TELUS International (CDA) Inc (TIXT) 2022 Q2 法說會逐字稿

Good morning, ladies and gentlemen. Welcome to the TELUS International Second Quarter 2022 Investor Call. My name is Jonathan, and I will be your conference facilitator today. At this time, all lines have been placed on mute to avoid background noise. After the speaker's remarks, there will be a question-and-answer period. (Operator Instructions). I would now like to introduce Jason Mayr, Senior Director, Investor Relations and Treasurer at TELUS International. Mr. Mayr, you may begin the call.

早上好，女士們，先生們。歡迎參加 TELUS International 2022 年第二季度投資者電話會議。我的名字是喬納森，今天我將成為您的會議主持人。此時，所有線路都已靜音以避免背景噪音。演講者發言後，將進入問答環節。 （操作員說明）。我現在想介紹一下 TELUS International 的投資者關係高級總監兼財務主管 Jason Mayr。邁爾先生，您可以開始通話了。

Thank you, Jonathan. Good morning, everyone. Thank you for joining us today for TELUS International's Q2 2022 Investor Call. Hosting our call today are Jeff Puritt, President and Chief Executive Officer; and Vanessa Kanu, our Chief Financial Officer. As usual, we'll begin with some prepared remarks where Jeff will provide an operational and strategic overview of the quarter, followed by Vanessa, who will provide some key financial highlights. We'll then open the line to questions from prequalified analysts before turning the call back to Jeff for his closing remarks.

謝謝你，喬納森。大家，早安。感謝您今天參加 TELUS International 的 2022 年第二季度投資者電話會議。今天主持我們電話會議的是總裁兼首席執行官 Jeff Puritt；和我們的首席財務官 Vanessa Kanu。像往常一樣，我們將從一些準備好的評論開始，其中 Jeff 將提供本季度的運營和戰略概述，然後是 Vanessa，她將提供一些關鍵的財務亮點。然後，我們將向通過資格預審的分析師提出問題，然後再將電話轉回傑夫的閉幕詞。

Before we begin, I'd like to direct your attention to Slide 2 of the supplementary presentation available for download on this webcast and also available on our website at telusinternational.com/investors. The statements made during this call may be forward-looking in nature, including all comments reflecting expectations, assumptions, or beliefs about future events or performance that do not relate solely to historical periods. These forward-looking statements are subject to risks and uncertainties, which may cause actual results to differ materially from our current projections. We assume no obligation to update any forward-looking statements.

在我們開始之前，我想請您注意補充演示文稿的幻燈片 2，該幻燈片可在此網絡廣播中下載，也可在我們的網站 telusinternational.com/investors 上找到。本次電話會議期間所作的陳述可能具有前瞻性，包括反映對未來事件或業績的預期、假設或信念的所有評論，這些評論與歷史時期無關。這些前瞻性陳述存在風險和不確定性，可能導致實際結果與我們當前的預測存在重大差異。我們不承擔更新任何前瞻性陳述的義務。

Jeff and Vanessa will also discuss certain non-GAAP measures that the management team consider to be useful in assessing our company's underlying business performance. An explanation of these non-GAAP measures and a reconciliation to the comparable GAAP measures can be found in the appendices of today's supplementary presentation, along with the earnings news release issued this morning and regulatory filings available on SEDAR and EDGAR. I would also like to remind everyone that all financial measures we're referencing on this call and in our disclosure are in U.S. dollars unless specified otherwise, and relate only to TELUS International results and measures. With that, I'll now pass the call over to our President and CEO, Jeff Puritt.

Jeff 和 Vanessa 還將討論管理團隊認為對評估我們公司的基本業務績效有用的某些非 GAAP 措施。這些非公認會計原則措施的解釋以及與可比公認會計原則措施的對賬可以在今天的補充演示文稿的附錄中找到，以及今天上午發布的收益新聞稿以及 SEDAR 和 EDGAR 上提供的監管文件。我還想提醒大家，除非另有說明，否則我們在本次電話會議和披露中引用的所有財務指標均以美元為單位，並且僅與 TELUS International 的結果和指標有關。有了這個，我現在將把電話轉給我們的總裁兼首席執行官 Jeff Puritt。

Thank you, Jason. Good morning, everyone, and thank you for joining us today. In the second quarter of 2022, TELUS International delivered a 17% year-over-year increase in revenue or 21% on a constant currency basis, which is especially meaningful given the sustained macroeconomic challenges we continue to navigate. Indeed, despite nontrivial foreign exchange pressures, wage inflation, rising interest rates, and heightening the competition for talent, challenges, which continue to adversely impact so many businesses around the world, TI once again delivered industry-leading profitability with a Q2 adjusted EBITDA margin of 24%, while simultaneously generating meaningful free cash flow.

謝謝你，傑森。大家早上好，感謝您今天加入我們。在 2022 年第二季度，TELUS International 的收入同比增長 17% 或按固定匯率計算增長 21%，鑑於我們繼續應對持續的宏觀經濟挑戰，這尤其有意義。事實上，儘管存在非同尋常的外匯壓力、工資上漲、利率上升以及人才競爭加劇，挑戰繼續對全球眾多企業產生不利影響，但 TI 憑藉第二季度調整後的 EBITDA 利潤率再次實現了行業領先的盈利能力24%，同時產生有意義的自由現金流。

Our success in Q2 can be attributed to our global team's ongoing dedication to execute upon all elements of our growth strategy. TELUS International now has almost 70,000 talented individuals located in over 28 countries around the world and collaboratively, they are delivering innovative and industry-leading digital services and solutions to our more than 600 global clients. Our sales team remains extremely active, generating a significant funnel of opportunities now north of $2.4 billion, identifying new business, and cultivating further opportunities with existing clients across our end-to-end portfolio of capabilities, a significant portion of which is our differentiated set of new economy services such as our AI data solutions and premium content moderation services. Our AI data services, in particular, delivered both double-digit revenue growth and double-digit EBITDA growth year-on-year, both in the second quarter and year-to-date. We have not seen a slowdown in demand for our AI services and unlike some of our single-threaded peers in this space, we believe our end-to-end digital capabilities favorably position TI to deliver better value for money and enable better outcomes for our clients.

我們在第二季度的成功可歸功於我們的全球團隊持續致力於執行我們增長戰略的所有要素。 TELUS International 目前在全球 28 個國家/地區擁有近 70,000 名優秀人才，他們通過協作為我們的 600 多家全球客戶提供創新和行業領先的數字服務和解決方案。我們的銷售團隊仍然非常活躍，創造了大量機會，現已超過 24 億美元，發現新業務，並通過我們的端到端能力組合與現有客戶培養更多機會，其中很大一部分是我們的差異化組合新經濟服務，例如我們的 AI 數據解決方案和優質內容審核服務。尤其是我們的人工智能數據服務，在第二季度和年初至今，我們的收入和 EBITDA 均實現了兩位數的同比增長。我們沒有看到對我們的人工智能服務的需求放緩，與我們在這個領域的一些單線程同行不同，我們相信我們的端到端數字能力有利於 TI 提供更好的性價比並為我們帶來更好的結果客戶。

Our ability to meet the ever more complex criteria of demand helped us deliver key client wins during the quarter. For example, among our new logo wins in Q2 is a leading digital marketplace for sports, entertainment, and event tickets. Notably, this client had been supported by a competitor of ours but decided to partner with TI in order to improve its operational rigor and raise the bar on service quality. We also won a new client in the financial technology space, a digital platform that enables global money transfers and offers advanced digital wallet solutions as well as one of North America's largest public broadcasters that sought out our expertise to support its expansion into new digital channels.

我們滿足日益複雜的需求標準的能力幫助我們在本季度贏得了主要客戶。例如，我們在第二季度贏得的新徽標包括領先的體育、娛樂和活動門票數字市場。值得注意的是，該客戶得到了我們的競爭對手的支持，但決定與 TI 合作，以提高其運營的嚴謹性並提高服務質量的標準。我們還在金融技術領域贏得了新客戶，這是一個支持全球匯款並提供先進數字錢包解決方案的數字平台，以及北美最大的公共廣播公司之一，他們尋求我們的專業知識來支持其擴展到新的數字渠道。

TI's ability to win incremental business with existing clients in Q2 was equally impressive with numerous deals focused on expanded mandates for our AI data solutions and digital solutions teams. For example, we continue to grow our share of wallet with the world's largest e-commerce company, one of the global leaders in digital media and digital marketing solutions, a global staffing and recruiting company and one of Western Canada's largest bulk transportation carriers.

TI 在第二季度與現有客戶贏得增量業務的能力同樣令人印象深刻，許多交易都集中在我們的 AI 數據解決方案和數字解決方案團隊的擴展任務上。例如，我們在全球最大的電子商務公司、數字媒體和數字營銷解決方案的全球領導者之一、全球人員配備和招聘公司以及加拿大西部最大的散貨運輸公司之一繼續增加我們的錢包份額。

As important as winning new and incremental businesses, successfully retaining clients has become increasingly important against the backdrop of broader macroeconomic challenges. Nowadays, many companies are looking to consolidate vendor relationships to maximize the quality of customer experience and engagement while achieving greater cost-effectiveness. TI is often rewarded as a net winner in these scenarios, given the scope and quality of our capabilities across the design-build, deliver continuum, our ability to effortlessly scale across numerous geographies and languages, and ultimately, due to our caring culture that ensures our clients are being served by a tenured and knowledgeable team who are personally committed to their success.

與贏得新業務和增量業務一樣重要的是，在更廣泛的宏觀經濟挑戰的背景下，成功留住客戶變得越來越重要。如今，許多公司都在尋求鞏固供應商關係，以最大限度地提高客戶體驗和參與的質量，同時實現更高的成本效益。鑑於我們在設計-構建、交付連續統一體中的能力範圍和質量、我們在眾多地區和語言中輕鬆擴展的能力，以及最終由於我們的關懷文化確保我們的客戶由一個長期且知識淵博的團隊提供服務，他們親自致力於他們的成功。

Let me share with you just a few examples of some of the more exciting projects we've been working on. The first relates to our work with one of our long-standing technology partners, Verint, a software company focused on customer engagement. Working alongside another of our long-tenured clients and partners, Google, TELUS International designed and built a cloud infrastructure to enable the Verint workforce engagement application suite to run on the Google Cloud Platform, or GCP, providing our clients with a powerful combination of CX tools. Our clients are looking for efficiency, agility, scalability, and performance when it comes to managing a workforce engagement platform to keep pace with expanding customer expectations, along with a less resource-intensive self-management of the hardware infrastructure. To extend the benefits of the Verint workforce engagement platform to our clients, TELUS International works to reimagine our overall CX deployment model to optimize this particular application on GCP.

讓我與您分享我們一直在從事的一些更令人興奮的項目的幾個例子。第一個與我們與長期技術合作夥伴 Verint 的合作有關，Verint 是一家專注於客戶參與的軟件公司。與我們的另一個長期客戶和合作夥伴 Google 合作，TELUS International 設計並構建了一個雲基礎架構，以使 Verint 勞動力參與應用程序套件能夠在 Google Cloud Platform 或 GCP 上運行，為我們的客戶提供強大的 CX 組合工具。在管理勞動力參與平台時，我們的客戶正在尋求效率、敏捷性、可擴展性和性能，以跟上不斷擴大的客戶期望，同時減少對硬件基礎設施的資源密集型自我管理。為了將 Verint 勞動力參與平台的優勢擴展到我們的客戶，TELUS International 致力於重新構想我們的整體 CX 部署模型，以優化 GCP 上的這個特定應用程序。

After developing and building the needing -- excuse me, the needed infrastructure in-house, we tested the solution and got it certified on GCP in a matter of weeks. We then migrated 30,000 users over just one weekend. The enhanced platform is 4x to 5x faster to deploy for clients and it's able to take vast amounts of customer experience information and store it in the cloud. It's also been integrated with TELUS International's Cloud Contact 360 solution or CC360 for short, a pure cloud omnichannel contact center platform that empowers team members with all the tools needed to improve the customer journey, providing real-time easily accessible data to make informed decisions about workforce optimization, forecasting needs for specific skill sets, scheduling and more. Users continue to report dramatic improvements in performance and quality and the platform enables both a capital cost avoidance benefit for clients using CC360, along with monthly operating cost savings.

