Unisys Corp (UIS) 2024 Q2 法說會逐字稿

Good morning and welcome to the Unisys Corp. second-quarter 2024 financial results and conference call.

早安，歡迎來到 Unisys Corp. 2024 年第二季財務業績和電話會議。

(Operator Instructions) Please note this event is being recorded.

（操作員說明）請注意此事件正在被記錄。

I would now like to turn the conference over to Michaela Pewarski, Vice President of Investor Relations.

我現在想將會議交給投資者關係副總裁 Michaela Pewarski。

Please go ahead.

請繼續。

Thank you, operator.

謝謝你，接線生。

Good morning, everyone.

大家早安。

Thank you for joining us.

感謝您加入我們。

Yesterday afternoon, Unisys released its second-quarter financial results.

昨天下午，Unisys發布了第二季財務業績。

I'm joined this morning to discuss those results by Peter Altabef, our Chair and CEO; Deb McCann, our CFO; and Mike Thomson, our President, and COO, who will participate in the Q&A session.

今天早上，我們的董事長兼執行長 Peter Altabef 與我一起討論了這些結果。 Deb McCann，我們的財務長；我們的總裁兼營運長 Mike Thomson 將參加問答環節。

As a reminder, certain statements in today's conference call contain estimates and other forward-looking statements within the meaning of the securities laws.

提醒一下，今天電話會議中的某些陳述包含證券法含義內的估計和其他前瞻性陳述。

We caution listeners that the current expectations, assumptions, and beliefs forming the basis for our forward-looking statements include many factors that are beyond our ability to control or estimate precisely.

我們提醒聽眾，構成我們前瞻性陳述基礎的當前預期、假設和信念包括許多超出我們精確控製或估計能力的因素。

This could cause results to differ materially from our expectations.

這可能會導致結果與我們的預期大不相同。

These items can also be found in the forward-looking statements section of today's earnings release furnished on Form 8-K and in our most recent Forms 10-K and 10-Q as filed with the SEC.

這些項目也可以在今天的收益發布的 8-K 表格中的前瞻性陳述部分以及我們向 SEC 提交的最新 10-K 和 10-Q 表格中找到。

We do not, by including this statement, assume any obligation to review or revise any particular forward-looking statement referenced herein in light of future events.

透過包含本聲明，我們不承擔根據未來事件審查或修改本文引用的任何特定前瞻性聲明的義務。

We will also be referring to certain non-GAAP financial measures such as non-GAAP operating profit or adjusted EBITDA that exclude certain items such as post-retirement expense, cost reduction activities, and other expenses the company believes are not indicative of its ongoing operations as they may be unusual or non-recurring.

我們還將提及某些非 GAAP 財務指標，例如非 GAAP 營業利潤或調整後 EBITDA，其中不包括某些項目，例如退休後費用、成本削減活動以及公司認為不代表其持續運營的其他費用因為它們可能不尋常或不會重複出現。

We believe these measures provide a more complete understanding of our financial performance.

我們相信這些措施可以讓我們更全面地了解我們的財務表現。

However, they are not intended to be a substitute for GAAP.

然而，它們並不是要取代 GAAP。

The non-GAAP measures have been reconciled to the related GAAP measures, and we have provided reconciliations within the presentation.

非 GAAP 衡量標準已與相關 GAAP 衡量標準進行了調節，並且我們已在簡報中提供了調節結果。

The slides accompanying today's presentation are available on our Investor website.

今天的簡報附帶的幻燈片可在我們的投資者網站上取得。

And with that, I'd like to turn the call over to Peter.

說到這裡，我想把電話轉給彼得。

Thank you, Michaela.

謝謝你，米凱拉。

Good morning and thank you all for joining us to discuss the company’s second quarter results.

早安，感謝大家加入我們討論公司第二季業績。

It was another solid quarter for the company and we remain on track to achieve our full year guidance ranges from both revenue growth and profitability.

對於公司來說，這是又一個穩健的季度，我們仍然有望實現收入成長和獲利能力的全年指導範圍。

The second quarter adds to attract record of executing the strategy we presented at our June 2023 Investor Day.

第二季增加了執行我們在 2023 年 6 月投資者日上提出的策略的記錄。

The impact of our portfolio transformation and initiatives for sales and marketing delivering an associate development are becoming increasingly evident and our signings, pipeline quality, and delivery efficiency.

我們的產品組合轉型以及銷售和行銷措施對員工發展的影響越來越明顯，我們的簽約、管道品質和交付效率也越來越明顯。

In the first half of the year, we have signed more than three times the new logo TCV signed in all of last year, a positive signal of awareness and demand for our solutions in the market.

今年上半年，我們簽署的新標誌數量是去年全年簽署的TCV新標誌的三倍多，這是市場對我們的解決方案的認知和需求的積極信號。

Second quarter also demonstrates a clear positive trajectory on our Ex-L&S gross margin, where expansion has been substantial and broad based.

第二季我們的除 L&S 毛利率也呈現出明顯的正面軌跡，擴張幅度龐大且基礎廣泛。

Our first half Ex-L&S gross margin at 18.4% is a 350-basis point improvement over the prior year that gives us a pathway to a non-GAAP operating margin above the mid-point of our guidance.

我們上半年的除 L&S 毛利率為 18.4%，比前一年提高了 350 個基點，這為我們實現非 GAAP 營運利潤率高於指導中位數提供了途徑。

We are well positioned to accelerate our progress next year when the new logos we have signed in the first half of this year and are signing in the third quarter will begin generating margin accretive revenue.

當我們在今年上半年簽署和第三季簽署的新商標將開始產生利潤成長收入時，我們已經做好了明年加速進展的準備。

In addition we anticipate new scope and expansion opportunities with these clients in the coming quarters.

此外，我們預計在未來幾季與這些客戶合作將帶來新的範圍和擴展機會。

For next year we also expect continued delivery efficiencies, lower legal and environmental payments and increasing benefit from our SG&A initiatives, all of which benefit cash generation.

明年，我們還預計持續的交付效率、更低的法律和環境費用以及我們的銷售、管理和行政費用計劃的收益增加，所有這些都有利於現金產生。

Looking more closely at second quarter client signings, total company TCV increased 25% sequentially and 19% year over year.

更仔細觀察第二季的客戶簽約情況，公司總 TCV 較上季成長 25%，較去年同期成長 19%。

Excluding license and support, TCV was up 35% from last quarter and up 10% year over year.

不包括授權和支持，TCV 比上季成長 35%，年增 10%。

The strength in Ex-L&S signings is a result of continued new business momentum.

Ex-L&S 簽約的強勁是新業務持續成長勢頭的結果。

We signed 17% more new business than the prior quarter and 64% more new business than the prior year period.

我們簽署的新業務比上一季增加了 17%，比去年同期增加了 64%。

New business growth was driven by a more than doubling of new logo TCV on both a sequential and year-over-year basis.

新徽標 TCV 環比和同比增長一倍以上推動了新業務增長。

Growth in new business signings was strong in both our CA&I and DWS segments.

我們的 CA&I 和 DWS 領域的新業務簽約成長強勁。

In DWS, many of our new business signings have a combination of traditional and modern workplace solutions, validating our belief that focusing on excellence in the mission critical capabilities clients need is a pathway to securing more revenue at attractive blended margins.

在DWS，我們簽署的許多新業務都結合了傳統和現代工作場所解決方案，這證實了我們的信念：專注於客戶所需的卓越關鍵任務能力是以有吸引力的混合利潤確保更多收入的途徑。

In CA&I, clients are turning to Unisys for our end-to-end expertise in transforming, running and securely increasingly complex IT estates across multiple cloud environments.

在 CA&I，客戶正在向 Unisys 尋求我們在跨多個雲端環境轉換、運作和安全地日益複雜的 IT 資產方面的端到端專業知識。

We're also seeing a much higher mix of cross segment solutions in our new business signings, proving the strength in our strategy to provide integrated mission critical offerings.

我們還在新業務簽約中看到了更多的跨部門解決方案組合，證明了我們提供整合關鍵任務產品的策略實力。

For example, we were engaged by one of the world's largest private trading groups to provide IT support to their approximately 55,000 employees, manage their hybrid infrastructure across data centers and cloud environments, and provide security and network managed services.

例如，世界上最大的私人貿易集團之一聘請我們為其約 55,000 名員工提供 IT 支持，管理其跨資料中心和雲端環境的混合基礎設施，並提供安全和網路管理服務。

We also had a large new logo signing with a public sector client in Australia, including both DWS and CA&I Solutions.

我們還與澳洲的公共部門客戶簽署了大型新商標，其中包括 DWS 和 CA&I Solutions。

As part of this agreement, Unisys will help this government agency integrate new technologies and support its approximately 6,000 end users with solutions and services in communications and collaboration, security and compliance.

作為該協議的一部分，Unisys 將幫助該政府機構整合新技術，並為其約 6,000 名最終用戶提供通訊和協作、安全性和合規性方面的解決方案和服務支援。

So far in the third quarter, we have seen continued momentum in our new business signings with both existing clients and new logos.

第三季到目前為止，我們與現有客戶和新標誌的新業務簽約保持了持續的勢頭。

Turning to a discussion of our pipeline, we exited the quarter with a robust pipeline and our opportunities are better aligned to our portfolio as a result of an increased emphasis on pipeline quality which has led to improved new business win rates.

談到我們的管道的討論，我們在本季度結束時擁有強大的管道，並且由於更加重視管道質量，我們的機會與我們的投資組合更加一致，從而提高了新業務的獲勝率。

This year, new business pipeline with existing clients, which consists of new scope and expansion, is up 7% sequentially.

今年，與現有客戶的新業務管道（包括新範圍和擴張）環比增長了 7%。

Our overall pipeline declined 7% quarter over quarter, driven by a combination of the timing of our Ex-L&S renewal schedule, strong conversion of new logo opportunities and some normal pipeline fluctuation.

我們的整體管道比上一季下降了 7%，這是由於我們的 Ex-L&S 更新計劃的時間安排、新徽標機會的強勁轉換以及一些正常的管道波動共同推動的。

In the third quarter, we're seeing a good inflow of new opportunities and are pleased with the size, solution mix, margin profile, and winnability of our pipeline.

在第三季度，我們看到大量新機會湧入，並對我們管道的規模、解決方案組合、利潤狀況和獲勝能力感到滿意。

In digital workplace solutions, we had strong growth in new scope opportunities in modern workplace solutions such as unified endpoint management and device subscription services, which typically includes Intelligent PC refresh that optimizes hardware spend within an OpEx model.

在數位工作場所解決方案中，我們在現代工作場所解決方案中的新範圍機會強勁增長，例如統一端點管理和設備訂閱服務，其中通常包括可優化營運支出模型內硬體支出的智慧型 PC 更新。

During the quarter, we also signed several framework agreements for DWS field services, which put in place contractual terms to serve future demand with speed and agility and will create future pipeline as that demand materializes.

本季度，我們還簽署了幾項 DWS 現場服務框架協議，其中製定了合約條款，以快速、敏捷地滿足未來需求，並將在需求實現時創建未來管道。

In cloud applications and infrastructure solutions, we continue to see increasing demand in our higher margin digital platforms and application solutions in both the public sector and in public and private higher education.

