TDCX (TDCX) 23 Aug 232023 Q2 Earnings call transcript

Ladies and gentlemen, welcome to the TDCX Q2 2023 Results Announcement. My name is Aida and I will be coordinating your call today. [Operator Instructions].

I will now hand you over to the management team to begin.

Hello, everyone, and welcome to TDCX second quarter 2023 earnings conference call. Lim, of Jason Relations. is name the Investor Head My

Neng; our call Founder our Joining of Tze the Edward is Development, CFO, our Executive Mr. Corporate Chin Junique; us on Laurent today Chairman, Goh. EVP Mr. and Mr. and CEO,

continue, may to remind I in future. not make be we you risks to like are which realized statements, subject would and we that will Before forward-looking uncertainties that the

of place not currency call reliance on non-IFRS statements. as forward-looking such this discussion revenue constant any any includes Also, adjusted the You certain and measures financial should EBITDA growth.

the measures, which For closest reconciliation Form our the refer X-K, to available website. on IFRS please to is

SGD representation converted to a rate. prepared dollar the at of have be X.XXXX. U.S. that We amount not can dollar to rate This construed be any any translation dollars should for or other Singapore as the Singapore a USD to X convenient this at USD

me let that, hand Laurent. call to With please? the over Laurent,

us a their that mile everyone thank this, has the challenging would achieve appreciate you I Hello, of thank I resilient in global to the environment. our put backdrop like of We and against strong today. for at for everyone, results set to and a and joining team extra delivered TDCX efforts.

with a XX.X%, begin which exceeded highlights. constant me significantly have some rose an On revenue stronger even Let guidance. currency QX would X.X% year-on-year. XXXX grown basis, revenue our

nice at Our of largest segment, a year-on-year. clip Omnichannel grow to continued X% CX

XX%. Our also through strength came as the traditional Sales segment grew and in marketing Digital

support out AI includes put were tech with as last expansion, ratios sector for as our down clients. to for and deliver keeping recovery. arm at TDCX XXXX. We we in Margins ourselves of XX.X% position investments year margins such industry-leading strong geographic margin to EBITDA initiatives agent operationally necessary to stronger continue our continue for This to adjusted our and compared QX building

our details later. Chin, CFO, margins more Mr. will provide on Our

at our the broadly plans remain efficiency, the stronger X for as grew Revenue XX% cost performance proud the business tables have as top and our end year-on-year, one that result, our we top registered Operationally, across we from clients, clients. on of grow I'm very part not clients a to of outside revenue volumes their would of if growth. focus much key reducing overall impact of for continue

that strategic our really started contribute XXXX. meaningfully. geographic it X QX our Hong has in, from XXXX geographies what clients in to Our All subsidiary QX revenue over added the expansion as Kong Xx was was years we last new in well. from compared included This to

delivered we our as amongst profit over Overall, very a able XX to million. and We out still in execute robust that clearly period. This continues TDCX rose tough earnings earnings demonstrates for USD very to to sector a being stand performance deliver a good period levels. the growth X.X% peers exceptional

Our Cash million into translated has balance and the operations cash strong for flows strong first of profit USD XX generated XXXX. performance half from was a sheet.

to balance high of the cash have in XXth June interest rates. a options, with growth This very USD sheet. of million debt especially strong XXX cash an us on on As no move several and of we environment puts XXXX, quickly equivalents strategic position in

have TDCX the enhance to as capital progress to initiatives, our very consulting that accelerate our reach serve opportunities flexibility happy investing TDCX for AI sites. with such and and capabilities our important Besides deploy financial to organic We we're growing and making, team is geographic could new growth. our our in explore steadily. I'm that continue AI, better the our or help M&A we clients capabilities to strength or that,

and and AI-enabled projects solutions. in CX A consulting on the in us pipeline. entrusted have number are piloting of implementing clients advisory Our services and

the up. cognitive individual set multiskilled which would agent by analyze tech large information impact the the agents point with which to would identify and example, overwhelmed For load way our campaign product be tipping the an be service tasked of to would customer clients, and was at team a

done learning is maps agents' curves modeling we've developing analyzing reach customized performance road clients thereafter for example and agents peak and such Another faster. that

