Alight Inc (ALIT) 2025 Q2 法說會逐字稿

Good morning, and thank you for holding. My name is Judith Van and I will be your conference operator today. Welcome to Alight's second quarter 2025 earnings conference call. (Operator Instructions) As a reminder, today's call is being recorded, and a replay of the call will be available on the Investor Relations section of the company's website.

早上好，謝謝您的支持。我叫 Judith Van，今天我將擔任您的會議主持人。歡迎參加 Alight 2025 年第二季財報電話會議。（操作員指示）提醒一下，今天的電話會議正在錄音，電話會議的重播將在公司網站的投資者關係部分提供。

And now I'd like to turn it over to Jeremy Cohen, Head of Investor Relations at Alight to introduce today's speakers. Please go ahead.

現在我想請 Alight 投資者關係主管 Jeremy Cohen 介紹今天的演講者。請繼續。

Good morning, and thank you for joining us. Earlier today, the company issued a press release with its second quarter 2025 results. A copy of the release can be found in the Investor Relations section of the company's website at investor.alight.com. Before we get started, please note that some of the company's discussion today will include forward-looking statements. Such forward-looking statements are not guarantees of future performance.

早安，感謝您加入我們。今天早些時候，該公司發布了一份新聞稿，公佈了 2025 年第二季業績。新聞稿副本可在本公司網站 investor.alight.com 的「投資者關係」板塊查閱。在開始之前，請注意，公司今天的部分討論內容將包含前瞻性陳述。此類前瞻性陳述並不能保證未來的表現。

Actual results may differ materially from those expressed or implied in the forward-looking statements due to a variety of factors. These factors are discussed in more detail in the company's filings with the SEC, including the company's most recent Form 10-K and Form 10-Q as such factors may be updated from time to time in the company's periodic filings. The company does not undertake any obligation to update forward-looking statements.

由於各種因素，實際結果可能與前瞻性陳述中表達或暗示的結果有重大差異。這些因素在公司向美國證券交易委員會提交的文件中進行了更詳細的討論，包括公司最新的 10-K 表和 10-Q 表，因為這些因素可能會在公司的定期文件中不時更新。本公司不承擔更新前瞻性陳述的任何義務。

Also, during this conference call, the company will be presenting certain non-GAAP financial measures. Reconciliations of the company's historical non-GAAP financial measures to their most directly comparable GAAP financial measures appear in today's earnings press release.

此外，在本次電話會議中，本公司也將介紹一些非公認會計準則財務指標。今天的收益新聞稿中列出了公司歷史上非 GAAP 財務指標與最直接可比較的 GAAP 財務指標的對帳情況。

All year-over-year financial comparisons made on today's call are on a pro forma basis, giving effect to the Payroll & Professional Services transaction completed in July of 2024 and are consistent with the presentation we have published on our Investor Relations website. On the call from management today are Dave Guilmette, CEO; and Jeremy Heaton, CFO. After the prepared remarks, we will open the call up for questions.

今天電話會議上進行的所有同比財務比較均為備考基礎，反映了 2024 年 7 月完成的薪資和專業服務交易，並且與我們在投資者關係網站上發布的介紹一致。今天參加管理層電話會議的有執行長 Dave Guilmette 和財務長 Jeremy Heaton。準備好的發言結束後，我們將開始提問。

I will now hand the call over to Dave.

我現在將電話交給戴夫。

Thanks, Jeremy, and good morning, everyone. During the second quarter, we continued to advance our leadership position as a technology-enabled employee benefit services company. We delivered solid results in what is a transitional year for Alight. Revenue for the quarter was $528 million and adjusted EBITDA was $127 million, representing an 80 basis point margin increase over the prior year. Free cash flow for the first half was up over 30%. And taken together, these results position us to deliver strong profitability and robust cash flow over the long term.

謝謝，傑里米，大家早安。在第二季度，我們持續提升作為技術支援員工福利服務公司的領導地位。在 Alight 的轉型之年，我們取得了豐碩的成果。本季營收為 5.28 億美元，調整後 EBITDA 為 1.27 億美元，利潤率較前一年增加 80 個基點。上半年自由現金流成長超過30%。綜合起來，這些結果使我們能夠長期實現強勁的獲利能力和穩健的現金流。

New deals are taking longer to close through the first half. And in response, we are taking actions to improve our commercial execution. We have updated our revenue outlook for 2025 and reaffirm the rest of our guidance, which we'll discuss in more detail during today's call. Importantly, we are making strategic progress to accelerate our client management and delivery capabilities through AI, automation and partnerships.

上半年新交易的達成時間更長。作為回應，我們正在採取行動改善我們的商業執行力。我們更新了 2025 年的收入展望，並重申了其餘的指導意見，我們將在今天的電話會議上更詳細地討論這些意見。重要的是，我們正在透過人工智慧、自動化和合作夥伴關係取得策略進展，以加速我們的客戶管理和交付能力。

Our initiatives are designed to drive a better ROI for our clients and, in turn, enhance our retention and future growth. Now let me cover some of our key highlights from this past quarter. First, we are using natural language, interactive voice response to create a large automation shift, resulting in more accurate and timely responses to participant questions. And with our enhancements to the Alight Worklife platform, we've seen a 17% reduction in call volumes during the first half of 2025 versus the prior year.

