Huron Consulting Group Inc. (HURN) 2026 Q1 法說會逐字稿

Good afternoon and welcome to the Huron Consulting Group's webcast to discuss the financial results for the first quarter of 2026.

各位下午好，歡迎參加Huron Consulting Group的網路直播，討論2026年第一季的財務業績。

(Operator Instructions) As a reminder, this conference call is being recorded.

(接線員指示) 提醒各位，本次電話會議將被錄音。

Before we begin, I would like to point all of you to the disclosure at the end of the company's news release for information about any forward-looking statements that may be made or discussed on this call.

在開始之前，我想請各位留意公司新聞稿末尾的揭露內容，其中包含本次電話會議中可能作出或討論之任何前瞻性陳述的相關資訊。

The news release is posted on Huron's website. Please review that information, along with the filings with the SEC, for a disclosure of factors that may impact subjects discussed in this afternoon's webcast.

該新聞稿已發布於Huron的網站。請一併查閱該資訊以及向美國證券交易委員會（SEC）提交的文件，以了解可能影響今日下午網路直播所討論主題之因素的揭露。

The company will be discussing one or more non-GAAP financial measures. Please look at the earnings release on Huron's website for all of the disclosures required by the SEC, including reconciliation to the most comparable GAAP numbers.

公司將討論一項或多項非GAAP財務衡量指標。請參閱Huron網站上的財報新聞稿，以取得SEC要求的所有揭露資訊，包括與最可比GAAP數字的調節表。

Now, I would like to turn the call over to Mark Hussey, Chief Executive Officer and President of Huron Consulting Group. Mr. Hussey, please go ahead.

現在，我想把電話會議交給Huron Consulting Group執行長兼總裁Mark Hussey。Hussey先生，請開始。

Good afternoon and welcome to Huron Consulting Group's first-quarter 2026 earnings call.

各位下午好，歡迎參加Huron Consulting Group 2026年第一季財報電話會議。

With me today are John Kelly, our Chief Financial Officer; and Ronnie Dail, our Chief Operating Officer.

今天與我一同出席的有我們的財務長John Kelly，以及營運長Ronnie Dail。

I'll begin by noting that the execution of our growth strategy continues to deliver performance consistent with the financial goals outlined in the 2025 Investor Day.

我先指出，我們成長策略的執行持續帶來與2025年投資人日所概述財務目標一致的表現。

Revenues before reimbursable expenses, or RBR, Increased 12% in the first quarter of 2026 compared to the first quarter of 2025, driven by growth across the Healthcare, Education, and Commercial segments, including record RBR performance in Healthcare.

2026年第一季的可報銷費用前營收（Revenues before reimbursable expenses，或RBR）較2025年第一季成長12%，成長動能來自醫療保健、教育與商業三大事業部門的全面成長，其中醫療保健部門的RBR更創下歷史新高。

During the quarter, we also continued our trajectory of margin expansion, reflecting disciplined execution by our highly talented team.

本季我們也延續利潤率擴張的軌跡，反映出我們高度優秀團隊的紀律性執行。

Encouraged by the strong start of the year; and strength of our pipeline and backlog, we're affirming our annual RBR and margin guidance. We continue to believe we are well-positioned to serve as our clients' trusted advisor, as they evolve their business models and organizations to succeed in challenging markets and an increasingly complex AI-enabled world.

在今年強勁開局以及我們的商機管線與在手訂單（backlog）展現力道的鼓舞下，我們維持全年RBR與利潤率指引不變。我們仍相信，隨著客戶為在充滿挑戰的市場與日益複雜、AI賦能的世界中取得成功而演進其商業模式與組織，我們已具備良好條件成為客戶值得信賴的顧問。

We remain focused on executing against the market tailwinds driving demand for our business and further strengthening our competitive position to enhance our ability to best serve our clients and achieve our financial goals.

我們仍專注於把握推動市場需求的順風因素並持續強化競爭地位，以提升我們服務客戶的能力並達成財務目標。

I'll now share some additional insight into our first-quarter performance:

接下來我將分享一些關於第一季表現的補充觀察：

In the Healthcare segment, first-quarter RBR grew 14% over the prior-year quarter, reflecting strong demand for our performance improvement, revenue cycle managed services, financial advisory, and strategy offerings, as well as incremental RBR growth in the integration of our acquisitions.

在醫療保健部門，第一季RBR較去年同期成長14%，反映出市場對我們的績效改善、收入循環託管服務、財務顧問與策略服務的強勁需求，同時也包含我們併購整合帶來的增量RBR成長。

Excluding the impact of the acquisitions, organic growth for the Healthcare segment was 10% in Q1 2026, as compared to Q1 2025.

若排除併購影響，醫療保健部門在2026年第一季相較2025年第一季的有機成長為10%。

As we discussed in prior earnings calls, healthcare providers are operating amidst a convergence of competitive and regulatory pressures that continue to impact financial performance and drive the need to redesign care delivery models.

如同我們在先前的財報電話會議中所討論，醫療服務提供者正處於競爭與監管壓力匯聚的環境中，這些壓力持續影響財務表現，並推動重新設計照護交付模式的需求。

Finding reimbursements, rising operational costs, and labor shortages are intensifying the need for stronger cash flow, cost optimization, and greater operational flexibility.

報銷（給付）資金不足、營運成本上升與人力短缺，正加劇對更強勁現金流、成本最佳化以及更高營運彈性的需求。

Health systems are facing a period of rapid transformation, driven by advancements in technologies. Developing and executing an AI strategy amidst the rapid pace of change has become an increasingly important issue for the growing number of our clients.

醫療體系正面臨由科技進步所驅動的快速轉型期。在快速變動的節奏下制定並執行AI策略，已成為我們愈來愈多客戶所關注的日益重要議題。

Providers are increasingly seeking trusted partners with the industry expertise that can help them integrate technology, workforce, and operating model changes into cohesive, executable strategies that deliver near-term financial benefit, while positioning their organizations for sustainable growth, improved margins, and long-term competitive advantage.

醫療服務提供者愈來愈尋求值得信賴、具備產業專業的合作夥伴，協助其將科技、人才與營運模式變革整合為一致且可落地執行的策略，在帶來短期財務效益的同時，亦使其組織具備可持續成長、更佳利潤率與長期競爭優勢。

We see significant opportunities for evaluating and integrating a broad and growing number of applications and use cases for AI and digital tools, plus clinical, administrative, and financial workflows in our clients' complex operating environments.

我們看到在客戶複雜的營運環境中，針對AI與數位工具廣泛且持續增加的應用與使用情境，以及臨床、行政與財務工作流程進行評估與整合，存在顯著機會。

Our ability to help clients address enduring and new challenges and opportunities is at the heart of the growth strategy for our Healthcare business.

我們協助客戶因應長期存在與新出現的挑戰與機會的能力，是我們醫療保健業務成長策略的核心。

As we rapidly expand and integrate our AI capabilities across our Healthcare offerings, we believe our distinctive operational and technology expertise, along with innovative new solutions and partnerships, position us well to continue our growth trajectory.

隨著我們快速擴展並將AI能力整合至醫療保健各項服務中，我們相信我們獨特的營運與科技專長，加上創新的新解決方案與合作夥伴關係，使我們具備良好條件持續延續成長軌跡。

Turning next to the Education segment, in the first quarter of 2026, Education segment RBR grew 4% compared to the first quarter of 2025, driven by strong demand for our digital offerings.

接著談教育部門，2026年第一季教育部門RBR較2025年第一季成長4%，主要由我們數位產品與服務的強勁需求所帶動。

Higher-education institutions are experiencing uneven demand on domestic students and a significant decline in international students. Amidst that backdrop, institutions are contending with rising operating costs, funding declines, high regulatory scrutiny, and further erosion of public confidence in the value of a traditional four-year degree.

