WNS (Holdings) Ltd (WNS) 2025 Q4 法說會逐字稿

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

早上好，歡迎參加 WNS Holdings 2025 財年第四季和全年財報電話會議。（操作員指示）提醒一下，此通話將被錄音以供重播。

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

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。戴維？

Thank you, and welcome to our fiscal 2025 fourth quarter and full year earnings call. With me today on the call, I have WNS' CEO, Keshav Murugesh; and WNS' CFO, Arijit Sen. 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. Today's remarks will focus on the results for the fiscal fourth quarter and full year ended March 31, 2025. Some of the matters that will be discussed on today's call are forward-looking.

謝謝，歡迎參加我們的 2025 財年第四季和全年財報電話會議。今天與我一起參加電話會議的還有 WNS 執行長 Keshav Murugesh 和 WNS 財務長 Arijit Sen。今天早些時候發布了詳細介紹我們財務業績的新聞稿。本新聞稿亦可在我們網站 www.wns.com 的「投資者關係」版塊查閱。今天的演講將重點討論截至 2025 年 3 月 31 日的第四季及全年業績。今天的電話會議將討論的一些事項具有前瞻性。

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. During this call, management will reference certain non-GAAP financial measures, which we believe provide useful information for investors.

請記住，這些前瞻性陳述受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。這些風險和不確定性包括但不限於公司 20-F 表中列出的因素。該文件也可在公司網站上查閱。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，我們認為這些指標可以為投資者提供有用的信息。

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.

這些非 GAAP 財務指標與 GAAP 結果的對帳可以在今天稍早發布的新聞稿中找到。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、收購相關費用或福利以及商譽和無形資產減值。

We are also excluding costs related to our ADS program termination and costs associated with the transition to voluntarily reporting on U.S. domestic issuer reforms. 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 U.S. domestic issuer reforms and all associated taxes. These terms will be used throughout today's call.

我們也排除了與我們的 ADS 計劃終止相關的成本以及與向自願報告美國國內發行人改革過渡相關的成本。調整後淨收入（ANI）定義為利潤，不包括無形資產攤銷、股權激勵、收購相關費用或福利、商譽和無形資產減值、ADS 計劃終止成本、向自願報告美國國內發行人改革的過渡以及所有相關稅收。這些術語將在今天的通話中使用。

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

現在我想將電話轉給 WNS 執行長 Keshav Murugesh。凱沙夫？

Thank you, David. Good morning, everyone.

謝謝你，大衛。大家早安。

I'm delighted with this quarter's results. In the fiscal fourth quarter, WNS financial results were highlighted by solid sequential revenue growth, operating margin expansion and strong free cash flow. The company posted net revenue of $323.3 million, representing a sequential increase of 1.3% on a reported basis and 2.6% on a constant currency basis. During the quarter, healthy demand for digitally led business transformation and cost reduction initiatives more than offset the impact of unfavorable currency movements. In Q4, WNS added nine new logos and expanded 50 existing relationships.

我對本季的業績感到非常滿意。在第四財季，WNS 的財務業績突顯為營收連續穩健成長、營業利潤率擴大和自由現金流強勁。該公司公佈的淨營收為 3.233 億美元，按報告基礎計算環比增長 1.3%，以固定匯率計算環比增長 2.6%。本季度，對數位化業務轉型和成本削減措施的健康需求足以抵消不利貨幣變動的影響。第四季度，WNS 增加了 9 個新標識，並擴展了 50 個現有合作關係。

In addition, we are excited to report that during the quarter, the company closed two large transformational deals, one each in the banking and financial services area as well as another in the travel vertical. We expect these engagements to begin generating revenue in the first half of fiscal 2026. On March 11, we announced the acquisition of Kipi.ai, a leading provider of data management services focused on the Snowflake platform. Kipi brings to WNS strategy, execution and managed service capabilities across data engineering, advanced analytics, AI as well as data science.

此外，我們很高興地報告，在本季度，該公司完成了兩筆大型轉型交易，一筆涉及銀行和金融服務領域，另一筆涉及旅遊垂直領域。我們預計這些業務將在 2026 財年上半年開始產生收入。3 月 11 日，我們宣布收購 Kipi.ai，一家專注於 Snowflake 平台的領先資料管理服務供應商。Kipi 為 WNS 帶來了資料工程、進階分析、人工智慧以及資料科學的策略、執行和託管服務能力。

Their more than 600 global employees represent one of the world's largest Snowflake-certified talent pools and will significantly enhance WNS' positioning in the rapidly growing and mission-critical data management space. Kipi has built more than 250 accelerators, enablers and solutions that allow clients to quickly leverage their data to improve decision-making and drive business outcomes at scale. Their capabilities are highly complementary to WNS' existing offerings, and we believe Kipi's seasoned leadership team, talented resources and strong delivery approach represents an excellent cultural fit for us.

他們在全球擁有 600 多名員工，是世界上最大的 Snowflake 認證人才庫之一，並將顯著提升 WNS 在快速成長和關鍵任務資料管理領域的地位。Kipi 已建立了 250 多個加速器、推動器和解決方案，使客戶能夠快速利用其數據來改善決策並大規模推動業務成果。他們的能力與 WNS 現有的產品高度互補，我們相信 Kipi 經驗豐富的領導團隊、優秀的資源和強大的交付方式與我們有著極好的文化契合度。

Together, we will combine domain, digital, data and AI to create new services and solutions, add new clients and expand the scope of our existing relationships. During WNS' 25-plus year history, the company has developed intimate knowledge of industry-specific operations, processes, workflows and systems. This foundational business understanding is at the core of everything we do and puts WNS in a unique position to help clients harness and analyze data and leverage state-of-the-art technologies, including AI, generative AI and agentic AI.

我們將結合領域、數位、數據和人工智慧來創造新的服務和解決方案，增加新的客戶並擴大我們現有關係的範圍。在 WNS 25 多年的發展歷程中，公司對特定產業的營運、流程、工作流程和系統累積了豐富的知識。這種基礎業務理解是我們所做的一切的核心，並使 WNS 處於獨特的地位，幫助客戶利用和分析數據並利用最先進的技術，包括人工智慧、產生人工智慧和代理人工智慧。

Our organic and inorganic investments over the past several years have been focused on strengthening and combining our capabilities across these three pillars for long-term success. Just under a year ago, we hired a Chief Business Officer to oversee WNS Next, our umbrella organization covering AI, data and analytics and technology and automation. We have also now added a new Chief AI Research Officer, a Chief Product and Design Officer and an EVP of Digital Strategy.

過去幾年，我們的有機和無機投資一直致力於加強和結合我們在這三大支柱上的能力，以取得長期成功。就在不到一年前，我們聘請了一位首席商務官來監督 WNS Next，這是我們涵蓋人工智慧、數據和分析以及技術和自動化的傘狀組織。我們現在也增加了一位新的首席人工智慧研究長、一位首席產品和設計長以及一位數位策略執行副總裁。

These experts are leading their respective teams and helping WNS navigate the rapidly evolving technology and services landscape. In addition, our tuck-in M&A strategy has increased the breadth and depth of our technology and AI-led capabilities with the acquisitions of Vuram, The Smart Cube, OptiBuy and now Kipi.ai. Together, these investments are helping us accelerate the creation and deployment of WNS proprietary technology assets, including products, platforms, tools, enablers and accelerators that are reusable and customizable. These digital assets, which now embed AI, Gen AI and agentic AI are being combined with WNS' global talent to deliver productized services for our clients. By creating solutions at the intersection of domain expertise, data and technology, WNS is now able to understand industry problems well, create transformational AI-led solutions and deliver differentiated outcomes.

這些專家領導著各自的團隊，幫助 WNS 應對快速發展的技術和服務模式。此外，我們透過收購 Vuram、The Smart Cube、OptiBuy 以及現在的 Kipi.ai，積極推動併購策略，拓展了我們技術和人工智慧能力的廣度和深度。這些投資將幫助我們加速 WNS 專有技術資產的創建和部署，包括可重複使用和可自訂的產品、平台、工具、賦能器和加速器。這些數位資產現已嵌入人工智慧、通用人工智慧和代理人工智慧，並與 WNS 的全球人才結合，為我們的客戶提供產品化服務。透過在領域專業知識、數據和技術的交叉領域創建解決方案，WNS 現在能夠很好地理解行業問題，創建變革性的人工智慧主導的解決方案並提供差異化的成果。

I would now like to provide you with a brief recap of the past year before turning our attention to fiscal '26. From a financial perspective, fiscal 2025 was a challenging year for WNS, driven by customer-specific revenue headwinds, including a large health care client loss, the delivery transition from on-site to offshore for an Internet-based procurement relationship and volume-based ramp downs in the online travel space.

