Stagwell Inc (STGW) 2025 Q2 法說會逐字稿

Good morning from Stagwell's offices in Washington, D.C. Welcome to Stagwell Inc.'s Second Quarter 2025 Earnings Webcast. My name is Ben Allanson, and I lead the Investor Relations function here at Stagwell. With me today are Mark Penn, Stagwell's Chairman and Chief Executive Officer; Ryan Greene, the Chief Financial Officer; and Frank Lanuto, EVP of Finance. Mark will provide a business update before Ryan and Frank share a financial review.

大家早安，這裡是位於華盛頓特區的 Stagwell 辦公室。歡迎收看 Stagwell 公司 2025 年第二季財報網路直播。我叫本‧阿蘭森，我負責 Stagwell 的投資人關係工作。今天陪同我出席的有：Stagwell 董事長兼執行長 Mark Penn；財務長 Ryan Greene；以及財務執行副總裁 Frank Lanuto。在瑞恩和弗蘭克分享財務回顧之前，馬克將提供最新的業務情況介紹。

After the prepared remarks, we will open the floor for Q&A. You are welcome to submit questions through the chat function. Before we begin, I'd like to remind you that the following remarks include forward-looking statements and non-GAAP financial data.

在發言結束後，我們將開放問答環節。歡迎您透過聊天功能提交問題。在開始之前，我想提醒各位，以下發言包含前瞻性陳述和非GAAP財務資料。

Forward-looking statements about the company, including those related to earnings guidance, are subject to uncertainties and risk factors addressed in our earnings release, slide presentation and the company's SEC filings.

有關公司的前瞻性聲明，包括與獲利預測相關的聲明，均受制於我們在盈利報告、幻燈片演示和公司向美國證券交易委員會提交的文件中所述的不確定性和風險因素。

Please refer to our website, stagwellglobal.com/investors for an investor presentation and additional resources. This morning's press release and slide deck provide definitions, explanations and reconciliations of non-GAAP financial data.

請造訪我們的網站 stagwellglobal.com/investors 查看投資者簡報及其他資源。今天早上的新聞稿和幻燈片提供了非GAAP財務數據的定義、解釋和調節表。

And with that, I'd like to turn the call over to our Chairman and CEO, Mark Penn.

接下來，我想把電話交給我們的董事長兼執行長馬克‧佩恩。

Thank you, Ben, and thank you for everyone joining us for our earnings call this morning. I'm pleased to report another set of strong results for the quarter, fully in line with our expectations. As we look forward, we expect to achieve our full year guidance on all metrics as growth accelerates, margins expand, leverage declines and cash flows continue to strengthen.

謝謝Ben，也感謝今天早上所有參加我們財報電話會議的朋友們。我很高興地報告，本季業績再次表現強勁，完全符合我們的預期。展望未來，隨著成長加速、利潤率擴大、槓桿率下降和現金流持續增強，我們預期所有指標都將實現全年預期目標。

Our net revenue grew an industry-leading 8% and ex advocacy grew by 10%. On top of this growth, we achieved a swing of $122 million of operating cash flow improvement, continued to expand our top client relationships and scooped up significant new business. We expect growth to accelerate in the second half of the year as the economic outlook is positive, large new clients are coming online and client churn typically drops off after the first half of the year.

我們的淨收入成長了 8%，在業界遙遙領先；而廣告宣傳收入成長了 10%。除了上述成長之外，我們還實現了 1.22 億美元的營運現金流改善，繼續擴大與頂級客戶的關係，並獲得了重要的新業務。我們預計下半年成長將加速，因為經濟前景樂觀，大量新客戶上線，而且客戶流失率通常在上半年之後下降。

While digital transformation of other companies is lagging, ours is booming. While most of the others are struggling with new business, our pipeline is robust and growing. While others are cutting thousands of workers, we are picking up key talent from holdcos, including 10 major new executives for our media businesses with vast big client experience.

當其他公司的數位轉型還處於滯後狀態時，我們的數位轉型卻蓬勃發展。當其他公司都在努力拓展新業務時，我們的業務管道卻十分強勁且不斷成長。當其他公司都在裁減數千名員工時，我們卻從控股公司中招攬了關鍵人才，包括為我們的媒體業務聘請了 10 位擁有豐富大客戶經驗的重要新高管。

Today, I'm pleased to announce the hiring of Slavi Samardzija, who is joining us this fall from Omnicom's Annalect to work on our forward-looking data strategy. He joins a team of executives hired from companies, including IBM, Accenture and Microsoft. We'll have more news on this soon. This is an incredible time of opportunity for Stagwell. In an industry of behemoths having trouble with their scale, we are just the right size to adapt to the coming revolution of AI.

今天，我很高興地宣布聘請 Slavi Samardzija，他將於今年秋季從 Omnicom 旗下的 Annalect 加入我們，負責我們前瞻性的資料策略。他將加入一個由來自 IBM、埃森哲和微軟等公司的高階主管組成的團隊。我們很快就會有更多相關消息。對 Stagwell 來說，這是一個絕佳的機會時期。在如今這個巨頭林立、規模龐大的產業中，我們的規模恰到好處，能夠適應即將到來的人工智慧革命。

We're investing about $20 million a quarter of OpEx and adapting to new technologies and building state-of-the-art offerings. Discipline by discipline, we're adopting AI, applying it to tasks that can be streamlined or reimagined.

我們每季在營運支出方面投入約 2,000 萬美元，用於適應新技術並打造最先進的產品。我們正在各個領域逐步引入人工智慧，將其應用於可以簡化或重新構想的任務中。

In media, we're developing agents that deploy targeted media and will streamline our operations and costs. In communications, we have bots that assemble influencer campaigns, write press releases and pitch stories. In research, we're already deploying dashboards that read and analyze survey data for our clients on the basis of simple prompts and questions.

在媒體領域，我們正在開發能夠投放定向媒體的代理商，這將簡化我們的營運並降低成本。在傳播領域，我們有機器人可以組成網紅行銷活動、撰寫新聞稿和推廣新聞故事。在研究方面，我們已經部署了儀錶板，可以根據簡單的提示和問題為我們的客戶讀取和分析調查數據。

In our creative companies, we're using AI to dream up and produce unique, standout ads with incredible new special effects. We are building and deploying in partnership with Adobe, the Stagwell content supply chain management system and wrapping up all our tools and software into the machine, a central nervous system designed to connect data, people, teams and software tools across the Stagwell network.

在我們的創意公司裡，我們正在利用人工智慧來構思和製作具有令人難以置信的全新特效的獨特、出色的廣告。我們正在與 Adob​​e 合作建置和部署 Stagwell 內容供應鏈管理系統，並將我們所有的工具和軟體整合到這台機器中，這是一個旨在連接 Stagwell 網路中的資料、人員、團隊和軟體工具的中央神經系統。

The machine addresses a clear client need, a single unified platform for accessing all our services. We're already beginning to roll out these systems and expect them to have fully deployed by early 2026. They will dramatically increase efficiency, adopt new ways of working and likely reduce cost by about 15%.

