Everforth, Inc. (EFOR) 2025 Q3 法說會逐字稿

Greetings and welcome to the ASGN Incorporated third-quarter 2025 earnings call. (Operator Instructions)

各位好，歡迎參加 ASGN Incorporated 2025 年第三季財報電話會議。(接線員指示)

It is now my pleasure to introduce your host, Kimberly Esterkin of Investor Relations. Thank you. You may begin.

現在很榮幸為各位介紹本次會議主持人：投資人關係部的 Kimberly Esterkin。謝謝。您可以開始了。

Good afternoon. Thank you for joining us today for ASGN's third-quarter 2025 conference call. With me are Ted Hanson, Chief Executive Officer; Shiv Iyer, President; and Marie Perry, Chief Financial Officer. Before we get started, I would like to remind everyone that our commentary contains forward-looking statements. Although we believe these statements are reasonable, they are subject to risks and uncertainties, and as such, our actual results could differ materially from those statements.

各位下午好。感謝各位今天參加 ASGN 2025 年第三季電話會議。與我一同出席的有：執行長 Ted Hanson、總裁 Shiv Iyer，以及財務長 Marie Perry。在開始之前，我想提醒各位，我們的評論包含前瞻性陳述。雖然我們認為這些陳述是合理的，但其仍受風險與不確定性影響，因此我們的實際結果可能與這些陳述存在重大差異。

Certain of these risks and uncertainties are described in today's press release and in our SEC filings. We do not assume any obligation to update statements made on this call. For your convenience, our prepared remarks and supplemental materials can be found in the Investor Relations section of our website at investors.asgn.com.

其中部分風險與不確定性已在今日新聞稿及我們向 SEC 提交的文件中說明。我們不承擔更新本次電話會議中所作陳述的任何義務。為方便各位，我們的事先準備講稿與補充資料可於我們網站 investors.asgn.com 的投資人關係專區查閱。

Please also note that on this call, we will be referencing certain non-GAAP measures, such as adjusted EBITDA, adjusted net income, and free cash flow. These non-GAAP measures are intended to supplement the comparable GAAP measures. Reconciliations between GAAP and non-GAAP measures are included in today's press release.

也請注意，本次電話會議將引用若干非 GAAP 指標，例如調整後 EBITDA、調整後淨利以及自由現金流。這些非 GAAP 指標旨在補充可比較的 GAAP 指標。GAAP 與非 GAAP 指標之間的調節表已包含於今日新聞稿中。

I will now turn the call over to Ted Hanson, Chief Executive Officer.

接下來我將把電話交給執行長 Ted Hanson。

Thank you, Kim, and thank you for joining ASGN's third-quarter 2025 earnings call. ASGN delivered solid performance in the third quarter, with revenues reaching $1.01 billion and adjusted EBITDA margin of 11.1%. both at the high end of our guidance ranges. Our IT consulting business continues to be a key growth driver, representing approximately 63% of total revenues in the third quarter, up from 58% in the same period last year.

謝謝 Kim，也感謝各位參加 ASGN 2025 年第三季財報電話會議。ASGN 在第三季交出穩健表現，營收達 10.1 億美元，調整後 EBITDA 利潤率為 11.1%，兩者皆位於我們指引區間的高端。我們的 IT 顧問服務業務持續成為主要成長動能，第三季約占總營收的 63%，高於去年同期的 58%。

Commercial consulting bookings totaled $324 million, translating to a book-to-bill of 1.2 times on a trailing 12-month basis. While bookings remain weighted towards renewals, we are seeing the volume of new wins grow as we take on more complex multi-capability engagements and assessment projects.

商業顧問服務接單金額合計 3.24 億美元，換算為過去 12 個月的接單/出帳比（book-to-bill）為 1.2 倍。雖然接單仍以續約為主，但隨著我們承接更多複雜的多能力整合型專案與評估專案，新案得標量正逐步增加。

In our Federal segment, new contract awards totaled $461 million for the third quarter, or a booked bill of 1 times on a trailing 12-month basis, and 1.5 times for the quarter. As anticipated, bookings increased in the third quarter, coinciding with the end of the government fiscal year. Federal contract backlog was approximately $3.1 billion at quarter end, or a coverage ratio of 2.6 times the segment's trailing 12-month revenues.

在聯邦業務部門，第三季新合約得標金額合計 4.61 億美元，過去 12 個月的接單/出帳比為 1.0 倍，而單季為 1.5 倍。如先前預期，第三季接單增加，與政府會計年度結束時間點相吻合。截至季末，聯邦合約在手訂單約為 31 億美元，覆蓋比率為該部門過去 12 個月營收的 2.6 倍。

Although IT spending levels remain steady quarter to quarter, our Commercial and Government clients continue to acknowledge the importance of executing their key initiatives despite macroeconomic conditions. Strong quarterly bookings reflect the demand across our client base, and ongoing investment in AI highlights a significant commitment to digital advancement.

儘管 IT 支出水準各季大致持平，我們的商業與政府客戶仍持續認同：即便在總體經濟環境影響下，推動其關鍵計畫的落地仍至關重要。強勁的單季接單反映出我們客戶群的廣泛需求，而對 AI 的持續投資也凸顯其對數位化進展的重大承諾。

Reflecting upon this ongoing trend, ISG highlighted on their third-quarter 2025 index call that AI spending is not merely a passing fad, but a fundamental replatforming of enterprise technology. We are witnessing this firsthand as we deploy a growing number of AI use cases on behalf of our client base and are witnessing an increasing volume of data and cloud initiatives blowing through our pipeline as clients prepare for their next phases of digital and AI growth.

呼應這一持續趨勢，ISG 在其 2025 年第三季指數電話會議中指出，AI 支出不僅不是短暫風潮，而是企業科技的根本性平台重構。我們正親身見證此一趨勢：我們代表客戶部署的 AI 使用案例數量持續增加，同時也看到更多資料與雲端計畫大量湧入我們的商機管道，因客戶正為下一階段的數位與 AI 成長做準備。

That said, even with this continued drive towards AI, the path to enterprise-wide AI adoption is not without its challenges. Organizational readiness and operational governance remain hurdles as companies work to streamline and integrate these new technologies into their stacks. In addition, many commercial enterprises and government agencies lack the skills and engineering talent needed to successfully deploy AI.

話雖如此，即便 AI 推進力道持續，邁向企業全面採用 AI 的道路仍非毫無挑戰。當企業致力於精簡並將這些新技術整合進其技術堆疊時，組織準備度與營運治理仍是主要障礙。此外，許多商業企業與政府機關缺乏成功部署 AI 所需的技能與工程人才。

This reality is driving greater reliance on IT service partners like ASGN that can offer the breadth and depth of capabilities needed. On the topic of specialized skill sets, we are actively tracking the potential changes to the [H-1B's] application process and believe that any changes to the process will be an incremental positive to ASGN.

