Information Services Group Inc (III) 2026 Q1 法說會逐字稿

Good morning and welcome to the Information Services Group first quarter 2026 conference call. This call is being recorded, and the replay will be available on ISG's website within 24 hours. Now I'd like to turn the call over to Mr. Will Thoretz for his opening remarks and introductions.

早安，歡迎參加 Information Services Group 2026 年第一季財報電話會議。本次電話會議將被錄音，重播將於 24 小時內在 ISG 官網提供。現在我想把電話交給 Will Thoretz 先生，請他發表開場致詞並介紹與會者。

Mr. Thoris, please go ahead.

Thoris 先生，請開始。

Thank you, operator. Hello and good morning. My name is Will Thoretz. I am Head of Corporate Communications for ISG. I'd like to welcome everyone to ISG's first quarter conference call. I'm joined today by Michael Connors, Chairman and Chief Executive Officer; and Michael Sherick, Executive Vice President and Chief Financial Officer.

謝謝，接線員。各位好，早安。我叫 Will Thoretz。我是 ISG 企業傳播主管。歡迎各位參加 ISG 第一季電話會議。今天與我一同出席的有董事長兼執行長 Michael Connors，以及執行副總裁兼財務長 Michael Sherick。

Before we begin, I would 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.

在開始之前，我想宣讀前瞻性聲明。請務必注意，本次溝通可能包含前瞻性陳述，代表 ISG 管理層對未來事件及其潛在影響的目前預期與信念。

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 sections of our most recent Form 10-K and 10-Q filings.

這些陳述並非對未來結果的保證，且受某些風險與不確定性影響，可能導致實際結果與預期存在重大差異。如需更詳細的風險及其他可能影響未來結果因素之清單，請參閱我們昨晚提交給美國證券交易委員會（SEC）的 Form 8-K 中所載之前瞻性聲明，以及我們最近提交之 Form 10-K 與 10-Q 文件中的風險因素章節。

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 will be able to obtain free copies of any of ISG's SEC filings on either ISG's website at www.isg-1.com or the SEC's website at www.sec.gov. ISG undertakes no obligation to update or revise any forward-looking statement to reflect subsequent events or circumstances.

您也應閱讀 ISG 的 Form 10-K 年度報告及任何其他相關文件，包括向 SEC 提交之該等文件的任何修訂或補充。您可在 ISG 官網 www.isg-1.com 或 SEC 官網 www.sec.gov 免費取得 ISG 向 SEC 提交的任何文件副本。ISG 不承擔更新或修訂任何前瞻性聲明以反映後續事件或情況的義務。

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 a greater transparency of key measures used to evaluate the company's performance.

在本次電話會議中，我們將討論若干非 GAAP 財務衡量指標；ISG 認為這些指標可提升公司各期間財務結果的可比性，並提高用於評估公司績效之關鍵指標的透明度。

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.

我們今天將提及的非 GAAP 指標包括調整後 EBITDA、調整後淨利，以及以固定匯率基礎呈列的部分財務數據。非 GAAP 指標係作為補充資訊提供，不應單獨考量，亦不應取代依 GAAP 編製的財務結果。

For the reconciliation of all non-GAAP measures presented to the closely applicable GAAP measure, please refer to our current report on Form 8-K, which was filed last night with the SEC.

關於本次所呈列之所有非 GAAP 指標與最直接可比之 GAAP 指標的調節，請參閱我們昨晚向 SEC 提交的 Form 8-K 當期報告。

And now, I would like to turn the call over to Michael Connors, who will be followed by Michael Sherick. Mike.

現在，我想把電話交給 Michael Connors，接著將由 Michael Sherick 發言。Mike。

Thank you, Will, and good morning, everyone.

謝謝你，Will，各位早安。

Today, we will review our strong Q1 results, our compelling AI transformation story, our view of the broader demand environment, and our outlook for Q2.

今天，我們將回顧第一季強勁的業績、我們引人注目的 AI 轉型故事、我們對整體需求環境的看法，以及對第二季的展望。

ISG had a strong first quarter and an excellent start to the year, continuing our momentum.

ISG 第一季表現強勁，為今年帶來極佳的開局，並延續我們的動能。

Our Q1 results, both revenue and EBITDA, were at the top end of our guidance.

我們第一季的營收與 EBITDA 結果皆落在財測區間的上緣。

Revenue was $61.2 million, up 3%, led by 25% growth in Europe and 9% growth in recurring revenues, powered by our research, public sector, and governance businesses.

營收為 6,120 萬美元，年增 3%，主要由歐洲 25% 的成長以及經常性收入 9% 的成長所帶動；成長動能來自我們的研究、公共部門與治理業務。

In terms of profitability, Q1 marks the sixth quarter in a row that our adjusted EBITDA has grown by double-digits, versus the prior year, it was up 12% to $8.3 million, and our adjusted EBITDA margin was up more than 100 basis points to 13.5%, fueled by a more profitable business mix and our strong operating discipline.

就獲利能力而言，第一季是我們調整後 EBITDA 連續第六個季度相較去年同期呈現雙位數成長；年增 12% 至 830 萬美元，調整後 EBITDA 利潤率提升逾 100 個基點至 13.5%，主要受惠於更有利可圖的業務組合以及我們嚴謹的營運紀律。

Now a few comments on our AI transformation story.

接下來談幾點關於我們的 AI 轉型故事。

AI demand continues to accelerate for ISG.

ISG 的 AI 需求持續加速。

In Q1, we delivered $21 million of AI-related revenue, about 1/3 of our firm-wide total.

第一季我們交付了 2,100 萬美元的 AI 相關營收，約占全公司總營收的三分之一。

That was up from $12 million a year ago.

相較一年前的 1,200 萬美元有所提升。

AI-related revenue includes work where AI is a key part of the client's solution, including AI research and insights, AI strategy, sourcing, governance, operating model design, business case validation, software, tech provider evaluation, and transformation support.

