Core Insights - Nalanda India Equity Fund Ltd increased its holding in Genpact by 1,015,556 shares, valued at approximately $43.92 million, reflecting a bullish outlook on the stock [2][7] - Genpact's share price was $39.18 as of February 18, 2026, down 27.3% over the past year, underperforming the S&P 500 by 39.53 percentage points [3][4] - The company reported a revenue of $5.08 billion and a net income of $552.49 million for the trailing twelve months [4] Company Overview - Genpact is a global provider of IT and business process outsourcing services, focusing on large enterprise customers across various industries [6][8] - The company leverages digital solutions and process expertise to enhance operational efficiency and transformation for its clients [6] - Genpact serves sectors including banking, capital markets, insurance, consumer goods, healthcare, manufacturing, and high-tech industries [8] Financial Performance - Genpact's sales for 2025 were $5.1 billion, representing a 7% year-over-year increase, with expectations for another 7% growth in 2026 [9] - The company's price-to-earnings ratio is currently at 12, the lowest in a year, indicating a potentially attractive buying opportunity [10]

Core Viewpoint - TaskUs, Inc. is set to report its fourth-quarter and full-year financial results on February 25, 2026, after the U.S. market closes, indicating a significant upcoming event for investors and stakeholders [1] Financial Reporting - The earnings release will include supplemental financial data, which is crucial for understanding the company's performance and future outlook [1] - The financial results will be accessible on the Investor Relations section of the company's website, providing transparency and information for investors [1]

Core Insights - Conduent is undergoing a turnaround under new CEO Harsha Agadi, who has outlined initial priorities and emphasized the need for financial discipline and operational efficiency [2][4]. Financial Performance - Full-year revenue for 2025 decreased by 4.2% to $3.04 billion, while adjusted EBITDA increased to $164 million, reflecting a margin of 5.4%, up 150 basis points year over year [3][8]. - Adjusted free cash flow was negative $130 million for the year, but Q4 showed a positive cash flow of $28 million [3][12]. - The company reported a net leverage ratio improvement to 2.8x, driven by higher EBITDA [3][13]. Sales and Business Development - New business annual contract value (ACV) for Q4 was $152 million, an 11% increase year-over-year, with full-year new ACV reaching $517 million, up 6% [5][6]. - The Government segment saw a 50% increase in new business ACV, while the Transportation segment grew by 14% [5][6]. - The qualified ACV pipeline stands at $3.2 billion, up 4% year-over-year, with significant growth in the Government pipeline [6]. Strategic Priorities - Agadi has identified six operational priorities: faster decision-making, strict financial discipline, cost cuts, portfolio review (fix, sell, or grow), ACV conversion, and organizational simplification [4][14]. - The company plans to host an Analyst Day to provide transparency regarding its strategy and execution [2][4]. Segment Performance - The Commercial segment experienced a revenue decline of 5.9% to $1.5 billion, attributed to volume declines from major clients [9]. - Government segment adjusted revenue was $922 million, down 6.3%, but showed Q4 growth of 1.8% [10]. - Transportation segment adjusted revenue increased by 3.9% to $609 million, with improved margins [11]. Future Outlook - Management expects to provide a detailed update on portfolio rationalization and guidance for 2026 in early May [17]. - Agadi is focused on improving free cash flow and has not provided specific guidance at this time [17].

