Hackett Group Inc (HCKT) 2024 Q3 法說會逐字稿

Welcome to The Hackett Group third-quarter earnings conference call. (Operator Instructions) Please be advised the conference is being recorded.

歡迎參加哈克特集團第三季​​財報電話會議。（操作員指示）請注意，會議正在錄音。

Hosting tonight's call are Mr. Ted Fernandez, Chairman and CEO; and Mr. Rob Ramirez, Chief Financial Officer. Mr. Ramirez, you may begin.

今晚的電話會議主持人是董事長兼執行長 Ted Fernandez 先生；以及財務長 Rob Ramirez 先生。拉米雷斯先生，您可以開始啦。

Good afternoon, everyone. And thank you for joining us to discuss the Hackett Group's third-quarter results. Speaking on the call today, I'm here to answer your questions for Ted Fernandez, Chairman and Chief Executive Officer of the Hackett Group; and myself, Rob Ramirez, Chief Financial Officer.

大家下午好。感謝您加入我們討論 Hackett Group 第三季的業績。在今天的電話會議上，我來回答你們針對哈克特集團董事長兼執行長泰德‧費爾南德斯的問題；還有我本人，財務長羅布·拉米雷斯（Rob Ramirez）。

A press announcement was released over the wires at 4:15 PM Eastern Time. For a copy of the release, please visit our website at www.thehackettgroup.com. We'll also place any additional financial or statistical data discussed on this call that is not contained in the release on the investor relations page of our website.

美國東部時間下午 4:15，一份新聞公告透過電報發布。如需該新聞稿的副本，請造訪我們的網站：www.thehackettgroup.com。我們也會將本次電話會議中討論的、未包含在新聞稿中的任何其他財務或統計數據放在我們網站的投資者關係頁面上。

Before we begin, I would like to remind you that in the following comments and in the question-and-answer session, we will be making statements about expected future results, which may be forward-looking statements for the purposes of the federal securities laws. These statements relate to our current expectations, estimates, and projections and are not a guarantee of future performance.

在我們開始之前，我想提醒您，在接下來的評論和問答環節中，我們將對預期的未來結果做出陳述，這些陳述可能屬於聯邦證券法所指的前瞻性陳述。這些聲明與我們目前的預期、估計和預測有關，但不能保證未來的表現。

They involve risks, uncertainties, and assumptions that are difficult to predict, and which may not be accurate. Our actual results may vary. These forward-looking statements should be considered only in conjunction with the detailed information, particularly the risk factors contained in our SEC filings. At this point, I would like to turn it over to Ted.

它們涉及難以預測且可能不準確的風險、不確定性和假設。我們的實際結果可能會有所不同。這些前瞻性陳述應僅與詳細資訊（尤其是我們向美國證券交易委員會提交的文件中包含的風險因素）結合考慮。現在，我想把麥克風交給泰德。

Thank you, Rob, and welcome everyone to our third quarter earnings call. As we normally do, I will open the call with some overview comments on the quarter. I will then turn it back over to Rob to comment on detailed operating results, cash flow, and guidance. We will then review our market and strategy-related comments, after which we will open it up to Q&A.

謝謝你，羅布，歡迎大家參加我們第三季的財報電話會議。像往常一樣，我將在電話會議開始時對本季進行一些概述性評論。然後，我將把話題轉回給 Rob，讓他對詳細的經營業績、現金流和指導進行評論。然後，我們將回顧與市場和策略相關的評論，之後我們將開放問答環節。

This afternoon, we reported total revenues of $79.8 million and adjusted earnings per share of $0.43, both of which exceeded our quarterly guidance. Our Oracle and SAP segments continued their strong performance, but what is new is the emergence and increased revenue growth from our GenAI engagements, which grew strongly on a sequential revenue basis in the quarter.

今天下午，我們報告的總收入為 7,980 萬美元，調整後每股收益為 0.43 美元，兩者都超過了我們的季度預期。我們的 Oracle 和 SAP 部門持續保持強勁表現，但新的是來自我們 GenAI 業務的崛起和收入成長，該業務在本季度的營收環比增長強勁。

This new GenAI consulting revenue, driven by our AI XPLR, X-P-L-R platform, was offset by the weakness in our eProcurement group and resulted in our GSBT segment being flat on a year-over-year basis. We are seeing clients quickly moving from awareness and education about its GenAI adoption opportunity to budgeted projects, which we expect to further increase in the fourth quarter and continue throughout 2025.

這項新的 GenAI 諮詢收入由我們的 AI XPLR、X-P-L-R 平台推動，但被我們電子採購部門的疲軟所抵消，導致我們的 GSBT 部門與去年同期持平。我們看到客戶正在迅速從對 GenAI 採用機會的認識和教育轉向預算項目，我們預計這一趨勢將在第四季度進一步增加並持續到 2025 年。

We believe GenAI is a generational opportunity, which will fundamentally change the way companies operate as well as the way consulting services are sold and delivered. The GenAI platform capability we have developed in AI XPLR and now expanded with the ZBrain platform, which was part of the LeewayHertz acquisition, are highly differentiating and should allow us to compete strongly for the emerging growth in this important space.

我們相信 GenAI 是一個世代機遇，它將從根本上改變公司的運作方式以及諮詢服務的銷售和交付方式。我們在 AI XPLR 中開發的 GenAI 平台功能現在透過 ZBrain 平台進行了擴展，ZBrain 平台是 LeewayHertz 收購的一部分，它具有很強的差異化，可以讓我們在這一重要領域的新興增長中展開強勁競爭。

Our Oracle segment performance was consistent with the momentum we have experienced since early 2023, when Oracle re-established its dedicated sales team in its enterprise performance management or EPM offerings. Our SAP Solutions segment performed above expectations for the third quarter in a row as it closed several value-added reseller transactions which benefited the quarter. This increase is directly attributable to our decision last year to expand our sales force and more broadly leverage our market-leading life sciences capability.

我們的 Oracle 部門表現與 2023 年初以來的勢頭一致，當時 Oracle 在其企業績效管理或 EPM 產品中重新建立了專門的銷售團隊。我們的 SAP 解決方案部門連續第三個季度表現超出預期，因為其完成了多項增值經銷商交易，為本季帶來了收益。這一增長直接歸因於我們去年決定擴大銷售團隊並更廣泛地利用我們市場領先的生命科學能力。

We continue to see the GenAI opportunities emerge. We have conducted hundreds of meetings with Global 1000 organizations since our introduction of AI XPLR earlier this year. These demo meetings and conversations have provided us with valuable client adoption considerations along with their implementation concerns and limitations. These initial meetings are now becoming a new meaning -- are becoming new meaningful opportunities for us to serve clients strategically and broadly.

