Alight Inc (ALIT) 2025 Q3 法說會逐字稿

Good morning, and thank you for holding. My name is Dani, and I will be your conference operator today. Welcome to Alight's third-quarter 2025 earnings conference call.

早上好，感謝您的耐心等待。我叫丹妮，今天我將擔任你們的會議接線生。歡迎參加 Alight 2025 年第三季財報電話會議。

(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.

（操作員說明）提醒各位，今天的電話會議正在錄音，會議錄音將在公司網站的投資者關係部分提供。

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

現在，我謹將電話交給 Alight 投資者關係主管 Jeremy Cohen，由他來介紹今天的演講嘉賓。請繼續。

Good morning, and thank you for joining us. Earlier today, the company issued a press release with its third-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.

早安，感謝各位的參與。今天早些時候，該公司發布了一份新聞稿，公佈了 2025 年第三季業績。您可以在公司網站 investor.alight.com 的投資者關係部分找到該新聞稿的副本。

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.

在正式開始之前，請注意，公司今天的一些討論將包含前瞻性陳述。此類前瞻性陳述並不構成對未來績效的保證。

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.

由於各種因素，實際結果可能與前瞻性聲明中明示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 表格和 10-Q 表格，因為這些因素可能會在公司的定期文件中不時更新。

The company does not undertake any obligation to update forward-looking statements, except as required by law. 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.

除法律要求外，本公司不承擔更新前瞻性聲明的任何義務。此外，在本次電話會議期間，本公司也將介紹一些非GAAP財務指標。公司歷史非GAAP財務指標與其最直接可比較的GAAP財務指標的調節表已在今天的盈利新聞稿中公佈。

Financial comparisons related to prior-year free cash flow made on today's call are on a pro forma basis, giving effect to the payroll and professional services transaction completed in July of 2024, and are consistent with the presentation we have published on our Investor Relations website.

今天電話會議上對上一年自由現金流進行的財務比較是按備考基準進行的，已考慮了 2024 年 7 月完成的工資和專業服務交易，並且與我們在投資者關係網站上發布的演示文稿一致。

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. I will now hand the call over to Dave.

今天參加管理層電話會議的有執行長戴夫·吉爾梅特和財務長傑里米·希頓。在發言結束後，我們將開放提問環節。現在我將把電話交給戴夫。

Thank you, Jeremy, and good morning, everyone. We've made significant progress during the quarter to strengthen our position as a technology-enabled employee benefit services company.

謝謝你，傑里米，大家早安。本季我們取得了顯著進展，鞏固了我們作為一家技術驅動型員工福利服務公司的地位。

We've accelerated our technology roadmap and delivery capabilities while reimagining the client and participant experience with new solutions already in use by some of our largest clients. Through our AI and automation investments, and rapidly expanding partner collaborations, we are bringing immediate benefit to clients and ensuring our competitive advantages for the long run. We feel good about the substantial improvements we have made in our product line with more to come.

我們加快了技術路線圖和交付能力的步伐，同時透過一些最大客戶已經在使用的新解決方案，重新構想了客戶和參與者的體驗。透過我們在人工智慧和自動化領域的投資，以及與合作夥伴的快速拓展合作，我們正在為客戶帶來直接利益，並確保我們在長期內保持競爭優勢。我們對產品線取得的顯著改進感到非常滿意，未來將有更多改進推出。

Likewise, our service delivery is unmatched. Clients are impressed with our new AI-centric services and delivery capabilities. The next step is improving our commercial effectiveness, starting with a new leader with deep industry expertise. Our emphasis includes the diversification of our revenue streams, including through our partner network, while continuing our operational progress.

同樣，我們的服務也是無可匹敵的。客戶對我們以人工智慧為中心的新服務和交付能力印象深刻。下一步是提高我們的商業效率，首先要找到一位具有深厚行業專業知識的新領導者。我們的重點包括實現收入來源多元化，包括透過我們的合作夥伴網絡，同時繼續推動我們的營運發展。

With the current macro environment, the continuing and unprecedented rise of healthcare costs for our clients and the advancement of AI, I'm more confident than ever that our initiatives, coupled with our track record, position us best to tackle these dynamics. With that, let's review our quarter.

鑑於當前的宏觀環境、客戶醫療保健成本持續且前所未有的上漲以及人工智慧的進步，我比以往任何時候都更加確信，我們的各項舉措，加上我們以往的業績，使我們能夠更好地應對這些變化。接下來，讓我們回顧一下本季的情況。

For the third quarter, revenue was $533 million compared to $555 million a year earlier, and adjusted EBITDA was up 17% to $138 million. Free cash flow year to date remains strong and is up 45% from the prior year to $151 million. Jeremy will provide additional color on quarterly results in a few minutes.

第三季營收為 5.33 億美元，而去年同期為 5.55 億美元；調整後 EBITDA 成長 17%，達到 1.38 億美元。今年迄今的自由現金流依然強勁，比上年增長 45%，達到 1.51 億美元。傑里米將在幾分鐘後對季度業績進行更詳細的分析。

As I mentioned, one way to accelerate our financial performance is by expanding our comprehensive partner ecosystem. Our refreshed strategy in this area is making fast progress to meet the changing needs of clients and participants while sharing in the value creation with our partners.

正如我之前提到的，加快我們財務績效成長的一個方法是擴大我們全面的合作夥伴生態系統。我們在該領域的全新策略正在快速推進，以滿足客戶和參與者不斷變化的需求，同時與我們的合作夥伴共享價值創造。

Our relevance with 35 million participants is unmatched and potential partners are looking for ways to work with us to unlock their own value. For example, recently, we welcomed Sword Health to be Alight partner network, complementing our long-term partner, Hinge. Participants now have access to an additional leading clinical-grade resource for managing pain and avoiding surgery, as well as access to behavioral health and mental well-being platform.

我們與 3500 萬參與者的相關性是無與倫比的，潛在合作夥伴正在尋找與我們合作釋放自身價值的方法。例如，最近我們迎來了 Sword Health 加入 Alight 合作夥伴網絡，與我們的長期合作夥伴 Hinge 互補。參與者現在可以獲得額外的領先臨床級資源，用於管理疼痛和避免手術，還可以訪問行為健康和心理健康平台。

Our Goldman Sachs Asset Management integration into Alight Worklife, which we mentioned last quarter, is well underway. We've already signed our first client with several more active client conversations taking place. And just last week, we introduced a new guaranteed income solution through MetLife. This arrangement allows participants to purchase solutions that convert a portion of their savings into predictable monthly income as they prepare for retirement. Over a dozen proposals are outstanding from additional top-tier partners, and you should expect a regular cadence of announcements on this front.