Financial Data and Key Metrics Changes - Adjusted revenue for full year 2025 was $3.04 billion, down 4.2% from $3.18 billion in 2024 [15] - Adjusted EBITDA for the year was $164 million, compared to $124 million in 2024, with an adjusted EBITDA margin of 5.4%, up 150 basis points year-over-year [15][16] - Adjusted free cash flow was -$130 million for the year, with Q4 adjusted free cash flow being positive at $28 million [19][20] Business Line Data and Key Metrics Changes - Government Segment adjusted revenue was down 6.3% at $922 million, but grew 1.8% in Q4 year-over-year [17] - Transportation Segment adjusted revenue was $609 million for the year, an increase of 3.9%, with adjusted EBITDA margin up 300 basis points versus 2024 [18] - Commercial Segment adjusted revenue was $1.5 billion, down 5.9% compared to 2024, with adjusted EBITDA margin of 10.2%, down 30 basis points year-over-year [16][17] Market Data and Key Metrics Changes - New business Annual Contract Value (ACV) signed in Q4 was $152 million, up 11% versus Q4 2024, with full year 2025 new business ACV at $517 million, up 6% versus 2024 [12] - Government Segment new business ACV was up 50%, and Transportation Segment was up 14% versus 2024 [12] - Commercial Segment new capability ACV increased by 60% this year [13] Company Strategy and Development Direction - The company aims for consistent year-over-year revenue and EBITDA growth, supported by strong free cash flow generation [5][6] - Key priorities include faster decision-making, financial discipline, lowering cost structure, rationalizing the portfolio, and improving conversion rates of the ACV pipeline [9][10][11] - The company is focused on organic revenue growth and will categorize businesses as fix, sell, or grow [10] Management's Comments on Operating Environment and Future Outlook - The CEO emphasized the need for transparency and accountability in executing the turnaround strategy [7][22] - Management is optimistic about the government and transportation segments, while acknowledging challenges in the commercial segment [43] - The CEO highlighted the importance of adapting to technological changes, particularly in AI, to maintain competitive advantage [64] Other Important Information - The company plans to host an Analyst Day in New York City to discuss strategy and execution plans [7] - The qualified ACV pipeline stands at $3.2 billion, up 4% year-over-year, driven by the government segment [14] Q&A Session Summary Question: Metrics for evaluating business units for fix, sell, or grow - The CEO mentioned factors such as growth metrics, predictable EBITDA margins, capital allocation needs, and competitive moats as key considerations [25][26] Question: Philosophy on keeping related business units - The CEO stated the importance of focusing on core competencies and avoiding being everything to everyone, emphasizing the need for discipline in service offerings [31][35] Question: Evidence of revamped go-to-market strategy in commercial segment - Management acknowledged the need for improvement in the commercial segment but noted positive momentum in government and transportation segments [42][43] Question: Exposure to AI disruptors - The CEO estimated that 15%-20% of the business may be exposed to AI disruptors, emphasizing the need for partnerships with technology providers [64] Question: Free cash flow expectations for 2026 - The CEO expressed optimism about turning around free cash flow but did not provide specific guidance [75]

Financial Data and Key Metrics Changes - Adjusted revenue for full year 2025 was $3.04 billion, down 4.2% from $3.18 billion in 2024 [15] - Adjusted EBITDA for the year was $164 million, compared to $124 million in 2024, with an adjusted EBITDA margin of 5.4%, up 150 basis points year-over-year [15][16] - Adjusted free cash flow was -$130 million for the year, with Q4 adjusted free cash flow being positive at $28 million [19][20] Business Line Data and Key Metrics Changes - Government segment adjusted revenue was $922 million, down 6.3% from 2024, but grew 1.8% in Q4 [17][18] - Transportation segment adjusted revenue was $609 million, an increase of 3.9%, with adjusted EBITDA margin at 3%, up 300 basis points from 2024 [18] - Commercial segment adjusted revenue was $1.5 billion, down 5.9% from 2024, with adjusted EBITDA margin at 10.2%, down 30 basis points year-over-year [16][18] Market Data and Key Metrics Changes - New business annual contract value (ACV) for Q4 was $152 million, up 11% from Q4 2024, with full year 2025 new business ACV at $517 million, up 6% from 2024 [12][14] - Government segment new business ACV increased by 50%, while transportation segment was up 14% compared to 2024 [12] - Commercial segment new capability ACV increased by 60% year-over-year [13] Company Strategy and Development Direction - The company aims for consistent year-over-year revenue and EBITDA growth, supported by strong free cash flow generation [5][6] - Key priorities include faster decision-making, financial discipline, lowering cost structure, and rationalizing the portfolio [9][10] - The company is focusing on organic revenue growth and improving conversion rates from the qualified ACV pipeline, which stands at $3.2 billion [10][14] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the current environment as a turnaround story, emphasizing the need for transparency and accountability [7][22] - The company is committed to executing its strategy and improving financial performance, with a focus on sustainable revenue growth and margin expansion [22][23] - Management is optimistic about the government and transportation segments, while acknowledging challenges in the commercial segment [43][44] Other Important Information - The company plans to host an Analyst Day in New York City to discuss strategy and execution plans [7] - Management is reviewing each business unit to categorize them as fix, sell, or grow, with clear accountability for results [10][26] Q&A Session Summary Question: Metrics for evaluating business units - Management will consider growth metrics, EBITDA margins, capital allocation needs, and competitive moats when evaluating business units [26][27] Question: Philosophy on business unit overlap - The company aims to focus on core competencies and avoid being everything to everyone, emphasizing the importance of client relationships [34][35] Question: Evidence of improved commercial performance - Management sees good momentum in public sector businesses but acknowledges the need for improvement in the commercial segment [42][43] Question: AI disruptors and revenue exposure - Approximately 15%-20% of the business may be exposed to AI disruptors, with a focus on partnering with technology providers [64][67] Question: Free cash flow expectations for 2026 - Management is focused on improving free cash flow and expects to provide more precise goals in future guidance [75] Question: Portfolio rationalization status - Portfolio rationalization is a high priority, with efforts to accelerate the process and focus on core business operations [76][77]

Financial Data and Key Metrics Changes - Adjusted revenue for full year 2025 was $3.04 billion, down 4.2% from $3.18 billion in 2024 [13] - Adjusted EBITDA for the year was $164 million, compared to $124 million in 2024, with an adjusted EBITDA margin of 5.4%, up 150 basis points year-over-year [14][15] - Adjusted free cash flow was -$130 million for the year, with Q4 adjusted free cash flow at positive $28 million [18][19] Business Line Data and Key Metrics Changes - Government segment adjusted revenue was down 6.3% at $922 million, but grew 1.8% in Q4 year-over-year [16] - Transportation segment adjusted revenue was $609 million for the year, an increase of 3.9%, with adjusted EBITDA margin at 3%, up 300 basis points versus 2024 [17] - Commercial segment adjusted revenue was $1.5 billion, down 5.9% compared to 2024, with adjusted EBITDA margin at 10.2%, down 30 basis points year-over-year [15][16] Market Data and Key Metrics Changes - New business annual contract value (ACV) signed in Q4 was $152 million, up 11% versus Q4 2024, with full year 2025 new business ACV at $517 million, up 6% versus 2024 [11] - Government segment new business ACV was up 50%, and transportation segment was up 14% versus 2024 [11] - Qualified ACV pipeline stands at $3.2 billion, up 4% year-over-year, driven by a 29% increase in the government segment [12][13] Company Strategy and Development Direction - The company aims for consistent year-over-year revenue and EBITDA growth, supported by strong free cash flow generation [5] - Key priorities include faster decision-making, financial discipline, lowering cost structure, rationalizing the portfolio, and improving conversion rates of the ACV pipeline [7][9] - The company is focused on organic revenue growth and will categorize businesses as fix, sell, or grow [9] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the current environment as a turnaround story, emphasizing transparency and accountability [6][20] - The company is committed to improving operational efficiency and capital allocation to enhance margins and free cash flow [8][19] - Management expects to provide a more detailed update on financial performance and strategic initiatives in the upcoming Q1 call [20] Other Important Information - The company plans to host an Analyst Day in New York City to discuss strategy and execution plans [6] - Unallocated costs decreased by 10.2% versus 2024, driven by cost efficiency programs [18] Q&A Session