Maximus, Inc. (MMS) 2026 Q3 法說會逐字稿

Greetings and welcome to the Maximus fiscal 2026 third-quarter earnings conference call. (Operator Instructions)

各位好，歡迎參加 Maximus 2026 會計年度第三季財報電話會議。(接線員指示)

As a reminder, this conference is being recorded. It is now my pleasure to introduce James Francis, Vice President of Investor Relations. Please go ahead.

提醒各位，本次會議將被錄音。現在我很榮幸介紹投資人關係副總裁 James Francis。請開始。

Good morning, 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.

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，今天所作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，實際事件與結果可能出現重大差異，包括我們最近一期 Form 10-K 第 1A 項所討論者。

We encourage you to review the information contained in our recent filings with the SEC and our earnings release. 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. 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.

我們鼓勵各位查閱我們近期向 SEC 提交的申報文件以及我們的財報新聞稿中所載資訊。除法律要求外，公司不承擔任何義務修訂或更新這些前瞻性陳述，以反映後續事件或情況。今天的簡報亦包含非 GAAP 財務資訊。關於所呈現非 GAAP 指標的調節，請參閱公司最近一期的 Form 10-Q 與 Form 10-K。

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

接下來，我把電話交給 David。

Thanks, James, good morning. We are pleased to report strong third-quarter results today, which demonstrate solid execution in support of our customers' important missions. I'll begin by reviewing the third-quarter results and also address the customer-directed contract modification that impacts our near-term outlook. I'll move to our forecast for the remainder of this fiscal year and conclude with early thoughts on fiscal year 2027, which precedes formal guidance this November.

謝謝你，James，各位早安。我們很高興今天報告強勁的第三季成果，展現我們在支持客戶重要任務方面的扎實執行力。我將先回顧第三季業績，並說明一項由客戶主導的合約修改，該修改將影響我們的短期展望。接著我會談到本會計年度剩餘期間的預測，並以對 2027 會計年度的初步看法作結；正式指引將於今年 11 月提供。

For the third quarter, Maximus reported revenue of $1.28 billion, which was in line with our expectations and enables us to reiterate full-year revenue guidance. The prior year period benefited from higher temporary natural disaster support and also contained temporary clinical volume surges in primarily the US Federal Services segment. On the bottom line, adjusted EBITDA margin was 15.0% and adjusted EPS was $2.22 for the quarter, which compares to 14.7% and $2.16 respectively for the prior year period.

第三季，Maximus 報告營收為 12.8 億美元，符合我們的預期，使我們得以重申全年營收指引。去年同期受惠於較高的臨時性天然災害支援，且主要在美國聯邦服務（US Federal Services）部門亦包含臨時性的臨床量能激增。在獲利方面，本季調整後 EBITDA 利潤率為 15.0%，調整後 EPS 為 2.22 美元；相較之下，去年同期分別為 14.7% 與 2.16 美元。

Across fiscal year 2026, we've driven margin improvement through strong execution and selective deployment of efficiency-enhancing technology and have not had to rely as much on incremental or surge volumes that defined the prior fiscal year.

在 2026 會計年度期間，我們透過強勁的執行力與選擇性導入提升效率的科技來推動利潤率改善，且不必像上一會計年度那樣在很大程度上依賴額外或突增的業務量。

Let's go to the segment results. Third-quarter revenue for US Federal Services was $721 million and in line with our revenue expectations for the segment. As I shared before, the prior year period benefited from elevated natural disaster support that has not recurred at the same levels and was responsible for close to half of the revenue change. The remaining portion of the year-over-year revenue decline was primarily attributable to the temporary clinical volume surges. The operating income margin for this segment in the third quarter was 18.6%, as compared to 18.1% in the prior year period.

接著看各部門表現。美國聯邦服務第三季營收為 7.21 億美元，符合我們對該部門的營收預期。如我先前所述，去年同期受惠於較高的天然災害支援，而今年未以相同水準再度發生，這部分約占營收變動的一半。其餘的年對年營收下滑主要歸因於臨時性的臨床量能激增。該部門第三季營業利益率為 18.6%，相較去年同期為 18.1%。

Our ability to drive efficiencies amidst solid volumes across the various program areas continued to benefit third-quarter margins in this segment. A customer-directed pause in the performance incentives on our Department of Veterans Affairs Medical Disability Exam, or VA MDE program, is expected to impact profitability of the segment beginning in the fourth quarter, which I'll expand on in the guidance discussion.

我們在各項計畫領域維持穩健業務量的同時，仍能推動效率提升，持續有利於該部門第三季的利潤率。在退伍軍人事務部醫療失能檢查（Department of Veterans Affairs Medical Disability Exam，或 VA MDE）計畫上，客戶主導暫停績效獎勵，預期將自第四季起影響該部門獲利能力；我會在指引討論中進一步說明。

Turning to the US Services segment, third-quarter revenue was $418 million and was consistent with our expectation of continuing to close the gap to prior year revenues ahead of a return to positive growth in the fourth quarter. Our fourth-quarter revenue forecast for this segment continues to be positive mid-single-digit organic growth over the prior year as activities and engagements with the Medicaid population are anticipated to pick up.

再看美國服務（US Services）部門，第三季營收為 4.18 億美元，符合我們的預期：在第四季恢復正成長之前，持續縮小與去年同期營收的差距。我們對該部門第四季營收的預測仍為正向，預期相較去年同期可達中個位數的有機成長，因與 Medicaid 人口相關的活動與互動預計將回升。

This stems from several current state customers using Maximus to enact and administer legislative-driven required changes to their programs. The segment's operating income margin for the third quarter was 10.8% and reflects solid upward progression across this fiscal year, as we have previously communicated.

這主要源於若干現有州政府客戶正使用 Maximus 來推動並管理其計畫中由立法驅動的必要變更。該部門第三季營業利益率為 10.8%，反映本會計年度以來的穩健上升趨勢，正如我們先前所溝通。

Turning to the Outside the US segment, third-quarter revenue was $140 million, and the segment recognized an operating profit of $1.2 million. Variances to volumes across several programs, ranging from clinical to employment services, are responsible for the revenue delta versus the prior year. As we've stated before, our goal remains to drive growth and further margin improvement in the segment by successful conversion of this segment's sales pipeline.

再看美國以外（Outside the US）部門，第三季營收為 1.40 億美元，該部門認列營業利益 120 萬美元。多項計畫（從臨床到就業服務）在業務量上的差異，是造成相較去年同期營收差額的原因。如我們先前所述，我們的目標仍是透過成功轉化該部門的銷售管線，推動成長並進一步改善利潤率。

Moving to cash flow items, cash flows used in operating activities was $125 million, and free cash flow was an outflow of $137 million for the third quarter. As we anticipated and communicated last quarter, DSO remained elevated at 98 days, driven by administrative delays at a major federal customer.

接著看現金流項目，第三季營運活動使用的現金流為 1.25 億美元，自由現金流為淨流出 1.37 億美元。如我們上季所預期並已溝通，DSO 仍維持在較高水準的 98 天，主因是一位主要聯邦客戶的行政作業延遲。

I'm pleased to report that collections from this customer have accelerated in July, with approximately $245 million received since June 30. I'll share more about our expectations for the remainder of Q4 when I come to the guidance update.

我很高興報告，來自該客戶的收款在 7 月已加速，自 6 月 30 日以來約已收取 2.45 億美元。當我談到指引更新時，會分享更多我們對第四季剩餘期間的預期。

During the third quarter, as detailed in our Form 8-K filed on May 28, we raised $325 million of Term Loan B, some of which was used to pay down our revolver and provide additional flexibility as we manage temporary working capital timing. We ended the third quarter with total debt of $1.65 billion, up from $1.55 billion as of March 31.

