WNS (Holdings) Ltd (WNS) 2025 Q1 法說會逐字稿

Good morning, and welcome to the WNS Holdings' fiscal 2025 first-quarter earnings conference call. (Operator Instructions) As a reminder, this call is being recorded for replay purposes.

早安，歡迎參加 WNS Holdings 2025 財年第一季財報電話會議。（操作員說明）謹此提醒，此通話正在錄音以供重播之用。

Now, I would like to turn the call over to David Mackey, WNS's Executive Vice President of Finance and Head of Investor Relations. David, please go ahead.

現在，我想將電話轉給 WNS 財務執行副總裁兼投資者關係主管 David Mackey。大衛，請繼續。

Thank you, and welcome to our fiscal 2025 first-quarter earnings call. With me today on the call, I have WNS's CEO, Keshav Murugesh; WNS's CFO, Sanjay Puria; and our Corporate Financial Controller, Arijit Sen. 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 2025 財年第一季財報電話會議。今天與我一起參加電話會議的有 WNS 執行長 Keshav Murugesh； WNS 財務長 Sanjay Puria；以及我們的公司財務總監 Arijit Sen。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 的投資者關係部分取得。

Today's remarks will focus on the results for the fiscal first quarter ended June 30, 2024. 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.

今天的演講將重點放在截至 2024 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問題具有前瞻性。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有重大差異。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 impairment of goodwill and intangible assets. We are also excluding costs related to our ADS program termination and costs associated with the transition to voluntarily reporting on US domestic issuer forms. Adjusted net income, or ANI, is defined as profit excluding amortization of intangible assets, share-based compensation, acquisition-related expenses or benefits, goodwill and intangible asset impairment, ADS program termination costs, the transition to voluntarily reporting on US domestic issuer forms, and all associated taxes. These terms will be used throughout the call today.

在本次電話會議中，管理階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。管理階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。調整後營業利益率的定義是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和無形資產減值。我們也排除了與 ADS 計劃終止相關的成本以及與自願報告美國國內發行人表格相關的成本。調整後淨利潤（ANI）被定義為利潤，不包括無形資產攤銷、股權激勵、收購相關費用或福利、商譽和無形資產減值、ADS計劃終止成本、向美國國內發行人表格自願報告的過渡，以及所有相關稅費。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's CEO, Keshav Murugesh. Keshav?

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

Okay. Thank you, David, and good morning, everyone. In the fiscal first quarter, WNS's financial results were in line with company expectations, posting net revenue of $312.4 million. Now, this represents a year-over-year decrease of 1.6% on a reported basis and a 1.8% reduction on a constant currency basis. Sequentially, net revenue decreased by 4.1% on a reported basis and by 3.9% on a constant currency basis after adjusting for ForEx. Demand continues to be healthy for business transformation initiatives, leveraging digital and analytics, while certain client volumes and project-based work remain pressured. During the first quarter, we added eight new logos, including one large transformational deal and expanded 36 existing relationships.

好的。謝謝大衛，大家早安。第一財季，WNS 的財務表現符合公司預期，淨收入為 3.124 億美元。現在，以報告資料計算，年減 1.6%；以固定匯率計算，年減 1.8%。隨後，在報告基礎上淨收入下降了 4.1%，在外匯調整後以固定匯率計算淨收入下降了 3.9%。利用數位和分析的業務轉型計劃的需求持續健康，而某些客戶量和基於專案的工作仍然面臨壓力。第一季度，我們新增了 8 個新徽標，其中包括一項大型轉型交易，並擴展了 36 個現有關係。

In the fiscal first quarter, our ongoing efforts to improve access to capital and increase share price stability made significant progress. As discussed last quarter, on March 28, the company reached its first major milestone, exchanging our ADSs for ordinary shares. This change helped facilitate WNS's addition to the Russell 2000 Index on June 28.

在第一財季，我們在改善資本取得和提高股價穩定性方面所做的持續努力取得了重大進展。正如上個季度所討論的，3 月 28 日，公司實現了第一個重大里程碑，將我們的美國存託股份轉換為普通股。這項變更有助於 WNS 於 6 月 28 日被納入羅素 2000 指數。

In addition, effective this quarter, we have voluntarily transitioned to domestic filer status and are reporting our financials under US GAAP. This transition should enable WNS to access additional index fund complexes, improve ESG visibility, and make our financials more consistent with peers.

此外，從本季度開始，我們已自願轉變為國內申報者身份，並根據美國公認會計準則報告我們的財務狀況。這一轉變將使 WNS 能夠訪問更多指數基金綜合體，提高 ESG 可見性，並使我們的財務狀況與同行更加一致。

With respect to capital allocation, on May 30, WNS held an Extraordinary General Meeting, where our shareholders overwhelmingly approved repurchases of up to 4.1 million ordinary shares. The company began executing against these plans in early June, buying back over 1.6 million shares in fiscal first quarter at a total cost of $84.2 million, and we will be continuing our repurchase programs in Q2.

資本配置方面，5月30日，WNS召開臨時股東大會，股東以壓倒性多數透過回購最多410萬股普通股。該公司於 6 月初開始執行這些計劃，在第一財季回購了超過 160 萬股股票，總成本為 8,420 萬美元，我們將在第二季繼續實施回購計劃。

As AI and gen AI continue to be important themes for our clients, shareholders, as well as employees, we wanted to provide some additional color on our efforts in these areas. We continue to see that WNS's ability to combine domain, data, and digital is resonating well with clients, and that our industry-specific and process-specific knowledge remains the key to unlocking the power of data and technology.

由於人工智慧和新一代人工智慧仍然是我們的客戶、股東和員工的重要主題，我們希望為我們在這些領域的努力提供一些額外的色彩。我們繼續看到，WNS 將領域、數據和數字相結合的能力與客戶產生了良好的共鳴，並且我們針對特定行業和特定流程的知識仍然是釋放數據和技術力量的關鍵。

From a technology perspective, as we have discussed, WNS has significant experience and a proven track record of leveraging artificial intelligence in our services as well as solutions. In fact, the company has now been delivering AI projects for more than 15 years, utilizing quantitative analytics as well as machine learning algorithms to help improve outcomes.

從技術角度來看，正如我們所討論的，WNS 在我們的服務和解決方案中利用人工智慧方面擁有豐富的經驗和良好的記錄。事實上，該公司交付人工智慧專案已有超過 15 年的歷史，利用定量分析和機器學習演算法來幫助改善成果。

Later, the company introduced the WNS Analytics and Decision Engine framework, or WADE, which combines multiple components of an AI solution including data sourcing, data correlation and virtualization, data analysis and machine learning modeling, and a presentation layer into a single compact structure. Since then, the breadth and depth of our AI capabilities have continued to progress embedding the power of deep learning and Big Data into our offerings. WNS has been invested in employee training as well as reskilling, launched AI co-creation labs to drive innovation, and form strategic partnerships with leading technology firms, including the three major hyperscalers.

後來，該公司推出了WNS 分析和決策引擎框架（WADE），它將人工智慧解決方案的多個元件（包括資料來源、資料關聯和虛擬化、資料分析和機器學習建模以及表示層）組合到一個緊湊的結構中。從那時起，我們人工智慧能力的廣度和深度不斷進步，將深度學習和大數據的力量嵌入到我們的產品中。WNS 一直投資於員工培訓和再培訓，推出人工智慧共創實驗室來推動創新，並與包括三大超大規模企業在內的領先科技公司建立策略合作夥伴關係。

We have also now created best practice consulting frameworks for leveraging ethical AI across strategy, data management, governance, as well as business outcomes. As a result of all these efforts, in fiscal 2024, approximately one-third of company revenue was delivered with AI as a component of the solution. Today, WNS's AI practice has approximately 7,000 resources globally, and we have created over 70 industry-specific AI models.

我們現在也創建了最佳實踐諮詢框架，以便在策略、資料管理、治理以及業務成果中利用道德人工智慧。所有這些努力的結果是，到 2024 財年，公司大約三分之一的收入是透過人工智慧作為解決方案的組成部分實現的。如今，WNS 的人工智慧實踐在全球擁有約 7000 個資源，我們創建了 70 多個行業特定的人工智慧模型。

Our extensive experience with AI has provided the foundation for our ability to develop and deploy gen AI use cases as well as solutions, which leverage the power of large language models. To date, we have developed over 100 unique gen AI use cases, with more than 30 ready for deployment and have integrated gen AI into eight of our WNS proprietary digital assets. We have now successfully implemented gen AI solutions for six of our clients and currently have an additional 11 installations in progress. Several of our recent client wins include gen AI as a key element of the overall solution, and we estimate that in fiscal 2025, 5% or more of total company revenue will have a gen AI component.

我們在人工智慧方面的豐富經驗為我們開發和部署新一代人工智慧用例和解決方案的能力奠定了基礎，這些用例和解決方案利用了大型語言模型的力量。迄今為止，我們已經開發了 100 多個獨特的 gen AI 用例，其中 30 多個已準備好部署，並將 gen AI 整合到我們的 8 個 WNS 專有數位資產中。我們現已成功為 6 家客戶實施了 gen AI 解決方案，目前還有 11 個安裝正在進行中。我們最近贏得的幾位客戶都將 gen AI 作為整體解決方案的關鍵要素，我們估計到 2025 財年，公司總收入的 5% 或更多將包含 gen AI 組件。

Increasingly, clients are looking for partners who can help them drive technology-led process transformation to deliver superior outcome, great customer experiences, and maximize business impact. These initiatives are larger in size, strategic, complex, and disruptive in nature and require executive level support.

