Maximus, Inc. (MMS) 2026 Q2 法說會逐字稿

Greetings, and welcome to the Maximus Fiscal 2026 Second Quarter Earnings Conference Call.

各位好，歡迎參加 Maximus 2026 會計年度第二季財報電話會議。

At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation.

此刻，所有與會者皆為僅收聽模式。正式簡報結束後將進行簡短的問答環節。

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, James Francis, Vice President of Investor Relations.

若在會議期間需要接線員協助，請在電話鍵盤按下 *0。提醒各位，本次會議將被錄音。現在很榮幸為各位介紹主持人：投資人關係副總裁 James Francis。

Thank you. You may begin.

謝謝。您可以開始了。

Good morning, and thanks for joining us. With me today is Bruce Caswell, President and CEO, and David Mutryn, CFO. 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 Form 10-K. We encourage you to review the information contained in our recent filings with the SEC and our earnings release.

各位早安，感謝加入我們。今天與我一同出席的有總裁暨執行長 Bruce Caswell，以及財務長 David Mutryn。我想提醒各位，今天所做的若干陳述屬於前瞻性陳述。請記得，這些陳述僅為預測。由於我們面臨的風險（包括我們最新 Form 10-K 第 1A 項所討論者），實際事件與結果可能出現重大差異。我們鼓勵各位查閱我們近期向美國證券交易委員會（SEC）提交的文件以及我們的財報新聞稿中所載資訊。

The company does not assume any obligation to revise or update these forward-looking statements to reflect subsequent events or circumstances except required by law.

除非法律要求，本公司不承擔修訂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. For a reconciliation of the non-GAAP measures presented, please see the company's most recent Forms 10-Q and 10-K.

今天的簡報亦包含非 GAAP 財務資訊。關於所呈列非 GAAP 指標的調節表，請參閱公司最新的 Form 10-Q 與 10-K。

And with that, I'll hand the call over to David.

接下來，我把電話交給 David。

Thanks, James, and good morning. I would characterize our completed second quarter in 3 ways: first, strong execution with the sequential step-up to profitability we anticipated; second, clear evidence that our technology investments are contributing to bottom line returns as reflected in our improved full year earnings outlook; and third, increased capital deployment towards share repurchases, given our view that our shares have been trading at an attractive valuation.

謝謝你，James，各位早安。我會用三點來概括我們已完成的第二季：第一，執行強勁，獲利能力如我們預期按季提升；第二，明確證據顯示我們的科技投資正在帶來損益底線回報，反映在我們上調的全年獲利展望；第三，鑑於我們認為公司股價目前交易於具吸引力的估值水準，我們加大資本配置於庫藏股回購。

Turning to second quarter results. Maximus reported revenue of $1.31 billion, consistent with our expectations and on track with our full year guidance. As I indicated on previous calls, as we progress across this fiscal year, we are facing tough comparative quarters to last year, which benefited from natural disaster work in the U.S. Federal Services segment and temporary clinical volume surges in both domestic segments.

接著看第二季業績。Maximus 公布營收為 13.1 億美元，符合我們的預期，並與全年財測指引一致。如我在先前電話會議所提到，隨著本會計年度推進，我們將面臨與去年相比較為嚴峻的比較基期；去年受惠於美國聯邦服務（U.S. Federal Services）部門的天然災害相關工作，以及兩個美國本土部門的臨床量能短期激增。

On the bottom line, adjusted EBITDA margin was 14.4% and adjusted EPS was $2.07 for the quarter, which compares to 13.7% and $2.01, respectively, for the prior year period. The improvement highlights our ability to drive margin improvement through efficiencies enabled by automation, including AI tools.

在獲利方面，本季調整後 EBITDA 利潤率為 14.4%，調整後 EPS 為 2.07 美元；相較之下，去年同期分別為 13.7% 與 2.01 美元。此改善凸顯我們能透過自動化（包含 AI 工具）所帶來的效率提升來推動利潤率改善。

One example is a dispute resolution program for a government customer where automation has helped us create meaningful operating leverage. The second quarter results included two unusual items, with one reducing earnings, and the other increasing earnings by approximately the same amount, meaning they effectively net out of adjusted EPS. First, we recorded an asset impairment related to a subset of capitalized assets attributable to the U.S. Services segment. This noncash impairment was tied to an unusual circumstance dating back to fiscal 2024, where a software asset was built and capitalized under a prior contract for a specific customer.

其中一個例子是針對某政府客戶的爭議解決計畫，自動化協助我們創造顯著的營運槓桿。第二季業績包含兩項不尋常項目：一項降低獲利，另一項以約相同金額提高獲利，因此在調整後 EPS 上基本互相抵銷。第一，我們就歸屬於美國服務（U.S. Services）部門的一部分資本化資產認列資產減損。此項非現金減損與一個可追溯至 2024 會計年度的不尋常情況有關：在先前合約下，為特定客戶建置並資本化了一項軟體資產。

A recent decision by this customer led us to writing off the balance of the asset, which was $6.9 million or $0.09 per share impact to the U.S. Services segment operating income.

該客戶近期的一項決定使我們需將該資產餘額沖銷；該餘額為 690 萬美元，對美國服務部門營業利益的影響為每股 0.09 美元。

The second item is a discrete Research & Development tax benefit totaling $4.2 million or approximately $0.08 per share. As we have become a more tech-forward company with higher levels of R&D activity, we undertook an initiative to identify and document all eligible R&D tax credits. These credits became recognizable at the completion of the exercise during the second quarter. As I mentioned, the impact of these roughly offset in adjusted EPS and both items have no impact on our adjusted EBITDA.

第二項為一次性研發（R&D）稅務利益，合計 420 萬美元，約為每股 0.08 美元。隨著我們成為更以科技為導向、研發活動水準更高的公司，我們推動一項計畫以辨識並文件化所有符合資格的研發稅額抵減。這些抵減在第二季完成該作業後得以認列。如我所述，這兩項對調整後 EPS 的影響大致互相抵銷，且兩者皆不影響我們的調整後 EBITDA。

Let's go to the segment results. Second quarter revenue for the U.S. Federal Services segment was $753 million and in the range that we expected for this period. The prior year period revenue was $778 million and benefited primarily from elevated natural disaster support that has not recurred at the same levels. I mentioned on the February call that this dynamic is expected to recur for this segment in fiscal year 2026 when comparing to the prior year.

接著看各部門表現。美國聯邦服務部門第二季營收為 7.53 億美元，落在我們對本期的預期範圍內。去年同期營收為 7.78 億美元，主要受惠於較高水準的天然災害支援工作，而該等工作並未以相同水準再度發生。我在 2 月的電話會議提到，與去年相比時，這項動態預期將在 2026 會計年度於該部門再度出現。

Excluding the natural disaster work, U.S. Federal Services grew 1.5% organically year-over-year. The operating income margin for this segment in the second quarter was 17.6% as compared to 15.3% in the prior year period.

若排除天然災害相關工作，美國聯邦服務部門年對年有機成長 1.5%。該部門第二季營業利益率為 17.6%，相較去年同期為 15.3%。

Another item I mentioned on the February call when we increased the full year segment margin guide is the anticipated durability of this segment's margins. This quarter's segment margin is delivering on that commitment, thanks to technology initiatives embedded in our programs, that decouple labor costs from our ability to process more volumes. In fact, we are raising the margin guide for this segment again this quarter, which I'll touch on shortly.