現在，我想向大家簡要回顧過去的一年，然後再將注意力轉向 26 財年。從財務角度來看，2025 財年對於 WNS 來說是充滿挑戰的一年，其主要原因是客戶特定的收入逆風，包括大量醫療保健客戶流失、基於互聯網的採購關係從現場到海外的交付轉變以及在線旅遊領域的數量下降。

Full year net revenue came in at $1.266 billion, down 1.5% on a reported basis and down 1.7% on a constant currency basis. The revenue decline resulted in lower expense coverage, which adversely impacted our adjusted operating margin. Despite this pressure, WNS continued to invest in accelerating capabilities and building organizational depth, including a 16% increase in our sales force during the fiscal year. From a profitability standpoint, WNS was able to offset the revenue and margin pressure with nonrecurring benefits from the reversal of a tax liability in the second quarter and the sale of a facility in India in the fourth quarter. Together, these two items contributed approximately $21 million to adjusted net income and $0.46 to adjusted EPS.

全年淨收入為 12.66 億美元，按報告基礎下降 1.5%，以固定匯率計算下降 1.7%。收入下降導致費用覆蓋率下降，對我們的調整後營業利潤率產生了不利影響。儘管面臨壓力，WNS 仍繼續投資以提升能力和建立組織深度，包括在本財年將銷售團隊增加了 16%。從獲利能力的角度來看，WNS 能夠利用第二季度稅務責任沖銷和第四季度印度工廠出售產生的非經常性收益來抵消收入和利潤率壓力。這兩項項目合計為調整後淨收入貢獻了約 2,100 萬美元，為調整後每股收益貢獻了 0.46 美元。

In fiscal 2025, WNS generated strong free cash flow and deployed our capital in a balanced, disciplined manner, including aggressive share repurchases, capability-based tuck-in M&A and scheduled debt repayments. Other highlights from this past year include our transition from IFRS to U.S. GAAP reporting and WNS' inclusion in the Russell 2000 as well as the MSCI US Small Cap indices, which helped improve access to capital, trading liquidity and company visibility.

在 2025 財年，WNS 產生了強勁的自由現金流，並以平衡、嚴謹的方式配置了我們的資本，包括積極的股票回購、基於能力的補充性併購和定期的債務償還。過去一年的其他亮點包括我們從 IFRS 向美國 GAAP 報告的過渡，以及 WNS 被納入羅素 2000 指數和 MSCI 美國小型股指數，這有助於改善資本取得、交易流動性和公司知名度。

As we enter fiscal 2026, we are excited about the company's solid business momentum, healthy pipeline, differentiated capabilities and expanding market opportunity. In fiscal 2025, we added 33 new logos and expanded 179 existing relationships, representing healthy increases over the previous year. We also completed our acquisition of Kipi in the high-growth data management space, and we have closed two large deals in the fourth quarter alone. WNS has now posted two consecutive quarters of sequential top line growth and the 3 customer-specific revenue headwinds mentioned earlier are now largely behind us.

進入 2026 財年，我們對公司穩健的業務發展勢頭、健康的產品線、差異化的能力和不斷擴大的市場機會感到興奮。在 2025 財年，我們增加了 33 個新標識，並擴展了 179 個現有關係，與前一年相比實現了健康成長。我們也在高成長數據管理領域完成了對 Kipi 的收購，光是在第四季我們就完成了兩筆大型交易。WNS 目前已連續兩季實現營收成長，先前提到的 3 個針對客戶的營收逆風已基本消失。

To date, demand for services that deliver business transformation and cost reduction remains stable and healthy despite the volatile macro environment. Our pipeline is broad-based across verticals and services and maintains a healthy balance between traditional deals and large transformational opportunities. Clients continue to move forward with decisions as evidenced by our recent large deal signings and now the new logo additions as well. And while we must be vigilant for potential changes in client behavior in the coming months as well as quarters, we are encouraged by the fact that our business model remains fundamentally defensive and recurring in nature.

迄今為止，儘管宏觀環境動盪，但對實現業務轉型和降低成本的服務的需求仍然保持穩定和健康。我們的管道廣泛涵蓋垂直行業和服務領域，並在傳統交易和大型轉型機會之間保持健康的平衡。客戶繼續推進決策，這從我們最近簽署的大型交易以及現在的新標誌的增加就可以看出。雖然我們必須對未來幾個月和幾季客戶行為的潛在變化保持警惕，但我們感到鼓舞的是，我們的業務模式從根本上仍然具有防禦性和循環性。

WNS begins fiscal 2026 with 90% visibility to the midpoint of our revenue guidance, which represents 9% growth on both a reported as well as constant currency basis. The guidance midpoint for ANI assumes stable year over year adjusted operating margins despite increased investments and growth in adjusted EPS of more than 11%, excluding onetime benefits in fiscal '25.

WNS 在 2026 財年開始時，其收入預期中點的可視性為 90%，這意味著按報告和固定匯率計算均實現 9% 的增長。ANI 的指導中點假設，儘管投資增加且調整後每股收益成長超過 11%（不包括 25 財年的一次性福利），調整後的營業利潤率仍保持同比穩定。

In summary, by using our industry-focused operational knowledge to unlock the power of data and state-of-the-art technologies like AI, Gen AI and agentic AI, WNS is well positioned to meet our clients' rapidly evolving requirements, deliver impactful business outcomes and drive long-term sustainable shareholder value.

總而言之，透過利用我們以產業為中心的營運知識來釋放數據和人工智慧、通用人工智慧和代理人工智慧等最先進技術的力量，WNS 能夠滿足客戶快速發展的需求、提供有影響力的業務成果並推動長期可持續的股東價值。

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

現在，我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 fourth quarter, WNS net revenue came in at $323.3 million, down 0.8% on a reported basis from $325.9 million last year and up 0.1% on a constant currency basis. Year-over-year, revenue was adversely impacted by a loss of a large health care client in Q2 of 2025, reductions in travel volumes and unfavorable currency movements. Sequentially, net revenue increased by 1.3% on a reported basis and 2.6% constant currency.

謝謝你，凱沙夫。第四財季，WNS 淨收入為 3.233 億美元，較去年的 3.259 億美元下降 0.8%，以固定匯率計算成長 0.1%。與去年同期相比，2025 年第二季失去一家大型醫療保健客戶、旅行量減少以及不利的貨幣走勢對收入產生了不利影響。以報告基礎計算，淨收入季增 1.3%，以固定匯率計算，淨收入季增 2.6%。

The quarter-over-quarter revenue growth was driven by broad-based demand for AI-led transformation, automation and cost reduction solutions, which more than offset reduced revenue with large utilities clients resulting from the Q3 completion of a platform migration project and unfavorable currency movements.

季度環比收入成長是由對人工智慧主導的轉型、自動化和成本削減解決方案的廣泛需求推動的，這足以抵消由於第三季度完成平台遷移項目和不利的貨幣變動導致的大型公用事業客戶的收入減少。

In Q4, WNS recorded $1.3 million of short-term high-margin revenue. Adjusted operating margin in Q4 was 21.4% as compared to 20.9% last year and 19.3% last quarter. Year-over-year, adjusted operating margin improvements were driven by favorable currency movements and were partially offset by increased investments in infrastructure and sales. Sequentially, margin improvement was driven by operating leverage and higher volumes, improved productivity and favorable currency movements.

第四季度，WNS 錄得 130 萬美元的短期高利潤收入。第四季調整後營業利益率為 21.4%，去年同期為 20.9%，上季為 19.3%。與去年同期相比，調整後的營業利潤率有所提高，這得益於有利的貨幣走勢，但被基礎設施和銷售投資的增加部分抵消。利潤率的提高主要得益於經營槓桿、銷售增加、生產力提高以及有利的貨幣走勢。

The company's net other income/expense was $16.9 million of net income in the fourth quarter as compared to $0.8 million of net income in Q4 of fiscal 2024 and $0.9 million of net expense last quarter. Year-over-year, the favorable variance is a result of $16.7 million from the sale of a facility in India. Sequentially, the favorable variance is a result of the facility sale, reduced interest expense driven by debt repayments and increased interest income on higher cash balances.

該公司第四季的淨其他收入/支出為 1,690 萬美元，而 2024 財年第四季的淨收入為 80 萬美元，上一季的淨支出為 90 萬美元。與去年同期相比，有利的差異是由於出售印度一處工廠所得的 1,670 萬美元。連續地，有利的差異是由於設施出售，債務償還導致的利息支出減少以及現金餘額增加導致的利息收入增加。

WNS effective tax rate for Q4 came in at 23.2% as compared to 21.7% last year and 22.8% in the prior quarter. Both year over year and sequentially, the tax rate increase was driven by changes in our geographical profit mix and the percentage of work delivered from tax incentive facilities. The company's adjusted net income for Q4 was $66.2 million compared with $53.9 million in the same quarter of fiscal '24 and $47 million last quarter. Adjusted diluted earnings were $1.45 per share in Q4, up from $1.12 in the fourth quarter of last year and up from $1.04 last quarter.

