TTEC Holdings Inc (TTEC) 2023 Q2 法說會逐字稿

Welcome to TTEC's Second Quarter 2023 Earnings Conference Call. (Operator Instructions) This call is being recorded at the request of TTEC. I'd now like to turn it over to your host, Mr. Paul Miller, TTEC's Senior Vice President, Treasurer and Investor Relations Officer. Thank you, sir. You may begin the call.

歡迎參加 TTEC 2023 年第二季度收益電話會議。 （操作員說明）應 TTEC 的要求對本次通話進行錄音。現在我想把它交給東道主 Paul Miller 先生，他是 TTEC 的高級副總裁、財務主管兼投資者關係官。謝謝你，先生。您可以開始通話。

Good morning, and thank you for joining us today. TTEC is hosting this call to discuss its second quarter financial results for the period ended June 30, 2023. Participating on today's call are Ken Tuchman, Chairman and Chief Executive Officer of TTEC; Michelle Swanback, President of TTEC and Chief Executive Officer of TTEC Engage; and Francois Bourret, Interim Chief Financial Officer of TTEC. 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 second quarter 2023 quarterly report on Form 10-Q, which we anticipate filing in the coming business days.

早上好，感謝您今天加入我們。 TTEC 主持本次電話會議，討論截至 2023 年 6 月 30 日的第二季度財務業績。參加今天電話會議的有 TTEC 董事長兼首席執行官 Ken Tuchman； Michelle Swanback，TTEC 總裁兼 TTEC Engage 首席執行官；和 TTEC 臨時首席財務官 Francois Bourret。昨天，TTEC 發布了一份新聞稿，公佈了其財務業績。雖然本次電話會議將反映該文件中討論的項目，但要了解有關我們財務業績的完整信息，我們還鼓勵您閱讀我們的10-Q 表格形式的2023 年第二季度季度報告，我們預計將在未來幾個工作日提交該報告。

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. 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. For a more detailed description of our risk factors, please review our 2022 annual report on Form 10-K. A replay of this conference call will be available on our website under the Investor Relations section. I will now turn the call over to Ken.

在開始之前，我想提醒您，今天的電話會議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。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意見，我們不承擔因可能發生的新事態發展而修改此信息的義務。前瞻性陳述受到各種風險、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的預期和描述存在重大差異。有關我們的風險因素的更詳細說明，請查看我們的 10-K 表 2022 年年度報告。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。我現在將把電話轉給肯。

Good morning, and thank you for joining us today. This quarter, we executed on our plan and exceeded the midpoint of our second quarter guidance. Revenue was $600 million. Adjusted EBITDA was $67 million, reflecting our continued investments, non-GAAP EPS was $0.55 per share. And we closed 19 new logos across the Digital and Engage business segments. We continue to make significant progress this quarter by staying laser-focused on delivering high-value outcomes for our clients across the globe.

早上好，感謝您今天加入我們。本季度，我們執行了計劃並超過了第二季度指導的中點。收入為 6 億美元。調整後 EBITDA 為 6700 萬美元，反映了我們的持續投資，非 GAAP 每股收益為 0.55 美元。我們在數字和互動業務領域關閉了 19 個新徽標。本季度我們繼續專注於為全球客戶提供高價值成果，取得重大進展。

Our vertical-specific CX solutions that combine modern technologies, advanced analytics an exceptional operational delivery are differentiated and in demand.

我們針對特定行業的 CX 解決方案結合了現代技術、高級分析和卓越的運營交付，具有差異化優勢且廣受歡迎。

Working side by side with our portfolio of marquee clients, and the leading CX technology partners, we continue to provide the transformational solutions and deep expertise needed to succeed in the rapidly evolving experienced economy. Before Shelly goes into details of the quarter, I wanted to share our perspective on the evolution of AI and CX. The height cycle around generative AI is in full swing. The tech industry is in rapid innovation mode, creating both excitement and noise with a myriad of new solutions. In contrast, the company that will need to adopt the new capabilities are intrigued with the new technology, but are trending carefully. Through TTEC Digital and TTEC Engage, we're well positioned and excited by the opportunity to help both our clients and technology partners navigate this period of accelerated change.

我們與我們的大客戶和領先的客戶體驗技術合作夥伴並肩工作，繼續提供在快速發展的經驗經濟中取得成功所需的轉型解決方案和深厚的專業知識。在 Shelly 詳細介紹本季度之前，我想分享一下我們對 AI 和 CX 發展的看法。圍繞生成式人工智能的高度週期正在如火如荼地進行。科技行業正處於快速創新模式，通過無數的新解決方案創造了興奮和噪音。相比之下，需要採用新功能的公司對新技術很感興趣，但對趨勢很謹慎。通過 TTEC Digital 和 TTEC Engage，我們處於有利位置，並很高興有機會幫助我們的客戶和技術合作夥伴度過這個加速變革的時期。

As a tech forward customer experience pioneer, we've been capitalizing on the intersection of the CX and AI for many years. Over the past decade, we've assembled the most comprehensive and advanced suite of CX technology and analytical capabilities in the market, built deep, differentiated partnerships with the hyperscalers and enriched it with decades of frontline CX operational knowledge at scale.

作為技術領先的客戶體驗先驅，我們多年來一直在利用 CX 和人工智能的交叉點。在過去的十年中，我們整合了市場上最全面、最先進的CX 技術和分析能力套件，與超大規模企業建立了深入、差異化的合作夥伴關係，並通過數十年的大規模一線CX運營知識豐富了合作夥伴關係。

Today, this value proposition puts us in a unique position to help our clients understand, evaluate, design and execute successfully as this new wave of AI-enabled CX innovation take shape. We saw this coming. We've been preparing for the market potential, and we're excited to monetize the opportunity on our journey to double the size of our business in the years ahead. It is tempting to believe that with the flip of a switch, a company will be able to leverage the advanced capabilities of generative AI. We know from our 40 years of working with technology in the CX trenches that it's not that simple. The level of impact from AI is highly dependent on the industry served, complexity of the customer interactions, mix of voice and digital channels, the state of clients' technology platform and the balance of human and automated experience that the brand wants to deliver.

如今，這一價值主張使我們處於獨特的地位，可以幫助我們的客戶在新一輪人工智能支持的 CX 創新浪潮形成之際成功理解、評估、設計和執行。我們預見到了這一點。我們一直在為市場潛力做好準備，我們很高興能在未來幾年將業務規模擴大一倍的過程中利用這一機會貨幣化。人們很容易相信，只要按下開關，公司就能夠利用生成式人工智能的先進功能。從我們 40 年的 CX 技術工作經驗中我們知道，事情並沒有那麼簡單。人工智能的影響程度在很大程度上取決於所服務的行業、客戶互動的複雜性、語音和數字渠道的混合、客戶技術平台的狀態以及品牌希望提供的人類和自動化體驗的平衡。

Our clients are looking to us to help guide them through this new significantly more complex environment. To unlock the promise of generative AI in the context of the overall customer experience, companies will need to migrate their systems to the cloud, get the data organized and annotated, integrate their CX, CRM and back office systems so that the data can flow freely in real time and create the optimal mix of automation and human interaction to provide compelling experiences that will engage customers and build lasting brand loyalty. Through TTEC Digital, we employ thousands of full-stack engineers, CX consultant and data scientists who know how to apply the new technology for CX use cases better than anyone.

我們的客戶希望我們能夠幫助引導他們度過這個更加複雜的新環境。為了在整體客戶體驗的背景下釋放生成式人工智能的承諾，公司需要將其係統遷移到雲端，對數據進行組織和註釋，集成其 CX、CRM 和後台系統，以便數據可以自由流動實時創建自動化和人機交互的最佳組合，以提供引人入勝的體驗，吸引客戶並建立持久的品牌忠誠度。通過 TTEC Digital，我們僱用了數千名全棧工程師、CX 顧問和數據科學家，他們比任何人都更了解如何將新技術應用於 CX 用例。

As a result, the leading hyperscalers are partnering with us to further develop the CX capabilities in their platforms. Through TTEC Engage, we know how to balance the efficiency of technology with empathy of humanity to deliver personalized services and sales experiences at scale. When we combine the breadth and depth of these 2 market-leading businesses, there is no company better suited for success in this innovation cycle than TTEC.

因此，領先的超大規模企業正在與我們合作，進一步開發其平台中的 CX 功能。通過 TTEC Engage，我們知道如何平衡技術效率與人性同理心，以大規模提供個性化服務和銷售體驗。當我們將這兩個市場領先業務的廣度和深度結合起來時，沒有比 TTEC 更適合在這個創新周期中取得成功的公司了。

We've launched several initiatives to help our clients accelerate their efforts while avoiding costly mistakes. For example, we've created the TTEC readiness assessment for AI, to provide a framework for evaluating the technology, processes and talent required to capture value from the use of AI for CX. We are delivering strategy workshops to help organizations align around priorities and build actionable road maps with defined proof of value. We're using our internal innovation lab to test the most recent releases of generative AI and large language model capabilities across technology platforms. We're finding many areas that require serious consideration around accuracy of interactions, erratic response times and high compute cost. And we're executing client-facing pilots to activate native AI functions across the hyperscaler platforms with knowledge management, language translation, automated quality assurance and transcription summarization to name a few.

