Information Services Group Inc (III) 2025 Q3 法說會逐字稿

Good morning, and welcome, everyone, to the Information Services Group's third quarter 2025 conference call. This call is being recorded, and a replay will be available on ISG's website within 24 hours.

各位早安，歡迎參加資訊服務集團2025年第三季電話會議。本次通話正在錄音，24小時內可在ISG網站收聽錄音回放。

Now, I'd like to turn the call over to Mr. Barry Holt for his opening remarks and introduction. Mr. Holt, please go ahead.

現在，我謹將電話交給巴里·霍爾特先生，請他致開幕詞並作介紹。霍爾特先生，請繼續。

Thank you, operator. Hello, and good morning. My name is Barry Holt. I'm the 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. Before we begin, I'd like to read a forward-looking statement.

謝謝接線生。你好，早安。我叫巴里‧霍爾特。我是ISG的高級傳播主管。歡迎各位參加ISG第三季電話會議。今天與我一同出席的有董事長兼執行長麥可康納斯，以及執行副總裁兼財務長麥可‧舍里克。在開始之前，我想宣讀一份前瞻性聲明。

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.

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 管理階層對未來事件及其潛在影響的當前預期和信念。這些聲明並非對未來績效的保證，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。

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 this morning to the SEC, and the risk factors sections of our most recent Form 10-K and 10-Q filings. 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.

有關可能影響未來業績的風險和其他因素的更詳細列表，請參閱我們今天早上向美國證券交易委員會提交的 8-K 表格中的前瞻性聲明，以及我們最新的 10-K 表格和 10-Q 表格文件中的風險因素部分。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，包括向美國證券交易委員會提交的任何修訂或補充文件。

You'll be able to obtain free copies of any of the ISG 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.

您可以透過ISG的網站www.isg-one.com或美國證券交易委員會的網站www.sec.gov免費取得ISG向美國證券交易委員會提交的所有文件副本。 ISG不承擔任何義務更新或修改任何前瞻性聲明以反映後續事件或情況。在本次電話會議中，我們將討論一些非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。

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. 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.

我們今天將要討論的非GAAP指標包括調整後的EBITDA、調整後的淨收益以及按固定匯率列示的選定財務數據。非公認會計準則指標作為補充資訊提供，不應單獨考慮，也不應取代依照公認會計準則編制的財務結果。

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 this morning with the SEC.

有關所有非 GAAP 指標與最接近的 GAAP 指標的調節情況，請參閱我們今天早上向美國證券交易委員會提交的 8-K 表格報告。

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

現在我想把電話交給麥可康納斯，接下來是麥可謝里克。麥克風？

Thank you, Barry, and good morning, everyone. Today, we will review our outstanding Q3 results driven by strong AI demand, our view of the current market, and our outlook for Q4. ISG delivered an excellent third quarter, continuing our AI-powered momentum with clients and underscoring our solid operating fundamentals.

謝謝你，巴里，大家早安。今天，我們將回顧在強勁的人工智慧需求推動下取得的出色第三季業績，分析我們對當前市場的看法，並展望第四季。ISG 第三季業績出色，延續了我們利用人工智慧技術為客戶服務的良好勢頭，並凸顯了我們穩健的營運基本面。

Our powerful combination of strategic, operational and research capabilities allow ISG not just to comment on AI trends, but to shape them as we work with clients to achieve measurable business value from AI. This is the power of having both a technology research and an advisory model. Our Q3 revenues were $62 million, up 8%, excluding results from our previously divested automation unit.

ISG 憑藉其強大的策略、營運和研究能力，不僅可以對人工智慧趨勢發表評論，還可以塑造人工智慧趨勢，並與客戶合作，從人工智慧中獲得可衡量的商業價值。這就是同時擁有技術研究和諮詢模式的優勢所在。第三季營收為 6,200 萬美元，成長 8%，不包括先前剝離的自動化部門的表現。

Growth was broad-based and led by our largest revenue region, the Americas, up 11%. We also saw a return to growth in Europe with revenues up 7% and continued global growth in our recurring revenues, which were up 9%. From a profitability standpoint, our adjusted EBITDA was up 19% to $8.4 million, and our adjusted EBITDA margin was up 200 basis points to 13.5%.

成長基礎廣泛，其中以我們最大的收入地區美洲地區最為突出，成長了 11%。歐洲市場也恢復了成長，收入成長了 7%，全球經常性收入也持續成長，成長了 9%。從獲利能力來看，我們調整後的 EBITDA 成長了 19%，達到 840 萬美元，調整後的 EBITDA 利潤率成長了 200 個基點，達到 13.5%。

Our profit growth was driven by our improved mix of higher-margin platforms, research and services revenues, combined with our disciplined operating approach. We also had another strong cash quarter, producing $11 million of cash from operations. Over the last two quarters, we delivered $23 million of cash, demonstrating the strong cash-generating power of our business.

我們的利潤成長得益於我們提高了高利潤率平台、研究和服務收入的組合，以及我們嚴謹的營運方式。本季我們的現金流量也表現強勁，經營活動產生的現金流為 1,100 萬美元。在過去的兩個季度裡，我們實現了 2,300 萬美元的現金流，這證明了我們業務強大的現金創造能力。

Recurring revenues continue to be an important component of our success, representing 45% of our overall revenue. In Q3, recurring revenues were $28 million, up 9%, led by double-digit growth in our platforms business, including GovernX, ISG Tango and our research business. Our AI-centered approach continues to drive exceptional growth and differentiation for ISG.

經常性收入仍然是我們成功的重要組成部分，占我們總收入的 45%。第三季度，經常性收入為 2,800 萬美元，成長 9%，這主要得益於我們平台業務（包括 GovernX、ISG Tango 和我們的研究業務）的兩位數成長。我們以人工智慧為中心的策略持續推動 ISG 實現卓越成長和差異化。

AI offers so much promise, but also brings new complexity and challenges. Our clients are leaning heavily on us for the independent AI expertise they need to navigate a vast number of critical choices, from partners to pricing to governance. In the third quarter, our AI-related revenue was $20 million, four-times what it was one year ago. Year-to-date we have supported 350 clients with AI-related advisory and research services.

