ASGN Inc (ASGN) 2025 Q2 法說會逐字稿

Greetings, and welcome to the ASGN Incorporated second-quarter 2025 earnings call. (Operator Instructions)

您好，歡迎參加 ASGN Incorporated 2025 年第二季財報電話會議。（操作員指示）

It is now my pleasure to introduce your host, Kimberly Esterkin, Vice President, Investor Relations. Thank you. You may begin.

現在我很高興介紹您的主持人、投資者關係副總裁 Kimberly Esterkin。謝謝。你可以開始了。

Good afternoon. Thank you for joining us today for ASGN's second-quarter 2025 conference call. With me are Ted Hanson, Chief Executive Officer; Shiv Iyer, President; and Marie Perry, Chief Financial Officer.

午安.感謝您今天參加 ASGN 2025 年第二季電話會議。與我一起的還有執行長 Ted Hanson、總裁 Shiv Iyer 和財務長 Marie Perry。

Before we get started, I would like to remind everyone that our commentary contains forward-looking statements. Although we believe these statements are reasonable, they are subject to risks and uncertainties, and as such, our actual results could differ materially from those statements. Certain of these risks and uncertainties are described in today's press release and in our SEC filings. We do not assume any obligation to update statements made on this call.

在我們開始之前，我想提醒大家，我們的評論包含前瞻性陳述。儘管我們認為這些陳述是合理的，但它們仍受風險和不確定性的影響，因此我們的實際結果可能與這些陳述有重大差異。今天的新聞稿和我們提交給美國證券交易委員會的文件中描述了其中一些風險和不確定性。我們不承擔更新本次電話會議中所作聲明的任何義務。

For your convenience, our prepared remarks and supplemental materials can be found in the Investor Relations section of our website at investors.asgn.com.

為了您的方便，您可以在我們網站 investors.asgn.com 的投資者關係部分找到我們準備好的評論和補充資料。

Please also note that on this call, we will be referencing certain non-GAAP measures, such as adjusted EBITDA, adjusted net income, and free cash flow. These non-GAAP measures are intended to supplement the comparable GAAP measures. Reconciliations between GAAP and non-GAAP measures are included in today's press release.

另請注意，在本次電話會議上，我們將參考某些非 GAAP 指標，例如調整後的 EBITDA、調整後的淨收入和自由現金流量。這些非公認會計準則衡量指標旨在補充可比較的公認會計準則衡量指標。今天的新聞稿中包含了 GAAP 和非 GAAP 指標之間的對帳。

I will now turn the call over to Ted Hanson, Chief Executive Officer.

現在我將把電話轉給執行長泰德漢森 (Ted Hanson)。

Thank you, Kim, and thank you for joining ASGN's second-quarter 2025 earnings call. ASGN reported solid results for the second quarter. Revenues of $1.02 billion were above the high end of our guidance range, while adjusted EBITDA margin of 10.6% was at the top end of our expectations for the quarter.

謝謝你，Kim，也謝謝你參加 ASGN 2025 年第二季財報電話會議。ASGN 公佈第二季業績穩健。10.2 億美元的營收高於我們預期範圍的高端，而 10.6% 的調整後 EBITDA 利潤率處於我們對本季預期的最高端。

Our IT consulting revenues continue to grow, reaching approximately 63% of revenues for the second quarter up from 57% in the year-ago period. Macroeconomic uncertainty remains impacting discretionary spending. Still, clients are focused on staying competitive, driving demand for cloud and data solutions to modernize legacy systems, and capitalize on AI. According to ISG Index's second-quarter 2025 call, the demand for AI is overcoming macroeconomic distractions with companies actively investing in generative and agentic AI deploying cost savings from other areas of their operations. We are experiencing this trend in our commercial consulting bookings, where we are seeing continued demand in data, AI, and digital engineering, including custom application and development.

我們的 IT 諮詢收入持續成長，第二季佔總營收的約 63%，高於去年同期的 57%。宏觀經濟的不確定性仍然影響著可自由支配的支出。儘管如此，客戶仍專注於保持競爭力，推動對雲端和數據解決方案的需求，以實現遺留系統的現代化，並利用人工智慧。根據 ISG Index 對 2025 年第二季的預測，對人工智慧的需求正在克服宏觀經濟的干擾，企業積極投資生成性和代理性人工智慧，並從其他營運領域節省成本。我們在商業諮詢預訂中看到了這種趨勢，我們看到數據、人工智慧和數位工程（包括客製化應用和開發）的持續需求。

Commercial consulting bookings for the quarter totaled $417.5 million, translating to a book-to-bill of 1.2 times on a trailing 12-month basis. While bookings remain weighted towards renewals, we are increasingly winning larger, more complex, multi-capability deals as we advance our commercial practice areas and technology partnerships.

本季商業諮詢訂單總額為 4.175 億美元，相當於過去 12 個月的訂單出貨比為 1.2 倍。雖然訂單仍然以續約為主，但隨著我們商業實踐領域和技術合作夥伴關係的推進，我們正在贏得越來越多更大、更複雜、多功能的交易。

Our technology partnership with Workday is progressing very well and TopBloc, which continues to perform above our expectations, contributed to growth of our commercial consulting bookings for the second quarter.

我們與 Workday 的技術合作進展順利，而 TopBloc 的表現繼續超越我們的預期，為我們第二季商業諮詢訂單的成長做出了貢獻。

In our Federal business, new contract awards totaled $72 million for the second quarter or a book-to-bill of 1.1 times on a trailing 12-month basis. Contract awards were challenged as anticipated, reflecting a slowness in award velocity and the impact of DOGE on procurement and approval processes. -- new federal contract backlog was over $2.9 billion at quarter end or a coverage ratio of 2.4 times the Federal segment's trailing 12-month revenues.

在我們的聯邦業務中，第二季的新合約授予總額為 7,200 萬美元，或過去 12 個月的訂單出貨比為 1.1 倍。正如預期的那樣，合約授予遇到了挑戰，反映出授予速度緩慢以及 DOGE 對採購和審批流程的影響。 ——季末新的聯邦合約積壓超過 29 億美元，覆蓋率為聯邦部門過去 12 個月收入的 2.4 倍。

Despite lower federal quarterly bookings, our core solution capabilities in AI, cybersecurity, and digital modernization remain well aligned with the administration's efficiency cost savings priorities. In addition, the recently passed One Big Beautiful Bill represents one of the largest single year increases in US defense spending and modern history. Much of this funding focuses on our primary competencies including AI and automation, cloud migration, secure communications, and threat intelligence platforms. Ultimately, a constant among this ongoing transformation is a critical need for skilled IT professionals.

儘管聯邦季度預訂量較低，但我們在人工智慧、網路安全和數位現代化方面的核心解決方案能力仍然與政府的效率成本節約優先事項保持一致。此外，最近通過的《一項偉大的美麗法案》是美國國防開支和近代史上單年增幅最大的一次。這些資金大部分集中在我們的主要競爭力上，包括人工智慧和自動化、雲端遷移、安全通訊和威脅情報平台。最終，在這種持續的轉變中，始終存在的是對熟練的 IT 專業人員的迫切需求。

Case in point, ISG estimates that in the next year of enterprises plan to expand their IT resources to accelerate the capture of AI benefits. ASGN's distinctive model, which delivers a broad spectrum of skill sets just in time on a contingent basis continues to set us apart and will enable us to serve as an excellent partner to enterprises and public agencies seeking to achieve their IT modernization goals. We are uniquely positioned to identify the right skill sets for our clients. And with an industry-led focus, we deeply understand the nuances of each sector's IT needs.

例如，ISG 估計，企業明年計劃擴大其 IT 資源，以加速獲取 AI 優勢。ASGN 的獨特模式能夠根據情況及時提供廣泛的技能組合，這使我們繼續脫穎而出，並使我們能夠成為尋求實現 IT 現代化目標的企業和公共機構的優秀合作夥伴。我們擁有獨特的優勢，可以為客戶找到合適的技能組合。透過以產業為主導的關注，我們深刻理解每個產業 IT 需求的細微差別。

With that, let me turn the call over to our President, Shiv Iyer, to discuss our industry and solution performance in the second quarter.

