DXC Technology Company (DXC) 2027 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by. My name is Christa, and I will be your conference operator today. At this time, I would like to welcome everyone to the DXC Technology Services first-quarter fiscal 2027 earnings conference call. (Operator Instructions)

各位女士、先生，感謝您稍候。我是 Christa，今天將擔任本次電話會議的接線員。此刻，我謹代表主辦方歡迎各位參加 DXC Technology Services 2027 會計年度第一季財報電話會議。(接線員指示)

I would now like to turn the conference over to Roger Sachs, Vice President of Investor Relations. Roger, please go ahead.

現在我想將電話會議交給投資人關係副總裁 Roger Sachs。Roger，請開始。

Thank you, operator. Good afternoon, everyone, and welcome to DXC Technology's first-quarter fiscal 2027 earnings conference call. We hope you had an opportunity to review our earnings release, which is available in the IR section of DXC's website.

謝謝，接線員。各位下午好，歡迎參加 DXC Technology 2027 會計年度第一季財報電話會議。我們希望各位已經有機會查閱我們的財報新聞稿，該新聞稿可在 DXC 官網投資人關係（IR）專區取得。

Speaking on today's call are Raul Fernandez, our President and CEO; and Rob Del Beni, our Chief Financial Officer. Here's today's agenda.

今天與會發言者包括我們的總裁暨執行長 Raul Fernandez，以及我們的財務長 Rob Del Beni。以下是今天的議程。

First, Raul will update you on our strategic initiatives. Rob will then review our quarterly financial performance as well as provide thoughts on our second quarter and fiscal full year 2027 guidance. Raul and Rob will then take your questions.

首先，Raul 將向各位更新我們的策略性計畫。接著，Rob 將回顧本季財務表現，並就第二季及 2027 會計年度全年財測提供看法。之後 Raul 與 Rob 將回答各位提問。

Please note certain comments made during today's call are forward-looking and subject to risks and uncertainties that could cause actual results to differ materially. Details of these risks and uncertainties are in our annual report on Form 10-K and other SEC filings. We undertake no obligation to update any forward-looking statements.

請注意，今天電話會議中的部分評論屬於前瞻性陳述，並受風險與不確定性影響，可能導致實際結果與陳述內容有重大差異。這些風險與不確定性的詳細內容載於我們的 Form 10-K 年報及其他向美國證券交易委員會（SEC）提交的文件中。我們不承擔更新任何前瞻性陳述的義務。

Unless otherwise noted, year-over-year or quarter-over-quarter revenue growth rates discussed on today's call refer to organic revenue growth on a non-GAAP basis which exclude the impact of foreign exchange and inorganic activity. We will also be discussing certain other non-GAAP financial measures that we believe provide useful information to investors. Reconciliations to the most comparable GAAP measures are included in today's earnings release.

除非另有說明，今天電話會議中提及的年增或季增營收成長率，係指以非 GAAP 基礎計算的有機營收成長，並排除匯率及非有機活動的影響。我們也將討論若干其他非 GAAP 財務衡量指標，我們認為這些指標可為投資人提供有用資訊。與最可比 GAAP 指標的調節表已包含於今日的財報新聞稿中。

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

接下來，我把電話交給 Raul。

Thank you, Roger. On June 11, we held our Investor Day where we put our strategy on the table and demonstrated the agentic solutions we have built and deployed. We also announced our global partnership with Anthropic. Since then, we have continued to move from strategy to execution.

謝謝你，Roger。6 月 11 日，我們舉辦了投資人日，將我們的策略攤在檯面上，並展示我們已建置並部署的代理式（agentic）解決方案。我們也宣布與 Anthropic 的全球合作夥伴關係。自那之後，我們持續從策略走向執行。

And what is becoming increasingly clear to me is that the opportunity in front of DXC is not simply to use AI to make our existing business more efficient. It is to use agentic AI to change how we build, sell and deliver technology and ultimately return DXC to growth. People and leadership have always mattered, but they matter even more as we enter this next phase. An agentic company operates differently. It needs to move faster, make decisions closer to the customer, build and deploy solutions more quickly and continuously learn.

而對我而言愈來愈清楚的是，DXC 眼前的機會不僅僅是運用 AI 讓既有業務更有效率。而是運用代理式 AI 改變我們建置、銷售與交付科技的方式，並最終讓 DXC 重回成長。人才與領導力一直都很重要，但當我們進入下一個階段時，它們變得更加關鍵。一家代理式公司運作方式不同。它需要更快行動、在更貼近客戶之處做決策、更快速地建置與部署解決方案，並持續學習。

That requires leaders with deep customer understanding, commercial discipline, entrepreneurial thinking and the ability to bring people together to deliver better outcomes for customers.

這需要具備深刻客戶理解、商業紀律、創業思維，以及能凝聚團隊、為客戶交付更佳成果能力的領導者。

That is why I'm very pleased to announce that Paul Taylor is joining DXC as President. Paul brings more than 30 years of technology and commercial leadership experience, spanning financial markets, enterprise technology and entrepreneurship. He was a partner at IHS Markit through a period of significant profitable growth and scale, culminating in its approximately $44 billion acquisition by S&P Global.

因此，我非常高興宣布 Paul Taylor 將加入 DXC 擔任總裁。Paul 擁有超過 30 年的科技與商業領導經驗，橫跨金融市場、企業科技與創業領域。他曾在 IHS Markit 擔任合夥人，並在公司實現顯著且具獲利性的成長與規模擴張期間扮演關鍵角色，最終促成其以約 440 億美元被 S&P Global 收購。

Most recently, he founded and led HUB an AI-driven technology business acquired by OSTTRA, where AI agents and workflow automation were central to the company's operating model. Paul brings the combination of commercial leadership, entrepreneurial thinking and operational expertise needed to leverage world-class technology, great teams and deep customer relationships to help customers transform their businesses.

最近，他創辦並領導 HUB 這家以 AI 驅動的科技公司，該公司後來被 OSTTRA 收購；在其營運模式中，AI 代理與工作流程自動化是核心。Paul 兼具商業領導力、創業思維與營運專業，能運用世界級技術、優秀團隊與深厚的客戶關係，協助客戶推動業務轉型。

Together, Rob, Paul and I will streamline how DXC operates, bring our markets, offerings and delivery teams closer together and execute an aggressive agentic playbook that helps our customers move faster.

我將與 Rob、Paul 一起精簡 DXC 的營運方式，讓我們的市場、產品方案與交付團隊更緊密協同，並執行一套積極的代理式作戰手冊，協助客戶加速前進。

We are also making a leadership change at GIS. This morning, we announced Dan Gray will take over leadership of GIS from Chris Drumgoold. Dan has co-led the development of Oasis and our agentic SOC solutions. So he brings both the technical understanding and the operating mindset that we need to accelerate the transformation of GIS.

我們也在 GIS 進行領導層調整。今天早上，我們宣布 Dan Gray 將接替 Chris Drumgoold，負責 GIS 的領導工作。Dan 共同領導了 Oasis 與我們代理式 SOC 解決方案的開發。因此，他同時具備我們加速 GIS 轉型所需的技術理解與營運思維。

I want to thank Chris for his service to DXC and wish him the very best in his next chapter. Chris will remain connected to DXC through my CEO, Counsel of Advisors.

我要感謝 Chris 對 DXC 的貢獻，並祝福他在下一段旅程一切順利。Chris 也將透過我所設立的執行長顧問委員會（CEO, Counsel of Advisors）持續與 DXC 保持連結。

Earlier this week, we also announced the promotion of Holly Grant to President of AI Innovation, Strategy and LabX. Together, these changes reflect a single principle placing the strongest leaders in the areas where we see the greatest opportunity to create value for customers and shareholders.

本週稍早，我們也宣布擢升 Holly Grant 擔任 AI 創新、策略與 LabX 總裁。這些變動共同反映一項單一原則：在我們看見最具創造客戶與股東價值機會的領域，配置最強的領導者。

The most important thing we can demonstrate today is not our vision for AI. It's proof. Over the last year, DXC has adopted a simple philosophy we call Customer Zero, build it, run it in our own environment, prove it works, measure the results and then take it to our customers. This approach is producing tangible results.

