TELUS International (CDA) Inc (TIXT) 2024 Q2 法說會逐字稿

Good day.

再會。

Welcome to the TELUS Digital Experiences Q2 2024 investor call.

歡迎參加 TELUS 數位體驗 2024 年第二季投資者電話會議。

I would like to introduce your speaker, Ms. Olena Lobach.

我想介紹一下你們的演講者，奧琳娜·洛巴赫女士。

Please go ahead.

請繼續。

Thank you, Karl, and good morning, everyone.

謝謝你，卡爾，大家早安。

Thank you for joining us today for the TELUS Digital second-quarter 2024 investor call.

感謝您今天參加 TELUS Digital 2024 年第二季投資者電話會議。

Joining our call today will be Darren Entwistle, Chair of the TELUS Digital Board of Directors, along with Jeff Puritt, President and CEO; and Gopi Chande, our Chief Financial Officer.

TELUS Digital 董事會主席 Darren Entwistle 以及總裁兼執行長 Jeff Puritt 也將參加今天的電話會議。以及我們的財務長 Gopi Chande。

We also have Jason Macdonnell, Senior Vice President of Customer Service Excellence at TELUS; and Tobias Dengel, President of WillowTree.

我們還有 TELUS 卓越客戶服務資深副總裁 Jason Macdonnell；以及 WillowTree 總裁 Tobias Dengel。

We will open with Darren, Jason, and Tobias, providing brief introductory remarks.

我們將由達倫、賈森和託拜厄斯開始，提供簡短的介紹性演講。

After that, Jeff and Gopi will continue the call with an overview of the results.

之後，Jeff 和 Gopi 將繼續通話並概述結果。

And Tobias will join them to answer your questions before we turn the call back to Jeff for his closing remarks.

托比亞斯將與他們一起回答大家的問題，然後我們將電話轉回給傑夫，讓他發表結束語。

For our cautionary statements and further context on certain non-GAAP measures used during today's call, please refer to the appendices of the earnings release issued this morning and the regulatory filings available on SEDAR+ and EDGAR.

有關我們在今天電話會議中使用的某些非公認會計原則措施的警告聲明和進一步背景，請參閱今天上午發布的收益報告的附錄以及 SEDAR+ 和 EDGAR 上提供的監管文件。

With that, I will now pass the call over to Darren.

現在，我將把電話轉給達倫。

Thank you, and good morning, everyone.

謝謝大家，大家早安。

I'm participating briefly on our call today, and my role is the Chair of the Board of TELUS Digital to announce some important organizational developments.

我今天將簡短地參加我們的電話會議，我的角色是 TELUS Digital 董事會主席，宣布一些重要的組織發展。

It is with immense gratitude and appreciation for his innumerable contributions to TELUS Digital over the past two decades and 24 years as a TELUS team member that we announced the retirement of Jeff Puritt, President and CEO of TELUS Digital, effective on September 3.

懷著對他在過去二十年和 24 年裡作為 TELUS 團隊成員為 TELUS Digital 做出的無數貢獻的巨大謝意和讚賞，我們宣布 TELUS Digital 總裁兼首席執行官 Jeff Puritt 於 9 月 3 日退休。

I'd like to take this opportunity to personally thank Jeff for his leadership in shaping our TELUS digital business since its inception from a single delivery center in the Philippines with fewer than 2,000 team members to an integrated global provider of AI, digital, and customer experience services with over 75,000 employees, serving more than 650 clients from 32 countries around the world.

我想藉此機會親自感謝Jeff 在塑造我們的TELUS 數位業務方面所發揮的領導作用，該業務自成立以來從位於菲律賓、團隊成員不足2,000 名的單一交付中心發展成為人工智慧、數位和客戶的綜合全球供應商擁有超過 75,000 名員工，為來自全球 32 個國家的 650 多家客戶提供體驗服務。

In recognition of Jeff's unwavering commitment to our global team throughout our company's journey, following his retirement, Jeff will assume his new role as Executive Vice Chair of the Board at TELUS Digital.

為了表彰 Jeff 在公司發展歷程中對我們全球團隊堅定不移的承諾，在退休後，Jeff 將擔任 TELUS Digital 董事會執行副主席的新職位。

Importantly, in this capacity, Jeff will be responsible for our corporate development activities given his expertise and experience in mergers and acquisitions.

重要的是，鑑於傑夫在併購方面的專業知識和經驗，他將以此身分負責我們的企業發展活動。

Jeff's efforts will complement and amplify the company's return to profitable growth that we are so committed to seeing and delivering upon.

傑夫的努力將補充和促進公司恢復獲利成長，這是我們致力於實現和實現的目標。

In his role, Jeff will also support the government and Investor Relations functions within TELUS Digital.

在此期間，Jeff 也將支持 TELUS Digital 的政府和投資者關係職能。

TELUS digital strategy remains solidly rooted in proactively embracing the latest technology to drive excellence in customer service, harnessing the next frontier of digital innovation and AI to enable our talented team members to deliver successful outcomes for our clients and further strengthen TELUS Digital's brand leadership in the industry.

TELUS 數位化策略仍然牢固地紮根於積極採用最新技術來推動卓越的客戶服務，利用數位創新和人工智慧的下一個前沿，使我們才華橫溢的團隊成員能夠為客戶提供成功的成果，並進一步加強TELUS Digital 在該領域的品牌領導地位。

Consistent with this strategy and our best-in-class commitment to robust succession planning, Jason Macdonnell, a 20-year tenured member of the TELUS senior leadership team, will succeed Jeff as CEO of TELUS Digital as well as take on the operational role of President, TELUS Digital Customer Experience.

根據這項策略以及我們對穩健繼任計畫的一流承諾，擁有 20 年任期的 TELUS 高級領導團隊成員 Jason Macdonnell 將接替 Jeff 擔任 TELUS Digital 首席執行官，並擔任 TELUS Digital 的營運職務。

Most recently, Jason served as Senior Vice President of TELUS Customer Solutions Excellence and President of TELUS Smart Security and Home Automation.

最近，Jason 擔任 TELUS 卓越客戶解決方案資深副總裁以及 TELUS 智慧安全與家庭自動化總裁。

Jason clearly has a proven track record of bringing the capabilities that TELUS has developed to lead in the industry in respect of client care, loyalty, cost efficiency, and digital transformation excellence to all the business verticals that TELUS Digital addresses.

Jason 顯然有著良好的記錄，將 TELUS 開發的在客戶服務、忠誠度、成本效率和卓越數位轉型方面處於行業領先地位的功能帶入 TELUS Digital 所涉及的所有業務垂直領域。

Additionally, Tobias Dengel, Founder and President of WillowTree, will take on the elevated role of President of TELUS Digital Solutions.

此外，WillowTree 創辦人兼總裁 Tobias Dengel 將擔任 TELUS Digital Solutions 總裁。

Tobias has both the industry-leading expertise and the entrepreneurial drive needed to ensure we continuously deliver best-in-class solutions across our digital, gen AI, and AI modeling businesses.

Tobias 擁有業界領先的專業知識和創業動力，以確保我們在數位、新一代人工智慧和人工智慧建模業務中持續提供一流的解決方案。

Both Jason and Tobias will report directly to the TELUS Digital Board of Directors.

Jason 和 Tobias 都將直接向 TELUS Digital 董事會報告。

We are clearly eager to see the significant leadership contribution and impact that they will make in returning TELUS Digital to material, profitable growth.

我們顯然渴望看到他們在帶領 TELUS Digital 實現實質獲利成長方面所做出的重大貢獻和影響。

On this call today, we have both Jason and Tobias joining us for a brief introduction.

在今天的電話會議上，傑森和托比亞斯都加入我們，進行簡要介紹。

You can also count on having further opportunities to engage with each of them in the months ahead.

您還可以指望在接下來的幾個月裡有更多機會與他們每個人接觸。

And on that note, Jason, let's start with you.

關於這一點，傑森，讓我們從你開始。

Thank you, Darren.

謝謝你，達倫。

Hello, everyone.

大家好。

As you are aware, TELUS Digital has a tremendous history as a global leader in digital customer experience, carving out a meaningful market position to serve some of the world's most well-known brands and forward-thinking clients.

如您所知，TELUS Digital 作為數位客戶體驗領域的全球領導者擁有悠久的歷史，開拓了有意義的市場地位，為世界上一些最知名的品牌和具有前瞻性思維的客戶提供服務。

I'm excited to carry the organization forward on the strong foundation of world-leading culture, innovation, and leadership deeply fostered by Jeff and the TELUS Digital leadership team.

我很高興能夠在 Jeff 和 TELUS Digital 領導團隊深入培育的世界領先文化、創新和領導力的堅實基礎上推動組織向前發展。

A little about me.

關於我的一些情況。

Since joining TELUS, customer service transformation and business growth have been core hallmarks of my experience.

自從加入 TELUS 以來，客戶服務轉型和業務成長一直是我經歷的核心標誌。

As the Senior Vice President of Customer Service Excellence, I led the organization responsible for millions of TELUS customers across mobility and home services.

身為卓越客戶服務資深副總裁，我所領導的組織負責行動和家庭服務領域的數百萬 TELUS 客戶。

In this role and many others, I've worked extensively with the TELUS Digital Experience organization to couple advanced technology with innovative operational methods that drive material business value.

在這個職位和其他許多職位上，我與 TELUS 數位體驗組織進行了廣泛的合作，將先進技術與創新的營運方法相結合，從而推動實質業務價值。

I'm pleased to join an organization that shares my passion for growth, customer experience, technology and transformation.

我很高興加入一個與我一樣對成長、客戶體驗、技術和轉型充滿熱情的組織。

And I look forward to working with our global leadership team to champion meaningful value for our shareholders, our customers, and our global communities, as well as providing industry-leading, digital-first outcomes backed by exceptional technology-supported human interactions.

我期待與我們的全球領導團隊合作，為我們的股東、客戶和全球社群帶來有意義的價值，並在卓越的技術支援的人際互動的支持下提供業界領先的數位優先成果。

Thank you for the opportunity to introduce myself.

感謝您給我自我介紹的機會。

I look forward to meeting and working with many of you on this call in the near future, including my good colleague, Tobias.

我期待在不久的將來在這次電話會議上與你們中的許多人會面並合作，其中包括我的好同事托比亞斯。

Tobias over to you.

托比亞斯交給你了。

Thank you, Jason, and good morning to everyone.

謝謝你，傑森，祝大家早安。

Over the years, TELUS Digital has defined a new category in its industry, right at the intersection of digital IT and digital CX with technology playing a central role in the evolution of our company.

多年來，TELUS Digital 在數位 IT 和數位 CX 的交叉點定義了行業的新類別，技術在我們公司的發展中發揮核心作用。

I'm very excited to be part of bringing this company to the next frontier of our digital evolution, not least in the area of AI.

我很高興能夠成為將這家公司帶入數位發展的下一個前沿領域的一部分，尤其是在人工智慧領域。

Our mission is to provide the tools and services that fuel our clients' ability to adopt and maximize the value of AI in order to deliver the best possible customer experience.