AI 相關營收包含 AI 為客戶解決方案關鍵組成的工作，包括 AI 研究與洞察、AI 策略、採購（sourcing）、治理、營運模式設計、商業案例驗證、軟體、科技供應商評估，以及轉型支援。

AI and the cost optimization initiatives that fund digital transformation remain leading areas of client investment, and that plays to our strengths.

AI 以及為數位轉型提供資金來源的成本優化計畫，仍是客戶投資的領先領域，而這正符合我們的強項。

Apart from AI-driven solutions, we are leveraging AI in our own client delivery model to improve speed, quality, and efficiency, thereby supporting margin expansion over time.

除了 AI 驅動的解決方案之外，我們也在自身的客戶交付模式中運用 AI，以提升速度、品質與效率，進而隨時間推進支持利潤率擴張。

Our recently launched ISG AI Index underscores how the AI market continues to develop.

我們近期推出的 ISG AI Index 強調 AI 市場仍在持續發展。

Initial spending is concentrated in infrastructure, as hyperscalers ramp up capacity to meet demand.

初期支出集中在基礎設施，因超大規模雲端服務商（hyperscalers）正擴增產能以滿足需求。

Software and platform providers are beginning to monetize their AI capabilities, while managed services is still in the early stages, indicating the larger opportunity remains in front of us.

軟體與平台供應商正開始將其 AI 能力變現，而託管服務仍處於早期階段，顯示更大的機會仍在前方。

As AI demand rises, so does complexity.

隨著 AI 需求上升，複雜度也隨之提高。

It's in these periods of disruption, especially, that clients turn to ISG for our independent, trusted advice.

尤其在這類顛覆的時期，客戶會轉向 ISG，尋求我們獨立且值得信賴的建議。

Each year, we influence more than $200 billion of tech spend.

每年，我們影響超過 2,000 億美元的科技支出。

This activity informs our advisors and researchers, expands our benchmarking data, and delivers data-driven insights and recommendations our clients depend on for their AI-powered business transformations.

這些活動為我們的顧問與研究人員提供資訊、擴充我們的標竿數據，並交付以數據驅動的洞察與建議，讓客戶在其 AI 驅動的業務轉型中得以倚賴。

While AI adoption is still in the early stages, pilots are progressing into broader deployments.

雖然 AI 採用仍處於早期階段，但試點專案正推進至更廣泛的部署。

We expect this to translate into sustained demand and a growing pipeline. Of opportunities for ISG.

我們預期這將轉化為持續的需求與不斷成長的商機管線。為 ISG 帶來機會。

One of the highlights of Q1 was the signing of our largest deal ever, a multi-year agreement valued up to $17 million to provide governance services to a top global manufacturer.

第一季的亮點之一，是簽下我們史上最大的一筆交易：與一家全球頂尖製造商簽訂多年期協議，合約價值最高可達 1,700 萬美元，為其提供治理服務。

Under this landmark contract, ISG will manage $300 million in global technology spend.

在這份里程碑式合約下，ISG 將管理 3 億美元的全球科技支出。

With 200 technology vendors to support a large-scale, multi-year AI-powered transformation.

並與 200 家科技供應商合作，以支援一項大規模、跨多年的 AI 驅動轉型。

This work is beginning, and we expect to support this client for up to eight years on this AI-centered client initiative.

這項工作已開始，我們預期在這項以 AI 為核心的客戶計畫中，將為該客戶提供長達八年的支援。

One comment on our ISG Tango.

接著談一下我們的 ISG Tango。

We continue to deliver great value through our proprietary AI-powered next-generation sourcing platform.

我們透過自有的 AI 驅動次世代採購平台，持續交付極高價值。

More than $27 billion of contract value is flowing through Tango, which is now fully integrated into our workflows and has become integral to our sourcing business.

超過 270 億美元的合約價值正透過 Tango 流轉；Tango 現已完全整合至我們的工作流程中，並已成為我們採購業務不可或缺的一部分。

Now turning to our regions, the Americas delivered $40 million of revenue in Q1. Down about 3% from last year against a tough compare, and up 4% sequentially from the fourth quarter.

接著看各區域表現，美洲地區第一季營收為 4,000 萬美元。在高基期比較下，較去年約下降 3%，但較第四季季增 4%。

Our current America's pipeline is robust, and we expect solid year-over-year growth in Q2.

我們目前美洲地區的商機管線強勁，我們預期第二季將有穩健的年對年成長。

During the first quarter, the region saw double-digit growth in research and governance, and in our health sciences, insurance, and public sector industry verticals.

第一季期間，該地區在研究與治理方面實現兩位數成長，且在我們的健康科學、保險與公共部門等產業垂直領域亦呈現兩位數成長。

Key client engagements included Estee Lauder, ExxonMobil, and the state of Arizona.

主要客戶合作案包括雅詩蘭黛（Estee Lauder）、埃克森美孚（ExxonMobil）以及亞利桑那州政府。

During the quarter, we began work on a $5 million engagement with a leading U.S. Healthcare company to deliver technology, cost savings, and AI-driven innovation, with the goal of improving patient care.

本季我們開始為一家美國領先的醫療保健公司執行一項500萬美元的合作案，提供技術、成本節省與AI驅動的創新，目標是改善病患照護。

We are providing a full range of services, including benchmarking. Operating model design, sourcing, transition, change management, and governance services.

我們提供全方位服務，包括標竿比較（benchmarking）。營運模式設計、採購、移轉、變革管理與治理服務。

This is one of the largest-ever technology transactions in the U.S. Healthcare sector, where there is increasing demand to modernize and digitize care, pointing to a great future opportunity for ISG.

這是美國醫療保健產業史上規模最大的技術交易之一；該產業對照護現代化與數位化的需求日益增加，顯示ISG未來具備極佳的機會。

Also within this sector, we continue to deliver a multimillion-dollar series of engagements for a global healthcare and medical products company involving sourcing, governance, network, and software.

