Q1 2024 Taskus Inc Earnings Call Transcript
Key Points
- TaskUs Inc (TASK) exceeded the top end of both revenue and adjusted EBITDA guidance for Q1 2024, with revenue reaching $227.5 million and adjusted EBITDA margin at 22.2%.
- The company expects to return to year-over-year revenue growth starting from Q2 2024, with growth rates accelerating in subsequent quarters.
- Strong sales performance in Q4 2023 continued into Q1 2024, driven largely by bookings from existing clients, which accounted for approximately 72% of total new signings.
- TaskUs Inc (TASK) demonstrated significant growth in the trust and safety service line, with revenue increasing by 36% compared to Q1 of 2023.
- The company has successfully expanded its presence in new markets and industries, including banking, financial services, and technology, enhancing its client base and service offerings.
- Q1 2024 revenue declined by 3.3% year-over-year, although it was ahead of guidance.
- Revenue from US delivery declined by 45% year-over-year, now making up approximately 11% of total revenue.
- Digital customer experience revenue declined by 8.7% compared to Q1 of 2023, primarily due to cost optimization initiatives outweighing expansions with existing clients and new client revenue.
- AI services revenue declined by approximately 23.6% compared to Q1 of 2023, continuing to be impacted by declines at the company's largest overall client and largest autonomous vehicle client.
- Despite strong Q1 performance, the company faces uncertainties in the macroeconomic environment, which could impact client growth rates and demand for services.
Good afternoon, and welcome to TaskUs first-quarter 2024 investor call. My name is Daniel, and I will be your conference facilitator today. (Operator Instructions) Please be advised that today's conference is being recorded.
I would now like to introduce Trent Thrash, Senior Vice President of Corporate Development and Investor Relations. Trent, you may begin.
Good afternoon, and thank you for joining us for the TaskUs first-quarter 2024 earnings call. Joining me on today's call are Bryce Maddock, our Co-Founder and Chief Executive Officer; and Balaji Sekar, our Chief Financial Officer. Full details of our results and additional management commentary are available in our earnings release, which can be found on the Investor Relations section of our website at ir.taskus.com.
We have also posted supplemental information on our website, including an investor presentation and an Excel-based financial metrics file. Please note that this call is being
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