TDCX Inc (TDCX) 2023 Q3 法說會逐字稿

Ladies and gentlemen, welcome to the TDCX Q3 2023 results announcement. My name is Neil, and I will be coordinating your call today. (Operator Instructions)

女士們、先生們，歡迎閱讀 TDCX 2023 年第三季業績公告。我叫尼爾，今天我將協調您的電話。 （操作員說明）

I will now hand you over to your host, Jason Lim from TDCX, to begin. Jason, please go ahead.

現在我將把您交給主持人、來自 TDCX 的 Jason Lim 開始。傑森，請繼續。

Hello, everyone, and welcome to TDCX third-quarter 2023 earnings conference call. My name is Jason Lim, the Head of Investor Relations. Joining us on the call today is our Executive Chairman, Founder, and CEO, Mr. Laurent Junique; our CFO, Mr. Chin Tze Neng; and our EVP of Corporate Development, Mr. Edward Goh.

大家好，歡迎參加 TDCX 2023 年第三季財報電話會議。我叫 Jason Lim，投資者關係主管。今天加入我們電話會議的是我們的執行主席、創辦人兼執行長 Laurent Junique 先生；我們的財務長 Chin Tze Neng 先生；以及我們的企業發展執行副總裁 Edward Goh 先生。

Before we continue, I would like to remind you that we will make forward-looking statements which are subject to risks and uncertainties that may not be realized in the future. You should not place any reliance on any forward-looking statements.

在我們繼續之前，我想提醒您，我們將做出前瞻性陳述，這些陳述受到未來可能無法實現的風險和不確定性的影響。您不應依賴任何前瞻性陳述。

Also, this call includes the discussion of certain non-IFRS financial measures such as adjusted EBITDA and constant currency revenue growth. For a reconciliation to the closest IFRS measures, please refer to the form 6-K which is available on our website.

此外，本次電話會議也討論了某些非國際財務報告準則財務指標，例如調整後的 EBITDA 和恆定貨幣收入成長。如需與最接近的 IFRS 措施進行調節，請參閱我們網站上提供的表格 6-K。

We have prepared a convenient translation for Singapore dollars to the US dollar at the rate of USD1 to SGD1.3648. This should not be construed as representation that any Singapore dollar amount can be converted to USD at this or any other rate.

我們準備了新加坡元兌美元的便捷換算，匯率為 1 美元兌 1.3648 新元。這不應被解釋為表示任何新加坡元金額都可以按此匯率或任何其他匯率兌換為美元。

With that, let me hand over the call to Laurent. Laurent, please.

現在，讓我把電話轉給勞倫特。勞倫特，請。

Hello, everyone, and thank you for joining us today. Before I begin, I'd like to thank our team members across the TDCX global network for their exceptional efforts and our clients and investors for their continued trust and support.

大家好，感謝您今天加入我們。在開始之前，我要感謝 TDCX 全球網路的團隊成員所做的傑出努力，以及我們的客戶和投資者的持續信任和支持。

In the third quarter, TDCX delivered a solid revenue of USD120 million, which is stable on a constant currency basis. We also demonstrated improved operating rigor as we delivered Q3 adjusted EBITDA margins of 27.8%. The testament to the success of our ongoing cost optimization initiatives, this compares with 25.9% in Q2 2023.

第三季度，TDCX 實現了 1.2 億美元的穩健收入，以固定匯率計算，該收入保持穩定。我們也展示了營運嚴謹性的提高，第三季調整後 EBITDA 利潤率為 27.8%。與 2023 年第二季的 25.9% 相比，這證明了我們持續的成本優化措施的成功。

Profit for the period was USD23 million, an increase of 2.3% year on year. This means we are very much on track to meet our guidance for the year. I would say that the overall business continues to be strong and resilient. Notably, if you were to exclude revenue from our top client, revenues from the rest of the business would have grown in the low-teens percentage year on year for Q3 2023 compared to Q3 2022. This demonstrates a very healthy performance against the backdrop of a really tough operating environment, which speaks to the way we continue to deliver excellence for our clients.

期內利潤為2,300萬美元，較去年同期成長2.3%。這意味著我們非常有可能實現今年的指導目標。我想說的是，整體業務仍然強勁且富有彈性。值得注意的是，如果您排除我們頂級客戶的收入，那麼與 2022 年第三季相比，2023 年第三季來自其他業務的收入同比增長率將達到低雙位數。這表明在一個非常艱難的營運環境，這說明了我們繼續為客戶提供卓越服務的方式。

You can also see this across a few operational parameters. Firstly, we continue to register broad-based business growth as revenue from clients outside the top five rising 51% year on year. These newer clients, while starting from a smaller base, are growing quite steadily and continue to ramp nicely with us. Secondly, we continue to make progress in reducing client concentration and diversifying our business. Our top two clients contributed 47% of this quarter's revenue, hence reducing our concentration by almost 10 percentage points from 56% in the same period last year.

您也可以透過一些操作參數看到這一點。首先，我們繼續實現廣泛的業務成長，來自前五名之外的客戶的收入年增 51%。這些新客戶雖然起步規模較小，但成長相當穩定，並繼續與我們一起良好發展。其次，我們在降低客戶集中度和業務多元化方面不斷取得進展。我們的兩大客戶貢獻了本季營收的 47%，因此我們的集中度比去年同期的 56% 降低了近 10 個百分點。

Thirdly, our business development efforts have yielded good results. Total client count rose 31% to 94 clients as of September 30, 2023, with bright spots in some key sectors, which I'll speak more about shortly. And last but not least, our geographic expansion in the last two years continues to bear fruit as revenue from new geographies grew five times this quarter compared to the same period last year. These indicators show that despite an uncertain backdrop, we are managing the business well, while simultaneously achieving growth in earnings.

三是業務發展取得良好成效。截至 2023 年 9 月 30 日，客戶總數增加了 31%，達到 94 家，其中一些關鍵領域出現了亮點，我將在稍後詳細介紹。最後但並非最不重要的一點是，我們過去兩年的地域擴張繼續取得成果，本季來自新地域的收入比去年同期增長了五倍。這些指標表明，儘管面臨不確定的背景，我們仍能很好地管理業務，同時實現獲利成長。

Despite these improvements, the macroeconomic environment remains challenging. As communicated before, several of our key clients have reduced volumes during the year as part of their focus on cost efficiency. We're seeing the impact of these reductions against a strong Q3 last year, but these are within our forecasts and expectations for FY2023. We're very disciplined with regards to cost controls. Furthermore, we have actively deployed our cash to drive higher returns.

儘管有這些改善，宏觀經濟環境仍充滿挑戰。正如之前所傳達的，我們的一些主要客戶在這一年中減少了銷量，作為他們關注成本效率的一部分。我們看到了這些削減對去年第三季強勁表現的影響，但這些都在我們對 2023 財年的預測和預期之內。我們在成本控制方面非常嚴格。此外，我們積極配置現金以推動更高的回報。

Our profit performance has translated into strong cash flows and strong balance sheet. Cash generated from operations was USD86 million for the nine months of 2023. As of September 30, 2023, we have USD318 million of cash and cash equivalents, with no debt on the balance sheet. Again, our strong cash flow generation and low leverage provides us with ample flexibility to pursue strategic growth, as well as to enhance shareholder returns through a variety of avenues.