WNS 第四季有效稅率為 23.2%，去年同期為 21.7%，上一季為 22.8%。無論是同比還是環比，稅率的增加都是由我們的地理利潤結構變化以及稅收激勵措施交付的工作百分比所驅動的。該公司第四季的調整後淨收入為 6,620 萬美元，而 24 財年同期為 5,390 萬美元，上一季為 4,700 萬美元。第四季調整後稀釋收益為每股 1.45 美元，高於去年第四季的 1.12 美元和上季的 1.04 美元。

As of March 31, 2025, WNS's balances in cash and investments totaled $267.4 million, and the company had $243.5 million in debt. In the fourth quarter, we generated $53.4 million of cash from operating activities, paid $63.4 million for an acquisition of Kipi, incurred $18.6 million in capital expenditures and made debt repayments of $33 million. DSO in the fourth quarter came in at 34 days as compared to 33 days reported in Q4 of last year and 34 days last quarter.

截至 2025 年 3 月 31 日，WNS 的現金和投資餘額總計 2.674 億美元，公司債務為 2.435 億美元。第四季度，我們從經營活動中產生了 5,340 萬美元的現金，支付了 6,340 萬美元收購 Kipi，發生了 1,860 萬美元的資本支出，並償還了 3,300 萬美元的債務。第四季的 DSO 為 34 天，而去年第四季為 33 天，上季為 34 天。

With respect to other key operating metrics, WNS's total headcount at the end of fourth quarter was 64,505 and our attrition rate was 39% as compared to 33% reported in Q4 of last year and 32% in the previous quarter. We expect attrition to average in the low to mid-30% range, but the rates could remain volatile quarter over quarter. Billed seat capacity at the end of Q4 was 42,494 and WNS averaged 32% work from office during the quarter.

至於其他關鍵營運指標，WNS 第四季末的員工總數為 64,505 人，員工流失率為 39%，而去年第四季為 33%，上一季為 32%。我們預期員工流失率平均在 30% 左右，但每季的流失率可能仍會保持波動。第四季末的計費座位容量為 42,494 個，WNS 本季平均有 32% 的工作是在辦公室進行的。

I would like to provide you with a brief financial summary for fiscal 2025 before discussing our outlook for the coming year. Net revenue for fiscal year came in at $1.266 billion, down 1.5% on a reported basis and down 1.7% on constant currency. Revenue growth during the year was driven by healthy new logo additions and existing client expansion that was overshadowed by the three client-specific revenue headwinds Keshav mentioned earlier.

在討論我們對來年的展望之前，我想向您提供 2025 財年的簡要財務摘要。本財年淨收入為 12.66 億美元，以報告基礎計算下降 1.5%，以固定匯率計算下降 1.7%。本年度的營收成長主要得益於新品牌的健康發展和現有客戶的擴張，但 Keshav 先前提到的三個特定於客戶的收入逆風卻掩蓋了這一成長。

The company's fiscal 2025 adjusted operating margin was 19.5%, down 110 basis points versus fiscal 2024. Margin favorability from currency movements and improved productivity was more than offset by increased investments and reduced operating leverage on lower revenue. Net interest income expense for the year improved by $11.7 million and was driven by our India facility sale of $16.7 million in Q4. This benefit was partially offset by reduced interest income on lower average cash balances and increased interest expense on higher average debt levels.

該公司 2025 財年的調整後營業利益率為 19.5%，較 2024 財年下降 110 個基點。貨幣變動和生產力提高帶來的利潤優勢被投資增加和收入下降導致的營運槓桿降低所抵消。本年度淨利息收入支出改善了 1,170 萬美元，這得益於我們第四季印度工廠的 1,670 萬美元出售。由於平均現金餘額較低而導致的利息收入減少以及由於平均債務水平較高而導致的利息支出增加，部分抵消了這一收益。

The company's effective tax rate was 19.9%, up from 18.3% last year, but below normalized levels due to an $8.6 million nonrecurring tax benefit in Q2. Full year adjusted net income came in at $208.7 million, down 4% year on year, while adjusted EPS came in at $4.55, representing an increase of 3%. WNS' average share count reduced by 7% as a result of our aggressive share repurchase in the first half of the year.

該公司的有效稅率為 19.9%，高於去年的 18.3%，但由於第二季 860 萬美元的非經常性稅收收益，低於正常水平。全年調整後淨收入為 2.087 億美元，年減 4%，調整後每股收益為 4.55 美元，成長 3%。由於我們上半年大力回購股票，WNS 的平均股票數量減少了 7%。

Our fiscal 2025 profitability was favorably impacted by $21 million or $0.46 per share as a result of nonrecurring benefits, including a tax liability reversal in Q2 and our facility sales in India in Q4. In fiscal 2025, WNS generated $207.2 million in cash from operations, spent $54.1 million on capital expenditures, made debt repayments of $174 million and incurred $63.4 million for acquisitions. The company also repurchased 2.8 million shares of stock at a total cost of $1.97 billion or $53.46 per share.

由於非經常性收益（包括第二季度的稅務責任逆轉和第四季度我們在印度的設施銷售），我們的 2025 財年盈利能力受到了 2100 萬美元或每股 0.46 美元的積極影響。在 2025 財年，WNS 從營運中產生了 2.072 億美元的現金，花費了 5,410 萬美元的資本支出，償還了 1.74 億美元的債務，並花費了 6,340 萬美元用於收購。該公司還回購了 280 萬股股票，總成本為 19.7 億美元，即每股 53.46 美元。

Our disciplined balanced approach to capital allocation resulted in WNS ending the year with a net cash balance of $24 million. The company's global attrition rate for the year was 35% and work from office increased to 72% as compared to 68% last year.

我們採取了嚴謹均衡的資本配置方法，使得 WNS 在年底的淨現金餘額達到 2,400 萬美元。該公司今年的全球員工流動率為 35%，辦公室辦公率從去年的 68% 上升至 72%。

In our press release issued earlier today, WNS provided our initial full year guidance for fiscal 2026. Based on the company's current visibility levels, we expect net revenue to be in the range of $1.352 billion to $1.404 billion, representing year-over-year growth of 7% to 11% on both reported and constant currency basis.

在我們今天早些時候發布的新聞稿中，WNS 提供了我們對 2026 財年的初步全年指導。根據公司目前的知名度，我們預計淨收入將在 13.52 億美元至 14.04 億美元之間，按報告和固定匯率計算，年增 7% 至 11%。

We currently have 90% visibility to the midpoint of the range, which assumes an average British pound to U.S. dollar exchange rate of $1.29 for the full year. Guidance includes our acquisition of Kipi.ai, which is expected to contribute approximately 2% revenue and be neutral to adjusted EPS. Fiscal 2026 revenue projections assume a year over year headwind of approximately 2% related to fiscal 2025 ramp downs with the health care client and online travel volumes and do not include any revenue contribution from unsigned large deals or improvements in discretionary project spending.

目前，我們對該範圍中點的可視性為 90%，假設全年英鎊兌美元的平均匯率為 1.29 美元。指引包括我們對 Kipi.ai 的收購，預計這將貢獻約 2% 的收入並對調整後的每股盈餘產生中性影響。2026 財年收入預測假設同比出現約 2% 的逆風，這與 2025 財年醫療保健客戶和在線旅行量的下降有關，並且不包括未簽署的大額交易或可自由支配項目支出的改善帶來的任何收入貢獻。

WNS' full year adjusted net income for fiscal 2026 is expected to be in the range of $199 million to $211 million based on an INR 87 to a U.S. dollar exchange. This implies adjusted EPS of $4.43 to $4.70 based on a diluted share count of approximately 44.9 million shares. As Keshav mentioned, excluding the $0.49 of onetime benefits in fiscal 2025, the midpoint of guidance represents an increase of more than 11% in adjusted EPS. With respect to capital expenditures, WNS currently expects our requirements for fiscal 2026 to be up to $65 million. We will now open the call for questions. Operator?

根據 87 印度盧比兌 1 美元的匯率，WNS 2026 財年全年調整後淨收入預計將在 1.99 億美元至 2.11 億美元之間。這意味著基於約 4,490 萬股的稀釋股數，調整後的每股收益為 4.43 美元至 4.70 美元。正如 Keshav 所提到的，不包括 2025 財年的 0.49 美元一次性福利，指導中點代表調整後每股收益成長 11% 以上。關於資本支出，WNS 目前預計 2026 財年的需求將高達 6,500 萬美元。我們現在開始提問。操作員？

(Operator Instructions) Bryan Bergin, TD Cowen.

