WNS (Holdings) Ltd (WNS) 2025 Q2 法說會逐字稿

Good morning and welcome to the WNS Holdings fiscal 2025 second-quarter earnings conference call. (Operator Instructions) As a reminder, the call is being recorded for replay purposes. Now I'd like to turn the call over to David Mackey, WNS's Executive Vice President of Finance and Head of Investor Relations. David?

早安，歡迎參加 WNS Holdings 2025 財年第二季財報電話會議。（操作員說明）謹此提醒，通話正在錄音以供重播之用。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？

Thank you and welcome to our fiscal 2025 second-quarter earnings call. With me today on the call. I have WNS's CEO, Keshav Murugesh; and WNS's CFO, 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

感謝並歡迎參加我們的 2025 財年第二季財報電話會議。今天和我一起通話。我有 WNS 執行長 Keshav Murugesh；以及 WNS 的財務長 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 的投資者關係部分獲取

Today's remarks will focus on the results for the fiscal second-quarter ended September 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 9 月 30 日的第二財季業績。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.

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。

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.

管理階層將討論的一些非公認會計準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、收購相關費用或收益、商譽及無形資產減損。

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.

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。調整後淨利潤或ANI 定義為利潤，不包括無形資產攤銷、股權激勵、收購相關費用或收益、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費用。這些術語將在整個通話過程中使用。

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 執行長 Keshav Murugesh。凱沙夫？

Hey, thank you, David. Good morning, everyone. WNS's second quarter revenue and margin were largely in line with company expectations while EPS came in above forecast based on onetime tax benefits of $9 million. The company posted net revenue of $310.7 billion, representing a year over year decrease of 4.4% on a reported basis and 5.2% on a constant currency basis, after adjusting for foreign exchange. Versus the previous quarter, net revenue decreased by 0.6% on a reported basis and by 1.5% on a constant currency basis.

嘿，謝謝你，大衛。大家早安。WNS 第二季度的收入和利潤率基本上符合公司預期，而每股收益則高於基於 900 萬美元一次性稅收優惠的預測。該公司公佈的淨收入為 3,107 億美元，按報告數據計算，年減 4.4%；以固定匯率計算，經匯率調整後，年減 5.2%。與上一季相比，報告淨收入下降 0.6%，以固定匯率計算淨收入下降 1.5%。

Sequentially, the ramp of four large deals sold in fiscal Q4 of last year and broad-based demand for process automation and cost reduction initiatives in the first half of 2025 largely offset the loss of a large health care client and continued reductions in our online travel revenues.

隨後，去年第四財季四筆大型交易的增加以及 2025 年上半年對流程自動化和成本削減計劃的廣泛需求，在很大程度上抵消了大型醫療保健客戶的流失和在線旅行的持續減少收入。

During the second quarter, we added nine new logos and expanded 41 existing relationships. For the full year, guidance has been lowered to reflect continued reductions in online travel volumes and slower than expected conversion of large deals.

第二季度，我們新增了 9 個新商標並擴展了 41 個現有關係。全年指引已下調，以反映線上旅遊量的持續減少以及大額交易的轉換速度低於預期。

While the large deal pipeline continues to expand, the timing of these contract signings as well as associated revenue ramps is proving difficult to predict. As a result, at this time, we have removed the large deal revenue contribution from our fiscal 2025 guidance.

儘管大型交易管道不斷擴大，但這些合約簽署的時間以及相關的收入成長卻難以預測。因此，目前我們已從 2025 財年指引中刪除了大額交易收入貢獻。

Currently, we have more than 20 large deals, representing over $500 million in annual contract value spread across all key verticals services as well as geographies, we are making good progress, moving these deals through the pipeline and remain confident that WNS is well positioned to win more than our fair share of these opportunities.

目前，我們有 20 多筆大型交易，年度合約價值超過 5 億美元，分佈在所有關鍵垂直服務和地區，我們正在取得良好進展，推動這些交易通過管道，並仍然相信 WNS 處於有利地位贏得超過我們應得份額的這些機會。

For the past several quarters, we've been discussing how WNS is increasingly delivering outcomes for our clients and the intersection of domain, digital as well as data. We continue to make strategic investments in all three of these areas with a focus on developing proprietary technology tools and platforms, forging new strategic relationships as well as reshaping our global talent.

在過去的幾個季度中，我們一直在討論 WNS 如何越來越多地為我們的客戶以及領域、數位和數據的交集交付成果。我們繼續在所有這三個領域進行策略性投資，重點是開發專有技術工具和平台、建立新的策略關係以及重塑我們的全球人才。

Today, I want to spend a little time highlighting our organizational capabilities and progress in our data, analytics, and AI practice. At WNS, we believe the true power of analytics is realized when combined with technology, domain specialization, and process expertise. As a result, we are focused on ensuring that analytics and technology are integrated into everything we do from customer solutions to end to end transformational engagements.

今天，我想花一點時間強調我們的組織能力以及我們在數據、分析和人工智慧實踐方面的進展。在 WNS，我們相信，只有與技術、領域專業化和流程專業知識結合，才能發揮分析的真正力量。因此，我們致力於確保將分析和技術整合到我們所做的一切中，從客戶解決方案到端到端轉型活動。

Today, WNS boasts a mature, robust, and differentiated analytics practice that has been built over the past 20 years through a combination of organic investments as well as strategic acquisitions. At the core of our analytics practice is data management, which is the foundation for all analytics work including AI as well as generative AI.

如今，WNS 擁有成熟、強大且差異化的分析實踐，該實踐是在過去 20 年中透過有機投資和策略收購的結合建立起來的。我們分析實踐的核心是資料管理，這是包括人工智慧和生成人工智慧在內的所有分析工作的基礎。

WNS has built a strong portfolio of data management services and platforms that enable our clients to source, clean, organize, integrate as well as secure their data to unlock its inherent value. This includes expertise in converting unstructured data from sources like emails, images, text, audio sensors, as well as social media posts into structured data to create usable analyzable constructs.

WNS 建立了強大的數據管理服務和平台組合，使我們的客戶能夠獲取、清理、組織、整合和保護其數據，以釋放其內在價值。這包括將電子郵件、圖像、文字、音訊感測器以及社交媒體貼文等來源的非結構化資料轉換為結構化資料以創建可用的可分析結構的專業知識。

Our strengths in optimizing data quality and managing data as an asset are critical to help deliver actionable insights as well as business outcomes. In addition, our strategic acquisitions over the past several years have helped turbocharge WNS's ability to combine analytics and technology to create reusable components which underpin our services and solutions. These proprietary assets are stitched together with domain and process expertise, adding humans in the loop to create productized services across both horizontals and verticals.

我們在優化資料品質和將資料作為資產進行管理方面的優勢對於幫助提供可行的見解和業務成果至關重要。此外，我們過去幾年的策略性收購幫助增強了 WNS 結合分析和技術來創建支援我們的服務和解決方案的可重複使用組件的能力。這些專有資產與領域和流程專業知識結合在一起，在循環中添加人員以創建跨水平和垂直的產品化服務。

Our productized services enable WNS to accelerate speed to market and deploy our solutions at scale, while maintaining the flexibility to cocreate customized differentiated solutions for each of our clients. To date, WNS has built AI led analytics assets across all key horizontals including finance and accounting, procurement and supply chain, and customer support.

我們的產品化服務使 WNS 能夠加快上市速度並大規模部署我們的解決方案，同時保持為每個客戶共同創建客製化的差異化解決方案的靈活性。迄今為止，WNS 已在所有關鍵領域建立了人工智慧主導的分析資產，包括財務和會計、採購和供應鏈以及客戶支援。

The company has also created unique industry specific capabilities such as claims management and recovery services for insurance companies, R&D and clinical specialization offerings for big pharma, revenue growth management services for retail and CPG firms, and a Gen AI documentation platform for shipping and logistics.

該公司還創建了獨特的行業特定功能，例如為保險公司提供理賠管理和追償服務、為大型製藥公司提供研發和臨床專業化產品、為零售和消費品公司提供收入成長管理服務，以及為運輸和物流提供Gen AI 文件平台。

These offerings have enabled WNS analytics to attract some of the world's largest brands as clients including industry leaders in beverages, biopharma, as well as restaurants. Within our data practice, we have also been investing in the expansion and enhancement of our front office, onsite centric consulting capabilities and with the pace of change and technological advancement, accelerated clients are increasingly looking for experts to help them assess their current situations and help them cocreate solutions.