該機器滿足了客戶的明確需求，即提供一個統一的平台來存取我們所有的服務。我們已經開始推出這些系統，預計到 2026 年初將全面部署完成。他們將大幅提高效率，採用新的工作方式，並可能降低成本約 15%。

Nothing shows that our tech-first approach is resonating more than growth among our top 25 customers. Our top 25 in the second quarter generated over $175 million in net revenue. That same cohort a year ago generated $140 million, an increase of 26% year on year.

前 25 大客戶的成長最能說明我們以科技為先的策略正在產生共鳴。第二季我們前 25 名的公司創造了超過 1.75 億美元的淨收入。一年前，同一批人創造了 1.4 億美元的收入，年增 26%。

Our top 25 customers now average approximately $28 million in annual net revenue. Our top 100 clients grew similarly in size. Historically, from 1980 to 2005, a company like ours would be judged solely by its total growth with organic growth relevant only in the later stages of scale and maturity when such scale accelerates organic opportunities. Because of high quarterly variations, I suggested that analysts should look at our mix of organic growth annually, and we adopted total growth as our primary guidance metric.

我們前 25 大客戶的平均年淨收入約為 2,800 萬美元。我們前 100 家客戶的規模成長情況類似。從歷史上看，從 1980 年到 2005 年，像我們這樣的公司只會根據其總成長情況來評判，而內生成長只有在規模和成熟度的後期階段才有意義，因為這種規模會加速內生成長的機會。由於季度波動較大，我建議分析師們應該按年度來考察我們的有機成長組合，我們也採用了總成長作為我們的主要指導指標。

I still believe that. But in the interest of transparency, we will continue to report all metrics each quarter. While we achieved our overall 10% ex advocacy growth this quarter, 20% of it or 2% was from purely organic growth. But as we saw last year, we have a cycle of lower organic growth in H1 as that's when clients churn and higher organic growth in H2 when media and other clients tend to increase their spend.

我仍然這麼認為。但為了確保透明度，我們將繼續每季公佈所有指標。雖然本季我們實現了 10% 的整體成長（不包括推廣），但其中 20%（即 2%）來自純粹的自然成長。但正如我們去年所看到的，上半年自然成長較低，因為那時客戶流失較多；而下半年自然成長較高，因為媒體和其他客戶往往會增加支出。

With new assignments from GM, Visa, Adobe and Target, we expect a similar pattern this year in which organic growth will again grow to high single and near double digits in H2. We're about 3 points ahead of last year in organic growth. And given that trend, we expect to hit the overall growth numbers and for most of it to be organic when the year is over and the dust has settled.

隨著通用汽車、Visa、Adobe 和 Target 等公司的新訂單，我們預計今年下半年有機成長將再次達到接近兩位數的高個位數，並呈現類似的成長趨勢。我們的有機成長率比去年同期高出約 3 個百分點。鑑於這一趨勢，我們預計今年結束時，整體成長目標將得以實現，並且大部分成長將來自內生成長。

Importantly, our digital transformation capability grew 12% ex advocacy with organic growth ex advocacy of 7% in the quarter. This is a sharp contrast to the lagging performance seen in the larger digital transformation industry. Clients are beginning to incorporate AI in their consumer experiences and the Code and Theory Network is becoming a supplier of choice, having been named Digital Innovation Agency of the Year by campaign.

重要的是，本季我們的數位轉型能力（不包括倡議因素）成長了 12%，有機成長（不包括倡議因素）為 7%。這與整個數位轉型產業表現落後形成了鮮明對比。客戶開始將人工智慧融入他們的消費者體驗中，而 Code and Theory Network 也成為了首選供應商，並被 campaign 評為年度數位創新機構。

Our major tech clients grew 11% this quarter and five of our top six clients are mega tech companies. People seem to tie our fortunes to tunes to tariffs and other old economy measures. We are a tech company's tech company and most affected by the ups and downs of that industry.

本季我們的主要科技客戶成長了 11%，我們前六大客戶中有五家是大型科技公司。人們似乎把我們的命運與音樂、關稅和其他舊經濟措施連結在一起。我們是一家科技公司旗下的科技公司，受該產業起伏的影響最大。

Further evidence of AI being good for our business is reflected in that the marketing cloud grew 38% ex advocacy. In 2Q, in particular, the Harris Quest suite of research projects grew organically 100%. As we look across our agencies, many are performing strongly.

人工智慧對我們業務有益的進一步證據體現在行銷雲在不考慮用戶推薦的情況下成長了 38%。尤其是在第二季度，Harris Quest 系列研究項目實現了 100% 的有機成長。縱觀我們各個機構，許多機構的表現都非常出色。

The second quarter saw a leading creative agencies, 72andSunny, grew net revenues 19% year over year. Research firm NRG grew 13%, media buying business Assembly grew 7% and digital transformation agency Kettle grew 41%. Net new business was a standout once again, we delivered $117 million in the quarter, the fifth consecutive period, eclipsing the $100 million mark and bringing our trailing 12-month figure to $451 million.

第二季度，領先的創意機構 72andSunny 的淨收入年增 19%。市場研究公司 NRG 成長了 13%，媒體購買公司 Assembly 成長了 7%，數位轉型機構 Kettle 成長了 41%。淨新增業務再次表現出色，本季實現了 1.17 億美元的收入，連續第五個季度突破 1 億美元大關，使過去 12 個月的總收入達到 4.51 億美元。

Wins with Samsung, New Balance, ServiceNow and Volkswagen highlight the momentum as we continue to take share from legacy players. This quarter also saw our first wins in the newly formed government contracts division, which is beginning to come online with multiple pitches in the final stages.

與三星、新百倫、ServiceNow 和大眾汽車的合作成功凸顯了我們不斷從傳統企業手中奪取市場份額的良好勢頭。本季度，我們在新成立的政府合約部門也取得了首批勝利，該部門正在逐步投入運營，目前有多個投標項目已進入最後階段。

Allison+Partners signed a three-year agreement with Covered California to help the state health insurance marketplace maximize the number of Californians enrolled in health insurance. We also delivered $93 million in adjusted EBITDA in the quarter, representing a 16% margin, flat versus prior year.

Allison+Partners 與 Covered California 簽署了一項為期三年的協議，以幫助該州醫療保險市場最大限度地提高加州投保人數。本季我們實現了 9,300 萬美元的調整後 EBITDA，利潤率為 16%，與去年同期持平。

But excluding advocacy, our adjusted EBITDA increased more than 23% year over year to $80 million. Adjusting for our cloud investment of $18 million this quarter, our second-quarter margin would have been about 18.5%, representing a 300 basis point improvement from a year ago.