在開發和構建了所需的內部基礎架構之後，我們測試了解決方案並在幾週內獲得了 GCP 認證。然後，我們僅在一個週末就遷移了 30,000 名用戶。增強型平台為客戶部署的速度提高了 4 到 5 倍，並且能夠獲取大量客戶體驗信息並將其存儲在雲中。它還與 TELUS International 的 Cloud Contact 360 解決方案或簡稱 CC360 集成，這是一個純雲全渠道聯絡中心平台，可為團隊成員提供改善客戶旅程所需的所有工具，提供實時、易於訪問的數據，以做出明智的決策勞動力優化、特定技能組合的預測需求、日程安排等。用戶繼續報告在性能和質量方面的顯著改進，並且該平台為使用 CC360 的客戶提供了資本成本避免優勢，同時每月節省了運營成本。

Notably, TELUS International was the first to enable the Verint workforce engagement application suite or GCP, and as a result, other brands and potential tech partners now have a road map to do the same with ease. As a testament to the success of this project in the second quarter of 2022, TELUS International one in the infrastructure category of Verint's Engage 2022 integration challenge for integrating Verint's GCP-based solution with TELUS International CC360 solution. This is just one example of how our cloud and platform services as part of our broader TELUS International digital solutions offerings, accelerate our client's digital transformation with fully managed multi-cloud platforms. Cloud computing is stock becoming the de facto engine to build next-gen technology ecosystems for CX innovation. We work with clients to solve their cloud adoption challenges by overcoming their concerns around security, consumption costs, multi-cloud management, and integration with non-cloud systems as cloud-native technologies become more pervasive, bringing all of the technology, processes and services together remains critical. We guide our clients' transformation journeys by moving and managing applications to the right cloud platform with the right deployment model. Our flexible cloud platforms and comprehensive managed cloud services are designed to support a single cloud or multi-cloud deployment to deliver better customer experience and ensure a meaningful return on investment.

值得注意的是，TELUS International 是第一個啟用 Verint 勞動力參與應用程序套件或 GCP 的公司，因此，其他品牌和潛在的技術合作夥伴現在有了一個路線圖，可以輕鬆地做到這一點。作為該項目在 2022 年第二季度成功的證明，TELUS International 在 Verint 的 Engage 2022 集成挑戰的基礎設施類別中將 Verint 的基於 GCP 的解決方案與 TELUS International CC360 解決方案集成在一起。這只是我們的雲和平台服務作為我們更廣泛的 TELUS International 數字解決方案產品的一部分，如何通過完全託管的多雲平台加速我們客戶的數字化轉型的一個例子。雲計算正在成為為客戶體驗創新構建下一代技術生態系統的事實上的引擎。隨著雲原生技術變得越來越普遍，我們與客戶合作解決他們對安全、消費成本、多雲管理以及與非雲系統集成的擔憂，從而解決他們的雲採用挑戰，帶來所有的技術、流程和服務在一起仍然至關重要。我們通過使用正確的部署模型將應用程序移動和管理到正確的雲平台來指導客戶的轉型之旅。我們靈活的雲平台和全面的託管雲服務旨在支持單云或多雲部署，以提供更好的客戶體驗並確保獲得有意義的投資回報。

In another example I want to share with you how our TELUS International AI data solutions team is working with not-for-profit organization, Light of Dawn International or as it's known locally in Indonesia, the Yayasan Internasional Cahaya Fajar or YICF for short, to create job opportunities for displaced people and refugees in Southeast Asia. According to the United Nations, in 2021, there were more than 84 million refugees worldwide. This figure is nearly doubled in the last decade and unfortunately keeps growing. And in most cases, these populations have typically been marginalized when it comes to recruitment opportunities. TELUS International sought out an organization to help us provide access to our global AI community to add data annotators from across Southeast Asia to incorporate their voices and perspectives to help us deliver more diverse data sets to ultimately create more inclusive AI models to help mitigate bias. TELUS International selected the Light of Dawn as a partner because of their commitment to creating opportunities for Indonesians and refugees in transit to the country. It's a locally rooted and globally connected organization focused on transforming lives in Greater Jakarta through education, vocation, and community.

在另一個例子中，我想與您分享我們的 TELUS International AI 數據解決方案團隊如何與非營利組織 Light of Dawn International 或印度尼西亞當地知名的 Yayasan International Cahaya Fajar 或簡稱 YICF 合作，以為東南亞的流離失所者和難民創造就業機會。據聯合國統計，2021年，全球難民人數超過8400萬。這個數字在過去十年中幾乎翻了一番，不幸的是還在不斷增長。在大多數情況下，這些人群在招聘機會方面通常被邊緣化。 TELUS International 尋求一個組織來幫助我們提供對全球 AI 社區的訪問權限，以添加來自東南亞各地的數據註釋者，以整合他們的聲音和觀點，以幫助我們提供更多樣化的數據集，最終創建更具包容性的 AI 模型，以幫助減輕偏見。 TELUS International 之所以選擇黎明之光作為合作夥伴，是因為他們致力於為過境到該國的印度尼西亞人和難民創造機會。它是一個植根於當地並與全球聯繫的組織，專注於通過教育、職業和社區改變大雅加達的生活。

Our team works with the Light of Dawn to expand our global workforce by engaging with refugees throughout Southeast Asia. As part of the partnership, we participated in the organization's recently launched program called Bersama, meaning together with a mission of providing life-changing vocational (inaudible) experiences for unemployed Indonesian youth and refugees who are without legal rights to employment while they await resettlement to a new country. Through this program, individuals gain work experience, improve their language and digital literacy skills through continuous learning opportunities, and are able to become part of a supportive co-working community.

我們的團隊與黎明之光合作，通過與東南亞各地的難民接觸來擴大我們的全球員工隊伍。作為合作夥伴關係的一部分，我們參與了該組織最近啟動的名為 Bersama 的計劃，這意味著我們的使命是為失業的印度尼西亞青年和在等待重新安置期間沒有合法就業權利的難民提供改變生活的職業（聽不清）體驗到一個新的國家。通過該計劃，個人獲得工作經驗，通過不斷的學習機會提高他們的語言和數字素養技能，並能夠成為支持性合作社區的一部分。

To date, Bersama has created opportunities for individuals across seven unique nationalities with a variety of Asia's backgrounds and languages represented, including English, Persian, Indonesian and Arabic. These individuals have quickly expanded and progressed the scope of their work in the AI community for more simple collection and categorization tasks to include more complex image annotation, audio and image transcription and categorization, and quality assurance work.

迄今為止，Bersama 已經為來自七個獨特國家的個人創造了機會，這些人具有亞洲的各種背景和語言，包括英語、波斯語、印度尼西亞語和阿拉伯語。這些人迅速擴展並推進了他們在 AI 社區的工作範圍，以完成更簡單的收集和分類任務，包括更複雜的圖像註釋、音頻和圖像轉錄和分類以及質量保證工作。

I'd also like to provide an example from our trust and safety practice, highlighting how our team helped optimize the debt collection strategy for a leading utilities provider in the United States. We've been a trusted CX partner into this client since 2005, and our team's impressive track record, providing exceptional customer care and sales solutions influenced this client's decision over a decade ago to broaden its relationship with TELUS International to include debt collection management. Members of the TELUS International team in Central America have been providing first-party collection support on behalf of our clients since 2009, seamlessly resolving billing issues and improving the client's overall customer experience. All services are delivered in English and key members are responsible for addressing fraud scenarios, resolving credit report disputes, communicating with customers on overdue accounts, performing audits to processing refunds, handling issues resolution, and working with credit bureaus as needed. Through our engagement, leveraging our best practices, TELUS International was able to deploy a cost-efficient and highly effective technology-driven solution for the client. The team was able to streamline the collections process by identifying and eliminating rework, which is already generating meaningful savings all the while delivering an enhanced customer experience, which is essential to this client's industry-leading brand reputation and lower customer churn. I particularly like this example as it clearly illustrates the long tenure, diversity of mandates, and stickiness of our client relationships. Our clients see us do good work in one area and reward us with more varied work in other aspects of their operation with our engagement often spanning over many, many years as our clients increasingly rely upon our expertise and advice for some of the most important areas of their business, fueling longer-term growth.

我還想提供一個來自我們的信任和安全實踐的例子，強調我們的團隊如何幫助美國領先的公用事業提供商優化收債策略。自 2005 年以來，我們一直是該客戶值得信賴的 CX 合作夥伴，我們團隊令人印象深刻的業績記錄，提供卓越的客戶服務和銷售解決方案，影響了該客戶十多年前擴大與 TELUS International 的關係以包括收債管理的決定。自 2009 年以來，中美洲 TELUS International 團隊的成員一直代表我們的客戶提供第一方收款支持，無縫解決計費問題並改善客戶的整體客戶體驗。所有服務均以英語提供，主要成員負責解決欺詐場景、解決信用報告糾紛、與客戶就逾期賬戶進行溝通、執行審核以處理退款、處理問題解決以及根據需要與信用局合作。通過我們的參與，利用我們的最佳實踐，TELUS International 能夠為客戶部署具有成本效益和高效的技術驅動解決方案。該團隊能夠通過識別和消除返工來簡化收款流程，這一直在產生有意義的節省，同時提供增強的客戶體驗，這對於該客戶的行業領先品牌聲譽和降低客戶流失率至關重要。我特別喜歡這個例子，因為它清楚地說明了長期的任期、任務的多樣性以及我們客戶關係的粘性。我們的客戶看到我們在一個領域做得很好，並獎勵我們在他們運營的其他方面做更多不同的工作，我們的參與通常跨越很多年，因為我們的客戶越來越依賴我們在一些最重要領域的專業知識和建議他們的業務，推動長期增長。

My final example today highlights our TELUS International Digital Solutions team's efforts on behalf of a large telecommunications and information technology company. TELUS International developed a specialized response card, enabling this client's mobile customers to efficiently find information for an effortless customer experience. Conversational bots are commonly used to facilitate a smooth user experience on mobile devices. In order to implement a successful chatbot, organizations must first identify the most common inquiries and the chatbot can then serve up this information as prepopulated options for the customer to select when the support application is launched. Ensuring the selection is as clear and as direct as possible improves customer satisfaction while also reducing our client's contact center volumes through self-service. After assessing our client-specific requirements and their users' journey goals, our team utilized our proprietary conversational bot platform, Intelligent TELUS International Assistant or ITIA to establish deep linking along with a customized response card for a better mobile experience.