這樣的現實正促使客戶更依賴像 ASGN 這類 IT 服務合作夥伴，以提供所需的廣度與深度能力。談到專業技能組合，我們正積極追蹤 [H-1B's] 申請流程可能出現的變化，並相信任何流程變更都將為 ASGN 帶來增量正面效益。

To further illustrate the demand for our expertise, I'd like to turn the call over to our president, Shiv Iyer.

為了進一步說明市場對我們專業能力的需求，我想把電話交給我們的總裁 Shiv Iyer。

Thanks, Ted. It's great to speak with everyone this afternoon. Let me begin with an overview of our Commercial segment industries. Our consumer and industrial accounts saw the greatest improvement in the third quarter, posting mid-teens growth year over year. This strong performance was driven by gains across our materials, utilities, industrial, consumer discretionary, and consumer staples clients.

謝謝 Ted。很高興今天下午能與各位交流。我先從商業部門的產業概況談起。第三季我們的消費與工業類客戶改善幅度最大，年增率達到十位數中段。這項強勁表現主要來自我們在材料、公用事業、工業、非必需消費品與必需消費品客戶的全面成長。

Healthcare was our second-best performing industry, up high single digits as compared to the year ago due to double-digit growth amongst our healthcare provider, pharmaceutical, and biotech clients. Financial services, TMT, and business services all experienced year-over-year declines. Looking sequentially, we saw growth in three of our five commercial industries.

醫療保健是我們表現第二佳的產業，較去年同期成長高個位數，主要因我們的醫療服務提供者、製藥與生技客戶呈現雙位數成長。金融服務、TMT 與商業服務則皆出現年減。若以季比來看，我們五個商業產業中有三個呈現成長。

The healthcare industry saw the largest sequential growth and was led by our provider clients. Consumer and industrial accounts also posted modest sequential gains driven by our work with utility materials and consumer staples customers. In TMT, growth was supported by our e-commerce group as well as incremental gains in telecom, hardware, and equipment accounts.

醫療保健產業的季比成長幅度最大，主要由我們的醫療服務提供者客戶帶動。消費與工業類客戶也呈現溫和的季比增長，主要來自我們與公用事業材料及必需消費品客戶的合作。在 TMT 方面，成長由我們的電商團隊支撐，並且在電信、硬體與設備客戶上也有增量成長。

Beyond these three industries, we continue to watch financial services closely as these customers are some of the largest spenders on IT. While our financial services revenues declined from the second quarter, new wins for the industry outpaced renewals in Q3, which much of this work is slated to begin in Q4.

除上述三個產業外，我們也持續密切關注金融服務，因這些客戶是 IT 支出最大的族群之一。雖然我們的金融服務營收較第二季下滑，但第三季該產業的新案得標超過續約，且其中多數工作預計將於第四季開始。

In our Federal segment, we track our revenues across four customer types, which are defense and intelligence, national security, civilian, and other clients. In the third quarter, defense, intelligence, and national security accounts comprised approximately 70% of our total Government revenues. Notably, national security revenues improved 12% year over year, driven by our work with the Department of Homeland Security.

在聯邦業務部門，我們依四類客戶型態追蹤營收，分別為國防與情報、國家安全、民用，以及其他客戶。第三季，國防、情報與國家安全客戶約占我們政府業務總營收的 70%。值得注意的是，國家安全營收年增 12%，主要由我們與國土安全部的合作所帶動。

Looking ahead, were encouraged by the future of our Federal segment, particularly due to the increased defense budget under the One Big Beautiful Bill, as well as the strong quarterly bookings that Ted highlighted earlier. Also of note, given the mission-critical nature of the work we perform, the government shutdown today has had an immaterial impact on our operations. That said, we continue to stay very close to our clients and monitor what is a very dynamic situation.

展望未來，我們對聯邦業務部門的前景感到鼓舞，特別是因「One Big Beautiful Bill」帶來的國防預算增加，以及 Ted 先前提到的強勁單季接單。另外值得一提的是，鑑於我們所執行工作的任務關鍵性，今日政府停擺對我們營運的影響並不重大。儘管如此，我們仍會與客戶保持密切聯繫，並持續監控這個高度動態的情勢。

Let's now turn to our solutions capabilities. For the quarter, we saw an increase in projects focused on data and AI, application development and engineering, customer experience, and cybersecurity. I'd like to share a few examples of each, beginning with our data and AI work. For a Fortune 500 managed care organization, we partnered to develop a centralized data supply chain platform, leveraging Databricks, AWS, Snowflake, and MongoDB.

接著談我們的解決方案能力。本季我們看到聚焦於資料與 AI、應用程式開發與工程、客戶體驗以及資安的專案增加。我想分別分享幾個例子，先從資料與 AI 的工作開始。針對一家《財富》500 大的管理式醫療組織，我們合作開發集中式資料供應鏈平台，運用 Databricks、AWS、Snowflake 與 MongoDB。

Through this engagement, not only did we modernize our clients' core data capabilities; we also laid the groundwork for advanced AI and machine learning workflows that will enable our client to offer smarter, faster, and more efficient healthcare delivery. Our deep expertise in platforms like Databricks and Snowflake, along with our ability to tailor these solutions to each client's unique environment, truly sets ASGN apart in the marketplace.

透過這項合作，我們不僅現代化了客戶的核心資料能力；也為進階 AI 與機器學習工作流程奠定基礎，使客戶能提供更智慧、更快速且更高效率的醫療服務交付。我們在 Databricks 與 Snowflake 等平台上的深厚專業，加上能依各客戶獨特環境量身打造解決方案的能力，確實讓 ASGN 在市場上脫穎而出。

Additionally, our suite of AI-embedded developer productivity tools created for specific industry use cases provides a competitive edge. For example, when a global privately held hospitality company sought to modernize its loyalty application, our AI accelerators shortened the discovery phase by 25% and captured 40% more of the project's detailed requirements than traditional manual methods. This approach reduced project risk and laid a solid foundation for faster modernization of the new loyalty application.

此外，我們為特定產業使用情境打造、內嵌 AI 的開發者生產力工具套件，提供了競爭優勢。例如，當一家全球性的私人持有飯店與旅宿公司希望將其會員忠誠度應用程式現代化時，我們的 AI 加速器將探索（discovery）階段縮短了 25%，並且相較於傳統人工方法，多捕捉了 40% 的專案詳細需求。此一作法降低了專案風險，並為新忠誠度應用程式更快速的現代化奠定了穩固基礎。

We're also building accelerators and custom AI solutions for our Government clients. In the third quarter, we secured an extension with DHS to continue supporting the agency's enterprise data warehouse. Our team provides a range of data engineering, data science, and data analytics capabilities to DHS and is leveraging both Commercial and our own custom-built AI solutions to advance DHS's mission-critical initiatives.

