Taskus Inc (TASK) 2024 Q4 法說會逐字稿

Good afternoon and welcome to the TaskUs fourth-quarter and full-year 2024 earnings call. My name is Marvin, and I'll be your conference facilitator today. (Operator Instructions)

下午好，歡迎參加 TaskUs 2024 年第四季和全年財報電話會議。我叫馬文，今天我將擔任你們的會議主持人。（操作員指示）

Please be advised that today's conference is being recorded.

請注意，今天的會議正在錄音。

I'd now like to introduce Trent Thrash, Senior Vice President of Corporate Development, Investor Relations. Trent, you may begin.

現在我想介紹企業發展和投資者關係高級副總裁特倫特·斯拉什 (Trent Thrash)。特倫特，你可以開始了。

Good afternoon, and thank you for joining us for the TaskUs's fourth-quarter and full-year 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.

下午好，感謝您參加 TaskUs 2024 年第四季和全年財報電話會議。參加今天電話會議的還有我們的聯合創始人兼首席執行官布萊斯·馬多克 (Bryce Maddock) 和首席財務官巴拉吉·塞卡爾 (Balaji Sekar)。

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 the 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. Please note this call is being simultaneously webcast on the Investor Relations section of our website.

欲了解我們業績的完整詳情及管理層的其他評論，請參閱我們的收益報告，該報告可在公司網站 ir.taskus.com 的「投資者關係」板塊找到。我們還在網站上發布了補充信息，包括一份投資者演示文稿和一份基於 Excel 的財務指標文件。請注意，本次電話會議將在我們網站的投資者關係部分同時進行網路直播。

Before we start, I want to remind you that the following discussions contain 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.

在我們開始之前，我想提醒您，以下討論包含聯邦證券法所定義的前瞻性陳述，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期望和計劃的陳述。

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.

這些聲明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 is accessible on the SEC's website and our Investor Relations website and may be supplemented with subsequent periodic reports we file with the SEC. We expect our 2024 10-K to be filed with the SEC no later than March 17, 2025.

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 日向美國證券交易委員會提交的 10-K 表格年度報告中找到。該文件可在美國證券交易委員會 (SEC) 網站和我們的投資者關係網站上查閱，並可能與我們向 SEC 提交的後續定期報告進行補充。我們預計 2024 年 10-K 報表將於 2025 年 3 月 17 日前提交給美國證券交易委員會 (SEC)。

Any forward-looking statements made on today's conference call, including responses to questions, are based on 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.

今天電話會議上所做的任何前瞻性陳述，包括對問題的回答，都是基於今天的當前預期。並且，TaskUs 不承擔更新或修改它們的義務，無論由於新的發展或其他原因，除非法律要求。

The following discussion contains non-GAAP financial measures. 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.

以下討論包含非公認會計準則財務指標。有關這些非 GAAP 財務指標與最直接可比較的 GAAP 指標的對照表，請參閱我們的收益新聞稿，該新聞稿可在我們網站的 IR 部分找到。

Now, I will turn the call over to Bryce Maddock, our Co-Founder and Chief Executive Officer. Bryce?

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 fourth quarter, we delivered $274.2 million in revenue, outperforming the top end of our guidance of $269.3 million by $4.9 million or nearly 2%. This result marks the second consecutive quarter of record-breaking revenue and reflects 17.1% year over year revenue growth.

謝謝你，特倫特。大家下午好，感謝大家的參與。第四季度，我們的營收為 2.742 億美元，比我們預期的最高值 2.693 億美元高出 490 萬美元，增幅接近 2%。這是該公司連續第二個季度創下營收紀錄，年增 17.1%。

In 2024, we delivered on our goal of returning the company to growth. In the back half of the year, we exceeded expectations by delivering accelerating double-digit growth. As we look at 2025, we intend to continue this trend.

2024年，我們實現了公司恢復成長的目標。下半年，我們實現了兩位數的加速成長，超越了預期。展望 2025 年，我們打算延續這一趨勢。

In terms of profitability, we delivered $53.8 million in adjusted EBITDA in the quarter for an adjusted EBITDA margin of 19.6%, 150 basis points below our guidance of 21.1%. Our top-line revenue performance and outlook for 2025 again required higher than anticipated investments in operations, facilities, hiring, and training, which impacted our margins.

在獲利能力方面，本季我們實現了 5,380 萬美元的調整後 EBITDA，調整後 EBITDA 利潤率為 19.6%，比我們的預期 21.1% 低 150 個基點。我們的營業收入表現和 2025 年前景再次要求在營運、設施、招聘和培訓方面進行高於預期的投資，這影響了我們的利潤率。

Additionally, Q4 revenue and costs were negatively impacted by certain business disruptions. Balaji will discuss these impacts in more detail later in the call.

此外，第四季度的收入和成本受到某些業務中斷的負面影響。Balaji 將在稍後的電話會議中更詳細地討論這些影響。

For the full year 2024, we delivered $995 million in revenue and $209.9 million in adjusted EBITDA, representing an adjusted EBITDA margin of 21.1%. We also delivered $107.4 million in adjusted free cash flow in 2024, slightly below our guidance of approximately $110 million primarily due to increased capital investments required by 2025's anticipated revenue growth.

2024 年全年，我們的營收為 9.95 億美元，調整後 EBITDA 為 2.099 億美元，調整後 EBITDA 利潤率為 21.1%。我們也在 2024 年實現了 1.074 億美元的調整後自由現金流，略低於我們預期的約 1.1 億美元，這主要是由於 2025 年預期收入成長所需的資本投資增加。

On behalf of the entire TaskUs leadership team, I want to express my gratitude for our teammates who show up to work every day to deliver for our clients. It is their operational excellence and execution that has driven robust client demand.

我謹代表整個 TaskUs 領導團隊，向每天上班為客戶提供服務的隊友表示感謝。正是他們卓越的營運和執行力推動了強勁的客戶需求。

This demand has positioned us for what we believe will be record-breaking revenue and adjusted EBITDA in 2025.

我們相信，這種需求將使我們在 2025 年實現創紀錄的收入和調整後 EBITDA。

While it's still early, 2025 is off to a strong start. We're increasing our investments to ensure that TaskUs remains the service provider of choice. This includes investments in agentic AI technologies and generative AI services, sales and marketing talent, and facility expansions in new and existing countries.

雖然現在還為時過早，但 2025 年已經有一個強勁的開端。我們正在增加投資以確保 TaskUs 仍然是首選的服務提供者。這包括對代理人工智慧技術和生成人工智慧服務、銷售和行銷人才以及新舊國家設施擴建的投資。

We believe this strategy will allow us to continue to drive revenue growth that is among the best in our industry. We also aspire to deliver adjusted EBITDA margins that are among the industry's best. In 2025, we plan to drive incremental efficiency into our business through further operational optimization and AI-driven automation. Under this plan, we expect our margins to expand over the course of the year.

我們相信這項策略將使我們的收入繼續保持行業領先水平。我們也致力於實現業界最佳的調整後 EBITDA 利潤率。2025 年，我們計劃透過進一步的營運優化和人工智慧驅動的自動化來提高業務效率。根據該計劃，我們預計我們的利潤率將在年內擴大。

Next, I'll recap some of the highlights from our Q4 and full-year 2024 performance before discussing our 2025 outlook. Balaji will then walk through our financials and 2025 guidance in greater detail.

接下來，我將回顧我們 2024 年第四季和全年業績的一些亮點，然後再討論我們的 2025 年展望。然後，巴拉吉將更詳細地介紹我們的財務狀況和 2025 年指導。

Q4 revenues were $274.2 million a 17.1% increase on a year-over-year basis, and an acceleration from Q3's 13.2% growth. Our sales and client service teams once again delivered remarkable performance in Q4, positioning us for a solid start to 2025.

第四季營收為 2.742 億美元，年增 17.1%，高於第三季 13.2% 的增幅。我們的銷售和客戶服務團隊在第四季度再次取得了卓越的業績，為我們 2025 年的良好開端奠定了基礎。

Approximately, 55% of our signings were driven by wins from existing clients. This was down from 83% in Q3. We saw a significant uptick in new logo signings in the quarter. Additionally, our existing client signings were less weighted towards our largest client, resulting in overall sales being well balanced across our client portfolio and industry verticals.

我們簽約的約 55% 都是由現有客戶促成的。這一比例比第三季的 83% 有所下降。我們發現本季新標誌簽約數量顯著增加。此外，我們現有的客戶簽約較少集中在我們最大的客戶，導致整體銷售額在我們的客戶組合和行業垂直領域保持良好的平衡。

In Q4, we again saw a year-over-year increase in clients utilizing more than one of our service lines. Revenue from these clients grew approximately 29% year over year in Q4, again, demonstrating the success of our strategy of cross selling our suite of specialized services to our clients.

在第四季度，我們再次看到使用我們多條服務線路的客戶數量較去年同期成長。第四季來自這些客戶的營收年增約 29%，再次證明了我們向客戶交叉銷售一系列專業服務策略的成功。

Turning to our service lines, after returning to year-over-year revenue growth in all three service lines in Q3. We performed even better in Q4, delivering accelerating year-over-year revenue growth in each service line. Q4 digital customer experience revenue increased by 8.5% compared to Q4 2023, an improvement over the 6.3% growth we delivered in Q3.