我們推出了多項舉措來幫助我們的客戶加快工作進度，同時避免代價高昂的錯誤。例如，我們創建了 AI 的 TTEC 準備度評估，以提供一個框架來評估從使用 AI 實現 CX 中獲取價值所需的技術、流程和人才。我們正在舉辦戰略研討會，幫助組織圍繞優先事項進行調整，並製定具有明確價值證明的可行路線圖。我們正在使用我們的內部創新實驗室來測試最新版本的生成式人工智能和跨技術平台的大型語言模型功能。我們發現許多領域需要認真考慮交互的準確性、不穩定的響應時間和高計算成本。我們正在執行面向客戶的試點，以激活跨超大規模平台的原生人工智能功能，包括知識管理、語言翻譯、自動質量保證和轉錄摘要等。

TTEC's purpose has always been to bring humanity to the customer experience by consistently delivering the highest quality interactions at the lowest overall cost to serve. Whether that means using voice-based routing to match an orderly Medicare buyer with a compassionate license sales consultant or simplifying the desktop to free up times for a busy frontline associate, we see this new phase of AI-enabled CX is a great opportunity for our business and is core to our values and mission.

TTEC 的宗旨始終是通過始終如一地以最低的總體服務成本提供最高質量的交互，為客戶體驗帶來人性化。無論這意味著使用基於語音的路由來將有序的醫療保險購買者與富有同情心的許可證銷售顧問相匹配，還是簡化桌面以便為忙碌的一線員工騰出時間，我們認為人工智能支持的CX的這一新階段對於我們來說是一個絕佳的機會。業務，是我們價值觀和使命的核心。

Now moving on to our outlook into our second half of the year. CX continues to be a top business and board-level imperative and our ability to help clients increase revenue, reduce cost and drive customer loyalty remains a high priority in any economy. At the same time, customer behavior is in a state of flux. In the current environment, discretionary spend is unpredictable and differs significantly based on income brackets.

現在繼續我們對下半年的展望。 CX 仍然是企業和董事會層面的首要任務，我們幫助客戶增加收入、降低成本和提高客戶忠誠度的能力在任何經濟體中仍然是重中之重。與此同時，客戶行為處於不斷變化的狀態。在當前環境下，可自由支配支出是不可預測的，並且根據收入階層的不同而存在顯著差異。

In addition, many customers are waiting to make purchases closer to their point of need. These behaviors are clouding visibility and demand forecast for some of our clients and consequently, may impact us as well. We're staying close to our clients, and we'll continue to be agile to respond to their evolving needs. While some competitors in the industry are occupied with integration activities, I'm delighted that our attention remains exclusively on providing value to our clients with our singular focus on delivering exceptional technology-enabled customer experiences across every interaction channel. We continue to grow with our existing clients while adding new marquee brands to global roster. We're proud of our enduring relationship with our clients. Today, the average tenure of our top 25 clients is over 11 years and our revenue with our top 10 clients continues to grow. We've worked hard to earn our clients' trust and truly value these long-term partnerships that have endured extreme economic cycles, global pandemics and natural disasters. As we continue to execute on our strategic initiatives to capture the opportunity with the next wave of CX transformation, I remain excited about our business and confident that we'll successfully navigate the dynamic macroeconomic environment in the months to come. I'll now turn the call over to Shelly to share more about our progress and results.

此外，許多顧客正在等待在更接近他們需要的地方進行購買。這些行為使我們的一些客戶的可見性和需求預測變得模糊，因此也可能影響我們。我們與客戶保持密切聯繫，並將繼續敏捷地響應他們不斷變化的需求。雖然行業中的一些競爭對手忙於整合活動，但我很高興我們的注意力仍然集中在為客戶提供價值上，我們專注於在每個交互渠道上提供卓越的技術支持的客戶體驗。我們繼續與現有客戶共同成長，同時將新的知名品牌添加到全球名冊中。我們為與客戶的持久關係感到自豪。如今，我們前 25 位客戶的平均任期已超過 11 年，我們前 10 位客戶的收入持續增長。我們努力贏得客戶的信任，並真正重視這些經歷了極端經濟周期、全球流行病和自然災害的長期合作夥伴關係。隨著我們繼續執行戰略舉措，抓住下一波客戶體驗轉型的機遇，我對我們的業務仍然感到興奮，並相信我們將在未來幾個月成功應對動態的宏觀經濟環境。我現在將把電話轉給雪莉，分享更多有關我們的進展和成果的信息。

Thanks, Ken, and good morning, everyone. We delivered solid second quarter results across both our Engage and Digital businesses as we continue to focus on providing quality outcomes for our clients, exceptional experiences for their customers and rewarding careers for our employees. Before I dive into our results, I'd like to echo Ken's thoughts on AI. The buzz around generative AI has certainly advanced discussions around automation and analytics-based solutions that have been in the market for some time. And while generative AI is making the possibility of AI more visible and real for our clients, it's also uncovering a need for strong fundamentals. But today, many large enterprises are missing. This gap in client readiness and expertise is creating an exciting growth opportunity for us. To take full advantage of the power of generative AI, we're actively engaging with our clients, on their need for a modern cloud infrastructure, highly curated and reliable data and train knowledge workers operating on their front line.

謝謝，肯，大家早上好。我們在參與和數字業務方面都取得了穩健的第二季度業績，因為我們繼續專注於為客戶提供高質量的成果、為客戶提供卓越的體驗以及為員工提供有價值的職業生涯。在深入研究我們的結果之前，我想回應 Ken 對人工智能的想法。圍繞生成人工智能的熱議無疑推動了市場上已經存在一段時間的基於自動化和分析的解決方案的討論。雖然生成式人工智能使人工智能的可能性對我們的客戶來說更加可見和真實，但它也揭示了對強大基礎知識的需求。但如今，很多大企業都不見了。客戶準備度和專業知識方面的差距為我們創造了令人興奮的增長機會。為了充分利用生成式人工智能的力量，我們積極與客戶合作，滿足他們對現代云基礎設施、精心策劃和可靠數據的需求，並培訓一線知識工作者。

As Ken mentioned earlier, there's a lot of excitement in the market but also a lot of complexity. With the AI readiness tools we've built, we are helping our clients understand their current capabilities and create a practical go-forward plan. Let me share a quick representative example. With one of our existing clients, a medical device manufacturer, we used our AI readiness assessment to evaluate and build a road map, infuse generative AI into their CXaaS platform. Now we're working with the client to help define their entire (inaudible) strategy and broader CX technology suite. So while it's still early, we're actively building solutions across the CX AI value chain that combine the latest technology with our CX optimization services to unlock innovation while also delivering operational efficiencies.

正如肯之前提到的，市場令人興奮，但也很複雜。借助我們構建的人工智能準備工具，我們正在幫助客戶了解他們當前的能力並製定切實可行的前進計劃。讓我分享一個快速的代表性例子。對於我們現有的客戶之一（一家醫療設備製造商），我們使用 AI 準備情況評估來評估和構建路線圖，將生成式 AI 注入他們的 CXaaS 平台。現在，我們正在與客戶合作，幫助定義他們的整個（聽不清）戰略和更廣泛的 CX 技術套件。因此，儘管現在還為時尚早，但我們正在積極構建跨 CX AI 價值鏈的解決方案，將最新技術與我們的 CX 優化服務相結合，以釋放創新，同時提高運營效率。

Now let's review second quarter results and highlights from our Engage business, where we continue to make progress on our top priorities that include accelerating expansion of our global geographic footprint and language capabilities. deepening our specialized end-to-end solutions and resilient vertical and leading responsible adoption of AI with our knowledge workers. This quarter, we closed 6 new logos in our Engage business and 4 of them included offshore services. Increasingly, we're being chosen for our deep vertical expertise and technology-enabled solutions that are industry specific. Let me highlight 3 wins that I'm particularly excited about. In our banking, financial services and insurance vertical, we landed a large property and casualty deal with ample runway for growth. This is the first time that this insurer will be servicing U.S.-based customers with associates outside of the U.S.

現在讓我們回顧一下第二季度的業績和我們的 Engage 業務的亮點，我們繼續在我們的首要任務上取得進展，包括加速擴大我們的全球地理足跡和語言能力。深化我們專業的端到端解決方案，並與我們的知識工作者一起，靈活地垂直、領先、負責任地採用人工智能。本季度，我們在 Engage 業務中關閉了 6 個新徽標，其中 4 個包括離岸服務。我們越來越多地因其深厚的垂直專業知識和針對特定行業的技術支持的解決方案而被選中。讓我重點介紹一下讓我特別興奮的 3 場胜利。在我們的銀行、金融服務和保險垂直領域，我們達成了一項大型財產和傷亡交易，為增長提供了充足的空間。這是該保險公司首次與美國境外的合作夥伴一起為美國客戶提供服務。

The client chose TTEC because of our deep understanding of the complexities and nuances of the property and casualty industry and also for our proven nearshore delivery model. In health care, we closed business across the value chain. In the payer segment, we were selected for our licensed member acquisition and workforce management expertise. In addition to delivering the license work, we'll also be managing the schedules for our clients' in-house captive operations, running their scheduled nerve center will provide us with deep insights across their customer-facing operations. When we combine this with real-time frontline knowledge with our deep payer expertise, we'll be in a position to deliver outcomes that our competitors can't.

客戶選擇 TTEC 是因為我們對財產和傷亡行業的複雜性和細微差別有深刻的了解，也因為我們經過驗證的近岸交付模式。在醫療保健領域，我們關閉了整個價值鏈的業務。在付款人領域，我們因其獲得許可的會員獲取和勞動力管理專業知識而被選中。除了提供許可工作外，我們還將管理客戶內部自營運營的時間表，運行他們預定的神經中心將為我們提供有關其面向客戶的運營的深入見解。當我們將其與實時一線知識和深厚的付款人專業知識相結合時，我們將能夠提供競爭對手無法提供的成果。

On the provider side, we were chosen by a prestigious with regional medical center to deliver proactive outreach to their patient community, leveraging our nearshore workforce. We're excited about the opportunities to help providers with patient engagement and close care gaps by taking on the administrative work of their highly trained medical staff. Our focus on Brazilian verticals is delivering positive results with our health care, financial services and public sector growing organically by more than 5% in the second quarter of 2023.