我們也正在為政府客戶建置加速器與客製化 AI 解決方案。在第三季，我們取得了與 DHS 的延約，以持續支援該機構的企業資料倉儲。我們的團隊為 DHS 提供一系列資料工程、資料科學與資料分析能力，並同時運用商用與我們自建的客製化 AI 解決方案，推進 DHS 的關鍵任務計畫。

Our data and AI work is closely aligned with the work we're conducting in our application development and engineering space. As an example, The FBI's Information Technology Supplies and Support Services Contract, a re-compete won during the third quarter, we're delivering enterprise-scale software development and application modernization services to help the FBI accelerate DNA analytics delivery across federal, state, and international partners.

我們在資料與 AI 的工作，與我們在應用程式開發與工程領域所進行的工作緊密對齊。例如，FBI 的「資訊科技供應與支援服務」合約在第三季重新競標並由我們得標；我們正提供企業級軟體開發與應用程式現代化服務，協助 FBI 加速 DNA 分析能力在聯邦、州與國際合作夥伴間的交付。

On the Commercial side, with a leading US crop insurance provider, we secured our largest application engineering services contract to date. Our selection was based on our deep industry experience, proven accelerators for legacy modernization, and cost optimization through a blend of onshore, nearshore, and offshore delivery. This three-year contract will modernize policy administration claims and customer engagement platforms, enabling real-time data access and insights that enhance underwriting accuracy, claims efficiency, and customer experience.

在商業端，與一家美國領先的農作物保險供應商合作，我們拿下了迄今規模最大的應用工程服務合約。我們之所以獲選，係基於我們深厚的產業經驗、經驗證的舊系統現代化加速器，以及透過岸上、近岸與離岸交付的組合來進行成本最佳化。這份為期三年的合約將現代化保單管理、理賠與客戶互動平台，使其能即時存取資料並取得洞察，進而提升核保精準度、理賠效率與客戶體驗。

Using AI to reinvent customer experience represents a growing area within our creative digital solutions portfolio. For a Fortune 250 pharmaceutical company, we're leading a full-scale transformation of their in-house agency, reimagining how customer experience is delivered globally. Using our in-house agency excellence framework, we embedded Adobe-powered, personalized, and AI-driven operations into their workflows, combining translation, reasoning, and execution with human strategy and creativity.

運用 AI 重新打造客戶體驗，是我們創意數位解決方案產品組合中一個持續成長的領域。針對一家《財富》250 大製藥公司，我們正主導其內部代理機構的全面轉型，重新想像如何在全球交付客戶體驗。透過我們的內部代理卓越框架，我們將由 Adobe 驅動的個人化與 AI 驅動的營運嵌入其工作流程，把翻譯、推理與執行與人類的策略與創意相結合。

This project is one of our many customer experience projects that demonstrate, in the AI era, human creativity isn't replaced. It's amplified with AI. Just as we help our clients elevate their own customer experiences, we do strive to provide the highest level of service to our clients. This approach often helps us outpace the competition during the proposal process.

此專案是我們眾多客戶體驗專案之一，證明在 AI 時代，人類創意並不會被取代。而是透過 AI 被放大。正如我們協助客戶提升其客戶體驗一樣，我們也致力於為客戶提供最高水準的服務。這種作法往往能幫助我們在提案流程中超越競爭對手。

For example, our cloud and infrastructure team recently replaced a longstanding incumbent as the new Level 3 network support for a Fortune 500 athletic footwear and apparel company. Our deep understanding of this client's business needs was the key differentiator during the selection process. Now as this retail's highest level network support, our team of network engineers are responsible for everything from network triage to strategic decisions and network optimization across the company's distribution centers, stores, and headquarters.

例如，我們的雲端與基礎設施團隊近期取代了長期既有供應商，成為一家《財富》500 大運動鞋服公司新的第 3 級網路支援。我們對該客戶業務需求的深刻理解，是遴選過程中的關鍵差異化因素。如今作為該零售商最高層級的網路支援，我們的網路工程師團隊負責從網路分流處置（triage）到策略決策，以及在公司配送中心、門市與總部的網路最佳化等各項工作。

Similarly, broader network protection or cybersecurity remains in demand across our client base, particularly among our Federal Government customers. In the third quarter, we want to re-compete contract with the US House of Representatives to support their 24/7 security operations team. As the House's first line of defense, our teams provide real-time network security monitoring, endpoint detection and analysis, and cyber incident response and reporting for more than 20,000 geographically dispersed endpoints.

同樣地，更廣泛的網路防護或資安需求在我們的客戶群中仍然強勁，尤其是在聯邦政府客戶之中。在第三季，我們贏得了與美國眾議院的合約重新競標，以支援其 24/7 安全營運團隊。作為眾議院的第一道防線，我們的團隊為超過 20,000 個地理位置分散的端點提供即時網路安全監控、端點偵測與分析，以及資安事件回應與通報。

These are just a few of the many projects our Commercial and Government teams secured over the past three months. The breadth of this work underscores our deep industry expertise and engineering capabilities. It also highlights the growing strength of our ecosystem and alliance partnership, all of which position our business for continued growth.

以上僅是過去三個月中，我們商業與政府團隊所取得眾多專案的一部分。這些工作的廣度凸顯了我們深厚的產業專業與工程能力。同時也展現了我們生態系與聯盟夥伴關係日益增強的實力，這些都使我們的業務具備持續成長的有利條件。

With that, I'll turn the call over to our CFO, Marie Perry, to discuss ASGN's third-quarter segment performance and fourth-quarter guidance.

接下來，我把電話交給我們的財務長 Marie Perry，請她說明 ASGN 第三季各事業部門表現與第四季財測指引。

Thanks, Shiv. For the third quarter, revenues totaled $1.01 billion. a decrease of 1.9% year over year, but at the top end of our guidance expectations. Revenues from our Commercial segment were $711.3 million, a decrease of 1% compared to the prior year. Assignment revenues totaled $376.4 million, a decrease of 13.2% year over year, reflecting continued softness in portions of our Commercial segment that are more sensitive to changes in macroeconomic cycles.

謝謝你，Shiv。第三季營收合計 10.1 億美元，年減 1.9%，但落在我們指引預期的上緣。商業事業部門營收為 7.113 億美元，較去年同期下降 1%。派遣（Assignment）營收合計 3.764 億美元，年減 13.2%，反映出我們商業事業部門中對總體經濟循環變化較敏感的部分仍持續疲弱。

Revenue from our Commercial consulting, the largest of our high-margin revenue streams, totaled $334.9 million, an increase of 17.5% year over year. Excluding TopBloc, which we acquired in March of 2025, consulting revenues improved mid-single digits year-over-year. Revenues from our Federal Government segment were $300.1 million, a decrease of 3.9% year over year.

