TTEC Holdings Inc (TTEC) 2022 Q4 法說會逐字稿

Welcome to TTEC's Fourth Quarter and Full Year 2022 Earnings Conference Call. (Operator Instructions). This call is being recorded at the request of TTEC. I would now like to turn the call over to Paul Miller, TTEC's Senior Vice President, Treasurer and Investor Relations Officer. Thank you, sir. You may begin.

歡迎來到 TTEC 的第四季度和 2022 年全年收益電話會議。 （操作員說明）。此通話是應 TTEC 的要求進行錄音的。我現在想把電話轉給 TTEC 的高級副總裁、財務主管兼投資者關係官保羅米勒。謝謝你，先生。你可以開始了。

Good morning, and thank you for joining us today. TTEC is hosting this call to discuss its fourth quarter and full year 2022 financial results for the period ended December 31, 2022.

早上好，感謝您今天加入我們。 TTEC 將主持此次電話會議，討論其截至 2022 年 12 月 31 日期間的第四季度和 2022 年全年財務業績。

Participating on today's call are Ken Tuchman, Chairman and Chief Executive Officer of TTEC; Shelly Swanback, Chief Executive Officer of TTEC Engage and President of TTEC; and Dustin Semach, Chief Financial Officer of TTEC.

參加今天電話會議的有 TTEC 董事長兼首席執行官 Ken Tuchman； TTEC Engage 首席執行官兼 TTEC 總裁 Shelly Swanback；以及 TTEC 的首席財務官 Dustin Semach。

Yesterday, TTEC issued a press release announcing its financial results. While this call will reflect items discussed within that document, for complete information about our financial performance, we also encourage you to read our 2022 annual report on Form 10-K, which we anticipate will be filed at market close today.

昨天，TTEC 發布了一份新聞稿，公佈了其財務業績。雖然此次電話會議將反映該文件中討論的項目，但為了獲得有關我們財務業績的完整信息，我們還鼓勵您閱讀我們的 2022 年 10-K 表格年度報告，我們預計該報告將在今天收盤時提交。

Before we begin, I want to remind you that matters discussed on today's call may include forward-looking statements related to our operating performance, financial goals and business outlook, which are based on management's current beliefs and assumptions.

在我們開始之前，我想提醒您，今天電話會議上討論的事項可能包括與我們的經營業績、財務目標和業務前景相關的前瞻性陳述，這些陳述基於管理層當前的信念和假設。

Please note that these forward-looking statements reflect our opinion as of the date of this call, and we undertake no obligation to revise this information as a result of new developments that may occur. Forward-looking statements are subject to various risks, uncertainties and other factors that could cause our actual results to differ materially from those expected and described today.

請注意，這些前瞻性陳述反映了我們截至本次電話會議之日的觀點，我們不承擔因可能發生的新發展而修改此信息的義務。前瞻性陳述受各種風險、不確定性和其他因素的影響，這些因素可能導致我們的實際結果與今天預期和描述的結果存在重大差異。

For a more detailed description of our risk factors, please review our annual report on Form 10-K. A replay of this conference call will be available on our website under the Investor Relations section.

如需更詳細地描述我們的風險因素，請查看我們的 10-K 表格年度報告。本次電話會議的重播將在我們網站的“投資者關係”部分提供。

I will now turn the call over to Ken.

我現在將電話轉給肯。

Thank you, Paul. Good morning, everyone, and thank you for joining us today. We ended 2022 with solid execution and financial results despite the increased uncertainties surrounding the global macroeconomic environment, our performance reflects our broad and diverse base of global clients, our expertise across strategic verticals and our full range of digital CX technology, AI and service capabilities.

謝謝你，保羅。大家早上好，感謝您今天加入我們。儘管全球宏觀經濟環境的不確定性增加，但我們在 2022 年結束時仍取得了穩健的執行力和財務業績，我們的業績反映了我們廣泛而多樣化的全球客戶群、我們在戰略垂直領域的專業知識以及我們全方位的數字 CX 技術、人工智能和服務能力。

For the full year of 2022, bookings were $762 million. Revenue increased 9.4% to $2.44 billion on a constant currency basis. Adjusted EBITDA was $326.6 million or 13.4% of revenue. In addition, last year, we enhanced our public sector vertical with a meaningful acquisition. We publicly launched our strategic partnership with Google, deepened our partnership with each of our core strategic CX technology partners, including the largest hyperscalers, we strengthened our first-mover advantage in AI with strategic investments in new offerings and several new client wins.

2022 年全年，預訂額為 7.62 億美元。按固定匯率計算，收入增長 9.4% 至 24.4 億美元。調整後的 EBITDA 為 3.266 億美元，佔收入的 13.4%。此外，去年，我們通過有意義的收購增強了公共部門的垂直度。我們公開啟動了與穀歌的戰略合作夥伴關係，加深了我們與每個核心戰略客戶體驗技術合作夥伴的合作夥伴關係，包括最大的超大規模企業，我們通過對新產品的戰略投資和幾個新客戶的贏得，加強了我們在 AI 領域的先發優勢。

We expanded our client base by winning 93 new logos and we grew our delivery footprint with 3 new offshore geographies. And we were recognized as a CX leader by all 4 major analyst firms. In addition, we were named by Forbes as one of America's best large employers for the third consecutive year. And lastly, we marked our 40th anniversary as a pioneer, a global leader and an innovator in customer experience.

我們通過贏得 93 個新標誌擴大了我們的客戶群，並通過 3 個新的離岸地區擴大了我們的交付足跡。我們被所有 4 家主要分析公司公認為 CX 領導者。此外，我們連續第三年被福布斯評為美國最佳大型雇主之一。最後，作為客戶體驗的先驅、全球領導者和創新者，我們迎來了 40 週年紀念。

I'm pleased with our accomplishments in 2022. Despite the fact that our financial performance was tempered by the increased macroeconomic headwinds that emerged in the second half of last year. As we look ahead, some clients in select verticals continue to have reduced visibility into their short- to midterm outlook. And therefore, at this point in time, we believe it's prudent to approach 2023 guidance conservatively.

我對我們在 2022 年取得的成就感到滿意。儘管我們的財務業績受到去年下半年出現的宏觀經濟逆風增加的影響。展望未來，部分垂直行業的一些客戶繼續降低其中短期前景的能見度。因此，在這個時間點，我們認為保守地接近 2023 年的指導方針是謹慎的。

Having said that, I could not be more excited about our strength in global leadership team and our differentiated platform. I'm confident in our ability to deliver significantly higher revenue growth and margins as we exit this current macroeconomic environment, and now let's move to our views on the market.

話雖如此，我對我們在全球領導團隊和差異化平台方面的實力感到無比興奮。隨著我們退出當前的宏觀經濟環境，我相信我們有能力實現更高的收入增長和利潤率，現在讓我們談談我們對市場的看法。

In any economy, an exceptional customer experience sets the most admired brands apart. Happy customers are loyal. They spend more money and become active promoters of their favorite brands. In an uncertain economy, keeping these loyal customers is paramount. Yet at the same time, businesses are challenged to do more with less.

在任何經濟體中，卓越的客戶體驗都會讓最受推崇的品牌脫穎而出。快樂的顧客是忠誠的。他們花更多的錢，成為他們最喜歡的品牌的積極推廣者。在不確定的經濟中，留住這些忠誠的客戶至關重要。但與此同時，企業面臨著事半功倍的挑戰。

Our outcomes-based solutions are more critical than ever in this environment. Over the past decade, we've set up our company to capitalize on 3 game-changing megatrends. From legacy giants to digitally native startups, these trends will be altering the face of every industry across the globe. We've been preparing for this inflection point, and we're well positioned to capitalize on the opportunity ahead of us.

在這種環境下，我們基於結果的解決方案比以往任何時候都更加重要。在過去的十年中，我們建立了公司以利用 3 個改變遊戲規則的大趨勢。從傳統巨頭到數字原生初創公司，這些趨勢將改變全球每個行業的面貌。我們一直在為這個轉折點做準備，我們已經準備好利用我們面前的機會。

So let me begin. Trend number one, the CX move to the cloud is no longer an option. It's an imperative. Currently, only about 20% of large enterprises have completed their CX migration to the cloud. As the largest pure-play CX technology and services player in the world, we're helping these companies use the modern capabilities enabled by the cloud to create customer experiences across every touch point that are personalized, effortless and differentiated.

那麼讓我開始吧。趨勢一，CX 遷移到雲端不再是一種選擇。這是當務之急。目前，只有約 20% 的大型企業完成了 CX 上雲。作為世界上最大的純 CX 技術和服務提供商，我們正在幫助這些公司使用由雲支持的現代功能，在每個接觸點創造個性化、輕鬆和差異化的客戶體驗。

Our TTEC Digital business has implemented some of the most complex enterprise CX cloud migrations at scale across every major platform. We're well positioned to capitalize on the remaining 80% of large businesses and governments still operating on outdated on-premise legacy platforms. These digital transformation initiatives are complicated and will provide us with technology and managed service opportunities for many years to come.

我們的 TTEC 數字業務已經在每個主要平台上大規模實施了一些最複雜的企業 CX 雲遷移。我們完全有能力利用剩餘 80% 的大型企業和政府，這些企業和政府仍在過時的本地遺留平台上運營。這些數字化轉型計劃很複雜，並將在未來許多年為我們提供技術和託管服務機會。

Trend #2, the world's leading brands are moving from reactive customer support to proactive customer experiences. Smart brands no longer are waiting for their customers to reach out when something goes wrong. They're using advanced analytics to anticipate the future needs of their customers with proactive outreach and next best actions. With our investments in predictive digital capabilities, that enable customer acquisition, growth and retention, we're delivering strong results for our clients in multiple industries, including health care, financial services and automotive.

趨勢 2，世界領先品牌正在從被動的客戶支持轉變為主動的客戶體驗。當出現問題時，聰明的品牌不再等待他們的客戶伸出援手。他們使用高級分析通過主動外展和下一步最佳行動來預測客戶的未來需求。憑藉我們對預測性數字功能的投資，這些功能可以幫助客戶獲取、增長和保留，我們正在為多個行業的客戶帶來強勁的成果，包括醫療保健、金融服務和汽車。

Trend #3, AI is redefining the role of the frontline associates, creating a new class of knowledge workers, whether a customer is reaching out about a complex issue or a highly charged emotional moment of truth, they expect a skilled compassionate human to be on the other side. AI has the potential to turn these frontline knowledge workers into super agents by augmenting their skills with real-time insights and next best actions. These capabilities accelerate speed to proficiency, create new career pathways, deliver the best possible business outcomes and will create higher margin opportunities for TTEC.

趨勢 3，AI 正在重新定義一線員工的角色，創造了一個新的知識工作者階層，無論客戶是就複雜的問題還是情緒激動的關鍵時刻伸出援手，他們都希望有一個技術嫻熟、富有同情心的人來處理另一邊。人工智能有潛力通過實時洞察和下一步最佳行動來增強他們的技能，從而將這些一線知識工作者轉變為超級代理。這些能力加快了熟練程度，創造了新的職業道路，提供了最佳的業務成果，並將為 TTEC 創造更高的利潤機會。

These 3 trends are putting pressure on companies across the globe to find a partner so that they can move quickly and with confidence. For the past 40 years, we've led the market by helping our clients understand how new digital technologies fit into their CX ecosystem. While technology has always been fundamental to our solutions for clients, we've provided a steady hand to separate the helpful from the hype, from the earliest IVRs to today's latest developments with AI, our focus has always been delighting customers and helping our clients grow.