同樣在此產業內，我們持續為一家全球醫療保健與醫療產品公司交付一系列數百萬美元規模的合作案，涵蓋採購、治理、網路與軟體等領域。

We are also supporting the client's shift to agentic AI, which we expect will lead to follow-on work as the client accelerates its AI adoption.

我們也在支持客戶轉向代理式AI（agentic AI），我們預期隨著客戶加速採用AI，將帶來後續延伸的工作機會。

Our Europe region continued its momentum from the second-half of last year with an excellent first quarter.

歐洲地區延續去年下半年的動能，第一季表現非常出色。

Revenues were up 25% to $17 million, driven by double-digit growth in our advisory, software, and governance businesses, and in our consumer, insurance, and health sciences industry verticals.

營收成長25%至1,700萬美元，主要受惠於我們的顧問、軟體與治理業務，以及消費、保險與健康科學等產業垂直領域的兩位數成長所帶動。

Key client engagements in Europe in the first quarter included Allianz, Diageo, and Barmar a leading health insurer in Germany.

歐洲第一季的主要客戶合作案包括安聯（Allianz）、帝亞吉歐（Diageo），以及德國領先的健康保險公司Barmar。

During the quarter, we won a large engagement worth about $1 million with a welcome back client, a leading medical technology company.

本季我們贏得一項約100萬美元的大型合作案，客戶為回流客戶——一家領先的醫療科技公司。

We are supporting a broad range of infrastructure and software initiatives for the client, aimed at optimizing cost and adopting AI with room for follow-on opportunities.

我們正支持該客戶廣泛的基礎設施與軟體計畫，目標在於最佳化成本並導入AI，同時也保留後續延伸合作的機會。

We also won a $3 million engagement with a leading pharmaceutical company, a new client for the firm.

我們也贏得一家領先製藥公司的300萬美元合作案，該公司為本公司的新客戶。

We are delivering software advisory support and executing on an enterprise-wide technology sourcing and vendor consolidation strategy involving AIOps and proprietary AI platforms.

我們提供軟體顧問支援，並執行涵蓋全企業的技術採購與供應商整併策略，涉及AIOps與專有AI平台。

The goal is to free up savings for the client to reinvest in its research and development activities.

目標是釋放節省金額，讓客戶得以再投資於其研發活動。

As you can see from these examples, this was a big sales quarter for ISG in the health sciences sector, both in the U.S. And in Europe.

從這些例子可以看出，本季對ISG而言，在健康科學領域是銷售表現強勁的一季，無論在美國或歐洲皆是如此。

In Asia Pacific, our Q1 revenues of $4.1 million were down $700,000 compared with the prior year.

在亞太地區，我們第一季營收為410萬美元，較去年同期減少70萬美元。

Based on our current pipeline, including public sector work, we expect Q2 revenues to be up 20% sequentially.

根據我們目前的案源（pipeline），包括公共部門工作在內，我們預期第二季營收將較第一季季增20%。

In Q1, we saw double-digit growth in our consumer and enterprise industry verticals.

第一季，我們在消費與企業兩個產業垂直領域看到兩位數成長。

Key clients in the quarter included IEMO and Woolworths.

本季主要客戶包括IEMO與Woolworths。

During the quarter, we continued our work on a new, nearly $1 million engagement with a provider of data center services to power the region's ongoing adoption of AI.

本季期間，我們持續推進一項新的、接近100萬美元的合作案，客戶為資料中心服務供應商，以支援該地區持續採用AI。

ISG is helping the client build out its core AI capabilities to support its rapid growth plans.

ISG正協助客戶建置其核心AI能力，以支援其快速成長計畫。

Now turning to the broader market and our guidance for Q2.

接下來談更廣泛的市場情況以及我們對第二季的指引。

Clients continue to focus on cost optimization and AI investments despite uncertain macro conditions, and this plays to our strengths.

儘管總體環境不確定，客戶仍持續聚焦於成本最佳化與AI投資，而這正符合我們的優勢。

We see current demand trends continuing into Q2.

我們預期目前的需求趨勢將延續至第二季。

With this in mind, for the second quarter, we are targeting revenues of between $62.5 million and $63.5 million, and adjusted EBITDA between $8 million and $9 million, which will continue our year-over-year growth and margin expansion.

基於此，第二季我們的目標營收為6,250萬至6,350萬美元之間，調整後EBITDA為800萬至900萬美元之間，將延續我們的年增成長與利潤率擴張。

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

接下來我把電話會議交給Michael Sherick，他將總結我們的財務結果。Michael。

Thank you, Mike, and good morning, everyone. Revenue for the first quarter was $61.2 million, up 3% year-over-year.

謝謝你，Mike，各位早安。第一季營收為6,120萬美元，年增3%。

By region, America's revenue was $39.8 million, down 2.9%. Europe delivered revenue of $17.3 million, up 25.3%, and Asia Pacific was $4.1 million, down 14.7%.

按地區來看，美洲營收為3,980萬美元，下降2.9%。歐洲營收為1,730萬美元，成長25.3%；亞太為410萬美元，下降14.7%。

Adjusted EBITDA for the quarter was $8.3 million. Up 11.8% with margin expanding 111 basis points to 13.5%. Operating income was $5 million, up 47.7% year over year, resulting in an operating margin of 8.2%.

本季調整後EBITDA為830萬美元。年增11.8%，利潤率擴張111個基點至13.5%。營業利益為500萬美元，年增47.7%，營業利益率為8.2%。

GAAP net income was $2.7 million, or $0.05 per fully diluted share, compared with $1.5 million, or $0.03 per fully diluted share, last year.

