Globant SA (GLOB) 2024 Q1 法說會逐字稿

Good day, and welcome to Globant's First Quarter 2021 Earnings Conference Call. I'm 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 the earnings release. If you have not, a copy is available on our website, investors.globant.com.

美好的一天，歡迎參加 Globant 2021 年第一季財報電話會議。我是 Arturo Langa，Globant 投資者關係官。 （操作員說明）。請注意，該活動正在 YouTube 上進行錄製和直播。到目前為止，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 上取得副本。

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.

今天我們的演講者是聯合創始人兼執行長 Martin Migoya、財務長 Juan Urthiague；派翠西亞·波米斯，營運長；和全球首席技術長迭戈·塔塔拉（Diego Tartara）。在開始之前，我想提醒您，我們今天電話會議中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您的一些問題的答案。此類聲明受到公司收益報告和向 SEC 提交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，我們的財務報表遵循 IFRS 會計規則。在今天的電話會議中，我們將報告非 IFRS 或調整後的衡量標準，這是我們內部追蹤績效的方式，也是將 Globant 與業內同行進行比較的最簡單方法。您將在我們在投資者關係網站上發布的新聞稿末尾找到 IFRS 和非 IFRS 措施的調節表，宣布本季度的業績。

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執行長馬丁·米戈亞 (Martin Migoya)。

Good afternoon, everyone. I'm Martin's AI-created digital twin. Let's get started with our first quarter's results. Revenue reached $571.1 million, representing a 20.9% increase year-over-year and above the guidance we provided last February. We are very happy to deliver another quarter of industry-leading growth. As Juan will mention later on, our expectations for the year continue to support a strong 2024 and solid exit rates going into 2025.

大家下午好。我是馬丁的人工智慧創建的數位雙胞胎。讓我們開始了解第一季的業績。營收達到 5.711 億美元，年成長 20.9%，高於我們去年 2 月提供的指引。我們很高興能夠再實現一個季度行業領先的成長。正如胡安稍後將提到的，我們對今年的預期將繼續支持 2024 年的強勁增長以及進入 2025 年的穩定退出率。

At Globant, we are confident in our resilience despite macroeconomic uncertainties. With our diverse capabilities and authentic culture, we have become experts in growing our market share. Geopolitically speaking, we benefit from our geographic footprint with a leading presence in Latin America. It's a region free from international security threats as well as being democratically vibrant, culturally open, entrepreneur focused and with no religious conflicts. All of this has put us in a forefront position, outpacing other players in the industry.

儘管宏觀經濟存在不確定性，但在 Globant，我們對自己的韌性充滿信心。憑藉我們多元化的能力和純正的文化，我們已成為擴大市場份額的專家。從地緣政治角度講，我們受益於我們在拉丁美洲的領先地位的地理足跡。這是一個沒有國際安全威脅、民主活躍、文化開放、以企業家為中心、沒有宗教衝突的地區。所有這些使我們處於領先地位，超越了行業內的其他參與者。

It's important to consider that when we analyze Globant, we take into account our own performance, partnerships, product quality and team rather than comparing ourselves to average companies industry benchmarks or sector performance. In the current scenario, where most IT services firms are struggling to deliver decent growth, we expect to achieve mid-teen top line growth for 2024 and foresee ample runway beyond. We're going to reinvent this industry that's stuck in the '90s, all while creating memorable and beautiful products that dare to delight.

重要的是要考慮到，當我們分析 Globant 時，我們會考慮我們自己的績效、合作夥伴關係、產品品質和團隊，而不是將自己與普通公司的行業基準或行業績效進行比較。在當前情況下，大多數 IT 服務公司都在努力實現體面的成長，我們預計 2024 年將實現中位數的收入成長，並預見未來還有充足的空間。我們將重塑這個停留在 90 年代的產業，同時創造令人難忘、美麗且敢於取悅的產品。

Moving forward, we envision 4 growth drivers for our business: One, our expanding market and the demand for our services; two, the revolutionary impact of AI across every global industry and how we can lead the implementation; three, our specialization with our studio networks and our presence in exciting growth sectors, including media, entertainment, the creative industries, sports and many others; and four, our geographic scale and presence in key regions. Let me double-click on each one.

展望未來，我們預期業務成長有四大動力：一是不斷擴大的市場和對我們服務的需求；二、人工智慧對全球各產業的革命性影響以及我們如何領導實施；第三，我們工作室網絡的專業化以及我們在令人興奮的成長領域的影響力，包括媒體、娛樂、創意產業、體育和許多其他領域；第四，我們在關鍵地區的地理規模和影響力。讓我雙擊每一個。

First, our expanding addressable market. The trends in AI adoption and generative AI only continue to accelerate with annual IT spending estimated to reach $1.5 trillion this year and up to $2.3 trillion by 2028 according to Gartner. According to the IDC, spending on generative AI alone is set to double in 2024. Our conviction is that the benefits from generative AI are only beginning to materialize. We've seen major inroads in customer service, at some of the more innovative companies 2/3 of the customer service conversations are already handled by GenAI-powered agents with customer satisfaction on par with live chat, leading to a drop of repeat inquiries by 25%.

首先，我們不斷擴大的目標市場。人工智慧採用和生成式人工智慧的趨勢只會繼續加速，根據 Gartner 的數據，今年的年度 IT 支出預計將達到 1.5 兆美元，到 2028 年將達到 2.3 兆美元。據 IDC 稱，到 2024 年，僅在生成式人工智慧上的支出就將增加一倍。我們已經看到客戶服務方面取得了重大進展，在一些更具創新性的公司，2/3 的客戶服務對話已經由 GenAI 支持的代理處理，客戶滿意度與實時聊天相當，從而導致重複查詢的下降25%。

I believe that digitally mature companies such as ourselves with expertise in AI and software engineering will gain the most from this market expansion. We are primed to deliver groundbreaking experiences, blend physical and digital realms and drive loyalty like never before. With the growth of AI, AR, VR and the Cloud, businesses like ours are building the systems of the future and setting the pace for the digital economy of tomorrow. Far from AI hype we have understood for over a decade that this technology is to be implemented at every stage of the software development cycle. For this reason, we have led the innovation waves by introducing our proprietary AI-powered tools from GeneXus Next for code generation to Augoor to speed up code productivity to navigate to clear up bottlenecks and processes to magnify in product testing.

我相信像我們這樣在人工智慧和軟體工程方面擁有專業知識的數位成熟公司將從這一市場擴張中獲得最大收益。我們準備提供突破性的體驗，融合實體和數位領域，並以前所未有的方式提高忠誠度。隨著人工智慧、擴增實境、虛擬實境和雲端的發展，像我們這樣的企業正在建立未來的系統，並為未來的數位經濟設定步伐。與人工智慧炒作不同的是，十多年來我們一直明白這項技術將在軟體開發週期的每個階段實施。因此，我們引領了創新浪潮，將我們專有的人工智慧驅動工具從用於程式碼生成的 GeneXus Next 引入到 Augoor，以加快程式碼生產力，從而消除瓶頸和流程以放大產品測試。

The diversity in our AI offering is matched by the versatility of our studio networks, digital, reinvention, enterprise and create. Together, these studio networks offer long-term value to our clients as we advance on multiyear AI transformations. They blend the technology acumen strategic growth outlook as well as deep industry expertise to make our solutions truly impactful and lasting.

我們人工智慧產品的多樣性與我們工作室網路、數位、重塑、企業和創造的多功能性相匹配。隨著我們推動多年的人工智慧轉型，這些工作室網路共同為我們的客戶提供長期價值。他們融合了技術敏銳的策略成長前景以及深厚的行業專業知識，使我們的解決方案真正具有影響力和持久性。

This quarter, we were thrilled to announce a global partnership with NVIDIA. We are integrating NVIDIA's AI technology with our own enterprise AI platform. Through collaborating with NVIDIA, we're ensuring seamless integration with existing tech stacks while prioritizing accuracy, security and scalability.

本季度，我們很高興地宣布與 NVIDIA 建立全球合作夥伴關係。我們正在將 NVIDIA 的 AI 技術與我們自己的企業 AI 平台整合。透過與 NVIDIA 合作，我們確保與現有技術堆疊無縫集成，同時優先考慮準確性、安全性和可擴展性。

Globant's products can now accelerate time to market for AI-driven solutions through the use of low code and no code and provide businesses with a competitive edge in an evolving ecosystem.

Globant 的產品現在可以透過使用低程式碼和無程式碼來加快人工智慧驅動解決方案的上市時間，並為企業在不斷發展的生態系統中提供競爭優勢。

Our third growth driver, our presence in key growth sectors. Several years ago, we identified the value in blending industry expertise with technology prowess. This led us to establish our AI reinvention studios, which aim to help clients to reinvent not only their own companies but to pave the way for the reinvention of their industries themselves.

我們的第三個成長動力是我們在關鍵成長領域的存在。幾年前，我們發現了將行業專業知識與技術實力結合的價值。這促使我們建立了人工智慧重塑工作室，旨在幫助客戶不僅重塑自己的公司，而且為產業本身的重塑鋪平道路。

Globant's work in all sectors of the global economy is expanding. On this call, I would like to zoom in on 2 of them where we are cultivating a particular focus.

Globant 在全球經濟各領域的工作正在擴大。在這次電話會議上，我想重點關注其中兩個我們正在培養特別關注點的領域。

First, sports. Over the years, we have steadily built our credentials on key projects for FIFA, Major League Rugby, the Los Angeles Clippers and more. This quarter, Formula 1 selected Globant as an official partner to elevate the digital experiences. To begin, we will be redesigning, supporting and upgrading critical information systems for racing teams as while improving the fan experience through technology. As their digital partner and collaborator, we look forward to our growth together as we bring more innovation to what is the world's most technologically advanced sport. We are also rapidly expanding our market share within the travel and hospitality industry.

第一，體育運動。多年來，我們在國際足總、美國橄欖球大聯盟、洛杉磯快艇隊等關鍵項目上穩步建立了我們的信譽。本季度，一級方程式賽車選擇 Globant 作為官方合作夥伴，以提升數位體驗。首先，我們將為賽車隊重新設計、支援和升級關鍵資訊系統，同時透過技術改善車迷體驗。作為他們的數位合作夥伴和合作者，我們期待共同成長，為世界上技術最先進的運動帶來更多創新。我們也在旅遊和酒店業迅速擴大市場份額。

Globant has built its expertise over 2 decades by working with the major players from amusement parks, cruise lines, hotels, airlines and more on the primary projects that incorporated the digital element to their customer experience, from mobile apps to wearables to smart reservation systems. Building this expertise has produced positive results as we have recently signed the largest deal in Globant's history with a major global airline. The Globant difference is that our teams do not work with our clients exclusively on current delivery, but instead build into the future, transferring capabilities and know-how. Pato, our COO, will elaborate on our industry growth across different verticals later.