我們的措施旨在為客戶帶來更好的投資報酬率，進而提高我們的保留率和未來成長。現在讓我來介紹一下我們上個季度的一些主要亮點。首先，我們使用自然語言、互動式語音應答來實現大規模自動化轉變，從而更準確、更及時地回答參與者的問題。隨著我們對 Alight Worklife 平台的改進，我們發現 2025 年上半年的通話量與去年同期相比減少了 17%。

Second, on the technology front, we made significant advancements this quarter and are using AI, not only for efficiency, but to redefine the user experience for clients, participants and our colleagues.Within Alight, we are developing an AI-first culture, which will help us streamline our processes and provide a better colleague experience across all areas of the company. We're intensifying this work through powerful collaborations with Microsoft and IBM to help us scale our AI capabilities and unlock the full value of our data. You can expect to hear more details in coming quarters as we co-innovate to deliver pilots that allow us to scale our solutions faster.

其次，在技術方面，我們本季取得了重大進展，並且正在使用人工智慧，不僅是為了提高效率，也是為了重新定義客戶、參與者和同事的使用者體驗。在 Alight 內部，我們正在開發以人工智慧為先的文化，這將幫助我們簡化流程，並為公司的各個領域提供更好的同事體驗。我們正在透過與微軟和 IBM 的緊密合作來加強這項工作，以幫助我們擴展我們的人工智慧能力並釋放我們資料的全部價值。隨著我們共同創新並提供試點，使我們能夠更快地擴展解決方案，您可以在未來幾季聽到更多細節。

Third, we continue to pursue partnerships that propel service excellence and value to our clients and their employees. I'm proud to share as announced in this morning's earnings release, we are partnering with Goldman Sachs Asset Management on an expansion of our wealth offerings. Goldman Sachs Asset Management will bring its scalable technology and broad retirement experience to support our clients as part of our Life Financial Adviser Solution and our recently launched individual IRA product.

第三，我們將繼續尋求合作夥伴關係，為我們的客戶及其員工提供卓越的服務和價值。我很自豪地宣布，正如今天早上的收益報告中所宣布的那樣，我們正在與高盛資產管理公司合作，擴大我們的財富產品。高盛資產管理公司將利用其可擴展的技術和廣泛的退休經驗為我們的客戶提供支持，作為我們人壽財務顧問解決方案和我們最近推出的個人 IRA 產品的一部分。

We view this as a significant revenue growth opportunity over the next few years and is just one example of the type of differentiated revenue streams we are pursuing that will contribute to our long-term growth. These initiatives are positioning us well to retain clients. And as a result, our renewals are tracking in line to better than we saw in 2024. Notable renewals for the quarter include Target, Johnson & Johnson, Hyatt, the State of Georgia, Best Buy, Highmark Health and John Hancock.

我們認為這是未來幾年的一個重要的收入成長機會，這只是我們追求的有助於長期成長的差異化收入流類型的一個例子。這些措施使我們更能留住了顧客。因此，我們的續約情況將比 2024 年更好。本季值得注意的續約者包括塔吉特、強生、凱悅、喬治亞州、百思買、Highmark Health 和 John Hancock。

These wins further validate the trust our clients place in like to deliver better outcomes. More importantly, combined with efforts from the Renew Everyday program, we are seeing a number of these renewals, including Target, lead to an expansion of services and growing our share of wallet with top clients. So we're nailing the basics across delivery. Our technology and AI strategy are positioning us to unlock the full potential of our platform and our renewals are on track. And we recognize there is more work to be done.

這些勝利進一步證實了客戶對我們的信任，相信我們能夠提供更好的結果。更重要的是，結合「每日更新」計畫的努力，我們看到包括 Target 在內的許多續約活動都擴大了服務範圍，並增加了我們在頂級客戶中的份額。因此，我們正在完善整個交付過程的基本內容。我們的技術和人工智慧策略使我們能夠充分發揮平台的潛力，我們的更新工作也正在按計劃進行。我們認識到還有很多工作要做。

Last quarter, we talked about the market environment we're operating in, and I want to give you an update on the elements that drive our revenue. The pace of ARR bookings was not at the level we expected coming into the quarter for two primary reasons. First, buying expansion opportunities are taking longer to close in the current environment. And second, our commercial execution to get deals across the line has not been sufficient.

上個季度，我們討論了我們所處的市場環境，我想向大家介紹一下推動我們營收成長的因素。由於兩個主要原因，ARR 預訂速度在本季沒有達到我們預期的水平。首先，在當前環境下，購買擴張機會需要更長的時間才能實現。其次，我們在達成交易方面的商業執行力道還不夠。

Overall, our solution competitiveness and positioning remained strong but the timing of deals impact eventual start dates, and in this case, our expected second half 2025 revenue. To accelerate our commercial execution, we are building more domain expertise with specialty sales experience to balance with our enterprise sales team. We've recently made changes within our commercial organization and have a search underway for a new Chief Commercial Officer.