今天我們能展現的最重要事情，不是我們對 AI 的願景。而是證據。過去一年，DXC 採用一個我們稱為「Customer Zero」的簡單理念：先建置、在我們自己的環境中運行、證明其可行、衡量成果，然後再帶給客戶。這種方法正在產生具體成果。

In our own security operations, our Gentex stock has transformed how we detect and respond to threats. With traditional software and manual processes, meantime to intrusion detection was approximately 21 minutes. With our agentic SOC solution, we are seeing that reduced to approximately six seconds. This is not incremental improvement. This is a fundamentally different operating model for our cybersecurity.

在我們自身的資安營運中，我們的 Gentex 堆疊已改變我們偵測與回應威脅的方式。在傳統軟體與人工流程下，平均入侵偵測時間約為 21 分鐘。採用我們的代理式 SOC 解決方案後，我們看到該時間縮短至約 6 秒。這不是漸進式改善。這是我們網路資安一種根本不同的營運模式。

We are seeing similar outcomes for DXC Oasis, which is now deployed across 57 customer environments. Oasis is helping organizations improve the speed, consistency and intelligence of mission-critical IT operations.

DXC Oasis 也呈現類似成果，目前已部署於 57 個客戶環境。Oasis 正協助各組織提升關鍵任務 IT 營運的速度、一致性與智慧化程度。

In measured use cases, we have seen significant reductions in resolution time and ticket backlogs while maintaining high diagnostic accuracy. What matters is not simply that these technologies work together, what matters is that they are creating customer demand, shortening time to value and expanding the set of opportunities where DXC can lead.

在可量測的使用情境中，我們看到解決時間與工單積壓大幅下降，同時仍維持高診斷準確度。重點不僅在於這些技術能協同運作，更在於它們正在創造客戶需求、縮短價值實現時間，並擴大 DXC 能夠領先的機會範圍。

As I meet with CEOs, CIOs and business leaders around the world, one theme comes up consistently. Organizations are excited about the potential and promise of AI that they want to adopt it responsibly. They want innovation, but they also want trust. We believe enterprises will not deploy agentic AI at scale unless they can trust the architecture underneath it. That means protecting customer data, preserving governance, maintaining auditability and ensuring accountability for business outcomes.

當我與全球各地的執行長、資訊長與企業領導者會面時，有一個主題反覆出現。各組織對 AI 的潛力與承諾感到振奮，同時也希望能負責任地採用。他們想要創新，但也想要信任。我們相信，企業若無法信任其底層架構，就不會大規模部署代理式 AI。這意味著要保護客戶資料、維持治理、保持可稽核性，並確保對業務成果的問責。

This is where DXC is uniquely positioned. For decades, our customers have trusted us to operate some of the most critical systems, applications and infrastructure. As AI adoption accelerates, we believe that trust becomes even more valuable.

這正是 DXC 具備獨特優勢之處。數十年來，我們的客戶信任我們營運一些最關鍵的系統、應用程式與基礎設施。隨著 AI 採用加速，我們相信這種信任將變得更加珍貴。

Another principle that differentiates DXC is what we describe as Connect, Don't Convert strategy. We do not believe enterprises should have to discard decades of business logic, institutional knowledge and technology investment in order to benefit from AI. Instead, we connect new intelligence to existing environments. We help customers preserve the systems that run their businesses while unlocking new levels of automation, insight and productivity.

另一項讓 DXC 與眾不同的原則，是我們所稱的「Connect, Don't Convert（連接，而非轉換）」策略。我們不認為企業為了受益於 AI，就必須丟棄數十年的商業邏輯、組織知識與科技投資。相反地，我們將新的智慧連接到既有環境。我們協助客戶保留支撐其業務運作的系統，同時解鎖更高層次的自動化、洞察與生產力。

Their legacy investments are not liabilities. They are strategic assets. By combining AI with the technologies customers already depend on can accelerate modernization while reducing risk, cost and disruption. And because our architecture is designed around flexibility and portability customers retain the ability to adopt new models and technologies as the market evolves. We believe this flexibility will become increasingly important as enterprises seek to avoid becoming dependent on any single AI provider or technology stack.

他們的既有投資不是負擔。而是策略性資產。將 AI 與客戶已仰賴的技術結合，能在降低風險、成本與干擾的同時，加速現代化。而且，由於我們的架構以彈性與可攜性為設計核心，客戶可在市場演進時，保有採用新模型與新技術的能力。我們相信，當企業希望避免依賴任何單一 AI 供應商或技術堆疊時，這種彈性將變得愈來愈重要。

And this brings me to the most important point. The return to growth at DXC will be fueled increasingly by products and solutions that we can build in a capital-light way. This is not an M&A strategy. It's not about buying growth. It is about taking the assets we already have. our customer relationships, our industry expertise, our heritage platforms, our proprietary IP and our 113,000 colleagues and using AI to build products around them faster with less capital and less dependency on incremental labor.

而這也帶我來到最重要的一點。DXC 重返成長將越來越多地由我們能以輕資本方式打造的產品與解決方案所驅動。這不是一個併購（M&A）策略。也不是靠買來的成長。而是運用我們既有的資產——我們的客戶關係、產業專業、傳承平台、專有 IP，以及我們 113,000 位同仁——並運用 AI 以更少資本、更少對新增人力的依賴，更快地在其周邊打造產品。

Since Investor Day, we are already seeing evidence of this in how customers move where traditional enterprise technology sales cycles have historically taken 6 to 12 months -- we are now seeing evaluation, proof of value and contracting in six weeks or less.

自投資人日以來，我們已經在客戶行為上看到這一點的證據：傳統企業科技的銷售週期過去通常需要 6 到 12 個月——而我們現在看到評估、價值驗證（proof of value）與簽約在六週或更短時間內完成。

For Oasis, prospects are completing full evaluations and reaching contract stage in under six weeks. With our agentic SOC offering, a leading global entertainment and technology company, completed their technical evaluation in just over four weeks and went on to sign a multiyear, multimillion dollar engagement. That acceleration matters because of speed compounds. Faster innovation creates faster adoption, faster adoption creates more proof points, more proof points create more demand.

以 Oasis 為例，潛在客戶在六週內就能完成完整評估並進入合約階段。在我們的代理式 SOC 產品方面，一家全球領先的娛樂與科技公司僅用四週多就完成技術評估，並進一步簽署了一項多年期、數百萬美元的合作案。這種加速很重要，因為速度會產生複利效應。更快的創新帶來更快的採用，更快的採用帶來更多可驗證的案例，更多案例帶來更高的需求。

One of the clearest examples of how we are moving from AI strategy to execution is the launch of our forward deployed engineer model. FDEs are a new class of hybrid AI builders who work directly inside customer environments, turning AI concepts into deployed outcomes and then capturing the reusable patterns that allow us to scale.

我們從 AI 策略走向落地執行最清楚的例子之一，就是推出我們的前線部署工程師（Forward Deployed Engineer，FDE）模式。FDE 是一種新型的混合型 AI 建構者，直接在客戶環境內工作，把 AI 概念轉化為已部署的成果，並擷取可重複使用的模式，讓我們得以規模化。

In mid-July, we began certifying DXC engineers with Anthropic through hands-on base camps in San Francisco and London. This brings together some of the best technical talent from DXC and Anthropic and creates a new class of forward-deployed engineers who take these capabilities directly into customer environments. We are seeing early momentum with our first 86 trained, giving us an initial deployment-ready bench.

在 7 月中旬，我們開始透過在舊金山與倫敦的實作訓練營，與 Anthropic 一起為 DXC 工程師進行認證。這匯聚了 DXC 與 Anthropic 的頂尖技術人才，並打造出一個新的前線部署工程師群體，把這些能力直接帶進客戶環境。我們已在首批 86 位受訓人員身上看到初步動能，形成一支可立即部署的初始人才梯隊。

As we shared last month, together with Anthropic, our goal is to certify tens of thousands of forward deployed, cloud-certified engineers and builders. We are taking that one step further. DXC is developing a multilingual forward-deployed engineer certification model that combines Amazon Quick Suite, Anthropic, Microsoft CoPilot, 7AI and ElevenLabs whose FD partnership we announced earlier this week with our proprietary Discover, build, scale methodology.

如同我們上個月分享的，與 Anthropic 合作，我們的目標是認證數以萬計的前線部署、具雲端認證的工程師與建構者。我們正更進一步。DXC 正在開發一套多語言的前線部署工程師認證模型，結合 Amazon Quick Suite、Anthropic、Microsoft CoPilot、7AI 與 ElevenLabs（我們本週稍早宣布的 FD 合作夥伴），並搭配我們專有的「Discover、build、scale」方法論。

Historically, Technology Services grew largely through labor expansion. Revenue growth generally required proportional increases in headcount. AI changed that equation. It allows us to build faster, operate more efficiently support more customers and increasingly deliver outcomes that are measured by value rather than effort.

