Thoughtworks Holding Inc (TWKS) 2022 Q4 法說會逐字稿

Hello, everyone, and welcome to Thoughtworks Earnings Call for the fourth quarter of 2022. We will be recording today's call. (Operator Instructions) Joining us today will be ThoughtWorks' President and CEO, Guo Xiao and CFO, Erin Cummins.

大家好，歡迎來到 Thoughtworks 2022 年第四季度財報電話會議。我們將錄製今天的電話會議。 （操作員說明）今天加入我們的是 ThoughtWorks 總裁兼首席執行官郭曉和首席財務官 Erin Cummins。

The earnings press release was issued earlier today and is also available on our Investor Relations page at thoughtworks.com. Some of the matters we'll discuss on this call, including our expected business outlook are forward-looking and as such, are subject to known and unknown risks and uncertainties, including, but not limited to, those factors described in today's press release and discussed in the Risk Factors section of our annual report on Form 10-K, our quarterly reports on Form 10-Q and other reports we may file with the SEC from time to time.

收益新聞稿於今天早些時候發布，也可在 thoughtworks.com 的投資者關係頁面上獲取。我們將在本次電話會議上討論的一些事項，包括我們預期的業務前景是前瞻性的，因此受到已知和未知的風險和不確定性的影響，包括但不限於今天的新聞稿中描述的那些因素和我們在 10-K 表年度報告的風險因素部分、10-Q 表季度報告和我們可能不時向美國證券交易委員會提交的其他報告中進行了討論。

These risks and uncertainties could cause actual results to differ materially from those expressed on this call. These forward-looking statements are made only as of the date when made. During our call today, we will reference certain non-GAAP financial measures. We will also provide growth rates in constant currency as a framework for assessing how our underlying business performed, excluding the effect of foreign currency rate fluctuations.

這些風險和不確定性可能導致實際結果與本次電話會議上表達的結果大相徑庭。這些前瞻性陳述僅在作出之日作出。在我們今天的電話會議中，我們將參考某些非 GAAP 財務指標。我們還將提供固定匯率的增長率作為評估我們的基礎業務表現的框架，不包括外幣匯率波動的影響。

We include non-GAAP to GAAP reconciliations in our press release furnished as an exhibit to our Form 8-K. The non-GAAP financial measures provided should not be considered as a substitute for or superior to the measures of financial performance prepared in accordance with GAAP. Thoughtworks assumes no obligation to update or revise the information presented on this conference call.

我們在我們的新聞稿中包含非 GAAP 與 GAAP 對賬，作為我們 8-K 表格的展示。所提供的非 GAAP 財務指標不應被視為替代或優於根據 GAAP 編制的財務業績指標。 Thoughtworks 不承擔更新或修改本次電話會議中提供的信息的義務。

I will now hand the call over to Xiao.

我現在將電話交給肖。

Thank you, Rob. For those not aware, Rob Muller joined us from Salesforce in November as our new Global Head of Investor Relations. Rob is based out of Boston. We're delighted to have him join our team.

謝謝你，羅布。對於那些不知道的人，Rob Muller 於 11 月從 Salesforce 加入我們，擔任我們新的全球投資者關係主管。 Rob 居住在波士頓。我們很高興他加入我們的團隊。

Welcome, everyone, to our fourth quarter earnings call. I'd like to start by sharing an overall update on the business, and then Erin will take you through our fourth quarter and full year financial results in more detail. I will then share some of our business highlights before Erin provides guidance and we'll open for Q&A.

歡迎大家參加我們的第四季度財報電話會議。我想首先分享業務的整體更新，然後 Erin 將帶您更詳細地了解我們的第四季度和全年財務業績。然後，在 Erin 提供指導之前，我將分享我們的一些業務亮點，我們將開放問答環節。

Let me start with a recap about Thoughtworks. We're global technology consultancy that integrates strategy, design and engineering to drive digital innovation. We enable enterprises and technology disruptors to thrive as modern digital businesses. Now let me turn to the financials.

讓我先回顧一下 Thoughtworks。我們是一家全球技術諮詢公司，整合戰略、設計和工程以推動數字創新。我們使企業和技術顛覆者能夠作為現代數字企業蓬勃發展。現在讓我談談財務。

I'm pleased to report solid results in our fourth quarter, driven by the continued demand for our digital transformation services. We delivered revenue of $310.7 million in the fourth quarter of 2022, reflecting year-over-year growth of 8.3% and 14.7% in constant currency.

在對我們數字化轉型服務的持續需求的推動下，我很高興地報告我們第四季度的穩健業績。我們在 2022 年第四季度實現了 3.107 億美元的收入，按固定匯率計算同比增長 8.3% 和 14.7%。

In the quarter, we achieved adjusted EBITDA of $58.2 million, reflecting adjusted EBITDA margin of 18.7%. And coming to the full year. I'm pleased to share that our revenues grew 21.1% year-on-year and 26.8% in constant currency, resulting in 2022 reported revenue of $1.3 billion. And our adjusted 2022 EBITDA was $256.8 million, representing 15% year-over-year growth.

本季度，我們實現了 5820 萬美元的調整後 EBITDA，反映了 18.7% 的調整後 EBITDA 利潤率。並來到全年。我很高興與大家分享，我們的收入同比增長 21.1%，按固定匯率計算增長 26.8%，導致 2022 年報告的收入達到 13 億美元。我們調整後的 2022 年 EBITDA 為 2.568 億美元，同比增長 15%。

Thoughtworks has established a reputation for thought leadership and fostering a unique and cultivating culture. Our diverse and global culture continues to track and retain what we believe to be the best talent in the industry.

Thoughtworks 在思想領導力和培養獨特的培養文化方面享有盛譽。我們多元化的全球文化繼續追踪和留住我們認為是行業中最優秀的人才。

Forrester, the leading global research and advisory firm, last quarter recognized Thoughtworks as a leader in 2 reports: the Forrester Wave Cloud Migration and Managed Service Partners in China Q4 2022 and the Forrester Wave

全球領先的研究和諮詢公司 Forrester 上個季度在兩份報告中將 Thoughtworks 評為領導者：2022 年第 4 季度中國 Forrester Wave 雲遷移和託管服務合作夥伴以及 Forrester Wave

Cloud Migration and Managed Service Partners, Asia Pacific Q4 2022.

2022 年第四季度亞太地區雲遷移和託管服務合作夥伴。

In Asia Pacific report, Thoughtworks received the highest possible scores across 8 criteria, including vision, organizational structure and cloud monetization service capabilities. In the China report, we also received the highest possible scores in 8 criteria, including service development and innovation.

在亞太地區報告中，Thoughtworks 在 8 項標準中獲得最高分，包括願景、組織結構和雲貨幣化服務能力。在中國報告中，我們還在服務開發和創新等 8 項標準中獲得了最高分。

The Forrester Report on Asia Pacific stated that Thoughtworks' software engineering expertise created by hiring technical specialists and talented developers gives it some of the market's strongest monetization capabilities. At the end of December 2022, we had over 12,500 Thoughtworkers in 18 countries across 5 continents. This represents a net headcount increase of 17.9% year-on-year.

有關亞太地區的 Forrester 報告指出，Thoughtworks 通過聘請技術專家和才華橫溢的開發人員創造的軟件工程專業知識使其擁有市場上最強大的貨幣化能力。截至 2022 年 12 月底，我們在 5 大洲的 18 個國家/地區擁有超過 12,500 名思想工作者。這意味著淨員工人數同比增長 17.9%。

I would like to thank every Thoughtworker around the world for the extraordinary impact they create through our technology excellence and culture. Today, the world faces a higher level of economic uncertainty. Throughout this period, we continue to stay close to our clients, helping them to be adaptive to change and resilient in the face of unpredictability.

我要感謝世界各地的每一位 Thoughtworker，感謝他們通過我們卓越的技術和文化創造的非凡影響。今天，世界面臨著更高水平的經濟不確定性。在此期間，我們繼續與客戶保持密切聯繫，幫助他們適應變化並在面對不可預測性時保持彈性。

We continue to drive our business with rigor and discipline, managing supply and demand and being proactive with clients to help them achieve a better return from their technology budgets. The Thoughtworks business is diversified across industries and geographies, and we see this as a long-term differentiator.

我們繼續以嚴謹和紀律推動我們的業務，管理供需並積極主動地與客戶合作，幫助他們從技術預算中獲得更好的回報。 Thoughtworks 業務跨行業和地域多元化，我們認為這是一個長期的差異化因素。

We believe that Thoughtworks has the best talent in the industry and that clients continue to value our people and our services. Our clients are looking to digital innovation to help them navigate uncertainty. We're seeing continued interest from clients in our data services, especially data mesh, data governance and how data can transform and scale their businesses. We're seeing solid demand from our clients for Thoughtworks expertise in enterprise monetization and platforms.

我們相信 Thoughtworks 擁有業內最優秀的人才，並且客戶繼續重視我們的員工和我們的服務。我們的客戶正在尋求數字創新來幫助他們應對不確定性。我們看到客戶對我們的數據服務持續感興趣，尤其是數據網格、數據治理以及數據如何轉變和擴展他們的業務。我們看到客戶對 Thoughtworks 在企業貨幣化和平台方面的專業知識有著強烈的需求。

We also continue to see client interest in our propositions that drive productivity and cost efficiencies. For example, developer experience platforms, which boost the productivity and retention of critical engineering talent. Also, our digital application management and operations offerings which aim to make customer software 0 maintenance.

我們還繼續看到客戶對我們提高生產力和成本效率的主張感興趣。例如，開發人員體驗平台可以提高關鍵工程人才的生產力和保留率。此外，我們的數字應用程序管理和運營產品旨在使客戶軟件零維護。

Within digital application management and operations, we apply ahead-of-the-curve engineering practices, like extreme programming and continuous integration, continuous delivery, CICD to the post build phase of the software.

在數字應用程序管理和運營中，我們將前沿的工程實踐（例如極限編程和持續集成、持續交付、CICD）應用於軟件的後期構建階段。

In this way, Thoughtworks aim to revolutionize digital operations by evolving the software round phase to be further automated and intelligence driven. This will reduce client total cost ownership of target software over a fixed timeframe with predictable costs.

通過這種方式，Thoughtworks 旨在通過將軟件階段發展為進一步自動化和智能驅動來徹底改變數字化運營。這將在固定時間範圍內以可預測的成本降低客戶擁有目標軟件的總成本。

And our clients continue to look at the Thoughtworks to enhance their customer experiences and develop new digital products and services, removing friction and bringing customer-facing services together. In January, we published research in association with Harvard Business Review Analytic Services showing that while 94% of business leaders say industry-leading customer experience is crucial to their business, only 10% of customer experience professionals say that their organization strategy is effective.