（操作員指示） Bryan Bergin，TD Cowen。

I want to start on client demand. So first off, good to hear the two large deals that were signed in the fourth quarter. I know those have been a long time coming for you. But aside from those, can you just talk about just broader client sentiment, what you've been seeing around signing, engagement ramps and spending behavior, just particularly since the end of March?

我想根據客戶需求開始。首先，很高興聽到第四季簽署了兩筆大交易。我知道你等待這些已經很久了。但除此之外，您能否談談更廣泛的客戶情緒，特別是自 3 月底以來，您在簽約、參與度提升和消費行為方面看到的情況？

Yes, Bryan, so thanks for that question. Interestingly, while there is a bit of uncertainty in the minds of a number of clients essentially around where the macros are, what are the kind of pronouncements and announcements coming on tariff wars as well as reactions of different countries, which could impact each of these companies' supply chains or different elements of their business; what we are seeing is a consistent theme coming to the fore, which is nobody wants to wait now anymore in terms of their digital transformation kind of journeys.

是的，布萊恩，謝謝你提出這個問題。有趣的是，雖然許多客戶心中存在一些不確定性，主要是關於宏觀經濟形勢、關稅戰的聲明和公告以及不同國家的反應，這些都可能影響這些公司的供應鏈或業務的不同要素；但我們看到，一個一致的主題正在凸顯，那就是沒有人願意再等待他們的數位轉型之旅了。

But more importantly, everyone is quite clear about the fact that their cost reduction and cost leadership programs must anyway happen along with it. So, as you can see, we've actually been able to accelerate closures. In fact, some of the closures, we were able to finish earlier than what we had anticipated before. Some of the large deals that we announced during this quarter, we originally thought would actually take a little longer to close. And the advantage of this now means that we actually get full year's revenue coming in on some of these deals, both large as well as small.

但更重要的是，每個人都非常清楚，無論如何，他們的成本削減和成本領先計劃必須隨之進行。所以，正如您所看到的，我們實際上已經能夠加速關閉。事實上，我們能夠比之前預期更早完成一些關閉工作。我們原本以為本季宣布的一些大型交易實際上需要更長時間才能完成。這樣做的好處是，我們實際上可以從這些交易中獲得全年的收入，無論交易規模大小。

So actually, what we see is enhanced activity from clients, clients being cautiously optimistic, taking calls in terms of cost reduction and digital kind of disruption. And from our perspective, as long as there is no paralysis, that augurs very well for our business model for the long term.

因此，實際上，我們看到的是客戶的活動有所增強，客戶持謹慎樂觀的態度，在降低成本和數位顛覆方面做出回應。從我們的角度來看，只要沒有癱瘓，這對我們的長期商業模式來說是一個非常好的預兆。

And I think just to Keshav's point, Bryan, when you look at the roughly 90% of our business that is transformation, automation, cost reduction, where we're actually managing operations for our clients. The reality is that's a strategic decision on the part. And if they've made that decision that they need to find a partner to accelerate that journey, the fact that we save them money at the same time is never going to be an issue in a weak environment. And certainly, wouldn't go as far as to say that our business is countercyclical, but the reality is that 90% of our business is and does continue to have a very low macro correlation. Where we have to watch for potential volatility would be on the 10% of our business that's project-based, which at this point remains fairly stable and to see if there are any potential impacts down the road.

我認為正如 Keshav 所指出的，布萊恩，當你看到我們大約 90% 的業務都是轉型、自動化、降低成本時，我們實際上是在為客戶管理營運。事實上，這是我們所做的戰略決策。如果他們已經決定尋找合作夥伴來加速這一進程，那麼在疲軟的環境下，我們同時為他們節省資金這一事實永遠不會成為問題。當然，我不會說我們的業務是逆週期的，但事實是，我們 90% 的業務現在和將來的宏觀相關性都很低。我們需要關注的潛在波動是基於專案的 10% 業務，目前該業務仍然相當穩定，我們需要觀察未來是否會出現任何潛在影響。

Okay. Makes sense. That's clear. And then if we kind of dissect the '26 growth outlook, so 7% to 11% reported in constant currency with like two points in organic. Can you give us a sense just on the other puts and takes as it relates to things like productivity commitments, client ramp downs, towards your assumption, just kind of the buildup to that, the kind of the gross versus net growth dynamic?

好的。有道理。這很清楚。然後，如果我們分析 26 年的成長前景，那麼以固定匯率計算，成長率為 7% 至 11%，有機成長率為 2 個百分點。您能否讓我們了解與生產力承諾、顧客減少等因素相關的其他利弊，以及您的假設，以及總成長與淨成長動態的關係？

Sure. I think overall, Brian, we're kind of back to a more normalized environment. So, I think the headwinds that we're looking at for the year relative to client ramp downs, productivity improvements and projects - the projects that are rolling off, right, we're still looking in that 10%, 11% range for that piece of the business. The other piece that Arijit had called out in his prepared remarks is we do have a 2% annualized impact from the large health care ramp down and from the ramp down that occurred throughout the year in the OTA space. So those two items will create an additional 2% headwind in fiscal '26. But our growth algorithm in the 9% at the midpoint is inclusive of roughly a 13% overall in the business.

當然。布萊恩，我認為總體而言，我們已經回到了更正常化的環境。因此，我認為我們今年面臨的阻力與客戶減少、生產力提高和項目有關——正在推出的項目，我們仍然預計該業務部分的成長將在 10% 至 11% 的範圍內。Arijit 在其準備好的發言中提到的另一點是，我們確實受到了醫療保健領域大規模下滑以及全年 OTA 領域下滑的 2% 的年化影響。因此，這兩項因素將為 26 財年帶來額外的 2% 的阻力。但我們中間點 9% 的成長演算法包含了整個業務約 13% 的成長。

Mayank Tandon, Needham.

梅揚克·坦登，尼德姆。

Dave, maybe just to extend Bryan's question there. Could you talk about the cadence of growth through the fiscal '26 in terms of the organic trends versus the M&A contribution, would that be pretty evenly split? And then also same question on the margin front, how we should think about the cadence of margins as the year progresses?

戴夫，也許只是想延伸一下布萊恩的問題。您能否談談 26 財年的成長節奏，從有機趨勢到併購貢獻，是否會相當均衡？那麼在利潤方面也存在著同樣的問題，隨著時間的推移，我們該如何考慮利潤的節奏？

Yes. Look, I think we're kind of back from a cadence perspective, mine, to normal numbers, right? The reality is the acquisition took place about mid-month in March. So, we should have a full quarter's worth of contribution in fiscal Q1. In terms of the cadence of the business, I think both Keshav and Arijit just talked about the fact that excluding the health care ramp down, which was in fiscal Q2 of '25, we've now put up three quarters in a row of 3% sequential growth in the business on a constant currency basis. So, we entered the fiscal year with good momentum. Obviously, as you're all aware, Q1 is typically seasonally soft for us on the revenue side. So, because we give our productivity improvements in Q1, the expectation walking into the year similar as always, is that we're going to be flat to slightly up in Q1 but it's always kind of a softer quarter because of that 3% to 4% productivity headwind that we have embedded in that.

是的。你看，我認為從節奏的角度來看我們已經恢復到正常水平了，對嗎？實際情況是，此次收購發生在三月中旬左右。因此，我們應該在第一財季獲得整整一個季​​度的貢獻。就業務節奏而言，我認為 Keshav 和 Arijit 都談到了這樣一個事實：除 2025 財年第二季度的醫療保健業務下滑外，按固定匯率計算，我們的業務已連續三個季度實現 3% 的連續增長。因此，我們以良好的勢頭進入了財政年度。顯然，正如大家所知，第一季我們的收入通常因季節性而疲軟。因此，由於我們在第一季提高了生產力，因此對今年的預期與往常一樣，即第一季度的生產力將持平或略有上升，但由於我們嵌入了 3% 至 4% 的生產力逆風，因此這始終是一個較為疲軟的季度。

Similarly, from the margin perspective, Q1 is going to be soft for us because we get the productivity headwinds in Q1 on the revenue side. We give the wage increases on the cost side. And we're also going to have the ramp of these two large deals that are going to be hitting us in Q1 and into Q2. So, our expectation at this point is that we're going to be somewhere in the 17% to 17.5% operating margin for Q1, but to see that number sequentially improve as we move throughout the year. And as both Arijit and Keshav mentioned, looking at this point in time with our aggressive investments, flattish operating margin at that 19.5% level for the full year.