我們在上個季度提到的將高盛資產管理公司整合到 Alight Worklife 的工作正在順利進行中。我們已經簽下了第一位客戶，並且正在與幾位其他客戶積極洽談。就在上週，我們透過 MetLife 推出了一項新的有保障收入解決方案。這種安排允許參與者購買解決方案，將他們的部分儲蓄轉化為可預測的每月收入，從而為退休做好準備。還有十幾份來自其他頂級合作夥伴的提案正在等待審批，預計這方面會定期發佈公告。

At the same time, our investments in the most impactful technology and service capabilities are moving at an aggressive pace. Within the call center, we enhanced our automated voice response system. This technology drives a better user experience and has contributed to a 13% drop in call volumes year over year.

同時，我們對最具影響力的技術和服務能力的投資正在以迅猛的速度推進。在呼叫中心內部，我們改進了自動語音應答系統。這項技術帶來了更好的用戶體驗，並使通話量比去年同期下降了 13%。

Our new AI agent assist software is in pilot with nearly a dozen clients. This tool assesses calls in real time to provide customer care agents with next best actions to more effectively service participants. Finally, in September, we brought critical delivery and technology talent back in-house, which allows us to better manage service quality and productivity.

我們全新的人工智慧助理軟體正在與近十家客戶進行試點。此工具可即時評估通話內容，為客戶服務人員提供最佳後續行動方案，以便更有效地為使用者提供服務。最後，在 9 月份，我們將關鍵的交付和技術人才重新納入公司內部，這使我們能夠更好地管理服務品質和生產力。

These actions, along with previous improvements, are strengthening our service quality. Our participant satisfaction scores increased to 90%, which is the highest level achieved since completing our technology transformation.

這些舉措，加上先前的改善措施，正在提升我們的服務品質。我們的參與者滿意度評分提高到 90%，這是自完成技術轉型以來達到的最高水準。

Regarding product, advancements in our AI roadmap continue to accelerate. The embedded value in our petabytes of data is unmatched, which means we can drive a far more accurate, predictive, and differentiated user experience than anyone in our market. And our carefully curated mix of technology and services provides a trusted high tech, human touch experience that is core to our success.

在產品方面，我們的人工智慧路線圖正在不斷加速推進。我們海量資料中蘊含的價值是無與倫比的，這意味著我們可以提供比市場上任何其他公司更準確、更具預測性和差異化的使用者體驗。我們精心挑選的技術和服務組合，提供值得信賴的高科技、人性化的體驗，這是我們成功的核心。

I want to share a few highlights from the last three months. First, we piloted a conversational AI agent solution with two of our largest clients to assist with annual enrollment this season. Broadly available to all clients in 2026, this is a game changer to help participants feel more confident in their benefit selections while requiring less human intervention.

我想和大家分享過去三個月的一些亮點。首先，我們與兩位最大的客戶試用了對話式人工智慧代理解決方案，以協助他們完成本季的年度招生工作。這項服務將於 2026 年向所有客戶廣泛推出，它將改變遊戲規則，幫助參與者在選擇福利時更有信心，同時減少人為幹預。

Next, we've rolled out Gen AI-enabled search summaries to more than 95% of our clients. AI-enabled searches are growing exponentially, and we delivered over 300,000 summaries in October alone. The breadth and depth of our platform will only get stronger as more users interface with this feature. And finally, we announced our expanded collaboration with IBM, a decades-long business partner to deploy IBM's watsonx Orchestrate agentic framework across Alight.

接下來，我們已向超過 95% 的客戶推出了 Gen AI 支援的搜尋摘要功能。人工智慧輔助搜尋正在呈指數級增長，僅在 10 月份，我們就提供了超過 30 萬條摘要。隨著越來越多的用戶使用此功能，我們平台的廣度和深度只會越來越強。最後，我們宣布擴大與 IBM 的合作，IBM 是我們數十年的商業合作夥伴，將在 Alight 上部署 IBM 的 watsonx Orchestrate 代理框架。

These advancements and our capabilities are critical to our Renew Every Day program agenda. We have been successful at retaining top clients with a large majority of our largest clients going through the renewal process in the past two years. Since our last earnings call, some of our noteworthy renewals include Campbell's, EssilorLuxottica, Ally Bank, Air Canada, and MetLife.

這些進步和我們的能力對於我們的「每日煥新」計畫至關重要。在過去的兩年裡，我們成功地留住了大部分重要客戶，其中絕大多數大客戶都完成了續約流程。自從上次財報電話會議以來，我們值得關注的續約客戶包括 Campbell's、EssilorLuxottica、Ally Bank、加拿大航空和 MetLife。

Our client management team is focused on proactively renewing and expanding relationships with our tremendous client base. Our renewal rate in the large market was up significantly in '24 and we're pleased to maintain that same level in 2025. And we're working hard on expanding Renew Every Day to all of our clients, strengthening the approach to supporting smaller clients endpoint solutions. We are making great progress with the Renew Every Day program and expect continued improvement to our renewal levels over time.

我們的客戶管理團隊致力於積極主動地維護和拓展與我們龐大客戶群的關係。2024 年，我們在大市場的續約率大幅上升，我們很高興能在 2025 年維持同樣的水準。我們正在努力將「每日更新」推廣到我們所有的客戶，加強對小型客戶終端解決方案的支援。我們在「每日更新」計畫中取得了巨大進展，並期望隨著時間的推移，我們的更新率能夠持續提高。

I'm very pleased to share that Steve Rush has joined as our new Chief Commercial Officer. Steve's long history with Alight, along with his deep understanding of our clients needs, position him to make a meaningful and quick impact. Steve is a highly respected leader in the benefits industry and he's excited to rejoin a team and business he already knows very well.

我很高興地宣布，史蒂夫·拉什已加入我們，擔任首席商務官。Steve 與 Alight 有著長期的合作關係，並且對客戶的需求有著深刻的了解，這使他能夠迅速產生有意義的影響。史蒂夫是福利行業備受尊敬的領導者，他很高興能重新加入他非常熟悉的團隊和公司。

As I step back on where we are today, our progress has been substantial in moving us forward to our future. I'm proud of how our team members have come together to advance our technology and operations, and I want to thank them for their hard work and dedication. We have more scale, scope, and talent than any of our competitors today, and the resulting opportunity in front of us is immense, to drive higher bookings, retention and new streams of partnership revenue.

