Ci&T Inc (CINT) 2024 Q1 法說會逐字稿

Good morning. Welcome to CI&T earnings call for the first quarter of 2024. I am Eduardo Galvao, Head of Investor Relations at CI&T. 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.

早安.歡迎參加 CI&T 2024 年第一季財報電話會議。我是 Eduardo Galvao，CI&T 投資者關係主管。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）。

This event is being recorded and all participants will be in a listen-only mode during the company's presentation. After that, there will be a Q&A session. If you'd like to submit a question, please send it via e-mail to investors@ciandt.com. The presentation is available on the company's Investor Relations website, and the replay will be available shortly after the event is concluded.

該活動正在錄製中，所有參與者在公司演示期間都將處於僅聽模式。之後，將進行問答環節。如果您想提交問題，請透過電子郵件發送至investors@ciandt.com。該簡報可在該公司的投資者關係網站上查看，重播將在活動結束後不久提供。

Some of the matters we'll discuss on this call, including our expected business outlook, are forward-looking statements that are subject to known and unknown risks and uncertainties, which could cause actual results to differ from those expressed on this call. We caution you not to place undue reliance on those forward-looking statements as they are valid only as of the date when made. During this presentation, we will comment on certain non-IFRS financial measures to evaluate our business. Please refer to the reconciliation tables of non-IFRS measures in the appendix for more details.

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，都是前瞻性陳述，受到已知和未知的風險和不確定性的影響，這可能導致實際結果與本次電話會議中表達的結果有所不同。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。在本次演講中，我們將評論某些非國際財務報告準則財務指標來評估我們的業務。更多詳情請參閱附錄中非國際財務報告準則措施的調節表。

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

我們今天的議程包括對季度亮點的概述，以及一些業務案例。然後我們將討論我們的員工和財務表現。

At this time, I'll pass it on to Cesar Gon to begin our presentation. Cesar?

現在，我將把它交給 Cesar Gon 來開始我們的演示。塞薩爾？

Thank you, Eduardo, and a warm welcome to everyone joining us today. Our first quarter of 2024 has been transformative. It marks one year since we started the CI&T powered by AI initiative to transform CI&T into an AI-first company and capitalize on the amazing opportunity of this next chapter of the digital revolution.

謝謝你，愛德華多，並熱烈歡迎今天加入我們的所有人。2024 年第一季是變革性的。自從我們啟動人工智慧驅動的 CI&T 計畫一周年以來，我們致力於將 CI&T 轉變為人工智慧優先的公司，並充分利用數位革命下一章的絕佳機會。

Over this year, AI has become integral to our operations, enhancing our capabilities and allowing us to deliver more value to our clients. In this context, Bruno will soon share impressive numbers on how our teams are adopting CI&T/FLOW, our AI platform for hybrid digital.

今年以來，人工智慧已成為我們營運不可或缺的一部分，增強了我們的能力，使我們能夠為客戶提供更多價值。在這種背景下，Bruno 很快就會分享有關我們團隊如何採用 CI&T/FLOW（我們的混合數位 AI 平台）的令人印象深刻的數據。

As we reshape our market positioning and offerings around AI, we are also reinventing key internal processes, including sales, HR, branding, and several other functions to fully leverage the potential of AI. Let's take sales as an example. With three decades of experiencing selling and delivering complex digital solutions, we are excited to share benefits in our go-to-market approach.

在我們圍繞人工智慧重塑市場定位和產品的同時，我們也在重塑關鍵的內部流程，包括銷售、人力資源、品牌和其他幾個功能，以充分利用人工智慧的潛力。我們以銷售為例。憑藉三十年銷售和交付複雜數位解決方案的經驗，我們很高興能夠分享我們的市場推廣方法所帶來的好處。

To drive efficiency and growth, we establish the AI growth machine, a team of industry experts, solution strategies and AI specialists. This evolution of our global sales organization has two main goals, using AI to be faster and more precise in understanding our clients' needs and being radically more effective in proposing unique solutions that maximize results for our clients.

為了推動效率和成長，我們建立了人工智慧成長機器、行業專家、解決方案策略和人工智慧專家團隊。我們全球銷售組織的這一演變有兩個主要目標，利用人工智慧更快、更準確地了解客戶的需求，並從根本上更有效地提出獨特的解決方案，為客戶帶來最大的成果。

Among several positive outcomes, we are proud to announce a particularly significant one. We signed one of the largest contracts in our history with a leading global automotive player. We became its digital agents of record in the US, securing a multimillion-dollar contract for at least three years. This major win was achieved after a very competitive RFP process involving all major players in our industry. I believe it highlights our exceptional capabilities and our innovative AI approach to meeting clients' needs in a unique way.

在多項正面成果中，我們很自豪地宣布一項特別重要的成果。我們與一家全球領先的汽車製造商簽署了歷史上最大的合約之一。我們成為其在美國的記錄數位代理商，獲得了一份至少三年數百萬美元的合約。這一重大勝利是在我們行業所有主要參與者參與的非常有競爭力的 RFP 流程之後取得的。我相信它突顯了我們卓越的能力和創新的人工智慧方法，以獨特的方式滿足客戶的需求。

Now let me present our quarter's financial highlights. In the first quarter of 2024, our net revenue totaled BRL523.5 million, a 20 basis point increase compared to the fourth quarter of 2023 and 70 basis points above our guidance. Although it's a slight increase, it represents an important milestone as it resumes our growth trajectory, which we foresee accelerating in the following quarters.

現在讓我介紹本季的財務亮點。2024 年第一季度，我們的淨收入總計為 5.235 億雷亞爾，比 2023 年第四季成長 20 個基點，比我們的指導高出 70 個基點。儘管增幅略有增加，但它代表了一個重要的里程碑，因為它恢復了我們的成長軌跡，我們預計在接下來的幾個季度中，成長將加速。

Revenue from our top 10 clients grew 7.9% sequentially, signaling our ability to strengthen relationships with key engagements and expanding wallet share among them. Additionally, in the first quarter of 2024, leveraging our new AI growth machine, we successfully onboarded 22 new logos, including admired global brands, representing substantial opportunities for future expansion.

來自我們十大客戶的收入連續增長了 7.9%，這表明我們有能力加強與關鍵業務的關係並擴大他們之間的錢包份額。此外，在 2024 年第一季度，利用我們的新 AI 成長機器，我們成功啟用了 22 個新徽標，其中包括備受推崇的全球品牌，這代表著未來擴張的巨大機會。

We ended the quarter with an adjusted EBITDA margin of 16.1% as planned. Our EBITDA margin is expected to improve throughout the year according to the seasonality of our business. Finally, in the first quarter, we generated BRL130 million in cash from operating activities, the strongest cash generation in the first quarter since our IPO.

本季末，我們的調整後 EBITDA 利潤率按計劃達到 16.1%。根據我們業務的季節性，我們的 EBITDA 利潤率預計全年都會有所改善。最後，在第一季度，我們透過經營活動產生了 1.3 億雷亞爾的現金，這是自 IPO 以來第一季最強勁的現金產生。

Now let's explore some concrete examples of how we are creating value for our clients and revolutionizing our offerings through the power of AI.

現在讓我們探討一些具體範例，說明我們如何透過人工智慧的力量為客戶創造價值並徹底改變我們的產品。

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It's exciting to see tangible AI advancements internally and with our clients. We are thrilled to be part of this remarkable technological revolution.

