ManpowerGroup Inc. (MAN) 2026 Q2 法說會逐字稿

Welcome to the Manpower Group's second-quarter earnings results conference call. You'll be put into listen-only mode until the question-and-answer time begins. This call is being recorded. If you care to drop off now, please do so. I would now like to turn the call over to Manpower Group's Chair and CEO, Mr. Jonas Prising. Sir, you may begin.

歡迎參加萬寶盛華集團第二季財報結果電話會議。在問答時間開始前，您將被置於僅收聽模式。本次電話會議將被錄音。若您想現在退出，請自行掛線。現在我想把電話會議交給萬寶盛華集團董事長兼執行長 Jonas Prising 先生。先生，您可以開始了。

Good morning and thank you for joining us for our second quarter 2026 conference call. Our Chief Financial Officer, Jack McGinnis; and our President and Chief Strategy Officer, Becky Frankiewicz, are both with me today. For your convenience, our prepared remarks are available in the investor relations section of our website at manpowergroup.com.

各位早安，感謝各位參加我們 2026 年第二季電話會議。我們的財務長 Jack McGinnis，以及總裁兼首席策略長 Becky Frankiewicz，今天也與我一同出席。為方便各位，我們的事先準備講稿已公布於 manpowergroup.com 網站的投資人關係專區。

I’ll begin with a brief overview of the quarter, including how we’re seeing conditions evolve across our markets, and then I’ll share a few updates on our transformation as well as our longer-term objectives. Becky will then provide an update on client momentum and the opportunities we’re capturing with AI, followed by Jack, who will walk through the detailed financial results and our guidance for the third quarter of 2026. I’ll close with a few comments before we open the line for Q&A.

我將先簡要概述本季表現，包括我們如何看待各市場狀況的演變，接著分享我們轉型進展以及較長期目標的幾項更新。之後 Becky 將更新客戶動能，以及我們透過 AI 所掌握的機會；接著 Jack 會說明詳細財務結果與我們對 2026 年第三季的展望指引。最後我會補充幾點，然後開放問答。

Jack will now cover the Safe Harbor language.

接下來由 Jack 說明安全港聲明。

Good morning, everyone. This conference call includes forward-looking statements, including statements concerning economic and geopolitical uncertainty, which are subject to known and unknown risks and uncertainties. These statements are based on management’s current expectations or beliefs. Actual results might differ materially from those projected in the forward-looking statements. We assume no obligation to update or revise any forward-looking statements.

各位早安。本次電話會議包含前瞻性陳述，包括關於經濟與地緣政治不確定性的陳述，這些陳述受已知與未知風險及不確定性影響。這些陳述係基於管理階層目前的預期或信念。實際結果可能與前瞻性陳述所預測者有重大差異。我們不承擔更新或修訂任何前瞻性陳述的義務。

Slide 2 of our earnings release presentation further identifies forward-looking statements made in this call and factors that may cause our actual results to differ materially and information regarding reconciliation of non-GAAP measures.

我們財報新聞稿簡報的第 2 張投影片進一步說明本次電話會議中的前瞻性陳述、可能導致實際結果與預期有重大差異的因素，以及非 GAAP 指標之調節資訊。

Thanks, Jack. During the second quarter we delivered strong results, with revenues ahead of expectations, underscored by growing client demand and accelerated delivery of our strategy. Our reported revenues were $4.9 billion, representing constant currency growth of 6%. Systemwide revenue, which includes our expanding franchise revenue base, was $5.3 billion. Adjusted EBITA margin of 2.1% reflects improving demand trends and operating leverage.

謝謝你，Jack。第二季我們交出強勁成果，營收優於預期，反映客戶需求成長以及我們策略執行加速。我們公告的營收為 49 億美元，按固定匯率計算成長 6%。系統整體營收（包含我們持續擴大的加盟體系營收基礎）為 53 億美元。調整後 EBITA 利潤率為 2.1%，反映需求趨勢改善與營運槓桿效益。

These results reflect good execution across our brands and markets, continued cost discipline, and improving demand. We continue to leverage our scale and global footprint and focus commercial efforts on verticals where demand is strongest and where we have a clear opportunity to win and capture market share.

這些成果反映我們各品牌與市場的良好執行、持續的成本紀律，以及需求改善。我們持續運用規模與全球布局優勢，並將商務資源聚焦於需求最強、且我們具備明確勝出機會並可取得市占的垂直產業。

We are encouraged by our performance across our brands. Specifically, within Manpower, demand indicators have strengthened, and the brand delivered its fifth consecutive quarter of growth, with revenue up 8% in constant currency. We are seeing positive momentum across key verticals, including manufacturing, automotive, aerospace, logistics, and retail. In the US, Manpower performance in Q2 was particularly strong, driven by accelerated sales activity and a robust pipeline that continues to build.

我們對各品牌的表現感到鼓舞。具體而言，在 Manpower 品牌方面，需求指標已轉強，且該品牌連續第五季成長，按固定匯率計算營收成長 8%。我們在多個關鍵垂直產業看到正向動能，包括製造、汽車、航太、物流與零售。在美國，Manpower 第二季表現尤其強勁，主要受銷售活動加速與持續擴大的強勁案源帶動。

We are also seeing meaningful improvement in Northern Europe, which was profitable this quarter and represents a significant and broad-based year-over-year improvement. While there is still more progress to make, the actions that we have taken are driving improved performance.

我們也看到北歐出現顯著改善，本季已轉為獲利，且較去年同期呈現顯著且廣泛的改善。雖然仍有進一步改善空間，但我們採取的行動正推動績效提升。

Experis, our technology resourcing and services business, delivered encouraging improvement, driven by sustained demand for specialized capabilities in cloud migration, application development, data, and AI. Our partnership approach and human + agent offerings are addressing new market needs, all contributing to a pipeline of higher-value opportunities with clients seeking both agility and deep technical expertise. We expect continued improvement in Q3.

Experis（我們的科技人才派遣與服務業務）呈現令人鼓舞的改善，主要受雲端遷移、應用程式開發、資料與 AI 等專業能力的持續需求所帶動。我們的合作夥伴模式以及「人類 + 代理」(human + agent) 方案正在滿足新的市場需求，並共同促成更高價值機會的案源，客戶同時尋求敏捷性與深厚的技術專業。我們預期第三季將持續改善。

Lastly, in Talent Solutions, we delivered sequential improvement and are encouraged by the strength of the pipeline. We have sharpened our strategic focus and strengthened how our teams, capabilities, and expertise come together globally. This alignment enables us to reduce complexity, accelerate innovation, and deliver stronger client outcomes.

最後，在 Talent Solutions 方面，我們的表現較前一季改善，且對案源的強勁程度感到鼓舞。我們已更聚焦策略重點，並強化全球團隊、能力與專業如何整合協作。此一對齊使我們得以降低複雜度、加速創新，並為客戶帶來更佳成果。

Across the portfolio, we continue to actively shape our business towards higher-value opportunities where our capabilities are most differentiated. Our experienced leadership team remains focused on executing against today’s demand while positioning the company for the opportunities we anticipate tomorrow, and we remain disciplined in our approach to pricing and client selection, supporting stronger returns over time.

在整體產品組合上，我們持續積極將業務導向更高價值的機會，亦即我們能力最具差異化之處。我們經驗豐富的領導團隊持續專注於因應當前需求的執行，同時為我們預期的未來機會做好布局；並在定價與客戶選擇上維持紀律，以支持長期更佳報酬。

Before I hand it over to Becky, I’d like to share a few high-level updates on our transformation. First, at the beginning of the year, we told you this was going to be a pivotal moment in our transformation, and we are delivering on that commitment. Specifically, we said we would optimize our current cost base and align capacity with client demand. Last quarter, we launched our expanded global strategic transformation program, expected to deliver $200 million in permanent cost savings in 2028. This program will create a more efficient cost structure while positioning our brands to capture market share. We have a clear path to deliver these savings, and we are making strong progress.

在交棒給 Becky 之前，我想先分享幾項轉型的高層次更新。首先，在年初我們就告訴各位，今年將是我們轉型的關鍵時刻，而我們正兌現這項承諾。具體而言，我們表示將優化現有成本基礎，並使產能與客戶需求對齊。上季我們啟動擴大的全球策略轉型計畫，預期在 2028 年帶來 2 億美元的永久性成本節省。此計畫將打造更有效率的成本結構，同時讓我們的品牌具備取得市占的定位。我們有清晰的路徑可達成這些節省目標，且進展良好。

Second, we committed to using the same discipline to review our portfolio to ensure we have the right asset base. As a result, the sale of our Jefferson Wells US business was completed during the second quarter, a concrete example of prioritizing investment and management attention behind the core, higher-return opportunities where we see the greatest potential to create value. Taken together, our transformational cost out and portfolio optimization actions have put us in a better position to generate operating leverage as demand continues to improve.

第二，我們承諾以同樣的紀律檢視我們的資產組合，以確保擁有正確的資產基礎。因此，我們已於第二季完成出售 Jefferson Wells 美國業務；這是具體例證，展現我們將投資與管理資源優先配置於核心、報酬更高、且我們認為最具創造價值潛力的機會。綜合而言，我們的轉型降本與資產組合優化行動，使我們在需求持續改善時，處於更有利的位置以產生營運槓桿。

Looking ahead, we are committed to delivering at pace. Our first priority is to execute and continue to drive momentum across the business, including the strong performance from Manpower and tangible improvement across Experis and Talent Solutions. This requires focusing our commercial initiatives on the regions and verticals that will drive the greatest demand.

