TTEC Holdings Inc (Texas) (TTEC) 2026 Q1 法說會逐字稿

Welcome to TTEC’s first quarter 2026 earnings conference call. I would like to remind all parties that you will be in a listen-only mode until the question-and-answer session. This call is being recorded at request of TTEC. I would now like to turn the call over to Bob Belknap, TTEC’s Group Vice President, Corporate Finance. Thank you, sir. You may begin.

歡迎參加 TTEC 2026 年第一季財報電話會議。提醒各位，在問答環節開始前，您將處於僅收聽模式。本次電話會議依 TTEC 要求進行錄音。現在我想把電話會議交給 TTEC 企業財務集團副總裁 Bob Belknap。謝謝您。您可以開始了。

Good morning, and thank you for joining us today. TTEC is hosting this call to discuss its 1st quarter 2026 results for the period ending March 31, 2026. Participating on today’s call are Ken Tuchman, Chairman and Chief Executive Officer of TTEC, and Kenny Wagers, Chief Financial Officer of TTEC. 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 Q1 2026 quarterly report on Form 10-Q. 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.

各位早安，感謝今天與會。TTEC 召開本次電話會議，討論截至 2026 年 3 月 31 日期間的 2026 年第一季業績。今天參與電話會議的有 TTEC 董事長兼執行長 Ken Tuchman，以及 TTEC 財務長 Kenny Wagers。昨日，TTEC 已發布新聞稿公布其財務結果。雖然本次電話會議將涵蓋該文件中討論的事項，但如欲完整了解我們的財務表現，我們也鼓勵您閱讀我們的 2026 年第一季 Form 10-Q 季度報告。在開始之前，我想提醒各位，今天電話會議中討論的事項可能包含與我們的營運表現、財務目標及業務展望相關的前瞻性陳述，這些陳述係基於管理層目前的信念與假設。

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. Forward-looking statements are subject to various risks, uncertainties, and other factors that could cause our actual results to differ materially from those expected and described today. For a more detailed description of our risk factors, please review our 2025 annual report on Form 10-K. A replay of this conference call will be available on our website under the Investor Relations section. I will now turn the call over to Ken.

請注意，這些前瞻性陳述反映的是截至本次電話會議日期我們的觀點；對於可能出現的新進展所導致的資訊更新，我們不承擔任何義務。前瞻性陳述受到各種風險、不確定性及其他因素影響，可能導致我們的實際結果與今日所預期及描述者出現重大差異。如需更詳細的風險因素說明，請查閱我們的 2025 年 Form 10-K 年度報告。本次電話會議的重播將於我們網站的投資人關係專區提供。現在我把電話會議交給 Ken。

Good morning and thank you for joining us today. This quarter, we maintained our focus on strengthening our foundation while continuing to invest in AI-enabled innovations across our business. For the first quarter of 2026, revenue was $496 million. EBITDA was $46 million, and we generated $21 million in free cash flow this quarter, which contributed to our reduction of $79 million in our credit facility borrowings since the first quarter of 2025. This reflects our continued focus on strengthening our balance sheet. I also want to call out that our first quarter EBITDA was impacted by a delayed receivable on one of our large public sector projects, for which a portion has already been approved. This receivable would have resulted in first quarter EBITDA of $49 million or 9.7% of revenue.

各位早安，感謝今天與會。本季我們持續聚焦於強化基礎，同時在全公司範圍內持續投資於 AI 賦能的創新。2026 年第一季營收為 4.96 億美元。EBITDA 為 4,600 萬美元，本季我們產生 2,100 萬美元自由現金流，並促成自 2025 年第一季以來我們在信用融資額度借款減少 7,900 萬美元。這反映我們持續專注於強化資產負債表。我也要特別指出，我們第一季 EBITDA 受到一項大型公共部門專案應收款延遲的影響，其中一部分已獲核准。若該筆應收款於第一季入帳，第一季 EBITDA 將為 4,900 萬美元，約占營收的 9.7%。

We expect the $3 million of EBITDA to be reflected in our Q2 financials. Regarding our outlook, we’re reiterating our full-year guidance. While our year-over-year results reflect our offshore expansion in Engage, a changing market remix in Digital, and the deliberate rationalization of a handful of underperforming clients, we expect these dynamics to improve our year-over-year profitability as the year progresses. With that context as a backdrop, I’d like to turn to market insights from our recent client advisory meeting. Twice a year, we sit down with several of our largest and most strategic clients to understand what’s shaping their priorities. It was no surprise AI and security were at the centre of our conversations. We’re seeing a real shift in how companies approach AI. Early adoption was limited to siloed proof of concepts with varied success. Now, leaders are taking a much broader view.

我們預期這 300 萬美元的 EBITDA 將反映在第二季財務數字中。關於展望，我們重申全年財測指引。雖然我們的年對年結果反映了 Engage 的離岸擴張、Digital 的市場組合變化，以及對少數表現不佳客戶的審慎精簡調整，但我們預期隨著年度推進，這些動態將改善我們的年對年獲利能力。在此背景之下，我想分享我們近期客戶諮詢委員會會議（CAB）的市場洞察。每年兩次，我們會與數位最大且最具策略性的客戶坐下來，了解哪些因素正在形塑他們的優先事項。不意外地，AI 與資安是我們對話的核心。我們看到企業在採用 AI 的方式上出現真正的轉變。早期採用多局限於各自為政的概念驗證（PoC），成效不一。如今，領導者正以更宏觀的視角來看待。

Instead of just plugging in new tech for tech’s sake, they’re starting with their actual business goals and working backward to build a roadmap. They’ve realized that real transformation isn’t just about the software. It’s about rethinking processes, culture, and how the work actually gets done. We also heard from our CAB members that their internal bandwidth-constrained IT teams are realizing they can’t go it alone in such a fast-moving environment. They’re looking for agile outside partners that have deep experience in CX, as well as expertise in specialized security and fraud prevention. Facing risk of potential AI hallucinations, rogue bots, and ballooning unplanned token compute expenses, business and IT leaders are seeking more than just technical help. They’re looking for a partner that can turn these AI-specific technologies and financial challenges into a sustainable competitive advantage.

他們不再只是為了技術而導入新技術，而是從實際的業務目標出發，再反向推導建立路線圖。他們已意識到，真正的轉型不僅僅關乎軟體。更在於重新思考流程、文化，以及工作實際如何完成。我們也從 CAB 成員那裡聽到，他們內部受限於人力與時間的 IT 團隊正意識到，在如此快速變動的環境中無法單打獨鬥。他們正在尋找敏捷的外部合作夥伴，既具備深厚的客戶體驗（CX）經驗，也擁有專業資安與防詐欺能力。面對潛在的 AI 幻覺、失控機器人，以及未規劃的 token 運算成本膨脹等風險，業務與 IT 領導者尋求的不僅是技術支援。他們在尋找能將這些 AI 特有的技術與財務挑戰，轉化為可持續競爭優勢的合作夥伴。

This environment plays directly into our AI strategy, which has three pillars of value. One, client transformation. Because we live exclusively in the CX space, we know exactly where technology succeeds and where it can be improved. We combine premier tech partnerships with our own custom-built software to optimize our client’s tech stack, turning AI into a tool to augment associates, remove costly friction, and deliver insight-driven growth. Two, human augmentation. True augmentation isn’t just about giving an agent a bot. It’s about knowing the technology so deeply that we can fundamentally reshape the frontline experience. We optimize the human-to-tech interface, automating the mundane. Our associates can leverage personalized insights to deliver more customized, higher-value customer experiences. Three, operational excellence. To strengthen our go-to-market as well as our internal operations, we’re leaning into our deep technology and process expertise.