我今天的最後一個例子突出了我們的 TELUS 國際數字解決方案團隊代表一家大型電信和信息技術公司所做的努力。 TELUS International 開發了專門的響應卡，使該客戶的移動客戶能夠有效地查找信息，從而獲得輕鬆的客戶體驗。會話機器人通常用於促進移動設備上的流暢用戶體驗。為了實施成功的聊天機器人，組織必須首先確定最常見的查詢，然後聊天機器人可以將此信息作為預填充選項提供給客戶，以便客戶在啟動支持應用程序時進行選擇。確保選擇盡可能清晰和直接可以提高客戶滿意度，同時還可以通過自助服務減少客戶聯絡中心的工作量。在評估了我們客戶的特定要求及其用戶的旅程目標後，我們的團隊利用我們專有的對話機器人平台、智能 TELUS 國際助理或 ITIA 來建立深度鏈接以及定制的響應卡，以獲得更好的移動體驗。

Deeplinking is the process of creating URL shorteners to land the user on specific flows within a chatbot, depending on their intended use case. By offering deep linking experiences, the intelligent TELUS International assistant not only enables the client customers to easily access the top search inquiries from a menu, but it also smooths over any issues a customer might experience with mobile interface rendering. The TELUS International development team also created a customized response card that sorts through its trained content when a user asks a question and responds accordingly. If the customer requires further assistance, they can decide to be transferred to a live agent or continue with the chatbot.

深度鏈接是創建 URL 縮短器的過程，以根據用戶的預期用例將用戶引導至聊天機器人中的特定流。通過提供深度鏈接體驗，智能 TELUS International 助手不僅使客戶客戶能夠輕鬆地從菜單訪問熱門搜索查詢，而且還可以解決客戶在移動界面渲染方面可能遇到的任何問題。 TELUS International 開發團隊還創建了一個定制的響應卡，當用戶提出問題並做出相應的響應時，它會對其經過培訓的內容進行分類。如果客戶需要進一步的幫助，他們可以決定轉移到現場代理或繼續使用聊天機器人。

As a result of our work, the client has already seen meaningful improvements in the overall mobile user experience. We created a branded solution customized to the client's team, which further supported the client's brand equity. Early in the solutions deployment, the client has already experienced over 70% of its customer calls being loaded to the chatbot by a deep linking to create seamless interactions that deliver measurable enhancements to customer experience while simultaneously reducing their contact center volumes and costs by leveraging our technology-driven solution.

由於我們的工作，客戶已經看到整體移動用戶體驗的顯著改善。我們為客戶團隊定制了品牌解決方案，進一步支持了客戶的品牌資產。在解決方案部署的早期，客戶已經體驗到超過 70% 的客戶呼叫通過深度鏈接加載到聊天機器人，以創建無縫交互，從而顯著提升客戶體驗，同時通過利用我們的技術驅動的解決方案。

The same ITIA bot platform I just described was recently recognized with a 2022 AI Breakthrough award but for an informational bot in the virtual agents and bots category. This is the second consecutive year ITIA has won this industry award that's based on a variety of considerations, including innovation, design and user experience as well as overall technological advancement. Also in the quarter, leading industry analyst relations from Everest Group named TELUS International as a star performer on its 2022 Everest Group Trust and Safety – Content Moderation Services PEAK Matrix, highlighting our market adoption and market share growth and ability to scale along with our enhanced language capabilities and provision of localized services.

我剛剛描述的同一個 ITIA 機器人平台最近獲得了 2022 年 AI 突破獎，但它是虛擬代理和機器人類別中的信息機器人。這是 ITIA 連續第二年獲得該行業獎項，該獎項基於多種考慮，包括創新、設計和用戶體驗以及整體技術進步。同樣在本季度，Everest Group 領先的行業分析師關係將 TELUS International 評為 2022 Everest Group Trust and Safety – Content Moderation Services PEAK Matrix 的明星表現者，突顯了我們的市場採用率和市場份額增長以及與我們增強的語言能力和提供本地化服務。

Another notable accolade came from the Business Intelligence Group, naming TELUS International as a 2022 Excellence in Customer Service award winner in the Organization of the Year category, recognizing our team members' superior performance in helping companies better communicate with their customers and provide a differentiated level of customer service.

另一個值得注意的榮譽來自商業智能集團，將 TELUS International 評為 2022 年年度組織類別的卓越客戶服務獎獲得者，以表彰我們的團隊成員在幫助公司更好地與客戶溝通和提供差異化水平方面的卓越表現的客戶服務。

Our team also won a (inaudible) award for sales and customer service based on our work with Green-Tech-Scale-up Refurbed. Our team on in the frontline Customer Service Team of the Year category, having supported Refurbed in its growth and expansion through the delivery of an exceptional customer experience since 2020. Additionally, I'm immensely proud of our company for being named one of Mogul's Top 100 Companies for diverse representation in 2022, recognizing our leadership in implementing practices, investing in resources and tools to hire diverse talent, and placing diverse leaders across our organization.

基於我們與 Green-Tech-Scale-up Refurbed 的合作，我們的團隊還獲得了銷售和客戶服務獎（聽不清）。我們的團隊是年度最佳一線客戶服務團隊，自 2020 年以來一直通過提供卓越的客戶體驗來支持 Refurbed 的發展和擴張。此外，我為我們公司被評為 Mogul 的頂級之一感到非常自豪100 家公司在 2022 年獲得多元化代表，表彰我們在實施實踐、投資資源和工具以僱用多元化人才以及在我們的組織中安置多元化領導者方面的領導地位。

And saving perhaps the best one for last, TELUS International was included on the Forbes list of Best Employers for Diversity in 2022. This was a survey of over 60,000 respondents with evaluation based on four different criteria: direct recommendations in direct recommendations, diversity among top executives and Board members, and diversity engagement indicators. This recognition of our global team's remarkable performance and commitment to our caring culture is extremely well deserved, and I'd like to take this opportunity to once again sincerely thank them for ensuring we continue to bring our values to life in everything we do for our clients and for the communities where we live, work, and raise our families.

TELUS International 可能把最好的留到最後，在 2022 年福布斯的多元化最佳雇主名單中。這是一項針對 60,000 多名受訪者的調查，其評估基於四個不同的標準：直接推薦中的直接推薦、頂級之間的多樣性高管和董事會成員，以及多元化參與指標。對我們全球團隊的卓越表現和對我們關愛文化的承諾的認可是當之無愧的，我想藉此機會再次衷心感謝他們確保我們繼續在我們所做的一切中體現我們的價值觀客戶以及我們生活、工作和養家糊口的社區。

As I've often shared before, in many ways, what I'm most proud of at TELUS International is our caring culture. How we take care of our customers, one another, our communities and the planet is core to how we operate as a company and is consistent with our stated ESG priorities. In light of this, I'd like to share some highlights of just a few of our TELUS Days of Giving activities, our signature high-impact volunteer events. Among the many held this quarter, we hosted fitness challenges in China, India and the Philippines where 4,000 team members raised funds for the China Association of SOS Children's Villages, SayTrees Environmental Trust in India, and World Vision Development Foundation in the Philippines. The donations will benefit 13,000 children and youth in need and will ensure more than 2,000 trees are planted creating urban forests.

正如我之前經常分享的那樣，在很多方面，我在 TELUS International 最引以為豪的是我們的關懷文化。我們如何照顧我們的客戶、彼此、我們的社區和地球是我們作為一家公司如何運作的核心，並且與我們聲明的 ESG 優先事項一致。有鑑於此，我想分享一些 TELUS Days of Giving 活動的一些亮點，這是我們標誌性的高影響志願者活動。在本季度舉辦的眾多活動中，我們在中國、印度和菲律賓舉辦了健身挑戰賽，4,000 名團隊成員為中國 SOS 兒童村協會、印度的 SayTrees 環境信託基金和菲律賓的世界宣明會發展基金會籌集了資金。這些捐款將使 13,000 名有需要的兒童和青少年受益，並將確保種植 2,000 多棵樹，創造城市森林。

On June 4, we celebrated our 10th year anniversary of TELUS Days of Giving in Quetzaltenango, Guatemala by building the second phase of La Colina Health Center that included two clinics in a warehouse, and we painted the entire center. Since we started the project in 2018, we've had over 250 team members volunteer on the site in addition to our own direct investment. Today, the health center benefits more than 25,000 people annually who could not otherwise access care.

6 月 4 日，我們在危地馬拉的 Quetzaltenango 慶祝了 TELUS Days of Giving 十週年，建造了 La Colina 健康中心的第二階段，其中包括一個倉庫中的兩個診所，我們為整個中心粉刷了。自 2018 年啟動該項目以來，除了我們自己的直接投資外，我們已經有超過 250 名團隊成員在網站上做志願者。如今，該健康中心每年惠及超過 25,000 名原本無法獲得醫療服務的人。

And finally, before I turn the call over to Vanessa, let me also share our latest return to office update. Globally, more than 50% of our team members have now successfully transitioned back to working on site. Additionally, around 6% are working in a combined office or remote setup. Not surprisingly, there's a high degree of variability in our return to office profile with some locations like the Philippines, now at almost 90% back in the office, and others like Ireland at less than 10%. These different in-office profiles are correlated to local legislation, customer demand, employee preferences, and team member safety, all of which we seek to balance and optimize. As we continue ramping our plans to return more of our team members safely back to our sites around the world, we're doing so, while, of course, being very mindful of evolving developments around new virus variants as we monitor the situation in each region very closely. With that, I'll now invite our Chief Financial Officer, Vanessa Kanu, to take you through a detailed review of our financial results, after which I'll return to answer your questions. Vanessa, over to you.

最後，在我將電話轉給 Vanessa 之前，讓我也分享一下我們最新的返回辦公室更新。在全球範圍內，我們 50% 以上的團隊成員現已成功轉回現場工作。此外，大約 6% 的人在綜合辦公室或遠程設置中工作。毫不奇怪，我們重返辦公室的情況存在很大差異，在菲律賓等一些地區，現在幾乎 90% 回到辦公室，而在愛爾蘭等其他地區則不到 10%。這些不同的辦公室檔案與當地法規、客戶需求、員工偏好和團隊成員安全相關，我們力求平衡和優化所有這些。隨著我們繼續加大計劃，讓更多的團隊成員安全返回我們在世界各地的站點，我們正在這樣做，當然，在我們監控每個病毒的情況時，我們會非常注意圍繞新病毒變種的演變發展區域非常密切。有了這個，我現在將邀請我們的首席財務官 Vanessa Kanu 帶您詳細了解我們的財務業績，然後我會回來回答您的問題。瓦內薩，交給你了。

Thank you, Jeff, and good morning, everyone. Thank you all for joining us today. I'll begin with a look at our financial results for the second quarter and then discuss our business outlook for full year 2022. As mentioned at the start of this call, in my review of financial results, I will refer to some items that are non-GAAP measures. For descriptions and a reconciliation of our GAAP to non-GAAP measures, please see our earnings release and regulatory filings from earlier this morning. We had solid second quarter results, with 21% revenue growth on a constant currency basis and an adjusted EBITDA margin of 24.0%. We generated robust cash flow with $60 million of free cash flow generated in the quarter. These results want to get illustrate our focus on maintaining a healthy balance of strong top-line growth and leading profitability matched with strong free cash flow, which we believe is notable, particularly against the backdrop of the current macroeconomic environment.