我們的客戶繼續關注 Thoughtworks，以增強他們的客戶體驗並開發新的數字產品和服務，消除摩擦並將面向客戶的服務整合在一起。 1 月，我們與哈佛商業評論分析服務公司聯合發表的研究表明，雖然 94% 的商業領袖表示行業領先的客戶體驗對其業務至關重要，但只有 10% 的客戶體驗專業人士表示他們的組織戰略是有效的。

The acquisitions of connected and handmade that we made in 2022 have expanded our customer experience and digital product services to further address this opportunity. We're pleased with both the pace of the integration and the leverage we're getting by working together with clients.

我們在 2022 年對 connected 和 handmade 的收購擴大了我們的客戶體驗和數字產品服務，以進一步把握這一機會。我們對整合的速度以及我們通過與客戶合作獲得的影響力感到滿意。

And you may recall, 2 years ago, Thoughtworks acquired Fourkind to boost our AI capabilities. We believe AI is a significant opportunity, and we have been investing for some years to build capabilities. It has been interesting to see the renewed interest from clients in generative AI created in part by the recent launch of OpenAI's ChatGPT.

你可能還記得，2 年前，Thoughtworks 收購了 Fourkind 以提升我們的 AI 能力。我們相信人工智能是一個重要的機會，我們多年來一直在投資以構建能力。很有趣的是，最近推出的 OpenAI 的 ChatGPT 使客戶對生成 AI 產生了新的興趣。

Our thought leadership article, ChatGPT, A Useful Tool Buried Beneath the Hype, has been well received by clients. Enabled by our looking glass lens partnering with AI, Thoughtworks is helping clients navigate the risks and seize the opportunities of generative AI technologies in areas like AI augmented product development.

我們的思想領導力文章 ChatGPT，一種隱藏在炒作之下的有用工具，受到了客戶的好評。借助我們與 AI 合作的窺鏡鏡頭，Thoughtworks 正在幫助客戶在 AI 增強產品開發等領域應對風險並抓住生成 AI 技術的機遇。

A client where we're achieving scale business benefits is Mondelez International, one of the world's largest snack companies. We have worked in close collaboration with them since 2019, helping their product developers create snacks in tandem with generative AI. We have designed and built an AI augmented product development platform that enables product developers in Mondelez R&D to interact with machine learning models independently without data science expertise.

Mondelez International 是我們實現規模業務收益的客戶，它是世界上最大的零食公司之一。自 2019 年以來，我們一直與他們密切合作，幫助他們的產品開發人員與生成式 AI 一起創造零食。我們設計並構建了一個 AI 增強產品開發平台，使 Mondelez R&D 的產品開發人員能夠在沒有數據科學專業知識的情況下獨立地與機器學習模型進行交互。

This amplified creativity has yielded amazing results, including faster experimentation and iteration capabilities that lead to better products with reduced time to market. For all these reasons, we believe that Thoughtworks is well positioned in the market.

這種放大的創造力產生了驚人的結果，包括更快的實驗和迭代能力，從而導致更好的產品上市時間更短。基於所有這些原因，我們認為 Thoughtworks 在市場上處於有利地位。

Now let me share some more details of our growth strategies. At the core, our revenue growth is from deepening relationships with existing clients and winning new logos. We then supplement this with focused strategies around M&A, partners and geographic expansions.

現在讓我分享我們增長戰略的更多細節。核心是，我們的收入增長來自加深與現有客戶的關係和贏得新標識。然後，我們通過圍繞併購、合作夥伴和地域擴張的重點戰略來補充這一點。

Turning first to M&A. Earlier this month, we announced our acquisition of Itoc, a leading Amazon Web Services, AWS, advanced consulting partner and cloud managed services provider in Australia. They have deep expertise with AWS services and have over 100 AWS certifications, including security and SaaS.

首先轉向併購。本月早些時候，我們宣布收購 Itoc，這是澳大利亞領先的亞馬遜網絡服務、AWS、高級諮詢合作夥伴和雲託管服務提供商。他們在 AWS 服務方面擁有深厚的專業知識，並擁有超過 100 項 AWS 認證，包括安全性和 SaaS。

Itoc's 70 strong team has helped accelerate hundreds of clients' digital transformations through the creative and optimal use of their IT infrastructure on a highly flexible AWS cloud platform.

Itoc 的 70 人強大團隊通過在高度靈活的 AWS 雲平台上創造性地和優化地使用其 IT 基礎設施，幫助加速了數百個客戶的數字化轉型。

Now let me share an update on partners as a growth strategy. Our primary focus is to develop in go-to-market partnerships with hyperscale cloud providers, including AWS, GCP and Azure. For example, in the fourth quarter, we published a case study about our previous work with Etsy, a global marketplace for unique and creative goods with over 90 million buyers as of the end of 2021 with similar etiologies of agile software development, technology sustainability, employee care, diversity and open source.

現在讓我分享有關合作夥伴的最新消息作為增長戰略。我們的主要重點是與超大規模雲提供商（包括 AWS、GCP 和 Azure）建立上市合作夥伴關係。例如，在第四季度，我們發布了一份關於我們之前與 Etsy 合作的案例研究，Etsy 是一個獨特和創意商品的全球市場，截至 2021 年底擁有超過 9000 萬買家，具有類似的敏捷軟件開發、技術可持續性、員工關懷、多樣性和開源。

Etsy chose Thoughtworks as their strategic partner to assist scaling efforts and migration to Google Cloud Platform. Etsy relied on physical hardware in 2 data centers, presenting several scaling challenges. With their expected growth, it was apparent that the cost would ramp up quickly. The migration was eventually completed in 9 months less time than the full year originally planned.

Etsy 選擇 Thoughtworks 作為他們的戰略合作夥伴，以協助擴展工作和遷移到 Google Cloud Platform。 Etsy 依賴於 2 個數據中心的物理硬件，提出了幾個擴展挑戰。隨著他們預期的增長，成本顯然會迅速上升。遷移最終在比最初計劃的全年時間少 9 個月的時間內完成。

With the monolith then tweaked and tuned to situate better in the cloud, adding features like auto scaling and auto fixing bad nodes. The observability stack was the last to move over due to its complex nature. It require a rebuild rather than a lift and shift.

然後對整體進行調整和調整以更好地在雲中定位，添加自動縮放和自動修復壞節點等功能。由於其複雜性，可觀察性堆棧是最後一個移動的。它需要重建而不是提升和轉移。

Observability is the ability to determine the internal state of systems from their outputs, provides a means to evaluate data in real-time and build better software. With Etsy's commitment to hyper-observability, the amount of data being analyzed isn't small. Observability is self-service, each team gets to decide what it wants to measure, creating 20 terabytes of logs a day.

可觀察性是根據輸出確定係統內部狀態的能力，提供了一種實時評估數據和構建更好軟件的方法。由於 Etsy 對超可觀察性的承諾，被分析的數據量並不小。可觀察性是自助服務，每個團隊都可以決定要測量什麼，每天創建 20 TB 的日誌。

To help you visualize the sheer daily volume, 20 terabytes is equivalent to about 340,000 hours of digitally stored music. Large parts of the observability stack were moved into managed services and third-party SaaS products. And after the cloud migration, the optimization for the cloud didn't stop.

為了幫助您直觀地了解每天的絕對音量，20 TB 相當於大約 340,000 小時的數字存儲音樂。大部分可觀察性堆棧已轉移到託管服務和第三方 SaaS 產品中。而且上雲之後，對上雲的優化也沒有停止。

Each team continue to look for opportunities to utilize the cloud to its full extent. For example, the move to the cloud enables Etsy to build a new machine learning platform. Etsy leverages machine learning to create personalized experiences for their millions of buyers around the world with state-of-the-art search, ads and recommendations.

每個團隊都在繼續尋找充分利用雲的機會。例如，遷移到雲使 Etsy 能夠構建一個新的機器學習平台。 Etsy 利用機器學習通過最先進的搜索、廣告和推薦為全球數百萬買家創造個性化體驗。

Now let me share 3 of the benefits Etsy has seen. First, seemingly small inefficiencies such as non-vectorized code can result in a massive performance degradation. And in some cases, Etsy has seen that optimizing a single TenserFlow transform function can reduce the model run time from 200 milliseconds to 4 milliseconds.

現在讓我分享 Etsy 看到的 3 個好處。首先，看似很小的低效率（例如非矢量化代碼）可能會導致性能大幅下降。在某些情況下，Etsy 發現優化單個 TenserFlow 轉換函數可以將模型運行時間從 200 毫秒減少到 4 毫秒。

In numeric terms, that's improvement of 2 orders of [backtitude] but in business terms, this is a change in performance easily perceived by the customer. Second, the key metrics is time to productive. The time it takes for a new engineer to set up their environment and make their first change.

在數字方面，這是 [backtitude] 的 2 個訂單的改進，但在業務方面，這是客戶容易察覺的性能變化。其次，關鍵指標是生產時間。新工程師設置環境並進行首次更改所需的時間。

What exactly that means changes by domain. For example, it might be the first website push or the first data pipeline working in the big data platform, something that used to take 2 hours now takes 20 minutes.

這到底意味著什麼，因領域而異。比如第一次網站推送，第一次在大數據平台工作的數據流水線，以前需要2個小時，現在需要20分鐘。

Third, another interesting stat is that the infrastructure has extended to use 10x the number of nodes, but only requires 2x the number of people to manage them. And I'm also pleased to share that in the fourth quarter, we achieved AWS machine learning competency, a validation of our differentiated expertise in AI and MLOps.

第三，另一個有趣的統計數據是，基礎設施已擴展到使用 10 倍的節點數量，但只需要 2 倍的人員來管理它們。我也很高興與大家分享，在第四季度，我們獲得了 AWS 機器學習能力，這證明了我們在 AI 和 MLOps 方面的差異化專業知識。

Thoughtworks has strong capabilities in putting machine learning products into production to help our clients navigate the challenges ML and AI raise in production environments, challenges that few operation teams will have faced before.

Thoughtworks 在將機器學習產品投入生產方面具有強大的能力，可幫助我們的客戶應對 ML 和 AI 在生產環境中提出的挑戰，這些挑戰以前很少有運營團隊會面臨。

Now to our geographic expansions. In October, we opened our new office in Ho Chi Minh City, Vietnam. This reflects Thoughtworks' wider effort to geographically diversify our business and meet demand from clients in Southeast Asia and Australia and to enable Thoughtworks leverage the skills, diverse talent base in Vietnam.

現在到我們的地理擴張。 10 月，我們在越南胡志明市開設了新辦事處。這反映了 Thoughtworks 更廣泛地努力實現我們業務的地域多元化，滿足東南亞和澳大利亞客戶的需求，並使 Thoughtworks 能夠利用越南的技能和多元化人才基礎。

Turning now to our client portfolio. The depth of our expertise and breadth of our capabilities means that we can help clients address all their challenges from strategy right through to business outcomes. Our clients appreciate the value we create with them and increasingly look at Thoughtworks as a strategic digital transformation partner, able to scale new technology across the enterprise.