這樣的環境正好契合我們的 AI 策略，其價值由三大支柱構成。第一，客戶轉型。由於我們專注於 CX 領域，我們清楚知道技術在哪裡能成功、又在哪裡仍可改進。我們結合頂尖的技術合作夥伴與自研客製化軟體，優化客戶的技術堆疊，將 AI 轉化為強化同仁能力的工具，消除高成本摩擦，並帶來以洞察驅動的成長。第二，人力增能。真正的增能不只是給客服人員一個機器人。而是對技術有足夠深刻的理解，從根本上重塑第一線體驗。我們優化人與技術的介面，將例行瑣事自動化。我們的同仁可運用個人化洞察，提供更客製化、更高價值的客戶體驗。第三，營運卓越。為了強化我們的市場拓展（go-to-market）以及內部營運，我們正更深入運用我們深厚的技術與流程專業。

We’re automating internal redundant tasks and using analytics to gain insight into key value drivers to accelerate our growth and reduce cost. Our AI strategy is woven throughout our end-to-end approach, spanning consulting, technology, and managed services. I’ll share two quick stories that highlight how AI is helping us bring people, processes, and technology together, not just to talk about innovation and positive business outcomes, but to deliver them. First, let’s look at a new client of ours, a fast-growing telehealth provider. They needed to optimize a complex ecosystem of payers, providers, and patients with disparate systems, customer needs, and industry regulations. They chose us to design, build, and operate an AI-driven roadmap that will unify their tech stack and empower frontline human healthcare advisors with real-time insights.

我們正在將內部重複性工作自動化，並運用分析洞察關鍵價值驅動因素，以加速成長並降低成本。我們的 AI 策略貫穿端到端的方法，涵蓋顧問服務、技術與委外管理服務。我將分享兩個簡短案例，說明 AI 如何協助我們把人員、流程與技術整合在一起，不只是談論創新與正向的業務成果，而是交付成果。首先，來看我們的一位新客戶——一家快速成長的遠距醫療服務供應商。他們需要在系統各異、客戶需求不同且受產業法規約束的情況下，優化由付款方、醫療服務提供者與病患所構成的複雜生態系。他們選擇我們來設計、建置並營運一套 AI 驅動的路線圖，以整合其技術堆疊，並以即時洞察賦能第一線的人類醫療顧問。

With our solution in place, our client will be able to improve health outcomes at scale by balancing high-touch service with high-speed efficiency. The second example is a longtime partner of ours, a global travel brand. They were struggling with fragmented AI adoption and inconsistent results across dozens of different partners. We’ve been helping them move millions of their travellers around the world for over a decade. We understand the complexity and unpredictability that they face every day. When it was time to level up their CX, they realized that their outside consultants, systems integrators, and even their own internal IT teams didn’t have the AI experience or operational depth to meet their needs. They chose us because we knew their systems, processes, business, and most importantly, their customers almost as well as they did.

在我們的解決方案到位後，我們的客戶將能夠在規模化的情況下改善健康成果，於高接觸式服務與高速效率之間取得平衡。第二個例子是我們長期合作的夥伴——一家全球旅遊品牌。他們在數十家不同合作夥伴之間的 AI 導入零散，且成果不一致，因而陷入困境。十多年來，我們一直協助他們讓數以百萬計的旅客在全球各地移動。我們理解他們每天面對的複雜性與不可預測性。當需要提升其 CX 時，他們意識到外部顧問、系統整合商，甚至其內部 IT 團隊，都缺乏滿足其需求所需的 AI 經驗或營運深度。他們選擇我們，是因為我們了解他們的系統、流程與業務，更重要的是，我們對他們客戶的了解幾乎與他們自己一樣深入。

Together, these examples highlight the strength of our AI-enabled end-to-end value proposition and why it’s so important for our long-term growth. By integrating strategy, technology, and operations into a single delivery engine, we address a core challenge in our industry, the execution gap. Because we deliver a continuously improving CX ecosystem with clear accountability, we’re enabling solutions that are not only innovative, but durable and future-proof. We’re encouraged that our strategy is beginning to take form, even if it hasn’t hit the numbers column yet. Our pipeline is growing. We’re closing new deals, and the level of engagement from our clients tells us we’re on the right path for long-term growth. Now I’ll turn to our segments. We’ll start with our digital customer experience business, TTEC Engage. We’re continuing to focus our efforts on three specific areas of the business.

綜合而言，這些案例凸顯了我們以 AI 賦能的端到端價值主張之強大，以及其對我們長期成長為何如此重要。透過將策略、技術與營運整合為單一交付引擎，我們解決了本產業的一項核心挑戰——執行落差。由於我們交付的是一個持續改善、且責任歸屬清晰的 CX 生態系，我們得以提供不僅具創新性，且更具持久性與面向未來的解決方案。我們很受鼓舞，因為我們的策略正開始成形，即使它尚未反映在數字欄位上。我們的商機管線正在成長。我們正在拿下新案子，而客戶的參與程度也告訴我們，我們正走在長期成長的正確道路上。接下來我將談我們的各事業部門。我們先從數位客戶體驗業務 TTEC Engage 開始。我們持續將重點放在業務的三個特定領域。

First, our continued offshore expansion is supporting both cost efficiency and scale. Our offshore revenue mix has increased from 34% to 38% for the 12 months ended March 31, 2026, compared to the prior year period. We expect by the end of the year, we will be delivering over 40% offshore. Second, we’re actively refining our client mix by intentionally exiting a few lower-margin accounts and prioritizing higher value, more complex engagements. Third, embedding AI across our associates’ lifecycle, from recruitment to learning and performance management. While these capabilities are just beginning to scale, results to date are encouraging. For example, through AI-aided hiring using our Smart Hire screening approach, we’ve increased interview-to-hire rates by as much as 25%, with early signals showing meaningful improvements in the retention and quality of the hire.

第一，我們持續擴大離岸布局，以同時支援成本效率與規模化。截至 2026 年 3 月 31 日止的 12 個月，我們的離岸營收占比由 34% 提升至 38%，相較於前一年度同期。我們預期到年底，離岸交付將超過 40%。第二，我們正積極優化客戶組合，刻意退出少數低毛利帳戶，並優先投入更高價值、更複雜的合作案。第三，將 AI 嵌入我們同仁的全生命週期，從招募到學習與績效管理。雖然這些能力才剛開始規模化，但迄今成果令人鼓舞。例如，透過我們的 Smart Hire 篩選方法進行 AI 輔助招募，我們將面試到錄用的轉換率最高提升了 25%，且早期訊號顯示，留任率與錄用品質均有顯著改善。

In learning and performance, over 100 engaged clients and over 25,000 associates now operate on our TTEC Perform platform. In select programs, we’re seeing improvements in NPS, and higher quality scores tied to AI-enabled coaching and support. We’re seeing strong results with our accent softening and language translation platforms. These AI-supported tools are enabling offshore deployment that delivers premium voice experiences without compromising scale. Our TTEC Engage pipeline is healthy as customer-centric brands seek partners that can move quickly and demonstrate results. Our vertical-focused go-to-market platform is yielding year-over-year pipeline growth with larger average deal sizes. While some of these opportunities involve more complex commercial models and therefore take longer to close, we remain confident in both the pipeline and our outcome-focused strategy. On to TTEC Digital, where we continue to evolve our professional and managed services to align with how clients are approaching digital transformation.

在學習與績效方面，目前已有超過 100 家活躍客戶與超過 25,000 名同仁在我們的 TTEC Perform 平台上運作。在部分專案中，我們看到 NPS 改善，且在 AI 賦能的教練輔導與支援帶動下，品質分數更高。我們的口音柔化與語言翻譯平台也展現強勁成效。這些 AI 支援工具使離岸部署得以提供高端語音體驗，同時不犧牲規模。隨著以客戶為中心的品牌尋求能快速行動並展現成果的合作夥伴，我們的 TTEC Engage 商機管線維持健康。我們以垂直產業為導向的市場進入平台，帶來年對年管線成長，且平均案量更大。雖然其中部分機會涉及更複雜的商業模式，因此需要更長時間才能成交，但我們對管線以及以成果為導向的策略仍具信心。接著談 TTEC Digital，我們持續演進專業服務與代管服務，以符合客戶推動數位轉型的方式。

As a data, AI, and security partner for our CX solutions, we’re helping our clients optimize the tech they already have while making sure their CCaaS, CRM, and AI investments are disciplined, secure, and built to scale. Q1 results were largely impacted by the short cycle nature of our professional services business. Although we achieved nearly 90% of our bookings target and a 96% book-to-bill ratio, 50% of our bookings closed in the final 3 weeks of the quarter. While this concentration led to a shortfall against our initial targets, the increase in late-quarter demand and pipeline strength is encouraging. With new leadership in place, we’re confident in our ability to manage through these timing delays as we build a more consistent and resilient foundation for growth. Our progress is driven by a clear market evolution.

