Taskus Inc (TASK) 2026 Q1 法說會逐字稿

Good day, and welcome to the TaskUs first quarter 2026 investor call. My name is Rory, and I will be your conference facilitator today. (Operator Instructions) Please be advised that today's conference is being recorded.

大家好，歡迎參加 TaskUs 2026 年第一季投資人電話會議。我叫 Rory，今天將擔任本次會議的主持人。(接線員指示) 請注意，今天的會議正在錄音。

I would now like to introduce Trent Thrash, Interim Chief Financial Officer. Trent, you may begin.

現在我想介紹臨時財務長 Trent Thrash。Trent，請開始。

Hello, everyone, and thank you for joining us for today's TaskUs earnings call. 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. Before we start, I would like 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. These statements are neither promises nor guarantees and involve risks and uncertainties that may cause actual results to differ materially from those discussed here.

各位好，感謝各位參加今天的 TaskUs 財報電話會議。我們的業績結果完整細節與管理層補充評論已刊載於財報新聞稿，可於我們網站 ir.taskus.com 的投資人關係專區查閱。我們也在網站上提供補充資訊，包括投資人簡報與以 Excel 為基礎的財務指標檔案。在開始之前，我想提醒各位，以下討論包含依據聯邦證券法所定義的前瞻性陳述，包括但不限於關於我們未來財務結果以及管理層對業務的預期與計畫之陳述。這些陳述既非承諾亦非保證，且涉及可能導致實際結果與此處討論內容出現重大差異的風險與不確定性。

You should not place undue reliance on any forward-looking statements. Factors that could cause actual results to differ from these forward-looking statements can be found in our annual report on Form 10-K. This filing, which may be supplemented with subsequent periodic reports, is accessible on the SEC's website and our Investor Relations website.

您不應過度依賴任何前瞻性陳述。可能導致實際結果與這些前瞻性陳述不同的因素，載於我們的 Form 10-K 年度報告中。該申報文件（並可能由後續定期報告補充）可於美國證券交易委員會（SEC）網站及我們的投資人關係網站查閱。

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. The discussions throughout today's call contain non-GAAP financial measures.

今天電話會議中所作的任何前瞻性陳述（包括對提問的回覆）均以截至今日的現行預期為基礎；除法律要求外，TaskUs 不承擔因新進展或其他原因而更新或修訂該等陳述之義務。今天會議中的討論包含非 GAAP 財務衡量指標。

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.

如需將這些非 GAAP 財務衡量指標與最直接可比的 GAAP 指標進行調節（reconciliation），請參閱我們的財報新聞稿，該新聞稿可於我們網站的投資人關係（IR）專區取得。

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

現在我將把電話會議交給我們的共同創辦人暨執行長 Bryce Maddock。Bryce？

Thank you, Trent. Good afternoon, everyone, and thank you for joining us. In the first quarter, we delivered a solid start to the year, generating $306.3 million in revenue and outperformed the top end of our revenue guidance by $8.3 million or approximately 3%. Our year-over-year revenue growth rate of 10.3% helped us generate $58.6 million in adjusted EBITDA or an adjusted EBITDA margin of 19.1%. This is approximately 3.5% ahead of the adjusted EBITDA dollars implied by the top end of our Q1 margin guidance.

謝謝你，Trent。各位下午好，感謝各位參加。第一季我們為全年奠定穩健開局，營收達 3.063 億美元，較我們營收指引上緣高出 830 萬美元，約 3%。我們年增營收成長率 10.3%，帶動調整後 EBITDA 達 5,860 萬美元，或調整後 EBITDA 利潤率 19.1%。這約較我們第一季利潤率指引上緣所隱含的調整後 EBITDA 金額高出 3.5%。

During the quarter, we successfully completed the previously announced refinancing of our credit facilities and returned more than $330 million to our shareholders in the form of a $3.65 per share special dividend. Strong Q1 cash generation of $42.2 million in adjusted free cash flow allowed us to end the quarter with $152 million in cash and a net debt to adjusted EBITDA ratio of less than 1.4 times after the distribution of that special dividend.

本季我們順利完成先前公告的信貸融資再融資，並以每股 3.65 美元特別股利的形式向股東返還超過 3.30 億美元。第一季強勁的現金創造能力帶來 4,220 萬美元的調整後自由現金流，使我們在發放該特別股利後，季末仍持有 1.52 億美元現金，且淨負債對調整後 EBITDA 比率低於 1.4 倍。

This level of leverage enables us to continue investing in the business as we look to take advantage of emerging growth opportunities. To that end, during Q1, we made progress on our strategic goals of expanding our Agentic AI consulting practice, enhancing our fast-growing AI service offerings and driving AI deeper into our internal operations. In summary, this quarter's performance underscores the resilience of our business, the critical role we play in our clients' most complex operations and our steadfast focus on driving long-term shareholder value in the AI era.

這樣的槓桿水準使我們能在把握新興成長機會的同時，持續投資於業務。為此，在第一季我們在策略目標上取得進展，包括擴大我們的 Agentic AI 顧問服務、強化快速成長的 AI 服務產品，並將 AI 更深入導入我們的內部營運。總結而言，本季表現凸顯我們業務的韌性、我們在客戶最複雜營運中所扮演的關鍵角色，以及我們在 AI 時代持續推動長期股東價值的堅定聚焦。

In a dynamic macroeconomic environment where many enterprises are carefully scrutinizing vendor spend, clients are choosing TaskUs as a critical partner, and we continue to outpace the competition by offering an exceptional combination of quality, specialized expertise and technology-enabled efficiency. Throughout all of this, we remain laser-focused on long-term results. Our goal is to increase revenue, EBITDA and earnings per share over a multiyear horizon at a rate that is among the best in the industry. Next, I'll go through some of the highlights of our Q1 performance and 2026 outlook. Then I'll hand it over to Trent to walk through our financials in more detail.

在多變的總體經濟環境下，許多企業正審慎檢視供應商支出；客戶選擇 TaskUs 作為關鍵合作夥伴，而我們透過品質、專業化能力與科技賦能效率的卓越組合，持續領先競爭對手。在此過程中，我們仍高度聚焦於長期成果。我們的目標是在多年期間內，以業界名列前茅的速度提升營收、EBITDA 與每股盈餘。接下來我將說明第一季表現與 2026 年展望的幾項重點。之後我會把電話會議交給 Trent，更詳細地說明我們的財務狀況。

Q1 revenue was $306.3 million, an increase of 10.3% on a year-over-year basis. As expected, growth from our largest client moderated to 1% compared to Q1 of 2025. As a result, revenue concentration from our top client was 24% in Q1, a 2% sequential and year-over-year decline. While our long-term strategic partnership with this client remains very strong, we continue to expect revenue to be negatively impacted by their automation efforts throughout 2026 before seeing the benefit of vendor consolidation in the medium-term. Excluding our top client, year-over-year growth from all other clients was again robust at 13.5% for the quarter.

