TTEC Holdings Inc (TTEC) 2025 Q2 法說會逐字稿

Thank you for standing by. The conference will begin momentarily until such time you will hear music.

感謝您的等待。會議即將開始，直至您聽到音樂。

Thank you and please continue to stand by. Welcome to TTEC's second quarter 2025 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 Bob Belknapp, TTEC's Group Vice President, Corporate Finance. Thank you, sir, and you may begin.

謝謝，請繼續等候。歡迎參加TTEC 2025年第二季財報電話會議。 （接線員指示）應TTEC的要求，本次電話會議正在錄音。現在，我想將電話交給TTEC企業財務集團副總裁Bob Belknapp。謝謝，先生，您可以開始了。

Thank you, sir, and you may begin.

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 second quarter results for the period ended June 30, 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 主持本次電話會議，討論截至 2025 年 6 月 30 日的第二季業績。 TTEC 董事長兼執行長 Ken Tuchman 和財務長 Kenny Wagers 將出席今天的電話會議。

Yesterday, TTEC issued a press release announcing its financial results. While this call 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 June 30, 2025.

昨天，TTEC發布了一份新聞稿，宣布了其財務表現。雖然本次電話會議將反映新聞稿中討論的內容，但為了全面了解我們的財務業績，我們也建議您閱讀我們截至2025年6月30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.

在開始之前，我想提醒您，今天電話會議中討論的事項可能包含與我們經營業績、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，這些前瞻性聲明僅反映我們截至本次電話會議召開之日的觀點，我們不承擔因任何新情況而更新此類資訊的義務。

Forward-looking statements are subject to various risks, uncertainties and other factors that could cause our actual results to differ materially from those expected and described today. I would also like to mention that before the discussions about our results of operations for the second quarter of 2025.

前瞻性陳述受各種風險、不確定性和其他因素的影響，這些因素可能導致我們的實際結果與今日預期和描述的結果有重大差異。在討論我們2025年第二季的營運表現之前，我還想提及這一點。

Mr. Tuchman will make a brief statement about his decision to withdraw the preliminary proposal to take TTEC private. Other than that statement, which Mr. Tuchman is making in his individual capacity, the company will not be commenting on the take private proposal, nor will we take any questions about it.

塔克曼先生將就其撤回TTEC私有化初步提案的決定發表簡短聲明。除塔克曼先生以個人身分發表的聲明外，本公司不會就該私有化提案發表評論，也不會就此回答任何相關問題。

For a more detailed description of our risk factors, please review our 2024 annual report on Form 10-K. A replay of this conference call will be available on our website under the Investor Relations section.

如需更詳細了解我們的風險因素，請參閱我們2024年10-K表格年度報告。本次電話會議的重播將在我們網站的「投資者關係」欄位下提供。

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. Before we turn to our results, I wanted to say a word about the preliminary proposal I made to take the company private, and the decision announced last week to withdraw that proposal. I think it's clear to everyone on this call that I'm fully committed to TTEC and its long-term success. I founded the company. I'm its largest shareholder, and I've dedicated my entire career to TTEC. While I had hoped to be able to achieve the transaction, this turned out not to be possible on acceptable terms in current market conditions.

早安，感謝您今天加入我們。在我們討論業績之前，我想談談我提出的將公司私有化的初步提議，以及上周宣布撤回該提議的決定。我想在座的各位都清楚，我全身心致力於TTEC及其長期發展。我創立了這家公司，是其最大股東，並將我的整個職業生涯都奉獻給了TTEC。雖然我曾希望能夠達成交易，但在當前的市場條件下，以可接受的條款達成交易似乎並非易事。

Please note that I remain fully committed to our company, employees, customers, partners and, of course, to our investors. I look forward to great things from TTEC in the future. And as I think you'll see from the results we're announcing today, the business is headed in a positive direction. As I'm sure you will appreciate, we are solely focused on the execution of TTEC's go-forward strategy. As the discussions regarding the take private have now formally ceased, I won't have anything else to say on this topic.

請注意，我將繼續全心全意地服務我們的公司、員工、客戶、合作夥伴，當然還有我們的投資者。我期待TTEC未來能有輝煌成就。正如您從我們今天公佈的業績中看到的，公司業務正朝著積極的方向發展。我相信您也會理解，我們目前專注於執行TTEC的未來策略。由於有關私有化的討論現已正式結束，關於此主題，我不再發表任何評論。

Now on to our results. In the second quarter of 2025, revenue was $514 million. Adjusted EBITDA was $52 million, a 12% year- over-year increase and a 140 basis point margin improvement to 10.1%. And free cash flow was $86 million, further contributing to a meaningful reduction in our borrowings. In partnership with my seasoned CX leadership team, we're making good progress on our strategic plan to return our business to its historic growth rates and overall financial strength.

現在來看看我們的業績。 2025年第二季度，營收為5.14億美元。調整後息稅折舊攤提前利潤（EBITDA）為5,200萬美元，較去年同期成長12%，利潤率提升140個基點至10.1%。自由現金流為8600萬美元，進一步顯著減少了我們的借款。在我經驗豐富的客戶體驗（CX）領導團隊的共同努力下，我們的策略計畫正在取得良好進展，旨在讓我們的業務恢復到歷史性的成長率和整體財務實力。

Across both TTEC business units, we will continue to expand our AI and analytics capabilities, diversify our CX technology partner network and attract high-quality talent, and deepen our role as the go-to CX transformation partner for clients across the globe.

在 TTEC 的兩個業務部門中，我們將繼續擴展我們的人工智慧和分析能力，使我們的 CX 技術合作夥伴網路多樣化並吸引高素質人才，並深化我們作為全球客戶首選 CX 轉型合作夥伴的角色。

Agentic AI and analytics are revolutionizing our industry and creating exciting opportunities for us internally and externally for our clients. The potential for AI to simplify business processes, personalized interactions and augment human capabilities is vast. Right now, however, even the most sophisticated brands are struggling to define a clear path forward. Their challenge is not one of vision,

Agentic 的人工智慧和分析技術正在徹底改變我們的行業，並為我們內部和外部的客戶創造令人興奮的機會。人工智慧在簡化業務流程、個人化互動和增強人類能力方面擁有巨大的潛力。然而，目前即使是最成熟的品牌也難以確定清晰的前進方向。他們面臨的挑戰並非願景，

but, readiness, organizational flexibility, strong data governance and an agile, yet secure cloud-based infrastructure are foundational for success. It takes time to reshape organizations and get these systems and processes right.

然而，充分的準備、組織靈活性、強大的資料治理以及敏捷且安全的雲端基礎設施才是成功的基礎。重塑組織並完善這些系統和流程需要時間。

Consider these recent shifts. Contrary to some CX industry reports, global consulting group, Cavell, projects a 10% increase in demand for contact center associates over the next 3 years from 15.3 million in 2025 to 16.8 million contact center associates. In addition, technology analysts from Gartner predicts that by 2027, over half of the businesses that were planning to replace customer support associates with automation we'll reconsider. Their report indicates that companies relying too heavy on AI risk failure due to unexpected cost, organizational misalignment and customer dissatisfaction. This course correction in the market underlines several realities we've always known.

不妨考慮一下最近的這些變化。與一些客戶體驗 (CX) 產業報告相反，全球顧問集團 Cavell 預測，未來三年對聯絡中心員工的需求將增加 10%，從 2025 年的 1,530 萬增加到 1,680 萬。此外，Gartner 的技術分析師預測，到 2027 年，超過一半計劃以自動化取代客服人員的企業將重新考慮。他們的報告指出，過度依賴人工智慧的公司可能會因意外成本、組織錯置和客戶不滿而面臨失敗的風險。市場方向的調整突顯了我們早已熟知的幾個現實。

Rearchitecting processes is complicated. Eliminating operational silos and interconnecting systems is challenging and time consuming. Successfully integrating technologies into workflows is easier said than done. Having a modern data estate is a critical and, in most cases, is barely even nascent. And finally, people want to interact with empowered people when they need help navigating complex, emotional and highly valuable interactions. Years of preparing for AI's potential have positioned us well to guide clients through this complex and rapidly moving landscape.

