Everforth, Inc. (EFOR) 2026 Q2 法說會逐字稿

Greetings. Welcome to the Everforth second-quarter 2026 earnings call.

各位好。歡迎參加 Everforth 2026 年第二季財報電話會議。

(Operator Instructions) Please note, this conference is being recorded.

(接線員指示) 請注意，本次電話會議將被錄音。

I will now turn the conference over to Kimberly Esterkin, Head of Investor Relations. Thank you, Kimberly. You may begin.

現在我將把會議交給投資人關係主管 Kimberly Esterkin。謝謝你，Kimberly。你可以開始了。

Good afternoon. Thank you for joining us today for Everforth's second quarter 2026 conference call. With me are Ted Hanson, Chief Executive Officer; Shiv Iyer, President; and Marie Perry, Chief Financial Officer.

各位下午好。感謝各位今天加入 Everforth 2026 年第二季電話會議。與我一同出席的有執行長 Ted Hanson、總裁 Shiv Iyer，以及財務長 Marie Perry。

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.

在開始之前，我想提醒各位，我們的評論包含前瞻性陳述。雖然我們相信這些陳述是合理的，但它們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 these 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.everforth.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在 investors.everforth.com 網站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，在本次電話會議中，我們將引用若干非 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.

現在我將把電話會議交給執行長 Ted Hanson。

Thank you, Kim, and thank you for joining our second quarter 2026 earnings call, our first earnings call is Everforth. Everforth reported solid results for the second quarter. Revenues exceeded $1 billion and were above the high end of our guidance range, while adjusted EBITDA margin of 9.6% also surpassed the high end of our guidance range.

謝謝你，Kim，也感謝各位參加我們 2026 年第二季財報電話會議，這也是 Everforth 的首次財報電話會議。Everforth 第二季表現穩健。營收超過 10 億美元，並高於我們指引區間的上緣；同時，9.6% 的調整後 EBITDA 利潤率也超越我們指引區間的上緣。

Commercial segment revenues were driven by demand in application and engineering, cloud and infrastructure, and data and AI solutions. In terms of bookings, commercial consulting bookings grew double-digits year over year, with our enterprise platform business continuing its expected ramp upward and contributing meaningfully to the top line.

商業部門營收主要受應用與工程、雲端與基礎設施，以及資料與 AI 解決方案需求帶動。就訂單而言，商業顧問服務訂單年增達雙位數；我們的企業平台業務也持續按預期加速成長，並對營收做出顯著貢獻。

Workday bookings, in particular, exceeded our expectations and helped drive flip to bill up to 1.2 times on a trailing 12-month basis. The integration of Quinnox into our commercial segment is progressing well. In a matter of a few short months, we've aligned our go-to-market approach with early momentum in application modernization, data and AI, and cloud services.

尤其是 Workday 的訂單表現超出我們預期，並協助推動過去 12 個月基礎的接單轉營收比（book-to-bill）提升至 1.2 倍。Quinnox 併入我們商業部門的整合進展順利。在短短幾個月內，我們已調整市場進入策略，並在應用現代化、資料與 AI，以及雲端服務方面展現初步動能。

The Everforth commercial teams bring long-standing client relationships and industry expertise, while Quinnox adds enterprise platform and complex engineering expertise, global delivery at scale, and proprietary accelerators that help generate transformational outcomes.

Everforth 的商業團隊擁有長期的客戶關係與產業專業，而 Quinnox 則帶來企業平台與複雜工程專長、可規模化的全球交付能力，以及可協助創造轉型成果的專有加速器。

In our federal segment, new contracts awards totaled $169.3 million for the second quarter, or a book-to-bill of 0.8 times on a trailing 12-month basis. Federal contract backlog was approximately $2.7 billion at quarter end, or a coverage ratio of 2.3 times the segment's trailing 12-month revenues.

在聯邦部門方面，第二季新合約得標金額合計 1.693 億美元，過去 12 個月基礎的接單轉營收比為 0.8 倍。截至季末，聯邦合約在手訂單約為 27 億美元，覆蓋比率為該部門過去 12 個月營收的 2.3 倍。

Sequential revenue growth in the quarter was supported by continued momentum across several government programs, including cybersecurity work for the Department of Homeland Security and data and AI contracts with the Navy. Shiv will provide additional details on these contracts later in today's call.

本季營收的季增成長，主要受多項政府計畫持續推進所支撐，包括為國土安全部提供的資安工作，以及與海軍簽訂的資料與 AI 合約。Shiv 將在今天稍後的電話會議中提供這些合約的更多細節。

Importantly, each of these programs reflects a broader trend we are seeing across both the commercial and federal markets, a growing demand for organizations that can help clients operationalize AI at scale. As AI adoption accelerates, organizations are moving beyond experimentation and focusing on how to deploy these technologies securely, efficiently, and in ways that generate measurable outcomes.

重要的是，這些計畫都反映出我們在商業與聯邦市場同時觀察到的一個更廣泛趨勢：市場對能協助客戶以規模化方式落地 AI 的組織需求正在增加。隨著 AI 採用加速，組織正從實驗階段走向下一步，聚焦於如何以安全、高效率且能產生可衡量成果的方式部署這些技術。

In many cases, the bottleneck to enterprise adoption is no longer access to technology. The real bottlenecks are more practical and as a result, harder to solve. AI cannot simply be bolted onto legacy processes and be expected to generate meaningful returns. Enterprises need to redesign how work gets done.

在許多情況下，企業採用的瓶頸已不再是取得技術。真正的瓶頸更偏向實務層面，因此也更難解決。AI 不能只是被「加裝」在既有的舊流程上，就期待能帶來有意義的回報。企業需要重新設計工作的完成方式。

Companies also need the right talent to move AI from pilot to production. We believe Everforth is uniquely positioned to help clients navigate this key phase of AI adoption, supported by four strategic advantages that differentiate us in the market.

企業也需要合適的人才，才能將 AI 從試點推進到正式上線。我們相信 Everforth 具備獨特優勢，能協助客戶度過 AI 採用的關鍵階段；這項能力由四項策略性優勢所支撐，使我們在市場上脫穎而出。

First is our deep industry domain and enterprise integration expertise. Our long-standing customer relationships provide us with a deep knowledge of industry-specific workflows, technology stacks, and operating environments. That context allows us to help customers move beyond experimentation to implement AI in ways that are practical, scalable, and tied to business outcomes.

第一，是我們深厚的產業領域知識與企業整合專業。我們長期的客戶關係，使我們對各產業特定的工作流程、技術堆疊與營運環境有深入理解。這樣的脈絡讓我們能協助客戶超越實驗階段，以務實、可擴展且與業務成果連結的方式導入 AI。

Second is the depth of our alliance partnerships, through which we are not just helping our customers build AI solutions, but we are also helping them guide their AI strategies. This guidance is informed by our own customer zero strategies that allow us to build, test, deploy, and scale within Everforth.

第二，是我們聯盟夥伴關係的深度；透過這些合作，我們不僅協助客戶打造 AI 解決方案，也協助他們制定 AI 策略。這些建議來自我們自身的「客戶零（customer zero）」策略，使我們能在 Everforth 內部完成建置、測試、部署與擴展。

Our partnerships with Salesforce, ServiceNow, and Workday are increasingly important as AI agents become embedded into ERP, CRM, and HCM platforms. Deploying those capabilities successfully requires platform expertise, integration across legacy and cloud environments, and strong governance from day one.