我在 2 月電話會議中、當我們上調全年部門利潤率指引時也提到的另一點，是該部門利潤率的可持續性預期。本季部門利潤率兌現了該承諾，得益於我們在各項計畫中導入的科技措施，使人力成本與我們處理更大量業務的能力得以脫鉤。事實上，我們本季再次上調該部門的利潤率指引，我稍後會再說明。

Moving to the U.S. Services segment. Second quarter revenue was $416 million as compared to the prior year period revenue of $442 million. I noted on the February call that our first quarter segment results had the greatest anticipated divergence and that by the fourth quarter of fiscal year 2026, we anticipate positive organic growth, which we continue to forecast. These second quarter results are evidence of that progression.

接著看美國服務部門。第二季營收為 4.16 億美元，相較去年同期為 4.42 億美元。我在 2 月電話會議指出，我們第一季部門業績的分歧幅度預期最大；並且到 2026 會計年度第四季，我們預期將恢復正的有機成長，我們仍維持此一預測。第二季結果即為此一進展的證據。

Bruce will provide a positive update on current state customer priorities that are anticipated to make contributions in fiscal year 2027. The segment's operating income margin for the second quarter was 9.3% and was impacted by the $6.9 million noncash item I mentioned earlier. Excluding the charge, the margin would have been 10.9% for this period and demonstrates substantial uplift from the lower segment margin in the first quarter that we anticipated.

Bruce 將就目前各州客戶的優先事項提供正面更新，預期可在 2027 會計年度帶來貢獻。該部門第二季營業利益率為 9.3%，並受到我先前提到的 690 萬美元非現金項目影響。若排除該費用，本期利潤率將為 10.9%，並顯示相較我們預期第一季較低部門利潤率後的顯著回升。

Turning to the, outside the U.S. segment. Second quarter revenue was $137 million, and the segment realized an operating loss of $3.1 million. As I mentioned on the February call, we are tracking a number of opportunities in the geographies that remain after our reshaping efforts. The majority of segment revenue stems from programs in the United Kingdom, with Canada and the Gulf region comprising the balance of the segment.. Our goal remains of driving growth and further margin improvement in the segment by building scale and those limited geographies, all of which have a corresponding set of pipeline opportunities.

再看美國以外部門。第二季營收為 1.37 億美元，該部門營業虧損為 310 萬美元。如我在 2 月電話會議所提到，在我們重塑業務後所保留的地理區域中，我們正在追蹤多項機會。該部門大部分營收來自英國的計畫，加拿大與海灣地區構成其餘部分。我們的目標仍是透過在這些有限地理區域建立規模來推動成長並進一步改善利潤率，而各區域皆對應一系列的商機管線。

Moving to cash flow items, cash provided by operating activities was $190 million and free cash flow was $179 million for the second quarter.

接著看現金流項目，第二季營運活動提供的現金為 1.90 億美元，自由現金流為 1.79 億美元。

We continue to expect improving cash flow across the year and are reiterating our free cash flow guidance for the full year of between $450 million and $500 million.

我們仍預期全年現金流將逐步改善，並重申全年自由現金流指引為 4.50 億至 5.00 億美元。

As we anticipated and communicated last quarter, DSO remained elevated at 78 days, driven by ongoing administrative delays at a major federal customer. We are working diligently with this customer to process the outstanding invoices, and we expect collections to accelerate and thus DSO to trend downward and finish fiscal year 2026 below 70 days, driving strong second-half free cash flow.

如我們上季所預期並對外溝通的，DSO（應收帳款週轉天數）仍維持在較高水準的 78 天，主因為某主要聯邦客戶持續的行政處理延遲。我們正與該客戶密切合作以處理未結發票，並預期收款將加速，進而使 DSO 呈下降趨勢，並在 2026 會計年度結束時降至 70 天以下，帶動下半年強勁的自由現金流。

We currently believe that DSO may remain elevated as of June 30, then improving in our fourth fiscal quarter.

我們目前認為，截至 6 月 30 日 DSO 可能仍偏高，之後在我們的第四會計季度改善。

Of note, we also expanded our receivables purchase agreement from a ceiling of $250 million to a ceiling of $350 million.

值得注意的是，我們也將應收帳款購買協議的上限由 2.50 億美元提高至 3.50 億美元。

We view this as a helpful and low-cost tool to help manage short-term liquidity needs.

我們將此視為一項有助益且低成本的工具，用以協助管理短期流動性需求。

We ended the second quarter with total debt of $1.55 billion, representing a slight reduction from the first quarter balance.

我們在第二季末的總負債為15.5億美元，較第一季期末餘額略有下降。

Our consolidated net total leverage ratio per our credit agreement was 1.8 times and unchanged from the ratio at December 31. We remain below our stated target leverage ratio range of 2 to 3 times.

依據我們的信貸協議，我們的合併淨總槓桿比率為1.8倍，且與12月31日的比率持平。我們仍低於所設定的目標槓桿比率區間（2至3倍）。

During the second quarter, we repurchased approximately 1.4 million shares, totaling $111 million, and subsequent to quarter end through May 1st, we repurchased an additional 0.6 million shares, totaling $40 million.

第二季期間，我們回購約140萬股，合計1.11億美元；且在季末之後截至5月1日，我們另回購約60萬股，合計4,000萬美元。

We were pleased to announce this morning a Board-authorized refresh of our share repurchase program for further share repurchases up to an aggregate of $400 million effective May 11th.

我們很高興於今晨宣布，董事會已核准更新我們的股票回購計畫，自5月11日起生效，允許進一步回購股票，總額最高可達4億美元。

Let me expand on our thinking and provide some context for capital deployment in the near term.

我將進一步說明我們的思考，並就短期資本部署提供一些背景。

This fiscal year, we've been carefully managing our cash through the DSO dynamics I mentioned. In the second quarter, we deployed the majority of our free cash flow to share repurchases.

本會計年度，我們一直透過我先前提到的DSO動態，審慎管理現金。在第二季，我們將大部分自由現金流用於股票回購。

We have long said that we are opportunistic in our share repurchasing. To be more direct, we prioritize repurchasing when we believe our share price does not reflect the intrinsic value of the business based on a disciplined and conservative assessment.

我們長期以來一直表示，我們在股票回購上採取機會主義策略。更直接地說，當我們基於嚴謹且保守的評估，認為股價未能反映企業內在價值時，我們會優先進行回購。

Going forward, we will continue to execute on our capital deployment priorities while considering near-term liquidity, the potential M&A opportunity set, and all within the constraint of our stated target net debt ratio of two to three times.

展望未來，我們將在考量短期流動性、潛在併購（M&A）機會集合的同時，持續執行資本部署優先事項，並且一切都將受限於我們所設定的目標淨負債比率2至3倍的約束。

Even amidst market conditions that are favorable to share repurchases, we continue to seek acquisition targets to accelerate longer-term organic growth.

即便在有利於股票回購的市場環境下，我們仍持續尋找收購標的，以加速較長期的內生成長。

We remain focused on targets that add capabilities, add and expand customer relationships, and create revenue synergy opportunities.

我們仍聚焦於能夠增添能力、增加並擴大客戶關係，以及創造營收協同效益機會的標的。

We also remain disciplined in our evaluation of targets and require that valuations must be reasonable in the context of current market conditions, and the expected return must exceed our cost of capital.