展望未來，我們承諾加速推進。我們的首要任務是落實執行並持續推動全公司動能，包括 Manpower 的強勁表現，以及 Experis 與 Talent Solutions 的實質改善。這需要將我們的商務計畫聚焦於能帶動最大需求的地區與垂直產業。

We will equally stay focused on our longer-term ambition to position ManpowerGroup for durable profitable growth through the cycle. This includes: Sequencing the global roll out of the cost transformation program and deliver our $200 million cost target on schedule; continuing to redesign our front-office sales and recruitment processes to enhance productivity; and leveraging AI to create sustainable commercial opportunities to accelerate growth.

我們也將同樣專注於長期願景：讓萬寶盛華集團在景氣循環中實現可持續的獲利成長。這包括：按序推進全球成本轉型計畫的推廣，並如期達成 2 億美元的成本目標；持續重新設計前台銷售與招募流程以提升生產力；以及運用 AI 創造可持續的商業機會以加速成長。

I will now turn it over to Becky to go deeper on how we are enhancing productivity and commercializing our AI capabilities.

接下來我把時間交給 Becky，請她更深入說明我們如何提升生產力並將 AI 能力商業化。

Thanks Jonas. As Jonas just shared, we are focused on accelerating how we leverage AI in two key areas: To enhance effectiveness within our own organization; and to create commercial opportunities that become growth multipliers.

謝謝 Jonas。如 Jonas 剛才分享的，我們正聚焦於加速在兩個關鍵領域運用 AI：提升我們組織內部的效能；以及創造可成為成長倍增器的商業機會。

First, as I discussed last quarter, AI centric enhancements are critical to our ability to accelerate our go-to-market strategy, identify the highest value opportunities, and capture incremental revenue. We continue to scale our AI-powered Sales Targeting Engine, and we are encouraged by how it is influencing organic growth by pinpointing the highest-probability opportunities, so our teams can focus their efforts where sales conversion and revenue impact are the highest. We are leveraging this tool in many of our largest markets and are on track to scale to almost 70% of revenues by year end.

首先，如我在上季所討論，以 AI 為核心的強化對於我們加速市場進入（go-to-market）策略、辨識最高價值機會並取得增量營收的能力至關重要。我們持續擴大 AI 驅動的銷售鎖定引擎（Sales Targeting Engine），並對其透過鎖定最高機率的機會來影響自然成長感到鼓舞，讓團隊能將精力聚焦在銷售轉換率與營收影響最高之處。我們已在多個最大市場運用此工具，並正按計畫在年底前擴展至涵蓋近 70% 的營收。

The other half of the effectiveness equation is creating a differentiated talent experience, critical to attracting and retaining the skilled associates and consultants our clients value most. We are continuing to advance our AI-powered screening and interview experiences to meet talent where and when works for them. We are on track to scale to 70% of revenues by year end, improving fill rates and accelerating time to hire.

效能方程式的另一半，是打造差異化的人才體驗，這對吸引並留任客戶最重視的高技能員工與顧問至關重要。我們持續推進 AI 驅動的篩選與面試體驗，以在人才方便的時間與地點與其互動。我們正按計畫在年底前擴展至涵蓋 70% 的營收，提升補缺率並加速招募到任時間。

As it relates to new commercial opportunities, we are leveraging AI as a growth multiplier and are focused on anticipating fast-moving client buying behavior and responding at speed. Over the last few weeks, I have been meeting with many of our clients across Europe and around the world. Continue to hear that organizations across industries are focused on how AI can be deployed responsibly to add capability and improve business outcomes. This is creating a new set of opportunities for ManpowerGroup, and we are capturing these opportunities with a partnership approach that we believe is a new value-creation lever.

就新的商業機會而言，我們將 AI 作為成長倍增器，並專注於預判快速變動的客戶採購行為並迅速回應。過去幾週，我與歐洲及全球各地的許多客戶會面。持續聽到各產業的組織都聚焦於如何負責任地部署 AI，以增強能力並改善業務成果。這正為 ManpowerGroup 創造一組新的機會，而我們正以夥伴合作的方式掌握這些機會；我們相信這是一個新的價值創造槓桿。

By building new go-to-market alliances with industry leaders that bring complementary expertise, we are creating net-new revenue streams that expand our addressable market and accelerate speed to solution in an efficient and cost-effective way. We believe the next decade of AI adoption will be defined by partnerships that combine technology, talent, and workforce expertise, and we are intentional on building these relationships now.

透過與具互補專長的產業領導者建立新的市場進入聯盟（go-to-market alliances），我們以高效率且具成本效益的方式，創造全新的營收來源，擴大可服務市場並加快解決方案落地速度。我們相信，未來十年的 AI 採用將由結合技術、人才與勞動力專業的夥伴關係所定義，因此我們正有意識地在此刻建立這些關係。

Last quarter you heard me discuss our partnership with SoundHound AI, the global leader in voice and conversational AI. Since then, we have continued to build momentum and have begun converting opportunities into customer engagements. We are seeing increased traction with our healthcare clients as organizations look to deploy conversational AI to improve both customer and employee experiences. And we are making good progress expanding these opportunities beyond the US.

上季你們聽我談到我們與 SoundHound AI 的合作夥伴關係；SoundHound AI 是語音與對話式 AI 的全球領導者。自那之後，我們持續累積動能，並已開始將機會轉化為客戶合作案。隨著各組織希望部署對話式 AI 以改善客戶與員工體驗，我們在醫療保健客戶方面看到更高的牽引力。同時，我們在將這些機會擴展至美國以外市場方面也取得良好進展。

Last week, we expanded our partnership capabilities with the launch of ExcelerateWorkflow, built with IBM Watsonx Orchestrate. IBM provides the trusted underlying AI technology, while Experis helps clients to unlock value, designing the workflow, implementing the solution, providing the talent, and helping to govern and manage the deployment over time.

上週，我們推出以 IBM Watsonx Orchestrate 建置的 ExcelerateWorkflow，擴大了我們的夥伴合作能力。IBM 提供值得信賴的底層 AI 技術，而 Experis 協助客戶釋放價值：設計工作流程、導入解決方案、提供人才，並協助長期治理與管理部署。

Unlike traditional AI consulting approaches, Experis brings together technology implementation, workforce transformation, and specialized AI talent paired with our depth of human capabilities to help organizations move beyond AI pilots and into scalable execution. These projects are particularly attractive because they combine high-value consulting, AI implementation, and ongoing managed services.

不同於傳統的 AI 顧問模式，Experis 結合技術導入、勞動力轉型與專業 AI 人才，並搭配我們深厚的人才能力，協助組織從 AI 試點走向可規模化的落地執行。這些專案特別具吸引力，因為它們結合了高價值顧問服務、AI 導入以及持續性的代管服務。

Our competitive advantage is no longer defined by technology alone. It comes from orchestrating an ecosystem of strategic partners and combining technology, talent, and services into integrated solutions that accelerate customer outcomes. We are seeing encouraging pipeline momentum as this partnership strategy continues to scale. As we continue to strengthen relationships with organizations such as SoundHound AI, IBM, Accenture, SAP, and Microsoft among others, we are broadening our capabilities, creating new routes to market, and positioning the business for future growth. I look forward to updating you on our progress in future quarters.

我們的競爭優勢不再僅由技術本身所定義。它來自於協同整合策略夥伴生態系，並將技術、人才與服務結合為整合式解決方案，以加速客戶成果。隨著此夥伴策略持續擴大，我們看到令人鼓舞的商機管道動能。隨著我們持續強化與 SoundHound AI、IBM、Accenture、SAP、Microsoft 等組織的關係，我們正在擴充能力、創造新的市場進入途徑，並為未來成長奠定定位。我期待在未來幾季向各位更新我們的進展。

I will now turn it over to Jack.

接下來我把時間交給 Jack。

Thanks, Becky. In the second quarter, we delivered reported revenues of $4.9 billion. System-wide revenue including franchises was $5.3 billion. Our second quarter revenue results represented constant currency growth of 6%. US dollar reported revenues, after adjusting for currency impacts, came in above our constant currency guidance range. Gross profit margin came in within our guidance range and considering the impact of the US Jefferson Wells disposition, was organically very close to the midpoint of our guidance. As adjusted, EBITA was $103 million, representing a 15% increase in constant currency compared to the prior year period. As adjusted, EBITA margin was 2.1%, up 10 basis points year-over-year, and came in at the midpoint of our guidance range. Organic days-adjusted constant currency revenue increased 6% in the quarter, which was well above our midpoint guidance range of 3% growth driven by our Manpower business.

謝謝，Becky。第二季，我們的公告營收為 49 億美元。系統整體營收（含加盟）為 53 億美元。我們第二季營收結果以固定匯率計算年增 6%。以美元呈報的營收在調整匯率影響後，高於我們的固定匯率指引區間。毛利率落在我們的指引區間內；若考量美國 Jefferson Wells 處分的影響，按有機口徑計算非常接近我們指引的中點。經調整後，EBITA 為 1.03 億美元，以固定匯率計算較去年同期成長 15%。經調整後，EBITA 利潤率為 2.1%，年增 10 個基點，並落在我們指引區間的中點。本季有機、調整工作天數後、以固定匯率計算的營收成長 6%，明顯高於我們以 Manpower 業務帶動、指引中點 3% 的成長。

Turning to the EPS bridge, reported earnings per share for the quarter was $1.13. Adjusted EPS was $0.99 and came in above our guidance midpoint. Walking from our guidance midpoint of $0.96, our results included a better operational performance of $0.04 and a foreign currency impact that was $0.01 worse. Restructuring costs and strategic transformation program costs represented $0.23 and the gain on sale of Jefferson Wells US business and liquidation of a discontinued business represented a $0.37 positive impact.