第一季營收為 3.063 億美元，年增 10.3%。如預期所示，我們最大客戶的成長相較 2025 年第一季放緩至 1%。因此，第一季來自最大客戶的營收集中度為 24%，較前一季及去年同期各下降 2%。雖然我們與該客戶的長期策略夥伴關係依然非常穩固，但我們仍預期其自動化投入將在 2026 年期間對營收造成負面影響，之後在中期才會看到供應商整併所帶來的效益。若排除最大客戶，本季其他所有客戶的年增成長仍然強勁，達 13.5%。

This was fueled by strong growth from clients 2 through 20 of well north of 20%. Notably, both of these client cohorts growth rates accelerated when compared to Q4. Our sales and client service teams sustained their impressive momentum from Q4 into the new year, delivering a remarkable performance in Q1 of 2026. Q1 was defined by the deepening of our established partnerships with more than 75% of signings driven by wins from existing clients. While signings remained well balanced across each of our verticals, we saw exceptional strength within our mobility, logistics and travel, social media, health care and technology verticals.

這主要由第 2 至第 20 大客戶的強勁成長所帶動，成長率遠高於 20%。值得注意的是，這兩個客戶群的成長率相較第四季皆有所加速。我們的銷售與客戶服務團隊將第四季的強勁動能延續至新年度，在 2026 年第一季交出亮眼成績。第一季的特徵在於我們既有合作關係的深化，超過 75% 的簽約來自既有客戶的勝出案。雖然簽約在各垂直領域間仍維持良好平衡，但我們在移動出行、物流與旅遊、社群媒體、醫療保健與科技等垂直領域展現出特別強勁的表現。

Our Q1 signings and pipeline also included an acceleration of demand for onshore delivery in our AI service offering. In summary, our continued signing success in high-growth sectors reinforces our trajectory for solid full year growth from clients outside of our largest client relationship. Next, let's look at our service line performance for the quarter in more detail. Digital Customer Experience delivered $168.5 million in revenue, representing year-over-year growth of 5.4%. DCX growth was primarily driven by clients in our technology, mobility, logistics and travel, entertainment and gaming and health care verticals.

我們第一季的簽約與商機管道也包含對我們 AI 服務產品之在岸交付（onshore delivery）需求的加速。總結而言，我們在高成長產業持續取得簽約成功，進一步強化了我們在最大客戶關係之外、其他客戶於全年維持穩健成長的軌跡。接下來，讓我們更詳細地看看本季各服務線的表現。數位客戶體驗（Digital Customer Experience）營收為 1.685 億美元，年增 5.4%。DCX 的成長主要由我們在科技、移動出行、物流與旅遊、娛樂與遊戲以及醫療保健等垂直領域的客戶所帶動。

Given our year-to-date revenue and signings performance, we continue to expect DCX growth in the mid- to high single digits for 2026. We continue to believe the execution of our strategic plan to invest in operational excellence and premium support offerings is enabling us to gain wallet share across our digital customer experience clients. Turning to Trust and Safety. We generated $75.8 million in revenue, reflecting approximately 4.7% year-over-year growth. Here, our growth was primarily driven by clients in our financial services, technology and social media verticals.

鑑於我們年初至今的營收與簽約表現，我們仍預期 2026 年 DCX 將維持中至高個位數的成長。我們仍相信，執行我們投資於營運卓越與高階支援服務的策略計畫，正使我們得以在數位客戶體驗客戶群中提升錢包份額。接著談信任與安全（Trust and Safety）。我們創造了 7,580 萬美元的營收，約為年增 4.7%。在此，成長主要由我們金融服務、科技與社群媒體垂直領域的客戶所帶動。

Trust and Safety growth rates have slowed because of our largest client automation efforts. Additionally, we've seen certain Trust and Safety revenue shift to our AI Services service line as we help clients automate certain moderation workflows while continuing to support our clients in the most sensitive areas that require nuanced human intervention. Given these factors, we expect our Trust and Safety revenues to decline year-over-year starting in Q2 and for the full year of 2026. Moving on to AI Services. This specialized service offering continues to be our fastest-growing service line with revenue increasing 36% year-over-year to $61.9 million.

由於我們最大客戶的自動化推動，信任與安全的成長率已放緩。此外，隨著我們協助客戶將部分內容審核工作流程自動化，同時在需要細緻人為介入的最敏感領域持續提供支援，我們也看到部分信任與安全營收轉移至我們的 AI 服務（AI Services）服務線。基於這些因素，我們預期自第二季起以及 2026 全年，信任與安全營收將呈現年減。接著談 AI 服務。這項專業服務持續為我們成長最快的服務線，營收年增 36% 至 6,190 萬美元。

Here, our strong growth was primarily attributable to the ongoing ramp of clients in our mobility, logistics and travel vertical, including our largest autonomous vehicle client and clients in the robotics industry and our technology vertical. In total, more than 40% of our Q1 signings were in AI Services, a positive indicator regarding the continued upward trajectory of this service line's performance for the remainder of 2026.

在此，我們的強勁成長主要歸因於我們在移動出行、物流與旅遊垂直領域客戶的持續放量（ramp），其中包括我們最大的自動駕駛車客戶、機器人產業客戶，以及我們科技垂直領域的客戶。整體而言，我們第一季簽約中超過 40% 來自 AI 服務，這是正向指標，顯示該服務線在 2026 年剩餘期間的表現可望持續上行。

Our investments in our AI service offerings and talent to ensure the safety and accuracy of the world's leading foundational models, hyperscalers, autonomous vehicles and robotic technologies are paying off. Moving on from service line highlights, I'd like to provide a brief update on our strategy for the AI-driven future. As part of the first pillar of our AI strategy, we're doubling down on our AI service offerings.

我們在 AI 服務產品與人才上的投資，用以確保全球領先的基礎模型（foundation models）、超大規模雲端業者（hyperscalers）、自動駕駛車與機器人技術的安全性與準確性，正逐步展現成效。在服務線重點之後，我想就我們面向 AI 驅動未來的策略提供簡要更新。作為我們 AI 策略第一支柱的一部分，我們正加碼投入 AI 服務產品。

Here, we're increasingly excited about the high-growth opportunities within physical AI, autonomous vehicles and robotics. Today, TaskUs provides a broad range of services to leading autonomous vehicle and robotic delivery companies. From data collection and mapping to critical remote assistance and roadside emergency response, we're building an entirely new practice to support this emerging sector. Over the past year, we've seen growth rates accelerate across this space, and we believe revenue from clients in this space will more than triple in 2026. We are also seeing significant momentum for physical AI from companies building humanoid and other robots.

在此，我們對實體 AI（physical AI）、自動駕駛車與機器人領域中的高成長機會愈發振奮。目前，TaskUs 為領先的自動駕駛車與機器人配送公司提供廣泛的服務。從資料蒐集與地圖建置，到關鍵的遠端協助與路邊緊急應變，我們正在建立一個全新的業務實務（practice）以支援這個新興產業。過去一年，我們看到該領域的成長率加速，我們相信來自此領域客戶的營收在 2026 年將超過三倍成長。我們也看到打造人形機器人及其他機器人的公司，對實體 AI 展現顯著動能。

Here, we provide high fidelity, ego-centric data capture and imitation learning to train general purpose robots for real-world tasks. We believe this market is set for material growth based on the pace of investment being made in the space. Turning to the second pillar of our AI strategy, investments in our AI consulting practice, I want to highlight an example of our operational evolution with a streaming service client. This client challenged TaskUs to deploy AI agents to improve their time to resolve while dropping their overall support costs. In just a few weeks, we successfully integrated Agentic AI to transform the client's support ecosystem.