同樣，從利潤率的角度來看，第一季對我們來說將是疲軟的，因為我們在第一季的收入方面遇到了生產力阻力。我們在成本方面給出了工資增長。我們還將迎來這兩筆大交易，它們將在第一季和第二季對我們產生影響。因此，我們目前的預期是，第一季的營業利潤率將在 17% 至 17.5% 之間，但隨著全年的推進，這一數字將逐步提高。正如 Arijit 和 Keshav 所提到的，從目前的情況來看，由於我們進行了積極的投資，全年營業利潤率穩定在 19.5% 的水平。

Yes. And just to add, Mike, if you look at it from an overall year perspective, they have mentioned, if you look at we are seeing margin expansion in H2, and of course, as our revenue visibility increases and we start tracking our projections, we also expect the overall margins to also improve in a similar manner that we told you this year when we had this year as well, you would have seen our margins expanded in Q4 as well. And we expect a similar trajectory to also happen. But as of right now, like Dave mentioned, we are looking at similar operating margins for fiscal '26 versus '25 due to the reasons Dave mentioned.

是的。另外，麥克，如果你從全年的角度來看，他們提到過，如果你看一下，我們會看到下半年的利潤率有所擴大，當然，隨著我們的收入可見性提高，我們開始跟踪我們的預測，我們也預計整體利潤率也會以類似的方式提高，就像我們今年告訴你的那樣，你會看到我們的利潤率在第四季度也有所擴大。我們預計類似的軌跡也會出現。但截至目前，正如戴夫所提到的那樣，由於戴夫提到的原因，我們認為 26 財年的營業利潤率與 25 財年的營業利潤率相似。

Got it. And then just to maybe delve into the two large deals. Are you able to quantify the impact and maybe discuss the type of services you're providing? And to that extent, are there more large deals in the pipeline that you could potentially close in fiscal '26?

知道了。然後也許深入研究這兩筆大交易。您能否量化影響並討論您所提供的服務類型？從這個意義上來說，是否還有更多大型交易可能在 26 財年完成？

Yes. Look, I think, Mike, we've been consistent in our large deal definition, right, that these are at a minimum $10 million in annual contract value. We're still going through the process of kind of finalizing the ramp-up here, and we've been hopefully conservative in terms of their contribution relative to fiscal '26. We are actively ramping these deals at this point in time. Let's hope this is going to happen. But we're not going to be getting a full year's worth of revenue from either of these deals at this point. One, we expect to be fully ramped hopefully by Q2.

是的。聽著，麥克，我認為我們對大額交易的定義是一致的，對吧，即每年的合約價值至少為 1000 萬美元。我們仍在經歷最終的提升過程，我們希望他們對 26 財年的貢獻持保守態度。目前我們正在積極推動這些交易。我們希望這會發生。但目前我們還無法從這兩筆交易中獲得全年的收入。首先，我們預計到第二季將實現全面成長。

The other should be ramping as we move through the first half of the year. So obviously, those deals will be a function of both the timing of the ramp and the overall size, which we have not disclosed. In terms of the type of work that's being done, as Keshav mentioned, one of the deals is in the banking and financial services space. It's worked for one of the world's largest payment platforms, and we're going to be doing risk operations, enhanced due diligence for them, user operations and technical payment processing. On the travel side, which is the second large deal, this is in the corporate travel management space, and it's going to be operations and fulfillment in addition to online bookings for them. So, both of these deals' kind of in core middle office for these companies and focused on things that are mission-critical for running their businesses.

隨著我們進入上半年，另一個成長點應該會逐漸增加。因此，顯然，這些交易將取決於產能提升的時間和整體規模，而我們尚未透露這些細節。就正在進行的工作類型而言，正如 Keshav 所提到的，其中一項交易涉及銀行和金融服務領域。它曾為世界上最大的支付平台之一服務，我們將為他們進行風險運營、加強盡職調查、用戶運營和技術支付處理。在旅遊方面，這是第二大交易，它涉及企業旅行管理領域，除了線上預訂之外，還將提供營運和履行服務。因此，這兩筆交易對於這些公司來說都屬於核心中台業務，並且專注於對其業務運作至關重要的事情。

Yes. And just to add to your second part of your question, look, the pipeline going forward is also very healthy. We had a similar pipeline last quarter as well, and the pipeline continues. We are seeing some fairly late-stage conversations in three or four clients. But as we mentioned in our remarks and a couple of quarters back, from a guidance perspective, we will only include deals just signed. So, while we are optimistic about getting some of these closed in a couple of quarters, once we sign them, we'll be in the guidance. But the pipeline is healthy. There are some active conversations and the conversations are at multiple levels, including some of them are as well.

是的。補充你問題的第二部分，你看，未來的管道也非常健康。我們上個季度也有類似的管道，而且管道還在繼續。我們看到三、四個客戶正在進行一些相當後期的對話。但正如我們在評論中以及幾個季度前提到的那樣，從指導角度來看，我們只會包括剛剛簽署的交易。因此，雖然我們對在幾個季度內完成其中一些交易感到樂觀，但一旦我們簽署了這些交易，我們就會按照指示進行。但管道狀況良好。有一些活躍的對話，而且對話是多個層次的，包括其中一些也是。

Surinder Thind, Jefferies LLC.

Surinder Thind，Jefferies LLC。

Just following up on the large deals. Are there any characteristics that we should be aware of in terms of maybe the duration of the contracts, expectations around productivity improvement or just more broadly with the newer contracts that you're signing, just any color that you can provide there with clients' anticipation of your integration of AI and the productivity expectations?

只是跟進大型交易。就合約期限、對生產力提高的期望或更廣泛而言，就您簽署的新合約而言，我們應該注意哪些特點？您能否提供一些信息，以表明客戶對人工智慧整合的期望以及生產力的期望？

Yes. I think that's a great question. So, I think the key is all of these large deal transactions help move us away from the traditional models that this industry normally operates in with clients and positions us significantly away in a higher value area away from traditional BPM.

是的。我認為這是一個很好的問題。因此，我認為關鍵在於所有這些大型交易都有助於我們擺脫該行業通常與客戶合作的傳統模式，並使我們遠離傳統 BPM，進入更高價值的領域。

So that's the first thing I would like to say because now what's coming to the fore is not just our superior knowledge of business domains and sub domains, but also our great understanding of technology, analytics, digital transformation, our partnerships that we didn't speak about earlier but that we have now created across all the large players, whether it is around cloud, whether it's around technology, whether it's around agentic, whatever.

這是我想說的第一件事，因為現在凸顯出來的不僅是我們對業務領域和子領域的卓越知識，還有我們對技術、分析、數位轉型以及我們之前沒有談到但現在我們已經與所有大型參與者建立的合作夥伴關係的深刻理解，無論是圍繞雲端運算、圍繞技術、圍繞代理，還是其他什麼。

All of this comes together, which means the quality of conversation with these clients now moves from a TCO; from just a simple cost-saving model to much more a TCO-oriented kind of a model where we're actually walking in, telling our clients that here's what they normally spend in a particular area. We take out large components of that area, keeping certain parts which are unique to them inside and then delivering all of that at a particular price point.

所有這些結合在一起，意味著與這些客戶的對話品質現在已經從 TCO 轉變；從簡單的成本節約模式轉變為更以 TCO 為導向的模式，我們實際上會走進客戶，告訴他們這是他們通常在特定領域的支出。我們從該地區取出大型組件，保留其中獨特的某些零件，然後以特定的價格提供所有這些零件。

And that allows the company, the client on the one hand, to save money, to be far more efficient and to see the impact of some of the technology tools that we bring to the fore. But from our point of view, it builds a very strong relationship with the client. It creates what I call a Black Box Approach with each of these clients. It allows us to work on models that can, over a period of time, dramatically change margin profile.

一方面，這使得公司（客戶）可以節省資金，提高效率，並看到我們推出的一些技術工具的影響。但從我們的角度來看，它與客戶建立了非常牢固的關係。它為每個客戶端創建了我所說的黑盒方法。它使我們能夠研究在一段時間內能夠顯著改變利潤率狀況的模型。

And more importantly, we always start with one area, but these large deals always have a path towards new processes and new areas, like, for example, the travel company that we spoke about or the banking platform company that we spoke about, these are very large players globally.

更重要的是，我們總是從一個領域開始，但這些大交易總是有一條通往新流程和新領域的道路，例如，我們談到的旅遊公司或銀行平台公司，這些都是全球非常大的參與者。

We may have started with one area, but we have already spoked out the next two or three areas that we will go after, which potentially over a couple of years, would position all of these clients as, I think, in the top five, top 10 because of this unique approach. And this is the approach that we are taking to not just the large clients, but also other traditional bread and butter smaller clients where we believe the potential for creating a large deal is available.

