Perficient Inc (PRFT) 2022 Q4 法說會逐字稿

Good day, and thank you for standing by. Welcome to the 2022 Q4 Perficient Call -- Earnings Call Conference Call. (Operator Instructions) please be advised that today's conference is recorded. I'd like now to hand the conference over to our speaker today, Jeffrey Davis, Chairman and CEO. Please go ahead.

美好的一天，謝謝你的支持。歡迎來到 2022 年第四季度 Perficient Call——收益電話會議電話會議。 （操作員說明）請注意，今天的會議已錄製。我現在想把會議交給我們今天的發言人，董事長兼首席執行官杰弗裡戴維斯。請繼續。

(technical difficulty)

（技術難度）

I apologize, everyone. We've been experiencing some technical difficulties with our Perficient call. We're just going to wait 1 second here while we make sure that the call is being heard on the audio portion of the session.

我向大家道歉。我們的 Perficient 調用遇到了一些技術困難。我們將在這裡等待 1 秒鐘，同時確保在會話的音頻部分可以聽到呼叫。

Yes. Just to add to that, this is Jeff Davis, we will restart here in just a moment, once we confirm that our provider has everything working. It appears that we do. So I'm just going to go ahead and launch back into this.

是的。補充一點，我是 Jeff Davis，一旦我們確認我們的供應商一切正常，我們馬上就會在這裡重新開始。看來我們這樣做了。所以我將繼續前進並重新開始。

This is Jeff Davis, Perficient's Chairman and CEO. With me on the call, per usual, is Paul Martin, our CFO; Tom Hogan, our President and COO. I want to thank you for your time this morning. We have 10 to 15 minutes of prepared comments per usual. But before we proceed, I am going to ask on Paul to read the safe harbor statement. Again, we apologize for the technical difficulties.

我是 Perficient 的董事長兼首席執行官 Jeff Davis。按照慣例，和我一起打電話的是我們的首席財務官 Paul Martin；我們的總裁兼首席運營官 Tom Hogan。我要感謝你今天早上的時間。我們通常有 10 到 15 分鐘的準備評論。但在我們繼續之前，我要請保羅閱讀安全港聲明。再次，對於技術上的困難，我們深表歉意。

Thanks, Jeff, and good morning, everyone. Some of the things we will discuss in today's call concerning future company performance will be forward-looking statements within the meaning of the securities laws.

謝謝，傑夫，大家早上好。我們將在今天的電話會議中討論的有關未來公司業績的一些內容將是證券法意義上的前瞻性陳述。

Actual results may materially differ from those in these forward-looking statements, and we encourage you to refer to the additional information contained in our SEC filings, concerning factors that could cause those results to be different than contemplated in today's discussion. At times during this call, we will refer to adjusted EPS and adjusted EBITDA. Our earnings press release, including a reconciliation of certain non-GAAP financial measures to the most directly comparable financial measures prepared in accordance with generally accepted accounting principles or GAAP, is posted on our website at www.perficient.com.

實際結果可能與這些前瞻性陳述中的結果存在重大差異，我們鼓勵您參考我們提交給美國證券交易委員會的文件中包含的其他信息，了解可能導致這些結果與今天討論中預期的結果不同的因素。在本次電話會議中，我們有時會參考調整後的每股收益和調整後的 EBITDA。我們的收益新聞稿發佈在我們的網站 www.perficient.com 上，包括某些非 GAAP 財務指標與根據公認會計原則或 GAAP 編制的最直接可比財務指標的調節。

We have also posted a slide deck which includes a reconciliation of certain non-GAAP guidance to the most directly comparable financial measures prepared in accordance with GAAP on our website under Investor Relations. Jeff?

我們還在我們網站的投資者關係下發布了一個幻燈片，其中包括某些非 GAAP 指南與根據 GAAP 準備的最直接可比財務措施的對賬。傑夫？

Thanks, Paul. And again -- once again, I apologize for the delay this morning. We certainly appreciate your time as we discuss the fourth quarter and full year performance and our continued growth and profitability.

謝謝，保羅。再一次，對於今天早上的延誤，我再次表示歉意。在我們討論第四季度和全年業績以及我們的持續增長和盈利能力時，我們當然感謝您的寶貴時間。

The fourth quarter capped a solid year of growth and increased profitability at Perficient with adjusted earnings per share up 14% and revenue up 8% during the period. We're, of course, monitoring the macro environment, and sales cycles in some cases are extended somewhat based on the same. But there are a lot of positives of notes, and we're confident that Perficient is well positioned as it's ever been. And our business is performing well, actually relative to some others in the space.

第四季度結束了 Perficient 穩健的增長和盈利能力的增長，調整後的每股收益增長了 14%，收入增長了 8%。當然，我們也在監控宏觀環境，在某些情況下銷售週期會有所延長。但是有很多積極的方面，我們相信 Perficient 的定位一如既往。我們的業務表現良好，實際上相對於該領域的其他一些業務。

Services gross margin was up 30 basis points during the quarter. Our profitability remains best of breed. It's a direct result of our customers' willingness to place a premium on the value we deliver, combined with our strong fiscal discipline. The ongoing success we're having in our journey of transforming Perficient into a truly unique and unparalleled global force continues.

本季度服務毛利率上升了 30 個基點。我們的盈利能力仍然是同類產品中最好的。這是我們的客戶願意為我們提供的價值加價以及我們嚴格的財政紀律的直接結果。我們在將 Perficient 轉變為真正獨特和無與倫比的全球力量的過程中取得的持續成功仍在繼續。

We're going to bring more work offshore than ever before and commanding higher rates for that work than ever before. Rates in fact are materially higher than many of our competitors, by the way, again, reflecting the superiority of our fully integrated model and talent.

我們將比以往任何時候都將更多的工作帶到海外，並要求比以往任何時候都更高的工作費率。事實上，費率比我們的許多競爭對手要高得多，順便說一下，這再次反映了我們完全整合的模式和人才的優勢。

And our culture and truly integrated model is helping us retain that global talent as well. Our attrition during the quarter was well in line with our targets. Overall, 2022 was a remarkably successful year in our global transformation. We realized 68% growth in our total offshore revenue with organic accounting for half of that total at 34%.

我們的文化和真正整合的模式也在幫助我們留住全球人才。我們在本季度的減員情況與我們的目標完全一致。總體而言，2022 年是我們全球轉型非常成功的一年。我們的離岸總收入實現了 68% 的增長，其中有機收入佔總收入的一半，達到 34%。

Tom will speak to bookings specifically in a minute. The large deal win value was again strong during the quarter, up meaningfully, sequentially and year-over-year. The pipeline remains strong. And while we do not forecast deals not yet closed, we remain in pursuit of several that if won could materially change the trajectory of the year.