這 3 大趨勢給全球公司帶來了尋找合作夥伴的壓力，這樣他們才能快速而自信地採取行動。在過去的 40 年裡，我們通過幫助客戶了解新的數字技術如何融入他們的 CX 生態系統來引領市場。雖然技術一直是我們為客戶提供的解決方案的基礎，但從最早的 IVR 到當今 AI 的最新發展，我們提供了穩定的手段來區分有益與炒作，我們的重點始終是取悅客戶並幫助我們的客戶成長.

Our two distinct but connected business segments enable us to deliver differentiated results in this new phase of AI-driven CX innovation. Today, TTEC Digital is the largest pure-play CX technology and services player in the world. We have the data scientists, the CX consultants, the CX technology expertise across all leading platforms. Our clients look to us given our deep experience with complex implementations and our strategic partnerships with the hyperscalers and the premier CCaaS players.

我們兩個截然不同但相互關聯的業務部門使我們能夠在 AI 驅動的 CX 創新的新階段提供差異化的結果。如今，TTEC Digital 是全球最大的純 CX 技術和服務提供商。我們擁有跨所有領先平台的數據科學家、CX 顧問和 CX 技術專業知識。鑑於我們在復雜實施方面的豐富經驗以及我們與超大規模企業和主要 CCaaS 參與者的戰略合作夥伴關係，我們的客戶期待我們。

Complementing TTEC Digital is our TTEC Engage business, which handles millions of last-mile customer interactions on behalf of the world's leading brands. Our teams of knowledge workers, conversational designers, data curators and analytic experts deliver experiences that consistently delight our clients and wow their customers. And when we combine the capabilities of these two business segments, we're uniquely positioned to build and deliver proprietary CX solutions on top of Microsoft and OpenAI's ChatGPT, Google's CCAI and Amazon's Lambda.

與 TTEC Digital 相輔相成的是我們的 TTEC Engage 業務，它代表世界領先品牌處理數百萬最後一英里的客戶互動。我們的知識工作者、會話設計師、數據管理員和分析專家團隊提供的體驗始終令我們的客戶滿意並讓他們的客戶驚嘆不已。當我們結合這兩個業務部門的能力時，我們處於獨特的位置，可以在 Microsoft 和 OpenAI 的 ChatGPT、谷歌的 CCAI 和亞馬遜的 Lambda 之上構建和交付專有的 CX 解決方案。

We believe this not only helps us support the world's leading brands more effectively with AI machine learning, but it also serves as a moat relative to the rest of our competitors. As Google, Genesys, Microsoft, Cisco and AWS develop market applications for new technologies like generative AI, they are collaborating with us for our frontline knowledge and our CX technology domain expertise. Together, we're investing in solution development, go-to-market strategies and delivery models for this new generation of customer experience.

我們相信，這不僅有助於我們通過 AI 機器學習更有效地支持世界領先品牌，而且還是我們相對於其他競爭對手的護城河。隨著谷歌、Genesys、微軟、思科和 AWS 為生成式 AI 等新技術開發市場應用程序，他們正在與我們合作，獲取我們的前沿知識和 CX 技術領域的專業知識。我們共同投資於解決方案開發、上市戰略和交付模式，以打造新一代的客戶體驗。

Human discernment and compassion will play a key role in building trust as these new AI functions are integrated into CX solutions. Like many digital innovations before, these new capabilities will augment our frontline knowledge workers.

隨著這些新的 AI 功能被集成到 CX 解決方案中，人類的洞察力和同情心將在建立信任方面發揮關鍵作用。與之前的許多數字創新一樣，這些新功能將增強我們的一線知識工作者。

Now I'd like to share our thoughts on 2023. With a strong foundation and an agile mindset, we have the resilient and -- have persevered through the economic cycles, global pandemics and natural disasters. We know that these events are cyclical and working as a team. We have demonstrated time and again that we have the determination, tenacity and long-term track record and the vision to come out stronger on the other side. I'm more confident than ever about our path forward with Shelly Swanback and Dave Seybold, by my side. Together, we are actively navigating the current environment and doubling down on our priorities that will build momentum as we progress through the year.

現在，我想分享我們對 2023 年的看法。憑藉堅實的基礎和敏捷的思維方式，我們具有韌性，並且在經濟周期、全球流行病和自然災害中堅持不懈。我們知道這些事件是周期性的，並且是一個團隊。我們一次又一次地證明，我們有決心、堅韌和長期的記錄，以及在另一邊變得更強大的願景。有 Shelly Swanback 和 Dave Seybold 在我身邊，我對我們前進的道路比以往任何時候都更有信心。我們一起積極應對當前的環境，並加倍關注我們的優先事項，這將在我們今年取得進展時建立勢頭。

From the very beginning, we have aspired to build something truly unique in the industry, a single end-to-end resource for premium CX technology, AI and service to power the most customer-centric brands on the planet. And today, we are as excited as ever. And with that, I'll hand the call over to Shelly.

從一開始，我們就立志打造業內真正獨一無二的東西，即優質 CX 技術、人工智能和服務的單一端到端資源，為全球最以客戶為中心的品牌提供支持。今天，我們一如既往地興奮。有了這個，我會把電話交給雪莉。

Thank you, Ken, and good morning, everyone. As Ken mentioned in his opening statement, we delivered a strong fourth quarter. Our solid performance was possible due to our trusted and long-standing partnerships with our clients and the passion, the hard work and contributions of our amazing 69,000 teammates across the globe.

謝謝你，肯，大家早上好。正如肯在開場白中提到的那樣，我們在第四季度表現強勁。由於我們與客戶建立了值得信賴的長期合作夥伴關係，以及我們在全球 69,000 名令人驚嘆的團隊成員的熱情、辛勤工作和貢獻，我們取得了穩健的業績。

Like Ken, I'm very enthusiastic about the relevance of our CX solutions and the market demand for the outcomes we deliver. Clients across industries continue to be focused on the importance of a great customer experience. We're well positioned to help them apply the most relevant talent, technology and AI solutions for their business.

和 Ken 一樣，我對我們的 CX 解決方案的相關性以及市場對我們提供的結果的需求充滿熱情。各行各業的客戶繼續關注卓越客戶體驗的重要性。我們有能力幫助他們為他們的業務應用最相關的人才、技術和人工智能解決方案。

Shifting now to our Engage business. The weakening macroeconomic environment is creating a few specific short-term challenges. The uncertainty in this economic environment is affecting the short- and midterm outlooks for some of our clients, subsequently impacting our visibility. We're responding to their needs by remaining agile.

現在轉向我們的 Engage 業務。疲軟的宏觀經濟環境帶來了一些具體的短期挑戰。這種經濟環境的不確定性正在影響我們一些客戶的短期和中期前景，進而影響我們的知名度。我們通過保持敏捷來響應他們的需求。

While we have continued strength of resilient verticals like public sector, financial services and health care, we are experiencing weakness in our hypergrowth sector. Unfortunately, several of our hypergrowth clients have been impacted by the post-pandemic renormalization. In the short term, the decline in this sector is putting pressure on our margins.

雖然我們在公共部門、金融服務和醫療保健等有彈性的垂直行業持續走強，但我們的高速增長行業正在經歷疲軟。不幸的是，我們的一些高速增長客戶受到了大流行後重新正常化的影響。短期內，該行業的下滑給我們的利潤率帶來壓力。

We're confident that we'll successfully navigate these pressures while we continue to make investments in technology, infrastructure, our global footprint and M&A integration. This will give us momentum as we exit 2023 and head into 2024.

我們有信心在繼續投資技術、基礎設施、全球足跡和併購整合的同時，成功應對這些壓力。這將為我們在 2023 年結束並進入 2024 年時提供動力。

Now let me share our Engage initiatives that will add velocity to our growth engine, improve our margin profile and set the company up for long-term success. We're accelerating our efforts to expand our delivery and language footprint. In 2022, we added three new geographies to our operational footprint that now spans more than 20 countries. In 2023, we plan to add new language capabilities and thousands of new associates in Latin America, EMEA, Asia and Africa, where we're seeing increasing demand from both current clients and prospects. Additionally, we're moving quickly and have a qualified pipeline for offshore delivery that has increased over the same -- this same time last year. We expect this momentum to continue to build.

現在讓我分享我們的 Engage 計劃，這些計劃將加快我們的增長引擎的速度，改善我們的利潤率，並為公司的長期成功做好準備。我們正在加緊努力，以擴大我們的交付和語言足跡。 2022 年，我們的運營足跡增加了三個新的地理區域，現在跨越 20 多個國家/地區。 2023 年，我們計劃在拉丁美洲、歐洲、中東和非洲、亞洲和非洲增加新的語言能力和數千名新員工，我們看到現有客戶和潛在客戶對這些地區的需求不斷增長。此外，我們正在迅速行動，並擁有一條合格的離岸交付管道，與去年同期相比有所增加。我們預計這種勢頭將繼續增強。

We're building our talent base with highly skilled knowledge workers to support more complex interactions, a place where we're uniquely qualified. As we help our clients migrate simple interactions to non-voice channels, the demand for more highly trained and experienced knowledge workers is growing. AI-based tools are enabling us to find, train and onboard these knowledge workers with speed. Initiatives like our FlexEX platform are offering knowledge workers more flexibility with their schedule while allowing us to better match supply with the ebbs and flows of demand.

我們正在建立我們的人才庫，擁有高技能的知識工作者，以支持更複雜的互動，這是我們獨一無二的優勢所在。隨著我們幫助客戶將簡單的交互遷移到非語音渠道，對訓練有素、經驗豐富的知識型員工的需求也在增長。基於 AI 的工具使我們能夠快速找到、培訓和聘用這些知識型員工。像我們的 FlexEX 平台這樣的舉措為知識工作者的日程安排提供了更大的靈活性，同時使我們能夠更好地將供應與需求的潮起潮落相匹配。

We're leaning into resilient verticals where we offer differentiated solutions, the specialized nature of the work and licensing requirements in health care, financial services and public sector provide us with a competitive advantage. Our domain expertise and proven best practices in these verticals are enabling us to attract new companies as well as expand our embedded base.

我們正傾向於提供差異化解決方案的彈性垂直領域，醫療保健、金融服務和公共部門的工作和許可要求的專業性質為我們提供了競爭優勢。我們在這些垂直領域的領域專業知識和經過驗證的最佳實踐使我們能夠吸引新公司並擴大我們的嵌入式基礎。

In health care, in 2022, we implemented 14 open enrollment programs for 10 clients, and we were consistently the top performer. As we build on the trust earned from these successful client programs, we will sell new asynchronous offshore services delivered at a higher margin.

在醫療健康方面，2022年我們為10個客戶實施了14個開放註冊項目，我們一直是表現最好的。在我們從這些成功的客戶計劃中贏得信任的基礎上，我們將以更高的利潤率銷售新的異步離岸服務。

In financial services, we continue to expand our business with new logos and grow our embedded base with additional claims, collections, fraud and back-office services. We're also growing in property and casualty and now support 3 out of 5 of the industry leaders in this category. In this highly competitive marketplace, we're partnering with insurers to use analytics as a differentiator with just-in-time estimates and hyper personalized offers.