談到我們的服務線，在第三季所有三條服務線的收入均恢復年增長之後。我們在第四季的表現更加出色，各服務線的收入都實現了同比增長。第四季數位客戶體驗收入與 2023 年第四季相比成長了 8.5%，高於第三季 6.3% 的增幅。

DCX saw its strongest growth from new clients, primarily in our financial services and healthcare verticals, again benefiting from our strategic focus to add new enterprise clients. Given our 2024 performance and clients signing trends in DCX, we're optimistic that DCX revenue growth can accelerate into the low double digits in Q1 of 2025.

DCX 最強勁的成長來自於新客戶，主要是金融服務和醫療保健垂直領域，這再次受益於我們增加新企業客戶的策略重點。鑑於我們 2024 年的業績和客戶在 DCX 的簽約趨勢，我們樂觀地認為 DCX 的營收成長可以在 2025 年第一季加速到兩位數的低點。

I'm also pleased to report that TaskUs was recently named a major contender in Everest Group's B2B Sales Services PEAK Matrix Assessment for 2024. This industry recognition reflects TaskUs strategic focus on expanding our suite of specialized DCX services into more complex solutions, including sales, revenue generation, and customer success motions.

我還很高興地報告，TaskUs 最近被評為 Everest Group 2024 年 B2B 銷售服務 PEAK Matrix 評估的主要競爭者。這項行業認可反映了 TaskUs 的策略重點，將我們的專業 DCX 服務套件擴展為更複雜的解決方案，包括銷售、創收和客戶成功動議。

In terms of DCX signings in Q4, we signed a meaningful expansion with a provider of smart home security and automation solutions. This new work in Mexico will further solidify this top 20 client relationship. Once fully ramped, we'll have approximately 1,200 teammates supporting this client across three different countries.

在第四季度的 DCX 簽約方面，我們與一家智慧家庭安全和自動化解決方案提供商簽署了有意義的擴展協議。墨西哥的新工作將進一步鞏固與這前20名客戶的關係。一旦全面投入使用，我們將有大約 1,200 名隊友在三個不同的國家為該客戶提供支援。

We signed multiple new statements of work with a financial services client that provides pre-paid and debit cards, cross-border payments, and loyalty solutions. The trust we've earned from this client during our first year of operations is evidence of the best-in-class quality that our talented teammates consistently deliver.

我們與一家提供預付卡和金融卡、跨境支付和忠誠度解決方案的金融服務客戶簽署了多份新的工作聲明。我們在營運的第一年就贏得了客戶的信任，這證明了我們才華橫溢的團隊成員始終如一地提供一流的品質。

Notably during Q4, we also signed and successfully ramped services with our first large US-based enterprise healthcare payer. We now provide voice-based services to this marquee client from India and anticipate further expansion of this important relationship during 2025.

值得注意的是，在第四季度，我們也與第一家美國大型企業醫療保健支付機構簽約並成功擴大了服務範圍。我們現在為這個來自印度的大客戶提供語音服務，並預計在 2025 年進一步擴大這一重要關係。

We also signed another contract with a healthcare client providing US-based work from home member support. These and other Q4 healthcare wins are validation of our strategic decision to target clients in this regulated market.

我們還與一家醫療保健客戶簽署了另一份合同，為美國在家辦公的會員提供支援。這些以及其他第四季醫療保健的勝利驗證了我們針對這個受監管市場的客戶所做的策略決策。

Moving on to trust and safety. This service line again delivered exceptional performance in Q4 with 34% year-over-year growth. This marked the fourth quarter in a row of more than 30% growth. We continue to invest in our content moderation and financial crime and compliance solutions and believe that together the trust and safety service line can continue to deliver solid double-digit revenue growth in 2025.

轉向信任和安全感。該服務系列在第四季度再次表現出色，年增 34%。這是連續第四個季度實現超過30%的成長率。我們將繼續投資於內容審核和金融犯罪與合規解決方案，並相信信任與安全服務線能夠在 2025 年繼續穩健的兩位數收入成長。

Similar to Q3, we again signed multiple statements of work expanding the scope of the trust and safety solutions we provide to our largest social media client. This again included AI safety solutions that integrate both trust and safety and AI services.

與第三季類似，我們再次簽署了多份工作聲明，擴大了我們為最大的社群媒體客戶提供的信任和安全解決方案的範圍。這再次包括整合信任和安全與人工智慧服務的人工智慧安全解決方案。

Combined with the ongoing ramp of new business signed earlier in 2024 across each of our service lines, we expect this client to represent an increasing percentage of our overall revenues. Beyond our largest client, we also signed a contract to support a German headquartered retail and commerce industry client operations from India.

結合我們各服務線在 2024 年初簽署的新業務的持續成長，我們預計該客戶將占我們整體收入的越來越大的比例。除了我們最大的客戶之外，我們還簽署了一份合同，為總部位於德國的印度零售和商業行業客戶的營運提供支援。

This win was an example of our cross-selling strategy, yielding results with a client originally acquired as a part of the heloo acquisition. Lastly, we signed a contract with a new client providing financial crime and compliance investigation services from India to a provider of dispute and chargeback management software.

這次勝利是我們交叉銷售策略的一個例子，與最初作為 heloo 收購的一部分而獲得的客戶一起取得了成果。最後，我們與一家新客戶簽訂了合同，該客戶來自印度，為一家爭議和退款管理軟體提供商提供金融犯罪和合規調查服務。

Now turning to AI services, revenue growth in this specialized service line accelerated further in Q4, reaching 31% on a year-over-year basis. We're pleased with the strong demand for AI services across nearly all of our verticals, which resulted in a further increase in the number of clients utilizing our AI services in order.

現在轉向人工智慧服務，這項專業服務線的營收成長在第四季度進一步加速，年增至 31%。我們很高興看到幾乎所有垂直行業對人工智慧服務的需求強勁，這導致使用我們的人工智慧服務的客戶數量進一步增加。

Driven by 2024 solid results and early 2025 successes, we anticipate AI services year-over-year revenue growth will accelerate significantly in 2025, likely making it the fastest growing of all of our service lines. The quality and size of our Q4 AI services signings were strong and broad-based across new and existing enterprise technology, social media, and autonomous vehicle clients.

在 2024 年穩健業績和 2025 年初的成功推動下，我們預計 2025 年人工智慧服務的年收入成長將顯著加速，並可能使其成為我們所有服務線中成長最快的服務線。我們第四季人工智慧服務簽約的品質和規模都非常強勁，並且廣泛涵蓋新舊企業技術、社群媒體和自動駕駛汽車客戶。

We also saw continued demand from developers of multimodal generative AI and large language models, including from our largest client and the world's leading large language model. I want to highlight a particular win from a new social media client that represented the culmination of nearly two years of effort by one of our dedicated sales leaders.

我們也看到來自多模態生成人工智慧和大型語言模型開發人員的持續需求，包括來自我們最大的客戶和世界領先的大型語言模型。我想強調一下新社群媒體客戶取得的一項特別勝利，這是我們一位敬業的銷售領導近兩年努力的成果。

We'll be providing AI services from the Philippines, Malaysia, and Greece in support of this client's global platform. Given this win and early 2025 demand signals from this new client, we anticipate they will quickly become a top 20 TaskUs client during 2025.

我們將從菲律賓、馬來西亞和希臘提供人工智慧服務，以支援該客戶的全球平台。鑑於這次勝利以及這位新客戶在 2025 年初發出的需求訊號，我們預計他們將在 2025 年迅速成為 TaskUs 的前 20 名客戶之一。

Moving on from our service lines, I want to take a moment to outline our strategy for 2025. At the start of last year, I announced that we had a singular focus for 2024, returning the company to growth. We accomplished that goal, returning to year-over-year growth in Q2 and achieving accelerating double digit-growth in Q3 and Q4. We feel confident that we will sustain this growth in 2025.

從我們的服務線開始，我想花點時間概述我們的 2025 年策略。去年年初，我宣布我們 2024 年的唯一重點是讓公司恢復成長。我們實現了這一目標，第二季度恢復了同比增長，並在第三季度和第四季度實現了兩位數的加速成長。我們有信心在 2025 年保持這一成長勢頭。

So for this year, our strategic focus will be reimagining our business for the AI era. Over the next five years, AI is likely to fundamentally reshape our world. There are considerable fears about what this means for the BPO industry.

因此，今年我們的策略重點將是重新構想人工智慧時代的業務。未來五年，人工智慧可能會從根本上重塑我們的世界。人們非常擔心這對 BPO 行業意味著什麼。

Our view is that our industry will have both winners and losers. BPOs that remain focused on simple, repeatable customer interactions and processes will be automated into oblivion, while those that provide more complex services and develop new revenue streams supporting the AI revolution will have the opportunity to achieve durable double-digit growth while preserving or even expanding their margins.

我們的觀點是，我們的產業既有贏家，也有輸家。那些仍專注於簡單、可重複的客戶互動和流程的 BPO 將會被自動化徹底淘汰，而那些提供更複雜服務並開發支援人工智慧革命的新收入來源的 BPO 將有機會實現持久的兩位數成長，同時保持甚至擴大其利潤率。

At TaskUs, we intend to be an AI winner. In 2025, we're focused on three key initiatives to best position us for the AI age. First, we're increasing our investments in AI services. These are the human services required to develop AI models.

在 TaskUs，我們立志成為人工智慧的贏家。2025 年，我們將聚焦在三大關鍵舉措，為迎接人工智慧時代做好準備。首先，我們正在加大對人工智慧服務的投資。這些是開發人工智慧模型所需的人力服務。

The fastest-growing area of the service line has been our work with generative AI products and foundation model developers. Here we collect, create, and curate the data needed to develop next-generation models. We also constantly evaluate these models, both pre- and post-deployment to ensure their quality and safety.

