Hackett Group Inc (HCKT) 2025 Q1 法說會逐字稿

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

歡迎參加 Hackett Group 第一季財報電話會議。（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. Robert Ramirez, Chief Financial Officer.

今晚的電話會議主持人是董事長兼首席執行官泰德·費爾南德斯先生和首席財務官羅伯特·拉米雷斯先生。

Thank you. Mr. Ramirez, you may begin.

謝謝。拉米雷斯先生，您可以開始。

Good afternoon, everyone, and thank you for joining us to discuss the Hackett Group's first quarter results. Speaking on the call today and here to answer your questions are Ted Fernandez, Chairman and Chief Executive Officer of The Hackett Group; and myself, Rob Ramirez, Chief Financial Officer. A press announcement was released over the wires at 4:05 PM Eastern Time. For a copy of the release, please visit our website at www.thehackettgroup.com.

大家下午好，感謝大家加入我們討論哈克特集團第一季的業績。今天參加電話會議並回答大家問題的是哈克特集團董事長兼首席執行官泰德·費爾南德斯 (Ted Fernandez) 和我本人，首席財務官羅布·拉米雷斯 (Rob Ramirez)。美國東部時間下午 4:05，一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。

We will also place any additional financial or statistical data discussed on this call that is not contained in the release of the Investor Relations page of our website. Before we begin, I'd 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. They involve risks, uncertainties and assumptions that are difficult to predict and which may not be accurate. Actual results may vary.

我們還將發布本次電話會議中討論的、未包含在我們網站投資者關係頁面發布中的任何其他財務或統計數據。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，根據聯邦證券法，這些陳述可能是前瞻性的陳述。這些聲明與我們目前的預期、估計和預測有關，並不能保證未來的表現。它們涉及難以預測且可能不準確的風險、不確定性和假設。實際結果可能有所不同。

These forward-looking statements should be considered only in conjunction with the detailed information, particularly the risk factors contained in our SEC filings.

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。

At this point, I would like to turn it over to Ted.

現在，我想把發言權交給泰德。

Thank you, Rob, and welcome, everyone, to our first quarter earnings call. As we normally do, I will open up 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 also provide 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，歡迎大家參加我們的第一季財報電話會議。像往常一樣，我將在電話會議上對本季進行一些概述性評論。然後，我會將其交還給 Rob，讓他評論詳細的經營業績、現金流並提供指導。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 revenues before reimbursements of $76.2 million and adjusted earnings per share of $0.41, near and at the high end of our quarterly guidance, respectively.

今天下午，我們報告了報銷前收入為 7,620 萬美元，調整後每股收益為 0.41 美元，分別接近和達到我們季度指引的高端。

Our results were driven by the performance of our GSBT segment, which was driven by the strong performance, strong revenue growth from our GenAI engagements. GenAI engagements also favorably impacted our gross margin. They demand a higher margin than our traditional consulting and implementation revenues and are driven by the highly differentiated capabilities of our AI XPLR and ZBrain platforms as well as our implementation teams.

我們的業績受到 GSBT 部門業績的推動，而該部門的業績又受到 GenAI 業務強勁表現和強勁收入成長的推動。GenAI 的參與也對我們的毛利率產生了正面影響。他們要求的利潤比我們傳統的諮詢和實施收入更高，並且受到我們 AI XPLR 和 ZBrain 平台以及實施團隊的高度差異化能力的驅動。

Clients continue to move from awareness to budgeted projects, a trend we expect to continue throughout the year. Total GSBT segment revenues were up over 6% were partially offset by weakness in our OneStream and e-procurement practices.

客戶繼續從意識轉向預算項目，我們預計這一趨勢將持續全年。GSBT 部門總收入成長超過 6%，但被 OneStream 和電子採購實踐的疲軟部分抵消。

Excluding these practices, our GSBT segment was up 13%. We believe GenAI-enabled transformation 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's capabilities of AI XPLR version 3 with ZBrain's ability to orchestrate and build complex multi-agent workflows is highly differentiated and allows us to compete strongly in this rapidly growing space.

除這些做法外，我們的 GSBT 部門成長了 13%。我們相信，GenAI 推動的轉型是一個世代機遇，它將從根本上改變公司的營運方式以及諮詢服務的銷售和交付方式。GenAI 平台的 AI XPLR 版本 3 功能與 ZBrain 協調和建立複雜多代理工作流程的能力高度差異化，使我們能夠在這個快速發展的領域中展開強勁競爭。

More importantly, most differentiating is the value realization speed of our combined end-to-end capability. AI XPLR's version 3 capability to dynamically identify AI solutions or use cases, design client-specific solutions using Solution Explore, evaluate feasibility and determine the use case ROI as well as suggest the required AI agents necessary to orchestrate the agentic workflow is powerful and unique.

更重要的是，最顯著的差異是我們綜合端到端能力的價值實現速度。AI XPLR 版本 3 的功能強大且獨特，可動態識別 AI 解決方案或用例，使用解決方案探索設計客戶特定的解決方案，評估可行性並確定用例 ROI，以及建議協調代理工作流程所需的 AI 代理。

Combined with the multi-agent orchestration capabilities of ZBrain, which allows our clients to build and deploy the AI solution at scale creates a powerful combination. It allows us to serve clients enterprise-wide from ideation to implementation in one fully integrated platform. It also provides a client with a single platform, which they can license to fully support their entire AI center of innovation, which we refer to as AI COIs.

結合 ZBrain 的多代理編排功能，我們的客戶可以大規模建置和部署 AI 解決方案，從而形成強大的組合。它使我們能夠在一個完全整合的平台上為整個企業的客戶提供服務，從構思到實施。它還為客戶提供了一個單一平台，客戶可以獲得授權來全面支援他們的整個 AI 創新中心（我們稱之為 AI COI）。

As expected, our Oracle Solutions was down, but activity continues to be solid. The segment was impacted by the wind down of a large post live engagement, which was partially offset by the continuing strength of the Enterprise Performance Management or EPM activity resulting from Oracle's reestablishment of their dedicated EPM sales force.

正如預期的那樣，我們的 Oracle 解決方案出現故障，但活動仍然保持穩定。該部門受到大規模上線後業務減少的影響，但 Oracle 重建專門的 EPM 銷售隊伍所帶來的企業績效管理 (EPM) 活動的持續強勁增長部分抵消了這一影響。

Our SAP Solutions segment was down against a strong Q1 bar comp from last year, but increasing demand for our market-leading Life Sciences group and the related implementation revenues resulting from our increased software sales activity bodes well for this group in the second quarter as well as for the remainder of the year.

我們的 SAP 解決方案部門與去年第一季的強勁表現相比有所下滑，但對我們市場領先的生命科學集團的需求不斷增長，以及由我們增加的軟體銷售活動帶來的相關實施收入，預示著該集團在第二季度以及今年剩餘時間內將表現良好。

We continue to see GenAI opportunities emerge. Our early introduction of AI XPLR gave us a great opportunity to engage with hundreds of clients in 2024. These early demo meetings and conversations provided us with valuable AI adoption insight along with the implementation concerns of our prospects. These initial meetings also provide us an opportunity to propose new GenAI-enabled transformation engagements with these clients that position us to serve these clients both strategically and broadly.

