Ci&T Inc (CINT) 2023 Q4 法說會逐字稿

Good morning. Welcome to CI&T earnings call for the fourth quarter of 2023. I am Eduardo Galvão, Head of Investor Relations at CI&T, and it's a pleasure to be here to talk about our operating and financial results. With me on today's call are Cesar Gon, Founder and CEO; Bruno Guicardi, Founder and President for North America and Europe; and Stanley Rodrigues, our CFO. This event is being recorded, and (Operator Instructions) The presentation is available on the company's Investor Relations website, and the replay will be available shortly after the event is concluded.

早安.歡迎參加 CI&T 2023 年第四季財報電話會議。我是 CI&T 投資者關係主管 Eduardo Galvão，很高興能在這裡談論我們的營運和財務表現。與我一起參加今天電話會議的有創始人兼執行長 Cesar Gon； Bruno Guicardi，創辦人兼北美和歐洲總裁；和我們的財務長史丹利·羅德里格斯（Stanley Rodrigues）。該活動正在錄製中，並且（操作員說明）該演示文稿可在公司的投資者關係網站上查看，並將在活動結束後不久提供重播。

Some of the matters we'll discuss on this call, including our expected business outlook are forward-looking statements and, as such, are subject to known and unknown risks and uncertainties which could cause actual results to differe materially from those expressed on this call. We caution you not to place undue reliance on these forward-looking statements because they are valid only as of the date when made.

我們將在本次電話會議上討論的一些事項（包括我們預期的業務前景）均為前瞻性陳述，因此受到已知和未知的風險和不確定性的影響，這些風險和不確定性可能導致實際結果與本次電話會議中表達的結果有重大差異。我們提醒您不要過度依賴這些前瞻性陳述，因為它們僅在做出之日有效。

During this presentation, we will comment on certain non-IFRS financial measures to evaluate our business. Please refer to the non-IFRS measures disclaimer for more details.

在本次演示中，我們將評論某些非 IFRS 財務指標來評估我們的業務。更多詳情請參閱非 IFRS 措施免責聲明。

Today, we announced that we will restate our financial statements for the year ended December 31, 2022 as we identified certain non-cash accounting errors related to deferred income tax liabilities associated with the tax benefit on goodwill. The corrective adjustments are non-cash in nature, will not increase the amount of income tax to be paid in the future, and are not expected to impact net revenue or profit before income tax. While we expect that our results will be consistent with this preliminary and unaudited estimates, our actual results may differ materially from those preliminary estimates.

今天，我們宣布將重述截至 2022 年 12 月 31 日止年度的財務報表，因為我們發現了與商譽稅收優惠相關的遞延所得稅負債相關的某些非現金會計錯誤。糾正性調整本質上是非現金的，不會增加未來應繳納的所得稅金額，並且預計不會影響所得稅前的淨收入或利潤。雖然我們預計我們的結果將與初步和未經審計的估計一致，但我們的實際結果可能與這些初步估計有重大差異。

Our agenda for today includes an update on our quarterly highlights followed by some of our business cases. We'll then talk about our people and our quarterly financial results.

我們今天的議程包括季度亮點的更新以及一些業務案例。然後我們將討論我們的員工和季度財務表現。

Now, I invite Cesar Gon to begin our presentation. Cesar, please.

現在，我邀請 Cesar Gon 開始我們的演講。塞薩爾，請。

Thank you, Eduardo, and good day, everyone. It's great to be here again to talk about our results for 2023 and our business outlook for 2024. This year presented us with a series of short-term challenges due to the economic landscape combined with the extraordinary opportunity to position CI&T as a co-author of the next chapter in the digital revolution powered by artificial intelligence.

謝謝你，愛德華多，大家好。很高興再次來到這裡談論我們 2023 年的業績和 2024 年的業務展望。今年，經濟狀況為我們帶來了一系列短期挑戰，同時也為我們帶來了絕佳的機會，使 CI&T 成為人工智慧驅動的數位革命下一章的共同作者。

As we navigate through this challenging year, we focused on the reinvention of CI&T by partnering with our clients in launching CI&T/FLOW, our AI platform for hyperdigital. As the founder and CEO, my mission is to accelerate their path to value creation with a strong commitment to the long term. This vision is reflected in our team's exceptional dedication, creativity, and resilience, showcasing our strength and adaptability more than ever. Now looking forward, technological advancements have opened up the realm of new possibilities for business to enhance productivity and establish a competitive edge in an increasingly disruptive landscape.