商業顧問服務（Commercial consulting）營收為 3.349 億美元，作為我們高毛利營收來源中規模最大的一項，年增 17.5%。若排除我們於 2025 年 3 月收購的 TopBloc，顧問服務營收年增為中個位數。聯邦政府事業部門營收為 3.001 億美元，年減 3.9%。

Turning to margins, gross margin for the third quarter of 2025 was 29.4%, an increase of 30 basis points from the third quarter of last year. Gross margins for our Commercial segment was 33.2%, up 40 basis points year over year, reflecting higher mix of consulting revenues. Gross margin from our Federal Government segment was 20.3%, a decline of 40 basis points year over year due to the loss of higher-margin work related to DOGE and the completion of certain projects.

接著談毛利率，2025 年第三季毛利率為 29.4%，較去年第三季增加 30 個基點。商業事業部門毛利率為 33.2%，年增 40 個基點，反映顧問服務營收占比提高。聯邦政府事業部門毛利率為 20.3%，年減 40 個基點，原因在於與 DOGE 相關的高毛利工作流失，以及部分專案結案。

SG&A for the quarter was $212.2 million compared to $207.5 million in the third quarter of 2024. SG&A expenses included $4.2 million in acquisition, integration, and strategic planning expenses. These items were not included in our previously announced guidance estimates.

本季 SG&A（銷售、一般及行政費用）為 2.122 億美元，較 2024 年第三季的 2.075 億美元增加。SG&A 費用包含 420 萬美元的收購、整合與策略規劃費用。上述項目未納入我們先前公布的指引估計。

For the third quarter, net income was $38.1 million, adjusted EBITDA was $112.6 million, and adjusted EBITDA margin was 11.1%. Also at quarter end, cash and cash equivalents were $126.5 million and we had approximately $460 million available on our $500 million senior secured revolver. Our net leverage ratio was 2.4 times at the end of the quarter. Our strong free cash flow provides a strategic advantage that enables ASGN to fund growth initiatives, invest in strategic M&A, and opportunistically repurchase shares, all while maintaining a healthy balance sheet.

第三季淨利為 3,810 萬美元，調整後 EBITDA 為 1.126 億美元，調整後 EBITDA 利潤率為 11.1%。此外，季末現金及約當現金為 1.265 億美元，並且在 5 億美元的優先擔保循環信貸額度下，約有 4.6 億美元可用。季末淨槓桿比率為 2.4 倍。我們強勁的自由現金流帶來策略優勢，使 ASGN 能在維持健康資產負債表的同時，為成長計畫提供資金、投資策略性併購，並伺機回購股票。

Free cash flow was $72 million for the third quarter, a conversion rate of approximately 64% of adjusted EBITDA, well within our target of 60% to 65% conversion. We deployed roughly $46 million of our free cash flow to repurchase 0.9 million shares at an average share price of $51.46. At quarter end, we had approximately $423 million remaining under our $750 million share repurchase authorization.

第三季自由現金流為 7,200 萬美元，約為調整後 EBITDA 的 64% 轉換率，完全落在我們 60% 至 65% 的目標轉換區間內。我們運用約 4,600 萬美元自由現金流，以每股平均 51.46 美元回購 90 萬股。

Turning to guidance, our financial estimates for the fourth quarter of 2025 are set forth in our earnings release and supplemental materials. These estimates are based on current market conditions and assumes no further deterioration in the markets we serve. In addition, estimates do not include any acquisition, integration, and strategic planning expenses.

接著談指引，我們對 2025 年第四季的財務估計已載於新聞稿與補充資料中。這些估計係基於目前市場狀況，並假設我們所服務的市場不再進一步惡化。此外，估計亦未包含任何收購、整合與策略規劃費用。

Guidance also assumes 61 billable days in the fourth quarter, which is the same number of billable days as the year-ago period and 2.5 days fewer than the third quarter. We typically see larger sequential decline in billable days between the third and the fourth quarter due to holidays. The fourth quarter has the lowest number of quarterly billable days.

指引亦假設第四季有 61 個可計費工作日，與去年同期相同，且較第三季少 2.5 天。由於假期因素，我們通常會在第三季與第四季之間看到可計費工作日出現較大的季對季下降。第四季是一年中季度可計費工作日最少的季度。

In terms of our business segment, on a same-billable-day basis, our estimates assume a slight sequential improvement in our Commercial segment from the third to the fourth quarter. The Federal Government segment estimates assume some caution due to uncertainty around the end of the government shutdown. With that as background, for the fourth quarter 2025, we are estimating revenues of $960 million to $980 million, net income of $32.1 million to $35.7 million, adjusted EBITDA of $102 million to $107 million, and adjusted EBITDA margin of 10.6% to 10.9%.

就我們的業務分部而言，以相同可計費日（same-billable-day）為基礎，我們的估計假設商業（Commercial）分部自第三季至第四季將出現輕微的連續改善。聯邦政府（Federal Government）分部的估計則因政府停擺結束時間的不確定性而採取較為審慎的假設。在此背景下，針對2025年第四季，我們預估營收為9.60億至9.80億美元，淨利為3,210萬至3,570萬美元，調整後EBITDA為1.02億至1.07億美元，調整後EBITDA利潤率為10.6%至10.9%。

Thank you. I'll now turn the call back over to Ted.

謝謝。我現在把電話交回給Ted。

Thanks, Marie. As we progress through the final quarter of 2025, I'm genuinely excited about the path ahead and eager to share more about our vision for sustainable growth and long-term value creation. On November 20, we'll be hosting an Investor Day in New York City, where we'll offer an in-depth look at our strategy and unveil new three-year financial targets. I encourage you to listen to the webcast and hear directly from our expanded leadership team about the next phase of our growth journey. A link to register for the webcast is available on our Investor Relations website.

謝謝你，Marie。隨著我們邁入2025年的最後一季，我對前方的道路感到非常振奮，也期待分享更多我們對可持續成長與長期價值創造的願景。11月20日，我們將在紐約市舉辦投資人日（Investor Day），屆時將深入介紹我們的策略，並公布新的三年期財務目標。我鼓勵各位收聽網路直播，直接聽取我們擴大的領導團隊分享下一階段的成長旅程。網路直播的註冊連結已公布於我們的投資人關係網站。

This concludes our prepared remarks. I want to express my deep gratitude to every one of our employees for your steadfast dedication throughout this past quarter. Your hard work has been instrumental in strengthening our client partnerships and driving our continued move into high-value technology and engineering solutions.

以上為我們預先準備的發言。我想對每一位員工在過去這一季的堅定投入表達由衷的感謝。各位的辛勤付出對於強化我們的客戶夥伴關係，以及推動我們持續邁向高價值的科技與工程解決方案，至關重要。

With that, we'll open the call to questions.