現在轉向我們的客戶組合。我們專業知識的深度和能力的廣度意味著我們可以幫助客戶應對從戰略到業務成果的所有挑戰。我們的客戶欣賞我們與他們一起創造的價值，並越來越多地將 Thoughtworks 視為戰略數字化轉型合作夥伴，能夠在整個企業範圍內擴展新技術。

For example, you may be aware that in 2022, Ford and ADT formed a JV called Canopy, whose aim is to fortify vehicle security using breakthrough technology. The FBI estimates that theft of equipment from inside vehicles in the U.S. cost more than $7.4 billion in 2020.

例如，您可能知道，在 2022 年，福特和 ADT 成立了一家名為 Canopy 的合資企業，其目標是使用突破性技術加強車輛安全性。 FBI 估計，2020 年美國汽車內部設備失竊造成的損失超過 74 億美元。

What you may not know is that we partner with Ford early in this process to take what was an experimental project that Ford had built on Raspberry Pi to something that could be launched to millions of vehicles. To evaluate how to scale the experiment, we developed a series of high-fidelity prototypes, running 2 end-to-end pilots with real users in the U.S. and the U.K.

您可能不知道的是，我們在此過程的早期就與福特合作，將福特在 Raspberry Pi 上構建的實驗項目轉化為可以在數百萬輛汽車上推出的項目。為了評估如何擴展實驗，我們開發了一系列高保真原型，在美國和英國與真實用戶一起運行 2 個端到端試點。

These evaluated 4 areas: manufacturing. What does it take to create this physical product? Installation, what steps are required to install the device on vehicles? Performance, how does this perform on actual commercial vehicles?

這些評估了 4 個領域：製造。創建這個物理產品需要什麼？安裝，將設備安裝在車輛上需要哪些步驟？性能，這在實際商用車上的表現如何？

And usability, is it easy to use? And does it provide intended piece of mind? Canopy is in the product prelaunch phase and expects to launch its first smart vehicle security system offering this year. And in our client Authority Brands, we have been deploying our digital application management and operations offerings. Thoughtworks partner with Authority Brands, the parent company of leading home service franchise brands to deliver a brand-new state-of-the-art field service mobile application.

以及可用性，是否易於使用？它是否提供了預期的想法？ Canopy 正處於產品發布前階段，預計將在今年推出其首款智能汽車安全系統產品。在我們的客戶 Authority Brands 中，我們一直在部署我們的數字應用程序管理和運營產品。 Thoughtworks 與領先的家庭服務特許經營品牌的母公司 Authority Brands 合作，提供全新的最先進的現場服務移動應用程序。

Thoughtworks is focused on the proactive management of software to reduce cost of ownership, maintain business resilience and ensure that the application software is cloud- and future-ready. We work with Authority Brands to cost effectively maintain and further develop the application, which enable Authority Brands portfolio brands to provide enhanced service and gain market share. Now turning to new clients.

Thoughtworks 專注於軟件的主動管理，以降低擁有成本、保持業務彈性並確保應用軟件為雲和未來做好準備。我們與 Authority Brands 合作，以經濟高效的方式維護和進一步開發該應用程序，從而使 Authority Brands 的投資組合品牌能夠提供更好的服務並獲得市場份額。現在轉向新客戶。

We have a focused approach to new clients, helping the organizations we work with to deliver rapid business value from digital transformation. We see continued momentum in new logo acquisition, and we have contracted with 33 new clients in the fourth quarter.

我們對新客戶採取專注的方法，幫助與我們合作的組織通過數字化轉型快速實現商業價值。我們看到新標識收購的持續勢頭，我們在第四季度與 33 個新客戶簽訂了合同。

For example, we're working with our new client Experian UK&I. Experian is a world-leading global information services company. Experian UK&I has chosen Thoughtworks to assist with its technology transformation program. You can find details of some of these customer successes on the news section of our website, thoughtworks.com.

例如，我們正在與我們的新客戶 Experian UK&I 合作。 Experian 是世界領先的全球信息服務公司。 Experian UK&I 已選擇 Thoughtworks 來協助其技術轉型計劃。您可以在我們網站 thoughtworks.com 的新聞部分找到其中一些客戶成功案例的詳細信息。

I'm now going to hand it over to Erin so that she can take you through the numbers in greater detail.

我現在要把它交給艾琳，這樣她就可以帶你更詳細地了解這些數字。

Thank you, Xiao, and thanks, everyone, for joining us today. We were pleased with our performance this quarter with continued solid execution across our geographies and industry verticals. Our team continues to perform well while navigating a cautious macro landscape.

謝謝肖，也謝謝大家今天加入我們。我們對本季度的表現感到滿意，我們在我們的地區和行業垂直領域繼續穩健執行。我們的團隊在謹慎的宏觀環境中繼續表現良好。

Let me begin with a few of the highlights for the quarter and the full year. Revenue growth for Q4 was 8.3% compared to the prior year period. Constant currency revenue growth was 14.7%. Adjusted EBITDA for the quarter was $58.2 million, and our adjusted EBITDA margin of 18.7% was approximately 120 basis points higher compared to the midpoint of the range I guided to in November.

讓我從本季度和全年的一些亮點開始。與去年同期相比，第四季度的收入增長了 8.3%。不變貨幣收入增長率為 14.7%。本季度調整後的 EBITDA 為 5820 萬美元，我們調整後的 EBITDA 利潤率為 18.7%，比我 11 月份指導的範圍中點高出約 120 個基點。

Q4 adjusted EBITDA margin expanded approximately 70 basis points when compared to the prior year period. For the full year 2022 reported revenue was $1.3 billion, representing 21.1% year-over-year revenue growth and 26.8% in constant currency. For the full year, acquisitions contributed approximately 2 percentage points to revenue growth.

與去年同期相比，第四季度調整後的 EBITDA 利潤率擴大了約 70 個基點。 2022 年全年報告的收入為 13 億美元，收入同比增長 21.1%，按固定匯率計算增長 26.8%。全年來看，收購為收入增長貢獻了大約 2 個百分點。

Adjusted EBITDA for the full year was $256.8 million, representing year-over-year growth of 15%. Now let me share some details. Our clients remain committed to large digital transformation programs. However, we continue to see changed client behavior. Some clients are contracting in smaller phases to allow themselves flexibility and sales cycles are normalizing from the accelerated post pandemic levels. Despite near-term caution across our client base, the medium-term demand environment remains healthy and clients value working with Thoughtworks.

全年調整後的 EBITDA 為 2.568 億美元，同比增長 15%。現在讓我分享一些細節。我們的客戶仍然致力於大型數字化轉型計劃。但是，我們繼續看到客戶端行為發生了變化。一些客戶正在分階段簽訂合同，以允許自己具有靈活性，並且銷售週期正在從大流行後的加速水平正常化。儘管我們的客戶群近期持謹慎態度，但中期需求環境仍然健康，客戶重視與 Thoughtworks 的合作。

This is evidenced by our average revenue per employee of $108,000 for 2022 and which remains higher than the industry average. Our overall bookings at the end of 2022 on a TTM basis stood at $1.4 billion.

2022 年我們每位員工的平均收入為 108,000 美元，並且仍然高於行業平均水平，這證明了這一點。到 2022 年底，我們在 TTM 基礎上的總預訂量為 14 億美元。

Our revenue base remains well diversified across geographies and industry verticals. In the fourth quarter, North America grew by 14.7%; Europe by 8.2%; LATAM by 4.2%; and APAC grew by 2.1%. Our growth in APAC continues to be impacted by the COVID situation in China. I am pleased with the results of our business this quarter.

我們的收入基礎在不同地區和垂直行業仍然保持多元化。第四季度，北美增長14.7%；歐洲 8.2%；拉丁美洲 4.2%；亞太地區增長 2.1%。我們在亞太地區的增長繼續受到中國 COVID 形勢的影響。我對本季度的業務結果感到滿意。

Due to the diverse nature of our business on a geographic basis, 62.5% of our 2022 full year revenues were contracted in non-USD currencies. As a reminder, our primary revenue-generating currencies alongside the U.S. dollar are the euro, Great British pound and Australian dollar.

由於我們業務在地域上的多樣性，我們 2022 年全年收入的 62.5% 是以非美元貨幣簽訂的。提醒一下，除了美元之外，我們的主要創收貨幣是歐元、英鎊和澳元。

On a local currency basis during Q4, our revenue contracted in euros grew by 19.3%, Australian dollars by 6.9% and Great British pounds by 5.4% compared to the prior year period. For the full year, our revenues contracted in Australian dollars grew by 31.4%, euros grew by 25.6%, Great British pounds by 24.3%.

在第四季度以當地貨幣計算，我們以歐元計價的收入與去年同期相比增長了 19.3%，澳元增長了 6.9%，英鎊增長了 5.4%。全年，我們以澳元計價的收入增長了 31.4%，歐元增長了 25.6%，英鎊增長了 24.3%。

We also continue to see growth across our industry verticals during the quarter. The strongest growth during Q4 was in automotive, travel and transportation growing at 27.4%. Energy, public and health services grew at 13.7%. Technology and business services grew at 10.1%. Financial services was flat in the face of FX headwinds, and our retail and consumer vertical decreased by 4.9%.

在本季度，我們還繼續看到我們垂直行業的增長。第四季度增長最強勁的是汽車、旅遊和運輸，增長率為 27.4%。能源、公共和醫療服務增長 13.7%。技術和商業服務增長 10.1%。面對外匯逆風，金融服務表現平平，我們的零售和消費垂直行業下降了 4.9%。

As we shared previously, in the retail and consumer vertical, we are seeing normalizing spend after the post-pandemic boom with the central retail continuing to outperform discretionary retail. For the full year 2022, around 87.2% of our business came from existing clients.

正如我們之前分享的那樣，在零售和消費者垂直領域，我們看到大流行後的繁榮過後支出正在正常化，中央零售的表現繼續優於可自由支配的零售。 2022 年全年，我們約 87.2% 的業務來自現有客戶。

We now have 35 clients with 2022 revenues greater than $10 million, 5 more compared to 2021, a 16.7% increase year-on-year. We have a balanced customer portfolio with relatively low client concentration. In 2022, our top 5, top 10 and top 50 clients generated 15.4% and 24.7% and 64.1%, respectively, as a percentage of total revenues.

我們現在有 35 個客戶 2022 年收入超過 1000 萬美元，比 2021 年增加 5 個，同比增長 16.7%。我們擁有均衡的客戶組合，客戶集中度相對較低。 2022 年，我們前 5 名、前 10 名和前 50 名客戶的收入分別佔總收入的 15.4%、24.7% 和 64.1%。

Moving down the income statement. For the quarter, adjusted gross margin was 39.7% compared to 42.9% during the prior year period. For the full year 2022 adjusted gross margin was 41.6% compared to 44.2% for the full year 2021.