在金融服務方面，我們繼續通過新標識擴展我們的業務，並通過額外的索賠、收款、欺詐和後台服務擴大我們的嵌入式基礎。我們在財產和意外傷害方面也在增長，現在支持該類別中五分之三的行業領導者。在這個競爭激烈的市場中，我們正在與保險公司合作，將分析作為差異化因素，提供及時估算和超個性化服務。

In public sector, we continue to scale as we complete the integration of the public sector assets we acquired last year. For example, our work with New York Metro tolling and transportation authorities is well underway with an anticipated go-live date in 2024. This comprehensive contract includes CX technology, account management, customer support and back-office services. And more broadly, we're focusing our go-to-market on opportunities to help companies reduce costs by taking advantage of our expanding global footprint and scaling our trust and safety and AI operation solutions.

在公共部門，隨著我們完成對去年收購的公共部門資產的整合，我們繼續擴大規模。例如，我們與紐約地鐵收費和運輸當局的合作進展順利，預計將於 2024 年上線。這份綜合合同包括 CX 技術、賬戶管理、客戶支持和後台服務。更廣泛地說，我們將我們的上市重點放在幫助公司降低成本的機會上，方法是利用我們不斷擴大的全球足跡和擴展我們的信任和安全以及人工智能運營解決方案。

I'm particularly excited about helping our clients harness the power of AI with expanded services in data annotation and curation supported by our skilled knowledge workers.

我特別興奮能夠幫助我們的客戶利用 AI 的力量，在我們熟練的知識工作者的支持下擴展數據註釋和管理服務。

Now I'll move on to our TTEC Digital segment. Given the rapid pace of CX technology innovation, companies are looking for a partner with the breadth and depth to design, build, operate and also manage their digital transformation. These technology consulting and long-term managed service contracts fall right in our sweet spot. As the only pure play CX technology partner that also manages millions of customer interactions every day, we deliver value and customer insight that no one else can. And it's so great to have Dave Seybold on our team with his deep partner and client relationships and strong track record of growing global businesses at scale, Dave brings extensive cloud and CX expertise to the business at a pivotal time. He's already making an impact with our people, our clients and our partners.

現在我將繼續我們的 TTEC 數字部分。鑑於 CX 技術創新的快速步伐，公司正在尋找具有廣度和深度的合作夥伴來設計、構建、運營和管理他們的數字化轉型。這些技術諮詢和長期託管服務合同正是我們的最佳選擇。作為唯一一家每天還管理數百萬次客戶交互的純 CX 技術合作夥伴，我們提供其他人無法提供的價值和客戶洞察力。 Dave Seybold 加入我們的團隊真是太棒了，他擁有深厚的合作夥伴和客戶關係，以及在大規模發展全球業務方面的良好記錄，Dave 在關鍵時刻為企業帶來了廣泛的雲和 CX 專業知識。他已經對我們的員工、客戶和合作夥伴產生了影響。

Dave and his team are accelerating progress on our digital priorities. First, capturing the growth opportunity to help clients with their CX cloud migration, AI and large digital transformation initiatives, enabled by our strategic partnerships with Genesys, Microsoft, AWS, Cisco and Google. We continue to be chosen by these partners for complex and first-of-a-kind CX engagements, including generative AI.

Dave 和他的團隊正在加快我們數字優先事項的進展。首先，通過我們與 Genesys、微軟、AWS、思科和谷歌的戰略合作夥伴關係，抓住增長機會幫助客戶進行 CX 雲遷移、人工智能和大型數字化轉型計劃。這些合作夥伴繼續選擇我們進行複雜且首創的 CX 業務，包括生成 AI。

Next, continuing to scale our offshore delivery platform to strengthen our margin profile. Last year, we successfully grew our offshore footprint by 60%, and we have plans underway to further scale in 2023. And finally, continuing to build and scale our IP-based software that we directly embed in our solutions and also sell across the hyperscalers marketplaces.

接下來，繼續擴大我們的離岸交付平台以加強我們的利潤率。去年，我們成功地將離岸足跡增加了 60%，我們計劃在 2023 年進一步擴大規模。最後，繼續構建和擴展我們基於 IP 的軟件，我們將這些軟件直接嵌入到我們的解決方案中，並在超大規模企業中銷售市場。

I'll wrap up our segment discussion with a few thoughts about the exciting progress being made in AI. Discussion around AI has been happening for some time. What's different now is that practical business benefits are within reach. Having worked with clients to take advantage of previous AI and technology innovation cycles before, it's clear that technology is only one part of the equation in terms of delivering tangible business results. We're uniquely positioned to capture the opportunity because of our combination of deep CX domain expertise, CX technology services at scale and our experience delivering frontline customer engagement.

我將用一些關於 AI 令人興奮的進展的想法來結束我們的部分討論。圍繞人工智能的討論已經進行了一段時間。現在不同的是，實際的商業利益觸手可及。之前曾與客戶合作利用之前的 AI 和技術創新周期，很明顯技術只是提供有形業務成果的方程式的一部分。由於我們結合了深厚的 CX 領域專業知識、大規模的 CX 技術服務以及我們提供一線客戶參與的經驗，我們具有獨特的優勢來抓住機會。

In conclusion, we're managing for today while we continue to strengthen the foundation for our future, reviewing 2023 as a year focused on disciplined and agile execution as we continue to drive towards diversification across clients, geographies, languages and solutions to optimize our revenue mix and further strengthen our margin profile. Our outlook for TTEC in 2023 is low single-digit growth with tempered margins driven by our Engage segment's performance being impacted with the points I mentioned earlier.

總而言之，我們在為今天進行管理，同時繼續鞏固我們未來的基礎，將 2023 年視為專注於紀律和敏捷執行的一年，因為我們將繼續推動跨客戶、地域、語言和解決方案的多元化，以優化我們的收入混合併進一步加強我們的利潤率。我們對 TTEC 在 2023 年的展望是低個位數增長，我們的 Engage 部門的業績受到我前面提到的幾點的影響，導致利潤率下降。

With our focused strategy, prudent investments and strengthened leadership team, we expect margins and growth to accelerate in 2024 and beyond. And I look forward to sharing our progress as we continue to deliver best-in-class solutions for our clients, growth opportunities for our employees and returns for our shareholders.

憑藉我們專注的戰略、審慎的投資和加強的領導團隊，我們預計利潤率和增長將在 2024 年及以後加速。我期待著分享我們的進展，因為我們將繼續為我們的客戶提供一流的解決方案，為我們的員工提供成長機會，並為我們的股東帶來回報。

And now I will turn the call over to Dustin.

現在我將把電話轉給達斯汀。

Thank you, Shelly, and good morning. We appreciate everyone taking the time to join us today. I'll start with a review of our fourth quarter and full year 2022 results before providing you context on our 2023 guidance.

謝謝你，雪莉，早上好。我們感謝大家今天抽出時間加入我們。在向您提供有關我們 2023 年指南的背景信息之前，我將首先回顧我們的第四季度和 2022 年全年業績。

Turning to our bookings. Despite the dynamic environment, our go-to-market teams delivered a solid year. In the fourth quarter of 2022, bookings were $197 million compared to $206 million in the prior year period, resulting in full year bookings of $762 million, an increase from $751 million in the prior year. Bookings in our Digital segment were particularly strong, increasing 10% in the fourth quarter over the prior year period and 23% in 2022.

轉向我們的預訂。儘管環境充滿活力，但我們的上市團隊在這一年表現出色。 2022 年第四季度，預訂量為 1.97 億美元，上年同期為 2.06 億美元，全年預訂量為 7.62 億美元，高於上年同期的 7.51 億美元。我們數字業務的預訂量特別強勁，第四季度比去年同期增長 10%，2022 年增長 23%。

The business signings were predominantly driven by demand for our Genesys and Microsoft CX technology solutions, in addition to Amazon Connect and Cisco, many of which are large multiyear CX transformational engagements. While our sales cycles have extended, our enterprise and public sector clients continue to recognize the long-term benefits for modernizing and digitally enhancing their CX ecosystems.

業務簽約的主要驅動因素是對我們的 Genesys 和 Microsoft CX 技術解決方案的需求，此外還有 Amazon Connect 和 Cisco，其中許多都是大型的多年 CX 轉型項目。雖然我們的銷售週期有所延長，但我們的企業和公共部門客戶繼續認識到現代化和數字化增強其 CX 生態系統的長期利益。

In our Engage segment, there was solid demand for our core offerings in the fourth quarter and full year of 2022. Bookings were well diversified across our key industries, with particular strength in financial services, health care, automotive and travel and hospitality as well as across our expanded geographic footprint, including continued momentum in our EMEA region, which had bookings growth of 60% in the fourth quarter and 40% in 2022. We added 22 new client relationships in the fourth quarter and 93 for the full year 2022. This represents an increase of 13% over the prior year full period.

在我們的 Engage 細分市場，第四季度和 2022 年全年對我們核心產品的需求強勁。我們主要行業的預訂非常多元化，在金融服務、醫療保健、汽車、旅遊和酒店以及在我們擴大的地理足跡中，包括我們 EMEA 地區的持續增長勢頭，該地區的預訂量在第四季度增長了 60%，在 2022 年增長了 40%。我們在第四季度增加了 22 個新客戶關係，在 2022 年全年增加了 93 個。這比去年同期增長 13%。

Due to recent acquisitions, our Digital revenue as a percentage of our overall revenue has increased. Due to the nature of the business, Digital bookings reflect a higher mix of nonrecurring services relative to Engage. As a result, moving forward, we will begin giving color on each individual segment's performance rather than discussing bookings at the overall TTEC level.

由於最近的收購，我們的數字收入佔總收入的百分比有所增加。由於業務的性質，與 Engage 相比，數字預訂反映了更高的非經常性服務組合。因此，展望未來，我們將開始對每個細分市場的表現進行區分，而不是在整個 TTEC 級別討論預訂。

For Engage's performance, we will give color on each vertical and for Digital's performance, we'll get color by offerings. I will share our 2023 backlog details in my closing remarks. In my discussion on the fourth quarter and full year 2022 financial results, reference to revenues on a GAAP basis, while EBITDA, operating income and earnings per share on a non-GAAP adjusted basis. A full reconciliation of our GAAP to non-GAAP results is included in the tables attached to our earnings press release. My references to the term on a like-for-like basis describes our revenue growth, excluding the impact of foreign exchange translation and treating acquisitions as if we've owned them in the prior year period.

對於 Engage 的性能，我們將在每個垂直方向上提供顏色，對於 Digital 的性能，我們將通過產品獲得顏色。我將在結束語中分享我們 2023 年積壓工作的詳細信息。在我對第四季度和 2022 年全年財務業績的討論中，參考了 GAAP 基礎上的收入，而 EBITDA、營業收入和每股收益則是基於非 GAAP 調整後的基礎。我們的 GAAP 與非 GAAP 結果的完全對賬包含在我們的收益新聞稿所附的表格中。我在類似基礎上提到的術語描述了我們的收入增長，不包括外匯換算的影響，並將收購視為我們在上一年期間擁有它們。

As mentioned, we are pleased with our fourth quarter financial performance, especially when considering the headwinds that both Ken and Shelly highlighted earlier. On a consolidated basis in the fourth quarter of 2022, revenue was $658.3 million, an increase of 7.5% on a like-for-like basis, excluding the impact of pandemic-related volumes, revenue grew 4.7%. Organic growth was 2% on a constant currency basis.