Globant 與遊樂園、遊輪公司、酒店、航空公司等主要參與者合作，在將數位元素融入客戶體驗的主要項目上（從行動應用程式到穿戴式裝置再到智慧預訂系統），累積了20 多年的專業知識。建立這種專業知識已經產生了積極的成果，我們最近與一家主要的全球航空公司簽署了 Globant 歷史上最大的一筆交易。 Globant 的不同之處在於，我們的團隊不僅與客戶合作當前的交付，而是建立未來，傳遞能力和專業知識。我們的營運長 Pato 稍後將詳細介紹我們在不同垂直領域的產業成長。

Our fourth growth driver is our opportunities presented by our geographic scale. Now in 33 countries, we have the right presence in both talent and client markets that are resilient and growth oriented in this time of macroeconomic and geopolitical uncertainty. First, Latin America, the region where we were born and currently home to 69% of our workforce. In Latin America, the IT services sector is expected to grow 11% in 2024. By 2027, the region's 5,000 largest companies may spend an estimated 25% of their budget on IT according to Gartner.

我們的第四個成長動力是我們的地理規模帶來的機會。現在，我們在 33 個國家/地區擁有適當的人才和客戶市場，這些市場在宏觀經濟和地緣政治不確定的時期具有彈性且以成長為導向。首先是拉丁美洲，這是我們誕生的地區，目前擁有我們 69% 的勞動力。在拉丁美洲，IT 服務業預計到 2024 年將成長 11%。

As the only global tech player from here, we already have a presence in 14 out of the top 15 cities for technology talent, and we are the employer of choice in the region. We also see strong business opportunities in the Middle East with its emerging economies that seek to transform themselves through developing sectors, including tourism, entertainment, real estate and others, all of which Globant has demonstrated its industry expertise.

作為這裡唯一的全球科技企業，我們已經在技術人才排名前 15 名的城市中的 14 個城市開展業務，並且是該地區的首選雇主。我們也看到了中東新興經濟體的巨大商機，這些經濟體尋求透過發展中的產業實現自身轉型，包括旅遊、娛樂、房地產等，所有這些 Globant 都展現了其行業專業知識。

Our connected experience studio enables us with the expertise to focus on figgital customer satisfaction as we compete to participate in many of the region's human-focused mega projects, such as smart cities, amusement parks, aviation, wellness and luxury apparel. With less than 3 years in the region, we are already working with nearly 20 clients.

我們的互聯體驗工作室使我們能夠憑藉專業知識專注於數位客戶滿意度，因為我們競相參與該地區許多以人為本的大型項目，例如智慧城市、遊樂園、航空、健康和豪華服裝。在該地區不到 3 年的時間裡，我們已經與近 20 家客戶合作。

I'm pleased to see that Globant's hard work over this past quarter has been recognized by the industry. Everest Group named Globant as a star performer and leader in the software product engineering PEAK Matrix Assessment for 2024. It showcases the significant growth we've experienced in recent years in knowledge and offerings.

我很高興看到Globant在過去一個季度的努力工作得到了業界的認可。 Everest Group 將 Globant 評為 2024 年軟體產品工程 PEAK Matrix 評估中的明星表現者和領導者。

Together with Rockwell Automation, our client for 6 years, we were recognized at the digital engineering awards. This was spearheaded by Globant's Sustainable Business Studio, which released a groundbreaking sustainability calculator meticulously back engineered to quantify energy, waste generation and CO2 emissions in repairing industrial automation assets versus buying new ones.

我們與我們六年的客戶羅克韋爾自動化一起獲得了數位工程獎。這是由Globant 的可持續商業工作室牽頭的，該工作室發布了一款突破性的可持續發展計算器，經過精心設計，可以量化修復工業自動化資產與購買新資產時的能源、廢物產生和二氧化碳排放。

We're particularly proud of this award because it's a mark of how we can not only make a difference for the top and bottom lines for our clients, but also have a positive impact on the environment as well.

我們對這個獎項感到特別自豪，因為它標誌著我們不僅能夠為客戶的收入和利潤帶來改變，而且還能對環境產生正面的影響。

Now to some changes to our Board. After 12 years as a trusted adviser and Board member, I'm sorry to see Phil Odeen go with 7 decades of leadership experience, he was the rock of [sound and sight] to Globant. We'll miss you, Phil. I am also excited to welcome new members to our Board, Andrew McLaughlin and Nicolas Aguzin.

現在我們的董事會發生了一些變化。在擔任了 12 年值得信賴的顧問和董事會成員之後，我很遺憾看到 Phil Odeen 帶著 7 十年的領導經驗離開，他是 Globant 的[聲音和視覺]的基石。我們會想念你的，菲爾。我還很高興歡迎新成員安德魯·麥克勞林 (Andrew McLaughlin) 和尼古拉斯·阿古津 (Nicolas Aguzin) 加入我們的董事會。

Andrew brings a wealth of experience in tech startups, venture investing and digital rights advocacy. Co-Founder of Higher Ground Labs and Senior Adviser at Sandbox AQ, Andrew is a multifaceted leader. His career expertise spans from improving urban construction methods to AI and quantum technologies applied to cybersecurity, health care and financial services. His experience has brought him to many leadership roles, including Executive Director of the Tsai Center for Innovative Thinking at Yale University, Deputy Chief Technology Officer of the United States during the Obama administration among many others. He brings invaluable insight to our team.

安德魯在科技新創公司、創投和數位版權倡導方面擁有豐富的經驗。 Andrew 是 Higher Ground Labs 的共同創辦人兼 Sandbox AQ 的高級顧問，也是一位多才多藝的領導者。他的職業專業知識涵蓋從改進城市建設方法到應用於網路安全、醫療保健和金融服務的人工智慧和量子技術。他的經歷使他擔任過許多領導職務，包括耶魯大學蔡創新思維中心執行董事、奧巴馬政府期間的美國副首席技術官等。他為我們的團隊帶來了寶貴的見解。

Nicolas Aguzin has a distinguished career spanning 3 continents and various leadership roles in finance and global markets. Formerly the CEO of Hong Kong Exchanges and Clearing, CEO of JPMorgan Asia Pacific, Nicolas has consistently executed on a global growth vision. I'm looking forward to his counsel as we expand in Asia, a key growth market for Globant.

Nicolas Aguzin 擁有跨越三大洲的傑出職業生涯，並在金融和全球市場擔任過各種領導職務。尼可拉斯曾任香港交易結算所執行長、摩根大通亞太區首席執行官，始終致力於實現全球成長願景。當我們在亞洲（Globant 的一個關鍵成長市場）擴張時，我期待他的建議。

I'll close out with a special message to our Globers who are the essence of Globant's authenticity and our different way of doing things. Their perseverance and creativity is the difference that makes us partners for our clients rather than suppliers. Our global presence, smart technologies and deep industry expertise will reinforce our leadership going forward. We have a robust pipeline of prospective clients, and we look forward to sharing their transformation stories with you in the future.

最後，我將向我們的 Globant 致以特別的信息，他們是 Globant 的真實性和我們不同的做事方式的精髓。他們的毅力和創造力使我們成為客戶而不是供應商的合作夥伴。我們的全球影響力、智慧技術和深厚的行業專業知識將鞏固我們未來的領導地位。我們擁有強大的潛在客戶管道，我們期待未來與您分享他們的轉型故事。

With that, I'll hand it over to Diego to expand on our exciting technology offering.

有了這個，我將把它交給迭戈來擴展我們令人興奮的技術產品。

Thanks, Martin. It's good to be back. Our studio networks continue to develop as ecosystems that organize, showcase and streamline Globant's capabilities. What most defines Globant at this key time in our evolution is our expanding optionality range of the services we create. Our reinvention studios continue to expand their offerings now with services focused on AI, reflecting how AI is changing the landscape across every single industry. In our health care AI reinvention studio, we are working with a global company that focuses on women's health.

謝謝，馬丁。回來真好。我們的工作室網絡繼續發展成為組織、展示和簡化 Globant 能力的生態系統。在我們發展的這個關鍵時刻，最能定義 Globant 的是我們不斷擴大我們創建的服務的可選範圍。我們的重塑工作室現在繼續擴大其產品範圍，提供專注於人工智慧的服務，反映出人工智慧如何改變每個產業的格局。在我們的醫療保健人工智慧重塑工作室中，我們正在與一家專注於女性健康的全球公司合作。

We are deploying a specialized team from all studio networks with expertise in pharma, AI development, creativity and sales force, combined with our Globant X platforms to accelerate AI developments. The ongoing service consists in gathering digital insights, crafting the omnichannel strategy, creating the medical content and as a consequence, engaging customers through digital channels. This service kicks off a new go-to-market model, digital and AI first.

我們正在部署一支來自所有工作室網路的專業團隊，他們在製藥、人工智慧開發、創造力和銷售團隊方面擁有專業知識，並結合我們的 Globant X 平台來加速人工智慧的開發。持續的服務包括收集數位見解、制定全通路策略、創建醫療內容，從而透過數位管道吸引客戶。這項服務開啟了一種新的上市模式，數位化和人工智慧優先。

This new method will enable the company to propel brand awareness and results while scaling to other markets and products in an agile way. This project is iconic for Globant as we are deploying not a technology service but a business partnership to push the envelope of results with our own autonomy and responsibility for brand performance.

這種新方法將使公司能夠提高品牌知名度和業績，同時以敏捷的方式擴展到其他市場和產品。這個專案對 Globant 來說是標誌性的，因為我們部署的不是技術服務，而是業務合作夥伴關係，以我們自己的自主權和對品牌績效的責任來突破結果的極限。

Within the sports AI reinvention studio, we are proud to be working for the International Olympic Committee. Globant will be providing the technology behind the IOC's new fan engagement platform. This will enable the IOC to launch adaptive content to millions of fans and offers the scalability to provide a consistent user experience during peak times.