在提供者方面，一家享有盛譽的區域醫療中心選擇我們利用我們的近岸勞動力為其患者社區提供積極的服務。我們很高興有機會通過承擔訓練有素的醫務人員的行政工作來幫助醫療服務提供者提高患者參與度並縮小護理差距。我們對巴西垂直行業的關注正在取得積極成果，我們的醫療保健、金融服務和公共部門在 2023 年第二季度有機增長超過 5%。

Halfway through the year, we've launched 6 new locations in 5 new countries, including India, Colombia, Honduras, Egypt and South Africa, and our offshore backlog continues to grow. In addition, we're ramping our, @home platform in Puerto Rico with a community of highly skilled knowledge workers to support our health care and financial services licensed program. Offshore revenue represents approximately 32% of our Engage second quarter revenue. We expect continued momentum into the second half of the year with new locations that will expand our Asian language capabilities.

今年上半年，我們在 5 個新國家/地區開設了 6 個新地點，包括印度、哥倫比亞、洪都拉斯、埃及和南非，而且我們的離岸訂單積壓還在繼續增長。此外，我們正在波多黎各建立一個由高技能知識工作者組成的社區，以支持我們的醫療保健和金融服務許可計劃，從而擴大我們在波多黎各的@home 平台。離岸收入約占我們第二季度 Engage 收入的 32%。我們預計下半年將繼續保持勢頭，新地點將擴大我們的亞洲語言能力。

Now on to TTEC Digital, where the advanced capabilities of generative AI are accelerating the need for companies to migrate their CXaaS and CRM systems to the cloud. Clients are leaning on us for both our project-based professional services, which grew 12% year-over-year as well as our recurring managed services, which grew by over 5% year-over-year. As the largest pure-play CX technology and services player in the market, TTEC Digital is delivering value to companies wherever they are on their CX transformation journey. Whether it's designing a CX strategy, migrating CX technology to the cloud, establishing involving a data transition or engineering to enable AI initiatives, TTEC Digital has the deepest and broadest expertise across the entire CX technology ecosystem.

現在我們來談談 TTEC Digital，生成式 AI 的先進功能正在加速企業將 CXaaS 和 CRM 系統遷移到雲端的需求。客戶依賴我們基於項目的專業服務（同比增長 12%）以及經常性託管服務（同比增長超過 5%）。作為市場上最大的純 CX 技術和服務提供商，TTEC Digital 正在為處於 CX 轉型之旅的公司提供價值。無論是設計 CX 策略、將 CX 技術遷移到雲端、建立涉及數據轉換的工程還是支持 AI 計劃的工程，TTEC Digital 都在整個 CX 技術生態系統中擁有最深入、最廣泛的專業知識。

Now let me share some TTEC Digital highlights and examples from the quarter. New key client wins and expansions were diversified across the public sector, automotive, banking and health care verticals, including numerous CX transformation projects that combine our consulting solution accelerators and analytics capabilities with partner platforms for Microsoft, AWS, Google, Genesis or Cisco. For our cybersecurity brand, we were chosen to help modernize with customer experience by combining a cloud platform with native AI capabilities, including virtual agents, agent assist, conversational analytics and real-time translation. We expanded our relationship with a well-known travel brand and are implementing a cloud-based transformational initiative that includes CXaaS, CRM and the rollout of a new customer data architecture.

現在讓我分享本季度的一些 TTEC Digital 亮點和示例。新的關鍵客戶贏得和擴張在公共部門、汽車、銀行和醫療保健垂直領域實現多元化，包括眾多客戶體驗轉型項目，這些項目將我們的諮詢解決方案加速器和分析功能與Microsoft、AWS、Google、Genesis或Cisco 的合作夥伴平台相結合。對於我們的網絡安全品牌，我們被選擇通過將雲平台與本機人工智能功能（包括虛擬代理、代理協助、對話分析和實時翻譯）相結合來幫助實現客戶體驗現代化。我們擴大了與知名旅遊品牌的關係，並正在實施基於雲的轉型計劃，其中包括 CXaaS、CRM 和推出新的客戶數據架構。

When complete this integrated AI-enabled platform will increase conversion rates and productivity for over 1,500 sales and service agents across 3 continents. And we're thrilled to have been awarded a multiyear, multiphase professional services contract with a massive federal government agency. We were chosen to work across multiple federal entities to design strategies and road map to modernize and reimagine the citizen experience. In TTEC Digital, we continue to accelerate our pace with offshore delivery and are exceeding our expansion goals for our globally integrated delivery model. So overall, we're pleased with our progress across the business in the second quarter. As we look to the back half of the year, our sales funnel backlog are healthy. In particular, we're experiencing strong demand for offshore locations in Engage. And in Digital, we're scheduled to complete twice as many cloud migrations for the second half of the year than the first. However, as Ken mentioned, our clients are still operating in a dynamic environment, which can impact time lines for decisions particularly for clients whose consumer demand patterns are evolving. In Engage, we anticipate continued strength in our Brazilian verticals, health care, banking, financial services and insurance in the public sector.

完成後，這個集成的人工智能平台將提高三大洲 1,500 多個銷售和服務代理的轉化率和生產力。我們很高興與大型聯邦政府機構簽訂了一份多年、多階段的專業服務合同。我們被選中與多個聯邦實體合作，設計戰略和路線圖，以實現公民體驗的現代化和重新構想。在 TTEC Digital，我們繼續加快離岸交付的步伐，並超越了全球一體化交付模式的擴張目標。總的來說，我們對第二季度整個業務的進展感到滿意。展望今年下半年，我們的銷售漏斗積壓工作狀況良好。特別是，我們對 Engage 離岸地點的需求非常強勁。在數字領域，我們計劃在今年下半年完成的雲遷移數量是上半年的兩倍。然而，正如肯提到的，我們的客戶仍然在動態環境中運營，這可能會影響決策的時間線，特別是對於消費者需求模式不斷變化的客戶。在參與方面，我們預計巴西公共部門的垂直行業、醫療保健、銀行、金融服務和保險將繼續保持強勢。

However, we expect continued softness in hyper growth, as we've discussed before. Additionally, some of our clients are taking a cautious approach with regards to forecast for seasonal volumes later in the year. More specifically, in the telecommunications and travel sectors, we continue to grow and increase wallet share with our clients, but are experiencing lighter-than-expected volume in a few cases.

然而，正如我們之前討論的那樣，我們預計超增長將持續疲軟。此外，我們的一些客戶對今年晚些時候的季節性銷量預測採取謹慎態度。更具體地說，在電信和旅遊領域，我們繼續增長並增加客戶的錢包份額，但在少數情況下交易量低於預期。

In Digital, we see strong demand, especially in the public sector and mid-market where we have unique platforms and certifications. However, we also recognize that in this climate, clients are carefully evaluating every investment decision. While some companies are delaying their technology modernization plan, many are faced with end-of-life platform decisions that will need to be made in the next several quarters. We are well positioned to help them migrate to the cloud. As we move into the second half of the year, we'll continue to take a prudent approach. We're laser focused on execution, maintaining an agile cost structure and executing on the strategic investments we have underway.

在數字領域，我們看到了強勁的需求，特別是在公共部門和中端市場，我們擁有獨特的平台和認證。然而，我們也認識到，在這種環境下，客戶正在仔細評估每一個投資決策。雖然一些公司正在推遲其技術現代化計劃，但許多公司面臨著需要在未來幾個季度做出的平台壽命終止決策。我們有能力幫助他們遷移到雲端。進入下半年，我們將繼續採取審慎態度。我們專注於執行、保持靈活的成本結構並執行我們正在進行的戰略投資。

Across the business, we're confident in our plan and will skillfully manage what is under our control in the months ahead. Before I close, I'm thrilled to welcome Laura Butler to TTEC as our Chief People Officer. Laura returns to TTEC after leading human capital at several top-tier B2B technology companies. Across our business, our people remain our differentiator, and Laura will be driving our AI-enabled people strategy at this pivotal moment in the CX industries evolution. On behalf of our team of approximately 64,000 employees across the globe, thank you for your continued support. We're excited about our future, and we look forward to sharing our progress in the quarters to come. And now I will hand it off to Francois for a review of our financials.

在整個業務中，我們對我們的計劃充滿信心，並將在未來幾個月巧妙地管理我們控制下的事情。在結束之前，我很高興歡迎 Laura Butler 加入 TTEC，擔任我們的首席人力官。 Laura 在多家頂級 B2B 技術公司領導人力資本後重返 TTEC。在我們的整個業務中，我們的員工仍然是我們的優勢所在，Laura 將在 CX 行業發展的關鍵時刻推動我們的人工智能人才戰略。我謹代表我們在全球約 64,000 名員工組成的團隊，感謝您一直以來的支持。我們對未來感到興奮，並期待在未來幾個季度分享我們的進展。現在我將把它交給弗朗索瓦審查我們的財務狀況。

Thank you, Shelley, and good morning. I will start by addressing our second quarter financial result before sharing more context into our reaffirmed full year 2023 financial guidance range. In my discussion on the second quarter 2023 financial results, reference to revenue is on a GAAP basis while EBITDA, operating income and earnings per share are 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.