人工智慧前景廣闊，但也帶來了新的複雜性和挑戰。我們的客戶非常依賴我們提供的獨立人工智慧專業知識，以幫助他們應對從合作夥伴到定價再到治理等眾多關鍵選擇。第三季度，我們與人工智慧相關的營收為 2,000 萬美元，是去年同期的四倍。今年迄今為止，我們已為 350 位客戶提供了與人工智慧相關的諮詢和研究服務。

That's up more than 200% from the same period last year. We are seeing demand for AI strategy, data transformation and agentic AI adoption accelerate across multiple industries. Client interest in AI continues to rise. Our sold-out AI Impact Summit in London was the largest client event in ISG's history, demonstrating the market's appetite for practical AI insight.

與去年同期相比，成長超過200%。我們看到，各行各業對人工智慧策略、數據轉型和智慧人工智慧應用的需求正在加速成長。客戶對人工智慧的興趣持續增長。我們在倫敦舉辦的 AI 影響力高峰會門票已售罄，是 ISG 史上規模最大的客戶活動，這顯示市場對實用 AI 見解的需求。

And we published our third annual state of the enterprise AI adoption report, which quickly became the most downloaded report we've ever produced. Together, these achievements highlight that ISG's AI strategy is not just resonating, it's scaling. We are expanding client relationships, broadening our AI offerings and strengthening our position as the AI-centered technology research and advisory firm.

我們發布了第三份年度企業人工智慧採用情況報告，該報告迅速成為我們迄今為止下載量最高的報告。這些成就共同表明，ISG 的人工智慧策略不僅引起了共鳴，而且還在擴大規模。我們正在拓展客戶關係，擴大人工智慧產品範圍，並鞏固我們作為以人工智慧為中心的科技研究和顧問公司的地位。

Within ISG, we are leveraging AI to improve the efficiency of client delivery. Most notably, our AI-powered ISG Tango sourcing platform continues to expand. More than $15 billion of total contract value now flows through the platform, and that's up more than 30% from Q2. As expected, ISG Tango is helping improve our margins and opening up the mid-market to us, increasing our total addressable market.

在ISG內部，我們正在利用人工智慧來提高客戶交付效率。最值得一提的是，我們由人工智慧驅動的 ISG Tango 採購平台正在不斷擴展。目前透過該平台進行的總合約價值超過 150 億美元，比第二季增長了 30% 以上。正如預期的那樣，ISG Tango 正在幫助我們提高利潤率，並為我們打開中端市場，從而擴大我們的潛在市場規模。

In 2024, ISG began embedding AI into the core of our research and advisory services. The goal was not just to improve productivity, but to redefine how we deliver value. Now, nearly two-years later, AI is the organizing principle for how enterprises operate and invest in technology. In this environment, ISG is well positioned to support our clients in building AI-enabled organizations that generate innovation and results. From a macro perspective, AI is driving the technology research and services market worldwide.

2024年，ISG開始將人工智慧融入我們研究和諮詢服務的核心。我們的目標不僅是提高生產力，還要重新定義我們創造價值的方式。如今，近兩年過去了，人工智慧已成為企業營運和技術投資的組織原則。在這種環境下，ISG 完全有能力支持我們的客戶建構能夠產生創新和成果的人工智慧賦能型組織。從宏觀角度來看，人工智慧正在推動全球技術研究和服務市場的發展。

We see growth continuing as clients invest in the infrastructure and data needed to power their AI ambitions. Our recent state of enterprise AI adoption report shows the number of AI use cases moving into full-scale deployment has doubled versus one year ago. The report also shows use cases that broaden beyond cost efficiency to focus even more on competitive advantage and growth.

我們看到，隨著客戶投資實現其人工智慧目標所需的基礎設施和數據，成長勢頭將持續下去。我們最近發布的《企業人工智慧採用情況報告》顯示，人工智慧應用案例全面部署的數量與一年前相比翻了一番。該報告還展示了一些應用案例，這些案例不僅限於成本效益，而是更加重視競爭優勢和成長。

Now let me turn to our regions. The year-over-year comparisons I cite here exclude revenues of about $3.5 million from our divested automation unit in last year's third quarter. Our Americas region delivered another excellent quarter with revenues up 11% to $42 million, driven by double-digit growth in our research, software and GovernX businesses and in our consumer, health sciences and public sector industry verticals.

現在讓我來談談我們各個區域的情況。我在這裡引用的同比數據不包括去年第三季我們剝離的自動化部門約 350 萬美元的收入。我們的美洲地區迎來了一個出色的季度，營收成長 11% 至 4,200 萬美元，這主要得益於我們的研究、軟體和 GovernX 業務以及消費者、健康科學和公共部門行業垂直領域的兩位數成長。

Key client engagements during the third quarter include Lockheed Martin, Carnival Cruise Lines and Baxter International. During the quarter, ISG continued to expand its work with a large US-based healthcare company, generating revenues of more than $1 million. We are currently helping the client negotiate new software, network and technology services contracts.

第三季的主要客戶包括洛克希德馬丁公司、嘉年華郵輪公司和百特國際公司。本季度，ISG 繼續擴大與美國大型醫療保健公司的合作，創造了超過 100 萬美元的收入。我們目前正在協助客戶洽談新的軟體、網路和技術服務合約。

We're also working with one of the world's top consumer products companies to help them create a next-generation AI-driven technology operating environment. This $1 million-plus engagement is expected to help the client realize cost savings of about 40% and should lead to future opportunities for ISG. Turning to Europe. This market returned to growth for the first time in two years since the start of the tech recession.

我們也與世界頂級消費品公司之一合作，幫助他們打造下一代人工智慧驅動的科技營運環境。這項價值超過 100 萬美元的專案預計將幫助客戶節省約 40% 的成本，並應為 ISG 帶來未來的機會。轉向歐洲。自科技衰退開始以來，該市場兩年來首次恢復成長。

Revenues were up 7% to $16 million, driven by double-digit growth in our advisory business and in our banking, financial services, consumer and health sciences industry verticals. Key client engagements in Europe in the third quarter included Fresenius, Diageo and Evonik, a German chemicals company. ISG is currently working on two of the largest technology transformations this year in Europe.

營收成長 7% 至 1,600 萬美元，主要得益於諮詢業務以及銀行、金融服務、消費品和健康科學產業垂直領域的兩位數成長。第三季在歐洲的主要客戶包括費森尤斯、帝亞吉歐和德國化工公司贏創。ISG目前正在進行今年歐洲兩項規模最大的技術轉型計畫。

First, ISG is partnering with a global leader in business travel services to advise them on $1 billion of spend on an enterprise-wide sourcing program. The program covers AI-driven finance, accounting, technology services and product development. We expect this engagement will open up even more doors to follow-on opportunities.

