Taskus Inc (TASK) 2024 Q3 法說會逐字稿

Good afternoon, and welcome to the Taskus fiscal third quarter 2024 conference call. My name is Michelle, and I will be your conference facilitator today. At this time, all lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer period.

下午好，歡迎參加 Taskus 2024 財年第三季電話會議。我叫米歇爾，今天我將擔任你們的會議主持人。此時，所有線路均已置於靜音狀態，以防止任何背景噪音。演講者發言結束後，將進入問答環節。

(Operator Instructions) I would like now to introduce Trent Thrash, senior vice president of corporate development and investor relations. Trent, you may begin.

（操作員說明） 現在我想介紹一下企業發展和投資者關係資深副總裁 Trent Thrash。特倫特，你可以開始了。

Good afternoon, and thank you for joining us for Taskus' third quarter 2024 earnings call. Joining me on today's call are Bryce Maddock, our co-founder and chief executive officer; and Balaji Sekar, our chief financial officer. Full details of our results and additional management commentary are available in our earnings release, which can be found on the investor relations section of our website at ir.Taskus.com. We have also posted supplemental information on our website, including an investor presentation and an Excel-based financial metrics file.

下午好，感謝您參加 Taskus 的 2024 年第三季財報電話會議。參加今天電話會議的還有我們的共同創辦人兼執行長布萊斯·馬多克 (Bryce Maddock)；和我們的財務長 Balaji Sekar。有關我們業績的完整詳細資訊和其他管理層評論，請參閱我們的收益報告，您可以在我們網站 ir.Taskus.com 的投資者關係部分找到該報告。我們還在網站上發布了補充信息，包括投資者演示和基於 Excel 的財務指標文件。

Please note that this call is being simultaneously webcast on the investor relations section of our website. Before we start, I would like to remind you that the following discussion contains forward-looking statements within the meaning of the federal securities laws, including, but not limited to, statements regarding our future financial results and management's expectations and plans for the business. These statements are neither promises nor guarantees and involve risks and uncertainties that may cause actual results to differ materially from those discussed here. You should not place undue reliance on any forward-looking statements.

請注意，本次電話會議正在我們網站的投資者關係部分同時進行網路直播。在開始之前，我想提醒您，以下討論包含聯邦證券法含義內的前瞻性陳述，包括但不限於有關我們未來財務業績以及管理層對業務的預期和計劃的陳述。這些陳述既不是承諾也不是保證，並且涉及風險和不確定性，可能導致實際結果與此處討論的結果有重大差異。您不應過度依賴任何前瞻性陳述。

Factors that could cause actual results to differ from these forward-looking statements can be found in our annual report on Form 10-K, which was filed with the SEC on March 8, 2024. This filing, which may be supplemented with subsequent periodic reports we file with the SEC, is accessible on the SEC's website and our Investor Relations website. Any forward-looking statements made on today's conference call, including responses to questions, are based on the current expectations as of today, and Taskus assumes no obligation to update or revise them, whether as a result of new developments or otherwise, except as required by law. The discussions throughout today's call contain non-GAAP financial measures.

可能導致實際結果與這些前瞻性陳述不同的因素可以在我們於 2024 年 3 月 8 日向 SEC 提交的 10-K 表格年度報告中找到。該文件可能會以我們向 SEC 提交的後續定期報告作為補充，可在 SEC 網站和我們的投資者關係網站上存取。在今天的電話會議上做出的任何前瞻性陳述，包括對問題的答复，均基於截至今天的當前預期，Taskus 不承擔更新或修改這些陳述的義務，無論是由於新的發展還是其他原因，除非有要求。今天電話會議的討論包含非公認會計準則財務指標。

For a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP metric, please see our earnings press release, which is available in the IR section of our website. Now, I will turn the call over to Bryce Maddock, our co-founder and chief executive officer. Bryce?

有關這些非 GAAP 財務指標與最直接可比較的 GAAP 指標的調節，請參閱我們網站的 IR 部分的收益新聞稿。現在，我將把電話轉給我們的聯合創始人兼執行長布萊斯·馬多克 (Bryce Maddock)。布萊斯？

Thank you, Trent. Good afternoon, everyone, and thank you for joining us. In the third quarter, we generated $255.3 million, outperforming the top end of our revenue guidance by $9.3 million. We delivered the most quarterly revenue in Taskus history and returned to double-digit revenue growth of 13.2%.

謝謝你，特倫特。大家下午好，感謝您加入我們。第三季度，我們實現了 2.553 億美元的收入，比收入指導上限高出 930 萬美元。我們實現了 Taskus 歷史上最高的季度收入，並恢復了 13.2% 的兩位數收入成長。

This was made possible by our team's relentless focus on our four strategic growth levers: taking share from competitors, cross-selling our specialized services, diversifying our client base and industry verticals, and leading in the deployment of AI and automation tools. While we are celebrating today's revenue milestone, we aren't done yet. We expect our growth rate to continue accelerating into the fourth quarter of the year for another record-setting quarter. We now expect revenue of $988 million to $990 million for the year, an increase of $24 million at the midpoint.

這是我們團隊對四個策略成長槓桿的不懈關注使之成為可能的：從競爭對手那裡奪取份額、交叉銷售我們的專業服務、使我們的客戶群和垂直行業多樣化，以及在人工智慧和自動化工具的部署方面處於領先地位。雖然我們正在慶祝今天的收入里程碑，但我們還沒有完成。我們預計今年第四季我們的成長率將繼續加快，再創紀錄的季度。我們現在預計今年的收入為 9.88 億美元至 9.9 億美元，中間增加 2,400 萬美元。

Our team's tireless efforts have enabled us to increase the midpoint of our full year guidance by $64 million since our initial 2024 guide, putting us on pace to grow revenue by 7% for the year. On the back of our strong Q3 revenue, we delivered $54.2 million in adjusted EBITDA in the quarter. This exceeded the $52.7 million midpoint of our most recent guidance by $1.5 million or nearly 3%. This represents an adjusted EBITDA margin of 21.2%, which was below our guidance of 21.5%.

我們團隊的不懈努力使我們能夠自最初的 2024 年指南以來將全年指導中點增加了 6,400 萬美元，使我們今年的收入增長了 7%。在第三季強勁營收的支持下，我們在本季實現了 5,420 萬美元的調整後 EBITDA。這比我們最新指導的 5,270 萬美元中點高出 150 萬美元，即近 3%。這意味著調整後的 EBITDA 利潤率為 21.2%，低於我們 21.5% 的指引。

Consistent with last quarter, the acceleration in our growth rate requires additional investments in operations, facilities, hiring, and training, which impacts our margins and cash flow. In addition to this, we have made the decision to play offense and invest even more in developing our specialized service lines, deploying new technologies, and accelerating sales and marketing. This year, we've watched as many of our competitors have struggled to deliver growth and have reduced their guidance. In response, they are now playing defense as Taskus continue to take share.

與上季一致，我們成長率的加速需要在營運、設施、招聘和培訓方面進行額外投資，這會影響我們的利潤和現金流。除此之外，我們也決定積極進攻，加大投資力度，開發專業服務線、部署新技術以及加速銷售和行銷。今年，我們看到許多競爭對手都在努力實現成長並降低了指導。作為回應，他們現在正在防守，塔斯庫斯繼續佔據份額。

Given our success, we've decided to significantly increase our investments in the industry and service line expertise and operational excellence that we believe make us the provider of choice for our clients. These investments will reduce our margins in the near term. However, it's a trade-off we're willing to make as we believe it will allow us to sustain our growth rate into next year. At the midpoint of our guidance, we now expect to deliver approximately $212.6 million in adjusted EBITDA, reflecting a margin of 21.5% and approximately $110 million in adjusted free cash flow for the full year 2024.

鑑於我們的成功，我們決定大幅增加對行業和服務線專業知識以及卓越營運的投資，我們相信這使我們成為客戶的首選提供者。這些投資將在短期內降低我們的利潤。然而，這是我們願意做出的權衡，因為我們相信這將使我們能夠將成長率維持到明年。在我們指引的中點，我們現在預計 2024 年全年調整後 EBITDA 約為 2.126 億美元，利潤率為 21.5%，調整後自由現金流約為 1.1 億美元。

In summary, our team continues to deliver results that exceed our expectations. We continue to see robust global demand from new and existing clients. We expect our revenue growth will again accelerate in Q4. As we look to 2025, we believe our growth rate and margins will continue to be among the best in the industry.

