Information Services Group Inc (III) 2024 Q3 法說會逐字稿

Good morning, and welcome, everyone, to the Information Services Group third-quarter 2024 conference call. This call is being recorded, and a replay will be available on ISG's website within 24 hours. Now I'd like to turn the call over to Mr. Barry Holt for his opening remarks and introductions. Mr. Holt, please go ahead.

早安，歡迎大家參加資訊服務集團 2024 年第三季電話會議。本次通話正在錄音，24 小時內將在 ISG 網站上提供重播。現在我想請巴里·霍爾特先生致開幕詞和介紹。霍爾特先生，請繼續。

Thank you, operator. Hello, and good morning. My name is Barry Holt. I'm a Senior Communications Executive at ISG. I'd like to welcome everyone to ISG's third-quarter conference call. I'm joined today by Michael Connors, Chairman and Chief Executive Officer; and Michael Sherrick, Executive Vice President and Chief Financial Officer.

謝謝你，接線生。你好，早安。我叫巴里‧霍爾特。我是 ISG 的高級傳播主管。我歡迎大家參加 ISG 第三季電話會議。今天，董事長兼執行長 Michael Connors 也加入了我的行列。執行副總裁兼財務長 Michael Sherrick。

Before we begin, I'd like to read a forward-looking statement. It is important to note that this communication may contain forward-looking statements, which represent the current expectations and beliefs of the management of ISG concerning future events and their potential effects. These statements are not guarantees of future results and are subject to certain risks and uncertainties that could cause actual results to differ materially from those anticipated. For a more detailed listing of the risks and other factors that could affect future results, please refer to the forward-looking statement contained in our Form 8-K that was furnished last night to the SEC and the Risk Factors section in ISG's Form 10-K covering full year results.

在我們開始之前，我想閱讀一份前瞻性聲明。值得注意的是，本通訊可能包含前瞻性陳述，這些陳述代表了 ISG 管理階層目前對未來事件及其潛在影響的期望和信念。這些陳述並不是對未來結果的保證，並且存在某些風險和不確定性，可能導致實際結果與預期結果有重大差異。有關可能影響未來結果的風險和其他因素的更詳細列表，請參閱昨晚向 SEC 提供的表格 8-K 中包含的前瞻性聲明以及 ISG 表格 10- 中的風險因素部分。

You should also read ISG's annual report on Form 10-K and any other relevant documents, including any amendments or supplements to these documents filed with the SEC. You'll be able to obtain free copies of any of ISG's SEC filings on either ISG's website at www.isg-one.com or the SEC's website at www.sec.gov. ISG undertakes no obligation to update or revise any forward-looking statements to reflect subsequent events or circumstances. During this call, we will discuss certain non-GAAP financial measures, which ISG believes improves the comparability of the company's financial results between periods and provides for greater transparency of key measures used to evaluate the company's performance. The non-GAAP measures, which we will touch on today include adjusted EBITDA, adjusted net earnings and the presentation of selected financial data on a constant currency basis.

您還應該閱讀 ISG 的 10-K 表格年度報告以及任何其他相關文件，包括向 SEC 提交的這些文件的任何修訂或補充。您可以在 ISG 的網站 www.isg-one.com 或 SEC 的網站 www.sec.gov 上免費取得任何 ISG 向 SEC 提交的文件副本。 ISG 不承擔更新或修改任何前瞻性陳述以反映後續事件或情況的義務。在本次電話會議中，我們將討論某些非 GAAP 財務指標，ISG 認為這些指標可以提高公司不同時期財務表現的可比性，並提高用於評估公司績效的關鍵指標的透明度。我們今天將討論的非公認會計準則指標包括調整後的 EBITDA、調整後的淨利潤以及以固定貨幣為基礎的選定財務數據的列報。

Non-GAAP measures are provided as additional information and should not be considered in isolation or as a substitute for financial results prepared in accordance with GAAP. For the reconciliation of all non-GAAP measures presented to the most closely applicable GAAP measure, please refer to our current report on Form 8-K, which was filed last night with the SEC.

非公認會計原則措施作為附加資訊提供，不應單獨考慮或取代根據公認會計原則編制的財務結果。有關所有非 GAAP 衡量標準與最接近適用的 GAAP 衡量標準的調節，請參閱我們昨晚向 SEC 提交的 8-K 表中的當前報告。

And now, I'd like to turn the call over to Michael Connors, who will be followed by Michael Sherrick. Mike?

現在，我想將電話轉給邁克爾康納斯 (Michael Connors)，隨後由邁克爾謝里克 (Michael Sherrick) 接聽。麥克風？

Thank you, Barry, and good morning, everyone. Today, we will review our Q3 results, including our strong close to the quarter, the recent sale of our automation unit and our planned use of proceeds, and our outlook for Q4 and the demand environment heading into 2025. ISG closed Q3 strong, delivering revenues of $61 million and EBITDA of $7 million, both at the top of our expectations. Our profitability improved sequentially over the second quarter with our adjusted EBITDA margin up 50 basis points and operating income up 18%. Among the drivers of our improved profitability was our higher-margin revenue mix, including our recurring revenues, which represent 45% of our firm-wide total, up 175 basis points from the same period last year.

謝謝你，巴里，大家早安。今天，我們將回顧第三季度的業績，包括本季的強勁業績、最近出售的自動化部門和計劃的收益用途，以及我們對第四季度的展望和進入 2025 年的需求環境。ISG 第三季表現強勁，營收為 6,100 萬美元，EBITDA 為 700 萬美元，均超乎我們的預期。我們的獲利能力比第二季連續改善，調整後的 EBITDA 利潤率成長了 50 個基點，營業收入成長了 18%。我們獲利能力提高的推動因素之一是我們更高利潤的收入組合，包括我們的經常性收入，占我們公司總收入的 45%，比去年同期成長了 175 個基點。

Also contributing to our profitability increase was our record productivity as measured by utilization, which reached a third quarter high of 77%, up 400 basis points over the prior year. With our disciplined operating approach, we have delivered record utilization two quarters in a row. Our focus is on operational excellence, also is reflected in our strong cash flow from operations in the quarter, nearly $9 million compared with $3.2 million last year. In terms of demand, we are seeing both continued improvement in the US market, along with momentum in our strategic investment areas, advisory platforms, AI, and research.