但若不計倡議活動，我們調整後的 EBITDA 年成長超過 23%，達到 8,000 萬美元。如果將本季我們在雲端領域的投資 1,800 萬美元進行調整，我們第二季的利潤率約為 18.5%，比去年同期提高了 300 個基點。

And our adjusted EPS also increased by more than 20% year over year to $0.17. The quarter also included the marketing effort, all the travel expenses of Sport Beach, our annual Cannes Lions Festival Experience that brings together brands and world-class athletes. This continues to be so successful that it's becoming a business of its own as we create these experiences at different venues.

調整後的每股盈餘也較去年同期成長超過 20%，達到 0.17 美元。本季還包括行銷工作、Sport Beach 的所有差旅費用，以及我們一年一度的坎城國際創意節體驗活動，該活動將品牌和世界級運動員聚集在一起。這種模式持續取得巨大成功，隨著我們在不同的場所創造這些體驗，它已經發展成為一項獨立的業務。

Athletes like Serena Williams, Billie Jean King, Sir Mo Farah, Jordan Chiles and Alex Rodriguez participated. Our focus on cash management is paying off. Through a combination of implementation of technology for greater cash visibility, greater oversight of our brands and successful renegotiation of payment terms with vendors, we've seen our cash flow from operations improve by $122 million year-to-date, setting us to achieve fully our goal of 45% free cash flow conversion at the end of the year.

小威廉斯、比利簡金、莫法拉赫爵士、喬丹奇爾斯和亞歷克斯羅德里格斯等運動員都參加了比賽。我們對現金管理的重視正在發揮成效。透過實施技術以提高現金可見度、加強對品牌的監管以及與供應商成功重新談判付款條款，我們今年的經營現金流已改善了 1.22 億美元，這使我們能夠在年底完全實現 45% 的自由現金流轉換率目標。

We're able to achieve a net leverage of 3.18 times, a significant improvement over the same point last year when leverage stood at [3.48 times and putting us on course to finish the year with net leverage in the 2s]. This quarter, we invested in our stock, repurchasing almost 10 million shares at very attractive multiples.

我們目前的淨槓桿率為3.18倍，較去年同期水準有了顯著改善，當時的槓桿率為[此處應填寫具體數值]。[3.48 倍，使我們預計在年底前實現 2 倍的淨槓桿率]。本季度，我們投資了該公司股票，以非常誘人的倍數回購了近 1000 萬股。

We also completed the acquisition of previously announced ADK GLOBAL in the second quarter, giving us offices in 10 new Asia Pacific markets, aligning with our strategy of increasing global scale. And we took steps to strengthen our shopper and retail marketing by acquiring JetFuel.

我們也在第二季完成了先前宣布的 ADK GLOBAL 的收購，使我們在亞太地區的 10 個新市場擁有了辦事處，這符合我們擴大全球規模的策略。我們透過收購 JetFuel 來加強我們的消費者和零售行銷。

M&A remains a key growth driver for Stagwell moving forward, but we do expect to slow down our outside acquisitions through the rest of the year. Our focus is on integrating the raft of companies acquired over the last 18 months and scaling important technology initiatives to drive growth and efficiency.

併購仍然是 Stagwell 未來發展的關鍵成長動力，但我們預計今年剩餘時間裡，我們將放緩外部收購步伐。我們的重點是整合過去 18 個月收購的大量公司，並擴大重要技術措施的規模，以推動成長和提高效率。

AI will most likely have the most direct impact on the production of mass content, which is a relatively small part of our business as we tend to design premium content and develop the overall creative strategies. However, to reduce outside expenditures and stay current in production, we formally launched Unreasonable Studios, our award-winning in-house production and content creative company. It unites capabilities for multiple agencies into a centralized content production service.

人工智慧很可能對大眾內容的生產產生最直接的影響，而大眾內容在我們業務中所佔比例相對較小，因為我們傾向於設計優質內容並制定整體創意策略。然而，為了減少外部支出並保持製作水準的領先地位，我們正式成立了屢獲殊榮的內部製作和內容創意公司 Unreasonable Studios。它將多個機構的能力整合到一個集中的內容製作服務中。

The team is already partnering with brands like Google, Starbucks, HOKA, Louis Vuitton, and Marriott to deliver everything from generative tech-driven content at scale to Netflix quality original documentaries. We're continuing to work in partnership with Palantir to develop state of the art data targeting as we develop the Stagwell ID Graph, and we are testing it with clients now.

該團隊已經與Google、星巴克、HOKA、路易威登和萬豪等品牌合作，大規模提供從生成式技術驅動內容到 Netflix 品質原創紀錄片的各種內容。我們正在與 Palantir 繼續合作，開發最先進的資料定向技術，同時開發 Stagwell ID 圖譜，目前我們正在與客戶一起進行測試。

All of these new tools and systems will significantly upgrade our media offerings to be fully competitive against the majors when it comes to digital marketing, which in the world of AI is driven not by scale, but by effective technology, and that's exactly what we're developing. This quarter, we also announced the rebranding of the Stagwell Marketing Cloud to simply the Marketing Cloud.

所有這些新工具和系統將顯著提升我們的媒體產品，使我們在數位行銷方面能夠與大型公司完全競爭。在人工智慧的世界裡，數位行銷的驅動力不是規模，而是有效的技術，而這正是我們正在開發的。本季度，我們也宣布將 Stagwell Marketing Cloud 更名為 Marketing Cloud。

This new branding encourages use by other agencies and facilitates potential spin-off at the right time. You can check out the breadth of the new products, all available on a single platform by logging on to www.themarketingcloud.com.

這種新的品牌形象鼓勵其他機構使用，並有助於在適當的時候促成潛在的衍生產品。您可以登入 www.themarketingcloud.com 查看所有新產品，所有產品均可在一個平台上找到。

In sum, we are well-positioned for a successful second half, building on a strong half as first -- as new business continues to build, client size keeps increasing, digital transformation continues to grow, AI is being deployed and the company improves in terms of cash, leverage, margin and costs. As a result, we are reaffirming our guidance today.

總而言之，我們已做好充分準備，迎接下半年的成功，這建立在上半年強勁發展的基礎上——新業務不斷增長，客戶規模持續擴大，數位轉型持續發展，人工智慧正在部署，公司在現金、槓桿率、利潤率和成本方面均有所改善。因此，我們今天重申我們的指導意見。

With that, I would like to hand it over to Frank Lanuto, EVP of Finance and Ryan Greene, our new CFO, to walk through some of our financial results in more detail.