首先，ISG 與一家全球領先的商務旅行服務公司合作，為其價值 10 億美元的企業級採購計畫提供諮詢服務。該項目涵蓋人工智慧驅動的金融、會計、技術服務和產品開發。我們預計此次合作將為後續合作機會打開更多大門。

Second, we are also working with a global leader in workforce services and solutions to support their $1.2 billion AI-powered initiative. We are helping the client transform their operations through agentic AI, leveraging new AI pricing models to drive down costs. Now turning to Asia Pacific. Our Q3 revenues of $4.2 million were down 15% compared with the prior year.

其次，我們也與一家全球領先的人力資源服務和解決方案供應商合作，支援他們價值 12 億美元的人工智慧驅動計畫。我們正在幫助客戶透過智能體人工智慧轉變營運模式，利用新的人工智慧定價模型來降低成本。現在轉向亞太地區。我們第三季的營收為 420 萬美元，比去年同期下降了 15%。

We did see double-digit growth in our banking, energy and utilities industry verticals. We will need the public sector to reignite spending for this region. Key clients in the quarter included IEMO, Standard Chartered Asia and the Reserve Bank of Australia. ISG is working with a large Australian telecommunications provider to negotiate more than $1 billion of tech applications and infrastructure spend.

我們在銀行、能源和公用事業等行業垂直領域實現了兩位數的成長。我們需要公共部門重新刺激對該地區的支出。本季主要客戶包括IEMO、渣打銀行亞洲和澳洲儲備銀行。ISG 正在與一家澳洲大型電信供應商合作，就超過 10 億美元的技術應用和基礎設施支出進行談判。

We are helping the client achieve significant savings through the use of AIOps to manage its technology environment. Now a few comments about the market. As I mentioned earlier, AI is the propellant that is driving overall demand for technology services. In the near term, we are seeing modest improvement in the macroenvironment, with some lingering caution as companies take time to adapt to the new normal.

我們正在幫助客戶透過使用 AIOps 來管理其技術環境，從而實現顯著的成本節約。現在就市場問題談幾點看法。正如我之前提到的，人工智慧是推動技術服務整體需求成長的動力。短期來看，宏觀環境略有改善，但由於企業需要時間適應新常態，因此仍存在一些謹慎情緒。

We're seeing that play out, especially in the managed services sector, while demand for cloud computing services needed to support AI continues to soar. Growth is not the same in all geographies with the US leading the way and Europe catching up. Looking ahead, we see an improving interest rate environment, stimulating further tech spending as we move through 2026, with AI remaining the dominant long-term growth driver for the industry.

我們看到這種情況正在發生，尤其是在託管服務領域，而支援人工智慧所需的雲端運算服務的需求持續飆升。不同地區的成長速度並不相同，美國處於領先地位，歐洲正在迎頭趕上。展望未來，我們看到利率環境不斷改善，這將刺激科技支出在 2026 年進一步成長，而人工智慧仍將是該產業長期成長的主要驅動力。

So with that, let me turn to guidance. For the fourth quarter, including the slower year-end holiday period, we are targeting revenues of between $60.5 million and $61.5 million and adjusted EBITDA to increase year-over-year by 15% to 20%, or between $7.5 million and $8.5 million, which will continue our year-over-year growth and margin expansion.

那麼，接下來我將談談指導意見。第四季（包括年末假期期間的淡季），我們的目標是營收在 6,050 萬美元至 6,150 萬美元之間，調整後 EBITDA 同比增長 15% 至 20%，即 750 萬美元至 850 萬美元，這將繼續保持我們同比增長和利潤率擴張的勢頭。

Now let me turn the call over to Michael Sherrick, who will summarize our financial results. Michael?

現在我把電話交給麥可·舍里克，他將總結我們的財務表現。麥可？

Thank you, Mike, and good morning, everyone. As Mike stated earlier, our revenue comparison with the third quarter of 2024 excludes our divested automation unit, which contributed about $3.5 million a year ago. This provides a more accurate view of our go-forward business. Revenue for the third quarter was $62.4 million, up a strong 8% versus the prior year.

謝謝你，麥克，大家早安。正如麥克之前所說，我們與 2024 年第三季的收入比較不包括我們剝離的自動化部門，該部門一年前貢獻了約 350 萬美元的收入。這能讓我們更精確地了解未來的業務發展方向。第三季營收為 6,240 萬美元，較上年同期強勁成長 8%。

For the quarter, currency had a $700,000 positive impact on revenue. Americas revenue was $42.2 million, up 11%. Europe revenue was $16 million, up 7% and Asia Pacific revenue was $4.2 million, down 15% from the prior year. Third quarter adjusted EBITDA was $8.4 million, up 19% from the year ago period and resulting in an EBITDA margin of 13.5%, which was up nearly 200 basis points year-on-year.

本季度，匯率波動對收入產生了 70 萬美元的正面影響。美洲地區營收為 4,220 萬美元，成長 11%。歐洲營收為 1,600 萬美元，成長 7%；亞太地區營收為 420 萬美元，較上年下降 15%。第三季調整後 EBITDA 為 840 萬美元，比去年同期成長 19%，EBITDA 利潤率為 13.5%，比去年同期成長近 200 個基點。

For the quarter, ISG delivered operating income of $4.6 million, up 7% from the prior year's $4.3 million. Reported net income for the quarter was $3.1 million, or $0.06 per fully diluted share as compared with net income of $1.1 million, or $0.02 per fully diluted share in the prior year. Third quarter adjusted net income was $4.7 million, or $0.09 per fully diluted share compared with adjusted net income of $2.5 million, or $0.05 per fully diluted share in the prior year's third quarter.

本季度，ISG 實現營業收入 460 萬美元，比上年同期的 430 萬美元成長 7%。本季報告淨收入為 310 萬美元，即每股完全攤薄收益 0.06 美元，而去年同期淨收入為 110 萬美元，即每股完全攤薄收益 0.02 美元。第三季調整後淨利為 470 萬美元，即每股完全攤薄收益 0.09 美元，而上年同期調整後淨利為 250 萬美元，即每股完全攤薄收益 0.05 美元。

Our headcount as of September 30, 2025, was 1,316, essentially flat with Q2. For the quarter, consulting utilization was a solid 72%, in line with our average third quarter utilization. Year-to-date, utilization of 75% is in line with our long-term target. We ended the quarter with cash of $28.7 million, up $3.5 million from $25.2 million at the end of the second quarter. A key driver of the increase was strong operating cash flow.