總之，我們的團隊持續交付超越我們預期的成果。我們持續看到新舊客戶的強勁全球需求。我們預計第四季的營收成長將再次加速。展望 2025 年，我們相信我們的成長率和利潤率將繼續位居行業前列。

Next, I'll go through some of the highlights of our Q3 performance. Then Balaji will walk through our Q3 financials, Q4 outlook and our increased full year 2024 guidance. Q3 revenue was $255.3 million, an increase of 13.2% on a year-over-year basis. This increase was reflective of year-over-year and sequential quarterly growth across all three of our service lines.

接下來，我將介紹我們第三季業績的一些亮點。然後巴拉吉將介紹我們第三季度的財務狀況、第四季度的前景以及我們增加的 2024 年全年指引。第三季營收為 2.553 億美元，年增 13.2%。這一增長反映了我們所有三個服務線的同比和連續季度增長。

Q3 saw strength in revenue and bookings from our top 20 clients who generated 68% of total revenue during the quarter. In particular, we again saw strong demand from our largest client who contributed approximately 23% of total revenue in Q3, up from 20% in Q2. We anticipate revenue contribution from this client will increase again in Q4. We're excited to continue to grow our relationship with our largest client in support of their generative AI and trust and safety initiatives.

第三季我們的前 20 位客戶的營收和預訂表現強勁，佔該季總營收的 68%。特別是，我們再次看到來自最大客戶的強勁需求，該客戶在第三季貢獻了約 23% 的總收入，高於第二季的 20%。我們預計該客戶的營收貢獻將在第四季再次增加。我們很高興能夠繼續發展與我們最大客戶的關係，以支援他們的生成式人工智慧以及信任和安全計劃。

Excluding our largest client relationship, revenue from the rest of our business grew approximately 8% in Q3 of 2024. In terms of delivery geographies, as expected, revenue from US delivery declined 4% in Q3 on a year-over-year basis. As a result, US

不包括我們最大的客戶關係，我們其他業務的收入在 2024 年第三季增長了約 8%。從配送地域來看，如預期，第三季美國配送收入年減 4%。結果，美國

revenue was approximately 12% of total revenue during Q3 versus 14% in the prior year. Our offshore geographies again demonstrated strong revenue growth of approximately 16% year over year. For the seventh quarter in a row, revenue delivered in Latin America grew by more than 40% year over year in Q3. We also delivered year-over-year growth in all of our other major delivery geographies outside of the US

第三季的營收約佔總營收的 12%，去年同期為 14%。我們的離岸地區再次展現出年比約 16% 的強勁營收成長。第三季度，拉丁美洲地區的營收年增超過 40%。我們在美國以外的所有其他主要交付地區也實現了同比增長

These include the Philippines, India, and the rest of the world. We ended the quarter with approximately 54,800 global teammates, an increase of approximately 3,100 teammates from the end of Q2. In Q3, our sales and client service teams once again delivered exceptional performance. At 83% of total signings, the majority of our bookings continue to be driven by new wins from existing clients.

其中包括菲律賓、印度和世界其他地區。截至本季末，我們在全球擁有約 54,800 名隊友，比第二季末增加了約 3,100 名隊友。第三季度，我們的銷售和客戶服務團隊再次取得了出色的表現。我們的大部分預訂仍然是由現有客戶的新訂單推動的，佔總簽約量的 83%。

This was largely reflective of strong bookings from our largest client, where we continue to have success selling our specialized services against the competition. From a delivery location perspective, Q3 bookings were strongest in Latin America, followed by India and the Philippines. During Q3, we again made progress on our strategic goal of cross-selling our suite of specialized services to our client base. Revenue growth from clients that utilize more than one of our service lines increased 25% year over year.

這在很大程度上反映了我們最大客戶的強勁預訂，我們在競爭中繼續成功銷售我們的專業服務。從交貨地點來看，第三季的預訂量在拉丁美洲最為強勁，其次是印度和菲律賓。在第三季度，我們在向客戶群交叉銷售我們的專業服務套件的策略目標方面再次取得了進展。使用我們多種服務線的客戶帶來的收入年增 25%。

Shifting to our service lines. We returned to year-over-year growth in all three of our service lines during Q3 with trust and safety and AI services delivering strong double-digit growth. Digital customer experience saw mid-single-digit year-over-year growth of 6.3% in Q3, an improvement compared to the 1.7% year-over-year decline we saw in Q2 of this year. Amongst others, DCX saw improved growth from new clients, particularly in the fintech, professional services, and health tech verticals as a result of our continued focus on diversifying our client base and industry verticals.

轉向我們的服務線。第三季度，我們的所有三個服務線都恢復了同比增長，信任、安全和人工智慧服務實現了強勁的兩位數成長。第三季數位客戶體驗實現了 6.3% 的中個位數同比增長，與今年第二季 1.7% 的同比下降相比有所改善。其中，由於我們持續致力於客戶群和垂直行業的多元化，DCX 的新客戶成長有所改善，特別是在金融科技、專業服務和健康科技垂直領域。

While we saw modest revenue increases from certain crypto and equity trading clients in Q3, this cohort remained below 5% of total revenue. Given our year-to-date performance, we expect DCX growth to continue to accelerate but remain in the single digits during Q4 of 2024. In terms of DCX signings in Q3, we saw broad-based strength in bookings across most of our vertical markets. We signed a major expansion with a large global e-commerce retailer.

儘管我們在第三季看到某些加密貨幣和股票交易客戶的收入略有成長，但該群體仍低於總收入的 5%。鑑於我們今年迄今的表現，我們預計 DCX 成長將繼續加速，但在 2024 年第四季仍保持在個位數。就第三季 DCX 簽約量而言，我們看到大多數垂直市場的預訂量普遍強勁。我們與一家大型全球電子商務零售商簽署了一項重大擴張協議。

Here, we're delivering services from India, and we are the No.1 vendor in a network of dozens of providers. A major highlight for the third quarter was an expansion of a Q2 competitive takeaway with an international developer of cloud-based websites and e-commerce solutions. Based on the stellar performance that we had out of the gate, this client awarded us a large scale-up commitment in Colombia on top of the initial Q2 win. This is emblematic of the success of our strategy of taking share from the competition.

在這裡，我們從印度提供服務，並且我們是由數十家提供者組成的網路中的第一大供應商。第三季的一個主要亮點是與一家基於雲端的網站和電子商務解決方案的國際開發商擴大了第二季的競爭優勢。基於我們一開始的出色表現，除了第二季的初步勝利之外，該客戶還向我們授予了在哥倫比亞大規模擴大規模的承諾。這標誌著我們從競爭中奪取份額的策略取得了成功。

Here, we have successfully taken millions of dollars of business from one of our direct competitors based on our superior operating performance. Another example of this strategic focus was the significant expansion of the work we provide to a client we first won in Q1 that provides technology-enabled legal solutions. With expansions in India, Mexico, and the United States, we've grown the breadth of the services we provide to include tax support in addition to customer support, sales, and learning experience. Lastly, while not signed in Q3, we were verbally awarded and began preparing to launch our first contract in support of a large enterprise healthcare payer.

在這裡，我們憑藉著卓越的經營業績，成功地從我們的直接競爭對手手中奪取了數百萬美元的業務。這項策略重點的另一個例子是我們為第一季首次贏得的客戶提供的工作的顯著擴展，該客戶提供技術支援的法律解決方案。隨著在印度、墨西哥和美國的擴張，我們提供的服務範圍不斷擴大，除了客戶支援、銷售和學習體驗之外，還包括稅務支援。最後，雖然沒有在第三季簽署，但我們獲得了口頭獎勵，並開始準備啟動我們的第一份合約以支持大型企業醫療保健付款人。

This marquee relationship was cultivated for over a year and is a sign that our enterprise healthcare expansion strategy is working. Turning to trust and safety. Revenue growth in this service line was again accretive to our overall growth rate, increasing 30.8% year over year. This marked the third consecutive quarter with growth in excess of 30%.

這種重要的關係已經培養了一年多，這表明我們的企業醫療保健擴張策略正在發揮作用。轉向信任和安全感。該服務線的收入成長再次拉動了我們的整體成長率，年增 30.8%。這標誌著連續第三個季度增長超過 30%。

Similar to Q2 of 2024, we again saw broad-based growth, including from our largest client, as well as with certain fintech, social media, and technology clients. As a reminder, trust, and safety includes our financial crime and compliance specialized service offerings, which we have previously referred to as risk and response. Going forward, we will refer to these services as Financial Crime and Compliance, or FCC, in order to better align to market and industry analyst nomenclature. With that said, once again, this subservice line was accretive to the overall growth rate of trust and safety in Q3.

