Thoughtworks Holding Inc (TWKS) 2023 Q4 法說會逐字稿

Hello, everyone, and welcome to Thoughtworks' earnings call for the fourth quarter of 2023. We will be recording today's call and during the presentations, all lines will be on listen only.

大家好，歡迎參加 Thoughtworks 2023 年第四季財報電話會議。我們將錄製今天的通話，並且在演示期間，所有線路都將處於僅供收聽狀態。

Joining us today will be Thoughtworks President and CEO, Guo Xiao; and CFO, Erin Cummins. The earnings press release was issued earlier today and is also available on our Investor Relations page at thoughtworks.com.

今天加入我們的是 Thoughtworks 總裁兼執行長郭曉；和財務長艾琳·康明斯。該收益新聞稿已於今天稍早發布，也可在我們的 Thoughtworks.com 投資者關係頁面上取得。

Some of the matters we'll discuss on this call, including our expected business outlook, and anticipated costs and benefits of our restructuring actions are forward looking and as such are subject to known and unknown risks and uncertainties. These include, but are not limited to those factors described in today's press release and discussed in the risk factors section of our annual report on Form 1- K and other reports we may file with the SEC from time to time.

我們將在本次電話會議上討論的一些問題，包括我們預期的業務前景以及重組行動的預期成本和收益，都是前瞻性的，因此受到已知和未知的風險和不確定性的影響。這些因素包括但不限於今天的新聞稿中描述的因素以及我們在 1-K 表年度報告和我們可能不時向 SEC 提交的其他報告的風險因素部分中討論的因素。

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.

這些風險和不確定性可能導致實際結果與本次電話會議中表達的結果有重大差異。這些前瞻性陳述僅在作出之日作出。

During our call today, we will reference certain non-GAAP financial measures. We'll 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. We include non-GAAP to GAAP reconciliations in our press release furnished as an exhibit to our Form 8-K.

在今天的電話會議中，我們將參考某些非公認會計準則財務指標。我們也將提供以固定匯率計算的成長率，作為評估我們的基礎業務表現的框架，排除外幣匯率波動的影響。我們在作為 8-K 表格附件提供的新聞稿中包含非 GAAP 與 GAAP 調整表。

The non-GAAP financial measures provided should not be considered as a substitute for 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.

所提供的非公認會計原則財務指標不應被視為優於根據公認會計原則編制的財務績效指標的替代品。Thoughtworks 不承擔更新或修改本次電話會議中提供的資訊的義務。

I will now hand over to Xiao.

現在我將交給肖。

Thank you, Rob. Hello, everyone. And thank you for joining us and thank you to all our Thoughtworkers for the extraordinary impact they deliver every day with our clients. 2023 was a challenging year as we navigated a difficult macroeconomic environment. It was also a year of transformation and investment in our business.

謝謝你，羅布。大家好。感謝您加入我們，並感謝我們所有的思想工作者每天為我們的客戶帶來的非凡影響。 2023 年是充滿挑戰的一年，我們應對困難的宏觀經濟環境。這也是我們業務轉型和投資的一年。

Last year, we embarked on the biggest change as a company in 20 years. We began the restructuring of our business to establish a new operating model. We're pleased with the resulting cost savings in 2023 of $81 million on an annualized basis.

去年，我們開始了公司 20 年來最大的變革。我們開始進行業務重組，建立新的營運模式。我們對 2023 年每年節省 8,100 萬美元的成本感到滿意。

We centralized our operational functions to reduce costs and drive efficiencies. We set up a global digital engineering center. The DEC helps us respond faster to client, support the continued shift to offshore, and to manage utilization, which continues to improve quarter on quarter on a seasonally adjusted basis.

我們集中營運職能以降低成本並提高效率。我們建立了全球數位工程中心。DEC 幫助我們更快地回應客戶，支援持續向離岸轉移，並管理利用率，經季節性調整後，利用率持續逐季提高。

Finally, we organized our regional sales teams around an industry-based go-to market so that we can build expertise and specialization in specific industry verticals. We began this restructuring during the third quarter of 2023, and we will continue the transition in 2024.

最後，我們圍繞著基於行業的市場進入組織了我們的區域銷售團隊，以便我們能夠在特定的行業垂直領域建立專業知識和專業化。我們於 2023 年第三季開始重組，並將在 2024 年繼續過渡。

Alongside the transformation of our operations, we continue to invest in our business. Our investments in sales and marketing partners, new services, and capabilities position us as a stronger company as we head into 2024. We undertook this change while staying true to who we are, a company of brilliant technologists, intensely focused on helping solve our clients' toughest challenges by harnessing our expertise with cutting-edge technology.

在我們營運轉型的同時，我們繼續投資我們的業務。我們對銷售和行銷合作夥伴、新服務和能力的投資使我們在進入 2024 年時成為更強大的公司。我們在進行這項變革的同時，始終忠於自己的定位，即一家由傑出技術人員組成的公司，專注於利用我們的專業知識和尖端技術來幫助客戶解決最棘手的挑戰。

Now let me share of fourth-quarter and 2023 full-year results. We generated revenue of $252 million during the fourth quarter with adjusted EBITDA margin of 5.5%. We recognize that the fourth quarter was short of what we originally guided to in November.

現在讓我分享一下第四季和2023年全年的業績。第四季我們的營收為 2.52 億美元，調整後 EBITDA 利潤率為 5.5%。我們認識到第四季度的業績低於我們 11 月最初的預期。

Our results were primarily impacted in two ways. Around two-thirds of revenue shortfall was due to specific supply side limitations. This was primarily due to the scale of the structural change in our operating model, which caused some disruption to our operations in the fourth quarter. We have taken steps to address this going forward.

我們的結果主要受到兩個方面的影響。大約三分之二的收入短缺是由於特定的供應方限製造成的。這主要是由於我們的營運模式發生了大規模的結構性變化，這對我們第四季的營運造成了一些幹擾。我們已採取措施解決此問題。

Around one-third of the shortfall was demand side. Continued client caution resulted in smaller project ramp-ups, more project delays, and we had slightly higher pricing pressure than we anticipated. We expect this cautious behavior to continue into 2024.

大約三分之一的缺口來自需求方面。客戶的持續謹慎導致專案增量較小，專案延遲較多，而且我們的定價壓力略高於我們的預期。我們預計這種謹慎行為將持續到 2024 年。

Now turning to the full year 2023, we delivered revenue of $1.1 billion for the full year and an adjusted EBITDA margin of 9.9%. While 2023 was a year of transformation, our foundation is strengthening, supported by a strong client base and long-term client relationships. Our deep and trusted client relationships are again reflected in the 54 clients with bookings over $5 million at year end.

現在轉向 2023 年全年，我們全年營收 11 億美元，調整後 EBITDA 利潤率為 9.9%。雖然 2023 年是轉型的一年，但在強大的客戶群和長期客戶關係的支持下，我們的基礎正在不斷加強。我們深厚且值得信賴的客戶關係再次體現在 54 位客戶的年底預訂量超過 500 萬美元。

New client acquisition remains a strength and we continue to gain momentum. We contracted with 156 new clients in 2023, 46 of those in the fourth quarter. Bookings from new logos in 2023 was around $120 million. We have seen traction from our vertical focused sales model with higher new logo acquisition in energy, public, and health services, and financial services, and insurance verticals. These are the verticals that we have intentionally focused on.

新客戶的獲取仍然是一項優勢，我們繼續獲得動力。2023 年，我們與 156 家新客戶簽訂了合同，其中 46 家是在第四季度簽訂的。2023 年新標誌的預訂量約為 1.2 億美元。我們已經看到了以垂直市場為中心的銷售模式的吸引力，在能源、公共和健康服務、金融服務和保險垂直市場中新標誌的獲取量更高。這些是我們有意關注的垂直領域。

Our DAMO managed services are getting good uptake with 30% of our top 50 clients now benefiting from the cost savings and quality improvements. DAMO managed services are valued by clients because it is both a cost play and an enabler of faster digitization. It's strategic for Thoughtworks for both service expansion and as a shift to longer-term contract.

我們的 DAMO 託管服務得到了良好的採用，我們的 50 強客戶中有 30% 現在從成本節約和品質改進中受益。達摩管理服務受到客戶的重視，因為它既是一種成本競爭，也是更快數位化的推動者。對 Thoughtworks 來說，這對於服務擴展和向長期合約的轉變都具有戰略意義。

We're taking our early lead in AI-first software delivery and are pleased by client interest in GenAI with over 50 client projects at year end. GenAI is acting as a catalyst for companies to modernize their legacy systems, capitalize on the cloud, and make better use of their data assets.

我們在 AI 優先的軟體交付方面處於早期領先地位，並且很高興看到客戶對 GenAI 的興趣，截至年底已有 50 多個客戶專案。GenAI 正在成為企業實現遺留系統現代化、利用雲端並更好地利用資料資產的催化劑。

We have observed that client spending priorities have changed. We're seeing a reduction of growth-oriented consultancy work, which has historically been a high percentage of our business. While we believe discretionary spending will return, we have been diversifying our business to address more of our clients' urgent needs where we have the right to win. For example, enterprise application monetization, third-party software implementation, and DAMO.

我們觀察到客戶支出的優先順序改變了。我們看到以成長為導向的諮詢工作正在減少，而這在我們的業務中一直佔據很高的比例。雖然我們相信可自由支配支出將會回歸，但我們一直在實現業務多元化，以解決更多客戶的緊急需求，我們有權利獲勝。例如企業應用變現、第三方軟體實現、DAMO。

We have outstanding technologies and reputation for innovation and thought leadership. We are well positioned to help our clients evolve their operations to harness the power of cloud and data and AI to adapt to future success.

我們擁有卓越的技術以及創新和思想領導的聲譽。我們有能力幫助客戶發展其運營，利用雲端、數據和人工智慧的力量來適應未來的成功。

Now let me hand over to Erin.