我們的使命是提供工具和服務，增強客戶採用人工智慧的能力並最大限度地發揮人工智慧的價值，從而提供最佳的客戶體驗。

While the promise of AI is real, the implementation of AI in most enterprises has lagged the vision, driven by a lack of data readiness, a lack of trust, and a lack of control.

雖然人工智慧的前景是真實的，但由於缺乏數據準備、缺乏信任和缺乏控制，大多數企業的人工智慧實施已經落後於願景。

Our solutions squarely address these core impediments to scale of enterprise adoption.

我們的解決方案直接解決了企業採用規模的這些核心障礙。

Data is foundational to every AI deployment and our capabilities uniquely position us to partner with our clients to responsibly design, build, implement, deliver, and scale their AI and gen AI use cases.

數據是每個人工智慧部署的基礎，我們的能力使我們能夠與客戶合作，負責任地設計、建置、實施、交付和擴展他們的人工智慧和生成人工智慧用例。

Our differentiated end-to-end approach across both the data and AI life cycles is a critical factor in helping us to address our clients' major points of friction in order to focus on innovation and growth.

我們在數據和人工智慧生命週期中採用差異化的端到端方法是幫助我們解決客戶的主要摩擦點以專注於創新和成長的關鍵因素。

Flexibility, control, and trust are the core facets of our AI offerings.

靈活性、控制力和信任是我們人工智慧產品的核心要素。

Trust is a crucial component as confidence in the model's performance and responses remain a major impediment for our clients launching gen AI solutions into production.

信任是至關重要的組成部分，因為對模型性能和回應的信心仍然是我們的客戶將新一代人工智慧解決方案投入生產的主要障礙。

And we aim to be a significant player in providing that solution.

我們的目標是成為提供該解決方案的重要參與者。

Our ability to test drive real use cases at scale with TELUS in the highly regulated industries where they operate, including telecommunications and healthcare, before actually going to other clients is unmatched in our industry.

在實際向其他客戶提供服務之前，我們能夠與 TELUS 在其運營的高度監管行業（包括電信和醫療保健）大規模測試實際用例，這在我們的行業中是無與倫比的。

Indeed, our unique partnership with TELUS is a meaningful competitive advantage, a proven ground that competitors simply do not enjoy.

事實上，我們與 TELUS 的獨特合作關係是一種有意義的競爭優勢，是競爭對手根本無法享受的經過驗證的基礎。

Rest assured you'll be hearing more from us on that front as we continue to accelerate our lineup of gen AI product releases, showcasing our thoughtful and comprehensive approach in advancing our capabilities, both for our clients and internally.

請放心，隨著我們繼續加速我們的新一代人工智慧產品陣容的發布，您將會聽到我們在這方面的更多消息，展示我們在為客戶和內部提升能力方面深思熟慮和全面的方法。

With that and with my deepest appreciation for his legacy, his ongoing support of our new leadership team, and his mentorship and partnership over the last 18 months since I've joined the firm, let me turn the call over to Jeff.

有鑑於此，我對他的遺產、他對我們新領導團隊的持續支持以及他在我加入公司以來的過去 18 個月裡的指導和合作表示最深切的讚賞，讓我把電話轉給 Jeff。

Thank you, Tobias.

謝謝你，托比亞斯。

Thank you, Jason, and thank you very much indeed for those very generous comments, Darren.

謝謝你，傑森，非常感謝你的慷慨評論，達倫。

I'm very pleased for both Jason and Tobias to take on their responsibilities, and I'm fully committed to making sure they have a successful start in their new rules.

我很高興傑森和托比亞斯能夠承擔起他們的責任，並且我完全致力於確保他們在新規則中取得成功的開始。

I'm truly honored to have served as the President and CEO of TELUS Digital.

我非常榮幸能夠擔任 TELUS Digital 的總裁兼執行長。

And in my new capacity as the Executive Vice Chair of the Board, I look forward to the exciting future for our business.

在擔任董事會執行副主席的新職位上，我期待著我們業務的美好未來。

I'd like to thank our Board of Directors for their continued support of our leadership team as well as the entire TELUS Digital team for their remarkable passion and dedication.

我要感謝我們的董事會對我們領導團隊的持續支持，以及整個 TELUS Digital 團隊的非凡熱情和奉獻精神。

As part of this transition, on behalf of the Board and our management team, I'd also like to sincerely thank Jose Luis Garcia, who has served as the company's Chief Operating Officer since May 2023.

作為此次過渡的一部分，我還謹代表董事會和我們的管理團隊衷心感謝自 2023 年 5 月以來一直擔任公司首席營運長的何塞·路易斯·加西亞 (Jose Luis Garcia)。

We're very grateful indeed for his valuable contributions and we wish Jose Luis continued success in his future endeavors.

我們非常感謝他所做的寶貴貢獻，並祝福何塞·路易斯在未來的事業中繼續取得成功。

So I appreciate for our audience; this was a lot to digest just in one morning.

所以我很感謝我們的觀眾；僅僅一個早上就需要消化很多東西。

However, I'll now focus our call back on the quarterly results and the outlook provision we released earlier today.

不過，我現在將重點放在我們今天早些時候發布的季度業績和展望條款。

Our results in the second quarter reflect continued pressures on our business from the challenging macroeconomic and operating environment.

我們第二季的業績反映了充滿挑戰的宏觀經濟和營運環境對我們業務的持續壓力。

Our management team, and of course, I personally fully acknowledge the impact of how our efforts to address the challenges we experienced since last year and our resulting underperformance has put a tremendous dent into our longer-term track record of delivering sustained profitable growth.

我們的管理團隊，當然，我個人也完全承認，我們為應對去年以來所經歷的挑戰所做的努力以及由此導致的業績不佳，對我們實現持續盈利增長的長期記錄造成了巨大影響。

While earlier in the year, we saw solid signs of the demand recovery on the horizon, including a record in new client bookings in the first quarter, the pace of new client bookings slowed in the second quarter despite continued strength in our sales funnel.

雖然今年早些時候，我們看到了需求復甦的明顯跡象，包括第一季新客戶預訂量創歷史新高，但儘管我們的銷售管道持續強勁，但第二季新客戶預訂量放緩。

Meanwhile, fierce competition on price and restricted client spending persisted.

同時，激烈的價格競爭和有限的客戶支出持續存在。

Similar to our peers in now not seeing improvement in the macroeconomic environment, we too no longer expect the magnitude of recovery previously expected for the second half of this year.

與我們的同業目前沒有看到宏觀經濟環境的改善類似，我們也不再預期今年下半年會出現先前預期的復甦幅度。

As a result, our financial outlook for the full-year 2024 is revised to better reflect the current balance of risks and opportunities.

因此，我們對 2024 年全年財務前景進行了修訂，以更好地反映當前風險與機會的平衡。

Later on, this call, Gopi will share much more detail on the outlook and our assumptions while I want to emphasize that our revised outlook implies stability and incremental improvement in the sequential half year revenue as well as stabilization in margins, aligned with the second quarter when normalized for impacts associated with the WillowTree earn-out.

稍後，在這次電話會議中，Gopi 將分享有關前景和我們假設的更多細節，同時我想強調的是，我們修訂後的前景意味著半年收入的穩定和逐步改善以及利潤率的穩定，與第二季保持一致當對與 WillowTree 收益相關的影響進行標準化時。

To turn back to the quarter and share with you some of the positive signs and trends, our AI-related business remains a highlight, with revenue growing 13% in the first half of the year, offering some offset to the headwinds experienced elsewhere.

回顧本季，與大家分享一些正面的跡象和趨勢，我們的人工智慧相關業務仍然是一大亮點，上半年收入成長了 13%，在一定程度上抵消了其他地區遇到的不利因素。

At the same time, our business yielded free cash flow as a percentage of revenue at 15%, both in the quarter and the first half of the year.

同時，我們的業務在本季和上半年的自由現金流佔收入的比例均為 15%。

Our capacity to generate consistently strong cash flows will continue to support reinvestment into the business.

我們產生持續強勁現金流的能力將繼續支持對業務的再投資。

Our top two clients, TELUS and Google, which collectively accounted for 39% of our total revenue in the first half of the year, continue to provide a meaningful level of support.

我們的兩大客戶 TELUS 和 Google 合計占我們上半年總收入的 39%，繼續提供有意義的支援。

Our revenue streams with these two clients are diversified and growing, supported by our long-standing relationships with both companies as an enabler of their business success.

我們與這兩家公司的長期合作關係為他們業務成功的推動者提供了支持，我們與這兩家客戶的收入來源多元化且不斷成長。

Overall, however, the positive contributions from our top two clients were not enough to offset the pressures that persisted into the second quarter of 2024, with softer demand volumes across much of our broader client base.

然而，總體而言，我們最大的兩家客戶的積極貢獻不足以抵消 2024 年第二季度持續存在的壓力，我們更廣泛的客戶群中的大部分需求量均較疲軟。

I'd like to spend a few moments sharing my thoughts and observations on our profitability, including the broader trends impacting our performance to date this year and the actions we're pursuing as we seek to return our business to robust top line growth and desired sustainable long-term improvement and profitability.

我想花一些時間分享我對我們盈利能力的想法和觀察，包括影響我們今年迄今為止業績的更廣泛趨勢，以及我們在尋求使我們的業務恢復強勁的營收成長和預期目標時正在採取的行動可持續的長期改善和盈利能力。

Since the second quarter of last year, one of our top three clients reduced spend with us not only had a significant impact on our revenue trajectory, but also had an unfavorable flow-through to our margins.

自去年第二季以來，我們的三大客戶之一減少了與我們的支出，不僅對我們的收入軌跡產生了重大影響，而且對我們的利潤產生了不利的影響。

Our efforts to stabilize and return this account to growth, which are now starting to show success, have unfortunately come at the cost of a meaningful margin rerate for 2024.

我們為穩定該帳戶並使該帳戶恢復成長所做的努力現已開始取得成功，但不幸的是，我們以 2024 年利潤率大幅調整為代價。

While we continue to work diligently on optimizing our global operations with many initiatives already underway, we're equally dissatisfied with the pace of our progress in transforming and reducing our cost structure.

雖然我們繼續努力優化我們的全球運營，許多舉措已經在進行中，但我們對轉型和降低成本結構的進展速度同樣不滿意。

In retrospect, we may have underestimated the time it would take to see more meaningful outcomes from our actions.

回想起來，我們可能低估了從我們的行動中看到更有意義的結果所需的時間。

These include deploying more automation inside our business and across our global footprint with the sheer scale of our organization, introducing complexity and the need for more time to implement our plans.

其中包括在我們的業務內部以及在我們的全球足跡中部署更多的自動化，以及我們組織的龐大規模，引入複雜性以及需要更多時間來實施我們的計劃。

I believe this is a particular area of opportunity for Jason Macdonnell to make a meaningful impact, leveraging his proven expertise in transforming customer service operations through cost efficiency and digital innovation.

我相信，對於傑森麥克唐納來說，這是一個特殊的機會領域，可以利用他在透過成本效率和數位創新轉變客戶服務營運方面的成熟專業知識，產生有意義的影響。

We're also working to decommission legacy tools and systems and migrate to a more gen AI-enabled environment using the same technology we're bringing to our clients like Fuel iX before our own internal use.