高等教育機構正面臨國內學生需求不均，以及國際學生人數大幅下滑。在此背景下，機構同時承受營運成本上升、資金縮減、監管審查加劇，以及社會大眾對傳統四年制學位價值的信心進一步流失。

These dynamics are forcing higher-education leaders to confront fundamental questions about scale, academic portfolio mix, cost structure, and long-term financial sustainability.

這些動態迫使高等教育領導者面對關於規模、學術（科系）組合配置、成本結構與長期財務可持續性的根本問題。

We believe our strong market position in higher education provides us the opportunity to serve as an experienced partner that can help our clients move beyond incremental actions for a more integrated strategic transformation.

我們相信，我們在高等教育領域的強勢市場地位，使我們有機會成為具備豐富經驗的合作夥伴，協助客戶超越零星的漸進式作法，推動更整合的策略性轉型。

Universities are prioritizing solutions that deliver near-term financial improvement, while modernizing operating models for administrative workflows and academic offerings. To accomplish this, our clients are building the enabling infrastructure to improve efficiency, decision-making, and the student experience, while increasingly leveraging AI.

大學正優先採用可在短期內帶來財務改善的解決方案，同時推動行政工作流程與學術產品的營運模式現代化。為達成此目標，我們的客戶正在建置支援性基礎設施，以提升效率、決策品質與學生體驗，並日益運用AI。

We believe our strong client relationships, industry expertise, AI capabilities, and comprehensive portfolio of offerings have positioned us to continue to serve as a partner of choice for our clients to address these ongoing challenges.

我們相信，我們穩固的客戶關係、產業專業、AI能力以及全面的服務組合，使我們得以持續成為客戶的首選合作夥伴，協助其因應這些持續存在的挑戰。

In the Commercial segment, first-quarter RBR grew 22% over the prior year quarter, reflecting strong demand for our financial advisory and strategy offerings. The increase in RBR in the quarter also included incremental RBR from our acquisitions of Treliant and Wilson Perumal, excluding the impact of acquisitions of (inaudible) in Q1 2026 to 8% organically for the first quarter of 2025.

在商業部門，第一季RBR較去年同期成長22%，反映出市場對我們財務顧問與策略服務的強勁需求。本季RBR的增加亦包含我們收購Treliant與Wilson Perumal所帶來的增量RBR；若排除併購影響，（聽不清）在2026年第一季的有機成長為8%，相較於2025年第一季。

Commercial industries are navigating heightened complexity, driven by persistent cost inflation; global supply-chain realignment; geopolitical and regulatory uncertainty; and continuously evolving customer and employee expectations.

商業產業正面對更高的複雜度，驅動因素包括持續的成本通膨、全球供應鏈重新布局、地緣政治與監管不確定性，以及不斷演變的客戶與員工期待。

At the same time, companies are accelerating the adoption of AI-enabled, data-driven operating models to improve agility, productivity, and decision-making. These forces are driving the van for comprehensive solutions that integrate strategy and operations; finance advisory; and digital and data transformation.

同時，企業正加速採用AI賦能、數據驅動的營運模式，以提升敏捷性、生產力與決策品質。這些力量正推動對整合策略與營運、財務顧問，以及數位與數據轉型的全面性解決方案之需求。

We continue to invest in expanding our offerings to address the rapidly changing needs of our global client base. Those investments have delivered more durable growth in our Commercial business in recent quarters.

我們持續投資擴展服務內容，以因應全球客戶群快速變化的需求。這些投資在近幾季為我們的商業業務帶來更具韌性的成長。

We'll continue to deepen our industry expertise and expand our ability to deliver differentiated end-to-end solutions to enhance our competitive advantage and best address the growing needs of our clients.

我們將持續深化產業專業並擴大提供差異化端到端解決方案的能力，以強化競爭優勢並更有效回應客戶日益成長的需求。

Through the first quarter, our views on AI and its potential impact on Huron remain bullish, as we believe it will be a significant contributor to future growth, margin expansion, and shareholder value.

截至第一季，我們對AI及其對Huron潛在影響的看法仍偏向樂觀，因為我們相信AI將成為未來成長、利潤率擴張與股東價值的重要貢獻者。

Multiple third-party research providers forecast that the AI services market will grow into double-digits over the next several years. We believe we're well-positioned to help our clients plan and execute their AI strategies; and take advantage of this rapidly growing market opportunity.

多家第三方研究機構預測，AI服務市場在未來數年將以兩位數成長。我們相信，我們已具備良好條件協助客戶規劃並執行其AI策略，並把握這個快速成長的市場機會。

We have substantially increased our investment in AI capabilities and will continue to deploy them throughout our offerings and operations, building upon our industry and functional knowledge.

我們已大幅增加對 AI 能力的投資，並將持續在我們的產品與營運中全面部署，並在我們的產業與職能知識基礎上持續深化。

Beyond AI, the fundamental market tailwinds propelling growth in our business remain to create opportunities across all three operating segments. We believe our ability to bring together our strategy, operations, technology, and people-related offerings redesign core business functions and processes; while integrating advanced technologies will continue to position us for long-term growth.

除 AI 之外，推動我們業務成長的基本市場順風因素依然存在，並持續在三個營運部門中創造機會。我們相信，我們整合策略、營運、科技與人才相關服務的能力，能夠重新設計核心業務職能與流程；同時整合先進技術，將持續使我們具備長期成長的有利定位。

Now, let me turn to our outlook for the year: Today, we are affirming our 2026 guidance for RBR, adjusted EBITDA margin, and adjusted diluted earnings per share.

接下來，讓我談談我們對本年度的展望：今天，我們重申 2026 年對 RBR、調整後 EBITDA 利潤率，以及調整後稀釋每股盈餘的指引。

(inaudible) their strong first-quarter results, I'm increasingly encouraged about our prospects for the year. We remain committed to driving long-term shareholder value, continued execution of our growth strategy, which has delivered consistent RBR growth and margin expansion since 2022.

（聽不清）他們強勁的第一季業績，讓我對我們今年的前景愈發受到鼓舞。我們仍致力於推動長期股東價值，並持續執行我們的成長策略；自 2022 年以來，該策略已帶來一致的 RBR 成長與利潤率擴張。

Our disciplined capital allocation strategy has funded both programmatic M&A; and since December 31, 2022, the repurchase of 5 million shares or 25% of our common stock outstanding.

我們嚴謹的資本配置策略同時支持了計畫性併購（M&A）；並且自 2022 年 12 月 31 日以來，已回購 500 萬股，約占我們流通在外普通股的 25%。

We believe there is significantly more value to be unlocked by our strategy, particularly as we leverage our collaborative entrepreneurial culture to compete and win in today's rapidly evolving technological and competitive landscape.

我們相信，透過我們的策略仍有顯著更多價值可被釋放，尤其是在我們運用協作且具創業精神的文化，在當今快速演進的科技與競爭環境中競爭並取勝之際。

In summary, we believe our strong competitive positions in Healthcare and Education enable us to leverage our expertise in a powerful portfolio of consulting, energy services, and digital capabilities.

總結而言，我們相信我們在醫療保健與教育領域的強勁競爭地位，使我們能夠運用專業能力，打造強大的顧問服務、能源服務與數位能力組合。

We also believe our size and scale in Commercial markets enables us to be nimble and aggressive, with an integrated operating model that amplifies our impact across our consulting, digital, and managed services capabilities.

我們也相信，我們在商業市場的規模與量體使我們能夠靈活且積極行動，並透過整合式營運模式，放大我們在顧問、數位與受管理服務能力上的影響力。

Given by the velocity of change and complexity facing our clients, we are well positioned to continue to execute upon our growth strategy and achieve our stated financial goals for low double-digit revenue growth, margin expansion, and disciplined deployment of our strong free cash flow.