客戶越來越多地尋找能夠幫助他們推動技術主導的流程轉型的合作夥伴，以提供卓越的成果、出色的客戶體驗並最大限度地提高業務影響。這些措施規模較大、策略性、複雜性和破壞性，需要高階主管的支持。

To capitalize on this evolving trend, over the past 18 months, WNS has increased our organizational focus on elevating our relationships to the highest levels of client organizations and properly positioning our end-to-end transformational capabilities. Some of the key investments include the addition of six senior level vertically aligned chief growth officers focused on driving large deals, the expansion of our regional sales model into Continental Europe and Canada to help build in-country relationships, and the hiring of a global head of advisory to drive WNS's positioning with the analyst and adviser community and help identify captive carve-out opportunities.

為了利用這一不斷發展的趨勢，在過去 18 個月中，WNS 加強了我們的組織重點，將我們的關係提升到客戶組織的最高級別，並正確定位我們的端到端轉型能力。一些關鍵投資包括增加六名高級垂直首席成長官，專注於推動大型交易，將我們的區域銷售模式擴展到歐洲大陸和加拿大以幫助建立國內關係，以及聘請全球主管提供諮詢服務，以推動WNS 在分析師和顧問群體中的定位，並協助辨識自保分拆機會。

We have also updated the sales team, including strategic hires for consultative selling across technology enablement and domain expertise. And as a result, over the past five quarters, the WNS's sales force has grown by 16%. In addition, WNS announced last month that we have added a new head of strategic growth initiatives responsible for establishing CXO-level relationships for WNS and expanding our geographic reach. This executive position is working closely with our chief growth officer, business unit heads, and myself to engage directly with CXOs, understand and address their critical business challenges, and create new and exciting opportunities for WNS. Our focused approach is already bearing fruit in the form of large deal signings and a material increase in our large deal pipeline.

我們也更新了銷售團隊，包括策略招募跨技術支援和領域專業知識的諮詢銷售。因此，在過去的五個季度中，WNS 的銷售團隊成長了 16%。此外，WNS 上個月宣布，我們增加了一位新的策略性成長計畫負責人，負責為 WNS 建立 CXO 層級的關係並擴大我們的地理覆蓋範圍。該高階主管職位與我們的首席成長長、業務部門主管和我本人密切合作，直接與 CXO 接觸，了解並解決他們的關鍵業務挑戰，並為 WNS 創造新的、令人興奮的機會。我們重點關注的方法已經以大宗交易簽約和大宗交易管道大幅增加的形式取得了成果。

As discussed last quarter, the company closed four large deals in fiscal Q4. And in the fiscal first quarter, we added one more large deal and made good progress on several others. Our pipeline now includes more than 20 large deals, each over $10 million in ACV, which have the potential to close this fiscal year. These deals totaled more than $400 million in ACV, and we believe WNS is well-positioned for success in many of these opportunities.

正如上季所討論的，該公司在第四財季完成了四筆大型交易。在第一財季，我們又增加了一項大型交易，並在其他幾項交易上取得了良好進展。我們的管道現在包括 20 多筆大型交易，每筆 ACV 交易價值超過 1000 萬美元，並有可能在本財政年度完成。這些 ACV 交易總額超過 4 億美元，我們相信 WNS 處於有利地位，能夠在其中許多機會中取得成功。

In summary, demand for digital transformation and cost reduction initiatives remain healthy, and our new business pipeline has expanded to record levels. At the time -- at the same time, fiscal full-year 2025 visibility continues to be challenged by the timing of large deals and the macro uncertainty, which is impacting business volumes and project-based work. WNS remains focused on accelerating profitable growth and investing in AI as well as gen AI. We are confident that these strategic initiatives are well underway, and that successful execution through the remainder of this year will position the company well entering fiscal 2026.

總之，對數位轉型和降低成本措施的需求仍然健康，我們的新業務管道已擴大到創紀錄的水平。同時，2025 財年全年的可見性繼續受到大型交易時機和宏觀不確定性的挑戰，這正在影響業務量和基於專案的工作。WNS 仍專注於加速獲利成長以及投資人工智慧和新一代人工智慧。我們相信，這些策略舉措正在順利進行，今年剩餘時間的成功執行將使公司在進入 2026 財年時處於有利地位。

In addition, we remain committed to investing ahead of the curve in technology-enabled offerings, leveraging AI as well as gen AI, improving our access to capital, and opportunistically repurchasing stock.

此外，我們仍然致力於領先於技術支援的產品進行投資，利用人工智慧和一代人工智慧，改善我們獲得資本的機會，並伺機回購股票。

I would now like to turn the call over to our CFO, Sanjay Puria, to further discuss our results as well as outlook. Sanjay?

我現在想將電話轉給我們的財務長 Sanjay Puria，進一步討論我們的業績和前景。桑傑？

Thank you, Keshav. As mentioned earlier, in fiscal quarter one, we have voluntarily shifted from foreign private issuer status reporting under IFRS to domestic filer status reporting under US GAAP, and we'll be filing our first Form 10-Q in the coming weeks. In a press release issued on July 9, WNS provided US GAAP historical financials and reconciliations to previously reported IFRS numbers for fiscal 2023 and fiscal 2024. We have also provided additional details including restated fiscal 2022 financials in our quarterly metrics file, posted on the company website this morning. All of the numbers discussed today will be on a US GAAP basis.

謝謝你，凱沙夫。如前所述，在第一財季，我們自願從根據 IFRS 報告外國私人發行人狀況報告轉向根據 US GAAP 報告國內申報人狀況，並且我們將在未來幾週內提交第一份 10-Q 表格。在 7 月 9 日發布的新聞稿中，WNS 提供了美國 GAAP 歷史財務數據以及與先前報告的 2023 財年和 2024 財年 IFRS 數據的調整表。我們還在今天早上發佈在公司網站上的季度指標文件中提供了更多詳細信息，包括重述的 2022 財年財務數據。今天討論的所有數字都將基於美國公認會計準則。

In the fiscal first quarter, WNS net revenue came in at $312.4 million, down 1.6% from $317.5 million posted in the same quarter of last year and down 1.8% on a constant currency basis. Sequentially, net revenue decreased by 4.1% on a reported basis and 3.9% on a constant currency basis. The sequential revenue decline was driven by volume reductions with certain clients, continued weakness in discretionary project-based revenues, the impact of our annual productivity improvements, and unfavorable currency movements.

第一財季，WNS 淨收入為 3.124 億美元，比去年同期的 3.175 億美元下降 1.6%，以固定匯率計算下降 1.8%。隨後，報告淨收入下降 4.1%，以固定匯率計算淨收入下降 3.9%。收入連續下降的原因包括某些客戶的銷售減少、基於可自由支配的項目的收入持續疲軟、我們年度生產力提高的影響以及不利的貨幣走勢。

Quarter-one volume reductions were primarily in the OTA, or online travel sector, and was greater than expected in our April guidance. In this space, we must continue to expect transaction volumes and client forecast to be highly volatile given macro exposure, company-specific challenges, and the potential risks and opportunities from automation. These headwinds were partially offset by healthy demand for digitization and cost reduction focus initiatives.

第一季的銷售減少主要發生在 OTA（即線上旅遊領域），並且超出了我們 4 月指引中的預期。在這個領域，考慮到宏觀風險、公司特定的挑戰以及自動化帶來的潛在風險和機遇，我們必須繼續預期交易量和客戶預測將高度波動。這些不利因素被對數位化和降低成本重點措施的健康需求部分抵消。

In the first quarter, WNS recorded $0.6 million of short-term high-margin revenue. Adjusted operating margin in quarter one was 18.4%, as compared to 20.1% last year and 20.9% last quarter. Year over year, adjusted operating margin decreased as a result of lower revenue and employee utilization and higher SG&A levels associated with marketing programs, sales hiring, large healthcare client ramp down costs, and bad debt. These headwinds were partially offset by improved productivity and favorable currency movements.

第一季度，WNS 錄得 60 萬美元的短期高利潤收入。第一季調整後營業利益率為 18.4%，去年同期為 20.1%，上季為 20.9%。與去年同期相比，由於收入和員工利用率下降，以及與行銷計劃、銷售招聘、大型醫療客戶降低成本和壞帳相關的銷售及一般費用水平提高，調整後的營業利潤率有所下降。這些不利因素被生產力提高和有利的貨幣走勢部分抵消。

Sequentially, margin reduced as a result of lower volume, the impact of annual productivity commitments, the higher quarter-one SG&A levels, and unfavorable currency movements. The company's net other income expense was $0.3 million of net expense in the first quarter as compared to $1.5 million of net income in quarter one of fiscal 2024 and $0.8 million of net income last quarter. Both year over year and sequentially, the unfavorable variance, the result of higher debt levels, and lower cash balances driven primarily by our share repurchases.