如前所述，我們對第四季度的財務業績感到滿意，尤其是考慮到 Ken 和 Shelly 之前強調的不利因素時。在 2022 年第四季度的綜合基礎上，收入為 6.583 億美元，同比增長 7.5%，不包括大流行相關銷量的影響，收入增長 4.7%。按固定匯率計算，有機增長率為 2%。

Adjusted EBITDA was $84.8 million or 12.9% of revenue compared to $84.1 million or 13.7% in the prior year. Operating income was $69.9 million or 10.6% of revenue compared to $68.3 million or 11.2% in the prior year. And lastly, EPS was $0.89 compared to $1.08 in the prior year.

調整後的 EBITDA 為 8480 萬美元，佔收入的 12.9%，上年為 8410 萬美元，佔收入的 13.7%。營業收入為 6990 萬美元，佔收入的 10.6%，上年同期為 6830 萬美元，佔收入的 11.2%。最後，每股收益為 0.89 美元，而去年同期為 1.08 美元。

The strengthening of the U.S. dollar had a $12.6 million negative impact on revenue in the fourth quarter over the prior year period, while benefiting operating income by a positive $4.5 million, primarily within our Engage segment.

與去年同期相比，美元走強對第四季度的收入產生了 1260 萬美元的負面影響，同時使營業收入增加了 450 萬美元，主要是在我們的 Engage 部門。

Our fourth quarter year-over-year top line performance primarily reflects the contribution from the April 2022 Faneuil asset acquisition in our Engage segment as well as increased CX technology services in our Digital segment, driven by the increasing adoption of cloud CX technologies.

我們第四季度的同比收入表現主要反映了我們 Engage 部門 2022 年 4 月法尼爾資產收購的貢獻，以及在雲 CX 技術的日益採用的推動下，我們的數字部門增加了 CX 技術服務。

Turning to our operating and EBITDA margins. The year-over-year decrease is primarily a function of integration-related costs associated with the Faneuil asset acquisition, leadership and engineering talent acquisitions, growth-oriented investments, including the strategic build-out in our offshore delivery centers and the reduction in higher-margin pandemic-related volumes compared to the prior year period.

轉向我們的運營和 EBITDA 利潤率。同比下降主要是由於與法尼爾資產收購、領導力和工程人才收購、增長導向型投資相關的整合相關成本，包括我們離岸交付中心的戰略擴建和更高成本的減少- 與去年同期相比，與大流行病相關的利潤率。

Moving forward, we will no longer report the impact from pandemic-related volumes given its modest remaining impact. However, for consistency, we felt it was important to share through the end of fiscal year '22. On a consolidated basis for the full year 2022, revenue was $2.44 billion, an increase of 7.5% and 8.3% on a like-for-like basis, excluding the impact of pandemic-related volumes. Organic growth was 1.6% on a constant currency basis.

展望未來，我們將不再報告大流行病相關數量的影響，因為其剩餘影響不大。但是，為了保持一致性，我們認為在 22 財年結束之前進行共享很重要。在 2022 年全年的綜合基礎上，收入為 24.4 億美元，同比增長 7.5% 和 8.3%，不包括與大流行相關的銷量的影響。按固定匯率計算，有機增長率為 1.6%。

Adjusted EBITDA was $326.6 million or 13.4% of revenue compared to $354.4 million or 15.6% in the prior year. Operating income was $248.5 million or 10.2% of revenue compared to $286.2 million or 12.6% in the prior year. And lastly, EPS was $3.68 compared to $4.62 in the prior year.

調整後的 EBITDA 為 3.266 億美元，佔收入的 13.4%，上年同期為 3.544 億美元，佔收入的 15.6%。營業收入為 2.485 億美元，佔收入的 10.2%，上年同期為 2.862 億美元，佔收入的 12.6%。最後，每股收益為 3.68 美元，而去年同期為 4.62 美元。

The strengthening of the U.S. dollar in 2022 had a $42.4 million negative impact on revenue, while positively impacting operating income by $13.9 million, primarily within our Engage segment.

2022 年美元走強對收入產生了 4240 萬美元的負面影響，同時對營業收入產生了 1390 萬美元的積極影響，主要是在我們的 Engage 部門。

Our full year top line growth was primarily driven by the Engage Faneuil asset acquisition in April of 2022 and Digital's Avtex acquisition in April of 2021, alongside increased business across our core offerings from new and existing clients. The full year bottom line decline is driven predominantly by the same reasons mentioned for the fourth quarter.

我們全年的收入增長主要受到 2022 年 4 月收購 Engage Faneuil 資產和 2021 年 4 月收購 Digital 的 Avtex 的推動，以及來自新老客戶的核心產品業務的增加。全年利潤下降的主要原因與第四季度提到的相同原因。

Turning now to our fourth quarter and full year 2022 segment results. Digital segment revenue increased 4.2% to $123.4 million in the fourth quarter of 2022 over the prior year period, all organic. Operating income was $16.5 million or 13.3% of revenue compared to $20.2 million or 17.1% of revenue in the prior year period. Our fourth quarter revenue growth is a function of increased cloud and systems integration services across our Tier 1 CX tech partner platforms, slightly offset by lower year-over-year product sales and on-premise managed services as more clients move to the cloud.

現在轉向我們的第四季度和 2022 年全年分部業績。 2022 年第四季度，數字業務收入同比增長 4.2% 至 1.234 億美元，均為有機收入。營業收入為 1650 萬美元，佔收入的 13.3%，上年同期為 2020 萬美元，佔收入的 17.1%。我們第四季度的收入增長是我們一級 CX 技術合作夥伴平台上雲和系統集成服務增加的結果，隨著越來越多的客戶轉向雲端，產品銷售額和本地託管服務的同比下降略有抵消。

Our combined recurring cloud and managed services revenue grew 4.5% in the fourth quarter of 2022 over the prior year period, representing 54% of Digital's total revenue and our reoccurring systems integration revenue grew 18%, representing 27% of total revenue.

2022 年第四季度，我們的經常性雲和託管服務總收入比上年同期增長 4.5%，佔 Digital 總收入的 54%，我們的經常性系統集成收入增長 18%，佔總收入的 27%。

Decline in operating margins reflect incremental investment in CX leadership and engineering talent, sales and marketing and product and technology developments. On a full year basis, Digital's 2022 revenue increased 13.9% to $471.5 million over the prior year period, of which 1.7% was organic on a constant currency basis.

營業利潤率的下降反映了對 CX 領導力和工程人才、銷售和營銷以及產品和技術開發的增量投資。按全年計算，Digital 的 2022 年收入比上年同期增長 13.9% 至 4.715 億美元，其中 1.7% 是按固定匯率計算的有機收入。

Operating income was $63.5 million or 13.5% of revenue compared to $59.6 million or 14.4% in the prior year period. Full year revenue primarily benefited from the Avtex acquisition. Operating margins were impacted by the reasons noted in the fourth quarter in addition to acquisition-related integration costs.

營業收入為 6350 萬美元，佔收入的 13.5%，上年同期為 5960 萬美元，佔收入的 14.4%。全年收入主要受益於對 Avtex 的收購。除了與收購相關的整合成本外，第四季度提到的原因也影響了營業利潤率。

Our cloud and managed services revenue grew 15% in 2022 over the prior year period, representing 54% of Digital's total revenue, and our systems integration revenue grew 20% representing 27% of total revenue.

我們的雲和託管服務收入在 2022 年比上年同期增長了 15%，佔 Digital 總收入的 54%，我們的系統集成收入增長了 20%，佔總收入的 27%。

Moving to Engage. Our Engage segment reported fourth quarter 2022 revenue of $534.9 million an increase of 8.3% over the prior year, 4.6% on a like-for-like basis, excluding the impact of pandemic-related volumes. Organic growth was 1.3% on a constant currency basis. On a full year basis, revenue increased 6.1% to $1.97 billion, 9.7% on a like-for-like basis, excluding the impact of pandemic-related volumes. Organic growth was 1.6% on a constant currency basis.

轉向參與。我們的 Engage 部門報告 2022 年第四季度收入為 5.349 億美元，比上年增長 8.3%，同比增長 4.6%，不包括與大流行相關的銷量的影響。按固定匯率計算，有機增長率為 1.3%。按全年計算，收入增長 6.1% 至 19.7 億美元，同比增長 9.7%，不包括大流行病相關銷量的影響。按固定匯率計算，有機增長率為 1.6%。

The Faneuil asset acquisition was the primary contributor to growth in the quarter and the full year, alongside increased volumes across our virtual and digital delivery capabilities, contribution from our EMEA region and select verticals, including health care and financial services, excluding the pandemic-related volumes.

Faneuil 資產收購是本季度和全年增長的主要貢獻者，同時我們的虛擬和數字交付能力的數量增加，我們的 EMEA 地區和特定垂直領域的貢獻，包括醫療保健和金融服務，不包括與流行病相關的卷。

Our embedded base performance remains strong as demonstrated by Engage's last 12-month revenue retention rate of 97%, excluding pandemic-related volumes, Engage's revenue retention rate was 105%. In the fourth quarter, operating income was $53.4 million or 10% of revenue compared to $48.1 million or 9.7%. On a full year basis, operating income was $185.1 million or 9.4% of revenue compared to $226.6 million or 12.2%. Our Engage operating margins reflect the impacts highlighted in my earlier comments.

正如 Engage 最近 12 個月的 97% 的收入保留率所證明的那樣，我們的嵌入式基礎性能仍然強勁，不包括與大流行相關的銷量，Engage 的收入保留率為 105%。第四季度營業收入為 5340 萬美元，佔收入的 10%，而營業收入為 4810 萬美元，佔收入的 9.7%。按全年計算，營業收入為 1.851 億美元，佔收入的 9.4%，而營業收入為 2.266 億美元，佔收入的 12.2%。我們的 Engage 營業利潤率反映了我之前評論中強調的影響。

I will now share other 2022 measures before moving to our outlook. As of December 31, 2022, cash was $153.4 million with $963.6 million of debt of which $960 million represented borrowings under our $1.5 billion credit facility. Net debt increased $171.3 million to $810.2 million year-over-year primarily related to acquisition-related investments associated with the Faneuil asset acquisition and capital distributions, partially offset by cash flow generation.

在談到我們的展望之前，我現在將分享其他 2022 年的措施。截至 2022 年 12 月 31 日，現金為 1.534 億美元，債務為 9.636 億美元，其中 9.6 億美元是我們 15 億美元信貸額度下的借款。淨債務同比增加 1.713 億美元至 8.102 億美元，主要與法尼爾資產收購和資本分配相關的收購相關投資有關，部分被現金流產生所抵消。

Cash flow from operations was $137 million in 2022 compared to $251.3 million in the prior year. The reduction in cash flow from operations was primarily a function of lower profitability, higher interest payments and a DSO of 58 days in the fourth quarter compared to 54 days in the prior year period.

