Maximus Inc (MMS) 2025 Q2 法說會逐字稿

Greetings and welcome to the Maximus fiscal 2025 2nd quarter conference call. At this time, all participants are in a listen-only mode. A brief question and answer session will follow a formal presentation. If anyone should require operator assistance during the conference, please press 0 on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Jessica Batt, Vice President of Investor relations for Maximus. Thank you, Ms. Batt. You may begin.

大家好，歡迎參加 Maximus 2025 財政年度第二季電話會議。此時，所有參與者都處於只聽模式。正式演講之後將有一個簡短的問答環節。若會議期間有人需要接線生協助，請按電話鍵盤上的 0。提醒一下，本次會議正在錄製中。現在我很高興介紹您的主持人，Maximus 投資者關係副總裁 Jessica Batt。謝謝你，巴特女士。你可以開始了。

Good morning and thanks for joining us. With me today is Bruce Caswell, President and CEO, David Mutryn, CFO, and James Francis, Vice President of Investor Relations. I'd like to remind everyone that a number of statements being made today will be forward-looking in nature. Please remember that such statements are only predictions. Actual events and results may differ materially as a result of risks we face, including those discussed in item 1A of our most recent forms 102 and 10k.

早安，感謝您加入我們。今天與我一起的有總裁兼首席執行官布魯斯·卡斯韋爾 (Bruce Caswell)、首席財務官大衛·穆特林 (David Mutryn) 和投資者關係副總裁詹姆斯·弗朗西斯 (James Francis)。我想提醒大家，今天發表的許多聲明都是前瞻性的。請記住，這些陳述只是預測。由於我們所面臨的風險，包括我們最新的 102 和 10k 表格第 1A 項中討論的風險，實際事件和結果可能會存在重大差異。

We encourage you to review the information contained in our recent filings with the SEC and our earnings press release. The company does not assume any obligation to revise or update these forward-looking statements to reflect subsequent events or circumstances, except as required by law.

我們鼓勵您查看我們最近向美國證券交易委員會提交的文件和收益新聞稿中包含的資訊。除法律要求外，本公司不承擔修改或更新這些前瞻性陳述以反映後續事件或情況的任何義務。

Today's presentation also contains non-GAAP financial information. Management uses this information internally to analyze results and believes it may be informative to investors in identifying trends, gauging the quality of our financial performance, and providing meaningful period to period comparisons. For a reconciliation of the non-GAAP measures presented, please see the company's most recent forms 10Q and 10k. And with that, I'll hand the call over to Bruce.

今天的簡報還包含非公認會計準則財務資訊。管理層在內部使用這些資訊來分析結果，並相信這些資訊可以幫助投資者識別趨勢、衡量我們財務表現的質量，並提供有意義的期間比較。有關非公認會計準則 (non-GAAP) 指標的對帳信息，請參閱公司最新的 10Q 和 10k 表格。說完這些，我將把電話交給布魯斯。

Thanks Jessica, and good morning. As we enter the back half of the fiscal year, I'm pleased to report solid results representing another strong quarter. While David will get into greater detail in a few moments, I'm proud to share that we reported revenue of $1.36 billion in the quarter, representing a solid 3% organic growth year over year. Adjusted EBITDA margin was 13.7% in Q2. And is in the upper end of our near-term guidance range showing we're delivering on an earlier commitment.

謝謝傑西卡，早安。當我們進入財政年度的後半段時，我很高興地報告穩健的業績，這代表著又一個強勁的季度。雖然 David 稍後會詳細介紹，但我很自豪地告訴大家，我們本季的營收為 13.6 億美元，年增 3%。第二季調整後的 EBITDA 利潤率為 13.7%。並且處於我們近期指導範圍的上限，表明我們正在履行早先的承諾。

We believe these results reflect the strength and resilience of our business, our role as a partner to government in delivering complex programs efficiently at scale, and our earned reputation for technology innovation in government services. Before diving into an update on the business, I want to address the macro environment in which we are operating. As the Department of Government Efficiency, or DOG, operates within the executive Office of the President, working closely with the Office of Management and Budget, or OMB.

我們相信，這些結果反映了我們業務的實力和韌性、我們作為政府合作夥伴在高效、大規模地提供複雜項目方面所發揮的作用，以及我們在政府服務技術創新方面贏得的聲譽。在深入介紹業務更新之前，我想先談談我們營運的宏觀環境。政府效率部（DOG）隸屬於總統行政辦公室，與管理和預算辦公室（OMB）密切合作。

The doge began its work shortly after the inauguration and continues its efforts to streamline government, reflecting the administration's priorities. In February, when the doge was beginning their work, we noted that we share the administration's goal of modernizing programs through technology, standardization, and performance-based contracting to deliver high quality services in an accountable manner. While our sector continues to operate as expected in an environment of some uncertainty, we believe this also presents an important opportunity to showcase our ideas on more effective models for the delivery of critical citizen services.

總督在就職後不久就開始工作，並繼續努力精簡政府，反映政府的優先事項。今年 2 月，當總督開始工作時，我們指出，我們同意政府的目標，即透過技術、標準化和基於績效的合約來實現專案現代化，以負責任的方式提供高品質的服務。雖然我們的行業在充滿不確定性的環境中繼續按預期運作，但我們相信這也為我們展示有關提供關鍵公民服務的更有效模式的想法提供了重要機會。

Our teams are well prepared for this moment as the doge objectives align with many of our recent Maximus Forward initiatives, of which I've spoken on prior calls. Under our Maximus Forward transformation, we questioned traditional structures and processes, sought to apply technology and innovation to drive more efficient operations, and focused on customer satisfaction. Further, we've emphasized employee engagement and enabled critical reinvestment in the business. In the context of applying a similar mindset to the work we do on behalf of our customers, let me share two recent examples of which I'm especially proud.

我們的團隊已經為這一刻做好了充分的準備，因為 doge 目標與我們最近的許多 Maximus Forward 計劃相一致，我在之前的電話會議上已經談到過這些計劃。在我們的 Maximus Forward 轉型中，我們質疑傳統的結構和流程，尋求應用技術和創新來推動更有效率的運營，並專注於客戶滿意度。此外，我們強調員工參與度並對業務進行關鍵的再投資。在將類似的思維方式運用到我們代表客戶所做的工作中時，讓我分享兩個我特別自豪的最近的例子。

First, on our Federal No Surprises Act contract, where we provide arbitration services to resolve out of network payment disputes between insurance providers and care facilities, we recently implemented an AI solution that is designed to streamline the independent dispute resolution process. This greatly enhanced process efficiency, cutting down on manual effort and boosting throughput. This automation helped clear a backlog of disputes, ensured SLA targets were met, reduced temporary labor costs, provided more meaningful work for our employees, and supported significant growth in project volumes.