在體育人工智慧重塑工作室中，我們很自豪能夠為國際奧委會工作。 Globant 將提供國際奧委會新球迷參與平台背後的技術。這將使國際奧委會能夠向數百萬球迷推出自適應內容，並提供可擴展性，以便在高峰時段提供一致的用戶體驗。

Our Create Studio network continues on its journey to reinvent the creative services industry through tech. This offering is complementary with the talent from leading agency GUT. Together, Globant provides seamless creativity that leverages technology to reach global audiences.

我們的 Create Studio 網路繼續透過科技重塑創意服務產業。該產品與領先機構 GUT 的人才形成了互補。 Globant 共同提供無縫創意，利用科技吸引全球受眾。

Within this network, we recently won a gold price in the Annual International list Award for supporting Avianca to optimize its ticketing system through machine learning. Also, we are working with an Italian luxury automotive brand to improve its marketing communications, applying CRM and marketing automation techniques to timely reach niche audiences. In the launch of their latest model, specifically, we supported them building a fully digital customer journey and developing a multichannel campaign.

在這個網路中，我們最近因支持 Avianca 透過機器學習優化其票務系統而獲得了年度國際榜單金獎。此外，我們也與義大利豪華汽車品牌合作，改善其行銷傳播，應用 CRM 和行銷自動化技術及時接觸利基受眾。具體來說，在推出他們的最新型號時，我們支持他們建立完全數位化的客戶旅程並開發多通路行銷活動。

GUT keeps expanding its work for some of the most beloved brands globally. They recently launched the joint global advertising campaign between Coca-Cola and Marvel released across cinema, television and streaming, which includes an immersive AR extension on Coca-Cola's website. Starting with our enterprise studio network over this quarter, we've seen a healthy response to the investments we made over the years to partner with the leaders of cloud migration and other transformations.

GUT 不斷擴大其為全球一些最受歡迎的品牌提供的服務。他們最近推出了可口可樂和漫威在電影、電視和串流媒體上發布的聯合全球廣告活動，其中包括可口可樂網站上的沉浸式 AR 擴充功能。從本季的企業工作室網路開始，我們多年來與雲端遷移和其他轉型的領導者合作進行的投資得到了健康的反應。

We were awarded 3 of the 2024 Google Cloud Partner of the Year Awards, Industry Solutions Services Partner of the Year for Media and Entertainment for the second year in a row, Partner of the Year for services in Latin America and Partner of the Year for talent development in Latin America.

我們榮獲 3 項 2024 年 Google Cloud 年度合作夥伴獎、連續第二年榮獲媒體和娛樂年度產業解決方案服務合作夥伴獎、拉丁美洲年度服務合作夥伴獎和年度人才合作夥伴獎拉丁美洲的發展。

We also achieved Amazon Web Services premier tier partner status, recognized for our technical expertise and success in adding customers with the design, architecture, building, migration and management of their workloads on AWS. We've been collaborating with AWS since 2011 and have seen this partnership grow not only from cloud technologies but also into gaming, metaverse, data, digital products, UX and AI from across the globe. We look forward to continuing these relationships into the future.

我們還獲得了 Amazon Web Services 頂級合作夥伴地位，該地位因我們的技術專業知識以及在為客戶提供 AWS 上工作負載的設計、架構、建置、遷移和管理方面的成功而受到認可。我們自 2011 年以來一直與 AWS 合作，並且見證了這種合作夥伴關係不僅從雲端技術發展，還擴展到全球範圍內的遊戲、元宇宙、數據、數位產品、用戶體驗和人工智慧。我們期待未來繼續維持這些關係。

Lastly, we are launching a new studio to fuse our experience in marketing technology with Adobe Experience Cloud. The new Adobe Studio offers our unique methodology and AI prowess, to ensure swift and effective implementation of Adobe solutions that can bring bottom line results for our clients. With a portfolio of successful implementations for some of the world's most recognizable brands across more than 20 countries. We have consistently demonstrated our ability to deliver value at scale.

最後，我們將推出一個新工作室，將我們在行銷技術方面的經驗與 Adob​​e Experience Cloud 相融合。新的 Adob​​e Studio 提供了我們獨特的方法和 AI 能力，以確保快速有效地實施 Adob​​e 解決方案，為我們的客戶帶來利潤。為 20 多個國家/地區的一些世界上最知名的品牌提供了一系列成功的實施方案。我們始終如一地證明了我們大規模交付價值的能力。

Within the digital studio network, we are seeing the opportunity to make our mark in the promising robotics sector. Many sectors seek to gain from the increased automation, speed and safety that the sector provides, yet we're already seeing growing pains that Globant can alleviate. That's why we recently launched our new robotic studio. There's a huge challenge that many of our clients will face as they integrate more robotics into their operations related to the orchestration of all of those robots, usually provided by different companies with each other and with their full digital ecosystem.

在數位工作室網路中，我們看到了在前景廣闊的機器人領域留下印記的機會。許多行業都尋求從該行業提供的自動化程度、速度和安全性的提高中獲益，但我們已經看到 Globant 可以緩解不斷增長的痛苦。這就是我們最近推出新機器人工作室的原因。我們的許多客戶將面臨巨大的挑戰，因為他們將更多的機器人技術整合到與所有這些機器人的編排相關的操作中，這些機器人通常由不同的公司相互提供並具有完整的數位生態系統。

The studio will have 2 key practices, robotics operations or Rob Ops, which is a growing field that ensures maximize performance of fleets of robots, reducing downtimes and optimizing integration of different vendors and robotics prototyping to support the customization and autonomy of robotic systems and autonomous machines.

工作室將有2 個關鍵實踐，機器人操作或Rob Ops，這是一個不斷發展的領域，可確保機器人車隊的性能最大化，減少停機時間並優化不同供應商和機器人原型的集成，以支援機器人系統和自主的定制和自治機器。

In all cases, our teams co-create complex autonomous robotic systems powered by advanced computer vision and telemetry. Globant will leverage a larger trend where robotics is central in connecting the physical world with the digital realm, incorporating elements of the Internet of Things, artificial intelligence and process optimization.

在所有情況下，我們的團隊共同創建由先進的電腦視覺和遙測技術提供支援的複雜的自主機器人系統。 Globant 將利用機器人技術作為連接實體世界與數位領域的核心的更大趨勢，融合物聯網、人工智慧和流程優化的元素。

Lastly, let me share another example on how we are leveraging our signature digital products. One of our clients, a major U.S. retailer with annual sales of over $12 billion has implemented MagnifAI, our AI-powered testing platform from Globant X. In retail, where online sales are growing at an unusual rate to the extent that 24% of sales are expected to occur online by 2026. MagnifAI is key in improving their overall quality processes to meet the required space. Testing time of some features across 5 devices previously demanded over 6 hours of work and is now just 30 minutes. By implementing MagnifAI and adding artificial intelligence to their quality assurance processes, the team was able to test more scenarios more frequently. It also provided better accuracy in the testing results. This generated a significant increase in testing coverage while saving time.

最後，讓我分享另一個關於我們如何利用我們的標誌性數位產品的例子。我們的客戶之一，一家年銷售額超過120 億美元的美國大型零售商，已經實施了MagnifAI，這是我們由Globant X 提供的人工智慧測試平台。 ，佔銷售額的24%預計到 2026 年將在線上進行。以前在 5 台裝置上測試某些功能需要 6 小時以上的工作時間，現在只需 30 分鐘。透過實施 MagnifAI 並將人工智慧添加到品質保證流程中，團隊能夠更頻繁地測試更多場景。它還提供了更好的測試結果準確性。這顯著增加了測試覆蓋率，同時節省了時間。

With that, I'll hand it over to Patricia Pomies, our COO, to expand on our commercial delivery and people updates. Thank you very much.

這樣，我會將其交給我們的營運長 Patricia Pomies，以擴展我們的商業交付和人員更新。非常感謝。

Thank you, Diego. It's a pleasure to be back. Our 100 square strategy remains our North Star for strengthening the relationships with our clients and offering more services as we grow our collaboration over time. We currently have 17 clients bringing in more than $20 million of annual revenue, and we now have 318 clients that provide more than $1 million of annual revenue, 15.2% more than 1 year ago. Revenue from our largest client, the Walt Disney Company grew 6.7% on a year-over-year basis. and currently represents 8.3% of our total revenue. The rest of our accounts grew 22.4% year-over-year, reflecting the increasing diversity of our revenue sources and reduced risk exposure.

謝謝你，迭戈。很高興回來。我們的 100 平方策略仍然是我們的北極星，旨在加強與客戶的關係，並隨著時間的推移，隨著我們的合作不斷發展，提供更多服務。目前，我們有 17 個年收入超過 2,000 萬美元的客戶，現在有 318 個年收入超過 100 萬美元的客戶，比一年前成長了 15.2%。我們最大的客戶華特迪士尼公司的營收年增 6.7%。目前占我們總收入的 8.3%。我們的其餘帳戶年增 22.4%，反映出我們收入來源的日益多樣化和風險敞口的減少。

In order to provide more granularity into our diversified regional performance, we have reported Europe as a stand-alone market with the Middle East being bucketed into new markets. This reflects how we operate internally, and it will help investors gauge the traction in our more up-and-coming markets. In Q1 this year, 56% of our revenue came from North America, 22.9% from Latin America, 17.2% from Europe and 3.9% from new markets, a region that encompasses our efforts in the Middle East, Asia and Oceania. Europe is the top gainer growing by 56.1% year-over-year and 6.6% quarter-over-quarter. Additionally, the performance across our business verticals reflects our solid execution. We achieved notable year-on-year growth across virtually all of our business segments.

為了更詳細地了解我們多元化的區域業績，我們將歐洲作為一個獨立市場進行報告，而中東則被納入新市場。這反映了我們內部運作的方式，並將幫助投資者衡量我們新興市場的吸引力。今年第一季度，我們的營收有 56% 來自北美，22.9% 來自拉丁美洲，17.2% 來自歐洲，3.9% 來自新市場，該地區包括我們在中東、亞洲和大洋洲的業務。歐洲是漲幅最大的地區，年增 56.1%，季增 6.6%。此外，我們各個業務領域的表現反映了我們紮實的執行力。我們幾乎所有業務部門都實現了顯著的同比增長。

Travel and Hospitality emerged as the fastest-growing vertical, experiencing a remarkable 66.5% year-over-year increase and contributing 11% to our total revenue. Also, our consumer, retail and manufacturing sector exhibited strong growth at 49.6% year-over-year. Media and entertainment, banking, financial services and insurance and health care, each showed robust double-digit growth as well. As Globant scales up both in the size of our team as well the array of our offering, we are mindful of the opportunity we have to amplify the impact of our solutions.