看到內部以及與我們的客戶一起取得切實的人工智慧進步是令人興奮的。我們很高興能夠成為這場非凡技術革命的一部分。

Now I invite Bruno to talk about our people.

現在我請布魯諾談談我們的員工。

Thank you, Cesar. It's great to have the opportunity to talk about our people.

謝謝你，塞薩爾。很高興有機會談論我們的員工。

At the end of the year, we had around 6,100 CI&Ters, relatively in line with the number we presented in the previous quarter. Going forward, we foresee an increase in our headcount as we are speeding up the hiring process to fulfill open positions and support the growing demand from our clients. As we resume our growth trajectory, we are creating new opportunities for career advancement and reinforcing our commitment to fostering an environment of innovation and entrepreneurship.

截至年底，我們擁有約 6,100 名 CI&Ters，與我們上一季提供的數字相對一致。展望未來，我們預計員工人數將會增加，因為我們正在加快招聘流程以滿足空缺職位並支持客戶不斷增長的需求。隨著我們恢復成長軌跡，我們正在創造新的職涯發展機會，並加強我們對營造創新和創業環境的承諾。

The development of our people is a core value. We firmly believe in nurturing and empowering our people, giving them autonomy and meaningful challenges to stimulate their growth and potential. Furthermore, the current landscape marked by emergence of GenAI and the launch of CI&T/FLOW has created an environment full of exciting possibilities for our team. It has sparked a new wave of innovation and creativity, opening doors to many opportunities for our employees to thrive and excel. Our overall voluntary attrition rate remains at a healthy level of 9.6%. Meanwhile, for the leadership layer, it's even lower at 4.9%.

員工的發展是我們的核心價值。我們堅信培養和賦權我們的員工，給予他們自主權和有意義的挑戰，以激發他們的成長和潛力。此外，目前以 GenAI 的出現和 CI&T/FLOW 的推出為標誌的環境為我們的團隊創造了一個充滿令人興奮的可能性的環境。它引發了新一輪的創新和創造力浪潮，為我們的員工提供了許多發展和卓越的機會之門。我們的整體自願離職率維持在 9.6% 的健康水準。同時，對於領導階層來說，這個比例甚至更低，為 4.9%。

As we continue to integrate AI into our operations and move towards a hyper digital state, we focus on nurturing a culture of continuous learning and developing the necessary skills to unlock AI's full potential within our organization. In line with that commitment, we are delighted to announce the launch of our inaugural CI&T/FLOW certification program. This initiative's main goal is to democratize our platform utilization, ensuring that every CI&Ter can access and benefit from it, regardless of their role or position.

隨著我們繼續將人工智慧融入我們的營運並邁向超數位化狀態，我們專注於培育持續學習的文化並開發必要的技能，以釋放人工智慧在我們組織內的全部潛力。根據這項承諾，我們很高興地宣布推出首個 CI&T/FLOW 認證計畫。該計劃的主要目標是使我們的平台使用民主化，確保每個 CI&Ter 都可以訪問該平台並從中受益，無論其角色或職位如何。

The response thus far has been truly remarkable. To this date, we have more than 2,300 active users, more than 700 of whom have successfully completed their certification process. The FLOW AI Certification Path is an upskilling program for CI&Ters, enabling them to learn and apply FLOW progressively in their work. By supporting the adoption of CI&T/FLOW across teams, this program enhances the quality of our work and amplifies the value creation for our clients.

迄今為止的反響確實非常顯著。迄今為止，我們擁有超過 2,300 名活躍用戶，其中 700 多名已成功完成認證流程。FLOW AI 認證路徑是 CI&Ters 的技能提升計劃，使他們能夠在工作中逐步學習和應用 FLOW。透過支援跨團隊採用 CI&T/FLOW，該計劃提高了我們的工作品質並擴大了為客戶創造的價值。

Moving on to our delivery centers. We're excited to resume our organic global expansion following a period of strategic acquisitions. We are proud to announce the launch of our newest AI powered delivery center in the Philippines, situated just outside Manila. This expansion represents the significant milestone of CI&T's dedication to integrating artificial intelligence and automation into our service offerings.

繼續我們的交付中心。經過一段時間的策略性收購後，我們很高興能夠恢復我們的有機全球擴張。我們很自豪地宣佈在菲律賓馬尼拉郊外推出最新的人工智慧交付中心。此次擴張代表了 CI&T 致力於將人工智慧和自動化整合到我們的服務產品中的重要里程碑。

We've established centers in Australia, Japan, and China. The addition of the Philippines center further solidifies CI&T's presence in the Asia-Pacific region, enhancing our ability to serve clients in this dynamic market. This initiative will bring together a team of highly skilled professionals who will leverage cutting-edge technologies and advanced AI to drive client innovation and success. This strategic move aligned with CI&T's mission to cultivate a diverse and talent workforce, building upon our successful acquisition of transpiring Australia in 2022.

我們在澳洲、日本和中國設立了中心。菲律賓中心的成立進一步鞏固了 CI&T 在亞太地區的影響力，增強了我們在這個充滿活力的市場中為客戶提供服務的能力。該計劃將匯集一支高技能的專業團隊，他們將利用尖端技術和先進的人工智慧來推動客戶創新和成功。這項策略性措施符合 CI&T 培養多元化人才隊伍的使命，以我們於 2022 年成功收購 Transspiring Australia 為基礎。

Our right-shore approach ensures optimal outcomes for our clients, irrespective of their location. The creation of the Philippines center enhances our regional capabilities while enabling us to deliver cost-effective solutions for our clients.

我們的右岸方法可確保為客戶提供最佳結果，無論他們身在何處。菲律賓中心的創建增強了我們的區域能力，同時使我們能夠為客戶提供具有成本效益的解決方案。

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 glad to be here once again to present our financial performance to all of you. In the first quarter of 2024, we achieved a net revenue of BRL523.5 million, representing a decline of 14.2% compared to the first quarter of 2023 or 12.1% in constant currency as a result of the challenges and market dynamics we faced during this period.

謝謝布魯諾，大家早安。我很高興再次來到這裡向大家介紹我們的財務表現。2024 年第一季度，我們實現淨收入 5.235 億雷亞爾，較 2023 年第一季下降 14.2%，以固定匯率計算下降 12.1%，這是由於我們在此期間面臨的挑戰和市場動態所致。時期。

Most importantly, I'm pleased to report an important growth indicator when compared to the previous quarter. Our net revenue showed a modest increase of 0.2%, signaling a resumption of our growth trajectory despite the seasonal nature of quarters. This demonstrates our ability to adapt and capitalize on opportunities in the market.

最重要的是，我很高興報告與上一季相比的重要成長指標。我們的淨收入小幅成長 0.2%，這表明儘管季度存在季節性，但我們仍恢復了成長軌跡。這證明了我們適應和利用市場機會的能力。

The sequential growth in net revenue was primarily driven by our top 10 clients who exhibited a remarkable increase of 7.9% compared to the previous quarter. This underscores the strength of our relationships with key clients and our commitment to providing exceptional value and service.

淨收入的環比成長主要是由我們的十大客戶推動的，與上一季相比，這些客戶的成長顯著，成長了 7.9%。這凸顯了我們與主要客戶的關係的強度以及我們對提供卓越價值和服務的承諾。

When examining our revenue distribution by geography, it is notable that North America and Europe have demonstrated sequential growth, collectively contributing to 53% of our total net revenue. Mature economies as a whole now represents 57% of our total revenue, signaling resilience and optimism for the future growth of our operations. In the first quarter of 2024, Latin America accounted for 43% of our revenue.