首先，根據我們的《聯邦無意外法案》合同，我們提供仲裁服務來解決保險提供者和護理機構之間的網路外支付糾紛，我們最近實施了一項旨在簡化獨立糾紛解決流程的人工智慧解決方案。這極大地提高了流程效率，減少了人工並提高了吞吐量。這種自動化有助於清除積壓的爭議，確保滿足 SLA 目標，降低臨時勞動力成本，為我們的員工提供更有意義的工作，並支持專案量的顯著增長。

Secondly, working with the Department of Veterans Affairs, VA, we've invested significantly to accelerate case preparation on our MDE contract. In the past, organizing and categorizing the information and medical records was a labor intensive and highly repetitive process, with case files averaging between 2000 and 3,500 pages.

其次，我們與退伍軍人事務部 (VA) 合作，投入大量資金來加速 MDE 合約的案件準備。過去，組織和分類資訊和醫療記錄是一個勞動密集且高度重複的過程，病例檔案平均有 2000 到 3500 頁。

Given the importance of this program to the VA and our commitment to provide timely service to our nation's veterans, there was an urgent need for investment in automation. By leveraging tools such as AWS GovCloud, and Amazon Techtract, Maximus developed a proprietary AI and machine learning powered records processing system. Since implementation, we have reduced the time required for manual case preparation, enabling us to take on greater volumes in the wake of the Pact Act.

鑑於該計劃對退伍軍人事務部的重要性以及我們為國家退伍軍人提供及時服務的承諾，迫切需要對自動化進行投資。透過利用 AWS GovCloud 和 Amazon Techtract 等工具，Maximus 開發了專有的 AI 和機器學習驅動的記錄處理系統。自實施以來，我們減少了手動準備案件所需的時間，使我們能夠在《公約》出台後處理更多的案件。

This solution has also enabled us to shift labor to higher value work such as quality assurance, contributing to the VA's objective of faster claim resolution for our deserving veterans. Innovation like this requires program and operational knowledge gained through years of delivery coupled with industry leading technical acumen and meaningful investment.

該解決方案還使我們能夠將勞動力轉移到品質保證等更高價值的工作上，有助於 VA 實現為我們值得尊敬的退伍軍人更快地解決索賠問題的目標。這樣的創新需要透過多年的交付獲得的專案和營運知識，以及業界領先的技術敏銳度和有意義的投資。

These are hallmarks of our business model and are best realized when we are aligned with our customers on a common mission objective. In this case, providing the best service possible for those who served our nation. The implementation of new innovative solutions for these two federal customers are two positive examples of the ways in which we're collaborating and executing on shared priorities.

這些都是我們商業模式的標誌，當我們與客戶在共同的使命目標上保持一致時，這些標誌就能得到最好的實現。在這種情況下，我們為那些為我們的國家服務的人提供最好的服務。為這兩個聯邦客戶實施新的創新解決方案是我們合作和執行共同優先事項的兩個積極例子。

We believe these also serve as solid proof points that our investments in AI and our people are paying off. We are working closely to support our customers and doge representatives to address questions on certain contracts and program operations. In some cases, it has led to further discussions about opportunities for efficiencies, consolidation, and innovation.

我們相信，這些也充分證明了我們在人工智慧和人才方面的投資正在獲得回報。我們正在密切合作，以支持我們的客戶和 DOGE 代表解決有關某些合約和計劃操作的問題。在某些情況下，它引發了關於提高效率、整合和創新機會的進一步討論。

We will continue to be responsive to questions from the administration as they arise and welcome opportunities to demonstrate how our work delivers value for American taxpayers in support of over 100 million citizens in critical program areas like veterans benefits, student loan servicing, and Medicare. The impact of Doge decisions on the business to date have been limited to a handful of small contracts where budget or scope has now been modified, some of which were already scheduled to end this fiscal year.

我們將繼續及時回答政府提出的問題，並歡迎機會展示我們的工作如何為美國納稅人創造價值，在退伍軍人福利、學生貸款服務和醫療保險等關鍵項目領域為超過 1 億公民提供支持。迄今為止，Doge 決策對業務的影響僅限於少數幾份小型合同，這些合約的預算或範圍現已修改，其中一些合約原定於本財年結束。

More specifically, to date, these actions are estimated to total about $4 million in FY25 revenue, a de minimis figure on our base of $5 billion of revenue. That said, the environment in which we are operating continues to evolve, and we are maintaining a balanced stance of both supporting our customers in response to inquiries, as well as leaning into opportunities to shape the future of certain programs. As an example, like others in our sector, we have fielded requests for pricing concessions on certain contracts which leads to a process of mutual negotiation in due course. We recognize that this is an ongoing process which may lead to further requests and reflects the systematic review of government spending that has been a communicated priority of the administration.

更具體地說，到目前為止，這些行動預計為 2025 財年帶來總計約 400 萬美元的收入，這對於我們 50 億美元收入的基礎來說是一個微不足道的數字。話雖如此，我們的營運環境仍在不斷發展，我們仍保持著平衡的立場，既支持客戶回應詢問，又抓住機會塑造某些項目的未來。例如，與我們行業中的其他公司一樣，我們已經處理了某些合約的價格優惠請求，這將在適當的時候引發相互談判的進程。我們認識到這是一個持續的過程，可能會引發進一步的請求，並反映出政府支出的系統性審查，這是政府所傳達的優先事項。

As a result, as David will discuss further, we maintain a more cautious view of the second half of this fiscal year, consistent with our standpoint when we provided guidance earlier. Our objective remains to demonstrate how our work delivers value and accountability for American taxpayers. Another proof point of our alignment with the administration is at the state level.

因此，正如大衛將進一步討論的那樣，我們對本財年下半年持更為謹慎的看法，這與我們之前提供指導時的立場一致。我們的目標仍然是展示我們的工作如何為美國納稅人帶來價值和責任。我們與政府保持一致的另一個證明點是在州一級。

Recently, federal guidance was issued to reaffirm states' authority to use private sector partners that meet merit system principles. This framework, administered by the Office of Personnel Management, or OPM is fundamental to the agency's mandate to ensure transparency, fairness, and merit-based management of employees across the public and private sectors.

最近，聯邦政府發布了指導意見，重申各州有權使用符合擇優制度原則的私部門合作夥伴。該框架由美國人事管理辦公室（OPM）管理，是該機構確保公共和私營部門員工的透明度、公平性和擇優管理的基礎。

The challenge for states is that managing growing complex populations often exceeds the realistic constraints of a government workforce, leading to reduced service quality and a poor citizen experience. For many states, scaling up a permanent workforce is neither a practical nor cost effective solution. Maximus was the first organization in our sector to certify that its systems of personnel management meet the high standards government demands of its own workforce, fully complying with government merit system principles.

