想在此時提交卷並進行提交。我認為這更多地是因為他們試圖弄清楚整個宏觀經濟將如何發揮作用，通貨膨脹會發生什麼，從而影響他們自己的業務？

But the green shoots there also is that in the last few weeks, we have seen that countries have started announcing better control over inflation. And I saw that U.K. also announced better numbers on inflation yesterday or day before. So we are expecting that over a propane this will all play out once again positively for the sector. But generally, I think the sector is very much insulated from all of these issues at this point in time. Right now, it's much more of a projection issue from a customer's point of view, less from our point of view.

但在過去的幾周里，我們看到各國已開始宣布更好地控制通脹。我看到英國昨天或前天也公佈了更好的通脹數據。因此，我們預計，在丙烷方面，這一切將再次對該行業產生積極影響。但總的來說，我認為該行業目前已經完全不受所有這些問題的影響。目前，這更多的是從客戶的角度來看的預測問題，而不是從我們的角度來看。

Yes. And I just want to reiterate, to Keshav's point, when you look at the first quarter performance, on a constant currency basis, 6 of our 8 verticals grew at over 20%. And of the 2 that didn't, one is health care, where we had the significant ramp down of a large process. So to Keshav's point, what we're seeing is that the demand for our services is healthy and broad-based. You'll see a very similar profile if you look at this by geography and by service level as well.

是的。我只是想重申一下 Keshav 的觀點，當你觀察第一季度的業績時，按固定匯率計算，我們的 8 個垂直行業中有 6 個的增長率超過 20%。在兩個沒有實現的領域中，其中一個是醫療保健領域，我們在該領域的大型流程大幅縮減。因此，就 Keshav 的觀點而言，我們看到的是對我們服務的需求是健康且基礎廣泛的。如果您按地理位置和服務級別查看此信息，您會看到非常相似的配置文件。

The next question comes from Puneet Jain with JPMorgan.

下一個問題來自摩根大通的 Puneet Jain。

A quick question on GenAI. So for the new clients or processes that you expect to come your way, driven by GenAI, who is servicing those processes right now? Like will those be competitive wins? Or do you think like it can result in increased outsourcing by clients?

關於 GenAI 的一個簡單問題。那麼，對於您期望在 GenAI 的推動下出現的新客戶或流程，現在誰在為這些流程提供服務呢？就像這些會是競爭性的勝利嗎？或者您認為這會導致客戶增加外包嗎？

I think the combination of both, but see for them to make changes on existing is going to take some time, right? So I think all they are doing there is getting comfort around the fact that how we can lead them in some of those areas and what benefits will be available to them and how -- what are the processes for getting that done.

我認為兩者的結合，但是讓他們對現有的做出改變需要一些時間，對嗎？因此，我認為他們所做的一切都是為了讓我們感到安心，我們如何能夠在其中一些領域領導他們，他們將獲得什麼好處，以及如何——完成這些工作的流程是什麼。

But I think some of these conversations also emerging and the POC is being discussed are also around new opportunity areas, which I think is very, very exciting from our point of view. See, Puneet, the thing I want to mention is that this obviously is something that everyone is looking at as one of the biggest democratization forces on planet earth for the future.

但我認為其中一些正在出現的對話以及正在討論的 POC 也圍繞著新的機會領域，從我們的角度來看，我認為這非常非常令人興奮。你看，普尼特，我想提的是，這顯然是每個人都將其視為未來地球上最大的民主化力量之一。

So everyone wants to be on this journey, wants to have a solid partner whom they trust and who works, as I keep saying, is an extension of their enterprise to help them get there, and are also looking for new proactive ideas for people like us in terms of that 75% area, which is underpenetrated areas, we actually believe that they can start models using some of these technologies to go after areas that they kept insulated from the industry for some time.

因此，每個人都想踏上這段旅程，希望有一個他們信任的、可靠的合作夥伴，正如我一直說的，是他們企業的延伸，以幫助他們實現這一目標，並且也在為像我們這樣的人尋找新的積極想法，針對 75% 的領域，即滲透不足的領域，我們實際上相信，他們可以使用其中一些技術啟動模型，以追尋他們與行業隔離一段時間的領域。

So that's how it is emerging. So let's wait on what this means. But from our point of view, it is helping our clients understand that in some of the current engagements, we will actually introduce some of it, and how we will share the benefits of it, and how we will take it into other new processes and how we will move the model to a completely outcome-based or a different model as a result of which they are only focused on the outcomes and less on how we do it.