回顧我們今天所處的位置，我們在邁向未來的道路上已經取得了實質的進步。我為我們團隊成員齊心協力推進技術和營運而感到自豪，我要感謝他們的辛勤工作和奉獻精神。我們擁有比當今任何競爭對手都更大的規模、更廣闊的範圍和更多的人才，由此帶來的機會是巨大的，可以推動更高的預訂量、更高的客戶留存率和新的合作收入來源。

Operational results of our initiatives will be evident before they play through the financials. And we are confident in our ability to deliver an unmatched benefits experience for clients that are embolden in new technology. And with that, let me turn it over to Jeremy.

我們各項舉措的營運成果會在財務報表上體現出來之前就顯現出來。我們有信心為勇於嘗試新科技的客戶提供無與倫比的福利體驗。那麼，接下來就交給傑瑞米吧。

Thanks, and good morning. We continue to make operational progress and competitively, we're well positioned for long-term success, validated by the third-party evaluators and brokers in our space, and echoed by the many clients who have renewed or expanded with us. Our primary focus continues to be on adding value for our clients and their people every day.

謝謝，早安。我們持續取得營運上的進步，並且在競爭中處於有利地位，能夠取得長期的成功，這一點得到了業內第三方評估機構和經紀人的驗證，也得到了許多與我們續約或擴大業務的客戶的支持。我們始終將為客戶及其員工創造價值作為首要任務。

Moving into the quarter, revenue was $533 million, which includes a $4 million onetime revenue reduction from finalizing the commercial agreement with the divested strata business. Normalized for this, total revenue would be $537 million. Nonrecurring project revenues were down $7 million or 14% for the quarter.

本季營收為 5.33 億美元，其中包括因與剝離的物業管理業務最終達成商業協議而導致的 400 萬美元一次性營收減少。經調整後，總收入將為 5.37 億美元。本季非經常性項目收入下降了 700 萬美元，降幅達 14%。

Adjusted gross profit was $206 million, up 3% from the prior year, reflecting 260 basis points of margin expansion. Similar to prior quarters, our adjusted gross profit 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 have been higher by $7 million.

調整後的毛利為 2.06 億美元，比上年增長 3%，毛利率擴大了 260 個基點。與前幾季類似，我們調整後的毛利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。剔除這些因素後，調整後的毛利將增加 700 萬美元。

Adjusted EBITDA was $138 million for the quarter, up 17% and adjusted EBITDA margin expanded 460 basis points. Free cash flow for the first nine months was $151 million, up 45% from the prior-year period.

本季調整後 EBITDA 為 1.38 億美元，成長 17%，調整後 EBITDA 利潤率擴大 460 個基點。前九個月的自由現金流為 1.51 億美元，比上年同期成長 45%。

Given the business trends this year versus expectations, our profitability and cash flow results include a nonrecurring impact of lower variable and performance-based costs. While we've made tremendous progress, there is more work ahead to improve our top-line results.

鑑於今年的業務趨勢與預期不符，我們的獲利能力和現金流量結果包含了變動成本和績效成本降低的非經常性影響。雖然我們已經取得了巨大的進步，但要提高我們的整體業績，還有更多工作要做。

Longer term, we expect improved commercial results with an optimized go-to-market function along with key product enhancements. We feel good about our renewal rates in the large market and expect the 2026 cycle to have over 30% fewer dollars up for renewal.

從長遠來看，我們期望透過優化市場推廣功能和關鍵產品改進，實現更好的商業績效。我們對大市場的續約率感到滿意，並預計 2026 年的續約金額將減少 30% 以上。

We also have near-term revenue opportunities through in-year bookings, partnerships, and engagement services that our team is highly focused on to close out the year. Our operational and technology initiatives continue to drive increased efficiency while delivering a better experience for our clients, and this has benefited our profitability and cash flow metrics.

我們還有一些近期收入機會，可以透過年內預訂、合作和互動服務來實現，我們的團隊正高度專注於這些方面，以期在年底前完成目標。我們的營運和技術措施不斷提高效率，同時為客戶提供更好的體驗，這有利於我們的獲利能力和現金流指標。

Turning to the balance sheet, our quarter end cash and cash equivalents balance was $205 million and total debt was $2 billion. Our net leverage ratio improved sequentially to 3 times. We continue to actively manage our debt, which is 70% fixed through 2025 and 40% through 2026. While having strong confidence in the long term, with our market valuation change over the past quarter, combined with current business trends, we recognized a noncash goodwill impairment charge of $1.3 billion.

從資產負債表來看，我們季末的現金及現金等價物餘額為 2.05 億美元，總負債為 20 億美元。我們的淨槓桿率較上季改善至 3 倍。我們繼續積極管理債務，其中 70% 的債務在 2025 年之前固定，40% 的債務在 2026 年之前固定。儘管我們對長期前景充滿信心，但鑑於過去一個季度市場估值的變化以及當前的業務趨勢，我們確認了13億美元的非現金商譽減損費用。

With respect to the tax receivable agreement, our payment in the first quarter of 2026 is expected to be lower by $25 million compared to our previous estimate, reflecting the completion of tax filings for 2024. We returned $47 million to shareholders this quarter via our quarterly dividend and through the repurchase of $25 million worth of shares. Year to date, we've repurchased close to 14 million shares or approximately 3% of shares outstanding.

關於應收稅款協議，由於 2024 年的稅務申報工作已經完成，我們預計 2026 年第一季的付款將比先前的估計減少 2,500 萬美元。本季度，我們透過季度分紅和回購價值 2,500 萬美元的股票，向股東返還了 4,700 萬美元。今年迄今為止，我們已回購了近 1,400 萬股股票，約佔已發行股票總數的 3%。

We ended September with $216 million remaining on our share buyback authorization. Management and the Board of Directors will continue to evaluate our capital allocation policy as it does on an ongoing basis.

截至9月底，我們的股票回購授權額度還剩2.16億美元。管理階層和董事會將繼續對資本配置政策進行評估，一如既往。

With today's earnings report, we have updated our 2025 outlook and enter the quarter with $2.25 billion of revenue under contract. For the year, we expect revenue between $2.25 billion and $2.28 billion, adjusted EBITDA of $595 million to $620 million, free cash flow of $225 million to $250 million, and EPS of $0.54 to $0.58.