以利用率衡量的創紀錄的生產力也對我們盈利能力的成長做出了貢獻，達到了 77% 的第三季新高，比上一年提高了 400 個基點。憑藉我們嚴格的營運方法，我們連續兩個季度創造了創紀錄的利用率。我們的重點是卓越運營，這也反映在我們本季營運產生的強勁現金流中，現金流接近 900 萬美元，而去年為 320 萬美元。在需求方面，我們看到美國市場持續改善，以及我們的策略投資領域、諮詢平台、人工智慧和研究的勢頭。

One aspect of improvement is highlighted by the deal flow in our ISG Tango digital sourcing platform. More than $5 billion of contract value is now flowing through this platform, up 25% from Q2. Innovations like ISG Tango and our recurring revenue streams, along with the sale of our lower-margin automation unit will be key to driving our EBITDA margins in 2025. We anticipate further acceleration in our pipeline beginning in early 2025 in the US as the economy continues to improve and as our strategic bets on advisory, AI and software continue to pay off.

我們的 ISG Tango 數位採購平台中的交易流程凸顯了改進的一方面。目前，超過 50 億美元的合約價值正在流經該平台，較第二季成長 25%。ISG Tango 等創新和我們的經常性收入流，以及利潤率較低的自動化部門的銷售，將是推動我們 2025 年 EBITDA 利潤率的關鍵。隨著經濟持續改善以及我們在諮詢、人工智慧和軟體方面的策略性押注不斷獲得回報，我們預計從 2025 年初開始，我們在美國的研發計劃將進一步加速。

Leveraging our strong cash flow generation in the quarter, we paid down $8 million or about 10% of our debt. Right after the end of Q3, on October 1, we completed the all-cash sale of our automation unit to UST for $27 million. The sale of this business further strengthened our balance sheet, giving us deeper pockets to continue investing in our core growth initiatives and greater flexibility to enhance shareholder returns over time. Over the next few quarters, we expect to reduce our debt to the lower end of our debt ratio targets, and we expect to accelerate our share repurchases. Meanwhile, we will continue to invest in our business to tap into market growth waves, foremost among them, AI.

憑藉本季強勁的現金流生成，我們償還了 800 萬美元，即債務的 10% 左右。第三季結束後，即 10 月 1 日，我們以 2,700 萬美元的價格向 UST 完成了自動化部門的全現金出售。這項業務的出售進一步增強了我們的資產負債表，使我們有更多的資金繼續投資於我們的核心成長計劃，並具有更大的靈活性來隨著時間的推移提高股東回報。在接下來的幾個季度中，我們預計將債務減少至負債比率目標的下限，並預計將加速股票回購。同時，我們將繼續投資於我們的業務，以利用市場成長浪潮，其中最重要的是人工智慧。

One need to look no further than our recent first-ever AI Summit held in London to see the high level of interest in AI. The event was oversubscribed in our best attended conference of the year. We see AI lifting client demand across multiple fronts, but none more immediately than helping our clients take advantage of modernized AI-driven technology services that have the potential to reduce cost by 30% to 60%. With ISG's leadership in sourcing and contracting, the surge in AI demand is moving the market exactly into our sweet spot. An additional growth lever is our more holistic approach to addressing the large software economy through a combination of research advisory and training as a service.

只要看看我們最近在倫敦舉行的首屆人工智慧高峰會，就可以看到人們對人工智慧的高度興趣。該活動在我們今年參加人數最多的會議中獲得了超額認購。我們看到人工智慧在多個方面提升了客戶的需求，但最直接的莫過於幫助我們的客戶利用現代化的人工智慧驅動的技術服務，這些服務有可能將成本降低 30% 至 60%。憑藉 ISG 在採購和承包方面的領先地位，人工智慧需求的激增正在將市場推向我們的最佳位置。另一個成長槓桿是我們透過將研究諮詢和培訓即服務相結合來解決大型軟體經濟問題的更全面的方法。

This effort opens up a broader lane of revenue as we engage our clients and is a natural path to deepen our market influence. Overall, with a solid pipeline, higher productivity and seizing new opportunities being driven by AI, along with our expansion into the mid-market made possible by our groundbreaking ISG Tango platform and our growing research capability, we are optimistic about our prospects heading into 2025. With that, let me turn to our regions. Revenues were relatively stable quarter-over-quarter in the Americas, a good sign. On a reported basis, we did face a difficult compare with a record Q3 last year.

這項努力為我們與客戶的互動開闢了更廣闊的收入管道，也是加深我們市場影響力的自然途徑。總體而言，憑藉堅實的產品線、更高的生產力和抓住人工智慧驅動的新機遇，加上突破性的ISG Tango 平台和不斷增長的研究能力使我們能夠向中端市場擴張，我們對2025年的前景感到樂觀。接下來，讓我談談我們的地區。美洲地區的收入環比相對穩定，這是一個好兆頭。據報道，與去年創紀錄的第三季相比，我們確實面臨困難。

Reported revenues in the Americas were $40 million, up slightly sequentially, down 5% versus the prior year. During the quarter, we saw double-digit growth in our consumer services and manufacturing industry verticals and in research. Key client engagements during the third quarter included Carnival, AGCO, Lockheed Martin, and McDonald's. During the quarter, ISG expanded its relationship with a large US equipment manufacturer.

報告的美洲收入為 4000 萬美元，比上一季略有增長，比上年下降 5%。在本季度，我們的消費者服務和製造業垂直領域以及研究領域實現了兩位數的成長。第三季的主要客戶包括嘉年華、愛科、洛克希德馬丁和麥當勞。本季度，ISG 擴大了與美國一家大型設備製造商的關係。

Our engagement began with cost optimization and moved into a large-scale technology and HR sourcing, driving nearly $2 million in revenue from this client. We are also advising a major US health care provider on an engagement to modernize their supplier ecosystem, which drove nearly $1 million of additional revenue in the quarter. ISG also is advising a leading travel and leisure company on a multimillion-dollar long-term infrastructure strategy and sourcing engagement. In the third quarter, we added nearly $1 million in additional revenue here to support an important sustainability initiative.

我們的合作從成本優化開始，然後轉向大規模技術和人力資源採購，為該客戶帶來了近 200 萬美元的收入。我們還為美國一家主要醫療保健提供者提供建議，使其供應商生態系統現代化，這在本季度帶來了近 100 萬美元的額外收入。ISG 也為一家領先的旅遊和休閒公司提供數百萬美元的長期基礎設施策略和採購參與的諮詢服務。第三季度，我們增加了近 100 萬美元的額外收入，以支持一項重要的永續發展計畫。

In the area of AI, ISG has engaged with a very large CPG manufacturer to bring to market the largest AI and data sourcing agreement in the Americas this year, one that we believe will set the standard for all future AI sourcing deals, and this is a seven-figure engagement for ISG. Turning to Europe. The European market remains challenging for discretionary tech spending. Q3 revenues of $16 million were led by double-digit growth in our energy and utilities industry verticals. Key client engagements in Europe in the third quarter included BASF, X Sight, and KCOM.