各州面臨的挑戰是，管理日益增長的複雜人口往往超出政府勞動力的實際限制，導致服務品質下降和公民體驗不佳。對許多州來說，擴大永久性勞動力既不切實際，也不是成本效益高的解決方案。Maximus 是我們產業中第一個證明其人事管理系統符合政府對其員工的高標準要求的組織，完全遵守政府績效制原則。

We refer to the federal guidance as flexibility to contract because from the state customer perspective they can choose what's in their interest, ideally balancing their workforce to perform inherently governmental functions while partnering with private sector providers like Maximus. With the anticipated demand for services likely increasing in the near future as states contemplate possible changes to Medicaid and other benefit programs, there's no better time to have this flexibility.

我們將聯邦指導稱為合約彈性，因為從州客戶的角度來看，他們可以選擇符合自身利益的合同，理想情況下平衡其勞動力以履行政府固有職能，同時與 Maximus 等私營部門供應商合作。隨著各州考慮對醫療補助和其他福利計劃進行可能的修改，預計在不久的將來對服務的需求可能會增加，因此現在是實現這種靈活性的最佳時機。

We believe our track record in this area is unmatched. During the pandemic, flexibility to contract guidance was attached to emergency pandemic response bills, which enabled the private sector to support states in processing claims for unemployment insurance benefits. Maximus became the leading provider of these services.

我們相信，我們在這一領域的表現是無與倫比的。疫情期間，緊急疫情應對法案附加了彈性的合約指引，使私部門能夠支持各州處理失業保險救濟金的申請。Maximus 成為這些服務的領先提供者。

With flexibility to contract reactivated, we are once again supporting our state customers as they examine the benefits of a hybrid public-private model. Last quarter I discussed the early developments in the area of Medicaid, specifically potential changes to reduce the level of federal Medicaid spending.

隨著合約靈活性的重新激活，我們再次為我們的州客戶提供支持，幫助他們研究混合公私模式的好處。上個季度我討論了醫療補助領域的早期發展，特別是降低聯邦醫療補助支出水準的潛在變化。

As we stand here today, 3 months later, there's been little actionable movement in this area, but the contours of possible legislative actions are emerging. While it's too early to speculate on what may make its way into a final bill, interest remains high in areas that include program integrity and work requirements. As discussed in February, changes that require customer engagement, such as verifying eligibility, typically increase our activity volume, which is our primary contracting model for state Medicaid programs. Therefore, a reduction in Medicaid recipients may not necessarily decrease consumer engagement, especially if eligibility verification or activity reporting requirements become more frequent than today.

三個月後的今天，當我們站在這裡時，這一領域幾乎沒有任何可行的行動，但可能採取的立法行動的輪廓正在浮現。雖然現在猜測最終法案中會包含哪些內容還為時過早，但人們對包括專案完整性和工作要求在內的一些內容仍然很感興趣。正如二月所討論的那樣，需要客戶參與的變化（例如驗證資格）通常會增加我們的活動量，這是我們針對州醫療補助計劃的主要承包模式。因此，醫療補助受益人的減少並不一定會降低消費者的參與度，尤其是在資格驗證或活動報告要求比現在更頻繁的情況下。

Additionally, in many of our largest states, we also manage state-based exchanges where customers can enroll if they no longer are eligible for Medicaid. This helps maintain our ongoing engagement with those consumers. Now let me turn to the business. Beginning with the federal segment. I'm pleased to report that the strategic intent of the 2021 acquisition of Veterans Valuation Services or VES is manifesting beyond our primary goal of becoming a valued partner to the VA.

此外，在我們最大的許多州，我們還管理基於州的交易所，如果客戶不再有資格享受醫療補助，他們可以在其中註冊。這有助於我們與這些消費者保持持續的聯繫。現在讓我來談談正事。從聯邦部分開始。我很高興地報告，2021 年收購退伍軍人估價服務公司 (VES) 的策略意圖已經超越了我們成為 VA 重要合作夥伴的主要目標。

The synergies in our pipeline, meaning opportunities that neither legacy company could successfully win, are coming to bid in the near future. As a combined entity with the period of proven success behind us, we believe we have the qualifications and credibility to be a serious competitor on new programs. Combined with the solid, deep customer relationships we've built over time, we're optimistic in our ability to drive scale on new performance and volume-based contracts now in the capture phase.

我們通路中的協同效應，即任何傳統公司都無法成功贏得的機會，將在不久的將來出現。作為一個擁有多年成功經驗的聯合體，我們相信我們有足夠的資格和信譽成為新專案的有力競爭者。結合我們長期以來建立的穩固、深厚的客戶關係，我們對目前處於捕獲階段的新績效和基於數量的合約的規模擴大充滿信心。

Within the US services segment, our clinical assessment business and programs are particularly strong and continue to see solid growth. We've secured a number of new and rebate contracts in the fiscal year which are proof points of a growing clinical services pipeline and our continued delivery on the strategic pillar we've referred to as Future of Health.

在美國服務領域，我們的臨床評估業務和計畫特別強勁，並持續保持穩健成長。我們在本財政年度獲得了許多新的和回扣合同，這些合約證明了臨床服務管道的不斷增長以及我們繼續履行我們稱之為「健康的未來」的戰略支柱。

Two recent awards in the clinical space include the following. First, in the state of Kansas, we recently secured new work with the Department for Aging and Disability Services to operate the statewide Home and Community-based Services, or HCBS assessment organization.

臨床領域最近獲得的兩個獎項如下。首先，在堪薩斯州，我們最近與老齡和殘疾人服務部達成了新的合作，負責營運全州家庭和社區服務（HCBS）評估組織。

Our team of clinicians will conduct health assessments to support Kansas's goals for integrated solutions that promote the well-being of people in the physical disability, frail elderly, and brain injury HCBS waiver programs, as well as the programs of all inclusive care for the elderly known as PACE.

我們的臨床醫生團隊將進行健康評估，以支持堪薩斯州的綜合解決方案目標，促進身體殘疾、體弱老人和腦損傷 HCBS 豁免計劃以及被稱為 PACE 的老年人全包護理計劃中人們的福祉。

Maximus will collaborate with community agencies and organizations to improve access to long-term services and supports. We believe this win with an estimated total contract value or TCV of $40 million over a 5.5 year period is a solid example of our expertise and growing reputation in state clinical assessments.

Maximus 將與社區機構和組織合作，以改善長期服務和支持的機會。我們相信，這份為期 5.5 年、預計總合約價值或 TCV 為 4000 萬美元的合約充分證明了我們在國家臨床評估領域的專業知識和日益增長的聲譽。

Second, in the state of California, we recently secured the rebid of our independent medical review program valued at $150 million TCV over a three-year base period. This project showcases our partnership with states. In this case between California and Maximus, where we conduct independent medical reviews related to disputes between physicians and claims administrators about necessary medical treatment for injured workers.