我們不斷看到 GenAI 機會的出現。我們早期引入的 AI XPLR 為我們在 2024 年與數百名客戶接觸提供了絕佳的機會。這些早期的簡報會議和對話為我們提供了寶貴的人工智慧採用見解以及潛在客戶的實施顧慮。這些初步會議也為我們提供了一個機會，可以向這些客戶提出新的基於 GenAI 的轉型合作，使我們能夠在策略上和廣泛地為這些客戶提供服務。

On the executive advisory front, we continue to invest in growing and growing our IP-based programs. We believe our move to fully integrate GenAI content, which is now being further augmented by our GenAI content, which was infused by the LeewayHertz acquisition is being responsive to our clients' strong interest in this area.

在執行諮詢方面，我們繼續投資於不斷發展和壯大基於 IP 的項目。我們相信，我們全面整合 GenAI 內容的舉措正在響應客戶對這一領域的濃厚興趣，而這一舉措現在正透過收購 LeewayHertz 而注入的 GenAI 內容得到進一步增強。

We recently launched a premium GenAI solutioning advisory program with a nationally recognized AI leader to fully leverage our solutioning innovation and implementation knowledge from our platforms and client engagements. This program will be directly targeted to the AI leaders, CIOs and CTOs who require this knowledge.

我們最近與全國公認的人工智慧領導者合作推出了一項高級 GenAI 解決方案諮詢計劃，以充分利用我們從平台和客戶參與中獲得的解決方案創新和實施知識。該計劃將直接針對需要這些知識的人工智慧領導者、資訊長和首席技術長。

On the balance sheet side, in the near term, you can expect us to use our strong cash flow from operations to continue our stock buyback program rather than just focus on paying down the remainder outstanding balance of our credit facility while continuing to invest in our business.

從資產負債表方面來看，在短期內，你可以預期我們將利用強勁的經營現金流來繼續我們的股票回購計劃，而不是僅僅專注於償還信貸額度的剩餘未償餘額，同時繼續投資於我們的業務。

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

話雖如此，我還是想請羅布提供有關我們的經營業績、現金流的詳細資訊以及對前景的評論。我將根據 Rob 的評論對策略和市場狀況發表補充評論。搶？

Thank you, Ted. As I typically do, I'll cover the following topics during this portion of the call. I'll cover an overview of our first quarter results for 2025, along with an overview of related key operating statistics. I'll cover an overview of our cash flow activities during the quarter, and I'll then conclude with a discussion on our financial outlook for the second quarter of 2025.

謝謝你，泰德。像往常一樣，我將在通話的這一部分討論以下主題。我將介紹我們 2025 年第一季的業績概況，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，然後最後討論我們對 2025 年第二季的財務前景。

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 解決方案部門和整個公司的收入。

Our Global S&BT segment includes the results of our North America and international GenAI consulting implementation and licensing revenues, benchmarking and business transformation offerings, executive advisory, Market Intelligence and iPaaS programs and our OneStream and e-procurement implementation offerings.

我們的全球 S&BT 部門包括北美和國際 GenAI 諮詢實施和授權收入、基準測試和業務轉型產品、高階主管諮詢、市場情報和 iPaaS 計畫以及我們的 OneStream 和電子採購實施產品的結果。

Our Oracle Solutions and our SAP Solutions segments include the results of our Oracle and SAP offerings, respectively. Please note that we will be referencing both total revenues and revenues before reimbursements in our discussion. Reimbursable expenses are primarily project travel-related expenses passed through to our clients that have no associated impact on our profitability.

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。請注意，我們在討論中將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 have included reconciliations of GAAP to non-GAAP financial measures in our press release filed earlier today, and we'll post any additional information based on the discussions from this call to 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公認會計準則財務指標，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 財務指標的對賬，並且我們將根據本次電話會議的討論將任何補充資訊發佈到公司網站的投資者關係頁面。

For the first quarter of 2025, our total revenue was $77.9 million, up 1% over the prior year. Our revenues before reimbursements were $76.2 million, which was near the high end of our quarterly guidance, also up 1% over the prior year.

2025 年第一季度，我們的總收入為 7,790 萬美元，比前一年增長 1%。我們的報銷前收入為 7,620 萬美元，接近季度預期的高端，也比上一年增長了 1%。

The first quarter reimbursable expense ratio on revenues before reimbursements was 2.1% as compared to 2.3% in the prior year and 1.9% when compared to the same period in the prior year. Total revenues from our Global S&BT segment were $43.4 million for the first quarter of 2025.

第一季報銷前收入的可報銷費用率為 2.1%，而去年同期為 2.3%，去年同期為 1.9%。2025 年第一季度，我們全球 S&BT 部門的總收入為 4,340 萬美元。

Revenues before reimbursements for our Global S&BT segment were $42.6 million for the first quarter of 2025, an increase of 6% when compared to the same period in the prior year. The revenue growth from our GenAI consulting and implementation offerings in this segment were partially offset by weaknesses in our OneStream e-procurement implementation offerings during the first quarter.

2025 年第一季度，我們全球 S&BT 部門的報銷前收入為 4,260 萬美元，比去年同期成長 6%。第一季度，我們該部門 GenAI 諮詢和實施產品的收入成長被 OneStream 電子採購實施產品的疲軟部分抵消。

Excluding that decrease, our Global S&BT segment would have been up 13%. Total revenues from our Oracle Solutions segment were $21.1 million for the first quarter of 2025. Revenues before reimbursements for our Oracle Solutions segment were $20.4 million for the first quarter of 2025, a decrease of 3% when compared to the same period in the prior year.

除去這一降幅，我們的全球 S&BT 部門將成長 13%。2025 年第一季度，Oracle 解決方案部門的總收入為 2,110 萬美元。2025 年第一季度，Oracle 解決方案部門的報銷前收入為 2,040 萬美元，與去年同期相比下降了 3%。

This decrease is primarily due to the post go-live wind down of a large engagement as we discussed last quarter. Total revenues from our SAP Solutions segment were $13.4 million for the first quarter of 2025. Revenues before reimbursements for our SAP Solutions segment were $13.2 million for the first quarter of 2025, a decrease of 8% when compared to the same period in the prior year as expected.

正如我們上個季度所討論的，這種下降主要是由於上線後大規模合作的結束。2025 年第一季度，SAP 解決方案部門的總收入為 1,340 萬美元。2025 年第一季度，SAP 解決方案部門的報銷前收入為 1,320 萬美元，與去年同期相比下降 8%，符合預期。

This was primarily driven by strong software-related sales in the quarter, resulting from increased investments we made back in late 2023. The over performance in the fourth quarter and in the first quarter results, however, tempered our first quarter results.

這主要得益於本季軟體相關銷售的強勁成長，這得益於我們在 2023 年底增加的投資。然而，第四季和第一季的優異表現抑制了我們第一季的業績。

However, we expect demand for our SAP services to be strong throughout the balance of the year due to the implementation services that correspond to the volume of software sales from these last two quarters. Approximately 23% of our total company revenues before reimbursements consist of recurring multiyear and subscription-based revenues, which includes our executive advisory, IP as a Service and application managed services contracts.

