Globant SA (GLOB) 2023 Q1 法說會逐字稿

Good day, and welcome to Globant's First Quarter 2023 Earnings Conference Call. I'm Arturo Langa, Head of Investor Relations at Globant.(Operator Instructions)

美好的一天，歡迎來到 Globant 2023 年第一季度收益電話會議。我是 Globant 投資者關係主管 Arturo Langa。（操作員說明）

Please note this event is being recorded and streamed live on YouTube. By now, you should have received a copy of the earnings release. If you have not, a copy is available on our website, investors.globant.com. 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, Chief Technology Officer.

請注意，此活動正在錄製中並在 YouTube 上直播。到現在為止，您應該已經收到了收益發布的副本。如果您還沒有，可以在我們的網站 investors.globant.com 上獲得副本。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；和首席技術官 Diego Tartara。

Before we begin, I would like to remind you that some moments 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.

在我們開始之前，我想提醒您，我們今天電話會議的某些時刻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。

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. 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.

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。您會在新聞稿末尾找到 IFRS 和非 IFRS 措施的對賬，我們在投資者關係網站上公佈了本季度的業績。

Thank you, Arturo. Good afternoon, everyone. You have noticed that I'm not the real Martin Migoya, I am his digital twin. My appearance and my voice emulate Martin and are fully developed by AI engines. The real Martin asked me to join to highlight how this technology is changing many aspects of our lives. I will be joined by similar digital twins of Diego Tartara, Patricia Pomies, and Juan Urthiague. For transparency, there will be a notice at the bottom of the screen every time we appear or use any AI engine. The Real Martin, Diego, Patricia and Juan joined you all for the Q&A session after these remarks.

謝謝你，阿圖羅。大家下午好。你已經註意到我不是真正的 Martin Migoya，我是他的數字雙胞胎。我的外表和聲音模仿馬丁，完全由 AI 引擎開發。真正的馬丁讓我加入，以強調這項技術如何改變我們生活的許多方面。 Diego Tartara、Patricia Pomies 和 Juan Urthiague 的類似數字雙胞胎將加入我的行列。為了透明起見，每次我們出現或使用任何 AI 引擎時，屏幕底部都會有一條通知。在這些發言之後，真正的馬丁、迭戈、帕特里夏和胡安與大家一起參加了問答環節。

We have now completed the first quarter of what is a very special year for us. As 2023 marks Globant's 20th anniversary. Since we founded this company, our vision has been simple, but ambitious, become the leader and help reinvent the IT and digital transformation arena worldwide. In these 20 years, we have come a long way, with a team formed by almost 27,000 people in more than 25 countries all over the globe, working for the world's top brands in nearly every industry.

我們現在已經完成了對我們來說非常特殊的一年的第一季度。 2023 年是 Globant 成立 20 週年。自我們成立這家公司以來，我們的願景很簡單，但雄心勃勃，成為領導者並幫助重塑全球 IT 和數字化轉型領域。在這 20 年裡，我們走過了漫長的道路，在全球超過 25 個國家擁有近 27,000 人的團隊，為幾乎每個行業的世界頂級品牌工作。

First, let's take a look at this quarter. Total revenue for Q1 reached $472.4 million, representing 17.7% year-over-year growth. Amid high macroeconomic uncertainty, we were able to deliver results above our guidance expectation, showing robust growth while executing on all of our strategic pillars, expanding geographically, growing our studio model, accelerating our platforms of Globant X and strategic M&A.

首先，讓我們來看看這個季度。第一季度的總收入達到 4.724 億美元，同比增長 17.7%。在宏觀經濟高度不確定的情況下，我們能夠提供超出我們指導預期的結果，在執行我們所有戰略支柱、地域擴張、發展我們的工作室模式、加速我們的 Globant X 平台和戰略併購的同時顯示出強勁的增長。

We have a healthy pipeline with an encouraging array of bookings and backlog creation from early months of this year. This fuels our optimism for sequential growth in Q2. Even with the challenges that the global economy faces, we remain optimistic and ambitious about the growth of our total addressable market. According to this quarter's CEO study by IDC, technology will be the most prioritized area of the agenda for global CEOs in 2023 with 87% planning to sustain or increase technology spending this year.

我們有一個健康的管道，從今年的前幾個月開始就有一系列令人鼓舞的預訂和積壓創建。這激發了我們對第二季度連續增長的樂觀情緒。即使全球經濟面臨挑戰，我們仍然對我們整個潛在市場的增長保持樂觀和雄心。根據 IDC 本季度的 CEO 研究，技術將成為 2023 年全球 CEO 議程中最優先考慮的領域，87% 的人計劃在今年維持或增加技術支出。

IT investments are expected to reach $4.5 trillion this year, 5.4% higher than last year. Globant is delivering growth well above market averages and aims to keep building its leadership in this space. Looking ahead, we will continue to prioritize creating long-term value for all our stakeholders, driven by profitability, organic growth and a positive social impact. The nature of our work is in line with market demand. As I've shared with you in the past, Globant has been able to build an array of services and products to support organizations in every stage, whether they are looking to expand and fully transform their product offering and user experience or if they are seeking greater efficiency and productivity.

今年 IT 投資預計將達到 4.5 萬億美元，比去年增長 5.4%。 Globant 的增長遠高於市場平均水平，並旨在繼續鞏固其在該領域的領導地位。展望未來，在盈利能力、有機增長和積極的社會影響的推動下，我們將繼續優先為所有利益相關者創造長期價值。我們的工作性質是符合市場需求的。正如我過去與您分享的那樣，Globant 已經能夠構建一系列服務和產品來支持各個階段的組織，無論他們是在尋求擴展和全面轉變他們的產品供應和用戶體驗，還是在尋求更高的效率和生產力。

In that sense, our wide array of studios, ranging from digital experience platforms and commerce to our enterprise studio cluster, continues to position us as the best partner to help companies gain relevance. Organizations everywhere are growingly seeing AI's potential to create new user experiences and revenue streams and to make business and processes more efficient at scale. Our focus on AI goes back to more than 8 years when we first launched a specific AI studio and started investing in several strategic initiatives. During this time, we have introduced and evolved 4 key products and platforms deeply rooted in AI, StarMeUp, MagnifAI, Augoor and GeneXus Next. These products have seen and will continue to see an incredible expansion of their capabilities and are now experiencing exponential growth in their pipeline. This is a testimonial of the interest that organizations are placing into AI and of how much they are looking to boost their operations with AI.

從這個意義上說，我們廣泛的工作室，從數字體驗平台和商業到我們的企業工作室集群，繼續將我們定位為幫助公司獲得相關性的最佳合作夥伴。世界各地的組織越來越多地看到人工智能在創造新的用戶體驗和收入流以及大規模提高業務和流程效率方面的潛力。我們對 AI 的關注可以追溯到 8 多年前，當時我們首次推出了一個特定的 AI 工作室並開始投資多項戰略計劃。在此期間，我們推出並發展了 4 個深深植根於 AI 的關鍵產品和平台，StarMeUp、MagnifAI、Augoor 和 GeneXus Next。這些產品已經並將繼續看到其功能的令人難以置信的擴展，並且現在正在其管道中經歷指數級增長。這證明了組織對 AI 的興趣以及他們希望通過 AI 促進運營的程度。

We will continue to scale up our artificial and human intelligence power to influence every area, industry and business for the better. Complementing our product portfolio, we have also consolidated our AI offering and initiatives into an end-to-end program that we call mines so that we could have a solid outlook on best practices across several industries. At the center of the mines concept is our Globers. We are making sure that everyone of our pods is trained to understand AI opportunities and certified on how to use data and observe privacy safeguards when using generative AI engines.

我們將繼續擴大我們的人工智能和人類智能的力量，以更好地影響每個領域、行業和業務。為了補充我們的產品組合，我們還將我們的人工智能產品和計劃整合到一個端到端的計劃中，我們稱之為礦山，這樣我們就可以對多個行業的最佳實踐有一個可靠的展望。礦山概念的核心是我們的 Globers。我們正在確保我們 pod 中的每個人都接受過了解 AI 機會的培訓，並獲得了在使用生成 AI 引擎時如何使用數據和遵守隱私保護措施的認證。

As we mentioned in previous meetings, these and other AI certifications are targeted to all Globers and not only the ones working on client projects. This way, we ensure to leverage the best of these new tools in order to enable us to move faster and more efficiently. Our Chief Technology Officer, Diego Tartara will later go into finer detail specific services included in the MINDS program. As Globant always enjoys sparking the conversation and interest on disruptive technologies, we launched a new AI challenge initiative. We invite entrepreneurs to provide proposals on how AI can transform their business, and we will be awarding up to $200,000 to the best ideas in order to fuel them into reality, check it out at globant.com/ai contest.

正如我們在之前的會議中提到的，這些和其他 AI 認證針對的是所有 Globers，而不僅僅是那些從事客戶項目的人。通過這種方式，我們確保充分利用這些新工具中的最佳工具，使我們能夠更快、更高效地行動。我們的首席技術官 Diego Tartara 稍後將詳細介紹 MINDS 計劃中包含的特定服務。由於 Globant 總是喜歡激發對顛覆性技術的對話和興趣，我們發起了一項新的 AI 挑戰計劃。我們邀請企業家就 AI 如何改變他們的業務提出建議，我們將獎勵高達 200,000 美元的最佳創意，以推動它們變為現實，請在 globant.com/ai 競賽中查看。

Also, we just released the first of a series of reports on how AI will impact the finance industry entitled a new banking era. This report provides an analysis of how organizations can harness the power of AI to improve the quality, efficiency and velocity of their operations. You may download the report at reports.globant.com.

此外，我們剛剛發布了名為“新銀行時代”的關於人工智能將如何影響金融業的系列報告中的第一篇。本報告分析了組織如何利用人工智能的力量來提高其運營的質量、效率和速度。您可以在 reports.globant.com 下載報告。

Now some thoughts on the ongoing execution of our strategic growth pillars. Our M&A strategy continues to complement Globant's expansion plans by seeking to add new capabilities, geographic areas and market specialization to Globant's offering. Early this week, we announced that Globant entered into a definitive agreement to acquire Pentalog, a renowned digital transformation consultancy in Europe. Based in France, Pentalog offers a diverse array of services and a robust portfolio of clients throughout Europe and will support our expansion plans for that region, adding to the family an impressive reach into France, Germany, the Netherlands, Switzerland and Austria.

現在對我們戰略增長支柱的持續執行有一些想法。我們的併購戰略通過尋求為 Globant 的產品增加新的能力、地理區域和市場專業化，繼續補充 Globant 的擴張計劃。本週早些時候，我們宣布 Globant 達成最終協議，收購歐洲著名的數字轉型諮詢公司 Pentalog。 Pentalog 總部位於法國，在整個歐洲提供多樣化的服務和強大的客戶組合，並將支持我們在該地區的擴張計劃，使家族在法國、德國、荷蘭、瑞士和奧地利的影響力令人印象深刻。

Pentalog serves some of the strongest brands in key industries, such as Adidas, Bitpanda, TripAdvisor, Ipsos and G4S, among over 500 other companies in several sectors. Founded in 1993, Pentalog houses 1,300 professionals in France, Romania, Moldova, Mexico, Vietnam and the United States, among other countries.

Pentalog 為關鍵行業的一些最強大的品牌提供服務，例如 Adidas、Bitpanda、TripAdvisor、Ipsos 和 G4S，以及多個行業的 500 多家其他公司。 Pentalog 成立於 1993 年，在法國、羅馬尼亞、摩爾多瓦、墨西哥、越南和美國等國家/地區擁有 1,300 名專業人員。

We have also recently completed the acquisition of ExperienceIT, a United States-based digital transformation consultancy with a diverse array of services and deep expertise in health care. With this acquisition beyond landing in Minneapolis, Globant strengthens its ability to accelerate digital and cognitive transformation to an amazing roster of clients among top United States players in the health care industry and other 40 leading companies in other sectors.