流程重構非常複雜。消除營運孤島和系統互聯既具有挑戰性又耗時。成功地將科技融入工作流程說來容易做來難。擁有現代化的數據資產至關重要，而且在大多數情況下，這才剛開始。最後，當人們需要幫助來應對複雜、情緒化且高價值的互動時，他們希望與賦能的人員互動。多年來，我們一直在為人工智慧的潛力做準備，這使我們能夠很好地引導客戶應對這一複雜且快速變化的局面。

Increasingly, companies are looking outside their organizations for seasoned experts like us to help them implement AI-enabled programs that will reduce risk and deliver strong business outcomes.

越來越多的公司在組織外部尋找像我們這樣的經驗豐富的專家來幫助他們實施人工智慧計劃，以降低風險並帶來強勁的業務成果。

During times of disruption are stellar credentials, deep technology and analytics expertise and decades of frontline CX experience are attracting new clients and strengthening relationships with our existing ones. With our digital-first approach, we're thoughtfully deploying AI internally across our entire organization and implementing AI externally where it makes sense for our clients. Across our 2 business segments, we're designing, building, implementing and operating scalable data-driven solutions where AI and people work together to grow revenue, reduce cost and build lasting customer loyalty for our clients.

在動盪時期，卓越的資質、深厚的技術和分析專業知識以及數十年的一線客戶體驗經驗正在吸引新客戶，並鞏固與現有客戶的關係。秉承「數位優先」的理念，我們在整個組織內部精心部署人工智慧，並在客戶認為合適的外部環境中實施人工智慧。在我們的兩大業務部門中，我們設計、建構、實施和營運可擴展的數據驅動解決方案，讓人工智慧與人攜手共進，為客戶增加收入、降低成本並建立持久的客戶忠誠度。

Let me share how. We'll start with our CX management services through TTEC Engage. Demand for our AI-enabled services continues to grow. This quarter, we onboarded several new clients while also increasing our pipeline. Notably, several of the new wins are with established brands that are piloting outsourcing for the first time. And although these programs often launch on a modest scale, they quickly gain momentum and expand as we demonstrate meaningful results.

讓我來分享一下具體方法。我們將先透過 TTEC Engage 提供客戶體驗管理服務。我們對人工智慧服務的需求持續成長。本季度，我們新增了幾位客戶，同時也拓展了我們的通路。值得注意的是，其中一些新客戶是首次嘗試外包的知名品牌。雖然這些項目通常規模較小，但隨著我們展示出顯著的成果，它們會迅速發展並不斷擴展。

Over the last 18 months, we've secured 15 new large enterprise clients with substantial growth potential, 9 have already expanded their business with us, including 3 have more than doubled their initial spend. Our long-standing clients continue to rely on us as they evolve, leveraging our technology expertise and strong operations. We continue to grow share of our wallet with them. As we continue to deliver exceptional results for our clients, we're being awarded work in new areas of their business. In the first half of this year alone, we have sold 150% more in these new areas for clients as compared to all of last year.

在過去的18個月裡，我們新增了15家擁有巨大成長潛力的大型企業客戶，其中9家已與我們拓展業務，其中3家的初始支出已翻倍以上。我們的長期客戶在不斷發展壯大的過程中，依然信賴我們，充分利用我們的技術專長和強大的營運能力。我們與他們一起不斷提升客戶份額。隨著我們持續為客戶提供卓越的成果，我們也獲得了他們新業務領域的訂單。光是今年上半年，我們在這些新領域的客戶銷售額就比去年全年成長了150%。

Here are just a few of the many ways we're using technology to innovate with our clients. For a customer-obsessed home improvement retailer, we're applying AI-based accent neutralization technology to strengthen the customer experience by improving the clarity of communication from anywhere in the world.

以下只是我們利用科技與客戶共同創新的眾多方式中的幾種。作為一家以客戶為中心的家居裝飾零售商，我們正在應用基於人工智慧的口音消除技術，透過提高全球任何地方的溝通清晰度來增強客戶體驗。

For a top-tier financial services client, we're helping them improve their customer experience using data analytics to prioritize the most effective channel of engagement. And for a telecom giant, we're driving growth at the top of the funnel with data-driven sales motions for their new mission-critical solution offering. AI is now integral to our operations. Automating and optimizing functions across the board. However, just like our clients, getting the most out of AI is a multiyear journey that requires diligence, flexibility and time.

對於一家頂級金融服務客戶，我們正在幫助他們利用數據分析來優化最有效的互動管道，從而提升客戶體驗。對於一家電信巨頭，我們正在利用數據驅動的銷售策略，推動其全新關鍵任務解決方案的漏斗頂端成長。人工智慧如今已成為我們營運不可或缺的一部分，全面實現功能自動化和最佳化。然而，正如我們的客戶一樣，充分利用人工智慧是一個需要多年時間的旅程，需要勤奮、靈活和時間的投入。

As we continue to refine our processes, we're seeing operational gains, new opportunities, better commercial alignment and improved results. For example, our talent acquisition team is enhancing our candidate screening process with AI to give recruiters more time to find and hire the right people with the problem-solving skills and compassion needed to build lasting customer engagement and loyalty.

隨著我們不斷優化流程，我們看到了營運效益、新機會、更佳的商業協同和更佳的業績。例如，我們的人才招募團隊正在利用人工智慧 (AI) 增強候選人篩選流程，讓招募人員有更多時間找到並聘用具備解決問題能力和同理心的合適人才，從而建立持久的客戶參與度和忠誠度。

Our new AI-assisted Curriculum Wizards are enabling our instructional designers to dramatically improve the quality of client supply training materials with more compelling and engaging content. We are able to build learning journeys that reduce unproductive time and training classes and accelerate speed to proficiency for our associates.

我們全新的人工智慧輔助課程嚮導，協助我們的教學設計師大幅提升客戶培訓材料的質量，提供更具吸引力、更引人入勝的內容。我們能夠建立學習旅程，減少無效時間和培訓課程，並加快員工的熟練程度。

And our AI-enabled performance management platform, TTEC Perform, provides personalized real-time coaching. It has been deployed across numerous client programs and delivering a double-digit improvements in handle time, quality, attrition and employee engagement.

我們的人工智慧績效管理平台 TTEC Perform 提供個人化的即時指導。該平台已部署到眾多客戶專案中，並在處理時間、品質、人員流失率和員工敬業度方面實現了兩位數的提升。

Now let's turn to our CX Consulting and Technology segment. TTEC Digital where we continue to see rapid evolution in client priorities. This shift reflects a broader market trend rather than replacing core systems, clients are layering AI capabilities on to

現在讓我們來看看我們的客戶體驗諮詢和技術部門。在TTEC Digital，我們持續看到客戶優先事項的快速演進。這種轉變反映了更廣泛的市場趨勢，而客戶並非在取代核心系統，而是在將AI功能疊加到其他系統上。

their current environments to drive targeted outcomes. These engagements are often smaller in initial scope and are faster to deploy than traditional CCaaS implementations. They are highly strategic, frequently expanding into multiphase programs and generating recurring managed service opportunities as clients seek to maintain and optimize their AI, analytics and technology investments.

與其現有環境合作，以推動目標成果。這些合作的初始規模通常較小，部署速度也比傳統的CCaaS實施更快。它們具有高度的策略性，經常擴展為多階段項目，並在客戶尋求維護和優化其AI、分析和技術投資時產生持續的託管服務機會。

While this transition is creating a short-term impact on revenue due to the shift in mix in deal types, it positions us for stronger long- term performance. These AI-led engagements align with our strengths in consulting, orchestration, large-scale data models and managed services. And they will carry higher gross margins and deeper client engagement over time.