其次，在加州，我們最近成功重新招標了我們的獨立醫療審查項目，該項目為期三年，總價值 1.5 億美元。該項目展示了我們與各州的合作夥伴關係。在加州和馬克西姆斯之間的這個案件中，我們對醫生和索賠管理員之間關於受傷工人必要醫療治療的糾紛進行了獨立的醫療審查。

New assessment programs have kicked off in 3 additional states, all of which contribute to the bottom line this fiscal year. We continue to invest in the growth and optimization of the clinical assessments business through new technology and capabilities, reaffirming our commitment to the future of health strategic pillar. I would now like to share our pipeline and the trends we're seeing in federal procurement. As has been the case for some time now, we are seeing delays in federal procurement processes, mostly in civilian agencies, resulting in new awards pushing to the right.

另外 3 個州已啟動新的評估計劃，這些計劃均對本財政年度的盈利產生了影響。我們繼續透過新技術和新能力投資於臨床評估業務的成長和優化，重申我們對未來健康策略支柱的承諾。現在我想分享我們的管道和我們在聯邦採購中看到的趨勢。正如一段時間以來的情況一樣，我們看到聯邦採購流程（主要是在民事機構）出現延遲，導致新的獎項向右翼傾斜。

For incumbents, a potential silver lining to these delays are the unexpected bridge or extension contracts on current programs. In one such instance, we were recently granted a $189 million bridge contract on a program for an 18 month period. Consistent with the administration's focus on innovation through performance-based contracting that leverages commercial solutions, our teams are shaping tomorrow's opportunities. We call this shifting left, and our pipeline is building with opportunities to which we believe our capabilities are well positioned. Proposals in prep and proposals submitted in aggregate are 25% higher than last quarter, which demonstrates many government customers moving forward with procurements.

對於現任者來說，這些延誤的一個潛在好處是現有專案的意外過渡或延期合約。例如，我們最近獲得了一份為期 18 個月、價值 1.89 億美元的過渡合約。與政府透過利用商業解決方案的績效合約進行創新的重點一致，我們的團隊正在塑造未來的機會。我們稱之為左移，我們正在建立充滿機會的管道，我們相信我們的能力已經處於有利地位。準備中的提案和已提交的提案總數比上一季高出 25%，這表明許多政府客戶正在推進採購。

We are optimistic that given the recent prioritization of federal procurement reform, the procurement process is anticipated to improve. Now let me share some of our more common data points for awards reporting and the pipeline. Through the second quarter of fiscal year 2025, signed awards totaled $2.9 billion of total contract value. Further, at March 31st, there were $451 million worth of contracts that had been awarded but not yet signed.

我們樂觀地認為，鑑於最近對聯邦採購改革的重視，採購流程有望得到改善。現在讓我分享一些有關獎項報告和管道的更常見的數據點。截至 2025 財年第二季度，已簽署的合約總價值達 29 億美元。此外，截至 3 月 31 日，已有價值 4.51 億美元的合約已授予但尚未簽署。

These awards translate into a book to bill of approximately 0.8 times using our standard reporting for the trailing 12-month period. This represents a step up from our book to bill at September 30th and tracks to our expectations for an improved metric in this fiscal year. As we've mentioned on prior calls, the lower book to bill is largely due to the lower-than-normal period of rebate activity we experienced in fiscal year 2024. With many of our larger rebates behind us and well secured, we expect to continue seeing a positive trend in this metric.

根據我們過去 12 個月的標準報告，這些獎項相當於訂單出貨比約為 0.8 倍。這代表著我們 9 月 30 日的帳面餘額與出貨量相比有所上升，並且符合我們對本財年指標改善的預期。正如我們在先前的電話會議中提到的那樣，訂單出貨比較低主要是由於我們在 2024 財年經歷的回扣活動低於正常水平。由於我們已經獲得了很多較大的回扣並且得到了很好的保障，我們預計這一指標將繼續呈現積極的趨勢。

Our total pipeline of sales opportunities at March 30th was $41.2 billion compared to $41.4 billion reported at December 30th first. The current pipeline is comprised of approximately $2 billion in proposals pending, $3 billion in proposals in preparation, and $36.3 billion in opportunities we are tracking. Of our current pipeline, approximately 55% represents new work. Additionally, 60% of the $41.2 billion total pipeline is attributable to our US Federal Services segment.

截至 3 月 30 日，我們的銷售機會總額為 412 億美元，而 12 月 30 日報告的銷售機會總額為 414 億美元。目前的管道包括約 20 億美元的待決提案、30 億美元的準備提案以及 363 億美元的正在追蹤的機會。我們目前的產品線中，約有 55% 是新作品。此外，412 億美元總管道中的 60% 歸屬於我們的美國聯邦服務部門。

In closing, we're proud to share that Maximus has once again been recognized by fortune as one of America's most innovative companies, a distinction that places us among the top 300 companies nationwide, known for shaping the future through product excellence, operational innovation, and a strong internal culture of creativity. This recognition acknowledges our track record in deploying AI, robotic process automation, and advanced analytics to help government agencies deliver faster, more efficient services to the people who need them most. And with that, I'll turn the call over to David.

最後，我們很自豪地告訴大家，Maximus 再次被《財富》雜誌評為美國最具創新精神的公司之一，這項殊榮使我們躋身全美 300 強公司之列，以透過卓越的產品、營運創新和強大的內部創造力文化塑造未來而聞名。這項認可肯定了我們在部署人工智慧、機器人流程自動化和進階分析方面的良好記錄，幫助政府機構為最需要的人提供更快、更有效率的服務。說完這些，我會把電話轉給大衛。

Thanks, Bruce, and good morning. We're pleased to report 2nd quarter results that exceeded our expectations thanks to outstanding execution and ongoing demand for our services. This is driving the 2nd consecutive raise to our fiscal 2025 revenue and earnings guidance. We view the business as being in a healthy state, resulting from our demonstrated ability to deliver critical citizen services in a high-quality manner. Looking ahead, we believe our pipeline of opportunities remains healthy, and as Bruce noted, we have seen an uptick in our business proposals volume as we pursue those opportunities to fuel our growth in the years to come.

謝謝，布魯斯，早安。我們很高興地報告，由於出色的執行力和對我們服務的持續需求，第二季的業績超出了我們的預期。這推動我們連續第二次提高 2025 財年營收和獲利預期。我們認為業務處於健康狀態，因為我們已證明有能力以高品質的方式提供關鍵的公民服務。展望未來，我們相信我們的機會管道仍然健康，正如布魯斯所指出的那樣，隨著我們尋求這些機會來推動未來幾年的成長，我們的商業提案數量有所上升。

Let me take you through quarterly results where maximus reported revenue of $1.36 billion for the second quarter of fiscal year 2025, representing 1.0% year over year growth or 3.0% on an organic basis. The US Federal Services segment was the primary driver of growth in the quarter, which offset the expected normalization of revenue in the US services segment following last year's overperformance from the Medicaid unwinding effort. The outside the US segment also posted solid mid-single digit organic growth.