截至 2025 年 9 月 30 日，我們的員工人數為 1,316 人，與第二季基本持平。本季諮詢服務利用率達到穩健的 72%，與我們第三季的平均使用率一致。今年迄今為止，利用率達 75%，符合我們的長期目標。本季末，我們的現金餘額為 2,870 萬美元，比第二季末的 2,520 萬美元增加了 350 萬美元。成長的關鍵驅動因素是強勁的經營現金流。

For the quarter, net cash provided by operations was $11.1 million, fueled by our robust operating results. During the quarter, we paid dividends of $2.4 million and repurchased $2.8 million of stock. Our next quarterly dividend will be paid December 19th to shareholders of record as of December 5th. Fully diluted shares outstanding for the quarter were 50.4 million, down 201,000 from year-end 2024.

本季度，經營活動產生的淨現金流為 1,110 萬美元，這得益於我們強勁的經營業績。本季度，我們支付了 240 萬美元的股息，並回購了 280 萬美元的股票。我們將於12月19日向12月5日登記在冊的股東派發下一季股利。本季完全稀釋後的流通股為 5,040 萬股，比 2024 年底減少了 20.1 萬股。

At quarter's end, we had approximately $8.2 million remaining on our share repurchase authorization. Our quarter end gross debt-to-EBITDA ratio was 1.95 times, down from 2.4 times at December 31, 2024, and just below our 2 to 2.5x range. At quarter's end, our debt was unchanged. And for the quarter, our average borrowing rate was 6.2%, down 110 basis points year-over-year. Overall, our balance sheet is solid and continues to improve, providing us with a strong foundation to both operate and invest in the business.

季度末，我們的股票回購授權額度還剩下約 820 萬美元。本季末總負債與 EBITDA 比率為 1.95 倍，低於 2024 年 12 月 31 日的 2.4 倍，略低於我們 2 至 2.5 倍的預期範圍。季度末，我們的債務保持不變。本季度，我們的平均借貸利率為 6.2%，年減 110 個基點。整體而言，我們的資產負債表穩健，並且持續改善，為我們開展業務和進行投資提供了堅實的基礎。

Mike will now share concluding remarks before we go to Q&A. Mike?

接下來，Mike 將作總結發言，之後我們將進入問答環節。麥克風？

Thank you, Michael. And, to summarize, ISG delivered another excellent quarter, continuing our AI-powered momentum. Our revenues of $62 million were led by another double-digit growth quarter in the Americas, a return to growth in Europe and continuing strength in recurring revenues. We grew our adjusted EBITDA by 19% and our margins by 200 basis points. And we had another very strong cash quarter, generating $11 million in cash from operations.

謝謝你，麥可。總而言之，ISG 又取得了一項出色的季度業績，延續了我們人工智慧驅動的發展勢頭。我們6,200萬美元的營收主要得益於美洲地區又一個兩位數的成長季度、歐洲地區的恢復成長以及經常性收入的持續強勁成長。我們的調整後 EBITDA 成長了 19%，利潤率提高了 200 個基點。我們又迎來了一個現金流非常強勁的季度，營運活動產生的現金流達到 1,100 萬美元。

Looking to the future, our AI-centered capabilities and relentless drive for operational excellence positions us well for continued year-over-year growth and margin expansion. 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 our clients.

展望未來，我們以人工智慧為中心的能力和對卓越營運的不懈追求，使我們能夠繼續實現逐年增長和利潤率擴張。一如既往，我們專注於為股東創造長期價值，並堅定不移地致力於為客戶提供卓越的營運服務。

So thank you very much for calling in this morning. And now let me turn the session over to the operator for your questions.

非常感謝您今天早上來電。現在我將把發言權交給接線員，回答大家的問題。

(Operator Instructions) David Storms, Stonegate Capital.

（操作員說明）David Storms，Stonegate Capital。

Just wanted to start maybe with the EBITDA margin expansion. It was mentioned that you had a nice improvement in mix, which I'm assuming is the divestiture of the automation portion of the business and then also some nice efficiency in OpEx. How would you characterize the stickiness or stability of the efficiency improvement? Should we expect this margin to kind of continue?

或許可以先從 EBITDA 利潤率的提升談起。有人提到你們在產品組合方面有了顯著改善，我猜這是因為剝離了業務中的自動化部分，而且在營運支出方面也取得了不錯的效率提升。您如何描述效率提升的持久性或穩定性？我們是否應該預期這種差距會持續下去？

Thanks, Dave. Yes, so look, our -- we've got a number of kind of margin expansion avenues. One is our own efficiencies using AI. And one of the best metrics of that is ISG Tango, which we are using for all of our sourcing transactions. It's now got about $15 billion going through it. But importantly, what it does is it accelerates time to value for the enterprises, and frankly, for the technology providers who may be bidding on that business with our enterprise client.

謝謝你，戴夫。是的，所以你看，我們有很多擴大利潤空間的途徑。一是我們自身利用人工智慧提高效率。而衡量這一點的最佳指標之一是 ISG Tango，我們將其用於我們所有的採購交易。目前約有150億美元的資金正在透過該管道流動。但重要的是，它能加快企業實現價值的速度，坦白說，也能加快與我們的企業客戶競標該業務的技術供應商實現價值的速度。

So it creates efficiency. It creates speed, it creates productivity. And then, when we launched it just a little over 1-year, maybe almost 1.5-years ago, I think we said that it would be one of our drivers to expand margins. And the reason for that is that we can do it faster, more efficiently, and we can do it with a higher level of margin because of it.

所以它能提高效率。它能提高速度，提高生產力。然後，大約一年半前，當我們推出這項服務時，我想我們說過，這將是我們擴大利潤率的驅動力之一。原因在於，我們可以更快、更有效率地完成這項工作，並且因此可以獲得更高的利潤率。

So that's one area. The second area is the mix of what we are actually able to provide with our clients and areas around our recurring revenue streams, which continue to expand. And of course, when you're able to build it once and sell it many times, it helps a lot. But importantly, all of the AI work that we are doing, it is premium work. Therefore, we have good pricing, if you will, power around the work that we're doing in AI.

這是其中一個面向。第二個面向是我們實際上能夠為客戶提供的服務以及我們不斷擴大的經常性收入來源。當然，如果能夠一次生產多次銷售，將大有裨益。但重要的是，我們所做的所有人工智慧工作都是高品質的。因此，我們在人工智慧領域所做工作，擁有良好的定價能力。

But it's only going to expand because it's still in the very early innings. So you couple both our internal efficiencies along with a mix that is in high demand at the client level and you add in the growth that we're getting in recurring, we're pretty confident we're going to be able to continue our expansion in our margins. I hope that helps, Dave.