根據今天的收益報告，我們更新了 2025 年的展望，並帶著 22.5 億美元的合約收入進入本季。我們預計全年營收在 22.5 億美元至 22.8 億美元之間，調整後 EBITDA 在 5.95 億美元至 6.2 億美元之間，自由現金流在 2.25 億美元至 2.5 億美元之間，每股收益在 0.54 美元至 0.58 美元之間。

We are intensely focused on execution and improving our top-line performance and remain confident in our position for the long term. This concludes our prepared remarks, and we will now move into the question-and-answer session.

我們高度重視執行力，致力於提升營收業績，並對公司的長期發展前景充滿信心。我們的演講稿到此結束，接下來將進入問答環節。

Operator, would you please instruct the participants on how to ask questions?

操作員，請您指導參與者如何提問？

(Operator Instructions) Kyle Peterson, Needham & Company.

（操作說明）Kyle Peterson，Needham & Company。

Great. Yeah. Wanted to start on the update to the guide, see if you guys could walk us through some of the moving pieces on the reduction here. It looks -- from the slides, it looks like it's from kind of a combination of volumes and new business wins.

偉大的。是的。想開始更新指南，看看你們能不能帶我們去了解這次減價過程中的一些細節。從投影片來看，這似乎是銷量成長和新業務拓展共同作用的結果。

But I guess any clarity or context as to what you guys are seeing? And at least some of the new business wins, obviously, you made some announcements during -- in the release today, but I guess like when should some of the fruits from those wins start to pay dividends?

但我很想知道你們看到了什麼，能不能提供一些背景資訊或解釋一下？顯然，你們在今天的發表會上宣布了一些新的業務成果，但我想問的是，這些成果何時才能開始產生回報？

Sure. I'll start, Kyle. So yes, still in the guide, we reduced at the midpoint revenue down $40 million. That's really split between projects and recurring. Project is the biggest with, again, $20 million update there on project.

當然。我先來，凱爾。所以，是的，我們仍然在指南中將收入中點下調了 4000 萬美元。這實際上分為專案和周期性支出兩部分。該項目是規模最大的，再次宣布了 2000 萬美元的更新計劃。

And we just have not seen an inflection in pipeline and activity, I think some continued cautiousness as we're going through the annual enrollment process right now. So even on a low comp, we had expectations to see more build in the pipeline coming into the fourth quarter, and just not seeing that.

我們尚未看到招生和招生活動出現轉機，我認為目前在進行年度招生過程中，大家仍會保持謹慎。因此，即使在較低的基數效應下，我們也預期在第四季會看到更多的專案儲備，但實際情況並非如此。

On the recurring side, it's a bit of volumes. You see in the update in the deck that we've got. Some in that is really we've seen modest declines so far year to date, but just a sentiment overall, just a cautiousness around that. We're not going to certainly expect with the headlines see any upside there. So really just expecting flat to slightly down on the volume side.

從反覆出現的角度來看，這有點多餘。您可以在我們更新的卡組中看到。部分原因是，今年迄今為止我們確實看到了小幅下滑，但總體而言，人們對此持謹慎態度。我們肯定不會指望從這些新聞標題中看到任何利好消息。所以，我預期音量方面會持平或略有下降。

The strata update on the customer care agreement was impacted in the third quarter, and so that's part of the update as well as going through. And as you said, a small amount of just the in-year revenue from the bookings that we've had so far this year.

客戶服務協議的分層更新在第三季度受到了影響，因此這也是更新的一部分，並且正在逐步進行中。正如你所說，這只是我們今年迄今為止的預訂收入的一小部分。

So those are the guide. As you think beyond revenue, the biggest piece is just the project update for us is really the biggest piece that drives the EBITDA and free cash flow aspects and the guide and the update there is we still feel really good in terms of the initiatives underway around the operational side around delivery, around the AI and technology, and the customer care side of the house on the call centers.

以上就是指南。除了收入之外，對我們來說，最重要的部分是專案更新，這才是真正推動 EBITDA 和自由現金流的關鍵因素。我們仍然對正在進行的營運方面的各項措施感到非常滿意，包括交付、人工智慧和技術，以及呼叫中心的客戶服務。

It's just -- again, as you know, that's about a 90% to 100% drop-through. And so seeing project at this levels is just what we see in terms of the roll-through around profitability and free cash flow.

只是——如你所知，掉落率大約在 90% 到 100% 之間。因此，看到專案達到目前的水平，正是我們所看到的獲利能力和自由現金流的體現。

There's always going to be elements of retiree health and some other areas within the business that can drive upside into the higher end of the range here. But those are the dynamics we're seeing as we go into the fourth quarter.

退休人員健康以及業務中的其他一些領域總是會有一些因素可以推動股價上漲，使其達到該區間的較高水準。但這就是我們進入第四季後所看到的動態。

Okay, thank you. That's helpful. And then maybe just a follow-up. I want to see if you guys are seeing any impact or whether it's client decision-making or around open enrollment related to the government shutdown. Obviously, it's been getting kind of long in the tooth here.

好的，謝謝。那很有幫助。然後或許只需要後續跟進。我想了解你們是否感受到政府停擺的影響，或者是否影響了客戶的決策，或者是否影響了開放註冊期。顯然，它已經有些年了。

But I guess any impact on your business, client decision-making, employee decision-making? Anything you guys are seeing? Or so far, has it been something you guys have been able to work through?

但我想這會對您的業務、客戶決策和員工決策產生什麼影響呢？你們都看到了什麼？或者說，到目前為止，你們是否已經解決了這個問題？

Kyle, it's Dave. Thank you for the question. Let me take that. So as Jeremy mentioned, you've got a few of the headlines that are out there. But in general, whether it's the government shutdown and the impact on federal employees or it's what passes through to clients, we've really not seen anything material come through at this stage.

凱爾，我是戴夫。謝謝你的提問。讓我來拿吧。正如傑里米所提到的，以上是一些現有的新聞標題。但總的來說，無論是政府停擺對聯邦員工的影響，還是對客戶的影響，我們目前還沒有看到任何實質的影響。

And just keep in mind that even if there is an action, a reduction in force with a big company, there's a pretty big lag factor associated with that. You'll have individuals who will be on COBRA for a period of time. Sometimes, they're furloughed, so they're still sort of there. Or in the case of the federal government, you've got people working and not being paid in some circumstances.