接著看 EPS 橋接，本季公告每股盈餘為 1.13 美元。調整後 EPS 為 0.99 美元，高於我們指引的中點。從指引中點 0.96 美元往上拆解，我們的結果包含營運表現較佳貢獻 0.04 美元，以及外幣影響較差 0.01 美元。重組成本與策略轉型計畫成本合計影響 0.23 美元；而出售美國 Jefferson Wells 業務的處分利益，以及清算一項已終止業務，合計帶來 0.37 美元的正面影響。

Next, let’s review our revenue by business line. Year-over-year, on an organic constant currency basis, the Manpower brand had very strong growth of 8% in the quarter, up sequentially from the 6% growth in the first quarter. The Experis brand declined by 2%, an improvement from the 9% decline in the first quarter. The Talent Solutions brand was flat year over year, an improvement from the first-quarter decline of 1%. Within Talent Solutions, our RPO business continued the sequential revenue trend improvement from Q1, with stable revenue levels from the previous quarter. Our MSP business saw continued solid revenue growth, while Right Management declined slightly during the quarter.

接下來，我們檢視依業務線別的營收。以有機固定匯率口徑計算，Manpower 品牌本季年增強勁達 8%，較第一季 6% 的成長進一步提升。Experis 品牌下滑 2%，較第一季下滑 9% 有所改善。Talent Solutions 品牌年對年持平，較第一季下滑 1% 有所改善。在 Talent Solutions 之中，我們的 RPO 業務延續自 Q1 的逐季營收趨勢改善，本季營收水準與前一季持平。我們的 MSP 業務持續展現穩健的營收成長，而 Right Management 本季則小幅下滑。

Looking at our gross profit margin in detail, our gross margin came in at 16.1% for the quarter. Staffing margin improved sequentially from the first quarter and on a year-over-year basis represented a 60 basis point reduction primarily due to mix shifts in the second quarter. This is an improvement from the 70 basis point decline in the first quarter. The staffing margin decrease was also impacted by the sale of the higher-margin US Jefferson Wells business early in the quarter and, considering this, was very close to the midpoint of our guidance. Permanent recruitment activity resulted in a 10 basis point decline. Other services resulted in a 10-basis-point margin decrease. Moving onto our gross profit by business line. During the quarter, the Manpower brand comprised 65% of gross profit, our Experis professional business comprised 19%, and Talent Solutions comprised 16%. During the quarter, our consolidated gross profit grew by 1% on an organic constant currency basis year over year, an improvement from the 3% decline in the first quarter.

更詳細地看我們的毛利率，本季毛利率為 16.1%。派遣（staffing）毛利率較第一季逐季改善；但年對年而言，主要因第二季組合變動而下降 60 個基點。相較第一季下降 70 個基點，這已是改善。派遣毛利率的下降亦受到本季初出售毛利率較高的美國 Jefferson Wells 業務影響；若考量此因素，結果非常接近我們指引的中點。永久招募活動帶來 10 個基點的下降。其他服務帶來 10 個基點的毛利率下降。接著看依業務線別的毛利。本季 Manpower 品牌占毛利 65%，Experis 專業業務占 19%，Talent Solutions 占 16%。本季合併毛利以有機固定匯率口徑計算年增 1%，較第一季年減 3% 有所改善。

Our Manpower brand grew 5% in organic constant currency gross profit year-over-year, an improvement from the flat first quarter year-over-year trend. Gross profit in our Experis brand decreased 6% in organic constant currency year-over-year, an improvement from the 11% decrease in the first quarter.

我們的 Manpower 品牌以有機固定匯率計算的毛利年增 5%，較第一季年增持平的趨勢有所改善。我們的 Experis 品牌毛利以有機固定匯率計算年減 6%，較第一季年減 11% 有所改善。

Gross profit in Talent Solutions declined 4% in organic constant currency year-over-year, which was an improvement from the 5% decrease in the first quarter. The improvement in trend was driven by RPO while MSP trends also improved from the first quarter. Right Management had gross profit declines in the quarter on decreased outplacement activity.

Talent Solutions 的毛利以有機固定匯率計算年減 4%，較第一季年減 5% 有所改善。趨勢改善主要由 RPO 帶動，同時 MSP 的趨勢也較第一季改善。Right Management 因轉職安置（outplacement）活動減少，本季毛利下滑。

Reported SG&A expense in the quarter was $668 million. SG&A, as adjusted, was down 1% on a constant currency basis. The year-over-year constant currency decreases largely consisted of reductions in operational costs of $5 million. Dispositions represented a decrease of $4 million while currency changes contributed to a $10 million increase. Adjusted SG&A expenses as a percentage of revenue represented 14.1% in constant currency in the second quarter. Adjustments represented restructuring and strategic transformation program charges of $14 million which were more than offset by a gain on sale of Jefferson Wells US business of $30 million. Balancing gross profit growth with strong cost controls while funding ongoing transformation to enhance EBITA margin in both the short and long term remains one of our highest priorities. We continue to estimate restructuring and strategic transformation program charges to range from $10 million to $15 million on average per quarter through the end of the year. The Americas segment comprised 25% of consolidated revenue. Revenue in the quarter was $1.2 billion, representing an increase of 14% year-over-year on an organic constant currency basis. As adjusted, OUP was $45 million and OUP margin was 3.7%. Restructuring charges of $3 million represented actions in the US and Mexico.

本季報告口徑的 SG&A 費用為 6.68 億美元。SG&A在調整後，以固定匯率計算下降 1%。年對年固定匯率下降主要來自營運成本減少 500 萬美元。處分（dispositions）帶來 400 萬美元的減少，而匯率變動貢獻 1,000 萬美元的增加。第二季調整後 SG&A 費用占營收比重以固定匯率計算為 14.1%。調整項目包括重組與策略轉型計畫費用 1,400 萬美元，但被出售 Jefferson Wells 美國業務的 3,000 萬美元處分利益所抵銷且有餘。在推動毛利成長的同時維持強勁的成本控管，並投入持續轉型以在短期與長期提升 EBITA 利潤率，仍是我們最優先的事項之一。我們仍預估重組與策略轉型計畫費用在今年底前平均每季約 1,000 萬至 1,500 萬美元。美洲事業部占合併營收的 25%。本季營收為 12 億美元，以有機固定匯率計算年增 14%。調整後 OUP 為 4,500 萬美元，OUP 利潤率為 3.7%。重組費用 300 萬美元，反映在美國與墨西哥採取的行動。

The US is the largest country in the Americas segment, comprising 59% of segment revenues. Revenue in the US was $714 million during the quarter, representing an 8% organic days-adjusted increase compared to the prior year. OUP, as adjusted, for our US business was $24 million in the quarter. OUP margin, as adjusted, was 3.3%.

美國是美洲事業部中最大的國家，占該事業部營收的 59%。本季美國營收為 7.14 億美元，較去年以有機、調整工作天數後計算增加 8%。本季我們美國業務的調整後 OUP 為 2,400 萬美元。調整後 OUP 利潤率為 3.3%。

Within the US, the Manpower brand comprised 29% of gross profit during the quarter. Revenue for the Manpower brand in the US increased 16% on a days-adjusted basis during the quarter, which represented strong market performance with eight consecutive quarters of growth and a significant step up from the 5% increase in the first quarter.

在美國，Manpower 品牌本季占毛利的 29%。本季美國 Manpower 品牌營收以調整工作天數後計算增加 16%，展現強勁的市場表現，已連續八個季度成長，且較第一季 5% 的增幅顯著提升。

The Experis brand in the US comprised 38% of gross profit in the quarter. Within Experis in the US, substantially all of the revenues represent IT resourcing and services. Experis US revenue was flat, on an organic days-adjusted basis during the quarter, an improvement from the 15% decline in the first quarter as the business anniversaried strong Healthcare IT projects in the prior year. Excluding the impact of Healthcare IT project volumes in the second quarter, Experis US revenue decreased 3% on a days-adjusted basis during the quarter, an improvement from the first quarter trend. The Experis US business expects a continued improvement in the revenue trend into the third quarter.

本季 Experis 品牌在美國占毛利的 38%。在美國的 Experis 中，幾乎所有營收均來自 IT 人才配置與服務。Experis 美國本季營收以有機、調整工作天數後計算持平，較第一季下滑 15% 有所改善，因業務在去年強勁的醫療保健 IT 專案基期（anniversaried）下進行比較。若排除第二季醫療保健 IT 專案量的影響，Experis 美國本季營收以調整工作天數後計算下降 3%，較第一季趨勢改善。Experis 美國業務預期營收趨勢將持續改善並延續至第三季。

Talent Solutions in the US contributed 33% of gross profit and saw a 6% increase in revenue year-over-year in the quarter, reflecting an increased rate of growth from the first quarter, driven by strong growth in both RPO and MSP during the second quarter. This was partially offset by declines in Right Management on lower outplacement activity in the quarter.

美國的 Talent Solutions 貢獻毛利的 33%，本季營收年增 6%，反映較第一季更快的成長速度，主要由第二季 RPO 與 MSP 的強勁成長所帶動。但部分被 Right Management 因本季轉職安置活動較低而出現的下滑所抵銷。

Overall, the US had strong organic revenue growth in the second quarter, and we expect a similar rate of growth in the third quarter. Southern Europe revenue comprised 47% of consolidated revenue in the quarter. Revenue in Southern Europe was $2.3 billion, representing 4% growth in constant currency during the second quarter. As adjusted, OUP for our Southern Europe business was $79 million in the quarter and OUP margin was 3.4%. Restructuring charges of $4 million represented actions taken largely in France and Italy. France revenue equaled $1.2 billion and comprised 51% of the Southern Europe segment in the quarter and was flat on a constant currency basis. As adjusted, OUP for our France business was $31 million in the quarter. Adjusted OUP margin was 2.6%. France revenue trends were stable during the second quarter and we expect a similar rate of revenue trend of flat to slight growth in the third quarter.