2022 年運營現金流為 1.37 億美元，上年為 2.513 億美元。運營現金流量的減少主要是由於盈利能力下降、利息支付增加以及第四季度 DSO 為 58 天，而去年同期為 54 天。

Capital expenditures were $84 million or 3.4% of revenue for the full year of 2022 compared to $60.4 million or 2.7% in the prior year. The increase is driven by investments in IT security and infrastructure and our accelerated geographic expansion efforts. Our full year normalized tax rate was 23% in 2022 versus 21.3% in the prior year, increase is primarily related to the change in tax regulation related to PEZA, a special economic zone within the Philippines, jurisdictional mix of income and a reduction in select international tax benefits.

2022 年全年資本支出為 8400 萬美元，佔收入的 3.4%，上年為 6040 萬美元，佔收入的 2.7%。這一增長是由對 IT 安全和基礎設施的投資以及我們加速的地域擴張努力推動的。我們的全年標準化稅率在 2022 年為 23%，而上一年為 21.3%，增長主要與菲律賓經濟特區 PEZA 相關的稅收法規變化、收入的管轄組合以及精選收入的減少有關國際稅收優惠。

In the fourth quarter of 2022, TTEC paid a $0.52 per share dividend or $24.6 million on February 23 of 2023, the Board declared the next semiannual dividend of $0.52 per share, payable on April 20 of 2023, to shareholders of record as of March 31 of 2023.

在 2022 年第四季度，TTEC 於 2023 年 2 月 23 日支付了每股 0.52 美元的股息或 2460 萬美元，董事會宣布下一個半年度股息為每股 0.52 美元，將於 2023 年 4 月 20 日支付給截至 3 月 31 日在冊的股東2023 年。

Turning to our 2023 outlook. I'm going to provide some context supporting our guidance. First, our outlook reflects the impacts Shelly discussed earlier, including continued uncertainty due to further weakening macroeconomic environment that we first signaled in the second half of 2022, and we expect to persist in the first half of 2023, affecting select verticals. While we are seeing strength in resilient verticals like financial services, health care and public sector, this is being offset by continued weakness in our hypergrowth sector.

轉向我們的 2023 年展望。我將提供一些背景來支持我們的指導。首先，我們的前景反映了 Shelly 之前討論的影響，包括我們在 2022 年下半年首次發出的宏觀經濟環境進一步疲軟導致的持續不確定性，我們預計將持續到 2023 年上半年，影響特定的垂直行業。雖然我們看到金融服務、醫療保健和公共部門等彈性垂直行業的實力強勁，但這正被我們高速增長行業的持續疲軟所抵消。

We expect that growth will ramp in the second half of 2023, driven by recovery in the previously mentioned impacted Engage verticals and continued go-to-market execution throughout the year. Digital's growth will accelerate in fiscal year '23 driven by increased adoption of CX cloud technology muted by a continued turnaround within our Cisco practice and macro-driven [linked-in] sales cycles.

我們預計增長將在 2023 年下半年加速，這得益於前面提到的受影響的 Engage 垂直行業的複蘇以及全年持續的上市執行。 Digital 的增長將在 23 財年加速，這是由於 CX 雲技術的採用增加，而我們的 Cisco 實踐和宏觀驅動的 [linked-in] 銷售週期的持續轉變削弱了這種增長。

We are continuing to make investments to further globalize our delivery and language footprint, complete the integration of recent acquisitions, strengthen our executive leadership team and enhance our infrastructure and technology landscape. Continued investments, coupled with impacts in our hypergrowth sector is putting pressure on our margins in fiscal year '23. Last, we entered 2023 with total revenue backlog of $2.211 billion, 87% of our full year guidance at the midpoint.

我們將繼續進行投資，以進一步實現我們的交付和語言足蹟的全球化，完成近期收購的整合，加強我們的執行領導團隊，並改善我們的基礎設施和技術格局。持續的投資，加上我們高速增長行業的影響，給我們在 23 財年的利潤率帶來了壓力。最後，我們進入 2023 年的總收入積壓為 22.11 億美元，占我們全年指導目標中值的 87%。

Now turning to the midpoint of our 2023 guidance as outlined in greater detail in our fourth quarter and full year 2022 earnings press release. GAAP revenue of $2.5 billion, an increase over the prior year of 2.3%, adjusted EBITDA of $300 million, a decrease of 8.2% over the prior year and 12% of revenue compared to 13.4% in the prior year. Non-GAAP operating income of $231 million, a decrease of 6.9% over the prior year and 9.3% of revenue compared to 10.2% in the prior year.

現在轉向我們在第四季度和 2022 年全年收益新聞稿中更詳細概述的 2023 年指引的中點。 GAAP 收入為 25 億美元，比上年增長 2.3%，調整後的 EBITDA 為 3 億美元，比上年下降 8.2%，佔收入的 12%，上年為 13.4%。非美國通用會計準則營業收入為 2.31 億美元，比上年下降 6.9%，佔收入的 9.3%，而上年為 10.2%。

Non-GAAP earnings per share of $2.54, a decrease of 31% over the prior year. The EPS decline is driven predominantly by the interest rate hikes across 2022 and anticipated interest rate hikes in 2023 that will impact our variable interest rate.

非 GAAP 每股收益為 2.54 美元，比上年下降 31%。每股收益下降的主要原因是 2022 年加息和預計 2023 年加息將影響我們的可變利率。

Other relevant guidance metrics include capital expenditures between 3.4% and 3.6% of revenue, of which 65% is growth-oriented, a full year effective tax rate between 22% and 24% and a diluted share count between 47.3 million and 47.5 million.

其他相關指導指標包括資本支出佔收入的 3.4% 至 3.6%，其中 65% 以增長為導向，全年有效稅率在 22% 至 24% 之間，稀釋股數在 4730 萬至 4750 萬股之間。

Please reference our commentary in the business outlook section to our fourth quarter and full year 2022 earnings press release to obtain our expectations for first quarter and full year 2023 performance at the consolidated and segment level.

請參考我們在業務展望部分對我們第四季度和 2022 年全年收益新聞稿的評論，以獲得我們對合併和分部層面的第一季度和 2023 年全年業績的預期。

In closing, we are confident we will successfully navigate the dynamic environment ahead of us, position the company for accelerated growth as we exit the year. We are excited about our future, supported by our 40-year track record of delivering innovation and value-driven CX outcomes for our clients, strong executive leadership team and an unmatched CX technology and services platform.

最後，我們相信我們將成功駕馭我們面前的動態環境，在我們結束這一年時為公司加速增長做好準備。我們為我們的客戶、強大的執行領導團隊和無與倫比的 CX 技術和服務平台提供創新和價值驅動的 CX 成果的 40 年記錄支持了我們的未來。

I will now turn the call back to Paul.

我現在將電話轉回給保羅。

Thanks, Dustin. As we open up the call, we ask that you limit your questions to one at a time. Operator, you may open the line.

謝謝，達斯汀。在我們開始通話時，我們要求您一次只問一個問題。接線員，您可以打開線路。

(Operator Instructions) Our first question is from the line of Maggie Nolan of William Blair.

（操作員說明）我們的第一個問題來自威廉布萊爾的瑪吉諾蘭。

Thank you so much. It seems like the revenue guidance is perhaps a wider band than we've seen in the past. Could you elaborate on some of your assumptions there? And what would get us to the high end versus the low end of the guidance?

太感謝了。收入指引似乎比我們過去看到的範圍更廣。你能詳細說明你的一些假設嗎？什麼會讓我們達到指南的高端與低端？

Maggie, this is Dustin speaking. I'm going to take that first and let Ken and Shelly comment afterwards. So a couple of comments, Maggie, as we discussed in the first half of 2022, we kind of indicated that there was emerging headwinds in the second half, and we're seeing that now persist and, to some degree, even continued weakness in the beginning of first half of 2023, and it's really reflecting that uncertainty in our outlook. So in the assumptions that we have right now relative to what will get us to the high end of that range, is how this hypergrowth sector performs in the full year.

瑪吉，我是達斯汀。我要先說，然後讓 Ken 和 Shelly 發表評論。因此，Maggie，正如我們在 2022 年上半年討論的那樣，有幾點評論表明，下半年出現了新的逆風，我們看到這種情況現在持續存在，甚至在某種程度上持續疲軟2023 年上半年的開始，它確實反映了我們前景的不確定性。因此，在我們現在擁有的相對於使我們達到該範圍高端的假設中，這個高速增長行業在全年的表現如何。

And to give you some context, if you think about hypergrowth where it's at, you take a decline in that business -- the rest of the business right now, when you talk about resilient and verticals like financial services, health care, et cetera, they're growing right now in roughly 7% growth versus the hypergrowth business that's in the decline. So it's really about we need to continue to execute in the resilient verticals that we've discussed.

並且給你一些背景，如果你考慮它所在的超速增長，你會看到該業務的下降 - 現在的其他業務，當你談論金融服務，醫療保健等彈性和垂直領域時，他們現在正以大約 7% 的速度增長，而高速增長的業務正在下滑。所以這真的是關於我們需要繼續在我們討論過的彈性垂直領域中執行。

And then if hypergrowth kind of comes back and doesn't decline to the degree that we expect it to at this point in time, then we'll see it kind of guide up to the higher end of the range.

然後，如果過度增長有點回來並且沒有下降到我們目前預期的程度，那麼我們會看到它有點引導到範圍的高端。

Maggie, it's Ken Tuchman. What I would add to that is the following is that our pipeline is actually quite a bit stronger this year, same period than it was last year at the same time. That said, being through now 5 recessions I want to be realistic about will we see the same level of conversions that we were seeing, let's just say, same time last year. And clients all expressing visibility issues across the globe we really just want to take a conservative approach. We would rather guide conservatively and have the potential to exceed then let our investors down.

瑪姬，是肯·塔奇曼。我要補充的是，今年我們的管道實際上比去年同期要強得多。就是說，現在已經經歷了 5 次衰退，我想現實一點，我們是否會看到與去年同一時間看到的相同水平的轉換。客戶都在全球範圍內表達可見性問題，我們真的只是想採取保守的方法。我們寧願保守地引導並有可能超過然後讓我們的投資者失望。

And so we're taking this conservative approach and we feel, like I said, very confident in our business and where it's going. We're very excited about the current pipeline that we have. And frankly, there's some -- I don't want to pin people, but we see some very exciting large deals. And unfortunately, during a cloudy time like this from a macroeconomic standpoint, sometimes clients take a bit longer to make a decision, sometimes they change the overall commitment of how large they're going to commit to in some of these large new deals, et cetera.

因此，我們正在採取這種保守的方法，就像我說的那樣，我們對我們的業務及其發展方向充滿信心。我們對目前的管道感到非常興奮。坦率地說，有一些——我不想固定人，但我們看到了一些非常令人興奮的大交易。不幸的是，從宏觀經濟的角度來看，在這樣的多雲時期，有時客戶需要更長的時間才能做出決定，有時他們會改變他們將在其中一些大型新交易中承諾的規模等的總體承諾，等等等等。

And so we just felt that it was prudent to take this conservative approach.

所以我們只是覺得採取這種保守的方法是謹慎的。

That makes sense. And then when you think about those large deals that might be building, is there any kind of incremental demand for maybe more of an offshore component within those deals. I know you've added a couple of locations. And then would there be any impact from that kind of incorporated into your revenue or your guidance.