在雲端應用程式和基礎設施解決方案方面，我們繼續看到公共部門以及公立和私立高等教育對利潤率較高的數位平台和應用程式解決方案的需求不斷增長。

Many of these clients will need to invest to adopt emerging technologies, modernize administrative functions, and provide a digital experience for residents, students, and employees.

其中許多客戶需要投資採用新興技術、實現管理職能現代化，並為居民、學生和員工提供數位體驗。

We have built specialized public sector software partnerships with Unisys, providing implementation and customization on the front end, and typically providing a recurring managed service on the back end.

我們與 Unisys 建立了專門的公共部門軟體合作夥伴關係，在前端提供實施和定制，並且通常在後端提供經常性的託管服務。

This model has been successful with our partner clarity, which provides permitting and licensing software.

這種模式取得了成功，我們的合作夥伴明確提供了授權和授權軟體。

We also have four new public sector software and technology partners in areas such as health and human services.

我們還在健康和公共服務等領域擁有四個新的公共部門軟體和技術合作夥伴。

In child welfare information systems, we have already built a pipeline of more than 100 million in opportunities to modernize these platforms for several large US states.

在兒童福利資訊系統方面，我們已經為美國幾個大州建立了超過 1 億個機會的管道，使這些平台現代化。

In specialized services and next gen compute within our ECS segment, new business pipeline grew more than 20% sequentially, driven by growth in financial services and the public sector, including a number of new application expansion opportunities.

在 ECS 領域的專業服務和下一代運算中，受金融服務和公共部門成長（包括許多新應用程式擴展機會）的推動，新業務管道環比增長超過 20%。

Clients in every sector and region are continuing to focus on AI, both generative and traditional, and there is broad interest in AI-enabled solutions with enhanced services.

每個行業和地區的客戶都繼續關注人工智慧，無論是生成式人工智慧還是傳統人工智慧，並且對具有增強服務的人工智慧解決方案有著廣泛的興趣。

First, we're seeing new opportunities in AI related consulting across our business.

首先，我們在整個業務中看到了人工智慧相關諮詢的新機會。

For example, we are working with a global food processing client to enhance their data input and engineering to increase the value of an AI application already in production.

例如，我們正在與全球食品加工客戶合作，增強他們的資料輸入和工程設計，以增加已投入生產的人工智慧應用程式的價值。

As another example, we're advising a technology, media, and telecom client to leverage multiple large language models to enable dynamic ad generation for target audiences.

再舉一個例子，我們建議一家科技、媒體和電信客戶利用多種大型語言模型為目標受眾產生動態廣告。

The second area of AI-related growth is in data services, which is the fuel of artificial intelligence.

人工智慧相關成長的第二個領域是數據服務，這是人工智慧的燃料。

We're seeing growing demand for services and solutions relating to migrating, transforming, and managing data within a cohesive data layer, as well as delivering actionable data insights.

我們看到與在內聚資料層中遷移、轉換和管理資料以及提供可操作的資料見解相關的服務和解決方案的需求不斷增長。

For example, Unisys will leverage generative AI and machine learning to help one of the world's premier quick service restaurants analyze service data.

例如，Unisys 將利用生成式人工智慧和機器學習來幫助世界一流的快餐店之一分析服務資料。

We will utilize inputs from all restaurant technology, including point of sale ordering, kiosks, visual displays, and automated kitchen equipment to identify and prioritize process technology and behavior changes to improve restaurant operations.

我們將利用所有餐廳技術的輸入，包括銷售點訂購、資訊亭、視覺展示和自動化廚房​​設備，來識別流程技術和行為變化並確定優先順序，以改善餐廳營運。

A third area of opportunity is providing managed services supporting maintenance and optimization of AI platforms and applications.

第三個機會領域是提供支援人工智慧平台和應用程式維護和優化的託管服務。

This includes multi-cloud application and security managed services, AI Ops, and data center management.

這包括多雲應用程式和安全託管服務、人工智慧營運和資料中心管理。

For example, Unisys is providing field services to help a client in the technology sector with the relocation of their data centers in North America.

例如，Unisys 正在提供現場服務，幫助科技業的客戶遷移其在北美的資料中心。

Finally, there is delivery of AI-enabled solutions, which are beginning to take shape through AI-enabled platforms and applications, infusing AI into existing solutions and through tools and accelerators to speed model tuning and AI development.

最後，是人工智慧支援的解決方案的交付，這些解決方案開始透過人工智慧支援的平台和應用程式形成，將人工智慧注入現有解決方案，並透過工具和加速器來加速模型調整和人工智慧開發。

For instance, within a digital transformation project with a leading provider of automated test equipment, we were able to modernize 90 enterprise applications in half the time by infusing AI into every facet of the project, including cogeneration, design, development, and testing.

例如，在與領先的自動化測試設備供應商合作的數位轉型專案中，透過將人工智慧融入專案的各個方面，包括熱電聯產、設計、開發和測試，我們能夠在一半的時間內實現90 個企業應用程式的現代化。

I now want to spend a few minutes discussing innovation within our segments, specifically enterprise computing solutions.

我現在想花幾分鐘討論我們細分市場的創新，特別是企業運算解決方案。

More than half of ECS revenue and profit is license and support, which is primarily related to our clear path forward operating systems for secure, high volume transaction processing in sectors such as financial services, health and life sciences, public sector, and travel and transportation.

ECS 一半以上的收入和利潤來自許可和支持，這主要與我們在金融服務、健康和生命科學、公共部門以及旅行和運輸等領域實現安全、大容量交易處理的操作系統的明確前進方向有關。

Our systems are typically embedded within complex client IT environments, consisting of hybrid infrastructure, data and application layers.

我們的系統通常嵌入複雜的客戶端 IT 環境中，由混合基礎架構、資料和應用程式層組成。

While this makes our technology relatively sticky, it is also dynamic and we devote capital engineering resources to continually strengthen our platforms.

雖然這使得我們的技術相對具有黏性，但它也是動態的，我們投入資本工程資源來不斷增強我們的平台。

For example, we rolled out a new generation of our software this quarter to increase transaction speed and security the remainder of ECS revenue and profit consists of our specialized services and next-generation compute solutions, or SS&C, which includes specialized services supporting the use of our platforms and our portfolio of industry applications and services, including in areas such as cargo management, retail banking and mortgage processing.

例如，我們本季推出了新一代軟體，以提高交易速度和安全性，ECS 收入和利潤的其餘部分包括我們的專業服務和下一代運算解決方案（SS&C），其中包括支援使用我們的平台以及產業應用程式和服務組合，包括貨物管理、零售銀行和抵押貸款處理等領域。

Our expertise positions us to meet growing demand for application expansion services by providing engineering and integration capabilities needed to modernize applications layers by infusing new digital capabilities.

我們的專業知識使我們能夠透過注入新的數位功能來提供實現應用程式層現代化所需的工程和整合能力，從而滿足對應用程式擴展服務不斷增長的需求。

In the second quarter, we enhanced our application expansion services by partnering with a leading provider of retail banking point solutions.

第二季度，我們透過與領先的零售銀行點解決方案提供商合作，增強了應用程式擴展服務。

Unisys will custom engineer our partner’s digital products for clients in Europe and Latin America to enable digital retail banking experiences for their customers.

Unisys 將為歐洲和拉丁美洲的客戶量身設計我們合作夥伴的數位產品，為其客戶提供數位零售銀行體驗。

We also continue to see a compelling opportunity to leverage our expertise to develop new industry solutions that utilize AI and hybrid computing platform capabilities, such as quantum annealing.

我們也繼續看到一個令人信服的機會，可以利用我們的專業知識來開發利用人工智慧和混合計算平台功能（例如量子退火）的新行業解決方案。

Our next-generation SS&C industry solutions within ECS are accessible on multiple platforms, including public and private clouds.

我們 ECS 內的下一代 SS&C 行業解決方案可在多個平台上訪問，包括公有雲和私有雲。

Unisys Logistics Optimization is now in production at our first client.

Unisys 物流最佳化現已在我們的第一個客戶處投入使用。

We have also rolled a design portal we developed to speed prototyping, market validation, and testing of new features.

我們還推出了一個設計門戶，旨在加快原型設計、市場驗證和新功能測試的速度。

Finally, our OEM partner, Dell, has a validated design integrating Unisys logistics optimization into their AI rating service.

最後，我們的 OEM 合作夥伴 Dell 擁有經過驗證的設計，將 Unisys 物流優化整合到其 AI 評級服務中。

We are also continuing to advance our productivity and workforce management foundation where we made important progress during the quarter.

我們也持續提高我們的生產力和勞動力管理基礎，我們在本季取得了重要進展。

Our AI-powered HR talent marketplace is now available globally to all associates and is already increasing internal mobility.

我們的人工智慧驅動的人力資源人才市場現已向全球所有員工開放，並且已經在增加內部流動性。

We are redesigning our job architectures to provide associates with a clearer path to continued investment.

我們正在重新設計我們的工作架構，為員工提供更清晰的持續投資途徑。

These initiatives will enhance our workforce management capabilities, while providing associates with better access to the multitude of opportunities that are being created by our new business signings.

這些措施將增強我們的勞動力管理能力，同時為員工提供更好的機會來獲得我們新業務簽約所創造的眾多機會。

During the quarter, we published our 2023 sustainability report which outlines our progress and milestones achieved in our ongoing commitment to sustainability.

本季度，我們發布了 2023 年永續發展報告，概述了我們在持續致力於永續發展方面取得的進展和里程碑。

This includes our approach to real estate and energy consumption, business continuity, ethical and responsible use of AI, and the wellbeing of our associates.

這包括我們對房地產和能源消耗、業務連續性、人工智慧的道德和負責任的使用的方法，以及我們員工的福祉。

Our trailing 12-month voluntary attrition remains very low at 12%, which compares to 14.4% a year ago and we believe reflects our ongoing commitment to fostering a workplace with opportunities to develop and advance.

我們過去 12 個月的自願離職率仍然很低，為 12%，而一年前為 14.4%，我們相信這反映了我們對打造一個擁有發展和進步機會的工作場所的持續承諾。

With that, I will turn the call over to Deb to discuss our second quarter financials in more detail.

接下來，我將把電話轉給黛布，更詳細地討論我們第二季的財務狀況。

Thank you, Peter, and good morning, everyone.

謝謝你，彼得，大家早安。

As a reminder, my discussion today will reference slides from the supplemental presentation posted on our website.

提醒一下，我今天的討論將參考我們網站上發布的補充簡報中的幻燈片。

I will refer to revenue both as reported and in constant currency, and segment revenue growth in constant currency only.

我將參考報告收入和以固定匯率計算的收入，以及僅以固定匯率計算的部門收入成長。

I will also provide information excluding license and support revenue, or Ex-L&S, to allow investors to assess the progress we are making outside the portion of ECS where revenue and profit recognition is tied to license renewal timing, which can be uneven year-to-year and between quarters.

我還將提供不包括許可證和支持收入（或Ex-L&S）的信息，以便投資者評估我們在ECS 部分之外所取得的進展，其中收入和利潤確認與許可證更新時間相關，而許可證更新時間可能會不一致。

As Peter discussed, we are pleased with our financial results and our momentum in new business signings, which are up 25% year over year for the first half.

正如 Peter 所討論的，我們對我們的財務業績和新業務簽約勢頭感到滿意，上半年新業務簽約量同比增長 25%。

New business strength has continued so far in the third quarter and we are well positioned to benefit from growing demand for AI-enabled solutions and the services and solutions that support AI workloads.