第三季期間，如我們於 5 月 28 日提交的 Form 8-K 所詳述，我們籌措了 3.25 億美元的 B 期定期貸款（Term Loan B），其中一部分用於償還循環信貸（revolver），並在我們管理短期營運資金時點差異時提供額外彈性。第三季末我們的總負債為 16.5 億美元，高於 3 月 31 日的 15.5 億美元。

Our consolidated net total leverage ratio per our credit agreement was 2.0 times, up from 1.8 times in the prior quarter. We remain within our stated target leverage ratio range of two to three times. During the third quarter, we repurchased approximately 0.75 million shares totaling $50 million. As of June 30, 2026, the entire $400 million from the board of directors' authorization in May remained available for future repurchases.

依據我們的信貸協議，合併淨總槓桿比率為 2.0 倍，高於上一季的 1.8 倍。我們仍維持在先前所述 2 至 3 倍的目標槓桿比率區間內。第三季期間，我們回購約 75 萬股，總額 5,000 萬美元。截至 2026 年 6 月 30 日，董事會於 5 月核准的 4 億美元回購授權仍全數可供未來回購使用。

Turning to capital allocation priorities, our overall priorities have not changed. We prioritize organic investments, most of which are expensed, and have committed to a dividend that we intend to grow over time with earnings. After that, we consider M&A opportunities and opportunistic share repurchases. In the recent past, between these two, we have deployed capital exclusively on share repurchasing.

談到資本配置優先順序，我們的整體優先事項並未改變。我們優先投入有機投資，其中多數以費用認列；同時我們承諾發放股利，並計畫隨著盈餘成長而逐步提高股利。其後，我們會考量併購（M&A）機會以及機動性的股票回購。在近期過去，在這兩者之間，我們的資本配置僅用於股票回購。

Since the beginning of our fiscal year 2025, we have repurchased approximately 8.3 million shares, representing about 14% of our beginning outstanding shares. As we have been saying for the past several quarters, even amidst market conditions that remain favorable to share repurchases, we also continue to seek acquisition targets that can expand capabilities, customer access, and longer-term organic growth opportunities.

自 2025 會計年度開始以來，我們已回購約 830 萬股，約占期初流通在外股數的 14%。正如我們過去幾季所說，即使在仍有利於股票回購的市場環境下，我們也持續尋找可擴大能力、提升客戶觸及，以及帶來較長期有機成長機會的收購標的。

We remain disciplined in our evaluation of targets and seek high-probability revenue synergies capable of driving long-term organic growth and shareholder value. We consider valuation carefully in the context of current market conditions and growth potential, and the expected return must exceed our cost of capital. Looking forward, we plan to continue to execute on these capital deployment priorities while considering market dynamics, near-term liquidity, the potential M&A opportunity set, and all within the constraint of our stated target net debt ratio of 2 to 3 times.

我們在評估併購標的時仍保持嚴謹紀律，並尋求具高成功機率的營收協同效益，以推動長期的有機成長與股東價值。我們會在當前市場狀況與成長潛力的脈絡下審慎考量估值，且預期報酬必須高於我們的資本成本。展望未來，我們計畫在考量市場動態、短期流動性、潛在的併購（M&A）機會集合的同時，持續執行這些資本配置優先事項，並且遵循我們既定的目標淨負債比率為 2 至 3 倍的限制。

Moving to fiscal year 2026 guidance. As I mentioned, a modification to our VA MDE contract has impacted our earnings expectations for the fourth quarter of this fiscal year. In the just-completed third quarter, our customer notified all vendors of a temporary pause of performance incentives and disincentives.

接著談 2026 會計年度的指引。如我先前提到，我們 VA MDE 合約的一項修改已影響我們對本會計年度第四季的獲利預期。在剛結束的第三季，我們的客戶通知所有供應商，績效獎勵與扣減（disincentives）將暫時暫停。

These are assessed on an individual basis to each vendor based on performance metrics including timeliness, accuracy, and quality. Our strong performance in these areas, enabled by our direct investments into this program's operations and technology, means that positive incentives have been included in our reporting each quarter of fiscal year 2026 to date.

這些會依各供應商個別情況，根據包含時效性、準確性與品質等績效指標進行評估。我們在上述面向的強勁表現，得益於我們對該計畫營運與技術的直接投資，意味著截至目前為止，2026 會計年度每一季的報告中皆已納入正向獎勵。

The pause arises from the customer's priority to improve their review and validation process after vendors submit their detailed monthly invoices. With this pause effective July 1, 2026, we have removed any assumed fourth-quarter fiscal year 2026 contribution from incentives, which reduces our diluted EPS guidance by approximately $0.35, which is in line with the contribution of these incentives in each of the first three quarters of the fiscal year. As I mentioned, this contractual modification related solely to the incentive mechanism and we do not expect an impact to our DSO assumption.

此次暫停源於客戶的優先事項：在供應商提交每月明細發票後，改善其審查與驗證流程。由於該暫停自 2026 年 7 月 1 日起生效，我們已移除對 2026 會計年度第四季任何獎勵貢獻的假設，這使我們的稀釋後每股盈餘（EPS）指引約減少 0.35 美元，與本會計年度前三季各季獎勵的貢獻一致。如我所述，這項合約修改僅與獎勵機制相關，我們預期不會影響我們對應收帳款週轉天數（DSO）的假設。

So with that, we have revised our adjusted diluted EPS guidance and expect it to range between $7.90 and $8.20 per share. The new midpoint is $8.05 and $0.35 less than the prior guidance midpoint of $8.40. This revised EPS guidance translates to a full-year adjusted EBITDA margin guidance of approximately 13.7% for fiscal year 2026. Our updated full-year guidance implies fourth quarter adjusted diluted EPS at the midpoint of $1.91 and adjusted EBITDA margin of approximately 13%.

因此，我們已修訂調整後稀釋 EPS 指引，預期每股介於 7.90 至 8.20 美元。新的中點為 8.05 美元，較先前指引中點 8.40 美元低 0.35 美元。此修訂後的 EPS 指引對應到 2026 會計年度全年調整後 EBITDA 利潤率指引約為 13.7%。我們更新後的全年指引意味著第四季調整後稀釋 EPS 中點為 1.91 美元，調整後 EBITDA 利潤率約為 13%。

We are adjusting free cash flow guidance to reflect the earnings guidance change, and free cash flow is now expected to range between $425 million and $475 million. As always, the timing of specific receivable collections has the potential to cause significant cash flow variation at the end of a given period, our guidance reflects our unchanged expectation that DSO will finish the fiscal year below 70 days. As I said, we continue to make solid progression in catching up collections with a major federal customer that we disclosed on the prior call.

我們正在調整自由現金流指引以反映獲利指引的變動，自由現金流目前預期介於 4.25 億至 4.75 億美元。一如既往，特定應收款項回收的時點可能導致期末現金流出現顯著波動；我們的指引反映我們未改變的預期：DSO 將在會計年度結束時低於 70 天。如我所說，我們在追趕先前於上一通電話中揭露的某主要聯邦客戶之回款方面，持續取得穩健進展。

Finally, we are reiterating fiscal year 2026 revenue guidance, which is expected to range between $5.2 billion and $5.35 billion, albeit with a bias towards the lower end. Let me touch on full-year operating margin assumptions for the segments. We expect the US Federal Services full-year segment operating margin to now range between 16.5% and 17.0%. For Q4, we expect the US Federal Services operating margin to be between 14.5% and 15.0%.