這就是它的出現方式。那麼讓我們拭目以待這意味著什麼。但從我們的角度來看，它正在幫助我們的客戶了解，在當前的一些業務中，我們實際上會引入其中的一些，以及我們將如何分享它的好處，以及我們將如何將其納入其他新流程，以及我們將如何將模型轉變為完全基於結果或不同的模型，因此他們只關注結果，而不是我們如何做。

Got it. And then for this quarter, in your revenue breakdown, it seems like North America was softer than other regions. Can you talk about what you expect there, specifically given that there was like a large insurance client that was ramping up in North America, or is expected to ramp up in North America?

知道了。然後，在本季度的收入細分中，北美似乎比其他地區疲軟。您能談談您對那裡的期望嗎？特別是考慮到有一個大型保險客戶正在北美增加，或者預計將在北美增加？

Yes. Maybe, Puneet, I can take that. It was softer because if you recall that there was one large health care process ramped down and it was one of the leases because it was a North America client. But having said that, on the insurance side as well as, as Dave spoke about, the growth has been across if you see all the verticals which is more than 20% growth over there. So we believe as we move forward, the growth is going to be widespread across, including North America.

是的。也許，普尼特，我可以接受。它比較軟，因為如果你記得有一個大型醫療保健流程被縮減，並且它是租賃之一，因為它是北美客戶。但話雖如此，在保險方面，正如 Dave 所說，如果你看到所有垂直行業的增長都超過 20%，那麼增長已經很明顯了。因此，我們相信，隨著我們的前進，增長將遍及整個地區，包括北美。

And is that health care client like that headwind from that, is that completely in numbers by now, or is it expected to be a headwind on a sequential basis going forward?

醫療保健客戶是否喜歡由此帶來的逆風，到目前為止，這完全是數字上的逆風，還是預計未來會連續出現逆風？

No. At this stage, it's already completely done as we speak for quarter 1.

不。在這個階段，正如我們所說的第一季度一樣，它已經完全完成了。

Next question comes from Vincent Colicchio with Barrington Research.

下一個問題來自 Barrington Research 的 Vincent Colicchio。

Yes, Keshav, I can see the Generative AI being -- creating a bigger opportunity over the time. But in the near term, if I'm in the client shoes, I've got to have some confusion about how to invest my dollars if Generative AI is going to provide all these new opportunities. So I'm curious if -- is this impacting sales cycles or just client interest in moving forward with certain projects?

是的，Keshav，我可以看到生成式人工智能正在——隨著時間的推移創造更大的機會。但在短期內，如果我站在客戶的角度，如果生成式人工智能將提供所有這些新機會，我一定會對如何投資我的錢感到困惑。所以我很好奇這是否會影響銷售週期，或者只是影響客戶推進某些項目的興趣？

So Generative AI, at this point in time, is a hot topic of discussion. I think most clients are building comfort around how we are going to help them prepare for the journey. And in many cases, we are proactively discussing many pilots with all of them in some of our existing processes as well. Understanding fully well that, that is how you build trust with clients. You go proactively, you sometimes cannibalize a little bit of your revenue to do it, but also go after larger spaces inside the environment.

因此，生成式人工智能目前是討論的熱門話題。我認為大多數客戶都對我們將如何幫助他們為旅程做好準備感到放心。在許多情況下，我們也在一些現有流程中積極與他們所有人討論許多試點項目。充分理解這一點，這就是您與客戶建立信任的方式。你會主動行動，有時會佔用一點收入來做到這一點，但也會追求環境內更大的空間。

So today, it's a lot more about discussion and proving the concept with them in many areas. Because just depending on the process and the sector, there is still a lot that they need to get comfortable with as clients as well when Generative AI is deployed. But helping them drive higher productivity gains, reducing their cost is frankly a no brainer and we can actually go and do that. And that's what Dave was talking about when he spoke about some of the pilots, the 20 clients or active discussions blah, blah, blah, all of that kind of stuff.