向下移動損益表。本季度，調整後的毛利率為 39.7%，而去年同期為 42.9%。 2022 年全年調整後的毛利率為 41.6%，而 2021 年全年為 44.2%。

Utilization impacted both our quarterly and annual adjusted gross margin. In the fourth quarter, our adjusted SG&A as a percentage of revenue was 22.1%, which is better than the fourth quarter 2021 by 250 basis points on improved operational efficiencies.

利用率影響了我們的季度和年度調整後毛利率。在第四季度，我們調整後的 SG&A 佔收入的百分比為 22.1%，由於運營效率的提高，比 2021 年第四季度高 250 個基點。

For the full year 2022, adjusted SG&A as a percentage of revenue was 22.4%, down approximately 90 basis points compared to 2021. Adjusted EBITDA was $58.2 million for the fourth quarter, and adjusted EBITDA margin was 18.7%, an increase of 70 basis points compared to the fourth quarter last year. This was due to improved SG&A leverage and a recovery of prior bad debt expense, partially offset by lower utilization.

2022 年全年，調整後的 SG&A 佔收入的百分比為 22.4%，與 2021 年相比下降了約 90 個基點。第四季度調整後的 EBITDA 為 5820 萬美元，調整後的 EBITDA 利潤率為 18.7%，增加了 70 個基點與去年第四季度相比。這是由於 SG&A 槓桿率的提高和先前壞賬費用的恢復，部分被較低的利用率所抵消。

For the full year, adjusted EBITDA was $256.8 million, up 15% from $223.2 million in 2021. 2022 adjusted EBITDA margin of 19.8% was down approximately 110 basis points from 2021. GAAP diluted earnings per share was $0.05, impacted by noncash stock compensation charges. On an adjusted basis, our adjusted diluted EPS was $0.10 compared to $0.09 in the fourth quarter of 2021.

全年，調整後 EBITDA 為 2.568 億美元，比 2021 年的 2.232 億美元增長 15%。2022 年調整後 EBITDA 利潤率為 19.8%，比 2021 年下降約 110 個基點。GAAP 攤薄後每股收益為 0.05 美元，受非現金股票補償費用的影響.在調整後的基礎上，我們調整後的攤薄每股收益為 0.10 美元，而 2021 年第四季度為 0.09 美元。

For the full year, 2022, GAAP diluted loss per share was $0.34. On an adjusted basis, 2022 adjusted diluted EPS was $0.43 compared to $0.46 in 2021. Free cash flow for the quarter was $27.3 million compared to $18.2 million in the prior year quarter.

2022 年全年，GAAP 攤薄後每股虧損為 0.34 美元。在調整後的基礎上，2022 年調整後的攤薄每股收益為 0.43 美元，而 2021 年為 0.46 美元。本季度的自由現金流為 2730 萬美元，而去年同期為 1820 萬美元。

For the full year 2022, free cash flow was $64.9 million compared to $92.2 million in 2021, and we continue to have good liquidity. Our cash balance at December 31, 2022, was $194.3 million.

2022 年全年，自由現金流為 6490 萬美元，而 2021 年為 9220 萬美元，我們繼續保持良好的流動性。截至 2022 年 12 月 31 日，我們的現金餘額為 1.943 億美元。

Our debt continues to go down and stood at $402.5 million as of December 31, 2022, and we further reduced the balance by $100 million in February. In addition, during Q4, we upsized our revolving credit facility by $135 million to $300 million of total borrowing capacity. There is currently no outstanding balance on the revolver.

我們的債務繼續下降，截至 2022 年 12 月 31 日為 4.025 億美元，我們在 2 月份進一步減少了 1 億美元的餘額。此外，在第四季度，我們將循環信貸額度增加了 1.35 億美元，達到總借貸能力的 3 億美元。左輪手槍目前沒有未結餘額。

Now I would like to hand back to Xiao to share additional updates on our business from the fourth quarter.

現在我想請 Xiao 分享我們第四季度業務的其他更新。

Thanks, Erin. Let me start with our amazing Thoughtworkers. With a long-term focus on diversity and inclusion, our community of over 12,500 Thoughtworkers included 42.8% women and underrepresented gender minorities, WUGM, as of December 31.

謝謝，艾琳。讓我從我們出色的思想工作者開始。由於長期關注多樣性和包容性，截至 12 月 31 日，我們的社區擁有超過 12,500 名思想工作者，其中包括 42.8% 的女性和代表性不足的性別少數群體，WUGM。

We continue to improve our employee value proposition, and we're pleased that attrition at the end of December 2022 was 12% on a TTM basis, significantly better than industry norms. Our better-than-expected attrition demonstrates the strengths of our employee value proposition. We believe that Thoughtworks has the best digital talent in the industry and this positions us well to create extraordinary impact for our clients.

我們繼續改善我們的員工價值主張，我們很高興地看到，到 2022 年 12 月底，按 TTM 計算，員工流失率為 12%，明顯好於行業規範。我們好於預期的減員證明了我們員工價值主張的優勢。我們相信 Thoughtworks 擁有業內最優秀的數字人才，這使我們能夠很好地為我們的客戶創造非凡的影響力。

Our annual employee survey in the fourth quarter showed the strength of our employee engagement with our score of 8.7, placing Thoughtworks in the top 25% in the industry. Our diversity and inclusion score of 9 places us in the top 5% in the industry.

我們在第四季度進行的年度員工調查顯示，我們的員工敬業度很高，得分為 8.7，Thoughtworks 位居行業前 25%。我們的多元化和包容性評分為 9，使我們躋身行業前 5%。

This is a reflection of Thoughtworks' aligned values and cultivating culture. In the fourth quarter, we're pleased that Thoughtworks once again received Great Place to Work certification in India, Chile, Ecuador and for the first time in Italy.

這反映了 Thoughtworks 一致的價值觀和培養文化。在第四季度，我們很高興 Thoughtworks 再次在印度、智利、厄瓜多爾以及在意大利首次獲得 Great Place to Work 認證。

Our average Trust Index score was 91%, an increase from 88% in the third quarter. Additionally, Great Place to Work rank Thoughtworks Singapore and Brazil in the top 5 companies to work for in technology and IT services.

我們的平均信任指數得分為 91%，高於第三季度的 88%。此外，Great Place to Work 將 Thoughtworks 新加坡和巴西列為技術和 IT 服務領域最適合工作的 5 家公司。

Our priorities for Thoughtworks to be a place for talented technologies to grow and have impact. Our global Glassdoor rating is a measure of the progress we're making. In the fourth quarter, our overall rating was 4.47, which is again higher than the rating of the IT services sector of 3.95.

我們的首要任務是讓 Thoughtworks 成為有才華的技術發展和產生影響的地方。我們的全球 Glassdoor 評級是衡量我們取得的進展的標準。第四季度，我們的整體評級為 4.47，再次高於 IT 服務行業的評級 3.95。

We're now a thought leaders who revolutionized the technology industry. And that's how we build our brand, our reputation from early days as a company. I'm pleased to share that in January 2023, Thoughtworks was named as a Brand Finance IT Services top 25 brand for the second year in a row.

我們現在是徹底改變技術行業的思想領袖。這就是我們建立品牌的方式，也是我們從公司成立之初就享有盛譽的方式。我很高興地與大家分享，2023 年 1 月，Thoughtworks 連續第二年被評為 Brand Finance IT 服務品牌 25 強。

According to the Brand Finance report, Thoughtworks has achieved one of the strongest brand strength index scores of 77.3 out of 100. This places the Thoughtworks brand in the top 5 in the IT services sector, earning a AA+ rating.

根據 Brand Finance 報告，Thoughtworks 的品牌強度指數得分最高，達到 77.3（滿分 100）。這使 Thoughtworks 品牌躋身 IT 服務領域前 5 名，獲得 AA+ 評級。

Thoughtworks is also among the top 10 fastest-growing IT services brands with estimated 15% year-on-year growth in brand value. We've also been proud of the work we're doing in the market and with the clients around the topic of responsible technology.

Thoughtworks 也是增長最快的 10 大 IT 服務品牌之一，品牌價值估計同比增長 15%。我們也為我們在市場上所做的工作以及與客戶圍繞負責任的技術主題所做的工作感到自豪。

We published the State of Responsible Technology report last month in collaboration with MIT Technology Review Insights. This is a landmark moment in charting the growing boardroom acceptance of responsible technology thinking. It builds on the work we've done in providing technologies, methodologies and tools to help clients such as retailer H&M and German ride-sharing service of MOIA. In the responsible tech efforts. Both clients made invaluable contributions to the report.

上個月，我們與 MIT Technology Review Insights 合作發布了《負責任的技術狀況》報告。這是一個具有里程碑意義的時刻，表明董事會越來越接受負責任的技術思維。它基於我們在提供技術、方法和工具方面所做的工作，以幫助零售商 H&M 和 MOIA 的德國拼車服務等客戶。在負責任的技術努力中。兩位客戶都為報告做出了寶貴貢獻。

Now let me hand back to Erin.

現在讓我交還給艾琳。

Thank you, Xiao. Now let me turn to our business outlook for Q1 and the full year 2023. While there is caution being exercised in the macro environment, our clients continue to have ongoing needs for digital transformation, which draws them to Thoughtworks.

謝謝你，肖。現在讓我談談我們對第一季度和 2023 年全年的業務展望。雖然在宏觀環境中謹慎行事，但我們的客戶繼續對數字化轉型有持續的需求，這將他們吸引到 Thoughtworks。

For the first quarter of 2023, we expect revenues to be in the range of $303 million to $305 million, reflecting a year-over-year decline of negative 5.5% to negative 5% or negative 2.5% to negative 2% in constant currency.

對於 2023 年第一季度，我們預計收入將在 3.03 億美元至 3.05 億美元之間，按固定匯率計算同比下降 5.5% 至負 5% 或負 2.5% 至負 2%。

We expect acquisitions will contribute approximately 3 points to revenue growth in Q1. Given the more cautious demand environment, we are taking steps to better align our cost base with our revenue expectations, which includes headcount management. These targeted actions will result in an approximate 4% reduction to our employee base.

我們預計收購將為第一季度的收入增長貢獻約 3 個百分點。鑑於更加謹慎的需求環境，我們正在採取措施使我們的成本基礎與我們的收入預期更好地保持一致，其中包括員工人數管理。這些有針對性的行動將使我們的員工人數減少約 4%。

Please recall that our reported attrition figure of 12% as of this quarter is based upon a trailing 12-month total. Consequently, these actions will result in an elevated level of attrition until we lap these changes in Q1 of 2024.

請記住，截至本季度，我們報告的 12% 的流失率數據是基於過去 12 個月的總數得出的。因此，在我們在 2024 年第一季度完成這些變化之前，這些行動將導致更高的人員流失率。

In the meantime, we will continue to hire on a limited basis with a focus on specialized skill sets and demand generation. We expect adjusted EBITDA margin for the first quarter to be in the range of 9.5% to 10.5%, negatively impacted by approximately $8 million of nonrecurring severance-related costs in the quarter.