謝謝你，雪萊，早上好。我將首先介紹我們第二季度的財務業績，然後再分享我們重申的 2023 年全年財務指導範圍的更多背景信息。在我對 2023 年第二季度財務業績的討論中，所提及的收入是基於 GAAP 基礎上的，而 EBITDA、營業收入和每股收益是基於非 GAAP 調整後的基礎上的。我們的 GAAP 與非 GAAP 結果的完整調節包含在我們的收益新聞稿所附的表格中。

Turning to our second quarter financial results. Despite continuation of macroeconomic pressures, we are pleased with our execution and financial results above the midpoint of our revenue and profit guidance range. Revenue was $600 million compared to $604 million in the prior year, all organic. Adjusted EBITDA was $67 million or 11.2% of revenue compared to $81 million or 13.3% in the prior year. Operating income was $51 million or 8.4% of revenue compared to $61 million or 10.1% in the prior year. And EPS was $0.55 compared to $0.93 in the prior year.

轉向我們第二季度的財務業績。儘管宏觀經濟壓力持續存在，但我們對我們的執行力和財務業績高於收入和利潤指導範圍的中點感到滿意。收入為 6 億美元，而上一年為 6.04 億美元，全部為有機收入。調整後 EBITDA 為 6700 萬美元，佔收入的 11.2%，而上一年為 8100 萬美元，佔收入的 13.3%。營業收入為 5,100 萬美元，佔收入的 8.4%，而上一年為 6,100 萬美元，佔收入的 10.1%。每股收益為 0.55 美元，而上一年為 0.93 美元。

In the second quarter, foreign exchange movements over the prior year negatively impacted revenue by $1.2 million while benefiting operating income by $1.4 million, representing a 25 basis point improvement to the operating income margin. Foreign exchange primarily impacted our Engage segment.

第二季度，與上一年相比，外匯變動對收入產生了 120 萬美元的負面影響，同時使營業收入受益 140 萬美元，意味著營業利潤率提高了 25 個基點。外匯主要影響了我們的參與部門。

In our Digital segment, strengthen our CX technology professional services and recurring managed services exceeded the anticipated pressure in our Cisco practice, which was down in the quarter by approximately 20% year-over-year primarily due to timing of certain engagements. However, it also (inaudible) that the remainder of our Digital business, which represents 75% of Digital revenue grew by more than 15% year-over-year in the second quarter.

在我們的數字部門，加強我們的 CX 技術專業服務和經常性託管服務超出了我們思科實踐中的預期壓力，該壓力在本季度同比下降了約 20%，主要是由於某些業務的時間安排。然而，（聽不清）我們數字業務的其餘部分（佔數字收入的 75%）在第二季度同比增長了 15% 以上。

In our Engage segment, growth in resilient verticals remained strong, offsetting the anticipated decline in our hyper growth portfolio, which is concentrated in the tech vertical. The year-over-year decrease in operating and EBITDA margins continues to be driven by growth-oriented investments, including, among other items, strategic expansion in new offshore delivery locations and integration-related costs associated with the Faneuil asset acquisition.

在我們的參與部門，彈性垂直行業的增長仍然強勁，抵消了我們超增長投資組合（主要集中在科技垂直行業）的預期下降。運營利潤率和 EBITDA 利潤率的同比下降繼續受到增長型投資的推動，其中包括新離岸交付地點的戰略擴張以及與法納爾資產收購相關的整合相關成本。

Turning to our second quarter new business activity. We added 19 new client relationships with strength from our health care vertical, followed by public sector and financial services. While the initial average deal size is smaller, their profiles are conducive for increased scale next year. Our Engage-embedded base performance remains strong as demonstrated by our last 12-month revenue retention rate of 96.5%. Engage backlog for the year represents 99% of the midpoint of our segment revenue guidance and is supported by a healthy pipeline for the remainder of the year. Offshore revenue represents approximately 32% of our engaged second quarter revenue.

轉向我們第二季度的新業務活動。我們增加了 19 個新客戶關係，這些客戶關係來自我們的醫療保健垂直領域，其次是公共部門和金融服務領域。雖然最初的平均交易規模較小，但它們的概況有利於明年擴大規模。我們過去 12 個月的收入保留率為 96.5%，這證明了我們的 Engage-embedded 基礎業績依然強勁。今年的訂單積壓量占我們部門收入指導中點的 99%，並得到今年剩餘時間健康管道的支持。離岸收入約占我們第二季度收入的 32%。

In our Digital segment, demand was solid. The partnerships with the CX hyperscalers represent the main catalyst to our growth. Clients continue to recognize TTEC Digital as a trusted partner for both optimizing and managing their existing CX platform in executing strategic digital transformation with the design, implementation and maintenance of a more modernized cloud-based CX ecosystem. For the full year, our digital recurring backlog increased by 4% over the same period of last year, primarily driven by our Genesys practice. Digital total backlog represents 84% of the midpoint of our segment revenue guidance. TTEC's overall pipeline for the next 6 months continues to be above $1 billion, which is well diversified across all verticals with strength in financial services, health care, technology and public services.

在我們的數字領域，需求強勁。與 CX 超大規模提供商的合作夥伴關係是我們增長的主要催化劑。客戶繼續將 TTEC Digital 視為值得信賴的合作夥伴，通過設計、實施和維護更現代化的基於雲的 CX 生態系統來優化和管理其現有 CX 平台，執行戰略數字化轉型。全年，我們的數字經常性積壓訂單比去年同期增長了 4%，這主要是由我們的 Genesys 實踐推動的。數字總積壓量占我們部門收入指導中值的 84%。 TTEC 未來 6 個月的總體管道將繼續超過 10 億美元，在所有垂直領域實現多元化，在金融服務、醫療保健、技術和公共服務領域具有實力。

Turning now to more specifics on our second quarter segment results. Our Digital segment reported second quarter 2023 revenue of $118 million an increase of 3.1% over the prior year on a constant currency basis. Operating income was $15 million or 12.5% of revenue compared to $17 million or 14.8% of revenue in the prior year period. Our second quarter Digital revenue performance reflects my earlier remarks. In addition, our recurring revenue grew 5.2% over the same period last year and is representing 56% of digital total revenue. While year-to-date, we have seen a lower number of cloud migrations with increased renewals of existing on-premise infrastructure, we continue to be well positioned to support the growing backlog of cloud migrations. We currently expect the number of migrations to more than double in the second half of the year.

現在轉向我們第二季度部門業績的更多細節。我們的數字部門報告 2023 年第二季度收入為 1.18 億美元，按固定匯率計算比上年增長 3.1%。營業收入為 1500 萬美元，佔收入的 12.5%，而上年同期為 1700 萬美元，佔收入的 14.8%。我們第二季度的數字收入表現反映了我之前的言論。此外，我們的經常性收入比去年同期增長了 5.2%，佔數字總收入的 56%。儘管今年迄今為止，隨著現有本地基礎設施更新的增加，雲遷移數量有所減少，但我們仍然處於有利地位，可以支持不斷增加的雲遷移積壓。我們目前預計下半年的移民數量將增加一倍以上。

For professional services revenue, which has a high attachment grade for additional expansion in upgrade services grew 11.5%, representing 38.5% of Digital total revenue. Professional Service gross margins continued to improve, primarily reflecting the increased utilization in our India delivery expansion, the head count increasing 26% since the beginning of the year.

對於專業服務收入，由於升級服務的額外擴展而具有較高的依附等級，增長了11.5%，佔數字總收入的38.5%。專業服務毛利率持續改善，主要反映了我們在印度交付擴張中利用率的提高，自年初以來人員數量增加了 26%。

Our Digital overall revenue mix also contributed to a healthier margin percentage, which was more than offset by the incremental investment in our CX leadership and engineering talent, sales and marketing and technology development. These investments are delivering solid recurring revenue and professional services growth among our strategic technology partnerships.

我們的數字整體收入組合也帶來了更健康的利潤率，這被我們對客戶體驗領導力和工程人才、銷售和營銷以及技術開發的增量投資所抵消。這些投資為我們的戰略技術合作夥伴關係帶來了穩定的經常性收入和專業服務增長。

Our Engage segment reported second quarter 2023 revenue of $483 million, a decrease of 1.3% on a constant currency basis over the prior year. As mentioned, our revenue performance reflects continued solid demand in our more resilient verticals, including health care, financial services and public sector, which grew organically by 5.5% in the second quarter of 2023.

我們的 Engage 部門報告 2023 年第二季度收入為 4.83 億美元，按固定匯率計算比上年下降 1.3%。如前所述，我們的收入表現反映了我們更具彈性的垂直行業的持續強勁需求，包括醫療保健、金融服務和公共部門，這些行業在 2023 年第二季度有機增長了 5.5%。

Direct-to-consumer centric verticals, including tech and retail are largely represented in our hypergrowth sector and experienced the largest year-over-year revenue decline of 21.5%. On a full year basis, the hypergrowth sector represents approximately 15% of Engage revenue. In the second quarter, operating income was $36 million or 7.4% of revenue, compared to $44 million or 9% in the prior year.

包括科技和零售在內的以直接面向消費者為中心的垂直行業主要屬於我們的高速增長行業，收入同比下降幅度最大，達 21.5%。從全年來看，高速增長領域約佔 Engage 收入的 15%。第二季度營業收入為 3600 萬美元，佔收入的 7.4%，而上年同期為 4400 萬美元，佔收入的 9%。

Our Engage operating margin reflects the items mentioned in my earlier remarks. We continue to rationalize costs across the business and strengthen the foundation of an agile cost structure. We also continue to optimize our cost structure in our traditional footprint, while strategically investing in our geographic expansion which is essential to our success next year and beyond. I will now share other second quarter 2023 measures before discussing our outlook.