雖然由於交易類型組合的變化，這種轉變在短期內會對收入產生影響，但它將使我們在長期內獲得更強勁的業績。這些由人工智慧主導的業務與我們在諮詢、業務流程編排、大規模資料模型和託管服務方面的優勢相契合。隨著時間的推移，它們將帶來更高的毛利率和更深層的客戶參與。

Recent wins demonstrate how our portfolio of capabilities are helping clients make the leap from operating a legacy contact center to managing a dynamic AI-enabled customer interaction hub. For example, for a leading health care organization, we're designing the future member experience, integrating disparate systems and enabling modern AI capabilities. This is a multiyear partnership with strong potential for expansion. For a global financial services client, we're implementing a new customer data platform to unlock AI benefits and lower cost, leveraging our experience and knowledge of their specific infrastructure and requirements.

近期的勝利表明，我們豐富的功能組合正助力客戶從營運傳統聯絡中心轉型為管理動態 AI 客戶互動中心。例如，我們正為一家領先的醫療保健機構設計未來的會員體驗，整合不同的系統並賦能現代 AI 功能。這是一項為期多年的合作，具有巨大的擴展潛力。我們正為全球金融服務客戶部署一個新的客戶資料平台，以充分利用我們對其特定基礎設施和需求的經驗和了解，從而釋放 AI 優勢並降低成本。

And we just went live with a modern data estate for a large travel and hospitality brand. The unified database connects a myriad of online and offline sources to provide a complete and seamless view of the customer journey. The system enables complex customer segmentation and sophisticated offer customization and is already creating new sources of revenues for our client.

我們剛剛為一家大型旅遊和酒店品牌啟用了一套現代化的數據平台。這個統一的資料庫連接了眾多線上線下資料來源，提供了完整無縫的客戶旅程視圖。該系統支援複雜的客戶細分和精細的客製化服務，並已為我們的客戶創造了新的收入來源。

Now I'd like to move on to our progress with our IP development. Oftentimes, our work uncovers unmet client needs, fueling collaboration with technology partners and development through our own proprietary software team with experience across all the major CX technologies, our full stack developers are building and deploying purpose-driven solutions across platforms. We make these proprietary technologies available in the open market through app stores and marketplaces.

現在，我想談談我們在智慧財產權開發方面的進展。我們的工作常常能夠發現客戶尚未滿足的需求，促進與技術合作夥伴的協作，並透過我們擁有豐富經驗的專有軟體團隊進行開發。我們的全端開發人員正在跨平台建置和部署以目標為導向的解決方案。我們透過應用商店和市場將這些專有技術推向開放市場。

For example, our team just developed and completed our AI gateway solution to give companies access to powerful AI functionality with minimal risk and cost. This proprietary middleware reduces integration time and cost by up to 75% with any legacy or modern contact center platform.

例如，我們的團隊剛剛開發並完成了AI網關解決方案，使企業能夠以最低的風險和成本獲得強大的AI功能。這款專有中介軟體可將與任何傳統或現代聯絡中心平台的整合時間和成本降低高達75%。

Early adopters are already seeing accelerated time to value risk reduction and enhanced customer experience. As the industry evolves through this period of rapid transition, every business is seeking a path forward. CX leaders are looking for expert advisers to help them build and implement their road maps with proper guardrails to protect their business and their customers. Whether clients need human associates, agentic AI or a combination of both, we're ready to help them move confidently into the future with solutions that are practical, secure and scalable.

早期採用者已見證了價值實現速度的加快，風險降低，客戶體驗的提升。隨著產業在快速轉型時期不斷發展，每家企業都在尋求前進的道路。客戶體驗領導者正在尋求專家顧問，幫助他們建立和實施路線圖，並設定適當的護欄，以保護他們的業務和客戶。無論客戶需要人工助理、代理人工智慧，還是兩者兼而有之，我們都已準備好透過實用、安全且可擴展的解決方案，幫助他們自信地邁向未來。

Although we're pleased with our progress, we see ample opportunity for ongoing advancement. We're continuing to focus on improving our margins by optimize operations, implementing new technology and improved process across our organization and doubling down on our data-driven approach to decision-making. Every day, we're helping build the next area of customer experience alongside our clients, partners and talented teams. I'm encouraged by the progress and excited by what lies ahead. Every organization today faces a mandate to transform now.

儘管我們對目前的進展感到滿意，但我們也看到了持續改進的巨大潛力。我們將繼續專注於提升利潤率，具體方式包括優化營運、在全公司範圍內應用新技術、改善流程，並加倍推進數據驅動的決策方法。我們每天都在與客戶、合作夥伴和優秀團隊攜手，共同建構客戶體驗的新領域。這些進展令我備受鼓舞，也讓我對未來充滿期待。如今，每個組織都面臨轉型的使命。

We are ready and well positioned to help our clients lead the way. On behalf of our Board of Directors and our teams of CX engineers, architects, data analysts, trainers and frontline brand ambassadors worldwide. Thank you for your continued support.

我們已做好準備，全力以赴，協助客戶引領未來。謹代表董事會以及遍佈全球的 CX 工程師、架構師、資料分析師、培訓師和第一線品牌大使團隊，感謝您一直以來的支持。

And now I'll hand the call off to Kenny.

現在我將把電話轉給肯尼。

Thank you, Ken, and good morning. Thank you, Ken, and good morning. I will start with a review of our second quarter 2025 financial results before providing context into our updated 2025 financial outlook. In my discussion of the second 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，肯，早安。謝謝，肯，早安。我將先回顧我們2025年第二季的財務業績，然後再介紹我們更新後的2025年財務展望。在討論第二季財務表現時，我提到的收入是基於GAAP（美國通用會計準則），而EBITDA（息稅折舊攤提前利潤）、營業利潤和每股盈餘是基於非GAAP調整後的資料。我們GAAP和非GAAP業績的完整對帳表已包含在我們業績新聞稿的附件中。

Turning to our consolidated financial results. We ended the first half of the year on a positive note with solid performance continuing in the second quarter. While our revenue declined over the prior year as forecasted, it exceeded our plan primarily due to higher-than- expected embedded base growth in our Engage segment.

回顧我們的合併財務表現。我們以積極的態勢結束了上半年，並在第二季度延續了穩健的業績。雖然我們的收入如預期般較上年有所下降，但最終還是超出了我們的計劃，這主要得益於Engage部門的嵌入式基礎增長高於預期。

Our second quarter adjusted EBITDA and operating income margins were also slightly above plan in both our Engage and Digital segments. We delivered profitability improvements year-over-year, both in terms of absolute dollars and margin percentages in the second quarter and first half of the year. These results reflect the actions we have taken and continue to implement to improve our operating efficiencies and overall cost structure.

我們第二季的調整後EBITDA和營運利潤率在Engage和Digital兩個部門均略高於計畫。無論以絕對金額或利潤率計算，我們的獲利能力在第二季和上半年均實現了同比提升。這些績效反映了我們為改善營運效率和整體成本結構而採取並持續實施的措施。

Turning to our results. On a consolidated basis for the second quarter of 2025 compared to the prior year period, revenue was $514 million compared to $534 million, a decrease of 3.8%. Adjusted EBITDA was $52 million or 10.1% of revenue compared to $46 million or 8.7%. Operating income was $37 million or 7.2% of revenue compared to $30 million or 5.5%. And earnings per share was $0.22 compared to $0.14.

