TTEC Holdings Inc (TTEC) 2025 Q1 法說會逐字稿

Welcome to TTEC's first quarter 2025 earnings conference Call. (Operator Instructions) This call is being recorded at the request of TTEC.

歡迎參加 TTEC 2025 年第一季財報電話會議。（操作員指示）此通話是應 TTEC 的要求錄製的。

I would now like to turn the call over to Bob Belknapp, TTEC's Group Vice President, Corporate Finance. Thank you, sir. You may begin.

現在我想將電話轉給 TTEC 公司財務部集團副總裁 Bob Belknapp。謝謝您，先生。你可以開始了。

Good morning and thank you for joining us today. TTEC is hosting this call to discuss its first quarter results for the period ended March 31, 2025. Participating on today's call are Ken Tuchman, Chairman and Chief Executive Officer of TTEC; and Kenny Wagers, Chief Financial Officer of TTEC.

早安，感謝您今天加入我們。TTEC 召開此電話會議是為了討論截至 2025 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；以及 TTEC 財務長 Kenny Wagers。

Yesterday, TTEC issued a press release announcing its financial results. While they will reflect items discussed in that document, for complete information about our financial performance, we also encourage you to read our quarterly report on Form 10-Q for the period ended on March 31, 2025.

昨天，TTEC發布了一份新聞稿，公佈了其財務業績。雖然它們將反映該文件中討論的項目，但為了獲得有關我們財務業績的完整信息，我們還鼓勵您閱讀截至 2025 年 3 月 31 日的 10-Q 表季度報告。

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 opinions as of the date of this call, and we undertake no obligation to update this information as a result of new developments that may occur.

在我們開始之前，我想提醒您，今天電話會議上討論的事項可能包括與我們的經營業績、財務目標和業務前景相關的前瞻性陳述，這些陳述基於管理層當前的信念和假設。請注意，這些前瞻性陳述反映了我們在本次電話會議之日的觀點，我們不承擔因可能發生的新發展而更新此資訊的義務。

Forward-looking statements are subject to 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 2024 annual report on Form 10-K.

前瞻性陳述受風險、不確定性和其他因素的影響，這些因素可能導致我們的實際結果與今天預期和描述的結果有重大差異。有關我們的風險因素的更詳細描述，請查看我們 2024 年 10-K 表格年度報告。

Before we proceed, I would like to state that our call today will not be discussing or addressing Mr. Tuchman's nonbinding proposal to take TTEC private. The special committee of the Board formed to evaluate that proposal issued a press release on April 1 to update interested parties on its evaluation of the proposal.

在我們繼續之前，我想聲明，我們今天的電話會議不會討論或解決塔克曼先生提出的將 TTEC 私有化的非約束性提議。為評估該提案而成立的董事會特別委員會於 4 月 1 日發布了一份新聞稿，向相關方通報了對該提案的評估。

We refer you to that press release as neither the company nor Mr. Tuchman will comment on the process nor will respond to any questions about it on this call. As always, we remain focused on executing against our top business priorities and serving the best interest of our stockholders and all other stakeholders. A replay of this conference call will be available on our website under the Investor Relations section.

我們請您參閱新聞稿，因為該公司和塔克曼先生都不會對該過程發表評論，也不會在本次電話會議上回答有關該過程的任何問題。像往常一樣，我們將繼續專注於執行我們的首要業務重點並服務於股東和所有其他利害關係人的最大利益。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.

現在我將把電話轉給肯。

Good morning and thank you for joining us today. 2025 is off to a good start with our financial performance exceeding plan. In the first quarter, our revenue was $534 million, which was in the range of our forecasted plan. EBITDA was $56 million, up from $55 million in the prior year.

早安，感謝您今天加入我們。 2025年開局良好，我們的財務表現超出計畫。第一季度，我們的營收為5.34億美元，符合我們的預測計畫。EBITDA 為 5,600 萬美元，高於上年的 5,500 萬美元。

This upside was driven by improved EBITDA margins of 10.6% versus 9.5% in the prior year. While we are pleased with our Q1 results, many of our clients are adopting a cautious approach in the current economic environment.

這一增長得益於 EBITDA 利潤率的提高，從上年的 9.5% 上升至 10.6%。雖然我們對第一季的業績感到滿意，但在當前的經濟環境下，我們的許多客戶都採取了謹慎的態度。

Due to the recent uncertainty in trade policy, it is challenging for any business operating on a global scale to accurately predict the future. As a result, we're staying close to our clients and remaining agile as we look forward to stabilization.

由於近期貿易政策的不確定性，對於任何在全球範圍內運營的企業來說，準確預測未來都是一項挑戰。因此，我們將繼續密切關注客戶，保持敏捷，並期待穩定。

Despite the current environment, we're encouraged by our progress to date. We're gaining ground as we sign new large enterprise clients, grow our share of wallet with our embedded base, and broaden our market reach with more complex AI-enabled solutions.

儘管當前環境如此，但我們對迄今為止的進展感到鼓舞。隨著我們簽約新的大型企業客戶、透過嵌入式客戶群擴大我們的市場份額以及透過更複雜的人工智慧解決方案擴大我們的市場範圍，我們正在取得進展。

Additionally, we're strengthening our operation excellence and rigor as we continue to fortify our leadership team. As clients try to make sense of the increasingly complex CX ecosystem, a long-standing track record and command of interplay between CX technology and operation makes us the go-to partner for companies that will strive to differentiate on CX excellence.

此外，隨著我們繼續加強領導團隊，我們正在加強我們的卓越營運和嚴謹性。當客戶試圖理解日益複雜的 CX 生態系統時，我們憑藉長期的業績記錄以及對 CX 技術與營運之間相互作用的掌握，成為了那些致力於在 CX 卓越性上脫穎而出的公司的首選合作夥伴。

Clients are entrusting us with their CX strategy and execution because of our unparalleled technology credentials and real-world frontline experience. We have decades of domain expertise, have made significant investments in proprietary technology, have delivered thousands of complex implementations and employ a deep bench of CX strategists and full-stack digital engineers.

由於我們無與倫比的技術資格和實際的第一線經驗，客戶委託我們制定和執行他們的 CX 策略。我們擁有數十年的領域專業知識，在專有技術上進行了大量投資，交付了數千個複雜的實施方案，並擁有一群經驗豐富的 CX 策略家和全端數位工程師。

Our CX focus and AI focus has helped drive our deep partnerships with the hyperscalers. These dominant tech partners with their scale and massive market reach are leading the way into every aspect of multimodal AI.

我們對 CX 和 AI 的關注幫助我們與超大規模企業建立了深度合作夥伴關係。這些占主導地位的技術合作夥伴憑藉其規模和龐大的市場影響力，引領多模式人工智慧的各個面向。

Today, we're co-investing and collaborating with all three hyperscalers on CX road maps, building proprietary AI-enabled capabilities on their platforms, and selling and implementing enterprise-wide programs together for clients across the globe.

今天，我們與這三家超大規模企業共同投資並合作制定 CX 路線圖，在他們的平台上建立專有的 AI 功能，並共同為全球客戶銷售和實施企業範圍的計劃。

Moving on to business update. Across both business segments, we remain focused on executing the three priorities we outlined last year. First, increased diversification across clients, geographies, partners and solutions. Second, transform experiences for employees and clients with digital innovation. And third, strengthen our financial performance on the top and bottom line.

繼續進行業務更新。在兩個業務部門中，我們仍然專注於執行去年概述的三個優先事項。首先，客戶、地理、合作夥伴和解決方案的多樣化程度不斷提高。第二，透過數位創新改變員工和顧客的體驗。第三，提高我們的營收和利潤表現。

In TTEC Engage this quarter, we made measurable improvements on all three objectives. Our solid performance is evident in the growth of new lines of business with our existing clients. In the first quarter alone, we added contracts with embedded base clients worth over 75% of what we signed in all of last year.