謝謝你，傑夫，大家早上好。感謝大家今天加入我們。我將從查看我們第二季度的財務業績開始，然後討論我們對 2022 年全年的業務展望。正如本次電話會議開始時提到的，在我對財務業績的審查中，我將參考一些項目非公認會計原則措施。有關我們的 GAAP 與非 GAAP 措施的描述和調節，請參閱我們今天早上早些時候的收益發布和監管文件。我們的第二季度業績穩健，按固定匯率計算，收入增長 21%，調整後 EBITDA 利潤率為 24.0%。我們產生了強勁的現金流，本季度產生了 6000 萬美元的自由現金流。這些結果想要說明我們專注於保持強勁的收入增長和領先的盈利能力與強勁的自由現金流相匹配的健康平衡，我們認為這是值得注意的，特別是在當前宏觀經濟環境的背景下。

Let me now expand on the components of our financial performance. We achieved total revenues of $624 million, up 17% year-over-year on a reported basis or as I mentioned earlier, 21% in constant currency as our reported revenue included an unfavorable foreign currency impact of approximately 4% compared to the year-ago period, predominantly driven by the strengthening U.S. dollar against the euro exchange rate. As Jeff highlighted earlier, we saw very strong growth from AI data services in particular, which, along with constant moderation are amongst our fastest growing service lines.

現在讓我擴展一下我們財務業績的組成部分。我們實現了 6.24 億美元的總收入，在報告的基礎上同比增長 17%，或者正如我之前提到的，按固定匯率計算增長了 21%，因為我們報告的收入包括與去年相比約 4% 的不利外匯影響 -前一段時間，主要是受美元兌歐元匯率走強的推動。正如 Jeff 早些時候強調的那樣，我們特別看到了人工智能數據服務的強勁增長，這與不斷的節制一起是我們增長最快的服務線之一。

Looking closer at our revenue by geography, our highest quarterly revenue growth was in Asia-Pacific at 42% year-over-year, followed by 28% growth in North America. Central America grew by 21%. In Europe, we saw a slight decline of 2% due to the weaker euro relative to the U.S. dollar that I just mentioned. On a constant currency basis, we continue to see double-digit growth in this region. From an industry vertical perspective, we continue to again see growth across our key verticals. Our largest vertical, second game, grew 18% in Q2, with TELUS International AI data solutions remaining a key driver. Our revenue growth in AI is not only indicative of market growth, but also increasing market share. In our e-commerce and Finset vertical, our revenues were up 26% year-over-year, driven by our digital CXM services. Banking Financial Services & Insurance, or BFSI grew by 117% year-over-year, driven by continued growth with leading financial institutions in North America and globally. Our Communications and Media vertical grew 8% year-over-year, principally driven by higher revenue from TELUS Corporation, our parent company. And then finally, clients in our travel and hospitality verticals continue on their post-pandemic reopening trajectory, driving growth of 46% year-over-year. I should also note that across all of our verticals, the reported revenue growth rates were adversely impacted by unfavorable euro to U.S. dollar currency movement.

按地域仔細觀察我們的收入，我們最高的季度收入增長來自亞太地區，同比增長 42%，其次是北美增長 28%。中美洲增長了 21%。在歐洲，由於我剛才提到的歐元相對於美元走弱，我們看到了 2% 的小幅下跌。在固定貨幣基礎上，我們繼續看到該地區的兩位數增長。從行業垂直的角度來看，我們繼續看到我們關鍵垂直領域的增長。我們最大的垂直第二款遊戲在第二季度增長了 18%，而 TELUS International 人工智能數據解決方案仍然是主要驅動力。我們在人工智能領域的收入增長不僅表明了市場的增長，也表明了市場份額的增加。在我們的電子商務和 Finset 垂直領域，在我們的數字 CXM 服務的推動下，我們的收入同比增長了 26%。受北美和全球領先金融機構持續增長的推動，銀行金融服務和保險（BFSI）同比增長 117%。我們的通信和媒體垂直業務同比增長 8%，主要是由於我們的母公司 TELUS Corporation 的收入增加。最後，我們的旅遊和酒店垂直行業的客戶繼續在大流行後重新開放的軌道上，推動同比增長 46%。我還應該指出，在我們所有的垂直領域，報告的收入增長率都受到不利的歐元兌美元匯率走勢的不利影響。

Moving on to our operating expenses. Salaries and benefits expenses in the second quarter were $356 million, up 19% due to higher team member accounts to support business growth and higher average employee salaries and wages. Our goods and services purchased were $118 million in the quarter, an increase of 15% year-over-year. This increase was primarily attributed to business growth, including the impact of higher crowd contractor costs from the volume expansion we continue to see in our AI data solutions business.

繼續我們的運營費用。第二季度的工資和福利支出為 3.56 億美元，增長 19%，原因是支持業務增長的團隊成員賬戶增加以及平均員工工資和工資增加。本季度我們購買的商品和服務為 1.18 億美元，同比增長 15%。這一增長主要歸因於業務增長，包括我們繼續在人工智能數據解決方案業務中看到的數量擴張帶來的人群承包商成本增加的影響。

Share-based compensation expense in the second quarter was $7 million, a decrease of $12 million or 63% year-over-year, primarily due to a decrease in our share price tied to recent market conditions, which resulted in lower expense on our liability accounting awards. Acquisition, integration, and other charges in the second quarter were $6 million, a decrease of $1 million primarily due to lower integration costs compared to the same quarter last year. Our interest expense in the second quarter was $10 million, a decline of 17% year-over-year, primarily due to lower average debt balances in our credit facility as we have made many meaningful rather principal repayments against our debt facility over the past year, including in the past quarter. With rising interest rates, we also saw a benefit from our hedging activities from our cross-currency interest rate swaps that have locked in favorable fixed interest rates on a meaningful portion of our debt.

第二季度以股票為基礎的薪酬費用為 700 萬美元，同比減少 1200 萬美元或 63%，主要是由於近期市場狀況導致我們的股價下跌，導致我們的負債費用減少會計獎項。第二季度的收購、整合和其他費用為 600 萬美元，減少了 100 萬美元，主要是由於與去年同期相比整合成本降低。我們第二季度的利息支出為 1000 萬美元，同比下降 17%，這主要是由於我們的信貸額度中的平均債務餘額較低，因為我們在過去一年中對我們的債務額度進行了許多有意義的本金償還，包括上一季度。隨著利率上升，我們還從跨貨幣利率掉期的對沖活動中受益，這些掉期鎖定了我們相當一部分債務的有利固定利率。

Income tax expense in the second quarter was $21 million compared to $13 million in the same quarter last year. Our effective tax rate decreased from 42% to 27.3%, primarily due to a decrease in withholding and other taxes, a decrease in non-deductible items, and a decrease in foreign tax differential. As a reminder, during the first half of 2021, the majority of the non-deductible items were as a result of our IPO and were nonrecurring. Our adjusted EBITDA was $150 million in the second quarter, a year-over-year increase of 15%, driven by an increase in revenue from both existing and new customers alike, partially offset by higher costs to support business growth, as just mentioned. Adjusted EBITDA margin in the quarter was 24.0%, a solid achievement in the current environment with the margin expanding by 30 basis points compared to the prior quarter. Looking at the year-over-year differential, it was primarily due to higher costs associated with our front-line members as expected as well as changes in revenue mix. Adjusted net income for the quarter was $81 million, up 29%. And on a per share basis, this translated into adjusted diluted earnings per share for the quarter of $0.30, up 25% year-over-year.

第二季度的所得稅費用為 2100 萬美元，而去年同期為 1300 萬美元。我們的有效稅率從 42% 下降到 27.3%，主要是由於預扣稅和其他稅項的減少、不可抵扣項目的減少以及外國稅收差異的減少。提醒一下，在 2021 年上半年，大多數不可扣除項目是我們 IPO 的結果，並且是非經常性的。我們在第二季度調整後的 EBITDA 為 1.5 億美元，同比增長 15%，這是由於現有客戶和新客戶的收入增加，部分被支持業務增長的更高成本所抵消，正如剛才提到的。本季度調整後的 EBITDA 利潤率為 24.0%，在當前環境下取得了可觀的成就，與上一季度相比，利潤率擴大了 30 個基點。從同比差異來看，這主要是由於與我們的一線成員相關的成本增加，以及收入組合的變化。本季度調整後的淨收入為 8100 萬美元，增長 29%。按每股計算，這轉化為調整後的每股攤薄收益 0.30 美元，同比增長 25%。

Moving over to the balance sheet. Our balance sheet remains very strong with further improvements during the quarter in our leverage ratio and liquidity position. Cash and cash equivalents were $123 million as of June 30. Our total available liquidity, which comprised of cash on hand and available capacity under our revolving credit facility of $788 million grew to $911 million. With our available liquidity, we continue to have ample capacity to pursue strategic growth opportunities as we have done historically. We also continue to reduce our leverage, lowering our net debt to adjusted EBITDA leverage ratio as defined for our credit agreement to 1.5x as of June 30, a further improvement from 1.8x as of March 31, 2022. Just a reminder, we continue to see the 2x to 3x zone as a good steady state amount of leverage and continue to have stability to go beyond this range for the right type of strategic opportunities.

轉到資產負債表。隨著本季度槓桿率和流動性狀況的進一步改善，我們的資產負債表仍然非常強勁。截至 6 月 30 日，現金和現金等價物為 1.23 億美元。我們的可用流動資金總額（包括手頭現金和循環信貸額度下的可用容量 7.88 億美元）增加到 9.11 億美元。憑藉我們可用的流動性，我們將繼續有足夠的能力來尋求戰略增長機會，就像我們過去所做的那樣。我們還繼續降低杠桿率，截至 6 月 30 日，將我們的淨債務與信貸協議定義的調整後 EBITDA 槓桿比率降低至 1.5 倍，比截至 2022 年 3 月 31 日的 1.8 倍進一步提高。提醒一下，我們將繼續將 2 倍至 3 倍區域視為良好的穩定狀態槓桿量，並繼續保持穩定以超越該範圍以獲得正確類型的戰略機會。

In the second quarter, our free cash flow was $60 million compared to $71 million in the same quarter last year, with the decrease primarily due to higher outflows from working capital and cash taxes paid, partially offset by higher operating profit. Our capital expenditures in the quarter were $29 million, an increase of $4 million year-over-year, primarily attributed to additional investment in AI data solutions, including further development of our community manager platform and related to our state-of-the-art site in Ballina, Ireland, as we announced a couple of weeks ago. We also continue to invest in our digital services for additional capacity in cloud storage, along with other normal course facility-related capital needs.

第二季度，我們的自由現金流為 6,000 萬美元，而去年同期為 7,100 萬美元，減少的主要原因是營運資金流出增加和支付的現金稅，部分被較高的營業利潤所抵消。我們本季度的資本支出為 2900 萬美元，同比增加 400 萬美元，主要歸因於對 AI 數據解決方案的額外投資，包括進一步開發我們的社區管理平台以及與我們最先進的技術相關正如我們幾週前宣布的那樣，位於愛爾蘭巴利納的網站。我們還繼續投資於我們的數字服務，以增加雲存儲容量，以及其他與正常課程設施相關的資本需求。

Looking at the first half of 2022, we generated $159 million of free cash flow, an increase of 79% from the same period last year, with the increase primarily driven by higher operating profit and a decrease in interest and income passes paid, partially offset by higher net working capital outflow. In the first half of the year, our capital expenditures as a percentage of revenue remained modest at around 4%. Looking at our team members, we ended the quarter with 69,218 global team members, an increase of 23% year-over-year, reflecting our ability to continue to hire and retain key talent to support our revenue growth.

