TELUS International (CDA) Inc (TIXT) 2022 Q4 法說會逐字稿

Good morning, ladies and gentlemen. Welcome to the TELUS International Fourth Quarter 2022 Investor Call. My name is Jonathan, and I will be your conference facilitator today.

早上好，女士們，先生們。歡迎參加 TELUS 國際 2022 年第四季度投資者電話會議。我叫喬納森，今天我將擔任你們的會議主持人。

(Operator's Instructions)

（操作員說明）

I would now like to introduce Jason Mayr, Senior Director, Investor Relations and Treasurer at TELUS International. Mr. Mayr, you may begin the call.

我現在想介紹 TELUS International 投資者關係高級總監兼財務主管 Jason Mayr。 Mayr 先生，你可以開始通話了。

Thank you, Jonathan. Good morning, everyone. Thank you for joining us today for TELUS International's Q4 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 and year, 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. Before we begin, I would like to direct your attention to Slide 2 of the supplementary presentation available for download on its webcast and also available on our website at telusinternational.com/investors.

謝謝你，喬納森。大家，早安。感謝您今天加入我們參加 TELUS International 的 2022 年第四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；以及我們的首席財務官 Vanessa Kanu。像往常一樣，我們將從一些準備好的評論開始，Jeff 將提供季度和年度的運營和戰略概述，然後 Vanessa 將提供一些關鍵的財務亮點。然後，在將電話轉回給 Jeff 聽取他的結束語之前，我們將打開熱線接受資格預審分析師的提問。在我們開始之前，我想請您注意補充演示文稿的幻燈片 2，可在其網絡廣播中下載，也可在我們的網站 telusinternational.com/investors 上獲取。

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. 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.

本次電話會議期間做出的聲明可能具有前瞻性，包括所有反映對未來事件或業績的預期、假設或信念的評論，這些評論不僅僅與歷史時期有關。這些前瞻性陳述受風險和不確定因素的影響，可能導致實際結果與我們目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 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 指標。這些非 GAAP 措施的解釋以及與可比較的 GAAP 措施的對賬可以在今天的補充報告的附錄中找到，連同今天上午發布的收益新聞稿和 SEDAR 和 EDGAR 上的監管文件。

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.

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提及的所有財務指標均以美元為單位，並且僅與 TELUS International 的結果和指標相關。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 fourth quarter, TELUS International delivered a 5% year-over-year increase in revenue or 9% on a constant currency basis. For the full year, TI grew revenues 12% or 16% on a constant currency basis. As anticipated, near-term recessionary headwinds continue to impact the timing and velocity of new projects in Q4. However, TI once again delivered solid revenue growth performance. Our team also delivered on our commitment to operate a highly profitable business with adjusted EBITDA in the quarter increasing by 10% year-over-year and an adjusted EBITDA margin of 24.9%. And for the full year, adjusted EBITDA growth was 12% with margin at 24.6%.

謝謝你，傑森。大家早上好，感謝您今天加入我們。第四季度，TELUS International 的收入同比增長 5%，按固定匯率計算增長 9%。按固定匯率計算，TI 全年的收入增長了 12% 或 16%。正如預期的那樣，近期經濟衰退的逆風繼續影響第四季度新項目的時間和速度。然而，TI 再次實現了穩健的收入增長表現。我們的團隊還兌現了經營高利潤業務的承諾，本季度調整後的 EBITDA 同比增長 10%，調整後的 EBITDA 利潤率為 24.9%。全年，調整後的 EBITDA 增長率為 12%，利潤率為 24.6%。

These results demonstrate TI's resilient and sustainable business model, which enables us to successfully manage factors that are within our control, whilst concurrently navigating challenging headwinds. This model equips us to simultaneously win new client accounts as well as to secure incremental business from the brands we already support. Indeed, our global sales team has been working diligently to identify and qualify new opportunities to not only replenish our sales funnel as deals are won or lost, but to also continue to grow it. To this end, our sales funnel as of December 31, 2022, stood at $2.7 billion. Notably, this does not include opportunities brought to us through our recent WillowTree acquisition. Among our key wins in the quarter, new logos included a consulting firm that supports complex government, defense and intelligence projects.

這些結果證明了 TI 具有彈性和可持續發展的業務模式，這使我們能夠成功地管理我們控制範圍內的因素，同時應對具有挑戰性的逆風。這種模式使我們能夠同時贏得新的客戶賬戶，並從我們已經支持的品牌那裡獲得增量業務。事實上，我們的全球銷售團隊一直在努力尋找和把握新的機會，不僅在交易成功或失敗時補充我們的銷售渠道，而且還要繼續擴大它。為此，截至 2022 年 12 月 31 日，我們的銷售渠道為 27 億美元。值得注意的是，這不包括我們最近收購 WillowTree 給我們帶來的機會。在我們本季度的主要勝利中，新標識包括一家支持複雜政府、國防和情報項目的諮詢公司。

One of the fastest-growing e-commerce companies in the travel and entertainment industry, a disruptive AI-powered developer and service provider in the sales and marketing space and a leading digital investment platform. Across our existing client base, we increased our share of wallet with a highly diversified list of brands, including an online food ordering and delivery platform, a global professional services company focused on HR and project management, a leading video social media network, a top provider of heavy equipment and power generation and the largest American multinational telecommunications conglomerate. Notably, despite challenging macroeconomic conditions throughout 2022, we've maintained our focus on operational excellence. Our track record of exceeding client KPIs and our reputation as a trusted and innovative partner have positioned us favorably in the current down cycle.

旅遊和娛樂行業發展最快的電子商務公司之一，銷售和營銷領域的顛覆性人工智能開發商和服務提供商，以及領先的數字投資平台。在我們現有的客戶群中，我們通過高度多元化的品牌列表增加了我們的錢包份額，包括在線食品訂購和交付平台、專注於人力資源和項目管理的全球專業服務公司、領先的視頻社交媒體網絡、頂級重型設備和發電供應商以及美國最大的跨國電信集團。值得注意的是，儘管整個 2022 年宏觀經濟形勢充滿挑戰，但我們仍將重點放在卓越運營上。我們超越客戶 KPI 的記錄以及我們作為值得信賴和創新的合作夥伴的聲譽使我們在當前的下行週期中處於有利地位。

Additionally, with the closing of the WillowTree acquisition last month, our client base has increased by over 50 well-known brands, including Fox, Anheuser-Busch InBev, PepsiCo, Synchrony and Marriott. We've also become more diversified across strategic verticals such as telecommunications and media, health care and life sciences, financial services, consumer goods, travel and hospitality and technology and software. On that note, Tobias Dengel has now joined our executive leadership team as President of the newly rebranded WillowTree, a TELUS International Company. Together with Tobias, we've also secured an exciting infusion of digital talent at scale into our already robust end-to-end digital transformation capabilities, including premium content moderation services, AI data solutions and IT lifecycle services. The WillowTree acquisition has further elevated and differentiated our ability to design, build and deliver premium customer experiences and digital products for the world's leading brands.

此外，隨著上個月完成對 WillowTree 的收購，我們的客戶群增加了 50 多個知名品牌，包括 Fox、Anheuser-Busch InBev、PepsiCo、Synchrony 和 Marriott。我們還在電信和媒體、醫療保健和生命科學、金融服務、消費品、旅遊和酒店以及技術和軟件等戰略垂直領域變得更加多元化。關於這一點，Tobias Dengel 現已加入我們的執行領導團隊，擔任 TELUS 國際公司新品牌 WillowTree 的總裁。我們還與 Tobias 一起確保了令人興奮的大規模數字人才注入我們本已強大的端到端數字化轉型能力，包括優質內容審核服務、AI 數據解決方案和 IT 生命週期服務。對 WillowTree 的收購進一步提升了我們為世界領先品牌設計、構建和交付優質客戶體驗和數字產品的能力，並使之脫穎而出。

Meaningful discussions are already well underway with many of our key clients, including our parent company, TELUS Corporation, a world-leading communication technology company. In this regard, TI is uniquely positioned with TELUS as an anchor client given its differentiated asset mix that includes exciting growth-oriented assets such as TELUS Health and TELUS Agriculture & consumer goods. Indeed, we're already pursuing several exciting opportunities to partner with these distinct businesses, which will also result in us displacing spend away from competitors, thanks to WillowTree's premium digital design and build capabilities. The large-scale long-term projects we're currently discussing represent countercyclical revenue opportunities to help insulate TELUS International during the ongoing recessionary challenges. Moving on to my favorite part of these calls, sharing some of our client case studies.

我們已經與許多主要客戶進行了有意義的討論，其中包括我們的母公司 TELUS Corporation，一家世界領先的通信技術公司。在這方面，TI 憑藉其差異化的資產組合，包括 TELUS Health 和 TELUS Agriculture & consumer goods 等令人興奮的增長型資產，在與 TELUS 作為錨定客戶方面處於獨特的地位。事實上，我們已經在尋求與這些不同企業合作的幾個令人興奮的機會，這也將導致我們從競爭對手那裡轉移支出，這要歸功於 WillowTree 的高級數字設計和構建能力。我們目前正在討論的大型長期項目代表了反週期的收入機會，有助於在持續的經濟衰退挑戰中隔離 TELUS International。轉到這些電話中我最喜歡的部分，分享我們的一些客戶案例研究。

In the first example, TELUS International's engagement began with process consulting to streamline operations and kick start the digital transformation journey of a large U.S.-based provider of financial services, property information and business intelligence across consumer credit, real estate and capital markets. The project then progressed to TI building and implementing the solution. companies that have seen robust growth often encounter challenges around standardizing their processes and consolidating business units. These challenges can lead to inefficiencies that negatively impact the customer experience. This was the case for our clients who saw a significant growth period resulting in many dispersed customer support centers throughout the country. The client engaged TI to assist them in assessing their existing contact centers and provide innovative solutions to drive efficiencies, improve technology and increase client satisfaction.

在第一個例子中，TELUS International 的參與始於流程諮詢，以簡化運營並啟動一家總部位於美國的大型金融服務、房地產信息和商業智能提供商的數字化轉型之旅，涵蓋消費信貸、房地產和資本市場。該項目隨後進入到 TI 構建和實施解決方案的階段。增長強勁的公司通常會遇到標準化流程和整合業務部門的挑戰。這些挑戰可能導致效率低下，從而對客戶體驗產生負面影響。對於我們的客戶來說，情況就是如此，他們看到了顯著的增長期，導致在全國各地建立了許多分散的客戶支持中心。該客戶聘請 TI 協助他們評估現有聯絡中心並提供創新解決方案以提高效率、改進技術並提高客戶滿意度。

The TELUS International team was able to identify quick win opportunities, enabling the client to consolidate resources and maximize its people, processes and technology. We also uncovered ways to improve the client's existing IVR design, including technology enhancements to address subpark call deflection capabilities and self-serve options. During the assessment, our team determined that findings focused on one area of the business could actually be applied across various divisions to further optimize the client's overall operations. These findings expanded the scope of our client engagement from a diagnostic exercise to a process design consultation in which we created a fulsome digital road map to the client's tax, real estate and platform services units. By leveraging information and data gathered by our team in the diagnostic phase, we built an improved IVR system that achieved a 25% reduction in average handle time across all business units.