我們也致力於淘汰遺留工具和系統，並使用我們在內部使用之前向客戶（例如 Fuel iX）提供的相同技術，遷移到更新一代人工智慧支援的環境。

And we're standing up and amplifying right short centers of excellence with a goal to tap into our established global footprint to optimize and improve the quality of our operations delivery and support functions.

我們正在建立並擴大正確的短期卓越中心，目標是利用我們已建立的全球足跡來優化和提高我們的營運交付和支援職能的品質。

These are a few examples and we commit to sharing more details with you as we make progress in the remainder of this year and into the future as this is not a one-and-done set of initiatives, but rather a path to continuous improvement of our operations to make our business even more resilient for the future.

這些只是一些例子，隨著我們在今年剩餘時間和未來取得進展，我們承諾與您分享更多細節，因為這不是一套一勞永逸的舉措，而是一條持續改進我們的運營使我們的業務在未來更具彈性。

I'm hopeful that we will see better progression over the remainder of this year and that it will yield a more significant improvement in our cost to serve and further optimize our global operations into next year.

我希望我們在今年剩餘時間內能看到更好的進展，並且明年的服務成本將得到更顯著的改善，並進一步優化我們的全球營運。

From a broader market perspective, the macroeconomic environment over the past 18 months, in particular, has fueled our clients' expectations of receiving more and better for less, something that will likely persist for all players in our industry.

從更廣泛的市場角度來看，特別是過去18 個月的宏觀經濟環境激發了我們的客戶以更少的成本獲得更多更好的服務的期望，這種期望對於我們行業的所有參與者來說可能會持續下去。

Nevertheless, I continue to believe that we have a much better capacity to solve for this than most with our digital-first mindset and growing capabilities in areas like generative AI.

儘管如此，我仍然相信，憑藉我們的數位優先思維和在生成人工智慧等領域不斷增長的能力，我們比大多數人有更好的能力來解決這個問題。

As we continue to evolve TELUS Digital towards a more technology-centric and specifically AI fuel business, this fundamental change will also help to future-proof our business model.

隨著我們繼續將 TELUS Digital 發展為更以技術為中心、特別是人工智慧燃料業務，這項根本性變化也將有助於我們的業務模式面向未來。

In the near term, however, this transition necessitates some cannibalization of our tenured and higher-margin CX work historically in the mid-20s to mid-30s EBITDA margin range with still nascent and relatively lower margin AI revenue streams.

然而，在短期內，這種轉變需要對我們歷史上20 多歲至30 多歲的EBITDA 利潤範圍內的長期且利潤率較高的CX 工作進行一些蠶食，而人工智慧收入流仍處於新生且利潤率相對較低的狀態。

We believe this near-term margin dilutive trade-off will be resolved as our gen AI-focused offerings continue to achieve better scale, generating a much-improved level of profitability, which will bolster the acceleration of our overall enterprise margin profile.

我們相信，隨著我們以人工智慧為重點的產品繼續實現更好的規模，盈利水平大幅提高，這種短期利潤攤薄的權衡將得到解決，這將促進我們整體企業利潤率的加速提升。

We've already achieved meaningful scale in AI as one of the largest providers of AI data solutions, including data collection, annotation, creation, and validation.

作為人工智慧資料解決方案（包括資料收集、註釋、創建和驗證）的最大提供者之一，我們已經在人工智慧領域實現了有意義的規模。

With the strength of our platform, we're able to source very specific talent globally for our clients to tackle the ever more complex data sets used to train and optimize gen AI and other AI models.

憑藉我們平台的優勢，我們能夠在全球範圍內為客戶尋找非常具體的人才，以處理用於訓練和優化新一代人工智慧和其他人工智慧模型的日益複雜的資料集。

Our AI-related business currently generates 15% approximately of our overall revenue or about $200 million year to date.

目前，我們的人工智慧相關業務約占我們總收入的 15%，即年初至今約 2 億美元。

And as I mentioned, grew 13% year over year in the first half of 2024.

正如我所提到的，2024 年上半年年增 13%。

As you've heard from Tobias just now, data is at the core of AI implementation.

正如您剛才從 Tobias 那裡聽到的，數據是人工智慧實施的核心。

And our team provides solutions at scale for clients who need to clean and optimize their vast data sets to training their custom models via RAG, which is Retrieval Augmented Generation, as well as other implementations that enhance the accuracy and reliability of generative AI models.

我們的團隊為需要清理和優化龐大資料集的客戶提供大規模解決方案，以透過 RAG（檢索增強生成）以及其他提高生成式 AI 模型準確性和可靠性的實現來訓練其自訂模型。

As I've discussed on previous investor calls, Fuel iX is our enterprise-grade gen AI engine that serves as the foundation for us to help clients move their gen AI use cases from pilots to production at scale quickly and safely.

正如我在之前的投資者電話會議上討論過的那樣，Fuel iX 是我們的企業級人工智慧引擎，它是我們幫助客戶將其人工智慧用例從試點快速安全地大規模轉移到生產的基礎。

We expect to start seeing meaningful revenue contributions from Fuel iX in 2025.

我們預計將在 2025 年開始看到 Fuel iX 帶來有意義的收入貢獻。

Again, this is an area where Tobias and his team will be instrumental in growing our scale and positioning in the market.

同樣，在這個領域，托比亞斯和他的團隊將有助於擴大我們的規模和市場地位。

Competition in the AI space continues to intensify with various partnerships being formed to accelerate the transition and market share gains.

人工智慧領域的競爭持續加劇，各種合作夥伴關係不斷湧現，以加速轉型和市場份額的成長。

In our case, we see our AI capabilities increasingly resonating with clients despite facing competition from the pure-play AI vendors backed by many of the same hyperscalers we pursue with clients.

就我們而言，我們看到我們的人工智慧能力越來越引起客戶的共鳴，儘管面臨來自純人工智慧供應商的競爭，這些供應商得到了我們與客戶追求的許多相同的超大規模供應商的支持。

We're also working directly with AI model developers and collaborating closely with each of the three leading hyperscalers as our Fuel iX capabilities are typically complementary to their offerings.

我們也直接與 AI 模型開發人員合作，並與三大領先的超大規模供應商密切合作，因為我們的 Fuel iX 功能通常與他們的產品互補。

In fact, Fuel iX is both LLM and cloud agnostic, enabling our clients to easily switch between AI models and cloud services as needed to avoid vendor lock-in and future-proof their gen AI investment.

事實上，Fuel iX 既是法學碩士，也是與雲端無關的，使我們的客戶能夠根據需要在人工智慧模型和雲端服務之間輕鬆切換，以避免供應商鎖定並確保他們的新一代人工智慧投資面向未來。

To date, we've developed customer agents and employee-facing bots.

迄今為止，我們已經開發了客戶代理和麵向員工的機器人。

I'm particularly proud of our work to help TELUS launch the world's first ISO privacy by design certified gen AI customer support tool powered by Fuel iX, the chatbot provides customers with secure, fast and intuitive responses to their queries, providing them with a more convenient and seamless digital experience.

我特別自豪的是，我們幫助TELUS 推出了世界上第一個經過ISO 隱私設計認證的gen AI 客戶支援工具，該工具由Fuel iX 提供支持，該聊天機器人為客戶提供安全、快速和直觀的查詢響應，為他們提供更多資訊便利、無縫的數位體驗。

TELUS' SPOT copilot, a single point of contact IT support bot also operates on the Fuel iX platform.

TELUS 的 SPOT copilot 是單點聯繫 IT 支援機器人，也在 Fuel iX 平台上運作。

This gen AI-fueled copilot has revolutionized the IT support experience for the company's employees, providing a high-quality, self-serve channel that's driving cost savings and instilling a digital-first mindset across the organization.

這位新一代 AI 驅動的副駕駛徹底改變了公司員工的 IT 支援體驗，提供了高品質的自助服務管道，推動了成本節約，並在整個組織中灌輸了數位優先的思維方式。

And lastly, on Wednesday this week, we launched Fuel EX, an enterprise-safe gen AI employee assistant to support productivity, creativity, and research.

最後，本週三，我們推出了 Fuel EX，這是一款企業安全的新一代 AI 員工助手，可支援生產力、創造力和研究。

Fuel EX is the first public launch of an application built on Fuel iX.

Fuel EX 是基於 Fuel iX 建構的應用程式的首次公開發布。

Fuel EX is currently in operation at scale within TELUS, where it's used by 35,000 employees.

Fuel EX 目前在 TELUS 內大規模運營，有 35,000 名員工使用。

The app provides a single point of entry for employees to access an intuitive interface where they could select from more than 20 large language models from multiple vendors to help them with everyday tasks in clean knowledge searches, summarization, copywriting, image generation, and code writing.

該應用程式為員工提供了一個單一入口點來存取直覺的介面，他們可以從多個供應商的20 多種大型語言模型中進行選擇，以幫助他們完成清潔知識搜尋、摘要、文案寫作、圖像生成和程式碼編寫等日常任務。

Fueled by our evolving capabilities in the second quarter of 2024, our WillowTree sales team won gen AI jump-start consultancy engagements with one of the largest non-profit organizations in the world, one of Canada's provincial government departments, and with TELUS Agriculture and Consumer Goods.

在2024 年第二季度我們不斷發展的能力的推動下，我們的WillowTree 銷售團隊贏得了與世界上最大的非營利組織之一、加拿大省級政府部門之一以及TELUS 農業和消費者協會的gen AI快速啟動諮詢服務商品。

Our team is also actively engaged in exploratory discussions with several other clients.

我們的團隊也積極與其他幾位客戶進行探索性討論。

WillowTree also won new clients in the quarter, including Wiley, one of the world's largest publishers and a global leader in research and learning, specifically to modernize their marketing technology stack with a well-known New York business-focused daily publication; and with a US-based fitness chain among other notable new logo wins.

WillowTree 在本季度也贏得了新客戶，包括 Wiley，它是世界上最大的出版商之一，也是研究和學習領域的全球領導者，專門透過紐約著名的商業日報來實現其行銷技術堆疊的現代化；一家總部位於美國的健身連鎖店贏得了其他著名的新標誌。

Our WillowTree team further expanded their engagement with Inspira Financial, an American financial services company, in addition to winning more business with CEATI, the Center for Energy Advancement through Technology and Innovation, which is a membership-based provider of shared cost R&D, training, and networking services for power industry professionals.

我們的 WillowTree 團隊進一步擴大了與美國金融服務公司 Inspira Financial 的合作，此外還贏得了與 CEATI（技術與創新能源進步中心）的更多業務，該中心是一家會員制的共享成本研發、培訓、以及為電力行業專業人士提供的網路服務。

The team also expanded their engagements with a large marine boat and propulsion manufacturer, one of the world's largest hospitality brands and an American financial corporation, among others.

該團隊還擴大了與一家大型船舶和推進器製造商、世界上最大的酒店品牌之一和美國金融公司等的合作。

Our global TELUS Digital sales team also won new clients across several sectors, including healthcare, transportation, and consumer packaged goods.