接下來，請容許我將電話轉給我們的總裁 Shiv Iyer，討論我們第二季的產業和解決方案表現。

Thanks, Ted. It's great to speak with everyone this afternoon. Beginning with our commercial segment verticals. Consumer and industrial accounts performed the strongest in the second quarter and were up mid-double digits year over year. Improvement in this vertical was driven by mid-teens or better growth in materials, utilities, industrials, and consumer discretionary accounts.

謝謝，泰德。很高興今天下午與大家交談。從我們的商業垂直領域開始。消費者和工業帳戶在第二季度表現最為強勁，年成長了兩位數左右。這個垂直領域的改善是由材料、公用事業、工業和非必需消費品帳戶的中等或更好的成長所推動的。

Our healthcare vertical was relatively flat compared to the prior year as a result of double-digit growth amongst our pharmaceutical and biotech clients. Financial services, business services, and TMT accounts declined compared to the year-ago period. On a sequential basis, we achieved growth in four of our five commercial industry verticals with consumer and industrial accounts gain leading our performance.

由於我們的製藥和生物技術客戶實現了兩位數的成長，我們的醫療保健垂直領域與前一年相比相對平穩。金融服務、商業服務和TMT帳戶與去年同期相比有所下降。與上一季相比，我們在五個商業垂直行業中的四個行業實現了成長，其中消費者和工業帳戶的成長引領了我們的業績。

Our consumer and industrial clients have been leveraging our nearshore delivery center in Mexico as a cost-efficient and capable alternative for application development and data modernization. In the financial services vertical, we saw double-digit growth amongst our wealth management and insurance clients, both of which were active with our cloud and infrastructure teams in the quarter.

我們的消費者和工業客戶一直在利用我們位於墨西哥的近岸交付中心作為應用程式開發和數據現代化的經濟高效且有效的替代方案。在金融服務垂直領域，我們的財富管理和保險客戶實現了兩位數的成長，這兩個客戶在本季度都積極參與我們的雲端和基礎設施團隊。

In our TMT vertical, we saw mid-single-digit growth in telecom, e-commerce, and software and services. For clients in this vertical, we supported enterprise platform implementations, including integrating new AI capabilities into existing cloud platforms and developing solutions to help clients harness the power of their data, AI, and advanced analytics.

在我們的 TMT 垂直領域，我們看到電信、電子商務以及軟體和服務實現了中等個位數成長。對於該垂直領域的客戶，我們支援企業平台實施，包括將新的 AI 功能整合到現有的雲端平台中，並開發解決方案以幫助客戶利用其數據、AI 和高級分析的力量。

In our Federal business, we track our revenues across four end customers: defense and intelligence, national security, civilian, and other clients. Defense, intelligence, and national security accounts comprised approximately 72% of our total government revenues. Growth in national security accounts was largely driven by work for the Department of Homeland Security, examples of which I will share shortly. As anticipated, our civilian business for the quarter was impacted by DOGE, the impact of which was unchanged and consistent with expectations.

在我們的聯邦業務中，我們追蹤四個最終客戶的收入：國防和情報、國家安全、民用和其他客戶。國防、情報和國家安全帳戶約占我們政府總收入的 72%。國家安全帳戶的成長很大程度上是由國土安全部的工作推動的，我稍後會分享一些例子。正如預期的那樣，本季我們的民用業務受到了 DOGE 的影響，但其影響沒有變化，與預期一致。

Defense and intelligent revenues though up sequentially by mid-single digits, but down year on year due to budget constraints. We remain bullish on the long-term positioning of our federal government business, particularly with the recent expansion of the defense budget.

國防和智慧收入雖然環比成長了中等個位數，但由於預算限制，年比有所下降。我們仍然對聯邦政府業務的長期定位持樂觀態度，特別是在最近國防預算擴大的情況下。

To provide greater clarity on the dynamics driving bookings across our commercial verticals and government clients, let's turn to our solutions capabilities. For the quarter, consulting engagements across the company focused on four major areas, including cloud and data infrastructure, cybersecurity, enterprise platform advisory and implementation, and AI services.

為了更清楚地了解推動我們的商業垂直行業和政府客戶預訂的動力，讓我們來看看我們的解決方案能力。本季度，該公司的諮詢業務主要集中在四大領域，包括雲端和資料基礎設施、網路安全、企業平台諮詢和實施以及人工智慧服務。

Let me provide a few examples of each, beginning with cloud. For a global financial services company, we were engaged to assess the current state of their cloud operations evaluate a newly procured FinOps tool and build a multiyear cloud road map. As a result of our advisory services, our client will be able to improve its cloud governance taxonomy, capacity, and consumption across its wealth management lines of business. Importantly, this framework provides our clients the confidence to accelerate their cloud migration.

讓我提供幾個例子，從雲端開始。對於一家全球金融服務公司，我們負責評估其雲端運營的當前狀態，評估新採購的 FinOps 工具並建立多年雲端路線圖。透過我們的諮詢服務，我們的客戶將能夠改善其財富管理業務線的雲端治理分類、容量和消費。重要的是，該框架為我們的客戶提供了加速雲端遷移的信心。

For a Fortune 500 life insurance and retirement company, our consultants were engaged to determine if migrating to Amazon's cloud-based system would provide cost savings, operational efficiency, and improved scalability for the company.

對於一家財富 500 強人壽保險和退休公司，我們聘請了顧問來確定遷移到亞馬遜的基於雲端的系統是否可以為公司節省成本、提高營運效率和提高可擴展性。

Our team delivered a viable migration model in just eight weeks, resulting in query execution three times faster and generating significant cost savings for the client. By deploying this model, our client will be able to accelerate their data center exits and mainframe retirement while simultaneously unlocking the AI capabilities provided by migrating to AWS.

我們的團隊在短短八週內就交付了可行的遷移模型，使查詢執行速度提高了三倍，並為客戶節省了大量成本。透過部署該模型，我們的客戶將能夠加速其資料中心退出和大型主機退役，同時解鎖遷移到 AWS 所提供的 AI 功能。

We also work side-by-side with AWS as a premier partner and managed services provider in the federal space. Similar to the commercial market, federal agencies are looking to modernize legacy infrastructure.

我們也與 AWS 並肩合作，成為聯邦領域的首要合作夥伴和託管服務提供者。與商業市場類似，聯邦機構也尋求對傳統基礎設施進行現代化改造。

In the second quarter, we partnered with AWS on behalf of National Security and Defense Agency clients to secure scalable cloud migrations and continuous compliance in AWS GovCloud. Alongside cloud support, our cybersecurity expertise was another solution area in demand this past quarter. For DHS Cybersecurity and Infrastructure Security Agency, or CISA, we were awarded incremental work to deliver essential technical and digital engineering services with to protecting critical infrastructure and enhancing national cybersecurity.

第二季度，我們代表國家安全與國防部客戶與 AWS 合作，以確保 AWS GovCloud 的可擴展雲端遷移和持續合規性。除了雲端支援之外，我們的網路安全專業知識是上個季度另一個需求旺盛的解決方案領域。對於國土安全部網路安全和基礎設施安全局（CISA），我們獲得了增量工作，提供必要的技術和數位工程服務，以保護關鍵基礎設施並增強國家網路安全。

We also partnered with Elastic a leading platform for search power solutions to add AI search capability into CISA's continuous diagnostic and mitigation dashboard thereby enhancing cross-domain visibility of the agency and reducing national security vulnerabilities. Collaboration with our alliance partners is critical to our success. Our strategic alliances with partners like AWS and Elastic enable us to deliver cutting-edge technology solutions tailored to our clients' unique business needs.