我們不斷看到 GenAI 機會的出現。自今年稍早推出 AI XPLR 以來，我們已經與全球 1000 強組織進行了數百次會議。這些演示會議和對話為我們提供了寶貴的客戶採用考慮因素及其實施問題和限制。這些初次會面如今有了新的意義——成為我們為客戶提供廣泛策略性服務的新的、有意義的機會。

We use this unique insight to make powerful improvements to our recent release AI XPLR version 2. The most important of the enhancements is our ability to simulate an organization's enterprise use case opportunities by leveraging Hackett IP, including our benchmarking; best practice business processes; and software configuration knowledge to identify AI automation opportunities and data source requirements at the work-step or activity level.

我們利用這項獨特的見解對我們最近發布的 AI XPLR 版本 2 進行了強大的改進。其中最重要的增強功能是，我們能夠利用 Hackett IP 來模擬組織的企業用例機會，包括我們的基準測試；最佳實務業務流程；和軟體配置知識，以識別工作步驟或活動層級的人工智慧自動化機會和資料來源要求。

This enables us to identify, design and evaluate meaningful AI solutions or use cases, including AI agent opportunities using our AI XPLR's GenAI-assisted capabilities. We believe that our new XPLR version two capabilities and our acquisition of LeewayHertz are already favorably impacting our conversion rates and significantly expanding the downstream revenue opportunities with our clients.

這使我們能夠識別、設計和評估有意義的 AI 解決方案或用例，包括使用我們的 AI XPLR 的 GenAI 輔助功能的 AI 代理機會。我們相信，我們新的 XPLR 第二版功能和對 LeewayHertz 的收購已經對我們的轉換率產生了積極影響，並顯著擴大了我們與客戶的下游收入機會。

Given the strategic access and platform expanding capabilities of AI XPLR, it was natural for us to extend our AI implementation capabilities to fully be able to develop and implement GenAI use cases that we were identifying. This resulted in our acquisition of LeewayHertz, a highly recognized provider of advanced GenAI solutions.

鑑於 AI XPLR 的戰略存取和平台擴展能力，我們自然會擴展我們的 AI 實施能力，以便能夠充分開發和實施我們正在識別的 GenAI 用例。這導致我們收購了 LeewayHertz，一家備受認可的先進 GenAI 解決方案提供商。

The acquisition also included a GenAI orchestration solution, ZBrain, which we agreed to contribute into a newly created joint venture with the LeewayHertz founder, the JV, which will bring together the AI XPLR and ZBrain software platforms and will focus on licensing the platforms and creating a first-of-its-kind GenAI ideation through implementation Software-as-a-Service offering.

此次收購還包括 GenAI 編排解決方案 ZBrain，我們同意將其投入與 LeewayHertz 創始人新成立的合資企業，該合資企業將整合 AI XPLR 和 ZBrain 軟體平台，並將專注於授權平台和創造透過實施軟體即服務產品實現首個GenAI 構思。

We believe this JV creates an entirely new value creation opportunity for our shareholders that could result from the growth of annual recurring revenues. It would also allow us to have the opportunity to raise capital and achieve stand-alone valuations due to its GenAI software focus.

我們相信，該合資企業將為我們的股東創造全新的價值創造機會，這可能源自於年度經常性收入的成長。由於其專注於 GenAI 軟體，它還使我們有機會籌集資金並實現獨立估值。

Our pre-acquisition collaboration with LeewayHertz during the third quarter resulted in strong sequential quarterly GenAI revenue growth, which we expect will continue into the fourth quarter and could have consequential impact on our 2025 results. There is no doubt that in just nine months, our aggressive pivot to become the architects of our clients' GenAI journey is being well received and has significant value creation potential for our organization.

我們在第三季度與 LeewayHertz 的收購前合作帶來了 GenAI 季度營收的強勁成長，我們預計這種成長將持續到第四季度，並可能對我們的 2025 年業績產生重大影響。毫無疑問，在短短九個月內，我們積極轉型成為客戶 GenAI 之旅的架構師，這一舉措受到了廣泛好評，並為我們的組織帶來了巨大的價值創造潛力。

We have extended and strengthened our capabilities and continue to add GenAI-enabled transformation engagements driven by AI XPLR. Our unique ability to identify meaningful use cases, determine their feasibility leveraging Hackett IP, which now extend the implementation and platform licensing prospects is highly differentiated.

我們已經擴展並加強了我們的能力，並繼續增加由 AI XPLR 驅動的 GenAI 轉型活動。我們具有獨特的能力，可以識別有意義的用例，並確定其利用 Hackett IP 的可行性，這現在擴展了實施和平台許可的前景，具有高度的差異化。

On the executive advisory front, we continue to invest in growing our IP-based programs. We believe our move to fully integrate GenAI content, which is now being further augmented by the highly recognized GenAI content, which was infused by the LeewayHertz acquisition, will be responsive to our clients' strong interest in this area. We expect our fourth quarter sequential growth in our advisory program sales and renewals to reflect this impact.

在執行諮詢方面，我們繼續投資發展基於 IP 的項目。我們相信，我們全面整合 GenAI 內容的舉措將響應客戶對這一領域的濃厚興趣，而這一舉措目前正透過收購 LeewayHertz 而注入的備受認可的 GenAI 內容得到進一步增強。我們預計第四季度諮詢計劃銷售和續約的連續成長將反映這一影響。

On the balance sheet side, as we announced today, in the near-term, they can expect us to use our strong cash flow from operations to accelerate our stock buyback program rather than pay down our remaining outstanding balance of our credit facility while continuing to invest in our business. Our $20 million stock back addition to our existing $11.1 million authorization leaves us with $31.1 million as we start the quarter.

在資產負債表方面，正如我們今天宣布的那樣，在短期內，他們可以預期我們將利用強勁的經營現金流來加速我們的股票回購計劃，而不是償還我們信貸額度的剩餘未償還餘額，同時繼續投資我們的業務。我們在現有的 1,110 萬美元授權基礎上額​​外增加了 2,000 萬美元的股票回饋，使得我們在本季開始時的股票回饋金額達到 3,110 萬美元。

With that said, let me ask Rob to provide details on our operating results, cash flow, and also comment on outlook as we will make additional comments on strategy and market conditions following Rob's comments. Rob?

話雖如此，我還是請 Rob 提供有關我們的經營業績、現金流的詳細信息，並對前景發表評論，因為我們將根據 Rob 的評論對戰略和市場狀況做出補充評論。搶？

Thank you, Ted. As I typically do, I'll cover the following topics during my portion of the call. I'll cover an overview of our 2024 third quarter results, along with an overview of related key operating statistics. I'll cover an overview of our cash flow activities in the quarter, and I will then conclude with a discussion on our financial outlook for the fourth quarter of 2024.

謝謝你，泰德。與平常一樣，我將在通話中討論以下主題。我將介紹我們 2024 年第三季的業績概況，以及相關關​​鍵營運統計數據的概述。我將概述本季的現金流活動，然後討論我們對 2024 年第四季的財務前景。

For purposes of this call, I will comment separately regarding the revenues of our global S&BT segment, our Oracle Solutions segment, our SAP Solutions segment, and the total company.