旅遊和酒店業成為成長最快的垂直行業，年增 66.5%，占我們總收入的 11%。此外，我們的消費、零售和製造業也呈現強勁成長，較去年同期成長 49.6%。媒體和娛樂、銀行、金融服務以及保險和醫療保健也都呈現出強勁的兩位數成長。隨著 Globant 擴大團隊規模和產品範圍，我們意識到我們有機會擴大解決方案的影響力。

Embracing our new cultural value of being cross-selling heroes, we started the year launching a novel integration model. This model is designed to provide a seamless and streamlined experience for companies joining our family through M&A. The new transition team operates on a decentralized basis and is focused on each region, accelerating the integration process with new colleagues and ensuring more direct access to complementary business opportunities.

為了擁抱成為交叉銷售英雄的新文化價值觀，我們在年初推出了一種新穎的整合模式。該模式旨在為透過併購加入我們家族的公司提供無縫且簡化的體驗。新的過渡團隊在分散的基礎上運作，專注於每個地區，加快與新同事的整合進程，並確保更直接地獲得互補的業務機會。

As an example, Sportian our joint venture with LaLiga have already booked deals involving own specific offerings along with Globant's pre-existing services. Second, we kicked off an initiative to develop industry-tailored multi-technology experience rooms in some of our flagship offices such as Los Angeles, Madrid, London, Sao Paulo and Mexico City. The AI playgrounds, as we will call them, will serve as immersive spaces highly enriched with AI-driven features where our top prospective and current clients will be able to accelerate their own digital journey by looking into real cases and best practices where Globant applied its capabilities.

例如，我們與 LaLiga 的合資企業 Sportian 已經預訂了涉及自己的特定產品以及 Globant 現有服務的交易。其次，我們啟動了一項計劃，在洛杉磯、馬德里、倫敦、聖保羅和墨西哥城等一些旗艦辦事處開發針對業界客製化的多技術體驗室。我們稱之為人工智慧遊樂場，將作為高度豐富人工智慧驅動功能的沉浸式空間，我們的頂級潛在客戶和現有客戶將能夠透過研究Globant 應用其技術的真實案例和最佳實踐來加速他們自己的數位化之旅。

Now to our headcount. As of March 31, we are 28,991 Globers, of which 92.9% are IT professionals. Total head count figures represent a year-over-year growth of 2,703 Globers. Our utilization rate for Q1 stood at 79.3%, up 10 basis points year-over-year. This quarter, I'm pleased to announce that Globant is now in the Philippines, further strengthening our global footprint. Our attrition rate over the past 12 months is 8.2%, 6.3 percentage points lower year-over-year. As our company grows, we are not only expanding our reach. but also constantly evolving our ways of working to foster autonomy, collaboration and innovation.

現在統計一下我們的人數。截至 3 月 31 日，我們有 28,991 名全球員工，其中 92.9% 是 IT 專業人員。全球員工總數較去年同期成長 2,703 人。第一季的利用率為 79.3%，較去年同期成長 10 個基點。本季度，我很高興地宣布 Globant 現已落腳菲律賓，進一步加強我們的全球足跡。過去 12 個月，我們的員工流動率為 8.2%，年減 6.3 個百分點。隨著我們公司的發展，我們不僅擴大了我們的業務範圍。我們也不斷改進我們的工作方式，以促進自主、協作和創新。

During the last earnings call, I showcased different AI-powered platforms such as Geno and Sensei, which have revolutionized the way we assemble our teams and bolster global skills. Now through the lens of AI, we have an unprecedented opportunity to reinvent the agile approach that has so strongly shaped software development. A team of our most experienced Agilysts is working to redefine the rules of Agile itself in a concept we call cognitive Agile practices, already piloted in projects along the banking industry, where we are testing a more dynamic delivery system due to the acceleration of growing digital ecosystems we are seeing positive increases in response time and client satisfaction. Cognitive Agile practice is all about working toward customer purpose rather than in structured project goals. I look forward to sharing more with you as this methods application grows.

在上次財報電話會議上，我展示了 Geno 和 Sensei 等不同的人工智慧平台，這些平台徹底改變了我們組建團隊和增強全球技能的方式。現在，透過人工智慧的鏡頭，我們擁有前所未有的機會來重塑對軟體開發產生如此強烈影響的敏捷方法。我們最有經驗的Agilysts團隊正在努力重新定義敏捷本身的規則，我們稱之為認知敏捷實踐，已經在銀行業的專案中進行了試點，由於數位化的加速發展，我們正在測試更動態的交付系統在生態系統中，我們看到回應時間和客戶滿意度的正面成長。認知敏捷實踐都是為了實現客戶目標而不是結構化專案目標。隨著此方法應用程式的發展，我期待與您分享更多資訊。

Regarding our community, our role remains strong, launched in 2020, our Code Your Future initiative is aimed at creating a pathway for more people, particularly women and socioeconomic minorities in developing countries to enter the technology talent market. We have already trained 12,000 people through this initiative, and we are now announcing 1,250 new scholarships.

關於我們的社區，我們的角色仍然強大，我們於2020 年啟動了「編碼你的未來」計劃，旨在為更多人，特別是發展中國家的婦女和社會經濟少數群體進入技術人才市場創造一條途徑。透過這項舉措，我們已經培訓了 12,000 人，現在我們宣布提供 1,250 個新獎學金。

Finally, we launched the fifth edition of Women That Build Awards. This initiative spotlights the female role in tech with the objective of inspiring more to take the giant leap in their careers, academics or entrepreneurial projects. To date, we've evaluated over 6,000 candidates from over 50 countries, garnering more than 310,000 votes, the support of more than 150 organizations and the participation of 240 international judges.

最後，我們推出了第五屆「女性塑造獎」。該倡議強調了女性在科技領域的作用，旨在激勵更多人在職業、學術或創業計畫中實現巨大飛躍。迄今為止，我們已經評估了來自 50 多個國家的 6,000 多名候選人，獲得了超過 310,000 張選票、150 多個組織的支持以及 240 名國際評審的參與。

Now let me introduce Juan, our CFO, see you all in some minutes for the live Q&A. Thank you.

現在讓我介紹一下我們的財務長胡安，幾分鐘後我們將在現場問答中與大家見面。謝謝。

Thank you, and good afternoon, everyone. I am glad to be back here with you to discuss this quarter's results. In a complex macro and industry environment, we are confident Globant is on track to deliver another year of industry-leading results. Our first quarter revenues reached a milestone of $571.1 million, a remarkable 20.9% year-over-year growth and above the guidance provided to the market. More importantly, this growth continues to place us in a solid position to deliver upon our high-growth expectations for the year.

謝謝大家，大家下午好。我很高興回到這裡與大家討論本季的業績。在複雜的宏觀和產業環境中，我們相信 Globant 有望再創業界領先的業績。我們第一季的營收達到了 5.711 億美元的里程碑，年增 20.9%，高於向市場提供的指導。更重要的是，這種成長繼續使我們處於有利地位，能夠實現今年的高成長預期。

This quarter, we saw growth in all of our geographic segments on annual terms and in 6 out of our 8 industry verticals pointing to a broad-based performance. On organic constant currency terms, Q1 revenues grew 12.7% year-on-year, above our guidance. We remain optimistic about the year. Secular technology trends are encouraging, driven mainly by AI. And as seen in the broader technology sector, it is already being reflected in tangible financial metrics. While macro-related concerns and soft IT spending will continue into the short term, we are encouraged by our short-term business indicators, which continue to support our quarterly growth outlook for the rest of 2024.

本季度，我們所有地理區域的年度成長以及 8 個行業垂直領域中的 6 個都實現了廣泛的業績成長。以有機固定貨幣計算，第一季營收年增 12.7%，高於我們的指引。我們對今年保持樂觀。主要由人工智慧驅動的長期技術趨勢令人鼓舞。從更廣泛的技術領域來看，它已經反映在有形的財務指標中。雖然宏觀相關擔憂和 IT 支出疲軟將持續到短期，但我們的短期業務指標令我們感到鼓舞，這些指標繼續支持我們 2024 年剩餘時間的季度成長前景。

Our pipeline is strong and at record levels, and recent booking trends in the past months support our outlook. Moreover, we see our growth driven by a robust set of initiatives across our geographic and industry segments. The performance across our regions reflects our solid execution. We saw year-on-year growth across all of our geographic segments. North America, which represents close to 56% of our top line expanded at a 10.3% year-on-year rate. LATAM, 22.9% of revenue grew 27.2% year-on-year despite some of the exchange rate volatility seen in the region recently. Europe expanded at a 56.1% year-on-year rate and at a 6.6% quarter-on-quarter clip.

我們的管道強勁且處於創紀錄的水平，過去幾個月的近期預訂趨勢支持了我們的前景。此外，我們看到我們的成長是由跨地理和行業領域的一系列強有力的舉措推動的。我們各地區的業績反映了我們紮實的執行力。我們在所有地理區域都實現了同比增長。北美地區占我們營收的近 56%，年增 10.3%。拉丁美洲，儘管最近該地區匯率出現一些波動，但該地區的收入仍同比增長 27.2%，達 22.9%。歐洲年增 56.1%，季增 6.6%。

The robust performance in Europe is a reflection of the recent investments made by the company in the region, a very strong performance in the sports industry, our ability to capture synergies from recently acquired assets and our differentiated value proposition in the region. Excluding inorganic contributions, Europe is still tracking markedly above the company average. Lastly, in new markets, we posted a 33.7% annual growth, all in organic terms. This is reflective of our advances, both in APAC and the Middle East, which are all tractioning strongly.

歐洲的強勁表現反映了公司最近在該地區的投資、體育產業的強勁表現、我們從最近收購的資產中獲取協同效應的能力以及我們在該地區的差異化價值主張。排除無機貢獻，歐洲仍明顯高於公司平均。最後，在新市場中，我們實現了 33.7% 的年增長率（全部為有機成長率）。這反映了我們在亞太地區和中東地區所取得的進步，這些地區都具有強大的吸引力。

We closed the first quarter with an adjusted gross profit margin of 38%, flat on a quarter-over-quarter basis. We've managed to offset a tough pricing environment, currency fluctuations and macroeconomic pressures through improvements in our geographic mix and through our premium offering. Also, we've managed to maintain an adjusted operating margin of 15%, virtually flat on year-on-year terms. We remain committed to the long-term profitability of the company. And while we recognize there are some short-term headwinds around margins, we will continue to strive to maximize revenue and margins and walk away from a growth at all cost approach.