與此同時，我們將繼續在有限的基礎上招聘，重點是專業技能和需求生成。我們預計第一季度調整後的 EBITDA 利潤率將在 9.5% 至 10.5% 之間，受到本季度約 800 萬美元的非經常性遣散費相關成本的負面影響。

For the first quarter, we expect adjusted diluted EPS to be in the range of $0.03 to $0.04, assuming a weighted average share count of approximately 333 million diluted shares outstanding. Our Q1 guidance incorporates share-based compensation of $19 million.

對於第一季度，我們預計調整後的攤薄每股收益將在 0.03 美元至 0.04 美元之間，假設加權平均股數約為 3.33 億股攤薄流通股。我們的第一季度指導包含 1900 萬美元的股票薪酬。

Turning to full year guidance. For the full year 2023, we expect revenue growth year-on-year on a reported basis in the range of 0.5% to 2.5% or 0% to 2% in constant currency. We expect acquisitions will contribute approximately 2 points to full year revenue growth. Our full year guidance incorporates modest sequential top line growth in Q2 with higher sequential growth in the second half of the year.

轉向全年指導。對於 2023 年全年，我們預計收入同比增長 0.5% 至 2.5%，或按固定匯率計算為 0% 至 2%。我們預計收購將為全年收入增長貢獻約 2 個百分點。我們的全年指導包括第二季度適度的環比增長和下半年更高的環比增長。

We have increased our sales and marketing investments to drive additional demand generation, and we remain optimistic about our growth prospects given our view into a healthy pipeline. For 2023, we expect adjusted EBITDA margin to be in the range of 18% to 19%.

我們增加了銷售和營銷投資以推動額外的需求產生，並且鑑於我們對健康管道的看法，我們對我們的增長前景保持樂觀。對於 2023 年，我們預計調整後的 EBITDA 利潤率將在 18% 至 19% 之間。

We expect that our targeted actions will reduce our cost base by approximately $12 million in Q2 when compared to Q1. Accordingly, beginning in Q2, we expect a go-forward adjusted EBITDA margin that is in line with our historical EBITDA margin range.

我們預計，與第一季度相比，我們的目標行動將使我們的成本基礎在第二季度減少約 1200 萬美元。因此，從第二季度開始，我們預計調整後的 EBITDA 利潤率將與我們的歷史 EBITDA 利潤率範圍一致。

We expect full year adjusted diluted earnings per share for 2023 to be in the range of $0.38 to $0.41, assuming a weighted average share count of approximately 335 million diluted shares outstanding. We expect stock-based compensation expenses of approximately $81 million during 2023.

我們預計 2023 年全年調整後的攤薄每股收益將在 0.38 美元至 0.41 美元之間，假設加權平均股數約為 3.35 億股攤薄流通股。我們預計 2023 年基於股票的薪酬支出約為 8100 萬美元。

Beginning in 2024, we anticipate annual stock-based compensation to range between 2% to 4% of revenue. In addition, we have switched to straight-line expensing of stock-based compensation from the previous accelerated method.

從 2024 年開始，我們預計年度股票薪酬將佔收入的 2% 至 4%。此外，我們已從之前的加速方法切換到基於股票的補償的直線費用。

Accordingly, there is a recasting of historical financials, which decreased net loss in 2022 by $2.7 million and decreased 2021 net loss by $23 million. Now we would like to provide some context that is informing our guidance for Q1 and the rest of the year 2023.

因此，對歷史財務數據進行了重鑄，將 2022 年的淨虧損減少了 270 萬美元，將 2021 年的淨虧損減少了 2300 萬美元。現在，我們想提供一些背景信息，為我們對第一季度和 2023 年剩餘時間的指導提供信息。

First, as we mentioned previously, we expect some clients contracting behavior to be at more normalized decision cycles compared to the compressed cycles we witnessed post pandemic. Additionally, some clients continue to break larger digital transformation programs into smaller statements of work to provide themselves with flexibility.

首先，正如我們之前提到的，與我們在大流行後目睹的壓縮週期相比，我們預計一些客戶的簽約行為將處於更加規範化的決策週期。此外，一些客戶繼續將較大的數字化轉型計劃分解為較小的工作說明，以為自己提供靈活性。

Furthermore, some clients are in-sourcing work to protect the jobs of their own teams. Second, we expect continued caution in our business in APAC into the first quarter. We expect the benefits of China's exit from the Zero-COVID policy to slowly materialize during the first half of the year.

此外，一些客戶正在外包工作以保護他們自己團隊的工作。其次，我們預計第一季度我們在亞太地區的業務將繼續保持謹慎。我們預計中國退出零新冠肺炎政策的好處將在今年上半年慢慢顯現。

Third, we continue to see clients in the retail and consumer segment moderate spend due to additional scrutiny on budgets. Retail clients are being more cautious in response to overall consumer sentiment and economic uncertainty. And we are also seeing this moderation of spend in some of our clients in the technology sector as some of our clients balance internal and external supply in the context of available budgets.

第三，我們繼續看到零售和消費領域的客戶由於對預算的額外審查而節制支出。零售客戶對整體消費者情緒和經濟不確定性的反應更加謹慎。我們還看到，由於我們的一些客戶在可用預算的背景下平衡了內部和外部供應，因此我們的一些客戶在技術領域的支出也在放緩。

For 2023, we are focused on execution while remaining vigilant of any potential impact of external factors. We are highly focused on cost management, balancing supply and demand and investing in our growth while scaling our operations efficiently. Our value proposition and services remain highly relevant.

對於 2023 年，我們專注於執行，同時對外部因素的任何潛在影響保持警惕。我們高度關注成本管理、平衡供需和投資於我們的增長，同時有效地擴展我們的運營。我們的價值主張和服務仍然高度相關。

Our clients are continuing with their multiyear journeys. Our renewal rates are strong. We continue to stay close to our clients and expect to gain additional visibility as clients continue to finalize spend decisions.

我們的客戶正在繼續他們多年的旅程。我們的續訂率很高。我們繼續與客戶保持密切聯繫，並期望隨著客戶繼續最終確定支出決策而獲得更多的知名度。

We believe that our talent is the best in the industry and attrition remains low. We will continue to calibrate supply and demand in order to balance solid utilization with an ability to respond to new and expanded opportunities.

我們相信我們的人才是業內最優秀的，而且流失率仍然很低。我們將繼續調整供給和需求，以平衡可靠的利用與應對新的和擴大的機會的能力。

Now let me hand back to Rob.

現在讓我交還給 Rob。

Thanks, Erin. You can find our investor presentation on the Thoughtworks Investor Relations website. We will now move on to Q&A. (Operator Instructions) Operator, would you please provide instructions for those on the call?

謝謝，艾琳。您可以在 Thoughtworks 投資者關係網站上找到我們的投資者介紹。我們現在將進入問答環節。 （接線員說明）接線員，你能為通話中的人提供說明嗎？

(Operator Instructions) Our first question comes from Tien-tsin Huang with JPMorgan.

（操作員說明）我們的第一個問題來自摩根大通的 Tien-tsin Huang。

I wanted to drill into the first quarter outlook, if that's okay? Because we're 2 months in, I think historically, we've seen sequential revenue growth for Thoughtworks and you're guiding to a decline. So I just wanted to drill in on the -- how broad-based is some of the weakness that you're seeing in the first quarter?

我想深入了解第一季度的前景，可以嗎？因為我們已經有 2 個月了，我認為從歷史上看，我們已經看到 Thoughtworks 的連續收入增長，而你正在引導下降。所以我只想深入了解 - 你在第一季度看到的一些弱點的基礎有多廣泛？

I know you mentioned normalizing sales cycles and some evidence of in-sourcing also the retail sector. Just how broad-based is this change in demand or the slow start to the year? Any additional detail would be great.

我知道你提到了銷售週期的正常化和零售業內包的一些證據。這種需求變化或今年開局緩慢的基礎究竟有多廣泛？任何額外的細節都會很棒。

Thanks, Tien-Tsin. 1Q, we're looking at we're almost 1.5 way through with the current demand environment is we believe it's still similar to Q4. As you mentioned, we expect a small revenue decline from Q4 to Q1. Normally, we would see a probably a bigger upside in the previous years. And this is still a reflection of this macro headwind that still persists in this market.

謝謝，天津。 1Q，我們正在看我們在當前的需求環境中幾乎完成了 1.5 倍，我們相信它仍然與第四季度相似。正如您所提到的，我們預計第四季度到第一季度的收入會小幅下降。通常，我們會在前幾年看到更大的上漲空間。這仍然反映了這個市場仍然存在的宏觀逆風。

We are seeing our clients are still being cautious and tight on budget. From a vertical perspective, tech and retail verticals are still underperforming, but we are seeing automobiles, public and health care sectors are overperforming.

我們看到我們的客戶仍然對預算保持謹慎和緊張。從垂直角度來看，科技和零售垂直行業仍然表現不佳，但我們看到汽車、公共和醫療保健行業表現出色。

We still see stronger, from a geo perspective, headwinds in Asia Pacific. Europe is doing better and North America is having a more modest January than we've seen before, but is seeing a fast rebound in February and beyond Q2 and Q3 for sure.

從地緣角度來看，我們仍然認為亞太地區的阻力更大。歐洲表現更好，北美 1 月份的表現比我們之前看到的要溫和，但在 2 月份以及第二季度和第三季度之後肯定會出現快速反彈。

So overall, still cautious about Q1, but the pipeline is very healthy and very active. We continue to see the total pipeline expand to a historic level. We have a large opportunity set in front of us to work for the next few months.

所以總體而言，對第一季度仍持謹慎態度，但管道非常健康且非常活躍。我們繼續看到總管道擴大到歷史水平。在接下來的幾個月裡，我們面前擺著一個巨大的工作機會。

Great. And my follow-up to Xiao is if I heard Erin correctly, you are increasing your sales and marketing to drive some demand. But you did show a lot of sales and marketing leverage. So I'm just trying to think how you're balancing the margins embedded in your guidance? So you are upping your sales and marketing efforts, but you you've made some savings in other places, can you just comment on that balance as well as your visibility on utilization, forget the jumbled question, but just a little bit more on margins? And that's my follow-up.

偉大的。我對肖的後續行動是，如果我沒聽錯，艾琳，你正在增加銷售和營銷以推動一些需求。但你確實展示了很多銷售和營銷影響力。所以我只是想想想你是如何平衡你的指導中嵌入的利潤率的？所以你正在加大你的銷售和營銷力度，但你在其他地方節省了一些錢，你能不能評論一下這種平衡以及你對利用率的可見性，忘記這個混亂的問題，但只是多說一點利潤率？這就是我的後續行動。

Sure. Erin, do you want to comment on that?

