DXC Technology Co (DXC) 2024 Q3 法說會逐字稿

Thank you for standing by. My name is Christina, and I will be your conference operator today. At this time, I would like to welcome everyone to the DXC Technology Q3 Earnings Call. (Operator Instructions)

謝謝你的支持。我叫克里斯蒂娜，今天我將擔任你們的會議操作員。此時此刻，我歡迎大家參加 DXC Technology 第三季財報電話會議。 （操作員說明）

I would now like to turn the floor over to John Sweeney, Vice President of Investor Relations. John, you may begin your conference.

現在我想請投資者關係副總裁約翰‧斯威尼 (John Sweeney) 發言。約翰，你可以開始你的會議了。

Thank you, and good afternoon, everybody. I'm pleased that you're joining us for DXC Technology's Third Quarter Fiscal Year 2024 Earnings Call. Our speakers on the call today will be Raul Fernandez, President and CEO; and Rob Del Bene, our EVP and CFO. The call is being webcast at DXC's Investor Relations website, and the webcast includes slides that will accompany this discussion today.

謝謝大家，大家下午好。我很高興您能參加 DXC Technology 2024 財年第三季財報電話會議。今天電話會議的發言人是總裁兼首席執行官勞爾·費爾南德斯 (Raul Fernandez)；以及我們的執行副總裁兼財務長 Rob Del Bene。這場電話會議正在 DXC 的投資者關係網站上進行網路直播，網路直播包括今天討論中附帶的幻燈片。

Today's presentation includes certain non-GAAP financial measures, which we believe provide useful information to our investors. In accordance with SEC rules, we provide a reconciliation of these measures to their respective and most directly comparable GAAP measures. These reconciliations can be found in the tables included in today's earnings release and in the webcast slides.

今天的演示包括某些非公認會計準則財務指標，我們相信這些指標為我們的投資者提供了有用的信息。根據 SEC 規則，我們提供了這些指標與各自最直接可比較的 GAAP 指標的調整表。這些調節可以在今天的收益發布和網路廣播幻燈片中包含的表格中找到。

Certain comments we make on the call will be forward-looking. These statements are subject to known risks and uncertainties, which could cause actual results to differ materially from those expressed on the call. A discussion of these risks and uncertainties is included in our annual report on Form 10-K and other SEC filings. I'd now like to remind our listeners that DXC Technology assumes no obligation to update the information presented on the call except as required by law.

我們在電話會議中發表的某些評論將具有前瞻性。這些陳述受到已知風險和不確定性的影響，可能導致實際結果與電話會議中表達的結果有重大差異。對這些風險和不確定性的討論包含在我們的 10-K 表格年度報告和其他 SEC 文件中。現在我想提醒我們的聽眾，除法律要求外，DXC Technology 不承擔更新電話會議中提供的資訊的義務。

And with that, I'd like to introduce DXC Technology's President and CEO, Raul Fernandez. Raul?

接下來，我想介紹一下 DXC Technology 的總裁兼執行長 Raul Fernandez。勞爾？

Thanks, John, and good evening, everyone. Thank you for joining today's call. I'm Raul Fernandez, President and CEO of DXC. Before we start, I would like to thank Mike Salvino for his contributions to DXC. As you saw in the press release issued before the call today, the Board of Directors has appointed me to be the President and CEO of DXC. I am honored and excited to take those positions and, therefore, I am no longer Interim CEO.

謝謝約翰，大家晚上好。感謝您參加今天的電話會議。我是 DXC 總裁兼執行長 Raul Fernandez。在開始之前，我要感謝 Mike Salvino 對 DXC 的貢獻。正如您在今天電話會議之前發布的新聞稿中看到的那樣，董事會已任命我為 DXC 的總裁兼執行長。我很榮幸也很高興擔任這些職位，因此我不再擔任臨時執行長。

Let me take you through our agenda for the call. I will start my commentary by sharing my observations of DXC. We will then review the business performance and discuss each of our 6 offerings. Rob will then discuss our financial results in more detail. And finally, I will leave you with a few key takeaways before opening the call up for questions.

讓我向您介紹我們的電話會議議程。我將透過分享我對 DXC 的觀察來開始我的評論。然後，我們將審查業務績效並討論我們的 6 個產品中的每一個。然後，羅布將更詳細地討論我們的財務表現。最後，在開始提問之前，我將向您介紹一些關鍵要點。

As you can see on Slide 5, we had solid performance in the third quarter. Organic revenue growth came in at the midpoint of our guidance range. Adjusted EBIT margin and non-GAAP EPS were both above our guidance range. Free cash flow was $585 million in the quarter, an excellent result and up 26% as compared to prior year. As you may know, I have been a DXC Board Member since 2020, having previously served as Chairman of the Nominating and Corporate Governance Committee and as a member of the Compensation Committee.

正如您在幻燈片 5 中看到的那樣，我們在第三季度表現強勁。有機收入成長位於我們指導範圍的中點。調整後的息稅前利潤率和非公認會計原則每股收益均高於我們的指導範圍。本季自由現金流為 5.85 億美元，成績優異，比去年同期成長 26%。如您所知，我自 2020 年以來一直擔任 DXC 董事會成員，此前曾擔任提名和公司治理委員會主席以及薪酬委員會成員。

A little over 40 days ago, I was appointed Interim President and CEO. In my first 40 days plus, I have met with employees, customers, partners and investors. As a director, you get a good sense of the business, its values and its challenges. But as an operator, you get to go deeper and fully appreciate the talents, technologies and great work that our employees do every day around the world. You also get a really good sense of how we can work smarter and elevate our performance.

40 多天前，我被任命為臨時總裁兼執行長。在我任職的前 40 多天裡，我會見了員工、客戶、合作夥伴和投資者。作為董事，您可以很好地了解業務、其價值觀和挑戰。但作為一名營運商，您可以更深入地了解我們的員工每天在世界各地所做的人才、技術和出色的工作。您還可以很好地了解我們如何更聰明地工作並提高我們的績效。

In the last 40 days, I have learned to more deeply appreciate the mission-critical nature of the work our employees do on behalf of our clients, the digital systems that we build and implement and the technology and software that we operate for global brands. And here's a great example of our capabilities. I recently visited our Madrid office and met with the leadership and full team. I got to listen to the great capabilities that we have, and the team briefed me on the work they do with Banco Sabadell, a leading Spanish financial institution. The bank decided to realign their business processes by splitting applications testing from development and maintenance in order to improve quality, time to market and cost efficiency.

在過去的 40 天裡，我學會了更深刻地理解我們的員工代表客戶所做的工作、我們建立和實施的數位系統以及我們為全球品牌運營的技術和軟體的關鍵任務性質。這是我們能力的一個很好的例子。我最近訪問了我們的馬德里辦事處，並會見了領導層和整個團隊。我聽到了我們擁有的強大能力，團隊向我介紹了他們與西班牙領先金融機構薩瓦德爾銀行 (Banco Sabadell) 所做的工作。該銀行決定透過將應用程式測試與開發和維護分開來重新調整其業務流程，以提高品質、上市時間和成本效率。

DXC partnered with Banco Sabadell to achieve this goal. Legacy application development increased and the speed of bringing applications into production accelerated by 50%. The team reduced application modernization cost by 40% and reduced testing time by 30%. As a result of this initial success, the bank is expanding our engagement into other critical business operations.

DXC 與 Banco Sabadell 合作實現這一目標。遺留應用程式開發增加，應用程式投入生產的速度加快了 50%。該團隊將應用程式現代化成本降低了 40%，並將測試時間縮短了 30%。由於取得了初步成功，該銀行正在將我們的參與範圍擴大到其他關鍵業務運作。

Now I will take a few minutes to share my priorities and the near-term actions we are taking. The foundation of our business is service delivery excellence. DXC is trusted with delivering mission-critical IT services for our customers, and we will continue to drive an intense focus on delivery and customer satisfaction. While our company has an impressive collection of assets, technology and people, it's clear that we need to sharpen our execution and accelerate our performance.

現在我將花幾分鐘分享我的優先事項以及我們正在採取的近期行動。我們業務的基礎是卓越的服務交付。 DXC 因能夠為客戶提供關鍵任務 IT 服務而受到信賴，我們將繼續高度關注交付和客戶滿意度。雖然我們公司擁有令人印象深刻的資產、技術和人員，但很明顯，我們需要提高執行力並加快績效。

To accomplish this, we are going to continue the full implementation of our operating model, establishing global offerings with full responsibility for offering development, delivery, solution design and P&L accountability. In addition, we will sharpen our sales execution through a geographic market-based sales team. This will enable us to develop market-leading offerings with the right solutioning and pricing and with local sales execution. I have learned that there are many compelling attributes of DXC that are either underappreciated or unknown outside the company.

為了實現這一目標，我們將繼續全面實施我們的營運模式，建立全球產品，並全面負責產品開發、交付、解決方案設計和損益問責。此外，我們將透過基於地理市場的銷售團隊來提高我們的銷售執行力。這將使我們能夠透過正確的解決方案和定價以及本地銷售執行來開發市場領先的產品。我了解到，DXC 有許多引人注目的屬性，但在公司外部要么未被充分重視，要么不為人所知。

We will change this by doing a better job of highlighting each of our 6 offerings, showcasing how we tailor our services to empower customer success. We will emphasize the unique value we deliver and highlight our competitive advantages with much greater clarity. As CEO, it is imperative to stay closely connected to our employees and our customers as they have great ideas and insights that can be harnessed to take the company to the next level.