TELUS International 團隊能夠識別速贏機會，使客戶能夠整合資源並最大限度地利用其人員、流程和技術。我們還發現了改進客戶現有 IVR 設計的方法，包括解決 subpark 呼叫偏轉功能和自助服務選項的技術增強。在評估過程中，我們的團隊確定專注於一個業務領域的調查結果實際上可以應用於各個部門，以進一步優化客戶的整體運營。這些發現將我們的客戶參與範圍從診斷練習擴展到流程設計諮詢，我們在其中為客戶的稅務、房地產和平台服務部門創建了一個完整的數字路線圖。通過利用我們的團隊在診斷階段收集的信息和數據，我們構建了一個改進的 IVR 系統，使所有業務部門的平均處理時間減少了 25%。

Notably, we achieved a 49% call deflection rate for the tax services business unit. The client has since selected TELUS International as a digital transformation partner to continue its journey to transform the company's customer experience to a full-service omnichannel digital environment. This multiphase project will include developing a robust knowledge base and customer-facing chatbot, introducing additional support channels and automating select processes to drive further cost savings. Another client case study I'd like to share is focused on AI solutions. A leading technology client leverage TELUS International's AI data solutions to build a multilingual data set that helps researchers scale natural language understanding technology, with long-standing linguistic data set development experience, a diverse AI community and streamlined large-scale project management protocols, TELUS International offered critical support to build the data set the first of its kind.

值得注意的是，我們為稅務服務業務部門實現了 49% 的呼叫偏轉率。此後，該客戶選擇了 TELUS International 作為數字化轉型合作夥伴，以繼續其將公司的客戶體驗轉變為全方位服務的全渠道數字環境的旅程。這個多階段項目將包括開發一個強大的知識庫和麵向客戶的聊天機器人，引入額外的支持渠道和自動化選擇流程以進一步節省成本。我想分享的另一個客戶案例研究側重於 AI 解決方案。領先的技術客戶利用 TELUS International 的 AI 數據解決方案構建多語言數據集，幫助研究人員擴展自然語言理解技術，擁有長期的語言數據集開發經驗、多樣化的 AI 社區和簡化的大型項目管理協議，TELUS International為構建同類數據集提供了關鍵支持。

Our client, who's a pioneering innovator of conversational AI technologies has long prided itself on advancing natural language processing capabilities and providing research communities with access to extensive data sets that fuel AI innovation. Although voice assistants have advanced tremendously in the past decade, their multilingual language understanding capabilities are still evolving. Our client is on a mission to extend conversational attitudes to other languages via a multilingual approach. The idea is to enable cross linguistic training where a single machine learning model understands inputs from many diverse languages. One challenge in executing this initiative was the lack of labeled data to assist with training and evaluating the models. The client required an AI data solutions partner with deep data collection expertise who could provide realistic contextual data for a specific task.

我們的客戶是對話式 AI 技術的先驅創新者，長期以來一直以提高自然語言處理能力和為研究社區提供訪問推動 AI 創新的廣泛數據集而自豪。儘管語音助手在過去十年中取得了巨大進步，但其多語言語言理解能力仍在不斷發展。我們的客戶的使命是通過多語言方法將會話態度擴展到其他語言。這個想法是為了實現跨語言訓練，其中單個機器學習模型可以理解來自多種不同語言的輸入。執行此計劃的一個挑戰是缺乏標記數據來幫助訓練和評估模型。客戶需要一個具有深厚數據收集專業知識的 AI 數據解決方案合作夥伴，可以為特定任務提供真實的上下文數據。

The project demanded language experts with linguistic translation, validations or localization abilities to create comprehensive and accurate conversational utterances in specified languages. Our team of experts supervised the project and delivered effective vendor qualification strategies that included preparing qualification quizzes for other participating vendors, building detailed instructions for tasks across more than 50 local languages and ensuring the delivery of high-quality data sets. We also custom engineered training and qualification materials to support frictionless data collection with carefully curated qualification tests, detailed training materials and clear task instructions. This enabled our AI community to surpass accuracy targets across all of the deliverables. Our AI community produced approximately 60% of the other aces in the data set.

該項目要求具有語言翻譯、驗證或本地化能力的語言專家以特定語言創建全面而準確的對話語句。我們的專家團隊監督了該項目並提供了有效的供應商資格認證策略，包括為其他參與的供應商準備資格測驗，為超過 50 種當地語言的任務制定詳細說明，並確保提供高質量的數據集。我們還定制工程培訓和資格材料，通過精心策劃的資格測試、詳細的培訓材料和清晰的任務說明支持無摩擦數據收集。這使我們的 AI 社區能夠超越所有可交付成果的準確性目標。我們的 AI 社區產生了數據集中大約 60% 的其他 ace。

The project spanned 9 months, during which time, TI engaged approximately 650 language experts to deliver over 600,000 high-quality language prompts in more than 30 languages or a total of 3.5 million individual language tasks. Tasks also included translating English utterances into local languages, validating utterances or checking translations for accuracy and defining localized expressions for particular prompts. The data set has many machine learning use cases and contains a million realistic parallel labeled text utterances spanning more than 50 languages as well as dozens of domains. With the release of this large language data set, along with the open source code, our client continues to promote research collaborations for natural language processing and upgraded natural language understanding, modeling to advance conversational AI systems.

該項目歷時 9 個月，在此期間，TI 聘請了大約 650 名語言專家，以 30 多種語言提供了超過 600,000 條高質量的語言提示，或總共 350 萬個單獨的語言任務。任務還包括將英語話語翻譯成當地語言、驗證話語或檢查翻譯的準確性以及為特定提示定義本地化表達。該數據集有許多機器學習用例，包含一百萬個真實的平行標記文本話語，跨越 50 多種語言和數十個領域。隨著這一大型語言數據集的發布以及開源代碼的發布，我們的客戶將繼續促進自然語言處理和升級自然語言理解、建模以推進對話式 AI 系統的研究合作。

And to share one more example with you today another client of ours, one of the biggest global financial services companies turn to TELUS International to help safeguard its financial platform by ensuring overall customer safety, including customer verification and fraud protection. With the growth of e-commerce and increasing use of credit, financial institutions and consumers require rigorous security measures to help counter fraud. Our client was also driven by its desire to meaningfully enhance their customer experience journey through credit application, verification, fraud detection and investigation as well as billing disputes. As their partner, TELUS International scaled its program more than ninefold from under 100 team members to nearly 900 in the span of a year, distributed across 3 global locations, the Philippines, Guatemala in the United States.

今天再與您分享一個例子，我們的另一位客戶是全球最大的金融服務公司之一，求助於 TELUS International 通過確保整體客戶安全（包括客戶驗證和欺詐保護）來幫助保護其金融平台。隨著電子商務的發展和信貸使用的增加，金融機構和消費者需要採取嚴格的安全措施來幫助打擊欺詐行為。我們的客戶還希望通過信用申請、驗證、欺詐檢測和調查以及計費糾紛來有意義地提升他們的客戶體驗之旅。作為他們的合作夥伴，TELUS International 在一年的時間裡將其項目規模擴大了九倍多，團隊成員從不到 100 人增加到近 900 人，分佈在全球 3 個地點，菲律賓、美國的危地馬拉。

Our team is proud to achieve an average quality score exceeding 90%, well above the target of 85%, while reducing the clients' exposure to loss of revenue from fraudulent activities. I'd like to stay on the topic of trust and safety for a moment to touch upon another key component of our portfolio, which continues to be a topic of discussion with our clients and across the broader industry, our premium content moderation services with several providers having made the decision to exit the space either in whole or in part over the past 3 years or so, I think it's important to point out that TELUS International remains steadfast in our commitment to performing this important work and continuing to play a critical role in ensuring safer digital spaces and online experiences for all. We also see significant short- and long-term opportunities to grow our market share in content moderation due to the exponential rise in user-generated content that's driven by a persistent influx of new social platforms and emerging virtual spaces like the metaverse as well as the growing popularity and prevalence of augmented and virtual reality.

我們的團隊自豪地實現了超過 90% 的平均質量得分，遠高於 85% 的目標，同時減少了客戶因欺詐活動而遭受收入損失的風險。我想暫時停留在信任和安全的話題上，談談我們產品組合的另一個關鍵組成部分，這仍然是我們與客戶和整個行業討論的話題，我們的優質內容審核服務有幾個供應商在過去 3 年左右決定全部或部分退出該領域，我認為重要的是要指出，TELUS International 仍然堅定地致力於執行這項重要工作並繼續發揮關鍵作用確保為所有人提供更安全的數字空間和在線體驗。由於新社交平台和新興虛擬空間（如 metaverse 以及增強現實和虛擬現實的日益流行和流行。

Additionally, this continued diversification of languages and dialects used online and younger generations continue to increase their reliance on digital services or education, work and social interaction. We're also encouraged by the evolution from more traditional content to more complex content types, such as live chat audio and video streams. We believe that new opportunities in content moderation will continue to emerge as the industry transitions from restrictive to punitive legislation, such as the Digital Services Act in Europe and several similar regulatory frameworks that are pending in the United States. And we expect to see a continued expansion of content moderation use cases as more and more brands grow their online presence. These factors and more are generating an increased demand for content moderation services.

此外，在線使用的語言和方言不斷多樣化，年輕一代繼續增加他們對數字服務或教育、工作和社交互動的依賴。我們也對從更傳統的內容向更複雜的內容類型（例如實時聊天音頻和視頻流）的演變感到鼓舞。我們相信，隨著行業從限制性立法過渡到懲罰性立法，例如歐洲的數字服務法案和美國待定的幾個類似監管框架，內容審核方面的新機會將繼續出現。隨著越來越多的品牌擴大其在線影響力，我們希望看到內容審核用例的持續擴展。這些因素以及更多因素導致對內容審核服務的需求增加。

More importantly, however, is that the increasing complexity of content moderation work requires that it be completed by highly experienced, dedicated and trusted providers like TI. At TELUS International, we respectfully refer to our content moderators as digital first responders given the critical work they perform to help keep the Internet safe. Working alongside AI technology, where TI has a meaningful capability at scale to bring to bear. They are at the core of our approach, which leverages human intelligence to handle more contextual moderation decisions in accordance with our clients' guidelines. Key to our success in this area is our robust recruiting practices, onboarding programs and continued training and support. Like everything we do at TI, we leverage the strong foundation of our caring culture as a differentiator. These include individual and group counseling sessions, access to on-site fitness facilities and quiet spaces and virtual in-person social activities. Our global wellness team also focuses on providing preventative wellness practices and developing a curriculum to help educate and further empower our team members to take charge of their personal health and well-being needs alongside the strong support of their leaders.

然而，更重要的是，內容審核工作日益複雜，需要由像 TI 這樣經驗豐富、敬業且值得信賴的提供商來完成。在 TELUS International，鑑於他們為幫助維護互聯網安全所做的重要工作，我們恭敬地將我們的內容版主稱為數字第一響應者。與 AI 技術一起工作，TI 可以大規模發揮有意義的能力。它們是我們方法的核心，該方法利用人類智能根據我們客戶的指導方針來處理更多情境審核決策。我們在這一領域取得成功的關鍵是我們強大的招聘實踐、入職計劃以及持續的培訓和支持。就像我們在 TI 所做的一切一樣，我們利用我們關愛文化的堅實基礎作為差異化因素。其中包括個人和團體諮詢課程、使用現場健身設施和安靜空間以及虛擬的面對面社交活動。我們的全球健康團隊還專注於提供預防性健康實踐和開發課程，以幫助教育和進一步授權我們的團隊成員在領導的大力支持下負責他們的個人健康和福祉需求。

Indeed, we see a highly skilled and engaged team as critical to our collective success. And as of December 31, we had over 73,000 global team members, which represents a year-over-year increase of 18% and a sequential increase of 6% versus Q3. Some of this growth is attributable to team members joining TI in support of TELUS Health ongoing integration activities. Heading into 2023, we will continue to leverage our virtual recruitment tools as part of our broader talent acquisition strategy, including space, a virtual recruitment platform that provides job seekers with a fully immersive experience in an interactive digital environment. The platform also increases the speed of the recruitment and hiring process, broadens the global recruiting talent pool and maximizes candidate engagement. On the flip side many companies continue to contend with a prolonged challenging macroeconomic environment and the tech sector, in particular, has been disproportionately affected.