我們的全球 TELUS Digital 銷售團隊也贏得了多個行業的新客戶，包括醫療保健、運輸和消費品。

And we captured further opportunities to expand our engagement across our existing client base, not least with our third largest client, a leading social media network, along with North America's leading financial institution, an international online commerce platform, and the largest food delivery platform in the United States, among others.

我們抓住了進一步的機會，擴大了與現有客戶群的接觸，尤其是與我們的第三大客戶、領先的社交媒體網絡、北美領先的金融機構、國際在線商務平台和北美最大的食品配送平台的合作。

To reiterate, our relationship with Google remains very strong, driven by our AI data solutions division, in particular, and we continue to see meaningful growth across diversified work streams within our parent company, TELUS Corporation, enabling their successful digital transformation across all areas of their unique business portfolio.

重申一下，我們與Google的關係仍然非常牢固，特別是在我們的人工智慧數據解決方案部門的推動下，我們繼續看到我們的母公司TELUS Corporation 內部多元化工作流程的有意義的增長，使他們能夠在所有領域成功進行數位轉型。

Overall, our sales funnel as of the second quarter end remains approximately $2 billion with approximately 10% thereof in AI-related opportunities.

總體而言，截至第二季末，我們的銷售管道仍約為 20 億美元，其中約 10% 是與人工智慧相關的機會。

With that, I'll now invite our CFO, Gopi Chande, to share details of our financial results.

接下來，我將邀請我們的財務長 Gopi Chande 分享我們財務表現的詳細資訊。

And I'll return at the end of the call to answer your questions.

我會在通話結束後回來回答您的問題。

Gopi, over to you.

戈皮，交給你了。

Thank you, Jeff, and good morning, everyone.

謝謝你，傑夫，大家早安。

Thank you for joining us today.

感謝您今天加入我們。

In my review, I will principally focus on our quarterly results, as most factors that influenced our second quarter had similar impacts on our results for the first half of the year.

在我的回顧中，我將主要關注我們的季度業績，因為影響我們第二季度的大多數因素對我們上半年的業績也有類似的影響。

TELUS Digital generated revenue of $652 million in the second quarter of 2024, reflecting an impact from a stabilizing yet still unfavorable year-over-year comparison of revenues with a leading social media network client, along with pressures from a broader and persistent and challenging macroeconomic environment, including competitive conditions in our industry.

TELUS Digital 在 2024 年第二季度實現收入 6.52 億美元，反映出與領先社交媒體網路客戶的收入同比穩定但仍不利的影響，以及更廣泛、持續且具有挑戰性的宏觀經濟帶來的壓力環境，包括我們產業的競爭條件。

Looking at our key industry verticals, while our revenues from the tech and games and e-commerce and fintech remains soft, our continued growth with other clients, notably Google, helped offset the overall impact.

看看我們的主要垂直產業，雖然我們來自科技、遊戲、電子商務和金融科技的收入仍然疲軟，但我們與其他客戶（尤其是Google）的持續成長有助於抵消整體影響。

With Google, which remains our second largest client, quarterly revenue grew by 12% year over year.

谷歌仍然是我們的第二大客戶，季度營收年增 12%。

Our AI data solutions line of service continues to drive growth with this client.

我們的人工智慧數據解決方案服務線持續推動該客戶的成長。

Revenue in the communications and media vertical grew 1%, driven by higher revenue from TELUS Corporation, partially offset by softer volumes with certain other telecom clients.

受 TELUS Corporation 收入增加的推動，通訊和媒體垂直領域的收入增長了 1%，但部分被某些其他電信客戶的銷售疲軟所抵消。

Healthcare vertical grew 27%, primarily driven by additional services provided to the healthcare business of TELUS.

醫療保健垂直行業增長了 27%，主要是受到為 TELUS 醫療保健業務提供的附加服務的推動。

Overall, revenue with TELUS grew by 22% year over year.

總體而言，TELUS 的營收年增 22%。

Our TELUS Digital and WillowTree teams continue to drive meaningful and diversified revenue streams, enabling our parent company's digital transformation, not least in the area of gen AI implementation as illustrated in the use cases shared today.

我們的 TELUS Digital 和 WillowTree 團隊繼續推動有意義且多元化的收入流，從而實現我們母公司的數位轉型，尤其是在今天分享的用例中所示的新一代人工智慧實施領域。

Another area of growth was our BFSI vertical, up 5% year over year, driven by certain Canadian banks and smaller regional players in North America.

另一個成長領域是我們的 BFSI 垂直領域，在某些加拿大銀行和北美較小的區域參與者的推動下，較去年同期成長 5%。

Among key components within the all-other industry vertical, which includes clients from various other industries, while we saw unfavorable year-over-year comparison, notably due to lower revenue in travel and hospitality, this was offset by good growth with clients in energy and utility as well as retail and consumer packaged goods, which had year-over-year growth of 4% and 18%, respectively.

在所有其他垂直行業的關鍵組成部分（包括來自各個其他行業的客戶）中，雖然我們看到了不利的同比比較，特別是由於旅遊和酒店業收入下降，但這一點被能源客戶的良好增長所抵消公用事業以及零售和消費品，較去年同期分別成長4% 和18%。

Looking at our revenue profile by geographies, declines in Europe and North America were partially offset by growth in Central America, South America, and Africa, which grew 12% in the quarter, reflecting expansion with existing clients in communications and media, BFSI, and certain technology clients.

從我們按地區劃分的收入情況來看，歐洲和北美的下降被中美洲、南美洲和非洲的增長部分抵消，這些地區本季度增長了12%，反映出通信和媒體、BFSI 和非洲等領域現有客戶的擴張。

Meanwhile, Asia Pacific delivered stable volumes with revenues increasing by 1% driven by sustainable volumes with clients we serve in that region, along with incremental growth with new clients.

同時，亞太地區的銷售穩定，收入成長了 1%，這得益於我們在該地區服務的客戶的可持續銷售以及新客戶的增量成長。

Moving on to operating expenses.

接下來是營運費用。

Salaries and benefits in the quarter were relatively steady year over year at $426 million.

本季的薪資和福利與去年同期相比相對穩定，為 4.26 億美元。

We lowered our average team member counts as part of our cost efficiency efforts that began in 2023 to rightsize operations.

作為從 2023 年開始的成本效率努力的一部分，我們降低了平均團隊成員人數，以調整營運規模。

However, these savings were offset by higher training costs due to elevated attrition levels and higher average salary and wages, the latter driven by fierce competition for talent.

然而，這些節省被由於人才流失率上升以及平均工資和工資上漲而導致的培訓成本上升所抵消，而後者是由激烈的人才競爭推動的。

Our total team member count was 74,617 at June 30, a decrease of 3% year over year and consistent with the revenue change.

截至 6 月 30 日，我們的團隊成員總數為 74,617 人，年減 3%，與收入變化一致。

Goods and services purchased in the quarter were $117 million, a decrease of 3% year over year, also consistent with the revenue change.

該季度採購的商品和服務為 1.17 億美元，年減 3%，也與收入變化一致。

Changes in business combination-related provisions generated other income of $31 million in the quarter, arising due to amendments to the terms associated with the WillowTree earnout and related provisions for written put options, resulting in a reduction in this provision.

與業務合併相關的準備金的變化在本季度產生了 3100 萬美元的其他收入，這是由於與 WillowTree 盈利相關的條款和書面看跌期權的相關準備金的修改導致了該準備金的減少。

Our renegotiated agreement with the WillowTree management team is now based on revised performance targets of the combined WillowTree and TELUS Digital success.

我們與 WillowTree 管理團隊重新協商的協議現在是基於 WillowTree 和 TELUS Digital 合併後的成功的修訂績效目標。

It incentivizes a holistic growth approach across our entire business and drive an even deeper level of further integration.

它激勵我們整個業務的整體成長方法，並推動更深層的進一步整合。

It also includes incentives to grow our Fuel iX offering in particular, where WillowTree has deep expertise, ownership, and accountability.

它還包括激勵我們發展 Fuel iX 產品，特別是 WillowTree 擁有深厚的專業知識、所有權和責任感。

You can find more accounting details related to the renegotiated agreement in Note 4 and Note 12 to our financial statements.

您可以在我們的財務報表附註 4 和附註 12 中找到與重新協商協議相關的更多會計細節。

Share-based compensation in the quarter was $10 million, an increase of $8 million, primarily due to timing of award grants and associated expense recognition and higher expense associated with the share-based compensation awards granted in relation to our acquisitions.

本季的股權激勵為 1000 萬美元，增加了 800 萬美元，主要是由於獎勵授予的時間表和相關費用確認，以及與我們的收購相關的股權激勵獎勵相關的費用增加。

Moving on to profitability.

轉向盈利。

Adjusted EBITDA in the quarter was $130 million, an increase of 10% year over year, primarily due to other income arising from business combination related provisions, which were partly offset by a decline in revenue outpacing the decline in operating expenses and higher share-based compensation expense.

本季調整後 EBITDA 為 1.3 億美元，年增 10%，主要是由於業務合併相關準備金產生的其他收入，但部分收入下降幅度超過營運費用下降幅度以及股份基數增加所抵銷。

Adjusted EBITDA margin in the quarter was 19.9%, an improvement of 220 basis points year over year.

該季度調整後 EBITDA 利潤率為 19.9%，年增 220 個基點。

If not for the favorable impact of the business combination-related provision, our adjusted EBITDA declined and margin compressed year over year, reflecting lower revenue flow-through as well as higher service delivery costs.

如果不是業務合併相關準備金的有利影響，我們調整後的 EBITDA 下降，利潤率比去年同期壓縮，反映出收入流量減少以及服務交付成本上升。

Some of the more notable pressures included higher attrition and absolutism in certain regions, notably in Europe that we are actively working to resolve.

一些更顯著的壓力包括某些地區的更高的人員消耗和專制主義，特別是在我們正在積極努力解決的歐洲。

Moreover, we are subject to the industry-wide higher cost delivery, particularly due to wage inflation across our footprint.

此外，我們還面臨全行業更高的交付成本，特別是由於我們業務範圍內的工資上漲。

Applicable to both the quarter and half year, we also incurred some upfront training costs and offer some strategic discounts for certain clients, items that put further pressure on margins but are meant to drive revenue growth for those accounts in the longer term.

適用於季度和半年，我們也產生了一些前期培訓成本，並為某些客戶提供了一些策略性折扣，這些專案對利潤率造成了進一步的壓力，但旨在長期推動這些客戶的收入成長。

Adjusted diluted EPS in the quarter was $0.16, consistent with the same quarter of the prior year.

本季調整後攤薄每股收益為 0.16 美元，與去年同期一致。

We generated free cash flow of $95 million in the quarter, an increase of 44% year over year, driven by higher net fee flows from working capital and lower income taxes paid, partially offset by lower operating profit and higher capital expenditures.

本季我們產生了9,500 萬美元的自由現金流，年增44%，這得益於營運資本淨費用流量的增加和所繳納所得稅的降低，但部分被營業利潤的下降和資本支出的增加所抵消。

As a percentage of revenue, free cash flow was 58%.