整體而言，美國第二季有機營收成長強勁，我們預期第三季將維持類似的成長速度。南歐本季營收占合併營收的 47%。南歐營收為 23 億美元，第二季以固定匯率計算成長 4%。本季南歐業務調整後 OUP 為 7,900 萬美元，OUP 利潤率為 3.4%。重組費用 400 萬美元，主要反映在法國與義大利採取的行動。法國營收為 12 億美元，本季占南歐事業部的 51%，以固定匯率計算持平。本季法國業務調整後 OUP 為 3,100 萬美元。調整後 OUP 利潤率為 2.6%。法國第二季營收趨勢穩定，我們預期第三季營收趨勢將維持持平至小幅成長。

Revenue in Italy equaled $522 million in the second quarter reflecting an increase of 6% on a days-adjusted constant currency basis. OUP, as adjusted, equaled $35 million and OUP margin was 6.7%. Our Italy business is executing well and leads in the market. We estimate low to mid-single digit percentage revenue growth in the third quarter.

義大利第二季營收為 5.22 億美元，以調整工作天數後的固定匯率計算增加 6%。調整後 OUP 為 3,500 萬美元，OUP 利潤率為 6.7%。我們的義大利業務執行良好，並在市場中居於領先地位。我們預估第三季營收將呈現低至中個位數百分比成長。

Our Northern Europe segment comprised 17% of consolidated revenue in the quarter. Revenue of $825 million represented a 2% increase in organic constant currency. OUP was $2 million in the quarter. This represents year-over-year OUP improvement during the last three quarters reflecting the outcome of the significant actions taken in previous quarters.

北歐事業部本季占合併營收的 17%。營收 8.25 億美元，以有機固定匯率計算增加 2%。本季 OUP 為 200 萬美元。這代表過去三個季度 OUP 年對年改善，反映先前季度所採取重大行動的成果。

Our largest market in the Northern Europe segment is the UK, which represented 33% of segment revenues in the quarter. During the quarter, the UK crossed back over to growth with revenues increasing 2% on a days-adjusted constant currency basis. The remaining countries in the region progressed as expected with largely stable to improving revenue trends.

北歐事業部中最大的市場為英國，本季占該事業部營收的 33%。本季英國營收以調整工作天數後的固定匯率計算增加 2%，重新回到成長軌道。該區域其餘國家如預期推進，營收趨勢大致穩定至改善。

The Asia Pacific Middle East segment comprises 11% of total company revenue. In the quarter, revenues equaled $519 million representing an increase of 5% in constant currency. OUP was $24 million and OUP margin was 4.6%.

亞太中東（APME）事業部占公司總營收的 11%。本季營收為 5.19 億美元，以固定匯率計算增加 5%。OUP 為 2,400 萬美元，OUP 利潤率為 4.6%。

Our largest market in the APME segment is Japan, which represented 57% of segment revenues in the quarter. Revenue in Japan grew 4% on a days-adjusted constant currency basis and we expect a similar level of revenue growth in the third quarter.

APME 事業部中最大的市場為日本，本季占該事業部營收的 57%。日本營收以調整工作天數後的固定匯率計算成長 4%，我們預期第三季營收成長水準相近。

I’ll now turn to cash flow and balance sheet. In the second quarter, free cash flow represented an outflow of $9 million compared to an outflow of $207 million in the prior year. On a year-to-date basis, this represents significant year-over-year improvement in the trend, and we expect strong free cash flow during the second half.

接下來我將談到現金流與資產負債表。第二季自由現金流為流出 900 萬美元，相較去年同期流出 2.07 億美元。以年初至今（YTD）來看，這代表趨勢出現顯著的年對年改善，我們預期下半年自由現金流將表現強勁。

At quarter end, days sales outstanding was 56 days, flat from the prior year. During the second quarter, capital expenditures represented $6 million and we did not repurchase any shares. Our balance sheet ended the quarter with cash of $181 million and total debt of $1.04 billion. Net debt equaled $863 million at quarter-end and improved sequentially as we allocated capital from business sales to pay down our revolver which typically peaks in usage at June 30th. Our debt ratios at quarter-end reflect total gross debt to trailing 12 months adjusted EBITDA of 2.5 and total debt to total capitalization at 33%. Detail of our debt-and-credit facilities arrangements are included in the appendix of the presentation.

截至季度末，應收帳款週轉天數（DSO）為56天，與去年同期持平。第二季資本支出為600萬美元，且我們未回購任何股份。本季末資產負債表顯示現金為1.81億美元，總負債為10.4億美元。季末淨負債為8.63億美元，並因我們將出售業務所得資金用於償還循環信貸（revolver）而較前一季改善；該循環信貸的使用通常在6月30日達到高峰。季末負債比率顯示：總毛負債對過去12個月調整後EBITDA為2.5倍，總負債對總資本比率為33%。我們的負債與授信融資安排之詳細內容載於簡報附錄。

Next, I'll review our outlook for the third quarter of 2026. We are forecasting earnings per share for the third quarter to be in the range of $0.96 to $1.06. The guidance range also includes an unfavorable foreign currency impact of $0.02 per share and our foreign currency translation rate estimates are disclosed at the bottom of the guidance slide.

接下來，我將回顧我們對2026年第三季的展望。我們預估第三季每股盈餘將落在0.96至1.06美元區間。該指引區間亦包含每股0.02美元的不利外匯影響，而我們的外幣換算匯率估計已揭露於指引投影片底部。

Our organic days-adjusted constant currency revenue guidance shows a continuation of the 6% growth achieved in the second quarter again into the third quarter at the midpoint. On a constant currency basis, which is impacted by the second quarter business disposition, this range is between a 3% increase and a 7% increase and at the midpoint is a 5% increase. Business days and the impact of dispositions adjusts our organic days adjusted constant currency revenue growth estimate to 6% at the midpoint. We anticipate stable underlying staffing margin into the third quarter and estimate a GP margin of 16.0% at the midpoint which includes a full quarter impact of the higher margin US business disposition and the current business mix.

我們的有機、按工作天數調整、以固定匯率計算的營收指引，在中位數顯示第二季達成的6%成長將延續至第三季。以固定匯率基礎（受第二季業務處分影響）計算，該區間介於成長3%至成長7%，中位數為成長5%。工作天數與處分影響調整後，使我們對有機、按工作天數調整、固定匯率營收成長的估計在中位數為6%。我們預期第三季基礎人力派遣毛利率維持穩定，並估計中位數GP毛利率為16.0%，其中包含高毛利的美國業務處分帶來的完整季度影響以及目前的業務組合。

EBITA margin for the third quarter is projected to be up 10 bps at the midpoint compared to the prior year. We estimate that the effective tax rate for the third quarter will be 44%. I will continue to carve out any restructuring and global strategic transformation program costs and they are not included in the underlying guidance. In addition, we estimate our weighted average shares to be 47.9 million.

第三季EBITA利潤率在中位數預計較去年同期提升10個基點。我們估計第三季有效稅率為44%。我將持續剔除任何重組及全球策略轉型計畫成本，且這些不包含在基礎指引中。此外，我們估計加權平均流通股數為4,790萬股。

I will now turn it back to Jonas.

我現在把時間交回給Jonas。

Thanks Jack. In closing, I’m highly encouraged by our performance in the second quarter. Our commercial execution coupled with strengthening market demand yielded a meaningful step change in organic growth. Taken together with a prudent approach to cost management, we are driving improved operating leverage and profitability.

謝謝，Jack。總結來說，我對我們第二季的表現深受鼓舞。我們的商業執行力加上市場需求轉強，使有機成長出現顯著的躍升。再加上審慎的成本管理方式，我們正推動營運槓桿與獲利能力的提升。

Looking ahead, I’m confident that we have set the foundation to be able to sustain this momentum in the back half of the year. As always, thank you to our talented team for their relentless focus, and to our candidates and clients for your continued partnership.

展望未來，我有信心我們已奠定基礎，能在下半年維持這股動能。一如既往，感謝我們優秀團隊的全力以赴，也感謝候選人與客戶持續的合作夥伴關係。

Operator, please open the line for questions.

接線員，請開放提問。

(Operator Instructions) Mark Marcon, Baird.

(接線員指示) Baird的Mark Marcon。

Hey, good morning, and thanks for taking my questions. Really encouraging to see the improvements, both in terms of the cost discipline as well as the revenue trends. I was wondering, broadly speaking, in some of your most important markets, specifically if we take a look at the US And France, can you give us a sense for how the quarter ended up progressing? Did you see improvement building as the quarter unfolded? Or did things kind of -- or were they generally stable throughout the quarter? I'm just wondering what the exit rates were.

嗨，早安，謝謝讓我提問。看到改善真的很令人振奮，無論是成本紀律或營收趨勢。我想請教，整體而言，在你們最重要的一些市場，特別是美國與法國，能否談談本季的進展情況？你們是否看到隨著季度推進而逐步改善？還是說情況大致上——或整季都相對穩定？我想了解一下季末的退出率（exit rates）如何。

Okay, Mark, thanks. This is Jack. I'd be happy to talk about the trends during the quarters in our largest market. So maybe starting with the US, to your point, we saw strong strength in revenue trend building over the course of the quarter. And as I mentioned in our prepared remarks, Manpower grew at 16% in the second quarter, so very strong growth. And that marks five quarters of Manpower brand overall growth, but in the US, that's eight quarters. So strong growth in commercial staffing continuing in the US.

