Ci&T Inc (CINT) 2024 Q2 法說會逐字稿

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Good morning. Welcome to Ci&T Earnings Call for the Second Quarter of 2024. I am Eduardo Galvao, Head of Investor Relations at Ci&T. Joining 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 年第二季財報電話會議。我是 Ci&T 投資者關係主管 Eduardo Galvao。與我一起參加今天電話會議的還有創辦人兼執行長 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. They are subject to known and unknown risks and uncertainties, which could cause actual results to differ materially from those expressed on this call.

我們將在本次電話會議上討論的一些問題，包括我們預期的業務前景，都是前瞻性陳述。它們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重大差異。

We caution you not to place undue reliance on these forward-looking statements as they are valid only as of the date when made. During the company's presentation, we'll 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。在公司演示期間，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，然後是我們的一些業務案例。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?

此時，我會將其傳遞給 Cesar Gon，開始我們的演示。塞薩爾？

Thanks, Eduardo. Good day, everyone. Thank you for joining us today. It's always a pleasure to discuss our recent performance and strategic advancements with you. A year ago, we proudly announced the launch of Ci&T Flow, our end-to-end AI-powered platform, alongside a bold vision to radically transform Ci&T. It was a decisive moment, to fully commit to a future boasted by artificial intelligence.

謝謝，愛德華多。大家好。感謝您今天加入我們。很高興與您討論我們最近的業績和策略進展。一年前，我們很自豪地宣布推出 Ci&T Flow，這是我們的端到端人工智慧驅動平台，同時也提出了徹底變革 Ci&T 的大膽願景。這是一個決定性的時刻，全面致力於人工智慧所誇耀的未來。

Today, I am thrilled to share the remarkable advances, learnings and tangible results we have achieved, thanks to the unwavering partnership and trust of our clients and the extraordinary dedication of our teams, who have embraced this vision and made it a reality.

今天，我很高興與大家分享我們所取得的顯著進步、經驗教訓和切實成果，這要歸功於我們客戶堅定不移的合作夥伴關係和信任，以及我們團隊的非凡奉獻，他們擁抱了這一願景並將其變為現實。

In our vision, the AI disruption will unfold along the next 10 years in three acts. Act one is efficiency and hyper-productivity, paving the way for act two, customer experience and hyper-personalization, and this progression then leads to act three, decision-making and new business models.

在我們的願景中，人工智慧的顛覆將在未來 10 年中分三幕展開。第一幕是效率和超高生產力，為第二幕、客戶體驗和超個人化鋪平了道路，而這一進展隨後導致第三幕，決策和新的商業模式。

Now Ci&T is totally focused on act one by turning our teams into AI-boosted teams. Thus far, this approach has generated impressive results in time-to-market quality and productivity. One important learning is that adoption of Generative AI is not a straightforward process.

現在，Ci&T 完全專注於第一幕，將我們的團隊轉變為人工智慧增強的團隊。到目前為止，這種方法在上市時間、品質和生產力方面取得了令人印象深刻的成果。一項重要的經驗是，採用生成式人工智慧並不是一個簡單的過程。

It's not natural for the enterprises or for the teams. So it demands a structured a method-based approach. For the companies or clients, you need to introduce tangible benefits of AI in an enterprise right approach, meaning within wide rails of reliability, security and privacy.

這對企業或團隊來說是不自然的。因此，它需要一種結構化的、基於方法的方法。對於公司或客戶來說，您需要以企業正確的方式引入人工智慧的實際好處，這意味著在可靠性、安全性和隱私性方面具有廣泛的優勢。

For the teams, you need to combine a reskilling roadmap with a concrete view of purpose. So during the last 18 months, we cracked the nut with Ci&T Flow for these two fronts, onboarding more than 100 clients and achieving almost 70% adoption across Ci&T teams.

對於團隊來說，您需要將再訓練路線圖與具體的目標結合。因此，在過去 18 個月裡，我們透過 Ci&T Flow 在這兩個方面取得了突破，吸引了 100 多個客戶，並在 Ci&T 團隊中實現了近 70% 的採用率。

Bruno will address our engagement metrics shortly. And this is just the beginning of this new chapter. We have a lot more to do regarding efficiency, the act one, and we are barely touching the act two, the customer experience disruption that is ahead and is inescapable in a timeframe of three to five years.