與 2024 年第二季類似，我們再次看到了廣泛的成長，包括來自我們最大的客戶以及某些金融科技、社群媒體和科技客戶。提醒一下，信任和安全包括我們的金融犯罪和合規專業服務產品，我們之前稱之為風險和回應。展望未來，我們將把這些服務稱為金融犯罪與合規性 (FCC)，以便更好地符合市場和產業分析師的術語。話雖如此，這條子服務線再次促進了第三季信任和安全的整體成長率。

Based on recent trust and safety booking trends, we expect this service line to continue outpacing the rest of our business. As a result, trust and safety will represent an increasing percentage of total revenue in future quarters. Notably, during Q3, we signed multiple significant statements of work expanding the scope of the trust and safety solutions we provide to our largest client. In addition to traditional content moderation, this included services focused on AI safety, which sits at the intersection of trust and safety and AI services.

根據最近的信任和安全預訂趨勢，我們預計該服務線將繼續超過我們的其他業務。因此，信任和安全將在未來幾季佔總收入的比例越來越大。值得注意的是，在第三季度，我們簽署了多項重要的工作聲明，擴大了我們為最大客戶提供的信任和安全解決方案的範圍。除了傳統的內容審核之外，這還包括專注於人工智慧安全的服務，它位於信任和安全與人工智慧服務的交叉點。

We also signed a contract to provide European-based content moderation solutions to a video game developer and provider of an online marketplace for PC gaming. Moving on to AI services. Revenues in this specialized service line not only returned to growth in Q3 but accelerated to double-digit growth of 17.8% on a year-over-year basis. We are pleased with the trajectory of this service line, which has been driven by strong revenue growth from our largest client, a provider of tech-enabled legal solutions, our largest autonomous vehicle client, and the world's leading large language model.

我們還簽署了一份合同，為一家視頻遊戲開發商和 PC 遊戲線上市場提供商提供歐洲內容審核解決方案。轉向人工智慧服務。這條專業服務線的營收不僅在第三季恢復成長，而且較去年同期加速達到兩位數成長17.8%。我們對該服務線的發展軌跡感到滿意，該服務線的發展得益於我們最大的客戶、技術支援的法律解決方案提供商、我們最大的自動駕駛汽車客戶以及世界領先的大型語言模型的強勁收入增長。

We continue to see strong demand for AI services across multiple client verticals, including clients in the social media and generative AI industries. We again signed multiple new statements of work supporting our largest clients' generative AI initiatives and an expansion of our relationship with our largest autonomous vehicle client in Q3. Here, we're supporting this client as they expand their fleet of cars in both new and existing markets. We also continue to grow our relationship with the world's leading developer of generative AI technologies across all three of our service lines in multiple geographies.

我們持續看到多個客戶垂直領域對人工智慧服務的強勁需求，包括社群媒體和產生人工智慧產業的客戶。我們在第三季再次簽署了多項新的工作聲明，支援我們最大的客戶的生成式人工智慧計劃，並擴大了我們與最大的自動駕駛汽車客戶的關係。在這裡，我們為該客戶在新市場和現有市場擴大車隊提供支援。我們也繼續在多個地區的所有三個服務線中發展與世界領先的生成人工智慧技術開發商的關係。

Given this demand and our success selling AI services, we anticipate this service line will again deliver double-digit growth in Q4. Before moving on to our updated 2024 outlook, I want to provide a brief update on our own generative AI initiatives. Here, too, we are playing offense, deploying our TaskGPT platform to clients in order to drive increased efficiency, quality, and customer satisfaction. Combining this technology with our well-trained teammates has delivered a significant impact and supported our return to double-digit growth.

鑑於這種需求以及我們銷售人工智慧服務的成功，我們預計該服務線將在第四季度再次實現兩位數的成長。在繼續更新 2024 年展望之前，我想簡要介紹一下我們自己的生成式人工智慧計畫的最新情況。在這裡，我們也主動進攻，向客戶部署我們的 TaskGPT 平台，以提高效率、品質和客戶滿意度。這項技術與我們訓練有素的隊友相結合產生了重大影響，並支持我們恢復兩位數成長。

We continue to believe generative AI has created more opportunity than risk for Taskus. We're seeing that opportunity emerge in the form of demand for our specialized service offerings that focus on AI safety, development, and maintenance. We recognize that over time, GenAI will automate certain customer interactions. We are leaning into that possibility, automating our own workflows using TaskGPT and other tools.

我們仍然相信生成式人工智慧為 Taskus 創造的機會多於風險。我們看到機會以對我們專注於人工智慧安全、開發和維護的專業服務產品的需求的形式出現。我們認識到，隨著時間的推移，GenAI 將實現某些客戶互動的自動化。我們正在利用這種可能性，使用 TaskGPT 和其他工具來自動化我們自己的工作流程。

We also continue to play offense by investing in new capabilities to grow our offerings supporting complex and sensitive customer interactions and content types. We believe specialized services like our trust and safety, AI services, financial crime and compliance, sales and customer acquisition, customer success, and more complex forms of customer support and technical support are far less exposed to the risk of automation than basic call center work. Before handing it over to Balaji to provide more details on our Q3 results, I want to touch briefly on our 2024 outlook. In light of our strong year-to-date operational execution and sales momentum, we're increasing our full year revenue guidance to between $988 million and $990 million.

我們也繼續透過投資新功能來發展我們的產品，支援複雜而敏感的客戶互動和內容類型，從而繼續發揮進攻作用。我們相信，像我們的信任和安全、人工智慧服務、金融犯罪和合規、銷售和客戶獲取、客戶成功以及更複雜形式的客戶支援和技術支援等專業服務，與基本的呼叫中心工作相比，面臨的自動化風險要小得多。在交給 Balaji 提供有關我們第三季業績的更多詳細資訊之前，我想簡要介紹一下我們 2024 年的展望。鑑於我們今年迄今強勁的營運執行力和銷售勢頭，我們將全年營收指引提高至 9.88 億美元至 9.9 億美元之間。

This represents a $24 million increase to a midpoint of $989 million. For Q4, we expect to deliver an accelerating double-digit revenue growth rate that will require us to continue investing in new facilities, hiring, and training initiatives, which will have some impact on our margins this year. As a result of these factors and our increased revenue guidance, we expect full year adjusted EBITDA of approximately $212.6 million, representing a margin of approximately 21.5% and adjusted free cash flow of approximately $110 million. As we look to 2025, we believe the tireless work of our team has set the company up for another great year.

這意味著增加了 2,400 萬美元，達到 9.89 億美元的中位數。對於第四季度，我們預計將實現兩位數的收入成長率，這將要求我們繼續投資於新設施、招聘和培訓計劃，這將對我們今年的利潤率產生一些影響。由於這些因素以及我們增加的收入指引，我們預計全年調整後 EBITDA 約為 2.126 億美元，利潤率約為 21.5%，調整後自由現金流約為 1.1 億美元。展望 2025 年，我們相信我們團隊的不懈努力已經為公司奠定了另一個偉大的一年。

I look forward to sharing the details of our 2025 plan during our Q4 earnings call. With that, I'll hand it over to Balaji to go through the Q3 financials and our 2024 outlook in more detail.

我期待在第四季財報電話會議上分享我們 2025 年計畫的詳細資訊。接下來，我將把它交給 Balaji，讓他更詳細地了解第三季度的財務狀況和我們的 2024 年展望。

Thank you, Bryce, and good afternoon, everyone. In the third quarter, we earned total revenues of $255.3 million, once again beating our Q3 guidance range of $244 million to $246 million. Revenues increased by 13.2% compared to the previous year, beating our expectation of approximately 8.6% growth at the midpoint of our guidance. We outperformed our guidance, primarily driven by stronger-than-expected volumes with existing and new client ramps.