我們與生成式人工智慧產品和基礎模型開發人員的合作是服務線中成長最快的領域。在這裡，我們收集、建立和管理開發下一代模型所需的資料。我們也在部署前和部署後不斷評估這些模型，以確保其品質和安全。

Finally, we're supporting the development and deployment of AI across a variety of service areas for all types of companies from autonomous vehicles to sales and customer service. Our investments in AI service have already paid off. As I just mentioned, we believe AI services will be our fastest-growing service line for 2025.

最後，我們支援各類公司在從自動駕駛汽車到銷售和客戶服務等各種服務領域開發和部署人工智慧。我們對人工智慧服務的投資已經獲得回報。正如我剛才提到的，我們相信人工智慧服務將成為我們 2025 年成長最快的服務線。

Second, we're deploying AI across our own internal operations to drive efficiency. In 2023, we launched our TaskGPT platform. By the end of 2024, thousands of TaskUs teammates were using tools built on TaskGPT each day.

其次，我們在內部營運中部署人工智慧以提高效率。2023 年，我們推出了 TaskGPT 平台。到 2024 年底，數千名 TaskUs 隊友每天都在使用基於 TaskGPT 建置的工具。

These tools improve the efficiency and quality we deliver for our clients. In 2025, we're rolling out a suite of tools aimed at making our internal support teams more productive. From recruitment to training, quality to business intelligence, workforce management to human resources, today, TaskUs employs thousands of people to ensure our front-line teammates successfully deliver for our clients.

這些工具提高了我們為客戶提供服務的效率和品質。2025 年，我們將推出一套工具，旨在提高我們內部支援團隊的工作效率。從招募到培訓、從品質到商業智慧、從勞動力管理到人力資源，如今，TaskUs 僱用了數千名員工，以確保我們的一線隊友成功地為我們的客戶提供服務。

By the end of the year, all of our support functions will be using tools built on TaskGPT to improve their efficiency. We believe this will allow us to drive down support ratios and the cost of these support services as a percentage of our revenues, thus improving our margins.

到今年年底，我們所有的支援功能都將使用基於 TaskGPT 建置的工具來提高效率。我們相信這將使我們能夠降低支援率以及這些支援服務成本占我們收入的百分比，從而提高我們的利潤率。

Finally, we're proud to announce our agentic AI consulting practice. This group will partner with leading agentic AI companies focused on automating customer support interactions and business processes. We will leverage TaskUs expertise to enhance our clients' workflows, facilitating the complex integration, and model training required to realize the promise of these technologies across disparate data repositories and back office platforms. By reselling, implementing, and maintaining these tools for our clients, while continuing to provide services for processes that cannot be automated, we will create an enduring revenue stream from the AI revolution.

最後，我們很自豪地宣布我們的代理 AI 諮詢實踐。該集團將與專注於自動化客戶支援互動和業務流程的領先代理商 AI 公司合作。我們將利用 TaskUs 的專業知識來增強客戶的工作流程，促進複雜的整合和模型訓練，以實現這些技術在不同資料儲存庫和後台平台上的前景。透過為我們的客戶轉售、實施和維護這些工具，同時繼續為無法自動化的流程提供服務，我們將從人工智慧革命中創造持久的收入來源。

Over the next three quarters, I'll do a deep dive on one element of this three-part strategy. This quarter, I want to focus on our investments in AI services.

在接下來的三個季度中，我將深入研究這個由三個部分組成的策略中的一個要素。本季度，我想專注於我們在人工智慧服務方面的投資。

Let me start by saying that demand for AI services has transformed faster than any service I have ever seen. When we started this practice a decade ago, we were focused exclusively on autonomous vehicle development, tagging images of streets to teach cars how to drive.

首先我要說的是，對人工智慧服務的需求變化比我見過的任何服務都要快。十年前，當我們開始這項實踐時，我們專注於自動駕駛汽車的開發，標記街道圖像以教導汽車如何駕駛。

Over the past few years, the development of foundation models has exploded, leading to a transformation in demand for AI services. Companies are now seeking people who can create, write, and rate LLM questions and answers.

過去幾年，基礎模型的開發呈現爆炸性成長，引發了人工智慧服務的需求轉變。公司現在正在尋找能夠創建、編寫和評價 LLM 問題和答案的人。

As these models have improved, the complexity of this demand has also grown, with many organizations looking to source master’s and PhD level expertise across nearly every subject matter area.

隨著這些模型的改進，這種需求的複雜性也隨之增加，許多組織希望在幾乎所有學科領域中尋找碩士和博士級別的專業知識。

As AI safety has become a critical concern, the demand for AI red teaming has also surged. In this process, our diverse and specialized teams rigorously test AI models, probing for weaknesses, biases, and potential misuse.

隨著人工智慧安全成為人們關注的關鍵問題，對人工智慧紅隊的需求也激增。在這個過程中，我們多元化的專業團隊嚴格測試人工智慧模型，探究弱點、偏見和潛在的濫用。

They use adversarial techniques to stress test the models, attempting to elicit responses that violate terms of service or enable harmful behaviors. Effective red teaming requires a unique combination of deep technical expertise and an understanding of cultural, ethical, and customers-specific policy considerations. With our years of experience in AI services and trust and safety, TaskUs is particularly well positioned to provide effective red teaming services that help clients to develop more secure, responsible, and resilient AI models.

他們使用對抗技術對模型進行壓力測試，試圖引發違反服務條款或導致有害行為的反應。有效的紅隊需要深厚的技術專長和對文化、道德和客戶特定政策考量的理解的獨特組合。憑藉我們在人工智慧服務和信任與安全領域的多年經驗，TaskUs 特別適合提供有效的紅隊服務，幫助客戶開發更安全、更負責任、更有彈性的人工智慧模式。

Today, we provide services focused on GenAI safety to the world's leading large language model as well as the world's largest social media platform. We recently launched our first agentic AI client. Here we're training agents to automatically solve simple customer challenges.

今天，我們為全球領先的大型語言模式以及全球最大的社群媒體平台提供以GenAI安全為中心的服務。我們最近推出了我們的第一個代理 AI 用戶端。在這裡，我們正在培訓代理商自動解決簡單的客戶難題。

We've helped a different foundation model developer expand the languages that users can interact with. We support another of the world's largest social media platforms to improve their model's ability to automatically remove violating content.

我們幫助不同的基礎模型開發人員擴展了使用者可以互動的語言。我們支持另一個全球最大的社群媒體平台改進其模型自動刪除違規內容的能力。

And we helped MLCommons, an open engineering consortium, to develop a first-of-its-kind benchmark to measure the safety of large language models in text-to-text AI interactions. We expect year-over-year revenue growth from this service line to materially accelerate in the first half of this year, making AI services our fastest growing service offering.

我們還幫助開放工程聯盟 MLCommons 開發了首個基準，用於衡量大型語言模型在文字到文字 AI 互動中的安全性。我們預計，今年上半年該服務系列的營收年增將大幅加快，從而使人工智慧服務成為我們成長最快的服務產品。

Within AI services, the work we are doing supporting generative AI is growing faster than any other solution we provide. In 2025, we expect this trend to continue with generative AI workflows growing at rates that are materially accretive to our consolidated revenue growth rate.

在人工智慧服務領域，我們支援產生人工智慧的工作比我們提供的任何其他解決方案的成長速度都要快。到 2025 年，我們預計這一趨勢將持續下去，生成式 AI 工作流程的成長速度將顯著提高我們的綜合收入成長率。

We are excited about this first element of our strategy to ensure that TaskUs is well positioned for BPO's AI-centric future. And look forward to providing more details about the other pillars of this strategy on future calls.

我們對這項策略的第一要素感到非常興奮，以確保 TaskUs 在 BPO 以 AI 為中心的未來中佔據有利地位。並期待在未來的電話會議上提供有關該策略其他支柱的更多細節。

In addition to reimagining our services for the AI era, we are focused on three core initiatives to ensure TaskUs remains the service provider of choice for clients with complex service needs in 2025. First, we will continue to take share from the competition through operational excellence.

除了重新構想人工智慧時代的服務之外，我們還專注於三大核心舉措，以確保 TaskUs 在 2025 年仍然是具有複雜服務需求的客戶的首選服務提供者。首先，我們將繼續透過卓越的營運來搶佔市場份額。

We made strong progress on this initiative in 2024 by successfully taking tens of millions of dollars of business from our direct competitors across 48 clients, including 13 of our top 20 clients, and we're not done yet.

2024 年，我們在這項計劃上取得了長足的進步，成功從 48 個客戶的直接競爭對手那裡獲得了數千萬美元的業務，其中包括我們前 20 個客戶中的 13 個，而且我們還沒有完成。

We have meaningful opportunities with new and existing clients who are simply tired of mediocre BPO services. We're confident that we can continue to take share, not by being the cheapest provider but by being the best.

我們為那些厭倦了平庸的 BPO 服務的新舊客戶提供了有意義的機會。我們有信心繼續佔據市場份額，不是透過成為最便宜的供應商，而是透過成為最好的供應商。

Next, we will continue expanding our specialized services that are less likely to be automated. We're moving up the value chain into services and industries that are AI resistant or where we can displace incumbent providers who are slow or unwilling to embrace AI-centric solutions.

接下來，我們將持續拓展那些不太可能自動化的專業服務。我們正在向價值鏈上游邁進，進入那些能夠抵禦人工智慧的服務和產業，或者我們可以取代那些不願或遲遲不肯接受以人工智慧為中心的解決方案的現有供應商。

This includes combining innovative technology partnerships with our talented teammates to grow our trust and safety. Financial crimes in compliance, sales, and customer success, and complex customer experience solutions.