接下來，我們將開放提問。

(Operator Instructions) Jeff Silber, BMO Capital Markets.

（接線員指示）Jeff Silber，BMO Capital Markets。

Thank you so much. This is Ryan on for Jeff. Just wanted to dig a little bit more into the H-1B situation, particularly what gives you the confidence that you're a beneficiary there, and how do you see the situation evolving in coming months based on just your conversations with clientele? Thank you.

非常感謝。我是Ryan，代替Jeff提問。我想再深入了解一下H-1B的情況，特別是什麼讓你們有信心認為自己會是受益者？另外，根據你們與客戶的對話，你們如何看待未來幾個月情勢的演變？謝謝。

Ryan, thank you for the question. I think, from our standpoint, almost all of our delivery is onshore, nearshore. We have very little presence, where most of the H-1Bs are coming from in India. At the end of the day, anything that tightens a program, whether it's enforcing all the regulations the right way, maybe making the program a little smaller and tougher to get in, increasing the fee, which ultimately would tighten the program, all those put a focus back on onshore and nearshore technical skill capabilities. And that's really where we sit.

Ryan，謝謝你的問題。我想，從我們的角度來看，我們幾乎所有的交付都在岸內（onshore）與近岸（nearshore）。我們在印度（多數H-1B來源地）的布局非常有限。歸根結底，任何收緊該計畫的措施——不論是更正確地執行所有法規、讓計畫規模更小且更難取得、提高費用（最終也會收緊計畫）——都會讓焦點回到岸內與近岸的技術技能能力。而那正是我們所處的位置。

So we're at the intersection there, and I think it just makes our services that much more important to the client without diminishing anything, if you will, on the other side. And the other side of this, at the end of the day, is better enforcement of those regulations is going to create also pricing improvements because a lot of the things that are going on there in terms of the way the program is used to skirt certain situations where the client would want to pay a prevailing bill rate. Again, it just highlights our services and our core capabilities.

因此我們正位於這個交會點上，我認為這會讓我們的服務對客戶而言更為重要，同時也不會貶低另一端的任何價值。此外，從長遠來看，更嚴格地執行這些法規也會帶來定價改善，因為目前該計畫在使用方式上存在一些情況，會被用來規避某些情境，使客戶不必支付市場通行的計費費率（prevailing bill rate）。總之，這再次凸顯了我們的服務與核心能力。

Great. Thank you very much. Just one more follow up on the Federal Government. I heard the comments that there's a little bit of caution factored into the fourth-quarter guidance. I was wondering if any of that is just any lingering DOGE stuff, or it's mostly just on the government shutdown and the longevity of that. Thank you.

了解。非常感謝。我還有一個關於聯邦政府的追問。我聽到你們提到第四季指引中納入了一些審慎因素。我想了解其中是否有任何部分是因為仍有一些DOGE相關因素，還是主要是因政府停擺及其持續時間所致？謝謝。

Yes, nothing on the DOGE side. I think it's just around the shutdown. The government shutdown does two things. One is certain non-essential activities get furloughed. And as we mentioned in the script, as Marie said, it's really immaterial to us right now at this point. But the other thing it does is slow down the cycle of new awards and the ability to ramp up on awards you've either just won or may win. And so I think all those things put together while we think it not a mid- or long-term blip but could cause some caution here in the near term.

是的，DOGE那邊沒有任何影響。我認為主要就是圍繞停擺。政府停擺會造成兩件事。第一是某些非必要活動會被要求停工（furloughed）。如同我們在講稿中提到的、Marie也說過的，就目前而言對我們的影響其實不大。但第二件事是，它會放慢新合約授予（new awards）的週期，以及你對剛拿下或可能拿下的案子進行擴編（ramp up）的能力。因此，我認為這些因素加總起來，雖然我們不認為這會是中長期的波動，但在短期內可能會帶來一些審慎。

Thank you.

謝謝。

Thank you.

謝謝。

Tobey Sommer, Truist Securities.

Tobey Sommer，Truist Securities。

Thank you. I'll start off by following up on that government shutdown question. Do you assume that the shutdown extends through the fourth quarter. And maybe more specifically, how long do you assume it lasts?

謝謝。我先延續剛才政府停擺的問題。你們是否假設停擺會延續到第四季？更具體地說，你們假設它會持續多久？

Well, we didn't really make an assumption on the length of it, Toby, but it did keep us from stretching in the forecast, if you will. So I don't think we -- because it's an immaterial impact at this point, we didn't cut numbers, if you will. But we did say this is not a quarter to stretch. So I think that's probably a better context for it.

嗯，Toby，我們其實沒有對其持續時間做出明確假設，但它確實讓我們在預測上不去「拉高」目標。所以我不認為我們——因為目前影響不大——有去下修數字。但我們確實表示，這不是一個適合把預測拉得很激進的季度。我想這樣的脈絡可能更貼切。

Sure. But immaterial at this point that it's the at this point part that we're interested in. Okay. Within Commercial consulting, which software implementation -- softwares are you implementing that are experiencing the best demand right now? Where -- when you look at your portfolio of services and how you map out against your customers and, frankly, the available software market in terms of implementations, where might you want to add capability to be able to participate in those other areas?

了解。不過「目前」影響不大——我們關注的是這個「目前」的部分。好的。在商業顧問（Commercial consulting）方面，就軟體導入而言——你們目前導入哪些軟體的需求最好？當你檢視你們的服務組合，並對照客戶需求，以及坦白說對照可導入的軟體市場時，你們可能會想在哪些領域補強能力，以便參與其他領域的機會？

It's a great question. So the areas that, as we called out in the script, we're seeing continued demand are in data and AI, clearly in things like Snowflake and Databricks where we're actually actively partnering. We continue to see active demand on some of our enterprise platforms. So you look at Workday with TopBloc or even with Glidefast and ServiceNow. We're seeing an uptick in demand in both of those areas.

這是個很好的問題。如同我們在講稿中提到的，我們看到需求持續存在的領域是在資料與AI，尤其是像Snowflake與Databricks這類，我們也正積極合作夥伴關係。我們也持續看到部分企業平台（enterprise platforms）的需求活躍。例如Workday（透過TopBloc，或透過Glidefast）以及ServiceNow。我們看到這兩個領域的需求都有所回升。

We see continued demand on the cloud side, both from a migration perspective as well as from a custom app development perspective. We continue to ramp up on our Salesforce capabilities because we do see Salesforce as an active player, both in the agentic world and also in the experience world. So Tobey, really, that's where we're seeing continued demand. So I think the partnership that we've lined up ourselves against are very much in line with where we see our clients continuing to invest in.