湯姆將在一分鐘內專門談到預訂。本季度的大額交易贏額再次強勁，環比和同比顯著上升。管道仍然強勁。雖然我們不預測尚未完成的交易，但我們仍在追求幾筆交易，如果贏得交易，可能會實質性地改變今年的軌跡。

As I mentioned earlier, some clients are taking more time with decisions, but we're confident demand for our services will remain robust, and we're poised for another year of solid growth. In fact, although we saw a modest expansion of sales cycles during the quarter, we're actually seeing more urgency in terms of project timelines on large deals, meaning those deals are more compressed than they have been historically.

正如我之前提到的，一些客戶花更多時間做決定，但我們相信對我們服務的需求將保持強勁，我們已準備好迎接又一年的穩健增長。事實上，儘管本季度我們看到銷售週期略有擴張，但實際上我們看到大型交易的項目時間表更加緊迫，這意味著這些交易比以往任何時候都更加緊迫。

And that will actually be a benefit certainly in the near term. Customers are more concerned with the competition than ever before and more ambitious than ever before in terms of moving quickly once commitments have been made. As we mentioned on last quarter's call, whether our clients are investing in growth or seeking to reduce cost by leveraging efficiency, Perficient is the answer.

這在短期內肯定會帶來好處。客戶比以往任何時候都更關心競爭，並且在做出承諾後迅速行動方面比以往任何時候都更加雄心勃勃。正如我們在上個季度的電話會議上提到的，無論我們的客戶是投資於增長還是尋求通過利用效率來降低成本，Perficient 都是答案。

And a reminder on our strategy, we expect growth everywhere but continue to believe our non-U.S. presence will scale disproportionately fast. And that this mix shift in the near term will help margins but also pose a modest headwind to our overall top line growth.

並提醒我們的戰略，我們預計各地都會增長，但仍然相信我們在美國以外的業務將以不成比例的速度快速增長。短期內的這種組合轉變將有助於提高利潤率，但也會對我們的整體收入增長構成適度的阻力。

However, as we move forward, our long term -- toward our long-term goal of a 50-50 revenue mix, that is half of our revenue delivered domestically and half delivered globally, will reach an inflection point where the headwind becomes a tailwind and it accelerates the revenue growth. With that, I'll turn things over to Paul.

然而，隨著我們向前邁進，我們的長期 - 實現我們 50-50 收入組合的長期目標，即我們一半的收入在國內交付，一半在全球交付，將達到逆風成為順風的拐點它加速了收入增長。有了這個，我會把事情交給保羅。

Thanks, Jeff. Services revenue, excluding reimbursed expenses, were $228.8 million in the fourth quarter, a 9% increase over the prior year, and year-over-year organic services growth was 6%.

謝謝，傑夫。第四季度服務收入（不包括報銷費用）為 2.288 億美元，比上年增長 9%，有機服務同比增長 6%。

Gross margin percentage increased 60 basis points to 39.4% in the fourth quarter compared to the prior year. And services gross margin, including reverse expenses and stock compensation was 40.8% in the fourth quarter compared to 40.5% in the prior year. SG&A expense was $43.7 million in the fourth quarter compared to $41.7 million in the prior year.

與去年同期相比，第四季度毛利率增長 60 個基點至 39.4%。包括逆向費用和股票補償在內的服務毛利率在第四季度為 40.8%，而去年同期為 40.5%。第四季度的 SG&A 費用為 4370 萬美元，而去年同期為 4170 萬美元。

SG&A expense as a percentage of revenues decreased to 18.8% from 19.4% in the prior year. Adjusted EBITDA was $54.3 million or 23.4% of revenues in the fourth quarter compared to $47.7 million or 22.2% of revenues in the prior year.

SG&A 費用佔收入的百分比從上一年的 19.4% 下降到 18.8%。第四季度調整後的 EBITDA 為 5430 萬美元，佔收入的 23.4%，上年同期為 4770 萬美元，佔收入的 22.2%。

Amortization expense was $6.5 million in the fourth quarter compared to $5.8 million in the prior year. The increase in amortization expense was primarily due to these additional intangibles from our 2 acquisitions in 2022.

第四季度的攤銷費用為 650 萬美元，而去年同期為 580 萬美元。攤銷費用的增加主要是由於我們在 2022 年進行的 2 次收購產生的這些額外無形資產。

Net interest expense for the fourth quarter decreased to $0.8 million from $3.9 million in the prior year, primarily as a result of adopting the new accounting standard for convertible debt in the first quarter. Our effective tax rate was 28% in the fourth quarter compared to 476.5% in the prior year. The decrease in the effective tax rate is primarily due to the convertible debt transactions impact on the prior year.

第四季度的淨利息支出從上一年的 390 萬美元減少到 80 萬美元，這主要是由於第一季度採用了新的可轉換債務會計準則。我們第四季度的有效稅率為 28%，而去年同期為 476.5%。實際稅率的下降主要是由於可轉換債券交易對上年的影響。

Net income increased to $26.5 million for the fourth quarter from $4.5 million in the prior year, primarily due to the loss from extinguishment of debt of $28.7 million in the prior year and improved operating performance.

第四季度的淨收入從去年的 450 萬美元增加到 2650 萬美元，這主要是由於去年清償 2870 萬美元的債務和改善的經營業績造成的損失。

Diluted GAAP earnings per share increased to $0.74 a share for the fourth quarter from $0.13 in the prior year. Adjusted earnings per share increased to $1.14 or 14% for the fourth quarter from $1 in the prior year. You can see the press release for a full reconciliation to GAAP earnings.

第四季度稀釋後的 GAAP 每股收益從去年同期的 0.13 美元增至每股 0.74 美元。第四季度調整後每股收益從去年同期的 1 美元增至 1.14 美元或 14%。您可以查看新聞稿以了解與 GAAP 收益的完全對賬。

I'll now turn to the full year results. Services revenue, excluding reimbursed expenses, were $893.1 million for the year ended December 31, 2022, a 19% increase over the prior year. Year-over-year organic services growth was 13%.

我現在將轉向全年業績。截至 2022 年 12 月 31 日止年度，服務收入（不包括報銷費用）為 8.931 億美元，比上年增長 19%。有機服務同比增長 13%。

Gross margin presented for the year ended December 31, 2022, increased 50 basis points to 38.9% compared to the prior year. Services gross margin, excluding reimbursed expenses and stock compensation for the year ended December 31, 2022, was 40.2% compared to 40% in the prior year.

截至 2022 年 12 月 31 日止年度的毛利率較上年增長 50 個基點至 38.9%。截至 2022 年 12 月 31 日止年度，不包括報銷費用和股票補償的服務毛利率為 40.2%，上年為 40%。

SG&A expense for the year ended December 31, 2022 was $171.1 million compared to $152.4 million in the prior year. SG&A expense as a percentage of revenues decreased to 18.9% from 20% in the prior year.