所以今天，更多的是與他們在許多領域進行討論和證明這個概念。因為僅僅取決於流程和行業，在部署生成式人工智能時，作為客戶，他們仍然需要適應很多事情。但坦率地說，幫助他們提高生產率、降低成本是理所當然的事情，我們實際上可以做到這一點。這就是 Dave 在談到一些飛行員、20 個客戶或積極討論等等諸如此類的事情時所談論的內容。

But longer term, I think what is going to happen is these Generative AI solutions are going to get integrated into the core of WNS, right? And so as we have any interaction with a client, it is going to be all about a GenAI-driven kind of a solution, which allows us to take an end-to-end view of a process and take that out, as a result of which clients will obviously see a significant change in terms of, say, efficiency, productivity or whatever.

但從長遠來看，我認為這些生成式人工智能解決方案將集成到 WNS 的核心中，對嗎？因此，當我們與客戶進行任何交互時，都將涉及 GenAI 驅動的解決方案，它使我們能夠對流程進行端到端的視圖並將其刪除，結果客戶顯然會看到效率、生產力或其他方面的重大變化。

But from our point of view also, because a lot of it could also be reusable, the ability for us to use it to go after larger pieces of business and at the same time, dramatically over a period of time increase our margin impact also is higher.

但從我們的角度來看，因為其中很多也可以重複使用，所以我們使用它來追求更大的業務，同時在一段時間內大幅增加我們的利潤影響的能力也更高。

So I think this is an emerging space. It is today in a situation where we are giving comfort to our clients, proving the concepts and then slowly making the announcements to the market also about how we will deal with some of these things.

所以我認為這是一個新興的空間。今天的情況是，我們正在安慰我們的客戶，證明這些概念，然後慢慢地向市場宣布我們將如何處理其中一些事情。

And then quick follow-up on your acquisitions of Vuram, Smart Cube and OptiBuy, is there any meaningful variance in any of those this quarter versus expectations?

然後快速跟進您對 Vuram、Smart Cube 和 OptiBuy 的收購，本季度這些收購與預期相比是否存在任何有意義的差異？

No. I think when you look, Vincent, kind of the business models that we had put into place and the expectations that we had for these assets, they're performing well. They're performing as expected. They're being successfully integrated into the company's operations. So I would just say, at this point in time, the acquisitions are doing exactly what they thought they'd do.

不，我認為，文森特，當你看看我們已經實施的商業模式以及我們對這些資產的期望時，它們表現良好。他們的表現符合預期。他們正在成功融入公司的運營。所以我只想說，在這個時候，收購正在按照他們的想法進行。

Got it.

知道了。

I'd just add one point. At the time we did some of those acquisitions, Generative AI was not such a hot topic. And today, they are now -- these are -- some of these [acquisitions] are at the center of a lot of the dialogue and interaction and building a lot of comfort with clients.

我只想補充一點。當我們進行一些收購時，生成式人工智能並不是一個熱門話題。今天，他們現在——這些是——其中一些[收購]成為許多對話和互動的中心，並與客戶建立了很多舒適感。

The next question comes from Dave Koning with Baird.

下一個問題來自戴夫·科寧和貝爾德。

Yes. I guess one observation, I mean, your sequential growth in Q1 was actually far better than normal Q1. So I mean, just great momentum there, I guess, relative to even normal. Does that mean Q2 might be a little slower than normal sequential progression? And you gave a little comment about some of the delayed cycles and employees were kind of flattish. So it looks like you're preparing for just a little slower growth than normal after a really good quarter. Is that all a fair way to think about it?

是的。我想有一個觀察結果，我的意思是，第一季度的連續增長實際上遠遠好於第一季度的正常水平。所以我的意思是，我想，相對於正常情況而言，勢頭強勁。這是否意味著第二季度可能比正常的順序進展慢一點？你對一些延遲的周期做了一些評論，員工們有點平淡。因此，在經歷了一個非常好的季度之後，您似乎正在為增長速度比正常情況稍慢一些做好準備。這是一個公平的思考方式嗎？

Yes. At this stage, as we provided the guidance based on the visibility and what Keshav and Dave was talking about some of the conservative forecast what the clients are providing, based on that, the quarter 2, we expect to be slightly up as compared to quarter 1. But having said that, I just want to remind that it still does not factor the softer revenue where we don't have visibility. It does not factor some of the forecasts, which clients have not committed yet and exactly what we saw in quarter 1.