請記住，即使大公司採取裁員行動，也存在相當大的滯後效應。有些人會在一段時間內享受 COBRA 保險。有時他們會被暫時解僱，所以他們仍然算是留在那裡。或者以聯邦政府為例，在某些情況下，有些人明明在工作，卻拿不到薪水。

So longer term, the volume that would typically tick up, we're not anticipating. But we haven't really seen a material negative impact, at least through this quarter, and we're not envisioning that through the fourth quarter.

因此，從長遠來看，我們預計不會出現通常會出現的成交量上升趨勢。但至少在本季度，我們還沒有真正看到實質的負面影響，而且我們預計第四季也不會出現這種情況。

Scott Schoenhaus, KeyBanc Capital Markets.

Scott Schoenhaus，KeyBanc Capital Markets。

So if we strip out the project revenue -- so if we stripped out the project revenue noise, recurring revenues down low to mid-single digits implied here, and you walked us through some of the assumptions just now and on the slides. But how do we think about returning to flat to low single-digit growth for the business?

因此，如果我們剔除專案收入——也就是說，如果我們剔除專案收入的干擾因素，這裡暗示的經常性收入將降至個位數的低到中等水平，而您剛才和幻燈片中也向我們介紹了一些假設。但是，我們如何看待業務成長恢復到持平或個位數低水準的情況呢？

Is it obviously securing renewals? It sounds like the sales cycle like you talked about last quarter is elongated. You talked about upselling opportunities as well, and we're seeing maybe some slowness on lead. Can you walk us through like how do we get this business back to flat to up in growth on the top line? Thanks.

它顯然能確保續約嗎？聽起來像是你上個季度提到的銷售週期延長了。您也談到了追加銷售的機會，我們目前可能看到銷售線索成長放緩的情況。您能否詳細解釋一下，我們如何才能使這家公司的營收恢復到持平甚至成長的水平？謝謝。

Thanks, Scott, it's Dave. I'll take that one. So there's a few elements here that we're sharply focused on. And you've touched on a little of those in -- some of those in your question.

謝謝你，史考特，我是戴夫。我選那個。所以，我們將重點放在以下幾個方面。你在問題中也稍微提到了其中一些。

Firstly, just on the renewal activity, we're seeing good results as it relates to our largest client base, and that's coming through the Renew Every Day program initiatives. And we're looking to cascade that through our entire client portfolio.

首先，就續約活動而言，我們看到，在我們最大的客戶群中取得了良好的成果，這得益於「每日續約」計畫的各項措施。我們希望將這種模式推廣到我們所有的客戶群。

So one, we think improving upon the retention rates for our existing clients, kind of locking the back door to the house, so to speak, is important, bringing more clients through, so new logos or expansion on existing clients. Again, we've got some good activity out there in the lead space. We've got a number of opportunities that were deep in discussions or near the contracting on core ben admin from middle market up to some of the larger opportunities.

因此，我們認為提高現有客戶的留存率，就像鎖上房子的後門一樣，非常重要，這樣才能吸引更多客戶，例如新客戶或現有客戶的拓展。再次強調，我們在潛在客戶開發領域有一些不錯的進展。我們有很多機會，從中端市場到一些規模更大的核心福利管理項目，都已進入深入討論或接近簽訂合約階段。

So that's kind of taking the clients in through the front door as well. So all of that really bodes well for the return to the growth that you're asking about. There's a lag effect involved in that. If this is a big client, large client, ben admin, typically, you're looking at implementation cycles that could run 12 to 15 months, right? So some of that revenue on a new business win that could occur now might not make its way through to our financials until 2027 or beyond.

所以，這也算是讓客戶從正門進來吧。所以，所有這些都預示著你所詢問的成長將會恢復正常。這其中存在滯後效應。如果這是一個大客戶、大型客戶、高階主管，通常情況下，實施週期可能會持續 12 到 15 個月，對吧？因此，現在可能獲得的新業務帶來的部分收入，可能要到 2027 年或更晚才能計入我們的財務報表。

Smaller deals have shorter gestation periods. Lead deals, depending upon how big they are, could be shorter gestation periods as well. So as we continue to build back the momentum and the strength of our pipeline under Steve's leadership and in collaboration with Rob, feel good about where that's headed. And our product positioning is as strong as it's ever been.

小額交易的周期較短。根據交易規模的大小，一些主要交易的審批週期也可能較短。因此，在史蒂夫的領導下，我們與羅布合作，繼續恢復我們的業務發展勢頭和實力，並對未來的發展方向感到樂觀。我們的產品定位一如既往地穩固。

Great. And as a follow-up, again, stripping out project business that falls down to the bottom line. What can you guys do as a company to drive secular margin expansion? We've always talked about the (inaudible). And it sounds like that you're moving some things back in-house on the service side, which I imagine would be a little bit more expensive.

偉大的。最後，再次剔除那些直接影響利潤的專案業務。作為一家公司，你們可以採取哪些措施來推動長期利潤率的成長？我們一直在談論…（聽不清楚）聽起來你們正在將一些服務方面的工作轉移回公司內部，我想這應該會稍微增加一些成本。

But just can you help us -- ex the project business, can you help us walk through -- you previously outlined your longer-term margin opportunities or goals or targets. Just help us walk through where you see your ability to drive margin improvements in the near and longer term. Thank you.

但是，您能否幫助我們——例如專案業務，您能否幫助我們整理一下——您之前概述的長期利潤機會、目標或指標。請您詳細說明一下，您認為在近期和長期內，您有哪些能力可以提高利潤率。謝謝。

Scott, I'm going to have Jeremy talk through some of the elements of how that drops through. One thing I want to make sure we focus on as part of your first question is the opportunities that exist across our partner network.

史考特，我打算讓傑瑞米講解一下它是如何實現的。在您提出的第一個問題中，我想確保我們重點關注的是我們合作夥伴網路中存在的機會。

We highlighted that in the opening remarks. We're feeling really good about the level of activity and the interest that the partners are expressing and being part of our network, just given our size and scale and reach for the customers and the clients that we have. And that represents revenue growth opportunity as well.

