TTEC Holdings Inc (TTEC) 2024 Q1 法說會逐字稿

Welcome everyone to TTEC’s first-quarter-2024 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, and you may begin.

歡迎大家參加 TTEC 2024 年第一季財報電話會議。（操作員說明）應 TTEC 的要求對本次通話進行錄音。我現在想將電話轉給 TTEC 高級副總裁、財務主管兼投資者關係官 Paul Miller。謝謝您，先生，您可以開始了。

Good morning, and thank you for joining us today. TTEC is hosting this call to discuss its first-quarter results for the period ended March 31, 2024. Participating on today’s call are Ken Tuchman, Chairman and Chief Executive Officer of TTEC; Shelly Swanback, President of TTEC and Chief Executive Officer of TTEC Engage; and Kenny Wagers, CFO of TTEC.

早安，感謝您今天加入我們。TTEC 舉辦本次電話會議，討論截至 2024 年 3 月 31 日的第一季業績。參加今天電話會議的有 TTEC 董事長兼執行長 Ken Tuchman； Shelly Swanback，TTEC 總裁兼 TTEC Engage 執行長；以及 TTEC 財務長 Kenny Wagers。

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 first-quarter-2024 quarterly report on Form 10-Q.

昨天，TTEC 發布了一份新聞稿，宣布其財務業績，而本次電話會議將反映該文件中討論的項目。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 2024 年第一季度季度報告。

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 may cause actual results to differ materially from those expected and described today. For a more detailed description of our risk factors, please review our 2023 annual report on Form 10-K. A replay of this conference call will be available on our website under the Investor Relations section.

在開始之前，我想提醒您，今天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觀點，我們不承擔因可能發生的新事態發展而修改此資訊的義務。前瞻性陳述受到各種風險、不確定性和其他因素的影響，這些因素可能導致實際結果與今天的預期和描述有重大差異。有關我們的風險因素的更詳細說明，請查看我們的 2023 年年度報告 10-K 表。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.

我現在會把電話轉給肯。

Good morning, everyone, and thank you for joining us today. We started the year focused on the strategic priorities that we outlined last quarter. Our first-quarter-2024 revenue was $577 million. On a non-GAAP basis, our adjusted EBITDA was $55 million, and adjusted EPS was $0.27.

大家早安，感謝您今天加入我們。今年伊始，我們將重點放在上季概述的策略重點。我們 2024 年第一季的營收為 5.77 億美元。以非 GAAP 計算，我們調整後的 EBITDA 為 5,500 萬美元，調整後每股收益為 0.27 美元。

We met our first-quarter objectives while navigating a fluid demand environment and continue to make progress on our diversification strategy that has three focus areas, including: One, attracting new clients. We established new relationships with over two dozen accounts, several of which are large enterprises that present strong long-term growth opportunities. Two, we expanded our geographic footprint and increased offshore mix. We continue to scale with new and existing client programs across our growing geographic footprint. And three, collaborative partnerships and innovative solutions. We strengthened our partnerships with the hyperscalers and CX technology players, and we launched several new AI-enabled solutions in TTEC Digital and TTEC Engage.

我們在不斷變化的需求環境中實現了第一季的目標，並繼續在多元化策略方面取得進展，該策略有三個重點領域，包括：一是吸引新客戶。我們與二十多位客戶建立了新的關係，其中一些是具有強大長期成長機會的大型企業。第二，我們擴大了地理覆蓋範圍並增加了離岸組合。我們繼續在不斷擴大的地理範圍內擴展新的和現有的客戶計劃。第三，合作夥伴關係和創新解決方案。我們加強了與超大規模企業和 CX 技術參與者的合作夥伴關係，並在 TTEC Digital 和 TTEC Engage 中推出了多種新的人工智慧解決方案。

Looking at our two business segments, TTEC Digital is gaining momentum with consecutive quarters of strong bookings and pipeline. In TTEC Engage, we have two dynamics currently impacting our results. First, while we’re encouraged by the number and quality of the new enterprise clients we’re winning, they do take time to yield. Second, while we’re pleased with the new clients, some of our embedded base volumes are down. We’re making progress managing through these challenges in TTEC Engage. And management believes as previously communicated, that TTEC Engage and the company overall will be back to positive growth in 2025, delivering double-digit EBITDA margins.

縱觀我們的兩個業務部門，TTEC Digital 憑藉連續幾季的強勁預訂和管道而獲得動力。在 TTEC Engage 中，目前有兩個因素影響著我們的結果。首先，雖然我們對我們贏得的新企業客戶的數量和品質感到鼓舞，但他們確實需要時間才能獲得回報。其次，雖然我們對新客戶感到滿意，但我們的一些嵌入式基礎銷售有所下降。我們在 TTEC Engage 中應對這些挑戰並取得了進展。管理層相信，正如之前所傳達的那樣，TTEC Engage 和公司整體將在 2025 年恢復正成長，實現兩位數的 EBITDA 利潤率。

I’d like to now transition to my perspective on the current state of the industry. It’s no secret that the customer experience space is in the midst of dramatic change. As a pioneer and leader in this industry, we’ve experienced and thrived through every evolution. Since we started this business 40 years ago, I was told that every innovation was going to eliminate or have an impact on the industry. First, it was voice mail, then e-mail, then interactive voice response.

我現在想談談我對產業現狀的看法。眾所周知，客戶體驗領域正處於巨大的變化之中。作為該行業的先驅和領導者，我們經歷了每一次演變並不斷發展。自從 40 年前我們開始從事這項業務以來，我就被告知每項創新都會消除該行業或對該行業產生影響。首先是語音郵件，然後是電子郵件，然後是互動式語音回應。

Next, it was the dawn of the Internet, the proliferation of smartphones and apps, and then the migration to the cloud. Each evolution has created more opportunity. Today, it’s no different. With the advent of generative AI and all of the type, some analysts and pundits are predicting a negative impact on the industry. Instead, new pockets of opportunity are emerging and diversifying the space.

接下來是網路的黎明、智慧型手機和應用程式的激增，然後是向雲端的遷移。每一次的演變都創造了更多的機會。今天，情況也沒有什麼不同。隨著生成式人工智慧和所有類型的出現，一些分析師和專家預測會對產業產生負面影響。相反，新的機會正在出現，並使該領域多樣化。

New work types like content moderation, data annotation, fraud mitigation are creating new growth opportunities for businesses like ours. These didn’t exist in any material way 10 years ago. I want to remind you that the total addressable market for just contact center services is well over $400 billion. Lately, however, it feels like Wall Street believes the industry is on its last legs and has written it off.

內容審核、資料註釋、減少詐欺等新工作類型正在為像我們這樣的企業創造新的成長機會。這些在 10 年前根本不存在。我想提醒您，光是聯絡中心服務的潛在市場總額就遠遠超過 4,000 億美元。然而，最近，華爾街似乎認為該行業已經走到了最後一步，並已將其註銷。

If you speak with any one of my competitive peers, our clients or any CX industry analysts, they will tell you the same thing. This space is not going away. It is consolidating, bifurcating and evolving and creating new opportunities for the industry. This future is already in motion. And we see three interaction categories emerging.

如果您與我的任何競爭對手、我們的客戶或任何 CX 產業分析師交談，他們都會告訴您同樣的事情。這個空間不會消失。它正在整合、分化和發展，並為產業創造新的機會。這個未來已經在行動。我們看到三種互動類別正在出現。

Simple repetitive tasks like making a basic reservation, checking on delivery status and setting up appointments are already being automated. Activities that require in the moment, human interaction like bank tellers, fast food drive-thru cashiers, building receptionists are now happening via virtual kiosks, these on-screen contacts are being staffed with friendly and cost-effective resources based thousands of miles away in many cases. And when it comes to high-value, high-risk decisions about health family, money, life events or large capital purchases, the need for skilled guidance from an empathetic and passionate human remains nonnegotiable.