在按地區審視我們的收入分佈時，值得注意的是，北美和歐洲表現出連續成長，合計占我們總淨收入的 53%。成熟經濟體作為一個整體目前占我們總收入的 57%，這表明我們業務的未來成長具有韌性和樂觀。2024年第一季度，拉丁美洲占我們營收的43%。

Furthermore, in terms of our revenue mix across industry verticals, we observed a positive trend in retail and industrial goods, which experienced a remarkable 37.5% growth quarter-over-quarter. Additionally, there was a sequential growth of 4.9% in the consumer goods sector. These developments more than offset the decline experienced in the technology and telecommunications, life science, and financial services verticals.

此外，就我們跨行業垂直的收入組合而言，我們觀察到零售和工業品的正面趨勢，季增了 37.5%。此外，消費品產業環比成長 4.9%。這些發展足以抵消技術和電信、生命科學和金融服務垂直領域所經歷的衰退。

Another significant milestone in our revenue distribution is the diversification of revenue share from our top clients. Currently, our top clients contribute to 6% of our revenue, down from 11% a year ago. Moreover, our top 10 clients now account for 41% of our revenue, a decrease from 44% in the first quarter of 2023. This diversification reflects a healthy and balanced client portfolio and enhancing our overall financial stability.

我們收入分配的另一個重要里程碑是我們頂級客戶的收入份額多元化。目前，我們的頂級客戶貢獻了我們收入的 6%，低於一年前的 11%。此外，我們的十大客戶目前占我們營收的 41%，較 2023 年第一季的 44% 有所下降。這種多元化反映了健康、平衡的客戶組合，並增強了我們的整體財務穩定性。

Now let's take a look into our client base and explore some key metrics. Firstly, I'm pleased to report that we have seen growth in the number of clients with revenue exceeding BRL20 million from 29 million in the fourth quarter '23 to 30 million in the first quarter '24. Notably, three of these clients have revenues exceeding BRL100 million. It's important to note that this client cohort takes into account their revenue contributions over the past 12 months.

現在讓我們來看看我們的客戶群並探討一些關鍵指標。首先，我很高興地報告，我們看到收入超過 2,000 萬雷亞爾的客戶數量從 23 年第四季的 2,900 萬增加到 24 年第一季的 3,000 萬。值得注意的是，其中三個客戶的收入超過 1 億雷亞爾。值得注意的是，該客戶群考慮了他們過去 12 個月的收入貢獻。

And in the first quarter of 2024, we successfully onboarded 22 new clients, demonstrating our ability to attract and nurture new business relationships. This upward trajectory in client engagement tests this stage for the expansion of our multi-million accounts throughout the year. Additionally, one of our top priorities is to increase our wallet share among our largest clients.

2024 年第一季度，我們成功吸引了 22 位新客戶，展現了我們吸引和培育新業務關係的能力。客戶參與度的上升軌跡在這一階段考驗著我們全年數百萬帳戶的擴張。此外，我們的首要任務之一是增加我們在最大客戶中的錢包份額。

We are committed to fostering strong long-lasting relationships with them and expanding the range of services we offer. This aligns with our land and expand strategy, which aims to both retain existing clients and grow our business within their organization. I am proud to highlight our net revenue retention rate, which has consistently averaged 120% over the past five years. This impressive figure serves as a testament to our unwavering resilience, strength, and ability to consistently deliver value to our clients. It also underscores the sustainability of our business model.

我們致力於與他們建立牢固、持久的關係，並擴大我們提供的服務範圍。這符合我們的土地和擴張策略，旨在保留現有客戶並在他們的組織內發展我們的業務。我很自豪地強調我們的淨收入保留率，在過去五年中一直平均為 120%。這令人印象深刻的數字證明了我們堅定不移的韌性、實力和持續為客戶創造價值的能力。它也強調了我們商業模式的可持續性。

Now let's turn our attention to the key metrics that reflect our profitability. In the first quarter of 2024, our adjusted EBITDA stood at BRL84.3 million compared to BRL116.5 million in the same period of the previous year. This resulted in an adjusted EBITDA margin of 16.1%, a decrease of 3 percentage points compared to the first quarter '23. The decline can be attributed to a lower gross margin and an increase in SG&A expenses as a percentage of revenue.

現在讓我們將注意力轉向反映我們獲利能力的關鍵指標。2024 年第一季度，我們調整後的 EBITDA 為 8,430 萬雷亞爾，而去年同期為 1.165 億雷亞爾。調整後的 EBITDA 利潤率為 16.1%，比 2023 年第一季下降了 3 個百分點。下降的原因可能是毛利率下降以及銷售、管理和行政費用佔收入的百分比增加。

Throughout 2023, our proactive cost management strategies played a pivotal role in maintaining attractive profitability margins. As we anticipate revenue growth throughout the year, we expect to achieve margin expansion by diluting fixed expenses. It's worth noting that the first quarter of the year typically encompasses the salary increases for most of our employees in Brazil while our contract price adjustments occur throughout the year.

2023 年全年，我們積極主動的成本管理策略在維持有吸引力的利潤率方面發揮了關鍵作用。由於我們預計全年收入成長，我們預計透過稀釋固定費用來實現利潤率擴張。值得注意的是，每年第一季通常包括我們在巴西的大多數員工的加薪，而我們的合約價格調整全年都會發生。

Moving on to adjusted net income. We recorded BRL41.7 million in first quarter '24 compared to BRL62.4 million in the first quarter '23. This led to an adjusted net income margin of 8%, a decrease of 2.3 percentage points compared to the same quarter last year. The reduction is primarily attributed to the lower adjusted EBITDA, which was partially offset by lower net financial costs and tax expenses. Starting from first quarter '24, we have decided to add back stock-based compensation expenses in our calculation of adjusted net profit, which is a non-IFRS financial measure, to achieve better comparability with our main peers, and it's a common practice within our sector.

接下來是調整後的淨利。我們在 24 年第一季的營收為 4,170 萬雷亞爾，而在 23 年第一季為 6,240 萬雷亞爾。這導致調整後淨利潤率為8%，較去年同期下降2.3個百分點。減少的主要原因是調整後的 EBITDA 降低，但淨財務成本和稅收費用的降低部分抵消了調整後的 EBITDA 降低。從2024年第一季開始，我們決定在計算調整後淨利潤時重新添加基於股票的薪酬費用，這是一項非國際財務報告準則的財務指標，以實現與主要同行更好的可比性，這是內部的常見做法我們的部門。

And to finalize our financial performance presentation, in the first quarter '24, we had another quarter of strong cash generation from operating activities amounting to BRL130.3 million, 11.8% higher than the same period last year. Free cash flow calculated as net cash generated from operating activities less CapEx was BRL108 million. This is a solid mark that allow us to reinvest in our business and reduce our net debt position.

最後，我們的財務業績報告顯示，2024 年第一季度，我們的經營活動又產生了強勁的現金流，達 1.303 億雷亞爾，比去年同期高出 11.8%。以經營活動產生的淨現金減去資本支出計算的自由現金流為 1.08 億雷亞爾。這是一個堅實的標誌，使我們能夠對我們的業務進行再投資並減少我們的淨債務頭寸。

Finally, I'm pleased to announce an important decision regarding our reporting currency. Starting with the full year 2024 results, which will be reported in March next year, we will be transitioning from Brazilian real to the United States dollar as our reporting currency. This strategic move will facilitate a more accurate global evaluation of our financial performance and allow easy comparison of our results with those of other companies in our industry.