我們在開幕致詞中強調了這一點。考慮到我們的規模和影響力，以及我們擁有的客戶群體，我們對合作夥伴的活躍程度和參與熱情感到非常滿意。這也代表著營收成長的機會。

That will phase its way in. It takes a bit of time before you get a contract established and you get the run rate going as is indicative of what we talked about last quarter with Goldman Sachs. But the more of those that we put in place, the stronger our revenue opportunities for growth are going to be there.

這將分階段逐步實施。從簽訂合約到建立起穩定的業績，需要一些時間，正如我們上個季度與高盛討論的那樣。但是，我們實施的這類措施越多，我們的收入成長機會就越強。

As it pertains to your question on margin expansion, we're deploying AI in a variety of different places. We've got to make investments in that. Those aren't trivial, and we expect to see some impact on the way we serve our customers with AI, right, either a reduction in the call volumes that we talked about in the opening remarks or a change in the kind of -- in the way that work gets done.

關於您提出的利潤率擴張問題，我們正在各種不同的地方部署人工智慧。我們必須在這方面進行投資。這些都不是小事，我們預期人工智慧會對我們服務客戶的方式產生一些影響，對吧？要么像我們在開場白中提到的那樣，呼叫量減少，要么工作方式改變。

And we've also pulled a number of resources back in-house, and that's a strategy that we'll continue to look at. Jeremy, anything you want to add on the drop-down?

此外，我們還將一些資源收回了公司內部，這也是我們將繼續探索的策略。傑里米，你還有什麼想在下拉式選單裡添加的嗎？

No. I mean, I think it is in line with what we've talked about earlier this year, Scott. So I think we feel very good in terms and I think we're probably ahead of where we thought we would be around the operating model in which our delivery team.

不。我的意思是，我認為這和我們今年早些時候討論的內容是一致的，斯科特。所以我覺得我們目前的情況非常好，而且我認為我們在營運模式方面，尤其是在我們的交付團隊方面，可能已經超出了我們預期。

So if you think about delivery as the bulk of the teams that are sitting with our clients every day. So from a cost standpoint, that's where we need to drive a better experience for our clients first, but we've standardized a lot of that work across the different groups and the solutions that we've got.

所以，如果你把交付團隊看作是每天與客戶面對面交流的大部分團隊成員。所以從成本角度來看，我們首先需要為客戶創造更好的體驗，但我們已經將許多工作在不同的團隊和我們擁有的解決方案中標準化了。

We've got COEs in place now. Bringing some of that work back from third parties, it's actually more cost-effective, Scott, just given the way that the terms and conditions work and also the flexibility around where the productivity sits and the things that we can drive and the flexibility. So it gives us much more room to kind of drive the expansion in what we do and probably our largest cost base in the business on the delivery side.

我們現在已經設立了卓越中心。斯科特，把一些工作從第三方收回來實際上更具成本效益，就條款和條件而言，而且生產力所在之處以及我們可以推動的事情和靈活性也更加靈活。因此，這給了我們更大的空間來推動我們業務的擴張，而我們最大的成本基礎可能在於交付方面。

And then as Dave said, we have seen a big reduction in call center OpEx over the past couple of years and the work that we've been doing. But there are step functions in some of the new technologies that we've rolled out. And so really just want to get through this annual enrollment period to really see the impacts of that, helps us staff then going forward as we think about '26 and '27 of the elements that we can drive there.

正如戴夫所說，在過去的幾年裡，由於我們所做的工作，呼叫中心的營運支出已經大幅下降。但我們推出的一些新技術中存在階躍函數。因此，我們真的只想順利度過這個年度招生期，看看它的影響，這有助於我們工作人員在未來思考 2026 年和 2027 年我們可以推動哪些因素。

But we feel really good in terms of everything that we've got around the efficiencies within this business. And I would say we're ahead of what the timing would have been around those expectations. Some of that is to offset some of the top line that we've got. But certainly, as we get some of that operating leverage back certainly drops through in a more significant way.

但就我們目前在業務效率方面所取得的成就而言，我們感到非常滿意。而且我認為，我們目前的進度比預期還要快。部分原因是抵消了我們目前的營收成長。但可以肯定的是，隨著我們恢復一些營運槓桿，這種情況肯定會以更顯著的方式發生。

Kevin McVeigh, UBS.

凱文麥克維，瑞銀集團。

Great. I guess I want to start with, I've never seen an initiative on approval for declassification. Can you just help us understand what that is and what drove the decision to do that?

偉大的。我想先說明一點，我從未見過任何關於批准解密的倡議。您能幫我們理解一下那是什麼，以及是什麼促使您做出這樣的決定嗎？

Sure. I think, Kevin, it's Jeremy. I'll start. Just from a Board perspective and what that is, is today, we have a staggered Board. So four directors are up for nomination every year. And [just in] through ongoing discussions with our Board. And from a governance perspective and I think in discussions with investors, frankly, is to over time, de-stagger this Board, which would eventually have all directors up for nomination annually as we go through that process.

當然。凱文，我想，那是傑瑞米。我先來。僅從董事會的角度來看，目前我們實行的是錯開式董事會制度。所以每年有四位導演獲得提名。並且是透過與董事會的持續討論得出的結論。從治理角度來看，坦白說，我認為在與投資者的討論中，隨著時間的推移，應該逐步取消董事會成員的輪換，最終所有董事都將每年接受提名，正如我們透過這個過程所做的那樣。

So it's just a governance update for us as we transition out of going from private to public through the SPAC and just kind of more, I'd call it, more normal course governance of a public company.

所以，這只是我們公司治理方面的更新，因為我們正從透過 SPAC 從私人企業過渡到上市公司，並回歸到上市公司更正常的治理模式。

And Kevin, I'd just add, as part of the process, we're letting the shareholders know that that's our intent, but this will be up for a vote of shareholders at our annual meeting next year.

凱文，我還要補充一點，作為流程的一部分，我們會告知股東這是我們的意圖，但此事將在明年的年度股東大會上由股東投票表決。

Got it. And then I guess, I mean, you've had two consecutive meaningful impairments. You've guided down two consecutive quarters. Just help us understand just the modeling on the guidance relative to where you're coming in, particularly given we're nine months into the year because it just continues to be an issue in terms of how you're guiding.