隨後，由於銷售下降、年度生產力承諾的影響、第一季銷售管理及行政費用水準較高以及不利的貨幣走勢，利潤率有所下降。該公司第一季的其他淨收入支出為 30 萬美元，而 2024 財年第一季的淨利潤為 150 萬美元，上季的淨利潤為 80 萬美元。無論是同比還是連續，不利的差異都是債務水準上升和現金餘額減少的結果，這主要是由我們的股票回購造成的。

In addition, year-over-year results were adversely impacted by $0.8 million of non-recurring interest income on tax returns recorded last year. WNS's effective tax rate for quarter one came in at 23.1% as compared to 21.7% last year and in the prior quarter. Both year over year and sequentially, changes in the effective tax rate were driven by our geographical profit mix and the percentage of work delivered from tax incentive facilities. The company's adjusted net income for quarter one was $44 million compared with $51.1 million in the same quarter of fiscal 2024 and $53.9 million last quarter.

此外，去年的報稅表中 80 萬美元的非經常性利息收入對年比業績產生了不利影響。WNS 第一季的有效稅率為 23.1%，而去年和上一季的有效稅率為 21.7%。無論是同比還是連續，有效稅率的變化都是由我們的地域利潤組合和稅收激勵設施提供的工作百分比所驅動的。該公司第一季調整後淨利為 4,400 萬美元，而 2024 財年同一季度為 5,110 萬美元，上季為 5,390 萬美元。

Adjusted diluted earnings were $0.93 per share in quarter one, down from $1.02 in the first quarter of last year and from $1.12 last quarter. As of June 30, 2024, WNS balances in cash and investments totaled $301.5 million and the company had $301.5 million in debt. In the first quarter, WNS generated $21.4 million of cash from operating activities, incurred $10.7 million in capital expenditures, and made debt repayments of $10.5 million. The company also repurchased 1,644,000 shares (sic - see press release, "1,643,731 shares") of stock at an average price of $51.24, which impacted quarter-one cash by $78 million. DSO in the first quarter came in at 36 days as compared to 34 days reported in quarter one of last year and 33 days last quarter.

第一季調整後攤薄收益為每股 0.93 美元，低於去年第一季的 1.02 美元和上一季的 1.12 美元。截至 2024 年 6 月 30 日，WNS 的現金和投資餘額總計 3.015 億美元，公司債務為 3.015 億美元。第一季度，WNS 從經營活動中產生了 2,140 萬美元的現金，產生了 1,070 萬美元的資本支出，並償還了 1,050 萬美元的債務。該公司還以平均價格 51.24 美元回購了 1,644,000 股（原文如此 - 參見新聞稿，「1,643,731 股」）股票，這對第一季現金造成了 7800 萬美元的影響。第一季的 DSO 為 36 天，而去年第一季報告的 DSO 為 34 天，上季報告為 33 天。

With respect to other key operating metrics, total headcount at the end of the first quarter was 60,513, and our attrition rate was 34% as compared to 32% reported in quarter one of last year and 33% in the previous quarter. We expect attrition to average in the low-p to mid-30% range, but the rate could remain volatile quarter to quarter in the current labor environment. Build seat capacity at the end of the quarter one increased to 41,676, and WNS averaged 71% work from office during the quarter.

就其他關鍵營運指標而言，第一季末總員工人數為 60,513 人，員工流動率為 34%，而去年第一季的員工流動率為 32%，上一季的員工流失率為 33%。我們預計員工流失率平均在 30% 的低至中水平範圍內，但在當前的勞動力環境下，該比率可能會保持季度與季度的波動。第一季末的座位容量增至 41,676 個，本季 WNS 平均 71% 的工作時間是在辦公室。

In our press release issued earlier today, WNS provided our revised full-year guidance for fiscal 2025. Based on the company's current visibility levels, we expect net revenue to be in the range of $1.290 billion to $1.354 billion, representing year-over-year growth of 0% to 5% on both a reported basis and constant currency basis.

在今天稍早發布的新聞稿中，WNS 提供了我們修訂後的 2025 財年全年指引。根據公司目前的知名度水平，我們預計淨收入將在 12.90 億美元至 13.54 億美元之間，按報告基礎和固定匯率計算同比增長 0% 至 5%。

As Keshav mentioned, guidance factors in known client ramp downs and reduced visibility to client volumes and discretionary projects. Guidance does not include short-term revenues, incremental revenue from our large insurance captive, or an improvement in the macro environment. Top-line projection assumes an average British pound to US dollar exchange rate of 1.28 for the remainder of the fiscal year. Full-year adjusted net income for fiscal 2025 is expected to be in the range of $203 million to $215 million based on a INR83.4 to US dollar exchange rate for the remainder of fiscal 2025. This implies adjusted EPS of $4.42 to $4.68, assuming a diluted share count of approximately 45.9 million shares. Excluding the $0.21 of one-time benefits to tax and interest income in fiscal 2024, the midpoint of guidance represents an 8% increase in adjusted EPS. With respect to capital expenditures, WNS currently expects our requirement for fiscal 2025 to be up to $65 million.

正如 Keshav 所提到的，指導因素會導致已知客戶數量減少以及客戶數量和可自由支配項目的可見性降低。指導不包括短期收入、來自我們大型保險自保公司的增量收入或宏觀環境的改善。頂線預測假設本財年剩餘時間內英鎊兌美元平均匯率為 1.28。根據 2025 財年剩餘時間的印度盧比兌美元匯率 83.4，預計 2025 財年全年調整後淨利將在 2.03 億美元至 2.15 億美元之間。這意味著調整後每股收益為 4.42 美元至 4.68 美元（假設稀釋後股數約為 4590 萬股）。不包括 2024 財年 0.21 美元的一次性稅收和利息收入福利，指導中位數代表調整後每股收益成長 8%。關於資本支出，WNS 目前預計我們 2025 財年的需求將高達 6,500 萬美元。

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

我們現在開始提問。操作員？

(Operator Instructions) Ryan Potter, Citi.

（操作員說明）Ryan Potter，花旗銀行。

Hey. Thanks for taking my question. I just wanted to start on the kind of large deal execution. I know last quarter, you mentioned that you signed four large deals, and this quarter, you've already signed one. Could you give us some color on how those ramps of these large deals have progressed so far? Was there any revenue contribution from these deals in 1Q? And how much of a revenue contribution from the ramps do you expect in 2Q? And then on the one large deal you signed in 1Q, how does that compare versus your initial kind of pipeline conversion expectations?

嘿。感謝您提出我的問題。我只是想開始執行大型交易。我知道上個季度，您提到您簽署了四筆大筆交易，而本季度您已經簽署了一筆。您能給我們介紹一下迄今為止這些大型交易的進展嗎？這些交易對第一季的營收貢獻有多大嗎？您預計第二季的增產對收入貢獻有多大？然後，對於您在第一季簽署的一筆大交易，與您最初的管道轉換預期相比如何？

Yeah, I'll answer that question, Ryan. The four large deals that we signed in Q4 had minimal revenue contribution in Q1, insignificant, which is what we expected. These deals, though, are staffed; they are ramping. They're a big part of the story in terms of the offset in our fiscal second quarter to the large healthcare ramp down that we see coming. And the expectation is that those four large deals should be reaching steady state, if not early than towards the end of fiscal Q3.

是的，我會回答這個問題，瑞安。我們在第四季簽署的四筆大交易對第一季的營收貢獻很小，微不足道，這是我們的預期。不過，這些交易都是有人員的。他們正在加速。就我們預計的第二財季醫療保健大幅下降的抵消而言，它們是故事的重要組成部分。預計這四筆大型交易即使不會早於第三財季末，也應該達到穩定狀態。

Relative to the one large deal that we signed in the first quarter, no contribution in Q1 and minimal contribution expected in Q2. I think we continue to see good progress, as Keshav mentioned in his prepared remarks, on these large deals. Given the complexity and the business impact and the level of disruptions that they create, obviously, the timing is something that we don't have a ton of visibility to. But having the large number of large deals that we have now in the pipeline and the expanding number of large deals that we have in the pipeline gives us good confidence about our ability to close some of these deals here in Q2 and again in Q3.

相對於我們第一季簽署的一筆大交易，第一季沒有貢獻，預計第二季貢獻很小。正如克沙夫在他準備好的演講中提到的那樣，我認為我們在這些大型交易上繼續看到良好的進展。考慮到其複雜性、業務影響以及它們造成的破壞程度，顯然，我們對時機沒有太多了解。但是，我們現在正在醞釀的大量大型交易以及正在醞釀中的大型交易數量不斷增加，讓我們對在第二季和第三季完成其中一些交易的能力充滿信心。

Got it. I guess, maybe kind of following up on that and the visibility comment. It seems like the second half kind of assumes a relatively sharp kind of revenue growth acceleration. I mean, that's based on my math, maybe it's a little bit off. But what gives you confidence in this implied second half? Is it continuing to close these large deals? Is it some improvement in kind of client volumes? I guess, what needs to happen to hit the low end of the outlook versus the top end for the full year?

知道了。我想，也許是對這一點和可見性評論的後續。下半年似乎假設營收成長相對急劇加速。我的意思是，這是基於我的數學計算，也許有點偏差。但是什麼讓你對這個隱含的下半場充滿信心呢？它會繼續完成這些大型交易嗎？客戶數量是否有改善？我想，要達到全年前景的低端與高端，需要發生什麼？

Sure. So I think, first and foremost, it's important to understand that when you look at our guidance for fiscal '25, the assumption for Q2 is that revenue will be relatively flat. We're looking at roughly $13.5 million sequential ramp down because of the loss of the large healthcare client that we need to make up. So if you look at the underlying growth and momentum in the business, even in fiscal Q2, it's extremely healthy.

