DXC Technology Co (DXC) 2025 Q4 法說會逐字稿

Hello and welcome to the DXC Technology fourth quarter and fiscal year end 2025 earnings call. (Operator Instructions)

您好，歡迎參加 DXC Technology 2025 財年第四季和年度末收益電話會議。（操作員指示）

I would now like to turn the conference over to Roger Sachs, Vice President of Investor Relations. You may begin.

現在我想將會議交給投資者關係副總裁羅傑·薩克斯 (Roger Sachs)。你可以開始了。

Thank you, operator. Good afternoon, everybody and welcome to DXC Technologies’ fourth quarter and fiscal year-end 2025 earnings call. We hope you had a chance to review our earnings release posted to the IR section of DXC's website. Speaking on today's call, are Raul Fernandez, our President and CEO; and Robert Del Bene, our Chief Financial Officer.

謝謝您，接線生。大家下午好，歡迎參加 DXC Technologies 2025 財年第四季和年終財報電話會議。我們希望您有機會查看發佈在 DXC 網站 IR 部分的收益報告。參加今天電話會議的有我們的總裁兼執行長 Raul Fernandez 和我們的財務長 Robert Del Bene。

Let me walk you through today's agenda. First, Raul will share an overview of our results and provide an update on our strategic initiatives. And Rob will take you through our financial performance, full year fiscal 2026 guidance, and offer some thoughts on our outlook for the first quarter. After that, both Raul and Rob will take your questions.

讓我向你們介紹一下今天的議程。首先，勞爾將概述我們的成果並提供我們策略性舉措的最新資訊。Rob 將向您介紹我們的財務表現、2026 財年全年指引，並對第一季的前景提出一些看法。之後，Raul 和 Rob 都會回答大家的問題。

Certain comments made during today's call are forward-looking and subject to risks and uncertainties that could cause actual results to differ materially from those expressed on the call. You can find details of these 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，受風險和不確定性的影響，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公認會計準則財務指標。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。

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

現在，請允許我將電話轉給勞爾。

Thank you, Roger. Our fourth quarter results represent another important step towards our goal of achieving sustainable, profitable revenue growth. We are gaining momentum with bookings up more than 20%, resulting in a book to bill ratio of 1.2. This marks our second consecutive quarter above 1.0, bringing us to a second half booking's growth rate of 24%, a clear indication of traction in the market and building the foundation to drive long-term top line growth.

謝謝你，羅傑。我們的第四季業績代表著我們朝著實現可持續、獲利的營收成長的目標又邁出了重要一步。我們的預訂量成長動能強勁，超過20%，訂單出貨比達到1.2。這標誌著我們連續第二季超過1.0，下半年預訂量成長率達到24%，這清晰地表明了市場強勁成長，並為推動長期營收成長奠定了基礎。

Reversing eight consecutive years of revenue decline remains the highest priority for me, our leadership team, and the entire DXC organization. The rebuilding of our operational capabilities is deeper and more extensive than I originally appreciated. But the work the team is doing is addressing structural, operational, and cultural issues that will better position us going forward.

扭轉連續八年的收入下滑仍然是我、我們的領導團隊以及整個 DXC 組織的首要任務。我們的作戰能力的重建比我最初預想的更加深入和廣泛。但團隊正在進行的工作是解決結構性、營運性和文化性問題，這將使我們在未來處於更有利的地位。

Great companies are built by teams of experienced people who share an intense passion to win. I am proud that we have recruited 22 great new members of our extended leadership team in the last 15 months. Each brings exceptional skills with the intensity to win. And in that time, we also rotated out 14 executives. DXC has had significant turnover in top Executive Leadership since its inception.

偉大的公司是由一群經驗豐富、對勝利抱持強烈熱情的人組成的團隊創建的。我很自豪，在過去的 15 個月裡，我們為擴大的領導團隊招募了 22 位優秀的新成員。每個人都擁有非凡的技能，並渴望勝利。在此期間，我們還輪調了 14 位高階主管。自成立以來，DXC 的高層領導層經歷了大幅變動。

And leadership stability is absolutely critical to ensuring we give our turnaround the time, attention, and persistence it deserves. In that spirit, I'm happy to announce that Rob and I have received equity grants designed to secure our continued leadership through fiscal year 2028. These grants align our compensation with sustainable long-term shareholder value creation.

領導階層的穩定對於確保我們為扭轉局面投入應有的時間、關注和堅持至關重要。本著這種精神，我很高興地宣布，羅布和我已獲得股權授予，旨在確保我們在 2028 財年之前繼續擔任領導職務。這些獎勵使我們的薪酬與可持續的長期股東價值創造保持一致。

Another area of critical importance to us is to deepen our customer relationships and identify new opportunities to expand our pipeline. I recognized this GAAP in our organization and started rebuilding these capabilities from the ground up, with an eye toward operational discipline and improved execution. My team and I have reviewed quota attainment data and segmented the existing population.

對我們來說至關重要的另一個領域是深化我們的客戶關係並尋找擴大我們管道的新機會。我認識到我們組織中的這種 GAAP，並開始從頭開始重建這些能力，並專注於營運紀律和改進執行。我和我的團隊審查了配額達成數據並對現有人口進行了細分。

Based on achievement, we developed strict quantitative performance criteria for 2025 year-end reviews with a documented process. We held CEO calls with HR business partners and sales leaders to communicate changing expectations and initiated better reporting for tracking sales performance. In preparation for our new fiscal year, we completed a quota deployment audit to ensure proper coverage for fiscal year 2026.

根據成就，我們制定了2025年年終考核的嚴格量化績效標準，並有記錄在案的流程。我們與人力資源業務合作夥伴和銷售領導舉行了執行長電話會議，傳達了不斷變化的期望，並啟動了更好的報告以追蹤銷售業績。為了迎接新的財政年度，我們完成了配額部署審計，以確保對 2026 財政年度進行適當的覆蓋。

Fur aligned pay incentives for our sales organization, and onboarded our first Chief Revenue Officer, TR Newcomb, someone I've worked with in the past and who brings an incredible amount of focus, energy, and operational excellence to the role. Our work has led to continuous improvement in our systems, processes, and pay structures, all of which will lay an even stronger foundation.

Fur 為我們的銷售部門制定了一致的薪酬激勵措施，並任命了我們的第一位首席營收長 TR Newcomb，我過去曾與他共事，他為這個職位帶來了令人難以置信的專注力、活力和卓越的營運能力。我們的工作使我們的系統、流程和薪酬結構不斷改進，所有這些都將奠定更堅實的基礎。

DXC has been a significant global technology player for over 40 years, in four major technology cycles, personal computing in the 80s, internet computing in the 90s, mobile and cloud computing in the 2000 era, and now AI in 2020 and beyond. This is a company with tremendous assets, loyal customers, deep and broad capabilities, and a global footprint with local excellence.

40 多年來，DXC 一直是全球重要的技術參與者，經歷了四大技術週期：80 年代的個人運算、90 年代的網路運算、2000 年的行動和雲端運算以及 2020 年及以後的人工智慧。這是一家擁有巨大資產、忠實客戶、深厚而廣泛能力、業務遍布全球且具有本地優勢的公司。

The impact of AI is just beginning to accelerate within our client base, and AI spending is increasing year-to-year. This comes at a time when our customers are favoring further consolidation of their IT spending, putting DXC in a unique position to compete with the combined power of our full stack, infrastructure, and app management capabilities.

人工智慧的影響在我們的客戶群中才剛開始加速，而人工智慧支出也逐年增加。此時，我們的客戶正傾向於進一步整合其 IT 支出，這使得 DXC 處於獨特的地位，可以與我們的全端、基礎設施和應用程式管理功能的綜合實力進行競爭。

We have built an early but strong track record of delivering real bottom line results for our customers in key areas, including modernization, technical support, development time, testing, process improvement, deployment, and maintenance by harnessing the power of AI. While it's very early in the Gen AI adoption cycle, it is clear to me that we are very well positioned to lead our clients into what I believe is the largest transformational technology opportunity of our lifetime.