第三季迄今為止，新業務的實力仍在持續，我們處於有利地位，可以從對人工智慧解決方案以及支援人工智慧工作負載的服務和解決方案不斷增長的需求中受益。

The expansion in our Ex-L&S gross margin gives us a line of sight to a non-GAAP operating margin above the midpoint of our guidance range, and we are executing our delivery and SG&A initiatives which contribute to profitability.

除 L&S 毛利率的擴大使我們能夠將非 GAAP 營業利潤率提高到指導範圍中點之上，並且我們正在執行有助於盈利的交付和 SG&A 計劃。

Also, in 2025 and 2026, our cash conversion is expected to improve as environmental, legal, and restructuring payments decline compared to 2023.

此外，在 2025 年和 2026 年，隨著環境、法律和重組支出較 2023 年下降，我們的現金轉換預計將有所改善。

Looking at our results in more detail, you can see on slide four the second quarter revenue was $478 million, an increase of 0.3% year over year and 25% in constant currency.

更詳細地查看我們的結果，您可以在第四張投影片上看到，第二季營收為 4.78 億美元，年增 0.3%，以固定匯率計算成長 25%。

Second-quarter Ex-L&S revenue was slightly better than anticipated at $396 million flat year over year end in constant currency, which was slightly better than expected, driven by the performance of our DWS segment.

第二季扣除 L&S 營收略好於預期，以固定匯率計算為 3.96 億美元，與去年同期持平，略好於預期，這得益於我們 DWS 部門業績的推動。

Year to date, total company revenue is $966 million, down 2.7% year over year and down 3.5% in constant currency due to license and support renewal timing.

年初至今，公司總收入為 9.66 億美元，年減 2.7%，由於許可證和支持續訂時機，以固定匯率計算下降 3.5%。

Excluding license and support, our revenue was up 2% and up 1.5% in constant currency in the first half.

不包括許可和支持，我們上半年的收入成長了 2%，以固定匯率計算成長了 1.5%。

I will now discuss our segment results referring to constant currency growth rates for revenue.

我現在將討論我們的部門業績，參考收入的恆定貨幣成長率。

Digital workplace solutions revenue was $132 million, a 2.2% decline compared to the prior year period.

數位工作場所解決方案營收為 1.32 億美元，比去年同期下降 2.2%。

The decline was more modest than anticipated at the start of the quarter due to higher discretionary volumes.

由於可自由支配交易量增加，降幅比本季初的預期要溫和。

We remain confident in the second half growth trajectory in DWS.

我們對 DWS 下半年的成長軌跡仍然充滿信心。

DWS new business TCV in the first half was up more than 60% compared to the first half of 2023, with a much higher ratio of recurring managed services in our new logo signing.

與 2023 年上半年相比，上半年 DWS 新業務 TCV 成長了 60% 以上，新標誌簽約中經常性託管服務的比例要高得多。

We are confident the segment will generate sequential growth in the back half as these new logos begin generating revenue, which will also benefit 2025 given their long-term nature.

我們相信，隨著這些新標誌開始產生收入，該細分市場將在下半年實現連續成長，鑑於其長期性質，這也將使 2025 年受益。

CA&I revenue was $134 million, an increase of 1.3% compared to the prior year period, driven by growth in hybrid infrastructure and infrastructure as a service across all regions and particularly in the United States and Canada.

CA&I 營收為 1.34 億美元，較上年同期成長 1.3%，這得益於所有地區（尤其是美國和加拿大）混合基礎設施和基礎設施即服務的成長。

ECS revenue was $138 million, an increase of 2.5%, including 3.3% constant currency growth in SS&C Solutions, which was driven by specialized services growth with clients in the financial sector.

ECS 營收為 1.38 億美元，成長 2.5%，其中 SS&C Solutions 的貨幣恆定成長 3.3%，這是由金融領域客戶的專業服務成長所推動的。

License and support revenue within the ECS segment was $82 million, an increase of 2.1% in constant currency.

ECS 部門的授權和支援收入為 8,200 萬美元，以固定匯率計算成長 2.1%。

This was below the $90 million we had expected due to a shift in the timing of a renewal from the second to the third quarter.

由於續約時間從第二季度改為第三季度，這低於我們預期的 9,000 萬美元。

This renewal has since closed and will be recognized in our third quarter revenue.

此更新現已結束，並將在我們第三季的收入中確認。

We continue to expect $375 million of L&S revenue for the full year and $370 million of average annual L&S revenue for the three year period of 2024 through 2026.

我們仍預計全年 L&S 收入為 3.75 億美元，2024 年至 2026 年三年期間平均每年 L&S 收入為 3.7 億美元。

It is important to remember that the timing and exact amount of L&S revenue can be difficult to forecast with precision given that it is dependent on the timing of renewal signing, which can vary depending on client budgeting and the pace of decision making related to contract structure and duration, among other factors.

重要的是要記住，L&S 收入的時間和確切金額可能很難精確預測，因為它取決於續約簽署的時間，而續約簽署的時間可能會根據客戶預算和與合約結構相關的決策速度而變化。

We exited the quarter with a backlog of $2.8 billion, up 4% year over year and relatively flat on a sequential basis.

本季結束時，我們的積壓金額為 28 億美元，年增 4%，與上一季相比相對持平。

Year-over-year backlog growth was driven by more than 15% increase in digital workplace and mid-single digit growth in our CA&I and ECS segments.

數位化工作場所成長超過 15%，以及我們的 CA&I 和 ECS 領域的中個位數成長推動了積壓訂單的年成長。

Trailing 12-month book-to-bill with 1.1 times for the total company and 1.2 times for our Ex-L&S Solutions.

過去 12 個月的訂單出貨比為整個公司的 1.1 倍，我們的 Ex-L&S 解決方案為 1.2 倍。

Moving to slide 5, second quarter gross profit was $130 million, representing a 27.2% gross margin compared to 24.3% in the prior year period.

轉到投影片 5，第二季毛利為 1.3 億美元，毛利率為 27.2%，而去年同期為 24.3%。

Expansion was primarily driven by delivery improvements and an increase in revenue from higher margin solutions in new business signings.

擴張主要是由交付改進以及新業務簽約中更高利潤解決方案帶來的收入增加所推動的。

Ex-L&S gross profit margin was 18.7% compared to 16% in the prior year period or an increase of 270 basis points.

扣除 L&S 因子後的毛利率為 18.7%，較上年同期的 16% 成長 270 個基點。

This was also 70 basis points higher than our first quarter Ex-L&S gross margin

這也比我們第一季扣除 L&S 的毛利率高出 70 個基點

Year-to-date total company gross margin is 27.5% compared to 27.7% in the prior year and Ex-L&S gross margin is 18.4% compared to 14.9% in the prior year first half.

年初至今，該公司總毛利率為 27.5%，去年同期為 27.7%，除 L&S 之外的毛利率為 18.4%，去年上半年為 14.9%。

While Ex-L&S margin improvement will not have a linear trajectory, we are pleased with the progress we have made and are well positioned to achieve the top end of the 150 to 200 basis points of annual expansion we are targeting through 2026.

雖然 Ex-L&S 利潤率的改善不會呈現線性軌跡，但我們對所取得的進展感到滿意，並且有能力實現我們目標到 2026 年年度擴張 150 至 200 個基點的上限。

DWS segment gross margin was 16.2% in the second quarter, a 260 basis point year-over-year increase reflecting improvements in delivery.

第二季 DWS 部門毛利率為 16.2%，較去年同期成長 260 個基點，反映出交付情況的改善。

As part of our efficiency strategy in DWS, we have increased focus on upskilling lower cost talent, and aligned variable compensation of delivery leaders to delivery improvement.

作為 DWS 效率策略的一部分，我們更加重視提高低成本人才的技能，並使交付領導者的可變薪酬與交付改進保持一致。

We continue to see meaningful incremental opportunity from the mix of higher margin solutions in new business signings, improving utilization rates and adopting new technologies, efficiency models and analytics.

我們繼續從新業務簽約、提高利用率以及採用新技術、效率模型和分析等更高利潤解決方案的組合中看到有意義的增量機會。

CA&I segment gross margin was 17.8% in the second quarter, an increase of 90 basis points year over year.

第二季CA&I業務毛利率為17.8%，較去年成長90個基點。

In CA&I, we also have benefited from accelerating new business with a more favorable margin mix.

在CA&I，我們也受惠於加速新業務和更有利的利潤組合。

We have also achieved significant labor efficiency through a strong focus on increasing internal mobility and a new campus hiring program.

透過大力關注增加內部流動性和新的校園招募計劃，我們也實現了顯著的勞動力效率。

We believe these initiatives can provide further benefit and see incremental margin opportunity from optimizing our use of low cost labor markets for CA&I shared services.

我們相信，這些措施可以提供進一步的好處，並透過優化我們對 CA&I 共享服務的低成本勞動力市場的使用來看到增量利潤機會。

ECS segment gross margin was 55.9% in the second quarter, which compares to 54.1% in the prior year.

ECS第二季毛利率為55.9%，去年同期為54.1%。

The 180 basis points of year-over-year expansion were primarily driven by the timing of software license renewals and managed services growth.

年比成長 180 個基點主要是由軟體授權續約時機和託管服務成長推動的。

As a reminder, our L&S cost base will be fairly consistent in the short and medium term, but the license portion of renewals is recognized in full upon renewal signing, leading to fluctuations in ECS gross margin based on renewal levels.

需要提醒的是，我們的 L&S 成本基礎在中短期內將相當一致，但續訂的許可部分在續訂簽署時會得到全額確認，導致 ECS 毛利率根據續訂水準出現波動。

Moving to slide 6, our second quarter non-GAAP operating profit margin was 6.1%, up from 3.4% in the prior year period.

轉投投影片 6，我們第二季的非 GAAP 營業利潤率為 6.1%，高於去年同期的 3.4%。

This was above the expectation we provided last quarter of low single digits due to the improvement achieved in Ex-L&S Solutions.

由於 Ex-L&S 解決方案取得了改進，這超出了我們上季度提供的低個位數的預期。

Operating expenses also declined on a sequential and year-over-year basis, primarily due to a decline in certain legal expenses as well as some benefit from our SG&A initiative.

營運費用也環比和同比下降，主要是由於某些法律費用的下降以及我們的 SG&A 計劃帶來的一些好處。

We continue to enact the plan laid out on Investor Day to streamline corporate operations, rationalize our real estate costs, and centralized IT.

我們繼續實施投資者日制定的計劃，以簡化公司營運、合理化我們的房地產成本並集中 IT。

Second quarter adjusted EBITDA was $58 million, representing an adjusted EBITDA margin of 12.2% compared to 10.5% in the prior year period.

第二季調整後 EBITDA 為 5,800 萬美元，調整後 EBITDA 利潤率為 12.2%，而去年同期為 10.5%。

First half non-GAAP operating margin was 6.6% compared to 7.7% in the prior year and first half adjusted EBITDA margin was 12.8% compared to 15% in the prior year, primarily due to lower levels of L&S revenue in the first half of the year.

上半年非 GAAP 營業利潤率為 6.6%，而去年同期為 7.7%；上半年調整後 EBITDA 利潤率為 12.8%，而去年同期為 15%，這主要是由於上半年 L&S 收入水準較低。年。

We had a net loss in the second quarter of $12 million, or a diluted loss per share of $0.17. This compares to a net loss of $20 million, or negative $0.59 in the second quarter of 2023.