隨著 AI 代理（AI agents）逐步嵌入 ERP、CRM 與 HCM 平台，我們與 Salesforce、ServiceNow 及 Workday 的合作變得愈發重要。要成功部署這些能力，需要平台專業、跨舊系統與雲端環境的整合，以及從第一天起就具備強健的治理。

Speaking of governance, our third differentiator is our extensive governance and cybersecurity qualifications. Governance is no longer a compliance exercise; it's a competitive differentiator. And as AI moves into mission-critical processes, customers need confidence that their systems are secure, accountable, and auditable.

談到治理，我們的第三項差異化優勢是廣泛的治理與資安資質。治理不再只是合規作業；它已成為競爭差異化因素。而當 AI 進入關鍵任務流程時，客戶需要確信其系統是安全、可追責且可稽核的。

Everforth brings governance, risk, and compliance capabilities supported by defense-grade security expertise and cleared and certified professionals. We combine AI, data analytics, and automation to deliver outcomes in highly secure environments.

Everforth 具備治理、風險與合規能力，並由國防等級的資安專業，以及具安全許可與認證的專業人員所支撐。我們結合 AI、資料分析與自動化，在高度安全的環境中交付成果。

In the quarter, we advanced our proprietary AI-enabled alert triage capability for cybersecurity and IT operations. Using machine learning models to learn each customer's unique operating environment, we've been able to substantially reduce false positive alerts to enable our security experts to focus on cyber events with the greatest potential risk. This proprietary tool shows how we are applying AI not simply as a standalone technology, but as a practical means to optimize complex operations and improve outcomes for our customers.

本季，我們推進了自有的 AI 驅動警示分流（alert triage）能力，用於資安與 IT 營運。透過機器學習模型學習每位客戶獨特的營運環境，我們已能大幅降低誤報警示，讓資安專家得以聚焦在具有最高潛在風險的網路事件上。這項自有工具展現了我們如何將 AI 不僅視為獨立技術，而是作為優化複雜營運、改善客戶成果的務實手段。

Last but not least is our speed at identifying specialized talent when technology change has intensified. Our core capability has always been finding the right talent quickly and efficiently, and that capability is even more valuable as AI adoption accelerates. We bring senior experienced professionals to client environments without the burden of large fixed workforces that are hard to adapt as technology shifts.

最後同樣重要的是，在技術變革加劇之際，我們能快速辨識並取得專業人才。我們的核心能力一直是快速且有效率地找到合適人才，而隨著 AI 採用加速，這項能力更顯價值。我們能將資深且經驗豐富的專業人士帶入客戶環境，同時避免背負龐大且難以隨技術變動而調整的固定人力成本。

This allows us to move at the pace of a specialized boutique with this scale and established provider. Internally, we are fostering a culture of innovation that empowers our teams to develop new AI-enabled solutions at scale.

這使我們能以專業精品機構的步調運作，同時具備此規模與成熟供應商的既有基礎。在內部，我們正培養創新文化，賦能團隊以規模化方式開發新的 AI 賦能解決方案。

In June, we held our first ever Everforth AI Hackathon, which produced 11 new accelerators that enhance our customer delivery capabilities. Two accelerators stand out in particular. One, an AI-enabled platform that bridges real-time factory operations with virtual simulations, helping manufacturers improve productivity, reduce downtime, and accelerate innovation. And two, an agentic platform that acts as a hub for digital employees across onshore and nearshore and offshore teams.

6 月，我們舉辦了首屆 Everforth AI 黑客松，產出 11 個新加速器，強化我們的客戶交付能力。其中有兩個加速器特別突出。第一個是 AI 賦能平台，將即時工廠營運與虛擬模擬串接，協助製造商提升生產力、降低停機時間並加速創新。第二個是代理式（agentic）平台，作為跨岸內、近岸與離岸團隊之數位員工的中樞。

Unlike a human collaborator, this agent is immediately accessible to assist with development questions regardless of time zone, calendar, or workload, thereby reducing wasted development time by nearly 20%. Our view is clear. The last mile of enterprise AI adoption will be execution through IT services.

不同於人類協作者，該代理可立即存取，無論時區、行事曆或工作負載如何，都能協助解答開發問題，從而將浪費的開發時間降低近 20%。我們的觀點很明確。企業 AI 採用的最後一哩路，將透過 IT 服務的執行來完成。

As enterprise AI deployment is still in its early stages, the opportunity remains significant. The demand environment is now shifting toward partners that can combine strategy, talent, integration, governance, and speed and that is exactly where Everforth's unique model creates a competitive advantage.

由於企業 AI 部署仍處於早期階段，機會依然相當可觀。需求環境正轉向能結合策略、人才、整合、治理與速度的合作夥伴，而這正是 Everforth 獨特模式創造競爭優勢之所在。

With that, I'll turn the call over to Shiv Iyer, our President, to discuss our industry performance and share examples of how we are applying our differentiated capabilities across our commercial and government customer base.

接下來，我把電話會議交給我們的總裁 Shiv Iyer，請他討論我們的產業表現，並分享我們如何在商業與政府客戶基礎上運用差異化能力的案例。

Thanks Ted, and good afternoon, everyone. It's been another productive quarter and I look forward to sharing our progress. Let's begin with our industry performance. On a sequential basis, all five commercial industry verticals were up from the first quarter of 2026.

謝謝 Ted，大家下午好。這又是一個富有成效的季度，我期待與各位分享我們的進展。先從我們的產業表現談起。以季比（sequential）來看，五個商業產業垂直領域相較 2026 年第一季皆呈現成長。

Within TMT, media, entertainment, and software accounts all improved high single-digits from the first quarter, with cloud and infrastructure work contributing strongly to this improvement. In financial services, banking and insurance accounts increased mid-single-digits, while diversified financials improved low single-digits.

在 TMT 領域中，媒體、娛樂與軟體客戶相較第一季皆提升高個位數百分比，其中雲端與基礎設施相關工作對此改善貢獻顯著。在金融服務方面，銀行與保險客戶成長中個位數百分比，而多元金融（diversified financials）提升低個位數百分比。

Within this industry, sequential growth was led by application engineering, cloud and infrastructure, and data and AI solutions. Healthcare account growth was led by mid-teens improvement in life sciences, where the work was concentrated in application engineering. Within business services, cloud and infrastructure solutions for our state and local customers drove the sequential uptick.

在該產業中，季比成長主要由應用工程、雲端與基礎設施，以及資料與 AI 解決方案帶動。醫療保健客戶成長則由生命科學中十幾個百分點的改善所帶動，相關工作集中於應用工程。在商業服務方面，我們為州與地方客戶提供的雲端與基礎設施解決方案推動了季比上升。

On a year-over-year basis, we saw growth in the TMT industry in which software and interactive was our strongest performing sub-vertical, followed by media and entertainment. Though down low single-digits year over year, the consumer and industrial vertical saw double-digit growth in industrials, automotive, and transportation accounts, while utilities improved high teens as compared to the second quarter of 2025. Within financial services, insurance accounts were the standout performer year over year.

以年比（year-over-year）來看，我們在 TMT 產業實現成長，其中軟體與互動（interactive）是表現最強的次垂直領域，其次為媒體與娛樂。消費與工業垂直領域年比雖下滑低個位數百分比，但工業、汽車與運輸客戶呈現雙位數成長，而公用事業相較 2025 年第二季提升達十幾個百分點的高段。在金融服務中，保險客戶是年比表現最突出的領域。

Turning to our federal segment, national security customers again delivered the strongest growth and were up mid-single-digits year over year and low double-digits sequentially. This was primarily driven by the cybersecurity work for DHS that Ted noted.