最後，我們重申 2026 會計年度營收指引，預期介於 52 億至 53.5 億美元，但偏向區間下緣。我補充說明各事業部門全年營業利潤率的假設。我們目前預期美國聯邦服務（US Federal Services）事業部門全年營業利潤率介於 16.5% 至 17.0%。就第四季而言，我們預期美國聯邦服務的營業利潤率介於 14.5% 至 15.0%。

For the US Services segment full-year operating margin, we expect a range of 9.5% to 10.0%, which, as a reminder, includes the $6.9 million non-cash charge in the prior quarter. For Outside the US, we still expect the segment to break even on a full-year basis, which implies a profitable fourth quarter.

就美國服務（US Services）事業部門全年營業利潤率而言，我們預期介於 9.5% 至 10.0%；提醒一下，其中包含上一季 690 萬美元的非現金費用。至於美國以外（Outside the US），我們仍預期該事業部門全年將達到損益兩平，這意味著第四季將為獲利。

Other updated assumptions include expected interest expense of roughly $88 million, and we anticipate our full-year tax rate to range between 24% and 24.5%. I'll close my remarks today with some comments on next year, which precedes official fiscal year 2027 guidance that we anticipate providing on the year-end call in November.

其他更新後的假設包括：預期利息費用約 8,800 萬美元，且我們預期全年稅率介於 24% 至 24.5%。我將以對明年的一些評論作結；我們預計在 11 月的年終電話會議上提供正式的 2027 會計年度指引。

I'll start with the contract modification on the VA MDE program. Our assumption, based on customer guidance, is the temporary pause continues through December 31, 2026. Therefore, we presume that in the first quarter of fiscal year 2027, we will not be eligible to earn incentives. While a range of scenarios could play out across the remainder of next year with this major program, we remain confident in securing the rebid and continuing to serve this important customer and mission.

我先從 VA MDE 計畫的合約修改談起。根據客戶的指引，我們的假設是此次暫停將持續至 2026 年 12 月 31 日。因此，我們推定在 2027 會計年度第一季，我們將不具備賺取獎勵的資格。儘管在明年其餘期間，這項主要計畫可能出現多種情境，我們仍有信心能在重新競標中勝出，並持續服務這位重要客戶與其任務。

Looking at the overall Maximus financial profile, I'd point to this fourth quarter of fiscal year 2026 as a reasonable run rate for earnings power and adjusted EBITDA margin going into next fiscal year under the current incentive suspension, while recognizing it remains to be seen how the successor contract is ultimately structured.

就 Maximus 的整體財務概況而言，在目前獎勵暫停的情況下，我會將 2026 會計年度第四季視為進入下一會計年度時，獲利能力與調整後 EBITDA 利潤率的合理運行水準（run rate）；同時也必須認知，後續合約最終將如何設計仍有待觀察。

For the Federal Services segment as a whole, on a revenue basis, we remain focused on a combination of new work pipeline opportunities and volume-based prospects on current programs that we desire to increase. As we spoke to on the last call, we have submitted opportunities and continue to await award decisions and, in one case, final protest resolution. We are confident that our pipeline is sufficient to drive sustainable growth, but the pace of procurement and corresponding timing of awards remains difficult to predict.

就聯邦服務事業部門整體而言，在營收面，我們仍聚焦於新案管線機會與現有計畫中我們希望提升的、以量為基礎的成長機會之組合。如同我們在上一通電話中提到的，我們已提交相關機會並持續等待得標決定；其中一案仍在等待最終抗議（protest）裁決。我們有信心我們的管線足以推動可持續的成長，但採購進度及相應的得標時點仍難以預測。

Turning to US Services, we are forecasting a positive revenue growth inflection beginning in the fourth quarter of fiscal 2026. We remain optimistic that this segment will see positive organic growth continuing into fiscal year 2027, and Bruce will provide an update on the Medicaid and SNAP opportunities tied to the HR 1 legislation. We look forward to providing formal fiscal year 2027 guidance in November.

轉向美國服務（US Services），我們預測自 2026 會計年度第四季開始，營收成長將出現正向拐點。我們仍樂觀認為該事業部門將在 2027 會計年度持續呈現正向有機成長，而 Bruce 將就與 HR 1 立法相關的 Medicaid 與 SNAP 機會提供最新進展。我們期待在 11 月提供正式的 2027 會計年度指引。

I'll turn the call over to Bruce.

我把電話交給 Bruce。

Thanks, David, and good morning. Our third-quarter results reflect another period of strong execution across the business and reinforce our confidence in the opportunities ahead, even as our updated outlook reflects a customer-driven change on our VA MDE program.

謝謝你，David，大家早安。我們第三季的結果反映公司各面向再一次強勁的執行力，並強化我們對未來機會的信心；儘管我們更新後的展望反映了客戶主導、發生在 VA MDE 計畫上的變更。

We continue to see the benefits of our technology investments, improving both the customer experience and financial performance of programs at scale. We believe that our deal-shaping efforts focused on traditional RFP and non-traditional pipeline opportunities such as Other Transaction Authorities or OTAs, align with the goals and direction of the federal government.

我們持續看到技術投資帶來的效益，在提升客戶體驗的同時，也改善大規模計畫的財務表現。我們相信，我們聚焦於傳統 RFP 以及非傳統管線機會（例如其他交易授權 Other Transaction Authorities，或 OTAs）的交易塑造（deal-shaping）工作，與聯邦政府的目標與方向一致。

Further, awards in the quarter, pending execution, ramped nicely, setting the stage for sequential book-to-bill improvement. As David mentioned, during the quarter, the VA implemented a temporary pause in the performance incentive and disincentive mechanism covering all vendors.

此外，本季的得標案（待執行）推進良好，為訂單出貨比（book-to-bill）的逐季改善奠定基礎。如 David 所提到，在本季期間，VA 對涵蓋所有供應商的績效獎勵與扣減機制實施了暫時性暫停。

While affecting our outlook for that program in the near term, we believe that our ability to deliver solid earnings performance and continue investing in our long-term growth priorities remains intact. Our model is to support our customers as they navigate their own program environment, which can include responding to their legislative, regulatory, and compliance needs. Importantly, we believe that our relationship with the customer remains strong as we continue to deliver high-quality work in a timely and cost-effective manner while making investments to further improve the veteran experience.

雖然這在短期內影響了我們對該計畫的展望，但我們相信，我們交付穩健獲利表現並持續投資於長期成長優先事項的能力仍然完好無虞。我們的模式是支持客戶在其自身的計畫環境中前行，其中可能包括回應其立法、監管與合規需求。重要的是，我們相信在我們持續以即時且具成本效益的方式交付高品質工作、並投資以進一步改善退伍軍人體驗的同時，我們與客戶的關係仍然穩固。

On that front, a draft performance work statement, or PWS, was just released, which is a key component of the draft RFP that we have been waiting on. While it is not a comprehensive view of the future contract, our preliminary analysis indicates that the scope of work, including all six regions that comprise our work today, are included in this PWS.

在這方面，一份績效工作說明書（Performance Work Statement，PWS）草案剛剛發布，這是我們一直等待的招標請求書（RFP）草案中的關鍵組成部分。雖然它並非對未來合約的全面呈現，但我們的初步分析顯示，工作範圍（包括構成我們目前工作內容的全部六個區域）均已納入此PWS。

This bolsters our optimism about the next contract and we believe our delivery track record, operational expertise, investments, and trusted partnership position us well moving forward. More broadly, we believe that the encouraging demand signals across our markets, growing adoption of our technology-enabled solutions, and a healthy set of opportunities support a positive outlook for the long term.