第二季我們的淨虧損為 1,200 萬美元，攤薄後每股虧損為 0.17 美元。相比之下，2023 年第二季淨虧損為 2,000 萬美元，即負 0.59 美元。

On an adjusted basis, net income was $11 million, or $0.16 per share, compared to a loss of $6 million or negative $0.09 per share in the prior year.

調整後淨利為 1,100 萬美元，即每股 0.16 美元，而上一年虧損 600 萬美元，即每股負 0.09 美元。

Year to date, adjusted net income is $13.7 million or earning per share of $0.19 compared to adjusted net income of $28.6 million or $0.42 per share in the prior year.

年初至今，調整後淨利潤為 1,370 萬美元，即每股收益 0.19 美元，而上一年調整後淨利潤為 2,860 萬美元，即每股收益 0.42 美元。

Lower net income was again largely due to the timing impact of L&S renewals.

淨利潤下降主要是由於 L&S 續訂的時間影響。

Turning to slide 7, capital expenditures totaled approximately $21 million in the second quarter, up $3 million on a year-over-year basis.

轉向投影片 7，第二季資本支出總計約 2,100 萬美元，較去年同期增加 300 萬美元。

As a reminder, a portion of our capital expenditures is related to research and development of our L&S platform, and we have a capital light strategy focused on limiting capital intensity of the remainder of the business.

需要提醒的是，我們的部分資本支出與 L&S 平台的研發相關，我們的輕資本策略著重於限制其餘業務的資本密集度。

Second quarter free cash flow was negative $19 million compared to positive $25 million in the prior year period due to the timing of L&S collections.

由於 L&S 收款時間的原因，第二季自由現金流為負 1,900 萬美元，去年同期為正 2,500 萬美元。

On a year-to-date basis, free cash flow is negative $15 million compared to positive $17 million in the prior year period, with the variance largely driven by the timing of collections and other fluctuations in working capital.

年初至今，自由現金流為負 1,500 萬美元，而去年同期為正 1,700 萬美元，差異主要是由收款時間和營運資金的其他波動造成的。

Excluding environmental, certain legal and restructuring and other payments, as well as post retirement contributions, our adjusted free cash flow was negative $8 million in the second quarter and positive $9 million year to date.

不包括環境費用、某些法律費用、重組費用和其他費用，以及退休後繳款，我們第二季調整後的自由現金流為負 800 萬美元，今年迄今為正 900 萬美元。

We still expect to generate approximately $10 million of free cash flow for the full year and more favorable working capital dynamics in the back half.

我們仍預計全年將產生約 1,000 萬美元的自由現金流，並在下半年產生更有利的營運資金動態。

Moving to slide 8, our cash balances were $345 million as of June 30, compared to $388 million at year-end.

轉到投影片 8，截至 6 月 30 日，我們的現金餘額為 3.45 億美元，而年底為 3.88 億美元。

The variance in our cash balances is primarily due to the timing of our quarterly free cash flow and a negative FX impact.

我們現金餘額的差異主要是由於我們的季度自由現金流的時間表和匯率的負面影響。

Given our cash flow outlook, we expect cash balances to increase from these levels by year end.

鑑於我們的現金流前景，我們預計到年底現金餘額將在這些水準上增加。

Our net leverage ratio is 0.6 times, up slightly from 0.5 times at the end of the first quarter.

我們的淨槓桿率為0.6倍，較一季末的0.5倍略有上升。

Including all defined benefit pension plans, our net leverage ratio is 3.3 times flat sequentially.

包括所有固定收益退休金計劃，我們的淨槓桿率環比持平 3.3 倍。

Our liquidity is strong with no borrowings against our revolver and no major debt maturities until our $485 million senior secured notes become due in November 2027.

我們的流動性很強，在我們的 4.85 億美元優先擔保票據於 2027 年 11 月到期之前，我們沒有左輪手槍借款，也沒有重大債務到期。

I will now provide an update on our global pension plans.

我現在將介紹我們全球退休金計劃的最新情況。

Each year end, we provide detailed estimated projections for our expected global pension cash contributions and GAAP deficit, which change based on factors such as financial market conditions, funding regulations and actuarial assumptions.

每年年底，我們都會對預期的全球退休金現金繳款和公認會計原則赤字進行詳細的預測，這些預測會根據金融市場狀況、融資法規和精算假設等因素而變化。

We also provide quarterly updates which are estimated and do not have the same level of detail.

我們還提供季度更新，這些更新是估計的，但沒有相同的詳細程度。

Based on asset returns and market conditions, we estimate that as of June 30, 2024, our cash contributions to our global pension plans for the five year period beginning in 2024 and our global pension deficit are both essentially unchanged from year end.

根據資產回報率和市場狀況，我們預計截至2024年6月30日，我們對2024年開始的五年期間全球退休金計劃的現金繳款以及我們的全球退休金赤字與年底基本沒有變化。

Turning to slide 9, I will now discuss our full year financial guidance and then provide color for our third quarter expectations.

轉向幻燈片 9，我現在將討論我們的全年財務指引，然後為我們的第三季預期提供顏色。

For the full year, we continue to expect total company revenue growth of negative 1.5% to positive 1.5% in constant currency, which, based on recent FX rates now equates to reported revenue of negative 1.7% to positive 1.3%.

對於全年，我們繼續預期公司總收入按固定匯率計算將成長負 1.5% 至正 1.5%，根據最近的匯率，這相當於報告的收入負 1.7% 至正 1.3%。

This guidance continues to assume L&S revenue of $375 million and Ex-L&S constant currency growth of 1.5% to 5%.

本指引繼續假設 L&S 收入為 3.75 億美元，且除 L&S 之外的貨幣成長率為 1.5% 至 5%。

Non-GAAP operating profit margin is expected to be between 5.5% and 7.5%.

非 GAAP 營業利潤率預計在 5.5% 至 7.5% 之間。

As I mentioned earlier, the strong margin expansion we have achieved in Ex-L&S Solutions gives us a line of sight to exceed the midpoint of the range.

正如我之前提到的，我們在 Ex-L&S Solutions 中實現的強勁利潤成長使我們有機會超越該範圍的中點。

Assumptions behind our $10 million of free cash flow are essentially unchanged, with capital expenditures expected to be between $85 million and $95 million, net interest payments of approximately $20 million, international cash pension contributions of approximately $20 million, and cash payments for environmental certain legal matters, restructuring and other of approximately $75 million to $80 million in total.

我們1,000 萬美元自由現金流背後的假設基本不變，資本支出預計在8,500 萬美元至9,500 萬美元之間，淨利息支付約為2,000 萬美元，國際現金退休金繳款約為2,000 萬美元，以及環境某些法律的現金支付事務、重組和其他費用總計約 7,500 萬至 8,000 萬美元。

Elevated legal payments in 2023 and 2024 are primarily related to a matter in which Unisys is the plaintiff.

2023 年和 2024 年法律費用增加主要與 Unisys 作為原告的案件有關。

Payments for certain legal matters are expected to decline next year.

預計明年某些法律事務的付款將會減少。

We also expect to see declines in environmental payments in the coming years, during which we also expect an approximate $30 million partial reimbursement of certain costs once cleanup work has been approved and finalized.

我們也預計未來幾年環境費用將會減少，在此期間，一旦清理工作獲得批准並最終完成，我們也預計將獲得約 3000 萬美元的部分費用補償。

Lastly, cash taxes are expected to be approximately $55 million for the year.

最後，預計今年的現金稅約為 5,500 萬美元。

Looking at the third quarter, we expect total company revenue to grow mid-to-high single digits on a constant currency year-over-year basis, which equates to approximately $485 million to $490 million of reported revenue.

展望第三季度，我們預期公司總營收以固定匯率計算將年比實現中高個位數成長，相當於報告收入約 4.85 億至 4.9 億美元。

This assumes approximately $90 million of license and support revenue and low single digit constant currency growth in Ex-L&S revenue.

假設許可證和支援收入約為 9000 萬美元，並且 Ex-L&S 收入保持低個位數的恆定貨幣成長。

We expect Ex-L&S revenue to show sequential growth in the fourth quarter as well, driven by revenue generation from our recent new business signings.

我們預計，在我們最近新業務簽約所產生的收入的推動下，第四季度的除 L&S 收入也將出現環比增長。

We also expect third quarter non-GAAP operating profit margin in the mid-single digits.

我們也預期第三季非公認會計原則營業利潤率為中個位數。

I am excited about the momentum in new business signings and our continued progress improving profitability which will drive higher free cash flow.

我對新業務簽約的勢頭以及我們不斷提高盈利能力的進展感到興奮，這將推動更高的自由現金流。

Thank you.

謝謝。

I will now turn the call over to Peter for any closing remarks.

我現在將把電話轉給彼得，讓他發表結束語。

Thank you, Deb.

謝謝你，黛布。

While we have covered much information today, I want to emphasize three important takeaways.

雖然我們今天已經介紹了很多信息，但我想強調三個重要的要點。

First, the momentum in new business we achieved in the first quarter is continuing in the second quarter and is a positive indicator of demand for our solution portfolio.

首先，我們在第一季實現的新業務動能在第二季延續，這是對我們解決方案組合需求的正面指標。

And we have exciting opportunities in all our segments to drive new business signings growth.

我們在所有細分市場都擁有令人興奮的機會來推動新業務簽約的成長。

Second, we believe we have additional gross margin opportunities from delivery efficiency initiatives and accretive new business signings.

其次，我們相信，透過交付效率措施和增加新業務簽約，我們可以獲得額外的毛利率機會。

And third, we expect higher profit and cash generation in the second half of the year, as we benefit from first half new logo signings, results from SG&A initiatives and improved working capital dynamics.

第三，我們預計下半年將實現更高的利潤和現金生成，因為我們受益於上半年新標誌的簽署、SG&A 計畫的成果以及營運資金動態的改善。

Operator, please open the line for questions.

接線員，請開通提問線。

(Operator Instructions) Rod Bourgeois, DeepDive Equity Research.

（操作員指示）Rod Bourgeois，DeepDive 股票研究。

Yeah, thank you.

是的，謝謝。

So my first question is about the margin.

所以我的第一個問題是關於利潤的。

It's further encouraging to see the progress in the Ex-L&S margin improvement there.

看到 Ex-L&S 利潤率改善的進展進一步令人鼓舞。

And it sounds like you're getting margin benefits from productivity improvement efforts, but also from positive mix shift.

聽起來您不僅從提高生產力的努力中獲得了利潤，而且還從積極的組合轉變中獲得了利潤。

So my question is, is the positive mix shift point correct that that's a enduring margin lever?

所以我的問題是，積極的混合轉變點是否正確，這是一個持久的保證金槓桿？

And then to what extent do you see that positive margin mix shift a continuing factor, or is that just some unique dynamic that's happening this year or do you see that as more lasting?

那麼，您認為積極的利潤率組合在多大程度上會成為一個持續因素，或者這只是今年發生的一些獨特的動態，還是您認為這種情況更持久？

Yeah.

是的。

Rod, thanks very much for the question.

羅德，非常感謝你的提問。

This is Peter.

這是彼得。

I'm actually going to turn the question over to Mike in a second.

實際上我馬上就把問題轉給麥克。

It's really interesting.

這真的很有趣。

Yes.

是的。

To all of your questions.