Travel the client, to incorporated we machine employee decrease For learning Hospitality attrition to XX%. anticipate by up and and

proprietary We recruitment build these. queries recruitment To and system. are flash chatbot are pace capabilities sum up, process enterprise-grade with incredible to generating there at to and moving company opportunities huge we're and AI-enabled respond businesses candidates' with take AI, to also integrating leveraging the improvement productivity well our AI Google Cloud's about an this to our of as as hire advantage

is differentiated. TDCX very

are is not on that human requires nimble and hyper-focused complex and the easily which intervention agile, We replaceable. segment,

cash Our underestimating are markets positioning the bring and differentiated misunderstood threat considering that value, amongst intend not Asia CX providers. see form and great prioritize generation could enhancing of if Southeast current levels strength business, efficiencies as our opportunities Gen-AI returns. while to the in sure share have and unique global shareholders' buybacks this to at I'm overreacted and of or we the and profitability public the we a traded of

touch some highlights. current me on let Next,

have Our remains to who have up of a signed but further launched. XXXX, June momentum rose Plan yet XX, development clients and very business XX% strong. been X XX count as not we clients

our global several Asia, platform travel client of giants that quality largest count rapidly globally this improved the higher world's platform, last same quantity, established fashion of QX, as growing about Beyond of the a of clients clients year. e-commerce With and X based a one spaces. world we fast an out respective of out quarter's XX% of one includes which included we excited growth, in revenue period top X our broader XX% from diversification of and leading revenue, space. in a which the down the the contributed in based is this is e-commerce their giants platform which launched U.S., fastest-growing This the I'm in the

listed years headcount of globally, to more serve growing a to employees ago. XX,XXX clients on are North across demonstrates of reach, languages. much the providers revenue have serving able amongst over In around Asian terms positioning now a and focused of geographic CX we footprint global With with we wider compared X chart unique Asian XX% Southeast business world. The here our our

let end cycle will coming through. in share sales clients for the we lengthening second effect delays is the hand through The our over which outlook. in on higher first second better the we were of some views from to not now, sense half, and I Having to of a flows aiming me the We've CFO, we have year XXXX. the Before XXXX months. X that completed FY half that of half where means the seen land throughout decision-making for the

will Mr. this. we As such, are XXXX our revenue provide outlook later. to details more FY adjusting reflect Chin

strong seize With cautiously including our to in excellence to value-adding those green going not the picture we focus some operational slightly is While the bodes several as that XXXX next I'm This positive they to giants, U.S., to year are get of for with do for space. tech shoots of unfold. see we starting the well, encouraging too opportunities and on ahead in much arise. the coupled clearer very of efforts want for in position economic signs results how ourselves, There rebound. get on the to to recent our optimistic digital clients, we're a starting are we're advertising and activity

to me hand Mr. With that, let Chin. over

currency of XXXX, the and Thank subsidiaries' basis. Singapore rate would compared Laurent. year-on-year for XXX.X exchange QX used have for currencies revenue revenue QX currencies our In reported presentation the between remained delivered QX QX you, renminbi Malaysian XXXX, X% X.X% USD Japanese million, the functional Singapore from the local dollar XXXX on of Thai operating against dollar we to ringgit, translation up by a The against baht, X% group's peso, Philippine of the risen to XX.X%. Had XXXX. depreciated of yen constant

by on revenue and million XX.X% X.X% elaborate to costs. EBITDA decreased million rate. in on on declined margins to slide. higher which growth XXXX, employee to Adjusted USD expenses, profitability XX.X than XX.X from will rose I Moving higher X.X% QX EBITDA a year-on-year, due contracted XX.X% largely more USD high to the to employee in quarter X.X% infrastructure benefit this measures. later as this

