Globant SA (GLOB) 2022 Q4 法說會逐字稿

Good day, and welcome to Globant's Fourth Quarter 2022 Earnings Conference Call. I am Arturo Langa, Investor Relations Officer at Globant. (Operator Instructions) Please note, this event is being recorded and streamed live on YouTube. By now, you should have received a copy of our earnings release. If you have not, a copy is available on our website, investors.globant.com.

美好的一天，歡迎來到 Globant 的 2022 年第四季度收益電話會議。我是 Globant 的投資者關係官 Arturo Langa。 （操作員說明）請注意，此活動正在錄製並在 YouTube 上直播。到目前為止，您應該已經收到一份我們的收益報告。如果您還沒有，可以在我們的網站 investors.globant.com 上獲得副本。

Our speakers today are Martin Migoya, Co-Founder and Chief Executive Officer; Juan Urthiague, Chief Financial Officer; Patricia Pomies, Chief Operating Officer; and Diego Tartara, Global Chief Technology Officer. Before we begin, I would like to remind you that some of our comments on our call today may be deemed forward-looking statements. This includes our business and financial outlook and the answers to some of your questions. Such statements are subject to the risks and uncertainties as described in the company's earnings release and other filings with the SEC. Please note that we follow IFRS accounting rules in our financial statements. During our call today, we will report non-IFRS or adjusted measures, which is how we track performance internally and the easiest way to compare Globant to our peers in the industry.

我們今天的演講者是聯合創始人兼首席執行官 Martin Migoya； Juan Urthiague，首席財務官；首席運營官 Patricia Pomies；和全球首席技術官 Diego Tartara。在我們開始之前，我想提醒您，我們對今天電話會議的一些評論可能被視為前瞻性陳述。這包括我們的業務和財務前景以及對您的一些問題的回答。此類聲明受公司收益發布和提交給美國證券交易委員會的其他文件中所述的風險和不確定性的影響。請注意，我們在財務報表中遵循 IFRS 會計規則。在我們今天的電話會議中，我們將報告非 IFRS 或調整後的措施，這是我們在內部跟踪績效的方式，也是將 Globant 與業內同行進行比較的最簡單方法。

You will find a reconciliation of IFRS and non-IFRS measures at the end of the press release we published on our Investor Relations website announcing this quarter's results.

您會在我們在投資者關係網站上發布的宣布本季度業績的新聞稿末尾找到 IFRS 和非 IFRS 措施的對賬。

I'd now like to turn the call over to Martin Migoya, our CEO.

我現在想把電話轉給我們的首席執行官 Martin Migoya。

Thank you, Arturo, and good afternoon, everyone. I'm happy to be with you again to share our Q4 2022 and full year results. This was Globant's strongest year ever in sales geographic presence and brand worldwide.

謝謝 Arturo，大家下午好。很高興再次與您分享我們 2022 年第四季度和全年的業績。這是 Globant 有史以來在全球銷售地域分佈和品牌方面最強勁的一年。

In 2023, we see the AI revolution accelerating and shaping organizations as they adapt to new landscapes. With the recent expansion of foundation models, and generative AI, it has become clear that we have a massive new opportunity for us and for our clients. Although AI is finally going mainstream, this isn't new for Globant.

到 2023 年，我們將看到 AI 革命加速並塑造組織以適應新環境。隨著最近基礎模型和生成人工智能的擴展，很明顯，我們和我們的客戶擁有巨大的新機會。儘管 AI 最終成為主流，但這對 Globant 來說並不新鮮。

We have been investing in developing our AI capabilities and expertise for more than 6 years now. I will share more with you later. In the meantime, I invite you to see how AI can impact our daily lives by listening to part of my speech read by a text-to-speech AI engine that emulates my voice. There will be a notice at the bottom of the screen when this happens. In any case, see you all after these remarks.

6 年多來，我們一直在投資開發我們的 AI 能力和專業知識。稍後我會與您分享更多。同時，我邀請您通過模擬我聲音的文本到語音 AI 引擎朗讀我的部分演講，看看 AI 如何影響我們的日常生活。發生這種情況時，屏幕底部會顯示一條通知。無論如何，在這些評論之後再見。

In Q4, our revenue was $490.7 million, representing 29.2% year-over-year growth. For the full year of 2022, total revenue was $1.8 billion, our best year ever. This represents 37.3% year-over-year growth, one of the highest annual growth in our history as a public company. Throughout the year, we continue to deliver quarterly growth rates above industry benchmarks. In 2022, we made a big move in our global expansion by setting up a new business region in Asia Pacific.

第四季度，我們的收入為 4.907 億美元，同比增長 29.2%。 2022 年全年，總收入為 18 億美元，是我們有史以來最好的一年。這代表了 37.3% 的同比增長，是我們上市公司歷史上最高的年度增長之一。全年，我們繼續實現高於行業基準的季度增長率。 2022年，我們在亞太地區設立了新的業務區域，在全球擴張方面邁出了一大步。

We now have presence in Australia, Hong Kong, Singapore and the Philippines. We believe there is a huge potential in this region. So we expect to continue expanding our business throughout the year. A month ago, we announced our arrival in Denmark with the acquisition of Vertic. They are a creative consultancy in the life science, health care and many other B2B disciplines.

我們現在在澳大利亞、香港、新加坡和菲律賓都有業務。我們相信這個地區有巨大的潛力。因此，我們希望全年繼續擴大我們的業務。一個月前，我們宣布通過收購 Vertic 進駐丹麥。他們是生命科學、醫療保健和許多其他 B2B 學科的創意諮詢公司。

Vertic brings an impressive AARI of new customers such as Eli Lilly and GE Healthcare. We're excited to have them on board to consolidate our global digital marketing network. With Vertic, we will continue developing our local expansion by entering into Northern Europe. We also expanded in areas where we already operate by opening new offices in Canada and Italy. Globant is now in over 25 countries across 5 different continents. We have become a truly global organization that can offer reinvention at scale with diverse talent worldwide.

Vertic 帶來了令人印象深刻的 AARI 新客戶，例如 Eli Lilly 和 GE Healthcare。我們很高興有他們加入，以鞏固我們的全球數字營銷網絡。通過 Vertic，我們將通過進入北歐來繼續發展我們的本地擴張。我們還通過在加拿大和意大利開設新辦事處，擴大了我們已經開展業務的領域。 Globant 現在遍布 5 個不同大陸的超過 25 個國家/地區。我們已經成為一個真正的全球性組織，可以在全球範圍內通過多元化的人才進行大規模的再創造。

2022 was a big year for our global brand recognition too. We announced our partnership with FIFA to develop their FIFA+ streaming platform, and we sponsored the Qatar 2022 FIFA World Cup. The Globant brand was on the field and on the screens for every match, seen all over the world. We estimate that up to 300 million people were reached by our brand during the course of our sponsorship, and FIFA estimates that more than 5 billion people engage with the World Cup across different platforms and devices. We made the most of this partnership by hosting the Globant Tech Summit in Doha during the Cup.

2022 年也是我們全球品牌知名度的重要一年。我們宣布與 FIFA 合作開發他們的 FIFA+ 流媒體平台，我們還贊助了卡塔爾 2022 年 FIFA 世界杯。 Globant 品牌出現在球場上，出現在每場比賽的屏幕上，全世界都能看到。我們估計，在我們的讚助過程中，我們的品牌影響了多達 3 億人，FIFA 估計有超過 50 億人通過不同的平台和設備參與了世界杯。我們在杯賽期間在多哈舉辦了 Globant 技術峰會，充分利用了這種合作關係。

We had a great talk with clients, partners and an expanding community. This happened at an important time for us as we are growing our business in Asia Pacific. This year, we will be global sponsors of the Women's World Cup in Australia and New Zealand. This will give us another opportunity to focus on a region that is moving towards a knowledge economy. Also, I'm thrilled to see our brand keeps growing. Globant was once again recognized in Brand Finance global report of the top IT service brands. This time, we became the eighth strongest brand worldwide.

我們與客戶、合作夥伴和不斷擴大的社區進行了愉快的交談。這對我們來說發生在一個重要的時刻，因為我們正在亞太地區發展我們的業務。今年，我們將成為澳大利亞和新西蘭女足世界杯的全球贊助商。這將為我們提供另一個機會，讓我們可以關註一個正在走向知識經濟的地區。此外，我很高興看到我們的品牌不斷發展壯大。 Globant 再次在 Brand Finance 全球頂級 IT 服務品牌報告中獲得認可。這一次，我們成為了全球第八強品牌。

During 2022, Globant was also named Company of the Year in global digital transformation services by Frost & Sullivan. The fastest-growing IT services company by Gartner Market Share and a major industry 4.0 player by Everest Group. Moving on to Studios. I'm thrilled to say that we have created the sports reinvention studio. It will be the hub for our solutions for the top sports organizations, helping them reinvent fun experience, boost loyalty, increase revenue streams and develop smart venues. We're already working with top players in the sports and entertainment sector like LaLiga and the L.A. Clippers. And now we are consolidating these efforts to take full advantage of future opportunities.

2022 年期間，Globant 還被 Frost & Sullivan 評為全球數字化轉型服務年度最佳公司。 Gartner 市場份額增長最快的 IT 服務公司和 Everest Group 的主要工業 4.0 參與者。繼續前往工作室。我很高興地說我們已經創建了體育再造工作室。它將成為我們為頂級體育組織提供解決方案的中心，幫助他們重塑有趣的體驗、提高忠誠度、增加收入流和開發智能場館。我們已經在與西甲和洛杉磯快船隊等體育和娛樂領域的頂級球員合作。現在我們正在鞏固這些努力，以充分利用未來的機會。

In the AI space, tools like ChatGPT from OpenAI and Bard from Google have made a large language model technology available to everyone for the first time. This improves the generation of text, music and video for the benefit of millions of end users and open up huge opportunities for organizations. It also creates more chances to further incorporate AI into the business as well as generating new value through AI apps.

在 AI 領域，OpenAI 的 ChatGPT 和 Google 的 Bard 等工具首次將大型語言模型技術提供給每個人。這改進了文本、音樂和視頻的生成，造福於數百萬最終用戶，並為組織開闢了巨大的機會。它還創造了更多機會將 AI 進一步融入業務，並通過 AI 應用程序產生新的價值。

We are very optimistic for long-term growth because the demand for AI is growing fast. Spending is expected to reach $300 billion by 2026. It is quickly becoming an essential part of software. Every digital product will have an AI layer. We believe that large language models can simplify software development creation, moving our industry forward. I'm proud to share that we have made a major update to our low-code platform, GeneXus.

我們對長期增長非常樂觀，因為對人工智能的需求正在快速增長。到 2026 年，支出預計將達到 3000 億美元。它正迅速成為軟件的重要組成部分。每個數字產品都會有一個 AI 層。我們相信大型語言模型可以簡化軟件開發創建，推動我們的行業向前發展。我很自豪地告訴大家，我們對低代碼平台 GeneXus 進行了重大更新。

Through the combination of deterministic symbolic AI with large language model technology, GeneXus can now create unprecedented enterprise software solutions in record time. Let me explain how this works. The software creation process involves many different profiles of professionals, each using their own programming languages and unique interactions from designers to developers to testers.

通過將確定性符號 AI 與大型語言模型技術相結合，GeneXus 現在可以在創紀錄的時間內創建前所未有的企業軟件解決方案。讓我解釋一下這是如何工作的。軟件創建過程涉及許多不同類型的專業人員，每個人都使用自己的編程語言以及從設計人員到開發人員再到測試人員的獨特交互。

GeneXus steps into the process with its AI assistant by providing a common layer to bridge the understanding gap. It now allows the use of natural language as common input for each of the profiles. In a nutshell, with GeneXus, if you can talk, you can start creating your digital product. The beta version of GeneXus Next will be ready in the next weeks. You can register to join the wait list through the QR on the screen. This AI assistant is a big step forward in using AI for business solutions.

GeneXus 通過提供一個通用層來彌合理解差距，從而通過其 AI 助手進入該過程。它現在允許使用自然語言作為每個配置文件的通用輸入。簡而言之，有了 GeneXus，如果您會說話，您就可以開始創建您的數字產品。 GeneXus Next 的測試版將在接下來的幾週內準備就緒。您可以通過屏幕上的二維碼註冊加入候補名單。這個 AI 助手是將 AI 用於業務解決方案的一大進步。

AI has been a key part of Globant's value offering for many years, supported by our AI Studio, our AI manifesto and company-wide AI training. In addition to GeneXus, we are revolutionizing the industry with Augoor, which applies AI to make the coding process faster, more creative and effective. And with MagnifAI, that speeds up testing so that companies can launch products faster. We want to be the go-to partner for organizations that want to fully unleash the power of AI. The solutions and tools we provide can simplify decision-making, create more personalized experience and enable creativity. We're making these moats because we know AI well, and we are ready to take advantage of this opportunity.