自由現金流佔收入的百分比為 58%。

Turning to our outlook.

轉向我們的展望。

While we're not pleased with our results, our updated targets reflect three key items.

雖然我們對結果並不滿意，但我們更新的目標反映了三個關鍵項目。

First, similar to our peers and overall industry sentiment, we are not seeing any meaningful improvement in the macroeconomic environment.

首先，與我們的同儕和整體產業情緒類似，我們沒有看到宏觀經濟環境有任何有意義的改善。

Now that we're halfway through the year, we no longer assume the magnitude of the broader demand recovery, specifically as it relates to previously assumed upside through the second half of the year.

現在已經過半了，我們不再假設更廣泛的需求復甦的幅度，特別是因為它與先前假設的下半年的上漲有關。

Second, we expect margins to stabilize in the second half, aligned with the second quarter when normalized for impacts associated with the WillowTree earn-out.

其次，我們預計下半年利潤率將穩定，與 WillowTree 收益相關影響標準化後的第二季保持一致。

We'll continue to reduce and optimize our indirect costs with travel curtailment, hiring freezes, vendor renegotiations, and the like.

我們將繼續透過減少旅行、凍結招聘、供應商重新談判等方式來減少和優化間接成本。

And third, we have reduced the in-year financial benefits from our ongoing efficiency and transformation initiatives to reflect our revised expectations for what can be achieved in 2024.

第三，我們減少了持續的效率和轉型措施帶來的年內財務收益，以反映我們對 2024 年可實現目標的修訂預期。

Of the $60 million planned in-year savings that we disclosed earlier this year, we now assume half or approximately $30 million can be realized in 2024 with one-third already implemented and a reasonable assurance of achieving the other two-thirds by the end of the year.

在我們今年稍早披露的6000 萬美元計劃年內節省中，我們現在假設可以在2024 年實現一半或大約3000 萬美元，其中三分之一已經實施，並合理保證到2024 年底實現另外三分之二。

With that in mind, we expect our full-year revenue to come in the range of $2.61 billion to $2.665 billion, implying growth in the second half from the first half of this year.

考慮到這一點，我們預計全年營收將在 26.1 億美元至 26.65 億美元之間，這意味著下半年將比上半年有所成長。

For adjusted EBITDA, we now expect a full-year range of $465 million to $485 million, with margins in the range of 17.8% to 18.1%.

對於調整後的 EBITDA，我們目前預計全年範圍為 4.65 億美元至 4.85 億美元，利潤率為 17.8% 至 18.1%。

On a per share basis, our outlook assumes adjusted diluted EPS in the range of $0.39 to $0.44. We expect our 2024 cash taxes to be in the range of $45 million to $55 million.

以每股為基礎，我們的展望假設調整後稀釋後每股收益在 0.39 美元至 0.44 美元之間。我們預計 2024 年的現金稅將在 4,500 萬美元至 5,500 萬美元之間。

While we don't issue a quarterly outlook, I can share that on a sequential quarter basis, we expect the fourth quarter will show stronger growth in revenue and further stabilization in margin.

雖然我們沒有發布季度展望，但我可以在連續季度的基礎上分享這一點，我們預計第四季度將顯示出更強勁的收入成長和進一步穩定的利潤率。

Our confidence in delivering on the revised outlook for the full year is supported by our rebound we're seeing in the WillowTree demand and client engagement.

我們在 WillowTree 需求和客戶參與度方面看到的反彈支撐了我們實現修訂後的全年展望的信心。

At the same time, our targeted investments in sales and marketing will fuel our ongoing efforts to support growth in certain larger accounts and across our broader client base and our prospective pricing competitiveness.

同時，我們在銷售和行銷方面的有針對性的投資將推動我們持續努力，支持某些較大客戶和更廣泛的客戶群的成長以及我們未來的定價競爭力。

And overall, we continue to be encouraged by the composition of our sales funnel with a growing part of AI-related opportunities.

總的來說，我們的銷售管道的組成繼續令我們感到鼓舞，其中與人工智慧相關的機會越來越多。

Our business continues to generate strong cash flows, not least as supported by our deep relationship with our parent company.

我們的業務持續產生強勁的現金流，尤其是在我們與母公司深厚關係的支持下。

Our use of capital will remain focused on paying down our debt and reinvesting into the technology-centric evolution and longer-term growth of TELUS Digital.

我們對資本的使用將繼續集中於償還債務和再投資於 TELUS Digital 以技術為中心的發展和長期成長。

With that, let's move on to questions.

接下來，讓我們繼續提問。

I kindly ask you to please keep it to one question at a time so that everyone can participate.

我懇請您一次只討論一個問題，以便每個人都可以參與。

Karl, over to you.

卡爾，交給你了。

Thank you.

謝謝。

(Operator Instructions)

（操作員說明）

Ramsey El-Assal, Barclays.

拉姆齊·阿薩爾，巴克萊銀行。

Hi, thanks for taking my question.

您好，感謝您提出我的問題。

And Jeff, it's been a great pleasure working with you and best of luck in your new role.

傑夫，很高興與您合作，並祝您在新職位上一切順利。

My question is: are any of the headwinds at your third largest client coming from them using generative AI to supplant or replace work functions that you had been providing them previously?

我的問題是：您的第三大客戶的任何阻力是否來自於他們使用生成式人工智慧來取代或替換您之前向他們提供的工作功能？

Are they getting more efficient, and that's led to some of the outcomes that you're seeing?

他們是否變得更有效率，這導致了你所看到的一些結果？

Thanks for the question, Ramsey, and for the kind comments.

感謝拉姆齊的提問和友好的評論。

Indeed, I've enjoyed working with you as well.

確實，我也很喜歡和你一起工作。

I hope that will continue.

我希望這種情況能夠持續下去。

In a word, no.

一句話，不。

Whilst there's no question that AI continues to enable additional opportunities for moderation activity, the seemingly unending increase in user-generated content continues unabated.

毫無疑問，人工智慧持續為審核活動提供更多機會，但用戶生成的內容看似無止盡的成長卻有增無減。

And it continues to be about 5% of the total volume that requires human moderation or digital responders as we call it.

它仍然佔總數量的 5% 左右，需要人工審核或我們所說的數位回應器。

Our real headwinds historically have been -- because as you may remember, as we've talked about many times now, that we're Europe-centric only in our support for that client and they'd looked for opportunities to reduce their spend in that most expensive delivery area.

從歷史上看，我們真正的逆風是——因為你可能還記得，正如我們現在多次談論的那樣，我們只在為該客戶提供支持時以歐洲為中心，而他們會尋找機會減少在以下方面的支出：那個最貴的送貨區域。

And again, thankfully, as we noted, we seem to be on the rebound there, but the challenge for us right now is continuing labor centricity is eating into our margins significantly.

值得慶幸的是，正如我們所指出的，我們似乎正在反彈，但我們現在面臨的挑戰是持續以勞動力為中心正在嚴重侵蝕我們的利潤。

But excitingly, we're looking forward to now diversifying our support for them across other service lines that in the fullness of time, we believe will both get us back to a more meaningful revenue growth and margin expansion.

但令人興奮的是，我們現在期待在其他服務領域對他們提供多樣化的支持，我們相信，在時間成熟的情況下，我們相信這將使我們恢復更有意義的收入成長和利潤擴張。

Got it.

知道了。

Thank you very much.

非常感謝。

Thanks, Ramsey.

謝謝，拉姆齊。

Daniel Perlin, RBC Capital Markets.

丹尼爾‧佩林，加拿大皇家銀行資本市場部。

Thanks.

謝謝。

I just wanted to talk about the kind of degradation that you see kind of outside of the top three clients, I know two of the three are doing really well.

我只是想談談你在前三個客戶之外看到的那種退化，我知道這三個客戶中的兩個做得非常好。

But it does suggest kind of like double digits decline in the quarter, and that was similar, if not maybe a little bit better than what we saw in the first quarter.

但它確實表明本季出現了兩位數的下降，而且與我們在第一季看到的情況相似，甚至可能好一點。

But the deterioration, it seems like it happens so quickly for you guys.

但惡化，對你們來說似乎發生得太快了。

And so how do we kind of reconcile that in terms of like the visibility that you guys have with the model?

那我們如何在模型的可見度方面協調這一點呢？

And how that can't just kind of change on a dime, which it feels like this wasn't the first time, but it feels like the magnitude of this change was quite a bit worse.

這怎麼能不只是一毛錢的改變，感覺這不是第一次，但感覺這種改變的幅度要糟糕得多。

Thanks, Dan.

謝謝，丹。

Indeed, you're right, and it has been frustrating to see the volume declines happen on such short notice.

事實上，你是對的，看到成交量在如此短的時間內下降真是令人沮喪。

You'll recall that the nature of our agreements with our clients provides explicitly that kind of optionality.

您會記得，我們​​與客戶簽訂的協議的性質明確提供了這種選擇性。

That's why our clients look to us to sort of provide them with flex opportunities, both up and down as their own volume demands increase and win.

這就是為什麼我們的客戶希望我們為他們提供靈活的機會，隨著他們自己的數量需求的增加和獲勝，無論是上下浮動的機會。

It has been a source of frustration for myself and the team that we've not had better notice, if you will, around that kind of fluctuation so that we could be better prepared.

對於我自己和團隊來說，我們沒有更好地註意到這種波動，以便我們能夠做好更好的準備，這讓我和團隊感到沮喪。

Part of this, I think, is a sign of the times.

我認為，這部分是時代的象徵。

Again, as you've heard from our peers and from ourselves of late, with ongoing expectations from clients that we find a way to match their expectations on more or better for less.

再次，正如您最近從我們的同行和我們自己那裡聽到的那樣，隨著客戶的持續期望，我們找到了一種方法來滿足他們的期望，以更少的代價獲得更多或更好的結果。

And our job that, frankly, I've not managed as well as I should have, is to be out in front of these kinds of adjustments and to do a better job on either preventing the decline and/or finding substitutes, whether in other areas of those clients' business or winning other accounts.

坦白說，我們的工作沒有達到應有的效果，那就是在這些調整中走在前列，並在防止衰退和/或尋找替代品方面做得更好，無論是在其他方面。領域或贏得其他客戶。

And we just need to do better on that front in order to better inoculate ourselves from that kind of variation.

我們只需要在這方面做得更好，以便更好地避免這種變化。

Tien-Tsin Huang, JPMorgan.

黃天進，摩根大通。

Jeff, we'll definitely miss our interactions here.

傑夫，我們一定會懷念在這裡的互動。

Grateful to have learned from you.

很高興向你學習。

I ask another sort of education question.

我問另一種教育問題。

If you don't mind, just thinking about the pricing pressure you described.

如果您不介意，請考慮您所描述的定價壓力。

I'm just curious, is this driven at this stage on an incremental basis, more by competitive actions in your mind?

我只是很好奇，在這個階段，這是否是漸進的，更多是由你心中的競爭行為所驅動的？

Or is it a cyclical issue more so or a secular one?

或者說這是一個更週期性的問題還是一個長期的問題？

Good questions as ever, Tien-Tsin.

一如既往的好問題，田津。

I too will miss our interactions.