轉向我們的聯邦業務部門，國家安全客戶再次帶來最強成長，年比成長中個位數百分比，季比成長低雙位數百分比。這主要由 Ted 提到的為國土安全部（DHS）提供的資安工作所驅動。

We also saw a mid-single-digit growth in our other clients year over year, led by the USPS, where we are helping deploy a purpose-built AI application designed to improve the agency's operational efficiency.

我們也看到其他客戶年比成長中個位數百分比，其中以美國郵政署（USPS）為主；我們正協助部署一款量身打造的 AI 應用，旨在提升該機構的營運效率。

Building on the industry discussion, I'd like to transition to our solutions performance, which provides a clear view of where the client demand is strongest today. As Ted highlighted, AI and data remain a significant driver of demand across our portfolio.

延續產業面的討論，我想轉到我們的解決方案表現，這能清楚呈現目前客戶需求最強的方向。如 Ted 所強調，AI 與資料仍是我們整體產品組合需求的重要驅動因素。

In the TMT industry, during the second quarter, we expanded our work with a leading frontier AI organization, scaling specialized operations that support advanced AI and robotics development.

在 TMT 產業中，第二季我們擴大與一家領先的前沿 AI（frontier AI）組織的合作，擴編支援先進 AI 與機器人研發的專業化營運。

Our teams are providing critical support for large-scale data acquisition, testing, and lab execution activities that help train, validate, and operationalize our customers' next-generation AI systems and robotics initiatives. Also within the data and AI space, we are working with technology partners to build innovative assets and accelerators that will enable our joint customers to leverage AI capabilities enterprise-wide.

我們的團隊為大規模資料取得、測試與實驗室執行活動提供關鍵支援，協助訓練、驗證並將客戶的下一代 AI 系統與機器人計畫落地營運。同樣在資料與 AI 領域，我們正與技術合作夥伴共同打造創新資產與加速器，使我們的共同客戶能在企業範圍內運用 AI 能力。

Our relationship with Snowflake continues to strengthen, expanding beyond services delivery into purpose-built solution development on their platform. Together, we are building differentiated capabilities across AI cost optimization, a telecommunications engineering center of excellence aligned to Snowflake's TMT practice, and a multimodal accelerator that unlocks intelligence from unstructured content for the media and entertainment industry. Each of these efforts represents a high-value, platform-native offering we are developing for our customers.

我們與 Snowflake 的合作關係持續深化，從服務交付擴展到在其平台上開發量身打造的解決方案。我們正共同打造差異化能力，涵蓋 AI 成本最佳化、與 Snowflake 的 TMT 實務對齊之電信工程卓越中心，以及一個多模態加速器，協助媒體與娛樂產業從非結構化內容中釋放洞察。上述每一項工作都代表我們為客戶開發的高價值、平台原生（platform-native）產品。

In our federal business, we are supporting the Navy's Harbinger program by training and optimizing AI-enabled sonar models for undersea detection, indications, and warnings. Our team of data and AI experts are designing and building mission partner environments that enable multinational collaboration across networks and support experimentation, cloud-hosted development, and operational exercises that demonstrate our differentiated expertise in secure mission systems and data engineering.

在聯邦業務方面，我們透過訓練與最佳化 AI 賦能的聲納模型，支援海軍的 Harbinger 計畫，用於水下偵測、徵候（indications）與預警（warnings）。我們的資料與 AI 專家團隊正設計並建置任務合作夥伴環境（mission partner environments），以支援跨網路的多國協作，並支援實驗、雲端託管開發與作戰演練，展現我們在安全任務系統與資料工程方面的差異化專長。

Also during the second quarter, our federal government segment secured a research and engineering contract with the Army Nautilus program, which we announced in yesterday's press release.

同樣在第二季，我們的聯邦政府業務部門取得陸軍 Nautilus 計畫的一項研究與工程合約，我們已在昨日的新聞稿中宣布。

Through the Nautilus program, we will accelerate the Department of War's development, testing, and operational integration of advanced AI capabilities. As the prime contractor on the Nautilus program, Everforth professionals will apply expertise in AI development, software engineering, cybersecurity, and AI field testing and evaluation to identify scalable approaches for the government's transition from AI experimentation to mission use.

透過 Nautilus 計畫，我們將加速戰爭部（Department of War）在先進 AI 能力的開發、測試與作業整合。作為 Nautilus 計畫的主承包商，Everforth 專業團隊將運用 AI 開發、軟體工程、資安，以及 AI 現地測試與評估等專長，找出可擴展的方法，協助政府從 AI 實驗階段轉向任務應用。

Building on our momentum in data and AI, our cloud and infrastructure practice continues to expand as we support the nationwide build out of next generation data centers. Everforth has contracts in place with the top four global hyperscalers, and in the second quarter, we were awarded a contract by a global hyperscaler to provide network services for a new AI data center currently under construction.

在資料與 AI 的動能之上，我們的雲端與基礎設施業務持續擴張，因我們正支援全國範圍內下一代資料中心的建置。Everforth 已與全球前四大超大規模雲端業者（hyperscalers）簽有合約；在第二季，我們獲一家全球 hyperscaler 授予合約，為一座正在興建中的新 AI 資料中心提供網路服務。

This positions us early in the facility's life cycle with the expectation of expanding into ongoing operational support once the data center is live. Having the maturity and rigor of operations to win these longer data center consulting contracts not only deepens their ongoing customer relationships, but it also shows that the hyperscaler community trusts Everforth with their most significant investments.

這使我們能在該設施生命週期的早期即進場，並預期在資料中心啟用後擴展至持續性的營運支援。具備足夠成熟度與嚴謹營運能力以贏得這些較長期的資料中心顧問合約，不僅加深其持續的客戶關係，也顯示 hyperscaler 社群信任 Everforth，願將其最重大的投資託付給我們。

As Ted discussed at the start of the call, cyber resilience is of heightened importance in today's AI-driven environment. In the cybersecurity space, Everforth is both a delivery partner and a strategic advisor, helping customers strengthen their security posture while preparing for emerging threats.

如 Ted 在會議一開始所提到，在當今 AI 驅動的環境中，網路韌性的重要性顯著提升。在資安領域，Everforth 既是交付夥伴也是策略顧問，協助客戶強化其安全態勢，同時為新興威脅做好準備。

In the quarter, we won a new award under our flagship cybersecurity program with the Army, the Army Endpoint Security Solution Program, to ready the Army and the Department of War for post-quantum cryptography or the next generation of encryption designed to protect data from future quantum threats. This award builds on Everforth's work, enabling the Army to become the first and the only military service to fully automate and report cybersecurity compliance.

本季度，我們在與陸軍的旗艦資安計畫——陸軍端點安全解決方案計畫（Army Endpoint Security Solution Program）——之下，贏得一項新授標，以協助陸軍與戰爭部（Department of War）為後量子密碼學（post-quantum cryptography）做好準備，也就是下一代加密技術，旨在保護資料免受未來量子威脅。此項授標延續 Everforth 的既有工作，使陸軍成為第一個且唯一能夠全面自動化並回報資安合規的軍種。

The need to prepare for a post-quantum future is not limited to government agencies. Across the commercial sector, organizations are increasingly evaluating how emerging quantum technologies could impact the security of their systems and operations.

為後量子時代做準備的需求並不僅限於政府機關。在整個商業領域，組織正日益評估新興量子技術可能如何影響其系統與營運的安全性。

One of the largest retail brokerage platforms in the US, our commercial team is delivering a unified end-to-end cybersecurity transformation centered on modernizing our customers' security operations while preparing the brokerage for PQC.