作為我們 CX 解決方案的資料、AI 與資安合作夥伴，我們協助客戶在最佳化既有技術的同時，確保其 CCaaS、CRM 與 AI 投資具紀律、可控安全，並可擴展至更大規模。第一季結果主要受到我們專業服務業務週期較短的特性影響。儘管我們達成接近 90% 的接單目標，且 book-to-bill 比率為 96%，但有 50% 的訂單是在該季最後 3 週才完成簽訂。雖然這種集中度導致相較於我們最初目標出現落差，但季末需求上升與管線強度令人鼓舞。在新領導團隊到位後，我們有信心在建立更一致且更具韌性的成長基礎之際，能妥善管理這些時點延遲。我們的進展由明確的市場演變所驅動。

Clients want to navigate the AI landscape without abandoning their existing investments. Our CX and technical expertise allows us to optimize their current platforms, whether hyperscalers or best-in-breed tools. Where we see gaps in the market, we’re building proprietary software to stitch the CX ecosystem together. By infusing these tools with AI, we can deliver secure, rapid results without forcing our clients into those costly and disruptive rip-and-replace projects that everybody wants to avoid. Our AI Gateway launches this quarter highlights our fit-for-purpose software strategy. As a proprietary integration platform, it bridges existing CCaaS systems with leading AI platforms, shrinking deployment timelines from months to weeks. This momentum is extending across all our CX technology solutions, including our modern data state and our AI observability platforms currently in beta. These new software solutions are meeting growing demand as we address urgent client needs for data readiness and systems transparency and accuracy.

客戶希望在不放棄既有投資的前提下，駕馭 AI 版圖。我們的 CX 與技術專長，使我們能最佳化其現有平台，不論是超大規模雲端供應商（hyperscalers）或同級最佳工具。在我們看到市場缺口之處，我們正打造自有軟體，將 CX 生態系串接起來。透過將 AI 注入這些工具，我們能在不迫使客戶進行昂貴且具破壞性的「汰換重建（rip-and-replace）」專案（這是所有人都想避免的）之下，交付安全且快速的成果。我們本季推出的 AI Gateway，凸顯了我們以特定目的打造（fit-for-purpose）的軟體策略。作為自有整合平台，它連接既有 CCaaS 系統與領先的 AI 平台，將部署時程由數月縮短至數週。這股動能正延伸至我們所有的 CX 技術解決方案，包括我們的現代化資料狀態（modern data state）以及目前處於 beta 的 AI 可觀測性平台。隨著我們回應客戶對資料就緒度與系統透明度及準確性的迫切需求，這些新軟體解決方案正滿足日益成長的市場需求。

These platforms, combined with our tenured relationships with the leading CX technology titans, positions TTEC as a partner designed to accelerate scalable growth. Working side by side with our clients, we’re unlocking faster insight to action cycles, strengthening trust in AI-driven decisions, and expanding long-term value creation through more intelligent, differentiated customer experiences. In closing, across both business segments, we recognize that our financial results are still catching up to our go-to-market and operational progress. The shift, however, towards our historic growth and margin profile is well underway. We remain disciplined and focused on our fundamentals that include strengthening our differentiated position as an end-to-end CX transformation partner through our vertical specific solutions, strategic technology partnerships, and proprietary software.

這些平台，加上我們與領先 CX 技術巨頭的長期合作關係，使 TTEC 成為一個旨在加速可規模化成長的合作夥伴。我們與客戶並肩合作，縮短從洞察到行動的週期，強化對 AI 驅動決策的信任，並透過更智慧、差異化的客戶體驗，擴大長期價值創造。總結而言，跨兩大事業部門，我們認知到財務結果仍在追趕我們在市場進入與營運上的進展。然而，朝向我們歷史性的成長與利潤率輪廓的轉變已在順利推進。我們仍保持紀律並聚焦於基本面，包括透過垂直產業專屬解決方案、策略性技術夥伴關係與自有軟體，強化我們作為端到端 CX 轉型合作夥伴的差異化定位。

Winning higher value technology and services opportunities with our existing client base and new clients, and continuing to improve our profitability by strategically rebalancing our client portfolio, driving operational efficiencies, and capitalizing on global talent pools. We have the right team, platform, and strategy in place to capture the significant long-term opportunities ahead. By applying an agile approach to innovation and doubling down on AI-driven efficiency, we’re doing far more than just navigating a changing market. We’re positioning TTEC to own it in the future. On behalf of our board, leadership, and teams around the world, thank you for your continued support, and I’ll now hand the call over to Kenny.

在既有客戶與新客戶中贏得更高價值的技術與服務機會，並透過策略性再平衡客戶組合、推動營運效率，以及善用全球人才庫，持續提升獲利能力。我們已具備合適的團隊、平台與策略，以掌握前方重大的長期機會。透過採用敏捷的創新方法並加倍投入 AI 驅動的效率提升，我們所做的遠不只是因應變動中的市場。我們正在讓 TTEC 在未來取得主導地位。我謹代表董事會、管理團隊以及全球各地的團隊，感謝各位持續的支持，接下來我將把電話會議交給 Kenny。

Thank you, Ken, and good morning. I will start with a review of our first quarter 2026 financial results before discussing our reiterated full year 2026 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 press release. Turning to our results on a consolidated basis for the first quarter of 2026 compared to the prior year period, revenue was $496 million compared to $534 million, a decrease of 7.1%. Adjusted EBITDA was $46 million or 9.2% of revenue compared to $56 million or 10.6%.

謝謝你，Ken，早安。我將先回顧我們 2026 年第一季的財務結果，接著再說明我們重申的 2026 全年財務展望。在我對第一季財務結果的討論中，營收係以 GAAP 基礎呈列，而 EBITDA、營業利益與每股盈餘則以非 GAAP 調整後基礎呈列。我們 GAAP 與非 GAAP 結果的完整調節表已包含在隨同我們財報新聞稿所附的表格中。就 2026 年第一季合併基礎結果與去年同期相比，營收為 4.96 億美元，去年同期為 5.34 億美元，下降 7.1%。調整後 EBITDA 為 4,600 萬美元，占營收 9.2%，去年同期為 5,600 萬美元，占營收 10.6%。

Operating income was $32 million or 6.4% of revenue compared to $41 million or 7.8%. EPS was $0.15 compared to $0.28. Foreign exchange had a positive $8 million impact on revenue in the first quarter over the prior year period, primarily in our Engage segment, while having a nominal impact on adjusted EBITDA and operating income. Turning to our first quarter 2026 segment results. In our Engage segment, first quarter revenue decreased 7.5% over the prior year period to $394 million. Operating income was $25 million or 6.3% of revenue compared to $29 million or 6.9% of revenue in the prior year. The Engage segment’s first quarter revenue was in line with our expectations.

營業利益為 3,200 萬美元，占營收 6.4%，去年同期為 4,100 萬美元，占營收 7.8%。每股盈餘（EPS）為 0.15 美元，去年同期為 0.28 美元。外匯在第一季相較去年同期對營收帶來 800 萬美元的正面影響，主要來自我們的 Engage 部門，而對調整後 EBITDA 與營業利益的影響則不顯著。接著說明我們 2026 年第一季各部門的結果。在 Engage 部門，第一季營收較去年同期下降 7.5% 至 3.94 億美元。營業利益為 2,500 萬美元，占營收 6.3%，去年同期為 2,900 萬美元，占營收 6.9%。Engage 部門第一季營收符合我們的預期。

As discussed in my fourth quarter 2025 earnings comments, and as Ken mentioned, we forecasted lower first half revenue for Engage compared to the prior year as we rationalize a small number of underperforming clients and continue to expand our offshore mix. These actions are deliberate as we continue to focus on profitability despite near-term pressure on revenue. Based on embedded base expansion and new client launches, we are still on track to return to top line growth in the second half of the year at higher profit margins. It is also important to note that the year-over-year revenue variance was impacted by a Public Sector seasonal client, which accounted for over 40% of the first quarter revenue decline.