好的，Mark，謝謝。我是Jack。我很樂意談談我們最大市場在季度期間的趨勢。先從美國開始，如你所說，我們看到營收趨勢在整個季度中持續走強。正如我在事先準備的發言中提到，Manpower在第二季成長16%，成長非常強勁。這也代表Manpower品牌整體已連續五個季度成長，而在美國則是連續八個季度。因此，美國的商業派遣（commercial staffing）持續強勁成長。

And it was great to see Experis cross back to flat in the quarter as well. And we said that last call that we expected that to happen, and it did happen. So we're seeing some improved momentum on the Experis side as well. And I'd say France was very stable over the course of the quarter overall.

同時也很高興看到Experis在本季回到持平。我們在上次電話會議就說過預期會發生，而確實也發生了。因此，我們也看到Experis端的動能有所改善。至於法國，我會說整體在整個季度都非常穩定。

So you saw France come in at flat. You may have seen some of the -- I think you commented on the industry data when it comes out, Mark, and you would have seen that that was very stable. And our revenue trends moved pretty much in line with that stability as well. So that was really good to see. And I'd say for Italy, pretty much -- a pretty even revenue trend over the course of the quarter, started maybe a tad bit stronger, but still strong solid growth as we exited the quarter.

因此你看到法國表現為持平。你可能也注意到——我想你有評論過產業數據在公布時的情況，Mark，你會看到那非常穩定。而我們的營收趨勢也大致與那樣的穩定度一致。所以看到這點真的很好。至於義大利，整體而言——季度期間的營收趨勢相當平均，可能一開始稍微更強一些，但在季末退出時仍維持強勁且穩健的成長。

And maybe the last one, the fourth biggest business for us would be Japan. And Japan was very steady, pretty even during the entire quarter.

最後一個，我們第四大業務是日本。日本非常穩定，整個季度都相當平均。

Great. Part of the reason for the question is, was this -- no ill effects from Iran so far that you can discern? That was part of that question. And then I was wondering for Jonas or Becky, you talked a lot about the advanced AI-powered screening and the interview experiences. Are you actually seeing improvement with regards to fill rates and a decrease in terms of time to hire? Are you tracking those metrics and is that really discernible?

很好。我問這個問題的部分原因是：就你們目前所能判斷，伊朗事件到目前為止是否沒有帶來不利影響？這是該問題的一部分。另外我想請教Jonas或Becky，你們談到很多先進的AI驅動篩選以及面試體驗。你們是否真的看到到職填補率（fill rates）改善，以及招募所需時間（time to hire）縮短？你們是否在追蹤這些指標，而且是否已經能明顯看得出來？

Yeah. Hi, Mark. It's Becky. Yes, to answer your question, we are now in our ninth month of using some early in the funnel interview tools, and we're seeing a 67% decrease in our time to fill. And so that has been material for us. One, for our speed, but also for our ability to delight our candidates, which is important in a talent-constrained market. And so we're feeling -- it's still early for us, we're going to hit 70% of our revenues in terms to scale by the end of the year, but we're feeling good about the progress on that front.

是的。嗨，Mark。我是Becky。是的，回答你的問題：我們目前使用一些漏斗前端（early in the funnel）的面試工具已進入第九個月，我們看到職缺填補時間（time to fill）下降了67%。因此這對我們而言影響相當顯著。一方面提升速度，另一方面也提升我們讓候選人滿意的能力，這在人才緊缺的市場中很重要。所以我們的感受是——對我們而言仍屬早期；我們預計到年底在規模化後將涵蓋約70%的營收，但就這方面的進展我們感覺良好。

That's great to hear. We've got tons of questions, but I'll jump back in the queue in respect to everybody else.

很高興聽到。我們還有很多問題，但為了尊重其他人，我先回到隊列後面。

Jeff Silber, BMO Capital Markets.

Jeff Silber，BMO 資本市場。

Thank you so much. I have to apologize. I'm in transit, so it's a little noisy here. But I just was wondering if you could comment on the general tone of business from your clients. How that's been changing over the course of the year and what are the expectations for the back half?

非常感謝。我得先道歉。我正在轉機途中，所以這裡有點吵。不過我想請問，您能否評論一下客戶端整體的業務氛圍？這一年以來有什麼變化，以及對下半年有何預期？

Hi, this is Becky. As you heard me in my prepared remarks, I was able to spend a tremendous amount of time in this quarter with our clients. And I'd say we're hearing a couple of things. One, they continue to be very resilient in the face of the changing landscape, whether it's geopolitically or economically or demographically. But in these times of uncertainty, customers are increasingly seeking flexible workforce solutions. And as you know, that's where we shine. That's where our business excels, and you're seeing that as we posted our results, particularly in Manpower and the improvement in Experis.

嗨，我是 Becky。如同你在我事先準備的發言中聽到的，這一季我花了大量時間與我們的客戶在一起。我想我們聽到幾件事。第一，他們在面對不斷變化的環境時仍然非常有韌性，不論是地緣政治、經濟或人口結構方面。但在這些不確定的時期，客戶愈來愈在尋求更具彈性的勞動力解決方案。而如你所知，這正是我們的強項。這也是我們業務表現出色之處，從我們公布的結果中你也看得到，特別是在 Manpower，以及 Experis 的改善。

Aside of that, when you talk to them about AI, they're really not struggling anymore to access AI technology. I mean, that's becoming available. They're really struggling to get benefit. And again, that's where we're coming in. You heard me talk about our strategic partnerships, mostly on the Experis side. But that's our proof point that AI can be a growth and a profit multiplier for us because we're leveraging it with our customers and to improve the candidate experience.

除此之外，當你和他們談到 AI 時，他們其實已不再苦於取得 AI 技術。我的意思是，那些技術正變得更容易取得。他們真正苦惱的是如何取得效益。而這同樣是我們介入的地方。你也聽到我談到我們的策略夥伴關係，主要是在 Experis 這一端。但這就是我們的佐證：AI 對我們而言可以成為成長與獲利的倍數器，因為我們正與客戶一起運用它，並用來改善候選人的體驗。

Andy Grobler, BNP Paribas.

Andy Grobler，法國巴黎銀行。

Hi, good morning. Can I just ask about gross margin, the decline in the temp margin through the quarter? Can you just talk through the extent to which values mix and whether there's any price impact? And also on that, this kind of early cycle decline is pretty normal. When do you think that's going to trough out and we can start to see gross margin stabilize and improve?

嗨，早安。我想請教一下毛利率，這一季臨時人力（temp）毛利率的下滑。能否說明一下價值/組合（mix）的影響程度，以及是否有任何價格面的影響？另外，這種週期初期的下滑其實相當常見。你認為何時會觸底，讓我們開始看到毛利率趨於穩定並改善？

Thanks for the question, Andy. This is Jack. I'll take that one. So yeah, to your point on gross profit margin trends, and as we've laid out in the slide, I guess maybe I'll start with staffing. So I'd say very close to our expectations. You heard me carve out the disposition of the Jefferson Wells sale that we absorbed that, and that was about 5 basis points during the course of the quarter. We were very close to the midpoint considering that.

謝謝你的問題，Andy。我是 Jack。我來回答。關於毛利率趨勢，正如我們在投影片中所說，我想先從派遣（staffing）談起。我會說結果非常接近我們的預期。你也聽到我提到 Jefferson Wells 出售案的處分影響，我們已將其吸收，這在本季約影響 5 個基點。在考量這點後，我們非常接近中位數。

And what I would say is, if you look at Q1, we were down 70 basis points year over year. That improved into Q2 to down 60 basis points. And actually, our GP margin improved sequentially. It was 16.0% in Q1, and it rose to 16.1% in Q2. And that's absorbing the JW disposition and also absorbing the significant additional growth above expectations, which was largely driven by Manpower enterprise.

我想說的是，如果你看第一季，我們的毛利率年對年下降 70 個基點。第二季改善為下降 60 個基點。而且我們的毛利率（GP margin）季對季其實是改善的。第一季是 16.0%，第二季上升到 16.1%。這是在吸收 JW 處分影響的同時，也吸收了超出預期的顯著額外成長，而這主要是由 Manpower enterprise 所帶動。

So I think that's a very good signal that pricing is rational, continues to be very stable. As you heard Jonas in the prepared remarks talk about how disciplined we've been on pricing and that continues, so underlying staffing margin quite stable considering all of that and also considering the additional growth that we had during the course of the quarter.

所以我認為這是一個非常好的訊號，顯示定價是理性的，並且持續非常穩定。如同你在事先準備的發言中聽到 Jonas 提到的，我們在定價上一直很有紀律，而且這點仍在延續；因此在考量上述因素、以及本季額外成長的情況下，派遣業務的基礎毛利率仍相當穩定。

We saw perm improve as well quarter over quarter, but that was a 20-basis-point drag in the first quarter, year over year, improved to 10. We actually saw perm cross over to flat in the second quarter overall, so that was a big positive. And to your point, as we go forward and we look at mix, we have seen in this early part of this recovery that enterprise, commercial staffing enterprise has been leading it. A lot of that mix has worked its way through.

我們也看到永久職缺（perm）季對季改善；第一季年對年拖累 20 個基點，改善到 10 個基點。第二季整體而言，perm 實際上回到持平，所以這是很大的正面因素。至於你提到的組合（mix），在這波復甦的早期階段，我們確實看到 enterprise、商業派遣的 enterprise 端在領先帶動。其中許多組合影響已逐步反映出來。

If you look at the first nine months of the year here with my guide for Q3, you see a pretty stable gross profit margin, about 16.0% to 16.1% during the first nine months of the year. And that's showing underlying stability in our staffing margin and the mix shift as well.

如果你看今年前九個月，以及我對第三季的指引，你會看到毛利率相當穩定，在今年前九個月約為 16.0% 到 16.1%。這顯示我們派遣毛利率的基礎穩定性，以及組合轉移的影響。

As we go forward, as convenience starts to resume and we're seeing some early signs of that starting to happen in the US, that will be a benefit. For manpower margin, but also, as we know, Experis and perm have been lagging. And as those come back, we'll see some additional strength in GP margin going forward as well.