讓我帶您了解季度業績，其中 Maximus 報告 2025 財年第二季的營收為 13.6 億美元，年成長 1.0% 或有機成長 3.0%。美國聯邦服務部門是本季成長的主要推動力，抵銷了去年醫療補助取消努力的超額表現後美國服務部門預期的收入正常化。美國以外地區也實現了穩健的中等個位數有機成長。

Adjusted EBITDA margin was 13.7% and adjusted EPS was $2.01 for the quarter, which compares to 11.7% and $1.57 respectively for the prior year period. Turning to results for the US Federal Services segment, revenue increased 10.9% to $778 million which was all organic. Similar to last quarter, revenue growth stemmed from multiple areas throughout the segment, including clinical assessments which were particularly strong this quarter across several contracts. The operating income margin for the segment in the second quarter was 15.3% as compared to 11.9% in the prior year period.

本季調整後的 EBITDA 利潤率為 13.7%，調整後的 EPS 為 2.01 美元，而去年同期分別為 11.7% 和 1.57 美元。談到美國聯邦服務部門的業績，營收成長 10.9% 至 7.78 億美元，全部為有機成長。與上一季類似，營收成長源自於整個部門的多個領域，包括本季在多個合約中表現特別強勁的臨床評估。該部門第二季的營業收入利潤率為 15.3%，而去年同期為 11.9%。

The strong margins resulted from operational efficiencies coupled with the opportunity to process extra volumes to meet higher assessment demand. The outsized volumes in certain smaller clinical programs helped bolster this quarter's margin and are expected to continue, but not to this extent. For the US services segment, revenue decreased as expected to $442 million as compared to the prior year period revenue of $486 million. The change in revenue reflects the prior year period's outsized growth from excess volumes tied to the now completed Medicaid unwinding exercise.

豐厚的利潤率源自於營運效率以及處理額外數量以滿足更高評估需求的機會。某些較小臨床項目的超大交易量幫助提高了本季的利潤率，預計這種趨勢將持續下去，但不會達到目前的程度。美國服務部門的營收與去年同期的 4.86 億美元相比，預期下降至 4.42 億美元。收入的變化反映了去年同期因現已完成的醫療補助取消計劃而產生的超額收入成長。

The segment's operating income margin for the second quarter was 12.2% and compares to 14.0% for the prior year period resulting from the excess volumes. This quarter's margin demonstrated the sequential margin improvement over the first quarter that we had anticipated, with the full year outlook for the segment remaining unchanged. Turning to the outside the US segment, revenue decreased as anticipated to $142 million for the quarter and driven by previously divested businesses that were present in the prior year period.

該部門第二季的營業利潤率為 12.2%，而去年同期的營業利潤率為 14.0%，這是由於銷量過剩造成的。本季的利潤率顯示出我們預期的第一季利潤率環比提高，該部門的全年前景保持不變。轉向美國以外的市場，本季營收如預期下降至 1.42 億美元，原因是去年同期的業務被剝離。

Meanwhile, organic growth was 4.6% thanks to the healthier components of the segment that remain. The segment's operating income margins this quarter was 3.4% and compares to 0.4% in the prior year period. We have a continued goal to improve the profitability profile of this segment. This does not rule out further reshaping actions, though we do not presently see any significant area of the segment that is performing below our expectations.

同時，由於該部門保留了較為健康的組成部分，因此有機成長率達到 4.6%。該部門本季的營業收入利潤率為 3.4%，而去年同期為 0.4%。我們的目標是持續改善該部門的獲利狀況。這並不排除進一步的重塑行動，儘管我們目前沒有看到該領域有任何顯著領域的表現低於我們的預期。

Turning to cash flow items, cash provided by operating activities was $43 million and free cash flow was $26 million for the second quarter of fiscal 2025. The lighter cash flow stemmed from a period of lighter collections which we believe to be temporary. This is reflected in a higher day sales outstanding or DSO that were 73 days for this quarter, which compares to DSO of 62 days for the prior quarter.

談到現金流項目，2025 財年第二季經營活動提供的現金為 4,300 萬美元，自由現金流為 2,600 萬美元。現金流減少源自於一段時期的收款減少，我們認為這只是暫時的。這反映在本季較高的應收帳款週轉天數或 DSO 上，為 73 天，而上一季的 DSO 為 62 天。

The primary driver of the higher DSO is one of our large state-based programs that has administrative delays tied to a pending extension of our work. This one item was worth 7 days of DSO alone. We anticipate this extension will be finalized and executed this fiscal year, which would catch up the delayed collections and benefit cash flows in the 4th quarter of the fiscal year. The remaining few days increase is across the portfolio and not tied to any one customer set. Two international government customers have been responsible for a slight increase, as well as 1 or 2 agencies on the US federal side of the business, where we are seeing pockets of delays given the dynamic environment.

導致 DSO 增加的主要原因是我們的一個大型州級項目，該項目因我們工作即將延期而出現行政延誤。僅此一項就值 7 天的 DSO。我們預計該延期將在本財年完成並執行，這將彌補延遲的收款並在本財年第四季帶來現金流。剩餘幾天的成長是整個投資組合的成長，與任何一個客戶群都沒有關係。兩家國際政府客戶以及美國聯邦業務的一兩家機構的業務略有成長，鑑於動態環境，我們看到了部分延遲。

Over the course of this recently completed quarter and in the near term ahead, we continue to take a disciplined approach to capital allocation. While we have not witnessed widespread payment disruptions, we do recognize the potential for broader delays and have planned accordingly. Additionally, we keep our interests focused on potential opportunities on the M&A front. For example, we may be interested in a tekin type deal, especially if the valuation were attractive in the present environment.

在剛結束的這個季度以及未來一段時間內，我們將繼續採取嚴謹的資本配置方式。雖然我們尚未目睹大範圍的付款中斷，但我們確實認識到出現更大範圍延遲的可能性，並已做好相應計劃。此外，我們的興趣集中在併購方面的潛在機會。例如，我們可能對 tekin 類型的交易感興趣，特別是如果估值在當前環境下具有吸引力。

Let me turn to our share repurchase activity, which totaled approximately 947,000 shares for $73 million during the second quarter. This includes the 700,000 shares in January that we announced on the previous call. We have approximately $66 million remaining under the current $200 million board of directors' authorization and will remain opportunistic in our approach to repurchasing additional shares in the future.

讓我來談談我們的股票回購活動，第二季共回購了約 947,000 股，價值 7,300 萬美元。其中包括我們在上次電話會議上宣布的一月份的 700,000 股。在目前董事會授權的 2 億美元下，我們還剩下大約 6,600 萬美元，我們將繼續抓住機會，在未來回購更多股份。

We ended the second quarter with total debt of $1.51 billion which yields a net total leverage ratio of 1.9 times this quarter and below our stated target range of 2 to 3 times. As a reminder, this ratio is our debt net of allowed cash to consolidated EBITDA for the last 12 months as calculated in accordance with our credit agreement. I'll finish by covering our second consecutive raise to fiscal year 2025 guidance. Our intent with the new revenue and earnings guidance is to reflect the overperformance in Q2 and effectively maintain prior guidance for Q3 and Q4.