展望 2022 年上半年，我們產生了 1.59 億美元的自由現金流，比去年同期增長 79%，增長主要是由於營業利潤增加以及支付的利息和收入通行證減少，部分抵消了由於較高的淨營運資金流出。今年上半年，我們的資本支出佔收入的百分比保持在 4% 左右。看看我們的團隊成員，我們在本季度末擁有 69,218 名全球團隊成員，同比增長 23%，這反映了我們有能力繼續聘用和留住關鍵人才以支持我們的收入增長。

Now turning to our outlook, starting with revenue. As a reminder, approximately 1/3 of our full-year estimated revenues are denominated in Europe. As you will recall, our initial guidance at the start of the year assumed a euro to U.S. dollar exchange rate of $1.13. And in May, our outlook assumed $1.8 based on the exchange rate at that time. As we are today, given the continued strengthening of the U.S. dollar, we are now assuming $1.02 for the second half of 2022. Given the relative size of our European business, this FX headwind is material, not only in relation to our initial guidance at the beginning of the year but also even when compared to our guidance at the end of just last quarter. Despite this further deceleration in euro, however, given our strong performance year-to-date and the current outlook that we have for the second half, we are today, again reiterating our guidance, anticipating revenues in the range of $2.55 billion to $2.60 billion, reflecting a year-over-year increase of 16.2% to 18.5% on a reported basis and 20% to 22% on a constant currency basis compared to a constant currency growth range of 19% to 21%, shared in our last guidance update and also compared to a constant currency growth range of 18% to 20% in our initial beginning of the year guidance.

現在轉向我們的前景，從收入開始。提醒一下，我們全年估計收入的大約 1/3 來自歐洲。您會記得，我們在年初的初步指導假設歐元兌美元匯率為 1.13 美元。而在 5 月份，我們的展望基於當時的匯率假設為 1.8 美元。與今天一樣，鑑於美元持續走強，我們現在假設 2022 年下半年為 1.02 美元。鑑於我們歐洲業務的相對規模，這種外匯逆風是重大的，不僅與我們在今年年初，甚至與我們在上個季度末的指導相比也是如此。然而，儘管歐元進一步減速，但鑑於我們今年迄今的強勁表現以及我們對下半年的當前展望，我們今天再次重申我們的指導，預計收入在 25.5 億美元至 26 億美元之間，反映在報告基礎上同比增長 16.2% 至 18.5%，在固定貨幣基礎上增長 20% 至 22%，而固定貨幣增長范圍為 19% 至 21%，在我們上次的指導更新中共享並且還與我們年初指導中的 18% 至 20% 的恆定貨幣增長范圍相比。

As a reminder, our outlook does not include the potential impact of material M&A. We continue to expect adjusted EBITDA margin to be approximately 24% for the year. We also continue to expect to deliver adjusted diluted earnings per share in the range of $1.18 to $1.23, which reflects growth of 18% to 23% from last year. This assumes a weighted average diluted share count of approximately $270 million in each of the quarters. In terms of quarterly seasonality within the second half of 2022, similar to the prior year, we expect an approximate split of 48% in Q3 and 52% in Q4 for revenue and earnings.

提醒一下，我們的展望不包括重大併購的潛在影響。我們繼續預計今年調整後的 EBITDA 利潤率約為 24%。我們還繼續預計調整後的每股攤薄收益將在 1.18 美元至 1.23 美元之間，這反映了去年 18% 至 23% 的增長。這假設每個季度的加權平均稀釋後股票數量約為 2.7 億美元。就 2022 年下半年的季度季節性而言，與去年類似，我們預計第三季度的收入和收益將分別約為 48% 和 4 季度的 52%。

With that, let's move on to questions. Jonathan, over to you.

有了這個，讓我們繼續提問。喬納森，交給你。

Certainly. Once again, we kindly ask that you limit your questions to one at a time. You may get back in the queue if you'd like to ask another question. We will pause for a moment to compile the queue. One will be for our first question. And our first question comes from the line of Ramsey El-Assal from Barclays.

當然。再次，我們懇請您將您的問題一次限制在一個。如果您想問另一個問題，您可以重新排隊。我們將暫停片刻來編譯隊列。一個是針對我們的第一個問題。我們的第一個問題來自巴克萊銀行的 Ramsey El-Assal。

It sounds like things are going quite well. I wanted to ask if you could provide just some general thoughts on the demand environment. There's a lot of headlines about potential recessions on the horizon, et cetera. Maybe just some color on customer spending patterns and decisioning in particular, whether you're seeing any changes or any signals in your day-to-day?

聽起來事情進展得很順利。我想問你是否可以就需求環境提供一些一般性的想法。有很多關於即將到來的潛在衰退的頭條新聞，等等。也許只是客戶消費模式和決策的一些顏色，特別是您是否在日常看到任何變化或任何信號？

Thanks for the question, Ramsey. Nice to hear your voice. Hope you're well. We are built for the recession, I would suggest. The origins of this business were to help parent company tell us at first instance and since then, all of our clients to find ways to do more with less, to leverage our scale and scope advantage and expertise to help them accomplish what they'd like to on their own, but frankly, they don't have the expertise or the scale or scope. And in a recession, I think that's ever more so. Over the second quarter, have you just read and heard, I think we did exceptionally well in continuing to progress our growth strategy focused on both growth and profitability. Our outlook, as Vanessa just reaffirmed continues to be quite robust. And whilst we're certainly mindful of and sensitive to the discourse with respect to recession, some layoffs and volume diminution in connection with some of our customer business environments. Thus far, we've not been adversely affected at all. To the contrary, we continue to see pretty exciting growth opportunities in serving existing and prospective clients. And not entirely surprisingly, we were around in the slowdown a number of years ago. And then two, we were a net gainer, if you will, off the back of exactly what our value proposition anticipates, helping clients to navigate those challenging times, relying upon our investments in infrastructure, in talent, and technology.

謝謝你的問題，拉姆齊。很高興聽到你的聲音。希望你一切都好。我建議，我們是為經濟衰退而建的。這項業務的起源是幫助母公司在第一時間告訴我們，從那時起，我們所有的客戶都想辦法事半功倍，利用我們的規模和範圍優勢以及專業知識來幫助他們完成他們想要的事情靠自己，但坦率地說，他們沒有專業知識或規模或範圍。在經濟衰退中，我認為情況更是如此。在第二季度，您是否剛剛閱讀並聽到，我認為我們在繼續推進我們專注於增長和盈利能力的增長戰略方面做得非常好。正如 Vanessa 剛剛重申的那樣，我們的前景仍然相當強勁。儘管我們當然對有關經濟衰退、一些裁員和與我們的一些客戶業務環境相關的銷量減少的言論保持警惕和敏感。到目前為止，我們還沒有受到任何不利影響。相反，我們繼續看到為現有和潛在客戶提供服務的令人興奮的增長機會。並不完全令人驚訝的是，我們在幾年前就處於經濟放緩之中。其次，如果您願意的話，我們是淨收益者，完全依靠我們的價值主張所預期的，依靠我們在基礎設施、人才和技術方面的投資，幫助客戶度過那些充滿挑戰的時代。

Our next question comes from the line of Tien-Tsin Huang from JPMorgan.

我們的下一個問題來自摩根大通的 Tien-Tsin Huang。

Real encouraging that you were able to fight through the FX and then some -- I just want to ask, I guess, looking ahead to the second half of the year in terms of the range on the revenue side that you're laying out the usual question, what gets you to the low end versus the high end? How much cushion do you have left to the extent that maybe there are some surprises and also seeing maybe a change in your client priorities or types of clients that you're engaging with that provides a hedge against what Ramsey was asking because -- I know you mentioned the BFSI win, for example. So just trying to better understand the potential range of outcomes in the second half of the year here.

真正令人鼓舞的是，您能夠通過 FX 進行戰鬥，然後是一些 - 我只是想問一下，展望下半年，您正在佈局的收入方面的範圍通常的問題，是什麼讓你進入低端與高端？您還剩下多少緩衝，以至於可能會有一些驚喜，並且可能會看到您的客戶優先事項或您正在與之接觸的客戶類型發生變化，這可以對沖 Ramsey 的要求，因為 - 我知道例如，您提到了 BFSI 的勝利。因此，只是想在這裡更好地了解下半年的潛在結果範圍。

Hey, Tien-Tsin, thanks for the question. Nice to hear you as well. Perhaps I'll invite Vanessa to respond in detail there.

嘿，Tien-Tsin，謝謝你的提問。很高興聽到你的聲音。也許我會邀請 Vanessa 在那裡詳細回答。

Thanks, Jeff. Good question, Tien-Tsin. We've guided to a range of outcomes that we deem to be feasible for the balance of the year. I smiled when you mentioned the word cushion, and how much cushion there is in the second half guide. Clearly, we're not going to implicitly raise our guide moments after issuing it by starting to talk about how much cushion we've already built into the guidance. All I will say there, Tien-Tsin, is we do remain fairly optimistic. As Jeff mentioned, obviously, we're in a time where there's a lot of uncertainty from a macroeconomic perspective, lots of headlines around some companies slowing down, et cetera. But thus far, we continue to be a net beneficiary. We have a really strong funnel as we heard in Jeff's prepared remarks. We've got pretty good visibility as well into the second half. So not only visibility in terms of what the opportunity is in our funnel, but also just based on the work that we do, we're in discussions with clients in terms of planning their projects and priorities after the second half. So we do have some fairly strong visibility at this particular point. Of course, back to things are -- we are in uncertain times. I don't think anybody wants to suggest a profitability at this particular point in time. But based on what we know, what we see today, we're fairly confident in the second half guidance that we put forward.

謝謝，傑夫。好問題，天津。我們已經指導了一系列我們認為在今年餘下時間可行的成果。當你提到緩衝這個詞時，我笑了，下半場指南中有多少緩衝。顯然，我們不會在發布指南後開始談論我們已經在指南中建立了多少緩衝來暗示我們的指南時刻。 Tien-Tsin，我要說的是，我們確實保持相當樂觀。正如傑夫所提到的，顯然，從宏觀經濟的角度來看，我們正處於一個充滿不確定性的時代，圍繞一些公司放緩的許多頭條新聞等等。但到目前為止，我們仍然是淨受益者。正如我們在傑夫準備好的講話中聽到的那樣，我們有一個非常強大的漏斗。下半場我們也有很好的能見度。因此，不僅可以了解我們漏斗中的機會，而且僅基於我們所做的工作，我們正在與客戶討論下半年之後規劃他們的項目和優先事項。所以我們在這個特定的點上確實有一些相當強的知名度。當然，回到事情是-我們處於不確定的時期。我認為沒有人想在這個特定的時間點暗示盈利。但根據我們所知道的，我們今天所看到的，我們對我們提出的下半年指導相當有信心。

And in terms of whether we're seeing any changes in the types of clients. I'll invite Jeff towards the top up, but I don't think we're seeing changes in the type of clients. Certainly, we have some pretty nice new logo wins that you heard Jeff highlight in his prepared remarks earlier, to fit nicely into our existing verticals. We go after very high-quality clients that have the ability to actually (inaudible) pretty significantly. And so from that perspective, I wouldn't say that types of clients are changing in any meaningful way thus far.

至於我們是否看到客戶類型的任何變化。我會邀請 Jeff 進行充值，但我認為我們沒有看到客戶類型的變化。當然，我們有一些非常不錯的新標誌勝利，你聽到傑夫在他之前準備好的評論中強調，以很好地適應我們現有的垂直領域。我們追求非常高質量的客戶，這些客戶實際上（聽不清）非常顯著。因此，從這個角度來看，到目前為止，我不會說客戶類型正在以任何有意義的方式發生變化。

The type of work we're doing with clients continue to evolve in terms of -- again, you heard some of the examples that Jeff shared in terms of progressing their digital journey even further. Some are, in fact, looking for cost optimization. So looking at rebalancing some of the geographic distribution of work, et cetera. But other than that, I think I would say based on what we're seeing, that the type of clients and the type of what we do falls right within our (inaudible).