當然。艾琳，你想對此發表評論嗎？

Sure. I'll start with your first point, Tien-Tsin, which is around sales and marketing. So we are investing in our sales and marketing spend. But overall, if we compare the margin guide for 2023 versus 2022 performance, it's relatively in line.

當然。我將從您的第一點開始，Tien-Tsin，它是關於銷售和營銷的。因此，我們正在投資於我們的銷售和營銷支出。但總的來說，如果我們比較 2023 年與 2022 年業績的利潤率指南，它是相對一致的。

The sales and marketing spend, our focus there is really looking for opportunities to drive efficiencies in G&A and then reallocating that cost and that spend into sales and marketing. That's something that we really started doing as early as the fourth quarter of last year and continue doing into Q1 and we'll do so for the remainder of the year.

銷售和營銷支出，我們的重點是尋找機會提高 G&A 的效率，然後將成本和支出重新分配到銷售和營銷中。這是我們早在去年第四季度就真正開始做的事情，並一直持續到第一季度，我們將在今年餘下的時間裡這樣做。

In order to understand the margin for 2023 and just a little bit more color and commentary for me, I think it's fair to say that our Q1 margin has been impacted, I talked about the reasons why in my prepared comments, but would just remind, in the Q1, we have about $8 million of nonrecurring severance costs that are impacting our first quarter.

為了了解 2023 年的利潤率並為我提供更多的顏色和評論，我認為可以公平地說我們的第一季度利潤率受到了影響，我在準備好的評論中談到了原因，但只是提醒一下，在第一季度，我們有大約 800 萬美元的非經常性遣散費影響了我們的第一季度。

After that, in the second quarter, we do expect to see margin returning to higher levels and further expect that our H2 margin is going to be stronger than our H1 margin. Tien-Tsin, you mentioned utilization, and we are focused on driving higher levels of utilization in 2023.

在那之後，在第二季度，我們確實希望看到利潤率回到更高水平，並進一步預計我們的 H2 利潤率將強於我們的 H1 利潤率。 Tien-Tsin，你提到了利用率，我們專注於在 2023 年推動更高水平的利用率。

If you recall, in the second half of 2022, we were operating at lower levels of utilization. And that's why we made the decision to rightsize our cost base now, and we're resetting early in the year. We will continue to manage our cost base, as we always do. Our focus right now really is returning to growth and making sure that the spend is in the right areas for the business.

如果您還記得，在 2022 年下半年，我們的運營利用率較低。這就是為什麼我們現在決定調整我們的成本基礎，並且我們將在今年年初重新設置。我們將一如既往地繼續管理我們的成本基礎。我們現在的重點確實是恢復增長並確保支出用於業務的正確領域。

Our next question comes from Maggie Nolan with William Blair.

我們的下一個問題來自 Maggie Nolan 和 William Blair。

Can you talk through the pricing trends that you've seen in the last several months? A little bit more granularity on kind of a month-over-month basis, as we think about how 1Q is developing.

您能談談您在過去幾個月看到的定價趨勢嗎？當我們考慮第一季度的發展情況時，在逐月的基礎上更細化一點。

Sure. Thank you, Maggie. We still -- in Q4, we saw low single digit pricing increase from a year-on-year perspective. We certainly believe that the strategic partner position allow us to drive -- generate higher bill rates for higher value-added services in the market.

當然。謝謝你，瑪吉。我們仍然 - 在第四季度，從同比角度來看，我們看到低個位數的定價增長。我們當然相信，戰略合作夥伴的地位使我們能夠推動——為市場上更高附加值的服務產生更高的賬單費率。

During the last few months, we do ourselves have seen more pressure from our clients just in terms of general budgeting pressure and cost-cutting measures. We have become more mindful of how much our clients would be willing to pay given these budget constraints.

在過去的幾個月裡，我們確實看到了來自客戶的更多壓力，只是在一般預算壓力和成本削減措施方面。考慮到這些預算限制，我們已經更加註意客戶願意支付多少錢。

We definitely observe more pricing pressure than usual, but not evenly distributed. For higher-value services, we've seen continued willingness to pay for the higher rates. We definitely see -- it's reflected more on the mix of work. We see clients pushing more of [vanilla] engineering work from onshore to offshore, they're more -- they're still willing to pay for transformation, special skill sets for workdown onshore.

我們肯定觀察到比平時更多的定價壓力，但分佈不均。對於更高價值的服務，我們看到人們繼續願意支付更高的費用。我們肯定會看到——它更多地反映在工作組合上。我們看到客戶將更多的 [vanilla] 工程工作從陸上推向海上，他們更多 - 他們仍然願意為轉型付費，為陸上工作的特殊技能組合買單。

So that -- I think that change of pricing mix is where we are seeing more just from an average downward pressure perspective on pricing than necessarily the average bill rate for the same work we were doing before. At the same time, given the macro constraint, we are becoming very flexible in the short term to help our clients through difficult times.

因此 - 我認為定價組合的變化是我們從定價的平均下行壓力角度看到的，而不是我們之前所做的相同工作的平均賬單利率。同時，鑑於宏觀約束，我們在短期內變得非常靈活，以幫助我們的客戶度過困難時期。

And obviously, the most important thing for us is to stay close to our clients, focus on delivering value early with high quality, we believe that's how we win trust and commitment for the long run.

顯然，對我們來說最重要的是與客戶保持密切聯繫，專注於儘早交付高質量的價值，我們相信這就是我們贏得長期信任和承諾的方式。

So if you extrapolate forward, we believe that we're going to continue to see more pressure on pricing, but not significantly higher than what we have seen in Q4.

因此，如果你向前推斷，我們相信我們將繼續看到更多的定價壓力，但不會明顯高於我們在第四季度看到的壓力。

And then, obviously, I can appreciate that it's difficult to get visibility into the COVID policies in China. How much of that risk are you trying to take out of the model with the current guidance? Or how did you consider that when you were putting together the full year guidance?

然後，很明顯，我明白很難了解中國的 COVID 政策。在當前的指導下，您試圖從模型中消除多少風險？或者，當您整理全年指南時，您是如何考慮的？

We believe our guidance is appropriate and also incorporate the risk we have seen in China, we believe it's going to evolve later this year. We certainly saw a bigger impact from the strict Zero-COVID policy in Q4, which caused economic slowdown in China. However, extending the Q1, the COVID outbreak itself following the lifting of the Zero-COVID policy also contributed to the slower growth in China in Q1.

我們相信我們的指導是適當的，並且還考慮了我們在中國看到的風險，我們相信它會在今年晚些時候發生變化。我們當然看到第四季度嚴格的零 COVID 政策產生了更大的影響，這導致中國經濟放緩。然而，隨著第一季度的延長，零 COVID 政策解除後 COVID 爆發本身也導致第一季度中國經濟增長放緩。

That said, we have seen the country largely went through the first outbreak, the major outbreak and then there hasn't been any signs of follow-up later outbreaks. We expect China growth, from an economy perspective, has been demonstrating growth since January, February this year. We expect China, our business growth to recover starting Q2 on the back of accelerated economic growth.

也就是說，我們已經看到該國在很大程度上經歷了第一次爆發，一次大爆發，然後沒有任何後續爆發的跡象。我們預計，從經濟角度來看，中國的增長自今年 1 月、2 月以來一直呈現增長態勢。我們預計中國，我們的業務增長將在經濟加速增長的支持下從第二季度開始復蘇。

Our next question comes from Bryan Bergin with Cowen.

我們的下一個問題來自 Bryan Bergin 和 Cowen。

I wanted to dig in a little bit more on the types of engagements and client behavior. So can you give more detail on the type of work that clients have really deferred here versus those that are continuing? So I'm trying to understand what programs really fell out of the pipeline?

我想更深入地了解參與類型和客戶行為。那麼，您能否更詳細地說明客戶在這裡真正推遲的工作類型與仍在繼續的工作類型？所以我試圖了解哪些程序真正落在了管道之外？

And can you draw any tangents to the early COVID quarters as it relates to client decision-making and whether you think any of this work can come back quickly or not?

你能否對早期 COVID 季度的客戶決策制定切線，以及你是否認為這些工作中的任何一項都能迅速恢復？

Sure. Thank you, Bryan. So as Erin mentioned earlier, the behavior change we're seeing from clients are mostly on the sales cycle, the deal size. Specifically from a portfolio type of work perspective, the biggest change we've observed between early COVID now is the -- or the post-COVID and then now is the rotation from just growth -- purely growth-oriented investments to more efficiency-oriented initiatives, investments.

當然。謝謝你，布萊恩。因此，正如 Erin 之前提到的，我們從客戶那裡看到的行為變化主要是在銷售週期和交易規模上。具體來說，從投資組合類型的工作角度來看，我們在早期 COVID 和現在之間觀察到的最大變化是——或後 COVID，然後現在是從增長的輪換——純粹以增長為導向的投資轉向更以效率為導向的投資舉措、投資。

We -- from a data perspective, about 30% of our portfolio, we believe, at the beginning of the last year 2022, was efficiency focus. At this moment, it's probably 50% and then slightly -- even slightly higher than that. And then where we see the biggest traction is engineering effectiveness platforms we're providing allow developers to be more productive.

我們——從數據的角度來看，我們相信，在去年 2022 年初，我們的投資組合中約有 30% 是效率重點。目前，它可能是 50%，然後略微——甚至略高於此。然後我們看到最大的吸引力是我們提供的工程效率平台讓開發人員更有效率。

There seems to be a bigger focus from our client where they are trying to increase the productivity of their own teams more than they were focusing on before. And then I mentioned earlier that some of the work is being pushed more to offshore.

我們的客戶似乎更加關注他們正在努力提高自己團隊的生產力，這比他們以前關注的要多。然後我之前提到，一些工作更多地被推向了離岸。

Obviously, a lot of engineering work is being pushed, but a lot of the transformation work, special skill sets are still in high demand from our clients. From the work perspective that you mentioned early -- during the early COVID quarters, are they coming back?

顯然，正在推動大量工程工作，但我們的客戶仍然對大量轉換工作、特殊技能組合有很高的要求。從您之前提到的工作角度來看——在早期的 COVID 季度中，他們會回來嗎？

We -- from our portfolio perspective, we have many of these programs that are running are multiyear programs. They didn't disappear. They just didn't grow as fast as it was during those quarters. We continue to work with most of our clients on these large programs of work. We believe they will continue.

我們 - 從我們的投資組合角度來看，我們有許多正在運行的項目都是多年期項目。他們沒有消失。他們只是沒有像那些季度那樣快速增長。我們將繼續與我們的大多數客戶合作開展這些大型工作計劃。我們相信他們會繼續。

We're also seeing some of them, especially in Q1, Q2 this year, some of these were coming back. There's definitely signs that despite the macro uncertainty, despite the concerns that the client -- our clients are looking beyond 2023, looking at 2024, they believe that given the macro conditions '24, we're going to likely see much healthier, stronger economic growth, and they are making investments from a growth perspective, from a tech digital perspective, trying to capture that growth. So we're seeing definitely green shoots and then lots of interest in that kind of work coming back.