在度過這充滿挑戰的一年時，我們與客戶合作推出了超數位化的人工智慧平台 CI&T/FLOW，致力於重塑 CI&T。身為創辦人兼首席執行官，我的使命是透過對長期的堅定承諾，加速他們的價值創造之路。這個願景體現在我們團隊卓越的奉獻精神、創造力和韌性中，比以往任何時候都更加展現了我們的實力和適應能力。現在展望未來，技術進步為企業提高生產力並在日益顛覆的環境中建立競爭優勢開闢了新的可能性領域。

My experience with large companies has shown me that the speed of change is directly linked to the speed of learning, both at the personal and corporate levels. To drive innovation, companies must focus on understanding the intersection of new technological possibilities and evolving consumer behaviors. The real disruption comes from leveraging both forces at the same time as seen with the current adoption of AI technology. To accelerate change, companies must prioritize learning about AI capabilities and consumer behaviors in the AI-powered world.

我在大公司的經驗告訴我，無論是在個人層面或公司層面，改變的速度與學習的速度有直接關係。為了推動創新，公司必須專注於了解新技術的可能性和不斷變化的消費者行為的交叉點。真正的顛覆來自於同時利用這兩種力量，正如目前人工智慧技術的採用所看到的那樣。為了加速變革，公司必須優先了解人工智慧驅動的世界中的人工智慧功能和消費者行為。

The key challenges lies in increasing the speed of corporate learning. That's the inspiration of this AI artwork based on Raphael's masterpiece, The School of Athens, symbolizing the spirit of the Renaissance and the pursuit of knowledge. By the way, I invite you to take a look at my Coloring the Future of AI series on LinkedIn.

關鍵挑戰在於提高企業學習的速度。這就是這幅基於拉斐爾代表作《雅典學院》的人工智慧藝術作品的靈感，象徵著文藝復興精神和對知識的追求。順便說一句，我邀請您看看我在 LinkedIn 上為人工智慧的未來著色系列。

Moving now to our financial and operating performance in 2023. Our net revenue totaled BRL2.2 billion, a 4.1% growth at constant currency compared to 2022 within our guidance range. We have strengthened our relationship with existing clients, expanding the number of clients generating more than BRL10 million and BRL20 million in revenue from 38 in 2022 to 50 in 2023.

現在討論我們 2023 年的財務和營運表現。我們的淨收入總計 22 億雷亞爾，以固定匯率計算，與 2022 年相比增長 4.1%，在我們的指導範圍內。我們加強了與現有客戶的關係，將收入超過 1000 萬雷亞爾和 2000 萬雷亞爾的客戶數量從 2022 年的 38 個增加到 2023 年的 50 個。

We ended 2023 with an adjusted EBITDA margin of 19.3%, slightly better than in 2022 as a result of our diligent cost and expense management efforts throughout this period of lower growth. Finally, in 2023, we generated BRL414 million from our operating activities, a solid figure that underscores the resilience and strength of our business model.

2023 年末，我們的調整後 EBITDA 利潤率為 19.3%，略好於 2022 年，這得益於我們在這段低成長時期努力進行成本和費用管理。最終，到 2023 年，我們的經營活動創造了 4.14 億雷亞爾的收入，這個可靠數字凸顯了我們業務模式的彈性和實力。

CI&T has a notable track record of consistent revenue growth, profitability, and robust cash generation. For instance, in the past years, from 2019 to 2023, our revenue compound annual growth rate was a strong 35%. Over this period, our revenue distribution has shifted with nearly 60% of our revenue now coming from mature economies, primarily in the US. This trend is expected to continue giving the faster organic growth in these regions.

CI&T 在持續的收入成長、獲利能力和強勁的現金產生方面有著顯著的記錄。例如，在過去幾年，從2019年到2023年，我們的收入複合成長率高達35%。在此期間，我們的收入分配發生了變化，現在我們有近 60% 的收入來自成熟經濟體，主要是美國。預計這一趨勢將繼續為這些地區帶來更快的有機成長。

Furthermore, a significant improvement was seen in the share of revenue from our top 10 clients. It decreased from 67% in 2020 to below 40% in 2023. We are confident in our ability to sustain our growth trajectory by delivering innovation and impactful results for our long-term plans. Stanley will provide more details on our financial performance shortly.

此外，我們的十大客戶的收入份額也出現了顯著改善。從2020年的67%下降到2023年的40%以下。我們對透過為長期計劃提供創新和有影響力的成果來維持成長軌蹟的能力充滿信心。史丹利將很快提供有關我們財務業績的更多詳細資訊。

Now let's explore some client engagements and business highlights for the quarter.