知道了。然後我想，我的意思是，你已經連續兩次出現嚴重的損傷。你已經連續兩季帶領球隊下滑。請您幫助我們理解您提供的指導模型，特別是考慮到今年已經過去九個月了，因為就您的指導方式而言，這仍然是一個問題。

Sure. I think the guide and as I'll just walk through briefly, I think in the fourth quarter, the biggest piece is the project revenue, which I would say is we've never seen levels this low in terms of project revenue. We did expect and our teams going through with clients every day as we build through kind of the second half of the year in terms of where that pipeline is. It's well below our expectations in terms of project revenue.

當然。我認為，正如我接下來簡要介紹的那樣，我認為第四季度最大的問題是專案收入，而我們從未見過專案收入如此之低。我們確實預料到了，我們的團隊每天都在與客戶溝通，因為我們正在努力推動下半年的業務發展。項目收入遠低於我們的預期。

So absolutely, that's the biggest piece coming through here. There's also the impacts of what we've talked about in terms of the bookings element that we have. And just the macro factors around the headlines around employee and participant accounts. So those are the biggest pieces for us in the guide.

所以，沒錯，這是這裡最重要的一點。此外，我們剛才討論的預訂環節也會產生影響。以及圍繞員工和參與者帳號的新聞標題所引發的宏觀因素。以上就是本指南中最重要的部分。

As you can see in the transcript and we talked about this morning, we are at $2.25 billion of revenue under contracts coming into the quarter and the range on the guide is $2.25 billion to $2.28 billion. So I think as you think about this, this is what we see today in terms of what's in front of us for execution, at the end of the quarter.

正如你在文字記錄中看到的，也是我們今天早上討論過的，本季合約收入為 22.5 億美元，預期範圍為 22.5 億美元至 22.8 億美元。所以我覺得，當你思考這個問題時，這就是我們今天看到的，在本季末擺在我們面前的執行任務。

On the impairment side of it, that's a factor of, again, noncash impairment accounting adjustment. Largest piece being just the valuation change of the company through the quarter. And there's a market valuation test, which is done every quarter. It's normal course controls that we have around the financials and need to go through the valuation process.

從減損方面來看，這又是一個非現金減損會計調整的因素。其中最大的變化就是公司本季的估值變化。此外，還有一項市場估值測試，每季進行一次。這是我們圍繞財務進行的正常管控流程，我們需要經過估值過程。

That takes into account the trends that we do see in the business, but it's a much longer-term view taking in the market cap and market value of the company. So we recognized that charge here this quarter in line with where we closed out the quarter from a valuation of the company.

這考慮到了我們在業務中看到的趨勢，但這是一種更長遠的視角，考慮到了公司的市值和市場價值。因此，我們在本季度確認了這筆費用，這與我們根據公司估值在本季末的估值結果一致。

Peter Heckmann, DA Davidson.

Peter Heckmann，DA Davidson。

I wanted to see if you could give us an update just on the follow-on payments from the divestiture. I think there's $150 million contingent based on the performance of that business in 2025 and then a $50 million fixed payment. Can you give us an update on the first and then the timing on both potential payments?

我想請您介紹一下資產剝離後的後續付款情況。我認為其中有 1.5 億美元的或有款項取決於該業務在 2025 年的業績，還有 5000 萬美元的固定付款。可否告知我們第一筆款項的最新進展，以及兩筆潛在款項的到帳時間？

Sure. So the timing on the payments themselves are a seven-year term from the close of the deal, $50 million. So there was $200 million of deferred payments. $50 million was in effect guaranteed, which will be paid out.

當然。因此，付款期限為自交易完成之日起七年，總額為 5,000 萬美元。因此，有2億美元的款項被延期支付。其中5000萬美元實際上已得到保障，將會支付。

There was $150 million, which was contingent on EBITDA performance of the divested business through 2025. So we have that really recognized at zero value on the balance sheet today, contingent upon the performance of the strata business and their EBITDA in 2025.

其中有 1.5 億美元，取決於剝離業務到 2025 年的 EBITDA 業績。因此，我們目前在資產負債表上將其確認為零值，但這取決於分契式物業業務的業績及其在 2025 年的 EBITDA。

So we'll go through a full annual look at that as we close out 2025 to see what the valuation is there. That will be recognized on the balance sheet and then will be paid out at the end of that seven-year anniversary of the close of that deal.

因此，在 2025 年結束之際，我們將對此進行全面的年度評估，看看其估值如何。這筆款項將在資產負債表上確認，然後在交易完成七年後支付。

Okay. Both payments would be on the seven-year anniversary.

好的。兩筆款項都將在七週年紀念日支付。

Correct.

正確的。

Okay. And then on the headwind, given stronger retention levels in 2024 and into 2025. Do we still expect attrition to be a smaller drag on revenue growth in 2026, maybe something closer to 450 basis points versus something like 650 this year?

好的。然後，考慮到 2024 年和 2025 年更強的留存率，逆風而行。我們是否仍預期到 2026 年人員流失對營收成長的拖累會較小，也許接近 450 個基點，而不是今年的 650 個基點？

Yeah, Peter, it's Dave. So let me take that one. Firstly, we had a considerable amount of volume that played through the renewal process in 2025. And as we said in our opening remarks, we're going to see a pretty material drop in that activity next year.

是的，彼得，我是戴夫。那我就來吧。首先，我們在 2025 年的續約過程中經歷了相當大的交易量。正如我們在開場白中所說，明年我們將看到該項活動大幅下降。

And in addition, among our largest clients, which is where there's a pretty big concentration of revenue, the vast majority of those have gone through the renewal process in the last couple of years. So we've had a lot of renewal activity in 2024 and 2025. We feel good about our retention rates for those largest clients, and we're going to see a drop going into 2026.

此外，在我們最大的客戶群中（也就是收入集中度相當高的群體），絕大多數客戶在過去幾年中都完成了續約流程。因此，我們在 2024 年和 2025 年進行了許多續約活動。我們對最大客戶的留存率感到滿意，但預計到 2026 年留存率會下降。

In addition, our expansion of the Renew Every Day program initiative and the collaboration between Rob and Steve is going to push that level of client management focus down for all of our clients. And the initial focus was on our largest ones. So as we continue to expand that initiative through the full client suite, we expect to see some positive returns on both retention and the upside and cross-sell opportunities that exist by bringing new services to those clients.