我們也看到了其中一些，特別是在今年第一季度、第二季度，其中一些又回來了。確實有跡象表明，儘管存在宏觀不確定性，儘管客戶擔心——我們的客戶正在展望 2023 年之後，展望 2024 年，他們相信，鑑於 24 世紀的宏觀條件，我們可能會看到更健康、更強勁的經濟增長，他們正在從增長的角度，從技術數字的角度進行投資，試圖抓住這種增長。所以我們肯定看到了萌芽，然後人們對這種工作的興趣又回來了。

Okay. That's helpful. And then just a follow-up here, just considering the pricing trends that you had mentioned in 4Q, and I guess, the early part of '23, can you give us a sense on how you expect gross margin and per capita revenue to trend in '23 after you get past the 1Q?

好的。這很有幫助。然後這裡只是一個跟進，只考慮你在第四季度提到的定價趨勢，我想，23 年初，你能告訴我們你對毛利率和人均收入趨勢的預期嗎在你通過 1Q 之後的 23 年？

Thanks, Bryan. Sure. With respect to gross margin, again, on the whole, we will expect to have, particularly when comparing to the second half of the year, a favorable impact on gross margin resulting from higher utilization. Specifically from a pricing perspective, we're not seeing that as a significant impact on the margin when comparing 2022 to our expectations for 2023.

謝謝，布萊恩。當然。關於毛利率，總體而言，我們預計，特別是與今年下半年相比，更高的利用率將對毛利率產生有利影響。具體從定價的角度來看，在將 2022 年與我們對 2023 年的預期進行比較時，我們認為這不會對利潤率產生重大影響。

So then if we just look at revenue per employee or the per capita view, we do anticipate our revenue per employee, we'll see the benefit of higher utilization. That said, there's various puts and takes in that. As I know you realized, Xiao has already touched on, some of the work seeing some stronger growth offshore. So we do expect that to be a component. So there will be a mix shift factor in there as well, and that's been consistent for the last few years.

因此，如果我們只看每名員工的收入或人均收入，我們確實預計每名員工的收入，我們將看到更高利用率的好處。也就是說，有各種各樣的投入和投入。我知道你已經意識到，肖已經談到了一些工作在海外看到了更強勁的增長。所以我們確實希望它成為一個組件。所以那裡也會有一個混合轉變因素，這在過去幾年裡一直是一致的。

Our next question comes from Jason Kupferberg of Bank of America.

我們的下一個問題來自美國銀行的 Jason Kupferberg。

This is Tyler DuPont on for Jason. So first, can you just speak a little bit more on the project elongations you mentioned. One of the parts to the story was that the clients are breaking up projects into smaller pieces. Is there a specific vertical or geographic tilt towards those delays? And then also, when clients break up projects, can you just speak to the duration of those projects and whether Thoughtworks is being able to win those follow-on opportunities?

這是傑森的泰勒杜邦。所以首先，你能不能多談談你提到的項目延伸？故事的一部分是客戶將項目分解成更小的部分。這些延遲是否有特定的垂直或地理傾斜？然後，當客戶拆分項目時，您能否談談這些項目的持續時間以及 Thoughtworks 是否能夠贏得這些後續機會？

Sure. So from a geography and vertical perspective, it's pretty consistent across different regions and different verticals. This behavior that you mentioned, we observed that in all the verticals even if -- for the ones that automotive and then health care, public sector, we've seen very strong growth in those sectors.

當然。因此，從地理和垂直角度來看，它在不同地區和不同垂直領域非常一致。你提到的這種行為，我們觀察到在所有垂直領域，即使 - 對於汽車，然後是醫療保健，公共部門，我們在這些領域看到了非常強勁的增長。

We're seeing similar contracting behaviors. Now the work itself, many of them are -- the programs are multiyear programs. during the post-COVID quarters, clients were willing to sign up for a 3-year, 5-year contracts right away in a single SOW sometimes. We're not seeing them signing up for only 12 months or sometimes even 6 months SOWs to start with. Now with this kind of work in our experience in the previous 2, 3 -- 2 quarters and what we're observing right now, they are highly strategic, and our win rate on the renews and extensions are especially high, higher than the usual extensions and renews we've seen before. So we're very, very confident about the continuation of this work despite the contracting behaviors.

我們看到了類似的合同行為。現在，工作本身，其中很多都是——這些項目是多年期項目。在後 COVID 季度，客戶有時願意在單個 SOW 中立即簽訂 3 年、5 年的合同。我們沒有看到他們只註冊 12 個月或有時甚至 6 個月的 SOW。現在，根據我們在前 2、3 - 2 個季度的經驗以及我們現在觀察到的情況，它們具有高度戰略性，我們在續訂和延期方面的勝率特別高，高於往常我們以前見過的擴展和更新。因此，儘管存在合同行為，但我們對繼續開展這項工作非常非常有信心。

Okay. I appreciate that. And then also just on a sequential basis, it seems like the financial services and tech verticals experienced more of the softest growth. Anything specific to call out there, whether it's specific types of projects within those verticals that are more likely to be pushed out or if the slowdown was driven more by a few larger clients or broad-based? Any sort of clarity there would be helpful.

好的。我很感激。然後也是在連續的基礎上，金融服務和技術垂直領域似乎經歷了更多最疲軟的增長。有什麼具體要指出的嗎，無論是那些更有可能被推出的垂直領域中的特定類型的項目，還是放緩更多是由一些大客戶或廣泛的客戶推動的？任何形式的清晰度都會有所幫助。

Sure. The changes in tech sector is less about the type of projects, it's more about just the type of budgeting process we're seeing from technology clients, as we have all seen the technology sector is taking on a lot of challenges recently with -- especially with their own cost base.

當然。技術行業的變化與項目類型無關，更多的是我們從技術客戶那裡看到的預算流程類型，因為我們都看到技術行業最近面臨著很多挑戰——尤其是有自己的成本基礎。

Many have announced layoffs. And then as part of the results, we're seeing more of our technology clients wanting to in-source work as much as they can so that they can keep their own people busy. And so that's one of the things that's causing a lot of the changing behaviors in the tech sector from a sequential perspective.

許多人宣布裁員。然後作為結果的一部分，我們看到更多的技術客戶希望盡可能多地內包工作，以便他們可以讓自己的員工忙碌。因此，從連續的角度來看，這是導致科技行業行為發生許多變化的原因之一。

Financial Services, in fact, that if we look at our own portfolio, it's having a sequential growth, but the reported number you've seen is mostly due to tough comps. About the same time last year or slightly earlier than last year, the same time in Q4 the previous year, we saw a huge growth in the financial service sector.

金融服務，事實上，如果我們看一下我們自己的投資組合，它正在連續增長，但你所看到的報告數字主要是由於艱難的競爭。大約在去年同期或略早於去年，在去年第四季度的同一時間，我們看到了金融服務業的巨大增長。

A lot of this is due to the cryptocurrency surge, the rise of digital banks, especially the critical part of it has come down gradually last year. So from a year-on-year perspective, we are seeing more modest growth in the financial services sector, but sequentially is doing relatively well.

這在很大程度上是由於加密貨幣的激增，數字銀行的興起，尤其是其中的關鍵部分在去年逐漸回落。因此，從同比的角度來看，我們看到金融服務業的增長較為溫和，但環比表現相對較好。

Our next question comes from Moshe Katri with Wedbush.

我們的下一個問題來自 Moshe Katri 和 Wedbush。

Two follow-ups. One, you mentioned the $1.4 billion in bookings that's trailing 12 months, I think. And I think, Xiao, you indicated it's a record level kind of number. Is there a way to kind of figure out how -- what sort of growth that would represent year-over-year? So that's my first question.

兩次跟進。第一，我認為你提到了過去 12 個月的 14 億美元的預訂量。我想，肖，你表示這是一個創紀錄的數字。有沒有辦法弄清楚 - 什麼樣的增長將代表同比增長？這是我的第一個問題。

Sure. So I think what I was trying to highlight is our pipeline is at record level. From a booking perspective, the $1.4 billion is relatively flat from last 2 quarters, if we adjust it by the foreign exchange -- the currency exchange.

當然。所以我想我想強調的是我們的管道處於創紀錄的水平。從預訂的角度來看，如果我們通過外匯 - 貨幣兌換進行調整，那麼 14 億美元與前兩個季度相比相對持平。

Part of the reason that booking is not increasing at the same pace that the pipeline is because the deal size is being compared. So we're signing smaller SOWs to start with. But the overall pipeline, the kind of work we know that we're going to get that we're seeing our clients are committing to is very healthy.

預訂量沒有以與管道相同的速度增長的部分原因是因為正在比較交易規模。因此，我們首先要簽署較小的 SOW。但是整個管道，我們知道我們將要得到的那種工作，我們看到我們的客戶正在承諾是非常健康的。

So that, to your point, Moshe, that's exactly what we're seeing right now. And then we observed that inbound and outbound leads and the overall size of the pipeline continues to expand. We added 33 new logos. We have a large size of opportunities in front of us to execute. So we feel that while what a bit uncertain is a bit modest, we do believe that if we execute against this pipeline, we should be able to see sequential growth from Q1 to Q2 and then even more additional incremental revenue from Q2 to Q3 to later this year.

所以，就你的觀點而言，Moshe，這正是我們現在所看到的。然後我們觀察到入站和出站線索以及管道的整體規模繼續擴大。我們添加了 33 個新徽標。我們面前有大量機會可以執行。因此，我們覺得雖然有點不確定有點適度，但我們確實相信，如果我們針對這條管道執行，我們應該能夠看到從第一季度到第二季度的連續增長，然後從第二季度到第三季度再到後來更多的額外增量收入今年。

Okay. Understood. And then you -- I think, Erin, you spoke about some clients still finalizing some spending decisions. So this is a pretty big deviation from prior years. I guess, there's maybe 1 to 2 months kind of delay in budget decisions.

好的。明白了。然後你 - 我想，艾琳，你談到一些客戶仍在最終確定一些支出決定。所以這與前幾年有很大的不同。我想，預算決策可能會有 1 到 2 個月的延遲。

Is that what you're seeing out there? And then one -- I mean, what sort of indications are you getting about some of those -- when do we get that timeframe where clients are kind of done finalizing those spending decisions?

那是你在外面看到的嗎？然後一個——我的意思是，你對其中一些有什麼樣的跡象——我們什麼時候能得到客戶完成這些支出決定的時間表？

We think there -- most of them are close to be done. It is -- absolutely you're right, we are seeing unusual budgeting behavior where January -- towards the end of February, some of them are still finalizing their budget.