總體而言，我們的解決方案競爭力和定位仍然強勁，但交易時機會影響最終的開始日期，在這種情況下，會影響我們預期 2025 年下半年的收入。為了加速我們的商業執行，我們正在累積更多具有專業銷售經驗的領域專業知識，以平衡我們的企業銷售團隊。我們最近對商業組織進行了調整，正在尋找新的首席商務官。

The success of the commercial team is a top priority of mine, and I'm pleased with the quality of talent who have expressed interest in Alight and the opportunity to advance our commercial capabilities. Our ARR pipeline remained strong, particularly for deals in later stages. Opportunities where we are finalists are up 35% versus this time last year, which should increase our conversion rates in the second half sales cycle. For project revenue, we have not yet seen an uptick in our pipeline. Clients are still assessing their go-forward plan design strategies, while M&A and regulatory work remains at low levels.

商業團隊的成功是我的首要任務，我對那些對 Alight 感興趣並有機會提升我們商業能力的人才素質感到滿意。我們的 ARR 通路依然強勁，尤其是後期交易。與去年同期相比，我們入圍的商機增加了 35%，這應該會提高我們下半年銷售週期的轉換率。就專案收入而言，我們尚未看到專案數量上升。客戶仍在評估其未來計劃設計策略，而併購和監管工作仍處於較低水平。

So given this backdrop, we are updating our expectations for second half revenue, which Jeremy will cover in more detail. As we doubled down on Employee Benefit Services, we continue to build out a management team with internal and external talent who can extend our competitive advantages. During the quarter, Alight welcome David is our Chief Strategy Officer; and Donna Dorsey as our Chief Human Resources Officer, two dynamic leaders who bring deep industry and functional expertise, respectively, and who have proven capabilities and progressing strategy.

因此，鑑於此背景，我們正在更新下半年收入的預期，Jeremy 將對此進行更詳細的介紹。隨著我們加倍投入員工福利服務，我們繼續建立一支由內部和外部人才組成的管理團隊，以擴大我們的競爭優勢。在本季度，Alight 歡迎 David 擔任我們的首席策略官；歡迎 Donna Dorsey 擔任我們的首席人力資源官，兩位充滿活力的領導者分別擁有深厚的行業和職能專業知識，並擁有經過驗證的能力和不斷發展的戰略。

Let me close by saying we have the set of solutions we need, our operational improvements are well on track, we are making significant progress in accelerating our strategy through AI and strategic partnerships, and we are laser-focused on improving our commercial execution and top line growth.

最後，我想說，我們擁有所需的一套解決方案，我們的營運改進進展順利，我們在透過人工智慧和策略合作夥伴關係加速我們的策略方面取得了重大進展，並且我們專注於提高我們的商業執行力和營收成長。

With that, let me turn it over to Jeremy.

說完這些，讓我把麥克風交給傑瑞米。

Thanks, Dave, and good morning. Second quarter results reflect our strategic steps toward improving profitability and cash flow. Revenue was $528 million, with recurring revenue comprising over 93% of total revenue in the quarter. Recurring revenue was $492 million for the quarter, and reflects a slight impact from overall participant counts, which were flat versus our expectation of moderate growth. Nonrecurring project revenues were down $9 million or 20%.

謝謝，戴夫，早安。第二季的業績反映了我們提高獲利能力和現金流的策略步驟。營收為 5.28 億美元，經常性收入佔本季總收入的 93% 以上。本季經常性收入為 4.92 億美元，反映了整體參與者數量的輕微影響，與我們預期的適度增長持平。非經常性項目收入下降 900 萬美元，即 20%。

As a reminder, we entered the year cautious on project revenue, and this remains the case in the current environment. Adjusted gross profit was $205 million. Similar to prior quarters, this is impacted by cost to support the divested business, which are reimbursed through the TSA and other income. Normalized for this, adjusted gross profit would be $8 million higher. Adjusted EBITDA was $127 million for the quarter, and adjusted EBITDA margin expanded 80 basis points as our prior transformational initiatives are delivering favorable results as expected.

提醒一下，我們在今年對專案收入持謹慎態度，在當前環境下仍然如此。調整後的毛利為2.05億美元。與前幾季類似，這受到支持剝離業務的成本的影響，這些成本透過 TSA 和其他收入得到補償。經過正常化，調整後的毛利將增加 800 萬美元。本季調整後的 EBITDA 為 1.27 億美元，調整後的 EBITDA 利潤率擴大了 80 個基點，因為我們先前的轉型舉措如預期般取得了良好的效果。

Free cash flow for the first half was $102 million, up 31% from the prior year and on track towards our annual target of $250 million to $285 million. While we continue to have strong confidence in the prospects of our Health Solutions reporting unit, the current market valuation of Alight as compared to the value when going public, combined with the current macro and industry conditions, requires us to take a noncash goodwill impairment charge of $983 million. This value is consistent with the long-term forecast as communicated at our 2025 Investor Day.