往後看，隨著便利性（convenience）開始恢復，而我們在美國也看到一些早期跡象開始出現，這將有利於Manpower 的毛利率；同時，如我們所知，Experis 和 perm 一直相對落後。當這些業務回升時，我們也會在未來看到毛利率（GP margin）進一步走強。

So that's what we would expect. I think that's what we're starting to see early on here, and that would be the outlook, Andy.

所以這就是我們的預期。我認為我們現在已開始在早期看到這些跡象，這也會是我們的展望，Andy。

Right. Thank you. Just one housekeeping follow-up, just on the JW impact in Q2. What would you expect that to be?

了解。謝謝。再追問一個行政性問題，關於第二季 JW 的影響。你預期會是多少？

Yeah, it's about 10 basis points.

是的，大約 10 個基點。

Brilliant. Thank you very much.

太好了。非常感謝。

George Tong, Goldman Sachs.

George Tong，高盛。

Hi, thanks. Good morning. You've now delivered five consecutive quarters of growth in Manpower and are seeing improving trends in Experis and Talent Solutions. To what extent does that performance reflect a recovery in underlying staffing demand versus company-specific actions? And how do you expect the relative contribution of market growth and share gains to evolve over the next year?

嗨，謝謝。早安。你們在 Manpower 已連續五個季度實現成長，並且看到 Experis 與 Talent Solutions 的趨勢改善。這樣的表現有多大程度反映了整體派遣需求的復甦，而非公司自身的行動？你預期未來一年市場成長與市占提升的相對貢獻將如何演變？

Good morning, and thanks, George. We think we're executing very well in our Manpower business and as ManpowerGroup. Overall, we think we're leading the market in many markets. When I look at the strong growth that we're having in the US at 16% for Manpower, double-digit growth in countries like Spain, Canada, Poland, a lot of countries in Latin America, and then high single-digit growth in the UK and Italy, along with improving trends in Northern Europe, we believe we're executing and competing very well in those markets.

早安，謝謝你，George。我們認為我們在 Manpower 業務以及作為 ManpowerGroup 的整體執行都非常到位。整體而言，我們認為在許多市場我們都領先同業。當我看到我們在美國 Manpower 達到 16% 的強勁成長、西班牙、加拿大、波蘭等國家有雙位數成長、拉丁美洲許多國家也有雙位數成長，以及英國與義大利有高個位數成長，同時北歐趨勢改善，我們相信我們在這些市場的執行與競爭表現都非常好。

As Jack has just mentioned to Andy, we're also very pleased to see the continued progress of Experis and Talent Solutions, as well as perm. So I think we have really been executing well. And part of the explanation of that, you heard Becky talk about in her prepared remarks, our ability to target the industry verticals that are growing and shifting in an agile way to where the opportunity sits, both in terms of verticals, in terms of geographies, that's really a capability we have been honing over the last couple of years, and I think that's starting to come through in a very nice way.

如同 Jack 剛才對 Andy 提到的，我們也很高興看到 Experis 與 Talent Solutions，以及 perm 的持續進展。所以我認為我們確實一直執行得很好。而其中一部分原因，你也在 Becky 的事先準備發言中聽到：我們能夠鎖定正在成長的產業垂直領域，並以敏捷的方式把資源轉向機會所在之處——不論是垂直領域或地理區域；這是我們過去幾年持續精進的能力，我認為現在正以非常好的方式展現出來。

Got it. That's helpful. And then can you provide some additional detail on the timing of the $200 million in permanent cost savings from the transformation program? Specifically, how much of the benefit you expect to be realized in the second half of this year versus 2027 and 2028? And which functions or geographies you expect to contribute most to the savings?

了解。這很有幫助。接著，能否就轉型計畫帶來的 2 億美元永久性成本節省的時間點，提供更多細節？具體而言，您預期今年下半年可實現多少效益，相較於 2027 年與 2028 年各是多少？以及您預期哪些職能或地理區域將對節省貢獻最大？

George, this is Jack, I'd be happy to talk to that. So as Jonas talked about in his prepared remarks, we're tracking very well on the transformation, on the strategic transformation for the front office that we launched at the beginning of the year.

George，我是 Jack，我很樂意說明。如同 Jonas 在事先準備的發言中提到的，我們對今年年初啟動的前台策略轉型進展追蹤得非常好。

As you think about the benefits from that and going back, I'd say generally, everything is pretty much still in line with what we announced last quarter as we laid out the multi-year progression. What that means is we'll see the back office moving to profits this year. That was $20 million. I would say that is pretty even over the course of the year, probably a tad better in the second half of the year.

就其帶來的效益來看，回頭看，我會說整體而言，幾乎都仍與我們上季在說明多年期進程時所宣布的內容一致。這代表我們今年會看到後台轉為獲利。那是 2,000 萬美元。我會說這在全年分布相當平均，可能在下半年會稍微好一些。

And then the overall transformation program moves to $80 million with the front office kicking in next year. I'd say think of that as -- at this stage, I'd say think of that as more weighted towards the second to the fourth quarters of '27. We'll give a further update on that, of course, as we get to the end of the year. And then in 2028, that's when we expect the $200 million to come through for the full calendar year.

接著，整體轉型計畫在明年前台開始貢獻後，將提升至 8,000 萬美元。以目前階段來看，我會建議把它視為較偏重於 2027 年第二到第四季。當然，等到年底我們也會再提供進一步更新。而在 2028 年，我們預期 2 億美元將在整個曆年完整反映出來。

And we'll talk more about that in the future. But I'd say on an overall basis, when we look at the cost for the program, pretty much in line exactly as I guided to last quarter, we said we expected that would be $10 million to $15 million a quarter. We came in at about $13 million this quarter, and that guidance still is the same trend for the rest of the year from a cost perspective for Q3 and Q4.

未來我們會再多談一些。但我會說，從整體來看，當我們檢視該計畫的成本時，幾乎完全符合我上季給的指引；我們當時說預期每季約 1,000 萬到 1,500 萬美元。本季約為 1,300 萬美元，而就成本面而言，對於第三季與第四季，今年剩餘期間的指引仍維持相同趨勢。

Very helpful. Thank you.

非常有幫助。謝謝。

Manav Patnaik, Barclays.

Barclays 的 Manav Patnaik。

Hi, good morning. This is Ronan Kennedy on from Manav. Thank you for taking our questions. I think for several quarters, you would describe improving trends as gradual stabilization. Understandably, the commentary this morning is competent and constructive. And if I'm not mistaken, Jack did just say early part of the recovery. Can we just ask for your holistic assessment as to where we are? Is it stabilization moving on to recovery? Your assessment of that, please.

嗨，早安。我是代 Manav 上線的 Ronan Kennedy。謝謝你們回答我們的問題。我想過去幾個季度，你們會把改善趨勢描述為逐步穩定。可以理解，今天早上的評論相當到位且具建設性。如果我沒聽錯，Jack 剛才也提到復甦的早期階段。我們能否請你們就目前所處位置做一個整體評估？是從穩定進入復甦了嗎？請分享你們的判斷。

Well, I would say, based on our track record now with Manpower in the US and Manpower globally in fifth quarter, we could say that Manpower has moved from stabilization into a recovery, no question about that. And as Jack also mentioned earlier, we're very encouraged by the progress that we're seeing with Talent Solutions, with Experis, with their improving trends, as well as perm and its improving trend as well. And as you can tell from our guide, we're expecting that to continue into the third quarter as well. In those areas, though, we would probably still characterize this as stabilizing, but we are very encouraged and confident in their trends heading forward into the Q3 and beyond.

我會說，基於我們目前在美國 Manpower 以及全球 Manpower 的表現紀錄，已經是第五個季度了，我們可以說 Manpower 已從穩定走向復甦，這點毫無疑問。而且如 Jack 先前也提到的，我們對於 Talent Solutions、Experis 的進展感到非常振奮，因為它們的趨勢正在改善，另外永久派遣（perm）也同樣呈現改善趨勢。從我們的指引也看得出來，我們預期這些趨勢在第三季也會延續。不過在那些領域，我們可能仍會把它描述為正在穩定中，但我們對其在第三季及之後的走勢感到非常鼓舞且有信心。

Thank you for that. And if I may, I think George, you touched on Manpower, I think, more broadly as a brand. But for the US Manpower strength specifically, can you just unpack the elements of market recovery or share gain there, and whether it's underlying market demand, better sales targeting, enterprise wins, bill-rate inflation, or anything to call out from a vertical mix or particular segments of strength standpoint?

謝謝你的說明。如果可以的話，我想 George 你剛剛談到的是 Manpower 作為品牌更廣泛的面向。但就美國 Manpower 的強勁表現而言，你能否拆解一下市場復甦或市占提升的構成要素？以及這是否來自於基礎市場需求、更好的銷售鎖定、企業客戶得標、計費單價（bill-rate）通膨，或是從產業組合或特定強勢區隔角度，有沒有什麼值得特別指出的？

Yeah, I'm happy to take that. Yes, demand in the US has improved around Manpower, and yes, our ability to adapt and target specific areas of growth has also improved, as Jonas alluded to. We're seeing growth in manufacturing, particularly around consumer goods, retail, aerospace, logistics. So we positioned ourselves in a sales perspective towards those high-growth verticals and literally adapted in real time to go after that growth, and so we feel really good. Yes, about the market and yes, about our ability to take share in that market given our own actions.

好的，我很樂意回答。是的，美國對 Manpower 的需求已經改善；同時，我們調整並鎖定特定成長領域的能力也提升了，正如 Jonas 所提到的。我們看到製造業成長，特別是在消費品、零售、航太、物流等領域。因此從銷售角度，我們把自己定位在這些高成長的垂直產業，並且幾乎是即時調整去掌握這些成長，所以我們感覺非常好。是的，對市場本身有信心；也對我們透過自身行動在該市場取得市占的能力有信心。

Thank you. Appreciate it.