我們最近還完成了對 ExperienceIT 的收購，ExperienceIT 是一家總部位於美國的數字轉型諮詢公司，在醫療保健領域提供多種服務和深厚的專業知識。除了在明尼阿波利斯登陸之外，通過此次收購，Globant 加強了其加速數字和認知轉型的能力，從而在醫療保健行業的美國頂級公司和其他行業的其他 40 家領先公司中擁有驚人的客戶群。

As we keep expanding geographically, Globant is now in more than 25 countries on 5 continents. We continue our strategy of opening new offices that go beyond the traditional urban areas, focusing on growing hubs in niche markets to be closer to talent or to particular industries. In March, we celebrated the opening of Globant's iconic building in the city of Tandil, Argentina. Tandil with now 300 Globers was the site of Globant's first office outside Buenos Aires 16 years ago. Since then, the city has multiple local IT talent by 7, and the technology companies in the area have quadrupled. This evolution shows the impact we can generate in talent, cities and countries as we create more local opportunities.

隨著我們在地域上的不斷擴張，Globant 現在遍布 5 大洲的 25 個以上的國家/地區。我們繼續實施在傳統城市地區以外開設新辦事處的戰略，專注於在利基市場中發展樞紐，以更接近人才或特定行業。 3 月，我們慶祝了 Globant 在阿根廷坦迪爾市的標誌性建築的開幕。現在擁有 300 名 Globers 的 Tandil 是 16 年前 Globant 在布宜諾斯艾利斯以外的第一個辦事處所在地。從那時起，該市擁有 7 名本地 IT 人才，該地區的科技公司翻了兩番。這種演變表明，隨著我們創造更多本地機會，我們可以對人才、城市和國家產生影響。

In Monterrey, Mexico, we also opened a new center of innovation of AI applied to the manufacturing and consumer technology sectors. One of the main pillars of Industry 4.0 is incorporating AI and other technologies in the decision-making process. This center will focus on making this premise become real. In Europe, we doubled our presence in Málag, Spain by opening up a new office, which will serve as an innovation hub for fintech, gaming and other areas. Our array of studios of expertise continues to grow with 3 new studios recently launched.

在墨西哥蒙特雷，我們還開設了一個新的人工智能創新中心，該中心將人工智能應用於製造和消費技術領域。工業 4.0 的主要支柱之一是將人工智能和其他技術納入決策過程。該中心將專注於使這一前提成為現實。在歐洲，我們通過開設新辦事處將我們在西班牙馬拉格的業務擴大了一倍，該辦事處將作為金融科技、遊戲和其他領域的創新中心。隨著最近推出的 3 個新工作室，我們的專業工作室系列繼續增長。

We believe that brands and technology are more intertwined than ever before. Consumers are asking for more personalization and better interaction and it's time for every brand to find the best way to leverage AI, data and other technologies to create amazing experiences. Last week, we launched Globant Create, this new studio will be a creative powerhouse that merges the digital sales and digital marketing studios with our acquired creative agencies in Europe and Latin America to provide full funnel digital marketing solutions leveraging the power of trending technologies.

我們相信品牌和技術比以往任何時候都更加緊密地交織在一起。消費者要求更多的個性化和更好的互動，現在是每個品牌找到利用人工智能、數據和其他技術創造驚人體驗的最佳方式的時候了。上週，我們推出了 Globant Create，這個新工作室將成為一個創意強國，它將數字銷售和數字營銷工作室與我們在歐洲和拉丁美洲收購的創意機構合併，利用趨勢技術的力量提供全漏斗數字營銷解決方案。

Globant Create has a unique agency approach as it combines creativity and marketing strategy with AI, data and other technologies to offer its clients unique way connecting with their customers. This global new team has also become one of the most certified and validated creative organizations worldwide with partnerships with Adobe and Salesforce along with being one of the few Google Partner Premier worldwide. We are also excited to announce the launch of Globant's Commerce studio eWave, a company acquired in last November in Australia. This team aims to help organizations create the best commerce-enabled with design and engineering at the core. These integrated teams have extensive experience in large and complex commerce transformations in both B2B and B2C domains.

Globant Create 擁有獨特的代理方法，因為它將創意和營銷策略與人工智能、數據和其他技術相結合，為客戶提供獨特的方式與客戶聯繫。這個全球性的新團隊還成為全球最受認證和驗證的創意組織之一，與 Adobe 和 Salesforce 建立了合作夥伴關係，同時也是全球為數不多的 Google Partner Premier 之一。我們也很高興地宣布推出 Globant 的商業工作室 eWave，該公司於去年 11 月在澳大利亞被收購。該團隊旨在幫助組織創建以設計和工程為核心的最佳商業支持。這些集成團隊在 B2B 和 B2C 領域的大型複雜商業轉型方面擁有豐富的經驗。

This new studio will support our clients to respond to changing customer expectations and offer personalized, relevant and engaging omnichannel experiences across all touch points in the consumer journey. The team has crafted a comprehensive value offering composed of an end-to-end digital commerce planning and consultancy service, bespoke custom solutions tailored to individual business needs along with the capability to integrate multiple platforms and services, including hosting, managed, development and more.

這個新工作室將支持我們的客戶響應不斷變化的客戶期望，並在消費者旅程的所有接觸點提供個性化、相關且引人入勝的全渠道體驗。該團隊精心打造了一個全面的價值產品，包括端到端的數字商務規劃和諮詢服務、根據個人業務需求量身定制的定制解決方案以及集成多個平台和服務的能力，包括託管、託管、開發等.

And finally, expanding a relationship that has now been more than 16 years and taking steps to address the rising demand for Google Cloud products. We announced an expansion of our global collaboration with Google and created a new dedicated Google Cloud Studio.

最後，擴大現已超過 16 年的合作關係，並採取措施滿足對 Google Cloud 產品不斷增長的需求。我們宣布擴大與穀歌的全球合作，並創建了一個新的專用谷歌云工作室。

The new business unit will be focused on helping clients across Globant's multiple verticals to adopt and maximize the transformative benefits of Google Cloud platforms and tools, helping them to stay competitive and lead their industries in a rapidly changing business landscape. Our proprietary platforms continue to show greater autonomy, growth and use in helping our clients embrace technology to adapt quickly.

新業務部門將專注於幫助 Globant 多個垂直行業的客戶採用並最大限度地利用 Google Cloud 平台和工具的變革優勢，幫助他們保持競爭力並在瞬息萬變的商業環境中引領行業。我們的專有平台在幫助我們的客戶採用技術以快速適應方面繼續表現出更大的自主權、增長和用途。

Diego will refer to our latest features in most of Globant Nexus products in a few minutes. But now I'd like to share a major update on our AI-powered testing platform, MagnifAI. By leveraging generative AI technology, MagnifAI is at the forefront of the AI revolution, positioning itself as an AI-powered companion to streamline the testing journey even further. Moreover, to answer a consistent demand from clients, we decided to include MagnifAI in all our test automation projects by default. This is how it works.

Diego 將在幾分鐘後介紹我們在大多數 Globant Nexus 產品中的最新功能。但現在我想分享我們的人工智能測試平台 MagnifAI 的重大更新。通過利用生成式 AI 技術，MagnifAI 處於 AI 革命的前沿，將自己定位為 AI 驅動的伙伴，以進一步簡化測試過程。此外，為了滿足客戶的一致需求，我們決定默認將 MagnifAI 包含在我們所有的測試自動化項目中。這就是它的工作原理。

As we know, the testing process involves several tedious and time-consuming tasks. Through the use of generative AI, MagnifAI 5.0 can now auto-generate automation code, snippets and test cases by simply describing requirements using natural language, unlocking new levels of efficiency and quality. MagnifAI 5.0 is now available. Discover more about it through the QR on the screen.

眾所周知，測試過程涉及多項繁瑣且耗時的任務。通過使用生成式人工智能，MagnifAI 5.0 現在可以通過使用自然語言簡單地描述需求來自動生成自動化代碼、片段和測試用例，從而將效率和質量提升到新的水平。 MagnifAI 5.0 現已推出。通過屏幕上的二維碼了解更多信息。

Lastly, a few weeks ago, we were recognized as a market leader among digital engineering service providers in a new report by HFS Research. The report examines 25 service providers role in digital engineering and Globant achieved the highest possible rank, Horizon Level 3, which indicates industry leadership across a range of dimensions, including value proposition, innovation capabilities, go-to-market strategies and market impact.

最後，幾週前，在 HFS Research 的一份新報告中，我們被公認為數字工程服務提供商中的市場領導者。該報告考察了 25 家服務提供商在數字工程中的作用，Globant 獲得了最高排名，Horizon Level 3，這表明在價值主張、創新能力、上市戰略和市場影響等一系列維度上處於行業領先地位。

Now that our global society is undergoing widespread adoption of our key technologies and capabilities, I believe that this is Globant's moment to spur our expansion and growth. We are committed to the compound effect of daily effort and drive. We believe that this effort, combined with constant innovation and reinvention will bring long-term growth for our company and great value for our stakeholders.

現在我們的全球社會正在廣泛採用我們的關鍵技術和能力，我相信這是 Globant 刺激我們擴張和增長的時刻。我們致力於實現日常努力和動力的複合效果。我們相信，這種努力，加上不斷的創新和再造，將為我們公司帶來長期增長，並為我們的利益相關者帶來巨大價值。

With that, I will turn it over to the digital twin of Diego Tartara, our CTO.

有了這個，我將把它交給我們的首席技術官 Diego Tartara 的數字雙胞胎。

Thank you, and good afternoon, everyone. I'm happy to be here. During this time when AI is revolutionizing industries across the spectrum globally, it's time for Globant to be closer than ever to our clients, educating and helping them accelerate their digital transformation paths. We have a unique opportunity to pair our experience in key industry sectors that are transforming the global economy, including travel, supply chain, financial services, health care, with our decade of expertise in AI. We are confident that we are in a unique position to offer flexibility, deep industry knowledge and AI prowess.

謝謝，大家下午好。我很高興來到這裡。在人工智能正在全球範圍內徹底改變各行各業的這段時間裡，Globant 比以往任何時候都更接近我們的客戶，教育和幫助他們加速數字化轉型之路。我們有一個獨特的機會，可以將我們在正在改變全球經濟的關鍵行業領域（包括旅遊、供應鏈、金融服務、醫療保健）的經驗與我們在 AI 領域十年的專業知識相結合。我們相信，我們處於獨特的位置，可以提供靈活性、深厚的行業知識和 AI 實力。

First, I'd like to expand on the MINDS program, which Martin introduced. On a daily basis, more information on AI is released and more applications are developed. In order to support our clients in their own quest for value delivered from AI, we condensed a set of knowledge, best practices and services to connect the capabilities of generative AI with their specific business needs. MINDS also offers ready-to-play solutions for areas in which there is a shared understanding that AI plays a significant and immediate role. Some of these are customer support for which we designed a service called Hello AI, navigating complex data tackled by our Converse AI segment and protecting intellectual property and organization knowledge addressed by IP protection and augmented Knowledge Globant solutions, among others.

首先，我想擴展一下 Martin 介紹的 MINDS 程序。每天都有更多關於人工智能的信息被發布，更多的應用被開發出來。為了支持我們的客戶尋求 AI 帶來的價值，我們濃縮了一套知識、最佳實踐和服務，以將生成 AI 的功能與他們的特定業務需求聯繫起來。 MINDS 還為人們普遍認為 AI 將發揮重要和直接作用的領域提供現成的解決方案。其中一些是客戶支持，我們為此設計了一項名為 Hello AI 的服務，導航由我們的 Converse AI 部門處理的複雜數據，並保護知識產權和組織知識，由 IP 保護和增強知識 Globant 解決方案等解決。

We understand AI could bring unintended consequences on various fronts. Therefore, we also require every pod to understand and adhere to our AI manifesto so that any application complies with our ethical approach to business and innovation. Also, we believe that AI is to be developed in a collaborative way. We are set to build great partnerships with other industry leaders such as Microsoft, GitHub and organizations that are taking a stake in the AI stage such as LaLiga Tech, with whom we have created a joint venture with LaLiga.

我們了解人工智能可能會在各個方面帶來意想不到的後果。因此，我們還要求每個 pod 理解並遵守我們的 AI 宣言，以便任何應用程序都符合我們的商業和創新道德方法。此外，我們相信人工智能將以協作的方式發展。我們將與其他行業領導者建立良好的合作夥伴關係，例如 Microsoft、GitHub 以及在 AI 階段佔有一席之地的組織，例如 LaLiga Tech，我們與 LaLiga Tech 建立了合資企業。

Now some updates from our innovation hub of Globant X. Our proprietary platform that make up this offering act as accelerators of our offering. Let me share some of the latest new features in some of them, MagnifAI adding to the demo Martin just shared, our signature visual testing platform is now available on the Microsoft Azure marketplace. This opens up a new sales and marketing channel, allowing us to tap into a vast pool of potential customers using Azure. To further our growth strategy, MagnifAI will also be listed on the AWS marketplace soon.