截至 2022 年 12 月 31 日止年度的 SG&A 費用為 1.711 億美元，上年為 1.524 億美元。 SG&A 費用佔收入的百分比從上一年的 20% 下降到 18.9%。

Adjusted EBITDA for the year ended December 31, 2022, was $205.8 million or 22.7% of revenues compared to $162.9 million or 21.4% of revenues in the prior year. The year ended December 31, 2022, included amortization of $24.5 million compared to $23.5 million in the prior year.

截至 2022 年 12 月 31 日止年度的調整後 EBITDA 為 2.058 億美元，佔收入的 22.7%，上年為 1.629 億美元，佔收入的 21.4%。截至 2022 年 12 月 31 日的年度包括攤銷 2450 萬美元，而上一年為 2350 萬美元。

Net interest expense for the year ended December 31, 2022, decreased to $3.2 million from $14.1 million in the prior year, again, primarily as a result of adopting the new accounting standard for convertible debt at the beginning of the year.

截至 2022 年 12 月 31 日止年度的淨利息支出從上一年的 1410 萬美元減少至 320 萬美元，這再次主要是由於年初採用了新的可轉換債務會計準則。

Our effective tax rate was 25.9% for the year ended December 31, 2022, compared to 16.6% in the prior year. The increase in the effective rate is primarily due to a decrease in stock compensation deductions and the decrease in research part of benefit compared to the prior year. Net income for the year ended December 31, 2022, was $104.4 million compared to $52.1 million in the prior year, primarily as a result of higher revenues, lower costs as a percent of revenues, lower interest expense and loss from extinguishment of debt of $29 million that was included in the prior year.

截至 2022 年 12 月 31 日止年度，我們的實際稅率為 25.9%，而上一年為 16.6%。實際利率的增加主要是由於與上年相比，股票補償扣除和福利研究部分的減少。截至 2022 年 12 月 31 日止年度的淨收入為 1.044 億美元，而去年同期為 5210 萬美元，這主要是由於收入增加、成本佔收入的百分比降低、利息支出減少以及債務清償損失 29 美元萬元計入上年。

Diluted GAAP earnings per share increased to $2.90 for the year ended December 31, 2022, compared to $1.50 in the prior year. Adjusted earnings per share increased to $4.28 for 2022 from $3.50 in the prior year. Our ending global headcount as of December 31, 2022, was 6,321 including 5,944 billable consultants and 377 subcontractors. I think SG&A headcount was 949.

截至 2022 年 12 月 31 日止年度，稀釋後的 GAAP 每股收益增至 2.90 美元，而上一年為 1.50 美元。調整後的每股收益從去年的 3.50 美元增加到 2022 年的 4.28 美元。截至 2022 年 12 月 31 日，我們的全球員工總數為 6,321 人，其中包括 5,944 名收費顧問和 377 名分包商。我認為 SG&A 的人數是 949。

Our outstanding debt net of deferred issuance costs as of December 31, 2022, was $394.6 million. In addition, we have $30.1 million in cash and cash equivalents as of December 31, 2022, and $199.8 million of unused borrowing capacity on our credit facility.

截至 2022 年 12 月 31 日，我們的未償還債務扣除遞延發行成本後為 3.946 億美元。此外，截至 2022 年 12 月 31 日，我們擁有 3010 萬美元的現金和現金等價物，以及 1.998 億美元的未使用信貸額度。

Our balance sheet continues to leave us very well positioned to continue to execute against our strategic plan. I'll now turn the call over to Tom Hogan for a little more comments, right, Tom?

我們的資產負債表繼續使我們處於非常有利的地位，可以繼續執行我們的戰略計劃。我現在將電話轉給 Tom Hogan 以獲得更多評論，對吧，湯姆？

Thank you, Paul. And good morning, everybody. We booked 56 deals greater than $1 million during the fourth quarter of 2022, which compares to 43 in the fourth quarter of 2021 and 37 in the third quarter of 2022.

謝謝你，保羅。大家早上好。 2022 年第四季度，我們預訂了 56 筆超過 100 萬美元的交易，而 2021 年第四季度為 43 筆，2022 年第三季度為 37 筆。

Again, that's 56 deals greater than $1 million in the fourth quarter of 2022 compared to 43 in the fourth quarter of 2021 and 37 in the third quarter of 2022. We're still winning big deals and we won more of them than ever before in Q4.

同樣，2022 年第四季度有 56 筆交易額超過 100 萬美元，而 2021 年第四季度為 43 筆，2022 年第三季度為 37 筆。我們仍在贏得大筆交易，而且我們贏得的交易比以往任何時候都多Q4.

Our net pipeline weighted and unweighted remained very strong. A couple of recent wins to highlight. We're working with a multinational pharmaceutical corporation on a nearly $8 million -- excuse me, 8-figure engagement to improve their patient data flow.

我們的淨管道加權和未加權仍然非常強勁。最近的幾場胜利值得強調。我們正在與一家跨國製藥公司合作，進行近 800 萬美元——不好意思，8 位數的參與，以改善他們的患者數據流。

Our unified team of global experts are delivering a custom-built clinical data review and cleaning environment that provides an accurate real-time view of clinical studies, which allows the enterprise to holistically monitor progress and drive critical decision-making.

我們統一的全球專家團隊正在提供定制的臨床數據審查和清理環境，提供準確的臨床研究實時視圖，使企業能夠全面監控進展並推動關鍵決策制定。

We also expanded our partnership with a leading automotive manufacturer, supporting the global CRM rollout for their commercial focused vehicle services and distribution business. As part of the engagement, our team of architects will migrate the manufacturer's legacy platform and develop a global roll-up road map that includes their existing commercial and retail expenses.

我們還擴大了與一家領先汽車製造商的合作夥伴關係，支持他們在全球推出以商業為重點的汽車服務和分銷業務的 CRM。作為參與的一部分，我們的架構師團隊將遷移製造商的遺留平台並製定全球匯總路線圖，其中包括他們現有的商業和零售費用。

We also recently launched a new employee website for the same leading auto manufacturer. Our global team worked with the automaker to deliver a next-generation employee experience, featuring advanced personalization options, threaded comments and an updated search function with more features planned in the coming months.

我們最近還為同一家領先的汽車製造商推出了一個新的員工網站。我們的全球團隊與汽車製造商合作，提供下一代員工體驗，包括高級個性化選項、線程評論和更新的搜索功能，併計劃在未來幾個月內推出更多功能。

The new site now serves more than 180,000 employees, including retirees and receives more than $1 million business per week. We continue to remain well diversified for our customer, industry and platform perspective. Healthcare and financial services led the way from a revenue and bookings perspective.

新站點現在為包括退休人員在內的 180,000 多名員工提供服務，每周業務收入超過 100 萬美元。從客戶、行業和平台的角度來看，我們繼續保持多元化。從收入和預訂的角度來看，醫療保健和金融服務處於領先地位。

We're particularly excited about the accelerating momentum we have in the financial services industry. where our revenue has grown materially in recent years. Jeff mentioned some lengthening in sales cycles and the macro uncertainty, but let's be clear, digital transformation is going nowhere.