接下來，我將把發言權交給財務執行副總裁弗蘭克·拉努托和新任首席財務官瑞安·格林，讓他們更詳細地介紹一下我們的一些財務業績。

Thank you, Mark. It has been a privilege to serve as CFO for Stagwell and its predecessor for the last six years. I look forward to supporting Ryan moving forward as he takes over the reins. I have full confidence that he will build on our achievements and take Stagwell's finance function to new levels.

謝謝你，馬克。在過去六年裡，能夠擔任 Stagwell 及其前身公司的財務官，我深感榮幸。我期待著支持瑞恩接任後繼續前進。我完全相信他會在我們已取得的成就基礎上，將 Stagwell 的財務職能提升到新的水平。

Headlined by a significant improvement in cash flow from operations, Stagwell delivered solid second-quarter financial results, which has positioned us well to achieve our full-year guidance. For the quarter, we reported net revenue of $598 million, an increase of 8% over the prior year. Excluding advocacy, total net revenue grew 10%.

由於經營現金流的顯著改善，Stagwell 第二季財務表現穩健，為我們實現全年業績目標奠定了良好的基礎。本季度，我們公佈的淨收入為 5.98 億美元，比上年同期成長 8%。不計宣傳費用，總淨收入成長了 10%。

In the quarter, digital transformation net revenue grew 6% to $109 million. Excluding advocacy, net revenue grew 12%. The continued resurgence in digital transformation was fueled by a 20% increase in revenue from technology clients, led by expansions at major tech companies and a 36% increase in revenue from health care clients.

本季，數位轉型淨收入成長 6%，達到 1.09 億美元。不計宣傳費用，淨收入成長了 12%。數位轉型持續復甦的動力來自科技客戶收入成長 20%，其中主要科技公司的擴張推動了這一成長；此外，醫療保健客戶收入成長了 36%。

The Marketing Cloud posted $66 million in net revenue in the quarter, an increase of 28% year over year. Excluding advocacy, net revenue grew 38%. We saw continued strong performance from our Harris Quest brand, which grew more than 180% in the second quarter, including 100% organic growth after recent product enhancements.

該季度行銷雲端業務淨收入為 6,600 萬美元，年增 28%。剔除宣傳活動的影響，淨收入成長了 38%。我們的 Harris Quest 品牌繼續保持強勁的業績，第二季度增長超過 180%，其中在最近的產品改進後實現了 100% 的有機增長。

Creativity and Communications delivered $264 million in net revenue in the quarter, an increase of 8% over the prior period. Excluding advocacy, net revenue also grew 8%. The results were driven by strong performance with auto clients, which almost doubled year over year and by a 67% increase with retail clients as recent wins with Starbucks and General Motors begin to drive growth.

創意與傳播部門本季淨收入為 2.64 億美元，較上一季成長 8%。剔除宣傳活動的影響，淨收入也增加了 8%。業績成長主要得益於汽車客戶的強勁表現，其同比增長幾乎翻了一番；此外，零售客戶的業績也增長了 67%，這主要歸功於近期與星巴克和通用汽車的合作開始推動增長。

Consumer insights and strategy continued its resurgence, posting $51 million in net revenue, an increase of 6% as compared to last year. The growth was led by a 12% year over year increase in revenue from technology clients and by a strong growth in the financial sector, which more than doubled year over year.

消費者洞察與策略業務持續復甦，淨收入達 5,100 萬美元，比去年增長 6%。成長主要得益於科技客戶營收年增 12%，以及金融業的強勁成長（年增超過一倍）。

Finally, performance media and data returned to growth during the quarter, reporting $108 million in net revenue, an increase of 1% over the prior period. Moving to operating expenses. We continue to make progress against our goal of margin improvement through effective cost management.

最後，效果媒體和數據業務在本季恢復成長，淨收入達 1.08 億美元，比上一季成長 1%。接下來是營運費用。我們透過有效的成本管理，在提高利潤率的目標上持續取得進展。

Personnel costs, excluding incentives, our largest expense, came in at 62.6% in the second quarter. Excluding advocacy, the ratio was 63.2%, 110 basis points lower than last year. Both metrics represent the lowest Q2 ratios since 2023.

第二季度，不包括激勵措施在內的人員成本佔總成本的 62.6%，這是我們最大的支出。剔除倡議活動後，比例為 63.2%，比去年下降了 110 個基點。這兩項指標均代表了自 2023 年以來第二季的最低比率。

Ryan will speak to our progress on the $80 million to $100 million in tech-driven cost savings we announced at the Investor Day, but we are ahead of schedule and confident that a portion of these savings will flow through to adjusted EBITDA in the second half.

Ryan 將介紹我們在投資者日宣布的 8000 萬至 1 億美元的技術驅動成本節約計劃的進展情況，但我們目前進度超前，並且有信心這些節約的一部分將在下半年轉化為調整後的 EBITDA。

Summarizing our operating results, we delivered $93 million of adjusted EBITDA in the second quarter with a margin of 15.5% on net revenue, flat year over year. Excluding advocacy, our margin improved by approximately 160 basis points over the prior year to 14.3%.

總結我們的經營業績，第二季調整後 EBITDA 為 9,300 萬美元，淨收入利潤率為 15.5%，與去年同期持平。剔除宣傳推廣費用後，我們的利潤率比前一年提高了約 160 個基點，達到 14.3%。

Excluding our cloud investment of $18 million this quarter, our second quarter adjusted EBITDA margin would have been approximately 18.5%, representing a 300 basis point improvement.

如果排除本季在雲端運算方面的 1,800 萬美元投資，我們第二季的調整後 EBITDA 利潤率約為 18.5%，提高了 300 個基點。

Now moving to the balance sheet. We continue to focus on capital allocation to maintain a strong financial position. Our deferred acquisition consideration balance stands at $92 million as of the end of the second quarter, $10 million lower than at the end of 2024.

現在來看資產負債表。我們將繼續專注於資本配置，以維持穩健的財務狀況。截至第二季末，我們的遞延收購對價餘額為 9,200 萬美元，比 2024 年底減少了 1,000 萬美元。

By the end of the year, DAC balances will reduce by nearly half with the remaining balance spread over the next four to five years. During the quarter, we acquired approximately 9.6 million of our shares at an average price of $4.95 per share for approximately $48 million.

到今年年底，DAC餘額將減少近一半，剩餘餘額將在未來四到五年內分攤。本季度，我們以每股 4.95 美元的平均價格收購了約 960 萬股公司股票，總金額約 4,800 萬美元。

Our buyback authorization as of the end of the second quarter has $160 million in remaining availability. For the six months ended June 30, cash flows from operations improved by $122 million year over year, driven by a number of improvements in working capital management, which Ryan will discuss in greater detail.