我們可能從一個領域開始，但我們已經說出了接下來要進軍的兩三個領域，我認為，透過這種獨特的方法，幾年後，這些客戶將進入前五名、前十名。我們不僅對大客戶採取這種方法，對其他傳統的小客戶也採取這種方法，我們相信這些客戶有潛力達成大筆交易。

I would just add to Keshav's comments, Surinder, that both of these deals are five-plus years in duration. So, kind of following that, when you're doing transformation, it's going to take a long time for the client to get comfortable. And as a result, these deals typically don't have one-, two-, three-year kinds of life. So, both of these are five-year-plus deals.

我只想補充一下 Keshav 的評論，Surinder，這兩筆交易的期限都是五年以上。因此，按照這個思路，當你進行轉型時，客戶需要很長時間才能適應。因此，這些交易通常沒有一年、兩年或三年的期限。所以，這兩份合約都是五年以上的合約。

The other thing that's interesting that we're seeing kind of across the portfolio is that the productivity commitments that we have to give to clients are a function of what they're ready to do and what they're willing to let us do on the front end. So, if a client is willing to let us deploy AI, Gen AI, agentic AI as part of the upfront solution, then the productivity commitments over a five-, six-year period tend to actually be a little bit less.

我們在整個投資組合中看到的另一件有趣的事情是，我們必須向客戶做出的生產力承諾取決於他們準備做什麼以及他們願意讓我們在前端做什麼。因此，如果客戶願意讓我們部署 AI、Gen AI、代理 AI 作為前期解決方案的一部分，那麼五、六年內的生產力承諾實際上往往會少一些。

If the client is moving forward with us in today's model with an understanding that over the next four to five years, we're going to be deploying more and better technology, then the productivity improvements tend to be going up a little bit. So overall, I would say when we look at the profile of the deals we're signing, it's mixed. But overall, the productivity commitments at the company level are very similar to where they've been.

如果客戶按照今天的模式與我們一起前進，並且了解在未來四到五年內我們將部署更多更好的技術，那麼生產力的提高往往會有所提高。所以總的來說，當我們查看我們簽署的交易概況時，我會說，它是混合的。但整體而言，公司層面的生產力承諾與以往非常相似。

That's actually quite helpful. And then in terms of just maybe following up on some earlier commentary in the prepared remarks. When we think about client behavior, I think it makes sense that you probably would not see a material change given the focus and the types of works that you guys do. But you also talked a little bit about assuming no improvement in discretionary spend.

這實際上非常有幫助。然後也許只是跟進準備好的評論中的一些先前的評論。當我們考慮客戶行為時，我認為考慮到你們的重點和你們所做的工作類型，你們可能不會看到實質的變化，這是有道理的。但您也談到了假設可自由支配的支出不會改善。

Now should you be assuming some degradation? Or is it just truly we're too early in this, what I would call, period of uncertainty for clients to actually be changing behavior or seeing for you to be seeing any change in behavior? Is it a timing issue at this point? Or is it clients truly just aren't changing behavior with respect to your line of work?

現在您是否應該假設存在某種退化？或者我們真的還處於這個我稱之為不確定的時期的早期階段，客戶實際上還沒有改變行為，或者您還未看到任何行為變化？現在是不是時間問題？或者客戶確實沒有改變對您的工作領域的行為？

So, look, let me try that. Look, the core business that Dave mentioned earlier is basically the business technology business, right, which is mission-critical for clients. And of course, there, we don't expect to see any changes because we feel a lot of that business is actually mapping. So as demand for cost increases, we actually expect that sort of business to similar levels.

那麼，瞧，讓我試試看。你看，戴夫之前提到的核心業務基本上是商業技術業務，對，這對客戶來說至關重要。當然，我們不希望看到任何變化，因為我們認為很多業務實際上是地圖繪製。因此，隨著成本需求的增加，我們實際上預計此類業務將達到類似的水平。

But to your point on the discretionary expenditure, look, it's a difficult one. So, at this point in time, if you recall, we've said our ability to guide to 90% midpoint. And that is in historical precedence that you see where we sort of where we were typically at the Q1 of each year. So, at this point in time, we are not baking in any improvements or deteriorations.

但對於您提到的可自由支配的支出，這是一個很難的問題。因此，如果您還記得的話，此時我們已經說過，我們的引導能力達到中點的 90%。從歷史先例來看，我們每年第一季的業績通常都處於這個水平。因此，目前我們還沒有考慮任何改進或惡化。

We are assuming that, that part of the business continues in line with our core business and given that with the acquisitions of Kipi and the [PSK] at Vuram, given the fact that our project-based revenue has increased in percentage from where we were historically, any improvement in the macros or the discretionary expenditure will actually help us improve our outlook.

我們假設，該部分業務繼續與我們的核心業務保持一致，並且考慮到對 Kipi 和 Vuram 的 [PSK] 的收購，考慮到我們的基於項目的收入百分比較歷史水平有所增加，宏觀經濟或可自由支配支出的任何改善實際上都將幫助我們改善前景。

Yes. I think to Arijit's point, we believe we've largely derisked this based on the visibility that we provided here. The reality is on top of that, Surinder, that if you look at the project work that we do, and obviously, it's discretionary in nature. The client has to write a check upfront and then get the benefits over time, right?

是的。我認為對於 Arijit 的觀點，我們相信我們已經根據我們在這裡提供的可見度在很大程度上降低了風險。現實情況是，蘇林德，如果你看看我們所做的專案工作，你會發現，很明顯，它本質上是自由裁量的。客戶必須先開一張支票，然後隨著時間的推移才能獲得收益，對嗎？

But if you look at the primary driver for our discretionary projects, whether that's procurement, whether that's automation, whether that's analytics, these projects all have a cost reduction theme to them, right? The only difference is as opposed to getting the savings day one, the client has to write a check first and then get the savings over time.

但是，如果您看一下我們自由裁量項目的主要驅動力，無論是採購，還是自動化，還是分析，這些項目都具有降低成本的主題，對嗎？唯一的區別是，與第一天獲得儲蓄不同，客戶必須先開支票，然後隨著時間的推移獲得儲蓄。

So, while we do believe that these projects could get deprioritized because they do drive cost savings and they are critical to clients, we believe that they're not going to drop that far in the prioritization. And in fact, if you look at project-based revenues and the revenues that we've gotten from our acquisition, those numbers were relatively stable even in fiscal '25.

因此，雖然我們確實認為這些項目的優先順序可能會降低，因為它們確實可以節省成本，而且對客戶至關重要，但我們相信它們的優先順序不會下降那麼多。事實上，如果你看看基於專案的收入和我們從收購中獲得的收入，你會發現即使在 25 財年，這些數字也相對穩定。

Got it. That's helpful. Thank you.

知道了。這很有幫助。謝謝。

Puneet Jain, JPMorgan.

摩根大通的 Puneet Jain。

Hi. Thanks for taking my question. So, there's been like some sensitivity to travel volume in the past with like the macro environment. So, with like how things where they are right now as it relates to macro-outlook; what does the guidance bake in for travel volume? How low some of those contracts are to possibly like the minimum level of commitments from those clients?

你好。感謝您回答我的問題。因此，過去宏觀環境對旅行量有一定的敏感度。那麼，就目前的情況以及與宏觀前景的關係而言，對旅行量的指導是怎樣的呢？這些合約的最低承諾額度到底有多低？是否符合客戶的最低承諾額度？

So let me start, actually, Puneet. It's a great question. And I fully understand where you're coming from as far as the question is concerned because of the macros. But I'll let you in on a little secret. One of the biggest pipelines that we have really now is in the travel and the shipping and logistics space, which is a little counterintuitive because you would expect with all that is being spoken about, those are likely to get impacted the most. But some of the wins that we have had in this last year, the pipeline that we have now built, the decisions that we are seeing are all, are very much focused on these areas, which means all of them are preparing for potential changes in their business model.

那麼實際上，讓我來開始吧，Puneet。這是一個很好的問題。而且由於宏的關係，我完全理解您提出這個問題的原因。但我會告訴你一個小秘密。我們現在最大的管道之一是旅遊、航運和物流領域，這有點違反直覺，因為你會預料到，從目前談論的所有內容來看，這些領域可能會受到最大影響。但我們在去年取得的一些勝利、我們現在所建立的管道、我們所看到的決定都主要集中在這些領域，這意味著他們都在為其商業模式的潛在變化做準備。

So, everyone seems to be very focused now on the cost leadership mantra right, which actually plays in extremely well from our point of view because many of them also seem to be first-time outsourcers. And particularly in the corporate travel space, many of them have never actually done any of these programs. So, with that having being said, I'll ask Dave and Arijit to give you a little more color on the minimums and stuff.

