DXC Technology Co (DXC) 2025 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by. My name is Krista, and I will be your conference operator today. At this time, I would like to welcome everyone to the DXC Technology third quarter fiscal year '25 earnings conference call. (Operator Instructions)

女士們、先生們，感謝你們的支持。我叫克里斯塔，今天我將擔任您的會議主持人。現在，我歡迎大家參加 DXC Technology 25 財年第三季財報電話會議。（操作員指令）

And I would now like to turn the conference over to Roger Sachs, Head of Investor Relations. Roger, you may begin.

現在，我想將會議交給投資者關係主管羅傑·薩克斯 (Roger Sachs)。羅傑，你可以開始啦。

Thank you, operator. Good afternoon, everybody, and welcome to DXC Technology's third quarter earnings call. We hope you had a chance to review our earnings release in the IR section of DXC's website. Speakers on today's call are Raul Fernandez, our President and CEO; and Rob Del Bene, our Chief Financial Officer.

謝謝您，接線生。大家下午好，歡迎參加 DXC Technology 第三季財報電話會議。我們希望您有機會在 DXC 網站的 IR 部分查看我們的收益報告。今天電話會議的發言人是我們的總裁兼執行長 Raul Fernandez；以及我們的財務長 Rob Del Bene。

Our agenda will be as follows. Raul will provide an overview of our results and an update on our strategic initiatives. Rob will then walk you through our financial performance for the quarter as well as update you on our full year outlook and provide some thoughts on our fourth quarter. Raul and Rob will then take your questions.

我們的議程如下。勞爾 (Raul) 將概述我們的業績並介紹我們的策略舉措的最新情況。然後，Rob 將向您介紹我們本季度的財務業績，並向您介紹我們的全年展望，並對第四季度提出一些想法。然後 Raul 和 Rob 將回答你們的問題。

Certain comments made during today's call are forward-looking and subject to risks and uncertainties that could cause actual results to materially from those expressed on the call. You can find details of those risks and uncertainties in our annual report on Form 10-K and other SEC filings. We do not commit to updating any forward-looking statements during today's call.

今天電話會議上發表的某些評論具有前瞻性，且受風險和不確定性的影響，這些風險和不確定性可能導致實際結果與電話會議上表達的結果有重大差異。您可以在我們的 10-K 表年度報告和其他 SEC 文件中找到這些風險和不確定性的詳細資訊。我們不承諾在今天的電話會議中更新任何前瞻性聲明。

Additionally, during this call, we will be discussing non-GAAP financial measures that we believe provide useful information to our investors. Reconciliations to the most comparable GAAP measures are included in the tables that are in today's earnings release.

此外，在本次電話會議中，我們將討論我們認為可以為投資者提供有用資訊的非 GAAP 財務指標。今天的收益報告中的表格中包含了與最具可比性的 GAAP 指標的對帳表。

And with that, let me turn the call over to Raul.

現在，請允許我把電話轉給勞爾。

Thank you, Roger. Good afternoon, everyone, and thank you for joining us today for our third quarter fiscal 2025 earnings call.

謝謝你，羅傑。大家下午好，感謝您今天參加我們的 2025 財年第三季財報電話會議。

I'm pleased with our third quarter performance. Our operating model changes and focus on disciplined execution is reflected in our results. Revenue, adjusted EBIT margin, and non-GAAP EPS all came in ahead of guidance. We also delivered strong free cash flow. Our revamped go-to-market approach is paying off, driving a meaningful uptick in bookings.

我對我們第三季的表現感到滿意。我們的營運模式變化和對嚴格執行的關注反映在我們的業績中。收入、調整後的息稅前利潤率以及非公認會計準則每股收益均超出預期。我們也實現了強勁的自由現金流。我們改進的行銷方法已取得成效，推動了預訂量的大幅上升。

Reflecting on my first year as CEO, I'm more convinced than ever that we are on the right path. Our top priority is to drive profitable and sustainable revenue growth. Our evolving leadership team is establishing a culture grounded in client centricity, performance management, and accountability. As a result, we're becoming more innovative, faster, and better positioned to win in the market.

回顧擔任執行長的第一年，我比以往任何時候都更確信我們走在正確的道路上。我們的首要任務是推動獲利和可持續的收入成長。我們不斷發展的領導團隊正在建立以客戶為中心、績效管理和問責制為基礎的文化。因此，我們變得更具創新性、速度更快，也更有能力在市場上獲勝。

We have a strong portfolio of complementary and transformative IT services, all of which we plan to invest in and grow. Specifically, during the quarter, total revenue declined 4.2% year-over-year on an organic basis; adjusted EBIT margin equalled 8.9%, expanding 140 basis points year-over-year; non-GAAP diluted EPS was $0.92, up 7% year-over-year; and we generated free cash flow of $483 million for a year-to-date total of $576 million, exceeding our full year fiscal 2025 guidance.

我們擁有強大的互補和變革性 IT 服務組合，我們計劃對其進行投資和發展。具體而言，本季度，總收入較去年同期有機下降 4.2%；調整後息稅前利潤率為 8.9%，較去年同期成長 140 個基點；非GAAP稀釋每股盈餘為0.92美元，較去年同期成長7%；我們創造了 4.83 億美元的自由現金流，年初至今總額達到 5.76 億美元，超過了我們對 2025 財年全年的預期。

Global uncertainties ranging from trade policy, geopolitical conflicts, inflation, and labor costs continue to pressure corporate spending for discretionary projects. At the same time, clients are balancing cost optimization with investments in AI-driven transformation programs. We also see some clients committing to projects for the full year ahead.

貿易政策、地緣政治衝突、通貨膨脹和勞動力成本等全球不確定性繼續對企業可自由支配的項目支出造成壓力。同時，客戶正在平衡成本優化與人工智慧驅動轉型計畫的投資。我們也看到一些客戶承諾了未來一年的全年專案。

Our revamped go-to-market approach is beginning to deliver results. As expected, bookings across our offerings improved significantly over the last quarter with gains in both large and shorter-cycle projects, a clear sign we're connecting better with customers. This momentum is evident in our book-to-bill ratio of 1.3x and the highest in eight quarters.

我們改進的行銷方法已開始取得成效。正如預期的那樣，我們所有產品的預訂量在上個季度都有顯著改善，大型專案和短週期專案的預訂量都有所增長，這清楚地表明我們與客戶的聯繫更加緊密。這一勢頭明顯體現在我們的訂單出貨比為 1.3 倍，為八個季度以來的最高水準。

Our pipeline continues to grow, including a higher mix of a number of deals in consulting and engineering services. While these engagements have less near-term revenue impact, we believe they build on a solid foundation for future growth. We continue to invest in training our client partners and refining our performance management processes to drive the continued expansion of our pipeline and grow future bookings.

我們的交易管道繼續擴大，其中包括大量諮詢和工程服務領域的交易。儘管這些活動對短期收入的影響較小，但我們相信它們為未來的成長奠定了堅實的基礎。我們將繼續投資培訓我們的客戶合作夥伴並改善我們的績效管理流程，以推動我們管道的持續擴張和未來預訂量的增加。

Additionally, during the third quarter, we continued to progress on the tactical actions we began earlier in the fiscal year. In our global business services segment, where we help clients accelerate digital transformations, we continue to drive more scalable and standardized solutions to support growth.

此外，在第三季度，我們繼續推動本財年早些時候開始的戰術行動。在我們的全球商業服務部門，我們幫助客戶加速數位轉型，並繼續推動更具可擴展性和標準化的解決方案來支援成長。

Specifically in consulting and engineering. First, we expanded our enterprise application capabilities that help clients leverage AI, driving increased bookings. Examples include collaborating with SAP to incorporate their business AI solutions into our industry frameworks and helping clients accelerate their SAP S/4HANA cloud projects as well as the formation of a new center of excellence with ServiceNow, combining DXC's deep IT industry expertise with ServiceNow's gen AI solutions creating a powerful platform to help clients increase their AI adoption. And second, we are also helping clients unlock the full potential of gen AI by ensuring their data is clean, current, and reliable, paving the way for secure deployments and scalable solutions tailored to their evolving needs.

尤其在諮詢和工程領域。首先，我們擴展了企業應用程式功能，幫助客戶利用人工智慧來增加預訂量。例如與 SAP 合作將他們的業務 AI 解決方案納入我們的行業框架並幫助客戶加速他們的 SAP S/4HANA 雲端項目，以及與 ServiceNow 組建新的卓越中心，將 DXC 深厚的 IT 行業專業知識與 ServiceNow 的 gen AI 解決方案相結合，創建一個強大的平台來幫助客戶提高他們的 AI 採用率。其次，我們還透過確保客戶資料的乾淨、最新和可靠來幫助客戶充分發揮人工智慧的潛力，為根據其不斷變化的需求進行安全部署和可擴展的解決方案鋪平道路。

Let me highlight details of two examples of recent gen AI engagements. We worked with Singapore General Hospital to create an AI-powered solution to help doctors quickly analyze clinical data to improve patient treatment plans and alleviate the overuse of antibiotics. With just a few clicks, doctors can access if antibiotics are needed and recommend the right treatment and dosage quickly.