在此，我們提供高擬真、以自我視角（ego-centric）的資料擷取與模仿學習（imitation learning），以訓練可執行真實世界任務的通用型機器人。基於該領域的投資速度，我們認為此市場將迎來顯著成長。談到我們 AI 策略的第二支柱——投資於 AI 顧問實務——我想以我們與某串流服務客戶的營運演進為例。該客戶要求 TaskUs 部署 AI 代理（AI agents），在降低整體支援成本的同時，提升其問題解決時間（time to resolve）。僅在數週內，我們便成功整合代理式 AI（Agentic AI），改造了該客戶的支援生態系。

Rather than simply routing tickets, our AI agents autonomously navigate the client's back-end systems to diagnose streaming and account issues across various hardware environments. By deploying autonomous agents, we're not only providing subscribers with instantaneous 24/7 resolution, but are also allowing our human teammates to focus on higher-value sales and retention workflows. This shift from manual troubleshooting to AI-led service delivery underscores our commitment to driving efficiency and superior customer experience for our high-growth technology clients.

我們的 AI 代理不再只是單純分派工單，而是能自主在客戶後端系統中導航，於各種硬體環境下診斷串流與帳戶問題。透過部署自主代理，我們不僅為訂閱用戶提供即時的 24/7 問題解決，也讓我們的人員能專注於更高價值的銷售與留存工作流程。這種從人工疑難排解轉向 AI 主導的服務交付，凸顯我們致力於為高成長科技客戶提升效率並提供更卓越客戶體驗的承諾。

Lastly, the third cornerstone of our strategy for the AI era remains the automation of our internal processes to drive margin expansion and operational excellence. While we previously discussed our successful incorporation of Agentic AI into our talent acquisition workflow, we're also leveraging Agentic AI to automate our HR help desk function, where our teammates generate tens of thousands of inquiries regarding benefits, payroll, lead management and policy clarification.

最後，我們面向 AI 時代策略的第三個核心，仍是自動化內部流程，以推動利潤率擴張與營運卓越。除了先前談到我們成功將代理式 AI（Agentic AI）導入招募流程外，我們也正運用代理式 AI 自動化人資服務台功能；在該功能中，我們的同仁會產生數以萬計關於福利、薪資、主管管理（lead management）與政策釐清的詢問。

Today, our Agentic AI HR specialist integrates directly into our internal communication channels and back-end systems and is able to autonomously solve approximately 50% of general HR inquiries. This shift allows our HR business partners to move away from ticket management and toward high-impact initiatives like employee engagement and leadership development. Use of Agentic AI across our support teams will ultimately enable us to reduce what we spend on support as a percentage of revenues and further improve our margins.

目前，我們的代理式 AI 人資專員可直接整合至內部溝通管道與後端系統，並能自主解決約 50% 的一般人資詢問。此一轉變使我們的人資業務夥伴得以從工單管理中抽身，轉而投入員工敬業度與領導力發展等高影響力計畫。在各支援團隊導入代理式 AI，最終將使我們得以降低支援支出占營收的比重，並進一步改善利潤率。

Before handing it over to Trent to provide more details on our Q1 results, I want to touch on our 2026 outlook. In light of our strong Q1 operational execution and sales momentum and our expectation that our largest clients' AI-driven efficiency initiatives are likely to negatively impact our Trust and Safety revenues in 2026, we're reiterating our full year revenue outlook of $1.21 billion to $1.24 billion.

在交由 Trent 進一步說明第一季業績之前，我想談談我們對 2026 年的展望。鑑於我們第一季強勁的營運執行與銷售動能，以及我們預期最大客戶以 AI 驅動的效率提升計畫可能在 2026 年對我們的信任與安全營收造成負面影響，我們重申全年營收展望為 12.1 億至 12.4 億美元。

At the $1.225 billion midpoint of our revenue guidance, we expect full year adjusted EBITDA margins to remain approximately 19%. We're increasing our outlook for adjusted free cash flow by approximately 10% to $110 million at the midpoint with a range of $105 million to $115 million. For the second quarter, we expect revenue to be between $296 million and $298 million or approximately 1% year-over-year revenue growth at the midpoint. Adjusted EBITDA margins are expected to approximate 18%. While this guidance implies a sequential quarterly revenue decline, the Q2 guidance range is the same as the range we provided for Q1 revenues on our last call.

以營收指引中點 12.25 億美元計算，我們預期全年調整後 EBITDA 利潤率將維持約 19%。我們將調整後自由現金流展望上調約 10%，中點為 1.10 億美元，區間為 1.05 億至 1.15 億美元。第二季方面，我們預期營收介於 2.96 億至 2.98 億美元，按中點計約為年增 1%。調整後 EBITDA 利潤率預期約為 18%。雖然此指引意味著營收將較前一季下滑，但第二季指引區間與我們上次電話會議所提供的第一季營收區間相同。

Q2 revenues will be impacted by the automation-driven revenue declines at our largest client. Here, we continue to have a very strong relationship and expect to benefit from vendor consolidation, but we will continue to face revenue headwinds at this client in 2026. Q2 margins are impacted by 3 factors. First, our AI Service business is seeing disproportionate amounts of demand for onshore delivery. While this is accretive to revenue, onshore work generally comes at a lower margin profile.

第二季營收將受到我們最大客戶因自動化所導致的營收下滑影響。在此，我們仍維持非常穩固的合作關係，並預期可受惠於供應商整併（vendor consolidation），但在 2026 年我們仍將持續面臨該客戶帶來的營收逆風。第二季利潤率受到三項因素影響。第一，我們的 AI 服務業務正出現相對更高比例的在岸交付（onshore delivery）需求。雖然這有助於提升營收，但在岸工作通常具有較低的利潤率結構。

Second, our annual wage increases were made effective in April. And finally, our margins are and will be impacted by our ongoing investments in our emerging growth and AI transformation initiatives. We believe that those investments are paying off. As noted earlier, Q1 revenue at clients number 2 through 20 grew over 20%, while growth in our top 10 clients, excluding our largest client, was even more impressive at well over 30% for the quarter. We expect growth rates amongst clients 2 through 20 to remain in the strong double digits in Q2 and for the second half of 2026.

第二，我們的年度加薪已於四月生效。最後，我們的利潤率目前以及未來都將受到我們持續投資於新興成長與 AI 轉型計畫的影響。我們相信這些投資正在產生回報。如先前所述，第一季第 2 至第 20 大客戶的營收年增超過 20%；而在排除最大客戶後，我們前 10 大客戶的成長更為亮眼，該季年增遠超過 30%。我們預期第 2 至第 20 大客戶的成長率在第二季及 2026 年下半年仍將維持強勁的雙位數成長。

Given the overall macro backdrop in the BPO industry and the outlook for our largest client, we're pleased with the enduring strength of our performance, the demand for our premium DCX offerings and the advancements we're making to scale AI Services. I look forward to updating you on our Q2 results and 2026 guidance during our next call.

鑑於 BPO 產業整體的宏觀背景以及我們最大客戶的展望，我們對自身表現所展現的持續韌性、對我們高端 DCX 產品的需求強勁，以及我們在擴大 AI 服務規模方面所取得的進展感到欣慰。我期待在下一次電話會議中向各位更新我們的第二季業績與 2026 年指引。

With that, I'll hand it over to Trent to go through our Q1 financials and 2026 outlook in more detail.