布魯諾很快就會討論我們的參與度指標。而這只是新篇章的開始。在第一幕的效率方面，我們還有很多工作要做，而我們幾乎沒有觸及第二幕，即未來三到五年內不可避免的客戶體驗顛覆。

With the continuous evolution of technology, we see possibilities, once unimaginable, becoming reality. Artificial Intelligence is redefining our methods, enhancing our capabilities, and accelerating our results. As we resume our growth trajectory, we are expanding our teams to accelerate AI initiatives across the globe. This is an exciting time for all of us immersed in a world of digital and software engineering, challenging us to rethink what is possible.

隨著科技的不斷發展，我們看到曾經難以想的可能性正在變成現實。人工智慧正在重新定義我們的方法、增強我們的能力並加速我們的成果。隨著我們恢復成長軌跡，我們正在擴大我們的團隊，以加速全球範圍內的人工智慧計畫。對我們所有人來說，這是一個令人興奮的時刻，沉浸在數位和軟體工程的世界中，挑戰我們重新思考什麼是可能的。

Now, let me comment on the financial highlights for the quarter. In the second quarter of 2024, our net revenue totaled BRL565.7 million, an increase of 80.1% compared to the first quarter of 2024, exceeding our guidance and market expectations.

現在，讓我評論一下本季的財務亮點。2024年第二季度，我們的淨收入總計為5.657億雷亞爾，較2024年第一季成長80.1%，超出了我們的指導和市場預期。

This strong growth was primarily driven by the expansion of our existing engagement with our top clients with additional contribution from ramp-ups of some new clients we recently acquired.

這種強勁的成長主要是由於我們與頂級客戶現有合作的擴張以及我們最近收購的一些新客戶的增加所帶來的額外貢獻。

Our AI growth machine, a sales team of experts, strategists and AI specialists continue to enhance our speed and precision in understanding clients' needs, making us more effective in proposing unique solutions. These efforts are reinforcing our reputation as a trusted partner and this trend supports our positive outlook for the second half of the year and into 2025.

我們的人工智慧成長機器、由專家、策略家和人工智慧專家組成的銷售團隊不斷提高我們理解客戶需求的速度和精確度，使我們能夠更有效地提出獨特的解決方案。這些努力增強了我們作為值得信賴的合作夥伴的聲譽，這一趨勢支持了我們對下半年和 2025 年的積極展望。

Our value proposition is to deliver state-of-the-art digital services in a hyper-productivity way powered by Ci&T Flow. As a result, we have been growing our business in the US and Brazil, our core markets, while also fostering growth in emerging regions for us such as Europe and Asia Pacific.

我們的價值主張是在 Ci&T Flow 的支持下，以超高效的方式提供最先進的數位服務。因此，我們在核心市場美國和巴西的業務不斷成長，同時也促進了歐洲和亞太地區等新興地區的成長。

We ended the quarter with an adjusted EBITDA margin of 19.2%, demonstrating our ability to deliver high growth with solid profitability metrics.

本季末，我們的調整後 EBITDA 利潤率為 19.2%，這表明我們有能力透過穩健的獲利指標實現高成長。

Finally, our cash generation from operating activities was BRL131 million in the first half of 2024, 11.6% above the same period last year. Our cash flow profile allow us to continue investing in strategic initiatives and drive long-term growth.

最後，2024 年上半年我們的經營活動產生的現金為 1.31 億雷亞爾，比去年同期成長 11.6%。我們的現金流狀況使我們能夠繼續投資於策略性舉措並推動長期成長。

As we announced two days ago and you might have noticed and I hope you did, we have refreshed our branding to better reflect our identity as an AI-first technology partner. Ci&T stands for collaborate, innovate and transform, and it highlights our core mission and values. We are thrilled to embark on this new chapter and continue our mission with renewed energy and focus.