讓我重點介紹一下最近兩代人工智慧合作的例子。我們與新加坡中央醫院合作創建了一種人工智慧解決方案，幫助醫生快速分析臨床數據，以改善患者治療計劃並減輕抗生素的過度使用。只需點擊幾下，醫生就可以了解是否需要抗生素，並快速推薦正確的治療方法和劑量。

Next, building on DXC's deep automotive expertise, we expanded our partnership with Ferrari to the software that powers the next-gen infotainment system for the recently launched F80 supercar. The new digital cockpit delivers an enhanced user experience, providing real-time performance data through seamless high-speed displays for public road use that transforms into a racing display when the drivers are on the track.

接下來，基於 DXC 深厚的汽車專業知識，我們將與法拉利的合作擴展到為最近推出的 F80 超級跑車提供下一代資訊娛樂系統的軟體。新的數位駕駛艙提供了增強的用戶體驗，透過用於公共道路的無縫高速顯示器提供即時性能數據，當駕駛員在賽道上時，該顯示器可轉換為賽車顯示器。

Our capabilities in the insurance business remains strong. We are the category leading software and services provider for life and wealth, global specialty, and reinsurance industries. We continue to invest to grow our cloud-based software solutions and are well positioned to help clients migrate their workloads to the cloud for scalability and cost efficiency. At the same time, we're exploring new markets to drive further growth.

我們在保險業務方面的能力仍然強勁。我們是人壽和財富、全球專業和再保險行業領先的軟體和服務提供者。我們持續投資發展基於雲端的軟體解決方案，並有能力幫助客戶將其工作負載遷移到雲端中，實現可擴展性和成本效益。同時，我們正在探索新市場以推動進一步成長。

In our global infrastructure services segment, which represents our portfolio of technology solutions, we focus on delivering secure cutting-edge services to meet our clients' evolving needs. During the quarter, we laid the groundwork for the redesign and expansion of our AI capabilities in the software platforms across our cloud and ITO security and modern workplace offerings.

在我們的全球基礎設施服務部門（代表我們的技術解決方案組合）中，我們專注於提供安全的尖端服務以滿足客戶不斷變化的需求。在本季度，我們為重新設計和擴展雲端、ITO 安全性以及現代工作場所產品的軟體平台中的 AI 功能奠定了基礎。

We are partnering with clients to design and build industry-specific AI accelerators that will drive innovation in cloud infrastructure, security, and data management. We continue to improve our delivery metrics and overall quality of service, leading to record Net Promoter Scores. These efforts reflect our commitment to driving innovation and measurable value for our clients.

我們正在與客戶合作設計和建構行業特定的人工智慧加速器，以推動雲端基礎設施、安全和資料管理方面的創新。我們不斷改進交付指標和整體服務質量，從而創下淨推薦值的新高。這些努力體現了我們致力於為客戶推動創新和可衡量價值的承諾。

I'm also excited to announce that Brad Novak has joined our leadership team as our new CIO, bringing over 30 years of experience in data architecture and technology strategy. Brad's mission is clear: increase AI usage across DXC's infrastructure and operations, advance our data strategy, and deliver on our ERP consolidation road map. Brad is the latest example of top-tier talent DXC is able to attract.

我還很高興地宣布，布拉德諾瓦克 (Brad Novak) 已加入我們的領導團隊，擔任新任首席資訊官，他在數據架構和技術戰略方面擁有 30 多年的經驗。Brad 的使命很明確：增加 DXC 基礎設施和營運中的 AI 使用率、推進我們的資料策略並實現我們的 ERP 整合路線圖。布拉德是 DXC 能夠吸引的頂級人才的最新代表。

I am pleased with our ability to bring in new leaders, both on my executive team and throughout the organization, to help execute on our strategic priorities.

我很高興我們能夠引進新的領導者，無論是在我的執行團隊還是在整個組織中，來幫助執行我們的策略重點。

To conclude, we believe that our biggest near-term opportunities lie in our initiatives to improve effectiveness across the full cycle of capturing new business including better solutioning, using the right pricing models and driving better economics on renewals. With revenue growth being our clear goal, I'm encouraged by the positive progress we've made in expanding our pipeline and bookings.

總而言之，我們認為我們近期最大的機會在於提高整個新業務獲取周期的效率的舉措，包括更好的解決方案、使用正確的定價模型和推動更好的續約經濟。由於營收成長是我們的明確目標，我們在擴大管道和預訂方面所取得的積極進展令我感到鼓舞。

Looking back over my first year as CEO, I've gained a deeper appreciation of the essential services we provide. We play a pivotal role in driving global commerce. We have strong and lasting relationships with clients that view us as strategic partners, leveraging our global delivery capabilities to help them with their transformation journeys.

回顧擔任執行長的第一年，我對我們提供的基本服務有了更深刻的認識。我們在推動全球貿易方面發揮關鍵作用。我們與客戶建立了牢固而持久的關係，他們將我們視為策略合作夥伴，利用我們的全球交付能力幫助他們實現轉型之旅。

That said, our goal remains clear: to drive profitable revenue growth. Together with our experienced leadership team, I'm confident, we have a strong portfolio of complementary and transformative IT services to deliver long-term success and continue building strong value for all stakeholders.

儘管如此，我們的目標仍然明確：推動獲利收入成長。我相信，在我們經驗豐富的領導團隊的帶領下，我們擁有強大的互補和變革性 IT 服務組合，可以實現長期成功並繼續為所有利益相關者創造強大的價值。

The past is history. Today, we are a coordinated team running fast, breaking out of silos and bringing out the best in each other.

過去已成歷史。今天，我們是一支協調一致的團隊，快速奔跑，打破各自為政的局面，發揮彼此的最大優勢。

With that, let me turn the call over to Rob for a detailed review of our third quarter results.

說完這些，讓我把電話轉給 Rob，讓他詳細回顧我們的第三季業績。

Thank you, Raul, and good afternoon. Today, I'll go over our third quarter results, provide our view for the fourth quarter and update our full fiscal year 2025 guidance.

謝謝你，勞爾，下午好。今天，我將回顧我們第三季的業績，提供我們對第四季的看法，並更新我們 2025 財年全年指引。

While facing incremental FX headwinds, 3Q total revenue of $3.2 billion fell in line with our expectation, while organic revenue declined 4.2% ahead of the top end of our guidance range. As Raul mentioned earlier, our book-to-bill ratio significantly improved to 1.33x, driving the trailing one-month ratio to 0.96, up from 0.88 last quarter.

儘管面臨外匯逆風，第三季總營收為 32 億美元，符合我們的預期，而有機收入下降 4.2%，高於我們預期範圍的最高值。正如 Raul 先前所提到的，我們的訂單出貨比大幅提高至 1.33 倍，使得過去一個月的訂單出貨比從上一季的 0.88 上升至 0.96。

Adjusted EBIT margin expanded 140 basis points year-over-year to 8.9%, ahead of our expectations. This performance was primarily driven by higher yields from cost management initiatives as well as the deferral of certain planned marketing and IT investments to ensure they're more closely aligned with our evolving business priorities.

調整後的息稅前利潤率年增 140 個基點至 8.9%，超出我們的預期。這項績效主要得益於成本管理措施帶來的更高收益，以及某些計畫中的行銷和 IT 投資的推遲，以確保它們與我們不斷變化的業務重點更加緊密地結合在一起。

In the quarter, we also recognized a 50 basis point benefit from equity compensation savings associated with executive leadership changes made during the quarter as we continue to reshape and strengthen our senior team. These tailwinds were partially offset by a $10 million charge related to the disposal of hardware assets as we consolidate data centers.

在本季度，隨著我們繼續重塑和加強我們的高階團隊，我們也從與本季高階主管領導層變動相關的股權薪酬節省中獲得了 50 個基點的收益。由於我們整合資料中心，與硬體資產處置相關的 1000 萬美元費用部分抵消了這些順風因素。

Non-GAAP gross margin for the third quarter came in at 25.1%, an improvement of 150 basis points year-to-year. This expansion was primarily driven by savings from disciplined resource management practices and the impact from restructuring more than offsetting lower revenue and the data center hardware asset disposal.

第三季非公認會計準則毛利率為25.1%，年增150個基點。這項擴張主要得益於嚴格的資源管理實務帶來的節省，以及重組帶來的影響，超過了收入下降和資料中心硬體資產處置的影響。

Non-GAAP SG&A as a percentage of revenue increased 70 basis points year-over-year to 10.3%. This was primarily driven by lower revenue and investments in our sales team as well as IT infrastructure related to our ERP consolidation efforts. These impacts were partially offset by the equity savings from recent executive leadership changes. As a reminder, the year-to-year changes in our non-GAAP gross margin and non-GAAP SG&A are normalized for the reclassification of certain business development costs to SG&A that I discussed last quarter.