我們將透過更好地突出我們的 6 種產品中的每種產品來改變這一現狀，展示我們如何客製化我們的服務以幫助客戶取得成功。我們將強調我們提供的獨特價值，並更明確地突出我們的競爭優勢。作為首席執行官，必須與我們的員工和客戶保持密切聯繫，因為他們有很好的想法和見解，可以利用這些想法和見解將公司提升到一個新的水平。

I'm going to invest the time to get this feedback on an ongoing basis. Focusing on these priorities will allow us to achieve our financial objectives, maintaining our solid investment-grade credit rating, investing back into the business and delivering on our capital allocation priorities, including buybacks. The Board and I are fully aligned on our capital allocation strategy.

我將投入時間持續獲取這些回饋。專注於這些優先事項將使我們能夠實現我們的財務目標，維持我們堅實的投資等級信用評級，投資回業務並實現我們的資本配置優先事項，包括回購。董事會和我在我們的資本配置策略上完全一致。

With that said, let's move to review our 3 GBS and our 3 GIS offerings. In Analytics & Engineering, we engineer great products, services, experiences and operations for global brands. Our A&E team has an unmatched array of talent across AI, engineering, software development and deep industry knowledge. That combination makes us a trusted partner. An example of our tremendous work here is in the auto industry. The competitive landscape for auto manufacturers is shifting to full digital transformation, and we have been instrumental in helping our clients make that transition. A leading, German premium auto manufacturer has told us that, "We would not have had autonomous driving without DXC."

話雖如此，讓我們回顧一下我們的 3 GBS 和 3 GIS 產品。在分析與工程領域，我們為全球品牌設計出色的產品、服務、體驗和營運。我們的 A&E 團隊在人工智慧、工程、軟體開發和深厚的行業知識方面擁有無與倫比的人才。這種結合使我們成為值得信賴的合作夥伴。我們在汽車行業所做的巨大工作的一個例子。汽車製造商的競爭格局正在轉向全面數位轉型，我們在幫助客戶實現這項轉型方面發揮了重要作用。一家領先的德國高端汽車製造商告訴我們，“如果沒有 DXC，我們就不會有自動駕駛。”

Next up, Applications. The Applications business is made up of 2 components: custom application development and enterprise applications. DXC is uniquely positioned to service this market because of our decades long and deep industry expertise. Moreover, because of our heritage in running mission-critical systems, we know how to get value quickly and with minimal operational risk.

接下來是應用程式。應用程式業務由兩個部分組成：客製化應用程式開發和企業應用程式。憑藉我們數十年深厚的行業專業知識，DXC 在服務該市場方面處於獨特的地位。此外，由於我們在運行關鍵任務系統方面的傳統，我們知道如何快速獲得價值並以最小的營運風險。

Our focus and strategy has led us to build our strategic business units centered around platforms such as SAP, ServiceNow and Oracle. By developing specific expertise on these platforms, we are more competitive in large deals for these implementations and integrations while maintaining robust project work capabilities. Early results are encouraging, with new logos increasing quarter-over-quarter. Also the size of new work versus renewals is going in the right direction, and our deal sizes are gradually increasing year-over-year.

我們的重點和策略引導我們圍繞 SAP、ServiceNow 和 Oracle 等平台建立策略業務部門。透過在這些平台上開發特定的專業知識，我們在這些實施和整合的大型交易中更具競爭力，同時保持強大的專案工作能力。早期結果令人鼓舞，新商標逐季度增加。此外，新作品的規模與續訂的規模正朝著正確的方向發展，我們的交易規模也逐漸增加。

More data and more tools require our customers to be better and faster across business functions. We have a great experienced global talent base to help with that. As we all know, AI will impact all aspects of society. But in the near term, customers with large data sets are best positioned to extract value from AI. We have many global customers with large data sets, and we have the expertise to help them leverage this data to extract actionable insights and optimize operations for improved efficiency and innovation.

更多數據和更多工具要求我們的客戶更好更快地跨業務職能。我們擁有經驗豐富的全球人才庫來幫助實現這一目標。眾所周知，人工智慧將影響社會的各個層面。但在短期內，擁有大數據集的客戶最有能力從人工智慧中獲取價值。我們擁有許多擁有大量資料集的全球客戶，我們擁有專業知識來幫助他們利用這些資料來提取可行的見解並優化運營，以提高效率和創新。

To round off our GBS segment, I'm excited to give you a little bit more detail about our Insurance Software & BPS offering. Our software insurance business unit facilitates the operations of 80% of Fortune 500 insurance companies. Our work is valued and appreciated by our customers. We earned about 500 customer renewals in fiscal year '23, demonstrating the stickiness of our platform with our insurance customers. We're building out our portfolio of SaaS-based products to provide our customers with additional features and solutions and, in many cases, are co-developing those solutions with our customers.

為了完善我們的 GBS 部分，我很高興向您提供有關我們的保險軟體和 BPS 產品的更多詳細資訊。我們的軟體保險業務部門為 80% 的財富 500 強保險公司的營運提供了便利。我們的工作受到客戶的重視和讚賞。我們在 23 財年獲得了約 500 名客戶續約，證明了我們的平台對保險客戶的黏性。我們正在建立基於 SaaS 的產品組合，為客戶提供額外的功能和解決方案，並且在許多情況下，我們正在與客戶共同開發這些解決方案。

Turning to GIS. Let's start with our security offering. Cybersecurity is a top C-suite concern given the increase in global and state-sponsored incidents. Customers want simplicity in their security ecosystem. We are able to deliver that for them through our best-of-suite security solutions in which we devise and implement a security setup where the tools work seamlessly with each other to create the best possible security environment for each customer's needs. The need for security continues to grow, and we fully expect to participate in this growth to a better degree than we have historically.

轉向地理資訊系統。讓我們從我們的安全產品開始。鑑於全球和國家支持的事件不斷增加，網路安全成為高階主管最關心的問題。客戶希望他們的安全生態系統變得簡單。我們能夠透過我們的最佳套件安全解決方案為他們提供這項服務，在該解決方案中，我們設計並實施了一個安全設置，其中的工具可以彼此無縫協作，為每個客戶的需求創建最佳的安全環境。對安全的需求持續成長，我們完全期望以比歷史上更好的程度參與這種成長。

In Cloud & ITO, DXC is one of the largest service providers in the industry. The key to delivery in this space is to leverage automation, working in conjunction with experienced IT professionals that can handle required interventions. With our new geographic sales organization being closer to the customer, we are focused on increasing our share. We are able to provide experienced live support to your current environment. And with our team, we have all the right capabilities to modernize and streamline IT platforms as we enable our clients' cloud transitions.

在雲端和ITO領域，DXC是業界最大的服務供應商之一。該領域交付的關鍵是利用自動化，與能夠處理所需幹預措施的經驗豐富的 IT 專業人員合作。隨著我們新的地理銷售組織更加貼近客戶，我們致力於增加我們的份額。我們能夠為您目前的環境提供經驗豐富的現場支援。透過我們的團隊，我們擁有實現 IT 平台現代化和簡化的所有適當能力，幫助客戶實現雲端轉型。

Next, we have modern workplace. AI will have a big impact here, enabling greater ticket issue resolution in an automated fashion. Our customers move from working in one place to embracing a distributed, location-agnostic work model. Employees expect mobility; employees expect customer service and support models and a frictionless IT experience. We aim to provide a near 0 touch support model that enables employees to onboard, work and solve problems without using traditional IT support mechanisms like calling in and logging in tickets.

其次，我們有現代化的工作場所。人工智慧將在這裡產生巨大影響，以自動化方式實現更好的票證問題解決。我們的客戶從在一個地方工作轉向採用分散式、與地點無關的工作模式。員工期望流動性；員工期望客戶服務和支援模式以及順暢的 IT 體驗。我們的目標是提供近乎零接觸的支援模式，使員工能夠在不使用傳統 IT 支援機制（如呼叫和登入工單）的情況下入職、工作和解決問題。

With this approach, we enhance and hit on the metrics that are important to our customers. These metrics are employee productivity, engagement and sentiment. Our financial focus is on improving the business mix. By this, I mean further reducing low-margin resale revenue and driving a higher level of services, including those directly associated with AI and automation.

透過這種方法，我們增強並找到了對客戶重要的指標。這些指標是員工生產力、敬業度和情緒。我們的財務重點是改善業務組合。我的意思是進一步減少低利潤的轉售收入並推動更高水準的服務，包括與人工智慧和自動化直接相關的服務。

Okay. With that, I will turn the call over to Rob to discuss the financials.

好的。這樣，我將把電話轉給羅布，討論財務問題。

Thank you, Raul. I'll now provide you with a review of our third quarter performance with results in line or ahead of our 3Q guidance. Organic revenue growth was down 4.5% year-over-year, which came in at the midpoint of our organic revenue guidance. Our results continue to be impacted by the year-to-year decline of resale revenues, which was 90 basis points of the 4.5% decline. Adjusted EBIT margin came in at 7.6%, above our guidance range and up 30 basis points quarter-to-quarter. Margin was down 110 basis points year-to-year with the decline due to a 50 basis point impact of lower noncash pension income, a 40 basis point impact from a lower level of asset sales and a nonrecurring 30 basis point impact from executive severance costs.

謝謝你，勞爾。現在，我將向您回顧我們第三季的業績，結果符合或領先於我們的第三季指引。有機收入成長年減 4.5%，處於我們有機收入指引的中點。我們的業績持續受到轉售收入年減的影響，轉售收入下降了 4.5%，下降了 90 個基點。調整後息稅前利潤率為 7.6%，高於我們的指導範圍，比上一季上升 30 個基點。利潤率年減 110 個基點，下降的原因是非現金退休金收入下降 50 個基點的影響、資產銷售水準下降 40 個基點的影響以及高階主管遣散費帶來的非經常性 30 個基點的影響。

Without these 3 impacts, margins would have been up year-to-year. Non-GAAP EPS was $0.87, $0.07 above our guidance range and up $0.17 sequentially. Free cash flow for the quarter was $585 million, the result of disciplined operational management and improving control of capital expenditures and working capital. As I've mentioned on previous calls, our free cash flows are seasonally weighted to the second half of the year and that played out in the quarter. Book-to-bill was 0.99 with improved performance from the first half of the fiscal year. The trailing 12-month book-to-bill is 0.93.