過去，科技服務的成長主要來自人力擴張。營收成長通常需要按比例增加人頭數。AI 改變了這個等式。它讓我們能更快建置、更有效率營運、支援更多客戶，並且愈來愈能交付以價值而非投入工時來衡量的成果。

At the same time, the economics of AI continue to improve. As models become more capable and operating costs continue to decline, the number of economically viable use cases continues to expand. This creates opportunities to introduce new products new pricing models and new sources of recurring and consumption-based revenue.

同時，AI 的經濟性也持續改善。隨著模型能力提升、營運成本持續下降，具經濟可行性的使用情境數量也在擴大。這帶來導入新產品、新定價模式，以及新的經常性與按用量計費（consumption-based）營收來源的機會。

Combined with our scale, customer relationships, intellectual property and industry expertise, we believe this represents a meaningful opportunity to improve both growth and profitability over time. Most importantly, we can pursue this opportunity while remaining disciplined with capital and focused on free cash flow generation.

結合我們的規模、客戶關係、智慧財產與產業專業，我們相信這代表著一個能在時間推移下同時改善成長與獲利能力的重要機會。最重要的是，我們可以在維持資本紀律並聚焦自由現金流創造的同時，追求這個機會。

When I compare DXC today with where we were a year ago, I see a company that is increasingly turning strategy into execution. We have clear priorities, we have stronger leadership. We have built and deployed real agentic solutions with measurable results. We have trusted partnerships and we are creating a new generation of AI-enabled talent and capabilities.

當我把今天的 DXC 與一年前相比，我看到的是一家愈來愈能把策略轉化為執行的公司。我們有清晰的優先事項，也有更強的領導團隊。我們已建置並部署真正的代理式解決方案，且有可衡量的成果。我們有值得信賴的合作夥伴，並正在培育新一代具 AI 能力的人才與能力。

Importantly, we are seeing customers respond. The strategy remains unchanged. We will continue to stabilize and improve the core business while building AI native sources of growth. What has changed is the evidence. We are proving our technology, we are improving our operating model, and we are proving that AI can help create a stronger, more profitable and more sustainable DXC.

重要的是，我們看到客戶正在回應。策略維持不變。我們將持續穩定並改善核心業務，同時打造 AI 原生的成長來源。改變的是證據。我們正在驗證我們的技術、改善我們的營運模式，並證明 AI 能協助打造更強、更高獲利、也更可持續的 DXC。

Now our focus is on execution, scaling what works creating value for customers and delivering long-term growth for shareholders.

現在我們的重點在於執行：擴大有效作法的規模、為客戶創造價值，並為股東帶來長期成長。

Through ElevenLabs, my script will be available in six languages immediately following this call. Thank you.

透過 ElevenLabs，我的講稿將在本次電話會議結束後立即提供六種語言版本。謝謝。

Thank you, Raul, and good afternoon, everyone. Today, I'll go over our first-quarter results, provide guidance for the second quarter, and update our full fiscal year 2027 outlook.

謝謝你，Raul，各位下午好。今天我將回顧我們第一季的業績，提供第二季指引，並更新我們 2027 財政年度全年的展望。

Now starting with the first-quarter results. Total revenue was $3 billion, down 6.7% year to year, slightly above the midpoint of our guidance range, driven by better-than-expected performance in CES. Market conditions remained as expected with continued customer caution and short-term discretionary projects, most pronounced in IT infrastructure projects. Total bookings increased 5% year over year driven by several large deal wins in GIS.

先從第一季業績開始。總營收為 30 億美元，年減 6.7%，略高於我們指引區間的中點，主要受惠於 CES 表現優於預期。市場狀況如預期，客戶仍持續審慎，短期的非必要（discretionary）專案仍偏弱，其中以 IT 基礎設施專案最為明顯。總接單（bookings）年增 5%，主要由 GIS 的數筆大型交易勝出所帶動。

This resulted in a book-to-bill of 0.99 the highest first quarter level in the past three years, bringing our trailing 12-month book-to-bill to slightly above 1.

這使得接單/出貨比（book-to-bill）為 0.99，為過去三年第一季的最高水準，並使我們過去 12 個月的接單/出貨比略高於 1。

As expected, our adjusted EBIT margin was 5%, down 180 basis points year to year. The performance reflects the revenue profile we anticipated for the quarter as well as normal seasonal factors. Non-GAAP EPS was $0.40, in line with our guidance.

如預期，我們的調整後 EBIT 利潤率為 5%，年減 180 個基點。此表現反映了我們對本季所預期的營收結構，以及正常的季節性因素。非 GAAP 每股盈餘（EPS）為 0.40 美元，符合我們的指引。

Now turning to our segment results. The CES book-to-bill ratio for the quarter was 0.98, with a trailing 12-month book-to-bill of 1.04. Bookings in both DXC Engineering and GrowthX grew year to year while a tougher comparison to the first quarter of fiscal 2026 in the applications business led to a total CES bookings decline of 19% year to year.

接著看各事業部表現。CES 本季接單/出貨比為 0.98，過去 12 個月接單/出貨比為 1.04。DXC Engineering 與 GrowthX 的接單皆較去年同期成長，但由於應用程式業務相較 2026 財年第一季的比較基期較高，導致 CES 總接單年減 19%。

As we discussed in our Investor Day presentation, both DXC Engineering and GrowthX are important elements of our platform-based product strategy and our longer-term revenue growth plans.

如同我們在投資人日簡報中所討論的，DXC Engineering 與 GrowthX 都是我們以平台為基礎的產品策略，以及較長期營收成長計畫的重要組成。

CES revenues declined 3% year to year modestly ahead of our expectations, primarily due to better performance in project revenues in both GrowthX and DXC engineering. Our applications business performed consistently quarter to quarter and in line with our expectation with growth in enterprise application services for the third consecutive quarter and consistent quarter-to-quarter declines in custom applications.

CES 營收年減 3%，略優於我們預期，主要因 GrowthX 與 DXC Engineering 的專案營收表現較佳。我們的應用程式業務季對季表現一致且符合預期：企業應用服務連續第三季成長，而客製化應用則維持季對季一致的下滑。

For GIS, the book-to-bill ratio was 1.11, reflecting a year-to-year bookings increase of 35%, driven by several large deal wins including both new logos and renewals in our intelligent infrastructure and workplace businesses.

GIS 的接單/出貨比為 1.11，反映接單年增 35%，主要由數筆大型交易勝出所帶動，包括我們智慧型基礎設施與數位工作場所（workplace）業務中的新客戶（new logos）與續約案。

With the introduction of Oasis and other new product content like our agentic SOC solutions, we're now delivering AI-based products to our clients, greatly enhancing the effectiveness and productivity of their IT operations and security posture. This is translating into increased opportunities with new potential clients and with our installed base of existing customers. This is encouraging and supports our longer-term outlook for GIS.

隨著 Oasis 以及其他新產品內容（例如我們的代理式 SOC 解決方案）的推出，我們現在正向客戶交付以 AI 為基礎的產品，大幅提升其 IT 營運的效能與生產力，以及其資安態勢。這正轉化為與新潛在客戶以及我們既有客戶基礎的更多機會。這令人鼓舞，並支持我們對 GIS 的長期展望。

By the end of the first half of the year, we expect 85 customers to be on the Oasis platform and have a deployment plan for 125 customers by the end of the fiscal year. We're solutioning all new intelligent infrastructure engagements with Oasis and the client feedback on existing accounts and the market interest levels have been very positive.

我們預期在上半年結束前，將有 85 家客戶上線 Oasis 平台，並在財政年度結束前為 125 家客戶制定部署計畫。我們正以 Oasis 為所有新的智慧型基礎設施合作案進行方案設計（solutioning），而既有帳戶的客戶回饋與市場關注度都非常正面。

In the short term, revenue in 1Q continued to be impacted by softer levels of discretionary project work to have a more immediate impact on our quarterly revenue. As a result, GIS declined 11% year to year, slightly lower than our expectation and fourth-quarter performance.

短期而言，第一季營收仍受到非必要專案工作量偏弱的影響，這類專案對我們季度營收的影響更為即時。因此，GIS 營收年減 11%，略低於我們的預期與第四季表現。

Insurance grew 1.4% year to year in line with our expectation. We continue to build momentum in our SaaS-based Azure platform and Horizon Solutions with SaaS revenues more than doubling year to year. Our SaaS-based revenues will build with the continued migration of customers to our Azure platform and the sales of our AI-based smart apps grow throughout the year.