上半年自由現金流為 1.02 億美元，比上年增長 31%，預計將實現 2.5 億美元至 2.85 億美元的年度目標。雖然我們仍然對我們的健康解決方案報告部門的前景充滿信心，但 Alight 目前的市場估值與上市時的價值相比，結合當前的宏觀和行業狀況，要求我們承擔 9.83 億美元的非現金商譽減損費用。該價值與我們在 2025 年投資者日傳達的長期預測一致。

Finally, we returned $42 million to shareholders this quarter via our quarterly dividend and through the repurchase of $20 million worth of shares. We ended June with $241 million remaining on our share buyback authorization.

最後，本季我們透過季度股利和回購價值 2,000 萬美元的股票向股東返還了 4,200 萬美元。截至 6 月底，我們的股票回購授權餘額為 2.41 億美元。

Turning to the balance sheet. Our quarter end cash and cash equivalents balance was $227 million and total debt was $2 billion. Our net leverage ratio remained at 3.1 times and we expect this to normalize below 3 times as we build cash through seasonality and as profitability ramps through the year. We continue to actively manage our debt, which is 70% fixed through 2025 and 40% through 2026. During the quarter, we extended our corporate revolver and decreased pricing in line with our term loan.

轉向資產負債表。我們的季末現金和現金等價物餘額為 2.27 億美元，總債務為 20 億美元。我們的淨槓桿率保持在 3.1 倍，隨著我們透過季節性因素累積現金以及獲利能力在全年上升，我們預計這一比率將正常化到 3 倍以下。我們將繼續積極管理我們的債務，到 2025 年將固定 70%，到 2026 年將固定 40%。在本季度，我們延長了公司循環信貸期限，並根據定期貸款降低了價格。

Now let me turn to our outlook. Dave mentioned a number of important clients who renewed long-term contracts with us, including expansions. The momentum during this renewal cycle remains strong. With what we see today, the 2025 renewal cycle is in line with our original guidance and we continue to expect an improved retention rate in 2026. There are, however, factors that have made us more cautious in the second half.

現在讓我談談我們的展望。戴夫提到了一些與我們續簽長期合約（包括擴張合約）的重要客戶。本輪更新周期的動能依然強勁。從我們今天看到的情況來看，2025 年的續約週期符合我們最初的指導，我們仍然預期 2026 年的留存率會有所提高。然而，有一些因素使得我們在下半年更加謹慎。

Our initial ARR bookings guidance was for double-digit growth and today, we're expecting bookings that are closer to flat or slightly down year-over-year. This is not where we expected to be, and our in-year revenue resulting from first half bookings will be lower in the second half. Our pipeline remained strong, and we expect a higher conversion rate as we finish 2025 based on the number of late-stage deals in process as well as changes we have already made within the team.

我們最初的 ARR 預訂量預期是兩位數的成長，而今天，我們預計預訂量將接近持平或同比略有下降。這並不是我們預期的，上半年預訂量帶來的年內收入在下半年會更低。我們的管道仍然強勁，根據正在進行的後期交易數量以及我們團隊內部已經做出的改變，我們預計到 2025 年結束時轉換率會更高。

Moving to project revenue. June and July are typically when we see the project pipeline build and have more transparency into our enrollment work for the remainder of the year. At this point, we are not seeing the second half pipeline build to levels that would drive an inflection in project revenue. Clients continue to assess how to move forward with their people strategies as they navigate the current environment, while M&A and regulatory changes remain low. And so we expect third quarter project revenue in line with the second quarter rate, which was down 20%.

轉向專案收入。六月和七月通常是我們能看到計畫管道建設的時期，並且今年剩餘時間的招生工作將更加透明。目前，我們還沒有看到下半年的專案建設達到能夠推動專案收入轉變的程度。在併購和監管變化仍然較低的情況下，客戶繼續評估如何在當前環境中推動其人才策略。因此，我們預計第三季的專案收入將與第二季持平，即下降 20%。

Finally, we have not seen growth in participant counts and expect volumes to remain flat this year. We now expect total revenue to be lower by roughly $45 million at the midpoint. In the categories of our growth model, which can be found on slide 5 of our presentation, of the $45 million, the timing of new wins is $35 million, volumes is $10 million and retention is unchanged. We expect sequential improvement in growth for each quarter in the second half.