多年來，在我們的 AI Studio、AI 宣言和全公司範圍內的 AI 培訓的支持下，AI 一直是 Globant 價值產品的重要組成部分。除了 GeneXus，我們正在通過 Augoor 徹底改變行業，它應用 AI 使編碼過程更快、更有創意和更有效。借助 MagnifAI，可以加快測試速度，從而使公司可以更快地推出產品。我們希望成為想要充分釋放 AI 力量的組織的首選合作夥伴。我們提供的解決方案和工具可以簡化決策、創造更加個性化的體驗並激發創造力。我們正在打造這些護城河，因為我們非常了解 AI，並且我們準備好利用這個機會。

We understand that macroeconomic conditions are uncertain and geopolitical events and supply chain issues have affected some decision-making processes from our clients, especially by the end of 2022. We experienced some long closing cycles during the end of last year and early 2023. But we are seeing now initial signs of a positive change on those trends. So we expect a healthy year-over-year performance given the current market.

我們了解到宏觀經濟狀況不確定，地緣政治事件和供應鏈問題影響了我們客戶的一些決策過程，尤其是到 2022 年底。我們在去年年底和 2023 年初經歷了一些較長的關閉週期。但我們現在正在看到這些趨勢發生積極變化的初步跡象。因此，鑑於當前市場，我們預計會有健康的同比表現。

Our CFO, Juan Urthiague, will share more later on. We have a strong confidence in Globant's fundamentals through our studios, we're adaptable to providing the clients what it needs in different landscapes. Globant offers a mix of services and products to help clients seek business reinvention and efficiencies.

我們的首席財務官 Juan Urthiague 稍後將分享更多信息。通過我們的工作室，我們對 Globant 的基本面充滿信心，我們能夠適應為客戶提供不同環境下的需求。 Globant 提供多種服務和產品，以幫助客戶尋求業務重塑和效率。

We work with organizations to improve their operations using platforms like Salesforce, SAP and Oracle. We enhance customer experiences and go-to-market strategy to improve business outcomes, and we deliver revolutionary solutions through the latest technologies like AI, blockchain, metaverse and more. According to IDC, digital transformation spending will reach $3.4 trillion in 2026. The United States account for nearly 35% of the worldwide total and will surpass the $1 trillion mark in 2025.

我們與組織合作，使用 Salesforce、SAP 和 Oracle 等平台改善他們的運營。我們增強客戶體驗和上市策略以改善業務成果，我們通過 AI、區塊鏈、Metaverse 等最新技術提供革命性的解決方案。據 IDC 預測，2026 年數字化轉型支出將達到 3.4 萬億美元。美國占全球總量的近 35%，並將在 2025 年突破 1 萬億美元大關。

We are eager to grow our market share as this space continues to expand. Globant is celebrating its 20th anniversary this year. We have come a long way from 4 founders in a bar to a global team of 27,000 people. I have never been prouder than I am now. We are a team of entrepreneurs. Our Globers continue to work on unparalleled innovation for some of the most beloved brands in the world, helping them hack the challenges of their businesses.

隨著這個空間的不斷擴大，我們渴望增加我們的市場份額。 Globant 今年慶祝成立 20 週年。從一家酒吧的 4 位創始人到 27,000 人的全球團隊，我們走過了漫長的道路。我從來沒有像現在這樣自豪。我們是一群企業家。我們的 Globers 繼續致力於為世界上一些最受歡迎的品牌進行無與倫比的創新，幫助他們應對業務挑戰。

In these first 20 years, Globers has become a growth vehicle and a center for knowledge, deep expertise and nonstop growth mindset, reflecting on the past 3 years, including the unparalleled impact of the pandemic. It's remarkable to see that Globant has grown our top line by almost 3x and has welcomed a similarly increase in our employee base.

在這最初的 20 年裡，Globers 已經成為一種增長工具和知識中心，深厚的專業知識和不間斷的增長心態，反映了過去 3 年，包括大流行的無與倫比的影響。令人驚奇的是，Globant 的收入增長了近 3 倍，而且我們的員工人數也同樣增加了。

Throughout this period, we have maintained our commitment to delivering exceptional profitability and returns to our shareholders. With the dedication of our teams and our ever-evolving offering we are ready to face the challenges and continue our growth in 2023 and beyond.

在此期間，我們一直致力於為股東提供卓越的盈利能力和回報。憑藉我們團隊的奉獻精神和我們不斷發展的產品，我們已準備好迎接挑戰並在 2023 年及以後繼續發展。

And with that, I'll turn it over to Diego Tartara, our CTO. Thank you. Thank you very much.

然後，我將把它交給我們的首席技術官 Diego Tartara。謝謝。非常感謝。

Thanks, Martin, and hello, everyone. It's good to be back. I'm eager to share with you some important updates regarding our Studios, interesting new projects with clients and our plans to leverage AI and other relevant trends. I'll begin with a focus on AI introduced by Martin. At Globant, AI has been a main part of our services to clients as well as our own internal processes for almost a decade. That's why we see the recent accelerated adoption of AI tools by the general public as an opportunity.

謝謝，馬丁，大家好。回來真好。我渴望與您分享有關我們工作室的一些重要更新、與客戶的有趣新項目以及我們利用 AI 和其他相關趨勢的計劃。我將從 Martin 介紹的 AI 開始。在 Globant，近十年來，人工智能一直是我們為客戶提供的服務以及我們自己的內部流程的主要部分。這就是為什麼我們將最近公眾加速採用 AI 工具視為一個機會。

To respond, we are driving home our offering of AI applications to our community. The Globant proposal is focused on 3 main areas in this space: first, driving better outcomes. We are using AI to unlock the power of information analysis and big data so that our clients can make informed and agile business decisions ahead of their competition; second, elevating the customer experience by personalizing smart interactions through AI.

作為回應，我們正在推動我們向社區提供 AI 應用程序。 Globant 提案專注於該領域的 3 個主要領域：首先，推動更好的結果。我們正在使用人工智能來釋放信息分析和大數據的力量，以便我們的客戶能夠在競爭之前做出明智而敏捷的業務決策；其次，通過人工智能實現個性化智能交互，提升客戶體驗。

Globant has experience in boosting customer loyalty and satisfaction in this space; and finally, accelerating performance. We harness the power of AI to automate processes, increase efficiency augment complex creative work through generative AI that frees up valuable time and resources for teams. Our Globant X products, Augoor, GeneXus and MagnifAI are key accelerators for this. As a people-based organization, we're going to double down on our AI expertise by providing an additional company-wide training to ensure that every Glober becomes an AI adviser.

Globant 在提升該領域的客戶忠誠度和滿意度方面擁有豐富的經驗；最後，加速性能。我們利用 AI 的力量來自動化流程，通過生成 AI 提高效率來增強複雜的創造性工作，從而為團隊釋放寶貴的時間和資源。我們的 Globant X 產品 Augoor、GeneXus 和 MagnifAI 是這方面的關鍵加速器。作為一個以人為本的組織，我們將通過提供額外的全公司培訓來加強我們的 AI 專業知識，以確保每個 Glober 都成為 AI 顧問。

Upon completing the training, each one of our Agile Pods will have an AI expert who will consistently ensure that our solutions include the latest AI technology. In the AI space, GeneXus has proven to be a great partner to invigorate our offering. Upon the acquisition, we were able to quickly integrate our companies to create better low-code and no-code solutions.

完成培訓後，我們的每個 Agile Pod 都將配備一名 AI 專家，他們將始終如一地確保我們的解決方案包含最新的 AI 技術。在 AI 領域，GeneXus 已被證明是一個很好的合作夥伴，可以為我們的產品注入活力。收購後，我們能夠快速整合我們的公司，以創建更好的低代碼和無代碼解決方案。

Last month, we launched GeneXus 18, a new version of the low-code platform that increases productivity and simplifies the development of apps and systems. It allows organizations of any size and industry to explore new business models and provide new experience to their customers through elevated software architecture.

上個月，我們推出了 GeneXus 18，這是一個新版本的低代碼平台，可以提高生產力並簡化應用程序和系統的開發。它允許任何規模和行業的組織探索新的商業模式，並通過提升的軟件架構為他們的客戶提供新的體驗。

GeneXus 18 also brings low-code software solutions to the development of super apps, a key growth area for the industry and a lucrative goal for many top brands combined with the new features, which Martin have built earlier, we are increasingly optimistic and ambitious about the runway of this product. Now let's go through how Globant continues to share its knowledge and expertise not only via the solutions we create for our clients, but with the broader tech community.

GeneXus 18 還為超級應用程序的開髮帶來了低代碼軟件解決方案，這是該行業的一個關鍵增長領域，也是許多頂級品牌的有利可圖的目標，結合 Martin 早些時候構建的新功能，我們越來越樂觀和雄心勃勃該產品的跑道。現在讓我們來看看 Globant 如何不僅通過我們為客戶創建的解決方案，而且與更廣泛的技術社區繼續分享其知識和專業知識。

In our new tech trends reports released this week, we focus on 4 impactful trends that will empower organizations to successfully navigate and excel in this disruptive era. Artificial intelligence, the metaverse, blockchain and foundational technology, recognizing the significant potential of our recently launched Sports Reinvention Studio. This quarter, we also released a stand-alone tech trends report focusing on opportunities in this space. A new liquid fund is disrupt in the sports worth. The fan experience now goes far beyond the live match as they now interact with their favorite clubs and events through multiple touch points in mobile apps and social media. This creates the need for smart technologies and to ensure a seamless positive digital experience.

在本週發布的新技術趨勢報告中，我們重點關注 4 種有影響力的趨勢，這些趨勢將使組織能夠在這個顛覆性時代成功駕馭並取得卓越成就。人工智能、元宇宙、區塊鍊和基礎技術，認識到我們最近推出的 Sports Reinvention Studio 的巨大潛力。本季度，我們還發布了一份獨立的技術趨勢報告，重點關注該領域的機遇。新的流動資金正在擾亂體育價值。球迷體驗現在遠遠超出了現場比賽，因為他們現在通過移動應用程序和社交媒體中的多個接觸點與他們最喜歡的俱樂部和賽事進行互動。這創造了對智能技術的需求，並確保無縫的積極數字體驗。

It creates both a challenge and an opportunity for new revenue streams. Both the 2023 tech trends and the Sports Reinvention trend reports can be found at reports.globant.com. Now I'd like to share with you how we are working to change the game for our clients. Globant is partnering with Omantel, the leading telecommunication company in Oman to offer an activity-based incentive wellness program for their customers called Sehhaty. This program leverages Be Healthy, a Global Tech product that offers a recognition and reward program using the Apple Watch.

它為新的收入來源既帶來了挑戰，也帶來了機遇。 2023 年科技趨勢和體育重塑趨勢報告均可在 reports.globant.com 上找到。現在我想與您分享我們如何努力為我們的客戶改變遊戲規則。 Globant 與阿曼領先的電信公司 Omantel 合作，為其客戶提供一項名為 Sehhaty 的基於活動的激勵健康計劃。該計劃利用了全球科技產品 Be Healthy，該產品使用 Apple Watch 提供認可和獎勵計劃。

Be Healthy helps its users live healthier lives and have control over their data with a strong privacy protection built into every Apple product. We are working closely with Vrio, the Latin American division of DIRECTV. With more than 10 million subscribers, it is the leading digital entertainment service in the region. Having the right to stream FIFA World Cup, Vrio wanted to create an immersive experience in a virtual funnel fest in the metaverse. In record time, Globant built a proposal and designed a full event experience, social media influencers, clients and press were invited to participate using VR headsets while watching a live FIFA World Cup game transmitted by Vrio.

Be Healthy 幫助其用戶過上更健康的生活，並通過每款 Apple 產品內置的強大隱私保護來控制他們的數據。我們正在與 DIRECTV 的拉丁美洲分部 Vrio 密切合作。它擁有超過 1000 萬用戶，是該地區領先的數字娛樂服務。擁有 FIFA 世界杯直播權後，Vrio 希望在元宇宙的虛擬漏斗盛宴中創造身臨其境的體驗。在創紀錄的時間內，Globant 提出了一個建議並設計了一個完整的活動體驗，社交媒體影響者、客戶和媒體被邀請使用 VR 耳機參與，同時觀看由 Vrio 傳輸的現場 FIFA 世界杯比賽。

We were able to showcase the power of the metaverse for FIFA World Cup live streaming, while creating engaging and interactive experiences that can be monetized in the metaverse economy. Additionally, we created an omnichannel experience that included the largest chatbot in Latin America, reaching 30 million messages during the World Cup.