我們第二季末的總負債為 15.1 億美元，本季淨總槓桿率為 1.9 倍，低於我們規定的 2 至 3 倍的目標範圍。提醒一下，該比率是根據我們的信貸協議計算出來的過去 12 個月我們的債務扣除允許現金與合併 EBITDA 的比率。最後，我將介紹我們連續第二次提高 2025 財年指引。我們發布新的營收和獲利預測的目的是為了反映第二季的超額表現，並有效維持對第三季和第四季的先前預測。

As Bruce expressed, we continue to take a cautious approach given the dynamic environment, particularly in the US federal segment. For revenue, our guidance increases by $50 million to yield a range of 5.25 to $5.4 billion. Our implied full year organic growth rate now stands at about 2% over the prior year.

正如布魯斯所表達的，鑑於動態環境，特別是在美國聯邦領域，我們繼續採取謹慎的態度。對於收入，我們的預期增加了 5,000 萬美元，達到 52.5 億美元至 54 億美元之間。我們預計全年有機成長率目前比上年成長約 2%。

Our full year adjusted EBITDA margin guidance for fiscal year 2025 is now 11.7%, which is 50 basis points up from the previous guidance. Our adjusted EPS guidance increases by $0.40 to range between $6.30 and $6.60 per share. The $0.40 represents the overperformance relative to our forecast for Q2. We are maintaining our free cash flow guidance of $355 to $385 million which reflects a slightly higher DSO assumption at year end. We currently anticipate DSO peaking next quarter and then expect a normalization in our fourth quarter when, as I said, we expect the state extension to be finalized and collections catching up. At this stage of the year, our projections are based on existing contracts. Said differently, we are not dependent on new work to deliver on this year's guidance.

我們對 2025 財年的全年調整後 EBITDA 利潤率預期現為 11.7%，比先前的預期高出 50 個基點。我們的調整後每股收益預期上調 0.40 美元，至每股 6.30 美元至 6.60 美元之間。$0.40 代表相對於我們對第二季的預測表現優異。我們維持 3.55 億美元至 3.85 億美元的自由現金流指引，這反映了年底略高的 DSO 假設。我們目前預計 DSO 將在下個季度達到峰值，然後預計在第四季度將恢復正常，正如我所說的，我們預計屆時國家延期將最終完成，收款也將趕上。今年現階段，我們的預測是基於現有合約的。換句話說，我們並不依賴新工作來實現今年的指導。

Let me add some color on segment margin assumptions. The US federal segment is now forecasted to deliver between 12.5% and 13% on a full year basis, meaning the back half of the year is expected to be between 11 and 12% and reflect a more typical operating profile following an exceptionally strong first half of the fiscal year.

讓我對段邊距假設做一些說明。目前預測美國聯邦部門全年的獲利能力將在 12.5% 至 13% 之間，這意味著下半年的獲利能力預計將在 11% 至 12% 之間，並反映出在財年上半年異常強勁之後更為典型的營運狀況。

Both the US services segment and outside the US segment margin expectations are unchanged at 11% and between 3 and 5% respectively for the full year. We expect interest income of approximately $78 million and our full year tax rate expectation of between 28 and 29% is unchanged. As a reminder, the higher tax rate on a full year basis is tied to the divestiture-related charges in the first quarter. The effective tax rate in Q3 and Q4 is expected to be between 25% and 26%.

美國服務部門和美國以外部門的全年利潤率預期均保持不變，分別為 11% 至 3% 至 5% 之間。我們預計利息收入約為 7,800 萬美元，全年稅率預期在 28% 至 29% 之間保持不變。提醒一下，全年較高的稅率與第一季的資產剝離相關費用掛鉤。預計第三季和第四季的有效稅率在25%至26%之間。

Finally, on a full year basis, the weighted average shares are expected to be about 58 million shares. I'll conclude by recognizing that two consecutive quarters of overperformance are a testament to our operation team's focus and commitment to successful delivery of essential programs on behalf of government and enabled by a portfolio of performance-based contracts that align us with our customers and demonstrate efficient spend. And with that we will open the lines for Q&A operator.

最後，以全年計算，預計加權平均股數約為5800萬股。最後，我要承認，連續兩個季度的超額業績證明了我們的營運團隊的專注和承諾，即代表政府成功交付基本項目，並透過一系列基於績效的合約來實現，這些合約使我們與客戶保持一致並展示高效的支出。我們將開通問答熱線。

Thank you. And at this time we'll conduct a Q&A session. To ask a question, press 1 on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press 2 to remove yourself from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. And our first question comes from Charlie Strausser with CJS Securities. Please state your question.

謝謝。現在我們將進行問答環節。要提問，請按電話鍵盤上的 1。確認音將表示您的線路已進入問題佇列。您可以按 2 將自己從佇列中移除。對於使用揚聲器裝置的參與者，可能需要先拿起聽筒，然後按星號鍵。我們的第一個問題來自 CJS Securities 的 Charlie Strausser。請陳述您的問題。

Hi, good morning.

嗨，早安。

Good morning, Charlie.

早安，查理。

How are you, question for David, I guess I just wanted. Let me see. Very strong quarter looks like the raise is basically encompassing the amount of the beat in the quarter, leaving you know back half of the year largely unchanged, how should we think about, that and also the weightings between Q3 and Q4, and looking at the segments too how should we think about that as well.

你好嗎，問大衛，我想我只是想要。讓我看看。非常強勁的季度看起來成長基本上涵蓋了本季度的超出預期的金額，而你知道今年下半年基本上保持不變，我們應該如何考慮這一點，以及第三季度和第四季度之間的權重，並且看看各個部分，我們也應該如何考慮這一點。

Sure, thanks, Charlie. As I said in our prepared remarks, our intent with the guidance range was to reflect the Q2 over performance, as you said, and then effectively maintain guidance for Q3 and Q4. So that does result in a natural step down from the exceptional Q2 performance. As always, we assess the risks and the opportunities as we see them today, and as you can imagine, the range of outcomes is a bit wider than typical for us at this point of the year, and our intent with guidance is to provide a range that we have a high probability of delivering.

當然，謝謝，查理。正如我在準備好的發言中所說，我們制定指導範圍的目的是為了反映第二季度的表現，就像你說的，然後有效地維持對第三季度和第四季度的指導。因此，這確實會導致第二季的出色表現自然下滑。像往常一樣，我們會評估今天所看到的風險和機遇，正如您所想像的，結果的範圍比我們在今年這個時候的典型情況要廣泛一些，而我們提供指導的目的是提供一個我們很有可能實現的範圍。

So differently in a normal environment we may have raised the guidance a bit more, but in this environment of both risks and opportunities we felt it prudent to hold the remainder of the year of guidance. So just a few more points I'll make to be clear about what our guidance assumes. First, a natural step down from Q2 to Q3 that we do have visibility into, and that would be some moderation to clinical volumes, as I said in my prepared remarks. Also less seasonal work such as disaster response support that we provide to FEMA and in some cases ramping up of costs on certain contracts.