在人工智慧領域，ISG 與一家非常大的 CPG 製造商合作，今年將美洲最大的人工智慧和數據採購協議推向市場，我們相信該協議將為所有未來的人工智慧採購交易設定標準，這是ISG 的七位數訂婚額。轉向歐洲。歐洲市場對於可自由支配的科技支出仍充滿挑戰。第三季營收達到 1,600 萬美元，主要得益於我們的能源和公用事業垂直產業的兩位數成長。第三季歐洲的主要客戶包括 BASF、X Sight 和 KCOM。

During the quarter, ISG worked with two European clients on separate engagements worth more than $1.2 million. One was with a leading chemical company to provide sourcing advisory for their network, data center, and workplace services, including the implementation of an industrial 5G ecosystem. And the other was a cost optimization initiative with a PE-owned UK telecom company to radically transform its cost base ahead of a potential sale. In AI-specific sourcing, we are working with one of the world's leading energy companies to develop new AI and data governance structures that will be used to train large language models and create the company's long-term data strategies. We expect this early work to grow into a multimillion-dollar engagement over time.

本季度，ISG 與兩家歐洲客戶合作完成了價值超過 120 萬美元的單獨專案。其中一項是與一家領先的化學公司合作，為其網路、資料中心和工作場所服務提供採購諮詢，包括工業 5G 生態系統的實施。另一個是與私募股權擁有的英國電信公司的成本優化計劃，以在潛在出售之前徹底改變其成本基礎。在特定於人工智慧的採購方面，我們正在與世界領先的能源公司之一合作開發新的人工智慧和資料治理結構，這些結構將用於訓練大型語言模型並創建公司的長期資料策略。我們預計這項早期工作隨著時間的推移將發展成為價值數百萬美元的項目。

Now turning to Asia Pacific. We had Q3 revenues of $5 million, down $2.3 million from last year as our Australian government work still has not returned to previous levels. During the quarter, Asia Pacific delivered double-digit revenue growth in our consumer services, energy, utilities, and health sciences industry verticals. Key clients in the quarter included the Australian utilities company, AGL Energy; drinks and hospitality company, Endeavour Group; and life sciences company, Cogstate.

現在轉向亞太地區。我們第三季的收入為 500 萬美元，比去年減少了 230 萬美元，因為我們澳洲政府的工作仍然沒有恢復到以前的水平。本季度，亞太地區的消費者服務、能源、公用事業和健康科學垂直產業實現了兩位數的收入成長。本季的主要客戶包括澳洲公用事業公司 AGL Energy；飲料及酒店公司 Endeavour Group；和生命科學公司 Cogstate。

Now let me turn to guidance. As I mentioned earlier, we are seeing positive signs of recovery in demand for technology services in the United States. And at the same time, we're clearly well positioned to leverage the key market growth drivers of AI software and mid-market expansion. For the fourth quarter, we are targeting revenues of between $57 million and $58 million and adjusted EBITDA between $6 million and $7 million. Our guidance reflects the expectation that growth will return to the Americas in Q4 with Europe's return to growth following in a few quarters.

現在讓我談談指引。正如我之前提到的，我們看到美國技術服務需求復甦的積極跡象。同時，我們顯然處於有利地位，可以利用人工智慧軟體和中階市場擴張的關鍵市場成長驅動力。第四季的目標營收為 5,700 萬至 5,800 萬美元，調整後 EBITDA 為 600 萬至 700 萬美元。我們的指引反映了美洲將在第四季度恢復成長的預期，而歐洲將在幾個季度後恢復成長。

We remain confident in our long-term strategy, and we're ready to capitalize on new business opportunities as growth returns in 2025. So with that, let me turn the call over to Michael Sherrick, who will summarize our financial results. Michael?

我們對我們的長期策略仍然充滿信心，並準備好利用 2025 年成長回報帶來的新商機。因此，讓我將電話轉給邁克爾·謝里克（Michael Sherrick），他將總結我們的財務表現。麥可？

Thank you, Mike, and good morning, everyone. Revenues for the third quarter were $61.3 million, down 15% on a difficult compare with the third quarter last year. Currency had a modest $300,000 positive impact on reported revenues. In the Americas, reported revenues were $40.1 million, down 5% versus the prior year. In Europe, revenues were $16.2 million, down 27%.

謝謝你，麥克，大家早安。第三季營收為 6,130 萬美元，與去年第三季相比下降了 15%。貨幣對報告收入產生了 30 萬美元的適度積極影響。在美洲，報告收入為 4,010 萬美元，比上年下降 5%。在歐洲，收入為 1,620 萬美元，下降 27%。

And in Asia Pacific, revenues were $4.9 million, down 32% versus the prior year. Third quarter adjusted EBITDA was $7.1 million, down from $10.6 million in the year ago period, resulting in an EBITDA margin of 11.6% as compared with 14.8% in the year ago quarter. Importantly, EBITDA margin continued to improve, up 50 basis points quarter on quarter. ISG had a third quarter operating income of $4.3 million as compared with operating income of $6.2 million in the prior year period. Our reported net income for the quarter was $1.1 million or $0.02 per fully diluted share compared with net income of $3.2 million or $0.06 per fully diluted share in the prior year.

在亞太地區，營收為 490 萬美元，比上年下降 32%。第三季調整後 EBITDA 為 710 萬美元，低於去年同期的 1,060 萬美元，導致 EBITDA 利潤率為 11.6%，而去年同期為 14.8%。重要的是，EBITDA 利潤率繼續改善，環比上升 50 個基點。ISG 第三季營業收入為 430 萬美元，而去年同期營業收入為 620 萬美元。我們報告的本季淨利潤為 110 萬美元，或完全稀釋每股 0.02 美元，而上一年的淨利潤為 320 萬美元，或完全稀釋每股 0.06 美元。

Third quarter adjusted net income was $2.5 million or $0.05 per share on a fully diluted basis compared with adjusted net income of $5.7 million or $0.11 per fully diluted share in the prior year's third quarter. I would note, in the quarter, both our GAAP and adjusted tax rates were higher than expected as a result of the tax treatment of certain transaction-related expenses associated with the automation divestiture. Our headcount as of September 30, 2024, was 1,467, down 83 positions compared with the prior year and down 30 positions compared with the second quarter. For the quarter, consulting utilization was a record 77%, up 400 basis points as compared to 73% in the prior year. Net cash provided by operations for the quarter was a very strong $8.8 million as compared to $3.2 million a year ago.