回顧我們的業績。 2025年第二季度，與去年同期相比，合併後營收為5.14億美元，年減3.8%。調整後息稅折舊攤提前利潤（EBITDA）為5,200萬美元，佔營收的10.1%，去年同期為4,600萬美元，佔營收的8.7%。營業利潤為3,700萬美元，佔營收的7.2%，去年同期為3,000萬美元，佔營收的5.5%。每股收益為0.22美元，去年同期為0.14美元。

Turning to our second quarter 2025 segment results. In our Engage segment, second quarter revenue decreased 4.3% as forecasted to $400 million over the prior year period. Operating income was $18 million or 4.6% of revenue, reflecting an increase of 26.3% or 110 basis points over the prior year. The Engage segment's second quarter financial results are in line with our full year guidance with revenue tracking higher than our expectations. This is primarily due to the expansion of existing lines of business and new lines of business within our embedded base, as Ken mentioned. The revenue carryforward from the extension of a large public sector program into the first half of 2025 is also contributing to the overperformance.

談談我們2025年第二季的分部業績。在我們的Engage部門，第二季營收按預期下降4.3%，至去年同期的4億美元。營業收入為1,800萬美元，佔營收的4.6%，較去年成長26.3%，即110個基點。 Engage部門第二季的財務表現符合我們的全年預期，營收追蹤高於我們的預期。正如Ken所提到的，這主要是由於我們現有業務線和嵌入式基礎內新業務線的擴展。大型公共部門計畫延至2025年上半年的收入結轉也是業績超額的原因之一。

We continue to focus on our profit optimization initiatives, improving our operating efficiencies on top of the cost reduction actions we took in the second half of 2024. We are seeing the results with our second consecutive quarter, reflecting year-over-year increases in both our EBITDA and operating income margin percentages despite the expected decline in revenue. The segment's implementation of AI-enabled solutions and focus on operational excellence continues to resonate with our existing clients, evidenced by the growth within our embedded base. The caliber of new logo signings within Engage continues to improve as well.

我們持續專注於利潤優化舉措，在2024年下半年採取的成本削減措施的基礎上，持續提升營運效率。我們連續第二個季度取得了成效，儘管收入預期下降，但息稅折舊攤提前利潤 (EBITDA) 和營業利潤率均同比增長。該部門對人工智慧解決方案的實施以及對卓越營運的關注，並繼續與現有客戶產生共鳴，這從我們嵌入式客戶群的成長中可見一斑。 Engage 內部新標誌的簽約品質也持續提升。

Most importantly, profit optimization continues to materialize in our financial results. We are committed to balancing these initiatives with investments in our AI technologies in support of our growing embedded base and in new talent. The Engage backlog is $1.64 billion or 101% of our updated 2025 revenue guidance at the midpoint of the range, up from 99% for the same period of 2024. The Engage last 12-month revenue retention rate is 88% but reflects a 94% retention rate when adjusted for the revenue related to the financial services and public sector clients discussed in prior quarters. This compares to a revenue retention rate of 91% in the prior year.

最重要的是，利潤優化持續體現在我們的財務表現中。我們致力於在這些措施與人工智慧技術投資之間取得平衡，以支援我們不斷成長的嵌入式客戶群和新人才的培育。 Engage 的訂單量為 16.4 億美元，相當於我們更新後的 2025 年收入指引（區間中位數）的 101%，高於 2024 年同期的 99%。 Engage 過去 12 個月的營收留存率為 88%，但根據前幾季討論過的金融服務和公部門客戶相關收入進行調整後，留存率為 94%。相比之下，去年的收入留存率為 91%。

While the last 12-month retention rate is starting to improve, the second quarter on a stand-alone basis shows an inflection point as the adjusted revenue retention rate is 97%, reflecting a return to historical levels of Engage top line growth.

雖然過去 12 個月的留存率開始提高，但第二季單獨來看顯示出一個拐點，因為調整後的收入留存率為 97%，反映出 Engage 營收成長已回歸歷史水準。

Moving on to our Digital segment. Second quarter revenue was $114 million, a decrease of 2.3% over the prior year. Operating income was $18 million or 16.1% of revenue, an increase of 22.8% or 330 basis points over the same period last year. Digital's second quarter 2025 year-over-year profit improvement was largely due to the onetime sale of IP software, which generated approximately $4 million of revenue at 100% profit margin.

再來看看我們的數位業務部門。第二季營收為1.14億美元，較上年下降2.3%。營業利潤為1,800萬美元，佔營收的16.1%，較上年同期成長22.8%，即330個基點。數位業務2025年第二季利潤年增主要得益於一次性出售IP軟體，該軟體創造了約400萬美元的收入，利潤率為100%。

Excluding onetime resales, operating income was 12.3% in the quarter compared to 11.8% in the prior year, a 50 basis point improvement. The improved profitability was attributable to a 9% increase in professional services operating income dollars, representing a 390 basis point margin improvement despite a 3% decline in revenue. The higher income was achieved through centralized management, capacity planning and increased utilization.

不計一次性轉售，本季營業利益率為12.3%，而去年同期為11.8%，提升了50個基點。獲利能力的提升得益於專業服務營業利潤成長9%，儘管收入下降了3%，但利潤率仍提升了390個基點。收入的成長得益於集中管理、產能規劃和利用率的提高。

Recurring revenue declined 2.3% primarily due to a decrease in managed services from cloud migrations. The second quarter revenue decline in recurring and professional services was partially offset by a 3.8% increase in onetime resales, driven primarily by the previously mentioned IP software sale. Although the digital revenue was slightly down compared to the prior year, we are pleased with the expansion of our CX technology partner network. We have diversified our offerings and solutions to address the market demand for AI-enabled enterprise-wide digital transformations. This will lead to long-term top line growth with higher quality engagements that drive client retention and profitability.

經常性收入下降2.3%，主要原因是雲端遷移帶來的託管服務收入下降。第二季經常性服務和專業服務收入的下降部分被一次性轉售收入3.8%的成長所抵消，這主要得益於前面提到的IP軟體銷售。儘管數位收入與去年同期相比略有下降，但我們對客戶體驗(CX)技術合作夥伴網路的擴展感到欣慰。我們已實現產品和解決方案的多元化，以滿足市場對人工智慧賦能的企業級數位轉型的需求。這將帶來長期的收入成長，並帶來更高品質的客戶互動，從而提升客戶留存率和獲利能力。

Recurring managed service offerings represented approximately 63% of Digital's total second quarter revenue, which was flat to the same period last year. Our Digital backlog is $387 million or 83% of our 2025 revenue guidance at the midpoint of the range, slightly down from 85% for the same period last year. The Digital segment's second quarter and first half results are in line with our guidance as we continue to navigate the remix from point solutions related to contact center technology to new opportunities with our diversified hyperscaler partners. Balancing this shift, both in terms of revenue and our go-to-market strategy is critical. And thus, we continue to remain focused on efficiencies, capacity management and talent redeployment.

經常性託管服務產品約佔數位部門第二季總營收的63%，與去年同期持平。我們的數位部門未完成訂單為3.87億美元，占我們2025年營收預期中位數的83%，略低於去年同期的85%。數位部門第二季和上半年的業績符合我們的預期，我們將繼續探索從與聯絡中心技術相關的單點解決方案到與多元化超大規模合作夥伴共同創造新機遇的轉型。平衡這一轉變，無論是在收入方面還是在市場進入策略方面，都至關重要。因此，我們將繼續專注於提高效率、進行產能管理和人才重新部署。

I will now share other second quarter 2025 metrics before discussing our outlook. Free cash flow was a positive $86 million in the second quarter of 2025 compared to $35 million in the prior year. The $51 million year-over-year increase was due to an additional $43 million provided by operating cash flow and a $7 million decrease in capital expenditures. Working capital provided $45 million of the cash flow from operations improvement compared to the prior year, of which $21 million related to the collection of an aged VAT receivable.