在本季的 TTEC Engage 中，我們在所有三個目標上都取得了可衡量的進步。我們與現有客戶的新業務線的成長證明了我們穩健的表現。光是第一季度，我們新增的嵌入式基礎客戶合約價值就達到去年全年簽約總額的 75% 以上。

We are expanding our share of wallet with our clients due to our digital-first approach, our operational excellence, ability to deliver new complex work types. For example, this quarter, we pioneered a specialized new line of business with a Fortune 50 technology client, expanded our relationship with one of the largest health care payers into provider and clinical services, and we added commercial license support for a Fortune 100 financial services client. Much of this new business will be delivered offshore.

由於我們採用數位優先的方法、卓越的營運以及提供新的複雜工作類型的能力，我們正在擴大客戶的錢包份額。例如，本季度，我們與財富 50 強技術客戶開闢了一條專門的新業務線，將我們與最大的醫療保健支付者之一的關係擴展到提供者和臨床服務，並為財富 100 強金融服務客戶增加了商業許可支援。大部分新業務將在海外開展。

We are pleased with the growth in the embedded base as well as our progress continuing to sign new high-growth enterprise clients. One of our most exciting new clients wins this quarter is with a fan-obsessed sports streaming service. The company chose us to help them accelerate their vision of delivering a premium experience, aligned with their customer interaction preferences.

我們對嵌入式基礎的成長以及繼續簽約新的高成長企業客戶所取得的進展感到滿意。本季我們最令人興奮的新客戶之一是獲得一家深受球迷喜愛的體育串流服務公司。該公司選擇我們來幫助他們加速實現提供優質體驗的願景，以滿足他們的客戶互動偏好。

In partnership with TTEC Digital, we developed an end-to-end solution that includes a digital insights hub for analytics that will unify customer data across multiple databases and deliver actionable insights into each customer's unique journey.

我們與 TTEC Digital 合作開發了端到端解決方案，其中包括用於分析的數位洞察中心，該中心將統一多個資料庫中的客戶數據，並為每個客戶的獨特旅程提供可操作的洞察。

A technology ecosystem that will deliver the optimal customer journey across channels, whether it's with self-service through agentic AI or human-assisted service through our live voice and chat interaction, and a team of frontline associates chosen exclusively for their passion for sports and our clients' brand.

一個技術生態系統，將提供跨渠道的最佳客戶旅程，無論是透過代理人工智慧提供的自助服務，還是透過我們的即時語音和聊天互動提供的人工輔助服務，以及一支因對體育和客戶品牌的熱情而精心挑選的一線員工團隊。

When live, we are confident we will see double-digit improvement in first contact resolution, self-service containment and significantly improved customer satisfaction and employee engagement. Moving on, our progress in TTEC Engage includes meaningful profitability improvement, driven by operational efficiencies, an expanded offshore footprint and accelerated AI integration with our frontline team.

上線後，我們相信，我們將看到首次聯繫解決率、自助服務控制率實現兩位數的提高，並顯著提高客戶滿意度和員工參與度。繼續前進，我們在 TTEC Engage 方面的進展包括盈利能力的顯著提升，這得益於運營效率的提高、離岸業務的擴大以及與我們一線團隊的 AI 集成的加速。

Through our AI-enabled platform, we are beginning to see gains in time to proficiency, first contact resolution and employee engagement and retention. Our proprietary solutions include TTEC RealSkill, scenario learning, TTEC Perform, employee engagement and TTEC Addi, automated voice translation, to name a few.

透過我們的人工智慧平台，我們開始看到熟練程度、首次聯繫解決率以及員工參與度和保留率的提高。我們的專有解決方案包括 TTEC RealSkill、場景學習、TTEC Perform、員工參與和 TTEC Addi、自動語音翻譯等等。

Now let's move on to TTEC Digital. The CX technology market is at an inflection point. As I mentioned before, the strong entrance of the hyperscalers into the CX space is redefining the role of CX technology from providing infrastructure to powering intelligence.

現在讓我們轉到 TTEC Digital。CX 科技市場正處於轉折點。正如我之前提到的，超大規模企業強勢進入 CX 領域正在重新定義 CX 技術的作用，從提供基礎設施到提供智慧。

The contact center is transforming into a virtual interaction hub that connects bricks and mortar and digital channels seamlessly. This convergence is creating entirely new ways to interact and build engaged, profitable customer relationships.

聯絡中心正在轉變為虛擬互動中心，無縫連接實體店和數位通路。這種融合正在創造全新的互動方式以及建立積極、有利可圖的客戶關係的方式。

TTEC Digital operates at the core of this expanding digital ecosystem, driving our strategy beyond cloud migration and traditional contact center services. We're investing in an integrated approach that will enable us to deliver comprehensive AI-enabled enterprise-wide digital transformation.

TTEC Digital 是這個不斷擴展的數位生態系統的核心，推動我們的策略超越雲端遷移和傳統的聯絡中心服務。我們正在投資一種綜合方法，使我們能夠實現全面的人工智慧支援的企業範圍數位轉型。

Whether a client is going all-in on end-to-end platform with hyperscalers or wants to layer on AI technology to their existing platform, our deep relationships and knowledge of hyperscaler CX tools puts us in a unique position to deliver outcomes that others can't.

無論客戶是與超大規模企業一起全力投入端到端平台，還是希望將 AI 技術添加到其現有平台上，我們對超大規模企業 CX 工具的深厚關係和知識使我們處於獨特的地位，可以提供其他人無法提供的成果。

For example, this quarter, we closed a significant deal with a large financial services brand that was facing end of life with their legacy natural language processing technology. With a new hyperscaler platform, we're helping our client modernize their customer experience by driving better intent recognition, more intelligent routing and expanded self-service capabilities while also building the foundation to enable generative AI for their personalized their customer journey.

例如，本季度，我們與一家大型金融服務品牌達成了一項重要交易，該品牌的傳統自然語言處理技術即將走向終點。借助新的超大規模平台，我們正在幫助客戶實現客戶體驗的現代化，透過推動更好的意圖識別、更智慧的路由和擴展的自助服務功能，同時也為實現個人化客戶旅程的生成人工智慧奠定基礎。

In another example, our technology agnostic positioning helped to secure complex CX transformation deal with a multinational financial services. Initially, the client planned to select one hyperscaler platform but ultimately chose a different one.

另一個例子是，我們的技術無關定位幫助確保了與跨國金融服務達成複雜的 CX 轉型交易。最初，客戶計劃選擇一個超大規模平台，但最終選擇了另一個。

We were by their side from the beginning and our expertise in both of their platform option made us uniquely qualified to be their partner of choice. Our expertise and deep understanding of how to activate the AI benefits and our proven integration capabilities across the existing platforms made the decision an easy one.

我們從一開始就站在他們身邊，我們在他們的兩個平台選項方面的專業知識使我們有資格成為他們的首選合作夥伴。我們對如何發揮人工智慧優勢的專業知識和深刻理解，以及我們在現有平台上經過驗證的整合能力，使得這項決定變得輕而易舉。

Although it's early in our journey with data modernization and Agentic AI, our growth with the hyperscalers and new partners provides us confidence in our direction. In many client engagement, we're starting with smaller clients at first. That will build momentum and grow over time. We're encouraged by our progress across all our newer practices and believe they will be meaningful contributors in the future.

儘管我們在資料現代化和 Agentic AI 方面的工作才剛起步，但我們與超大規模企業和新合作夥伴的共同成長讓我們對未來發展方向充滿信心。在許多客戶合作中，我們首先從較小的客戶開始。這將形成動力並隨著時間的推移而增長。我們對所有新實踐中取得的進展感到鼓舞，並相信它們將在未來做出有意義的貢獻。

As I mentioned earlier, technology innovation is embedded in everything we do. This quarter, we are recognized for our progress bringing real-world AI solutions to market with multiple Stevie Awards for excellence in sales and service.