最後，我很高興地宣布一項有關我們報告貨幣的重要決定。從明年 3 月公佈的 2024 年全年業績開始，我們的報告貨幣將由巴西雷亞爾轉變為美元。這項策略性舉措將有助於對我們的財務表現進行更準確的全球評估，並可以輕鬆地將我們的業績與業界其他公司的業績進行比較。

Now I invite Cesar back to provide you with our business outlook.

現在我邀請 Cesar 回來為您介紹我們的業務前景。

Thank you, Stanley. We expect our net revenue in the second quarter of 2024 to be at least BRL542 million on a reported basis, equivalent to a 3.5% increase in our revenue compared to the first quarter of 2024. For the full year of 2024, we are maintaining our guidance. We expect our net revenue growth at constant currency to be in the range of minus 2.5% to plus 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。根據報告，我們預計 2024 年第二季的淨收入至少為 5.42 億雷亞爾，相當於我們的營收較 2024 年第一季成長 3.5%。對於 2024 年全年，我們維持指引。我們預計，以固定匯率計算，我們的淨收入年增將在負 2.5% 至正 2.5% 之間。此外，我們預計調整後的 EBITDA 利潤率將在 17% 至 19% 之間。

Now let me add some color to our business outlook for the year. As we project a flattish revenue growth in 2024, the midpoint of our guidance implies a significant sequential increase of low- to mid-single digits over the next three quarters. This entails a reshaped recovery from the atypical 2023, resulting in double-digit revenue growth year-over-year in the fourth quarter of 2024. This solid exit rate will position us favorably for a strong growth trajectory in 2025 and beyond.

現在讓我為我們今年的業務前景增添一些色彩。由於我們預計 2024 年營收成長將持平，因此我們指導的中點意味著未來三個季度將出現中低個位數的顯著連續成長。這需要從非典型的 2023 年開始重塑復甦，從而在 2024 年第四季度實現兩位數的收入同比增長。這種穩定的退出率將使我們有利於 2025 年及以後的強勁成長軌跡。

To conclude, I want to express my deep appreciation for the dedication and resilience of our team. As we embark on this new phase of growth and development, we are committed to providing every CI&Ter with the support and resources they need to succeed. Together, we will continue to drive our company towards a future defined by innovation, collaboration, and impact. Thank you all for your trust and support.

最後，我要對我們團隊的奉獻和韌性表示深深的讚賞。當我們踏上成長和發展的新階段時，我們致力於為每個 CI&Ter 提供他們成功所需的支持和資源。我們將共同努力，持續推動公司邁向創新、協作和影響力的未來。感謝大家的信任與支持。

We now conclude our presentation, and we'll begin the Q&A session.

我們現在結束了我們的演示，我們將開始問答環節。

(Operator Instructions) Eduardo Rubi, UBS.

（操作員指令）Eduardo Rubi，UBS。

Hi, everyone. Thank you very much for opportunity to make the question. Two from my side. First, if you could comment, please, on the main drivers for the revenue expansion quarter-over-quarter? And second, if you could give more details and opportunities you're seeing in Asia and Australia and when would we expect to see the higher revenue expansion there? Thank you very much.

大家好。非常感謝您有機會提出這個問題。我這邊有兩個。首先，您能否評論一下營收季增的主要驅動因素？其次，如果您能提供更多細節和您在亞洲和澳洲看到的機會，我們預計什麼時候會看到那裡更高的收入擴張？非常感謝。

Sure. I can start with the first one. So basically, as you saw, our Q2 expansion is guided at 3.5% incremental increase. It's basically based on bookings we already have, so deals we already won. And it's a matter that ramp up the teams that we are doing, so we have a very high confidence level around that. I will detail more what is the demand we are seeing.

當然。我可以從第一個開始。因此，基本上，正如您所看到的，我們第二季的擴張目標是增量成長 3.5%。它基本上是基於我們已有的預訂，因此我們已經贏得了交易。這是一個提升我們正在做的團隊的事情，所以我們對此有非常高的信心。我將詳細說明我們所看到的需求是什麼。

And then for the implied Q3 and Q4, of course, we are counting the current bookings we already have, combined with our deals from our pipeline, keeping the current rate of closing new deals. So as you saw, we are maintaining our full year guide. By the way, in our category, so among our peers, we are probably the player with a higher sequential growth forecasted.

當然，對於隱含的第三季度和第四季度，我們正在計算現有的預訂量，並結合管道中的交易，保持目前完成新交易的速度。正如您所看到的，我們正在維護全年指南。順便說一句，在我們的類別中，在我們的同行中，我們可能是預測連續成長較高的玩家。

And in terms of -- basically, what we see in our portfolio is, and I think this relate to the demand environment, is of course there is still uncertain in the macro. But we see our larger clients much more stable in their spending patterns this year. And I think we decided not to wait for ideal macroeconomic conditions. So instead, I think we are creating very concrete differentiations and offerings that allow us to gain client share and new clients even in, let's say, unfavorable environment.

基本上，我們在投資組合中看到的是，我認為這與需求環境有關，當然宏觀仍然存在不確定性。但我們看到今年大客戶的支出模式更加穩定。我認為我們決定不等待理想的宏觀經濟條件。因此，我認為我們正在創造非常具體的差異化和產品，使我們即使在不利的環境中也能獲得客戶份額和新客戶。

So we create -- I think part of this expansion is based on new offerings relate to I think a very compelling value prop around using AI for boost cloud migration, legacy modernization. A lot of things relate to data strategy as a foundation for future AI leverage. And also, we are seeing a lot of traction on our generative AI strategy road map. So commercial activity and pipeline this year compared to the previous year is considerably higher and we see our deal closing ratio continue to improve.

因此，我們創建——我認為這種擴展的一部分是基於新產品，我認為這是一個非常引人注目的價值支柱，圍繞著使用人工智慧來促進雲端遷移、遺留現代化。很多事情都與數據策略有關，作為未來人工智慧利用的基礎。此外，我們也看到我們的生成式人工智慧策略路線圖受到了極大的關注。因此，今年的商業活動和管道與去年相比要高得多，我們看到我們的交易完成率繼續提高。

So basically, if we look the projects, there's a lot of things relate to digital efficiency doing more with less. That is the main value prop of CI&T/FLOW. And also, a lot of investments that are really preparing the foundations for future AI leverage, I mentioned cloud migration, legacy or app modernization, data and so on. So I think this is basically what's driving our growth in Q2.

所以基本上，如果我們看一下這些項目，就會發現很多事情都與數位效率相關，也就是用更少的資源做更多的事情。這是 CI&T/FLOW 的主要價值支柱。此外，許多投資確實為未來的人工智慧利用奠定了基礎，我提到了雲端遷移、遺留或應用程式現代化、資料等。所以我認為這基本上是推動我們第二季成長的因素。

And sorry, the second question?

抱歉，第二個問題？

The second question was about expansion in APAC. Cesar, I can take this one.

第二個問題是關於亞太地區的擴張。塞薩爾，我可以接受這個。

What's driving the offering there, you may remind that we acquired the company in 2022 in Australia that had a very good client portfolio. And the growth there is based on providing a different scale to the services. It was a small company. And now they have the power of nearshore and other capabilities from CI&T.