依GAAP計算的淨利為270萬美元，或完全稀釋後每股0.05美元；去年為150萬美元，或完全稀釋後每股0.03美元。

Adjusted net income was $4.3 million, or $0.09 per fully diluted share, up from $3.7 million, or $0.07 per fully diluted share, a year ago.

調整後淨利為430萬美元，或完全稀釋後每股0.09美元，高於一年前的370萬美元，或完全稀釋後每股0.07美元。

Headcount at quarter end was 1,276, essentially flat with year end.

季末員工人數為1,276人，與年末基本持平。

Our consulting utilization was 71.5%, in line with our typical first quarter levels.

我們的顧問人員稼動率為71.5%，符合我們第一季的典型水準。

We ended the quarter with cash of $22.7 million, compared with $28.7 million at the end of the fourth quarter and up 2.6 million year over year.

季末現金為2,270萬美元，較第四季末的2,870萬美元減少，且較去年同期增加260萬美元。

For the quarter, net cash used in operations was $700,000, which was in line with our expectations given normal first quarter seasonality. We continue to expect strong operating cash flow for the remainder of the year.

本季營運活動淨現金流出70萬美元，符合我們對第一季正常季節性的預期。我們仍預期今年剩餘期間將有強勁的營運現金流。

During the quarter, we paid dividends of $2.2 million and repurchased $2.1 million of stock.

本季我們支付股利220萬美元，並回購股票210萬美元。

Our next quarterly dividend will be paid June 26 to shareholders of record as of June 5.

下一次季度股利將於6月26日支付給截至6月5日登記在冊的股東。

At quarter end fully diluted shares outstanding were $50.2 million, and our gross debt-to-EBITDA ratio was just under 1.8 times, down from 1.9 times at December 31, 2025.

季末完全稀釋後流通股數為5,020萬股，我們的總負債對EBITDA比率略低於1.8倍，低於2025年12月31日的1.9倍。

Our average borrowing rate for the quarter was 5.4%, down 115 basis points year-over-year.

本季平均借款利率為5.4%，較去年同期下降115個基點。

Overall, our balance sheet remains solid providing us with a strong foundation to both operate and invest in the business, especially in our AI initiatives. Mike will now share concluding remarks before we go to Q&A. Mike.

整體而言，我們的資產負債表仍然穩健，為我們營運與投資業務（特別是AI計畫）提供堅實基礎。接下來Mike將在進入問答前分享結語。Mike。

Thank you, Michael.

謝謝你，Michael。

To summarize, ISG is off to a strong start in 2026, with AI acting as a tailwind.

總結來說，ISG在2026年開局強勁，AI成為推動成長的順風。

Our first quarter results were led 25% growth in Europe and 9% growth in recurring revenues.

我們第一季的成果主要由歐洲25%的成長以及經常性收入9%的成長所帶動。

We delivered our sixth straight quarter of double-digit growth and adjusted EBITDA, up 12% in Q1, with our margins up by more than 100 basis points.

我們連續第六季實現兩位數成長；第一季調整後EBITDA成長12%，利潤率提升超過100個基點。

We believe ISG is a compelling AI transformation story in the technology research and advisory services market, not because we are talking about AI, but because AI is already having a positive impact on our revenue, our margins. Governance wins, and client demand.

我們相信，ISG 是科技研究與顧問服務市場中一個極具吸引力的 AI 轉型故事；不是因為我們在談 AI，而是因為 AI 已經對我們的營收與利潤率帶來正面影響。治理方面的勝利，以及客戶需求。

Indeed, ISG is uniquely positioned to help clients realize their AI ambitions.

確實，ISG 具備獨特的定位，能協助客戶實現其 AI 願景。

Our unmatched value chain of research, benchmarking, advisory, and governance services is a key competitive advantage for ISG. Delivering ROI to our clients, and long-term value for our shareholders.

我們無可匹敵的價值鏈——研究、標竿比較、顧問服務與治理服務——是 ISG 的關鍵競爭優勢。為客戶交付投資報酬率（ROI），並為股東創造長期價值。

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

非常感謝各位今天早上來電參與，接下來我把會議交給接線員，進行提問。

Today's question-and-answer session will be conducted electronically.

今天的問答環節將以電子方式進行。

(Operator Instructions)

（接線員指示）

The first question comes from the line of Joe Nomes from Noble Capital. Please go ahead.

第一個問題來自 Noble Capital 的 Joe Nomes。請發問。

Good morning. Nice quarter.

早安。本季表現不錯。

Thank you. Good morning, Joe.

謝謝。早安，Joe。

First of all, I wanted to ask, the new client, and I don't know what more color you can provide on that, and maybe the pipeline there for a similar size type of deals.

首先我想問一下新客戶的部分，我不確定你們還能提供多少細節，也想了解一下是否有類似規模交易的管線。

I know that you've mentioned this is the largest one, but there's the pipeline. Growing to those type of deals more than, say, a million or $2 million deals.

我知道你們提到這是最大的一筆，但就管線而言，是否正在增加這類型的交易，而不只是例如 100 萬或 200 萬美元的案子？

Yeah, thanks, Joe. So first of all, yes, first of all, the major manufacturing company, a very large deal all around AI governance, which is a hot topic with our client base.

好的，謝謝你，Joe。首先，是的，這家大型製造公司，這是一筆非常大的交易，內容完全圍繞 AI 治理，而這在我們的客戶群中是個熱門議題。

They have allowed a diversification of the use of different. Tools on a global basis in a lot of these major enterprises.

他們允許在許多大型企業中，以全球規模多元化使用不同的工具。

And the question now is, with all the usage and the costs going up, how are we going to govern this in an enterprise?

而現在的問題是，隨著使用量增加、成本上升，我們要如何在企業內部進行治理？

And so, we have a number of discussions going on and a number of things in our pipeline relative to our governance services, with AI governance being at the top of the list. So we expect--we expect this to be a very hot area for us over the next couple of years, Joe.