保險業務年增 1.4%，符合我們的預期。我們持續在以 SaaS 為基礎的 Azure 平台與 Horizon Solutions 建立動能，SaaS 營收年增超過一倍。隨著客戶持續遷移至我們的 Azure 平台，以及我們以 AI 為基礎的智慧應用程式在全年銷售成長，我們的 SaaS 型營收將持續擴大。

Total insurance software revenue grew 13%, while services were down about 1%, impacted by the wind down of a BPS contract, which will also impact the second and third quarters of this fiscal year.

保險軟體總營收成長 13%，而服務營收約下滑 1%，主要受一項 BPS 合約逐步結束的影響；該因素也將影響本會計年度第二與第三季。

We generated $314 million of free cash flow during the quarter, including $214 million associated with the successful resolution of our long-running trade secrets litigation involving TCS. Excluding that benefit, free cash flow totaled $100 million, a modest year-over-year improvement driven by lower annual executive compensation and reduced cash tax payments offsetting lower adjusted EBIT.

本季我們產生 3.14 億美元自由現金流，其中包含 2.14 億美元，來自我們與 TCS 相關、歷時已久的商業機密訴訟成功解決所帶來的現金流入。若排除該項利益，自由現金流合計為 1 億美元，較去年同期小幅改善，主要由年度高階主管薪酬降低與現金稅款支付減少所帶動，抵銷了調整後 EBIT 較低的影響。

We ended the quarter with approximately $1.9 billion of cash, an increase of $200 million from fiscal year-end 2026 including proceeds from the TCS litigation.

本季末我們持有約 19 億美元現金，較 2026 會計年度年末增加 2 億美元，其中包含來自 TCS 訴訟的款項。

During the quarter, we also repurchased $70 million of shares and reduced capital lease obligations by $38 million. As a result, net debt declined by nearly $270 million from Q4 levels to approximately $1.5 billion, further strengthening our balance sheet.

本季我們亦回購 7,000 萬美元股份，並將資本租賃義務減少 3,800 萬美元。因此，淨負債較第四季水準下降近 2.7 億美元至約 15 億美元，進一步強化我們的資產負債表。

Consistent with our previously announced capital allocation plans, we anticipate retiring $400 million of our US dollar bonds maturing in September 2026 and expect to repurchase approximately $250 million of shares during the fiscal year.

依照我們先前公布的資本配置計畫，我們預期將償還於 2026 年 9 月到期的 4 億美元美元債券，並預期在本會計年度回購約 2.5 億美元股份。

Now let me provide you with an updated view of our full year fiscal 2027 guidance. We continue to expect total organic revenue to decline 3% to 5% year to year, with an improvement in the rate of decline in the second half of the year. The drivers of our top-line trajectory for the year are reflected in our segment outlook as follows.

接下來我將提供我們 2027 會計年度全年指引的最新觀點。我們仍預期全年有機營收將年減 3% 至 5%，且下半年下滑幅度將有所改善。我們今年營收走勢的驅動因素，反映在各事業部門展望如下。

In CES, we now expect revenue to decline at low single-digit range consistently throughout the year reflecting better performance in project-based services than we previously anticipated.

在 CES，我們目前預期營收將在全年持續呈現低個位數區間的下滑，反映專案型服務表現優於我們先前預期。

In GIS, we continue to anticipate a mid-single-digit revenue decline for the year. Performance is trending modestly below our original assumptions largely reflecting lower levels of discretionary project activity. We continue to expect a stronger second-half profile as the impact of contract losses incurred in previous years moderates.

在 GIS，我們仍預期全年營收將下滑中個位數。目前表現趨勢略低於我們原先假設，主要反映可自由支配的專案活動水準較低。隨著前幾年合約流失的影響趨緩，我們仍預期下半年表現將更強。

In insurance, we continue to expect low-single-digit revenue growth for the year with better second-half performance driven by the ramp of expected new customer contracts, continued momentum in our AI and cloud SaaS offerings, and the positive impact of the previously mentioned contract runoff, which wraps in the fourth quarter. The midpoint of our guidance for all three segments does not assume any change to the current macro environment.

在保險業務方面，我們仍預期全年營收將呈現低個位數成長；下半年表現較佳，主要由預期新客戶合約的放量、AI 與雲端 SaaS 產品的持續動能，以及前述合約到期縮減（將於第四季結束）的正面影響所帶動。我們對三個事業部門指引的中位數，並未假設目前總體環境有任何變化。

We continue to anticipate adjusted EBIT margin for the full year in the range of 6% to 7%, with margins improving sequentially throughout the year, supported by cost management, operational efficiencies and improving revenue profile in the second half of the year. Our non-GAAP diluted EPS outlook remains between $2.40 to $2.90.

我們仍預期全年調整後 EBIT 利潤率將介於 6% 至 7%，並在全年逐季改善；此將受成本管理、營運效率提升，以及下半年營收結構改善所支撐。我們的非 GAAP 稀釋後 EPS 展望仍為 2.40 至 2.90 美元。

We now expect full fiscal year 2027 free cash flow of approximately $685 million. This outlook reflects the following: maintaining our underlying prior free cash flow expectation of approximately $600 million, a $214 million cash benefit from the TCS litigation I discussed earlier, and a payment related to a previously disclosed tax litigation case with the IRS regarding currency losses from 2009.

我們目前預期 2027 會計年度全年自由現金流約為 6.85 億美元。此展望反映以下因素：維持我們先前約 6 億美元的基礎自由現金流預期、我先前提到的 TCS 訴訟帶來 2.14 億美元現金利益，以及一筆與先前揭露之稅務訴訟案件相關的付款，該案件為 IRS 就 2009 年貨幣損失所提出。

While we determine the appropriate path forward, including potential appeal, we included in guidance a deposit with the IRS to stop future interest from accruing.

在我們決定適當的後續處理方式（包括可能提出上訴）期間，我們已在指引中納入向 IRS 繳交保證金，以停止未來利息繼續累積。

For the second quarter of fiscal 2027, we expect total organic revenue to decline between 5.5% to 6.5% year to year. And at the segment level, we expect CES to decline low single digits consistent with the first quarter. GIS is anticipated to decline at a high single-digit rate and insurance is expected to grow at a similar rate as the first quarter. We expect adjusted EBIT margin to be approximately 6%, and we expect non-GAAP diluted EPS to be approximately $0.55.

就 2027 會計年度第二季而言，我們預期總有機營收將年減 5.5% 至 6.5%。在事業部門層級，我們預期 CES 將如第一季般下滑低個位數。GIS 預期將以高個位數的幅度下滑，而保險業務預期將以與第一季相近的幅度成長。我們預期調整後 EBIT 利潤率約為 6%，並預期非 GAAP 稀釋後 EPS 約為 0.55 美元。

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

接下來，我把電話交回給 Roger。

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

謝謝你，Rob。我們現在開放提問。接線員，請提供操作說明。

(Operator Instructions) Bryan Bergin, TD Cowen.

(接線員說明) Bryan Bergin，TD Cowen。

Thank you. I wanted to ask about the 2Q to second half walk. Can you help unpack the implied improvement in the second half relative to kind of what you're guiding here in 2Q? And any particular factors as you look across CES, GIS, and insurance?

謝謝。我想問一下從第二季到下半年的走勢拆解。你能否協助說明，相較於你們在第二季給出的指引，下半年隱含的改善幅度是如何推導出來的？以及你們在 CES、GIS 與保險三個部門觀察到的任何特定因素？

Yes. Bryan, it's Rob. Thanks for the question. Yes, let me unpack the revenue for you. there's a material improvement in growth rate going from the first half to the second half. And it implies it's going from the range of call it, minus 6.5 to minus 2-ish in the second half, right? So that's the improvement required.

可以。Bryan，我是 Rob。謝謝你的問題。是的，我來為你拆解營收。從上半年到下半年，成長率會有顯著改善。這隱含下半年大約會從上半年的、姑且說負 6.5%，改善到下半年的接近負 2% 左右，對吧？所以這就是所需的改善幅度。

Now when you look at the factors driving that improvement, the majority of that is going to -- the majority of the improvement comes from our GIS business and about 90% of the improvement to quantify it for you. And then looking at the dynamics within GIS, about 3/4 of that improvement comes from the opening backlog dynamics throughout the year. So we have line of sight and have a high degree of certainty around 75% of that improvement.