現在讓我把任務交給艾琳。

Thanks, Xiao, and thank you to everybody who has joined our call today. We remain close with our clients and we continue to invest in building those relationships.

謝謝肖，也謝謝今天加入我們電話會議的所有人。我們與客戶保持密切聯繫，並繼續投資建立這些關係。

We're pleased with the progress we've made as we built out our sales and marketing capabilities. In the fourth quarter, 58% of bookings were from outbound sales and marketing to complement our historically strong inbound interest.

我們對在建立銷售和行銷能力方面取得的進展感到滿意。第四季度，58% 的預訂來自出境銷售和行銷，以補充我們歷史上強勁的入境興趣。

Investments in our partnership channel have resulted in our current sales pipeline, having doubled the partner participation compared to a year ago. We have embedded partners in our standard sales processes, further expanded our certification programs, and are leveraging the capabilities of ITOC.

對合作夥伴通路的投資使我們目前的銷售管道得以擴大，合作夥伴的參與度與一年前相比增加了一倍。我們已將合作夥伴納入我們的標準銷售流程，進一步擴大了我們的認證計劃，並正在利用 ITOC 的能力。

We believe we have the best technologists in the industry. Our attrition rate, which remains below industry averages, reflects a strong sense of belonging among our employees. In Q4, voluntary attrition on a TTM basis was 12%, an improvement sequentially from 12.2% in Q3 2023 and stable year over year from 12% in Q4 of 2022. At the end of 2023, our headcount was around 11,000. And we continue to selectively hire with a focus on specific skill sets such as data and infrastructure.

我們相信我們擁有業內最好的技術專家。我們的員工流動率仍然低於行業平均水平，這反映了我們員工強烈的歸屬感。第四季度，以 TTM 計算的自願離職率為 12%，較 2023 年第三季的 12.2% 有所改善，較 2022 年第四季的 12% 較去年同期穩定。截至 2023 年底，我們的員工人數約為 11,000 人。我們繼續選擇性地招聘，重點關注數據和基礎設施等特定技能。

Now let's look at the fourth quarter in more detail. Revenues were $252 million, representing a year-over-year decline of 19%. In constant currency, revenue declined 20%. Acquisitions contributed approximately one percentage point to the revenue growth rate in Q4.

現在讓我們更詳細地看看第四季。營收為 2.52 億美元，年減 19%。以固定匯率計算，收入下降了 20%。收購對第四季的營收成長率貢獻了約 1 個百分點。

For the quarter, we saw year-over-year declines of 10% in APAC, 20% in Europe, 23% in North America, and 38% in LatAm. Among our industry verticals, revenue declined by 5% year over year in automotive, travel, and transportation; 11% in financial services and insurance; 21% in energy, public, and health services; 24% in technology and business services; and 26% in retail and consumer.

本季度，亞太地區年減 10%，歐洲年減 20%，北美年減 23%，拉丁美洲年減 38%。在我們的垂直產業中，汽車、旅遊和交通收入較去年同期下降 5%；金融服務和保險業佔11%； 21%在能源、公共和衛生服務領域； 24%從事技術和商業服務；零售和消費品產業佔 26%。

During Q4, as a percentage of total revenue, our top 5, top 10, and top 50 clients generated 19%, 29%, and 65%, respectively. We had 31 clients with revenues greater than $10 million during 2023.

第四季度，我們的前 5 名、前 10 名和前 50 名客戶分別佔總收入的 19%、29% 和 65%。2023 年，我們有 31 位客戶的收入超過 1,000 萬美元。

Adjusted gross margin was 33.6% for Q4 compared to 39.7% during the prior year period. Our Q4 adjusted gross margins saw year-over-year headwinds due to the temporary cost of shifting mix offshore as well as high single digit pricing declines on a like-for-like basis.

第四季調整後毛利率為 33.6%，去年同期為 39.7%。由於將組合轉移到海外的臨時成本以及同比高個位數的定價下降，我們第四季度調整後的毛利率同比出現了逆風。

In the fourth quarter, our adjusted SG&A as a percentage of revenue was 28% compared to 22.1% in the prior year period. Adjusted EBITDA was $14 million for the fourth quarter for an adjusted EBITDA margin of 5.5%.

第四季度，調整後的 SG&A 佔營收的百分比為 28%，去年同期為 22.1%。第四季調整後 EBITDA 為 1,400 萬美元，調整後 EBITDA 利潤率為 5.5%。

Q4 GAAP diluted loss per share was $0.07 compared to earnings per share of $0.05 in the prior year period. Our adjusted diluted EPS was $0.02 compared to $0.10 for the fourth quarter of 2022.

第四季 GAAP 攤薄每股虧損 0.07 美元，去年同期每股收益為 0.05 美元。調整後稀釋後每股收益為 0.02 美元，而 2022 年第四季為 0.10 美元。

We recorded free cash flow of $10 million during Q4 compared to free cash flow of $28 million in the prior year period. We have good liquidity with a cash balance of $100 million, and our outstanding term loan balance stood at $295 million as of December 31, 2023. Additionally, our revolving credit facility of $300 million remains undrawn.

第四季我們的自由現金流為 1,000 萬美元，而去年同期的自由現金流為 2,800 萬美元。我們擁有良好的流動性，現金餘額為 1 億美元，截至 2023 年 12 月 31 日，未償還定期貸款餘額為 2.95 億美元。此外，我們的 3 億美元循環信貸額度仍未動用。

Turning to our full-year 2023 results, we recorded revenue of $1.1 billion, down 13% versus 2022 in both US dollar and constant currency. Acquisitions contributed 2 percentage points to the full-year revenue growth rate.

談到 2023 年全年業績，我們的營收為 11 億美元，比 2022 年下降 13%（以美元和固定匯率計算）。收購為全年營收成長率貢獻了2個百分點。

For 2023, our average revenue per employee was $98,000, which continues to reflect the strategic importance of the work that we deliver. Our revenue per employee remained above the industry average.

2023 年，我們每位員工的平均收入為 98,000 美元，這繼續反映了我們所交付工作的策略重要性。我們的員工人均收入仍高於行業平均。

During 2023, around 93% of our business came from existing clients. For 2023, we recorded bookings of $1.2 billion, down 14% compared to 2022, as cautious client behavior throughout the year pressured contract length and sizing.

2023 年，我們約 93% 的業務來自現有客戶。2023 年，我們的預訂量為 12 億美元，比 2022 年下降 14%，因為全年謹慎的客戶行為給合約期限和規模帶來了壓力。

New bookings compared to revenue realization remained resilient. Adjusted gross margin was 36.1% for the full year 2023 compared to 41.6% in 2022. Full-year adjusted SG&A margin as a percentage of revenue was 26.3% in 2023 compared to 22.4% in 2022. Adjusted EBITDA totaled $112 million during 2023, with an adjusted EBITDA margin of 9.9% compared to an adjusted EBITDA margin of 19.8% in 2022.

與收入實現相比，新預訂量仍保持彈性。2023 年全年調整後毛利率為 36.1%，而 2022 年為 41.6%。2023 年全年調整後的 SG&A 利潤率佔營收的百分比為 26.3%，而 2022 年為 22.4%。2023 年調整後 EBITDA 總額為 1.12 億美元，調整後 EBITDA 利潤率為 9.9%，而 2022 年調整後 EBITDA 利潤率為 19.8%。

For the full year 2023, we recorded GAAP diluted loss per share of $0.22 compared to a loss per share of $0.34 in 2022. Full year adjusted diluted EPS was $0.11 compared to $0.43 in 2022. We recorded free cash flow of $40 million for the full year in 2023 compared to $65 million in 2022.

2023 年全年，我們記錄的 GAAP 攤薄每股虧損為 0.22 美元，而 2022 年每股虧損為 0.34 美元。全年調整後攤薄每股收益為 0.11 美元，而 2022 年為 0.43 美元。2023 年全年自由現金流為 4,000 萬美元，而 2022 年為 6,500 萬美元。

Now let me hand the call back to Xiao to share a broader update on the business.

現在讓我把電話轉回給肖，分享有關業務的更廣泛的最新情況。

Thanks, Erin. I'm also very pleased to share that in the fourth quarter, Thoughtworks has been included for the first time in the Gartner Magic Quadrant. We're positioned in the visionary quadrant in the 2023 Gartner Magic Quadrant for custom software development services worldwide.

謝謝，艾琳。我還很高興告訴大家，第四季度，Thoughtworks 首次被納入 Gartner 魔力像限。我們位於 2023 年 Gartner 全球客製化軟體開發服務魔力像限中的遠見象限。

We believe our inclusion in the visionary quadrant means that we understand where the market is going and have a vision for changing market rules. Further, we believe this positioning is a reflection of Thoughtworks investments in shaping and defining many of the leading digital trends today, such as evolutionary architecture and data mesh.

我們相信，進入遠見象限意味著我們了解市場的發展方向，並對改變市場規則有遠見。此外，我們認為這一定位反映了 Thoughtworks 在塑造和定義當今許多領先數位趨勢（例如進化架構和資料網格）方面的投資。

We continue to execute our vision to deliver extraordinary impact for our clients. Let me share some of the client stories to bring this to life. We have been working with a top four US headquarter global investment bank since 2013. We're going to be rolling out our sustained engineering services to help this firm operate their digital assets in a more modern way by adopting our engineering effectiveness capabilities to help teams deliver the software they need more quickly, cost efficiently, and at a consistently high standard.

我們將繼續執行我們的願景，為客戶帶來非凡的影響。讓我分享一些客戶的故事來實現這一點。自 2013 年以來，我們一直與一家總部位於美國的四大全球投資銀行合作。我們將推出持續的工程服務，透過採用我們的工程有效性能力來幫助該公司以更現代的方式運營其數位資產，幫助團隊更快、更經濟、更有效率地交付他們所需的軟體標準。

We're working with Germany's number on, e-commerce fashion and lifestyle company, OTTO, as their strategic technology partner. We help them expand their business into a multichannel banking model by developing OTTO payments and marketplace. The recent success within this market serves as a powerful example of the potential unlock through strategic technological and business evolution.