我們的利潤表現已轉化為強勁的現金流和強勁的資產負債表。 2023 年前九個月的營運產生的現金為 8,600 萬美元。截至 2023 年 9 月 30 日，我們擁有現金和現金等價物 3.18 億美元，資產負債表上沒有債務。同樣，我們強大的現金流產生和低槓桿率為我們提供了充足的靈活性來追求策略成長，並透過各種途徑提高股東回報。

We see great value in our shares at current valuations and have prioritized share buybacks as a form of enhancing shareholder returns. We were much more active in the market in the third quarter from July 1 to November 17, 2023, we purchased around 930,000 shares. Since the inception of this program in March 2022, we have deployed more than $15 million and bought back around 2 million shares. We see this as an attractive use of our capital and believe that as growth returns, repurchases at these levels will create significant value.

我們認為，按照當前估值，我們的股票具有巨大價值，並優先考慮股票回購，作為提高股東回報的一種形式。 2023年7月1日至11月17日第三季度，我們在市場上更加活躍，購買了約93萬股。自 2022 年 3 月該計畫啟動以來，我們已部署了超過 1500 萬美元並回購了約 200 萬股股票。我們認為這是對我們資本的一種有吸引力的利用，並相信隨著增長的回報，在這些水平上的回購將創造巨大的價值。

In terms of M&As, with our strong cash balance, we have the ability to move very quickly on targets that could help enhance our capabilities or reach to better serve our clients or to accelerate our growth. Additionally, we have the financial strength and flexibility to allocate capital to strengthen our organic initiatives such as TDCX AI, our consulting capabilities, and reinvesting in our business. This quarter, at TDCX AI, we have accelerated our progress in deploying AI solutions for select clients, while continuing to refine other pilot AI initiatives to boost internal productivity.

在併購方面，憑藉我們強大的現金餘額，我們有能力快速實現有助於增強我們能力或更好地服務客戶或加速我們成長的目標。此外，我們擁有財務實力和靈活性，可以分配資本來加強我們的有機計劃，例如 TDCX AI、我們的諮詢能力以及對我們業務的再投資。本季度，在 TDCX AI，我們加快了為特定客戶部署人工智慧解決方案的進度，同時繼續完善其他試點人工智慧計畫以提高內部生產力。

Let me outline another use case that we launched this quarter to showcase how we help clients solve major pain points. For a sales campaign for a large digital advertising client, we built an AI-enabled sales catalyst accelerator to enhance outreach success and to maximize customer engagement in our sales and digital marketing programs. Our team took our treasure trove of historical contact data sets and overlaid them with additional data, such as interaction notes and customer profiles, and we trained the model to predict and identify the optimal moment for a marketing specialist to carry out a marketing plan review. This improvement boosted their reach by 20% to 40%.

讓我概述一下我們本季推出的另一個用例，以展示我們如何幫助客戶解決主要痛點。對於大型數位廣告客戶的銷售活動，我們建立了一個支援人工智慧的銷售催化劑加速器，以提高外展成功率並最大限度地提高客戶對我們銷售和數位行銷計劃的參與度。我們的團隊利用歷史聯絡人資料集的寶庫，並將其與額外的資料（例如互動記錄和客戶資料）疊加在一起，並訓練模型來預測和確定行銷專家進行行銷計劃審查的最佳時機。這項改進將其覆蓋範圍提高了 20% 至 40%。

With a higher reach, our marketing specialists were able to assist users in a more timely and strategic manner and significantly increase monetization for our digital advertising clients. This is a good example of where TDCX establishes our right to play as a strategic advisory partner to clients who are looking for actionable ways to gain incremental productivity and efficiency within their campaigns as they come under pressure to do more with less.

憑藉更高的覆蓋範圍，我們的行銷專家能夠以更及時、更具策略性的方式為用戶提供幫助，並顯著提高我們數位廣告客戶的獲利能力。這是一個很好的例子，說明 TDCX 確立了我們作為策略諮詢合作夥伴的權利，為那些正在尋找可行方法來提高活動生產力和效率的客戶提供服務，因為他們面臨著少花錢多辦事的壓力。

Through TDCX AI, we leverage our deep operational experience as CX practitioners and our tech stack to better understand clients' pain points and advise and implement feasible solutions to drive improved outcomes in their campaigns without losing that human touch. This is ultimately what clients have always come to us for. Most of our campaigns, which involve complex tasks that require humans in the loop, we believe, will benefit from the productivity gains AI provides and will help us scale the business to even greater heights.

透過TDCX AI，我們利用作為CX 從業者的深厚營運經驗和技術堆棧，更了解客戶的痛點，並提出建議和實施可行的解決方案，以推動改善其行銷活動的結果，同時又不失人性化。這最終就是客戶來找我們的目的。我們相信，我們的大多數活動都涉及需要人類參與的複雜任務，這些活動將受益於人工智慧提供的生產力提升，並將幫助我們將業務擴展到更高的高度。

We have won some very exciting clients during the quarter, as total client count rose to 94, a 31% increase year on year. Our domain expertise in key verticals and strategic footprint in APAC continues to shine through. The clients we launched in Q3 included one of the world's most popular mobile messaging apps and a leading global airline based out of Asia, both of whom have the potential of ramping meaningfully with us.

本季我們贏得了一些非常令人興奮的客戶，客戶總數增至 94 家，年增 31%。我們在亞太地區關鍵垂直領域和戰略足跡的領域專業知識繼續閃耀。我們在第三季推出的客戶包括世界上最受歡迎的行動訊息應用程式之一和一家總部位於亞洲的全球領先航空公司，這兩家公司都有潛力與我們一起實現有意義的成長。

Our client count does not include the further four clients that have been signed but not yet launched, which include Southeast Asia's leading super app providing everyday services, as well as a European medical device manufacturer. Such wins are testament to deep domain expertise that we have built over the years, such as for social media platforms within our digital advertising and media vertical, in travel and hospitality, as well as in sales and digital marketing.

我們的客戶數量不包括另外四個已簽約但尚未推出的客戶，其中包括東南亞領先的提供日常服務的超級應用程序，以及歐洲醫療設備製造商。這些勝利證明了我們多年來建立的深厚領域專業知識，例如我們的數位廣告和媒體垂直領域、旅遊和酒店業以及銷售和數位行銷領域的社交媒體平台。

We have also made forays into innovative verticals such as health tech with two clients, which we're pretty excited about. For one client, TDCX will be providing customer support for patients with specific medical needs and, for the other, helping medical practitioners understand how to use sophisticated medical devices. TDCX's ability to break into new verticals such as health tech stems from our specialization in managing complex customer interactions and the ability to deliver excellent CX outcomes.