我們在評估標的時也維持紀律，並要求估值必須在當前市場條件下屬於合理水準，且預期報酬必須高於我們的資本成本。

Moving to guidance, we're raising our fiscal year 2026 earnings outlook for the second consecutive quarter, and we're reiterating both revenue and free cash flow guidance.

接著談展望指引，我們連續第二個季度上調2026會計年度的獲利展望，同時重申營收與自由現金流指引。

Starting from the top, we expect that fiscal year 2026 revenue will range between $5.2 billion and $5.35 billion. Our full-year adjusted EBITDA margin guidance for fiscal year 2026 is now approximately 14.2%, which is a 20-basis-point improvement from prior guidance.

先從最上層開始，我們預期2026會計年度營收將介於52億至53.5億美元之間。我們對2026會計年度全年調整後EBITDA利潤率的指引目前約為14.2%，較先前指引提升20個基點。

Our adjusted EPS guidance increases by $0.20 and is now expected to range between $8.25 and $8.55 per share.

我們的調整後每股盈餘（EPS）指引上調0.20美元，現預期每股介於8.25至8.55美元。

It's notable that this represents 14% year-over-year growth at the midpoint of the new adjusted earnings guidance.

值得注意的是，這在新的調整後獲利指引中位數下，代表年增14%。

Finally, free cash flow is expected to range between $450 million and $500 million. While the timing of specific receivable collections always has the potential to cause significant cash flow variation at the end of a given period, the guidance reflects our expectation that DSO will finish the fiscal year below 70 days as we catch up on collections from the major federal customer.

最後，自由現金流預期將介於4.5億至5億美元之間。雖然特定應收款項回收的時點，總是可能在某一期間末造成顯著的現金流波動，但本指引反映我們的預期：隨著我們追趕主要聯邦客戶的回款進度，DSO將在會計年度結束時降至70天以下。

I'll provide some color on full-year operating margin assumptions for the segments.

我將就各事業部門全年營業利潤率假設補充一些說明。

We expect the US Federal Services full-year segment operating margin to be approximately 17.5% and the US Services segment full-year operating margin to be approximately 10.0%, with the update reflecting the $6.9 million non-cash charge this quarter. And for outside the US, we are expecting the segment to be roughly breakeven on a full-year basis.

我們預期美國聯邦服務（US Federal Services）部門全年營業利潤率約為17.5%，美國服務（US Services）部門全年營業利潤率約為10.0%；此次更新反映本季690萬美元的非現金費用。至於美國以外地區，我們預期該部門以全年基礎計算大致持平（損益兩平）。

Other updated assumptions include expected interest expense of roughly $84 million, and we anticipate our full-year tax rate to range between 24% and 25%. I'll conclude with updated thinking around our near-term margins.

其他更新的假設包括：預期利息費用約為8,400萬美元，且我們預期全年稅率將介於24%至25%。我將以更新我們對短期利潤率的看法作結。

Approximately 18 months ago, we laid out a near-term adjusted EBITDA margin target range of 10% to 13%.

約在18個月前，我們提出短期調整後EBITDA利潤率目標區間為10%至13%。

At that time, our margin was around 11.6%, and we are now guiding to approximately 14.2% for fiscal 2026.

當時我們的利潤率約為11.6%，而我們目前對2026會計年度的指引約為14.2%。

Much of the improvement has come from technology enhancements and cost discipline that we believe have staying power. Given that progress, we are raising our near-term adjusted EBITDA margin target range to 12% to 15%. We expect to operate toward the upper end of that range in periods with stable volumes and continued technology leverage, while recognizing that new program ramps and mix can affect margins in any given year.

改善的很大一部分來自技術強化與成本紀律，我們相信這些具備持續性。基於上述進展，我們將短期調整後EBITDA利潤率目標區間上調至12%至15%。我們預期在量能穩定且技術槓桿持續發揮的期間，將朝該區間的上緣運作；同時也認知到，新專案的爬坡與組合變化可能在任何一年影響利潤率。

Meanwhile, revenue is holding within the range we set out for fiscal 2026, despite difficult comparable periods that we anticipated and communicated.

同時，儘管我們預期並已對外溝通存在艱難的比較基期，營收仍維持在我們為2026會計年度所設定的區間內。

Looking forward, we believe that our robust near-term pipeline is of high-quality and capable of driving awards and revenue contribution in the coming quarters.

展望未來，我們相信我們強勁的短期案源管線品質很高，並有能力在未來幾季推動得標與營收貢獻。

And with that, I'll turn the call over to Bruce.

接下來，我把電話交給Bruce。

Thanks, David, and good morning. At roughly this point last year, I shared progress on our multi-year transformation initiative, where we streamlined certain areas of the business, driving cost out and funding investments in technology, primarily in the area of AI-enabled automation.

謝謝你，David，大家早安。大約在去年這個時候，我分享了我們多年期轉型計畫的進展；我們精簡了業務的某些領域，降低成本，並為技術投資提供資金，主要聚焦於AI賦能的自動化。

Those investments are improving our operations and enabling us to scale a business that already supports roughly one in three Americans who rely on the programs we deliver for government.

這些投資正在改善我們的營運，並使我們能夠擴大規模；我們的業務已支援約每三位美國人就有一位仰賴我們為政府交付的計畫。

At the halfway point of fiscal year 2026, our results provide further evidence that the investments we've made in technology, automation, and AI-enabled tools are improving execution across the business.

在2026會計年度過半之際，我們的成果進一步證明，我們在技術、自動化與AI賦能工具上的投資，正在提升全公司範圍的執行力。

Our second consecutive earnings guidance increase reflects that progress and suggests that we're slightly ahead of the technology leverage goals we set at the beginning of the year.

我們連續第二次上調獲利指引反映了這項進展，並顯示我們在年初設定的技術槓桿目標上略為超前。

We also believe that we remain well-positioned to execute against our capital deployment priorities, including selective investments in capabilities that strengthen our differentiation, potential acquisition targets that could accelerate longer-term organic growth by augmenting capabilities and customer access, and share repurchases supported by the Board-authorized $400 million program refresh.

我們也相信，我們仍具備良好條件來執行資本部署優先事項，包括：選擇性投資於能強化差異化的能力；尋找可透過補強能力與客戶觸及、以加速較長期內生成長的潛在收購標的；以及在董事會核准的4億美元回購計畫更新支持下進行股票回購。

As a reminder, we remain focused on the federal defense and national security domains for our inorganic priorities.

提醒一下，我們在非有機（inorganic）優先事項上仍聚焦於聯邦國防與國家安全領域。

I'll focus my remarks today on three areas. First, the growing emphasis across government on fraud. Second, how we're accelerating AI and automation in our solutions and across Maximus. And third, the progress we're seeing with state customers around Medicaid community engagement, also called work requirements, SNAP, and Unemployment Insurance Administration.

我今天的談話將聚焦三個面向。第一，政府對詐欺議題日益重視。第二，我們如何在解決方案中以及在Maximus全公司加速導入AI與自動化。第三，我們在州政府客戶方面所看到的進展，包括Medicaid社區參與（亦稱工作要求）、SNAP，以及失業保險管理。

Our government customers want programs that work, programs with integrity that are effective, efficient and trusted, delivered by partners free from conflicts of interest, often under performance-based contracts, structured to provide transparency and accountability to outcomes.