對於你所有的問題。

Mix shift is happening and mix shift is positive.

混合轉變正在發生，並且混合轉變是積極的。

One of the interesting dynamics we're seeing though, is the strength in what we call our traditional business as opposed to our next generation business because you're seeing margin improvement in our numbers across all of Ex-L&S, and that improvement includes traditional business.

不過，我們看到的一個有趣的動態是，我們所謂的傳統業務相對於下一代業務的實力，因為您會看到我們所有Ex-L&S 的數位利潤率都有所提高，而這種改善包括傳統業務商業。

So as we become more efficient in the traditional business, you're seeing that be a more of a positive for us.

因此，隨著我們在傳統業務中變得更加高效，您會發現這對我們來說更加積極。

So yes, the shift is continuing, but it's actually less important than it used to be because of the profitability increase of the traditional business.

所以，是的，這種轉變仍在繼續，但由於傳統業務盈利能力的提高，它實際上不像以前那麼重要了。

But I'll hand it over to Mike for a little more description.

但我會將其交給麥克進行更多描述。

Great.

偉大的。

Thanks, Peter.

謝謝，彼得。

And hey, Rod, thanks for the question.

嘿，羅德，謝謝你的提問。

Look, I think you're both onto something there, right?

聽著，我想你們兩個都有所了解，對吧？

It's really a combination of things, Rod, and I think very consistent with what we talked about at Investor day and continue to see in the market, right?

羅德，這確實是多種因素的結合，我認為這與我們在投資者日討論的內容非常一致，並且繼續在市場上看到，對吧？

Our pricing power remains strong in our new solutions.

我們的新解決方案的定價能力仍然強勁。

The margin profile on those solutions are in line with what we expected back in our 2023 investor day and continue that way.

這些解決方案的保證金狀況符合我們在 2023 年投資者日的預期，並將繼續如此。

We've seen continual improvement in the margin profile on the delivery of our traditional business, and I think just really consistent, solid performance across the board.

我們看到傳統業務交付的利潤率持續改善，我認為全面且穩定的績效。

And Deb mentioned a little bit, too, around our talent marketplace and what we're trying to do with our associate base.

Deb 也提到了一些關於我們的人才市場以及我們正在努力對我們的員工基礎做的事情。

So I really feel like those three components, the mix shift component, the delivery component, as well as what we're seeing from pricing power and our solutions being taken in the marketplace, have all really contributed pretty equally across the board.

因此，我真的覺得這三個組成部分，混合轉變組成部分，交付組成部分，以及我們從定價能力和市場上採用的解決方案中看到的內容，都在全面方面做出了相當平等的貢獻。

And again, I think it's really just solid performance and kind of keeping our head down and making sure we're delivering as we said we would.

再說一次，我認為這實際上只是穩定的表現，以及我們保持低調並確保我們按照我們所說的那樣交付。

Great.

偉大的。

And so, follow up.

所以，跟進。

I mean, as you head into 2025, the environmental and legal costs need to drop.

我的意思是，隨著 2025 年的到來，環境和法律成本需要下降。

It sounds like you're underscoring that you're on track to make progress there.

聽起來你是在強調你正在朝著這方面取得進展。

I think last quarter you had indicated that the environmental and legal costs could drop by 50% or more, and you also have a refund on the environmental side, that seems like it's likely.

我想上個季度你們已經表示環境和法律成本可能會下降 50% 或更多，而且你們在環境方面也得到了退款，這似乎是有可能的。

Is your outlook on a 50% or more drop in environmental legal?

您認為環境合法性下降 50% 或更多嗎？

Is that outlook still intact, or is there kind of an updated view on that?

這種前景是否仍然完好無損，或者對此有某種更新的看法嗎？

Yes.

是的。

So, Rob, thanks for that.

所以，羅布，謝謝你。

I'll give this specific percentage to Deb, but in broad strokes, the answer is, nothing has really changed.

我會將這個具體百分比交給黛布，但從廣義上講，答案是，沒有任何真正改變。

I want to keep everybody attention.

我想讓大家都關注。

On the legal side, the biggest expense we have had is a suit where we are the plaintiff.

在法律方面，我們最大的開支是我們作為原告的訴訟。

So that is the suit that we feel good about, and we obviously expect to have rewards from that, if you will.

所以這就是我們感覺良好的套裝，如果你願意的話，我們顯然希望從中獲得回報。

On the environmental side, we're keeping a very close track on that, and nothing has changed of any substance.

在環境方面，我們正在密切關注這一點，並且沒有發生任何實質變化。

Deb, over to you.

德布，交給你了。

Hi.

你好。

Thanks, Rod, for the question.

謝謝羅德的提問。

Yes, Peter's right.

是的，彼得是對的。

Everything is still on track for that.

一切都還在照計畫進行。

And as we've discussed before, it is an important element of our improvement in our free cash flow conversion rate.

正如我們之前討論的，這是我們提高自由現金流轉換率的重要因素。

And so we're keeping an eye on those things, but nothing's changed.

所以我們一直在關注這些事情，但什麼都沒有改變。

And as we mentioned last time, estimate about half from what they were in 2023 is still accurate.

正如我們上次提到的，2023 年的估計大約有一半仍然是準確的。

Okay.

好的。

And if I could just ask one more follow up.

如果我能再問一個後續問題的話。

You mentioned the AI and machine learning work you're doing for a restaurant client, and I wanted to see if you could speak to the potential scale of that opportunity.

您提到了您正在為一家餐廳客戶所做的人工智慧和機器學習工作，我想看看您是否可以談談該機會的潛在規模。

It sounds like an interesting use case that's actually moving beyond the ideal pilot stage.

這聽起來像是一個有趣的用例，實際上已經超越了理想的試點階段。

Especially in the AI world, we're seeing a lot of ideas in pilots, but it's been pretty light on things actually moving into production.

特別是在人工智慧領域，我們在試點中看到了很多想法，但在實際投入生產的事情上卻很少。

And this sounds like an interesting use case.

這聽起來是一個有趣的用例。

Is it moving to the more of a production stage and what could be the potential scale of that?

它是否正在進入更多的生產階段？

Yes.

是的。

So the answer is yes, it is moving toward more of a production stage.

所以答案是肯定的，它正在走向更多的生產階段。

It is for a very significant client in that space.

這是針對該領域非常重要的客戶的。

We're very excited about it.

我們對此感到非常興奮。

Still relatively early days in terms of seeing how far it could expand and what it would mean for us.

就了解它能擴展多遠以及它對我們意味著什麼而言，還處於相對早期的階段。

So early days on that.

這麼早。

But the quality of the client, the quality of the work we're doing, absolutely is an indicator of the things we could do on a broader base.

但是客戶的質量，我們正在做的工作的質量，絕對是我們可以在更廣泛的基礎上做的事情的指標。

But we're very excited about this client and the specifics.

但我們對這個客戶和細節感到非常興奮。

Mike, anything further you want to add to that situation?

麥克，您還想對這種情況補充什麼嗎？

No.

不。

Look, I think you covered it too, Peter, in some of your prepared remarks earlier.

瞧，我想你在之前準備的一些發言中也談到了這一點，彼得。

When we talk about.

當我們談論時。

This is an interesting play, Rod, when we talk about data, right.

這是一場有趣的比賽，羅德，當我們談論數據時，對吧。

In this particular case, the data telemetry from PoS machines and kiosk and digital boards and the cooking equipment, etcetera, this particular opportunity is a full North America opportunity.

在這個特殊的案例中，來自 PoS 機器、資訊亭、數位板和烹飪設備等的數據遙測，這個特殊的機會是一個完整的北美機會。

So scale can be pretty substantial.

所以規模可能相當大。

But early days, lots to do, but really like to see the progress we're making from an innovation perspective there.

但在早期，還有很多工作要做，但我真的很想從創新的角度看到我們所取得的進展。

And this client is.

而這位客戶就是。

And this client is a global client.

而這個客戶是一個全球客戶。

So it is a North American opportunity right now, but it could change.

所以現在這是北美的一個機會，但它可能會改變。

Got it.

知道了。

And Rob, this is Deb.

羅布，這是黛布。

I just want to jump in and make sure it was clear that the half of the environmental legal other is by 2026.

我只是想介入並確保到 2026 年環境法律的一半是明確的。

So similar to our other targets we laid out just to make sure that's clear that that's not this year.

與我們制定的其他目標類似，我們只是為了確保這不是今年的目標。

Got it.

知道了。

Thank you.

謝謝。

Joe Vafi, Canaccord Genuity.

喬‧瓦菲 (Joe Vafi)，Canaccord Genuity。

Good morning.

早安.

This is [Pada] signing on for Joe. Thanks for taking our questions.

這是[Pada]為喬簽約。感謝您回答我們的問題。

The first question is kind of a follow up on the AI question.

第一個問題是人工智慧問題的後續。

Peter, can you share what percentage of your new business signings currently have a Gen AI component to them?

Peter，您能否分享一下目前您簽約的新業務中包含 Gen AI 組件的百分比是多少？

And I know you said it's a bit early, but is there a way to frame this opportunity from a revenue perspective over time?

我知道你說現在有點早，但是有沒有辦法從收入的角度隨著時間的推移來建立這個機會？

And I have a follow up.

我有一個後續行動。

Yes, I think it's a great question, and it's a question being asked of us and many of the companies similarly situated with us.

是的，我認為這是一個很好的問題，也是向我們以及許多與我們處境相似的公司提出的問題。

I can only give you kind of our approach and the way we have thought about AI.

我只能向您介紹我們的方法以及我們對人工智慧的思考方式。

First of all, as you noticed in my comments, Gen AI is important, but it's not the only AI.

首先，正如您在我的評論中註意到的，Gen AI 很重要，但它不是唯一的 AI。

So it's kind of weird to talk about traditional AI, because the question is, wow, how could AI be traditional?

所以談論傳統人工智慧有點奇怪，因為問題是，哇，人工智慧怎麼可能是傳統的？

But the reality is things like machine learning and deep learning have been around for 20 years.

但現實是機器學習和深度學習等技術已經存在 20 年了。

When we talk about AI initiatives and when we track those inside the company, we're looking at Gen AI, but we're also looking at traditional AI.

當我們談論人工智慧計劃以及追蹤公司內部的計劃時，我們關注的是新一代人工智慧，但我們也在關注傳統人工智慧。

And so when I speak of AI, I really am including both of them, because the advances in what we call traditional AI have been very significant and really help the end results of what our clients are looking for as well.

因此，當我談到人工智慧時，我確實將兩者都包括在內，因為我們所謂的傳統人工智慧的進步非常顯著，並且確實有助於實現我們客戶所尋求的最終結果。

In terms of our approach, I can tell you that we have established some companywide AI initiatives.

就我們的方法而言，我可以告訴你，我們已經制定了一些全公司範圍的人工智慧計畫。

Those initiatives really work to core solutions that we're infusing AI into.

這些舉措確實適用於我們將人工智慧融入其中的核心解決方案。

Some of those already have AI, many of them do, as well as efficiency models, from how we develop code to how we run organizations like marketing, finance, and legal.

其中一些已經擁有人工智慧，其中許多人已經擁有人工智慧，以及效率模型，從我們如何開發程式碼到我們如何經營行銷、財務和法律等組織。

So we're really looking at AI.

所以我們真正關注的是人工智慧。

I hate to say it, because it seems trite.