作為美國最大的零售券商平台之一，我們的商業團隊正推動一項統一的端到端資安轉型，核心在於現代化客戶的資安營運，同時讓該券商為 PQC 做好準備。

What began as an initial assessment of the customer's encryption capabilities has grown into a broader transformation focused on automating and centralizing how the company manages encryption and digital security across its systems. This shift replaces manual fragmented processes with scalable automated operations, which are enhanced by agentic AI to streamline efforts, improve reliability, and increase efficiency.

最初只是對客戶加密能力的評估，如今已擴展為更廣泛的轉型，重點在於自動化並集中化公司在各系統中管理加密與數位安全的方式。此一轉變以可擴展的自動化作業取代手動且零散的流程，並透過代理式 AI 強化，以簡化工作、提升可靠性並提高效率。

Before turning the call over to Marie to discuss our second quarter 2026 financial results in further detail, I'd like to provide an update on our enterprise platform performance for the quarter. Across our enterprise platform portfolio, we're seeing improved consistency in both pipeline build and conversion of bookings to revenue, with trends moving back to historical norms.

在把電話交給 Marie 更深入說明我們 2026 年第二季財務結果之前，我想先就本季我們企業平台的表現提供最新進展。

As Ted noted, Workday quarterly bookings were especially strong, indicative of our pipeline conversion strength and margin improvement in the quarter. We are also actively integrating AI within our delivery of enterprise software solutions and developing assets that complement our existing capabilities.

如 Ted 所提到，Workday 本季訂單表現特別強勁，顯示我們的管線轉換能力以及本季毛利率改善。我們也正積極在企業軟體解決方案交付中整合 AI，並開發可補強既有能力的資產。

In the second quarter, we launched AgentBlock, a common platform for Workday-specific skills, tools, and governance to drive AI-powered capabilities into our proprietary smart loader data conversion and delivery automation platform to reduce build time and test cycles.

在第二季，我們推出了 AgentBlock，這是一個針對 Workday 的共用平台，涵蓋技能、工具與治理，將 AI 驅動能力導入我們專有的智慧載入器（smart loader）資料轉換與交付自動化平台，以縮短建置時間與測試週期。

In other words, we're not just enabling AI capabilities within our customers' Workday platforms; we're running it on our own delivery. With automation comes margin expansion and reduced workloads for both Everforth and our customers, we pivot these customer savings into enhanced client satisfaction, enabling us to continue to grow our market share.

換句話說，我們不僅是在客戶的 Workday 平台內啟用 AI 能力；我們也把 AI 用在自身的交付流程上。自動化帶來毛利率擴張，並降低 Everforth 與客戶雙方的工作負荷；我們將這些客戶節省轉化為更高的客戶滿意度，使我們得以持續提升市占率。

Despite continued improvements in automation, enterprise platform journeys still need humans to provide context, judgment, and accountability. We're constantly upskilling and developing our team's AI expertise to ensure they're ready to take on any customer challenge.

儘管自動化持續改善，企業平台的導入旅程仍需要人員提供情境、判斷與責任承擔。我們持續為團隊進行再技能培訓並提升其 AI 專業能力，確保他們已準備好應對任何客戶挑戰。

With that, I'll turn the call over to our CFO, Marie Perry, to discuss our second-quarter 2026 performance and third-quarter guidance.

接下來，我把電話交給我們的財務長 Marie Perry，請她說明我們 2026 年第二季表現與第三季財測指引。

Thanks, Shiv. For the second quarter, revenues exceeded $1 billion and were above the top end of our guidance range. Revenues for our commercial segment were $701.7 million, a slight decrease of 0.9% year over year. Revenues for our federal government segment were $305.3 million, a decrease of 2.3% year over year.

謝謝，Shiv。第二季營收超過 10 億美元，並高於我們指引區間的上緣。商業部門營收為 7.017 億美元，年減 0.9%。聯邦政府部門營收為 3.053 億美元，年減 2.3%。

Turning to margins, gross margins for the second quarter of '26 were 28.3%, including commercial segment gross margins of 32.1% and federal government segment gross margins of 19.6%. SG&A for the quarter was $226.2 million, compared to $216.8 million in the second quarter of 2025.

就毛利率而言，2026 年第二季毛利率為 28.3%，其中商業部門毛利率為 32.1%，聯邦政府部門毛利率為 19.6%。本季銷售、一般及行政費用（SG&A）為 2.262 億美元，較 2025 年第二季的 2.168 億美元增加。

For the second quarter, net income was $14.2 million, adjusted EBITDA was $96.7 million and adjusted EBITDA margin was 9.6%. Adjusted EBITDA margin was above our guidance range, as Ted noted.

第二季淨利為 1,420 萬美元，調整後 EBITDA 為 9,670 萬美元，調整後 EBITDA 利潤率為 9.6%。如 Ted 所提，調整後 EBITDA 利潤率高於我們的指引區間。

In the quarter, we deployed $11.5 million in cash and repurchased 0.4 million shares at an average share price of $30.07. At quarter end, we had approximately $923 million remaining under our $1 billion share repurchase authorization.

本季我們動用 1,150 萬美元現金，以每股平均 30.07 美元回購 40 萬股。季末時，在 10 億美元的庫藏股回購授權下，我們尚餘約 9.23 億美元可用額度。

Cash and cash equivalents were $152.9 million at quarter end. We had approximately $180 million available on our $500 million senior secured revolver, having repaid $23.9 million in debt during the second quarter, and our net leverage ratio was 3.1 times at the end of the quarter.

季末現金及約當現金為 1.529 億美元。我們在 5 億美元的優先擔保循環信貸（revolver）項下尚有約 1.8 億美元可用額度；第二季償還 2,390 萬美元債務後，季末淨槓桿比率為 3.1 倍。

Subsequent to quarter end, we successfully completed the refinancing and upsizing of our existing revolver, replacing it and our $100 million term loan A with a new five-year, $600 million facility, extending its maturity date by three years. The new facility is leverage neutral at 3.1 times post-close, and we remain committed to bringing our net leverage closer to the 2.5 times or below.

在季末之後，我們成功完成既有循環信貸的再融資與增額，並以一筆新的五年期 6 億美元融資工具取代原循環信貸及 1 億美元 A 期定期貸款，將到期日延長三年。新融資工具在交割後的槓桿水準維持中性，淨槓桿比率為 3.1 倍；我們仍致力於將淨槓桿拉近至 2.5 倍或以下。

As we recently acquired Quinnox, our focus from a capital allocation perspective would be on debt repayment followed by opportunistically repurchasing shares. Free cash flow for the second quarter was $46.3 million or 48% of adjusted EBITDA. We continue to target 60% to 65% conversion rate of our free cash flow to adjusted EBITDA for the full year.

鑑於我們近期收購 Quinnox，從資本配置角度來看，我們的重點將放在償還債務，其次是視情況機會性回購股份。第二季自由現金流為 4,630 萬美元，約為調整後 EBITDA 的 48%。我們仍以全年自由現金流對調整後 EBITDA 的轉換率 60% 至 65% 為目標。

Turning to guidance. Our financial estimates for the third quarter of 2026 are set forth in our earnings release and supplemental materials. These estimates are based on current market conditions and assume no further deterioration in the markets that we serve.

接著談指引。我們對 2026 年第三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會進一步惡化。

As we execute against our strategic plan, we expect some continued upfront investments. Our third quarter estimates include $7.5 million to $9.5 million in strategic planning expenses related to the execution of our next wave growth strategy, which we expect will continue to decline over the coming quarters.

