DXC Technology Co (DXC) 2026 Q1 法說會逐字稿

Hello, and welcome to the DXC Technology first quarter fiscal 2026 earnings call. (Operator Instructions) I would now like to turn the call over to Roger Sachs, Vice President of Investor Relations. You may begin.

您好，歡迎參加 DXC Technology 2026 財年第一季財報電話會議。（操作員指示）現在我想將電話轉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 Technology's first quarter fiscal 2026 earnings conference call. We hope you've had a chance to review our earnings release posted to the IR section of DXC's website.

謝謝您，接線生。大家下午好，歡迎參加 DXC Technology 2026 財年第一季財報電話會議。我們希望您有機會查看發佈在 DXC 網站 IR 部分的收益報告。

Speaking on today's call are Raul Fernandez, our President and CEO; Ramnath Venkataraman, our new President of our Consulting & Engineering Services segment; and Rob Del Bene, our Chief Financial Officer.

參加今天電話會議的有我們的總裁兼執行長 Raul Fernandez、我們的諮詢與工程服務部門新任總裁 Ramnath Venkataraman 和我們的財務長 Rob Del Bene。

Let me walk you through today's agenda. First, Raul will provide an overview of our results and update on our strategic initiatives. Rob will then walk you through our financial performance for the quarter as well as provide some thoughts on our second quarter and fiscal full year guidance.

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更新我們的策略性舉措。然後，Rob 將向您介紹我們本季的財務業績，並就我們的第二季和全年財務指引提供一些想法。

Rob and Raul will then take your questions. Certain comments made during today's call are forward-looking and subject to risks and uncertainties that can cause actual results to differ materially from those expressed on the call. You can find details of these risk 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.

然後 Rob 和 Raul 將回答您的問題。今天電話會議上發表的某些評論具有前瞻性，並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 表格年度報告和其他 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 included in today's earnings release. And with that, let me turn the call over to Raul.

此外，在本次電話會議中，我們將討論我們認為能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。現在，讓我把電話轉給勞爾。

Thank you, Roger. We delivered first quarter results at the high end of our guided ranges for both organic revenue growth and adjusted EBIT margin, with non-GAAP EPS above the high end of guidance. Specifically, during the quarter, total revenue declined 4.3% year-to-year on an organic basis. Adjusted EBIT margin was 6.8%. Non-GAAP diluted EPS was $0.68, and we also had another strong quarter of free cash flow generating $97 million compared to $45 million last year in Q1.

謝謝你，羅傑。我們第一季的業績無論是有機收入成長或調整後的息稅前利潤率都達到了指導範圍的高端，非公認會計準則每股收益也高於指導範圍的高端。具體而言，本季總營收年減4.3%。調整後的息稅前利潤率為6.8%。非公認會計準則稀釋每股收益為 0.68 美元，我們迎來了一個強勁的季度，自由現金流達到 9,700 萬美元，而去年第一季為 4,500 萬美元。

Bookings increased 14% year-over-year, our third consecutive quarter of double-digit growth. resulting in a trailing 12-month book-to-bill ratio of 1.06, up from 1.03 at the end of fiscal 2025. Growth was broad-based across many of our industry verticals. This trajectory underscores the emerging stronghold of our new go-to-market initiatives and improved execution.

預訂量年增 14%，這是我們連續第三季實現兩位數成長，過去 12 個月的訂單出貨比為 1.06，高於 2025 財年末的 1.03。我們許多垂直行業的成長都是廣泛的。這一軌跡凸顯了我們新的市場進入措施和改進的執行力所形成的新興優勢。

We saw strong bookings in both Europe and Asia Pacific this quarter, with book-to-bill ratios well above 1, driven by public sector strength across both regions and solid deal flow in manufacturing and consumer goods/retail in Europe.

本季度，歐洲和亞太地區的訂單量均表現強勁，訂單出貨比遠高於 1，這得益於兩個地區公共部門的強勁表現以及歐洲製造業和消費品/零售業的穩健交易流。

With a healthy pipeline and steady deal inflows, we remain confident in our ability to consistently drive a trailing 12-month book-to-bill ratio above 1.0. We continue to attract top-tier experienced talent to our leadership team with a shared passion to win.

憑藉穩健的銷售管道和穩定的交易流入，我們堅信能夠持續維持過去12個月訂單出貨比超過1.0。我們持續吸引經驗豐富的頂尖人才加入我們的領導團隊，共同追求成功。

I'm thrilled to welcome industry veteran, Ramnath Venkataraman as President of Consulting & Engineering Services, to lead the business into its next phase of growth. Ramnath brings nearly 30 years of global experience from Accenture, where he built and grew high-performing businesses across industries and regions.

我很高興歡迎業界資深人士 Ramnath Venkataraman 擔任顧問與工程服務總裁，帶領公司進入下一階段的成長。Ramnath 在埃森哲擁有近 30 年的全球經驗，在埃森哲，他建立並發展了跨行業和地區的高績效業務。

He has a strong track record of helping clients embrace next-generation technologies, especially AI, and delivering operational excellence through innovation and disciplined execution. Ramnath brings fresh perspective to CES, and we're confident his leadership will help sharpen our go-to-market focus, drive growth and unlock the segment's full potential.

他有著豐富的經驗，幫助客戶採用下一代技術，尤其是人工智慧，並透過創新和嚴謹的執行實現卓越營運。Ramnath 為 CES 帶來了全新的視角，我們相信他的領導將有助於加強我們的市場關注、推動成長並釋放該領域的全部潛力。

Let me hand the call to Ramnath to make a few brief comments.

請允許我請拉姆納特發表一些簡短的評論。

Thank you, Raul, for the warm welcome. I'm excited to join the DXC family and lead our CES business at such a pivotal time. The first few weeks have been energizing, and I've been extremely impressed with our exceptional talent and the value that we're delivering for our clients.

謝謝勞爾的熱情歡迎。我很高興加入 DXC 大家庭並在如此關鍵的時刻領導我們的 CES 業務。最初的幾週充滿活力，我們卓越的才能和我們為客戶提供的價值給我留下了深刻的印象。

As I focus on driving profitable growth, the effort will be on delivery excellence through greater consistency, accountability and operational results. I look forward to scaling our innovation agenda to keep pace with the rapidly changing technology landscape and deliver greater value for our clients and our shareholders.

當我專注於推動獲利成長時，我將努力透過提高一致性、責任感和營運成果來實現卓越交付。我期待擴大我們的創新議程，以跟上快速變化的技術格局，並為我們的客戶和股東提供更大的價值。

Back to you, Raul.

回到你這裡，勞爾。

Thank you, Ramnath. AI is redefining every business process and redefining every customer interaction. Our approach to AI solutions is centered around integrating AI seamlessly into the fabric of our clients' operations, ensuring that AI is not just an add-on but a core component of their business strategy and go to market.

謝謝你，拉姆納特。人工智慧正在重新定義每個業務流程，重新定義每個客戶互動。我們的 AI 解決方案方法以將 AI 無縫整合到客戶營運結構中為中心，確保 AI 不僅僅是一個附加元件，而且是其業務策略和行銷的核心組成部分。

Combining our deep domain expertise with advanced AI capabilities, we help clients across our segments move faster, operate smarter and unlock outcomes that were previously out of reach. Recognizing that technology is only as good as the people behind it, we're investing with urgency in talent, training over 50,000 GenAI-enabled engineers and achieving AI readiness across 92% of our technical teams.

透過將我們深厚的領域專業知識與先進的人工智慧能力相結合，我們可以幫助各個領域的客戶更快地行動、更聰明地運作並實現以前無法實現的成果。我們認識到技術的優劣取決於背後的人才，因此我們緊急投資人才，培訓超過 50,000 名 GenAI 工程師，並讓 92% 的技術團隊做好 AI 準備。

Combined with our deep industry expertise, these capabilities are positioning DXC to lead with AI and deliver real enterprise-grade impact. We are seeing results from our investments. We're proud to share that DXC has been recognized by Gartner as an Emerging Leader in the inaugural Consulting and Implementation Services Market Quadrant for Generative AI.