正如我之前提到的，技術創新滲透到我們所做的每一件事。本季度，我們因將現實世界的人工智慧解決方案推向市場而取得的進展而獲得多項史蒂夫獎，以表彰我們在銷售和服務方面的卓越表現。

We brought home trophies for several of our proprietary AI-enabled solutions, including TTEC Perform, our employee learning and engagement platform. TTEC Insights, our next-generation quality assurance solution and TTEC Addi, our real-time voice-to-voice translation solution.

我們以多項專有的人工智慧解決方案獲得獎盃，其中包括員工學習和參與平台 TTEC Perform。TTEC Insights 是我們的下一代品質保證解決方案，而 TTEC Addi 是我們的即時語音到語音翻譯解決方案。

In closing, as we look to the future, one thing is crystal clear. No matter how fast tech evolves and how many tools we stack, the customer is still human. And at the end of the day, humans want to feel heard, helped and valued. It's our mission to ensure that every interaction reflects this fundamental truth, transforming technology into a powerful ally in creating genuine connections and meaningful experiences.

最後，當我們展望未來時，有一件事是十分清楚的。無論科技發展得有多快，我們堆疊了多少工具，客戶仍然是人。歸根究底，人類希望被傾聽、幫助和重視。我們的使命是確保每一次互動都反映出這一基本事實，將技術轉變為建立真正聯繫和有意義體驗的強大盟友。

When done right CX will build loyal customers who will spend more, stay longer and become advocates for the brands they love. With our disciplined strategies, rigorous performance standards and pragmatic approach to innovation, we'll continue to build a high-value business for the long term. On behalf of our Board of Directors, management team and employees across the globe, thank you for your continued support.

如果做得正確，CX 將培養忠誠的客戶，他們會花更多的錢，停留更長時間，並成為他們喜愛的品牌的擁護者。憑藉嚴謹的策略、嚴格的績效標準和務實的創新方法，我們將繼續長期打造高價值業務。我代表董事會、管理團隊和全球員工感謝您一直以來的支持。

I will now turn the call over to Kenny.

我現在將電話轉給肯尼。

Thank you, Ken, and good morning. I will start with a review of our first quarter 2025 financial results before providing context into our reiterated 2025 full year financial outlook. In my discussion of 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 release.

謝謝你，肯，早安。我將首先回顧我們 2025 年第一季的財務業績，然後再介紹我們重申的 2025 年全年財務展望。在我對第一季財務表現的討論中，收入是基於 GAAP 計算的，而 EBITDA、營業收入和每股盈餘則是基於非 GAAP 調整後計算的。我們的 GAAP 與非 GAAP 結果的完整對帳表包含在我們收益報告所附的表格中。

Turning to our first quarter consolidated financial results. Although revenue declined over the prior year as expected, it exceeded our plan, primarily attributable to stronger revenue retention. The adjusted EBITDA and operating income contributions and margins were in line with our expectations, reflecting improvements year-over-year and on track to our 2025 full year guidance.

談到我們的第一季綜合財務表現。儘管收入如預期般較上年有所下降，但仍超出了我們的計劃，這主要歸因於更強的收入保留率。調整後的 EBITDA 和營業收入貢獻及利潤率符合我們的預期，反映出同比增長並有望達到我們 2025 年全年預期。

On a consolidated basis for the first quarter of 2025 compared to the prior year period, revenue was $534 million compared to $577 million, a decrease of 7.4%. Adjusted EBITDA was $56 million or 10.6% of revenue compared to $55 million or 9.5%. Operating income was $41 million or 7.8% of revenue compared to $38 million or 6.6%, and earnings per share was $0.28 compared to $0.27.

2025 年第一季與去年同期相比，合併收入為 5.34 億美元，而去年同期為 5.77 億美元，下降了 7.4%。調整後的 EBITDA 為 5,600 萬美元，佔營收的 10.6%，而先前為 5,500 萬美元，佔營收的 9.5%。營業收入為 4,100 萬美元，佔營收的 7.8%，而去年同期為 3,800 萬美元，佔營收的 6.6%；每股收益為 0.28 美元，而去年同期為 0.27 美元。

Foreign exchange had a $6 million negative impact on revenue in the first quarter over the prior year while positively impacting operating income by $4 million primarily in our Engage segment. Turning to our first quarter 2025 segment results. In our Digital segment, first quarter revenue was $108 million, a decrease of 3.6% over the prior year.

與去年同期相比，外匯對第一季的收入產生了 600 萬美元的負面影響，但對營業收入產生了 400 萬美元的正面影響，主要發生在我們的 Engage 部門。談到我們 2025 年第一季的分部業績。在我們的數位部門，第一季營收為 1.08 億美元，比上年下降 3.6%。

As discussed in prior quarters, the revenue continues to be impacted by the intentional decline in the lower-margin onetime on-premise product sales as clients migrate to cloud-based CX delivery solutions. Excluding onetime product sales, Digital's revenue grew 2.8% over the prior year period.

正如前幾季所討論的那樣，隨著客戶遷移到基於雲端的 CX 交付解決方案，低利潤的一次性內部產品銷售的故意下降繼續影響收入。不計一次性產品銷售，Digital 的營收比去年同期成長了 2.8%。

More importantly, we need to grow our recurring managed service offerings, increasing 2.7% compared to prior year and representing approximately 66% of Digital's total first quarter revenue compared to 62% in the same period last year.

更重要的是，我們需要增加我們的經常性託管服務產品，與上年相比成長 2.7%，佔 Digital 第一季總收入的約 66%，而去年同期為 62%。

In our CX professional services offerings, revenue increased 3.1% year-over-year, partially driven by the diversification and expansion of our CX technology partner network and our deepening relationships with hyperscalers. Our digital backlog is $359 million or 77% of our 2025 revenue guidance at the midpoint of the range, slightly down from 80% for the same period last year.

在我們的 CX 專業服務產品中，營收年增 3.1%，部分原因是我們的 CX 技術合作夥伴網路的多樣化和擴展以及我們與超大規模企業關係的深化。我們的數位積壓訂單為 3.59 億美元，占我們 2025 年營收預期中位數的 77%，略低於去年同期的 80%。

Digital's first quarter 2025 operating income was $12 million or 11.2% of revenue compared to $9 million or 8.3% in the prior year. The year-over-year improvement was due to revenue mix and improved utilization in our professional services practices. We are pleased with our Digital segment's first quarter results.

Digital 2025 年第一季的營業收入為 1,200 萬美元，佔營收的 11.2%，而去年同期為 900 萬美元，佔營收的 8.3%。年比成長是由於收入結構和專業服務實踐利用率的提高。我們對數位部門第一季的業績感到滿意。

We are seeing good traction in our go-to-market approach, engaging in enterprise-wide digital transformations, utilizing multi-platform solutions across all our practices. However, as the market shifts from traditional contact center offerings, the mix of our legacy business and the new opportunities created is also changing.

我們的行銷方法取得了良好的進展，參與了企業範圍的數位轉型，並在所有實踐中利用了多平台解決方案。然而，隨著市場從傳統的聯絡中心產品轉變，我們的傳統業務和新創造的機會的組合也在改變。

With this dynamic in mind, we are focused on efficiencies, capacity management and redeployment of our talent to the AI market opportunity, all of which is evident in our first quarter 2025 profitability improvement.

考慮到這種動態，我們專注於提高效率、進行產能管理以及將人才重新部署到人工智慧市場機遇，所有這些都體現在我們 2025 年第一季的獲利能力提升中。

Moving on to our Engage segment. First quarter revenue decreased 8.3% to $426 million over the prior year period. Operating income was $29 million or 6.9% of revenue, relatively flat compared to the prior year, but a 70 basis point improvement as a percentage of revenue.

