Unisys Corp (UIS) 2024 Q3 法說會逐字稿

Good morning and welcome to the Unisys Corporation third quarter, 2024 financial results and conference call.

早安，歡迎來到 Unisys 公司 2024 年第三季財務業績和電話會議。

All participants will be in a listen-only mode.

所有參與者將處於僅聽模式。

Should you need assistance?

您需要協助嗎？

Please signal a conference specialist by pressing the star key followed by zero.

請按星號鍵，然後按零，向會議專家發出訊號。

After today's presentation, there will be an opportunity to ask questions to ask a question.

今天的演講結束後，將有機會提問。

You may press star then one on your telephone keypad to withdraw your question.

您可以按電話鍵盤上的星號然後再按一個來撤回您的問題。

Please press star.

請按星號。

Then two.

然後是兩個。

Please note this event is being recorded.

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 third quarter financial results.

昨天下午，Unisys發布了第三季財務業績。

I'm joined this morning to discuss those results with Peter Altabef, our chair and CEO Deb mccann, our CFO and Mike Thompson, our President and COO who will participate in the Q&A session as a reminder, certain statements in today's conference call contain estimates and other forward-looking statements within the meaning of the securities laws.

今天早上我將與我們的主席兼執行長Peter Altabef、我們的財務長Deb mccann 以及我們的總裁兼營運長Mike Thompson 討論這些結果，他們將參加問答環節，提醒您，今天電話會議中的某些聲明包含估計值以及證券法意義內的其他前瞻性陳述。

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 statement section of today's earnings release furnished on form eight K and in our most recent forms, 10-K and 10-Q as filed with the SEC, we do not by including this statement, assume any obligation to review or revise any particular forward-looking statement referenced herein.

這些項目也可以在今天的收益發布的前瞻性聲明部分中找到，表格 8 K 以及我們向 SEC 提交的最新表格 10-K 和 10-Q 中，我們不包含此聲明，承擔審查或修改本文引用的任何特定前瞻性聲明的義務。

In light of future events, we will also be referring to certain Non-Gaap financial measures such as Nongaap operating profit or adjusted EBITDA that excludes certain items such as post retirement expense, cost reduction activities and other expenses.

鑑於未來事件，我們還將參考某些非公認會計準則財務指標，例如 Nongaap 營業利潤或調整後的 EBITDA，其中不包括退休後費用、成本削減活動和其他費用等某些項目。

The company believes are not indicative of its ongoing operations as they may be unusual or non-recurring.

該公司認為這並不表明其正在進行的業務，因為它們可能是不尋常的或非經常性的。

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 Nongaap measures have been reconciled to the related GAAP measures and we have provided reconciliations within the presentation.

Nongaap 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 call are available on our investor website with that.

今天電話會議附帶的幻燈片可在我們的投資者網站上找到。

I'd like to turn the call over to Peter.

我想把電話轉給彼得。

Thank you, Michaela.

謝謝你，米凱拉。

Good morning, everyone and thank you for joining us to discuss the company's third quarter results.

大家早安，感謝您加入我們討論公司第三季業績。

It was another solid quarter of execution and we are pleased to be raising our full year Nongaap operating margin guidance and have an improved outlook for 2024 free cash flow third quarter, revenue grew 8.2% in constant currency which keeps us on track to achieve our full year revenue guidance range.

這是另一個執行力強勁的季度，我們很高興提高全年Nongaap 營業利潤率指導，並對2024 年第三季度自由現金流前景有所改善，按固定匯率計算收入增長8.2%，這使我們有望實現全面目標年收入指導範圍。

Our results provide a number of encouraging sign for future revenue and our ability to accelerate growth next year.

我們的業績為未來收入和明年加速成長的能力提供了許多令人鼓舞的跡象。

For example, new business T CV was up significantly year over year again this quarter.

例如，本季新業務T CV年增率再次大幅成長。

And with a higher contribution from new logo signings, we generated solid sequential growth in our pipeline with solutions that are well aligned to market demand.

憑藉新標誌簽名帶來的更高貢獻，我們透過與市場需求完美契合的解決方案在管道中實現了穩健的連續成長。

We expect an incremental $40 million of revenue upside this year in our L&S solutions and we are slightly increasing our previous LNS forecasts for the next two years.

我們預計今年 L&S 解決方案的收入將增加 4000 萬美元，並且我們略微提高了先前對未來兩年 LNS 的預測。

Our results also demonstrate year over year expansion in our gross margin and nongaap operating margin which are benefiting from our delivery and operational efficiency initiatives.

我們的業績也表明，我們的毛利率和非公認會計原則營業利潤率逐年擴大，這得益於我們的交付和營運效率措施。

Over the coming quarters, we expect to further enhance our prepension free cash flow as new business signings generate increasing revenue, we execute our efficiency plans and as legal and environmental payments decline to 2025 and 2026.