如果沒有這三個影響，利潤率將會逐年上升。非 GAAP 每股收益為 0.87 美元，比我們的指導範圍高出 0.07 美元，比上一季上漲 0.17 美元。該季度的自由現金流為 5.85 億美元，這是嚴格的營運管理以及改善資本支出和營運資本控制的結果。正如我在之前的電話會議中提到的，我們的自由現金流按季節加權到下半年，並在本季度發揮作用。訂單出貨比為 0.99，較本財政年度上半年有所改善。過去 12 個月的訂單出貨比為 0.93。

Now moving to our key financial metrics. Our third quarter gross margin of 22.4% was up 70 basis points year-over-year, benefiting from our ongoing labor and nonlabor cost reductions. SG&A was 8.5% of revenues, nearly flat in absolute dollars as we are maintaining our go-to-market investment levels. Other income decreased $51 million year-to-year, driven primarily by a decline in noncash pension income, lower gains on asset sales and foreign exchange. Adjusted EBIT margins were down 110 basis points due to, as I mentioned on the first slide, lower pension income, lower asset sales and executive separation costs.

現在轉向我們的關鍵財務指標。受惠於我們持續的勞動力和非勞動成本削減，我們第三季的毛利率為 22.4%，較去年同期成長 70 個基點。 SG&A 佔營收的 8.5%，以絕對美元計算幾乎持平，因為我們維持了上市投資水準。其他收入年減 5,100 萬美元，主要是由於非現金退休金收入下降、資產銷售和外匯收益下降。正如我在第一張投影片中提到的，由於退休金收入下降、資產出售和高階主管離職成本下降，調整後息稅前利潤率下降了 110 個基點。

Net interest expense was $22 million, an increase of $7 million year-over-year, primarily due to a higher level of variable interest expense on short-term debt. Net interest expense improved $3 million sequentially. Non-GAAP EPS was down $0.08 year-to-year, with the main decreases being a higher tax rate of $0.12, $0.06 of lower pension income, $0.05 of lower gains on asset sales and other impacts such as executive severance and higher interest expense. These decreases were partially offset by a $0.15 benefit from a reduced share count and an $0.08 benefit from noncontrolling interest.

淨利息支出為 2,200 萬美元，年增 700 萬美元，主要是由於短期債務可變利息支出水準較高。淨利息支出比上一季增加 300 萬美元。非 GAAP 每股收益年減 0.08 美元，主要下降是稅率提高 0.12 美元、退休金收入降低 0.06 美元、資產出售收益降低 0.05 美元以及高管遣散費和利息支出增加等其他影響。這些減少被股份數量減少帶來的 0.15 美元收益和非控制權益帶來的 0.08 美元收益部分抵消。

Now turning to our segment results. Our business mix continues to trend to our higher-margin GBS segment and the 2 segments are now almost equal with GBS at 49.9%, up 120 basis points from a year ago. GBS grew 30 basis points organically. The deceleration in the GBS organic growth rate is a reflection of the challenging market environment. GBS profit margin was 11.9%, consistent with the performance from the first half of the year. We are managing our GBS resource levels to capture future growth opportunities.

現在轉向我們的部門業績。我們的業務組合繼續趨向於利潤率較高的 GBS 細分市場，這兩個細分市場現在幾乎與 GBS 持平，均為 49.9%，比一年前增長了 120 個基點。 GBS有機成長30個基點。 GBS 有機成長率的減速反映了充滿挑戰的市場環境。 GBS利潤率為11.9%，與上半年表現一致。我們正在管理 GBS 資源水平，以抓住未來的成長機會。

Turning now to GIS. Organic revenue declined 8.9%, a modest improvement from first half performance. GIS profit margin increased 40 basis points year-over-year, driven by the ongoing execution of cost reduction initiatives.

現在轉向 GIS。有機收入下降 8.9%，較上半年業績略有改善。在持續執行成本削減措施的推動下，GIS 利潤率年增 40 個基點。

Now moving on to our individual offerings. First in GBS. Our Analytics & Engineering team, which has world-class industry capabilities in the field of design and engineering, has been impacted by the economic environment, bringing our growth rate to low single digits. In the quarter, we did have an improved book-to-bill due to a high volume of client renewals, which is a strong validation of the value delivered by the A&E team.

現在轉向我們的個人產品。首先是GBS。我們的分析與工程團隊在設計和工程領域擁有世界一流的產業能力，但受到經濟環境的影響，使我們的成長率降至較低的個位數。在本季度，由於大量客戶續訂，我們的訂單出貨量確實有所改善，這是對 A&E 團隊交付價值的強大驗證。

Moving to our Applications offering. Revenue declined 2% and is consistent with the performance of the first half of the year and reflective of our bookings for the last 2 quarters. In the quarter, we improved our book-to-bill to 1.11x with a number of large renewals, new client acquisitions and an increase in project-based services. Our insurance offering continues to grow, with organic revenue up 2.1%. Book-to-bill was 1.58x, up significantly from our first half performance. Bookings in this business vary from quarter to quarter based on the timing of large renewals.

轉向我們的應用程式產品。收入下降了 2%，與上半年的業績一致，也反映了我們過去兩個季度的預訂情況。本季度，我們透過大量續約、新客戶收購和基於專案的服務的增加，將訂單出貨比提高至 1.11 倍。我們的保險產品持續成長，有機收入成長 2.1%。訂單出貨比為 1.58 倍，較上半年表現大幅提升。根據大額續訂的時間，該業務的預訂量每季都會有所不同。

In 3Q, we had 2 significant renewals, reflecting strong customer recognition of the value of our software platform and services capabilities. Our insurance SaaS business continued its strong performance, growing 6% in the quarter. In the fourth quarter, we expect the growth rate to temporarily moderate due to onetime perpetual IP license sale in the fourth quarter of fiscal '23.

第三季度，我們進行了兩次重大續約，反映出客戶對我們軟體平台和服務能力價值的強烈認可。我們的保險 SaaS 業務持續保持強勁表現，本季成長 6%。在第四季度，由於 23 財年第四季度的一次性永久 IP 許可銷售，我們預計成長率將暫時放緩。

Now moving to our GIS segment. Security declined 5.1% year-to-year, with revenue flat quarter-to-quarter and in line with the first half of the year. Bookings were 0.81x.

現在轉向我們的 GIS 部分。安全業務年減 5.1%，營收月增持平，與上半年持平。預訂量為 0.81 倍。

Cloud Infrastructure & IT Outsourcing revenue declined 10.9% year-to-year. This business continues to be impacted by long-term market declines and shorter-term decreases in lower-margin resale revenues. In the third quarter, resale was over 1/3 of the decline, and we anticipate that this trend will continue into the fourth quarter. We are taking a very disciplined approach to deal economics and contract management and we'll continue to evaluate opportunities to reduce excess capacity and capital requirements. This approach is reflected in our book-to-bill results, which was 0.72 in 3Q.

雲端基礎設施和IT外包收入較去年同期下降10.9%。該業務繼續受到長期市場下滑和低利潤轉售收入短期下降的影響。第三季轉售跌幅超過1/3，我們預期這趨勢將持續到第四季。我們正在採取非常嚴格的方法來處理交易經濟學和合約管理，我們將繼續評估減少產能過剩和資本需求的機會。這種方法反映在我們的訂單出貨比結果中，第三季為 0.72。

Next, we have Modern Workplace, which declined 4.2% year-to-year. The quarter-to-quarter improvement in performance was driven by 2 large transactions, which included resale content which we don't anticipate to recur in the fourth quarter. Looking ahead, the fourth quarter of fiscal '24, we face a difficult comparison due to a high level of resale revenues in the fourth quarter of fiscal '23. As a result of the upcoming difficult comp, we expect Modern Workplace to decline in the mid-teens in the fourth quarter.

其次是“現代工作場所”，年減 4.2%。業績的季度環比改善是由兩筆大型交易推動的，其中包括我們預計第四季度不會再發生的轉售內容。展望未來，24 財年第四季度，由於 23 財年第四季的轉售收入水準較高，我們面臨艱難的比較。由於即將到來的困難競爭，我們預計第四季度現代工作場所將出現十幾歲左右的下滑。

Now turning to the financial foundation. Debt levels have remained stable from the beginning of the year at about $4.5 billion. Net interest of $22 million in the quarter was up $7 million as compared to prior year, reflecting the higher interest rate environment on our short-term borrowings.

現在轉向財務基礎。債務水準自年初以來一直穩定在約 45 億美元。本季的淨利息為 2,200 萬美元，比去年同期增加了 700 萬美元，反映出我們短期借款的利率環境較高。

Restructuring and TSI expense was down 31% year-to-year and flat sequentially. Operating lease payments and the related expenses were $88 million, down $9 million year-to-year, reflecting continued prudent management of our real estate footprint. In the quarter, capital expenditures were $121 million, down $41 million year-to-year and $36 million sequentially. Finance lease originations were $15 million, and as a percentage of revenue, capital expenditures and lease originations declined to 5% of revenues, indicative of disciplined management of our capital expenditures and leasing commitments.

重組和 TSI 費用年減 31%，與上一季持平。經營租賃付款及相關費用為 8,800 萬美元，年減 900 萬美元，反映出我們對房地產足跡的持續審慎管理。本季資本支出為 1.21 億美元，年減 4,100 萬美元，季減 3,600 萬美元。融資租賃發放額為 1,500 萬美元，資本支出和租賃發放額佔收入的百分比下降至收入的 5%，這表明我們對資本支出和租賃承諾進行了嚴格的管理。

Turning to capital deployment in 3Q. We deployed $252 million and repurchased 11.3 million shares. In fiscal '24, DXC has repurchased over 15% of our shares outstanding, which is in addition to the 7.4% of shares that we repurchased in '22 and 10.6% in fiscal '23. As we've communicated in prior calls, we're funding our targeted fiscal '24 $1 billion share repurchase program through a combination of $800 million of free cash flow and asset sales.