如同我在 2025 年第四季財報評論中所述、以及 Ken 所提到的，我們預期 Engage 上半年營收將低於去年同期，原因在於我們正精簡少數表現不佳的客戶，並持續提高離岸交付占比。這些行動是有意為之，因為即使短期營收承壓，我們仍持續聚焦於獲利能力。基於既有客戶的內生擴張以及新客戶上線，我們仍按計畫在下半年恢復營收成長，且利潤率更高。同時也必須指出，年對年營收差異亦受到一位公共部門季節性客戶的影響，該客戶占第一季營收下滑幅度的 40% 以上。

First quarter 2026 Engage profitability was slightly below our plan, primarily related to a receivable generated from one of our largest public sector clients that Ken referenced in his comments. This impact was timing related and resulted in approximately $3 million of lower revenue and profitability in the quarter. Adjusting for this impact, engage first quarter revenue was $397 million, with operating income of $28 million or 7% of revenue, a slight margin increases over the prior year. We expect this positive adjustment to be recorded in our second quarter results as a portion of this receivable has already been resolved. We remain confident in the actions we have taken and continue to implement to drive higher profitability in our Engage segment. That said, these decisions do not necessarily result in straight line improvements.

2026 年第一季 Engage 的獲利能力略低於我們的計畫，主要與 Ken 在評論中提到、來自我們最大公共部門客戶之一所產生的一筆應收款項有關。此影響屬於時點因素，導致本季營收與獲利約少了 300 萬美元。若排除此影響，Engage 第一季營收為 3.97 億美元，營業利益為 2,800 萬美元，占營收 7%，相較去年同期利潤率略有提升。我們預期這項正向調整將在第二季結果中入帳，因為該筆應收款項已有部分獲得解決。我們對已採取並持續推動、以提升 Engage 部門獲利能力的各項措施仍具信心。不過，這些決策未必會帶來線性、逐季的改善。

While our first quarter Engage operating income declined versus the prior year, we anticipate this trajectory to positively change in the second quarter, with margins further expanding throughout the second half of the year. The Engage backlog is $1.51 billion or 94% of our 2026 revenue guidance at the midpoint of the range, down from 101% for the same period of 2025. The Engage last twelve-month revenue retention rate is 94%, an improvement over the 88% for the same period last year. In our Digital segment, first quarter revenue was $102 million, a decrease of 5.7% over the prior year.

儘管第一季 Engage 的營業利益較去年同期下滑，我們預期此走勢將在第二季出現正向轉變，且利潤率將在下半年進一步擴張。Engage 的在手訂單（backlog）為 15.1 億美元，約為我們 2026 年營收指引區間中點的 94%，低於 2025 年同期的 101%。Engage 過去十二個月的營收留存率為 94%，優於去年同期的 88%。在 Digital 部門，第一季營收為 1.02 億美元，較去年同期下降 5.7%。

Operating income was $7 million or 6.6% of revenue compared to $12 million or 11.2% of revenue for the same period last year. Digital’s first quarter 2026 revenue was slightly below expectations, with revenue mix impacting profitability. Recurring revenue declined 7.3% primarily within one of our traditional CCaaS practices due to the ongoing market shift away from legacy contact centre point solutions. This decline was expected, and we continue to structure our managed services resources to align with forecasted revenue. Excluding our two legacy CCaaS practices, professional services grew 15.3% year-over-year. This growth reflects the momentum we are seeing in our expanded CX technology partnership network as we optimize clients’ existing platforms through end-to-end transformative solutions.

營業利益為 700 萬美元，占營收 6.6%，去年同期為 1,200 萬美元，占營收 11.2%。Digital 於 2026 年第一季的營收略低於預期，且營收組合影響了獲利能力。經常性營收下降 7.3%，主要發生在我們其中一項傳統 CCaaS 業務，原因是市場持續轉向遠離傳統聯絡中心單點解決方案。此下滑在預期之內，我們也持續調整託管服務資源配置，以符合預測的營收水準。排除我們兩項傳統 CCaaS 業務後，專業服務年對年成長 15.3%。此成長反映出我們在擴大的 CX 技術合作夥伴網路中所見的動能；我們透過端到端的轉型解決方案，協助客戶最佳化其既有平台。

We are pleased with the first quarter double-digit growth in these practices and expect them to scale more rapidly throughout the year. Digital’s total first quarter professional services revenue decreased 4.8% compared to the prior year, as front-end consulting engagements related to cloud migrations declined. The professional services revenue was also impacted by new contracted business signed during the quarter with approximately 50% closed during the last three weeks. This pushed revenue out to the second quarter and beyond, negatively impacting first quarter profitability. Although these deals are not reflected in our current quarter results, we are pleased with the sales momentum. First quarter revenue benefited from product resale, which represented 2.5% of Digital’s total first quarter revenue compared to 1.7% in the prior year.

我們對這些業務在第一季達成雙位數成長感到滿意，並預期其在全年將更快速擴張。Digital 第一季專業服務總營收較去年同期下降 4.8%，原因是與雲端遷移相關的前端顧問專案減少。專業服務營收亦受到本季新簽約業務的影響，其中約 50% 於最後三週才完成結案。這使得營收遞延至第二季及之後，對第一季獲利造成負面影響。雖然這些交易尚未反映在本季結果中，但我們對銷售動能感到滿意。第一季營收亦受惠於產品轉售，產品轉售占 Digital 第一季總營收的 2.5%，去年同期為 1.7%。

Although we still expect these product resales to decline on a full year basis, as discussed in our fourth quarter commentary, we will participate in intermittent opportunities as they arise. However, we remain focused on our core growth strategies across professional services and recurring revenue in our non-traditional CCaaS practices. Our digital backlog is $325 million or 76% of our 2026 revenue guidance at the midpoint of the range, essentially flat to the 77% for the same period last year. I will now share other first quarter 2026 metrics before discussing our outlook. Free cash flow was $21 million in the first quarter of 2026 compared to $16 million in the prior year. The year-over-year improvement of $5 million is due to an additional $6 million of cash flow from operations, less an increase in capital expenditures of $1 million.

雖然如同我們在第四季評論中所述，我們仍預期這些產品轉售在全年基礎上將下滑，但在機會出現時，我們仍會參與零星的專案。然而，我們仍聚焦於核心成長策略：在非傳統 CCaaS 業務中的專業服務與經常性營收。我們的 Digital 在手訂單為 3.25 億美元，約為我們 2026 年營收指引區間中點的 76%，與去年同期的 77% 大致持平。在討論展望之前，我將先分享其他 2026 年第一季指標。2026 年第一季自由現金流為 2,100 萬美元，去年同期為 1,600 萬美元。年對年增加 500 萬美元，係因營運活動帶來的現金流增加 600 萬美元，扣除資本支出增加 100 萬美元。

The increase in cash generation reflects our continued focus on cash management and working capital improvements. In the first quarter of 2026, capital expenditures were $6 million or 1.3% of revenue compared to $5 million or 1% in the prior year. Approximately 60% of the current quarter spend relates to growth in product development, real estate expansion, and client technology investments. As of March 31st, 2026, cash was $89 million with $892 million of debt, primarily representing borrowings under our recently amended $1.05 billion revolving credit facility. The net debt position of $803 million represents a year-over-year decrease of $79 million as we continue to focus on cash flow generation and debt reduction.

現金創造能力的提升反映出我們持續聚焦於現金管理與營運資金改善。2026 年第一季資本支出為 600 萬美元，占營收 1.3%，去年同期為 500 萬美元，占營收 1%。本季支出約 60% 與產品開發成長、不動產擴張以及客戶技術投資相關。截至 2026 年 3 月 31 日，現金為 8,900 萬美元，負債為 8.92 億美元，主要為我們近期修訂之 10.5 億美元循環信用額度項下的借款。淨負債為 8.03 億美元，年對年減少 7,900 萬美元，因我們持續聚焦於現金流創造與降低負債。

We ended the first quarter 2026 with a net leverage ratio as defined under our credit facility of 3.77 times, relatively unchanged over the prior year period. Our normalized tax rate was 52.9% in the first quarter of 2026 compared to 37.9% in the prior year. The tax rate is primarily due to the jurisdictional mix of pre-tax income. The impact of the U.S. valuation allowance recorded against the U.S. pre-tax losses will continue to impact the normalized tax rate, with the rate fluctuating based on the total pre-tax income and the mix between foreign and U.S. jurisdictions. Turning to our 2026 outlook, I will now provide some context supporting our full year financial guidance. Overall, our first quarter results were in line with expectations, taking into account the timing considerations mentioned for both TTEC Engage and TTEC Digital.