我們對金融服務行業的加速發展勢頭感到特別興奮。近年來，我們的收入大幅增長。傑夫提到了銷售週期的延長和宏觀不確定性，但我們要明確一點，數字化轉型無處可去。

The work we're delivering for our clients is, in many cases, imperative, mission critical and core to their competitive success. And with that, I'll turn things back over to Jeff to discuss the first quarter and 2023 full year outlook.

在許多情況下，我們為客戶提供的工作是必不可少的、任務關鍵的，並且是他們在競爭中取得成功的核心。有了這個，我會把事情轉回傑夫討論第一季度和 2023 年全年展望。

Thanks, Tom. All right. Perficient's expenses first quarter 2023 revenue to be in the range of $227 million to $233 million. First quarter GAAP earnings per share is expected to be in the range of $0.67 to $0.73.

謝謝，湯姆。好的。 Perficient 2023 年第一季度的支出收入將在 2.27 億美元至 2.33 億美元之間。第一季度 GAAP 每股收益預計在 0.67 美元至 0.73 美元之間。

First quarter adjusted earnings per share is expected to be in the range of $1.01 to $1.06. Perficient expects its full year 2023 revenue to be in the range of $945 million to $985 million. 2023 GAAP earnings per share to be in the range of $3.24 to $3.40, and 2023 adjusted earnings per share to be in the range of $4.60 to $4.75. And with that, operator, we can open up the call for questions.

第一季度調整後每股收益預計在 1.01 美元至 1.06 美元之間。 Perficient 預計其 2023 年全年收入將在 9.45 億美元至 9.85 億美元之間。 2023 年 GAAP 每股收益在 3.24 美元至 3.40 美元之間，2023 年調整後每股收益在 4.60 美元至 4.75 美元之間。有了這個，接線員，我們就可以打開問題電話了。

(Operator Instructions) All right. Our first question comes from the line of Surinder Thind from Jefferies.

（操作員說明）好的。我們的第一個問題來自 Jefferies 的 Surinder Thind 系列。

I'd like to start with a high-level question of kind of where demand sits at this point and in the client decision-making process if we were to rewind maybe a year ago, the thought was that there was perhaps a new elevated level of demand across the industry. So not just for yourselves, but more broadly, including your peers.

我想從一個高層次的問題開始，即此時的需求和客戶的決策過程，如果我們在一年前倒退，當時的想法是可能會有一個新的更高層次整個行業的需求。因此，不僅是為了你們自己，更廣泛地說，包括你們的同齡人。

Fast forward to today, it seems like that wasn't quite the case, right? There's -- obviously, long-term demand is still intact, but clients are making more short-term decisions. So can you help us understand that disconnect or what you're seeing at clients at this point and their willingness to push off projects? And if there is a further deterioration, should we expect continued weakness, I guess, for the foreseeable future?

快進到今天，情況似乎並非如此，對吧？很明顯，長期需求仍然完好，但客戶正在做出更多短期決策。那麼，您能否幫助我們了解這種脫節或您此時在客戶身上看到的情況以及他們推遲項目的意願？如果情況進一步惡化，我猜在可預見的未來，我們是否應該期待持續疲軟？

Yes, it's a good question. And I'll start and ask Tom to add some color as he sees fit. So obviously, yes, the year didn't ended the way it started, to your point.

是的，這是個好問題。我會開始請湯姆添加一些他認為合適的顏色。所以很明顯，是的，就你的觀點而言，這一年並沒有像開始時那樣結束。

I think that from what we've seen, the pipeline as well as recent bookings even in this year so far is that -- that seems to be moving behind us. In other words, things seem to be improving now from where they were, say, 6 months ago in terms of again, bookings and pipeline. I think there were a number of contributing factors to that. Certainly, again, we were overly optimistic on the macro environment.

我認為，從我們所看到的情況來看，即使在今年到目前為止，管道以及最近的預訂也是如此 - 這似乎正在落後於我們。換句話說，與 6 個月前相比，預訂和管道方面的情況似乎有所改善。我認為有許多促成因素。當然，我們再次對宏觀環境過於樂觀。

And I do think that segments shifted, but had a no crystal ball, but it seems to be improving. And as for Perficient, stand-alone, as Tom mentioned and I alluded to on the call, we actually have quite a number of large new opportunities and some in existing accounts but maybe more importantly at new accounts that have the potential to be very, very meaningful for us, even within the year.

而且我確實認為細分市場發生了變化，但沒有水晶球，但它似乎正在改善。至於 Perficient，stand-alone，正如 Tom 提到的和我在電話中提到的，我們實際上有相當多的新機會，一些在現有客戶中，但也許更重要的是在有潛力的新客戶中，對我們來說非常有意義，即使是在一年之內。

So I think the general environment while it did sort of stall or slow, seems to be improving. Now, no crystal ball but I think there's reason for optimism. Tom?

所以我認為總體環境雖然有點停滯或緩慢，但似乎正在改善。現在，沒有水晶球，但我認為有理由保持樂觀。湯姆？

I agree. I think also, as we moved to larger deals that also compounds -- look the market is still very rich with opportunity. There's definitely some caution in buying behavior. However, I'll also say is the deal size is larger.

我同意。我還認為，隨著我們轉向更大的交易，這些交易也會復合——看市場仍然充滿機會。購買行為肯定有一些謹慎。但是，我還要說的是交易規模更大。

So there's definitely a level of stringency that executives are going through that historically maybe they didn't have to go through as we continue to see larger deal sizes as representative of our Q4 bookings that has had a little bit of a headwind for us specifically, not necessarily in the industry.

因此，從歷史上看，高管們肯定會經歷一定程度的嚴格，也許他們不必經歷，因為我們繼續看到更大的交易規模代表我們第四季度的預訂，這對我們來說特別不利，不一定在這個行業。

That's helpful. And then as we kind of look at the year ahead, 2 related questions. One is it sounds like the project timelines themselves are compressing. So I just want to try to understood that comment correctly that clients are still signing on for work, but they want that amount of work done to be quicker. So that would suggest like cost takeout projects? Or is the focus materially shifted in some of the projects that you're working on?

這很有幫助。然後當我們展望未來一年時，有 2 個相關問題。一是聽起來項目時間表本身正在壓縮。所以我只是想嘗試正確理解客戶仍在簽約工作的評論，但他們希望更快地完成大量工作。那麼這會建議像成本外賣項目嗎？或者您正在從事的某些項目的重點是否發生了實質性轉移？

And then in terms of just the guide itself, is the vast majority of the growth -- it sounds like it's offshore, which it has been in the past or more recently as well. What is the -- your outlook for onshore or U.S. growth look like?

然後就指南本身而言，是增長的絕大部分——聽起來像是離岸的，過去或最近也是如此。您對在岸或美國增長的前景如何？

Yes. Good question. So -- yes, you heard that correctly in terms of the large deals, specifically the large deals and those compressed timelines. I would say the majority of our work is actually not based on cost reduction.