轉向第三季的資本配置。我們部署了 2.52 億美元並回購了 1,130 萬股股票。在 24 財年，DXC 回購了超過 15% 的已發行股票，此外，我們在 22 財年回購了 7.4% 的股票，在 23 財年回購了 10.6% 的股票。正如我們在先前的電話會議中所傳達的那樣，我們將透過 8 億美元的自由現金流和資產出售相結合的方式為 24 財年目標為 10 億美元的股票回購計劃提供資金。

Through the third quarter of the fiscal year, our proceeds from asset sales is now approximately $100 million. We have additional sales targeted, which may extend into fiscal '25. And if so, we'll adjust our '24 repurchase plans accordingly. We remain committed to our capital deployment priorities of managing our investment-grade credit rating, investing appropriately in the operations of the company and returning capital to shareholders. There is no change to our approach or our capital deployment strategy.

截至本財年第三季度，我們的資產出售收益目前約為 1 億美元。我們有額外的銷售目標，這可能會延續到 25 財年。如果是這樣，我們將相應調整 24 年回購計畫。我們仍然致力於管理投資等級信用評級、適當投資於公司營運以及向股東返還資本等資本部署優先事項。我們的方法或資本部署策略沒有改變。

Now turning to the fourth quarter outlook. In GBS, while 3Q bookings improved, we're seeing longer-than-anticipated conversion to revenue, which reflects continued caution on the part of our customers. As a result, we expect GBS year-over-year performance to be similar to the third quarter. GIS year-over-year organic revenue growth is expected to decelerate compared to third quarter, largely due to lower Modern Workplace resale revenues. This brings total Q4 organic revenue to minus 6.5% to minus 5.5%. We are expecting somewhat similar adjusted EBIT margins compared to the third quarter and anticipate a range of 7.0% to 7.5%. And finally, non-GAAP diluted EPS of $0.80 to $0.85.

現在轉向第四季展望。在GBS中，雖然第三季的預訂量有所改善，但我們看到收入轉換的時間比預期要長，這反映出我們的客戶仍然保持謹慎態度。因此，我們預計 GBS 的年比表現將與第三季相似。與第三季相比，GIS 的年比有機收入成長預計將放緩，這主要是由於現代工作場所轉售收入下降。這使得第四季總有機收入下降至-6.5%至-5.5%。我們預計調整後的息稅前利潤率與第三季相似，預計範圍為 7.0% 至 7.5%。最後，非 GAAP 攤薄後每股收益為 0.80 美元至 0.85 美元。

Turning to our full year '24 guidance. We are reducing our organic revenue growth to minus 4.5% to minus 4.3%. Adjusted EBIT margin guidance is lowered to 7.1% to 7.2% and EPS to $3 to $3.05, reflecting a tax rate of 34% versus prior full year guidance of 30%, which has an EPS impact of $0.18. We are maintaining our free cash flow guidance of $800 million.

轉向我們的 24 年全年指導。我們將有機收入成長率降低至-4.5%至-4.3%。調整後的息稅前利潤指引下調至7.1% 至7.2%，每股盈餘下調至3 美元至3.05 美元，反映出34% 的稅率，而先前的全年指引為30%，對每股盈餘的影響為0.18 美元。我們維持 8 億美元的自由現金流指引。

With that, let me turn the call back to Raul for key takeaways.

接下來，讓我將電話轉回給勞爾，以獲得關鍵要點。

Thank you, Rob, for your detailed update. I want to express how excited I am to be here leading DXC. I'm convinced that we have a significant opportunity to enhance the execution of this company. We have the right team and the right capabilities to enable us to succeed. I also want to thank the thousands of DXC customers who place their trust in our team every day for this mission-critical work.

謝謝您，羅布，您的詳細更新。我想表達我對能夠在這裡領導 DXC 感到多麼興奮。我相信我們有一個重要的機會來增強這家公司的執行力。我們擁有合適的團隊和合適的能力來幫助我們成功。我還要感謝成千上萬的 DXC 客戶，他們每天都信任我們團隊的這項關鍵任務。

With that, operator, please open the call for questions.

那麼，接線員，請打開提問電話。

(Operator Instructions) Your first question comes from the line of Bryan Bergin of Cowen.

（操作員說明）您的第一個問題來自 Cowen 的 Bryan Bergin。

Maybe we'll start with strategy here. And Raul, nice to meet you. I understand you've been close to the daily operations here for just over a month. But as you officially become CEO, can you talk about what changes you may be considering? Kind of what do you consider to be maybe the top 1 or 2 specific action items for you here in the near term? And just as you think about the offerings, do all of the offerings that DXC currently have make sense to remain in the portfolio?

也許我們會從這裡開始策略。勞爾，很高興認識你。據我所知，您已經接觸這裡的日常運作一個多月了。但當您正式成為執行長後，您能談談您可能會考慮做出哪些改變嗎？您認為近期最重要的 1 或 2 個具體行動項目是什麼？就像您考慮產品一樣，DXC 目前擁有的所有產品是否都有意義地保留在投資組合中？

Yes. I've been spending a lot of time with the business units individually, with the geographies, and looking at some areas that I think we can execute at a faster, more efficient pace: how we sell; how we solution; how we deliver; how that turns into revenue; and ultimately, how that revenue becomes more profitable. There's a lot of little things that add up and make a big impact. And I think a focus on those things, a focus on execution, operational excellence. This business has a lot of rates times hours, but rates times hours can become frameworks. Those frameworks can become replicable solutions.

是的。我花了很多時間與各個業務部門、各個地區進行交流，研究一些我認為我們可以以更快、更有效率的速度執行的領域：我們如何銷售；我們如何解決；我們如何交付；如何轉化為收入；最終，這些收入如何變得更有利可圖。有很多小事情加起來會產生很大的影響。我認為專注於這些事情，專注於執行和卓越營運。這項業務有很多費率乘工時，但費率乘工時可以成為框架。這些框架可以成為可複製的解決方案。

There's a lot of things that I think we can do that the industry does that I've done over the years in not just my company, but in other companies that I've advised, invested in or been on the Board of. And I think it just gets down to a lot of better execution across the board. That also includes messaging. I think as I sit and hear the mission-critical systems that we develop, we deploy and maintain, it's an incredible amount of great case studies, great content, great solutions, great wins for great global brands.

我認為我們可以做很多行業可以做的事情，這些年來我不僅在我的公司，而且在我建議、投資或擔任董事會成員的其他公司中都做了這些事情。我認為這取決於全面更好的執行。這也包括訊息傳遞。我認為，當我坐下來聆聽我們開發、部署和維護的關鍵任務系統時，這是大量精彩的案例研究、精彩的內容、精彩的解決方案，以及偉大的全球品牌的巨大勝利。

And we really have undersold ourselves in the storytelling and case study area. And so that's going to be another focus area. I think it's a lot of focus on execution across our business units. We talked a little bit about finalizing our go-to-market model. We're accelerating all of that. So it's about speed, efficiency and delivering better and faster.

我們在講故事和案例研究領域確實低估了自己。這將是另一個重點領域。我認為我們的業務部門非常注重執行力。我們討論了一些關於最終確定我們的上市模式的問題。我們正在加速這一切。因此，關鍵在於速度、效率以及更好更快的交付。

And Raul, there's a question on the offerings. Do they all make sense?

勞爾，有一個關於產品的問題。它們都有道理嗎？

Yes. I think the offerings all make sense. I think they all have different comps. If you were to sit back as a private company and say, how would you value this, you'd probably take a whole different set of comps across the board. I'm only here 40 days. I'll have more to say on that in the next call and the one after that.

是的。我認為這些產品都是有意義的。我認為他們都有不同的比較。如果你作為一家私人公司坐下來思考，你如何評價這一點，你可能會全面採用一套完全不同的比較。我只在這裡待了40天。我將在下一次電話會議以及之後的電話會議中對此進行更多闡述。

Okay. Makes sense. Maybe, Rob, one just on free cash flow. So if the move to breakeven in growth may be a little bit more distant in a slower-spending environment, can you talk about what else you can optimize in free cash flow drivers perhaps and maybe capital lease outlays as we think about the future here on free cash flow?

好的。說得通。也許，羅布，一個只依靠自由現金流的人。因此，如果在支出放緩的環境中實現成長盈虧平衡的目標可能有點遙遠，那麼當我們考慮未來時，您能否談談在自由現金流驅動因素方面還可以優化哪些方面，也許還有資本租賃支出？自由現金流？

Absolutely. And I think we've demonstrated in the prior quarters and in the third quarter that we are tightly managing those capital expenditures and new lease commitments, and we've made steady progress in bringing down those requirements and contributing to the free cash flow. And that's going to continue. That's not a temporary discipline. It's a discipline that will continue into the future. The working capital management that we exhibited in the third quarter was improved as well, and we will continue that march into the future as well. So I do think there is room for continued improvement across the board, and that's what we're going to drive.

絕對地。我認為我們在前幾個季度和第三季度已經證明，我們正在嚴格管理這些資本支出和新的租賃承諾，並且我們在降低這些要求和促進自由現金流方面取得了穩步進展。這種情況還會持續下去。這不是臨時的紀律。這是一門將持續到未來的學科。我們在第三季展示的營運資金管理也得到了改善，我們也將繼續邁向未來。所以我確實認為整體上還有持續改進的空間，這就是我們要推動的。

Your next question comes from the line of James Friedman from Susquehanna.