非公認會計準則銷售、一般及行政支出佔收入的百分比年增 70 個基點，達到 10.3%。這主要是由於我們的銷售團隊收入和投資減少以及與我們的 ERP 整合工作相關的 IT 基礎設施減少所致。這些影響被最近高階主管領導層變動帶來的股權節省部分抵銷。提醒一下，我們的非 GAAP 毛利率和非 GAAP 銷售、一般及行政費用的逐年變化已標準化，因為我上個季度討論過將某些業務開發成本重新歸類為銷售、一般及行政費用。

Non-GAAP EPS was $0.92, up from $0.86 in the third quarter of last year. The $0.06 increase was primarily driven by higher adjusted EBIT of $0.10, lower net interest expense, and taxes of $0.02 each and the impact of a lower share count of $0.03, partially offset by an $0.11 decline to noncontrolling interest that included a non-recurring benefit in the third quarter of last year.

非公認會計準則每股收益為 0.92 美元，高於去年第三季的 0.86 美元。0.06 美元的增幅主要歸因於調整後息稅前利潤增加 0.10 美元、淨利息支出減少和稅金各減少 0.02 美元以及股份數量減少 0.03 美元的影響，但部分被包括去年第三季度非經常性收益在內的非控股權益減少 0.11 美元所抵消。

Now, turning to our segments. GBS, which represents 52% of total revenue, was down 50 basis points year-to-year organically. The GBS profit margin increased by 150 basis points year-to-year to 13.4%, largely due to more efficient resource management.

現在，轉向我們的部分。GBS 佔總收入的 52%，年比有機下降 50 個基點。GBS利潤率年增150個基點至13.4％，主要歸功於更有效率的資源管理。

Within the GBS segment, consulting & engineering services organic revenue declined 2.2% year-to-year. This is primarily driven by ongoing market pressures affecting custom application projects, which account for roughly two-third of CES revenue. However, this decline was partially offset by momentum in our enterprise applications business as we continue to increase our capabilities.

在 GBS 部門中，諮詢和工程服務有機收入較去年同期下降 2.2%。這主要是由於持續的市場壓力影響了客製化應用項目，而客製化應用項目約佔 CES 收入的三分之二。然而，隨著我們能力的不斷提升，企業應用業務的發展勢頭部分抵消了這一下降。

The book-to-bill ratio improved in the quarter to 1.28 due to third quarter seasonality and our improving go-to-market execution. The trailing 12-month book-to-bill ratio remained stable at slightly more than 1.0.

由於第三季的季節性因素和我們不斷改善的市場執行力，本季的訂單出貨比改善至 1.28。過去 12 個月的訂單出貨比保持穩定，略高於 1.0。

Insurance and horizontal BPS organic revenue grew 5.6% year-to-year. Our insurance services & software business, representing approximately 80% of the total, continued to deliver mid-single-digit growth. This performance was driven in part by expanding software license revenue that increased at a mid-teen rate. The book-to-bill ratio for insurance and horizontal BPS was 1.05, including a higher mix of new work compared to bookings during the first half of the year. On a trailing 12-month basis, that book-to-bill ratio was 0.82.

保險和橫向BPS有機收入較去年同期成長5.6%。我們的保險服務和軟體業務約佔總業務的 80%，繼續實現中位數個位數成長。這一業績表現的部分原因是軟體授權收入以中等幅度的增幅不斷擴大。保險和水平 BPS 的訂單出貨比為 1.05，其中新業務佔比高於上半年的訂單量。在過去 12 個月中，訂單出貨比為 0.82。

GIS, which represents 48% of total revenue, declined 7.8% year-to-year organically and services revenue was down approximately 7% and resale fell approximately 16%. Profit margin declined 50 basis points year-to-year to 6.5%, reflecting the impact of lower revenue and the hardware asset disposal charge that I referred to earlier. These headwinds offset the benefit of our ongoing efforts in resource management and optimizing software and data center costs.

GIS 佔總收入的 48%，年減 7.8%，服務收入下降約 7%，轉售收入下降約 16%。利潤率較去年同期下降50個基點至6.5%，反映了我之前提到的收入下降和硬體資產處置費用的影響。這些不利因素抵消了我們在資源管理和優化軟體和資料中心成本方面持續努力所帶來的好處。

On a sequential basis, the GIS profit margin declined 170 basis primarily due to the hardware asset charge and last quarter's discrete benefit related to the settlement of a legal matter. Within GIS, Cloud/ITO security organic revenue declined 6.6% year-to-year with services down approximately 7%, narrowing the rate of year-to-year decline by 2 points from last quarter.

與上一季相比，GIS 利潤率下降了 170%，主要原因是硬體資產費用以及上季度與法律問題解決相關的單獨收益。在 GIS 中，雲端/ITO 安全有機收入年減 6.6%，服務下降約 7%，年減幅較上一季縮小 2 個百分點。

3Q resale was down approximately 2%, improving from steeper declines in recent quarters, and we continue to be selective on our resale opportunities based on deal economics. The book-to-bill ratio of 1.51 was driven by timing of renewals and our improving go-to-market effectiveness. The trailing 12-month book-to-bill ratio equalled 0.90.

第三季轉售量下降約 2%，較最近幾季的大幅下降有所改善，我們繼續根據交易經濟狀況選擇轉售機會。訂單出貨比達到 1.51，這得益於續約時機的掌握和我們不斷提升的市場進入效率。過去 12 個月的訂單出貨比為 0.90。

Modern Workplace declined 11.3% year-to-year organically, with services revenue down approximately 5% and resale revenue down about 30%. The book-to-bill ratio equalled 1.25 and the trailing 12-month book-to-bill ratio was 1.04.

現代工作場所有機收入年減 11.3%，其中服務收入下降約 5%，轉售收入下降約 30%。訂單出貨比為1.25，過去12個月的訂單出貨比為1.04。

Turning to our cash flow and balance sheet. During the quarter, we generated $483 million of free cash flow compared to $585 million in the same period last year, with the delta primarily driven by working capital. Additionally, CapEx increased by $46 million to $167 million, largely reflecting efforts to reduce new financial lease originations, which were limited to just $3 million in the quarter. Taken together, CapEx and lease originations as a percent of revenue equalled 5.3%. As a reminder, financial lease originations are not included in free cash flow.

轉向我們的現金流和資產負債表。本季度，我們產生了 4.83 億美元的自由現金流，而去年同期為 5.85 億美元，這一差異主要由營運資金推動。此外，資本支出增加了 4,600 萬美元，達到 1.67 億美元，這主要反映了減少新融資租賃發起額的努力，本季新融資租賃發起額僅為 300 萬美元。總的來說，資本支出和租賃支出佔收入的百分比為 5.3%。提醒一下，融資租賃起源不包括在自由現金流中。

Fiscal year-to-date free cash flow through December 31, 2024, totalled $576 million, exceeding our prior full year guidance of approximately $550 million. This outperformance was primarily driven by adjusted EBIT for the first nine months of the year exceeding our expectations, along with an anticipated restructuring charges.

截至 2024 年 12 月 31 日的財年迄今自由現金流總計 5.76 億美元，超過我們先前約 5.5 億美元的全年預期。這項優異表現主要得益於今年前九個月調整後的息稅前利潤超出我們的預期，以及預期的重組費用。

Our disciplined resource management practices, which have driven a net head count reduction of nearly 5,900 since the start of the year, have enabled us to remain on track to meet our cost savings targets for the year. With our measured and deliberate approach, undoing actions to the right areas across our organization, we are now expecting restructuring charges to be a maximum of $100 million above last year compared to the $250 million we initially outlined. We will continue to drive targeted restructuring reductions across our operations into fiscal 2026, utilizing the remaining funding planned for fiscal '25.

我們嚴謹的資源管理實務自今年年初以來已使員工總數淨減少近 5,900 人，並讓我們能夠繼續實現今年的成本節約目標。透過採取謹慎和周密的方法，在整個組織內對正確的領域採取行動，我們目前預計重組費用將比去年最多高出 1 億美元，而我們最初預計的是 2.5 億美元。我們將利用2025財年計畫的剩餘資金，繼續在2026財年推動整個營運領域的有針對性的重整削減。

Total debt at the end of the quarter was equal to $3.8 billion, reflecting approximately $80 million of capital lease paydown and the currency impact on our euro-denominated bonds. Total cash on our balance sheet increased by approximately $480 million quarter-over-quarter. This was driven by strong free cash flow and asset sale proceeds of more than $80 million from facility sales and the divestiture of a non-core business in Asia Pacific.

本季末的總債務為 38 億美元，反映了約 8,000 萬美元的資本租賃償還額以及貨幣對我們以歐元計價的債券的影響。我們資產負債表上的現金總額較上月增加約 4.8 億美元。這是由於強勁的自由現金流和超過 8000 萬美元的資產出售收益（來自設施出售和亞太地區非核心業務的剝離）所推動的。

Through December 31, we've generated approximately $150 million of cash through dispositions and sale of other assets with line of sight to additional transactions. As a reminder, these proceeds are not included in our reported free cash flow.