結合我們深厚的行業專業知識，這些能力使 DXC 能夠在 AI 領域處於領先地位並產生真正的企業級影響。我們正在看到投資的成果。我們很榮幸地宣布，DXC 已被 Gartner 評為首屆生成式人工智慧諮詢與實施服務市場象限的新興領導者。

We believe this recognition reflects both the strength of our current AI capabilities and our clear strategic vision for helping clients deploy GenAI at scale, with speed, security, and real business value. It reinforces our position as a trusted transformation partner for enterprises, navigating complex regulated industries with emerging technologies.

我們相信，這項認可既反映了我們當前人工智慧能力的強大，也反映了我們幫助客戶大規模、快速、安全且具有實際商業價值地部署 GenAI 的清晰戰略願景。它鞏固了我們作為企業值得信賴的轉型合作夥伴的地位，利用新興技術引領複雜的受監管產業。

Let me share a couple of examples of how we are using AI-based solutions to deliver impact for clients. First, we signed a long-term agreement with Unicaja, one of Spain's top banks to modernize core operations, including mortgages, payments, procurement and loan management, tackling fragmented processes, limited agility and rising costs.

讓我分享幾個我們如何使用基於人工智慧的解決方案為客戶帶來影響的例子。首先，我們與西班牙頂級銀行之一 Unicaja 簽署了一項長期協議，以實現核心業務的現代化，包括抵押貸款、支付、採購和貸款管理，解決流程分散、靈活性有限和成本上升的問題。

At the heart of the transformation is AI and GenAI, powering document automation, intelligent customer communication, virtual assistance and frictionless resolution of customer needs. The result, faster service, smarter operations and significant cost savings over time.

轉型的核心是人工智慧 (AI) 和 GenAI，它們支援文件自動化、智慧客戶溝通、虛擬協助和無摩擦解決客戶需求。結果是，隨著時間的推移，服務速度更快、操作更聰明、成本節省顯著。

Next, a leading German automotive supplier turn to us to take control of a fragmented SAP environment spread across six vendors in multiple countries and sites. They needed one partner to help them streamline SAP service across manufacturing, supply chain, logistics, finance and procurement. We're delivering exactly that. Standardizing processes, cutting through complexity and building a unified efficient SAP service landscape that enhances productivity and drives growth.

接下來，一家領先的德國汽車供應商向我們尋求協助，以控制分佈在多個國家和站點的六家供應商的分散 SAP 環境。他們需要一個合作夥伴來幫助他們簡化製造、供應鏈、物流、財務和採購方面的 SAP 服務。我們正在實現這一點。標準化流程、消除複雜性並建構統一且有效率的 SAP 服務環境，以提高生產力並推動成長。

As we expand our market reach, we know partnerships are key to scaling, which is why we continue to deepen our global ecosystem to unlock new opportunities. That's why I'm thrilled to announce that DXC entered into a strategic partnership with Boomi, a leader in AI-driven integration automation.

隨著我們擴大市場範圍，我們知道合作夥伴關係是擴大規模的關鍵，這就是為什麼我們繼續深化我們的全球生態系統以釋放新的機會。這就是為什麼我很高興地宣布 DXC 與 AI 驅動整合自動化領域的領導者 Boomi 建立了策略合作夥伴關係。

Boomi connects applications, automates workflows, manages APIs, and ensures data integrity across cloud and on-premise environments. By combining Boomi's AI tools with DXC's full stack engineering talent, our customers can link their different systems like orders, inventory and shipping. So everything works together seamlessly.

Boomi 連接應用程式、自動化工作流程、管理 API 並確保跨雲端和本地環境的資料完整性。透過將 Boomi 的 AI 工具與 DXC 的全端工程人才結合，我們的客戶可以連結他們的不同系統，例如訂單、庫存和運輸。因此一切都可以無縫協作。

This end-to-end connectivity helps clients streamline operation, automate routine tasks and reduce complexity. It also enables faster, smarter decision-making by surfacing insights faster to accelerate transformation.

這種端到端連接可幫助客戶簡化操作、自動化日常任務並降低複雜性。它還可以透過更快地提出見解來加速轉型，從而實現更快、更明智的決策。

Internally, we are embedding AI across all corporate functions. In IT, we're enhancing developer productivity and automating service desk support. Our security teams are leveraging agentic AI to deliver real-time threat intelligence, providing an almost 70% reduction in investigation time, with 95% investigation accuracy.

在內部，我們正在將人工智慧嵌入所有公司職能中。在 IT 領域，我們正在提高開發人員的工作效率並實現服務台支援自動化。我們的安全團隊正在利用代理 AI 提供即時威脅情報，將調查時間縮短近 70%，調查準確率達 95%。

In marketing, we've cut content creation and video production time down by 30%. In HR, predictive analytics are helping us identify attrition risks, accelerate talent matching and improve general workforce utilization. Our legal team is automating contract reviews and risk assessments. And lastly, in finance, we're improving forecasting speed and accuracy through AI-driven insights.

在行銷方面，我們將內容創作和影片製作時間減少了 30%。在人力資源方面，預測分析幫助我們識別人員流失風險、加速人才匹配並提高整體勞動力利用率。我們的法律團隊正在自動化合約審查和風險評估。最後，在金融領域，我們正在透過人工智慧驅動的洞察力來提高預測速度和準確性。

We're not just applying AI to improve our operations, we're pressure testing and documenting our journey as client zero. This hands-on experience helps us move faster, learn in real time and bring smarter, more scalable solutions to our clients.

我們不僅應用人工智慧來改善我們的運營，我們還作為零客戶進行壓力測試並記錄我們的歷程。這種實務經驗有助於我們更快地行動、即時學習並為我們的客戶帶來更智慧、更具可擴展性的解決方案。

While first quarter organic revenue growth came in at the high end of our guide, we know we need to do better and we're taking action. Our pipeline continues to expand, and we're building toward more consistent bookings growth. Our focus is clear, driving sustainable, profitable growth.

雖然第一季有機收入成長達到了我們預期的高端，但我們知道我們需要做得更好，並且我們正在採取行動。我們的管道不斷擴大，我們正在努力實現更穩定的預訂量成長。我們的重點很明確，即推動可持續的獲利成長。

We're sharpening execution across the company with our leaders, instilling a winning culture and tackling the structural and operational issues that matter the most. As part of this journey, we continue to build a workplace where all 120,000 colleagues feel valued, supported and empowered.

我們正在與領導層一起提高整個公司的執行力，灌輸成功的文化，並解決最重要的結構和營運問題。作為這趟旅程的一部分，我們將繼續打造一個讓所有 12 萬名同事都感到受到重視、支持和授權的工作場所。

That commitment was recently recognized by Newsweek which named DXC one of America's Greatest Workplaces for the second consecutive year. Over the past 18 months, we've rebuilt our foundation, streamlining operations, strengthening leadership, reorienting around innovation, proactive solutioning, performance management, execution and talent.

這項承諾最近得到了《新聞周刊》的認可，該周刊連續第二年將 DXC 評為美國最佳工作場所之一。在過去的 18 個月裡，我們重建了基礎，精簡了運營，加強了領導力，重新定位創新、主動解決方案、績效管理、執行和人才。

Turnarounds of this magnitude takes time, but we're clear on the road ahead. We're moving in the right direction, and we have confidence in achieving our full year guidance. Now let me turn it back over to Rob.

如此大的轉變需要時間，但我們對前方的道路很清楚。我們正朝著正確的方向前進，我們有信心實現全年目標。現在讓我把話題交還給羅布。

Thank you, Raul, and good afternoon, everyone. Today, I'll go over our first quarter results and provide guidance for the second quarter, and our updated full fiscal year 2026 outlook. Before I begin, a quick reminder, starting with first quarter, we're reporting our financial results in three segments that better align with how we run the business.

謝謝你，勞爾，大家下午好。今天，我將回顧我們第一季的業績，並提供第二季的指導以及我們更新的 2026 財年全年展望。在我開始之前，請快速提醒一下，從第一季開始，我們將分三個部分報告我們的財務業績，以便更好地與我們的業務運作方式保持一致。

These are Consulting & Engineering services or CES; Global Infrastructure Services or GIS, which includes cloud and ITO, modern workplace, security and horizontal BPO; and finally, Insurance Software & Services or simply insurance.