你的下一個問題來自薩斯奎哈納的詹姆斯‧弗里德曼。

Congratulations, Raul. You mentioned in your prepared remarks that you were anticipating potentially participating, I think, was the language in the growth in security. And it does seem to us like it has underperformed the wider market. So I was just wondering, how is it that you're going to accelerate growth there?

恭喜你，勞爾。您在準備好的發言中提到，我認為您預計可能參與安全成長的語言。在我們看來，它的表現確實遜於大盤。所以我只是想知道，你們將如何加速那裡的成長？

Sure. Great question. Thanks, and nice to meet you. I think there's a couple of issues. One is how we have traditionally sold it. It's been an ingredient across multiple business unit sales and did not have a focus on selling the great people, the great projects, the great case studies that we have as a stand-alone. So we're emphasizing the ability to go to market directly in Mark's business unit and being able to tell the story, both in combination with the other business units, which is kind of the history, but also by itself.

當然。很好的問題。謝謝，很高興認識你。我認為有幾個問題。一是我們傳統上銷售它的方式。它是多個業務部門銷售的一個組成部分，並沒有專注於銷售我們獨立擁有的優秀人才、優秀專案和優秀案例研究。因此，我們強調馬克的業務部門直接進入市場的能力，以及與其他業務部門結合講述故事的能力，這既是歷史，也是其本身。

I got to participate in the last 30 days in an RFP exercise where we made it down to the final 4, we didn't make it past the final 4, but it gave me a really good sense of where we could do better, how we can position ourselves better. As you know, that segment is growing, and we're not growing anywhere near the rate of the market. So there's some upside there that I think if we approach it with the right additional talent and the right focus, we can see those results because the demand backdrop is there and our abilities and our capabilities and our people are here. So connecting those 2 is the first step.

我參加了過去 30 天的 RFP 練習，我們進入了最後 4 名，但我們沒有進入最後 4 名，但這讓我非常清楚地知道我們可以在哪些方面做得更好，如何做得更好我們可以更好地定位自己。如您所知，該細分市場正在成長，但我們的成長速度遠不及市場的成長速度。因此，我認為，如果我們以正確的額外人才和正確的重點來處理它，我們就可以看到這些結果，因為需求背景就在那裡，我們的能力和能力以及我們的員工也在這裡。因此，連接這兩個是第一步。

And then if I could follow up on the Insurance segment. So conversely, that's really been a darling child, outperforming the other segments and probably the market as a whole. So I'm just curious, when you look at that segment, what is it that differentiates that in the marketplace? You had some comments in your prepared remarks. But -- so what are the kind of standout qualities of the insurance practice?

然後我是否可以跟進保險部門。相反，這確實是一個可愛的孩子，其表現優於其他細分市場，甚至可能優於整個市場。所以我很好奇，當你審視這個細分市場時，它在市場上的與眾不同之處是什麼？你在準備好的發言中提出了一些意見。但是──那麼保險業務有哪些突出的品質呢？

I think if you were to look at the Insurance business as a standalone, you'd see that it's a mix of traditional perpetual license and maintenance. You've seen that has a mix of SaaS revenue, other business process outsourcing services and other professional services. And I think if you were to look at it and value it on its own, you'd look at very different comps and very different metrics.

我認為，如果您將保險業務視為一個獨立的業務，您會發現它是傳統的永久許可和維護的組合。您已經看到，它混合了 SaaS 收入、其他業務流程外包服務和其他專業服務。我認為，如果你要審視它並單獨評估它，你會看到非常不同的比較和非常不同的指標。

Today, it is one of 6 where we're indexing in terms of the metrics that we look at, the metrics we follow, more towards the people side of the business and less towards the SaaS side of the business. And I think we can do a better job at positioning it and also picking the right metrics that matter for the business unit. So that is one that I'm extremely excited about because the fundamentals are there. And I think if we do a better job at telling the story and selling the story, we'll be able to extract more value there.

今天，它是我們根據我們所關注的指標和我們遵循的指標進行索引的 6 個索引之一，更多地關注業務的人員方面，而不是業務的 SaaS 方面。我認為我們可以更好地定位它，並選擇對業務部門重要的正確指標。所以這是我非常興奮的一件事，因為基礎知識已經存在。我認為，如果我們在講述故事和銷售故事方面做得更好，我們將能夠從中獲得更多價值。

Your next question comes from the line of Bryan Keane from Deutsche Bank.

您的下一個問題來自德意志銀行的 Bryan Keane。

Just wanted to step back for a second on Mike Salvino. The departure was kind of abrupt there. Maybe you can help us understand what exactly happened with Mike. And then he hired almost the entire leadership team. So I guess my worry would be what's the attrition like for that leadership team? And do you expect people to stick around now that he's left?

只是想退一步談談麥克薩爾維諾。那裡的離開有點突然。也許你可以幫助我們了解麥克到底發生了什麼事。然後他僱用了幾乎整個領導團隊。所以我想我擔心的是領導團隊的人員流動如何？既然他離開了，你還希望人們留下來嗎？

Great. Thanks for asking that question. We really at the Board and me individually appreciate the work that he did in stabilizing the company, in executing some asset sales that were very meaningful for the company at a critical juncture and a point in its history and then, as you said, for bringing on great people. I have spent the last 40 days meeting with them, planning with them, coaching them, getting feedback from them and figuring out how we as a team can operate better.

偉大的。感謝您提出這個問題。我們董事會和我個人都很欣賞他在穩定公司、執行一些資產出售方面所做的工作，這對公司在歷史上的關鍵時刻和關鍵時刻非常有意義，然後，正如你所說，為公司帶來了巨大的成功。關於偉大的人。在過去的 40 天裡，我與他們會面，與他們一起規劃，指導他們，從他們那裡獲取回饋，並弄清楚我們作為一個團隊如何更好地運作。

I am very pleased with the engagement. We're all looking forward to executing better and faster. And so I'm happy -- very happy with the team that's here. And so I just expect us to continue to move forward. I think they see the opportunity. I see multiple ways to win here. It's not one game plan, not one way. There's multiple ways, and that's a very exciting position to be in.

我對這次訂婚感到非常滿意。我們都期待著更好更快地執行。所以我很高興——對這裡的團隊非常滿意。所以我只是希望我們能夠繼續前進。我認為他們看到了機會。我在這裡看到了多種獲勝方式。這不是一種遊戲計劃，也不是一種方法。有多種方式，這是一個非常令人興奮的位置。

Got it. Got it. And then just another kind of big picture for you, Raul. Where are we in the transformation of the company, the turnaround? I know Mike was working through that. And now it feels like maybe with some transition and a little bit of a tougher market, it might be a few more extra years added to actually do the turnaround. Can you just give us kind of more of a big picture where we are at DXC and how long it might take to get it to where you want it to be?

知道了。知道了。勞爾，這對你來說是另一個大局。我們公司的轉型、轉虧處於什麼階段？我知道麥克正在解決這個問題。現在感覺也許隨​​著一些過渡和市場變得更加艱難，可能還需要幾年的時間才能真正實現轉變。您能否向我們介紹一下 DXC 的整體情況以及需要多長時間才能達到您想要的目標？

Yes. I think if you isolate up the 6 and you say, look, 4 have great demand backdrop, they -- 4 out of 6 business units have great demand drop, maybe some of the near-term project work slows down a little because of global economic uncertainty. But the bottom line is, we are nowhere near the full digital transformation as companies, as countries, as nations and AI is now fueling much more of that. And we're very well positioned kind of in this next wave.

是的。我認為，如果你把這6 個業務部門分開，你會說，看，4 個業務部門有很大的需求背景，他們——六分之四的業務部門的需求下降很大，也許一些近期項目工作會因為全球的影響而稍微放緩。經濟的不確定性。但最重要的是，我們距離全面的數位轉型還很遙遠，因為公司、國家、民族和人工智慧現在正在推動更多的數位轉型。我們在下一波浪潮中處於非常有利的位置。

If you step back and think about where AI in the near term is going to have the most impact, it's with organizations with large data sets. We have a lot of clients with large data sets, and we do a lot of work with those clients, being able to become a leader in those companies to help them in the next transformation, I feel super confident about. So the demand backdrop is there.

如果你退一步思考人工智慧在短期內將在哪些方面產生最大的影響，那就是擁有大數據集的組織。我們有許多擁有大量資料集的客戶，我們與這些客戶做了很多工作，能夠成為這些公司的領導者，幫助他們進行下一次轉型，我對此非常有信心。所以需求背景就在那裡。

The reality on the Modern Workplace and the ITO front, it's clearly a shrinking macro environment. But we have an ability, I believe, to make it more efficient, meaning reverse the decline, and then also make it more cash efficient, meaning it will throw off more cash and help fuel other parts of the business. As we get into the next call, I'll be able to go deeper on how I would look at this business by business unit and metrics that matter. 40 days in, you're going to have to give me a minute here to finish catching up and finish formulating what I think is a better way of approaching this.

現代工作場所和 ITO 方面的現實，顯然是一個不斷萎縮的宏觀環境。但我相信，我們有能力提高效率，這意味著扭轉頹勢，然後提高現金效率，這意味著它將扔掉更多現金並幫助推動業務的其他部分。當我們進入下一次電話會議時，我將能夠更深入地了解如何以重要的業務部門和指標來看待該業務。 40 天后，你必須給我一分鐘的時間來完成進度並完成製定我認為更好的解決方法。

Your next question comes from the line of Darrin Peller from Wolfe Research.