是的。好問題。所以 - 是的，就大宗交易而言，你聽到的是正確的，特別是大宗交易和那些壓縮的時間表。我想說我們的大部分工作實際上並不是基於降低成本。

It's based more on new products and services, and time to market is critical as ever. So I think that's what's driving a lot of that. Some of that also is -- they're catching up now, right? So where -- some of these deals I'm talking about are from clients who were in that slow sales cycle.

它更多地基於新產品和服務，上市時間一如既往地至關重要。所以我認為這就是推動很多的原因。其中一些也是——他們現在正在迎頭趕上，對吧？那麼在哪裡 - 我正在談論的這些交易中有一些來自處於那個緩慢銷售週期的客戶。

But then once they got through that, made that commitment, they're like, okay, we're behind now, so what can we do to accelerate this, right? So I think the majority of it is coming from that primarily. And -- what was the other question?

但是一旦他們完成了那個，做出了那個承諾，他們就像，好吧，我們現在落後了，那麼我們能做些什麼來加速這件事，對吧？所以我認為其中大部分主要來自於此。還有——另一個問題是什麼？

Growth rates onshore.

在岸增長率。

Growth rates, for sure, are going to be greater offshore just like they have been. Onshore, our overall guidance is pretty conservative, as you can see. So that would include you are implying flat to slightly up U.S. or onshore-based resources and a lot of that growth coming, as you pointed out, from offshore.

可以肯定的是，離岸地區的增長率將一如既往。如您所見，在陸上，我們的總體指導非常保守。因此，這將包括你暗示美國或陸上資源持平或略有上升，正如你所指出的那樣，大部分增長來自海上。

Our next question comes from the line of Mayank Tandon from Needham.

我們的下一個問題來自 Needham 的 Mayank Tandon 系列。

Jeff and Paul, I just wanted to first talk about the linearity of the year. So your guidance basically reflects, I think, flat to slightly down revenue sequentially based on the guidance. How should we expect the year to build?

Jeff 和 Paul，我只想先談談今年的線性度。因此，我認為，您的指導基本上反映了基於指導的收入持平或略有下降。我們應該如何期待這一年的建設？

Are you looking at maybe more of a second half rebound? Or should we expect a more linear trajectory over the course of '23?

您是否正在尋找更多的下半場反彈？還是我們應該期待在 23 年的過程中有一個更線性的軌跡？

Yes, I think it's going to be a little bit heavier in the second half for sure. So I think you're right on the Q1 guide, which by the way, it seems like a pretty common in the industry for the year, everybody sort of sees a stronger back half.

是的，我認為下半場肯定會更重一些。所以我認為你在 Q1 指南上是正確的，順便說一下，這在今年的行業中似乎很普遍，每個人都看到了更強壯的後半部分。

And I think we see the same thing, and I would underscore that with my comments earlier on the pipeline of bookings that the bookings, I think, sort of troughed out, if you will, in Q3, and we're experiencing that from a revenue standpoint basically now, the highest correlation factor between free bookings and revenue for us. And it's not that high because it tends to be somewhat lucky, but the highest correlation is about a 5-month rolling average. So literally, if you look 5 months out from a kind of a weaker Q3 bookings, then you're seeing that now.

而且我認為我們看到了同樣的事情，我想強調的是，我之前對預訂渠道的評論是，我認為，如果你願意的話，在第三季度，預訂量已經達到谷底，我們正在經歷現在基本上從收入的角度來看，免費預訂和我們的收入之間的相關係數最高。它並沒有那麼高，因為它往往有點幸運，但最高的相關性大約是 5 個月的滾動平均值。所以從字面上看，如果你從第三季度較弱的預訂中看到 5 個月，那麼你現在就看到了。

Bookings were stronger in the fourth quarter and they're starting stronger in the first quarter. So again, we would expect to see the benefit of that more towards the latter part of Q2 or at the beginning of the second half.

第四季度的預訂量強勁，第一季度開始強勁。因此，我們再次希望在第二季度後期或下半年開始時看到更多的好處。

That's helpful. And then just more in terms of housekeeping items. I wanted to ask you on the offshore. In terms of the drag on the growth, what have you built in to your expectations?

這很有幫助。然後更多的是在家政用品方面。我想問你在離岸。就增長的拖累而言，您在預期中建立了什麼？

And -- on the flip side, I'm assuming it's going to help margins. So maybe could you just quantify the benefit on margins and the drag on revenue based on your guidance?

而且——另一方面，我假設這將有助於提高利潤率。那麼，也許您可以根據您的指導量化利潤率的好處和對收入的拖累？

Yes. It's probably 3% or 4%. It's sort of hard to -- 3 or 4 points. It's sort of hard to predict, it's a 3.5:1 ratio. So you can sort of back into it from the guidance that we put out there based on offshore -- historic offshore and nearshore growth, is what I would tell you on that. And the...

是的。大概是 3% 或 4%。這有點難——3 或 4 分。很難預測，它是 3.5:1 的比率。所以你可以從我們基於離岸的指導中回到它 - 歷史性的離岸和近岸增長，這就是我要告訴你的。還有...

It's from a margin perspective, Mayank. Obviously, there's a lot of things going on with wages as well. And we modeled just modest gross margin improvement, and that's another one where hopefully as the demand picks up that could prove to be conservative.

這是從保證金的角度來看，Mayank。顯然，工資也有很多變化。我們模擬了適度的毛利率改善，這是另一個希望隨著需求回升可能被證明是保守的。

Keep in mind that's our strategy. The whole point of endeavoring organically and through M&A and offshore and nearshore is to bring our rates down to accelerate ultimately top line growth. And be more competitive with the -- against the digital transformation firms that we run into.

請記住，這是我們的策略。通過併購以及離岸和近岸有機努力的全部意義在於降低我們的利率以加速最終的收入增長。並且與我們遇到的數字轉型公司相比更具競爭力。

So we'll be careful about leveraging all that as margin and actually putting a lot of it into more attractive, more competitive rates.

因此，我們謹慎地利用所有這些作為保證金，並將其中的大部分投入更有吸引力、更具競爭力的利率。

Our next question comes from the line of Brian Kinstlinger from Alliance Global Partners.

我們的下一個問題來自 Alliance Global Partners 的 Brian Kinstlinger。

Jeff, you mentioned a few large deals that if you win can significantly change the revenue trajectory of the company. Is that captured in the high end of revenue guidance? Or is this more a 2024 driver given long sale cycles and therefore, maybe not contemplated in this year's guidance?