最後，我們沒有看到參與人數的成長，預計今年的參與人數將保持穩定。我們現在預計總收入中點將下降約 4500 萬美元。在我們的成長模型類別中（可以在簡報的第 5 張投影片中找到），在 4500 萬美元中，新勝利的時間是 3500 萬美元，交易量是 1000 萬美元，保留率保持不變。我們預計下半年每季的成長都會連續改善。

As it relates to other key metrics, we are reaffirming the remainder of our 2025 outlook, which reflects the initiatives we have already completed and operational levers that are independent of top line growth. Our expectations for adjusted EBITDA are $620 million to $645 million, adjusted EPS of $0.58 to $0.64, and free cash flow of $250 million to $285 million. In closing, we are intensely focused on execution and improving our top line performance while continuing to drive greater margin expansion and cash flow.

由於它與其他關鍵指標相關，我們重申 2025 年展望的剩餘部分，這反映了我們已經完成的舉措和獨立於營收成長的營運槓桿。我們預計調整後的 EBITDA 為 6.2 億美元至 6.45 億美元，調整後的 EPS 為 0.58 美元至 0.64 美元，自由現金流為 2.5 億美元至 2.85 億美元。最後，我們高度重視執行並提高我們的營業額表現，同時繼續推動更大的利潤率擴張和現金流。

This concludes our prepared remarks, and we will now move into the question-and-answer session. Operator, would you please instruct participants on how to ask questions.

我們的準備好的演講到此結束，現在我們將進入問答環節。接線員，請您指導參與者如何提問。

(Operator Instructions)

（操作員指示）

Kyle Peterson, Needham & Company.

凱爾彼得森（Kyle Peterson），Needham & Company。

I wanted to start off on the sales cycle. It does sound like things have gotten a little longer and I understand that that's the reason for the drift down in revenue for this year. I wanted to ask a little bit about how those client conversations are going. Do you guys remain confident that you guys are going to be able to still hit on your target specifically for next year? Is it just that maybe these deals take an extra month or two here or there and that limits senior revenue and next year should be fine? Or is there a potential for like a longer-term or prolonged impact that we should be mindful of?

我想從銷售週期開始。聽起來事情確實變得有點漫長了，我知道這就是今年收入下降的原因。我想問一下與客戶的談話進展如何。你們是否仍有信心實現明年的目標？是這些交易在這裡或那裡需要多花一兩個月的時間，從而限制了高級收入，明年應該沒問題？或者是否存在我們應該注意的長期或長期影響的可能性？

Kyle, it's Dave. Thank you for the question and for joining us this morning. Let me take a stab at that. So I think it's important that we just break down kind of where we think the growth opportunities are going to be. And as I've said in repeated meetings, we have a lot of opportunity for upsell and cross-sell with our existing client base.

凱爾，我是戴夫。感謝您的提問並今天上午加入我們。讓我嘗試一下。因此我認為，重要的是我們要分析我們認為的成長機會在哪裡。正如我在多次會議中所說的那樣，我們有很多機會向現有客戶群進行追加銷售和交叉銷售。

That process requires some demand generation as we're talking about problems that need to be solved differently and the solutions that we have that can bring to bear on those problems. And that process and those discussions have been protracted. It's just taking longer to reach those decisions. So we feel good about the opportunities that sit in the pipeline for that. In fact, in my opening remarks, I said that we're up 35% in deals that are in the final stages. So there's some real timing headwind that we've experienced there through the first half of the year.

這個過程需要一些需求生成，因為我們正在討論需要以不同方式解決的問題以及我們可以解決這些問題的解決方案。這個過程和討論已經曠日持久。只是做出這些決定需要更長的時間。因此，我們對即將出現的機會感到十分樂觀。事實上，我在開場白中就說過，我們處於最後階段的交易量增加了 35%。因此，我們在今年上半年確實遇到了一些時間上的阻力。

We also, in the new business, new logo pursuit areas have, in my view, finished second too often, and we have to improve upon our execution there. And there are a number of things that we've done to strengthen that. So we feel good about those changes that have been made as well, and also feel good about the pipeline related to that in the final stages that we're in.

在我看來，我們在新業務、新標誌追求領域也經常屈居第二，我們必須改善我們的執行力。我們已採取多項措施來加強這一點。因此，我們對已經做出的改變感到滿意，並且對我們所處的最後階段的相關流程也感到滿意。

So overall, we've made adjustments so that we can be better at commercial execution. And we're going to continue to pursue the opportunities with our existing clients to bring those to close the second half of the year. To your question around the longer-term view, we've got to execute in the second half. We execute the second half, we're going to feel good about 26 and feel good about the mid-range.

所以總的來說，我們做出了調整，以便能夠更好地進行商業執行。我們將繼續與現有客戶尋求合作機會，以在下半年完成這些交易。對於您關於長期觀點的問題，我們必須在下半年執行。我們執行下半場，我們對 26 感覺良好，對中距離感覺良好。

Great. And then just as a follow-up, I wanted to ask about the Goldman Sachs partnership. It seems like a really good opportunity for you guys. I understand that's probably more of an out-year contribution. But maybe a little more high level, like how do you guys see that evolving? And I guess, do you see like direct revenue synergies between that? Or is this something that you guys feel like makes you more competitive and makes deals easier to close or gives you more pricing power? I just wanted to see like the benefits that you guys see from that partnership over the next two, three, four years?