您的下一個問題來自沃爾夫研究中心的達林佩勒 (Darrin Peller)。

Look, Raul, I appreciate it's been 40 days, but I know you've also had some experience on the Board. I guess I just want to understand your thought process around some of the most challenged categories in GIS. So maybe just -- if you could just touch on a bit around what you think -- if you think should anything change on the strategy from before until today on Modern Workplace or perhaps Cloud Infrastructure & ITO. And if there's anything in your mind that might be able to move the needle a little bit faster. It's been an elusive inflection in revenue growth for the company for a long time. And I think we're all hoping to see something that might be a little more innovative on that front. So just any thoughts would be great.

聽著，勞爾，我很高興已經過了 40 天，但我知道你在董事會也有一些經驗。我想我只是想了解您圍繞 GIS 中一些最具挑戰性的類別的思考過程。所以也許只是 - 如果您能談談您的想法 - 如果您認為從以前到今天的現代工作場所或雲端基礎設施和 ITO 的策略是否應該發生任何變化。如果你心裡有什麼想法，也許可以讓事情進展得更快一點。長期以來，這一直是該公司收入成長的一個難以捉摸的轉捩點。我認為我們都希望看到在這方面更具創新性的東西。所以任何想法都會很棒。

Yes. Look, I think a couple of thoughts. And again, I haven't had as much time to dig in on all of them. But I think Modern Workplace, when you think about the customer support services and the impact that AI has, the relationship we have with Microsoft, the ability to take what is now a -- still a pretty human-centric ticket/issue resolution business process and to apply in partnership very closely with Microsoft tools that will make it ticketless, self-service, more intuitive, I think there is a tailwind on that front that should, if we're able to capture some of that business and become more efficient, reverse the decline.

是的。聽著，我想了一些想法。再說一次，我沒有那麼多時間來深入研究所有這些。但我認為現代工作場所，當你考慮客戶支援服務和人工智慧的影響、我們與微軟的關係、採用現在仍然以人為本的票證/問題解決業務流程的能力與微軟工具密切合作，使其成為無票證、自助服務、更直觀的方式，我認為，如果我們能夠抓住其中一些業務並變得更加高效，那麼這方面應該會有順風車，扭轉頹勢。

One of the things that Rob and I pledge is to manage your expectations better. We haven't had a great track record of hitting all the expectations that have been set out in the past. So we want to be measured and we also want to be thoughtful about it. So I'm not going to talk about numbers or reversals in those 2 business units because I need more time to dig into it. But I know we can do better and we will do better.

羅布和我承諾的一件事就是更好地管理您的期望。我們沒有達到過去設定的所有期望的良好記錄。因此，我們希望得到衡量，也希望對此進行深思熟慮。因此，我不會談論這兩個業務部門的數字或逆轉，因為我需要更多時間來深入研究。但我知道我們可以做得更好，而且我們會做得更好。

Okay. And then I guess, just very quickly, the progress and the success of the Analytics & Engineering and frankly, the typical growth that we could see out of Applications, I think, is something encouraging. And so I guess it goes back to the -- we've heard from different executive leadership of the company over the years, but cross-selling, right? I'm trying to take the relationships you have in GIS and sort of harvest some of those customers to provide services that they would need that are really in demand now, right? I mean is that something that you see going well at the company before today? Or is there some room to improve that from your perspective?

好的。然後我想，很快，分析和工程的進展和成功，坦白說，我們可以從應用程式中看到典型的成長，我認為，這是令人鼓舞的。所以我想這可以追溯到——多年來我們從公司不同的執行領導層那裡聽到了交叉銷售，對嗎？我正在嘗試利用您在 GIS 中的關係，並收集一些客戶來提供他們現在真正需要的服務，對嗎？我的意思是，您認為今天之前公司的某些事情進展順利嗎？或是從您的角度來看還有哪些改進的空間？

There's definitely room to improve it. And I think it's not just cross-selling, but being smarter at solutioning, how are we engineering our response, hopefully, to something that's not an RFP, is something that we've come up with proactively. If it is an RFP, how are we putting something forward that's differentiated technically; that provides us an ability to make more margin; that takes examples of work that maybe we've done before and where we can replicate a methodology, replicate a framework, ultimately replicate code and reuse code?

肯定還有進步的空間。我認為這不僅僅是交叉銷售，而是更聰明地解決問題，我們如何設計我們的回應，希望不是 RFP，是我們主動提出的。如果是 RFP，我們要如何提出技術上差異化的東西？這使我們有能力賺取更多利潤；以我們以前做過的工作為例，我們可以在哪裡複製方法、複製框架、最終複製程式碼並重複使用程式碼？

There's a lot of basic optimization, if you want to call it that, on how we enter engagements and then use some of that technology that we develop and write not just across the company but across other verticals. So again, there is no one magic answer, no one magic, oh, we're going to do one thing differently. We're going to do a lot of things differently. And fortunately, we've got great professionals here from companies, backgrounds, experiences with different models in terms of the business units that they ran in the past, how they went to market and look at someone who started one of these digital companies with myself and 3 engineers in the mid-'90s with no venture capital, so I use my savings.

如果你想這樣稱呼它的話，有很多基本的優化，關於我們如何參與，然後使用我們不僅在整個公司而且在其他垂直領域開發和編寫的一些技術。再說一次，沒有一種神奇的答案，沒有一種神奇，哦，我們要做一件事不同。我們將以不同的方式做很多事情。幸運的是，我們這裡有來自公司、背景、不同模式經驗的優秀專業人士，包括他們過去經營的業務部門、他們如何進入市場以及與我一起創辦這些數位公司之一的人還有3 名90 年代中期的工程師，沒有創投，所以我用我的積蓄。

I know exactly what it's like to sell. I know what it's like to deliver. I know what it's like to collect the cash. And I know what it's like to scale. And so the numbers are bigger here, but the basic path of doing that, then doing it smarter, then doing it in a more profitable way is something that I've lived through personally. And I see here, I think we can elevate it and then we can accelerate it, and that should show in our financial results.

我清楚知道銷售是什麼感覺。我知道交付是什麼感覺。我知道收取現金是什麼感覺。我知道擴大規模是什麼感覺。所以這裡的數字更大，但這樣做的基本路徑，然後做得更聰明，然後以更有利可圖的方式做，這是我個人經歷過的事情。我在這裡看到，我認為我們可以提高它，然後我們可以加速它，這應該體現在我們的財務表現中。

Your next question comes from the line of Tien-Tsin Huang from JPMorgan.

您的下一個問題來自摩根大通的黃天欽。

Looking forward to working with you here, Raul. You have a great sort of background and you've seen a lot of different businesses, including a tech and systems integration on media. I'm just curious sort of what you've learned from that and what you'll bring to the table here as you take on the task here of DXC and given it's been in turnaround mode as a lot of people have talked to you about already, I'm just curious sort of what you'll bring to the table specifically, if you don't mind going through that.

勞爾，期待與您合作。您擁有豐富的背景，並且見過許多不同的業務，包括媒體技術和系統整合。我只是好奇你從中學到了什麼，以及當你承擔 DXC 的任務時你會帶來什麼，並且考慮到它已經處於週轉模式，正如很多人與你談論的那樣我已經很好奇你會具體帶來什麼，如果你不介意的話。

Sure. Look, I think it's operational experience literally from the ground up. I think it's working with much larger companies, both, again, as an adviser, as an owner, as a shareholder, knowing what those transitions are like but also knowing best-in-class. Look, I've sat on the Broadcom Board now for over 3 years, one of the best companies on the planet, does incredible work on M&A. And they're ready for M&A. Obviously, we just did one of the biggest transactions in tech history. But I can tell you that we're not ready right now. We can get ready, we will get ready. But even if we had the desire to use capital allocation in a different way, I wouldn't use it that way because we're not ready to do it.

當然。看，我認為這實際上是從頭開始的營運經驗。我認為它正在與更大的公司合作，同樣，作為顧問、作為所有者、作為股東，他們知道這些轉變是什麼樣的，但也知道一流的公司。看，我在博通董事會任職已經三年多了，這是地球上最好的公司之一，在併購方面做出了令人難以置信的工作。他們已經準備好進行併購。顯然，我們剛剛完成了科技史上最大的交易之一。但我可以告訴你，我們現在還沒準備好。我們可以做好準備，我們會做好準備。但即使我們希望以不同的方式使用資本配置，我也不會那樣使用，因為我們還沒有準備好這樣做。

And so I'm very realistic and grounded, but I'm also setting the foundation that when we are ready, we'll know because we're going to keep a dashboard of it by business unit and then that will open up potentially an opportunity to do something on that front. But just to get back to your question, I'm going to take the experiences in big companies and small companies, and I'm going to apply it here. I think one of the things that excites me as I've traveled around and seen the work that we do is we have incredible referenceability, incredible brands, incredible case studies.

所以我非常現實和腳踏實地，但我也奠定了基礎，當我們準備好時，我們就會知道，因為我們將按業務部門保留它的儀表板，然後這將打開潛在的有機會在這方面做一些事情。但回到你的問題，我將借鏡大公司和小公司的經驗，並將其應用到這裡。我認為，當我四處拜訪並看到我們所做的工作時，令我興奮的一件事是我們擁有令人難以置信的參考性、令人難以置信的品牌和令人難以置信的案例研究。

We have not done a great job at storytelling. I've dealt with a lot of companies that are literally dreams and a whiteboard presentation and all of a sudden that becomes a product and that product then gets sold and then it grows and it becomes a company and then that gets sold. So I've seen it being done with a dream. And I think the foundation that we have here is just so solid that if we really focus on operational excellence across the board, from preselling solution through delivery and then making it better and faster and more profitable, we'll see the results.

我們在講故事方面做得不夠好。我接觸過很多公司，這些公司實際上只是夢想和白板演示，突然之間就變成了一種產品，然後該產品被出售，然後它發展壯大，成為一家公司，然後被出售。所以我看到它是透過夢想實現的。我認為我們在這裡擁有的基礎是如此堅實，如果我們真正專注於全面的卓越運營，從預售解決方案到交付，然後使其更好、更快、利潤更高，我們就會看到結果。

And it's a lot of little actions. And one of the great things here is smarter way of doing work gets amplified by 130,000 people globally. So that's part of the job here is to lead that, identify, lead it and be an evangelist for it.