截至 12 月 31 日，我們已透過處置和出售其他資產產生了約 1.5 億美元現金，並有望進行其他交易。提醒一下，這些收益不包括在我們報告的自由現金流中。

As a result of our strong free cash flow generation, asset sales and debt reduction over the first nine months of the fiscal year, we have lowered net debt by more than $750 million to $2.1 billion. With approximately $1.7 billion of cash on hand, we have delivered on our objective of strengthening our capital structure, and we'll update our capital deployment priorities as we enter the new fiscal year.

由於我們在本財年的前九個月強勁的自由現金流產生、資產出售和債務削減，我們的淨債務減少了 7.5 億美元以上，至 21 億美元。我們手頭上有大約 17 億美元現金，已經實現了加強資本結構的目標，進入新的財政年度後，我們將更新我們的資本部署優先事項。

Now, let me provide you with a view of our fourth quarter. We expect total organic revenue to decline 5.5% to 4.5%. We anticipate adjusted EBIT margin to be about 7%, reflecting the expected sequential decline in revenue, the impact from merit increases, and increased investments in sales, marketing and IT. We expect non-GAAP diluted EPS of about $0.75.

現在，讓我向您介紹我們第四季的情況。我們預計總有機收入將下降 5.5% 至 4.5%。我們預計調整後的息稅前利潤率約為 7%，這反映了預期的收入連續下降、績效加薪的影響以及對銷售、行銷和 IT 的投資增加。我們預計非 GAAP 稀釋每股收益約為 0.75 美元。

And now for the full year. We now expect total revenue to decline between 4.7% and 4.9% year-to-year organically compared to the prior guide calling for a decline of 5.5% to 4.5%. We continue to anticipate full year GBS revenue to decline slightly year-over-year and GIS to decline at high single-digit rates. We now expect our full year adjusted EBIT margin to be approximately 7.9%, up from our prior guide range of 7.0% to 7.5%, this being the third time this year that the guide has been increased. We now expect a full year non-GAAP effective tax rate of approximately 33%, bringing our full year non-GAAP diluted EPS to be about $3.35, an increase from our prior guide of $3 to $3.25.

現在回顧全年。我們現在預計總收入將年比有機下降 4.7% 至 4.9%，而先前的預測是下降 5.5% 至 4.5%。我們繼續預計全年 GBS 收入將比去年同期略有下降，GIS 收入將以高個位數下降。我們現在預計全年調整後息稅前利潤率約為 7.9%，高於我們之前的 7.0% 至 7.5% 的指導範圍，這是今年第三次上調該指導範圍。我們現在預計全年非 GAAP 有效稅率約為 33%，使我們的全年非 GAAP 稀釋每股收益達到約 3.35 美元，高於我們先前預測的 3 美元至 3.25 美元。

Free cash flow for the year is now expected to be approximately $625 million, an increase from our prior view of about $550 million. This improvement is largely due to the increase in our adjusted EBIT guidance and the lower anticipated restructuring spending.

目前預計全年自由現金流約 6.25 億美元，高於我們先前預測的 5.5 億美元左右。這項改善主要歸因於我們調整後的息稅前利潤預期的增加和預期重組支出的降低。

And with that, let me turn the call back over to Roger.

說完這些，讓我把電話轉回給羅傑。

Thank you, Rob. We'd now like to open the call for your questions. Operator, can you please provide the instructions?

謝謝你，羅布。我們現在想開始回答你們的問題。接線員，您能提供指示嗎？

Bryan Keane, Deutsche Bank.

德意志銀行的布萊恩·基恩。

Just wanted to ask about the organic growth in the third quarter, beat expectations in your guidance. But for the fourth quarter, as we jump over to that quarter, it's a slight decrease from where we did in the third quarter, and I know the bookings are up, so just trying to reconcile the increase in the book-to-bill and what that means for organic growth, especially as we turn into the fourth quarter and into next year.

只是想問一下第三季的有機成長情況，是否超出了您的預期。但是對於第四季度來說，當我們跳到該季度時，我們發現它與第三季度相比略有下降，而且我知道訂單量有所上升，因此我只是試圖協調訂單出貨比的增加以及這對有機增長意味著什麼，尤其是當我們進入第四季度和明年時。

Bryan, it's Rob. Thanks for the question. The reason for that slight decrease in quarter-to-quarter guidance is related to the bookings in the first half of the year. If you recall, our bookings were in the range of 0.8 for the first half. And that takes time to flow through bookings into the pipeline, into the backlog rather, into revenue. So that will be a bit of a drag for the next couple of quarters. And the better bookings that we experienced in third quarter will start to layer in over time. So it's primarily the first half that causes the decrease.

布萊恩，我是羅布。謝謝你的提問。季度指引略有下降的原因與上半年的預訂量有關。如果你還記得的話，我們上半年的預訂量在 0.8 左右。而這需要時間才能將預訂流入管道、積壓訂單或收入。所以這會對接下來的幾季造成一些拖累。而且，我們在第三季獲得的更好的預訂量將隨著時間的推移開始逐漸顯現。因此，主要是上半年導致了下降。

And then just obviously, turning to the adjusted EBIT margins, quite a bit above our expectations in the quarter, and you're raising guidance again. Just trying to make sure I understand the puts and takes between where we were in the third quarter to the fourth quarter because it's a little bit lower level, even though we're increasing the full year.

然後很明顯，轉向調整後的息稅前利潤率，這大大高於我們本季的預期，而且您再次提高了預期。只是想確保我了解第三季和第四季之間的利弊，因為儘管我們全年都在增加，但這個水平還是有點低。

Yeah. So the drivers, the 8.9%, we referred in the call to some equity comp benefits that we experienced in the third quarter, which were onetime in nature. So that drove about a 40 basis point help. So the bridge is really going from about 8.5% to 7%. And the primary driver of the reduction is going to be the revenue decline quarter-to-quarter dropping down to the bottom line. And along with that, we have merit increases that we've given to employees where we had one month in the third quarter and three months' worth in the fourth quarter. So those are the two primary drivers of the margin degradation.

是的。因此，我們在電話會議中提到的 8.9% 的驅動因素是我們在第三季經歷的一些股權補償福利，這些福利本質上是一次性的。因此這帶來了約 40 個基點的幫助。因此，該比率實際上是從 8.5% 上升到 7%。而造成這下降的主要原因是收入逐季下降，直到利潤下降。除此之外，我們也提供員工加薪，第三季加薪一個月，第四季加薪三個月。因此，這是導致利潤率下降的兩個主要因素。

Jonathan Lee, Guggenheim Partners.

古根漢合夥人公司的喬納森李 (Jonathan Lee)。

Tremendous to see the book-to-bill strength in the quarter. How much of the bookings momentum was driven by seasonal budget flush activities? And how would you characterize the deal environment into fiscal 4Q?

本季訂單出貨比的強勁表現令人欣喜。預訂量的增加有多少是由季節性預算緊張活動推動的？您如何描述第四財季的交易環境？

So it's Raul here. Thank you for the question. Look, the demand environment is not a big factor for us because we've got to execute operationally across the board from pursuits through pitches and conversion, et cetera. And really, that is what had a big impact in terms of getting that book-to-bill up. It starts with people, right leaders in the right place; pipeline, obviously, bigger is better and better quality is better, we're working on that and making progress; conversion rate increasing, another factor, again, getting better, but still a lot more to do; and then we did some revisions of comp plans within the year, and we're carrying that forward as we're smarter about what we need to get out of our sales force. But across the board, better proposals, better sales, and marketing material, all had an impact on that.

原來是勞爾 (Raul) 在這裡。感謝您的提問。你看，需求環境對我們來說不是一個重要因素，因為我們必須全面執行，從追求到推銷和轉換等等。事實上，這對於提高訂單出貨比產生了巨大影響。一切從人開始，在適當的地方有合適的領導者；管道，顯然越大越好，品質越好，我們正在努力並取得進展；另一個因素是轉換率的提高，情況也越來越好，但仍有許多工作要做；然後，我們在年內對薪酬計劃進行了一些修訂，並且我們將繼續進行這些修訂，因為我們更清楚我們需要從銷售隊伍中獲取什麼。但總體而言，更好的提案、更好的銷售和行銷材料都對此產生了影響。

As you think about calendar year '25, and I know it may be early, is there anything in your customer conversations that would give you confidence that perhaps calendar '25 should be better than calendar '24 for you from a demand perspective?

當您考慮 25 日曆年時，我知道可能還為時過早，在與客戶交談中，是否有任何內容可以讓您相信，從需求角度來看，25 日曆年應該比 24 日曆年更好？

I think the demand for the set of services that we have is very solid. We are operators and we're trusted partners with global companies that make multiyear commitments to us to help them run their businesses. And that is longer term, multiyear, larger. Then on the other side of our business, on consulting and engineering, they're shorter term. They're more transformational. They get booked and they get burned on a quicker sequence.