我們與客戶合作的工作類型在不斷發展——再次，您聽到了傑夫分享的一些關於進一步推進他們的數字之旅的例子。事實上，有些人正在尋求成本優化。因此，考慮重新平衡一些工作的地理分佈，等等。但除此之外，我想我會根據我們所看到的情況說，客戶的類型和我們所做的事情的類型都屬於我們的（聽不清）。

And our next question comes from the line of Ryan Potter from Citi.

我們的下一個問題來自花旗銀行的 Ryan Potter。

I wanted to touch on M&A. So it was a reported acquisition offer that you guys have made in the quarter to acquire a public competitor in the AI space. And I'm not sure if you want to comment on that specifically, but more broadly, can you discuss how you're thinking about M&A now that you're below your target leverage ratio. Is there desire to continue to make large-scale acquisitions like you've done in the past? Or are you more comfortable with tuck-in acquisitions? And I guess, what exactly would you be looking for in any potential targets?

我想談談併購。因此，據報導，你們在本季度提出的收購要約是為了收購 AI 領域的公開競爭對手。我不確定您是否想對此發表具體評論，但更廣泛地說，您能否討論一下您對併購的看法，因為您現在低於目標槓桿率。是否希望像過去那樣繼續進行大規模收購？還是您更願意接受收購？我猜，你究竟會在任何潛在目標中尋找什麼？

Ryan, thanks for the question. On the first part of your question, I suffice to say, we decided that it wasn't prudent for we to proceed with the proposed transaction and as a consequence, decided to walk away. I don't know that there's much to be gained by dwelling on the details behind that. On the latter part of your question, obviously, as our leverage ratio continues to improve, that creates more and more headroom for the possibility of M&A activity. And it's always been an enabler or an amplifier of our strategy, not the strategy itself. And so whilst we're certainly confident in our current capabilities to meet existing and prospective customer demand, we continue to be actively on the lookout for areas of opportunity for adjacencies, for extension in scale, for additional capabilities that we think we can immediately put to good use in serving existing or prospective clients, and as you've seen over our history, we've not been restricted to either tuck-in or more transformational acquisition activity. And I think the success in our past in this regard emboldens our thinking around what we might do in the future. But as ever, you should expect us to continue to be disciplined and thoughtful about what we want to buy, why when, and how. The market continues to be what I would call a target-rich environment for potential M&A activity. But first and foremost, I think not entirely dissimilar from what you see and how we run the business organically, i.e., a focus on discipline and profitable growth, so two, you should expect that same discipline in how we approach potential M&A activity.

瑞安，謝謝你的問題。關於你問題的第一部分，我只想說，我們認為繼續進行擬議的交易並不謹慎，因此決定走開。我不知道通過詳述其背後的細節可以獲得很多好處。關於你問題的後半部分，顯然，隨著我們的槓桿率不斷提高，這為併購活動的可能性創造了越來越大的空間。它一直是我們戰略的推動者或放大器，而不是戰略本身。因此，儘管我們對目前滿足現有和潛在客戶需求的能力充滿信心，但我們繼續積極尋找鄰接的機會領域，擴大規模，尋找我們認為可以立即投入使用的額外能力為現有或潛在客戶提供良好的服務，正如您在我們的歷史中所看到的那樣，我們並不僅限於集中或更具轉型性的收購活動。而且我認為我們過去在這方面的成功使我們對未來可能做的事情的思考更加大膽。但與以往一樣，您應該期望我們繼續對我們想要購買的東西、為什麼以及何時以及如何購買保持自律和深思熟慮。市場仍然是我所說的潛在併購活動目標豐富的環境。但首先，我認為與您所看到的以及我們有機地經營業務的方式並沒有完全不同，即關注紀律和盈利增長，所以第二，您應該期望我們在處理潛在併購活動時也有同樣的紀律。

And our next question comes from the line of Stephanie Price from CIBC.

我們的下一個問題來自 CIBC 的 Stephanie Price。

Data solutions has been an area of strength and a competitor in data annotation recently preannounced some weaker results this week. I'm curious if you could talk a bit about what you're seeing in the competitive environment on the data solutions side and whether TI is winning share there.

數據解決方案一直是一個優勢領域，數據註釋領域的競爭對手最近在本周宣布了一些較弱的結果。我很好奇您能否談談您在數據解決方案方面的競爭環境中看到的情況，以及 TI 是否在這方面贏得了份額。

Yes. Well, obviously, we too read with interest our competitors' updates. Their experience candidly is decidedly dissimilar from our own. As I shared in my comments earlier, and as Vanessa further illuminated, our data annotation business continues to perform exceptionally well with double-digit growth in revenue and EBITDA for the quarter and year-to-date. And our outlook for balance of the year continues to be equally robust. I'm not sure I can comment on what's behind what they're seeing and why they were commenting the way they were. Obviously, I don't have perfect visibility to their own particular circumstances. But it would seem to me that when we're growing at 40% year-over-year, one of two potential things is occurring, and it could be both; either we are growing with the continued market growth and/or we're taking meaningful share from them. In either case, I think it's good news for us.

是的。好吧，顯然，我們也很感興趣地閱讀了競爭對手的更新。坦率地說，他們的經歷與我們自己的經歷截然不同。正如我之前在評論中分享的那樣，正如 Vanessa 進一步闡明的那樣，我們的數據註釋業務繼續表現出色，本季度和年初至今的收入和 EBITDA 均實現兩位數增長。我們對今年餘額的展望仍然同樣強勁。我不確定我可以評論他們所看到的背後是什麼，以及他們為什麼要這樣評論。顯然，我對他們自己的特殊情況沒有完全的了解。但在我看來，當我們以 40% 的年增長率增長時，兩種潛在的事情之一正在發生，而且可能兩者兼而有之；要么我們隨著市場的持續增長而增長和/或我們正在從他們那裡獲得有意義的份額。無論哪種情況，我認為這對我們來說都是好消息。

And our next question comes from the line of Maggie Nolan from William Blair.

我們的下一個問題來自威廉布萊爾的瑪吉諾蘭。

This is [Jesse] on for Maggie. I had a follow-up question to the M&A topic. So you guys mentioned higher contractor costs in the quarter. So how are you sourcing these contractors in the AI business? And could you potentially leverage M&A to gain access to more cloud-sourced annotators?

這是 [Jesse] 為 Maggie 準備的。我有一個關於併購主題的後續問題。所以你們提到了本季度更高的承包商成本。那麼，您如何在 AI 業務中採購這些承包商？您是否有可能利用併購來獲得更多來自云的註釋器？

Thanks, [Jesse]. I knew right away when I heard your voice you weren't Maggie. You have sort of a much deeper sound to you than she does. We obviously use a multitude of direct channels, web-based and otherwise, social media in order to surface crowdsource worker opportunities. And as you can imagine, just given the size of that community, it is a prolific channel that we leverage on a constant basis. acquisition activity theoretically could amplify and extend our reach in that regard. We thought a little bit about it, and candidly, I'm not sure that that's the way to address the desire and need to continue to amplify the size of that community given there is (inaudible) in order to surface crowdsource worker opportunities. And as you can imagine, just given the size of that community, it is a prolific channel that we leverage on a constant basis.

謝謝，[傑西]。我一聽到你的聲音就知道你不是瑪姬。對你來說，你的聲音比她深得多。顯然，我們使用多種直接渠道、基於網絡的和其他社交媒體來展示眾包工人的機會。正如您可以想像的那樣，僅考慮到該社區的規模，這是一個我們不斷利用的多產渠道。從理論上講，收購活動可以擴大和擴大我們在這方面的影響力。我們對此進行了一些思考，坦率地說，我不確定這是否是滿足願望的方法，並且需要繼續擴大社區規模，因為存在（聽不清）以展示眾包工人的機會。正如您可以想像的那樣，僅考慮到該社區的規模，這是一個我們不斷利用的多產渠道。

Acquisition activity theoretically could amplify and extend our reach in that regard. We thought a little bit about it and candidly (inaudible) them for working with someone else and vice versa. So long as our talent acquisition recruiting team continues to be active and engaged, I think, theoretically, we could reach everybody. And the very people that might be part of the community that is being sourced by an acquisition candidate, they are already theoretically available to us. Yes, we might be able to get them a little bit more quickly, more easily through the acquisition. But I'm not sure if that would be the (inaudible) consideration at all with respect to the value we might see in a potential acquisition. If it would have to be something significantly more substantive than that before -- that would be the kind of acquisition we would be looking at.

從理論上講，收購活動可以擴大和擴大我們在這方面的影響力。我們對此進行了一些思考，並坦率地（聽不清）他們與其他人一起工作，反之亦然。只要我們的人才招聘招聘團隊繼續保持活躍和參與，我認為，理論上，我們可以接觸到每一個人。而那些可能是被收購候選人尋找的社區的一部分的人，理論上他們已經可供我們使用。是的，我們或許可以通過收購更快、更輕鬆地獲得它們。但我不確定這是否是（聽不清）考慮到我們在潛在收購中可能看到的價值。如果它必須是比以前更實質性的東西——那將是我們正在考慮的那種收購。

And our next question comes from the line of Daniel Chan from TD Securities.

我們的下一個問題來自道明證券的 Daniel Chan。

Congrats on a strong quarter. So TELUS is acquiring LifeWorks. Just wondering how involved you will be in supporting it. And maybe as a follow-on to that, how much of a sales effort is it to get that business? Or is it pretty much free growth without much sales expenses associated with it?

祝賀一個強勁的季度。所以 TELUS 正在收購 LifeWorks。只是想知道您將如何參與支持它。也許作為後續行動，獲得該業務需要多少銷售努力？還是它幾乎是自由增長而沒有與之相關的大量銷售費用？

Thanks very much, Daniel. Well, I certainly am hopeful that we are going to be very actively engaged in supporting LifeWorks, assuming TELUS is successful in completing that transaction, as I think you know, it's signed but yet closed. And so upon closing, assuming that does indeed occur, we will absolutely be looking for areas of opportunity for collaboration, not dissimilar from the support we've been providing to TELUS Core Communications business as well as TELUS Health, TELUS iTech. I think there's a multitude of areas of opportunity for enablement, leveraging our core competencies around digital transformation, an exceptional client (inaudible) patient experiences.

非常感謝，丹尼爾。好吧，我當然希望我們將非常積極地參與支持 LifeWorks，假設 TELUS 成功完成了該交易，我想你知道，它已簽署但尚未結束。因此，在結束時，假設確實發生了，我們絕對會尋找合作機會的領域，這與我們一直為 TELUS Core Communications 業務以及 TELUS Health 和 TELUS iTech 提供的支持沒有什麼不同。我認為有許多實現機會的領域，利用我們圍繞數字化轉型的核心競爭力，卓越的客戶（聽不清）患者體驗。

The latter part of your question, Dan, made me smile only because over the last 17 years, I could tell you that I think there's perhaps a surprising misunderstanding regarding the dynamic between TELUS and TI. In many ways, I often lamented that TELUS is the most difficult client for TELUS International to win and/or support. They are discerning. They are demanding. It is no day at the beach. It's more like d-day at Normandy beach, sometimes I joke, and we have to work hard to win that business. We compete every day with all of the usual suspects. And TELUS is by no means giving TELUS International a hall pass or a free run of winning business. We have to compete in RFPs often. We have to demonstrate value for money. We have to demonstrate that we have the requisite experience and expertise. And we don't get to automatically assume once we've won it that we get to keep it. There too, they hold us to the very same standards of performance and quality and value that they do all of their other supplier vendor partners. And TELUS procurement, these guys and girls are experts at what they do. And we have renegotiations on our statements of work each and every time to ensure that TELUS continues to derive the value it expects from the relationship from TI. And so I would anticipate, assuming LifeWorks gets acquired and there is opportunities for we to enable them that, that dynamic will be no different than that which I just (inaudible) out.