第一季調整後毛利率為 38%，與上一季持平。透過改善地理組合和優質產品，我們成功抵消了嚴峻的定價環境、貨幣波動和宏觀經濟壓力。此外，我們也設法將調整後的營業利潤率維持在 15%，與去年同期基本持平。我們仍然致力於公司的長期盈利能力。儘管我們認識到利潤率存在一些短期阻力，但我們將繼續努力實現收入和利潤最大化，並放棄不惜一切代價實現成長的做法。

Our adjusted net income in Q1 reached $67.5 million with a 11.8% adjusted net income margin, up 10 basis points year-over-year. Adjusted diluted EPS for the quarter was $1.53, in line with our guidance, representing a 19.5% year-over-year increase based on 44.1 million average diluted shares.

第一季調整後淨利達 6,750 萬美元，調整後淨利率為 11.8%，較去年同期成長 10 個基點。本季調整後稀釋每股盈餘為 1.53 美元，與我們的指引一致，基於 4,410 萬股平均稀釋股票計算，年增 19.5%。

Our balance sheet remains strong. We've strategically managed our net cash position, ending the quarter with $237.5 million in cash and short-term investments. As of March 31, 2024, we continue to have ample funding stemming from our revolving credit facility, which has approximately drawn down $105 million out of the $725 million available. This should provide ample funding options for our organic and inorganic plans in the short term. The strong cash generation provides the company with solid funding to focus on growth, reinforce our strategic investments and finance our future growth initiatives.

我們的資產負債表仍然強勁。我們對淨現金部位進行了策略性管理，本季末現金和短期投資為 2.375 億美元。截至 2024 年 3 月 31 日，我們的循環信貸安排繼續擁有充足的資金，該貸款已從可用的 7.25 億美元中提取了約 1.05 億美元。這應該在短期內為我們的有機和無機計劃提供充足的資金選擇。強勁的現金產生能力為公司提供了堅實的資金來專注於成長、加強我們的策略投資並為我們未來的成長計畫提供資金。

Turning to the future outlook. We remain optimistic for 2024. We are on track to deliver on our mid-teen growth guidance and the short-term visibility supports that. We have continued to experience a positive momentum in bookings and large deals, which keeps us optimistic about our outlook for 2024. Moving forward, we'll be providing ranges rather than at least thresholds. This approach offers a more accurate reflection of our current industry dynamics and offers a view of where management's outlook lies within a range of scenarios.

轉向未來展望。我們對 2024 年保持樂觀。我們在預訂和大額交易方面繼續呈現積極勢頭，這讓我們對 2024 年的前景保持樂觀。這種方法可以更準確地反映我們當前的行業動態，並提供管理層在各種情況下的前景的看法。

For Q2 2024, we project $585 million to $589 million in revenue, implying an 18% year-over-year increase at the midpoint of the range, with adjusted operating income margins between 14.5% and 15.5%. IFRS effective income tax rate is expected to be in the 22% to 24% range. and our adjusted EPS for Q2 is expected to be in the range of $1.47 to $1.52, assuming 44.2 million average diluted shares outstanding for the quarter.

對於 2024 年第二季度，我們預計營收為 5.85 億美元至 5.89 億美元，這意味著該範圍中位數年增 18%，調整後的營業利潤率在 14.5% 至 15.5% 之間。 IFRS 有效所得稅率預計在 22% 至 24% 範圍內。假設本季平均稀釋後流通股數為 4,420 萬股，我們預期第二季調整後每股盈餘將在 1.47 美元至 1.52 美元之間。

Now let's move toward the full year guidance. We continue to be very confident about delivering another year of industry-leading growth based on current visibility we now estimate our 2024 revenues to be between $2.405 billion and $2.440 billion, implying a 15.6% year-over-year increase at the midpoint of the range. This range is very much in line with our previous growth guidance provided 3 months ago. For the full year, we expect our adjusted operating margin in the 14.5% to 15.5% range. 2024 IFRS effective income tax rate is expected to be in the 22% to 24% range. Finally, our adjusted diluted EPS for 2024 is expected to be in the range of $6.20 to $6.50, assuming 44.3 million average diluted shares for the year.

現在讓我們轉向全年指導。根據目前的可見度，我們仍然對實現另一個行業領先的成長充滿信心，我們現在估計 2024 年的收入將在 24.05 億美元至 24.40 億美元之間，這意味著該範圍中點同比增長 15.6% 。這項範圍與我們 3 個月前提供的成長指引非常一致。對於全年，我們預計調整後的營業利潤率將在 14.5% 至 15.5% 範圍內。 2024 年 IFRS 有效所得稅率預計在 22% 至 24% 範圍內。最後，假設 2024 年平均稀釋股數為 4,430 萬股，我們預期 2024 年調整後稀釋每股盈餘將在 6.20 美元至 6.50 美元之間。

As we conclude, I want to express my gratitude to all of our shareholders and investors. As a management team, we remain committed to creating value for our shareholders. Thank you, everyone, for joining the call today and for your continued support and belief in our vision and strategy. We look forward to updating you on our progress throughout the coming year.

最後，我想向我們所有的股東和投資者表示感謝。作為管理團隊，我們仍然致力於為股東創造價值。感謝大家今天加入電話會議，感謝大家對我們的願景和策略的持續支持和信任。我們期待向您通報我們來年的最新進展。

Thank you, Juan, and hello, everyone. It's good to see you again. (Operator Instructions). So the first question comes from the line of Tien-Tsin Huang from JPMorgan.

謝謝你，胡安，大家好。很高興再次見到你。 （操作員說明）。第一個問題來自摩根大通的黃天欽。

I'll ask on the positive momentum in the bookings that you referred to -- all of you referred to. I think I heard you had a large airline win, of course, F1, IOC, some good larger wins, it sounds like. So do these wins inform your outlook in any way? Do you expect some of these bookings to convert in the second half? I'm just trying to gauge your confidence into the sequential growth that's implied in the second half of the guidance.

我會詢問你們所提到的預訂的積極勢頭——你們所有人都提到了。我想我聽說你在航空公司方面取得了重大勝利，當然，還有 F1、國際奧委會，以及一些不錯的較大勝利，聽起來像是這樣。那麼這些勝利是否會以某種方式影響你的前景？您預計其中一些預訂會在下半年轉換嗎？我只是想衡量您對指南後半部分所暗示的連續增長的信心。

Tien-Tsin, thank you so much for the question. Yes, those large bookings are quite interesting, and it will have an impact on our revenue, of course, moving forward. On the guidance that we provided, we tried to bake in all those things. So we are trying to be in line with the idea of what's going on in the market and what we already guided in the past. So that's the short answer to your question.

田進，非常感謝你的提問。是的，這些大額預訂非常有趣，當然，這將對我們的收入產生影響，並繼續前進。根據我們提供的指導，我們嘗試融入所有這些東西。因此，我們正在努力與市場正在發生的事情以及我們過去已經指導過的想法保持一致。這就是你問題的簡短回答。

Also Tien-Tsin, just to add on Martin's answer, when you look at the sequential growth for the second half of the year, you have -- like these bookings that are coming. And then there is some incremental number of days, especially in Q3, which is typically our strongest quarter.

另外，Tien-Tsin，補充一下馬丁的回答，當你看到下半年的連續成長時，你會發現——就像這些即將到來的預訂一樣。然後天數會增加，特別是在第三季度，這通常是我們表現最強勁的季度。

Yes. And the momentum on bookings that you -- that we referred is real. I mean we are seeing some recovery, and quite interesting to see what didn't happen in the past, right?

是的。我們提到的預訂勢頭是真實的。我的意思是我們正在看到一些復甦，並且看到過去沒有發生的事情非常有趣，對吧？

Right. Yes. So large deal wins, which are great plus some of the billing differences...

正確的。是的。如此大的交易獲勝，再加上一些計費差異，這真是太好了...

But it's no [chance] of large deals. I mean, it's the large deals plus the whole thing moving forward, right?

但這並不是達成大型交易的[機會]。我的意思是，這是大宗交易加上整個事情的進展，對吧？

Our next question comes from the line of Moshe Katri from Wedbush.

我們的下一個問題來自 Wedbush 的 Moshe Katri。

And again, congrats on very strong results again. So some folks are kind of concerned that AI is actually -- decisions related to AI or AI deployment is actually impacting overall spending or maybe pausing spending in general. Are you seeing that in your business? I mean, from our perspective, it seems that it's going to be more of an accelerator than anything else, but maybe some color there could help.

再次恭喜我們取得了非常強勁的成績。因此，有些人有點擔心人工智慧實際上——與人工智慧或人工智慧部署相關的決策實際上會影響整體支出，或者可能會暫停整體支出。您在自己的企業中看到過這種情況嗎？我的意思是，從我們的角度來看，它似乎比其他任何東西都更像加速器，但也許其中的一些顏色可以有所幫助。

Sure, Moshe. I will answer the first portion and then I will let Diego to answer the second one. I see that there's -- in the same way as -- happen when the mobiles appear and the digital transformation got triggered, First, people adopted mobiles and then digital transformation was the answer of enterprises adopting that technology to be closer to their customers and connect in a more emotional way. And that was the whole thing that happened during the digital transformation.

當然，摩西。我將回答第一部分，然後我將讓迭戈回答第二部分。我看到，當手機出現並觸發數位轉型時，就會發生同樣的情況，首先，人們採用手機，然後數位轉型是企業採用該技術來更接近客戶並建立聯繫的答案以一種更感性的方式。這就是數位轉型過程中發生的全部事情。

In the same way, what's happening today is that people already adopted AI. And you see on the latest release of ChatGPT for -- above 100 million users are using every day that technology. And that will trigger and that know-how that collective know-how will trigger like massive transformations on the companies too. I mean every single sector in the company will need to adopt that new technology that will yield to multiyear transformation programs for pretty much every single company.

同樣，今天發生的事情是人們已經採用了人工智慧。您可以在最新版本的 ChatGPT 上看到，每天有超過 1 億用戶在使用該技術。這將引發集體技術訣竅，也將引發公司的大規模變革。我的意思是，公司的每個部門都需要採用新技術，這將為幾乎每家公司帶來多年的轉型計畫。

Now at which speed that happens, and we have been repeating that -- this from -- since many quarters ago, the speed may differ. We are seeing some projects that are becoming reality and they are going into production, going into scale in some of our customers. In the quarters before, we saw like more exploratory projects. We still see those exploratory projects, but now a little bit more of those projects enter into production. But the important thing here is that AI will be pretty much everywhere.