鑑於客戶所面臨的變化速度與複雜性，我們已具備良好定位，可持續執行成長策略，並達成我們所揭示的財務目標：營收低雙位數成長、利潤率擴張，以及有紀律地運用我們強勁的自由現金流。

None of this would be possible without our strong, collaborative culture. Our innovative and dedicated team continue to be the heart and soul of our company.

若沒有我們強大且協作的文化，這一切都不可能實現。我們創新且敬業的團隊持續是公司最核心的力量與靈魂。

With that, let me now turn it over to John for a more detailed discussion of our financial results. John?

接下來，我把時間交給 John，請他更詳細地說明我們的財務結果。John？

Thank you, Mark. Good afternoon, everyone.

謝謝你，Mark。各位下午好。

Before I begin, please note that I will be discussing non-GAAP financial measures, such as EBITDA, adjusted EBITDA, adjusted net income, adjusted EPS, and free cash flow.

在我開始之前，請注意我將討論非 GAAP 財務衡量指標，例如 EBITDA、調整後 EBITDA、調整後淨利、調整後 EPS，以及自由現金流。

Our press release, 10-Q, and Investor Relations page on the Huron website have reconciliations of these non-GAAP measures to the most comparable GAAP measures; along with the discussion of why management uses these non-GAAP measures, why management believes they provide useful information to investors regarding our financial condition and operating results.

我們的新聞稿、10-Q，以及 Huron 官網的投資人關係頁面，均提供這些非 GAAP 指標與最可比 GAAP 指標之間的調節表；並說明管理階層為何使用這些非 GAAP 指標，以及管理階層為何認為它們能為投資人了解我們的財務狀況與營運結果提供有用資訊。

Now, I'll share some of the key financial results for the first quarter of 2026:

現在，我將分享 2026 年第一季的一些關鍵財務結果：

First quarter of 2026 produced RBR of $443.7 million, up 12.1% from $395.7 million in the same quarter of 2025, driven by growth across all three operating segments.

2026 年第一季 RBR 為 4.437 億美元，較 2025 年同季的 3.957 億美元成長 12.1%，成長動能來自三個營運部門全面成長。

Net income for the first quarter of 2026 was $23.2 million or $1.34 per diluted share compared to net income of $24.5 million or $1.33 per diluted share in the first quarter of 2025. As a percentage of total revenues, net income declined to 5.1% in the first quarter of 2026 compared to 6.1% in the first quarter of 2025, reflecting a higher effective tax rate during the first quarter of 2026.

2026 年第一季淨利為 2,320 萬美元，或稀釋後每股 1.34 美元；相較之下，2025 年第一季淨利為 2,450 萬美元，或稀釋後每股 1.33 美元。以總營收百分比計，2026 年第一季淨利率降至 5.1%，低於 2025 年第一季的 6.1%，反映 2026 年第一季有效稅率較高。

Our effective income tax rate in the first quarter of 2026 was 14.1%, which is more favorable than the statutory rate, inclusive of state income taxes, primarily due to a discrete tax benefit for share-based compensation awards that vested during the quarter, partially offset by certain non-deductible expense items.

2026 年第一季的有效所得稅率為 14.1%，較包含州所得稅在內的法定稅率更為有利，主要因本季歸屬的股份基礎給付獎酬帶來一次性稅務利益，部分被若干不可扣抵費用項目所抵銷。

Our effective income tax rate in the first quarter of 2025 was negative 14.4%, as we recognized the income tax benefit on our pre-tax income, driven by the discrete tax benefits for share-based compensation awards that vested during the quarter.

2025 年第一季的有效所得稅率為負 14.4%，因我們就稅前所得認列所得稅利益，主要由本季歸屬的股份基礎給付獎酬所帶來的一次性稅務利益所驅動。

The increase in effective tax rate during the first quarter of 2026 was anticipated in the 2026 guidance that we provided in February. Our expectation for a full-year effective tax rate between 28% and 30% remains unchanged.

2026 年第一季有效稅率的上升，已反映在我們 2 月提供的 2026 年指引中。我們對全年有效稅率介於 28% 至 30% 的預期維持不變。

Adjusted EBITDA was $50.6 million in Q1 2026 or 11.4% of RBR compared to $41.5 million in Q1 2025 or 10.5% of RBR. The increase in adjusted EBITDA was primarily attributable to the increase in segment operating income for all three segments, excluding segment depreciation and amortization and segment restructuring charges, partially offset by an increase in certain unallocated corporate expenses.

2026 年第一季調整後 EBITDA 為 5,060 萬美元，或占 RBR 的 11.4%；相較之下，2025 年第一季為 4,150 萬美元，或占 RBR 的 10.5%。調整後 EBITDA 的增加，主要歸因於三個部門的部門營業利益均增加（不含部門折舊與攤銷以及部門重組費用），部分被某些未分攤公司費用的增加所抵銷。

Adjusted net income was $30 million or $1.73 per diluted share in the first quarter of 2026 compared to $31.1 million or $1.68 per diluted share in the first quarter of 2025.

2026 年第一季調整後淨利為 3,000 萬美元，或稀釋後每股 1.73 美元；相較之下，2025 年第一季為 3,110 萬美元，或稀釋後每股 1.68 美元。

Now, let's discuss the performance of each of our operating segments:

現在，讓我們討論各營運部門的表現：

The Healthcare segment generated 51% of total company RBR during the first quarter of 2026. This segment posted a record RBR of $225.2 million, up $26.7 million or 13.5% in the first quarter of 2025. The increase in RBR in the quarter was driven by strong demand for our performance improvement, revenue cycle managed services, financial advisory, and strategy offerings.

2026 年第一季，醫療保健部門貢獻公司總 RBR 的 51%。該部門創下 RBR 新高，達 2.252 億美元，較 2025 年第一季增加 2,670 萬美元或 13.5%。本季 RBR 的增加，主要由我們在績效改善、收入循環受管理服務、財務顧問與策略服務的強勁需求所帶動。

RBR in the first quarter of 2026 included $7.3 million of incremental RBR from our acquisitions of Eclipse Insights, the consulting services division of Axiom Systems.

2026 年第一季的 RBR 包含我們收購 Eclipse Insights 以及 Axiom Systems 顧問服務事業部所帶來的 730 萬美元增量 RBR。

Operating income margin for the Healthcare segment was flat at 28.4% in both Q1 2026 and Q1 2025.

醫療保健部門的營業利益率在 2026 年第一季與 2025 年第一季均持平為 28.4%。

The Education segment generated 29% of the total company RBR during the first quarter of 2026. Education segment RBR in the first quarter of 2026 was $127.5 million, up $4.7 million or 3.8% from the first quarter of 2025.

2026 年第一季，教育部門貢獻公司總 RBR 的 29%。2026 年第一季教育部門 RBR 為 1.275 億美元，較 2025 年第一季增加 470 萬美元或 3.8%。

RBR in the first quarter of 2026 included an inorganic RBR contribution of $600,000 from acquisitions that closed in the first quarter of 2025.

2026 年第一季的 RBR 包含 2025 年第一季完成之收購所帶來的 60 萬美元非有機 RBR 貢獻。

The operating income margin for Education was 21.6% for Q1 2026 compared to 18.8% for the same quarter in 2025. The increase in operating income margin in the quarter was primarily driven by decreases in compensation costs for our revenue-generating professionals, practice, administration, and meeting expenses.