我認為，我們對這一系列服務的需求非常強大。我們是營運商，也是全球公司值得信賴的合作夥伴，這些公司向我們做出多年承諾，幫助他們經營業務。這是長期的、多年的、規模更大的。而在我們業務的另一面，即諮詢和工程方面，它們的期限比較短。它們更具變革性。他們被預定，並在更快的序列中被燒毀。

So for us, it's more of the mechanics of getting the right combination of those in place so that we can have more predictability and see an upward slope. But I'm more focused on internal operations management, measurement performance.

因此對我們來說，更重要的是將這些機制正確地組合起來，這樣我們才能更有可預測性，並看到上升趨勢。但我更注重內部營運管理、衡量績效。

The external environment is good. I mean, look, technology is changing every industry in every country everywhere. And it's not going to stop. If anything, it's going to get faster. Pace of change increases. AI adds another dimension of complexity. Complexity means that our customers need people who are experienced and can bring very relevant and current expertise to the table. So demand environment is solid. But we also, looking across all of our verticals, had a pretty solid across every single vertical performance in the last quarter. And again, I don't see anything today that shows a blip.

外部環境良好。我的意思是，你看，科技正在改變世界各地每個國家的每個產業。並且它不會停止。如果有的話，它會變得更快。變化的步伐加快。人工智慧增加了另一個複雜性的維度。複雜性意味著我們的客戶需要有經驗並能帶來非常相關和最新專業知識的人才。因此需求環境是穩固的。但同時，縱觀我們所有的垂直產業，我們發現上個季度我們在每個垂直產業的表現都相當穩健。再說了，今天我沒有看到任何明顯的波動。

Obviously, as you can read in the newspaper every day, there's trade policy that can change certain industries and have big impacts and could impact demand. But right now, our execution and our performance against the backdrop of demand that we have and then being successful in new pursuits. That's the key to success for us.

顯然，正如您每天在報紙上看到的那樣，貿易政策可以改變某些行業，產生重大影響並影響需求。但目前，我們的執行和表現是在需求的背景下進行的，並在新的追求中取得成功。這是我們成功的關鍵。

Tien-Tsin Huang, JPMorgan.

摩根大通的 Tien-Tsin Huang。

I wanted to ask on the margins. I heard that there was a deferral, I think, of some marketing expenses, just curious if I heard that correctly. And could you size that? And is that going to be pushed out into fiscal '26? And same question on the restructuring charges, the $100 million max now that's below the $250 million. Is the $250 million target now lower? Or is it just a pushout as well?

我想在邊緣處詢問。我聽說有些行銷費用被推遲了，只是好奇我是否聽得正確。您能確定其尺寸嗎？這會被延後到26財年嗎？關於重組費用的問題相同，最高金額為 1 億美元，低於 2.5 億美元。2.5 億美元的目標現在是否降低了？或者它也只是一種推銷？

Yes. So we had some investments included in the guide for 3Q and a modest increase in 4Q as well. And I just want to take back, Tien-Tsin, we've had new marketing leaders added, a new CIO added, new leaders in our go-to-market in both Europe and the Americas. And these leaders, we're being really deliberate and thoughtful on where we make our investments. So while we left room in the guide, they're onboarding, they're evaluating what we have in-house. And again, we're being very deliberate and a little slower than I originally plugged into the guide in terms of the incremental investments.

是的。因此，我們在第三季的指南中包含了一些投資，並且在第四季度也有適度增加。我只想回顧一下，Tien-Tsin，我們增加了新的行銷領導人，增加了新的資訊官，以及我們在歐洲和美洲的行銷部門增加了新的領導人。對於這些領導者來說，我們在投資領域確實非常謹慎和深思熟慮。因此，當我們在指南中留出空間時，他們正在入職，正在評估我們內部的狀況。再次強調，在增量投資方面，我們非常謹慎，而且比我最初在指南中提到的速度要慢。

So we'll continue to be extremely thoughtful and prudent as we go forward with the investments. We do expect an uptick. We're basically rebuilding our marketing function. So we are expecting increased investments over time. And we have system consolidations in IT that we're going to be investing in, along with providing much better AI capability in-house to become more efficient and streamlined. So the IT investments will increase modestly over time. And then perhaps, once we get past the bubble, they'll come back down. And from a sales perspective, we'll continue to build our capability and an effort to drive future revenue growth.

因此，我們在進行投資時將繼續極其深思熟慮和謹慎。我們確實預計會出現上漲。我們基本上正在重建我們的行銷職能。因此，我們預計隨著時間的推移，投資將會增加。我們將對 IT 系統整合進行投資，同時在內部提供更好的 AI 功能，以提高效率和精簡程度。因此，IT 投資將會隨著時間的推移而適度增加。然後也許，一旦我們突破泡沫，它們就會回落。從銷售角度來看，我們將繼續增強我們的能力並努力推動未來的收入成長。

Yes. Just a data point to back that up, our marketing leader came in, in June, right? So we're talking about six, seven months of effectively being on the ground and rebuilding the team. So a relatively new team, getting a handle on what we had and what we need to do and just taking a little bit more time, but I'd rather be thoughtful and deliberate and use the dry powder at a later date.

是的。只需一個數據點來支持這一點，我們的行銷主管是在六月加入的，對嗎？所以我們談論的是六、七個月的有效實地工作和重建團隊。因此，對於一個相對較新的團隊來說，我們需要了解自己擁有什麼以及需要做什麼，只需要多花一點時間，但我寧願深思熟慮，慎重行事，並在以後使用預先準備好的資源。

And so Tien-Tsin, on your question on restructuring, I mentioned in the prepared remarks that we've been able to execute on our cost reductions with less restructuring. Similar to the investments, we're being extremely targeted and thoughtful about where we deploy the restructuring dollars.

因此，Tien-Tsin，關於您關於重組的問題，我在準備好的演講中提到，我們能夠透過較少的重組來削減成本。與投資類似，我們對重組資金的部署也非常有針對性且深思熟慮。

So we do plan on continuing that effort. We are going to keep drilling down and rationalizing our spend profile, our overhead, become more efficient and carry that $150 million into fiscal '26, which on the surface would be a $50 million year-to-year increase. So that's our current plan. And we'll add more to that 90 days from now when we do the year-end call.

所以我們確實計劃繼續這項努力。我們將繼續深入研究並合理化我們的支出結構和管理費用，提高效率，並將這 1.5 億美元帶入 26 財年，從表面上看，這將比去年​​增加 5,000 萬美元。這就是我們目前的計劃。從現在起的 90 天之後，當我們進行年終電話會議時，我們還將增加更多內容。

Bryan Bergin, TD Cowen.

布萊恩·伯金（Bryan Bergin），TD Cowen 公司。

I wanted to dig in on the free cash flow outperformance here. And first, Rob, just to clarify on the margin that rolls into that, was the 8.5% the clean op margin relative to your plan for the quarter?

我想深入研究一下自由現金流的優異表現。首先，Rob，您能澄清一下這個利潤率嗎？

Yes.

是的。

And then as we think about the sustainable versus the transitory factors that you're talking about here, things like timing on some of the restructuring and these margin items versus more efficient working capital and CapEx, like what are the puts and takes as we look forward here and consider your prior view of returning to a foundational level of roughly $700 million of free cash flow?

然後，當我們思考永續因素與您所談論的暫時性因素時，例如一些重組和保證金項目的時機與更有效的營運資本和資本支出，當我們展望未來並考慮您之前對恢復到約 7 億美元自由現金流基礎水平的看法時，我們的利弊是什麼？

Yes. No, thanks for the question, Bryan. So let me step through this. So our guide for the full year is now $625 million, up from the $550 million. If we think of that, the two primary impacts to that, which we have gone through all year, is the incremental restructuring, which is now targeted at a max of $100 million and then the shift of capital leases to capital expenditures. If you make those two adjustments, our free cash flow for fiscal '25 is right on top of where we were in fiscal '24 at around $750 million, in that ballpark. So our underlying free cash flow generation is stable.

是的。不，謝謝你的提問，布萊恩。讓我逐步介紹一下。因此，我們對全年的預期是 6.25 億美元，高於 5.5 億美元。如果我們考慮到這一點，我們全年經歷的兩個主要影響是增量重組，現在的目標是最高 1 億美元，然後將資本租賃轉向資本支出。如果進行這兩項調整，我們 25 財年的自由現金流將與 24 財年的水準相當，約為 7.5 億美元。因此我們的基礎自由現金流產生是穩定的。

Now going from 2025 to '26, I would think of that $625 million as a good foundation. We will continue to minimize capital leases, which will put a little pressure on capital going forward, and we have to work through the dynamics going forward, 90 days from now. The restructuring right now, what I'm suggesting is we are holding that $150 million, and we'll spend that as needed in fiscal '26.