and million. year. professional acquisition-related payment equity foreign incurred Adjusted Xx stable with compared to USD income settled the loss year-on-year. tax was same XXXX QX in high tax was declined the in suspended rate expenses XX% reinstatement last while the Philippines profit equity last with because payment XX.X the deposits net fees QX settled against before income, environment, gain in we of which increased Consequently, interest X.X% represents year. This funds quarter expense largely income exchange or Interest to for interest-earning that grew incentive increased was expense, in lower share-based share-based profit the period net

insights me service our Let revenue by some next of provide offerings.

Omnichannel existing was and clients. QX services but Digital by Sales by USD Digital as driven Content, led XX well marketing advertising by expansion increased Trust Sales followed line Our from in services partly million, campaigns the XX% of and by Revenue and CX in decline offset a Safety. to growth e-commerce by marketing media by and was business, digital the of as

XXXX to from further Our in the newer this to contributing scale up, business. client line continue of cohorts growth

from and financial the X% in made requirements and business offset marketing rose gaming, higher Content, and Trust the result tech year-on-year travel existing CX campaigns Safety respectively. Trust by USD by XX% the a volumes, verticals. while travel as Sales by XX Content, revenue Digital expansion the and summary, of digital, QX, and CX vertical, services and XX hostility expansion hospitality, Safety to to XX% to Revenues of of XX% media in and Omnichannel due clients contributed million and clients vertical. business FMCG, driven In our million of declined by in volume total USD partially Omnichannel XX%, existing in up contraction adverting and

Next, XXXX margin the from in me XXXX. movement in XX.X% on XX.X% QX EBITDA to adjusted let elaborate QX

a by and impact, In recruitment neutral expansion professional legal lower such fees expenses our impact. costs and overheads, from general offset leading higher largely terms impact higher incurred and margin sites infrastructure a was maintenance, tech to linked higher costs, new were fees. tax There as telecoms and rental for office-based X.X% to of

of as costs. X.X% costs, service account. local there There the also billable shared impact headcount well block factor higher support higher from agents a higher is employee versus impact Thirdly, and from is of corporate bigger as higher some the is which

QX However, Turkey Korea closer when in resulted like sites an mature of improvement XXXX, to utilization was XX.X% sites improvement of excess a and both headcount new man compared which to and XXXX, in our to as Brazil, an block sequential hours. agents' headcount comparing margins QX to to as there XX.X%. from XXXX, well and due This in QX improvement the was

next me Let move the performance. year half to on

was million, XXX.X currency USD Our USD profit X.X% for the reported well This was for was reversal XX.X% by share-based settled period USD QX up revenue XXXX, tax to equity XX.X increased X June months up as higher a income in of ended XX up income terms. constant and or driven on XX the by million, EBITDA payment interest to lower XX.X% expenses. a in XXXX as basis million. X%

effects XX.X% of the the XXXX. to particular the income USD and expense, million, USD of XX for These share-based declined million. declined of reversal in EBITDA costs the largely quarter overheads Excluding of increased XX.X net first adjusted a payment result employee X.X% adjusted were to high while

margin first new at planned the ratios. of support and good compression XXXX. as geographic down to much our for recruit strong expansion, to talent and from margins EBITDA service a such large extent, adjusted choosing first XX.X% shared keeping half costs XXXX staff due is landed To in of XX%, Accordingly, half

from services from X% Sales CX Trust XXXX, For down grows to at million. from Content, services revenue was XX% Safety and million, XX% Marketing USD XX increased Omnichannel USD million. Revenue USD XX to Digital revenue first half and by XXX while

business, contributed Digital CX our while at Sales Trust and Omnichannel year, marketing stood at Content, half the XX%. XX% For of and and Safety XX%

update on me Lastly, year full let our provide an XXXX outlook.