現在看推動該改善的因素，其中大部分將來自——為了量化給你看，約 90% 的改善來自我們的 GIS 業務。再看 GIS 內部的動態，約 3/4 的改善來自全年期初在手訂單（opening backlog）的變化動能。因此，我們對其中約 75% 的改善具備可視性，且確定性很高。

The remainder of the improvement comes from in-year sales performance and that performance does count on a modest improvement in your sales for GIS and we think it's a reasonable improvement given all the new content we're bringing to market and the momentum we see with our client base.

其餘的改善來自當年度的銷售表現，而該表現確實取決於 GIS 銷售出現溫和改善；我們認為這是合理的改善幅度，因為我們正把許多新內容推向市場，且從客戶基礎看到的動能也支持這個判斷。

And so to characterize that a little bit for you, about 15% to 20% of that was delivered already in the first-quarter bookings. So when you cut through all of that, there is confidence in our ability to have a significant improvement in the growth rates of GIS. And then we're not counting on significant improvements in CES first half to second half and we did a little better in CES in the first quarter, and we think we have some momentum building. So we feel confident there.

再更具體描述一下，其中約 15% 到 20% 已經在第一季的訂單（bookings）中實現。因此綜合來看，我們對 GIS 成長率能夠顯著改善具備信心。至於 CES，我們並未指望上半年到下半年會有顯著改善；第一季 CES 表現略優於預期，我們也認為動能正在累積。所以我們對此也有信心。

And then the same with insurance. We have line of sight, modest dollar improvement into the third quarter. In the fourth quarter, we wrap on the one contract that I mentioned in my prepared remarks. So we have pretty good line of sight in insurance as well. So that's what gives us the confidence for the second half improvement.

保險也是一樣。我們對第三季有可視性，美元金額將溫和改善。第四季則會把我在事先準備講稿中提到的那一份合約影響納入比較基期（wrap）。因此我們在保險業務上也有相當好的可視性。這些就是讓我們對下半年改善有信心的原因。

Okay. Okay. That's clear. My follow-up, maybe I'll go to CES then. Just looking at the organic revenue decline in the bookings this quarter, I guess, what needs to happen here to really get that going again and improve CES and reaccelerate the client caution continues with muted discretionary?

好的。好的。很清楚。我的追問可能回到 CES。就本季訂單中的有機營收下滑來看，我想問，這裡需要發生什麼，才能真正讓它重新動起來、改善 CES，並在客戶仍然謹慎、可自由支配支出偏弱的情況下重新加速？

But what -- can you more than offset the custom at weakness with new offerings in Engineering and GrowthX? Taking that, please.

不過——你們是否能以工程（Engineering）與 GrowthX 的新產品，來抵銷客製化業務的疲弱？請談談這點。

Yes. So yes, let me take that one, too, Bryan. So the dynamics of the bookings in CES really have to be parsed between smaller project-based deals and larger deals. Just if you recall, first quarter of last year, we had a significant number of larger deals in CES. So we had a very tough comparison, and that drove our bookings numbers down year to year.

是的。所以是的，Bryan，我也來回答這題。因此，CES 的訂單動態其實必須在較小的專案型交易與較大型交易之間加以拆解分析。如果你還記得，去年第一季我們在 CES 有相當多的大型交易。所以比較基期非常艱難，這也使得我們的訂單數字年對年下滑。

The project-based services portion of CES in the first quarter performed better than we anticipated. And that stability gives us more confidence going into the second quarter and the rest of the year. So that dynamic, the project-based bookings give us the foundation for the guide for the remainder of the year.

CES 在第一季的專案型服務部分表現優於我們的預期。而這樣的穩定性，讓我們在進入第二季以及今年剩餘期間更有信心。因此，這個動態——專案型訂單——為我們今年剩餘期間的指引提供了基礎。

And then the big deals will kind of come and go with the pipeline and the closing cadence of the big deals. But the fundamental underlying bookings of project-based services were better. And they were better in Growth and DXC engineering, two of the business areas that Ramnath emphasized in our Investor Day, and we had really good growth in enterprise apps are best in a couple of years. And we've had three consecutive quarters of growth there.

至於大型交易，則會隨著管線以及大型交易的結案節奏而起起落落。但專案型服務的基本、底層訂單表現更好。而且在 Growth 與 DXC engineering 這兩個業務領域表現更佳——這也是Ramnath在投資人日強調的重點——我們在企業應用（enterprise apps）也有非常好的成長，為近幾年最佳。而且我們已經連續三個季度在那裡成長。

And so yes, we do think with the momentum of GrowthX DXC engineering and the performance in enterprise apps that we will be able to make progress against the industry declines in custom apps.

因此，是的，我們確實認為，憑藉 GrowthX、DXC engineering 的動能，以及企業應用的表現，我們將能在客製化應用（custom apps）產業下滑的環境中取得進展。

And let me add -- it's Raul. Let me just add that when you step back and look at the biggest beneficiary from an offering or business unit standpoint to the anthropic relationship where we're getting certified, forward-deployed multilingual engineers, CES is the single biggest beneficiary within our offerings. We have taken an extremely conservative approach to modeling that near zero because, A, they're just getting certified, as you heard in the prepared remarks, the cohort of 86 just came out.

我再補充一下——我是 Raul。我想補充的是，從產品/服務（offering）或事業單位的角度退一步來看，在我們與 Anthropic 的合作關係中——我們正在取得認證、並前置部署多語系工程師——最大的受益者就是 CES，在我們的各項 offerings 中它是單一最大的受益者。我們在建模時採取了極度保守的做法，幾乎按零來估，因為 A，他們才剛取得認證；如同你在事先準備的講稿中聽到的，那一批 86 人的梯隊才剛結訓。

And we've just started to market and since we announced it in Jun, those FTE pods, both through our existing customer base as well as the new customers that we know are looking for that kind of talent. So it's everything Rob said plus a reliance on a new set of products that we know are hot and in demand in the market, that's what gives us confidence.

而且我們也才剛開始行銷；自從我們在 6 月宣布以來，這些 FTE pods 透過我們既有客戶群，以及我們知道正在尋找這類人才的新客戶來推廣。所以，這不只是 Rob 所說的一切，再加上我們對一組新的產品的倚重——我們知道這些產品在市場上很熱門、需求很強——這就是讓我們有信心的原因。

Jonathan Lee, Guggenheim Securities.

Jonathan Lee，Guggenheim Securities。

GIS bookings, up 35% year on year and second consecutive [1.1%] book-to-bill, but you saw revenue get worse and margins more than half to 2.6%. Can you help us reconcile those two? What's the expected timing for the bookings to start converting into revenue?

GIS 訂單年增 35%，且連續第二季 book-to-bill 為 [1.1%]，但你們看到營收變得更差、而且利潤率腰斬以上至 2.6%。你能幫我們調和這兩者嗎？預期訂單開始轉換為營收的時點是什麼時候？

And with Dan now leading GIS with sort of an operating and technical mindset, are there specific execution changes that we should expect on the margin side there?

另外，現在由 Dan 以偏營運與技術的思維來領導 GIS，在利潤率方面是否有特定的執行面改變是我們應該預期的？

Yes. So Jonathan, in GIS, it was kind of the opposite situation from CES in that we had -- we have a strong pipeline of larger deals, and it continues to build. We executed on the closing of those deals in the first quarter, and there was some carryover from the fourth quarter. So that was expected. And so we had better execution in the quarter of the larger deals.

是的。所以 Jonathan，在 GIS 的情況其實與 CES 相反：我們有——我們有一條強勁的大型交易管線，而且仍在持續累積。我們在第一季執行並完成了這些交易的結案，且有一些是從第四季延續過來的。所以這是符合預期的。因此，我們在本季對大型交易的執行更到位。

The discretionary short-term infrastructure projects were a little softer than we anticipated. So that is what drove down the revenue versus our expectation for GIS in the quarter. It did fall -- fell through to margin. But as we progress with the revenue improvements throughout the year, we do expect the margins in GIS to bounce back.

但短期、具裁量性的基礎設施專案稍微比我們預期更疲弱。因此，這就是本季 GIS 營收低於我們預期的原因。這也——也反映到利潤率上。不過，隨著我們在全年逐步改善營收，我們確實預期 GIS 的利潤率會回升。

And by the end of the year, we'll have year-to-year flat margins or slightly better -- and we have -- we're very excited with Dan taking over in we've got a lot of muscle behind the cost takeout plans that we're going to execute on for the rest of the year, and Dan is going to just accelerate that and help us.