在接下來的幾個季度中，隨著新業務簽約產生的收入增加、我們執行效率計劃以及法律和環境費用在 2025 年和 2026 年下降，我們預計將進一步增強我們的預付退休金自由現金流。

Looking more closely at our third quarter, client signings new business T CV grew 50% year over year and is up 32% year-to-date.

仔細觀察第三季度，客戶簽約新業務 T CV 年成長 50%，年初至今成長 32%。

Similar to the first half.

與上半場類似。

New logos were a strong contributor to new business in the third quarter and new logo T CV, more than doubled year over year for the third consecutive quarter.

新標誌對第三季新業務做出了強勁貢獻，新標誌 T CV 連續第三季同比增長了一倍多。

Adding new clients to our base is important for future growth as they increase our potential to generate revenue from new scope and expansion opportunities.

為我們的基礎添加新客戶對於未來的成長非常重要，因為它們增加了我們從新範圍和擴張機會中創造收入的潛力。

We have a number of these opportunities with new logos signed in the first half of the year in C&I.

今年上半年，我們在 C&I 簽署了許多這樣的機會，並簽署了新標誌。

New logo signings were particularly strong including in application development and cloud service engagements with public sector clients.

新徽標的簽署尤其強勁，包括在應用程式開發和與公共部門客戶的雲端服務合作方面。

For example, one of the most populous cities in the United States chose Unices to transform, simplify and streamline its licensing and permitting processes.

例如，美國人口最多的城市之一選擇 Unices 來改造、簡化和簡化其許可和許可流程。

As part of this engagement, we will partner closely with this client to create an innovative citywide system with a single point of entry, secure identity management and data protection in DWS.

作為此次合作的一部分，我們將與該客戶密切合作，創建一個創新的全市系統，在 DWS 中提供單點入口、安全身分管理和資料保護。

We also had a notable public sector new scope win with an existing large nonprofit US hospital system.

我們也與現有的大型非營利美國醫院系統取得了顯著的公共部門新範圍勝利。

Client unitis will provide a variety of digital workplace solutions to modernize and upgrade end user devices and operating systems and work with individual hospitals and offices to ensure compliance with systemwide standards.

客戶unitis將提供各種數位工作場所解決方案，以實現最終用戶設備和作業系統的現代化和升級，並與各個醫院和辦公室合作，以確保符合系統範圍的標準。

This new scope adds to the it support we already provide to nearly 200,000 end users at this client in ecs.

這個新的範圍增加了我們已經在 ecs 用戶端上向近 200,000 個最終用戶提供的 IT 支援。

There is demand for specialized services to modernize the infrastructure and applications adjacent to our platforms.

需要專業服務來實現我們平台附近的基礎設施和應用程式的現代化。

As an example during the quarter, we signed a new scope to modernize mission critical infrastructure for an existing large European financial services client in sales and marketing.

舉個例子，在本季度，我們簽署了一項新的範圍，為現有的大型歐洲金融服務客戶在銷售和行銷方面實現關鍵任務基礎設施的現代化。

We have accelerated our go to market speed, improved sales processes and technology adoption including the adoption of new A I tools are helping us prospect scope price and propose at a faster pace leading to faster average sales cycles.

我們加快了進入市場的速度，改善了銷售流程和技術採用，包括採用新的人工智慧工具，幫助我們以更快的速度預測範圍價格和提出建議，從而加快平均銷售週期。

In our third quarter cycles, targeted solution focused campaigns and relevant thought leadership are improving the quality of our leads and new logo win rates which are higher in the first three quarters compared to 2023.

在我們的第三季度週期中，以有針對性的解決方案為重點的活動和相關的思想領導力正在提高我們的潛在客戶品質和新徽標獲勝率，與2023 年相比，前三個季度的獲勝率更高。

I'll now discuss some of the trends we are seeing in our pipeline total pipeline grew 9% sequentially including 10% growth in our Ex-L&S pipeline and positive sequential pipeline growth in all geographic regions.

現在，我將討論我們在管道總管道中看到的一些趨勢，該管道總管道連續增長了 9%，其中包括 Ex-L&S 管道中 10% 的增長以及所有地理區域的管道管道連續積極增長。

We are building awareness of our innovation with existing clients through our client technology officers and new business pipeline with existing clients increased more than 20% sequentially in our XL NS solutions in C&I.

我們正在透過客戶技術官員與現有客戶建立創新意識，並且在工商業領域的 XL NS 解決方案中，現有客戶的新業務管道連續增加了 20% 以上。

We have strengthened relationships with large key public sector clients where we saw an increase in new opportunities driven by interest in our application development capabilities and security managed services in DWS.