您可能會想起，是什麼推動了那裡的產品推出，我們在 2022 年收購了澳洲的一家公司，該公司擁有非常好的客戶組合。那裡的成長是基於提供不同規模的服務。那是一家小公司。現在他們擁有 CI&T 的近岸能力和其他能力。

So that's what's driving the growth plans there. So that's what's driving actually even the Philippines center that we are opening out this year. So that's the rationale behind it.

這就是推動那裡的成長計劃的原因。這就是我們今年開設的菲律賓中心的真正推動力。這就是背後的原理。

Okay, very clear. Thank you very much.

好的，非常清楚。非常感謝。

Thank you for your question.

謝謝你的問題。

Ryan Potter, Citi.

瑞安·波特，花旗銀行。

Thanks for taking my question. So you guys had some variability in your top lines recently with your top client changing over in 4Q. So could you give us some color on the demand trends you're seeing in large clients? Do you believe you're taking share of those clients? And then on that top client, is it consistent with the client that it was in 4Q, or did it change back to the client that was before them?

感謝您提出我的問題。因此，隨著您的頂級客戶在第四季度發生變化，你們的營收最近出現了一些變化。那麼您能否向我們介紹一下您在大客戶中看到的需求趨勢？您相信您正在分享這些客戶嗎？那麼在那個頂級客戶端上，是跟4Q時的客戶端一致，還是又變回之前的客戶端了？

Thank you, Ryan. Great to see you. Well, as I mentioned, I think we mentioned that in the first quarter, our top 10 clients expanded 7.9%. So we see a much better pattern of expanding our larger clients this year. But this is combined with our strategy of gaining client share based on efficiency. I think this is the main focus on our strategy for 2024, leveraging our CI&T/FLOW platform in terms of efficiency and really replace no AI vendors within our clients and also being very competitive on adding new logos to our portfolio.

謝謝你，瑞安。很高興見到你。嗯，正如我所提到的，我想我們提到過，在第一季度，我們的十大客戶成長了 7.9%。因此，我們今年看到了擴大大客戶的更好模式。但這與我們基於效率贏得客戶份額的策略相結合。我認為這是我們2024 年策略的主要重點，在效率方面利用我們的CI&T/FLOW 平台，真正取代我們客戶中的任何人工智慧供應商，並且在向我們的產品組合添加新徽標方面也非常有競爭力。

So basically, this is the main agenda. There is a lot of preparation for leveraging AI, nation data. Data is hot now. Of course, there is no AI without data. And companies are trying to speed up their data strategy, so they are prepared for the benefits and opportunities around leveraging AI inefficiency or experience corners. So this is basically what is driving --

基本上，這是主要議程。利用人工智慧和國家數據有很多準備工作。現在數據很熱。當然，沒有數據就沒有人工智慧。公司正在努力加快他們的數據策略，因此他們為利用人工智慧低效率或體驗角落的好處和機會做好了準備。所以這基本上就是驅動的原因--

And we have -- I think last year was a tough year, but we onboarded very large global companies in retail and consumer goods. And this global master service agreements are expanding in a very good way this year. So this is also driving growth for us.

我認為去年是艱難的一年，但我們加入了零售和消費品領域的大型全球公司。今年，這項全球主服務協議正在以非常好的方式擴大。所以這也推動了我們的成長。

Got it. And on the large client comment, is it consistent with large client 4Q, same client?

知道了。還有關於大客戶的評論，和大客戶4Q一致嗎，同一個客戶？

Yes, I think so. It's the same pattern. And we mentioned, for the first time in history we have three clients with the last 12 months revenue above BRL100 million. So we see a lot of consistency on the expansion in the largest clients of our portfolio.

是的，我想是這樣。這是相同的模式。我們提到，我們有史以來第一次擁有 3 個客戶，過去 12 個月的收入超過 1 億雷亞爾。因此，我們看到我們投資組合中最大客戶的擴張具有很大的一致性。

And of course, more challenges in the -- for the smaller more tech savvy companies, it's still I think a very turbulent environment. And you see across the board even for other providers that that deck is still a challenge. For luck or strategy, we are not very exposed to the tech sector. We are more grounded in traditional verticals like financial services, consumer goods, retail, and so on. So it plays in our favors.

當然，對於規模較小且精通技術的公司來說，更多的挑戰仍然是一個非常動盪的環境。而且你會發現，即使對於其他提供者來說，這套牌仍然是一個挑戰。無論是運氣還是策略，我們對科技業的接觸並不多。我們更立足於金融服務、消費品、零售等傳統垂直產業。所以它對我們有利。

Got it. Got it. And it was good to see that it's a large deal that you announced in your prepared remarks with the auto client. Could you give some additional color on what exactly you're doing for this client? What let them to choose you? And then do you believe you have other larger, more complex opportunities in the pipeline similar to this?

知道了。知道了。很高興看到您在與汽車客戶準備的演講中宣布這是一件大事。您能否進一步說明您正在為該客戶做些什麼？是什麼讓他們選擇你？那麼您是否相信您還有其他類似的更大、更複雜的機會？

Yeah. This was the major victory in the first quarter we were working. This was a very broad and competitive global RFP process, which all the players in the industry involved. I think we use our new AI growth machine approach. I think that gave us a speed and the differentiation that allow us to win.

是的。這是我們第一季工作的重大勝利。這是一個非常廣泛且競爭激烈的全球 RFP 流程，業界的所有參與者都參與其中。我認為我們使用新的人工智慧成長機器方法。我認為這給了我們速度和差異化，讓我們能夠獲勝。

I think it will be probably in a few months. But right now, we cannot disclose more than what we did. But we are very happy, and this is part of what is, for us, considered a very good start for the year.

我想可能會在幾個月後。但現在，我們不能透露更多我們所做的事情。但我們非常高興，對我們來說，這是今年良好開端的一部分。

Great. Thanks again.

偉大的。再次感謝。

Thank you, Ryan.

謝謝你，瑞安。

Puneet Jain, JPMorgan.

普尼特‧賈恩 (Puneet Jain)，摩根大通。

Thanks for taking my question. I have a quick question on like the growth improvement. Is this growth improvement in any way related to clients willing to do more GenAI projects? Like some of those GenAI projects, is that driving this sequential growth that you expect for rest of the year?

感謝您提出我的問題。我有一個關於成長改善的快速問題。這種成長改善是否與客戶願意開展更多 GenAI 專案有關？就像其中一些 GenAI 項目一樣，這是否會推動您預計今年剩餘時間的連續成長？

And second part to that question is we often hear like many of those projects are still stuck in POC stage, like they're still in pilot stage. So what are some of the top constraints to adoption from client's perspective?

這個問題的第二部分是我們經常聽到許多這樣的專案仍然停留在 POC 階段，就像它們仍然處於試點階段一樣。那麼從客戶的角度來看，採用的最大限制是什麼？

Sure. Thank you, Puneet. Great to see you.

當然。謝謝你，普尼特。很高興見到你。

Well, basically, there is -- I think the main driving force for our growth is AI as a tool for efficiency in our services. Of course, companies continue to invest and need a lot to improve their digital experience. And now we have the possibility to really streamline a lot of initiatives. Based on the efficiency, we can get apply AI in end-to-end, producing flow of digital solutions. So this is the main driver. This is basically what we were foreseeing with CI&T/FLOW, and now we are seeing the results and differentiation for us.