接下來進入我們的 Engage 部分。第一季營收較去年同期下降 8.3% 至 4.26 億美元。營業收入為 2,900 萬美元，佔收入的 6.9%，與前一年相比基本持平，但佔收入的百分比提高了 70 個基點。

The Engage segment's first quarter financial results were above expectations when compared to our full year guidance, reflecting the profit optimization initiatives we put in place in the second half of 2024. The revenue decline was expected, although less impactful than planned, primarily due to higher revenue retention in the quarter.

與我們的全年指引相比，Engage 部門第一季的財務業績超出預期，反映了我們在 2024 年下半年實施的利潤優化措施。收入下降是意料之中的，儘管影響沒有計劃那麼大，主要原因是本季收入保留率較高。

As Ken previously mentioned, Engage closed a high volume of contracts representing new lines of business with its embedded base in the first quarter. We also continue to add high-growth potential enterprise logos with three new signings during the quarter, on top of the 15 signed in 2024, all of which will be serviced offshore.

正如肯恩之前提到的，Engage 在第一季簽訂了大量代表其嵌入式基礎的新業務線的合約。我們也繼續增加具有高成長潛力的企業標識，在本季度又簽約了 3 家新企業，2024 年已簽約 15 家，所有新企業都將在海外提供服務。

The segment's diversified offshore footprint, implementation of AI-enabled solutions and focus on operational excellence are resonating with our existing clients and continue to attract new clients. Most importantly, the foundation we laid in 2024 to focus on profit optimization is materializing in our financial results.

該部門多元化的離岸業務、人工智慧解決方案的實施以及對卓越營運的關注引起了我們現有客戶的共鳴，並繼續吸引新客戶。最重要的是，我們在 2024 年奠定的專注於利潤優化的基礎正在我們的財務表現中得到體現。

Much of the groundwork was started in the second half of last year, and we will continue to drive efficiencies in our operational delivery, improve our operational agility and manage cost alignment throughout 2025. The Engage backlog is $1.59 billion, or 101% of our 2025 revenue guidance at the midpoint of the range, up from 94% for the same period of 2024.

大部分基礎工作已於去年下半年開始，我們將在 2025 年繼續提高營運交付效率、增強營運敏捷性並管理成本協調。Engage 的積壓訂單為 15.9 億美元，占我們 2025 年營收預期中位數的 101%，高於 2024 年同期的 94%。

The Engage last 12-month revenue retention rate is 88% compared to 94% in the prior year. Adjusted for the revenue decline related to the large financial services client discussed in prior quarters, the Engage last 12-month revenue retention rate is 93%.

Engage 過去 12 個月的收入保留率為 88%，而前一年為 94%。在調整前幾個季度討論的與大型金融服務客戶相關的收入下降後，Engage 過去 12 個月的收入保留率為 93%。

I will now share other first quarter 2025 metrics before discussing our outlook. Free cash flow was a positive $16 million in the first quarter of 2025 compared to a negative $29 million in the prior year. The $45 million year-over-year increase was due to an additional $37 million provided by operating cash flow and an $8 million decrease in capital expenditures.

在討論我們的展望之前，我將分享 2025 年第一季的其他指標。2025 年第一季的自由現金流為正 1,600 萬美元，去年同期為負 2,900 萬美元。年增 4,500 萬美元是由於經營現金流增加了 3,700 萬美元，而資本支出減少了 800 萬美元。

Working capital provided $23 million of the cash flow from operations improvement compared to prior year. Capital expenditures were $5 million or 1% of revenue for the first quarter of 2025 compared to $13 million or 2.3% for the first quarter of last year. As of March 31, 2025, cash was $85 million, with $967 million of debt primarily representing borrowings under our $1.2 billion revolving credit facility.

與前一年相比，營運資本透過營運改善提供了 2,300 萬美元的現金流。2025 年第一季的資本支出為 500 萬美元，佔營收的 1%，而去年第一季的資本支出為 1,300 萬美元，佔營收的 2.3%。截至 2025 年 3 月 31 日，現金為 8,500 萬美元，債務為 9.67 億美元，主要來自我們 12 億美元循環信貸額度下的借款。

Net debt increased year-over-year by $16 million to $881 million but decreased by $12 million compared to the prior quarter. We ended the quarter with a net leverage ratio as defined under the credit facility of 3.79 times, continuing the downward trend from 3.99 times at the end of 2024 and 4.49 times at the end of the third quarter of 2024.

淨債務年增 1,600 萬美元至 8.81 億美元，但與上一季相比減少了 1,200 萬美元。本季末，我們的信貸額度定義的淨槓桿率為 3.79 倍，延續了 2024 年底 3.99 倍和 2024 年第三季末 4.49 倍的下降趨勢。

Our normalized tax rate was 37.9% in the first quarter of 2025 compared to 32.7% in the prior year. The increase is primarily due to the impact of the US valuation allowance recorded against the US pretax losses in the second quarter of 2024.

2025 年第一季我們的標準化稅率為 37.9%，而去年同期為 32.7%。成長主要是由於 2024 年第二季記錄的美國估值準備金對美國稅前損失的影響。

Turning to our 2025 outlook, I will now provide some context supporting our full year financial guidance. Overall, we are pleased with our first quarter results, and we are reiterating our 2025 full year guidance. However, as Ken mentioned, the current global economic environment gives us a cautious outlook for the second half of the year.

談到我們的 2025 年展望，我現在將提供一些支持我們全年財務指導的背景資訊。整體而言，我們對第一季的業績感到滿意，並重申 2025 年全年業績指引。然而，正如肯所提到的，當前的全球經濟環境讓我們對下半年的前景持謹慎態度。

Both segments are well positioned to navigate this environment, appreciating that it is difficult to predict the investment decisions of our existing clients and potential new clients as a result of their economic uncertainties and impact on their demand.

這兩個部門都已做好充分準備來應對這種環境，並且認識到由於經濟不確定性及其對需求的影響，我們很難預測現有客戶和潛在新客戶的投資決策。

This emphasizes the importance of the actions we implemented in the second half of last year. In Engage, new key talent, combined with our tenured leadership, provides the delivery experience necessary to operate going forward.

這強調了我們去年下半年採取的行動的重要性。在 Engage，新的關鍵人才與我們現任的領導層相結合，提供了未來營運所需的交付經驗。

Our focus on improving operational agility, providing digitally enabled solutions and driving cost optimization efforts position us to better navigate the near-term uncertainty. These actions are resonating in the market as evidenced by the growth in new lines of business within our existing clients and the additional enterprise logos signed in the first quarter.

我們專注於提高營運敏捷性、提供數位解決方案和推動成本優化工作，這使我們能夠更好地應對近期的不確定性。這些舉措在市場上引起了共鳴，我們現有客戶的新業務線的成長以及第一季簽署的更多企業識別就是明證。

In Digital, the market pivot from engagements that only focus on cloud migrations or contact center technology to enterprise-wide digital transformations aligns with our strategic priorities. Digital is now executing an integrated go-to-market approach, solving clients' needs that include AI-enabled solutions, analytics and multi-platform options across our broad base of practice.

在數位化領域，市場從僅關注雲端遷移或聯絡中心技術轉向企業範圍的數位轉型，這與我們的策略重點一致。數位化目前正在執行一種綜合的上市方法，解決客戶的需求，包括我們廣泛實踐基礎上的人工智慧解決方案、分析和多平台選項。

Although this market transition creates growth opportunities beyond our legacy practices, we remain focused on the balance between these opportunities and the competitive pressure on traditional contact center cloud migrations and transformation services.

儘管這種市場轉型創造了超越我們傳統實踐的成長機會，但我們仍然專注於這些機會與傳統聯絡中心雲端遷移和轉型服務的競爭壓力之間的平衡。

Please reference our commentary in the Business Outlook section of our first quarter 2025 earnings press release to obtain our expectations for our reiterated 2025 full year guidance at the consolidated and segment level.