當然。因此，我認為，首先，重要的是要了解，當您查看我們對 25 財年的指導時，第二季的假設是收入將相對持平。由於我們需要彌補的大型醫療保健客戶的流失，我們預計將比季減少約 1,350 萬美元。因此，如果你看看該業務的潛在成長和勢頭，即使在第二財季，它也非常健康。

As I mentioned, we don't expect to see a full quarter's worth of revenue from the four large deals that were signed in Q4 in Q2, so that ramp continues into Q3 plus everything that we've sold in Q1 and Q2. So I think we're pretty comfortable with the build. There is nothing assumed in terms of incremental volume from existing clients in Q3 and Q4.

正如我所提到的，我們預計第二季度不會從第四季度簽署的四筆大型交易中看到整個季度的收入，因此這種增長會持續到第三季度，加上我們在第一季度和第二季出售的所有產品。所以我認為我們對這個構建非常滿意。對於第三季和第四季現有客戶的增量數量沒有任何假設。

As a matter of fact, we have assumed continued weakness in those volumes, particularly in the travel space in Q3 and Q4. So our goal here, obviously, is to try and provide a forecast that's realistic, but also somewhat de-risk from that perspective. As we said last quarter, we expected volume declines in the travel space; they actually came in worse than what we expected. But to the extent that we can, we've tried to de-risk this. We've looked at the client forecast. We've tried to be conservative about what they provided us. But essentially, it's the expansion of existing relationships in terms of new process additions. It's the sale of small- and medium-sized deals, which remains healthy, that gives us confidence in the back half of the year. And then obviously, we need to close some of these large deals to meet those numbers. But our expectation is, given the large number of these deals and the size of these deals, that we should be able to do that here in Q2 and Q3.

事實上，我們假設這些銷售持續疲軟，特別是在第三季和第四季的旅行領域。因此，顯然，我們的目標是嘗試提供切合實際的預測，但從這個角度來看也能在一定程度上降低風險。正如我們上季度所說，我們預計旅行領域的銷售量將會下降；他們實際上比我們預期的更糟。但我們已盡力降低這種風險。我們查看了客戶的預測。我們試圖對他們提供給我們的東西持保守態度。但本質上，它是透過添加新流程來擴展現有關係。中小型交易的銷售依然健康，這讓我們對今年下半年充滿信心。顯然，我們需要完成一些大型交易才能滿足這些數字。但我們的期望是，考慮到這些交易的數量和規模，我們應該能夠在第二季和第三季做到這一點。

Great. Thanks again.

偉大的。再次感謝。

Surinder Thind, Jefferies.

蘇林德·辛德，傑弗里斯。

Thank you. I'd like to start with a question on the gen AI implementations that you guys have done or deployed to date. Are you able to provide any color on the relative benefit that the client is seeing, or put another way, the impact of revenue that you guys are experiencing in terms of the productivity improvement and how those are being made up?

謝謝。我想先問一個關於你們迄今為止已經完成或部署的 gen AI 實現的問題。您是否能夠提供有關客戶所看到的相對收益的任何信息，或者換句話說，你們在生產力提高方面所經歷的收入影響以及這些影響是如何彌補的？

Sure, Surinder. So I think when you look at the breadth of the gen AI use cases that we've implemented and the deals where we've put gen AI to use at this point, we have not seen any revenue pressure. The reality is the goals of the deals that we've signed and the goals of the existing clients where we've leveraged these tools to date has been more about expanded benefits than it has been looking for clients to take out cost. Overall, while there's been productivity on some of these, the goals from our clients are more about customer satisfaction, new revenue streams, looking at ways for them to retain and attract new clients. So I don't think when you look at the revenue impacts from these today, they've all been additive for us. They haven't been negative to date.

當然，蘇林德。因此，我認為，當你看看我們已經實施的 gen AI 用例的廣度以及我們目前使用 gen AI 的交易時，我們沒有看到任何收入壓力。現實情況是，我們已簽署的交易的目標以及迄今為止我們利用這些工具的現有客戶的目標更多的是擴大收益，而不是尋找客戶降低成本。總體而言，雖然其中一些方面已經取得了生產力，但我們客戶的目標更多的是客戶滿意度、新的收入來源，以及尋找留住和吸引新客戶的方法。因此，我認為當你看看這些對我們今天的收入影響時，你會發現它們對我們來說並不是附加的。到目前為止，他們還沒有表現出消極的態度。

Now, again, it's not to say that we don't expect to see some level of pressure over time as gen AI implementations at scale start to get put in. But the niche solutions that we're leveraging today tend to be more additive to WNS's revenues and capabilities than negative.

現在，這並不是說隨著時間的推移，隨著新一代人工智慧大規模實施的開始，我們不會看到一定程度的壓力。但我們今天利用的利基解決方案往往對 WNS 的收入和能力有更多的促進作用，而不是負面影響。

That's helpful. And then a question about just attrition and the commentary around maybe being a bit more volatile. Any color that you can provide there that helps us understand the dynamics?

這很有幫助。然後是關於人員流失的問題以及周圍的評論可能會更加不穩定。您可以提供任何顏色來幫助我們了解動態嗎？

I think just more, Surinder, about the overall environment and the fact that quarter to quarter, those numbers do tend to move. When we came out of COVID, we obviously had a significantly elevated attrition rate. We were running in the low-40s, and we knew that was not going to be a sustainable attrition rate for the company. We've gotten down to kind of more normal levels over time. We've been as low as 28%. We've been as high as 35%, 36%. I think it's more just to set the expectation that putting up a 34% attrition rate like we did this quarter versus 33% or 32% or 35%. It's not something that's unusual. So we do, as Keshav said in his prepared remarks -- I'm sorry, as Sanjay said in his prepared remarks, we do expect that attrition rate to be relatively stable in the low- to mid-30s. But overall, on a quarter-to-quarter basis, that number can move around.

蘇林德，我更多地考慮的是整體環境以及每個季度這些數字確實會改變的事實。當我們擺脫新冠疫情後，我們的員工流動率顯然顯著升高。我們的員工流動率在 40 多歲左右，我們知道這對公司來說不會是個可持續的流失率。隨著時間的推移，我們已經降到了更正常的水平。我們已經低至 28%。我們曾經高達35%、36%。我認為更合理的做法是設定預期，就像本季那樣設定 34% 的員工流動率，而不是 33%、32% 或 35%。這並不是什麼不尋常的事情。所以我們確實這樣做，正如 Keshav 在他準備好的演講中所說 - 很抱歉，正如 Sanjay 在他準備好的講話中所說，我們確實預計流失率將相對穩定在 30 多歲左右。但總體而言，按季度計算，這個數字可能會有所變化。

Thank you.

謝謝。

Bryan Bergin, TD Cowen.

布萊恩·伯金，TD·考恩。

Hi, thank you. I wanted to ask on the large deals. So just curious if there is some reliance on winning a handful of those still as you forecast to '25 growth outlook. And then just more broadly, there seems to be more large deals here that we're talking about, is this an overall expansion of the market or really the company-specific benefits that you see based on that strong sales headcount growth?

你好，謝謝。我想問一下大額交易。因此，我只是好奇，是否仍像您預測的 25 年成長前景那樣，依賴於贏得其中的少數幾個。更廣泛地說，我們正在談論的似乎是更多的大型交易，這是市場的整體擴張還是您看到的基於強勁的銷售人員增長的公司特定收益？

Yes, Bryan, thank you. That's a good question. So I think what's exciting about some of these large deals is they are essentially a result of the investments that WNS has now been making over the past few quarters in particular. The focus that we brought into this area over the last year or 1.5 years or so. And the fact that we hired and invested significantly behind some real solid talent across each of our sales functions as well as the business units. I think what is interesting is that the change that we are seeing is we are now interacting with, first and foremost, CXO-level community and people who do not have budgets to provide, but more importantly, who have to deliver impact to the street. So these are CEOs, CFOs, and chief operating officers, and that profile, one.

是的，布萊恩，謝謝你。這是個好問題。因此，我認為其中一些大型交易的令人興奮之處在於，它們本質上是 WNS 特別是在過去幾個季度進行的投資的結果。我們在過去一年或 1.5 年左右的時間裡對這一領域的關注。事實上，我們在每個銷售職能部門以及業務部門都聘請並投資了一些真正可靠的人才。我認為有趣的是，我們看到的變化是，我們現在首先與 CXO 級別的社區和沒有預算的人進行互動，但更重要的是，他們必須向街頭產生影響。這些是執行長、財務長和首席營運官，而這一形象就是其中之一。

Second thing is, in most cases, these are deals being created, where there was no deal when the discussion started. So these are not the traditional kind of deals that come through the adviser networks or through the analyst community. And obviously, with this high-impact sales team and the investments we made on the vertical side, we continue to invest very strongly in those channels. But the reality is a lot of these large deals are new creations being created directly by some of these new leaders that we have brought in as well as this new exciting journey that we have embarked on. So that's one.

第二件事是，在大多數情況下，這些都是正在創建的交易，而在討論開始時並沒有達成任何交易。因此，這些不是透過顧問網絡或分析師社群進行的傳統交易。顯然，憑藉這個具有高影響力的銷售團隊以及我們在垂直領域所做的投資，我們將繼續在這些管道上進行大力投資。但現實是，許多大型交易都是由我們引入的一些新領導者以及我們已經開始的令人興奮的新旅程直接創造的新創造。這就是其中之一。

The second thing I would say is, from our point of view, exciting to see a scale up in a number of these deals. We are happy with the five deals that we won between last quarter as well as this quarter. We are also delighted to see a lot of the other deals making good progress at this point in time. In fact, of those 20 deals, a few of those deals are at very advanced stages. So our expectation is over the next quarter and the following quarters, we'll start seeing more of these wins, which will result in not just momentum for '25, but more importantly, position the company strongly for 2026.