這就說得通了。然後當你考慮那些可能正在建立的大型交易時，是否存在對這些交易中更多離岸部分的增量需求。我知道你已經添加了幾個位置。然後將這種納入您的收入或您的指導中會產生任何影響。

Absolutely. So I don't want to speak for Shelly, but what I would just tell you is the following. Our focus for 2023 goes without saying it's all about execution. And we are absolutely committed to increasing our offshore footprint, not just because it would be a nice thing to do, but because we actually have very large embedded base clients that are saying, we need the same capabilities and the same quality of service in other regions, in other languages. And so we are fast tracking bringing online Asian languages, fast tracking bringing on more European languages, et cetera, in the markets that we're entering.

絕對地。所以我不想代表雪莉說話，但我只想告訴你以下內容。不用說，我們 2023 年的重點是執行。我們絕對致力於增加我們的離岸足跡，不僅僅是因為這是一件好事，而且因為我們實際上有非常龐大的嵌入式基礎客戶，他們說，我們需要在其他領域具有相同的能力和相同的服務質量地區，用其他語言。因此，我們正在快速跟踪在我們正在進入的市場中引入在線亞洲語言，快速跟踪引入更多歐洲語言等等。

So to answer your question, there will be more offshore business coming on, as a matter of fact, our pipeline has a significant amount of offshore business. And there's a huge focus on that because we realize that by us increasing our offshore percentages that, that really is what will help us on the Engage side drive a higher margin. Shelly, you want to add anything to that?

所以回答你的問題，將會有更多的離岸業務，事實上，我們的管道有大量的離岸業務。人們非常關注這一點，因為我們意識到，通過增加我們的離岸百分比，這真的會幫助我們在 Engage 方面推動更高的利潤率。雪莉，你想補充什麼嗎？

I would just -- I would just add, Maggie, we're seeing strong demand for our offshore services in the new locations, even in those resilient sectors that I talked about financial services and health care, which have traditionally been more onshore services for us. But as we open up and expand our locations and really capitalize on the great performance, particularly in health care that we had over the open enrollment season last fall, we're seeing good demand in new interest from our clients in some of those new offshore locations.

我只想補充一點，Maggie，我們看到新地點對我們離岸服務的需求強勁，即使是在我談到金融服務和醫療保健的那些有彈性的行業，這些行業傳統上更多的是在岸服務我們。但隨著我們開放和擴大我們的地點並真正利用出色的表現，特別是在去年秋天的公開招生季節我們擁有的醫療保健領域，我們看到我們的客戶對其中一些新的離岸公司的新興趣有良好的需求位置。

And of course, we're, as Ken said, very focused on this and not just with our embedded base, but for new client prospects as well.

當然，正如 Ken 所說，我們非常關注這一點，不僅是我們的嵌入式基礎，還有新的客戶前景。

Next question is from the line of Mike Latimore of Northland Capital Markets.

下一個問題來自 Northland Capital Markets 的 Mike Latimore。

Just a question on the Digital division. It looks like you're expecting some solid improvement in that business throughout the year, both in terms of revenue growth and margins. I guess, can you just provide a little bit more detail on kind of what would drive that improvement?

只是關於數字部門的問題。看起來您預計全年該業務在收入增長和利潤率方面都會有一些穩固的改善。我想，您能否提供更多細節，說明是什麼推動了這種改進？

Yes. I mean I think one thing important to note is that the practices outside of Cisco -- Dustin has been talking about Cisco for a while in terms of growing through that business there and getting that back to growth. The other practices are growing 10-plus percent. And I think we're excited about the pipeline and the momentum that we have with our partners across those other platforms, certainly, as Dave has joined the team and the relationship he brings with both partners and clients, we're expecting accelerated go-to-market execution throughout the year.

是的。我的意思是，我認為需要注意的一件重要事情是，思科以外的實踐——達斯汀一直在談論思科通過那裡的業務增長並使其恢復增長。其他實踐增長了 10% 以上。我認為我們對我們與合作夥伴在其他平台上的管道和勢頭感到興奮，當然，隨著 Dave 加入團隊以及他與合作夥伴和客戶建立的關係，我們期待加速前進 -全年上市執行。

Got it. Okay. And then the hypergrowth category with Engage, what percent of Engage revenue is that?

知道了。好的。然後是 Engage 的高速增長類別，它佔 Engage 收入的百分比是多少？

In fiscal year 2022, you're looking at a business that's roughly about $400 million.

在 2022 財年，您看到的業務規模約為 4 億美元。

Next question is from the line of George Sutton of Craig-Hallum.

下一個問題來自 Craig-Hallum 的 George Sutton。

Ken, I'm wondering if you could address the AI opportunity as you see it and where you're involved, specifically relative to AI? And any go-to-market details beyond that would be helpful.

Ken，我想知道您是否可以按照您的看法以及您所涉及的領域來解決 AI 機會，特別是與 AI 相關的問題？除此之外的任何上市細節都會有所幫助。

George, I'll -- you're asking a great question, and I'm going to -- I'm trying to think of how to give a short answer, but what I'll start out by saying is the following. On the Engage side, there is tremendous opportunity for us to be working with many of our partners on the training of AI. I think there's a big misconception in the marketplace with all the hype around ChatGPT that it's going to be -- have a real positive impact on areas like customer service when, in fact, it actually is going to have very little impact because it's a horizontal AI product, which means that it grabs its information from crawling the web, reading Reddit, reading Wikipedia et cetera. And consequently, there's a lot of misinformation within all those different vessels of information.

喬治，我會——你問了一個很好的問題，我會——我正在想如何給出一個簡短的答案，但我首先要說的是以下內容。在 Engage 方面，我們有很多機會與我們的許多合作夥伴合作進行 AI 培訓。我認為市場上存在一個很大的誤解，所有關於 ChatGPT 的炒作都認為它會對客戶服務等領域產生真正的積極影響，而事實上，它實際上不會產生什麼影響，因為它是一個橫向的人工智能產品，這意味著它通過爬網、閱讀 Reddit、閱讀維基百科等獲取信息。因此，在所有這些不同的信息容器中存在很多錯誤信息。

So the future of AI as it will be used in the customer experience space is really with what we call vertical AI. And that's where we're actually working with our clients as well as working with the AI providers, which would be in many cases -- in most cases, the hyperscalers, narrowing that information so that it's put in a vertical format and consequently, when questions are asked, whether it'd be for a chatbot, a voicebot, et cetera, that you're getting every single time an accurate answer and not something that's rather in the bizarro category as many people have been playing with ChatGPT and experiencing.

因此，人工智能的未來，因為它將用於客戶體驗空間，實際上是我們所說的垂直人工智能。這就是我們實際與客戶合作以及與 AI 提供商合作的地方，在許多情況下——在大多數情況下，超大規模提供商會縮小信息範圍，以便將其置於垂直格式中，因此，當有人問問題，無論是聊天機器人、語音機器人等等，你每次都會得到一個準確的答案，而不是像許多人一直在玩 ChatGPT 和體驗的那樣屬於奇怪的問題。

So we see opportunity and where we have opportunity, and we are currently executing on opportunity and everywhere from data annotation to AI training to also in all the actual implementation of the AI and then integrating that into the CCaaS platforms, the omnichannel platforms, et cetera. It's quite a heavy lift. There's quite a bit of -- we're very early days with not only where the technology is, but also where clients are. And so there's a lot of proof of concepts, a lot of experimentation going on, and we're really grateful that the hyperscalers have chosen to partner with us in a very significant way and that -- they obviously have a very large pipeline, and we're there to service that pipeline as well as our embedded base clients on Engage.

所以我們看到了機會和我們有機會的地方，我們目前正在抓住機會，從數據註釋到 AI 培訓，再到 AI 的所有實際實施，然後將其集成到 CCaaS 平台、全渠道平台等中.這是一個相當沉重的負擔。有很多 - 我們不僅在技術方面，而且在客戶方面都處於早期階段。因此，有很多概念證明，正在進行大量實驗，我們非常感謝超大規模用戶選擇以一種非常重要的方式與我們合作，而且——他們顯然有一個非常大的管道，而且我們在那里為該管道以及我們在 Engage 上的嵌入式基本客戶提供服務。

So across the board, we see significant opportunity in this area. We also see some exciting opportunities over time in how we actually price and how we can move to much more of an outcomes-based set of pricing when we're introducing this type of technology, which we believe has the potential to drive significantly higher margins versus our classic way that we do business today. So hopefully, that's helpful. I don't want to suck up all the oxygen on the call.

因此，從整體上看，我們在這一領域看到了巨大的機遇。隨著時間的推移，我們也看到了一些令人興奮的機會，比如我們如何實際定價，以及我們如何在引入此類技術時轉向更多基於結果的定價，我們相信這有可能顯著提高利潤率與我們今天開展業務的經典方式不同。希望這會有所幫助。我不想在通話中耗盡所有氧氣。

That's great. Just one other question. I think there's a dichotomy with your guidance relative to -- you're clearly out bringing in some great leadership to expand. I know your plans to expand to a much larger company. Can you just give us a sense of how that growth is going to come? Is it predominantly organic and the team you're building sort of what -- just give us some sense of that dichotomy that I don't think the market appreciates.

那太棒了。只是另一個問題。我認為你的指導存在二分法——你顯然沒有引進一些偉大的領導來擴大。我知道你計劃擴展到更大的公司。你能告訴我們這種增長將如何到來嗎？它是否主要是有機的，你正在建立的團隊是什麼——讓我們對這種二分法有所了解，我認為市場不會欣賞這種二分法。

I would say that it is going to be predominantly organic. We feel really comfortable with where we are in the marketplace and the amount of business. And if we just look at year-over-year pipeline and we look at how our conversions are going right now, et cetera, we feel very confident that we can get to where we ultimately have been communicating to the Street.

我會說它將主要是有機的。我們對自己在市場中所處的位置和業務量感到非常滿意。如果我們只看逐年的管道，看看我們現在的轉換情況等等，我們非常有信心我們能夠到達我們最終與華爾街溝通的地方。

We brought Shelly in, we brought Dave in, and we actually brought in a myriad of other very senior leaders that have all come on board over the last, let's just say, 12 months. And their entire focus is execution to double the business. and double it in the shortest period of time possible while significantly increasing our margins. And I have absolutely no doubt that we have the right team. There is a reason why we brought Shelly in intentionally did not bring in a BPO-type person. We wanted somebody that understood technology, understood technology implementation. We wanted somebody that understood digital and we wanted somebody that understood very large scale.

我們請來了 Shelly，我們請來了 Dave，實際上我們還請來了無數其他非常高級的領導，他們都是在過去的 12 個月裡加入的。他們的全部重點是執行以使業務翻倍。並在盡可能短的時間內翻倍，同時顯著提高我們的利潤率。我毫不懷疑我們擁有合適的團隊。我們有意引入 Shelly 而沒有引入 BPO 類型的人是有原因的。我們需要了解技術、了解技術實施的人。我們想要一個了解數字的人，我們想要一個了解超大規模的人。

Shelly with her experience of basically being one of the key people and building Accenture Digital from $0 to $20 billion has that experience, understands those capabilities. It allows her to partner very closely with Dave Seybold, who also has a multibillion-dollar experience on the digital side as well. And so consequently, it's really allowing me now to spend much more of my time on strategy, on vision, on potential future M&A as well as on partnerships with these large technology players at a very senior level and then helping on the acquisition of large clients.