然而，由於實施服務與過去兩季的軟體銷售量相對應，我們預計今年全年對 SAP 服務的需求將保持強勁。我們公司在償還費用前的總收入中約有 23% 來自經常性多年收入和基於訂閱的收入，其中包括我們的高階主管諮詢、IP 即服務和應用程式託管服務合約。

Total company adjusted cost of sales, which exclude reimbursable expenses, non-cash stock-based compensation expense and all acquisition-related cash and non-cash compensation totaled $43.1 million or 56.6% of revenues before reimbursements in the first quarter of 2025 as compared to $44.4 million or 58.6% of revenues before reimbursements in the prior year.

2025 年第一季度，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與收購相關的現金和非現金薪酬）總計 4,310 萬美元，佔報銷前收入的 56.6%，而去年同期為 4,440 萬美元，佔報銷前收入的 58.6%。

This decrease is primarily due to decreased severance costs related to selected headcount reductions in Global S&BT in the prior year as well as decreased use of subcontractors in the quarter. Total company consultant headcount was 1,332 at the end of the first quarter of 2025 as compared to total company consultant headcount of 1,284 in the previous quarter and 1,154 at the end of the first quarter of 2024.

這一下降主要歸因於上一年全球 S&BT 部分員工減少導致的遣散費用減少，以及本季分包商使用量減少。2025 年第一季末，公司顧問總數為 1,332 人，而上一季公司顧問總數為 1,284 人，2024 年第一季末為 1,154 人。

First quarter ending headcount was primarily driven by increases from our GenAI acquisition and increased hiring for our GenAI practices. Total company adjusted gross margin on revenues before reimbursements, which excludes reimbursable expenses and non-cash stock-based compensation expense and all acquisition-related cash and non-cash compensation was 43.4% in the first quarter of 2025 as compared to 41.4% in the prior year.

第一季末員工人數的成長主要得益於我們收購 GenAI 以及 GenAI 業務招聘的增加。2025 年第一季度，公司補償前總收入調整毛利率（不包括可補償費用和非現金股票薪酬費用以及所有收購相關的現金和非現金補償）為 43.4%，而去年同期為 41.4%。

The improvement in gross margin was primarily driven by the higher-margin GenAI consulting and implementation revenue in the Global S&BT segment. Adjusted SG&A, which excludes non-cash stock-based compensation expense and all acquisition-related cash and non-cash expenses, amortization of intangible assets and onetime legal settlements was $18.4 million or 24.1% of revenues before reimbursements in the first quarter. This is compared to $17.1 million or 22.6% of revenues before reimbursements in the prior year.

毛利率的提高主要得益於全球 S&BT 部門利潤率更高的 GenAI 諮詢和實施收入。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、無形資產攤銷和一次性法律和解）為 1,840 萬美元，佔第一季償還前收入的 24.1%。相比之下，上一年償還前的收入為 1,710 萬美元，佔收入的 22.6%。

The year-over-year absolute dollar increase is primarily due to incremental costs associated with the LeewayHertz and ZBrain acquisition completed in September 2024 and increased recruiting costs in our GenAI practices.

絕對美元金額年增主要是由於 2024 年 9 月完成的 LeewayHertz 和 ZBrain 收購相關的增量成本以及我們 GenAI 實踐中的招聘成本增加。

Adjusted EBITDA, which excludes non-cash stock-based compensation expense, all acquisition-related cash and non-cash expenses, amortization of intangible assets and onetime legal settlements was $15.7 million or 20.7% of revenues before reimbursements in the first quarter as compared to $15.2 million or 20% of revenues before reimbursements in the prior year.

第一季度，調整後 EBITDA（不包括非現金股票薪酬費用、所有收購相關的現金和非現金費用、無形資產攤銷以及一次性法律和解）為 1,570 萬美元，佔補償前收入的 20.7%，而去年同期為 1,520 萬美元，佔補償前收入的 20%。

GAAP net income for the first quarter of 2025 totaled $3.1 million or diluted earnings per share of $0.11 as compared to GAAP net income of $8.7 million or diluted earnings per share of $0.32 in the first quarter of the previous year.

2025 年第一季的 GAAP 淨收入總計 310 萬美元或每股稀釋收益 0.11 美元，而去年同期第一季的 GAAP 淨收入為 870 萬美元或每股稀釋收益 0.32 美元。

First quarter 2025 GAAP net income includes non-cash stock compensation expense from our stock price award program initiated in September of 2024 of $5.1 million and acquisition-related cash and non-cash compensation and related expenses of $2.4 million, which in total impacted our Q1 2025 GAAP results by $0.23.

2025 年第一季 GAAP 淨收入包括我們 2024 年 9 月啟動的股票價格獎勵計劃中的非現金股票薪酬費用 510 萬美元以及收購相關的現金和非現金薪酬及相關費用 240 萬美元，總計對我們 2025 年第一季 GAAP 結果產生了 0.23 美元的影響。

Acquisition-related cash and non-cash compensation expense relates to a portion of the purchase consideration for the LeewayHertz acquisition completed in September 2024. The consideration paid to the seller contains service and vesting requirements and as such, is reflected as compensation expense under GAAP rather than purchase consideration.

收購相關的現金和非現金補償費用與 2024 年 9 月完成的 LeewayHertz 收購的部分購買對價有關。支付給賣方的對價包含服務和歸屬要求，因此根據 GAAP 反映為薪酬費用而不是購買對價。

Adjusted net income and diluted earnings per share, which excludes non-cash stock-based compensation expense, all acquisition-related cash and non-cash expenses, amortization of intangible assets and onetime legal settlements for the first quarter of 2025 totaled $11.6 million or adjusted diluted net income per common share of $0.41, which is at the top end of our earnings guidance range and compares to prior year adjusted diluted net income per common share of $0.39.

2025 年第一季度，調整後淨收入和稀釋每股收益（不包括非現金股票薪酬費用、所有收購相關的現金和非現金費用、無形資產攤銷和一次性法律和解）總計 1,160 萬美元，或調整後每股普通股稀釋淨收入為 0.41 美元，處於我們預期盈利範圍的最高端，而去年調整後每股普通股稀釋淨收入為 0.39 美元淨收入為淨收入範圍。

The company's cash balances were $9.2 million at the end of the first quarter of 2025 as compared to $16.4 million at the end of our previous quarter. Net cash provided from operating activities in the quarter was $4.2 million primarily driven by net income adjusted for non-cash activity and partially offset by decreases in accrued expenses due to the payment of 2024 performance bonuses and increases in accounts receivable.

截至 2025 年第一季末，公司現金餘額為 920 萬美元，上一季末為 1,640 萬美元。本季經營活動提供的淨現金為 420 萬美元，主要來自非現金活動調整後的淨收入，並部分被支付 2024 年績效獎金和應收帳款增加導致的應計費用減少所抵銷。

Our DSO or days sales outstanding was 73 days at the end of the quarter as compared to 66 days at the end of the previous quarter and 68 days in the prior year. The increase in DSO is primarily due to extended terms and milestone deliverables on several large client engagements, but we currently expect a reduction in DSO in the second quarter of 2025.