謝謝你，布萊斯，大家下午好。第三季度，我們的總收入為 2.553 億美元，再次超出了我們第三季度 2.44 億至 2.46 億美元的指導範圍。收入較上年增長 13.2%，超出了我們預期的中位數增長約 8.6%。我們的表現超出了預期，主要是由於現有和新客戶數量增長強於預期。

In the third quarter, our DCX offering generated $155.2 million for year-over-year growth of 6.3%. Sequential growth also accelerated from 3.4% in Q2 to 4.6% in Q3. As Bryce covered earlier, this service line growth was primarily attributable to strong new client revenue performance. Similar to Q2, we saw positive results from our strategic focus on clients in the fintech, BFSI, health tech, and generative AI industries.

第三季度，我們的 DCX 產品創造了 1.552 億美元的收入，年增 6.3%。環比增速也從第二季的 3.4% 加速至第三季的 4.6%。正如布萊斯先前所提到的，這條服務線的成長主要歸功於強勁的新客戶收入表現。與第二季類似，我們對金融科技、BFSI、健康科技和產生人工智慧產業客戶的策略重點關注取得了積極成果。

We also saw strength in our entertainment, gaming, and professional services verticals. These increases were partially offset by declines from a US travel industry client and certain client cost optimization initiatives, which we have discussed on prior calls. Our trust and safety offering, which includes our content moderation and financial crime and compliance services grew by 30.8% compared to Q3 of 2023, resulting in $63.7 million of revenue.

我們也看到了娛樂、遊戲和專業服務垂直領域的優勢。這些成長被美國旅遊業客戶的下降和某些客戶成本優化措施所部分抵消，我們在先前的電話會議中已討論過這些措施。與 2023 年第三季相比，我們的信任和安全產品（包括內容審核以及金融犯罪和合規服務）成長了 30.8%，收入達到 6,370 萬美元。

Sequential growth also accelerated from 6.9% in Q2 to 7.8% in Q3. As discussed earlier, we are excited about the progress in this service line, which included a continued acceleration of growth by our largest client and strong growth in our fintech vertical, where our financial crime and compliance services continue to align well with our clients' needs. We also saw growth for our trust and safety solutions across most of our verticals from a mix of new and existing clients. Our AI services service line grew by 17.8% year over year, delivering $36.5 million in revenue, primarily as a result of expansion in services we provide to our largest client and our largest autonomous vehicle client.

環比增速也從第二季的 6.9% 加速至第三季的 7.8%。如前所述，我們對該服務線的進展感到興奮，其中包括我們最大客戶的持續加速增長以及我們的金融科技垂直領域的強勁增長，我們的金融犯罪和合規服務繼續與客戶的需求保持良好契合。我們也看到了新舊客戶在大多數垂直領域的信任和安全解決方案的成長。我們的人工智慧服務業務線年增 17.8%，收入達到 3,650 萬美元，這主要是由於我們向最大客戶和最大自動駕駛汽車客戶提供的服務的擴展。

Additionally, we have seen demand for AI services pick up in support of our clients' generative AI development testing and maintenance initiatives. We expect AI services' year-over-year growth rate to again accelerate in Q4 as our clients ramp up their generative AI investments. In Q3, revenue concentration with our largest client was approximately 23%, up from 19% in Q3 of 2023. Here, we have returned to accelerating growth and expect our revenue concentration to increase again in Q4.

此外，我們還看到對人工智慧服務的需求增加，以支援客戶的生成式人工智慧開發測試和維護計劃。隨著我們的客戶增加對生成式人工智慧的投資，我們預計第四季度人工智慧服務的年成長率將再次加速。第三季度，我們最大客戶的營收集中度約為 23%，高於 2023 年第三季的 19%。在這裡，我們已恢復加速成長，並預計第四季度我們的收入集中度將再次提高。

Our top 10 and top 20 clients accounted for 56% and 68%, respectively, compared to 55% and 67% in Q3 of the previous year. We saw growth across all of our primary client-size cohorts, our largest client, top 10, and top 20 clients. And we continue to see strength from clients outside of our top 20, which grew 7.5% year over year. In the third quarter, we generated 57% of our revenues in the Philippines, 12% in the United States and 12% in India, and 19% from the rest of the world.

我們的前 10 名和前 20 名客戶佔比分別為 56% 和 68%，而去年第三季為 55% 和 67%。我們看到所有主要客戶規模群、最大客戶、前 10 名和前 20 名客戶均出現成長。我們繼續看到前 20 名以外的客戶的實力，年增 7.5%。第三季度，我們57%的收入來自菲律賓，12%來自美國，12%來自印度，19%來自世界其他地區。

We saw particularly strong year-over-year revenue growth in excess of 40%, again in Latin America, as well as strong acceleration of growth in Europe, resulting from recent competitive takeaways in the region. For the full year of 2024, we continue to expect year-over-year revenue growth in all of our delivery geographies other than the United States. Our cost of service as a percentage of revenue was 60.2% in the third quarter compared to 57.7% in Q3 of the prior year. The increase was due to typical wage and benefits cost inflation, competitive pricing pressures, and higher recruiting and facilities costs to support revenue expansion as a result of our improved revenue outlook, offset by the benefit from the stronger US.

我們看到拉丁美洲的營收年增率尤其強勁，超過 40%，由於該地區最近的競爭性外賣，歐洲的成長也強勁加速。對於 2024 年全年，我們繼續預計除美國以外的所有交付地區的收入將同比增長。第三季我們的服務成本佔營收的百分比為 60.2%，去年第三季為 57.7%。這一增長是由於典型的工資和福利成本通膨、競爭性定價壓力以及因收入前景改善而支持收入擴張的招聘和設施成本上升，但被美國走強帶來的好處所抵消。

dollar compared to the previous year. In the third quarter, our SG&A expenses were $62.7 million, or 24.5% of revenue. This compares to SG&A in Q3 of 2023 of $57.1 million or 25.3% of revenue. Stock compensation expenses decreased by $3.1 million compared to the previous year.

美元與上一年相比。第三季度，我們的 SG&A 費用為 6,270 萬美元，佔營收的 24.5%。相較之下，2023 年第三季的銷售及管理費用為 5,710 萬美元，佔營收的 25.3%。股票補償費用比前一年減少了 310 萬美元。

This reduction was partially offset by our ongoing investments in operations, sales, marketing, and technology. In addition, we incurred higher bonus expenses due to improved company performance that we discussed on our last call. Q3 of 2024 also included an expense of $4.4 million related to litigation costs that are nonrecurring and outside the ordinary course of business. These litigation-related expenses have been excluded from our adjusted EBITDA metrics.

這一減少被我們在營運、銷售、行銷和技術方面的持續投資所部分抵消。此外，由於我們在上次電話會議中討論的公司業績改善，我們產生了更高的獎金費用。2024 年第三季還包括 440 萬美元的費用，這些費用與非經常性且正常業務範圍之外的訴訟費用相關。這些與訴訟相關的費用已不包括在我們調整後的 EBITDA 指標中。

In the third quarter of 2024, we earned adjusted EBITDA of $54.2 million, a 21.2% margin versus our guidance of $52.7 million and 21.5% margin at the midpoint. Our guidance was based on Forex rates at the time of our forecast. And during Q3, the US dollar declined against certain currencies.

2024 年第三季度，我們的調整後 EBITDA 為 5,420 萬美元，利潤率為 21.2%，而我們的指導值為 5,270 萬美元，中間利潤率為 21.5%。我們的指導是基於我們預測時的外匯匯率。第三季度，美元兌某些貨幣下跌。

This resulted in an adjusted EBITDA margin reduction of approximately 0.4%. Absent the decline, we'd have slightly outperformed our adjusted EBITDA margin guidance. At $54.2 million, adjusted EBITDA in the quarter was higher than the prior quarter and the same period last year. As Bryce mentioned earlier, the quarter was also impacted by ongoing ramp expenses associated with the higher-than-expected revenue growth for the year and the investments to support the momentum of the business as we head into 2025.

這導致調整後的 EBITDA 利潤率減少約 0.4%。如果沒有下降，我們的業績將略高於調整後的 EBITDA 利潤率指引。本季調整後 EBITDA 為 5,420 萬美元，高於上一季和去年同期。正如 Bryce 之前提到的，該季度還受到與今年高於預期的收入成長相關的持續成長費用以及進入 2025 年支持業務勢頭的投資的影響。

Adjusted net income for the quarter was $34.3 million and adjusted earnings per share was $0.37. By comparison, in the year-ago period, we earned adjusted net income of $30 million and adjusted EPS of $0.32. Our adjusted EPS included the impact of our lower share count resulting from our stock repurchase program. Now moving on to the balance sheet.