正如我們兩天前宣布的那樣，您可能已經註意到，我希望您注意到了，我們更新了我們的品牌，以更好地反映我們作為人工智慧優先技術合作夥伴的身份。Ci&T 代表協作、創新和變革，它凸顯了我們的核心使命和價值。我們很高興能夠開啟新的篇章，並以新的活力和專注力繼續我們的使命。

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 witness tangible AI advancements in our offerings. Now, I invite Bruno to talk about our people and how we are preparing our teams to the future.

見證我們的產品中人工智慧的實際進步令人興奮。現在，我邀請布魯諾談談我們的員工以及我們如何讓我們的團隊為未來做好準備。

Thank you, Cesar. The world of technology is undergoing a significant transformation, fueled by advancements in artificial intelligence and changing consumer behaviors. This shift presents immense opportunities and challenges for business across all sectors. As a global leader in digital transformation, Ci&T is well-positioned to capitalize on these trends.

謝謝你，塞薩爾。在人工智慧進步和消費者行為變化的推動下，科技世界正在經歷重大變革。這種轉變為所有行業的企業帶來了巨大的機會和挑戰。作為數位轉型的全球領導者，Ci&T 已做好充分利用這些趨勢的準備。

In the second quarter of 2024, we surpassed 6,200 employees, a 0.6% increase year-over-year and a 2.4% increase compared to the first quarter of 2024. Our voluntary attrition rate remains at a healthy level of 10.4%, which strongly indicates employee satisfaction and engagement.

2024 年第二季度，我們的員工人數超過 6,200 人，年增 0.6%，與 2024 年第一季相比成長 2.4%。我們的自願離職率維持在 10.4% 的健康水平，這有力地表明了員工滿意度和敬業度。

As we navigate these technology changes, I'm excited to share our vision for growth and opportunity at Ci&T. We are once again boosting our hiring machine to attract technology professionals across the globe to strengthen our artificial intelligence initiatives.

當我們應對這些技術變革時，我很高興能在 Ci&T 分享我們對成長和機會的願景。我們再次加強我們的招募機制，以吸引全球的技術專業人士來加強我們的人工智慧計畫。

Our investments in talent are a response to the surging demand for our digital services. Our clients increasingly turn to us for innovative solutions that drive efficiency and enhance consumer experiences. This demand is expected to grow in 2025 and beyond, and we're committed to equipping our teams to meet these needs ahead of time. By attracting top-tier technology talent, we are not only preparing ourselves for the challenges ahead but also positioning Ci&T as the workplace of the future in an industry poised for decades of growth.

我們對人才的投資是對數位服務不斷增長的需求的回應。我們的客戶越來越多地向我們尋求創新解決方案，以提高效率並增強消費者體驗。這項需求預計將在 2025 年及以後成長，我們致力於讓我們的團隊提前滿足這些需求。透過吸引頂級技術人才，我們不僅為迎接未來的挑戰做好準備，還將 Ci&T 定位為未來數十年增長的行業的未來工作場所。

The successful adoption of Generative AI is paramount for workers, leaders, and organizations to continue to thrive. In 2024, we intensified our efforts to elevate internal adoption rates of Ci&T Flow, our own GenAI platform. And I'm pleased to report that 68% of Ci&T teams have now integrated flow into their daily activities, and 2,400 Ci&Ters are Flow-certified, a fairly recent effort that we initiated earlier this year.

成功採用生成式人工智慧對於員工、領導者和組織的持續發展至關重要。2024 年，我們加大力度提高我們自己的 GenAI 平台 Ci&T Flow 的內部採用率。我很高興地向大家報告，68% 的 Ci&T 團隊現已將 Flow 融入到他們的日常活動中，並且 2,400 個 Ci&T 團隊獲得了 Flow 認證，這是我們今年早些時候發起的一項近期工作。

Achieving these high adoption rates requires a well-structured and phase strategy emphasizing training, user engagement, and skill development. These efforts are not just about technology, they're about transforming our culture and workflows to fully realize the benefits of GenAI.

要達到如此高的採用率，需要一個結構良好的分階段策略，強調訓練、使用者參與和技能發展。這些努力不僅涉及技術，還涉及改變我們的文化和工作流程，以充分實現 GenAI 的優勢。

Most importantly, over 100 clients have been scaling up their results with the Flow platform, boosting productivity and efficiency within the full software development process, delivering more with less sets Ci&T apart from other vendors, strengthening our relationship.