我們還與領先的搜尋能力解決方案平台 Elastic 合作，將 AI 搜尋功能添加到 CISA 的持續診斷和緩解儀表板中，從而增強該機構的跨域可見性並減少國家安全漏洞。與我們的聯盟夥伴的合作對於我們的成功至關重要。我們與 AWS 和 Elastic 等合作夥伴建立的策略聯盟使我們能夠提供根據客戶獨特業務需求量身定制的尖端技術解決方案。

The value of our technology partnerships is particularly evident in enterprise platform implementations, which represented a third area of focus.

我們的技術合作夥伴關係的價值在企業平台實施中尤其明顯，這是我們關注的第三個領域。

As an example, TopBloc, a leading high-growth tech-enabled Workday consultancy, recently partnered with a global provider of insurance solutions to leverage the full Workday suite across 11 countries. For this client, top log provided end-to-end implementation of the Workday Human Capital Management and payroll modules, full-service change management, manage testing services, and post go-live support. A new win for the quarter, this initiative was designed to centralize our clients' HR operations, streamline its internal processes, and enhance the company's ability to attract and retain top talent.

例如，領先的高成長技術支援的 Workday 顧問公司 TopBloc 最近與一家全球保險解決方案提供商合作，在 11 個國家/地區使用全套 Workday 套件。對於該客戶，top log 提供了 Workday 人力資本管理和工資模組的端到端實施、全方位變更管理、管理測試服務以及上線後支援。該計劃是本季度的一項新勝利，旨在集中客戶的人力資源運營，簡化其內部流程，並增強公司吸引和留住頂尖人才的能力。

TopBloc was also engaged during the quarter to develop a custom-built Workday application for a national mechanical contractor. This application enables the company's foreman and site managers to enter time on behalf of their crews in real time, aligning with the unique needs of the construction environment and showcasing TopBloc ability to support complex unionized work environments across multiple implementation phases.

本季度，TopBloc 也參與為國家機械承包商開發客製化的 Workday 應用程式。該應用程式使該公司的工頭和現場經理能夠即時代表其團隊輸入時間，以滿足施工環境的獨特需求，並展示 TopBloc 在多個實施階段支持複雜的工會工作環境的能力。

Our ServiceNow implementations are also on the rise particularly as the company makes a push to become the AI platform for digital business. In the quarter, we assisted a prominent global video game and entertainment company with deploying ServiceNow's GenAI capabilities within the HR service delivery environment. This consulting project focused on increasing automation and improving user experience by implementing GenAI to automatically classify HR cases, auto generate resolution summaries, and enhance case documentation and audit readiness.

我們的 ServiceNow 實施也在不斷增加，特別是當公司努力成為數位業務的 AI 平台時。本季度，我們協助一家著名的全球視訊遊戲和娛樂公司在人力資源服務交付環境中部署 ServiceNow 的 GenAI 功能。此諮詢專案專注於透過實施 GenAI 自動對人力資源案例進行分類、自動生成解決方案摘要以及增強案例文件和審計準備，從而提高自動化程度並改善用戶體驗。

In addition to platform-driven implementations, we are helping drive to a smarter future for our clients by providing a comprehensive suite of AI services, ranging from advisory and literacy to developing and building agentic architectures powered by our assets and accelerators.

除了平台驅動的實施之外，我們還透過提供全面的人工智慧服務，幫助客戶邁向更智慧的未來，這些服務涵蓋諮詢和素養到開發和建構由我們的資產和加速器驅動的代理架構。

In the advisory space, one of the world's largest professional services firms engaged our team of consultants, architects, and cross-capability solution leaders to rethink the process and technical design of some of their key knowledge management workflows. These workflows are currently conducted manually and involved the complex task of updating governance policies in thousands of downstream documents and systems.

在諮詢領域，全球最大的專業服務公司之一聘請了我們的顧問、架構師和跨能力解決方案領導者團隊來重新思考其一些關鍵知識管理工作流程的流程和技術設計。這些工作流程目前都是手動進行的，涉及更新數千個下游文件和系統中的治理政策的複雜任務。

The advisory phase of the engagement was successful, and we're now moving into delivery for collaboration between our US consulting team and our Mexico delivery center.

這次合作的諮詢階段取得了成功，現在我們正進入美國諮詢團隊和墨西哥交付中心之間的合作交付階段。

We are also leveraging our AI capabilities to improve data management and accelerate model deployment within the federal space.

我們也利用我們的人工智慧能力來改善資料管理並加速聯邦空間內的模型部署。

During the quarter, our government team used advanced analytics and machine learning to support the US Navy in processing vast amounts of maritime data. By training and deploying AI models on their behalf, we're helping the Navy enhance its situational awareness, safety, and operational efficiency.

本季度，我們的政府團隊使用先進的分析和機器學習來支援美國海軍處理大量海上數據。透過代表他們訓練和部署人工智慧模型，我們正在幫助海軍提高其態勢感知、安全性和作戰效率。

Beyond AI advisory, we are growing our agentic AI practice by architecting and building agents to support a myriad of client use cases. Just last week, we published an agentic AI customer service tool on the new AI agents and tools storefront in the AWS marketplace. This agent is one of the many AI accelerators being built by our teams. Ted will discuss more about our AI accelerators and investments shortly.

除了人工智慧諮詢之外，我們還透過設計和建構代理來支援大量客戶用例，從而擴大我們的代理人工智慧實踐。就在上週，我們在 AWS 市場的新 AI 代理商和工具店面上發布了代理 AI 客戶服務工具。該代理程式是我們團隊正在建造的眾多 AI 加速器之一。Ted 將很快討論更多有關我們的人工智慧加速器和投資的資訊。

But first, I'll turn the call over to our CFO, Marie, to discuss ASGN's second-quarter segment performance and third-quarter guidance.

但首先，我將把電話轉給我們的財務長瑪麗，討論 ASGN 第二季的分部業績和第三季的指導。

Thanks, Shiv. For the second quarter, revenues totaled $1.02 billion, a decrease of 1.4% year over year, but above our guidance expectations. Revenues from our Commercial segment were $708.1 million, a decrease of 2.4% compared to the prior year.

謝謝，Shiv。第二季度，總營收為 10.2 億美元，年減 1.4%，但高於我們的預期。商業部門的收入為 7.081 億美元，比上年下降 2.4%。

Assignment revenues totaled $382.4 million, a decline of 13.9% year over year, reflecting continued softness in portions of our commercial segments that are more sensitive to changes in macroeconomic cycles. Revenues from our commercial consulting, the largest of our high-margin revenue streams, totaled $325.7 million, an increase of 15.7% year over year and included the contribution from TopBloc.

任務收入總計 3.824 億美元，年減 13.9%，反映出我們商業部門中對宏觀經濟週期變化更為敏感的部分持續疲軟。商業諮詢收入是我們最大的高利潤收入來源，總計 3.257 億美元，年增 15.7%，其中包括 TopBloc 的貢獻。

Revenues from our federal government segment were $312.5 million, an increase of 1.1% year over year, including approximately $10 million of higher-than-expected license revenue. As Shiv noted, the impact from DOGE in the second quarter was in line with our expectations.

我們來自聯邦政府部門的收入為 3.125 億美元，年增 1.1%，其中包括約 1,000 萬美元高於預期的許可收入。正如 Shiv 所指出的，DOGE 在第二季的影響符合我們的預期。

Turning to margins. Gross margin for the second quarter of 2025 was 28.7%, a decrease of 40 basis points from the second quarter of last year. Gross margin from our Commercial segment was 33%, up 30 basis points year over year, reflecting a higher mix of consulting revenues as well as margin expansion in these revenues.

轉向利潤。2025年第二季毛利率為28.7%，較去年第二季下降40個基點。我們商業部門的毛利率為 33%，年成長 30 個基點，反映了諮詢收入的增加以及這些收入的利潤率的擴大。

Gross margin from our Federal Government segment was 19.2%, a decline of 140 basis points year over year due to higher volume of low-margin software licenses. Gross margin was also impacted by loss of higher-margin work under DOGE. Excluding the impact of client-driven license revenues that were outside of our guidance estimates, consolidated company gross margin was within our guidance range for the quarter.