這些是諮詢和工程服務或 CES；全球基礎設施服務或 GIS，其中包括雲端和 ITO、現代工作場所、安全和橫向 BPO；最後是保險軟體和服務或簡稱保險。

For reference, we filed an 8-K last week that includes two years of revenue, organic revenue growth and segment profitability under the new structure. This information is also available in our Excel data sheet, which will be posted to DXC's Investor Relations website immediately following today's call.

作為參考，我們上週提交了一份 8-K 報告，其中包括新結構下兩年的收入、有機收入成長和分部獲利能力。我們的 Excel 資料表也提供了此信息，該資料表將在今天的電話會議結束後立即發佈到 DXC 的投資者關係網站。

And now starting with the first quarter results. Total revenue was $3.2 billion, declining 4.3% on an organic basis towards the top end of our guidance range. As Raul noted earlier, bookings grew by 14% year-to-year, marking our third straight quarter of double-digit growth.

現在開始公佈第一季的業績。總收入為 32 億美元，有機下降 4.3%，接近我們指導範圍的最高值。正如勞爾之前指出的那樣，預訂量同比增長了 14%，這標誌著我們連續第三個季度實現兩位數增長。

Our book-to-bill ratio of 0.9 for the quarter moderated from the levels we achieved during the second half of last year, largely reflecting typical seasonality in our business and the deferral of a couple of longer-term larger deals in GIS.

本季我們的訂單出貨比為 0.9，與去年下半年的水平相比有所下降，這主要反映了我們業務的典型季節性以及 GIS 中幾筆長期較大交易的推遲。

Adjusted EBIT margin was 6.8% down modestly by 10 basis points year-to-year. We're investing to support future top line growth while continuing to drive productivity to offset revenue declines.

調整後的息稅前利潤率為 6.8%，年比小幅下降 10 個基點。我們正在投資以支持未來的營收成長，同時繼續提高生產力以抵消收入下降。

With the transition to three segments, we adopted an updated classification of spending between cost of goods sold and SG&A. As a result, non-GAAP gross margin expanded by 140 basis points, while SG&A as a percent of revenue increased by 230 basis points, reflecting the reclassification and investments.

隨著三個部門的過渡，我們採用了更新的銷售成本和銷售、一般及行政費用之間的支出分類。結果，非公認會計準則毛利率擴大了 140 個基點，而銷售、一般及行政費用佔收入的百分比增加了 230 個基點，反映了重新分類和投資。

Given the reclassifications, we believe adjusted EBIT represents the clearest view of profitability for our results in the near term. Non-GAAP EPS was $0.68, down from $0.75 in the first quarter of last year, largely driven by lower adjusted EBIT and higher taxes, partially offset by lower net interest expense.

考慮到重新分類，我們認為調整後的息稅前利潤最能反映我們近期的獲利能力。非公認會計準則每股收益為 0.68 美元，低於去年第一季的 0.75 美元，主要原因是調整後息稅前利潤下降和稅收增加，但淨利息支出下降部分抵消了這一影響。

Now turning to our segment results. CES, which represents 39% of total revenue, declined 4.4% year-over-year on an organic basis. This reflects ongoing pressure in short-cycle custom application projects, with clients continuing to invest in larger strategic deals which typically have significantly longer duration than short-term project-based services.

現在談談我們的分部表現。CES 佔總營收的 39%，年減 4.4%。這反映了短週期客製化應用專案的持續壓力，客戶繼續投資於更大的策略交易，這些交易的持續時間通常比短期基於專案的服務長得多。

Underscoring client confidence in our capabilities, we drove bookings growth of 32% year-to-year for a strong book-to-bill ratio of 1.2, the third straight quarter of good performance. Our trailing 12-month book-to-bill also stands at approximately 1.2, which we expect to lead to improving CES revenue performance in the second half of this year and in fiscal 2027.

為了強調客戶對我們能力的信心，我們推動預訂量年增 32%，訂單出貨比達到 1.2，連續第三個季度保持良好表現。我們過去 12 個月的訂單出貨比也約為 1.2，我們預計這將導致今年下半年和 2027 財年的 CES 收入表現改善。

GIS, which represents 51% of total revenue declined 5.7% year-to-year organically, which was consistent with our fourth quarter performance and in line with our full year expectation. Bookings for GIS grew modestly year-to-year with a book-to-bill of 0.7%, driven by a couple of large deals that got deferred out of the quarter, which we expect to close in the coming quarters. The trailing 12-month book-to-bill improved to approximately 1.1.

GIS 佔總營收的 51%，年比有機下降 5.7%，這與我們第四季的業績一致，也符合我們的全年預期。GIS 的訂單量同比小幅增長，訂單出貨比為 0.7%，這得益於本季度推遲的幾筆大額交易，我們預計這些交易將在未來幾季完成。過去 12 個月的訂單出貨比改善至約 1.1。

Insurance, which represents 10% of total revenue, grew 3.6% year-to-year organically, largely due to growth in software and volume-based increases in existing accounts. We continue to expect business to grow at mid-single-digit rates for the year.

保險佔總收入的 10%，年比有機成長 3.6%，主要得益於軟體的成長和現有帳戶數量的增加。我們繼續預計今年的業務將以中等個位數的速度成長。

Now turning to our cash flow and balance sheet. During the quarter, we generated $97 million of free cash flow, up from $45 million last year. This increase was largely driven by lower in-period capital requirements and the timing of certain software payments.

現在轉向我們的現金流和資產負債表。本季度，我們產生了 9,700 萬美元的自由現金流，高於去年的 4,500 萬美元。這一增長主要是由於期內資本要求較低以及某些軟體付款的時間所致。

As a result, capital expenditures as a percentage of revenue declined to 2.8% compared to 6% in the same period last year. We also continue to minimize new financial lease originations, recording only $1 million this quarter.

因此，資本支出佔收入的比例從去年同期的 6% 下降至 2.8%。我們也繼續減少新的融資租賃發起，本季僅記錄了 100 萬美元。

Restructuring payments for the quarter were an incremental $4 million year-to-year. Since the start of fiscal 2025, we've taken deliberate steps to strengthen our balance sheet by reducing debt and building cash to create financial flexibility.

本季重組支出較去年同期增加 400 萬美元。自 2025 財年開始以來，我們已採取慎重措施，透過減少債務和累積現金來增強資產負債表，從而創造財務靈活性。

Over the past five quarters, we paid down nearly $350 million of capital leases, while limiting new finance lease originations to just $25 million. These efforts partially offset by currency movements in our euro-denominated bonds have brought our total debt down $60 million to approximately $4 billion.

在過去的五個季度中，我們償還了近 3.5 億美元的資本租賃，同時將新的融資租賃發起額限制在僅 2,500 萬美元。這些努力部分抵消了我們以歐元計價的債券的貨幣變動，使我們的總債務減少了 6,000 萬美元至約 40 億美元。

Over the same time period, our ability to consistently generate strong free cash flow enabled us to increase our cash balance by almost $570 million since the start of fiscal 2025, bringing it to $1.8 billion. As a result, we have reduced our net debt by approximately $630 million.

在同一時期，我們持續產生強勁自由現金流的能力使我們自 2025 財年開始以來的現金餘額增加了近 5.7 億美元，達到 18 億美元。結果，我們的淨債務減少了約 6.3 億美元。

With this solid financial foundation, we will continue to execute with focus and discipline against our capital allocation priorities for the year that include continuing to invest in our business to accomplish our top priority, driving sustaining profitable revenue growth, further strengthening our balance sheet by minimizing new financial lease originations and retiring a portion of our senior notes maturing in January 2026 and returning capital to shareholders with plans to spend $150 million on share repurchases in fiscal 2026.