我們能夠為 FIFA 世界杯直播展示元宇宙的力量，同時創造可以在元宇宙經濟中貨幣化的引人入勝的互動體驗。此外，我們還創建了全渠道體驗，其中包括拉丁美洲最大的聊天機器人，在世界杯期間收到了 3000 萬條消息。

We also developed a mobile app with 630,000 active users and an improved web service. This experience was a solid first milestone for the Sports Reinvention Studio. In North America, we're working with Roche, one of the global leading biotech companies. The company works with partners who bring AI platforms and algorithms focused on oncology maze analysis.

我們還開發了一款擁有 630,000 名活躍用戶的移動應用程序和改進的網絡服務。這次經歷是 Sports Reinvention Studio 的第一個里程碑。在北美，我們與全球領先的生物技術公司之一羅氏公司合作。該公司與合作夥伴合作，帶來專注於腫瘤迷宮分析的人工智能平台和算法。

Until now, the onboarding of these new partners has been done manually, which is time-consuming costly and not scalable. We're partnering with Roche to build a self-service and boarding platform to streamline development and integration that will help reduce costs, increase efficiency and allow the platform to quickly scale to hundreds of algorithms. In Europe, we're working with PortAventura World, a leading destination resort in the southern region with more than 5.3 million visitors in 2022.

到目前為止，這些新合作夥伴的入職都是手動完成的，這既耗時又昂貴，而且不可擴展。我們正在與羅氏合作構建一個自助服務和登機平台，以簡化開發和集成，這將有助於降低成本、提高效率並允許該平台快速擴展到數百種算法。在歐洲，我們正在與 PortAventura World 合作，這是南部地區領先的目的地度假勝地，到 2022 年將有超過 530 萬遊客。

We have become their digital partner to design and implement a new client application to gain a competitive advantage through efficient customer experience. We are leveraging our expertise in the area that includes work for close lines, sports teams, resorts and theme parks. Also in Europe, we're working with PAC, additionally native logistics company that specializes in same-day delivery. Its platform provides real-time tracking, route optimizations and automated delivery notifications.

我們已成為他們的數字合作夥伴，設計和實施新的客戶端應用程序，以通過高效的客戶體驗獲得競爭優勢。我們正在利用我們在該領域的專業知識，包括為近線、運動隊、度假村和主題公園工作。同樣在歐洲，我們正在與 PAC 合作，這是一家專門從事當日送達的本地物流公司。其平台提供實時跟踪、路線優化和自動送貨通知。

They also maintain a fleet of professional drivers and couriers to ensure that their customers receive the highest quality of service. Global (inaudible) PAC in the evolution of the recurrent platform by building new cost and building management systems. Pickup drop of points, software development kits in multiple languages for faster retail integration among others. We are also advising them and looking ahead in areas that include IoT and metaverse, helping PAC stay ahead of the competition and provide their customers with the best delivery experience. As always, we look forward to enhancing our relationships with our clients by bringing the latest technologies into their businesses.

他們還擁有一支由專業司機和快遞員組成的車隊，以確保他們的客戶獲得最高質量的服務。全球（聽不清）PAC 通過構建新的成本和構建管理系統來發展循環平台。提貨點、多種語言的軟件開發工具包，用於更快的零售整合等。我們還為他們提供建議並展望未來，包括物聯網和元宇宙，幫助 PAC 在競爭中保持領先地位，並為其客戶提供最佳交付體驗。一如既往，我們期待通過將最新技術引入客戶的業務來加強我們與客戶的關係。

With that, I turn it over to Patricia Pomies, our COO.

有了這個，我把它交給我們的首席運營官 Patricia Pomies。

Thank you, Diego, and hello, everyone. I'm happy to be with you again to discuss the transformation work we are doing for our clients and the evolving value proposition we offer to global talent. Let's kick off with our clients. Our largest account, The Walt Disney Company grew by 26.6% year-over-year and 8.5% quarter-over-quarter. The rest of our accounts collectively grew by 29.5% year-over-year and 6.8% quarter-over-quarter. Our 100-square strategy continued to show results.

謝謝你，迭戈，大家好。很高興再次與您一起討論我們為客戶所做的轉型工作以及我們為全球人才提供的不斷發展的價值主張。讓我們從我們的客戶開始。我們最大的客戶華特迪士尼公司同比增長 26.6%，環比增長 8.5%。我們的其他賬戶同比增長 29.5%，環比增長 6.8%。我們的 100 平方策略繼續顯示結果。

We now have 13 accounts bringing in more than $20 million in revenue. In addition, we have 259 clients that provide more than $1 million of annual revenue compared to 185 year ago. Regarding geographical distribution of our revenue in Q4, 61.7% of our revenue came from North America, 22.7% from Latin America, 11.9% from EMEA and 3.7% from Asia and Oceania. While all regions of revenue growth, we are seeing more geographic diversification of our revenue sources. For Q4, revenue in EMEA and APAC regions grew 43.8% and 110.5%, respectively, year-over-year.

我們現在有 13 個賬戶帶來超過 2000 萬美元的收入。此外，與 185 年前相比，我們有 259 家客戶提供超過 100 萬美元的年收入。關於我們第四季度收入的地域分佈，我們 61.7% 的收入來自北美，22.7% 來自拉丁美洲，11.9% 來自 EMEA，3.7% 來自亞洲和大洋洲。雖然所有地區的收入都在增長，但我們看到我們的收入來源在地域上更加多樣化。第四季度，EMEA 和亞太地區的收入同比分別增長 43.8% 和 110.5%。

We have a stronger emphasis on growing in markets that are relatively new to Globant such as Asia Pacific. Our strong organic growth, coupled with our strategic execution of M&A, were key to driving these positive results. North America, the source of 62% of our revenue grew by 24.8% year-over-year and 2% quarter-over-quarter.

我們更加重視在 Globant 相對較新的市場（例如亞太地區）中的發展。我們強勁的有機增長，加上我們的併購戰略執行，是推動這些積極成果的關鍵。北美是我們 62% 收入的來源，同比增長 24.8%，環比增長 2%。

We continue to focus on the Net Promoter Score to ensure that our clients are both satisfied with our services and promoting us within their networks. As of Q4, the Net Promoter Score reached 79, up from 76 Q4 of last year. This remained high above the technology industry benchmark range that goes between 40 and 61. Through this exercise, we estimate that 81% of our clients are recommending us to their community.

我們繼續關注淨推薦值，以確保我們的客戶對我們的服務感到滿意，並在他們的網絡中推廣我們。截至第四季度，淨推薦值達到 79，高於去年第四季度的 76。這仍然高於 40 到 61 之間的技術行業基準範圍。通過這項工作，我們估計有 81% 的客戶向他們的社區推薦我們。

Now regarding our people. We are now a proud team of over 27,000 Globers worldwide. Considering the current business environment, we have moderated our pace of hiring, and we are taking advantage of the trends in attrition. Our annual attrition is currently at 16.7%, the lowest in 2 years and 180 basis points below Q3's annual figure. We credit this to Globant's global-centric value proposition of giving both career growth and flexibility.

現在關於我們的人。我們現在是一支由全球 27,000 多名 Globers 組成的自豪團隊。考慮到當前的商業環境，我們已經放慢了招聘步伐，並且正在利用人員流失的趨勢。我們的年度流失率目前為 16.7%，為 2 年來最低，比第三季度的年度數字低 180 個基點。我們將此歸功於 Globant 以全球為中心的價值主張，即提供職業發展和靈活性。

To nurture a positive culture that develops talent is critical to listen continuously to our Globers. We have a deep and regular evaluations of our working mode to assess our Globers engagement so that we can adapt accordingly. We closed the year in Q4 asking Globers how they fought on everything from rewards and benefits to a career path and mental health among other areas. Within this assessment, we had a specific focus on the Net Promoter Score to determine our employees would recommend Globant to friends, contact and former colleagues.

培養培養人才的積極文化對於持續傾聽我們的 Globers 至關重要。我們對我們的工作模式進行了深入而定期的評估，以評估我們的 Globers 參與度，以便我們能夠相應地進行調整。我們在第四季度結束了這一年，詢問 Globers 他們如何在從獎勵和福利到職業道路和心理健康等各個方面進行鬥爭。在此評估中，我們特別關注淨推薦值，以確定我們的員工是否會向朋友、聯繫人和前同事推薦 Globant。

It resulted in an employee Net Promoter Score of 64, far above the industry benchmark of 30 to 40. Additionally, over 95% of respondents said that they feel they are treated equally and fairly. This is regardless of gender, age, race, disability or sexual orientation. 85% of respondents indicate that they feel their leaders strongly care about their well-being. We celebrate this result of showing how our corporate values are being adopted throughout the organization. Our strategy is to provide adverse personal and career growth opportunities at Globant. As you remember, last year, we launched our open career platform, where Globers can find a new career opportunities within the company.

結果是員工淨推薦值 64，遠高於 30 到 40 的行業基準。此外，超過 95% 的受訪者表示他們覺得自己受到了平等和公平的對待。這與性別、年齡、種族、殘疾或性取向無關。 85% 的受訪者表示，他們認為領導者非常關心他們的福祉。我們慶祝這一結果，展示了我們的企業價值觀是如何在整個組織中得到採用的。我們的策略是在 Globant 提供不利的個人和職業發展機會。如您所知，去年，我們推出了開放的職業平台，Globers 可以在其中找到公司內部的新職業機會。

With exposure to new skill sets, salaries and a job title. So far, 10,000 Globers have made use of this portal, and over 2,000 have already found new opportunities at Globant in new industry or geographies. Our upskilling and reskilling platform at Globant University also continues to grow. We have empowered it with AI to give a more valuable and a personal experience. Our employees get tailored and recommended upskilling courses based on their profile and their interests. We are also using this technology to strengthen social and collaborative learning throughout the whole organization by connecting experts Globers with peers who are looking for their expertise.

接觸新的技能、薪水和職位。到目前為止，已有 10,000 名 Globers 使用了這個門戶網站，超過 2,000 人已經在 Globant 找到了新行業或新地區的新機會。我們在 Globant 大學的技能提升和再培訓平台也在不斷發展。我們用 AI 賦予它權力，以提供更有價值的個人體驗。我們的員工會根據他們的個人資料和興趣獲得量身定制和推薦的技能提升課程。我們還使用這項技術，通過將專家 Globers 與正在尋找專業知識的同行聯繫起來，加強整個組織的社交和協作學習。

We are now offering more than 3,600 different learning experiences. I would like to highlight a particular course from the platform of the Green IT training. It is targeted at IT professionals with the goal of mitigating the carbon footprint of the industry. We recognize that our sector has a great potential in the fight against climate change. So far, more than 5,000 Globers have been trained, and we look forward to incorporating the principles into our product offering to our clients as well. Flexibility continues to be at the core of our offering.

我們現在提供超過 3,600 種不同的學習體驗。我想重點介紹綠色 IT 培訓平台中的一門特定課程。它面向 IT 專業人士，目標是減少行業的碳足跡。我們認識到我們的行業在應對氣候變化方面具有巨大潛力。到目前為止，已有 5,000 多名 Globers 接受了培訓，我們期待將這些原則納入我們為客戶提供的產品中。靈活性仍然是我們產品的核心。

Our work-from-anywhere policy allows Globers to work from any destination up to 90 days per year. This has enabled over 1,700 globals to work remotely in more than 65 destinations worldwide. Of course, we still believe that offices are a great word of foster culture. So we are very excited to be opening the workspace of the future. In the past year, Globant has opened brand new offices in London, Mexico cities, Santiago, Punta del Este and Ushuaia. Each one was particularly designed with our Globers in mind that an emphasis on co-creation sustainability and teamwork.

我們的隨時隨地工作政策允許 Globers 每年在任何地點工作最多 90 天。這使 1,700 多名全球員工能夠在全球超過 65 個目的地進行遠程工作。當然，我們仍然相信辦公室是培養文化的好詞。因此，我們很高興能夠開啟未來的工作空間。在過去的一年裡，Globant 在倫敦、墨西哥城、聖地亞哥、埃斯特角城和烏斯懷亞開設了全新的辦事處。每一個都是專門為我們的 Globers 設計的，強調共同創造的可持續性和團隊合作。

And finally, some important updates on Globant's Be Kind concept aimed at making our global community a more sustainable, giving equitable and healthy place through the commitment of our Globers. And our Code Your Future program we publicly commitment to grant 15,000 technology training scholarship by 2025. In Q4, we offered 1,000 new scholarship for an 8-month training to people in Latin America.

最後，對 Globant 的 Be Kind 概念進行了一些重要更新，旨在通過我們的 Globers 的承諾，使我們的全球社區成為一個更具可持續性、公平和健康的地方。我們的 Code Your Future 計劃公開承諾到 2025 年授予 15,000 個技術培訓獎學金。在第四季度，我們為拉丁美洲的人們提供了 1,000 個新的為期 8 個月的培訓獎學金。

We'll receive over 30,000 applications. 50% of this scholarship will be allocated to women and nonbinary people. We also continue our work in Globant Labs. Its purpose is to focus our pro bono initiatives to help our community in line with our Be Kind pillars. We are committed to this project because we are firm believers that technology is an enabler to create new solution for the more significant problems of humanity, fostering innovation and delivering inclusive opportunities.