我們聯邦政府部門的毛利率為 19.2%，年減 140 個基點，原因是低利潤的軟體許可證數量增加。毛利率也因 DOGE 政策下高利潤業務的損失而受到影響。排除超出我們指導估計的客戶驅動許可收入的影響，本季度合併公司毛利率在我們的指導範圍內。

SG&A expenses for the quarter was $216.8 million compared to $205.6 million in the second quarter of 2024. The SG&A expenses included $8.3 million in acquisition, integration, and strategic planning expenses, inclusive of cost optimization initiatives. These items were not included in our previously announced guidance estimates.

本季銷售、一般及行政費用為 2.168 億美元，而 2024 年第二季為 2.056 億美元。銷售、一般及行政費用包括 830 萬美元的收購、整合和策略規劃費用，其中包括成本優化計劃。這些項目未包含在我們之前公佈的指導估計中。

For the second quarter, net income was $29.3 million, adjusted EBITDA was $108.5 million, and adjusted EBITDA margin was 10.6%. Also at quarter end, cash and cash equivalents was $138.9 million, and we had $320 million available on our $500 million senior secured revolver.

第二季淨收入為 2,930 萬美元，調整後 EBITDA 為 1.085 億美元，調整後 EBITDA 利潤率為 10.6%。此外，截至本季末，現金和現金等價物為 1.389 億美元，而我們的 5 億美元優先擔保循環信貸中有 3.2 億美元可用。

Our net leverage ratio was 2.46 times at the end of the quarter. Our strong free cash flow provides a strategic advantage that enables ASGN to fund growth initiatives, opportunistically repurchase shares, and invest in strategic M&A, all while maintaining a healthy balance sheet.

本季末，我們的淨槓桿率為2.46倍。我們強勁的自由現金流提供了戰略優勢，使 ASGN 能夠為成長計畫提供資金、適時回購股票並投資策略併購，同時維持健康的資產負債表。

Free cash flow was $115.8 million for the second quarter, a conversion rate of approximately 107% of adjusted EBITDA. We deployed $9.5 million of our free cash flow to repurchase approximately 200,000 shares at an average share price of $58.69. At quarter end, we had approximately $470 million remaining under our $750 million share repurchase authorization.

第二季自由現金流為 1.158 億美元，轉換率約為調整後 EBITDA 的 107%。我們動用了950萬美元的自由現金流，以平均每股58.69美元的價格回購了約20萬股股票。截至季末，我們在7.5億美元股票回購授權中剩餘約4.7億美元。

Turning to guidance. Our financial estimates for the third quarter of 2025 are set forth in our earnings release and supplemental materials. These estimates are based on current market conditions and assume no further deterioration in the markets we serve.

轉向指導。我們對 2025 年第三季的財務預測載於我們的收益報告和補充資料。這些估計是基於當前的市場狀況，並假設我們所服務的市場不會進一步惡化。

Guidance also assumes 63.5 billable days in the third quarter, which is the same number of billable days as the year-ago period and 0.25 more days than in the second quarter. Estimates do not include any acquisition, integration, or strategic planning expenses.

該指引也假設第三季的可計費天數為 63.5 天，與去年同期的可計費天數相同，比第二季多 0.25 天。估計不包括任何收購、整合或策略規劃費用。

With that as background, for Q3 2025, we are estimating revenue of $992 million to $1.012 billion, net income of $35.8 million to $39.4 million, adjusted EBITDA of $108.5 million to $113.5 million and adjusted EBITDA margin of 10.9% to 11.2%.

基於此，我們預計 2025 年第三季的營收為 9.92 億美元至 10.12 億美元，淨收入為 3,580 萬美元至 3,940 萬美元，調整後 EBITDA 為 1.085 億美元至 1.135 億美元，調整後 EBITDA 為 1.085 億美元至 1.135 億美元，調整後 EBITDA 10.2%。

Thank you. I'll now turn the call back over to Ted.

謝謝。我現在將電話轉回給泰德。

Thanks, Marie. As discussed at the outset of today's call, despite ongoing macroeconomic uncertainties, our clients are continuing to invest in AI, recognizing that maintaining a competitive edge requires staying at the forefront of technological advancements.

謝謝，瑪麗。正如今天電話會議開始時所討論的那樣，儘管宏觀經濟不確定性持續存在，但我們的客戶仍在繼續投資人工智慧，因為他們認識到保持競爭優勢需要始終站在技術進步的前沿。

With that in mind, I'd like to take this opportunity to further highlight ASGN's ongoing AI investments. And how like our clients, we are strategically positioning our business amid rapid technological change.

考慮到這一點，我想藉此機會進一步強調 ASGN 正在進行的 AI 投資。與我們的客戶一樣，我們也在快速的技術變革中對我們的業務進行策略性定位。

AI enables our consultants to work faster, smarter, and with more insight driving a higher ROI for our clients. But leveraging our deep expertise in application development and managed services, we've been able to create relevant AI applications for our consultants' everyday work and ultimately share this IP with our Fortune 1000 and defense and intelligence customer base.

人工智慧使我們的顧問能夠更快、更聰明地工作，並獲得更多洞察力，從而為我們的客戶帶來更高的投資報酬率。但利用我們在應用程式開發和託管服務方面的深厚專業知識，我們已經能夠為我們的顧問的日常工作創建相關的人工智慧應用程序，並最終與我們的財富 1000 強和國防和情報客戶群共享這一 IP。

As part of our commitment to unify our company-wide AI expertise, we launched the ASGN AI Innovation Center, a collaborative initiative between our commercial and federal businesses, designed to enhance innovation, optimize resource utilization, and promote AI-driven business growth for our clients. The innovation center offers development environments, a centralized, repeatable, IP repository, documented best practices, thought leadership, and new technology evaluation.

作為我們統一全公司人工智慧專業知識的承諾的一部分，我們推出了 ASGN 人工智慧創新中心，這是我們商業和聯邦業務之間的合作計劃，旨在加強創新、優化資源利用率並促進客戶的人工智慧驅動業務成長。創新中心提供開發環境、集中式、可重複的 IP 儲存庫、記錄的最佳實踐、思想領導和新技術評估。

At the core of our innovation center are the solution accelerators proof of concept developed to quickly solve specific business problems with the help of AI. By building out these accelerators, we create repeatable, lower-cost solutions that can be easily deployed for our clients' custom environment.

我們的創新中心的核心是解決方案加速器概念驗證，旨在藉助人工智慧快速解決特定的業務問題。透過建置這些加速器，我們創建了可重複的、低成本的解決方案，可以輕鬆部署到客戶的客製化環境中。

Several accelerators have already been published and many more in the pipeline for launch this year. Some examples of those already in use include financial services agents, rapid code discovery tools, network security assistance and AWS agentic AI tool previously highlighted.

目前已有多個加速器發布，還有更多加速器將於今年推出。一些已經在使用的例子包括金融服務代理、快速代碼發現工具、網路安全援助和先前強調的 AWS 代理 AI 工具。

Our AI University is also a crucial competent of the ASGN Innovation Center. Our AI University provides resources for upskilling our sales and technical teams while serving as a launching pad for developing white papers, best practices, and training for our customers. We found that by incorporating AI understanding and education into ongoing professional development, we can drive continuous innovation by ensuring that our professionals remain relevant in a rapidly evolving market.

我們的人工智慧大學也是ASGN創新中心的重要職能部門。我們的人工智慧大學為提升我們的銷售和技術團隊的技能提供了資源，同時也為我們的客戶開發白皮書、最佳實踐和培訓提供了一個平台。我們發現，透過將人工智慧理解和教育融入持續的專業發展中，我們可以確保我們的專業人員在快速發展的市場中保持相關性，從而推動持續創新。

Through the establishment of our AI innovation center and our many centers of excellence, we are enhancing our solutions capabilities and positioning ourselves as a leading authority in all facets of commercial and federal IT modernization.