現在從 2025 年到 2026 年，我認為這 6.25 億美元是一個好的基礎。我們將繼續減少資本租賃，這將給未來的資本帶來一些壓力，我們必須在 90 天內努力解決這個問題。對於目前的重組，我建議我們保留 1.5 億美元，並將在 26 財年根據需要使用。

So that would be a $50 million worth of pressure on the $625 million. But we have working capital. We have our EBIT profile. We have cash-out. So we have a number of significant drivers of free cash flow that we'll be working through during the fourth quarter before we set our guide for next year.

因此，這將對 6.25 億美元造成 5,000 萬美元的壓力。但我們有營運資金。我們有我們的息稅前利潤概況。我們有提款。因此，在製定明年的指導方針之前，我們將在第四季度研究許多影響自由現金流的重要驅動因素。

Okay. That's helpful. And then as we kind of marry the cash flow and the balance sheet, your net leverage looks like it's down to about one turn, gross debt down. Just how are you thinking about capital allocation here? I know there wasn't much buyback in the quarter. I'm curious if anything would preclude you to start becoming more active there? Or are you reaching a point where M&A starts to become more of a priority?

好的。這很有幫助。然後，當我們將現金流和資產負債表結合起來時，你的淨槓桿率看起來好像下降了大約一倍，總債務下降了。您是如何考慮這裡的資本配置的？我知道本季的回購並不多。我很好奇，是否有什麼東西會阻止你在那裡變得更加活躍？或者您已經到達了併購開始變得更優先的階段？

We're going to give an update on capital allocation for next year at the next call. We're going to evaluate what we have in terms of opportunities to get the biggest return for our investments. As you know, part of what I've been doing with the team is making sure that we've got an operating system that is effective on a stand-alone basis. But more importantly, if we were to do any sort of smaller M&A that we can be super accretive, both in terms of revenue, clients, people, et cetera. So those are not fully aligned yet, and we'll give you more color on capital use in the next quarter, but we're making progress along that front so that we have the optionality.

我們將在下次電話會議上更新明年的資本配置。我們將評估我們擁有哪些機會來獲得投資的最大回報。如你所知，我和團隊所做工作的一部分是確保我們擁有一個獨立且有效的作業系統。但更重要的是，如果我們進行任何形式的小規模併購，我們都可以獲得極大的增值，包括收入、客戶、人員等等。因此，這些尚未完全對齊，我們將在下個季度為您提供有關資本使用情況的更多詳細信息，但我們正在在這方面取得進展，以便我們有選擇權。

Yes. And Bryan, I would just add that we're executing exactly as we told you we would at the beginning of the year. We suspended the buyback. We focused on improving our balance sheet this year. We've accomplished that, and we're going to reevaluate our priorities next quarter as we head into fiscal '26. All three levers are still important to us: having the right capital profile, investment in the business and return to shareholders are all important to us.

是的。布萊恩，我想補充一點，我們正在嚴格按照年初告訴你的計劃執行。我們暫停了回購。我們今年致力於改善資產負債表。我們已經實現了這一目標，並且我們將在進入26財年之際於下個季度重新評估我們的優先事項。這三個槓桿對我們來說仍然很重要：擁有正確的資本配置、對業務的投資和對股東的回報對我們來說都很重要。

Matthew Rothwell, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的馬修羅斯韋爾 (Matthew Rothwell)。

Congratulations on a good quarter. I guess could you talk a little bit about what you're seeing in terms of win rates and pricing, and for pricing, especially around renewals, and whether you're kind of through most of the legacy, not very profitable contracts?

恭喜您本季業績良好。我想您能否談談您對中標率和定價的看法，尤其是續約方面的定價，以及您是否已經完成了大多數遺留的、利潤不高的合約？

Thanks, Matthew. It's Rob. So I would describe our pricing dynamics this year as being stable, and that is across the board. Now with regard to renewals, this is a very targeted conversation, contract by contract. We have renewal strategies for each of our contracts. And in cases where we set out to have better economics going forward, it's both economics and terms going forward, we have been able to accomplish that.

謝謝，馬修。是羅布。因此，我認為今年我們的定價動態是穩定的，而且是全方位的。現在關於續約，這是一次非常有針對性的對話，逐次合約進行。我們對每一份合約都有續約策略。在我們著手實現更好的經濟效益的情況下，無論是經濟效益或條款效益，我們都已經能夠實現這一目標。

Our intention is to go into every renewal, coming out of it with good economics for us, having a customer who is equally happy with the outcome of the discussions and the negotiations, and have a win-win. So we've done a good job in the contracts we've targeted for better terms and better prices. And we'll continue to operate that way at each renewal with the intention of renewing that contract.

我們的目的是進行每一次續約，以獲得良好的經濟效益，讓客戶對討論和談判的結果同樣滿意，實現雙贏。因此，我們在爭取更好的條款和更優惠的價格的合約方面做得很好。並且，每次續約時，我們都會繼續以這種方式運作，並致力於續約。

And I guess in terms of the win rates, are you seeing them improved?

我想，就勝率而言，你看到它有所提高嗎？

Yes, they've been very stable. The first half of the year is stable. In the third quarter, we actually did better. So we had improved win rates in the quarter. And it's another indication that the go-to-market changes that we're making are taking hold. And along with the pipeline generation and the bookings improvement, the win rates have improved. And I'd also add, I mentioned it earlier, that our pipeline in the fourth quarter is also positioned very well for us.

是的，他們非常穩定。上半年整體穩定。在第三季度，我們實際上做得更好。因此我們本季的勝率有所提高。這也顯示我們正在進行的行銷變革正在產生效果。隨著通路的產生和預訂量的提高，中標率也提高了。我還要補充一點，我之前提到過，我們第四季的通路部署也非常有利。

Jamie Friedman, Susquehanna.

薩斯奎哈納的傑米·弗里德曼。

Raul, I was hoping to get your perspective as to which of these segments have the most opportunity for improvement. The book-to-bills by segment really vary or they diverge from the reported revenue growth rates. So maybe that's part of the answer. But from your perspective, which of these segments do you think is under-indexing either the market or your objectives?

勞爾，我希望聽聽你的看法，看看這些部分哪一個最有改進的機會。各部門的訂單出貨比確實有差異，或與報告的收入成長率有偏差。或許這就是答案的一部分。但從您的角度來看，您認為其中哪一個部分沒有達到市場或您的目標？

Yes. So look, one point I want to make is that now having been here a full year, operating all of the units that we have, that I feel that we've got a very solid portfolio that is in current demand and that is well positioned for future demand. So we are focused on building across every one of our segments, our two offerings in the geographies, building on top of the great clients that we have today and then being worthy of competing and winning on net new accounts. And we're starting to get great early indicators that as we bring the new face of DXC into the marketplace and tell our story in a more efficient and effective way that we can click up on our conversion rate.

是的。所以，我想說的一點是，現在我們在這裡已經待了整整一年了，經營著我們所有的部門，我覺得我們有一個非常穩固的投資組合，它滿足了當前的需求，並且為滿足未來的需求做好了準備。因此，我們專注於在我們每個細分市場、我們在各個地區提供的兩種服務、在我們現有的優秀客戶的基礎上進行建設，然後值得在淨新帳戶上競爭和獲勝。我們開始獲得很好的早期跡象，表明隨著我們將 DXC 的新面貌帶入市場並以更有效率、更有效的方式講述我們的故事，我們能夠提高轉換率。

So I'd say across the board, they all have room to improve. And that improvement is in execution. That improvement when you get down into the ingredients of what it takes to win, it's the right solution, it's the right sales and marketing material, it's the right pitch, it's the right price.

因此我想說，總體而言，他們都有進步的空間。而這種改進正在執行中。當你深入了解贏得勝利所需的要素時，你會發現這種改進是正確的解決方案，正確的銷售和行銷材料，正確的宣傳，正確的價格。

So I don't have a segment where, oh, gosh, that's a big turnaround there. They all have room to grow and they all have room to improve. Insurance is performing very, very well and will continue to perform well. And I think we're very well positioned globally in multiple areas there. And so I'm excited to continue to build upon that success. But my approach is holistic and there's upside across the entire portfolio.

所以我沒有想到，喔天啊，那裡有一個很大的轉折。他們都有成長空間，都有進步空間。保險業表現非常非常好，並且將繼續保持良好的表現。我認為我們在全球多個領域都佔據著非常有利的地位。因此我很高興能夠繼續鞏固這一成功。但我的方法是全面性的，整個投資組合都有上行空間。

And then if I could just ask Raul, or Rob, how should we be thinking about the opportunities between revenue growth and margin, between GBS and GIS? Is there a zero sum there? Or can they both move in the same direction, hopefully up? But how do we think about the dynamic of those two, revenue and margin?

然後，如果我可以問 Raul 或 Rob，我們應該如何看待收入成長和利潤之間、GBS 和 GIS 之間的機會？那裡有零和遊戲嗎？或者它們可以朝著同一方向發展，希望是向上？但是我們如何看待收入和利潤這兩者之間的動態關係呢？

Yes. So Jamie, it's Rob. Look, I think we have opportunity across the board for improvement, as Raul mentioned. From an opportunity standpoint, the dynamics of the businesses are different, as you know. CES is more project-oriented, with the GIS business units being longer term in nature in terms of the contracts, longer-term outsourcing contracts.