因此，針對我們的治理服務，我們正在進行多項討論，管線中也有不少相關機會，其中 AI 治理位居首位。所以我們預期——我們預期在未來幾年，這會是我們非常火熱的領域，Joe。

And then just on the guidance, maybe you could kind of walk me through.

另外關於指引，你或許可以帶我梳理一下。

If I look year-over-year, the second quarter last year was $61.6 million, and we're guiding at $62.5 million to $63.5 million.

如果我看年對年，去年第二季是 6,160 萬美元，而你們給的指引是 6,250 萬到 6,350 萬美元。

You already talked about Asia should be up 20%, which is close to $1 million there. I think you said North America or America should be also see some growth.

你已經提到亞洲應該會成長 20%，大概接近 100 萬美元的增量。我記得你也說北美或美洲也應該會有一些成長。

So is there something still in the second quarter numbers last year that would kind of if we removed that, would show a bigger growth rate for this year or are you just being conservative because of the environment out there?

所以去年第二季的數字裡，是否有什麼項目如果剔除後，會讓今年的成長率看起來更高？還是你們只是因為外部環境而採取保守態度？

Yeah, Joe, it's Michael. Thanks for the question. Yeah, look, I don't think that there's no item or individual thing we would point to your point, that drives it in terms of where we are. I think like anything, there's an uncertain macro environment. We're still early in May. And so, as always, we want to be conservative in how we look at things and make sure that we're not getting ahead of ourselves.

是的，Joe，我是 Michael。謝謝你的問題。是的，你提到的那點，我不認為有任何單一項目或個別因素是我們會特別指出、用來解釋目前狀況的。我想跟其他公司一樣，總體環境仍不確定。我們現在也才 5 月初。因此，一如既往，我們希望在看待事情時保持保守，確保不會操之過急。

Okay, great. Thanks, (Ben). I'll get back in queue.

好的，很好。謝謝，（Ben）。我回到隊列。

Thanks, Joe.

謝謝你，Joe。

Your next question comes from the line of Dave Storms with Stonegate. Please go ahead.

下一個問題來自 Stonegate 的 Dave Storms。請發問。

Morning, and thanks for taking my questions.

早安，謝謝讓我提問。

Maybe you wanted to start with Europe. You mentioned you had a welcome back customer there. Just curious as to when you're looking at your pipeline, are you seeing an increase in welcome back customers, which is kind of a one-off? I'm sure you guys are always working on that, but maybe any further color there would be great.

也許先從歐洲談起。你提到那邊有一位「回流」客戶。我想了解的是，當你們看管線時，是否看到「回流」客戶增加？這有點像一次性的情況。我相信你們一直在做這件事，但如果能再多提供一些細節就太好了。

Yeah, so look, the reference we were referring to, just for definitional purposes, we call a welcome back client someone who has not done work with us. In the last 24 months, I'll call it two years.

好的，我們剛才提到的那個例子，先就定義說明一下：我們所稱的「回流」客戶，是指在過去 24 個月——我就說兩年——沒有與我們合作的客戶。

We have a lot of continuous clients, as about 80% of our clients or so are continuous year over year.

我們有很多持續合作的客戶，大約 80% 左右的客戶是逐年持續合作的。

So no, I mean, what happens is in different segments, depending on what the environment is and what clients are wanting to move on and take action on, and if they feel like the macro environment is looking a little better, in this case, the examples that I was giving. Was around, I think, the health sciences area.

所以不，我的意思是，不同的業務區塊會因環境不同、以及客戶想推動並採取行動的事項不同而有所差異；如果他們覺得總體環境看起來好一些，在這個案例中，我剛才舉的例子，我想是健康科學領域。

It's really driven by AI, and it's really driven by the need to accelerate pace.

這確實是由 AI 所驅動，也確實是由加速進度的需求所驅動。

And as in Europe, they're a little behind the U.S., primarily because the environment over there is a little more constrained because of all the geopolitical and other things going on. They want to make sure the air is clear.

而在歐洲，他們比美國稍微落後，主要是因為那邊的環境因地緣政治及其他正在發生的事情而更受限制。他們希望確保情勢明朗。

But that's what we're seeing. We're seeing that they are now moving at a more rapid pace than they had been, and they're right behind the US, but they are behind the US overall, and AI is driving the need to move quicker.

但這就是我們看到的情況。我們看到他們現在的推進速度比過去更快；他們緊跟在美國之後，但整體而言仍落後於美國，而 AI 正在驅動必須更快行動的需求。

Understood. I appreciate that and then I did want to circle back to the large client. It sounds like this contract is predicated on a client that's already been working with AI and now maybe needs a little more guidance. Maybe if you're having this conversation a year ago, the conversations were more about getting clients more comfortable with AI and learning there. Are you seeing more contracts where you're coming into an environment where the customer already has some familiarity and now you're working to professionalize? Or do you still see a large number of clients that you're doing more teaching on, if that question is asked the right way?

了解。謝謝你的說明。另外我也想回到那個大型客戶。聽起來這份合約是建立在客戶已經在使用 AI、現在可能需要更多指導的基礎上。也許如果是一年前，你們的對話更多是在讓客戶對 AI 更安心、並進行學習。你們是否看到更多合約是你們進入一個客戶已經有一定熟悉度的環境，接著你們協助其專業化？還是你們仍看到大量客戶需要你們做更多教學？我希望我這樣問是對的。

Yeah, it's a good question. I hate to answer it this way, but frankly, it's both.

是的，這是個好問題。我不太想用這種方式回答，但坦白說，兩者都有。

The specific example, this is a very well-known manufacturing company. They began to put together a strategic AI roadmap over the next eight years. It was an eight-year roadmap.

就這個具體例子而言，這是一家非常知名的製造公司。他們開始規劃未來八年的策略性 AI 路線圖。那是一份八年期的路線圖。

So, they were in the early stages of developing the roadmap. They asked us to come in and help them complete the roadmap. And in the process, we ended up with this longer-term contract.