Summary Question: Metrics for evaluating business units for fix, sell, or grow decisions - Management will consider growth metrics, predictable EBITDA margins, capital allocation needs, and competitive moats when evaluating business units [24][25] Question: Philosophy on maintaining business units with operational overlaps - The company will focus on core competencies and avoid being everything to everyone, emphasizing a disciplined approach to service offerings [29][33] Question: Evidence of revamped go-to-market strategy impacting commercial performance - While there is momentum in public sector businesses, commercial segment growth is still a work in progress, with expectations for improvement in 2027 [41][42] Question: Exposure to AI disruptors and technology threats - Approximately 15%-20% of the business may be exposed to AI disruptors, with a focus on partnering with technology firms to enhance capabilities [62] Question: Free cash flow expectations for 2026 - Management is focused on improving free cash flow and expects to provide more precise goals in future updates [71] Question: Status of portfolio rationalization - Portfolio rationalization is a high priority, with ongoing reviews and potential opportunities being explored [73]

Financial Data and Key Metrics Changes - Genpact reported revenues of $5.08 billion for 2025, reflecting a 6.6% year-over-year increase [4][25] - Adjusted diluted EPS increased by 11% to $3.65, marking the fifth consecutive year of growth faster than revenue [26] - Gross margin expanded by 60 basis points to 36%, while adjusted operating income margin improved by 40 basis points to 17.5% [26][24] Business Line Data and Key Metrics Changes - Advanced Technology Solutions revenue grew by 17% to $1.2 billion, now representing 24% of total revenue [4][25] - Core Business Services revenue increased by 3.7% to $3.876 billion [26] - Data-Tech-AI revenue rose by 9.3% to $2.442 billion, while Digital Operations revenue grew by 4.1% to $2.638 billion [25] Market Data and Key Metrics Changes - High Tech and Manufacturing sector grew by 9.9%, Financial Services by 5%, and Consumer and Healthcare by 1.5% [22] - Non-FTE revenue, reflecting a strategic shift, accounted for 48% of fourth-quarter revenue [22] Company Strategy and Development Direction - Genpact is focusing on scaling data, AI, and domain-driven agentic solutions to transform client operations [4][6] - The company is pioneering a new operating model called Agentic Operations, which integrates AI with human expertise [9][10] - The strategy includes expanding partnerships and investing in AI talent, with over 7,000 AI builders and nearly 20,000 AI practitioners [16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in strong demand and a robust pipeline entering 2026, expecting at least 7% revenue growth [28][29] - The company anticipates continued margin expansion and double-digit adjusted EPS growth [29][31] - Management highlighted the importance of integrating AI into business processes to drive measurable financial outcomes for clients [9][10] Other Important Information - Genpact returned $401 million to shareholders through share repurchases and dividends in 2025 [27] - The company has a significant backlog and is well-positioned to capitalize on the growing demand for Advanced Technology Solutions [28] Q&A Session Summary Question: Changes in contracting conversations due to market pressures - Management noted that the excitement in Silicon Valley is accelerating their pivot and driving outcomes for clients faster, viewing it as a tailwind [35] Question: Factors driving confidence in ATS growth - Management indicated increased conversations and invitations to participate in larger deals, with over a third of bookings coming from Advanced Technology Solutions [40][41] Question: Adoption patterns of new clients for AP Suite - Management highlighted that many new clients are mid-market and existing clients expanding their use of finance technology, significantly enhancing the total addressable market [48] Question: Improvements in sales cycle or ramp times - Management acknowledged that large deals have varying timelines but expressed confidence in the record levels of pipeline across cohorts [49] Question: Drivers of margin expansion - Management attributed margin expansion to the shift towards Advanced Technology Solutions and disciplined operational efficiencies [57][58] Question: Client expectations regarding efficiencies - Management confirmed that while client aspirations are high, they are successfully offsetting costs and creating higher value solutions [70] Question: Decision-makers for agentic solutions within client organizations - Management stated that both business managers and CIOs are integral in driving the adoption of agentic AI solutions [79]