憑藉這一堅實的財務基礎，我們將繼續專注且嚴格地執行本年度的資本配置重點，包括繼續投資於我們的業務以實現我們的首要任務、推動持續盈利收入增長、通過盡量減少新的融資租賃發起和贖回部分將於 2026 年 1 月到期的優先票據來進一步增強我們的資產負債表，併計劃在 2026 年 2026 年股東

During the first quarter, we used our free cash flow to support these priorities, reducing both debt and returning capital to shareholders. This included $49 million of capital lease paydowns and repurchase of 3.3 million shares for $50 million with a cash outlay of $48 million.

在第一季度，我們利用自由現金流來支持這些優先事項，減少債務並向股東返還資本。其中包括 4,900 萬美元的資本租賃償還款和以 5,000 萬美元回購 330 萬股股票，現金支出為 4,800 萬美元。

Now let me provide you with our full year fiscal 2026 guidance. We continue to expect total organic revenue to decline 3% to 5%. As a result of the benefit from currency tailwinds, we now expect total reported revenue in the range of $12.6 billion to $12.9 billion, an increase of approximately $430 million at the midpoint of the guide.

現在，讓我向您提供我們 2026 財年全年指導。我們繼續預計總有機收入將下降 3% 至 5%。由於受益於貨幣順風，我們現在預計報告總收入將在 126 億美元至 129 億美元之間，按指南中位數計算，增加約 4.3 億美元。

At the segment level, we expect CES to decline low single digits organically with an improving performance in the second half of the year as the larger longer-duration deals ramp. GIS is anticipated to decline at a mid-single-digit rate organically, and insurance is expected to grow organically at a mid-single-digit rate, in line with recent performance.

在細分市場層面，我們預計 CES 的自然成長率將達到個位數低位，但隨著規模更大、持續時間更長的交易的增加，下半年的業績將有所改善。預計 GIS 將以中等個位數的速度自然下降，而保險預計將以中等個位數的速度自然成長，與近期表現一致。

We continue to expect adjusted EBIT margin to be between 7% and 8%. We now expect non-GAAP diluted EPS to be between $2.85 and $3.35, an increase from our prior guide of $2.75 to $3.25, reflecting our higher reported revenue projection.

我們繼續預計調整後的息稅前利潤率將在 7% 至 8% 之間。我們現在預計非 GAAP 稀釋每股收益將在 2.85 美元至 3.35 美元之間，高於我們先前預測的 2.75 美元至 3.25 美元，這反映了我們報告的更高收入預測。

We continue to expect free cash flow for the full year to be approximately $600 million, reflecting our EBIT guidance and our continued expectation of $30 million of incremental restructuring spend in the year. For the second quarter of fiscal 2026, we expect total organic revenue to decline 3.5% to 4.5%. We anticipate adjusted EBIT margin in the range of 6.5% to 7.5%. And finally, non-GAAP diluted EPS of $0.65 to $0.75.

我們繼續預計全年自由現金流約為 6 億美元，這反映了我們的息稅前利潤指引以及我們對全年 3000 萬美元增量重組支出的持續預期。對於 2026 財年第二季度，我們預計總有機收入將下降 3.5% 至 4.5%。我們預計調整後的息稅前利潤率將在 6.5% 至 7.5% 之間。最後，非 GAAP 稀釋每股收益為 0.65 美元至 0.75 美元。

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 like to now 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。接線生，您能提供一下說明嗎？

(Operator Instructions) Bryan Bergin, TD Cowen.

（操作員指示） Bryan Bergin，TD Cowen。

Hey guys, can you hear me?

嘿夥計們，能聽到我說話嗎？

Sure, we can. Hey Bryan.

當然可以。嘿，布萊恩。

Sorry about that. I wanted to ask about just free cash flow. The puts and takes as you move through the balance of fiscal '26, just the confidence you have there, anything we should be mindful of as you move through the remaining quarters?

很抱歉。我只是想問一下自由現金流。在 26 財年的剩餘時間裡，我們有哪些投入和產出，以及我們對這些投入和產出的信心，在剩餘的幾個季度中，我們應該注意什麼？

We're confident in the guide we gave. We did -- as we just mentioned, did a little better in the first quarter. We have levers, we still have room for improvement in working capital. So that's a lever going forward. Bryan, we expect we're going through the analysis of the new tax legislation.

我們對所提供的指南充滿信心。正如我們剛才提到的，我們在第一季的表現略有改善。我們有槓桿，我們的營運資金仍有改進的空間。所以這是一個前進的槓桿。布萊恩，我們希望對新的稅法進行分析。

And that, we think, will be a modest improvement from a cash tax perspective going forward, which is not baked into the current guide yet. We have to do our work and we'll update you in 90 days on that. So there's ample evidence here that we're going to continue to work the number. And so I feel really good about the guide. And from a risk perspective, I feel really good about it.

我們認為，從未來現金稅的角度來看，這將是一個適度的改善，但這尚未納入目前的指南中。我們必須做好我們的工作，我們將在 90 天內向您報告最新情況。因此，有充分的證據表明我們將繼續努力實現這一目標。因此我對這本指南感覺非常好。從風險角度來看，我對此感覺很好。

Okay. That's clear. As it relates to bookings, it sounds like some things may have moved to the right a little bit, understandable in this environment. Just your 2Q expectations, just comment on pipeline view, replenishment, post 1Q signings, those kind of things.

好的。這很清楚。就預訂而言，聽起來有些事情可能已經稍微向右移動了一點，在這種環境下是可以理解的。只是您對第二季度的預期，只是對管道視圖、補貨、第一季後簽約等事情進行評論。

Yes, yeah, our pipeline for 2Q is strong. And the way -- in the short term, the best indicator of general strength is the non-mega pipeline, so below $100 million deals, if you will, that's not skewed by one or two big deals. And that pipeline shows solid growth across the board. It's most pronounced in CES.

是的，是的，我們第二季的銷售管道很強勁。而且，從短期來看，整體實力的最佳指標是非大型項目管道，因此，如果你願意的話，低於 1 億美元的交易不會受到一兩筆大交易的影響。且該管道全面呈現穩健成長。這一點在 CES 上表現得最為明顯。

So the expectation is we'll have another good quarter in 2Q on bookings generally. I'm expecting -- we have the opportunity, let me put it that way. We have the opportunity to further expand the trailing 12 months in 2Q. So it would be three quarters in a row -- four quarters in a row of expanded trailing 12 months. So that's our expectation.

因此，我們預計第二季的預訂量將再次表現良好。我期待──我們有機會，讓我這樣說吧。我們有機會在第二季進一步擴大過去 12 個月的業績。因此，這將是連續三個季度——連續四個季度的過去 12 個月的擴張。這就是我們的期望。

All right, very good. Thank you.

好的，非常好。謝謝。

Thanks.

謝謝。

Jonathan Lee, Guggenheim Partners.

喬納森李，古根漢合夥人。

Great, thanks for taking my questions. Can you walk us through what's contemplated in your fiscal '26 revenue growth outlook from a macro perspective across the range as well as across each of the segments? And can you also talk through the thought process of maintaining your revenue growth outlook despite an incremental quarter of visibility and the outperformance in the quarter?

太好了，謝謝你回答我的問題。您能否從宏觀角度向我們介紹一下您對整個產品系列以及各個細分市場的 26 財年收入成長前景的設想？儘管本季度的可見度有所提高且表現優異，您能否談談保持收入成長前景的想法過程？

Yeah, yes, so thanks for the question, Jonathan. Look, from a macro perspective, my comments will be similar to last quarter. In that, in our guide, our minus 3% to minus 5% guide, we left room for economic uncertainty.

是的，是的，謝謝你的提問，喬納森。從宏觀角度來看，我的評論與上個季度類似。在我們的指導中，即-3%到-5%的指導中，我們為經濟不確定性留下了空間。

And I should say, a worsening of conditions because of economic uncertainty. So that still stands -- said it last quarter still stands. We haven't seen a worsening in conditions. So I feel like we still have room at the low end of the guide, should conditions change. So feeling solid in our guidance range from that perspective.