所以，他們正處於制定路線圖的早期階段。他們請我們進來協助完成這份路線圖。而在這個過程中，我們最終簽下了這份較長期的合約。

But I would say it's equally that and equally that others are beginning the journey. And I know it's hard to believe but a lot of clients are in the very beginning, just like cloud where there are late, bloomers, just like certain companies have never outsourced, believe it or not, in 2026. So there are different companies in different industries and the pace is different.

但我會說，這兩者同樣存在，同時也同樣是因為其他人正開始這段旅程。而且我知道這很難相信，但很多客戶其實還在非常初期的階段，就像雲端一樣，會有後進者；也像某些公司直到 2026 年都從未外包過——信不信由你。所以不同行業的不同公司，步調也不一樣。

The consumer market, I'll use that one as a example, is red hot. Why is it red hot? There's a lot of pressure. On pricing on the consumer. Fuel prices are up. It's taking away some discretionary spend. So the pressure to be able to use AI and optimize costs is increasing on the consumer sector. So that's a red-hot industry. I mentioned health sciences as a second one. And the public sector, we don't do work at the federal level, but we do work in the state level in the U.S. Is also very hot. So those are -- it varies a little bit, Dave, but I would say we have both sides of that coin that we're working with clients, depending on where they are on their journey.

以消費市場為例，我會用這個當作例子，它非常火熱。為什麼非常火熱？因為壓力很大。消費端的定價壓力。燃料價格上漲。這正在排擠一部分可自由支配的支出。因此，消費產業使用 AI 並最佳化成本的壓力正在增加。所以那是一個非常火熱的產業。我提到健康科學是第二個。還有公共部門——我們不做聯邦層級的工作，但我們在美國做州政府層級的工作——也非常火熱。所以這些——會有些差異，Dave，但我會說，視客戶在旅程中的位置而定，我們同時在與「硬幣的兩面」的客戶合作。

That's great commentary. I'll jump back in queue.

這是很棒的評論。我回到排隊等候。

Thank you.

謝謝。

Thanks, Dave.

謝謝你，Dave。

Our next question is from the line of Vincent Colucci with Barrington Research. Please go ahead.

我們的下一個問題來自 Barrington Research 的 Vincent Colucci。請說。

Yeah, good morning, Mike.

是的，早安，Mike。

Good morning, Vince.

早安，Vince。

You just mentioned that you're seeing some clients new to outsourcing. My question was going to be, is that happening to a great extent? In other words, is the complexity and shortage of talent and AI expanding the number of companies you could potentially be working with versus other recent years.

你剛提到你看到一些客戶是外包新手。我的問題本來是：這種情況發生的程度大嗎？換句話說，複雜度、人才短缺以及 AI，是否正在擴大你們相較於近年可能合作的公司數量？

Yeah, so good question, Vince. Let me start with the mid-market, and we define the mid-market, everybody defines it differently, is under a $10 billion revenue company. So, think about it, one to 10 billion. That is a very sweet spot. Why? Most of them are, they all have.

是的，這是個好問題，Vince。我先從中型市場談起；我們把中型市場定義為——每個人定義不同——營收低於 100 億美元的公司。所以想像一下，10 億到 100 億。那是一個非常甜蜜的切入點。為什麼？他們大多數都——他們都有。

Of course, CTOs or CIOs, but the depth of experience at those size companies is not near what it is on the, call it the Global 1000 companies. And so, our ability to go in, especially using Tango as our platform, has been a great door opener, as has the AI Maturity Index to help them understand the level of maturity that their organization is in. It's eye-opening to them. And so, what we've been able to do is to penetrate that mid-market where we have never been able to penetrate it because of our pricing scheme before.

當然有 CTO 或 CIO，但在那種規模的公司，經驗深度遠不及所謂的全球 1000 大企業。因此，我們能夠切入——特別是以 Tango 作為我們的平台——一直是很好的敲門磚；AI Maturity Index（AI 成熟度指數）也同樣能幫助他們了解其組織所處的成熟度層級。這對他們來說很震撼、很開眼界。所以，我們得以打入過去因為定價模式而無法滲透的中型市場。

Now, with AI and the complexity of that, they want to be able to figure out. How they can use AI at scale that can change the complexion of their business. And they don't have that level of talent, typically, inside their organizations. So yes, it's been a nice uplift.

現在，隨著 AI 以及其複雜性，他們想要弄清楚。他們如何能以規模化方式使用 AI，從而改變其業務面貌。而他們通常在組織內部並沒有那樣等級的人才。所以是的，這帶來了不錯的提升。

And then, Michael Sherick, did acquisitions meet the expectations in the quarter, and what was the contribution?

另外，Michael Sherick，那些收購在本季是否符合預期？貢獻是多少？

Yeah, so again, if you look quarter over quarter, what we really had this quarter was AI/MI, nothing really material year over year. So it did meet our expectation. We continue to be extremely encouraged and optimistic on that transaction, right?

是的，所以再說一次，如果你看季對季，本季我們真正有的就是 AI/MI，年對年沒有什麼重大的項目。所以它確實符合我們的預期。我們對那筆交易仍然非常受到鼓舞，也很樂觀，對吧？

It really is a tip of spear, door opener type of offering for us, in the world of AI. So, again.

它確實是我們在 AI 世界裡的「矛尖」、屬於敲門磚型的產品服務。所以，再次。

But we did that one knowing it was a technology and it would be that hiposphere and we've seen that play out. So we continue to be very excited with both the offering and specifically the team that we took on from there.

但我們做那一筆時就知道它是一項技術，會形成那種「熱點領域」，而我們也看到這點正在發生。所以我們對這個產品服務，以及特別是我們從那裡接手的團隊，仍然非常興奮。

And Mike, in APAC, I wasn't clear on if you're seeing the government come around there in Australia?