而到年底，我們的利潤率將年對年持平或略好——而且我們——我們對 Dan 接手感到非常振奮；我們在成本削減計畫上有很強的執行力，將在今年剩餘期間落實，而 Dan 會加速推進並協助我們。

Yes. And let me just add to that, that Dan has been the architect of our genic transformation with -- now he's the architect plus the P&L owner, that unification of responsibilities and outcome is absolutely critical and clear and the speed at which that we have to get it done fully appreciates and understands and I have a lot of confidence that we'll get it done.

是的。我再補充一下：Dan 一直是我們 agentic 轉型的設計者——現在他不只是設計者，也是損益（P&L）負責人。

And just as a follow-up, the fiscal 2017 outlook midpoint flosses no change to the current macro, but your commentary through June and July has trended a little more cautious. What gets you to the high end of the range versus the low end of the range.

再追問一下，財年 2017 展望的中位數假設宏觀環境維持不變，但你們對 6 月與 7 月的評論趨勢似乎更為謹慎。什麼因素會讓你們落在區間高端，而不是區間低端？

And then within that range, how much of that back half improvement is already contracted or in late-stage signing versus what remains in that go-get phase?

另外，在這個區間內，下半年改善的部分有多少已經簽約或處於後期簽署階段，還有多少仍處於需要積極爭取（go-get）的階段？

Yes. So we do have no change in macroeconomics baked into the forecast. If there is two things for us would help get us to the high end of the range. First is, if there is a loosening of discretionary project-based work, that would be very helpful and get us -- push us to the higher end of the range.

是的。所以我們的預測中確實已納入「宏觀經濟沒有變化」的假設。如果有兩件事能幫助我們達到區間高端。第一，如果具裁量性的專案型工作有所鬆動，那會非常有幫助，並把我們——推向區間較高端。

And secondly, as Raul just mentioned, we've been very conservative in the yield or the new content that we have, particularly the Anthropic content. So if we make progress there, and generate bookings and start to generate revenue in the second half of the year, that will help us as well. So those are the two factors that could push us to the higher end.

第二，如 Raul 剛提到的，我們對於我們擁有的新內容/新產出（yield）一直非常保守，特別是 Anthropic 相關內容。所以如果我們在那方面取得進展，帶來訂單並在下半年開始帶來營收，也會對我們有幫助。所以這兩個因素可能把我們推向較高端。

In terms of the risk, I kind of framed it in my first answer to Brian's question, we have a very solid base of improvement baked into our opening backlog. And we are we are not contemplating a significant improvement in project-based services and GIS. It's very modest. The CES assumptions right now are a little more conservative than GIS. So we are not expecting a pickup in project-based services in GIS. So I'd say there's more opportunity than not in the guide on balance.

就風險而言，我在回答 Brian 的第一個問題時已稍作鋪陳：我們在期初積壓訂單（opening backlog）中已內含非常扎實的改善基礎。而我們——我們並未假設專案型服務與 GIS 會有顯著改善。那是非常溫和的。目前 CES 的假設比 GIS 稍微更保守一些。所以我們並不預期 GIS 的專案型服務會回升。因此，整體而言，我會說在指引中機會大於風險。

Jamie Friedman, Susquehanna.

Jamie Friedman，Susquehanna。

Those were all good questions. I was wondering, Raul, I mean, that we're only one quarter into a long journey relative to the Analyst Day and that one landed right in the middle. But is there -- is there anything in either GIS or CES that you're seeing that would influence or inform your view about this long-term strategy.

這些問題都問得很好。我想問的是，Raul，我是說，相對於分析師日（Analyst Day）所描繪的長期旅程，我們現在才走了一季，而且這一季正好落在中間。但在 GIS 或 CES 方面，你是否看到任何會影響或讓你對這個長期策略的看法有所啟發的事情？

For example, I think GIS is really predicated on an Oasis incremental value contribution, strengthening the core on the CES side, it's a lot of growth. So yes, I realize it's -- you're just first couple of steps after that event. But is there anything to -- confidence or on track or otherwise?

例如，我認為 GIS 很大程度上是建立在 Oasis 的增量價值貢獻之上；而在 CES 這邊，則是強化核心、並帶動大量成長。所以是的，我知道——你們在那場活動之後才剛走前幾步。但是否有任何事情能——讓你更有信心、顯示進度在軌道上，或相反？

Yes. I just finished since Investor Day a really great tour of existing customers and prospects. And I led with the most important content from our deployments with Oasis and agentic SOC and that is the real unbelievable reduction in time and cost to do critical functions that are very routine, both in network operating centers and security operating centers.

是的。自投資人日以來，我剛完成一趟非常棒的既有客戶與潛在客戶拜訪行程。我以我們在 Oasis 與 agentic SOC 的部署中最重要的內容作為開場：在網路營運中心與資安營運中心中，對於一些非常例行但關鍵的功能，我們能把所需時間與成本大幅、令人難以置信地降低。

Those two pages, those two charts, are the only things I bring to a CEO-level conversation, because once they see what we can document -- and by the way, I mentioned this win for agentic SOC with a major entertainment and technology company. That evaluation time from beginning to end to then beginning in contract phase, was less than four weeks. So an incredible time to decision making.

那兩頁、那兩張圖表，是我在 CEO 層級對話中唯一會帶的內容，因為一旦他們看到我們能夠文件化呈現的成果——順帶一提，我提到我們在 agentic SOC 上拿下了一家大型娛樂與科技公司的案子。從頭到尾的評估時間，接著進入合約階段，少於四週。所以決策時間非常驚人地短。

We're seeing that with agentic SOC. We're seeing early similar signals from our Oasis sales. And so that gives me, A, that we have data and solutions that have real benefit and impact; B, that it gets us in a totally different conversation than we've traditionally been; and C, technically, as we win these new engagements, I'm just really, really proud of the team because they are technically winning and really standing out very, very far ahead of any competitive benchmark.

我們在具代理能力（agentic）的 SOC 上也看到了這一點。我們也從 Oasis 的銷售端看到類似的早期訊號。因此，這讓我得到：A，我們擁有確實帶來實質效益與影響的資料與解決方案；B，這讓我們進入一個與過去傳統完全不同的對話；以及 C，從技術面來看，當我們贏下這些新的合作案時，我真的、真的為團隊感到非常自豪，因為他們是在技術上取勝，而且相較任何競爭基準都非常、非常明顯地領先。

So technical win, speed to close and just data that no CEO, CIO, CTO or business unit head can afford to a norm, those are all the positive signals that I've seen since Investor Day.

所以，技術面的勝利、成交速度，以及那些任何 CEO、CIO、CTO 或事業部主管都無法忽視、無法視為常態的資料，這些都是我自投資人日以來看到的正向訊號。

Okay. And then just as a follow-up, and I should know this, but with the bookings, do you give the net new or renew? And if not, at least qualitatively, can you talk about how the new is resonating.

好的。接著再追問一下，我應該知道這個，但關於 bookings（接單/訂單），你們提供的是淨新增（net new）還是續約（renewal）？如果沒有，至少在質性上，能否談談新案（new）目前的共鳴如何？

Yes, Jamie. Qualitatively, the net new bookings have improved. And the first quarter was better than it's been in a while. So we are making progress in net new.

是的，Jamie。就質性而言，淨新增接單已經改善。而且第一季比過去一段時間都要好。所以我們在淨新增方面正在取得進展。

Keith Bachman, BMO.

Keith Bachman，BMO。

I wanted to ask, you brought in new leadership. What do you think was missing, why the new leadership and do you feel like you have the leadership in place to execute on the plan?

我想問一下，你們引進了新的領導團隊。你認為之前缺少了什麼、為什麼需要新領導？以及你是否覺得目前已具備能夠執行計畫的領導班底？

With running a company in an agenetic world is very different than anybody's previous work experience. And that cuts across every industry, every type of company. So finding the right attributes that define an A player in an AI world has been something that we're all going through the discernment phase, but you realize that there are certain things that keep coming up as early indicators of success.