最重要的是，超過100 家客戶已經利用Flow 平台擴大了他們的成果，提高了整個軟體開發流程的生產力和效率，用更少的資源交付更多的成果，這使得Ci&T 與其他​​供應商區分開來，並加強了我們的關係。

We are at a pivotal moment where embracing this opportunity can propel us to new heights, allowing us to play a crucial role in the upcoming global technology landscape.

我們正處於一個關鍵時刻，抓住這一機會可以將我們推向新的高度，使我們能夠在即將到來的全球技術格局中發揮至關重要的作用。

Now, I invite Stanley, to present our financial performance for the second quarter of 2024.

現在，我邀請 Stanley 介紹我們 2024 年第二季的財務表現。

Thank you, Bruno, and good morning, everyone. I am pleased to be here once again to present our financial performance. In the second quarter, 2024, our net revenue was BRL565.7 million, representing a 1.1% decline compared to the same period last year.

謝謝布魯諾，大家早安。我很高興再次來到這裡介紹我們的財務表現。2024年第二季度，我們的淨收入為5.657億雷亞爾，較去年同期下降1.1%。

However, compared to the first quarter of 2024, we achieved an impressive 8.1% revenue growth. This rebound was primarily driven by the sequential growth of our top 10 clients. This achievement demonstrates our ability to expand our wallet share with clients, seize new opportunities, and strengthen relationships even in a dynamic market environment.

然而，與 2024 年第一季相比，我們實現了令人印象深刻的 8.1% 收入成長。這一反彈主要是由我們十大客戶的連續成長所推動的。這項成就表明，即使在動態的市場環境中，我們也有能力擴大與客戶的錢包份額、抓住新機會並加強關係。

Now, let's deep dive into our net revenue distribution by geography and industry verticals. North America remains our largest market, accounting for 43% of our total revenue in the first half of 2024. The revenue contribution from North America grew 15% sequentially boosted by the expansion of our largest clients in the region, demonstrating our ability to grow within our core market.

現在，讓我們按地域和垂直行業深入了解我們的淨收入分佈。北美仍然是我們最大的市場，佔 2024 年上半年我們總收入的 43%。由於我們在該地區最大客戶的擴張，北美地區的收入貢獻環比增長了 15%，這證明了我們在核心市場內成長的能力。

LATAM remains a crucial part of our operations, contributing 41% of our total revenue in the first half of 2024. Revenue from LATAM grew 1.5% quarter over-quarter, indicating a resumption on its growth trajectory. Europe and Asia Pacific accounting for 11% and 4%, respectively of our total revenue in the first half of 2024. Both regions reported sequential growth, fostering market opportunities for Ci&T.

拉丁美洲仍然是我們業務的重要組成部分，2024 年上半年貢獻了我們總收入的 41%。拉丁美洲的營收季增 1.5%，顯示其成長軌跡已恢復。2024 年上半年，歐洲和亞太地區分別占我們總收入的 11% 和 4%。這兩個地區均持續成長，為 Ci&T 創造了市場機會。

We are pleased to highlight that we have observed sequential growth across nearly all of our industry verticals. Consumer goods and retail and industrial goods experienced above-average growth, recording sequential increases of 19.7% and 15.7%, respectively.

我們很高興地強調，我們幾乎所有垂直行業都觀察到連續成長。消費品、零售和工業品的成長高於平均水平，季增幅分別為 19.7% 和 15.7%。

This strong performance was driven by two main factors, accelerated growth from large clients we onboarded last year that are gaining traction in ramping up their engagements and the deepening of existing relationships with our long-term clients.

這種強勁的業績是由兩個主要因素推動的，一是我們去年加入的大客戶的加速增長，這些客戶在增加參與度方面獲得了牽引力，二是與我們的長期客戶的現有關係的加深。

Finally, both of our top clients and our top 10 clients posted an increase of 5.6% and 10.2% compared to the first quarter of 2024, respectively. The expansion of our existing engagements with our major clients has been our main growth driver and underscores our ability to generate value on a recurring basis.