在討論我們的展望之前，我現在將分享2025年第二季的其他指標。 2025年第二季的自由現金流為正8,600萬美元，去年同期為3,500萬美元。年增5,100萬美元，是由於營運現金流額外提供了4,300萬美元，以及資本支出減少了700萬美元。與去年相比，營運資本提供了4,500萬美元的營運改善現金流，其中2,100萬美元與收取一筆陳年增值稅應收款有關。

Capital expenditures were $7 million or 1.4% of revenue for the second quarter of 2025, down $7 million from $14 million or 2.7% of revenue for the second quarter of last year. With our keen focus on cash flow generation and debt reduction, we continue our deleveraging trend. As of June 30, 2025, cash was $83 million with $886 million of debt, primarily representing borrowings under our $1.2 billion revolving credit facility.

2025年第二季資本支出為700萬美元，佔營收的1.4%，較去年同期的1,400萬美元（佔營收的2.7%）下降了700萬美元。我們高度重視現金流創造和債務削減，並持續推進去槓桿化進程。截至2025年6月30日，現金餘額為8,300萬美元，債務餘額為8.86億美元，主要來自我們12億美元循環信貸額度下的借款。

The net debt position of $804 million represents a year-over-year decrease of $50 million and a decrease versus the prior quarter of $78 million. We ended the quarter with a net leverage ratio as defined under the credit facility of 3.39x, down from 3.79x at the end of the first quarter and down from a high of 4.49x at the end of the third quarter 2024.

淨債務狀況為8.04億美元，年減5,000萬美元，較上季減少7,800萬美元。本季末，我們根據信貸安排定義的淨槓桿率為3.39倍，低於第一季末的3.79倍，也低於2024年第三季末4.49倍的高點。

Our normalized tax rate was 43.4% in the second quarter of 2025 compared to 33.7% in the prior year. The increase is primarily due to the impact of the U.S. valuation allowance recorded against the U.S. pretax losses in the second quarter of 2024.

2025年第二季度，我們的標準化稅率為43.4%，而去年同期為33.7%。稅率成長主要由於2024年第二季美國稅前虧損計入的美國估值準備金的影響。

Turning to our 2025 outlook. I will now provide some context with regards to our updated full year financial guidance. As discussed, our Engage segment's revenue is tracking higher than planned. This is primarily due to the growth in our embedded base, which demonstrates that our clients value our services and innovation as they look to us to provide solutions across new lines of business. The revenue is also impacted by the depreciation in the U.S. dollar against foreign currencies as it pertains to our revenue outlook.

談到我們的2025年展望。現在，我將就我們最新的全年財務指引提供一些背景資訊。如同先前所討論的，我們的Engage部門的收入高於預期。這主要得益於我們嵌入式客戶群的成長，這表明我們的客戶重視我們的服務和創新，因為他們希望我們能夠為新的業務線提供解決方案。美元兌其他貨幣的貶值也對我們的收入前景產生了影響。

The Engage business, which primarily contracts in U.S. dollars, does invoice in several local currencies, which provides a natural revenue uplift as the U.S. dollar depreciates.

Engage 業務主要以美元簽訂合同，但也以幾種當地貨幣開具發票，這在美元貶值的情況下自然會增加收入。

The majority of the business, however, has a negative translation impact when converting local cost into U.S. dollars under this scenario, having a negative 6% impact on our full year Engage EBITDA guidance. As a result, we are increasing the Engage revenue guidance by $50 million, for which the foreign exchange impact represents approximately 45% of this change. Engage GAAP revenue is now $1.62 billion at the midpoint of our guidance, a decrease over the prior year of 7.3%. This raises our TTEC revenue to $2.09 billion at the midpoint of our guidance, a decrease of 5.4% compared to the prior year. We are reiterating the Engage outlook for EBITDA and operating income, noting the negative foreign exchange impact.

然而，在這種情況下，當當地成本轉換為美元時，大部分業務都會受到負面折算影響，對我們的全年 Engage EBITDA 指引產生 6% 的負面影響。因此，我們將 Engage 收入指引上調 5,000 萬美元，其中外匯影響約佔這項變化的 45%。 Engage 的 GAAP 收入目前為我們指引中位數的 16.2 億美元，較前一年下降 7.3%。這使我們的 TTEC 收入升至我們指引中位數的 20.9 億美元，較前一年下降 5.4%。我們重申 Engage 對 EBITDA 和營業收入的展望，並指出外匯的負面影響。

In our Digital segment, we continue to navigate the rapidly changing market as it shifts from point solutions for contact center technology to new end-to-end hyperscaler solutions for CX that drive true transformation. We have the partner network, the talent and the in-depth knowledge to deliver in this new market, but balancing the shift is critical. With this in mind, we are intensely managing the revenue and profitability impacts of this market shift. The timing is not without risk. However, based on our first half results and our second half outlook, we are reiterating our full year digital guidance.

在數位化領域，我們持續引領快速變化的市場，市場正從聯絡中心技術的單點解決方案轉向全新的端到端超大規模客戶體驗 (CX) 解決方案，推動真正的轉型。我們擁有合作夥伴網絡、人才和深厚的知識，能夠在這個新市場中提供服務，但平衡這種轉變至關重要。考慮到這一點，我們正在密切管理這一市場轉變對收入和獲利能力的影響。時機並非沒有風險。然而，基於我們上半年的業績和下半年的展望，我們重申全年數位化指引。

For our second half outlook, we are forecasting a downward trend in our third quarter results versus prior year as we invest in the ramps of engaged seasonal health care volumes, which are forecasted to be higher in 2025 compared to the prior year. We expect these investments in the seasonal revenue to deliver significant year-over-year profitability growth in the fourth quarter resulting in an overall improvement in the second half of 2025 compared to 2024.

對於下半年的展望，我們預測第三季業績將較上年呈現下降趨勢，原因是我們投資於季節性醫療保健業務的成長，預計2025年該業務量將高於上年。我們預計，這些針對季節性收入的投資將在第四季度帶來顯著的獲利能力年增，使2025年下半年的業績較2024年有所改善。

For our Digital segment, we expect a modest decline in profitability for the second half of 2025 compared to 2024 as the mix of our business shifts towards hyperscaler, AI and analytics solutions. This will ultimately result in higher margin engagements, but the timing creates a short-term decline in revenue and profitability.

對於我們的數位業務部門，我們預計2025年下半年的獲利能力將較2024年略有下降，因為我們的業務結構將轉向超大規模、人工智慧和分析解決方案。這最終將帶來更高的利潤率，但時機的選擇會導致收入和獲利能力的短期下降。

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

請參閱我們 2025 年第二季財報中「業務展望」部分的評論，以了解我們對合併和分部層面的 2025 年全年更新指引的預期。

In closing, our second quarter and first half results reflect our commitment to improving profitability, cash flow generation and debt reduction. With these results and our outlook for the second half of the year, we are confident we can deliver to our full year guidance range but remain cautious as we navigate the volatile global economic environment. As always, we remain committed to our focus on executing against our top business priorities and serving the best interest of all our stakeholders.

最後，我們第二季和上半年的業績反映了我們致力於提升獲利能力、創造現金流和削減債務的承諾。憑藉這些業績以及我們對下半年的展望，我們有信心能夠實現全年業績預期，但在應對動盪的全球經濟環境之際，我們仍將保持謹慎。我們將一如既往地致力於專注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佳利益。

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。我們開始通話時，請您每次只提問一到兩個問題。接線員，您可以開始通話了。

(Operator Instructions)

（操作員指示）

Our first question comes from the line of George Sutton of Craig Gollum, Sir, your line is now open.

我們的第一個問題來自克雷格·古倫的喬治·薩頓，先生，您的線路現已開通。

Thank you. As instructed, I won't ask any of the 150 questions I had about the take private process. Instead, I will ask about the bank discussions that I believe you had started last quarter relative to the renewal that will come next year on your revolver.

謝謝。按照指示，我不會問任何關於私有化程序的150個問題。相反，我會問一些關於銀行的討論，我相信您上個季度就已經開始討論明年續簽循環信貸的問題了。

Good morning George. How are you? It's been a while.