這些產品使 WNS 分析能夠吸引一些世界上最大的品牌作為客戶，其中包括飲料、生物製藥和餐廳行業的領導者。在我們的數據實踐中，我們也一直投資於擴展和增強我們的前台、以現場為中心的諮詢能力，並且隨著變革的步伐和技術進步，加速的客戶越來越多地尋找專家來幫助他們評估當前的情況並幫助他們他們共同創造解決方案。

Over the past two years, WNS has built a global analytics client solutions team of senior resources that is solely focused on helping clients achieve these objectives. These senior level consultants have data as well as domain specialist backgrounds and are responsible for helping clients with their data, AI, and analytics requirements across strategies, GAAP analysis, road maps, change management, governance, and processes.

在過去的兩年裡，WNS 建立了一支由高階資源組成的全球分析客戶解決方案團隊，專注於幫助客戶實現這些目標。這些高級顧問擁有數據和領域專家背景，負責幫助客戶滿足跨策略、GAAP 分析、路線圖、變革管理、治理和流程的數據、人工智慧和分析需求。

The upfront consulting efforts help set the foundation for successful business transformation programs as well as value driven relationships. As a result of these investments, WNS analytics is experiencing strong growth despite the weak macro environment with our standalone analytics work growing at a 20% CAGR over the past three years.

前期諮詢工作有助於為成功的業務轉型計劃以及價值驅動的關係奠定基礎。由於這些投資，儘管宏觀環境疲軟，WNS 分析仍實現了強勁成長，過去三年我們的獨立分析工作複合年增長率為 20%。

And while standalone reported analytics today represents 14% of WNS revenue, it is safe to say that the majority of total company revenues now has analytics embedded as part of the client solution. And all of the large deals in our pipeline have technology enabled analytics as a critical component of our value proposition.

雖然目前獨立報告的分析佔 WNS 收入的 14%，但可以肯定地說，現在公司總收入的大部分都將分析作為客戶端解決方案的一部分嵌入其中。我們管道中的所有大型交易都將技術支援的分析作為我們價值主張的關鍵組成部分。

WNS's solid growth and expanding capabilities in data, analytics, and AI are increasingly being recognized by the analysts and the advisor community. They've now been named the market leader by HFS in analytics, AI, data platforms and automation services, a star performer for analytics business process Services by Everest and a leader in data science services by Analytics India Magazine, and an AI Game Changer by NASSCOM.

WNS 在數據、分析和人工智慧方面的穩健成長和不斷擴展的能力越來越受到分析師和顧問社群的認可。他們現在已被HFS 評為分析、人工智慧、數據平台和自動化服務領域的市場領導者，並被Everest 評為分析業務流程服務的明星企業，被Analytics India Magazine 評為數據科學服務的領導者，並被印度雜誌評為人工智慧遊戲規則改變者。

The company also received seven TV Awards for its AI, machine learning and Gen AI Solutions and an AI Excellence Award from Business Intelligence Group for our Gen AI capabilities. As the analysts and advisors remain important gatekeepers to many client initiatives, this positive recognition is critical to ensuring that WNS remains top of the mind for outsourcing opportunities.

該公司還因其人工智慧、機器學習和 Gen AI 解決方案獲得了七項電視獎，並因其 Gen AI 能力而獲得了 Business Intelligence Group 頒發的 AI 卓越獎。由於分析師和顧問仍然是許多客戶計劃的重要把關人，因此這種積極的認可對於確保 WNS 仍然是外包機會的首要考慮至關重要。

In summary, by combining the power of data, digital as well as domain, today, WNS is able to deliver impactful business outcomes for our clients, including generating actionable insights to improve decision making, reducing business risk, enhancing customer experience, and enabling innovation and competitive differentiation.

總之，透過結合數據、數字和領域的力量，如今，WNS 能夠為我們的客戶提供有影響力的業務成果，包括產生可操作的見解以改善決策、降低業務風險、增強客戶體驗並實現創新和差異化競爭。

With respect to our fiscal 2025 guidance, while we remain comfortable in our ability to close some of the large opportunities, given the uncertain timing, we have removed the large deal revenue contribution from our updated projections. Guidance also assumes a further reduction in OTA revenues in the second half of the year based on current volume trends. And despite these challenges, we are comfortable in our ability to sequentially grow revenues in fiscal Q3 as well as Q4, providing solid momentum exiting the year.

關於我們的 2025 財年指導，雖然我們對完成一些大型機會的能力仍然感到滿意，但考慮到時間的不確定性，我們已從更新的預測中刪除了大型交易收入的貢獻。根據目前的銷售趨勢，指導意見還假設下半年 OTA 收入將進一步減少。儘管面臨這些挑戰，我們對第三財季和第四財季營收的連續成長能力感到滿意，為今年提供了堅實的動力。

Any second-half large deal signings should provide some incremental revenue this year but more importantly will provide enhanced visibility to revenue acceleration in fiscal 2026. WNS remains committed to continuing our investments and domain expertise, data and analytics, and technology-enabled offerings, leveraging Ai and Gen AI to ensure our ability to deliver long term profitable growth and sustainable shareholder value. I would now like to turn the call over to our CFO Arijit Sen to further discuss our results as well as outlook. Arijit?

下半年簽署的任何大型交易都應該會在今年帶來一些增量收入，但更重要的是，將提高 2026 財年收入加速的可見度。WNS 仍然致力於繼續我們的投資和領域專業知識、數據和分析以及技術支援的產品，利用人工智慧和 Gen AI 確保我們有能力實現長期盈利增長和可持續的股東價值。我現在想將電話轉給我們的財務長 Arijit Sen，進一步討論我們的業績和前景。阿里吉特？

Thank you, Keshav. In the fiscal second quarter, WNS's net revenue came in at $310.7million, down 4.4% from $325 million posted in the same quarter of last year and down 5.2% on a constant currency basis. Sequentially, net revenue decreased by 0.6% on a reported basis and 1.5% constant currency.

謝謝你，凱沙夫。在第二財季，WNS 的淨收入為 3.107 億美元，比去年同期的 3.25 億美元下降 4.4%，以固定匯率計算下降 5.2%。隨後，淨收入按報告基礎下降 0.6%，以固定匯率計算下降 1.5%。

The quarter-over-quarter revenue decline was driven by the loss of a large healthcare client, volume reductions in online travel, and ongoing weakness in discretionary project-based revenues. These revenue headwinds were partially offset by the ramp of a large deals close in Q4 and healthy demand for digitization and cost reduction focused initiatives. In fact, excluding the large health care client loss, each of our verticals posted sequential growth this quarter.

收入環比下降的原因包括大型醫療保健客戶的流失、線上旅遊量的減少以及基於可自由支配項目的收入持續疲軟。這些收入逆風被第四季度完成的大型交易的增加以及對數位化和降低成本的措施的健康需求所部分抵消。事實上，排除大量醫療保健客戶的流失，我們的每個垂直行業本季都實現了環比增長。

In Q2, WNS recorded $1.2 million of short-term, high-margin revenue. Adjusted operating margin in Q2 was 18.6% as compared to 21.5% last year and 18.4% last quarter. Year over year adjusted operating margins decreased as a result of low revenue and employee utilization, increased investments in infrastructure, and sales and higher levels, resulting from $2.1 million of expense provision reversals for performance incentives and bad debt in Q2 of last year. These headwinds were partially offset by favorable currency movements.

第二季度，WNS 錄得 120 萬美元的短期高利潤收入。第二季調整後營業利益率為 18.6%，去年為 21.5%，上季為 18.4%。由於收入和員工利用率低、基礎設施和銷售投資增加以及去年第二季度績效激勵和壞帳費用準備金沖銷 210 萬美元導致水平提高，調整後營業利潤率同比下降。這些不利因素被有利的貨幣走勢部分抵消。

Sequentially, margin improvement was driven by favorable currency movements. The company's net other expense was $1.4 million of net expense in the second quarter as compared to $0.1 million of net expense in Q2 of fiscal 2024 and $0.3 million of net expense last quarter. Both year over year and sequentially, the unfavorable variance is a result of higher debt levels and lower cash balances driven primarily by a share repurchases.