我們很早就建立了良好的業績記錄，透過利用人工智慧的力量，在現代化、技術支援、開發時間、測試、流程改善、部署和維護等關鍵領域為客戶帶來真正的獲利成果。雖然現在還處於人工智慧採用週期的早期階段，但我很清楚，我們已做好準備，帶領我們的客戶迎接我認為是我們一生中最大的轉型技術機會。

One of my top commitments as President and CEO is to spend as much time with our current and prospective customers as possible. During my tenure, I've met with over 100 customers, which has equipped me to better understand how we can more effectively meet their changing needs and identify new opportunities for mutual growth.

作為總裁兼首席執行官，我的首要承諾之一就是花盡可能多的時間與現有和潛在客戶在一起。在任職期間，我會見了 100 多位客戶，這使我能夠更好地了解如何更有效地滿足他們不斷變化的需求並發現共同成長的新機會。

New logos of significant size have been scarce in DXC's recent history, and this is something we have been laser focused on improving. We are thrilled to share that Carnival Cruise Line just tapped DXC to manage its critical infrastructure powering operations across the entire fleet. This was a highly competitive bid with ISG advising throughout the selection process, and we won.

DXC 近期歷史上很少有顯著尺寸的新標識，而這正是我們一直致力於改進的地方。我們很高興地告訴大家，嘉年華郵輪公司剛剛選擇 DXC 來管理其為整個船隊營運提供動力的關鍵基礎設施。這是一個競爭非常激烈的投標，在整個選擇過程中 ISG 都提供了建議，最終我們贏得了投標。

We won because we are uniquely qualified. We brought the full weight of our infrastructure capabilities enterprise applications and technical muscle to the table, and DXC was chosen to be their critical partner. Carnival is one of the largest cruise lines in the world that hosts over 6 million guests a year. Their bar is very high. Everything must run safely and flawlessly from shore to ship with great customer experiences.

我們之所以獲勝，是因為我們擁有獨一無二的資格。我們充分發揮了我們的基礎設施能力、企業應用和技術實力，DXC 被選為他們的重要合作夥伴。嘉年華是世界上最大的郵輪公司之一，每年接待超過 600 萬名遊客。他們的標準非常高。從岸上到船上，一切都必須安全、完美地運行，並提供良好的客戶體驗。

That's where we come in. We deliver complete operational confidence. So Carnival can focus on their customers, knowing every system is firing on all cylinders and running smoothly, no matter where they are. This one isn't just about one client. It's a clear signal that we are a trusted partner and operator for some of the world's largest brands.

這就是我們要做的。我們提供完全的營運信心。因此，嘉年華可以專注於他們的客戶，因為他們知道無論客戶身在何處，每個系統都能夠全速運轉、順利運作。這不僅與一個客戶有關。這清楚地表明，我們是一些全球最大品牌值得信賴的合作夥伴和營運商。

Creating a winning culture, which sets the foundation for us to win consistently in the marketplace, is not an overnight mission. It requires experienced leaders who are able to translate vision into action with sustainable results.

創造一種成功的文化，為我們在市場上持續獲勝奠定基礎，這不是一朝一夕的任務。它需要經驗豐富的領導者，能夠將願景轉化為行動並取得可持續的成果。

Since becoming CEO, I have focused on increasing the clarity, consistency, and transparency of internal communication, embedding a startup ethos that emphasizes flat, fast, and learning-focused collaboration, and ensuring that we all think in terms of generating sound financial results while driving profitable growth, not just growth for growth's sake.

自從擔任執行長以來，我一直致力於提高內部溝通的清晰度、一致性和透明度，植入強調扁平、快速和以學習為中心的協作的創業精神，並確保我們都在考慮創造良好的財務業績的同時推動盈利增長，而不僅僅是為了增長而增長。

Over the past year, we've made targeted investments and brought in new leaders to jumpstart innovation across all our offerings, redesign and expand our AI capabilities and software platforms, and streamline how we develop applications using Gen AI. We expect fiscal 2026 to be a year of continued disciplined execution to sharpen operations and drive efficiencies.

在過去的一年裡，我們進行了有針對性的投資，並引進了新的領導者，以推動我們所有產品的創新，重新設計和擴展我們的人工智慧功能和軟體平台，並簡化我們使用 Gen AI 開發應用程式的方式。我們預計 2026 財年將是持續嚴格執行的一年，以加強營運並提高效率。

Despite near-term uncertainty over tariffs, we are clear on our strategy, confident in our team, and committed to executing with the discipline required for DXC to generate sustainable and profitable growth. Reflecting our confidence in the company's future, we will restart our share repurchase program. This underscores our commitment to delivering long-term value to shareholders.

儘管近期關稅存在不確定性，但我們對我們的策略很明確，對我們的團隊充滿信心，並致力於按照 DXC 實現可持續和盈利增長所需的紀律執行。我們將重新啟動股票回購計劃，以反映我們對公司未來的信心。這強調了我們致力於為股東提供長期價值的承諾。

With that, let me turn it over to Rob.

說完這些，讓我把麥克風交給 Rob。

Thank you, Raul, and good afternoon, everyone. Today I'll go over our fourth quarter results, touch upon our full year performance, and then provide guidance for the full fiscal year 2026 and the first quarter. Starting with the fourth quarter, total revenue of $3.2 billion was slightly above our expectations, declining 4.2% year-to-year on an organic basis.

謝謝你，勞爾，大家下午好。今天，我將回顧我們第四季度的業績，談談我們的全年業績，然後為 2026 財年全年和第一季提供指導。從第四季開始，總營收 32 億美元略高於我們的預期，年比有機下降 4.2%。

We delivered another strong quarter of bookings, up more than 20% year-to-year, resulting in a book to bill ratio of 1.2. Growth was broad-based across all of our offerings and markets. Adjusted EBIT margin was 7.3%, down 110 basis points year-to-year and like revenue slightly above our expectations. Performance was driven by investments in our employee base, improving the capability of our sales force and investments in marketing and communications and IT.

本季，我們的訂單量再創佳績，年增超過20%，訂單出貨比達到1.2。我們所有產品和市場均實現了全面成長。調整後的息稅前利潤率為 7.3%，年減 110 個基點，與收入一樣略高於我們的預期。績效的推動因素包括對員工基礎的投資、提高銷售團隊的能力以及對行銷、溝通和 IT 的投資。

Similar to the dynamics we saw during the first three quarters, the decline in revenue was offset by labor and non-labor efficiencies. Non-GAAP gross margin for the fourth quarter came in at 24.2%, down 40 basis points year-to-year, and non-gap SG&A as a percentage of revenue expanded 160 basis points year-to-year to 11.3%. Our gross margin and SG&A performance were driven by the same factors just mentioned for adjusted EBIT.

與前三個季度我們看到的情況類似，收入的下降被勞動力和非勞動力效率所抵消。第四季非公認會計準則毛利率為 24.2%，年減 40 個基點，非毛利率銷售、一般及行政費用佔營收的百分比年增 160 個基點至 11.3%。我們的毛利率和銷售、一般及行政費用表現受到剛才提到的調整後息稅前利潤的相同因素的影響。

As a reminder, the year-to-year changes in our non-gap gross margin and non-GAAP SG&A are normalized for the reclassification of certain business development costs to SG&A. Non-GAAP EPS was $0.84, down from $0.97 in the fourth quarter of last year, driven by lower adjusted EBIT, partially offset by a decline to non-controlling interest and lower net interest expense.

提醒一下，我們的非差距毛利率和非 GAAP 銷售、一般及行政費用的逐年變化已因將某些業務開發成本重新分類為銷售、一般及行政費用而正常化。非公認會計準則每股收益為 0.84 美元，低於去年第四季的 0.97 美元，原因是調整後息稅前利潤下降，但非控股權益下降和淨利息支出下降部分抵消了這一影響。

Now turning to our segments. GBS, which represents 51% of total revenue, was down 2.4% year-to-year organically, with a profit margin decrease of 240 basis points to 10.9%. The margin decline was driven by investments in our employees and to further build our industry leading insurance capabilities. Within GBS, consulting and engineering services had a second straight quarter of strong bookings, up 9% year-to-year, with a book to build ratio of 1.22.