Financial Data and Key Metrics Changes - Genpact reported total revenues of $5.08 billion for 2025, representing a 6.6% year-over-year increase [4][25] - Adjusted diluted EPS increased by 11.3% to $3.65, marking the fifth consecutive year of growth faster than revenue [26] - Gross margin expanded by 60 basis points to 36% and adjusted operating income margin improved by 40 basis points to 17.5% [26][24] Business Line Data and Key Metrics Changes - Advanced Technology Solutions revenue grew by 17% to $1.2 billion, now accounting for 24% of total revenue [4][25] - Core Business Services revenue increased by 3.7% to $3.876 billion [25] - Data Tech and AI revenue rose by 9.3% to $2.442 billion, while Digital Operations revenue increased by 4.1% to $2.638 billion [25] Market Data and Key Metrics Changes - High tech and manufacturing sectors grew by 9.9%, financial services by 5%, and consumer and healthcare by 1.5% [22] - Non-FTE revenue, reflecting a strategic shift, represented 48% of fourth-quarter revenue [22] Company Strategy and Development Direction - Genpact is focusing on scaling data, AI, and agentic solutions to transform client operations [4][6] - The company is pioneering a new operating model called Agentic Operations, which integrates AI with human expertise [8][9] - The strategy emphasizes partnerships with tech giants like AWS and Microsoft to enhance AI-led transformations [16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in strong demand and a robust pipeline entering 2026, expecting at least 7% revenue growth [17][28] - The company anticipates continued margin expansion and double-digit adjusted EPS growth [29][30] - Management highlighted the importance of integrating AI into business processes to drive efficiency and effectiveness [10][70] Other Important Information - Genpact ended the fourth quarter with $854 million in cash and cash equivalents, up $207 million from the previous year [25] - The company returned $401 million to shareholders through share repurchases and dividends [27] Q&A Session Summary Question: Changes in contracting conversations due to market pressures - Management noted that the company is excited about the ongoing tech shifts, which are seen as a tailwind for growth and client engagement [35][36] Question: Factors driving confidence in Advanced Technology Solutions growth - Management highlighted increased client engagement and a significant portion of new bookings coming from new clients [41][42] Question: Patterns in client adoption of AP Suite - Management indicated that the adoption is expanding the total addressable market, with new clients and existing clients utilizing finance tech [48] Question: Improvements in sales cycle or ramp times - Management acknowledged that large deals have varying timelines but expressed confidence in the strong pipeline and record levels of large deals [49][51] Question: Drivers of margin expansion - Management attributed margin expansion to a shift towards Advanced Technology Solutions and disciplined operational efficiencies [57][59] Question: Client expectations regarding efficiencies - Management confirmed that while client expectations are high, the company is successfully navigating these demands and maintaining gross margin expansion [70][71] Question: Decision-makers for agentic solutions within client organizations - Management stated that both business managers and CIOs are integral in driving the adoption of agentic AI solutions [79]

Financial Data and Key Metrics Changes - Genpact reported total revenues of $5.08 billion for 2025, representing a 6.6% year-over-year increase [4][24] - Adjusted diluted EPS increased by 11% to $3.65, marking the fifth consecutive year of growth faster than revenue [4][24] - Gross margin expanded by 60 basis points to 36%, while adjusted operating income margin improved by 40 basis points to 17.5% [4][24] Business Line Data and Key Metrics Changes - Advanced Technology Solutions revenue grew by 17% to $1.2 billion, now accounting for 24% of total revenue [4][24] - Core Business Services revenue increased by 3.7% to $3.876 billion [24] - Data Tech and AI revenue rose by 9.3% to $2.442 billion, while Digital Operations revenue increased by 4.1% to $2.638 billion [23][24] Market Data and Key Metrics Changes - High tech and manufacturing sectors grew by 9.9%, financial services by 5%, and consumer and healthcare by 1.5% [20] - Non-FTE revenue, reflecting a strategic shift, represented 48% of fourth-quarter revenue [20] Company Strategy and Development Direction - The company is focusing on scaling data, AI, and domain-driven agentic solutions to transform client operations [4][5] - Genpact's strategy, termed "Agentic Operations," aims to redefine how