事實上，我們認為一支技術精湛、敬業的團隊對我們的集體成功至關重要。截至 12 月 31 日，我們在全球擁有超過 73,000 名團隊成員，同比增長 18%，與第三季度相比環比增長 6%。這一增長部分歸因於團隊成員加入 TI 以支持 TELUS Health 正在進行的整合活動。進入 2023 年，我們將繼續利用我們的虛擬招聘工具作為我們更廣泛的人才招聘戰略的一部分，包括 space，一個虛擬招聘平台，為求職者在交互式數字環境中提供完全身臨其境的體驗。該平台還提高了招聘和僱用流程的速度，擴大了全球招聘人才庫，並最大限度地提高了候選人的參與度。另一方面，許多公司繼續應對長期充滿挑戰的宏觀經濟環境，尤其是科技行業受到了不成比例的影響。

According to layoff.fyi, a website created in 2020 to track tech layoffs globally, both to 160,000 workers from 1,040 companies lost their jobs in 2022, with more than half of them incurring in November and December and nearly 98,000 individuals have been laid off to date in 2023. Although many external factors, including a rapid series of interest rate hikes by central banks have contributed to these job losses, TI's thoughtful and agile approach to recruitment, intentionally adjusting the pace of our new hires in line with our cost optimization efforts and near-term demand dynamics has helped us avoid overhiring and minimize these difficult situations. Our intentional and sustained investment in upskilling and cross-training our team members has also helped in this regard. In 2022 alone, our team members completed or enrolled in nearly 16,000 courses on Udemy, an online learning platform featuring a curated collection of business and technical courses.

layoff.fyi 是一個於 2020 年創建的跟踪全球科技裁員情況的網站，根據 layoff.fyi 的數據，2022 年有來自 1,040 家公司的 160,000 名員工失業，其中一半以上發生在 11 月和 12 月，近 98,000 人被裁員至日期為 2023 年。儘管許多外部因素（包括中央銀行的一系列快速加息）導致了這些失業，但 TI 周到而靈活的招聘方法，根據我們的成本優化工作有意調整了新員工的步伐近期的需求動態幫助我們避免了過度招聘，並最大限度地減少了這些困難情況。我們在提高團隊成員技能和交叉培訓方面的有意和持續投資在這方面也有所幫助。僅在 2022 年，我們的團隊成員就在 Udemy 上完成或註冊了近 16,000 門課程，Udemy 是一個在線學習平台，提供精選的商業和技術課程。

More than 2,600 team members graduated from the TELUS International University with 65 different degrees and certificates. Over 850 team members from our sites in Guatemala and El Salvador graduated from our Language Academy at TI, improving their proficiency in English and French. Through our partnership with both Amazon Web Services and Google Cloud Platform, we have hundreds of our team members who hold cloud certification along with AWS cloud practitioners and solutions architect associates. And lastly, our team members also completed hundreds of tech certifications, such as open JavaScript, Node.js, application developer, test automating engineering and professional cloud architect certification. Not only has our approach enabled us to transition team members between client accounts, we've also been able to address company-wide skills gaps and drive high engagement rates.

超過 2,600 名團隊成員畢業於 TELUS 國際大學，擁有 65 個不同的學位和證書。來自我們危地馬拉和薩爾瓦多站點的 850 多名團隊成員畢業於我們在 TI 的語言學院，提高了他們的英語和法語水平。通過與 Amazon Web Services 和 Google Cloud Platform 的合作，我們擁有數百名持有云認證的團隊成員以及 AWS 雲從業者和解決方案架構師助理。最後，我們的團隊成員還完成了數百項技術認證，例如開放式 JavaScript、Node.js、應用程序開發人員、測試自動化工程和專業雲架構師認證。我們的方法不僅使我們能夠在客戶賬戶之間轉換團隊成員，我們還能夠解決公司範圍內的技能差距並提高參與率。

In fact, for the ninth consecutive year, TI has achieved a top quartile engagement score as a result of a company-wide global survey conducted by a third-party provider. Our focus on culture naturally leads to better team member retention and helps drive TI's resilient margin profile and is at the core of how we delight our clients. We've seen the benefits of these investments first hand to TELUS International. For example, a global leader in tech real estate informed us that our commitment to culture and diversity was a major factor in their decision to initially do business with us and then to expand our partnership portfolio of support within the first year. similar feedback was received from a global tech giant who felt we differentiated ourselves among their other partners for the thoughtful and direct ways we give where we live at events like our TELUS days of giving, which are focused on strengthening social infrastructure and environmental stewardship across the globe.

事實上，根據第三方提供商進行的全公司範圍的全球調查，TI 連續第九年獲得最高四分之一的參與度分數。我們對文化的關注自然會導致更好的團隊成員保留，並有助於推動 TI 的彈性利潤狀況，這是我們如何取悅客戶的核心。我們親眼目睹了這些投資給 TELUS International 帶來的好處。例如，科技房地產領域的全球領導者告訴我們，我們對文化和多樣性的承諾是他們決定最初與我們開展業務並隨後在第一年內擴大我們的合作夥伴支持組合的主要因素。一家全球科技巨頭也收到了類似的反饋，他們認為我們在其他合作夥伴中脫穎而出，因為我們在 TELUS 捐贈日等活動中以深思熟慮和直接的方式捐贈我們的住所，這些活動的重點是加強整個社會的社會基礎設施和環境管理地球。

In this regard, I'm proud to share a sampling of events that we that were held in partnership with local charitable organizations that our team members volunteered for Q4. 1,500 volunteers cleaned and refurbished to school in the Philippines in time to welcome back 9,000 students to attend in-person classes since the beginning of the pandemic. We helped build a 12th school in Guatemala and 850 volunteers renovated the child development center at an SOS Children's Village in El Salvador. Team members in India planted 3,500 trees in partnership with Sage Trees Environmental Trust. Our teams in North Charleston, Las Vegas held toy drives for their local Toys for Tots programs over the holiday season. And in North Charleston, our team built a storage unit to house supplies for victims of domestic violence, while 200 volunteers in Las Vegas supported local food banks and soup kitchens over 2 weekends.

在這方面，我很自豪地分享我們與當地慈善組織合作舉辦的活動樣本，我們的團隊成員自願參加了第四季度。自大流行開始以來，1,500 名志願者及時清潔和翻新了菲律賓的學校，以迎接 9,000 名學生返校上課。我們在危地馬拉幫助建造了第 12 所學校，850 名志願者翻新了薩爾瓦多 SOS 兒童村的兒童發展中心。印度的團隊成員與 Sage Trees Environmental Trust 合作種植了 3,500 棵樹。我們位於拉斯維加斯北查爾斯頓的團隊在假期期間為他們當地的 Toys for Tots 計劃舉辦了玩具活動。在北查爾斯頓，我們的團隊建造了一個儲藏室來存放家庭暴力受害者的物資，而拉斯維加斯的 200 名志願者則在 2 個週末為當地的食品銀行和施粥所提供支持。

We'll also be releasing our first stand-alone TELUS International Sustainability Report in early April, focusing on our company's environmental, social, governance priorities, commitments, policies and progress. Last year, we included considerable ESG data in our 2021 annual report, which you can access from our website. TELUS International is a compelling ESG investing opportunity with our culture at the core of our commercial success, and we're excited to offer this new element of disclosure as we look to help investors see more clearly the value we're creating for all our stakeholders and striving to do our part in making our operations, partnerships, communities and environment more sustainable. Our commitment to our team members well being contributed to TELUS International being recognized for the sixth consecutive year on the Global Outsourcing 100, the annual listing of the world's best outsourcing service providers.

我們還將在 4 月初發布第一份獨立的 TELUS 國際可持續發展報告，重點關注我們公司的環境、社會、治理優先事項、承諾、政策和進展。去年，我們在 2021 年年度報告中包含了大量 ESG 數據，您可以從我們的網站訪問這些數據。 TELUS International 是一個引人注目的 ESG 投資機會，我們的文化是我們商業成功的核心，我們很高興提供這一新的披露要素，因為我們希望幫助投資者更清楚地看到我們為所有利益相關者創造的價值努力儘自己的一份力量，使我們的運營、合作夥伴關係、社區和環境更具可持續性。我們對團隊成員福祉的承諾使 TELUS International 連續第六年入選全球外包 100 強，這是全球最佳外包服務提供商的年度榜單。

Other contributing factors leading to this distinction included our impressive customer references, programs for innovation, CSR activities and awards and certifications. Additional award highlights from 2022 included our company being named to the Forbes Best Employers for Diversity list, Mogul's top 100 workplaces for diverse representation and for the second year in a row, we won the best informational bought solution in AI breakthrough awards for the intelligent TELUS International's Assistance agent to Sitspot. On that note, our team has also been exploring the exciting possibilities of how we can leverage ChatGPT and other generative AI tools to further progress our proprietary intelligent box platform, both for our clients and internal applications. Through our TELUS International iLab, our R&D initiative launched in 2020 to design and build disruptive solutions for customer interactions. We have long been developing in-house chatbot solutions, leveraging natural language processing, speech recognition and semantic understanding among other tools.

導致這一殊榮的其他促成因素包括我們令人印象深刻的客戶推薦、創新計劃、企業社會責任活動以及獎項和認證。 2022 年的其他獎項亮點包括我們公司被評為福布斯最佳多元化雇主榜單、Mogul 的多元化代表前 100 強工作場所，以及我們連續第二年憑藉智能 TELUS 獲得 AI 突破獎中的最佳信息購買解決方案國際對 Sitspot 的協助代理。在這一點上，我們的團隊也一直在探索我們如何利用 ChatGPT 和其他生成式 AI 工具為我們的客戶和內部應用程序進一步發展我們專有的智能盒子平台的令人興奮的可能性。通過我們的 TELUS International iLab，我們的研發計劃於 2020 年啟動，旨在為客戶交互設計和構建顛覆性解決方案。長期以來，我們一直在開發內部聊天機器人解決方案，利用自然語言處理、語音識別和語義理解等工具。

The possibilities presented by ChatGPT and similar alternatives are seemingly endless in how we can leverage generative AI to design and build better bots that are more conversational, can better answer follow-up questions and admit mistakes and even reject inappropriate requests. Our team at WillowTree, a TELUS international company have also started to experiment with various forms of AI in their digital build process and believe it will help us standardize our coding and enable us to increase our speed to market in delivering digital solutions to our clients. Of course, generative AI technology also represents an attractive business opportunity from a supply perspective to TI as even the smartest AI needs to be taught and tested with best-in-class data labeling that we provide to our human-in-the-loop AI data solutions. We'll have more to share on this topic of ChatGPT and generative AI more broadly at our Investor Day next week and in the months ahead as we continue to integrate the WillowTree and TI ecosystems, which will lead to many new use cases and enable us to create increasingly innovative solutions that leverage this exciting technology. 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.