因此，在正常環境下，我們可能會稍微提高指導值，但在這種風險與機會並存的環境中，我們認為，在今年剩餘時間內維持指導值是明智之舉。因此，我只想再強調幾點，以明確我們的指導假設。首先，我們確實可以看到從第二季到第三季的自然下降，這將對臨床數量造成一定程度的緩和，正如我在準備好的發言中所說的那樣。我們向聯邦緊急事務管理局 (FEMA) 提供的災難應變支援等季節性工作也減少了，並且在某些情況下某些合約的成本有所增加。

Second, a reminder that we have no reliance on new work contributing to the fiscal year, which we had also de-risked in our prior guidance, and that's despite our continued optimism on the new business front, which includes of course opportunities that may arise from emerging customer priorities. And then last by holding it flat, we've also allowed for some level of uncertainty to be accommodated related to headwinds that we don't have visibility to but may potentially arise from the macro environment. So, we're deliberately taking a cautious approach that can accommodate some downside by design. And then as it relates to the quarterly profile, I'd say nothing major between Q3 and Q4 to call out. So, at this point I think they could look somewhat similar.

其次，需要提醒的是，我們並不依賴新工作對本財年的貢獻，我們在先前的指導中也已經降低了這一風險，儘管我們對新業務方面仍然持樂觀態度，當然其中也包括可能由新興客戶優先事項帶來的機會。最後，透過保持平穩，我們還允許一定程度的不確定性，這些不確定性與我們無法預見但可能來自宏觀環境的逆風有關。因此，我們刻意採取謹慎的態度，以便在設計上能夠適應一些不利因素。然後，就季度概況而言，我認為第三季和第四季之間沒有重大事件需要注意。因此，目前我認為它們看起來可能有些相似。

Great, thank you. And maybe for Bruce on this one, when you look at the strength and the margin performance in the quarter, it is pretty exceptional, you perhaps provide a little bit more color on that front in terms of, drivers behind that you can maybe highlight for us.

太好了，謝謝。對於布魯斯來說，當你看到本季的實力和利潤表現時，你會發現它非常出色，你或許可以為我們重點介紹背後的驅動因素。

Sure, Charlie, yeah, in our business volumes matter. We've always said, and we had a great great quarter in a number of program areas as it relates to just the volume of work that we were able to get through. Part of that is just that the customers were asking us to take on more work and we were happy to rise to that challenge and use the scale of the business to do that. But as I noted in my prepared remarks, there's also a very clear connection here to the.

當然，查理，是的，在我們的業務中，數量很重要。我們一直說，我們在許多專案領域都度過了一個非常棒的季度，因為這與我們能夠完成的工作量有關。部分原因是客戶要求我們承擔更多的工作，我們很高興接受這項挑戰並利用業務規模來實現這一目標。但正如我在準備好的發言中指出的那樣，這也與…有著非常明顯的聯繫。

That we've been making in technology and we kind of talk about this all the time that we bring together people processing technology to solve these large programmatic challenges that our customers face and I was really pleased with some of the automation that we've been able to drive into the business that has reduced kind of manual work and so forth and has enabled us to scale the business up, redirect our staff to higher value functions. I mentioned in my comments about shifting staff from doing case preparation to actually doing quality assurance, a much more valuable role within the team and ultimately be able to increase productivity and take on greater volumes.

我們一直在技術方面努力，我們也一直在談論這一點，我們將人員處理技術聚集在一起，以解決我們的客戶面臨的這些大型程序化挑戰，我對我們能夠將一些自動化技術帶入業務感到非常高興，這減少了手工工作等等，使我們能夠擴大業務規模，將我們的員工重新分配到更高價值的職能上。我在我的評論中提到，將員工從案件準備轉移到實際的品質保證工作，這在團隊中是一個更有價值的角色，最終能夠提高生產力並承擔更大的工作量。

So, you know it's a great early indicator that the investment that we've been focused on in terms of robotic process automation initially but then into machine learning and artificial intelligence. Are really starting to pay off and that's all been done under the broader umbrella of the Maximus 4 transformation project that we, undertook what 18 months or 2 years ago but have really kept going with the proper transformation office and a pipeline of opportunities. So, I'm really pleased with the cadence that we're moving things through from idea or concept to implementation. And I will still say that there's even further opportunity to then bring some of those pilot areas or concepts to scale. So let me turn it over to David for any additional remarks.

所以，您知道這是一個很好的早期指標，表明我們最初的投資重點是機器人流程自動化，但後來轉向機器學習和人工智慧。確實開始獲得回報，而這一切都是在 Maximus 4 轉型項目的廣泛框架下完成的，我們在 18 個月或 2 年前就開始了這個項目，但實際上我們一直在透過適當的轉型辦公室和一系列機會繼續進行。因此，我對我們從想法或概念到實施的進展節奏感到非常滿意。我仍然要說的是，還有進一步的機會將其中一些試點領域或概念擴大規模。因此，請讓我將問題交給 David，讓他發表補充意見。

I think you answered that well, Bruce. Maybe the only thing I would add, just reiterating from my prior answer, that we do see visibility to some moderation for the reasons I mentioned from Q2 to Q3.

我認為你的回答很好，布魯斯。也許我唯一要補充的是，只是重申我先前的回答，我們確實看到了一些緩和的跡象，原因正如我在第二季到第三季提到的那樣。

That helps Charlie for that.

這對查理有幫助。

Yeah, definitely, thank you for that. Looking at your commentary about the you know pricing concessions, etc. Obviously there's more scrutiny from the federal government on their vendors and contracts. Are you seeing any potential delays in the potentially new work coming into the pipeline, also, contrary to that, are you seeing, new opportunities that you hadn't seen before flowing into the into the pipeline.

是的，確實，謝謝你。看看您關於價格優惠等的評論。顯然，聯邦政府對其供應商和合約的審查更加嚴格。您是否看到潛在的新工作進入渠道時出現任何潛在的延遲？此外，與此相反，您是否看到以前從未見過的新機會流入渠道。

Sure. So, commenting on the pipeline, I mentioned in my prepared remarks that we're pleased with the overall pipeline volume, which is great. And another key metric that we offered this quarter, which I thought was a nice improvement over what we've talked about previously was the progression of proposals in preparation and awaiting decisions, which we said is up 25% the prior quarter. So, things are moving.