我們也與兩位客戶一起進軍健康科技等創新垂直領域，對此我們感到非常興奮。對於一個客戶來說，TDCX 將為有特定醫療需求的患者提供客戶支持，而對於另一個客戶來說，則幫助醫生了解如何使用複雜的醫療設備。 TDCX 進軍健康科技等新垂直領域的能力源自於我們在管理複雜客戶互動方面的專業知識以及提供卓越客戶體驗成果的能力。

With a higher client count and broader growth, we have improved our client concentration profile, with top two clients contributing 47% of revenue compared to 56% in Q2 2022, while top five clients contributed 71% of this quarter's revenue, down from 82% in the same period last year. In terms of contribution from verticals, digital advertising and media now represents 43% of our business and remains pressured by softness from our largest clients.

隨著客戶數量的增加和成長範圍的擴大，我們改善了客戶集中度，前兩名客戶貢獻了47% 的收入，而2022 年第二季為56%，而前五名客戶貢獻了本季收入的71%，低於82%去年同期。就垂直行業的貢獻而言，數位廣告和媒體目前占我們業務的 43%，並且仍然受到我們最大客戶疲軟的壓力。

We see some bright spots in travel and hospitality, our second largest vertical at 29% of revenue, which grew 8% year on year, demonstrating a stabilization of the travel sector, with a runway for longer-term growth as we win more clients in this vertical. E-commerce and gaming are also doing very well, growing at an incredible [clip] of 63% year on year and 110% year on year, both reflecting the underlying strength of these sectors.

我們看到旅遊和酒店業的一些亮點，這是我們的第二大垂直行業，佔收入的29%，同比增長8%，這表明旅遊業的穩定，隨著我們在以下領域贏得更多客戶，擁有長期增長的跑道。這個垂直的。電子商務和遊戲也表現出色，年增 63%，年增 110%，令人難以置信，這都反映了這些行業的潛在實力。

I'd like to emphasize at this juncture that TDCX is unique amongst global CX providers, with over 70% of the business focused on serving Southeast Asian and North Asian languages, serving complex business needs. Since 2021, we've expanded quite rapidly, adding nine new geographies to our global footprint, including Colombia, India, Romania, South Korea, Hong Kong, Turkey, Vietnam, Brazil, and Indonesia. Our new geos have been scaling well, and revenue in Q3 2023 was five times that of Q3 2022. We are happy with our strategic footprint now, and we will be focusing on growing and stabilizing these new sites, generating better economies of scale and progressively improving their margins.

我想在此強調的是，TDCX 在全球 CX 供應商中是獨一無二的，超過 70% 的業務專注於服務東南亞和北亞語言，滿足複雜的業務需求。自 2021 年以來，我們的擴張相當迅速，在全球足跡中增加了 9 個新地區，包括哥倫比亞、印度、羅馬尼亞、韓國、香港、土耳其、越南、巴西和印尼。我們的新地理區域一直在擴展，2023 年第三季的收入是2022 年第三季的五倍。我們對現在的策略足跡感到滿意，我們將專注於發展和穩定這些新站點，產生更好的規模經濟並逐步實現提高他們的利潤。

Korea has been one of our top performers in terms of new sites revenue expansion and continues to do well as we add more headcount and deliver on customer satisfaction scores. In Indonesia, we recently launched on the ground with a large social media client. It's early days yet. We are excited about the market's potential. In Vietnam, we are delivering top of the network scores for a client launched a few quarters ago, and we are in active talks to sign up another client. These are positive developments, which really gives me confidence that our footprint in Asia will only continue to strengthen.

就新網站收入擴張而言，韓國一直是我們表現最好的國家之一，隨著我們增加員工數量並提高客戶滿意度分數，韓國的表現將繼續表現出色。在印尼，我們最近與一家大型社群媒體客戶合作。現在還為時過早。我們對市場的潛力感到興奮。在越南，我們正在為幾個季度前推出的客戶提供最高的網路分數，並且我們正在積極談判另一個客戶簽約。這些都是積極的進展，這確實讓我相信我們在亞洲的足跡只會繼續加強。

Some updates on LATAM as well. Earlier this year, we launched our first campaign in Sao Paulo, Brazil, a pivotal step in our journey, and our team has continued to grow ever since. We have delivered what the clients have called their smoothest launch to date, and we're now one of the top three performing sites globally based on customer satisfaction. In Colombia, we expanded our customer service support team with a very innovative customer service robot-assisted food delivery service, and we continue to receive interest from clients looking to launch in the region.

還有一些關於拉丁美洲的更新。今年早些時候，我們在巴西聖保羅啟動了第一個活動，這是我們旅程中的關鍵一步，從那時起我們的團隊一直在不斷發展。我們已經實現了客戶所說的迄今為止最順利的啟動，並且根據客戶滿意度，我們現在是全球表現最好的三個網站之一。在哥倫比亞，我們透過非常創新的客戶服務機器人輔助送餐服務擴大了客戶服務支援團隊，並且我們繼續收到希望在該地區推出服務的客戶的興趣。

Beyond delivering value to our clients, our goal at TDCX is also to ensure that we provide the best employee experience to our global TDCX team members and continue to attract and retain the best talent. I'm extremely proud of our engagement teams who champion a vibrant, multicultural, and joyful work culture. And seven of our campuses are Great Place to Work certified, among the many other industry recognitions celebrating TDCX.

除了為客戶提供價值之外，TDCX 的目標還包括確保為全球 TDCX 團隊成員提供最佳的員工體驗，並持續吸引和留住最優秀的人才。我為我們的敬業度團隊感到非常自豪，他們倡導充滿活力、多元文化和快樂的工作文化。我們的七個園區獲得了卓越工作場所認證，這是慶祝 TDCX 的眾多其他行業認可之一。

In closing, we remain super focused on executing and delivering excellence for our clients, and the results can be seen in many of the indicators that we shared earlier. Over the past nine months, our nimble and agile structure has allowed us to pivot quickly, strategizing to make overhead. It's more elastic against revenue, which in turn has contributed to margins improving. We have also made good progress on the AI and consulting front, which really helps to position us to be the ideal outsourcing partner for our clients. Moving forward, we will continue to invest for growth while at the same time managing our costs carefully.

最後，我們仍然非常專注於為客戶執行和提供卓越服務，其結果可以從我們之前分享的許多指標中看到。在過去的九個月裡，我們靈活敏捷的結構使我們能夠快速調整方向，制定策略來減少管理費用。它對收入更具彈性，這反過來又有助於提高利潤率。我們在人工智慧和諮詢方面也取得了良好的進展，這確實有助於我們成為客戶理想的外包合作夥伴。展望未來，我們將繼續投資促進成長，同時謹慎管理成本。

While we are focused on some of these immediate priorities, I would like to convey my confidence on TDCX's differentiated footprint, domain expertise in doing complex work for key verticals, and strong track record in developing client-vendor relationships into key strategic partnerships for large global enterprises. We see green shoots in 2024, but it also appears that the global macroeconomic environment is not out of the woods yet, so we'll have to be very careful and robust with our guidance when it's time to do so during our Q4 results announcement.