最後，與 2024 年第一季相比，我們的頂級客戶和十大客戶分別成長了 5.6% 和 10.2%。擴大與主要客戶的現有合作一直是我們的主要成長動力，並強調了我們持續創造價值的能力。

Last quarter, we announced our intention to change our reporting currency to US dollars by the end of the year. Thus, as of this quarter, we will begin presenting the number of our multi-million accounts in US dollars.

上季度，我們宣布打算在年底前將報告貨幣改為美元。因此，從本季開始，我們將開始以美元顯示我們的數百萬帳戶數量。

This approach offers a better segmentation of our client cohorts given the growth trends of our business. For the 12 months ended in the second quarter of 2024, we had nine clients with revenue exceeding $10 million, and 16 clients with revenue between $5 million and $10 million. We are quite excited about the addition of new logos, as well as the development of our recent engagements.

鑑於我們業務的成長趨勢，這種方法可以更好地細分我們的客戶群。截至 2024 年第二季的 12 個月中，我們有 9 個客戶的收入超過 1,000 萬美元，16 個客戶的收入在 500 萬美元至 1,000 萬美元之間。我們對新徽標的添加以及我們最近業務的發展感到非常興奮。

As Cesar mentioned, our AI growth machine, a dedicated sales team have been fine-tuning our offerings according to client needs, fostering the addition of new logos, including blue-chip companies with relevant technology investment opportunities.

正如塞薩爾所提到的，我們的人工智慧成長機器，一個專門的銷售團隊一直在根據客戶需求微調我們的產品，促進新標誌的添加，包括具有相關技術投資機會的藍籌公司。

Our track record of delivering on our commitments and navigating the challenges and opportunities within our clients speaks for itself. We are proud of our long-term relationships with our clients built on value creation and continuous innovation.

我們在履行承諾以及應對客戶挑戰和機會方面的記錄是不言而喻的。我們為與客戶建立在價值創造和持續創新之上的長期關係感到自豪。

Now, moving on to our financial performance. In the second quarter of 2024, adjusted EBITDA reached BRL108.7 million, representing a year-over-year decline of 4.8%. This decrease mainly reflects our strategic investments in sales efforts aimed fostering long-term growth, combined with a strong comparison basis in the second quarter 2023.

現在，我們來看看我們的財務表現。2024年第二季度，調整後EBITDA達1.087億雷亞爾，年減4.8%。這一下降主要反映了我們對旨在促進長期成長的銷售工作的策略性投資，以及 2023 年第二季的強勁比較基礎。

The adjusted EBITDA margin was a solid 19.2% in the quarter. On a sequential basis, we observed a significant 29% increase in adjusted EBITDA. This improvement was driven by better gross margins and the dilution of fixed expenses.

本季調整後 EBITDA 利潤率為 19.2%。環比來看，我們觀察到調整後 EBITDA 顯著增加了 29%。這項改善是由毛利率提高和固定費用稀釋所推動的。

We remain committed to generating healthy margins through our diligent cost management approach. While we continue investing to resume our sustainable growth trajectory, our focus remains on balancing short-term profitability with long-term growth initiatives.

我們仍然致力於透過勤奮的成本管理方法創造健康的利潤。在我們繼續投資以恢復可持續成長軌蹟的同時，我們的重點仍然是平衡短期獲利能力與長期成長計劃。

Our adjusted net profit for the quarter was BRL65.4 million, 5.8% higher than the same period last year. Our adjusted net profit margin rose from 10.8% in the second quarter of 2023 to 11.6% in the second quarter of 2024. This improvement is attributed to lower income tax and financial expenses. Sequentially, adjusted net profit increased by 56.7%, showing our commitment to operational efficiency and financial discipline.

本季調整後淨利為 6,540 萬雷亞爾，比去年同期成長 5.8%。我們的調整後淨利率從2023年第二季的10.8%上升至2024年第二季的11.6%。這一改善歸因於所得稅和財務費用的降低。隨後，調整後淨利潤成長了 56.7%，反映了我們對營運效率和財務紀律的承諾。

Finally, in the first half of 2024, we generated BRL131.3 million from our operating activities, which is 11.6% higher than the first half of 2023. Free cash flow calculated as net cash generated from operating activities excluding CapEx was BRL71.9 million.