a growth revised have range to on X% previously. from the revenue to constant to basis X% X% XXXX currency X% full We year

to commit some mentioned, Laurent taking clients to are volumes. business longer As

bar our months FY This put of clients effect knock-on for their on key the that we into remaining for terms a which of of Further, half growth was percentage XXXX, higher strong year-on-year revenue means can QX, forecast a the the one our the also of numbers second XXXX. half of XXXX. During of volume revenue reduced second half sets there 'XX. second that forecast is in of in

have the adjusted our XXXX terms approximately In end of guidance top now for and to expected of XX%. EBITDA range, margins, trimmed XX% full our to we be is year

the necessary long efforts XXXX. recovery on the volume the business spending in our putting remain and to for an optimization in term for investments cost committed in are We and with eye cautious

are accordingly of outlook revenue. are margin elastic what more the this. own backdrop restrategizing make Against approach the against we adjusted we our it to reflect to have We expecting,

[indiscernible] take example, initiatives some spending revenue benefit 'XX. likely For margins time These will this includes planning to year to infrastructure in closer pipeline. full

you me hand that, let to back With Laurent.

Thank take you, to questions. Mr. ready Hi, We're Chin. everyone.

We now question from our Pang Goldman Instructions] have from Sachs. [Operator first Vitt

on please. digits. please Three one, your in over Can currency year are Number looking the to you constant the rationale Especially question revenue guidance? basis, from why you this we're me, go the make and on guidance you of double at substantial change your if first half outlook. up

and that of can confidence further revise well, forward? I'm one. go revised there of sure about That's you into what you of this on specific level changed? So has what guidance. down talking Is On clients, number question going your of visibility of any back but details that? have you're as the possibility some

Number of your into increase you that clarify mentioned seeing XXXX. and started X, spending will indicating any further they clients that Have you you that year? on better started also of that. more signs likely color Can next provide

of around remit can impact X, you How the more And plan business? share impact percent may here? do with be how how number list us your you to AI business more comparatively? may And many lastly, your

Thank for you, right. these All Pang, questions. all

agree. guidance tremendously impact. X% I X% you it So yes, do X%. to have called from but the revised to an X% substantial. to It's I does it not substantial, mean

behind there's reasons a this. so few And

The is to got deals were hoping the first delayed. close one we

slower So really, been have the of velocity anticipated. than deals

one delayed clients indicated still didn't We September -- say, half was further, -- Some to even going volumes into anticipated. who second had stronger initially got let's that's not have lower at materialize, was that really so be it really factor. than

half. well doing half, second We better the advertising terribly that not in the sector, was not as into account pressure And still the good also in a last digital half from taking it's second have second which do well first but our that's was to going year half.

that though, clients we're So question. are leading coming, indicate next into help starting better would a around forecast in yes, to bit more then much. XXXX, XXXX. where very And a and opportunities optimistic us your are doesn't the I say

the as going on hospitality is we question China the we Nonetheless, the second were you I think I much travel if as come hoping half, which on was were up had, back again show and really has impact anticipating. really it played to primary as would. not not so well

of are bunch at growing well, whole although doing of we brought other really being part a a whole tech, a sectors down and sectors well there's it's the have that e-commerce, automotive by in. but are for us So weighed it's pretty factors, doing fast that gaming, extremely that's business pace, are like

it announced quarters, don't you in see translated advertising, good results if we by some first Now our look at X see the clients growth. we key Unfortunately, generally in digital immediate

decided to that long open gates need on have list. better a and to is invest we flood more they they the how results until question produce decide still to mark do further So our

So green on we having in also We fears to and shoots that, our we the some are XXXX. starting see said recession momentum that seeing subside, are good pipeline. some see

the to starting closing around we're getting quarter starting deals. The are to first are compared turn We in the leads second quarter.