這包括與我們才華橫溢的隊友結合創新技術合作關係，以增強我們的信任和安全。合規、銷售和客戶成功方面的金融犯罪以及複雜的客戶體驗解決方案。

Lastly, we will continue to deepen our expertise and expand our reach with enterprise clients in regulated industries such as financial services and healthcare. The recent winds and rapid multimillion-dollar expansions of the healthcare relationships I discussed earlier in the call are emblematic of the impact this strategy is having on our growth.

最後，我們將繼續深化我們的專業知識，並擴大我們與金融服務和醫療保健等受監管行業的企業客戶的聯繫。我在電話會議中早些時候討論過的最近的醫療保健關係的風向和數百萬美元的快速擴張象徵著這一策略對我們的成長產生的影響。

We intend to maintain this momentum in 2025.

我們打算在 2025 年保持這一勢頭。

Before handing it over to Balaji for more details on our Q4 results, I want to quickly outline our Q1 and full-year 2025 revenue outlook. In Q1, we expect to deliver revenues between $270 million and $272 million, representing year-over-year revenue growth of approximately 19% at the midpoint.

在向 Balaji 介紹我們第四季業績的更多細節之前，我想先簡單概述一下我們對第一季度和 2025 年全年的收入展望。我們預計第一季的營收將在 2.7 億美元至 2.72 億美元之間，相當於去年同期營收成長約 19%。

This reflects a continued acceleration of our growth rate on a year-over-year basis. On a sequential basis, Q1 will be impacted by two factors. First, we have an approximately $9 million negative revenue impact from two fewer working days in the quarter.

這反映出我們的成長率年持續加速。從連續來看，第一季將受到兩個因素的影響。首先，本季工作日減少兩天，為我們帶來了約 900 萬美元的負面收入影響。

And second, as we've experienced in past years, we have a decline in seasonal revenues of approximately $6 million. Combined, this is a total sequential impact of approximately $15 million compared to Q4 of 2024. This will also impact our adjusted EBITDA margins, which we expect to be 20% for the first quarter.

其次，正如我們過去幾年所經歷的，我們的季節性收入下降了約 600 萬美元。總體而言，與 2024 年第四季相比，這總計產生了約 1500 萬美元的連續影響。這也將影響我們的調整後 EBITDA 利潤率，我們預期第一季的利潤率為 20%。

We expect to deliver full-year 2025 revenue of approximately $1.11 billion at the midpoint of our guidance range of $1.095 billion to $1.125 billion. We expect margins to expand over the course of 2025, resulting in anticipated full-year adjusted EBITDA margins of approximately 21%, roughly flat with our full-year 2024 results.

我們預計 2025 年全年營收約 11.1 億美元，處於我們 10.95 億美元至 11.25 億美元指引範圍的中點。我們預計利潤率將在 2025 年期間擴大，預計全年調整後 EBITDA 利潤率約為 21%，與 2024 年全年業績基本持平。

With that, I'll hand it over to Balaji to go through the Q4 financials and our 2025 guidance in more detail.

接下來，我將把時間交給巴拉吉 (Balaji)，讓他更詳細地介紹第四季度的財務狀況和我們的 2025 年指引。

Thank you, Bryce, and good afternoon, everyone.

謝謝你，布萊斯，大家下午好。

In the fourth quarter, we earned total revenues of $274.2 million once again beating our guidance range of $267.3 million to $269.3 million. Revenue increased by 17.1% compared to the previous year, exceeding our expectation of 14.5% growth at the midpoint of our guidance.

第四季度，我們的總營收達到 2.742 億美元，再次超過了我們 2.673 億美元至 2.693 億美元的預期範圍。營收較上年成長 17.1%，超出我們預期的 14.5% 的中位數成長。

Our performance reflected strong accelerating year-over-year growth across all three of our service lines and higher than expected volumes from both new and existing clients across a broad range of verticals. Full-year 2024 revenue increased year over year by 7.6% to $995 million, well above the top end of our guidance range of $990 million.

我們的業績反映出我們所有三條服務線的年增長強勁，並且來自廣泛垂直領域的新舊客戶的交易量均高於預期。2024 年全年營收年增 7.6% 至 9.95 億美元，遠高於我們預期的 9.9 億美元最高水準。

In Q4 of 2024, we earned adjusted EBITDA of $53.8 million, a 19.6% margin versus our guidance of $56.6 million and 21.1% at the midpoint. For the full year, we achieved $209.9 million in adjusted EBITDA and then adjusted EBITDA margin of 21.1%, below our guidance of 21.5%.

2024 年第四季，我們的調整後 EBITDA 為 5,380 萬美元，利潤率為 19.6%，而我們的預期為 5,660 萬美元，中間值為 21.1%。全年而言，我們的調整後 EBITDA 達到 2.099 億美元，調整後 EBITDA 利潤率為 21.1%，低於我們的預期 21.5%。

As Bryce previously mentioned, our strong Q4 revenues and double-digit 2025 revenue growth forecast has necessitated increased investments in operations, facilities, hiring, and training which impacted our Q4 margins. Additionally, this quarter's revenue and margins were negatively impacted by security incidents.

正如布萊斯之前所提到的，我們強勁的第四季營收和兩位數的 2025 年營收成長預測需要增加對營運、設施、招募和培訓的投資，這影響了我們第四季的利潤率。此外，本季的收入和利潤受到安全事件的負面影響。

In response to one event, we suspended our impacted operations out of an abundance of caution. In order to take care of our people, we chose to retain and pay the impacted teammates during the suspension period. I'm proud of our team's decisive action and happy to report that we have now fully restored the suspended operations.

為了應對這一事件，我們出於謹慎考慮暫停了受影響的業務。為了照顧我們的員工，我們選擇在停賽期間保留受影響的隊友並支付薪水。我為我們團隊的果斷行動感到自豪，並高興地報告我們現在已經完全恢復了暫停的營運。

In response, we are hardening our defenses by investing more in information and physical security. They've included these investments in the guidance we are providing today.

作為回應，我們正在加大對資訊和實體安全的投入，以加強我們的防禦。他們已將這些投資納入我們今天提供的指導中。

Now moving on to service lines. In the fourth quarter, our DCX offering generated $164.8 million for a year-over-year increase of 8.5%. This service line growth was primarily attributable to new client revenue, which represented approximately 87% of growth this quarter.

現在轉到服務線。第四季度，我們的 DCX 產品產生了 1.648 億美元的收入，年增 8.5%。該服務線的成長主要歸因於新客戶收入，約佔本季成長的 87%。

Our strategic focus on clients in the financial services, healthcare, and professional services verticals again produce solid revenue results. We also saw growth coming from existing clients primarily in our financial services and entertainment and gaming verticals.

我們對金融服務、醫療保健和專業服務垂直領域的客戶的策略重點再次產生了穩健的收入結果。我們也看到現有客戶的成長，主要來自金融服務以及娛樂和遊戲垂直領域。

Our trust and safety business, which includes our content moderation and financial crime and compliance services, grew by 34% compared to Q4 of 2023, resulting in $70 million of revenue. Here, growth was predominantly driven by increased revenue from existing clients in our social media, retail and e-commerce, and financial services vertical.

我們的信任與安全業務（包括內容審核和金融犯罪與合規服務）與 2023 年第四季相比成長了 34%，收入達到 7,000 萬美元。在這裡，成長主要得益於我們社交媒體、零售和電子商務以及金融服務垂直領域的現有客戶的收入成長。

We continue to be excited about the growth opportunities in this specialized service line, but the clients have recognized the strong alignment between our trust and safety operational excellence and increasing demand from developers of generative AI solutions looking for AI safety services.

我們繼續對這一專業服務線的成長機會感到興奮，但客戶已經認識到我們的信任和安全運營卓越性與尋求人工智慧安全服務的生成人工智慧解決方案開發人員日益增長的需求之間的高度一致性。

Our AI services service line growth further accelerated to 31% year over year in Q4, delivering $39.4 million in revenue. This was primarily a result of growth from new and existing social media and professional services clients requiring support for their generative AI development, training and testing initiatives.

我們的人工智慧服務線成長在第四季進一步加速至年增 31%，實現營收 3,940 萬美元。這主要是由於新舊社交媒體和專業服務客戶的成長，他們需要為其生成式人工智慧開發、培訓和測試計劃提供支援。

We expect our air services growth rate to climb further and be our fastest growing service line in 2025 as a result of recent winds and ongoing demand. We ended the year with approximately 200 total clients, of which more than 50% generated revenue in excess of $1 million.

我們預計，由於最近的風力和持續的需求，我們的航空服務成長率將進一步攀升，並成為 2025 年成長最快的服務線。截至年底，我們共有約 200 名客戶，其中超過 50% 的收入超過 100 萬美元。

We continue to have a strong relationship with our largest client which represented 25% of total revenues in Q4 compared to 23% in Q3 of 2024 and 19% in Q4 of 2023. In Q4, our top 10 and top 20 clients accounted for 57% and 69% of our revenue respectively compared to 55% and 66% in the previous year.

我們繼續與最大的客戶保持著密切的關係，該客戶在第四季度佔總收入的 25%，而 2024 年第三季為 23%，2023 年第四季為 19%。在第四季度，我們的前 10 名和前 20 名客戶分別占我們收入的 57% 和 69%，而去年同期分別為 55% 和 66%。

We saw growth across all of our client cohorts for both Q4 and the year, including clients outside of our top 20, which grew nearly 8% for the quarter. Revenue from crypto and equity trading clients was stable compared with Q3 and approximated 4% of total revenue to Q4.