教育部門 2026 年第一季的營業利益率為 21.6%，高於 2025 年同季的 18.8%。本季營業利益率的提升，主要由我們創收專業人員的薪酬成本，以及業務、行政與會議費用的下降所驅動。

The Commercial segment generated 20% of total company RBR during the first quarter of 2026 and grew 22.3% over the prior-year period, posting RBR of $91 million for Q1 2026 compared to $74.5 million in the first quarter of 2025.

商業部門在 2026 年第一季貢獻公司總 RBR 的 20%，並較去年同期成長 22.3%；2026 年第一季 RBR 為 9,100 萬美元，而 2025 年第一季為 7,450 萬美元。

The increase in RBR in the first quarter of 2026 was driven by increased demand for our financial advisory and strategy offerings and included $11 million of incremental RBR from our acquisitions of Treliant and Wilson Perumal.

2026 年第一季 RBR 的增加，主要由於我們的財務顧問與策略服務需求提升所帶動，並包含因收購 Treliant 與 Wilson Perumal 而帶來的 1,100 萬美元增量 RBR。

Operating income margin for the Commercial segment was 16.4% for Q1 in 2026 compared to 15.2% for the same quarter in 2025.

商業（Commercial）部門 2026 年第一季的營業利益率為 16.4%，相較於 2025 年同季的 15.2%。

The increase in operating income margin in the quarter was primarily driven by decreases in contractor expenses and salaries and related expenses for (inaudible) work personnel, as well as revenue growth that outpaced the increase in performance bonus expense for our revenue-generating professionals, partially offset by an increase in salaries and related expenses for our revenue-generating professionals as a percentage of RBR.

本季營業利益率的提升，主要來自承包商費用下降，以及（聽不清）工作人員的薪資及相關費用下降；同時，營收成長速度高於我們創收專業人員績效獎金費用的增幅。上述因素部分被創收專業人員薪資及相關費用占 RBR 比例上升所抵銷。

Corporate expenses not allocated at the segment level and excluding restructuring charges were $60 million in Q1 2026 compared to $52.4 million in Q1 2025.

未在部門層級分攤的公司費用（Corporate expenses），且不含重組費用，2026 年第一季為 6,000 萬美元，較 2025 年第一季的 5,240 萬美元增加。

Unallocated corporate expenses in the first quarter of 2026 and 2025 included income of $1.2 million and $900,000, respectively, related to changes in the liability of our deferred compensation plan, which is offset by the change in fair value of the investment assets used to fund that plan reflected in other expense.

2026 年與 2025 年第一季未分攤公司費用中，分別包含 120 萬美元與 90 萬美元的收益，係與我們遞延補償計畫負債變動相關；該影響由用於資助該計畫之投資資產公允價值變動（列於其他費用）所抵銷。

Excluding the impact of the deferred compensation plan in both periods, unallocated corporate expenses increased $7.9 million, primarily due to increases in compensation costs for our support personnel, software, and data hosting expenses.

若排除兩期遞延補償計畫的影響，未分攤公司費用增加 790 萬美元，主要由於支援人員薪酬成本、軟體費用及資料託管費用增加。

The increase in compensation costs for our support personnel includes approximately $2 million of cost that have been reclassified from our operating segments in 2026, reflective of the shift to centralized support for certain sales and operations functions.

支援人員薪酬成本的增加，包含約 200 萬美元於 2026 年自各營運部門重新分類的成本，反映我們將部分銷售與營運職能轉為集中式支援。

Now, turning to the balance sheet and cash flows:

接下來談資產負債表與現金流：

Cash flows used in operations in the first quarter of 2026 was $162.2 million, reflecting our annual incentive payments during the quarter. Cash flow used in operations during the first quarter of 2025 was $106.8 million.

2026 年第一季營運活動使用的現金流為 1.622 億美元，反映我們在本季支付年度獎勵金。2025 年第一季營運活動使用的現金流為 1.068 億美元。

During the first quarter of 2026, we used $11.9 million to invest in capital expenditures, inclusive of internally developed software costs, resulting in negative free cash flow of $174 million.

2026 年第一季，我們用於資本支出投資（包含內部開發軟體成本）為 1,190 萬美元，使自由現金流為負 1.74 億美元。

We continue to expect full-year free cash flow to be in a range of positive $180 million to $220 million (inaudible) cash taxes and interest, excluding non-cash stock compensation.

我們仍預期全年自由現金流將落在正 1.8 億至 2.2 億美元區間（聽不清），包含現金稅與利息，並排除非現金的股票薪酬。

DSO came in at 82 days for the first quarter of 2026 compared to 79 days for the first quarter of 2025 and 73 days for the fourth quarter of 2025.

2026 年第一季 DSO 為 82 天，較 2025 年第一季的 79 天及 2025 年第四季的 73 天增加。

The increase in DSO during the first quarter, when compared to both periods, reflects the impact of certain larger Healthcare projects that include performance-based fee elements that we expect to bill and collect in the second-half of 2026 in accordance with the contractual payment terms.

第一季 DSO 相較於上述兩期的上升，反映若干較大型醫療保健（Healthcare）專案的影響；這些專案包含以績效為基礎的費用要素，我們預期將依合約付款條款於 2026 年下半年開立帳單並收款。

During the first quarter of 2026, we used $155.5 million to repurchase approximately 1.1 million shares, representing 6.5% of our outstanding shares, as of the beginning of the year.

2026 年第一季，我們使用 1.555 億美元回購約 110 萬股，約占年初流通在外股數的 6.5%。

Total debt, as of March 31, 2026, was $856 million, consisting entirely of our senior bank debt. We finished the quarter with cash of $26.5 million for net debt of $829.5 million. This was a $343 million increase in net debt compared to Q4 2025, primarily due to our annual cash bonus payments and share repurchases during the quarter.

截至 2026 年 3 月 31 日，總負債為 8.56 億美元，全部為我們的優先銀行借款。本季末現金為 2,650 萬美元，淨負債為 8.295 億美元。相較於 2025 年第四季，淨負債增加 3.43 億美元，主要由於本季支付年度現金獎金及進行股票回購。

Our leverage ratio is defined in our senior bank agreement as 3.1 times adjusted EBITDA, as of March 31, 2026, compared to 2.2 times adjusted EBITDA, as of March 31, 2025.

依我們的優先銀行協議定義，截至 2026 年 3 月 31 日的槓桿比率為調整後 EBITDA 的 3.1 倍；相較之下，截至 2025 年 3 月 31 日為調整後 EBITDA 的 2.2 倍。

As a reminder, our first quarter typically represents a seasonal high leverage ratio, given the payout of our annual bonuses in March.

提醒各位，我們第一季通常是季節性槓桿比率較高的季度，因為我們在 3 月發放年度獎金。

We remain committed to achieving a leverage ratio between 2 times and 2.5 times by the end of 2026, in alignment with the capital allocation strategy outlined at our most recent Investor Day.

我們仍致力於在 2026 年底前將槓桿比率降至 2 倍至 2.5 倍之間，與我們在最近一次投資人日所說明的資本配置策略一致。

We accelerated our share repurchases during the first quarter, reflective of the decline in our share price during the quarter. I believe that the reduction in share base, combined with the earnings growth objectives discussed at our 2025 Investor Day, positioned us well to achieve continued compounding adjusted diluted earnings per share growth in the future.

我們在第一季加速股票回購，反映本季股價下跌。我認為，股本基數的縮減，加上我們在 2025 年投資人日所討論的獲利成長目標，使我們在未來有利於持續實現調整後稀釋每股盈餘的複利成長。

Now, let me turn to our expectations and guidance for 2026:

接下來我談談我們對 2026 年的展望與指引：

As Mark mentioned, today, we affirm our annual RBR, margin, and adjusted EPS guidance, which includes RBR in a range of $1.78 billion to $1.86 billion, adjusted EBITDA in a range of 14.5% to 15% of RBR; and adjusted non-GAAP EPS in a range of $8.35 to $9.15.