Mike，關於亞太地區，我不太確定你是否看到澳洲那邊政府部門開始回溫？

Yeah, so what we are seeing is our pipeline now is very strong, including the public sector.

是的，我們看到的是，我們目前的商機管線非常強勁，也包括公共部門。

And that's why we're pretty bullish on, I mentioned earlier, we expect to be in the 20% growth sequentially in Asia Pacific. That would make it about flat year over year. So that is making the turn of the corner. And that's being driven because the federal spending, based on our pipeline, we see picking up.

這也是為什麼我們相當看多——我先前提到——我們預期亞太地區將出現約 20% 的連續成長。這樣年對年大約會持平。所以那正在轉折、開始走出谷底。而這是由聯邦支出所帶動；根據我們的商機管線，我們看到它正在回升。

And so that should begin to display in the second quarter. And that was what I was referring to there, Vince.

因此，這應該會在第二季開始顯現。Vince，我剛才指的就是這個。

Nice quarters, gentlemen.

各位先生，本季表現不錯。

Your next question comes from the line of Mark Riddick with Sidoti and Company. Please go ahead.

下一個問題來自 Sidoti and Company 的 Mark Riddick。請說。

Hey, good morning, everyone.

嗨，各位早安。

Good morning, Mark.

早安，Mark。

I was wondering if you could talk a little bit about what you're seeing as far as catalysts, demand catalysts, maybe from a regulatory standpoint or maybe some other external catalysts as far as the AI activity that you're seeing more recently.

我想請你談談你們最近看到的 AI 活動方面，有哪些催化因素、需求催化因素——可能是監管面，或其他外部催化因素。

Yeah, the biggest one we're seeing is in the whole area of kind of risk mitigation, compliance and governance.

是的，我們看到最大的因素是在整個風險緩解、合規與治理的領域。

And this is what I was referencing both on the very large client contract we just won. But overall, there is strong sentiment to find the best way to govern the AI spend and the use of the AI tools in broad, big enterprises.

這也是我在剛剛贏得的那個非常大型客戶合約中所提到的。但整體而言，市場有很強的意願去找到最佳方式，來治理 AI 支出，以及在大型企業中廣泛使用 AI 工具。

So when we do this AI maturity index, the way it works is that an individual takes 15 minutes. It's all digital. They lay out kind of, we get the level of kind of maturity that they are at, including the tools that they're using. And then we can roll it up on an aggregate basis for the organization.

所以當我們做這個 AI 成熟度指數時，它的運作方式是：個人花 15 分鐘。全程數位化。他們會大致列出——我們會取得他們所處的成熟度層級，包括他們正在使用的工具。然後我們可以在組織層級做彙總。

And the eye-opener there is that they find out that there are 10, 15, 25 different tools that are being used in their organization globally, and they are a big eye-opener for them. That leads them to, well, how are we going to govern and manage this exploding use of AI tools, and models and so forth.

而讓他們大開眼界的是，他們會發現其組織在全球範圍內正在使用 10、15、25 種不同的工具，這對他們來說非常震撼。這會引導他們思考：那我們要如何治理與管理這種爆炸式成長的 AI 工具與模型等的使用？

So that's the number one thing we are seeing, which is benefiting, our thrust in governance services, that we started, as several years ago.

所以這是我們看到的第一大重點，這也正在讓我們的治理服務推進受益；我們在幾年前就開始推動這一塊。

All right, excellent. I was wondering, I'm not sure if you mentioned in your prepared remarks, but sort of where are we now as far as recurring as a percentage of revenue?

好的，非常好。我想請教一下，我不確定您是否在事先準備的發言中提到，但就目前而言，經常性收入占營收的百分比大概是多少？

Yes, let us get you that number but I think the recurring you have that Michael.

是的，我們會把那個數字提供給您，不過我想經常性收入那部分你那邊有，Michael。

Yeah just give me second.

對，給我一秒鐘。

Second we'll get you that it's around 47 I think it's around 47% something like that we'll get you the exact concise number but it's approaching you know that $0.50 50% Mark which we had laid out so we're getting close.

等一下我們會給您；我想大約是47，應該在47%左右之類的。我們會給您確切精簡的數字，但它正接近我們先前提出的0.50、也就是50%的門檻，所以我們快到了。

I think we had said it was it was up 9% for versus prior year. It's about, I mean, to be exact, it's 47%, so we're approaching that 50% level, as Mike just noted.

我想我們說過，相較於前一年是成長9%。大約——更精確地說是47%，所以正如Mike剛才提到的，我們正在接近50%的水準。

Yeah, that makes sense. That was sort of where we're getting to there. And then, I guess, lastly for me, I was sort of, Chris, I know it's early, but it was nicely the introduction of the AI Index, not last enough, I guess. But I'm wondering maybe you could talk a little bit about some of the thoughts there or feedback that you've received and. And sort of what your expectations are as far as sort of moving that message forward?

是的，這很合理。這大概就是我們目前到達的狀況。然後，我想最後一個問題，Chris，我知道現在還早，但AI Index的推出很不錯，雖然我想也還不算太久。不過我想請您談談一些想法或您收到的回饋。以及就推進這個訊息而言，您的預期是什麼？

Yeah, no, it's a good question. So we launched the AI ISE AI index to cover kind of three areas, infrastructure as a service, software as a service, and managed services, which are really the three largest components of the whole thing.

是的，這是個好問題。我們推出AI ISE AI指數，主要涵蓋三個領域：IaaS（基礎設施即服務）、SaaS（軟體即服務）以及託管服務，這三者基本上是整體中最大的三個組成部分。

Infrastructure, we use the mark of December 2022. So shortly after the ChatGPT thing came out, we use that as the start point. So if you look at it from there through the first quarter of this year, infrastructure as a service is up 160%. Revenue has doubled. Profitability in the companies are up 60%. Their stock's up 113%. And CapEx, and this goes to everything you see, is up 265%.