是的。在現階段，由於我們根據可見性以及 Keshav 和 Dave 所談論的客戶提供的一些保守預測提供了指導，因此，我們預計第二季度的業績將比第一季度略有上升。但話雖如此，我只是想提醒一下，它仍然沒有考慮到我們沒有可見性的收入疲軟的因素。它沒有考慮一些客戶尚未承諾的預測以及我們在第一季度看到的情況。

When we entered quarter 1, it was a similar situation, but as volumes keep on coming up, as we were nearing each of the month. So we have to just wait and watch. Also just wanted to add over there, which was factored in our guidance earlier, it is the transition of one high-tech client from an onshore offshore that is already part of the quarter.

當我們進入第一季度時，情況類似，但隨著接近每個月的銷量不斷增加。所以我們只能拭目以待。我還想補充一點，這已在我們之前的指導中考慮到，一個高科技客戶從陸上離岸的轉變已經是本季度的一部分。

Yes. I think, Dave, to Sanjay's point, when we look at the sequential numbers, we're obviously expecting a more modest growth rate as compared to what we saw sequentially from Q4 to Q1. That being said, we significantly outperformed what our expectations were for Q1. And I think some of this is the nature of the assets that we've acquired that have less visibility, but higher growth, right?

是的。戴夫，我認為，按照桑傑的觀點，當我們查看連續數字時，我們顯然預計與第四季度到第一季度連續看到的增長率相比會更加溫和。話雖這麼說，我們第一季度的表現明顯超出了我們的預期。我認為其中一些是我們所收購的資產的性質，這些資產的知名度較低，但增長較高，對吧？

So I think when you look at the numbers that we provide between that and the conservatism that we've baked in from our client forecast, what you're going to see is more upside to our numbers than you've historically seen but less visibility to those numbers.

因此，我認為，當您查看我們提供的數據與客戶預測中的保守主義之間的數據時，您將看到我們的數據比歷史上看到的更多，但這些數據的可見度較低。

So our hope certainly is that as we move throughout Q2, as Sanjay mentioned, that we'll continue to build on that number. But in terms of visibility and in terms of what's baked into our guidance at this point, it does show a slowdown in the growth rate sequentially from Q4.

因此，我們當然希望，正如桑傑提到的那樣，隨著第二季度的進展，我們將繼續在這個數字的基礎上繼續發展。但就可見性以及我們目前的指導內容而言，它確實顯示出第四季度以來增長率連續放緩。

Yes, yes. That all makes sense. And then just a follow-up. In the new segment guidance, first of all, some cool new industry acronyms; so those are kind of interesting, I like it. But then also, there's a new line called less reconciling items that used to be kind of $2 million to $3 million a quarter kind of going back many -- like for a lot of quarters. And then the last few quarters, it's kind of ramped up to $7 million to $9 million of a headwind. What is that line? And why is it higher now?

是的是的。這一切都是有道理的。然後只是後續行動。在新的細分指導中，首先是一些很酷的新行業縮寫詞；所以這些很有趣，我喜歡。但同時，還有一個名為“較少調節項目”的新項目，該項目過去每季度為 200 萬至 300 萬美元，可以追溯到很多季度——比如很多季度。然後在過去幾個季度，它的逆風增加到了 700 萬至 900 萬美元。那條線是什麼？為什麼現在更高了？

Yes. So if you look at what's showing up in the reconciling items, and you'll see it in both the revenue and the cost line, right? On the revenue line, what is in there because if you look at kind of how the SBUs are laid out now, in addition to kind of the normal 8 verticals that we would talk about; travel, shipping and logistics, health care, we also have procurement that's broken out separately because it's run as a -- it's a separate business.

是的。因此，如果您查看調節項目中顯示的內容，您會在收入和成本行中看到它，對吧？在收入線上，除了我們要討論的正常 8 個垂直領域外，如果你看看 SBU 現在的佈局方式，裡面還有什麼；旅行、運輸和物流、醫療保健，我們還有單獨進行的採購，因為它是作為一個獨立的業務運營的。

So these reconciling items on the revenue line are really 2 things. One, it's the duplicate revenue credit that comes from procurement. And the second is the FX gain and loss line. So those, because we can't specifically allocate them to an SBU, sit as a reconciling item. On the cost side, you'll see that same procurement duplicate revenue credit go up with the cost. The second piece that shows up in the cost unallocated is unallocated facility costs. So seats that aren't being used, that have been returned back to the company by the SBUs.