最後，2024 年上半年，我們的經營活動創造了 1.313 億巴西雷亞爾，比 2023 年上半年成長 11.6%。以不包括資本支出的經營活動產生的淨現金計算的自由現金流為 7,190 萬雷亞爾。

Our cash conversion ratio for the period was 68%. Our financial strength provides us flexibility to pursue opportunities that enhance our competitive position and deliver long-term value to our stakeholders.

期內我們的現金轉換率為 68%。我們的財務實力使我們能夠靈活地尋求機會，增強我們的競爭地位，並為利害關係人創造長期價值。

Now, I will pass it on to Cesar to comment on our business outlook.

現在，我將把它轉交給塞薩爾，以評論我們的業務前景。

Thank you, Stanley. Now, let me add some color to our business outlook for the next quarter and year. We expect our net revenue in the third quarter of 2024 to be at least BRL591 million on a reported basis, equivalent to an 11.7% growth in revenue compared to the third quarter of 2023, and a 4.5% increase on a sequential basis.

謝謝你，史丹利。現在，讓我為我們下一季和下一年的業務前景增添一些色彩。我們預計，以報告數據計算，2024 年第三季的淨收入將至少為 5.91 億雷亞爾，相當於營收較 2023 年第三季成長 11.7%，季增 4.5%。

For the full year of 2024, we are increasing our guidance to reflect the growing demand for our services. We now expect our net revenue growth at constant currency to be in the range of minus 0.5% to 2.5% year-over-year. In addition, we estimate our adjusted EBITDA margin to be in the range of 17% to 19%.

對於 2024 年全年，我們將提高指導意見，以反映對我們服務不斷增長的需求。我們現在預計，以固定匯率計算，我們的淨收入年增將在-0.5%至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。

Once again, I want to highlight that our full-year guidance implies a significant sequential growth throughout 2024. We anticipate a faster recovery from the unusual challenges of 2023, leading to double-digit revenue growth year-over-year in the second half of 2024. This robust performance will set the stage for a strong growth trajectory in 2025 and the years to follow.

我想再次強調，我們的全年指引意味著 2024 年將出現顯著的環比成長。我們預計，公司將從 2023 年的不尋常挑戰中更快復甦，從而在 2024 年下半年實現兩位數的收入同比增長。這種強勁的表現將為 2025 年及未來幾年的強勁成長軌跡奠定基礎。

In closing, I want to extend my gratitude to our team for their unshakable dedication and resilience. Together, we will continue to propel our company towards a future marked by innovation, collaboration and meaningful impact.

最後，我要向我們的團隊表示感謝，感謝他們堅定不移的奉獻精神和堅韌的精神。我們將共同努力，繼續推動公司邁向創新、協作和有意義的影響的未來。

Thank you all for your trust and support. We now conclude our presentation and may begin the Q&A session.

感謝大家的信任與支持。我們現在結束我們的演示並可以開始問答環節。

Okay. We'll now begin the Q&A session. (Event Instructions)

好的。我們現在開始問答環節。（活動須知）

Leonardo Olmos, UBS.

萊昂納多·奧爾莫斯，瑞銀集團。

Hi. Good morning, everyone. We are so impressed with the numbers. Congratulations. Very good results and perspective ahead. Well, I'd like you to talk about revenue first. If you could disclose a little bit how are bookings, the projects pipeline, talk a little bit about how the verticals are performing, it looks like across the board.

你好。大家早安。這些數字給我們留下了深刻的印象。恭喜。非常好的結果和未來的前景。好吧，我想讓你先談談收入。如果你能透露一下預訂情況、專案進度，談談垂直行業的表現如何，看起來是全面的。

But we can see, for example, that the growth in the US was 10 times higher than the growth in LATAM. So if you could talk a little bit about those success stories in the US, and what you're looking for, and what verticals are performing well? And that's it. That's my question. I think it’s long enough. Thank you.