透過建立我們的人工智慧創新中心和許多卓越中心，我們正在增強我們的解決方案能力，並將自己定位為商業和聯邦 IT 現代化各個方面的領先權威。

Our diverse customer base has equipped us with a deep understanding of the distinct data and IT needs across a wide range of sectors, enabling us to effectively support each client's long-term IT road map.

我們多樣化的客戶群使我們對各個領域的不同數據和 IT 需求有了深刻的理解，使我們能夠有效地支援每個客戶的長期 IT 路線圖。

Speaking of long-term road maps, I'm excited to share today that ASGN will be hosting at Investor Day in the fourth quarter. During this event, we will speak about our company's near- and long-term strategy to unlock the next wave of growth and value creation. We look forward to sharing more details in the coming weeks.

說到長期路線圖，我很高興今天分享 ASGN 將在第四季度舉辦投資者日活動。在本次活動中，我們將討論公司的近期和長期策略，以開啟下一波成長和價值創造。我們期待在未來幾週分享更多細節。

That concludes our prepared remarks. I'd like to extend my gratitude to all of our employees for your unwavering commitment this past quarter. Your efforts have been evaluable to fostering our client relationships as we continue to evolve our business into higher-end, high-value IT consulting.

我們的準備好的演講到此結束。我要向所有員工表示感謝，感謝你們在過去一個季度的堅定承諾。隨著我們繼續將業務發展為更高端、高價值的 IT 諮詢，您的努力對於培養我們的客戶關係非常有價值。

With that, we'd now like to open up the call to questions.

好了，我們現在開始問問題。

(Operator Instructions) Tobey Sommer, Truist Securities.

（操作員指示） Tobey Sommer，Truist Securities。

Thank you. Wanted to start out and ask how TopBloc is performing relative to your expectations, and maybe numerically, what was the contribution to results?

謝謝。首先想問一下 TopBloc 的表現相對於您的預期如何，也許從數字上來說，對結果的貢獻是什麼？

Yes. So Tobey, thanks for the start of the call and the question. If you remember, we -- at the acquisition date said that TopBloc was going to contribute over the course of the year, $150 million in revenues for the full year. Mind you, it closed in the first of March. And then EBITDA margins in the high-teens. And to this point, I'd say they're tracking just ahead of those numbers on revenue, just ahead of those numbers on bookings kind of in the range on EBITDA.

是的。所以托比，感謝你開始通話並提出問題。如果你還記得的話，我們在收購日曾表示，TopBloc 將在全年貢獻 1.5 億美元的收入。請注意，它於三月一日關閉。然後 EBITDA 利潤率達到十幾個百分點。到目前為止，我想說他們的收入數字略高於 EBITDA 範圍內的收入數字，預訂數字也略高於 EBITDA 範圍內的預訂數字。

Okay. Perfect. You talked a lot about AI in your prepared remarks in terms of opportunities and described a lot of initiatives and actions that you're helping with customers. Could you talk about the more cyclical part of your assignment business, specifically sort of the Creative Circle piece? And what, if any, impact are you seeing from AI on that business, or would you describe the top-line softness as purely cyclical at this stage?

好的。完美的。您在準備好的演講中談了很多有關人工智慧的機遇，並描述了許多您幫助客戶的舉措和行動。您能否談談您的任務業務中更具週期性的部分，特別是創意圈部分？您認為人工智慧對該業務有何影響（如果有的話）？還是您認為現階段營收疲軟純粹是週期性的？

Yes. Will let Shiv answer that. I'd say pretty stable right ship and the cyclicality of it, it is one of the more cyclical pieces of the portfolio.

是的。讓 Shiv 來回答這個問題。我想說這艘船相當穩定，而且具有周期性，它是投資組合中周期性較強的部分之一。

Yeah. I think that's spot on Ted. We're not seeing anything that would indicate that there's a massive impact of AI on that business. I think it's largely the macros and cyclicality at this moment.

是的。我認為泰德說得很對。我們沒有看到任何跡象表明人工智慧對該業務產生巨大影響。我認為目前主要是宏觀因素和週期性因素。

And I think, Tobey, going on to like -- and into the beginning of the third quarter, I'd say that, that business has been stable kind of quarter to quarter.

我認為，托比，進入第三季初，我想說，業務每季都比較穩定。

It has been stable quarter to quarter. We expect that, and we also expect some parts of the consulting piece of that business to continue to progress, which we're seeing some uptick on.

每個季度都保持穩定。我們預計這一點，我們也預計該業務的諮詢部分將繼續取得進展，而且我們已經看到了一些上升趨勢。

Yeah. If you think about the opportunity in that business, even though the discretionary piece of this is earning the results of the traditional staffing part, the opportunity in customer experience is definitely a growth area. We're seeing that to Shiv's point inside the business.

是的。如果你考慮一下該業務中的機會，儘管其中可自由支配的部分是傳統人員配置部分的成果，但客戶體驗中的機會肯定是一個成長領域。我們在業務內部看到了 Shiv 的觀點。

And our consulting work in there is growing. It's not the biggest part of the business. I'd call it maybe 25%, but it's growing, and we think there's a big opportunity there as we go forward. So we'll continue to emphasize that. And at some point here, the discretionary spending is going to return and we think both of those things will contribute to Career Circle.

我們在那裡的諮詢工作正在不斷發展。這不是業務中最大的部分。我可能認為這個數字是 25%，但它正在成長，我們認為，隨著我們不斷前進，這是一個巨大的機會。因此我們會繼續強調這一點。在某種程度上，可自由支配的支出將會恢復，我們認為這兩件事都會對職業圈做出貢獻。

And then in the government consulting area in the ECS business, a couple of topics on that. One, what is the long-term margin profile? Is it any different because of the high-margin dose contracts perhaps no longer being ongoing. And do you think you grow from here? We've heard some other dedicated companies that focus on this area of the market exclusively, talk about perhaps an opportunity for calendar third quarter kind of a bigger than usual contract award period because of slow awards year to date in the federal fiscal year?

然後在 ECS 業務的政府諮詢領域，有幾個相關主題。一、長期保證金狀況如何？由於高利潤劑量合約可能不再有效，情況是否有所不同？您認為您會從這裡成長嗎？我們聽說其他一些專注於這一市場領域的公司談到，由於聯邦財政年度迄今為止的合約授予速度緩慢，日曆第三季度可能有機會出現比平時更大的合約授予期？

Yeah. I'll take the second part, and I'll let Marie talk about the gross margins. But I do think that there is a lot percolating here for the third quarter. So we're only a few weeks in. We'll have to watch that play out, but it does feel like we're back to kind of a normal cycle there.

是的。我將負責第二部分，讓瑪麗談談毛利率。但我確實認為第三季有很多事情正在醞釀。所以我們才剛開始幾週。我們必須觀察事態發展，但感覺我們已經回到正常的循環了。

It has been muted in the second quarter, as you mentioned, just because of the -- I think just the wait-and-see approach of the government contracting officials and the agency heads. But I think the positive note is here, we've got a new bill out. There's going to be a significant amount of new money in the budget, especially in the defense area, which is where we are embedded. And so I think all those portend good for us.

正如您所說，第二季度的成長勢頭一直不溫不火，我認為這只是因為政府採購官員和機構負責人採取了觀望態度。但我認為積極的一面是，我們已經出台了一項新法案。預算中將會有大量新資金，特別是在國防領域，這是我們所涉足的領域。所以我認為所有這些對我們來說都是好兆頭。

So I look for a good third quarter, but I really look for a good bookings outcome here as we get a little further down the road because the government has got to put that money to work. they're going to have to get it on the street and compete with us and our peer group to be able to get these things done because as you know very well, Tobey, the government doesn't have all these assets inside of their operation to accomplish these things that need to be accomplished in data and AI and technology modernization, cybersecurity, and other areas where we play.