為了本次電話會議的目的，我將分別評論我們全球 S&BT 部門、Oracle 解決方案部門、SAP 解決方案部門以及整個公司的收入。

Our global S&BT segment includes the results of our North America and international GenAI consulting implementation, benchmarking and business transformation offerings, executive advisory and IPaaS programs, and our OneStream and eProcurement implementation offerings. Our Oracle Solutions and our SAP Solutions segments include the results of our Oracle and SAP offerings, respectively.

我們的全球 S&BT 部門包括我們在北美和國際 GenAI 諮詢實施、基準測試和業務轉型產品、高階主管諮詢和 IPaaS 計劃以及我們的 OneStream 和電子採購實施產品的成果。我們的 Oracle 解決方案和 SAP 解決方案部門分別包含我們的 Oracle 和 SAP 產品的結果。

Please note that while -- that we will be referencing both total revenue and revenue before reimbursements in our discussion. Reimbursable expenses are primarily project travel-related expenses passed through to our clients and have no associated impact on our profitability.

請注意，我們將在討論中參考總收入和報銷前收入。可報銷費用主要是轉嫁給客戶的專案差旅相關費用，對我們的獲利能力沒有影響。

During our call today, we will also reference certain non-GAAP financial measures, which we believe provide useful information to investors. We've included reconciliations of GAAP to non-GAAP financial measures in our press release filed earlier today and will post any additional information based on the discussions from this call through the Investor Relations page of the company's website.

在今天的電話會議中，我們還將參考某些非 GAAP 財務指標，我們認為這些指標可以為投資者提供有用的信息。我們在今天稍早提交的新聞稿中納入了 GAAP 與非 GAAP 財務指標的對帳表，並將根據本次電話會議的討論透過公司網站的投資者關係頁面發布任何補充資訊。

For the third quarter of 2024, our total revenues were $79.8 million. Our revenues before reimbursements were $77.9 million, which was above the high end of our quarterly guidance. The third quarter of 2024 reimbursable expense ratio on revenue before reimbursements was 2.3% as compared to 1.6% in the prior quarter and in the same period in the prior year.

2024 年第三季度，我們的總收入為 7,980 萬美元。我們的報銷前收入為 7,790 萬美元，高於我們季度預期的最高值。2024 年第三季報銷前收入的可報銷費用率為 2.3%，而上一季和去年同期為 1.6%。

Total revenues from our Global S&BT segment were $44.1 million for the third quarter of 2024. Revenues before reimbursements for our Global S&BT segment were $43.3 million for the third quarter of 2024, essentially flat when compared to the same period in the prior year. As Ted mentioned, the revenue from our GenAI consulting and implementation projects in this segment were primarily offset by weakness in our eProcurement implementation offerings.

2024 年第三季度，我們全球 S&BT 部門的總收入為 4,410 萬美元。2024 年第三季度，我們全球 S&BT 部門的報銷前收入為 4,330 萬美元，與去年同期基本持平。正如 Ted 所提到的，我們在此部門的 GenAI 諮詢和實施專案的收入主要被我們的電子採購實施產品的疲軟所抵消。

Total revenues from our Oracle Solutions segment were $22.8 million for the third quarter of 2024. Revenues before reimbursements for our Oracle Solutions segment were $21.8 million for the third quarter of 2024, an increase of 7% when compared to the same period in the prior year. These results continue the strong momentum we've experienced since the second quarter of 2023.

2024 年第三季度，Oracle 解決方案部門的總收入為 2,280 萬美元。2024 年第三季度，Oracle 解決方案部門的報銷前收入為 2,180 萬美元，比去年同期成長 7%。這些業績延續了我們自 2023 年第二季以來的強勁勢頭。

Total revenues from our SAP Solutions segment were $13 million for the third quarter of 2024. Revenues before reimbursements for our SAP Solutions segment were $12.9 million for the third quarter, an increase of 17% when compared to the same period in the prior year, primarily driven by strong software-related sales in the quarter.

2024 年第三季度，SAP 解決方案部門的總收入為 1,300 萬美元。第三季度，SAP 解決方案部門的報銷前收入為 1,290 萬美元，比去年同期成長 17%，這主要得益於本季強勁的軟體相關銷售。

Approximately 22% of our total company revenues before reimbursements consist of recurring multiyear and subscription-based revenues, which includes our research advisory, IP-as-a-Service, multiyear benchmarks, and application managed services contracts.

我們公司報銷前總收入的約 22% 來自經常性多年期收入和基於訂閱的收入，其中包括我們的研究諮詢、IP 即服務、多年期基準和應用程式託管服務合約。

Total company adjusted cost of sales, which exclude reimbursable expenses, noncash stock-based compensation expense, and all acquisition-related cash and noncash compensation expense totaled $44.2 million, or 56.8% of revenues before reimbursements in the third quarter as compared to $42.9 million or 57.5% of revenues before reimbursements in the prior year.

第三季公司調整後銷售成本總額（不包括可報銷費用、非現金股票薪酬費用以及所有收購相關的現金和非現金薪酬費用）為4,420 萬美元，佔報銷前收入的56.8%，而去年同期為4,290 萬美元或占上一年度償還前收入的 57.5%。

Total company consultant headcount was 1,262 at the end of the third quarter of 2024 as compared to 1,105 in the previous quarter and 1,177 at the end of the third quarter of the prior year. Third quarter ending headcount was primarily driven by increases from our GenAI acquisition practice.

截至 2024 年第三季末，公司顧問總數為 1,262 人，上一季為 1,105 人，去年同期為 1,177 人。第三季末員工總數主要受到 GenAI 收購業務成長的推動。

Total company adjusted gross margin on revenues before reimbursements, which excludes reimbursable expenses and noncash stock-based compensation expense and all acquisition-related cash and noncash compensation was 43.2% in the third quarter as compared to 42.5% in the prior year, driven due to the revenue growth from both our Oracle and SAP segments.

第三季度，公司調整後總毛利率（不包括可報銷費用、非現金股票薪酬費用以及所有收購相關現金和非現金薪酬）為 43.2%，而去年同期為 42.5%，原因是Oracle 和SAP 部門的收入均實現了成長。

Adjusted SG&A, which excludes noncash stock-based compensation expense and all acquisition-related cash and noncash expenses, was $17 million or 21.8% of revenues before reimbursements in the third quarter. This is compared to $15.3 million or 20.5% of revenues before reimbursements in the prior year. The year-over-year absolute dollar increase is primarily due to foreign exchange fluctuations as well as incremental commissions from increased SAP and Oracle segment sales.