早上好，喬治。你好嗎？好久不見了。

Thank you for that question. We're in active discussion as we speak and we feel confident that we will bring this to closure in 3rd quarter, and, all is well.

謝謝你的提問。我們正在積極討論，我們有信心在第三季完成此事，一切順利。

Super 10, you gave an interesting accent neutralization example of one of the customers that have expanded with you, and it brings to bear the opportunity as you have really tried to move towards an off bigger offshore model. It would suggest an ability to intensify that effort given a more broader effort on accent neutralization. Can you tell us how broad can that be?

Super 10，您舉了一個有趣的口音消除的例子，它來自一個與您合作拓展業務的客戶，在您嘗試向更大規模的離岸模式轉型之際，也帶來了機會。這表明，如果在口音消除方面投入更多精力，您有能力進一步加強這項工作。您能告訴我們，這項工作的範圍有多廣嗎？

So we're utilizing the technology quite a bit. We only gave one example, but we have multiple clients taking advantage of it and really where it where it benefits us is.

所以我們相當多地利用了這項技術。我們只舉了一個例子，但我們已經有很多客戶在利用它，它確實為我們帶來了好處。

In areas where we see very deep pockets of highly educated talent, but that also have what, some Americans, Australians, Brits, etc. Would consider to be, an accent that's a bit thicker to them and so we can neutralize that accent and we can we can literally Get the accent to be much more almost indigenous sounding to the country that we're serving. So we're very excited by the technology. It's fully operational because it's AI based. It gets the more we use it, the better that it gets. And it certainly opens up more markets for us and gives us what we care about is where do we find the most talented people with the deepest skill set capabilities with the highest aptitude, and now we can go into markets where we know that talent exists, but where historically we would get pushback from clients because of lack of accent neutralization.

我們發現，在某些地區，人才濟濟，但美國、澳洲、英國等國的口音可能比較重，所以我們可以消除這些口音，讓這些口音聽起來更接近我們服務對象的本土口音。我們對這項技術感到非常興奮。它完全可以投入使用，因為它是基於人工智慧的。我們用得越多，效果就越好。它無疑為我們打開了更多的市場，讓我們能夠找到最有才華、技能最深厚、資質最優良的人才。現在，我們可以進入那些我們知道存在人才的市場，但過去，由於缺乏口音消除技術，我們會在這些市場遭到客戶的抵制。

Perfect.

完美的。

Thank.

感謝。

You.

你。

Thank you.

謝謝。

Thank you. Our next question will be from Maggie Nolan of William Blair. Your line is not open.

謝謝。下一個問題來自 William Blair 的 Maggie Nolan。您的電話目前無人接通。

Hi, thank you. I was encouraged by some of the stats that you shared on project, or rather.

你好，謝謝你。你分享的一些專案數據讓我很受鼓舞，或者更確切地說。

Engagement.

訂婚。

Sorry, excuse me, agent growth in the industry and the comment that you had made also on the caliber of the new logo signings, and I'm wondering if you feel like clients are starting to recognize the need to move forward with some of these programs if we've reached, a bit of an inflection point here or if there's still largely a pause in spending as they're assessing maybe how they would want to incorporate AI.

抱歉，打擾一下，行業代理商的成長以及您對新標誌簽約品質的評論，我想知道您是否覺得客戶開始認識到需要推進其中一些計劃，如果我們已經達到了一個轉折點，或者在他們評估如何整合人工智慧時，支出是否仍處於很大程度的暫停狀態。

Good morning, Maggie. I would say there's, it's a great question, and so we're seeing multiple things. Number one, it's no secret that there's been a significant amount of consolidation in this space, and through that consolidation, it's not uncommon for for large clients who have historically had their business distributed amongst, let's say 4 providers to feel maybe a bit.

早安，Maggie。我想說，這個問題問得很好，我們看到了多種情況。首先，這個領域已經出現了大量的整合，這已經不是什麼秘密了。透過這種整合，對於那些過去將業務分散在4家供應商之間的大客戶來說，這種情況並不少見。

When through the through the mergers, etc. That now they're down to 2 and so consequently we're continuing to see a reallocation of business and that we believe we're going to continue to benefit from. So that's one point. The second point is that we're able to demonstrate technology capabilities that we're confident our competitors talk about but don't have anywhere near the credentials or the thousands upon thousands of implementations that we've done. And so we're capitalizing off of that and winning some really exciting large enterprises. That said, those large enterprises, as we, as I stated in my script.

透過合併等等，現在他們只剩下兩家了，因此我們繼續看到業務的重新分配，我們相信我們將繼續從中受益。這是一方面。另一方面，我們能夠展示我們競爭對手談論的技術能力，但我們的資格和成千上萬的實施案例遠不及我們。因此，我們正利用這一點，贏得一些真正令人興奮的大型企業。也就是說，正如我在演講稿中提到的，這些大型企業。

In many cases, they're putting their foot in the water before they put their entire leg in the water, and we're very comfortable with that and we're highly used to what we call champion challengeger models. And so what I would just simply say is that the logos that we're winning have deep wells of opportunity that can. Expand into very large clients and so we are happy to bring these clients on board them, build out some technology capabilities that they're not getting from others, and then through performance and execution win win market share or more market share from them.

很多情況下，他們還沒完全投入就先試水，我們對此非常適應，並且非常習慣於所謂的「冠軍挑戰者」模式。所以我想簡單說一下，我們贏得的標誌蘊藏著巨大的機會。我們很樂意將這些客戶拓展到非常大的客戶，因此我們很樂意將這些客戶納入我們的陣營，幫助他們建立一些其他公司無法獲得的技術能力，然後透過績效和執行力，贏得市場份額，甚至獲得更多市場份額。

To answer your question about our clients hesitating because of AI, I don't necessarily think that's what what is what they're doing. Do I think that the overall marketplace is cautious because there is so much economic uncertainty as it relates to tariffs coming? Going up, going down, etc. There's no question about it.

關於你提到的我們的客戶因為人工智慧而猶豫不決的問題，我不認為他們正在做的事情是人工智慧。我是否認為，由於與即將到來的關稅相關的許多經濟不確定性，整體市場保持謹慎？關稅可能會上漲，也可能下降，等等。毫無疑問。

There's not a GSI or a or a BPO or any anyone that's not experiencing clients saying that they don't really feel like they've got their magnetic north or their you know their footing fully on the ground. And so consequently, I think what that's doing is they're still executing on on new deals, but I think that they are.

無論是GSI、BPO或其他任何公司，都會遇到客戶反映他們感覺找不到方向，或是無法完全腳踏實地的情況。因此，我認為他們仍在執行新交易，但我認為他們確實在執行。

Basically making smaller commitments until they have a bit more clarity on their future, and we're seeing this everywhere in the world and so in no way is that meant to be a political statement. I just think it's a reality of where large corporations are. That said, you wouldn't know it from our stock price, but we really feel good about where the where the market is right now. And then the last point that I would say, and I'm sorry for waxing on as it relates to AI, is there has been so many negative articles on poorly executed AI that it absolutely is creating fear, doubt, and uncertainty. And so therefore clients, I would say just as Gartner has said, are in some ways being very cautious about where they use AI and where they don't. We've been very clear that right now, the first The stage of really taking advantage of AI is to make our people better, to drive higher quality, to drive better accuracy, to get them to drive speed to proficiency, etc.

基本上，他們會做出較小的承諾，直到對未來更加清晰為止。我們在世界各地都看到這種情況，所以這絕不是政治聲明。我只是認為這是大公司面臨的現實。話雖如此，你從我們的股價看不出來，但我們對目前的市場狀況確實感到滿意。最後我想說，抱歉我滔滔不絕地談論人工智慧，因為關於人工智慧執行不力的負面文章太多了，這無疑正在製造恐懼、懷疑和不確定性。因此，正如Gartner所說，客戶在某種程度上對使用和不使用人工智慧非常謹慎。我們非常清楚，目前，真正利用人工智慧的第一步是讓我們的員工變得更好，提高品質、準確性，讓他們快速熟練地完成工作等等。

Versus trying to simply create chatbots or voice bots that entirely replace what they do. We believe at the end of the day that humans do want to interact with humans. We also believe that all of these bad IVR transactions that we all experience in voice jail, that will get replaced with voicebots, and that is a perfect place for you to be able to have conversational AI, etc. Taking place where you have very defined.