基本的預訂、檢查送貨狀態和設定預約等簡單的重複性任務已經自動化。目前需要人際互動的活動，如銀行出納員、快餐店收銀員、大樓接待員，現在都透過虛擬資訊亭進行，這些螢幕上的聯絡人配備了來自數千英里之外的友好且具有成本效益的資源。當涉及到健康家庭、金錢、生活事件或大額資本購買等高價值、高風險的決策時，需要有同理心和熱情的人提供熟練的指導，這仍然是不容置疑的。

What is open for discussion, however, is where these trained nurses, financial advisers, health advocates and others are based. As technology continues to improve, these interactions are being delivered virtually from anywhere on the globe. The need for human interactions is not going away. And similar to what occurred in previous technology cycles, the industry is transforming, changing shape and creating opportunities for forward-thinking technology enabled players like TTEC.

然而，值得討論的是這些訓練有素的護理人員、財務顧問、健康倡導者和其他人的駐地。隨著技術的不斷進步，這些互動幾乎可以從全球任何地方進行。人際互動的需求不會消失。與先前的技術週期中發生的情況類似，該行業正在轉型、改變形態，並為 TTEC 等具有前瞻性技術的參與者創造機會。

We’ve consistently invested in building sophisticated technology and consulting expertise. We forge collaborative partnerships with the hyperscalers and the leading technology players with the most advanced AI. And we’ve built an enviable bench of global CX talent that includes every skill a company needs to design, build, operate, optimize and deliver seamless customer experience at scale. Now, I’ll share how this is playing out with our business segments.

我們始終如一地投資建設先進的技術和諮詢專業知識。我們與超大規模企業和擁有最先進人工智慧的領先技術參與者建立合作夥伴關係。我們已經建立了令人羨慕的全球客戶體驗人才庫，其中包括公司大規模設計、建置、營運、優化和提供無縫客戶體驗所需的一切技能。現在，我將分享這在我們的業務部門中是如何發揮作用的。

In TTEC Digital, our focus is on helping clients modernize their CX technology platforms to take full advantage of the new AI-enabled capabilities. Clients are choosing us because we’re CX specialists who operate at the intersection of contact center technology, CRM, analytics and AI. We’re a pure-play CX technology and services firm with solutions that are wrapped in consulting and analytics and underpinned with software engineering. We have the know-how and the talent to seamlessly integrate the full suite of CX technology required to meet our clients’ unique and evolving operating needs.

在 TTEC Digital，我們的重點是幫助客戶實現 CX 技術平台的現代化，以充分利用新的人工智慧功能。客戶選擇我們是因為我們是客戶體驗專家，在聯絡中心技術、CRM、分析和人工智慧的交叉領域開展業務。我們是一家純粹的 CX 技術和服務公司，提供包含諮詢和分析在內並以軟體工程為基礎的解決方案。我們擁有無縫整合全套 CX 技術所需的專業知識和人才，以滿足客戶獨特且不斷變化的營運需求。

We are technology agnostic. Certified AI experts, our bench of full stack engineers and data scientists continues to grow, enabling our clients to benefit from our CX best practices regardless of platform. By the end of Q3, 100% of our TTEC Digital team will be certified on partner platforms and our own AI accreditation programs. And most importantly, we’re delivering the outcomes that clients’ value. The business segment has produced consecutive quarters of strong bookings and continues to have a growing pipeline. Management believes the team is on track to achieve our goal of double-digit top-line and bottom-line growth over the next few years.

我們是科技不可知論者。經過認證的人工智慧專家、我們的全端工程師和資料科學家隊伍不斷壯大，使我們的客戶能夠從我們的 CX 最佳實踐中受益，無論平台如何。到第三季末，我們的 TTEC Digital 團隊 100% 將獲得合作夥伴平台和我們自己的 AI 認證計劃的認證。最重要的是，我們正在交付客戶重視的成果。該業務部門已連續幾季產生強勁的預訂量，且通路仍在不斷成長。管理層相信，該團隊預計在未來幾年內實現兩位數的營收和利潤成長目標。

Now, on to TTEC Engage, where our focus is on integrating technology and AI into everything we do to improve associate productivity and customer satisfaction. We’re using AI on the front line as a companion for our associates with real-time language translation, intuitive generative knowledge support and post-call summarization. Our team leaders are using AI as a coach to help them provide individualized training and curriculum enhancements. Our data scientists are providing clients with actionable insights with conversational intelligence gleaning from the next-generation quality technology.

現在，讓我們來談談 TTEC Engage，我們的重點是將技術和人工智慧整合到我們所做的一切中，以提高員工的生產力和客戶滿意度。我們在一線使用人工智慧作為員工的伴侶，提供即時語言翻譯、直覺的生成知識支援和通話後總結。我們的團隊領導正在使用人工智慧作為教練，幫助他們提供個人化培訓和課程改進。我們的資料科學家透過從下一代品質技術中收集的對話情報，為客戶提供可行的見解。

Across both business segments, we have hundreds of AI-enabled projects underway with many more in development. While still early days, the opportunities continue to unfold as clients embrace our services that drive higher quality outcomes at the lowest total overall cost to serve.

在這兩個業務領域，我們有數百個人工智慧專案正在進行中，還有更多專案正在開發中。雖然還處於早期階段，但隨著客戶接受我們的服務，以最低的總服務成本帶來更高品質的成果，機會將繼續出現。

In closing, as I mentioned earlier, TTEC and the entire industry are going through a dynamic period of evolution, which creates some volatility that is unavoidable. I speak for the Board and our entire management team that we’re taking the necessary actions during this transition year to return to long-term growth and increase profitability.

最後，正如我之前提到的，TTEC 和整個產業正在經歷一個動態的演變時期，這不可避免地會產生一些波動。我代表董事會和整個管理團隊表示，我們將在這個過渡年採取必要的行動，以恢復長期成長並提高獲利能力。

I recently returned from a trip to the Philippines, and continue to be energized by our highly motivated teams in that region and across the globe. I look forward to sharing our progress on the topics we just discussed in the quarters to come.

我最近從菲律賓旅行回來，並繼續被我們在該地區和全球各地積極進取的團隊所激勵。我期待在接下來的幾個季度分享我們剛剛討論的主題的進展。

And I’ll now turn the call over to Shelly.

現在我將把電話轉給雪莉。

Thank you, Ken, and good morning. This quarter, we continue to make progress on the company’s strategic growth initiatives by acquiring new clients, expanding with our embedded base, delivering quality services and creating innovative solutions that deliver the outcomes our clients need. Let me start with TTEC Digital, where we’re off to a solid start, delivering our second consecutive quarter of strong bookings.

謝謝你，肯，早安。本季度，我們透過獲取新客戶、擴大我們的嵌入式基礎、提供優質服務以及創建創新解決方案來實現客戶所需的成果，繼續在公司策略成長計畫方面取得進展。讓我從 TTEC Digital 開始，我們已經有了一個良好的開端，連續第二個季度實現了強勁的預訂。

We continue to win exciting new business across partners, geographies and industries with companies that are in the early stages of their CX cloud migrations as well as brands that are well on their way to optimizing their CX platforms with AI. Our pipeline and backlog continue to grow with our existing clients as more and more of them are choosing to expand our relationships from individual projects, the longer and larger multi-phase professional and managed service contracts.