因此，現在每個人似乎都非常關注成本領先口號，從我們的角度來看，這實際上發揮了非常好的作用，因為他們中的許多人似乎也是首次外包者。特別是在商務旅行領域，許多人實際上從未參與過任何此類計劃。因此，話雖如此，我會請 Dave 和 Arijit 為您提供有關最低標準和其他內容的更多詳細資訊。

Sure. Let me take some of that, Puneet. Look, I think we've been very consistent in explaining to you guys that the challenges that we've had in the travel space have really been because in certain areas, we operate at the intersection of a volatile segment, right, in terms of travel, a volatile service offering in terms of CX and a volatile business model in terms of digital, right?

當然。讓我拿一些，Puneet。聽著，我認為我們一直在向你們解釋，我們在旅遊領域所面臨的挑戰實際上是因為在某些領域，我們處於一個不穩定領域的交叉點上，就旅遊而言，就 CX 而言，我們提供的服務不穩定，就數字而言，我們提供的商業模式也不穩定，對吧？

So, where we've seen this impact in our business over the last couple of years and where there's been this pressure has primarily been in the OTA space. It has not been in airline operations. It has not been in hotels because what we're doing there is more middle or back office focused. If you look at the OTA space and you look at where we were in Q4, online travel was down to 3% of company revenue. We have not baked in improvements in those numbers in fiscal '26. Certainly, if we add new logos, that will help. Certainly, if we can help these clients move from traditional models to AI, agentic AI-led models, then that has upside for us. But at this point in time, we really feel that the online travel volumes for us are bumping along the bottom here.

因此，我們在過去幾年中看到了這種影響，而這種壓力主要出現在 OTA 領域。該公司尚未開展航空運營。我們還沒有在酒店開展業務，因為我們在那裡所做的工作更側重於中台或後台。如果你看一下 OTA 領域，看看我們第四季度的情況，就會發現線上旅遊收入已下降至公司收入的 3%。我們還沒有將 26 財年的這些數字的改善考慮進去。當然，如果我們添加新的標誌，那將會有所幫助。當然，如果我們能夠幫助這些客戶從傳統模式轉向人工智慧、代理人工智慧主導的模式，那麼這對我們來說是有利的。但目前，我們確實感覺到我們的線上旅遊量正處於低谷。

There really is very limited downside risk, especially because of the fact that, that 3% is spread over seven or eight different customers, right? We don't have a client concentration risk on top of the fact that we don't have a major business risk in this segment.

下行風險確實非常有限，尤其是因為 3% 分散在七到八個不同的客戶身上，對嗎？我們在這個領域沒有重大的業務風險，也沒有客戶集中風險。

And just to add some further color, Keshav mentioned that our pipeline travel is very robust. If you look at some of the deals that we are talking about, a lot of those deals are actually in different areas like corporate travel management, et cetera, where which further sort of diversifies our portfolio from being OTA and airline historically to more OTA airline and corporate travel management. And we feel that will also help us derisk any macro sort of sensitivity around this business and gives us more depth and scale in the kind of work we do because each of these deals are large, they're complex, they are sort of, and they are really sort of integral to the client, right? So that's the way we start to derisk the macro impact on the portfolio.

為了進一步說明，Keshav 提到我們的管道運輸非常強勁。如果你看我們正在談論的一些交易，你會發現很多交易實際上是在不同的領域，例如企業旅行管理等等，這進一步使我們的投資組合從傳統的 OTA 和航空公司多樣化到更多的 OTA 航空公司和企業旅行管理。我們認為，這也有助於我們降低這項業務的任何宏觀敏感性，並使我們的工作更具深度和規模，因為每筆交易都很大，很複雜，對客戶來說真的是不可或缺的，對吧？這就是我們開始降低宏觀經濟對投資組合影響的方式。

Got it. Got it. Thanks for that. And for the utilities client, like where you had some headwind, can you talk more about like nature of that headwind, what drove that? And also, what percentage of your overall revenue stems from such platform-based services?

知道了。知道了。謝謝。對於公用事業客戶，例如您遇到了一些阻力，您能否詳細談談阻力的性質以及其驅動因素？另外，你們的總收入中有多少比例是來自這種基於平台的服務？

So overall, I mean, this is a platform migration, right? This would be part of what we report as technology services across the company. We don't do tons of this work. But certainly, if we've got clients that are looking for health care, we're happy to do that. We help this large client migrate their platform from an asset that they were using externally to one that they purchased. And then now we're continuing to manage that process on the new platform.

所以總的來說，我的意思是，這是一個平台遷移，對嗎？這將成為我們報告的整個公司技術服務的一部分。我們不做大量這樣的工作。但當然，如果我們的客戶需要醫療保健，我們很樂意這樣做。我們幫助這個大客戶將他們的平台從他們外部使用的資產遷移到他們購買的資產。現在我們將繼續在新平台上管理流程。

So given our domain expertise, given our process expertise, we were the right partner for them to help do that platform migration. The challenge was that it created a little bit of a bump for us in revenue in fiscal Q2 and Q3. And once that platform migration was successfully completed, obviously, that revenue stream fell off. So, it remains a very healthy happy client for us and obviously, when you look at our segment reporting and you look at our business, right, you'll see this hit the utilities vertical. You'll see this hit the CX revenues. You'll see us hit the largest client in terms of customer concentration and you'll see us hit the U.K. revenue. So as that kind of through the segment, that's where you see the impact to the business in, from Q3 to Q4.

因此，鑑於我們的領域專業知識和流程專業知識，我們是幫助他們進行平台遷移的合適合作夥伴。挑戰在於，它為我們第二季和第三季的收入帶來了一點成長。一旦平台遷移成功完成，顯然收入來源就會下降。因此，對我們來說，它仍然是一個非常健康的快樂客戶，顯然，當您查看我們的分部報告並查看我們的業務時，您會看到這對公用事業垂直領域產生了影響。您將看到這會對 CX 收入產生影響。您將看到我們在客戶集中度方面達到了最大的客戶，並且您將看到我們達到了英國收入的頂峰。因此，透過這樣的細分，您可以看到從第三季到第四季對業務的影響。

And Puneet, just some added commentary. I wouldn't call this a headwind, right? Dave mentioned why the revenues in Q2 and Q3 are up. But if you exclude those, you will see over the last six quarters, the numbers have been broadly stable. So, the volumes are there. Because we did some incremental work, it seems to be a headwind, but the underlying volume work continues, the client and we have great relationship with the client across the CXOs and the Board level. So, at this point, we have no cause of concern in terms of that.

還有 Puneet，只是一些補充評論。我不會把這稱為逆風，對吧？Dave 提到了第二季和第三季營收上升的原因。但如果排除這些因素，你會發現過去六個季度的數字基本上保持穩定。所以，數量就在那裡。因為我們做了一些增量工作，這似乎是一個逆風，但底層的工作量仍在繼續，客戶和我們與 CXO 和董事會層面的客戶保持著良好的關係。因此，就目前而言，我們沒有理由對此感到擔憂。

Robby Bamberger, Baird.

羅比·班伯格，貝爾德。

So, employees were up 2% sequentially and then accelerated to 7% in fiscal Q4. Can you maybe talk about your hiring plans? And should we think of this as essentially a ramp before revenue acceleration in fiscal 2026? And then any color on geographies you're ramping in?

因此，員工人數連續增加 2%，然後在第四財季加速至 7%。您能談談您的招募計畫嗎？我們是否應該將此視為 2026 財年營收加速成長之前的上升？那麼，您所涉足的地理區域有什麼特色嗎？

Yes, that's exactly right, Robby. I mean if you look at the headcount additions in fiscal Q4, this is the ramp for these large deals that are ramping in Q1 and Q2. And obviously, part of the reason we've got that margin pressure in Q1 and bleeding into Q2 a little bit is because we've hired in advance of actually getting the full revenue contribution from the deals. So, you see that impact in Q1. But yes, a lot of what you've seen in terms of the reacceleration in hiring in Q4 is about, we kind of see through the excess capacity in the organization in Q2 and Q3 as revenue rebounded. Now we're hiring for future growth.

是的，完全正確，羅比。我的意思是，如果你看一下第四財季的員工人數增加，你會發現這是第一季和第二季這些大型交易的成長。顯然，我們在第一季面臨利潤壓力，而這種壓力會延續到第二季​​度，部分原因在於我們提前招募了員工，以便從交易中獲得全部收入貢獻。所以，您會在第一季看到這種影響。但是的，您在第四季度看到的招募重新加速的許多情況是，隨著收入反彈，我們在某種程度上看到了第二季和第三季組織中的過剩產能。現在我們正在招募人才，以促進未來的發展。

And, sorry, an additional commentary there as well. The Q4 headcount also includes the impact of the acquisition of Kipi, where we had about 600 folks join us in March. So that's why the numbers might look a little skewed. But like Dave said, the bulk of this is towards hiring for the planned ramps and the revenue growth starting Q1.