我們看到，第四季度和全年所有客戶群均實現了成長，包括前 20 名以外的客戶，本季成長了近 8%。來自加密貨幣和股票交易客戶的收入與第三季相比保持穩定，約佔第四季總收入的 4%。

In the fourth quarter, we generated 54% of our revenues in the Philippines, 13% of our revenues in the United States, 13% of our revenues from India, and 20% of our revenues from the rest of the world. Q4 new business signings were strongest in India, followed by the Philippines and Mexico.

第四季度，我們54%的收入來自菲律賓，13%的收入來自美國，13%的收入來自印度，20%的收入來自世界其他地區。第四季新業務簽約數量最多的是印度，其次是菲律賓和墨西哥。

From a delivery region perspective, we again saw strong growth in Latin America, which grew approximately 35% during Q4, as well as Europe, which grew in excess of 43%. Our Asia-Pacific region, primarily driven by India and the Philippines, grew approximately 15% year over year during Q4, continuing the improvement we saw in Q3.

從交付區域來看，我們再次看到拉丁美洲的強勁成長，第四季成長了約 35%，歐洲的成長也超過了 43%。我們的亞太地區（主要由印度和菲律賓推動）在第四季年增約 15%，延續了第三季的改善動能。

As anticipated in our Q3 calls, we delivered growth across all of our major delivery regions, including the United States, which grew 10% on a year over year basis in Q4. Cost of service as a percentage of revenue was 61.9% in the fourth quarter compared to 58.6% in the prior year.

正如我們在第三季電話會議上所預期的那樣，我們在所有主要交付地區都實現了成長，包括美國，美國在第四季同比增長了 10%。第四季服務成本佔營收的百分比為 61.9%，而去年同期為 58.6%。

The year-over-year increase was driven by a number of factors including costs associated with the previously discussed security incidents, annual wage, and benefits cost inflation, and incremental hiring, training, and facilities costs related to stronger growth.

同比成長是由多種因素推動的，包括與前面討論過的安全事件相關的成本、年度薪資和福利成本通膨，以及與更強勁的成長相關的增量招聘、培訓和設施成本。

These factors were partially offset by gains from the stronger dollar. In the fourth quarter SG&A expenses were $67.8 million or 24.7% of revenue compared to $48.9 million or 20.9% of revenue in the prior year. The increase was primarily driven by certain litigation costs.

這些因素被美元走強帶來的收益部分抵銷。第四季銷售、一般及行政費用為 6,780 萬美元，佔營收的 24.7%，而去年同期為 4,890 萬美元，佔營收的 20.9%。成長的主要原因是某些訴訟費用。

The remaining increases include higher personal costs, including our investments in sales, marketing, and technology, and increased bonus expense associated with higher revenue attainment. Adjusted net income for the quarter was $28.5 million and adjusted EPS was $0.31.

其餘的成長包括更高的個人成本，包括我們在銷售、行銷和技術方面的投資，以及與更高收入相關的增加的獎金支出。本季調整後淨收入為 2,850 萬美元，調整後每股收益為 0.31 美元。

By comparison, in the year-ago period, we earned adjusted net income of $32.2 million and adjusted EPS of $0.35. Our weighted average share count for Q4 2024 was higher than Q4 of 2023 as a result of share repurchases during the year being more than offset by an increase in the dilutive effect of shares issued under our equity compensation plans.

相較之下，去年同期，我們的調整後淨利為3,220萬美元，調整後每股收益為0.35美元。 2024年第四季的加權平均股票數量高於2023年第四季度，原因是本年度股票回購的金額被我們根據股權激勵計畫發行的股票的稀釋效應增加所抵銷。

For the full year, adjusted net income was $118.7 million and adjusted EPS was $1.29. This compares to adjusted net income of $126.5 million and $1.32 of adjusted EPS for full year 2023. Our adjusted EPS included the impact of our lower share count resulting from our stock repurchase program.

全年調整後淨收入為1.187億美元，調整後每股收益為1.29美元。相較之下，2023年全年調整後淨收入為1.265億美元，調整後每股收益為1.32美元。我們的調整後每股盈餘包括了股票回購計畫導致的股票數量減少的影響。

The decrease in adjusted net income was primarily due to the increase in SG&A expenses that I explained earlier.

調整後淨收入的減少主要是由於我之前解釋過的銷售、一般及行政費用的增加。

Now moving on to our balance sheet and cash flow. Cash and cash equivalents were $192.2 million as of December 31, 2024, compared with the December 31, 2023, balance of $125.8 million. Our adjusted net debt leverage ratio continues to be very healthy at 0.3 times of adjusted debit at the end of Q4.

現在來看看我們的資產負債表和現金流。截至 2024 年 12 月 31 日，現金及現金等價物為 1.922 億美元，而 2023 年 12 月 31 日的餘額為 1.258 億美元。我們的調整後淨負債槓桿率持續保持非常健康的水平，第四季末為調整後借方的 0.3 倍。

As a reminder, we calculate this ratio as total debt less cash divided by adjusted EBITDA for the trading 12 month period. At the end of 2024, we had approximately $39.6 million of authorization left on our share repurchase plan.

提醒一下，我們將該比率計算為總債務減去現金除以交易 12 個月期間的調整後 EBITDA。截至 2024 年底，我們的股票回購計畫授權金額約為 3,960 萬美元。

Given its programmatic design, we repurchased approximately $2.2 million in Q4 at an average cost of $11.83 per share. Cash generated from operations for the full year 2024 was $138.9 million as compared to $143.7 million at the end of 2023.

鑑於其程序化設計，我們在第四季度以每股 11.83 美元的平均成本回購了約 220 萬美元。2024 年全年經營活動產生的現金為 1.389 億美元，而 2023 年底為 1.437 億美元。

For the full year, CapEx was $39.1 million or 3.9% of revenue, compared with $31 million or 3.4% of revenue in 2023. This full-year increase was driven largely by CapEx spend tied to revenue growth and facility expansions.

全年資本支出為 3,910 萬美元，佔收入的 3.9%，而 2023 年為 3,100 萬美元，佔收入的 3.4%。全年成長主要得益於與收入成長和設施擴張相關的資本支出。

For the full year, adjusted fee cash flow, which excludes payments for litigation-related expenses, was $107.4 million slightly below our guidance of approximately $110 million. This shortfall was primarily the result of working capital increases and capital expenditures required to support our higher outlook for 2025 revenues and our Q4 adjusted EBITDA decrease compared to guidance.

全年調整後的費用現金流（不包括訴訟相關費用的支付）為 1.074 億美元，略低於我們預期的約 1.1 億美元。這一缺口主要是由於為支持我們對 2025 年收入的更高預期而需要增加營運資本和資本支出，以及與預期相比第四季度調整後的 EBITDA 有所下降。

This represents a conversion rate of 51.2% of adjusted EBITDA for the full year. In terms of our financial outlook for the full year, we anticipate full-year 2025 total revenues to be the range of $1.095 billion to $1.125 billion, a midpoint of $1.110 billion.

這意味著全年調整後 EBITDA 的轉換率為 51.2%。就全年財務展望而言，我們預計 2025 年全年總收入將在 10.95 億美元至 11.25 億美元之間，中間值為 11.10 億美元。

We expect to earn full-year 2025 adjusted EBITDA with the margin of approximately 21%. This margin captures the impact of current ForEx rates, the additional investments we are making to embrace generative AI and agentic AI technologies, security infrastructure, operational ramp-ups, supporting our expected revenue growth, and typical wage inflation in excess of our ability to pass these on to our clients.

我們預計 2025 年全年調整後 EBITDA 利潤率約為 21%。這項利潤反映了當前外匯匯率的影響，以及我們為採用生成式人工智慧和代理式人工智慧技術、安全基礎設施、營運提升、支持我們預期的收入成長而進行的額外投資，以及超出我們將其轉嫁給客戶的能力的典型薪資通膨。

We expect to achieve approximately $100 million in adjusted fee cash flow for 2025. We anticipate capital expenditures will increase significantly in 2025 due to the timing of payments for facility expansions that started in 2024, new facility expansions in 2025, and refresh of technology assets.

我們預計 2025 年調整後費用現金流將達到約 1 億美元。我們預計，由於 2024 年開始的設施擴建付款時間、2025 年的新設施擴建以及技術資產的更新，2025 年的資本支出將大幅增加。

For the first quarter of 2025, we anticipate revenues to be in the range of $270 million to $272 million and we expect to earn an adjusted margin of approximately 20%. First-quarter revenue and adjusted with the margin will be impacted by lower seasonal revenues and too fewer working days in the quarter compared to Q4 of 2024, a combined negative impact of approximately $150 million along with the investments in facilities and technology.

對於 2025 年第一季度，我們預計營收將在 2.7 億美元至 2.72 億美元之間，預計調整後利潤率約為 20%。與 2024 年第四季相比，第一季的收入和調整後的利潤率將受到季節性收入下降和本季工作日過少的影響，加上對設施和技術的投資，總負面影響約為 1.5 億美元。

During Q3 2024, TaskUs adopted hedge accounting with maturities beginning in 2025. As a result, realized gains and losses from hedges will be included in our results of operation and calculations of non-GAAP metrics, including EBITDA and adjusted EBITDA.

2024 年第三季度，TaskUs 採用了套期會計，到期日從 2025 年開始。因此，對沖實現的收益和損失將包含在我們的經營績效和非公認會計準則指標的計算中，包括 EBITDA 和調整後的 EBITDA。

Our guidance for the quarter and full year is based on current ForEx rate estimates. So in each change to currency rates to the extent not hedged would impact our margins. As a reminder, the majority of our revenue is built and collected in US dollars, so we do not see the impact of US dollar fluctuations in our revenue.