我們將收到超過 30,000 份申請。該獎學金的 50% 將分配給女性和非二元性別者。我們還在 Globant Labs 繼續我們的工作。其目的是集中我們的無償倡議，以幫助我們的社區符合我們的 Be Kind 支柱。我們致力於這個項目，因為我們堅信技術可以為人類更重大的問題創造新的解決方案，促進創新並提供包容性機會。

Our Be Kind Tech Fund continues to support the start-ups aimed of mitigating the adverse effect of technology. Spanish venture capital firm Seaya and London-based entrepreneurial organization, E2E have joined the fund's partner ecosystem. So we announced our 1 million investment in Polemix, the first platform to introduce Web3 technology to the world of ideas and opinions. The start-up mission is to upgrade how people support and oppose opinion leaders, disrupting the eco chambers cultivated by traditional social media platforms. We look forward to seeing the development of this fund, its partner and its mission.

我們的 Be Kind Tech Fund 繼續支持旨在減輕技術不利影響的初創企業。西班牙風險投資公司 Seaya 和總部位於倫敦的創業組織 E2E 已加入該基金的合作夥伴生態系統。因此我們宣布了對 Polemix 的 100 萬美元投資，這是第一個將 Web3 技術引入思想和觀點世界的平台。創業使命是升級人們支持和反對意見領袖的方式，破壞傳統社交媒體平台培育的生態室。我們期待看到該基金、其合作夥伴及其使命的發展。

And with that, I will hand it over to Juan, our CFO. Thank you.

然後，我將把它交給我們的首席財務官胡安。謝謝。

Thank you, and good afternoon, everyone. It's great to be here again. We're extremely proud of the solid results we delivered today. We ended 2022 on a high note with 37.3% year-over-year growth, the second highest annual growth rate in revenues since becoming a publicly listed company while delivering another strong year of profitability and cash generation. Testament of that was the consistent above-industry growth positive throughout the year with average quarter-over-quarter growth rates above 6.6% throughout 2022.

謝謝，大家下午好。很高興再次來到這裡。我們為今天取得的可觀成果感到非常自豪。我們以 37.3% 的同比增長率高調結束了 2022 年，這是自成為上市公司以來收入的第二高年增長率，同時又實現了強勁的盈利能力和現金產生。全年持續高於行業的正增長證明了這一點，整個 2022 年平均環比增長率超過 6.6%。

As a digital transformation service company, we understand that the current macroeconomic environment may be causing some of our clients to moderate their demand for our services and delaying the closing of new deals. We strongly believe that the mid- and long-term demand for digital transformation remains intact.

作為一家數字化轉型服務公司，我們了解當前的宏觀經濟環境可能會導致我們的一些客戶降低對我們服務的需求並推遲新交易的完成。我們堅信，數字化轉型的中長期需求保持不變。

Our pipeline remains very solid, and it is the highest in the company's history. We have seen no change in the discussion regarding the long-term strategy of our clients. Technology continues to be at the front and center. Additionally, talent remains scarce and companies continue to face challenges to find their technology ranks. According to leading service data from leading financial institutions and industry research firms, digital transformation investments are expected to be a top priority across companies in 2023.

我們的管道仍然非常穩固，這是公司歷史上最高的。我們沒有看到關於客戶長期戰略的討論有任何變化。技術仍然處於前沿和中心。此外，人才仍然稀缺，公司繼續面臨尋找技術排名的挑戰。根據領先金融機構和行業研究公司的領先服務數據，數字化轉型投資預計將成為 2023 年各公司的首要任務。

We will keep optimizing our talent pool utilization and cost structure and adapt our service offering to meet the changing demands of our clients. Let's now review our solid Q4 and 2022 results. We are very proud of the positive top line growth we were able to deliver. 2022 revenues ended at $1.780 billion, up 37.3% year-over-year. This strong growth was mainly driven by approximately 32% organic growth despite having a 2 percentage point FX headwind. Our revenues for Q4 were also very strong at $490.7 million, representing a 29.2% year-over-year growth.

我們將不斷優化我們的人才庫利用率和成本結構，並調整我們的服務產品以滿足客戶不斷變化的需求。現在讓我們回顧一下我們可靠的第四季度和 2022 年業績。我們為我們能夠實現的積極的收入增長感到非常自豪。 2022 年收入為 17.8 億美元，同比增長 37.3%。儘管有 2 個百分點的外匯逆風，但這一強勁增長主要是由約 32% 的有機增長推動的。我們第四季度的收入也非常強勁，達到 4.907 億美元，同比增長 29.2%。

On a sequential basis, our revenues for the fourth quarter of this year increased 6.9%. Q4 revenue growth was 30.9% year-over-year in constant currency, 1.7 percentage points above our headline figure. We estimate inorganic contribution to year-over-year growth at approximately 6 percentage points in the fourth quarter. When we look at our revenue breakdown, we see several factors at play. Let me bring them to life. First, with our top account, we ended a very strong 2022 and Q4. We are seeing very strong growth in our media vertical on the back of strong deals closed in the second half of 2022, including LaLiga tech partnership among others, and also a noticeable recovery in our Travel & Hospitality and Healthcare division, but partially offset by our professional services, high tech and BFSI verticals.

按順序計算，我們今年第四季度的收入增長了 6.9%。按固定匯率計算，第四季度收入同比增長 30.9%，比我們的總體數字高出 1.7 個百分點。我們估計第四季度無機對同比增長的貢獻約為 6 個百分點。當我們查看收入明細時，我們會發現有幾個因素在起作用。讓我讓他們復活。首先，憑藉我們的頂級客戶，我們結束了非常強勁的 2022 年和第四季度。在 2022 年下半年達成的強勁交易（包括 LaLiga 技術合作夥伴關係等）以及我們的旅遊與酒店和醫療保健部門的顯著復甦的支持下，我們看到我們的媒體垂直增長非常強勁，但部分抵消了我們的專業服務、高科技和 BFSI 垂直行業。

We do expect a more stable performance in Q1 in our professional services and our BFSI verticals and incremental growth in the short term. We continue to deliver on profitability. Adjusted gross profit margin for the year stood at 39.2%, among the highest in the industry. Our adjusted gross profit for 2022 increased to $697.6 million, representing a 36.1% annual increase.

我們確實希望我們的專業服務和 BFSI 垂直領域在第一季度表現更穩定，並在短期內實現增量增長。我們繼續實現盈利。全年經調整毛利率為39.2%，位居行業前列。我們調整後的 2022 年毛利增至 6.976 億美元，年增長率為 36.1%。

Adjusted operating margin for the year stood at 16.3%, relatively unchanged on an annual basis. We are actively working on our SG&A to meet our EBIT targets. As of 4Q 2022, SG&A over sales stood at 18%, which compares to 18.7% as of last year. Adjusted operating income for the quarter amounted to $79 million or 16.1% of revenues, flat quarter-over-quarter.

全年調整後營業利潤率為 16.3%，與年度相比基本沒有變化。我們正在積極致力於我們的 SG&A 以實現我們的 EBIT 目標。截至 2022 年第四季度，SG&A 佔銷售額的比例為 18%，而去年為 18.7%。本季度調整後營業收入為 7900 萬美元，佔收入的 16.1%，環比持平。

Regarding below-the-line items, our IFRS effective tax rate for the quarter was 21.8%, largely in line with our guidance. Adjusted net income for the full year 2022 totaled $217.7 million, representing 12.2% adjusted net income margin, flat year-over-year. Adjusted net income for the fourth quarter was $60.1 million, representing 12.3% adjusted net income margin.

關於線下項目，本季度我們的 IFRS 有效稅率為 21.8%，基本符合我們的指引。 2022 年全年調整後淨收入總計 2.177 億美元，調整後淨利潤率為 12.2%，同比持平。第四季度調整後淨利潤為 6010 萬美元，調整後淨利潤率為 12.3%。

Adjusted diluted EPS for this quarter was $1.40, 30.8% year-over-year based on 43.1 million average diluted shares for the quarter. Our full year 2022 adjusted EPS of $5.08 came in $0.02 above our guidance of $5.06 per share. Adjusted EPS for full year implies a strong 35.1% year-over-year growth. We continue to execute on our financial strategy, focusing on balance sheet management and capital allocation. We believe that our financial position is well suited to support our growth in 2023 to pursue attractive opportunities, both organically and inorganically.

本季度調整後的稀釋後每股收益為 1.40 美元，同比增長 30.8%，基於本季度平均稀釋後的 4310 萬股。我們 2022 年全年調整後每股收益為 5.08 美元，比我們每股 5.06 美元的指引高出 0.02 美元。調整後的全年每股收益意味著 35.1% 的強勁同比增長。我們繼續執行我們的財務戰略，專注於資產負債表管理和資本配置。我們相信，我們的財務狀況非常適合支持我們在 2023 年的增長，以尋求有機和無機的有吸引力的機會。

As of December 31, 2022, our cash and cash equivalents and short-term investments totaled $340.9 million. Our credit facility of $350 million remains undrawn. We maintained a net cash position, which, in conjunction with our organic cash flow generation should provide ample funding for our growth plans in the short term. In the fourth quarter 2022, we achieved strong free cash flow generation with free cash flow north of $80 million. Now let's talk about our business going forward. I would like to share with you our initial outlook for the first quarter and for the full year 2023.

截至 2022 年 12 月 31 日，我們的現金和現金等價物以及短期投資總計 3.409 億美元。我們的 3.5 億美元信貸額度仍未動用。我們保持了淨現金狀況，這與我們的有機現金流量相結合，應該為我們的短期增長計劃提供充足的資金。 2022 年第四季度，我們實現了強勁的自由現金流生成，自由現金流超過 8000 萬美元。現在讓我們談談我們未來的業務。我想與您分享我們對 2023 年第一季度和全年的初步展望。

We remain focused on achieving a solid revenue growth and strong profitability. Heading into 2023, we will focus on expanding our business while aiming at stable margins. We will also focus on managing closely our cost structure in order to scale it in line with the business performance. Let me start with our Q1 expectations. We currently expect Q1 revenues of at least $470 million or 17.1% year-over-year growth.

我們仍然專注於實現穩健的收入增長和強勁的盈利能力。進入 2023 年，我們將專注於擴大業務，同時爭取穩定的利潤率。我們還將專注於密切管理我們的成本結構，以便根據業務績效對其進行擴展。讓我從我們對第一季度的期望開始。我們目前預計第一季度收入至少為 4.7 億美元，同比增長 17.1%。

Over the last part of Q4 2022 and the beginning of Q1 2023, we experienced elongated closing cycles and delayed ramp-up of closed deals. These market conditions combined with customer-specific situations in some of our top accounts, such as organizations and restructuring, lead us to expect a sequential decrease in Q1 2023 revenues relative to Q4 2022.

在 2022 年第四季度末和 2023 年第一季度初，我們經歷了延長的交割週期和延遲完成的交易。這些市場條件與我們一些頂級客戶的特定客戶情況相結合，例如組織和重組，導致我們預計 2023 年第一季度的收入相對於 2022 年第四季度將連續下降。

Though a healthy year-over-year performance given the current market, we expect to go back to positive quarter-over-quarter growth already in Q2, reaching a total top line similar or slightly above Q4 2022. This is the result of the recovery in some of our top accounts and the closing of a number of large-sized deals. In line with Q1 revenues and also due to the cost impacts resulting from FX appreciation in emerging markets. We implemented measures to contain our expenses in the short time, which will partially offset the effect on our margins.

儘管考慮到當前市場的同比表現健康，但我們預計第二季度將恢復環比正增長，達到與 2022 年第四季度相似或略高於 2022 年第四季度的總收入。這是複甦的結果在我們的一些頂級客戶中，並完成了一些大型交易。與第一季度的收入一致，也由於新興市場外匯升值帶來的成本影響。我們採取措施在短期內控制我們的開支，這將部分抵消對我們利潤率的影響。

We expect our adjusted operating income margin in the 15% to 16% range for the first quarter of 2023. IFRS effective income tax rate is expected to be in the 22% to 24% range. Our adjusted EPS for Q1 is expected to be at least $1.27, assuming 43.2 million average diluted shares outstanding for the quarter. Now let's move towards the full year guidance.

我們預計 2023 年第一季度調整後的營業利潤率在 15% 至 16% 之間。IFRS 有效所得稅率預計在 22% 至 24% 之間。我們預計第一季度調整後的每股收益至少為 1.27 美元，假設本季度平均有 4320 萬股攤薄流通股。現在讓我們轉向全年指導。

We continue to be very positive about the growth opportunity for Globant and our industry. Regarding our full year 2023 outlook, we are building in some conservatism considering the signals that we see from a more moderated start of the year. Our outlook does not consider neither a significant recession nor a strong recovery over the course of the year. Based on current visibility, we are providing our full year 2023 guidance of $2.065 billion or 16% year-over-year growth. This guidance figure considers a neutral FX outlook.