接下來，我把時間交給 Trent，請他更詳細地說明我們第一季財務表現與 2026 年展望。

Thank you, Bryce, and good afternoon, everyone. In the first quarter, we earned total revenues of $306.3 million, reflecting an increase of 10.3% compared to the previous year. This was well ahead of our guidance and consensus analyst estimates for the quarter. Approximately 70% of our growth came from clients that have been with TaskUs longer than one year. This strong top line performance demonstrated our ability to consistently execute against our strategic priorities and capture market share, even amidst a dynamic macroeconomic backdrop.

謝謝你，Bryce，各位下午好。第一季我們的總營收為 3.063 億美元，較去年同期成長 10.3%。這大幅優於我們的指引以及市場分析師對本季的一致預估。約 70% 的成長來自與 TaskUs 合作超過一年的客戶。這項強勁的營收表現展現了我們即使在動態的宏觀經濟背景下，仍能持續落實策略重點並取得市占率的能力。

As Bryce mentioned, we saw solid year-over-year growth across all 3 of our specialized service lines. AI Services grew a remarkable 36.1%. DCX growth was slightly improved over Q4 at 5.4% and Trust and Safety growth was 4.7%. These results were primarily due to strong volume performance and program expansions from existing clients as well as new client ramps exceeding expectations across a broad range of verticals during the quarter. The strong performance was partially offset by low single-digit growth from our largest client, which weighed on our consolidated and Trust and Safety growth rates.

如 Bryce 所提到，我們三大專業服務線皆呈現穩健的年增成長。AI 服務大幅成長 36.1%。DCX 的成長率較第四季略有改善，達 5.4%，而信任與安全（Trust and Safety）成長 4.7%。這些成果主要來自強勁的業務量表現、既有客戶的專案擴張，以及本季在多元垂直領域中新客戶導入（ramp）進度優於預期。不過，最大客戶僅呈現低個位數成長，對我們合併成長率以及信任與安全的成長率造成壓力，部分抵銷了整體強勁表現。

In the first quarter, our largest client represented 24% of total revenue, down from 26% in 2025. Our top 10 client concentration was 63%, up from 57% in Q1 of last year, and our top 20 clients accounted for 75% of our revenue, up from 70% in the prior year period. Excluding our largest client, revenue from the rest of our business grew approximately 13.5% on a year-over-year basis in Q1 compared to approximately 12% growth in Q1 of 2025.

第一季，我們最大客戶占總營收 24%，低於 2025 年的 26%。前十大客戶營收集中度為 63%，高於去年第一季的 57%；前二十大客戶占營收 75%，高於去年同期的 70%。若排除最大客戶，第一季其餘業務的營收年增約 13.5%，相較之下，2025 年第一季約為 12% 的成長。

This growth rate was slightly improved on a sequential basis despite the quarter-over-quarter impact from lower seasonal revenues and two fewer working days. These results are a direct reflection of our strategy to focus our resources on our largest opportunities.

儘管受到季節性營收下滑以及工作天數少兩天的季對季影響，該成長率仍在序列基礎上略有改善。這些成果直接反映了我們將資源聚焦於最大機會的策略。

In doing so, we intentionally partner with the fastest-growing disruptors in the world. As they scale their operations and consolidate their vendor base, we scale with them, capturing an increasingly larger share of their outsourced spend. Looking at our geographic delivery mix in the first quarter, we generated 53% of our revenues in the Philippines, 13% in the United States, 13% in India and 21% from the rest of the world, primarily in Latin America and Europe. In Q1, we saw particularly strong revenue performance in the United States, Colombia and Greece. We ended the quarter with approximately 64,400 global teammates, a decrease of approximately 1,100 teammates from the end of Q4.

為此，我們有意與全球成長最快的顛覆者（disruptors）建立合作。當他們擴大營運規模並整併供應商基礎時，我們也與之同步擴張，從其外包支出中取得愈來愈高的份額。就第一季的地理交付組合而言，我們 53% 的營收來自菲律賓、13% 來自美國、13% 來自印度，另有 21% 來自世界其他地區，主要為拉丁美洲與歐洲。第一季，我們在美國、哥倫比亞與希臘的營收表現尤其強勁。本季末我們全球團隊成員約 64,400 人，較第四季末減少約 1,100 人。

This was primarily the result of seasonal revenue falloff. Next, I'd like to provide additional details about our service line performance. In the first quarter, our DCX offering generated $168.5 million in revenue and year-over-year growth of 5.4%. Of this growth, more than 40% was attributable to clients we ramped within the last year. Overall, DCX growth was primarily attributable to strong performance from existing clients in our entertainment and gaming, mobility, logistics and travel, health care and technology verticals and new clients in technology.

這主要是季節性營收回落所致。接下來，我想提供更多關於各服務線表現的細節。第一季，我們的 DCX 產品營收為 1.685 億美元，年增 5.4%。其中，超過 40% 的成長來自於我們在過去一年內導入（ramp）的客戶。整體而言，DCX 的成長主要來自既有客戶在娛樂與遊戲、移動出行（mobility）、物流與旅遊、醫療保健與科技等垂直領域的強勁表現，以及科技領域的新客戶。

This growth was partially offset by a decrease in revenue from existing clients in our financial services and retail and e-commerce verticals. In terms of signings in Q1, DCX again demonstrated remarkable resilience in the first quarter. We saw broad-based strength in signings across most of our vertical markets, including mobility, logistics and travel, health care, technology, social media, financial services and professional services and industry. Our Trust and Safety offering, which includes our content moderation and financial crime and compliance services, grew by 4.7% compared to Q1 of 2025, resulting in $75.8 million of revenue. Here, the contribution to growth from new and existing clients was well balanced at approximately 50% each.

上述成長部分被既有客戶在金融服務，以及零售與電商垂直領域的營收下滑所抵銷。就第一季簽約（signings）而言，DCX 再次展現出卓越韌性。我們在多數垂直市場的簽約表現普遍強勁，包括移動出行、物流與旅遊、醫療保健、科技、社群媒體、金融服務，以及專業服務與工業等。我們的信任與安全產品（包含內容審查以及金融犯罪與合規服務）相較 2025 年第一季成長 4.7%，營收達 7,580 萬美元。在此，新客戶與既有客戶對成長的貢獻相當均衡，各約占 50%。

From a vertical perspective, existing client growth in Trust and Safety was primarily driven by technology, social media and financial services, offset by a decline in retail and e-commerce. New client growth was strongest in our financial services vertical. Our AI Services topped 30% year-over-year growth for the sixth quarter in a row at 36.1%, resulting in $61.9 million in revenue. This was primarily as a result of expansion in services we provide to new and existing clients in our mobility, logistics and travel and technology verticals. Overall, existing clients contributed in excess of 80% of AI Services total growth for the quarter, led by one of our long-term autonomous vehicle clients.

從垂直領域來看，信任與安全的既有客戶成長主要由科技、社群媒體與金融服務帶動，但被零售與電商的下滑所抵銷。新客戶成長則以金融服務垂直領域最為強勁。我們的 AI 服務連續第六個季度年增超過 30%，本季達 36.1%，營收為 6,190 萬美元。這主要源於我們在移動出行、物流與旅遊，以及科技等垂直領域，對新舊客戶所提供服務的擴張。整體而言，既有客戶對本季 AI 服務總成長的貢獻超過 80%，其中以我們某家長期自動駕駛車客戶的帶動最為顯著。

From a signings perspective, we're seeing strong demand signals for AI Services from clients within our mobility, logistics and travel and social media verticals. Now moving on to the drivers of our income statement performance. In the first quarter of 2026, we earned adjusted EBITDA of $58.6 million, a 19.1% margin, which compared favorably to the $56.4 million of adjusted EBITDA implied by the midpoint of our initial Q1 guidance.