我們繼續在合作夥伴、地區和產業中贏得令人興奮的新業務，其中包括處於 CX 雲端遷移早期階段的公司以及正在利用人工智慧優化 CX 平台的品牌。我們的管道和積壓訂單隨著現有客戶的增加而不斷增長，因為越來越多的客戶選擇從單一項目、更長、更大的多階段專業和託管服務合約來擴展我們的關係。

Approximately 75% of our bookings are coming from existing clients who are seeking to achieve better customer experiences at the intersection of CXaaS, CRM, AI and analytics. Now, let me share an example with the client who is a global online delivery service that TTEC Engage supports with care and workforce management services. Our TTEC Digital team has chosen to help this client leverage features in the technology they already own.

我們大約 75% 的預訂來自現有客戶，他們尋求在 CXaaS、CRM、AI 和分析的交叉點上實現更好的客戶體驗。現在，讓我與客戶分享一個例子，該客戶是一家全球線上送貨服務公司，TTEC Engage 透過護理和勞動力管理服務提供支援。我們的 TTEC Digital 團隊選擇幫助該客戶利用他們已有技術的功能。

We activated several AI functions in their CXaaS platform, build to help self-help solution and advanced routing approach that is providing impressive productivity gains. In the pilot phase, the solution improved CXaaS by 15%, reduced call transfers by 40% and also reduced call duration by 25%. The pilot was so successful that the client chose to expand our scope of work from three lines of business to six. This is just one of the many examples of how we’re expanding our client relationships by helping them get more value out of their technology and AI.

我們在其 CXaaS 平台中啟動了多項人工智慧功能，建構了自助解決方案和先進的路由方法，從而提供了令人印象深刻的生產力提升。在試點階段，該解決方案將 CXaaS 改善了 15%，將呼叫轉移減少了 40%，並將通話時間縮短了 25%。這項試點非常成功，客戶選擇將我們的工作範圍從三個業務範圍擴大到六個業務範圍。這只是我們如何透過幫助客戶從技術和人工智慧中獲得更多價值來擴大客戶關係的眾多範例之一。

As the technology environment grows more complex, we continue to innovate our project-based professional services and also our ongoing managed services. In professional services, our AI CX readiness assessment and rapid prototyping approach that we call SandCastle CX is helping clients identify and visualize areas of greatest return. These engagements provide us with a quick and easy way to get started and highlight our differentiation and ability to deliver shareholder value with more velocity than the generalist technology firms can.

隨著技術環境變得更加複雜，我們不斷創新基於專案的專業服務以及持續的託管服務。在專業服務中，我們的 AI CX 準備評估和快速原型設計方法（我們稱之為 SandCastle CX）正在幫助客戶識別和視覺化回報率最高的領域。這些合作為我們提供了一種快速、簡單的入門方式，並突顯了我們的差異化以及以比通用技術公司更快的速度交付股東價值的能力。

In managed services, our trademark surround CX approach moves beyond break fix to help our clients take advantage of our technology and consulting capabilities so that they can continuously absorb, implement and also optimize the new innovations and their CX technology platforms. We continue to invest in our TTEC Digital growth agenda to fully capitalize on the addressable market for CX technology solutions. The team remains confident in our plan for the remainder of the year.

在託管服務中，我們標誌性的圍繞 CX 方法超越了故障修復，幫助我們的客戶利用我們的技術和諮詢能力，以便他們能夠不斷吸收、實施和優化新的創新及其 CX 技術平台。我們繼續投資於 TTEC 數位成長議程，以充分利用 CX 技術解決方案的潛在市場。團隊對我們今年剩餘時間的計劃仍然充滿信心。

Now, let’s move on to TTEC Engage, where we have forward momentum but continue to work through the three factors we described last quarter. First, I’m pleased to say that our relationship remains strong with the client who is exiting the market for one of their lines of business that we support. We’re pleased that we recently expanded our wallet share with them in another part of their operations. The new work is only a partial replacement for the work those discontinues.

現在，讓我們轉向 TTEC Engage，我們擁有前進的動力，但繼續努力解決我們上季度描述的三個因素。首先，我很高興地說，我們與因我們支援的業務線之一而退出市場的客戶的關係仍然牢固。我們很高興最近在他們的業務的另一部分擴大了與他們的錢包份額。新作品只是部分取代那些已停止的作品。

Second, we continue to work closely with our clients who have fluctuating volume forecast. Right now, we’re facing the most variability and downward pressure in the telco vertical. And third, as we mentioned previously, our investments in our new geographies are attracting new business. However, because of the lag effect caused by the delayed signings in 2023 and the time it takes to ramp new client programs, our fixed cost structure is temporarily higher as a percentage of revenue.

其次，我們持續與銷售預測波動的客戶密切合作。目前，我們面臨電信業最大的變化和下行壓力。第三，正如我們之前提到的，我們在新地區的投資正在吸引新業務。然而，由於 2023 年延遲簽約造成的延遲效應以及增加新客戶計畫所需的時間，我們的固定成本結構佔收入的百分比暫時較高。

Speaking of new business, this quarter, we added nine new clients in financial services, retail, media and technology with almost two-third of the work to be delivered offshore. One of our financial services wins is with a global bank that chose us for our domain expertise and regulated industry experience. In addition, we are also recently selected by an enterprise health care company for our unique health care center of excellence in South Africa that offers a hub of specialized capabilities and the benefits of offshore economics.

說到新業務，本季我們在金融服務、零售、媒體和科技領域增加了九個新客戶，其中近三分之二的工作將在海外交付。我們在金融服務方面取得的勝利之一是與一家全球銀行合作，該銀行因其領域專業知識和受監管的行業經驗而選擇了我們。此外，我們最近還被一家企業醫療保健公司選為我們在南非的獨特醫療保健卓越中心，該中心提供專業能力和離岸經濟優勢的中心。

We also continue to close deals with our embedded base. Examples include expanded care services with one of our largest financial services clients, increased ad fill support for a large tech client out of Central Europe and additional trust and safety services for a longstanding strategic travel and hospitality climate.

我們也繼續與我們的嵌入式基地達成交易。例如，擴大與我們最大的金融服務客戶之一的護理服務，增加對中歐大型科技客戶的廣告填充支持，以及為長期策略性旅行和酒店氛圍提供額外的信任和安全服務。

Several of our new client and embedded base wins include our non-associate-based services. These strategic services include workforce management, learning and knowledge services and conversation of business intelligence. While these deals are typically not large, their high value deliver significant impact and cement our relevance and differentiation with our clients. Our pipeline includes several new strategic growth accounts that enterprise companies with the ability to expand.

我們贏得的一些新客戶和嵌入式基礎包括我們的非營利服務。這些策略服務包括勞動力管理、學習和知識服務以及商業智慧對話。雖然這些交易通常規模不大，但其高價值會帶來重大影響，並鞏固我們與客戶的相關性和差異化。我們的管道包括幾個新的策略性成長客戶，企業公司有能力擴展這些客戶。

In addition to our technology enabled services, many of these large brands are choosing us for our vertical expertise and global scale. Now, on the topic of innovation. I’m especially proud of the team working on our own generative knowledge management solution called Let Me Know that is built on Google’s Vertex AI technology. Our Let Me Know solution was recently featured at the Google Next conference and was recognized with a Gold Stevie Award for innovation.

除了我們的技術支援服務之外，許多大品牌也因為我們的垂直專業知識和全球規模而選擇我們。現在，關於創新的話題。我對致力於開發自己的生成知識管理解決方案（名為 Let Me Know）的團隊感到特別自豪，該解決方案基於 Google Vertex AI 技術構建。我們的 Let Me Know 解決方案最近在 Google Next 會議上亮相，並榮獲史蒂夫金獎創新獎。

This associate productivity solution is embedded in our TTEC Engage delivery platform and provides clients seamless access to our knowledge management services. The solution was recently deployed in help desk environment and improved average handle time by 12%. Based on those results, we’re in the process of adapting Let Me Know to vertical specific use cases, including travel and hospitality and financial services. Let Me Know is just one example of our human-centered philosophy around AI for CX.