Shelly 憑藉她基本上成為關鍵人物之一的經驗，以及將 Accenture Digital 從 0 美元建設到 200 億美元的經驗，了解這些能力。這使她能夠與 Dave Seybold 密切合作，Dave Seybold 在數字方面也擁有數十億美元的經驗。因此，這真的讓我現在可以將更多的時間花在戰略、願景、潛在的未來併購以及與這些大型技術公司的高層合作上，然後幫助獲得大客戶.

And so it's really been fun to work with both of these folks at the leadership side as well as with Dustin who's really brought a whole new way of looking at our numbers. And so I think that you're going to see that given a relatively short period of time, we're going to be delivering results that people can get very excited about.

因此，與領導層的這兩位以及達斯汀一起工作真的很有趣，他真正帶來了一種全新的方式來看待我們的數字。所以我認為你會看到，在相對較短的時間內，我們將提供讓人們感到非常興奮的結果。

Next question is from the line of Vincent Colicchio of Barrington Research.

下一個問題來自 Barrington Research 的 Vincent Colicchio。

Yes, Ken. Curious, are you seeing meaningful consolidation opportunities? And if so, to what extent are they baked into the 2023 outlook?

是的，肯。很好奇，您是否看到有意義的整合機會？如果是這樣，它們在多大程度上融入了 2023 年的前景？

Consolidation you mean of client volumes where they are moving from a...

整合你指的是客戶數量從......

Yes clients -- from a client's side.

是的客戶——來自客戶一方。

There is certainly a lot of talk about that amongst clients. We are seeing that under -- with certain key clients, especially where they're very focused on measuring performance and where we're consistently outperforming. And so we see that as a real opportunity.

客戶之間肯定有很多關於這一點的討論。我們在某些關鍵客戶中看到了這一點，尤其是在他們非常專注於衡量績效以及我們一直表現出色的地方。所以我們認為這是一個真正的機會。

In the past, you've heard me speak about the captive opportunities that we're focused on, which would be companies that have never outsourced and have very large outsourcing -- excuse me, very large organizations internally. Some of these organizations internally that have never outsourced, believe it or not, are spending in excess of $1 billion. And so we're very focused on that as well. I think that what -- one of the things that is really important for the Street to understand is that we saw this self-made, if you want to call it, recession coming quite some time ago. And we've really been very intentional on focusing on verticals that we think are going to have the least amount of impact as the economy potentially slows down.

過去，你聽過我談到我們關注的專屬機會，這些機會是從未外包並且擁有非常大外包的公司——對不起，內部非常大的組織。不管你信不信，其中一些從未在內部外包過的組織正在花費超過 10 億美元。因此，我們也非常關注這一點。我認為 - 對於華爾街來說真正重要的事情之一是我們看到這種自製的，如果你想稱之為衰退很久以前就來了。我們真的非常有意專注於我們認為隨著經濟可能放緩而影響最小的垂直領域。

And so what I would just simply say to you is that the verticals that we're focusing on all have extremely large captives. So not only do we have the benefit of the consolidation where they're going with fewer players, which we think is a good thing, not a bad thing. But in addition to that, what we're also seeing is that they're peeling off more business that's internal and moving it to a partner such as TTEC. We think that's a trend that we're going to see over the next 5-plus years.

所以我只想簡單地告訴你的是，我們關注的垂直領域都有非常大的俘虜。因此，我們不僅受益於他們與更少玩家一起進行的整合，我們認為這是一件好事，而不是壞事。但除此之外，我們還看到他們正在剝離更多內部業務，並將其轉移給 TTEC 等合作夥伴。我們認為這是我們將在未來 5 年多的時間裡看到的趨勢。

And again, not to sound like a broken record, but there's still $300 billion just on the Engage side that has not been outsourced. And we think that, that will become a leaky -- kind of a leaky tire, so to speak, where it will be leaking more and more business to the marketplace because the bottom line is that we feel very confident we can demonstrate that we can do it better, we can do it faster, and we can do it at a lower overall cost with a higher total value delivered.

再一次，聽起來不像是破紀錄，但僅在 Engage 方面仍有 3000 億美元尚未外包。我們認為，這將成為一個漏氣的——可以說是一種漏氣的輪胎，它將越來越多的業務洩漏給市場，因為最重要的是，我們非常有信心，我們可以證明我們可以做得更好，我們可以做得更快，我們可以以更低的總成本完成它，同時交付更高的總價值。

And that's our value proposition. And then when we couple that with technology capabilities, that adds even more capability to turbocharge the relationship and to offer something that we think is unique in the marketplace.

這就是我們的價值主張。然後當我們將其與技術能力相結合時，這會增加更多的能力來加強這種關係並提供我們認為在市場上獨一無二的東西。

Well, I might just add, just in terms of -- our top 10 clients actually provided a lot of our growth in 2022, and we see that continuing into 2023 and in particular, some of these were there, as you said, consolidating. We're performing well and they're getting excited, and we see demand for our new offshore locations to add to the services that we're providing those clients.

好吧，我可能只是補充說，就我們的前 10 大客戶而言，實際上在 2022 年為我們提供了很多增長，我們看到這種情況會持續到 2023 年，特別是，正如您所說，其中一些客戶正在鞏固。我們表現良好，他們很興奮，我們看到對我們新的離岸地點的需求，以增加我們為這些客戶提供的服務。

I think also we're very focused in those resilient sectors that Ken mentioned, particularly financial services and health care in terms of helping those clients that haven't outsourced before and that typically ends up being kind of a mix of onshore and offshore services. And so we're seeing a lot more demand in those sectors, which is why we're very, very focused on them.

我認為我們也非常關注肯提到的那些有彈性的行業，特別是金融服務和醫療保健，以幫助那些以前沒有外包的客戶，這些客戶通常最終會成為在岸和離岸服務的混合體。因此，我們在這些領域看到了更多的需求，這就是我們非常、非常關注它們的原因。

And one for you, Dustin, if I can. What is your assumption for the guidance for hypergrowth? Do you expect it to stabilize in the second half or further deteriorate? What are you thinking?

如果可以的話，給你一份，達斯汀。您對超速增長指導的假設是什麼？您預計下半年會企穩還是進一步惡化？你在想什麼？

Yes. The expectation is that it will be stabilized kind of second half. It's going to come down in the first half, stabilize in the second half. And then ideally, going back to Maggie's original question, build momentum and then as we go into 2024. It's really just -- Vince to be clear, it's really a continuation of kind of impacts that we had in 2022 because hypergrowth continued to grow in 2022. If you go back to the second half, we talked about it being muted and so it came down, but still grew and then that now has created a downstream impact into '23.

是的。預計它會在下半年穩定下來。上半場回落，下半場企穩。然後理想情況下，回到 Maggie 最初的問題，建立勢頭，然後進入 2024 年。這真的只是 - 文斯要清楚，這真的是我們在 2022 年產生的那種影響的延續，因為高速增長在2022。如果你回到下半年，我們談到它被靜音，所以它下降了，但仍然增長，然後現在已經對 23 年產生了下游影響。

And just the only other point, Vince, I'll follow on to Shelly's comment. To give you an idea in terms of -- just to put a pin on the consolidation is that our top 10 grew roughly 4%, and that's including the decline in pandemic-related volumes in 2022, and you're looking at a number for 2022 in the neighborhood of 14%, 15%. And for -- excluding the pandemics. That gives you a sense in terms of how we're consolidating at least particularly where we play with large enterprise customers, where we have significant scale.

還有一點，文斯，我將繼續聽雪莉的評論。給你一個想法——只是為了確定整合，我們的前 10 名增長了大約 4%，其中包括 2022 年與大流行相關的數量下降，你正在尋找一個數字2022 年在 14%、15% 附近。對於 - 不包括流行病。這讓你了解我們是如何整合的，至少特別是在我們與大型企業客戶打交道的地方，我們有很大的規模。

Next question is from the line of Joseph Vafi of Canaccord.

下一個問題來自 Canaccord 的 Joseph Vafi。

Just maybe a question on cross-sell in 2023. Are you looking at cross-sell between your 2 divisions any differently? I mean it feels like Digital has got a kind of a wider opportunity with cloud migration, emergence of AI, potential to maybe move into adjacencies outside of CX and as that business gets more strategic inside enterprises potentially be able to drag along more CX volumes. Just how are you looking at that overall dynamic here this year?

也許只是關於 2023 年交叉銷售的問題。您是否以不同的方式看待兩個部門之間的交叉銷售？我的意思是，感覺 Digital 在雲遷移、人工智能的出現、可能進入 CX 之外的鄰接關係方面獲得了更廣泛的機會，並且隨著該業務在企業內部變得更具戰略性，可能會帶來更多的 CX 量。您如何看待今年的整體動態？

Well, I think there's 2 things. The first thing I would just say just within our digital business, certainly, if you look at practices like our AWS practice starting to see opportunities to be on just helping our clients with AWS Connect, right? The services that sort of surround that part of their platform. And so we're starting to see -- we're starting to do some work and expand those services within that practice.

好吧，我認為有兩件事。我只想說的第一件事就是在我們的數字業務中，當然，如果你看看像我們的 AWS 實踐這樣的實踐，你就會開始看到有機會通過 AWS Connect 幫助我們的客戶，對吧？圍繞其平台的那部分的服務。所以我們開始看到 - 我們開始做一些工作並在該實踐中擴展這些服務。

I think more broadly in terms of cross-selling Digital and Engage. This is one of the reasons I'm really excited to have Dave on the team. And we're being very thoughtful about those opportunities. And absolutely, we have enterprise clients that we serve from an Engage perspective. And as they begin to modernize their technology platforms in the CX arena, those are opportunities for us. And in fact, Dave and I are working on some of those together as we speak. And so I do think that will be an opportunity. We're obviously very focused on the opportunities that Digital -- this idea of the distinct opportunities inside Digital and Engage as well.

我更廣泛地考慮交叉銷售數字和參與。這是我很高興 Dave 加入團隊的原因之一。我們正在考慮這些機會。當然，我們有從 Engage 角度服務的企業客戶。當他們開始在 CX 領域實現技術平台現代化時，這些對我們來說都是機會。事實上，在我們說話的時候，戴夫和我正在一起研究其中的一些。所以我確實認為這將是一個機會。我們顯然非常關注 Digital 的機會——Digital 和 Engage 內部獨特機會的想法。

Next question is from the line of Cassie Chan of Bank of America.

下一個問題來自美國銀行的 Cassie Chan。

I just wanted to ask, what are you guys baking in for your 2023 outlook in terms of your onshore and offshore delivery mix as well as some attrition metrics around that. And for your offshore, I know you guys talked about continuing to build out your offshore geographies. I know you added 3 more. I think you guys said and grew 60% in 2022. Are you expecting a similar pace in 2023? And is this like replacing some of your onshore delivery centers?

我只想問，你們對 2023 年的陸上和海上交付組合以及相關的一些損耗指標有何看法。對於你的離岸，我知道你們談到了繼續建立你的離岸地理。我知道你又加了 3 個。我想你們說過 2022 年增長了 60%。你們預計 2023 年會有類似的增長速度嗎？這就像更換一些陸上交付中心嗎？

I'll start. So the 60% was a reference to growing our delivery footprint inside of Digital, and we definitely will continue to scale that footprint. Certainly, on the Engage side, where we plan to add 4 to 5 new geographies this year. And those will -- as we sell into that demand and open those geographies, we expect the pace of that -- those offshore services to increase throughout the year. We also will continue to sell the onshore services in those verticals that we talked about in terms of financial services and health care where our clients need that licensed support.