現在我們的 Globant X 創新中心進行了一些更新。構成此產品的專有平台充當我們產品的加速器。讓我分享其中一些最新的新功能，MagnifAI 添加到 Martin 剛剛分享的演示中，我們的標誌性可視化測試平台現已在 Microsoft Azure 市場上可用。這開闢了一個新的銷售和營銷渠道，使我們能夠利用 Azure 挖掘大量潛在客戶。為了進一步推進我們的增長戰略，MagnifAI 也將很快在 AWS 市場上市。

GeneXus has fully launched its star product, GeneXus Next, that develops digital products from written notes. We have added new features to StarMeUp powered by generative AI that will now help write clear constructive feedback that will make all the difference to colleagues. Augoor has introduced CodeMap, a feature that enables faster and better code exploration by creating easy-to-understand graphs to code basis. This improves readability, simplifies the navigation of large and complex code bases and in the end, makes developers more productive. This functionality is a perfect complement to Augoor's goal of making large complex and undocumented code bases, more accessible and maintainable.

GeneXus 已全面推出其明星產品 GeneXus Next，該產品可根據書面筆記開發數字產品。我們在由生成式 AI 提供支持的 StarMeUp 中添加了新功能，這些功能現在將有助於編寫清晰的建設性反饋，這將對同事產生重大影響。 Augoor 引入了 CodeMap，該功能通過創建易於理解的代碼基礎圖來實現更快更好的代碼探索。這提高了可讀性，簡化了大型複雜代碼庫的導航，最終提高了開發人員的工作效率。此功能是對 Augoor 使大型複雜和未記錄的代碼庫更易於訪問和維護的目標的完美補充。

Globant X world-class product portfolio also incorporates Walmeric, Fluent Lab and Navigate. Now I'd like to talk about what we're doing through our work with our clients. We are living in a time where consumer dynamics and buying behaviors are rapidly evolving as consumers seek more personalized and impactful experiences. Globant's retail Reinvention Studio is helping retail and consumer goods companies reimagine the engaging experiences that create meaningful impact and drive consumer stickiness.

Globant X 世界一流的產品組合還包括 Walmeric、Fluent Lab 和 Navigate。現在我想談談我們通過與客戶的合作所做的事情。我們生活在這樣一個時代，隨著消費者尋求更個性化和更有影響力的體驗，消費者動態和購買行為正在迅速發展。 Globant 的零售 Reinvention Studio 正在幫助零售和消費品公司重新構想引人入勝的體驗，從而產生有意義的影響並提高消費者粘性。

They are working with global brands such as Gap, Levi Strauss & Company, REI, among others. In North, for example, Globant is engaged at Ross Stores to help redesign their entire user experience for their new merchandising application. Globant's expertise in designing and implementing unique experiences that matter to consumers and users complements Ross's promise to deliver organized, fun-filled and treasure hunting shopping experiences at the best bargains.

他們與 Gap、Levi Strauss & Company、REI 等全球品牌合作。例如，在北方，Globant 與 Ross Stores 合作，幫助重新設計他們新的銷售應用程序的整個用戶體驗。 Globant 在設計和實施對消費者和用戶至關重要的獨特體驗方面的專業知識補充了 Ross 以最優惠價格提供有組織、充滿樂趣和尋寶購物體驗的承諾。

In Europe, we are working with Allianz Bank Financial Advisers, the banking arm of Allianz Italy. Allianz Bank has a widespread presence throughout the national territory with a network of 26 branches over 235 financial advisory centers and over 2,000 financial advisers qualified professionals at the service of clients and over EUR 60 billion in assets under management. Globant is currently designing advanced AI-based applicants using GPT models for Allianz Bank to enhance the operational efficiency of their advisers, operation unit and marketing unit.

在歐洲，我們正在與 Allianz Italy 的銀行部門 Allianz Bank Financial Advisers 合作。 Allianz Bank 的業務遍及全國，擁有 26 家分行、235 個金融諮詢中心和 2,000 多名金融顧問合格專業人員，為客戶提供服務，管理的資產超過 600 億歐元。 Globant 目前正在使用 GPT 模型為安聯銀行設計基於人工智能的高級申請人，以提高其顧問、運營部門和營銷部門的運營效率。

Also in Italy, we are working with HYPE, a leading fintech player with more than 1.7 million customers. Launched in 2015, and HYPE is driving daily banking to the ultimate level in simplicity and her experience, offering a simplified digital bank model, which is constantly expanding the offer, thanks to third-party products, such as mortgages with Banca Sella, deposit with Illimity, crypto trading with Bitpanda. HYPE plan also aims to guarantee the best customer experience standards through a digital community and lifestyle against traditional bank realities limited to financial services. Globant in Italy has been partnering with HYPE since 2022, concerning the market launch of the new HYPE Digital platform and supporting the integration with Bitpanda for trading operations.

同樣在意大利，我們正在與擁有超過 170 萬客戶的領先金融科技公司 HYPE 合作。 HYPE 於 2015 年推出，將日常銀行業務推向極致的簡單性和體驗，提供簡化的數字銀行模型，該模型不斷擴大報價，這要歸功於第三方產品，例如 Banca Sella 的抵押貸款，存款Illimity，與 Bitpanda 進行加密貨幣交易。 HYPE 計劃還旨在通過數字社區和生活方式保證最佳客戶體驗標準，以應對僅限於金融服務的傳統銀行現實。自 2022 年以來，意大利的 Globant 一直與 HYPE 合作，涉及新的 HYPE Digital 平台的市場推出，並支持與 Bitpanda 的整合以進行交易操作。

We continue to invest in new endeavors through our corporate venture capital fund, Globant Ventures. Last month, a $4 million investment was granted to Fivvy, a leading SaaS financial industry platform. Fivvy's innovative solutions unlock immense value hidden within financial data, empowering banks to offer a more customer-centric experience to increase revenues. With a streamlined implementation process, Banks can become data-driven and customer-centric organizations in as little as 3 months. We are excited to support Fivvy's vision of revolutionizing the financial services industry and positioning the company as a top SaaS platform in the Americas.

我們繼續通過我們的企業風險投資基金 Globant Ventures 投資於新的事業。上個月，領先的 SaaS 金融行業平台 Fivvy 獲得了 400 萬美元的投資。 Fivvy 的創新解決方案釋放了隱藏在財務數據中的巨大價值，使銀行能夠提供更加以客戶為中心的體驗以增加收入。通過簡化的實施流程，銀行可以在短短 3 個月內成為數據驅動和以客戶為中心的組織。我們很高興能夠支持 Fivvy 革新金融服務行業並將公司定位為美洲頂級 SaaS 平台的願景。

The Be Kind Tech Fund, the investment vehicle operated by Globant Ventures that looks to support projects that mitigate the misuse of tech completed 5 investment committees in its first full year. As always, we look forward to enhancing our relationships with our clients by bringing the latest technologies into their businesses.

Be Kind Tech Fund 是 Globant Ventures 運營的投資工具，旨在支持減少技術濫用的項目，在其第一個完整年度完成了 5 個投資委員會。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'll turn it over to the digital twin of Patricia Pomies, our COO.

有了這個，我將把它交給我們的首席運營官 Patricia Pomies 的數字雙胞胎。

Thank you, Diego, and hello, everyone. I am happy to be with you today to discuss how Globant is demonstrating its power of resilience and ability to innovate in the face of challenges and setting the stage for a stronger future. In parallel with the work we deliver to our clients, Globant itself is embracing change and shaping the future of work. We are constantly improving our efficiency and empowering our teams through the latest advancements in AI transforming the way we hire, manage, train and focus our talent. Let's kick off with our clients.

謝謝你，迭戈，大家好。我很高興今天能和大家一起討論 Globant 如何在面對挑戰時展示其韌性和創新能力，並為更美好的未來奠定基礎。在我們為客戶提供工作的同時，Globant 本身也在擁抱變化並塑造工作的未來。我們不斷提高我們的效率，並通過人工智能的最新進展賦予我們的團隊權力，改變我們僱用、管理、培訓和關注人才的方式。讓我們從我們的客戶開始。

Our largest account, the Walt Disney Company grew by 0.9% year-over-year and declined by 16.2% quarter-over-quarter. We are seeing signs of sequential growth in the remaining quarters of 2023. Our relationship with Disney remains strong, and we are present across many of their business units, ranging from theme parks to Disney media to cruises and resorts. We remain optimistic about our long-term relationship and the growth opportunities. The rest of our accounts collectively grew by 19.8% year-over-year and declined by 2.3% quarter-over-quarter.

我們最大的客戶華特迪士尼公司同比增長 0.9%，環比下降 16.2%。我們看到了 2023 年剩餘季度連續增長的跡象。我們與迪士尼的關係依然牢固，我們參與了他們的許多業務部門，從主題公園到迪士尼媒體再到遊輪和度假村。我們對我們的長期關係和增長機會保持樂觀。我們的其他賬戶同比增長 19.8%，環比下降 2.3%。

As we commented in last quarter's earnings call, high-end digital transformation was impacted at a time of high macroeconomic and geopolitical uncertainty. However, we are now seeing positive sequential growth in many of our key accounts, particularly reflected by the growth in our 2 to 20 client spend category, which was up quarter-on-quarter already in Q1.

正如我們在上一季度的財報電話會議上評論的那樣，高端數字化轉型在宏觀經濟和地緣政治高度不確定的時期受到了影響。然而，我們現在看到我們的許多關鍵客戶都出現了積極的連續增長，特別是我們的 2 至 20 位客戶支出類別的增長反映了這一點，該類別在第一季度已經環比增長。

Our 100-Squared strategy continues to show results. We now have 14 accounts bringing in more than $20 million in annual revenue. In addition, we have 276 clients that provide more than $1 million of annual revenue, showing a 34% increase from 1 year ago.

我們的 100 平方策略繼續顯示結果。我們現在有 14 個賬戶，年收入超過 2000 萬美元。此外，我們有 276 家客戶提供超過 100 萬美元的年收入，比一年前增長了 34%。

Regarding geographical distribution of our revenue, in Q1, 61.4% in North America, 21.8% from Latin America, 13.4% from EMEA and 3.4% from Asia and Oceania. We reached historic high revenues in EMEA, reflecting our global expansion strategy. Also, Q1 2023 came with a string of large bookings with global firms. In late January and early February, we closed new projects with EY, LaLiga, Santander, Google and Disney Media.

關於我們收入的地域分佈，第一季度，北美佔 61.4%，拉丁美洲佔 21.8%，歐洲、中東和非洲佔 13.4%，亞洲和大洋洲佔 3.4%。我們在歐洲、中東和非洲地區的收入創下歷史新高，反映了我們的全球擴張戰略。此外，2023 年第一季度與全球公司進行了一系列大額預訂。 1 月底和 2 月初，我們結束了與 EY、LaLiga、Santander、Google 和 Disney Media 的新項目。

This all led to a record pipeline at Globant and a similar level of monthly bookings compared to early 2022. This has been accompanied by other leading indicators internally pointing to an initial but encouraging improvement in spending patterns. During the first quarter of 2023, the efforts dedicated to improving the quality of the delivery of our services and products to clients paid off yet again. We have achieved a Net Promoter Score of 83, the highest in Globant's history and well above the industry benchmark range of 40 to 61.

與 2022 年初相比，這一切都導致 Globant 的管道數量達到創紀錄的水平，每月預訂量也達到了類似水平。伴隨而來的還有其他內部領先指標，表明支出模式初步但令人鼓舞。在 2023 年第一季度，致力於提高我們向客戶提供的服務和產品質量的努力再次獲得回報。我們的淨推薦值達到了 83，這是 Globant 歷史上最高的，遠高於 40 至 61 的行業基準範圍。

When I first discussed our focus on NPS on this earnings call in 2022, our score was 68 and has steadily grown quarter after quarter. Our average annual value of the score has also increased from 76 to 79, building client loyalty is a way we aim to maintain our leadership as the business climate improves.