我們正在與德國知名電子商務時尚和生活方式公司 OTTO 合作，作為他們的策略技術合作夥伴。我們透過開發 OTTO 支付和市場，幫助他們將業務擴展到多通路銀行模式。該市場最近的成功是透過戰略技術和業務發展釋放潛力的有力例證。

International Meal Company, IMC, is one of the largest food retail companies operating such brands as KFC, Pizza Huts, and Frango Assado, among others. Pizza Hut Brazil now has an app created by IMC in partnership with Thoughtworks. The app is powered by a proprietary platform, which uses data science and artificial intelligence to personalize the traditional food delivery experience for customers and make store operations more dynamic, intelligent, and strategic by supporting last-mile concepts and product and service recommendations.

國際膳食公司 (IMC) 是最大的食品零售公司之一，經營肯德基、必勝客和 Frango Assado 等品牌。Pizza Hut Brazil 現在擁有 IMC 與 Thoughtworks 合作創建的應用程式。該應用程式由專有平台提供支持，該平台利用數據科學和人工智慧為客戶提供個人化的傳統食品配送體驗，並透過支援最後一英里的概念以及產品和服務推薦，使商店運營更加動態、智能和戰略性。

Across these examples, you can see that our brilliant technologies are intensely focused on helping solve our clients' toughest challenges by harnessing our expertise with cutting-edge technology.

透過這些範例，您可以看到我們出色的技術專注於利用我們的專業知識和尖端技術來幫助解決客戶最棘手的挑戰。

Now let's turn to Gen AI. Client interest and demand for our AI and AI-related work remained strong and our team of world-class service professionals are working to bring clients' AI ambitions to reality. At the end of the fourth quarter, we're working with over 50 GenAI related projects.

現在讓我們轉向 Gen AI。客戶對我們的人工智慧和人工智慧相關工作的興趣和需求仍然強勁，我們的世界級服務專業團隊正在努力將客戶的人工智慧雄心變為現實。截至第四季末，我們正在與 50 多個 GenAI 相關專案合作。

We're helping our clients achieve cost improvements while simultaneously enhancing the experience for their customers. Our clients are still early in AI journey. And we see a long runway of direct and indirect opportunities.

我們正在幫助客戶實現成本改進，同時增強客戶的體驗。我們的客戶仍處於人工智慧之旅的早期階段。我們看到了一條漫長的直接和間接機會之路。

There's demand for our enterprise monetization and data service offerings as clients are focused on improving their existing systems and data in order to properly harness the potential of AI. We're focusing our four main areas: AI-assisted software delivery, AI-powered digital products, AI and data platforms at scale, and AI adoption strategy.

由於客戶專注於改進現有系統和數據以正確利用人工智慧的潛力，因此對我們的企業貨幣化和數據服務產品有需求。我們專注於四個主要領域：人工智慧輔助軟體交付、人工智慧驅動的數位產品、大規模人工智慧和數據平台以及人工智慧採用策略。

We also see vertical opportunities for example, in energy, public and health services. We believe that GenAI technologies will be a source of value for our clients and Thoughtworks over time. And our projects cover a wide range of use cases.

我們也看到了能源、公共和衛生服務等領域的垂直機會。我們相信，隨著時間的推移，GenAI 技術將成為我們的客戶和 Thoughtworks 的價值來源。我們的專案涵蓋了廣泛的用例。

For example, at one of India's largest nonbanking financial firms, we're using AI to enhance new client onboarding for a retail lender. We have piloted the development of a human avatar assisted low application journey to reduce dropout rate. We have developed internal AI knowledge assistants to empower employees. We have empowered over 100 sales agents with improved query handling, saving time searching through documentation.

例如，在印度最大的非銀行金融公司之一，我們正在使用人工智慧來增強零售貸款機構的新客戶入職。我們已經試行開發了人類化身輔助低申請旅程，以降低輟學率。我們開發了內部人工智慧知識助手，為員工賦能。我們已經為 100 多個銷售代理提供了改進的查詢處理能力，從而節省了搜尋文件的時間。

We defined a strategy to harness the power of AI responsibly for a global biotechnology company dedicated to revolutionize cancer care. The strategy empowers multiple proof of concept, provides a holistic governance framework, establishes a center of excellence, and has created a new AI-driven research assistant to accelerate insights.

我們為一家致力於徹底改變癌症治療的全球生物技術公司製定了一項策略，以負責任的方式利用人工智慧的力量。該策略支援多重概念驗證，提供整體治理框架，建立卓越中心，並創建了一個新的人工智慧驅動的研究助理來加速洞察力。

We created AI-driven platform that combines the power of a large language model with traditional machine learning to match adult learners with the best online courses in a fraction of time previously needed for our education platform. With more than 1,000 courses to choose from, finding the right courses for each student takes a lot of time, which puts pressure on customer service personnel. We created a system that automatically inputs the work history and career aspirations of each student and compares that to the database of open courses and recommends the best fitting courses to the student.

我們創建了人工智慧驅動的平台，將大型語言模型的力量與傳統機器學習相結合，在我們教育平台之前所需的一小部分時間內為成人學習者匹配最好的線上課程。有超過1000門課程可供選擇，為每個學生找到合適的課程需要花費大量時間，這給客服人員帶來了壓力。我們創建了一個系統，可以自動輸入每個學生的工作經驗和職業抱負，並將其與開放課程資料庫進行比較，並向學生推薦最適合的課程。

Our approach is GenAI is threefold. We're building an ecosystem of partnerships with hyperscalers and start-ups. Our clients look to us as a trusted partner to help them navigate the emerging ecosystem, which is complex and fast-moving.

我們的 GenAI 方法有三重。我們正在與超大規模企業和新創公司建立合作關係的生態系統。我們的客戶將我們視為值得信賴的合作夥伴，幫助他們駕馭複雜且快速發展的新興生態系統。

We offer service that builds a GenAI technology and tools blueprint mapped across software lifecycle for the specific client. This is one of the ways we're helping our clients navigate the GenAI ecosystem.

我們提供的服務可以為特定客戶建立跨軟體生命週期映射的 GenAI 技術和工具藍圖。這是我們幫助客戶駕馭 GenAI 生態系統的方式之一。

Second, we're investing in our talent with 3,200 Thoughtworkers in GenAI. In December, we launched Prompt Camp. Each track provides a practical, hands-on learning experiences. For example, the solution design track focuses on designing effective solutions using techniques such as prompt engineering, retrieval augmentation generation, self-rack and fine tuning for larger language model solutions.

其次，我們正在對 GenAI 的 3,200 名思想工作者進行人才投資。12 月，我們推出了 Prompt Camp。每個課程都提供實用的實踐學習體驗。例如，解決方案設計軌道著重於使用即時工程、檢索增強生成、自架和針對大型語言模型解決方案的微調等技術來設計有效的解決方案。

Third, we're embedding AI across our services portfolio and our core operations. All this is built on our expertise in and commitment to ethical technology. More than ever, this is critical to our clients as they look to deploy and scale fast-moving AI technology in complex, often regulated environments.

第三，我們正在將人工智慧嵌入我們的服務組合和核心營運中。所有這一切都建立在我們在道德技術方面的專業知識和承諾之上。這對我們的客戶來說比以往任何時候都更加重要，因為他們希望在複雜且經常受到監管的環境中部署和擴展快速發展的人工智慧技術。

Our clients often tell me that our technologies and thought leadership are two of the things that really differentiate Thoughtworks. They look to us to help them make the right technology decisions, which has arguably never been more challenging. Our annual technology trends report, the Looking Glass, is a tool to support our clients making the right technology choices.

我們的客戶經常告訴我，我們的技術和思想領導是 Thoughtworks 真正與眾不同的兩個因素。他們希望我們幫助他們做出正確的技術決策，這可以說是從未如此具有挑戰性。我們的年度技術趨勢報告「Looking Glass」是支援客戶做出正確技術選擇的工具。

In the 2024 edition, we published in January, we've identified over 100 trends through five lenses that we expect to define the future of technology. Examples of lenses include AI everywhere and realizing value from data and AI platform. Client feedback has been positive with clients requesting technology roadmap workshops as a result of reading the Looking Glass.

在我們於 1 月發布的 2024 年版中，我們透過五個視角確定了 100 多個趨勢，我們希望這些趨勢能夠定義技術的未來。鏡頭的例子包括人工智慧無所不在，以及從數據和人工智慧平台實現價值。閱讀《Looking Glass》後，客戶回饋積極，要求舉辦技術路線圖研討會。

I'm also pleased that Thoughtworkers continue to write the books that matter to our clients. Just published: How to build an organization that creates great products. The book offers practical advice based on observations and evidence seen over many years of working with clients. Alongside Thoughtworks luminaries, the book shares insights from leading companies, The Very Group, dunn humby, Atom Bank, and Sportsradar.

我也很高興思想工作者繼續撰寫對我們的客戶重要的書籍。剛剛發布：如何建立一個創造偉大產品的組織。這本書根據多年來與客戶合作的觀察和證據提供了實用的建議。除了 Thoughtworks 傑出人物之外，本書還分享了 The Very Group、dunn humby、Atom Bank 和 Sportsradar 等領先公司的見解。

Back to you, Erin.

回到你身邊，艾琳。

Thanks, Xiao. Now let me discuss our business outlook for Q1 and 2024. Overall, the demand outlook continues to be variable due to macroeconomic-driven caution Our clients are required to deliver more with the same budget. Budgets are still tight, mostly flat from 2023 to 2024.