嗯，基本上，我認為我們成長的主要驅動力是人工智慧作為我們服務效率的工具。當然，公司會繼續投資，並且需要大量資金來改善他們的數位體驗。現在我們有可能真正簡化許多舉措。基於效率，我們可以將人工智慧應用到端到端的數位解決方案生產流程中。所以這是主要驅動力。這基本上就是我們對 CI&T/FLOW 的預見，現在我們正在看到結果和差異化。

And in parallel, we create specific offerings. I mentioned, for example, legacy modernization, we create a framework based on AI to streamline, so we call AI boosted at modernization. So we can do things that without AI would take years and now we can do in a matter of months because of applying some AI agents that we incorporate with development, incorporate in our CI&T/FLOW platform.

同時，我們創建特定的產品。我提到，例如遺留現代化，我們創建一個基於AI的框架來簡化，所以我們稱之為AI在現代化中的推動。因此，如果沒有人工智慧，我們可以做一些需要數年時間才能完成的事情，現在我們可以在幾個月內完成，因為我們應用了一些與開發相結合的人工智慧代理，並將其納入我們的CI&T/FLOW 平台中。

Cloud migration is another thing. Everyone knows that to be fully in the cloud is mandatory if you want to leverage future AI benefits. But companies are still working on it, and we have a very compelling new offering based on AI to speed up AWS, Google, or Microsoft cloud migration. And that's helping a lot to also driving demand for us.

雲端遷移是另一回事。每個人都知道，如果您想利用未來人工智慧的優勢，就必須完全進入雲端。但該公司仍在努力解決這個問題，我們有一個非常引人注目的基於人工智慧的新產品，可以加速 AWS、谷歌或微軟的雲端遷移。這對推動我們的需求也有很大幫助。

So basically, it's more about efficiency and speed up, creating this foundational digital infrastructure than new use case based on Generative AI. There is a lot of experimentation in POCs around improving customer service experiences, improving a lot of customer-facing use case, but this is still early stage.

所以基本上，更多的是關於效率和速度，創建這個基礎的數位基礎設施，而不是基於生成人工智慧的新用例。POC 圍繞著改善客戶服務體驗、改進大量面向客戶的用例進行了大量實驗，但這仍處於早期階段。

I think the whole foundation of technology is not mature enough for big bets around experience, but it will evolve. It clearly will be there that we are foreseeing, that probably use case around AI experience. So when we move away from screens and bottom, and you start doing interactions with the machine through natural language interface and so on will happen from next year on in a more aggressive way.

我認為整個技術基礎還不夠成熟，無法圍繞體驗進行大賭注，但它會不斷發展。顯然，我們預見到，這可能是圍繞人工智慧體驗的用例。因此，當我們遠離螢幕和底部時，你開始透過自然語言介面與機器進行交互，等等將從明年開始以更積極的方式發生。

But now there's a moment of experience, creating the capabilities and really streamline governance and everything, having data infrastructure, mainly having companies need to be able to play I would say the experience war that is ahead. And there will be a lot of invention around new ways to interact with consumers, and we will prepare our clients for this moment.

但現在有一個體驗的時刻，創造能力並真正簡化治理和一切，擁有數據基礎設施，主要是讓公司能夠參與我想說的即將到來的體驗戰。圍繞與消費者互動的新方式將會有很多發明，我們將為客戶做好這一刻的準備。

Thanks for that answer.

謝謝你的回答。

Thank you, Puneet.

謝謝你，普內特。

Joey Vafi, Canaccord.

喬伊·瓦菲，Canaccord。

Thanks, Eduardo. Good morning, everyone. I was just wondering if we could drill down in verticals a little bit in the outlook. Clearly, some verticals are still weak and maybe we just focused on those. What is your outlook this year for TMT and Telco relative to how that may be in your guidance at this point? Do you think that those weak verticals can stabilize and that at least get to maybe flat sequential results? Or do you think there's still a deterioration in those verticals this year? And then I'll have a follow-up.

謝謝，愛德華多。大家，早安。我只是想知道我們是否可以在前景中對垂直領域進行一些深入研究。顯然，有些垂直領域仍然薄弱，也許我們只是專注於這些領域。相對於您目前的指導意見，您對今年 TMT 和電信公司的前景有何看法？您是否認為那些薄弱的垂直領域可以穩定下來，並且至少能夠獲得平坦的連續結果？或者您認為今年這些垂直領域的情況仍然惡化嗎？然後我會跟進。

Thank you, Joey. Well, I think we grew tech and telecom in the same vertical, but I think there are two different perspectives. I think telecommunications is stable. We've been increasing, especially among some of our largest clients in this vertical in UK and Brazil.

謝謝你，喬伊。嗯，我認為我們在同一垂直領域發展科技和電信，但我認為有兩種不同的觀點。我認為電信是穩定的。我們一直在增加，特別是在英國和巴西這個垂直領域的一些最大客戶。

As you know, we have BT expanding UK. We have Telefonica, Vivo expanding in Brazil. So telecom is in a good fashion, and we see this vertical expanding along the year as we expand our revenues.

如您所知，英國電信正在拓展英國業務。我們有 Telefonica、Vivo 在巴西擴張。因此，電信業正處於良好的發展狀態，隨著我們收入的擴大，我們看到這一垂直領域的規模逐年擴大。

Tech is different. I think it's still under challenges. There is a lot of volatility in the demand from tech. And we don't see along the year that this will be stable anyway.

科技則不同。我認為它仍然面臨挑戰。科技需求波動很大。無論如何，我們認為這一情況在這一年中都不會穩定。

For lucky, we have very low exposure to tech. We are more exposed to telco. But even though we are prepared for a lot of volatility in the tax base as digital natives and this companies that are still facing challenges on the funding part of their business. But for us, it's small. But even though, we are paying attention and reacting according. So we do not expect that tech is going to be -- you have a great year in 2024, maybe improving only from next year or --

幸運的是，我們對科技的接觸非常少。我們更多地接觸電信公司。但儘管我們已經做好了應對稅基大幅波動的準備，但作為數位原住民，這些公司在業務融資方面仍然面臨挑戰。但對我們來說，它很小。但即便如此，我們仍在關注並做出反應。因此，我們並不期望科技會在 2024 年度過美好的一年，也許只會從明年開始有所改善，或者--

Very good. Thank you for that color, Cesar. And then secondly, on your operating margin trajectory for this year and the guidance. Clearly, we have operating leverage in the business to a certain degree with sequential increases in revenue, but wondering how AI internally could be helping operating margins this year? And does AI have the potential internally to take you to maybe higher watermarks or higher levels of operating margin over time? Thank you.

非常好。謝謝你的顏色，塞薩爾。其次，關於今年的營業利潤率軌跡和指導。顯然，隨著營收的連續成長，我們在業務中擁有一定程度的營運槓桿，但想知道人工智慧內部如何幫助今年的營運利潤？隨著時間的推移，人工智慧是否有可能在內部讓你達到更高的水位線或更高的營業利潤率？謝謝。

Sure. Stanley, you want to get this one and I can add some comments?

當然。史丹利，你想要這個，我可以添加一些評論嗎？

Yes. Well, talking about margin, seasonally, we have salaries increased for the most of our people in Brazil in general. So typically, by design, we have the first quarter with lower margins. And then throughout the year, we will pass on that cost to our clients throughout the year, throughout the contract anniversaries.