截至第二季末，我們的股票回購授權還剩餘 1.6 億美元可用。截至 6 月 30 日的六個月內，經營活動產生的現金流年增 1.22 億美元，這主要得益於營運資本管理的一系列改進，Ryan 將對此進行更詳細的討論。

As a result, we ended the quarter with $181 million in cash and drawings under our revolver of $377 million, resulting in a net leverage ratio of 3.18 times, significantly better than the same point last year. We expect leverage at year-end will be in the 2s.

因此，本季末我們擁有 1.81 億美元的現金，並已從 3.77 億美元的循環信貸額度中提取資金，淨槓桿率為 3.18 倍，比去年同期有了顯著改善。我們預計年底槓桿率將在 2 倍左右。

And finally, we are reiterating full year 2025 guidance today as follows total net revenue growth is expected to be approximately 8%. Adjusted EBITDA is expected to be between $410 million to $460 million. We expect to deliver in excess of 45% free cash flow conversion and adjusted earnings per share is expected to be between $0.75 per share and $0.88 per share.

最後，我們今天重申 2025 年全年業績指引如下：預計總淨收入成長約為 8%。調整後 EBITDA 預計在 4.1 億美元至 4.6 億美元之間。我們預計自由現金流轉換率將超過 45%，調整後每股盈餘預計在 0.75 美元至 0.88 美元之間。

I will now turn the call over to Ryan to discuss our progress on both cost savings and cash flow.

現在我將把電話交給 Ryan，讓他來討論我們在成本節約和現金流方面的進展。

Thank you, Mark and Frank. I'm excited to take on the role of Chief Financial Officer, and I look forward to working with both of you. Today, I'll update you on two key initiatives our strong improvement in cash flows and our progress towards our $80 million to $100 million cost savings target by the end of 2026. Since the merger, Frank and I are focused on creating an integrated finance and operations function, resulting in $65 million in cost synergies to date.

謝謝馬克和弗蘭克。我很榮幸能夠擔任財務長一職，並期待與你們二位共事。今天，我將向大家報告兩項關鍵措施：現金流的顯著改善以及我們在 2026 年底前實現 8,000 萬至 1 億美元成本節約目標的進展。自合併以來，我和法蘭克一直致力於打造一體化的財務和營運職能，迄今已實現了 6,500 萬美元的成本綜效。

Turning to cash flow. The treasury team has delivered strong results. We achieved our first-ever second-quarter positive cash flow from operations, contributing to $122 million year over year improvement in the first half. This is the new normal for Stagwell and supports our full-year guidance of 45% free cash flow conversion from adjusted EBITDA.

接下來談談現金流。財務團隊取得了優異的業績。我們實現了有史以來第一個第二季經營活動正現金流，使上半年的現金流比去年同期成長了 1.22 億美元。這是 Stagwell 的新常態，也支持我們全年調整後 EBITDA 自由現金流轉換率達到 45% 的目標。

On cost savings, we're off to a fast start towards the $80 million to $100 million target. Our 2025 goal is to take $60 million to $70 million of actions driven by real estate, back-office consolidation and tech efficiencies through the Stagwell content supply chain.

在成本節約方面，我們已迅速朝著 8,000 萬至 1 億美元的目標邁進。我們 2025 年的目標是透過 Stagwell 內容供應鏈，利用房地產、後台整合和技術效率，實現 6,000 萬至 7,000 萬美元的行動。

Year-to-date, we have already executed $20 million in annualized savings with $7 million flowing through to adjusted EBITDA. These are just a few of the bold proactive steps we have taken to drive operational improvement in the business, and we're just getting started.

今年迄今為止，我們已經實現了 2000 萬美元的年度節約，其中 700 萬美元計入了調整後的 EBITDA。以上只是我們為推動業務營運改善而採取的一系列大膽主動措施中的一部分，而我們才剛起步。

That concludes our prepared remarks. I'll now turn the call over to Ben to open the Q&A.

我們的發言稿到此結束。現在我將把電話交給本，讓他開始問答環節。

Thank you, Ryan. (Event Instructions) Mark, let's start with a question and sort of come from a number of different people just talking about the acceleration in the back half of the year. First half of the year, some nice growth, but the second half implies a little bit of acceleration. Can you talk a little bit about what gives us confidence in that acceleration in the back half?

謝謝你，瑞恩。（活動說明）馬克，我們先從一個問題開始，這個問題來自很多人，他們都在談論今年下半年的加速發展。上半年成長動能良好，但下半年成長速度可能會加快一些。您能否談談是什麼讓我們對後半程的加速充滿信心？

Well, I think you look at the strong growth in the first half, -- you look at the fact that organic growth is running 3 points ahead of last year when you look at H1. And when you look kind of at the pattern, I think gets used to client churn is in the first half. Client advancement really happens in the second half because so much of the business revolves around the holiday seasons and the fall.

我認為，看看上半年的強勁成長——看看上半年自然成長率比去年同期高出 3 個百分點。當你觀察這個模式時，我認為習慣客戶流失的情況出現在前半段。客戶拓展主要發生在下半年，因為許多業務都圍繞著假日和秋季。

And I think that's been the clear pattern. You look at last year, very -- really precisely the same kind of pattern. We're off to a much stronger first half year. As you can see, we're beating all metrics, and that's what's giving us very good confidence that we're going to meet all our metrics.

我認為這已經是一個很明顯的模式了。看看去年，情況非常——真的完全一樣。我們上半年開局非常強勁。正如你所看到的，我們各項指標都超額完成，這讓我們非常有信心達到所有指標。

Great. Other area where we've got a lot of questions this quarter is around improvement in cash flows. So maybe this one for you, Ryan. Could you maybe go into some further detail just on what has driven this improvement? And maybe talk a little bit about the sustainability of that improvement moving forward.

偉大的。本季我們收到許多問題的另一個領域是現金流的改善。瑞恩，或許這適合你。您能否更詳細地談談促成這項進步的原因？或許還可以談談如何才能讓這種改進持續下去。

Yeah, sure. Thanks for the question, and I'm happy to go into some further detail. Cash has been a primary focus for us, and we've really dug into all areas of working capital. Last year, we principally finished the deployment of our back-office tech stack. And that's provided real-time visibility into cash flows across all of our businesses.

當然可以。感謝你的提問，我很樂意進一步解釋。現金流一直是我們的重點領域，我們深入研究了營運資金的各個方面。去年，我們基本上完成了後台技術棧的部署。這樣一來，我們就能即時了解所有業務的現金流狀況。

But more importantly, allowed our team to take action where we noticed certain exceptions and allowed us to identify key terms in terms of days to bill, past due AR and other areas within working capital management.