偉大的。然後作為後續問題，我想問一下有關高盛合作關係的問題。對你們來說這似乎是一個非常好的機會。我理解這可能更多的是一種未來幾年的貢獻。但也許更高一點，例如你們如何看待它的發展？我想，您是否認為這兩者之間存在直接的收入綜效？或者你們覺得這會讓你們更有競爭力、更容易達成交易或賦予你們更多的定價權嗎？我只是想看看在未來兩、三、四年內你們能從這段合作關係中獲得什麼好處？

Yes. Thanks, Kyle, it's Dave. I'll take a crack at that again. So we're super excited about the partnership with Goldman Sachs Asset Management. We see that as generating significant revenue for us in the out years, as we've mentioned in the opening remarks.

是的。謝謝，凱爾，我是戴夫。我會再嘗試。因此，我們對與高盛資產管理公司的合作感到非常興奮。正如我們在開場白中提到的那樣，我們認為這將在未來幾年為我們帶來可觀的收入。

And just one example of a number of partnerships that we're in the process of strengthening and deepening, we serve 35 million participants on our platform. And we've got over 120 like partners right now that we interact with in different capacity and more that are calling us every day to want to be a part of our system and our network, and we see opportunity to bring more value to each of those partners and, in turn, be able to share in that value creation. So I would say Goldman is one very prominent one. It should strengthen our positioning relative to our wealth solution. So I think it's going to help us in new business pursuits. And as importantly, it's going to help us to continue to deliver more value for our current wealth clients.

這只是我們正在加強和深化合作夥伴關係的一個例子，我們在平台上為 3500 萬參與者提供服務。現在，我們已經有超過 120 個合作夥伴，我們以不同的身份與他們互動，還有更多的合作夥伴每天都在給我們打電話，希望成為我們系統和網絡的一部分，我們看到了為每個合作夥伴帶來更多價值的機會，進而能夠分享這種價值創造。所以我想說高盛是一個非常突出的公司。它應該加強我們相對於財富解決方案的定位。所以我認為這將有助於我們開展新的業務。同樣重要的是，它將幫助我們繼續為現有的財富客戶提供更多價值。

Scott Schoenhaus, KeyBanc Capital Markets.

KeyBanc 資本市場 (KeyBanc Capital Markets) 的 Scott Schoenhaus。

And it's kind of a follow-up from the first question here. But I guess, if we could get more color on this $35 million impact push out in revenue. Was it -- if you could give us color around it, was it several large clients that you were looking to close this year and it's getting pushed out? Was it a collection of smaller or midsized clients? Just any more color you can give around the conversations, the types of deals and then the conversations that you had with these potential clients?

這是第一個問題的後續答案。但我想，如果我們能夠更多地了解這 3500 萬美元對收入的影響。是不是——如果您能給我們詳細介紹一下，是不是今年您想要完成的幾個大客戶都被推遲了？它是由一些小型或中型客戶組成的集合嗎？您能否更詳細地介紹您與這些潛在客戶的對話、交易類型以及對話內容？

Scott, it's Dave. I'll take that one. Thank you for the question. As you think about the opportunities that exist in the marketplace, those that we would sell in the year, so the first half of 2025 that would bear revenue in the second half tend to be smaller. So think about that as mid-market administration, think about that as smaller-sized execution relative to leaves or navigation or retiree health solutions, things of that nature.

史考特，我是戴夫。我要那個。謝謝你的提問。當你考慮市場上存在的機會時，我們會在當年銷售那些將在 2025 年上半年產生收入的產品，而下半年產生的收入往往會較少。因此，可以將其視為中端市場管理，將其視為相對於休假或導航或退休人員健康解決方案等性質的事情而言規模較小的執行。

And if those decisions are getting delayed, it's going to push the start dates. And in many cases, the push to the start date pushed us into [1-1-26] or the very, very end of Q4 of '25. So we're going to miss some of that early revenue that would have otherwise been picked up in the second half of the year. And obviously, if the deals didn't close in our favor, then that's not revenue that's coming across. So it was a combination of execution on some of the new business and new logos, and these deals getting protracted on the existing client relationships.

如果這些決定被推遲，那麼開始日期就會被推遲。在許多情況下，開始日期的延遲使我們進入了 [1-1-26] 或 25 年第四季的末期。因此，我們將錯過一些原本可以在下半年實現的早期收入。顯然，如果交易對我們不利，那麼我們就無法獲得收入。因此，這是一些新業務和新標誌的執行，而這些交易會延長現有客戶關係。

That's helpful, Dave. And then you mentioned sort of a change around the sales team, and you mentioned more domain expertise as a potential catalyst of a focus. Can you maybe talk about that? And what you saw with these in this current last 90 days that made you more focused on a commercial team with more domain expertise?