當我在 2022 年的這次財報電話會議上首次討論我們對 NPS 的關注時，我們的得分是 68，並且逐季穩步增長。我們的平均年分值也從 76 增加到 79，建立客戶忠誠度是我們旨在隨著商業環境的改善保持領先地位的一種方式。

Our current headcount is 26,288. We remain eager to grow our global family of Globers. However, we will continue to do so at the pace of our business growth. Our teams are prepared to support short-term business in our pipeline, and we have the engine to accelerate recruiting quickly as needed. Our annual attrition is currently at 14.5%, the lowest in 2 years, and 220 basis points below last quarter. We aim to deficient utilization to manage proper headcount hirings and attrition effectively.

我們目前的員工人數為 26,288 人。我們仍然渴望發展我們的全球 Globers 大家庭。但是，我們將繼續按照業務增長的速度這樣做。我們的團隊已準備好支持我們管道中的短期業務，並且我們擁有根據需要快速加速招聘的引擎。我們的年度員工流失率目前為 14.5%，為 2 年來最低，比上一季度低 220 個基點。我們的目標是利用不足來有效地管理適當的員工人數招聘和減員。

As of 1Q '23, our utilization rate stood near 79%, down from the 82% we reported last quarter. We aim to rebuild this level back up to the low 80s level throughout the year, driving both revenue growth and gross margins. We are a skill centric organization, and we are continuously upskilling and reskilling our teams to prepare them for future business demands. We have a clear mission to be a hub of diverse skill sets where Globers can develop their careers to the fullest.

截至 23 年第一季度，我們的利用率接近 79%，低於上一季度報告的 82%。我們的目標是全年將這一水平恢復到 80 年代的低水平，從而推動收入增長和毛利率。我們是一家以技能為中心的組織，我們不斷提高和重新培訓我們的團隊，讓他們為未來的業務需求做好準備。我們有一個明確的使命，那就是成為各種技能組合的中心，Globers 可以在這裡充分發展他們的職業生涯。

In the last quarter, we have made significant strides in getting our Globers exposed to the latest trends in AI to quickly apply it throughout their work. More than 11,000 Globers have already completed the AI learning experience in our Globant University e-Campus, and we are in the process of certifying all of our pods on AI, as Diego explained.

在上個季度，我們在讓我們的 Globers 接觸到 AI 的最新趨勢以在他們的工作中快速應用它方面取得了重大進展。超過 11,000 名 Globers 已經在我們的 Globant University e-Campus 中完成了 AI 學習體驗，正如 Diego 解釋的那樣，我們正在對我們的所有 pods 進行 AI 認證。

We're also thrilled to see the growth of our Globant University platform, which now offers more than 4,500 different learning experiences and is used by more than 15,000 Globers monthly. Our recent launch of Learning Match, a feature that connects experts with Globers seeking their expertise has been a great success. In the last month, more than 800 Globers have used the tool.

我們也很高興看到我們的 Globant 大學平台的發展，該平台現在提供超過 4,500 種不同的學習體驗，每月有超過 15,000 名 Globers 使用。我們最近推出的 Learning Match 功能取得了巨大成功，該功能將專家與尋求專業知識的 Globers 聯繫起來。上個月，超過 800 名 Globers 使用了該工具。

Globant's proprietary platforms are also being adopted by our Globers. More than 9,000 Globers have completed their training on our new GeneXus platform. Thanks to these improvements, we've seen a significant increase in the average learning hours per employee, which has risen by 60% since last quarter. We've also seen a notable improvement in the level of skill applicability with employees reporting an all-time high score of 90%. This means that the skills they've learned are more relevant and useful in their day-to-day work than ever before.

Globant 的專有平台也被我們的 Globers 採用。超過 9,000 名 Globers 已經在我們新的 GeneXus 平台上完成了培訓。由於這些改進，我們發現每位員工的平均學習時間顯著增加，自上個季度以來增加了 60%。我們還看到，員工的技能適用性水平有了顯著提高，員工的得分達到了 90% 的歷史最高水平。這意味著他們所學的技能在日常工作中比以往任何時候都更加相關和有用。

And finally, some important updates on Globant's Be Kind initiative. In March, we announced the global winners of the third edition of women that build awards. Our ongoing initiative that recognizes supports and promotes the development and visibility of talented women leaders in the STEM fields. We want to encourage innovation and collaboration in the technology industry while promoting plurality and connecting women from different parts of the world. The third addition of women that build awards encompassed more than 1,800 nominations, 1,100 candidates, 110,000 votes and 70 international judges. We have already begun the fourth edition and we are now accepting nominations. If you know a woman who is shaking up the game in technology, we encourage you to nominate at womenawards.globant.com.

最後，關於 Globant 的 Be Kind 計劃的一些重要更新。 3 月，我們公佈了第三屆女性建築大獎的全球獲獎者。我們正在進行的表彰支持和促進 STEM 領域有才華的女性領導者的發展和知名度的倡議。我們希望鼓勵技術行業的創新與合作，同時促進多元化並將來自世界不同地區的女性聯繫起來。第三次增加的女性獲獎名單包括 1,800 多項提名、1,100 名候選人、110,000 張選票和 70 名國際評委。我們已經開始了第四版，現在我們正在接受提名。如果您認識一位正在改變技術領域的女性，我們鼓勵您在 womenawards.globant.com 上提名。

As part of our Be Kind to the planet commitment, in March, we celebrated the opening of Globant's iconic building in the city of Tandil, Argentina. The building has a sustainable design that is certified as lead platinum, the highest range possible for buildings that are healthy, efficient and carbon and cost savings. This investment is part of our green building strategy, where we invest in more sustainable real estate such as our facilities in Bogota, Medigen and Seattle, all certified as lead gold. Also, in San Francisco, our offices received an Energy Star score of 92, indicating they are more energy efficient than 92% of similar buildings nationwide.

作為我們善待地球承諾的一部分，我們在 3 月慶祝了 Globant 在阿根廷坦迪爾市的標誌性建築的開幕。該建築採用可持續設計，被認證為鉛鉑金，是健康、高效、碳和成本節約建築的最高範圍。這項投資是我們綠色建築戰略的一部分，我們在該戰略中投資於更具可持續性的房地產，例如我們在波哥大、Medigen 和西雅圖的設施，這些設施均被認證為鉛金。此外，在舊金山，我們的辦公室獲得了 92 分的能源之星評分，表明它們的能源效率高於全國 92% 的類似建築。

Globant remains close to its clients and Globers, embracing new technologies seizing business opportunities and conscious of its role as a positive social agent of change.

Globant 與其客戶和 Globers 保持密切聯繫，擁抱新技術以抓住商機，並意識到其作為積極的社會變革推動者的作用。

With that, I'll hand it over to Juan to discuss the financials.

有了這個，我會把它交給胡安來討論財務問題。

Thank you, and good afternoon, everyone. It's great to be here again. In Q1 2023, we achieved industry-leading growth with a solid 17.7% year-over-year revenue increase with revenues totaling $472.4 million, showcasing a strong performance in the current environment. Our adjusted operating profit margin met guidance expectations and we skillfully executed M&A initiatives to broaden our presence in the United States and Europe.

謝謝，大家下午好。很高興再次來到這裡。 2023 年第一季度，我們實現了行業領先的增長，收入同比穩步增長 17.7%，收入總計 4.724 億美元，在當前環境下表現強勁。我們調整後的營業利潤率達到了指導預期，我們巧妙地執行了併購計劃，以擴大我們在美國和歐洲的業務。

As previously indicated in our last earnings call, we continue to expect sequential revenue growth in second quarter 2023, and as such, we are updating our full year outlook to incorporate the most recent trends in the business. As a digital transformation service provider, we acknowledge that the current macroeconomic climate may influence client spending, potentially causing reduced visibility compared to past cycles. Nonetheless, we remain steadfast in our belief in the lasting demand for transformation. Our pipeline keeps expanding and client discussions around long-term strategy remain consistent.

正如我們之前在上次財報電話會議中指出的那樣，我們繼續預計 2023 年第二季度收入將連續增長，因此，我們正在更新全年展望，以納入業務的最新趨勢。作為數字化轉型服務提供商，我們承認當前的宏觀經濟環境可能會影響客戶支出，與過去的周期相比可能會導致可見性降低。儘管如此，我們仍然堅信我們對轉型的持久需求。我們的渠道不斷擴大，客戶圍繞長期戰略的討論保持一致。

Amid ongoing talent scarcity and technology as a core focus, 2023 continues to witness digital transformation investments as a top priority. Cutting-edge AI advancements further solidify our dedication to revolutionizing business practices and guiding clients in embracing these innovations. Our focus continues to be on in our platform, harnessing AI to distinguish our offerings, optimizing talent and cost structures and tailoring services to meet the ever-changing demands.

在持續的人才短缺和技術作為核心焦點的情況下，2023 年數字轉型投資將繼續成為重中之重。尖端的 AI 進步進一步鞏固了我們致力於革新商業實踐並引導客戶接受這些創新的決心。我們的重點仍然放在我們的平台上，利用人工智能來區分我們的產品、優化人才和成本結構以及定制服務以滿足不斷變化的需求。

Upon reviewing our Q1 results, we are pleased to report another quarter of strong growth and healthy profitability. Despite the 3.7% sequential decrease in our top line, we experienced sequential growth in our 2 to 5, 6 to 10 and 11 to 20 client buckets, which reaffirms our belief that spending activity remains strong among our most important customers. In terms of constant currency, Q1 revenue growth stood at an impressive 18% year-over-year closely mirroring our headline figure.

在回顧我們的第一季度業績後，我們很高興地報告另一個季度的強勁增長和健康的盈利能力。儘管我們的收入環比下降 3.7%，但我們的 2 到 5、6 到 10 和 11 到 20 客戶群經歷了連續增長，這再次證實了我們的信念，即我們最重要的客戶的消費活動仍然強勁。以固定匯率計算，第一季度收入同比增長 18%，令人印象深刻，與我們的標題數字非常吻合。

Additionally, inorganic contributions accounted for approximately 6 percentage points of year-over-year growth in Q1, further strengthening our overall performance. Analyzing our revenue breakdown, several factors emerge. Geographically, all business units displayed positive year-over-year growth. United States operations at 12.7%, EMEA at 55.5%, LATAM at 9.2% and Asia and Oceania at 76.9%.

此外，無機貢獻佔第一季度同比增長的約 6 個百分點，進一步加強了我們的整體業績。分析我們的收入明細，出現了幾個因素。從地域上看，所有業務部門都呈現出同比正增長。美國業務佔 12.7%，EMEA 佔 55.5%，拉丁美洲佔 9.2%，亞洲和大洋洲佔 76.9%。

From an industry vertical standpoint, our media sector exhibited strong year-over-year growth due to significant deals closed in second half 2022. We also observed a recovery in professional services, hospitality, consumer retail, manufacturing and health care divisions, offset partially by travel, high-tech and BFSI verticals. We anticipate positive sequential growth in Q2, primarily in media BFSI and health care verticals. We, however, continue to see more limited spending in our high tech going into the next quarter.

從垂直行業的角度來看，由於 2022 年下半年完成了重大交易，我們的媒體行業實現了強勁的同比增長。我們還觀察到專業服務、酒店、消費零售、製造和醫療保健部門的複蘇，部分抵消了旅遊、高科技和 BFSI 垂直行業。我們預計第二季度將出現積極的連續增長，主要是在媒體 BFSI 和醫療保健垂直領域。然而，我們繼續看到進入下一季度的高科技支出更加有限。

We consistently delivered on profitability. In Q1 2023, our adjusted gross profit margin reached 38.2% with adjusted gross profit increasing to $180.3 million, a 13.8% annual growth. Adjusted gross profit margin stood within the historical range of 38% to 40% that we have previously provided to investors. Our adjusted operating margin for the quarter was 15.1%, aligning with the guidance provided. We are diligently addressing our adjusted SG&A to achieve our EBIT targets with Q1 2023 SG&A over sales at 17.8% compared to 18.6% last year, and also 20 basis points lower than that of fourth quarter 2022.