此員工生產力解決方案嵌入在我們的 TTEC Engage 交付平台中，使客戶能夠無縫存取我們的知識管理服務。該解決方案最近部署在服務台環境中，平均處理時間縮短了 12%。根據這些結果，我們正在調整「讓我知道」以適應垂直特定用例，包括旅行、酒店和金融服務。讓我知道只是我們圍繞 CX 人工智慧以人為本的理念的一個例子。

Overall in Engage, we have solid momentum with new business while we work through the revenue and timing issues due to the lag effect. As our CFO, Kenny Wagers will cover shortly, we have a specific public sector client ramp impacting Q1 and Q2. We’re very enthusiastic about this large outcome-based contract. But due to client circumstances, we’re incurring delays in revenue realization and heightened start-up costs in these quarters.

總體而言，在參與方面，我們在新業務方面擁有強勁的勢頭，同時我們也解決了由於滯後效應而導致的收入和時間安排問題。正如我們的財務長 Kenny Wagers 很快就會介紹的那樣，我們有一個特定的公共部門客戶成長影響第一季和第二季。我們對這份基於結果的大型合約非常熱情。但由於客戶狀況的原因，我們在這些季度的營收實現出現了延遲，啟動成本也增加了。

In conclusion, during this transitional year, our investments to accelerate our growth in TTEC Digital along with improved execution and scale in our new geographies in TTEC Engage will set us up for profitable growth in 2025 and beyond. With our teams across the globe dedicated delivering exceptional quality experiences for our clients and their customers every day, I look forward to sharing our progress in the quarters to come.

總而言之，在這個過渡的一年裡，我們為加速 TTEC Digital 的成長而進行的投資，以及 TTEC Engage 新地區的執行力和規模的改善，將為我們在 2025 年及以後實現盈利增長奠定基礎。我們遍佈全球的團隊每天致力於為我們的客戶及其客戶提供卓越的品質體驗，我期待分享我們在未來幾季的進展。

And now, I’m happy to welcome our CFO, Kenny Wagers to our call. As you may remember, Kenny joined TTEC at the beginning of March, and has been moving quickly as it gets to know our teams, our clients and our operations.

現在，我很高興歡迎我們的財務長 Kenny Wagers 參加我們的電話會議。您可能還記得，Kenny 於 3 月初加入 TTEC，隨著對我們的團隊、客戶和營運情況的了解，他的行動迅速。

And now, I’ll turn the call over to Kenny.

現在，我將把電話轉給肯尼。

Thank you, Shelly, and good morning. I’m excited to join TTEC as a recently appointed CFO and look forward to working with you. I will start with a review of our first-quarter financial results before providing context into our reiterated full-year-2024 financial outlook. In my discussion on the first-quarter financial results, reference to revenue is on a GAAP basis, while EBITDA, operating income and earnings per share are 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.

謝謝你，雪莉，早安。我很高興能加入 TTEC，擔任最近任命的財務官，並期待與您合作。我將首先回顧我們第一季的財務業績，然後為我們重申的 2024 年全年財務前景提供背景資訊。在我對第一季財務表現的討論中，收入是基於公認會計原則（GAAP）計算的，而息稅折舊及攤銷前利潤（EBITDA）、營業收入和每股收益是基於非公認會計原則（ Non-GAAP）調整後的基礎上的。我們的 GAAP 與非 GAAP 結果的完整調整包含在我們的收益新聞稿所附的表格中。

Turning to our first-quarter consolidated results. Revenue exceeded our guidance range, which was attributable to the strong demand in both segments. The adjusted EBITDA contribution was in line with the midpoint of our guidance range. The lower margin percentage was primarily due to the delayed launch of the Public Sector Engage program that impacted the timing for certain costs.

轉向我們第一季的綜合業績。收入超出了我們的指導範圍，這歸因於這兩個領域的強勁需求。調整後的 EBITDA 貢獻與我們指導範圍的中點一致。利潤率較低的主要原因是公共部門參與計劃的延遲啟動，影響了某些成本的時間安排。

On a consolidated basis for the first quarter of 2024 compared to the prior year period, revenue was $577 million compared to $633 million, a decrease of 8.9%. Adjusted EBITDA was $55 million or 9.5% of revenue compared to $83 million or 13.1%. Operating income was $38 million or 6.6% of revenue compared to $61 million or 9.6%. And EPS was $0.27 compared to $78. Foreign exchange had a $1.8 million positive impact on revenue in the first quarter over the prior year period, while negatively impacting operating income by $0.5 million, primarily in our Engage segment. If not for FX, EBITDA would have exceeded the midpoint of our first-quarter guidance by $1 million.

與去年同期相比，2024 年第一季的合併收入為 5.77 億美元，較上年同期的 6.33 億美元下降了 8.9%。調整後 EBITDA 為 5,500 萬美元，佔營收的 9.5%，而去年同期為 8,300 萬美元，佔營收的 13.1%。營業收入為 3,800 萬美元，佔收入的 6.6%，而營業收入為 6,100 萬美元，佔收入的 9.6%。EPS 為 0.27 美元，而每股收益為 78 美元。與去年同期相比，外匯對第一季的收入產生了 180 萬美元的正面影響，同時對營業收入產生了 50 萬美元的負面影響，主要是在我們的 Engage 部門。如果沒有外匯，EBITDA 將超過我們第一季指引的中點 100 萬美元。

Turning to our first-quarter-2024 segment results. Our digital segment’s revenue was $112 million, a decrease of 4.2% over prior year period, higher than expectations as the in-quarter bookings had a greater impact on revenue in the period. Managed services continue to deliver sequential growth quarter over quarter and increased by approximately 5% over the prior year, in large part attributable to our Genesys practice. Our Cisco practice was relatively flat with the same period last year and is expected to stabilize for the remainder of the year.

轉向我們 2024 年第一季的部門業績。我們的數位業務收入為 1.12 億美元，比去年同期下降 4.2%，高於預期，因為季度預訂對該期間收入的影響更大。託管服務繼續實現季度環比增長，比上年增長約 5%，這在很大程度上歸功於我們的 Genesys 實踐。我們的思科業務與去年同期相對持平，預計今年剩餘時間將保持穩定。

Operating income was $9 million or 8.3% of revenue, in line with the midpoint of our guidance. This compares to 9% of revenue in the prior year, primarily due to the different revenue mix in the quarter. On the back of record bookings in the fourth quarter of last year, Digital had another strong first quarter of bookings to start the year. Our clients continue to invest in their CX ecosystem and our unique capabilities remain in demand.

營業收入為 900 萬美元，佔收入的 8.3%，與我們指導的中位數一致。相比之下，這一比例佔上一年收入的 9%，這主要是由於本季的收入組合不同。繼去年第四季創紀錄的預訂量之後，Digital 在今年第一季的預訂量再次強勁。我們的客戶繼續投資他們的客戶體驗生態系統，我們獨特的能力仍然受到需求。

This acceleration in digital backlog demonstrates TTEC Digital’s consulting and engineering expertise across an expanded suite of best-in-class CX technology and service solutions. Digital’s backlog increased to $399 million or 80% of our 2024 revenue guidance at the midpoint, a favorable comparison to 75% in the prior year. Our Engage segment revenue decreased 10% to $465 million in the first quarter of 2024 over the prior year period.