謝謝。很感謝。

Trevor Romeo, William Blair.

William Blair 的 Trevor Romeo。

Morning. Thank you for taking the questions. I had one on your internal headcount. So I guess the last few years, we've been talking about headcount coming down. Now that you're kind of solidly back into revenue growth mode here, how are you thinking about headcount from here? Do you need to kind of ramp up for this demand you're seeing now, or do you think you have enough capacity to hold about where you are?

早安。謝謝你們回答問題。我有一題關於你們的內部人力編制。我想過去幾年我們一直在談人數下降。現在你們似乎已相當穩健地回到營收成長模式，接下來你們如何看待人力編制？你們是否需要為目前看到的需求而擴編，還是你們認為現有產能足以維持在目前水準？

Thanks. I think, as we've -- as we've talked about, we're very disciplined, both in our sales activities, as Becky just mentioned and from a cost perspective, as Jack has talked about as well. So I would say, at this point, we're really feeling good about how we're positioned. We think we have additional capacity to leverage the headcount that we have, and we'll be very careful in terms of looking at where and how we add headcount to continue to drive.

謝謝。我想，正如我們一直談到的，我們非常自律：不論是在銷售活動方面（如 Becky 剛提到的），或是在成本面（如 Jack 也談到的）。所以我會說，就目前而言，我們對自身的配置狀況感到很不錯。我們認為仍有額外產能可以運用現有的人力編制，我們也會非常謹慎地評估在何處、以及如何增加人力編制以持續推動成長。

So the important part is the -- for us to continue to be very strong in our sales activities and also very agile and quick at adjusting our recruiting capability to the market demand. And with the tools that we're now deploying across the organization, it also gives us further flexibility to leverage our existing headcount for further productivity, and we're laser-focused on that.

因此，重點在於——對我們而言——要持續在銷售活動上保持非常強的執行力，同時也要非常敏捷、快速地依市場需求調整我們的招募能力。而且，隨著我們目前在全組織部署的工具，也讓我們能更有彈性地運用既有人力以提升生產力，我們對此高度聚焦。

Appreciate that, Jonas. And then maybe a quick follow-up for either for you or for Becky. We are kind of in this era where AI is rapidly changing, I think, what companies are looking for in their labor and talent, and it seems like having that flexibility that you have is a huge advantage right now. I'm specifically kind of focusing on Experis here. So what are you seeing in real time in terms of what IT skills clients are demanding now and how that's changing? And for the new skills that are in high demand, how difficult is it to define that talent right now?

謝謝你的回覆，Jonas。接著可能一個簡短追問，給你或 Becky 都可以。我們正處於 AI 快速改變企業對勞動力與人才需求的時代，而你們具備的彈性似乎在此刻是一大優勢。我特別想聚焦在 Experis。就即時觀察而言，你們看到客戶目前在 IT 技能上有哪些需求？這些需求如何在改變？而對於目前需求很高的新技能，要界定並找到這些人才的難度有多高？

Yeah, I'll take that question. So for Experis first to address the first comment you made, yes, of course, we're seeing clients want flexibility as they navigate both their own plans, but also the execution of their plans to realize value. That's really discussion with clients is how do we realize value? And we know that technology can get you to the pilot, but it's humans that have to get you to the realization of the benefit, and that's where we come in.

好的，我來回答這個問題。關於 Experis，先回應你剛才的第一個評論，是的，當然，我們看到客戶在推進他們自身計畫的同時，也在執行計畫以實現價值，因此他們希望有更大的彈性。我們與客戶真正討論的是：我們要如何實現價值？我們知道科技可以把你帶到試點（pilot），但要真正把效益落地、實現出來，必須靠人，而這正是我們能發揮作用的地方。

To your question on skills that are growing, a lot around the infrastructure side, so database architects, data scientists. For data centers, we're seeing computer network engineers taking off. A little bit of cyber, but really, it's more focused on the infrastructure side in terms of skills. And in difficulty to find the skills, right now, we're able to shift people, upskill them. We run an academy called Experis Academy, where we're actually teaching and training the skills to make sure we can meet the demand. So we feel pretty good about our. Now and again, you heard that from Jack saying the improvement, we're shifting ourselves in this example into those skills that are in demand in the marketplace.

至於你問到正在成長的技能，很多集中在基礎設施端，例如資料庫架構師、資料科學家。在資料中心方面，我們看到電腦網路工程師的需求正在快速上升。也有一些資安相關，但整體而言，技能需求更偏向基礎設施端。至於技能難找的問題，目前我們能夠調整人力、為他們提升技能（upskill）。我們有一個名為 Experis Academy 的學院，實際在教授與訓練這些技能，以確保我們能滿足需求。所以我們對我們的……另外，你也聽到 Jack 提到改善的情況；在這個例子中，我們正把自己轉向市場上需求旺盛的技能。

Okay, that's great. Thank you very much.

好的，太好了。非常感謝。

Josh Chan, UBS.

Josh Chan，瑞銀（UBS）。

Hi, good morning. Congrats on a good quarter. I guess I was -- you guys are seeing, based on your numbers, some very classical signs of a early-cycle recovery. So I was wondering how you're interpreting the macro environment in light of not having an overall economic recession, but then seeing this early-cycle recovery signs? Thank you.

嗨，早安。恭喜本季表現不錯。我想問的是——從你們的數字來看，你們似乎看到一些非常典型的早週期復甦跡象。所以我想了解，在整體沒有出現經濟衰退的情況下，但又看到這些早週期復甦訊號，你們如何解讀目前的總體環境？謝謝。

Well, good morning, Josh. Yeah, we were very encouraged by the momentum. And also equally excited about the long-term market opportunity, and I think as you've been hearing from us over some time now is our intent for us is to be the architects of our own future and to take the actions needed to position the business to win in any environment.

早安，Josh。是的，我們對這股動能感到非常鼓舞。同時也對長期的市場機會同樣感到興奮；而且我想你也聽我們講了一段時間：我們的意圖是成為自己未來的建築師，採取必要行動，讓公司在任何環境下都能取得勝利。

And with that in mind, our focus is less on predicting the exact timing of or form of a traditional cycle rebound, but more on executing against the levers within our control, including structural cost actions, portfolio prioritization, and the continued investment in higher value capabilities. And you heard Jack just now give a great example of that in his discussion around our $200 million transformation program that aims at providing -- or is going to provide permanent savings of $200 million in 2028.

基於這個前提，我們的重點較少放在精準預測傳統景氣循環反彈的確切時間點或型態，而是更著重於執行我們可控的槓桿，包括結構性成本措施、投資組合的優先排序，以及持續投資於更高價值的能力。你剛才也聽到 Jack 舉了一個很好的例子：他談到我們 2 億美元的轉型計畫，目標是在 2028 年帶來——或將帶來——每年 2 億美元的永久性節省。

As an industry and as a business, we have almost 80 years of experience in adapting to a changing environment. So just as Becky talked about, the demand may not be that different, but their shift happens within the demand between the skills, especially on the technology side at this point, but also within other parts of our Manpower business as well as our Talent Solutions business. And our strength is to adjust to those changes, anticipate them, and then drive toward where the higher value opportunities lie.

作為一個產業、也作為一家公司，我們在適應變動環境方面有將近 80 年的經驗。因此正如 Becky 所說，需求本身可能差異不大，但需求內部會發生轉移，尤其目前在科技端的技能之間會有轉換；同時在我們 Manpower 業務以及 Talent Solutions 業務的其他部分也同樣如此。而我們的強項就在於調整以因應這些變化、預先洞察它們，並推動資源朝更高價值的機會前進。

So all of this to say, we're very encouraged by what we've seen in our second quarter performance, and we're delivering market-leading growth. And as you can tell from our guide, we expect this trend to continue also into the third quarter.

總之，我們對第二季的表現非常受到鼓舞，而且我們正在交出領先市場的成長。從我們的指引你也看得出來，我們預期這個趨勢在第三季也會延續。

That's great. Yeah, thank you for the color there, Jonas. And then I guess Jack mentioned that you're seeing early signs of convenience resuming in the US. I think that's the first time we've heard that in a while. So could you elaborate on what you're seeing there in terms of this convenience market possibly getting better?

太好了。Jonas，謝謝你提供這些補充說明。另外我想 Jack 提到你們在美國看到「便利」開始恢復的早期跡象。我覺得這是我們一段時間以來第一次聽到這個說法。所以你能否更詳細說明你們看到的情況，以及這個「便利」市場是否可能正在好轉？

Yeah. So I'll take the market part of that. Yes, we are starting to see the first signs, actually, of convenience improving in the US with our smaller and up to middle-sized customers starting to recreate their demand, re-engage in the market. It's early, but once we start seeing that, we expect that we'll continue to grow, and we're seeing evidence of that in our pipeline.

好的。那我來回答市場的部分。是的，我們確實開始看到美國「便利」改善的第一批跡象：我們較小型到中型的客戶開始重新創造需求、重新回到市場。目前還在早期，但一旦我們開始看到這個訊號，我們預期成長會持續，而且我們也在我們的商機管線（pipeline）中看到相關證據。

Great. Thank you, and congrats on the quarter.

很好。謝謝，也恭喜本季表現。

(Operator Instructions) Tobey Sommer, Truist.

（接線員指示）Tobey Sommer，Truist。

Good morning. This is Tyler Barish on for Tobey. You mentioned AI as a growth multiplier. Can you discuss some areas where AI has brought new business to the company?