現在讓我們探討一下本季的一些客戶參與情況和業務亮點。

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I hope you enjoyed our client stories, updates, and highlights. Now, I would like to welcome, Bruno, to delve into our ESG initiatives and global talent strategy.

我希望您喜歡我們的客戶故事、更新和亮點。現在，我歡迎 Bruno 深入探討我們的 ESG 措施和全球人才策略。

Thank you, Cesar, and good morning, everyone. I'm delighted to join you once more.

謝謝你，塞薩爾，大家早安。我很高興再次加入你們。

To date, we've released our second ESG report which outlines our initiatives, actions, and objectives in the environmental, social, and governance realms. ESG stands as a foundational pillar at CI&T, and the ability to articulate our thoughts and endeavors and share them with our stakeholders is a source of pride and fulfillment for us. At CI&T, we truly believe that our ESG approach reflects our core values and our belief in the interconnected growth of our business, our people, and society as a whole. Our ESG strategy is underpinned by a collective vision of fostering equitable advancement opportunities for all, providing education and professional pathways for underrepresented groups in mitigating our environmental footprint to foster a more sustainable world. I encouraged you download and read our ESG report which is now available in Investor Relations website.

迄今為止，我們發布了第二份 ESG 報告，概述了我們在環境、社會和治理領域的舉措、行動和目標。ESG 是 CI&T 的基礎支柱，能夠表達我們的想法和努力並與利害關係人分享，是我們自豪和成就感的來源。在 CI&T，我們堅信我們的 ESG 方法反映了我們的核心價值以及我們對業務、員工和整個社會相互關聯成長的信念。我們的 ESG 策略以一個集體願景為基礎，即為所有人提供公平的晉昇機會，為代表性不足的群體提供教育和專業途徑，以減輕我們的環境足跡，從而創造一個更永續的世界。我鼓勵您下載並閱讀我們的 ESG 報告，該報告現已在投資者關係網站上提供。

In 2023, our initiatives continue to demonstrate steady progress. As we can see in this slide, we made important advancements in all three pillars, integrating this principles more deeply into our business strategies. Let me briefly describe our last year's accomplishments.

2023年，我們的舉措繼續穩步推進。正如我們在這張投影片中所看到的，我們在所有三個支柱方面都取得了重要進展，將這項原則更深入地融入我們的業務策略中。讓我簡單介紹一下我們去年的成就。

In the environmental pillar, we're excited to share that we measured 100% of our carbon footprint globally. And most importantly, we neutralized 100% of the carbon emissions generated by our operations worldwide through nature-based carbon removal projects that's applicable for Scopes 1, 2, and 3, a great achievement indeed.

在環境支柱方面，我們很高興與大家分享，我們測量了全球 100% 的碳足跡。最重要的是，我們透過適用於範圍 1、2 和 3 的基於自然的碳去除項目，100% 中和了我們在全球運營所產生的碳排放，這確實是一項偉大的成就。

Additionally, we've just launched our environmental policy, outlining the principles were committed to following to further reduce our impact in key areas such as climate, waste and water management, energy usage, and our interactions with clients and suppliers. We're delighted to announce that we submitted this commitment to the Science Based Targets initiative.

此外，我們剛剛推出了環境政策，概述了我們致力於遵循的原則，以進一步減少我們在氣候、廢棄物和水管理、能源使用以及與客戶和供應商互動等關鍵領域的影響。我們很高興地宣布，我們已向基於科學的目標倡議提交了這項承諾。

As a people business, we recognize that a diverse and inclusive workforce is a fundamental driver of innovation and success. In this regard, we're able to finish 2023 with 50.3% of our people coming from underrepresented groups. Our commitment to diversity extends beyond our internal efforts. We actively participate in various social responsibility initiatives within our communities, aiming to foster practices that combat the marginalization of underrepresented groups. Last year, our initiatives reached 27,000 individuals, including educational projects to enhance programs, skills, financial contributions in other initiatives.

作為一家以人為本的企業，我們認識到多元化和包容性的員工隊伍是創新和成功的根本驅動力。在這方面，到 2023 年，我們將有 50.3% 的員工來自代表性不足的族群。我們對多元化的承諾超越了我們的內部努力。我們積極參與社區內的各種社會責任倡議，旨在促進對抗弱勢群體邊緣化的做法。去年，我們的舉措惠及 27,000 人，其中包括旨在增強其他舉措中的計劃、技能和財務貢獻的教育項目。

In the governance pillar, we've made progress in strengthening our practices, especially in risk management compliance. We completed the ISO 27001 2022 certification process which is related to security and data protection. We are proud that our processes and controls are fully aligned with the information security practices within this framework.