我們始終如一地實現盈利。 2023 年第一季度，我們調整後的毛利率達到 38.2%，調整後的毛利潤增至 1.803 億美元，年增長率為 13.8%。調整後的毛利率處於我們之前向投資者提供的 38% 至 40% 的歷史範圍內。我們本季度調整後的營業利潤率為 15.1%，與提供的指引一致。我們正在努力解決調整後的 SG&A，以實現 2023 年第一季度 SG&A 銷售額佔 17.8% 的息稅前利潤目標，而去年為 18.6%，也比 2022 年第四季度低 20 個基點。

Adjusted operating income for the quarter totaled $71.4 million, reflecting a 15.1% margin. As for below-the-line items, our IFRS effective tax rate for the quarter was 21.9%, closely adhering to our guidance. Adjusted net income in Q1 reached $55.4 million, with an 11.7% adjusted net income margin. Adjusted diluted EPS for the quarter was $1.28, $0.01 above our guidance and representing a 7.6% year-over-year increase based on 43.2 million average diluted shares for the period.

本季度調整後營業收入總計 7140 萬美元，利潤率為 15.1%。至於線下項目，本季度我們的 IFRS 有效稅率為 21.9%，與我們的指導方針非常接近。第一季度調整後淨收入達到 5540 萬美元，調整後淨利潤率為 11.7%。本季度調整後的攤薄每股收益為 1.28 美元，比我們的指導高出 0.01 美元，基於該期間平均攤薄後的 4320 萬股，同比增長 7.6%。

In terms of balance sheet management, as of Q1 2023, our cash and cash equivalents, along with short-term investments, amounted to $284.8 million. Our credit facility remains undrawn, and we maintain a net cash position. Combined with our organic cash flow generation, this ensures sufficient funding for our short-term growth plans. In Q1 2023, we utilized approximately $1.8 million of free cash flow, a significant improvement from the $45.3 million used in the same period last year, owing to enhanced working capital and tax management.

在資產負債表管理方面，截至 2023 年第一季度，我們的現金和現金等價物以及短期投資總計 2.848 億美元。我們的信貸額度仍未使用，我們保持淨現金頭寸。結合我們的有機現金流生成，這確保了我們的短期增長計劃有足夠的資金。 2023 年第一季度，我們使用了大約 180 萬美元的自由現金流，與去年同期的 4530 萬美元相比有了顯著改善，這要歸功於營運資本和稅收管理的加強。

Moving forward, let's discuss our outlook for Q2 and the full year 2023. This guidance takes into account contributions from ExperienceIT closed during Q2 2023. However, it does not include any contribution from Pentalog as the deal is pending approval and that date cannot be anticipated with certainty. Our focus remains on achieving robust revenue growth and strong profitability. Throughout 2023, we will concentrate on expanding our business while maintaining stable margins. We will also closely manage our cost structure to ensure it scales with our business performance.

展望未來，讓我們討論我們對第二季度和 2023 年全年的展望。該指南考慮了 ExperienceIT 在 2023 年第二季度關閉的貢獻。但是，它不包括 Pentalog 的任何貢獻，因為該交易正在等待批准並且無法預計該日期確定無疑。我們的重點仍然是實現強勁的收入增長和強勁的盈利能力。整個 2023 年，我們將專注於擴大業務，同時保持穩定的利潤率。我們還將密切管理我們的成本結構，以確保它與我們的業務績效相稱。

We currently anticipate Q2 revenues of at least $496 million reflecting 15.5% year-over-year growth. Since the beginning of the year, we have observed a slight improvement in underlying revenue indicators with better booking and backlog creation trends in Q1 2023 compared to the final months of 2022. Although the level of business closed is still below our full potential, our growing pipeline and client opportunities encourage us. Overall, we have not witnessed significant project road map cancellations or shifts in clients' long-term digital adoption strategies. Our full year '23 guidance, which I will address in a minute, implies neither a marked improvement nor a downturn from the current business climate.

我們目前預計第二季度收入至少為 4.96 億美元，同比增長 15.5%。自今年年初以來，我們發現與 2022 年最後幾個月相比，2023 年第一季度的基本收入指標略有改善，預訂和積壓創建趨勢有所改善。儘管關閉的業務水平仍低於我們的全部潛力，但我們的增長管道和客戶機會鼓勵我們。總的來說，我們沒有看到重大的項目路線圖取消或客戶長期數字採用戰略的轉變。我將在一分鐘內解決我們的 23 年全年指導，這既不意味著當前商業環境的顯著改善也不意味著衰退。

We continue to believe that companies will pursue top line growth via digital channels as direct-to-consumer pivoting from brick-and-mortar to efficient delivery channels and leveraging technology for enhanced efficiency remains central to our clients' strategies. While we are optimistic about sequential growth from now to year-end, given some cost restructuring digestion by our customers, we remain cautious. Macro risks and crosscurrents persist, but the potential start of another wave of DX investments related to generative AI and AI efficiency could provide an upside to our outlook.

我們仍然相信，公司將通過數字渠道追求收入增長，因為直接面向消費者從實體渠道轉向高效的交付渠道，並利用技術提高效率仍然是我們客戶戰略的核心。雖然我們對從現在到年底的連續增長持樂觀態度，但鑑於我們的客戶消化了一些成本重組，我們仍然持謹慎態度。宏觀風險和逆流依然存在，但與生成 AI 和 AI 效率相關的另一波 DX 投資的潛在開始可能會為我們的前景提供上行空間。

From a profitability perspective, we expect our adjusted operating income margin in the 15% to 16% range for the second quarter of 2023. IFRS effective income tax rate is expected to be in the 21.5% to 23.5% range. Our adjusted EPS for Q2 is expected to be at least $1.33, assuming 43.4 million average diluted shares outstanding for the quarter. As we progress towards the full year guidance, we maintain a cautiously optimistic growth outlook for 2023. With current visibility, we are pleased to increase our full year 2023 guidance to at least $2.74 billion, a solid 16.5% year-over-year growth. Our guidance assumes a neutral FX outlook for the year.

從盈利能力的角度來看，我們預計 2023 年第二季度調整後的營業收入利潤率在 15% 至 16% 的範圍內。IFRS 有效所得稅率預計在 21.5% 至 23.5% 的範圍內。我們預計第二季度調整後的每股收益至少為 1.33 美元，假設本季度平均有 4340 萬股攤薄流通股。隨著我們朝著全年指導目標邁進，我們對 2023 年的增長前景保持謹慎樂觀。鑑於目前的可見性，我們很高興將 2023 年全年指導目標提高到至少 27.4 億美元，同比增長 16.5%。我們的指引假設今年的外匯前景為中性。

For the full year, we continue to 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 $5.71, assuming 43.4 million average diluted shares for the year.

對於全年，我們繼續預計調整後的營業利潤率在 15% 至 17% 的範圍內。預計 2023 年 IFRS 實際所得稅率將在 22% 至 24% 的範圍內。最後，我們預計 2023 年調整後的攤薄每股收益為 5.71 美元，假設全年平均攤薄股數為 4340 萬股。

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。

Hi. Good afternoon, and thank you, everyone. (Operator Instructions) So with that in mind, we will take our first question from the line of Tien-Tsin Huang from JPMorgan.

你好。下午好，謝謝大家。 （操作員說明）考慮到這一點，我們將從摩根大通的 Tien-Tsin Huang 那裡提出我們的第一個問題。

Thanks for all the detail. I'll ask maybe just to elaborate -- ask you to elaborate a little bit more on the sequential growth that you're expecting in the second quarter. It sounds like from Patricia is pretty strong bookings, backlog, including with Disney media. So maybe just give a little bit more on the visibility, the month-to-month trending that you're seeing? And of course, a lot of investors are asking as -- the outlook seems more upbeat than some of your digital peers, why might that be the case?

感謝所有的細節。我可能會要求詳細說明 - 請您詳細說明您對第二季度預期的連續增長。聽起來帕特里夏的預訂量和積壓量都很大，包括與迪士尼媒體的合作。所以也許只是多說一點可見性，你看到的月度趨勢？當然，很多投資者都在問——前景似乎比你的一些數字同行更樂觀，為什麼會這樣？

Juan.

娟。

Thank you, Tien-Tsin, for the question. So our outlook for second quarter is $496 million. If you remember back in February when we guided for the first time for the year, we already mentioned at that point that we were expecting a sequential increase in going into Q2. And actually, that materialized during the first quarter in terms of bookings. Now we have seen a recovery compared to the second half of last year. That recovery -- we continue to see that happening during Q2. And that's why we are able to guide a sequential increase of about 5 percentage points from Q1 to Q2.

謝謝 Tien-Tsin 的提問。所以我們對第二季度的展望是 4.96 億美元。如果您還記得我們在 2 月份首次發布年度指南時，我們當時已經提到我們預計進入第二季度會出現連續增長。實際上，這一點在第一季度的預訂量中得到了體現。與去年下半年相比，現在我們已經看到了復甦。這種複蘇——我們在第二季度繼續看到這種情況發生。這就是為什麼我們能夠指導從第一季度到第二季度連續增長約 5 個百分點。

Overall, I think that the level of bookings that we have seen in the first 5 months of the year has improved pretty much in every industry, maybe with the exception of technology, technology companies are a little bit behind the rest of the industries. But overall, we have seen a clear recovery compared to the second half of last year when most of the growth was actually coming from the backlog. In the first part of the year, we not only closed new deals but also started to build some backlog again. That's why we're able to guide a sequential growth into Q2. And also, we continue to see a similar traction that takes us to believe that the second half of the year will also have sequential growth going forward.

總的來說，我認為我們在今年前 5 個月看到的預訂水平在每個行業都有很大改善，也許除了技術，技術公司有點落後於其他行業。但總體而言，與去年下半年相比，我們看到了明顯的複蘇，當時大部分增長實際上來自積壓訂單。今年上半年，我們不僅完成了新交易，還開始重新積壓訂單。這就是為什麼我們能夠將連續增長引導到第二季度。而且，我們繼續看到類似的牽引力，使我們相信今年下半年也將出現連續增長。

Yes. And also to complete if we see the bookings coming on pretty much three quarters going down sequentially in the last year, we're seeing that recovery happening in this first quarter and good outlook for the second quarter. So I believe that what Juan was saying has basic support on that recovery on the bookings.

是的。如果我們看到去年幾乎三個季度的預訂量連續下降，我們也會看到第一季度出現復甦，第二季度前景良好。所以我相信 Juan 所說的對預訂量的恢復有基本的支持。

Great. It's good to hear. And maybe just my follow-up just to ask again on the difference in your outlook versus some of the peers. And I know it's fair because all the companies are different, clients are different. But maybe has a chance to maybe talk about how Globant is different from digital peers and maybe why your outlook is a little different?

偉大的。很高興聽到。也許只是我的後續行動，只是想再次詢問您與某些同行的看法有何不同。我知道這很公平，因為所有公司都不同，客戶也不同。但也許有機會談談 Globant 與數字同行的不同之處，以及為什麼你的觀點有點不同？

I believe that -- well, competition is very strong. It has always been very strong, and we really admire many of our competitors. Now I think we're doing many things different. And I believe that whenever you get into how we do things, you will find like we're approaching our customers in a different way. We're organizing our company in a different way too, I mean, the top with our pods and a lot of degrees of autonomy on what they do, how to take thousands of decisions every day. And that yields to be closer to our customer that yields to be in a way much more aware of what they need.

我相信——好吧，競爭非常激烈。它一直很強大，我們真的很佩服我們的許多競爭對手。現在我認為我們正在做很多不同的事情。而且我相信，無論何時您了解我們的做事方式，您都會發現我們正在以不同的方式接近客戶。我們也在以不同的方式組織我們的公司，我的意思是，最高層有我們的豆莢，並且在他們所做的事情上有很大程度的自主權，如何每天做出成千上萬的決定。這樣可以更貼近我們的客戶，從而更加了解他們的需求。

And that yields too to connect to the launch of new studios and new offering and every day trying to get wider in that offering, so not just in the digital offering that is our strongest part, but also on the back going into our enterprise studios that now is growing very, very fast, and also in the front now with our rate-on-rate studios on top, of course, that we have our industry reinvention studios. So those 4 things create like a value proposition, which is every day aimed to leverage the relationships we have with our customers in a much more efficient way.

這也與新工作室和新產品的推出有關，並且每天都在努力擴大該產品的範圍，因此不僅在我們最強大的數字產品中，而且在進入我們企業工作室的背後現在發展得非常非常快，現在我們的 rate-on-rate 工作室也處於領先地位，當然，我們有我們的行業重塑工作室。因此，這 4 件事創造了一個價值主張，每天都旨在以更有效的方式利用我們與客戶的關係。

What I believe we are seeing is that passion that we have to expand and to understand the needs of our customers getting crystallized into performance and to gain market share in that same game.