現在轉向我們的部分。GBS 佔總營收的 51%，年減 2.4%，利潤率下降 240 個基點至 10.9%。利潤率下降的原因是我們對員工的投資以及進一步打造我們行業領先的保險能力。在 GBS 中，諮詢和工程服務連續第二季訂單量強勁，年成長 9%，訂單與建造比率為 1.22。

The trailing 12-month book-to-bill for CES has now increased to $1.08. Last quarter, we noted an increase in larger projects in our CES pipeline. And in the fourth quarter, we converted those opportunities to bookings. While these bookings have less revenue yield in the short term, they contribute to building our backlog and future revenues. The growth profile of bookings in the quarter was more heavily weighted to enterprise applications and data and AI consistent with our growth strategy of CES.

CES過去12個月的訂單出貨比已增加至1.08美元。上個季度，我們注意到CES專案管線中大型專案有所增加。在第四季度，我們將這些機會轉化為預訂。雖然這些訂單在短期內產生的收入較少，但它們有助於增加我們的積壓訂單和未來收入。本季預訂量的成長主要集中在企業應用、資料和人工智慧方面，這與我們的 CES 成長策略一致。

Organic revenue for CES declined 3.9% year-to-year, reflecting ongoing market pressures on custom application projects. Insurance and BPS organic revenue grew 2.7% year-to-year. Our insurance services and software business, which accounts for about 80% of the total, grew 1% year-to-year organically. Through the first three quarters of the year, the insurance business grew at mid-single-digit rates.

CES 的有機收入年減 3.9%，反映出客製化應用專案持續面臨市場壓力。保險和 BPS 有機收入年增 2.7%。我們的保險服務和軟體業務約佔總業務的 80%，較去年同期有機成長 1%。今年前三個季度，保險業務以中等個位數的速度成長。

Underlying performance in the fourth quarter was similar with the growth rate largely impacted by onetime items. We have confidence that the growth rate for the insurance business will continue to perform at mid-single-digit growth rates for fiscal 2026. GIS, which represents 49% of total revenue, declined 6% year-to-year organically, the second consecutive quarter of narrowing the year-to-year revenue decline.

第四季的基本表現類似，成長率主要受到一次性項目的影響。我們有信心，2026財年的保險業務成長率將持續維持中等個位數的成長率。GIS 佔總營收的 49%，年減 6%，這是連續第二季縮小年收入降幅。

The improvement was driven by cloud offerings and workplace support services. Fourth quarter bookings for GIS grew 33% year-to-year with a book-to-bill of 1.28. It was the second consecutive quarter of strong bookings existing the year with a 12-month book-to-bill of 1.03. Profit margin declined 50 basis points year-to-year to 7.0%, primarily reflecting our increased investments in our workforce.

這項改進是由雲端產品和工作場所支援服務所推動的。第四季GIS訂單量年增33%，訂單出貨比為1.28。這是今年訂單量連續第二季保持強勁成長，12個月訂單出貨比為1.03。利潤率較去年同期下降50個基點至7.0%，主要反映了我們對員工隊伍建設的加大投入。

We continue to drive cost savings through optimization of software and data center costs. Now let me briefly touch upon our full year fiscal 2025 results. Fueled by our strong performance in the second half of the year, full year bookings increased 7% year-to-year, significantly better than the fiscal 2024 performance. With bookings up 24% in the second half of the year, the book-to-bill ratio was 1.28 in the second half and 1.03 for the full year.

我們繼續透過優化軟體和資料中心成本來節省成本。現在讓我簡單談談我們 2025 財年全年業績。受下半年強勁表現的推動，全年預訂量年增 7%，明顯優於 2024 財年的業績。下半年訂單量成長24%，訂單出貨比為1.28，全年訂單出貨比為1.03。

Total revenue was $12.9 billion, down 4.6% year-to-year on an organic basis with GBS declining 1% and GIS down 8.2%. Adjusted EBIT margin expanded 50 basis points year-to-year to 7.9%, driven by the execution of our cost reduction initiatives which we accomplished with significantly less restructuring than originally estimated. Non-GAAP diluted EPS was $3.43, up 11% year-to-year primarily driven by a lower share count and a higher adjusted EBIT.

總收入為 129 億美元，年減 4.6%，其中 GBS 下降 1%，GIS 下降 8.2%。調整後的息稅前利潤率年增 50 個基點至 7.9%，這得益於我們實施的成本削減計劃，而且我們實施的重組成本遠低於最初的估計。非公認會計準則稀釋每股收益為 3.43 美元，年增 11%，主要由於股份數量減少和調整後息稅前利潤增加。

Now turning to our cash flow and balance sheet. For our full year fiscal 2025, we generated $687 million of free cash flow, above our most recent expectation of $625 million largely driven by lower restructuring spend and better working capital management. In the year, we executed on our strategy of minimizing new financial lease originations and funding equipment purchases, primarily through capital expenditures, which is a negative impact to free cash flow, but reduces our debt levels.

現在轉向我們的現金流和資產負債表。2025 財年全年，我們產生了 6.87 億美元的自由現金流，高於我們最近預期的 6.25 億美元，這主要得益於重組支出的降低和營運資本管理的改善。今年，我們實施了減少新融資租賃發起和設備採購融資的策略，主要透過資本支出，這對自由現金流產生了負面影響，但降低了我們的債務水平。

As a result, capital expenditures increased year-to-year. Without this change in approach, free cash flow would have increased year-to-year and CapEx would have declined. Total debt at fiscal year-end 2025 was equal to $3.9 billion, down $213 million year-to-year including $298 million of capital lease and asset financing paydowns. Total cash on our balance sheet increased by approximately $570 million year-to-year to $1.8 billion.

因此，資本支出逐年增加。如果不改變這種方法，自由現金流就會逐年增加，而資本支出則會下降。2025 財政年度結束時的總債務為 39 億美元，年減 2.13 億美元，其中包括 2.98 億美元的資本租賃和資產融資償還。我們的資產負債表上的現金總額年增約 5.7 億美元，達到 18 億美元。

This was driven by our free cash flow generation and asset sale proceeds of approximately $190 million. As a result, we lowered net debt by $785 million to approximately $2.1 billion. As a reminder, we do not include asset sales in our reported free cash flow. At the beginning of fiscal 2025, our financial priorities centered around strengthening our balance sheet, creating financial flexibility and reducing excess capacity with the help of restructuring spending.

這是由我們的自由現金流產生和約 1.9 億美元的資產出售收益所推動的。結果，我們將淨債務減少了 7.85 億美元，降至約 21 億美元。提醒一下，我們報告的自由現金流不包括資產出售。2025財年伊始，我們的財務重點集中在加強資產負債表、創造財務靈活性以及透過重組支出減少過剩產能。

We accomplished these objectives while spending less than originally planned on restructuring. With our improved financial position in fiscal 2026, we will focus on the following financial priorities. We'll continue to invest in our business to accomplish our top priority, driving sustained profitable revenue growth. We will continue to reduce outstanding debt by minimizing financial lease originations and paying down a portion of our senior notes maturing in January of 2026.

我們在重組上花費的資金比原計劃少，但實現了這些目標。隨著2026財年財務狀況的改善，我們將重點放在以下財務重點。我們將繼續投資我們的業務，以實現我們的首要任務，推動持續的獲利收入成長。我們將繼續減少未償債務，方法是盡量減少融資租賃發放，並償還部分 2026 年 1 月到期的優先票據。

And finally, we plan to return $150 million to shareholders in fiscal 2026 in the form of share repurchases. Now let me provide you with our full year fiscal 2026 guidance. We expect total organic revenue to decline 3% to 5%. GBS is projected to be down low single digits with consistent performance during the year reflecting the larger, longer duration deals booked in the second half of fiscal '25 and increased economic uncertainty, particularly with shorter-term project-based services.