傑夫，你提到了幾筆大交易，如果你贏了，可以顯著改變公司的收入軌跡。這是收入指導的高端嗎？還是考慮到較長的銷售週期，這更像是一個 2024 年的驅動因素，因此今年的指南中可能沒有考慮到這一點？

It's not contemplated. As you mentioned earlier, we really are very cautious about trying to bake in anything that's not yet booked. But I would say this is rare, but if all of those deals close, I think that would represent upside to the guidance for the year. Again, that's probably an unlikely event but it's possible. But certainly, even without that, I think you're spot on that it's going to be more of an indicator and a boost to certainly the latter part of this year but also '24.

這不是考慮的。正如您之前提到的，我們對嘗試烘烤任何尚未預訂的東西非常謹慎。但我會說這種情況很少見，但如果所有這些交易都完成，我認為這將代表今年的指導有上升空間。同樣，這可能不太可能發生，但有可能發生。但可以肯定的是，即使沒有它，我認為你會發現它更像是一個指標，對今年下半年以及 24 年都有一定的推動作用。

Great. And then healthcare is lower year-over-year and sequentially. You've talked about stronger demand in the second half of 2023. And I think you've also -- at the second half of the year, experienced a large program winding down.

偉大的。然後醫療保健逐年下降。你談到了 2023 年下半年的強勁需求。而且我認為你也 - 在今年下半年經歷了一個大型項目的結束。

So can you share with us for this vertical? Are there any indicators of stronger demand trends in healthcare?

那麼你能和我們分享一下這個垂直領域嗎？是否有任何跡象表明醫療保健領域的需求趨勢更為強勁？

Yes. We're seeing -- at least for us, we're seeing certainly positive there, stronger. I don't know that the demand is that much stronger, but we have finally shed that account that we've been talking about.

是的。我們看到了——至少對我們來說，我們肯定看到了積極的一面，更強大了。我不知道需求有那麼強，但我們終於擺脫了我們一直在談論的那個賬戶。

So that account represented over $30 million of revenue in '21 and was still over $10 million last year. It's essentially 0 now. So we've lapped that. And I think we'll see a growth improvement then in healthcare. I think that was the biggest drag in healthcare for us. At the same time, I was going to say financial services is growing tremendously fast, which of course, has a dilutive effect as a percent of revenue on healthcare.

因此，該賬戶在 21 年代表了超過 3000 萬美元的收入，而去年仍超過 1000 萬美元。現在基本為0。所以我們已經完成了。而且我認為我們會看到醫療保健領域的增長改善。我認為這對我們的醫療保健是最大的拖累。與此同時，我要說金融服務的增長速度非常快，這當然會稀釋醫療保健收入的百分比。

Our next question comes from the line of Jonathan Lee from Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Jonathan Lee。

Yes. I wanted to talk through engagement type of pricing just given the macro. Have there been any notable changes to that in the quarter just given what we're hearing across the macro environment or perhaps shifting of delivery?

是的。鑑於宏觀，我想談談參與類型的定價。考慮到我們在整個宏觀環境中所聽到的或交付的轉移，本季度是否有任何顯著變化？

I'm sorry, you're talking about pricing?

對不起，你是在談論定價？

Yes. Like, where are you seeing, if any, notable changes to engagement type or pricing in the quarter given some of the macro related concerns?

是的。比如，考慮到一些與宏觀相關的問題，您在哪裡看到本季度參與類型或定價的顯著變化（如果有）？

Other than as we mentioned some actual compression, which is a positive, pricing has been solid. And we've actually managed to move ABR up. And again, as I mentioned before, we wouldn't be cautious about that because the whole point of the offshore is to be as competitive as it can on pricing, so -- we've had good pricing power. And I think, as I mentioned in the script, the -- and I think Tom alluded to or mentioned as well, that speaks, I think, quite a lot to the value that clients place on our services.

除了我們提到的一些實際壓縮（這是積極的）之外，定價一直很穩定。我們實際上已經設法提高了 ABR。再一次，正如我之前提到的，我們不會對此持謹慎態度，因為離岸的全部意義在於在定價方面盡可能具有競爭力，所以 - 我們擁有良好的定價能力。我認為，正如我在劇本中提到的那樣——我認為湯姆也提到或提到過，我認為，這在很大程度上說明了客戶對我們服務的重視。

That said, we need to be doing -- we've got the same skills, same capability, same strength and experience offshore that we do onshore. We need to be leveraging it more and more, and we are, and that's where you're seeing the growth differential.

也就是說，我們需要做的是——我們在海上擁有與在岸相同的技能、能力、實力和經驗。我們需要越來越多地利用它，我們就是，這就是你看到增長差異的地方。

Got it. And on the hiring front, can you provide an update on what you're seeing in the hiring market across your geographies? Where are you seeing it's easier to hire versus tougher to hire?

知道了。在招聘方面，您能否提供有關您所在地區招聘市場的最新情況？你在哪裡看到更容易僱用而不是更難僱用？

I'm going to let Tom -- I will just say something real quickly about attrition, and I'll let Tom take the recruiting question, he leads talent acquisition. But we mentioned earlier that the attrition rates were well within our range. So the great resignation seems to have moved behind us. So that obviously bodes well for talent acquisition. But I'm going to let Tom comment more specifically on that.

我要讓湯姆 - 我會很快說一些關於自然減員的事情，我會讓湯姆回答招聘問題，他領導人才招聘。但我們之前提到，流失率完全在我們的範圍內。因此，偉大的辭職似乎已經過去了。因此，這顯然預示著人才招聘的好兆頭。但我要讓 Tom 對此發表更具體的評論。

Yes. The talent we're looking [for easy is never a word I really] used but we definitely have a multi-tenant approach to the way in which we bring talent to the organization with robust university hiring programs globally. Great success in India and Latin America as well as the United States. We're constantly making sure we have the right value proposition for our team. Quite honestly, great talent once you work with great talent.

是的。我們正在尋找的人才[我從來沒有真正]使用過“簡單”這個詞，但我們肯定有一種多租戶方法來通過全球範圍內強大的大學招聘計劃為組織帶來人才。在印度和拉丁美洲以及美國取得了巨大成功。我們一直在確保我們的團隊擁有正確的價值主張。老實說，一旦你與偉大的人才一起工作，就會成為偉大的人才。

So our competitive advantage of environments, project work, and the way in which we drive a culture here, we haven't seen any challenges with hiring individuals. And with a multi-tenant approach and a multi-geography approach, there's not one specific area where it's "easier" to find talent. Across the board, we compete quite nicely against the industry peers for talent.

因此，我們在環境、項目工作以及我們在這裡推動文化的方式方面具有競爭優勢，我們在招聘人員方面沒有遇到任何挑戰。通過多租戶方法和多地域方法，沒有哪個特定領域可以“更容易”地找到人才。總體而言，我們與業內同行在人才方面的競爭非常激烈。

Our next question comes from the line of Puneet Jain from JPMorgan.

我們的下一個問題來自摩根大通的 Puneet Jain。

I'd like to ask about -- what does like the EPS guidance imply for -- assume for EBITDA margins this year? And what do you expect for utilization and pricing throughout this year?