我應該說，由於經濟不確定性，情況正在惡化。所以這仍然成立——上個季度說這仍然成立。我們並未看到情況惡化。因此我覺得，如果情況發生變化，我們在指南的低端仍有空間。因此從這個角度來看，我們的指導範圍是可靠的。

And in our prepared comments, we mentioned that, see we do expect narrowing of the declines in CES as we progress through the year. We're starting -- we could see the layering in of the larger contracts that have come from the solid book-to-bills over the last three quarters. So start to turn into better revenue performance progressively as we go through the year and into fiscal '27.

在我們準備好的評論中，我們提到，我們確實預計，隨著今年的進展，CES 的跌幅將會縮小。我們正在開始——我們可以看到過去三個季度中穩固的訂單出貨比帶來的更大合約的層層增加。因此，隨著我們進入新的一年並進入 27 財年，收入表現將開始逐步改善。

So feeling good about that trajectory. Insurance, we've got a solid backlog, confident in the mid-single-digit projections for the year, maybe a little better in the second half than the first half is my expectation. And GIS is going to be in the range of the first half of the year, will carry over into the second half of the year. That's the current expectation. Although the pipelines are good in GIS as well. So hopefully, we can improve that performance, but that's the current view.

所以對這個軌跡感覺很好。保險方面，我們有大量積壓訂單，對今年中等個位數的預測很有信心，我預計下半年的情況可能會比上半年好一點。GIS 將在上半年的範圍內延續到下半年。這是目前的預期。儘管管道在 GIS 中也表現良好。所以希望我們能夠提高這種表現，但這是目前的觀點。

Thanks for that color, Rob. And just to follow up, And just a follow-up. I mean, have you seen any changes to yield or win rates around your bookings given -- or any other macro factors?

謝謝你的顏色，羅布。只是為了跟進，只是為了跟進。我的意思是，您是否看到預訂收益或贏率有任何變化 - 或任何其他宏觀因素？

Yeah. So we've been extremely consistent in first from a pricing perspective. Our pricing has been very, very consistent year-to-year, quarter-to-quarter. In the first quarter, our win rates increased low to mid-single digits. And that increase came in both CES and GIS, which was encouraging to us. So we have good performance from that perspective.

是的。因此，從定價角度來看，我們一直保持著極其一致的第一。我們的定價每年、每季都非常非常一致。在第一季度，我們的勝率增加了低至個位數。CES 和 GIS 都實現了成長，這令我們感到鼓舞。因此從這個角度來看我們的表現良好。

Appreciate that, Rob.

非常感謝，羅布。

Thank you.

謝謝。

Jamie Friedman, Susquehanna.

薩斯奎漢納的傑米·弗里德曼。

Hi, I had a couple of questions. I'll just ask them both upfront. So in terms of the decline in the insurance bookings, has the company begun to journey of transitioning from like term to subscription yet? And if not, when do you expect that or would you expect that to occur? That's the first one.

你好，我有幾個問題。我會提前問他們兩個。那麼，就保險預訂量的下降而言，公司是否已經開始從定期保險向訂閱保險過渡了？如果不是，您預計什麼時候會發生這種情況？或者您預計這種情況會在什麼時候發生？這是第一個。

And then just a very big picture question, but I'd love to get your perspective on if AI improves or in any way, deteriorates your perception of your competitive position? Thank you.

然後這是一個非常宏觀的問題，但我很想聽聽你的看法，人工智慧是否會改善或以任何方式削弱你對競爭地位的看法？謝謝。

Sure. Let me start with the last part and then Rob will pick up on the insurance question. No, look, from -- any time a new cycle of technology where literally, we're reinventing every process, every customer interaction, every business-to-business interaction, it creates a great opportunity, not just for established players, but obviously for start-ups and disruptors.

當然。讓我從最後一部分開始，然後 Rob 會繼續討論保險問題。不，你看，從任何時候開始，一個新的技術週期，我們實際上都在重塑每個流程、每個客戶互動、每個企業對企業的互動，這創造了一個巨大的機會，不僅對老牌企業，而且顯然對新創公司和顛覆者也是如此。

We've got an incredible foundation with our long history of relationships running very complex systems for our customers in many cases, in highly-regulated industries and a proven partner over time. So AI is a huge opportunity for us. That's why we've talked about it so much in the prepared script of what we're doing internally and then what we're taking to market.

我們擁有令人難以置信的基礎，我們與客戶建立了長期的合作關係，在許多情況下，在高度監管的行業中為客戶運行非常複雜的系統，並且是經過時間考驗的可靠合作夥伴。所以人工智慧對我們來說是一個巨大的機會。這就是為什麼我們在準備好的腳本中如此多地談論我們在內部所做的事情以及我們將推向市場的事情。

But we are still in the early stages of this. As an example, we've seen, like others have commented, dramatic gains in code conversion and requirements validation but quality assurance remains super time intensive. AI can produce code fast but it often lacks the contextual depth needed for accuracy, security and compliance.

但我們仍處於這一進程的早期階段。例如，正如其他人所評論的那樣，我們已經看到程式碼轉換和需求驗證方面取得了顯著的進步，但品質保證仍然非常耗時。人工智慧可以快速產生程式碼，但它往往缺乏準確性、安全性和合規性所需的上下文深度。

And so it requires basically more testing. So while coding time goes down, testing time goes up slightly. Again, super early stage of learning by doing, and we're learning by doing across all of our business functions. And then across our companies that we serve globally. Rob, back on insurance?

因此它需要更多的測試。因此，雖然編碼時間減少，但測試時間卻略有增加。再次強調，我們正處於邊做邊學的早期階段，我們正在透過所有業務職能的實踐來學習。然後是我們所服務的全球公司。羅布，又回來買保險了嗎？

Yeah. Jamie, on your insurance question, the dynamics, the bookings and backlog dynamics and insurance are different than the other two offerings that we have. It's the offering that has the most revenue coverage from -- in the backlog. So the -- and the booking cycles are -- they tend to be larger renewals that come periodically.

是的。傑米，關於您的保險問題，動態、預訂和積壓動態和保險與我們提供的其他兩種產品不同。這是積壓訂單中收入覆蓋率最高的產品。因此，預訂週期往往是定期進行的大規模續約。

So in period and even the trailing 12 months, of bookings for the insurance business doesn't have the same relationship to near-term revenues as it does in the rest of the business. And that's why I'm confident, even with the bookings well below a book-to-bill of 1 in the last few quarters, I know we have the backlog to deliver the mid-single-digit revenue progression throughout the year.

因此，在一段時間內，甚至在過去的 12 個月中，保險業務的預訂量與近期收入的關係並不像其他業務那樣。這就是為什麼我有信心，即使過去幾季的訂單量遠低於 1 的訂單出貨比，我知道我們有足夠的訂單量來實現全年中等個位數的收入成長。

So I feel good about that. We haven't -- your second point on that question was the transition to SaaS. And we have not had a significant transition yet. It's strategically, we're going to get there, and we're going to go -- we're going through the planning of that transition as we speak and that will be unveiled at a later time.

所以我對此感覺很好。我們還沒有——你在這個問題上的第二點是向 SaaS 的過渡。但我們尚未經歷重大轉變。從戰略上來說，我們將會實現這一目標，我們將繼續前進——我們正在進行這一轉變的規劃，並將在稍後公佈。

Got it. Thank you both.

知道了。謝謝你們兩位。

Thank you.

謝謝。

Keith Bachman, BMO.

基思·巴赫曼，BMO。

Hi, thank you very much. I know Bryan had asked about the bookings outlook for the September quarter. I wanted to raise that up a little bit. And just how should we be thinking about bookings through the year in terms of the pipeline?

你好，非常感謝。我知道布萊恩曾詢問過九月季度的預訂前景。我想稍微提高一下這一點。那麼，從通路角度來看，我們應該如何考慮全年的預訂情況？

And really the orientation of my question, just what do you think the book-to-bill needs to be such that when you arrive at '27, a zero or in terms of revenue growth might be possible. But I'm just trying to -- can you talk about bookings trends that we might expect for the year? And what do you need to be to get to a zero?

我的問題的真正方向是，您認為訂單出貨比需要達到什麼程度，才能在 27 年實現零成長或收入成長？但我只是想——您能談談我們今年可能預期的預訂趨勢嗎？那你需要做什麼才能達到零分呢？

Yeah, so Keith, thanks for the question. And there's a lot packed into that question. First, I'll just preface everything. We don't give guidance on bookings. But I'll tell you that the full year pipelines we have are healthy. They're strong.