我們繼續對 Globant 和我們行業的增長機會持非常樂觀的態度。關於我們的 2023 年全年展望，考慮到我們從年初更加溫和的信號中看到的信號，我們正在建立一些保守主義。我們的展望既不考慮今年的嚴重衰退也不考慮強勁復甦。根據目前的可見性，我們提供了 2023 年全年 20.65 億美元或同比增長 16% 的指導。該指導數據考慮了中性的外匯前景。

For the full year, we expect our adjusted operating margin in the 15% to 17% range. 2023 IFRS effective income tax rate is expected to be in the 22% to 24% range. Finally, our adjusted diluted EPS for 2023 is expected to be $5.70, assuming 43.4 million average diluted shares for the year.

對於全年，我們預計調整後的營業利潤率在 15% 至 17% 之間。預計 2023 年 IFRS 實際所得稅率將在 22% 至 24% 的範圍內。最後，假設全年平均稀釋股數為 4340 萬股，我們預計 2023 年調整後的稀釋每股收益為 5.70 美元。

Thanks, everyone, for participating in the call, for your coverage and support.

感謝大家參與電話會議，感謝你們的報導和支持。

Thank you, Juan. Hi, everyone. It's good to see you. So as we go through the question-and-answer section of this call, I will call your name. (Operator Instructions) So with that in mind, our first question comes from the line of Tien-Tsin Huang from JPMorgan.

謝謝你，胡安。大家好。很高興見到你。因此，在我們進行本次電話會議的問答部分時，我會叫你的名字。 （操作員說明）考慮到這一點，我們的第一個問題來自摩根大通的 Tien-Tsin Huang。

I appreciate the time as always. So again, a lot of good detail about the outlook and everything here. So I figured I'd ask on the top account, Disney looked like a pretty strong fourth quarter.

我一如既往地珍惜時間。所以，這裡有很多關於前景和一切的詳細信息。所以我想我會問最重要的問題，迪士尼第四季度看起來非常強勁。

I heard the restructuring and some things changing that might create a slow start to the year. So can you just comment on visibility for the top account and maybe the top 10 in general and what you've seen there for the first quarter as well as for the full year, a little bit more detail.

我聽說重組和一些變化可能會導致今年開局緩慢。那麼，您能否評論一下頂級賬戶的可見性，也許是一般的前 10 名，以及您在第一季度和全年看到的情況，更詳細一點。

Sure. I will take the first portion of the question. Thank you, Tien-Tsin, for the question. And I take the first portion and then we'll let Juan to complement. I think that the relationship with Disney is extremely healthy. We have had 2022 with a very healthy growth of about 35%, right, year-over-year. So we have had like a growth with this account for many, many years.

當然。我將回答問題的第一部分。謝謝 Tien-Tsin 的提問。我負責第一部分，然後我們將讓 Juan 補充。我認為與迪士尼的關係非常健康。到 2022 年，我們實現了約 35% 的非常健康的同比增長。因此，多年來，我們的賬戶一直在增長。

I think that the -- all the announcements is still very soon to understand what's going on in the winners of these announcements. We expect to have some hit during Q1, but then coming back again during the rest of the year. So this is kind of what we know right now. I understand that the account is still very healthy.

我認為 - 所有公告仍然很快就會了解這些公告的獲勝者發生了什麼。我們預計在第一季度會受到一些打擊，但在今年餘下的時間裡會再次出現。所以這就是我們現在所知道的。據我所知，該帳戶仍然非常健康。

We believe that this relationship we have with Disney is very profound, and we can help them to make many of the savings they have in mind. And I think that's pretty much the picture. But I don't know, Juan, if you want to complement.

我們相信，我們與迪士尼的這種關係非常深厚，我們可以幫助他們實現他們心目中的許多節省。我認為情況差不多就是這樣。但我不知道，胡安，你是否想補充。

Sure, Tien-Tsin. So in addition to that, what we are seeing is a very strong travel and services sector. A very strong or a recovery in -- on a very strong sorry, health care sector. When we are looking into the Q1 number, as Martin said, it implies a decrease in the case of our top account driven by all the changes that were discussed. Also, there is some impact coming from tech companies that as we all know, they have been delaying projects and even laying off a large number of people.

當然，天津。因此，除此之外，我們看到的是一個非常強大的旅遊和服務部門。非常強勁或複蘇 - 在非常強勁的醫療保健行業。正如 Martin 所說，當我們查看第一季度的數字時，這意味著我們的頂級賬戶的情況有所減少，這是由所討論的所有變化驅動的。此外，科技公司也有一些影響，眾所周知，他們一直在推遲項目，甚至裁員。

And then there is a little bit on the backlog and the size of the backlog. But we are already seeing a good recovery heading into Q2, close deals that will translate into a good recovery into Q2 numbers.

然後有一點關於積壓和積壓的大小。但我們已經看到進入第二季度的良好復甦，完成的交易將轉化為第二季度數字的良好復甦。

And I think it's going to be driven again by Travel & Hospitality by healthcare, a recovery on BFSI, a recovery on professional services. We will still have some hits coming from technology.

我認為這將再次受到醫療保健、BFSI 復甦和專業服務復甦的推動。我們仍然會有一些來自技術的成功。

All right. Great. And then just as my quick follow-up, just to build on what you just said, I think to get back to sequential growth in the second quarter, it sounds like you've seen some positive changes recently. You mentioned a very strong pipeline. I think you also mentioned some potential closing of some larger deals as well. So can you tell us a little bit more, we are in mid-February now. So it sounds like you're seeing real activity and change to the positive side at this point in the quarter?

好的。偉大的。然後就像我的快速跟進一樣，以你剛才所說的為基礎，我認為要回到第二季度的連續增長，聽起來你最近看到了一些積極的變化。你提到了一個非常強大的管道。我想你也提到了一些可能完成的一些更大的交易。那麼你能告訴我們更多一點嗎，我們現在是二月中旬。所以聽起來您在本季度的這個時候看到了真正的活動並向積極方面轉變？

Yes. It's difficult to answer that question. We are seeing some signals of recovery, that's for sure. We are seeing some early -- very early, I would say, large contracts that are coming into the pipeline and also some large contracts that we are closing.

是的。很難回答這個問題。我們看到了一些復甦的信號，這是肯定的。我們看到一些早期 - 非常早，我會說，正在籌備中的大型合同以及我們正在關閉的一些大型合同。

So for the first time, we are seeing like a recovery in many of the news that we have had during the last, I would say, 9 months. So we are seeing some kind of turning point. Look, this is a very early signal. That doesn't mean that it will represent what's going to happen during the rest of the year, but we got like kind of very happy when we start seeing that recovery happening, right? And...

因此，我們第一次看到過去 9 個月的許多新聞都在復蘇。所以我們看到了某種轉折點。看，這是一個非常早的信號。這並不意味著它將代表今年剩餘時間會發生什麼，但當我們開始看到復蘇正在發生時，我們會感到非常高興，對吧？和...

Because the backlog continues to build and that kind of gives us comfort on the second quarter numbers. And then, of course, for the rest of the year, the assumption that we have is that things will continue in the same way that we are seeing now. We are not assuming a big recovery of the economy. We are not assuming a meaningful crisis where it's just a continuation of the change in the trend that we have seen over the last 3, 4 weeks in terms of bookings, in terms of closing of deals and new deals coming into the pipe.

因為積壓繼續增加，這讓我們對第二季度的數字感到欣慰。然後，當然，在今年剩下的時間裡，我們的假設是事情將以我們現在看到的相同方式繼續下去。我們沒有假設經濟會大幅復甦。我們並沒有假設一場有意義的危機，它只是我們在過去 3 週、4 週內在預訂、交易結束和即將進行的新交易方面看到的趨勢變化的延續。

So the next question comes from the line of Ashwin Shirvaikar from Citi.

所以下一個問題來自花旗的 Ashwin Shirvaikar。

Martin, you started obviously speaking about AI. So let me direct my first question there. And you cast this as an opportunity, which I can see in many different ways for content creation and other factors as well. But as a company, you do have over 80% time and material and very people dependent. So how do you think of that in the long run, obviously, at the end of the day, AI doesn't kind of go implement itself and do things even in a generative AI.

馬丁，你顯然開始談論人工智能。因此，讓我直接提出我的第一個問題。您將此視為一個機會，我可以從內容創建和其他因素的許多不同方面看到這一點。但作為一家公司，你確實有超過 80% 的時間和材料，而且非常依賴人。那麼從長遠來看，你如何看待這一點，很明顯，在一天結束的時候，即使在生成式人工智能中，人工智能也不會自行實施並做事。

But how do you think of that? And are there other opportunities along the way as I look at, say, for example, corporate or enterprise level data sets, many of them are not at the start where they ought to be. So maybe that's also an opportunity. Can you talk about that whole thing?

但是你怎麼看呢？在我觀察的過程中是否還有其他機會，例如，公司或企業級數據集，其中許多不在他們應該在的地方。所以也許這也是一個機會。你能談談整個事情嗎？

Yes, absolutely. Look, I could be talking about this for the next 24 hours. So I would try to be very, very short, but listen, this change on the AI tools is not something new that we are seeing. I mean we have been experimenting with tools, which are pretty similar to what's going on right now with ChatGPT, which is the most relevant thing that happened in the last 1.5 months for some time now. And we have always seen this kind of -- at the end of the day, a change on the tools or an evolution on the tools that we are using to develop software or to create experiences or to create content should happen, and it happened.

是的，一點沒錯。看，我可以在接下來的 24 小時內談論這個。所以我會嘗試非常非常簡短，但是聽著，AI 工具的這種變化並不是我們看到的新事物。我的意思是我們一直在試驗工具，這些工具與 ChatGPT 目前正在發生的事情非常相似，這是過去 1.5 個月內發生的最相關的事情。而且我們一直看到這種 - 在一天結束時，我們用來開發軟件或創建體驗或創建內容的工具應該發生變化或演變，而且它發生了。

And now we are seeing that, of course, humans will keep on being extremely needed like before, but now they will have tools to be more efficient. But at the same time, a new set of new applications based on AI. Basically, what happened with ChatGPT was like a massive marketing campaign, pushing like a new way of creating applications like a new way of understanding how to interact with consumers with interfaces in general, and that will yield like a massive set of new applications based on AI, based on large language models that can learn about your company that can learn about your transactions that can start answering questions on those transactions, answering questions that before were extremely difficult to get.

現在我們看到，當然，人類將繼續像以前一樣被極度需要，但現在他們將擁有提高效率的工具。但與此同時，還有一組基於 AI 的新應用。基本上，ChatGPT 發生的事情就像一場大規模的營銷活動，推動了一種創建應用程序的新方式，就像一種了解如何與一般界面的消費者交互的新方式，並且這將產生大量基於人工智能，基於大型語言模型，可以了解你的公司，可以了解你的交易，可以開始回答有關這些交易的問題，回答以前極難獲得的問題。

And all those trends only accelerate the need of what we do and only accelerate the need of creating new studios like creating, I would say, AI-specific models to answer in a certified way because right now, the models are answering like in a generic way, answer in a certified way specific knowledge in certain domain areas of expertise. And I believe, there's a change in the tools. Before we were making breaches with the regular calculator, I don't know how to say that in English, sorry.

所有這些趨勢只會加速我們所做工作的需求，只會加速創建新工作室的需求，比如創建 AI 特定模型以經過認證的方式回答，因為現在，模型正在以通用方式回答方式，以經過認證的方式回答某些專業領域的特定知識。我相信，工具發生了變化。在我們破壞常規計算器之前，我不知道用英語怎麼說，抱歉。

Calculus.

結石。

Calculus. And now we are using calculators and we are using computers to accelerate that design. Well, the same thing happened now. We have some tools to develop software with Augoor, with GeneXus, with all the things connected with MagnifAI, we accelerated the way of developing software, came ChatGPT Copilot came into the game. We accelerated again.

結石。現在我們正在使用計算器，我們正在使用計算機來加速設計。嗯，同樣的事情現在發生了。我們有一些工具可以與 Augoor、GeneXus 以及與 MagnifAI 相關的所有東西一起開發軟件，我們加速了開發軟件的方式，ChatGPT Copilot 進入了遊戲。我們又加速了。

And I believe that those things will keep on trending up, but the people using those tools are still in charge of making things happen. And I believe that this trend will keep on going and keep on growing and the need of new applications paid on new paradigms that we just learned a month ago, not Globant. We have been playing with this a long time ago, but the public in general has learned new things and new ways to interact with computers and consumers who start requesting that from the companies that we serve. So I see like a massive trend going up on that side, too. I hope that answers your question, but -- it's a question of $1 million basically.