ChatGPT 和類似替代方案提供的可能性似乎無窮無盡，我們可以如何利用生成式 AI 來設計和構建更好的機器人，這些機器人更具對話性，可以更好地回答後續問題並承認錯誤，甚至拒絕不適當的請求。我們在 TELUS 國際公司 WillowTree 的團隊也開始在他們的數字構建過程中試驗各種形式的人工智能，並相信這將幫助我們標準化編碼，並使我們能夠加快向客戶提供數字解決方案的上市速度。當然，從供應的角度來看，生成人工智能技術對 TI 來說也是一個有吸引力的商機，因為即使是最聰明的人工智能也需要使用我們提供給我們的人在迴路人工智能中的一流數據標籤進行教學和測試數據解決方案。我們將在下週的投資者日和未來幾個月更廣泛地分享更多關於 ChatGPT 和生成 AI 的主題，因為我們將繼續集成 WillowTree 和 TI 生態系統，這將帶來許多新的用例並使我們能夠創造越來越多的創新解決方案，利用這項令人興奮的技術。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，之後我會回來回答您的問題。凡妮莎，交給你了。

Thank you, Jeff, and good morning, everyone. Thank you all for joining us today. As usual, in my review of the 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. Let me now expand upon the components of our financial performance. In the fourth quarter, we delivered revenue of $630 million, up 5% year-over-year on a reported basis and 9% in constant currency, landing at approximately the midpoint of our latest guidance range. For the full year, we generated revenue of $2.468 billion, up 12% on a reported basis and 16% in constant currency. Resilient double-digit growth is especially notable in what was a challenging year for a number of well-known reasons such as high inflation, rising interest rates, volatile markets and recessionary fears that impact consumer confidence.

謝謝你，傑夫，大家早上好。感謝大家今天加入我們。像往常一樣，在我對財務結果的審查中，我會提到一些非 GAAP 措施的項目。有關我們的 GAAP 與非 GAAP 措施的說明和對賬，請參閱我們今天上午早些時候發布的收益報告和監管文件。現在讓我詳細介紹一下我們財務業績的組成部分。第四季度，我們實現了 6.3 億美元的收入，按報告基礎同比增長 5%，按固定匯率計算增長 9%，大約處於我們最新指導範圍的中點。全年，我們創造了 24.68 億美元的收入，按報告基礎增長 12%，按固定匯率計算增長 16%。由於一些眾所周知的原因，例如高通脹、利率上升、市場動盪和影響消費者信心的衰退擔憂，在充滿挑戰的一年中，彈性兩位數的增長尤為顯著。

Let's look at our revenues a little closer, starting with revenue by vertical. In the fourth quarter, our largest vertical, second game grew 4% year-over-year on a reported basis, but on a constant currency basis, it grew by 10%. Our leading social media network clients represented just under 1/3 of the Tech games vertical revenues in Q4. Revenues from this particular client were down in Q4 and flat on a full year basis, although when adjusting for currency movements, revenues from these clients were up 11% in constant currency on a full year basis. For the full year, second games increased 15% on a reported basis and a strong 21% in constant currency, driven by continued growth with existing clients for services ranging from AI data solutions and trust and safety to customer experience management. Within our e-commerce and finTech vertical, revenues in Q4 declined year-over-year by 12% on a reported basis and 9% in constant currency terms due to challenges experienced by certain FinTech clients.

讓我們仔細看看我們的收入，從垂直收入開始。在第四季度，我們最大的垂直遊戲第二款遊戲在報告的基礎上同比增長了 4%，但在固定匯率的基礎上，它增長了 10%。我們領先的社交媒體網絡客戶佔第四季度科技遊戲垂直收入的不到 1/3。來自該特定客戶的收入在第四季度下降，與全年持平，但在調整貨幣變動時，來自這些客戶的收入全年按固定匯率計算增長了 11%。全年來看，第二款遊戲在報告基礎上增長了 15%，按固定匯率計算增長了 21%，這主要得益於現有客戶在 AI 數據解決方案、信任和安全以及客戶體驗管理等服務方面的持續增長。在我們的電子商務和金融科技垂直領域，由於某些金融科技客戶遇到的挑戰，第四季度的收入按報告基礎同比下降 12%，按固定匯率計算下降 9%。

For the full year, e-commerce and FinTech revenue increased 10% on a reported basis and 15% in constant currency. Growth in our communications and media vertical remains solid, driven by higher volumes and the breadth of services we provide for our parent company, TELUS Corporation, with revenues in the quarter increasing 6% year-over-year and growing 8% for the full year. Banking, Financial Services and Insurance or BFSI, continue to grow healthily with revenue in the fourth quarter, increasing 39% year-over-year and 71% for the full year driven by a large global financial institution that was added to our client roster at the end of 2021. Lastly, our travel and hospitality vertical grew 5% year-over-year and 21% for the full year. Looking at our revenues by geography in Q4. Asia Pacific and Central Americas continued to deliver strong growth, each up 21%. Revenues in North America grew 18% year-over-year. While in Europe, we continue to see recessionary pressures, coupled with a weaker euro relative to the U.S. dollar, with the revenue decline in Q4 of 15% year-over-year, while on a constant currency basis, the decline was 5%, primarily due to lower volumes with some of our tech and games and e-commerce clients.

全年，電子商務和金融科技收入按報告基礎增長 10%，按固定匯率計算增長 15%。在我們為母公司 TELUS Corporation 提供的更高數量和更廣泛服務的推動下，我們的通信和媒體垂直領域的增長保持穩健，本季度收入同比增長 6%，全年增長 8% .銀行、金融服務和保險 (BFSI) 繼續健康增長，第四季度收入同比增長 39%，全年增長 71%，這得益於一家大型全球金融機構在到 2021 年底。最後，我們的旅遊和酒店垂直行業同比增長 5%，全年增長 21%。看看我們第四季度按地域劃分的收入。亞太和中美洲繼續實現強勁增長，均增長 21%。北美的收入同比增長 18%。在歐洲，我們繼續看到經濟衰退的壓力，加上歐元相對於美元走弱，第四季度收入同比下降 15%，而按固定匯率計算，下降 5%，主要是由於我們的一些技術和遊戲以及電子商務客戶的銷量下降。

For the full year, Asia Pacific posted a strong 30% growth in revenue, while North America was up 24%, followed by Central America at 19%, and revenues in Europe declined for the year by 4% on a reported basis but grew at approximately 8% in constant currency. Moving on to operating expenses. Salaries and benefits in the fourth quarter were $349 million, up 5% year-over-year. For the full year, salaries and benefits increased 14% to $1.39 billion. Increases in both periods were due to higher team member counts to support business growth and higher average employee salaries and wages, partially offset by the lower average exchange rate across a variety of currencies relative to the U.S. dollar. In 2022, salaries and benefits as a percentage of revenue overall remained steady at 56%. Our goods and services purchased were $124 million in the fourth quarter, a decrease of 1% year-over-year, while for the full year, goods and services increased 8% to $468 million, with these increases coming from our business growth, including higher crowd contractor costs from the expansion of our AI business. Share-based compensation expense in the fourth quarter was $5 million, a decrease of $4 million year-over-year, while for the full year, it decreased by $50 million to $25 million.

就全年而言，亞太地區的收入強勁增長 30%，而北美增長 24%，其次是中美洲，增長 19%，而歐洲的收入在報告基礎上全年下降了 4%，但增長了按固定匯率計算約 8%。繼續經營費用。第四季度的薪酬和福利為 3.49 億美元，同比增長 5%。全年，薪金和福利增長 14% 至 13.9 億美元。這兩個時期的增長都是由於團隊成員數量增加以支持業務增長以及平均員工工資和工資增加，部分被各種貨幣相對於美元的平均匯率下降所抵消。 2022 年，薪酬和福利佔總收入的百分比穩定在 56%。我們在第四季度購買的商品和服務為 1.24 億美元，同比下降 1%，而全年，商品和服務增長 8% 至 4.68 億美元，這些增長來自我們的業務增長，包括我們的 AI 業務的擴展帶來了更高的眾包承包商成本。第四季度的股權激勵費用為 500 萬美元，同比減少 400 萬美元，而全年則減少 5000 萬美元至 2500 萬美元。

The decrease was primarily due to the lower average share price during the quarter and for the year overall compared to the prior year. Acquisition, integration and other charges in the fourth quarter were $23 million, an increase of $18 million, while for the full year, it increased by $17 million to $40 million, with the increase in the quarter and the year, primarily due to the transaction costs incurred in Q4 in connection with the WillowTree acquisition. Our depreciation and amortization expense in Q4 was $68 million, slightly above $66 million in the same quarter last year. For the full year, depreciation and amortization expense was $200 into last year, driven by higher interest rates. For the full year, interest expense decreased 7% to $41 million, primarily due to lower average debt balances on our credit facility, partially offset by higher interest rates. Interest on our credit facility is based on sulfur plus a credit spread that is tied to our leverage ratio.

下降的主要原因是本季度和全年的平均股價與去年同期相比較低。第四季度的收購、整合和其他費用為 2300 萬美元，增加 1800 萬美元，而全年增加 1700 萬美元至 4000 萬美元，季度和年度均有所增加，主要是由於交易第四季度與收購 WillowTree 相關的費用。我們在第四季度的折舊和攤銷費用為 6800 萬美元，略高於去年同期的 6600 萬美元。在利率上升的推動下，去年全年的折舊和攤銷費用為 200 美元。全年，利息支出下降 7% 至 4,100 萬美元，這主要是由於我們信貸額度的平均債務餘額較低，部分被較高的利率所抵消。我們信貸額度的利息基於硫磺加上與我們的槓桿率相關的信貸利差。

In the fourth quarter, we recorded an income tax recovery of $3 million compared with an income tax expense of $21 million in the same quarter last year, and our effective tax rate decreased from 36.8% to a negative 9.7%. The Q4 recovery is primarily due to a change in the foreign tax differential that is driven by a change in income mix in the quarter in addition to recovery that is not expected to be recurring. For the full year, income tax expense increased $3 million to $67 million, while the effective tax rate decreased from 45.1% to 26.8%, primarily due to a change in the foreign tax differential and the decrease in nondeductible items, which in the prior year were a result of our IPO. Moving on to profitability. Our adjusted EBITDA was $157 million in the fourth quarter, a year-over-year increase of 10%, driven by business volume growth and operational efficiency improvements and other cost realizations. For the full year, adjusted EBITDA was $607 million, up 12%, driven by growth in revenue, partially offset by higher salaries and benefits and goods and services purchased to support overall growth in our business.

第四季度，我們錄得 300 萬美元的所得稅回收，而去年同期的所得稅費用為 2100 萬美元，我們的有效稅率從 36.8% 降至負的 9.7%。第 4 季度的複蘇主要是由於本季度收入結構變化導致的外國稅收差異的變化以及預計不會再次出現的複蘇。全年所得稅費用增加 300 萬美元至 6700 萬美元，而實際稅率從 45.1% 下降至 26.8%，這主要是由於外國稅收差異的變化和不可扣除項目的減少，這在上一年是我們首次公開募股的結果。繼續盈利。我們第四季度調整後的 EBITDA 為 1.57 億美元，同比增長 10%，這主要受業務量增長、運營效率提高和其他成本實現的推動。全年，調整後的 EBITDA 為 6.07 億美元，增長 12%，受收入增長的推動，部分被更高的工資和福利以及為支持我們業務的整體增長而購買的商品和服務所抵消。

We achieved an adjusted EBITDA margin for the full year of 24.6%, which was consistent with a year ago, a tremendous result given the challenging macroeconomic backdrop. Adjusted net income for the fourth quarter was $95 million. And on a per share basis, this translated into an adjusted diluted earnings per share of $0.35 or 25% year-over-year. For the full year, adjusted net income increased 24% to $332 million and adjusted diluted earnings per share for the year was $1.23, up 23%. Turning now to cash flows and our balance sheet was set in 2022, an increase of 390 basis points versus the prior year. Capital expenditures for the full year increased 3% to $104 million, with the increase primarily due to additional investments in our Asia Pacific region as well as in our AI data solutions business. And for the full year, capital expenditures as a percentage of revenues was 4.2%. We also continue to reduce our leverage, lowering our net debt to adjusted EBITDA leverage ratio as defined per our credit agreement to 1.1x as of December 31, a further improvement from 1.3x as of September 30, 2022.