該季度調整後淨利潤為 3,430 萬美元，調整後每股收益為 0.37 美元。相較之下，去年同期，我們的調整後淨利為 3,000 萬美元，調整後每股收益為 0.32 美元。我們調整後的每股盈餘包括股票回購計畫導致的股份數量減少的影響。現在轉向資產負債表。

Cash and cash equivalents were $180.4 million as of September 30, 2024, compared with the December 31, 2023 balance of $125.8 million. Our net leverage ratio continues to be healthy and was 0.4 times at the end of Q3. As of quarter end, we had approximately $41.8 million of authorization left on our share repurchase plan. Given its programmatic design, we repurchased an immaterial number of shares during Q3.

截至 2024 年 9 月 30 日，現金及現金等價物為 1.804 億美元，而 2023 年 12 月 31 日的餘額為 1.258 億美元。我們的淨槓桿率持續保持健康，第三季末為 0.4 倍。截至季末，我們的股票回購計畫還剩下約 4,180 萬美元的授權。鑑於其程序化設計，我們在第三季回購了少量股票。

Cash generated from operations on a year-to-date basis was $98.2 million through Q3 of 2024 as compared to $103.9 million through Q3 of 2023. The decrease was primarily driven by changes to working capital associated with the growth in the business, as well as an increase in tax payments. Our capital expenditures decreased on a year-to-date basis to $18.8 million through Q3 of 2024 compared to $22.9 million through Q3 of 2023. The strength of our anticipated client ramps will continue driving an increase in investments during the remainder of 2024.

截至 2024 年第三季度，年初至今營運產生的現金為 9,820 萬美元，而截至 2023 年第三季為 1.039 億美元。減少的主要原因是與業務成長相關的營運資本變化以及納稅增加。截至 2024 年第三季度，我們的資本支出年減至 1,880 萬美元，而到 2023 年第三季為 2,290 萬美元。我們預期的客戶成長動能將在 2024 年剩餘時間內持續推動投資增加。

As a result, we now expect capex to be approximately $36 million for the year. Year-to-date adjusted free cash flow was $82.2 million or 52.7% of adjusted EBITDA. As noted in Q2, we expect lower adjusted free cash flow conversion due to increased capital expenditures and the buildup of working capital associated with our accelerating revenues during the remainder of 2024. In terms of our financial outlook for the remainder of the year, we now anticipate full year 2024 revenues to be in the range of $988 million to $990 million.

因此，我們現在預計今年的資本支出約為 3,600 萬美元。年初至今調整後自由現金流為 8,220 萬美元，佔調整後 EBITDA 的 52.7%。正如第二季度所指出的，由於資本支出增加以及與我們在 2024 年剩餘時間內收入加速相關的營運資本積累，我們預計調整後的自由現金流轉換將較低。就我們今年剩餘時間的財務前景而言，我們現在預計 2024 年全年營收將在 9.88 億美元至 9.9 億美元之間。

We expect to earn full year 2024 adjusted EBITDA margin of approximately 21.5%. The revision in adjusted EBITDA margin guidance captures the impact of foreign exchange, ramp costs to deliver the increased revenue forecast and additional investment that we spoke about earlier. We expect to generate adjusted free cash flow of approximately $110 million for the year. This implies a conversion rate of over 50% from adjusted EBITDA, a great demonstration of our financial discipline.

我們預計 2024 年全年調整後 EBITDA 利潤率約為 21.5%。調整後 EBITDA 利潤率指引的修訂反映了外匯的影響、增加收入預測所需的成本以及我們之前談到的額外投資。我們預計今年調整後的自由現金流約為 1.1 億美元。這意味著調整後的 EBITDA 轉換率超過 50%，這充分體現了我們的財務紀律。

Our adjusted free cash flow guidance excludes the impact of certain litigation costs, which are nonrecurring and outside the ordinary course of business. For the fourth quarter, we expect revenues to be in the range of $267.3 million to $269.3 million, which includes approximately $6 million of seasonal revenues. We expect our adjusted EBITDA margin to be approximately 21.1%. The adjusted EBITDA margin guidance for the fourth quarter and full year is based on current forex rates.

我們調整後的自由現金流指引不包括某些非經常性且不屬於正常業務過程的訴訟成本的影響。我們預計第四季度的營收將在 2.673 億美元至 2.693 億美元之間，其中包括約 600 萬美元的季節性收入。我們預計調整後的 EBITDA 利潤率約為 21.1%。第四季和全年調整後的 EBITDA 利潤率指引基於當前匯率。

So, any change to currency rates would impact our margins. As a reminder, the majority of our revenue is billed and collected in US dollars, so we do not see the impact of US dollar fluctuations on our revenues.

因此，匯率的任何變化都會影響我們的利潤。提醒一下，我們的大部分收入都是以美元計費和收取的，因此我們沒有看到美元波動對我們收入的影響。

I will now hand it back to Bryce.

我現在將把它還給布萊斯。

Thank you, Balaji. Before we open for questions, I'd like to share another Taskus teammate's story. George Pimendees is a Taskus teammate based in Thessaloniki, Greece. His story is one of resilience.

謝謝你，巴拉吉。在我們開始提問之前，我想先分享另一位 Taskus 隊友的故事。George Pimendees 是來自希臘塞薩洛尼基的 Taskus 隊友。他的故事是關於堅韌的故事。

Born with dwarfism, George was always a talented and driven individual who dreamed of building a successful career. After earning his bachelor's degree, he was ready to join the workforce. However, a medical commission ruled that due to his condition, he was unfit for employment, a decision that would bar him from working for eight years. But George was not one to give up.

喬治生來就有侏儒症，但他一直是個才華洋溢、幹勁十足的人，夢想著建立成功的職業生涯。獲得學士學位後，他準備加入勞動力隊伍。然而，醫療委員會裁定，由於他的病情，他不適合就業，這項決定將禁止他工作八年。但喬治不是一個會放棄的人。

Instead of letting this setback define him, he decided to make the most of his time. He returned to school, studied music production, and soon began composing and releasing his own songs. But George still felt something was missing. He wanted the chance to work and fulfill his career aspirations.

他決定充分利用自己的時間，而不是讓這​​次挫折定義他。他回到學校，學習音樂製作，很快就開始創作並發行自己的歌曲。但喬治還是覺得少了點什麼。他希望有機會工作並實現他的職業抱負。

For two years, George tirelessly advocated for his right to work. He took his case back to the medical commission determined to change their minds. Thanks to his perseverance, he succeeded. With this newfound opportunity, George wasted no time.

兩年來，喬治孜孜不倦地倡導自己的工作權。他將案件帶回醫療委員會，決心改變他們的想法。由於他的堅持，他成功了。有了這個新機會，喬治沒有浪費時間。

He attended a career day event where he connected with the Taskus team who immediately recognized his potential. He went on to join us, becoming a part of the trust and safety team for our biggest client in Thessaloniki. Today, George thrives in his role, bringing his unique perspective, passion, and commitment to each day's work. His story inspires us all to always reach for the opportunities we deserve.

他參加了一次職業日活動，並與 Taskus 團隊建立了聯繫，後者立即認識到了他的潛力。他後來加入了我們，成為我們塞薩洛尼基最大客戶信任和安全團隊的一員。如今，喬治在自己的角色中茁壯成長，將他獨特的視角、熱情和奉獻精神投入到每天的工作中。他的故事激勵我們所有人不斷爭取我們應得的機會。

With that, I'll ask the operator to open our line for our question-and-answer session. Operator?

這樣，我將要求接線員打開我們的線路進行問答環節。操作員？

(Operator Instructions)

（操作員說明）

Jonathan Lee, Guggenheim.

喬納森李，古根漢。

Great, thanks for taking our questions. Tremendous to see the return to double-digit growth here. What are some of the underlying drivers that give you confidence around continuing this pace of acceleration into 4Q? And while we understand it may be early days, you did highlight momentum into next year. So, are there any initial demand or budgeting trends you may be seeing that will shape how you think about growth in 2025?

太好了，感謝您回答我們的問題。很高興看到這裡恢復兩位數成長。有哪些潛在驅動因素讓您有信心在第四季繼續保持這種加速步伐？雖然我們知道這可能還為時過早，但您確實強調了明年的勢頭。那麼，您可能看到的任何初始需求或預算趨勢是否會影響您對 2025 年成長的看法？

Thanks for the question, Jonathan. In Q4, we expect revenue growth will again accelerate. This is being driven by expected double-digit revenue growth in both our trust and safety and AI services business. We expect the growth rates in both of these service lines are going to accelerate from Q3 due to our expanded strategic relationship with our largest client.