在治理支柱方面，我們在加強實務方面取得了進展，特別是在風險管理合規性方面。我們完成了與安全和資料保護相關的 ISO 27001 2022 認證流程。我們感到自豪的是，我們的流程和控制措施與該框架內的資訊安全實踐完全一致。

Moving on to talk about our people. We're proud to have a team of digital specialists who continually strive for excellence and innovation. We're committed to fostering a culture of entrepreneurship where creativity and out-of-the-box thinking are encouraged, and we believe that investing in our people is the key to our continued and sustained success. We finished last year with 6,111 CI&Ters which is relatively stable compared to the third quarter of 2023. In addition, our attrition rate remains at historically low levels in 9.3%. And for the executive layer, the attrition is even lower at 3.6%.

繼續談論我們的員工。我們很自豪擁有一支不斷追求卓越和創新的數位專家團隊。我們致力於培養一種鼓勵創造力和創新思維的創業文化，我們相信投資我們的員工是我們持續成功的關鍵。去年，我們的 CI&T 數量為 6,111 個，與 2023 年第三季相比相對穩定。此外，我們的員工流動率仍維持在 9.3% 的歷史低點。而對於執行層來說，流失率更低，為 3.6%。

As we look towards the future and focused on resuming growth, we are excited to be able to provide opportunities for career advancement and development for our employees. People are our most valuable asset, and we're committed to supporting them in their professional growth. As we pioneer the advent of AI within our industry, we're excited about the opportunity it would bring to leverage our company and foster innovation and a great sense of belonging among our employees.

當我們展望未來並專注於恢復成長時，我們很高興能夠為員工提供職涯晉升和發展的機會。人才是我們最寶貴的資產，我們致力於支持他們的職涯發展。當我們在行業內率先引入人工智慧時，我們很高興看到它為我們公司帶來的機會，並促進創新和員工的強烈歸屬感。

Together, we can achieve great things and drive our company towards success. I want to thank all sharing CI&Ters for their continued support and trust in us as we were work towards a brighter future for our company and our people.

齊心協力，我們就能取得偉大的成就並推動我們的公司走向成功。我要感謝所有共享 CI&Ters 在我們努力為公司和員工創造更光明的未來時給予我們的持續支持和信任。

Now I invite Stanley to comment on our financial results.

現在我邀請史丹利對我們的財務表現發表評論。

Thank you, Bruno, and good morning, everyone. I'm pleased to once again present our financial results to all of you. In the fourth quarter of 2023, our net revenues stood at BRL522.6 million, a decrease of 14.6% year over year, primarily attributed to lower revenue from our top client and a decline in revenue from select clients within our acquisition portfolio.

謝謝布魯諾，大家早安。我很高興再次向大家介紹我們的財務表現。2023年第四季度，我們的淨收入為5.226億雷亞爾，年減14.6%，主要歸因於我們的頂級客戶的收入下降以及我們收購組合中特定客戶的收入下降。

For the full year of 2023, our net revenue totaled BRL2.233 billion, representing an increase of 2.1% year on year or 4.1% at constant currency within our guidance range.

2023年全年，我們的淨收入總計22.33億雷亞爾，年增2.1%，以固定匯率計算在我們的指導範圍內成長4.1%。

We are pleased to report our continued focus on reducing client concentration and diversifying our revenue mix. One key reason for this strategic shift is our success in gaining wallet share within our largest clients. Looking at the revenue distribution by geography, North America remains our largest market, accounting for 44% of our total revenue in 2023. Mature economies currently adds up to almost 60% of our total revenue, providing resilience to our business. LatAm represents 41% of our revenue and continues to be an important region for growth.

我們很高興地報告，我們將繼續致力於減少客戶集中度和實現收入組合多元化。這一策略轉變的關鍵原因是我們成功地在最大的客戶中獲得了錢包份額。從地理收入分佈來看，北美仍然是我們最大的市場，2023年占我們總收入的44%。目前，成熟經濟體占我們總收入的近 60%，為我們的業務提供了彈性。拉丁美洲占我們收入的 41%，並且仍然是重要的成長地區。

In terms of year-over-year revenue growth, we saw positive trends in multiple regions. North America experienced a 5.9% increase, Europe grew by 9.1%, and Asia Pacific surged by 28.6%. While revenue from LatAm declined by 5.2%, it remains a key area to leveraging opportunities for growth.