我們的 Engage 營業利潤反映了我之前評論中提到的項目。我們繼續合理化整個業務的成本，並加強敏捷成本結構的基礎。我們還繼續優化傳統業務的成本結構，同時對地域擴張進行戰略性投資，這對於我們明年及以後的成功至關重要。在討論我們的前景之前，我現在將分享 2023 年第二季度的其他措施。

Cash flow from operations increased to $96 million in the second quarter of 2023 compared to $78 million in the prior year period. The increase was primarily a function of improved net working capital partially offset by the higher interest expenses and lower margins. Capital expenditures were $19 million or 3.2% of revenue for the second quarter 2023, compared to $19 million or 3.2% in the prior year period. We continue to prioritize investments in IT infrastructure and security and accelerate our geographic expansion efforts.

2023 年第二季度，運營現金流增至 9600 萬美元，而上年同期為 7800 萬美元。這一增長主要是由於淨營運資本的改善被較高的利息支出和較低的利潤率部分抵消。 2023 年第二季度的資本支出為 1,900 萬美元，佔收入的 3.2%，而上年同期為 1,900 萬美元，佔收入的 3.2%。我們繼續優先考慮 IT 基礎設施和安全方面的投資，並加快地域擴張步伐。

As of June 30, 2023, cash was $115 million with $919 million of debt, of which $915 million represented borrowings under $1.5 billion credit facilities. Year-over-year, net debt increased by $33 million to $804 million, primarily related to capital distributions and acquisition-related investments partially offset by positive cash flow generation. TTEC paid $0.52 per share or $24.6 million semiannual dividend on April 20, 2023, to shareholders of record as of March 31, 2023.

截至 2023 年 6 月 30 日，現金為 1.15 億美元，債務為 9.19 億美元，其中 9.15 億美元為 15 億美元信貸額度下的借款。淨債務同比增加 3300 萬美元，達到 8.04 億美元，主要與資本分配和收購相關投資相關，但部分被正現金流生成所抵消。 TTEC 於 2023 年 4 月 20 日向截至 2023 年 3 月 31 日在冊的股東支付每股 0.52 美元，即 2460 萬美元的半年度股息。

Turning to our 2023 outlook. While we are pleased with our first half of the year results, we are currently operating in a dynamic environment where consumers and organizations are taking a cautious approach with near-term decisions. This impacts our client level of confidence, especially in forecasting seasonal volumes that are dependent on consumer purchasing behavior in the second half of the year.

轉向我們的 2023 年展望。雖然我們對上半年的業績感到滿意，但我們目前正處於一個充滿活力的環境中，消費者和組織對近期決策採取謹慎態度。這會影響我們客戶的信心水平，特別是在預測取決於下半年消費者購買行為的季節性銷量方面。

In addition, before committing to larger investments to upgrade CX technology infrastructure, find thermal diligent about the size, scope and timing and then translating into longer deal cycles. Consequently, the pipeline conversion to backlog has been slower than usual for this time of the year, in the deal size smaller on the Engage side. While some clients are being more cautious, it has been more meaningful in the telco and travel verticals where we are seeing moderated levels of growth.

此外，在投入更大的投資來升級 CX 技術基礎設施之前，請仔細考慮規模、範圍和時間安排，然後轉化為更長的交易週期。因此，今年這個時候，管道向積壓訂單的轉換速度比平時要慢，參與方的交易規模較小。雖然一些客戶更加謹慎，但在電信和旅遊垂直行業更有意義，我們看到這些行業的增長水平較為溫和。

Furthermore, based on the current trend of foreign exchange movements, we forecast a 40 basis point negative impact to our operating income in comparison to our original assumptions used in our full year guidance. This headwind will be offset by operational efficiencies. We are reaffirming the midpoint of our guidance range, reflecting our strong results in the first half of the year, and also the pressures on volumes and delayed decision expected from some clients for the remainder of the year.

此外，根據當前的外匯變動趨勢，與我們全年指引中使用的原始假設相比，我們預計會對我們的營業收入產生 40 個基點的負面影響。這種不利因素將被運營效率所抵消。我們重申指導範圍的中點，反映了我們上半年的強勁業績，以及一些客戶預計今年剩餘時間的銷量壓力和延遲決策。

Please reference our commentary in the Business Outlook section to our second quarter 2023 earnings press release to obtain our expectations for the third quarter and full year 2023 performance at a consolidated and segment level. In closing, we remain keenly focused on executing upon our strategic priorities and delivering exceptional CX technology and service solutions to both our new and long-tenured client relationships more than ever are turning to us as a trusted partner.

請參考我們在“業務展望”部分中對 2023 年第二季度收益新聞稿的評論，以獲取我們對 2023 年第三季度和 2023 年全年綜合和分部業績的預期。最後，我們仍然熱衷於執行我們的戰略重點，並為我們的新客戶和長期客戶關係提供卓越的客戶體驗技術和服務解決方案，這些客戶關係比以往任何時候都更多地將我們視為值得信賴的合作夥伴。

Although near-term visibility is still cloudy, the long-term outlook remains intact. As Ken and Shelly mentioned in the earlier comments, the proliferation of digital channels amplifies the importance of quality customer experiences and increases the number of interactions. To compete, companies no longer have a choice but to modernize their CX platforms while working with the right strategic partner to handle the more complex, intense and human interactions in order to retain customers.

儘管近期能見度仍不明朗，但長期前景依然完好。正如 Ken 和 Shelly 在之前的評論中提到的那樣，數字渠道的激增增強了優質客戶體驗的重要性，並增加了互動的數量。為了競爭，公司別無選擇，只能對其客戶體驗平台進行現代化改造，同時與合適的戰略合作夥伴合作，處理更複雜、更激烈的人際互動，以留住客戶。

With our comprehensive set of integrated offerings, TTEC is in a unique position to capture these opportunities. With our financial outlook still in line with our guidance range, we remain focused on executing our strategic priorities. We look forward to providing an update on our full year 2023 outlook when we announce our third quarter earnings results in early November. I will now turn the call back to Paul.

憑藉我們全面的集成產品，TTEC 處於抓住這些機遇的獨特地位。由於我們的財務前景仍然符合我們的指導範圍，我們仍然專注於執行我們的戰略重點。我們期待在 11 月初公佈第三季度盈利結果時提供 2023 年全年展望的最新信息。現在我將把電話轉回給保羅。

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

謝謝，弗朗索瓦。當我們開始通話時，我們要求您一次只提出一個問題。接線員，您現在可以接通線路了。

We will now begin the question-and-answer session. (Operator Instructions). Our first question comes from the line of Bryan Bergin of TD Cowen.

我們現在開始問答環節。 （操作員說明）。我們的第一個問題來自 TD Cowen 的 Bryan Bergin。

I wanted to start here first on some of the client behavior that you highlighted. I'm really just trying to track now versus, let's say, 3 months ago. A lot of the commentary sounds consistent, but I think the volume commentary was incremental. Can you speak to some of these minimum volume commitments. And I wanted to clarify whether this volume update is tracking in line with how actual volumes have progressed or whether this is more so just a cautionary move on the forecast and really just any magnitude, any average magnitude of these volume changes.

我想首先從您強調的一些客戶行為開始。我真的只是想追踪現在與三個月前的情況。很多評論聽起來是一致的，但我認為音量評論是漸進的。您能談談其中一些最低數量承諾嗎？我想澄清這一交易量更新是否與實際交易量進展情況一致，或者這是否只是對預測的一個謹慎舉動，實際上只是這些交易量變化的任何幅度、任何平均幅度。

Brian, it's Ken. I would say that it's more of a cautionary move than anything else. I think that clients as one could expect, are lacking their own visibility. And so in some cases, they're delaying locking in on their forecast. The good news is that we have in the Engage side of the business, over 96% of our forecast is locked. And in the next couple of weeks, I would say, we'll have much clearer visibility because they'll have really no choice, that said, I do believe there's going to be a lot of last-minute additions. We've seen this over the years in the past when people are moving into times where their own forecast or visibility is a bit nebulous. And then what they do is they come back and they say, How quickly can you add etcetera. So I think overall, we're just simply -- we've always been a conservative company, we're trying to be fiscally responsible in how we represent our numbers. And what we see right now is that there are certain clients that are choosing to be very conservative and are holding back on locking in their forecast, et cetera. And frankly, based on where we are in the economy, I don't see that as anything unusual. This is certainly not our first recession or potential recession rodeo that we've been through.

布萊恩，是肯。我想說，這更像是一個謹慎的舉動。我認為，正如人們所期望的那樣，客戶缺乏自己的知名度。因此在某些情況下，他們會推遲鎖定他們的預測。好消息是，我們在 Engage 業務方面，超過 96% 的預測已被鎖定。在接下來的幾週內，我想說，我們將擁有更清晰的可見性，因為他們真的別無選擇，也就是說，我確實相信會有很多最後一刻的補充。過去幾年，當人們進入自己的預測或能見度有點模糊的時代時，我們已經看到了這一點。然後他們所做的就是回來說，你能多快添加等等。所以我認為總的來說，我們只是——我們一直是一家保守的公司，我們試圖在如何表示我們的數字方面對財務負責。我們現在看到的是，有些客戶選擇非常保守，並且不願鎖定他們的預測，等等。坦率地說，根據我們在經濟中所處的位置，我不認為這有什麼不尋常的。這當然不是我們經歷的第一次經濟衰退或潛在的經濟衰退。

Okay. Understood. And then pivoting to Digital for a follow-up here. So the 23' outlook implies a relatively sharp second half ramp. Can you just talk about backlog coverage there, what gives you the confidence on those cloud migrations, I guess, accelerating? And I heard the Cisco pressure in the quarter. Does that recover to help the trajectory? Or is it more so the other practice areas accelerating?