我相信我們所看到的是我們必須擴大並了解客戶需求的熱情，這些需求將具體化為性能並在同一遊戲中獲得市場份額。

The next question is coming from the line of Ashwin Shirvaikar from Citi.

下一個問題來自花旗的 Ashwin Shirvaikar。

Also good to see your digital twins again.

也很高興再次見到你的數字雙胞胎。

Thank you for referring to that because it was much cheaper than doing it the other way around.

謝謝你提到那個，因為它比反過來做要便宜得多。

That's how stock-based compensation does the digital twin get, I don't know. But more seriously, last time I had asked about GeneXus and AI and of course, got a chance to see the demo. And AI is a big part of all investor conversations now the general view that most investors have is a cautious one that -- you have a in material model if people get replaced by software, it affects the time and material model. What you're talking about is incremental opportunity.

這就是數字孿生獲得基於股票的報酬的方式，我不知道。但更嚴重的是，上次我詢問了 GeneXus 和 AI，當然還有機會看到了演示。人工智能是所有投資者對話的重要組成部分，現在大多數投資者的普遍觀點是謹慎的——如果人們被軟件取代，你就會有一個物質模型，它會影響時間和物質模型。你說的是增量機會。

So if you can kind of talk about how you are thinking of the benefits that you have to pass on to your clients in terms of productivity versus the incremental opportunity and what you see sort of to balance those products?

所以，如果你能談談你是如何考慮在生產力與增量機會方面必須傳遞給客戶的好處，以及你認為如何平衡這些產品？

Okay. Thank you for the question. I will ask the first question -- I will answer the first part, and then I will let Diego to go ahead. Let's go to the fundamental of what we do every day. Out of the 100% of the time that we spend about, let's say, 40% is being used generating code, let's say, right? The other 60%, 70% or maybe 45%, it's about understanding what you need to do about understanding and dealing about negotiating, which are the reach of what you want to do. So the first part that we need to understand is efficiency can be made in only a portion of what we do, right?

好的。感謝你的提問。我會問第一個問題——我會回答第一部分，然後我會讓 Diego 繼續。讓我們來看看我們每天所做的事情的基礎。在我們花費的 100% 的時間中，假設有 40% 用於生成代碼，對吧？其他 60%、70% 或可能是 45%，是關於了解你需要做什麼來理解和處理談判，這是你想做的事情的範圍。所以我們需要了解的第一部分是效率只能在我們所做的一部分中產生，對嗎？

So that's a fundamental thing that must be understood because they're a lot of hype and there's a lot of things being said around this, and I want to be clear where we see the efficiency where we see things that as human exist, we will need to keep on doing human to human, right? So that's 1 thing.

所以這是一個必須理解的基本問題，因為它們有很多炒作，圍繞這個有很多說法，我想明確我們在哪裡看到效率，我們看到人類存在的東西，我們將需要繼續做人對人，對吧？所以這是一件事。

The second thing is that I believe that together with this gaining efficiency, ambitions grow. And that's what we refer to incremental opportunities based on AI. Now let me give you an example. For example, before we are using apps to create transactions now we will be using conversations to create transactions. But those conversations will need to be connected with all the back-end systems, and it's not a trivial job to be done. So I understand that the overview analysis can yield to that conclusion, but I think it's absolutely wrong.

第二件事是，我相信隨著效率的提高，野心也會增長。這就是我們所說的基於人工智能的增量機會。現在讓我舉個例子。例如，在我們使用應用程序創建交易之前，現在我們將使用對話來創建交易。但是這些對話將需要與所有後端系統連接，這不是一項簡單的工作。所以我理解總體分析可以得出那個結論，但我認為這是絕對錯誤的。

So I think efficiency is going in a portion of what we do. And what we do in general is very sophisticated stuff, and that connects to -- only gaining efficiencies on a portion and then ambitions increasing and growing much faster. So -- but Diego, I would like you to take your perspective on that.

所以我認為效率是我們所做工作的一部分。我們通常所做的是非常複雜的事情，這與 - 只是提高了一部分的效率，然後雄心壯志增加和增長得更快。所以——但 Diego，我希望你對此發表看法。

I think what Martin mentioned with regards to how we approach this and how we view the product is spot on. How we implement this is, if you recall, last year, we launched the Fasco studio, which was exactly about that, how can we bring efficiencies into our own work. And we've been even creating products for doing that. So we've been very active in the space. Now the thing is, Ashwin, this has been happening since I don't know the start of our business. There's new frameworks. There's new technologies. There's new development languages, which aim to bring in those efficiencies. So lots of things that used to take x amount of work 10 years ago by leveraging those technologies, and they're not necessarily AI-related can be done as of today in half of the time, 30% of the time or even less.

我認為 Martin 提到的關於我們如何處理這個問題以及我們如何看待產品的內容是正確的。如果你還記得的話，我們是如何實現這一點的，去年，我們推出了 Fasco 工作室，這正是關於我們如何才能將效率帶入我們自己的工作。我們甚至一直在為此開發產品。所以我們在這個領域一直非常活躍。現在的問題是，阿什溫，自從我不知道我們的業務開始以來，這種情況就一直在發生。有新的框架。有新技術。有新的開發語言，旨在提高效率。因此，很多事情在 10 年前通過利用這些技術需要花費 x 的工作量，而且它們不一定與 AI 相關，但到今天可以用一半、30% 甚至更少的時間完成。

And that didn't mean that we -- our work was reduced because, as Martin said, there's another -- expectations increase in terms of consumer expectations in terms of the functionality that our clients expect to bring to the consumer to be on the forefront of their businesses. So I think that these efficiencies that we are actually implementing every studio is working on that. We have the trainings like Patricia said, we've been very active on those space will be translated to our clients definitely as fast as we can. We are already doing that. And -- but again, I think that will be translated into more work.

這並不意味著我們 - 我們的工作減少了，因為正如馬丁所說，還有另一個 - 消費者期望在我們的客戶期望帶給消費者的功能方面的期望增加，從而處於最前沿他們的業務。所以我認為我們實際上在每個工作室實施的這些效率正在努力實現這一目標。我們有像 Patricia 說的那樣的培訓，我們一直非常積極地在這些空間上將盡快翻譯給我們的客戶。我們已經在這樣做了。而且 - 但同樣，我認為這將轉化為更多的工作。

Got it. Got it. No, absolutely. I mean that's our view as well, digital -- we get digital. The second question is really more near term as we sort of think of the cadence for the rest of the year. Obviously, your outlook still implies, I would say, less than historical sequential growth in the out quarters, but still pretty good sequential growth. And the issue and question has not been so much about getting bookings. It has been about revenue conversion. So any commentary with regard to revenue conversion? And is there just to be clear Pentalog, is there a part of the year, maybe 4Q revs that you included in here, anything to be said on that?

知道了。知道了。不，絕對。我的意思是這也是我們的觀點，數字化——我們得到數字化。第二個問題實際上是更近期的問題，因為我們考慮了今年剩餘時間的節奏。顯然，你的前景仍然意味著，我想說，未來幾個季度的環比增長低於歷史水平，但環比增長仍然相當不錯。問題和問題並不是關於獲得預訂。它與收入轉換有關。那麼關於收入轉換的任何評論？是否有明確的 Pentalog，是否有一年中的一部分，也許是您在此處包含的 4Q 轉速，對此有什麼要說的嗎？

So the cadence -- the guidance for Q2 is out there, $496 million. And then if you do some reverse math, you're going to get to around 7% sequential growth in Q3 and Q4. Basically, that is coming from whatever has already been booked and is going to booked -- by booked, we mean that we have the contracts already signed. Hence, we're going to be delivering those contracts and generating the revenue. On top of that, what we have is, as we mentioned at the beginning of the call, a much stronger pipeline, and we have seen an improvement in the conversion cycle when compared to last year.

所以節奏——第二季度的指導是 4.96 億美元。然後，如果你做一些逆向計算，你將在第三季度和第四季度實現大約 7% 的環比增長。基本上，這是來自已經預訂和將要預訂的任何東西——通過預訂，我們的意思是我們已經簽署了合同。因此，我們將交付這些合同並產生收入。最重要的是，正如我們在電話會議開始時提到的那樣，我們擁有更強大的管道，而且與去年相比，我們已經看到轉換週期有所改善。

So basically, that guidance that we are providing somehow is embedding the deals that we have closed, the bookings that we already did, basically, plus the conversion level that we are seeing now at the level of pipeline that is aligned to that. In our guidance, we are not including Pentalog as of now, because we don't really know at this point if it's going to get approved in 1 month to month or 3 months. It's going to happen very likely within that time frame. But because we were not sure we are not including that deal into the guidance that we provided as of now.

所以基本上，我們以某種方式提供的指導嵌入了我們已經完成的交易，我們已經完成的預訂，基本上，加上我們現在看到的轉換水平，在與此一致的管道水平上。在我們的指南中，我們目前不包括 Pentalog，因為我們目前還不知道它是否會在 1 個月或 3 個月內獲得批准。它很可能會在那個時間範圍內發生。但是因為我們不確定我們是否沒有將該交易納入我們目前提供的指導中。

The next question comes from the line of Maggie Nolan.

下一個問題來自瑪吉諾蘭的台詞。

I was curious if you could share with us the mix of new versus existing clients and the bookings that you did see this quarter? And then any areas in particular where you saw traction in terms of your service offerings?

我很好奇您是否可以與我們分享新客戶與現有客戶的組合以及本季度您確實看到的預訂情況？然後，您在服務產品方面看到了哪些特別吸引人的領域？

Yes. I want to tell Maggie is that the first quarter, which at the end of the day is what is going to be driving the second quarter and the near term, has twice the number of new logos that we had in the fourth quarter of last year. So basically, the beginning of this year is showing an increase in the number of new logos, but also farming activities are doing much better by farming, I mean, existing clients signing or closing those deals that we have been working for a few months already. That is what is implied in the numbers. It doesn't depend really on new logos.

是的。我想告訴 Maggie，第一季度最終將推動第二季度和近期的發展，新徽標的數量是去年第四季度的兩倍.所以基本上，今年年初顯示新徽標的數量有所增加，而且農業活動通過農業做得更好，我的意思是，現有客戶簽署或完成了我們已經工作了幾個月的交易.這就是數字所暗示的。它並不真正依賴於新標識。

If you look at how the first quarter performed, you have Disney, which as we mentioned, was going to be slightly below the fourth quarter, but then customers from 2 to 20 performed actually quite well. And that eventually, those are our key accounts, and that's where we are seeing a lot of growth getting into the next part of the year.

如果你看一下第一季度的表現，你會發現迪斯尼，正如我們提到的，將略低於第四季度，但 2 到 20 的客戶表現實際上相當不錯。最終，這些是我們的關鍵客戶，這就是我們在今年下半年看到大量增長的地方。

Also adding to that, I think that is important that we announced also that in EMEA, we have a record of revenue in this Q1. So I think that was an important thing that we have been talking a lot in the last couple of earnings calls about expanding in EMEA and in Europe, and now we are seeing very good results there in accounts like, well, Santander or LaLiga, the joint venture that we made. I mean it's bringing a lot of fruit there. So I think that's another point.

此外，我認為重要的是我們還宣佈在歐洲、中東和非洲地區，我們在第一季度有收入記錄。所以我認為這是一件重要的事情，我們在過去的幾次財報電話會議上一直在談論在歐洲、中東和非洲和歐洲的擴張，現在我們在桑坦德銀行或西甲等客戶中看到了非常好的結果，我們做的合資企業。我的意思是它在那裡帶來了很多水果。所以我認為這是另一點。

Got it. And more to come with the addition of the acquisition there as well too. So one other question for me on your operating margin. Are you on track to meet the midpoint of the range that you guided to for the full year? And then what investment or spend considerations are factored into that guidance?

知道了。還有更多的收購也隨之而來。關於您的營業利潤率，還有一個問題要問我。您是否有望達到全年指導範圍的中點？然後該指南中考慮了哪些投資或支出考慮因素？

Yes. As of now, we expect, I mean you already have the Q1 number, 15.1%. Second quarter is going to be 15% to 16%, but we still think that we're going to see a recovery in the second part of the year, second half, which hopefully is going to take us somewhere around the midpoint of the guidance. That is going to be driven by improved productivity, improved utilization. We have been working on reducing the talent pool of the company to protect those margins. And also, we have been very careful in where we invest. We keep on investing in sales coverage as always, but we have taken a more conservative approach in the rest of the G&A areas because we need to protect margins while we continue to grow in this current environment.