就收入同比增長而言，我們在多個地區看到了積極的趨勢。北美成長 5.9%，歐洲成長 9.1%，亞太地區成長 28.6%。儘管拉丁美洲的收入下降了 5.2%，但它仍然是利用成長機會的關鍵領域。

Our revenue mix by industry verticals showcases our commitment to diversification. While revenue from financial services remained stable, we saw a reduction in revenue contribution from consumer goods due to lower revenue from our top client. Conversely, revenue from technology and data communications grew by 17.4% year over year, driven by the expanded client base resulting from our recent acquisitions.

我們按垂直行業劃分的收入組合反映了我們對多元化的承諾。儘管金融服務收入保持穩定，但由於我們的頂級客戶收入下降，消費品收入貢獻減少。相反，由於我們最近的收購擴大了客戶群，技術和數據通訊收入較去年同期成長 17.4%。

In 2023, we significantly improved the distribution of revenue from our key clients, reducing revenue concentration. The revenue share from our top one client decreased from 15% in 2022 to 8% in 2023, while the collective share of the top 10 clients reduced by 10 percentage points from 49.6% in 2022 to 39.7% in 2023. Looking ahead, this development signifies the diversification of our revenue streams as we broaden our client base and expand into new geographic regions and industries.

2023年，我們大幅改善了大客戶的收入分配，並降低了收入集中。排名第一的客戶的收入份額從2022年的15%下降到2023年的8%，而排名前10的客戶的總份額則從2022年的49.6%下降到2023年的39.7%，下降了10個百分點。展望未來，隨著我們擴大客戶群並擴展到新的地理區域和產業，這項發展標誌著我們收入來源的多元化。

Now turning our attention to our client base. In 2022, we saw significant growth in our client base, both organically and through strategic acquisitions. As we look to 2023, our focus has shifted towards maximizing wallet share within our largest client, cultivating strong relationships and continually expanding our market reach. This is evident by the expansion of the number of clients that are generating revenue, exceeding BRL10 million from 38 in 2022 to 50 in 2023.

現在將我們的注意力轉向我們的客戶群。2022 年，我們的客戶群透過有機成長和策略收購實現了顯著成長。展望 2023 年，我們的重點已轉向最大化我們最大客戶的錢包份額、培養牢固的關係並不斷擴大我們的市場覆蓋範圍。創造收入的客戶數量不斷增加，從 2022 年的 38 個增加到 2023 年的 50 個，超過 1,000 萬雷亞爾，這一點就證明了這一點。

Despite facing economic challenge, our net revenue retention rate remained strong at 96% in 2023, showcasing our ability to navigate tough financial landscapes. Over the past five years, our net revenue retention rate has been an impressive 120%. This underscores our resilience and our capability to consistently deliver value to our clients, adapting our strategies as needed, thereby fostering long-term growth and profitability.

儘管面臨經濟挑戰，我們的淨收入保留率在 2023 年仍保持在 96% 的強勁水平，這表明我們有能力應對嚴峻的金融狀況。過去五年，我們的淨收入留任率高達 120%，令人印象深刻。這凸顯了我們的韌性和能力，即持續為客戶提供價值，根據需要調整我們的策略，從而促進長期成長和獲利能力。

Moving on, allow me to provide an overview of our financial performance for the fourth quarter and the full year of 2023. Our adjusted EBITDA was BRL103.6 million in the fourth quarter of 2023 compared to BRL127.4 million in 2022. The EBITDA margin was 19.8%. For the full year of 2023, the adjusted EBITDA increased to BRL432 million, up 3.5% when compared to an adjusted EBITDA of BRL418 million in 2022. The EBITDA margin rose to 19.3% in 2023, slightly higher than 2022.

接下來，請容許我概述我們第四季和 2023 年全年的財務表現。2023 年第四季我們調整後的 EBITDA 為 1.036 億雷亞爾，而 2022 年為 1.274 億雷亞爾。EBITDA 利潤率為 19.8%。2023 年全年，調整後 EBITDA 增至 4.32 億雷亞爾，較 2022 年調整後 EBITDA 4.18 億雷亞爾成長 3.5%。2023年EBITDA利潤率上升至19.3%，略高於2022年。

Throughout 2023, our efforts were concentrated on identifying opportunities to optimize our costs and SG&A expenses. This enabled us to sustain healthy margins during this lower growth period. As we move into 2024, we remain cautious in managing our expenses to adeptly navigate the prevailing environment.