請參閱我們 2025 年第一季財報新聞稿中「業務展望」部分的評論，以了解我們對合併和分部層面重申的 2025 年全年指引的預期。

In closing, the actions we took in the second half of 2024 and continue to drive are evident in our first quarter 2025 results in terms of profitability, cash flow generation and a stronger balance sheet. Not only are these strategies critical to deliver increased profitable growth but also to navigate this new dynamic economic environment. We remain committed to our focus on executing against our top business priorities and serving the best interest of all our stakeholders.

最後，我們在 2024 年下半年採取並將繼續推進的行動，在盈利能力、現金流產生和更強勁的資產負債表方面，在 2025 年第一季的業績中得到了明顯體現。這些策略不僅對於實現獲利成長至關重要，而且對於駕馭新的動態經濟環境也至關重要。我們將繼續致力於執行我們的首要業務重點並服務於所有利害關係人的最大利益。

I will now turn the call back to Bob.

我現在將電話轉回給鮑伯。

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

謝謝，肯尼。當我們開始通話時，我們要求您每次只提出一兩個問題。接線員，您可以接通線路了。

(Operator Instructions) George Sutton, Craig-Hallum.

（操作員指示）喬治·薩頓，克雷格·哈勒姆。

Thank you. Ken, you mentioned that client adoption was somewhat under pressure given caution on their side. But by the same token, you're working with a lot of the hyperscalers, which are not cautionary at all. So I'm just curious if you could focus where the client adoption challenges are.

謝謝。肯，您提到，由於客戶方面持謹慎態度，因此客戶採用率在一定程度上面臨壓力。但同樣，你正在與許多超大規模企業合作，他們根本沒有謹慎。所以我只是好奇您是否可以專注於客戶採用挑戰在哪裡。

Good morning, George. I think it's safe to say that all clients are very excited and looking forward to taking advantage of a lot of the technologies that we are recommending to them and demonstrating to them, et cetera. But I think that at the same time, there is a number of factors that are causing them to instead of jumping in with both legs, to jump in with maybe a toe or a foot.

早上好，喬治。我認為可以肯定地說，所有客戶都非常興奮，並期待利用我們向他們推薦和演示的許多技術等等。但我認為，同時，有許多因素導致他們不是用雙腿跳進去，而是用腳趾或腳跳進去。

And we've been hearing this now for quite some time. Part of it is just related to how reliable, for example, is AI and therefore, their ability to experiment with it and get comfortable. Part of it is then getting educated on AI and understanding the differences between deterministic AI and how safe that is, which we know is extremely safe versus generative AI, which as we all know has some hallucination issues, et cetera. So there's some of that.

我們已經聽到這個消息有一段時間了。部分原因在於人工智慧的可靠性，以及因此他們對其進行實驗和適應的能力。其中一部分是接受人工智慧的教育，並了解確定性人工智慧及其安全性之間的差異，我們知道確定性人工智慧非常安全，而生成性人工智慧則存在一些幻覺問題等等。所以有一些這樣的情況。

And then there's the backdrop of that there's a bit of uncertainty about their business as to how these trade policies are going to impact them. And so, what I would say is that's causing a bit of hesitation as to what their CapEx spend is going to be what their investment levels are going to be, et cetera. I think it's safe to say that the majority of clients were going into 2025 with the expectation that this was going to be a growth year.

另外，還有一個背景是，人們對這些貿易政策將如何影響他們的業務存在一些不確定性。所以，我想說的是，這導致了一些猶豫，關於他們的資本支出是多少，他們的投資水準是多少，等等。我認為可以肯定地說，大多數客戶都期望 2025 年將是成長的一年。

I think it's safe to say that right now, they feel very differently as to whether this is going to be a growth year. And so consequently, we are a bit of a mirror of our clients. And the good news is that we're winning plenty of share of our business, and we feel really good about how we're positioned.

我認為現在可以肯定地說，他們對今年是否會成為成長年有著截然不同的看法。因此，我們就像是我們客戶的一面鏡子。好消息是，我們贏得了大量的業務份額，我們對自己的定位感到非常滿意。

And it will be interesting to see whether or not, I don't want to get political, but just whether all these different trade negotiations go in the favor of our clients and that they don't have issues like sells that are potentially aren't fully stocked, et cetera. So I hope I may have answered your question.

有趣的是，看看這些不同的貿易談判是否對我們的客戶有利，以及他們是否不會遇到諸如庫存不足等銷售問題，我不想談論政治。我希望我已經回答了你的問題。

Yeah. So finally for me, this is a timely update as our call started, it was announced that task is being taken private by their co-founders and by Blackstone. Just curious if there would be any comments.

是的。所以對我來說，這是一個及時的更新，因為當我們的電話會議開始時，就宣布該任務將被他們的聯合創始人和黑石集團私有化。只是好奇是否會有任何評論。

No. I don't have any comments. I mean I certainly can appreciate why they might be see that as an opportunity. But no, and nor do I actually have any insights. I really don't have any ability to comment on it.

不。我沒有任何評論。我的意思是，我當然能夠理解他們為什麼會將此視為一個機會。但事實並非如此，我實際上也沒有任何見解。我確實沒有任何能力對此發表評論。

Maggie Nolan, William Blair.

瑪吉諾蘭、威廉布萊爾。

Hi. Thank you. It's clear that your knowledge of and your partnership with the hyperscalers will be important to your future success. Do you have an ability to differentiate there versus your peers? Or if you view this as something that would be more table stakes for the industry? Where do you think it is most important for TTEC to differentiate?

你好。謝謝。顯然，您對超大規模企業的了解以及與超大規模企業的合作對於您未來的成功至關重要。您是否有能力與您的同行區分開來？或者您認為這對行業來說是一個更大的賭注？您認為TTEC最需要脫穎而出的地方在哪裡？

That's a great question. Good morning. So there's no question that we feel that we have the ability to differentiate on multiple fronts. One, we feel we can say to the hyperscalers, and we know that they believe us. No one has been doing what we do longer than we have.

這是一個很好的問題。早安.因此，毫無疑問，我們認為我們有能力在多個方面實現差異化。首先，我們覺得我們可以告訴超大規模企業，我們知道他們相信我們。沒有人比我們從事我們所做的事情的時間更長。

We have more experience, we have more credentials, and we have more engineers that have been focused in this space of not only the space of helping clients build customer interaction centers and integrating with their CRM, but more experience working with on the product development side of the tools that are necessary to bring this all together.

我們擁有更多的經驗、更多的資質，我們擁有更多專注於這一領域的工程師，他們不僅幫助客戶建立客戶互動中心並與他們的 CRM 集成，而且在將所有這些整合在一起所需的工具的產品開發方面擁有更多的經驗。

And so, the reason why we have been successful with building deep relationships with these hyperscalers, and it's not just hyperbole platitudinal press release stuff is because they actually are looking to us to help them in many areas as it relates to product direction, as it relates to us helping them with coding of products and new products that are coming to market, et cetera.

因此，我們之所以能夠成功地與這些超大規模企業建立深厚的關係，而不僅僅是誇張的陳詞濫調的新聞稿，是因為他們實際上希望我們在許多領域為他們提供幫助，因為這涉及到產品方向，因為這涉及到我們幫助他們進行產品編碼和即將上市的新產品等等。

So our differentiation is that we've done thousands, multiple thousand, many thousands of CCaaS implementations and all of those implementations that we've done over the last, call it, 25 years, et cetera, have all gone through a myriad of phases of upgrades, back from the day of TDMA to voice over IP to now to cloud, and now going to the next phase of introducing AI, introducing Agentic capabilities, et cetera.

因此，我們的差異化在於我們已經完成了數千、數千、數千個 CCaaS 實施，並且我們在過去 25 年中完成的所有這些實施都經歷了無數的升級階段，從 TDMA 時代到 IP 語音，再到現在的雲，現在進入引入 AI、引入 Agentic 功能的下一階段，等等。

And so, we feel very confident that we have the credentials that afford us the benefit of a relationship with all the hyperscalers and we're co-selling with them. So it's early days. At the end of the day, the hyperscalers, what they care about is consumption, and we're one of many organizations that will help them achieve their goals of consumption.