當然。因此，在評論管道時，我在準備好的演講中提到，我們對整體管道量感到滿意，這很棒。我們本季提供的另一個關鍵指標是，正在準備和等待決策的提案的進展，我認為這比我們之前談到的有了很大的改進，我們說這個指標比上一季度增長了 25％。事情正在進展。

Been some slowdown, however, and reduction even in the pipeline and the civilian agency space to double click on that, what's behind that we think are two things one, just the ongoing kind of work of the administration as they go through the agencies and their programs and their contracts and so forth. But also, there's a broader effort by the administration and intent to reduce the use of agency-specific indefinite quantity. Indefinite delivery actually I just flipped the two around indefinite delivery indefinite quantity IDIQ contracts or basic ordering agreement or BOA type contracts and consolidate those to the GSA level. I think all of industry is waiting to see kind of the path that will take going forward, but as a consequence, as we also said, work needs to be done and so this has led to contract bridges and extension.

然而，出現了一些放緩，甚至在管道和民間機構領域也出現了減少，我們認為這背後的原因有兩點，一是政府在審查機構、項目和合約等時正在進行的工作。但同時，政府也在做出更廣泛的努力並有意減少使用特定機構的不定量政策。不定期交付實際上我只是將不定期交付不定期數量 IDIQ 合約或基本訂購協議或 BOA 類型合約兩者互換，並將它們合併到 GSA 級別。我認為整個行業都在等待觀察未來的道路，但結果，正如我們所說，還有很多工作要做，所以這導致了合約橋樑和延期。

That benefit incumbents, including Maximus, and I mentioned an example of that in my remarks. I would also note regarding the pipeline that we've reviewed the President's proposed budget and if that's any indicator ultimately of what will come out of the congressional budgetary process, hard to say. We don't see any significant impact on the programs that we administer across our current civilian portfolio of contracts. So then opportunities we have our teams out there shifting left and shaping opportunities every day, and I mentioned this earlier in the call and I really feel like we are in a very good position to be an effective and valued partner in the process of government.

這對包括馬克西姆斯在內的現任者有利，我在我的演講中提到了一個例子。關於管道，我還想指出，我們已經審查了總統提出的預算，這是否能最終預示國會預算過程的結果，很難說。我們認為這對我們目前民用合約組合中管理的項目不會產生任何重大影響。因此，我們的團隊每天都在向左移動並創造機會，我在電話會議中早些時候提到了這一點，我真的覺得我們處於非常有利的位置，可以成為政府進程中有效且有價值的合作夥伴。

Energy pipeline opportunities as we call them, are now coming to market that we had our eyes on several years ago when we first combined with Veterans evaluation Services. I mentioned that, either company alone could never have bid on or won those contracts, but we talk about having a right to win and we feel that we've got the right to win now as these are coming to market, so we're excited about them.

我們所說的能源管道機會現在正在進入市場，幾年前我們第一次與退伍軍人評估服務公司合作時就關注過這個機會。我提到過，任何一家公司都不可能單獨競標或贏得這些合同，但我們談到有權獲勝，而且我們覺得我們現在有權獲勝，因為這些產品即將進入市場，所以我們對此感到興奮。

I'd also note that some opportunities in terms of shaping and the shifting left and so forth don't necessarily lead or don't necessarily correspond to planned procurements that you've got, years of visibility to, and by that I mean the discussions and conversations that we can have with our customers about ways to bring greater efficiencies and innovation to program areas that we presently administer that could lead to things like consolidation.

我還要指出的是，在塑造和左移等方面的一些機會不一定會導致或不一定對應於你已經擁有的計劃採購、多年的可見性，我的意思是我們可以與客戶進行的討論和對話，關於如何為我們目前管理的項目領域帶來更高的效率和創新，從而可能導致諸如整合之類的事情。

And streamlining and re-engineering and simplification of technology that's being used and all types of opportunities that we could kind of step into in the existing contracts that we have or through alternate procurement methods that would be developed and then and then brought out. I'm not saying it's as kind of quick a turn as we saw during the pandemic when much of our growth came from opportunities that never really worked their way through the pipeline. They were volume related, and they were kind of expansions on existing programs. But there is a certain component of that because things are moving quickly and opportunities for modernization and further growth in some of these contracts are a bit organic at this time. Hope that helps.

並精簡、重新設計和簡化正在使用的技術，以及我們可以在現有合約中或透過開發然後推出的替代採購方法介入的所有類型的機會。我並不是說這種情況像我們在疫情期間看到的那樣迅速轉變，當時我們的大部分成長都來自於從未真正實現的機會。它們與數量有關，並且是對現有程式的一種擴展。但其中有一定的因素，因為事情進展很快，目前這些合約中的一些現代化和進一步增長的機會有點有機。希望有幫助。

Great, thanks. That's very helpful, Bruce. Looking now at the outside the US segment, I think it is the 2nd quarter of organic growth, obviously the restructuring there is, showing, highlighting, some good things there and just if you could maybe provide some additional color as to, some of the drivers behind the pick-up and organic growth there.

太好了，謝謝。這非常有幫助，布魯斯。現在看看美國以外的市場，我認為這是有機成長的第二季度，顯然那裡的重組正在顯示、突顯一些好的東西，如果你可以提供一些額外的信息，說明那裡經濟回升和有機增長背後的一些驅動因素。

Sure, happy to. We're pleased with the outcome of reshaping that has taken place over the past couple of years now, and at this point our operations are now only in the United Kingdom, Canada, and the Gulf region. And of these, the UK business is the largest where we are really a well established provider to government across multiple programs.

當然，我很樂意。我們對過去幾年重塑的成果感到滿意，目前我們的業務僅限於英國、加拿大和海灣地區。其中，英國業務規模最大，我們在英國為政府提供多項計劃，是一家強大的供應商。

One of our largest programs there is also what is driving the organic growth this quarter, and that's the functional assessment services contract which we recompete of our prior contract and as you recall from about a year ago when we announced that and then that went live in the fall.

我們最大的項目之一也是本季度推動有機增長的因素，那就是功能評估服務合同，這是我們對之前的合同的重新競爭，大家還記得大約一年前我們宣布了這一合同，然後在秋季開始生效。

So now we are operating under the new contract. It's a different structure than the old and as we said, it provides a modest step up in revenue compared to the predecessor contract. So that's really the single most important driver of that healthy growth. And as I said in my prepared remarks, of course our goal is to continue to improve margins in this segment as well.

所以現在我們是按照新合約來運作的。它的結構與舊合約不同，正如我們所說，與前任合約相比，它的收入略有增加。所以這確實是健康成長最重要的驅動力。正如我在準備好的發言中所說，我們的目標當然是繼續提高這一領域的利潤率。

Great, thank you. That's all I have for you today. Thank you.

太好了，謝謝。這就是我今天要告訴你們的全部內容。謝謝。

Operator back to you.

操作員回覆您。

Thank you. And with that we conclude today's conference. You may disconnect your lines at this time. Thank you all for your participation.

謝謝。今天的會議到此結束。現在您可以斷開線路。謝謝大家的參與。