我們對本季和全年的指導是基於當前的外匯匯率估計。因此，每次貨幣匯率的變動都會在一定程度上影響我們的利潤率。提醒一下，我們的大部分收入都是以美元計算和收取的，因此美元波動不會對我們收入產生影響。

I will now hand it back to Bryce.

我現在將它交還給布萊斯。

Thank you, Balaji.

謝謝你，巴拉吉。

Before we take questions, I want to take a moment to highlight the incredible impact our teams made in our communities around the world last year. At TaskUs, our vision goes beyond supporting the world's most innovative brands. It's about making a meaningful difference in the lives of the people we connect with and the communities we operate in.

在我們回答問題之前，我想花點時間強調我們的團隊去年在世界各地的社區中產生的巨大影響。在 TaskUs，我們的願景不僅僅是支持世界上最具創新性的品牌。這是為了為與我們聯繫的人們的生活以及我們所處的社區帶來有意義的改變。

One of the most powerful ways we do this is by fostering a culture of service. We believe that when employees actively engage with their communities, they bring fresh perspectives, deeper empathy, and a stronger sense of purpose back into the workplace.

我們實現這一目標的最有效方法之一就是培養服務文化。我們相信，當員工積極參與社區活動時，他們會為工作場所帶來新的視野、更深的同理心和更強烈的使命感。

In 2023, as part of our 15th anniversary celebration, we established TUgether We Serve, a company-wide initiative that empowers employees to volunteer for causes they're passionate about. Whether it's community cleanups, animal rescues, social justice initiatives, environmental campaigns, or educational programs, our employees are stepping up to create a positive change.

2023 年，作為我們成立 15 週年慶典的一部分，我們發起了「TUgether We Serve」計劃，這是一項全公司範圍的倡議，旨在鼓勵員工自願參加他們熱衷的事業。無論是社區清潔、動物救援、社會正義倡議、環保運動或教育計劃，我們的員工都在加緊努力，創造積極的變化。

In 2024, we set an ambitious goal of reaching 10,000 volunteer hours across all TaskUs locations, but even that goal was not ambitious enough. By the end of the year, our employees collectively contributed over 26,000 hours of volunteer work, with nearly 5,000 employees participating.

2024 年，我們設定了一個雄心勃勃的目標，在所有 TaskUs 地點實現 10,000 小時的志願服務，但即使是這個目標也不夠遠大。截至年底，我們的員工累計志工服務超過 26,000 小時，參與員工人數近 5,000 人。

Together, we supported 373 non-profit organizations around the world. Behind these numbers are real stories of TaskUs's employees who are making a meaningful impact in their communities.

我們共同支持了全球 373 個非營利組織。這些數字背後是 TaskUs 員工為社群帶來有意義影響的真實故事。

In the Philippines, Vina Paglicawan, Senior Director of Wellness and Resiliency, dedicated 56 hours to providing free coaching for young people, public school teachers, local government officials, and female leaders and professionals in her community.

在菲律賓，健康和復原力高級主管維娜·帕格利卡萬（Vina Paglicawan）花了 56 個小時為社區的年輕人、公立學校教師、當地政府官員以及女性領導者和專業人士提供免費輔導。

In India, Vandana Singh, Senior Manager of People Strategy, volunteered 100 hours providing resources for local schools and supporting animal welfare initiatives. She helped improve access to clean food and water for children while also ensuring the well-being of stray and community animals.

在印度，人力策略高級經理 Vandana Singh 自願花費 100 個小時為當地學校提供資源並支持動物福利計劃。她幫助改善兒童獲得清潔食物和水的機會，同時也確保流浪動物和社區動物的福祉。

Here in the US, Laurie Cassell, our Global Editor in Chief, contributed 64 hours to the Brooke Healy Foundation, where she played a key role in planning a gala to benefit families fighting pediatric cancer. The TUgether We Serve program has helped us better understand the diverse needs of the communities we work in, foster deeper empathy, and create a more culturally aware workforce.

在美國，我們的全球主編勞瑞·卡塞爾 (Laurie Cassell) 為布魯克·希利基金會 (Brooke Healy Foundation) 貢獻了 64 小時，她在策劃一場為抗擊兒童癌症的家庭籌款的慈善晚會中發揮了關鍵作用。TUgether We Serve 計畫幫助我們更了解我們工作所在社區的不同需求，培養更深層的同理心，並打造一支更具文化意識的員工隊伍。

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

這樣，我就請接線生開我們的問答線。操作員？

(Operator instructions)

（操作員指示）

Jim Schneider, Goldman Sachs.

高盛的吉姆·施耐德。

I was wondering if you could give us a bit of an update on your largest customer, Meta. And understanding that you do not participate in the fact-checking work, which the company did, maybe give us a sense about -- as the company revisits its fact-checking and content moderation policies, how you were thinking about the potential risks to TaskUs's existing business and how you plan to mitigate them.

我想知道您是否可以向我們介紹一下您最大的客戶 Meta 的最新情況。並且了解到您不參與公司所做的事實核查工作，也許可以讓我們了解 - 當公司重新審視其事實核查和內容審核政策時，您如何看待 TaskUs 現有業務的潛在風險以及您計劃如何減輕這些風險。

So we continue to have a very strong relationship with our largest client. In 2024, we expanded global operations supporting this client, adding operations in two new countries while growing our operations in the three existing countries, where we were doing business with them.

因此，我們與我們最大的客戶繼續保持著非常牢固的關係。2024 年，我們擴大了支持該客戶的全球業務，在兩個新國家增加了業務，同時在與他們有業務往來的三個現有國家擴大了業務。

We're supporting this client's integrity operations, financial crimes, and compliance work flows. And obviously, they're growing investments in generative AI.

我們支援該客戶的誠信營運、金融犯​​罪和合規工作流程。顯然，他們正在增加對生成式人工智慧的投資。

So as you mentioned, we don't provide fact-checking services to our largest client or any other client for that matter. Generally, our trust and safety business is focused on solutions to ensure content posted complies with client policies.

正如您所說，我們不向我們最大的客戶或任何其他客戶提供事實查核服務。整體而言，我們的信任和安全業務專注於確保發布的內容符合客戶政策的解決方案。

So what does that mean? Well, we work to remove illegal content such as terrorism activity and child endangerment. We also tackle toxic content that could include bullying, graphic violence, and sexually explicit material.

那麼這意味著什麼？嗯，我們致力於刪除恐怖主義活動和危害兒童等非法內容。我們也處理可能包括霸凌、暴力畫面和色情內容在內的有害內容。

So we will continue to be a go-to partner for our largest client on these most critical initiatives. And I'll note that like the rest of our business, we expect to see significant growth in AI services from this client in 2025. As far as the risk at this stage, we don't see any significant risk.

因此，在這些最關鍵的舉措上，我們將繼續成為我們最大客戶的首選合作夥伴。我要指出的是，與我們的其他業務一樣，我們預計到 2025 年該客戶的人工智慧服務將實現顯著成長。就現階段的風險而言，我們沒有看到任何重大風險。

Revenue from this client grew faster than the overall business in 2024. We expect that revenue with this client will grow even faster in 2025. By the end of 2025, the relationship with our largest client will actually be about 70% larger than it was in 2023.

2024年，來自該客戶的營收成長速度快於整體業務。我們預計，2025年該客戶的營收將成長更快。到 2025 年底，我們與最大客戶的關係實際上將比 2023 年擴大約 70%。

And with all that, I'll just note that we continue to see an uptick in both new logo sales and sales to other existing customers, which we mentioned in Q4. So we expect ongoing healthy growth from across the rest of our business as well.

除此之外，我只想指出，我們繼續看到新標誌銷售額和其他現有客戶的銷售額呈上升趨勢，正如我們在第四季度提到的那樣。因此，我們預計其他業務也將持續健康成長。

And then maybe as a follow-up just on the margin front, biology, maybe you can give us a sense of the shape or profile of margins as you head throughout the year, where might margins end the year in Q4 and maybe give us a sense about where margins could go prospectively beyond then.

然後，也許作為利潤方面的後續問題，生物學，也許您可以讓我們了解全年利潤率的形狀或概況，利潤率在第四季度結束時可能處於什麼水平，也許可以讓我們了解利潤率在未來可能會達到什麼水平。

So while we don't provide the guidance on margins on a quarterly basis, what we are guiding to currently for Q1 is about 20% adjusted EBITDA. And then what we are saying is for the full year, we will deliver adjusted EBITDA margins for about 21%.

因此，雖然我們沒有按季度提供利潤率指導，但我們目前對第一季利潤率的指導是調整後的 EBITDA 約為 20%。然後，我們的預期是，全年調整後的 EBITDA 利潤率將達到約 21%。

You'll see that we'll continue to see sequential improvement in the margin starting Q1 getting into Q3.

您會發現，從第一季到第三季度，利潤率將繼續連續改善。

And then in Q4 we might see some reduction sequentially, because we typically incur some seasonal cost as an example holiday pay, that you see every year. So there'll be a small dip in Q4, but we would see an increase in margins starting Q2.

然後在第四季度，我們可能會看到一些連續的減少，因為我們通常會產生一些季節性成本，例如每年都會看到的假期工資。因此，第四季會出現小幅下降，但從第二季開始我們會看到利潤率上升。

And then in terms of some of the key drivers from a margin perspective that I spoke about earlier is the investments that we're going to be making from a generative AI perspective, the investments in security infrastructure, and then we will continue to incur ramp costs that we saw in 2024 as we went through the growth phase.