這很有幫助，戴夫。然後您提到了銷售團隊的某種變化，並提到更多的領域專業知識是關注的潛在催化劑。你能談談這個嗎？在過去的 90 天裡，您看到了什麼，讓您更專注於擁有更多領域專業知識的商業團隊？

Sure, Scott. Thank you for that question. I'm in the market a lot. I'm in front of our clients a lot. I'm in front of our TPEs a lot. There isn't a week that goes by that I'm not in the market. And in many cases, in these pursuits directly with the sales team, in my observation over the last 90 days or so is that some of these sales require real deep domain expertise to be able to bring to life our value proposition. Like these things, we're in every one of these deals, and that's the feedback that we get from our TPEs. But if something doesn't come our way, oftentimes, it's on the margins, it's not like the core positioning of the sales pursuit of the execution. And that's where, in my opinion, we need real strong deep domain expertise.

當然，斯科特。謝謝你的提問。我經常去市場。我經常出現在客戶面前。我經常出現在我們的 TPE 前面。沒有一周我不在市場。在許多情況下，在直接與銷售團隊進行這些追求的過程中，根據我過去 90 天左右的觀察，其中一些銷售需要真正深厚的領域專業知識才能實現我們的價值主張。就像這些事情一樣，我們參與了每項交易，這就是我們從 TPE 獲得的回饋。但如果某件事沒有如願，很多時候，它就處於邊緣狀態，這並不像銷售追求執行的核心定位。在我看來，這就是我們需要真正強大的深厚領域專業知識的地方。

In particular, when you look at some of the specialty opportunities that we're talking about, navigation and leaves, leaves us a complex space, and you need real expertise to be able to bring that to life. So I like what we've done in terms of building out our capacity on the enterprise sales front. We've got plenty of capacity, plenty of feet on the street, and we've got lots of good opportunities that are coming through the top of the pipeline, and we like our qualified pipeline. We've got to close more deals. And to close more deals, we need that subject matter expertise at the table.

特別是，當你看到我們正在談論的一些專業機會時，導航和離開給我們留下了一個複雜的空間，你需要真正的專業知識才能將其變為現實。因此，我喜歡我們在企業銷售方面的能力建構方面所做的努力。我們擁有充足的產能，充足的人手，我們擁有大量透過通路頂端獲得的良好機會，我們喜歡我們的合格管道。我們必須達成更多交易。為了達成更多交易，我們需要具備這方面的專業知識。

Kevin McVeigh, UBS.

瑞銀的凱文·麥克維。

So if I do the math right, you beat the first half of the year by about $10 million, and it looks like you cut the second half by $45 million, so it's about $55 million in total. Is that right? Like is the math right there?

因此，如果我沒算錯的話，你們上半年的營收大約超出了 1000 萬美元，而下半年的營收則減少了 4500 萬美元，所以總計約為 5500 萬美元。是嗎？那裡的數學是這樣的嗎？

A bit less than that in terms of midpoint to midpoint is the math that we gave, Kevin, for the update is about $47 million, I think, is the change. So as we said, really, this is a dynamic largely from the in-year revenue that would come from bookings in the first half of the year. So as you think about the bigger portions of the change in revenue, about $35 million of that update is related to in-year revenue. Of that $35 million, I would say about $25 million to $30 million is from ARR bookings and the remainder is from the project side as we did update that midpoint on project, we had about down 6% for the year in the original guide, and then look at that today is closer to 9% or 10% down for the year. And then there's a balance of -- again, we had a pretty cautious view already around participant counts and what we've called volumes that we brought down to flat. So that's about a $10 million to $12 million update as well for the second half.

凱文，就中點到中點而言，我們給出的計算結果比這個要少一點，更新後的數字大約是 4700 萬美元，我認為，這是變化。因此，正如我們所說，這實際上很大程度上是一種動態，它來自於上半年預訂帶來的年內收入。因此，當您考慮收入變化的較大部分時，其中約 3500 萬美元的更新與年內收入有關。在這 3500 萬美元中，我想說大約有 2500 萬到 3000 萬美元來自 ARR 預訂，其餘部分來自項目方面，因為我們確實更新了項目中點，我們在原始指南中今年下降了約 6%，然後看看今天今年的下降幅度接近 9% 或 10%。然後還有一個平衡——再次強調，我們對參與者數量以及我們所說的持平的交易量已經持非常謹慎的看法。因此下半年的更新金額也約為 1,000 萬美元至 1,200 萬美元。

Got it. And then you gave a pretty specific project number for Q3. Can you just give us one for Q4 to try to manage the case --

知道了。然後您給出了第三季的一個非常具體的項目編號。你能給我們一個第四季的案例來嘗試處理這個問題嗎--

Sure. It's likely still negative but closer to flat, Kevin, and that's just built on the enrollment activity that, again, not seeing the inflection that we had hoped for and we're looking at as we watch the pipeline build over the last couple of months, but we don't expect that it will be down at the levels that we would see in the first three quarters. Some of that is the comp. Some of that is just the base activity that kind of rolls into the fourth quarter. So again, I think it's probably closer to down single digits, closer to flat.