第三季調整後淨利為 250 萬美元，即完全稀釋後每股 0.05 美元，而去年第三季調整後淨利為 570 萬美元，即完全稀釋後每股 0.11 美元。我要指出的是，在本季度，由於與自動化剝離相關的某些交易相關費用的稅務處理，我們的公認會計準則和調整後稅率均高於預期。截至 2024 年 9 月 30 日，我們的員工總數為 1,467 人，比前一年減少 83 個職位，比第二季減少 30 個職位。本季諮商利用率達到創紀錄的 77%，比前一年的 73% 上升 400 個基點。本季營運提供的淨現金高達 880 萬美元，而去年同期為 320 萬美元。

We ended the quarter with cash of $9.7 million, down from $11.8 million at the end of the second quarter. During the third quarter, we reduced debt by $8 million, paid dividends of $2.3 million, and repurchased $800,000 of stock. Our next quarterly dividend will be paid on December 20 to shareholders of record as of December 3. And at quarter end, we had approximately $20 million remaining on our share purchase authorization. We ended the third quarter with a debt balance of $66.2 million, down $13 million from the end of last year, and down $8 million from the second quarter.

本季末我們的現金為 970 萬美元，低於第二季末的 1,180 萬美元。第三季度，我們減少了 800 萬美元的債務，支付了 230 萬美元的股息，並回購了 80 萬美元的股票。我們的下一個季度股利將於 12 月 20 日向截至 12 月 3 日在冊的股東支付。截至季末，我們的股票購買授權還剩約 2,000 萬美元。第三季末，我們的債務餘額為 6,620 萬美元，比去年年底減少 1,300 萬美元，比第二季減少 800 萬美元。

Our average borrowing rate for the quarter was 7.3%, up from 6.8% last year, and our fully diluted shares outstanding for 3Q '24 were 50.3 million. Overall, our balance sheet continues to provide us with the flexibility to support our business over the long term.

我們本季的平均借款率為 7.3%，高於去年的 6.8%，2024 年第三季完全稀釋後的已發行股票為 5,030 萬股。總體而言，我們的資產負債表繼續為我們提供長期支持我們業務的靈活性。

With that, I will now turn it back to Mike, who will share concluding remarks before we go to the Q&A. Mike?

現在，我將把它轉回給麥克，他將在我們進行問答之前分享總結發言。麥克風？

Thank you, Michael. To summarize, we delivered revenue and adjusted EBITDA at the high end of our expectations. Our profitability improved sequentially, and our productivity reached a record Q3 high. We delivered strong operating cash flow, nearly 3 times higher than last year, and we reduced our debt by 10%. We successfully executed on our strategy to divest our automation unit, monetizing this asset and strengthening our balance sheet to improve shareholder returns over time.

謝謝你，麥可。總而言之，我們的收入和調整後的 EBITDA 都達到了我們預期的上限。我們的獲利能力持續改善，第三季生產力創歷史新高。我們實現了強勁的營運現金流，比去年高出近 3 倍，且債務減少了 10%。我們成功地執行了剝離自動化部門的策略，將這項資產貨幣化並加強我們的資產負債表，以隨著時間的推移提高股東回報。

With an improving demand environment, we are confident our operating model and product and service portfolio, including ISG Tango, AI, cost optimization, and our recurring revenue streams positions us well for success in 2025 and beyond. As always, we are focused on creating shareholder value for the long term, and we are steadfast in our mission to deliver operational excellence to each of our clients. So thank you very much for calling in this morning. And now let me turn the session over to our operator for your questions.

隨著需求環境的改善，我們相信我們的營運模式以及產品和服務組合（包括 ISG Tango、人工智慧、成本優化以及我們的經常性收入流）將使我們在 2025 年及以後取得成功。一如既往，我們專注於為股東創造長期價值，並堅定不移地履行為每位客戶提供卓越營運的使命。非常感謝您今天早上打電話來。現在讓我將會議轉交給我們的接線生回答您的問題。

(Operator Instructions) Joe Gomes, Noble Capital Markets.

（操作員說明）Joe Gomes，Noble Capital Markets。

So Mike, I wonder if you could just kind of square the circle for me a little bit here. You talk about you're seeing improving demand, utilization is at record levels, but the revenue is looking at going down sequentially third quarter to fourth quarter. Just trying to get a better handle of why that's occurring.

麥克，我想知道你是否可以幫我解決一下這個問題。您談到您看到需求有所改善，利用率達到創紀錄的水平，但第三季到第四季的收入預計會連續下降。只是想更好地理解為什麼會發生這種情況。

Okay. So Joe, it's not going down. You have to take into consideration the fourth quarter, you may recall, we will have no automation in that quarter. So that number is -- think about it as around between $7 million and $8 million. So that comes out of the equation in the fourth quarter.

好的。所以喬，它不會下降。您可能還記得，您必須考慮到第四季度，該季度我們將沒有自動化。這個數字大約在 700 萬到 800 萬美元之間。這就是第四季的方程式。

So when you think about it that way, we are not going down. We are actually moving up the stream there. So don't forget about that.

所以當你這樣想的時候，我們就不會下降。我們實際上正在那裡順流而上。所以不要忘記這一點。

Okay. Thank you for that. I appreciate that. Sorry about that. It just caught my eye here.

好的。謝謝你。我很欣賞這一點。對此感到抱歉。它剛剛在這裡引起了我的注意。

No worries.

不用擔心。

Sorry about that. So you talked about Tango, and you got some nice increase in the revenue under that, the contract revenue under that. And one of the things you had talked about in the past was attracting the middle market companies, and you mentioned on the call, I think last time you said it was about 25% of the then $4 billion. Is that continuing to grow the midsized percentage there?

對此感到抱歉。所以你談到了 Tango，你的收入、合約收入都得到了一些不錯的成長。你過去談到的一件事是吸引中間市場公司，你在電話中提到，我想你上次說的是當時 40 億美元的 25% 左右。那裡的中型比例是否持續成長？

Yes. Well, the midsize is continuing to grow. The percentage is around the same at the moment, but it's off of $5 billion now instead of $4 billion, we're up 25%. And I think what you will see is 2025 is where we think the big thrust will be in the mid-market for us because the mid-market, we're just getting started with that. So we see a good acceleration next year on that.

是的。好吧，中型車正在繼續成長。目前的百分比大致相同，但現在從 40 億美元減少到 50 億美元，我們成長了 25%。我認為你會看到的是，我們認為到 2025 年，最大的推動力將出現在中端市場，因為中階市場我們才剛開始。因此，我們預計明年這方面將出現良好的加速。

So the mid-market is definitely there for us. It's -- for the most part, white space, and we plan to be very aggressive in that in '25 and '26. So it's a good start with about 25% coming from mid-market, which we really didn't have before.