第三季度，調整後的銷售、一般及行政費用（不包括非現金股票薪酬費用和所有與收購相關的現金和非現金費用）為 1,700 萬美元，佔償還前收入的 21.8%。相比之下，上一年償還前的收入為 1,530 萬美元，佔 20.5%。與去年同期相比，絕對美元金額的成長主要歸因於外匯波動以及 SAP 和 Oracle 部門銷售額成長帶來的佣金增量。

Adjusted EBITDA, which excludes noncash stock-based compensation expense and all acquisition-related cash and noncash expenses, was $17.7 million or 22.7% of revenues before reimbursements in the third quarter as compared to $17.3 million or 23.2% of revenues before reimbursements in the prior year.

第三季度，調整後EBITDA（不包括非現金股票薪酬費用和所有收購相關的現金和非現金費用）為1,770 萬美元，佔補償前收入的22.7%，而上年同期為1,730 萬美元，佔補償前收入的23.2%。

GAAP net income for the third quarter of 2024 totaled $8.6 million or diluted earnings per share of $0.31 as compared to GAAP net income of $9.4 million or diluted earnings per share of $0.34 in the third quarter of the prior year. GAAP net income for the third quarter includes noncash stock compensation expense from our recently approved share price appreciation equity program of $602,000 and acquisition-related noncash compensation expense of $232,000, which in total impacted our GAAP results by $0.02.

2024 年第三季的 GAAP 淨收入總計 860 萬美元或每股攤薄收益 0.31 美元，而去年同期的 GAAP 淨收入為 940 萬美元或每股攤薄收益 0.34 美元。第三季的 GAAP 淨收入包括我們最近批准的股價升值股權計劃中的 602,000 美元非現金股票薪酬費用和 232,000 美元的收購相關非現金薪酬費用，總計對我們的 GAAP 結果影響了 0.02 美元。

Adjusted net income, which excludes noncash stock-based compensation expense and all acquisition-related cash and noncash expenses for the third quarter of 2024 totaled $12.1 million or adjusted diluted net income per common share of $0.43, which is above the top end of our earnings guidance range and compares to our prior year adjusted diluted net income per common share of $0.41.

2024 年第三季度，調整後的淨收入（不包括非現金股票薪酬費用和所有收購相關的現金和非現金費用）總計1210 萬美元，或調整後的每股普通股攤薄淨收入為0.43 美元，高於我們收益的最高端指導範圍，並與去年同期每股普通股 0.41 美元的調整後攤薄淨利潤進行比較。

Our adjusted net income for the third quarter of 2024 was favorably impacted by approximately $0.01 due to a lower GAAP effective tax rate on adjusted earnings than we originally estimated when we provided guidance last quarter.

由於調整後收益的 GAAP 有效稅率低於我們上個季度提供指引時最初估計的水平，我們 2024 年第三季的調整後淨收入受到了約 0.01 美元的正面影響。

As announced in September 2024, during the third quarter, the company acquired the operations of LeewayHertz, an India-based AI implementation services firm. Due to the timing of the transaction, this acquisition did not have an impact on our adjusted net income for the third quarter of 2024.

正如 2024 年 9 月宣布的那樣，在第三季度，該公司收購了印度 AI 實施服務公司 LeewayHertz 的業務。由於交易時間的原因，此次收購對我們 2024 年第三季的調整後淨收入沒有產生影響。

Acquisition-related cash and noncash stock compensation expense relates to a portion of the purchase consideration for the LeewayHertz acquisition. This consideration contains either performance or service vesting requirements and as such, is reflected as compensation expense under GAAP rather than purchase consideration.

與收購相關的現金和非現金股票薪酬費用與 LeewayHertz 收購的部分購買對價有關。此對價包含績效或服務歸屬要求，因此，根據 GAAP，它反映為薪酬費用，而不是購買對價。

The company's cash balances were $10 million at the end of the third quarter of 2024 as compared to $19.1 million at the end of the previous quarter. Net cash provided from operating activities in the quarter was $10.6 million, primarily driven by net income adjusted for noncash activity, partially offset by increases in accounts receivable.

截至 2024 年第三季末，該公司的現金餘額為 1,000 萬美元，而上一季末為 1,910 萬美元。本季經營活動提供的淨現金為 1,060 萬美元，主要來自非現金活動調整後的淨收入，部分被應收帳款的增加所抵銷。

Our DSO, or day sales outstanding, was 70 days at the end of the quarter as compared to 68 days at the end of the previous quarter and as compared to 75 days in the prior year. Cash utilized for purchase consideration for the LeewayHertz acquisition amounted to $7.6 million in the quarter. This does not include any stock purchase consideration or any contingent compensation that may be earned in the future.

本季末的 DSO（應收帳款週轉天數）為 70 天，而上一季末為 68 天，去年同期為 75 天。本季用於收購 LeewayHertz 的現金總額為 760 萬美元。這不包括任何股票購買對價或未來可能獲得的任何或有補償。

During the third quarter of 2024, the company paid down $7 million on its credit facility. The balance of the company's total debt outstanding at the end of the third quarter of 2024 was approximately $20 million. Subsequent to the end of the quarter, the company has paid down an additional $3 million.

2024 年第三季度，該公司償還了 700 萬美元的信貸額度。截至 2024 年第三季末，該公司未償還債務總額餘額約為 2,000 萬美元。本季結束後，該公司又支付了 300 萬美元。

During the quarter, we repurchased 71,000 shares of the company's stock for an average of $26.66 per share at a total cost of approximately $1.9 million, driven by open market purchases and from employees to satisfy income tax withholding triggered by the vesting of restricted shares.

在本季度，我們以平均每股 26.66 美元的價格回購了 71,000 股公司股票，總成本約為 190 萬美元，主要來自公開市場購買和員工購買，以滿足限制性股票歸屬觸發的所得稅預扣。

Our remaining stock repurchase authorization at the end of the quarter was $11.1 million. At its most recent meeting subsequent to quarter end, the company's Board of Directors authorized a $20 million increase in the company's share repurchase authorization. Additionally, the Board declared the fourth quarterly dividend of $0.11 per share for its shareholders of record on December 20, 2024, to be paid on January 3, 2025.

截至本季末，我們剩餘的股票回購授權為 1,110 萬美元。在季度末之後的最近一次會議上，公司董事會批准將公司股票回購授權增加 2,000 萬美元。此外，董事會宣布向 2024 年 12 月 20 日登記在冊的股東派發第四季度股息，每股 0.11 美元，並於 2025 年 1 月 3 日支付。

Before I move to guidance for the fourth quarter of 2024, I'd like to remind everyone of the seasonality of our business. Specifically, the increased holiday and vacation time that is historically taken in the fourth quarter would decrease our available billing days by approximately 10% when compared to the third quarter.

在介紹 2024 年第四季的業績指引之前，我想提醒大家注意我們業務的季節性。具體而言，與第三季相比，第四季歷史上假期和休假時間的增加將導致我們的可用計費天數減少約 10%。

The company estimates total revenue before reimbursements for the fourth quarter of 2024 to be in the range of $73.5 million to $75 million. We expect all segment revenues before reimbursements to be up and the total company will be up 3% to 5% when compared to the prior year. We estimate adjusted diluted net income per common share in the fourth quarter of 2024 to be in the range of $0.41 to $0.43, which assumes a GAAP effective tax rate on adjusted earnings of 27.6%.