我會開始。所以 60% 是指增加我們在 Digital 內部的交付足跡，我們肯定會繼續擴大這一足跡。當然，在 Engage 方面，我們計劃今年增加 4 到 5 個新地區。這些將 - 當我們銷售該需求並開放這些地區時，我們預計這些離岸服務的步伐將在全年增加。我們還將繼續在我們談到的金融服務和醫療保健領域的那些垂直領域銷售在岸服務，我們的客戶需要這些領域的許可支持。

And then just as a follow-on, Cassie, the question. As we talked about before, this year was a little bit impact in our mix relative to just the acquisition of Faneuil, which was all within the U.S. and in the public sector. And so this year is roughly obviously, this year being fiscal year '22 or last year was roughly 70-30, and we plan to shift the mix by about 3 points this year, and they continue to accelerate in 2024 and beyond.

然後作為後續問題，卡西，問題。正如我們之前談到的，今年對我們的組合產生了一些影響，僅次於收購 Faneuil，這一切都在美國和公共部門。因此今年大致很明顯，今年是 22 財年或去年大約是 70-30，我們計劃今年將組合改變約 3 個百分點，並且它們將在 2024 年及以後繼續加速。

And then your comment -- coming back to your point on attrition, while we're not giving out specific attrition metrics, partly due to the efforts across 2022 as well as I would say improving labor markets, we do expect attrition to improve within 2023 across both our offshore and domestic footprints.

然後你的評論 - 回到你關於減員的觀點，雖然我們沒有給出具體的減員指標，部分原因是 2022 年的努力以及我想說勞動力市場的改善，我們確實預計減員會在 2023 年內改善跨越我們的海外和國內足跡。

Okay. Got it. And I also wanted to ask on free cash flow. I know you pointed out a few things in the quarter specifically, for example the DSO, are these onetime in nature? And anything about free cash flow expectations for 2023?

好的。知道了。我還想問問自由現金流。我知道你在本季度特別指出了一些事情，例如 DSO，這些是一次性的嗎？還有關於 2023 年自由現金流預期的任何信息嗎？

It's a great question. Yes. So our free cash flow was impacted by onetime items that we discussed earlier. Going forward, I would say the one major impact is going to continue as the step up. It's also affecting EPS, it's a step-up in interest payments, these are variable facilities. You're going from roughly mid-$30 million interest expense in 2022, stepping up into the mid-70 in 2023. And so if you think about this prior year, it's roughly $50 million in cash flow next year, we're expecting it to double and land around $100 million.

這是一個很好的問題。是的。所以我們的自由現金流受到我們之前討論過的一次性項目的影響。展望未來，我想說的一個主要影響將隨著升級而繼續。它也影響每股收益，它是利息支付的增加，這些都是可變的設施。你將從 2022 年大約 3000 萬美元的利息支出上升到 2023 年的 70 多萬美元。因此，如果你考慮一下前一年，明年的現金流量約為 5000 萬美元，我們預計它翻一番並獲得約 1 億美元。

Next question is from the line of Bryan Bergin of Cowen.

下一個問題來自 Cowen 的 Bryan Bergin。

This is Zack Ajzenman on for Bryan. First question for Dustin. I think you mentioned upcoming new disclosures on vertical performance planned for this year. We heard the color for the hypergrowth vertical. But can you give us a sense or some more insight on the growth assumptions for the other key vertical cohorts embedded within the calendar '23 outlook?

這是 Bryan 的 Zack Ajzenman。達斯汀的第一個問題。我想你提到了今年計劃進行的關於垂直績效的新披露。我們聽到了垂直增生的顏色。但是，您能否讓我們了解或更深入地了解日曆 '23 展望中嵌入的其他關鍵垂直隊列的增長假設？

Yes. So I would say, going back to right now, what we're at this point, talking about as you look at hypergrowth, I said roughly $400 million, the specific number is roughly $380 million is coming down to roughly $300 million in fiscal year 2023 and then the rest of the remaining verticals are growing at 7%. And there's a variety of outcomes within them. I would say, strength within financial services and health care predominantly and then strong performance still in public sector and as well as automotive, but slightly behind, I would say, financial services and health care.

是的。所以我想說，回到現在，我們現在正在談論什麼，當你看到高速增長時，我說大約 4 億美元，具體數字大約是 3.8 億美元，在財政年度將下降到大約 3 億美元2023 年，然後其餘的垂直行業將以 7% 的速度增長。其中有各種各樣的結果。我想說的是，金融服務和醫療保健領域的實力占主導地位，然後是公共部門和汽車領域的強勁表現，但略微落後於金融服務和醫療保健領域。

And we'll give you more color kind of going forward in terms of specific growth rates. The intention of that statement was more going forward in Q1 and beyond in terms of disclose specific growth rates for each vertical on the actual earnings call.

我們會在特定增長率方面為您提供更多顏色。該聲明的目的是在第一季度及以後在實際收益電話會議上披露每個垂直領域的具體增長率。

Great. Great. Follow-up on offshoring. Just looking to see if we can get any sense around the numbers. Like to what extent is offshoring affecting revenue and helping to offset margin pressure. Any way you can frame that quantitatively within the outlook this year?

偉大的。偉大的。離岸外包的後續行動。只是想看看我們是否能對這些數字有所了解。比如離岸外包在多大程度上影響收入並幫助抵消利潤壓力。你有什麼方法可以在今年的展望中定量地構建它？

So again, if you think about the metrics that we touched on back to Cassie's question, when you think about the 70-30 mix, and you think about our guidance next year or this year and for fiscal year '23 and you think of it as a [73, 67] and 10 points of margin differential in the gross margin, that's kind of up the puts and takes, if you will, in terms of ups and downs relative to it. because the expectation is still net expansion, right, relative to it. So it's relatively minor, but then 10 is over time to continue to mix it and then it'll continue to have an outsized impact as we move forward, exiting '23 and into '24.

再一次，如果你考慮我們在 Cassie 的問題上提到的指標，當你考慮 70-30 的組合時，你會考慮我們明年或今年以及 '23 財年的指導，你會想到它作為毛利率的 [73、67] 和 10 個點的利潤率差異，如果你願意的話，就相對於它的起伏而言，這是一種上升和下降。因為預期仍然是淨擴張，對，相對於它。所以它相對較小，但隨著時間的推移，10 會繼續混合它，然後隨著我們前進，退出 23 年進入 24 年，它將繼續產生巨大的影響。

Last question is from the line of James Faucette of Morgan Stanley.

最後一個問題來自摩根士丹利的 James Faucette。

This is Jonathan on for James. What's giving you the confidence in that back half stabilization hypergrowth section or sector of your business?

這是 Jonathan for James。是什麼讓您對您業務的後半部分穩定高速增長部分或部門充滿信心？

Well, we have -- I mean, first of all, we have a couple of clients in that hypergrowth sector that are definitely growing and interested in our offshore -- expanding offshore footprint. And so we see growth opportunities in that portfolio despite the unfortunate -- unfortunately, some of those clients with this post-pandemic normalization, having softer demand. So -- we have a pipeline of opportunities with some of the clients in our hypergrowth sector. And as Dustin said, we're also expecting our clients outside the hypergrowth sector to grow in the mid-single digits.

好吧，我們有——我的意思是，首先，我們在這個高速增長的領域有幾個客戶，他們肯定在增長並對我們的離岸感興趣——擴大離岸足跡。因此，我們看到了該投資組合的增長機會，儘管不幸的是——不幸的是，其中一些客戶在大流行後正常化，需求疲軟。所以 - 我們與我們高速增長部門的一些客戶有一系列機會。正如達斯汀所說，我們也預計我們在高速增長行業以外的客戶將以中等個位數增長。

So Jonathan, just a follow-on to that point. Keep in mind that, again, a lot of the churn we had within our hypergrowth sector happened in the second half of the year. So it's a little bit of just a ramp down and compare, if you will, because we talked about in the second half -- it impacted the second half. Those [exes] have happened, they'll come down in the first half, which is obviously a notable compare over the first half of 2023 versus 2022. And so again, that's around the stabilization.

那麼喬納森，只是關於這一點的後續行動。請記住，在我們高速增長的行業中，有很多流失發生在今年下半年。因此，如果你願意的話，這只是一個下降和比較，因為我們在下半場談到過——它影響了下半場。那些 [exes] 已經發生，他們會在上半年下降，這顯然是 2023 年上半年與 2022 年上半年的顯著比較。所以，這又是圍繞穩定。

Just keep in mind, too, that within hypergrowth, this is largely around growth services and customer care, and it's not really related to content moderation. So it's more of a statement around the re-baselining of the economy in 2023, the post-pandemic normalization and then having a platform to grow off of, expecting that, again, the macroeconomic weakness will alleviate in the second half.

請記住，在高速增長中，這主要是圍繞增長服務和客戶服務，與內容審核無關。因此，這更像是關於 2023 年經濟重新基線、大流行後正常化以及隨後的增長平台的聲明，預計下半年宏觀經濟疲軟將再次緩解。

Clarity, Dustin. And a follow-up, how are you thinking about the M&A environment and your capacity to acquire?

清晰，達斯汀。接下來，您如何看待併購環境和您的收購能力？

I think that right now we're really focused on execution and really trying to understand where values are going to be. So the truth of the matter is we have a solid pipeline of potential M&A. That said, I think that it's safe to say that we're going to be very fiscally responsible and mind our balance sheet. And so what I would just say to you is that although M&A is something that is absolutely going to continue to be part of our strategy, our future strategy, we think that it's prudent for us to wait a little bit and try to see where the valuations come in on some of the targets that we're looking at.

我認為現在我們真正專注於執行並真正試圖了解價值的去向。所以事情的真相是我們有一個堅實的潛在併購渠道。也就是說，我認為可以肯定地說，我們將在財政上負起責任並註意我們的資產負債表。所以我想對你說的是，雖然併購絕對會繼續成為我們戰略的一部分，我們未來的戰略，但我們認為謹慎的做法是稍等片刻，看看我們的戰略在哪裡我們正在尋找的一些目標的估值。

I think that any of the M&A that we would be doing would be much more geared towards the strategic side in areas that would be benefiting more of the Digital business. But what I would just simply say to you is that we're going to -- right now, our team is very focused on execution and on organic growth.

我認為我們將要進行的任何併購都將更傾向於在有利於數字業務的領域的戰略方面。但我只想簡單地告訴你的是，我們將 - 現在，我們的團隊非常專注於執行和有機增長。

Thank you for your questions. That is all the time we have today. I will now turn the call back to Paul Miller.

謝謝你的問題。這就是我們今天所有的時間。我現在將把電話轉回給 Paul Miller。

Yes. Thank you, everyone, for joining us today. This concludes our call. Thank you.

是的。謝謝大家今天加入我們。我們的通話到此結束。謝謝。

This concludes TTEC's Fourth Quarter and Full Year 2022 Earnings Conference Call. You may disconnect at this time.

TTEC 的第四季度和 2022 年全年收益電話會議到此結束。此時您可以斷開連接。