現在發生的速度是多少，我們一直在重複這一點——從許多季度前開始，速度可能會有所不同。我們看到一些項目正在成為現實，它們正在投入生產，並在我們的一些客戶中規模化。在之前的幾個季度中，我們看到了更多探索性項目。我們仍然看到那些探索性項目，但現在這些項目中的一些項目投入生產。但重要的是人工智慧將幾乎無所不在。

I mean, it's embedded in the way we're thinking the future of Globant. It's embedded in the way we are offering our solutions to our customers, still the movements around transforming the enterprise and the enterprise solutions is still there. Still the digital movement is there. Still, there's a lot to do on the digital space. Still there's a lot to do on the digital marketing space. And still, there's a lot to do on reinventing their -- those businesses to go to the next level using AI.

我的意思是，它根植於我們對 Globant 未來的思考方式。它嵌入到我們向客戶提供解決方案的方式中，圍繞企業轉型和企業解決方案的運動仍然存在。數位化運動仍然存在。儘管如此，數位領域還有很多工作要做。數位行銷領域仍有許多工作要做。儘管如此，要利用人工智慧重塑這些企業，使其更上一層樓，還有很多工作要做。

So we are being very careful to position Globant on that. We're investing heavily into having tools that accelerate the way software is being created and software will be created at much faster speed than before. That's a reality that didn't exist before that exists today, and together with that acceleration of software ambitions [will] also create.

因此，我們在這一點上對 Globant 的定位非常謹慎。我們正在大力投資開發能夠加速軟體創建方式的工具，軟體的創建速度將比以前快得多。這是一個以前不存在的現實，而今天卻存在，並且與軟體野心的加速一起創造。

So there's a brand-new set of opportunities that will be open as we move forward. So I'm not concerned about those decisions being delayed. I think people have more uncertainty on the macroeconomic side. I think it was very good news to have the interest -- sorry, the inflation on the good side, let's call it, on the good side in the U.S. So I think that those things slowly, little by little will start to recover the investment on the IT space, on the technology space, as I think it's desperately needed by every single corporation.

因此，隨著我們的前進，將會出現一系列全新的機會。所以我並不擔心這些決定被推遲。我認為人們對宏觀經濟的不確定性更多。我認為有興趣是一個非常好的消息——抱歉，美國的通貨膨脹是好的一面，我們可以這樣稱呼它。領域、技術領域，我認為每家公司都迫切需要它。

So but -- I would like Diego to go more into that, how deep AI is penetrating everywhere.

所以，但是──我希望迭戈能更深入地探討人工智慧在各個領域的滲透程度。

So Moshe, like Martin said, we haven't seen AI as a decelerator for big programs. With the specific tracks for AI, companies continue to be pretty much exploratory. There are some concerns out there, and that's public with regards of putting this and connecting this to the clients directly. And that's why most of the projects have to do with internal tooling, processes, et cetera. We will get there, no worries.

因此，Moshe，就像馬丁所說，我們還沒有將人工智慧視為大型專案的減速器。隨著人工智慧的具體發展，公司仍在繼續探索。對於將其直接連接到客戶，存在一些擔憂，這是公開的。這就是為什麼大多數專案都與內部工具、流程等有關。我們會到達那裡，不用擔心。

And there is also a factor that has to do with how big and how fast this is moving. So whenever you need to make a decision, technology is changing so fast that many companies are sort of reluctant of engaging into a lengthy project and see how the technology they have chosen matures and change in time. And that is why GeneXus Enterprise AI plays a huge role as a middleware to the actual implementations, providing you with control to what model you use, higher degrees of security, control on the outputs, et cetera.

還有一個因素與這種變化的規模和速度有關。因此，每當你需要做出決定時，技術變化如此之快，以至於許多公司都不願意參與一個冗長的項目，看看他們所選擇的技術如何成熟並及時變化。這就是為什麼 GeneXus Enterprise AI 作為實際實施的中間件發揮巨大作用，為您提供對所使用模型的控制、更高程度的安全性、對輸出的控制等。

Our next question comes from the line of Maggie Nolan from William Blair.

我們的下一個問題來自威廉·布萊爾的瑪姬·諾蘭。

Now that you have a guidance range in place for revenue, can you elaborate on the expectations for the economic backdrop and the demand environment at both the low end and the high end of the guidance range?

既然您已經制定了收入指導範圍，您能否詳細說明對指導範圍低端和高端的經濟背景和需求環境的預期？

So the new guidance basically has a more conservative number. The number that we feel is more realistic at the middle of the range, and I'm more optimistic number. The main difference is between those is basically whether the macroeconomic conditions deteriorate or improve. If things stay more or less the same, with the industry is performing in line with what we are showing in our Q1 numbers, then we would probably land around the midpoint.

所以新的指導意見基本上都是比較保守的數字。我們認為這個數字在範圍的中間更現實，而且我是更樂觀的數字。它們之間的主要區別基本上在於宏觀經濟狀況是惡化還是改善。如果情況大致保持不變，而行業表現與我們在第一季數據中顯示的情況一致，那麼我們可能會落在中點附近。

If for some reason, things start to deteriorate further, there is a deterioration in some of the sectors and things like that, we're going to go to the lower end. If things start to recover a little bit faster, we see some recovery in tech. We see some more recovery in professional services then we can end up towards the upper end of the range.

如果由於某種原因，情況開始進一步惡化，某些行業和類似情況惡化，我們將走向低端。如果情況開始恢復得更快一點，我們就會看到科技領域出現一些復甦。我們看到專業服務出現更多復甦，然後我們最終可以達到該範圍的上限。

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

我們的下一個問題來自 TD Cowen 的 Bryan Bergin。

Maybe I'll try margin. So maybe can you talk about what the incremental pressure points have been here since last quarter. How much of this has purely been FX versus the competitive markets? And the levers you may have to help offset it as you go through the year, understanding you revised the outlook. But what are you leveraging to help offset some of the pressures. And also, Juan, just anything as you think about beyond this year, any change in the overall profitability, anything to be aware of?

也許我會嘗試保證金。那麼也許您可以談談自上季度以來增量壓力點是什麼。與競爭市場相比，其中有多少純粹是外匯造成的？當你度過這一年時，你可能需要利用槓桿來幫助抵消它，了解你修改了前景。但您正在利用什麼來幫助抵消一些壓力。另外，胡安，您認為今年之後的任何事情，整體盈利能力的任何變化，有什麼需要注意的嗎？

Yes, sure. Thank you, Bryan, for the question. So in terms of operating margins, we moved the guidance from 15% to -- 16% to 14.5% to 15.5%. Basically, what we are seeing there are 2 things. We are not seeing any improvement on the FX side, Colombian peso, Mexican peso and some other currencies continue to be very, very strong against the dollar. And the utilization number for Q1 was slightly below where we expected, and we plan to maintain that number. Hopefully, we would like to improve it, but we are planning to maintain -- our Globers thinking on the recovery that we are starting to see in some of the industries. The recovery that we are already seeing here into Q2 where the sequential growth is back and at 2.8%. And also the recovery in the second -- in the third quarter and fourth quarter on a sequential basis that we are estimating based on the bookings that we have just announced recently.

是的，當然。謝謝布萊恩提出這個問題。因此，就營業利潤率而言，我們將指導值從 15% 上調至 16%、14.5% 至 15.5%。基本上，我們看到有兩件事。我們沒有看到外匯方面有任何改善，哥倫比亞比索、墨西哥比索和其他一些貨幣兌美元仍然非常非常堅挺。第一季的使用率略低於我們的預期，我們計劃維持該數字。希望我們願意改進它，但我們計劃維持——我們的全球思考者對我們開始在某些行業看到的復甦的思考。我們已經看到第二季出現復甦，環比成長恢復到 2.8%。還有第二季、第三季和第四季的復甦，這是我們根據最近剛宣布的預訂量進行估計的。

So that might result in margins being more towards the 15% number, and that's why we decided to move a little bit the range. Again, we are not assuming any improvement on the FX side. And I think that it's important for us to continue working in the way we're working where we want to grow, but not at any cost, right? We need to protect our margins. This is a long-term game and we need to protect margins as much as we can.

因此，這可能會導致利潤率更接近 15%，這就是我們決定稍微調整範圍的原因。再次強調，我們並沒有假設外匯方面有任何改善。我認為，對我們來說，繼續以我們想要發展的方式工作很重要，但不能不惜任何代價，對嗎？我們需要保護我們的利潤。這是一場長期遊戲，我們需要盡可能保護利潤。

Now our next question comes from the line of Jonathan Lee from Guggenheim.

現在我們的下一個問題來自古根漢的喬納森·李（Jonathan Lee）。

How should we think about the visibility you have in the project ramps for the remainder of the year? And what your customer conversations gives you confidence around bookings conversion and realization through the remainder of the year given some of the project delays we've been seeing across the industry?

我們該如何考慮今年剩餘時間專案坡道的可見度？鑑於我們在整個行業中看到的一些專案延遲，您的客戶對話如何讓您對今年剩餘時間的預訂轉換和實現充滿信心？

Yes. When you look at our numbers, I mean, if you look at the guidance from last quarter back in February, 16.2%, look at the midpoint of the range, which is where we feel we should end up at this point, 15.6%. It's an extremely minor adjustment and a big part of that is actually coming from the euro and the GBP, which are playing against us. And at the same time that our European business is growing. So there's really almost no difference in the guidance from February and the guidance today. So visibility stays more or less the same. I mean, we still rely on new bookings. We are not living on the backlog. So it's a combination of backlog plus new bookings.

是的。當你看我們的數據時，我的意思是，如果你看一下 2 月份上個季度的指導（16.2%），看看範圍的中點，我們認為我們應該在這一點上結束，即 15.6%。這是一次極其微小的調整，其中很大一部分實際上來自歐元和英鎊，它們對我們不利。與此同時，我們的歐洲業務也在不斷成長。因此，二月的指導意見和今天的指導意見實際上幾乎沒有區別。所以能見度或多或少保持不變。我的意思是，我們仍然依賴新的預訂。我們並不是生活在積壓的訂單中。因此，這是積壓訂單和新預訂的結合。

It's good news that we are seeing some big deals closing, and that helps to improve visibility. But at the end of the day, it's a very similar number if we adjust for FX and hence, the visibility stays more or less the same. Probably the most positive news as Martin was describing, are these large deals that we just closed, one of which was announced here in the first part of the call. So visibility stays the same.