因此，中端市場肯定適合我們。大部分都是空白，我們計劃在 25 年和 26 年在這方面非常積極。所以這是一個好的開端，大約 25% 來自中端市場，這是我們以前沒有的。

Okay. And then one more for me, if I may. I mean, given where the stock is today and the proceeds from the automation sale, would it make sense to be a little more aggressive in the stock repurchase program?

好的。如果可以的話，再給我一份。我的意思是，考慮到股票目前的狀況以及自動化銷售的收益，在股票回購計畫中採取更積極的做法是否有意義？

Hey Joe, it's Michael Sherrick. So look, I think a couple of things. One, I think in his remarks, Mike outlined how we will use the cash proceeds, debt investments in the business and share buyback. I think he also mentioned that we would expect to be more aggressive on the buyback. So I'm not going to share our plan and what we plan to do.

嘿喬，我是麥可謝里克。所以看，我認為有幾件事。第一，我認為麥克在演講中概述了我們將如何使用現金收益、商業債務投資和股票回購。我認為他也提到我們希望在回購方面更加積極。所以我不會分享我們的計劃和計劃要做什麼。

But obviously, we see where the stock is, and we know that we've had a nice reset to our capital and balance sheet position. I would also note that, obviously, as a result of the transaction, we were not in the market active in the third quarter. And so we would clearly expect that, that would change as we move forward.

但顯然，我們看到了股票的位置，我們知道我們的資本和資產負債表狀況已經得到了很好的重置。我還要指出的是，顯然，由於交易的結果，我們在第三季的市場並不活躍。因此，我們清楚地期望，隨著我們的前進，這種情況將會改變。

Okay. Great. Thanks for taking my question. I'll get back in the queue.

好的。偉大的。感謝您提出我的問題。我會回到隊列中。

Vincent Colicchio, Barrington Research.

文森特·科利奇奧，巴靈頓研究中心。

Yeah. Good morning, Mike. So with the expectation that Americas improves in early '25, I assume sales cycles will need to improve as well. Any signs of that happening as of yet?

是的。早上好，麥克。因此，預計美洲地區將在 25 年初有所改善，我認為銷售週期也需要改善。到目前為止有任何跡象表明這種情況正在發生嗎？

Yes. I think we'll see it starting in the fourth quarter, Vince, in the US. We see, I think, also with the uncertainty of the elections being kind of lifted when there's more certainty regardless of what the outcome of the election was, there's more clarity. And our sense is that will be a good thing as we move into 2025 as companies will be able to take that uncertainty off the table. They'll have clarity about where things are moving.

是的。我想我們會在第四季度看到它，文斯，在美國。我認為，我們也看到，當無論選舉結果如何都有更多確定性時，選舉的不確定性就會消除，也會更加清晰。我們的感覺是，隨著我們進入 2025 年，這將是一件好事，因為公司將能夠消除這種不確定性。他們將清楚地了解事情的發展方向。

And we're hoping that, that also drives a bit more business confidence. We see it in our pipeline, and we see it with some loosening up, and we're going to see it starting in the US, and I think you'll see it starting in the fourth quarter.

我們希望這也能增強商業信心。我們在我們的管道中看到它，我們看到它有一些放鬆，我們將看到它在美國開始，我想你會在第四季度看到它開始。

Okay. Thanks for that. And then when demand returns, do you see it as more of a wave or a steady flow for the Americas and then later for Europe?

好的。謝謝你。然後，當需求恢復時，您認為美洲更多的是波浪還是穩定的流動，然後是歐洲？

I think what we'll see, and I don't want to predict percentages, but I -- we have a guidance that we always give, which is to target over time, high single-digit growth. I think we will be able to see something beyond that in the Americas for 2025. And I think Europe will be following. I think Europe is going to be a few quarters behind because that environment is much different than the US in terms of the buying environment with all of the issues in the European theater. But I definitely believe that the US is going to -- you're going to see a big uptick in the US business as we move through 2025, Vince.

我認為我們會看到什麼，我不想預測百分比，但我們始終給出一個指導，即隨著時間的推移，實現高單位數增長。我認為 2025 年我們將能夠在美洲看到超越這一點的東西。我認為歐洲也會緊跟其後。我認為歐洲將落後幾個季度，因為就歐洲戰場的所有問題而言，歐洲的購買環境與美國有很大不同。但我絕對相信，隨著 2025 年的到來，美國業務將會大幅成長，Vince。

And with all the issues around AI, do you feel that there's been sufficient alleviation of that, that we'll see -- you'll see decent revenue from AI next year?

對於圍繞人工智慧的所有問題，你是否認為這種情況已經得到了充分的緩解，我們將會看到——明年你會看到人工智慧帶來的可觀收入？

Yes. I mean, again, AI is going to move and evolve and it's going to accelerate over time. But we have a number of AI engagements. But again, I would say even the largest companies, we're dealing with one of the largest energy companies in the world. And even they are moving at a pace that you might say is slow, but I think it's slow because everyone is still kind of experimenting on what all this means, what are the governance guidelines and guardrails and so forth.

是的。我的意思是，人工智慧將會不斷發展和發展，並且會隨著時間的推移而加速發展。但我們有很多人工智慧項目。但我想說，即使是最大的公司，我們也正在與世界上最大的能源公司之一打交道。即使他們的進展速度你可能會說很慢，但我認為它很慢，因為每個人仍在嘗試這一切意味著什麼，治理準則和護欄是什麼等等。

But yes, we definitely see our AI revenue accelerating in 2025. But likely 2026 would be the bigger number just because of the momentum in different enterprise companies and how fast they move. There's a lot of talk on it. There's a lot of noise on it. But we are working inside a large of the largest companies in the world, and the pace is what you'd expect.

但是，我們確實可以看到我們的人工智慧收入在 2025 年會加速成長。但由於不同企業的發展動能及其發展速度，2026 年的數字可能會更大。關於它有很多討論。上面有很多噪音。但我們正在世界上最大的公司內部工作，而且速度正如你所期望的那樣。

It's measured, it's thoughtful, and they want to see how this evolves. I will say one other thing on almost all now of our sourcing engagements that are running through Tango, AI is a component at each transaction that our clients want us to help them with when they're thinking about technology companies to source to the Accenture, the IBM, the Capgemini. So it is a component. At the moment, it's a smaller piece, but it's going to gain momentum over the next couple of years because we think that the savings that can happen for our clients will be significant, just like labor arbitrage was 10, 15 years ago with the India operations going there. So it will evolve like that is our expectation, Vince.