我們的政府客戶希望計畫能夠有效運作——具備完整性、有效率且值得信賴；由不存在利益衝突的合作夥伴交付；且往往在以績效為基礎的合約下執行，其架構旨在對成果提供透明度與問責。

Increasingly, better technology and data quality is helping customers flip the model to combat fraud upfront rather than relying solely on after-the-fact detection. Often referred to as pay and chase.

愈來愈多地，更好的技術與資料品質正協助客戶翻轉模式，在前端就打擊詐欺，而非僅依賴事後偵測。這通常被稱為「先付後追」（pay and chase）。

The technology-enabled services that Maximus provides to government are designed to embed integrity directly into program operations, using analytics, automation, data matching, and increasingly AI-supported workflows to drive execution and support oversight without slowing service delivery.

Maximus為政府提供的技術賦能服務，旨在將完整性直接嵌入計畫營運之中，運用分析、自動化、資料比對，以及日益增加的AI支援工作流程，以推動執行並支援監督，同時不致拖慢服務交付。

It's important to emphasize our role in this ecosystem.

重要的是要強調我們在此生態系中的角色。

As I've commented in the past, Maximus doesn't make policy, but we do help operationalize it.

如我過去所評論，Maximus不制定政策，但我們協助將政策落地執行。

Our focus is on translating policy intent into practical, technology-enabled solutions that strengthen program integrity and reinforce public trust.

我們的重點在於把政策意圖轉化為務實、以技術賦能的解決方案，以強化計畫完整性並鞏固公眾信任。

We're seeing growing bipartisan alignment around this approach. A number of customers are using advanced data matching and analytics to address issues like concurrent enrollment, where Medicaid beneficiaries may be enrolled in multiple states concurrently, connecting datasets across programs to ensure enrollment integrity.

我們看到兩黨對此作法的共識正在提升。多位客戶正使用先進的資料比對與分析來處理例如重複參保（concurrent enrollment）等問題，也就是Medicaid受益人可能同時在多個州重複參保；並跨計畫連結資料集，以確保參保完整性。

Technology allows these checks to happen faster, more accurately, and at scale, increasingly preventing enrollment errors before they occur.

技術使這些檢核能更快速、更精準且可規模化地進行，並日益在錯誤發生之前就預防參保錯誤。

As a trusted partner to government, we develop data-driven insights through tens of millions of interactions with citizens each year.

作為政府值得信賴的合作夥伴，我們每年透過與民眾數以千萬計的互動，發展以數據驅動的洞見。

That data matters, not just because it provides our teams and our customers real insight on the user experience, how people engage, where they struggle, and how they make choices. But moreover, this data is increasingly informing models that are designed to improve program delivery, eliminate friction, prevent fraud, and improve outcomes for our customers.

這些數據很重要，不僅因為它為我們的團隊與客戶提供了對使用者體驗的真實洞察——人們如何互動、在哪裡遇到困難，以及他們如何做出選擇。更重要的是，這些數據正日益用於為模型提供資訊；這些模型旨在改善方案交付、消除摩擦、預防詐欺，並為我們的客戶改善成果。

Fiscal 2026 has seen a planned acceleration of AI across Maximus through a company-wide initiative, and I'm pleased to provide an update on our enterprise activation.

2026 會計年度在全公司倡議的推動下，Maximus 的 AI 導入已按計畫加速，我很高興就我們的企業級啟動情況提供最新進展。

AI is already enabling Maximus to deliver even greater value for our customers. Our solutions are accelerating service delivery, providing deeper insights on program effectiveness, enabling rapid adaptation to changing policy and mission priorities, and increasing operating leverage and scale.

AI 已經在協助 Maximus 為客戶創造更大的價值。我們的解決方案正在加速服務交付、提供對方案成效更深入的洞察、使我們能快速因應政策與任務優先順序的變化，並提升營運槓桿與規模。

Let me begin with two customer-focused proof points.

我先從兩個以客戶為中心的實證案例談起。

First, our Total Experience Management, or TXM, solution that I briefly mentioned on the last call is capturing the attention of government customers and winning in the marketplace. In fact, one representative of the federal agency acknowledged TXM as the most sophisticated deployment of AI in a contact center environment that they had seen to date. We continue to invest in TXM as we address this multibillion-dollar government market.

首先，我在上次電話會議中簡要提到的「全方位體驗管理」（Total Experience Management，TXM）解決方案，正吸引政府客戶的關注，並在市場上持續勝出。事實上，某聯邦機構代表認為，TXM 是他們迄今在聯絡中心環境中見過最成熟的 AI 部署。在我們因應這個數十億美元規模的政府市場之際，仍將持續投資 TXM。

Our AI accelerator team rapidly implemented an innovative solution developed in-house using a combination of generative and probabilistic AI to streamline high-volume claim processing on a core program where we serve as an independent dispute resolution entity.

我們的 AI 加速器團隊迅速導入一項由內部開發的創新解決方案，結合生成式與機率式 AI，用於精簡高量理賠處理；該核心方案中，我們擔任獨立爭議解決機構。

Nearly half of the effort required in processing claims is now handled through automation, enabling staff to focus on outcome accuracy and more complex cases.

目前，理賠處理所需投入的工作量近一半已由自動化完成，使員工能專注於結果準確性與更複雜的案件。

Our AI focus has been straightforward. We are deploying it where we believe it helps our customers run programs with greater integrity, speed, and consistency, and where it's designed to measurably reduce friction for the people those programs serve.

我們對 AI 的聚焦一直很明確。我們將其部署在我們相信能協助客戶以更高的完整性、速度與一致性來運作方案的地方，並且其設計目標是可衡量地降低這些方案所服務民眾的摩擦。

Doing that responsibly requires more than a model. It requires a methodology that leverages domain knowledge, brings the workforce along, embeds controls into workflows, and integrates securely into legacy environments.

要負責任地做到這一點，所需的不僅是一個模型。還需要一套方法論：運用領域知識、帶動員工共同參與、將控制機制嵌入工作流程，並能安全地整合進既有（legacy）環境。

We are intentionally acting as customer zero for many of these initiatives. In the government context, where trust and proven execution are critical, we believe that this matters.

我們刻意在許多這類倡議中扮演「客戶零號」（customer zero）的角色。在政府情境下，信任與經驗證的執行能力至關重要，我們相信這點很重要。

Through internal use, we gain firsthand insight into what drives adoption, the governance and controls required, how to integrate with real-world workflows, and what it takes to move from a successful pilot to scalable, sustainable operations. We are already seeing the impact of our AI investments applied at scale on certain programs. I only expect this to grow as we move from pilots to scale with high-value contact center use cases, from call deflection to summarization, from training to quality assurance, from intelligent document processing to real-time fraud detection. Our toolkit is broad and includes proprietary techniques developed through our R&D investments, venture investments and partnerships with early-stage companies. And preferred relationships with industry leaders.

透過內部使用，我們能第一手了解是什麼驅動採用、所需的治理與控制、如何與真實世界的工作流程整合，以及如何從成功的試點走向可擴展、可持續的營運。我們已經看到 AI 投資在特定方案上以規模化方式應用所帶來的影響。隨著我們從試點走向規模化，並聚焦高價值的聯絡中心使用情境——從來電分流到摘要生成、從訓練到品質保證、從智慧文件處理到即時詐欺偵測——我預期這種影響只會持續擴大。我們的工具組合相當廣泛，包含透過研發投資所開發的專有技術、對新創公司的創投投資與合作夥伴關係，以及與產業領導者的優先合作關係。

That said, I'm optimistic about the ultimate potential for AI for our customers, as we're in the early innings with regard to deploying some of our most sophisticated AI solutions. These solutions have the greatest potential to transform delivery models with speed and cost-effective delivery of high-quality complex services. As an example, through our corporate venture capital, or CVC function. We invested in the health AI domain to create new intellectual property that we plan to deploy in the near term. This IP uses knowledge graphs and a complex clinical ontology to provide decision support traceability for clinical assessments that government programs require.