本季末，我們的 DSO 或應收帳款週轉天數為 73 天，而上一季末為 66 天，去年同期為 68 天。DSO 的增加主要是由於幾項大型客戶合作的延長期限和里程碑交付成果，但我們目前預計 2025 年第二季 DSO 將會減少。

During the quarter, we repurchased 379,000 shares of the company's stock for an average of $30.93 per share at a total cost of approximately $11.7 million, including purchases from employees to satisfy income tax withholding triggered by the vesting of restricted shares. Our remaining stock repurchase authorization at the end of the fourth quarter was $21.3 million. During the quarter, the company borrowed $5 million from its credit facility. The balance of the company's total debt outstanding at the end of the first quarter was approximately $18 million.

在本季度，我們以平均每股 30.93 美元的價格回購了 379,000 股公司股票，總成本約為 1,170 萬美元，其中包括從員工那裡購買以滿足限制性股票歸屬引發的所得稅預扣。第四季末我們剩餘的股票回購授權為 2,130 萬美元。本季度，該公司向其信貸機構借款 500 萬美元。該公司第一季末未償還債務總額餘額約為1800萬美元。

At its most recent meeting, subsequent to quarter end, the company's Board of Directors declared the second quarter dividend of $0.12 per share for its shareholders of record on June 20, 2025, to be paid on July 7, 2025.

在季度結束後的最近一次會議上，公司董事會宣布向 2025 年 6 月 20 日登記在冊的股東派發每股 0.12 美元的第二季度股息，並於 2025 年 7 月 7 日支付。

Now moving to second quarter guidance. The company estimates total revenue before reimbursements for the second quarter of 2025 to be in the range of $76 million to $77.5 million. We expect Global S&BT segment revenue before reimbursements to be up approximately 5% when compared to the prior year. We expect both Oracle Solutions and SAP Solutions segment on a combined basis, revenue before reimbursements to be down when compared to the prior year.

現在轉向第二季度指引。該公司預計 2025 年第二季報銷前總收入將在 7,600 萬美元至 7,750 萬美元之間。我們預計，全球 S&BT 部門的報銷前收入將比上年增長約 5%。我們預計，Oracle 解決方案和 SAP 解決方案部門的綜合報銷前收入與前一年相比將有所下降。

We estimate adjusted diluted net income per share in the second quarter of 2025 to be in the range of $0.37 to $0.39, which assumes a GAAP effective tax rate on adjusted earnings of 27%. We expect adjusted gross margin as a percentage of revenues before reimbursements to be approximately 43% to 44%. We expect adjusted SG&A and interest expense for the second quarter to be approximately $18.6 million. We expect second quarter adjusted EBITDA as a percentage of revenues before reimbursements to be in the range of approximately 21% to 22%. Lastly, we expect cash flow from operations to be up on a sequential basis.

我們估計 2025 年第二季調整後每股攤薄淨收益將在 0.37 美元至 0.39 美元之間，假設調整後收益的 GAAP 有效稅率為 27%。我們預計調整後的毛利率佔報銷前收入的百分比約為 43% 至 44%。我們預計第二季調整後的銷售、一般及行政費用和利息支出約為 1,860 萬美元。我們預計第二季調整後的 EBITDA 佔償還前收入的百分比將在約 21% 至 22% 之間。最後，我們預期經營現金流將較上季上升。

At this point, I'd like to turn it back over to Ted to review our market outlook and strategic priorities for the coming months.

現在，我想把時間交還給泰德，讓他回顧我們未來幾個月的市場前景和策略重點。

Thank you, Rob. 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 impacted by thoughtful decision-making as organizations assess competing priorities due to the economic concerns and the consideration of emerging GenAI technologies.

謝謝你，羅布。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方面的考慮以及對新興 GenAI 技術的考慮而評估相互競爭的優先事項，數位轉型的需求仍會受到深思熟慮的決策的影響。

What is new is the increased uncertainty that tariff negotiations will have on client short-term decision-making. We continue to expect IT budgets to increase with increasing attention and allocations to the rapidly emerging GenAI solutions and the related opportunities and threats it brings to all industries.

新情況是關稅談判對顧客短期決策的不確定性增加。我們預計，隨著對快速崛起的 GenAI 解決方案及其為所有產業帶來的相關機會和威脅的關注和分配不斷增加，IT 預算將繼續增加。

While in 2024, GenAI budgets were primarily focused on developing awareness in AI, in 2025, we expect to see an increasing amount of IP budgets specifically allocated to GenAI initiatives in high feasibility, high-impact areas. We also expect to see an increasing investment in data quality and value initiatives, which are also critical to any GenAI strategy.

雖然 2024 年 GenAI 預算主要集中在提高人工智慧意識，但到 2025 年，我們預計會有越來越多的 IP 預算專門分配給高可行性、高影響力領域的 GenAI 計畫。我們還希望看到對數據品質和價值計劃的投資不斷增加，這對任何 GenAI 策略都至關重要。

The unlimited 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 with the introduction of AI agent extensions. We believe this will result in unprecedented innovations, which all organizations will have to consider. This shift is consistent with our aggressive pivot to GenAI-enabled transformations, which we believe positions our company with unique value creation opportunities.

人工智慧的無限潛力將定義全新水準的 GenAI 世界級效能標準，推動所有軟體和服務供應商透過引入人工智慧代理擴充來擴展其現有產品的價值。我們相信這將帶來前所未有的創新，所有組織都必須考慮。這種轉變與我們積極轉向 GenAI 轉型相一致，我們相信這將為我們公司帶來獨特的價值創造機會。

Given the strategic access and proprietary and expanding platform capabilities of AI XPLR, it was natural for us to extend our AI implementation capabilities to be able to fully develop and implement GenAI solutions that we were identifying.

鑑於 AI XPLR 的策略存取權和專有且不斷擴展的平台功能，我們自然會擴展我們的 AI 實施能力，以便能夠全面開發和實施我們正在確定的 GenAI 解決方案。

This resulted in our acquisition of LeewayHertz, a highly recognized provider of advanced GenAI solutions. The acquisition also included a sophisticated GenAI orchestration platform, ZBrain, which we agreed to contribute into a joint venture with the founder of LeewayHertz. The JV will bring together the AI XPLR and ZBrain software platforms and will focus on licensing the platforms and creating what we believe will be a first-of-its-kind GenAI ideation through implementation Software as-a-Service offering. We believe this JV creates an entirely new value creation opportunity for our shareholders that should result from growth of ARR annual recurring licensing revenues.

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。此次收購還包括一個複雜的 GenAI 編排平台 ZBrain，我們同意將其投入與 LeewayHertz 創辦人的合資企業。該合資公司將整合 AI XPLR 和 ZBrain 軟體平台，並將專注於授權平台，並透過實施軟體即服務產品來創造我們認為首創的 GenAI 理念。我們相信，該合資企業將為我們的股東創造一個全新的價值創造機會，這將源於 ARR 年度經常性許可收入的成長。

It should also allow the JV to have the opportunity to raise capital and achieve stand-alone valuations due to its GenAI software focus. Our acquisition of LeewayHertz combined with our AI XPLR and GenAI consulting capabilities is expected to have a consequential impact on our 2025 results.