我想問一下 - EPS 指導對今年 EBITDA 利潤率的假設意味著什麼？您對今年全年的利用率和定價有何期望？

So EPS -- the guidance for EPS is as it relates to margins would be potentially a modest increase to EBITDA. As we've discussed earlier, we're looking to keep gross margins flat, not down, but not up materially either, so that we can maintain that competitive pricing.

所以每股收益——每股收益的指導是因為它與利潤率相關，可能會適度增加 EBITDA。正如我們之前討論的那樣，我們希望保持毛利率持平，而不是下降，但也不會大幅上升，以便我們能夠保持具有競爭力的價格。

But I do think that adjusted EBITDA as an example, we'll have some expansion this year, although I think it will be modest as we've guided to a little bit lower than normal growth. So until we get back to that higher growth level, I think adjusted earnings or adjusted EBITDA will be modest in terms of expansion.

但我確實認為，以調整後的 EBITDA 為例，我們今年會有一些擴張，儘管我認為這將是適度的，因為我們已經指導略低於正常增長。因此，在我們回到更高的增長水平之前，我認為調整後的收益或調整後的 EBITDA 在擴張方面將是適度的。

But again, not negative but expecting modest expansion. And then utilization well maintained and has consistently maintained over the average of the year at about 80%. So we're -- that's still our goal, and we'll be driving that this year. And again, historically, over the last -- at least 3 or 4 years, we've had really great success with that. We expect more of the same.

但同樣，不是負面的，而是預期適度擴張。然後利用率保持良好，並一直保持在年平均水平80%左右。所以我們 - 這仍然是我們的目標，我們將在今年推動這一目標。再一次，從歷史上看，在過去——至少 3 或 4 年裡，我們在這方面取得了巨大的成功。我們期待更多相同的東西。

And Puneet, with respect to bill rates, et cetera, we're looking -- obviously, there's wage inflation as we talked about, and we're looking to notionally offset those, having the global delivery capability in our portfolio is allowing us to manage work deliveries on to offset wage increases with rate increases.

Puneet，關於票據利率等，我們正在尋找 - 顯然，正如我們所說的那樣存在工資通脹，我們希望在理論上抵消這些，我們的投資組合中具有全球交付能力使我們能夠管理工作交付以抵消加薪帶來的工資增長。

Right. Right. And is there a way to estimate the benefit from higher offshore mix, like the deals or the new business that's coming your way? Something that you wouldn't be eligible to compete for a few years ago. So is there a way to estimate like how much that increased offshore mix is helping drive new wins for you?

正確的。正確的。有沒有辦法估計更高的離岸組合帶來的好處，比如即將到來的交易或新業務？幾年前你沒有資格競爭的東西。那麼，有沒有一種方法可以估算增加的離岸組合在多大程度上有助於為您帶來新的勝利？

Yes. Absolutely, including an existing accounts and existing relationships. We've got a number of large great long-term relationships that just a few years ago, as you point out, were already doing a lot of offshore work or nearshore work that we really couldn't pursue because we didn't have the capacity or even the capability.

是的。絕對，包括現有賬戶和現有關係。正如您所指出的，就在幾年前，我們已經建立了許多長期的大型合作關係，我們已經在做大量的離岸工作或近岸工作，我們真的無法從事這些工作，因為我們沒有容量甚至能力。

Now that we do, we're actually taking quite a lot of shares. So a lot of the growth that we're enjoying from offshore and nearshore is not only new relationships, new clients, which almost always involve some level of offshore, right? I think right at the beginning but also actually in existing accounts, relationships that we've had 10, 15 years we've actually been able to take share away from some of the larger offshore competitors.

現在我們這樣做了，實際上我們獲得了相當多的股份。因此，我們從離岸和近岸享受的很多增長不僅是新關係，新客戶，幾乎總是涉及某種程度的離岸，對吧？我認為在一開始，但實際上在現有客戶中，我們已經擁有 10 年、15 年的關係，我們實際上已經能夠從一些較大的離岸競爭對手那里奪走份額。

And Puneet, just to give you some perspective, we've doubled the percentage of revenues done offshore in the last 2 years. And as Jeff said, we're on a journey to 50-plus percent.

Puneet，只是為了給你一些觀點，我們在過去兩年中將離岸收入的百分比翻了一番。正如 Jeff 所說，我們正朝著 50% 以上的目標邁進。

Our next call comes from the line of Vincent Colicchio from Barrington Research.

我們的下一個電話來自 Barrington Research 的 Vincent Colicchio。

Yes. Jeff, are there any vendor or solution categories that have significantly weakened since last quarter?

是的。 Jeff，自上個季度以來是否有任何供應商或解決方案類別明顯減弱？

Yes, I wouldn't say that exactly. There's no standout. I think it's -- we saw a kind of slowdown across the board. But -- our revenue tends not to be -- as each kind of quarter goes on, we're less and less coupled to specific technology.

是的，我不會這麼說。沒有什麼突出的。我認為這是——我們看到了一種全面的放緩。但是——我們的收入往往不是——隨著每個季度的進行，我們與特定技術的聯繫越來越少。

Certainly, there's a lot of disruption -- I can't comment on the software side, but we pivoted around that. But I would say, over the last 6 months or so, there's been a major shift with any particular technology or vendor.

當然，有很多中斷——我不能在軟件方面發表評論，但我們圍繞著它進行了調整。但我要說的是，在過去 6 個月左右的時間裡，任何特定技術或供應商都發生了重大轉變。

Okay. One more for me. Is client consolidation an issue currently given the pressures these companies are under? And if so, is it more of an opportunity or a threat for you?

好的。給我一個。考慮到這些公司所承受的壓力，客戶合併目前是否是一個問題？如果是這樣，這對您來說更像是機會還是威脅？

It's proven to be an opportunity. We are -- that auto manufacturer that Tom gave a little bit add on in the prepared statements, long-time client. We're now one of only 6 Tier 1 global suppliers with them. And that story is repeated over and over and over. So even when there is a sort of a reconciliation or rationalization, we almost always emerged as a key player.

事實證明這是一個機會。我們是 - 湯姆在準備好的陳述中添加了一點點的汽車製造商，長期客戶。我們現在是他們僅有的 6 家一級全球供應商之一。這個故事一遍又一遍地重複。因此，即使存在某種和解或合理化，我們幾乎總是作為關鍵角色出現。

Our next line comes from the line of Kate Kronstein, from William Blair.

我們的下一行來自威廉·布萊爾的凱特·克朗斯坦。

This is Kate Kronstein, on for Maggie Nolan. My first question I wanted to touch on was, can you guys provide the exact percent of revenue right now that is offshore based? And then when do you expect you'll be able to reach that 50-50 revenue mix that you touched on at the beginning of the call?