但它只會不斷發展壯大，因為它還處於非常早期的階段。因此，結合我們內部的效率提升、客戶高度認可的產品組合，以及經常性收入的成長，我們非常有信心能夠持續擴大我們的利潤率。希望這對你有幫助，戴夫。

No, that's very helpful. I appreciate that color. My second question here and kind of a follow-up to that, maybe dialing in a little more on Europe. It's great to see growth kind of returning to that market. I was hoping you could spend maybe a little more time talking about the pipeline you're seeing there? Are you -- do you feel like you're still working with customers that are maybe on the cutting-edge first movers? Or are you starting to get into maybe the meat and potatoes of that client base?

不，這很有幫助。我喜歡這個顏色。我的第二個問題，也算是第一個問題的後續，可能要更深入探討歐洲的情況。很高興看到該市場開始恢復成長。我希望您能多花一點時間談談您在那裡看到的管道情況？你是否覺得自己仍在與那些可能處於產業前沿的先行者客戶合作？或者，您是否開始深入了解該客戶群的核心業務了？

Again, good question, Dave. We are -- the pipeline is growing, and it's never been really a big issue as much on the pipeline as it has been on the speed and pace that the European clients are wanting to move. We saw that accelerate a bit, primarily in the cost optimization areas. The transformation areas are slower to adapt over in Europe. And frankly, in the US, it's a little slower on transformation than it is on optimization.

戴夫，你問得好。我們正在努力——專案儲備正在成長，而真正的問題從來都不是專案儲備本身，而是歐洲客戶希望推進的速度和節奏。我們看到這種情況有所加速，主要體現在成本優化領域。歐洲的轉型地區適應速度較慢。坦白說，在美國，轉型的速度比優化的速度慢一些。

But I think what you'll see is we're -- that our pipeline is strong, that we see a continued growth level for our European business. We're cautious because of the overall macroenvironment. But right now, there is an appetite that has increased in Europe, especially around optimization, using AI to assist.

但我認為你會看到，我們的業務管道很強勁，我們看到歐洲業務將持續成長。由於整體宏觀環境的影響，我們持謹慎態度。但目前，歐洲對人工智慧輔助優化的需求日益增長，尤其是在優化方面。

And if you heard a couple of the points I was making in the remarks, we are operating with two of probably the largest transformations going on in Europe by any enterprises right now. And both of them will generate very significant cost savings for those two businesses. And when you can start to see real dollars flow through, and in one case we think it will be around 40% savings, that's significant and material.

如果你聽懂了我剛才講話中的幾點，就會知道，我們目前正經歷著歐洲企業中規模最大的兩項變革。而且這兩項措施都將為這兩家企業節省大量成本。當你開始看到真金白銀的流入時，我們認為在某個案例中可以節省約 40%，這意義重大且影響深遠。

But clients have to be able to be ready to move. These two large clients were ready. So that's what we're seeing in Europe, Dave.

但客戶必須做好搬遷的準備。這兩家大客戶已經準備就緒。這就是我們在歐洲看到的情況，戴夫。

Marc Riddick, Sidoti.

馬克·里迪克，西多蒂。

Maybe we could talk a little bit about -- in your prepared remarks, you made mention of some of the potential drivers. You also touched on the potential for interest rate cuts being a benefit. Maybe, I mean, obviously, it's pretty early, but are you beginning to see that already? And as far as loosening of purse strings, are you getting the sense that's still a large enterprise-driven issue? Or are we beginning to see some of the smaller movers tend to act on AI?

或許我們可以稍微談談──在你事先準備好的發言稿中，你提到了一些潛在的驅動因素。您也提到了降息可能帶來的好處。也許吧，我的意思是，顯然現在還為時過早，但你是否已經開始意識到這一點了？至於放鬆財政限制，你是否覺得這仍然是一個主要由企業驅動的問題？或者我們開始看到一些規模較小的企業傾向於採用人工智慧？

Yes. Good. Thank you. Look, I think, first of all, the -- to me, the interest rate environment, based on my discussions with a lot of operators and our clients, it's all about the sentiment. And I think that the interest rate environment loosening up gives some a little more strength to move forward with some of their work efforts that they're feeling a little more confident of.

是的。好的。謝謝。你看，我認為，首先，就利率環境而言，根據我與許多業者和客戶的討論，一切都取決於市場情緒。我認為，利率環境的寬鬆讓一些人更有信心推進他們的一些工作計畫。

And because of that, then that frees up the opportunity to move a little faster on our part with our clients. So to me, the interest rates really add a level of sentiment and confidence that things are going to be a bit better. Yes, we hear a little more higher unemployment, some of these other things. But the reality is, with an interest rate environment that may change a little bit, that may open up things like housing in the United States next year. These things are all positive signs versus a negative sign.

正因如此，我們才有機會更快地為客戶服務。所以在我看來，利率確實能提振人們的情緒和信心，讓人覺得情況會好轉一些。是的，我們聽到了一些關於失業率略有上升以及其他一些情況的消息。但現實情況是，利率環境可能會略有變化，這或許會在明年為美國的房屋等市場帶來轉機。這些都是正面的訊號，而不是負面的訊號。

So from our perspective, it may free up additional spending. And I would add, Mark, I think the use cases that are being marketed or being stated out in the market that there is really a huge opportunity if you utilize AI at scale, that you can change your business model over time, that -- that's beginning to, I would say, kind of -- is beginning to get resonated with a number of clients.

因此，從我們的角度來看，這可能會釋放出額外的支出空間。馬克，我還要補充一點，我認為目前市場上正在推廣或提出的用例表明，如果大規模利用人工智慧，就能帶來巨大的機會，隨著時間的推移改變你的商業模式，這一點——我想說——已經開始引起很多客戶的共鳴。

So you couple the two together, a little bit more confidence and a little bit more that you're now seeing that there's real returns that could happen. These are not just, in some cases, just kind of little projects, they're becoming much more scalable projects like the two that I mentioned in Europe.

所以，把這兩件事結合起來，你會更有信心，也會更意識到可能會有真正的回報。有些項目不僅僅是小型項目，它們正在發展成為像我在歐洲提到的那兩個項目一樣更規模化的項目。

Great. Thanks for the color there. And then, you always -- you're sort of broad-based as far as your client exposure and industry vertical exposure. Are there any kind of callouts or standouts either during the third quarter or what you're seeing early in the fourth that you think are worth mentioning?