這增強了我們對下一份合約的樂觀情緒；我們相信，我們的交付實績、營運專業能力、投資以及值得信賴的合作夥伴關係，使我們在未來具備良好定位。更廣泛而言，我們相信各市場中令人鼓舞的需求訊號、對我們技術賦能解決方案日益提高的採用率，以及健康的機會組合，支持我們對長期前景的正向看法。

Let us turn to an update on those opportunity metrics as well as awards, as they provide an important lens into both the current procurement environment and where we see growth emerging over the medium and long term. Our total pipeline of sales opportunities was $50.4 billion at June 30, comprised of approximately $2.9 billion in proposals pending, $2.4 billion in proposals in preparation, and $45.1 billion in opportunities we are tracking.

接下來讓我們更新這些機會指標以及得標情況，因為它們提供了一個重要視角，讓我們了解當前的採購環境，以及我們認為中長期成長將從何處浮現。截至6月30日，我們的銷售機會總管線為504億美元，其中約29億美元為待決提案、24億美元為準備中的提案，以及451億美元為我們正在追蹤的機會。

The share of new work in the total pipeline is 57%, and the US Federal Services segment's share of the total pipeline is 55%. While some of the change in pipeline value compared to last quarter reflects normal pipeline maturation and portfolio management, it also reflects a larger dynamic, particularly in the federal civilian market, where certain opportunities have experienced procurement delays, scope revisions, or in some cases, cancellation, as agencies continue to navigate evolving priorities, budget considerations, and the policy environment.

在總管線中，新業務占比為57%，而美國聯邦服務（US Federal Services）部門占總管線的55%。相較上一季，管線價值的部分變動反映了正常的管線成熟與投資組合管理，但也反映出更大的動態，特別是在聯邦民用市場，某些機會因機關持續因應不斷演變的優先事項、預算考量與政策環境，而出現採購延宕、範疇修訂，或在某些情況下取消。

As a result, and reflecting this dynamic, in some cases, agencies are awarding more bridge contracts and short-term extensions. Opportunities are maturing more slowly. That said, we continue to view the underlying demand environment as constructive, with the latest total value of opportunities remaining substantial in supporting our long-term growth objectives. We strive to maintain a disciplined, target-rich pipeline that reflects opportunities where we believe there is a clear path to award and successful execution.

因此，並反映此一動態，在某些情況下，機關正在授予更多過渡合約（bridge contracts）與短期延展。機會成熟的速度變慢。儘管如此，我們仍認為基礎需求環境具建設性，最新的機會總價值仍相當可觀，有助於支持我們的長期成長目標。我們致力於維持一個紀律嚴明、目標充足的管線，反映出我們相信具有明確得標路徑並可成功執行的機會。

Our year-to-date signed contract awards as of the end of the third quarter were $1.25 billion of total contract value. These awards translate into a book-to-bill ratio of approximately 0.5 times using our standard reporting for the trailing 12-month period. In addition, at June 30, we had a balance of another $1.35 billion worth of contracts that had been awarded but not yet signed.

截至第三季末，我們年初至今已簽署的合約得標金額為合約總價值12.5億美元。依我們標準的過去12個月期間報告口徑，這些得標對應的接單出貨比（book-to-bill）約為0.5倍。此外，截至6月30日，我們另有13.5億美元的合約已得標但尚未簽署。

Encouragingly, our balance of awarded but not yet signed contracts represents a significant step up from the last quarter and was driven primarily by successful longer-term recompete activity. There are a number of attractive new work opportunities in our pipeline associated with HR 1, also known as the Working Families Tax Cut Act, which we believe will increasingly contribute to growth as we exit the fourth quarter. We adjusted our timing expectations as customers digest recently published interim federal rules and navigate their state legislative and program environments.

令人鼓舞的是，我們「已得標但尚未簽署」合約的餘額較上一季顯著增加，主要由成功的較長期續約競標（recompete）活動所帶動。在我們的管線中，有多項具吸引力的新業務機會與HR 1（亦稱《勞動家庭減稅法案》，Working Families Tax Cut Act）相關；我們相信，隨著我們走出第四季，這些機會將日益對成長作出貢獻。我們已調整對時程的預期，因客戶正在消化近期發布的聯邦臨時規則，並因應其州層級的立法與計畫環境。

Let me share what we're seeing at the moment with regard to Medicaid community engagement or work requirements. As planned, organic growth in US Services is expected to return in the fourth quarter as beneficiary outreach and engagement activity drives higher volumes on several existing contracts.

我想分享我們目前在醫療補助（Medicaid）社區參與或工作要求方面所觀察到的情況。如同規劃，美國服務（US Services）的有機成長預期將在第四季回升，因受益人外展與參與活動將帶動多項既有合約的量能提升。

Prospective customer discussions, while highly active, have progressed in many cases more slowly than expected, considering there are less than six months until the go-live date. There's little doubt that the complexity of the recently released interim final rule by CMS has created additional uncertainty for states as they determine how best to operationalize compliance requirements, particularly as they relate to medically frail beneficiaries within existing program structures.

潛在客戶的討論雖然非常活躍，但在許多情況下進展比預期更慢，考量到距離上線（go-live）日期已不到六個月。毫無疑問，CMS近期發布的臨時最終規則（interim final rule）的複雜性，為各州在決定如何最佳化落實合規要求時帶來了額外不確定性，特別是涉及既有計畫架構內「醫療脆弱」（medically frail）受益人的相關要求。

We know from experience that large-scale program changes involving technology, operations, policy, and constituent communications simply take time to implement, particularly when they affect programs serving millions of beneficiaries and state government customers are deliberate with their decisions. That said, absent a change in statute, the underlying need for administrative support, beneficiary engagement, compliance monitoring, and technology enablement is expected to remain intact. All together, we believe that the demand for community engagement solutions remains positive, and as states continue to evaluate options, we remain optimistic that Maximus has an important role to play.

我們從經驗得知，涉及技術、營運、政策與民眾溝通的大規模計畫變更，確實需要時間才能落地，尤其當其影響到服務數百萬受益人的計畫，且州政府客戶在決策上較為審慎時更是如此。也就是說，若法規未變，更深層的需求——行政支援、受益人參與、合規監測與技術賦能——預期仍將維持不變。綜合而言，我們相信社區參與解決方案的需求仍然正向；隨著各州持續評估選項，我們仍樂觀認為Maximus將扮演重要角色。

SNAP, meanwhile, continues to advance in some ways more quickly than Medicaid-related opportunities. With more than 40 demonstrations of our Accuracy Assistant tool completed and 150 customer meetings, the level of interest and engagement has grown in recent months.

同時，SNAP在某些方面的推進速度持續快於與Medicaid相關的機會。我們已完成超過40次Accuracy Assistant工具的示範，並進行了150場客戶會議，近幾個月來市場的興趣與互動程度有所提升。

We've responded to active procurements, submitted unsolicited proposals, and continue to engage with customers regarding approaches to improving program integrity and payment accuracy. Notably, the latest SNAP performance data indicates that payment error rates have not materially improved. The recently released USDA FY 2025 Payment Error Rate, or PER, data showed a national average of approximately 10.6%, compared to roughly 10.9% in FY 2024.

我們已回應正在進行的採購案、提交非邀約提案（unsolicited proposals），並持續與客戶就提升計畫完整性與支付準確性的作法進行交流。值得注意的是，最新的SNAP績效數據顯示，支付錯誤率並未出現實質改善。近期發布的美國農業部（USDA）2025財政年度支付錯誤率（Payment Error Rate，PER）數據顯示，全國平均約為10.6%，相較於2024財政年度約10.9%。

The newly released data reinforces what many states have been anticipating as they evaluate future financial exposure and operational priorities. While the PER varies across states, the overall results indicate that payment accuracy remains a significant challenge across much of the country. As a reminder, under HR 1, states may elect to use either the just-released FY 2025 PER or FY 2026 PER, due out in June 2027, when determining their SNAP benefit cost share, which becomes effective October 1, 2027.