如 Mark 所提到的，今天我們重申年度 RBR、利潤率與調整後 EPS 指引：RBR 介於 17.8 億至 18.6 億美元；調整後 EBITDA 為 RBR 的 14.5% 至 15%；以及調整後非 GAAP EPS 介於 8.35 至 9.15 美元。

Thanks, everyone. I would now like to open the call to questions. Operator?

謝謝各位。接下來我想開放提問。接線生？

Thank you. (Operator Instructions)

謝謝。（接線生指示）

Andrew Nicholas, William Blair.

Andrew Nicholas，William Blair。

Hi. Good afternoon. Appreciate you taking my questions.

嗨。下午好。感謝你們回答我的問題。

Mark, you hinted at it a few times in the prepared remarks but I was hoping you could start by just talking about pipeline development throughout the quarter; where bookings sit. I think, last quarter, you gave some really helpful disclosures on bookings, in particular.

Mark，你在事先準備的談話中提到過幾次，但我希望你能先談談本季整體的管線（pipeline）發展情況；以及接單（bookings）目前的狀況。我記得上季你們提供了一些非常有幫助的接單揭露，特別是在 bookings 方面。

Any update there; and maybe how you're feeling about that pipeline, relative to a couple of months ago?

這方面有沒有更新；以及相較於幾個月前，你對這個管線的感受如何？

Yeah. Andrew, this is John. I can jump in with that.

是的。Andrew，我是 John。我可以先回答這個。

In the trailing six-month period -- so the period now ending March 31, 2026 -- bookings were up greater than 20% across all three of the segments.

在過去六個月期間——也就是截至 2026 年 3 月 31 日的期間——三個部門的接單（bookings）都成長超過 20%。

Backlog -- after we booked the sales and, now, we look at our backlog to cover the remaining revenue guides for the remainder of the year and beyond -- that remains at historically high coverage ratios across all three segments.

積壓訂單（backlog）——在我們完成接單後，現在我們看積壓訂單以覆蓋今年剩餘期間及更長期的剩餘營收指引——在三個部門仍維持歷史高水準的覆蓋比率。

And then, from a pipeline perspective, all three segments are up, as of April, versus where they were, as of December 31. They remain at near-record levels, even after giving it back to the bookings the, backlog, that we've talked about.

另外，從管線角度來看，截至 4 月，三個部門相較於 12 月 31 日時都呈現上升。即使在我們把部分管線轉化為接單與我們剛提到的積壓訂單之後，管線仍接近歷史新高水準。

Awesome. Thank you.

太好了。謝謝。

I don't think that the Q's out yet, so I was just hoping you could maybe provide some segment-level color on growth by capability; in particular, just interested how digital trended within Healthcare and Commercial; in particular, it looks like utilization is a little bit lower this quarter, relative to a year ago.

我想 Q 還沒出來，所以我希望你能在部門層級，按能力別（capability）提供一些成長的補充說明；特別是我想了解數位（digital）在醫療保健（Healthcare）與商業（Commercial）部門的走勢。尤其看起來本季的利用率（utilization）相較去年同期略低。

Any color at the segment level by capability would be helpful.

若能在部門層級按能力別提供一些說明會很有幫助。

Yeah. Sure thing, Andrew.

好的。當然可以，Andrew。

From a Healthcare perspective, consulting was up 13% during the quarter. Managed services was up 42%. Digital was down 7% during the quarter.

從醫療保健的角度來看，本季顧問服務成長13%。託管服務成長42%。數位業務本季下滑7%。

That really reflects just some of the dynamics that we talked about throughout the year last year, where a lot of the demand we're seeing, right now, (inaudible) attached to performance improvement engagements, as well as our managed services offerings. The clients grapple with some of the financial strain that they're seeing within their environment.

這確實反映了我們去年一整年所談到的一些動態：我們目前看到的許多需求（聽不清）與績效改善專案相關，同時也與我們的託管服務產品有關。客戶正面對其營運環境中所承受的一些財務壓力。

From an Education-segment perspective, consulting was down, slightly. Digital, within that segment, was up 10%. Demand services was up in the mid-single-digit percent range.

從教育事業部的角度來看，顧問服務小幅下滑。該事業部內的數位業務成長10%。需求服務成長約在中個位數百分比區間。

There, I think we continue to see really good demand across all three of the capabilities within the Education segment, which gives us continued encouragement about progressively increasing growth there, as the year goes on or, at least, in the next quarter.

在那裡，我認為我們持續看到教育事業部三項能力皆有非常不錯的需求，這讓我們對於隨著年度推進、或至少在下一季逐步提升該處成長，持續感到鼓舞。

Digital remains an area where we just see a lot of investment from our clients, right now, as they invest in some of the foundational tools that they need to drive operating efficiencies within the business.

數位仍是我們目前看到客戶大量投資的領域，因為他們正在投資一些基礎工具，以推動企業內部的營運效率。

And then, within the consulting segment -- I'm sorry, the Commercial segment, consulting was up approximately 50% during the quarter. That does include inorganic contributions from Wilson Perumal and Treliant during the quarter.

接著，在顧問事業部——抱歉，是商業事業部——本季顧問服務約成長50%。其中包含本季來自 Wilson Perumal 與 Treliant 的非有機貢獻。

The digital part of the business was down in the mid-single-digit percent range.

數位業務部分則下滑約在中個位數百分比區間。

That's helpful. And then, if I could just ask one more question on Commercial, I'm curious -- you said that bookings are up 20%-plus across all the segments; high coverage ratio; strong pipelines.

這很有幫助。另外，如果我可以再就商業事業部問一個問題——我很好奇，你提到各事業部的接單都成長20%以上；覆蓋率很高；案源管道強勁。

Did you see any change to demand within Commercial, as the quarter progressed? I know it's a small part of your overall mix, but I know you have some energy and utilities business. I'm wondering if geopolitical conflict had any impact on that; or conversations, broadly.

隨著本季進行，你是否看到商業事業部的需求有任何變化？我知道它在你們整體組合中占比不大，但我知道你們有一些能源與公用事業業務。我想知道地緣政治衝突是否對此有任何影響，或更廣泛地影響到相關對話。

Thanks, again.

再次感謝。

Andrew, we didn't see any mix, really, by industry within the Commercial segment so we didn't really see any change to demand for our energy and utilities.

Andrew，我們在商業事業部內部按產業別來看，並沒有看到任何組合上的變化，因此也沒有看到對我們能源與公用事業需求的任何改變。

I would say demand remained strong for our digital capability within Commercial. There was just a little bit of timing during the quarter where we had a couple of our larger projects wound down towards the first part of the first quarter.

我會說，在商業事業部中，我們的數位能力需求仍然強勁。只是本季在時點上有一點影響：我們有幾個較大型專案在第一季前段就收尾結束。

Couple of the replacement projects that we sold during the quarter started a little later out of the gate that we initially anticipated.

本季我們賣出的幾個替代專案，在啟動時點上比我們原先預期稍微晚了一些。

Our expectation is that digital, more broadly, for the year will get back into the mid- to upper-single-digit growth range starting next quarter.

我們預期，整體而言，數位業務在今年將從下一季開始回到中到高個位數的成長區間。

And then, we also expect that to be a pivot to growth range within the Commercial segment next quarter, as well.

此外，我們也預期商業事業部在下一季同樣會轉回成長區間。

Tobey Sommer, Truist.

Truist 的 Tobey Sommer。

Thank you.

謝謝。

I was wondering if you could talk about the pace of headcount growth year over year and sequentially. What's driving that, where you're maybe still catching up on staffing, based on the demand you're seeing?