但我們可以看到，例如，美國的成長是拉丁美洲增長的 10 倍。那麼，您是否可以談談美國的這些成功故事，以及您正在尋找什麼，以及哪些垂直產業表現良好？就是這樣。這就是我的問題。我認為這已經夠長了。謝謝。

I can get this one. Hello, Leonardo, great to see you here. Well, let me talk about the environment, then budgets, and then commercial activities. First, I think, in general, there is still a lot of uncertain macro environment.

我可以得到這個。你好，萊昂納多，很高興在這裡見到你。好吧，我先說一下環境，然後是預算，然後是商業活動。首先，我認為，整體來說，宏觀環境仍然存在著許多不確定性。

However, there is an important difference from last year, from 2023, especially for our clients, large companies. I think what we see now is the tech budgets are more stable. So we are operating still in a mode of scarcity but without the ups and downs of last year. And budget stability is key for us for two reasons.

然而，從 2023 年開始，與去年有一個重要的不同，特別是對我們的客戶、大公司來說。我認為我們現在看到的是技術預算更加穩定。所以我們仍然以稀缺的方式運營，但沒有去年的起伏。預算穩定對我們來說至關重要，原因有二。

One of our main strategies for gaining client share is replacement of underperforming competitors. And clients will only be open for this type of, let's say, intervention if they have a good budget visibility. And the second factor is a similar process.

我們獲得客戶份額的主要策略之一是取代表現不佳的競爭對手。客戶只有在預算可見度良好的情況下才會願意接受此類幹預。第二個因素也是類似的過程。

I think it's also a child of this scarcity period and also play in favor of Ci&T is a lot of vendor consolidation process. So I think during the previous years, companies, especially large companies, increased the number of vendors and leading to a lot of complexities and overhead.

我認為這也是這個稀少時期的產物，而且許多供應商整合過程也對 Ci&T 有利。所以我認為在過去的幾年裡，公司，尤其是大公司，增加了供應商的數量，導致了許多複雜性和開銷。

So now they are searching for efficiency and this process of consolidation playing favors in favor of Ci&T strength and positioning. In terms of commercial activity, I think if you -- and pipeline for this year, if we compare the same year of last -- same period of last year, it's considerably higher, probably double in terms of opportunities and bookings.

因此，現在他們正在尋求效率，而這個整合過程有利於 Ci&T 的實力和定位。就商業活動而言，我認為，如果我們將今年的管道與去年同期進行比較，就會發現它要高得多，在機會和預訂方面可能會翻倍。

So -- and also another good indicator is the deal closing ratio continues to improve along the year. So -- and it give us a very positive outlook for the second half of the year and for 2025. In terms of regions, as you mentioned, I think US and our North America operation was the star of this first half of the year, mainly because we onboard some amazing new clients last year that are still ramping up.

因此，另一個好的指標是交易完成率全年持續改善。因此，這讓我們對今年下半年和 2025 年的前景感到非常樂觀。就地區而言，正如您所提到的，我認為美國和我們的北美業務是今年上半年的明星，主要是因為我們去年吸引了一些令人驚嘆的新客戶，這些客戶仍在增加。

But during this first half of the year, I think we evolve a lot, especially in Brazil. So you should expect a lot of traction in our Brazilian operation in Q3 and Q4. So we are expecting good growth across the board, even in our smaller regions like Europe and Asia Pacific.

但在今年上半年，我認為我們發生了很大變化，尤其是在巴西。因此，您應該預期我們的巴西業務在第三季和第四季將會有很大的吸引力。因此，我們預計，即使在歐洲和亞太地區等較小的地區，也會出現全面的良好成長。

I think, in general, it's a combination of some big new deals we did in the second half of last year and the beginning of this year, and also I think the success of this combination of offerings powered by AI and our new sales approach we are calling AI growth machine that is a more aggressive sales structure.

我認為，總的來說，這是我們在去年下半年和今年年初所做的一些大型新交易的結合，而且我認為這種由人工智慧和我們新的銷售方法提供支援的產品組合的成功被稱為人工智慧成長機器的是一種更積極的銷售結構。

Very good. Congrats again. Have a good day. Bye-bye.

非常好。再次恭喜。祝你有美好的一天。再見。

Thiago Kapulskis, Itau.