因此，我期待第三季取得良好的業績，但隨著時間的流逝，我真正期待的是良好的訂單結果，因為政府必須將這些資金投入使用。他們必須將其投入使用並與我們和我們的同行競爭才能完成這些事情，因為正如托比你所知，政府在其運營中並沒有所有這些資產來完成這些需要在數據和人工智能和技術現代化、網絡安全以及我們參與的其他領域中完成的事情。

And then Marie, on the gross margin.

然後是瑪麗，關於毛利率。

Tobey. Yeah, so you were really referencing kind of gross margin and what the long-term view is. And so when we think about the Federal business, and you alluded this to as well, that the DOGE revenue that we're losing is higher margin. The reality is some of that is kind of toggling back and forth and so we'll see how that works out.

托比。是的，所以你實際上參考的是毛利率和長期前景。因此，當我們考慮聯邦業務時，您也提到了這一點，我們損失的 DOGE 收入是更高的利潤。實際情況是，其中一些是來回切換的，所以我們將看看其效果如何。

But the leadership at our federal government is also looking at increasing direct labor. So there's opportunities kind of down the road as we look at the gross margin for federal to increase our direct labor.

但我們聯邦政府的領導階層也在考慮增加直接勞動力。因此，當我們考慮聯邦政府的毛利率時，未來就有機會增加我們的直接勞動力。

And then as we've talked about just some diminishing impact on the license revenue or the balance of the license revenue that's embedded in our federal continues to get smaller and smaller.

然後，正如我們所討論的，許可收入受到的影響正在減小，或者說，聯邦政府所包含的許可收入餘額正在變得越來越小。

We've kind of played in a 20% to 21% range, and you have some of these pass-throughs coming in and out, and so that moves up and down, but that still think that's a range that we expect to be in, Tobey.

我們的表現大概在 20% 到 21% 的範圍內，而且有一些傳球進進出出，所以這個數字會上下波動，但托比，我們仍然認為這是我們預期的範圍。

Jeff Silber, BMO Capital Markets.

傑夫·西爾伯（Jeff Silber），BMO 資本市場。

Thanks so much. Sorry, just one more on federal government and then I can move on. You said that the DOGE impact was in line with your expectations. Can you remind us what those expectations were -- and what do you think the impact will be in the current quarter?

非常感謝。抱歉，我再問一個關於聯邦政府的問題，然後我就可以繼續了。您說DOGE的影響符合您的預期。您能否提醒我們這些預期是什麼—以及您認為其對本季會產生什麼影響？

Absolutely. We -- and last quarter, we actually said that the DOGE impact would be less than 2% of total revenues. As noted, unchanged, in line with our expectations for Q2, and we expect that same in Q3.

絕對地。我們——上個季度，我們實際上說過 DOGE 的影響將不到總收入的 2%。如上所述，保持不變，符合我們對第二季的預期，並且我們預計第三季也是如此。

Okay, great. Thanks so much. If commercial and maybe we can segment it between your assignment and your consulting revenues. I'm just wondering what the tone is -- it sounds like on the consulting side, there's a lot going on -- but I don't know if you're seeing the same kind of maybe potential enthusiasm on the assignment basis. Any color would be great.

好的，太好了。非常感謝。如果是商業性的，也許我們可以將其劃分為您的任務和諮詢收入。我只是想知道基調是什麼——聽起來在諮詢方面有很多事情要做——但我不知道你是否在任務基礎上看到了同樣的潛在熱情。任何顏色都很好。

Yeah. Well, I'll let Shiv comment, but you're -- I think coming out of Q2, obviously, we had a very good bookings quarter and it was stronger at the end of the quarter than it was at the beginning -- and I think here, the first three weeks, we're seeing little incremental positive on four metrics in the assignment business.

是的。好吧，我讓 Shiv 來評論，但你——我認為從第二季度開始，顯然我們有一個非常好的預訂季度，並且在本季度末比開始時更強勁——而且我認為在這裡，前三週，我們在任務業務的四個指標上幾乎沒有看到增量的積極變化。

And then Shiv, just a tone of conversation with clients.

然後是 Shiv，只是與客戶交談的語氣。

No. Absolutely, Jeff. I think the -- as you can see from our bookings numbers, there's -- we're seeing some positive signs in our commercial consulting business, specifically in certain areas like cloud, data, and AI. And then it's obviously a tale of different industries. You can see from our results that some of our industries are doing much better than the others.

不。當然，傑夫。我認為——正如您從我們的預訂數字中看到的那樣——我們的商業諮詢業務看到了一些積極的跡象，特別是在雲端、數據和人工智慧等某些領域。這顯然是不同行業的故事。從我們的結果可以看出，我們的一些行業的表現比其他行業好得多。

The reason weren't out there declaring that there's something majorly under phase. We're still watching some of our larger industries like banking and looking for the turn in those industries, which is still sort of a wait and watch for us. But overall, the sentiment, at least, is we're seeing enough good things to give us cautious optimism.

原因並不明確，只是宣稱某件大事正在發生。我們仍在關註一些較大的行業，例如銀行業，並尋找這些行業的轉機，這對我們來說仍然是一種等待和觀察。但總體而言，至少我們看到了足夠的好事，讓我們保持謹慎樂觀的態度。

And if you think about the places where we have real strength, Jeff, like data and AI, application, development, modernization, cybersecurity, enterprise systems around ServiceNow and Workday, I mean, those are all kind of developing areas of strength here as things begin to emerge, and that's the core of our capabilities, if you will. So I think we're positioned pretty well here for things to begin to release. And I think Shiv hit the nail on the head, while we're seeing some positive signs [and afford] metrics. We do need a big industry like banking specifically to begin to turn positive instead of just flattish.

傑夫，如果你想想我們真正擁有優勢的領域，例如資料和人工智慧、應用程式、開發、現代化、網路安全、圍繞 ServiceNow 和 Workday 的企業系統，我的意思是，隨著事物開始顯現，這些都是我們發展中的優勢領域，如果你願意的話，這就是我們能力的核心。所以我認為我們已經做好了充分的準備來開始發布事情。我認為 Shiv 的說法一針見血，同時我們也看到了一些正面的跡象和指標。我們確實需要像銀行業這樣的大產業開始轉為正面態勢，而不是只持平。

Surinder Thind, Jefferies.

蘇林德‧廷德（Surinder Thind），傑富瑞集團（Jefferies）。

Thank you. Can you maybe talk a little bit about the AI investments that you're making? And more specifically from the perspective of just kind of building IP. One of the narratives more broadly as we seek across IT services is that in this next wave of growth, I guess, the idea is that firms will need to build more IP than they have in the past. Can you comment on that or your thoughts and views on how that fits into your business model, in which you use more temporary workers to provide some of the consulting services on the commercial side?

謝謝。您能否談談您正在進行的人工智慧投資？更具體地說，從建構 IP 的角度來看。當我們探索 IT 服務時，更廣泛的敘述之一是，我猜想，在下一波成長中，公司將需要建立比過去更多的 IP。您能否對此發表評論，或談談您對於這如何融入您的商業模式的想法和觀點？在這種模式中，您使用更多的臨時工來提供一些商業方面的諮詢服務？

Right. Well, I think you're on the right track. Shiv?

正確的。嗯，我認為你的思路是對的。希夫？

Absolutely. Surinder, that's very much part of the strategy for us and the evolution for us. We think about -- let me talk about the fact that we're doing making investments in AI, as Ted would say, which is very focused on account and deal-specific IP development. That doesn't mean we're not investing in just broader platforms.

絕對地。Surinder，這對我們來說是策略和發展的重要組成部分。我們考慮——讓我來談談我們正在對人工智慧進行投資的事實，正如泰德所說，這非常注重帳戶和交易特定的 IP 開發。這並不意味著我們不投資更廣泛的平台。

We are -- we've got things like code discovery and open source tools around code discovery, which is our own IP. We've got open source tools around applying AI to cybersecurity, which we're deploying for clients as well. So we're doing all of that.