但更重要的是，它使我們的團隊能夠在發現某些例外情況時採取行動，並使我們能夠確定有關帳單天數、逾期應收帳款和營運資金管理其他領域的關鍵術語。

We've also built out our back office center, which has allowed us to proactively chase processing invoices, tracking collections and getting cash in the door and even renegotiating some key vendor terms. This really isn't a one quarter phenomenon.

我們還建立了後台中心，這使我們能夠主動催收發票、追蹤收款情況、確保現金流入，甚至重新協商一些關鍵的供應商條款。這真的不是某個季度才會出現的問題。

This is really the result of a holistic approach to improve cash. And so we're confident that this is going to be sustainable going forward. We're going to bring the same rigor to other areas of our business with an immediate focus being on our cost structures and really improving our margin going forward.

這實際上是採取整體方法改善現金流的結果。因此，我們有信心這種模式能夠持續下去。我們將把同樣的嚴謹態度帶到公司的其他業務領域，眼下的重點是成本結構，並實際提高未來的利潤率。

AI. Lots of questions about AI this quarter. And so I'm going to sort of break them up a little bit. First one from Cameron McVeigh over at Morgan Stanley. He goes, curious how you would frame the opportunity around marketing for AI-native companies? And what's the value add of Stagwell within that particular process?

人工智慧.本季有很多關於人工智慧的問題。所以我要把它們稍微拆分一下。第一條來自摩根士丹利的卡梅倫·麥克維。他接著說：“我很好奇你會如何圍繞人工智慧原生公司的營銷來建立這個機會？”那麼，Stagwell 在該特定流程中的附加價值是什麼？

Well, I think, first, if you look at the Code and Theory Network, and I think we're really well positioned. I'll go back to -- look, I can't disclose the exact level of our tech assignments. But behind the scenes, five of our six clients are tech companies, and a lot of that is helping to design and engineer AI experiences.

嗯，我認為，首先，如果你看看程式碼與理論網絡，我認為我們真的處於非常有利的地位。我再說一次——你看，我不能透露我們技術任務的具體程度。但實際上，我們的六個客戶中有五個是科技公司，其中許多都在幫助我們設計和建構人工智慧體驗。

What's really happened with AI is the whole front end of how companies will interact with people and how consumers use AI is going to generate a tremendous amount of work, and we believe that the Code and Theory Network is incredibly well-positioned to pick up on that work.

人工智慧真正帶來的改變在於，公司與人互動的方式以及消費者使用人工智慧的方式，這將產生大量的工作，我們相信程式碼與理論網絡已經做好了充分的準備來承擔這些工作。

And then I look internally to how AI will change what we do. And I think people always look at just efficiencies, not fully realizing that technology takes the best work to even higher standards. And so that means that the ads of tomorrow are going to be incredibly more sophisticated, personalized and provide graphic images that would have been completely unattainable without AI.

然後，我會從內部思考人工智慧將如何改變我們的工作方式。我認為人們總是只專注於效率，而沒有充分意識到科技可以將最好的工作提升到更高的標準。因此，這意味著未來的廣告將更加複雜、個人化，並提供如果沒有人工智慧就完全無法實現的圖形圖像。

So I think it up-levels our business. And at the same time, as I noted in the script, creates a number of both internal efficiencies and new features and services that we can offer to clients that didn't exist before.

所以我認為這提升了我們業務的水平。同時，正如我在腳本中提到的那樣，它創造了許多內部效率，並為我們向客戶提供了以前不存在的新功能和服務。

I think coming off of that question about the machine, obviously, launching pretty soon. We're obviously in testing with at least one customer and some opportunities in the near future. Question from Laura Martin, first of all. You mentioned that the machine and tools like that could reduce cost by about 15%. Could you maybe give a little bit more detail about where you envision some of those cost savings coming from?

我認為，在回答關於機器的問題之後，很明顯，它很快就會發布。我們顯然正在與至少一位客戶進行測試，並且在不久的將來還有一些機會。首先，這是勞拉·馬丁提出的問題。您提到過，像這樣的機器和工具可以降低成本約 15%。您能否詳細說明您所設想的這些成本節約措施將來自哪些方面？

Sure. Look, when you look at the marketing stack, there's entry, there's mid-level and then there's kind of higher-level performance. I think the machine does simplify a lot of tasks that are done by a lot of mid-level people. I think you're going to see some condensation of the labor stack and marketing efficiency.

當然。你看，當你檢視行銷科技堆疊時，你會發現有入門級、中級，然後還有更高階的績效級。我認為這台機器確實簡化了許多中階員工需要完成的任務。我認為你會看到勞動力結構和行銷效率有所提高。

And I've been through this before, particularly in research, where things went from interviewers and coders to then analysts and people who can run computer systems. And I think we're seeing how it changes production. We're seeing how it simplifies media. We're seeing how it's additive to the kind of research that can be done. So I'm expecting that the machine rolls in.

我以前也經歷過這種情況，尤其是在研究領域，職位從面試官和程式設計師變成了分析師和能夠運行電腦系統的人員。我認為我們正在看到它如何改變生產方式。我們看到它是如何簡化媒體的。我們看到它如何為可以進行的研究類型增添價值。所以我預計機器會開進來。

Now we'll have a central platform for the processes that involve technology and clients the same way that as you saw, we rolled in the systems for cash. We roll in the systems for cash in a wow, cash becomes incredibly more efficient.

現在我們將擁有一個中央平台，用於處理涉及技術和客戶的流程，就像你看到的那樣，我們引入了現金系統。我們引進現金系統，哇，現金流效率大為提升。

I think you're going to see the same thing. As we roll in the machine, as we connect it to our other technologies here, as we integrate it with Adobe as well, you're going to see the same kind of improved efficiency in what can be delivered.

我想你也會看到同樣的情況。當我們把這台機器推入系統，把它連接到我們這裡的其他技術，並把它與 Adob​​e 整合起來時，你會看到交付效率的同樣提高。

Good stuff. Before we get into talking about some of the capabilities, a question about net new business from Barton Crockett over at Rosenblatt. He noted that net new win volume doubled in 1Q. It was a little bit slower in terms of growth in 2Q, but there was a little bit of volatility in the trend. How do you feel about the trajectory of net new business heading into the second half of the year?

好東西。在我們開始討論一些功能之前，羅森布拉特的巴頓·克羅克特提出了一個關於淨新增業務的問題。他指出，第一季淨新增贏單量翻了一番。第二季度成長速度略有放緩，但趨勢出現了一些波動。您如何看待今年下半年新增業務的成長軌跡？

Well, I think as I mentioned, we look at kind of our net available pipeline and our net available pipeline keeps growing rather than shrinking. We don't even put the new government stream into that pipeline. So we feel good about it. We think the [$130 million] in Q1 was really exceptional.