而不是試圖簡單地創建聊天機器人或語音機器人來完全取代人類的工作。我們相信，歸根結底，人類確實希望與人類互動。我們也相信，我們在語音監獄中遇到的所有糟糕的IVR交易，都將被語音機器人取代，而這正是對話式人工智慧等應用的理想場所。這些應用將會發生在你非常明確的地方。

Answers to questions versus the risk of of of hallucination. Again, we're very realistic about AI. We're incorporating it in every aspect of our business, both internally. We're applying it externally, and we think it's going to make us more profitable and frankly more interesting to our clients. And this is this is where we see a very.

問題的答案與幻覺的風險。再次強調，我們對人工智慧非常現實。我們正在將其融入業務的方方面面，包括內部和外部，我們認為它將提高我們的獲利能力，坦白說，也會讓我們的客戶更感興趣。而這正是我們所看到的。

Opportunity for digital both on AI as well as our analytics practice that we're expanding as we speak. So sorry for the very long winded answer. I hope that's somewhat helpful and if I haven't answered all of it, feel free to ask more questions.

數位化機遇，不僅體現在人工智慧領域，也體現在我們正在擴展的分析實踐中。抱歉回答有點冗長。希望以上內容對您有幫助。如果我沒有全部回答，歡迎隨時提問。

No, that does help.

不，這確實有幫助。

Thank you. And then it it sounds like maybe you expect an increase in managed services as a percentage of revenue over time. Can you give a sense of the magnitude for that and the impact of the business?

謝謝。聽起來您可能會預期託管服務佔收入的比例會隨著時間的推移而成長。您能否談談這一成長的幅度以及對業務的影響？

I mean, what I would just simply say is that we dramatically and and that's not an exaggeration when I say dramatically increased our partner network and therefore we are in deep stead with Realistically, probably fivefold of partners today than we were a year ago and consequently, the services that those companies afford us to be able to implement and integrate come with it managed service opportunities. So whether it be the work that we do with AWS, the work that we do with Azure and Microsoft, the work that we do with Google and GCP along with a myriad of other partners that I won't bore you with all the names, all create much more opportunity for managed services. We have significantly shifted our capabilities. To go far beyond providing CCA capabilities and all of the audiments that one would attach to CCA as more and more clients are asking us to do work that is related to their customer experience but is not necessarily tied to contact center routing of interactions, etc.

我想簡單說的是，我們大幅（毫不誇張地說）擴大了合作夥伴網絡，因此我們與合作夥伴建立了深厚的合作關係。實際上，今天的合作夥伴數量可能比一年前增加了五倍。因此，這些公司為我們提供的服務也為我們帶來了實施和整合的機會。因此，無論是我們與 AWS 的合作，還是與 Azure 和微軟的合作，或是與Google和 GCP 以及其他眾多合作夥伴（我就不一一列舉了）的合作，都為託管服務創造了更多的機會。我們已經顯著地改變了我們的能力，遠遠超出了提供 CCA 功能以及人們可能對 CCA 提出的所有要求，因為越來越多的客戶要求我們做與他們的客戶體驗相關的工作，而這些工作並不一定與聯絡中心的交互路由等相關。

Got it.

知道了。

Thank you.

謝謝。

Thank you, Maggie.

謝謝你，瑪吉。

Vincent Alexander Colicchio from Barrington Research Associates, Inc.

Barrington Research Associates, Inc. 的 Vincent Alexander Colicchio

Oh yeah, Ken, how did you engage offshore side of the business reform in the quarter, and should we expect more investments there?

哦，是的，肯，您在本季是如何參與離岸業務改革的？我們是否應該期待在那裡進行更多的投資？

Well, I'll just, I'll answer part of it and then I'll let Kenny answer the other part.

好吧，我只回答一部分，然後讓肯尼回答另一部分。

We are absolutely pushing hard on on moving more and more business, and when I say moving, it's not the embedded base that's already on shore, it's acquiring net new business, and installing that business offshore.

我們絕對在大力推動越來越多的業務轉移，當我說轉移時，它不是指已經在岸上的嵌入式基礎，而是指獲取淨新業務，並將該業務轉移到海外。

But Kenny, do you want to answer that.

但是肯尼，你想回答這個問題嗎？

From a, yes.

從a來看，是的。

Hey Vince, good morning. As we talked in prior quarters, Q2 is no different. First half of the year is no different. The majority of the pipeline, the majority of our sales motion. Is on offshoring. It's where the clients want to be back to the earlier question on the call with with our accent neutralization, with Addy and what we're doing, the opportunity for us to continue to expand offshore is square into our diversification strategy. And again from a cap cap standpoint, from the geographies that we've laid down over the last 24 months, we're seeing very good expansion in South Africa, in Egypt, Eastern Europe, and lattam. And so it is, John Aboo and the Engaged team.

嗨，Vince，早安。正如我們在前幾季討論的那樣，第二季和上半年沒有什麼不同。我們大部分的銷售管道，大部分的銷售活動，都集中在離岸外包。客戶希望回到先前電話會議中的問題，透過我們的口音中和，透過Addy以及我們正在做的事情，我們繼續向海外擴張的機會與我們的多元化策略相契合。再次從資本的角度來看，從我們過去24個月佈局的地區來看，我們在南非、埃及、東歐和拉丁美洲的擴張非常良好。 John Aboo和Engaged團隊也是如此。

I don't know how much is. Push versus pool, but you know the customers want to go there. We're set up to go there, and that's where where we are seeing our growth. Now again going into Q3 and Q4, we're going to have, our normal seasonality with all of our US based healthcare clients, but for sure the go to market motion is focused on those geographies because Back to Ken's point, it's where we're seeing the best agent talent. It's where we're seeing the best opportunity to grow the business profitably, and it's also where the customers want to be. So our offshore mix did improve quarter over quarter as we are still trending towards 37% to 39% for the year, and we're going to continue to execute on that strategy going forward.

我不知道具體數字是多少。是推進式還是集中式，但你知道客戶想去那裡。我們已經準備好去那裡了，那裡也是我們看到成長的地方。現在再次進入第三季度和第四季度，我們所有美國醫療保健客戶都會經歷正常的季節性變化，但可以肯定的是，我們的市場拓展重點是這些地區，因為回到Ken的觀點，那裡是我們看到最優秀的代理人人才的地方。那裡是我們實現業務獲利成長的最佳機會，也是客戶想要去的地方。因此，我們的離岸業務組合確實逐季改善，全年仍有望達到37%到39%，我們將繼續執行這項策略。

And a second question, what verticals that engage are you feeling best about for the second half?

第二個問題是，對於下半年而言，您覺得哪些垂直產業表現最好？

That's a great question. I mean, I think we're seeing opportunity for sure across financial services, healthcare, technology, travel.

這個問題問得好。我的意思是，我認為我們在金融服務、醫療保健、科技和旅遊領域肯定看到了機會。

A I would say that those are the ones that immediately come to mind. I'm sure that I'm I'm leading out.

答：我想說這些是我立刻想到的。我確信我正在引領大家。

Some of the others that were, 00, excuse me, streaming media content, we're seeing real opportunity in that area as well as gaining traction.

其他一些，00，對不起，是串流媒體內容，我們看到了該領域的真正機會並且正在獲得關注。

That's a great question. You caught me a little flatfooted.

這個問題問得真好。你這個問題讓我有點措手不及。

I should have had a pre-answer to that.

我應該對此有一個預先的答案。

So I apologize.