新發布的數據強化了許多州在評估未來財務曝險與營運優先事項時所預期的情況。雖然各州PER有所差異，但整體結果顯示，在全國多數地區，支付準確性仍是一項重大挑戰。提醒一下，依HR 1規定，各州在決定其SNAP福利成本分攤比例時，可選擇使用剛發布的2025財政年度PER，或將於2027年6月公布的2026財政年度PER；該成本分攤將自2027年10月1日起生效。

However, regardless of their PER, states will be responsible for a 25% increase in the SNAP administrative cost share beginning October 1 of this year. This creates both a near-term administrative burden and a longer-term financial incentive to reduce error rates.

然而，不論其PER為何，各州自今年10月1日起，將需承擔SNAP行政成本分攤提高25%的責任。這同時造成短期的行政負擔，以及長期降低錯誤率的財務誘因。

Ultimately, we believe our combination of program expertise, delivery capabilities, analytical tools, and technology integration know-how positions Maximus well as states seek practical paths to improving accuracy while preserving the citizen experience.

最終，我們相信我們在計畫專業、交付能力、分析工具與技術整合專長的組合，使Maximus在各州尋求務實途徑以提升準確性、同時維持民眾體驗之際，具備良好定位。

I'd like to turn to the pace of AI adoption, which continues to accelerate inside Maximus and with our customers in alignment with our strategy and investments. Importantly, we're not simply reacting to customer requirements. We're helping shape practical AI-enabled solutions, often through our own internal use that customers can adopt with confidence. Today, approximately 75% to 80% of the new bids and rebids in our pipeline contain explicit requirements or evaluation criteria related to AI.

我想談談AI採用的速度；在Maximus內部以及在我們的客戶端，AI採用持續加速，並與我們的策略與投資保持一致。重要的是，我們並非只是被動回應客戶需求。我們正在協助塑造務實的AI賦能解決方案，且往往透過我們自身的內部使用，讓客戶能夠有信心地採用。目前，在我們管線中的新投標與再投標案中，約有75%至80%包含與AI相關的明確要求或評估標準。

We are also seeing AI procurements become more sophisticated, with agencies placing greater emphasis on governance, security, transparency, human oversight, responsible AI practices, and the ability to demonstrate measurable mission outcomes. Increasingly, AI is no longer treated as an innovation add-on but is becoming an expected component of modern service delivery and operational transformation strategies.

我們也看到 AI 採購正變得更加成熟，機關在治理、安全、透明度、人為監督、負責任 AI 實務，以及能夠證明可衡量的任務成果方面，投入更高的重視。AI 也愈來愈不再被視為附加的創新項目，而是逐步成為現代化服務交付與營運轉型策略中可預期的組成要素。

Similarly, AI enablement through continuous innovation has become part of our operating rhythm inside Maximus. As just one example, AI-based improvements to core business processes such as IVR and script optimization, chatbot enhancement, and proactive text and email engagement in just five contracts yielded a better customer experience and a 3.5% operating margin improvement for that group. In addition to building AI into our solutions for new work, we are systematically updating existing operations that are designed to better meet our customers' needs.

同樣地，透過持續創新來推動 AI 賦能，已成為我們在 Maximus 內部的營運節奏之一。僅舉一例，在僅五份合約中，針對 IVR 與話術最佳化等核心業務流程的 AI 改善、聊天機器人強化，以及主動式簡訊與電子郵件互動，帶來了更佳的客戶體驗，並使該團隊的營業利益率提升 3.5%。除了在新案解決方案中導入 AI 之外，我們也正系統性地更新既有營運，以更好地滿足客戶需求。

Through Maximus Ventures, our strategic investment arm, we continue to identify innovative and differentiated technologies that we believe can strengthen future customer solutions and create new pathways for growth by accelerating adoption across government markets. One example is our direct investment in Spectro Cloud, which is an AI infrastructure management software provider rather than an AI model company, providing an advanced platform that helps enterprises, public sector organizations, NeoClouds, and Sovereign Clouds build and operate production AI infrastructure with greater control over cost, security, and governance.

透過我們的策略投資部門 Maximus Ventures，我們持續辨識具創新性與差異化的技術；我們相信這些技術能強化未來的客戶解決方案，並透過加速在政府市場的採用，開創新的成長路徑。其中一個例子是我們直接投資 Spectro Cloud；它是 AI 基礎設施管理軟體供應商，而非 AI 模型公司，提供先進平台，協助企業、公部門組織、NeoClouds 與 Sovereign Clouds 建置並營運生產級 AI 基礎設施，並在成本、安全與治理方面具備更高的掌控力。

We believe that capabilities like these are what allow government customers to move beyond experimentation and deploy AI securely at scale, particularly those in highly regulated areas, including defense. We view Spectro Cloud as one component of a broader ecosystem necessary to help government customers accelerate AI adoption while maintaining the security, governance, and operational controls that those mission environments require.

我們相信，這類能力能讓政府客戶超越實驗階段，並以安全方式在規模化情境下部署 AI，特別是在高度受監管的領域（包括國防）。我們將 Spectro Cloud 視為更廣泛生態系中的一個組成部分；該生態系對於協助政府客戶加速採用 AI 同時維持任務環境所需的安全、治理與營運控管至關重要。

Our objective through these venture investments is to bring differentiated capabilities to our customers, including preferred access and co-development arrangements where appropriate, creating strategic partnerships that are designed to accelerate deployment, strengthen our competitive position, support revenue growth, and increase customer value.

我們透過這些創投投資的目標，是為客戶帶來差異化能力，包括在適當情況下提供優先取得權與共同開發安排，建立旨在加速部署、強化我們的競爭地位、支持營收成長並提升客戶價值的策略夥伴關係。

Let me close with an update on the defense and national security market, which remains a priority in our long-term growth strategy. While many civilian agencies continue to experience procurement delays and budget uncertainty, we believe the Department of War procurement engine is functioning more consistently. Demand signals remain strong, and our engagement with customers continues to expand. As part of our strategic planning, we identified a total Maximus addressable market of defense-related opportunities of nearly $47 billion, only a small portion of which is reflected in our reported pipeline. Our objective is to ensure we are positioned to participate in that opportunity set, both through traditional and non-traditional procurement paths.

最後，我想就國防與國家安全市場提供最新進展；這仍是我們長期成長策略中的優先事項。儘管許多民用機關仍面臨採購延宕與預算不確定性，我們認為戰爭部的採購引擎運作更為穩定一致。需求訊號依然強勁，我們與客戶的互動也持續擴大。作為策略規劃的一部分，我們辨識出 Maximus 在國防相關機會上的可觸及市場總量接近 470 億美元，而其中只有一小部分反映在我們所揭露的管線中。我們的目標是確保自身具備參與這些機會的定位，無論是透過傳統或非傳統的採購途徑。

In addition to the OTAs I mentioned earlier, I'm pleased that the hackathon platform we created, bringing government, industry, and academia together, has generated pathways to new programs of record for our customers. We're evaluating how we expand our capabilities, customer access and relevance, past performance qualifications, and market presence, particularly in advance of the arrival of opportunities we believe will emerge over the next several years.

除了我先前提到的 OTA 之外，我也很高興我們打造的黑客松平台，將政府、產業與學界匯聚在一起，已為客戶帶來通往新「正式列管計畫」（programs of record）的途徑。我們正在評估如何擴大我們的能力、客戶接觸與相關性、過往績效資格，以及市場能見度，特別是在我們認為未來幾年將浮現的機會到來之前。

Customer intimacy remains paramount. Understanding mission needs, helping agencies address technical debt, and bringing modern technology-enabled delivery models to government customers through highly accountable performance-based arrangements are all areas where we believe Maximus can differentiate. Importantly, our defense and national security business is already demonstrating success with notable key wins at the Air Force and Transportation Security Administration.