最後，我們計劃在 2026 財年以股票回購的形式向股東返還 1.5 億美元。現在，讓我向您提供我們 2026 財年全年指導。我們預計總有機收入將下降 3% 至 5%。預計 GBS 將以低個位數下降，年內表現穩定，反映出 25 財年下半年簽訂的規模更大、期限更長的交易以及經濟不確定性的增加，尤其是短期基於專案的服務。

In GIS, we are projecting organic revenue to decline mid-single digits, which reflects an improvement to last year's rate of decline. We expect adjusted EBIT margin to be between 7% to 8%, which reflects our intent to continue to build our revenue growth capabilities and invest in the business. With this revenue and adjusted EBIT margin guidance, we expect non-GAAP diluted EPS to be between $2.75 and $3.25.

在 GIS 中，我們預期有機收入將下降中位數個位數，這反映了去年下降率的改善。我們預計調整後的息稅前利潤率將在 7% 至 8% 之間，這反映了我們繼續增強收入成長能力和投資業務的意圖。根據這項收入和調整後的息稅前利潤率指引，我們預計非 GAAP 稀釋每股收益將在 2.75 美元至 3.25 美元之間。

We expect free cash flow for the fiscal year 2026 of about $600 million, reflecting our EBIT guidance and about $30 million of increased restructuring spending as we complete the execution actions planned in fiscal '25. Consistent with prior years, free cash flow generation will be strongest in the second half of the fiscal year.

我們預計 2026 財年的自由現金流約為 6 億美元，這反映了我們的 EBIT 指引和約 3,000 萬美元的增加重組支出，因為我們完成了 25 財年計畫的執行行動。與往年一致，自由現金流的產生將在本財年下半年達到最強。

And now for the first quarter of fiscal 2026, we expect total organic revenue to decline between 4.0% and 5.5%. We anticipate adjusted EBIT margin to be in the range of 6% to 7%, a function of lower revenue and first quarter seasonality with margins improving throughout the second half of the year. And finally, we expect non-GAAP diluted EPS of $0.55 to $0.65.

目前，對於 2026 財年第一季，我們預計總有機收入將下降 4.0% 至 5.5%。我們預計調整後的息稅前利潤率將在 6% 至 7% 之間，這是由於收入較低和第一季的季節性因素，利潤率將在下半年提高。最後，我們預計非 GAAP 稀釋每股收益為 0.55 美元至 0.65 美元。

Before wrapping up, I want to highlight that beginning in the first quarter, we will report our financial results under a new segment structure that better aligns with how we now run the business. We will report three segments. Insurance Services and Software; Consulting and Engineering Services; and GIS, which will include cloud and ITO, modern workplace, security and horizontal BPO. We plan to provide restated historical results under our new reporting segments prior to the release of our fiscal first quarter results.

在結束之前，我想強調一下，從第一季開始，我們將按照新的分部結構報告我們的財務業績，這將更好地符合我們現在的業務運作方式。我們將報道三個部分。保險服務和軟體；諮詢和工程服務；以及 GIS，其中包括雲端和 ITO、現代工作場所、安全和橫向 BPO。我們計劃在發布第一財季業績之前，根據新的報告部門提供重述的歷史業績。

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 now like to open the call to your questions. Operator, can you please provide the instructions?

謝謝你，羅布。現在我們願意開始回答你們的問題。接線員，您能提供一下指示嗎？

(Operator Instructions). Bryan Bergin, TD Cowen.

（操作員指令）。布萊恩·伯金 (Bryan Bergin)，TD Cowen。

I wanted to just kick off on demand and the broader question about kind of what you saw as you moved through the quarter and then post quarter April into May. And if you can comment on kind of what you've been seeing by industry as it relates to the ones that are more product-based that would have direct implications for tariff dynamics versus those that are not?

我想先詢問需求和更廣泛的問題，即您在本季以及 4 月至 5 月期間看到了什麼。您是否可以評論一下您所看到的行業情況，哪些是基於產品的行業對關稅動態有直接影響，而哪些不是？

So any commentary as you've seen in demand evolve, particularly if you've seen anything in the most recent week change just given, I guess, better directionality and geopolitics.

因此，正如您所看到的那樣，任何評論的需求都會發生變化，特別是如果您看到最近一周的任何變化，我想，這是由於更好的方向性和地緣政治。

Sure. It's Raul here. Let me start. Look, we've had really good progress and good wins at the mega level, $100 million plus, and at the strategic level of $5 million to $100 million. The $5 million under is the category that's highly discretionary and easier for corporations to turn on and turn off. There are some segments where there has been some softness since early April. And those are -- I'm going to hand it over to Rob now.

當然。我是勞爾。讓我開始吧。你看，我們在巨額層級（1 億美元以上）和戰略層級（500 萬至 1 億美元）都取得了非常好的進展和勝利。500 萬美元以下的類別具有高度的自由裁量權，公司可以更輕鬆地啟用或停用。自四月初以來，部分領域已經出現一些疲軟跡象。這些是──我現在要把它交給羅布。

Yes, we -- Bryan, as we look at the pipeline, consumer industries and retail the pipeline has dropped, particularly in project-based services. So it's been concentrated. The drops have been concentrated there and a little bit also in the media and entertainment industry, which is not obvious why, but it has in those two industries. The pipeline has gone down a bit.

是的，布萊恩，當我們看通路、消費產業和零售業時，通路已經下降，特別是在基於專案的服務方面。所以它已經集中了。下降主要集中在那裡，媒體和娛樂產業也有所下降，原因尚不明顯，但這兩個產業確實有下降。管道已經下降了一點。

The rest of the industries are all strong. But banking, capital markets, manufacturing, public sector, insurance are all really robust for us. The other thing I will mention, I'll just second is that project-based services pipelines are solid, meaning the below $5 million. But really robust in the -- we call them the strategic segments between $5 million and $100 million, which are more complex, a little longer in duration, but the pipelines there are really solid.

其餘產業均表現強勁。但銀行業、資本市場、製造業、公部門、保險業對我們來說都非常強勁。我要提到的另一件事是，基於專案的服務管道非常穩固，這意味著低於 500 萬美元。但真正強勁的是——我們稱它們為 500 萬美元到 1 億美元之間的戰略部分，這些部分更為複雜，持續時間更長，但那裡的管道確實很穩固。

Okay. I appreciate that. And then for my follow-up on free cash flow. So the $600 million target, can you help -- can you bridge from fiscal '25 levels to this '26 target? And we speak to kind of free cash flow post finance lease expectations as you go through the year?

好的。我很感激。然後是我對自由現金流的後續關注。那麼 6 億美元的目標，您能幫忙嗎——您能從 25 年的財政水平過渡到 26 年的目標嗎？我們會談論您全年的融資租賃後自由現金流預期嗎？

Yes. The bridge going year-to-year into '26 is simply the '25 result adjusted for the after-tax EBIT guidance that we gave and the increase in restructuring by about $30 million. So that implies the rest of the dynamics of free cash flow are essentially flat in our guide. And the chart we showed in the earnings presentation is meant to demonstrate the strength of our underlying free cash flow and the consistency of performance. And while the number -- the headline number for free cash flow was down year-to-year '24 to '25.

是的。逐年過渡到 26 年的橋樑僅是根據我們提供的稅後息稅前利潤指導和重組增加約 3000 萬美元對 25 年的結果進行調整。因此，這意味著我們的指南中自由現金流的其餘動態基本上持平。我們在收益報告中展示的圖表旨在展示我們基礎自由現金流的強度和績效的一致性。儘管 2024 年至 2025 年自由現金流的總體數字逐年下降。

When you take into consideration the lease originations on a capital lease financing that we have done in the past and factor that into the equation if we had in the past instead of financing those capital purchases, run them through capital and free cash flow, it shows that we're improving free cash flow consistently over the last two years. So strong underlying, very good underpinning of free cash flow performance for the company.

當您考慮到我們過去進行的資本租賃融資的租賃起源並將其納入方程式中時，如果我們過去沒有為這些資本購買提供融資，而是通過資本和自由現金流來運行它們，這表明我們在過去兩年中一直在持續改善自由現金流。如此強勁的基礎，為公司的自由現金流表現提供了非常好的基礎。

Okay. I know the capital finance lease piece was like just under around $300 million for this past fiscal year. Where do you expect that to be comparable? Or do you still see that being lower for '25?