嗯，正如我剛才提到的，我們關注的是淨可用管道，而淨可用管道一直在增長而不是減少。我們甚至沒有把新政府的資金納入這個流程。所以我們對此感到很滿意。我們認為第一季的[1.3億美元]確實非常出色。

We think kind of the once hitting over 100 here is a very solid benchmark for where new business really is landing. And remember, the pitch season itself is really heaviest in the fall. It kind of begins to slow down a little bit here, then heavies up in the fall as people hire their vendors and put out their contracts to kick off the beginning of next year.

我們認為，一旦突破 100 以上，就是一個非常可靠的基準，可以衡量新業務的真正發展水準。記住，投稿季本身在秋季最為繁忙。這裡的業務開始稍微放緩，然後在秋季又會加快，因為人們會聘請供應商並簽訂合同，為來年的開始做準備。

Maybe playing off that government point, obviously, a nice first win within the government space. From Jason Kreyer over at Craig-Hallum, could you maybe frame the opportunity in government and what that can mean for Stagwell in the coming years?

顯然，可以利用政府這一點，在政府領域取得漂亮的第一場勝利。來自 Craig-Hallum 的 Jason Kreyer，您能否談談政府帶來的機遇，以及這對 Stagwell 未來幾年意味著什麼？

Sure. I think if you went back three years, Stagwell was not at the scale and organizational strength that it could qualify for major government contracts. I think if you look at today, I think we're -- in the US alone, we're the number two listed US marketing company. So as you know, there's a little bit of a tendency now in the government to hire US-based firms.

當然。我認為，如果回到三年前，Stagwell 的規模和組織實力還不足以獲得大型政府合約。我認為，如果你看看今天的情況，我認為我們——僅在美國，我們就是美國上市行銷公司中排名第二的公司。如你所知，現在政府部門有點傾向於聘用美國公司。

And our scale now has qualified us for opportunities. My experience when I was at WPP was about 10% or 15% of our business should be really government contracts. And many of them are quite large in the hundreds of millions of dollars of media and services. So I think it is a very considerable opportunity.

而我們現在的規模也讓我們獲得了許多機會。我在 WPP 工作時的經驗是，我們業務的 10% 到 15% 應該真正來自政府合約。其中許多公司規模相當大，涉及數億美元的媒體和服務。所以我認為這是一個非常難得的機會。

We started on this really last year. We're beginning to see the first benefits trickle in. We're in the finals of three or four others. Definitely, several years from now, I think you should see that this is a major component of our business from growing from zero because we have scaled up and can handle the complex accounting and other systems necessary to execute successful government contracts.

我們其實去年就開始著手這項工作了。我們開始看到初步成效顯現。我們也進入了另外三、四個項目的決賽。當然，幾年後，我認為你們應該會看到，這已成為我們業務從零起步的重要組成部分，因為我們已經擴大了規模，能夠處理執行成功的政府合約所需的複雜會計和其他系統。

Just a reminder, if you would like to submit any questions, please do feel free to do so through the chat function. Pivoting to media. You talked a little bit about it in your script. And a question from Steven Cahall and team over at Wells Fargo. A little bit of lagging maybe in our media business in the first half of the year. Can you maybe go into a little bit more detail about some of the steps that have been taken to kind of strengthen that?

再次提醒，如果您有任何問題，請隨時透過聊天功能提出。轉向媒體領域。你在劇本裡稍微提過這一點。還有來自富國銀行的 Steven Cahall 和他的團隊提出的問題。今年上半年，我們的媒體業務可能略有延遲。您能否更詳細地介紹一下為了加強這一點而採取的一些措施？

And then the second part of the question was, it's currently a little bit subscale relative to some of the other players. Do you consider it a core part of the offering? It doesn't make sense to continue operating at its current scale. Or is there a need to ramp? How would you think about that?

問題的第二部分是，它目前相對於其他一些玩家來說規模還比較小。您認為它是產品/服務的核心部分嗎？繼續以目前的規模運作已經沒有意義了。或是需要加大力度？你覺得怎麼樣？

I think we're putting a lot of emphasis on addressing those key points. I think right now, we're buying $5 billion or $6 billion of media. I wouldn't call -- and about 75% or 80% of that is online media. We are performance-oriented in nature.

我認為我們非常重視解決這些關鍵問題。我認為目前我們正在斥資 50 億到 60 億美元購買媒體資源。我不會打電話——其中大約 75% 到 80% 是網路媒體。我們本質上是以業績為導向的。

And I think the strength of our operation is that if you're a performance-oriented marketer, we probably have the most extensive and best built-out performance marketing advertising system and it works globally. We're addressing the technology spine of that even further, not just with the machine, but with the content management system and with the Stagwell ID Graph.

我認為我們營運的優勢在於，如果你是一位注重效果的行銷人員，我們可能擁有最廣泛、最完善的效果行銷廣告系統，而且它在全球範圍內都有效。我們正在進一步完善其技術基礎，不僅是機器本身，還包括內容管理系統和 Stagwell ID 圖譜。

And so you put those -- this kind of push towards technology, our position is that it's not scale, but technological efficiency that really is going to make the best-in-class when it comes to media. So our plan here is to kind of step up to the next level.

因此，你把這些──這種對科技的推動──放在一起，我們的立場是，真正能造就媒體產業一流企業的不是規模，而是科技效率。所以我們現在的計畫是邁上一個新的階梯。

We have already some global clients spending $300 million or $400 million. There's a big market opportunity for us. We are not shying away from it. We expect these technology tools to be completed by the end of the year and to be able to announce a major upgrade of what we can deliver to the marketplace in this area.

我們已經有一些全球客戶，他們的消費額達到 3 億或 4 億美元。我們面臨著巨大的市場機會。我們不迴避這個問題。我們預計這些技術工具將在年底前完成，並能夠宣布我們在該領域能夠向市場提供的產品和服務將迎來重大升級。

We're going to wrap it up with just a couple of questions on M&A and our M&A approach if that's okay. First one is just talking about our global expansion if that makes sense. And a question from an investor going, how do you think about realizing some of the cost synergies as part of that global expansion and as part of the overall M&A strategy? Is it back-office consolidation? How do you think about that?

如果可以的話，我們最後再問幾個關於併購以及我們併購策略的問題。第一篇文章主要談談我們的全球擴張計劃，希望大家能理解。一位投資人問道：您如何看待在全球擴張和整體併購策略中實現一些成本綜效？這是後台整合嗎？你對此有何看法？

Well, I don't know if Ryan or Frank, you want to -- I think that the global expansion is less about cost efficiency, and it's more about revenue synergies. We need to really drive bigger contracts, regional and global assignments. That's why last year, my primary focus was on completing our Asia network, which now immediately has drawn bids for pan-Asia work and also qualified us for other global assignments.