好的。明白了。然後轉向數字化以進行後續跟進。因此，23' 的前景意味著下半年相對急劇的增長。您能談談那裡的積壓工作覆蓋率嗎？是什麼讓您對這些雲遷移（我想是在加速）充滿信心？我聽到了思科在本季度面臨的壓力。這對恢復軌蹟有幫助嗎？還是其他實踐領域加速發展？

Let me start with -- how we're looking at our Digital business for the back end of the year. If you look back at the guidance we provided at the beginning of the year, this is just in line with the same trajectory. So there is nothing more aggressive there than what we shared initially and we're entering the back end of the year with 84% backlog for our Digital business, which is stronger than expected and ahead of last year as well. So we feel very solid -- we feel very good with the professional services, in particular, in the recurring revenue streamline that is growing in the back end of the year.

讓我首先談談我們如何看待今年年底的數字業務。如果你回顧一下我們年初提供的指導，就會發現這恰好符合相同的軌跡。因此，沒有什麼比我們最初分享的更積極的了，進入今年年底，我們的數字業務積壓量為 84%，這比預期要強，也比去年領先。所以我們感覺非常穩固——我們對專業服務感覺非常好，特別是在今年年底不斷增長的經常性收入流中。

And then the second part of your question regarding Cisco, what we would tell you is that yes, we do believe that, that does, in fact, recover, and it will probably be down overall close to 10% but the good news is that our other practices are growing in the 10% to 15% range, et cetera, which is what gives us confidence in our forecast. So we're seeing very strong demand across all the other practices.

然後你關於思科的問題的第二部分，我們要告訴你的是，是的，我們確實相信，事實上，它確實會恢復，而且整體可能會下降近 10%，但好消息是我們的其他做法正在10% 到15% 的範圍內增長，等等，這讓我們對我們的預測充滿信心。因此，我們看到所有其他實踐的需求都非常強勁。

Our next question comes from the line of Mike Latimore of Northland Capital Markets.

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

Okay. Great. I just wanted to clarify, did you say that Cisco was 25% of the Digital business?

好的。偉大的。我只是想澄清一下，你是說思科佔了數字業務 25% 的份額嗎？

Yes. Cisco is 25% of our Digital business this year.

是的。思科今年占我們數字業務的 25%。

Okay. Got it. And then obviously, you've highlighted a lot of interest in generative AI. I guess, has that driven more pipeline growth and pilot activity in digital? I know you've highlighted maybe some decisions are getting delayed, but I'm just curious, is it driving more interest more pilots, more pipeline and then I guess, a derivative of that is you said that you kind of have to go to cloud before you do generative AI. So is it generating more just kind of cloud migration interest too?

好的。知道了。顯然，您強調了對生成式人工智能的濃厚興趣。我想，這是否推動了更多的渠道增長和數字化試點活動？我知道你已經強調也許有些決定會被推遲，但我只是好奇，這是否會引起更多的興趣，更多的飛行員，更多的管道，然後我想，你說你必須去在進行生成式人工智能之前先進行雲計算。那麼它是否也產生了更多公正的雲遷移興趣？

Mike, this is Shelly. Absolutely. I'd say a couple of things. First is we have a number of pilot conversations underway, both with our Digital clients and our Engage clients, a lot of interest in one of the use cases are going to make the most sense from a CX perspective for generative AI. Having said that, those pilots are obviously in early days. But I think one of the things that all of the discussion and buzz, if you will, around generative AI has created is also a lot of good conversations with our clients about getting to the cloud.

邁克，這是雪莉。絕對地。我想說幾件事。首先，我們正在與我們的數字客戶和參與客戶進行一些試點對話，從客戶體驗的角度來看，對生成式人工智能的用例之一的濃厚興趣將是最有意義的。話雖如此，這些試點顯然還處於早期階段。但我認為，圍繞生成人工智能的所有討論和嗡嗡聲（如果你願意的話）所創造的事情之一也是與我們的客戶就雲計算進行的大量良好對話。

Cloud made as heard earlier, we mentioned that we're going to do twice as many cloud migrations in the second half as the first half. Companies are also -- we're also having a lot more conversations about other non-generative AI, if you will, the sort of AI use cases that we've been doing for the last number of years. And so I think it's absolutely creating more demand, interesting conversations. I think perhaps we're starting to see a little bit of a high cycle and generative AI come down a bit, meaning that we're getting to a bit more practical conversations around what can we pilot, what are the use cases? How do we deal with some of the learnings that we have in these early pilots around which large language models make most sense for which use cases some of the things around response times, cost profiles, et cetera.

雲正如之前所聽到的，我們提到下半年的雲遷移數量將是上半年的兩倍。公司也——我們也對其他非生成式人工智能進行了更多的對話，如果你願意的話，我們過去幾年一直在做的那種人工智能用例。所以我認為這絕對會創造更多的需求和有趣的對話。我認為也許我們開始看到一些高週期和生成式人工智能有所下降，這意味著我們正在圍繞我們可以試點什麼、用例是什麼進行更實際的對話？我們如何處理在這些早期試點中學到的一些知識，哪些大型語言模型對哪些用例最有意義，以及響應時間、成本概況等方面的一些事情。

Our next question comes from the line of George Sutton, Craig-Hallum.

我們的下一個問題來自喬治·薩頓（George Sutton）、克雷格·哈勒姆（Craig-Hallum）。

Thank you. Ken, your results are somewhat heroic relative to your competitors and you did specifically mention that many of your competitors are focused on integration. Can you just talk about any sort of incremental opportunities those integrations and those challenges might be bringing to you?

謝謝。肯，相對於你的競爭對手，你的結果有些英雄，你確實特別提到你的許多競爭對手都專注於整合。您能否談談這些集成可能給您帶來的增量機遇和挑戰？

George, you're putting me in a bit of an awkward position by asking that question. I would just simply say the following that I think it's not uncommon that when service organizations are in the midst of mergers, et cetera, that in many cases that creates opportunity for other service providers that are not in the midst of those types of integrations to benefit. There has been a number of large clients that have said that they don't want all their eggs in one basket. That's not an uncommon theme. And so consequently, whenever these mergers take place. There's usually a reshuffling of the deck and we along with probably others will benefit off of that. So I don't want to be diplomatic. They're all great companies.

喬治，你問這個問題讓我處於一個有點尷尬的境地。我只想簡單地說以下內容，我認為當服務組織處於合併等過程中時，這並不罕見，在許多情況下，這為未處於此類集成過程中的其他服務提供商創造了機會益處。有許多大客戶表示，他們不希望所有的雞蛋都放在一個籃子裡。這並不是一個不常見的主題。因此，每當這些合併發生時。通常會進行牌組的重新洗牌，我們和其他人可能會從中受益。所以我不想外交。他們都是偉大的公司。

And the good news is, is that we're dealing with a TAM that's ever expanding with well in excess of $400 billion of TAM just on the outsourceable -- on the Engage side of the business. When you look at the overall size and scale, there's plenty of business to go around. Especially as the market consolidates, which we view as a really a very positive thing, takes a lot of confusion out of the market, creates better pricing, rationalization because you've got more professional executives that are making more professional decisions versus smaller companies. And so overall, I think that through this process of the 2 mega mergers or whatever you want to call them, that are taking place, I think that it will ultimately prove to be a net benefit as work is rebalanced.

好消息是，我們正在處理一個不斷擴張的 TAM，僅在業務的可外包部分（即業務的參與部分）就遠遠超過了 4000 億美元的 TAM。當你看看整體規模和規模時，就會發現有大量的業務可供開展。特別是當市場整合時，我們認為這是一件非常積極的事情，它消除了市場上的很多混亂，創造了更好的定價和合理化，因為與小公司相比，你有更多的專業高管做出更專業的決策。總的來說，我認為，通過正在發生的兩起大型合併或無論你想怎麼稱呼它們，我認為隨著工作的重新平衡，這最終將被證明是淨收益。

That was very diplomatic. You might pick for Secretary of State. My follow-up is on the hyperscaler discussion. When we talk about AI, obviously, the hyperscalers are going to be very important. And I think most would define that -- there are being 3 of those being Microsoft, AWS and Google but you also are obviously interfacing with Fortune 500 companies. So I just want to make sure I understood, is your hyperscaler work helping bring their opportunities to the Fortune 500? Or are you working with the hyperscalers to help them further their AI efforts, just to be clear.

這非常外交。你可能會選擇擔任國務卿。我的後續內容是關於超大規模的討論。當我們談論人工智能時，顯然，超大規模企業將非常重要。我認為大多數人都會這樣定義——其中有 3 家，分別是微軟、AWS 和谷歌，但你顯然也在與財富 500 強公司打交道。所以我只是想確保我明白，您的超大規模工作是否有助於將他們的機會帶入財富 500 強？或者，您是否正在與超大規模企業合作，幫助他們進一步推進人工智能工作，只是需要澄清一下。

We're doing both. We're doing both. So what I would say to you is that we're very fortunate to have such solid relationships with our partners. And so they bring us into a lot of their very large -- large enterprise, mega enterprise customers and we're very appreciative of that. And so we're there to help them either close the business or the business that's been closed, implemented as well and simultaneously without getting into the details, we're deeply involved in assisting multiple hyperscalers with everything from -- I don't necessarily want to use the word strategy, but where they need to be going in this space to also physically helping from a code standpoint, et cetera.

我們兩者都在做。我們兩者都在做。所以我要對你們說的是，我們非常幸運能夠與我們的合作夥伴建立如此牢固的關係。因此，他們為我們帶來了許多非常大的大型企業、超大型企業客戶，我們對此非常感激。因此，我們會幫助他們關閉業務或已關閉的業務，並同時實施，而無需了解細節，我們深入參與協助多個超大規模企業，提供一切服務——我不一定想要使用“策略”這個詞，但是他們需要在這個空間中從代碼的角度提供實際幫助，等等。

And so that gives us a very strong understanding of their tools and then gives our own client base a lot of confidence in our abilities of implementation of all these new generative AI-type platforms. So I think that you'll see that we're going to continue to be leaning in, and it's our intention to capitalize off of generative AI and make it a very significant positive for our overall business.