knowledge work is executed through a collaborative model between AI agents and human experts [7][8] - The company plans to continue investing in advanced technology solutions, expecting revenue growth of at least 7% for 2026, with advanced technology solutions projected to grow in the high teens [15][26] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong demand and robust pipeline entering 2026, with a record backlog [5][25] - The company anticipates another year of double-digit adjusted EPS growth while returning a significant portion of operating cash flows to shareholders [15][25] - Management highlighted the importance of AI and agentic investments in driving measurable financial outcomes for clients [8][15] Other Important Information - The company closed over $200 million in agentic contracts in 2025, with more than 40% of awarded contract value coming from new clients [18] - Genpact's partner-related revenue grew nearly 50% year-over-year, indicating strong collaboration with major tech firms [14] Q&A Session Summary Question: Changes in contracting conversations due to market pressures - Management noted that the company is excited about the tech shifts in Silicon Valley, which are seen as a tailwind for Genpact, enhancing relevance in client conversations [33] Question: Factors driving confidence in ATS growth - Management indicated that increased client engagement and a healthy pipeline are driving confidence in ATS growth, with a notable increase in agentic contracts [38][40] Question: Patterns in new client adoption of AP Suite - Management highlighted that new clients are expanding the total addressable market, with many existing clients beginning to use finance tech [46] Question: Improvements in sales cycle or ramp times - Management acknowledged that while large deals can vary in pace, the pipeline is at record levels, indicating strong future growth potential [48][50] Question: Drivers of margin expansion - Management attributed margin expansion to a shift towards Advanced Technology Solutions and disciplined operational efficiencies [55][58] Question: Client expectations regarding efficiencies - Management confirmed that while client expectations for productivity are high, the company is successfully navigating these demands, as reflected in gross margin improvements [68] Question: Decision-makers for agentic solutions within client organizations - Management stated that both business managers and CIOs are integral in driving the adoption of agentic AI solutions [78]

Core Insights - The company reported strong fiscal second-quarter results, highlighting record revenue and earnings, with a revenue increase of 16.7% year-over-year to $164.2 million and adjusted EBITDA reaching a record $20.7 million, representing 12.6% of revenue [3][4][6] Financial Performance - Adjusted net income rose to $12.8 million from $9.6 million, and adjusted diluted EPS increased to $0.87 from $0.59 [1] - Net income for the quarter was $12.2 million, compared to $9.3 million a year ago, with fully diluted EPS at $0.83, up from $0.57 [2] - The company raised its full-year revenue guidance to $620–630 million, up from $605–620 million, and adjusted EBITDA guidance to $80–82 million, up from $78–81 million [16] Revenue Growth Drivers - Growth was driven predominantly by strength in health tech, which grew by 35.1% and is on track to reach approximately $100 million by year-end [5][6] - Digital and omnichannel services accounted for 82% of total revenue, growing 19% year-over-year [7] - The telecom vertical fell below 10% of revenue for the first time since the company's IPO, attributed to lower volume from legacy carriers [9] Capital Deployment and Cash Flow - Capital expenditures increased to $11.7 million, representing 7.1% of revenue, from $4.3 million (3.1%) a year ago, primarily for offshore expansion [14] - The company reported net cash from operations of $6.6 million for the quarter, up from $1.1 million in the prior-year period [13] - Free cash flow was an outflow of $5.1 million, compared to an outflow of $3.2 million in the prior-year quarter [14] Strategic Initiatives - The company is investing in artificial intelligence and expanding offshore delivery capabilities, with nearly 1,000 agents in India [10][11] - IBEX's AI offerings are designed to enhance client-facing solutions and improve internal processes, supporting operational execution and new client acquisitions [10] Client and Vertical Mix - The largest client accounted for 10% of second-quarter revenue, with the top five, top ten, and top twenty-five clients representing 39%, 57%, and 79% of revenue, respectively [7] - Vertical contributions included health tech at 17.4% of revenue, travel and logistics at 14.1%, and telecommunications at 8.7% [8][19]