雖然我們專注於其中一些當務之急，但我想表達我對TDCX 的差異化足跡、為關鍵垂直行業開展複雜工作的領域專業知識以及將客戶與供應商關係發展為大型全球性關鍵戰略合作夥伴關係的良好記錄的信心。企業。我們在 2024 年看到了復甦的苗頭，但全球宏觀經濟環境似乎尚未走出困境，因此在公佈第四季度業績時，我們必須非常謹慎和穩健地制定指引。

With that, let me hand it over to Mr. Chin.

那麼，讓我把它交給金先生。

Thank you, Laurent. In Q3 2023, we delivered revenue of USD120 million, which is stable on a constant currency basis. On a reported basis, revenue is down 5.4% year on year due to the strengthening of the Singapore dollar against most of our operational functional currencies. This was driven by a decline in required volumes for some of our key clients, resulting in lower revenue from our top five clients combined. Our clients outside the top five continue to grow strongly, rising 51% year on year, which is in line with our continuous measures to broaden our customer base. This has improved our customer revenue diversification, as Laurent had shared earlier.

謝謝你，洛朗。 2023 年第三季度，我們營收 1.2 億美元，以固定匯率計算，營收維持穩定。據報告，由於新加坡元兌我們大多數營運功能貨幣走強，營收年減 5.4%。這是由於我們一些主要客戶的需求量下降造成的，導致我們前五名客戶的總收入下降。我們前五名之外的客戶持續強勁成長，年增51%，這與我們不斷擴大客戶基礎的措施是一致的。正如勞倫特之前分享的那樣，這改善了我們的客戶收入多元化。

Adjusted EBITDA declined 9.1% year on year. And we delivered margins of 27.8% this quarter, compared to 29% in the corresponding period last year. As shared throughout the earlier part of this financial year, we have continued with investment expenses to grow our business, including entering into new geographies and building new capabilities such as TDCX AI.

調整後 EBITDA 年減 9.1%。本季我們的利潤率為 27.8%，去年同期為 29%。正如本財年早期所分享的那樣，我們繼續投資支出來發展我們的業務，包括進入新的地區和建立 TDCX AI 等新功能。

As part of our planned geographical expansion strategy, we incurred higher rental and maintenance expenses with the setup of [greenfield] sites, as well as higher telecom and technology expenses support campaign volume requirements at both existing and new sites. That said, our cost management and productivity initiatives have started to show results, as adjusted EBITDA margins have improved sequentially from Q1 2023 through to Q3 2023. I will share a bit more on this in the next slide.

作為我們計劃的地理擴張策略的一部分，我們因建立[綠地]站點而產生了更高的租金和維護費用，以及更高的電信和技術費用來支援現有和新站點的活動量要求。也就是說，我們的成本管理和生產力計劃已開始顯現成效，調整後的EBITDA 利潤率從2023 年第一季到2023 年第三季連續改善。我將在下一張投影片中分享更多相關內容。

In Q3 2023, we recorded higher interest income from increased placement of cash and interest earning deposits compounded by the elevated interest rate environment. We also recorded lower income tax expenses from the reinstatement of tax incentive in the Philippines that was suspended temporarily last year, lower profitability of few key operating units, and a non-recurrence of the one-off prosperity tax in Malaysia that was implemented in 2022. As a result, profit for the period grew 2.3% to USD23 million.

2023 年第三季度，我們因現金和生息存款的增加以及利率環境的上升而增加了利息收入。我們還發現，由於去年菲律賓恢復暫時暫停的稅收激勵措施、少數主要營運單位的盈利能力下降以及馬來西亞不再重複實施 2022 年實施的一次性繁榮稅，所得稅費用也有所下降。結果，該期間利潤增長了2.3%，達到2,300 萬美元。

Adjusted net income, which represents profit before equity-settled share-based payment expense, net foreign exchange gain or loss, and acquisition-related professional fees, rose 2.2% year on year.

調整後淨利（扣除以權益結算的股份支付費用、淨匯兌損益以及收購相關專業費用之前的利潤）年增 2.2%。

We have reported sequential adjusted EBITDA margin improvements from quarter one to quarter three, which demonstrated the effects of our focus on cost optimization and improving productivity and efficiency. Adjusted EBITDA margins rose from 24% in Q1 2023 to 25.9% in Q2 2023 and up to 27.8% in Q3 2023. Throughout the course of the year, our efforts to rightsize headcount against business requirements has started to bear fruit, resulting in better employee cost efficiency. Secondly, as our new geography started to launch new campaigns and generate revenue, this also helped increase utilization at the new sites and deliver better economies of scale as we move through 2023.

我們報告了從第一季到第三季連續調整後的 EBITDA 利潤率的改善，這證明了我們專注於成本優化以及提高生產力和效率的效果。調整後的EBITDA 利潤率從2023 年第一季的24% 上升至2023 年第二季的25.9%，並在2023 年第三季上升至27.8%。在這一年中，我們根據業務需求調整員工人數的努力已開始取得成果，帶來了更好的員工成本效益。其次，隨著我們的新地理位置開始推出新活動並產生收入，這也有助於提高新站點的利用率，並在 2023 年實現更好的規模經濟。

Let me next provide some insights of our revenue by service offering. Revenue from omnichannel CX solutions services decreased by 3% to USD72 million, primarily due to a contraction of volume from a key client in the digital advertising and media vertical. We were able to partly offset this with higher business volumes in the travel and hospitality, gaming, fast-moving consumer goods, financial services, technology, and e-commerce verticals.

接下來讓我提供一些關於我們按服務提供的收入的見解。全通路客戶體驗解決方案服務的收入下降了 3%，至 7,200 萬美元，主要是由於數位廣告和媒體垂直領域的一個主要客戶的銷售萎縮。我們能夠透過旅遊和酒店、遊戲、快速消費品、金融服務、技術和電子商務垂直領域業務量的增加部分抵消這一影響。

Revenue from sales and digital marketing services increased by 3% to USD32 million due to the expansion of existing campaigns by key digital advertising and media clients and scale-up contributions from new clients secured in 2022. Revenues from content, trust, and safety declined 30% year on year to USD14 million due to downward revision of volume requirements by an existing client in the digital advertising and media vertical, but was partially offset by extension in the travel and hospitality. Because we only have two clients in this segment, it is more susceptible to shrink due to changes in order. There continues to be good opportunities within the content, trust, and safety sectors, which we are working to tap.

由於主要數位廣告和媒體客戶擴大了現有活動，以及 2022 年新客戶的貢獻擴大，銷售和數位行銷服務收入增長了 3%，達到 3200 萬美元。來自內容、信任和安全的收入下降了 30由於數位廣告和媒體垂直領域的現有客戶下調了數量要求，同比增長1400 萬美元，但被旅遊和酒店業的擴展所部分抵消。由於我們在該細分市場只有兩個客戶，因此更容易因訂單變化而萎縮。我們正在努力挖掘內容、信任和安全領域中持續存在的良好機會。

In summary, omnichannel CX made up 60% of our total business in Q3, while sales and digital marketing and content, trust, and safety contributed 27% and 12%, respectively. Much of the swing in this bottle was driven by movement in volumes of an existing rush pipe. If you exclude the key trial, we delivered double-digit percentage growth across all three service offerings.