if signs not number So us there's of cautiously a XXXX. that pretty encouraging makes for optimistic, optimistic

revise point. have we're XXXX for I is again in a have, We you think that last sense the good of there going the a next whether forecast you announcement one have Now at QX. we the of question and is questions this our to chance think

barring pretty in circumstances -- any we unforeseen locked point. this are guidance or really so major, something that And at any

a AI, The our question do on we AI, impact can as very, has of with adviser role momentum an clients. TDCX I we've TDCX And think to have had very good to with say. to the play lot

very leveraging really, and of that successful call. had engagements in earlier I successful some we've us. our And with a possibilities them, of think, it's the consulting that projects most with available the to in have so are And explained lot the discussions clients we,

expect In our strengthening quickly. impact business to our grow the clients really we terms enhancing have in better and them better the so TDCX interesting, AI what's our didn't with we impact, TDCX I insights, territory AI from further, productivity, we show QX is say, of quality. first better to defending monetize is already anticipate relationship, And would

it. add starting to a commercial expected proposals But now our We years it value clients do few dollars the well to remain we're make with a associated what for just with to as I to said.

centers we So of addressable addressable a now total that. Xx opportunities for possibility but that's result there's we the the real to a the the to one services growing the market our as outsourced of a and of appetite in-house TDCX. is And total opportunities And is offer some clients, real market. We see CX operation. call a from size see of see that market

So billion. of our moving is has CX because addressable on $XXX billion, the fourfold market from in total $XXX $XX the we're basis also market consulting plus term billion, another the into $XXX or threefold grown which But industry, billion. that there's

So as $XXX talking about to on we're opposed billion. billion $XXX

Asia, knowledge we've got TDCX for a this we to good the new about. lot market total confidence questions, I that level that for us these that opportunities addressable working AI the hope as is to And can trends answered a clients as this in. a us Pang. TDCX tap offering we hear with to very of gives part us play for your capabilities that the huge differentiated so with in So being and best opportunity its much in world share

CGS-CIMB. is Khang from of Ong next question Our Chuen

questions have I few a here. just

seems QX. revenue in bumped contribution X up have well outside really First, clients top of the to your

share on bit please significantly? onboarded are you Are could here? X more Or seeing there up or campaign clients scales the sales you that past performers standout that the have a needle moving year more So the this? are other over color ramping any

the be margin question And my guidance. next EBITDA would on

we should the more is margin, should at of of some So in lower more half? looking adjusted this the the given you're -- expect the volume services outlook the that nature to this types considering EBITDA second to Or lower clients? trend in be newer providing structural cyclical

our quite bigger the questions. of where goal you is to top Thank portfolio is of our outpace have clients balanced happy on and diversify business. the from X bigger for outside our our clients. the second M&A company, the one performance with very significant. build continue Yes, whole clients, have that a more strategies X very which growth much the to we side, the newer of is clients We're to staggering Then of the

So bringing the for clients few years. great we've success had past new

over of the to small, now they've Some XXXX, them date they world. rather taken and started back but

we global in back that onboarded a in where expect of X back now client, we growing in So We this operating on It's client. as now client in we location we gaming a locations. gaming XXXX. have example, been X one in It's really where the locations. the very And sector. become for started fast great are gaming well, another it's

location. it expect grow to We another

doing well. that's So

fashion of from the our super in one is this We a fast onboarded as well it's fast-moving Philippines. really locations a fast in Asia, for which client us star growing extremely but recently, and

deliver. starting that new We really client to onboarded ago, years digital a have X would that's have advertising, about

transitioning a distribution just through revolution and wholesale from an distributors online is than of business. a a global So going deal. And recently creates onboarded year It's bit ago for of that a opportunities an agents model, we less a tremendous of and into change model automotive us. automotive

a quite are there few opportunities. So

job to as and Asia represent super they're this there they've clientele, and taking find the us only, of of operating need I not -- of clients superstars, as for good from -- part done more Asian what a of growing territory, more our world, there's which their and our market of we're big leading lot having interesting a in over and the they're them the able support the our trend are actually to a And is companies for are where in of originally and Asia be. becoming share world economy But well, really future to Asia. TDCX if because where the the Asia they attract

clients. Now we locations have our XX to serve

So growing great progress been making on location. our we've

position, a place good we're in point. at fantastic So a this in

part to think, Maybe defer mind. the maybe and question, both margins. Chin of if short the term the maybe around to I is margin, second the you talk market, term And about the don't you to Mr. the long I'll