我們在 2026 年第一季結束時，依據我們的信貸協議所定義的淨槓桿比率為 3.77 倍，與去年同期相比大致持平。我們 2026 年第一季的常態化稅率為 52.9%，相較於去年同期的 37.9%。該稅率主要是由稅前所得的司法管轄區組合所致。針對美國稅前虧損所認列的美國估值備抵（valuation allowance）之影響將持續影響常態化稅率，且稅率將隨總稅前所得以及海外與美國司法管轄區之間的組合而波動。接著談我們對 2026 年的展望，我現在將提供一些背景脈絡，以支持我們全年財務指引。整體而言，考量到先前提及 TTEC Engage 與 TTEC Digital 兩者的時點因素，我們第一季的結果符合預期。

Our Engage segment is expected to return to improved profitable year-over-year growth starting in the second quarter, primarily driven by the operating and cost management actions implemented over the past two years to return to historical margins. We continue to build on this foundation through the rationalization of certain clients’ underperforming business and the growth of offshore revenue mix. These actions don’t always translate to growth over the prior year and every quarter but are important contributors to delivering to our full year improvements and keeping us on course for longer term margin expansion. In our Digital segment, we are executing on the shifting market demands through new partnerships for AI, data, and security. These factors, combined with our in-depth knowledge and years of experience working with end-to-end CX platforms, position us to profitably scale these practices in 2026.

我們預期 Engage 事業部將自第二季起恢復為較佳的年對年獲利性成長，主要受惠於過去兩年所推動的營運與成本管理措施，以回到歷史毛利率水準。我們也透過精簡部分客戶表現不佳的業務，以及提升離岸營收占比，持續在此基礎上深化。這些行動不一定每一季都能轉化為相較去年同期的成長，但它們是實現全年改善、並讓我們維持在長期利潤率擴張軌道上的重要貢獻因素。在 Digital 事業部方面，我們正透過 AI、資料與資安的新合作夥伴關係，來因應市場需求的轉變並加以落實。這些因素，加上我們對端到端 CX 平台的深入理解與多年經驗，使我們在 2026 年具備以獲利方式擴大這些實務能力的有利條件。

As with any market shift, the timing of revenue and related margins are not necessarily aligned to reflect consistent quarterly improvements. However, we remain confident in our ability to deliver on our full year 2026 guidance. Please reference our commentary in the business outlook section of our first quarter 2026 earnings press release to obtain our expectations for our reiterated 2026 full year guidance at the consolidated and segment level. In closing, we remain committed to our goals of continued profitable growth, cash flow improvement, and debt reduction. These objectives are at the forefront of every decision we make and require continued focus and operational execution across the business. We are appreciative of the dedication of our leadership and employees around the globe and for the support from all our stakeholders. I will now turn the call back to Bob.

如同任何市場轉變，營收的時點與相關利潤率未必一致，因此不一定能反映為每季持續改善。然而，我們仍對達成 2026 年全年指引充滿信心。請參考我們 2026 年第一季財報新聞稿中「業務展望」段落的評論，以了解我們對重申之 2026 年全年指引在合併層級與各事業部層級的預期。最後，我們仍致力於持續的獲利性成長、改善現金流，以及降低負債。這些目標是我們每一項決策的核心，並需要全公司持續聚焦與營運執行。我們感謝全球各地領導團隊與員工的投入，也感謝所有利害關係人的支持。我現在把電話交回給 Bob。

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.

謝謝你，Kenny。在開始提問前，我們請各位一次將問題限制在一到兩個。接線員，請開放線路。

Thank you, sir. We will now begin the question-and-answer session.

謝謝您，先生。我們現在開始問答環節。

(Operator Instructions).

(接線員指示)。

Thank you. Obviously, a little noise in the quarter, so I wanted to kind of think about the industry narrative around the whole space. On one hand, your Q4 would sort of play into the narrative, but I’d say on the other hand, your larger pipeline for Engage with higher average deal sizes would play against it. I just wanted to make sure I sort of fully understood the pipeline that you’re looking at and at the same time, the deliberate rationalization you’re having with some other clients. I assume the new clients you bring in come in at much higher margins than the clients that you are rationalizing.

謝謝。顯然本季有一些雜音，所以我想從整個產業對這個領域的敘事角度來思考一下。一方面，你們的第四季表現似乎符合那種敘事；但另一方面，你們 Engage 的更大管線、且平均交易規模更高，則似乎與之相反。我想確認我是否充分理解你們正在觀察的管線，同時也理解你們對部分其他客戶所進行的刻意精簡（rationalization）。我假設你們導入的新客戶，其利潤率會明顯高於你們正在精簡的那些客戶。

Hi, George. How are you doing? Good morning. I’m not fully understanding the question. Maybe what I’ll do is just give a bit of a narrative on the health of the pipeline and of the business. Is that what you’re asking of me?

嗨，George。你最近如何？早安。我沒有完全理解你的問題。也許我可以先就管線與業務的健康狀況，提供一些敘事性的說明。這是你想問我的嗎？

Obviously, there’s a narrative in the market about AI’s impact, and your pipeline would suggest when you’re seeing larger average deal sizes in that space, that’s very intriguing.

顯然市場上有一種關於 AI 影響的敘事，而你們的管線顯示在那個領域你們看到更大的平均交易規模，這非常耐人尋味。

Yeah.

是的。

I wanted to get behind that a little bit and understand it.

我想更深入了解背後的情況並加以理解。

Yeah. First of all, I’m not trying to come across as a contrarian, up to this point, as it relates to the DCX Engage business, we’re not feeling reduction in volumes due to AI. We’re not suggesting that over time that won’t take place, at this point in time, which is not something we’re seeing. As a matter of fact, what we’re actually seeing right now is a significant amount of activity with net new clients that are expanding, as well as our embedded base that is now coming to us and expanding on many of our larger accounts.

是的。首先，我並不是想刻意唱反調；就目前為止，針對 DCX Engage 業務，我們並未感受到因 AI 而導致的量能下滑。我們並不是說隨著時間推移不會發生，但就目前而言，這不是我們所看到的情況。事實上，我們現在看到的是大量活動：淨新增客戶在擴張，同時我們既有的嵌入式客戶基礎也開始找我們，在許多較大型的客戶上擴大合作。

That coupled with the fact that on the DCX, the actual amount of deals that have already been closed in first quarter and the deals that we expect to close in the second quarter is what gives us confidence to maintain our guidance. Frankly, we’re really feeling good right now about what we’re seeing coming at us, the deals that we’re closing, the mix of the deals that are now starting to take advantage of our digital capabilities. We feel like that’s giving us a very significant edge because we can demonstrate to clients that not only do we have the right partnerships, but we have such a deep understanding technologically of what our clients are dealing with, as well as what our, what our partners have to offer.

再加上在 DCX 方面，第一季已經完成簽約的交易數量，以及我們預期在第二季完成簽約的交易，正是讓我們有信心維持指引的原因。坦白說，我們對目前看到的機會、正在完成的交易，以及交易組合開始運用我們數位能力的趨勢，都感到非常振奮。我們認為這讓我們具備非常顯著的優勢，因為我們能向客戶證明：我們不僅擁有正確的合作夥伴關係，也對客戶所面臨的技術議題，以及我們合作夥伴能提供的內容，有非常深刻的理解。

Therefore, it’s giving us an edge to be able to demonstrate to our clients that we can have an impact on their business from an efficiency standpoint as it relates to us applying, technology and applying, AI. The fact of the matter is that the pot is still so large, and we’re so relatively small to the overall size of that TAM, that we’re still seeing and feeling and winning, you know, many, many opportunities. In the first quarter, I actually we’ll wait till second quarter before we quote, the number of net new clients that we’ve signed. What I would just simply say to you is that on a new logo standpoint, we’re well ahead of last year’s first quarter of net new logos.