在執行我們的策略計畫之際，我們預期仍會有一些前期投資。我們對第三季的估計包含 750 萬至 950 萬美元的策略規劃費用，與執行下一波成長策略相關；我們預期該費用將在未來幾季持續下降。

As noted last quarter, along with these investments, we are implementing targeted initiatives that will generate meaningful structural cost savings for the business. These efforts are progressing as planned.

如上季所述，除上述投資外，我們也在推動具針對性的措施，將為業務帶來具意義的結構性成本節省。這些工作正按計畫推進。

With that as background, for the third quarter of 2026, we are estimating revenues of $994 million to $1.024 billion; net income of $14.5 million to $23 million; adjusted EBITDA of $95 million to $105 million; and adjusted EBITDA margin of 9.6% to 10.3%.

在此背景下，對 2026 年第三季，我們預估營收為 9.94 億至 10.24 億美元；淨利為 1,450 萬至 2,300 萬美元；調整後 EBITDA 為 9,500 萬至 1.05 億美元；調整後 EBITDA 利潤率為 9.6% 至 10.3%。

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 begin the second-half of the year, we remain confident in Everforth's ability to lead an increasingly AI-driven marketplace. Our foundation has always been the ability to deliver specialized talent at scale and speed. This capability, combined with our expertise in integrating AI into complex enterprise environments, positions Everforth to expertly support our customers as they navigate their next phase of enterprise transformation.

謝謝，Marie。在我們進入下半年之際，我們仍對 Everforth 引領日益 AI 驅動的市場充滿信心。我們的根基一向是能以規模與速度交付專業人才。此一能力結合我們在將 AI 整合進複雜企業環境方面的專長，使 Everforth 能夠專業地支援客戶，協助他們因應企業轉型的下一階段。

As noted at the start of today's call, enterprises are increasingly focused on how to implement AI securely and responsibly while enabling productive and efficient outcomes. This shift is driving demand for Everforth's differentiated model.

如同今天電話會議一開始所提到的，企業正愈來愈聚焦於如何在安全且負責任的前提下導入 AI，同時實現具生產力與效率的成果。這項轉變正帶動對 Everforth 差異化模式的需求。

As you may recall, last November, we introduced our AI Factory, a unified framework designed to help enterprises scale AI. Over the past eight months, we've evolved that offering into what we now coined as TotalSight, an enterprise AI operating platform that provides customers with a secure, repeatable path from concept to production-ready AI.

各位或許還記得，去年 11 月我們推出了 AI Factory，這是一套統一的框架，旨在協助企業擴大 AI 規模。在過去八個月中，我們已將該方案演進為我們如今稱之為 TotalSight 的產品：一個企業 AI 營運平台，為客戶提供一條安全、可重複的路徑，從概念走向可投入生產的 AI。

TotalSight addresses one of the key issues we reviewed at the start of today's call, which is that few enterprise s have the governance, security, and operating processes in place to deploy AI reliably at scale. By providing a modular platform for AI lifecycle management, TotalSight helps our customers accelerate AI deployment, reduce effort duplication, and manage their AI investments consistently across cloud, on-prem, and disconnected environments.

TotalSight 解決了我們在今天電話會議一開始所檢視的關鍵議題之一，也就是很少有企業具備完善的治理、安全性與營運流程，能夠在大規模下可靠地部署 AI。透過提供模組化的 AI 生命週期管理平台，TotalSight 協助客戶加速 AI 部署、降低重複投入的工作量，並在雲端、地端（on-prem）以及離線環境中一致地管理其 AI 投資。

We are actively using TotalSight to support current customers and new business development. With the support of Quinhox, for example, our TotalSight team has built a growing portfolio of AI-powered solutions and accelerators for the banking and insurance industries. These solutions help our financial services customers automate complex processes, improve customer experience, enhance productivity, and importantly, unlock greater value from their massive dataset.

我們正積極運用 TotalSight 來支援現有客戶並推動新業務開發。例如，在 Quinhox 的支援下，我們的 TotalSight 團隊已為銀行與保險產業打造並持續擴充一系列由 AI 驅動的解決方案與加速器。這些解決方案協助金融服務客戶自動化複雜流程、改善客戶體驗、提升生產力，並且重要的是，從其龐大的資料集解鎖更高價值。

Just as important, we believe the best way to help our clients realize the value of AI is to lead by example, embedding those capabilities throughout our own operations and delivery models. In May, we launched our internal talent delivery agent, which has supported the publication of thousands of commercial job postings, improving the quality and consistency of our externally facing positions, while also helping accelerate growth in our applicant funnel.

同樣重要的是，我們相信協助客戶實現 AI 價值的最佳方式，是以身作則，將這些能力嵌入我們自身的營運與交付模式之中。5 月，我們推出了內部的人才交付代理（agent），已支援發布數千則商業職缺公告，提升我們對外職缺的品質與一致性，同時也加速了應徵漏斗的成長。

The agent has also assisted recruiters by generating comprehensive job fit profiles for more than 100,000 candidates, enabling faster and more effective alignment of qualified talent with client demand. In June, we launched another agentic tool, a sales agent that is now supporting hundreds of sales professionals. Teams are leveraging our sales agent for CRM automation, meeting preparation, account intelligence, and AI-driven recommendations that help accelerate new business development efforts.

該代理也透過為超過 100,000 名候選人產生完整的職務適配檔案，協助招募人員更快速且更有效地將合格人才與客戶需求進行匹配。6 月，我們推出了另一項代理式工具——銷售代理，目前正支援數百位銷售專業人員。各團隊正運用我們的銷售代理進行 CRM 自動化、會議準備、客戶（account）情報，以及 AI 驅動的建議，以協助加速新業務開發工作。

Both our sales and talent delivery agents are powered by a robust and evolving data foundation built on Salesforce Data 360, which enables us to curate rich, data-driven intelligence on the candidates and clients we serve and then activate those insights in real time through Agentforce.

我們的銷售代理與人才交付代理皆由一個強健且持續演進的資料基礎所驅動，該基礎建立於 Salesforce Data 360 之上，使我們能夠針對所服務的候選人與客戶策劃豐富、資料驅動的洞察，並透過 Agentforce 即時啟用這些洞察。

While these initiatives are still in the early stages, they are already helping us improve our speed, consistency, and productivity across key workflows. More importantly, they reinforce our conviction that meaningful AI transformation starts with operational execution. By applying these technologies within our own business, we are strengthening our expertise, accelerating innovation, and creating a better foundation to help our clients navigate their own AI journeys.

雖然這些計畫仍處於早期階段，但已開始協助我們在關鍵工作流程上提升速度、一致性與生產力。更重要的是，它們強化了我們的信念：有意義的 AI 轉型始於營運執行。透過在自身業務中應用這些技術，我們正在強化專業能力、加速創新，並建立更好的基礎，以協助客戶推進其 AI 旅程。

That concludes our prepared remarks. Before we open the call for questions, I want to thank our team for their dedication, adaptability, and commitment to our customers. The progress we've discussed today is a direct reflection of your expertise, collaboration, and willingness to embrace innovation, and together, these efforts drive our success.

以上為我們事先準備的發言。在開放提問之前，我想感謝我們的團隊對客戶展現的投入、適應力與承諾。我們今天所討論的進展，直接反映了各位的專業、協作精神以及擁抱創新的意願；而這些努力共同推動了我們的成功。

With that, let's open up the call to questions.

接下來，我們開放提問。

(Operator Instructions) Jeff Silber, BMO Capital Markets.