在雲端方面，我們也看到需求持續存在，無論是從遷移（migration）角度，或是從客製化應用程式開發（custom app development）角度。我們也持續擴大Salesforce能力，因為我們確實認為Salesforce在代理式（agentic）領域以及體驗（experience）領域都是活躍的參與者。所以Tobey，這些就是我們看到需求持續的方向。因此，我們所建立的合作夥伴關係，與我們看到客戶持續投資的方向非常一致。

And then just to anticipate your Investor Day but not steal all the thunder, a feature of the next several years, do you expect Commercial IT consulting to continue to be a larger percentage of total company sales and therefore a driver of margin expansion over time?

另外，為了先預告一下你們的投資人日、但不搶走所有重點，未來幾年的一個特徵是：你們是否預期商業IT顧問業務會持續占公司總營收更高的比重，並因此成為推動利潤率隨時間擴張的動能？

Absolutely. I think even if you look at this quarter, I mean, despite maybe a little contribution more in Federal towards the full quarter than we expected, slightly, and still the same state of affairs with high margin services like firm placement and creative. You saw our sequential margin here increase about 70 basis points, and that's really due the strength in Commercial consulting. And so I think that's been the driver margin, will continue to be the driver margin. It's going to be where we're allocating capital, obviously. We'll talk more about that in the Investor Day. So it's definitely an underlying pillar here of the strategic plan.

絕對是。我想即便你看本季，儘管聯邦政府業務對整季的貢獻可能比我們原先預期略高一些，同時高毛利服務（例如固定人力派遣與創意服務）的狀況仍大致相同，你仍看到我們的利潤率較前一季提升約70個基點，而這主要是因為商業顧問業務的強勁表現。因此，我認為它一直是推動利潤率的動因，也將持續是推動利潤率的動因。這也會是我們配置資本的方向，顯然如此。我們會在投資人日再多談一些。所以這確實是我們策略計畫中的一個核心支柱。

Thank you.

謝謝。

Thank you.

謝謝。

Jason Haas, Wells Fargo.

Jason Haas，富國銀行。

Hey, good afternoon. Thanks for taking my questions. There's been some headlines recently about companies not seeing a great ROI on many of the AI projects that they've undertaken. So I was curious if you could weigh in on that, if that's something you're hearing from your customers, and where can you help on that case? Where can you help? Where's the roadblock? What can you guys do to help companies see a better ROI on these projects? Thank you.

嗨，午安。謝謝讓我提問。最近有一些新聞標題提到，許多公司在他們推動的 AI 專案上沒有看到很好的投資報酬率（ROI）。所以我想請你談談這點：你們是否也從客戶那邊聽到類似情況？你們在哪些方面能協助？你們能在哪裡幫上忙？卡關點在哪裡？你們能做些什麼，幫助公司在這些專案上看到更好的 ROI？謝謝。

Look, I think there are multiple reasons why the ROI isn't materializing, right? So I think -- let me start by saying that we are hearing that, and clients are doing a lot of proofs of concepts and pilots around this. Almost 70% of what they're trying requires a deeper level of integration into their architectures. That's one. Second, many of them have challenges with the data and the way their data is lining up, right. The third is, it requires integration of these whatever they're doing with the workflows that they have, and the logic of these workflows typically sits within enterprise platforms.

你看，我認為 ROI 沒有實現有多個原因，對吧？所以我先說，我們確實有聽到這樣的反映，而客戶也在這方面做了很多概念驗證（POC）和試點。他們嘗試的事情中，將近 70% 需要更深層次地整合進他們的架構。這是第一點。第二，很多客戶在資料以及資料如何對齊方面有挑戰，對吧。第三，這需要把他們正在做的這些事情與既有工作流程及其邏輯整合，而這些工作流程的邏輯通常是建置在企業平台之內。

So our view on this is the fastest path to ROI at the moment with agentic AI and agents is really around harnessing the core capability of those platforms around which those workflows are built, right? Because despite all the marketing hype that you hear about end-to-end process automation and multi-platform AI orchestration, we're simply not seeing the returns on those things.

所以我們的看法是：就目前而言，使用代理式 AI（agentic AI）與代理（agents）達成 ROI 的最快途徑，確實是在於善用那些承載工作流程的平台的核心能力，對吧？因為儘管你會聽到很多關於端到端流程自動化與跨平台 AI 編排的行銷炒作，我們實際上並沒有看到那些事情帶來回報。

So really, the challenges are all around -- and of course, there's a big part of it also. It's technical talent. So the challenges for technical talent, the complexity of integrating these things into their architectures, data. And then the fourth thing is just the ability to make these work with complex workflows, the logic for which is embedded within the enterprise platform. So that's the fastest path to ROI in our opinion.

所以真正的挑戰都在於——當然，還有很大一部分也在於——技術人才。也就是技術人才的挑戰、把這些東西整合進他們架構的複雜度、以及資料。第四點則是：要讓這些東西能在複雜工作流程中運作，而其邏輯是嵌在企業平台裡的能力。所以在我們看來，這就是達成 ROI 的最快途徑。

Hey, thank you. That's great color. Sounds like a great opportunity. And then as a follow up, I wanted to switch over to the Federal Government segment. Sounds like there's some moving pieces there with the shutdown, maybe essentially turning into a headwind at some point.

嘿，謝謝。這些說明很有幫助。聽起來是個很好的機會。接著我想追問一下，轉到聯邦政府業務部門。聽起來那邊因為停擺有一些變動因素，可能在某個時間點會變成逆風。

But I'm curious about the One Big Beautiful Bill, and to what extent has that started to help the bookings that you're seeing, and over what timeframe could you see more benefits, or at what point do those turn into revenue? If you could just give some more color on the timing of how that could help that segment, that'd be really helpful. Thank you.

但我想問的是「One Big Beautiful Bill（大而美法案）」：它在多大程度上已開始幫助你們看到的訂單（bookings）？在什麼時間範圍內可能看到更多效益？或者在什麼時點這些會轉成營收？如果你能再多談一些它對該部門可能帶來幫助的時間點，會非常有幫助。謝謝。

Yes. Look, I think that in the areas where we play, we're about 75% of our business in defense and intel and national security. Those are the areas that are going to get the biggest increase from what was passed in the Big Beautiful Bill. We're going to have to get past this shutdown and subsequent continuing resolution to a final budget, which we hope will happen sooner than later.

是的。你看，我認為在我們參與的領域，我們大約 75% 的業務在國防、情報與國家安全。這些領域將會從「大而美法案」通過的內容中獲得最大的增幅。我們必須先度過這次停擺以及後續的持續決議（continuing resolution），才能走到最終預算，我們希望能越快越好。

But once we get to that point, let's just say it's sometime in the early first quarter into this year, then those agencies will be funded at these higher levels. So I think, really, in the first half of next year subsequent to that, you're going to see those things begin to get competed, awarded, and out on the Street and really contribute to revenues probably at the midpoint or second half of next year.