我也會想念我們的互動。

But hopefully, given my new role, I'll still have the opportunity to spend time learning from you.

但希望鑑於我的新角色，我仍然有機會花時間向您學習。

I think it's all of the above, candidly.

坦白說，我認為以上都是。

I think as I mentioned before, there is this pervasive persistent expectation of more and better for less.

我認為正如我之前提到的，人們普遍存在一種以更少的投入獲得更多、更好的持續期望。

The customers are driving a lot of this but as well our peers are willing to pitch up at a price point that is considerably lower than what we've seen.

客戶推動了這一切，但我們的同行也願意以比我們所看到的低得多的價格點來推銷。

And I think interestingly, one can bifurcate the CX and the AI universe a little bit in terms of the pricing dynamic.

我認為有趣的是，人們可以在定價動態方面將 CX 和 AI 領域稍微分開。

On the latter, on the CX front, I think because of the opportunities for technology substitution and enablement, there is this pervasive downward pressure and expectation.

就後者而言，在 CX 方面，我認為由於技術替代和啟用的機會，存在普遍的下行壓力和期望。

Well, with more technology in the solution and less labor, you should be able to deliver more cost effectively.

那麼，透過解決方案中更多的技術和更少的勞動力，您應該能夠更經濟高效地交付。

And indeed, whilst we're making progress on that time, it has not been, as I said in my earlier remarks, as quick as we should have been.

事實上，雖然我們在這方面取得了進展，但正如我在先前的發言中所說，進展速度並沒有達到我們應有的速度。

On the AI front, remember, a lot of our competitors are either private companies or companies that are clearly not targeting the same kind of profitable margin yield as we.

在人工智慧方面，請記住，我們的許多競爭對手要么是私人公司，要么是那些顯然不以與我們相同的利潤率為目標的公司。

And as a consequence, their focus on price has been considerably less important.

因此，他們對價格的關注變得不那麼重要了。

They're looking for the land grab and just revenue growth.

他們正在尋求土地掠奪和收入成長。

And so it's plus in this annual position of, well, do we allow for this complete eradication of margin yields in order to enjoy the revenue upside?

因此，在這個年度狀況中，我們是否允許完全消除利潤率以享受收入成長？

Or do we try and find that elusive balance?

或者我們嘗試找到這種難以捉摸的平衡？

And that's really been the challenge over the last few years.

這確實是過去幾年的挑戰。

And I think as you heard from our comments and reflected in our revised guidance, we're going to have to take it on the channel a little bit in terms of our historical margin profile so that we can enjoy the upside on revenue and then rely upon scale and our own, eating our own gourmet cooking internally, as I said, in order to create a headwind in to enjoy the margin yield that we've historically benefited from.

我認為，正如您從我們的評論中聽到的以及我們修訂後的指導中所反映的那樣，我們將不得不根據我們的歷史利潤狀況在渠道上採取一些措施，以便我們能夠享受收入的上升空間，然後依靠正如我所說，在規模和我們自己的基礎上，在內部吃我們自己的美食，以便創造逆風，享受我們歷來受益的利潤率。

Stephanie Price, CIBC.

史蒂芬妮·普萊斯，CIBC。

Hi.

你好。

Good morning.

早安.

I just wanted to touch on the cost efficiency initiatives, taking more time to yield meaningful results.

我只是想談談成本效率舉措，花更多時間產生有意義的結果。

Just hoping you could walk through the puts and takes here.

只是希望您能在這裡了解看跌期權和看跌期權。

Gopi, I think you also mentioned that average salaries were up due to fierce competition for talent.

Gopi，我想你也提到，由於人才競爭激烈，平均薪資上漲了。

Just curious if that's AI related or more broad and how that's kind of playing into the cost efficiency initiates here.

只是好奇這是否與人工智慧相關或更廣泛，以及這如何影響這裡發起的成本效率。

Good morning.

早安.

Stephanie, good to hear from you.

史蒂芬妮，很高興收到你的來信。

So two parts to that question.

這個問題分為兩個部分。

One, on our cost efficiency program itself.

第一，關於我們的成本效率計劃本身。

So there are several components to it, some that have taken flight and are going to continue to support Q2.

所以它有幾個組件，其中一些已經開始運行並將繼續支援第二季。

So with regards to some of our facility consolidation, vendor renegotiations, those are being flight.

因此，關於我們的一些設施整合、供應商重新談判，這些都正在進行中。

The ones that have taken us slightly longer than expected are ones that we're looking to roll globally and with some of the nuances that we have in each of the regions, working through the systems and the processes there is taking a little longer than expected, but will ultimately be rolled out and help support some of the visibility we'll have into our workforce management, which will support in terms of reporting to our clients on absolutism, and it will help us be able to manage attrition.

我們所花費的時間比預期稍長的是我們希望在全球範圍內推出的項目，並且由於我們在每個地區都有一些細微差別，因此完成那裡的系統和流程所花費的時間比預期要長一些，但最終將推出並幫助支持我們對勞動力管理的一些可見性，這將支持向我們的客戶報告絕對主義，並將幫助我們能夠管理人員流失。

So those are the ones that are a bit forward to roll out, but we expect to come through.

因此，這些是有點提前推出的，但我們希望能夠實現。

To your second question, Stephanie, certainly wage inflation is something like our peers that we are dealing with.

對於你的第二個問題，史蒂芬妮，薪資通膨肯定與我們正在應對的同行類似。

And we do think that ultimately, that is addressed in several different wins that we're attacking.

我們確實認為，最終，我們正在攻克的幾個不同的勝利中解決了這個問題。

One is collaboratively working with our clients, our customers in terms of where we deliver those services.

一是與我們的客戶合作，我們的客戶就我們提供這些服務的地點進行合作。

And then secondly, as while moving to provide a more efficient automated service ourselves so that we could reduce the overall cost base to absorb some of that deflation.

其次，我們自己也開始提供更有效率的自動化服務，這樣我們就可以降低整體成本基礎，以吸收部分通貨緊縮。

So it is all related.

所以這一切都是相關的。

Certainly, we're looking at how do we reduce our cost and then how do we partner with our customers to reduce overall costs.

當然，我們正在研究如何降低成本，然後如何與客戶合作以降低整體成本。

Aravinda Galappatthige.

阿拉文達·加拉帕蒂格。

Thank you.

謝謝。

Jeff, all the best to you.

傑夫，祝你一切順利。

Enjoyed discussing the business over the last 1.5 years.

在過去 1.5 年喜歡討論業務。

My question is back to margins.

我的問題又回到了邊緣。

Last year, when we had some of these revisions, TI was able to kind of build back its margins back over the 20% level fairly quickly.

去年，當我們進行了一些修訂時，TI 能夠相當快速地將其利潤率恢復到 20% 以上的水平。

Recognizing that you've already given guidance for fiscal '24, how should we think about the recovery in margins, notwithstanding some of the comments that Gopi made?

認識到您已經給出了 24 財年的指導，儘管 Gopi 發表了一些評論，但我們應該如何看待利潤率的復甦？

Maybe any additional help, that would be appreciated.

也許有任何額外的幫助，我們將不勝感激。

Thanks very much, Aravinda.

非常感謝，阿拉文達。

I too have enjoyed our interactions, looking forward to more, hopefully.

我也很享受我們的互動，希望能有更多的互動。

I think, candidly, the challenge has been that we've had to rely historically on too many one-timers in order to make sure that we were able to continue to meet expectations set for ourselves and for the Street with respect to the well above 20% EBITDA ZIP code.

坦白說，我認為挑戰在於，我們歷史上不得不依賴太多的一次性者，以確保我們能夠繼續滿足我們自己和華爾街對上述方面的期望。

And the challenge has been over the last little while, we just keep losing opportunities because of price.

挑戰已經過去一段時間了，我們只是因為價格而不斷失去機會。

And so when both CX and AI opportunities are still quite available, but we're told in the postmortem that we were just too expensive and the competition we're willing to provide a similar solution.

因此，當 CX 和人工智慧機會仍然相當可用時，但我們在事後分析中被告知我們的成本太高，而我們的競爭對手願意提供類似的解決方案。

We would argue an inferior solution.

我們會提出一個較差的解決方案。

But nonetheless, more or better for less, as I said before, is the desire out there, we just decided that we can't keep missing out on opportunities.

但儘管如此，正如我之前所說，人們渴望獲得更多或更少的好處，我們只是決定不能繼續錯過機會。

So we're going to have to intentionally lower expectations in the near term to the levels that are reflected in the guide that you've seen so that we can get back on track for revenue growth and thereafter in the fullness of time as we continue to see better progression on our cost efficiency efforts that will create the headroom to get our margins back up to where we want them to be is where we think they could be.

因此，我們將不得不有意將近期的預期降低至您所看到的指南中反映的水平，以便我們能夠回到收入成長的正軌，並在接下來的時間裡繼續前進。工作取得更好的進展，這將為我們的利潤率回到我們希望的水平創造空間，這是我們認為可能達到的水平。

I think I'll invite Tobias to comment on the AI front.

我想我會邀請托比亞斯對人工智慧領域發表評論。

But just as a setup, as I mentioned a moment ago, right now, it's still this land grab period where, again, the price competition is quite fierce.

但正如我剛才提到的，現在仍然是搶地時期，價格競爭也相當激烈。

And so we need to once again focus on winning opportunities, getting in the door with these clients.

因此，我們需要再次專注於贏得機會，與這些客戶打交道。

And then when we demonstrate the capability set that we have, we can then look to expand the margin yield derived from that.

然後，當我們展示我們擁有的能力組合時，我們可以尋求擴大由此產生的利潤率。

But Tobias, why don't I invite you to top up a little bit on our ambitions on the AI margin yield front in the fullness of time.

但是托比亞斯，我為什麼不邀請您在時間成熟時補充一下我們在人工智慧利潤率方面的雄心呢？

Yes.

是的。

Thanks, Jeff.

謝謝，傑夫。

So one thing to think about is that in the popular mind, the AI use cases are all around replacing human beings and answering the questions.

因此需要考慮的一件事是，在大眾的觀念中，人工智慧的用例都是圍繞著取代人類並回答問題。

And I think we all know that that's going to take quite a while to get there in terms of risk mitigation, et cetera, et cetera.

我想我們都知道，在風險緩解等方面，這將需要相當長的時間才能實現。

The use of AI in the near term is going to be to enhance the agent experience and the agent productivity through tools, like translation tools, like summarization, all targeted at more efficiency, reducing average handle time, allowing agents to get information much more quickly and really this concept of humans in the loop.

近期人工智慧的使用將是透過翻譯工具、摘要等工具來增強座席體驗和座席生產力，所有這些都旨在提高效率，減少平均處理時間，讓座席更快地獲取資訊這確實是人類參與循環的概念。

So that's where a big part of our near-term Fuel iX investment is aimed at.

這就是我們近期 Fuel iX 投資的很大一部分目標。

And so if we do that right, you should really see some improvement in margins due to the efficiency we can drive in the system.

因此，如果我們做得正確，由於我們可以提高系統效率，您確實應該看到利潤有所改善。

Cassie Chan, Bank of America.