因此，這讓我們對他們的工具有了非常深入的了解，然後讓我們自己的客戶群對我們實施所有這些新的生成人工智能類型平台的能力充滿信心。因此，我認為您會看到我們將繼續向前邁進，我們打算利用生成式人工智能並使其對我們的整體業務產生非常重要的積極影響。

(Operator Instructions). Our next question is from Maggie Nolan of William Blair.

（操作員說明）。我們的下一個問題來自威廉·布萊爾的瑪吉·諾蘭。

You mentioned that the initial deal sizes were a bit smaller on the Engage side. As we think about how those are going to flow through the business, how does that set the stage for the first half of 2024. Would that start to look fairly similar to the second half of this year? Or can you give us some qualitative commentary going out a bit further?

您提到，Engage 方面的初始交易規模要小一些。當我們思考這些將如何在業務中流動時，這將如何為 2024 年上半年奠定基礎？這看起來會與今年下半年相當相似嗎？或者您能給我們一些更進一步的定性評論嗎？

Yes. So a couple of things, Maggie. First thing is one of the factors in terms of the smaller deal size is just a factor of -- probably you heard me mention some of the examples from this quarter and even last quarter, some of the new clients that we're bringing into our roster are first-time outsourcers. And so we're starting with smaller projects to start. And what I'm excited about is some of the new logos that we won in this year, the growth potential for them going into next year. Having said that, we're not ready to comment on 2024 yet, just given the macro environment that we're all dealing with. .

是的。有幾件事，瑪吉。首先，交易規模較小的因素之一隻是一個因素——可能你聽到我提到了本季度甚至上季度的一些例子，我們引入的一些新客戶花名冊上都是第一次外包的人。因此，我們從較小的項目開始。讓我興奮的是我們今年贏得的一些新標誌，以及它們明年的增長潛力。話雖如此，考慮到我們正在應對的宏觀環境，我們還沒有準備好對 2024 年發表評論。 。

The other thing is -- I mean, I guess the other thing I would just tell you is -- the other factor is 5 of the 6 this quarter, a large majority of our new logos last quarter are all offshore. And so that has an impact on deal size as well. But we're excited about that. I mean our offshore pipeline -- our pipeline is now more than 60% offshore, 2/3 of that coming from our new locations. So we're excited about the progress we're making in terms of building out our footprint.

另一件事是- 我的意思是，我想我要告訴你的另一件事是- 另一個因素是本季度6 個因素中的5 個，我們上個季度的大部分新徽標都是海外的。因此這也會影響交易規模。但我們對此感到興奮。我的意思是我們的海上管道——我們的管道現在超過 60% 位於海上，其中 2/3 來自我們的新地點。因此，我們對在擴大足跡方面所取得的進展感到興奮。

To build on that a little bit, Ken, we all know that you've all been through this before and you referenced kind of clients setting expectations for volumes lower and then oftentimes, they'll come back to you and there's kind of a quick ramp up. So can you just give a little bit more detail on how you manage for that? What enables you to ramp up quickly and then the impact of your increasingly global footprint on that process?

在此基礎上，肯，我們都知道您以前都經歷過這種情況，並且您提到了一些客戶將交易量的預期設定得較低，然後通常，他們會回到您身邊，並且有一種快速的解決方案斜坡上升。那麼您能否更詳細地介紹一下您是如何做到這一點的？是什麼讓您能夠快速提升，以及您日益全球化的足跡對該流程的影響？

Well, I mean, I think this is really the heart of our business, right? Is being able to -- being able to search for those seasonal capacities. And I think one of the things that our clients have come to rely on us for is our ability to do that. Having said that, we're obviously staying close to our clients and trying to push for those decisions sooner versus later but you see we are very accustomed to having a seasonal ramp in Q4 for retailers, for health care, a number of our clients that have seasonal demand. So I think we're very confident we'll be ready for that and as Ken said, we'll know a lot more in the next month, in the next coming weeks here in terms of some of our clients locking in their forecast.

嗯，我的意思是，我認為這確實是我們業務的核心，對吧？就是能夠——能夠尋找那些季節性的能力。我認為我們的客戶開始依賴我們的原因之一就是我們有能力做到這一點。話雖如此，我們顯然與客戶保持密切聯繫，並試圖盡快推動這些決定，但你會發現，我們非常習慣於在第四季度為零售商、醫療保健、我們的許多客戶提供季節性增長，有季節性需求。因此，我認為我們非常有信心為此做好準備，正如肯所說，我們將在下個月、未來幾週內了解更多關於我們的一些客戶鎖定他們的預測的信息。

We have our next question from the line of Joseph Vafi of Canaccord.

我們的下一個問題來自 Canaccord 的約瑟夫·瓦菲 (Joseph Vafi)。

Just one on AI. Well, first of all, Ken, I thought your opening comments on AI were really good and some of the best I've heard on a management change over the last couple of quarters. But maybe you could dig a little bit into the cost side of using this technology. Everyone seems to focus on how great it is. But obviously, there's a cost impact in using it versus other solutions and what you've seen so far there? And then maybe I'll have a quick follow-up.

只有一篇關於人工智能的文章。嗯，首先，肯，我認為你對人工智能的開場評論非常好，也是我在過去幾個季度聽到的關於管理層變動的最好的評論。但也許您可以深入研究一下使用這項技術的成本方面。每個人似乎都專注於它有多偉大。但顯然，與其他解決方案相比，使用它會產生成本影響，到目前為止您看到了什麼？然後也許我會進行快速跟進。

Joe, you're -- I think you're asking actually a fantastic question. And I think that, unfortunately, it's a very difficult question to give you a really straight answer due to the fact that there's so much change taking place in the compute marketplace. What I would say to you is that, I think this is going to be like everything else that you see in technology. Costs are starting out high because there's a shortage of GPUs. And over time, as GPUs are more of a commodity type capability, that's going to take, by the way, years that's not going to happen in a year. Then I think that the compute cost will come down fairly significantly. So what that translates to is people who are going to be using large language models, they're going to have to use models that are, in most cases, private models which means that they're limiting the overall scale of the model so that, a, they can get the response time they need; and b, they can afford the cost that it takes to actually compute that interaction.

喬，我認為你實際上問了一個很棒的問題。不幸的是，我認為，由於計算市場正在發生如此多的變化，因此很難給您一個真正直接的答案。我想對你說的是，我認為這將像你在技術中看到的其他一切一樣。由於 GPU 短缺，成本一開始就很高。隨著時間的推移，GPU 越來越成為一種商品類型的功能，順便說一句，這將需要數年時間，而這不會在一年內發生。然後我認為計算成本將會顯著下降。因此，這意味著那些將要使用大型語言模型的人，他們將不得不使用在大多數情況下是私有模型的模型，這意味著他們限制了模型的整體規模，以便，a，他們可以獲得他們需要的響應時間； b，他們能夠承擔實際計算該交互所需的成本。

So for example, there are some people that are out trying to offer voice spots using machine learning AI, the problem is that they consume a ton of compute and consequently, when you look at the cost and you compare it to traditional IVR technology, which is not as good, by the way, it's hard to justify. When one area might be a few pennies and the other could be $0.85 for what could be accomplished with an IVR. My point in saying all this is that it's early days. And I think that as usual, with tech the hype cycle takes time to settle down. We actually are already seeing it settle down. We're seeing clients starting to get much more realistic about what their plans are, how they plan on attempting to test it and use it. We don't see anybody jumping into AI with their entire body. Instead, what we see is people putting their pinky toe in and doing proof of concepts, et cetera.

例如，有些人嘗試使用機器學習人工智能提供語音點，問題是他們消耗大量計算，因此，當你查看成本並將其與傳統 IVR 技術進行比較時，順便說一句，不太好，很難證明其合理性。對於通過 IVR 就能完成的工作，一個區域可能只需幾美分，而另一個區域可能需要 0.85 美元。我說這一切的目的是，現在還為時過早。我認為，像往常一樣，科技的炒作週期需要時間才能穩定下來。我們實際上已經看到它穩定下來了。我們看到客戶開始更加現實地了解他們的計劃是什麼，他們計劃如何嘗試測試和使用它。我們沒有看到有人全身心投入人工智能領域。相反，我們看到的是人們把他們的小腳趾放進去並進行概念驗證等等。

I think that's going to be going on for a while. And believe it or not, I actually think the hyperscalers want that as well because they're building out their infrastructure, waiting for their NVIDIA boxes to come, Google's building out their new chipset that in many ways, competes with NVIDIA's chipset, their TPUs. And so -- what I would just simply say to you is that I think that the pricing for compute on this stuff is -- the cement is not even close to dry. And it's going to take a while before I could actually give you a very accurate answer on where that's settling down. But suffice to say, where we plan on using AI, we believe that we have applications that will be very efficient and that will be cost-effective and that will generate a good economic return for us as well as for our clients. And therefore, I think we're taking a very realistic approach of where we insert AI and where we intentionally don't insert AI because the compute cost will be too high. So I'm sorry for rambling on. I hope that's somewhat helpful. But I think it's a great question. And I think if you ask that question midpoint next year, we're going to be able to give you a much more specific answer.