謝謝你的提問，喬納森。第四季度，我們預計營收成長將再次加速。這是由我們的信任與安全以及人工智慧服務業務預計實現兩位數收入成長所推動的。由於我們與最大客戶的策略關係擴大，我們預計這兩個服務線的成長率將從第三季開始加速。

We're also currently growing our operations with this client in five different countries to support their investments in Gen AI and trust and safety. Finally, we've made a lot of progress in expanding our AI service offerings with foundational model developers and our largest autonomous vehicle client. Excitingly, we're also seeing growth in our digital customer service business line. And there, our growth rate is also expected to accelerate in Q4 into the high single digits.

目前，我們也在五個不同國家與該客戶一起發展業務，以支持他們在 Gen AI 以及信任和安全方面的投資。最後，我們在與基礎模型開發人員和我們最大的自動駕駛汽車客戶擴展人工智慧服務產品方面取得了巨大進展。令人興奮的是，我們也看到數位客戶服務業務線的成長。在那裡，我們的成長率預計也會在第四季加速到高個位數。

We're continuing to take share from the competition, driven by our superior operating performance. And as simple and repeatable work is slated for automation, we believe a lot of clients are expanding their investments in the kind of premium support offerings that Taskus is known for. As for 2025, consistent with prior years, we'll provide formal guidance on our Q4 earnings call, which will happen early next year. For now, what I want investors to know is that we're leaning into the opportunities we see in front of us.

在我們卓越的經營績效的推動下，我們將繼續從競爭中奪取份額。由於簡單且可重複的工作將實現自動化，我們相信許多客戶正在擴大對 Taskus 聞名的優質支援產品的投資。至於 2025 年，與往年一樣，我們將在明年初舉行的第四季財報電話會議上提供正式指導。目前，我想讓投資人知道的是，我們正在抓住眼前的機會。

We're investing more in specialized service expertise and operational excellence to continue to take share from the competition and to sustain our growth rate. I think if we execute properly, our 2025 margin and growth rate will be among the best in the industry.

我們正在增加對專業服務專業知識和卓越營運的投資，以繼續從競爭中奪取份額並維持我們的成長率。我認為如果我們執行得當，我們2025年的利潤率和成長率將在業界名列前茅。

Thanks for that detail. And as a follow-up, I think you guys highlighted some pricing pressure in your prepared remarks. Can you help unpack some of those pricing and contract structure trends you may have seen with new signings in the quarter and whether you expect those dynamics to continue in the near to medium term?

謝謝你的詳細資料。作為後續行動，我認為你們在準備好的發言中強調了一些定價壓力。您能否協助解析您在本季新簽約中可能看到的一些定價和合約結構趨勢，以及您是否預計這些動態在中短期內會持續下去？

Yes. We haven't seen an increase in competition since the time of our last call when we pointed out the trends and some pricing pressure from larger competitors who may not be growing as fast as Taskus. We continue to fare a lot better than most of our direct competitors returning to double-digit revenue growth and sustaining above 21% adjusted EBITDA margins. And so, as we think about the environment currently, we really feel like the premium offerings that we're known for are sustaining demand for Taskus services in a way that you're not seeing in traditional call center providers.

是的。自上次電話會議以來，我們還沒有看到競爭的加劇，當時我們指出了來自較大競爭對手的趨勢和一些定價壓力，這些競爭對手的成長速度可能不如 Taskus。我們的表現持續比大多數直接競爭對手好得多，營收成長達到兩位數，調整後 EBITDA 利潤率維持在 21% 以上。因此，當我們考慮當前的環境時，我們確實覺得我們所熟知的優質產品正在以傳統呼叫中心提供者看不到的方式維持對 Taskus 服務的需求。

We've always been a provider of specialized services. And I think that positioning is really paying off. As we look to 2025, the strategy is to lead on the deployment of AI and simple workflows while continuing to grow the more complex work types like trust and safety, AI services, financial crime and compliance, and more complex forms of customer support.

我們一直是專業服務的提供者。我認為這種定位確實得到了回報。展望 2025 年，我們的策略是引領人工智慧和簡單工作流程的部署，同時繼續發展更複雜的工作類型，如信任和安全、人工智慧服務、金融犯罪和合規性以及更複雜的客戶支援形式。

Appreciate the color there, Bryce.

欣賞那裡的顏色，布萊斯。

Puneet Jain, JPMorgan.

普尼特‧賈恩 (Puneet Jain)，摩根大通。

Yes, hi, thanks for taking my question. Very strong results. So, if you take like a step back, look at your guidance change throughout this year, like the low end moved up by $90 million on revenue, high end moved up by about $40 million. So, what drove that increase? I know like it's probably many reasons.

是的，嗨，感謝您提出我的問題。非常強勁的結果。因此，如果你退後一步，看看今年全年的指導變化，例如低端收入增加了 9000 萬美元，高端收入增加了約 4000 萬美元。那麼，是什麼推動了這項成長呢？我知道這可能有很多原因。

But is there anything that jumps out like maybe the fintech clients or adding more processes with existing clients or new clients or just more transaction volume at existing processes? What drove such a significant increase in guidance from when we started the year to now?

但是，是否有什麼事情會突然出現，例如金融科技客戶，或為現有客戶或新客戶添加更多流程，或只是在現有流程中增加交易量？從年初到現在，是什麼推動了指引的大幅增加？

Yes. If we look back over the last two years, we had a really challenging 18-month period where we were dealing with large volume shifts from onshore to offshore and a real focus on cost reduction across our client base. This year, our clients feel more confident. They're making investments, particularly in generative AI and other initiatives, and we've been a beneficiary of those investments.

是的。如果我們回顧過去兩年，我們度過了一個非常具有挑戰性的 18 個月，期間我們處理從陸上到海上的大量轉移，並真正專注於降低整個客戶群的成本。今年，我們的客戶感到更有自信。他們正在進行投資，特別是在產生人工智慧和其他措施方面，我們一直是這些投資的受益者。

If I look at our fastest-growing service line, which is trust and safety, here, we are continuing to expand our relationship with our largest client. We've had massive success in growing a financial crimes and compliance business across many different clients, which was a service offering that really only got introduced at Taskus in the last few years. In AI services, we were really suffering for the better part of the year at a time in which both our largest autonomous vehicle client and our largest client had reprioritized some of their investment efforts and moved some work offshore. Again, there, our largest client is investing huge amounts of money in generative AI.

如果我看看我們成長最快的服務線，即信任和安全，我們正在繼續擴大與我們最大客戶的關係。我們在為許多不同的客戶發展金融犯罪和合規業務方面取得了巨大的成功，這是一項近幾年才在 Taskus 推出的服務產品。在人工智慧服務方面，我們在今年的大部分時間裡確實遇到了困難，我們最大的自動駕駛汽車客戶和我們最大的客戶都重新調整了一些投資工作的優先順序，並將一些工作轉移到了海外。同樣，我們最大的客戶在產生人工智慧方面投入了大量資金。

And so, our AI services with them are growing. Our largest autonomous vehicle client is scaling, rolling out autonomous vehicles across the country, and that's driving a return to growth at that customer as well. So, it's really a multifaceted picture. But I would say that the biggest thing we're seeing is our clients have returned to a phase of investing in growth rather than simply looking to cost reduce.

因此，我們為他們提供的人工智慧服務正在不斷成長。我們最大的自動駕駛汽車客戶正在擴大規模，在全國推出自動駕駛汽車，這也推動了該客戶的成長。所以，這確實是一幅多面向的圖畫。但我想說的是，我們看到的最重要的事情是我們的客戶已經回到了投資成長的階段，而不是簡單地尋求降低成本。

And Taskus is really well-positioned to provide the specialized services that these customers are demanding.

Taskus 確實有能力提供這些客戶所需的專業服務。

Got it. No, thanks for the explanation. And then in trust and safety, specifically for what you provide to your largest customer, was there any election-related benefit to that segment in 3Q, potentially in 4Q as well?