卡西·陳，美國銀行。

Thank you, and best of luck, Jeff.

謝謝你，祝你好運，傑夫。

Really enjoyed working with you.

真的很高興和你一起工作。

I just wanted to ask a quick question on headcount.

我只是想問一個關於員工人數的簡單問題。

So it looks like it was flat quarter over quarter, and you guys are implementing some hiring freezes, et cetera.

所以看起來季度環比持平，你們正在實施一些招聘凍結等等。

So I guess, what are you expecting in terms of the back half of the year in terms of headcount growth there?

所以我想，您對今年下半年員工人數成長有何預期？

And what's the geographical mix of headcount now versus revenue mix, particularly in Europe and the US?

現在的員工數量與收入結構的地理分佈是怎麼樣的，特別是在歐洲和美國？

Thank you.

謝謝。

Thanks, Cassie.

謝謝，卡西。

So headcount, maybe I'll put that into two.

所以人數，也許我會把它分成兩部分。

So in terms of our indirect nonbillable headcount, that's one we've continuously been looking at and looking to operate more efficiently.

因此，就我們的間接非計費員工人數而言，這是我們一直在關注並尋求更有效營運的一個。

So I would expect to see either flat or declining on that front.

因此，我預計這方面要么持平，要么下降。

And then the remainder of our headcount, as you well know, is related to billable resources.

如您所知，我們的其餘人員與計費資源有關。

And so that will match the revenue uptick that we will expect to see.

因此，這將與我們預期看到的收入成長相符。

In terms of the geographical breakdown, Cassie, I'll come back to you on the specifics of the breakdown there.

就地理細分而言，卡西，我會再向您介紹那裡的細分的具體情況。

In general, we are seeing a slight reduction in North American team count and revenue.

總體而言，我們看到北美團隊數量和收入略有減少。

As I mentioned in my script, offset by increase in Central America and Africa, but I can get you those specific numbers offline.

正如我在腳本中提到的，中美洲和非洲的成長抵消了這一影響，但我可以離線向您提供這些具體數字。

Divya Goyal, Scotiabank.

迪維亞‧戈亞爾，豐業銀行。

Morning, everyone.

早安，大家。

Jeff, thanks a lot for your partnership.

傑夫，非常感謝您的合作。

It was a pleasure working with you.

很高興與您合作。

I wanted to actually get some more color on the Fuel iX discussions that you had.

我實際上想從你們關於 Fuel iX 的討論中得到更多的資訊。

I wanted to understand what gives you confidence in this AI deployment?

我想了解是什麼讓您對這種人工智慧部署充滿信心？

And what is the -- for the lack of a better would guarantee that these revenues will create a recurring revenue stream?

由於缺乏更好的保證，這些收入將創造經常性收入流，這是什麼？

And just to tag on that, you also said there was a meaningful revenue contribution from Fuel iX.

順便說一句，您還說過 Fuel iX 做出了有意義的收入貢獻。

So if you could provide some context on that.

因此，如果您能提供一些相關背景資訊。

Thank you so much.

太感謝了。

Thanks very much, Divya.

非常感謝，迪維亞。

Once again, perhaps I'll invite Tobias to speak directly to both aspects of your question.

也許我會再次邀請托比亞斯直接回答你問題的兩個面向。

Tobias?

托比亞斯？

Yes.

是的。

So first of all, in terms of revenue, I don't think we said that there was a meaningful revenue contribution of Fuel iX, I'll let Gopi elaborate on that, I think, much more broadly.

首先，就收入而言，我認為我們並沒有說過 Fuel iX 對收入做出了有意義的貢獻，我認為我將讓 Gopi 更廣泛地詳細闡述這一點。

We had meaningful revenue contributions from our AI services and our traditional data annotation business.

我們的人工智慧服務和傳統資料註釋業務為我們帶來了可觀的收入貢獻。

But I would say it's early days in the sense that there's a lot of competition, and we are very cognizant of that.

但我想說，現在還處於早期階段，因為有許多競爭，我們對此非常清楚。

But I would say we have a unique ability to work with TELUS to really test these deployments.

但我想說，我們擁有與 TELUS 合作來真正測試這些部署的獨特能力。

And when we talk to analysts in the tech industry space at places like Gartner, et cetera, they feel that what we are doing at TELUS and with some of our early clients is very unique and provides us with an ability to test in a highly regulated set of industries that very few of our competition have.

當我們與 Gartner 等機構的技術行業分析師交談時，他們認為我們在 TELUS 以及與我們的一些早期客戶所做的事情非常獨特，使我們能夠在高度監管的環境中進行測試。少有這樣的行業。

I think the second piece that I would add on is that we have, especially in Canada, relationship with thousands and tens of thousands of initial potential customers that are looking for a Canadian solution that we can provide that is model agnostic and allows those customers to switch models over time in search of the best price and confidence in the results.

我想我要補充的第二點是，我們與成千上萬的初始潛在客戶建立了關係，特別是在加拿大，他們正在尋找我們可以提供的加拿大解決方案，該解決方案與模型無關，並允許這些客戶隨著時間的推移切換模型，以尋找最佳價格和對結果的信心。

The final point I would make is that these are recurring revenues, right?

我要說的最後一點是，這些都是經常性收入，對吧？

So as we add clients to this system, these revenues will grow and accrue over time in much more of a SaaS business model and we will be packaging services around it.

因此，當我們將客戶添加到這個系統時，這些收入將隨著時間的推移以更多的 SaaS 業務模式成長和累積，我們將圍繞它打包服務。

We will be packaging CX around it.

我們將圍繞它包裝 CX。

So it's extraordinarily synergistic with the set of services that we already provide to our clients.

因此，它與我們已經向客戶提供的一系列服務具有非凡的協同作用。

Keith Bachman, BMO.

基思·巴赫曼，BMO。

Many thanks for taking the question.

非常感謝您提出問題。

I wanted to ask about how your strategy related to M&A may be evolving, given all the dynamics in your business?

我想問一下，考慮到您業務的所有動態，您與併購相關的策略可能會如何發展？

And to be more specific, outside of perhaps some tuck-ins, do you think it's appropriate to tap the brakes on larger deals as you're structurally trying to optimize or improve the operations of the business?

更具體地說，除了一些小動作之外，您認為在從結構上嘗試優化或改進業務運營時，對較大的交易踩剎車是否合適？

And related to that is, can you just describe you said there was a performance payment to WillowTree, what was the metric that caused the trigger of a performance payment to WillowTree?

與此相關的是，您能否描述一下您所說的向 WillowTree 支付的績效付款，觸發向 WillowTree 支付績效付款的指標是什麼？

And that's it for me.

對我來說就是這樣。

Many thanks.

非常感謝。

Thanks, Keith.

謝謝，基斯。

Maybe I'll take the first question.

也許我會回答第一個問題。

I'll invite Gopi to speak to the second.

我會邀請 Gopi 與第二位說話。

We have always had a fairly well-defined strategy with respect to when and how we leverage M&A to supplement, complement, amplify, and accelerate our business.

關於何時以及如何利用併購來補充、補充、擴大和加速我們的業務，我們一直有相當明確的策略。

And it is truly one where we absolutely focus on the core business first and foremost.

這確實是我們首先絕對關注核心業務的地方。

And M&A is not a strategy.

併購不是一種策略。

It's an enabler, an accelerant for the realization of our strategy.

它是我們策略實現的推動者、促進劑。

It has been since the WillowTree deal that we've done a large transaction.

自從 WillowTree 交易以來，我們已經完成了一筆大型交易。

And we have indeed, as you've suggested correctly, tap to brakes in terms of incremental transformative acquisitions as we look to focus on continuing to get our own house in order in terms of organic growth.

正如您所正確建議的那樣，我們確實在漸進式變革性收購方面踩下了剎車，因為我們希望專注於繼續讓我們自己的房子在有機增長方面保持井然有序。

Prospectively, as we have always done historically, I think it's fair to say that you shouldn't expect to be seeing us out there making blockbuster acquisitions other than on perhaps an opportunistic basis, but for the most part, probably focus where there's opportunistic tuck-in activity that we think fills a gap, helps us access the capability, a market that we don't otherwise already access or don't think we can get there fast enough organically.

展望未來，正如我們歷史上一直所做的那樣，我認為可以公平地說，除了機會主義的基礎之外，您不應該期望看到我們進行重磅收購，但在大多數情況下，可能會集中在存在機會主義的地方-我們認為填補空白的活動可以幫助我們獲得能力，這是一個我們尚未進入的市場，或者我們認為我們無法足夠快地有機地到達那裡。

But you're absolutely right.

但你是絕對正確的。

We will continue to focus on getting our house in order and getting the organic growth engine humming as a condition precedent to earn the right for continued meaningful supplementary M&A activity.

我們將繼續專注於讓我們的內部秩序井然有序，並讓有機成長引擎運轉起來，作為贏得持續有意義的補充併購活動權利的先決條件。

Gopi, over to you on the next question.

Gopi，下一個問題就交給你了。

Thanks.

謝謝。

And Keith, to clarify, there wasn't a payment related to the WillowTree earnout.

基思（Keith）需要澄清的是，沒有與 WillowTree 收益相關的付款。

The amount that went through this quarter was a true-up of the provision.

本季的金額是該撥備的真實金額。

So there was two reasons for that.

原因有兩個。

One, every quarter, we look at the forecast as expected from WillowTree and treat that up.

第一，每個季度，我們都會按照 WillowTree 的預期查看預測並進行處理。

The provision and earn-out is working as planned.

撥備和收益正在按計劃進行。

So as we see a lower forecast than originally expected, that does true up what the ultimate earnout payment is.

因此，當我們看到預測低於最初預期時，這確實證實了最終的收益支付是正確的。

So that's working as expected.

所以這正如預期的那樣工作。

That was one of the contributing factors.

這是促成因素之一。

And then secondly, as I mentioned, we renegotiated the agreement.

其次，正如我所提到的，我們重新協商了協議。

And so again, that was factored into rebalancing where our provision is at.

同樣，這也是我們重新平衡供應的因素之一。

We do not expect currently that there would be a huge future adjustment to that provision.

目前我們預計該條款未來不會大幅調整。

I mentioned that in that renegotiation, there are some good win-win opportunities between us and WillowTree.

我提到在那次重新談判中，我們和WillowTree之間有一些很好的雙贏機會。

It is based on combined WillowTree and TELUS Digital performance.

它基於 WillowTree 和 TELUS Digital 的綜合性能。

And we also have the benefit of that continued deployment of the WillowTree management team.

我們也受惠於 WillowTree 管理團隊的持續部署。

So you will see some decreased stock-based compensation associated with that amendment.

因此，您會看到與該修正案相關的股票薪酬有所減少。

Hopefully, that clarifies, Keith, the accounting from this quarter.

基思，希望這能澄清本季的會計數據。

Maggie Nolan, William Blair.

瑪吉諾蘭、威廉布萊爾。

Hi, everyone.

大家好。

This is Kate Kronstein on for Maggie.

我是凱特·克朗斯坦（Kate Kronstein）為瑪姬配音。

Jeff, wanted to wish you good luck on behalf of our team and your next chapter.