我們——我們擁有諸如程式碼發現和圍繞程式碼發現的開源工具之類的東西，這是我們自己的 IP。我們擁有將人工智慧應用於網路安全的開源工具，我們也正在為客戶部署這些工具。所以我們正在做這一切。

But more and more, what we're doing is we're working with partners like AWS, like Workday to start to build IP, specific to client requirements, which, in many cases, tends to be ours, but we can rapidly then scale them across multitudes of clients. So that's very much part of our strategy. That's one big pillar of how we're doing that.

但我們越來越多地與 AWS、Workday 等合作夥伴合作，開始建立特定於客戶需求的 IP，在許多情況下，這些 IP 往往是我們的，但我們可以迅速地將它們擴展到眾多客戶。所以這是我們策略的重要組成部分。這是我們實現這一目標的一個重要支柱。

The second big pillar is, we call it our own best qual kind of idea, where we're starting to apply agents within our own business again, with partners with the intent to sort of go with them to monetize them externally.

第二個重要支柱是，我們稱之為我們自己的最佳品質理念，我們開始再次在自己的業務中應用代理商，並與合作夥伴一起，意圖與他們一起在外部實現貨幣化。

So you hit the nail on the head. It's a big part of our strategy. We're not out here declaring that we've taken the hill of this stuff, but we are actively building on all those vectors that you talked about.

所以你說得對。這是我們策略的重要組成部分。我們在這裡並不是宣稱我們已經佔領了這些領域的主導地位，但我們正在積極地利用您談到的所有那些載體。

And remember, our AI capabilities within the federal government, which was our first exposure here, our leading capabilities for many years here. So bringing together our commercial and our federal expertise in our AI innovation lab, training our people, and using that halo to lift us forward on the commercial side is really what's afoot here.

請記住，我們在聯邦政府內部的人工智慧能力是我們在這裡的首次展示，也是我們多年來在這裡領先的能力。因此，將我們的商業和聯邦專業知識整合到我們的人工智慧創新實驗室中，培訓我們的員工，並利用這種光環推動我們在商業方面取得進步，這才是我們真正要做的事情。

And I think Shiv is right. While we haven't taken the hill yet, you do see that the technology cycle here is emerging. There has been remains an enormous amount of money spent on the compute part of this with the chips. Now, we're moving to, obviously, we're in the mill of data center in power, which we need to power all this stuff. You can already see the investments by big tech into software enterprise to try to bring agentic AI into their products, so then they can bring that into the customer market.

我認為 Shiv 是對的。雖然我們還沒有佔領高地，但你確實看到這裡的技術週期正在出現。在晶片的運算部分，我們仍然花費了大量的資金。現在，顯然我們正在轉向資料中心的電力供應，我們需要為所有這些東西提供電力。您已經可以看到大型科技公司對軟體企業的投資，試圖將代理人工智慧引入他們的產品中，然後他們可以將其帶入客戶市場。

Our piece of that is laying down all those AI capabilities into our customers' technology environment, which nobody knows better than us since we've been there for so long years year kind of helping them along their road map. So I would say that's developing. It's not fully emerged, but I think this is playing out as we've been speaking about over the past quarters and a couple of years.

我們的工作就是將所有這些人工智慧功能融入客戶的技術環境中，沒有人比我們更了解這一點，因為我們已經在那裡工作多年，多年來一直幫助他們實現他們的路線圖。所以我想說這正在發展中。它還沒有完全顯現出來，但我認為這就像我們在過去幾個季度和幾年裡談論的那樣。

Anything, Shiv, want to add?

Shiv，還有什麼要補充嗎？

No, I was just going to say one more thing, which is as a result of what Ted alluded, right, there is a lot of our clients -- a lot of our clients are grappling with what's the best architectural approach to go about doing this. Should we build our own, should we integrate what is existing, and we're also seeing a pretty big uptick in advisory work around those kinds of questions, which then allows us to parlay it right down to how do you not just think about the architecture, but how do you then build it and deploy it and integrate it into your environment.

不，我只是想再說一件事，這是泰德提到的結果，對，我們的許多客戶——我們的許多客戶都在努力尋找最好的架構方法來實現這一點。我們應該建構自己的架構嗎？還是應該整合現有的架構？我們也看到圍繞這些問題的諮詢工作大幅增加，這使我們能夠將其轉化為如何不僅考慮架構，還考慮如何建置、部署和整合到您的環境中。

Got it. That's actually -- I appreciate the detail there. And then when we think about the Government segment, can we talk a little bit about what is the appropriate baseline or run rate revenues? We saw the tick-up in the cost plus segment this quarter. How much of it is truly just incremental or specific to the quarter? It seems like there's obviously a lot of volatility there in that segment. And what is the right starting point or right baseline of revenues?

知道了。事實上——我很欣賞那裡的細節。然後，當我們考慮政府部門時，我們能否稍微談談適當的基線或運行率收入是多少？本季度，我們看到成本加成部分上升。其中有多少是真正增量的或特定於本季的？看起來該領域顯然存在很大的波動性。那麼收入的正確起點或正確基準是什麼？

Yeah. Well, I think if you take what we said in the release about the pass-throughs, which were about $10 million to $12 million here during the quarter, and back that out of the number, it kind of brings you down into the $300 million range. We also had a surge of some good, but I felt good direct labor billable work, so of a few million, which contributed to the quarter.

是的。嗯，我認為，如果你考慮到我們在新聞稿中所說的轉撥金額，即本季度的轉撥金額約為 1000 萬至 1200 萬美元，然後從這個數字中推導出來，那麼這個數字就會降到 3 億美元的範圍內。我們也有一些好的，但我覺得好的直接勞動力計費工作激增，所以有幾百萬，這對本季做出了貢獻。

So I mean, I think your baseline is in the mid-$290 to mid-$295, something like that is a good baseline to think about going forward. And obviously, we've got a 1.1 book-to-bill. I mean that is going to portend here that as we go into future quarters, we've got some growth in the backlog.

所以我的意思是，我認為你的基準是在 290 美元中段到 295 美元中段之間，這樣的價格是考慮未來走勢的良好基準。顯然，我們的訂單出貨比是 1.1。我的意思是，這預示著隨著我們進入未來幾個季度，我們的積壓訂單將會有所增長。

And then back to the first question from Tobey, what's going on in that marketplace, but we now have a bill. We're going to have more money flowing into the defense department. There's money flowing into the areas that we practice.

然後回到托比的第一個問題，市場上發生了什麼，但我們現在有了一份法案。我們將向國防部投入更多資金。有資金流入我們業務涉及的領域。

So I don't want to get you Shiv's words say that we've taken the hill, but we've got things developing here. And it may take a couple few quarters for them to play themselves out, but we're on a path here. I think that we're going to be in a good spot here based on what the government's initiatives are and where we've got the business positioned.

所以我不想讓 Shiv 說我們已經佔領了山頭，而是我們在這裡已經取得了進展。他們可能需要幾個季度的時間才能發揮自己的實力，但我們已經走在了正確的道路上。我認為，根據政府的舉措和我們的業務定位，我們將處於有利地位。

Got it. I'll leave it there for my colleagues. Thank you.

知道了。我會把它留在那裡給我的同事。謝謝。

Jason Haas, Wells Fargo.

富國銀行的傑森·哈斯。

Hey, good afternoon. Thanks for taking my questions. I was curious if you could speak a little bit more about what drove the strength in the Consumer and Industrial segment since that saw a nice acceleration in the quarter.

嘿，下午好。感謝您回答我的問題。我很好奇，您是否可以再多談談是什麼推動了消費和工業領域的強勁成長，因為該領域在本季度實現了良好的成長。

Yeah. I mean, I can give you some color on what drove the strength. Look, we've -- as we pointed out and when we talked about our earnings, there were certain subsectors like materials and utilities which were a significant part of what drove our strength in that from a sectoral perspective.