它是經過衡量的、經過深思熟慮的，他們想看看它是如何演變的。我還要說另一件事，關於我們現在透過 Tango 進行的幾乎所有採購活動，人工智慧是每筆交易的一個組成部分，當我們的客戶考慮向埃森哲採購科技公司時，他們希望我們幫助他們， IBM、凱捷。所以它是一個組件。目前，它是一個較小的部分，但它將在未來幾年內獲得動力，因為我們認為可以為我們的客戶節省大量費用，就像 10、15 年前印度的勞動力套利一樣去那裡的操作。所以它會像我們期望的那樣發展，文斯。

Okay. Thank you.

好的。謝謝。

Thank you.

謝謝。

Marc Riddick, Sidoti.

馬克·里迪克，西多蒂。

Hey. Good morning, Mike.

嘿。早上好，麥克。

Good morning, Marc.

早上好，馬克。

So I wondering if you -- actually, why don't we start with -- where did we end on headcount for the quarter? I might have missed that.

所以我想知道您是否——實際上，我們為什麼不從——本季的員工人數結束時開始？我可能錯過了。

Yeah, you might have missed it, hold on. I've got it right here. 1,467.

是的，你可能錯過了，等等。我這裡已經拿到了。1,467。

And is that before or after the asset sale?

是在資產出售之前還是之後？

That is before. So the asset sale will reduce that by about 115 in the fourth quarter.

那是之前。因此，第四季資產出售將減少約115%。

Because that -- yes, that was October 1, right?

因為——是的，那是 10 月 1 日，對吧？

Yes, I think.

是的，我想。

Okay. Perfect. I want to shift gears. So we see the debt reduction there already as well. Is there any sort of general sort of target that you're looking at given the interest rate environment and rate cuts that we've just gotten and the like. Is there sort of a target leverage that you're looking at going forward?

好的。完美的。我想換檔。因此，我們也已經看到那裡的債務減少了。考慮到我們剛剛獲得的利率環境和降息等，您是否正在考慮某種一般性的目標？您正在尋找未來的目標槓桿嗎？

Yes. The range, and I think we may have mentioned this during our early October call with the sale. Our kind of guided range is that our debt -- our EBITDA -- debt-to-EBITDA ratio will be somewhere between 2 and 2.5 times. Historically, over our 17 years, we've averaged 2.7. And I think we talked about our view is that as we move kind of toward the end of the first quarter, we'll be at the low end of that range.

是的。範圍，我想我們可能在 10 月初的銷售電話會議中提到過這一點。我們的指導範圍是我們的債務——我們的 EBITDA——債務與 EBITDA 的比率將在 2 到 2.5 倍之間。從歷史上看，在我們 17 年裡，我們的平均得分為 2.7。我認為我們討論的觀點是，當我們接近第一季末時，我們將處於該範圍的低端。

And of course, that will help free up a lot of other cash, and that's why we're talking about the acceleration of our share buybacks. So that's how we think about it.

當然，這將有助於釋放大量其他現金，這就是我們談論加速股票回購的原因。這就是我們的想法。

Okay. Great. And that leads me to another area. Is there -- do you have any updated thoughts as to what you're seeing in the potential acquisition pipeline? Are there some things that you might want to target to sort of add to the service offerings? Or how should we think about maybe what's out there and what valuation looks like at this point?

好的。偉大的。這讓我想到了另一個領域。對於您在潛在的收購管道中看到的情況，您有什麼最新的想法嗎？您是否希望將某些內容新增至服務產品？或者我們該如何思考目前的情況以及估值是什麼樣的？

Yeah. So yes, we are active as we always have been. We are aggressively looking at ways that we can accelerate growth in a smart way. We look for things that will drive our recurring revenues or will drive our digital or AI capabilities. That is kind of the focus area for us.

是的。所以，是的，我們一如既往地活躍。我們正在積極尋找能夠以明智的方式加速成長的方法。我們尋找能夠推動我們經常性收入或推動我們的數位或人工智慧能力的事物。這是我們的重點領域。

And there are assets in the market that are looking for potential homes, and we are in those kind of look and see and discussions that always take time. So yes, there are assets there. And I think there are deals that can be made at a reasonable level that we're very disciplined in what we pay, and we do it, as you know, in a combination of some cash, some stock and some earn-out. And so that model has worked extremely well for us, and we'll continue to look for things that make sense for us, Marc. But I think the market out there is not too bad at the moment.

市場上有一些資產正在尋找潛在的住房，而我們正在進行這種觀察和討論，這總是需要時間。所以是的，那裡有資產。我認為有些交易可以在合理的水平上進行，我們對支付的費用非常嚴格，正如你所知，我們是透過一些現金、一些股票和一些收益的組合來完成的。所以這個模型對我們來說非常有效，我們將繼續尋找對我們有意義的東西，馬克。但我認為目前市場還不算太糟。

Okay. Great. And then I know in the past, we've talked about some activities from clients that are offensive versus defensive cost savings driven versus growth driven, things of the like. I was wondering if you could sort of -- with what you're seeing in the pipeline and what you're positive on for the beginning of next year, do you get the sense that we're shifting toward more of a growth-driven, offensive nature in the projects and the things in the pipeline that you're hearing and dealing with your clients?

好的。偉大的。然後我知道在過去，我們討論過客戶的一些活動，這些活動是進攻性的，還是防守性的，成本節約驅動的，還是增長驅動的，等等。我想知道您是否可以——根據您在管道中看到的情況以及您對明年初的積極看法，您是否感覺到我們正在轉向更多的成長驅動型經濟、您所聽到的以及與客戶打交道的項目和正在進行中的事情是否具有冒犯性？

Yeah. I think at the moment, I would say it hasn't shifted, but I think it's still very heavy on cost optimization. But I think with the whole situation with the election being settled, so that creates clarity. Our sense is with our pipeline, we have a lot of transformation things in the pipeline. And as we kind of move into '25 and business confidence improves, our sense is that, that will be unleashed.

是的。我認為目前，我會說它沒有改變，但我認為它仍然非常注重成本最佳化。但我認為，隨著選舉的整個局勢已經解決，這變得清晰起來。我們的感覺是我們的管道，我們正在管道中進行許多轉型。當我們進入 25 世紀並且商業信心有所改善時，我們的感覺是，這將會被釋放。

At what pace, not sure. Certainly, the US is going to be unleashed faster. And that's why we're quite bullish on the US market right now as we think the momentum will begin in the fourth quarter and move through 2025.