偉大的。謝謝你帶來的色彩。而且，你的客戶群和行業垂直領域總是比較廣泛。在第三節比賽期間或第四節比賽初期，你有沒有看到什麼值得一提的亮點或突出表現？

Yes. I'd say the hot industries, let me start with that maybe, Mark. When I say hot, I mean, the ones that are moving for different reasons, but it's consumer, health sciences, energy, utilities and the public sector. Those kind of four or five areas are moving each industry segment for different reasons. Consumer, in some cases, because of the tariffs, because that if you're a consumer and you start off with a 4% or 5% margin business and you slap tariffs on, it makes some of your products very unprofitable in a hurry.

是的。馬克，我想說熱門產業吧，或許我可以先從這個說起。我說的熱門領域，是指那些因為各種原因而蓬勃發展的領域，包括消費品、健康科學、能源、公用事業和公共部門。這四、五個領域由於不同的原因正在推動各行業板塊的發展。在某些情況下，消費者會因為關稅而受到影響，因為如果你是消費者，你的企業最初的利潤率為 4% 或 5%，然後你又加徵關稅，那麼你的某些產品很快就會變得非常無利可圖。

So what do I do about that? So we're working with a number of consumer companies because of that. Flip it to the other side where you have the energy industry, which is literally on fire, if I may say it that way. And because of that, they are looking for money to help grow their businesses. And so they look at areas around AI that can help them.

那我該怎麼辦？因此，我們正與多家消費品公司合作。再看看另一邊，能源產業簡直是一片混亂，恕我直言。正因如此，他們才需要資金來幫助發展業務。因此，他們會關注人工智慧領域中能夠幫助他們的方面。

So it varies a little bit by industry, but those five industries, in particular, I think, are quite strong as we go through the balance of this year and probably the turn of '26.

因此，不同行業的情況略有不同，但我認為這五個行業尤其強勁，在今年剩餘的時間裡，甚至可能到 2026 年初都是如此。

Great. And then just last one for me, I guess, the balance sheet having improved as much as it has over the last few years, now just below two-times. Maybe you could talk a little bit about maybe the potential for acquisition pipeline out there, maybe what the pipeline looks like, valuations are looking like and maybe if there are any areas or any things that you have your eye out on at the moment?

偉大的。最後，我想說的是，資產負債表在過去幾年裡得到了極大的改善，現在接近兩倍。或許您可以談談目前潛在的收購項目，例如收購項目的現況、估值情況，以及您目前關注的領域或項目？

So good question, Mark. Yes, we are in the market. We continually have conversations. We're focused on everything around increasing our AI capabilities and our recurring revenue streams. And I would say at the end of the day, the market is still what we always believe, and that is you have to provide fair value for a great asset.

問得好，馬克。是的，我們正在進入市場。我們一直在進行對話。我們專注於提升人工智慧能力和增加經常性收入來源。歸根究底，我認為市場仍然是我們一直以來所相信的，那就是你必須為一項優質資產提供公平的價值。

So we'll continue to have these discussions, and we'll see where they evolve as we go into 2026. But we certainly have our targets in mind, and we'll see if we can do something in '26.

所以我們會繼續進行這些討論，看看到了 2026 年它們會如何發展。但我們心中確實有目標，看看2026年我們能不能有所作為。

Vincent Colicchio, Barrington Research.

Vincent Colicchio，巴林頓研究公司。

Nice quarter. I'm just -- I'd like to talk a little bit about the labor market. So your labor was flat. Is that by plan? Or is it getting increasingly difficult to hire people?

不錯的街區。我只是想——我想稍微談談勞動市場。所以你的產程是平的。這是照計劃進行的嗎？還是說現在招人越來越難了？

No, that's by plan. We've been using -- we eat our own dog food, as they say. We've been putting a lot of automation capabilities into our work efforts, and that has enabled us to, I would say, just have some surgical hires at the moment. So that was a -- that's a planned event. And we might have a few extra between now and the end of the year, but it should be in or around that number at the end of '26.

不，那是計劃好的。我們一直都在使用──就像人們常說的，我們吃的是自己的狗糧。我們一直在工作中引入很多自動化功能，這使我們目前能夠進行一些精準的招募。所以那是一場——那是一場事先計劃好的活動。從現在到年底，我們可能會多出一些，但到 2026 年底，數量應該會在這個範圍內。

And then, I don't recall your exposure to the federal market. Remind me of that? And are you being meaningfully impacted by the shutdown?

而且，我不記得你曾經涉足聯邦市場。提醒我一下？疫情封鎖是否對你造成了實質影響？

Yes. We have zero federal business. Our focus in the US is all on state, local and higher education. So we have no exposure at all to DOGE or any other kind of related federal issue.

是的。我們沒有任何聯邦業務。我們在美國的工作重點是州、地方和高等教育。因此，我們完全不受 DOGE 或任何其他相關聯邦問題的影響。

And then, on the government -- on the other side of the world, what's going on in the public sector in APAC? And just some color on when we might see that turn?

那麼，在世界的另一端，亞太地區的公共部門正在發生什麼事？關於這種轉變何時會發生，能否透露一些細節？

Yes. So the public sector outside the US, we do, do work in the federal area. So we do it in the UK. We do it in Italy. We do it in Germany. We do it in Australia. And so, the European public sector business is actually quite good. Australia is still not come back. We anticipate it second quarter next year at the moment based on what we can see in terms of pipeline.

是的。所以，在美國以外的公共部門，我們在聯邦領域也開展工作。所以我們在英國也是這麼做的。我們在義大利這樣做。我們在德國這樣做。我們在澳洲這樣做。因此，歐洲公共部門的業務其實相當不錯。澳洲仍然沒有恢復。根據我們目前看到的專案儲備情況，我們預計最早也要到明年第二季才能實現。

But that particular region, I think, flips to growth once the public sector, which is a large piece of the spending, comes back, and we anticipate that being kind of roughly second quarter next year.

但我認為，一旦公共部門（支出佔很大一部分）恢復正常，該地區就會轉為成長，我們預計這大約會在明年第二季發生。

And then last one for me. Are you seeing a meaningful traction with Tango in the mid-market?

最後，也是我最後一個問題。Tango 在中端市場是否取得了顯著進展？

Yes, very good question. So Tango, when we launched it, was intended to do two things. One was to help create -- kind of accelerating time to value for both our clients and for the ecosystem providers, which would make it more efficient, more productive, higher margin. So that's the one hand. On the other hand, it gave us an entry into the mid-market.