Laurent. Thanks, Sure. Yes.

last volume of expansion as the the to AI a into on investment due margin it side our a the our of have EBITDA into continuing while in, put as That is largely planned and bit So and of baked also geographic as reflection investments is couple thing, ago. has Laurent costs what we the that business up our in alluded the well of outlook a years, clients. building that year. that deliver optimal months are of to for the outcome continue our into in the support QX shared the our about that of improvement with sizing going which kind that we QX anticipation the And movement on path into in happened of staff to agents service ratios the and reflected along going on going it's comes best our QX keeping remaining -- in

these In a going XXXX. recovery, that us possible think the year into to if position end healthy from that towards are macro it put necessary of investments this we in to benefit a sense, quite in turns

our term basis, investment earlier So as the long to than on for and ensure have on planned said a that like more putting going EBITDA against on generally, volume that decisions do off spending things business kind necessary it rather early ourselves side stay revisited the commit too phase business I are we things. our cost in, course on But to we to of 'XX. on near quarter-to-quarter from outlook, the what against basis. the costs also revenue overheads Remaining infrastructure, in of be in we our stay what's make volume eye our from reprioritizing so that the term like still rebound happening that term, we to careful we on how in time, are at of elastic same near capacity the an with in optimize don't planning in what

we now going also remaining that's -- happening the So are and what of year. part is the into

Thanks, Mr. Chin.

the one, out. coming We share that can be a business I And How Number webcast QX your read and 'XX. announced you forward? is can going bit color second you on your some you have around buybacks would along? share Can that some more pipeline? on in questions it one development give more color plans

Yes. you question. the for Thank

what pipeline been our building as in a quite So And like this that up of health into, new is it haven't nicely. interest we've well is tech. sector pretty I year, bit which about really a we gotten

X -- But Europe. third and we in in have that Asia we as the in well. So won sector then one contracts

the lot well, we're much And existing opportunities what I well sales is different previous in opportunities would a did makes We the year us. well clients. get for economy lot And deals sector this We in the grow higher the new companies coming interesting quarters, business. as our still than on number X a for before to development have higher starting from see over say into is TDCX quarter. RFPs health more the of a we've numbers getting more up had of for well, in closing have be we're past the as going that as than an as to the leads they QX, which value to good new of zone

team recently better. is development that a business can that job, great our restructured So doing get only was and

so answers questions And pipeline. the the that on

leave by I'll our answered the Development. of Edward Head questions Corporate other to Goh, be

Laurent. Thanks, Sure.

guided think our current values, of liquidity, my sort our impact capital use I I think by topic always think we're on very really of of On peers. the But this against we I attractive are the we've exercise. prioritizing buyback, view levels, of definitely, of seeing on valuation sort said but the at

market It more of very program. our XX% I good our proactive to a million, of at think about current to our just looking level looks still, buyback cap. being in a sort cash continue like us be share for that's $XXX sort of

second purchased over of XXX,XXX So some about done 'XX, period we in definitely, time. of we've which the sort ADS quarter of this

So of same continue forward. the approach sort we to going adopt

the wrap And bit on a pipeline well. if I business on little development can as

done, the capabilities have in-house And that market, the the getting complex because manpower, increasingly the the clients those don't of even indicate Just we're capabilities drive are of more opportunity think have wanting us, in that have we're laid everybody get but is going that kind they really don't fuel leaner business who the to going things little to a don't they we impact exercise. the for from trends seeing becoming have what clients need are outsourcing, been bit clients for us because are has going and through to XXXX. starting which potential to to inquiries off the see resources as they We're cut.