從簽約角度來看，我們在移動出行、物流與旅遊，以及社群媒體等垂直領域，看到 AI 服務的需求訊號強勁。接著談損益表表現的驅動因素。2026 年第一季，我們的調整後 EBITDA 為 5,860 萬美元，利潤率 19.1%，優於我們最初第一季指引中位數所隱含的 5,640 萬美元調整後 EBITDA。

As a reminder, our year-over-year and sequential margin declines were expected and reflect several factors, including geographic delivery mix shift to lower-margin US-based delivery and our strategic investments in emerging growth opportunities and the strengthening of our AI capabilities. Our cost of service as a percentage of revenue was 64.6% in the first quarter compared to 61.6% in Q1 of the prior year.

提醒各位，我們年增與序列的利潤率下滑在預期之內，反映多項因素，包括地理交付組合轉向毛利率較低的美國在地交付，以及我們對新興成長機會的策略性投資與 AI 能力的強化。第一季服務成本占營收比重為 64.6%，相較去年第一季為 61.6%。

The increase was primarily driven by several factors, including the impact of annual personnel cost inflation, new facility expansions and the delivery mix shift and growth investments I just mentioned. These factors were partially offset by the run rate benefit of operating efficiency improvements made during the second half of 2025 carrying over into Q1. In the first quarter, our SG&A expenses were $58.3 million or 19% of revenue. This compares to SG&A in Q1 of 2025 of $57.4 million or 20.7% of revenue. The decline as a percentage of revenue reflected our continuous efforts to optimize overhead costs and a reduction in stock-based compensation expense.

上升主要由多項因素所驅動，包括年度人員成本通膨、新據點擴張，以及我剛提到的交付組合轉移與成長投資。上述因素部分被 2025 年下半年所推動的營運效率改善所帶來的常態化效益延續至第一季而抵銷。第一季，我們的銷售、一般及行政（SG&A）費用為 5,830 萬美元，占營收 19%。相較之下，2025 年第一季 SG&A 為 5,740 萬美元，占營收 20.7%。占營收比重下降反映我們持續優化間接費用的努力，以及股份基礎給付費用的減少。

These factors were partially offset by transaction costs related to our special dividend and refinancing. Adjusted net income for the quarter was $32.8 million and adjusted earnings per share was $0.35. By comparison, in the year ago period, we earned adjusted net income of $35.9 million and adjusted EPS of $0.38. Our weighted average share count was relatively consistent and therefore, not a material driver of our adjusted EPS performance. Now moving on to the balance sheet.

這些因素部分被與我們特別股利及再融資相關的交易成本所抵銷。本季調整後淨利為3,280萬美元，調整後每股盈餘為0.35美元。相比之下，在去年同期，我們的調整後淨利為3,590萬美元，調整後每股盈餘為0.38美元。我們的加權平均流通股數相對一致，因此並非影響我們調整後每股盈餘表現的重大因素。接下來談資產負債表。

Cash and cash equivalents were $152.3 million as of March 31, 2026, compared with a December 31, 2025 balance of $211.7 million. The decline in cash was primarily due to special dividend and refinancing-related payments of approximately $84 million, offset by free cash flows for the quarter. Our net leverage ratio continued to be healthy at less than 1.4 times at the end of Q1. As a reminder, we calculate this ratio as total debt less cash divided by adjusted EBITDA for the trailing 12-month period. Our refinanced $500 million term loan maturing in March of 2031 bears interest at SOFR plus 2.75% and our new $100 million revolver remains undrawn.

截至2026年3月31日，現金及約當現金為1.523億美元，較2025年12月31日的2.117億美元有所下降。現金下降主要是因支付特別股利及再融資相關款項約8,400萬美元所致，部分被本季自由現金流所抵銷。我們的淨槓桿比率在第一季末仍維持健康水準，低於1.4倍。提醒一下，我們的計算方式為：總負債扣除現金後，除以過去12個月的調整後EBITDA。我們已再融資的5億美元定期貸款將於2031年3月到期，利率為SOFR加2.75%；我們新的1億美元循環信用額度仍未動用。

Cash generated from operations on a year-to-date basis was $46.3 million through Q1 of 2026 as compared to $36.3 million through Q1 of 2025-. The increase was primarily due to the positive impact of changes in working capital stemming from lower Q1 revenue and stronger cash collections. Year-to-date adjusted free cash flow was $42.2 million or 72.1% of adjusted EBITDA. Our Q1 year-to-date capital expenditures decreased to $10.2 million compared to $14.5 million through Q1 of 2025, primarily due to lower facility build-out and technology refresh expenditures. As a result, we now expect CapEx to be approximately $50 million for the year, a reduction of $10 million compared to our initial 2026 outlook.

以年初至今計，2026年第一季累計營運活動產生的現金為4,630萬美元，相較於2025年第一季累計的3,630萬美元。增加主要來自營運資金變動的正面影響，原因是第一季營收較低以及現金回收更強勁。年初至今調整後自由現金流為4,220萬美元，約占調整後EBITDA的72.1%。我們第一季年初至今資本支出降至1,020萬美元，較2025年第一季累計的1,450萬美元下降，主要因廠房建置及技術更新支出較低。因此，我們目前預期全年資本支出約為5,000萬美元，較我們最初的2026年展望下調1,000萬美元。

In terms of our financial outlook for the remainder of the year, we are reiterating our full year 2026 revenue range of $1.21 billion to $1.24 billion, resulting in a midpoint of $1.225 billion. We also still expect to earn full year 2026 adjusted EBITDA margins of approximately 19% at the midpoint of our guidance. We are increasing our full year adjusted free cash flow outlook to $110 million at the midpoint with a range of $105 million to $115 million. As a reminder, adjusted free cash flow excludes the impact of certain costs that are nonrecurring and outside the ordinary course of business. For the second quarter, we expect revenues to be in the range of $296 million to $298 million, reflecting growth of 1% at the midpoint in Q2.

就今年剩餘期間的財務展望而言，我們重申2026年全年營收區間為12.1億至12.4億美元，中位數為12.25億美元。我們仍預期2026年全年調整後EBITDA利潤率在指引中位數約為19%。我們將全年調整後自由現金流展望上調至中位數1.10億美元，區間為1.05億至1.15億美元。提醒一下，調整後自由現金流不包含某些非經常性且非日常營運範圍內的成本影響。第二季方面，我們預期營收介於2.96億至2.98億美元，按中位數計，第二季成長約1%。

We expect our adjusted EBITDA margin to be approximately 18%, which includes the impact of wage increases and continued investments to support our revenue growth and AI transformation initiatives. As a reminder, our margin guidance is based on current foreign exchange rates. The deterioration in the value of the US dollar would put downward pressure on our margin performance. In summary, based on a successful Q1, we are reaffirming our annual guidance despite continued uncertainty at our largest client.

我們預期調整後EBITDA利潤率約為18%，其中包含薪資調升的影響，以及為支持營收成長與AI轉型計畫而持續投入的投資。提醒一下，我們的利潤率指引係以目前外匯匯率為基礎。美元價值走弱將對我們的利潤率表現造成下行壓力。總結而言，基於第一季的成功表現，儘管我們最大客戶仍存在持續不確定性，我們仍重申全年指引。

Our sales and CS teams continue to deliver a strong pipeline and signings, particularly within AI Services. Within Digital Customer Experience, we continue to take share from the competition based on our premium support offerings, delivery excellence and advancements in AI transformation. None of this would be possible without the dedication of our talented teammates around the globe.

