TaskUs, Inc. (NASDAQ:TASK) Q1 2024 Earnings Call Transcript

Matthew Roswell: Yes. good evening. Congratulations on a nice quarter. Most of my questions have been answered. So, I’m going to ask a somewhat difficult one to tease out and that’s the better performance that you’re seeing, how much that would you attribute to industry trends? And how much of that would you attribute to TaskUs specifically, where you’re getting increased volumes, because clients are consolidating vendors? Hopefully, that question makes sense.

Bryce Maddock: Yes, totally does. So, I think that we have a cohort of clients that cut earlier than others. particularly, I think generally, we’ve seen that the high-growth technology space began reducing their spending in 2022 and into 2023, but now are back to a period of growth. I think what we see when we look across the industry is that some of the more legacy clients are beginning to go through that same cycle now. And given that we’re not as exposed to those verticals, we’re probably less impacted. But we had a four-part growth strategy, which I talked about on our last earnings call and the first part of that strategy was to take share from the competition. I’m really proud to say that we’ve been very successful at that. In the first quarter, we took tens of millions of dollars of business from our competitors, on the heels of superior performance. And so, I think there’s a little bit of both to answer your question.

Matthew Roswell: Okay. Thank you very much.

Operator: Thank you. I’m showing no further questions at this time. This concludes today’s conference call. Thank you for participating. You may now disconnect.