數位積壓的加速證明了 TTEC Digital 在一系列擴展的一流 CX 技術和服務解決方案中的諮詢和工程專業知識。Digital 的積壓訂單增加至 3.99 億美元，占我們 2024 年收入指引中點的 80%，與前一年的 75% 相比，情況良好。2024 年第一季度，我們的 Engage 部門營收較上年同期下降 10%，至 4.65 億美元。

Revenue exceeded our guidance range due to higher-than-anticipated seasonal volumes. Operating income was $29 million or 6.2% of revenue compared to $50 million or 9.7% of revenue in the prior year. While our Engage segment’s adjusted EBITDA margin improved sequentially by 180 bps, it came in at the lower end of our first-quarter-guidance range. This was primarily a function of the timing impact from one new large program delay that Shelly discussed.

由於季節性銷售量高於預期，收入超出了我們的指導範圍。營業收入為 2,900 萬美元，佔收入的 6.2%，而前一年為 5,000 萬美元，佔收入的 9.7%。雖然我們的 Engage 部門調整後 EBITDA 利潤率環比提高了 180 個基點，但仍處於我們第一季指引範圍的下限。這主要是雪莉討論的一個新的大型專案延遲的時間影響的函數。

The margin improvement in the second half of the year anticipates the normalization of operations from the line of business exited by one of our large clients, impact from the cost optimization effort discussed last quarter and the benefits from economies of scale as new programs move into production and leverage our new geographies. The quality of the opportunities in the Engage pipeline continues to improve. Our Engage backlog for the next 12 months is $1.76 billion or 96.5% of our 2024 revenue guidance at the midpoint of the range compared to 97% in the prior year.

下半年的利潤率改善預計我們的一個大客戶退出的業務線的運營將正常化，上季度討論的成本優化工作的影響以及新項目投入生產時規模經濟的好處並利用我們的新地域。Engage 管道中機會的品質持續提高。我們未來 12 個月的 Engage 積壓訂單為 17.6 億美元，佔 2024 年收入指引的 96.5%，處於該範圍的中點，而上一年為 97%。

Engage’s last 12-month revenue retention rate was 92% compared to 97% in the prior year. The decline is mostly explained by the prior year revenue reduction in our hypergrowth portfolio and the first-quarter impact from one large client exiting their line of business supported by TTEC. I will now share other first-quarter-2024 metrics before discussing our outlook.

Engage 過去 12 個月的收入保留率為 92%，而前一年為 97%。下降的主要原因是我們高速成長的投資組合上一年的收入減少，以及一個大客戶退出 TTEC 支援的業務線對第一季的影響。在討論我們的前景之前，我現在將分享 2024 年第一季的其他指標。

Free cash flow was a negative $29 million in the first quarter of 2024 compared to a positive $35 million in the prior year. The year-over-year variance is the result of lower profitability, a one-time tax payment related to international cash repatriation and lower working capital conversion that will normalize in the next quarters.

2024 年第一季自由現金流為負 2,900 萬美元，而前一年為正 3,500 萬美元。同比差異是由於盈利能力下降、與國際現金匯回相關的一次性納稅以及營運資本轉換率較低（這些因素將在接下來的幾個季度恢復正常）造成的。

Capital expenditures were $13 million or 2.3% of revenue for the first quarter of 2024 compared to $14 million or 2.2% in the prior year. Our normalized tax rate was 32.7% in the first quarter of 2024 compared to 26% in the prior year. The increase is primarily a function of lower pre-tax income and jurisdiction mix. It is expected to normalize over the year to be at the midpoint of our guidance.

2024 年第一季的資本支出為 1,300 萬美元，佔營收的 2.3%，而前一年為 1,400 萬美元，佔營收的 2.2%。2024 年第一季我們的標準化稅率為 32.7%，而前一年為 26%。這一增長主要是由於稅前收入和司法管轄區組合較低。預計今年將恢復正常，達到我們指導的中點。

As of March 31, 2024, cash was $92 million with $957 million of debt of which, $953 million represents borrowings under our $1.3 billion credit facility. Net debt increased year over year by $83 million to $865 million, primarily associated with final acquisition-related payments, geographic expansion investments and higher interest expense, partially offset by positive cash flow from operations. We ended the quarter with a net debt to EBITDA ratio of 3.6 in compliance under our credit facility.

截至 2024 年 3 月 31 日，現金為 9,200 萬美元，債務為 9.57 億美元，其中 9.53 億美元是我們 13 億美元信貸安排下的借款。淨債務年增 8,300 萬美元，達到 8.65 億美元，主要與最終收購相關付款、地域擴張投資和利息支出增加有關，但部分被營運產生的正現金流所抵消。本季結束時，我們的淨負債與 EBITDA 的比率為 3.6，符合我們的信貸安排。

As discussed last quarter, beyond returning the company to sustainable long-term organic growth, we are also taking prudent actions to improve our cash flow and balance sheet strength, including profit margin expansion initiatives, capital allocation reprioritization and cash and working capital optimization inclusive of cash repatriation strategies of foreign earnings to the US.

正如上季所討論的，除了使公司恢復可持續的長期有機增長之外，我們還採取審慎行動來改善我們的現金流和資產負債表實力，包括利潤率擴張計劃、資本配置重新優先順序以及現金和營運資本優化，包括將外國收入現金匯回美國的策略。

Turning to our 2024 outlook. Our digital segment ended the first quarter at the higher end of the guidance range on both top and bottom lines with another quarter of strong bookings. It adds to an already solid foundation for the remainder of the year despite the continuous elongated sales cycle noted across the industry. The Engage segment has recently been successful with winning enterprise deals, but these larger deals take more time to launch and meet production and profitability levels. Therefore, this creates less predictability in our quarterly revenue and impacts near-term margin percentages due to underlying fixed costs.

轉向我們的 2024 年展望。我們的數位業務第一季結束時，營收和利潤均處於指導範圍的高端，另外一個季度的預訂量也強勁。儘管整個行業的銷售週期持續延長，但它為今年剩餘時間奠定了堅實的基礎。Engage 部門最近成功贏得了企業交易，但這些較大的交易需要更多時間才能啟動並達到生產和盈利水平。因此，這會降低我們季度收入的可預測性，並因潛在的固定成本而影響近期利潤率。

The demand environment also remains fluid as client conservatism still impacts budgeting and volume awards. While our business has a long sales cycle, we are encouraged by the number of active opportunities with new prospects who have the potential to expand into strategic growth accounts, fueling our client diversification strategy. That said, we are resolute in our commitment to build back our Engage profit margin profile in the second half of this year and beyond.

由於客戶的保守主義仍然影響預算和銷售獎勵，需求環境仍然不穩定。雖然我們的業務具有較長的銷售週期，但我們對大量新潛在客戶的積極機會感到鼓舞，這些新潛在客戶有潛力擴展到策略性成長客戶，從而推動我們的客戶多元化策略。也就是說，我們堅定地致力於在今年下半年及以後重建我們的 Engage 利潤率。

As we continue to rebalance our fixed and variable cost structure, we are moving forward with a set of actions to strengthen our margin optimization efforts and are confident in achieving our full-year outlook and delivering double-digit EBITDA margins in 2025. I want to convey a change that during the balance of this transitional period, I’m moving to provide guidance only on an annual basis with directional commentary provided each quarter as viewed appropriate.