我要說的第二件事是，從我們的角度來看，令人興奮的是看到許多此類交易的規模擴大。我們對上季和本季贏得的五筆交易感到滿意。我們也很高興看到許多其他交易目前取得了良好進展。事實上，在這 20 筆交易中，有些交易已處於非常後期階段。因此，我們的預期是，在下個季度和接下來的幾個季度，我們將開始看到更多此類勝利，這不僅會為25 年帶來動力，更重要的是，為公司在2026 年奠定強勁的地位。

So I'm really excited about this initiative. And while all this is happening, the bread and butter in terms of hunting and farming the traditional revenue sources is not at all flagging.

所以我對這項舉措感到非常興奮。儘管這一切都在發生，但狩獵和耕種作為傳統收入來源的麵包和奶油卻絲毫沒有減弱。

And I think just to add to that, to your specific question, Bryan, about the need for large deals to meet the guidance. The answer is obviously yes; we do need a couple of these deals to come through. But again, I think the comfort and the confidence in being able to do that lies in, to Keshav's point, the size of the large deal pipeline, right? I mean, to convert two or three large deals out of a pipeline of more than 20 is not exactly a hit rate that we would be proud of as an organization. So we think the opportunity is clearly there for that to happen.

我想補充一點，布萊恩，關於需要進行大型交易才能滿足指導意見的具體問題。答案顯然是肯定的；我們確實需要幾筆這樣的交易才能完成。但我再次認為，在凱沙夫看來，能夠做到這一點的安慰和信心在於大型交易管道的規模，對嗎？我的意思是，從 20 多個管道中轉換出兩到三筆大型交易並不是我們作為一個組織會感到自豪的命中率。因此，我們認為顯然有機會實現這一目標。

All right, understood. And then on the travel vertical. So just -- can we talk a little bit more on the volume pressure? Is it broad-based across the portfolio more concentrated in the kind of cohort of larger travel clients? I know you've talked about a larger OTA client. Just curious if there's signs of relief in any of the larger cohort here.

好的，明白了。然後是垂直旅行。那麼，我們可以多談談體積壓力嗎？它是否在整個投資組合中基礎廣泛，更集中於較大的旅遊客戶群？我知道您談論過更大的 OTA 客戶端。只是好奇這裡的較大群體是否有緩解的跡象。

Yeah. So I'll take a first cut at that, and Arijit can join in here as well and give some color on the travel space. I think, overall, Bryan, we're dealing with multiple headwinds that are affecting the revenue portfolio in the travel space. And particularly, I think it's important to note that where we're seeing the pressure is fundamentally in the OTA or the online travel space where we have a high degree of customer service or CX exposure. So we know that business is always going to be more volatile than, for example, our airline business where we do a lot of operations management or a lot of finance- and accounting-related activities.

是的。因此，我將對此進行第一次剪輯，Arijit 也可以加入進來，為旅行空間提供一些色彩。布萊恩，我認為，總的來說，我們正在應對影響旅遊領域收入組合的多重阻力。特別是，我認為值得注意的是，我們所看到的壓力主要來自 OTA 或線上旅遊領域，我們在這些領域擁有高度的客戶服務或 CX 曝光度。因此，我們知道，業務總是比我們的航空業務更加不穩定，因為我們進行大量營運管理或大量財務和會計相關活動。

That being said, we're seeing that the pressure is across the entire OTA portfolio. And it's driven by a number of different things. Some of it is macro related. Some of it is client strategy change. Some of it is mix of business. And some of it is we're starting to see clients get a little bit more aggressive about pushing certain types of transactions to automated channels.

話雖如此，我們看到整個 OTA 產品組合都面臨著壓力。它是由許多不同的因素所驅動的。其中一些與宏觀有關。其中一些是客戶策略的變化。其中一些是業務的混合。其中一些是我們開始看到客戶更積極地將某些類型的交易推向自動化管道。

Now, again, that's not to be confused with gen AI. This is more about clients redirecting certain types of services to chatbots and automated channels that historically have been done through voice-based channels.

現在，再次強調，不要將其與新一代人工智慧混淆。這更多的是關於客戶將某些類型的服務重新導向到聊天機器人和自動化管道，而這些服務過去是透過基於語音的管道完成的。

In terms of the volume reductions that we've seen, I think the expectation is that we have to continue to see pressure in this space until something happens differently, right? We also know that coming out of the pandemic, there was a rightsizing that needed to take place for the OTA business.

就我們所看到的體積減少而言，我認為我們的期望是我們必須繼續看到這個領域的壓力，直到出現不同的情況，對吧？我們也知道，疫情過後，OTA 業務需要進行規模調整。

So lots of things going on here. It's been a consistent pressure across the last 1.5 years in this space. The good news is, I think, at this point, we've meaningfully de-risked it. I mean, our OTA revenues in the first quarter were less than 5% of total company revenue. So the hope is here that while we may continue to see some pressure throughout the rest of the year, the bottom line is the ability to impact us in fiscal '25 and the ability to impact us potentially going forward as things like productivity and AI and gen AI continue to infuse themselves is also reducing.

這裡發生了很多事情。在過去 1.5 年裡，這個領域一直面臨著持續的壓力。我認為好消息是，目前我們已經有效地降低了風險。我的意思是，我們第一季的 OTA 收入不到公司總收入的 5%。因此，我們希望，雖然我們在今年剩餘時間裡可能會繼續面臨一些壓力，但最重要的是，我們有能力在25 財年影響我們，並且有能力在生產力和人工智慧等方面影響我們未來的發展。

Having said that, just the good part also is that some of the large deals that Keshav talked about, we are seeing a lot of traction amongst clients in travel. And as we go forward, we'll be -- we're trying to see -- we believe that the mix of business has moved from OTA into other areas of travel, which also will make this revenue a lot more stickier. And therefore, that's what we're working on as well.

話雖如此，但好的一點是，凱沙夫談到的一些大型交易，我們看到旅遊客戶對我們的吸引力很大。隨著我們的前進，我們將——我們正在努力看到——我們相信業務組合已經從 OTA 轉移到其他旅行領域，這也將使這筆收入更具黏性。因此，這也是我們正在努力的方向。

Okay, thank you.

好的，謝謝。

Nate Svensson, Deutsche Bank.

內特‧斯文森，德意志銀行。

Hi, guys. Thanks for the question. I had a two-parter on the insurance vertical. So I think previously, you talked about the volume impact from a couple of insurance clients who are exiting a few key geographies, and it looks like insurance revenues decelerated pretty materially in the quarter. So just wondering if you can give an update on the volumes in the insurance vertical more generally and kind of what you expect from that business through the remainder of the year?

嗨，大家好。謝謝你的提問。我在保險業有兩個合作夥伴。因此，我認為之前您談到了一些退出幾個關鍵地區的保險客戶對數量的影響，看起來本季保險收入大幅下降。因此，我想知道您是否可以更全面地介紹一下保險垂直領域的交易量最新情況，以及您對該業務在今年剩餘時間的期望？

And then the follow-up there is just any update on the insurance captive. I think last time you spoke, you talked about something like, I don't know, 25% of the Phase 2 revenues with 75% of that opportunity outstanding. So how are things progressing on the capital front as well?

接下來就是關於保險自保的任何更新。我想你上次發言時談到了類似的問題，我不知道，第二階段收入的 25%，其中 75% 的機會尚未實現。那麼資本方面的進展如何呢？

Sure. So when you look at the insurance revenues in the first quarter, couple of things. Clearly, as we had alluded to and as we saw in the first quarter, volumes were impacted for specifically three or four of our larger clients as they look to exit what I would call lower-profit businesses. So for US insurers, this is the impact of having fewer claims and fewer policies in force as they've gotten out of states like Florida, California, and Louisiana based on the number of disasters and the inability to charge premiums.

當然。因此，當您查看第一季的保險收入時，有幾件事。顯然，正如我們所提到的，正如我們在第一季看到的那樣，我們的三到四個較大客戶的銷量受到了影響，因為他們希望退出我所說的低利潤業務。因此，對於美國保險公司來說，這是由於災難數量和無法收取保費而離開佛羅裡達州、加利福尼亞州和路易斯安那州等州後，索賠和有效保單減少的影響。

Now, again, our hope here is that over the next three to six months, we'll see some relief there. I do believe that there is now more of an ability for them to charge in those areas. So hopefully, we start to see some of those volumes come back. But the expectation is that at least at this point, the volumes in that space should be fairly stable.

現在，我們再次希望，在接下來的三到六個月內，我們會看到一些緩解。我確實相信他們現在更有能力在這些領域發起衝擊。因此，希望我們開始看到其中一些卷回來。但預計至少在這一點上，該空間的體積應該會相當穩定。

The issue in the UK that we have on the insurance side was a proactive decision that one of our clients made, from a strategic perspective, to get out of kind of the low-end regional broker channels and focus on high net worth types of activities. So we should have also seen that impact already in the numbers and have anniversaried it. But overall, I think we expect the insurance space will be a good growth engine kind of as we move throughout the rest of the year, but let Arijit give you some color on that.