是的，問得好。所以，當我們推出 Tango 時，它的目的是實現兩個目標。其中一個目標是幫助客戶和生態系統供應商更快創造價值，從而提高效率、提高生產力、增加利潤。這是其中一方面。另一方面，它也讓我們得以進入中端市場。

And for us, we call the mid-market kind of $1 billion to $10 billion. So it's a bit of a spread. But it's a market that we never really -- in the US never really went after. Now with Tango, it's been a great success. Over 25% of the platform is now mid-market clients running through there. That could not have been possible without that platform, we don't think. We use it as kind of our entry point in.

對我們來說，我們將年收入在 10 億美元到 100 億美元之間的市場稱為中階市場。所以範圍有點廣。但在美國，我們從未真正涉足過這個市場。現在，隨著探戈的流行，它取得了巨大的成功。目前，該平台超過 25% 的用戶是中階市場客戶。我們認為，如果沒有那個平台，這是不可能實現的。我們把它當作一個切入點。

So we expect the mid-market to be a growth driver for us over the next few years. And AI is helping that because AI clearly adds complexity and opportunity. But I would say most mid-market companies do not have the level of expertise internally to help execute on their AI initiatives, and that plays right into our strength.

因此，我們預計未來幾年中端市場將成為我們的成長動力。人工智慧正在幫助實現這一點，因為人工智慧顯然增加了複雜性，同時也帶來了機會。但我認為，大多數中型企業內部缺乏足夠的專業知識來幫助執行其人工智慧計劃，而這正是我們的優勢所在。

Joe Gomes, NOBLE Capital Markets.

Joe Gomes，NOBLE Capital Markets。

So I just want to go back to the APAC for a second here, a follow-up on Vince's question. I think earlier in the year you were talking about, you expected to see some improvement there after some elections had gone through. And just trying to get a better handle on what is kind of pushing out a return to growth in that market, especially on the federal spending?

所以我想再回到亞太地區，就 Vince 的問題做個後續說明。我認為你年初的時候也提到過，你當時預期在幾次選舉之後情況會有所改善。我們只是想更了解是什麼因素阻礙了該市場的成長復甦，尤其是聯邦支出方面？

Yes. Look, the elections were over, I think it was May, June, so end of second quarter. We expected it may take a little time to gen up, but it's taking longer. We see the pipeline beginning to build, but the pace in which they are moving in the new regime is not quite at the pace we had expected early on. So again, I don't want to overplay this one because it's really the difference between having about $1 million more of revenue in a quarter down there than anything.

是的。你看，選舉已經結束了，我想應該是五、六月，也就是第二季末。我們預料到可能需要一些時間才能啟動，但沒想到需要更長。我們看到管道建設開始步入正軌，但在新體制下，其推進速度並沒有達到我們早期預期的速度。所以，我不想過度誇大這件事，因為這實際上意味著那裡一個季度的收入會比其他地方多出大約 100 萬美元。

So on the scope of things, it's a small piece, but that is what will be necessary to turn that because the commercial side is not big enough to drive the growth without public.

所以從整體來看，這只是很小的一部分，但這是扭轉局面所必需的，因為如果沒有公眾的支持，商業方面還不足以推動成長。

Okay. Thanks for that. And then I understand there's very limited, I'll call it, if any at all, exposure to the federal government here. But are you seeing any secondary impacts from like the government shutdown on any of the areas, whether it would be state and local or the education market?

好的。謝謝。而且據我了解，這裡與聯邦政府的接觸非常有限，甚至可以說根本沒有。但是，您是否看到政府停擺等事件對任何領域產生了任何次要影響，無論是州和地方政府還是教育市場？

No, zero. In fact, I think our public sector was up in the US almost 30% in the quarter, just to give you kind of a flavor. And primarily because they are moving on -- they have a lot of -- they have a large older workforce. The technology is still pretty old. So using AI to assist them to move at more of an accelerated pace defined in the public sector as accelerated, has been a good thing.

不，零。事實上，我認為美國公共部門在本季成長了近 30%，這只是為了讓您有個大致了解。主要原因是他們正在轉型——他們有很多——他們有大量的老員工。這項技術還比較老舊。因此，利用人工智慧來幫助他們以公共部門所定義的「加速」速度前進，是一件好事。

So nothing from the shutdown has impacted and it's reflected in our growth for the quarter of about 30%.

因此，停工並未對我們造成任何影響，這反映在我們本季約 30% 的成長中。

Okay. And then on the recurring revenues, I was just looking -- it looks like they were basically flat with what occurred in the second quarter, the same $28 million of revenue and about 45% of the overall. And just wondering, what do you think needs to happen to start seeing some of the faster growth on the recurring revenue side of the business?

好的。至於經常性收入，我剛剛看了一下——看起來基本上與第二季持平，收入同樣為 2800 萬美元，約佔總收入的 45%。我想問一下，您認為需要發生什麼才能讓公司在經常性收入方面出現更快的成長？

Well, first, we think 9% is pretty good. So year-over-year is how we look at it mostly. So we were around $20 million -- Michael, $28 million, I think, for the quarter, and that was up 9%, Joe, from a year ago. So look, we feel very good, and we think that recurring revenue stream will -- we're probably sitting at about $100 million. And this year, we'll sit at about $110 million, I think, roughly when the year is out.

首先，我們認為 9% 已經相當不錯了。所以我們主要以同比的方式來看待這個問題。所以，我們當季的收入大約是 2000 萬美元——邁克爾說是 2800 萬美元，我想是這樣，喬說，這比去年同期增長了 9%。所以你看，我們感覺非常好，我們認為經常性收入流將會——我們大概能達到 1 億美元左右。我想，到年底的時候，我們的收入大概會達到 1.1 億美元左右。

That's just a quick estimate. And we expect that to be $120 million plus next year, to give you an indicator on where we're going.

那隻是個粗略的估計。我們預計明年這個數字將超過 1.2 億美元，這可以讓你了解我們的發展方向。

Okay. Great. And just real quick, if I may, maybe can you give us a little update on the Martino acquisition and how that is progressing?

好的。偉大的。另外，如果可以的話，能否請您簡單介紹一下馬蒂諾收購案的進展？

It's now almost fully integrated. It will be by the end of the year. We had a kickoff meeting the first week of September, taking our Italian business and theirs together, and we're very, very pleased with the leadership, Andreas Martino, who is the CEO now of our overall Italian business coming out of Martino. So that's pacing nicely.