我討厭這麼說，因為這看起來很陳腔濫調。

It's like oxygen.

就像氧氣一樣。

I mean, AI is infused and will continually be infused throughout the company.

我的意思是，人工智慧已被注入並將繼續注入整個公司。

And while there are some AI, if you will, specifically led engagements like the one for the restaurant I just talked about, we're doing more than AI work for them.

雖然有一些人工智慧，如果你願意的話，專門領導一些活動，像是我剛才談到的餐廳，但我們為他們做的不僅僅是人工智慧的工作。

And Mike talked about the data rich environment there and what we're doing in data analysis.

麥克談到了那裡豐富的數據環境以及我們在數據分析方面所做的工作。

But in most cases, we're simply putting AI and infusing it into all of our solutions.

但在大多數情況下，我們只是將人工智慧融入我們所有的解決方案中。

So I can't answer the question, and I don't think I'll ever be able to answer the question of what revenue is generated by generative AI.

所以我無法回答這個問題，而且我認為我永遠無法回答生成式人工智慧產生什麼收入的問題。

Because unlike, let's say, a specific technology company that is charging extra on top of their ordinary cost for generative AI.

因為不像一家特定的科技公司，他們在產生人工智慧的普通成本之外收取額外費用。

That's not our approach.

這不是我們的做法。

Our approach is really to charge for our services and those services include AI and generative AI.

我們的方法實際上是對我們的服務收費，這些服務包括人工智慧和產生人工智慧。

That's really the way we're approaching it.

這確實是我們處理問題的方式。

I hope that helps.

我希望這有幫助。

That's helpful.

這很有幫助。

Thanks, Peter.

謝謝，彼得。

And just a modeling question.

只是一個建模問題。

Can you remind us the cadence of your renewal schedule for next year?

您能否提醒我們明年續訂時間表的節奏？

Is it a more first half weighted or back half weighted?

是前半加權多還是後半加權多？

Thank you.

謝謝。

Yes, that's a great question.

是的，這是一個很好的問題。

And Deb, I'm going to turn that one over to you.

黛布，我要把那個交給你。

So that is a.

所以這是一個。

I guess what the question is really renewal about L&S.

我想問題是關於 L&S 的真正的更新。

But I'm not sure.

但我不確定。

Yes.

是的。

Okay, Deb.

好吧，黛布。

Hi.

你好。

As far as next year, we haven't really laid that out.

就明年而言，我們還沒有真正做出安排。

We're still modeling that so we don't have -- I can always offline or on another call lay that out.

我們仍在建模，所以我們沒有 - 我總是可以離線或在另一個電話中列出它。

But for right now, I don't think we've really laid out the exact timing.

但就目前而言，我認為我們還沒有真正制定出確切的時間表。

We have laid out that [370 million] per year over the next few years is what we expect.

我們已經預計，未來幾年每年 [3.7 億] 是我們的預期。

But we haven't laid out the quarter, so I'm not allowed to, you know, I can't give that to you.

但我們還沒有列出該季度的情況，所以我不被允許這樣做，你知道，我不能把它給你。

Got it.

知道了。

Okay, thanks.

好的，謝謝。

Thanks for the questions.

感謝您的提問。

Arun Seshadri, BNP Paribas.

阿倫·塞沙德里，法國巴黎銀行。

Hello, everyone.

大家好。

Thanks for taking my questions.

感謝您回答我的問題。

Just, first I just wanted to, talk a little bit about gross margin.

首先，我想談談毛利率。

Nice to see the improvement there.

很高興看到那裡的改進。

Is there any way to sort of talk about your proportion of overall cost of goods sold?

有什麼辦法可以談談你們在銷售商品總成本中所佔的比例嗎？

Is it in terms of fixed versus variable, and are there any one timers in this quarter at all?

是固定還是可變的？

I know that Q1 had a contract settlement benefits.

我知道Q1有合約結算福利。

I just wanted to understand if this was sort of like a run rate, sort of a run rate performance.

我只是想了解這是否有點像運行率，有點像運行率性能。

Yes, it's a great question.

是的，這是一個很好的問題。

I'll turn it over to Deb in a second.

我馬上就把它交給黛布。

Fixed versus variable is always a function of time, right.

固定與可變始終是時間的函數，對吧。

There's really almost no cost that is fixed forever, even real estate costs.

實際上幾乎沒有任何成本是永遠固定的，甚至是房地產成本。

And you've seen us actually drive real estate costs down over several years.

您已經看到我們多年來確實降低了房地產成本。

So more a function of time.

所以更多的是時間的函數。

I can tell you that from a leadership standpoint and management standpoint, the shorter the time you can get costs from fixed to variable, the more flexible you will be.

我可以告訴你，從領導的角度和管理的角度來看，成本從固定到可變的時間越短，你就越靈活。

And I think we've done a very good job of that.

我認為我們在這方面做得非常好。

A lot of the work we have done, obviously people costs are the majority of our total costs.

我們所做的許多工作，顯然人員成本占我們總成本的大部分。

And the changes we have made, which I alluded to in my remarks around the way we are creating really a fulsome, vibrant marketplace inside the company as jobs change and as jobs need new technologies, one of the things we are really encouraging our team to do is to get training.

我在演講中提到了我們所做的改變，隨著工作的變化和工作需要新技術，我們正在公司內部創造一個真正充實、充滿活力的市場，這是我們真正鼓勵我們的團隊做的事情之一要做的就是接受訓練。

And we made that training available to the entire company in new technologies.

我們向整個公司提供了新技術的培訓。

We'd much rather have somebody evolve who is already an associate than someone who has to come into the company laterally.

我們更願意讓已經是合夥人的人發展，而不是必須橫向進入公司的人。

So that's an example of really kind of speeding up, if you will, the movement from a fixed to a variable compensation model.

如果你願意的話，這確實是一個加速從固定薪酬模式轉變為可變薪酬模式的例子。

Deb, any further questions or more specifics on that?

Deb，還有其他問題或更多細節嗎？

No, I'll answer his question on the timing for gross margin.

不，我會回答他關於毛利率時間的問題。

Is that really in Q2 from a year-over-year basis?

從年比來看，這真的是第二季的情況嗎？

There are no big callouts as far as onetime is.

就一次而言，沒有大的標註。

You're right that in Q1 there was that year-over-year one time, but not necessarily in Q2.

你說得對，在第一季有過一次同比的情況，但不一定在第二季。

But as a reminder, we've said before, the Ex-L&S gross margin improvement is not always going to be linear because there are quarter-to-quarter someone times and we're still holding to.

但提醒一下，我們之前說過，Ex-L&S 毛利率的改善並不總是線性的，因為有季度到季度的情況，但我們仍然堅持這樣做。

But we had laid out at investor day that 150 to 200 basis point improvement a year in Ex-L&S gross margins.

但我們在投資者日表示，除 L&S 之外的毛利率每年將提高 150 至 200 個基點。

So, hopefully that answers the question.

所以，希望這能回答這個問題。

I think it does.

我認為確實如此。

And Mike, you have been one of the leading architects of in the company, working with [Richie Kohari] and our HR team, around, obviously to get back to the one of the points people cost is our largest type of expense.

麥克，你一直是公司的主要架構師之一，與 [Richie Kohari] 和我們的人力資源團隊合作，顯然是為了回到我們最大的開支類型之一——人員成本。

You want to give a little background on the work we're doing on that, because it really does point to the future and point to us to being a more efficient organization in kind of so many ways.

您想介紹我們正在做的工作的一些背景知識，因為它確實指向了未來，並指出我們在許多方面都成為一個更有效率的組織。

Yes.

是的。

Thanks, Peter and everyone.

謝謝彼得和大家。

Thanks for the question.

謝謝你的提問。

Maybe the one piece I want to touch on was embedding your question.

也許我想談的是嵌入你的問題。

Is this a run rate?

這是運行率嗎？

And Deb mentioned it already.

黛布已經提到這一點。

We talked about a point and a half to two points of improvement in gross margin.

我們談到毛利率提高一個半到兩個點。

Well, that's coming through.

嗯，事情已經過去了。

The efforts that Peter just mentioned.

彼得剛才提到的努力。

And our talent marketplace, the delivery component of that, continues to be refined, enhanced opportunities for our associates continue to be, I'll say, brought forward to them.

我想說的是，我們的人才市場（其中的交付部分）繼續完善，為我們的員工提供了更多的機會。

Peter talked about the low attrition rate, the cultural aspect of what we're doing, opportunities to move vertically up the chain, is really important to us.

彼得談到了低流失率、我們正在做的事情的文化方面、垂直向上移動的機會，對我們來說非常重要。

The training efforts that we're putting in the pressure program and the talent acquisition at the junior level and training and holding on to those associates.

我們在壓力計畫中投入的培訓工作以及初級人才的招募以及培訓和留住這些員工。

I mean, we really took a kind of a grassroots level to kind of rethink our gross margin profile and think about it through the lens of the, I'll say, the happiness of the associate and what that drives to our clients as well as their skillset.

我的意思是，我們確實從基層開始重新思考我們的毛利率狀況，並從員工的幸福感以及這對我們的客戶以及我們的客戶帶來什麼推動的角度來思考 他們的技能。

So it really has been, I'll say we're not at the culmination yet of this.

確實如此，我想說我們還沒達到頂峰。

We're still kind of early on, which is why we're still talking around having another point and a half to two points of improvement over the course of the next two years consecutively.

我們還處於早期階段，這就是為什麼我們仍在談論在未來兩年內連續改進一點半到兩點的原因。

So we're seeing really good progress on track for what we said we were going to do at Investor day and have a good line of sight to continued improvement.

因此，我們看到我們在投資者日所說的要做的事情正在取得非常好的進展，並且對持續改進有良好的視野。

So speaking to your run rate portion of that question, great.

所以談到這個問題的運行率部分，很好。

Thank you very much.

非常感謝。

You're welcome.

不客氣。

I have one more quick thing to ask in the, I think you said your l and s revenue, I guess this quarter, the somewhat deceleration on a year-over-year basis versus Q1 was generally as expected.

我還有一件事要問，我想你說過你的收入和收入，我想這個季度，與第一季度相比，同比有所減速，總體上符合預期。

Can you talk about the pipeline?

能談談管道嗎？

And I guess when you look broadly into the second half of the year, despite the pipeline reduction, you still sound like you're pretty confident around a pickup in Ex-L&S revenue.

我想，當你廣泛地展望今年下半年時，儘管管道減少了，你聽起來仍然對 Ex-L&S 收入的回升非常有信心。

Just talk about the drivers for that.

只是談談驅動因素。

Thank you.

謝謝。

So it was the first part of the question related to L&S or Ex-L&S.

這是與 L&S 或 Ex-L&S 相關的問題的第一部分。

I just want to make sure I got the question right.

我只是想確保我的問題是正確的。

All of it was Ex-L&S.

這一切都是Ex-L&S。

Got it.

知道了。

Yes.

是的。

So you are seeing from us, when we think about Ex-L&S, there are a couple of components to that.

所以你從我們這裡看到，當我們考慮 Ex-L&S 時，有幾個組成部分。

The base component is just like the L&S business.

基礎元件就像 L&S 業務一樣。

Ex-L&S has what we will call a renewal segment to it.

Ex-L&S 有我們所謂的更新部分。

And just like the L&S business, we have very, very high renewal rates and very successful on renewal rates.