然後，就我之前談到的從利潤率角度來看的一些關鍵驅動因素而言，我們將從生成人工智慧的角度進行投資，對安全基礎設施的投資，然後我們將繼續承擔我們在 2024 年經歷成長階段時看到的成本上升。

And we are calling for double-digit growth rates in 2025. So we expect to see continued ramp cost in terms of facilities costs, training, and recruitment. And then the guidance that we've provided today also factors in typical wage inflation that we see every year.

我們預計2025年成長率將達到兩位數。因此，我們預計設施成本、培訓和招聘方面的成本將持續增加。我們今天提供的指導也考慮了我們每年看到的典型薪資通膨。

Cassie Chan, Bank of America Securities.

美國銀行證券公司的 Cassie Chan。

I just wanted to ask about the first-quarter revenue growth of 19%. That's really strong and only a sequential decline of about 1% quarter over quarter, despite some of the headwinds you mentioned from the fewer billable days and seasonality.

我只是想問一下第一季營收成長 19% 的情況。儘管您提到計費天數減少和季節性因素帶來一些不利因素，但這一表現確實強勁，並且僅比上一季下降了約 1%。

I just wanted to ask, is that pull forward of revenue from maybe something from the back half of the year? And the map kind of implies growth decelerating to, is it fair to say high single digit or call it, 10%, is still exiting 2025?

我只是想問一下，這筆收入是不是可以提前從下半年的收入中扣除？而地圖暗示成長速度正在減速至高個位數或 10%，到 2025 年是否仍將達到這一水準？

Is that conservatism or are there other factors that we should take into account as you think about the shape of the rest of the year just given the strong first-quarter guidance you give?

這是保守主義嗎？還是在您給予強勁的第一季指引之後，我們在考慮今年剩餘時間的情況時還應該考慮其他因素？

So obviously, it's the start of the new year, and we always want to provide guidance that we feel confident we can meet or beat. So today, we're providing guidance for between 10% and 13% year-over-year growth in 2025.

顯然，這是新的一年的開始，我們總是希望提供我們有信心能夠滿足或超越的指導。因此今天，我們預測 2025 年的年成長率將在 10% 至 13% 之間。

And I'll just note that to get to the top half of that range we're contemplating a demand environment that doesn't change materially from 2024. And that means that things don't get worse, but it also means things don't get better.

我只想指出，為了達到該範圍的上半部分，我們正在考慮一個從 2024 年起不會發生重大變化的需求環境。這意味著事情不會變得更糟，但也意味著事情不會變得更好。

So we do think there's upside potential on these numbers to simply get to 12% to 13% growth is very achievable. In 2024, we saw both increased bookings and a reduction in churn when compared to 2023, and so far those trends have continued into 2025.

因此，我們確實認為這些數字具有上升潛力，實現 12% 至 13% 的成長率是完全可以實現的。與 2023 年相比，2024 年的預訂量有所增加，客戶流失率也有所下降，到目前為止，這些趨勢一直持續到 2025 年。

We've got very good next-quarter visibility, and our results thus far in Q1 give us confidence that we will meet or beat our Q1 guidance. You mentioned the headwinds. It's a significant headwind, $15 million when compared to Q4.

我們對下個季度的前景非常樂觀，而且我們第一季迄今為止的業績讓我們有信心達到或超過第一季的預期。您提到了逆風。與第四季度相比，這是一個巨大的阻力，達到 1500 萬美元。

And even with that headwind, we're contemplating revenues that are nearly flat quarter over quarter. So clearly, we feel like we're off to a pretty good start. So for the remainder of 2025 if we keep our head down, successfully recruit, ramp, and retain our large clients, then, we feel very confident, in our ability to meet or beat the guidance we're providing, and to be clear, our goal is enduring double-digit revenue growth.

即使面臨這種不利因素，我們預期營收仍將與上一季基本持平。顯然，我們感覺我們已經有了一個相當好的開始。因此，在 2025 年的剩餘時間裡，如果我們保持低調，成功招募、發展和留住大客戶，那麼，我們非常有信心，我們有能力達到或超越我們提供的指導，而且明確地說，我們的目標是保持兩位數的收入增長。

And then just a quick follow-up. You guys mentioned the security incident that impacted the fourth quarter. Is there any way you can quantify the impact on that on revenues and margins? Anything lingering into maybe first quarter?

然後只是快速的跟進。你們提到了影響第四季的安全事件。有什麼方法可以量化這對收入和利潤的影響嗎？有什麼事情會持續到第一季嗎？

And I guess, you talked about some reinvestments in the business as well. Any way to quantify how much is going to bolster those own -- internal security measures versus the investments and building up those AI tools that you continue to see strong demand for, teammate growth, et cetera.

我想，您也談到了對業務的一些再投資。有沒有辦法量化在多大程度上可以加強這些自身的內部安全措施，以及投資和建立那些你繼續看到強勁需求的人工智慧工具、隊友成長等等。

Just those different buckets as well.

也只是那些不同的桶子。

Yeah. So I'll start and, Balaji, if you want to add anything, feel free. Security has always been a top priority for TaskUs, and unfortunately, our industry has been targeted by an increasing number of these types of events. So what happened in Q4 was not at all unique to TaskUs.

是的。那麼我就開始了，巴拉吉，如果你想添加任何內容，請隨意。安全一直是 TaskUs 的首要任務，但不幸的是，我們的行業已成為越來越多此類事件的目標。因此，第四季發生的事情對於 TaskUs 來說並不是獨一無二的。

What is perhaps unique is how quickly our team responded. I'm incredibly proud of the response of our team. We suspended operations out of an abundance of caution. We continued to pay our employees during the suspension period, and we've now fully restored those suspended operations.

獨特之處或許在於我們的團隊反應非常迅速。我對我們團隊的反應感到無比自豪。出於謹慎考慮，我們暫停了營運。停工期間我們繼續向員工支付工資，目前我們已經完全恢復了暫停的業務。

We actually expect our relationship with the client in this case to grow in 2025.

實際上，我們預計我們與本案客戶的關係將在 2025 年進一步發展。

When we combine the impact of the security incident with the impact of increased investments to meet our growth targets for 2025, so those ramp costs that Balaji related. Had both of those things not happened, we would not have met our EBITDA guidance.

當我們將安全事件的影響與增加投資的影響力結合起來以實現 2025 年的成長目標時，Balaji 提到的那些成本就會增加。如果這兩件事沒有發生，我們就無法達到 EBITDA 預期。

So we were a few million dollars short on a dollar basis from our EBITDA guidance in Q4. So that can give you a sense of kind of what the size of that impact is.

因此，我們第四季的 EBITDA 預期比美元少了幾百萬美元。這樣您就可以大致了解其影響的規模。

As far as ongoing investments we're going to continue to invest millions of dollars in our AI initiatives, and we will also be investing millions of dollars in improving our security posture. We have done that historically, but given the experience we had in Q4, we've set a goal of becoming the most secure provider in the industry.

就持續投資而言，我們將繼續在人工智慧計畫上投資數百萬美元，我們還將投資數百萬美元來改善我們的安全態勢。我們過去已經這樣做了，但鑑於我們在第四季度的經驗，我們設定的目標是成為業內最安全的提供者。

And so we set out an investment agenda that will, we think, position us to accomplish that. But all of those investments have been factored in the guidance. As Balaji said, we expect EBITDA margins for the full year to be roughly flat with 2024, but we expect those margins to grow over the course of the year.

因此，我們制定了一項投資計劃，我們認為這將使我們能夠實現這一目標。但所有這些投資都已計入指導中。正如巴拉吉所說，我們預計全年 EBITDA 利潤率將與 2024 年大致持平，但我們預計這些利潤率將在一年內成長。

(Operator instructions)

（操作員指示）

Jonathan Lee, Guggenheim Partners.

喬納森李，古根漢合夥人。

How should we think about your market position in AI services, particularly around the new agentic AI consulting practice, and what gives you confidence that clients would look to TaskUs for that type of service versus using perhaps in-house talent or competitor?

我們應該如何看待您在人工智慧服務領域的市場地位，特別是在新的代理人工智慧諮詢實踐方面，是什麼讓您有信心客戶會向 TaskUs 尋求此類服務，而不是使用內部人才或競爭對手？

So broadly based, when we look at AI services. we are seeing a significant increase in demand from generative AI and foundational models. We are also seeing a significant increase in demand for these services from large social media companies.

因此，從廣泛的角度來看，當我們審視人工智慧服務時，我們看到對產生人工智慧和基礎模型的需求顯著增加。我們也看到大型社群媒體公司對這些服務的需求顯著成長。

The agentic AI practice that we mentioned on the call, which we're just kicking off, is going to be a partnership with the leading agentic AI companies. These are companies that are using LLMs with a goal of automating certain aspects of customer support.

我們在電話會議上提到的代理 AI 實踐剛剛啟動，我們將與領先的代理 AI 公司建立合作夥伴關係。這些公司使用 LLM 的目的是實現客戶支援的某些方面的自動化。

As we said historically, we believe that simple and repeatable customer support interactions stand to be automated. We've got our own TaskGPT platform, which makes our teammates significantly more productive when responding to customers, but there are contact types that we believe we can just completely automate in partnerships with these agentic AI technology providers.