因此，收入線上的這些調節項目實際上是兩件事。一是來自採購的重複收入信貸。第二個是外匯損益線。因此，由於我們無法將它們專門分配給 SBU，因此將它們作為協調項目。在成本方面，您會看到相同的採購重複收入信用隨著成本的增加而增加。未分配成本中顯示的第二部分是未分配設施成本。因此，未使用的席位已由 SBU 返還給公司。

So you're going to see that number move around on a quarter-to-quarter basis. But overall, that hopefully should give you some color in terms of what that reconciling column is in terms of the revenue and margins.

因此，您將看到該數字按季度變化。但總體而言，這有望讓您了解調節欄在收入和利潤方面的情況。

The next question comes from Maggie Nolan with William Blair.

下一個問題來自瑪吉·諾蘭和威廉·布萊爾。

Congrats on the results. I wanted to ask you, what have passed technology waves meant for your value proposition as a company?

祝賀結果。我想問您，已經過去的技術浪潮對您作為一家公司的價值主張意味著什麼？

Okay. That's a great question, Maggie. So I think what it has done is it has kept enhancing the impact of our domain specialism and our core differentiator that we have always spoken about to clients. So every time there was a change in technology, the fact that clients who're working with people who understood the core of the business first and then integrated these technologies to deliver a higher value proposition in terms of impact, efficiency, cost and other things actually has been really the core.

好的。這是一個很好的問題，瑪吉。所以我認為它所做的就是不斷增強我們一直向客戶談論的領域專業性和核心差異化的影響力。因此，每當技術發生變化時，與首先了解業務核心的人合作的客戶，然後整合這些技術以在影響、效率、成本和其他方面提供更高的價值主張，這一事實實際上才是真正的核心。

So I would say, for us, it's essentially the fact that it has enhanced the -- our capability around domain, and the fact that people now realize how important domain is in this business while you should expect that technology will keep changing and will only keep getting enhanced and better across time.

所以我想說，對我們來說，本質上是它增強了我們在領域方面的能力，而且人們現在意識到領域在這個行業中的重要性，同時你應該期望技術將不斷變化，並且只會隨著時間的推移而不斷增強和更好。

Yes. And I think from a business perspective, Maggie, and we've spoken about it to most of you folks and most of our investors at this point as well. But what we've seen historically is that while technology creates certain headwinds to our business, right? We used to talk about WNS having 2% to 3% year-over-year headwinds built into our contracts. And technology turns like RPA, like AI, like machine learning, have accelerated that productivity that we provide to clients into the 3% to 4% range.

是的。我認為，從商業角度來看，瑪吉，我們已經與你們中的大多數人和我們的大多數投資者討論過這一點。但我們從歷史上看到的是，雖然技術給我們的業務帶來了一定的阻力，對嗎？我們曾經談論過 WNS 在我們的合同中存在 2% 至 3% 的同比逆風。像 RPA、AI、機器學習這樣的技術，已經將我們為客戶提供的生產力提高了 3% 到 4%。

So we know that when we leverage technology, some of that benefit is going to go back to the client. But we've also seen, and Keshav spoke about it in his prepared remarks, is that what this does is it opens up new areas for us to get into, both within existing clients as well as the pressure to drive new clients to look at outsourcing.

所以我們知道，當我們利用技術時，部分好處將返回給客戶。但我們也看到，Keshav 在他準備好的發言中談到了這一點，這為我們開闢了新的領域，既包括現有客戶，也包括推動新客戶考慮外包的壓力。

So while we know that these technologies will create some additional headwinds from a productivity perspective, we also know and have seen consistently that what it does is drive increased demand. And that's why when you look at our business, despite the fact that productivity improvements have been increasing, we've been delivering -- we've been delivering progressively higher growth rates in the face of those higher headwinds.