傑夫，我想代表我們的團隊祝你好運，祝你的下一個篇章好運。

My question is: I understand there are clearly macro impacts, but are there any changes that you guys think needs to happen on the sales force front to help ramp up new client wins?

我的問題是：我知道這顯然會產生宏觀影響，但是你們認為銷售隊伍方面是否需要進行任何改變才能幫助贏得新客戶？

Thanks, Kate.

謝謝，凱特。

Good question.

好問題。

Yes, we are not satisfied with the success of our sales activity to date.

是的，我們對迄今為止銷售活動的成功並不滿意。

You may recall from previous quarters, we talked about making meaningful incremental investments both in terms of the scale of our hunting and farming community as well as embracing, adopting, and proliferating PSO framework and methodology to ensure that we get better bank for the buck, so to speak, from that sales organization.

您可能還記得前幾個季度，我們討論過在狩獵和農業社區的規模以及擁抱、採用和擴散 PSO 框架和方法方面進行有意義的增量投資，以確保我們獲得更好的資金回報，可以這麼說，來自那個銷售組織。

You'll recall also that, and as I referenced again in my prepared remarks this morning, first quarter this year was a record for new sales for the team.

您還會記得，正如我在今天早上準備好的演講中再次提到的那樣，今年第一季該團隊的新銷售額創下了紀錄。

Unfortunately, that tailed off a little bit in the second quarter.

不幸的是，這種情況在第二季有所減弱。

But again, as I mentioned, the funnel continues to be very robust, and we're hopeful that we can get better conversion, but there's always room for improvement.

但正如我所提到的，漏斗仍然非常強大，我們希望能夠獲得更好的轉化，但總是有改進的空間。

And absolutely, Brian Hannon leads our sales effort.

當然，布萊恩漢農 (Brian Hannon) 領導著我們的銷售工作。

I think has brought a tremendous level of discipline and rigor and really reenergize the team.

我認為這帶來了極高的紀律性和嚴謹性，並真正為團隊注入了活力。

And we're looking forward to continued improvement in that performance and trajectory in the weeks, months ahead.

我們期待在未來幾週、幾個月內繼續改善這項績效和軌跡。

Johnson, Guggenheim Partners.

約翰遜，古根漢合夥人。

Hi.

你好。

Thanks for the question.

謝謝你的提問。

I just want to follow up.

我只是想跟進。

What gives you confidence in the back half uptick?

是什麼讓您對後半場的上升充滿信心？

Are there any assumptions or changes in the current backdrop that's kind of needed?

在當前背景下是否需要做出任何假設或改變？

Thanks for the question.

謝謝你的提問。

I think if I understood it correctly, was just sort of how do we have faith in the revised outlook.

我想如果我理解正確的話，這就是我們如何對修改後的前景抱持信心。

Did I hear that correctly?

我沒聽錯嗎？

That's correct.

這是正確的。

Okay.

好的。

Perfect.

完美的。

So definitely some time spent understanding on the changes macroeconomically.

因此，肯定要花一些時間來了解宏觀經濟的變化。

What does give us confidence, I'll start with revenue is we are seeing a turnaround, as Jeff and I both mentioned in WillowTree demand, positively seeing that now exceeding supply.

真正給我們信心的是，我將從收入開始，我們看到了好轉，正如傑夫和我在 WillowTree 需求中提到的那樣，積極地看到現在超過了供應。

So working hard on hiring to meet that demand.

因此，努力招聘以滿足這一需求。

So that's one factor.

這是一個因素。

The second one to build off of Jeff's comments just now on our PSO investments and the structure we've put in place, that is a full force for Q3 and Q4 and gives us incremental coverage in different geographies and verticals and a more structured focus.

第二個是基於Jeff 剛剛對我們的PSO 投資和我們已經建立的結構的評論，這是第三季度和第四季度的全部力量，讓我們在不同的地區和垂直領域增加了覆蓋範圍，並形成了更結構化的重點。

So we're expecting a good returns from that.

因此，我們期待從中獲得良好的回報。

Overall, we're really confident in our funnel.

總的來說，我們對我們的管道非常有信心。

You've heard about some of our AI growth opportunities.

您已經聽說過我們的一些人工智慧成長機會。

So that reflects revenue growth in half two compared to half one.

因此，這反映了二分之一的收入比一分之一的成長。

We're seeing stabilization as Jeff mentioned off of the first question with our third largest clients and good growth with our first and second.

正如傑夫在第一個問題中提到的那樣，我們看到了與我們的第三大客戶的穩定，以及我們的第一和第二大客戶的良好成長。

And then again, good initiatives underway to address some of the attrition we're seeing, wage inflation, et cetera.

話又說回來，正在採取一些好的措施來解決我們所看到的一些人員流失、薪資上漲等問題。

So looking for gross margins essentially to stabilize in half two compare to Q2.

因此，與第二季相比，毛利率基本上穩定在一半。

And then cost transformation, while, as I mentioned, some of the projects are delayed, we do expect to get two-thirds of the remaining $30 million of savings in Q3 and Q4.

然後是成本轉型，雖然正如我所提到的，一些項目被推遲，但我們確實預計在第三季和第四季獲得剩餘 3000 萬美元節省的三分之二。

And those are programs that are already kicked off in flight.

這些計劃已經開始實施。

So we've got good certainty around those deliveries.

因此，我們對這些交付有很好的確定性。

David Koning, Baird.

大衛‧科寧，貝爾德。

Thank you, guys.

謝謝你們，夥計們。

I guess my question is surrounding just TELUS as a client.

我想我的問題只是圍繞 TELUS 作為客戶。

I know it's like 24% or so of revenue.

我知道這大約佔收入的 24% 左右。

It hits a much tougher comp in Q4.

第四季的比賽更加艱難。

And actually, what happened last Q4 is your total revenue is up $29 million and your TELUS client revenue is also up $29 million sequentially.

事實上，上個季度的情況是，您的總收入增加了 2,900 萬美元，您的 TELUS 客戶收入也較上季增加了 2,900 萬美元。

So I guess my question is: in Q4 of this year, do you get a nice sequential run in TELUS again like you did last year?

所以我想我的問題是：今年第四季度，您在 TELUS 中是否再次像去年一樣獲得良好的連續運行？

And maybe just discuss a little the dynamics of that contract.

也許只是討論一下該合約的動態。

Thanks, David.

謝謝，大衛。

So our current plan assumes that we are stable with TELUS throughout the year.

因此，我們目前的計劃假設我們全年與 TELUS 保持穩定。

So you are correct.

所以你是對的。

We did see an upside in Q4 of last year, as we maintain that through the year.

我們確實看到了去年第四季的上升趨勢，並且我們全年都保持這一趨勢。

Realistically, what we're seeing is a diversification of the work that we do with TELUS.

實際上，我們所看到的是我們與 TELUS 所做的工作的多樣化。

So while we continue our routine CX work and grew into servicing TELUS Health as well, the growth of the year that we have this year will sustain is also the digital transformation work that to be spoken to and Jeff has spoken to.

因此，在我們繼續日常客戶體驗工作並逐漸向 TELUS Health 提供服務的同時，我們今年將維持的成長也是傑夫談到的數位轉型工作。

So we're expecting a fairly consistent support from TELUS on the revenue front without a major pickup in Q4 this year.

因此，我們預計 TELUS 在收入方面將提供相當一致的支持，而今年第四季不會大幅回升。

Thank you.

謝謝。

There are no further questions in the queue.

隊列中沒有其他問題。

Thank you, Karl.

謝謝你，卡爾。

I will turn the call over to Jeff for his closing remarks.

我將把電話轉給傑夫，讓他發表結束語。

Jeff, over to you.

傑夫，交給你了。

Thank you, Olena.

謝謝你，奧萊娜。

Thank you, Karl, and thank you all for your participation today.

謝謝你，卡爾，也謝謝大家今天的參與。

To reiterate, everyone on our management team and I fully acknowledge that our performance continues to miss expectations, both our own and those of the Street.

重申一下，我和我們管理團隊的每個人都充分認識到，我們的業績仍然低於我們自己和華爾街的預期。

Clearly, we must do better.

顯然，我們必須做得更好。

While I'm in no way dismissive of the near-term sentiment, I do want to conclude with a comment on the fundamental longer-term drivers of success for this company.

雖然我絕不忽視近期的情緒，但我確實想對這家公司成功的基本長期驅動因素發表評論。

The portfolio of capabilities and talent that we've assembled here at TELUS Digital are, in my estimation, unparalleled in our industry.

我認為，我們在 TELUS Digital 匯集的能力和人才組合在我們的行業中是無與倫比的。

Our devoted team members, our brand and reputation built over almost two decades in the industry with our clients and partners, our technology-centric capability and solution set that we've continuously evolved to proactively address industry shifts and clients' needs, our diverse customer base, our balance sheet enabled a few.

我們敬業的團隊成員、近二十年來與客戶和合作夥伴一起在行業中建立的品牌和聲譽、我們不斷發展的以技術為中心的能力和解決方案集，以主動應對行業轉變和客戶的需求、在我們多元化的客戶基礎上，我們的資產負債表啟用了一些。

It's on the strength of these assets that I believe we have the opportunity and most certainly a clear need to course correct on our own and Street expectations regarding our growth and profitability profile in the near term due to the myriad of current market challenges and fundamental shifts I've spoken about earlier today, not the least of which is unprecedented ubiquitous price sensitivity that we anticipate will persist in the near term.

正是憑藉這些資產的優勢，我相信，由於當前的市場挑戰和根本性變化，我們有機會，而且肯定有明確的需要，在短期內糾正我們自己和華爾街對我們的成長和獲利狀況的預期。我今天早些時候談到過，其中最重要的是前所未有的普遍價格敏感性，我們預計這種敏感性將在短期內持續存在。

Generative AI fuel disruption brings a more fundamental and long-term implication for our entire industry.

生成式人工智慧燃料顛覆為我們整個產業帶來了更根本和更長期的影響。

TELUS Digital's continued progress in bringing to market our own gen AI solutions, should give you confidence that we're actively participating in this market shift and will emerge as a beneficiary with strong prospects to generate value for our stakeholders.

TELUS Digital 在將我們自己的新一代人工智慧解決方案推向市場方面不斷取得進展，應該讓您相信我們正在積極參與這一市場轉變，並將成為受益者，為我們的利益相關者創造價值。

I trust that we've answered all of your questions today, and we'll continue our discussions at investor and industry conferences and in direct conversations with many of you.

我相信我們今天已經回答了你們的所有問題，我們將繼續在投資者和行業會議上進行討論，並與你們中的許多人進行直接對話。

Jason, Tobias and Gopi will host our quarterly investor call that will take place in early November.

Jason、Tobias 和 Gopi 將主持 11 月初舉行的季度投資者電話會議。

Until then, thank you all for your continued engagement, and goodbye.

在此之前，感謝大家的持續參與，再見。

This concludes TELUS Digital's Q2 2024 investor call.

TELUS Digital 2024 年第二季投資者電話會議到此結束。

Thank you for your participation, and have a nice day.

感謝您的參與，祝您有美好的一天。