2023 年全年，我們的工作重點是尋找優化成本和 SG&A 費用的機會。這使我們能夠在這個較低的成長時期維持健康的利潤率。進入 2024 年，我們在管理開支方面保持謹慎，以適應當前的環境。

Finally, in 2023, we generated BRL414 million in cash from operating activities compared to EUR161 million in 2022 and the expansion of 158% year over year. This represents a cash conversion to adjusted EBITDA of 96%, demonstrating our robust capacity to generate cash from our core business activities. Such a robust cash generation allow us to reinvest in our business in strategic opportunities that will drive sustainable growth such as the FLOW platform and other AI-related projects.

最後，2023 年，我們透過經營活動產生了 4.14 億雷亞爾現金，而 2022 年為 1.61 億歐元，年成長 158%。這意味著調整後 EBITDA 的現金轉換率為 96%，證明了我們從核心業務活動中產生現金的強大能力。如此強勁的現金產生能力使我們能夠將業務再投資於策略機會，從而推動永續成長，例如 FLOW 平台和其他人工智慧相關專案。

Now, I invite Cesar back to comment on our business outlook for the year coming.

現在，我邀請塞薩爾回來評論我們來年的業務前景。

Thank you, Stanley. We expect our net revenue in the first quarter of 2024 to be at least BRL520 million on a reported basis, assuming an average FX rate of BRL5 per US dollars in the first quarter of 2024. For the full year of 2024, we expect our net revenue growth at constant currencies to be in the range of minus 2.5% to 2.5% year over year. In addition, we estimate our adjusted EBITDA margin to be in the range of 17% to 19%.

謝謝你，史丹利。假設 2024 年第一季平均匯率為每美元 5 雷亞爾，我們預計 2024 年第一季的淨收入將至少為 5.2 億雷亞爾。對於 2024 年全年，我們預計以固定匯率計算，我們的淨收入年增將在 -2.5% 至 2.5% 範圍內。此外，我們預計調整後的 EBITDA 利潤率將在 17% 至 19% 之間。

Thank you all for attending our call today. We now conclude our presentation and begin the Q&A session.

感謝大家今天參加我們的電話會議。我們現在結束演示並開始問答環節。

All right. Thank you all for attending our call today. We will now begin the question and answer session. (Operator Instructions)

好的。感謝大家今天參加我們的電話會議。我們現在開始問答環節。（操作員說明）

Eduardo [Hubi] UBS.

愛德華多[Hubi]瑞銀。

Well, I would like to better understand what are you taking into consideration for the revenue and margin guidance, please?

好吧，我想更好地了解您在製定收入和利潤指導時考慮了什麼？

I can get this one. In terms of revenue for our guidance, I think we are considering that we are coming out of a very unusual year, so there is still uncertain in the macro and property spending environment. So we are planning a stable Q1, followed by incremental growth, not only in the following quarters of the year but also the following years, so resuming our standard growth trajectory.

我可以得到這個。就我們指導的收入而言，我認為我們正在經歷非常不尋常的一年，因此宏觀和房地產支出環境仍然存在不確定性。因此，我們計劃實現穩定的第一季度，然後是增量成長，不僅是在今年接下來的幾個季度，而且是在接下來的幾年，從而恢復我們的標準成長軌跡。

Primary drivers, I think, I see two main drivers of forces. We have some of our large clients gain traction. So to give you a data point, our top 10 clients are expanding mid to high single digit growth along the year. And we have also a set of new clients that we landed in the second half of last year that are now ramping up like Domino's Pizza, as you saw in our highlights.

我認為主要驅動力有兩個主要驅動力。我們的一些大客戶獲得了關注。因此，為了給您一個數據點，我們的十大客戶全年都在實現中高個位數成長。我們還有一些去年下半年登陸的新客戶，現在像達美樂披薩一樣不斷增加，正如您在我們的亮點中看到的那樣。

And also, I would mention two, let's say, de-risked factors in our projections. The first is our 2023 top one client is now stable. That was one of the challenges of last year. And if you see our last 12 months, I think we gradually replaced a number of small ticket deals especially from the acquired portfolio with a good number of large clients. So these are basically the primary drivers for our revenue guidance.

另外，我想提到我們預測中的兩個去風險因素。第一個是我們2023年的頂級客戶現在已經穩定。這是去年的挑戰之一。如果你看看我們過去 12 個月的情況，我認為我們逐漸取代了一些小額交易，尤其是從擁有大量大客戶的收購投資組合中進行的交易。因此，這些基本上是我們收入指導的主要動力。

In terms of margin, I think we are expecting and projecting cost inflation combined with a lower price elasticity. And as we did last year, we are keeping our price cost discipline, as you can see in our above average 2023 numbers of EBITDA and cash flow generation. And of course, we continue to invest in our teams in a way to prepare for resumed growth and the AI CI&T/FLOW distribution.