謝謝，肖。現在讓我討論一下我們對第一季和 2024 年的業務展望。總體而言，由於宏觀經濟驅動的謹慎態度，需求前景持續存在變化。我們的客戶需要在相同的預算下提供更多服務。預算仍然緊張，2023 年至 2024 年基本持平。

While we are seeing more discretionary and growth oriented consultancy work in the pipeline compared to prior quarters, it is not yet back to our historical norm. We expect 2024 to be a year of transition. We are pleased that our pipeline is strengthening. We expect our investments in sales and marketing partners and new services to build momentum as 2024 progresses.

雖然與前幾季相比，我們看到更多的酌情和以成長為導向的顧問工作正在醞釀中，但它尚未回到我們的歷史常態。我們預計 2024 年將是過渡的一年。我們很高興我們的管道正在加強。我們預計，隨著 2024 年的進展，我們對銷售和行銷合作夥伴以及新服務的投資將形成勢頭。

We are committed to being a trusted partner for our clients and remain focused on converting open opportunities, which we expect to drive volume increases quarter to quarter as we move through 2024. For the first quarter of 2024, we expect revenues to be in the range of $241 million to $246 million, reflecting a year-over-year decline of 21% to 20%. At current rates, guidance incorporates an immaterial FX impact in Q1.

我們致力於成為客戶值得信賴的合作夥伴，並繼續專注於轉化開放機會，我們預計這將在 2024 年推動銷量逐季成長。我們預計 2024 年第一季的營收將在 2.41 億美元至 2.46 億美元之間，年減 21% 至 20%。按照目前的匯率，指導意見納入了第一季的非實質外匯影響。

We expect adjusted EBITDA margin for the first quarter to be in the range of 3% to 4%. For the first quarter, we expect adjusted diluted loss per share to be in the range of $0.02 to $0.01, assuming a weighted average share count of approximately 323 million diluted shares outstanding.

我們預計第一季調整後 EBITDA 利潤率將在 3% 至 4% 之間。假設加權平均股數約為 3.23 億股稀釋後流通股，我們預期第一季調整後稀釋後每股虧損將在 0.02 美元至 0.01 美元之間。

Our Q1 guidance continues to factor in the cautious behavior that clients exhibited in 2023 and that continues today. We expect sales cycles to remain elongated with programs who are broken up into smaller deals. Our Q1 guidance incorporates share-based compensation of $11 million.

我們第一季的指引繼續考慮了客戶在 2023 年表現出的謹慎行為，並且這種情況一直持續到今天。我們預計銷售週期將繼續拉長，因為計劃被分解為較小的交易。我們第一季的指導包括 1100 萬美元的股權激勵。

Moving to our full-year 2024 outlook, we expect revenues in the range of $980 million to $1.01 billion, reflecting a year-over-year decline of 13% to 10% or a decline of 13% to 11% in constant currency. Compared to 2023, our guidance reflects lower pricing on a like-for-like basis as well as a shift in mix with more work being done offshore.

展望 2024 年全年，我們預計營收在 9.8 億美元至 10.1 億美元之間，年減 13% 至 10%，以固定匯率計算下降 13% 至 11%。與 2023 年相比，我們的指導反映了同類基礎上的較低定價，以及隨著更多工作在海外完成而發生的組合轉變。

Last year, we were intentionally more aggressive on pricing in order to retain and expand our wallet share in response to market and client trends. We expect our average price to start stabilizing in 2024 as most of our contract portfolios have turned over to reflect the new pricing environment.

去年，我們有意在定價上更加激進，以保留和擴大我們的錢包份額，以回應市場和客戶趨勢。我們預計我們的平均價格將在 2024 年開始穩定，因為我們的大部分合約投資組合已經轉變以反映新的定價環境。

Additionally, for the full year, we expect adjusted EBITDA margin of 8% to 10%. We expect our adjusted EBITDA margin to expand throughout 2024 as we focus on supply-side efficiency, including utilization and the continued mix shift to offshore delivery. We expect continued G&A efficiencies, including non-wage related items, to further support margin expansion as we progress through 2024.

此外，我們預計全年調整後 EBITDA 利潤率為 8% 至 10%。我們預計調整後的 EBITDA 利潤率將在 2024 年全年擴大，因為我們專注於供應方效率，包括利用率和持續向離岸交付的組合轉變。我們預計，隨著 2024 年的進展，一般管理費用（包括非工資相關項目）的持續效率將進一步支持利潤率擴張。

With respect to our restructuring program, we continue to expect total pretax charges of $20 million to $25 million, of which we have already recorded $19 million through the end of 2023. The majority of our wage-related actions are complete, and we remain focused on driving operational efficiencies in 2024.

關於我們的重組計劃，我們仍然預計稅前費用總額為 2000 萬至 2500 萬美元，到 2023 年底我們已記錄其中 1900 萬美元。我們大部分與工資相關的行動已經完成，我們仍然致力於在 2024 年提高營運效率。

As of December 31, we have realized $81 million in annualized cost savings, which puts us within our targeted range of $75 million to $85 million. We are focused on driving continued efficiency across the organization and aim to be at the high end of the targeted range.

截至 12 月 31 日，我們已實現年化成本節省 8,100 萬美元，這使我們處於 7,500 萬至 8,500 萬美元的目標範圍之內。我們致力於推動整個組織的持續效率，並爭取達到目標範圍的高端。

For the full year, we expect adjusted diluted EPS of $0.01 to $0.06, assuming a weighted average share count of approximately 333 million diluted shares outstanding. For the full year, we expect share-based compensation will total $46 million.

假設加權平均股數約為 3.33 億股稀釋後流通股，我們預期全年調整後攤薄每股收益為 0.01 至 0.06 美元。我們預計全年的股權激勵總額將為 4,600 萬美元。

So let me hand the call back to Xiao for closing remarks.

因此，讓我將電話轉回給肖作結束語。

Thank you, Erin. I believe that we have the best talent in the industry. I'm proud of the community and culture we've built and the people that we're able to attract and retain. Our people remain at the center of everything we do.

謝謝你，艾琳。我相信我們擁有業界最優秀的人才。我為我們建立的社區和文化以及我們能夠吸引和留住的人才感到自豪。我們的員工仍然是我們所做一切的中心。

We were delighted to be recognized in the fourth quarter at number 14 on Fortune's prestigious list of World's Best Workplaces for 2023 and proud that Thoughtworkers' passion and commitment for our social impact work is unwavering. We bring cutting-edge technologies to important social causes. One example is Jugalbandi, an outcome of a strategic collaboration as part of the OpenNyAI mission.

我們很高興在第四季度在《財星》雜誌著名的 2023 年全球最佳工作場所排行榜上名列第 14 位，並為 Thoughtworkers 對社會影響工作堅定不移的熱情和承諾感到自豪。我們將尖端技術應用於重要的社會事業。Jugalbandi 就是一個例子，它是 OpenNyAI 使命的一部分策略合作的成果。

Jugalbandi harnesses the power of generative pre-trained transformers and Indian language models to power conversational AI solutions for every Indian citizen. Indian citizens can discover the right government scheme by describing their needs in vernacular through a voice-enabled system. This demonstrates our utmost belief in the potential of open source to contribute towards a more sustainable and inclusive future.

Jugalbandi 利用生成式預訓練 Transformer 和印度語言模型的力量，為每個印度公民提供對話式人工智慧解決方案。印度公民可以透過語音系統用白話描述自己的需求，從而發現正確的政府計劃。這表明我們堅信開源有潛力為更永續和包容的未來做出貢獻。

In closing, our foundation stands strong, bolstered by our client portfolio and client relations. Thoughtworks’ outstanding technologies underpin our reputation for innovation and thought leadership. As we move forward, we're well positioned to deliver extraordinary impact for our clients as they modernize and evolve their operations to harness the power of cloud and data and AI and adapt for future success.

最後，在我們的客戶組合和客戶關係的支撐下，我們的基礎十分牢固。Thoughtworks 卓越的技術鞏固了我們創新和思想領導的聲譽。隨著我們不斷前進，我們已做好充分準備，為客戶實現營運現代化和發展，利用雲端、數據和人工智慧的力量並適應未來的成功，為他們帶來非凡的影響。

Before we move to Q&A, I'd like to take a moment to thank our stakeholders for their contribution to Thoughtworks in 2023; to our clients, who entrusted us to solve their greatest technological challenges; to our employees, who delivered extraordinary impact every day and kept our company on the cutting edge of technology; and to our investors, who offer their advice and support as we navigated a challenging landscape in 2023. We're excited about the opportunities ahead of us as we focus upon returning to growth.

在我們進行問答之前，我想花點時間感謝我們的利害關係人在 2023 年對 Thoughtworks 所做的貢獻；我們的客戶委託我們解決他們最大的技術挑戰；感謝我們的員工，他們每天都發揮非凡的影響力，使我們的公司始終處於技術前沿；感謝我們的投資者，他們在我們應對 2023 年充滿挑戰的情況時提供了建議和支持。當我們專注於恢復成長時，我們對眼前的機會感到興奮。

With that, I'll turn the call back over to Rob.

這樣，我會將電話轉回給 Rob。

Thanks, Xiao. You can find our investor presentation on the Thoughtworks’ Investor Relations website. We'll now move on to Q&A. I ask that you each keep to one question and one follow-up to allow as many participants as possible to ask a question.

謝謝，肖。您可以在 Thoughtworks 投資者關係網站上找到我們的投資者簡報。我們現在將進入問答環節。我要求你們每個人都保留一個問題和一個後續行動，以便讓盡可能多的參與者提出問題。

Operator, would you please provide instructions for those on the call?

接線生，請您為通話中的人員提供說明好嗎？

(Operator Instructions) Bryan Bergin, TD Cowen.

（操作員說明）Bryan Bergin，TD Cowen。

Hi, good morning. Thank you. I'll start on the '24 outlook on the demand front. So can you just dig in more on what has -- what seems to have changed in client behavior over the last three months? I believe we thought there was some stabilization that seem to be forming. So can you expand on where you saw some of that pressure resurface? Was it broad-based? so or more so maybe in certain large clients or certain industries or geos?