因此，雖然我們知道這些技術將從生產力的角度來看會帶來一些額外的阻力，但我們也知道並且一直看到它的作用是推動需求增加。這就是為什麼當你審視我們的業務時，儘管生產力的提高一直在增加，但我們一直在實現——面對這些更大的阻力，我們一直在實現逐步更高的增長率。

Yes. And I think that is more underlined that last statement, Dave, the fact that, if you look at our results over the past few years, when technology kept getting unleased and introduced and we kept absorbing it, our revenues actually grew from single-digit numbers to consistently double digit and increasing in terms of growth.

是的。我認為戴夫最後一句話更強調了這一點，如果你看看我們過去幾年的業績，當技術不斷釋放和引入並且我們不斷吸收它時，我們的收入實際上從個位數增長到持續的兩位數，並且在增長方面不斷增長。

And, at the same time, in spite of giving so much of gains back to clients, our margins actually have significantly grown over this entire period. So that is the opportunity. And the fact that 75% of this industry is still not penetrated is, I think, the biggest opportunity coming from this new paradigm.

與此同時，儘管我們向客戶回饋瞭如此多的收益，但我們的利潤率實際上在整個時期內顯著增長。這就是機會。我認為，這個行業 75% 的領域仍未被滲透，這一事實是來自這一新範式的最大機會。

That's great to hear. And then for my follow-up, you mentioned travel seeing some conservatism. Can you just kind of walk us through what you think travel can do this year? Can it return kind of closer to pre-pandemic levels? Or how is your outlook specifically for that vertical?

聽到這個消息我很高興。然後在我的後續行動中，你提到旅行中看到了一些保守主義。您能否向我們介紹一下您認為今年旅行可以做什麼？它能恢復到更接近大流行前的水平嗎？或者您對該垂直領域的具體看法如何？

Yes. I will -- oh, do you want to go ahead, Sanjay. Go ahead.

是的。我會——哦，你想繼續嗎，Sanjay。前進。

So from a overall travel perspective, definitely, at this stage, if you see the travel industry, still they come back at 90% of the pre-pandemic level. But from WNS' perspective, you'll see that, significantly we have shown that growth which means that it's not only just about building up the new clients, but expanding the relationship with our existing clients over there.

因此，從整體旅遊業的角度來看，在現階段，如果你觀察旅遊業，肯定會恢復到疫情前 90% 的水平。但從 WNS 的角度來看，您會發現，我們已經顯著地展示了這種增長，這意味著我們不僅要建立新客戶，還要擴大與那裡現有客戶的關係。

But at the same time, the corporate travel still has come back only by 50% of the pre-pandemic level. And that's why we believe that there is an opportunity of volume and from the [unallocated] facility, we still believe 1.5% to 2%. That upside potential is there as the volumes (inaudible).

但與此同時，商務旅行仍僅恢復到疫情前水平的 50%。這就是為什麼我們認為存在成交量機會，並且從[未分配]設施來看，我們仍然相信 1.5% 到 2%。這種上行潛力隨著成交量而存在（聽不清）。

Yes. And that being said, the travel business, as Sanjay mentioned, is extremely healthy today. I mean if you look at our first quarter performance, we grew 8% sequentially, we've grown 18% on a year-over-year basis. Our travel revenues now are well above where they were pre-pandemic as a company. But to Sanjay's point, we still do have roughly a dozen clients, and they're mostly in the international and the business travel areas for the airlines.

是的。話雖這麼說，正如桑傑提到的那樣，如今的旅遊業務非常健康。我的意思是，如果你看看我們第一季度的業績，我們環比增長了 8%，同比增長了 18%。我們的旅行收入現在遠高於公司大流行前的水平。但就 Sanjay 而言，我們仍然有大約十幾個客戶，他們大多來自航空公司的國際和商務旅行領域。

We have about a dozen clients that are still running below pre-pandemic levels, and the opportunity there is somewhere between 1% and 2% of total company revenue if and when they do get back to pre-pandemic levels.

我們有大約十幾個客戶的運營仍低於大流行前的水平，如果他們確實恢復到大流行前的水平，那麼他們的收入可能占公司總收入的 1% 到 2% 之間。

I show no further questions in the queue. This will conclude today's conference call. Thank you for your participation. You may now disconnect.

我在隊列中沒有顯示任何其他問題。今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。