總而言之，全通路 CX 占我們第三季總業務的 60%，而銷售和數位行銷以及內容、信任和安全分別貢獻了 27% 和 12%。這個瓶子的大部分擺動是由現有的沖管體積運動所驅動的。如果排除關鍵試用，我們在所有三個服務產品中都實現了兩位數的百分比成長。

Let me next move on to our year-to-date performance. Our revenue for the nine months ended September 30, 2023 rose 7% on a constant currency basis. Due to the impact of the strong Singapore dollar, reported revenue was up by lower 2.5% to USD366 million. We delivered strong earnings growth over the nine-month period as profit for the period rose 10.3% to USD65 million. This was driven by a tight focus on cost optimization and further boosted by a net reversal of equity-settled share-based payment expense in Q1 2023.

接下來讓我談談我們今年迄今為止的表現。截至 2023 年 9 月 30 日的九個月，我們的營收以固定匯率計算成長了 7%。由於新加坡元走強的影響，報告收入下降2.5%至3.66億美元。我們在這 9 個月期間實現了強勁的獲利成長，期內利潤成長 10.3% 至 6,500 萬美元。這是由於對成本優化的嚴格關注所推動的，並因 2023 年第一季以權益結算的股份支付費用的淨逆轉而進一步推動。

Margins were down year on year, as we continue with our planned investment into new geographies and new capabilities. In particular, in the first and second quarter of this year, we had opted to keep strong support and shared service ratios, which impacted margins during the early part of the year. Margins have since improved sequentially quarter on quarter as shared earlier.

隨著我們繼續對新地區和新能力進行計劃投資，利潤率比去年同期下降。特別是，在今年第一和第二季度，我們選擇保持強有力的支持和共享服務比率，這影響了今年早些時候的利潤率。正如之前分享的那樣，此後利潤率逐季度有所改善。

Excluding the effects of equity-settled share-based payment expense, adjusted EBITDA declined 10.8% to USD95 million due to the lower margins year on year. Adjusted net income decline by a lower 5.8% to USD62 million, aided by lower taxes and higher interest income.

剔除以權益結算的股份支付費用的影響，由於利潤率同比下降，調整後 EBITDA 下降 10.8%，至 9500 萬美元。由於稅收降低和利息收入增加，調整後淨利潤下降 5.8%，至 6,200 萬美元。

For the nine months of 2023, revenue from omnichannel CX rose 4% to USD219 million. Revenue from sales and digital marketing services increased by 13% to USD98 million. Our revenue from content, trust, and safety services was down 22% at USD46 million due lastly to a drop in volumes from a key buyer in December. For the nine months of 2023, omnichannel CX contributed 60% of our business, while sales and digital marketing stood at 27% and content, trust, and safety at 13%.

2023 年 9 個月，全通路 CX 營收成長 4%，達到 2.19 億美元。銷售和數位行銷服務收入成長 13%，達到 9,800 萬美元。我們來自內容、信任和安全服務的收入下降了 22%，至 4,600 萬美元，最終是由於 12 月份主要買家的交易量下降所致。 2023 年的 9 個月，全通路 CX 貢獻了我們業務的 60%，而銷售和數位行銷佔 27%，內容、信任和安全佔 13%。

Lastly, let me provide an update on our full-year 2023 outlook. We have delivered a resilient set of results in line with our guidance. For the nine months of 2023, we have reported a 7% growth in revenue in constant currency terms and adjusted EBITDA margins of 25.9%.

最後，讓我介紹一下我們 2023 年全年展望的最新情況。我們已經根據我們的指導提供了一系列有彈性的結果。 2023 年的 9 個月，以固定匯率計算，我們的營收成長了 7%，調整後的 EBITDA 利潤率為 25.9%。

Based on the near-term visibility of revenue in Q4 2023 that reflects confirmed volume requirements, expected operational delivery and seasonality, and barring unfortunate significant events, we are reiterating our full-year 2023 revenue growth range at 2% to 4% on a constant currency basis. We also reaffirm our full-year 2023 adjusted EBITDA margins to be approximately between 25% to 27%. We will share FY24 guidance when we next report our Q4 and full-year results.

基於2023 年第四季營收的近期可見性（反映了已確認的數量需求、預期營運交付和季節性），除非發生不幸的重大事件，我們重申2023 年全年營收成長範圍為2% 至4 %，持續成長貨幣基礎。我們也重申 2023 年全年調整後 EBITDA 利潤率約為 25% 至 27%。我們將在下次報告第四季和全年業績時分享 2024 財年指引。

With that, let me hand you back to Jason.

接下來，讓我把你交還給傑森。

Thank you. Thanks, Mr. Chin, Laurent, for the presentation. We are now ready for the Q&As. May I ask that you limit yourself to three questions at each round so we have a chance to take down the questions.

謝謝。感謝 Laurent Chin 先生的介紹。我們現在已準備好進行問答。請問您每輪只提出三個問題，以便我們有機會記下這些問題。

Operator, please.

接線員，請說。

(Operator Instructions) Khang Chuen, CGS-CIMB.

（操作員指示）Khang Chuen，CGS-CIMB。

Hi. Good morning, management team. Thanks for taking my question. I have three questions here. The first one is regarding the revenue slowdown in the first quarter of the year. This seems to be mainly driven by your top two customers. Based on my rough calculations, it seems that the revenue has fell 20% year on year here. Can you share more on what's happening here that resulted in such a drop?

你好。早上好，管理團隊。感謝您提出我的問題。我在這裡有三個問題。第一個是關於今年第一季營收放緩的問題。這似乎主要是由您的兩大客戶所推動的。根據我粗略的計算，這裡的收入似乎比去年同期下降了20%。您能否分享更多有關導致如此下降的原因的資訊？

Question number two, I think Meta showed a return to growth for its digital advertising in the latest quarter. Why hasn't that translated into your numbers? And based on your latest discussion with them, when can we see contributions from digital advertising clients returning to growth?

第二個問題，我認為 Meta 在最近一個季度的數位廣告表現出恢復成長的勢頭。為什麼這沒有轉換成你的數字？根據您與他們的最新討論，我們什麼時候可以看到數位廣告客戶的貢獻恢復成長？

Third question, I think we see some bright spots here in terms of ex-top five client performance. Maybe you can share some more colors on this. That would be very helpful. Thank you.

第三個問題，我認為我們在前五名客戶表現方面看到了一些亮點。也許你可以分享一些更多的顏色。這將非常有幫助。謝謝。

Thank you, KC. Appreciate the question. I'll answer both the revenue slowdown and the bright spot within the same answer, then I can talk about any growth implied or announced by our digital advertising clients.

謝謝你，KC。感謝這個問題。我將在同一個答案中回答收入放緩和亮點，然後我可以談論我們的數位廣告客戶暗示或宣布的任何成長。

So in terms of revenue slowdown, really, this is what was expected and the reason we revised our guidance back in August. So some key clients, particularly our large digital advertising client, has cut volumes. But if you exclude that top client, our revenues across all three segments would have grown in low teens. The clients outside the top five are still growing very well at 51% from Q3 '23 to Q3 '22. But the impact, as you know, from the bigger client is the one causing that slowdown.