話雖如此，我對 AI 最終能為客戶帶來的潛力仍感到樂觀，因為在部署我們部分最先進的 AI 解決方案方面，我們仍處於早期階段。這些解決方案最有潛力以更快速且具成本效益的方式交付高品質的複雜服務，從而改變交付模式。例如，透過我們的企業創投（Corporate Venture Capital，CVC）職能，我們投資於健康 AI 領域，以創造我們計畫在近期部署的新智慧財產（IP）。這項 IP 使用知識圖譜與複雜的臨床本體（clinical ontology），為政府方案所需的臨床評估提供決策支援的可追溯性。

While we're advancing with the rapid pace of AI developments, we also acknowledge the still evolving federal and state government regulatory environment, as well as the limitations of legacy systems with which we often must integrate.

在我們以 AI 發展的快速步伐持續推進之際，我們也認知到聯邦與州政府的監管環境仍在演進，以及我們經常必須整合的既有系統所存在的限制。

Equal, if not more important consideration, of course, is the environment of public trust that is foundational to the programs we administer on behalf of government.

同等、甚至更重要的考量，當然是公共信任的環境——這是我們代表政府所管理之各項方案的基礎。

Finally, as you would expect, no area of the business has been exempted from our AI enablement. From back-office operations, such as AP invoice processing, to our business support functions, like legal and human resources, to enterprise technology development, we are examining every aspect of how we work and create value.

最後，如各位所預期，我們的 AI 賦能並未讓任何業務領域得以豁免。從後勤作業（例如應付帳款 AP 發票處理），到法務與人力資源等業務支援職能，再到企業級技術開發，我們正在檢視我們如何工作與創造價值的每一個面向。

For employees, our generative AI tools, delivered through familiar channels like Microsoft Teams, are designed to streamline common tasks and are poised to evolve as agentic orchestration matures in the enterprise.

對員工而言，我們透過 Microsoft Teams 等熟悉的管道提供生成式 AI 工具，旨在精簡常見任務，並將隨著企業內代理式協同（agentic orchestration）的成熟而持續演進。

So to summarize, we're executing as planned, moving with speed and urgency, but also respecting the pace of our customers. We're demonstrating the art of the possible, backing it up with proof points, and differentiating Maximus in winning new work and our rebids. We view our combination of domain knowledge, ability to gain insights from large operational data sets, and our industry-leading tech talent as a powerful competitive differentiator.

總結來說，我們正按計畫執行，以速度與急迫感推進，同時也尊重客戶的節奏。我們正在展示「可能性的藝術」，並以實證案例加以佐證，讓 Maximus 在贏得新案與續標（rebid）中形成差異化優勢。我們認為，我們結合領域知識、從大量營運數據集中取得洞察的能力，以及業界領先的科技人才，是強而有力的競爭差異化因素。

Next, I'll share how the procurement environment looks for us today. On the federal side, particularly in civilian agencies, the shortage of acquisition professionals continues to make forecasting procurement timelines difficult.

接下來，我將分享目前我們所面臨的採購環境。在聯邦端，特別是文職機構，採購專業人員短缺仍使得預測採購時程變得困難。

In an environment where awards have shifted right, protests have increased, further delaying outcomes. Moreover, certain technology modernization initiatives, again, particularly in civilian agencies, have been slow to manifest in formal procurements, although the underlying demand signal is strong.

在獎項（awards）時點持續往後移的環境下，抗議（protests）增加，進一步延後結果。此外，某些技術現代化倡議——同樣特別是在文職機構——雖然底層需求訊號強勁，但轉化為正式採購案的速度仍偏慢。

That said, we believe momentum is starting to build, and we'll be in a good position heading into next year.

儘管如此，我們認為動能正開始累積，並且在邁入明年時我們將處於有利位置。

On the state side, we're seeing solid traction in a number of areas related to H.R. 1, or the Working Families Tax Cut Act. Presently, there are two states working with us toward arrangements that could utilize. Our existing contracts to support Medicaid Community Engagement or MCE compliance.

在州政府端，我們在多個與 H.R. 1（《勞動家庭減稅法案》，Working Families Tax Cut Act）相關的領域看到穩健進展。目前有兩個州正與我們合作，朝向可能利用我們既有合約來支援醫療補助（Medicaid）社區參與（Community Engagement）或 MCE 合規的安排。

Depending on the contracting mechanism, these opportunities may either show up as higher volumes under existing contracts or be reported as new awards. One of these examples we estimate could drive a more than 30% increase in current program revenue subject to final scope and implementation timing.

視合約機制而定，這些機會可能會以既有合約下的更高業務量呈現，或被列為新的得標案。其中一個案例，我們估計在最終範疇與導入時程確定後，可能帶動目前方案營收增加逾 30%。

More broadly, states remain actively engaged in both planning and delivery to address Medicaid needs. And the momentum we're seeing is consistent.

更廣泛而言，各州仍積極投入規劃與交付，以因應 Medicaid 的需求。而我們所看到的動能也相當一致。

The timing of final MCE regulations has necessitated that states leave placeholders in their operating plans until regulations solidify, which is expected next quarter.

由於 MCE 最終法規的發布時點尚未確定，各州不得不在其營運計畫中保留占位項，直到法規定案；預期將於下個季度完成。

Following that, we believe action by customers to put in place solutions where we play a role could accelerate.

在那之後，我們認為客戶採取行動、導入由我們參與的解決方案的速度可能會加快。

We're also making good progress on positioning Maximus to assist states in lowering SNAP payment error rates through our accuracy assistant offering.

我們也在推進相關工作，讓 Maximus 能協助各州透過我們的「準確性助理」（Accuracy Assistant）產品，降低 SNAP 給付錯誤率。

After multiple rounds of demos being well-received with certain customers, our conversations are increasingly focused on integration, technical detail, and indicative pricing, which tells us that we've moved beyond concept and into serious implementation planning.

在與部分客戶進行多輪展示並獲得良好回饋後，我們的對話焦點正日益轉向整合、技術細節與指示性定價；這告訴我們，我們已經超越概念驗證，進入嚴肅的導入規劃階段。

Senior state officials have commented on the comprehensiveness of our Snap solution, noting that Accuracy Assistant is the only truly end-to-end complete vendor solution they have seen.

州政府高層官員曾評論我們 SNAP 解決方案的完整性，並指出 Accuracy Assistant 是他們所見唯一真正端到端、完整的供應商解決方案。

Finally, we're seeing renewed traction in unemployment insurance administration, representing a small but important pipeline. We view this as both reflecting current economic conditions and also the greater flexibility granted to states to use private partners for this work, a development championed by Maximus, and of which I've spoken previously.

最後，我們看到失業保險管理方面的動能再起，雖然規模不大，但對管線而言相當重要。我們認為這既反映了當前的經濟狀況，也反映出各州在此類工作上獲得更大的彈性，可使用民間合作夥伴；這項發展由 Maximus 倡議推動，我先前也曾提及。

Moving now to our award metrics and pipeline. Our year-to-date signed contract awards as of the end of the second quarter were $913 million of total contract value, in addition, at March 31, we had a balance of $322 million worth of contracts that have been awarded but not yet signed. These awards translate into a book-to-bill ratio of approximately 0.5 times using our standard reporting for the trailing 12-month period.