此外，我們擴大「每日煥新」計劃，以及羅布和史蒂夫之間的合作，將使我們所有客戶的客戶管理重點降低到較低水平。最初的重點是規模最大的項目。因此，隨著我們繼續透過所有客戶群擴大該計劃，我們預計在客戶留存率以及透過向這些客戶引入新服務而存在的增值和交叉銷售機會方面，都將看到一些積極的回報。

Andrew Polkowitz, JPMorgan.

Andrew Polkowitz，摩根大通。

I wanted to ask. So last quarter, you spoke to changes within your go-to-market organization, including greater specialization, domain expertise in the sales force. Obviously, these things take time to ramp. But I was curious if you could just provide an update three months later about the progress here, how these things have resonated with your sales force.

我想問一下。所以上個季度，您談到了市場推廣組織內部的變化，包括銷售團隊的專業化程度更高、領域專業知識更強。顯然，這些事情都需要時間來逐步推進。但我很好奇，三個月後您能否提供一下這方面的進展情況，以及這些舉措對您的銷售團隊有何影響。

Sure. So it's Dave. I'll take that one, Andrew. Firstly, bringing Steve Rush back to Alight has been a tremendous boost for us and for our sales team. This is somebody who knows our business really well, has tremendous credibility in the marketplace and is a great team player. So he's collaborating, working through, looking at every deal, et cetera. So that's helpful.

當然。原來是戴夫。我來做那個吧，安德魯。首先，史蒂夫拉什重返 Alight 對我們和我們的銷售團隊來說都是一個巨大的鼓舞。這個人非常了解我們的業務，在市場上擁有極高的信譽，而且是一位優秀的團隊成員。所以他正在參與合作，仔細審查每一筆交易等等。那很有幫助。

We brought some industry expertise on board as well with specialty areas of focus in the leave space, in the navigation solutions, and in core health admin. And it's Steve's intent to continue to build out that domain expertise across the sales force.

我們還引入了一些行業專業知識，重點關注休假領域、導航解決方案和核心健康管理的專業領域。史蒂夫打算繼續在整個銷售團隊中培養這方面的專業知識。

To your point, those changes then have to play their way through on new business situations and opportunities. We're laser-focused on those deals that are deep in the pipeline right now. We still have a material number of those that we're pursuing. And the key there is to improve our close ratio. And I feel confident that with Steve and the additions that he has already impacted and we've impacted, we should see some uptick on our success with closing on those deals.

正如您所說，這些變化隨後必須在新商業環境和機會中發揮作用。我們目前正全力推動那些正在洽談中的交易。我們仍在追查相當數量的此類案件。關鍵在於提高我們的成交率。我相信，有了史蒂夫以及他已經產生影響並由我們共同促成的人員加入，我們在完成這些交易方面的成功率應該會有所提高。

And then as we enter into 2026, we're going to have the right alignment of our go-to-market teams, and our client teams, which I feel really confident is going to give us the opportunity, both for upsell, cross-sell, and for new logos coming into the company.

然後，隨著我們進入 2026 年，我們的市場推廣團隊和客戶團隊將實現正確的協調一致，我非常有信心這將為我們帶來機會，無論是追加銷售、交叉銷售，還是吸引新客戶加入公司。

Great. That's good to hear. And just one follow-up for me, more of a macro question. I was curious if there's been any change in the hiring assumption or net hiring assumption you laid out last quarter in the outlook, understanding there's offsets like you called out, Dave, what kind of lagged impact.

偉大的。聽到這個消息真好。我還有一個後續問題，比較偏向宏觀層面。我很好奇，在你上個季度的展望中提出的招聘假設或淨招聘假設是否有任何變化，考慮到像你提到的那樣存在抵消因素，戴夫，那麼會產生什麼樣的滯後影響呢？

So maybe even just adding on to that question, how material is the hiring assumption within your model or within your outlook considering you have this offset? Thank you.

那麼，或許可以補充這個問題：考慮到你有這種抵銷因素，招募假設在你的模型或展望中有多重要？謝謝。

Included in the guide for this year, Andrew, we've got, and you'll see it in the deck that we posted online. So we've got about down 0.5 point to flat is what we've got in for 2025. And again, year to date, it's been really minimal in terms of any impact, I'd say, slightly down. But again, you're talking basis points. And so certainly not seeing what we historically have had with the, call it, 1% to 2% of help on the growth side.

安德魯，今年的指南裡包含了這部分內容，你可以在我們發佈到網路上的簡報中看到它。所以，我們預期 2025 年的匯率將下降 0.5 個百分點，持平。而且，就今年迄今為止的影響而言，我認為真的微乎其微，甚至略有下降。但再說一遍，你談論的是基點。因此，我們當然看不到以往那種在成長方面提供的 1% 到 2% 的幫助了。

So our expectations right now, and we would know typically in the fourth quarter right now as we stand if we had larger impacts that were happening already through our client base. And so that's the call and the guide and based on what we see so far this year.

因此，我們目前的預期是，通常情況下，到第四季我們就能知道，如果我們的客戶群已經受到更大的影響，我們該如何判斷。所以，這就是我們根據今年迄今為止所看到的情況做出的判斷和指導。

And then as we think about next year, I'd say it's hard with the headlines to think that it's certainly going to be anything that is additive to growth. But we'll manage that. Our teams stay close with clients on a daily basis. And so we're always getting a pre-read, if you will, around what might be happening within the client basis.

展望明年，從目前的新聞頭條來看，很難相信明年會有什麼有利於經濟成長的事情發生。但我們會處理好的。我們的團隊每天都與客戶保持密切聯繫。因此，我們總是能提前了解客戶群中可能發生的事情。

Thank you. There are no further questions at this time. I would like to turn the floor back over to Dave Guilmette for closing comments. Please go ahead, sir.

謝謝。目前沒有其他問題了。現在我把發言權交還給戴夫·吉爾梅特，請他做總結發言。請繼續，先生。

Thank you, operator. So in closing, our strategic execution is transforming our delivery services and is re-envisioning the client and participant experience. Our progress is making a real impact across our current clients and operations, and we're confident in how that translates to our competitiveness and our long-term growth. Thank you for joining us today.

謝謝接線生。最後，我們的策略執行正在改變我們的交付服務，並重新構想客戶和參與者的體驗。我們的進展正在對我們現有的客戶和營運產生真正的影響，我們有信心這將轉化為我們的競爭力以及我們的長期成長。感謝您今天蒞臨。

Thank you, sir. Ladies and gentlemen, that then concludes today's conference. Thank you for joining us. You may now disconnect your lines.

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