Growth Drivers and 2025 Outlook
Q: What underpins continued growth into Q4 and 2025?
A: Our Q4 revenue growth is expected to accelerate, driven by double-digit growth in Trust and Safety and AI services due to our expanded strategic relationship with our largest client. We're growing operations in five countries to support their investments in generative AI and Trust and Safety. Digital customer service growth is also expected to accelerate into high single digits. For 2025, while we'll provide formal guidance later, we're investing more in specialized service expertise and operational excellence to sustain growth and margins among the best in the industry.

Investment Philosophy and Margin Outlook
Q: Will investments for growth continue in 2025, affecting margins?
A: We plan to continue investing heavily in operational excellence, sales and marketing, and specialized services to sustain double-digit growth into 2025. While this may pressure margins in the short term, we're focused on significant adjusted EBITDA dollar growth. Over the next few years, we aim to get better leverage over SG&A and return to historical adjusted EBITDA margins.

Levers to Improve Margins in 2025
Q: How will you improve or maintain margins in 2025?
A: Our main lever is moving up the value chain by offering more specialized services that command better pricing. We're investing in specialized expertise to expand margins and sustain growth. We also aim to get better leverage over SG&A. However, factors like fewer working days and non-recurring seasonal revenues may impact Q1 2025 margins.

Increase in Revenue Guidance
Q: What drove the significant increase in revenue guidance this year?
A: The increase is due to clients returning to investing in growth, particularly in generative AI, after a challenging 18-month period. Trust and Safety, our fastest-growing service line, is expanding with our largest client. Success in financial crimes and compliance and growth in AI services are also contributing. Our clients' renewed confidence is fueling these investments.

Revenue Growth Expectations for 2025
Q: Should we expect sequential revenue growth to continue in 2025?
A: While we're not providing formal guidance, sales have been strong into Q4, and we're confident about sustaining growth into 2025. Challenges like fewer working days in Q1 and $6 million in non-recurring seasonal revenue may impact Q1. Despite tougher comps in the back half of 2025, we're confident in our ability to continue growth.

Vertical Diversification and Growth Outside Top Account
Q: Are you prioritizing diversification or growth outside the top account?
A: Yes, we're expanding in banking, financial services, and healthcare. In 2024, we've landed a banking and financial services customer and expect to sign with a large healthcare payer. This strategy aims to reduce risk from concentration and leverage our experience with health tech clients.

Healthcare Payer Customer Potential
Q: Could the new healthcare payer become a top customer?
A: Yes, if we execute well, this customer could become one of our largest clients. Healthcare is a massive opportunity, and we're applying best practices from our health tech experience to traditional enterprises.

Pricing Pressure
Q: Is there ongoing pricing pressure from competitors?
A: We haven't seen an increase in competition since last quarter. While larger competitors may exert pricing pressure, we're faring better, returning to double-digit growth and sustaining above 21% adjusted EBITDA margins.

Pricing Across Segments
Q: How is pricing across different segments?
A: There's willingness to invest in specialized expertise in AI services and mission-critical Trust and Safety workflows. In digital customer experience, simple Tier 1 support faces significant pricing pressure, but demand for our complex, premium support services remains strong.

Trust and Safety - Election-related Work
Q: Was there any election-related benefit in Trust and Safety in Q3?
A: Yes, we provided election-related Trust and Safety work, and this year has been busy with many countries holding elections. We don't expect the end of the U.S. presidential election to impact revenues at that client. We continue to see growth in Trust and Safety due to regulatory pressure.