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

Thanks so much. Obviously, you sound a lot better than you did last quarter. Can maybe at a high level, what's changed over the past three months and how sustainable are those changes?

非常感謝。顯然，你們聽起來比上季好很多。能否從較高層次談談，過去三個月有哪些變化？這些變化的可持續性如何？

Hey, Jeff. Thanks for your question. I mean, look, I think that we saw a meaningful acceleration in the business during the quarter that starts with bookings. You can see on the commercial side for sure that we've had a better than we anticipated quarter in commercial bookings. That was, we called it out for Workday, but that was really across the board in commercial.

嗨，Jeff。謝謝你的問題。我的意思是，我認為本季業務出現了顯著加速，而這從訂單（bookings）開始。你可以看到在商業端，我們的商業訂單確實比預期更好。我們在 Workday 上特別提到過，但其實商業端是全面性的表現。

Our staffing business is certainly found some stability here and we saw a meaningful change in order flow from the first quarter coming into the second quarter. So I really feel like it was a combination of those things.

我們的人力派遣（staffing）業務確實在這裡找到了一些穩定性，而且我們看到從第一季進入第二季，訂單流入（order flow）出現了明顯變化。所以我真的覺得這是這些因素的綜合結果。

And on the federal side, they also exceeded our expectations, not as much as commercial, but certainly contributed to the overperformance. And we mentioned the higher-than-expected revenues on the DHS account, which really led the quarter on the federal side.

在聯邦端，他們也超出我們的預期，雖然不如商業端那麼多，但確實對超預期表現有所貢獻。我們也提到 DHS 專案的營收高於預期，這在聯邦端帶動了本季表現。

Okay, that's really helpful. And then in looking at the guidance for the third quarter, it seems to be a pretty wide range. Can you tell us what's driving maybe the high end and the low end and the differences between those two?

好的，這很有幫助。接著看第三季的指引，區間似乎相當寬。你能否說明是什麼因素驅動區間的高端與低端，以及兩者之間的差異？

Yeah, I think it's just the momentum, if you will, Jeff. I think if momentum continues at a high level, it could drive us up above the midpoint. So I would say commercial momentum for sure.

可以，我認為就是動能（momentum），如果你願意這麼說的話，Jeff。我認為如果動能能維持在高檔，就可能推動我們高於區間中點。所以我會說，商業端的動能肯定是關鍵。

On the federal side, I think revenue acceleration there is going to come in the fourth quarter and really into 2027. So I think it's going to be commercial that would drive us into the high end of the range.

在聯邦端，我認為營收加速會出現在第四季，並延續到 2027 年。因此，我認為會是商業端把我們推向區間高端。

Okay. I'll jump back in the queue. Thanks so much.

好的。我回到隊列後面。非常感謝。

Maggie Nolan, William Blair.

William Blair 的 Maggie Nolan。

Hi. Thank you. Maybe to build on the previous questions, can you give some commentary about what you're seeing in terms of conversion cadence of the commercial bookings into revenue and help us extrapolate what that means for your exit rate and growth trajectory into Q4 and 2027?

嗨。謝謝。或許延續前面問題，你能否評論一下你們看到商業訂單轉換為營收的轉換節奏（conversion cadence）如何，並協助我們推估這對你們在第四季及 2027 年的期末退出率（exit rate）與成長軌跡意味著什麼？

Yeah, so let Shiv take that one, but I'll add on the back of Jeff's questions into yours is that, we mentioned that while we didn't have great pace in our enterprise platform business in the first quarter, and it didn't perform quite to our expectations, it was a temporary blip, if you will, and it really accelerated through the second quarter, right, Shiv?

好的，這題讓 Shiv 來回答，不過我先補充一下，承接 Jeff 的問題到你的問題：我們提到過，雖然第一季我們的企業平台業務節奏不佳，表現也未完全達到預期，但那只是暫時性的波動（temporary blip），而且在第二季確實加速了，對吧，Shiv？

Absolutely. So, Maggie, I think, as we said in the script, we're starting to see conversion bump back up to what I would call historical norms in terms of bookings to revenue, strong bookings quarter for enterprise platforms, which obviously convert.

完全同意。所以，Maggie，我認為如同我們在講稿中所說，我們開始看到從訂單到營收的轉換回升到我所稱的歷史常態水準；企業平台本季訂單表現強勁，而這些訂單顯然會轉換為營收。

But we need to see continued bookings momentum into Q3 and Q4 that would allow us to exit at a pretty good rate going into 2027. So what I would say is, as we've said in our guide, we're seeing stability in our staffing business, we're seeing demand and bookings momentum and conversion return to historical norms. So that drives the guide and we think the momentum continues, we should continue to see sequential growth in the business.

但我們需要在第三季與第四季看到訂單動能持續，才能讓我們在邁入 2027 年時以相當不錯的速度退出（exit）。所以我會說，如同我們在指引中所提到的，我們看到人力派遣業務趨於穩定，看到需求與訂單動能，並且轉換回到歷史常態。這些因素支撐了指引；我們認為只要動能延續，就應該能持續看到業務逐季成長。

Great, thank you. And then on free cash flow, do you have confidence in a ramp up in free cash flow in the second half, and what are the key components there?

很好，謝謝。另外關於自由現金流，你們是否有信心在下半年自由現金流會加速提升？關鍵構成要素是什麼？

We do. Again, even last quarter, we talked about having that 60% to 65% conversion to EBITDA. And so as we look at the back half of the year, there's a couple of components, obviously, as we continue to drive revenue, drive EBITDA, and then just our continued focus on DSO.

有信心。同樣地，即使在上季，我們也談到自由現金流對 EBITDA 的轉換率為 60% 到 65%。因此當我們看下半年時，有幾個構成要素：顯然是我們持續推動營收、推動 EBITDA，然後就是我們持續聚焦於 DSO（應收帳款週轉天數）。

Got it. Thank you, all.

了解。謝謝各位。

Tobey Sommer, Truist Securities.

Tobey Sommer，Truist Securities。

Thank you. Within commercial consulting, what are the softwares that are in highest demand now? And maybe if you could speak to the trends more recently here in July, if that bookings trend continues into the current quarter?

謝謝。在商業顧問服務方面，目前需求最高的是哪些軟體？另外，您是否可以談談7月近期的趨勢，以及這個預訂（bookings）趨勢是否延續到本季度？

Yeah. So look, I think we alluded to it pretty clearly that we had a strong bookings quarter on platforms, specifically Workday. We are definitely seeing momentum with Salesforce as well, and we had a pretty decent quarter from a ServiceNow perspective from an enterprise platforms standpoint.

是的。所以你看，我想我們已經相當清楚地提到，我們在平台方面有一個強勁的預訂季度，特別是Workday。我們也確實看到Salesforce的動能，同時從企業平台的角度來看，ServiceNow這一季表現也相當不錯。

In terms of the other work that we're seeing momentum on, we're seeing further acceleration and growth in the work that we're doing with Databricks and Snowflake. We're also seeing momentum with some of the hyperscalers on some of the cloud work we're doing with both AWS and Microsoft. So hopefully that gives you a flavor of all the different platform areas and partnerships and software platforms we're seeing momentum with, Tobey.

就我們看到其他工作動能而言，我們在與Databricks和Snowflake合作的工作上，看到進一步加速與成長。我們也在一些超大規模雲端服務商（hyperscalers）上看到動能，包含我們與AWS及Microsoft在雲端工作上的一些專案。希望這能讓你對我們在各種平台領域、合作夥伴關係以及軟體平台上所看到的動能有個概念，Tobey。

In the new business wins and pipeline in July?