與客戶的緊密連結仍是重中之重。理解任務需求、協助機關處理技術債，並透過高度可問責的績效導向安排，為政府客戶帶來以現代科技賦能的交付模式，都是我們認為 Maximus 能夠差異化的領域。重要的是，我們的國防與國家安全業務已展現成果，在空軍與運輸安全管理局（TSA）取得值得關注的關鍵勝利。

We continue to see evidence that large government customers are increasingly willing to consider capable alternatives outside of the traditional provider ecosystem. We believe this is a sustainable direction of travel and one that creates opportunities for differentiated companies with proven execution. More broadly, our strategy helps support a continued diversification of the company by expanding our exposure to durable growth markets while reducing concentration over time.

我們持續看到跡象顯示，大型政府客戶愈來愈願意考慮傳統供應商生態系之外的有能力替代方案。我們相信這是一個可持續的趨勢，也為具差異化且已證明執行力的公司創造機會。更廣泛而言，我們的策略透過擴大在具韌性成長市場的曝險並隨時間降低集中度，支持公司持續多元化。

In closing, we continue to see a healthy mix of opportunities and navigable challenges as we look ahead to fiscal year 2027. The procurement environment remains understandably uneven. Certain legislative opportunities continue to evolve, and customers continue to navigate a complex budget and operating environment. At the same time, we're encouraged by the momentum we're seeing in areas such as SNAP, AI-enabled solutions, and defense and national security.

總結來說，展望 2027 會計年度，我們仍看到健康的機會組合與可因應的挑戰。採購環境仍可理解地呈現不均衡。某些立法相關機會仍在演進，客戶也持續在複雜的預算與營運環境中前行。同時，我們也受到鼓舞，因為在 SNAP、AI 賦能解決方案，以及國防與國家安全等領域看到了動能。

We are continuing to invest thoughtfully, strengthen our capabilities, and position the company for long-term growth. As always, our focus remains on controlling the controllables, delivering for our customers, executing with discipline and urgency, and creating sustainable value for our shareholders.

我們將持續審慎投資、強化能力，並為公司的長期成長做好定位。一如既往，我們的重點仍是掌控可控因素、為客戶交付成果、以紀律與緊迫感執行，並為股東創造可持續的價值。

With that, we'll open the line for Q&A. Operator?

接下來，我們開放問答。接線員？

Thank you. We'll now be conducting a question-and-answer session. (Operator Instructions)

謝謝。我們現在開始進行問答環節。（接線員指示）

Will Gildea, CJS Securities.

Will Gildea，CJS Securities。

Hi, good morning and thanks for taking our questions. So just starting with the temporary contract modification at the VA, maybe can you just give us any more color on that and what kind of went into the VA's decision-making process to pause incentives?

嗨，早安，謝謝讓我們提問。先從退伍軍人事務部（VA）的臨時合約修改開始，能否請你再多提供一些背景，以及 VA 在決定暫停獎勵措施時的決策考量是什麼？

Sure. Happy to start and David to add to that. We've been told by the customer that it's a temporary pause. I mentioned the current contracts last until December 31. And we have seen, interestingly, a draft performance work statement issued by the VA that's come out that has a comment period for the vendor community that closes on August 12.

當然。我很樂意先說明，David 也可以補充。客戶告訴我們這是暫時性的暫停。我提到現行合約將持續到 12 月 31 日。而且我們也看到一份由 VA 發出的績效工作說明書（PWS）草案，已開放供供應商社群提出意見，意見徵詢期將於 8 月 12 日截止。

We understand that they're moving ahead, obviously, with their plans for the next procurement. It becomes then a question of: Will that procurement potentially be completed in time to align with the December 31 deadline or not? While that wouldn't be unprecedented to get something done in that amount of time, we also, in the procurement, have noticed that the volumes that they lay out for the community to respond to suggest that the base contract would begin in the middle of next year.

我們理解他們顯然正持續推進下一次採購的規劃。接下來的問題是：該採購是否可能及時完成，以配合 12 月 31 日的期限？雖然在這樣的時間內完成並非沒有先例，但我們也注意到，在採購文件中，他們列出的回覆卷冊（volumes）顯示，基礎合約可能會在明年年中開始。

That leaves us presently working with information from the customer where they've indicated that the current incentive pause is 180 days in nature, and would be completed in December, at December 31, when the current contracts are scheduled to terminate, also with the likelihood that we could see up to a six-month extension to the current contracts to align with the timing that we've seen in the performance work statement.

因此，我們目前依據客戶提供的資訊在運作：他們表示目前的獎勵暫停為期 180 天，並將在 12 月、也就是 12 月 31 日（現行合約預定終止日）完成；同時也很可能為了配合我們在績效工作說明書中看到的時程，現行合約可能會再延長最多六個月。

And as it relates to just the nature of the administrative action that they're taking that's led to this, I know we get the question: Is this something that's uncommon? Do you see it from time to time? I would just say that it's not uncommon for our customers to need to respond over the life of a contract, and these are long-term contracts, to changes in the legislative and the policy and the compliance environments.

至於他們採取這項行政措施的性質，我知道大家會問：這是否不常見？你們是否偶爾會遇到？我想說的是，客戶在合約存續期間需要做出回應並不罕見；而這些都是長期合約，必須因應立法、政策與法遵環境的變化。

So while it's not common for a significant contractual term like this to be suspended, it's also not unprecedented. Our model actually is to support customers as their needs change through the administration of contracts over the life of those contracts.

因此，雖然像這樣的重要合約條款被暫停並不常見，但也並非沒有先例。我們的模式其實是在合約存續期間，透過合約管理來隨著客戶需求的變化而支持客戶。

Another example that you'll note we've seen before is when customers modify their invoicing requirements in response to their own environment internally, or their environment is such that they have extended periods where they're trying to get contract amendments executed and so forth, that can lead to the delays in executions or payments on contracts. We view that as just a part of doing business as a responsible government contractor, being flexible and adroit and being able to use our scale and our agility to help our customers manage through those processes and those times.

你會注意到我們以前也看過另一個例子：客戶會因其內部環境而調整其開立發票的要求，或是其環境使得他們在一段較長期間內嘗試完成合約修訂等，這可能導致合約執行或付款的延遲。我們將其視為作為負責任的政府承包商在做生意時的一部分——保持彈性與靈活，並能運用我們的規模與敏捷性，協助客戶度過這些流程與時期。

Overall, honestly, I'd say that it's a contributing factor to the trust that our customers place in us to administer programs on their behalf. That's why part of our business model is to have contracts for decades and to support our customers through times like this. We see this as no different.

總體而言，坦白說，我會說這是促成客戶信任我們、讓我們代表他們管理專案的一個因素。這也是為什麼我們商業模式的一部分，是簽訂長達數十年的合約，並在這樣的時期支持客戶。我們認為這沒有什麼不同。

I might just add one more point, that these incentives have become a bigger contribution for us in our fiscal year 2026 than they had been in prior years, which is really a testament to the investments we've made into the program over the past several years, that have brought us to the high level of performance across the incentive metrics.

我想再補充一點：這些獎勵在我們2026會計年度對我們的貢獻，比以往年度更大；這確實證明了我們過去幾年對該專案所做的投資，使我們在各項獎勵衡量指標上達到高水準的績效。

Yes. Yes, that is super helpful. Just for, I guess, the initial early look at fiscal year 2027, when you say our earnings power in Q4 is a good run rate for the rest of the year, you're kind of implying that it's likely that the pause will be longer than for 180 days. Do I have the right idea?