好消息是我們看到一些大型交易的完成，這有助於提高知名度。但歸根結底，如果我們針對外匯進行調整，這是一個非常相似的數字，因此可見性或多或少保持不變。正如馬丁所描述的，最積極的消息可能是我們剛剛完成的這些大型交易，其中一項是在電話會議的第一部分中宣布的。所以能見度保持不變。

The next question comes from the line of Ryan Potter from Citi.

下一個問題來自花旗銀行的 Ryan Potter。

Looking at your verticals, it looks like professional services and technology communications maybe are seeing those softness, can you discuss some of the demand trends you're seeing in those verticals? And we've seen some of your peers kind of call it, softness within professional services and seeing some client restructurings lines in that area. So can you also comment on being impacted by any client restructurings in that area?

看看您的垂直行業，看起來專業服務和技術通訊可能正在看到這些弱點，您能討論一下您在這些垂直行業中看到的一些需求趨勢嗎？我們看到一些同行稱之為“專業服務中的軟弱”，並看到該領域的一些客戶重組。那麼您能否評論一下該領域客戶重組的影響？

So in terms of professional services, basically, what we have been seeing throughout the last few quarters is a stable business. It's not growing. It's not decreasing significantly, just a few points here and there, but it's a reason that it has been stable over the last few quarters. The same thing with technology. Last quarter, we mentioned that the decrease has stabilized, and it continues to be in that same behavior, let's say, it continued to be the case.

因此，就專業服務而言，基本上，我們在過去幾季看到的是穩定的業務。它沒有增長。它並沒有顯著下降，只是到處都有一些下降，但這是它在過去幾季保持穩定的原因。技術也是如此。上個季度，我們提到下降已經穩定下來，並且繼續保持同樣的行為，可以說，情況仍然如此。

On the other side, you are seeing some other industries performing extremely well, right? Travel and hospitality growing north of 50%. Our consumer business -- Consumer and Retail business growing also at a similar pace. So we still -- I mean it will be ideal to see a recovery in tech and telecommunications that has been down for the last 2 years or flat to down over the last 2 years and professional services, what we are seeing is a very stable business, which is not significantly moving either up or down. That's the situation we are seeing. We continue to expect more growth on Media and Entertainment. Our sport business is expanding a lot.

另一方面，你看到其他一些行業表現得非常好，對嗎？旅遊和酒店業成長超過 50%。我們的消費者業務－消費者和零售業務也以類似的速度成長。所以我們仍然 - 我的意思是，看到過去兩年下降或在過去兩年持平到下降的技術和電信領域的複蘇將是理想的，我們看到的是一個非常穩定的業務，它沒有顯著向上或向下移動。這就是我們所看到的情況。我們繼續預期媒體和娛樂領域將出現更多成長。我們的體育業務正在大幅擴展。

Disney is showing an improvement. If you look at the numbers for first quarter, it grew almost 7% year-over-year. Keep in mind that in 2023, the account was slightly down year-over-year. So that's good news, Media and Entertainment, good news. Retail manufacturing, very good news, travel very good news. BFSI, we are starting to see good momentum, some large deals also coming on that front. So the only -- I would say the only industry where we still need to see some recovery and we know at some point, it's going to come is technology and telecommunications and then, of course, professional services.

迪士尼正在取得進步。如果你看第一季的數據，你會發現它比去年同期成長了近 7%。請記住，2023 年該帳戶同比略有下降。所以這是好消息，媒體和娛樂界的好消息。零售製造業，非常好消息，旅遊業非常好消息。 BFSI，我們開始看到良好的勢頭，這方面也出現了一些大型交易。因此，我想說，唯一一個我們仍然需要看到一些復甦的行業，我們知道在某個時候，它將會到來，那就是科技和電信，當然還有專業服務。

Yes. And one thing I would like to emphasize over there is that if you see Globant and if you see some of our competitors, you will see that Globant is consistently still in market share, right? And that's a very important ability to put on the table and to act on to it. When most of them are decreasing or growing at small numbers, we're still maintaining our ability intact to get that market share. So we're very proud of that. And I think that's a result of everything we are doing and investments we have been doing on the AI space, on the sports space, on every single platform that we are fostering and pushing to our customers, so that's beyond any sector. I would like to say that our growth remains pretty solid across the sectors because of that common factor of that ability of getting market share.

是的。我想強調的一件事是，如果你看到 Globant 以及我們的一些競爭對手，你會發現 Globant 始終保持著市場份額，對嗎？這是一項非常重要的能力，需要擺在桌面上並付諸行動。當其中大多數數量減少或少量增長時，我們仍然保持著獲得市場份額的能力。所以我們對此感到非常自豪。我認為這是我們在人工智慧領域、體育領域、我們正在培育和推向客戶的每個平台上所做的一切和投資的結果，所以這超越了任何領域。我想說的是，由於獲得市場份額的能力這一共同因素，我們在各個領域的成長仍然相當穩健。

Yes, and of course, diversification space, right, because having exposure to all those sectors, diversification in terms of geographies going heavily into Europe, flowing heavily into MENA that also pays off and helps to maintain an industry-leading growth this quarter and, of course, for the 2024 guidance.

是的，當然，多元化空間，對，因為涉足所有這些行業，在地域方面的多元化大量進入歐洲，大量流入中東和北非，這也帶來了回報，有助於維持本季度行業領先的增長，當然是2024年的指導。

Sorry, adding to that, I think we have been, for the last 15 years or 20 years, we have been very specific in the way we are doing product and software. That has to do with delighting our customers and the experience that the brand has with their customers and their users. And that is not changing right now. In fact, it's getting more and more deeper. So that special place where Globant is right now is what is giving us the way to grow in different kind of strategies on verticals. For example, as Juan was mentioning, in new markets, we have the same objectives of trying to build a new way of connecting with consumers, a new way of connecting with citizens. So there, the expertise of Globant is going beyond what we can do.

抱歉，除此之外，我認為在過去 15 年或 20 年裡，我們開發產品和軟體的方式一直非常具體。這與取悅我們的客戶以及品牌與其客戶和用戶的體驗有關。現在這一點還沒有改變。事實上，它已經越來越深了。因此，Globant 現在所處的特殊地位為我們提供了在不同類型的垂直領域策略中成長的方式。例如，正如胡安所提到的，在新市場中，我們有相同的目標，即嘗試建立一種與消費者聯繫的新方式，一種與公民聯繫的新方式。因此，Globant 的專業知識超出了我們的能力範圍。

So I think that Globant has been building across the last couple of years, different kind of offering and values and technologies and products that are giving results right now. And in different industries, also the partnership that we announced in this earnings call and the last one, has to do with that, right, with how we engage with the customers, how we're going to make different experiences and better experiences in the way we are using and transforming the way.

因此，我認為 Globant 在過去幾年中一直在建立不同類型的產品、價值、技術和產品，目前正在取得成果。在不同的行業中，我們在本次財報電話會議和上一次財報電話會議中宣布的合作夥伴關係也與我們如何與客戶互動，我們將如何在不同的領域提供不同的體驗和更好的體驗有關。

So that's being reflected in impressive growth rates here.

這反映在令人印象深刻的成長率上。

Our next question comes from the line of Divya Goyal from Scotia.

我們的下一個問題來自來自斯科細亞省的 Divya Goyal。

So I just wanted to get some color on the geographic growth. You did mention that you set up an office in Philippines. I noticed there has been some sequential decline in U.S., it's sort of like stayed at the 10% mark over the past few quarters. I'm just trying to understand, are you seeing the same trend for outsourcing? And do you anticipate automation to drive -- automation and outsourcing to actually drive an upside to this margin impact that you're seeing in your margins in the shorter term?

所以我只是想了解一下地理成長的情況。您確實提到您在菲律賓設立了辦事處。我注意到美國出現了一些連續下降，在過去幾個季度一直保持在 10% 的水平。我只是想了解一下，您是否也看到了相同的外包趨勢？您是否預計自動化將推動自動化和外包真正推動您在短期內看到的利潤影響？

Let me take the first part of the question. So when -- the Philippines new office is a delivery center, so it's not a market that we are going after, but it's a place from where we will source talent to deliver to our customers around the world, including, of course, MENA because of time zone. About the question regarding the U.S. a small sequential decline that we have there is explained by 2 things. One, if you remember, back in February, we mentioned that in Q4, we had sold around $5 million to $6 million in licenses. That was a one-off, that was not going to happen. If we exclude that effect, the other effect that we are seeing is our professional services business, our technology business, which is primarily in the U.S.

讓我回答問題的第一部分。因此，菲律賓的新辦公室是一個交付中心，所以它不是我們要追求的市場，但它是我們尋找人才向世界各地的客戶交付產品的地方，當然也包括中東和北非地區，因為的時區。關於美國的問題，美國的連續小幅下降有兩件事可以解釋。一，如果您還記得的話，早在 2 月份，我們就提到在第四季度，我們售出了大約 500 萬至 600 萬美元的許可證。那是一次性的，不會發生的。如果我們排除這種影響，我們看到的另一個影響是我們的專業服務業務，我們的技術業務，主要在美國。

So it's very, very kind of consolidated in that -- in those areas. Other than that, we are seeing good momentum. And actually, we are expecting growth for the second quarter and for the rest of the year. There was a second part of the question.

因此，在這些領域，它是非常非常整合的。除此之外，我們也看到了良好的動力。事實上，我們預計第二季和今年剩餘時間都會成長。問題還有第二部分。

It has to do with automation and outsourcing. Our strategy, as you probably know, our delivery model is global, meaning we provide the right services with Globant's quality from the places where there's the right talent. And it hasn't been -- it hasn't changed. So it's exactly that our expansion and open offices where the right talent is, where there's potentially commercial engagements, et cetera, has been always the case.

它與自動化和外包有關。您可能知道，我們的策略是全球性的交付模式，這意味著我們在擁有合適人才的地方提供具有 Globant 品質的合適服務。而且它沒有——沒有改變。因此，我們的擴張和開放辦公室一直都是這樣的，那裡有合適的人才，有潛在的商業活動等等。

With regards to where the talent is being sourced and how the market behaves with that? We have seen -- we see an improvement in the flexibility with regards to where the services are being provided. That has been happening for a few years now. But I don't think that it has broadly affected how we are distributed in our global presence.