是的。那麼 Jamie，我是 Rob。看，我認為我們在各個方面都有進步的機會，正如勞爾所提到的。從機會的角度來看，如您所知，企業的動態是不同的。CES 更以專案為導向，GIS 業務部門從合約角度而言屬於長期性質，即長期外包合約。

So the dynamics are different in that regard. There's opportunity for improvement in both. There's margin opportunity also across the board. So we're going after all of it. We're going after all of it. And we'll give you more color for '26 as we get to next year's guide.

因此，從這方面來看，動態是不同的。兩方面都有改進的機會。各方面都存在獲利機會。所以我們要追查這一切。我們會追查這一切。在明年的指南中，我們將為您呈現更多 26 年的精彩內容。

Keith Bachman, BMO Capital Markets.

蒙特利爾銀行資本市場 (BMO Capital Markets) 的 Keith Bachman。

It's Keith Bachman from BMO. Sorry about the background noise. I wanted to ask about dispositions. You've been doing a nice job of paring back in some businesses. You did some more this quarter. Is there more room to run? And I have to ask about managed services, which has been a drag for years. And I understand that the book-to-bill is positive. But mainly, when your revenue is declining 10%, it's easier to have a positive book-to-bill. But is there more that you can do on, more broadly, paring back on areas that you don't see performance improving? And is there a magnitude that you can help us think about? And that's my first question.

我是 BMO 的 Keith Bachman。抱歉，背景噪音有點大。我想問一下有關處置的事。你們在削減一些業務方面做得很好。本季你做得更多了。還有更多運行空間嗎？我還必須詢問有關託管服務的問題，這個問題多年來一直是一個難題。據我了解，訂單出貨比是正面的。但主要是，當你的收入下降 10% 時，更容易獲得正的訂單出貨比。但是從更廣泛的角度來說，您是否可以做更多的事情來削減那些您認為沒有提高績效的領域？您能幫助我們思考一下其重要性嗎？這是我的第一個問題。

Let me take the first one on the dispositions. We've had $150 million in dispositions so far this year. And we do have a list of other opportunities that we're actively pursuing. So there is more room to run. And I'm not going to quantify that. But I think, yes, at the beginning of the year, we set out to get a couple of hundred million dollars of dispositions. And the timing is uncertain with these, especially when you're trying to sell facilities. But we're happy that we're at the $150 million mark. I've got an opportunity list that would be in excess of what we originally were earmarking. And I think we'll be successful in executing on that list, but the timing is uncertain.

讓我先談談關於處置的問題。今年迄今為止，我們已經處置了 1.5 億美元的資產。我們確實還有很多積極尋求的機會。因此有更多的運行空間。我不會對此進行量化。但我想，是的，今年年初，我們計劃獲得幾億美元的處置權。而這些的時間是不確定的，特別是當您試圖出售設施時。但我們很高興達到了 1.5 億美元目標。我有一個機會清單，其內容超出了我們最初預留的內容。我認為我們能夠成功執行該清單，但時間尚不確定。

Yes. Just on the managed services, one of the areas of investment has been in bringing talent that has great track records of success in building SaaS products in scale in various industries. They're here less than six months. They're actively working on the internal offering that we currently have today that supports our existing managed services account. And they'll be having a rollout of new features, functionality, essentially a relaunch of the whole product set, in the next six to nine months. So that's an area that we're investing in. It's an area that I expect to see improvement, and it's an area where the talent that we brought in is making an impact, but a little bit too early to roll out today.

是的。僅在託管服務方面，投資領域之一就是引進在各行業大規模建構 SaaS 產品方面擁有出色成功的人才。他們在這裡待了不到六個月。他們正在積極致力於我們目前擁有的支援現有託管服務帳戶的內部服務。他們將在未來六到九個月內推出新功能和功能，基本上重新推出整個產品系列。這是我們正在投資的領域。我期望在這個領域看到進步，而且我們引進的人才也在發揮影響力，但現在推出這些影響力還為時過早。

That leads into my second question. How stable do you think your very senior leadership team is? Do you think there's more you need to add? Or do you feel like you have the team in place? And related to that, I'm not quite clear, there was a gain on your margin from equity. Does that mean that some folks didn't stay who were recently hired? I wasn't clear what the genesis of that was. Congrats.

這引出了我的第二個問題。您認為您的高階領導團隊有多穩定？您認為還有什麼需要補充嗎？或者您覺得您已經組建好了團隊？與此相關，我不太清楚，您的股權保證金是否有收益。這是否意味著一些最近被雇用的人沒有留下來？我不清楚這件事的起因是什麼。恭喜。

Yes. I'll let Raul take the question. But just on the financial impact in the third quarter, the benefit was just a reversal of equity that we had accrued that the executives left and we reversed those accruals.

是的。我請勞爾來回答這個問題。但僅就第三季的財務影響而言，收益只是我們因高階主管離職而累積的權益的逆轉，我們扭轉了這些應計項目。

Yes. And I'm super happy with the velocity that we've been able to bring in super experienced talent that I've worked with, in many cases, across different companies over the last 20, 25 years, having them join, having them have an impact has been terrific for me personally. And so the good news is that, that network is in place. That network still has more to go, if needed. But as you know, as you bring on every team, you get everybody settled and you get everybody going in the same direction. And that's what's happening today. So I'm super happy on the talent side, and we'll make changes as needed, but very satisfied with where we are today.

是的。我對我們能夠以如此快的速度引進經驗豐富的人才感到非常高興，在過去的 20 到 25 年裡，我曾在不同的公司與這些人才合作過，他們的加入、他們的貢獻對我個人來說都是非常棒的。好消息是，這個網路已經建立。如果需要的話，該網路還有更多的工作要做。但如你所知，當你帶領每一支球隊時，你會讓每個人都安定下來，讓每個人都朝著同一個方向前進。這就是今天正在發生的事情。因此，我對人才方面非常滿意，我們會根據需要做出改變，但對目前的狀況非常滿意。

Jason Kupferberg, Bank of America.

美國銀行的傑森‧庫普弗伯格（Jason Kupferberg）。

This is Tyler DuPont on for Jason. I wanted to start by touching on bookings. It was nice to see positive bookings on a quarterly basis for both GBS and GIS for the first time in quite a while. Can you maybe discuss how much of that was due to large deal wins versus the smaller deals? I guess what I'm trying to get at is the duration and ramp time line and what that looks like for these new bookings as well as the potential ability to backfill as we move through calendar '25?

我是泰勒杜邦 (Tyler DuPont)，代替傑森 (Jason)。首先我想談談預訂問題。很高興看到 GBS 和 GIS 的季度預訂量在相當長一段時間內首次出現正增長。您能否討論一下其中有多少是由於大額交易的勝利，有多少是由於小額交易的勝利？我想我想知道的是持續時間和時間線，以及這些新預訂的情況以及在我們進入日曆'25時潛在的補充能力？

Yes. Thanks for the question, Tyler. We did have a significant renewal in the third quarter. And we mentioned it in the call at the end of the second quarter that there was a big opportunity that slipped out of the quarter, which we ended up booking like the next week or within 10 days of the beginning of this quarter, and that was approximately $400 million.

是的。謝謝你的提問，泰勒。我們在第三季確實進行了重大更新。我們在第二季末的電話會議上提到，本季出現了一個巨大的機會，我們最終在下週或本季開始後的 10 天內就預定了該機會，金額約為 4 億美元。

So our book-to-bill, without that big renewal, was still very healthy, in the 1.2 range approximately. The rest of the bookings, they were healthy across the board. There was a good mix of project-based services and longer-term outsourcing services. So the strength of those bookings will start manifesting themselves as we progress through fiscal '26. And as I mentioned earlier, the pipeline looks good for the fourth quarter, and we're expecting another good bookings quarter in the fourth.

因此，在沒有大規模續約的情況下，我們的訂單出貨比仍然非常健康，大約在 1.2 的範圍內。其餘的預訂情況都大致良好。基於專案的服務和長期外包服務有良好的組合。因此，隨著我們進入26財年，這些預訂的強勁勢頭將開始顯現。正如我之前提到的，第四季的銷售情況看起來不錯，我們預計第四季的預訂量將再次表現良好。

That's helpful, Rob. Just shifting gears a bit. I also wanted to ask about margins. I know it's been brought up a couple of times. It's nice to see the outperformance in the quarter. But just wanted to get your take on the sustainability of the margins by segment. I know 4Q is taking a step down. And in 3Q, we saw GBS really outperform on the segment level. But just as we look through 4Q and we look through calendar '25, just sort of what sort of dynamics are you expecting? What segments do you anticipate will drive further expansion? Anything along those lines would be helpful.