那7月的新業務得標與管線（pipeline）呢？

Sorry, Tobey, could you just repeat the question one more time for me, please?

抱歉，Tobey，你可以再把問題重複一次嗎？

Has the bookings momentum continued into July?

預訂的動能是否延續到7月？

Yeah, I think it's been steady throughout the quarter. July was -- it's been fairly consistent across the three months of the quarter, so to speak. So I wouldn't say July was an outlier in any sense.

是的，我認為整個季度都維持穩定。可以這麼說，7月——在本季度的三個月裡都相當一致。所以我不會說7月在任何意義上是個異常值。

Okay. In your recent recently added Indian footprint, offshore footprint, are you in the process of expanding capabilities there so that you've got resident in the country resources able that you can bring to bear more than just the areas that you acquired? So you can see your TAM and abilities there.

好的。關於你們最近新增的印度據點、離岸據點，你們是否正在擴充那邊的能力，讓你們在當地有常駐資源，能夠投入的不只是你們收購的那些領域？也就是說，讓你們在那邊的TAM與能力可以擴大。

No, absolutely. We are expanding our footprint with them on data and AI. We're expanding our footprints even on platforms, so we can support work around our enterprise platforms from India. So those are two areas which are heavily areas of focus for us.

是的，當然。我們正在與他們一起擴大在資料與AI方面的布局。我們也在平台方面擴大布局，因此我們可以從印度支援我們企業平台相關的工作。所以這兩個領域是我們高度聚焦的重點。

In addition, we're also in the process of combining our forces in terms of the assets and accelerators that we have because headcount is one part of the question, Tobey, but the other part of the question in today's day and age is can we get a multiplier out of the efforts that we've had in innovation and assets and accelerators, and that's another thing we're pushing pretty hard.

此外，我們也正在整合我們在資產與加速器（accelerators）方面的力量，因為人力只是問題的一部分，Tobey；但在當今這個時代，問題的另一部分是：我們能否把我們在創新、資產與加速器上的投入產生乘數效應，而這也是我們正在大力推進的另一件事。

So, Tobey, just to add to that, I think getting early here in combining Quinnox and our go-to-market approach with our overall commercial business. And then also having assets on the ground from a sales standpoint, so we can approach the GCCs not only from our relationships here in the US, but also in India are going to accelerate us, we think, as we work toward building this business, to your point, more than just the revenues and EBITDA that we bought, but the revenue synergies that we're looking for.

所以，Tobey，補充一下，我認為我們在整合Quinnox以及我們整體商業業務的上市策略（go-to-market approach）方面，已經在早期就開始著手。另外，從銷售角度來看，在當地配置資產，讓我們不僅能透過在美國的關係，也能在印度接觸GCC（全球能力中心），我們認為這將加速我們打造這項業務；如你所說，不只是我們買到的營收與EBITDA，還包括我們所期待的營收協同效益。

And the last part, in Everforth ESS in the federal business, could you speak to whatever brute force metrics you might be doing, implementing to to drive a better book-to-bill and more predictable revenue growth, albeit some upside in the quarter from DHS performance?

最後一點，在聯邦業務的Everforth ESS方面，你能否談談你們可能採取的任何「硬指標」（brute force metrics），或正在導入的措施，以推動更好的接單出帳比（book-to-bill）與更可預測的營收成長？儘管本季因DHS表現帶來一些上行空間。

Maybe how much your more in dollar value you're submitting in bids, value of awards, awaiting of submittals, awaiting award, anything like that that you could give us in terms of breadcrumbs to understand how you might be on a track to more durably grow quickly?

例如你們在投標提交的金額規模、得標金額、已提交待決（awaiting）提案、已提交待決得標（awaiting award）等，任何你能提供的線索（breadcrumbs），幫助我們理解你們是否正走在更持續、且更快速成長的軌道上？

Sure, I'll start there and Shiv can finish. So it's all the above, Tobey. I mean, as we reorganize the business, if you will, inside of federal. We've brought new leadership. We've enhanced leadership among our business units and also strengthened our focus, if you will, at the account level.

當然，我先回答，Shiv再補充。所以，Tobey，以上皆是。我的意思是，當我們在聯邦業務內部重新組織業務時。我們引進了新的領導團隊。我們也強化了各事業單位的領導力，並且在客戶（account）層級加強聚焦。

We are being more purposeful about the work we bid on and make sure that the customer relationship and our solution capabilities line up with a high opportunity to win. Our submitted waiting award numbers in the federal space are up materially. And so I think it's a really feel like a combination of all those things, give us some confidence that we're on the right path there.

我們在投標的工作上更有目的性，並確保客戶關係與我們的解決方案能力能對齊，從而具備較高的勝率。我們在聯邦領域「已提交、待決得標」（submitted waiting award）的數字大幅上升。因此我認為，這些因素的組合讓我們對自己走在正確道路上更有信心。

Oh, absolutely. Look, I think I'm just going to echo that. We do expect to see an uptick in award activity just based on the submits that we have in terms of total and submitting waiting award, which is, as Ted said, has pretty healthy and ticked up. So the expectation is we will see improved book-to-bill on a trading 12-month basis over the next couple of quarters.

是的，完全同意。你看，我只是呼應上述觀點。基於我們的提交量（submits），包括總量以及「已提交、待決得標」，我們確實預期得標活動會增加；正如Ted所說，這些數字相當健康且有所上升。因此，我們預期未來幾個季度，在過去12個月滾動基礎（trailing 12-month basis）上，接單出帳比（book-to-bill）將會改善。

Kevin McVeigh, UBS.

Kevin McVeigh，UBS。

Great. Thanks so much and congratulations on the execution. I don't know if this would be for Ted or Shiv, but maybe understand, like how would you characterize the recovery? Do you think it's broad-based and strong enough to offset the typical Q4 seasonality just as based on how the bookings are pacing because obviously this is Q3 and we think about the seasonality, how are you thinking about that?

很好。非常感謝，也恭喜執行成果。我不確定這題是問Ted還是Shiv，但想了解你們會如何描述這次復甦？你們認為這是廣泛且足以抵消典型第四季季節性的強度嗎？就預訂的進度來看，顯然現在是第三季，我們在思考季節性時，你們是怎麼看待的？

So I think last quarter, Kevin, I would have said it's not broad-based, right? We really saw it in the tech industry and in a couple of the sub-verticals, but maybe not as broad-based as we're seeing it here in coming out of Q1 and into Q2. All of our five commercial industries showed sequential growth. Our federal business showed sequential growth. And so it's to varying degrees, but I think that this is the most broad-based move forward that we've seen in a number of years.

Kevin，我想如果是上一季，我會說這並不是廣泛性的，對吧？我們主要是在科技產業以及幾個次產業看到，但可能沒有像現在這樣，在走出第一季、進入第二季時所看到的那麼廣泛。我們五個商業產業全部都呈現季比成長。我們的聯邦業務也呈現季比成長。所以程度不一，但我認為這是我們多年來看到最廣泛的向前推進。

Got it. And then I guess I think you talked about some -- or maybe, Marie, just the investments that you talked about, can you just dimensionalize like how much was in Q1, Q2, Q3, and Q4 and just remind us what that is?