是的。好吧，說到利潤率，從季節性來看，我們巴西大多數員工的薪資總體上有所增加。因此，通常情況下，根據設計，我們第一季的利潤率較低。然後在這一整年中，我們將在整個合約週年紀念日將這筆成本轉嫁給我們的客戶。

And of course, for the near future, most of the SG&A, they are fixed expenses, for example. And with the growth, we should provide operating leverage and as we resume growth. Additionally, we continue to focus on productivity gains. We have this cost management -- very diligent to the cost management approach. And yes, we're forecasting this typical seasonality to happen in the margins throughout the year.

當然，在不久的將來，大部分 SG&A 都是固定費用。隨著成長，我們應該在恢復成長時提供營運槓桿。此外，我們繼續專注於生產力的提高。我們有這種成本管理——非常勤奮的成本管理方法。是的，我們預測這種典型的季節性將在全年的邊緣發生。

Cesar, do you want to (multiple speakers)?

塞薩爾，你想嗎？（多個發言者）？

Yes. As you know, we have a huge bet on reshape all key internal process around AI. I mentioned our sales reinvention in the call, and it's amazing the effects and benefits we can get from that. We are applying AI across the board in our HR practice, hiring, and the way we do and develop our teams. And in every single area of CI&T, you're going to see both investment and expectations about turning CI&T end-to-end AI-first company.

是的。如您所知，我們在重塑人工智慧所有關鍵內部流程方面下了很大的賭注。我在電話中提到了我們的銷售重塑，我們從中獲得的效果和好處令人驚訝。我們正在人力資源實踐、招募以及我們的團隊工作和發展方式中全面應用人工智慧。在 CI&T 的每個領域，您都會看到對將 CI&T 轉變為端到端人工智慧優先公司的投資和期望。

And another thing, and this we will leverage to I think more space to leverage efficiency in the future. Another thing, in some context, our differentiation in terms of offering give us some price elasticity. We are now totally focused on capturing our differentiation as growth, not margins. But there is some space where the differentiation we can get, and I mentioned some offerings that are being completely not staying around AI efficiency. And so there is some space for some price elasticity, and we expect to see this gradually happening along the quarters and especially from next year on. So internal efficiency and also some price competitors for some elasticity based on our differentiation.

還有一件事，我認為我們將利用這一點在未來提供更多的空間來提高效率。另一件事，在某些情況下，我們在產品上的差異化為我們帶來了一定的價格彈性。我們現在完全專注於將我們的差異化視為成長，而不是利潤。但我們還可以實現差異化，我提到了一些完全不圍繞人工智慧效率的產品。因此，價格彈性還有一定的空間，我們預計這種情況將在幾個季度中逐漸發生，尤其是從明年開始。因此，內部效率以及一些價格競爭對手基於我們的差異化而獲得了一定的彈性。

Great. Thank you very much.

偉大的。非常感謝。

Thank you.

謝謝。

Moshe Katri, Wedbush.

摩西·卡特里，韋德布希。

Thanks, and congrats for actually pretty impressive results. So going back to the non-GAAP EBITDA margin discussion, so you had some pressure this quarter, I think it was 300 bps. You alluded to compensation increases that typically happen in Q1. Can we get some color on how high were these increases this quarter?

謝謝，並祝賀您取得了非常令人印象深刻的結果。回到非 GAAP EBITDA 利潤率討論，本季您面臨一些壓力，我認為是 300 個基點。您提到通常在第一季發生的薪酬增加。我們能否了解本季的增幅有多大？

And then also in the context of margins, can you comment on pricing or repricing of contracts in this environment? Are you still going through this exercise of clients? And what is the magnitude of any pricing pressure we're seeing right now? Thanks a lot.

然後，在利潤方面，您能否評論一下這種環境下合約的定價或重新定價？您還在經歷這種客戶練習嗎？我們現在看到的定價壓力有多大？多謝。

Thank you, Moshe. Well, let's start with the first question. In a comparison, if we go back to 2023, we saw a typical quarter at that time where we recorded more than 19% in EBITDA. And as a comparison, we should consider that in that quarter we had a higher-than-expected growth that really positively impacted our margin at that time. But throughout our history, we always have first quarter with low margins. And this year it happens as expected.

謝謝你，摩西。好吧，讓我們從第一個問題開始。相較之下，如果我們回到 2023 年，我們會看到當時一個典型的季度 EBITDA 超過 19%。作為比較，我們應該考慮到，在那個季度，我們的成長高於預期，這確實對我們當時的利潤率產生了正面的影響。但縱觀我們的歷史，第一季的利潤率總是很低。而今年，情況正如預料的那樣發生了。

And your question about how high was it, so it was around 5% cost increase and in the whole majority of our payroll. With regard to passing on to those clients, typically -- especially for contracts based for our Brazilian clients, we have in the contract, contract anniversaries. We have automatic clauses to pass on inflation, for example.

你問的問題是成本增加了 5% 左右，占我們薪水的大部分。關於傳遞給這些客戶，特別是針對我們的巴西客戶的合同，我們通常會在合約中註明合約週年紀念日。例如，我們有自動條款來傳導通貨膨脹。

But more than that, we have organic, let's say, relationship with our clients and when we talk about price. We are always adding new features, new technologies, new skills. And we always have opportunities to sit with our clients and redesign the whole relationship in terms of adjusting things, considering those additional features, let's say. So that happens, and that's what we expect for all the years.

但更重要的是，我們與客戶以及談論價格時都有有機的關係。我們一直在增加新功能、新技術、新技能。我們總是有機會與客戶坐在一起，重新設計整個關係，進行調整，並考慮這些附加功能。事情就這樣發生了，這就是我們多年來所期望的。

So it's a spread it. So we don't have -- as we have a certain date for the cost increase in January, we have certain dates but spread it throughout year for those conversations with the clients. So that's the cause of this seasonality. As you see, quarter by quarter, our margins would be increasing as a result of that dynamic.

所以這是一個傳播。所以我們沒有——因為我們有一月份的成本增加的特定日期，我們有特定的日期，但將其分散到全年與客戶進行對話。這就是這種季節性的原因。正如您所看到的，由於這種動態，我們的利潤率將逐季增加。

And just a follow-up about guidance in terms of organic growth, is this all organic? Or are there some acquisitions embedded in guidance?

只是關於有機成長方面的指導的後續行動，這都是有機的嗎？或指導中是否包含一些收購？

No, it's 100% organic. There's no acquisition in this guidance.

不，它是 100% 有機的。本指南中沒有收購。

Moshe, let me address the pricing part of your question. I think as Stanley mentioned, there is -- part of this is automatic. As Brazil has done, we readjust salaries by inflation by law in January, and we have an annual automatic readjustment of contracts along the year. For the global contracts based on where we use Brazilian teams, normally we count on the FX that normally more than compensate any difference in terms of cost structure.

摩西，讓我解決你問題中的定價部分。我認為正如史丹利所提到的，其中一部分是自動的。正如巴西所做的那樣，我們在一月份依法根據通貨膨脹調整工資，並且我們每年都會自動調整合約。對於基於我們使用巴西團隊的地點的全球合同，我們通常依靠外匯來彌補成本結構方面的任何差異。

But in general, of course, with the current environment, there is much less price elasticity than in the past, except in some areas where AI is really giving us I would say a matched level of efficiency. But in general, it's not a -- it's a mark to where we need to pay attention on pricing all the time.