我想請你談談人力（headcount）年對年以及季對季的成長速度。是什麼在驅動這個變化？你們是否仍在根據目前看到的需求，補足人力配置？

If you could comment on domestic versus international, that'd be helpful.

如果你能評論一下國內與國際的差異，會很有幫助。

Sure, Tobye. I can jump in with the headcount increases.

當然，Tobye。我可以先談人力增加的部分。

I think in that (inaudible) -- you see a, year over year, larger percent increase in the Healthcare business. (inaudible) -- exclude managed services, which is really just reflective of a lot of the hiring we did in the back half of last year to support the growth that we're seeing.

我認為在那個（聽不清）——你會看到醫療保健業務的人力年對年有較大的百分比增幅。（聽不清）——若排除託管服務，這主要反映了我們在去年下半年為支援目前看到的成長而進行的大量招募。

I would expect that to normalize, as the year goes on. As we get towards the back half of the year, it starts to pick up in the comparatives. The hiring that we did last year, I'd expect that to normalize.

我預期這會隨著年度推進而趨於正常化。當我們進入下半年時，去年的人力招募會開始反映在比較基期中。因此，去年所做的招募，我預期會逐步正常化。

From an education-industry perspective, it's actually pretty steady, if not down a little bit, which reflects what we talked about previously with utilization being lower last year than what our target was and the expectation being that, as we ramp back up into growth this year, that you're going to see that coming, first, in the form of stronger utilization.

從教育產業的角度來看，其實相當穩定，甚至略微下降；這反映了我們先前談到的：去年利用率低於我們的目標，而我們預期今年隨著重新加速成長，你會先以更強的利用率形式看到改善。

You see relatively conservative growth, from an education-industry perspective.

因此，從教育產業角度來看，你會看到相對保守的人力成長。

And then, from a Commercial perspective, you do see the impact of the acquisitions that we did year over year within Commercial.

接著，從商業事業部角度來看，你確實會看到我們年對年在商業事業部所做併購帶來的影響。

And then, other -- beyond that, I would describe that count as pretty much as steady with the pace of organic growth that we see.

除此之外——我會形容人數大致維持穩定，與我們看到的有機成長步調相當一致。

In terms of -- by geography, the majority of the global headcount adds that we've seen have been in the managed services part of the business. When you look at the Healthcare managed services adds during the quarter, you're going to see that's primarily coming from our global community.

就地理分布而言，我們看到的全球人力新增多數來自業務中的託管服務部分。當你看本季醫療保健託管服務的人力增加時，你會看到主要來自我們的全球團隊。

And then, as you look at your business -- you do us the favor of describing it in a matrix way across functional area and then, industry

另外，當你看你們的業務——你也幫我們用矩陣方式來描述：跨職能領域、再加上產業別——

Where do you see the company lagging or exceeding what you understand to be market rates of growth?

你認為公司在哪些方面落後於、或超越你所理解的市場成長率？

Tobey, I think, maybe, starting with Healthcare, I think we continue to see a -- I think we characterize it as very strong in the prior call. It's still very strong. It's probably not quite exactly the same level as strong as (inaudible) -- describing for us, when you look at our long-term growth outlook that we described in terms of the percentages.

Tobey，我想也許先從醫療保健開始。我認為我們在上一通電話中將其形容為非常強勁。現在仍然非常強勁。但若對照我們所描述的長期成長展望（以百分比呈現），它可能沒有（聽不清）——所描述的那麼同等程度地強。

We're seeing consistent opportunities with that. That's what we would call the secular tailwinds driving demand in our businesses.

我們持續看到一致的機會。這就是我們所稱的結構性順風，正在推動我們業務的需求。

I think Education -- that, in single digit, continues to be consistent, as well.

我認為教育——在個位數成長範圍內——也同樣持續一致。

I think Commercial is a mix of industries and capabilities so it's a little bit harder to distill that down to like, a very tight description.

我認為商業事業部涵蓋多種產業與能力，因此較難把它濃縮成一個非常精準的描述。

But I'd say, when you look at it, in the areas of the business that we have, we look at competitors and their ability to (inaudible) -- whether it's, like, in our restructuring business -- if we're doing at-market rates, maybe even a little bit better, as an example, with the acquisition of Wilson Perumal coming in and some of the growth that we've seen there, probably at or perhaps above some of the market growth rates that we've seen.

但我會說，當你看我們所涵蓋的業務領域時，我們會看競爭對手及其（聽不清）——無論是像我們的重整業務——我們是否以市場水準在做，甚至可能略優一些。舉例來說，隨著 Wilson Perumal 的併購加入，以及我們在那裡看到的一些成長，可能達到或甚至高於我們所看到的部分市場成長率。

I think, as John said, in digital, we see a little bit of timing issues around what we're looking at. But we'd say we're probably consistent with what the broader market would be looking at in additional areas in Commercial.

我認為，如 John 所說，在數位方面，我們看到一些與時點相關的因素。但我們會說，在商業事業部的其他領域，我們大致與更廣泛市場的表現一致。

After a quarter with pretty large repurchase, could you update us on where you think you'd end the year, from a leverage perspective, and what the mix of your capital deployment -- what mix we should expect?

在一個回購規模相當大的季度之後，你能否更新一下你認為今年年底的槓桿水準會落在哪裡，以及你們資本部署的組合——我們應該預期的配置比例為何？

Yeah. We remain committed to a [low-2s] leverage ratio at the end of the year. That's not really a change from our objectives.

是的。我們仍然致力於在年底將槓桿比率維持在[2倍出頭的低位]。這其實並不是相較於我們目標的改變。

We did accelerate a lot of the buybacks in our plan towards the first quarter, reflective of the stock price decline that we saw during the quarter.

我們確實把計畫中的大量回購加速到第一季，反映出我們在本季看到的股價下跌。

I wouldn't say that we'll be done with repurchases. I think that you will see us pace a little bit slower through the remainder of the year; just being mindful of our perspective that we want to get back to low-2s, from a leverage perspective.

我不會說我們會就此結束回購。我認為你會看到我們在今年剩餘時間的節奏會稍微放慢；主要是考量到我們希望從槓桿的角度回到2倍出頭的低位。

The other lever, obviously, where we deploy capital is strategic tuck-in M&A. We talked last call about how we're still active in terms of reviewing M&A possibilities.

另一個槓桿，顯然，是我們部署資本的方式之一：策略性的小型併購（tuck-in M&A）。我們在上次電話會議中談到，我們仍在積極評估併購的可能性。

I think you will see some M&A. I think it will be a slower pace than what we saw last year, primarily just driven by the opportunity that we've seen with our own stock at the start of the year; and the desire that we've had to go and buy back as many shares as we can during the first quarter at the current valuation.

我認為你會看到一些併購。我認為節奏會比去年慢一些，主要是受到我們在年初看到自家股票機會的驅動；以及我們希望在第一季以目前估值盡可能回購更多股份的意願。

(inaudible) -- I would just add, there's greater scrutiny around valuations in the current market -- are perhaps under a lot more, just, rigor to understand those.

(聽不清) -- 我只想補充一點，在目前市場環境下，對估值的審視更為嚴格——可能需要更高的、就是，更嚴謹的方式來理解這些估值。

I think, as John said, the pace would be a little bit slower than last year. But, I would say, if you look at the full year, we have described in the past an M&A contribution to a growth rate of 2% to 4%; probably a little bit closer to the lower end of that range but certainly consistent with what we described to our investors back in 2025.

我想，如同John所說，節奏會比去年慢一些。不過，我會說，如果你看全年，我們過去曾描述併購對成長率的貢獻約為2%到4%；可能會更接近該區間的下緣，但仍然與我們在2025年向投資人所描述的一致。

Thank you very much.

非常感謝。

Bill Sutherland, Benchmark.