這是很多小動作。這裡最偉大的事情之一是全球 13 萬名員工擴大了更聰明的工作方式。因此，這裡工作的一部分是領導、識別、領導它並成為它的傳播者。

That's great. And then just my quick follow-up, and I'll jump off. I know Bryan asked about strategy. But just I know Mike Salvino was talking about transitioning from stability to higher performance that always resonated with me. In your mind, is that still the case? Where are we in that spectrum? Are we still thinking -- are you thinking maybe more in the stability focus is the right call for now, if you follow my question?

那太棒了。然後我就快速跟進，然後我就會跳下去。我知道布萊恩問過策略問題。但據我所知，邁克·薩爾維諾（Mike Salvino）正在談論從穩定到更高性能的轉變，這總是引起我的共鳴。在你心裡，現在還是這樣嗎？我們在這個範圍內處於什麼位置？我們是否仍在思考—如果您遵循我的問題，您是否認為現在更專注於穩定性可能是正確的選擇？

Yes. Look, it's a great question, and I'll be able to answer it a little bit more in more detail on the next earnings call to gauge how long it will take to do some of the basic things that we can do better and then how that ultimately impacts new wins, new margins and how that flows through our business units, how quickly we can deliver that. I want to be measured and thoughtful on that and not make promises that we can't deliver on. So great question. I'll have more on the next call on that.

是的。聽著，這是一個很好的問題，我將能夠在下一次財報電話會議上更詳細地回答這個問題，以評估需要多長時間才能完成一些我們可以做得更好的基本事情，然後如何最終會影響新的勝利、新的利潤以及這些成果如何流經我們的業務部門，以及我們交付這些成果的速度。我希望對此進行衡量和深思熟慮，而不是做出我們無法兌現的承諾。很好的問題。我將在下次電話會議上提供更多相關資訊。

Your next question comes from the line of Ashwin Shirvaikar from Citi.

您的下一個問題來自花旗銀行的 Ashwin Shirvaikar。

Raul, congratulations on the CEO appointment. I look forward to getting to know you better. I guess my first question alludes to the comment you had earlier on this call about how a private entity might look at some of DXC's assets differently. Do you think DXC is better off in public markets? Was that some of the parts comment? If you could shed some more light on how you're approaching the business.

勞爾，恭喜您任命為執行長。我期待著更好地了解你。我想我的第一個問題暗指您早些時候在本次電話會議上發表的評論，即私人實體可能如何以不同的方式看待 DXC 的某些資產。您認為 DXC 在公開市場上表現更好嗎？這是某些部分的評論嗎？如果您能更說明您是如何開展業務的。

Great. Nice to meet you, look forward to getting together. As I looked at the business units, one of the things that we've tried to do is to say, okay, best-in-class comps, let's not do the, okay, we get comped against these groups, best-in-class comp for your business units. We're in the process of putting that together and looking at the delta between the key metrics that the best-in-class is for every single business unit and what the delta is from where we're performing to where we should be performing.

偉大的。很高興認識你，期待相聚。當我查看業務部門時，我們試圖做的一件事就是說，好吧，一流的競爭，我們不要這樣做，好吧，我們與這些團隊進行競爭，最好的-為您的業務部門提供一流的補償。我們正在將其整合在一起，並研究每個業務部門的最佳關鍵指標之間的差異，以及我們正在執行的位置與我們應該執行的位置之間的差異。

Breaking it down by business unit is super helpful. It makes it real. It makes it personal. It's obviously more accurate, right, because our SaaS software insurance tech business is very different than our services application and engineering business. So that's a process that we're in right now. We're a public company. We're here. We're going to perform well as a public company. We're going to execute. And so I won't comment on anything beyond that other than learning or taking from being on both sides of the equation, public and private, we're going to extrapolate the right goals, the right lessons and the right targets and then execute on them.

按業務部門進行細分非常有幫助。它使它成為現實。它使它變得個性化。這顯然更準確，對吧，因為我們的 SaaS 軟體保險技術業務與我們的服務應用和工程業務有很大不同。這就是我們現在所處的過程。我們是一家上市公司。我們到了。作為一家上市公司，我們將表現良好。我們要執行。因此，除了從公共和私人等式的雙方中學習或借鑒之外，我不會評論任何其他事情，我們將推斷出正確的目標、正確的教訓和正確的目標，然後執行他們。

Got it. It seems more like a benchmarking and goal-setting exercise. Second question is good to hear your points on execution, how it needs to improve. Does that necessarily translate into sort of management exits, potential talent upgrades? Or is it more a comment on capabilities with regards to -- is there an investment cycle coming from DXC?

知道了。這看起來更像是基準測試和目標設定練習。第二個問題很高興聽到您關於執行的觀點，以及需要如何改進。這是否必然轉化為某種管理退出、潛在的人才升級？或者它更多的是對以下方面的能力的評論：DXC 是否有投資週期？

Look, I think it's a combination of all of the above, right? In any business, you're competing for the most important thing, which is your human capital and talent. So keeping the great talent that we have, attracting the additional talent that we need to make ourselves better is key in this business, key in any business, but it's absolutely key in this business.

看，我認為這是以上所有內容的組合，對嗎？在任何企業中，你都在爭取最重要的東西，那就是你的人力資本和才能。因此，留住我們擁有的優秀人才，吸引我們需要的額外人才來讓自己變得更好，是這個行業的關鍵，是任何行業的關鍵，但它絕對是這個行業的關鍵。

So that will be a continued focus. And I think one thing that does help us is when we do this benchmarking by business unit, you're going to see the areas which -- where you're on point, where you're totally off point, and where you're close, and that's going to then drive some decisions about what talent mix you need going forward. So talent is absolutely key here.

因此，這將是一個持續的焦點。我認為對我們確實有幫助的一件事是，當我們按業務部門進行基準測試時，您將看到哪些領域是正確的，哪些領域完全偏離了方向，以及哪些領域是錯誤的接近，然後這將推動你做出一些關於未來需要什麼樣的人才組合的決定。因此，人才在這裡絕對是關鍵。

And then this company was a combination of 2 large divisions 7, 8 years ago. If that was a private transaction 7 or 8 years ago, and at least in my experience, you would have just put together a plan much like the best-in-class companies that do acquisitions in the public and private space and fully integrated every process, every system around the world. That wasn't done, and that's being done -- has been done, is being done and needs to continue to being done.

然後這家公司是七、八年前由兩個大部門合併而成的。如果這是七、八年前的私人交易，至少根據我的經驗，你只需制定一個計劃，就像在公共和私人領域進行收購的一流公司一樣，並完全整合每個流程，世界各地的每個系統。那件事還沒完成，那件事正在完成──已經完成、正在完成並且需要繼續完成。

But that journey, we're still building. We're still working off some legacy integration that just frankly wasn't there. And frankly, one of the reasons that I'm here is that we're going to move all aspects of that forward at a much more faster pace and focus on the fundamentals because that's what's going to deliver us a better platform to grow from.

但我們仍在建設這趟旅程。我們仍在致力於一些遺留的集成，坦白說，這些集成並不存在。坦白說，我來這裡的原因之一是我們將以更快的速度推動各個方面的發展，並專注於基本面，因為這將為我們提供一個更好的成長平台。

Your next question comes from the line of Jason Kupferberg from Bank of America.

您的下一個問題來自美國銀行的 Jason Kupferberg。

Raul, welcome. I wanted to follow up a little bit on that. I'm just wondering, as you think about the different elements and areas of execution. I know you said across the board, it needs to be better. But I guess, if you were going to really highlight 1 or 2 areas that have the most room for improvement. Sales, marketing, service, implementation, whatever it may be, we would just like to get some of your initial impressions on that front.

勞爾，歡迎。我想對此進行一些跟進。我只是想知道，當您考慮不同的元素和執行領域時。我知道你說過，一切都需要變得更好。但我想，如果你真的要突出顯示 1 或 2 個最有改進空間的領域。銷售、行銷、服務、實施，無論是什麼，我們只想了解您在這方面的一些初步印象。

In this change, in our go-to-market model change, one of the things that we will be able to get a better end-to-end accountability on and then be able to track is pre-sales solutioning, sales execution, use of existing resources, net new resources that we need. So if you think about the whole life cycle of solutioning something, staffing something, delivering the product or the service or the application or solution and doing it in a way that you plan to do it, meaning the budget was right, you're hitting it or beating it. That is one, let's call it, fundamental operations in that workflow that we're very, very focused on. So that's one.

在這項變更中，在我們進入市場模式的變化中，我們將能夠獲得更好的端到端責任，然後能夠追蹤的事情之一是售前解決方案、銷售執行、使用現有資源，我們需要的淨新資源。因此，如果您考慮解決某些問題、配備某些人員、交付產品或服務、應用程式或解決方案的整個生命週期，並以您計劃的方式進行，這意味著預算是正確的，那麼您就達到了目標它或擊敗它。這是我們非常非常關注的工作流程中的基本操作之一。這就是其中之一。

The second one is absolutely on marketing. And I'm not talking about marketing with logos on cars because we're relooking at all of that. It is great for some brands, and it's appropriate for some brands. But frankly, I see a lot of value in putting those marketing dollars at the business unit's level so they can make a great connection with their customers. We have a great relationship with our partners in some of the global spend in marketing.