好的。我知道上個財政年度的資本融資租賃部分金額略低於 3 億美元。您認為這在哪方面具有可比性？或者您仍然認為 25 年的水平會更低嗎？

We see those because the originations were far lower in fiscal '25, that amount is going to drop year-to-year. That's going to decline nicely in '26.

我們之所以看到這些，是因為 25 財年的起始金額要低得多，而且該金額將逐年下降。到 26 年，這一數字將會大幅下降。

Jonathan Lee, Guggenheim Partners.

喬納森李，古根漢合夥人。

First, can you help decompose what's contemplated in your outlook at both the high end and the low end of the range from a macroeconomic perspective?

首先，您能否從宏觀經濟角度幫助您分解您在展望中考慮的高端和低端範圍？

Yes. Jonathan. So we've -- let's take the first quarter revenue outlook of minus 4% to minus 5.5%. In that range, we've left room at the low end for uncertainty. So we traditionally have given a one-point range one quarter out, we widened it to 1.5 points to give us that room at the low end. The -- so we don't see that exposure sitting here today, but we left room for it.

是的。喬納森。因此，我們將第一季的營收預期定為-4%至-5.5%。在這個範圍內，我們為不確定性留下了低端空間。因此，我們傳統上會在一個季度前給出一個點的範圍，我們將其擴大到 1.5 個點，以便在低端留出空間。所以，我們今天沒有看到這種曝光，但我們為此留出了空間。

And we gave a traditional two-point range on the full year '26, but we did account for -- similar to first quarter, we did account for within that range some exposure at the low end if conditions deteriorate. So we've taken the uncertainty, -- we think we've taken the uncertainty into account in both the first quarter and full year guidance.

我們對 26 年全年給出了傳統的兩點範圍，但我們確實考慮到了 - 與第一季度類似，如果情況惡化，我們確實在該範圍內考慮了低端的一些風險敞口。因此，我們已經考慮了不確定性——我們認為我們已經在第一季和全年指引中考慮到了不確定性。

Appreciate that color. And just as a follow-up, how would you characterize the pricing environment and sort of what you've seen through the quarter and how that may compare to what you saw last year?

欣賞那種顏色。作為後續問題，您如何描述定價環境以及您在本季看到的情況，以及與去年相比如何？

Yes. The-- for us, the pricing environment has been very stable. And when I say that, for us, in particular, at for mega deals, we've made improvements as we have renewals coming due. So that environment has been favorable for us in project-based services, everything below the mega deal, both strategic projects in the $5 million to $100 million category and the below five categories have both been very stable for us. So that's actually been good for us.

是的。對我們來說，定價環境一直都非常穩定。當我說這一點時，對於我們來說，特別是對於大型交易，我們已經做出了改進，因為我們的續約即將到期。因此，在基於項目的服務方面，環境對我們非常有利，大型交易以下的所有項目，包括 500 萬美元到 1 億美元類別的戰略項目以及 5 個類別以下的項目對我們來說都非常穩定。所以這對我們來說其實是件好事。

James Faucette, Morgan Stanley.

摩根士丹利的詹姆斯·福塞特。

I just want to ask structurally your Gen AI spend -- or Gen AI spend generally has been increasing. How is that being reflected in your P&L? And now and where are you seeing that show up? And I guess, maybe more importantly, how fast are these projects growing? And what's the relative size compared to your typical engagements.

我只是想從結構上問一下，你們的人工智慧支出——或者說人工智慧支出整體上一直在增加。這在您的損益表中是如何反映出來的？那麼現在您在哪裡看到它出現呢？我想，也許更重要的是，這些計畫發展得有多快？與您通常的活動相比，其相對規模是多少？

Yes. Look, the spend from major corporations in the last two years have been in the smaller side. So it's $5 million. And they've been pilots to prove out proof points, meaning, faster, better development time, faster, better documentation, et cetera. And we see across every industry a considerable amount of pilot work. And that's an area that I'm super excited about, because we've got a great set of building blocks that we're putting in place with regards to replicability, with regards to scale of our solutions.

是的。你看，過去兩年大公司的支出都比較小。所以是500萬美元。他們已經進行了試點來證明這一點，這意味著更快、更好的開發時間，更快、更好的文件等等。我們看到各行各業都有大量的試點工作。我對這個領域感到非常興奮，因為我們已經建立了一套很好的建置模組，以實現可複製性和解決方案的規模。

And that's key for us in terms of taking the opportunity, the AI opportunity for our clients in different industries and being able to bring them real results, real case studies that have ROI behind them and having them quickly adopt. So I'm super excited about the demand on that front. We are still very, very early in the cycle, but we are very, very, very well positioned for several reasons. And let me just add two more.

這對我們來說至關重要，因為我們要抓住機遇，為不同行業的客戶提供人工智慧機遇，並為他們帶來真正的成果、具有投資回報率的真實案例研究，並讓他們迅速採用。因此，我對這方面的需求感到非常興奮。我們還處於週期的非常早期階段，但由於多種原因，我們處於非常非常有利的位置。我再補充兩點。

One of the clear considerations for companies as they're looking to engage any part of their business functions into any sort of Gen AI work is to look at their data readiness, their infrastructure readiness and their people and process readiness. And we are uniquely positioned to have incredible insight there. So I feel very, very strong about our early returns on that front with our customers and the foundation we're building because that foundation will be part of our growth in the future.

當公司希望將其業務職能的任何部分投入到任何類型的 Gen AI 工作中時，他們需要考慮的一個明確因素是資料準備、基礎設施準備以及人員和流程準備。我們擁有獨特的優勢，能夠在這方面擁有令人難以置信的洞察力。因此，我對我們在這方面為客戶帶來的早期回報以及我們正在建立的基礎感到非常非常滿意，因為這個基礎將成為我們未來成長的一部分。

Got it. Appreciate that. And it seems like you're seeing increasing bookings. Obviously, the time to convert that to revenue is -- it takes a little while, and that makes sense. But I'm wondering if you can talk about how the duration of the new contracts you're signing in compares to what you've done in the past and how that may be improving, if at all, your revenue visibility?

知道了。非常感謝。看起來您看到預訂量正在增加。顯然，將其轉化為收入需要一點時間，這是有道理的。但我想知道您是否可以談談您簽署的新合約的期限與您過去的合約相比如何，以及這如何提高您的收入可見度？

I think number one, and I'll turn it over to Rob in a second, is we're building a bigger, more qualified pipeline through the fundamental restructuring and rebuilding of our sales operation. I went into a lot of detail in the remarks to begin with around that because it gives you some insight as to the level of foundational work that was needed in that particular area.

我認為第一點，我馬上就交給羅布，就是我們正在透過對銷售業務進行根本性的重組和重建，建立更大、更合格的管道。我首先在評論中詳細闡述了這一點，因為它可以讓您了解該特定領域所需的基礎工作水平。

And now with a great new leader that I've worked with in the past here taking that and operationalizing it and scaling it is key for us. And we've got the building blocks in place now. And frankly, if you think about the type of work that we've done in sales, we're doing similar work across every business function. And now with our leadership team in place, we've got not just the foundation set in the right direction, but leaders that can continue to grow.

現在，我們與一位曾經共事過的出色的新領導者一起，接受並實施這一目標，擴大其規模，這對我們來說至關重要。現在我們已經準備好了。坦白說，如果您想想我們在銷售領域所做的工作類型，我們在每個業務職能部門都做著類似的工作。現在，我們的領導團隊已經到位，我們不僅為正確的方向奠定了基礎，領導者還可以繼續成長。

James, it's Rob. Let me just throw in one more comment. So in our CES business, where the pipeline has been very good, and the bookings were very strong in the strategic project category, that means between $5 million and $100 million. Those projects are typically more complex, they're longer in duration. So we are experiencing within the CES business, that longer duration entering into our backlog and revenue projections going forward.

詹姆斯，我是羅布。請容許我再補充一則評論。因此，在我們的 CES 業務中，通路一直非常好，戰略項目類別的預訂量非常強勁，這意味著金額在 500 萬至 1 億美元之間。這些項目通常更複雜，持續時間更長。因此，我們在 CES 業務中經歷了更長的時間進入我們的積壓和未來的收入預測。

So that's reflected in our guide. So that became more pronounced in the third quarter and into the fourth quarter where it was really evident to us. So if we continue to see -- and hopefully, we will, the bookings in that category increase because their strategic enterprise apps related as opposed to custom apps. It'll be really good for the business, but the yield turn the conversion into revenue is extended a bit versus traditional custom apps, smaller projects.