該公司預計 2024 年第四季報銷前總收入將在 7,350 萬美元至 7,500 萬美元之間。我們預計所有部門的報銷前收入都將上漲，公司整體收入將比上年上漲 3% 至 5%。我們預計 2024 年第四季調整後每股普通股攤薄淨利潤將在 0.41 美元至 0.43 美元之間，假設調整後收益的 GAAP 有效稅率為 27.6%。

We expect the adjusted gross margin as a percentage of revenues before reimbursements to be approximately 45% to 46%. We expect adjusted SG&A and interest expense for the fourth quarter to be approximately $17.2 million.

我們預計調整後的毛利率佔報銷前收入的百分比約為 45% 至 46%。我們預計第四季度調整後的銷售、一般及行政費用和利息支出約為 1,720 萬美元。

We expect fourth quarter adjusted EBITDA as a percentage of revenues before reimbursements to be in the range of approximately 23% to 24%. Lastly, we expect cash flow from operations to be up on a sequential basis. At this point, I'll turn it back over to Ted to review our market outlook and strategic priorities for the coming months.

我們預計第四季度調整後的 EBITDA 佔報銷前收入的百分比將在約 23% 至 24% 之間。最後，我們預期經營現金流將較上季上升。現在，我將把話題轉回給泰德，讓他回顧我們未來幾個月的市場前景和策略重點。

As we look forward, let me share our thoughts on the near- and long-term demand environment and the growth opportunity it offers our organization. Although demand for digital transformation remains strong in traditional areas, it continues to be somewhat impacted by thoughtful decision-making as organizations assess competing priorities due to economic concerns.

展望未來，讓我分享我們對近期和長期需求環境以及它為我們的組織提供的成長機會的看法。儘管傳統領域對數位轉型的需求依然強勁，但由於企業出於經濟考量評估相互競爭的優先事項，數位轉型仍然受到深思熟慮的決策的影響。

As we head into 2025, we expect client program budgets and allocations to increase to the rapidly emerging GenAI solutions area. While in 2024, GenAI budgets were primarily focused in developing awareness and AI, a dip in their toe in the water kind of approach, in 2025, we believe you will see an increasing amount of IT budgets specifically allocated to GenAI initiatives in high feasibility and high-impact areas.

隨著我們進入 2025 年，我們預計客戶專案預算和分配將增加到快速崛起的 GenAI 解決方案領域。雖然在 2024 年，GenAI 預算主要集中在開發意識和 AI，這是一種嘗試性的方法，但到 2025 年，我們相信你會看到越來越多的 IT 預算專門分配給高可行性和高影響區域。

We also expect to see an increase in investment in data quality and value initiatives, which are critical to any GenAI strategy. The potential of AI will define an entirely new level of GenAI-enabled world-class performance standards driving all software and services providers to extend the value of their existing offerings. We believe this will result in innovations, which all organizations will have to consider. This shift is consistent with our aggressive pivot to GenAI-enabled transformations, which we believe positions a generational value creation opportunity for our organization.

我們也希望看到對數據品質和價值舉措的投資增加，這對任何 GenAI 策略都至關重要。人工智慧的潛力將定義一個全新的由 GenAI 驅動的世界級效能標準，推動所有軟體和服務供應商擴展其現有產品的價值。我們相信這將帶來創新，所有組織都必須考慮這一點。這項轉變與我們積極轉向 GenAI 轉型的舉措一致，我們相信這為我們的組織帶來了世代價值創造機會。

Strategically, we continue our focus on recurring high-margin IP-related services, but what is new is the accelerated focus and investment we're making on GenAI. The most significant investments have been in AI XPLR, as well as training and development of our associates.

從策略上講，我們繼續專注於經常性的高利潤 IP 相關服務，但新的是，我們對 GenAI 的關注和投資正在加速。最重要的投資是在 AI XPLR 以及我們員工的培訓和發展方面。

Our strategic acquisition of LeewayHertz, a highly recognized GenAI consulting and implementation firm further expanded and accelerated all of our efforts. We are using the AI XPLR platform as the vehicle to integrate the GenAI capabilities and impact across all of our offerings. We also continue to hire and upgrade our skills in critical data and tech architecture resources to further support our efforts. These efforts are rapidly allowing us to become key architects, advisers, and consultants of our clients' GenAI journey.

我們對備受認可的 GenAI 諮詢和實施公司 LeewayHertz 的策略收購進一步擴大和加速了我們所有的努力。我們正在使用 AI XPLR 平台作為工具來整合 GenAI 功能並影響我們的所有產品。我們也將持續招募人才並提升關鍵數據和技術架構資源的技能，以進一步支持我們的工作。這些努力使我們迅速成為客戶 GenAI 之旅的關鍵架構師、顧問和諮詢師。

We now believe that AI XPLR will be our primary strategic entry point to clients that we will use to position our traditional strong benchmarking digital transformation, as well as our advisory offerings. The halo effect or downstream revenue impact has been around 40% over the last several years, and that refers to our IP-based services. We now believe this will only be expanded by our AI XPLR offering and the enterprise-wide strategic access it provides us.

我們現在相信，AI XPLR 將成為我們面向客戶的主要策略切入點，我們將利用它來定位我們傳統的強大的基準數位轉型以及我們的諮詢產品。在過去幾年裡，光環效應或下游收入影響一直在 40% 左右，這指的是我們的基於 IP 的服務。我們現在相信，這只能透過我們的 AI XPLR 產品及其為我們提供的企業範圍的策略性存取來擴展。

We believe the integration of our other IP platforms with AI XPLR significantly enhances the value of our IP and fully aligns it into the emerging GenAI world-class performance standards we believe it will establish. Another critical investment that we have made is to build our own GenAI-assisted knowledge-based solution called Ask Hackett AI. We expect the integration of our valuable IP and content that leverages GenAI to significantly enhance the delivery of our insight that we are asked to provide our clients every day, but will now be provided in a more efficient and with more significantly personalized insight.

我們相信，我們的其他 IP 平台與 AI XPLR 的整合將顯著提升我們 IP 的價值，並使其完全符合我們相信它將建立的新興 GenAI 世界級性能標準。我們進行的另一項重要投資是建立我們自己的基於 GenAI 輔助的知識型解決方案，稱為 Ask Hackett AI。我們希望將我們寶貴的 IP 與利用 GenAI 的內容進行整合，從而顯著增強我們每天為客戶提供的洞察力，但現在我們將以更有效率、更個人化的方式提供洞察力。

We are ingesting proprietary IP, including benchmarking best practices and research IP to support the myriads of queries that we are required to support our executive advisory and consulting clients as well as support our associates in general. We have also embarked on a new initiative, which extends but also address the efficiency and quality of the delivery of our technology implementation-related services. All of these initiatives are harnessing the power of GenAI to improve and accelerate the delivery of our solutions and services with the intent to differentiate our capabilities and result in improved revenue growth and margins.