我們加強了與大型關鍵公共部門客戶的關係，在這些客戶中，由於對我們的應用程式開發能力和 DWS 安全管理服務的興趣，我們看到了新機會的增加。

We have a number of new opportunities in communication and collaboration, unified Endpoint management solutions and frontline worker enablement.

我們在溝通和協作、統一端點管理解決方案和第一線員工支援方面擁有許多新機會。

Many opportunities in our new logo pipeline include solutions from both DWS.

我們的新徽標管道中的許多機會都包括來自 DWS 的解決方案。

And can I initially engaging a new client in multiple segments, increases the stickiness of the new relationship and also provides access to more adjacencies for expansion in the ES segment.

我能否先在多個細分市場中吸引新客戶，增加新關係的黏性，並提供更多鄰接以在 ES 細分市場中進行擴展。

We are seeing new opportunities to help existing clients modernize and expand the digital capabilities in their application layers, especially in the financial services and public sectors where our teams have deep industry and data expertise.

我們看到了新的機會來幫助現有客戶現代化並擴展其應用層的數位能力，特別是在金融服務和公共部門，我們的團隊在這些領域擁有深厚的行業和數據專業知識。

We are seeing client demand for A I enabled solutions in all three segments and we are increasing adoption of A I in our delivery and internal corporate functions.

我們看到客戶對所有三個細分市場中的人工智慧解決方案都有需求，並且我們正在我們的交付和內部公司職能中越來越多地採用人工智慧。

There are more than 120 active A I projects across the company.

全公司有超過 120 個活躍的 AI 專案。

The majority of these projects include generative A I and many are forming the basis for standardized solution architectures.

這些專案中的大多數都包括生成式人工智慧，並且許多專案正在形成標準化解決方案架構的基礎。

About 50 of these projects are in production and about 40 of them are client facing.

其中約 50 個項目已投入生產，其中約 40 個項目面向客戶。

As an example in DWS.

以DWS為例。

Our Unisys service experience accelerator is a generative A I foundation and knowledge generator that we can deploy within a client's trusted environment allowing it to securely leverage operational data and maintain data sol.

我們的 Unisys 服務體驗加速器是一個生成式人工智慧基礎和知識產生器，我們可以將其部署在客戶的可信任環境中，使其能夠安全地利用營運資料並維護資料解決方案。

In C&I, we are custom engineering and education companion for one of our higher education clients.

在 C&I 領域，我們是一位高等教育客戶的客製化工程和教育合作夥伴。

This generative A I offering uses specified open source textbook content while interacting in multiple languages.

此生成式人工智慧產品使用指定的開源教科書內容，同時以多種語言進行互動。

It reduces barriers to education caused by language limitations and the need for physical textbook ownership.

它減少了由於語言限制和擁有實體教科書的需要而造成的教育障礙。

With the result of making education more accessible to a diverse student body, we expect specialized generative A I knowledge assistance that are specific to an industry function and organization to become commonplace productivity drivers.

為了讓多元化的學生群體更容易接受教育，我們期望針對行業職能和組織的專門的生成式人工智慧知識幫助能夠成為普遍的生產力驅動因素。

These assistant can quickly identify gaps and inconsistencies in knowledge and generate content to accelerate code generation solution development and training, building shared intelligence across delivery and solution architecture in DWS and C&I, we are deepening our capabilities in managed services that are required to run and optimize A I workloads such as Multicloud Management and data center management solutions.

這些助手可以快速識別知識中的差距和不一致，並生成內容以加速代碼生成解決方案的開發和培訓，在DWS 和C&I 中跨交付和解決方案架構構建共享智能，我們正在深化運行和優化所需的託管服務的能力A I 工作負載，例如多雲管理和資料中心管理解決方案。

These include managing and servicing data and where applicable the physical infrastructure required in A I factories in our corporate functions.

其中包括管理和服務數據，以及我們公司職能中人工智慧工廠所需的實體基礎設施（如果適用）。

We have engineered specialized generative A I assistance to navigate internal systems and policies more efficiently.

我們設計了專門的生成人工智慧協助，以更有效地駕馭內部系統和政策。

In CS, we are innovating our travel and transportation solution portfolio.

在 CS 領域，我們正在創新我們的旅行和交通解決方案組合。

This includes Unices, logistics optimization, our cargo capacity, warehousing and routing solution that leverages both A I and quantum annuity.

這包括 Unices、物流優化、我們利用人工智慧和量子年金的貨運能力、倉儲和路線解決方案。

We are enhancing the solution by expanding cargo and container types for capacity optimization and are adding revenue management capabilities to enable financial forecasting and contract optimization through the platform.

我們正在透過擴展貨物和貨櫃類型來增強解決方案以實現容量優化，並增加收入管理功能以透過該平台實現財務預測和合約優化。

We will also begin offering multimodal routing in the near future.