這反映在我們的指南中。因此，這種情況在第三季和第四季變得更加明顯，我們對此非常清楚。因此，如果我們繼續看到 - 希望如此，該類別的預訂量會增加，因為它們與策略企業應用程式相關，而不是客製化應用程式。這對於業務來說確實很好，但與傳統的客製化應用程式和小型專案相比，轉化為收入的收益會稍微擴大一些。

Keith Bachman, BMO.

基思·巴赫曼，BMO。

Yes. My question follows that is more broadly, what are the conditions in order to generate revenue growth. And so I think investors are a little bit disappointed with the fiscal year '26 guidance, call it, negative 4% at the midpoint. You talked about maybe duration is impacting that conversion of what appears to be solid bookings into revenues. But what longer-term message do you want to leave with investors about what would cause the business to turn to a positive number. And I don't know if you want to venture this far, but when would that be?

是的。我的問題是，更廣泛地說，需要什麼條件才能達到收入成長。因此，我認為投資者對 26 財年的預期有些失望，中間值為負 4%。您談到也許持續時間會影響看似穩定的預訂轉化為收入。但是，您想向投資人傳達什麼長期訊息，以促使業務轉為正數呢？我不知道您是否願意走這麼遠，但那會是什麼時候呢？

Sure. So look, the foundation elements there are both quantitative and qualitative. On the quantitative side, we spoke a little bit about the progress we've made in bookings, the trailing book-to-bill and also the increase in size and quality of our pipeline. That's key. The size and quality of our pipeline and also the effectiveness of our ability to win those are all part of execution and having a better sales and marketing capabilities.

當然。所以看，那裡的基礎要素既是定量的，也是定性的。從數量方面來看，我們稍微談了一下我們在預訂量、訂單出貨比以及渠道規模和質量的提升方面取得的進展。這很關鍵。我們的通路規模和品質以及我們贏得這些的能力的有效性都是執行的一部分，並且擁有更好的銷售和行銷能力。

And that's both in terms of human capital and actual materials that we're bringing to market are key to that. So for me, it falls into two areas are the, -- is the foundation in place, meaning the story is in place, the solution in place, the bidding proposals in place, the people to lead those. Do we get the opportunities, absolutely get the opportunities? Can we execute? Yes. Can we execute at scale.

而就人力資本和我們推向市場的實質材料而言，這都是關鍵。所以對我來說，它分為兩個方面，即基礎到位，即故事到位，解決方案到位，投標提案到位，領導這些提案的人到位。我們是否獲得了機會，絕對獲得了機會？我們能執行嗎？是的。我們能否大規模執行？

That's the key in terms of timing, how quickly can we get to scale. And again, the rebuild was pretty substantial. We've got that in place and we've got key leaders in place as we go throughout the year. I feel that we'll have better insight as to when we'll see the turn.

這是時間的關鍵，我們能多快達到規模。再次強調，重建工作相當重要。我們已經實現了這一點，並且全年都任命了主要領導人。我覺得我們會對何時出現轉機有更好的了解。

Okay. Maybe my follow-on then is do you think the underlying markets you serve are growing in your seeding share? Or do you think the markets that you serve, not the broader IT services are contracting and you're doing better, so to speak. And I'd like to hear within that context, maybe you could flush out a little bit on the Carnival Cruise Line deal about why do you think that -- why do you think that you won that deal? And how important was price in the ultimate conclusion?

好的。那麼我的後續問題是，您是否認為您所服務的基礎市場中的種子份額正在增長？或者您認為您所服務的市場（而不是更廣泛的 IT 服務）正在萎縮，而您做得更好，可以這麼說。在此背景下，我想聽聽您能否稍微談談嘉年華郵輪公司的交易，您認為為什麼——您認為為什麼您贏得了這筆交易？價格在最終結論中有多重要？

Yes. Great question. We have more than enough opportunities in every vertical that we serve in every geography that we're in. AI is not -- an AI adoption isn't segmented by geographies or verticals. It's happening across every industry and every company. So the opportunity is there. That's a full stop. Our ability to win is executing on the big and small things.

是的。好問題。在我們服務的每個地區、每個垂直領域，我們都有足夠的機會。人工智慧的採用並不按地域或垂直行業劃分。這種現像在各行各業、各公司都有發生。所以機會就在那裡。一切就此結束。我們獲勝的能力在於執行大事和小事。

And one of the things that I'm reflecting on, which has been great with regards to Carnival is that I was in one of the very early pitches with the team, new teammates that had just joined us were part of the bid and proposal and solutioning team. And we competed against 12 others, and it was a very, very good competition at the end. We won across the board on all the key metrics, but it wasn't down on price, it was on capability.

我正在反思的其中一件事，對於嘉年華來說非常偉大的事情是，我參加了團隊的早期推介，剛加入我們的新隊友是投標、提案和解決方案團隊的一部分。我們與其他 12 人展開了競爭，最終比賽非常精彩。我們在所有關鍵指標上都取得了全面勝利，但這並不是價格上的劣勢，而是能力上的劣勢。

It was on being a proven partner. It was on having the foundation, technical foundation, leadership, partnership to take them to another level. And we were able to clearly convey that in terms of what we bring to the table, and that was a great proof point and a great win. The key here is to scale that over and over again. Demand is there. We have presence, we have customers. We just have to scale the winning motions that led to a great, great new partnership with Carnival.

這是關於成為一個可靠的合作夥伴。他們需要基礎、技術基礎、領導和合作關係，才能將他們提升到另一個層次。我們能夠清楚地傳達我們所提出的建議，這是一個很好的證明點和一次偉大的勝利。這裡的關鍵是不斷擴大規模。需求是存在的。我們有存在，我們有客戶。我們只需擴大成功的行動，就能與嘉年華建立起偉大的新合作關係。

Paul Obrecht, Wolfe Research.

保羅‧奧布雷希特（Paul Obrecht），沃爾夫研究公司。

This is Paul Obrecht on for Darren. So now we're a few quarters into the revamped go-to-market approach. Can you just touch on what the company's cross-sell motion looks like today? And as we're improving engagement with clients and helping build their understanding of all DXC's offerings, are you seeing incremental demand from GIS clients for the GBS offerings?

這是 Paul Obrecht 取代 Darren 上場的演出。現在我們已經對改進後的市場進入方式進行了幾個季度的嘗試。能否簡單介紹一下公司今天的交叉銷售動向？隨著我們不斷改善與客戶的互動並幫助他們了解所有 DXC 產品，您是否看到 GIS 客戶對 GBS 產品的需求不斷增加？

Yes. We've recently begun to hold client engagement inside forums where we bring multiple clients across different industries together to really talk about the current challenges, the opportunities there are with AI, the proof points that we've got with real case studies and real return on investments. And they've been great to participate and have been in a couple of them.

是的。我們最近開始在論壇內舉辦客戶參與活動，我們將不同行業的多個客戶聚集在一起，真正討論當前的挑戰、人工智慧帶來的機會、我們透過真實案例研究獲得的證明點以及實際投資回報。他們非常樂意參與，並且已經參加過幾次了。

And what it's clear, -- what's clear is that when customers appreciate the full breadth of capabilities that we have from the infrastructure side, all the way to the application and AI and custom development side, we are one of only a handful of players that both have the end-to-end capabilities. And also can deliver it globally with local excellence. So we are very, very well positioned to, -- continue to build on that.

很明顯的是，當客戶欣賞我們從基礎設施方面到應用程式、人工智慧和客製化開發方面的全部功能時，我們是少數幾個同時擁有端到端功能的參與者之一。並且能夠以本地優勢在全球範圍內提供服務。因此，我們已做好充分準備，並繼續在此基礎上繼續努力。

We have to just get the motions in place to scale solutioning, to scale premarketing to target opportunities better within our existing customer base and turn that into revenue quicker.