而且我相信這些事情會繼續呈上升趨勢，但使用這些工具的人仍然負責讓事情發生。而且我相信這種趨勢將繼續下去並繼續增長，並且新應用程序的需求將基於我們一個月前剛剛學到的新範例，而不是 Globant。很久以前我們就在玩這個，但一般公眾已經學會了與計算機和消費者互動的新事物和新方法，他們開始向我們服務的公司提出要求。所以我認為這方面也有一個巨大的趨勢。我希望這能回答你的問題，但是 - 這基本上是一個 100 萬美元的問題。

Absolutely. I guess the next question is, if you can talk about M&A impact and FX impact for 1Q and full year, what should we put in, what should we assume?

絕對地。我想下一個問題是，如果你能談談第一季度和全年的併購影響和外匯影響，我們應該輸入什麼，我們應該假設什麼？

Sure. I'll take it. So on the first quarter, we guided 17.1% growth, of which around 5 percentage points are coming from the recent acquisitions that we did or the positions that we did during 2022. For the full year, out of the 16% that we guided, about 4 percentage points come from the deals that we closed in 2022. And for the time being, we're assuming a neutral FX scenario. So we are not assuming any gain or any loss coming from FX.

當然。我要買它。因此，在第一季度，我們指導了 17.1% 的增長，其中約 5 個百分點來自我們最近進行的收購或我們在 2022 年所做的職位。全年，在我們指導的 16% 中，大約 4 個百分點來自我們在 2022 年完成的交易。目前，我們假設外匯情況是中性的。因此，我們不假設任何來自外彙的收益或損失。

The next question comes from the line of Bryan Bergin from Cowen.

下一個問題來自 Cowen 的 Bryan Bergin。

First question I have is, are there certain types of projects and programs that you've seen delayed and reassessed -- or was it broadly slower across the portfolio in any client decision-making? And if it was certain types of engagements that were commonly pushed, can you just talk about how that's affected your workforce planning for 2023?

我的第一個問題是，您是否看到某些類型的項目和計劃被推遲和重新評估——或者在任何客戶決策中，整個投資組合的速度是否普遍較慢？如果通常推動的是某些類型的參與，您能否談談這對您 2023 年的勞動力規劃有何影響？

Yes. The -- I would say the slowdown in decisions happened pretty much across many different industries. Of course, accentuated on high tech, I would say. And then the projects, I think you asked about the type of projects? or...

是的。 - 我會說決策放緩幾乎發生在許多不同的行業。當然，強調高科技，我會說。然後是項目，我想你問的是項目類型？或者...

Yes.

是的。

Right? And the type of projects, look, they come in very different flavors as we always said, the projects that we do are always connected to -- connecting with consumers, accelerating that process. Now we are heading into the digital marketing side. We're heading to the back office and I would say, all the ERP/CRM implementation, which is the back end of the company's. Those projects will keep on going.

正確的？項目的類型，看，就像我們一直說的那樣，它們有非常不同的風格，我們所做的項目總是與之相關——與消費者聯繫，加速這一進程。現在我們正在進入數字營銷方面。我們正前往後台，我會說，所有的 ERP/CRM 實施，這是公司的後端。這些項目將繼續進行。

The 3 types: the digital marketing, the, I would say; digital transformation, connecting with consumers type; and, of course, the back-end projects. The 3 of them has been continuing. What I would say is like the slowdown does not connect with the type of project. It connects more with the general uncertainty that we are living in the market rather than the type of projects. So there's no correlation there that I see specifically to your question.

三種類型：數字營銷，我會說；數字化轉型，連接消費者類型；當然，還有後端項目。他們3人一直在繼續。我想說的是，放緩與項目類型無關。它更多地與我們生活在市場中的普遍不確定性有關，而不是與項目類型有關。因此，我認為與您的問題沒有任何相關性。

Okay. And then just shifting over to margins. So can you just -- can you talk about the biggest factors in that 15% to 17% range as you think about utilization as you go through '23? And anything on the pricing and just curious how you get to the lower end versus the higher end of that range?

好的。然後只是轉移到利潤率。那麼你能不能——你能談談 23 年期間考慮利用率時 15% 到 17% 範圍內的最大因素嗎？還有關於定價的任何事情，只是好奇你如何達到該範圍的低端和高端？

Yes. Clearly, the -- whatever we are seeing for Q1 in terms of revenues and in terms of margins, we mentioned 15% to 16% because as we have a slight decrease in revenues, we have like negative operating leverage and that is having an impact on the full year number.

是的。顯然，無論我們在第一季度的收入和利潤率方面看到什麼，我們都提到了 15% 到 16%，因為隨著我們的收入略有下降，我們喜歡負運營槓桿，這正在產生影響在全年數字上。

We are seeing also a recovery in terms of margins as the year goes by and the revenues start to grow again. We are assuming basically that costs and pricing will offset each other, and they should both be somewhere in the low to mid-single-digit number in dollar terms. Utilization, we think we should be able to maintain it at similar levels and the one that we have right now, which is around 81%, 82%, that's the target that we are targeting for next year. And I think that's basically what we are including in that assumption of 15% to 17% range for operating income next year or actually this year 2023.

隨著時間的推移，我們也看到利潤率有所回升，收入開始再次增長。我們基本上假設成本和定價將相互抵消，並且以美元計算，它們都應該處於中低個位數。利用率，我們認為我們應該能夠將其維持在類似的水平，而我們現在的水平約為 81%、82%，這是我們明年的目標。我認為這基本上就是我們在明年或實際上今年 2023 年營業收入 15% 至 17% 範圍內的假設。

Our next question comes from Arvind Ramnani from Piper Sandler.

我們的下一個問題來自 Piper Sandler 的 Arvind Ramnani。

I had a question on the -- just overall like bill rate increases that you've seen over the last couple of years, maybe it was 10%, 15%, you're saying it's maybe low to mid-single digits. And when I think of like volume, bill rate and FX and M&A has like 4 components that drive overall growth. How do you say like volumes are trending? Like if you have to take out FX, M&A and bill rate. And like If you had volumes.

我有一個問題——就像你在過去幾年看到的賬單利率總體上增加一樣，可能是 10%、15%，你說它可能是低到中個位數。當我想到交易量、票據利率和外匯時，併購有 4 個推動整體增長的組成部分。你怎麼說像數量趨勢？就像您必須排除外匯、併購和票據利率一樣。就像如果你有捲。

Sure. I'll take that question. So the assumption -- I mean, over the last 2 years, in 2021, we grew revenue per head close to 12%, 13%. 2022, it was around 8% to 9%. And given the current scenario that we are all living and until we see a stronger recovery, I think it's right to assume in our low to mid-single-digit pricing for this year because there is still inflation though coming down around the world.

當然。我會回答這個問題。所以假設——我的意思是，在過去的兩年裡，到 2021 年，我們的人均收入增長接近 12%、13%。到 2022 年，約為 8% 至 9%。鑑於目前我們都在生活，直到我們看到更強勁的複蘇，我認為假設我們今年的中低個位數定價是正確的，因為儘管全球範圍內通貨膨脹仍在下降。

So in terms of pricing, as I said, low to mid-single-digit expected for the year as of today, with the current information. In terms of FX, the assumption that we have for this year and that we're including our numbers, it's a stable FX scenario. We have seen the dollar appreciate a little bit over the last few weeks -- I'm sorry, depreciate over the last few weeks. But it's been going up and down depending on whatever happens with interest rates and inflation, news and all that.

因此，就定價而言，正如我所說，根據當前信息，截至今天，預計今年的價格為中低個位數。就外匯而言，我們對今年的假設以及我們將我們的數字包括在內，這是一個穩定的外匯情景。過去幾週我們看到美元略有升值——對不起，過去幾週貶值了。但它一直在上下波動，這取決於利率和通貨膨脹、新聞等方面的情況。

In terms of M&A, as I mentioned before, for the full year, the assumption that is embedded in our numbers is whatever we did up until now, which is about 4 percentage points. It doesn't include any other deal that we hopefully make close during the rest of the year. And so the rest is volume basically.

在併購方面，正如我之前提到的，對於全年，我們數字中嵌入的假設是我們到目前為止所做的一切，大約是 4 個百分點。它不包括我們希望在今年剩餘時間內完成的任何其他交易。所以剩下的基本上就是音量。

That's helpful. And just a quick follow-up. I mean this year, in many areas, it's a transition year or year of digestion, right? You had like abnormally high, like volume-based growth over the last couple of years. And this year is what it is, whether it's like 15%, 17%, 20%, it doesn't really matter, but like we always talked about a 20% like secular grower, right, over the next 3 years. Like what gives you the confidence that you get back to that secular 20% growth? And I'm not looking for guidance for the next couple of years or anything. But just the more normalized growth -- like what's going to get us there from an underlying driver's perspective to get to the normalized growth?

這很有幫助。并快速跟進。我的意思是今年，在很多領域，這是一個過渡年或者消化年，對吧？在過去的幾年裡，你有異常高的增長，比如基於數量的增長。而今年就是這樣，無論是 15%、17%、20%，這並不重要，但就像我們總是談論 20% 的世俗種植者一樣，對吧，在接下來的 3 年裡。比如是什麼讓您有信心恢復到 20% 的長期增長？而且我不尋求未來幾年的指導或任何事情。但只是更正常化的增長——比如從潛在驅動因素的角度來看，是什麼讓我們達到正常化增長？

Maybe let me just give like an overview of the last few years, and then I will maybe Martin or Diego talk a little bit of what we are seeing into -- or what are the needs that we are seeing from the market and that helps us believe that we are leaving a secular trend in our business.

也許讓我先概述一下過去幾年，然後我可能會 Martin 或 Diego 談談我們正在看到的東西——或者我們從市場上看到的對我們有幫助的需求是什麼相信我們正在離開我們業務的長期趨勢。

Over the last few years, we did the IPO in 2014. If you look at the CAGR 2014 to 2020, it was around 27%. 2021, we grew 59%, amazing; 2022, a very strong growth, again, 37%. And we are starting this year with a 16% growth now that given the current market, I think it's a very good number as well.

在過去的幾年裡，我們在 2014 年進行了 IPO。如果你看一下 2014 年到 2020 年的複合年增長率，大約是 27%。 2021年，我們增長了59%，驚人； 2022 年，增長非常強勁，再次達到 37%。考慮到當前的市場，我們今年開始的增長率為 16%，我認為這也是一個非常好的數字。

When we look into what's happening, I think the conversation with customers are not changing, Martin the needs that they have and...

當我們調查正在發生的事情時，我認為與客戶的對話沒有改變，馬丁他們的需求和......

Yes. I mean the trends about needing technology and to put the things, the back end, the front end digital marketing efforts, everything in order is something that we are very -- that we are seeing it very clear.

是的。我的意思是關於需要技術和把事情、後端、前端數字營銷工作、一切都井井有條的趨勢，我們非常清楚地看到了這一點。

Very basic projects. So for example, a big streaming platform that we have as a customer, we have a project in which they need to connect the different platforms that still have different user bases to connect into a single user base. Those are projects which are extremely needed and they won't go away, and they will keep on growing and growing. So that secular need of technology is still there.

非常基礎的項目。因此，例如，我們作為客戶擁有的一個大型流媒體平台，我們有一個項目，他們需要連接仍然具有不同用戶群的不同平台以連接到單個用戶群。這些都是非常需要的項目，它們不會消失，而且會不斷增長。因此，對技術的長期需求仍然存在。

And I believe that as companies understand that there's new ways of interacting with technology and computers, they will -- their customers who are requesting those companies to behave like that. And that will trigger like a new wave of -- that we have been talking about 3 massive trends like Web 3.0, AI and metaverse. Well, those 3 things will keep on going.

而且我相信，隨著公司了解存在與技術和計算機交互的新方式，他們會 - 他們的客戶要求這些公司這樣做。這將引發新一波浪潮——我們一直在談論 3 大趨勢，如 Web 3.0、人工智能和元宇宙。好吧，這三件事將繼續下去。

And AI right now is in the center of the discussion because of things that are happening that will treat again, a new set of conversational interfaces. People would like to talk with smart companies. People don't like to talk with call centers that are automated that don't know what to answer. People like to talk with smart companies. And that's a massive trend, and that's something that will keep on going.

人工智能現在處於討論的中心，因為正在發生的事情將再次處理，一組新的對話界面。人們願意與聰明的公司交談。人們不喜歡與不知道該回答什麼的自動化呼叫中心交談。人們喜歡與聰明的公司交談。這是一個巨大的趨勢，而且會持續下去。

So I don't know percentages, and I will never talk about percentages towards the future in this specific question that you made. But I believe that the trend of every year needing more and more technology more complex stuff to be done is there. So I don't know, Diego, if you want to complement on that?