在英國，我們在保險方面遇到的問題是我們的一位客戶從戰略角度做出的一項主動決定，即擺脫低端區域經紀人管道並專注於高淨值類型的活動。因此，我們也應該從數字中看到這種影響，並慶祝它的周年紀念。但總的來說，我認為隨著我們在今年剩餘時間的發展，保險領域將成為一個好的成長引擎，但讓 Arijit 給你一些解釋。

Yeah. Thanks, Dave. So like Dave said, I think we are very focused in terms of growing the insurance business. If you recall, one of the large clients who worked in Q4 was actually in the space. And again, a lot of -- we're seeing a lot of traction in the sales pipeline related to insurance clients. And that's why we are quite confident that going forward, this sector for us will grow significantly.

是的。謝謝，戴夫。正如戴夫所說，我認為我們非常專注於發展保險業務。如果你還記得的話，在第四季度工作的一位大客戶實際上就在這個空間。再說一次，我們看到與保險客戶相關的銷售管道有很大的吸引力。這就是為什麼我們非常有信心，未來這個產業將會顯著成長。

Yeah. And that being said, to the second part of your question, we have not included anything new relative to the large insurance captive. We continue to have good healthy discussions with them, not only about the rest of the Phase 2 of our relationship that still has yet to ramp up, but also about new opportunities that we can take over within their portfolio. So I'd say that remains an opportunity, obviously, not one that would be included in the large deal pipeline and not one that's included in guidance either. So the sooner we can get some closure on some of those pieces of business and get them ramping that has the ability to materially impact fiscal '25 and fiscal '26.

是的。話雖這麼說，對於你問題的第二部分，我們沒有包含任何與大型保險自保相關的新內容。我們繼續與他們進行良好健康的討論，不僅討論我們關係第二階段中尚未加強的其餘部分，還討論我們可以在他們的投資組合中接管的新機會。因此，我想說，顯然，這仍然是一個機會，不是一個會包含在大型交易管道中的機會，也不會包含在指導中。因此，我們越早能夠關閉其中一些業務，並讓它們加速發展，就有能力對 25 財年和 26 財年產生重大影響。

Got it, I appreciate the color there. So for my follow-up question, it's great to see the increased buyback authorization and sort of lower share count assumptions. I guess can you give color on the cadence of that expected buyback through the remainder of the year? Is that going to be maybe more weighted to 2Q or the back half, or is it just you're going to be more opportunistic? And then I guess the more general follow-up on capital allocation more generally is, I guess, what are your thoughts on M&A given the new buyback assumptions? We've lapped the acquisitions a couple of quarters ago at this point. So just thoughts on buybacks, thoughts on M&A, and other capital allocation more generally going forward.

明白了，我很欣賞那裡的顏色。因此，對於我的後續問題，很高興看到回購授權的增加和股份數量假設的減少。我想你能透露一下今年剩餘時間內預期回購的節奏嗎？這會更重視第二季或後半部分，還是只是你會更投機？然後我想對資本配置更普遍的後續行動是，我想，考慮到新的回購假設，您對併購有何看法？此時我們已經在幾個季度前完成了收購。因此，我們只考慮回購、併購以及其他更普遍的資本配置。

Yeah. So our buyback program, as you recall in the prepared remarks, this issue was already signed in Q1. And the program continues -- will continue to Q2. We think currently our entire buyback should be concluded by quarter two. We have a plan that's out, and we're looking to buy back almost 2.5 million shares by the end of quarter two.

是的。因此，正如您在準備好的評論中所記得的那樣，我們的回購計劃已經在第一季簽署了。該計劃仍在繼續——將持續到第二季​​。我們認為目前我們的整個回購應該在第二季完成。我們已經制定了一項計劃，希望在第二季末回購近 250 萬股股票。

From a capital allocation program, M&A continues to be a focus area for us. We are on the lookout for strategic tuck-in M&As that we think will give us a capability addition to our portfolio. Having said that, our capital allocation, as you recall, is on four pillars. So M&A continues to be our core pillar, share repurchases, which were anywhere -- which is underway. We have capital allocation -- CapEx expenditure is almost $65 million for this year we plan, and we have scheduled debt repayment that's also planned for this year.

從資本配置計畫來看，併購仍是我們的重點領域。我們正在尋找策略性併購，我們認為這將為我們的投資組合增添能力。話雖如此，正如您所記得的那樣，我們的資本配置基於四個支柱。因此，併購仍然是我們的核心支柱，即股票回購，這種回購無所不在，而且正在進行中。我們有資本分配——我們計劃今年的資本支出接近 6500 萬美元，我們也計劃在今年償還債務。

Yeah. And I'll just add here that we continue to be very confident about our business. We continue to make all the investments in each one of the core areas that we have to be investing in at this point in time. We realize that there are a few non-recurring kind of headwinds, but nothing that is underlying the growth themes that the company is after at this point in time. And therefore, if you leave out those one-timers, which are headwinds that we spoke about earlier, both for 2024 as well as 2025, growth is more or less in double digits. And therefore, from our point of view, as far as capital allocation goes, we believe that our stock is underpriced, and therefore, we will continue to progress with our buybacks.

是的。我在此補充一點，我們仍然對我們的業務充滿信心。我們繼續對目前必須投資的每個核心領域進行所有投資。我們意識到存在一些非重複性的阻力，但沒有任何因素是公司目前所追求的成長主題的基礎。因此，如果你忽略那些一次性的因素，也就是我們之前談到的逆風，無論是 2024 年還是 2025 年，成長或多或少都是兩位數。因此，從我們的角度來看，就資本配置而言，我們認為我們的股票價格被低估，因此我們將繼續推進回購。

Thanks for the color. Appreciate it.

謝謝你的顏色。欣賞它。

Maggie Nolan, William Blair.

瑪吉諾蘭、威廉布萊爾。

Hi, thank you. What are your expectations for the cadence of operating margin over the course of the year given some of the moving parts on revenue and some of the cost considerations you discussed?

你好，謝謝。考慮到收入方面的一些變化以及您討論的一些成本考慮因素，您對全年營業利潤率的預期是什麼？

Yeah, so I'll take that one, Maggie. I think the expectation in Q2 at this point in time as we have the ramp down in the large healthcare clients and the ramp up of the large deals from Q4, particularly, right? As I mentioned earlier, the expectation is that revenue sequentially will be relatively flat. I think the expectation on the margin side is also that we will be relatively flat from Q1 to Q2.

是的，所以我就買那個，瑪姬。我認為，隨著大型醫療保健客戶數量的減少和第四季度大型交易的增加，第二季的預期尤其對嗎？正如我之前提到的，預計收入將相對持平。我認為利潤率的預期也是，我們從第一季到第二季將相對持平。

So I think overall, Q1 and Q2 are going to look a lot alike. The opportunity for margin expansion as we move into Q3 and Q4 is leveraging those investments that Keshav spoke about, rightsizing the headcount based on the ramp ups and the ramp downs that we have taken place in Q2, and then the normal productivity that tends to work its way through our P&L across the four quarters of the year based on our ability to digest the annual productivity improvements and the wage increases. So kind of a normal cadence other than the fact -- I think Q1 came in a little bit higher than we had expected, which is a good thing. The expectation is that it will be flattish to Q2, but then we should see, as we move through the back half of the year and revenue starts to reaccelerate, we should be able to see operating leverage and margins to improve.

所以我認為總的來說，第一季和第二季看起來會很相似。當我們進入第三季和第四季時，利潤率擴張的機會是利用 Keshav 談到的那些投資，根據我們在第二季度發生的增減情況來調整員工人數，然後是正常的生產力根據我們消化年度生產力提高和薪資成長的能力，它貫穿我們一年四個季度的損益表。這是一種正常的節奏，但事實並非如此——我認為第一季的成績比我們預期的要高一些，這是一件好事。預計第二季將持平，但我們應該看到，隨著今年下半年的到來，收入開始重新加速，我們應該能夠看到營運槓桿和利潤率有所改善。

Thank you. And I believe in the prepared remarks, you said in 2025, you're expecting 5% or more of revenue will have a generative AI component to it. Are those types of engagements going to be structured differently than your typical engagement in the past that did not have a generative AI component, or is there anything else unique about those contracts that we should be considering?

謝謝。我相信您在準備好的演講中說過，到 2025 年，您預計 5% 或更多的收入將包含產生人工智慧成分。這些類型的參與的結構是否會與過去沒有產生人工智慧組件的典型參與有所不同，或者我們應該考慮這些合約的其他獨特之處？

I think it's a combination of things, Maggie. I think, in some cases, we're putting generative AI capabilities into existing processes that we manage to help make them more efficient, to help drive different kinds of results and different kinds of behaviors. And in those cases, I don't expect a material change to how we're going to charge or how the relationship is going to be in the short run.

我認為這是多種因素的結合，瑪姬。我認為，在某些情況下，我們正在將生成式人工智慧功能放入現有流程中，我們設法幫助它們提高效率，幫助推動不同類型的結果和不同類型的行為。在這些情況下，我預期我們的收費方式或短期內的關係不會有重大變化。

I think for some of the newer deals where we're seeing meaningful components of gen AI as part of the service and solution, we are seeing more non-FTE types of relationships put into place, whether that's transaction-based or outcome-based or gain sharing kind of base. But I think as we've spoken about in the past, as the gen AI services and solutions go more mainstream, as we implement them more at scale across a customer base and start relationships with gen AI types of capabilities, the expectation is that our portfolio of work should shift more towards non-FTE structures than what we've historically seen. So our expectation is that while, again, that creates some risk that comes with gain sharing. It also creates margin opportunity for us.