當然。凱文，它可能仍然是負值，但更接近持平，這只是建立在招生活動的基礎上，同樣，沒有看到我們所希望的拐點，我們正在觀察過去幾個月的招生管道建設，但我們預計它不會下降到前三個季度的水平。其中一些是 comp。其中一些只是延續到第四季的基礎活動。因此，我認為它可能更接近個位數下降，更接近持平。

Andrew Polkovitz, JPMorgan.

摩根大通的安德魯波爾科維茨 (Andrew Polkovitz)。

I wanted to start by asking a follow-up on just a focus on the commercial organization. You mentioned that you have capacity. So given those comments, how should we think about sales force hiring plans and what's embedded in the outlook for the second half and into 2026?

首先我想問關於商業組織的後續問題。您提到您有能力。那麼，鑑於這些評論，我們應該如何看待銷售人員的招募計畫以及下半年和 2026 年的前景如何？

It's Dave. Andrew, thank you for the question. I would characterize the hiring plans is looking for that specialty expertise. We've already brought on a number of individuals in the second quarter to help in that regard. Navigation sales leadership, for example, beefing up what we're doing on the lease side, beefing up what we're doing in terms of how we tell our AI story. We've got a really impactful one that we're proud of. So we're making those changes as well by bringing in certain experts to really help bring that to life.

是戴夫。安德魯，謝謝你的提問。我認為招聘計劃是尋找專業知識。我們已經在第二季度招募了一些人員來提供這方面的幫助。例如，導航銷售領導力加強了我們在租賃方面的工作，加強了我們在講述人工智慧故事方面的工作。我們有一個真正有影響力的，我們為此感到自豪。因此，我們也透過引進某些專家來真正幫助實現這些改變。

So all of that, I think, has happened already in addition to our looking to bring in a new Chief Commercial Officer. We feel really good about the talent that has identified themselves to want to come here. So I'm confident we're going to have the right person, the right fit in short order. And I think we're going to be fine as we look at the second half of the year going into 2016 from a sales execution capacity standpoint.

因此，我認為，除了我們希望引進一位新的首席商務官之外，所有這些都已經發生了。我們對那些願意來這裡的人才感到非常高興。因此我相信我們很快就會找到合適的人選。我認為，從銷售執行能力的角度來看，2016 年下半年的情況會很好。

Got it. Makes sense. And then for my follow-up, I wanted to know if you could talk through and give some color kind of on the composition of these late-stage deals and pipeline positivity you're talking about, just anything to call out as far as client size or even mix of new logos versus upsells?

知道了。有道理。然後，作為我的後續問題，我想知道您是否可以詳細談談您所談論的這些後期交易和渠道積極性的構成，就客戶規模或新標識與追加銷售的組合而言，有什麼需要注意的嗎？

Yes, I appreciate the question. So consider it to be off of a lot of existing client relationships, right? So that's going to, by definition, just given the market that we are so substantially supporting these days, can be Fortune 500-type companies. And we're looking at a lot of lead deals that are quite sizable, navigation support, retiree health solutions opportunities, a life financial advisory. So think about some of the work that we talked about that will be enhanced by Goldman Sachs in terms of our partnership. So these are all extensions off of, in many cases, core ben-admin relationships that have been around for years.

是的，我很感謝你提出這個問題。所以可以認為這是基於許多現有的客戶關係，對嗎？因此，根據定義，考慮到我們目前大力支持的市場，這些公司可以是財富 500 強企業。我們正在關注許多規模相當大的領先交易，包括導航支援、退休人員健康解決方案機會、人壽財務諮詢。因此，請思考我們所談論的一些工作，這些工作將由高盛透過與我們的合作加強。因此，在許多情況下，這些都是多年來一直存在的核心本-行政關係的延伸。

Ladies and gentlemen, we have reached the end of question-and-answer session. I will now hand over to the CEO, Dave Guilmette, for closing remarks.

女士們、先生們，問答環節已經結束。現在，我將把時間交給執行長 Dave Guilmette 來做最後發言。

Thank you, operator. I'm excited by the ongoing work across the organization and with our partners to leverage our deep domain expertise, unmatched data and insights and relentless focus on service excellence, so we can deliver consistently exceptional experiences that help our clients and their people thrive and in the process to reignite our leadership position in long-term growth. Thank you for joining us today.

謝謝您，接線生。我很高興看到整個組織以及我們的合作夥伴正在進行工作，利用我們深厚的領域專業知識、無與倫比的數據和洞察力以及對卓越服務的不懈關注，從而我們可以提供始終如一的卓越體驗，幫助我們的客戶及其員工蓬勃發展，並在此過程中重新點燃我們在長期增長中的領導地位。感謝您今天加入我們。

Thank you, sir. Ladies and gentlemen, that concludes today's event. Thank you for attending, and you may now disconnect your lines.

謝謝您，先生。女士們、先生們，今天的活動到此結束。感謝您的參與，現在您可以斷開線路了。