蒂亞戈·卡普爾斯基斯，伊塔烏。

Hi, guys. Good morning. Thank you for the opportunity to make questions. So I [Technical Difficulty] the first one is on AI, right? You -- I mean, there's a lot that you guys are doing and really interesting stuff. We heard great things from other digital IT services this quarter that we covered.

嗨，大家好。早安.感謝您提供提問的機會。那我【技術難度】第一個是關於AI的，對吧？你們——我的意思是，你們正在做很多事情，而且都是非常有趣的事情。我們從本季報導的其他數位 IT 服務中聽到了很棒的消息。

And one of the things that kind of -- is kind of question that we have after hearing everything is about the cycle, right? Because there are companies that are mentioned, they're still at very early stages and still need to educate people about AI, and -- but just there still have a lot to ramp up. So if you could mention a little bit what you're seeing and where we are in the cycle, if it should be a cycle as strong as others like the cloud implementation and the migration, et cetera that would be great.

其中一件事是——我們在聽到所有關於週期的事情後都會提出這樣的問題，對嗎？因為提到的有些公司仍處於非常早期的階段，仍然需要對人們進行人工智慧教育，而且——但仍有許多工作要做。因此，如果您能提一下您所看到的以及我們在周期中的位置，如果它應該是一個與雲端實施和遷移等其他週期一樣強大的週期，那就太好了。

And also in terms of the strength that you're seeing in the conversations, do you think that such strength will or stabilization at least in terms of the budgets, how you see that trend going into 2025? Do you see a more benign environment that could make us more confident about the exit rate this year and it being extended towards next year? Thank you.

另外，就您在對話中看到的實力而言，您認為這種實力是否會至少在預算方面保持穩定，您如何看待 2025 年的這一趨勢？您是否認為更良性的環境可以讓我們對今年的退出率更有信心並將其延長到明年？謝謝。

Thanks, Thiago. I can address, I think, basically two questions, right? The first one, regarding timeline of investments, what we see is this is the moment for efficiency. Of course, everyone is expecting future, I would say, war around customer experience, but the technology is not there yet.

謝謝，蒂亞戈。我想我基本上可以解決兩個問題，對吧？第一個，關於投資的時間表，我們看到的是現在是效率的時刻。當然，我想說，每個人都期待未來圍繞著客戶體驗展開戰爭，但技術尚未成熟。

There is still a mature cycle that we need to wait for before expose the clients of our clients to the models -- to this new technology. But the efficiency is already there. And if you have a good method-based approach, you can capture that. It's not easy.

在向客戶的客戶展示模型—這項新技術之前，我們仍然需要等待一個成熟的週期。但效率已經有了。如果您有一個良好的基於方法的方法，您就可以捕捉到這一點。這並不容易。

It's a combination of a strategy for adoption for the teams and also how you guarantee for large companies that you are playing within the wide range of security, of privacy and reliability that are non-negotiable for large established enterprise.

它是團隊採用策略的結合，也是您如何向大公司保證您在廣泛的安全性、隱私性和可靠性範圍內進行遊戲的策略，這些對於大型成熟企業來說是不可談判的。

So what I see as a roadmap is probably you continue to see the majority of the investment relate to Generative AI linked to efficiency. This year and next year and probably in two or three or five years, we're going to see the beginning of a lot of -- a huge investment in a radical change in customer experience.

因此，我所看到的路線圖可能是，您可能會繼續看到大部分投資與與效率相關的生成式人工智慧相關。今年和明年，可能在兩三年或五年內，我們將看到大量投資的開始，以徹底改變客戶體驗。

Basically, we are going to move from the current paradigm, the smartphone screens, buttons to a more natural language-based interaction between computer and machine. I like to say that the interaction with the machines will become more human and this will be a huge opportunity for disruption for customer -- getting customer attention and engagement.

基本上，我們將從當前的範例、智慧型手機螢幕、按鈕轉向電腦和機器之間更自然的基於語言的互動。我想說的是，與機器的互動將變得更加人性化，這將是一個顛覆客戶的巨大機會——獲得客戶的關注和參與。

And I think this will be a huge cycle of investment, very similar or even higher what we saw with the mobile revolution a few years ago.

我認為這將是一個巨大的投資週期，與我們幾年前在行動革命中看到的非常相似甚至更高。