由於專注於 GenAI 軟體，它還應使合資企業有機會籌集資金並實現獨立估值。我們對 LeewayHertz 的收購，加上我們的 AI XPLR 和 GenAI 諮詢能力，預計將對我們的 2025 年業績產生重大影響。

With our meaningful market insight, we continue to innovate and make powerful improvements to AI XPLR, and that's capital XPLR, by the way. In fact, we recently released version 3, which brings significant enhancements that allow us to highly differentiate our offerings further. The most important of the enhancements in version 3 is our ability to simulate an organization's enterprise GenAI solutions by leveraging Hackett's proprietary solutioning IP and identifying AI automation opportunities at a workstep level.

憑藉我們有意義的市場洞察力，我們不斷創新並對 AI XPLR 做出強有力的改進，順便說一下，這就是資本 XPLR。事實上，我們最近發布了第 3 版，它帶來了重大改進，使我們能夠進一步高度區分我們的產品。版本 3 中最重要的增強功能是我們能夠利用 Hackett 的專有解決方案 IP 並在工作步驟層級識別 AI 自動化機會，從而模擬組織的企業 GenAI 解決方案。

This enables us to identify thousands of GenAI solutions and to rapidly custom design and evaluate AI use cases prioritized by our clients and also recommend the specific AI agents required to build these solutions. Our platform allows us to do this in a fraction of the time that other providers are offering.

這使我們能夠識別數千個 GenAI 解決方案，並快速自訂設計和評估客戶優先考慮的 AI 用例，並推薦建立這些解決方案所需的特定 AI 代理程式。我們的平台使我們能夠在其他供應商所需時間的一小部分內完成此任務。

Our unique combination of strategic access to clients with the speed and solutioning provided by our platform is now attracting channel partners, which could increase our ability to introduce our platforms and related services and accelerate our growth. We have never been in a situation with such unique capability and complete assets to be able to take advantage of such a powerful technology revolution. We are utilizing the AI XPLR platform as the vehicle to integrate the GenAI capabilities and impact across all of our offerings.

我們將策略性地接觸客戶與我們平台提供的速度和解決方案相結合，這種獨特的組合正在吸引通路合作夥伴，這可以增強我們推出平台和相關服務的能力並加速我們的成長。我們從未擁有過如此獨特的能力和如此完整的資產，能夠利用如此強大的科技革命。我們正在利用 AI XPLR 平台作為工具，將 GenAI 功能和影響力融入我們所有的產品中。

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.

我們也將繼續聘用和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努力。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 GenAI-enabled transformation augmented by AI XPLR will be our primary strategic entry point to clients that we will use to position our traditionally strong benchmarking, digital transformation and executive advisory offerings and platforms that result in our largest digital transformation and cloud application consulting relationships.

我們現在相信，由 AI XPLR 增強的 GenAI 轉型將成為我們面向客戶的主要策略切入點，我們將利用這些切入點來定位我們傳統上強大的基準測試、數位轉型和高階主管諮詢產品和平台，從而建立我們最大的數位轉型和雲端應用諮詢關係。

The halo effect or downstream revenue impact of these offerings has traditionally been around 40% over the last several years. We believe this will only be expanded by our AI XPLR offering and the enterprise-wide strategic access it provides. AI XPLR significantly enhances the value of our IP and fully aligns it with the emerging GenAI world-class performance standards.

在過去幾年中，這些產品的光環效應或下游收入影響傳統上一直在 40% 左右。我們相信，只有透過我們的 AI XPLR 產品及其提供的企業範圍的策略存取才能擴大這一範圍。AI XPLR 顯著提升了我們的 IP 價值，並使其與新興的 GenAI 世界級性能標準完全一致。

Another critical investment that we have made is to also build our own GenAI-assisted knowledge-based solution called 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 to our clients every day, but much faster and with significantly more personalized insight.

我們進行的另一項重要投資是建立我們自己的 GenAI 輔助知識解決方案，稱為 Hackett AI。我們期望透過整合我們寶貴的 IP 和利用 GenAI 的內容來顯著增強我們每天向客戶提供的洞察力，但速度更快，洞察力更加個人化。

We are ingesting proprietary IP, including our benchmarking best practices research IP to support the myriad of queries that are required to support our executive advisory and consulting clients as well as our own associates. We have also embarked on a new initiative called Aixelerator, AIXELERATOR, which intends to also address the efficiency and quality of the delivery of our technology implementation services.

我們正在吸收專有 IP，包括我們的基準最佳實踐研究 IP，以支援我們的執行顧問和諮詢客戶以及我們自己的同事所需的大量查詢。我們還啟動了一項名為 Aixelerator (AIXELERATOR) 的新計劃，旨在解決我們技術實施服務交付的效率和品質問題。

All these initiatives are harnessing the power of GenAI to improve and accelerate the delivery of our solutions and services with the intent of differentiating our capabilities and result in improved revenue growth and margins. We also see the potential commercial value of these innovations beyond our internal use.

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，旨在使我們的能力與眾不同，並提高收入成長和利潤率。我們也看到了這些創新除了內部使用之外的潛在商業價值。

On the talent side, competition for experienced executives with high technology agility continues. Overall, we saw turnover continue to moderate and remain low during the quarter, and we expect that trend to continue. We also continue to explore strategic relationships beyond the ones that I previously mentioned 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.

在人才方面，對具有高技術敏捷性且經驗豐富高階主管的競爭仍在繼續。總體而言，我們看到本季營業額繼續放緩並保持在低位，我們預計這一趨勢將持續下去。我們也將繼續探索我之前提到的策略關係以外的策略關係和收購，這將使我們能夠擴展我們的 GenAI 能力並透過新管道銷售我們的 IP，使我們能夠以有效的方式超越我們目前的全球 1000 強重點。

As I previously mentioned on our calls, we are continuing to add videos of our new and expanding platforms on the Investor Relations page of our website that investors can review and become more familiar with our new capabilities.

正如我之前在電話會議上提到的，我們將繼續在我們網站的投資者關係頁面上添加有關我們新的和不斷擴展的平台的視頻，以便投資者可以查看並熟悉我們的新功能。

Lastly, even though we believe that we have the client base and the 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.

最後，儘管我們相信我們擁有客戶群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，這可以加速我們的成長。

As always, let me close by congratulating our associates on our innovation and performance and by thanking them for their tireless efforts and always urge them to stay highly focused on our clients and people no matter what challenges we may encounter.

像往常一樣，最後，我要祝賀我們的同事們所取得的創新和業績，感謝他們不懈的努力，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。

Those conclude my comments. Let me turn it over to our operator, and let's move on to the Q&A section of our call.

我的評論到此結束。讓我把它交給我們的接線生，讓我們繼續通話的問答部分。

Jeff Martin, ROTH Capital Partners.

傑夫馬丁（Jeff Martin），羅仕證券資本合夥公司（ROTH Capital Partners）。

Ted, I wanted to jump in by just asking you to elaborate on some of the client interactions you've had with AI XPLR? What the pipeline looks for implementation projects? You mentioned you expect acceleration throughout the year. How might that look as we progress into the back half?