隨著我們繼續重新平衡固定和可變成本結構，我們正在採取一系列行動來加強我們的利潤率優化工作，並有信心實現我們的全年展望，並在2025 年實現兩位數的EBITDA 利潤率。我想傳達一個變化，即在過渡期的剩餘時間裡，我將僅每年提供指導，並在每個季度提供認為合適的方向性評論。

As a result, please reference our commentary in the Business Outlook section of our first-quarter-2024 earnings press release to obtain our expectations for our reiterated 2024-full-year guidance at the consolidated and segment level. In closing, the start of the year was in-line with our expectations as we navigate the current landscape, balance our focus on continuous CX innovation and long-term growth initiatives while advancing our operational and financial rigor. We maintain our conviction that the delivery of quality customer experience is a business imperative, a brand differentiator and a strategic driver of profitable growth.

因此，請參考我們在 2024 年第一季財報新聞稿的業務展望部分中的評論，以獲取我們對重申的 2024 年全年綜合和分部指引的預期。最後，今年的年初符合我們的預期，因為我們應對當前形勢，平衡我們對持續客戶體驗創新和長期成長計畫的關注，同時提高我們的營運和財務嚴謹性。我們堅信，提供優質的客戶體驗是企業的當務之急、品牌差異化因素和獲利成長的策略驅動力。

I want to convey our confidence in the fundamental attractiveness of the CX market opportunity and our differentiated technology and service capabilities across digital and Engage, and our commitment to execute and deliver long-term value to our clients, employees and shareholders. We look forward to providing an update on our full year outlook when we announce our second quarter earnings results in early August.

我想表達我們對 CX 市場機會的根本吸引力、我們在數位化和參與方面的差異化技術和服務能力的信心，以及我們為客戶、員工和股東執行和提供長期價值的承諾。我們期待在八月初公佈第二季度盈利結果時提供全年展望的最新資訊。

I will now turn the call back to Paul.

現在我將把電話轉回給保羅。

Thanks, Kenny. (Event Instructions) Operator, you can open the line.

謝謝，肯尼。（活動說明）接線員，您可以開通線路了。

(Operator Instructions) George Sutton, Craig-Hallum.

（操作員說明）George Sutton，Craig-Hallum。

Thank you. I’m curious how you thought about guidance relative to -- the stock has been quite weak. The market effectively giving you permission to lower guidance if necessary. So really wanted to test your conviction and thought process relative to the maintenance of the guide, which feels somewhat heroic.

謝謝。我很好奇你如何看待相對於該股相當疲軟的指導。市場有效地允許您在必要時降低指導。所以真的很想測試一下你對指南維護的信念和思考過程，這感覺有點英雄主義。

Yeah. Thanks for the question. First of all, I would tell you, it’s my preference in managing through this environment, through this transitional year that we’re having in 2024 for TTEC. And from what we see and from the improvements that we’re making with our cost optimization efforts and what we’re working on to rebalance our fixed and variable cost going forward, we just reaffirm where we’re going to land for the full year. And so, that’s where we see the business moving as of today.

是的。謝謝你的提問。首先，我想告訴你，我傾向於在這種環境下進行管理，在 2024 年 TTEC 面臨的過渡年中進行管理。從我們所看到的情況以及我們在成本優化方面所做的改進以及我們正在努力重新平衡未來的固定成本和可變成本，我們只是重申了我們的目標全年。因此，這就是我們今天看到的業務發展方向。

Okay. Great. And a question for Ken. You mentioned that AI is creating new pockets of opportunity, and specifically mentioned content moderation and data annotation. Not areas that you’ve necessarily, to my knowledge, been focused on. Can you talk about are those areas you’re planning to build out to take advantage of these market changes?

好的。偉大的。還有一個問題要問肯。您提到人工智慧正在創造新的機遇，並特別提到了內容審核和資料註釋。據我所知，這並不是您必須關注的領域。您能否談談您計劃擴建哪些領域以利用這些市場變化？

Yeah. We’ve always done certain aspects of content moderation and data annotation. The difference is that we’ve never been focused on what I would call the moderation of violent video and the type of stuff that we think causes emotional trauma for our employees. And so, with AI, what it brings us is because of the training of AI because of the tagging of AI, etcetera, it creates new opportunities.

是的。我們一直在進行內容審核和資料註釋的某些方面。不同之處在於，我們從未關注過我所說的暴力影片的節制以及我們認為會給員工造成情感創傷的內容。所以說，有了AI，它帶給我們的是因為AI的訓練，因為AI的標籤等等，它創造了新的機會。

And my whole point in my comments on -- just on these new areas was just simply to say that as one door potentially narrows, many new doors open, which is what AI, we believe, is doing for us. It’s allowing us to take advantage of areas that we never, frankly, previously, were not even available to us. and it’s also opening our clients’ minds to new things that we could be doing for them that historically, they never even were considering outsourcing.

我對這些新領域的評論的全部觀點只是簡單地說，隨著一扇門可能會縮小，許多新的門會打開，我們相信，這就是人工智慧正在為我們做的事情。坦白說，它使我們能夠利用以前甚至無法利用的領域。這也讓我們的客戶對我們可以為他們做的新事情敞開心扉，而從歷史上看，他們甚至從未考慮過外包。

So what I would say to you is that, again, the whole point in my commentary was to just simply say that as Wall Street is known to do, they tend to over rotate both directions. Whether it be to the positive or whether it be to the negative. And I was just simply trying to say that the height that’s behind the AI and the pundits that are declaring that this is going to have this massively negative impact. What I would just simply say is that for those of us who are highly technology enabled and who have all the right partnerships with all the AI players and have been working on this not as of six months ago, but for years, we feel like we’ve got a head start to be able to help our clients take advantage of these technologies as well as create new service offerings that take advantage of the technologies, the AI-type technology.

所以我要對你們說的是，我的評論的全部要點只是簡單地說，正如眾所周知的華爾街所做的那樣，他們傾向於在兩個方向上過度旋轉。無論是積極的還是消極的。我只是想說人工智慧背後的高度和專家宣稱這將產生巨大的負面影響。我只想簡單地說，對於我們這些高度技術化的人來說，他們與所有人工智慧參與者都有良好的合作夥伴關係，並且從六個月前開始，而是多年來一直在致力於這一點，我們覺得我們…我們已經取得了領先優勢，能夠幫助我們的客戶利用這些技術，並利用這些技術（即人工智慧型技術）創建新的服務產品。

So overall, it’s – we believe that we’re a bit misunderstood. We believe the whole industry is a bit misunderstood. And you know what, unfortunately, we’ve been here before. We’ll get through this and we’ll be bigger and better and stronger in the long run.

總的來說，我們認為我們有點被誤解了。我們認為整個產業都被誤解了。不幸的是，您知道嗎，我們以前也經歷過這樣的情況。我們將渡過難關，從長遠來看，我們將變得更大、更好、更強。

Perfect. Thanks, guys.

完美的。多謝你們。

Thanks, George.

謝謝，喬治。

Maggie Nolan, William Blair.

瑪吉諾蘭、威廉布萊爾。

Hi, good morning. This is Jesse Wilson on from Maggie Nolan. Thanks for taking our question. And it’s nice to hear from you, Kenny. So I guess to start, similar to the first question on the call. The press release mentioned anticipated headwinds you expected to see in the first half year. Can you just comment on if those have been better, worse or the same as expected from last quarter?

早安.我是瑪吉·諾蘭的傑西·威爾森。感謝您提出我們的問題。肯尼，很高興收到你的來信。所以我想開始，類似電話中的第一個問題。新聞稿提到了預計上半年會出現的不利因素。您能否評論一下這些情況與上季的預期相比是更好、更差還是相同？

Hey, Jesse. Good morning. The headwinds that we talk about is what was in Shelly’s script and what I described. As we moved out of the end of 2023 with the lag effect of those -- that customer base that we’re working from, and as the timing impact of the program delay that we articulated about our public sector clients, the headwinds are where we expected them to be. And that is where we are pivoting from as we move into the second half of this year, that also supports the reiteration of our full-year guidance.