隨後，利潤率的改善是由有利的貨幣走勢所推動的。該公司第二季的其他淨費用為 140 萬美元，而 2024 財年第二季的淨費用為 10 萬美元，上季的淨費用為 30 萬美元。無論是同比還是環比，不利的差異都是由於股票回購導致的債務水準上升和現金餘額減少所造成的。

WNS effective tax rate for Q2 came in at 8.5% as compared to 22% last year and 23.1% in the prior quarter. The Q2 tax rate reduced by almost $9 million, primarily due to onetime tax benefits associated with the reversal of a deferred tax liability on intangibles. Both year over year and sequentially, other changes in the effective tax rate were driven by our geographical profit mix and the percentage of work delivered from tax incentive facilities.

WNS 第二季的有效稅率為 8.5%，去年為 22%，上一季為 23.1%。第二季稅率減少了近 900 萬美元，主要是由於與無形資產遞延稅負債沖銷相關的一次性稅收優惠。同比和連續時間，有效稅率的其他變化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。

The company's adjusted net income for Q2 was $51.5 million compared with $54.4 million in the same quarter of fiscal 2024 and $44 million last quarter. Adjusted diluted earnings were $1.13 per share in Q2, up from $1.10 in the second quarter of last year and from $0.93 last quarter.

該公司第二季調整後淨利為 5,150 萬美元，而 2024 財年同季為 5,440 萬美元，上季為 4,400 萬美元。第二季調整後攤薄收益為每股 1.13 美元，高於去年第二季的 1.10 美元和上一季的 0.93 美元。

As of September 30, 2024, double balances in cash and investments totaled $221.5million. And the company had $262.8 million in debt. In the second quarter. WNS generated $43.6 million of cash from operating activities, incurred $12.7 million in capital expenditures, and paid debt repayments of $43 million.

截至 2024 年 9 月 30 日，現金和投資的雙倍餘額總計 2.215 億美元。該公司負債 2.628 億美元。在第二季。WNS 從經營活動中產生了 4,360 萬美元的現金，產生了 1,270 萬美元的資本支出，並償還了 4,300 萬美元的債務。

The company also repurchased 1,156,000 shares of stock at an average price of $56.61 which impacted Q2 cash by $71.7 billion. Through the first half of fiscal 2025, WNS has repurchased $2.8 million shares of stock at an average price of $53.46 and the total cost of $149.7 million.

該公司還以平均價格 56.61 美元回購了 1,156,000 股股票，影響第二季現金 717 億美元。截至2025財年上半年，WNS已回購價值280萬美元的股票，平均價格為53.46美元，總成本為1.497億美元。

DSO in the second quarter came in at 38 days as compared to 35 days reported in Q2 of last year and 36 days last quarter. With respect to other key operating metrics, head count at the end of second quarter was 62,951 and the attrition rate was 34% as compared to 30% reported in Q2 of last year and 34% in the previous quarter.

第二季的 DSO 為 38 天，而去年第二季為 35 天，上季為 36 天。就其他關鍵營運指標而言，第二季末員工人數為 62,951 人，流失率為 34%，而去年第二季為 30%，上一季為 34%。

We expect attrition to average in the low to mid 30% range but the rate could remain volatile quarter to quarter. Build seat capacity at the end of Q2 increased to 43,108, and WNS average 72% work from office during the quarter.

我們預計員工流失率平均在 30% 左右，但季度與季度之間的比率可能會保持波動。第二季末的座位容量增加至 43,108 個，本季 WNS 平均 72% 的員工在辦公室工作。

In our press release issued earlier today, WNS provided a 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 $1.25 billion to $1.296 billion, representing a year over year range of minus 3% to 1%-plus on a reported basis. On a constant currency basis, the guidance ranges from minus 4% to 0%.

在今天稍早發布的新聞稿中，WNS 提供了修訂後的 2025 財年全年指引。根據該公司目前的知名度水平，我們預計淨收入將在 12.5 億美元至 12.96 億美元之間，按報告數據計算，年增幅為負 3% 至 1% 以上。在固定匯率基礎上，指導範圍為負 4% 至 0%。

As Keshav mentioned, our fiscal 2025 guidance assumes no revenue contribution from the large deal pipeline, ongoing reductions in online travel volumes, and no improvement in discretionary project spent guidance. Also excludes short term revenues and any incremental revenue from a large insurance capital.

正如 Keshav 所提到的，我們的 2025 財年指導假設大型交易管道不會產生任何收入貢獻，在線旅遊量持續減少，並且可自由支配的項目支出指導沒有改善。也不包括短期收入和來自大量保險資本的任何增量收入。

Topline projections assume an average British pound to us dollar rate of 1.31 for the remainder of the fiscal year. Full year adjusted net income for fiscal 2025 is expected to be in the range of $190 million to $200 million based on an INR83.5 to US dollar exchange for the remainder of fiscal 2025.

重點預測假設本財年剩餘時間內英鎊兌美元平均匯率為 1.31。根據 2025 財年剩餘時間的 83.5 印度盧比兌美元匯率計算，2025 財年全年調整後淨利預計將在 1.9 億至 2 億美元之間。

This implies adjusted EPS of $4.13 to $4.35, assuming a diluted share count of approximately 46 million shares. With respect to capital expenditures, WNS currently expects our requirement for fiscal 2025 to be up to $65 million. We will now open the call for questions, operator.

這意味著調整後每股收益為 4.13 美元至 4.35 美元（假設稀釋後的股數約為 4,600 萬股）。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。接線員，我們現在開始提問。

(Operator Instructions) Nate Svensson, Deutsche Bank.

（操作員指令）Nate Svensson，德意志銀行。

Hi guys. Thanks for the question. I wanted to delve a little more into the large deal pipeline and win rates. So you had the four large deals in 4Q of last year. One large deal in 1Q, sounds like none this quarter. At the same time, you can talk about how the large deal pipeline is at record levels.

嗨，大家好。謝謝你的提問。我想更深入地研究大宗交易管道和獲勝率。去年第四季有四筆大交易。第一季有一筆大交易，但本季似乎沒有。同時，您可以談論大宗交易管道如何達到創紀錄的水平。

So I'm just hoping for a little more clarity on the lower visibility called out versus maybe realizing lower win rates than what you've seen historically. Going through the comments from last quarter, I think you said that the large deal wins baked into the prior guide would imply a below average win rate in the pipeline. So just trying to get a sense of how much the change in guide is being driven by general demand trends versus maybe increased pressure on the competitive or pricing side of things.

因此，我只是希望能夠更清楚地了解較低的可見度，以及可能實現的勝率比您歷史上看到的要低。瀏覽上個季度的評論，我認為您說過，先前指南中包含的大筆交易勝利將意味著管道中的獲勝率低於平均水平。因此，只是想了解指南的變化在多大程度上是由整體需求趨勢驅動的，而不是競爭或定價方面的壓力增加。

Okay, I I think I'll take that. So first of all, I must mention, you know, once again, I want to underline the fact that the overall pipeline for sale continues to be very strong and at record levels across most of our businesses. You know, the impact that we spoke about for H2 is essentially because of, what I would call the perfect storm, around two or three specific areas that were called out in the prepared remarks.

好吧，我想我會接受的。首先，我必須再次強調這樣一個事實：我們的大部分業務的整體銷售管道仍然非常強勁，並且處於創紀錄的水平。你知道，我們談到的 H2 的影響本質上是因為，我稱之為完美風暴，圍繞著準備好的評論中提到的兩三個特定領域。

Actually, at this point in time, we continue to have a very strong pipeline of large deals. And let me just explain how these things are progressing today. I would say that we have almost, you know, more than 25 plus, you know, large deals which are $10 million-plus in terms of ACV.

事實上，目前我們仍然擁有非常強大的大型交易管道。讓我解釋一下這些事情今天的進展。我想說的是，我們幾乎有超過 25 筆大型交易，以 ACV 計算，金額超過 1000 萬美元。

And many of these are very strategic in nature. They need a very strong involvement, both sides of the house, our side, as well as the client side. And what happens in many of these deals which we are now in understanding better is that as the client gets much more comfortable with who they're interacting with in WNS, what actually happens is their focus is built on the comfort around our understanding of their business domains very well. They definitely want to see much more attention from the top of the house, which means I need to be personally involved in many of these deals.