泰德，我想請您詳細說明您與 AI XPLR 進行過的一些客戶互動？管道尋找什麼樣的實施項目？您提到您預計全年都會加速發展。當我們進入後半段時，情況會是什麼樣子？

Jeff, let me go back and specifically speak to the client interactions. What we continuously hear from the clients is the fact that our capabilities are very unique. Our ability to address ideation and evaluation, provide ROI assessments at a use case level and associate all of that ideation and evaluation and assessment to specific AI agents that would be required to build those solutions is incredibly unique.

傑夫，讓我回過頭來具體談談客戶互動。我們不斷從客戶那裡聽到的事實是，我們的能力非常獨特。我們能夠解決構思和評估問題，在用例層級提供投資回報率評估，並將所有這些構思、評估和評估與建立這些解決方案所需的特定人工智慧代理聯繫起來，這是非常獨特的。

That ability that we created from the onset to be able to evaluate the automation opportunities at a work step level and build that into full simulation now industry process flows is very, very unique. That is why we continue to say, we've never been in such a prepared and complete and powerful opportunity as an organization around such a powerful cycle.

我們從一開始就創建的這種能力能夠在工作步驟層級評估自動化機會，並將其建置到完整的模擬中，現在的產業流程是非常非常獨特的。這就是為什麼我們不斷地說，作為一個組織，我們從來沒有在如此強大的周期中遇到過如此準備充分、完整而強大的機會。

So what does that mean? I'm going to say that, at least half of the time that we have that interaction, the client engagement and discussions continue. We've been given an opportunity to provide proposals and win work, and we're starting new relationships. So it's just a pretty -- it's just been a very, very favorable reaction from clients.

那麼這意味著什麼？我想說的是，在我們進行這種互動的時間裡，至少有一半的時間，客戶的參與和討論仍在繼續。我們獲得了提供提案和贏得工作的機會，我們正在建立新的關係。所以這只是一個漂亮的——這只是來自客戶的非常非常好的回饋。

What we've now noticed that is unique and new is that we now notice that these large channel partners see how differentiated our capability is. So the question for us is whether we continue to pursue our own leads as we have been since the beginning -- since we launched AI XPLR and as we continue since the acquisition of ZBrain is whether we will do that with significantly larger channel partners.

我們現在註意到的獨特而新穎之處在於，我們現在註意到這些大型通路合作夥伴看到了我們的能力有多麼差異化。因此，我們面臨的問題是，我們是否會繼續追求自己的領先地位，就像我們從一開始就推出 AI XPLR 以來以及收購 ZBrain 以來所做的那樣，我們是否會與更大的通路合作夥伴一起做到這一點。

The inquiries that we've gotten from both large systems integrators as well as enterprise software companies that are aggressively trying to position themselves in the space is actually pretty surprising. But we believe, as I mentioned in our comments, that it's going to give us a chance to do something with some or a few of these partners that will allow us then to see more advance or opportunities and will allow us to do that with a broader entry point since some of them bring stronger technology relationships that Hackett has. So it's not only we think we will see more opportunities, but we will be in front of the technology buyer as well as the business buyer who knows Hackett so well.

我們從大型系統整合商以及積極嘗試在該領域佔據一席之地的企業軟體公司那裡得到的詢問實際上相當令人驚訝。但我們相信，正如我在評論中提到的那樣，這將使我們有機會與其中一些合作夥伴開展一些合作，從而使我們看到更多的進步或機會，並使我們能夠以更廣泛的切入點來做到這一點，因為其中一些合作夥伴與哈克特建立了更強大的技術關係。因此，我們不僅認為我們將看到更多的機會，而且我們將走在技術買家和非常了解哈克特的商業買家的前面。

And then towards the end of 2024, you had completed, I believe, correct me if I'm wrong, a doubling of the implementation capacity on the AI side of the business. Just curious, how you feel about your current capacity and what's your plan to scale that further perhaps in 2025 and 2026?

然後到 2024 年底，我相信你已經完成了業務 AI 方面的實施能力翻倍，如果我錯了請糾正我。只是好奇，您對目前的產能有何看法，以及您計劃在 2025 年和 2026 年進一步擴大產能嗎？

Yes. It's probably closer to about 60% to 70% increase since acquisition since we acquired, had some people that go and then we've aggressively hired. But you can see from the G&A spend that Rob mentioned, we're hiring and adding more resources, not only offshore around the ZBrain and the LeewayHertz team, which are primarily based in and around New Delhi, but we've started to add market-facing resources and capabilities in the US to interact with some of our new engagement opportunities. So we're expanding both the tip and we're expanding the back end of the capabilities.

是的。自從我們收購以來，員工人數可能增加了 60% 到 70%，有些人離開了，然後我們又積極招募。但從 Rob 提到的 G&A 支出中你可以看出，我們正在招募和增加更多資源，不僅是圍繞主要位於新德里及其周邊的 ZBrain 和 LeewayHertz 團隊的海外資源，而且我們已經開始在美國增加面向市場的資源和能力，以便與我們的一些新的參與機會進行互動。因此，我們正在擴展尖端和後端的功能。

One more, if I could, and then I'll pass it on. Could you give us an update on the progress of the joint venture with ZBrain? Are you signing ARR contracts? And anything else you are prepared at the moment to disclose on that?

如果可以的話，再說一遍，然後我會把它傳下去。您能否向我們介紹一下與 ZBrain 合資的進展？您正在簽署 ARR 合約嗎？關於這一點您現在還準備透露什麼嗎？

Well, first, let me answer the last part of your question. We are continuing to add licensed clients to the ZBrain platform, and we are close to completing and executing the JV agreement. We expect to do that -- I don't know. We should be able to do that in the next 30 to 45 days.

好吧，首先，讓我回答你問題的最後一部分。我們正在繼續為 ZBrain 平台新增授權客戶，我們即將完成並執行合資協議。我們期望這樣做——我不知道。我們應該能夠在未來 30 到 45 天內完成這一目標。

George Sutton, Craig-Hallum.

喬治·薩頓、克雷格·哈勒姆。

Ted, we had a first on this call. You were silent for 30 seconds. No one has ever left you speechless. So I found that interesting. So as a best practices consultant in an environment that's going through huge change, I'm just curious how that potentially benefits your business, how that potentially challenges your business as we look forward?

泰德，我們在這通電話中第一次談到了這一點。你沉默了30秒。從來沒有人讓你無話可說。所以我覺得這很有趣。因此，作為正在經歷巨大變化的環境中的最佳實踐顧問，我只是好奇這對您的業務有何潛在好處，以及這對您的業務有何潛在挑戰？

Well, what we didn't expect at the beginning of the year would be to develop any campaign around economic disruption. I mean if you said, hey, you were developing 2025 plan, did you consider the fact that there could be some introduction of this ambitious tariff plan that could disrupt economic activity or at least allow clients to pause and consider the impact on them. The answer is no. So as that relates to our business model.

嗯，我們在年初沒有想到的是會圍繞經濟混亂進行任何活動。我的意思是，如果你說，嘿，你正在製定 2025 年計劃，你是否考慮過這樣一個事實：這個雄心勃勃的關稅計劃可能會出台，這可能會擾亂經濟活動，或者至少讓客戶停下來考慮對他們的影響。答案是否定的。這與我們的商業模式有關。

Well, we've clearly started communicating with our clients that to the extent they want to hunker down a little bit, while they're making any of these considerations and looking at the specific tariff-related disruptions, that obviously, the nature of the work we do around strategic cost reduction and the deployment of addressing efficiency and effectiveness at the highest level, we have brought that back out of our bag more aggressively than we expected in 2025.