在基礎設施方面，我們以2022年12月作為基準點。也就是ChatGPT事件出來不久之後，我們把那個時間點當作起點。所以如果你從那時看到今年第一季，IaaS上漲了160%。營收翻倍。這些公司的獲利能力上升60%。股價上漲113%。而資本支出（CapEx）——這也呼應你看到的一切——上升了265%。

So it's a clear sign that the growth of AI with the hyperscalers. If you move to software as a service, they too, despite all the noise about the SaaS players, they're up 53% since that date. Revenue is up 61% with those aggregate software players, profitability up 18%, their stock's up 39%.

所以這清楚顯示AI在超大規模雲端業者（hyperscalers）帶動下的成長。如果轉到SaaS，儘管市場對SaaS業者有各種雜音，他們自那個日期以來也上漲了53%。這些軟體業者的合計營收上升61%，獲利能力上升18%，股價上漲39%。

And the key metric that we use there is what we call current remaining performance obligations, or CRPO. And that essentially is the backlog. That's up 71%. So, you can see that both of them, despite some of the noise in the market, are performing overall very well. Managed services is up slightly less than 1% since inception. Revenue's up eight, profitability's up four. Revenue per employee is up eight, so think about automation. And stock, though, is down a third. So what we see here is that revenue per employee is increasing, despite the pressure on growth and margin.

而我們在那裡使用的關鍵指標是我們所稱的「當前剩餘履約義務」（current remaining performance obligations，CRPO）。本質上那就是在手訂單（backlog）。它上升了71%。所以你可以看到，儘管市場有一些雜音，這兩個領域整體表現都非常好。託管服務自成立以來上升略低於1%。營收上升8，獲利能力上升4。每位員工營收上升8，所以可以想成自動化的效果。不過股價下跌了三分之一。所以我們看到的是，儘管成長與毛利承壓，每位員工營收仍在提升。

But I think you should see that turn over the next 12 months in that segment. So the feedback we've gotten is great. We're putting some structure around; I'll call the noise. Because our ISG index, we've been doing it for over 90 consecutive quarters. They love the fact that we are now creating this index and can put some structure around what the noise is out in the marketplace. So that's where we are on that, Mark.

但我認為你應該會在未來12個月看到該細分領域出現轉變。所以我們收到的回饋非常好。我們正在建立一些架構來——我稱之為——整理雜音。因為我們的ISG指數已經連續做了超過90個季度。大家很喜歡我們現在建立這個指數，能夠為市場上的雜音提供一些結構化的解讀。所以，Mark，這就是我們目前的進展。

It's very encouraging.

這非常令人鼓舞。

Thank you very much.

非常感謝。

Yes, thank you.

是的，謝謝。

Your next question is from the line of Gowshi Sriharan with Singular Research. Please go ahead.

您的下一個問題來自Singular Research的Gowshi Sriharan。請發問。

Good morning, can you hear me?

早安，你們聽得到我嗎？

Yes, good morning, Gowshi.

是的，早安，Gowshi。

Thank you. I wasn't sure, this $17 million governance contract, can you get a sense of the economics? Is that a fixed annual fee over that eight-year contract or what does the margin profile look like?

謝謝。我不太確定，這個1,700萬美元的治理合約，能否讓我們了解一下經濟性？這是在那份八年合約期間按年度收取固定費用嗎？或是毛利結構大概是什麼樣子？

And so, Gowshi, it's Michael.

那麼，Gowshi，我是Michael。

Sorry, I couldn't hear if you had a follow on to that, but it's Michael. So in contracts like that, specifically, there's really two components. The first starts with a, I'll call it an implementation, as you're getting everything put in place and ready for the ongoing contract. And then it's a fixed fee contract thereafter, so that's how those are typically structured for us.

抱歉，我不確定是否聽到你有後續問題，但我是Michael。像那類合約，具體來說，主要有兩個組成部分。第一部分是我稱之為導入（implementation），也就是把所有事情建置到位，為後續合約做好準備。之後則是固定費用合約，所以我們通常就是這樣架構的。

Okay. And what point of the year does it kind of start contributing meaningfully to the revenue line?

了解。那大概在一年中的什麼時點，才會開始對營收線有較明顯的貢獻？

This is Mike. Think about it as roughly $2 million a year. So, think about it roughly that way. And that should start right toward the tail end of Q2, and we should start to begin to see that annualized, if you will, starting in Q3.

我是Mike。你可以把它想成大約每年200萬美元。大概用這個方式來看。而它應該會在第二季末段開始，並且我們應該會在第三季開始看到年化的貢獻（如果你願意這麼說）。

Thank you.

謝謝。

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

我這邊顯示沒有其他問題。我把電話交回給Mike Connors做結語。

Great.

很好。

Thank you. Look, in closing, let me thank all of our professionals worldwide for their continuing progress and for their collaboration and unwavering dedication to our clients in driving our long-term success.

謝謝。最後，讓我感謝我們全球所有專業同仁持續的進展，以及他們的協作與對客戶堅定不移的投入，推動我們的長期成功。

We had the honor of celebrating this week, ringing the closing bell at NASDAQ that represented our 20th anniversary.

本週我們很榮幸能夠慶祝在NASDAQ敲響收盤鐘，這代表我們的20週年。

And it's our people that have a passion for delivering the best advice and support to our clients as they continue on their AI-powered transformations, and I could not be prouder of them. So thanks to all of you on the call for your continued support and confidence in our firm, and have a great day.

而正是我們的同仁，懷抱著為客戶提供最佳建議與支援的熱忱，協助他們持續推進以AI驅動的轉型，我對他們感到無比自豪。也感謝各位參與本次電話會議，持續支持並信任我們公司，祝各位有美好的一天。

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

今天的電話會議到此結束。您可隨時掛線。

Thank you again for joining us.

再次感謝各位加入我們。