其中許多本質上是非常具有戰略意義的。他們需要非常強而有力的參與，包括公司雙方、我們這邊以及客戶方。我們現在更好地理解的許多此類交易中發生的情況是，隨著客戶對WNS 中與他們互動的人越來越滿意，實際發生的情況是，他們的關注點建立在圍繞我們對他們的在理解的舒適感之上。他們肯定希望看到公司高層更多的關注，這意味著我需要親自參與其中的許多交易。

Many of these deals are focused not just on, you know, regular transformation or you know, cost leadership for the client, but a lot of it is focused around revenue accretion, which means involvement of many more layers inside the client side.

其中許多交易不僅關注定期轉型或客戶的成本領先，而且許多都關注收入成長，這意味著客戶端內部更多層面的參與。

I want to also mention that this also means, you know, it's a very strong partnership model between both sides. And it also means in a positive way that in many of these deals, we've been able to move the narrative away from procurement, which is very critical, you know, for WNS in terms of, you know, making sure that over a period of time, these ultimately result in a win-win for both sides and not driven by a procurement approach to these programs.

我還想提一下，這也意味著，這是雙方之間非常強大的合作模式。這也以積極的方式意味著，在許多此類交易中，我們已經能夠將敘述從採購中轉移出來，這對於 WNS 來說非常關鍵，你知道，確保在一段時間內在一段時間內，這些最終將為雙方帶來雙贏，而不是由這些項目的採購方式驅動。

All these deals in terms of size complexity as well as in the nature are very, very strategic and it also, by definition, means more involvement from an executive committee on the other side. Often boards getting involved in the decision on the other. Sideboard from WNS I also getting involved in terms of taking some of these decisions.

所有這些交易的規模、複雜性和性質都非常非常具有戰略意義，而且根據定義，也意味著另一方執行委員會的更多參與。董事會經常參與對方的決策。WNS 的 Sideboard 我也參與了其中一些決策的製定。

And. I think that is the misstep that we made when we baked some of this revenue into our guidance. If you look at how we actually have made progress, a number of deals, size of deals and the volumes now being projected by some of these prospects are even higher than what we saw last time.

和。我認為這是我們在將部分收入納入指導時所犯的錯誤。如果你看看我們實際取得的進展，你會發現其中一些潛在客戶現在預期的交易數量、交易規模和交易量甚至高於我們上次看到的水平。

I mean, we just guided, we just mentioned that we have almost $500 million of ACV in some of these deals. But the reality is it is taking a little longer. and we probably assume that based on the fact that we signed some of those deals in fourth quarter or something in Q1, that the same progress and signings would continue in Q2.

我的意思是，我們剛剛提到，我們在其中一些交易中擁有近 5 億美元的 ACV。但現實情況是，這需要更長的時間。我們可能認為，基於我們在第四季度或第一季簽署了其中一些交易的事實，同樣的進展和簽約將在第二季度繼續。

What we have only done at this point in time is being more conservative in terms of taking that revenue out of the potential pipeline for the rest of the year, because we understand that even when we close this during Q3 or Q4 or wherever, the potential for revenue during this year will be minimal, but potential for revenue in the next years will be high.

我們目前所做的只是在將收入從今年剩餘時間的潛在管道中剔除方面更加保守，因為我們知道，即使我們在第三季度或第四季度或其他任何地方關閉這一收入，潛在的收入也會增加。

I want to end again by saying, these deals are very, very critical for WNS. They're changing the game for us for the long term. And we believe super confident about the fact that the $1 million to $3 million deals that we're continuously winning as well as some of these deals as they win will build tremendous comfort, confidence in terms of long term. And some of it is also being reflected in terms of the headcount that you may have seen on our books.

最後我想說，這些交易對 WNS 來說非常非常重要。從長遠來看，他們正在為我們改變遊戲規則。我們相信，我們對不斷贏得的 100 萬至 300 萬美元的交易以及其中一些贏得的交易將在長期方面建立巨大的安慰和信心這一事實充滿信心。其中一些也反映在您可能在我們的書籍中看到的員工人數。

And just to add to that real quick, Nate, I think the other thing to touch specifically on the question you asked about win rate. The removal of the large deal pipeline has nothing to do with win rate, right. I think we still believe we're extremely well positioned in these opportunities. I think the removal of the large deal pipeline is about timing and not relative to our expectations

內特，我想補充一點，特別是關於你問的關於勝率的問題。取消大額交易管道與獲勝率無關，對吧。我認為我們仍然相信我們在這些機會中處於非常有利的位置。我認為取消大宗交易管道只是時間問題，而不是與我們的預期有關

Yeah. That's great to hear on the win rates. And I think it was a prudent thing to take those out of the guide. So, that that's appreciated. I guess, for the follow-up, maybe taking a step back. When I when I think about the history of WNS, you've obviously been able to differentiate yourself with history of strong execution, consistent double-digit organic growth, and then being able to set expectations so that you can kind of beat and raise as you move to the fiscal year.

是的。很高興聽到有關勝率的消息。我認為將這些內容從指南中刪除是明智之舉。所以，這是值得讚賞的。我想，對於後續行動，可能會退一步。當我思考 WNS 的歷史時，你顯然能夠憑藉強大的執行力、持續的兩位數有機增長、然後能夠設定期望來擊敗和提高自己的歷史，從而使自己脫穎而出。

Obviously, we're in the midst of a really weak macro and still a lot of uncertainty out there. But maybe taking a step back, you touched on this in your last answer, but maybe can you talk a little bit more about your confidence in your ability to return to that historical growth profile and execution as we move into fiscal '26 and beyond?

顯然，我們正處於一個非常疲軟的宏觀環境中，並且仍然存在著許多不確定性。但也許退後一步，您在上一個回答中談到了這一點，但也許您可以多談談您對在我們進入26 財年及以後的財務狀況和執行力時恢復歷史增長狀況和執行能力的信心嗎？

I think last call, you mentioned that you were well set up for next fiscal year, but obviously a ton of puts and takes impacting the business right now. So, I think it would just be helpful to hear your thoughts on the business' ability to get back to that strength, you've demonstrated historically.

我認為上次電話會議中，您提到您已為下一財年做好了充分準備，但顯然大量的看跌期權和看跌期權目前正在影響業務。因此，我認為聽聽您對企業恢復這種實力的能力的看法將會很有幫助，您已經在歷史上證明了這一點。

Yes. Again, we are super confident about our ability to get back to strong growth rates. Once again, I must mention that what we have experienced this year are very specific client-related or specific issues that we have had to call out for this year, nothing to do with the demand trends, nothing to do with the tailwinds we are seeing in the industry.

是的。再次，我們對恢復強勁成長率的能力充滿信心。我必須再次提及，我們今年經歷的都是非常具體的客戶相關問題或我們今年必須提出的具體問題，與需求趨勢無關，與我們看到的順風車無關在行業中。

In fact, we would expect that, with all the uncertainty being seen outside, we would only benefit being one of the legacy players and transformational kind of players in the industry. Again, I must mention that most clients are looking for partners who come in with very strong understanding of digital data and domain that we spoke about, but most of the deals are also being led by technology, analytics, AI, in some cases, generative AI as well. All areas that WNS has traditionally invested in and continues to invest very strongly in.

事實上，我們預計，在外界看到所有不確定性的情況下，我們只會受益於成為該行業的傳統參與者和轉型參與者之一。再次，我必須提到，大多數客戶正在尋找對我們談到的數位數據和領域有非常深入了解的合作夥伴，但大多數交易也是由技術、分析、人工智慧主導，在某些情況下，是由生成性主導人工智慧也是如此。WNS 傳統上投資並將繼續大力投資的所有領域。

Again, I must say that we have already got a lot of confidence in terms of revenue momentum for Q3, as well as Q4 coming back, in terms of sequential growth. As we win some of these other deals, the large deals, as well as the traditional bread and butter $1 million to $3 million, or $1 million to $5 million deals, we believe that we are probably among, at the lowest end of -- or the worst is now behind us in terms of where we could be. The future stage is one of solid growth as well as profitability.