以什麼速度，不確定。當然，美國的釋放速度將會更快。這就是為什麼我們現在非常看好美國市場，因為我們認為這股勢頭將從第四季開始並持續到 2025 年。

So I think it will get to be a more balanced between transformation and optimization as we move to the second half of next year. But I think you're going to begin to see some of that in the US in the next couple of quarters.

所以我認為，隨著明年下半年的到來，轉型和優化之間將會更加平衡。但我認為在接下來的幾季裡你將開始在美國看到其中的一些情況。

Okay. Great. Thank you very much.

好的。偉大的。非常感謝。

Thank you, Marc.

謝謝你，馬克。

Dave Storms, Stonegate.

戴夫·斯托姆斯，石門。

Good morning. Just wanted to kind of start with the pipeline. Are there any segments that you're seeing that you would expect to monetize the quickest? Maybe just because end markets move the fastest or furthest along and maybe a recovery, anything like that?

早安.只是想從管道開始。您認為有哪些細分市場可以最快獲利？也許只是因為終端市場發展最快或最遠，也許是復甦，諸如此類？

I'm sorry, we lost you for a second. Can you just say it one more time?

抱歉，我們暫時失去了你。你能再說一次嗎？

Yes. Just with regards to the pipeline, are there any segments that you would expect to monetize the quickest just with them being maybe a little more recovered, maybe they move further end markets and anything like that?

是的。就管道而言，您是否希望有任何細分市場能夠以最快的速度實現盈利，只是它們可能會稍微恢復一點，也許它們會進一步推向終端市場等等？

Yeah. Okay. Maybe I'll take it by industry for a second then, Dave. Both the consumer and the manufacturing segment is moving pipeline-wise at a very aggressive pace. Both of those are double digits or near double digits in terms of growing.

是的。好的。戴夫，也許我會從產業角度來理解。消費者和製造領域都在以非常積極的速度推進管道化進程。就成長而言，這兩個數字都是兩位數或接近兩位數。

I think we will see one of the areas that has been stagnated really all during this kind of slowdown in the tech sector has been the BFSI segment. So the banking and the insurance segments, if you will, have been slow. Both of those have been almost double-digit down for a number of quarters in the industry and certainly with us. But manufacturing is hot, consumer is hot. We think the whole energy and utility sector is about ready to explode.

我認為，在科技業的這種放緩期間，我們將看到實際上一直停滯不前的領域之一就是 BFSI 領域。因此，如果你願意的話，銀行業和保險業的發展一直很緩慢。在該行業的多個季度中，這兩個數字都幾乎呈現兩位數下降，當然我們也是如此。但製造業很熱，消費者也很熱。我們認為整個能源和公用事業產業即將爆發。

We've got lots going on there, as you know. AI is driving the utilities business into a whole different stratosphere in terms of what will be needed in terms of those capabilities. So we're getting a lot more work in the energy and utilities areas as well. And then I think with private equity having sat on the sidelines quite a bit, with this uncertainty beginning to clear with interest rates beginning to come down, there's a lot of money on the sidelines. So our private equity channel, we would expect in 2025 to also accelerate with some speed as PE begins to take and use their -- put their money to work at maybe a faster clip than they have in the last year or so. Does that help?

如你所知，我們那裡發生了很多事情。就這些能力的需求而言，人工智慧正在將公用事業業務推向一個完全不同的高度。因此，我們在能源和公用事業領域也開展了更多工作。然後我認為，隨著私募股權公司在相當長的一段時間裡處於觀望狀態，隨著利率開始下降，這種不確定性開始消失，有很多資金在觀望。因此，我們的私募股權管道預計到 2025 年也會以一定的速度加速，因為 PE 開始以比去年左右更快的速度投入和使用他們的資金。這樣有幫助嗎？

Yes, absolutely. Thank you. And then my second question, just with the utilization being high, the pipeline being strong, how do you see headcount moving forward?

是的，絕對是。謝謝。然後是我的第二個問題，隨著使用率很高，管道很強大，您如何看待員工數量的未來發展？

Yeah. So David, it's Michael. I think as I said to Marc, one, in Q4, we'll see the automation resources come out, which is about, call it, 115 people. And then I think from that point forward, our additions, right, will be, again, opportunistic based on those opportunities. And everything obviously will have a, from a skill set standpoint, a large focus on folks with the AI skill set and so forth.

是的。大衛，是麥可。我想正如我對 Marc 所說的那樣，在第四季度，我們將看到自動化資源的出現，大約有 115 人。然後我認為從那時起，我們的補充將再次基於這些機會而機會主義。從技能組合的角度來看，一切顯然都會專注於具有人工智慧技能的人等等。

But I think that you'll see us be opportunistic so that we can manage growth and the utilization, which I think will be important for us as we get back to a growth position in 2025.

但我認為你會看到我們是機會主義的，這樣我們就可以管理成長和利用率，我認為這對我們很重要，因為我們在 2025 年恢復成長。

Understood. Thank you. And then just one more for me, if I could. Now that you're a month past automation sales, you're looking at your portfolio, are there any other parts of the portfolio that you think could be candidates by being additive by subtraction?

明白了。謝謝。如果可以的話，然後再給我一份。現在，自動化銷售已經過去一個月了，您正在查看您的投資組合，您認為投資組合中是否還有其他部分可以透過加減法來候選？

No. I mean I think as we have discussed really over a number of quarters that the automation unit when we formed it, we built it purposely into a box so that it could be lifted out and monetized. And of course, that's what we ended up doing. But we like our assets, and we like the growth prospects of those assets. And we like all of the organic innovations that we have done with things like Tango and GovernX and a lot of our research areas in our pro-benchmark capabilities, which is the high-price subscription for benchmarking that we have on subscription. So we like all of that. So we feel pretty good about the portfolio and where it's headed for 2025, Dave.

不。我的意思是，我認為正如我們已經討論了好幾個季度的那樣，當我們形成自動化單元時，我們特意將其構建到一個盒子中，以便可以將其取出並貨幣化。當然，這就是我們最終所做的。但我們喜歡我們的資產，而且我們喜歡這些資產的成長前景。我們喜歡我們在 Tango 和 GovernX 等方面所做的所有有機創新，以及我們在支持基準測試功能中的許多研究領域，這是我們訂閱的基準測試的高價訂閱。所以我們喜歡這一切。Dave，我們對這個投資組合及其 2025 年的發展方向感到非常滿意。

Understood. Thanks for taking my questions and good luck in the fourth quarter.

明白了。感謝您回答我的問題，祝第四季好運。

Thank you.