但一旦走到那一步，假設是在今年第一季初的某個時間點，那些機構就會以更高的水準獲得撥款。所以我認為，真正會在明年上半年、在那之後，你會看到這些案子開始進入競標、得標、對外釋出，並且大概在明年年中或下半年開始對營收做出貢獻。

That's great. Very helpful. Thank you.

太好了。非常有幫助。謝謝。

Surinder Thind, Jefferies.

Surinder Thind，Jefferies。

Thank you. A question about the staffing business versus the consulting business. Obviously, we're seeing some good growth on the consulting side on an organic basis. But it seems like that there's still some challenges on the staffing side. How would you characterize that in the context of the current environment? Is this a situation where maybe complexity is requiring more outside expertise and maybe less willingness to augment internal staff? How should we think about that? And is that something that with increased complexity in the tech stack that that trend just kind of continues from here?

謝謝。我想問關於人力派遣（staffing）業務相對於顧問（consulting）業務的問題。顯然，我們看到顧問端在有機成長方面有不錯的增長。但看起來人力派遣端仍有一些挑戰。在目前環境下，你會如何描述這種情況？這是否意味著複雜度提高需要更多外部專業，因此較不願意用增補內部人力的方式？我們應該如何看待這件事？而且，隨著技術堆疊（tech stack）複雜度增加，這個趨勢是否會從現在開始持續下去？

Look, Surinder, there are a few things, right? Let me start by saying that the staffing business for us, as we look at our numbers, has been stable. Year on year, obviously, we're declining. But from a sequential basis, our leading indicators are relatively stable. But I think there are multiple wire dynamics at play here. The first is clients or customers are looking to partners to drive to outcomes and really start to think about, how do we drive outcomes? How do we drive deliverables?

你看，Surinder，有幾件事，對吧？我先說，就我們來看數字，人力派遣業務一直是穩定的。年對年來看，當然是在下滑。但以季對季來看，我們的領先指標相對穩定。不過我認為這裡有多個相互交織的動態在發生。第一，客戶正在尋求合作夥伴來推動成果，並且真的開始思考：我們如何推動成果？我們如何交付可交付成果（deliverables）？

So the trend is that we see a continued shift in buyer behaviors where partners are looked at more as partners who drive value and outcomes versus simply augmentation. From our vantage point, that's a trend that is a benefit for us on the consulting side, and we're obviously, as you can see, benefit from it. But it creates headwinds on the staffing side. And Ted can opine on this, but I don't see that buying behavior shifting tremendously.

所以我們看到的趨勢是：買方行為持續轉變，合作夥伴更被視為能帶來價值與成果的夥伴，而不只是單純的人力增補。從我們的角度來看，這個趨勢對顧問業務是有利的，而我們也很明顯地，如你所見，正在受惠。但它會在人力派遣端形成逆風。Ted 也可以補充，但我不認為這種採購行為會出現很大的轉變。

I think, especially, Surinder, in today's macroeconomic environment, if the client's really going to invest in something, they want a short time to value. Meaning, they want an outcome, they want it in as soon as they possibly can, they're really focused on total cost of ownership, and getting to a certain outcome if they're going to green light something.

我認為，尤其是 Surinder，在今天的總體經濟環境下，如果客戶真的要投資某件事，他們希望價值實現的時間很短。也就是說，他們想要一個成果，而且希望越快越好；他們非常聚焦於總持有成本（TCO），並且如果要核准某個案子，就要能達到特定成果。

So I think we see just a higher level of rigor around that from clients than we've ever seen before. And part of that is because of the increasing cost within their IT environments, and part of that is because their wariness around the macroeconomic backdrop here and concern about where their business may go in the future.

所以我認為，我們看到客戶在這方面的要求嚴謹程度，比以往任何時候都更高。部分原因是他們 IT 環境內的成本正在上升，另一部分原因是他們對當前總體經濟背景感到謹慎，並擔心未來業務可能走向何方。

That's helpful. On the Federal side, can you maybe talk about the cost-reimbursable contracts? The percentage there continues to kind of trend higher back near peak levels. Can you talk about what's driving the change and its impact on margins? Because it's interesting. When I look at the Federal margins, the gross margins, those were up pretty materially quarter over quarter.

這很有幫助。在聯邦政府這邊，你能否談談成本補償型（cost-reimbursable）合約？那邊的占比似乎持續走高，回到接近高峰水準。你能談談是什麼在推動這個變化，以及它對利潤率的影響嗎？因為這點很有意思。當我看聯邦業務的利潤率、毛利率時，季度對季度是相當明顯地上升。

Yes, so we're really not seeing an impact on margins from that. I think that's just the natural ebb and flow of certain contracts ending and certain contracts being won during the quarter and subsequent quarters. I think, overall, the government is going to be more focused on fixed-priced, outcome-based work. But just naturally here, we've seen a slight tick up in the cost plus, and I think that's mostly because of either the prior DOGE activities, which some of the work that were started was fixed-price work, and also just the natural ebb and flow of what's won and what's completed.

是的，所以我們其實沒有看到它對利潤率造成影響。我認為那只是某些合約在季度內與後續季度到期、以及某些合約在季度內與後續季度得標的自然起伏。我認為整體而言，政府會更聚焦於固定價格、以成果為導向的工作。但就目前自然的變化來看，我們看到成本加成（cost plus）略有上升，我想主要是因為先前 DOGE 的活動，其中一些啟動的工作是固定價格案，另外也只是得標與完成案子的自然起伏。

And Surinder, remember, last quarter, we had the surge in license revenue on the Federal side. And so we talked about that. And so when you kind of look at Q3, Federal margins are really back to their kind of more normal state.

Surinder，另外請記得，上個季度我們在聯邦端的授權收入出現激增。我們也談過這點。因此當你看第三季時，聯邦業務的毛利率基本上已回到較為正常的水準。

Got it. Thank you.

了解。謝謝。

Alexander Sinatra, Baird.

Alexander Sinatra，Baird。

Hi. I'm on for Mark Marcon. I was just wondering, you went through a couple of big projects. I was wondering if you could describe who you're competing against to get those big projects and how the competitive dynamics have maybe changed things on pricing. And then also on the TopBloc and GlideFast side, who do you run into, and how is pricing working there as well?

嗨。我代替 Mark Marcon 發言。我想請教，你們剛提到幾個大型專案。想請你描述一下，為了拿下這些大型專案，你們主要與哪些對手競爭？以及競爭態勢是否改變了定價？另外在 TopBloc 和 GlideFast 方面，你們會遇到哪些競爭者？那邊的定價運作情況又如何？

Look, I think it varies by client, but a lot of these are with our larger clients. And you would find that the people we run into typically are the competitors that you would expect. The combination of Accenture or the Big4s; in some cases, the India-based pure plays. In certain platforms, there's also smaller competitors we run into. So it's the traditional set that you would expect from these clients, right, on these clients.