是的。是的，這非常有幫助。只是就我猜的2027會計年度初步早期觀察而言，當你說我們第四季的獲利能力是全年其餘期間的一個良好運行水準（run rate）時，你某種程度是在暗示暫停可能會超過180天。我的理解對嗎？

I mean, I think there's a range of scenarios there, is what we've said. During a period where there's an absence of incentives, yes, I think that that Q4 run rate, which, as I mentioned, based on our full-year guidance, that 13% implied EBITDA margin in Q4, I do think that's a reasonable run rate for this period.

我的意思是，我們說過那裡存在一系列情境。在缺乏獎勵的期間，是的，我認為第四季的那個運行水準——如我提到的，依據我們全年指引，第四季隱含約13%的EBITDA利潤率——我確實認為在這段期間這是合理的運行水準。

I'd point out it's still inside the near-term adjusted EBITDA margin range that we laid out in May of 12% to 15%, and maybe go even further to say we still believe that 12% to 15% is an appropriate range for the business in the near term. Setting incentives on this one program aside, margins have been steadily increasing over the past several quarters, and we see continued opportunity to drive further technology and improvement to that.

我也要指出，這仍落在我們5月提出的短期調整後EBITDA利潤率區間12%到15%之內；甚至可以再進一步說，我們仍相信12%到15%是該業務在短期內適當的區間。先把這一個專案的獎勵因素放一邊，利潤率在過去幾個季度一直穩步上升，而我們也看到持續推動更多技術導入與改善、以進一步提升的機會。

Yes. Yes, just on the preliminary VA PWS, can you discuss maybe the economics or market share? Are there any changes we should be aware of? Was there any language about incentives in it? Just anything about the initial RFP.

是的。是的，關於VA的初步PWS，你能否談談可能的經濟性或市占率？是否有任何我們需要注意的變更？裡面有提到任何關於獎勵的措辭嗎？就初始RFP而言，有沒有任何資訊？

Yeah. Well, the short answer is there really wasn't. The draft PWS that's been released is Section B3 of a larger RFP that will, I'm sure, be released with all the other components to comprise the RFP in due course. As I mentioned, the VA is seeking vendor community input by August 12 just on the PWS. There's really nothing there that speaks to the pricing mechanisms that they intend or incentive structures or anything. It really just lays out the scope of work.

是的。嗯，簡短的答案是：其實沒有。目前發布的PWS草案是更大型RFP中的B3章節；我相信之後會在適當時點與其他所有組成部分一併發布，以構成完整的RFP。如我提到的，VA正在徵求供應商社群在8月12日前就PWS提供意見。裡面確實沒有任何內容談到他們打算採用的定價機制、獎勵架構或任何相關事項。它基本上只是列出工作範圍。

I would say, we like the fact that, first of all, the scope of work and the nature of the work and what the requirements are for the vendor and so forth are entirely consistent with the way the work is currently done by the vendor community. Also the regions comprised in the PWS draft. PWS are all six regions.

我會說，我們喜歡的一點是：首先，工作範圍、工作的性質、以及對供應商的要求等，都與目前供應商社群執行該工作的方式完全一致。另外，PWS草案所涵蓋的區域也是如此。PWS涵蓋全部六個區域。

That's not just the four domestic regions, but also the pre-discharge region as well as the international region. It's a comprehensive PWS. It's consistent, and it appears from it that the areas that the VA is really valuing in terms of as it relates to the veteran experience and that is making sure that we're able to schedule veterans efficiently and use their time wisely, only see them when they need to be seen, ensure that we're doing everything we can to shorten our component of the overall cycle time that comprises the handling of a veteran's claim.

不僅是四個國內區域，還包括退役前（pre-discharge）區域以及國際區域。這是一份全面性的PWS。它是一致的；而且從中看得出來，VA真正重視的領域——就退伍軍人（veteran）體驗而言——是確保我們能有效率地為退伍軍人安排時程並善用他們的時間，只在他們需要就診時才安排就診，並確保我們盡一切所能縮短整體週期時間中、由我們負責的那一部分（也就是處理退伍軍人申請案件的流程週期）。

They are all ongoing priorities of the VA, they align perfectly to the areas where we've been making investments in capacity and technology as a company. We feel good about what we're seeing, and we're eager to provide some feedback to the VA as part of the process.

這些都是VA持續的優先事項，且與我們作為公司在產能與技術方面所做的投資領域完全一致。我們對目前看到的內容感到樂觀，也很期待在流程中向VA提供一些回饋。

That is helpful. Thank you. Switching gears, nice step up in unsigned but awarded contracts. Maybe you can talk about what some of those opportunities are, and are you expecting them to convert to signed in the current procurement environment?

這很有幫助。謝謝。換個話題，未簽署但已授標的合約有不錯的提升。也許你可以談談其中一些機會是什麼？以及在目前的採購環境下，你是否預期它們會轉為已簽署？

Yeah, I will say that, first of all, I like the characteristics of what we're seeing here, because what's in that awarded but unsigned category is really contracts of a longer duration. I mentioned in my earlier remarks that sometimes you're seeing in an environment like this, short-term actions, short-term extensions, and so forth. The durability of those awards is great.

是的，我會說，首先，我喜歡我們在這裡看到的特性，因為那個「已授標但未簽署」類別中的內容，實際上是期限較長的合約。我在先前的發言中提到，有時在這樣的環境下，你會看到短期措施、短期延展等等。這些授標的耐久性（durability）很棒。

The second thing I would note is that, we've been operating in an environment where the probability of protest has been pretty high. Every time something gets awarded, inevitably, especially if it's a light award environment, vendors tend to protest, and there's no consequence often for protests, why not do it, right? If you're an incumbent, it extends your period of performance on your current contract.

第二點我會注意到的是：我們一直在一個抗議（protest）機率相當高的環境中運作。每當有案子授標時，幾乎不可避免地——尤其在授標環境較清淡時——供應商往往會提出抗議；而且抗議通常沒有什麼後果，那為什麼不做呢，對吧？如果你是現任承包商（incumbent），這會延長你在現有合約上的履約期間。

Without getting to specific contract names, I'm pleased that what we're seeing in the awarded but unsigned category includes deals that have been through that protest process and successfully resolved. They're really just pending the administrative process of contract execution. That's why I felt confident to say, we'll see that ripple through in sequential improvements to book-to-bill in subsequent quarters.

在不提具體合約名稱的情況下，我很高興我們在「已授標但未簽署」類別中看到的內容，包含已經走完該抗議流程並成功解決的案子。它們其實只是等待合約簽署的行政流程完成。這也是為什麼我有信心說，我們將在後續季度看到訂單出貨比（book-to-bill）按季改善所帶來的連鎖效應。

Sounds great. I guess turning pages, turning to SNAP and Medicaid work requirements, et cetera. A couple of quarters ago, you guys gave an outlook for high single-digit growth in 2027. It seems like you're optimistic on Q4 growth, which is great. Just maybe you can talk about the puts and takes to hitting that outlook in 2027. Can you reaffirm that outlook? Yeah.

聽起來很棒。我想翻到下一頁，談談SNAP與Medicaid的工作要求等等。幾個季度前，你們對2027年給出高個位數成長的展望。看起來你們對第四季的成長很樂觀，這很好。也許你可以談談要在2027年達成該展望的利多與利空因素（puts and takes）。你能重申該展望嗎？是的。

Yes, I think as we look to 2027, first of all, we've reiterated that this current fourth quarter of '26, we believe can achieve mid-single-digit organic growth in that segment. So that's an important turning point for the segment, and we do see that momentum carrying into 2027.