嘿，傑西。早安.我們談論的逆風是雪莉劇本中和我所描述的。隨著 2023 年底的到來，由於我們正在工作的客戶群的滯後效應，以及我們針對公共部門客戶闡述的計劃延遲的時間影響，不利因素是我們期望他們會這樣。這就是我們進入今年下半年時的轉向點，這也支持我們重申全年指引。

Shelly, I don’t know if you want to support anything else on that?

雪莉，我不知道你是否還想支持其他的事？

No. I mean, we’re -- the subset client that I had mentioned where we’ve got some delays in terms of full-revenue ramp and some extra start-up costs here, it’s a large multi-year program. We’re very excited about it. It’s an outcome-oriented contracts. Unfortunately, a complex situation and some client circumstances that are causing some delays here. But we’re working through that. We expect to have that sorted out here in Q2 and ramping through at full ramp into Q3 and Q4.

不。我的意思是，我們是我提到的子客戶，我們在全部收入成長方面出現了一些延遲，並且有一些額外的啟動成本，這是一個大型的多年期計劃。我們對此感到非常興奮。這是一個以結果為導向的合約。不幸的是，複雜的情況和一些客戶情況導致了一些延誤。但我們正在努力解決這個問題。我們預計將在第二季解決這個問題，並全面進入第三季和第四季。

I think it’s more broadly speaking, Jesse, we talked last quarter, just about our client volume forecast and our embedded base, and I mentioned earlier that we see some volumes down with some of those clients. But we’re also seeing some of the clients, particularly in financial services that took a cautious outlook at the beginning of the year beginning to change our forecast for the better. So based on the visibility that we have right now, we’re expecting a strong health care season in the back half of the year. That’s why we’ve reiterated our guidance.

我認為更廣泛地說，傑西，我們上個季度討論過我們的客戶量預測和我們的嵌入式基礎，我之前提到過，我們看到其中一些客戶的數量有所下降。但我們也看到一些客戶，尤其是金融服務領域的客戶，在年初對前景持謹慎態度，開始改變我們的預測，使其變得更好。因此，根據目前的情況，我們預計今年下半年的醫療保健季節將會強勁。這就是我們重申我們的指導方針的原因。

Got it. That makes sense. And then, for my follow up, I just wanted to clarify, do you expect to return to providing quarterly guidance maybe when the dust has settled or the clouds are gone here over a multi-year period?

知道了。這就說得通了。然後，對於我的後續行動，我只是想澄清一下，當塵埃落定或烏雲散去多年後，您是否期望重新提供季度指導？

Yeah, Jesse, as I’ve stepped in here in the last two months, and again, as I reiterated, as we look at this transitional year, we’re not going to revisit that during 2024. But we’ll take a look at it at the end of this year moving into 2025 to see if we return back to quarterly in the upcoming years. But for the balance of this year, we’re going to stick to the full year.

是的，傑西，正如我在過去兩個月中介入的那樣，正如我重申的那樣，當我們審視這一過渡年時，我們不會在 2024 年期間重新審視這一點。但我們將在今年年底進入 2025 年時對其進行研究，看看我們是否會在未來幾年恢復按季度計算。但對於今年剩餘的時間，我們將堅持全年。

Got it. Thanks, again.

知道了。再次感謝。

Thank you.

謝謝。

(Operator Instructions) Cassie Chan, Bank of America.

（操作員指示）Cassie Chan，美國銀行。

Hey, guys. Thanks for talking my question. First, I know you said you provide some maybe directional commentary on the quarter. Can you just give us a little bit more detail around that for both the revenue margin side and EPS?

大家好。謝謝你說出我的問題。首先，我知道您說過您對該季度提供了一些可能具有方向性的評論。您能否為我們提供有關收入利潤率和每股收益的更多詳細資訊？

Hi, Cassie, good morning. What I would say from a commentary standpoint is just right now, as we see Q2 and as we see the second half of this year, I’m just going to continue to reiterate where we are guiding for the full year. We’re reiterating where we’re going to land on the full year towards the midpoint. And that’s the extent of where we’re at today from a commentary standpoint.

嗨，卡西，早安。從評論的角度來看，我現在想說的是，當我們看到第二季和今年下半年時，我將繼續重申我們全年的指導方針。我們重申全年中點的目標。從評論的角度來看，這就是我們今天所處的範圍。

Okay. Got it. And then, I guess in terms of onshore-offshore demand? Any change in terms of some of the client conversations with the posture of client conversations that you’re having? Maybe any commentary on pricing as well? Thank you.

好的。知道了。然後，我想就在岸-離岸需求而言？有些客戶對話與您正在進行的客戶對話的態度有什麼改變嗎？也許還有關於定價的評論？謝謝。

Hi, Cassie. Well, I would just say, let me take the second part of your question first. Certainly, a competitive environment. You’re probably hearing that from everybody. You might have heard me say in my prepared remarks that two-thirds of the new business that we’re winning from new clients is to be delivered offshore. A lot of that, by the way, in our new geographies. So we continue to be pleased with the demand that we’re seeing, particularly, I would probably point out South Africa. I mentioned one of our new healthcare logos is taking advantage of our capabilities there in South Africa.

嗨，卡西。好吧，我只想說，讓我先回答你問題的第二部分。當然，還有競爭環境。您可能從每個人那裡都聽過這樣的說法。您可能聽過我在準備好的發言中說過，我們從新客戶那裡贏得的新業務中有三分之二是在海外交付的。順便說一句，在我們的新地區，有很多這樣的事。因此，我們仍然對我們所看到的需求感到滿意，特別是我可能會指出南非。我提到我們的新醫療保健標誌之一是利用我們在南非的能力。

So I’d say continue to see strong demand from new clients for our offshore capabilities. And then, with our embedded base clients, we’re beginning really, I would say, across industry verticals with the exception of public sector, beginning to have conversations and add new lines of business with our existing clients, leveraging our offshore footprint. I’d say in financial services, it tends to be more nearshore. So some of the locations that we’ve added in Latin America, where many others, we still see some demand in Philippines, but also as I said, South Africa, getting a lot of attention, a lot of demand and a lot of interest in terms of some of the opportunities in our pipeline.

因此，我想說，新客戶對我們的離岸能力的需求將持續強勁。然後，對於我們的嵌入式基礎客戶，我想說，我們真的開始跨垂直行業（公共部門除外）開始與我們現有的客戶進行對話並增加新的業務線，利用我們的離岸足跡。我想說的是，在金融服務領域，它往往更近岸。因此，我們在拉丁美洲添加了一些地點，在許多其他地點，我們仍然看到菲律賓有一些需求，但正如我所說，南非也得到了很多關注、很多需求和很多對我們管道中的一些機會感興趣。

Got it. Thank you.

知道了。謝謝。

Hopefully, that helps.

希望這會有所幫助。

Vincent Colicchio, Barrington Research.

文森特·科利奇奧，巴靈頓研究中心。

Yeah. Kenny, Shelly, are you -- in terms of the new clients you’re attracting, are a good number new to outsourcing, which may be signaling an expansion in the market penetration potential, which is I think a part of a positive thesis?

是的。肯尼、雪莉，就你們吸引的新客戶而言，你們是外包領域的新客戶，這可能預示著市場滲透潛力的擴大，我認為這是正面論點的一部分？

Yeah. And so, I would say it’s a mix, actually. So we definitely have a couple of wins that we had. Actually, in Q4 and Q1 together, we had a couple of companies that are new to outsourcing, absolutely, just like we talked about last quarter. Interesting, some of these clients are going straight to places like South Africa, right? Many are also taking advantage of our nearshore footprint. So a mix for sure.