這很有幫助，羅布。只要稍微換一下檔。我還想問一下利潤率。我知道這個問題已經提過幾次了。很高興看到本季的出色表現。但只是想聽聽您對各部分利潤率可持續性的看法。我知道 4Q 正在走下坡。在第三季度，我們看到 GBS 在細分市場層面的表現確實非常出色。但是，當我們回顧第四季度並回顧 25 年日曆時，您預計會出現什麼樣的動態？您預計哪些領域將推動進一步擴張？任何類似的事情都會有幫助。

Yes. Again, we'll pass on commenting on fiscal '26 expectations. But on the fourth quarter, the items we mentioned earlier, both the revenue declines and the merit increases will be across the Board. So they will impact both of the segments in the fourth quarter from a quarter-to-quarter perspective.

是的。再次強調，我們將不再對 26 財年的預期發表評論。但在第四季度，我們之前提到的項目，收入下降和績效增加將是全面的。因此，從季度角度來看，它們將對第四季度的兩個部門產生影響。

James Faucette, Morgan Stanley.

摩根士丹利的詹姆斯·福塞特（James Faucette）。

You guys have answered a lot of my questions today, and I appreciate all the details. Just wondering if you can give us a little bit of incremental color on what industry verticals you see delivering better-than-expected growth versus maybe, which ones were weaker than maybe you would have thought?

你們今天回答了我很多問題，我非常感謝你們提供的所有細節。只是想知道您是否可以向我們提供一些關於您認為哪些垂直行業實現了好於預期的增長以及哪些行業的增長可能比您想像的要弱？

Yeah. So James, let me take that and address that for both GBS and GIS separately. But from a GBS perspective, we had strength in the quarter in the insurance sector. Public sector was strong, did well in communications and media and in health care as well. So those were our better performers, growth sectors for GBS. And in GIS, we did well in travel and transportation and health care, energy. Those were primarily the better performing sectors. And from a quarter-to-quarter perspective, we had kind of broad broad-based improvements quarter-to-quarter in both GBS and GIS.

是的。所以詹姆斯，讓我分別針對 GBS 和 GIS 來解決這個問題。但從 GBS 的角度來看，本季我們在保險領域表現強勁。公共部門實力強勁，在通訊、媒體和醫療保健領域也表現優異。所以這些就是我們 GBS 表現較好、成長較快的產業。在 GIS 領域，我們在旅遊、交通、醫療保健和能源領域表現出色。這些主要是表現較好的產業。從季度環比來看，我們在 GBS 和 GIS 方面都取得了廣泛的季度環比改善。

Got it. Appreciate that. And then when you think about particularly the public sector, how should we think about potential benefits or disruptions, at least what you've seen thus far, from a public policy standpoint and intentions under the new administration?

知道了。非常感謝。然後，當您特別考慮公共部門時，我們應該如何看待潛在的利益或破壞，至少您迄今為止從公共政策的角度和新政府的意圖來看？

Yes, I'll take that. Just to be clear, when we talk about public sector, it's public sector outside the United States, so heavy in the UK, Ireland, Australia. So US domestic cuts or changes in budgets, et cetera, do not have an impact on us here.

是的，我接受。需要明確的是，當我們談論公共部門時，指的是美國以外的公共部門，因此英國、愛爾蘭、澳洲的公共部門佔比很大。因此，美國國內的預算削減或變化等不會對產生影響。

Rod Bourgeois, DeepDive Equity Research.

Rod Bourgeois，DeepDive Equity Research。

I want to ask a big picture question here. I think in 3 months, when you guide to next year, I want to talk about investment priorities. But for now, I guess I'd like to ask, are you approaching a new stage in your turnaround effort? Perhaps you could characterize the phase that you've been in over the last year and if you're seeing a new phase that's on the horizon. It seems like you've been working on a lot of the blocking and tackling in the last year. So if you could just give us a big picture perspective on the overall turnaround trajectory there.

我想在這裡問一個大問題。我想在 3 個月後，當您指導明年時，我想談談投資重點。但現在我想問的是，您的扭轉局面的努力是否正進入一個新階段？或許您可以描述過去一年所處的階段，以及您是否看到即將出現的新階段。看起來你去年一直在進行很多阻擋和鏟球練習。所以，如果您能為我們提供一個關於那裡整體轉變軌蹟的整體視角的話。

Sure. Let me give it a shot first. Look, we've changed behavior, and now we need to sustain that behavior change and continue to get better along the way. We're getting better wired to win on a consistent basis, but it's still early, and there's a lot of work left to be done. So I think it's about consistency and scale on the positives, and then getting to the next set of items that needed to be fixed on the checklist. It's big, it's global. It takes a little bit of time, but we're very happy with the progress that we're making, and we're very happy with the plans that we have to make continued progress in the upcoming year.

當然。我先嘗試一下。看，我們已經改變了行為，現在我們需要維持這種行為改變，並在過程中不斷變得更好。我們正在逐漸為持續取勝做好準備，但現在還為時過早，還有很多工作要做。因此，我認為這與積極因素的一致性和規模有關，然後才是清單上需要修復的下一組項目。它規模龐大，而且是全球性的。這需要一點時間，但我們對所取得的進展感到非常高興，並且我們對來年繼續取得進展的計劃感到非常高興。

Okay. All right. Well, maybe more to come on that in three months. I want to ask about your Q4 revenue guidance. I know you addressed that some earlier. But since you're implying a sequential revenue decline, I want to ask more about that. Because there is considerable history for positive quarter-to-quarter revenue seasonality heading into the March quarter, so I'm wondering if your guidance is conservative or if there are some above-normal revenue runoffs occurring on existing deals. I mean I know you had weak bookings in the first half of last year, but you've also had years in the past with weak bookings, but still positive seasonality in the March quarter. So just maybe your guidance is conservative or maybe there's another factor that's at play. I just wanted to ask on that.

好的。好的。嗯，也許三個月後會有更多消息。我想問一下您對第四季營收的預期。我知道您之前已經提到過這一點。但既然您暗示收入會連續下降，我想就此提出更多問題。由於 3 月季度收入季節性呈正增長的歷史記錄，因此我想知道您的指引是否保守，或者現有交易中是否出現了一些超正常的收入流失。我的意思是，我知道你們去年上半年的預訂量很低，但過去幾年你們的預訂量也曾很低，但 3 月份季度的季節性仍然呈正增長。所以也許您的指導是保守的，或者可能還有其他因素在起作用。我只是想問那件事。

Yeah, Rod, I'd describe our guidance is right down the middle. I would not characterize our revenue guidance as conservative. So that's for starters. In terms of dynamics, the overwhelming driver of the revenue decline is the first half bookings and that bleeding through the second half of the year and into the fourth quarter. So that is the primary driver. It's not new runoffs or other exposures.

是的，羅德，我認為我們的指導方針是正中間的。我不會將我們的收入預期描述為保守的。這是開始。從動態角度來看，收入下降的主要原因是上半年的預訂量以及下半年和第四季的下滑。所以這是主要的驅動因素。這不是新的決選或其他曝光。

Yeah, What I'm not following is bookings is adding to backlog. So in order for revenues to decline, there has to be some form of runoff on your existing run rate, particularly in a quarter where there's positive seasonality. So I know the bookings were weak, but that's translating into a net runoff, it appears. And I'm just inquiring if that's what you --

是的，我沒有關注的是預訂量正在增加積壓。因此，為了使收入下降，現有的運行率必須以某種形式下降，特別是在季節性積極的季度。所以我知道預訂量很低，但這似乎意味著淨流失。我只是想知道你是不是--

Yeah. Look, not all bookings are equal in terms of period of performance for burn, et cetera. So while it's an important number, the ingredients of the number, what can get burned within the next two quarters, within the first year of the signing, varies. In some very large deals, the ramp-up is slow and then hits. On smaller ones, you book, bill and you burn, right? So it's all in the nature of what the booking was and is and how we're dealing with two or three quarters ago. But part of what we need to do is to increase the top line, the revenue side, and that will help smooth these sorts of transitions out over the next quarters.

是的。你看，就燒錢的履行期限等等而言，並不是所有的預訂都是相同的。因此，雖然這是一個重要的數字，但該數字的組成要素、在簽約後的第一年內接下來兩個季度內可能消耗的內容卻有所不同。在一些非常大的交易中，成長速度會比較慢，然後就會達到高峰。對於較小的業務，您可以進行預訂、計費並燒毀，對嗎？所以這完全取決於預訂的情況和我們在兩個或三個季度前如何處理。但我們需要做的工作之一是增加營業額，即收入，這將有助於在接下來的幾季順利完成此類轉型。

And that concludes our question-and-answer session. And I will turn the conference back over to Roger Sachs for closing remarks.

我們的問答環節到此結束。最後我將把會議交還給羅傑·薩克斯並請他作最後發言。

I want to thank everybody for joining us today, and we look forward to speaking with you next quarter.

我感謝大家今天的參加，我們期待下個季度與你們交談。

And ladies and gentlemen, this does conclude today's conference call. Thank you for your participation, and you may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接。