再次，我必須說，我們已經對第三季的營收動能以及第四季的環比成長充滿信心。當我們贏得其他一些交易、大型交易以及傳統的 100 萬至 300 萬美元或 100 萬至 500 萬美元的交易時，我們相信我們可能處於最低端——或者就我們可能的情況而言，最糟糕的情況現在已經過去了。未來的階段是穩健成長和獲利的階段。

Just to add a little color to that, Nate, I think as was mentioned in the prepared remarks, the underlying growth in Q2 was extremely healthy. I mean, if you take out the large healthcare client loss, we grew in excess of 3% sequentially in Q2.

只是為了增加一點色彩，內特，我認為正如準備好的評論中所提到的那樣，第二季的潛在成長非常健康。我的意思是，如果除去大量醫療保健客戶的損失，我們第二季的環比成長率將超過 3%。

The guidance, despite removing the large deal pipelines, we're looking at $320 million in Q3, which represents a 3% sequential growth from Q2. Obviously, if you do the math to what's left for Q4, you're looking at a 2% to 3% sequential growth from Q3 to Q4. The confidence in returning to double-digits growth comes from the 3% sequential growth rate that we're now posting despite not having the momentum from the large deal pipeline

儘管取消了大型交易管道，但我們預計第三季的營收將達到 3.2 億美元，較第二季環比成長 3%。顯然，如果你計算一下第四季的剩餘金額，你會發現第三季到第四季的環比成長為 2% 到 3%。恢復兩位數成長的信心來自於我們現在發布的 3% 的環比成長率，儘管沒有來自大型交易管道的動力

I appreciate the color and get to hear about the, the long term confidence. Thank you.

我欣賞它的顏色，並了解它的長期信心。謝謝。

Thanks Nate.

謝謝內特。

Bryan Bergin, TD Cowen.

布萊恩·伯金，TD·考恩。

Hi. Thanks for taking the question. Can you comment on the OTA side of the equation here? How much was this pressure a result of some of the guidance reduction as well?

你好。感謝您提出問題。能評論一下 OTA 方面的情況嗎？這種壓力在多大程度上也是由於指導意見的減少而造成的？

Sure. So let me take that. When you look at the guidance reduction for the full year, we're looking at about a 1% to 2% impact from the Q2 reduction in OTA and our expectation of continued volume reductions in the back every year. So again, I think we've been -- we've tried to be conservative here about our expectations for the sector, and we've discussed, you know, at length over the last several quarters, the reasons for the challenges that we've had in the OTA sector, whether that's automation, whether that's strategy change, whether that's customer specific challenges within the OTA space, and their inability to forecast their volumes and predict accordingly.

當然。那麼就讓我接受吧。當您查看全年指引減少時，我們會看到第二季 OTA 減少帶來的約 1% 至 2% 的影響，以及我們對每年銷售持續減少的預期。因此，我認為我們一直試圖對對該行業的預期持保守態度，並且我們在過去幾個季度中詳細討論了我們所面臨的挑戰的原因。特定的挑戰，以及他們無法預測其數量並進行相應預測。

I think we've taken a very conservative approach to the OTA space, but I also want to reiterate some of the messages that we brought last quarter, which is that, if we can't be impactful to the client, if we can't create value for the customer, and if the client's not willing to recognize the value that we're delivering, then that's not a business that we want to be in. Right. So, we're not going to play in low end commoditized types of work. And if the client is taking a commoditized view of these services and solutions, then we're going to be getting out of it.

我認為我們對 OTA 領域採取了非常保守的態度，但我也想重申我們上個季度帶來的一些信息，那就是，如果我們不能對客戶產生影響，如果我們可以的話。如果客戶不願意認可我們所提供的價值，那麼這不是我們想要從事的業務。正確的。因此，我們不會從事低階商品化類型的工作。如果客戶對這些服務和解決方案採取商品化的看法，那麼我們就會擺脫它。

Yeah. But I must just add one element there, Dave, which is while that is our stated objective and we're having lots of interesting discussions with the client and the clients in the sector generally. We also realize that all of them are also understanding that business model transformation for themselves also is going to be critical in order to survive the onslaught of what's happening in the market for them long term.

是的。但我必須在那裡添加一個元素，戴夫，這是我們既定的目標，我們正在與客戶和整個行業的客戶進行許多有趣的討論。我們也意識到，他們所有人也都明白，為了在市場上發生的事情的衝擊中長期生存，他們自己的商業模式轉型也至關重要。

And therefore, I must say, there are also lots of healthy discussions happening between both sides in terms of things that we can do for them that go well beyond some of the traditional services that may have got commoditized and which we are walking away from, but allows us to bring the rest of the power of WNS in terms of digital data domain, analytics and take them into higher value kind of services. So, we'll have a watch in space in terms of how that develops.

因此，我必須說，雙方就我們可以為他們做的事情進行了很多健康的討論，這些討論遠遠超出了一些可能已經商品化並且我們正在放棄的傳統服務，但使我們能夠將WNS 在數字數據領域、分析方面的其餘功能發揮出來，並將其轉化為更高價值的服務。因此，我們將密切關注太空的發展。

Suffice to say, Brian that our OTA revenues in the second quarter were now below 4% of total company.

Brian 可以說，我們第二季的 OTA 收入目前低於公司總收入的 4%。

Okay. And then as it relates to the just the headcount growth sequentially, can you just comment where are you seeing that growth? What's attributing to that expansion?

好的。然後，由於它與員工人數的連續增長有關，您能否評論一下您在哪裡看到這種增長？這種擴張歸因於什麼？

Yeah. So, let me take that, this is Arijit. So, look, I think Dave talked about it. If you pair out large scale credit life loss, you'll see that there is growth that's coming in Q2. Our guidance also implies a 2% to 3% sequential growth year on year.

是的。所以，讓我這麼說，這是 Arijit。所以，聽著，我認為戴夫談到了它。如果你將大規模的信用壽命損失結合起來，你會發現第二季將會成長。我們的指導也意味著同比增長 2% 至 3%。

So, the hiring for that growth, we already started hiring and the headcount increase actually cements our view of the pipeline and the growth momentum that we have seen in Q3 and Q4.

因此，為實現成長而進行的招聘，我們已經開始招聘，而且人員數量的增加實際上鞏固了我們對第三季度和第四季度看到的管道和增長勢頭的看法。

So that we've already started the hiring, we are expecting the increase in revenue to have in Q3 and Q4. And our business requires us to hire 90 days to 128 days in advance for us to ramp and train the employees that some of that is bearing in the hiring numbers that you're seeing in June.

因此，我們已經開始招聘，我們預計第三季和第四季的收入將會增加。我們的業務要求我們提前 90 天到 128 天進行招聘，以便我們對員工進行培訓和培訓，其中一些內容包含在您在 6 月份看到的招聘數字中。

I think the other thing that's embedded, and you touched on it a little bit is, if you'll recall the large healthcare client that we lost, what was a technology heavy service offering, right. So, when you look at kind of how that works its way through our sectors and things like that, what you'll see is that while it was very high revenue for us.

我認為嵌入的另一件事是，如果您還記得我們失去的大型醫療保健客戶，那麼您稍微提到過，那就是技術密集型服務產品，對吧。所以，當你看看它是如何在我們的行業和類似的事情中發揮作用時，你會看到，雖然這對我們來說是非常高的收入。

The number of employees supporting that service offering were relatively low. So, part of what you're seeing here is that as we replace the healthcare loss client revenue with more traditional types of WNS revenues, it's going to take more people to backfill that headcount.

支援該服務的員工數量相對較少。因此，您在這裡看到的部分內容是，當我們用更傳統類型的 WNS 收入取代醫療保健損失客戶收入時，將需要更多的人來填補該員工人數。

Got it. Okay. Thank you.

知道了。好的。謝謝。

Mayank Tandon, Needham & Company.

Mayank Tandon，李約瑟公司。

Thank you. Good morning, Keshav and Dave. I wanted to just get a better grasp on the headwinds that you called out. Could you just walk through the timing when these headwinds will start to abate?

謝謝。早安，凱沙夫和戴夫。我只是想更了解你所說的不利因素。能簡單介紹一下這些不利因素何時開始減弱嗎？

In other words, when do we get to a model when it's a clean slate? We can see that growth start to show up, especially as these big deals start to ramp up potentially in a few quarters based on some of your comments.