這是凱特·克朗斯坦，為瑪吉·諾蘭效力。我想談的第一個問題是，你們現在能提供離岸收入的確切百分比嗎？然後，您預計什麼時候能夠達到您在電話會議開始時提到的 50-50 的收入組合？

So the -- I'll answer the second part of that, and then Paul can address the first part. But our goal would be about 3 years on that 50-50. So that's what we're working hard towards. I don't know if that's going to be aggressive or not, but if we maintain the pace of growth that we have, I think that's very doable.

所以——我將回答第二部分，然後 Paul 可以解決第一部分。但我們的目標是 3 年左右的 50-50。這就是我們正在努力的方向。我不知道這是否會變得激進，但如果我們保持現有的增長速度，我認為這是非常可行的。

The only thing I want to point out is that we certainly -- I do think 50-50 is a really key pivot point for the business. But of course, the whole thesis is linear, right? So as we work towards that 50-50, the headwind that the offshore represents become less and less along the way.

我唯一想指出的是，我們當然 - 我確實認為 50-50 是業務的一個真正關鍵的支點。但當然，整個論文是線性的，對吧？因此，當我們朝著 50-50 的方向努力時，離岸所代表的逆風一路上變得越來越小。

So it's not a stair step function. But I do think that will be the critical point where things really shift to a tailwind and accelerate.

所以它不是階梯功能。但我確實認為這將是事情真正轉向順風並加速發展的關鍵點。

Yes. And Kate, with respect to the percentage of revenues, as I said it at -- a little bit before, it was about 13% in the fourth quarter of '20, and it's about double that today. And I think it will continue to accelerate into '23.

是的。凱特，關於收入的百分比，正如我之前所說的那樣，在 20 世紀第四季度約為 13%，而今天約為兩倍。而且我認為它將繼續加速進入 23 年。

Okay. Great. That's all been very helpful. And then one final question for me. Within the 56 deals that are greater than $1 million, are most of these short-term deals? Or are these deals that have the potential to grow into longer-term transformational deals?

好的。偉大的。這一切都非常有幫助。然後是我的最後一個問題。在 56 筆超過 100 萬美元的交易中，大多數是短期交易嗎？或者這些交易是否有可能發展成為長期的轉型交易？

Definitely have the ability to continue to grow the business. As Jeff mentioned, the compression as far as the length of the backlog -- it is multiple phases get in this work. So it should continue to build upon itself in the coming quarters.

絕對有能力繼續發展業務。正如 Jeff 所提到的，就積壓的長度而言，壓縮是這項工作的多個階段。因此，它應該在未來幾個季度繼續發展。

And our next question comes from Divya Goyal from Scotiabank.

我們的下一個問題來自豐業銀行的 Divya Goyal。

Jeff, I had a quick question on the broader technological aspect of the company. So given the competition out there, the pace at which technology is changing, what are some of the things that Perficient is doing in order to stay on top of the pace, kind of a competition, have more deal wins? And then how is your M&A strategy aligned with this?

傑夫，我有一個關於公司更廣泛技術方面的快速問題。因此，考慮到那裡的競爭，技術變化的速度，Perficient 正在做哪些事情以保持領先地位，一種競爭，贏得更多交易？那麼您的併購戰略如何與此保持一致？

I'll take at a high level. We've got a group of strategists that not only help clients but also Tom and I rely on, and of course, the whole management team, to help us navigate that and pivot around what we think are going to be good opportunities for us. Not all too new technology at least early on, is necessarily a big services opportunity because not everybody adopts it right away.

我會採取高水平。我們有一群戰略家，他們不僅幫助客戶，而且湯姆和我依賴，當然還有整個管理團隊，幫助我們駕馭它並圍繞我們認為對我們來說是好的機會進行調整。至少在早期不是太新的技術，必然是一個巨大的服務機會，因為不是每個人都會立即採用它。

We take a close eye on that. We've got a team that focuses specifically on that. And I'm going to let Tom add -- I'll mention the M&A as well, I'm sorry. We do have M&A in the pipeline. We consciously kind of put that on hold really for the fourth quarter.

我們密切關注這一點。我們有一個專門專注於此的團隊。我要讓湯姆補充 - 我也會提到併購，對不起。我們確實有併購計劃。我們有意識地將其擱置到第四季度。

We closed 1 deal in the fourth quarter, as you know. And we kind of slow things down little bit. We want to see what the macro environment was like. And also wanted to give the valuations a chance to catch up with the public markets because we weren't seeing that then, things do seem to be improving now. And so we're going to be getting back in the game likely in the second quarter.

如您所知，我們在第四季度完成了一筆交易。我們有點放慢速度。我們想看看宏觀環境是什麼樣的。並且還想讓估值有機會趕上公開市場，因為我們當時沒有看到，現在情況似乎正在改善。因此，我們很可能會在第二季度重返賽場。

Just to take on that a little bit. So our team globally, is a bunch of explorers around technology, really looking at the next thing. So as an example, a generative AI. So we have interest groups around the world, not necessarily just within that strategy team, all our strategy team is looking at the next greatest technologies to come. We actually then put together interest groups around the world, individuals from Latin America, India, Serbia, China, the United States, working together collectively on newer technologies around use cases, how clients can utilize them.

只是稍微承擔一下。因此，我們在全球的團隊是一群圍繞技術的探索者，真正著眼於下一件事。舉個例子，一個生成的人工智能。所以我們在世界各地都有利益集團，不一定只在那個戰略團隊內，我們所有的戰略團隊都在關注下一個最偉大的技術。實際上，我們隨後將世界各地的利益集團、來自拉丁美洲、印度、塞爾維亞、中國、美國的個人聚集在一起，共同致力於圍繞用例的新技術，以及客戶如何利用它們。

You're probably familiar with ChatGPT which is a generative AI tool. We have clients working with us regarding how can they leverage technology not just for us to play with but for them to actually gain through ROI.

您可能熟悉 ChatGPT，這是一種生成式 AI 工具。我們有客戶與我們合作，研究他們如何利用技術，不僅讓我們玩，而且讓他們通過投資回報率實際獲得收益。

And we do that with our collective 7,000-plus consultants around the world. So we have specific interest groups around that domain and technology that we will talk a little bit more in the future, but it's a -- very big part of our culture is to look at those technologies and see how they can be of value to our customers.

我們與全球 7,000 多名顧問一起這樣做。因此，我們在該領域和技術周圍有特定的興趣小組，我們將在未來討論更多，但我們文化的很大一部分是研究這些技術，看看它們如何對我們有價值顧客。

I would like now to turn it back over to Jeff Davis for closing remarks.

我現在想把它轉回給 Jeff Davis 作結束語。

All right. Well, thank you all for your time and thank you for your patience and sticking around as we worked through some of the technical issues at the onset of the call. But thank you and look forward to seeing you again here in about 60 days.

好的。好吧，感謝大家抽出寶貴的時間，感謝您的耐心和堅持，因為我們在電話會議開始時解決了一些技術問題。但謝謝你，並期待在大約 60 天后再次在這裡見到你。