早安.謝謝。我將從需求方面的 24 年展望開始。那麼，您能否進一步深入了解過去三個月客戶行為似乎發生了哪些變化？我相信我們認為某種穩定似乎正在形成。那麼您能詳細說明一下您在哪裡看到了一些壓力重新出現的情況嗎？其基礎廣泛嗎？在某些大客戶、某些產業或地區可能是這樣或更多？

Sure. Thank you, Bryan. So the client behavior in the current environment is similar to what we have described in the last quarter. It's stabilizing with respect to a project churn, but we also, at the same time, continue to see pricing headwinds, project delays, and slower ramp-ups. So while project cancellation is becoming much less frequent, clients are still very cautious about releasing budget. So sales cycle is still on, deal size is still [present]. Ramp-up is incremental.

當然。謝謝你，布萊恩。因此，當前環境下的客戶行為與我們在上個季度所描述的類似。相對於專案流失而言，它正在趨於穩定，但同時，我們也繼續看到定價阻力、專案延遲和成長放緩。因此，儘管專案取消的頻率大大降低，但客戶對發布預算仍然非常謹慎。因此銷售週期仍在持續，交易規模仍在[展示]。斜坡上升是漸進的。

And then I want to call out that throughout the year and client claim negotiations for 2024 budget, we heard our clients' budget is going to be largely flat year on year. In the same time, they need to do more with the same budget. So we have to sharpen our pencils and be more aggressive with our pricing while pushing for more work offshore.

然後我想指出，在全年以及 2024 年預算的客戶索賠談判中，我們聽說客戶的預算將基本與去年同期持平。同時，他們需要用相同的預算做更多的事情。因此，我們必須削尖鉛筆，在定價上更加激進，同時推動更多的海外工作。

And that said, we are seeing some openings of discretionary spending where there's a strong case for ROI. And we close quite a few large deals in Q4 and early Q1, which will ramp up in due time. And then we feel very good about win rate on the large deals. But it also comes with a pricing pressure that we're seeing right now. So putting this together, we do expect Q1 trending towards where we're guiding towards but followed by small incremental sequential growth throughout the year.

也就是說，我們看到了一些可自由支配支出的空缺，這些支出有很強的投資報酬率。我們在第四季和第一季初完成了相當多的大型交易，這些交易將在適當的時候增加。然後我們對大筆交易的獲勝率感覺非常好。但它也帶來了我們現在看到的定價壓力。因此，綜上所述，我們確實預計第一季將趨向於我們所指導的方向，但隨後全年將出現小幅增量環比增長。

Okay. And my follow-up then is on the supply constraints. So it sounds like it a little bit this is caused by the transition to the centralized model, but maybe can you dig into them a bit more specifically on what caused the challenges in 4Q? What you've done that gives you the confidence that you've remedied the issues? And should be -- is there any risk of a client loss due to these constraints?

好的。我的後續行動是供應限制。所以聽起來這有點是由向中心化模式的過渡造成的，但也許你可以更具體地深入研究一下是什麼導致了第四季度的挑戰？您所做的哪些事情讓您有信心解決了問題？應該是－由於這些限制，是否有客戶流失的風險？

I'll start with that. Thanks for the question, Bryan. We talked about this a bit in our prepared remarks, but and I'll add a bit more color about what happened in fourth quarter.

我將從那開始。謝謝你的提問，布萊恩。我們在準備好的發言中對此進行了一些討論，但我將對第四季度發生的事情添加更多色彩。

As Xiao noted earlier, if we look at our revenue actual versus our guidance, about two-thirds of that miss was related to internal factors. And as we commented, but is certainly worth restating, these are factors that we see as temporary limits to our supply.

正如肖早些時候指出的，如果我們看看我們的實際收入與我們的指導，大約三分之二的偏差與內部因素有關。正如我們所評論的，但當然值得重申的是，我們認為這些因素暫時限制了我們的供應。

To answer your question, we do feel that we have remedied these issues. We touched on the restructuring program. And we are definitely seeing upfront benefits and efficiencies from the program. But the process itself resulted in temporary friction in the fourth quarter, and it was a bit more than what we were expecting. We saw this around both staffing and lease coverage. It ultimately impacted revenue capture in the fourth quarter.

為了回答您的問題，我們確實認為我們已經解決了這些問題。我們談到了重組計劃。我們確實看到了該計劃的前期效益和效率。但這個過程本身導致了第四季暫時的摩擦，而且比我們預期的要多一些。我們在人員配備和租賃範圍方面都看到了這一點。它最終影響了第四季度的收入。

We're also seeing some supply constraints around particular skill sets. We are seeing a lot of strength in demand in data, and that's where we see the demand remaining very strong. It was in Q4 and it continues to be now in Q1. But we have addressed these issues and we've addressed the processes, the underlying processes driving accountability throughout the organization. So we think that we have fixed -- that's the challenge that arose in fourth quarter. We're not going to see that again.

我們也看到一些特定技能的供應限制。我們看到數據需求強勁，這就是我們看到需求仍然非常強勁的地方。這是第四季的情況，現在仍然是第一季的情況。但我們已經解決了這些問題，也解決了流程，以及推動整個組織問責制的基本流程。所以我們認為我們已經解決了第四季出現的挑戰。我們不會再看到這種情況了。

And the restructuring, again, it's the right approach for the company. But the change where that country business layer was adjusted and removed, it did cause impact.

重組對公司來說也是正確的做法。但國家業務層的調整和刪除的變化，確實造成了影響。

And then finally, just on your point from a client perspective, no, we're not concerned about client relationships. We didn't see disruption from a client perspective. We think that was well managed and so there isn't any concern there.

最後，從客戶的角度來看你的觀點，不，我們不關心客戶關係。從客戶的角度來看，我們沒有看到中斷。我們認為管理得很好，所以沒有任何擔憂。

I want to take the opportunity just to reiterate the importance of this restructuring and then the benefit it brings to us. I think we've talked a lot about the cost side of it, but at the same time, we have centralized and also verticalized our sales force. So they're more client-centric and can build expertise in the specific industry verticals that we want to focus out.

我想藉此機會重申這次重組的重要性以及它帶給我們的好處。我認為我們已經就成本方面進行了很多討論，但同時，我們也集中並垂直化了我們的銷售團隊。因此，他們更加以客戶為中心，並且可以在我們想要重點關注的特定行業垂直領域中建立專業知識。

And as a result, our go to market is a lot more responsive to our clients. We more than doubled our partnership supported deals, and we also are closing more new logos in the sectors that we want to focus. For example, energy, public, healthcare, and banking services. And same time, we have also centralized the management of most our professional services people into this global structure called DEC.

因此，我們的市場開拓對客戶的反應更加迅速。我們的合作夥伴支援交易增加了一倍多，而且我們還在我們想要重點關注的領域關閉了更多新徽標。例如，能源、公共、醫療保健和銀行服務。同時，我們也將大部分專業服務人員的管理集中到了這個名為 DEC 的全球架構中。

And then over time, we should definitely see better capacity planning, utilization, optimization, and also delivery efficiency in long run. We're absolutely convinced that this is the right thing to do. But due to the scale of the structure and process changes in the short term, we saw some chaos and disruptions in our operation in Q4. It's painful but necessary. And we also believe that it was temporary and behind us already.

隨著時間的推移，我們肯定會看到更好的產能規劃、利用率、最佳化以及長期交付效率。我們絕對相信這是正確的做法。但由於短期內結構和流程變化的規模，我們在第四季度的營運中看到了一些混亂和中斷。這很痛苦，但卻是必要的。我們也相信這只是暫時的，而且已經過去了。

Okay. I appreciate all the detail. Thank you.

好的。我很欣賞所有的細節。謝謝。

Moshe Katri. Wedbush Securities.

摩西·卡特里。韋德布希證券。

Hey, thanks. Thanks for taking my question. So the comment on pricing, is it a kind of a function of renewals? Is it on the -- I think you mentioned it also includes the new deal flow. And then is there a way to kind of quantify the overall pricing pressure that you're seeing this year? And maybe in that context, is it also a function of the shift in execution more towards offshore? So obviously, you have some cannibalization there.

嘿，謝謝。感謝您提出我的問題。那麼關於定價的評論，它是一種續訂功能嗎？我想你提到它還包括新的交易流程。那麼有沒有一種方法可以量化您今年看到的整體定價壓力？也許在這種情況下，這是否也是執行方式更多地轉向離岸的結果？很明顯，那裡存在一些蠶食。

Thank you, Moshe. And so as Erin mentioned earlier, the pricing dynamic is -- mostly was driven by a lot of contract renewals and extensions, sometimes expansions by the year end. And then we talk to our clients. We recognize their budget constraints. And then we're working with them to resolve that.

謝謝你，摩西。正如艾琳之前提到的，定價動態主要是由大量合約續約和延期驅動的，有時是年底前的擴張。然後我們與客戶交談。我們認識到他們的預算限制。然後我們正在與他們合作解決這個問題。

And I mentioned briefly earlier that we closed quite a few large deals. That's on top of our list to close in Q4 -- early Q1. Some of these are new deals, like an airline client, a manufacturing client, a large retailer, but many of these are large extensions. Two of our top automobile clients -- public sector client and the business services client, they're all in the Fortune 500 company type. All these deals in the $10 million to $40 million range, large deals.

我之前簡單提到過，我們完成了相當多的大型交易。這是我們在第四季（第一季初）結束的首要任務。其中一些是新交易，例如航空公司客戶、製造客戶、大型零售商，但其中許多是大型擴展。我們的兩位頂級汽車客戶—公共部門客戶和商業服務客戶，他們都屬於財富 500 強公司類型。所有這些交易的金額都在 1000 萬美元到 4000 萬美元之間，都是大型交易。

So we felt good about the win rate on these large deals that come with pricing. That said, I think we are seeing, excluding the shift mix to offshore, we're seeing high single digit year-on-year like-to-like pricing decline, but we also believe that the new pricing dynamics is already reflected in the majority of our contract portfolios.