Bill Sutherland，Benchmark。

Thank you. Hey. Good evening, everybody.

謝謝。嗨。各位晚上好。

John, you did not update the full-year expectations for segments. I assume that means we can just use that slide from your last call; your year end?

John，你沒有更新各事業部的全年展望。我想這表示我們可以直接沿用你上次電話會議的那張投影片；你對年底的看法？

That's right, Bill. No movement, based on first-quarter results, versus the guidance that we put out there.

沒錯，Bill。基於第一季的結果，相較於我們先前給出的指引，沒有變動。

I do want to still take a second to give one correction to question that Andrew had asked earlier. As it relates to consulting within the Commercial segment, the 50% (inaudible) growth, that's actually organic.

我確實想再花一點時間，針對Andrew先前問的一個問題做一項更正。就商業（Commercial）事業部中的顧問業務而言，那個50%的（聽不清）成長，其實是有機成長。

That's so -- I said that includes Wilson Perumal and Treliant. Wilson Perumal and Treliant are on top of that.

也就是說——我先前說那包含Wilson Perumal和Treliant。Wilson Perumal和Treliant是在此基礎之上另外加上的。

I just wanted to offer that one quick correction.

我只是想快速做這個更正。

That's good to know. I haven't gone through the restated headcount for the -- just moving the responsibilities around.

了解，這很有幫助。我還沒把重述後的人力數據看完——只是把職責重新分配。

But it looks like -- are you -- it seemed to me that you had gotten ahead of the curve, as far as hiring in Healthcare, into the first part of this year. Was that the case? Or, with the reshuffling, is there more of a steady state, as far as the adds to headcount that we should expect there?

但看起來——你們是不是——在醫療保健（Healthcare）的人才招募上，似乎在今年前段就已經提前布局、走在趨勢前面？是這樣嗎？或者，隨著這次重整，在人力新增方面會更接近穩態，我們應該預期那邊會是較為平穩的增員？

I think -- you're right, though, that the reclass that I mentioned in my commentary, that's a very small item. I think the broader story with Healthcare is that we did do a significant amount of hiring, really, in the third and fourth quarter last year.

我想——你說得對，我在說明中提到的那個重新分類，其實是很小的一項。我認為醫療保健更大的主軸是：我們確實在去年第三季和第四季進行了相當大量的招募。

I think that was, really, two things, when I talk about that hiring -- part of it was catching up a little bit. Our utilization, quite frankly, in that part of the business was too high in the first half of last year. Some of that was keeping up with the demand that we saw last year.

我認為，當我談到那次招募時，主要有兩個原因——其中一部分是稍微補齊人力。坦白說，去年上半年我們那塊業務的稼動率（utilization）太高了。其中一部分是為了跟上去年看到的需求。

And then, there was, of course, the component that was also getting us well positioned for the growth in that part of the business for next year.

然後，當然還有一個因素，是讓我們能為明年該業務的成長做好更好的配置與準備。

We did a lot of that hiring in the back half of last year. I think that comes through in the metrics.

我們在去年下半年做了很多這類招募。我認為這也反映在各項指標上。

What I would expect is that, as the year goes on, you'll see more of a normalization of that [account] growth rate in Healthcare to be more in line with the revenue growth rate -- would be my expectation.

我的預期是，隨著今年推進，你會看到醫療保健的[account]成長率會更趨於正常化，並更接近營收成長率——這是我的預期。

Okay. In the Education segment -- I know it's a little more challenging, from a sales motion perspective, just given the lack of centralization of some of the decision-making.

好的。在教育（Education）事業部——我知道從銷售推進（sales motion）的角度來看會更具挑戰，因為部分決策缺乏集中化。

But is there a general sense that you're getting that they are getting more inclined to take on whatever engagements they certainly could benefit from? Or it just feels like there's a lot of hesitation or more than, I would expect, given all the wood-chop that they've got?

但整體而言，你們是否感覺到他們更傾向於承接那些他們確實能受益的專案？還是說，感覺仍有很多猶豫，甚至比我在他們面臨那麼多棘手問題（wood-chop）的情況下所預期的還多？

Bill, it's always interesting in higher ed. If you went back a year ago, we would have expected, perhaps, maybe more short-term decision-making thinking. It really didn't occur that way. It just really continues to be a fairly steady drumbeat of thinking about their universities' positioning, with a little bit of a longer-term basis.

Bill，高等教育一直很有意思。如果你回到一年前，我們可能會預期他們會有更多偏短期的決策思維。但實際上並沒有那樣發生。他們仍然是相當穩定地、以較長期的基礎在思考其大學的定位。

Candidly, I've come to expect that in higher ed because, when we've had institutions that have been around a few hundred years, they don't really think in the short-term. They think continuing that (inaudible) things will be the same.

坦白說，我在高等教育領域已經開始習慣這點，因為當我們面對的是已經存在幾百年的機構時，他們不太會用短期思維。他們會認為（聽不清）事情會持續保持不變。

But we do see just various pockets where, again, the bigger projects that we thought perhaps might have gone away continue to be in the mix of what we're doing. And so I don't know that there's anything to include, other than it's business as usual in higher ed, as we see it, right now.

但我們確實看到一些不同的區塊；同樣地，我們原本以為可能會消失的大型專案，仍然持續出現在我們正在做的事情之中。所以我不確定還有什麼需要補充，除了就我們目前所見，高等教育一切如常（business as usual）。

Mark, I might just add: If you were to go back, Bill, to a year ago at this time, with just some of the evolving regulatory landscape, while a lot of the strain within the industry was good for our longer-term demand, it did create some disruption in a lot of our clients last year.

Mark，我也補充一下：Bill，如果你回到一年前的這個時間點，隨著監管環境的演變，雖然產業內的許多壓力對我們的長期需求是有利的，但去年確實也在不少客戶端造成了一些干擾。

It wasn't the same in every client. But, in some clients, there was some fairly significant disruption.

並不是每個客戶都一樣。但在某些客戶那裡，干擾相當明顯。

And so I think, in terms of the buying environment, where we were a year ago with that disruption, versus now, this year, in terms of -- look, it's still an uncertain environment but I think a lot of our clients, at this point, are focused on getting on with their agendas and making investments in the areas that they knew (inaudible) -- if they need to to pursue those strategic agendas.

因此我認為，就採購／購買環境而言，相較於一年前那種受干擾的狀態，今年——你看，環境仍然不確定，但我認為目前許多客戶更專注於推進他們的議程，並在他們知道（聽不清）——如果需要的話——為了推動那些策略性議程而在相關領域進行投資。

I think it's a stronger buying environment. It's the feeling that we have this year within the Education segment than we felt (inaudible) really 12 months ago.

我認為這是一個更強的採購環境。這是我們今年在教育事業部的感受，相較於（聽不清）大約12個月前的感受。

Good. And then, last one: John, you mentioned a couple of larger Healthcare projects where the DSO was stretching a little bit.

好的。接著，最後一個：John，你提到幾個較大型的醫療保健專案，當中 DSO 有些拉長。

I'm trying to ask: Is there a larger engagement trend going on in Healthcare? Or were those just -- that they occurred but there is no trend there?

我想問的是：醫療保健領域是否正在出現較大型委託案的趨勢？還是那些只是——確實發生了，但並沒有形成趨勢？

I would say not a change in trend this year versus last year. Though, I think we did see a trend last year in terms of sales. We're still executing on those projects, of course, now towards some larger projects.

我會說今年相較去年，趨勢沒有改變。不過，我認為我們去年在銷售方面確實看到一個趨勢。當然，我們現在仍在執行那些專案，並朝向一些更大型的專案推進。

To be clear: We're still selling some larger projects this year. I just wouldn't necessarily describe it as an even further increasing trend in 2026 versus 2025.