了解。然後我想你提到一些——或者也許是Marie，你提到的那些投資，你能否把它量化一下：第一季、第二季、第三季和第四季各是多少？並再提醒我們那是什麼？

Right. Absolutely. So Kevin, those are planned investments that are going to generate our transformative savings that we talked about in the three-year plan, right? And so those savings or those costs, they are declining. So if you think about the cost that we had in Q1 of $12.8 million, in Q2, right, $9.8 million, and we guided Q3 at $7.5 million to $9.5 million. So we will see those costs continue to decline as we implement the various initiatives.

好的。當然。Kevin，那些是我們規劃中的投資，將用來產生我們在三年計畫中談到的轉型節省（transformative savings），對吧？因此那些節省或那些成本是在下降的。如果你看第一季的成本是1,280萬美元，第二季是980萬美元，而我們對第三季的指引是750萬至950萬美元。因此，隨著我們推動各項措施落地，這些成本會持續下降。

Got it. And you're adding them back, Marie, is that right? So, it's not in operation being head back.

了解。而且妳會把它們加回去，Marie，對嗎？所以，它不是在營運中被加回去。

I'm sorry, say it again?

不好意思，可以再說一次嗎？

If you're adding that back?

如果妳要把那個加回去？

That's correct.

沒錯。

Okay. Thank you very much.

好的。非常感謝。

Absolutely.

當然。

Mark Marcon, Baird.

Mark Marcon，Baird。

Hey, good afternoon and thanks for taking my questions. First one, Shiv or Ted, I'm just wondering, IBM ended up getting a lot of attention in terms of hearing from some clients that they were delaying some of their investments with IBM in order to focus more on memory and things that are related to AI. Have you heard anything along those lines or does it feel like business is as usual?

嗨，午安，謝謝讓我提問。第一個問題，Shiv 或 Ted，我想請教一下，IBM 最近受到很多關注，因為聽到一些客戶表示，他們延後了對 IBM 的部分投資，以便更聚焦在記憶體以及與 AI 相關的事情上。你們有聽到類似的情況嗎？還是感覺業務一切如常？

Yeah, look, I think, Mark, the IBM issue is very consolidated or rather concentrated on a part of their business, which was around their mainframes. So I think the issue for them was the order book that they were expecting from a main space perspective just didn't materialize because I think the moat around some of that is probably disappearing sooner because of AI and the ability from AI to drive more modernization.

是的，你看，我認為，Mark，IBM 的問題其實非常集中——或者說是聚焦——在他們業務中的一部分，也就是主機（mainframe）相關。所以我想他們的問題在於，從主機領域的角度來看，他們原本預期的訂單簿並沒有實現，因為我認為 AI 的出現以及 AI 推動更快現代化的能力，可能讓那部分的護城河更早開始消失。

We're actually seeing that in the work that we're doing with clients where modernization of legacy code from mainframes and getting it into a more modern cloud-based application architecture is getting easier. So I think the investment diversion that they saw was more around companies investing in compute capacity to enable that a modernization. I think it's a pretty narrow issue relative to a piece of their business. We're not seeing anything like that which is affecting services on our end.

我們其實也在與客戶合作的專案中看到這點：把主機上的舊有程式碼現代化，並把它轉到更現代、以雲端為基礎的應用架構，正變得更容易。所以我認為他們看到的投資轉移，更多是公司把資金投入到運算能力，以支援那樣的現代化。相對於他們整體業務來說，我覺得這是相當狹窄的問題，僅限於其中一塊。我們這邊沒有看到任何類似情況會影響到我們的服務業務。

Great. And then I was just wondering with regards to the quarter and also the guide, a couple of questions. So one would basically be -- and I apologize if I missed it, but how much did Quinnox contribute?

很好。接著我想就本季以及指引問幾個問題。第一個基本上是——如果我漏聽了先說抱歉——Quinnox 貢獻了多少？

So we have -- we didn't call out the Quinnox numbers, Mark, we gave them to the market when we made the acquisition. You can go back and refer to those, but I can tell you the sequential growth was mostly organic.

我們——我們沒有特別揭露 Quinnox 的數字，Mark；我們在完成收購時已經提供給市場了。你可以回去參考那些資料，但我可以告訴你，季增主要是來自有機成長。

Okay. But Quinnox was as expected.

好的。但 Quinnox 的表現符合預期。

They're performing as expected at this point.

截至目前他們的表現符合預期。

Okay, great. And then with regards to Quinnox, does it have higher gross margins or lower gross margins than the overall commercial?

好的，很好。那關於 Quinnox，它的毛利率是高於還是低於整體商業（commercial）業務？

It has quite a bit higher gross margins. So I would say for just in general for our enterprise platform businesses and for our digital engineering capability with Quinnox in India, we're looking at 40% or a little higher in terms of gross margins and you're looking at high 10%s to 20% in EBITDA margins.

它的毛利率高很多。所以我會說，整體而言，就我們的企業平台業務，以及 Quinnox 在印度的數位工程能力來看，毛利率大約在 40% 或略高；而 EBITDA 利潤率大約在 10% 後段到 20% 左右。

Okay. So the gross margin compression on the commercial side on a year-over-year basis, that's basically because of PERM, right, and a little bit of FX.

好的。那商業端毛利率年對年下滑，基本上是因為 PERM，對吧，另外還有一點匯率因素。

That's correct. It's PERM and then that FX is related to our Mexico delivery center and the peso.

沒錯。是 PERM，另外匯率則與我們墨西哥交付中心以及披索有關。

Yeah. And so if we strip those two elements out, gross margins would be up?

是。所以如果把這兩個因素拿掉，毛利率就會上升？

Well, look, I think if you strip those out, they certainly would be up, right? But I would tell you, if you're thinking about the guide, it's really the differential there is on the federal side where we had a little bit more cost-plus revenue than we had anticipated in the federal segment based on their over performance. And if you strip that out, we would have been just above the midpoint in the guy. So that's versus the guy we could talk about year over year. I'm not exactly sure where your question was.

嗯，你看，我認為如果把那兩個因素拿掉，毛利率當然會上升，對吧？但我想說的是，如果你在看指引，差異主要其實在聯邦端：在聯邦部門，由於表現超出預期，我們有比原先預期更多的成本加成（cost-plus）收入。如果把那個因素拿掉，我們本來會略高於指引的中點。所以這是相對於指引的差異；至於年對年我們也可以談。我不太確定你的問題具體指的是哪一部分。

Oh, I was just trying to -- I was more focused just with regards to the second quarter and just if that works out. But it sounds like things are moving in the right direction with regards to commercial. Would you anticipate that commercial will actually show year-over-year growth? For the third quarter.

喔，我只是想——我比較聚焦在第二季，看看這樣是否合理。但聽起來商業端的走勢是在往正確方向走。你們預期商業端在第三季會出現年對年成長嗎？

So we're moving to year-over-year growth. I don't know if we'll get all the way there for the quarter, Mark, but certainly during the quarter, we're moving to year-over-year growth and would expect to be there in the fourth quarter for sure.

我們正在朝年對年成長邁進。Mark，我不確定第三季整季是否能完全達到年對年成長，但至少在第三季期間，我們會往年對年成長的方向走，並且預期第四季肯定會達到。

Okay, that's great. Thank you so much.

好的，太好了。非常感謝。

We have reached the end of the question-and-answer session. I'd like to turn the floor back over to Ted Hanson, Chief Executive Officer, for closing comments.

問答環節到此結束。我想把時間交回給執行長 Ted Hanson，請他做結語。

Great. Well, I want to thank everyone for being on the call today, and we look forward to speaking with you in October to discuss our third quarter results. Thank you.

很好。我想感謝各位今天參與電話會議，我們期待在 10 月與各位再度交流，討論我們第三季的業績結果。謝謝。

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

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。