換句話說，我們什麼時候才能得到一個乾淨的模型？我們可以看到成長開始顯現，特別是根據您的一些評論，這些大宗交易可能在幾個季度內開始增加。

Yeah. Look, I think we've talked about, in general, Mayank, three meaningful headwinds, right, over the last year, year-and-a-half; one is the large healthcare client loss; one is the shift from on-site to offshore of one of our large Internet based clients and the other has been the OTA volumes.

是的。聽著，我認為我們在過去一年半的時間裡，總體上討論了 Mayank 的三個有意義的逆風；一是醫療客戶流失較大；一是我們基於互聯網的大型客戶之一從現場向離岸的轉變，二是 OTA 數量。

Obviously, this quarter was the ramp down of the large healthcare client. I guess depending on whether you're looking at this on a sequential basis or a year-over-year basis, we can have different discussions about kind of the headwinds.

顯然，本季是大型醫療保健客戶的下滑。我想，根據你是按順序還是逐年看待這個問題，我們可以對不利因素進行不同的討論。

But on a sequential basis at any rate, the vast majority of this will have abated by Q3. We don't have a sequential impact from Q2 to Q3 from the large healthcare client. We don't have a sequential impact from Q2 to Q3, from the Internet client moving offshore and we have a modest expected headwind within the OTA volumes.

但無論如何，從環比來看，其中絕大多數將在第三季減弱。我們沒有受到大型醫療保健客戶從第二季到第三季的連續影響。從第二季度到第三季度，我們沒有受到互聯網客戶端轉移到海外的連續影響，並且我們在 OTA 數量方面面臨適度的預期阻力。

Got it. That clears it up. And then, just as a follow-up, I wanted to ask about margin expectations. What is embedded in the guide in the back half? Maybe you could walk through gross margins and the operating margins.

知道了。這樣就清楚了。然後，作為後續行動，我想問利潤預期。指南後半部嵌入了什麼內容？也許您可以了解毛利率和營業利益率。

Just trying to get a sense, if you're going to be a little bit more fixated on expense management in the face of maybe the slower ramp of those larger deals. Just any color on the margin trajectory in the back half and your expectations to get back to that low 20s EBIT margin longer-term as revenue starts to come through?

只是想了解一下，面對那些較大交易的成長速度可能會放緩，您是否會更加關注費用管理。下半年的利潤率軌跡有什麼變化嗎？

Yeah, I, I think Mike, our expectation is that we're going to get back into the low 20s by the fourth quarter and that we will see margin expansion on the adjusted operating margin line in both Q3 and Q4. We're probably looking in the 19% to 20% range for adjusted operating margins for the full year. And that's really at the end of the day because we've removed the revenues associated with the large deals.

是的，我，我想麥克，我們的預期是到第四季度我們將回到 20 左右，我們將在第三季和第四季看到調整後的營業利潤率線的利潤率擴張。我們預計全年調整後的營業利潤率可能在 19% 到 20% 之間。這實際上是在一天結束時，因為我們已經刪除了與大交易相關的收入。

But the investments that we've made in the business, whether that's into expanding our capabilities or building out our infrastructure, which we need to continue to do, we're, we're not going to scale back on that. The bottom line is, we believe in the long-term health. We see the momentum in the business. We need to be planning for the future.

但我們在業務上所做的投資，無論是擴大我們的能力還是建立我們的基礎設施，我們都需要繼續這樣做，我們不會縮減投資規模。最重要的是，我們相信長期健康。我們看到了業務的發展動能。我們需要為未來做好計劃。

So those investments are not going to be scaled back. The infrastructure spend and the build of our global capability is not going to be scaled back. And if you look at the real reason that we've got a little bit of margin pressure on a year over year basis, it's an expense coverage issue.

因此，這些投資不會縮減。基礎設施支出和我們的全球能力建設不會縮減。如果你看看我們逐年面臨一點利潤壓力的真正原因，那就是費用覆蓋問題。

At the end of the day, our SG&A rate is going to run a little bit higher this year because it doesn't make sense to take those numbers down for two quarters and then build them back up starting in the first quarter of next fiscal. So, at this point in time, you know, we are going to see steady margin expansion through the back half of the year, but the reality is that the full year margins are going to be a little bit below where we were last year.

歸根結底，我們今年的銷售、管理及行政費用率將會稍高一些，因為將這些數字下降兩個季度，然後從下一財年第一季開始恢復是沒有意義的。因此，在這個時候，我們將看到今年下半年的利潤率穩定擴張，但實際情況是全年利潤率將略低於去年的水平。

Yeah, Mayank. In fact, I just mentioned one thing. This is now all about growth and not just about margin now. Our focus now is, we believe that the worst is now going to be behind us over the next few weeks, months, quarters based on all that we have announced. We believe that we have a very, very strong pipeline.

是的，瑪雅克。其實我剛才提到了一件事。現在一切都與成長有關，而不僅僅是利潤率。我們現在的重點是，根據我們所宣布的一切，我們相信最糟糕的情況將在未來幾週、幾個月、幾個季度內過去。我們相信我們擁有非常非常強大的管道。

We believe that we have to come back in terms of overall growth rates. And that's where we are focused and are investing in. And we are confident that these investments that we are making in all the core areas, including sales and marketing, will help us close deals and come back to the growth rates that we have traditionally delivered to the market.

我們認為，我們必須在整體成長率方面回歸。這就是我們關注並投資的領域。我們相信，我們在包括銷售和行銷在內的所有核心領域進行的這些投資將幫助我們完成交易並恢復到我們傳統上向市場提供的成長率。

And just to add the other question on gross margins. And if you see our gross margins, our gross margins are actually fairly flat versus last year. And that gives us confidence that our underlying business continues to remain profitable while we continue to invest in some of the sales investments that they talked about. So fundamentally, business continues to be profitable. We have invested in our sales and marketing and as the growth comes back, operating margin also improve.

再補充一下關於毛利率的另一個問題。如果你看看我們的毛利率，我們的毛利率實際上與去年相當持平。這讓我們相信，在我們繼續投資於他們談到的一些銷售投資的同時，我們的基礎業務將繼續保持盈利。因此從根本上來說，業務持續獲利。我們對銷售和行銷進行了投資，隨著成長的恢復，營業利潤率也有所提高。

That's a great color. Thank you all.

這是一個很棒的顏色。謝謝大家。

Thank you, Mayank.

謝謝你，瑪雅克。

Puneet Jain, JP Morgan.

普尼特‧賈恩 (Puneet Jain)，摩根大通。

Yes, hi. Thanks for taking my question. Keshav, could you double click on clients behavior as it relates to incorporating AI or analytics in their processes? Is their behavior different across new versus existing clients? Or are there any verticals where you're seeing demand stronger than others?

是的，嗨。感謝您提出我的問題。Keshav，您能否雙擊客戶的行為，因為這與將人工智慧或分析納入其流程有關？新客戶和現有客戶的行為有何不同？或者您認為哪些垂直產業的需求比其他產業更強？

And also you previously mentioned, generating 5% of revenue from Gen AI this year. Is that still on track? Given some of like the large deal contribution it seems like have been pushed out.

您之前也提到過，今年 Gen AI 的收入佔了 5%。那還在軌道上嗎？考慮到一些大額交易的貢獻，它似乎已經被排除了。

Yeah, Puneet. That's an excellent question. So, you know, just in terms of behavior as you would expect, based on the stress a client is facing or the opportunity that they're seeing in the market, the different verticals obviously are behaving slightly differently.

是的，普尼特。這是一個很好的問題。因此，您知道，就您所期望的行為而言，根據客戶面臨的壓力或他們在市場上看到的機會，不同垂直行業的行為顯然略有不同。

We spent a lot of time talking about OTA and things like that. And I don't want to go down that part of explaining that. But generally, if you look at it, everyone has understood very well that companies like WNS understand the domain site very well has invested so much in digital and analytics.

我們花了很多時間討論像 OTA 之類的事情。我不想繼續解釋這一點。但總的來說，如果你看一下，每個人都非常清楚，像 WNS 這樣的公司非常了解網域網站，在數字和分析方面投入了大量資金。

And AI has been around for a while. Our ability to incisively use AI to deliver better outcomes for our clients has now got accelerated or enabled, I would say, over the last possibly 18 months or so because there's much greater belief in that model.