講清楚一點：我們今年仍在銷售一些較大型的專案。我只是不一定會把它描述為 2026 年相較 2025 年有進一步加速上升的趨勢。

But whether it's some of the larger projects that we sold last year or ones this year, oftentimes, within Healthcare, when you do have some of those larger projects that have performance-based fee elements, that does require some DSO investment, as you go through the initial phases of those projects, before you get the milestones compliant.

但不論是我們去年賣出的部分大型專案，或是今年的專案，醫療保健領域裡，當你有一些包含績效導向費用要素的大型專案時，在專案初期階段、在達成里程碑合規之前，往往需要投入一些 DSO。

We're just in that phase on some of those projects, whether there were sold last year, this year, where we expect to get to. the point we're able to bill and collect on achievement of some of those milestones in the back half of 2026.

我們在其中一些專案正處於那個階段，不論是去年或今年賣出的；我們預期在 2026 年下半年，能達到可就部分里程碑達成進行開立帳單並收款的時間點。

Yeah. I was actually -- I understand the cash issue. But I was actually thinking maybe the -- just efficiency of extended projects you might be benefiting from in terms of your utilization and margins versus (multiple speakers) --?

是的。我其實——我理解現金的問題。但我其實在想，也許——就延長型專案的效率而言，你們可能在利用率與利潤率上受益，相較於(多位講者)——？

You're right. Yeah. Those type of projects do provide great opportunities to get significant portions of our teams engaged on those projects for a longer duration, which is good from utilization expected within the segment.

你說得對。是的。這類專案確實提供很好的機會，讓我們團隊中相當大的一部分能在較長期間投入這些專案，這對該事業部門預期的利用率是有利的。

Yeah. Great. Appreciate it, guys. Thank you.

好的。很棒。謝謝各位，感謝。謝謝。

Kevin Steinke, Barrington Research Associates.

Kevin Steinke，Barrington Research Associates。

Great. Thank you. Most of my questions have been asked.

很好。謝謝。我大部分的問題都已經被問到了。

But I wanted to follow-up on a comment you made about you remaining bullish on AI being a growth driver for your business. You mentioned the AI services market, expected to grow double digits.

但我想追問你提到的一點：你仍然看多 AI 會成為你們業務的成長驅動力。你提到 AI 服務市場預期將以雙位數成長。

Just wondering if you feel like you have the capabilities in the house to address that market opportunity or if there could be acquisition activity in that area. I don't even know how developed the market is, from an AI services perspective, to actually be able to make acquisitions there.

想請教你是否覺得你們內部具備能力來掌握這個市場機會，或是這個領域可能會有併購活動。我甚至不確定從 AI 服務的角度來看，市場發展到什麼程度，是否真的能在那裡進行併購。

But just any comments on that, I'd appreciate.

但若能就此分享一些看法，我會很感謝。

Sure thing, Kevin.

當然可以，Kevin。

We have been pretty successful at organically investing in this area. We have a Chief AI Officer who has been just really helpful for us to basically elevate our game across each of our businesses and continue to deploy not only in the client-facing side but also our enterprise functions increasingly, as well as our delivery methodologies.

我們在這個領域以內生成長（有機投資）方面相當成功。我們有一位首席 AI 長（Chief AI Officer），他對我們非常有幫助，基本上協助我們在各個業務線提升能力，並持續部署，不僅在面向客戶的一端，也越來越多地用在我們的企業職能，以及我們的交付方法論上。

And so our ability to realize the opportunity in the market is something that we're confident in, actually. We feel like we've hired the right people. We have not had a problem attracting talent.

因此，我們對於在市場上實現這個機會的能力其實很有信心。我們覺得我們聘用了合適的人才。我們在吸引人才方面沒有遇到問題。

From an M&A standpoint, for the reasons that you perhaps described, I think valuations are probably going to be pretty huge. I'm not sure that that would be, perhaps, best use of our capital (inaudible) -- that we can do these things organically.

從併購（M&A）的角度來看，基於你可能提到的原因，我認為估值可能會非常高。我不確定那是否會是我們資本的最佳運用（聽不清）——因為我們可以透過有機方式做到這些事。

But, let's just be clear: We think that there's more investments to be made. But that's largely built into the model that we've created.

但我們要講清楚：我們認為還需要進一步投資。不過這在很大程度上已經納入我們建立的模型之中。

Finally, the partnerships that we also have announced is an example, like with Hippocratic AI and other firms that can help us accelerate impact, as well.

最後，我們也宣布了一些合作夥伴關係，例如與 Hippocratic AI 以及其他公司合作，這些都能幫助我們加速產生影響。

It's actually an area that, like, I say, we -- I think bullish is the right word to characterize it. We see a lot more opportunity, recognizing that there's going to be risk and transformation in everything. But we're quite excited about it.

這確實是一個領域，如我所說，我認為用「看多」來形容很貼切。我們看到更多機會，也認知到所有事情都會伴隨風險與轉型。但我們對此相當興奮。

Maybe, Mark, I would just add on: I think that that, maybe, is a little bit underappreciated.

Mark，我補充一下：我覺得這點可能有點被低估了。

Part of our business, when you look at it, is, even going back several years now before a lot of the evolution of the AI tools, about 40% of our revenue comes from our technology business; from our digital business.

我們的業務中，有一部分你若回頭看，甚至在 AI 工具大量演進之前的好幾年，我們約 40% 的營收來自我們的科技業務；也就是數位業務。

We have, natively within our employee base, significant amount of talent with skills, from a digital perspective, using many of the platforms where AI is now being infused and where our clients are looking to get some of the at-scale benefits from.

我們的員工基礎中，原生就具備大量數位面向的人才與技能，使用許多目前正被注入 AI 的平台，而我們的客戶也希望從中取得規模化效益。

That doesn't mean that we don't need to add continued additional talent with new skill sets or new AI capabilities. But the base of our employees, to start, really, were strong in terms of their digital capabilities.

這並不代表我們不需要持續新增具備新技能組或新 AI 能力的人才。但就起點而言，我們員工的基礎在數位能力方面確實很強。

It's something we talked about, last call. If you look at the objectives that we're delivering for our clients, in terms of outcomes, we're also very strong in that area.

這也是我們在上次電話會議談到的。如果你看我們為客戶交付的目標、就成果而言，我們在那方面也非常強。

A lot of what our clients hope to get isn't AI just for the sake of AI, it's using AI to achieve outcomes off of financial outcomes. Within the industries that we serve, we've got really deep expertise in terms of how to drive those types of outcomes.

客戶希望得到的很多東西並不是為了 AI 而 AI，而是運用 AI 來達成成果，進而帶來財務成果。在我們所服務的產業中，我們在如何推動這類成果方面具備非常深厚的專業。

You take those two things together, continue to add talent with the AI capabilities, and we feel like we're just really well positioned to serve our clients in those core areas.

把這兩點結合起來，再持續補充具備 AI 能力的人才，我們覺得自己在這些核心領域為客戶提供服務的定位非常好。

Okay. Thank you. That's helpful commentary. I appreciate it.

好的。謝謝。這些說明很有幫助。感謝。

Thank you.

謝謝。

Seeing no more questions in the queue, I'd like to turn the call back to Mr. Hussey.

目前隊列中看不到更多問題，我想把電話會議交回給 Hussey 先生。

Thanks for spending time with us this afternoon.

感謝各位今天下午撥冗與我們交流。

We look forward to speaking with you again in July, when we announce our second-quarter results.

我們期待在 7 月再次與各位交流，屆時我們將公布第二季業績。

Good evening.

晚安。

That concludes today's conference call.

今天的電話會議到此結束。

Thank you, everyone, for your participation.

謝謝大家的參與。