就利潤率而言，我認為我們預計並預測成本通膨以及較低的價格彈性。正如我們去年所做的那樣，我們保持了價格成本紀律，正如您在 2023 年高於平均水平的 EBITDA 和現金流生成數據中所看到的那樣。當然，我們會繼續對我們的團隊進行投資，為恢復成長和 AI CI&T/FLOW 分發做好準備。

Okay. Very clear.

好的。非常清楚。

Gabriela Morales, Itau BBA.

加布里埃拉·莫拉萊斯，Itau BBA。

We have two on our side. The first one is regarding the financial statement's restatement. Do you expect potential further restatement going forward, or all the adjustments should be made at once? And the second one is also a follow-up regarding the guidance. How do you see recovering the IT service market throughout the year, like should we expect a better market in the second half of the year, and also if you have some color regarding what you expect in terms of market environment for 2025 as well?

我們這邊有兩個。第一個是關於財務報表重述。您預計未來可能會進一步重述，還是應該立即進行所有調整？第二個也是關於指導的後續。您如何看待全年IT服務市場的復甦，例如我們是否應該期待下半年市場會更好，以及您對2025年市場環境的預期是否有一些看法？

Well, I can get the first one. Thank you for the question, Gabriela. Well, with regard to the restatements, we estimate that we'll release the full earnings release in one week or so. And no later than the March 28, we will release the 20-F. So we will furnish the restatements for the quarters within an additional 6K in the same date, the same 20-F date. And of course, the full year restatements you will see in the 20-F for 2022, right.

嗯，我可以拿到第一個。謝謝你的提問，加布里埃拉。嗯，關於重述，我們估計我們將在一周左右發布完整的收益報告。最晚在3月28日，我們將發布20-F。因此，我們將在同一日期（同一 20-F 日期）額外 6K 內提供各季度的重述。當然，您將在 2022 年的 20-F 中看到全年的重述，對吧。

And just to add to add to that, Gabriela, it's important to mention that we expect all the adjustments necessary within this financial statements that we'll report with the 20-F, so we do not project any further restatement going forward. It's already all contemplated in the announcement we provided this morning.

加布里埃拉，補充一點，重要的是要提到我們預計本財務報表中的所有必要調整將在 20-F 中報告，因此我們預計未來不會進行任何進一步的重述。我們今天早上發布的公告中已經考慮到了這一切。

Let me address the second part of -- or the second questions. In terms of the demand environment, I think we perceive a better environment when we compare it to last year, the beginning of last year, of course, with cautious optimism. We see clearly a better commercial activity and pipeline compared to last year, also enhanced visibility for the first half of the year. And we still some see some level of uncertainty for the second level of the year.

讓我談談第二個問題──或者說第二個問題。就需求環境而言，我認為當我們與去年、去年初相比時，我們感受到了更好的環境，當然是謹慎樂觀的。與去年相比，我們明顯看到商業活動和管道有所改善，上半年的知名度也有所提高。我們仍然認為今年第二階段存在一定程度的不確定性。

However, my perspective is that the conservative investment in digital in the recent years have now become evident in the competitive landscape. And if you add artificial intelligence in this equation, it's kind of inevitable that companies, in general, will have to accelerate their digital strategy, especially in the second half of the year and in 2025. So this is my perspective in terms of --

然而，我的觀點是，近年來對數位化的保守投資現在在競爭格局中變得明顯。如果將人工智慧加入這個等式中，那麼總體而言，公司將不可避免地必須加快其數位化策略，尤其是在今年下半年和 2025 年。所以這是我的觀點--

This is very, very clear.

這是非常非常清楚的。

Joey Vafi, Canaccord.

喬伊·瓦菲，Canaccord。

Good morning, gentlemen. Thank you for taking my questions. First one is, I think I heard, Cesar, that you said that your largest clients going to be stable here in 2024. I was just wondering what is the outlook for maybe your two through five customers?

早安，先生們。感謝您回答我的問題。第一個是，我想我聽說 Cesar，你說你最大的客戶將在 2024 年保持穩定。我只是想知道您的兩到五個客戶的前景如何？

And then secondly, it may be a little early, but is it possible to quantify how many perhaps points of revenue may be coming in 2024 from AI-related projects?