早安。我是 Tyler Barish，代 Tobey 提問。你們提到 AI 是成長的倍增器。能否談談 AI 為公司帶來新業務的一些領域？

Yeah, I'll take that. So on last quarter's call, I talked about the sales targeting engine. We have deployed that first in France. We're now scaling that across all of our major markets expecting to reach 70% of our revenue by the end of the year. That helps us better target the opportunities that are growing in the market and where we have existing capability and talent. And so that is a specific area where we're leveraging AI, and I would also say automation to help be a profit-and-growth multiplier in our business.

好的，我來回答。在上一季的電話會議上，我談到銷售目標鎖定引擎（sales targeting engine）。我們先在法國部署。目前正把它擴展到所有主要市場，預期到年底可涵蓋我們 70% 的營收。這能幫助我們更精準地鎖定市場上正在成長的機會，以及我們已具備能力與人才的領域。因此，這是一個我們運用 AI 的具體例子；我也會說，同時也運用自動化，讓它成為我們業務的獲利與成長倍增器。

We're also doing work on the front office where we're partnering around interviews where we can do those when we're not actually in business operating hours. In fact, 30% of our interviews are taking place outside of normal business hours, and those are AI-powered, automation-enabled. And so those are a couple of examples where we're seeing AI both drive growth and profit.

我們也在前台（front office）做一些工作，例如在面試環節進行合作，讓我們能在非營業時間也能完成面試。事實上，我們有 30% 的面試是在正常營業時間之外進行，而這些是由 AI 驅動、並由自動化支援的。所以這是幾個例子，顯示我們看到 AI 同時推動成長與獲利。

The last place I would say is on the commercial side because AI is two-pronged. We're using it inside our organization, as mentioned. We're also using it to create new products in the market. And last quarter, I talked about the partnership with SoundHound AI. This quarter, I talked about the relationship we have with IBM Watsonx.

最後一個我想提的是商業端，因為 AI 有雙重面向。如同提到的，我們在組織內部使用它。我們也用它在市場上打造新產品。上一季我談到與 SoundHound AI 的合作夥伴關係。這一季我談到我們與 IBM Watsonx 的合作關係。

I mean, this intersection of ensuring we're partnering for capabilities to better deliver and, again, drive measurable outcomes. That's what clients want. They want measurable outcomes, not just implementation. And it is our learning now that it is taking humans to realize that outcome. And again, that's where we shine.

我的意思是，這個交會點在於確保我們透過合作夥伴取得能力，以更好地交付，並再次推動可衡量的成果。這就是客戶想要的。他們要的是可衡量的成果，而不只是導入（implementation）。而我們現在的學習是：要實現那個成果，需要人來完成。而這也正是我們最擅長的地方。

Thank you. And can you discuss the decision not to repurchase any shares and should we expect a return to repo in the second half?

謝謝。另外，能否談談你們決定不回購任何股份的原因？以及我們是否應該預期下半年會恢復回購（repo）？

Tyler, you were a little faint there, but I think you were asking about zero purchases. And so what I would say is from a capital allocation standpoint, I wouldn't expect any changes in the very short-term. I think we've talked about the fact that we've strengthened the balance sheet. It was great to have that cash influx in the second quarter from the disposition. You can see our net debt improved quarter over quarter.

Tyler，你剛才聲音有點小，但我想你是在問零回購。所以我會說，從資本配置的角度來看，我不預期在非常短期內會有任何變化。我想我們已經談過，我們已強化資產負債表。第二季因處分交易帶來現金流入，這點很好。你可以看到我們的淨負債較上一季有所改善。

So I think for right now, I wouldn't anticipate any changes in the very short-term, but we're very proud of our track record, and you should expect that we'll continue to be part of the mix as we move forward as the business progresses into the future.

所以我認為就目前而言，我不預期在非常短期內會有任何變化，但我們對自身的過往表現紀錄感到非常自豪，而隨著業務持續向前、邁向未來發展，你們應該可以預期我們將會繼續參與其中。

Thank you.

謝謝。

Mark Marcon, Baird.

Mark Marcon，Baird。

Thanks for squeezing me in again. So just with regards to the gross margins, I was wondering, what percentage of gross profit is now from perm? And if where -- if do have a full recovery, where do you expect it could go to?

謝謝再次讓我插進來提問。就毛利率而言，我想請教，目前總毛利中有多少百分比來自永久派遣（perm）？以及如果出現全面復甦，你預期它可能會上升到什麼水準？

Thanks for the question, Mark. So in the quarter. That perm GP was 15.3% of total GP. And that's pretty much in line with where we were a year ago at this time as well. And as I mentioned, perm did cross to flat in the quarter on an overall basis. As we go forward, I think perm has been in the 15.5% to 16.5% of GP in more stable conditions. I think, of course, we saw it during the recovery, the early recovery of the pandemic. It reached 20% when we saw the significant perm activity that peaked in 2022.

謝謝你的問題，Mark。就本季而言，永久派遣的毛利（GP）占總毛利的15.3%。這也大致與一年前同一時間的水準一致。而如我提到的，永久派遣在本季整體層面已回到持平。展望未來，在較穩定的環境下，永久派遣通常占毛利的15.5%到16.5%。當然，我們也在疫情復甦、早期復甦期間看到，在2022年永久派遣活動顯著、並達到高峰時，該占比曾達到20%。

But I think in a more stable environment, it should be somewhere in the 16% range, 15.5% to 16.5%. And that's what I would consider. I think as we go forward, we would expect it to be -- continue to be in that range as we move through the second half of the year, and we're encouraged by the trends we're seeing in perm.

但我認為在較穩定的環境下，它應該會落在約16%的區間，也就是15.5%到16.5%。這是我會採用的判斷。我認為往後我們預期，隨著今年下半年推進，它將會—並持續—維持在該區間內；而我們也對永久派遣所呈現的趨勢感到鼓舞。

In the US, we saw RPO growth, very strong RPO growth overall. That's certainly -- that's our biggest RPO business, so that's clearly a good sign. And as I said, perm was stable last quarter as well. So we're seeing encouraging signs, but I think that percentage range is what I would expect going forward.

在美國，我們看到RPO成長，整體RPO成長非常強勁。那當然—那是我們最大的RPO業務，因此這顯然是個好跡象。而如我所說，永久派遣在上一季也同樣維持穩定。所以我們看到令人鼓舞的訊號，但我認為未來我會預期的就是那個百分比區間。

Great. And then with regards to Experis, you're doing a lot of things, a lot of different partnerships. As you think about the year during the second half and going into next year, how would you anticipate growth for that evolving? And if it starts improving materially, what sort of impact could that have on gross margins?

很好。接著關於Experis，你們做了很多事情、也有許多不同的合作夥伴關係。當你們看今年下半年以及進入明年時，你會如何預期這項業務的成長演變？以及如果它開始出現實質改善，對毛利率可能會帶來什麼樣的影響？

So I guess what I'd start with, Mark, is the Experis overall. So you saw in the quarter, Experis overall improving the rate of revenue trend from the first quarter into the second quarter. So we got to the minus 2% globally, which is a big improvement from where we were in the first quarter, so we're encouraged by that.

Mark，我想我先從Experis整體談起。你在本季看到，Experis整體的營收趨勢降幅，從第一季到第二季有所改善。我們全球來到年減2%，相較第一季的水準是很大的改善，因此我們對此感到鼓舞。

The US business specifically, as I just mentioned, was at flat. We're encouraged that based on the current trends, we expect that to flip to slight growth in the third quarter, so good ongoing momentum from Experis overall. And in terms of the partnerships, I'll turn it over to Becky to say a little bit about that.

就美國業務而言，如我剛才提到的是持平。基於目前的趨勢，我們感到鼓舞，並預期第三季將轉為小幅成長，因此Experis整體持續展現良好的動能。至於合作夥伴關係的部分，我把時間交給Becky來補充說明。

Yeah, Mark, I'll just say, first, I think the realization that what the market is demanding now is a bit different. They're demanding technology, talent, and services into an integrated solution that delivers outcomes. And we obviously play in the integration, the talent, and the integrated services that drive the outcomes, and we have partnerships that help us with the technology.

好的，Mark，我先說，我認為我們已意識到市場目前的需求有些不同。他們需要的是把技術、人才與服務整合成一套能交付成果的整體解決方案。而我們顯然在整合、人才，以及能推動成果的整合式服務方面具備能力；同時我們也有合作夥伴在技術面協助我們。

So in terms of how big that can be, it's relatively new for us. I've talked about it, the new revenue stream, but we're in progress of delivering between $50 million to $100 million this year from partnership-driven revenue. And I think most importantly, or maybe equally importantly, we have almost 100 qualified leads in our pipeline. And so we expect this number to continue to grow.

至於這能做到多大規模，對我們而言相對是新的。我曾談到這是一條新的營收來源，而我們正在推進今年由合作夥伴帶動的營收，目標介於5,000萬到1億美元。而我認為最重要的是，或同樣重要的是，我們的管線中有將近100個合格的潛在商機（qualified leads）。因此我們預期這個數字會持續成長。

Great. Thank you.

很好。謝謝。

Thanks, Mark.

謝謝，Mark。

Thank you. That concludes our Q&A session, and I will turn it back to Jonas.

謝謝。問答環節到此結束，我將把時間交回給Jonas。

Thank you, Michelle, and thank you, everyone, for participating in this morning's earnings call. We look forward to speaking with you again when we meet next for our Q3 earnings call. Thanks very much, and until then, have a great rest of the week.

謝謝你，Michelle，也謝謝各位參與今天上午的財報電話會議。我們期待在下一次第三季財報電話會議時再與各位交流。非常感謝，在那之前，祝各位本週剩餘時間一切順利。

This concludes the program. You may now disconnect.

本節目到此結束。您現在可以斷線。