是的。截至目前，我們預計，我的意思是你已經有了第一季度的數字，15.1%。第二季度將達到 15% 至 16%，但我們仍然認為我們將在今年下半年看到復蘇，希望這將使我們達到指導的中點附近.這將受到生產力提高和利用率提高的推動。我們一直在努力減少公司的人才儲備以保護這些利潤。而且，我們在投資的地方一直非常謹慎。我們一如既往地繼續投資於銷售覆蓋面，但我們在其他 G&A 領域採取了更為保守的方法，因為我們需要在當前環境中繼續增長的同時保護利潤率。

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

下一個問題來自 TD Cowen 的 Bryan Bergin。

First one, I'll ask on just top line here. So as Disney goes, it sounds like it went to plan in the first quarter. Is it progressing through the rest of the year as you anticipated relative to what you communicated 3 months ago?

第一個，我會在這裡問一下。因此，隨著迪士尼的發展，聽起來它在第一季度就按計劃進行了。與 3 個月前的交流相比，今年餘下時間的進展是否如您預期的那樣？

And can you just talk to us about areas within that account? Are there certain areas that are seeing more pressure or certain areas that are seeing more growth? Or is it kind of similar across the various businesses you're working on there?

你能和我們談談那個賬戶中的領域嗎？是某些領域面臨更多壓力還是某些領域增長更多？或者你在那里工作的各種業務是否有點相似？

It has been pretty consistent across the different lines in which we are working. And yes, we expected what is going on right now, it was not that clear when we talked in the last earnings call, but then unfold in the way we suspected. And we see, first, a very strong relationship that we have with Disney. And the second thing is we see that their scope is not going away, and we see some recovery in the second half of the year, which could be pretty strong. So this is what we are seeing now.

在我們工作的不同領域，它一直非常一致。是的，我們預料到現在會發生什麼，當我們在上次財報電話會議上談論時還不是很清楚，但隨後以我們懷疑的方式展開。我們首先看到，我們與迪士尼有著非常牢固的關係。第二件事是我們看到他們的範圍並沒有消失，我們看到下半年出現了一些復甦，這可能非常強勁。這就是我們現在看到的。

Now let's see how this unfold. We don't have the crystal ball here. But we understand that we are very well positioned working with them, and we will be profiting that good relationship that we have.

現在讓我們看看這是如何展開的。我們這裡沒有水晶球。但我們明白，我們在與他們合作方面處於非常有利的地位，我們將受益於我們所擁有的良好關係。

And then just a broader question on the operating model, as you continue to layer on new acquisitions and then become more distributed geographically. And we think about the margin implications of that aside from pricing and some of the G&A discipline that you mentioned here, what else may be pulling on as levers to support the margin as you grow in new regions?

然後是關於運營模式的更廣泛的問題，因為你繼續對新的收購進行分層，然後在地理上變得更加分散。我們考慮了除了定價和你在這裡提到的一些 G&A 紀律之外的利潤率影響，隨著你在新地區的增長，還有什麼可能作為槓桿來支持利潤率？

We will continue to see gross margin in the 38% to 40% range. Both acquisitions that we are doing. Some of them are above that level, some of them have been slightly below that level. But on average, I would say that we keep saying we continue to target 38% to 40% at the gross margin level. Then, of course, as we grow, we will -- I mean -- and again, we want to grow and maintain healthy margins, but the focus is on both, right? And it's not on expanding significantly margins in the short term. It's more about maintaining the level of margins -- healthy margins that we have, while expanding the business, going more global, having business in new locations in new regions.

我們將繼續看到毛利率在 38% 至 40% 的範圍內。我們正在進行的兩項收購。其中一些高於該水平，其中一些略低於該水平。但平均而言，我會說我們一直在說我們繼續將毛利率水平定為 38% 至 40%。然後，當然，隨著我們的成長，我們將 - 我的意思是 - 再一次，我們希望增長並保持健康的利潤率，但重點是兩者，對吧？而且它不會在短期內顯著擴大利潤率。更多的是保持利潤率水平——我們擁有健康的利潤率，同時擴大業務，走向全球，在新地區的新地點開展業務。

And acquisitions have been helping us not only to expand geographically from a revenue point of view, from a delivery point of view, but also to add and complement our service offering being -- getting a more deep knowledge into certain technologies. And that's going to continue to be the case. Organic growth complemented by selective acquisitions that give us certain skill sets or new deals as we go.

收購一直在幫助我們不僅從收入的角度、從交付的角度擴大地域範圍，而且還增加和補充我們的服務產品——對某些技術有更深入的了解。而且這種情況將繼續存在。有機增長輔之以選擇性收購，這些收購為我們提供了某些技能組合或新交易。

And in the case of Pentalog, for example, I mean, the acquisition has not finished yet, although we announced it and we need to do the closing. But it's starting locations, as I mentioned before, well, my digital to it. There are adding locations around, for example, Morocco. They're adding Moldova, adding Vietnam, very strong in Romania, where we had operations and now we have a much stronger operation. So those are also levers to still keep on managing margins and to keep on diversifying risk.

例如，就 Pentalog 而言，我的意思是，收購尚未完成，儘管我們宣布了它並且我們需要完成交易。但它是開始位置，正如我之前提到的，好吧，我的數字。周圍有更多的地點，例如摩洛哥。他們正在增加摩爾多瓦，增加越南，在羅馬尼亞非常強大，我們在那裡有業務，現在我們有更強大的業務。因此，這些也是繼續管理利潤率和繼續分散風險的槓桿。

Our next question comes from Surinder Thind from Jefferies.

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

I'd like to start with a question just about the comments around -- I apologize on some video issues here with the productivity gains and with all of the tools that you are unleashing at this point. Can you provide some additional color in terms of as you think about all the technology usage, if we're having this conversation a year from now, what kind of level of productivity improvement should you expect from your software developers or your delivery teams?

我想從一個關於周圍評論的問題開始——我對這裡的一些視頻問題表示歉意，這些問題涉及生產力的提高以及您此時正在釋放的所有工具。您能否就所有技術使用情況提供一些額外的顏色，如果我們在一年後進行此對話，您應該期望軟件開發人員或交付團隊的生產力提高到什麼樣的水平？

That's actually something that we are doing as we speak. We are running benchmarks that are real case scenarios. There has been a lot of information out there that is greatly based on synthetic type of data, not actual projects that we work with. One of the initial results for this is that you can get efficiencies of up to 15% within the development team. On certain tasks, that is much higher. On the core of the development, it's a little bit lower than that, but blended around that number.

這實際上是我們在說話時正在做的事情。我們正在運行真實案例場景的基準測試。那裡有很多信息很大程度上基於合成類型的數據，而不是我們合作的實際項目。這樣做的初步結果之一是您可以在開發團隊中獲得高達 15% 的效率。在某些任務上，這要高得多。在發展的核心，它比那個低一點，但圍繞這個數字混合。

I'm talking about big projects, typical development testing design. So that's around the expectation -- initial expectations we can see. Of course, I see much more and better tooling appearing even our own tools evolving. And that could be even bigger. The thing is that in many occasions, this translate -- there's a constant fight in the development teams between capability. I mean, your what's called capacity. And the product owner, which wants more functionality, right? And there's a tension constant tension. So what I would expect is that 15% to be immediately taken over by adding new features, et cetera. So that win on every project that we've been working with will be immediately pulled by the product owners.

我說的是大項目，典型的開發測試設計。所以這就是預期——我們可以看到的最初預期。當然，我看到更多更好的工具出現，甚至我們自己的工具也在不斷發展。這可能會更大。問題是，在很多情況下，這轉化為——開發團隊中的能力之間存在持續的鬥爭。我的意思是，你所謂的能力。產品所有者想要更多功能，對嗎？並且有一種持續的緊張。所以我希望通過添加新功能等立即接管 15%。因此，我們一直在合作的每個項目的勝利都會立即被產品所有者拉走。

Yes. And I don't know if you have been using these tools. But one of the things that this tools has is that you need to be prompting these tools in a very, very precise manner. Otherwise, the results that you get are not the results that you want. And the fact of prompting these tools, the fact of understanding exactly as I said before, when I was explaining to Tien-Tsin, the prompting the understanding what it needs to be done, that's not -- that didn't change, right? Maybe -- so we need to factor that 15%, factor seeing a much higher productivity on the coal by itself. But then it is factored in a much bigger frame, which is the total work that we do with our people and with the projects and interacting with our customers. So I hope that helps to answer your question.

是的。而且我不知道您是否一直在使用這些工具。但是這個工具的一個特點是你需要以非常非常精確的方式來提示這些工具。否則，您得到的結果不是您想要的結果。提示這些工具的事實，正如我之前所說的那樣，當我向 Tien-Tsin 解釋時，提示理解需要做什麼，這並沒有——沒有改變，對吧？也許——所以我們需要考慮這 15%，因為煤炭本身的生產率要高得多。但隨後它被納入一個更大的框架中，這是我們與我們的員工、項目以及與客戶互動的全部工作。所以我希望這有助於回答你的問題。

Yes, that's actually very helpful. And then the next question is just related to the sequential growth. In the prepared commentary, you talked about banking and financial services as one of the verticals that you expect to see quarter-over-quarter growth. Can you provide additional color here in terms of the dynamics, especially in light of, obviously, your exposure is to large global banks, money centers, but just the conversations you're having there? And what kinds of projects are you working for them at this point? Has there been a change in the conversations? How should we think about that? Because it seems like there's different narratives about what the demand environment within financial services looks like at this point?

是的，這實際上非常有幫助。然後下一個問題與連續增長有關。在準備好的評論中，您談到銀行和金融服務是您希望看到環比增長的垂直行業之一。您能否在動態方面提供額外的顏色，特別是考慮到，顯然，您接觸的是大型全球銀行、貨幣中心，但只是您在那裡進行的對話？你現在在為他們做什麼類型的項目？對話有變化嗎？我們應該如何考慮？因為目前對於金融服務領域的需求環境似乎存在不同的說法？

Yes. I just started with which are the industries where we're going to see some growth over the next few quarters. And then I will let Diego or Martin or Pat to discuss a little bit about the projects. When we're looking at which are sectors that are going to get back to positive growth over the next quarter. So you're going to see media entertainment, consumer retail, banks, financial services, health care, all those, I think, are going to be recovering and getting better into the second quarter and going forward. You will see a more stable or slightly negative evolution in technology. That's in terms of industries, what we are seeing for the set of customers that we have in those industries. And I will let Martin, Pat and the team talk about what projects we are doing for those industries.

是的。我剛剛開始介紹哪些行業將在未來幾個季度出現一些增長。然後我會讓 Diego 或 Martin 或 Pat 稍微討論一下項目。當我們研究哪些行業將在下一季度恢復正增長時。所以你會看到媒體娛樂、消費零售、銀行、金融服務、醫療保健，我認為所有這些都將在第二季度和未來復甦並變得更好。你會看到更穩定或略微消極的技術發展。就行業而言，這是我們在這些行業中所擁有的一組客戶所看到的。我會讓馬丁、帕特和團隊談談我們正在為這些行業做的項目。

And I will let Diego.

我會讓迭戈。

Okay. So I think the conversations have been shifting in terms of relevance between the cost savings and the revenue-generating type of projects, whether in the past, this was 60% revenue-generating type of projects against 40% cost saving efficiencies into business processes, et cetera. I think nowadays, it's the other way around. So there's a lot of discussions about streamlining business processes, making better use of cloud services, et cetera, et cetera. So that aspect is very. Our enterprise studio and services related to that are very active and getting a lot of work within the industries that one mentioned on the other side, in the revenue sharing side of things, there's a lot of exploratory work on AI, as an example. We just launched and close a deal to do [CART] development by leveraging AI models. These are just examples.