就像 L&S 業務一樣，我們的續訂率非常非常高，並且在續訂率方面非常成功。

So when we talk about the advancement of the company, you see us talk about Ex-L&S and then you see us talk about new business Ex-L&S, because that is, that is really beyond the renewal rates.

因此，當我們談論公司的進步時，你會看到我們談論 Ex-L&S，然後你會看到我們談論新業務 Ex-L&S，因為這確實超出了續訂率。

So new business has three parts to it.

所以新業務分為三個部分。

One is expansion and new scope within existing clients and the other is new logo.

一是現有客戶範圍內的擴展和新範圍，二是新標誌。

So when we talk about new business, it's all three of those components and all of them are above renewals.

因此，當我們談論新業務時，它是所有這三個組成部分，並且所有這些都高於續約。

We think that's one of the best ways we can describe the growth and momentum in the company.

我們認為這是描述公司成長和勢頭的最佳方式之一。

On the new logo side, we expect continued increase in new logos in the second half, even compared to the first half.

在新標誌方面，我們預計下半年新標誌的數量將繼續增加，甚至與上半年相比也是如此。

And the first half, as you have seen from our numbers, is a dramatic improvement over last year.

正如您從我們的數據中看到的那樣，上半年比去年有了巨大的進步。

So, if that is an indication of our competitiveness in the marketplace, we're ramping that up quite significantly.

因此，如果這顯示了我們在市場上的競爭力，那麼我們正在大幅提高這一競爭力。

And I think that is a culmination of not only the maturity of our solutions, but also, informing people about the solutions.

我認為這不僅是我們解決方案成熟的頂峰，也是向人們通報解決方案的頂峰。

It's the marketing and communication, it's the new website, it's the.

這是行銷和溝通，這是新網站，這是。

The new branding.

新品牌。

All of those things have kind of taken about a year to fully mature, but they're mature.

所有這些事情都需要大約一年的時間才能完全成熟，但它們已經成熟了。

And so that's why we're seeing, I think, the ramp up in new logo.

我認為這就是為什麼我們看到新標誌不斷增加。

In terms of the rest of the business.

就其餘業務而言。

On the expansion and new scope side, that depends on specific clients and specific client timing.

在擴展和新範圍方面，這取決於特定的客戶和特定的客戶時間表。

I can tell you we've been very successful in terms of our win rates as well as in terms of marching forward as those clients in their mission specific environments require.

我可以告訴您，我們在勝率方面以及按照客戶在其特定任務環境中的要求前進方面都非常成功。

So we feel very good about the momentum, as Mike said, not only in the cost efficiencies, but in the demand drivers and growth of the company.

因此，正如麥克所說，我們對這種勢頭感到非常滿意，不僅在成本效率方面，而且在需求驅動因素和公司的成長方面。

Mike, anything further on that?

麥克，還有什麼進一步的嗎？

Yes, maybe just one or two points.

是的，也許只是一兩點。

So you talked about the pipeline movement.

所以你談到了管道運動。

I think Peter mentioned even earlier that the quality of the pipeline we think is better.

我認為彼得更早提到我們認為管道的品質更好。

And I think that is a real byproduct of the marketing efforts, the digital campaigns that we got going out.

我認為這是行銷工作和我們進行的數位活動的真正副產品。

We're getting a lot more inbound, very specific to our solutions and our offerings.

我們收到了更多的入站訊息，這些訊息非常針對我們的解決方案和產品。

Right.

正確的。

So the alignment of that is really strong.

所以這種一致性非常強。

And when I think about the maturity of the pipeline, a lot of our pipeline is in what we call the more mature aspect, which is we're in negotiation phase.

當我考慮管道的成熟度時，我們的許多管道都處於我們所說的更成熟的方面，即我們正處於談判階段。

Right.

正確的。

As opposed to the very early on prospecting.

與早期的勘探相反。

So we again, feel really good about our coverage ratio, feel good about our win rates, and really feel good about how that front end lead gen is really driving higher quality pipeline and hence higher win rates.

因此，我們再次對我們的覆蓋率感到非常滿意，對我們的獲勝率感到非常滿意，並且對前端潛在客戶開發如何真正推動更高品質的管道並因此提高獲勝率感到非常滿意。

So feeling I'm pretty bullish on that right now.

所以感覺我現在非常看好這一點。

Anja Soderstrom, Sidoti.

安雅·索德斯特羅姆，西多蒂。

Quick-serve restaurant clients.

快速服務餐廳顧客。

Was that an existing client that you expanded with, helped by the AI and use cases, or was that a new logo for you?

這是您在人工智慧和用例的幫助下擴展的現有客戶，還是您的新徽標？

So, Anja, thanks for the question.

那麼，安雅，謝謝你的提問。

That is a new logo.

那是一個新標誌。

We have very occasionally worked with that client over the years on a kind of a project by project basis in various parts of the world.

多年來，我們偶爾會與該客戶在世界各地進行逐個專案的合作。

But we really, in terms of this effort and working with that client, it's really a new logo for us and one we're very excited about.

但實際上，就這項努力以及與該客戶的合作而言，這對我們來說確實是一個新標誌，我們對此感到非常興奮。

Okay.

好的。

Thank you.

謝謝。

And then you mentioned you're rather competitive.

然後你提到你很有競爭力。

And can you tell me a bit about the competitive environment if that has changed recently and also your pricing power?

您能否告訴我一些有關競爭環境（如果最近發生變化）的資訊以及您的定價能力？

Well, yes, so, I think we have been able to maintain, our estimated gross margins for both for new work, whether that is expansion, renewal, or new logo or new scope.

嗯，是的，所以，我認為我們能夠維持新工作的估計毛利率，無論是擴張、更新、新標誌還是新範圍。

Our competitors vary.

我們的競爭對手各不相同。

It's a busy market with a lot of competitors.

這是一個繁忙的市場，有很多競爭對手。

But as I alluded to in the prior answer, we're kind of creating our own identity.

但正如我在之前的回答中提到的，我們正在創建自己的身份。

I think we are differentiating ourselves and we're doing that successfully.

我認為我們正在使自己與眾不同，並且我們正在成功做到這一點。

And the success we're having around new scope as well as the other elements of new business, I think we're kind of charting our own path, and I think that has been very successful and I think the market is understanding it.

我們在新範圍以及新業務的其他要素方面取得的成功，我認為我們正在製定自己的道路，我認為這非常成功，我認為市場正在理解它。

So, we're cognizant of other players, but at this point, we're really kind of marching ahead to our own drumbeat.

所以，我們了解其他玩家，但在這一點上，我們確實是按照自己的步調前進。

And I think so far that's working pretty well.

我認為到目前為止效果很好。

Okay, thank you.

好的，謝謝。

And also, thanks.

還有，謝謝。

It seems like I'm moving in the right direction for you, but how do you perceive the macro environment and the customer sentiment?

看來我正在朝著正確的方向前進，但您如何看待宏觀環境和客戶情緒？

And is there any specific cost in terms of verticals?

在垂直領域有什麼具體的成本嗎？

Well, so when you look at verticals, as well as geography, we are pretty diversified.

好吧，當你看看垂直領域和地理領域時，你會發現我們相當多元化。

So when we look at revenue by, if you will, customer segment, whether it's commercial or whether it's public or whether it's financial services, you see us relatively evenly spaced between those three.

因此，當我們根據客戶群（如果你願意的話）來查看收入時，無論是商業的、公共的還是金融服務的，你會發現我們在這三者之間的分佈相對均勻。

And then from a geographic standpoint, again, you tend to see about 45%ish in the U.S. and Canada and about 55% in the rest of the world.

然後，從地理角度來看，您往往會看到美國和加拿大約 45% 左右，世界其他地區約 55% 左右。

So I think one of the advantages of our company is our diversification.

所以我認為我們公司的優勢之一就是我們的多元化。

And then from our solutions, again, our ECS and CA&I and DWS segments are all about the same size.

然後，從我們的解決方案來看，我們的 ECS、CA&I 和 DWS 部分的規模都大致相同。

So, what we tend to do is take advantage of that diversification.

因此，我們傾向於做的就是利用這種多元化。

And where we see specific areas of opportunity, whether that's by geography, whether that's by solution, whether that's by client vertical, we tend to rush more resources into those areas.

當我們看到特定的機會領域時，無論是按地理位置、無論是按解決方案還是按客戶垂直領域，我們都傾向於將更多資源投入這些領域。

So that goes back, Anja, to an earlier question about fixed versus variable cost.

Anja，這又回到了先前關於固定成本與變動成本的問題。

We're really quite able, in the way we have organized the company with our go-to-market, to be able to see, like, where can we rush in?

我們確實非常有能力，透過我們組織公司進入市場的方式，能夠看到我們可以衝向哪裡？

And that go-to-market increasingly covers all of our solutions in all geographies.

而且這種上市越來越涵蓋我們在所有地區的所有解決方案。

So it gives us a little more variability.

所以它給了我們更多的可變性。

So I think everybody on this call is aware, there are some geographies that are moving ahead more smartly than others.

因此，我認為參加這次電話會議的每個人都知道，有些地區的發展比其他地區更聰明。

There are some industry verticals that are moving ahead faster than others.

有些垂直產業的發展速度比其他產業更快。

And our approach is we're in all of those and to take advantage of those.

我們的方法是我們參與所有這些並利用它們。

Mike, any other thought on that?

麥克，對此還有其他想法嗎？

Yes.

是的。

Look, Anja, thanks for the question.

聽著，安雅，謝謝你的提問。

The only thing I would say part of your comment there, I think, was in regards to the macros and what we're seeing in the market, I've not really seen huge movement yet.

我認為，我唯一要說的你的評論的一部分是關於宏觀和我們在市場上看到的情況，我還沒有真正看到巨大的變化。

I mean, we're, I think we're all kind of waiting a little bit for this uptick to come, but it's been pretty consistent, maybe getting a little better, a little less pressure.

我的意思是，我想我們都在等待這種上升的到來，但它非常穩定，也許會變得更好一點，壓力會更小一些。

But look, the companies that we're dealing with are still very cost conscious.

但你看，與我們打交道的公司仍然非常注重成本。

Peter really talked about our ability from a defensive perspective to make sure we've got diversity not only in geography, but in the markets we serve.

彼得確實從防禦的角度談到了我們的能力，以確保我們不僅在地理上而且在我們服務的市場上都具有多樣性。

That has served us well in the past and continues to serve us well.

這在過去為我們提供了良好的服務，並將繼續為我們提供良好的服務。

We have a very high renewal rate, as we talked about, and a very high recurring revenue base.

正如我們所說，我們的續訂率非常高，經常性收入基礎也非常高。

Right.

正確的。

So I think we've been, protected nicely in that regard and starting to see the market turn a little bit.

因此，我認為我們在這方面受到了很好的保護，並開始看到市場出現一些轉變。

And I think as evidenced by the tremendous first half we've been having on new logo, and as we've indicated a couple times during this call, we expect that momentum to continue in the back half.

我認為，正如我們在新標誌上所表現出的巨大的上半場所證明的那樣，正如我們在這次電話會議中多次表示的那樣，我們預計這種勢頭將在後半場繼續下去。

Okay, thank you.

好的，謝謝。

And one last question.

最後一個問題。

In regards to the CapEx spend, what are you investing in?

關於資本支出，您投資什麼？

And do you expect that to be the same level in the coming years or come down or increase?