因此，我們對這些帶有定價的大型交易的獲勝率感到滿意。也就是說，我認為我們看到，排除向離岸的轉移組合，我們看到同比定價出現高個位數下降，但我們也相信新的定價動態已經反映在我們的大部分合約組合中。

And then further decline on pricing from Q1 to Q2 or going onwards, further than that, should be much less significant. And so we do expect that to stabilize.

然後，從第一季到第二季或以後的定價進一步下降，幅度應該不會那麼大。因此，我們確實預期這種情況會穩定下來。

Understood. And then my usual question is about APAC. Maybe we can talk a bit about what you're seeing there in terms of the three geographies there, Australia, Singapore, China. And given the magnitude of the declines on a relative basis versus other regions, it seems that it's probably doing a bit better than North America and Europe. Is that the right way of looking at it?

明白了。我通常的問題是關於亞太地區的。也許我們可以談談您在澳洲、新加坡和中國這三個地區所看到的情況。考慮到與其他地區相比的相對下降幅度，它的表現可能比北美和歐洲好一些。這是正確的看待方式嗎？

It is and thank you for noticing that. We have always, I think, felt that. Early on during the macro downturn, we saw a bigger impact from APAC, but also, we felt good about the diversification of our portfolios across geographies.

確實如此，感謝您注意到這一點。我想，我們一直都有這種感覺。在宏觀經濟低迷初期，我們看到亞太地區產生了更大的影響，而且我們對跨地區投資組合的多元化感到滿意。

So across the three main markets in APAC, Singapore is seeing very healthy growth. It has been seeing that consistently over the last few quarters. China is recovering, but because of the economic growth is not as well -- as fast as people expected in local market, we're seeing a slower rebound after the local market growth on the back of the economic growth after COVID.

因此，在亞太地區的三個主要市場中，新加坡的成長非常健康。在過去的幾個季度裡，這種情況一直存在。中國正在復甦，但由於經濟成長不如人們對當地市場的預期那麼快，我們看到在新冠疫情后經濟成長的背景下，當地市場的反彈速度較慢。

At the same time, I think we have seen more signs of recovery and discretionary spending returning from Australia, given that it was the first market went into this macro headwind about two years ago, where we're definitely glad that it's returning and we're seeing signs of growth there. I think that's, as you rightly point out that APAC is performing better at this moment than other markets.

同時，我認為我們已經看到更多復甦跡象和可自由支配支出從澳大利亞回歸，因為這是大約兩年前第一個陷入宏觀逆風的市場，我們非常高興它正在回歸，我們在那裡看到了成長的跡象。我認為，正如您正確指出的那樣，亞太地區目前的表現比其他市場更好。

Understood. Thank you.

明白了。謝謝。

Jason Kupferberg, Bank of America.

賈森‧庫普弗伯格，美國銀行。

Hi. Good morning, Xiao and Erin. This is Tyler DuPont on for Jason. Thanks for taking the questions. I want to start by touching on the cadence of revenue growth as we look through 2024. I know you mentioned on the previous calls that sequential growth would be, yeah, roughly flat in 1Q, obviously, given guidance this morning, that's not going to happen. But just given push to the right, if you will, from a growth perspective, when should we be looking for that inflection positive? And what do you need to see from a demand standpoint first to reach that level?

你好。早上好，肖和艾琳。我是泰勒杜邦 (Tyler DuPont) 替傑森 (Jason) 發言。感謝您提出問題。我想先談談展望 2024 年的營收成長節奏。我知道您在之前的電話會議中提到，是的，第一季的環比增長將大致持平，顯然，根據今天早上的指導，這種情況不會發生。但只要向右推動，如果你願意的話，從成長的角度來看，我們該何時尋找這種正向的拐點？為了達到這個水平，你首先需要從需求的角度看到什麼？

Go ahead, Xiao.

繼續吧，肖。

So from a sequential growth perspective, we do expect that to continue to improve throughout the year. We're not obviously calling Q2 at this moment, but we feel that with the large deals we've signed up and then stabilization of pricing and then the discretionary spending opening up in some pockets of our portfolio that we should see a steady growth coming soon.

因此，從連續成長的角度來看，我們確實預期全年情況將繼續改善。我們目前並沒有明顯地稱之為第二季度，但我們認為，隨著我們簽署的大型交易、價格的穩定以及我們投資組合中某些領域的可自由支配支出的開放，我們應該會看到穩定的成長很快。

Now if we're still, I think, at this stage where it's a lot of uncertainty, if the pipeline conversions slows down from where we're seeing today or the pricing pressure continue to get worse, we'd probably be trending towards the low end of our guidance, which means that the sequential growth will be further delayed. But if what we see in the pipeline converts as we expected, even though with some delays and then slower ramp-up that we already baked into our guidance or if the pricing pressure alleviate that we can see some returning of consulting work, which tends to give us opportunity to do more value-based pricing, and in that case, we could be trending towards the high end of the guidance, which means that the returning to sequential growth will come a lot earlier. But like I said, we're not ready to call Q2 yet, but for the full year, we feel that we're definitely trending in that direction.

現在，我認為，如果我們仍然處於這個充滿不確定性的階段，如果管道轉換速度比我們今天看到的慢，或者定價壓力繼續惡化，我們可能會傾向於我們指導的低端，這意味著環比成長將進一步延遲。但是，如果我們在管道中看到的內容如我們預期的那樣進行轉換，即使有一些延遲，然後我們已經將其納入我們的指導中，或者如果定價壓力減輕，我們可以看到諮詢工作的一些回歸，這往往會讓我們有機會進行更多基於價值的定價，在這種情況下，我們可能會趨向於指導的高端，這意味著恢復連續成長將要早得多。但正如我所說，我們還沒有準備好宣布第二季度，但就全年而言，我們認為我們肯定會朝這個方向發展。

Okay, great. That's helpful, Xiao. I appreciate that up. And then just a follow-up. It looks like based on my initial math here that the top five clients saw roughly around 8%, let's say, decline in the quarter. Can you sort of discuss the dynamics you're seeing there among your top clients? Are those revenue declines due to pricing? Or are there any ramp-downs in projects? So just sort of the moving pieces among those top clients would be appreciated.

好的，太好了。這很有幫助，肖。我很欣賞這一點。然後只是後續行動。根據我在這裡的初步計算，前五名客戶在本季的下降幅度約為 8% 左右。您能談談您在頂級客戶中看到的動態嗎？這些收入下降是因為定價造成的嗎？或項目是否有任何縮減？因此，只要那些頂級客戶中的一些活動就會受到讚賞。

Sure. So our top 5 and then probably extend it further to top 10 even, the revenue decline is less driven by volume. It's more driven by shipping to offshore for some of them and also the pricing pressure we mentioned earlier. Many of them saw big extensions and renewals towards the late of Q4 and beginning of Q1. And then we have to sharpen our pencils and work within their budget. But we're definitely retaining a lot of share and volume with our top 5 and top 10 clients.

當然。因此，我們的前 5 名，甚至可能進一步擴大到前 10 名，收入下降較少受銷售驅動。對於其中一些產品來說，這更多是由運輸到離岸以及我們之前提到的定價壓力所推動的。他們中的許多人在第四季末和第一季初都經歷了大規模的延期和更新。然後我們必須削尖鉛筆並在他們的預算範圍內工作。但我們肯定會在前 5 名和前 10 名客戶中保留大量份額和數量。

Okay, great. I appreciate that. Thanks a lot.

好的，太好了。我很感激。多謝。

Thank you.

謝謝。

Dave Koning, Baird.

戴夫·科寧，貝爾德。

Good morning, everyone. Thank you. I guess my question's around margins kind of over time. And I guess in 2023, revenue was down about $170 million and EBITDA down $145 million. So very strong flow through right to EBITDA. It was hard to see a lot of cost savings in 2023. But I'm wondering what happens as we go forward, can you get back to 20% margin and maybe describe a little why we didn't see a little better EBITDA in 2023?

大家，早安。謝謝。我想我的問題是關於隨著時間的推移的利潤率。我猜想到 2023 年，營收將減少約 1.7 億美元，EBITDA 將減少 1.45 億美元。EBITDA 的流動非常強勁。2023 年很難看到大量成本節省。但我想知道隨著我們前進，會發生什麼，您能否回到 20% 的利潤率，並描述為什麼我們在 2023 年沒有看到更好的 EBITDA？

Thanks for the question, Dave. I'll start. So it is fair to say that we did see impact from the revenue headwind on our EBITDA and our margins. The shifts that we've been talking about, we did see some project ramp-downs in the middle of Q3. And those larger ramp-downs that we had talked about before, we have slowed down so we see that as very positive. But that was a quick impact to our business that impacted margin.

謝謝你的提問，戴夫。我開始吧。因此，可以公平地說，我們確實看到了收入逆風對我們的 EBITDA 和利潤率的影響。我們一直在談論的轉變，我們確實在第三季中期看到了一些項目的縮減。我們之前討論過的那些更大幅度的縮減，我們已經放慢了速度，所以我們認為這是非常積極的。但這對我們的業務產生了快速影響，影響了利潤率。

We also have touched on the move from onshore work to more offshore work. So actually, we're very proud of maintaining the client relationships as we have. And as Xiao has talked about, we're also proud of the agility that we demonstrated in our business where we're shifting service from one location to another without client disruption. So we did that very well. But at the same time, that impact on the top line and pricing, it did have an effect on 2023.

我們也談到了從陸上工作轉向更多離岸工作的轉變。事實上，我們對維持現有的客戶關係感到非常自豪。正如肖所說，我們也為我們在業務中表現出的敏捷性感到自豪，我們將服務從一個地點轉移到另一個地點，而不會中斷客戶。所以我們做得很好。但同時，這種對營收和定價的影響確實對 2023 年產生了影響。

Now, more importantly, what are we doing going forward, which really is where your question is getting at. So 2023, we saw lower utilization for the year on the whole. We did start to see improvements across the year. It's telling us that we're moving in the right direction, but it still was a lower in 2023 than we expect.