因此，就收入放緩而言，這確實是我們的預期，也是我們在 8 月修改指導意見的原因。因此，一些主要客戶，特別是我們的大型數位廣告客戶，已經削減了銷售量。但如果排除那位頂級客戶，我們所有三個細分市場的收入都會以十幾歲以下的速度成長。從 23 年第三季到 22 年第三季度，前五名之外的客戶仍然以 51% 的速度成長。但如您所知，來自大客戶的影響是導致經濟放緩的原因。

So we're really in a situation where we have almost two different companies here: one that's being impacted by some large clients who are restructuring, looking for efficiencies, and then we have a mix of new clients and existing clients who are growing at a very fast pace. And so we have to manage that operationally.

因此，我們實際上處於這樣一種情況：我們這裡幾乎有兩家不同的公司：一家受到一些正在重組、尋求效率的大客戶的影響，然後我們有新客戶和現有客戶的混合體，這些客戶正在以驚人的速度增長。速度非常快。因此我們必須在操作上進行管理。

In answering the brighter spots, we've brought in some exciting clients. We have some verticals that are doing well for us. Travel is performing. Gaming is exploding. Tech is doing well. Health tech is a new sector, so that's exciting. I'm excited about the global messaging platform that we've brought in, which has a great potential.

在回答亮點的過程中，我們引入了一些令人興奮的客戶。我們有一些垂直領域對我們來說表現良好。旅行就是表演。遊戲正在爆炸式增長。科技表現良好。健康科技是一個新領域，因此令人興奮。我對我們引入的全球訊息平台感到興奮，它具有巨大的潛力。

And it's a multi-purpose service that we provide, whether it's B2B support, technical support, but also content moderation; another client in the e-commerce side from Asia, another social media company that we're working with from Asian footprint, but also global footprint; Asia's preferred super app; and more gaming; a new airline that we're bringing in as well. So quite excited. One of our tech clients as well has some potential to grow. So it's more about the quality of those clients that excites me and that I see as a bright spot.

我們提供的服務是多用途的，無論是 B2B 支援、技術支持，或是內容審核；來自亞洲的電子商務方面的另一個客戶，我們正在與之合作的另一家社交媒體公司，其足跡遍布亞洲，但也遍布全球；亞洲首選超級應用程式；以及更多遊戲；我們也引進了一家新航空公司。所以非常興奮。我們的一位科技客戶也有一定的成長潛力。因此，更讓我興奮的是那些客戶的質量，我認為這是一個亮點。

Now, in terms of the second question about the digital advertising clients announcing better performance, yes, it's good for them, and we're very happy, of course, to see this. It's, however, a bit difficult to connect and map this with us. We don't own 100% of their business. We have one percentage of it in specific service lines, specific geos. So from day one, and I think now, we've been public listed for the past two years. We've had difficulties really connecting the dots between their performance, the macroeconomic performance, and our performance because a lot of things get in the way.

現在，關於數位廣告客戶宣布更好的業績的第二個問題，是的，這對他們有好處，我們當然很高興看到這一點。然而，與我們聯繫並繪製地圖有點困難。我們並不擁有他們 100% 的業務。我們將其中的百分之一用於特定的服務線、特定的地理區域。所以從第一天開始，我想現在，我們已經公開上市兩年了。我們很難真正將他們的表現、宏觀經濟表現和我們的表現連結起來，因為有許多因素阻礙了我們。

But if you want to also look at the Q4 outlook, they've remained a little bit cautious as well. So it's not impossible that those clients are not pressing on the accelerator pedal right now, watching and planning for next year. So from quarter to quarter, I wouldn't jump into making predictions, watch it carefully and then see how things pan out next year.

但如果你還想看看第四季的前景，他們也仍然有點謹慎。因此，這些客戶現在不踩油門踏板，關注並規劃明年並非不可能。因此，從一個季度到另一個季度，我不會急於做出預測，仔細觀察，然後看看明年的情況如何。

So I have, however, a sentiment that we've been under a situation where there's been a lot of management reshuffle over the past 12 months. A bit of paralysis in making decisions, that should be normalizing, and I could expect that maybe clients are looking at 2024 with a bit more stability, strategy, planning, and decisions. So that's what I'm thinking of.

不過，我有種感覺，過去 12 個月我們經歷了許多管理階層改組。決策方面有點癱瘓，這應該是正常化的，我可以預期，也許客戶在 2024 年會看到更多的穩定性、策略、規劃和決策。這就是我的想法。

I hope that answers the question.

我希望這能回答這個問題。

Yeah, thank you so much.

是的，非常感謝。

Ranjan Sharma, JPMorgan.

蘭詹夏爾馬，摩根大通。

Hi. Good morning, team, and thank you for the presentation. Well, just one question from my side. The headcount has come down. How should we think about a growth opportunity? I mean, could this be a leading indicator that you expect revenues to be under pressure in the coming periods as well, that you are reducing the headcount? Thank you.

你好。早安，團隊，感謝您的演講。好吧，我只是提出一個問題。人數已經減少了。我們該如何看待成長機會？我的意思是，這是否是一個領先指標，表明您預計未來一段時間收入也會面臨壓力，並且您正在減少員工人數？謝謝。

Thank you, Ranjan. Look, the headcount reduction is absolutely directly related to the reduction in business volume. As we announced, we are minus 5.4%, so that translates into reduced headcount invariably. So again, we have to be careful to look at it from quarter to quarter and not make predictions. Q4 will also be a different quarter than Q3 was. There's some seasonality.

謝謝你，蘭詹。你看，人員減少絕對和業務量減少有直接關係。正如我們所宣布的，我們的成長率為負 5.4%，因此這必然意味著員工人數的減少。所以，我們必須再次謹慎地逐季度觀察，而不是做出預測。第四季也將是與第三季不同的季度。有一定的季節性。

So if I look at the headcount, I look at it from where we've been. And we have quite a bit of flex in terms of hiring fast and also reducing our headcount fast as well. So yeah, I wouldn't put that as your leading indicator into reading into 2024, if I assume what you're asking right now. So we usually rightsize according to the business volumes, and that's one of the strength and reasons why clients come to us. So it's really direct correlation between revenue and headcount sizing for TDCX.

因此，如果我看員工人數，我會從我們去過的地方看。我們在快速招募和快速裁員方面有很大的靈活性。所以，是的，如果我假設你現在問的是什麼，我不會把它當作你解讀 2024 年的領先指標。因此，我們通常會根據業務量來調整規模，這也是客戶來找我們的優勢和原因之一。因此，TDCX 的收入和員工規模之間確實存在直接相關性。

Well, thanks for all. I mean, I appreciate that you run a very efficient business. But what I'm grappling with is that if you were expecting revenues to pick up, would you still cut headcount? And the corollary to that is that if you're reducing headcount, then you would expect revenues not to pick up in the coming periods.

嗯，謝謝大家。我的意思是，我很欣賞你們經營一家非常有效率的企業。但我正在努力解決的是，如果你預計收入會回升，你還會裁員嗎？其必然結果是，如果您減少員工人數，那麼您預計未來一段時間的收入不會增加。

No, I think we're sticking to our guidance of revenue for 2024. So we report to you the headcount we had in Q3, which we were cutting because we started cutting before Q3, so that it looks like we have less headcount so that we meet our targets and meet our clients' requirements.