是的，基思，謝謝你的提問。這個問題包含很多內容。首先，我先介紹一下所有內容。我們不提供預訂指導。但我要告訴你，我們全年的管道狀況是健康的。他們很強大。

So that is a good indicator and gives us confidence in future bookings in Raul's comments at the beginning of the call. So it's prefaced on data, it's prefaced on what's in our current pipelines. The level of book-to-bill required does vary by offerings.

因此，這是一個很好的指標，讓我們對勞爾在通話開始時的評論中未來的預訂充滿信心。因此，它是以數據為前提的，它是以我們目前管道中的內容為前提的。所需的訂單出貨比水準因產品而異。

Just heard my comments related to the insurance business. So I'm going to set that aside as I answer this question because it has different dynamics. The portfolio -- rest of the portfolio, CES has less in backlog than GIS as you enter a year or enter a quarter.

剛剛聽到我對保險業務的評論。因此，當我回答這個問題時，我將把它放在一邊，因為它具有不同的動態。投資組合－投資組合的其餘部分，當你進入一年或一個季度時，CES 的積壓量比 GIS 少。

So the bookings dynamics are more important in CES to get higher book-to-bills consistently, get a trailing 12-month above 1, to get to sustained -- to stabilize and get to sustained growth. A little less so in GIS.

因此，在 CES 中，預訂動態更為重要，以便持續獲得更高的訂單出貨比，使過去 12 個月的訂單出貨比超過 1，從而實現持續穩定和持續成長。在 GIS 中情況稍差一些。

So when I think about -- and without any precision, when I think about on a sustained basis, and the other thing I'd point out, Keith, is that all of these businesses have a natural level of erosion in the backlog. Every company has it, right?

因此，當我思考——無需任何精確性，當我持續思考時，我想指出的另一件事是，基思，所有這些企業的積壓訂單都會自然地受到侵蝕。每個公司都有，對吧？

So you have to factor that in for the answer. So you need a pipeline -- I'm sorry, a trailing 12 months between 1.05 and 1.11 on a sustained basis depending on the line of business, a little higher for CES, a little lower for GIS.

因此，你必須考慮到這一點才能找到答案。所以你需要一個管道——抱歉，過去 12 個月持續保持在 1.05 到 1.11 之間，取決於業務線，CES 稍高一些，GIS 稍低一些。

And let me just give some additional color. Just on the dynamics of this. As I've been here 18 months, I realized early on that the company had done, obviously, a good job historically in responding to RFPs and being competitive in renewals.

讓我再補充一些內容。僅就此動態而言。由於我在這裡工作了 18 個月，我很早就意識到該公司在響應 RFP 和續約競爭力方面顯然做得很好。

We are much better competitively in our RFP process, and we are getting much better in our renewal statistics, but we're also adding proactive solutioning. And that is key. That is us bringing net new ideas, net new solutions that leverages some aspect of our implementation heritage.

我們的 RFP 流程的競爭力大大增強，我們的續約統計數據也越來越好，但我們也在增加主動解決方案。這是關鍵。這就是我們利用我們實施傳統的某些方面所帶來的全新想法、全新解決方案。

And that leads to more opportunities with a higher probability of wins. So this proactive solutioning that we're literally rolling out this quarter and beyond in scaling will add to the pipe that Rob commented on.

這會帶來更多機會，並提高獲勝的機率。因此，我們在本季及以後推出的這種主動解決方案將會增加 Rob 評論的管道。

Makes sense. And just any comments on how duration may change as the year unfolds of your backlog?

有道理。隨著時間的推移，您的積壓工作持續時間可能會發生怎樣的變化，您對此有何評論？

Yeah, Keith, hard to predict. It depends entirely on the mix of smaller project-based services and larger deals. I'll tell you the project-based services, as I described them earn in six to nine months. And the larger, more strategic deals earn anywhere in the range of 15 to 25 months.

是的，基思，很難預測。這完全取決於小型專案服務和大型交易的組合。我會告訴你基於專案的服務，正如我所描述的那樣，它們可以在六到九個月內獲利。規模更大、更具策略性的交易的收益期在 15 至 25 個月之間。

So that mix really determines what the average duration is. So the mix in any quarter could vary pretty significantly. And so we have had a larger mix to the more strategic deals the last three quarters, which is why in CES, we have not had revenue improvements to date, but we could see it on a going-forward basis.

因此，這種混合確實決定了平均持續時間。因此，任何季度的組合都可能存在很大差異。因此，在過去三個季度中，我們進行了更多更具策略性的交易，這就是為什麼在 CES 上，我們迄今為止的收入尚未改善，但我們可以看到它在未來有所改善。

All right, makes sense. Many thanks, gentlemen. Cheers.

好吧，有道理。非常感謝，先生們。乾杯。

Thank you.

謝謝。

James Faucette, Morgan Stanley.

摩根士丹利的詹姆斯·福塞特。

Hey guys, thanks for the question. It's Antonio on for James. I wanted to double-click into the contracts that you guys are looking into, like as far as shutting some of the lower-margin contracts and how the sales traction around that is going with those new pricing constructs?

嘿夥計們，謝謝你的提問。安東尼奧替換詹姆斯。我想雙擊你們正在研究的合同，例如關閉一些利潤率較低的合同，以及圍繞這些合約的銷售吸引力如何與這些新的定價結構相適應？

Yeah, Antonio, we -- so the approach we've taken on -- from a contractual standpoint, where we have a contract where the margins are not favorable, we always enter into the renewal period with a strategy to work with the customer on both price and terms to improve the situation for us and to deliver more value to the customer.

是的，安東尼奧，我們採取的方法是，從合約的角度來看，當我們的合約利潤率不高時，我們總是在續約期採取一種策略，在價格和條款上與客戶合作，以改善我們的狀況，並為客戶提供更多價值。

So that's the way we approach this. We don't approach it with a definitive list of contracts we want to exit. So I'd say over the last couple of years, as we've approached the market upon renewal, we've been able to get more favorable terms and arrive at a mutually beneficial relationship going forward.

這就是我們處理這個問題的方式。我們不會帶著一份想要退出的合約的明確清單來處理此事。所以我想說，在過去的幾年裡，當我們在續約後進入市場時，我們已經能夠獲得更優惠的條款，並在未來建立互惠互利的關係。

That's helpful. And then on GenAI, what type of investment strategy are you pursuing there? Is it more like organic, more like inorganic? And then how is that baked into some of these new engagements as far as pricing goes as well?

這很有幫助。那麼對於 GenAI，您採取什麼類型的投資策略呢？它比較像有機物，還是比較像無機物？那麼就定價而言，這些新業務是如何融入其中的呢？

Sure. Look, I think all companies that have got a history or heritage of using technology to advance their businesses are actively learning by doing. And we are doing the same thing across our internal functions and also across key functions, such as our security operation centers, where we're deploying disruptive but proven technology, testing that technology, getting KPIs that are clear in early POCs and learning how to scale those in a much broader way.

當然。我認為，所有擁有利用科技推動業務發展歷史或傳統的公司都在積極地邊做邊學。我們在內部職能部門以及安全營運中心等關鍵職能部門也在做同樣的事情，我們在這些部門部署顛覆性但經過驗證的技術，測試該技術，在早期 POC 中獲得明確的 KPI，並學習如何以更廣泛的方式擴展這些技術。

So we are getting and seeing the impact of efficiency, how that efficiency then leads to both revenue growth as well as cost optimization is work in progress. And I think this calendar year is about learning by doing and applying those lessons learned in a much more scaled manner in the next fiscal year.

因此，我們正在獲得並看到效率的影響，而這種效率如何帶來收入成長以及成本優化，這項工作正在進行中。我認為今年是邊做邊學，並在下一個財政年度以更大規模的方式應用這些經驗教訓。

But I am very, very positive and happy with the breadth and depth of where we're applying AI, not just for our own internal operations, but being thought leaders with our customers.