是的。我的意思是，我可以給你解釋一下是什麼推動了這種力量。你看，正如我們在談論收益時指出的那樣，從行業角度來看，材料和公用事業等某些子行業是我們在該領域實力的重要推動力。

From a solutions perspective, I think what we're seeing is continued dynamic investments and demand from our clients in states like cloud, data and AI, custom software development. And that's where we're seeing the biggest uptick. So we had several areas where we were able to either add new logos or continue to expand our work in those domains.

從解決方案的角度來看，我認為我們看到的是客戶在雲端、數據和人工智慧、客製化軟體開發等領域持續的動態投資和需求。這就是我們看到的最大上漲之處。因此，我們可以在多個領域中添加新標誌或繼續擴展我們在這些領域的工作。

And I'll add like in the energy and utilities subsectors of that category, obviously, they have checks to right here to bring themselves forward and meet the needs of the power generation but for the people and for the data centers. And so there's kind of opportunity there that traditionally may be a little stoic as an industry, but it's a lot more dynamic now over the last year or two.

我還要補充一點，就像該類別中的能源和公用事業子行業一樣，顯然，他們必須在這裡進行檢查，以推動自己前進並滿足發電的需求，同時也滿足人民和資料中心的需求。因此，這個行業傳統上可能比較冷淡，但在過去一兩年裡，這個行業變得活躍多了，因此也存在著某種機會。

And also in certain industries like energy, our partnership strategy is paying out pretty significant dividends where we've built some assets for very industry-specific questions on asset utilization, predictive maintenance, et cetera, with partners like Databricks. And that's allowing us to scale across the industry. So it's different parts of the strategy playing out, but it's essentially continued strength in our solution areas.

而且在能源等某些產業，我們的合作策略正在帶來相當可觀的回報，我們與 Databricks 等合作夥伴一起針對資產利用率、預測性維護等行業特定問題建立了一些資產。這使我們能夠擴大整個行業的規模。因此，這是策略不同部分的體現，但本質上是我們解決方案領域的持續優勢。

That's great. That's great color. And then as a follow-up, I was curious if you could talk about -- you gave some good examples of how AI is helping you generate revenue and helping our clients leverage and use these AI tools. But I was curious about if you could talk about your internal use of AI, and if you've been able to find some efficiencies within your own business from using some of those tools. Thanks.

那太棒了。顏色真棒。然後作為後續問題，我很好奇您是否可以談談——您給出了一些很好的例子，說明人工智慧如何幫助您創造收入，以及如何幫助我們的客戶利用和使用這些人工智慧工具。但我很好奇您是否可以談談您內部對人工智慧的使用情況，以及您是否能夠透過使用其中一些工具在您自己的業務中提高效率。謝謝。

Yeah. Well, look, I think that we're -- I mean, Shiv put it right, we want to be an AI-led organization, both for ourselves and the productivity and opportunity that gives us and to showcase that in front of clients.

是的。嗯，看，我認為我們——我的意思是，Shiv 說得對，我們希望成為一個由人工智慧主導的組織，這不僅是為了我們自己，也是為了它給我們帶來的生產力和機會，並向客戶展示這一點。

In all of our enterprise software tools, whether it's our front office systems or our back office systems or our digital layer with ServiceNow, there's a agentic AI opportunities in all of those enterprise systems that we're going to -- are beginning to bring to bear and are going to bring to bear further in our own operations.

在我們所有的企業軟體工具中，無論是我們的前台系統、後台系統還是 ServiceNow 的數位層，所有這些企業系統中都存在著代理 AI 機會，我們將開始發揮這些機會並將在我們自己的營運中進一步發揮這些機會。

If you think about our function as an IT staffing company and the recruiting and sales that go along with that, we've implemented AI techniques in there to make us much more productive, That's been an ongoing effort here for years.

如果你考慮我們作為一家 IT 人力資源公司以及與之相關的招聘和銷售業務，我們已經在其中實施了人工智慧技術來提高我們的工作效率，這是我們多年來持續不斷的努力。

We're developing tools that help us on the bid proposal and win process to bring use cases up very efficiently for our team and delay those down into presentations in a way that we used to use a lot of pushing of the keyboard to do. So I think those are just some of the opportunities here.

我們正在開發一些工具，幫助我們在投標提案和中標過程中非常有效地為我們的團隊提出用例，並將它們延遲到簡報中，而以前我們經常需要敲擊鍵盤來完成這些工作。所以我認為這些只是這裡的一些機會。

I probably should also not let it go without saying cybersecurity has been a big one. Our work that we've done in cybersecurity, beginning in the federal government now in the commercial marketplace, the number of threats are so voluminous that you just can't process at all without AI capabilities.

我可能還應該說網路安全是一個大問題。我們在網路安全方面所做的工作，從聯邦政府開始，現在已經擴展到商業市場，威脅的數量如此之多，如果沒有人工智慧能力，根本無法處理。

And some of those are bringing -- brought by the security software firms and some of that's being generated by us. So I think these are all examples across our organization, where we're diving in head first into all of these AI opportunities that make us better, more productive, more growthy, and a great call for our customer.

其中一些是由安全軟體公司帶來的，還有一些是由我們自己創造的。所以我認為這些都是我們整個組織的例子，我們首先深入研究所有這些人工智慧機會，這些機會使我們變得更好、更有效率、更有發展，並為我們的客戶帶來更大的利益。

Alex Sinatra, Baird.

亞歷克斯辛納屈、貝爾德。

Hi. I've just got a quick one just because a lot of things were covered already, but I was just wondering, given this discussion around AI and this big initiative that you're undergoing with all these investments. I was wondering kind of what the cost of that is on your end, especially for can you lot co-discovery the cybersecurity of the agents, just what that will end up costing. Any color on that would be great.

你好。我只想快速問一下，因為很多事情已經討論過了，但我只是想知道，考慮到圍繞人工智慧的討論以及你們在所有這些投資中正在進行的這項重大舉措。我想知道你們這邊的成本是多少，特別是對於你們能否共同發現代理商的網路安全，最終成本是多少。任何顏色都可以。

Yeah. Look, I don't think you're seeing it. I guess, maybe I'll put it this way. We're not quantifying all these costs, but you're not seeing it degregate or margin profiles. If anything, you're seeing we're thinking about like your clients, which is where can we make an investment here and get an acceleration to a return. And so in that way, we're able to meet the business case objective, whatever the case may be.

是的。瞧，我認為你沒有看到它。我想，也許我會這樣說。我們沒有量化所有這些成本，但您沒有看到它的分解或利潤概況。如果有的話，你會看到我們正在考慮你的客戶，那就是我們可以在哪裡進行投資並加速獲得回報。這樣，無論情況如何，我們都能夠實現業務案例目標。

And we're continuing to see our margins here kind of be creeping up because of that. So I mean, I won't quantify the number for you, but I'll just say it's not degradating. It's adding to our margin profile will continue to as those things get more mature.

因此，我們的利潤率持續攀升。所以我的意思是，我不會為你量化這個數字，但我只能說它並沒有降低。隨著這些事情變得更加成熟，它將繼續增加我們的利潤率。

Thank you. And we have reached the end of the question-and-answer session. I would like to turn the floor back to Ted Hanson for closing remarks.

謝謝。問答環節現已結束。我想請泰德漢森作最後發言。

Great. Well, I want to thank everyone for being here this afternoon, and we look forward to speaking with you in October on our third-quarter earnings release conference call. Thank you, and be well.

偉大的。好吧，我要感謝大家今天下午的到來，我們期待在十月份的第三季收益發布電話會議上與大家交談。謝謝，祝您一切安好。

Thank you. And this does conclude today's conference, and you may disconnect your lines at this time. We thank you for your participation.

謝謝。今天的會議到此結束，大家可以斷開連線了。我們感謝您的參與。