我們必須採取行動來擴大解決方案，擴大預先行銷，以便在現有客戶群中更好地瞄準機會，並更快地將其轉化為收入。

Great. That's helpful. And then Rob, if we look at the margin guide for 7% to 8% for the year, can you just walk us through the bridge from the fiscal '25 margin to this range? And then you're guiding to 6% to 7% for the first quarter. So just curious on the drivers for expanding margins throughout the year.

偉大的。這很有幫助。然後，羅布，如果我們看一下今年 7% 到 8% 的利潤率指南，您能否向我們介紹一下從 25 財年利潤率到這個範圍的過程？然後您預測第一季的成長率將達到 6% 到 7%。所以我只是好奇全年利潤率擴大的驅動因素。

Yes. The -- so the -- from the -- to the midpoint, the drop is about 40 basis points to the midpoint of the guide on a year-to-year basis. And it is a combination of the revenue declines offset by cost -- disciplined cost management, which we demonstrated we are capable of achieving in fiscal '25. So we're going to repeat that to offset any revenue declines.

是的。因此，從中點來看，與指引中點相比，年減約 40 個基點。這是收入下降與成本抵消的結果——嚴格的成本管理，我們證明我們有能力在 25 財年實現這一目標。因此，我們將重複這項舉措，以抵消任何收入下降。

And then we have other cost reductions in excess of that to cover investments for the most part, but we have left room in our guide for an increase in investments year-to-year. And bottom line, that's -- that really accounts at the midpoint for the decline in margin is leaving room for investments to help us continue to progress on this growth journey.

然後，我們還有其他超出此範圍的成本削減，以涵蓋大部分投資，但我們在指南中留出了逐年增加投資的空間。底線是，這實際上解釋了利潤率下降的中間點，為投資留下了空間，以幫助我們繼續在這段成長之旅中取得進展。

So that is the number one factor in the margins at the midpoint. And again, as we did in '25, we'll monitor that throughout the year and invest appropriately and make sure we're getting the yields we need to from the investments.

所以這是中點利潤的首要因素。再次，正如我們在 25 年所做的那樣，我們將全年監控這一點並進行適當的投資，確保我們從投資中獲得所需的收益。

(Operator Instructions). Tyler DuPont, Bank of America.

（操作員指令）。美國銀行的泰勒杜邦 (Tyler DuPont)。

Raul and Rob, this is Tyler DuPont on for Jason. Raul, I wanted to start by asking about the current leadership structure. You mentioned you've onboarded 22, give or take new members. If I heard, you correctly to the extended leadership team since you are at the helm of DXC. The new three-year employment agreement was interesting to see this evening.

勞爾和羅布，這是泰勒杜邦，代替傑森。勞爾，我想先詢問一下目前的領導結構。您提到您已經吸收了 22 位新成員。如果我沒聽錯的話，您對擴展領導團隊的理解是正確的，因為您是 DXC 的掌舵人。今晚看到新的三年僱傭協議很有趣。

So at this point, what gives you the confidence that you have all the building blocks in place to improve the second derivative and growth rate and ultimately end up in positive territory?

那麼，在這一點上，是什麼讓您有信心，您已經具備了所有的基礎條件來提高二階導數和增長率，並最終實現正增長？

Yes. Look, one of the things that gives me confidence is that these great leaders that I've worked with in other companies have voted with their feet and they've joined us. They see what I see. They see an opportunity to take an incredible company that has incredible customers and solutions that have been deployed and use that as a launch pad to really take advantage of the AI opportunity that's in front of us.

是的。你看，讓我充滿信心的一件事是，我在其他公司共事過的這些偉大領導者已經用腳投票並加入了我們。他們看到了我所看到的。他們看到了一個機會，那就是利用一家擁有優秀客戶和已部署解決方案的優秀公司作為發射台，真正利用擺在我們面前的人工智慧機會。

And so I'm very encouraged that we've been able to give the caliber of new talent in. And again, some like TR are just in for a month or two, some have been here for a year. But in total, I've been here 15 months. And I think that the team that we've got in place has both the experience and the capacity from an execution standpoint to take what we have been fixing and building and scale it.

因此，我很高興我們能夠培養出新的人才。而且，有些人像 TR 才來一兩個月，有些人已經來一年了。但總的來說，我在這裡已經待了 15 個月了。我認為，從執行的角度來看，我們現有的團隊既有經驗，也有能力將我們一直在修復和建構的東西擴展開來。

Okay. Great. And so I guess as a follow-up, I mean there have been several bookings related questions after night, and I thought it might be able to pile on and ask one more myself, but from a slightly different lens. It was encouraging to see book-to-bill on an LTM basis above one for both GBS and GIS. I think that's the first time since June of '23 that we've seen that.

好的。偉大的。因此，我想作為後續行動，我的意思是，那天晚上之後出現了幾個與預訂相關的問題，我認為我可能會自己再問一個，但從稍微不同的角度來說。令人鼓舞的是，GBS 和 GIS 的 LTM 訂單出貨比均高於 1。我認為這是自 2023 年 6 月以來我們第一次看到這種情況。

But just given we've seen a decent amount of these contracts moving from pipeline into bookings and then ultimately into revenue. Just from a sustainability standpoint, what's the level of visibility that DXC has into being able to backfill that pipeline to make sure that once the bookings convert to revenue, we're still on a strong footing.

但我們已經看到相當一部分合約從通路進入預訂階段，最終轉化為收入。僅從永續性的角度來看，DXC 對填補此管道的可見度如何，以確保一旦預訂轉化為收入，我們仍然處於穩固的基礎之上。

So we have -- the visibility begins with the opportunity pipeline -- and we have a pipeline that supports sustainability. We have confidence that pipeline will progress, turn into actual bookings and then convert to revenue. So it all starts with identification pipeline and progression, and we've improved performance in all areas throughout '25, and we expect to continue to both improve that performance and progress the current pipeline, which is good and continue to add more opportunities as we progress throughout the year.

因此，我們擁有——可見性始於機會管道——並且我們擁有支持永續性的管道。我們有信心，管道將會取得進展，轉化為實際預訂，然後轉化為收入。因此，一切都從識別管道和進展開始，並且我們在 25 年期間提高了所有領域的績效，並且我們希望繼續提高績效並推進現有管道，這很好，並且隨著我們全年的進步將繼續增加更多機會。

And we've talked a lot about the pipeline, the opportunities, both quantitatively increasing but also just from a qualitative standpoint, from a renewal standpoint, we're also more successful in renewing existing contracts on terms that both the customer and we are happy with. So that's another factor in terms of being able to build a solid foundation to growth.

我們已經討論了很多關於管道和機會的問題，不僅從數量上增加，而且從質量上增加，從續約的角度來看，我們在以客戶和我們都滿意的條款續約現有合約方面也取得了更大的成功。因此，這是為成長奠定堅實基礎的另一個因素。

But it really does begin and end with a better, bigger qualified pipeline. And then getting that timed correctly so that we can convert that to revenue and building it quarter-over-quarter to a point where, mathematically, you can see a trajectory that's positive.

但它確實始於並終於更好、更大、更合格的管道。然後，我們可以將其轉化為收入，並逐季度增加，直到從數學上看，你可以看到積極的軌跡。

Jamie Friedman, Susquehanna.

薩斯奎漢納的傑米·弗里德曼。

I wanted to ask about insurance. So are you -- did I hear you say that you're going to break that out as a segment in more detail. I was wondering if that's the case, and sorry, if I heard you wrong, I'm sorry. And then if so, what the rationale for that? That's the first one on insurance. And also on insurance.

我想問一下保​​險的事。所以你也是——我是否聽到你說過你將更詳細地闡述這一點。我想知道情況是否如此，抱歉，如果我聽錯了，我很抱歉。如果是這樣，那麼其理由是什麼？這是關於保險的第一篇。還有保險。

Could you just revisit where you are in the revenue recognition? I remember there was some journey between like term and license and subscription. Is that still part of the plan? Is that underway? Where are we in that process?