嗯，我們顯然已經開始與客戶溝通，在他們考慮任何這些因素並研究與關稅相關的具體幹擾時，如果他們想要稍微退讓一點，顯然，我們圍繞戰略成本削減和在最高層面解決效率和效力問題的部署所做的工作性質，我們在 2025 年比預期更積極地將其重新拿出來。

As it relates to the GenAI-related work, no, we think that the client engagement around GenAI-related capability continues to improve. I believe those things are budgeted. Could budgeted ideas be disrupted by larger budgeted items? I guess it could. But the interest, the engagement, the interaction, both from the clients and the channel partners is very high.

至於與 GenAI 相關的工作，我們認為圍繞 GenAI 相關能力的客戶參與度會持續提高。我相信這些事情都列入預算。預算內的想法是否會被更大的預算項目所干擾？我想是可以的。但客戶和通路夥伴的興趣、參與度和互動都非常高。

You mentioned a consequential impact on '25 results from the AI XPLR. I'm just curious if you can give us a better sense of what you mean by consequential?

您提到了 AI XPLR 對 25 個結果的相應影響。我只是好奇，您是否可以讓我們更好地理解您所說的「結果」是什麼意思？

To me, I saw it one of two ways. First, it's already been consequential because the GenAI growth, obviously, on a year-over-year basis is becoming more material each quarter. But the second consequence of in my mind, in 2025 that I still expect to realize is that if we see the licensing revenues, we haven't started to license explore yet, although the offer has been made out there, and we expect the licensing of XPLR to start in July, even though we wanted that to be quicker, but we're -- for those who have a license interest in XPLR, we have this kind of 90-day kind of program, which is a fully facilitated engagement, which could then result in a license.

對我來說，我有兩種看法。首先，它已經產生了重大影響，因為 GenAI 的成長顯然在逐年遞增，每季都變得更加重要。但在我看來，我仍然希望在 2025 年實現的第二個後果是，如果我們看到許可收入，我們還沒有開始許可探索，儘管已經提出了要約，我們預計 XPLR 的許可將在 7 月份開始，儘管我們希望這能更快，但對於那些對 XPLR 有許可興趣的人來說，我們有這種為期 90 天的計劃，這是一種完全參與許可的人。

And then the licensing activity in ZBrain has clearly started as well. But to me, the consequential impact would be that both the growth in ARR becomes meaningful and that the JV then has the opportunity to explore, if you want to call it, value-accelerating activities like doing some kind of a Series A round to fund a more accelerated growth in the JV itself and in the licensing of the platforms.

然後 ZBrain 的授權活動也顯然已經開始了。但對我來說，最終的影響將是，ARR 的成長變得有意義，合資企業有機會探索（如果你願意稱之為）價值加速活動，例如進行某種 A 輪融資，以資助合資企業本身和平台許可的更快成長。

So some combination of the impact we're already experiencing in GenAI revenue growth which, as we said, is being offset, like Rob said, GSBT would have been up stronger, but we have some of the enterprise application groups inside of GSBT offsetting some of that growth, but not it would be more prominent or visible. But we're already experiencing the revenue growth and higher margins. We've started to drive license revenue.

因此，正如我們所說，我們已經在 GenAI 收入成長中感受到了一些影響，這些影響正在被抵消，就像 Rob 所說的那樣，GSBT 本來會更加強勁，但 GSBT 內部的一些企業應用程式組抵消了部分成長，但不會更加突出或明顯。但我們已經實現了收入成長和利潤率提高。我們已經開始推動授權收入。

So we hope that, that continues then to drive into the JV. And then, the third that I believe consequential would be to bring in some combination of channel partners or investors who may also be channel partners into the JV and allowing that ARR pursuit to come with a much broader distribution channel.

因此，我們希望，這能繼續推動合資企業的發展。然後，我認為第三件重要的事情是將一些通路合作夥伴或也可能是通路合作夥伴的投資者引入合資企業，並允許 ARR 追求透過更廣泛的分銷管道實現。

So those are the things, and that's how we evaluate consequence to '25 as it relates to our GenAI opportunity.

這些都是事情，這就是我們評估與我們的 GenAI 機會相關的 25 年後果的方式。

One other question. When we think of the ideation to implementation, I assume in most cases, LH would be involved. Can you just give us an example of kind of what the ideal situation has been and what you'd love to see implemented across a lot of other companies?

還有一個問題。當我們考慮從構思到實施時，我認為在大多數情況下，LH 都會參與其中。您能否為我們舉個例子，說明一下理想的情況，以及您希望在其他公司看到哪些情況被實施？

Ideal situation is the overwhelming majority of the clients were introduced to AI through Copilot and some of what I will call it, employee productivity or individual productivity initiatives driven around the deployment of Copilot or other, if you want to call it, chatbot-related extended AI opportunities.

理想的情況是，絕大多數客戶都是透過 Copilot 接觸到人工智慧的，我稱之為員工生產力或個人生產力計劃，這些計劃圍繞著 Copilot 或其他（如果你願意稱之為）聊天機器人相關的擴展人工智慧機會的部署而推動。

The major opportunities to deploy GenAI is when you identify the enterprise-wide opportunity for a company. So instead of saying a client saying, gosh, I'd like to get introduced to AI and let me pick an area that is of lower risk and lower ROI as a way of educating and launching our efforts. I would say that a majority of the clients are in that, what I call bottoms-up process.

當您確定了公司整個企業範圍內的機會時，部署 GenAI 的主要機會就來了。因此，客戶不會說，天哪，我想了解一下人工智慧，然後讓我選擇一個風險較低、投資回報率較低的領域作為教育和開展我們工作的一種方式。我想說大多數客戶都處於我所說的自下而上的流程。

Our value proposition comes by being able to engage clients top down, providing the clients with an enterprise-wide opportunity of the AI solutions in the best scenarios that we had is when the organization then says, I'd like to pursue a basket but they clearly include the more breakthrough or transformative solutions that require some level of sophistication, the way you bring data sources together to create a knowledge base that allow clients to make decisions that they wouldn't ordinarily be able to make either as quickly or as precisely as you would expect.

我們的價值主張在於能夠自上而下地吸引客戶，為客戶提供企業範圍的人工智慧解決方案機會，在最佳情況下，當組織說，我想追求一個籃子，但它們顯然包括更具突破性或變革性的解決方案，這些解決方案需要一定程度的複雜性，您將數據源整合在一起以創建知識庫的方式，使客戶能夠做出他們通常無法像您期望的那樣快速或準確地做出的決策。

So I call that exponential intelligence. In the middle layer of the solutions, our clients and say, okay, I want to transform processes. So you're looking for significant both improvements in efficiency and effectiveness I'm going to say that is where more of the ambitious opportunities are. I would talk about the exponential intelligence opportunities to be those that have been moving to organizations, the way you saw Karl today mentioned on CNBC, some of the solutions that Palantir has taken on, but there's just a myriad of those opportunities that go way beyond a Palantir, I'll call it, a dedicated solution.