我想這會因客戶而異，但很多都是我們的大型客戶。你會發現我們遇到的通常就是你預期會遇到的競爭對手。像是 Accenture 或四大；有些情況下也會遇到以印度為基地的純服務商。在某些平台上，我們也會遇到較小的競爭者。所以就這些客戶而言，基本上就是你會預期的傳統競爭組合。

And we're seeing pricing, both from a GlideFast side and a TopBloc side, really hold up. We're not seeing pricing pressures on the work that we're doing, partly because of just the quality of what we're doing and our approach to how we do these things, which is very much around assets and accelerators that we bring, which are truly different from what you would see. Most of the competitors are the standard competitors that you would expect in any of these large clients.

而且我們看到，無論是 GlideFast 端或 TopBloc 端，定價都維持得相當穩健。我們沒有看到我們正在做的工作出現定價壓力，部分原因是我們交付品質以及我們的做法；我們非常強調帶入資產與加速器，而這些確實與你一般會看到的不同。大多數競爭者就是你在任何大型客戶中都會預期遇到的標準競爭者。

Got you. Thank you. And then I was also wondering, on the Mexican facility side, has that been impacted at all by the political climate and just kind of what you're looking at there going into the future?

了解。謝謝。另外我也想問，在墨西哥設施方面，是否受到政治氛圍影響？以及你們對未來的看法是什麼？

Not at all. Not at all. It has no impact.

完全沒有。完全沒有。沒有任何影響。

All right. Thank you.

好。謝謝。

Maggie Nolan, William Blair.

Maggie Nolan，William Blair。

Thank you. Maybe a slightly different angle on the pricing question as it pertains to accelerators. As you're incorporating more and more of these into the development process, are there active discussions about changes in pricing related to this? Or if not, do you expect that maybe to be a discussion point in the future?

謝謝。我想從稍微不同的角度問一下與加速器相關的定價問題。當你們在開發流程中納入越來越多這些加速器時，是否有在積極討論因此而調整定價？如果目前沒有，你們是否預期未來可能會成為討論重點？

Great question, Maggie. We are exploring those opportunities, but we're not seeing a big uptick today. Right now, these assets and accelerators are really allowing us to deliver work more rapidly, more effectively, as I mentioned in one of the examples I gave about sort of this whole code, legacy code modernization, where we're able to do things 25% faster and gives us better quality assurance.

很好的問題，Maggie。我們正在探索這些機會，但目前還沒有看到明顯的提升。就現在而言，這些資產與加速器主要讓我們能更快速、更有效地交付工作；正如我在其中一個例子提到的整段程式碼、舊有程式碼現代化，我們能快 25% 完成，並帶來更好的品質保證。

Now as these assets and accelerators evolve and mature, we have the opportunity to position some of these on a more standalone basis. I mean, we have some good examples. We have something called Pathfinder, which is an AI-driven cybersecurity product, which we've invested in, which we are actively engaged in conversations about pricing differently, more maybe on a product basis, but those are still early days.

隨著這些資產與加速器持續演進並成熟，我們有機會把其中一些以更獨立的方式來定位。我們確實有一些不錯的例子。我們有一個叫 Pathfinder 的產品，是 AI 驅動的資安產品；我們已投入資源，目前也正積極就不同的定價方式進行討論，可能更偏向產品式定價，但這些都還在早期階段。

Thank you, and then it seems like some momentum is building on the Commercial consulting side. Could you maybe comment on whether you think that's sustainable? What are the drivers there? Is this more of a point in time or a potential trend on a multi-quarter basis? Thank you.

謝謝。然後看起來商業（Commercial）顧問服務那邊的動能正在建立。你能否評論一下你認為這是否可持續？背後的驅動因素是什麼？這是短期現象，還是可能跨多個季度的趨勢？謝謝。

We actually see it sustaining and continuing, but I don't want to make that a broad-based statement. We see that sustaining and continuing specific areas where we see client investment being directed. So whether it's data and AI, whether it's custom engineering, whether it's some of the platforms that I alluded to, right? So we've been very, very thoughtful and focused on those areas where we see the growth and the market opportunity happening, right?

我們其實認為它會持續並延續，但我不想把這說成全面性的結論。我們看到它會在特定領域持續，因為客戶投資正導向那些領域。例如資料與 AI、客製化工程、以及我提到的一些平台等。因此我們一直非常審慎且聚焦在我們看到成長與市場機會正在發生的領域。

So I think that's how I would characterize it, Maggie. We do see continued momentum in that space. Because all the work that's happening -- and AI is a big, big tailwind, which is driving a lot of work for us, whether it be data, whether it be cloud, whether it be cybersecurity, whether it be integration associated with putting them and getting it to work in the environments that our clients have.

所以我會這樣來描述，Maggie。我們確實看到該領域動能持續。因為正在發生的所有工作——而 AI 是非常、非常強的順風，正推動我們大量的工作，不論是資料、雲端、資安，或是為了把這些東西整合起來並讓它在客戶既有環境中運作所需的整合工作。

I would add to that, just to even think about a platform like Workday, which is going to be a leader in agentic AI, I think customers more and more are thinking, hey, I've sat on my legacy systems here for many years. But I'm not going to get to take advantage of agentic AI if I don't have modern enterprise platforms in my environment like Workday or ServiceNow or Salesforce or go right on down the list.

我再補充一點：即便以 Workday 這樣的平台來看，我認為它將會是代理式 AI（agentic AI）的領導者；客戶越來越在想：我在這些舊系統上已經待了很多年。但如果我的環境裡沒有像 Workday、ServiceNow、Salesforce 這類現代化企業平台，或一路往下列舉的其他平台，我就無法充分利用代理式 AI。

That's helpful. Thank you.

很有幫助。謝謝。

Thank you. And ladies and gentlemen, we have reached the end of the question-and-answer session. I would like to turn the floor back to CEO Ted Hanson for closing remarks.

謝謝。各位女士先生，我們的問答環節到此結束。我想把時間交還給執行長 Ted Hanson 作結語。

Well, thank you for being here this evening to talk about our third-quarter results, and we look forward to speaking with you in the first quarter -- on our fourth-quarter results. And I will remind you as well that we have Investor Day on November 20, and so we look forward to being with you if you can be present with us in New York City. Have a great evening.

好的，感謝各位今晚出席，與我們討論第三季業績；我們也期待在第一季——就第四季業績——再與各位交流。我也提醒各位，我們將於 11 月 20 日舉辦投資人日，因此如果各位能到紐約市與我們同在，我們非常期待與各位見面。祝各位晚上愉快。

Thank you. This concludes today's conference. You may disconnect your lines at this time. Thank you for your participation

謝謝。今天的電話會議到此結束。您現在可以掛斷電話線。感謝您的參與。