我們的銷售與客戶成功（CS）團隊持續帶來強勁的商機管道與簽約表現，尤其是在AI服務方面。在數位客戶體驗（DCX）領域，我們憑藉高端支援方案、卓越交付能力以及AI轉型的進展，持續從競爭對手手中取得市占。若沒有全球各地才華洋溢的夥伴們的投入與奉獻，這一切都不可能實現。

Now I'll hand it back to Bryce to close this out.

接下來我把時間交回給Bryce做結語。

Thank you, Trent. Before we open for questions, I'd like to share another TaskUs teammate story. Our growth is anchored in a culture that empowers the individual, a philosophy captured by our core value, inspire others by believing in yourself. We see the tangible results of this daily. Take [ Iza Shahbudin ], a quality analyst in Malaysia.

謝謝你，Trent。在我們開放提問之前，我想再分享一個TaskUs夥伴的故事。我們的成長根植於一種賦能個人的文化，這個理念體現在我們的核心價值：相信自己以啟發他人。我們每天都能看到這種文化帶來的具體成果。例如馬來西亞的品質分析師[Iza Shahbudin]。

On her own initiative, Iza launched a grassroots tuition program to help underprivileged youth demonstrating how our teammates' personal missions often become catalysts for community transformation. In alignment with Iza's mission, we have built a TaskUs next-gen scholarship program. In 2025, we awarded scholarships supporting nearly 2,700 children of our teammates around the world. This isn't just an investment in education. It's a retention engagement engine that secures the future of our teammates' families while empowering parents to reach their full career potential.

Iza主動發起一項草根補習計畫，協助弱勢青年，展現我們夥伴的個人使命往往能成為推動社區轉型的催化劑。為呼應Iza的使命，我們建立了TaskUs次世代獎學金計畫。2025年，我們頒發獎學金，支持全球近2,700位夥伴的子女。這不僅是對教育的投資。這也是一個留任與投入的引擎，在賦能父母充分發揮職涯潛力的同時，也保障我們夥伴家庭的未來。

From Iza's local leadership to our global scholarship initiatives, TaskUs remains committed to a culture where personal confidence and corporate responsibility drive our collective success. With that, I'll ask the operator to open the line for our question-and-answer session. Operator?

從Iza在地的領導力到我們全球的獎學金倡議，TaskUs始終致力於打造一種文化：個人自信與企業責任共同驅動我們的集體成功。接下來，我請接線員開放電話線，進行問答環節。接線員？

(Operator Instructions)

(接線員指示)

Puneet Jain, JPMorgan.

Puneet Jain，摩根大通（JPMorgan）。

Hey, thanks for taking my question. Can you talk about like your expectations of contract margin revenue profile over its life when you provide AI consulting services to an existing DCX customer?

嗨，謝謝讓我提問。你能談談當你們向既有的DCX客戶提供AI顧問服務時，合約在整個存續期間的利潤率與營收輪廓（revenue profile）的預期嗎？

Puneet, thanks so much for the question. So, obviously, we're investing heavily upfront in every one of our AI consulting engagements. The goal is to drive these consulting engagements towards outcome-based pricing arrangements in which we combine both technology and talent in a single price per solution. At this stage, we've done a number of pilots on our in live production with a number of clients on our AI-enabled DCX solution. And in all of those cases, we're acting as a reseller for our partners, Decagon and Regal and marking up the preferential pricing that we're able to get from them.

Puneet，非常感謝你的提問。很明顯地，我們在每一項AI顧問專案的一開始都會大量前期投入。目標是將這些顧問專案推進到以成果為基礎的定價安排，也就是把技術與人才整合為每個解決方案的單一定價。在這個階段，我們已針對多位客戶的AI賦能DCX解決方案，在正式上線的實際生產環境中做了多個試點。在所有這些案例中，我們都以合作夥伴Decagon與Regal的轉售商身分運作，並在我們能取得的優惠價格基礎上加價。

So that's the kind of the first phase of that engagement. But long term, we're hoping that we can wrap the AI solution as a single price for both the technology solution and the talent solution, getting paid for resolving cases. We think that will put us in control of our margin profile and really incentivize us to expand margins by driving greater AI efficiency gains.

這就是該合作的第一階段。但長期而言，我們希望能把AI解決方案打包成單一價格，同時涵蓋技術解決方案與人才解決方案，並以案件解決為收費基礎。我們認為這將使我們能掌控利潤率輪廓，並真正激勵我們透過提升AI效率增益來擴大利潤率。

Interesting. And then like the other area that's growing fast, like the AI Services. Can you talk about like scalability of that service line given like you use like a combination of freelancers and full-time employees in that business? Given like how fast that service has grown in the last couple of years and ongoing demand for AI Services, can you potentially double that service in the next couple of years operationally? Can you scale it up operationally to sustain current level of growth for next two or three years?

有意思。接著像另一個成長很快的領域，例如 AI 服務。鑑於你們在該業務同時使用自由工作者與全職員工的組合，能否談談這條服務線的可擴展性？考量過去幾年這項服務成長速度很快且 AI 服務需求持續，你們在營運上是否有可能在未來幾年把這項服務規模翻倍？你們能否在營運上擴大規模，以在未來兩到三年維持目前的成長水準？

Yeah, Puneet, thanks for that. So, obviously, this is the brightest spot in our business at the moment is our AI Services practice. In Q1, for the sixth quarter in a row, that practice grew at over 30% year-over-year. And we absolutely can double, if not more than double the size of this business. When we look out across the space, there are a number of players that have scaled into the hundreds of millions, if not $1 billion-plus revenue driven primarily or exclusively from AI Services.

是的，Puneet，謝謝你的提問。所以，很明顯地，目前我們業務中最亮眼的部分就是 AI 服務實務。在第一季，這個實務已連續第六個季度年增超過 30%。而且我們絕對可以把這項業務規模翻倍，甚至不只翻倍。放眼整個市場，有不少業者已擴張到數億美元規模，甚至營收超過 10 億美元，主要或完全由 AI 服務所驅動。

We're competing with those players today for the work that we're doing for foundational models and social media companies. And we also have an interesting practice inside of autonomous vehicles where we're seeing significant growth. We think we're uniquely positioned to combine both freelancer and full-time talent to support the scaling of autonomous vehicles across, not only in the United States, but the globe. And so we're really excited about that part of the practice as well. We think it differentiates us from some of the other AI service players.

我們今天就正在與這些業者競爭，爭取我們為基礎模型與社群媒體公司所做的工作。此外，我們在自動駕駛車領域內也有一個很有意思的實務，正看到顯著成長。我們認為，我們具備獨特優勢，能結合自由工作者與全職人才，支援自動駕駛車的規模化，不僅在美國，也在全球。因此我們對這部分的實務也非常興奮。我們認為這讓我們有別於其他一些 AI 服務業者。

So this is an incredibly exciting area of our business and will lead to the reinvention of other components of the business over time.

所以這是我們業務中一個極其令人振奮的領域，並將隨著時間推移帶動公司其他組成部分的再造。

Jonathan Lee, Guggenheim.