因此，我們非常有信心，我們擁有與所有超大規模企業建立關係並與他們共同銷售的資格。所以現在還為時過早。歸根究底，超大規模企業關心的是消費，而我們是眾多幫助他們實現消費目標的組織之一。

But we think that we have a far deeper understanding, a far better track record, far better credentials certainly than any of our Engage partners. And on the Digital side, our uniqueness is very simple, and they really like it, and that is that we are singularly focused on digital CX transformation, whereas the GSIs are focused on everything.

但我們認為，與我們的 Engage 合作夥伴相比，我們擁有更深入的理解、更出色的業績記錄和更優秀的資格。在數位化方面，我們的獨特之處非常簡單，而且他們非常喜歡，那就是我們專注於數位化 CX 轉型，而 GSI 則專注於一切。

So consequently, they don't have the level of attention to detail and focus that we have in the space of the CX digital transformation. And so, what we've always said, and we're going to stick with it, is that if it doesn't really have to do with helping companies acquire customers, grow customers, service customers, build loyalty through their front and their back office, then we're not going to be providing the technology that's required. And I think that's why we've been so successful in building these relationships. So sorry for the long-winded answer, but yes, I'm very passionate about our relationships.

因此，他們在 CX 數位轉型領域對細節的關注度和專注度不如我們。因此，我們一直在說，並且我們會堅持這一點，那就是如果它與幫助公司透過前台和後台獲取客戶、發展客戶、服務客戶、建立忠誠度無關，那麼我們就不會提供所需的技術。我認為這就是我們在建立這些關係方面如此成功的原因。很抱歉我的回答這麼冗長，但是的，我對我們的關係非常熱情。

Thanks, Ken. And as my follow-up, could you give us a sense of where we are in some of the cost optimization efforts. Is this somewhere where the I think you mentioned the fortified leadership team. Is this somewhere where the new faces are focused? Is there more to go in the second half of this year? Or is it more annualization of the efforts that you made in the back half of last year?

謝謝，肯。作為我的後續問題，您能否讓我們了解我們在成本優化工作方面所取得的進展。我認為您在這裡提到了加強的領導團隊。這是新面孔集中的地方嗎？今年下半年還有什麼進展嗎？或者說這是您去年下半年所做努力的年度體現？

I would say that it is part of our day-to-day work in what we're doing. The answer is yes. There is more to go. And as Kenny, I believe, reiterated in his script. And this is something that we would be doing going forward just with me as the leader of TTEC, it's something that we feel is part of just our normal course of business.

我想說這是我們日常工作的一部分。答案是肯定的。還有更多事情要做。我相信，正如肯尼在他的劇本中重申的那樣。這是我作為 TTEC 領導人今後要做的事情，我們認為這是我們正常業務流程的一部分。

But to answer your question directly, yes, there is more to go. And so, yes, we will benefit from what we've already done, and our goal is to be doing more. That said, I want to just stress, we have to counterbalance that with our investments. And so, we are really doubling down in a myriad of other areas with product development, on technology, et cetera.

但直接回答你的問題，是的，還有更多工作要做。是的，我們將從我們已經做的事情中受益，我們的目標是做得更多。話雖如此，我只想強調，我們必須透過投資來平衡這一點。因此，我們確實在產品開發、技術等眾多其他領域加倍投入。

So part of our cost takeout is not just for optimization of bottom-line profit, but it's also to protect our future and for us to be able to really take advantage of the future that we see going forward. We are really embracing AI as our friend, and we really believe that AI is the future of our business.

因此，我們削減部分成本不僅是為了優化底線利潤，也是為了保護我們的未來，並讓我們能夠真正利用我們所看到的未來​​。我們確實將人工智慧視為我們的朋友，我們確實相信人工智慧是我們業務的未來。

And therefore, you can imagine that there's a fair bit of rejiggering, in that we are planning on taking advantage of AI with everything that we do internally, every single department, every single desktop, all of our frontline associates as well as helping our clients with AI, including with areas where they're not even taking advantage of our Engage services, and they might even be using other competitors.

因此，你可以想像，我們會進行相當多的調整，因為我們計劃將人工智慧應用於我們內部所做的每一件事、每一個部門、每一台桌面、我們所有的一線員工，以及幫助我們的客戶利用人工智慧，包括那些他們甚至沒有利用我們的 Engage 服務的領域，他們甚至可能正在使用其他競爭對手的服務。

Mike Latimore, Northland Capital Markets.

麥克‧拉蒂莫爾 (Mike Latimore)，北國資本市場 (Northland Capital Markets)。

Yeah. Gi, this is Vijay for Mike Latimore (technical difficulty) I might come from prepared marks, and if you have not seen any delays in winning new deals or expansion.

是的。Gi，我是 Vijay，代表 Mike Latimore（技術難度）我可能來自準備好的標記，如果您沒有看到贏得新交易或擴張的任何延遲。

Probably, it's cutting in and out. Maybe you can answer that question because I can't hear it on my side.

可能是在切入和切出。也許您可以回答這個問題，因為我聽不到。

Could you repeat that one time? I couldn't hear you. This is Kenny.

你能重複一次嗎？我聽不到你說話。這是肯尼。

Yeah. So have you seen any delays in winning new deals or expansion base?

是的。那麼，您是否發現贏得新交易或擴張基礎有任何延遲？

I think you're asking about delays in new deals. No. I would look at Digital a little different than Engage. I would say, in our Digital business segment that we've got a good flow of business coming right now. As we've mentioned in prior quarters, it seems like the deal sizes are getting a little smaller than they were in prior years.

我認為您問的是新交易的延遲問題。不。我對數位化的看法與對參與的看法略有不同。我想說，在我們的數位業務部門，我們現在的業務流程很好。正如我們在前幾個季度所提到的，交易規模似乎比前幾年要小一些。

But on the Engage side, other than what Ken mentioned about the macro environment, we feel very good about where our pipeline sits. We feel very good about our backlog. And we think the customers coming into 2025 are interested in the product and services that we have to offer right now. So we're very happy with the sales motion, and we're very happy with what we're seeing from our embedded base and what we're seeing from new customers coming to TTEC.

但在 Engage 方面，除了 Ken 提到的宏觀環境之外，我們對我們的管道狀況感到非常滿意。我們對我們的積壓工作感到非常滿意。我們認為，2025 年的客戶會對我們現在提供的產品和服務感興趣。因此，我們對銷售動態非常滿意，我們對嵌入式基礎和 TTEC 新客戶的表現也非常滿意。

Got it. And on the call and messaging growth, have you seen any changes in April and May compared to the first quarter?

知道了。在通話和訊息傳遞成長方面，與第一季相比，四月和五月有什麼變化嗎？

I think, our outlook, I mean, we're already into Q2. And what we see going into Q2 and through the balance of the first half of the year is more of the same. We think the trajectory of our pipelines, the trajectory of the backlog that we have, our sales motion in the market, both with Digital and Engage, we think Q2 is going to perform very similar to the way Q1 has performed for us.

我認為，我們的前景，我的意思是，我們已經進入第二季。我們看到，進入第二季以及今年上半年的情況大致相同。我們認為，我們的通路發展軌跡、我們積壓訂單的發展軌跡、我們在市場上的銷售動向（包括數位化和參與度），我們認為第二季的表現將與第一季的表現非常相似。

Cassie Chan, Bank of America.

美國銀行的 Cassie Chan。

Hey, guys. I appreciate the color on second quarter. I appreciate the color on second quarter. I just wanted to just ask, I guess, you guys have talked about basically you're not really seeing any macro deterioration right now, but then you also talked about potential softness in the back half.