丹，你問題的後半部分讓我笑了，因為在過去的 17 年裡，我可以告訴你，我認為關於 TELUS 和 TI 之間的動態可能存在令人驚訝的誤解。在許多方面，我經常感嘆 TELUS 是 TELUS International 最難贏得和/或支持的客戶。他們很挑剔。他們要求很高。在海灘上沒有一天。這更像是諾曼底海灘的 d-day，有時我會開玩笑，我們必須努力工作才能贏得這項業務。我們每天都與所有常見的嫌疑人競爭。而且 TELUS 絕不會給予 TELUS International 通行證或免費經營獲勝業務。我們必須經常在 RFP 中競爭。我們必須證明物有所值。我們必須證明我們擁有必要的經驗和專業知識。而且我們不會自動假設一旦我們贏得了它，我們就可以保留它。在那裡，他們也要求我們遵守與所有其他供應商供應商合作夥伴相同的性能、質量和價值標準。而 TELUS 採購，這些傢伙和女孩都是他們所做的專家。我們每次都重新協商我們的工作聲明，以確保 TELUS 繼續從 TI 的關係中獲得預期的價值。因此，我預計，假設 LifeWorks 被收購併且我們有機會讓他們實現這一點，那麼這種動態將與我剛剛（聽不清）的那種動態沒有什麼不同。

And our next question comes from the line of Keith Bachman from BMO.

我們的下一個問題來自 BMO 的 Keith Bachman。

I wanted to ask a clarification and then a question, which is distinctly different from asking two questions. Vanessa, on the margin guide that you're giving for the year, you're keeping 24%, but I actually think you're raising margins because you're absorbing FX within that. So I just wanted to -- if you could just clarify how much FX you're absorbing in your operating margin to understand how much your net effectively raising the EBITDA margin. The question, Jeff, I want to pose to you is if you think about the cost side of the equation, I just wanted to get a perspective on how that's actually transitioning as you look through the year. And the variables would include attrition and labor rates. Just want to try to understand as you see the economy behind us weakening a little bit, are those wage inflation staying the same, getting better, getting worse? Just a little bit of comments on how you see both attrition and wage inflation unfolding over the balance of the calendar year.

我想問一個澄清，然後問一個問題，這與問兩個問題明顯不同。 Vanessa，在你今年提供的保證金指南中，你保留了 24%，但我實際上認為你正在提高利潤率，因為你在其中吸收了外匯。所以我只是想 - 如果你能澄清你在營業利潤率中吸收了多少外匯，以了解你的淨有效提高 EBITDA 利潤率的程度。傑夫，我想向您提出的問題是，如果您考慮等式的成本方面，我只是想了解您在這一年中的實際轉變情況。變量將包括流失率和勞動力率。只是想嘗試了解，當您看到我們背後的經濟略有減弱時，那些工資通脹是否保持不變，變得更好，變得更糟？就您如何看待自然年剩餘時間的自然減員和工資通脹情況發表一些評論。

Thanks very much, Keith. You must be a recovering lawyer in your past life (inaudible)  distinction good for you. Vanessa, why don't you take the first half and I'll take the second?

非常感謝，基思。您必須是前世（聽不清）的康復律師，這對您有好處。瓦內薩，你為什麼不上半場，我接下半場？

Thanks, Jeff. Keith, thanks for your question. For the first part of your question, look, when we look at currency movements, starting the year at $1.13 on the euro and now at $1.02, that's an almost 10% swing within the same year. And frankly, had it not been for this currency movements, TELUS International would have been raising guidance, nominal dollar guidance, right? And so we want to make sure that folks walk away with a real key takeaway here, which is strong operational execution.

謝謝，傑夫。基思，謝謝你的提問。對於你的問題的第一部分，看，當我們觀察貨幣走勢時，歐元匯率從年初的 1.13 美元到現在的 1.02 美元，在同一年內波動了近 10%。坦率地說，如果不是因為這種貨幣走勢，TELUS International 會提高指導，名義美元指導，對嗎？因此，我們希望確保人們在這裡獲得真正的關鍵收穫，那就是強大的運營執行力。

From a margin perspective, we do have puts and takes there. While we do have the currency adverse effects on the euro, which are actually pretty significant even against EBITDA, we have other currency movements that helps protect us on the cost side. For example, we have a bit of an appreciation of the peso. It doesn't absorb fully the implications of the decline in euros. But again, back to strong operational execution, which is really what's allowing us to reiterate the -- both the revenue and the margin percentage guide. In terms of the actual basis points impact, honestly, had it not been for FX, I think we'll be raising our margin guide by probably at least 20 to 30 basis points in the year, if not more. So a lot on the go here, but strong operational execution to help to combat these FX movements. Over to you, Jeff.

從保證金的角度來看，我們確實有看跌期權。雖然我們確實對歐元產生了貨幣不利影響，即使對 EBITDA 而言，這實際上也相當顯著，但我們還有其他貨幣變動有助於在成本方面保護我們。例如，我們對比索有點升值。它沒有完全吸收歐元下跌的影響。但是，再次回到強大的運營執行力，這確實讓我們能夠重申收入和利潤率百分比指南。老實說，就實際基點影響而言，如果沒有外匯，我認為我們將在今年將我們的保證金指南提高至少 20 到 30 個基點，如果不是更多的話。這裡有很多事情要做，但強大的運營執行力有助於對抗這些外匯運動。交給你了，傑夫。

Thanks, Vanessa. So our assumptions for the back half, Keith, are not entirely dissimilar from what we sort of set out at the beginning of the year. There's obviously a number of puts and takes as we read about, as I referenced earlier in my response, I think it was a contingent question about recessionary effects. Attrition continues to obviously be a challenge for we and for all of our peers. And whilst we are by no means immune from the implications of this continued tight labor market in terms of accessing at scale, the requisite talented folks to help us on these technology-enabled transformational work and services we provide.

謝謝，凡妮莎。所以我們對後半部分的假設，基思，與我們在年初設定的假設並沒有完全不同。正如我之前在回復中提到的那樣，正如我之前在回復中提到的那樣，顯然有許多看跌期權和看跌期權，我認為這是一個關於衰退影響的或有問題。顯然，減員對我們和我們所有的同行來說仍然是一個挑戰。儘管在大規模獲取勞動力市場方面，我們絕不會免受這種持續緊張的勞動力市場的影響，但我們需要有必要的人才來幫助我們完成我們提供的這些技術支持的轉型工作和服務。

As I've said many times in the past, I really do think we continue to be inoculated in part because of our unique and caring culture because of how we approach employment more broadly. And so for the back half of the year, we're not anticipating any further difficulties. We think it's going to kind of continue at pace. I think there's some reason for potential optimism, ironically in the sense that when you start to read a little bit about potential layoffs and some softening in the marketplace, maybe that means the labor market might open up a little bit for us. And while there is some cause for potential optimism there, the reality is most of our hiring is not happening in those markets where we're reading about these layoffs. So to the extent that we're looking to access talent, it's not where you're hearing about the layoffs necessarily. So I'm not anticipating all of a sudden, the challenges around recruitment and retention are going to somehow move in an inverse correlation to what we saw in the first half. I think it's going to continue to be challenging, not insurmountable as we've demonstrated, given we're north of 7,000 new hires in the first half. In terms of overall inflation, there to, I think, what we saw in the first half, we anticipate will likely continue in the second half. And as I mentioned earlier as did Vanessa, clients, I think, are going to continue to become perhaps more in more mindful concentrated around efficiency, value for money, ensuring that the partnerships they have for support are really delivering the ROI that they expect. But that's always been the case, and that is how we position our business and our service offerings, our value proposition was designed to address exactly those concerns. So as I said before, I think we're going to see a not dissimilar back half from the front half, subject to only to, as you've heard from Vanessa before, quasi-seasonality where the back half tends to be a little bit more robust for us in terms of growth than the front half.

正如我過去多次說過的那樣，我確實認為我們繼續接受疫苗接種的部分原因是我們獨特和關懷的文化，因為我們如何更廣泛地處理就業問題。因此，在今年下半年，我們預計不會有任何進一步的困難。我們認為它會繼續保持一定的速度。我認為潛在的樂觀是有原因的，具有諷刺意味的是，當你開始閱讀一些關於潛在裁員和市場疲軟的信息時，也許這意味著勞動力市場可能會對我們開放一點。雖然那裡有一些潛在的樂觀因素，但現實是我們的大部分招聘並沒有發生在我們正在閱讀這些裁員的那些市場。因此，就我們尋求人才的程度而言，這並不是你所聽到的裁員消息。所以我並沒有突然預料到，招聘和保留方面的挑戰會以某種方式與我們在上半年看到的情況呈反比關係。我認為這將繼續具有挑戰性，而不是像我們已經證明的那樣不可克服，因為上半年我們有 7,000 名新員工。就整體通脹而言，我認為，我們在上半年看到的情況，我們預計下半年可能會繼續。正如我之前提到的 Vanessa 一樣，我認為客戶可能會繼續更加專注於效率、物有所值，確保他們擁有的支持合作夥伴關係真正實現了他們期望的投資回報率。但情況一直如此，這就是我們定位我們的業務和服務產品的方式，我們的價值主張旨在解決這些問題。所以正如我之前所說，我認為我們將看到一個與前半部分沒有什麼不同的後半部分，只是受制於，正如你之前從 Vanessa 那裡聽到的那樣，後半部分往往有點在增長方面對我們來說比前半部分更強勁。

Our next question comes from the line of Jeff Cantwell from Wells Fargo.

我們的下一個問題來自富國銀行的 Jeff Cantwell。

Congrats on the results. I want to ask all three of mine upfront if you don't mind. The first is, can you tell us a little bit more about e-commerce and fintech, 26% growth this quarter? Hope to give a little more color on what's working out there in the market with guys. I would love to hear a little bit more about that. Second one is just kind of similar. Can you talk a little bit about the competitive environment? Just give us a sense of what is tightening maybe getting a little easier for you as you progressed over to, call it, the last 12 months or so. And then third, earlier there's a question about profitability. I'm just curious if you can give us a sense longer term of how you're thinking about profitability for the company, given all the moving parts with inflation and wage inflation, and obviously, you've been a lot happening on the top line for you as well. So I just want to get a sense of where you're thinking -- current thinking is on that as well.

祝賀結果。如果你不介意的話，我想提前問我三個人。首先是，你能告訴我們更多關於電子商務和金融科技，本季度增長 26% 的信息嗎？希望能給人們更多關於市場上正在發生的事情的色彩。我很想听聽更多關於這方面的信息。第二個有點類似。你能談談競爭環境嗎？讓我們了解一下在過去 12 個月左右的時間裡，隨著您的進展，您可能會更輕鬆地了解什麼是緊縮。然後第三，早些時候有一個關於盈利能力的問題。我只是好奇你能否讓我們更長遠地了解你是如何考慮公司盈利能力的也適合你。所以我只想了解你在想什麼——目前的想法也是如此。

Thanks, Jeff. I'm not sure if we have other questions in the queue. So I'm a little bit retistant to answer all three, but I'll try and go fast so that we leave enough time if there are more, I think there might be. And I'll take them in inverse order. On the profitability front, as you may have heard many times in the past. And again, now it's the continued evolution in the service mix of our business that we believe is a source of margin expansion. It's continued scale. It's continued leveraging of our own secret sauce around automation and process excellence and efficiency that we think will continue to contribute not only to mitigating the inflationary effects of wages and overall expenses and operating these businesses but will actually give us expanded margin yield in the fullness of time.