我認為，對於一些較新的交易，我們看到人工智慧的有意義的組成部分作為服務和解決方案的一部分，我們看到更多的非FTE 類型的關係建立起來，無論是基於交易的、基於結果的還是基於結果的關係。但我認為，正如我們過去談到的那樣，隨著新一代人工智慧服務和解決方案變得更加主流，隨著我們在客戶群中更大規模地實施它們並開始與新一代人工智慧類型的功能建立關係，期望我們的工作組合應該比我們歷史上看到的更多地轉向非 FTE 結構。因此，我們的期望是，儘管這會再次帶來收益分享帶來的一些風險。它也為我們創造了利潤機會。

Thank you.

謝謝。

Thank you.

謝謝。

Puneet Jain, JPMorgan.

普尼特‧賈恩 (Puneet Jain)，摩根大通。

Hi. Thanks for taking my question. Are you seeing any changes in client behavior, specifically a pause as they try and understand, assess how gen AI impact their business processes? I'm assuming the large deals you are signing, like they do not include any benefits from gen AI or any potential applications of gen AI at this point.

你好。感謝您提出我的問題。您是否看到客戶行為發生任何變化，特別是他們嘗試理解、評估人工智慧如何影響其業務流程時的停頓？我假設您正在簽署的大型交易，就像它們目前不包括 gen AI 的任何好處或 gen AI 的任何潛在應用一樣。

So Puneet, thanks for the question. So I think the first thing is clients continue to be focused on whatever is strategic for themselves. So whether it is cost leadership, whether it is the transformation kind of areas, whether it is -- this is the right partner for them to help them navigate the opportunity, and potentially, whatever steps that they see through gen AI, that's really their focus.

普尼特，謝謝你的提問。因此，我認為第一件事是客戶繼續專注於對自己具有策略意義的事情。因此，無論是成本領先，還是轉型領域，這都是他們幫助他們把握機會的正確合作夥伴，並且潛在地，無論他們透過人工智慧看到什麼步驟，這實際上都是他們的目標重點。

One of the things that we have seen over the past few quarters is the general hike that we saw around generative AI, at least from a client point of view, has subsided, has given the way to much more focus around the ecosystem outside, the economic situation, the challenges they're facing with their business, and how they can leverage strategic partners like us in terms of just delivering what they need to deliver to their shareholders, right? So we're back to cost impact, digital transformation, as well as safety of the right partner who brings digital domain and data all together to deliver the outcomes.

在過去幾個季度中，我們看到的一件事是，至少從客戶的角度來看，圍繞生成人工智慧的普遍成長已經平息，讓人們更專注於外部生態系統，即經濟狀況、他們的業務面臨的挑戰，以及他們如何利用我們這樣的策略夥伴向股東提供他們需要的東西，對嗎？因此，我們回到成本影響、數位轉型以及正確合作夥伴的安全性，將數位領域和數據整合在一起以交付成果。

Now, obviously, AI and generative AI continue to be a very important team in that. And therefore, we are seeking their partners in terms of who are the right people who understand their business, who understand data better, and who can as when the time is right, provide the right solutions and outcomes for them.

現在，顯然，人工智慧和生成式人工智慧仍然是這方面非常重要的團隊。因此，我們正在尋找他們的合作夥伴，誰是了解他們業務的合適人選，誰能更好地理解數據，誰可以在適當的時候為他們提供正確的解決方案和結果。

And in the scheme of things, as we look at some of the large deal pipeline that we're talking about, Obviously, we are looking at leveraging some of the generative AI-infused solutions that we anyway have. And that is what gives us confidence that while the client is still figuring out how they want to deal with some of this, they also have a lot of comfort and confidence that WNS has, through its offering program, infused all of these solutions into the outcome-based kind of solutions that we are providing for them. So you have to assume that all of these solutions are digital-led, technology-led, transformation-led, very heavy on domain, but also have a mix of generative AI as a result of which we're able to provide them outstanding pricing and outcome-based models.

在計劃中，當我們審視我們正在談論的一些大型交易管道時，顯然，我們正在考慮利用我們無論如何擁有的一些注入人工智慧的生成解決方案。這讓我們充滿信心，雖然客戶仍在考慮如何處理其中的一些問題，但他們也對 WNS 透過其提供計劃將所有這些解決方案注入到了解決方案中感到非常安慰和信心。解決方案。因此，你必須假設所有這些解決方案都是以數位為主導、以技術為主導、以轉型為主導，非常重視領域，但也混合了生成式人工智慧，因此我們能夠為他們提供出色的定價和基於結果的模型。

Yeah. And just to add a little color to Keshav's comment, Puneet, two of the four large deals that we signed in Q4 have a gen AI component; one in the insurance space, one in the shipping and logistics space. But to Keshav's point, I think what's most important is to understand that clients don't come to us and say, they want an AI or a gen AI solution. What they're doing is they're coming to us saying they want a solution to a business problem. How we deliver that for them is far less important than the business results we're capable of delivering.

是的。為了讓 Keshav 的評論增添一點色彩，Puneet，我們在第四季度簽署的四筆大交易中有兩筆包含了 gen AI 組件；一個在保險領域，一個在航運和物流領域。但就 Keshav 的觀點而言，我認為最重要的是要了解客戶不會來找我們並說他們想要人工智慧或一代人工智慧解決方案。他們正在做的是他們來找我們說他們想要一個業務問題的解決方案。我們如何為他們提供這項服務遠不如我們所能提供的業務成果重要。

Understood. No, that's good to know, and thanks for that detailed answer. I'd like to follow up on Maggie's questions on margins. Like with this GAAP reporting from here on, like, I guess, like some of the lease expenses will move above the line. So how should we think about margins like for this year, for the entire year, adjusted operating margin levels as well as beyond this year?

明白了。不，很高興知道這一點，並感謝您的詳細回答。我想跟進瑪吉關於利潤的問題。就像從現在開始的 GAAP 報告一樣，我猜，就像一些租賃費用將超出該線。那麼，我們該如何考慮今年、全年、調整後的營業利潤率水準以及今年以後的利潤率？

Yeah, so let me take that. So if you look at from an IFRS to US GAAP perspective, adjusted operating margin would trend about 1% lower. However, having said that, the interest cost that we also see would be lower by almost 1.1%. So at the ANI level, we are seeing a very marginal increase of 10 basis points, and some of that will flow into the EPS to about $0.03 to $0.04 impact from IFRS to US GAAP.

是的，所以讓我接受。因此，如果從 IFRS 到 US GAAP 的角度來看，調整後的營業利潤率將下降約 1%。然而，話雖如此，我們也看到利息成本將降低近 1.1%。因此，在 ANI 水平上，我們看到 10 個基點的微幅增長，其中一些將流入 EPS，對 IFRS 與 US GAAP 的影響約為 0.03 至 0.04 美元。

Yeah. So in general, I think the expectation now would be that overall adjusted operating margin will run 100 basis points lower than it used to, right? I think we're still 20%-plus in terms of adjusted operating margins, which keeps us in an industry-leading position. But the reality is, instead of running, for example, this year in a 21% to 22% range, we're going to be running in a 20% to 21% range.

是的。所以總的來說，我認為現在的預期是整體調整後的營業利潤率將比以前低 100 個基點，對吧？我認為調整後的營業利潤率仍然超過 20%，這使我們保持行業領先地位。但現實是，例如，今年我們不會在 21% 到 22% 的範圍內運行，而是在 20% 到 21% 的範圍內運行。

And maybe, Puneet, I'll just add. It's just a reclassification. Overall, ANI is just neutral or in fact, positive. It has just moved from operating margin before interest line, which is like there is always an operating margin after interest, just a record (inaudible) specifically the lease charges from bottom to the top. So overall, net to net, it's neutral. But yes, on the operating margin, it's 100% impact at this stage.

也許，普尼特，我會補充一下。這只是重新分類。總體而言，ANI 是中性的，或者實際上是積極的。它剛從利息線之前的營業利潤率移至利息線之前，就像利息之後總是有營業利潤率一樣，只是一個記錄（聽不清楚），特別是從下到上的租賃費用。所以總的來說，從淨值到淨值，它是中性的。但是，是的，就營業利潤而言，現階段影響是 100%。

Got it. No, I understand like the reclassification. So quickly, if I can quickly ask like about this year's margin. So the first half, you will be 18.5% devoted. So do you feel confident that like with revenue growth with everything like you can get to 20%-plus margins for the entire year?

知道了。不，我的理解是重新分類。這麼快，我是否可以快速詢問今年的利潤率。所以上半年，你將投入 18.5%。那麼，您是否有信心，隨著收入的成長，您全年的利潤率可以達到 20% 以上？

Yes.

是的。

Got it. Thank you.

知道了。謝謝。

Dave Koning, Baird.

戴夫·科寧，貝爾德。

Yeah. Hey, guys. Thank you. Just to kind of review the, obviously, four verticals. Healthcare will step down next quarter and be down pretty significantly year over year, the rest of the year, which verticals are going to make up for it and see what seems like a pretty big sequential step ups in the next couple of quarters and year over year as well. Like where should we really see that from a vertical basis?