我們全年調整後的 EBITDA 利潤率為 24.6%，與一年前持平，在充滿挑戰的宏觀經濟背景下取得了巨大的成果。第四季度調整後的淨收入為 9500 萬美元。按每股計算，這轉化為調整後的攤薄每股收益 0.35 美元或同比增長 25%。全年，調整後淨收入增長 24% 至 3.32 億美元，調整後每股攤薄收益為 1.23 美元，增長 23%。現在轉向現金流，我們的資產負債表定於 2022 年，比上一年增加 390 個基點。全年資本支出增長 3% 至 1.04 億美元，增長的主要原因是對亞太地區以及人工智能數據解決方案業務的額外投資。全年資本支出佔收入的百分比為 4.2%。截至 12 月 31 日，我們還繼續降低杠桿率，將我們的信貸協議定義的淨債務與調整後 EBITDA 槓桿率降低至 1.1 倍，比 2022 年 9 月 30 日的 1.3 倍進一步改善。

Our total available liquidity as of December 31, 2022, was approximately $1.38 billion compared to $831 million a year ago. Liquidity increased in Q4 due to the timing of our upside and extended credit facility. Our credit facility was extended for a full 5 years and now matures in January 2028. The overall facility size was increased to $2 billion to accommodate the WillowTree acquisition with a consistent pricing grid and an improvement on certain terms such as higher cash netting for leverage. Following the close of the WillowTree acquisition in early January, our net debt to adjusted EBITDA leverage ratio as per our credit agreement increased to 2.9x and remains within the target steady-state range of 2 to 3x. We believe our robust cash flow profile will once again drive meaningful deleveraging a proven ability we've demonstrated following large strategic acquisitions in the past.

截至 2022 年 12 月 31 日，我們的可用流動資金總額約為 13.8 億美元，而一年前為 8.31 億美元。由於我們的上行和擴展信貸安排的時機，第四季度的流動性增加了。我們的信貸額度延長了整整 5 年，現在於 2028 年 1 月到期。總額度增加到 20 億美元，以適應 WillowTree 的收購，具有一致的定價網格和某些條款的改進，例如更高的槓桿現金淨額結算。在 1 月初完成對 WillowTree 的收購後，根據我們的信貸協議，我們的淨債務與調整後 EBITDA 槓桿比率增加至 2.9 倍，並保持在 2 至 3 倍的目標穩態範圍內。我們相信，我們強勁的現金流狀況將再次推動有意義的去槓桿化，這是我們在過去的大型戰略收購後展示的一種經過驗證的能力。

Now turning to our outlook. We anticipate continued robust double-digit profitable growth in 2023, amplified by our WillowTree acquisition. Our outlook for revenue is in the range of $2.97 billion to $3.03 billion, which represents revenue growth of 20.3% to 22.8% on a reported basis and includes the contribution from WillowTree in the range of $255 million to $260 million. Excluding WillowTree, we expect organic growth of 10% to 12% for the year. Within this outlook range, we are anticipating some near-term softness in revenues from our second largest client, offset by meaningful incremental opportunities with our largest clients, TELUS and other enterprise clients. We also assume an average exchange rate of EUR 1 to USD 1.08 reflecting current rates. For adjusted EBITDA, we expect a range of $705 million to $725 million or 16% to 19% year-over-year growth with adjusted EBITDA margins of 23.7% to 23.9%.

現在轉向我們的前景。我們預計 2023 年利潤將繼續保持強勁的兩位數增長，這將因我們收購 WillowTree 而得到放大。我們對收入的預期在 29.7 億美元至 30.3 億美元之間，按報告計算收入增長 20.3% 至 22.8%，其中包括 WillowTree 在 2.55 億美元至 2.6 億美元之間的貢獻。不包括 WillowTree，我們預計今年的有機增長率為 10% 至 12%。在此展望範圍內，我們預計我們第二大客戶的收入近期會有所疲軟，但會被我們最大客戶 TELUS 和其他企業客戶的有意義的增量機會所抵消。我們還假設反映當前匯率的平均匯率為 1 歐元兌 1.08 美元。對於調整後的 EBITDA，我們預計同比增長 7.05 億美元至 7.25 億美元或 16% 至 19%，調整後的 EBITDA 利潤率為 23.7% 至 23.9%。

This includes WillowTree's adjusted EBITDA margins of approximately 20% of revenue. Our outlook calls for adjusted diluted earnings per share in the range of $1.20 to $1.25, which includes certain near-term dilutive impacts from the WillowTree transaction. Interest costs are naturally higher as a result of the debt financing. And as mentioned previously, our credit agreement pricing grid is based on so far plus the credit spread that is tied to our leverage ratio. For 2023, we expect an average interest rate of approximately 6%, which assumes a continued near-term increase in SOFR, partially offset by an improvement in the credit spread as our leverage ratio continues to decline throughout the year. Also factored into our adjusted diluted earnings per share in 2023 is the equity issued in connection with the WillowTree acquisition in January in the amount of 6.5 million subordinated voting shares. Our outlook assumes a weighted average diluted share count of approximately $277 million in each of the quarters.

這包括 WillowTree 調整後的 EBITDA 利潤率約佔收入的 20%。我們的展望要求調整後的攤薄每股收益在 1.20 美元至 1.25 美元之間，其中包括 WillowTree 交易的某些近期攤薄影響。由於債務融資，利息成本自然更高。如前所述，我們的信用協議定價網格是基於迄今為止加上與我們的槓桿率相關的信用利差。對於 2023 年，我們預計平均利率約為 6%，假設 SOFR 近期持續增加，部分被信用利差的改善所抵消，因為我們的槓桿率全年持續下降。我們在 2023 年調整後的稀釋每股收益中還考慮了與 1 月份收購 WillowTree 相關的發行的 650 萬股次級投票權股份。我們的展望假設每個季度的加權平均攤薄股數約為 2.77 億美元。

And finally, for the full year 2023, we expect our effective tax rate to be in the range of 24% to 28%, reflecting the expected jurisdictional mix of earnings. While we do not provide quarterly guidance, I would like to call out certain seasonality factors that should be helpful in modeling seasonal cadence. We expect revenue seasonality of approximately 47% in the first half and 53% in the second half of 2023 and adjusted EBITDA seasonality of approximately 45% in the first half and 55% in the second half. Both SKUs reflecting our current expectation of the Masco environment, in addition to normal revenue ramp timing and the accretive nature of such revenue ramps of EBITDA in the back half of the year and continued realization of cost efficiency programs. Furthermore, our Willowtree cross-sell opportunities will naturally contribute to revenue and EBITDA more meaningfully in the back half given normal contracting cycles and project ramp periods.

最後，對於 2023 年全年，我們預計我們的有效稅率將在 24% 至 28% 之間，反映預期的管轄區收入組合。雖然我們不提供季度指導，但我想指出某些季節性因素，這些因素應該有助於對季節性節奏進行建模。我們預計 2023 年上半年收入季節性約為 47%，下半年約為 53%，調整後 EBITDA 季節性約為 45%，下半年約為 55%。這兩個 SKU 都反映了我們目前對 Masco 環境的預期，除了正常的收入增長時間和 EBITDA 的這種收入增長在今年下半年的增值性質以及成本效率計劃的持續實現。此外，鑑於正常的合同周期和項目爬升期，我們的 Willowtree 交叉銷售機會自然會在後半段對收入和 EBITDA 做出更有意義的貢獻。

Finally, our effective tax rate is also subject to seasonality being higher in the first half of the year and lower in the second half. In summary, while there continues to be broader near-term macroeconomic uncertainty, we feel confident that TELUS International is well positioned to continue executing with resilience and growing the business profitably in 2023. With that, let's move over to questions. I kindly ask you that please keep it to one question at a time so that everyone can participate. Jonathan, over to you.

最後，我們的有效稅率也受季節性影響，上半年較高，下半年較低。總而言之，儘管短期宏觀經濟不確定性繼續存在，但我們相信 TELUS International 有能力在 2023 年繼續保持彈性執行並實現業務盈利增長。那麼，讓我們轉向問題。我懇請您一次只問一個問題，這樣每個人都可以參與。喬納森，交給你了。

[Operator's Instructions)

[操作員說明]

And our first question comes from the line of Ramsey El-Assal also from Barclays.

我們的第一個問題來自同樣來自巴克萊銀行的 Ramsey El-Assal。

I wanted to ask about the e-commerce and fintech vertical. I mean, not surprisingly, we're seeing some incremental weakness there. I was just wondering if you could give us some color on the sort of drivers and dynamics, what types of projects are slipping? And also whether you're seeing some stabilization there or whether we should expect kind of headwinds to continue to intensify going forward in that vertical?

我想問一下電子商務和金融科技垂直領域。我的意思是，毫不奇怪，我們在那裡看到了一些漸進的弱點。我只是想知道你是否可以給我們一些關於驅動因素和動態的顏色，哪些類型的項目正在下滑？還有你是否看到那裡出現了一些穩定，或者我們是否應該期待這種垂直方向的逆風繼續加劇？

I think we're cautiously optimistic that was sort of stabilized in that portfolio, as I shared last time, our exposure there is not huge for the business. And obviously, as Vanessa just shared a little bit of challenge in terms of continued growth relative to previous trajectories. But I think we've kind of, as I said, stabilized. The kind of work we're doing for them, as you might expect, is around trust and safety principally and support more broadly to help customers access their platforms, secure access to financial payments on both sides of the borrowing and lending equation. So I think what we're expecting for this year is fairly flat in terms of year-over-year growth and then hopefully towards the end of 2023, we'll start to see more meaningful recovery there.

我認為我們對該投資組合持謹慎樂觀態度，正如我上次分享的那樣，我們在該業務中的風險敞口並不大。顯然，就相對於之前的軌跡而言，Vanessa 在持續增長方面面臨著一些挑戰。但我認為，正如我所說，我們已經穩定下來了。正如您所料，我們為他們所做的工作主要圍繞信任和安全，並提供更廣泛的支持，以幫助客戶訪問他們的平台，確保借貸雙方都能獲得財務支付。因此，我認為我們對今年的同比增長的預期相當平緩，然後希望到 2023 年底，我們將開始看到更有意義的複蘇。

Thank you. One moment for our next question. And our next question comes from the line of Tien-Tsin Huang from JPMorgan.

謝謝。稍等一下我們的下一個問題。我們的下一個問題來自摩根大通的 Tien-Tsin Huang。

Just I wanted to ask on the -- Jeff, the TELUS. You sounded quite bullish on the potential for work there. I'm curious how much of that is just some of the base business itself, WillowTree, cross-sell? I know there's a big opportunity there. And maybe can you just elaborate on the countercyclical nature. I heard you mention that a few times. Maybe you can just elaborate on that, that would be great.