人工智慧已經存在了一段時間了。我想說，在過去可能的 18 個月左右的時間裡，我們深入利用人工智慧為客戶提供更好結果的能力現在已經加速或啟用，因為人們對該模型有了更大的信心。

Generative AI is something that everyone understands, you know, can be something that can make you know, client models much smarter, can help them with their cost challenges, can help them with their transformation agenda. And therefore, over the past, you know, so many quarters, our focus has been on first educating clients about how we can help them with this model, about how they don't have to invest in licenses in order to, you know, get the benefits of some of these models, and then over a period of time help them pinpoint, which are the processes that, you know, could actually benefit from some of these business model changes for them.

生成式人工智慧是每個人都理解的東西，你知道，可以讓你知道，客戶模式更加智能，可以幫助他們應對成本挑戰，可以幫助他們完成轉型議程。因此，在過去的許多季度中，我們的重點一直是首先教育客戶我們如何幫助他們使用這種模式，以及他們如何不必投資許可證，以便，你知道，獲得其中一些模型的好處，然後在一段時間內幫助他們確定哪些流程實際上可以從這些業務模型的某些變更中受益。

So I think at this point in time, what we're seeing is people now realize that this is one more change in technology and model that is going to help them in terms of transformation, transforming their agenda being more relevant to their end customers, doing things smarter, better, faster, more in a more impactful manner, so to speak. And therefore to do that as a client, you need to work with a provider or a partner who really is an extension of your enterprise, who understands your domain, understand your history, understand your strategy, understands where you want to be over a period of time, and what are the growth levers for you.

所以我認為在這個時候，我們看到的是人們現在意識到這是技術和模式的另一個變化，這將幫助他們進行轉型，改變他們的議程，使其與最終客戶更加相關，可以說，做事更聰明、更好、更快、更有影響力。因此，作為客戶，要做到這一點，您需要與真正是您企業的延伸的提供者或合作夥伴合作，他們了解您的領域，了解您的歷史，了解您的策略，了解您在一段時間內想要達到的目標時間，以及您的成長槓桿是什麼。

And that is where WNS scores each and every time, right? So first and foremost, I would say that that is huge advantage that we have because of the shared knowledge of our customers, businesses, the core verticals, the transformation agenda, and our points of view on how different models are changing, right, that's the first thing.

這就是 WNS 每次得分的地方，對吧？首先，我想說的是，這是我們擁有的巨大優勢，因為我們的客戶、企業、核心垂直產業、轉型議程以及我們對不同模式如何變化的觀點具有共同的知識，對吧，那就是第一件事。

The second thing is, you know, we spoke about generative AI. We are now very focused after educating many of these customers in terms leading them down specific paths now, right, to help them understand that these offerings that we bring to the table will make them not only more efficient, but also help transform their business models.

第二件事是，你知道，我們談到了產生人工智慧。在對許多此類客戶進行了教育後，我們現在非常專注於引導他們走上特定的道路，幫助他們了解我們提供的這些產品不僅將使他們更加高效，而且有助於轉變他們的業務模式。

And so what's actually happening is it is allowing them to focus much more on the external while allowing us to manage the rest for them. Coming to large deals, obviously, when you interact with a new customer and you're looking at a completely different business model where you moved away from procurement and interacting at the top of the house on the other side, when you go into this discussion, you bring all the armory that you have to the fore in order to create a transformed business model as a result of which it's a CEO led initiative both sides.

因此，實際發生的情況是，它允許他們更多地關注外部，同時允許我們為他們管理其餘的事情。顯然，在達成大型交易時，當您與新客戶互動時，您正在尋找一種完全不同的業務模式，在這種模式中，您不再進行採購，而在另一邊的房子頂部進行互動，當當您進入此討論時，您將您擁有的所有武器放在前面，以創建一個轉變的商業模式，其結果是雙方都由首席執行官領導的倡議。

Therefore, all the kind of engines that we bring to the table are really available up front and center in terms of some of these new deals. At the same time, this thinking is also going into expansion within our existing clients.

因此，我們帶來的所有類型的引擎實際上都可以在其中一些新交易中預先和中心使用。同時，這種想法也在我們現有的客戶中擴展。

One can see that while the earlier processes took a little longer, at this point in time, expansions around existing clients is all being focused on leveraging some of these models and any of the large deals, now have a combination of all of this up front and center. That's the reason why probably some of these closures take a little longer, because it means, significant amount of disruption even for the client, right, acceptance of this disruption and change, validating all the assumptions and making sure that, it's a handshake at the top of the house between WNS and the client.

人們可以看到，雖然早期的流程花了更長的時間，但此時此刻，圍繞現有客戶的擴張都集中在利用其中一些模型和任何大型交易，現在將所有這些結合在一起和中心。這就是為什麼其中一些關閉可能需要更長的時間的原因，因為這意味著，即使對客戶來說，也會產生大量的干擾，對吧，接受這種幹擾和變化，驗證所有假設並確保，這是握手WNS 和客戶端之間的房子頂部。

It's a significant change and we expect therefore that as we start winning some of these models, this will be the model of the future that will drive WNS's growth momentum for the long-term.

這是一個重大變化，因此我們預計，當我們開始贏得其中一些模型時，這將成為未來的模型，將推動 WNS 的長期成長勢頭。

Got it. And is 5% still like a reachable target?

知道了。5% 仍然是一個可以實現的目標嗎？

Yeah. I think it absolutely is. As Keshav mentioned, the Gen AI revenues and the implementation are not specific to just new initiatives. While it's certainly a part of almost all of the new initiatives and I would say all of the new initiatives, a lot of what we're doing with Gen AI is expansion opportunities within our existing customer base and changing our operating within some of our existing customers.

是的。我認為絕對是。正如 Keshav 所提到的，Gen AI 的收入和實施不僅僅針對新措施。雖然它肯定是幾乎所有新舉措的一部分，而且我想說的是所有新舉措，但我們使用Gen AI 所做的很多事情都是在我們現有的客戶群中提供擴展機會，並改變我們在一些現有客戶群中的營運。

That contribution is not all just kind of gross growth, it's also changing some of what we're doing for existing clients as well and delivering enhanced value to those customers. I think that 5% target for the year is still good.

這種貢獻不僅僅是總成長，它還改變了我們為現有客戶所做的一些事情，並為這些客戶提供了更高的價值。我認為今年5%的目標還是不錯的。

Got it. And then, Dave, like you were very helpful in identifying the three issues and sharing the timing of those. As we think about next year, can you quantify the year-on-year impact we should expect from those three headwinds or any other puts and takes that you should consider for next year? I can imagine that these headwinds will still have impact on year-on-year basis in the first half of last year.

知道了。然後，戴夫，你在確定這三個問題並分享這些問題的時間安排方面非常有幫助。當我們考慮明年時，您能否量化這三個不利因素或您明年應該考慮的任何其他看漲期權對我們預期的同比影響？我可以想像，這些不利因素仍然會對去年上半年的年比產生影響。

Yeah. Look, I think the simple math, Puneet, is, we know that the healthcare client is going to impact three of the four quarters for this year. We have one quarter of impact next fiscal year, so you can expect roughly 1% on a year-over-year basis from the healthcare client.

是的。聽著，普尼特，我認為簡單的數學計算是，我們知道醫療保健客戶將影響今年四個季度中的三個季度。我們對下一財年的影響為四分之一，因此您可以預期醫療保健客戶的年比影響約為 1%。

The OTA space for the full year is going to end up costing us around 3%, 3.5% of revenue. If you just take a midyear convention for that, I think you're looking at roughly 1.5% to 2% for next year. You're looking at a 3% lag if you will, from the ramp downs in this fiscal that bleed into fiscal '26.

全年的 OTA 空間最終將消耗我們約 3% 至 3.5% 的收入。如果你只考慮年中會議，我認為你明年的成長率大約是 1.5% 到 2%。如果你願意的話，你會發現本財年的下降幅度有 3% 的滯後，並且延續到 26 財年。

And is there any other headwind that we should consider as we think about next year?

當我們考慮明年時，還有其他我們應該考慮的阻力嗎？

Not at this time? Other than before, I say not at this time other than the standard headwinds that we have in our business around productivity and projects and expectations of known ramp down. So, I think, you know that normal 10% to 11% is still in play.