是的。所以，我想說，實際上這是一個混合體。所以我們確實取得了一些勝利。實際上，在第四季度和第一季度，我們有幾家公司是外包領域的新手，絕對如此，就像我們上季度談到的那樣。有趣的是，其中一些客戶直接前往南非等地，對嗎？許多人也利用我們的近岸足跡。所以肯定是混合的。

We also -- some of the enterprise logos that we’ve won recently, one of the things I’m excited about is actually, they might have been doing outsourcing already, but they are choosing an approach where maybe they are consolidating their vendor footprint, looking for something a bit different in terms of vertical expertise, technology enabled solutions, and the like and adding us as a partner to their network. And so, part of what we’ve been talking about here in terms of the lag effect is some of these new enterprises were starting small in terms of the original scope of work, but we see ample room for growth and scale in the work that they’re hiring us for here at the beginning, but also expanding into different lines of business.

我們也 - 我們最近贏得的一些企業徽標，我感到興奮的事情之一實際上是，他們可能已經在進行外包，但他們正在選擇一種方法，也許他們正在鞏固他們的業務供應商足跡，尋找在垂直專業知識、技術支援的解決方案等方面有所不同的東西，並將我們作為合作夥伴添加到他們的網路中。因此，我們在這裡談論的滯後效應的一部分是，這些新企業中的一些在原來的工作範圍上是從小規模開始的，但我們看到工作中有足夠的增長和規模空間他們一開始就在這裡僱用我們，但後來也擴展到不同的業務領域。

In fact, there’s a couple of financial services clients that we’ve just recently won, and we’re literally in the midst of launching our first set of services with them and already talking to them about new lines of business. So I see that as -- very, very pleased with the quality of logos that we’re adding to our client portfolio.

事實上，我們最近剛剛贏得了一些金融服務客戶，我們實際上正在與他們一起推出我們的第一套服務，並且已經與他們討論了新的業務線。因此，我認為對我們添加到客戶組合中的徽標品質非常非常滿意。

And curious in the AI situations where you’re improving agent productivity, are there currently discussions about sharing in the economic improvement with your clients?

對於您正在提高座席生產力的人工智慧情況感到好奇，目前是否有關於與客戶分享經濟改善的討論？

Lots of discussions. I mean, in some cases, we’re bringing the technology just as part of our services. So we can provide good quality services and be able to reduce attrition and some of the things that help us and help the client. In other cases, we have clients who are deploying technology and we’re adopting the technologies that they have in their environment. So I would say certainly a mix. But we’re very pleased with this Let Me Know solution that I mentioned earlier, and it’s still early days.

很多討論。我的意思是，在某些情況下，我們將科技作為我們服務的一部分。因此，我們可以提供優質的服務，並且能夠減少人員流失，以及一些有助於我們和客戶的事情。在其他情況下，我們的客戶正在部署技術，而我們正在採用他們環境中擁有的技術。所以我想說肯定是混合。但我們對我之前提到的「讓我知道」解決方案非常滿意，而且現在還處於早期階段。

Thank you.

謝謝。

(Operator Instructions) Jonathan Lee, Guggenheim Securities.

（操作員指示）Jonathan Lee，古根漢證券公司。

Great. Thanks. Kenny, good to be working with you. It’s encouraging to hear about your offshore progress. As you scale your offshore footprint, what gives you confidence that offshore shift on cannibalize onshore volumes outside of your regulated entries, and particularly, in an environment of bill tightening?

偉大的。謝謝。肯尼，很高興和你一起工作。聽到您的離岸進展令人鼓舞。當您擴大離岸足跡時，是什麼讓您有信心離岸業務的轉移會蠶食受監管條目之外的陸上業務量，特別是在賬單緊縮的環境下？

I’m sorry, particularly an environment of what?

抱歉，特別是什麼環境？

Bill tightening and budget tightening.

法案緊縮和預算緊縮。

Bill tightening and budget tightening, okay. Well, so far, Jonathan, as we’ve talked about with very few exceptions, the offshore work that we’re adding is actually, it’s not a movement of onshore work to offshore. So it’s actually net new volume, net new business from existing clients or the new logos that we’re adding. And don’t forget, a large percentage of our work, actually, almost 40% of our work comes from regulated industries and pub sec where the work is required to be onshore.

法案緊縮和預算緊縮，好吧。好吧，喬納森，到目前為止，正如我們所討論的（幾乎沒有例外），我們添加的離岸工作實際上並不是陸上工作向離岸的轉移。因此，它實際上是淨新銷售、來自現有客戶的淨新業務或我們添加的新標誌。不要忘記，我們的大部分工作，實際上，幾乎 40% 的工作來自受監管的行業和公共安全部門，這些工作需要在岸上進行。

And so, I think, and we’ve talked about that, obviously, in the past. And so, so far, what I would say is the offshore work that we’re adding is just that we’re adding work. It’s not about taking work from onshore to offshore.

所以，我認為，我們過去顯然已經討論過這個問題。因此，到目前為止，我想說的是，我們正在增加的離岸工作只是我們正在增加的工作。這並不是要把工作從陸上轉移到海上。

In financial services, in particular, I’d say, it tends to be more nearshore work. We’re starting to see some interest in South Africa and healthcare. Lots of interest in South Africa, as an example. So far, what we’re seeing is as additive. It’s not cannibalizing our onshore work. Keep in mind, a lot of that onshore work, as I said, it’s regulated, it’s licensed work. So the clients either can’t take it offshore or choosing not to.

我想說，尤其是在金融服務領域，它往往更像是近岸工作。我們開始看到人們對南非和醫療保健產生了一些興趣。例如，人們對南非很感興趣。到目前為止，我們看到的都是累加​​性的。它並沒有蠶食我們的陸上工作。請記住，正如我所說，很多陸上工作都是受監管的、獲得許可的工作。因此，客戶要么不能將其轉移到海外，要么選擇不這樣做。

Got it. That’s helpful. And just as a follow up, how much of your ‘24 revenue outlook is already contracted? Can you talk about any change in visibility you may have seen in the quarter?

知道了。這很有幫助。作為後續行動，您的 24 小時收入預期有多少已經收縮？您能談談本季度您可能看到的可見性變化嗎？

Well, so what we talk -- so the backlog numbers that Kenny shared on the Digital side, we have 80% of revenue in backlog today, which is actually slightly higher than where we stood this time last year. Keep in mind on the Digital side, right, the foundation of that revenue base is our managed services. So those are longer-term contracts, where we have a very high renewal rate. And then, confidence in terms of our digital plan based on the bookings momentum in professional services.

好吧，所以我們要說的是——肯尼在數字方面分享的積壓數據，我們今天 80% 的收入來自積壓，這實際上比我們去年這個時候的情況略高。請記住，在數位方面，收入基礎的基礎是我們的託管服務。所以這些都是長期合同，我們的續約率非常高。然後，基於專業服務的預訂勢頭，人們對我們的數位計劃充滿信心。

On the Engage side, as Kenny shared, our backlog is 96.5% to the midpoint. And last year, we were right around 97%, so very similar to where we were this time last year.

在吸引力方面，正如 Kenny 分享的那樣，我們的積壓工作達到了中點的 96.5%。去年，我們的準確率約為 97%，與去年此時的情況非常相似。

Got it. Thanks for clarifying.

知道了。感謝您的澄清。

Thank you for your questions. That is all the time we have today. This concludes TTEC’s first-quarter-2024 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 2024 年第一季財報電話會議到此結束。此時您可以斷開連線。