現在，更重要的是，我們接下來要做什麼，這確實是您的問題所在。因此，到 2023 年，我們看到全年利用率總體較低。我們確實開始看到這一年的進步。它告訴我們，我們正在朝著正確的方向前進，但 2023 年的數字仍然低於我們的預期。

So that is the top focus for us. We are taking a programmatic approach to addressing the utilization. We have our operational excellence team that lives and breathes it every day. And again, as we're on the right track, we're seeing good progress, and we expect 2024 to improve significantly.

所以這是我們的首要關注。我們正在採取程式方法來解決利用率問題。我們擁有每天都在生活和呼吸的卓越營運團隊。再說一次，由於我們走在正確的軌道上，我們看到了良好的進展，我們預計 2024 年會有顯著改善。

Now I touched on the shift from onshore to offshore. And as I said, the demand shift happened more quickly than the supply shift. And so we continue to work through those issues that it does just take a little bit more time, again impacting 2023. But as we look across the improvement in 2024 that we anticipate, that's definitely part of the story. There are pockets where there's lower utilization and that's oriented in the higher cost locations. And that's got -- that has a disproportionate impact on our gross margin. It's temporary. It's going to take us a few quarters to fully address this, but we're confident in our ability to do it.

現在我談到了從陸上到海上的轉變。正如我所說，需求轉變比供應轉變發生得更快。因此，我們將繼續解決這些問題，只是需要更多時間，再次影響 2023 年。但當我們回顧 2024 年預期的改善時，這絕對是故事的一部分。有些地方的利用率較低，且面向成本較高的地區。這對我們的毛利率產生了不成比例的影響。這是暫時的。我們需要幾個季度的時間才能完全解決這個問題，但我們對自己的能力充滿信心。

And then as we've talked about the pricing assumptions embedded in our guidance, it is a headwind for 2023. It's reflecting the general macroeconomic caution, the competitive dynamics we're seeing, and lower levels of that consulting and growth oriented work. So we do think these dynamics are temporary, but at the same time, as we have considered our guide for the year, we've assumed there in place for 2024.

然後，正如我們討論的指導中包含的定價假設一樣，這對 2023 年來說是一個阻力。它反映了整體宏觀經濟的謹慎態度、我們所看到的競爭動態以及諮詢和成長導向工作的較低水準。因此，我們確實認為這些動態是暫時的，但同時，在我們考慮今年的指南時，我們假設 2024 年會出現這種情況。

And so we don't think that that's going to benefit 2024 necessarily. It may, but perhaps in the second half of the year. More likely at this point, it would be beyond 2024 into 2025. And so that's the key piece of it around gross margin.

因此，我們認為這不一定會為 2024 年帶來好處。有可能，但也許是今年下半年。目前更有可能是 2024 年後到 2025 年。這就是毛利率的關鍵部分。

I just also want to highlight from a cost restructuring perspective, we are doing really well. We took out $81 million in cost, which I touched on, the reorganization that we went through in Q4 is in the good but early stages. And so we still have efficiencies that we're driving there.

我也想強調，從成本重組的角度來看，我們做得非常好。我們花了 8100 萬美元的成本，我提到過，我們在第四季度經歷的重組處於良好但早期的階段。因此，我們仍然保持著較高的效率。

So bringing it all together, what we expect for 2024 is consistent margin improvement. We don't think we'll get back into that high teens level in 2024. But certainly, the opportunity remains there for 2025 and beyond.

因此，綜合考慮，我們對 2024 年的預期是利潤率持續改善。我們認為 2024 年我們不會回到十幾歲的水平。但可以肯定的是，2025 年及以後機會依然存在。

Well, thanks. Thanks for all of that. And maybe just one quick follow-up. Number of clients, I think, was 502 ending the quarter. I think that was one of the strongest quarters of gains in clients we've ever seen. And I mean, is that a good early indication that some things are going in the right direction? Or is it just much smaller contracts per client on some of the new ones, and that's why we're not seeing it yet?

非常感謝。感謝這一切。也許只是一個快速的後續行動。我認為本季末客戶數量為 502 家。我認為這是我們所見過的客戶成長最強勁的季度之一。我的意思是，這是一個很好的早期跡象，表明某些事情正在朝著正確的方向發展嗎？或者只是每個客戶在一些新合約上的合約要小得多，這就是為什麼我們還沒有看到它？

I think it's both. First of all, we have definitely been investing heavily into additional sales and marketing capacity. We definitely believe that we have the right value proposition at thought leadership and our brilliant technologist. But I think that we have opportunity to expand our demand generation capacity, especially in outbound demand generation.

我認為兩者都是。首先，我們確實在額外的銷售和行銷能力上投入了大量資金。我們堅信，我們在思想領導力和出色的技術專家方面擁有正確的價值主張。但我認為我們有機會擴大我們的需求產生能力，特別是在對外需求生成方面。

So as Erin mentioned earlier, over 50% of our new wins in Q4 come from outbound efforts. Compared historically, it's only 15%. Combined with our inbound, the outbound, we're definitely reaching out to more clients or potential clients. We're seeing the acquisition of these new logos and then new clients. We're retaining many of them.

正如艾琳之前提到的，我們第四季超過 50% 的新勝利來自對外努力。與歷史相比，只有15%。結合我們的入站和出站，我們肯定會接觸到更多的客戶或潛在客戶。我們看到了這些新標誌和新客戶的收購。我們保留了其中的許多人。

But at the same time, as you mentioned, that deal size tends to get smaller in the current macro environment. And initially when clients start to start working with us, they don't sign up, as a couple of years ago, a much bigger deal. So we tend to see smaller deals, shorter deals. But we're really happy that we're expanding our client base that give us opportunities to work and expand from there.

但同時，正如您所提到的，在當前的宏觀環境下，交易規模往往會變小。最初，當客戶開始與我們合作時，他們不會像幾年前那樣簽署更大的協議。因此，我們往往會看到規模較小、時間較短的交易。但我們真的很高興我們正在擴大我們的客戶群，這為我們提供了工作和擴展的機會。

Thank you.

謝謝。

Matthew Roswell, RBC. .

馬修‧羅斯威爾，加拿大皇家銀行。。

Yes, good morning. Two questions. I'll get sort of easy one out first, and that's for Erin. How should we think about free cash flow in '24 and are any of the restructuring charges, are they cash related? So should we expect like a severance coming out in the first or second quarter?

是的，早安。兩個問題。我會先找一份簡單的，那是給艾琳的。我們該如何看待 24 年的自由現金流？重組費用是否與現金相關？那麼我們是否應該期待第一季或第二季會收到遣散費？

Yes. So the restructuring charges did impact mid '23. There will be some impact in 2024, but it will be less than 2023. So if we compare free cash flow year over year, the restructuring charges overall will be a benefit. From a CapEx perspective, in 2023, we did have lower than historical levels, it was -- as a percentage of revenue, CapEx was under 1%.

是的。因此，重組費用確實影響了 23 年中期。2024年會有一些影響，但會比2023年小。因此，如果我們逐年比較自由現金流，重組費用總體上將是有利的。從資本支出的角度來看，2023 年我們的資本支出確實低於歷史水平，以佔收入的百分比來看，資本支出低於 1%。

For 2024, we're not expecting significant change in CapEx, but I do expect an increase from where we were in 2023. On the whole, if we look at cash flow 2023 to 2024, not a significant change, but given the focus on our operational efficiency alongside the reduced restructuring charges, I am expecting increased free cash flow in '24 compared to 2023.

對於 2024 年，我們預計資本支出不會發生重大變化，但我確實預計資本支出會比 2023 年增加。總體而言，如果我們看看2023 年至2024 年的現金流，這並不是一個重大變化，但考慮到我們對營運效率的關注以及重組費用的減少，我預計24 年的自由現金流將比2023年增加。

Okay, thank you. And it's a bigger picture question. I guess it's more for Xiao. When you talk to clients, what percentage of them do you think can actually implement GenAI programs now, whereas having put in place the prerequisites? So do they have the data? Do they have the architecture to actually implement GenAI?

好的謝謝。這是一個更大的問題。我想這比較適合蕭。當您與客戶交談時，您認為在滿足先決條件的情況下，現在可以實際實施 GenAI 專案的比例是多少？那他們有數據嗎？他們是否擁有實際實施 GenAI 的架構？

Sure. In terms of percentage of them, who are really already implementing GenAI at large scale with other prerequisites, platforms, the data ready, very small. What we're seeing is majority -- first of all, majority of the clients we're working with, they're doing a proof of concept, just trying to prove out that both the business case and then technical viability.

當然。就其比例而言，真正已經在具備其他先決條件、平台和資料準備的情況下大規模實施 GenAI 的人所佔比例非常小。我們看到的是大多數——首先，我們正在合作的大多數客戶，他們正在做概念驗證，只是試圖證明商業案例和技術可行性。

So there's -- I think, 2023, it was just a year full of POCs. And most of them at the same time recognize that they have to do a lot of work to prepare themselves. We call it GenAI readiness. That is having the right data in the right place, with clean data, with updated data, and then building the data platforms that require to -- especially the modern platforms that allow them to run GenAI on top of that.

所以我認為 2023 年，這是充滿 POC 的一年。他們中的大多數人同時認識到他們必須做很多工作來做好準備。我們稱之為 GenAI 準備就緒。這就是在正確的位置擁有正確的數據，使用乾淨的數據和更新的數據，然後建立所需的數據平台——尤其是允許他們在此基礎上運行 GenAI 的現代平台。

Only a fraction, I would say, probably less than 15% of the clients have these data platforms ready, which was a result of years of working, especially in the last few years of preparing and getting ready for -- not necessary for GenAI, but generally getting ready to get value from data. I think they're running -- these small percentage of our clients are running real large-scale GenAI applications using large language model, fine-tuning, for example.