抱歉，這裡還需要補充一則評論。第四季的員工人數還包括收購 Kipi 的影響，3 月我們有大約 600 名員工加入我們。所以這就是為什麼這些數字可能看起來有點偏差。但就像戴夫所說的那樣，其中大部分資金用於為計劃中的產能提升而招聘員工以及實現第一季度開始的收入增長。

And I think the headline news as both the gentlemen have said is that growth is back. We are hiring. We are getting people ready to deliver on our priorities. But at the same time, I also want to mention that in terms of quality, we're also hiring people, lots more people onshore in our client-facing locations, salespeople, more digital kind of people, more technology people, all of whom, and more leaders who are actually facing off with end clients because we actually think that the next year is going to be super exciting for us.

我認為，正如兩位先生所說，頭條新聞是經濟成長已經恢復。我們正在招募。我們正在讓人們做好準備，以實現我們的優先事項。但同時，我還想提一下，在品質方面，我們也在招募人員，在我們面向客戶的地點招募更多的人員，銷售人員，更多的數位人員，更多的技術人員，所有這些人，以及更多實際上面對最終客戶的領導者，因為我們真的認為明年對我們來說將是非常令人興奮的一年。

So, it's not just a case of hiring people who are delivering to these processes, but it's also hiring high-quality resources who are now facing off with clients and leading these conversations around domain, digital, technology, transformation and analytics.

因此，這不僅僅是僱用人員來完成這些流程，還要雇用高品質的資源，這些資源現在面對客戶並引導有關領域、數位、技術、轉型和分析的對話。

Yes. Very helpful. And then maybe just turning to Gen AI. Any way to put color on how many clients are currently using Gen AI with you? And are you able to leverage those Gen AI assets across multiple different clients? And then maybe thinking about the mix shift of contracts, should they move more towards fixed base or transaction-based contracts as Gen AI comes on?

是的。非常有幫助。然後也許就轉向 G​​en AI。有什麼方法可以顯示目前有多少客戶正在與您一起使用 Gen AI？您是否能夠在多個不同的用戶端中利用這些 Gen AI 資產？然後也許考慮合約的組合轉變，隨著人工智慧時代的到來，他們是否應該更多地轉向固定基礎合約或基於交易的合約？

Let me take that, Robby. I think to date; we've deployed Gen AI solutions at around 20 of our clients. Most of the work that we've done there is, and Keshav spoke a little bit about this in his prepared remarks, reusable components that we've created and packaging those reusable components that feature Gen AI as part of product type services, right? So, we create a technology asset, a digital asset. It leverages AI, Gen AI, Agentic AI. And then what we do is we wrap services around that product, around that platform so that we can create differentiated experiences for our customers.

讓我來接手吧，羅比。我認為到目前為止，我們已經為大約 20 個客戶部署了 Gen AI 解決方案。我們所做的大部分工作都是，Keshav 在他的準備好的發言中談到了這一點，我們創建的可重複使用的組件，以及將具有 Gen AI 的可重複使用的組件打包為產品類型服務的一部分，對嗎？因此，我們創造了一種技術資產，一種數位資產。它利用人工智慧、Gen AI、Agentic AI。然後，我們所做的就是圍繞該產品、圍繞該平台提供服務，以便為我們的客戶創造差異化的體驗。

So, we've actually been successful in deploying these assets with about 20 customers at this point in time. And we do see good demand for these assets. I think we will continue to see that progress as we move throughout fiscal '26. And the expectation is that the contribution in revenue as we move throughout the year from AI, Gen AI, Agentic AI will continue to increase.

因此，目前我們實際上已經成功地向大約 20 個客戶部署了這些資產。我們確實看到這些資產的需求良好。我認為，隨著 26 財年的推進，我們將繼續看到這一進展。我們預計，隨著全年的發展，人工智慧、Gen AI 和 Agentic AI 對收入的貢獻將持續增加。

And that's the reason why earlier, I also spoke about the fact that we have built very strong partnerships now with some of the technology providers on the other side, particularly around Agentic AI and some of these specific areas that will help us continue to be a very smart company. So, 31 use cases across 20 clients that they spoke about, 13 digital assets fully developed at this point in time, strong partnerships created, but more importantly, sending out a very strong signal to prospects and clients that we are ready to help them when they are.

這就是為什麼我之前也談到，我們現在已經與一些技術供應商建立了非常牢固的合作夥伴關係，特別是在 Agentic AI 和一些特定領域，這將有助於我們繼續成為一家非常聰明的公司。因此，他們談到了 20 個客戶的 31 個用例，目前已完全開發了 13 個數位資產，建立了強大的合作夥伴關係，但更重要的是，向潛在客戶和客戶發出了一個非常強烈的信號，即我們隨時準備為他們提供幫助。

Vincent Colicchio, Barrington Research.

文森‧科利奇奧（Vincent Colicchio），巴林頓研究公司。

Yes. Another question on AI. Keshav, I think last year, you come up with a number for what portion of revenue will be tied to AI. Would you like to take a stab at that kind of a number for '26?

是的。關於人工智慧的另一個問題。Keshav，我想去年你提出了一個數字，表示有多少收入將與人工智慧掛鉤。你想試試 26 年的這個數字嗎？

That's a great question. At this point in time, it is about 5%, close to 5% of our revenue from these models. I think what we will expect is it will increase; it will inch upwards. But at this point in time, we are not in a position to give you a specific number. But I think this is a question that we can keep asking across the quarters.

這是一個很好的問題。目前，這些車型的收入約占我們總收入的 5%，接近 5%。我認為我們預期它會成長，它會緩慢上升。但目前我們還無法給出一個具體的數字。但我認為我們可以在各個季度不斷提出這個問題。

And to what extent is access to skilled labor on the AI side limiting your growth there?

那麼，人工智慧方面的熟練勞動力的獲取在多大程度上限制了貴公司在該領域的發展？

Not at all. Like I mentioned earlier, all the new leadership positions are actually based out of the markets, right? And around them, our ability, look, we don't need large armies of people to do this. We need focused small teams who can come in and help us manage. So, if you look at it, some of it is coming in through our organic growth and acquisition of talent onshore as well as offshore. Some of it is coming through acquisitions, smart acquisitions like Kipi, that we just did. I mean 600 people coming in just from that one acquisition is how we are managing it.

一點也不。正如我之前提到的，所有新的領導職位實際上都是基於市場，對嗎？而在他們周圍，我們的能力，你看，我們不需要大批人馬來做這件事。我們需要專注的小團隊來幫助我們管理。因此，如果你看一下，你會發現其中一部分是透過我們的有機成長以及在岸和離岸人才的收購而獲得的。其中一些是透過收購實現的，例如我們剛完成的 Kipi 這樣的明智收購。我的意思是，僅透過一次收購就能招募 600 名員工，這就是我們的管理方式。

So, at this point in time, while we are very well set and well prepared in terms of meeting our customers down this path, we also think there will be a time frame for clients, particularly the traditional clients to move away from the old model that they used to some of these new models to leverage these areas. And therefore, we will have enough access to talent. We will have enough opportunity to upskill, reskill existing talent, and we will have enough opportunity to lead in terms of some of these areas.

因此，目前，雖然我們在滿足客戶需求方面已經做好了充分的準備，但我們也認為，客戶，特別是傳統客戶，需要一定的時間才能從他們習慣的舊模式轉向一些新模式，以利用這些領域。因此，我們將有足夠的機會獲得人才。我們將有足夠的機會提升、重新培養現有人才，並且我們將有足夠的機會在其中一些領域發揮領導作用。

And just one more. What caused the spike in attrition? Is there anything meaningful to see there?

還有一個。什麼原因導致員工流動率激增？那裡有什麼有意義的東西可以看嗎？

Nothing specific, Vince. I mean all the attrition is once again focused at the entry level in the organization. We've got strong ability to manage that. Actually, there's a certain amount of attrition at that level healthy to running our business and maintaining our cost structure. So, nothing that we're concerned about, nothing that we believe is trend. That number just tends to jump around quarter to quarter.

沒什麼特別的，文斯。我的意思是，所有的人員流失再次集中在組織的入門級。我們有強大的能力來管理這一點。實際上，該層級的一定數量的人員流失對於我們的業務運作和成本結構的維持是有益的。所以，我們並不擔心什麼，也不相信什麼趨勢。這個數字每季都會有波動。

I think at a high level, I'd also say that when growth is back at an industry level, one should also expect some of these things to happen.

我認為從高層次來看，當成長恢復到行業水平時，人們也應該期待其中一些事情會發生。

Absolutely.

絕對地。

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。