只是我想問 - 傑夫，TELUS。你聽起來很看好在那里工作的潛力。我很好奇其中有多少只是一些基礎業務本身，WillowTree，交叉銷售？我知道那裡有很大的機會。也許你能詳細說明一下反週期的性質嗎？我聽你提到過幾次。也許你可以詳細說明一下，那太好了。

There are multiple drivers in the TELUS relationship that have been hugely helpful to TI over our history and I think get even more exciting in 2023 and beyond. And admittedly, turbocharged, if you will, off the back of our WillowTree capability. Over our tenure, we have steadily displaced legacy incumbent partners that TELUS has relied upon for technology enablement, digital transformation, where, at the time, TI simply didn't have the requisite experience and expertise to support TELUS and its ambitions of transformation. As we, over the years, have continued to improve, extend, expand, increase our capability set, we've had to compete with those incumbents in order to displace them and once demonstrating our capabilities have indeed taken over that work and successfully so, hence, the continued growth of our franchise, if you will, and enabling TELUS across a myriad of services. The WillowTree addition on the mobile access and design and build component of our ecosystem in particular. This is going to be an even bigger game changer for us as we can displace even more incumbent legacy spend and really help to accelerate TELUS' ongoing digital transformation journey.

TELUS 關係中有多個驅動因素在我們的歷史上對 TI 提供了巨大幫助，我認為在 2023 年及以後會變得更加令人興奮。誠然，渦輪增壓，如果你願意的話，在我們的 WillowTree 能力的支持下。在我們的任期內，我們穩步取代了 TELUS 在技術支持、數字化轉型方面所依賴的傳統老牌合作夥伴，而當時 TI 根本沒有必要的經驗和專業知識來支持 TELUS 及其轉型雄心。多年來，隨著我們不斷改進、擴展、擴展、增加我們的能力集，我們不得不與那些現任者競爭以取代他們，一旦證明我們的能力確實接管了這項工作並成功地做到了，因此，如果您願意，我們的特許經營權將持續增長，並使 TELUS 能夠提供多種服務。 WillowTree 對移動訪問的補充，尤其是我們生態系統的設計和構建組件。這對我們來說將是一個更大的遊戲規則改變者，因為我們可以取代更多現有的遺留支出，真正幫助加速 TELUS 正在進行的數字化轉型之旅。

We've got 9 really exciting shovel-ready initiatives that we're already digging into and starting to ramp up -- these are all pretty exciting, and they are multimillion dollar multi-month or year programs. And I think this was one of the primary drivers of our excitement on the WillowTree transaction at first instance because we recognized out of the gate, the kinds of opportunities we had with sort of our anchor customer and partner at TELUS, TELUS Ag, TELUS Health, et cetera. And when I say countercyclical, what I mean is we're all seeing reading and unfortunately experiencing some of the macroeconomic headwinds and challenges, uncertainty reduced consumer volume driving at a minimum indecision or delayed decision-making, if not diminished demand in the near term. from sort of the broader customer base, tech in particular, but not exclusively. And while that's going on, this opportunity to serve TELUS in its ongoing transformation needs really is helping us to overcome some of those challenges inoculating us from those macro cycles right now.

我們有 9 個真正令人興奮的準備就緒的計劃，我們已經在深入研究並開始加大力度——這些都非常令人興奮，它們是數百萬美元的多月或多年計劃。我認為這是我們最初對 WillowTree 交易感到興奮的主要驅動因素之一，因為我們從一開始就認識到，我們與 TELUS、TELUS Ag、TELUS Health 的主要客戶和合作夥伴一起獲得的各種機會等等。當我說反週期時，我的意思是我們都在閱讀並不幸地經歷了一些宏觀經濟逆風和挑戰，不確定性減少了消費量，至少推動了猶豫不決或延遲決策，如果短期內需求沒有減少的話.來自更廣泛的客戶群，尤其是技術，但不僅限於此。在此過程中，這個為 TELUS 服務以滿足其持續轉型需求的機會確實幫助我們克服了一些挑戰，這些挑戰使我們現在免受那些宏觀週期的影響。

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。

But I wanted to ask about Europe, in particular. And Europe degraded from the September quarter and the variances with the rest of the geos widened. And yet it doesn't seem like the economic data would support it. And so really, it's a 2-part question: a, what's going on in Europe that made the degradation, so to speak, more significant? And then secondly, and I'd say, argue more importantly, you gave the guidance for the year. And just what's your confidence level that the rest of the geos don't veer towards Europe as opposed to the inverse. In other words, is there -- does Europe represent a risk profile that we should be thinking about for the rest of Europe.

但我特別想問問歐洲。歐洲從 9 月季度開始退化，與其他地區的差異擴大。然而，經濟數據似乎並不支持它。所以實際上，這是一個由兩部分組成的問題：a，歐洲發生了什麼使得退化，可以說，更嚴重？其次，我想說，更重要的是，你給出了今年的指導。您對其他地區不會轉向歐洲而不是相反的信心水平是多少。換句話說，歐洲是否代表了我們應該為歐洲其他地區考慮的風險狀況。

Thank you Keith it's Vanessa. I'll start and Jeff certainly top up as appropriate. Europe has been a challenged region, I think, even matrowise. But you're right, I don't think there was a particularly singular events that happened in Europe macro-wise in Q4. What we are seeing, however, in our results for Europe is a lot of that decrease that we saw in Europe is actually from the tech and game sector. So I'm not sure if you put it up from my commentary, but that actually was what affected Europe disproportionately. A lot of the work that we do for that second largest clients of ours actually done out of Europe. So that client saw softness in Q4, that obviously drags down the overall European performance. So it is macro wide, but it's also very specific to the clients that we're serving from that particular geography.

謝謝 Keith，我是 Vanessa。我會開始，傑夫當然會酌情補足。我認為，歐洲一直是一個充滿挑戰的地區，即使是從宏觀角度來看也是如此。但你是對的，我認為第四季度歐洲宏觀方面沒有發生特別特別的事件。然而，我們在歐洲的結果中看到的是，我們在歐洲看到的很多下降實際上來自科技和遊戲行業。所以我不確定你是不是從我的評論中提出來的，但這實際上對歐洲產生了不成比例的影響。我們為我們的第二大客戶所做的很多工作實際上是在歐洲以外完成的。因此，該客戶在第四季度看到疲軟，這顯然拖累了歐洲的整體表現。所以它是宏觀範圍的，但它也非常具體到我們從特定地理位置服務的客戶。

To answer the second part of your -- so I think as we go into 2023, we've continued to assume that we will continue to see softness in Europe keep. Our guidance actually has factored that we've taken that into consideration. We don't think that our large social media clients is going to bounce up anytime soon. So we built that softness into our guidance, as I mentioned in my remarks, However, we have tremendous other offsetting factors as well, like other enterprise clients that we continue to see growth from like the opportunities with TELUS Corporation that we've also talked about. But those are going to be in other geos. They're not going to be in Europe. So we do expect to see a bit of a shift in our geographic mix of revenues in 2023, and we factored that in.

回答你的第二部分 - 所以我認為隨著我們進入 2023 年，我們繼續假設我們將繼續看到歐洲保持疲軟。我們的指南實際上已經考慮到我們已經考慮到了這一點。我們認為我們的大型社交媒體客戶不會很快反彈。因此，正如我在發言中提到的那樣，我們將這種軟性融入了我們的指導中，但是，我們也有其他巨大的抵消因素，就像我們繼續看到增長的其他企業客戶一樣，我們也談到了與 TELUS Corporation 的機會關於。但那些將在其他地區。他們不會在歐洲。因此，我們確實預計 2023 年我們的收入地域組合會發生一些變化，我們已將這一點考慮在內。

And Vanessa, just to push on that for one second, if I could. Within the 10 to 12 organic guidance that you provided, is Europe -- it remains at these levels? Or does Europe improve against the negative 15?

凡妮莎，如果可以的話，再堅持一秒鐘。在您提供的 10 到 12 個有機指導中，歐洲是否仍處於這些水平？還是歐洲相對負 15 有所改善？

Yes. So yes, we don't guide by geo. I don't think I want to get to that level of specificity, but we have assumed soft nets in Europe, so you can take that to mean we expect a decline. I wouldn't get into the quantum of the decline. But overall, again, our guidance is not by geo, but it's a weighted view of what we expect to happen in these geographies. So while we expect Europe to decline, we've also factored in growth in other regions from, again, the opportunities that I just talked about. And let's remember as well, as we kind of think about the overall guidance, it is a robust guidance, but there are a number of factors that give me confidence, whether it's in the Americas or elsewhere.

是的。所以是的，我們不按地理位置進行指導。我不認為我想達到那種程度的具體性，但我們假設歐洲有軟網絡，所以你可以認為這意味著我們預計會下降。我不會進入下降的數量。但總的來說，我們的指導不是按地域劃分的，而是對我們期望在這些地區發生的事情的加權觀點。因此，雖然我們預計歐洲會下滑，但我們也考慮了其他地區的增長，同樣來自我剛才談到的機會。讓我們也記住，當我們考慮整體指導時，它是一個強有力的指導，但有許多因素給了我信心，無論是在美洲還是其他地方。

Number one, ample opportunities that we talked about in supporting TELUS Corporation through their own digital transformation journey that Jeff just spoke to and the countercyclical nature of that opportunity, which is offsetting some of the risks that we're seeing in the tech sector and the e-commerce sector that you just heard Jeff talk about. But two, a very robust funnel. You also just heard Jeff talk about the funnel being $2.7 billion. It's a very, very healthy and robust funnel, and that's across multiple geos. And of course, we again just talked about the WillowTree cross-sell and upsell opportunities and the capabilities rather than that brings to us now. And so yes, while we do have the softness in Europe, there's a lot of reasons for us to be confident and optimistic in the overall guide in terms of where we expect to see growth prospectively.

第一，我們談到了通過 Jeff 剛剛談到的他們自己的數字化轉型之旅支持 TELUS 公司的大量機會，以及該機會的反週期性質，這抵消了我們在科技行業和您剛剛聽到 Jeff 談論的電子商務領域。但是兩個，一個非常強大的漏斗。您還剛剛聽到傑夫談到漏斗是 27 億美元。這是一個非常、非常健康和強大的漏斗，而且它跨越多個地理區域。當然，我們再次談到了 WillowTree 交叉銷售和追加銷售的機會以及能力，而不是現在給我們帶來的能力。因此，是的，雖然我們在歐洲確實表現疲軟，但我們有很多理由對我們預計未來增長的整體指南充滿信心和樂觀。

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 Kate Grunstein on from Maggie Nolan. Congrats on the nice quarter. So I wanted to quickly talk about hiring levels. Last quarter, we saw scale back in hiring following the higher levels in the first half. But it looks like you guys hired quite a bit this quarter despite some demand headwinds. Were those new hires primarily TELUS Health integration that you mentioned? Or what was the biggest driver behind the increase versus the third quarter?

這是瑪吉諾蘭的凱特格倫斯坦。恭喜這個漂亮的季度。所以我想快速談談招聘水平。上個季度，我們看到繼上半年較高水平後招聘規模有所縮減。但看起來你們本季度僱傭了很多人，儘管存在一些需求逆風。這些新員工主要是您提到的 TELUS Health 集成嗎？或者與第三季度相比增長背後的最大推動力是什麼？

Yes, you're exactly right, meaningful hiring associated with the TELUS Health integration effort that we are in the middle of enabling for TELUS and TELUS Health as a result of the LifeWorks acquisition that they completed late last year.

是的，你完全正確，有意義的招聘與 TELUS Health 整合工作相關，我們正在為 TELUS 和 TELUS Health 提供支持，這是他們去年年底完成的 LifeWorks 收購的結果。

And our next question comes from the line of Cassie Chan from Bank of America.