所以我不知道百分比，我永遠不會在你提出的這個具體問題中談論未來的百分比。但我相信每年都需要越來越多的技術來完成更複雜的事情。所以我不知道，Diego，你是否想對此進行補充？

Just to complement that. I think that every now and then given a new technology, a certain situation, we're being asked, like, is there a continuity to your business? And in all honesty, first of all, we continue to have very good conversations when it comes to revenue growth type of deals that we're the ones that were kind of slowing down lately.

只是為了補充這一點。我認為，在某些情況下，有時我們會被問及一項新技術，例如，您的業務是否具有連續性？老實說，首先，當涉及到我們最近放緩的收入增長類型的交易時，我們繼續進行非常好的對話。

But the most important thing is that even though there are certain technologies that made our lives easier, our works makes us much more efficient so far consumption will continue to grow, will continue to grow. It's just only one example that showcases this 20 years ago, even less than 20 years ago, the portion of the cost of a car that was about software was low 10s, 12% around that.

但最重要的是，儘管有某些技術讓我們的生活更輕鬆，但我們的工作讓我們更有效率，到目前為止消費將繼續增長，將繼續增長。這只是 20 年前的一個例子，甚至不到 20 年前，與軟件有關的汽車成本部分低 10s，大約 12%。

Nowadays, we're seeing over 60%, over 60% and continue growing. I think every single industry will follow that [powder]. And that's what makes us think that there's a long and healthy way for us into the future.

如今，我們看到超過 60%，超過 60%，並且還在繼續增長。我認為每個行業都會效仿這種[粉末]。這就是讓我們認為我們通往未來的漫長而健康的道路。

And if I can just one quick follow-up on that. Just with this, we have seen this trend before, right? The cloud comes and you made money on cloud, but big revenue streams came from analytics and a changing business workflow and kind of building a front-end consumer apps, like you've already always taken as a tech trend and like built an entire ecosystem of revenue based around like a single technology theme.

如果我可以對此進行快速跟進。僅此而已，我們之前已經看到了這種趨勢，對嗎？雲來了，你在雲上賺了錢，但巨大的收入流來自分析和不斷變化的業務工作流程，以及構建前端消費者應用程序，就像你一直認為的技術趨勢一樣，並且構建了一個完整的生態系統的收入基於單一技術主題。

Have you finally, like you've talked about AI for the last 50 years, AI has been around for a long time. But are we at a point where this new way -- wave of AI is going to be as big as what cloud did to your revenues. And if you can provide metrics great, if you can at least qualitatively, how do you compete as generative AI to some of the things, whether it's Mobile or cloud or something else?

你最後有沒有，就像你在過去 50 年裡一直在談論 AI 一樣，AI 已經存在了很長時間。但是我們是否正處於這種新方式的地步——人工智能浪潮將與雲對您的收入所做的一樣大。如果你能提供很好的指標，如果你至少可以定性地提供指標，你如何作為生成人工智能與某些事物競爭，無論是移動、雲還是其他？

Something we receive -- in all honesty, I think it's AI has been there for a long time. We have business in AI. We created the studio 6 years ago. We even built our own technologies. I think -- like Martin said, I think what ChatGPT brings and it's amazing for us. It's a big opportunity. It's marketing. Now everyone knows about AI, everyone has gone to ChatGPT and tried a few things.

我們收到的東西——老實說，我認為人工智能已經存在很長時間了。我們在人工智能方面有業務。我們在 6 年前創建了工作室。我們甚至建立了自己的技術。我認為——就像馬丁所說的那樣，我認為 ChatGPT 帶來的東西對我們來說是驚人的。這是一個很大的機會。這是營銷。現在每個人都知道 AI，每個人都去了 ChatGPT 並嘗試了一些東西。

And even though I think that -- I mean, into the model behind ChatGPT is amazing. It's very good. It's a point to leap forward in terms of what it brings to the table. This is actually an evolution. And we've been part of that evolution. And actually, we are very ready to bring this everywhere. But the think it's exactly to your point, I think, yes, moving forward, we will see much more revenue coming from that technology.

儘管我認為——我的意思是，進入 ChatGPT 背後的模型是驚人的。這很好。就它帶來的內容而言，這是一個飛躍的重點。這實際上是一種進化。我們一直是這種演變的一部分。事實上，我們已經準備好將它帶到任何地方。但我認為這正是你的觀點，是的，向前邁進，我們將看到更多的收入來自該技術。

The next question comes from Moshe Katri from Wedbush.

下一個問題來自 Wedbush 的 Moshe Katri。

So I have 2. One, probably a bit more broad-based regarding the pipeline and the other one is more focused on Disney. So, you indicated that your pipeline is at record levels. Some of your peers are talking about a pivot in terms of the nature of the work in terms of what's really in demand. And the focus seems to be on cost optimization and cost takeouts. Is that something that you're seeing as well? Was this something that you would consider kind of focusing on, given the fact that in the past, you focused more on transformation? So that's kind of the broad kind of big picture question about the pipeline.

所以我有 2 個。一個，關於管道的基礎可能更廣泛，另一個更側重於迪士尼。因此，您表示您的管道處於創紀錄水平。你的一些同行正在談論工作性質的支點，即真正需要什麼。重點似乎放在成本優化和成本外賣上。這也是你看到的嗎？考慮到過去您更關注轉型，您是否會考慮關注這一點？所以這是關於管道的廣泛的大局問題。

Thank you, Moshe, for question. And listen, I don't think in the past, we were not doing cost-saving projects. I mean, we have been doing a lot of different things with our customers, including saving billions of dollars for our customers, not just on the back end, also on the front end. So this is not something new for us. And of course, what we do and the projects we do that our digital transformation has a lot to do with costs.

謝謝你，Moshe，提出問題。聽著，我認為過去我們沒有做節省成本的項目。我的意思是，我們一直在與客戶一起做很多不同的事情，包括為我們的客戶節省數十億美元，不僅在後端，也在前端。所以這對我們來說不是什麼新鮮事。當然，我們所做的和我們所做的數字化轉型的項目與成本有很大關係。

So we have seen some kind of shift of interest of the customers, of course, and we are playing that. And I think that, that would be the mood for the whole year. And the question is how you answer to that question. All these new technologies that are bringing new ways of doing things, can also save a lot of money if you do the things right. I mean teams can be smaller and/or it can be the same size and do much more things than before. Efficiencies are changing.

因此，我們當然看到了客戶興趣的某種轉變，我們正在發揮作用。我認為，這將是全年的氣氛。問題是你如何回答這個問題。所有這些帶來新做事方式的新技術，如果你做對了，也可以節省很多錢。我的意思是，團隊可以更小和/或規模相同，但可以做比以前更多的事情。效率正在發生變化。

So I believe that all those things still needs to be articulated and brought to execution, although things are not happening right now. I mean people are using those tools to accelerate the way that they do things. And they are starting to use our tools to accelerate the way they do things, still that needs to go much deeper and companies need to appropriate that saving because of the efficiencies that are happening.

所以我認為所有這些事情仍然需要闡明並付諸實施，儘管現在還沒有發生。我的意思是人們正在使用這些工具來加快他們做事的方式。他們開始使用我們的工具來加速他們做事的方式，這仍然需要更深入地進行，並且由於正在發生的效率，公司需要適當地節省這些費用。

So we need to help our customers to go through that process. And that's a long process. And it will be -- it won't be in 1 month. It will be across many years. So to your question, I believe that there's a shift and Globant is absolutely ready and catching those opportunities and fighting with our competitors in that space and being fortunately, very, very successful. So I don't know if anyone of you want to complement that?

所以我們需要幫助我們的客戶完成這個過程。這是一個漫長的過程。它將——不會在 1 個月內。它將跨越許多年。所以對於你的問題，我相信有一個轉變，Globant 已經完全準備好抓住這些機會並在那個領域與我們的競爭對手競爭，幸運的是，非常非常成功。所以我不知道你們中是否有人想補充一下？

That's okay. I think it is.

沒關係。我覺得是這樣的。

All right. Understood. And then shifting to Disney, this is probably the top -- the biggest topic in terms of conversations with investors. What's embedded in terms of growth in that mid-teens number that you provided for the year? I think 400 basis points you said was from M&A. Is that I mean should we assume that Disney grows somewhere in the low teens for the year.

好的。明白了。然後轉向迪士尼，這可能是最重要的——與投資者對話中最大的話題。你為這一年提供的那個十幾歲的數字的增長嵌入了什麼？我認為你說的 400 個基點來自併購。我的意思是我們是否應該假設迪士尼今年的增長在十幾歲左右。

And then it will be helpful if you kind of give us a refresher in terms of the different parts of Disney that you're dealing with, where are we seeing growth? Obviously, you have Park, Disney Parks and some of the other elements, just to get us kind of an update on some of the different variables in Disney that you're dealing with in the context of, obviously, a new management team that's coming onboard.

然後，如果你能給我們介紹一下你正在處理的迪士尼的不同部分，我們會在哪裡看到增長，這將很有幫助？顯然，你有公園、迪士尼公園和其他一些元素，只是為了讓我們了解你正在處理的迪士尼中一些不同變量的最新情況，顯然，新的管理團隊即將到來在船上。

I'll take the first part of the numbers, and I will then let the team here to chip in. So in terms of growth is assumed for Disney at this point. Although we are seeing in the short term, we are expecting a sequential decrease in Q1, driven by what we explained during the call, changes of people, changes of projects, changes of priorities. But we're already seeing a recovery head into Q2 and a more stable scenario. Now for the full year, we are seeing -- or we're assuming a low teens number as you mentioned. That's a assumption that is embedded in the guidance right now. As for the type of projects that we will be working with Disney.

我將採用數字的第一部分，然後我將讓這裡的團隊參與進來。因此，在這一點上，迪士尼的增長是假設的。儘管我們在短期內看到，但我們預計第一季度會出現連續下降，這是由我們在電話會議中解釋的、人員變動、項目變化、優先級變化驅動的。但我們已經看到第二季度開始復蘇，情況更加穩定。現在對於全年，我們看到 - 或者我們假設您提到的青少年人數很少。這是目前嵌入指南中的假設。至於我們將與迪士尼合作的項目類型。

No, we will keep on working on the same stuff. And again, there's projects that are on the media side and the payment side. There's projects that are on the park side, parks are performing extremely well. Media is where they're concentrating some of the cost-cutting efforts.

不，我們會繼續做同樣的事情。同樣，還有媒體方面和支付方面的項目。有些項目在公園一側，公園表現非常好。媒體是他們集中精力削減成本的地方。

Now on these projects, we are having like a big like a big involvement in be part of the savings, actively part of the savings. So I think that relationship, as I said, relationship is extremely healthy, and that's the most important part of all this story. Now they go from some ups and downs have always been the case with Disney.

現在在這些項目上，我們有很大的參與，成為儲蓄的一部分，積極參與儲蓄。所以我認為這種關係，正如我所說，關係非常健康，這是所有故事中最重要的部分。現在他們從一些坎坷中走出來，迪士尼一直都是這樣。

I'm not really concerned about the future of the relationship.

我並不真正關心這段關係的未來。

To add a little bit more on top of that. I think that given the managerial changes and the strategy behind it, there's a strategy that is about returning control to the creative part of Disney. What we do know is parks will remain strong, and we're in very good position there. In fact, it was our first client for many years. We are also seeing demand in the enterprise sector as well within Disney. That's another good thing. And what is happening now is that budgets are shifting in with that. And that's why during Q1, we are seeing that deceleration while they're doing their planning.

在此基礎上再添加一點。我認為，考慮到管理變革及其背後的戰略，有一個戰略是將控制權交還給迪士尼的創意部分。我們所知道的是公園將保持強勁，我們在那里處於非常有利的位置。事實上，這是我們多年來的第一個客戶。我們還看到了企業部門以及迪士尼內部的需求。這是另一件好事。現在正在發生的事情是預算正在隨之轉移。這就是為什麼在第一季度，我們在他們制定計劃時看到了這種減速。

In any case, the relationship is as strong as ever and stronger than ever, and we just have a little bit less visibility in certain areas.

無論如何，這種關係一如既往地牢固，而且比以往任何時候都更加牢固，我們只是在某些領域的知名度有所降低。

Our next question comes from Surinder Thind from Jefferies.

我們的下一個問題來自 Jefferies 的 Surinder Thind。

These 2 capital-related questions here. The first one I'd like to ask is just about the advertising spend. So how do you actually measure the return that you're getting from the spend that you have for brand recognition with, let's say, the work that you did at FIFA. Is that -- is the goal here to drive a lot of new introductions with new logo clients? How should we think about the time frame that you're looking at that and how you're measuring.