您預計未來幾年這一數字會保持在同一水平，還是下降或上升？

How should we think about CapEx spend?

我們該如何考慮資本支出？

Yes.

是的。

Anja, that's a great question.

安雅，這是一個很好的問題。

I'm going to turn over to Deb in just a second.

我馬上就把電話交給黛布。

Historically we have, I think, been a proponent, at least.

我認為，從歷史上看，我們至少是支持者。

Going back to your question about the sector and the industry, we have a relatively CapEx light approach.

回到你關於產業和產業的問題，我們有一個相對資本支出相對較少的方法。

So, we don't think it's necessarily beneficial for the company to take on a great deal of CapEx in terms of deals.

因此，我們認為在交易方面承擔大量資本支出不一定對公司有利。

We don't think that that makes sense for most of our clients.

我們認為這對我們的大多數客戶來說沒有意義。

And so you actually see us declining CapEx over the last several years to the current ratio.

因此，您實際上會看到我們在過去幾年中將資本支出降至當前比率。

And we had a $3 million uptick this quarter.

本季我們的營收增加了 300 萬美元。

Not a significant uptick.

沒有明顯上升。

And that will change from quarter-to-quarter.

這會隨著季度的變化而變化。

We do a significant amount of CapEx investment in what we call our L&S business that is not at all a static business, even though from a revenue standpoint, it's relatively.

我們在所謂的 L&S 業務上進行了大量的資本支出投資，該業務根本不是靜態業務，儘管從收入的角度來看，它是相對的。

We're saying over the next three years, we expect about $375 million a year in it, but we do a lot of work to make that happen.

我們說，在接下來的三年裡，我們預計每年的收入約為 3.75 億美元，但我們做了很多工作來實現這一目標。

And then obviously, outside of that, you have specific investments in new technologies and occasionally for clients.

顯然，除此之外，您還對新技術進行了特定投資，有時還對客戶進行了特定投資。

So, Deb, do you have any specific comments to give to Anja on the level of CapEx and kind of what we've talked about, what we're seeing this year compared to last year, perhaps a view to next year.

那麼，Deb，您對資本支出水平以及我們所討論的內容、我們今年與去年相比所看到的情況、也許是對明年的展望有什麼具體的意見要向 Anja 提出嗎？

Yes.

是的。

So we typically say, Anja, about 4% to 5% of revenue is where we've been running in CapEx.

所以我們通常會說，Anja，大約 4% 到 5% 的收入是我們一直在資本支出中運行的。

So as revenue goes up, the CapEx will raise slightly due to customer related, client related CapEx.

因此，隨著收入的增加，由於與客戶相關的資本支出，資本支出將略有增加。

But that's typically where we are this year and where we expect to continue.

但這通常是我們今年所處的情況，也是我們預期會繼續下去的情況。

If I could.

如果我能。

On you just on.

就在你身上。

Sorry, I was just going to say just a tad bit of color on that.

抱歉，我只是想說一點顏色。

We've been continuing to build out our partner ecosystem as well.

我們也一直在繼續建立我們的合作夥伴生態系統。

That's one of the ways we kind of maintain the, I'll say, the innovation component of our solution offering.

我想說，這是我們維持解決方案的創新部分的方式之一。

So, Deb's spot on, as is Peter.

所以，黛布是對的，彼得也是。

We've kind of gotten to a fairly normalized level of CapEx spend, and the variation in that CapEx spend is largely due to certain of our solutions and can be variable.

我們已經達到了相當正常的資本支出水平，而資本支出的變化很大程度上是由於我們的某些解決方案造成的，並且可能是可變的。

Okay, great.

好的，太好了。

That’s all for me.

這就是我的全部。

Anja, thanks very much for the questions.

安雅，非常感謝您的提問。

Kellyn, Jefferies.

凱琳，杰弗里斯。

Hey, guys, just quickly wanted to follow up on the total pipeline.

嘿，夥計們，我只是想盡快跟進整個管道。

Obviously, we saw a decline sequentially, but sounds like that's more of a timing nuance than anything.

顯然，我們看到了連續下降，但這聽起來更像是時間上的細微差別。

So could you just give us some color as to how you see that trending in the back half of the year when looking across the renewal calendar that you have?

那麼，您能否給我們一些信息，告訴我們在查看您的續訂日曆時，您如何看待下半年的趨勢？

Yes, it's a great question.

是的，這是一個很好的問題。

As I pointed out in my comments, the pipeline, the total pipeline is down a little bit.

正如我在評論中指出的那樣，管道、總管道略有下降。

Frankly, we expected that given the success we have had in the new logo signings, but it's important to replace it.

坦白說，鑑於我們在新標誌簽約方面取得的成功，我們預計會出現這種情況，但更換它很重要。

The other thing I would point out, and I think Mike alluded to this in one of the earlier questions, our win rates for new logo signings have got up significantly, and so that adds to the quality of that pipeline.

我要指出的另一件事是，我認為麥克在之前的問題中提到了這一點，我們新標誌簽約的獲勝率顯著上升，因此這增加了該頻道的品質。

But Mike, do you want to talk specifically about how you see the pipeline refreshing over the next six months in the next year?

但是麥克，您想具體談談您如何看待明年接下來六個月的管道更新嗎？

Sure.

當然。

Great question.

很好的問題。

Again, when I look at the coverage of our pipeline, yes, it's down slightly, but we had such a high renewal session really in Q4 of last year, and that drove some of that pipeline down.

再次，當我查看我們的管道覆蓋範圍時，是的，它略有下降，但我們在去年第四季度確實進行瞭如此高的更新會議，這導致了部分管道的覆蓋範圍下降。

But the prospecting that we're seeing come through that pipeline, normally that's like a two to three, three quarter refresh cycle.

但我們看到的勘探是透過該管道進行的，通常就像兩到三、四個季度的刷新週期。

We do have some really interesting opportunities that we expect to be replenishing that with over the back half of this year.

我們確實有一些非常有趣的機會，我們預計將在今年下半年補充這些機會。

But again, as we continue to expand our win rates and close more deals, you don't need as large a pipeline in order to do that.

但同樣，隨著我們繼續提高贏率並完成更多交易，您不需要那麼大的管道來做到這一點。

And we have more coverage than we need to do, what we need to accomplish for this year.

我們的覆蓋範圍超出了我們今年需要完成的工作。

So we're pretty comfortable with where we're at and really focused on the quality of that pipeline, the conversion rate of that pipeline, and the win rates.

因此，我們對自己所處的位置非常滿意，並且真正關注管道的品質、管道的轉換率和獲勝率。

So I think you should think about on the back half of a high renewal quarter that you've got a quarter or two to replenish that pipeline.

因此，我認為您應該考慮在高更新季度的後半段，您有一個或兩個季度來補充該管道。

But I think you'll see a fairly consistent level of overall pipeline for us pretty much around where we're at.

但我認為你會看到我們的整體管道水平相當一致，幾乎與我們所處的位置相當。

I expect it to come up slightly, but again, the coverage ratio that we look for, we're well in line with.

我預計它會略有上升，但同樣，我們尋找的覆蓋率非常符合。

And just one last one for me on the pension.

還有我的退休金的最後一項。

It seems like the estimate's mostly unchanged from your comments, but can you just give us high level thoughts on how those may fluctuate if we do enter a rate cutting environment in the back half of the year?

從您的評論看來，這項估計基本上沒有變化，但您能否給我們一些高層次的想法，說明如果我們在今年下半年進入降息環境，這些估計可能會如何波動？

Also a very good question, Deb, over to you.

這也是一個非常好的問題，黛布，交給你了。

Okay, great.

好的，太好了。

So I think from an interest rate perspective, because the contributions are on a 25 year average number, it doesn't impact that so much.

所以我認為從利率的角度來看，因為繳款是25年的平均數字，所以影響不會那麼大。

And so I think, the real impact as interest rates come lower if there's benefit on the asset returns for the fixed income assets we have within the portfolio, that's where we'll really see, most likely some benefit if the market's moving that way.

因此，我認為，如果我們投資組合中的固定收益資產的資產回報率有好處，那麼隨著利率下降，我們真正會看到的真正影響是，如果市場朝這個方向發展，很可能會帶來一些好處。

So -- but we are, very diversified in the assets we have.

所以，但我們擁有的資產非常多元化。

And so, as you've seen over the past few quarters, not too much volatility.

因此，正如您在過去幾個季度所看到的那樣，波動性不大。

And so, we think, that that will continue.

因此，我們認為這種情況將會持續下去。

Thank you so much.

太感謝了。

And I think, I think -- and just to kind of put a -- to summarize, I think, to your point regarding pension, I think what we're really happy about is just the progress we're making on Ex-L&S margin, which will be improving our operating profit or EBITDA SG&A initiatives that we're working on, as well as some of those cash flow items we talked about declining over the next few years.

我認為，我認為——只是簡單地說——總結一下，我認為，就你關於退休金的觀點而言，我認為我們真正感到高興的是我們在 Ex-L&S 方面取得的進展利潤率，這將改善我們的營業利潤或我們正在進行的EBITDA SG&A 計劃，以及我們談到的未來幾年下降的一些現金流項目。

So what's good is we feel really good about where we're going as far as being able to meet those obligations and meet the goals that we laid out on investor day.

因此，好的方面是，我們對自己的進展感到非常滿意，能夠履行這些義務並實現我們在投資者日制定的目標。

Great.

偉大的。

Thank you so much.

太感謝了。

Thanks for the question.

謝謝你的提問。

This concludes our question-and-answer session.

我們的問答環節到此結束。

I would like to turn the conference back over to Peter Altabef for any closing remarks.

我想將會議轉回給彼得·阿爾塔貝夫（Peter Altabef）發表閉幕詞。

Well, thanks everyone for being on the call.

好的，感謝大家的來電。

As you can see from our published earnings release as well as the quality of this call, the numbers, I think, speak for themselves.

正如您從我們發布的收益報告以及本次電話會議的品質中看到的那樣，我認為這些數字是不言而喻的。

The Company is excited about the progress we're making.

公司對我們所取得的進展感到興奮。

We're frankly thankful for the engagement of you on this call.

坦白說，我們非常感謝您參與本次電話會議。

And we have a continuing information session.

我們有一個持續的資訊會議。

So the information that we're posting on the IR site continues to be dynamic and we refer you to it.

因此，我們在 IR 網站上發布的信息仍然是動態的，我們建議您參考。

And the information about our solutions and our interaction with customers is also dynamic.

有關我們的解決方案以及我們與客戶互動的資訊也是動態的。

So a lot of the work we have done on the website is not only for the benefit of clients and prospects and third party advisors, but frankly also for you.

因此，我們在網站上所做的工作不僅是為了客戶、潛在客戶和第三方顧問的利益，坦白說，也是為了您。

And so we hope you take advantage of that and we continue to be eager to engage in conversations with you as time goes on.

因此，我們希望您能利用這一點，隨著時間的推移，我們將繼續渴望與您進行對話。

So thanks very much on behalf of Deb and Mike, appreciate greatly you being on the call.

因此，我代表 Deb 和 Mike 非常感謝，非常感謝您參加電話會議。

Thank you.

謝謝。

Operator.

操作員。

Thank you.

謝謝。

The conference has now concluded.

會議現已結束。

Thank you for attending today's presentation, you may now disconnect.

感謝您參加今天的演示，您現在可以斷開連接。