不，我認為我們會堅持2024 年的收入指導。因此，我們向您報告我們在第三季度的員工人數，我們正在削減人數，因為我們在第三季度之前就開始削減，所以看起來我們的員工人數較少，因此我們實現我們的目標並滿足客戶的要求。

But it's not like we're cutting headcount continuously. It's not a program of layoffs, it's rightsizing. So that's a continuous operational method that we've been carrying out. And as the business picks up, we'll be hiring more. So that's the logical, typical mechanics.

但我們並不是不斷裁員。這不是裁員計劃，而是精簡規模。這就是我們一直在執行的持續營運方法。隨著業務的好轉，我們將僱用更多人。這就是邏輯上的典型機制。

I hope I understand and answer your question correctly.

我希望我理解並正確回答你的問題。

Got it. Thank you.

知道了。謝謝。

Thank you, Ranjan.

謝謝你，蘭詹。

Han Tan, HSBC.

漢譚，匯豐銀行。

Thanks, management. Could I ask how much of this quarter's EBITDA margin improvement you attribute the FX effect versus the other effects you mentioned like higher utilization? So if FX turns, do you expect some pressure to these margins?

謝謝，管理層。我能否問一下，與您提到的更高利用率等其他影響相比，您在本季度的 EBITDA 利潤率改善中有多少歸因於外匯效應？因此，如果外匯走勢轉向，您預計這些利潤率是否會受到一些壓力？

Mr. Chin, maybe you could answer this question.

秦先生，也許你可以回答這個問題。

Yeah. Your question centers around how much is FX and how much is -- could you repeat your question?

是的。你的問題集中在外匯是多少以及——你能重複一下你的問題嗎？

How much of quarter-on-quarter EBITDA margin improvement is FX versus other factors?

與其他因素相比，外匯因素對 EBITDA 利潤率較上季改善的貢獻有多大？

I would say not an awful lot because the FX in Q2 to Q3 was -- the movement was not as apparent in the earlier two quarters or earlier first quarter. So I would say it's to a lesser effect on that front, but more of the utilization costs, rightsizing effects of the headcount deployment, and better -- I mean, enhanced performance due to the rightsizing of headcount, calibration of people according to the business demands. It will be -- carried more weight on that front, more effect on that front rather than the FX, which though it helps a bit, it is not the main core issue for the period.

我想說不是很多，因為第二季到第三季的外匯走勢在前兩個季度或第一季早些時候並不那麼明顯。所以我想說，這在這方面的影響較小，但更多的是利用成本、人員部署的規模調整效應，以及更好的——我的意思是，由於人員規模的調整、根據業務對人員進行校準而提高了績效需求。它將在這方面承擔更多的重任，對這方面的影響比外匯更大，雖然它有一點幫助，但它不是這一時期的主要核心問題。

Okay, thanks so much. My next question is on the quarter-to-quarter reduction in headcount. Is there a way that you could provide color in terms of geography or segment?

好的，非常感謝。我的下一個問題是關於員工人數逐季度減少的情況。有沒有一種方法可以提供地理或細分方面的顏色？

We don't really give a breakdown here depending on the geos. But if I can maybe take your question a little bit further and say that some of the clients have also been looking for cost reductions and have asked to move from some more expensive locations to lower-cost location. The good news is we have now a network of 16 geographies with different profiles and capabilities from a language and pricing and technical capability point of view. And we can offer these options, which was, I think, two years ago, not the case. So we're pretty well shielded and ready to deal with those challenges.

我們實際上並沒有根據地理位置進行細分。但我可以更進一步提出你的問題，並說一些客戶也一直在尋求降低成本，並要求從一些較昂貴的地點搬到成本較低的地點。好消息是，我們現在擁有一個由 16 個地區組成的網絡，從語言、定價和技術能力的角度來看，這些網絡具有不同的概況和能力。我們可以提供這些選擇，我認為兩年前並非如此。因此，我們已經做好了充分的防護並準備好應對這些挑戰。

But yeah, it depends really. It's not uniform across the board. You have -- look, we have the new geos who have grown five times compared to last years. That's 9 different countries out of 16. So you would expect that those have progressed in terms of headcount, whilst the legacy, larger geos where we operate from have been under a bit more pressure; and not all of them, some of them.

但是，是的，這確實取決於。整體情況並不統一。你看，我們的新地理人員比去年成長了五倍。這是 16 個國家中的 9 個國家。因此，您會期望這些國家在員工數量方面有所進步，而我們營運所在的傳統、較大的地理區域則面臨著更大的壓力；並不是全部，只是其中一些。

I hope that answers the question.

我希望這能回答這個問題。

Got it. Then on that point on shifting to lower-cost locations, has that been a headwind to top line? And if so, how much?

知道了。那麼，就轉移到成本較低的地點而言，這是否會成為營收的阻力？如果是的話，多少錢？

Yeah, it is definitely a headwind. It's unavoidable as a headwind to the top line. I cannot share the amount, but it's not terribly significant. It does have an impact, but it's not probably worth mentioning in terms of value. But it's a natural progression of the way we are rebalancing demands in a tough market environment. The macro is challenging, clients are quite price sensitive, and we need to be able to offer them solutions. But it's trending pretty fine and within our guidance once again for this year.

是的，這絕對是逆風。這對營收來說是不可避免的阻力。我無法分享具體金額，但並不是特別重要。它確實有影響，但就價值而言可能不值得一提。但這是我們在嚴峻的市場環境下重新平衡需求方式的自然進展。宏觀情勢充滿挑戰，客戶對價格非常敏感，我們需要能夠提供他們解決方案。但今年的趨勢非常好，再次在我們的指導範圍內。

If I could just squeeze in one question. Could I ask about lead time to sort of between headcount additions and ramp up? Has that timing changed since two years ago?

如果我能問一個問題就好了。我可以問一下從增加人數到增加人數之間的準備時間嗎？自兩年前以來，這個時間有改變嗎？

No, this is still the same cycle of recruiting. It's more or less the same, and the impact on revenue follows. So no major transformation here within our operational model.

不，這仍然是同一個招募週期。或多或少是一樣的，對收入的影響也隨之而來。因此，我們的營運模式並沒有發生重大轉變。

Got it. Thanks. That's very helpful.

知道了。謝謝。這非常有幫助。

Thanks, Shuo Han.

謝謝韓碩。

Okay. Thanks, Han. I think next, we have a question from Jonathan Woo via the webcast from Phillip. Moving into 2024, can we expect revenue growth from your larger clients to remain relatively muted and overall growth to be driven by newer or smaller clients?

好的。謝謝，韓。我想接下來，喬納森·吳（Jonathan Woo）透過菲利普（Phillip）的網路廣播向我們提出了一個問題。進入 2024 年，我們是否可以預期大型客戶的營收成長將保持相對疲軟，而整體成長將由新客戶或小型客戶推動？

Thank you, Jonathan. Well, it's early days at this point, and we -- I cannot comment really into how 2024 will look like, and we'll provide our guidance at the full-year results soon. We are absolutely working on our forecast right now, discussing volumes with clients and planning.