這兩個與資本相關的問題在這裡。我想問的第一個問題是關於廣告支出的。那麼，您如何實際衡量您從品牌知名度支出中獲得的回報，比方說，您在 FIFA 所做的工作。那是——這裡的目標是通過新徽標客戶推動大量新介紹嗎？我們應該如何考慮您正在查看的時間範圍以及您如何衡量。

That's a great question. The first thing I would tell you is -- the amount of round recognition we got from that appearance on the World Cup is massive. Thanks God, we are Argentinians and we got awarded the World Cup. So we are very happy for that. But not just that. I mean, in general, the connection with our customers and with potential customers has been great. I would say that -- as far as I know, connecting just 2 or 3 projects that come to my mind and not making a deep measurement about it, which is very difficult, by the way, but 2 or 3 projects that comes to my mind that are connected directly with our spending that specific investment paid the whole thing, the whole investment.

這是一個很好的問題。我要告訴你的第一件事是——我們在世界杯上的表現獲得了巨大的認可。感謝上帝，我們是阿根廷人，我們獲得了世界杯冠軍。所以我們對此感到非常高興。但不僅如此。我的意思是，總的來說，與我們的客戶和潛在客戶的聯繫一直很好。我會說——據我所知，只連接我想到的 2 或 3 個項目，而不是對其進行深入測量，順便說一句，這非常困難，但我想到了 2 或 3 個項目與我們的支出直接相關的想法是，特定的投資支付了整個事情，整個投資。

So all the rest needs to be upside. So I'm very positive about that idea has been -- I think it has positioned Globant in a place, which: number one, we deserve; and number two, we were due, and we needed to do something like that. So we found that we were very lucky, and I hope that this relationship with FIFA will keep on expanding this year. We will have the Women's World Cup. And the Women's World Cup. The men World Cup is seen by 4 billion people. The women World Cup is seen by 4 -- by 2 billion people, half, which is still a lot and you have a great audience here in the U.S.

所以其餘的都需要上漲。所以我對這個想法非常樂觀——我認為它已經將 Globant 定位在一個地方，即：第一，我們應得的；第二，我們到期了，我們需要做類似的事情。所以我們發現我們非常幸運，我希望今年與國際足聯的這種關係能夠繼續擴大。我們將舉辦女足世界杯。還有女足世界杯。男子世界杯有 40 億人觀看。女足世界杯有 4 人——20 億人，一半，這仍然很多，而且在美國這裡有很多觀眾。

So we have like a very I would say that the initial project has already paid the full investment. Now we have seen that the things are coming with FIFA and with other customers will be upside for us in the future. And the relationship, I think, is great. And other things that we have done on the space like LaLiga or L.A. Clippers are also extremely -- has been extremely profitable. So -- we're happy with those things. And although they were very difficult to decide, and I cannot tell you that there were easy decisions, but we're happy with the outcome.

所以我們非常喜歡，我想說初始項目已經支付了全部投資。現在，我們已經看到 FIFA 和其他客戶所帶來的東西將在未來對我們有利。我認為這種關係非常好。我們在 LaLiga 或洛杉磯快船隊等領域所做的其他事情也非常有利可圖。所以 - 我們對這些事情感到滿意。儘管他們很難做出決定，而且我不能告訴你有哪些簡單的決定，但我們對結果感到滿意。

Just to add not only for FIFA, but also for every marketing event or every event that are conference that we organized, there is, of course, a track we follow what are the leads that were generated from that. We try to measure the return on the projects that are generated from there and then compare with initial investment. In this case, as Martin said, it's a little bit more difficult because it's such a big event. But again, these projects that we already spoke about, plus the fact that, as we know, we launched our new market, which is basically MENA plus APAC region recently, being the World Cup played in MENA, I think it was great also to make a lot of connections into a region that is going to be investing heavily in technology over the next few years.

不僅要為 FIFA 添加內容，還要為我們組織的每項營銷活動或每項會議活動添加內容，當然，我們會遵循一條軌道，從中產生的線索是什麼。我們嘗試衡量從那裡產生的項目的回報，然後與初始投資進行比較。在這種情況下，正如馬丁所說，它有點困難，因為這是一件大事。但是，我們已經談過的這些項目，再加上我們最近推出了新市場，基本上是中東和北非加上亞太地區，因為在中東和北非舉辦了世界杯，我認為這也很棒與未來幾年將大力投資技術的地區建立大量聯繫。

Also the one that is going to happen now in Australia, right? The Women World Cup is putting us in Australia. We just opened some office there, and we have a beautiful family there, so of Globers. So I think that is a perfect moment to be also near that area and open new leads there also.

也是澳大利亞現在將要發生的事情，對吧？女足世界杯將我們帶到澳大利亞。我們剛剛在那裡開了一些辦公室，我們在那裡有一個美好的家庭，Globers 也是如此。所以我認為這是接近那個區域並在那裡也開闢新線索的完美時刻。

That's Helpful. And then the related question on capital here is have we thought about share repurchases? Even where the stock price is? Or is there -- does that enter into the equation at any point? Or is it just afterthought at this point?

這很有幫助。然後這裡與資本相關的問題是我們是否考慮過股票回購？甚至股價在哪裡？或者是否有 - 這是否會在任何時候進入等式？或者這只是事後的想法？

Not at this point. I mean we see opportunities to keep on expanding organically into countries where we are not there, keep on adding talent development centers that we may need for the future. And on top of that, we are seeing a very interesting and attractive market for potential acquisitions. So we do see uses of the cash that we have and that we generate. And at this point, we think that's the right thing to keep on doing to expand our business.

不是在這一點上。我的意思是，我們看到機會繼續有機地擴展到我們不在那裡的國家，繼續增加我們未來可能需要的人才發展中心。最重要的是，我們看到了一個非常有趣和有吸引力的潛在收購市場。因此，我們確實看到了我們擁有和產生的現金的用途。在這一點上，我們認為繼續擴大業務是正確的做法。

For the next question, Maggie Nolan from William Blair.

對於下一個問題，來自威廉布萊爾的瑪吉諾蘭。

Juan, you referenced some SG&A initiatives and your talking points. Is there anything you can detail on those? And then would they be material enough that we'd see an inflection point from them at any point in '23?

胡安，你提到了一些 SG&A 計劃和你的談話要點。你有什麼可以詳細說明的嗎？然後它們是否足夠重要以至於我們可以在 23 年的任何時候看到它們的拐點？

Yes. Thank you. Good to see you again. It's been a while. So what we are doing, given that we are living in a I would say, a more challenging market, we need to be careful how we spend money. We need to be careful, not just on SG&A but also in terms of CapEx. So what we are doing is looking into every investment that we are doing, making sure that it makes sense, maybe not doing some things that we may have done last year or the year before when you know the market was booming for everyone.

是的。謝謝。很高興再次見到你。有一陣子了。因此，鑑於我們生活在一個更具挑戰性的市場中，我們正在做的事情是，我們需要謹慎花錢。我們需要小心，不僅要注意 SG&A，還要注意資本支出。因此，我們正在做的是研究我們正在做的每一項投資，確保它有意義，也許不會做我們去年或前年你知道市場對每個人都繁榮的時候可能做過的事情。

And what we will try to do is being able to maintain our margins by being careful in how we operate on the SG&A. I mean we will keep on investing. We will keep on expanding, increasing our sales coverage, but we need to be careful in how we spend the money. And until we see a strong recovery ahead of us, and we can then accelerate on the investment side.

我們將嘗試做的是通過謹慎處理 SG&A 的運營方式來維持我們的利潤率。我的意思是我們會繼續投資。我們將繼續擴張，增加我們的銷售覆蓋面，但我們需要謹慎地花錢。直到我們看到強勁的複蘇在我們面前，然後我們才能在投資方面加速。

Okay. Great. And then to follow-up on the last question. How are you thinking about your willingness to do M&A in 2023? And can you talk about your strategic objectives there, maybe weaving in some of the recent acquisitions that you've done in the last several months.

好的。偉大的。然後跟進最後一個問題。您如何看待您在 2023 年進行併購的意願？你能談談你在那裡的戰略目標嗎，也許會編織你在過去幾個月裡所做的一些最近的收購。

Yes, sure. We're always open for strategic things that we find in the market. We are exploring the pipeline is very deep, very wide. Things are around geographic expansion, about expanding capabilities to new places and to new -- not to new places, to new knowledge places. And -- and also, I would say that has to do with specific customers or specific sectors that we want to tackle. So the reinvention studios that has been talking many times around how we do acquisitions that has to do with getting deeper expertise on certain industries or how we go deeper into Europe or how we go deeper into EMEA sorry, into MENA, how we go deeper into areas of knowledge that we didn't have before. The rationales are exactly the same as last year, and we expect to keep on growing on the M&A side during 2023.

是的，當然。我們總是對我們在市場上發現的戰略性事物持開放態度。我們探索的管道很深，很廣。事情圍繞著地理擴張，關於將能力擴展到新的地方和新的——而不是新的地方，新的知識地方。而且 - 而且，我會說這與我們想要解決的特定客戶或特定部門有關。因此，重塑工作室一直在談論我們如何進行收購，這些收購與在某些行業獲得更深入的專業知識有關，或者我們如何深入歐洲，或者我們如何深入 EMEA，抱歉，進入 MENA，我們如何深入我們以前沒有的知識領域。理由與去年完全相同，我們預計 2023 年併購方面將繼續增長。

Our next question comes from Thomas Blakey from KeyBanc. Well, in that case, let's move on to the next participant. Our last question comes from Phani Kanumuri from HSBC.

我們的下一個問題來自 KeyBanc 的 Thomas Blakey。那麼，既然如此，讓我們繼續下一位參與者。我們的最後一個問題來自匯豐銀行的 Phani Kanumuri。

So my question now is more related to geographical diversification. So in terms of your guidance, how are you seeing the demand geographically? Are you seeing more demand in Europe? Or what's your growth rate expectations according to geography?

所以我現在的問題更多地與地域多元化有關。因此，就您的指導而言，您如何看待地理需求？您是否看到歐洲有更多需求？或者您對不同地區的增長率預期是多少？

First, thank you. Good to see you. First time we meet. So we see Europe performing strongly, both from organic customers that are expanding together with the impact of some of the acquisitions that we did last year and the great partnership that we're doing that we did with LaLiga. So Europe, we have -- we show strong levels of growth.

首先，謝謝。很高興見到你。我們第一次見面。因此，我們看到歐洲表現強勁，既有不斷擴大的有機客戶，也有我們去年進行的一些收購的影響，以及我們與 LaLiga 建立的良好合作夥伴關係。所以歐洲，我們有 - 我們表現出強勁的增長水平。

We are seeing North America probably most kind of stable or slightly growing in Q1, but then showing already a recovery into Q2. And then LatAm is going to have a softer start of the year and a good recovery in quarter 2 and onwards. So that's the overall situation. And then, of course, we have MENA and APAC, which are the new regions that you should see growth because we are just there, and we are closing deals and starting to work. So the comparison is easier. So in summary, strong Europe, North America getting better as we go by. LATAM will start slow, but will then recover and you will see strong APAC and MENA.

我們看到北美在第一季度可能最穩定或略有增長，但隨後已經顯示出第二季度的複蘇。然後 LatAm 將在今年開局較為疲軟，並在第二季度及以後實現良好復甦。這就是整體情況。然後，當然，我們有 MENA 和 APAC，這是您應該看到增長的新區域，因為我們就在那裡，我們正在完成交易並開始工作。所以比較容易。所以總而言之，強大的歐洲，北美隨著我們的過去而變得更好。 LATAM 將開始緩慢，但隨後會恢復，您將看到強大的 APAC 和 MENA。

Okay, sure. And looking at the adjusted shares for 2023 at 43.4 million, does it mean that your share-based compensation will be lower this year? Or how do you see this going forward?

好的，當然。看看 2023 年調整後的股份為 4340 萬，這是否意味著你今年的股份薪酬會更低？或者你如何看待這件事的進展？

No. Look, we target 3% to 3.5% of revenues in stock-based compensation. And that number, we believe, is the right number for the time being. On top of that, sometimes, we use shares for some of the acquisitions that we make. Typically, we pay part in cash, part in shares. And you should expect a similar trend for 2023 compared to the last few years.

不，看，我們的目標是將收入的 3% 到 3.5% 用於股票薪酬。我們認為，目前這個數字是正確的。最重要的是，有時我們會使用股份進行一些收購。通常，我們部分以現金支付，部分以股票支付。與過去幾年相比，您應該預計 2023 年會出現類似的趨勢。

So thank you, everybody that will be it for the Q&A session for today. I would like to turn the mic now to Martin for some closing remarks.

謝謝大家今天的問答環節。現在我想把麥克風轉給 Martin 做一些結束語。

So thank you very much, guys, for being here today. Thank you very much for your coverage and support and looking forward to see you in the next quarter. Bye-bye.

伙計們，非常感謝你們今天來到這裡。非常感謝您的報導和支持，期待下個季度與您相見。再見。

Bye.

再見。