因此，這讓我們更具優勢，能向客戶展示：從效率的角度來看，當我們導入技術並應用 AI 時，能對他們的業務產生影響。事實是，這個市場的「池子」仍然非常大，而相對於整體 TAM 的規模，我們仍然相當小，因此我們仍在看到、感受到並贏得很多很多機會。在第一季，關於我們簽下的淨新增客戶數，我會等到第二季再引用具體數字。我只能簡單告訴你，就新客戶標誌（new logo）的角度而言，我們遠遠領先於去年第一季的淨新增新客戶標誌數。

We’re confident with the logos that we are in the process of signing that that trend is going to continue for sure through second quarter. I’m not trying to in any way, you know, over emphasize the potential in the market other than to just simply say that we feel that the marketplace is healthy. The providers that are providing high quality service are winning consolidated business from other providers who, you know, for whatever reason, aren’t performing. That unto itself provides very significant amounts of future opportunity for us as well as the space, you know, continues to kind of go through an organic and inorganic consolidation.

我們對於目前正在簽約流程中的那些標誌性客戶（logos）很有信心，這股趨勢肯定會延續到第二季。我並不是想以任何方式、你知道的，過度強調市場的潛力；我只是想簡單地說，我們認為市場狀況是健康的。那些提供高品質服務的供應商，正在從其他供應商手中贏得整合後的業務；而那些其他供應商，出於各種原因，你知道的，表現並不到位。這本身就為我們帶來非常可觀的未來機會，同時這個領域也在持續經歷某種有機與無機的整併。

My other question relative to the concept of avoiding rip and replace, and you mentioned you can actually bridge the existing CX with AI. Can you just give sort of a tangible example of what you’re referring to there?

我還有一個問題，關於避免「拆掉重做」（rip and replace）的概念；你提到其實可以用 AI 去橋接既有的 CX。你能不能給一個比較具體的例子，說明你指的是什麼？

You’re speaking about what was in my script? Is that?

你是在說我講稿裡的那段嗎？是那個嗎？

Correct.

對。

That’s what you’re pointing at? When you say tang-

你指的是那個？你說具體—

Yes.

是。

When you say I just, again, I want to make sure that I’m being more precise on answering your question. We have, you know, with our AI media Gateway, if that’s what you’re, if that’s what you’re speaking about, we have multiple clients, and Digital is working on not only multiple clients, but actually working with multiple hyperscalers, where they’re taking advantage of our AI Gateway, which allows us to very quickly integrate to our client CTAS systems, virtually all the major AI product offerings that are out there that people are focused on. I’m talking about primarily the hyperscalers, which would be, you know, Google’s CCAI product offerings. I’m talking about AWS’s Llama offerings. I’m talking about Microsoft’s Copilot offerings, et cetera.

當你這麼說時，我再一次想確認，我能更精準地回答你的問題。我們有，你知道的，透過我們的 AI 媒體 Gateway（閘道器），如果你指的是這個的話，我們有多個客戶；而且 Digital 團隊不只是服務多個客戶，實際上也在與多家超大規模雲端服務商（hyperscalers）合作，他們正在利用我們的 AI Gateway。這讓我們能非常快速地整合到客戶的 CTAS 系統，把市面上幾乎所有大家關注的主要 AI 產品能力都接進來。我主要指的是那些 hyperscalers，例如，你知道的，Google 的 CCAI 產品組合。我指的是 AWS 的 Llama 產品組合。我指的是 Microsoft 的 Copilot 產品組合，等等。

We’re able to demonstrate to clients through our sandbox that we can implement this in a fraction of the time that the other whether they be GSIs or other companies. This has allowed us to really attract a very significant lead flow from our partners, and that lead flow is what we’re focused on and what we’re converting.

我們能透過我們的 sandbox 向客戶展示：相較於其他（不論是 GSI 或其他公司），我們可以用更短的時間、只需其一小部分的時間就把這些落地。這讓我們確實從合作夥伴那裡吸引到非常可觀的商機線索（lead flow），而這些線索正是我們目前聚焦並在轉化的。

Got it. Makes sense. Thanks for the clarity.

了解。有道理。謝謝你說明得更清楚。

Thanks, George.

謝謝你，George。

Maggie Nolan of William Blair

William Blair 的 Maggie Nolan

Thank you. Good morning.

謝謝。早安。

Good morning.

早安。

I’m hoping you can comment on, you know, you made a comment that new proposals, most of the new proposals now incorporate AI, and I’m hoping you can give us some insight into kind of the average deal size and implementation timeline for some of these AI-enabled digital engagements as they compare to legacy contracts.

我希望你能評論一下：你提到現在新的提案中，大多數都納入了 AI；我也希望你能給我們一些洞見，關於這些具備 AI 能力的數位專案（engagement），其平均交易規模與導入時程，和傳統合約相比大概如何？

That’s a great question. It’s not an easy one to answer only because it’s so dependent upon our clients’ data estates and how much data that we can actually gain access to. What I mean by that is that if it’s a company that was relatively born natively digital, then our ability to provide a much more AI-intensive capability as it relates to voice bots and chatbots can be done in a very reasonable period of time, measured in 3 months or so. In some cases, if it’s just the basic front end, even less.

這是個很好的問題。但不太容易回答，因為它非常取決於客戶的資料資產（data estates）以及我們實際能取得多少資料存取權。我的意思是，如果是一家相對「原生數位」（born natively digital）的公司，那麼我們在語音機器人與聊天機器人等方面提供更 AI 密集的能力，通常可以在相當合理的時間內完成，大約以 3 個月左右來衡量。有些情況下，如果只是基本的前端，甚至更快。

With many of our clients that are in the Fortune 500 category that have very large legacy systems with a myriad of siloed systems. To give you an example, a client that we recently completed a large project for, they have 235 separate systems that we had to actually connect to real time. That project took 24 months, in order for us to be able to write all the APIs, tap all the different systems, et cetera, and then get synchronization out of them. The, you know, the big misnomer about taking advantage of AI is that people don’t fully appreciate how complex it is for companies to achieve a modern data estate.

但我們許多屬於《財富》500 大的客戶，擁有非常龐大的舊有系統，以及大量彼此隔離的系統孤島。舉例來說，我們最近為某位客戶完成了一個大型專案，他們有 235 個獨立系統需要我們實際連接到即時（real time）。那個專案花了 24 個月，才能讓我們寫完所有 API、接入所有不同系統等等，並把它們的同步做出來。關於運用 AI 的一個很大的誤解是，人們沒有充分理解：企業要達成現代化的資料資產（modern data estate）有多麼複雜。

That is really one of the biggest issues that most of these legacy companies have, is that their data is in so many different systems. Those systems don’t necessarily even talk to each other. It’s our job to bring all of that together. What our focus is when we’re going into a client is the stuff that we know that we can turn on almost immediately. Those are the tools that augment their associates or our associates. What is it that we can do with AI from a QA standpoint? What is it that we can do with AI from a real-time language translation standpoint? What is it that we can do with AI from a scheduling and forecasting standpoint?

這確實是多數這些傳統企業面臨的最大問題之一：他們的資料分散在太多不同系統裡。而且這些系統甚至不一定彼此互通。把這一切整合起來是我們的工作。我們進到客戶端時的重點，是那些我們知道幾乎可以立刻啟用的項目。也就是能增強他們的客服人員或我們的客服人員的工具。從 QA（品質保證）的角度，我們能用 AI 做什麼？從即時語言翻譯的角度，我們能用 AI 做什麼？從排班與預測的角度，我們能用 AI 做什麼？

What is it that we can do with AI from a training, a learning and development standpoint of building new curriculum, new capabilities? These are all things that are designed to augment the associate to get more proficiency, more accuracy, more quality out of the associate, and to allow them to focus more on the customer and less on the actual systems. We view that as phase 1 across all of our clients, whereas phase 2 is going into how you can actually create self-service chatbots, voice bots, et cetera, that ultimately keep the human in the loop.