關於人才的來源以及市場的表現如何？我們已經看到—我們看到提供服務的靈活性有所提高。這種情況已經發生好幾年了。但我認為這並沒有廣泛影響我們在全球的分佈方式。

Our next question comes from the line of Arvind Ramnani from Piper Sandler.

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

I just had a couple of questions on just overall shape of the rest of the year, I mean, kind of -- just kind of doing some simple math here. You get to like about 6% sequential growth for the 3Q and 4Q and that should get you to a good kind of full year number. But obviously, it's not going to be exactly the same, but if you can give us some color, do you expect 3Q to be stronger or 4Q to be stronger?

我只是對今年剩餘時間的總體情況提出了幾個問題，我的意思是，只是在這裡做一些簡單的數學計算。你會喜歡第三季和第四季約 6% 的連續成長，這應該會讓你獲得一個不錯的全年數字。但顯然，它不會完全相同，但如果你能給我們一些顏色，你認為 3Q 更強還是 4Q 更強？

And then the second thing is like, depending on some of these new ramps, is there potentially upside or are they just fully embedded in existing guidance?

然後第二件事是，根據其中一些新的坡道，是否有潛在的上升空間，或者它們只是完全嵌入現有的指導中？

So the current guidance at the midpoint is basically what we are expecting and includes the current bookings that we announced and that we closed earlier in the year. When you look at the cadence in terms of growth, for the second quarter at the midpoint of the range, the sequential growth is 2.8%. Q3 has almost 2 more days and the implied or the number that we are estimating for Q3 is around slightly above 5% sequential growth.

因此，目前的中點指導基本上是我們的預期，包括我們宣布的和今年早些時候關閉的當前預訂。從成長節奏來看，第二季處於區間中點，較上季成長為 2.8%。第三季還有近 2 天的時間，我們估計第三季的隱含數字或環比成長略高於 5% 左右。

And then the number that gets implied in terms of sequential growth for Q4 is around 4.5%. That's how the year is built. We don't need to go to -- I mean, at the midpoint of the range. We don't need to go to the 6% that you were calculating. So it's a little bit lower than that. And those are the numbers Arvind.

第四季環比成長所隱含的數字約為 4.5%。年就是這樣建立的。我們不需要去——我的意思是，在範圍的中點。我們不需要達到您計算的 6%。所以比這個低一點。這些就是阿爾文德的數字。

Our next question comes from the line of Tyler DuPont from Bank of America.

我們的下一個問題來自美國銀行的泰勒杜邦。

I wanted to just ask about demand trends since the last call. Given the, call it, 6-ish basis points tweak in top line guidance at the midpoint, just sort of curious if you can discuss sort of what the main drivers are there. Would you say it's more driven by a slowdown in clients just releasing budget dollars to actual spend? Or are their clients actually changing sort of the scope of certain projects. Any other dynamics that we're considering. And just given where we are right now, what do you need to see from sort of a macro standpoint to gain confidence with sort of bottoming out and sort of entering this upward inflection in demand?

我只想詢問自上次通話以來的需求趨勢。考慮到中點的頂線指引有 6 個基點左右的調整，我很好奇您是否可以討論主要驅動因素是什麼。您是否認為這更多是由於客戶將預算資金用於實際支出的放緩所致？或者他們的客戶實際上改變了某些項目的範圍。我們正在考慮的任何其他動態。考慮到我們現在所處的位置，從宏觀角度來看，您需要看到什麼才能對觸底反彈並進入需求的上升拐點獲得信心？

Thank you so much Tyler. So I believe that demand has improved in the last few -- in the last few months. The only question mark that remains there is that all this like bad situation that was created while the inflation last month was going up or not going down as fast as expected, so on and so forth. So I tend to -- what we are seeing at Globant is that bookings are improving as opposed to what was happening before.

非常感謝泰勒。因此，我相信過去幾個月的需求有所改善。唯一剩下的問號是，這一切都像是上個月通膨上升或下降速度沒有預期那麼快時造成的糟糕情況，等等。所以我傾向於——我們在 Globant 看到的是，預訂量比以前有所改善。

But at the same time, the question mark relies on how this will move forward. I think that if things keeps on going like what happened yesterday with inflation, it will be fine. But as we said before, the macroeconomic environment is still uncertain. And we -- and we're very responsible in the way we guide the market. So that's why we want to enter with this new range.

但同時，問號取決於這將如何向前發展。我認為，如果事情繼續像昨天通貨膨脹那樣發展，那就沒問題了。但正如我們之前所說，宏觀經濟環境仍存在不確定性。我們——我們在引導市場的方式上非常負責任。這就是我們想要進入這個新系列的原因。

I don't know, Juan, if you want to add something to that?

我不知道，胡安，你是否想補充一些東西？

No, no. What I'd add there is that in any case, we are at the midpoint of the range, we are talking about 15.6% growth, of which a little bit over 10% is organic growth. So we are discussing the level of growth here. We are not discussing whether the business is going to go down, minus 10%, minus 2% or plus 1%, right? We are talking whether it's 15%, 15.5%, 16.2% around those levels, but we are growing as a company on a year-over-year basis and a sequential quarter starting into Q2.

不，不。我要補充的是，無論如何，我們處於該範圍的中點，我們正在談論 15.6% 的增長，其中略高於 10% 的是有機增長。所以我們在這裡討論成長水準。我們不是在討論業務是否會下降，負10%、負2%或正1%，對吧？我們正在討論這些水準是否為 15%、15.5%、16.2%，但我們作為一家公司正在逐年成長，並且從第二季開始連續一個季度成長。

So more like what Martin was saying whether it's going to be a little bit more, a little bit less, there is, of course, some impact of the volatility in the macro that is impacting our customers in terms of their decisions. But in any case, again, we are talking about whether we're going to grow faster or a little bit slower than we were anticipating.

因此，就像馬丁所說的那樣，無論是多一點還是少一點，當然，宏觀波動會產生一些影響，從而影響我們客戶的決策。但無論如何，我們再次討論的是我們的成長是否會比我們預期的更快或更慢一些。

Our last question comes from the line of Leonardo Olmos from UBS.

我們的最後一個問題來自瑞銀集團的李奧納多·奧莫斯。

So my question is basically centered on Argentina. If you could discuss a little bit the macro conditions of the country. How do you expect the developers' cost to be impacted? And what are your view for the remaining 2024?

所以我的問題基本上是集中在阿根廷。您可以稍微討論一下該國的宏觀狀況嗎？您預計開發商的成本會受到怎樣的影響？您對剩下的 2024 年有何看法？

Yes. So things are improving in Argentina. They are getting more stable. Of course, back in December, there was a depreciation that, as we discussed in the last quarter had an impact on our Q1 revenues. The impact was around $15 million in that quarter. We already closed around $10 million of those $15 million. So we still have about $5 million in our Q2 numbers that depending on each negotiation with our customers will get fully sold or partially sold, but we are -- we made very, very good progress compared to where we were back in towards the end of December. Customers understood the situation.

是的。阿根廷的情況正在改善。他們越來越穩定。當然，早在 12 月，貨幣貶值就對我們第一季的收入產生了影響，正如我們在上個季度討論的那樣。該季度的影響約為 1500 萬美元。我們已經結清了這 1500 萬美元中的大約 1000 萬美元。因此，我們第二季的數字中仍有大約500 萬美元，根據與客戶的每次談判，這些數字將全部出售或部分出售，但與我們接近年底的情況相比，我們取得了非常非常好的進展。客戶了解情況。

In terms of the impact on costs, in our industry in Argentina, salaries tend to be dollarized so they tend to follow the U.S. dollar. So it doesn't really change much the situation because salary has got a very good impact back in December. Now inflation is going a little bit faster than currency devaluation. So it's offsetting part of that benefit back in December. But all in all, we are not expecting big changes on that front in Argentina.

從對成本的影響來看，在我們阿根廷的產業，薪資往往是美元化的，所以他們往往會跟隨美元。所以這並沒有真正改變情況，因為工資在 12 月就產生了非常好的影響。現在通貨膨脹的速度比貨幣貶值的速度快一些。因此，它抵消了 12 月的部分收益。但總而言之，我們預期阿根廷在這方面不會有重大變化。

Yes. But just complementing a little bit more color on what's going on there. I mean, for the first time, we are seeing a government that is being very responsible on spending and that is creating like a pretty healthy macroeconomic environment, although still inflation is high, but it's coming down very, very fast. So we have bigger expectations of the Argentinian economy to start to recover again and recover very fast. So let's see. I hope this time we are lucky.

是的。但只是為那裡正在發生的事情補充一點色彩。我的意思是，我們第一次看到一個對支出非常負責的政府，正在創造一個相當健康的宏觀經濟環境，儘管通膨仍然很高，但下降得非常非常快。因此，我們對阿根廷經濟再次開始復甦並且恢復得非常快抱有更大的期望。那麼讓我們來看看。我希望這次我們很幸運。

So that will be it for the Q&A session of today. Thank you all for participating. And now I will ask Martin to offer some closing comments. Martin?

今天的問答環節就到此為止。感謝大家的參與。現在我請馬丁發表一些結束語。馬丁？

Thank you. Thank you very much for everyone for participating today. Thanks to everyone that is following us on the streaming. And I want to highlight the support that we received from the -- from all the shareholders. So on our last shareholders' meeting that happened last Friday, where we had a record amount of people participating and a record positive votes for all our ideas and how we're managing the company. So we're extremely happy with that. I want to say a big thanks to that.

謝謝。非常感謝大家今天的參與。感謝所有在直播中關注我們的人。我想強調我們從所有股東那裡得到的支持。因此，在上週五舉行的最後一次股東大會上，參加會議的人數創歷史新高，對我們所有想法以及我們管理公司的方式投了創紀錄的積極票。所以我們對此非常滿意。我想對此表示衷心的感謝。

We will keep on challenging every single thing we see in front of us. We will keep on being extremely [normative] with our offering and the way we get to our customers. So we are extremely positive about the future of the company and how Globant will reinvent this industry. So thank you to all the analyst community for covering us, for supporting us, for being here today and really looking forward to keep on interacting in the future. Thank you very much.

我們將繼續挑戰我們面前的每一件事。我們將繼續以極其[規範]的方式提供我們的產品以及我們接觸客戶的方式。因此，我們對公司的未來以及 Globant 將如何重塑這個行業非常樂觀。因此，感謝所有分析師社群對我們的報導、對我們的支持，感謝你們今天來到這裡，並真誠地期待未來繼續互動。非常感謝。

Bye. See you.

再見。再見。

Bye.

再見。

Bye-bye.

再見。