第二個絕對是行銷。我不是說在汽車上使用徽標進行行銷，因為我們正在重新審視所有這些。它對於某些品牌來說非常好，並且對於某些品牌來說是合適的。但坦白說，我認為將這些行銷資金投入到業務部門層面非常有價值，這樣他們就可以與客戶建立良好的聯繫。在一些全球行銷支出方面，我們與合作夥伴建立了良好的關係。

We love the work that we do. We appreciate them. We love the brand association. But I think as someone that sees the different buyers that we have by business unit, they're probably best served by having more control over their marketing spend and targeting it more efficiently and effectively against the 100 or 200 buyers that really matter in their business units. So global brand is great. We love our partners. But I think going forward, you'll see a more business unit-centric approach to thinking about it and then executing on it.

我們熱愛我們所做的工作。我們很感激他們。我們喜歡品牌關聯。但我認為，作為一個了解我們按業務部門劃分的不同買家的人，他們最好的方式可能是更好地控制自己的行銷支出，並更有效地針對其業務中真正重要的100 或200 個買家。單位。所以全球品牌很棒。我們愛我們的合作夥伴。但我認為，展望未來，您將看到一種更加以業務部門為中心的方法來思考它，然後執行它。

Okay. That's good color. And Rob, maybe one for you, just looking at organic revenue growth, I know you came in right in line with the middle of your range for the third quarter. You talked about some tough comps for the fourth quarter. Those were factored into the original guidance. So I just wanted to isolate what's changed since last quarter, since I know we are taking the overall full year organic growth down a little bit for the year.

好的。這顏色真好啊羅布，也許適合你，只要看看有機收入成長，我知道你的表現剛好符合第三季的中間範圍。您談到了第四季度的一些艱難的情況。這些都已納入最初的指導方針中。因此，我只是想找出自上季以來發生的變化，因為我知道我們今年全年的整體有機成長略有下降。

Yes. So our guide from -- for the full year from 2 quarters ago had somewhat of a recovery in our project-based businesses in the back half of the year and that really has not materialized in either Apps or A&E. So that's the primary reason for the taking down of the guide. Now going from third quarter to fourth quarter, we see GBS is -- the fourth quarter will look a lot like the third quarter. It's going to be flat in the range of flat year-to-year.

是的。因此，我們從兩個季度前開始的全年指南顯示，我們基於專案的業務在今年下半年有所復甦，但這在應用程式或 A&E 中實際上都沒有實現。這就是刪除該指南的主要原因。現在從第三季到第四季度，我們看到 GBS 是——第四季看起來很像第三季。它將在同比持平的範圍內持平。

The mix is a little different. In the third quarter, we had Apps and Apps declining, and we had Insurance and A&E growing about 2% each. In the fourth quarter, with the good bookings that we had in Apps, we see improvement in that business. We see a little bit of a decline quarter-to-quarter in the A&E business, and then we have a really tough comp in Insurance. So that -- but bottom line, GBS will be about flat again year-to-year.

混合有點不同。在第三季度，我們的應用程式和應用程式有所下降，而保險和急診治療分別增加了約 2%。在第四季度，隨著我們在應用程式中的良好預訂，我們看到該業務有所改善。我們看到急診室業務逐季度略有下降，而保險業的情況也非常艱難。因此，但最重要的是，GBS 同比將再次持平。

GIS in the fourth quarter will deteriorate a little bit. The decline will get a little bigger and that is almost entirely due to Modern Workplace where we had -- first, we had a tough compare to last year in resale, plus we have a quarter-to-quarter decline in resale going from 3Q to 4Q. So the entire deterioration is really a Modern Workplace statement, and it could be isolated to resale. The services in Modern Workplace will be flat quarter to quarter. And we did have -- we're encouraged that the bookings in the third quarter in the GBS business were strong, and that gives us -- that's promising.

第四季GIS將略有惡化。下降幅度會更大一些，這幾乎完全是由於我們的現代工作場所——首先，我們在轉售方面與去年相比很困難，而且從第三季度到第二季度，轉售數量逐季度下降。第四季。因此，整個惡化實際上是現代工作場所的陳述，並且可以將其隔離以進行轉售。現代工作場所的服務將季度與季度持平。我們確實——第三季 GBS 業務的預訂量強勁，這讓我們感到鼓舞，這給了我們——這是有希望的。

And your last question comes from the line of James Faucette from Morgan Stanley.

你的最後一個問題來自摩根士丹利的 James Faucette。

Great. I wanted to ask a couple of questions that maybe as follow-ups. Well, it seems like in your commentary, you feel like that there's been a lot of resources that are being used that could be better directed or where you could get better return, et cetera. And I guess I'm wondering, particularly in the context of capital allocation over the last few years, whether you think that you have all the necessary tools and resources to make the change you're looking for? Or is there incremental investment that we should think about? And it goes a little bit to Ashwin's question, I guess. And I'm just looking at the kind of the growth rates and even some of the things that are happening in the market generally and wondering if there isn't a need to at least increase some incremental investment to accelerate the change. Or just would love to get your opinion on that view.

偉大的。我想問幾個問題，也許可以作為後續問題。嗯，在你的評論中，你覺得有很多資源正在被使用，可以更好地引導或可以在哪裡獲得更好的回報，等等。我想我想知道，特別是在過去幾年的資本配置背景下，您是否認為自己擁有所有必要的工具和資源來實現您正在尋求的改變？還是有值得我們思考的增量投資？我想這與阿什溫的問題有點相關。我只是專注於成長率，甚至市場上普遍發生的一些事情，想知道是否至少不需要增加一些增量投資來加速變革。或者只是想聽聽您對此觀點的看法。

Yes. No, great. And I came in, obviously, with some knowledge and an open mind. And while I think we've done a great job on capital allocation, and we'll continue to use most of it on the buyback program, I don't rule out like could some of that be used to increase the value and increase the performance of the company faster. I think we have the leadership, we have the best practices, we have execution experience that we have all lived through. We need to apply that here.

是的。不，太好了。顯然，我帶著一些知識和開放的心態進來了。雖然我認為我們在資本配置方面做得很好，我們將繼續將大部分資金用於回購計劃，但我不排除其中一些資金可以用於增加價值和增加公司業績更快。我認為我們擁有領導力，我們擁有最佳實踐，我們擁有我們都經歷過的執行經驗。我們需要在這裡應用它。

There is a lot of upside to working smarter, working better, working more collaboratively with the tools we have in place, the people we have in place and the investments we have in place. So that's my first goal is to optimize what we have in place. There's -- like I said before, there's multiple ways to win here, and we don't have to get them all right at 100%. But if we work on it and again, going into the business units and getting very detailed on their action plans, if we work on it, we can make ourselves better, and that will show up across the board.

利用我們現有的工具、人員和投資，更聰明地工作、更好地工作、更協作地工作有很多好處。所以我的首要目標是優化我們現有的東西。就像我之前說過的，這裡有多種獲勝方法，我們不必 100% 都成功。但如果我們一次又一次地努力，深入業務部門並詳細了解他們的行動計劃，如果我們努力的話，我們就能讓自己變得更好，這將全面體現出來。

Great. I appreciate the candor on that. And then Rob, I think in your prepared remarks, you indicated particularly on the GBS side, the time of -- time to revenue is extending a bit, and it seemed like it was in part because of decision-making and prioritization of customers. What's your sense in terms of where we are in that process? Are we starting to see some stabilization? Or is there still a fair amount of uncertainty as to kind of what that time to revenue and beginning of work and cadence is going to look like on a go-forward basis?

偉大的。我很欣賞對此的坦誠。然後，羅布，我認為在您準備好的發言中，您特別指出了 GBS 方面的情況，即實現收入的時間有所延長，這似乎部分是由於客戶的決策和優先順序所致。您對我們在過程中所處的位置有何看法？我們是否開始看到一些穩定的情況？或者，對於未來的收入時間、工作開始時間和節奏，是否仍存在相當大的不確定性？

Yes. What I was referring to is in our A&E business, we had a very good booking in the bookings level in the third quarter. And as we call through the detail of that, we found that there was a fair amount of renewing a little bit early. Now in that business, this is not like a big, huge renewal that you get in an outsourcing business or a big Apps deal. This is ongoing renewals of project-based services. And as we went through the waterfall of those bookings turning into revenue, we found that the renewals came a little bit earlier than they normally do. And I think it's just customers prioritizing that spend and planning for that spend. So it's encouraging in that they're indicating that the spend is important to them and part of their budgeting process. But the transition into revenue is just going to take a little bit longer. And since this is project-based services, that little bit longer is we're not talking quarters, we're talking months.

是的。我指的是我們的急診室業務，我們第三季的預訂水準非常好。當我們詳細了解這一點時，我們發現有相當多的更新有點早。現在，在這個行業中，這並不像您在外包業務或大型應用程式交易中獲得的巨大的更新。這是基於專案的服務的持續更新。當我們經歷這些預訂轉化為收入的瀑布時，我們發現續訂比平常早。我認為這只是客戶優先考慮該支出併計劃該支出。因此，令人鼓舞的是，他們表明支出對他們來說很重要，並且是預算流程的一部分。但向收入的轉變將需要更長的時間。由於這是基於專案的服務，所以稍微長一​​點的時間不是幾個季度，而是幾個月。

And with no further questions, I'd like to turn the floor back over to Raul Fernandez.

沒有其他問題了，我想把發言權交還給勞爾·費爾南德斯。

Thank you so much. Listen, thank you all for joining us tonight. Part of our new approach to communications is to be engaged more on this front. You'll see more of that from Rob and I. And I look forward to meeting you in person and having more dialogue as the days and weeks and months come along. So thank you again. Good night.

太感謝了。聽著，謝謝大家今晚加入我們。我們新的溝通方法的一部分就是更多地參與這方面的工作。你會從羅布和我身上看到更多這樣的內容。我期待與你見面，並隨著時間的推移，進行更多的對話。所以再次感謝你。晚安。

Thank you. And this does conclude today's conference call.

謝謝。今天的電話會議到此結束。