現在它幾乎已經完全整合了。到年底前就能完成。我們在 9 月的第一周舉行了啟動會議，將我們的義大利業務和他們的業務整合在一起，我們對領導層非常滿意，安德烈亞斯·馬蒂諾 (Andreas Martino) 現在是我們整個義大利業務的首席執行官，他來自 Martino 公司。所以進展順利。

And we have some good, nice little recurring revenue stream there, and it's a nice little strategic add-on for us. So it's moving well.

而且我們還能獲得一些不錯的、穩定的經常性收入，這對我們來說是一個很好的策略補充。所以進展順利。

Gowshi Sri, Singular Research.

高希·斯里，Singular Research。

Can you hear me?

你聽得到我嗎？

Yes, sir.

是的，先生。

Finally, with so much boardroom focus on AI, are you sensing any increased effort from the traditional IT consultants or the hyperscalers to encroach on your advisory relationships?

最後，鑑於董事會如此關注人工智慧，您是否感覺到傳統 IT 顧問或超大規模資料中心營運商正在加大力度，試圖侵蝕您與他們之間的諮詢關係？

I'm sorry, I didn't catch the last part, Gowshi?

抱歉，我沒聽清楚最後一部分，高仕？

Are you sensing any increased competition from the traditional IT consultants or the hyperscalers on your advisory relationships?

您是否感覺到來自傳統 IT 顧問公司或超大規模資料中心營運商的競爭在您的顧問關係中日益加劇？

No. From our standpoint, no. They are excellent relationship partners with us. I mean, most all of them, AWS and others, are clients of ours, but we do not run into them in a competitive standpoint for the work that we do.

不。從我們的角度來看，不。他們是我們優秀的合作夥伴。我的意思是，AWS 和其他公司幾乎都是我們的客戶，但在我們所從事的工作中，我們不會與他們有競爭關係。

And in terms of AI business, how are the clients quantifying the ROI? And how much of that savings are you able to directly link back to a follow-on project?

那麼，就人工智慧業務而言，客戶是如何量化投資報酬率的呢？而您又能將其中多少節省下來的資金直接用於後續專案呢？

Okay. Good question. I mean, I think a couple of things. I think most of the larger enterprises are prioritizing -- if I can say it this way, they're prioritizing profits a little bit over more aggressive growth. And because of that, they are looking at kind of how can they utilize AI and their delivery models to help with cost and risk. And in some cases they're focusing on data acquisition and engineering and governance of kind of the underlying systems that drive some of their business.

好的。問得好。我的意思是，我想到了兩件事。我認為大多數大型企業都在優先考慮——如果我可以這麼說的話——他們更注重利潤而不是更激進的成長。正因如此，他們正在研究如何利用人工智慧和他們的交付模式來幫助降低成本和風險。在某些情況下，他們專注於資料收集、工程和治理，以及驅動其部分業務的底層系統。

So from our standpoint, I think we're seeing them wanting to try to scale and do it in a cost-effective way, utilizing a road map to start with, an AI road map, which we help them with and develop, and then begin to execute it at the pace that they're comfortable in doing so. So I think overall, optimization and using AI inside the large enterprises is still paramount.

所以從我們的角度來看，我認為他們希望嘗試擴大規模，並以經濟高效的方式進行，首先利用路線圖，即我們幫助他們制定和開發的 AI 路線圖，然後以他們覺得合適的速度開始執行。所以我認為，總體而言，在大企業內部進行最佳化和使用人工智慧仍然至關重要。

Of course, they want to use it to drive growth. But if they can get the cost from the -- if they can get the dollars from the optimization side, they either will take that to earnings per share or they move it over to their growth initiatives. And it's some combination of both depending on the industry, typically, on which they're operating in at the moment.

當然，他們希望利用它來推動成長。但是，如果他們能夠從優化方面獲得成本——如果他們能夠從優化方面獲得資金，他們要么會將這些資金用於每股收益，要么將其轉移到成長計劃中。通常情況下，這取決於他們目前所在的行業，是兩者的某種結合。

Got you. And on the uncertainty around H-1B visa policies under the current administration, any impact of positive or negative on your competitive space or delays either from your side or on the client side?

抓到你了。鑑於目前政府 H-1B 簽證政策的不確定性，這對您的競爭環境是否有任何正面或負面的影響？或是否會造成您或客戶方面的延誤？

Gowshi, it's Michael, and good question. Look, I think like anything, change in uncertainty creates opportunity for us, right? The changes that are taking place will no doubt require enterprises to rethink the staffing model and how they've negotiated with providers. And that just creates an opportunity for us for advisory, right?

Gowshi，我是Michael，問得好。我認為，就像任何事情一樣，不確定性中的變化會為我們帶來機遇，對吧？正在發生的變化無疑將要求企業重新思考人員配備模式以及與供應商的談判方式。這就為我們提供了諮詢服務的機會，對吧？

Obviously, we sit here with all the benchmarking and data to be able to share what can and can't be done from on-site versus offshore, et cetera. So I think it creates opportunity for us. It's still yet to be seen, because obviously, this is going to impact the incoming class, if you will, that's applied for this year, which wouldn't be until October that any of them would have landed in the US. But I think it can create opportunity for us as people have to rethink their models, and we'll be a part of that process.

顯然，我們掌握了所有基準測試和數據，可以分享哪些事情可以在現場完成，哪些事情不能在離岸完成等等。所以我認為這為我們創造了機會。目前還不得而知，因為很明顯，這將對今年申請入學的新生產生影響，而他們中的一些人要到十月才能抵達美國。但我認為這可以為我們創造機會，因為人們必須重新思考他們的模式，而我們將成為這個過程的一部分。

As I'm showing no further questions, I'll turn the call back to Mike Connors for his closing remarks.

由於我沒有其他問題要問，我將把電話轉回給麥克康納斯，請他作總結發言。

Well, 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 have a passion for delivering the best advice and support and research to our clients as they continue their AI-powered transformations, 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.

最後，我要感謝全球所有專業人士，感謝他們為我們持續進步所做的貢獻，感謝他們的合作和對客戶的堅定奉獻，以及他們推動我們長期成功所做的努力。我們的員工充滿熱情，致力於為客戶提供最佳的建議、支援和研究，幫助他們繼續進行人工智慧驅動的轉型，我為他們感到無比自豪。感謝各位參與電話會議，感謝你們一直以來對我們公司的支持與信任。祝您今天餘下的時間過得愉快。

This concludes today's teleconference. You may disconnect at any time.

今天的電話會議到此結束。您可以隨時斷開連線。