從訓練、學習與發展的角度，在建立新課綱、新能力方面，我們能用 AI 做什麼？這些都是為了增強第一線人員，讓他們更熟練、更精準、產出更高品質，並讓他們能把更多注意力放在客戶身上，而不是放在系統操作上。我們把這視為所有客戶的第一階段；而第二階段則是進一步探討如何真正打造自助式聊天機器人、語音機器人等等，同時最終仍讓人類保留在流程中（keep the human in the loop）。

I think that without getting on my soapbox, which I know I’m very guilty of doing, all I’m going to just simply say to you is that as I mentioned in our script, we do our CAB meetings every six months, where some of the largest companies in the world come in and discuss what their strategies are and what they’re trying to achieve. I can say to a T that virtually every single one of them are focused on keeping the human in the loop. They’re realizing that as much as AI is capable of replacing, in certain cases, certain interactions, the fact of the matter is they don’t want to lose the connective tissue to the customer, and therefore, they want to have us help them pick the points of intersection of where technology is touching the customer and where a human is touching the customer.

我想在不長篇大論的前提下（我知道我很容易這樣），我只想簡單跟你說：如同我在講稿裡提到的，我們每六個月會舉辦一次 CAB 會議，讓全球一些最大的公司進來討論他們的策略以及他們想達成的目標。我可以非常肯定地說，幾乎每一家都專注在「讓人類保留在流程中」。他們正在意識到：即便 AI 在某些情境下確實能取代某些互動，但事實是他們不想失去與客戶之間的連結，因此他們希望我們協助他們選定交會點：也就是技術在何處觸及客戶、以及人類在何處觸及客戶。

That’s where we see this whole industry going. We see this industry going into where this is going to become a set of hybrid capabilities, where customers are going to always have the ability and the access to a live human being. On interactions that are important to them, whether it be financially or healthcare-wise, et cetera, in more cases than not, those will be augmented humans, meaning humans that are taking advantage of AI. In cases where it’s low-hanging fruit, it’s transactional, it provides no additional ability to build trust or loyalty, that is where we will provide self-service type capabilities, so to speak. Every one of our clients is trying to analyse this. They’re going through journeys on this, journey mapping on this, et cetera.

這就是我們看到整個產業走向的方向。我們看到這個產業將走向一套混合式能力的組合，客戶將始終具備與真人即時互動的能力與管道。在對他們重要的互動上，無論是財務相關或醫療保健相關等，在多數情況下，這些互動將由「增強型人力」來支援，也就是善用 AI 的人員。在屬於低垂果實的情境下，也就是交易型、無法額外建立信任或忠誠度的互動，我們就會提供所謂的自助式能力。我們的每一位客戶都在嘗試分析這件事。他們正在就此進行各種旅程、旅程地圖規劃等。

Frankly, we’re really excited about it. This is why we feel like our digital business has so much potential as we go through this transition of less focus on the CCaaS capabilities that we’ve historically had, and much more focus on building modern data estates and providing AI capabilities and AI based analytics.

坦白說，我們對此非常興奮。這也是為什麼我們覺得在這個轉型過程中，我們的數位業務有很大的潛力：從過去較著重於我們歷來具備的 CCaaS 能力，轉為更著重於建置現代化資料資產（data estates），並提供 AI 能力與以 AI 為基礎的分析。

Thanks, Ken.

謝謝，Ken。

Thank you.

謝謝。

I liked the comment on the improvement in the retention and Engage revenues on a year-over-year basis. Could you link those continued efforts and, you know, expected improvements there, continued improvements, I would suspect, back to kind of the return to growth timeline and trajectory for Engage?

我很喜歡你提到留任率與 Engage 營收在年對年基礎上的改善。你能否把這些持續的努力，以及你知道的、預期的改善（我想應該會持續改善），連結回 Engage 的重返成長時間表與成長路徑？

Ey, hey, Maggie. Good morning. This is Kenny. I’ll take that one. We are seeing very steady and good improvement in our embedded base growth. You know, we’ve talked about this quarter-over-quarter, I know in our one-on-one discussions, especially with John Abou. We’re improving our quality and service, right? It has been a focus for Engage over the last two years to get back to the historical margins that we’re committed to on the Engage business. There’s a direct correlation to providing outstanding service, you know, on the floor of our operational centres.

嘿，嘿，Maggie。早安。我是 Kenny。這題我來回答。我們看到嵌入式客戶基礎（embedded base）的成長非常穩健且有良好改善。你知道，我們一直在談這個季度對季度的變化，我也知道在我們一對一的討論中，特別是與 John Abou 的討論。我們正在提升品質與服務，對吧？過去兩年來，Engage 一直把重點放在回到我們對 Engage 業務所承諾的歷史毛利水準。這與在我們營運中心現場提供卓越服務有直接關聯。

Embedded base growth, as we continue to, again, bring in the external talent that we have to our leadership team in Engage, and they bring, you know, expanded ideas around lines of business that we can get into that we haven’t traditionally been in that are underpinning our offshore growth in Engage, that gives us the breadth of offering to go back to our embedded base and say, "Hey, you know, we’re investing in AI," and all the things that Ken talked about earlier from our performance to our training to our QA. That with the footprint that we have, now we can go sell many, many different lines of business that we couldn’t in the past. The embedded base is moving with us.

嵌入式客戶基礎的成長方面，隨著我們持續把外部人才引進 Engage 的領導團隊，而他們帶來你知道的、對我們過去未曾涉足、但正在支撐 Engage 離岸成長的業務線之更多想法，這讓我們的產品/服務廣度足以回到既有客戶基礎並說：「嘿，你知道，我們正在投資 AI」，以及 Ken 先前提到的所有事項，從績效到訓練到 QA。再加上我們現有的據點版圖，現在我們可以銷售許多、許多過去無法提供的不同業務線。嵌入式客戶基礎正與我們一起前進。

They are underpinning the growth that you’re going to see in the second half of the year. We talked about that with the reaffirm that we put out on guidance. We are going to return to top line growth in Engage by the end of the year. That’s a big part of it. We’re happy with where we’re at with that. We’re happy with, again, the service that we’re providing the embedded base business and their desire to come back to us and grow in different lines of business in the different geographies.

他們正在支撐你將在今年下半年看到的成長。我們在重申（reaffirm）我們發布的財測指引時也談到這點。我們將在年底前讓 Engage 回到營收（top line）成長。這是其中很重要的一部分。我們對目前的進展感到滿意。我們也很滿意我們再次為嵌入式客戶基礎業務所提供的服務，以及他們希望回到我們這裡、在不同地理區域的不同業務線上擴張成長的意願。

Thanks Kenny.

謝謝，Kenny。

Jonathan Lee of Guggenheim Partners

Guggenheim Partners 的 Jonathan Lee

Great. Thanks. Taking my questions. Kenny, helpful that you broke out the PubSec seasonal client is, you know, 40% plus the decline in Engage. Of the remaining, call it $19 million of Engage revenue decline, was any of that unplanned volume loss on retained clients, or was it entirely deliberate rationalization? What’s the same client organic growth rate for the portfolio you’re choosing to keep?

很好。謝謝。謝謝回答我的問題。Kenny，你把 PubSec（公共部門）季節性客戶拆分出來很有幫助，你知道的，它占 Engage 下滑的 40% 以上。在剩下約 1,900 萬美元的 Engage 營收下滑中，其中是否有任何一部分是已留任客戶的非計畫性量能流失，還是完全是刻意的合理化（rationalization）？對於你們選擇保留的投資組合，同一客戶的有機成長率是多少？

Yeah. Yeah, Jonathan, it is definitely a little of both. As we talked about, coming into this year, as I talked about in Q4, as we looked at our full year guidance, it was going to be a story of two halves. We are rationalizing, as Ken mentioned, clients to make sure that we have the profit profile that we need for this business moving forward. I don’t have the exact number for you, but it is definitely a portion of both. That with the timing of the bookings and the pipeline and the momentum that Ken talked about earlier leads to a stronger second half than a first half for TTEC Engage.