所以我稱為指數智力。在解決方案的中間層，我們的客戶說，好吧，我想轉變流程。因此，如果您希望在效率和效力方面都取得顯著的進步，我想說，這就是更多雄心勃勃的機會所在。我想說的是那些已經轉移到組織中的指數級智慧機會，就像你今天在 CNBC 上看到的 Karl 提到的那樣，Palantir 已經採取的一些解決方案，但還有無數的機會遠遠超出了 Palantir 的範圍，我稱之為專用解決方案。

And then at the bottom of those incremental is when you extend AI and just improve the capability and extend the capability of enterprise software, its use, its analysis, the way Salesforce has done so beautifully with Agent force and others are now trying to emulate that Salesforce lead.

然後，在這些增量的底部，當你擴展人工智慧並提高能力並擴展企業軟體的能力、它的使用、它的分析時，Salesforce 就透過 Agent force 做得非常出色，而其他人現在正試圖模仿 Salesforce 的領先地位。

So perfect scenario, a client that looks at it top down, select sophisticated middle of the road, transformative and incremental solutions and then you are building -- then you've got a client that's committing to a multiyear plan, and you're talking of millions of dollars to build that solution program out for the client.

因此，完美的情況是，客戶自上而下地進行審視，選擇複雜的、中間路線的、變革性的和漸進式的解決方案，然後你開始構建——然後你有一個客戶承諾執行一項多年計劃，而你正在談論花費數百萬美元為客戶構建該解決方案程序。

And then for us, we would like for them to not only look at that opportunity broadly top down, but we see the combination of AI XPLR and ZBrain, as I said, as positioning to the client a platform. We're telling the clients, you don't have to build ideation and evaluation capabilities, discovery ideation or evaluation capabilities. You don't need to build orchestration capabilities that allow you to deploy solutions at scale. You can license that capability from Hackett and have that end-to-end capability. And that is the capability that you will see not surface, but increasingly gain attention as the JV becomes more prominent.

對我們來說，我們希望他們不僅能從上到下廣泛看待這個機會，而且正如我所說，我們將 AI XPLR 和 ZBrain 的結合視為向客戶定位的平台。我們告訴客戶，你不必建立構思和評估能力、發現構思或評估能力。您不需要建立允許您大規模部署解決方案的編排功能。您可以從 Hackett 獲得該功能的許可並擁有端到端功能。您將會看到，這種能力不會浮於表面，但隨著合資企業變得越來越突出，它將越來越受到關注。

Vincent Colicchio, Barrington Research.

文森‧科利奇奧（Vincent Colicchio），巴林頓研究公司。

Yes, Ted, what portion of AI revenue was implementation revenue in the quarter? And how should that change going forward?

是的，Ted，本季 AI 收入中有多少部分是實施收入？那麼未來這種情況又該如何改變呢？

Rob is looking at me knowing that he hasn't provided this information. But I would estimate that it would be 50-50, if I have to say. And that 50-50 split as the business grows, the actual building and deployment of solutions should become significantly greater than the discovery ideation and the evaluation of the opportunities, multiples of it.

羅布看著我，知道他沒有提供這些資訊。但如果必須這麼說的話，我估計這個比例應該是 50-50。隨著業務的成長，這種 50-50 的分割，解決方案的實際建置和部署應該遠大於發現構思和評估機會的數倍。

And are you seeing cross-selling from your GenAI consulting clients into other services as of yet?

到目前為止，您是否看到 GenAI 諮詢客戶向其他服務進行交叉銷售？

The answer is yes. We've done it twofold. First, we want to make sure that our team stays focused on the traditional work because it's such a significant part of our 2025 plan. So what's probably been most prominent for us is to provide a digital transformation engagement that includes a GenAI scan, a way to enhance that digital transformation initiative with something that would be more powerful and more ambitious that would come with a GenAI solution.

答案是肯定的。我們做了雙重努力。首先，我們要確保我們的團隊專注於傳統工作，因為這是我們 2025 年計畫的重要組成部分。因此，對我們來說最突出的可能是提供包括 GenAI 掃描在內的數位轉型參與，這是一種透過 GenAI 解決方案提供的更強大、更雄心勃勃的東西來增強數位轉型計劃的方法。

But there is no doubt every time we walk into the client to have a conversation about GenAI, you have a conversation of pain points, those pain points refer specifically to, I'll call it, more traditional digital transformation work we do.

但毫無疑問，每次我們走進客戶討論 GenAI 時，都會談到痛點，這些痛點具體指的是，我稱之為，我們所做的更傳統的數位轉型工作。

So the answer is, yes, it goes both ways. But we like, obviously, that we have bigger numbers in the traditional entry point and clients, traditional clients. So that idea of taking clients from digital transformation to GenAI-enabled transformation with the AI scan makes our opportunity enterprise-wide, makes the opportunity broader. I mean that would be a perfect path for us to be able to start traditionally move into GenAI and then leave a client with a complete AI COI platform that supports all of their AI solution efforts.

所以答案是肯定的，這是雙向的。但顯然，我們希望在傳統切入點和客戶、傳統客戶方面擁有更大的數量。因此，透過人工智慧掃描將客戶從數位轉型轉向 GenAI 轉型的想法使我們的企業機會更加廣泛。我的意思是，這對我們來說是一條完美的途徑，讓我們能夠以傳統方式開始進入 GenAI，然後為客戶提供一個完整的 AI COI 平台，支援他們所有的 AI 解決方案工作。

And then how is the pipeline looking for Oracle? And should we expect sequential flatness? Or any help on the direction of that as you move through the year?

那麼管道如何尋找 Oracle？我們是否應該期待連續的平穩？或者在您度過這一年的過程中，您能在這方面提供什麼幫助嗎？

No. I think Rob said that Oracle and SAP would be down. I would expect Oracle's activity is probably down. SAP's momentum is clearly up. Oracle's demand, overall activity is solid. But as we mentioned, we're still trying to fill gaps from the large post go-live engagement that we had in Q4 and into Q1.

不。我認為 Rob 說過 Oracle 和 SAP 會倒閉。我預計 Oracle 的活動可能會減少。SAP 的發展勢頭明顯增強。Oracle 的需求、整體活動都很穩定。但正如我們所提到的，我們仍在努力填補第四季和第一季上線後大規模投入所造成的空白。

And at this time, I show no further questions. I will now turn the call back to Mr. Fernandez.

而此時，我沒有其他疑問。現在我將把電話轉回給費南德斯先生。

Thank you, operator. Let me thank everyone for participating in our first quarter earnings call. We look forward to bringing everyone back up to speed once we have a chance to report the second quarter. Thank you for participating today.

謝謝您，接線生。我感謝大家參加我們的第一季財報電話會議。一旦我們有機會報告第二季的業績，我們希望能讓大家重新了解最新情況。感謝您今天的參與。

And this concludes today's conference. Thank you for participating. You may disconnect at this time, and have a great rest of your day.

今天的會議到此結束。感謝您的參與。現在您可以斷開連接，並享受剩餘的美好時光。