好的。因此，我認為在成本節約和創收類型項目之間的相關性方面，對話一直在發生變化，無論在過去，這是 60% 的創收類型項目，還是將 40% 的成本節約效率轉化為業務流程，等等。我認為現在情況正好相反。因此，有很多關於簡化業務流程、更好地利用雲服務等等的討論。所以這方面是非常的。我們的企業工作室和與之相關的服務非常活躍，並且在另一個提到的行業內開展了大量工作，例如，在收入分享方面，有很多關於 AI 的探索性工作。我們剛剛啟動並完成了一項利用 AI 模型進行 [CART] 開發的交易。這些只是例子。

But in the revenue generating line, we are starting to see a lot more activity on certain industries. What I think at the end of the day, what I think is happening is companies are very active towards making the savings they need to do because there has been definitely a reduction in the investment and they're much more budget conscious. But the thing is they want to use that for developing their revenue-generating lines. So that's why we always said the conversations on the revenue-generating side of things and expanding the business and exploring new channels have been always there, but the decisions have been taken longer. I think they've been building space for doing that, and this is what is happening now.

但在創收方面，我們開始看到某些行業出現了更多活動。歸根結底，我認為正在發生的事情是，公司非常積極地進行他們需要做的節省，因為投資肯定減少了，而且他們更加註重預算。但問題是他們想用它來開發他們的創收產品線。所以這就是為什麼我們總是說關於創收方面的對話以及擴展業務和探索新渠道一直存在，但決策時間更長。我認為他們一直在為此建立空間，這就是現在正在發生的事情。

Also added to that, I think that related to our operational model, when we launched the program -- the 100-Square program. That means that we want to be really close to the clients. And that is now showing the fruits in terms of when they have to decide whether -- if they're going to any other place or with Globant. I think that is really strong relationship and partnership that we have been building for years with them. So that is we see a very strong pipeline. That is where we see a very strong farming activities in all those clients.

此外，我認為這與我們推出該計劃時的運營模式有關——100 方計劃。這意味著我們想要真正貼近客戶。現在，就他們必須決定是否去任何其他地方或與 Globant 一起決定而言，現在正在顯示成果。我認為這是我們多年來與他們建立的非常牢固的關係和夥伴關係。所以我們看到了一個非常強大的管道。這就是我們在所有這些客戶中看到非常強大的農業活動的地方。

And as Diego was mentioning and Juan, I think that having that kind of relation and well, the quality of the delivery that the Globant has been doing in the last couple of -- I mean, it's showing very good result these days. In fact, when they need to decide if they need to do this cost saving or revenue sharing, I mean, talking honest conversation with us and being in the table with them as partners, I mean, is helping a lot in building this strong pipeline. Thank you.

正如 Diego 和 Juan 提到的那樣，我認為這種關係以及 Globant 在過去幾年中一直在做的交付質量——我的意思是，這些天它顯示出非常好的結果。事實上，當他們需要決定是否需要節省成本或分享收入時，我的意思是，與我們進行誠實的對話並作為合作夥伴與他們一起參與，我的意思是，這對建立這條強大的管道有很大幫助.謝謝。

Our next question comes from the line of Thomas Blakeley from KeyBanc.

我們的下一個問題來自 KeyBanc 的 Thomas Blakeley。

Excellent. I think you made a comment about generative AI and overall AI providing upside to your outlook? Are these deals already in the pipeline today? Or is that just kind of a higher level comment about the TAM and your related outlook there that's why?

出色的。我認為您對生成式 AI 和整體 AI 為您的前景提供了好處發表了評論？這些交易今天是否已經在進行中？或者這只是對 TAM 和您的相關前景的更高級別的評論，這就是為什麼？

It's the second part. We definitely believe that all these conversations around AI and what we can do and what customers want to do will, at some point, unleash a large number of opportunities but we will be able to help our customers to take advantage of these new tools.

這是第二部分。我們堅信，所有這些圍繞 AI 的對話以及我們能做什麼和客戶想做什麼，在某個時候會釋放出大量機會，但我們將能夠幫助我們的客戶利用這些新工具。

Yes. And also connected to that, I believe that the whole hype that is happening right now is starting conversations with the customers. But then the full pipeline, we're not seeing it right now. We're seeing, as Diego mentioned, some explorative interactions. And we are seeing the pipeline moving forward and the things happening in the next quarters, we believe. So it's difficult to forecast, but all these discussions might trigger some future pipeline that we are not seeing today, right? So I don't think it's fully unleashed yet.

是的。並且與此相關，我相信現在正在發生的整個炒作正在開始與客戶對話。但是完整的管道，我們現在還沒有看到。正如 Diego 所提到的，我們看到了一些探索性的互動。我們相信，我們正在看到管道向前推進以及接下來幾個季度發生的事情。所以很難預測，但所有這些討論可能會觸發一些我們今天看不到的未來渠道，對吧？所以我認為它還沒有完全釋放。

And then just a follow-up question on organic growth. I think you mentioned before, it's 4%, Juan. Is that maintained? Or is that maybe slightly upticked with the recent M&A you've done?

然後只是關於有機增長的後續問題。我想你之前提到過，是 4%，Juan。那是維護的嗎？還是您最近進行的併購活動略有增加？

Yes. So the guidance for the year, which is 16.5% is now composed of about 12% organic and about 4.5% coming from those acquisitions that we did in the past, including ExperienceIT. But excluding Pentalog, which is a deal that we need to see when it's going to close once we get the approval from the French authorities, so 12% plus 4.5% is the guidance for the year.

是的。因此，今年 16.5% 的指導現在包括約 12% 的有機和約 4.5% 來自我們過去進行的收購，包括 ExperienceIT。但不包括 Pentalog，一旦我們獲得法國當局的批准，我們需要看到它何時結束，因此 12% 加 4.5% 是今年的指導。

The next question comes from the line of Phani Kanumuri from HSBC.

下一個問題來自匯豐銀行的Phani Kanumuri。

So my first question is regarding Pentalog. It seems like a fairly big acquisition for Globant compared to recent acquisitions. How do you see this Pentalog integrating with Globant and how would that change your perspective in terms of geographical shift of revenues?

所以我的第一個問題是關於 Pentalog。與最近的收購相比，這對 Globant 來說似乎是一筆相當大的收購。您如何看待 Pentalog 與 Globant 的整合，這將如何改變您對收入地域轉移的看法？

The second question is primarily related to your AI tools. We have seen certain AIs that you had demonstrated. How are you seeing the demand for the tools from your clients currently? And is it still in the more exploratory stage? Or is there some solid demand coming for these AI tools like GeneXus?

第二個問題主要與您的 AI 工具有關。我們已經看到了您展示的某些 AI。您如何看待客戶目前對這些工具的需求？是否還在探索階段？還是對像 GeneXus 這樣的人工智能工具有一定的需求？

Well, I will take the first part of the question, I'll let Pat to complement. I see Pentalog helping a lot on certain geographies. It's a pretty straightforward integration as we are very complementary companies in terms of geographies. They are in places in which we are not or we were not big enough. So that's -- that's 1 part of the question that you made. In terms of size, I cannot agree with you, which is, I believe, is not big. I mean it's a company that it is within the size of the companies that we have been acquiring before. And the problem is that [loan] became bigger. So now, of course, it is a bigger acquisition than what we did 3, 4 years ago. But speaking in terms of percentage or relatively speaking, it's in the same size. So I will let Pat to complement on Pentalog and then Diego to talk about the platform.

好吧，我將回答問題的第一部分，我將讓 Pat 進行補充。我看到 Pentalog 在某些地區提供了很多幫助。這是一個非常簡單的整合，因為我們在地域方面是非常互補的公司。他們在我們不在或我們不夠大的地方。這就是 - 這是您提出的問題的一部分。就尺寸而言，我不能同意你的看法，我認為它並不大。我的意思是，這是一家與我們之前收購的公司規模相當的公司。問題是 [loan] 變得更大了。所以現在，當然，這是比我們 3、4 年前所做的更大的收購。但是從百分比或者相對來說，是一樣大的。所以我會讓 Pat 來補充 Pentalog，然後讓 Diego 來談談這個平台。

I think that one of the great things that we have been seeing with Pentalog and the conversations we have with the team is that they have a very similar culture that we have there on this entrepreneurial mindset. They are -- this, of course, I mean, most of the leadership that we have been talking with them help us great achieve this goal together. I mean are eager to be part of something bigger. So there is a lot of connection between what they want to achieve and what we want to achieve also in Europe specific.

我認為，我們在 Pentalog 看到的最偉大的事情之一，以及我們與團隊的對話是，他們擁有與我們在這種創業心態方面非常相似的文化。他們是——當然，我的意思是，我們一直在與他們交談的大多數領導層都幫助我們共同實現了這一目標。我的意思是渴望成為更大事物的一部分。因此，他們想要實現的目標與我們想要在歐洲實現的目標之間存在很多聯繫。

For us, I mean, it means that we want to expand. I mean, we have been looking for a partner here in Europe also that help us grow our operation here, and we find in Pentalog those kind of things. I think this integration is going to be very smooth and very easy, still we need to -- we need to wait for the authorization to happen. But I think that what you have been seeing and working together is a lot of similar culture, the same way they are organized. I mean, the go-to-market strategy very similar in terms of technologies, in terms of the quality of the talent and of course, the leadership that we find in the company.

對我們來說，我的意思是，這意味著我們想要擴張。我的意思是，我們一直在歐洲尋找合作夥伴，幫助我們在這裡發展我們的業務，我們在 Pentalog 中找到了這類東西。我認為這種集成將非常順利和非常容易，但我們仍然需要 - 我們需要等待授權發生。但我認為你們所看到的和一起工作的是很多相似的文化，它們的組織方式相同。我的意思是，就技術而言，就人才素質，當然還有我們在公司中找到的領導力而言，進入市場的戰略非常相似。

So I think it's going to be very smooth, and we -- well, we have been with them on Monday with Martin and part of the team there. And it's an amazing leadership team there. And they are very kind -- So we have very similarities in terms of what we want to achieve together. And on the AI, you want to comment Diego?

所以我認為這將非常順利，而且我們 - 好吧，我們週一與 Martin 和團隊的一部分一起與他們在一起。這是一個了不起的領導團隊。他們非常友善——所以我們在想要共同實現的目標方面非常相似。在 AI 上，你想評論 Diego 嗎？

Yes, definitely. So with regards to our tooling, toolings are in different states of maturity and play different type of roles within the development pipeline. As examples of this pipeline is very strong with MagnifAI. It's very easy to integrate value proposition is very straightforward, and it had a great ROI. So results there in our pipeline is very strong. Our goes exactly the same line but was released a little later, but we have an amazing pipeline and we just closed our first deal. So it's playing exactly in the same space.

當然是。因此，關於我們的工具，工具處於不同的成熟狀態，並在開發管道中扮演不同類型的角色。作為這個管道的例子，MagnifAI 非常強大。整合價值主張非常簡單，而且投資回報率很高。因此，我們管道中的結果非常強大。我們的路線完全相同，但發佈時間稍晚，但我們擁有驚人的管道，我們剛剛完成了第一筆交易。所以它在同一個空間裡播放。

GeneXus on the other side is actually a shift in paradigm in the development process. So it's not -- it cannot tag along a traditional project. It's just starting from scratch in a different way. So remember, GeneXus started as a low-code tool and now by the incorporation of generative AI, it allows you to create software just by using regular language, natural language.

另一方面，GeneXus 實際上是開發過程中範式的轉變。所以它不是 - 它不能標記傳統項目。它只是以不同的方式從頭開始。所以請記住，GeneXus 最初是一個低代碼工具，現在通過結合生成人工智能，它允許您僅使用常規語言、自然語言來創建軟件。

GeneXus has a very good pipeline and it had an amazing reception. I sincerely hope that, that pipeline will materialize into actual business again, like I said, different type of scenarios. But in the 3 cases, we're seeing very positive signs from the market.

GeneXus 有一個非常好的管道，它有一個驚人的反響。我真誠地希望，該管道將再次實現實際業務，就像我說的，不同類型的場景。但在這 3 種情況下，我們從市場上看到了非常積極的跡象。

Thank you, everyone. So that will be the Q&A session for today. I will now ask Martin to provide some closing comments. So Martin, please go ahead.

謝謝大家。這就是今天的問答環節。我現在請 Martin 提供一些結束語。馬丁，請繼續。

Thank you, Arturo. This is the real Martin, finally, real Pat, real Juan and real Diego. So thank you very much for helping us and for covering us. Looking forward to see you in the next quarter. Thank you so much.

謝謝你，阿圖羅。這是真正的馬丁，最後是真正的帕特、真正的胡安和真正的迭戈。所以非常感謝你幫助我們和報導我們。期待在下個季度見到你。太感謝了。

Bye-bye.

再見。