我們正在吸收專有 IP，包括基準最佳實踐和研究 IP，以支援我們為執行顧問和諮詢客戶以及我們的同事提供支援所需的大量查詢。我們也啟動了一項新舉措，不僅拓展了我們的技術實施相關服務的交付效率和質量，而且還解決了這個問題。所有這些舉措都在利用 GenAI 的力量來改善和加速我們的解決方案和服務的交付，旨在區分我們的能力並提高收入成長和利潤率。

On the talent side, competition for experienced executives, especially with high technology agility continues. Overall, we saw turnover continue to moderate -- overall in turnover and expect it to remain low during the quarter, and we don't -- and we expect that trend to continue.

在人才方面，對經驗豐富的高階主管、尤其是具有高技術敏捷性的高階主管的競爭仍在繼續。總體而言，我們看到營業額繼續放緩 - 總體而言，預計本季營業額將保持在低位，但我們預計這一趨勢將持續下去。

We also continue to explore strategic partnerships and acquisitions that will allow us to extend our GenAI capabilities and sell our IP through new channels that will allow us to reach beyond our current Global 1000 focus in an efficient manner.

我們還將繼續探索策略合作夥伴關係和收購，這將使我們能夠擴展我們的 GenAI 能力並透過新的管道銷售我們的智慧財產權，使我們能夠以有效的方式超越目前的全球 1000 強重點。

As I have mentioned on previous calls, we are adding videos of our platforms on the Investor Relations page of our website that investors can utilize to become more familiar with all of our new capabilities. Lastly, even though we believe we have the client base and offerings to grow our business, we continue to look for acquisitions and alliances that strategically leverage our IP and add scope, scale, and capability, which can accelerate our growth.

正如我在之前的電話會議上提到的，我們正在網站的投資者關係頁面上添加我們平台的視頻，投資者可以利用這些視頻來熟悉我們所有的新功能。最後，儘管我們相信我們擁有客戶基礎和產品來發展我們的業務，但我們仍在繼續尋求能夠策略性地利用我們的智慧財產權並增加範圍、規模和能力的收購和聯盟，從而加速我們的成長。

As always, let me close by congratulating our associates on our performance and by thanking them for their tireless efforts and always urge them to stay highly focused on our clients and our people no matter what challenges we may encounter. Those conclude my comments. Let me turn it over to our operator and let us move into the Q&A section of our call. Operator?

像往常一樣，最後，我要祝賀我們的同事們所取得的成績，感謝他們的不懈努力，並始終敦促他們無論遇到什麼挑戰，都要高度關注我們的客戶和員工。我的言論到此結束。讓我將其交給我們的接線員，然後我們進入通話的問答環節。操作員？

(Operator Instructions) George Sutton, Craig-Hallum.

（操作員指示）喬治·薩頓，克雷格·哈勒姆。

Thank you. Guys, it's impressive to watch how AI has really shifted the opportunity here. So, Ted, I wondered if you could walk through version 2.0. You've mentioned hundreds of meetings you've had with clients or potential clients. Can you just talk about the pipeline that is getting created? And you also mentioned a favorable impact on rates. I wondered if you could be a little more specific about what you mean there.

謝謝。夥計們，看到人工智慧如何真正改變這裡的機會真是令人印象深刻。所以，Ted，我想知道您是否可以介紹一下 2.0 版本。您曾提到與客戶或潛在客戶進行過數百次會議。您能談談正在創建的管道嗎？您也提到了對利率的有利影響。我想知道您是否可以更具體地說明您的意思。

Version 2 is very significant. As you know, George, we conducted hundreds of meetings throughout the first, second, and nearly half of the third quarter. We started with a beta version of version 2, probably halfway through the third quarter.

第 2 版非常重要。喬治，正如你所知，我們在第一季、第二季以及第三季的近一半時間裡舉行了數百次會議。我們從第 2 版的測試版開始，大概是第三季中期。

I think it's also important to note that it was probably around that same time where our collaboration with LeewayHertz, even though it was pre-acquisition, also accelerated. So the capability of version 2 and the inclusion of their GenAI implementation skills significantly impacted, I'm going to say, the response we were getting from clients. And when we look at those meetings that we have held using version 2, which include our new LeewayHertz leaders and associates, those conversion rates are meaningfully higher than anything we were previously experiencing.

我認為同樣值得注意的是，可能就在同一時間，我們與 LeewayHertz 的合作也在加速，儘管是在收購之前。所以我想說，版本 2 的功能及其 GenAI 實施技能的納入顯著影響了我們從客戶那裡得到的回饋。當我們回顧使用第 2 版舉行的會議時，其中包括我們的新 LeewayHertz 領導和同事，這些轉換率明顯高於我們之前經歷的任何轉換率。

What makes version 2 so compelling? What's been unique about our approach from the beginning was that, we decided to understand how to enable a work step, which was the lowest component of, we thought, enablement that we could evaluate given our very strong business process knowledge. And that has turned out to be actually very favorable to us because that was, not only a way to be able to simulate or anticipate and design and identify use cases, but it also becomes a very granular way to evaluate the related cost of any of the use cases that we're identifying.

是什麼讓版本 2 如此引人注目？從一開始，我們的方法就很獨特，我們決定了解如何啟用某個工作步驟，我們認為，這是我們能夠評估的啟用程度的最低組成部分，因為我們擁有非常強大的業務流程知識。事實證明，這對我們來說非常有利，因為這不僅是一種能夠模擬或預測、設計和識別用例的方法，而且也是一種非常細緻的方法來評估任何相關成本我們正在識別的用例。

So, what's important about version 2 is that we can now walk into a client and provide a demo by having industry client information and their technology landscape and actually walk them through the use cases that are available throughout their entire enterprise, front, mid, or back office.

因此，版本 2 的重要之處在於，我們現在可以走進客戶，透過產業客戶資訊及其技術環境提供演示，並實際引導他們了解整個企業、前端、中端或後台辦公室。

I know that sounds too good to be true and hard to believe, but that is exactly what we're doing. And it allows us to help clients quickly prioritize the areas that they deem to be important. And it allows us then to, we believe, with very strong credibility, speak to why that use case opportunity exists; the benefits related to that use case and now with the integration of LeewayHertz, what we call, a detailed calculation of costs so that we can provide ROI.

我知道這聽起來好得令人難以置信，但這正是我們正在做的事情。它使我們能夠幫助客戶快速確定他們認為重要的領域的優先順序。我們相信，這使我們能夠以非常高的可信度解釋為什麼存在這種用例機會；與該用例相關的好處，現在透過與 LeewayHertz 的整合，我們可以進行所謂的詳細成本計算，以便提供投資報酬率 (ROI)。

So the combination of all of those things, which was happening throughout the third quarter, probably more in the mid- to latter part of that quarter are the things that we've seen have impacted our close rate and allowed us to either go back or reengage with clients that have been exposed to version 1, but approach them with a much more compelling, confident, detailed feasibility, and impact presentation that we believe has started to accrue in our favor and has led to the success that we expect to continue from Q3 to Q4.