是的。嘿，夥計們。謝謝。顯然，只是為了回顧一下四個垂直領域。醫療保健將在下個季度下降，並在今年剩餘時間裡同比大幅下降，哪些垂直行業將彌補這一點，並在接下來的幾個季度和全年中看到似乎相當大的連續上升年也。例如我們應該從垂直的角度真正從哪裡看到這一點？

Sure. So I think as you rightly say, Dave, obviously, Q2 is going to be a challenge for us, primarily because of the healthcare vertical ramp down and the ongoing challenges that we see in the travel space. So with that kind of in mind, when you look at where the opportunities are, we talked about the ramp up in insurance in Q2 based on the large deal that we signed in Q4. We're going to talk about a ramp up in Q2 and into Q3 in the shipping and logistics space, which we believe will be one of our leading verticals for this fiscal year. When you look at the high-tech professional services vertical, that should be a growth engine for us, as well as utilities, which has been on a really nice trend over the last four, five quarters.

當然。因此，我認為戴夫，你說得對，顯然，第二季度對我們來說將是一個挑戰，主要是因為醫療保健垂直下降以及我們在旅行領域看到的持續挑戰。因此，考慮到這一點，當你看看機會在哪裡時，我們討論了基於我們在第四季度簽署的大筆交易在第二季保險業務的成長。我們將討論第二季和第三季運輸和物流領域的成長，我們相信這將是我們本財年的領先垂直產業之一。當你審視高科技專業服務垂直領域時，它應該成為我們以及公用事業公司的成長引擎，在過去的四、五個季度中，公用事業公司的趨勢非常好。

So I think overall, the business should be very, very healthy across most of our verticals, with the exception of travel and healthcare.

因此，我認為總體而言，除了旅行和醫療保健之外，我們大多數垂直領域的業務都應該非常非常健康。

Got you. Okay. No, thank you. That's helpful. And then one other thing I just noticed the largest client was up pretty substantially year over year. I know it's not huge, it's maybe 5%, 6% of total revs, but it was up mid-20% or so year over year. What was that, and is that sustainable?

明白你了。好的。不，謝謝。這很有幫助。然後我剛剛注意到另一件事，最大的客戶比去年同期大幅成長。我知道這並不大，可能佔總轉速的 5%、6%，但年增了 20% 左右。那是什麼？

Yeah, I think it is, right? So we've got a client who is expanding their relationship with us. They've been a client and a really good client and a top five client for an extended period of time, but we found new ways to engage with them. We found other things to do with them. We're seeing volume increases with this customer. So overall, the relationship is healthy, and it's helping you see it largely impacting our utility space.

是的，我想是的，對嗎？因此，我們有一位客戶正在擴大與我們的關係。他們在很長一段時間內一直是我們的客戶，而且是非常好的客戶和前五名客戶，但我們找到了與他們互動的新方法。我們發現了其他與它們有關的事情。我們看到該客戶的銷量增加。因此，總體而言，這種關係是健康的，並且它可以幫助您看到它在很大程度上影響了我們的公用事業領域。

Yeah, got it. Thanks, guys.

是的，明白了。謝謝，夥計們。

Thanks, Dave.

謝謝，戴夫。

Vincent Colicchio, Barrington Research.

文森特·科利奇奧，巴靈頓研究中心。

Yes. I think your, Keshav, your headcount increased 1% sequentially. Could you help us understand how your headcount may grow relative to revenue growth for the balance of the year?

是的。我認為，Keshav，您的員工數量連續增加了 1%。您能否幫助我們了解您的員工數量相對於今年剩餘時間的收入成長將如何成長？

Yeah. So from a headcount perspective, the reason why headcount grew was we've had some -- because the Q4 wins, we've had to ramp up some headcount to account for the increase in Q2. Dave also mentioned that in Q2, we will have the reduction in the healthcare client. And therefore, utilization of headcount would -- has been low in Q1, and we expect that to improve as we go into Q2 and Q3 onwards and as we start ramping up other deals as well.

是的。因此，從員工數量的角度來看，員工數量增長的原因是我們已經有了一些——因為第四季度獲勝，我們必須增加一些員工數量以應對第二季度的增長。戴夫也提到，在第二季度，我們將減少醫療保健客戶。因此，第一季的員工利用率一直很低，我們預計隨著進入第二季和第三季以及我們開始增加其他交易，這一情況將會改善。

So from a headcount perspective, I think that's the reason why Q1 came in slightly higher versus Q4. But as we go forward in the year and as the healthcare client ramps down, I think you will see a more steady increase in headcount versus revenue.

因此，從員工數量的角度來看，我認為這就是第一季略高於第四季的原因。但隨著今年的進展以及醫療保健客戶的減少，我認為您會看到員工數量與收入的成長更加穩定。

Yeah. I think the other thing that's important, Vince, and I'm glad you brought it up. The ramp down that we're going to see in Q2 relative to the healthcare client was a heavily technology-enabled set of services. So the reality is what you're going to see is a disproportionate ramp down in revenue relative to a ramp down in headcount. This is going to affect for the full year; it's going to affect our revenue per employee metrics. But essentially to reaccelerate that growth and to reaccelerate it based on the four deals that we signed in Q4, the one we signed in Q1 and the deals that are in the large deal pipeline, we're going to need to be aggressively hiring through the rest of the year.

是的。我認為另一件事很重要，文斯，我很高興你提出來。我們將在第二季度看到相對於醫療保健客戶的下降是一組高度技術支援的服務。因此，現實情況是，您將看到收入的下降與員工人數的下降不成比例。這將影響全年；這將影響我們的員工人均收入指標。但本質上，為了重新加速這種增長，並根據我們在第四季度簽署的四筆交易、第一季簽署的交易以及大型交易管道中的交易來重新加速增長，我們將需要通過今年剩下的時間。

And Keshav, kudos to your investments in the sales side, I mean the increase in transformational deals in the pipeline looks fairly impressive. Are you expecting that pipeline to continue to expand for transformational deals as the year progresses?

Keshav，對您在銷售方面的投資表示讚賞，我的意思是，管道中轉型交易的增加看起來相當令人印象深刻。您是否預期隨著時間的推移，轉型交易管道將繼續擴大？

Yeah, Vince, first of all, thank you for the compliment about (technical difficulty) because of the new restructuring that we did in terms of our corporate kind of structure as well as that goes to all the people managing each of the strategic business units and sales of this company. So it's all in their credit.

是的，文斯，首先，感謝您對（技術難度）的稱讚，因為我們在公司結構方面進行了新的重組，這也適用於管理每個戰略業務部門的所有人員以及該公司的銷售情況。所以這都是他們的功勞。

But having said that, I must tell you, this is the new way of business for WNS for the long term. So not only we will continue to focus on building new large transformational deal impact, but I think over a period of time, as each of these deals come to fruition, I think there's a new discipline and there's a new excitement of creating this pipeline, which I think will carry well into 2026 and '27. I think that's what is the most exciting area of growth for WNS.

但話雖如此，我必須告訴你，從長遠來看，這是 WNS 的新業務方式。因此，我們不僅將繼續專注於建立新的大型轉型交易影響，而且我認為在一段時間內，隨著每筆交易的實現，我認為會有一個新的紀律，並且創建這條管道會帶來新的興奮，我認為這將持續到 2026 年和 27 年。我認為這是 WNS 最令人興奮的成長領域。

And again, I just want to underline the fact that these are deals being created where there is no deal that is coming in the market. It is actually coming as a result of our senior people interacting with decision-makers on the other side understanding their pain points, understanding the value proposition that they would like to have, and then crafting its solution on a win-win basis, leveraging the best of WNS digital, domain, data, AI, generative AI, and outcome-based impact of pricing.

再次，我想強調這樣一個事實：這些交易是在市場上沒有交易的情況下創建的。這實際上是我們的高層與另一方決策者互動的結果，了解他們的痛點，了解他們想要的價值主張，然後在雙贏的基礎上製定解決方案，利用最好的WNS 數字、領域、數據、人工智慧、生成式人工智慧和基於結果的定價影響。

And one other point I'd like to make, Vince, and it's subtle, but I think it's important. We've historically, as a company, talked about large deals as being $5 million-plus in ACV or annual contract value. The 20-plus deals that Keshav spoke about in his prepared remarks are all more than $10 million in ACV. So the reality is we still have what we consider historically to be large deals in the pipeline. We still have expansion opportunities in the pipeline. But this very large deal pipeline and several of them having moved down a path over the last couple of quarters here, last several quarters, it's something that's very new for us. And it's really in addition to what we've historically seen as opposed to in place of.

文斯，我還想指出另一點，雖然很微妙，但我認為這很重要。作為一家公司，我們歷來談論的大宗交易都是 ACV 或年度合約價值超過 500 萬美元。Keshav 在準備好的演講中談到的 20 多筆交易的 ACV 均超過 1000 萬美元。因此，現實情況是，我們仍然有歷史上認為的大型交易正在醞釀中。我們仍有擴張機會。但是，這個非常大的交易管道以及其中的幾筆交易在過去幾個季度、過去幾個季度都取得了進展，這對我們來說是非常新鮮的事情。這實際上是對我們歷史上所看到的內容的補充，而不是取代。

Thanks, guys.

謝謝，夥計們。

Thanks, Vince.

謝謝，文斯。

At this time, we have no further questions in the queue. This will conclude today's conference call. Thank you for your participation. You may now disconnect.

目前，我們隊列中沒有其他問題。今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。