所以我道歉。

No, look, Ken, to the point, back to diversification, right? This is what we talk about customer diversification, geo diversification. And then this is what you know John Aboo and again a lot of our new leaders on the portfolio side that we brought in over the last year have expertise in these areas. And so to Ken's point, travel, streaming, media, those are some of the big logo wins with these great brands that we've had over the last 6 to 12 months. They're bringing not only diversification into those industries, but also they're the ones with the GE. Diversification for us as well. So we're very happy with the diversification into the fastest, faster growing verticals for our business and engaged for sure, and that's a big part of what John and the go to market team are focusing on.

不，Ken，你看，回到正題，回到多元化，對吧？這就是我們所說的客戶多元化和地理多元化。正如你所知道的，John Aboo，以及我們去年引入的許多投資組合方面的新領導人，都擁有這些領域的專業知識。正如Ken所說，旅遊、串流媒體、媒體，這些都是我們在過去6到12個月裡憑藉這些優秀品牌贏得的重大標誌。他們不僅為這些產業帶來了多元化，而且他們也是GE的合作夥伴。對我們來說，多元化也是如此。因此，我們很高興能夠進入業務成長最快的垂直領域，並且肯定會積極參與其中，這也是John和市場推廣團隊關注的重點。

One of the reasons why I hesitated to give you an answer is because on the digital side it's all over the board. It's everywhere.

我猶豫著是否給你答案的原因之一是，在數位領域，它已經無所不在了。

We're doing genomics projects now. We're doing projects on the payer side, the provider side, the pharmaceutical side, etc. And so since Engages is a higher percentage of the revenue, that's what I was responding to, but as it relates to digital, we're seeing opportunity.

我們現在正在進行基因組學計畫。我們在付款方、提供者、製藥方等等都在進行專案。由於Engages佔收入的比例較高，所以我才這麼說。但就數位化而言，我們看到了機會。

Literally in every single sector, because they're just, frankly, there's so many companies that are trying to modernize right now, whether it be getting to the cloud or taking advantage of what you can do in the cloud, especially in the area of AI and analytics.

實際上，在每個領域都是如此，因為坦白說，現在有許多公司正在嘗試現代化，無論是進入雲端還是利用雲端的功能，特別是在人工智慧和分析領域。

Thanks guys.

謝謝大家。

Thank you.

謝謝。

Jonathan Lee of Guggenheim Securities.

古根漢證券的喬納森李。

Great, thanks for taking my questions. How should we think about blended pricing and the rate cards you're seeing across your new wins, particularly as clients adopt new technologies that may be deflationary in nature?

太好了，感謝您回答我的問題。我們應該如何看待混合定價以及您在新客戶中看到的費率表，尤其是在客戶採用可能帶來通貨緊縮的新技術的情況下？

I sort of see that as two questions, but first of all, we like blended pricing.

我把這看作是兩個問題，但首先，我們喜歡混合定價。

That said, not every client is willing to do blended pricing and therefore they want it broken out separately from a digital action as well as an engaged action, but we don't necessarily see it deflationary. As a matter of fact, kind of see the opposite. We see that. The more technology that we apply, the more business that they allocate. These are very large companies, Fortune 500, Fortune 1,000 companies, and so the fact of the matter is in almost all cases we have a fraction of the business that they have. So it doesn't take much for them to move the needle as we perform and for them to allocate more and more business, whether it be allocating digital business from the GSIs that they've historically used or whether it be allocating engaged business from whoever they're currently with. Or from their captives and we're still seeing a very nice amount of business coming from companies that traditionally have not outsourced whatsoever, which are some of our favorite types of clients to work on because they have so much business that they are looking to ultimately.

話雖如此，並非所有客戶都願意採用混合定價，因此他們希望將數位行銷活動和參與式行銷活動分開，但我們並不認為這會帶來通縮。事實上，情況恰恰相反。我們看到的是，我們應用的技術越多，他們分配的業務就越多。這些公司規模非常大，包括《財星》500強、《財星》1000強，所以事實上，在幾乎所有情況下，我們的業務都只是他們的一小部分。因此，他們不需要花費太多精力就能隨著我們的表現而做出改變，分配越來越多的業務，無論是從他們過去使用的GSI分配數位業務，還是從他們目前合作的合作夥伴分配參與式行銷業務，或者從他們的專屬自營客戶分配。我們仍然看到大量業務來自傳統上從未進行過任何外包的公司，這類公司是我們最喜歡合作的客戶類型，因為他們擁有大量業務，並且最終希望實現業務成長。

Move outside of their captive. So at least at this point in time we don't see it deflationary unless I'm misunderstanding what you mean by deflationary.

走出他們的俘虜區。所以至少目前我們還沒有看到通貨緊縮，除非我誤解了你所說的通貨緊縮。

The comment around deflationary was more on a rate card perspective, and blended pricing in our view is a function of onshore versus offshore blended mix as opposed to digital and engage.

關於通貨緊縮的評論更多的是從費率表的角度出發，而我們認為混合定價是在岸與離岸混合定價的函數，而不是數字和參與的函數。

But appreciate that color, Ken, as a follow up, look, it's good to hear about the progress around accent neutralization outside of regulated industries, can you help potentially size some of the risk around customer shifting work offshore in an effort to use accent neutralization capabilities?

但是，肯，我很欣賞這種色彩，作為後續問題，看，很高興聽到有關受監管行業之外的口音中和方面的進展，您能否幫助評估客戶為了使用口音中和功能而將工作轉移到海外所帶來的風險？

I really can't. I mean, I think that's for me that's almost like asking how high is high. What I would just simply say is that the labor market in the United States continues to be tight and more and more clients are realizing that they can obtain quality that is as good or better and achieve the quantities that they need by.

我真的不能。我的意思是，我覺得這對我來說幾乎就像問多高才算高。我只想說，美國勞動力市場持續緊張，越來越多的客戶意識到，他們可以獲得同等或更好的質量，並達到他們所需的數量。

By being in near shore and offshore environments, the regulated work without a doubt cannot move and is not going to move offshore and as we do a fair amount in the public sector space, the federal space, etc.

由於處於近岸和離岸環境中，受監管的工作毫無疑問地不能轉移，也不會轉移到離岸，而我們在公共部門、聯邦等部門做了相當多的工作。

But at the at the end of the day, unfortunately I don't have a way of saying that. Look, I want, once again, I want to put this in perspective. This is a very large TAM on both the digital side and the engaged side. We're a A few billion dollar company.

但說到底，很遺憾，我沒辦法這麼說。聽著，我想再次客觀地看待這個問題。無論是數位方面還是用戶參與度方面，我們的TAM都非常大。我們是一家市值幾十億美元的公司。

We don't need very much of that TAM to be a much larger company than we are today. So the fact of the matter is that there are hundreds of billions of dollars' worth of business out there, and we're chipping away at the overall scale of the marketplace, which is why we feel very confident that we can get this business back to the historical growth rates. That we've achieved in the past, if not higher, as well as back to our historical margins, and that's what our focus is right now is is basically recreating what we had in the past and we feel like we're on the right path on the right track right now.

我們不需要太多的潛在市場規模就能發展得比現在更大。事實上，市場上有數千億美元的業務，而我們正在蠶食整個市場的規模，這就是為什麼我們非常有信心讓這項業務恢復到歷史成長率。我們過去已經實現了，甚至更高，我們也恢復了歷史利潤率。這就是我們現在的重點，基本上就是要重現我們過去的輝煌，我們覺得現在正走在正確的道路上。

Thank Thank you.

謝謝謝謝。

Thank you.

謝謝。

Thank you for your questions. That is all the time we have today. This concludes T tech 2nd quarter 2025 earnings conference call. You may disconnect at this time.

感謝您的提問。今天時間就到這裡。 T Tech 2025年第二季財報電話會議到此結束。您可以暫時斷開連線。