嘿，大家好。我很欣賞第二季的色彩。我很欣賞第二季的色彩。我只是想問一下，我想，你們基本上已經談到現在並沒有真正看到任何宏觀惡化，但隨後你們也談到了下半年可能出現的疲軟。

Is it fair to say that first half trends will be a little bit stronger and maybe back half, you're now expecting some further deterioration just given more uncertainty in the macro? And the reason you didn't potentially change your guidance at this point is that you can accommodate that further macro softness. Just want to make sure I understand the assumptions that are built in.

是否可以說上半年的趨勢會稍微強勁一些，而下半年可能會進一步惡化，因為宏觀經濟存在更多不確定性？而您此時沒有可能改變指導的原因在於您可以適應進一步的宏觀疲軟。只是想確保我理解其中的假設。

Yeah. Cassie, this is Kenny. Great question. And yeah, I think the way you've bounced on both those rails is the way we're bouncing on both the rails. We're seeing for our company and the positioning that we have in our markets with both Digital and Engage, we feel very good about our quarter, we feel very good about how we're performing in the market.

是的。卡西，這是肯尼。好問題。是的，我認為您在這兩條軌道上反彈的方式就是我們在這兩條軌道上反彈的方式。就我們的公司以及我們在數位化和參與度方面的市場定位而言，我們對我們的季度感到非常滿意，我們對我們在市場上的表現感到非常滿意。

But as Ken mentioned and as Ken talked about at length in his script, the second half is more about our customers and about how our customers are being impacted by the macro and everything else that's happening with geopolitics.

但正如肯所提到的以及肯在他的腳本中詳細討論的那樣，下半部分更多的是關於我們的客戶，以及我們的客戶如何受到宏觀和地緣政治發生的一切的影響。

And so, early in the year, again, good beat for us in Q1. We'll revisit guidance at the end of Q2 to see what we look like for the full year. But we're very happy with where we're sitting as a company. And again, happy with the way the customers are reacting to the way we're providing great products and good services to them right now.

因此，今年年初，我們在第一季再次取得了良好的業績。我們將在第二季末重新審視指導意見，以了解全年的前景。但我們對於公司目前的狀況感到非常滿意。再次，我很高興看到客戶對我們現在向他們提供的優質產品和良好服務的反應。

Ken, I don't know if you want to add anything. But I'm looking at the second half, just like I'm looking at the first half. And back to the point, hoping that a lot of these things get resolved in the macro environment because we think we're positioned extremely well.

肯，我不知道您是否想補充一些內容。但我正在看下半場，就像我正在看上半場一樣。回到正題，希望很多這些問題能夠在宏觀環境中解決，因為我們認為我們的定位非常好。

Okay. I think it's all set.

好的。我認為一切都已安排好了。

Yeah. That's helpful. And then I guess just a quick follow-up. On the margin side, I guess, where are the incremental levers that you guys can still pull to get those cost efficiencies? And can you just talk a little bit more about where your plans are in terms of offshore and nearshore operations and bookings and et cetera. Thank you.

是的。這很有幫助。然後我想只是一個快速的跟進。從利潤率來看，我想，你們可以利用哪些增量槓桿來實現成本效益呢？您能否再多談談您在離岸和近岸營運、預訂等方面的計劃？謝謝。

Yeah. I think it goes without -- I'll start and then you finish, Kenny. I think it goes without saying that we are really pushing hard to sign more and more business offshore. And that will be the single biggest margin driver for us to continue to diversify. I believe about 50% of the signings are more just on the Engage side has already been signed for offshore business. I believe it's actually more than 50%.

是的。我認為沒有必要——我先開始，然後你完成，肯尼。我認為毋庸置疑，我們正在努力簽署越來越多的海外業務。這將成為我們繼續多元化的最大利潤驅動力。我相信大約 50% 的簽約都是 Engage 方面已經簽署的離岸業務。我相信實際比例超過50%。

And the same thing on the Digital side as far as rapidly hiring more offshore engineers as well. So offshore is certainly a focus. And then it goes without saying, with AI, we're looking at all aspects of our business and how that impacts us from a cost optimization standpoint.

在數位方面，我們也在迅速招募更多的離岸工程師。因此離岸當然是重點。毋庸置疑，借助人工智慧，我們可以從成本優化的角度審視業務的各個方面以及它對我們的影響。

And then there's just a myriad of technologies that have been coming online that we're frankly very hopeful and that will also drop to the bottom line. But all of these actions, unfortunately, they take time. And so, right now, we're balancing, as I said, to the previous question, we're balancing the cost savings with the reinvestment in the business to take advantage of a lot of these technologies and just what -- how it sets us up for the future.

現在，無數的技術已經上線，我們坦白說非常有希望，這些技術也會降到最低限度。但不幸的是，所有這些行動都需要時間。因此，現在，正如我所說的，對於上一個問題，我們正在平衡成本節約與業務再投資，以利用許多這些技術，以及它如何為我們的未來做好準備。

Kenny, you want to add to that?

肯尼，你想補充一下嗎？

Yeah. Look, I would say this, Cassie. I mean credit where credit is due. John Abou, who came in last year, our new President of Engage. We have a continuous improvement mindset now, right? We didn't have that middle approach or middle model really pervasive in Engage, I would say, in the last couple of years.

是的。聽著，我想這麼說，卡西。我的意思是，功勞應歸功勞。去年上任的 John Abou 是我們 Engage 的新總裁。我們現在有持續改進的心態，對嗎？我想說，在過去的幾年裡，我們在 Engage 中並沒有真正普及這種中間方法或中間模型。

But the continuous improvement mindset of not just cutting cost for the sake of cutting cost, but cutting cost and running an operation that really provides the type of products and services that our customers want and need, is manifesting itself in the results that we're seeing and in the leverage that we're creating on the Engage side.

但是，持續改進的思維方式不僅僅是為了削減成本而削減成本，而是削減成本並開展真正提供客戶想要和需要的產品和服務的運營，這體現在我們所看到的結果和我們在 Engage 方面創造的槓桿作用中。

And a big piece of that, again, is the diversity that Ken talked about, which is one of our strategic points, not just about onshore offshore but about the line of businesses that we're getting involved in as well. We've got a large portion of the growth that we're starting to see is with our embedded base clients broadening their offerings with us.

其中很重要的一部分是肯談到的多樣性，這是我們的戰略要點之一，不僅涉及在岸和離岸，還涉及我們所涉足的業務線。我們開始看到的很大一部分成長來自於我們的嵌入式基礎客戶與我們一起擴大他們的產品範圍。

And so, on the Engage side, we're going to continue to see more of that. On the Digital side, Dave Seybold and his team, as we mix shift into these new practices, these hyperscalers, away from product and on-prem, that by itself is accretive to the margin and to EBITDA.

因此，在 Engage 方面，我們將繼續看到更多這樣的情況。在數位方面，當我們將這些新實踐、這些超大規模企業從產品和本地轉移到其他企業時，Dave Seybold 和他的團隊本身就會增加利潤和 EBITDA。

But also, there's a big focus, and we made a good organizational change in Digital to focus on the utilization of our talent and the cross-polinization of that talent to be able to work on multi-platforms and multiple partners.

但同時，我們也有一個很大的重點，我們在數位領域做出了良好的組織變革，專注於利用我們的人才以及人才的交叉整合，以便能夠在多平台和多個合作夥伴上開展工作。

So that utilization emphasis on the Digital side and the continuous improvement mindset with our delivery in Engage, not only did we started in 2024, but again, it will continue into 2025 and beyond. So we feel very good about where we're positioned.

因此，我們對數位化的運用重點以及我們在 Engage 交付中的持續改進心態，不僅是在 2024 年開始的，而且還將持續到 2025 年及以後。因此，我們對自己的定位感到非常滿意。

But I also want to emphasize what Ken said, we're not just dropping all this to the bottom line, right? We are then taking that and using that to invest in what matters most right now, and that is a lot of our AI products that we're developing, both cross-functionally between both segments, but specifically in Engage to enhance those products that we're delivering to our customer base.