但我對我們應用人工智慧的廣度和深度感到非常非常積極和高興，這不僅用於我們自己的內部運營，而且也是我們客戶的思想領袖。

Got it. Thank you.

知道了。謝謝。

Tien-Tsin Huang, JPMorgan.

摩根大通的 Tien-Tsin Huang。

Thanks so much. Raul, I also want to pick your brain on AI. I'm curious if you're seeing existing clients look to reengage with DXC to consider adding AI content? And if that's happening already, is it impacting your bookings and ARR in any way? It's always that question of addition or subtraction, that kind of thing. I just wanted to pick your brain on that.

非常感謝。勞爾，我也想向你請教人工智慧方面的問題。我很好奇，您是否看到現有客戶希望重新與 DXC 合作並考慮添加 AI 內容？如果這種情況已經發生，這會對您的預訂和 ARR 產生任何影響嗎？總是存在著加法或減法的問題，諸如此類的事情。我只是想就此徵求一下你的看法。

Yeah, no, no, no. It's absolutely addition. It's additive. And what I mentioned earlier about proactive solutioning, what we're trying to do is to focus in on highly scalable, replicable frameworks that are AI-centric and have some other hook where we've got some advantage, right?

是的，不，不，不。這絕對是額外的。它是添加劑。我之前提到過關於主動解決方案，我們正在嘗試做的是專注於以人工智慧為中心的高度可擴展、可複製的框架，並具有一些其他我們可以獲得優勢的鉤子，對嗎？

So we know the industry, it's a highly regulated business that we've been serving for many years. We know the existing business processes. We know the existing data situation, meaning is it ready to use? Do we both need to work on it to get it ready to use?

我們了解這個行業，這是一個受到嚴格監管的行業，我們已經服務了很多年。我們了解現有的業務流程。我們知道現有的數據情況，也就是說它可以使用嗎？我們雙方都需要努力才能讓它準備好使用嗎？

So we are targeting our new proactive solutions that we're bringing to our customers, which, by the way, being -- everybody wants to hear new ideas that have real bottom line impacting results. And so I'm happy with the packaging up that we've got with these proactive solutions and the initial conversations we're having with great clients.

因此，我們的目標是為客戶提供新的主動解決方案，順便說一句，每個人都希望聽到能夠真正影響結果的新想法。因此，我對我們提出的這些積極主動的解決方案以及與優秀客戶進行的初步對話感到非常滿意。

Okay. Great. I appreciate those thoughts. And Ramnath, welcome to the call. If you're on the call, can I ask a question to you. Just coming from Accenture, evaluating CES in the time you've been there. How strong are the bones there? Do you anticipate making meaningful or just more modest changes? Any thoughts on the delivery capability, that kind of thing? Thank you.

好的。偉大的。我很欣賞這些想法。拉姆納特，歡迎您參加電話會議。如果您正在通話中，我可以問您一個問題嗎？剛從埃森哲回來，對您參加 CES 的情況進行評估。那裡的骨頭有多堅固？您是否期望做出有意義的改變，還是只是更溫和的改變？對於交付能力之類的事情您有什麼看法嗎？謝謝。

Thank you. Thank you for the welcome. It's been a fabulous experience coming in and taking a look at the strength of the people and the capabilities that we have in DXC, the client stories and examples that we have.

謝謝。謝謝您的歡迎。能夠加入 DXC 並了解我們的員工實力和能力，以及我們的客戶故事和案例，這真是一次奇妙的經歷。

What we really need to do is make sure that we follow the pieces that Raul mentioned at the beginning, which is sustainable, profitable growth, and there are really strong foundational elements that are in there, which Rob spoke about, the book-to-bill is very strong with 1.2.

我們真正需要做的是確保我們遵循 Raul 在開始時提到的部分，即可持續的、盈利的增長，並且其中包含真正強大的基礎要素，正如 Rob 所說的那樣，訂單出貨比非常強勁，為 1.2。

So my focus is really going to be on how do we convert the backlog without any leakages and make sure that in a programmatic way, convert those to revenues, which is on the top line side and on the execution side.

因此，我的重點實際上是如何將積壓訂單轉化為沒有任何洩漏的訂單，並確保以程序化的方式將其轉化為收入，這是在頂線方面和執行方面。

Clearly, there are efficiencies to be had, whether it's on operational efficiency or on delivery execution by streamlining some of the processes that we have and making it a lot more simpler. But the foundational elements are extremely strong.

顯然，透過精簡現有的一些流程並使其變得更加簡單，我們可以提高效率，無論是在營運效率還是交付執行方面。但基礎要素極為強大。

The client base is fantastic and the people capability is absolutely world-class. So I'm very, very bullish of being able to convert this and really translating what Rob and Raul said, from a strong book-to-bill to a strong revenue growth story.

客戶基礎非常出色，人員能力也絕對是世界級的。因此，我非常有信心能夠實現這一點，並真正將 Rob 和 Raul 所說的從強勁的訂單出貨比轉化為強勁的營收成長故事。

Excellent. Roger, don't be mad. Third question, really, really quick. Just Rob, for you, does the gross margin comparability having gotten through the restatements is, when we're getting this question, is there a way to get a comparable gross margin figure for the quarter?

出色的。羅傑，別生氣。第三個問題，真的非常快。羅布，對於您來說，透過重述獲得的毛利率可比性是，當我們遇到這個問題時，有沒有辦法獲得本季可比的毛利率數據？

Yeah, I mean our gross margins, and you'll see it in the data sheets. Our gross margins are stable. We had some -- as we've sharpened our -- we've gone through a lot of integration work, systems work as we've sharpened our classification of spending between cost and expense. On a year-to-year basis, you see the gross margins going up.

是的，我指的是我們的毛利率，您會在數據表中看到它。我們的毛利率穩定。我們進行了一些——隨著我們不斷改進——我們進行了大量整合工作和系統工作，因為我們不斷完善成本和費用之間的支出分類。從年比來看，你會看到毛利率在上升。

So that year-to-year is really the result of sharpening our pencil and better aligning spending with cost versus expense. But our margins quarter-to-quarter are consistent. So -- and we expect that going forward. So was that helpful?

因此，逐年的結果實際上是我們不斷精打細算並更好地將支出與成本和費用結合的結果。但我們的季度利潤率是一致的。所以——我們期待這種情況會持續下去。這樣有幫助嗎？

Thank you for taking my question.

感謝您回答我的問題。

Thank you.

謝謝。

Darrin Peller, Wolfe Research.

達林佩勒，沃爾夫研究公司。

Hi, thanks. This is Paul Obrecht on for Darrin. Raul, you obviously have extensive visibility into enterprises, infrastructures and data foundations. Can you just provide us with an update on enterprise readiness for AI? What share of enterprises are actually ready to leverage these AI solutions versus the ones who still have extensive work to do before being able to leverage it?

你好，謝謝。這是 Paul Obrecht 為 Darrin 報道的。勞爾，您顯然對企業、基礎設施和資料基礎有著廣泛的了解。您能否向我們提供有關企業對人工智慧的準備情況的最新資訊？有多少企業實際上已經準備好利用這些人工智慧解決方案，而哪些企業在能夠利用這些解決方案之前仍有大量工作要做？

I spent time, obviously, with our customers, but I'm also an investor in earlier stage companies. So I measure ourselves not just against the big competitors and then obviously leading class companies in many industries that we serve but also up-and-coming disruptors.

顯然，我花了一些時間與我們的客戶在一起，但我也是早期公司的投資者。因此，我衡量我們自己的標準不僅包括大型競爭對手，還包括我們所服務的許多行業中的領先公司，以及新興的顛覆者。

And so I -- looking at it from that point of view, I'm very optimistic that this will have a profound business impact and will change every interaction, every business to business interaction, every business to consumer interaction.

因此，從這個角度來看，我非常樂觀地認為這將對商業產生深遠的影響，並將改變每一次互動，每一次企業與企業的互動，每一次企業與消費者的互動。

But that change using AI will require a rethink in process, will require a relook at data, and will require a new methodology. We've talked a lot in the past about waterfall and agile. There will be a new way that we implement. And part of what we're doing, what we're documenting by doing is trying to put together a framework that we can share with our customers to take this journey in a much more streamlined fashion.