在一個具代理能力（agentic）的世界裡經營公司，和任何人過去的工作經驗都非常不同。而且這橫跨所有產業、所有類型的公司。因此，去找出在 AI 世界裡定義 A 級人才的正確特質，是我們都正在經歷的辨識階段；但你會發現，有一些特質會一再出現，作為成功的早期指標。

One, an ability to move very quickly and ability to move in a nonlinear way and also in a nonstructured way, so traditional engagement pyramid, et cetera. Those are gone. In a world where you are quickly discovering, building and scaling traditional methodologies are gone. So looking for quick, thoughtful, technically deep talent that can manage in a new fashion.

第一，是能夠非常快速地行動，也能以非線性、以及非結構化的方式推進；因此傳統的交付/參與金字塔等等，那些都已經不適用了。那些都消失了。在一個你需要快速探索、建置並擴張的世界裡，傳統方法論已經不適用了。所以我們在尋找的是能快速、思考周全、技術深度足夠，且能以新的方式管理的人才。

And really, the bottom line is speed and agility. Those are the key attributes. And I'm just super happy that we had a great bench of great young leaders that are now getting an opportunity to be front and center and display what I think are the key attributes for success in an AI world.

而且說到底，關鍵就是速度與敏捷。這些是最重要的特質。我也非常高興，我們有一批很強的年輕領導梯隊，現在獲得機會站到第一線、成為焦點，展現我認為在 AI 世界成功所需的關鍵特質。

Okay. Okay. I wanted to transition to insurance revenue of a little over 1%. The book-to-bill was well below 1, just maybe outline with the advancement of a quarter, how you're thinking about the year and sort of what the puts and takes are on the insurance segment?

好的。好的。我想轉到保險業務的營收，成長略高於 1%。book-to-bill 明顯低於 1；能否隨著季度推進，概述一下你們對全年怎麼看，以及保險分部有哪些拉抬與拖累因素？

Yes, Keith, it's Rob. So the book-to-bill is low, but again, but insurance has very big, lumpy deals that are predominantly renewal based. So they'll get big swings in the book-to-bill in any given quarter. We do have line of sight to a couple of larger transactions, again, new customers for us that are baked into our guide for the year and our forecast for the year, and we have confidence that we're going to land them. So that's the dynamic.

是的，Keith，我是 Rob。所以 book-to-bill 偏低，但同樣地，保險業務有非常大型、且具波動性的交易，且主要以續約為主。因此在任何單一季度，book-to-bill 都可能出現很大的波動。我們確實能看得到幾筆較大型交易的落地機會，同樣地，這些對我們而言是新客戶，已經納入我們今年的指引與全年預測中，我們也有信心能拿下。這就是目前的動態。

I'll just remind you that at the beginning of any given year, the revenue from backlog for insurance is the highest proportion of any of our offering. So the go get within a year is relatively small. But part of that go-get we have this year is a couple of deals that we have line of sight to. And I think we're going to -- obviously, I think we're going to execute on those.

我再提醒一下，在每一年的年初，保險業務來自 backlog（在手訂單/積壓訂單）的營收占比，是我們所有產品/服務中最高的。所以在一年內需要再去爭取的部分相對較小。但今年這個「需要去爭取」的部分中，包含我提到的幾筆我們已具可視性的交易。而我認為我們會——顯然，我認為我們會把這些執行到位。

Yes. And sort of the spirit of the question is, it would help, obviously, if you could demonstrate some acceleration in that business over time. So getting those new customers is leading indicator.

是的。而這個問題的核心是，若能隨時間推進在該業務展現一些加速，顯然會有幫助。因此拿下這些新客戶就是領先指標。

And in my -- and just one last point in my remarks, I mentioned that we will wrap on one particular contract, the contract stability in insurance is extremely, extremely high. We don't have customers leave, but we had one contract where we're winding down the relationship with the customer, and it's a drag on our growth rate for the first three quarters, and we -- that will be behind us.

另外我在發言最後再補充一點：我提到我們會在某一個特定合約上收尾；保險業務的合約穩定性極高、極高。我們幾乎不會有客戶流失，但有一個合約我們正在逐步結束與該客戶的合作關係，這會在前三個季度拖累我們的成長率，而我們——之後就會過去。

And so you'll see a little bit of a pickup in the fourth quarter partly because of that relationship. We're wrapping on that and partly because of the couple of deals I mentioned.

因此你會在第四季看到一些回升，部分原因是那段關係的影響。我們正在把那個合約收尾，另一部分原因則是我提到的那幾筆交易。

Tien-Tsin Huang, JPMorgan.

Tien-Tsin Huang，JPMorgan。

So the large bookings did come through helped the book-to-bill in GIS, the opening backlog, you talked about Rob. So I'm just curious from here thinking about bookings in the coming quarter or two. Any callouts and visibility and the ability to replenish that's one question I had .

大型接單確實落地，並幫助了 GIS 的 book-to-bill；你也談到期初的 backlog，Rob。所以我想從這裡往前看接下來一兩季的接單情況。有沒有任何重點提示、可視性，以及補充/回補（replenish）能力？這是我其中一個問題。.

Yes. So our -- a couple of different elements that are baked into our forecast, which are important. And the first is that the project base in CES, the benefit we saw in the first quarter is also reflected in the pipeline going forward. So we have confidence that we're going to be able to continue to execute at the rates we had in the first quarter. So that's a real positive.

是的。所以我們的——有幾個不同的要素已經納入我們的預測中，這些很重要。第一個是 CES 的專案型業務基礎，我們在第一季看到的好處，也反映在後續的 pipeline（銷售管線）中。因此我們有信心能夠持續以第一季的水準執行。這是非常正面的。

The second thing I'd mention just longer term, in GIS, even though we had a good quarter of bookings, a pipeline and a long big deal -- longer-term big deal pipeline and infrastructure services is strong. And I attribute a lot of that to the fact that we now have Oasis and there's lots of interest in it. And we have a lot a very nice proportion of new customers in the pipeline. So that is encouraging and gives us confidence in the longer term here in GIS that will improve our performance.

第二點我想提的是，從更長期來看，在 GIS 方面，即使我們這一季接單表現不錯，基礎設施服務的中長期大型交易管線與 pipeline 仍然強勁。我把其中很大一部分歸因於我們現在有 Oasis，而且市場對它很有興趣。而且在 pipeline 中，新客戶占比相當不錯。所以這令人鼓舞，也讓我們對 GIS 的中長期更有信心，並將改善我們的表現。

(Operator Instructions) James Faucette, Morgan Stanley.

(接線員指示) James Faucette，Morgan Stanley。

I want to follow up just quickly on the bookings and pipeline conversion. It seems like that there is some opportunity to improve that. And it seems like you have -- just can you talk to us about like how we should think about ongoing improvements and how important those are going to be to being able to realize kind of targets on a go-forward basis?

我想快速追問一下接單與管線轉換率。看起來這方面有一些改善空間。而且看起來你們已經——能否跟我們談談，我們應該如何看待持續改善，以及這些改善對於未來能否達成目標會有多重要？

Yes. So James, I think one thing that's encouraging to us, and we're albeit early, that the discussions we're having on potential Oasis customers are moving at a faster pace than traditional IT outsourcing discussions we've had in the past. So it gives us it gives us optimism that the rate -- close rates on those longer-term deals are going to move faster.

是的。所以 James，我認為有一點讓我們感到鼓舞，雖然目前仍算早期：我們與潛在 Oasis 客戶的討論進展速度，比我們過去傳統 IT 外包的討論更快。因此這讓我們——讓我們更樂觀，認為那些較長期交易的成交速度——成交率會更快。

Now we have to prove that, and we're just beginning here. But the early indications are that customer interest is driving an acceleration of timing. So we're hopeful with that. Now we don't have that baked into our numbers. So we're not counting on that in the numbers in the guide.

當然我們還需要證明這點，而我們才剛開始。但早期跡象顯示，客戶興趣正在推動時程加速。所以我們對此抱持希望。不過我們沒有把這點納入數字。因此在指引的數字上，我們並未仰賴這個因素。

Got it. Got it. Okay. That's super helpful. And then I wanted to also follow up on Raul's comment on a change of leadership. Are you feeling like clearly, like agentic has some different skill set requirements, et cetera, and that may be -- there may be some opportunity there at the leadership level.

了解。了解。好的。這非常有幫助。接著我也想追問 Raul 關於領導層變動的評論。你是否明確感覺到，例如，agentic 需要一些不同的技能組合等等，因此在領導層面可能——可能存在一些機會？

But what about just regular staffing and developing skills of the organization generally. Is that something you can do organically? Or should we look for you to look outside, whether it be acquisition or increased hiring and associated churn. I'm wondering how to think about that component of management?