但總的來說，當然，在當前的環境下，價格彈性比過去小得多，除了在人工智慧真正為我們提供匹配水平的效率的某些領域。但總的來說，這不是一個——它是我們需要一直關注定價的一個標誌。

And as Stanley mentioned, our model is having once a year with our clients discussion about price. There's a moment where we also discussed new capabilities, new geographical locations we are adding to the deal. And so we normally update our global master service agreement once a year to really reflect our capabilities and geographic locations expansion. So this is also an opportunity to manage pricing in a portfolio way.

正如史丹利所提到的，我們的模式是每年與客戶討論一次價格。有一段時間我們還討論了我們在交易中添加的新功能和新地理位置。因此，我們通常每年更新一次全球主服務協議，以真正反映我們的能力和地理位置擴張。因此，這也是以組合方式管理定價的機會。

So that I think we have been doing this for three decades now. So I think it's an intrinsical part of our business to maintain a good level of contribution and gross margin.

所以我認為我們已經這樣做了三十年了。因此，我認為保持良好的貢獻水準和毛利率是我們業務的本質部分。

Thanks for the color.

謝謝你的顏色。

My pleasure.

我的榮幸。

We have two questions here from Bryan Bergin from TD Cowen via e-mail. Let me start with the first one regarding the workforce planning.

TD Cowen 的 Bryan Bergin 透過電子郵件向我們提出了兩個問題。讓我從第一個關於勞動力規劃的問題開始。

So headcount was down modestly in the first quarter. What is your expectation as you move through the second quarter in the balance of the year? Talk about the balance of utilization versus the need to add incremental engineering to support the growth field?

因此，第一季員工人數略有下降。在今年剩下的時間裡，您對第二季有何期望？談論利用率與添加增量工程以支持成長領域的需要之間的平衡？

I'll take that one. So we're expecting headcount go up in Q2 in line with revenue because our utility rate in Q1 is already very high. So there's very little space there in front of the bench to tap into. So we expect that headcount will go proportionally with revenues increase and throughout the year, actually, for Q3 and Q4 as well.

我會接受那個。因此，我們預計第二季的員工人數將與收入保持一致，因為我們第一季的使用率已經非常高。因此，長凳前面幾乎沒有可供利用的空間。因此，我們預計員工人數將與全年收入成長成正比，實際上，第三季和第四季也是如此。

Thank you, Bruno. And the other question is regarding GenAI. So what's the penetration of FLOW within your client base? And have you noted an uptick in engagement size?

謝謝你，布魯諾。另一個問題是關於 GenAI 的。那麼 FLOW 在您的客戶群中的滲透率是多少呢？您是否注意到參與度有所上升？

Yes. Thank you for the question. Basically, we are turning every single engagement of CI&T in a CI&T/FLOW engagement. Sometimes it's even transparent for our clients. They are just seeing the efficiency and velocity we can provide. And sometimes it is the more structured view based on building new agents for specifics of each client context.

是的。感謝你的提問。基本上，我們正​​在將 CI&T 的每一次參與轉變為 CI&T/FLOW 參與。有時對我們的客戶來說甚至是透明的。他們只是看到我們可以提供的效率和速度。有時，它是基於針對每個客戶環境的具體情況來建立新代理的更結構化的視圖。

But in general, Bruno mentioned, we have more than 2,000 CI&Ters already onboarded at our platform, and it will continue to increase along the year. I think we have a very aggressive goals for adoption. And I think by now, we knew how to do that.

但 Bruno 提到，總的來說，我們的平台上已經有 2,000 多名 CI&Ters 加入，而且這個數字將在今年繼續增加。我認為我們對於採用有一個非常正面的目標。我想現在我們已經知道該怎麼做了。

It's not easy to turn software engineers, designers, strategist, testers, architects, everyone to improve the way they work to incorporate AI. But I think we have the equation, the formula now, and you should expect this 2,000, we will continue to evolve monthly or quarterly. And we're going to end the year probably fully onboarded in our platform in these new ways of work. So I think it's happening even in the higher speed than we expected.

讓軟體工程師、設計師、策略家、測試人員、架構師等每個人改進他們的工作方式以融入人工智慧並不容易。但我認為我們現在已經有了等式、公式，你應該期待這 2,000 個，我們將繼續每月或每季發展。我們將在今年年底以這些新的工作方式完全融入我們的平台。所以我認為它的發生速度甚至比我們預期的還要快。

Also related to that, Cesar, we have a question from Thiago Kapulskis from Itau BBA regarding CI&T/FLOW agents, so specifically to give some examples of what we're doing in terms of POCs for our clients.

同樣與此相關的是，Cesar，來自 Itau BBA 的 Thiago Kapulskis 向我們提出了一個有關 CI&T/FLOW 代理的問題，因此專門舉了一些我們在為客戶提供 POC 方面所做的工作的示例。

Yes. The majority of the agents, it's more than 50 now, are relates to getting pieces of our tasks in the end-to-end production flow of digital solutions and streamline or radially reduce the effort using Generative AI. So the majority, I would say 95% of the agents are related to efficiency and not specifically use case that will touch the end user.

是的。大多數代理（現在超過 50 個）都與在數位解決方案的端到端生產流程中獲取我們的任務相關，並使用生成式人工智慧簡化或徑向減少工作量。因此，我想說，95% 的代理與效率相關，而不是涉及最終用戶的特定用例。

But of course, this is still a field of opportunity. As I mentioned before, we have some very interesting use case in production. And by the way, we just published a new report we call AI Pulse. The first edition of this report is basically, in a quarterly basis, we are going to feature all the powerful stores and use case, concreting results. We are generating with our clients with AI and FLOW, and you can download this report in our website.

但當然，這仍然是一個充滿機會的領域。正如我之前提到的，我們在生產中有一些非常有趣的用例。順便說一句，我們剛剛發布了一份名為“AI Pulse”的新報告。該報告的第一版基本上是，按季度，我們將介紹所有強大的商店和用例，並具體說明結果。我們正在利用 AI 和 FLOW 與客戶一起產生報告，您可以在我們的網站上下載此報告。

We are committed to quarterly update with new use cases, new results around what we are achieving with our clients. And basically, it's a combination of efficiency. The majority of the results now are around efficiency, but opening space for future use case that will radically improve customer experience. You can see the results we already having in this report, AI Pulse in our website.

我們致力於每季更新新用例、圍繞我們與客戶所取得的成果的新結果。基本上，這是效率的結合。現在的大部分結果都圍繞著效率，但為未來的用例開闢了空間，從而從根本上改善客戶體驗。您可以在我們網站的 AI Pulse 報告中看到我們已有的結果。

Thank you, Cesar. With no further questions, that concludes our Q&A. I'll now pass it on to Cesar to proceed with his closing remarks. Cesar, please.

謝謝你，塞薩爾。沒有更多問題，我們的問答就結束了。現在我將把它轉交給塞薩爾，讓他繼續致閉幕詞。塞薩爾，請。

Thank you, Eduardo, Stanley, Bruno for joining me today. Once again, thank you all CI&Ters around the world for the hard work and the achievement of this first quarter. I think it's a very good start for the year, and a special thanks for our clients for selecting CI&T in this journey of reinvention around AI.

謝謝愛德華多、史丹利、布魯諾今天加入我的行列。再次感謝世界各地所有 CI&Ters 的辛勤工作和第一季的成就。我認為這是今年一個非常好的開始，特別感謝我們的客戶在人工智慧重塑之旅中選擇 CI&T。

So stay well, and see you soon.

所以保持健康，很快再見。