我認為這種情況會持續一段時間。不管你信不信，我實際上認為超大規模廠商也希望如此，因為他們正在構建自己的基礎設施，等待NVIDIA 盒子的到來，谷歌正在構建他們的新芯片組，在很多方面與NVIDIA 的芯片組、他們的TPU 競爭。因此，我只想對你們說的是，我認為這些東西的計算定價是——水泥甚至還沒有接近乾燥。我還需要一段時間才能真正給你一個非常準確的答案，說明事情的解決方案。但可以說的是，在我們計劃使用人工智能的地方，我們相信我們擁有的應用程序將非常高效且具有成本效益，並將為我們和我們的客戶帶來良好的經濟回報。因此，我認為我們正在採取一種非常現實的方法來決定在哪裡插入人工智能以及在哪裡故意不插入人工智能，因為計算成本太高。所以我很抱歉胡言亂語。我希望這有點幫助。但我認為這是一個很好的問題。我認為，如果您明年中途問這個問題，我們將能夠給您一個更具體的答案。

That was great. That was good color. And then just really quickly, I know you mentioned maybe -- you mentioned travel as potentially a little bit soft moving forward. It seems a little surprising given how packed airplanes are and the like and all the travel going on. So I just wanted to try to circle back on that commentary relative to, I guess, at least what I see when I'm out on the road.

那很棒。那是很好的顏色。然後很快，我知道你可能提到過——你提到旅行可能會有點軟。考慮到飛機上的擁擠程度以及所有正在進行的旅行，這似乎有點令人驚訝。所以我只是想嘗試回顧一下與我在路上看到的至少相關的評論。

Yes. Let me answer the first part, and I'll let Shelley answer the second part. This is really part of our own belief in forecasting that there has been a pinched pose effect to travel due to the pandemic and that we believed when we were looking at all of this that travel was going to be insane over the summer which is proving to be exactly that. And that once people get this travel experience out of their system, et cetera, that it was our belief that going into next year, that tourism-type travel would fall off. What we're seeing is that -- it's again, it's a mixed bag. I think if you listen to the airlines, they're actually saying that they're predicting domestic travel is already falling off. Reservations are dropping. And so we're just being very cautious as it relates to that. That said, we do have multiple travel accounts, and they're actually very strong right now. So Shelley?

是的。讓我回答第一部分，我讓雪萊回答第二部分。這確實是我們自己的信念的一部分，因為我們預測，由於大流行，旅行會受到擠壓影響，並且當我們看到這一切時，我們相信，整個夏天的旅行將會變得瘋狂，事實證明就是這樣。一旦人們將這種旅行體驗從他們的系統中剔除，等等，我們相信進入明年，旅遊型旅行將會下降。我們看到的是——這又是一個魚龍混雜的情況。我想如果你聽航空公司的話，他們實際上是在說他們預測國內旅行已經在下降。預訂量正在下降。因此，我們對此非常謹慎。也就是說，我們確實有多個旅行帳戶，而且它們現在實際上非常強大。那麼雪萊呢？

No, I think you said it well. I mean our travel -- travel accounts are growing very strong. It's exactly what you said, Ken, just looking at the back half of the year. And I think, by the way, one of the things we hear from those clients is because customers are not booking things as much as (inaudible) as they used to, they have a little bit -- they have more real-time demand. Little bit less visibility into the coming quarters. And so there's a dynamic there as well.

不，我覺得你說得很好。我的意思是我們的旅行——旅行賬戶正在增長得非常強勁。這正是你所說的，肯，只是看看今年下半年的情況。順便說一句，我認為，我們從這些客戶那裡聽到的一件事是，因為客戶不像以前那樣（聽不清）預訂東西，他們有一點——他們有更多的實時需求。對未來幾個季度的了解有點少。所以那裡也有一個動態。

Our last question comes from the line of Cassie Chan of Bank of America.

我們的最後一個問題來自美國銀行的 Cassie Chan。

First, I just wanted to ask about -- I think you guys mentioned the 32% offshore metric for Engage. What are you guys assuming this mix to be in your current outlook right now for the full year? And do you guys have like a longer-term metric or a longer-term target for this metric specifically? I think you mentioned a couple of countries, newer ones like India, Colombia, are there any in particular that you think will really be instrumental in getting you to the accelerating offshore momentum?

首先，我只是想問一下——我想你們提到了 Engage 的 32% 離岸指標。你們目前對全年的前景有何看法？你們有專門針對該指標的長期指標或長期目標嗎？我想你提到了幾個國家，比如印度、哥倫比亞等較新的國家，你認為有哪些國家真正有助於加速離岸發展勢頭？

Let me just start answering your question about the mix and the trajectory of our offshore revenue then I'll let Shelly give more color about what we're doing as a company for expanding that growth. So right now, our outlook is it's going to soon to be at 32% on a full year basis. And we have seen our offshore portfolio growing by 10% year-over-year. And that's really where we're focused is maintaining that 10% and above percent growth rate for offshore revenue. And as Shelly mentioned, we had a strong quarter with the logos oriented with offshore, and we feel very confident that our backlog is growing in the right direction to improve that mix next year.

讓我開始回答你關於我們離岸收入的組合和軌蹟的問題，然後我會讓雪莉更多地介紹我們作為一家公司為擴大增長所做的努力。因此，目前我們的預期是全年增長率將很快達到 32%。我們發現我們的離岸投資組合同比增長 10%。我們真正關注的重點是保持離岸收入 10% 及以上的增長率。正如雪莉提到的，我們在面向離岸的徽標方面表現強勁，我們非常有信心我們的積壓訂單正在朝著正確的方向增長，以改善明年的組合。

Yes. Just -- I guess, in terms of locations, Cassie, the ones that I mentioned earlier in terms of our nearshore locations in places like Colombia and on Honduras, right, we see a lot of opportunity to scale those as well as what we're doing in Africa, whether it's Cairo, South Africa, will be a train from new countries, more to come on that very soon and then also have a focus on Asian language support. And so those are the areas that we're going to continue to focus on. India, actually, we're seeing more demand for India. So really pleased, as I said earlier, 2/3 of our offshore pipeline right now is coming from these new locations. Having said that, we continue to grow in Philippines as well. But really, we're pleased with our progress on these new locations and having new options for our clients, which is a lot of what's generating the demand and interest that we're seeing.

是的。只是 - 我想，就地點而言，卡西，我之前提到的哥倫比亞和洪都拉斯等地的近岸地點，我們看到了很多擴展這些以及我們的機會。我們在非洲所做的事情，無論是開羅還是南非，都會有來自新國家的列車，很快就會有更多的列車，然後還會重點關注亞洲語言支持。這些是我們將繼續關注的領域。印度，實際上，我們看到了對印度的更多需求。正如我之前所說，我們非常高興，目前 2/3 的海上管道來自這些新地點。話雖如此，我們在菲律賓也繼續增長。但實際上，我們對這些新地點的進展以及為客戶提供的新選擇感到滿意，這在很大程度上產生了我們所看到的需求和興趣。

That's helpful. And then I guess when I think about sequential growth in the fourth quarter versus the third quarter implied by your guide. I don't know, maybe I don't have this right. I'm seeing like nearly 40% in quarter-over-quarter growth in the fourth quarter, like adjusted EBITDA in dollars number versus about 10% sequential growth on the top line. What's driving the significant margin acceleration that you're expecting in the fourth quarter? And you mentioned you guys have some cost efficiencies. Could you just elaborate a little bit more about what you guys have going on, especially that's going to impact the back half of the year?

這很有幫助。然後我想當我考慮您的指南所暗示的第四季度與第三季度的連續增長時。我不知道，也許我沒有這個權利。我看到第四季度的環比增長近 40%，比如以美元計算的調整後 EBITDA，而營收環比增長約 10%。是什麼推動了您預計第四季度利潤率的大幅增長？你提到你們有一些成本效益。您能否詳細說明一下你們正在做的事情，特別是那些將影響今年下半年的事情？

Let me first address the sequential growth between Q3 and Q4. If you look at our Engage right now, per guidance, we're going to be up $50 million between Q3 and Q4, which is less than what we've done last year. And therefore, that trend in Engage is very much in line with our history, which is also aligned with the seasonal business that, as you know, that we're adding. And for the Digital business, as we mentioned, we entered the back end of the year with a back growth of 84%. We're seeing higher number of migrations scheduled for the back end of the year. Therefore, like we have a good momentum, and we just think this is in line with we've been sharing since the beginning of the year.

讓我首先談談第三季度和第四季度之間的連續增長。如果你現在看看我們的 Engage，根據指導，我們將在第三季度和第四季度之間增加 5000 萬美元，這比我們去年所做的要少。因此，參與度的趨勢非常符合我們的歷史，也符合我們正在添加的季節性業務。對於數字業務，正如我們提到的，我們進入年底時實現了 84% 的反向增長。我們看到今年年底計劃進行的遷移數量會增加。因此，就像我們有良好的勢頭一樣，我們只是認為這符合我們自年初以來一直分享的內容。

So there's not -- I would say, I don't see it more aggressive than what we've done in the past. And in terms of the margin expansion that you're referring to, I think we're engaged, as you know, in Q4, with our seasonal volume, there is naturally an uptick in our margin from there. And I think for Digital is really the results of the revenue mix and seeing the growth in our professional services in the back end of the year that is really helping the mix.

所以我想說，我不認為它比我們過去所做的更激進。就您提到的利潤率擴張而言，我認為正如您所知，我們在第四季度參與了季節性銷量，因此我們的利潤率自然會有所上升。我認為，對於數字化來說，這實際上是收入組合的結果，並且看到我們的專業服務在今年年底的增長，這確實有助於收入組合。

Thank you for your questions. That is all the time we have today. This concludes TTEC's Second Quarter and 2023 Earnings Conference Call. You may disconnect at this time.

謝謝您的提問。這就是我們今天所擁有的全部時間。 TTEC 第二季度和 2023 年收益電話會議至此結束。此時您可以斷開連接。