因此，所有這些事情的綜合作用，都發生在第三季度，可能更多地發生在該季度的中後期，這些事情已經影響了我們的成交率，並使我們能夠回到或重新與已經接觸過版本1 的客戶進行接觸，但要用更有說服力、更自信、更詳細的可行性和影響力的演示來接近他們，我們相信這已經開始對我們有利，並帶來了成功，我們期望這種成功會繼續下去Q3 至 Q4。

Ted, you talked about 2025 showing increased IT budgets for AI initiatives with '24 being just the toe in the water. I know Rob doesn't want me to get too crazy in terms of how we build that out in our model. But can you just talk about what you mean quantitatively relative to that statement?

泰德，您談到 2025 年將增加用於人工智慧計畫的 IT 預算，而 2024 年只是試水階段。我知道羅布不希望我在我們的模型中構建這一點上做得太瘋狂。但是您能否從數量上談談您對該陳述的看法？

We believe, just for any software service consideration for clients, all software and service solutions providers that have the ability to engage clients strongly about relative to their services, they should all see a marked increase in both the client engagement and the revenues that initially launched.

我們相信，對於任何為客戶提供的軟體服務考慮，所有能夠與客戶密切合作的軟體和服務解決方案提供商，他們都應該看到客戶參與度和最初推出的收入都有顯著增加。

And I would expect then those engagements then to then increase because what's happening is, the first step was, call it, awareness and education and clients depending. Obviously, the highly sophisticated ones jumped out early, built out pretty strong AI centers of excellence with their own capability and tech platforms to do all that. But that wasn't the majority of these large clients. In fact, I would say it was the minority.

我希望這些參與度隨後會增加，因為現在的第一步就是提高意識、教育和客戶。顯然，那些高度複雜的企業早早就脫穎而出，建立了相當強大的人工智慧卓越中心，並利用自己的能力和技術平台來完成所有這些工作。但這並不是這些大客戶的大多數。事實上，我想說這是少數。

So what you're now seeing is, everyone now evaluating exactly what do they want to have in place, how much do they want to build themselves or outsource, where they should start and what the return is for any of those initiatives. And in that opportunity, when it comes to helping someone identify the opportunities across the enterprise and helping them have a pretty well-defined benefit case feasibility impact ROI assessment, that is where we play.

所以你現在看到的是，每個人都在評估他們到底想要擁有什麼，他們想要自己建立多少或外包多少，他們應該從哪裡開始，以及這些舉措的回報是什麼。在這種機會中，當涉及到幫助某人識別整個企業的機會並幫助他們獲得一個非常明確的收益案例可行性影響投資回報率評估時，這就是我們發揮作用的地方。

So we believe that that will accrue -- that benefit will accrue to us throughout the year. So time will tell just exactly how that impacts our '25 results, but we believe it provides a very meaningful opportunity as we close out the year and we prepare to go into 2025.

所以我們相信，這種利益將會累積──我們會在全年獲得這種利益。因此，時間將告訴我們這對我們2025年的業績究竟有何影響，但我們相信，在我們結束今年並準備進入2025年之際，這提供了一個非常有意義的機會。

Great. Last question for me, you [pay] 40% historically. I'm not really sure what you're referring to there. I think you mean attachment of IP -- proprietary IP opportunities. I just -- I want to make sure I understand what you're referring to there and how that's going to shift in your view.

偉大的。我的最後一個問題是，從歷史上看，你的支付率為 40%。我不太清楚你指的是什麼。我認為您的意思是 IP 的附加——專有 IP 機會。我只是——我想確保我理解你在說什麼，以及你的觀點將如何轉變。

Well, as you recall, historically, our strategic entry point when it came through our IP-led offerings, which are primarily our benchmarking and executive advisory and then subsequently market intelligence program was the way clients would engage us. And then from those, those who relied on our IP and valued it ended up becoming meaningful consulting clients. So, our historical results that those entry points were driving approximately 40% of our total revenues over the last several years.

嗯，正如您回憶的那樣，從歷史上看，我們的戰略切入點是透過我們的IP 主導的產品實現的，這些產品主要是我們的基準測試和執行諮詢，隨後是市場情報計劃，這是客戶與我們互動的方式。然後，那些依賴並重視我們的智慧財產權的人最終成為有意義的諮詢客戶。因此，我們的歷史結果是，這些切入點在過去幾年中推動了我們總收入的約 40％。

The point I wanted to make is that, AI XPLR will only add to that because AI XPLR is, I'll call it, IP-rich on steroids. And with its capabilities that we would expect more of our halo effect or downstream revenue to come from our traditional entry points, but also through our AI XPLR capability, which, by the way, also envelopes our benchmarking and best practice insight that our clients value in our executive advisory programs. So that 40% should increase throughout 2025 when we look at IP-based entry points into the delivery of consulting or technology implementation services.

我想說的是，AI XPLR 只會增加這一點，因為 AI XPLR，我稱之為類固醇的 IP 豐富。憑藉其功能，我們預計更多的光環效應或下游收入不僅來自我們的傳統切入點，還來自我們的AI XPLR 功能，順便說一句，它還涵蓋了我們的客戶重視的基準測試和最佳實踐洞察力在我們的高階主管諮詢計畫中。因此，當我們從基於 IP 的切入點來看諮詢或技術實施服務交付時，到 2025 年，這一數字應該會增加 40%。

That's clear. Okay. Thank you very much.

這很清楚。好的。非常感謝。

(Operator Instructions) Jeff Martin, ROTH Capital Partners.

（操作員指示）傑夫馬丁（Jeff Martin），ROTH Capital Partners。

Thank you. Good afternoon. Ted, I was curious if you could compare and contrast the types of conversations that you're having now post-acquisition of LeewayHertz with client prospects versus when you were going without LeewayHertz?

謝謝。午安.泰德，我很好奇，您是否可以比較一下在收購 LeewayHertz 之後您與客戶進行的對話類型與您沒有收購 LeewayHertz 時進行的對話類型？

It's significantly different. Some of it driven by our, I'll call it, this new additional capability. But we also learned -- as we started qualifying those demo meetings that we were taking, we started learning what were more educational and awareness-related opportunity versus which had higher engagement opportunities.

這是明顯不同的。其中一些是由我們的，我稱之為，這種新的附加能力所驅動的。但我們也了解到——當我們開始對我們參加的那些演示會議進行資格審查時，我們開始了解哪些是更具教育性和意識相關的機會，哪些是具有更高參與度的機會。

So what happened as we -- I think, started Q3, we started becoming much more demanding on who needed to be on the call in order for us to do an AI XPLR demo, and it became only more increasingly demanding as we got closer to releasing version 2.