謝謝你，喬納森。嗯，現在還為時過早，我們——我無法對 2024 年的情況發表真正的評論，我們將很快提供全年業績指引。我們現在絕對正在研究我們的預測，與客戶討論數量並進行規劃。

As you know, those large clients have quite significant chunk of our business. So definitely, if their growth is muted, then we will be impacted, but it's too early to comment on this. On the other clients that we have, the smaller ones, same thing, I don't want to commit at this point, although they would have logically a faster growth profile than the top two and top three. So it's a bit early to talk about this, but that's as far as I think I can go at this point.

如您所知，這些大客戶在我們的業務中佔有相當大的份額。因此，如果他們的成長放緩，我們肯定會受到影響，但現在對此發表評論還為時過早。對於我們擁有的其他客戶，較小的客戶，同樣的事情，我現在不想承諾，儘管從邏輯上講，他們的成長速度比前兩名和前三名更快。所以現在談論這個還為時過早，但我認為目前我能做到的就是這些。

(Operator Instructions) KC Ong, CGS-CIMB.

（操作員指令）KC Ong，CGS-CIMB。

Hi, thanks. In terms of guidance for FY23, I observed that you decided to keep your full-year guidance of about 2% to 4% in constant currency terms. I noticed that in nine months this year, revenue growth on constant currency terms was already about 7%. So is this more of a conservatism? Or are you expecting further weakness Q on Q in fourth quarter? Thank you.

你好謝謝。就 2023 財年的指導而言，我觀察到你們決定將全年指引保持在固定匯率計算約 2% 至 4% 的水平。我注意到，在今年九個月的時間裡，以固定匯率計算的收入成長已經達到了7%左右。那麼這更像是一種保守主義嗎？或者您預計第四季 Q 會進一步疲軟？謝謝。

Thank you, KC. No, I think we planned this pretty well. And as you can see, the first half, we were up 11%, but the third quarter, we're down 5.4%. So we're pretty well tracking within the guidance that we've given, 2% to 4%. So this is a year where the first half was stronger than the second half. And I guess, every year is different, and we adapt depending on how our business evolves and how our clients are behaving, how the macroeconomic environment behaves.

謝謝你，KC。不，我認為我們計劃得很好。正如你所看到的，上半年，我們成長了 11%，但第三季度，我們下降了 5.4%。因此，我們很好地追蹤了我們給出的 2% 到 4% 的指導。所以今年是上半年強於下半年的一年。我想，每年都是不同的，我們會根據我們的業務發展方式、客戶的行為方式以及宏觀經濟環境的行為方式進行調整。

But that's more or less the picture. So I think we're reiterating that guidance of 2% to 4%. And I guess, you can draw your own conclusions as to how Q4 is going to look like.

但這或多或少就是這樣的情況。所以我認為我們重申 2% 至 4% 的指導。我想，你可以對第四季的情況得出自己的結論。

Got it. And just wondering, in terms of AI, can you talk a bit more about the latest monetization of this opportunity? Any color would be helpful. Thank you.

知道了。只是想知道，在人工智慧方面，您能多談談這個機會的最新貨幣化嗎？任何顏色都會有幫助。謝謝。

Great. Thank you for the question. So quite excited here. We are pursuing our journey with TDCX AI, making great progress. As expected, as I said before, we use TDCX AI as a strategic advantage to strengthen our relationship with our clients, especially the larger clients. And so we are continuously investing in that space.

偉大的。感謝你的提問。這裡非常興奮。我們正在與 TDCX AI 一起踏上旅程，並取得巨大進展。正如我之前所說，正如我之前所說，我們使用 TDCX AI 作為策略優勢來加強我們與客戶，尤其是大客戶的關係。因此，我們不斷投資該領域。

We've brought in two new professionals into the mix, whom I'm very happy with, and we've continuously engaged with our clients. We continue to build interesting products and prototypes. And I mentioned one of them in the call in terms of helping to accelerate our sales on digital marketing. But one that got me very excited as well was one with gen AI that we've done with OpenAI on knowledge base that we've improved from one of our airline clients. And it's a very exciting use case at this point in terms of seeing the value it brings in adding more speed to proficiency.

我們引進了兩位新的專業人士，我對他們非常滿意，我們一直與客戶保持接觸。我們繼續打造有趣的產品和原型。我在電話中提到了其中之一，即幫助加快我們在數位行銷方面的銷售。但也讓我非常興奮的是我們在知識庫上使用 OpenAI 完成的一項 gen AI，該知識庫是我們從一位航空公司客戶那裡改進的。就看到它在提高熟練程度方面帶來的價值而言，這是一個非常令人興奮的用例。

Monetization is still a long way away, if you want it in terms of value. But we're looking at different ways to monetize: one, charging clients for strategic consulting fees, and we're seeing some traction in that possibility; sharing of productivity gains over time; getting into outcome-based pricing models; but also helping our employees to be more efficient and relevant to where we think the world is going to turn, which is going to be having to do more complex transactions. And as we've said from the day we went IPO, automation will rid the business of the simple tasks, and we'll continue to drive the more complex tasks to humans in the loop.

如果你想要價值的話，貨幣化還有很長的路要走。但我們正在尋找不同的獲利方式：一是向客戶收取策略諮詢費，我們看到了這種可能性的一些吸引力；二是​​向客戶收取策略諮詢費。隨著時間的推移，分享生產力的提高；進入基於結果的定價模型；也幫助我們的員工提高效率，並與我們認為世界將要發生的變化有關，這將不得不進行更複雜的交易。正如我們從 IPO 那天起就說過的，自動化將使業務擺脫簡單的任務，我們將繼續在循環中將更複雜的任務交給人類。

And so we focus on that. And so yeah, I'm happy with that. I'm always never happy enough, it could go faster, but it's -- we're in a good place. And I think what I like about is really the strategic intent not to confuse ourselves with an IT company, but more as a CX strategic adviser leveraging AI for our clients in general.

所以我們專注於此。是的，我對此很滿意。我總是不夠高興，事情可以走得更快，但我們處於一個很好的位置。我認為我真正喜歡的是策略意圖，不要將自己與 IT 公司混淆，而更多的是作為 CX 策略顧問，為我們的客戶利用人工智慧。

Got it. Thank you.

知道了。謝謝。

Thank you, KC.

謝謝你，KC。

Thanks, KC. I think that's all the questions we have on the call today. If you have any follow-up, please feel free to reach out to Investor Relations.

謝謝，KC。我想這就是我們今天電話會議提出的所有問題。如果您有任何後續跟進，請隨時聯繫投資者關係部。

On behalf of management, thank you for your time and for dialing in. Goodbye, and have a good day ahead.

我謹代表管理層感謝您抽出時間並撥打電話。再見，祝您有美好的一天。

Thank you very much. Ladies and gentlemen, this concludes today's call. Thank you for joining. You may now disconnect your lines.

非常感謝。女士們、先生們，今天的電話會議到此結束。感謝您的加入。現在您可以斷開線路。