正如我們過去所說的那樣，我們相信簡單且可重複的客戶支援互動可以自動化。我們有自己的 TaskGPT 平台，這使得我們的隊友在回應客戶時的工作效率顯著提高，但我們相信，只有與這些代理 AI 技術提供者合作，才能完全實現某些聯繫類型的自動化。

And so as we're looking to this year we're excited about partnerships. We have some partnerships that we'll be announcing publicly shortly and we expect to begin to deploy these tools across a number of our clients. Again this is going to create an enduring revenue stream, because we'll be making money from the implementation and the ongoing automation.

因此，展望今年，我們對合作夥伴關係感到興奮。我們有一些合作夥伴關係，我們很快就會公開宣布，並且我們期望開始在我們的許多客戶中部署這些工具。再一次，這將創造持久的收入來源，因為我們將從實施和持續的自動化中賺錢。

We think we're very well positioned because we've got teammates who have been trained on these work flows and deeply understand the policies of our customers, and we can use that knowledge to train and maintain these agentic AI systems.

我們認為我們處於非常有利的位置，因為我們的隊友接受過這些工作流程的培訓，並且深刻地理解我們客戶的政策，我們可以利用這些知識來訓練和維護這些代理 AI 系統。

And then of course as we've said we think there's a huge portion of work that is not likely to be automated anytime soon. These are the more complex customer interactions. They may involve sales, revenue generation, customer success, Tier 2 and Tier 3 type support workflows, and TaskUs will continue to be a vendor of choice for our clients for those workflows.

當然，正如我們所說，我們認為很大一部分工作不太可能很快就會自動化。這些是更為複雜的客戶互動。它們可能涉及銷售、創造收入、客戶成功、第 2 層和第 3 層類型的支援工作流程，而 TaskUs 將繼續成為我們客戶在這些工作流程上的首選供應商。

So it's a multi-pronged approach, but really that agentic AI practice is going to primarily focus on the future of our customer experience business.

因此，這是一種多管齊下的方法，但實際上，代理 AI 實踐將主要關注我們客戶體驗業務的未來。

David Koning, Baird.

大衛‧科寧，貝爾德。

And I guess my question when we look at employee growth and -- and nice job, big growth sequentially this quarter, but when we look at that, it grew faster year over year than revenue all through the year. And I'm sure that has to do with mix of offshore, maybe investing for the future, but when will we see a time when you kind of get the efficiencies, where you're actually disconnecting where revenue starts growing faster than employees?

我想我的問題是，當我們看到員工成長時——做得很好，本季環比增長很大，但當我們看這一點時，它的同比增長速度快於全年的收入增長速度。我確信這與離岸業務的混合有關，也許是為未來投資，但我們什麼時候才能看到效率的提高，什麼時候才能真正脫節，收入的成長速度開始快於員工的成長速度？

So I'll comment conceptually and then Balaji can maybe add a few more details. Clearly, this year we've seen a mixed shift. I'm really proud that we got back to double-digit growth in the US and Q4. That was not the case for most of the year.

因此，我將從概念上進行評論，然後 Balaji 可以添加更多細節。顯然，今年我們看到了混合轉變。我真的很自豪我們在美國和第四季度恢復了兩位數的成長。一年中的大部分時間並非如此。

For most of the year, our revenue in the US was declining and obviously the US is the region in which we drive the highest revenue per employee. And so as we look at growth being driven in the Philippines and India and increasingly in new regions like Colombia and even parts of Europe, revenue per employee is just lower than it was in the US business.

在一年中的大部分時間裡，我們在美國的收入都在下降，顯然美國是我們人均收入最高的地區。因此，當我們觀察菲律賓和印度的成長情況，以及哥倫比亞和歐洲部分地區等新興地區的成長時，我們發現員工人均收入略低於美國業務。

We think that this year we will begin to see an increase in revenue per employee driven by stabilization in the geographic mix and by the fact that we're going to continue to automate large portions of our workflows. The agentic AI practice I was just talking about gives us an opportunity to take a teammate who's supporting customer support work flows and make them significantly more productive to handle more cases on an hourly basis than they would historically, and that should drive up revenue per employee.

我們認為，今年我們將開始看到每位員工的收入增加，這得益於地理結構的穩定性以及我們將繼續實現大部分工作流程的自動化。我剛才談到的代理 AI 實踐讓我們有機會讓支持客戶支持工作流程的隊友更有效率，每小時處理比以往更多的案例，這應該會提高每位員工的收入。

Balaji, anything to quickly add there.

Balaji，有什麼可以快速添加的嗎？

Just a couple of things I'll add is, David, if you kind of look at revenue yield per employee, which is revenue divided by the end of the quarter headcount, compared to 2023, we do see a reduction in 2024. It's been -- but it's been fairly stable in 2024 because the mix is fairly stable in 2024 when compared to 2023 because we started to digest the impact of this mixture from onshore to offshore.

我要補充幾點，戴維，如果你看一下每位員工的收入收益率，即收入除以季度末的員工人數，與 2023 年相比，我們確實看到 2024 年有所減少。一直如此 - 但到 2024 年它已經相當穩定，因為與 2023 年相比，2024 年的組合相當穩定，因為我們開始消化這種組合從陸上到海上的影響。

So it's been fairly stable in 2024. And like Bryce said, as we start selling some of these specialized service lines, we would start to see improvement from a yield perspective.

因此到 2024 年，情況會相當穩定。正如布萊斯所說，當我們開始銷售一些專業服務線時，我們將開始從收益角度看到改善。

Maggie Nolan, William Blair.

瑪吉諾蘭、威廉布萊爾。

You made a comment in your prepared remarks, right, that you were planning to expand specialized services that are less likely to be automated. Can you talk about maybe what service areas in particular you're investing in, how the mix might change, what that means in terms of your three service types that you report and margin profiles associated with them?

您在準備好的演講中說過，您計劃擴展不太可能自動化的專業服務。您能否談談您具體投資的服務領域、投資組合可能如何變化、這對您報告的三種服務類型以及與它們相關的利潤率狀況意味著什麼？

Yeah. So we are focused on both services and verticals where we think there's an AI resistance -- and not AI resistance because people don't want to use AI, but AI resistance because of either complexity or regulatory concerns.

是的。因此，我們專注於我們認為存在人工智慧阻力的服務和垂直領域——並不是因為人們不想使用人工智慧而產生的阻力，而是因為複雜性或監管問題而產生的阻力。

So on the service line side, we believe that trust and safety, risk and response, certainly, some -- ironically AI services themselves are more AI resistant. We also think that the work we're doing in sales and lead gen and more complex work flows in customer success are more AI resistant.

因此，在服務線方面，我們認為信任與安全、風險與回應，當然，諷刺的是，人工智慧服務本身對人工智慧的抵抗力更強。我們也認為，我們在銷售和潛在客戶開發方面所做的工作以及客戶成功中更複雜的工作流程對人工智慧的抵抗力更強。

It's the commoditized repeatable customer interactions that we think are going to be automated first. And we fully intend to lead the charge on that automation with our agentic AI consulting practice.

我們認為首先實現自動化的是商品化的可重複的客戶互動。我們完全打算利用我們的代理 AI 諮詢實踐來引領自動化的發展。

As far as verticals, we're really focused on financial services and healthcare because we continue to see strong growth rates in both of those verticals across the BPO industry and a lot of those services we think are more resistant to automation.

就垂直領域而言，我們真正關注的是金融服務和醫療保健，因為我們看到 BPO 行業中這兩個垂直領域的成長率持續強勁，而且我們認為其中許多服務更能抵禦自動化。

We also mentioned that we're going to go after enterprise clients, where we think our existing cost our existing competitors are slow to attempt to automate, and we'll be taking an AI-first offering to try to disrupt those competitors. So it's a multi-pronged approach, but I appreciate the question, Maggie.

我們也提到，我們將瞄準企業客戶，我們認為我們現有的成本以及我們現有的競爭對手在嘗試實現自動化方面進展緩慢，我們將採取人工智慧優先的服務來試圖打亂這些競爭對手的節奏。所以這是一個多管齊下的方法，但我很感謝這個問題，瑪姬。

James Faucette, Morgan Stanley.

摩根士丹利的詹姆斯·福塞特。

Thanks for the question, guys. It's Antonio on for James. I wanted to ask more on the pace of bookings like revenue conversion. How has that trended and then how has demand trended as well?

謝謝大家的提問。安東尼奧替換詹姆斯。我想進一步了解預訂速度，例如收入轉換率。趨勢如何？需求趨勢如何？

Thanks for the question, Antonio. So as we mentioned on the call, Q4 was a great quarter both in that we saw a significant uptick in new logo sales and the existing client sales were less concentrated with our largest customer.

謝謝你的提問，安東尼奧。正如我們在電話中提到的那樣，第四季度是一個偉大的季度，因為我們看到新標誌銷售額顯著上升，現有客戶的銷售額不再集中在我們最大的客戶身上。

As I mentioned we've seen incredible growth with our largest customer, and we anticipate to see sustained growth with them in 2025, but in Q4 we were able to drive even more growth outside of the largest customer. And we think that will show up in revenue growth rates outside of our largest customer accelerating over the course of 2025.

正如我所提到的，我們最大的客戶實現了令人難以置信的成長，我們預計 2025 年我們將與他們一起實現持續成長，但在第四季度，我們能夠在最大客戶之外推動更大的成長。我們認為，到 2025 年，我們最大客戶以外的收入成長率將加速成長。

Thank you. I'm showing no further questions at this time. Thank you for your participation in today's conference. This does conclude the program. You may now disconnect.

謝謝。我目前沒有其他問題。感謝大家參加今天的會議。該計劃確實就此結束。您現在可以斷開連線。