is see So more higher. world becomes rising the we and the the expectations second digital. trend that The as also are expectations ever much more

And we of price help have will leveraging will So AI require at we the automation, NPS the increased expectations, effort more our of their and expectations. absolutely our through to can but investment that. clients think driving that's TDCX and cost that a these to some clients mitigated drive increases business CSAT and come be much and what be sell their to

of positive beyond. point a at number power that So the and XXXX continue business we trends in to quite this see can

Operator, have next can please? question, the we

next from Securities. Jonathan is of Phillip Our Woo question

Brazil? on little update much key pipeline -- the reduced actually on has did Indonesia been give volumes us terms? you you some and guys, a based volumes? new and cut Can that for been they geographies, the the give you client percentage over question volume growth be progress expected reducing how was more could them, much or in is, bit color would first how on has there as the the How The second expected? And

you, Thank Jonathan.

X So new pretty here, us. to geos Indonesia

it's embryonic it's -- So at this point, expansion.

we previously We costs trying operations in are in several very good we some clients for to were where a XXXX quite successful and already because to reasons, strategically early but that our one as already will control globally strategy Indonesia, a but our client different have for that supported footprint greenfield be with well. investing, go we're locations days as XXXX in by

Now we choose locations when we have business.

So Indonesia successful starting, It's so was at this that. exactly point. very but just it's --

it I a with tremendous is, success. a call We client. started Brazil would

we more we that also, a it's XXX of bit But performing say in short really this a And it's than a now the because to very is a Paulo period number that our in have puzzle able because clients. tremendous time of business are I in do Sao headcount we When Brazil. finally, the inquiries. strategy in for you We also success Sao really Bogota super getting Brazil of were in well a were America, cover because in are Paulo powerhouse capable. is America, as where difficult doing combination Bogota. unless credible have a and it's it Brazil American well But it still Latin really makes Colombia and Portuguese we in huge and to having completing of Colombia, Latin Latin the

business teams, important which where success over is going. capability happy for a setting of with mostly more X the forward. past up also greenfield clients us in years, sites done So super very our operations, give operational with our to terms to Very happy our in operations XXX% and this it's is tribute greenfield we've moving

that plays agility. So around our

details the back going Yes, volume. rather to Now about clients I which give cannot give clients about reducing too second I'd sectors. much question

also pressure, little moderation content to of yet been a has later pressure the right say year. OCX the some marketing digital will a pressure, would seeing lot continue and for for more reasons. that under be under the part the I the the digital would more but bit. has you were the advertising sales we're and as in or rebound, and expect, wrong under contracted So Fintech less case

guidance as our fintech why XXXX that's giving So hope the But well. is us some that's on affected in side.

because show would didn't travel of different half hospitality, outside, first we would is just better half I on were I delivering a well. spectacular, not hospitality. be is And traveling are good, out as travel Is and think, it's reasons, numbers is not China the expecting, and tremendous. there Nonetheless, and it QX is say -- because used up? to. hospitality second maybe that could much mostly globally travel quite nonetheless I it usual our and Japan it's we power say, But that the not QX,

So that's can what's if going say. on, I

opportunities e-commerce, so tech, the gaming, services even financial that sectors that's other for have us. the flying, in We like

of hope not that all gloom. Jonathan. sectoral mix a it's well. It's the doing So pretty answers I are factors question, the other that are sectors and

This hand today's now remarks. for Q&A will over session. Jason concludes closing to I

us Okay. Thanks, on call. everyone, this joining for

On get any management, If signing behalf or Thank and please you feel we're of with questions follow-ups, touch any off. goodbye. free have us. you, further to in

for joining. concludes call. today's This you Thank

may disconnect lines. You your now