嗯，我不知道瑞恩還是法蘭克，你們想──我認為全球擴張與其說是為了成本效益，不如說是為了實現收入綜效。我們需要真正推動簽訂更大的合約、區域性和全球性專案。因此，去年我的主要精力都放在完善我們的亞洲網路上，這立即吸引了泛亞洲計畫的投標，也使我們有資格承接其他全球計畫。

And in the Mid East, where I saw tremendous growth, and we now have 500 or 600 people, and we didn't really have an operation there before. And those two functions expand the streams by which new business can come in.

在中東地區，我看到了巨大的成長，我們現在有 500 到 600 名員工，而在此之前我們並沒有在那裡開展業務。這兩個功能擴大了新業務進入的管道。

So we're getting bids now on contracts that simply we would never have been considered for, both in Asia and in the Middle East. In terms of cost efficiencies, it may tear your hair out with a lot of new jurisdictions.

所以現在我們收到了以前根本不可能獲得的合約投標，無論是在亞洲還是中東。就成本效益而言，涉及眾多新司法管轄區可能會讓你焦頭爛額。

Yeah, that is very accurate. I would say there is a benefit that comes with our scaled costs that we have put in place and what we negotiated. But I think one of the biggest benefits really is we've established hubs. And when they join our hubs, it provides an opportunity to work together with us.

是的，非常準確。我認為，我們採取的按比例分攤成本的做法以及我們協商達成的協議，都帶來了一定的好處。但我認為最大的好處之一是我們已經建立了中心。當他們加入我們的中心時，就有機會與我們一起工作。

So they're not going it alone and bringing not only our offering more complete, but bringing more opportunities to them so that we can better service our clients.

因此，他們並非孤軍奮戰，這不僅使我們的產品和服務更加完善，也為他們帶來了更多機會，從而使我們能夠更好地服務我們的客戶。

A couple of more questions here. I think two related ones. Just one asking about the potential for potential dispositions in the back half of the year. We've talked about them in the past. But is there sort of any opportunity for that?

這裡還有幾個問題。我認為有兩個相關的問題。只有一人詢問今年下半年可能出現的資產處置狀況。我們以前討論過這些問題。但是否存在這樣的機會呢？

And then a couple of questions related, one from Barton and one from Laura. Talking about the possible spin-off of the marketing cloud, something you mentioned in the past. How would you think about the time being right for that, if that was going to happen? What might be some of the barriers that would need to be met or whatever it might be before that happened?

然後，巴頓和勞拉分別提出了兩個相關的問題。談到行銷雲可能衍生出的其他業務，這是你之前提到過的。如果真要發生那件事，你覺得現在時機是否適合？要實現這一目標，可能需要克服哪些障礙？

Sure. Look, I think in terms of the marketing cloud, -- we're a ways off from that. I think you're beginning to see like clearly, Harris Quest brand is a hit. And the first thing, I think, a prerequisite in technology is to have some hits, and I think that's beginning to develop.

當然。你看，我認為就行銷雲而言，我們離目標還有很長的路要走。我想你現在應該很清楚地看到了，Harris Quest 品牌非常成功。我認為，科技發展的首要前提是取得一些成功，而我認為這種情況正在逐漸出現。

In that, I think that you got to get really pretty much double -- somewhere at least double or more of the revenue before you consider alternatives. We want to make sure that the marketing cloud gets its full value. If that full value is part of being incorporated in Stagwell, great. If it's a tracking stock or if it's a spin-off, we will consider those options when we get there.

我認為，在考慮其他方案之前，你的收入至少要翻倍或更多。我們希望確保行銷雲發揮其全部價值。如果這全部價值都包含在 Stagwell 中，那就太好了。如果是追蹤股票或分拆上市，我們會到時候再考慮這些方案。

Right now, as I said before, we're finishing development on a lot of the products, bringing it together, beginning to get it to market, trying to identify if we're hitting consumer need. And in terms of what was the first one on.

正如我之前所說，我們現在正在完成許多產品的開發，將它們整合起來，開始推向市場，並努力確定我們是否滿足了消費者的需求。至於第一個是什麼。

Just about potential disposition.

只是關於潛在的性格傾向。

I don't see anything slated for the rest of this year. there are one or two that we're looking at for next year.

今年剩餘時間我沒看到任何計畫。明年有一兩個項目我們正在考慮中。

One final question from Laura Martin. This is just turning back to the government work side of things. how much does government work add to your backlog? And you think are government margins a little bit lower. Could you maybe discuss some of the pros and cons of government work versus commercial new business at a time when GenAI is demanding resources across nearly all incumbent companies in the US economy?

勞拉·馬丁最後一個問題。這又回到了政府工作上的問題。政府工作會讓你的工作積壓增加多少？你認為政府利潤率會略低一些嗎？在人工智慧時代，美國經濟中幾乎所有現有企業都在尋求資源，您能否談談政府工作與商業新業務的優缺點？

Well, first of all, I think in government, they're looking for a few new vendors. I think they're a little tired of some of the old vendors, and we provide kind of a great new opportunity. Look, I think those contracts often are multiyear in nature, and they provide actually an element of stability. Some of these contracts are three and five year contracts, even the one that we won outside of California is a three year contract, and that actually provides more stability and definiteness.

首先，我認為政府方面正在尋找一些新的供應商。我認為他們對一些老供應商有點厭倦了，而我們提供了一個絕佳的新機會。我認為這些合約通常是多年期的，它們實際上提供了一定的穩定性。這些合約中有些是三年或五年的合同，甚至我們在加州以外贏得的那份合約也是三年的，這實際上提供了更大的穩定性和確定性。

And I think the margins, I think, at the end of the day, come out about the same because there's a lot more paperwork to comply with. But at the same time, they typically are of a larger size than typical corporate assignments.

我認為，最終的利潤率應該差不多，因為需要遵守的文書工作要多得多。但同時，它們的規模通常比一般的企業專案還要大。

And so I think it will fit in nicely. We're at the right scale now to be really tough competitors. And when appropriate, we'll bring in or work with partners in order to win the business. And I think we're not going to be shy or shy away from doing that.

所以我認為它會很合適。我們現在的規模正合適，可以成為真正強大的競爭對手。在適當的時候，我們會引進合作夥伴或與合作夥伴合作，以贏得業務。我認為我們不會對此感到羞怯或迴避。

Thank you, Mark. Thank you, Ryan. Thank you, Frank. That brings an end to the Q&A section of the call. Thank you, as always, for joining us today. We look forward to welcoming you later this year for our third quarter.

謝謝你，馬克。謝謝你，瑞恩。謝謝你，弗蘭克。問答環節到此結束。像往常一樣，感謝您今天收看我們的節目。我們期待在今年稍後的第三季與您相見。

Thank you.

謝謝。