不是這個時候嗎？與以前不同，我現在所說的不是除了我們業務中圍繞生產力和項目以及已知的下降預期所面臨的標準阻力之外。所以，我認為，你知道正常的 10% 到 11% 仍然在發揮作用。

Yes, of course. Yes, I mean, like any other unusual headwind. So thanks for clarifying. I appreciate it.

是的當然。是的，我的意思是，就像任何其他不尋常的逆風一樣。謝謝您的澄清。我很感激。

Maggie Nolan, William Blair.

瑪吉諾蘭、威廉布萊爾。

Hi, guys. This is Jesse Wilson on for Maggie. Thanks for taking our questions. So, I understand your comments on visibility. So maybe can you take a step back and reflect on how you feel about some of the changes you've made in the sales force?

嗨，大家好。我是傑西威爾森 (Jesse Wilson) 替瑪吉 (Maggie) 發言。感謝您回答我們的問題。所以，我理解您對可見性的評論。那麼，也許您可以退後一步，反思一下您對銷售團隊所做的一些改變有何感受？

How long do you think it'll take some of these leaders to ramp up? And is the new model pulling you into conversations with, a wider range of C Suite execs?

您認為其中一些領導者需要多長時間才能崛起？新模式是否會讓您與更廣泛的 C Suite 主管進行對話？

Yeah, let me take this and then Keshav can kind of add some color here. But yeah, I think our expectations around the contributions from these senior level sales associates -- sales resources that we've hired the Chief Growth Officers across all of our verticals are being largely met. I think that's this is how that large deal pipeline has been curated to have 20 plus deals with 500 million plus of ACV. It's something that we're extremely excited about.

是的，讓我接受這個，然後 Keshav 可以在這裡添加一些顏色。但是，是的，我認為我們對這些高級銷售助理的貢獻的期望——我們在所有垂直領域聘請的首席成長官的銷售資源基本上得到了滿足。我認為這就是大型交易管道的策劃方式，其中包括 20 多筆交易，涉及 5 億多 ACV。這是我們非常興奮的事情。

It's the timing and the closure that becomes an issue, but we've built that pipeline over the last 18 months. I think we remain well positioned in a lot of those opportunities. They're doing what they're supposed to do.

時間安排和關閉成為了一個問題，但我們在過去 18 個月裡已經建立了這條管道。我認為我們在許多這樣的機會中仍然處於有利地位。他們正在做他們應該做的事情。

They're getting Keshav involved in these deals where he needs to be involved, where we need that CEO-to-CEO connect and we still feel good about the investments that we've made into this new channel and the progress that we've made.

他們讓 Keshav 參與這些需要他參與的交易，我們需要 CEO 與 CEO 之間的聯繫，我們仍然對我們在這個新管道中所做的投資以及我們所取得的進展感到滿意。

Obviously, we would love to have signed three more large deals this quarter and not had to adjust guidance. But we also, I think, recognize that given the size, given the complexity and the scope of these deals that they're going to be spotty, right? That it's going to be three in one quarter and nothing for two quarters. And we just don't have a lot of control over that. We don't have a lot of visibility to when they're going to hit.

顯然，我們希望本季再簽署三筆大型交易，而不必調整指引。但我認為，我們也認識到，考慮到這些交易的規模、複雜性和範圍，它們將會參差不齊，對嗎？一個季度會出現三個，而兩個季度則什麼都沒有。我們對此沒有太多控制權。我們不太清楚它們何時會攻擊。

But I think as long as we keep moving them through the pipeline the way we have and in connecting with the client at the right levels, we feel good about our ability to win more than our fair share of these opportunities.

但我認為，只要我們繼續以我們現有的方式推動它們通過管道，並在適當的水平上與客戶建立聯繫，我們就會對自己贏得更多機會的能力感到滿意。

Yeah, and I'll just mention that the pressure on performance with our sales team is very, very high. And I think the tenure of these people is more than 12 months at this point in time. So our focus really is on the productivity of these people monitoring, constantly making sure that they're educated in terms of the pivot that is taking place in the company in terms of data, digital, domain, and transformation. And they're being able to engage prospects and clients with the right, you know, compositions.

是的，我只想提一下，我們銷售團隊的績效壓力非常非常大。我認為這些人的任期目前已經超過 12 個月了。因此，我們的重點實際上是監控這些人員的生產力，並不斷確保他們接受有關公司在數據、數位、領域和轉型方面正在發生的轉變的教育。他們能夠透過正確的組合來吸引潛在客戶和客戶。

So, at this point in time, we believe that almost 65% to 70% of the sales force is actually productive in the sense that we want to be at. And normally in sales, anything above 50% or 60% is actually a decent track record, I mentioned that as well.

因此，在這個時間點上，我們相信幾乎 65% 到 70% 的銷售人員實際上具有我們想要的生產力。通常在銷售中，任何高於 50% 或 60% 的記錄實際上都是不錯的記錄，我也提到過。

But at the same time, because we want to make sure that our people are constantly, filling the pipeline with those $1 million to $5 million deals. Look, I want them also once again underline, large deals alone does not a company make. Right? We need to constantly fill the pipeline with the bread-and-butter deals, which are $1 million to $5 million and many of this, over a period of time, become large deals and large relationships for us.

但同時，因為我們希望確保我們的員工持續完成 100 萬至 500 萬美元的交易。聽著，我希望他們也再次強調，大筆交易不是一家公司能夠完成的。正確的？我們需要不斷地用100萬至500萬美元的重要交易來填補管道，其中許多交易在一段時間內會成為我們的大型交易和大型關係。

So our focus in terms of making sure we have the right people bringing those deals and the rest of the people focusing on the large deals is very intense. I think we have the right energy behind it. There's a huge excitement in the company in terms of what's happening there. There's great excitement in the company in terms of the new capabilities that are being built, how these deals are being caught in terms of global delivery locations, and you know how all of this together is creating magic for the company.

因此，我們的重點是確保我們有合適的人來促成這些交易，而其他人則專注於大型交易。我認為我們背後有正確的能量。公司對那裡發生的事情感到非常興奮。公司對正在建造的新功能、如何在全球交付地點抓住這些交易感到非常興奮，而且你知道所有這些共同如何為公司創造魔力。

Got it. I understand. That's helpful. For my follow up, I saw in guidance that share count is higher by, I think, 100,000 shares from last time. So how much do you have left under the share repurchase program? And how come that picked up by $0.1 million?

知道了。我明白。這很有幫助。對於我的後續行動，我在指導中看到股票數量比上次增加了 100,000 股。那麼股票回購計畫還剩下多少呢？為什麼增加了 10 萬美元？

So, it’s coming slightly highly because we've had some exercises in the last quarter. But we have a pool of people here left. At this point in time, we are looking at using our capital for the strategic growth augmentation of some of the capabilities that Keshav talked about.

因此，它的值略高，因為我們在上個季度進行了一些練習。但我們這裡還剩下一群人。目前，我們正在考慮利用我們的資本來增強凱沙夫談到的一些能力的策略成長。

We're also looking at strategic M&A opportunities. But at the end of the fiscal, right, if you are not able to find effective utilization of this cash, we might consider doing an aggressive repurchase. But at this point, the focus is driving more towards strategic growth.

我們還在尋找策略併購機會。但在財務結束時，對吧，如果你無法有效利用這些現金，我們可能會考慮進行積極的回購。但目前的重點是推動策略成長。

And just to just to kind of close the loop on the numbers, you know, we've repurchased 2.8 million shares in the first half of the year, which is obviously quite aggressive. We have another 1.3 million left on the authorization that was, that was done back in May.

為了形成數位閉環，我們在今年上半年回購了 280 萬股股票，這顯然相當激進。我們還剩下 130 萬美元的授權，那是 5 月完成的。

Got it. Thank you all. Appreciate it.

知道了。謝謝大家。欣賞它。

Thank you. And at this time, we have no further questions in the Q&A queue. This will conclude today's conference call. Thank you all for your participation and you may now disconnect.

謝謝。目前，我們的問答隊列中沒有進一步的問題。今天的電話會議到此結束。感謝大家的參與，現在您可以斷開連線了。