所以，當我們開始進行第三季時，我們對需要誰參加電話會議的要求開始變得更加嚴格，以便我們進行 AI XPLR 演示，而且隨著我們越來越接近發布版本 2。

So at the beginning, we were just delighted that, I'll call it, a Global 1000 client wanted to learn more about our new capabilities. As we got into Q3, it was clear that we wanted to really qualify the opportunity more. And we understood by then that having a strong GenAI implementation partner with us on those calls could significantly influence the impact and credibility of the call.

所以一開始，我們很高興，我稱之為全球 1000 強客戶想要進一步了解我們的新功能。當我們進入第三季時，很明顯我們想要更進一步地把握這個機會。我們當時就明白，在這些通話中擁有強大的 GenAI 實施合作夥伴可以顯著影響通話的影響力和可信度。

So as we went through Q3, we then became more demanding and said, it's got to be a CIO, CTO, or AI leader within that organization along with any of our traditional C-level officers across other functions that we have very strong relationships with. But we realized that we needed to have both strong implementation capability and credibility, which that initial partnering, which you could have called pre-acquisition collaboration became very helpful, especially as we were completing our acquisition due diligence, but also understanding that at the end of the day, you needed AI leadership or IT leadership to participate in a strategic engagement around the either ideation or evaluation of GenAI opportunities.

因此，到了第三季度，我們的要求變得更加嚴格，要求必須是該組織內的 CIO、CTO 或 AI 領導者，以及我們與之關係密切的其他職能部門的任何傳統 C 級主管。但我們意識到，我們需要既有強大的實施能力，又有可信度，而最初的合作，也就是所謂的收購前的合作，非常有幫助，尤其是在我們完成收購盡職調查的時候，但我們也明白，最終在當今，您需要 AI 領導或 IT 領導來參與圍繞 GenAI 機會的構思或評估的策略合作。

So we became just more demanding. And now as we have full simulation capabilities, we're becoming more demanding because we believe we are delivering a lot of value in that initial introductory call by virtue of the simulation capability.

因此我們的要求變得更加嚴格。現在，我們擁有了完整的模擬能力，我們的要求也變得越來越高，因為我們相信，憑藉模擬能力，我們在最初的介紹通話中提供了巨大的價值。

On the implementation side, could you talk about what it takes to scale that? What your plans are perhaps for investing in personnel and anything else you might need in order to really build out further implementation capabilities?

在實施方面，您能談談擴大規模需要做些什麼嗎？為了真正建立進一步的實施能力，您在人員和其他可能需要的投資方面有何計畫？

Our plans are to aggressively increase the GenAI implementation capabilities that either came with LeewayHertz, the LeewayHertz acquisition or that were part of Hackett, part of our development and GenAI efforts pre-LeewayHertz acquisition. So, I mean, initial goal here is to double those resources as quickly as we can.

我們的計劃是積極提高 GenAI 實施能力，這些能力要么是 LeewayHertz 的誕生、LeewayHertz 的收購，要么是 Hackett 的誕生、LeewayHertz 收購前我們的開發和 GenAI 工作的一部分。所以，我的意思是，我們的初始目標是盡快將這些資源翻倍。

And then last one for me is on the market intelligence side. One of your key hires, I believe, had a non-compete inhibitor to being able to really focus on that business. I believe we're near the end of that non-competition term. Could you provide us an update there and what the plans are for further build-out of the market intelligence offerings?

對我來說最後一個是關於市場情報方面。我認為，你們招募的一位關鍵員工有競業禁止條款，導致他無法真正專注於這項業務。我相信我們的非競爭期就快結束了。您能否向我們提供最新情況以及進一步擴展市場情報服務的計劃是什麼？

The answer is that, that individual actually returns to us on the 7th. And he was the global leader of our executive advisory, and that includes our market intelligence program. So all of our subscription-based products. So we are welcoming him back later this week. And, obviously, I'm sure he can't wait to get started and try to reengage with that team and try to impact our year-end results and 2025 plan.

答案是，那個人實際上在 7 號就回到我們身邊了。他是我們的執行諮詢部門的全球領導者，其中包括我們的市場情報計劃。我們的所有產品都是基於訂閱的。因此我們將在本週晚些時候歡迎他的回歸。而且，顯然，我相信他迫不及待地想要開始工作並嘗試重新加入該團隊並嘗試影響我們的年終業績和 2025 年計劃。

Vincent Colicchio, Barrington Research.

巴林頓研究公司的文森特‧科利奇奧 (Vincent Colicchio) 說：

Yeah, Ted, shifting gears. Can you -- what should we expect on the eProcurement side? Should we expect this weakness to be extended?

是的，泰德，正在換檔。您能－我們對電子採購方面應該有什麼期待嗎？我們是否應該預期這種疲軟態勢將會延續？

If it just remains flat to where it is right now, that year-over-year impact goes away at the end of Q1. So we will no longer have that. But that negative impact actually -- without that negative impact, GSBT would have been up close to 5% in the quarter.

如果它只是保持與現在持平的水平，那麼同比影響將在第一季末消失。所以我們不再會有這種情況了。但實際上，如果沒有這種負面影響，GSBT 在本季將上漲近 5%。

And nice quarter with nice growth with Oracle and SAP. On a seasonally adjusted basis, should we expect continued strength there?

本季度，Oracle 和 SAP 均實現了良好成長。經過季節性調整後，我們是否應該預期其將繼續保持強勁勢頭？

The answer is that you should consider strength as Rob just provided in his guidance comments. All three segments will grow, and we expect our guidance rates indicate 3% to 5% year-over-year growth. So follow Rob's guidance.

答案是您應該考慮實力，正如 Rob 在他的指導下所提供的那樣。所有三個部門都將實現成長，我們預計我們的指導利率將年增 3% 至 5%。因此請遵循 Rob 的指導。

Thank you.

謝謝。

Thank you. And at this time, I show no further questions. I will now turn the call back over to Ted for final remarks.

謝謝。這時，我沒有其他疑問。現在我將把電話轉回給泰德，請他做最後的演講。

Thank you, operator. Let me thank everyone for participating in our third quarter earnings call. We look forward to updating you on the fourth quarter and our annual results when we report our fourth quarter results in the early third quarter of February. Is that correct, Rob?

謝謝您，接線生。我感謝大家參加我們的第三季財報電話會議。我們期待在二月初報告第四季業績時向您通報第四季和年度業績。對嗎，羅布？

Third week.

第三週。

Third week - early third week. Mid-Feb, mid-February. Thank you for participating. We'll look forward to catching up soon.

第三週 – 第三週初。二月中旬，二月中旬。感謝您的參與。我們期待著很快趕上。

Thank you. That does conclude today's conference. Thank you all for participating. You may disconnect at this time.

謝謝。今天的會議到此結束。感謝大家的參與。您現在可以斷開連線。