謝謝，傑夫。我不確定我們在隊列中是否還有其他問題。所以我有點抗拒回答所有三個問題，但我會盡量快點，以便我們留出足夠的時間，如果還有更多，我想可能會有。我會以相反的順序來處理它們。在盈利能力方面，正如您過去可能多次聽到的那樣。再說一次，現在我們認為我們業務服務組合的持續發展是利潤增長的源泉。這是持續的規模。它繼續利用我們自己圍繞自動化和流程卓越性和效率的秘訣，我們認為這不僅將繼續有助於減輕工資和總體費用的通貨膨脹影響並運營這些業務，而且實際上會給我們擴大利潤率。時間。

On the competition front, I wish I could tell you that I think things are getting easier. I don't think they are. This is an industry that is not parameters. There is a high degree of complexity and so many moving parts. If there was anything that was getting easier, I guess, it would be -- as we continue to grow and scale and certainly post accessing the public markets, we are no longer a well-kept secret. I certainly would appreciate even more visibility and awareness of our existence of our expertise of our capabilities so that we got invited to even more opportunities, whether by RFP, RFI, or otherwise. We could always do better there, but we certainly get more at-bat, if you will, than we used to when we were smaller and before we were public. So in that regard, I think the competitive environment is improving but still challenging.

在競爭方面，我希望我能告訴你，我認為事情變得越來越容易。我不認為他們是。這是一個沒有參數的行業。有高度的複雜性和如此多的活動部件。如果有什麼事情變得更容易，我想，那就是——隨著我們繼續發展和擴大規模，當然還有進入公共市場，我們不再是一個保守的秘密。我當然希望更多地了解和了解我們對我們能力的專業知識的存在，以便我們被邀請獲得更多機會，無論是通過 RFP、RFI 還是其他方式。我們總是可以在那裡做得更好，但如果你願意的話，我們肯定會比我們小時候和公開之前的情況更多。所以在這方面，我認為競爭環境正在改善，但仍然充滿挑戰。

I think ongoing consolidation and the high level of fragmentation in our competitive landscape also is a dynamic we continue to be quite mindful of. And to the extent that those ebbs and flows represent risks, threats, and opportunities. We continue to navigate them as effectively as we can. And then lastly, on the e-commerce and fintech front, I think there too, we just continue to see ongoing opportunities. I think that's a vertical that continues to be just filled with creative, exciting innovative business models and capabilities. And I think as we continue to build more and more credentials and build a reputation for being a terrific partner to support enabled amplify the success of those businesses and their platforms, whether it's through subscriber growth, protecting the integrity of their environments, ensuring the quality of the transactions that they and their customers enjoy on their platforms, we see continued upside opportunity for the foreseeable future.

我認為持續的整合和我們競爭格局的高度分散也是我們繼續非常注意的動態。在某種程度上，這些潮起潮落代表著風險、威脅和機遇。我們將繼續盡可能有效地導航它們。最後，在電子商務和金融科技方面，我認為也是如此，我們只是繼續看到持續的機會。我認為這是一個繼續充滿創造性、令人興奮的創新商業模式和能力的垂直領域。而且我認為，隨著我們繼續建立越來越多的證書並建立作為支持支持的出色合作夥伴的聲譽，無論是通過訂戶增長、保護其環境的完整性、確保質量，都可以擴大這些企業及其平台的成功在他們和他們的客戶在他們的平台上享受的交易中，我們認為在可預見的未來會有持續的上漲機會。

And our final question for today comes from the line of Casey Chan from Bank of America.

我們今天的最後一個問題來自美國銀行的 Casey Chan。

This is Casey for Jason Kupferberg. So I'll be quick. One is just a follow-up. So I know everyone's been talking about wage inflation and anything. Is there any updates on your end on like the ability to pass on those potential price increases to your customers? Is there any update that you baked in, in your full year top line guidance? And then a pickle modeling-related one, are there any updates on below the line item? So like interest expense, like tax rate for the back half that is baked into your full-year outlook?

這是傑森庫普弗伯格的凱西。所以我會很快。一個只是跟進。所以我知道每個人都在談論工資通脹之類的。您是否有任何更新，例如將這些潛在的價格上漲轉嫁給您的客戶的能力？在您的全年頂線指導中，您是否有任何更新？然後是泡菜建模相關的，在行項目下方是否有任何更新？所以像利息費用，像你全年展望中的後半部分的稅率？

Thanks very much, Casey. I'll invite Vanessa to take the second half of your question second, but just briefly on the first one -- oh my goodness. I just had a senior's moment and I forgot the first half of the question. Remind me again, Casey.

非常感謝，凱西。我將邀請 Vanessa 回答你問題的後半部分，但只是簡要介紹第一個問題——哦，天哪。我剛剛有一個高級的時刻，我忘記了問題的前半部分。再次提醒我，凱西。

Yes, no problem. So ability to pass on price increases? And is (inaudible) assumption for your full year outlook for top line.

是沒有問題。那麼能否轉嫁價格上漲？並且是（聽不清）對您全年收入前景的假設。

Sorry, thank you. I have to be excused here. I had not much sleep last night. I became (inaudible) this morning, but up all night waiting for the update from my kids. So in any event, I think if you look at our margin profile for year-to-date in the second quarter, that answers most of the question right there. It has been surprising in some ways, candidly, disappointing to me. Either read some of the narrative out there about passing on price increases, wage increases to customers, whether we have cost of allowing -- living allowances or CPI provisions in every single one of our customer contracts. I think the reality is we've done a reasonably good job of ensuring that as often as we can, we are able to share some of the burden of these wage inflation dynamics with our customers, and we are so pleased and grateful that we've got customers, partners who are willing to work with us, in some cases, of course, it's predicated on these covenants in the contracts that we have in place that allow us to do that. In many other cases, it's not explicitly because of contract language, but it's because, as I said, the strength of the relationship that we're able to go back to them off-cycle, if you will, not when there's sort of a natural incision point on an exploration or renewal date of an MSA or an SOW, again, to work with them. But in totality, we continue to be pleased with the progress given the continued profitability profile of the business. And for back half of the year, given Vanessa sharing as we expected, not just maintain guidance, but that means we're going to absorb continued FX impacts. Again, I think that inherently implies that it's not just we're pricing new work at new rates, but we're also able to try and mitigate some of those challenges with existing or older contracted work as well. And Vanessa, do you want to talk about below the line matters?

對不起，謝謝。我必須在這裡原諒。昨晚我沒怎麼睡。今天早上我變得（聽不清），但整晚都在等待我的孩子們的更新。因此，無論如何，我認為如果您查看我們第二季度年初至今的利潤率概況，就可以回答大部分問題。在某些方面，這讓我感到驚訝，坦率地說，讓我失望。要么閱讀一些關於將價格上漲、工資上漲轉嫁給客戶的敘述，我們是否有允許的成本——生活津貼或我們每一份客戶合同中的 CPI 條款。我認為現實情況是，我們在確保盡可能多地與客戶分擔這些工資上漲動態的一些負擔方面做得相當不錯，我們非常高興和感激我們我們有願意與我們合作的客戶和合作夥伴，當然，在某些情況下，這是基於我們現有的合同中的這些契約允許我們這樣做的。在許多其他情況下，這並不是因為合同語言，而是因為，正如我所說，我們能夠在非週期內回到他們的關係強度，如果你願意的話，而不是當有某種MSA 或 SOW 的勘探或更新日期的自然切口點，再次與他們合作。但總的來說，鑑於業務的持續盈利狀況，我們繼續對進展感到滿意。在今年下半年，鑑於 Vanessa 的分享正如我們預期的那樣，不僅維持指導，而且這意味著我們將吸收持續的外匯影響。同樣，我認為這在本質上意味著我們不僅以新的價格為新工作定價，而且我們還能夠嘗試通過現有或舊合同工作來緩解其中的一些挑戰。 Vanessa，你想談談線下的事情嗎？

Yes. So to answer the second half of your question, Casey, from an interest expense perspective, I would expect just a nominal change in terms of second half versus first half. And ETR, we have previously guided a full-year range of 28% to 30%. And I think you can do the math in terms of where we landed in the first half to get where we're going to go in the second half. We do have seasonality there, right, where the ETR steps down in each quarter. And so Q4 will be fast to be lower. If you model to the 20% to 30% and make sure you split your Q3, Q4 to get to the low end. The only variability there, I think you already know, is obviously that assumes a certain jurisdictional mix of our earnings. So we might have a small variation there. But I think if you go with those assumptions, you should be okay.

是的。因此，凱西，從利息支出的角度回答你問題的後半部分，我預計下半年與上半年相比只是名義上的變化。而 ETR，我們之前指導的全年範圍為 28% 至 30%。而且我認為你可以根據我們在上半場的著陸位置來計算下半場的位置。我們確實有季節性，對，ETR 在每個季度都會下降。所以第四季度會很快下降。如果您對 20% 到 30% 進行建模，並確保將 Q3、Q4 拆分到低端。我想你已經知道，唯一的可變性顯然是假設我們的收入有一定的管轄權組合。所以我們可能會有一個小的變化。但我認為，如果你接受這些假設，你應該沒問題。

Thank you. This does conclude the question-and-answer session of today's program. I'd like to hand the program back to Mr. Puritt for any further remarks.

謝謝你。這確實結束了今天節目的問答環節。我想把程序交還給 Puritt 先生，讓我再發表意見。

Thanks, Jonathan, and thank you all for your questions. In closing, I'd like to reiterate our beliefs that TELUS International is well positioned to not only continue to execute through current macro headwinds but to thrive along the way. Our deep expertise, best-in-class digital capabilities, and global scale directly translate into fundamental, sustainable drivers of our profitable growth strategy. We've been through many business cycles throughout our 17-year history, and this experience reinforces our confidence in our own ability to continue to navigate these challenging times and to execute upon our growth objectives. We're staying focused on what we can control delivering exceptional service and value for money as we help our clients to continue to maximize their customer experience outcomes whilst concurrently achieving greater cost-effectiveness.

謝謝，喬納森，謝謝大家的提問。最後，我想重申我們的信念，即 TELUS International 不僅能夠繼續執行當前的宏觀逆風，而且能夠在此過程中茁壯成長。我們深厚的專業知識、一流的數字能力和全球規模直接轉化為我們盈利增長戰略的基本、可持續驅動因素。在我們 17 年的歷史中，我們經歷了許多商業周期，這種經歷增強了我們對自己繼續駕馭這些充滿挑戰的時代並執行我們的增長目標的能力的信心。我們始終專注於我們可以控制的內容，以提供卓越的服務和物有所值，因為我們幫助我們的客戶繼續最大化他們的客戶體驗成果，同時實現更高的成本效益。

Vanessa and I look forward to connecting with many of you face-to-face at upcoming conferences and investor events in August and September, and we hope to see you at our next quarterly call in early November. Thank you again for joining us today, and (inaudible) as we help our clients to continue (inaudible).

Vanessa 和我期待在 8 月和 9 月即將舉行的會議和投資者活動中與你們中的許多人面對面交流，我們希望在 11 月初的下一個季度電話會議上見到你們。再次感謝您今天加入我們，並且（聽不清）我們幫助我們的客戶繼續前進（聽不清）。

Thank you, ladies and gentlemen, for your participation in today's conference. This does conclude the program. You may now disconnect. Good day.

女士們，先生們，感謝你們參加今天的會議。這確實結束了程序。您現在可以斷開連接。再會。