我們的下一個問題來自美國銀行的 Cassie Chan。

I just wanted to switch gears and ask a little bit about margins. So you guys are expecting 2020 margins to be lower. Is that just purely due to WillowTree? Or are there any other factors such as like pricing or labor costs or attrition, utilization offsetting any of that and any way to quantify?

我只是想換檔問一下利潤率。所以你們預計 2020 年的利潤率會更低。這僅僅是因為 WillowTree 嗎？或者是否有任何其他因素，例如定價或勞動力成本或自然減員、利用率抵消任何這些因素以及任何量化方式？

Kathy, it's Vanessa. I'll take this question. You're absolutely right. The 2023 margin guide does incorporate the Willowtree margins. So that is a little bit dilutive. So that's not the impact that you're seeing. But in terms of any other factors, there's always going to be client and portfolio mix impact. As I mentioned earlier, as we were talking about revenue, we expect certain clients to flex down a little bit and other clients are flex up. So the weighted balance of that margin profile is reflected in our guide. But in terms of pricing specifically, just given that you asked, we -- as I think you know and others know, in 2022, we were pretty successful in passing on price increases, along with other measures to help neutralize the impact of inflation. In 2023, while we do assume that the labor markets will start to get a little freer particularly towards the latter part of the year compared to the last 2 years, we're still assuming a level of inflation. But we've taken a more conservative view to our expectations of pricing increases relative to what we did in the past, just given the macro environment. So I think you're seeing a little bit of that caution reflected in our margin guidance as well.

凱西，我是凡妮莎。我會回答這個問題。你是絕對正確的。 2023 年利潤率指南確實包含了 Willowtree 利潤率。所以這有點稀釋。所以這不是你看到的影響。但就任何其他因素而言，總會有客戶和投資組合的影響。正如我之前提到的，當我們談論收入時，我們預計某些客戶會有所縮減，而其他客戶則會有所增加。因此，該保證金概況的加權餘額反映在我們的指南中。但就具體定價而言，正如你所問，我們——我想你和其他人都知道，在 2022 年，我們非常成功地轉嫁了價格上漲，以及其他有助於抵消通貨膨脹影響的措施。到 2023 年，雖然我們確實假設勞動力市場將開始變得更加自由，特別是與過去兩年相比，今年下半年，但我們仍然假設通脹水平。但是，考慮到宏觀環境，相對於我們過去所做的，我們對價格上漲的預期採取了更為保守的觀點。所以我認為你在我們的保證金指導中也看到了一些謹慎。

And our next question comes from the line of Divya Goyal from Scotia.

我們的下一個問題來自 Scotia 的 Divya Goyal。

So I had a quick question here, Jeff and Vanessa, on the acquisition expense for the quarter. I do see that the number for the quarter is at $23 million. That seems pretty high for due diligence. I understand wills a large enough acquisition. We were projecting a higher number in this coming quarter for the integration costs. I would appreciate if you could provide some guidance from a modeling standpoint and provide some color on the Q4 number there.

所以我在這裡有一個關於本季度收購費用的快速問題，Jeff 和 Vanessa。我確實看到該季度的數字為 2300 萬美元。這對於盡職調查來說似乎相當高。我了解將進行足夠大的收購。我們預計下一季度的整合成本會更高。如果您能從建模的角度提供一些指導並在 Q4 數字上提供一些顏色，我將不勝感激。

Yes. Divya, and we can certainly spend more time on our -- on the one-on-one call back later on. So the -- we haven't incurred any integration costs in Q4 because we did a deal in close until January 3. So what we're referencing was actually deal transaction costs. for M&A advisory, et cetera. So those costs hit us in Q4 2022 and those were significant. And that's what you heard in my commentary. But in terms of integration costs, you're absolutely right. Those will start in Q1, just given the timing of when the deal closed on January 3.

是的。 Divya，我們當然可以花更多的時間在我們的——稍後的一對一回電上。所以——我們在第四季度沒有產生任何整合成本，因為我們在 1 月 3 日之前完成了一筆交易。所以我們所指的實際上是交易交易成本。併購諮詢等。因此，這些成本在 2022 年第四季度對我們造成了影響，而且數額巨大。這就是你在我的評論中聽到的。但就整合成本而言，你是絕對正確的。這些將在第一季度開始，只是考慮到交易於 1 月 3 日結束的時間。

Yes, like I think we were projecting a slightly lower number. That's why it came as a bit of a surprise for us from a due diligence cost standpoint.

是的，就像我認為我們預測的數字略低一樣。這就是為什麼從盡職調查成本的角度來看，這讓我們感到有些意外。

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。

Jeff, I was hoping you could talk a little bit about the early conversations you've had with WillowTree customers? And just in terms of what TI products are resonating the most with them? And then maybe related to the last question, Vanessa, how do you think about the time line to get WillowTree onto the TI margin here.

傑夫，我希望你能談談你與 WillowTree 客戶的早期對話？就哪些 TI 產品最能引起他們的共鳴而言？然後可能與最後一個問題有關，Vanessa，你如何看待讓 WillowTree 在這裡進入 TI 邊緣的時間線。

We've had some very exciting conversations with WillowTree clients and candidly equally have done more exciting conversations with our clients about bringing WillowTree capabilities to bear. But on that former topic, it's a combination of our content moderation capabilities, in particular that seem to be attracting the most attention to several of the WillowTree clients as well as more broadly TIs what we call our deliver or run capabilities. The WillowTree, historically has intentionally stayed away from that part of the client experience ecosystem. So they get engaged on the design front, the build front, principally. And then once they've completed their work on many occasions, their customers have invited them to continue to stay involved in terms of supporting the end user community, modernizing the back office support that's connected to those front-end applications.

我們與 WillowTree 的客戶進行了一些非常激動人心的對話，並且坦率地同樣與我們的客戶就 WillowTree 的功能發揮作用進行了更多激動人心的對話。但在前一個主題上，它是我們內容審核能力的結合，特別是似乎吸引了幾個 WillowTree 客戶的最多注意力，以及更廣泛的 TI，我們稱之為交付或運行能力。 WillowTree 歷來有意遠離客戶體驗生態系統的那一部分。因此，他們主要從事設計方面的工作，主要是構建方面的工作。然後，在他們多次完成工作後，他們的客戶邀請他們繼續參與支持最終用戶社區，使連接到這些前端應用程序的後台支持現代化。

And they have intentionally said, that's not our core competency. We're staying away from that. And now given TI's expertise at scale, we're now having a much more holistic end-to-end conversation with the WillowTree customer community saying now we can actually bring the entire package to bear on their behalf. So we're pretty darn excited about how quickly we're going to realize the synergy thesis for the cross-sell opportunity, our services to their customers, their services to ours. Vanessa, over to you for the second question from Stephanie.

他們故意說，那不是我們的核心競爭力。我們遠離那個。現在，鑑於 TI 的大規模專業知識，我們現在正在與 WillowTree 客戶社區進行更全面的端到端對話，說現在我們實際上可以代表他們提供整個服務包。因此，我們非常興奮我們將以多快的速度實現交叉銷售機會的協同論點，我們為他們的客戶提供的服務，他們為我們提供的服務。 Vanessa，Stephanie 的第二個問題交給你了。

So we -- your question was how quickly can we get the WillowTree margins to the TI margins, we see WillowTree being accretive in 2024, and we'll talk about that a little bit later at our Investor Day next week, where we'll actually talk a lot more about WillowTree as well. And we see that we see it being accretive in 2024 for a number of reasons. -- economies of scale as they grow and they are not going to need to add on some of the incremental SG&A, for example, that they normally would have as a standalone entity, leveraging the broader TI, leveraging our global footprint in terms of cost management, et cetera, in addition to, obviously, as the revenue synergies continue to build up, that also comes with a margin uplift as well. So we are quite bullish, and we do think that will be accretive here in 2024.

所以我們——你的問題是我們能多快讓 WillowTree 的利潤率達到 TI 的利潤率，我們看到 WillowTree 在 2024 年實現增長，我們將在下週的投資者日晚些時候討論這個問題，我們將在那裡實際上也談了很多關於 WillowTree 的內容。我們看到，由於多種原因，我們認為它在 2024 年會增加。 -- 隨著他們的增長而產生規模經濟，他們不需要增加一些增量的 SG&A，例如，他們通常作為一個獨立的實體，利用更廣泛的 TI，利用我們在成本方面的全球足跡管理層等等，顯然，隨著收入協同效應的不斷增強，利潤率也隨之提高。所以我們非常看好，我們確實認為這將在 2024 年增加。

And our next question comes from the line of Dan Perlin from RBC.

我們的下一個問題來自 RBC 的 Dan Perlin。

Jeff, I don't want to steal a lot from next week's event, but I did have a question just around AI and ChatGPT in particular, as to why you think -- one, it's an opportunity maybe versus a threat for content moderation and your digital CX business. We are obviously getting a lot more of these questions from investors. So I would just like to get your view on that. And then just, Vanessa, do you say interest expense, I think you said was 6%. Are you level setting that at a little over $100 million if we think about it from an absolute dollar amount for '23?

Jeff，我不想從下週的活動中竊取太多東西，但我確實有一個關於 AI 和 ChatGPT 的問題，特別是關於你為什麼認為 - 第一，這可能是一個機會，而不是對內容審核的威脅，並且您的數字 CX 業務。我們顯然從投資者那裡收到了更多這樣的問題。所以我想听聽你對此的看法。然後，Vanessa，你說的是利息支出嗎，我想你說的是 6%。如果我們從 23 年的絕對金額考慮，您是否將其設定為 1 億美元多一點？

Sure. I said about 6% interest rates. That will be a little north of $100 million for 2023, about 110-ish in that ballpark.

當然。我說的是大約 6% 的利率。到 2023 年，這將略高於 1 億美元，大約是 110 美元左右。

So Dan, I think ChatGPT is getting all kinds of media attention and understandably so, given really the exciting natural language capability, which I think admittedly is probably the more revolutionary for lack of a better word, attribute of this capability. I mean, chatbots and that capability more broadly have been around for years and years now. What I think really has that ChatGPT standing out and why I think they had a couple of hundred million downloads just in the first 2 months of its launch is really what it's able to do in terms of sounding so human-like, so natural and so much so that I think even millennials might be persuaded to actually ask for help now.

所以 Dan，我認為 ChatGPT 正在受到各種媒體的關注，這是可以理解的，鑑於真正令人興奮的自然語言能力，我認為無可否認，由於缺乏更好的詞，這種能力的屬性可能更具革命性。我的意思是，聊天機器人和更廣泛的能力已經存在多年了。我認為真正讓 ChatGPT 脫穎而出的原因以及為什麼我認為他們在推出的前兩個月就獲得了數億次下載，這實際上是它在聽起來如此人性化、如此自然等方面能夠做到的以至於我認為即使是千禧一代現在也可能被說服去尋求幫助。

Where we see the opportunity though is, as I said in my prepared remarks, the nature of AI is inherently retrospective in that you take a data set, you annotate it, tag it, label it, you feed that information into your machine learning algorithm and then you invite AI to make predictions, if you will, to offer outcomes predicated on that historical data set. But by definition, if the data set is static, then the answers you're going to get will not necessarily be helpful if, for example, there was no historical reference. So let me give you a specific example. If you asked ChatGPT right now, how to swap your SIM card out of your iPhone it would in a very effortless accessible way, talk to you, like you're talking to an expert at your phone provider and invite you to take a paper clip and stick it into the little hole in the side of your phone and a little tray would pop out and you would manually remove excuse me, the SIM card and then inserted in the same way into your new phone.