其次，現在可能有點早，但是否有可能量化 2024 年人工智慧相關項目可能會帶來多少收入點？

Thank you, Joe. Regarding your first question, I think our top 1 client is forecasted and we see as stable along the year, and we are seeing a higher growth in our top 10 clients. We are forecasting mid to high single digit of growth in our top 10 clients, so including the stable top 1 last year.

謝謝你，喬。關於你的第一個問題，我認為我們的排名前 1 名的客戶是有預測的，我們認為今年會保持穩定，而且我們看到排名前 10 的客戶有更高的成長。我們預計前 10 名客戶將實現中高個位數成長，因此包括去年穩定的前 1 名客戶。

And the second question regarding our -- I think the way we are approaching AI is in such a comprehensive a way. Of course, we have the AI-specific projects. But in general, we turn every single engagement in an AI engagement with CI&T/FLOW. And also, along the year, we expect our -- 100% of our offerings will be somehow powered by AI, especially in the efficiency perspective.

第二個問題是關於我們的——我認為我們處理人工智慧的方式是一種非常全面的方式。當然，我們有專門針對人工智慧的專案。但總的來說，我們將 AI 中的每一次參與轉化為 CI&T/FLOW。而且，今年我們預計 100% 的產品將由人工智慧提供支持，特別是從效率角度來看。

So it's really, I think -- by now we have 35 of our larger clients are already engaging with us with CI&T/FLOW. And also, we are, of course, work hand-in-hand with these clients discussing their AI strategy and roadmap around this disruption. So I think it's hard to predict. But I would say that probably by Q4 of this year, we probably will have 80% to 90% of all engagement of CI&T somehow impacted or relayed somehow to AI. It's basically because our CI&T/FLOW strategy is our end-to-end platform for producing digital solutions.

所以，我認為，到目前為止，我們已經有 35 個較大的客戶已經透過 CI&T/FLOW 與我們合作。當然，我們也與這些客戶攜手合作，討論他們圍繞著這顛覆的人工智慧策略和路線圖。所以我認為很難預測。但我想說，到今年第四季度，我們可能會有 80% 到 90% 的 CI&T 參與以某種方式影響或以某種方式傳遞給人工智慧。這基本上是因為我們的 CI&T/FLOW 策略是我們用來產生數位解決方案的端到端平台。

Great.

偉大的。

So we have one question here via e-mail. Could you please provide more context on the cash generation for the year, and what should we expect going forward in that regard?

我們透過電子郵件提出一個問題。您能否提供有關今年現金產生的更多背景信息，以及我們在這方面應該期待什麼？

I can take that one as well. Well, thank you for the question. Historically, we have a -- we are running a business that generates a solid operating cash flow. 2023 is another year in this track record, a year without M&A, a year with lower growth, and as a consequence, lower working capital demand.

我也可以拿那個。嗯，謝謝你的提問。從歷史上看，我們正在經營一家能夠產生穩定營運現金流的企業。 2023 年是這項紀錄的另一年，沒有併購的一年，成長較低的一年，因此營運資本需求也較低。

For the future, we should expect that we are in the range of 50% to 70% cash conversion from EBITDA as we have been performing historically, right, and mainly because we expect resuming our growth trajectory. So that will demand more cash in comparison to 2023. Seasonally, the cash generation is stronger in the second half, so you would expect in the first half of the year a lower cash generation and towards the end of the year, second half, a greater amount of cash generation.

對於未來，我們應該預期 EBITDA 的現金轉換率將達到 50% 至 70%，因為我們的歷史表現一直是正確的，主要是因為我們預計將恢復我們的成長軌跡。因此，與 2023 年相比，這將需要更多的現金。從季節來看，下半年的現金產生量較強，因此您預計上半年的現金產生量會較低，而到年底、下半年，現金產生量會增加。

So that concludes our Q&A session. Thank you all for attending our event today. I now invite, Cesar Gon, to proceed with his closing remarks. Cesar?

我們的問答環節就到此結束。感謝大家參加我們今天的活動。我現在請塞薩爾·貢致閉幕詞。塞薩爾？

Thank you all for participating in our call. Thank you my friends, Galvão, Stanley, and Bruno for joining me in this call. Once again, I need to thank all CI&Ters around the world for their hard work and achievement, and also to support this amazing project of building CI&T. So stay well, and I'll see you soon.

感謝大家參與我們的電話會議。感謝我的朋友加爾沃、史丹利和布魯諾加入我的這次電話會議。我要再次感謝世界各地所有 CI&T 人的辛勤工作和成就，也感謝他們支持這個令人驚嘆的 CI&T 建設計畫。所以保持好心情，我很快就會見到你。

Thank you.

謝謝。