知道了。不，謝謝你的解釋。然後在信任和安全方面，特別是對於您向最大客戶提供的服務，該細分市場在第三季度（甚至第四季度）是否有任何與選舉相關的好處？

Yes. We do provide election-related trust and safety work at our largest customer. And this year has been a very busy year with a huge number of countries going to the polls. Fortunately, we don't expect that the end of the US

是的。我們確實為我們最大的客戶提供與選舉相關的信任和安全工作。今年是非常忙碌的一年，有大量國家參加投票。幸運的是，我們預期美國不會終結

presidential election will impact revenues at that client. We are continuing to see a ramp-up in trust and safety investments from them across the globe, largely in response, I think, to regulatory pressure. So, we are going to continue to grow trust and safety revenue at our largest client into 2025.

總統選舉將影響該客戶的收入。我們繼續看到他們在全球範圍內增加信任和安全投資，我認為這主要是為了應對監管壓力。因此，到 2025 年，我們將繼續增加最大客戶的信任和安全收入。

Thank you.

謝謝。

Maggie Nolan, William Blair.

瑪吉諾蘭、威廉布萊爾。

Hi. Are you prioritizing vertical diversification or growth outside the top account in particular, as we enter 2025? And do you have any targets there that you can share with us?

你好。當我們進入 2025 年時，您是否優先考慮垂直多元化或特別是頂級客戶以外的成長？有什麼目標可以跟我們分享嗎？

Yes. We have been focused on expanding our presence in the enterprise, particularly in banking and financial services and healthcare. And in 2024, we've successfully landed a banking and financial service customer, and we just got verbally awarded in Q4, expect to sign a contract with a very large healthcare payer. The reason we're doing this is our experience in 2022 in which almost all of our clients who are high-growth technology clients began to focus on cost reduction.

是的。我們一直致力於擴大在企業中的影響力，特別是在銀行、金融服務和醫療保健領域。2024年，我們成功獲得了一家銀行和金融服務客戶，並且我們剛剛在第四季度獲得了口頭獎勵，預計將與一家非常大的醫療保健支付機構簽訂合約。我們這樣做的原因是我們在 2022 年的經驗，幾乎所有高成長技術客戶都開始專注於降低成本。

I think that really exposed us to how risky it can be to be so concentrated in one area. And so, we sat down as a leadership team and strategically planned which areas we felt would be countercyclical. And we see really nice trends in the growth of healthcare and more traditional banking and financial services. We also felt like our experience with fintech, and health tech customers would give us the credibility to call upon these larger enterprises.

我認為這確實讓我們認識到如此集中於一個領域的風險有多大。因此，我們作為一個領導團隊坐下來，策略性地規劃了我們認為可以反週期的領域。我們看到醫療保健以及更傳統的銀行和金融服務的成長趨勢非常好。我們也認為，我們在金融科技和健康科技客戶方面的經驗將使我們有信譽去拜訪這些大型企業。

And so that strategy is paying off. It's beginning to work. It has been a longer sales cycle than we're used to because you're dealing with larger enterprise clients versus kind of the fast-growing, fast-decision-making start-ups that we've dealt with in the past. But we feel very confident that the strategy will continue to work, and we should see growth in both of those verticals in 2025.

因此，這項策略正在取得成效。它開始起作用了。銷售週期比我們習慣的要長，因為你面對的是更大的企業客戶，而不是我們過去處理過的快速成長、快速決策的新創公司。但我們非常有信心該策略將繼續發揮作用，並且我們應該會在 2025 年看到這兩個垂直領域的成長。

Thank you. And the pricing commentary, I know you said it wasn't necessarily incrementally worse or better or different this quarter. But could you give a little bit of color on how that was across the different segments?

謝謝。至於定價評論，我知道您說過本季不一定會變得更糟、更好或有所不同。但能否介紹一下不同細分市場的情況？

Yes. So, if we're talking about service lines, we have seen a willingness to invest in specialized expertise in AI services and in the mission-critical trust and safety workflows that our clients rely on Taskus for. Also, I think inside digital customer experience, we're really seeing a bifurcation of the business. On the one side, you have simple Tier 1 support that is likely to be very easily automated.

是的。因此，如果我們談論服務線，我們已經看到願意投資人工智慧服務的專業知識以及我們的客戶依賴 Taskus 的關鍵任務信任和安全工作流程。此外，我認為在數位客戶體驗內部，我們確實看到了業務的分歧。一方面，您擁有簡單的一級支持，並且很可能很容易實現自動化。

There, the pricing pressure is significant. But the vast majority of work we do at Taskus is more complex white glove interactions, customer success, customer acquisition sales. And there, interestingly, as clients are beginning their automation journey, they're actually all talking about how they want to invest more in the premium side of support. And so, I think we stand to benefit from that as well.

在那裡，定價壓力很大。但我們在 Taskus 所做的絕大多數工作是更複雜的白手套互動、客戶成功、客戶獲取銷售。有趣的是，當客戶開始他們的自動化之旅時，他們實際上都在談論他們希望如何在高級支援方面進行更多投資。因此，我認為我們也將從中受益。

Thank you.

謝謝。

Jim Schneider, Goldman Sachs.

吉姆·施奈德，高盛。

Good afternoon. Thanks for taking my question. Maybe sort of stepping back a little bit, thinking about your philosophy in terms of investments as you grow. I mean clearly, you've highlighted that as you're growing now, you're investing for that growth and investing ahead of that growth.

午安.感謝您提出我的問題。也許稍微退一步，隨著你的成長思考你的投資理念。我的意思很明確，您已經強調，隨著您現在的成長，您正在為這種增長進行投資，並在這種增長之前進行投資。

I'm sort of wondering, as we think about heading into 2025, do you expect those investments to sort of continue a pace as you continue to grow? In other words, margins might be under a little bit of pressure as that happens. And is there a point at which you feel that you sort of put in enough investment dollars on an absolute basis that you can sort of stabilize the amount on either the cost of revenue line or the SG&A line that you invest?

我有點想知道，當我們考慮進入 2025 年時，您是否預計這些投資會隨著您的持續成長而繼續保持一定的步伐？換句話說，當這種情況發生時，利潤率可能會面臨一些壓力。您是否認為您在絕對基礎上投入了足夠的投資資金，可以在一定程度上穩定您投資的收入成本線或 SG&A 線的金額？

Yeah, it's a great question. So, as we look at 2025, our focus is on sustaining the accelerating double-digit growth rates we've been able to achieve this year. In order to do that, we do plan to continue to expand our investments in operational excellence, sales and marketing, and the specialized service line expertise that we think will continue to drive growth. With that being said, we recognize that our North Star has to be our adjusted EBITDA dollar growth.

是的，這是一個很好的問題。因此，展望 2025 年，我們的重點是維持今年實現的兩位數的加速成長。為此，我們計劃繼續擴大對卓越營運、銷售和行銷以及專業服務線專業知識的投資，我們認為這些將繼續推動成長。話雖如此，我們認識到我們的北極星必須是調整後的 EBITDA 美元增長。

And so our focus is on making sure that we're driving significant adjusted EBITDA dollar growth in 2025, which we expect to do. I think that the real key for our business over the next few years is going to be to continue to get better leverage over our SG&A. And that will simply come by growing top-line revenue faster than we're growing SG&A. Whether that is going to happen in 2025 or 2026, I'm not going to be able to say right now.

因此，我們的重點是確保在 2025 年推動調整後 EBITDA 大幅成長，這也是我們的預期。我認為未來幾年我們業務的真正關鍵將是繼續更好地利用我們的銷售及管理費用。這只需透過頂線收入的成長速度快於銷售管理費用的成長速度來實現。這是否會在 2025 年或 2026 年發生，我現在還不能說。

But I will say that we expect to continue to invest heavily into 2025. We expect that the growth rates that we've seen this quarter will be sustained into 2025 based on those investments. We will absolutely look to get better leverage over our SG&A in the next few years and make sure we're getting back to the adjusted EBITDA margins we've seen historically.

但我想說的是，我們預計到 2025 年將繼續大量投資。基於這些投資，我們預計本季的成長率將持續到 2025 年。我們絕對會在未來幾年尋求更好的SG&A槓桿，並確保我們恢復到歷史上調整後的EBITDA利潤率。

That's helpful. Thanks. And then relative to the large healthcare payer win that you cited in the quarter, good to see the diversification. But to follow up on the earlier question, I wanted to sort of ask what are the ambitions for your scale either with that customer or with that vertical in the future.