我想說，只有一小部分客戶可能不到 15% 準備好這些資料平台，這是多年工作的結果，特別是在過去幾年的準備和準備中——對於 GenAI 來說不是必需的，但通常準備從數據中獲取價值。我認為他們正在運行——我們的一小部分客戶正在使用大型語言模型（例如微調）運行真正的大規模 GenAI 應用程式。

We do believe that in 2024, we would see more clients moving from POC to real implement -- large-scale implementation where they are ready, but most of them will still be doing work to prepare ourselves for AI readiness.

我們確實相信，到2024 年，我們會看到更多的客戶從POC 轉向真正的實施——他們已經做好準備的大規模實施，但他們中的大多數人仍將致力於為AI 做好準備。

Is there a disconnect between that preparatory work for GenAI and the focus on near-term return on investment that your clients are seeing? Sounds like a lot of that work doesn't have an immediate payback.

GenAI 的準備工作與客戶所看到的近期投資回報的關注之間是否存在脫節？聽起來很多工作並沒有立即得到回報。

I think depends on -- it's definitely good call. It depends on the type of GenAI use cases. Some cases would require running so years of investment at least a year or two, especially building large language models. It would take a while for that to get the payback. And then some of our clients are ready to do that and they're willing to make that commitment. And then -- so those are the ones that moving forward with that type of a GenAI implementation.

我認為取決於——這絕對是一個好的決定。這取決於 GenAI 用例的類型。有些情況需要運行這麼多年的投資至少一兩年，特別是建立大型語言模型。需要一段時間才能得到回報。然後我們的一些客戶已經準備好這樣做並且他們願意做出這樣的承諾。然後——這些就是那些正在推進這種類型的 GenAI 實施的人。

But a lot of the use cases are, I would say, low-hanging fruit. They're not involved in the fine-tuning or large language model building. They're more involved just using APIs of the open platforms out there and then we're building some custom user interface. On top of that, I think the most common use case we've seen is all to a personalized experience, which is definitely going to return -- provide return in the near term. But it's also a limited use case of how GenAI can be used.

但我想說，很多用例都是唾手可得的。他們不參與微調或大型語言模型的建構。他們更多地只是使用開放平台的 API，然後我們正在建立一些自訂使用者介面。最重要的是，我認為我們看到的最常見的用例都是個人化體驗，這肯定會回歸——在短期內提供回報。但這也是 GenAI 如何使用的有限用例。

Okay. Thank you very much.

好的。非常感謝。

Thank you.

謝謝。

Paul Obrecht, Wolfe Research.

保羅‧奧布雷希特，沃爾夫研究中心。

Hi, thanks. It's Paul Obrecht on for Darrin. Could you touch on the demand trends you're seeing across end markets? It looked like energy continued to decelerate, while automotive declined year over year for the first time in quite some time. So I'm curious on what client engagement looks like across the segments and what the expectation is going forward through '24?

你好謝謝。保羅·奧布雷希特 (Paul Obrecht) 替補達林 (Darrin)。您能談談您所看到的終端市場的需求趨勢嗎？看起來能源持續減速，而汽車則在相當長一段時間內首次出現同比下降。因此，我很好奇各個細分市場的客戶參與度如何，以及 24 年的預期如何？

Sure. So as you point out, performance across our industry verticals was down in Q4, reflecting the challenging macro environment, including auto. I think that's the most resilient vertical for us. I'll go through most of them.

當然。因此，正如您所指出的，我們整個行業垂直領域的業績在第四季度有所下降，反映出充滿挑戰的宏觀環境，包括汽車行業。我認為這對我們來說是最具彈性的垂直領域。我將介紹其中的大部分內容。

From a tech retail sector perspective, we continue to see further pullback of spending. As our clients go through tight budget cycles, we're still seeing some of them even doing layoffs at this point.

從科技零售業的角度來看，我們持續看到支出進一步縮減。當我們的客戶經歷緊張的預算週期時，我們仍然看到他們中的一些人甚至在此時進行裁員。

Financial services is relatively stable on the whole, and it's also an area we want to focus on. We're seeing some budget opening up in this vertical especially in Asia Pacific, especially in Australia market. Now energy and public health care is a strategic focus for us as they are more resilient from a recession perspective. And then we also continue to see growth opportunities from our clients in these verticals. Especially on a call-out life science, we're seeing a lot of exciting opportunities in that sector. This is now 25% of our portfolio -- this vertical.

金融服務整體較穩定，也是我們要重點關注的領域。我們看到這個垂直領域的一些預算開放，特別是在亞太地區，特別是在澳洲市場。現在，能源和公共醫療保健是我們的策略重點，因為從經濟衰退的角度來看，它們更具彈性。然後，我們也持續看到客戶在這些垂直領域的成長機會。特別是在生命科學領域，我們在該領域看到了許多令人興奮的機會。現在，這占我們垂直領域投資組合的 25%。

So auto and travel transportation, even though it's declining year on year, a lot of this is due to the pricing pressure I mentioned earlier, but it's still our most resilient vertical. And we're very much focused on driving growth from that sector.

因此，汽車和旅遊運輸儘管逐年下降，很大程度上是由於我之前提到的價格壓力，但它仍然是我們最具彈性的垂直行業。我們非常專注於推動該行業的成長。

Thanks. That's really helpful. And then as a follow-up, how are you thinking about headcount this year? I know total employees declined notably the past two quarters, and I guess the question is in the event of a demand rebound with easing client budgets, what changes would be needed on the supply side to meet this demand? And then I guess somewhat related, what has been the internal response to these restructuring efforts?

謝謝。這真的很有幫助。接下來，您對今年的員工人數有何看法？我知道過去兩季員工總數明顯下降，我想問題是，如果客戶預算放鬆而需求反彈，供應方需要做出哪些改變才能滿足這項需求？然後我想有些相關的是，內部對這些重組努力的反應是什麼？

I'll start with headcount. So on the whole, we are seeing right now our voluntary attrition outpaced the hiring, and that's likely to continue for another quarter. We are hiring. However, we have a very strong recruiting capability. We have a very, very strong employer brand. And so we're continuing to hire in select pockets, particularly in geos, where we're more sold out, for skill sets, I mentioned data earlier, where we continue to see strong demand.

我將從人數開始。因此，總的來說，我們現在看到我們的自願減員超過了招聘，而且這種情況可能會持續一個季度。我們正在招募。但是，我們有非常強大的招募能力。我們擁有非常非常強大的雇主品牌。因此，我們將繼續在特定的領域進行招聘，特別是在地理區域，我們在這些地區的技能組合更加售罄，我之前提到過數據，我們仍然看到強勁的需求。

So on the whole, even though total headcount is coming down somewhat, we are continuing to hire, and we have a high degree of confidence in our ability to hire when demand rebounds. And so feeling fine about that, particularly.

因此，總體而言，儘管總人數有所下降，但我們仍在繼續招聘，並且我們對需求反彈時的招聘能力充滿信心。所以感覺很好，特別是。

I would just touch on the restructuring and how employees are feeling. Certainly, 2023 was a challenging year across our business. But we have an open dialogue with our employees. We're focused on being in person where we can and just helping people understand what we're doing, why we're doing it. And that really has been our key focus. It's part of the values that we have across Thoughtworks. And we think that is important and resonating well.

我只想談談重組和員工的感受。當然，2023 年對我們的業務來說是充滿挑戰的一年。但我們與員工進行公開對話。我們專注於盡可能親自參與，幫助人們了解我們在做什麼以及為什麼這樣做。這確實是我們的重點。這是我們 Thoughtworks 價值觀的一部分。我們認為這很重要並且引起了很好的共鳴。

And then positively, some of the changes we're seeing from the restructuring are starting to come through. So we're going to keep the dialogue going. We think that's a critical part as we go through this change process. And then we believe very much in the restructuring. And we know that the outcomes will help make people be confident around what we're doing. So on the whole, going okay.

積極的是，我們在重組中看到的一些變化正在開始出現。因此，我們將繼續進行對話。我們認為這是我們經歷這變革過程的關鍵部分。然後我們非常相信重組。我們知道，結果將有助於讓人們對我們正在做的事情充滿信心。所以整體來說，還算順利。

Got it. Thank you.

知道了。謝謝。

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

謝謝。現在，我想將電話轉回給肖，讓他作結束語。

Sure. So I want to reiterate that our digital transformation is a long-term strategy for most companies, our clients, and empowers differentiate ourselves through technology excellence over 30 years of thought leadership. We believe that we'll continue to differentiate in areas like cloud platform, data, AI, GenAI, customer experience and product. And at the same time, we also diversify our business to address more of our clients' urgent needs, for example, enterprise application monetization, DAMO. So despite some year-to-year fluctuation, we believe our tech strength and these investments will position Thoughtworks well to drive steady growth in the long run.

當然。因此，我想重申，我們的數位轉型對於大多數公司和我們的客戶來說是一項長期策略，並透過 30 多年的思想領導卓越技術使我們脫穎而出。我們相信，我們將繼續在雲端平台、數據、人工智慧、GenAI、客戶體驗和產品等領域實現差異化。同時，我們也將業務多元化，解決更多客戶的迫切需求，例如企業應用變現、達摩。因此，儘管每年存在一些波動，但我們相信我們的技術實力和這些投資將使 Thoughtworks 能夠很好地推動長期穩定成長。

With that, I want to thank you for joining our earnings call, and I'd like to acknowledge the continued support of our Board and shareholders. So stay well, and we look forward to catching up with you next quarter. Thank you.

在此，我要感謝您參加我們的財報電話會議，並感謝我們董事會和股東的持續支持。因此，請保持健康，我們期待下個季度與您聯繫。謝謝。

Thank you for your participation. This does conclude the program, and you may now disconnect. Everyone, have a great day.

感謝您的參與。這確實結束了程序，您現在可以斷開連接。大家，祝你有美好的一天。