但我也想強調肯所說的話，我們不會把所有這些都放到底線上，對嗎？然後，我們將利用這一點來投資當前最重要的事情，那就是我們正在開發的許多人工智慧產品，這些產品既可以在兩個部門之間跨職能開發，也可以專門在 Engage 中開發，以增強我們向客戶群提供的產品。

Jonathan Lee, Guggenheim.

喬納森李，古根漢。

Great. Thanks for taking our questions. Is there anything specific in your customer conversations that give you pause around how you feel about the demand environment, especially as you talk through the strength of your pipeline and your backlog?

偉大的。感謝您回答我們的問題。在與客戶的對話中，是否有一些具體的事情讓您停下來思考對需求環境的感受，尤其是當您談論通路實力和積壓訂單時？

I think for me, the only thing that gives me pause is that what we're seeing right now, we, by the way, experienced this multiple times through various different cycles is that although we are signing some really interesting contracts with very large enterprises, some Fortune 10, Fortune 25, Fortune 50, Fortune 100, et cetera, contract sizes, I think, are starting out much smaller.

我認為，對我來說，唯一讓我停下來思考的是，我們現在看到的情況，順便說一句，我們在不同的周期中多次經歷過這種情況，儘管我們與一些非常大的企業簽署了一些非常有趣的合同，但我認為，一些財富 10 強、財富 25 強、財富 50 強、財富 100 強等等。

And again, I've experienced this before. The good news is that when you execute well, they get larger. And in some cases, they get larger at a pretty nice clip. But that, to me, demonstrates that there's caution in the market.

再說了，我以前也經歷過這種情況。好消息是，當你執行得好時，它們會變得更大。在某些情況下，它們會以相當快的速度增加。但對我來說，這表明市場處於謹慎狀態。

So I think that what we're seeing both on the Digital side as well as on the Engage side, especially even on the Digital side, is these companies know that they're behind and that they have no choice in order to compete to be able to start the journey of really starting to reinvent how they serve their customers.

因此，我認為，無論在數位化方面還是在參與方面，尤其是在數位化方面，我們看到這些公司都知道自己落後了，而且為了能夠真正開始重塑客戶服務方式，他們別無選擇。

They also know that it's a heavy lift. And so, in some cases, they're taking it piece by piece instead of entering into a very large transformational contract where everything is contemplated upfront as to the dollars that they're going to spend, et cetera.

他們也知道這是一個艱鉅的任務。因此，在某些情況下，他們會一點一點地處理，而不是簽訂一份非常大的轉型合同，在這份合同中，他們會提前考慮好所有事情，比如他們要花多少錢等等。

And so, it doesn't concern me, to be very candid with you, because to me, it's all about getting the contract, building the relationship, having the SOW and then continuing to expand through demonstration of quality and capability.

因此，坦白告訴你，這與我無關，因為對我來說，一切都是為了獲得合約、建立關係、獲得 SOW，然後透過展示品質和能力繼續擴張。

That said, would we like them to start out larger, it goes without saying. And I think that I'll be surprised if we won't experience this at least through all of second quarter and probably even into third quarter as the dust settles, lets hope that it does, on all these various different trade negotiations that are taking place. Look, it's no secret. I mean we serve a lot of different industries.

話雖如此，我們是否希望他們一開始就做大一點，這是不言而喻的。我認為，如果我們至少在整個第二季度，甚至可能在第三季度不會經歷這種情況，我會感到驚訝，因為塵埃落定，我們希望所有正在進行的各種貿易談判都能如此。瞧，這不是什麼秘密。我的意思是我們服務許多不同的行業。

And they've been -- I'm not going to mention client names, but they've all been, for the most part, very vocal that they're trying to get their grounding. And until these trade situations are settled, they're concerned that it's going to impact their business and their customers' business, whether it be through because of higher costs or whether it be through inventory levels that are being depleted with no shipments coming forward.

他們一直——我不會提及客戶的名字，但他們大多都非常直言，他們正在努力站穩腳跟。在這些貿易局勢得到解決之前，他們擔心這會影響他們的業務和客戶的業務，無論是由於成本上升，還是由於庫存水平耗盡而沒有發貨。

So it's been an interesting decade, so to speak, when it comes to the unexpected, right? COVID was totally unexpected. And I don't think we necessarily expected the level of tariffs situation. That said, I have confidence that this is going to come to an ending in the very near future.

所以可以說，當談到意想不到的事情時，這是有趣的十年，對嗎？COVID 完全出乎意料。而且我認為我們不一定能預料到關稅水準的情況。儘管如此，我相信這一切很快就會結束。

Appreciate that color. Ken, and just as a follow-up, as you think about the contracts that you're signing, are you seeing any evolution in like-for-like pricing. Obviously, there's impact from onshore to offshore mix shift, but is there any pressure given maybe increased competition or just client budget needs?

欣賞那種顏色。肯，作為後續問題，當您考慮所簽署的合約時，您是否看到同類定價有任何變化。顯然，從陸上到海上的組合轉變會產生影響，但由於競爭加劇或客戶預算需求，是否有壓力？

What I would say is the following. We're in a very competitive industry, and there is a handful of competitors that win their business through price. And what I would just say to you is, that ultimately ends up being a positive for us because the amount of business that we have lost over the years because clients thought that they could get it at a lower cost going to a bottom-feeder or a second tier, third tier provider, only to come back a year later saying, well, that didn't work out, we need your help.

我想說的是以下幾點。我們處在一個競爭非常激烈的行業，有少數競爭對手透過價格贏得業務。我想對你們說的是，這最終對我們來說是件好事，因為多年來我們損失了大量業務，因為客戶認為他們可以通過從底層供應商或二線、三線供應商那里以較低的成本獲得產品，但一年後他們回來說，這行不通，我們需要你們的幫助。

And so, what I would say to you is that the marketplace, in my opinion, is rationalizing and it's consolidating. And the larger the players get or the more consolidation that takes place, the more you're going to have rational thinkers versus smaller, more desperate players that are trying to buy the business. So do we run up against people that are putting forward pricing that we say no to? Absolutely, probably on a weekly basis, if not daily.

所以，我想告訴你們的是，在我看來，市場正在合理化和整合。參與者規模越大，或整合程度越高，就會有越多理性的思考者，而規模較小、絕望的參與者則會試圖收購企業。那麼，我們是否會遇到那些提出我們拒絕的定價的人呢？絕對如此，即使不是每天，也可能是每週一次。

But there's -- at the end of the day, I want to just remind you that there's a -- when you look at the captive combined with the outsourced, it's a $400 billion marketplace. And at the end of the day, and that doesn't include the digital side of the market.

但最終，我只想提醒大家，當你把自營業務與外包業務結合時，這是一個價值 4000 億美元的市場。而歸根究底，這還不包括數位市場。

And so at the end of the day, there's a limited number of players that are capable of providing the level of process, the level of technology, the level of geographic diversity, et cetera. And you can count that number of players on your left and right hand.

因此，最終能夠提供一定程度的流程、技術、地理多樣性等的參與者數量是有限的。你可以用你的左右手數出有多少名球員。

So ultimately, we feel pretty comfortable that the marketplace is absolutely rationalizing, and we think that's a good thing, not a bad thing. So I'm probably not giving you the exact answer that you want to hear, but what I would say to you is that we're going to hold to our discipline of our pricing and do everything we can to try to make our company much more profitable than it currently is over the long run.

因此，最終，我們感到非常欣慰，市場正在絕對合理化，我們認為這是一件好事，而不是壞事。所以我可能不會給出您想要聽到的確切答案，但我想告訴您的是，我們將堅持定價原則，並盡一切努力使我們的公司在長期內比現在更有利可圖。

And that is all the time we have today. This concludes TTEC's first quarter 2025 earnings conference call. You may disconnect at this time.

這就是我們今天所擁有的全部時間。TTEC 2025 年第一季財報電話會議到此結束。您現在可以斷開連線。