這很有幫助。謝謝。然後，相對於您在本季度提到的大型醫療保健支付者的勝利，很高興看到多元化。但為了跟進先前的問題，我想問一下，您未來在該客戶或該垂直領域的規模目標是什麼。

Basically, another way of asking it is, could that customer over time represent something sort of in your sort of top 10 or top 20 customers by size?

基本上，問這個問題的另一種方式是，隨著時間的推移，該客戶是否可以代表您按規模排名前 10 名或前 20 名客戶？

Yes. There's certainly the potential for that customer to become one of our top customers. They aren't now. But if we are successful in our operational execution, and I expect we will be, they certainly have the potential to become one of our largest clients.

是的。該客戶當然有潛力成為我們的頂級客戶之一。他們現在不是了。但如果我們的營運執行成功（我預計我們會成功），他們肯定有潛力成為我們最大的客戶之一。

I think healthcare is a massive opportunity. It's a heavily regulated industry that will grow materially in the years to come. And we've got really great credentials working with a number of leading health tech clients. And so, we're using those credentials to go and speak to traditional enterprise healthcare companies about how we can help them to redesign their customer journey and apply some of the best practices that we've been successful in deploying for our health tech clients.

我認為醫療保健是一個巨大的機會。這是一個受到嚴格監管的行業，未來幾年將大幅成長。我們在與許多領先的健康科技客戶合作方面擁有非常出色的資格。因此，我們正在利用這些憑證與傳統企業醫療保健公司討論如何幫助他們重新設計客戶旅程，並應用我們為健康科技客戶成功部署的一些最佳實踐。

That offering seems to be resonating, and I'm excited to see what healthcare, enterprise healthcare, in particular, can become for Taskus in the next few years.

這項產品似乎引起了共鳴，我很高興看到醫療保健，特別是企業醫療保健在未來幾年可以為 Taskus 帶來什麼。

Thank you.

謝謝。

Jacob Haggarty, Baird.

雅各·哈加蒂，貝爾德。

Hey, guys. Congrats on a great quarter here. So, just a question on margins again. So, kind of like what levers do you guys have to pull to increase margins or at least keep them level in 2025? You talked about pricing pressure and the shift to offshore could potentially be done here with the US

嘿，夥計們。恭喜您度過了一個美好的季度。所以，又是一個關於利潤率的問題。那麼，你們需要採取哪些措施來提高利潤率或至少在 2025 年維持水準？您談到了定價壓力以及向離岸的轉變可能會在美國這裡完成

being pretty much as low as you guys have said it's going to get. So, I'm just kind of wondering like what levers you have to pull as we go into the new year here?

幾乎和你們所說的一樣低。所以，我只是想知道，當我們進入新的一年時，你必須拉動什麼槓桿？

Well, the biggest leverage we have to pull is continuing to move up the value chain in the service offerings we deliver to our clients. Ultimately, clients are going to pay based on the sophistication and reliability of the service that we provide them. And so, our investments in specialized services are directly aimed at continuing to sustain our growth rate and be able to expand the margin profile of the work that we're doing. Over the last few years, we have been helped by an onshore-to-offshore shift of work outside of the US

好吧，我們必須發揮的最大槓桿作用是繼續提升我們向客戶提供的服務的價值鏈。最終，客戶將根據我們提供的服務的複雜性和可靠性來付費。因此，我們對專業服務的投資直接旨在繼續維持我們的成長率，並能夠擴大我們正在進行的工作的利潤率。在過去的幾年裡，我們受益於美國以外的從岸到離岸的工作轉移

It's also important to note though that we've seen significant growth in Europe and Latin America. And in those geographies, you tend to have margins that are slightly higher than US delivery, but significantly lower than the margins that we've seen in places like India and the Philippines over the history of the business, which are our largest geographies. I think on the topic of margin, I want to have a few items called out for consideration as we head into 2025.

值得注意的是，我們已經看到歐洲和拉丁美洲的顯著成長。在這些地區，您的利潤率往往略高於美國交付，但明顯低於我們在業務歷史上在印度和菲律賓等地看到的利潤率，這些地區是我們最大的地區。我認為，關於保證金這個話題，我希望在進入 2025 年之際提出一些需要考慮的事項。

And I'll hand it over to Balaji to just outline a couple of those items that I want everyone to be aware of, particularly as we look at Q1 of 2025.

我將把它交給 Balaji，概述我希望每個人都知道的幾個項目，特別是在我們展望 2025 年第一季時。

Awesome. Thanks, Bryce. So, like Bryce mentioned, as we kind of -- while we're not providing guidance for 2025 right now, but as we kind of look at Q1, consistent with last year, Q4 has about $6 million in seasonal revenues, which predominantly comes from our healthcare and retail clients that will not recur in Q1 of 2025. So, that is consistent with what we saw in 2024, too.

驚人的。謝謝，布萊斯。因此，就像 Bryce 提到的那樣，雖然我們現在沒有提供 2025 年的指導，但我們看看第一季度，與去年一致，第四季度的季節性收入約為 600 萬美元，其中主要來自我們的醫療保健和零售客戶的問題在2025 年第一季不會再發生。因此，這也與我們在 2024 年看到的情況一致。

And then the second item, which is a little bit different unlike last year, is compared to Q4 of 2024, Q1 of 2025 has two fewer working days. So, while Q4 revenue was driven by about 66 working days, Q1 will be driven by about 64 days. And given that much of our costs are fixed, which, as an example, if you look at salaries, we pay monthly or on a periodic basis, but we often bill our clients on a per hour basis. So, this will have a negative impact on our reported revenues and margins in Q1.

然後第二項與去年有點不同，與2024年第四季相比，2025年第一季減少了兩個工作天。因此，雖然第四季度的收入由約 66 個工作日推動，但第一季的收入將由約 64 天推動。鑑於我們的大部分成本都是固定的，例如，如果你看看工資，我們會每月或定期支付，但我們經常按小時向客戶收費。因此，這將對我們第一季報告的收入和利潤率產生負面影響。

And to be clear, the negative impact of working day on revenues and margins is isolated to Q1 of 2025.

需要明確的是，工作日對收入和利潤的負面影響僅限於 2025 年第一季。

Got you. That's very helpful. And then just kind of thinking about sequentials as well. Obviously, when you're saying that about 2025, that implies maybe some -- a lower sequential revenue growth rate in Q1, but should we expect that to maybe ramp throughout the year? Just kind of thinking on a quarter-to-quarter basis here because obviously, year over year, you had a tougher comp in the second half.

明白你了。這非常有幫助。然後也只是思考順序。顯然，當你說 2025 年左右時，這可能意味著第一季的連續收入成長率較低，但我們是否應該期望這一成長率會全年上升？這裡只是按季度思考，因為很明顯，年復一年，下半年的競爭更加激烈。

Yes. So, on that point, at this stage, our sales in Q3 and into the beginning of Q4 have been very strong. And so, I don't want what Balaji said to be read as revenue is going to decline from Q4 to Q1 necessarily. While we're not providing formal guidance, we just want everyone to know that there's this really 3% drag that you're going to see from having two fewer working days and $6 million in seasonal revenue that won't recur.

是的。因此，就這一點而言，現階段我們在第三季和第四季初的銷售非常強勁。因此，我不希望巴拉吉所說的被解讀為營收從第四季到第一季必然會下降。雖然我們沒有提供正式的指導，但我們只是想讓每個人都知道，由於工作日減少 2 個，並且不會再出現 600 萬美元的季節性收入，您將會看到真正的 3% 的拖累。

So, in order to continue to grow sequentially, we're going to have to sell over both of those things. And our team is hard at work to make that happen. As we look to the rest of 2025, there definitely are more challenging comps in the back half of 2025, given the success we've had in 2024. We do feel very confident about our ability to continue to sustain our growth into 2025.

因此，為了繼續連續成長，我們將不得不出售這兩件事。我們的團隊正在努力實現這一目標。展望 2025 年剩餘時間，考慮到我們在 2024 年的成功，2025 年下半年肯定會出現更具挑戰性的競爭。我們對 2025 年持續保持成長的能力充滿信心。

And what that means for the back half of the year, it's a little hard to say with precision at the moment, but the trends that we're seeing have us feeling very confident.

這對今年下半年意味著什麼，目前還很難準確地說，但我們看到的趨勢讓我們感到非常有信心。

I show no further questions at this time, this will conclude today's conference call. Thank you so much for participating and you may now disconnect.

我目前沒有提出任何進一步的問題，今天的電話會議將結束。非常感謝您的參與，您現在可以斷開連接了。