不過，正如我在準備好的發言中所說，我們看到機會的地方是，人工智能的本質本質上是回顧性的，因為你獲取一個數據集，對其進行註釋、標記、標記，然後將這些信息輸入到你的機器學習算法中然後你邀請人工智能進行預測，如果你願意的話，提供基於該歷史數據集的結果。但根據定義，如果數據集是靜態的，那麼您將獲得的答案不一定有幫助，例如，如果沒有歷史參考。那麼讓我給你一個具體的例子。如果你現在問 ChatGPT，如何將你的 SIM 卡從你的 iPhone 中更換出來，它會以一種非常容易訪問的方式與你交談，就像你在與你的電話供應商的專家交談並邀請你拿回形針一樣將它插入手機側面的小孔中，會彈出一個小托盤，您需要手動取出 SIM 卡，然後以相同的方式插入新手機。

The problem with all of that, though, is that iPhone 14, which came out after 2021, do not have SIM card trades. And so you would actually be entirely misled despite how believable, how compelling, how accessible that instruction was because the data set that ChatGPT ran its AI on is stale dated and simply didn't know that one iPhone would change their construct. So where we see the opportunity as we have done with our clients for many years now is it's our annotation labeling, tagging capability at scale that can be used by open AI and other generative AI partners like Google, like Meta and others to ensure that those data sets continue to be refreshed on a reoccurring basis so that they're providing accurate information.

不過，所有這一切的問題在於，2021 年後推出的 iPhone 14 沒有 SIM 卡交易。因此，儘管該指令多麼可信、多麼引人注目、多麼容易訪問，但您實際上會完全被誤導，因為 ChatGPT 運行其 AI 的數據集已經過時，而且根本不知道一部 iPhone 會改變它們的結構。因此，正如我們多年來與客戶所做的那樣，我們看到的機會是我們的註釋標籤、大規模標記功能，開放人工智能和其他生成人工智能合作夥伴，如穀歌、Meta 和其他人，可以使用這些能力來確保那些數據集會不斷更新，以提供準確的信息。

And then bidirectionally, there's no question that incorporating that more comprehensive, accessible natural language processing capability into our own chatbot community prospectively is going to create even more opportunity for us to win more business. And the disintermediation of traditional live agent support that will be a consequence in part of this evolution, I think this is just a natural evolution of that dynamic that's been going on for several years now as automation and process improvement has naturally pushed the humans in the loop further up the food chain because simple, predictable, repeatable interactions can and frankly, should be automated because it's a better user experience, never mind more cost effective. So we don't see this as a threat at all. We see this as an opportunity to be partnering bidirectionally with them and others similar to them. And we will indeed talk a lot about it Investor Day next week.

然後在雙向方面，毫無疑問，將更全面、更易於訪問的自然語言處理能力整合到我們自己的聊天機器人社區中，將會為我們創造更多機會，贏得更多業務。傳統人工代理支持的去中介化將是這一演變的一部分結果，我認為這只是這種動態的自然演變，這種動態已經持續了幾年，因為自動化和流程改進自然而然地將人類推向了進一步向上循環食物鏈，因為簡單、可預測、可重複的交互可以並且坦率地說應該自動化，因為它是更好的用戶體驗，更不用說更具成本效益了。所以我們根本不認為這是一種威脅。我們將此視為與他們以及與他們類似的其他人進行雙向合作的機會。我們確實會在下週的投資者日談論很多。

Thank you. And our next question comes from the line of Richard Tse from National.

謝謝。我們的下一個問題來自 National 的 Richard Tse。

Wondering if you can sort of talk about the current attrition levels of the employee base? Like how does it compare to the prior year? And how does it compare to the industry sort of in context with some of the comments you made earlier about the competitive landscape?

想知道您是否可以談談當前員工群的流失率？比如它與前一年相比如何？在您之前對競爭格局發表的一些評論的背景下，它與行業相比如何？

It's hard to compare like-for-like with the competitive landscape. I think, unfortunately, attrition has been one of those metrics that has so many variables in it and folks take, I guess, a differentiated or self-serving view sometimes, whether it includes or excludes voluntary, involuntary total front line, including training, not including training, so on and so forth. So what we tend to do is focus really inside TI and across each of those elements compared to prior quarters, prior years, et cetera, and where Q4 for us landed was continued improvement from prior quarters, still not quite yet back to pre-pandemic levels, but thank goodness, getting closer still. Always in my view, a critical element of our success is managing attrition effectively.

很難將同類產品與競爭格局進行比較。我認為，不幸的是，人員流失一直是其中包含如此多變量的指標之一，我猜人們有時會採取差異化或自私的觀點，無論它是否包括或不包括自願的，非自願的總前線，包括培訓，不包括培訓等等。因此，我們傾向於做的是真正關注 TI 內部以及與前幾個季度、前幾年等相比的每個要素，而我們在第四季度登陸的地方比前幾個季度持續改善，但仍未完全回到大流行前水平，但謝天謝地，越來越近了。在我看來，我們成功的一個關鍵因素是有效地管理人員流失。

A combination of the ever more complex work that we're invited to undertake on behalf of our clients, requiring more competent, capable, experienced tenured talented people to do the work and getting them keeping them is just so critically important to deliver great service on a sustainable basis to our customers. But equally importantly is the cost to replace them if they attrit -- re-recruit, retrain, wait for proficiency, I think we've been fortunate in that regard and intentional and hence, why we continue to enjoy the margin profile that we do relative to others because I think we do a better job than most but always room to do better still.

我們受邀代表客戶承擔越來越複雜的工作，需要更有能力、有能力、經驗豐富的終身人才來完成這項工作，並讓他們留住他們，這對於提供優質服務至關重要為我們的客戶提供可持續發展的基礎。但同樣重要的是，如果他們流失 - 重新招聘，重新培訓，等待熟練，我認為我們在這方面很幸運並且是有意的，因此，為什麼我們繼續享受我們所做的利潤率相對於其他人，因為我認為我們比大多數人做得更好，但總有做得更好的空間。

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

謝謝。今天節目的問答環節到此結束。我想將該程序交還給 Jeff Puritt 先生以徵求他的進一步意見。

Thanks, Jonathan, and thank you all for your engagement and questions, as always. Despite the concurrence of a recessionary environment, rising inflation and geopolitical conflicts, I believe that at TELUS International, we've just barely scratched the surface of the opportunities ahead of us, thanks to our resilient business model and focus on profitable growth, innovation and our unique caring culture. We believe that we're at the beginning of a tech super cycle that will impact all industries primarily driven by huge leaps forward in next Gentech like the generative AI revolution, augmented and virtual reality applications at a metaverse that bridges the digital and physical worlds. TI is well positioned to build deep relationships with existing and new clients as they seek to streamline, optimize and modernize their processes to enable scalable digital solutions.

謝謝 Jonathan，一如既往地感謝大家的參與和提問。儘管經濟衰退的環境、通脹上升和地緣政治衝突並存，但我相信在 TELUS International，由於我們具有彈性的商業模式並專注於盈利增長、創新和我們獨特的關懷文化。我們相信，我們正處於一個技術超級週期的開始，它將影響所有行業，主要由下一代 Gentech 的巨大飛躍推動，例如生成人工智能革命、在連接數字和物理世界的元宇宙中的增強和虛擬現實應用。 TI 有能力與現有和新客戶建立深厚的關係，因為他們尋求簡化、優化和現代化他們的流程，以實現可擴展的數字解決方案。

Furthermore, today's clients are looking for innovation and proactivity from third-party providers. They expect exceptional partners for human centered design thinking, customer journey mapping and digital road map prioritization and full cycle product development, including rapid prototyping. Through organic growth and strategic acquisitions, TI has deeply embedded each of these capabilities into our highly synergistic service offerings, and we continue to attract and retain the best talent to design, build and deliver our digital solutions, bolstered by our commitment to diversity, equity and inclusion, including through our impact sourcing programs. Sustainability and social responsibility are increasingly as important to our clients as they are for us.

此外，今天的客戶正在尋求第三方供應商的創新和主動性。他們期望卓越的合作夥伴能夠提供以人為本的設計思維、客戶旅程圖和數字路線圖優先級排序以及全週期產品開發，包括快速原型製作。通過有機增長和戰略收購，TI 已將這些能力中的每一項深深嵌入到我們高度協同的服務產品中，並且我們繼續吸引和留住最優秀的人才來設計、構建和交付我們的數字解決方案，這得益於我們對多樣性、公平性的承諾和包容，包括通過我們的影響力採購計劃。可持續發展和社會責任對我們的客戶和我們越來越重要。

In 2022, our team volunteered more than 75,000 hours participating in 13 TELUS Days of Giving events and various other community activities focused on strengthening social infrastructure and environmental stewardship across the globe. Since 2007, TELUS International has meaningfully impacted the lives of more than 12 million people around the world through volunteer activities and charitable giving, and our team is excited to do even more. I'd like to thank each and every one of our team members for giving back so meaningfully and becoming part of our company's strong legacy that will positively impact future generations. I'll end my closing remarks today by noting that TI is hosting our first Investor Day on February 16, next Thursday at the New York Stock Exchange. We're particularly looking forward to ringing the closing bell, something we weren't able to do in person at the time of our IPO back in 2021 due to the pandemic.

2022 年，我們的團隊自願參與了 13 個 TELUS 捐贈日活動和其他各種社區活動，時間超過 75,000 小時，重點是加強全球的社會基礎設施和環境管理。自 2007 年以來，TELUS International 通過志願者活動和慈善捐贈對全球超過 1200 萬人的生活產生了深遠的影響，我們的團隊很高興能做得更多。我要感謝我們團隊的每一位成員，感謝他們如此有意義地回饋社會，並成為我們公司強大遺產的一部分，這將對子孫後代產生積極影響。我將在結束今天的結束語時指出，TI 將於 2 月 16 日下週四在紐約證券交易所舉辦我們的第一個投資者日。我們特別期待敲響收盤鐘，由於大流行，我們在 2021 年首次公開募股時無法親自做這件事。

Vanessa and I hope to see many of you there in person where you'll also have the opportunity to meet members of the TI executive team and hear directly from them about the dynamic product portfolios they're running, how our technology and innovation drives our differentiated go-to-market approach and how our ESG focus sets us apart in the market. I won't go through the whole agenda right now, but suffice to say, I can't wait for this exciting opportunity to discuss more about my favorite subject, TELUS International. We'll be webcasting the event live, and the webcast link is available on our Investor Relations site. Please feel free to reach out to our IR team if you've got any questions. And otherwise, I hope to see you all again on our next quarterly call in May. Thank you all again. Please keep yourselves and your family safe and goodbye.

Vanessa 和我希望能在現場見到你們中的許多人，你們也將有機會與 TI 執行團隊的成員會面，並直接從他們那裡聽到他們正在運行的動態產品組合、我們的技術和創新如何推動我們的發展差異化的上市方法以及我們對 ESG 的關注如何使我們在市場中脫穎而出。我現在不會詳細介紹整個議程，但我只想說，我已經迫不及待地等待這個激動人心的機會來更多地討論我最喜歡的主題 TELUS International。我們將對活動進行網絡直播，網絡直播鏈接可在我們的投資者關係網站上找到。如果您有任何問題，請隨時聯繫我們的 IR 團隊。除此之外，我希望在 5 月份的下一次季度電話會議上再次見到大家。再次感謝大家。請確保您自己和家人的安全，再見。

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。