但使用人工智慧進行改變將需要重新思考過程，需要重新審視數據，並需要一種新的方法。我們過去已經討論過很多有關瀑布和敏捷的話題。我們將採用一種新的方式來實施。我們正在做的工作的一部分，我們正在記錄的工作是嘗試建立一個框架，我們可以與客戶分享，以便以更簡化的方式完成這趟旅程。

We are in the era of experimentation. All of us are trying it in many ways. There is no way to learn other than doing. So curiosity is king here and it's super important for our customers. But there is a lot of data readiness that needs to be addressed obviously, privacy and all other types of regulatory issues need to be addressed.

我們正處於實驗時代。我們所有人都在以多種方式進行嘗試。除了實踐之外，沒有其他學習方法。所以好奇心在這裡是最重要的，這對我們的客戶來說非常重要。但顯然需要解決許多資料準備問題，隱私和所有其他類型的監管問題都需要解決。

So plenty of work to be done because again, this isn't a plug-in and just accelerate an existing process. This will be rethinking every process using AI to replicate human functions, using AI to augment human intensity by lowering operational intensity.

因此還有很多工作要做，因為這不是一個插件，而只是加速現有的進程。這將重新思考使用人工智慧複製人類功能的每一個過程，使用人工智慧透過降低操作強度來增強人類的強度。

So plenty of change. And if you're in the front line of that change and you can document that change and share that change and experience with your customers, you're in a great position as a partner.

變化如此之大。如果您處於這種變革的最前線，並且可以記錄這種變革並與客戶分享這種變革和經驗，那麼您作為合作夥伴就處於非常有利的地位。

Thanks. That's really helpful. And then there's obviously been lots of change underway at the company in the past few years with new leaders coming in and efforts to enhance the operating model, revamp the go-to-market approach. Can you just touch on how employees have been responding to these changes internally?

謝謝。這真的很有幫助。過去幾年裡，公司顯然發生了許多變化，新領導加入，公司努力改善營運模式，改善行銷方式。能否簡單談談員工內部對這些變化的反應？

Yeah. Employees are energized, committed to a winning culture, committed to competing across every opportunity. And I think what we've brought, if you think about the last 18 months and I think about it in 6 month increments, the first month was heavy assessment and beginning to bring in new talent.

是的。員工充滿活力，致力於營造成功的文化，致力於把握每個機會競爭。我認為，如果您回顧過去 18 個月，並且以 6 個月為增量來考慮，我們所做的就是，第一個月進行大量評估並開始引進新的人才。

The second six month period was adding to new talent and laying the foundation for new go-to-market solutions and processes. And we're in the middle of the last period, the next six months where we're scaling those.

在第二個六個月期間，我們增加了新的人才，並為新的上市解決方案和流程奠定了基礎。我們正處於最後一個階段的中期，也就是接下來的六個月，我們將擴大這些規模。

And as we enter the second year, we think that the foundation that we've laid is very, very strong. The new talent has been here for a period of time, and you can see the impact that they've got across the organization.

當我們進入第二年時，我們認為我們打下的基礎非常非常強大。新人才已經在這裡工作了一段時間，你可以看到他們對整個組織的影響。

But it's not going to be a linear journey. It hasn't been. And we'll have accelerations in some areas. We'll have some areas that don't move as quickly that we feel that we've got a handle on how to turn this company into a sustainable growth company.

但這不會是一次直線旅程。事實並非如此。我們將在某些領域加速發展。我們會遇到一些進展緩慢的領域，但我們覺得我們已經掌握瞭如何將這家公司轉變為一家可持續成長的公司。

Appreciate the color. Thank you.

欣賞顏色。謝謝。

(Operator Instructions) Rod Bourgeois, DeepDive Equity Research.

（操作員指示）Rod Bourgeois，DeepDive Equity Research。

Oh great, thank you, Rod Bourgeois here. So historically, DXC's margins seasonally improved as the fiscal year would progress. I think your guidance is not implying seasonally better margins down the road. So I'm wondering if -- is that reflecting some guidance conservatism? Or are there other factors at work to offset the past seasonality that would exist?

哦，太好了，謝謝你，我是 Rod Bourgeois。因此，從歷史上看，DXC 的利潤率會隨著財政年度的進展而季節性提高。我認為您的指導並不意味著未來季節性利潤率會更高。所以我想知道——這是否反映了一些指導保守主義？或者是否有其他因素可以抵銷過去存在的季節性？

Yeah, thanks for the question, Rod. So you're right, 1Q to 2Q, there typically is some seasonality, and it's varied year-to-year, but it has been some seasonality fairly consistently. So a little less so this year. So that's true.

是的，謝謝你的提問，羅德。所以你是對的，從第一季到第二季度，通常存在一些季節性，並且每年都會有所不同，但這種季節性一直相當一致。所以今年的情況稍微好一點。確實如此。

However, we do have margins increasing in the second half of the year in the guide. So we do have an expectation that we'll be improving margins in the back half of the year. So a little different pattern than previous years, but nevertheless, progressing margins as we go along.

然而，我們的預期是下半年的利潤率會上升。因此，我們確實預計今年下半年利潤率將會提高。因此，與前幾年相比，模式略有不同，但儘管如此，利潤率仍在不斷提高。

Okay. Okay. Great. And then just a big picture question. You've mentioned the goal of achieving profitable revenue growth. And I just wanted to ask, can you just outline the main DXC repositioning factors that give you confidence that you're going to hit that crossover point at some point where you move into profitable growth? Or maybe it's achieving growth that's more kind of at par with a peer group or something. But what are the main factors? And when do you see that crossover point being reached?

好的。好的。偉大的。然後是一個大問題。您提到了實現獲利收入成長的目標。我只是想問一下，您能否概述一下 DXC 重新定位的主要因素，這些因素讓您有信心在某個時候達到交叉點，從而實現盈利增長？或者也許它實現了與同行同等程度的成長。但主要因素是什麼？您認為何時會達到這個交叉點？

Sure. We've touched on a couple of them. Obviously, a trailing book-to-bill is key to that, and Rob mentioned where the hurdle point is on that. But for us, it's really around sales opportunities and our effectiveness in winning. It comes down to winning renewals that makes sense economically for us and the customer.

當然。我們已經談到了其中的幾個。顯然，訂單出貨比是關鍵，而 Rob 提到了這方面的障礙點在哪裡。但對我們來說，這實際上與銷售機會和我們獲勝的效率有關。歸根究底，贏得對我們和客戶來說都具有經濟意義的續約。

It comes down to winning situations where we get invited to compete and those are RFP or advisory-driven opportunities. And then one new gear, which was not here before, are the new proactive solutions where we've stepped back and we thought, what can we do, what can we bring using AI that leverages some heritage, meaning industry knowledge, process knowledge, technology knowledge, data knowledge with proactive and highly replicable solutions.

這取決於我們被邀請參與競爭的獲勝情況，這些都是 RFP 或諮詢驅動的機會。然後出現了一個以前沒有的新裝置，那就是新的主動解決方案，我們退後一步，思考，我們能做什麼，我們能利用人工智慧帶來什麼，利用一些傳統，即行業知識、流程知識、技術知識、數據知識，提供主動且高度可複製的解決方案。

And that is just coming into the marketplace today, and we are scaling that. And that's what gives me confidence that we're on the right trajectory.

這款產品剛進入市場，我們正在擴大其規模。這讓我相信我們正走在正確的軌道上。

Thank you.

謝謝。

Thanks, Rod.

謝謝，羅德。

And with no further questions in queue, I will now turn the call back over to Roger Sachs for closing remarks.

由於沒有其他問題，我現在將電話轉回給羅傑·薩克斯 (Roger Sachs) 作結束語。

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

偉大的。感謝大家今天的加入我們，我們期待下個季度再次與您交談。謝謝。

Thank you again for joining us today. This does conclude today's conference call. You may now disconnect.

再次感謝您今天加入我們。今天的電話會議到此結束。您現在可以斷開連線。