但如果只是一般的人力配置，以及整體組織技能的培養呢。這是你們可以透過內生成長來做到的嗎？還是我們應該預期你們會向外尋找，不論是透過併購或增加招募以及伴隨的流動率。我想知道該如何看待管理層面這一塊？

Yes. No, that's a great question. And you know what's interesting is in this calendar year, we have gone from thinking about engaging with a customer, with a mindset of discovery taking three to six months, prototyping 6 to 12 months, deployment at month 12 and beyond. Those have now been cut down to days and weeks and the ability for people to think differently, to move beyond best practices of yesterday move on and not be burdened by what used to be a great way of building things like Agile.

是的。不，這是個很好的問題。而且有趣的是，在這個曆年裡，我們對於與客戶互動的想法已經改變了：以探索為導向的階段原本需要三到六個月，原型開發需要 6 到 12 個月，部署在第 12 個月及之後。現在這些都縮短到幾天到幾週；人們能以不同方式思考，超越昨日的最佳實務，向前邁進，而不再被過去曾經很棒的建置方式（例如敏捷 Agile）所束縛。

It's a completely different mindset. We are all going through this. We are all discerning how our teams are across every company, and we are taking lessons learned in terms of what makes a great AI player and trying to put those tools in that training in the hands of every single employee that we have. Now having said that, some will make it, some will not.

這是一種完全不同的思維模式。我們都正在經歷這件事。我們都在辨識各家公司團隊的狀況，並就「什麼造就優秀的 AI 參與者」汲取經驗教訓，嘗試把那些工具與訓練交到我們每一位員工手上。不過話說回來，有些人會跟上，有些人不會。

But I also believe that an organic non-M&A approach where you are selecting players in a very thoughtful manner is absolutely the best approach. The skills, the mix of collaboration, the mix of being able to own an outcome, the mix of being able to work in much smaller but faster teams, that is a different combination.

但我也相信，以內生、非併購（non-M&A）的方式，並以非常審慎的方法挑選人才，絕對是最佳途徑。所需技能——協作能力的組合、能夠對成果負責的組合、能在更小但更快的團隊中工作的組合——這是一種不同的搭配。

And frankly, we have some of those people. And if we don't, we're going to try to retrain our people. And if we don't -- aren't able to do that, we will aggressively recruit those people. So I think it's a complexity of this moment in time in the transformation that both provides as an opportunity and the challenge of finding the right skills, the right players in the right places to take advantage of that opportunity.

坦白說，我們已經有一些這樣的人。如果沒有，我們會嘗試重新訓練我們的人才。如果我們——無法做到，我們就會積極招募這些人。所以我認為，這個轉型時點的複雜性，同時帶來機會，也帶來挑戰：要在正確的位置找到具備正確技能、正確特質的人，才能把握這個機會。

Rod Bourgeois, DeepDive Equity Research.

Rod Bourgeois，DeepDive Equity Research。

I want to ask about how AI is impacting data center activities and spending priorities and how this is affecting your demand you had IBM get hit by clients shifting their spending priorities. You've got enterprises trying to optimize their token usage and wanting to work across multiple AI model types -- and so there's a lot of shifting happening with data center priorities, it seems.

我想問 AI 如何影響資料中心的活動與支出優先順序，以及這如何影響你們的需求；你們看到 IBM 因客戶調整支出優先順序而受到衝擊。企業也在嘗試最佳化其 token 使用量，並希望能跨多種 AI 模型類型運作——因此看起來資料中心的優先順序正在發生很多轉移。

Should those trends be helpful to you? Or is some of the weakness in your discretionary demand in GIS related to those shifting priorities? Help us sort that out because it might also be an opportunity as you roll out Oasis to address some of those railing trends?

這些趨勢對你們應該是有利的嗎？還是你們在 GIS 的可選性需求疲弱，有一部分與這些優先順序的轉移有關？請幫我們釐清，因為當你們推出 Oasis 來因應其中一些趨勢時，這也可能是一個機會？

Yes. No, you're totally right there. And I think the dynamics that I have viewed that I have spoken to customers about is that as they are making decisions, their management team, their boards are asking extra questions with regards to, is this the right technical approach? Is there enough a genic in this solution how long is the solution going to have a useful life? Those questions are absolutely smart needed and should be asked that those questions do introduce delay in decision-making.

是的。不，你說得完全正確。我認為我所觀察到、也與客戶討論過的動態是：當他們在做決策時，他們的管理團隊與董事會會提出更多問題，例如：這是否是正確的技術路徑？這個解決方案是否有足夠的 agentic 成分？這個解決方案的有效使用壽命會有多長？這些問題絕對是聰明、必要且應該被提出的；但這些問題確實會讓決策出現延遲。

I think that that is something that will dissipate over time as those questions at cycle time become shorter. And as more proof points are deployed and people can point to real returns and they can move more quickly to saying yes to the new kind of genic products.

我認為，隨著時間推移，當這些問題在每個週期所需時間變短時，這種情況會逐漸消散。而且當更多驗證案例被部署，人們能指向實際回報時，他們就能更快地對新型的 agentic 產品說「是」。

Now I think, clearly, our whole sector has been impacted by a macro shift in spend and focus on kind of the infrastructure side. But the other point that you made about complexity, complexity drives the need for DXC and others more than ever because that complexity, meaning to understand how to optimize architecture, tokens, harnessing, where you use what model -- that is a real time, you only know it if you're doing it, and we are doing it.

現在我認為，很明顯，我們整個產業都受到支出與焦點在宏觀上轉向偏基礎設施面的影響。但你提到的另一點——複雜性——複雜性比以往任何時候都更驅動對 DXC 以及其他公司的需求；因為這種複雜性，意指要理解如何最佳化架構、tokens、如何編排（harnessing）、在哪裡用哪一種模型——這是即時性的，你只有在實作中才會知道，而我們正在做。

And so I do believe medium to long term, it's a huge upside for us. because we're in the middle of solving these for a small set of customers but that small set of customers and those proof points are going to be very valuable to us as we scale. And frankly, as we have deployable multilingual certified FTE town.

因此我確實相信，中長期來看，這對我們是巨大的上行空間。因為我們正處於為一小部分客戶解決這些問題的過程中，但那一小部分客戶與那些驗證案例，將在我們擴大規模時對我們非常有價值。而且坦白說，當我們擁有可部署的多語系、經認證的 FTE 人才庫時。

Makes sense. I'm getting some follow-up questions. Just about GIS margin situation. So the margins are quite low. I mean, even relative to history, what's the main driver of improving those margins during -- so what's the main reason they're down? And what's the main driver of getting them up as the year progresses?

了解。我有一些追問。主要是關於 GIS 的利潤率狀況。所以利潤率相當低。我的意思是，即使相較於歷史水準也是如此；在——所以利潤率下滑的主要原因是什麼？而隨著年度推進，推動利潤率回升的主要動能又是什麼？

Yes, Rod, it's Rob. So in the first quarter, the revenue decline is the main driver of the decline in margins. First quarter is normally seasonally low, but the revenue performance in the quarter drove the margin down below where we expected.

是的，Rod，我是 Rob。所以在第一季，營收下滑是利潤率下滑的主要驅動因素。第一季通常具有季節性低迷，但本季的營收表現使利潤率降到低於我們預期的水準。

Now going forward, we have two main factors, which are going to drive the improvement. The first is the improvement in revenue performance throughout the year. That is a significant driver.

接下來，我們有兩個主要因素將推動改善。第一個是全年營收表現的改善。這是一個重要的驅動因素。

And second is just progress on our cost reduction road map or cost takeout roadmap. And we do typically have that normally builds as we progress throughout the year, and we expect that to happen again this year. And as I mentioned earlier, we expect to exit the year at margins that are similar to last year's.

第二個就是我們成本降低路線圖（cost reduction road map）或成本削減路線圖（cost takeout roadmap）的進展。而且通常這會隨著年度推進而逐步累積，我們預期今年也會再次如此。如我先前提到的，我們預期在年底時的利潤率將與去年相近。

And that concludes our question-and-answer session. I would now like to turn the conference back over to Roger Sachs for closing comments.

以上結束我們的問答環節。接下來我想把會議交回給 Roger Sachs，請他做結語。

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

感謝各位今天加入我們。謝謝大家持續的支持，我們期待在下個季度再次與各位交流。

This concludes today's conference call. Thank you for your participation, and you may now disconnect.

今天的電話會議到此結束。感謝各位的參與，您現在可以掛線。