是的，我認為展望 2027 年，首先，我們已重申在目前 2026 年第四季，我們相信該業務板塊可實現中個位數的有機成長。因此，這是該板塊的一個重要轉折點，我們也看到這股動能將延續到 2027 年。

Why don't I turn it to Bruce for some of the details behind the various policies?

不如我把問題交給 Bruce，請他說明各項政策背後的一些細節？

Yeah. Will, you know I'd love to talk about the policy side of it. The interesting thing is that there was a couple dozen Democratic state attorneys general that sued the Trump administration over the recently released interim final rule, for the implementation of Medicaid work requirements, as it relates specifically to the definitions around medical frailty and whether individuals who are medically frail, what additional information might they need to provide to demonstrate that they cannot comply with the work requirement.

好的。Will，你知道我很樂意談談政策面。有趣的是，有二十多位民主黨籍州檢察長就近期發布的臨時最終規則，針對川普政府提起訴訟；該規則用於落實 Medicaid（醫療補助）工作要求，特別涉及「醫療虛弱（medical frailty）」的定義，以及被認定為醫療虛弱的個人，可能需要提供哪些額外資訊來證明其無法遵守工作要求。

Well, the federal district court judge ruled, I want to say back on maybe July 29, that they declined to stop the Trump administration, enabled the Trump administration to proceed with the implementation of the requirements under the act.

聯邦地方法院法官裁定——我想大概是在 7 月 29 日——他們拒絕阻止川普政府，並允許川普政府繼續依該法案推動相關要求的實施。

That, at least at this point, may be pending an appeal process, that suggests that the work requirements will continue and need to be implemented as of January 1, 2027. Recall also that that also begins a period where, for the expansion population, the Medicaid expansion population, which is about 21 million people nationally, semiannual redeterminations also begin.

至少就目前而言，這可能仍在上訴程序中，但這意味著工作要求將會持續，並需要自 2027 年 1 月 1 日起實施。也請回想一下，這同時也將開始一段期間：對於擴張族群，也就是 Medicaid 擴張人口（全美約 2,100 萬人），也將開始每半年一次的資格重新認定（semiannual redeterminations）。

Now, that work doesn't begin all on January 1, because if you think about it, somebody who's determined eligible as of January 1 would then have to have their eligibility rechecked in July. Six months later would be the first time that happens. We would see activities ramping up around that over the next calendar year.

當然，這些工作不會在 1 月 1 日就全部開始，因為你想想看，若某人在 1 月 1 日被判定符合資格，那麼要到 7 月才需要重新檢核其資格。也就是六個月後才會第一次發生。我們會在接下來一個曆年看到相關活動逐步升溫。

Also, because presently, states now are scrambling candidly to figure out how do we operationalize the interim final rule, it's worth noting that for at least 2027, beneficiaries will be able to self-attest to medical frailty. There is some time that states have, and the activities are funded on a 90/10 basis to help states come into compliance.

另外，因為目前各州坦白說正手忙腳亂地思考要如何將臨時最終規則落地營運，值得注意的是，至少在 2027 年，受益人將可以就醫療虛弱進行自我聲明（self-attest）。各州有一些時間，而相關活動以 90/10 的分攤方式提供資金，以協助各州達到合規。

We have a year here where states will figure out: What does this mean in terms of the additional attestation requirements? Will they need to be evidenced by a doctor's note? How do we do that within the construct of our health systems and maybe our managed care plans? All of that has to get sorted out, the implementation is, as we understand it, proceeding according to plan.

我們有一年的時間讓各州去釐清：這在額外聲明要求方面意味著什麼？是否需要醫師證明來佐證？我們要如何在我們的醫療體系架構內，或在我們的管理式醫療計畫（managed care plans）中做到這一點？這些都必須被釐清；據我們了解，實施正按計畫推進。

We're out there having conversations with our customers, and as David has said, we're pleased that already in some of our current contracts, we've gotten the green light to ramp up activities in the fourth quarter related to beneficiary outreach and engagement and so forth, and we'll expect that to continue.

我們正在與客戶進行對話；正如 David 所說，我們很高興在部分現有合約中，已獲得同意在第四季加速推動與受益人外展、互動參與等相關活動，我們也預期這將持續下去。

The other element, of course, of HR 1 is SNAP. I commented on that in my prepared remarks, and again, that's an area where the states have this looming deadline for having to shoulder an increased component of the administrative cost of the program beginning in October this year, and then increased benefit costs subsequent to that. We continue to get significant interest from state customers and remain engaged with them on that front.

當然，HR 1 的另一個要素是 SNAP（補充營養援助計畫）。我在事先準備的發言中提到過；同樣地，這也是一個各州面臨迫近期限的領域：自今年 10 月起，各州必須承擔該計畫行政成本中更高的比例，之後還要承擔增加的福利成本。我們持續收到州政府客戶的高度興趣，並在這方面與他們保持密切互動。

Thank you. Question for David. Can you provide any more color on the collections expected in Q4? What are the puts and takes to hitting your free cash flow guidance, if there are any?

謝謝。我有一個問題想問 David。你能否就第四季預期的回款（collections）提供更多說明？若有的話，達成你們自由現金流指引的正負因素（puts and takes）有哪些？

Yeah. The one area is DSO that I talked to in my prepared remarks. As I talked about in some detail on last quarter's call, there's a large federal customer that we are catching up on collections from.

好的。其中一個面向是我在事先準備的發言中提到的 DSO（應收帳款週轉天數）。正如我在上一季電話會議中較詳細說明的，我們正在加速向一個大型聯邦客戶收款，以追上進度。

As I said, it's a federal agency, it's a funded contract, we have full confidence that the outstanding invoices will be collected. I shared an update in my remarks that since June 30, we've had great momentum with this single customer, collecting $245 million since July 1.

如我所說，這是一個聯邦機構，合約已有資金到位（funded contract），我們完全有信心能收回所有未結清的發票。我在發言中也更新，自 6 月 30 日以來，我們在這個單一客戶上取得了很好的動能，自 7 月 1 日起已收回 2.45 億美元。

Our expectation is that that healthy pace will continue and bring us to that expectation we set of DSO dropping below 70 by the end of September.

我們預期這樣健康的節奏將會持續，並使我們達成先前設定的目標：在 9 月底前將 DSO 降至 70 天以下。

Thank you. With that in mind, the balance sheet is strong. You talked about your priorities for capital allocation. Is M&A becoming a more important short-term focus? What are your criteria for acquisitions?

謝謝。基於此，你們的資產負債表很強健。你談到了資本配置的優先順序。併購（M&A）是否在短期內變得更重要？你們的收購標準是什麼？

Yeah. As I said, we consider both share repurchasing and M&A as important considerations over the long term. On the M&A front, we do see it as an important tool despite market conditions as we look toward long-term organic growth.

是的。如我所說，從長期來看，我們將股票回購與併購都視為重要的考量。在併購方面，儘管市場環境如此，當我們著眼於長期的有機成長時，我們確實認為併購是一項重要工具。

We want to make sure we are investing in capabilities, customer sets, those sorts of things that can unlock pipeline and high-probability revenue synergies. That remains something we're focused on. I think it's consistent with what we've been saying for several quarters now, that we continue to evaluate opportunities on that front.

我們希望確保投資於能力、客戶群等要素，以解鎖商機管線並帶來高機率的營收協同效益。這仍是我們關注的重點。我認為這也與我們過去幾季一直在說的一致：我們持續在這方面評估機會。

All right. I will leave it there. Thank you very much.

好的。我就先說到這裡。非常感謝。

Thanks, Will.

謝謝你，Will。

Operator, back to you.

接線員，交還給你。

Thank you. This does conclude today's conference. We thank you again for your participation. You may disconnect your lines at this time.

謝謝。今天的電話會議到此結束。再次感謝各位的參與。您現在可以掛斷電話線。