接著談我們的得標指標與管線。截至第二季末，我們年初至今已簽署的合約得標金額（以合約總價值計）為 9.13 億美元；此外，截至 3 月 31 日，我們尚有 3.22 億美元的合約已得標但尚未簽署。以我們標準的過去 12 個月（trailing 12-month）報告口徑計算，這些得標對應的接單出貨比（book-to-bill）約為 0.5 倍。

The second quarter had a quarterly book-to-bill ratio of 0.5x, reflecting sequential improvement from the prior quarter's figure of 0.2x. Turning to our total pipeline of sales opportunities. We had $56.8 billion at March 31, comprised of approximately $4.6 billion in proposals pending, $1.5 billion in proposals in preparation and $50.7 million in opportunities we are tracking.

第二季的季度接單出貨比（book-to-bill）為 0.5 倍，較前一季的 0.2 倍呈現連續改善。接著談我們整體的銷售機會管線。截至 3 月 31 日，我們的管線總額為 568 億美元，其中約 46 億美元為待提交提案、15 億美元為準備中的提案，以及 5,070 萬美元為我們正在追蹤的機會。

The share of new work in the total pipeline is 59%, and the U.S. Federal Services segment's share of the total pipeline is 58% Finally, even as states await final work requirement regulations expected this summer, I'm pleased that the second quarter pipeline includes an HR-1-related opportunity set that increased 75% compared to our tracking of this set last quarter. The other positive sign of HR-1 progression is that our forecast for U.S. services includes mid-single-digit organic growth in Q4, providing early momentum as we enter FY '27, with improvement possible as the HR-1 pipeline matures and converts.

在整體管線中，新工作占比為 59%，而美國聯邦服務（U.S. Federal Services）事業部占整體管線的 58%。最後，即使各州仍在等待預計於今年夏季發布的最終工作要求法規，我很高興第二季管線中包含一組與 HR-1 相關的機會，相較我們上季追蹤的該組機會增加了 75%。HR-1 推進的另一個正面訊號是，我們對美國服務（U.S. services）的預測在第四季包含中個位數的有機成長，為我們進入 2027 財年提供早期動能；隨著 HR-1 管線成熟並轉化，仍有進一步改善的可能。

In all, I'm proud of the team for their continued focused execution this quarter, for the momentum we are building to capitalize on market opportunities and for the enterprise-wide focus on our continued evolution as a leading provider of technology-enabled solutions to government. And with that, we'll open the line for Q&A. Operator?

總而言之，我為團隊本季持續專注執行感到自豪，為我們正在建立的動能以把握市場機會感到自豪，也為全企業聚焦於持續演進、成為政府科技賦能解決方案領先供應商而感到自豪。接下來，我們開放問答。接線員？

(Operator Instructions)

（接線員指示）

Our first question is from Will Gilday with CJS Securities.

我們的第一個問題來自 CJS Securities 的 Will Gilday。

Hey, good morning. Thanks for taking our questions today.

嗨，早安。謝謝今天回答我們的問題。

Good morning, Will.

早安，Will。

It's Bruce.

我是 Bruce。

Hope you're well.

希望你一切都好。

I guess for David, any more color on the higher DSOs in the quarter and you refreshed the buyback authorization, but how are you thinking about capacity for share buybacks considering the cash flow lumpiness?

我想問 David，本季應收帳款週轉天數（DSO）較高能否再多補充一些細節？另外你們也更新了庫藏股回購授權，但考量現金流的波動性，你們如何看待股票回購的量能？

Yes. Thanks. So a little more color on the higher DSO. It stems from a major federal customer, as I said, and it's the same customer that contributed to the temporarily higher DSO in our fiscal year 2025. We did anticipate a buildup of accounts receivable in our November guidance and then again in February when we said we expected DSO to remain elevated in Q2.

是的。謝謝。關於 DSO 較高再補充一些說明。如我所說，這源自一個主要的聯邦客戶，而且就是同一位客戶在我們 2025 財年造成 DSO 暫時偏高。我們在 11 月的財測指引中就預期應收帳款會增加，之後在 2 月也再次提到我們預期第二季 DSO 仍會維持在較高水準。

So, a little more detail. This is a large program with extremely complex and data-intensive invoicing requirements. The slowdown in collections has occurred since November as we've worked with our customer on incorporating new and evolving requirements, many of which are retroactive, so may require rework of prior period invoices. This is a federal agency. We're operating under a funded contract.

再多一些細節。這是一個大型專案，其開票要求極為複雜且高度資料密集。自 11 月以來，因我們與客戶合作納入新的且持續演進的要求（其中許多具有追溯效力，可能需要重作前期發票），收款速度有所放緩。這是一個聯邦機構。我們是在一份已獲資金支持（funded）的合約下運作。

So, we do have full confidence that the outstanding invoices will be collected. And we continue to regularly collect, but this customer's AR increase in Q2. And our current view is that it may remain flat in Q3 before declining in Q4 as we expect to catch up and collect more than our revenue. So that matches with my prepared remarks that we believe DSO may remain elevated as of June 30 and improve in Q4. So near-term cash flow plays into our thinking, as I said, among other factors with the share repurchase, including the valuation as well as any kind of near-term M&A opportunities.

因此，我們完全有信心未收的發票都會收回。我們也持續定期收款，但該客戶在第二季的應收帳款（AR）增加。我們目前的看法是，第三季可能維持持平，之後在第四季下降，因為我們預期能追上進度，收款金額將高於營收。這也呼應我事先準備的談話：我們認為截至 6 月 30 日 DSO 可能仍偏高，並在第四季改善。因此，短期現金流會納入我們的考量；如我所說，股票回購還會考量其他因素，包括估值以及任何短期的併購（M&A）機會。

So, we factor all that thinking into our repurchase calculation.

我們會把這些考量都納入回購決策的計算中。

That is super helpful. Thank you. And then thinking about HR1 opportunities in SNAP, you talked about the error prevention solution and. The good response from potential customers. Are you currently planning or marketing or planning to bring to market other solutions for Snap?

這非常有幫助。謝謝。接著談到 SNAP 的 HR1 機會，你提到錯誤預防解決方案，以及潛在客戶的良好回饋。你們目前是否也在規劃或行銷、或計畫推出其他針對 SNAP 的解決方案？

Well, it's Bruce. Yeah, the heart of the solution is the Accuracy Assistant tool, which has been very well received in the marketplace. And in fact, as I mentioned in my prepared remarks, we've had customers say that it's the most comprehensive end-to-end tool out there. And those very same customers have now come to us and said, okay, how would we get something like this implemented? What would the indicative pricing be? So at the heart of it is really that tool and then the services that we can wrap around that tool to help. States identify instances where there could be inconsistencies, the tool surfaces inconsistencies in the data, and then the BPO services you use to go out and contact the beneficiaries and get corrections to that made and ensure that you're making accuracy an accurate eligibility determination. So that's the core tool there. I'll also say on the Medicaid side, we have a community engagement tool that's been designed and structured to allow beneficiaries.