Jonathan Lee，Guggenheim。

Great. Thanks for taking my questions. You've talked about expectations for contraction of your largest client, and they've since formalized their AI-driven trust and safety road map publicly. At quarter end, is the pace of decline tracking to plan or accelerating? And can you size a floor where their outsourced spend may stabilize, especially given your expectation of benefit from vendor consolidation there?

很好。謝謝回答我的問題。你們談到對最大客戶業務收縮的預期，而他們之後也已公開正式發布其 AI 驅動的信任與安全路線圖。截至季度末，下滑速度是按計畫進行，還是在加速？另外，你能否估算其外包支出可能穩定下來的底部水準，特別是考量你們預期可從其供應商整併中受益？

Thanks, Jonathan. Yes. So at this stage, we've continued to have conversations regularly with our largest client. And we know that their plans and investments are all driven towards automating large swaths of the work that are currently done by outsourced vendors. We're in a privileged position given the geographic footprint that we've got for the client that aligns with where they're taking the business strategically in the future.

謝謝你，Jonathan。是的。所以在這個階段，我們仍持續與我們最大的客戶定期溝通。我們知道，他們的計畫與投資都以自動化為導向，目標是把目前由外包供應商執行的大量工作自動化。鑑於我們為該客戶所具備的地理佈局，與他們未來策略上要帶領業務前進的方向一致，因此我們處於相對有利的位置。

And they've continued to reaffirm their commitment to consolidate share with us amongst a small handful of other vendors over time. So what we're seeing in these numbers is the original plan that we expected in terms of automation taking a portion of the volumes over the course of 2026. As we head into 2027, we expect to benefit from vendor consolidation.

而且他們也持續重申，未來會在我們以及少數幾家其他供應商之間逐步整併份額。因此，我們在這些數字中看到的是：自動化會在 2026 年期間按我們原先預期的計畫，吸收掉一部分量。進入 2027 年後，我們預期將從供應商整併中受益。

The uncertainty we talked about on the call really comes down to the pace of that automation and whether it accelerates beyond those initial expectations. For the purposes of providing the guidance today, we kept that automation in line with the expectations that we provided at the start of the year, which is truly the latest guidance that we've received from that customer.

我們在電話會議中提到的不確定性，主要在於自動化推進的速度，以及它是否會超出最初預期而加速。就今天提供指引的目的而言，我們將自動化的假設維持在年初所提供的預期水準，這確實也是我們從該客戶收到的最新指引。

Got it. And just as a follow-up, you reiterated the full year outlook and Q2 is expected to be impacted by that largest client. That implies a pretty meaningful sequential step-up in the back half. What gives you confidence in that ramp? Is it signed deals yet to go live or pipeline you still need to convert?

了解。再追問一下，你們重申全年展望，而第二季預期會受到最大客戶影響。這意味著下半年會有相當明顯的逐季回升。你們對這個爬坡（ramp）有信心的原因是什麼？是已簽約、但尚未上線的案子，還是仍需轉換的管線？

These are ramp plans primarily with existing clients. So that -- the AI Services side of the business is seeing significant growth across a number of customers. And we expect that to lead to a material step-up in quarter-over-quarter revenue in the back half of the year. I'll also say what I said on the call, which is while the guidance we're providing today for Q2 shows a step down in revenue from Q1 to Q2, the guidance itself is actually the same as the guidance we provided for Q1 when we initially provided our guidance. So we're providing guidance that we feel highly confident we'll be able to deliver upon or exceed for Q2.

這些爬坡計畫主要來自既有客戶。因此——AI 服務這一端的業務，正於多個客戶中看到顯著成長。我們預期這將在今年下半年帶動逐季營收的實質提升。我也重申我在電話會議上說過的：雖然我們今天對第二季提供的指引顯示營收會從第一季到第二季下滑，但這個指引本身其實與我們當初提供第一季指引時所給出的指引相同。因此，我們提供的是我們非常有信心能達成、甚至超越的第二季指引。

Appreciate that, Bryce.

謝謝你，Bryce。

Jacob Haggarty, Baird.

Jacob Haggarty，Baird。

Hey guys, this is is Jacob on for Dave Koning. So is there going to be a chance with the AI Services you said coming a lot on onshore, is there going to be a chance to eventually offshore this volume where we get a similar dynamic that we've seen for the past, call it, a decade or so, where you're getting that margin benefit from offshoring things that are currently onshore?

嗨各位，我是 Jacob，代替 Dave Koning 提問。所以，關於 AI 服務，你們提到很多會在岸（onshore）進行；那未來是否有機會把這些量轉到離岸（offshore），讓我們看到類似過去大約十年左右的動態——也就是把目前在岸的工作離岸化，從而獲得離岸帶來的毛利率好處？

Yeah, so there is. Right now, what we're seeing is a lot of these initial projects, the clients prefer to launch closer to their operations. And it sort of mirrors the trend that we saw inside Trust and Safety in the first few years of that business where there was large scale growth onshore. And we believe that this will probably follow the same trend and we will shift certain parts of that operation into offshore delivery over time.

是的，確實有這個可能。目前我們看到的是，許多初期專案，客戶偏好在更貼近其營運的地方啟動。這某種程度上也呼應了我們在信任與安全業務最初幾年看到的趨勢：在岸端出現大規模成長。我們相信這很可能會走相同路徑，並且隨著時間推移，我們會把該營運的某些部分轉移到離岸交付。

With that being said, there are certain components of the onshore operations that will likely remain onshore. In some cases, that's because of cultural context around the type of data that's being collected and annotated. In other cases, it's actually because the operations require a physical market presence when dealing with things like autonomous vehicles or delivery robots. And so it will be an interesting dynamic to watch over time. But certainly, in the years to come, we would expect to see some of this revenue shift to a higher-margin offshore environment.

話雖如此，在岸營運中有些組成部分很可能仍會留在在岸。有些情況是因為與所蒐集與標註的資料類型相關的文化語境。另一些情況則是因為在處理自動駕駛車或配送機器人等業務時，營運需要實體的市場在地存在。因此，這會是一個值得長期觀察的有趣動態。但可以確定的是，在未來幾年，我們預期其中一部分營收會轉移到毛利率更高的離岸環境。

Got you. Nice. And then just as a follow-up here. So I think you guys called out social media clients in Trust and Safety actually being good this quarter. Are you seeing any other social media clients or other clients in Trust and Safety moving towards automation in the same way that your largest client has?

了解。很好。那再追問一下。我想你們提到本季信任與安全中的社群媒體客戶其實表現不錯。你們是否看到其他社群媒體客戶，或信任與安全中的其他客戶，也在朝向自動化推進，方式類似你們最大客戶的作法？

Or is there still a lot of growth coming from those parts of Trust and Safety?

或者信任與安全（Trust and Safety）這些部分仍然還有很大的成長動能？

Yeah, overall, Trust and Safety was resilient in Q1. We do expect, as we said on the call, Trust and Safety revenues to decline for the full year. And so we'll see a decline in year-over-year revenue for Trust and Safety starting in Q2. That's being primarily driven by our largest client, but we've also seen somewhat similar trends across other social media customers where we're doing Trust and Safety work.