能否重新檢視一下收入確認的情況？我記得在期限、許可證和訂閱之間有一些旅程。這還是計劃的一部分嗎？正在進行中嗎？我們目前處於這個過程的哪個階段？

So Jamie, it's Rob. We are going to break out -- you did hear that correctly. We're going to break out insurance as a separate segment beginning in '26. And the rationale for that is simply -- it's a reflection of how we manage the business. And the three segments that we are going to be disclosing in '26 or the management system we use internally, right? And so that's the rationale.

那麼 Jamie，我是 Rob。我們要突圍——你沒聽錯。從 26 年開始，我們將把保險作為一個獨立的部門。原因很簡單——它反映了我們如何管理業務。我們將在 26 年揭露三個部分，或是我們內部使用的管理系統，對嗎？這就是理由。

Your last question, I think it's related to in the past, we've discussed progressing and developing our SaaS business within insurance. And that is a longer-term strategy that we have. We've started down that road and as we progress down that journey, we'll think about the appropriate time to break that out separately as we report insurance as a separate segment.

您的最後一個問題，我認為它與我們過去討論過的在保險領域推進和發展我們的 SaaS 業務有關。這是我們的長期策略。我們已經開始沿著這條路走下去，隨著我們在這一旅程中不斷前進，我們將考慮在適當的時候將其單獨列出，因為我們將保險作為一個單獨的部分進行報告。

Okay. And then for my follow-up, by the way, I like a lot of these new slides to slide 6 on the technology innovation cycle is helpful. I guess, bigger picture role. Do you feel like if you look at this continuum, where you put Internet mobile cloud AI, I'm just looking at slide 6. Is this -- like some of these technologies, I think are it can be deflationary for the service provider, some create more advantage. How do you feel about your hand and your view of the technology estate relative to what's going on in tech innovation right now?

好的。順便說一下，對於我的後續問題，我很喜歡這些新投影片，其中第 6 張投影片有關技術創新週期的內容很有幫助。我想，這是一個更重要的角色。您是否覺得如果您看一下這個連續體，將互聯網移動雲 AI 放在哪裡，我只是在看幻燈片 6。這是——就像其中一些技術一樣，我認為它可以為服務提供者帶來通貨緊縮，有些則可以創造更多優勢。相對於目前的技術創新情況，您對自己的手牌和對科技領域的看法有何看法？

No, I feel great. I think that -- and I spoke about it earlier. Our insight in terms of our customers with regards to their infrastructure, their people, their processes, their data readiness, that insight is incredibly valuable, and it makes us best positioned to help them take on journeys in the AI front that are both targeted and meaningful and have a real ROI.

不，我感覺很好。我認為——我之前也談過這一點。我們對客戶的基礎設施、人員、流程、資料準備的洞察非常有價值，它使我們能夠最好地幫助他們在人工智慧領域踏上既有針對性又有意義且具有真正投資回報率的旅程。

So for us, it's marrying the existing knowledge and relationships that we have with the proven capabilities that we've deployed across multiple industries that have real return on investment and cross selling that more effectively and frankly, just being better at communicating the real results that we're seeing. But we are very, very well positioned.

因此，對我們來說，就是將我們現有的知識和關係與我們在多個行業部署的經過驗證的能力結合起來，實現真正的投資回報和交叉銷售，從而更有效、更坦率地更好地傳達我們所看到的實際結果。但我們的定位非常非常有利。

If you look at that set of technology super cycles that you were referring to, I started my career after the PC super cycle and the Internet super cycle. And I believe that this actually has more disruption and more capability to really change how companies operate globally, and we're in a great position to be their partner.

如果你看一下你所提到的那組技術超級週期，你會發現我的職業生涯是在個人電腦超級週期和網路超級週期之後開始的。我相信這實際上會帶來更大的顛覆，也更有能力真正改變公司在全球的運作方式，而我們完全有能力成為他們的合作夥伴。

Rod Bourgeois, DeepDive Equity Research.

Rod Bourgeois，DeepDive Equity Research。

And I just want to hone in on one topic, and that is the investment plans going forward. So I just want to ask about your priorities or investing in new solution capabilities in order to drive that more positive growth. If you could give us any sense also of the magnitude of investments that you're planning over the next year relative to your current investment pace.

我只想集中討論一個主題，那就是未來的投資計畫。所以我只想問一下您的優先事項或對新解決方案功能的投資，以推動更積極的成長。如果您能告訴我們您計劃在未來一年內進行的投資規模相對於您目前的投資速度而言是多少的話。

You said a little bit about that in the margin bridge, but it might be helpful to say more. But the main question really is what are the specific solution areas that you're investing most in to drive the profitable and positive growth?

您在保證金橋中對此進行了一點討論，但多說一點可能會有所幫助。但真正的主要問題是，您在哪些具體解決方案領域投入最多，以推動獲利和積極成長？

Yes, it's replicability of large capabilities that are repeatable capabilities that our clients are asking for. And we're in the process of putting together great frameworks that we're going to be rolling out again as part of the new team that's come in place to take the point work that we've got going around the globe, package that up create a comprehensive story and be able to both not just cross pollinate internally, but use that as an ability to generate what I believe is going to be great sales opportunities for us because we have proven ROI proof points.

是的，這是大型功能的可複製性，也是我們的客戶所要求的可重複的功能。我們正在整合偉大的框架，作為新團隊的一部分，我們將再次推出這些框架，新團隊的目標是將我們在全球範圍內開展的重點工作打包起來，創建一個全面的故事，不僅能夠在內部進行交叉授粉，還能利用它作為一種能力，我認為這將為我們帶來巨大的銷售機會，因為我們已經證明了投資回報率的證明點。

And we've got the other factor, which is industry knowledge. And probably most importantly, we've got a great client base. So for us, it's internal optimization, internal collaboration, internal knowledge sharing and then external packaging. I mean those are the key ingredients.

我們還有另一個因素，那就是行業知識。也許最重要的是，我們擁有龐大的客戶群。因此對我們來說，這是內部優化、內部協作、內部知識共享，然後是外部包裝。我的意思是這些都是關鍵因素。

And I'd just add to what Raul said that we are also investing in sales and marketing. So that's the other area where we're building our capabilities, and that's part of the plans for next year as well -- for '26 as well. And Rod, if just look at the guide and the bridge I gave, I think that's a pretty good indication of the magnitude of the year-to-year investment profile.

我還要補充一下勞爾所說的，我們也在投資銷售和行銷。這是我們正在建立能力的另一個領域，也是明年計畫的一部分——也是 26 年計畫的一部分。羅德，如果只看一下我給出的指南和橋樑，我認為這可以很好地表明逐年投資狀況的規模。

Okay. Are there specific market segments that you want to major in or deal types like core modernization or I mean, -- I get the investment in sales and marketing and working on the pipeline in a more rigorous way. But in terms of how you go to market and differentiate yourself, are there certain solution or market categories that you really want to major in?

好的。您是否有想要主攻的特定市場領域或交易類型，例如核心現代化，或者我的意思是——我獲得了銷售和行銷方面的投資，並以更嚴謹的方式進行通路工作。但是就如何進入市場並脫穎而出而言，是否存在您真正想要主攻的特定解決方案或市場類別？

We're seeing a lot of traction in financial services, and we're seeing a lot of replicability there in terms of deployments that we have and deployments that we can scale and bring to our customers in new ways of consuming them. So that is one probably was the biggest industry that both we have a footprint in, and we've got some great ROI models and that we're beginning to share with the larger client base.

我們看到金融服務領域正在發生巨大的變化，我們看到我們現有的部署以及我們可以擴展並以新的方式帶給客戶的部署具有很大的可複製性。因此，這可能是我們所涉足的最大的行業，我們擁有一些出色的投資回報率模型，並且我們開始與更大的客戶群分享。

This concludes the question-and-answer session. I'll turn the call to Roger Sachs for closing remarks.

問答環節到此結束。我將請羅傑‧薩克斯 (Roger Sachs) 致最後發言。

Thank you, operator, and thank you, everybody, for joining us today. And we look forward to speaking with you again next quarter.

謝謝接線生，也謝謝大家今天加入我們。我們期待下個季度再次與您交談。

This concludes today's conference call. Thank you for joining. You may now disconnect.

今天的電話會議到此結束。感謝您的加入。您現在可以斷開連線。