我是 Bruce。是的，解決方案的核心是 Accuracy Assistant 工具，市場反應非常好。事實上，如我在事先準備的談話中提到的，有客戶表示這是市面上最全面的端到端工具。而這些同樣的客戶現在也來問我們：好，那要如何導入類似的方案？概略的定價會是多少？所以核心確實是那個工具，以及我們能圍繞該工具提供的服務來協助。各州辨識可能存在不一致之處；工具會揭露資料中的不一致，接著你可以使用 BPO 服務去聯絡受益人、取得更正，並確保你做出正確、精準的資格認定。所以那就是核心工具。另外我也要提到，在 Medicaid 方面，我們有一個社區參與工具，其設計與架構是為了讓受益人能夠。

First of all, to navigate the process of determining whether they actually need to comply with the work requirements, because they may have conditions that meet the qualifications for exemption. So there's an entire upfront process where folks need to be given the ability to apply for an exemption. That has to be determined, and they do have appeal rights. If they don't agree with the outcome of that determination, they can appeal that. And then once they're into, say they've gotten through that process and they actually then need to be demonstrating compliance with the 80 hours a month. Work requirements. The tool, very simply, mobile app style, allows them to do things like image a timesheet or any kind of evidence that they may have volunteered. They're working in the community, they're at a job, what have you. And we use our intelligent document processing solution, which is AI-enabled as well.

首先，協助他們了解並完成判定流程：他們是否真的需要遵循工作要求，因為他們可能有符合豁免資格的情況。因此在前端有一整套流程，必須讓民眾具備申請豁免的能力。該申請需要被審定，而且他們也有申訴權。若不同意該審定結果，他們可以提出申訴。接著，一旦他們進入（也就是說完成該流程後）且確實需要證明每月 80 小時的合規，工作要求。這個工具以非常直覺的方式、類似手機 App，讓他們可以例如拍攝工時表或任何可證明的文件，可能是志工服務證明。他們在社區工作、在職場上班等等。而我們會使用智慧文件處理解決方案（同樣具備 AI 功能）。

To ensure that those documents appropriately reflect the hours worked from a federal compliance standpoint in the core legacy system. So there is a lot of tech that we're building as part of this. And as I mentioned in my remarks, our view about implementing AI for our customers is that it's not about having a shiny tool. It's about understanding workflows. It's understanding the governance and the guardrails. It's about bringing the staff along that are going to be using these tools because it requires retraining and so forth. And most importantly, it's working with. Customers to ensure that the public trust that they've created with these programs is maintained and, if anything, enhanced, if possible, through the use. So we feel like we're in a great position to obviously help our customers navigate HR1.

以確保這些文件在聯邦合規的角度，能在核心既有系統中正確反映工作時數。因此，我們在這當中建置了大量技術。如我在談話中提到，我們對於為客戶導入 AI 的看法，不在於擁有一個看起來很炫的工具。而在於理解工作流程。理解治理架構與防護欄（guardrails）。也在於讓將使用這些工具的員工一起跟上，因為這需要再訓練等等。最重要的是，與客戶合作，確保他們在這些計畫中建立的公共信任得以維持，並且如果可能，透過使用這些工具進一步提升。因此我們認為自己處於非常有利的位置，能協助客戶因應 HR1。

That's great color. Thank you. And then just asking for some more color on the state side. What are.

這些補充很棒。謝謝。接著想請你再多談一些州政府端的情況。有哪些。

The dynamics that have driven revenue declines in the first two quarters of the year and why are you confident in a return to growth by Q4?

哪些動態因素導致今年前兩季營收下滑？以及為什麼你們有信心在第四季恢復成長？

Yeah, sure, I'll take it. We expected the year-over-year comparisons to improve over the remaining quarters, we said that last quarter, and Q2 is sequentially up from Q1, so we are seeing that play out.

好的，當然，我來回答。我們預期在接下來幾季的年對年比較會改善；我們上季就這麼說了，而且第二季相較第一季呈現季增，所以我們確實看到這個趨勢正在發生。

I mentioned in the prepared remarks that there was an element of higher clinical work in the prior year period in U.S. Services.

我在事先準備的談話中提到，前一年同期在美國服務（U.S. Services）有較多的臨床工作量。

As well as U.S. Federal. On the U.S. Services side, one of our larger clinical contracts in the segment had some state-specific dynamics that drove a reduction in volume year versus year. They're not really indicative of any broader trend.

以及美國聯邦（U.S. Federal）。在美國服務端，該事業部其中一份較大型的臨床合約受到某些州別特定因素影響，導致年對年量能下降。這並不真正代表任何更廣泛的趨勢。

I think what our confidence in Q4 really is driven by the H.R.1-related activities, which we expect to see coming in in Q4.

我認為，我們對第四季的信心主要是由與 H.R.1 相關的活動所驅動，我們預期這些活動會在第四季開始進來。

And that sequential growth in U.S. Services actually drives our expectation that for the whole company, revenue and earnings, we believe, should be a little higher sequentially in Q4 versus Q3. So there's a little quarterly color while I'm at it.

而美國服務業務的序列性成長，實際上也推動了我們對整體公司在第四季相較第三季，營收與獲利應會略為序列性提高的預期。以上是一些季度面的補充說明。

Thank you. And then you keep raising the margin outlook on U.S. Federal based on tech initiatives and efficiency gains. Maybe add some more color on. Exactly what those efficiency gains are and why are we yet to see a similar dynamic in the services segment?

謝謝。另外，你們持續基於技術計畫與效率提升，上調美國聯邦業務的利潤率展望。能否再多補充一些細節？這些效率提升具體是什麼？以及為什麼我們在服務業務部門尚未看到類似的動態？

Sure. Well, I'll take that one. First, to note, our federal contracts are generally larger, meaning that when you implement technology initiatives, they get applied in that segment to programs that are larger from a scale and volume standpoint. So they just, by definition, are going to be more impactful on the margins of the business. Secondly, all of our U.S. Services contracts, as we want to remember, particularly in Medicaid and the health benefit exchange area, they see us delivering services directly to consumers. And so that, again, that issue of public trust that I mentioned is super important for our customers. It's front and center for our state customers. And as a consequence, they've expressed, I will say, decidedly more caution in the adoption of AI and other automation tools without first really understanding deeply how guardrails can be put in place to ensure that they maintain. Compliance with program regulation because compliance is super important to them. It's also worth noting that there's a patchwork quilt of regulations out there at the state level that our clients have to individually navigate, whereas that's less the case at the federal level presently.

當然。我來回答這題。首先要指出的是，我們的聯邦合約通常規模較大，這表示當你導入技術計畫時，會在該部門應用到在規模與量體上更大的專案。因此就定義上而言，對業務利潤率的影響會更顯著。第二，我們所有的美國服務合約，如大家所記得的，特別是在 Medicaid 與健康保險交易所領域，都是由我們直接向消費者提供服務。因此，我先前提到的「公眾信任」議題對我們的客戶極其重要。這是我們州政府客戶最關注的核心。因此我會說，他們在採用 AI 與其他自動化工具方面表現得明顯更為謹慎，除非先深入理解如何設置護欄，以確保他們能維持。對專案法規的合規性，因為合規對他們非常重要。另外也值得注意的是，在州層級存在一套拼布式的法規體系，客戶必須逐一因應與遵循；而在聯邦層級目前相對較少這種情況。

Third, U.S. Services contracts certainly have great incremental technology opportunities in them, there's no question. But they also operate in a fairly sophisticated environment that incorporates a lot of legacy systems. So therefore, there are multiple points of integration with state legacy systems that are required.