是的，整體而言，信任與安全在第一季表現具韌性。我們確實預期，如同我們在電話會議上所說，信任與安全的營收在全年將會下滑。因此，從第二季開始，我們將看到信任與安全的營收出現年對年下滑。這主要是由我們最大的客戶所驅動，但我們也在其他我們提供信任與安全服務的社群媒體客戶身上看到某種程度相似的趨勢。

Some of that work is being shifted into AI Services where the work that we've done to build the models that have automated Trust and Safety workflows requires ongoing maintenance of those models doing evals and ensuring that policies that are being updated are properly trained. And so there's going to be some shift of that revenue from Trust and Safety to AI Services. But the predominant reduction in Trust and Safety revenue is truly just being driven by automation. And at this stage, it's safe to say that automation is most materially impacting our Trust and Safety business.

其中一部分工作正被轉移到 AI 服務（AI Services），因為我們為了自動化信任與安全工作流程所建立的模型，仍需要持續維護，包括進行評估（evals）並確保更新中的政策能被正確訓練。因此，會有一部分營收從信任與安全轉到 AI 服務。但信任與安全營收下降的主要原因，確實就是自動化所致。而在現階段，可以很有把握地說，自動化對我們信任與安全業務的影響最為顯著。

Matt Dezort, William Blair.

Matt Dezort，William Blair。

Great, thanks. This is Matt on for Maggie Nolan. I'm curious on the AV robotics and foundational model demand. I think you called out you expect those revenues to triple year-over-year now in 2026. I'm wondering if that's apples-to-apples with the doubling you laid out last quarter, how you're seeing that demand across new and existing clients? And I guess, just the durability of growth that you see in these verticals.

很好，謝謝。我是 Matt，代 Maggie Nolan 提問。我想了解自動駕駛（AV）機器人與基礎模型（foundational model）的需求。我記得你提到，現在預期 2026 年這些營收將年對年成長三倍。我想確認這是否與你們上季所提到的「翻倍」是同口徑（apples-to-apples），以及你們如何看待新客戶與既有客戶的需求狀況？另外，我也想問你們在這些垂直領域所看到的成長持續性（durability）。

Within AI Services, this is the place that's growing the fastest, the work that we're doing for autonomous vehicles and robotics. And so what I'd say there is, we're seeing an incredible amount of investment go into this space. The autonomous vehicle rollout is much further along in its development. We've gone from five to seven years ago, a period of collecting and annotating data to a period.

在 AI 服務之中，成長最快的就是我們為自動駕駛車與機器人所做的工作。所以我會說，我們看到大量資金正投入這個領域。自動駕駛的落地推進在其發展上已經走得更遠。我們從五到七年前以資料蒐集與標註為主的階段，進入到另一個階段。

In which we're actually doing live, remote and field operations to actually bring these vehicles to customers and ferry customers around cities and the scale that's happening in that space over the next year is going to be pretty exponential. Inside robotics, we're closer to where we were, say, five years ago in autonomous vehicles where the focus is primarily on data collection, data annotation and evals to get these physical AI models to work effectively.

在這個階段，我們實際在做即時、遠端與現場營運，真正把這些車輛帶給客戶，並在城市中載送乘客；而未來一年這個領域的規模擴張將會相當呈指數型成長。在機器人方面，我們更接近自動駕駛大約五年前的狀態，重點主要仍在資料蒐集、資料標註與評估（evals），以讓這些實體 AI 模型能有效運作。

And so there, we're investing heavily in bringing in industry experts to really develop that practice and ensure that we capture the growth that we expect to see in that market. We've seen other players inside AI Services build businesses that are worth hundreds of millions, if not billions of dollars around the expert answer space. And so a number of players that really help foundational models with recruiting experts. TaskUs did okay in that space, but it wasn't our core business. And so I would say that we didn't deliver as well as I would have hoped.

因此，我們正大幅投資引進產業專家，來真正建立這項能力並確保我們能掌握預期在該市場看到的成長。我們也看到 AI 服務領域的其他業者，圍繞「專家解答」（expert answer）這個領域建立了價值數億、甚至數十億美元的業務。因此，有不少業者在協助基礎模型招募專家方面扮演重要角色。TaskUs 在那個領域做得還可以，但那並不是我們的核心業務。所以我會說，我們的交付表現沒有達到我原本的期待。

But when it comes to this robotics opportunity, we are determined not to miss the opportunity, and we think we're better positioned given the skill sets that are required to do this physical AI workflows. So I'm excited to keep track of that as well as the growth in the autonomous vehicle space in the quarters and years to come.

但談到這個機器人的機會，我們決心不再錯過；而且我們認為，考量執行這些實體 AI 工作流程所需的技能組合，我們的定位更有優勢。因此，我也很期待在未來幾季與未來幾年，持續追蹤這一塊以及自動駕駛領域的成長。

Appreciate that. And then, I guess, can you just double-click on macro versus 90 days ago? I guess what impacts are you seeing from lingering tariffs, straits being shut down. I know the Philippines moved to a four-day work week. So just curious how, if at all, that's impacted your delivery operations and how you're thinking about the rest of the year? Thanks.

了解，謝謝。接著我想再追問一下，相較於 90 天前，你們對總體環境（macro）的看法有何變化？例如延續性的關稅、海峽被封鎖等因素，你們看到哪些影響？我知道菲律賓改成四天工作制。所以想請教這些因素是否、以及在多大程度上影響你們的交付營運（delivery operations），以及你們如何看待今年剩餘時間？謝謝。

Yeah, Thanks so much for that. So on the demand side, there hasn't been a material impact that we've experienced from the macro deterioration. We are watching closely on the impact on our employees around the world. So earlier this quarter, I was in the Philippines and one of the topics on all of our teammates' minds was the increase in the cost of living in the Philippines.

好的，非常感謝這個問題。就需求端而言，我們尚未因總體環境惡化而感受到實質性的影響。我們正密切關注其對全球員工的影響。因此在本季稍早，我人在菲律賓，而我們所有同仁最關心的議題之一，就是菲律賓生活成本的上升。

They recently put out numbers of 7.2% inflation, really fed mostly by fuel and food costs going up. And so this is something we're tracking closely in all of the markets that we operate in, the impact that, that's having on our teammates and their lives and ensuring that we're on the front foot, doing the right thing by our teammates to make our commitment known to them and really focused on attracting and retaining the best talent in the space.

他們最近公布的數據顯示通膨為 7.2%，主要是燃料與食品成本上升所推動。因此，這是我們在所有營運市場都在密切追蹤的事項：這對我們同仁及其生活造成的影響，以及確保我們能主動採取行動、以同仁為先，做對的事情，讓他們清楚感受到我們的承諾，並且真正聚焦於吸引與留任這個領域最優秀的人才。

And as we see the simpler workflows get automated, it really is the best strategy to ensure that we're attracting that top talent that can focus on the premium and complex work that's left behind. And so we continue to focus on being an employer of choice in all of these markets. And this is a time when we can demonstrate our commitment to our employees by ensuring they're fairly compensated as prices continue to rise.

而隨著較簡單的工作流程被自動化，最好的策略確實是確保我們能吸引頂尖人才，讓他們能專注在剩下更高價值、更複雜的工作。因此，我們持續致力於在所有這些市場成為首選雇主（employer of choice）。在這樣的時刻，當物價持續上升，我們可以透過確保同仁獲得公平的薪酬，來展現我們對員工的承諾。

This concludes the question-and-answer session. Thank you for your participation in today's conference. This does conclude the program. You may now disconnect.

問答環節到此結束。感謝各位參與今天的電話會議。本次會議至此結束。您現在可以斷線。