謝謝。

Chris Sakai, Singular.

克里斯·酒井，單身。

Yes. Good morning I'm in for (inaudible). You've mentioned that the Americas region is performing better than other geographies, particularly Europe. Could you provide more insight into the specific challenges you're facing in Europe and Asia Pacific?

是的。早安，我來了（聽不清楚）。您提到美洲地區的表現優於其他地區，尤其是歐洲。您能否更深入了解您在歐洲和亞太地區面臨的具體挑戰？

Could we provide -- I'm sorry, I lost the last part of it, provide more insight into, what was that?

我們能否提供──抱歉，我失去了最後一部分，提供更多的見解，那是什麼？

The specific challenges you're facing in Europe and Asia.

您在歐洲和亞洲面臨的具體挑戰。

Yeah. Let me take the Asia Pacific region first. That's really driven by the Australian government spending. There's an election coming up in the middle to early next year in Australia. That's normally a slowdown in government spending. We see that as government spending goes, our growth goes. And as that begins to come back, I think we will see Asia Pacific back to its normal kind of double-digit type growth, but that's likely not to happen until after the elections next year. So that's what is -- that's what the dynamic is in that region.

是的。我先來說說亞太地區。這實際上是由澳洲政府支出推動的。澳洲將於明年中至年初舉行選舉。這通常是政府支出放緩。我們看到，隨著政府支出的增加，我們的成長也會隨之增加。隨著這種情況開始恢復，我認為我們將看到亞太地區恢復正常的兩位數成長，但這可能要到明年選舉之後才會發生。這就是該地區的動態。

Over in Europe, I mean, Europe just continues to have a very difficult discretionary spending environment all around in France, Germany, UK, and we will just weather that discretionary spend kind of slowdown, I think, for probably a couple more quarters. We're well positioned with the largest companies in Europe as our client base, but we will be working with them and are working with them with large automotive companies over there doing big cost optimization programs. We're involved in them. But we expect that to be a couple of quarters behind the return to growth from the US.

在歐洲，我的意思是，歐洲在法國、德國、英國仍然面臨著非常困難的可自由支配支出環境，我認為，我們將在接下來的幾個季度繼續承受可自由支配支出的放緩。我們的客戶群是歐洲最大的公司，我們處於有利地位，但我們將與他們合作，並正在與他們與那裡的大型汽車公司合作實施大型成本優化計劃。我們參與其中。但我們預計這將比美國經濟恢復成長晚幾個季度。

And how is the adoption of ISG Tango progressing in these regions?

ISG Tango 在這些地區的採用進度如何？

Yeah. So it's going well. I mean, it's -- we don't break it down by region, but each region, everybody, all the sourcing is going through our ISG Tango. It's growing fast. As you know, we're up to a little over $5 billion of value now on that asset, up about 25% from the second quarter.

是的。所以進展順利。我的意思是，我們不會按地區進行細分，但每個地區、每個人、所有採購都透過我們的 ISG Tango 進行。它增長得很快。如您所知，該資產目前的價值略高於 50 億美元，比第二季度增長了約 25%。

So it's moving around rapidly. What we expect as we get more and more on the platform is that also will help our overall margin expansion that we're looking to do as an ISG firm. So that will be a contributor to the expansion of our margins in '25 and '26. So yes, it's all going through in each region through the Tango platform.

所以它移動得很快。我們期望，隨著我們在該平台上獲得越來越多的客戶，這也將有助於我們作為 ISG 公司所希望實現的整體利潤率擴張。因此，這將有助於我們在 25 年和 26 年擴大利潤。所以，是的，這一切都透過 Tango 平台在每個地區進行。

Okay. Thanks. And then considering the maturation of the sourcing advisory market, how do you plan to maintain or grow this segment?

好的。謝謝。然後考慮到採購諮詢市場的成熟，您計劃如何維持或發展這個細分市場？

Well, we grow it every year. We're number one in the world. We believe we have over 50% of the market share and by innovations such as ISG Tango, every large corporation in the world, you see them in our client base. We have 75 of the largest 100 firms in the world that are doing sourcing with us, and they've done it on many generations. But they work with us because we have data.

嗯，我們每年都會種植它。我們是世界第一。我們相信我們擁有超過 50% 的市場份額，並且透過 ISG Tango 等創新，世界上每家大公司都可以在我們的客戶群中看到它們。全球最大的 100 家公司中有 75 家與我們合作進行採購，而且他們已經這樣做了很多代。但他們與我們合作是因為我們有數據。

We know what we're doing because we've done it for so many years. But importantly, we have the competitive intelligence, the pricing, the performance, and the relationships with all of the provider ecosystem that we can bring great value to an enterprise on sourcing, whether they've done it once, none or 4 times. And that's our, if you will, our superpower, and we continue to have a great market position and lead the world in this area, and we will continue to preserve and grow that position.

我們知道我們在做什麼，因為我們已經這樣做了很多年。但重要的是，我們擁有競爭情報、定價、績效以及與所有供應商生態系統的關係，我們可以為企業的採購帶來巨大價值，無論他們曾經做過一次、沒有做過還是四次。如果你願意的話，這就是我們的超級大國，我們繼續擁有良好的市場地位，並在這一領域引領世界，我們將繼續保持和發展這一地位。

Okay. Great. Thanks for the answers.

好的。偉大的。感謝您的回答。

You bet. Thank you.

你打賭。謝謝。

And I'm showing no further questions at this time. I'll turn the call back over to Mike Connors for closing remarks.

目前我不會再提出任何問題。我會將電話轉回給邁克康納斯 (Mike Connors) 作結束語。

Well, thank you. Let me close by saying thank you to all our professionals worldwide for our continuing progress and for their collaboration and unwavering dedication to our clients and driving our long-term success. Our people all over the world have a passion for delivering the best advice and support to our clients as they continue their transformations in both uncertain times and in the better times ahead, and I could not be prouder of them. And thanks to all of you on the call for your continued support and confidence in our firm. Have a great rest of the day.

嗯，謝謝。最後，我要向全球所有專業人士表示感謝，感謝你們的不斷進步，感謝他們的合作以及對客戶堅定不移的奉獻，推動了我們的長期成功。我們遍布世界各地的員工熱衷於為我們的客戶提供最好的建議和支持，幫助他們在不確定的時期和未來更好的時期繼續轉型，我為他們感到無比自豪。感謝所有參加電話會議的人對我們公司的持續支持和信任。祝你這一天好好休息。

This does conclude today's teleconference. You may now disconnect at this time.

今天的電話會議到此結束。您現在可以斷開連線。