是的。是的，Jonathan，確實兩者都有一些。如同我們談到的，進入今年時，正如我在 Q4 談到的，當我們看全年指引時，這會是一個上下半年分化的故事。正如 Ken 提到的，我們正在對客戶進行合理化，以確保這項業務未來具備我們所需要的獲利結構。我沒有你要的精確數字，但確實兩者都占了一部分。再加上訂單（bookings）的時點、管線（pipeline）以及 Ken 先前提到的動能，將使 TTEC Engage 的下半年強於上半年。

We’re happy with where we’re at, absolutely with the bookings that we have, with the new logos that we have, and how those are going to realize the revenue that’s going to be realized out of that in the second half of the year. Rationalizations with clients is a little bit of a push and take, right? We’re going back to them, we’re showing them, we’re having a discussion about what we need from them and what they need from us in order to try to keep that business and make it profitable for us as well as a good quality service for them. We don’t, you know, we’d rather work it out to keep them in the house. If we can’t, that’s fine because we have the demand, especially offshore, as we’ve mentioned. Our pipeline is up 17% year-over-year with offshore demand. We are, again, very focused on the diversification of the Engage business from a geographic standpoint.

我們對目前的狀況感到滿意，絕對是，包含我們已有的訂單、我們拿下的新客戶（new logos），以及這些將如何在今年下半年轉化並實現相應的營收。與客戶的合理化是一種拉鋸與取捨，對吧？我們會回到他們那裡，向他們展示，並討論我們需要他們提供什麼、以及他們需要我們提供什麼，才能盡量保留這些業務，並讓它對我們而言有利可圖、同時也為他們提供高品質服務。我們你知道的，寧可把事情談妥，讓他們留在我們體系內。如果談不成，也沒關係，因為我們有需求，尤其是我們提過的離岸需求。在離岸需求帶動下，我們的管線年對年成長 17%。我們再次非常專注於從地理角度推動 Engage 業務的多元化。

From a line of business standpoint and from a vertical standpoint. I will say though that, interestingly enough, the public sector pipeline is actually fairly healthy. What I will say is that, with my personal involvement along with John Abou’s involvement, we are going out of our way in ensuring that the net new public sector accounts are accounts that are profitable day one to start. We inherited multiple public sector clients through an old acquisition that was done many years ago, that is some of those accounts, a few of them, you know, a couple of them, are ones that Kenny was referring to, et cetera.

從業務線角度以及從垂直產業角度也是如此。不過我想說的是，有趣的是，公共部門的管線其實相當健康。我要說的是，在我本人以及 John Abou 的親自參與下，我們正格外確保新增的公共部門新帳戶（net new public sector accounts）從第一天開始就是可獲利的帳戶。我們透過多年前的一項舊併購承接了多個公共部門客戶，其中有些帳戶，少數幾個，你知道的，兩三個，就是 Kenny 剛才提到的那些，等等。

What I would just simply say is that the government sector is still a very healthy sector, not only for Engage, but also for Digital. Especially Digital, actually. Lot of federal spending going on right now, and modernization, and our goal is to get our piece of that.

我想我可以很簡單地說，政府部門仍然是一個非常健康的領域，不僅對 Engage 如此，對 Digital 也是如此。尤其是 Digital，事實上。目前有大量的聯邦支出與現代化推進，而我們的目標是取得其中屬於我們的一部分。

Got it. Just as a follow-up, want to tie it back to margins. You know, adjusted, you’re up, you’re at, call it 7% for Engage. You’ve executed, call it 40 basis points of offshore shift. You’re near full AI deployment. You’ve exited unprofitable work. In 3Q of last year, I think you told us you’d see far better efficiencies in 2026 than last quarter. Ken, I believe you said you’re 100% volunteering AI savings on new pitches to win new business. Is that the answer? That the tailwinds are real, but you’re giving them back on new deals, and if so, when does volume from those wins overcome the rate concession?

了解。作為追問，我想把它拉回到利潤率上。你知道，調整後，你們是上升的，Engage 大約在 7% 左右。你們已經執行了大約 40 個基點的離岸轉移。你們接近全面部署 AI。你們也退出了不賺錢的業務。在去年第三季，我記得你們告訴我們，2026 年的效率會比上一季好得多。Ken，我相信你說你們在新的提案中 100% 主動讓出 AI 節省，以贏得新業務。答案是這個嗎？也就是說，順風確實存在，但你們在新交易上把它回饋出去了；如果是這樣，那麼這些勝出帶來的量何時能夠超過讓利的幅度？

I think you had multiple questions there. No, we’re not giving it away. If that’s your question. I’d rather Kenny answer the financial side, but only to say the following, in the script, I think you probably heard that our Engage number, but for a receivable that’s being pushed into second quarter, was pretty much dead on the money of where management plan forecasted, which I believe was 9.8% or 9.7%. I’m not sure what you were referring to.

我想你那裡有好幾個問題。不，我們沒有把它送出去。如果那是你的問題的話。我更希望 Kenny 來回答財務面的部分，但我只想補充一點：在講稿裡，我想你可能聽到我們的 Engage 數字，若不是因為一筆應收款被推遲到第二季，基本上與管理層計畫預測非常一致，我相信是 9.8% 或 9.7%。我不確定你指的是哪一項。

It's operating income.

是營業利益。

Oh, Okay. It was on OI. Excuse me.

喔，好的。你指的是 OI（營業利益）。抱歉。

Yeah.

對。

My point is that we always anticipated that our EBITDA number was going to be at that number for first quarter. To answer your question, you know, it’s all in the second half of the year. We’ve always been rear-end loaded in the 40 years we’ve been in business, it’s always been, you know, towards the second half of the year. You win the business in the first 2 quarters. You continue to hopefully keep winning business in the third and fourth quarter, but meanwhile, you’re ramping a big chunk of that business first and second quarter, and you realize the benefits of that business in third and fourth quarter. It’s just the nature of the business as you’re ramping.

我的重點是，我們一直預期第一季的 EBITDA 會在那個水準。回答你的問題，你知道，全部都在下半年。我們在過去 40 年的經營中一向是後段偏重，總是，你知道，偏向下半年。你在前兩個季度贏得業務。你希望在第三、第四季持續贏得業務，但同時，你在第一、第二季會把其中很大一部分業務拉升（ramp up），而你在第三、第四季才會實現這些業務帶來的效益。這就是在你擴編爬坡時，這個行業的本質。

Because we are so focused on client diversification right now, there is a fair amount of ramps that are taking place, let alone embedded base that’s ramping. Kenny, is there any else you want to add to that?

因為我們現在非常專注於客戶多元化，所以有相當多的爬坡正在進行，更不用說既有基礎業務也在爬坡。Kenny，你還有什麼要補充的嗎？

Jonathan, I think the-- to your specific question on that, it again, we are as Ken mentioned earlier, we’re still not seeing, the monetization falls one way or the other on AI from a pricing standpoint. The AI that we have deployed, around TA, quality, performance, those aren’t hard negotiations around where does the pricing fall between client and us on that. What we’re really seeing is, again, the normalization of the offshore growth, which has near-term pressure on the top line revenue, but ultimately, as you know very well, is a better EBITDA margin profile for us. As we move through the new business, the new logos, the embedded base growth that we have this year towards year-over-year top line revenue growth, that revenue is fortified on the offshore portion of the business.

Jonathan，針對你那個具體問題，我想再次說明，正如 Ken 先前提到的，我們仍然沒有看到從定價角度來看，AI 的變現會往哪一邊落定。我們已部署的 AI，圍繞 TA、品質、績效等方面，並不是那種需要艱難談判、去決定客戶與我們之間定價如何分配的項目。我們真正看到的是，再次強調，離岸成長的常態化，這在短期內會對營收（top line）造成壓力，但最終，如你非常清楚的，對我們而言會帶來更好的 EBITDA 利潤率結構。隨著我們推進新業務、新客戶（new logos），以及今年既有客戶基礎的成長，帶動年對年營收成長，這些營收在業務的離岸部分上是被強化的。

Again, I think last quarter, we committed to being over 40% by the end of the year, and we’re well on target to do that. It is that mix that is giving us a big portion of the margin improvement for the Engage business, throughout the full year of guidance.

再次說明，我想上一季我們承諾到年底離岸占比會超過 40%，而我們完全按計畫在達成的軌道上。正是這種組合（mix）在全年指引期間，為 Engage 業務帶來了相當大一部分的利潤率改善。

Appreciate that. Thanks.

感謝說明。謝謝。

Thank you for your questions. That is all the time we have today. This concludes TTEC’s first quarter 2026 earnings conference call. You may disconnect at this time.

謝謝你的提問。我們今天的時間就到這裡。以上為 TTEC 2026 年第一季財報電話會議的結束。您現在可以掛線。