我們認為 - 其中大部分即將完成。這是——你絕對是對的，我們在一月份看到了不尋常的預算行為——到二月底，他們中的一些人仍在敲定他們的預算。

It's definitely at least 2, 3 months, sometimes longer than we've seen in the previous years. Now what gave us comfort is that -- well, first of all, the challenge was due to that was a lot of the work that we were committed earlier to start couldn't start because of the budgeting cycle and then some of the decisions impacted our clients' priority.

這肯定至少需要 2、3 個月，有時比我們前幾年看到的要長。現在讓我們感到欣慰的是——好吧，首先，挑戰是由於我們之前承諾要開始的很多工作由於預算週期而無法開始，然後一些決定受到影響我們客戶的首要任務。

We're seeing work stopped and then start during January and sometimes in February. That's, I think, why we're seeing more of a modest January in North America. We think that majority of this decision-making is behind us right now. Most of our clients are settled one way or the other on their budget for the year. And then as we mentioned earlier, some of them are more focused on efficiency cost optimization. But overall, we're seeing a -- from a -- it varies from client to client from flat to small increase in budget due to the -- some of the macro concerns.

我們看到工作停止，然後在 1 月開始，有時在 2 月開始。我認為，這就是為什麼我們在北美看到更多溫和的 1 月。我們認為大部分決策現在都在我們身後。我們的大多數客戶都以一種或另一種方式確定了他們一年的預算。然後正如我們前面提到的，其中一些更側重於效率成本優化。但總的來說，由於一些宏觀問題，我們看到 - 從 - 客戶到客戶的預算從持平到小幅增長不等。

But this digital transformation is still a key component of their future strategy. We've seen commitments on the long-running programs, both that things are carried from previous years and from last year as well as new programs that are supposed to starting Q2 -- sometimes later in Q2.

但這種數字化轉型仍然是他們未來戰略的關鍵組成部分。我們已經看到了對長期運行計劃的承諾，既有前幾年和去年的東西，也有應該在第二季度開始的新計劃——有時在第二季度晚些時候。

So we feel that this budgeting challenge is largely behind us, and we're confident that we're going to see incremental growth going from here.

所以我們覺得這個預算挑戰在很大程度上已經過去了，我們相信我們會看到從這裡開始的增量增長。

If I can just squeeze in the last one. You didn't talk a lot about Europe. Are the -- are we seeing any sort of those headwinds coming out from your European-based customers?

如果我能擠進最後一個就好了。你沒有過多談論歐洲。我們是否看到來自歐洲客戶的任何不利因素？

We felt more of that in earlier last year in the Q2-Q3 timeframe. Since then, we have seen reasonably strong tailwind in -- especially in the automotive sectors, which we think offset some of perhaps the other sectors like retail. So overall, we've seen pretty steady growth in Europe, I think the overall the automotive sector, the focus on digital and electric cars are taking the center stage in many of the car companies' future strategy that's driving all the growth we're seeing at this moment.

去年早些時候，我們在第二季度至第三季度的時間範圍內感受到了更多。從那以後，我們看到了相當強勁的順風——尤其是在汽車行業，我們認為這可能抵消了零售等其他行業的一些影響。所以總的來說，我們在歐洲看到了相當穩定的增長，我認為整個汽車行業，對數字和電動汽車的關注正在許多汽車公司的未來戰略中佔據中心位置，這些戰略正在推動我們所有的增長看到這一刻。

And our last question comes from Arvind Ramnani with Piper Sandler.

我們的最後一個問題來自 Arvind Ramnani 和 Piper Sandler。

I just sort of wanted to follow up on guidance. Certainly expected -- I mean, your guidance is below expectations. I'm trying to understand what assumptions have you included in fiscal '23? Specifically trying to figure out are there any client-specific -- large client-specific dynamics or are there kind of specific parts of the business that are particularly weak that have been included? Just really trying to figure out, is there more like downside or conservatism sort of built into your estimates? That's the first question, and then I have a follow-up.

我只是有點想跟進指導。當然是預期的——我的意思是，你的指導低於預期。我想了解您在 23 財年中包含了哪些假設？特別是試圖弄清楚是否有任何特定於客戶的 - 大型客戶特定的動態，或者是否有業務的特定部分特別薄弱已被包括在內？只是真的想弄清楚，你的估計中是否有更多類似的下行或保守主義？這是第一個問題，然後我有一個後續問題。

Sure. Thanks, Arvind. So first of all, our guidance are, we believe, is appropriate. And then I think what you observed the Q1 is below expectation. It was mostly due to -- from a year-on-year comparison perspective due to the larger slowdowns, the drawdowns we've seen Q3 and Q4 compared with perhaps some of the peers.

當然。謝謝，阿文德。因此，首先，我們認為我們的指導是適當的。然後我認為您觀察到的 Q1 低於預期。這主要是由於——從同比比較的角度來看，由於更大的放緩，我們已經看到第三季度和第四季度與一些同行相比的縮減。

And then the 2 main reasons from Thoughtworks' perspective was the higher APAC exposure and higher onshore headcount, as we talked about before, as some of the clients rotate work to offshore.

然後，從 Thoughtworks 的角度來看，兩個主要原因是更高的亞太風險敞口和更高的在岸員工人數，正如我們之前談到的那樣，因為一些客戶將工作輪換到離岸。

Our onshore mix, which is about 25% compared with around 10% was the main difference that we've seen in Q3-Q4. Now if we project forward and even just look it from Q4 to Q1 and then Q1 to -- just mathematically, if we look at the full year guidance, our sequential growth from Q1 throughout the year of '23 is pretty healthy.

我們的陸上組合約為 25%，而約 10% 是我們在第三季度和第四季度看到的主要差異。現在，如果我們向前看，甚至只是從第 4 季度到第 1 季度再到第 1 季度——從數學上看，如果我們看一下全年的指導，我們從第 1 季度到 23 年全年的連續增長是相當健康的。

It's pretty in line with what our peers are reporting. Now we are definitely feeling that H2 this year we should see more incremental higher growth, especially with a stabilized outlook, we expect for clients to return to more typical buying behavior, but we're not forecasting macro to change significantly later this year.

這與我們同行的報告非常一致。現在我們肯定覺得今年下半年我們應該會看到更多的增量更高的增長，特別是在穩定的前景下，我們預計客戶會恢復到更典型的購買行為，但我們預計今年晚些時候宏觀經濟不會發生重大變化。

What we believe give us the confidence of the sequential growth are twofold. One is, as I just mentioned, we continue to see a large, sizable opportunity set in front of us and our pipeline continue to grow and offer significant opportunities ahead of us.

我們相信給我們連續增長的信心是雙重的。一是，正如我剛才提到的，我們繼續看到擺在我們面前的一個巨大的、相當大的機會，我們的管道繼續增長，並在我們面前提供重要的機會。

The second, as Erin mentioned earlier, we are making a lot of focused investments in driving additional growth. It's not just in sales and marketing capacity, we're investing more in verticals that are, we believe, resilient in this current macro environment, public energy, health care sector, for example, that's now roughly 25% of our global revenue; automotive-s and financial services.

第二，正如 Erin 之前提到的，我們正在進行大量重點投資以推動額外增長。不僅僅是在銷售和營銷能力方面，我們正在加大對我們認為在當前宏觀環境中具有彈性的垂直行業的投資，例如公共能源、醫療保健行業，這些行業目前約占我們全球收入的 25%；汽車和金融服務。

We're also focusing our service offerings that's really catching on with our clients' intention focus on efficiency and cost saving programs. for example, engineering effectiveness platforms and also digital application management and operation services.

我們還專注於真正迎合客戶對效率和成本節約計劃的關注的服務產品。例如，工程效能平台以及數字應用程序管理和運營服務。

So we feel that we've done the right thing. We're investing in the right area. We feel that a sequential growth from Q1 to later this year, we feel confident about what we're guiding.

所以我們覺得我們做對了。我們在正確的領域進行投資。我們認為從第一季度到今年晚些時候的連續增長，我們對我們的指導充滿信心。

Perfect. And then just a follow-up question here. You indicated you're taking some cost actions given kind of just the reality of the business environment. But in terms of like a turn in demand, right, like when things really start to pick up, I'm sure you'll kind of rehire and kind of accelerate kind of your headcount growth. But what are some of the signs you're going to be looking for to kind of mark like kind of a change or pickup in the end market?

完美的。然後這裡只是一個後續問題。你表示你正在採取一些成本行動，只是考慮到商業環境的現實情況。但就需求轉變而言，對，就像當事情真正開始好轉時，我相信你會重新僱用並加速你的員工人數增長。但是，您要尋找哪些跡象來標記終端市場的變化或回暖？

We have -- so for us, it's really the demand outlook we're looking at in terms of what's in the pipeline, what's getting close to be signed, what kind of deals are high confidence of renewing and expansion.

我們有 - 所以對我們來說，這實際上是我們正在考慮的需求前景，包括正在籌備中的內容，即將簽署的內容，什麼樣的交易對更新和擴展充滿信心。

And you're right, Arvind we are going to need to hire people. If we want to capture the growth that we believe should come later this year. And then -- but even despite the changes we're making recently, we feel that we are -- the realignment we're doing is exactly what we need to do to prepare ourselves for the growth later this year.

你是對的，Arvind，我們需要雇人。如果我們想抓住我們認為應該在今年晚些時候出現的增長。然後——儘管我們最近做出了一些改變，但我們覺得我們正在做的調整正是我們需要做的，以便為今年晚些時候的增長做好準備。

There will be different skill sets require, different kind of allocation of capacity we need onshore versus offshore, the skill sets we need in different places. And we also believe that the recruiting efforts will vary from region from even country to country.

將需要不同的技能組合，我們需要在岸與海上進行不同類型的容量分配，我們在不同地方需要的技能組合。而且我們還相信，招聘工作會因地區而異，甚至會因國家/地區而異。

Different countries will have very different behaviors in terms of their growth trajectory later this year. A lot of these recruiting decisions will be driven by the more nuanced demand outlook for a country itself.

就今年晚些時候的增長軌跡而言，不同的國家將有截然不同的行為。許多這些招聘決定將由一個國家本身更微妙的需求前景驅動。

At this time, I'd like to turn the call back over to Xiao for closing remarks.

此時，我想將電話轉回給 Xiao 以作結束語。

Well, thank you, and thank you, everyone, for joining us today for the 4Q earnings call. I would like to acknowledge the continued support of our Board and our shareholders. And in closing, I'd like to thank all Thoughtworkers, clients and partners for the extraordinary impact we're delivering every day together, stay well, and we look forward to catching up with you next quarter.

好吧，謝謝大家，感謝大家今天加入我們的第四季度財報電話會議。我要感謝董事會和股東的持續支持。最後，我要感謝所有 Thoughtworkers、客戶和合作夥伴，感謝我們每天一起提供的非凡影響，保持健康，我們期待下個季度與您見面。

This concludes the program. You may now disconnect. Everyone, have a great day.

程序到此結束。您現在可以斷開連接。大家，祝你有美好的一天。