第三，美國服務合約當然也有很好的增量技術機會，這點毫無疑問。但它們也運作在一個相當成熟的環境中，包含大量的既有（legacy）系統。因此，需要與州政府既有系統進行多個整合接點。

In just executing our program delivery model, I want to give you an example to kind of bring this home. In one state in particular, our employees are trained across five different state systems in order to do their work. So environments like this are much more challenging to apply automation to, and particularly when this has to be done across multiple vendor contracts that have to be coordinated. And then finally, to kind of overlay all of this, our state customers already have a lot on their plates, particularly with the requirements for implementing HR1. So in many cases, they have limited bandwidth. They don't have the budget resources necessarily to do a lot more than that. And they're performing the system surgery, if you will, that's needed to really drive significant automation and changing and already very stable in most cases and positive end-user experience has just become less of an immediate priority for them. So, David, would you add anything more to that?

在執行我們的專案交付模式時，我想舉個例子來更具體說明。在某一個州，我們的員工必須接受五套不同州政府系統的訓練，才能完成工作。像這樣的環境更難導入自動化，尤其當必須跨多個需要協調的供應商合約來完成時。最後，再把上述因素疊加起來看，我們的州政府客戶本來就有很多事情要處理，特別是落實 HR1 的要求。因此在許多情況下，他們的可用人力與時間（bandwidth）有限。他們也未必有足夠的預算資源去做超出這些的事情。而他們正在進行必要的系統「外科手術」（如果你願意這麼說），以真正推動顯著的自動化與變更；在多數情況下，改變一個已相當穩定且對終端使用者體驗多為正向的流程，對他們而言已不再是最迫切的優先事項。所以，David，你還要補充什麼嗎？

No? That's great. Thanks.

沒有？很好。謝謝。

Thank you. Switching back to federal, do you have any updates on the DBA contract? Is a recompete still expected in the summer or do you think there will most likely be an extension? And you have an Industry Day later this month, what are you looking to accomplish or learn there?

謝謝。回到聯邦業務，你們對 DBA 合約有任何最新進展嗎？今年夏天仍預期會重新競標，還是你認為更可能會延長？另外你們本月稍晚有一場 Industry Day，你們希望在那裡達成或了解什麼？

Yeah, I'll take that to start. The current contract, as a reminder, goes through December 31st for all vendors, December 31st, 2026.

好的，我先回答。提醒一下，現行合約對所有供應商的期限是到 12 月 31 日，也就是 2026 年 12 月 31 日。

And so the VA has not yet released a formal timeline for the rebid, and we expect -- I guess what we expect to learn at the upcoming industry day is maybe what that timeline is intended to be.

因此，VA 尚未公布重新招標的正式時程；我們預期——我想我們希望在即將到來的 Industry Day 了解的，可能就是他們打算採用的時程。

What we do know is that generally speaking, agencies across government have the ability, if needed, to extend existing contracts as they complete their recompete process. Again, we don't know yet if the VA will need to do that or intend to do that.

我們知道的是，一般而言，政府各機關在需要時，於完成重新競標流程期間，有能力延長既有合約。同樣地，我們目前還不知道 VA 是否需要或打算這麼做。

We may learn that at the industry day as well. We'll see. So we'd expect to be able to share more information on subsequent calls as it becomes available from the customer. In the meantime, we're remaining just completely focused on providing first-class service to veterans and to the VBA.

我們也可能會在 Industry Day 得知。我們再看看。因此，隨著客戶端資訊逐步釋出，我們預期在後續電話會議上分享更多。同時，我們仍將完全專注於為退伍軍人與 VBA 提供一流的服務。

And we think we've earned the reputation for delivering a high-quality veteran experience. I'll note that this is very much made possible by the many employees in our Veterans Evaluation Services subsidiary themselves that have served and our veterans. They understand that experience and how to navigate these programs, and they do so with a great deal of empathy and compassion, I'll note.

我們認為我們已建立起提供高品質退伍軍人體驗的口碑。我也要指出，這在很大程度上得益於我們 Veterans Evaluation Services 子公司中許多本身曾服役的員工與退伍軍人。他們理解那樣的經驗以及如何在這些專案中運作，並且我想強調，他們以高度的同理心與關懷來完成工作。

So we feel like we're delivering great value to the VBA under the current contract and therefore we are optimistic about the future outcome of the rebid, we've got a strong track record with the VBA, we've got demonstrated delivery capabilities at scale and capacity, we've made significant technology investments and continue to make significant investments.

因此，我們覺得在現行合約下，我們正為 VBA 提供很大的價值；也因此我們對重新招標的未來結果保持樂觀。我們在 VBA 有很強的實績，我們已證明具備大規模交付的能力與產能，我們已進行重大技術投資，並且仍在持續投入重大投資。

In further improving the veteran experience. And by that, I mean focusing specifically on reducing the time that veterans spend in our portion of the MDE claims process. So that's the update that I'm able to provide at this time.

以進一步改善退伍軍人體驗。我所指的是，特別聚焦於縮短退伍軍人在 MDE 理賠流程中、由我們負責的那一段所花費的時間。以上就是我目前能提供的最新資訊。

Thank you. And outside of the VBA, are there any notable recompetes over the next 12 to 24 months?

謝謝。那麼在 VBA 之外，未來 12 到 24 個月內是否還有任何值得注意的重新競標案？

Nothing that I'd call out in particular.

沒有什麼我會特別點名的。

And as you've noted, the Veterans Exam recompete is the largest. Everything else is kind of normal recompete cadence within our contract portfolio.

如你所提到的，退伍軍人體檢（Veterans Exam）的重新競標是規模最大的。其他的都屬於我們合約組合中正常的重新競標節奏。

As I noted in my prepared remarks, we are seeing bid determinations, including rebid determinations, moving to the right, both on the federal and the state side. But that's not necessarily a bad thing because often our work can be extended while we're awaiting the outcome of rebid, and our rebid win rate remains very high. Not a bad environment necessarily.

如我在事先準備的發言中提到的，我們看到投標裁定（包含重新投標的裁定）時點正在往後延，不論在聯邦端或州端皆是如此。但這未必是壞事，因為在等待重新投標結果期間，我們的工作往往可以延長，而我們的重新投標得標率仍然非常高。不一定是個不好的環境。

That sounds great. And just one more of a guidance question for David. On the federal side, are there any other tough comps to lap in these last two quarters? I know, yeah, the emergency stuff was a tough comp for this quarter.

聽起來很好。再一個給 David 的財測問題。在聯邦端，接下來這兩季是否還有其他需要跨越的高基期？我知道，是的，本季的緊急相關業務是個高基期。

Yeah, if you look back at fiscal year '25, Q3, the June quarter, was also very strong on the surge in clinical volumes, so that will remain a tough comp, as will Q4 to a lesser extent.

是的，如果你回看 2025 財年，第三季，也就是 6 月那一季，因臨床量能激增而非常強勁，所以那仍會是個高基期；第四季也會是，但程度稍低一些。

Thank you. That's all for me.

謝謝。我這邊就到這裡。

Thanks, Will.

謝謝，Will。

Operator, back to you.

接線員，交給你。

Thank you. This concludes our Q&A session and our call. Thank you for your participation. You may disconnect your lines this time and have a great day.

謝謝。本次問答環節與電話會議到此結束。感謝各位的參與。現在您可以掛斷電話線，祝您有美好的一天。