我們也將在不久的將來開始提供多式聯運路線。

Recognizing our innovation in travel and transportation avasant included Unices as a disruptor in its air freight and logistics digital services radar view published during the third quarter.

認識到我們在旅遊和運輸領域的創新，Unices 在第三季發布的航空貨運和物流數位服務雷達視圖中將其視為顛覆者。

We are also increasing awareness in our travel and transportation portfolio enhancements with our base of airline and freight forwarder clients.

我們也提高了航空公司和貨運代理客戶群對旅行和運輸產品組合增強的認識。

These existing relationships position us as a known provider in the industry for scaling new solutions such as Unices logistics optimization.

這些現有關係使我們成為業界知名的供應商，可擴展 Unices 物流優化等新解決方案。

Also in the third quarter, we added a new airline client through our cargo portal solution which will allow this top five global air cargo carrier to sell capacity to freight forwarders booking through our portal.

同樣在第三季度，我們透過我們的貨運門戶解決方案添加了一個新的航空公司客戶，這將使這家全球排名前五的航空貨運公司能夠向透過我們的門戶預訂的貨運代理出售運力。

I'll now touch on the progress we are making from our workforce initiatives.

我現在將談談我們在勞動力計劃方面取得的進展。

Our success with new logos has created a host of new opportunities for associate development and our initiatives to map talent and facilitate mobility have allowed us to improve internal fulfillment rates on new logos.

我們在新商標方面的成功為員工的發展創造了許多新的機會，而我們的人才規劃和促進流動性的舉措使我們能夠提高新商標的內部履行率。

As part of our internal efforts to improve delivery efficiency.

作為我們內部提高交付效率努力的一部分。

We are also increasing campus hiring and optimizing our labor markets.

我們也增加校園招募並優化勞動市場。

We are investing in technology process improvement and talent initiatives that prioritize skill development and career growth for our employees while expanding our capabilities in areas relevant to our clients.

我們正在投資技術流程改進和人才計劃，優先考慮員工的技能發展和職業發展，同時擴大我們在與客戶相關領域的能力。

Our trailing 12 month voluntary attrition is low at 11.8% which compares to 13.3% a year ago.

我們過去 12 個月的自願離職率較低，為 11.8%，而一年前為 13.3%。

Before turning the call over to Deb, I want to share some of the recent Acknowledgments we have received from third party analysts and advisors.

在將電話轉給 Deb 之前，我想分享我們最近從第三方分析師和顧問那裡收到的一些致謝。

These industry experts influence client decisions and access to rfps and we have been building awareness and relevance with this group.

這些行業專家影響客戶的決策和 rfps 的訪問，我們一直在與這個群體建立意識和相關性。

Unisys has received a number of new recognitions from these industry experts since June, Avasant Everest Isg and Nelson Hall have published reports.

自六月以來，Unisys 獲得了這些行業專家的多項新認可，Avasant Everest Isg 和 Nelson Hall 都發布了報告。

Recognizing our solutions, these include leader designations from ISG in global digital workplace services from Everest in a new report for digital workplace services for midmarket enterprises and from Nelson Hall in end to end cloud and infrastructure management services.

我們的解決方案得到了認可，其中包括ISG 在針對中端市場企業的數位工作場所服務的新報告中授予的全球數位工作場所服務領導者稱號，以及Nelson Hall 在端到端雲端和基礎設施管理服務方面授予的領導者稱號。

I'll now hand the call over to Deb to discuss our financial results in more detail.

我現在將把電話轉給黛布，更詳細地討論我們的財務表現。

Thank you, Peter and good morning, everyone as a reminder.

謝謝彼得，大家早安，作為提醒。

My discussion today will reference slides from the supplemental presentation posted on our website.

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 be discussing total revenue growth both as reported and in constant currency and segment growth in constant currency only.

我將討論以固定匯率計算的總收入成長以及僅以固定匯率計算的部門成長。

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

我還將提供不包括許可證和支持收入的信息，或者Ex-L&S 允許投資者評估我們在EC 部分之外取得的進展，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在季度之間不一致。

As Peter discussed, we continued to lay a strong foundation for future growth in the third quarter.

正如彼得所討論的，我們繼續為第三季的未來成長奠定堅實的基礎。

Growth in new business signings remain strong on a year over year basis.

新業務簽約量年增率依然強勁。

And we are attracting new clients which will fuel new scope and expansion backlog is up from the prior year and our pipeline grew sequentially.

我們正在吸引新客戶，這將推動新的範圍和擴張積壓比上一年增加，並且我們的管道連續增長。

Additionally, ECs revenue and profit is exceeding our forecast and we are delivering on our efficiency plans translating to profit and free cash flow upside for the full year.

此外，EC 的收入和利潤超出了我們的預測，我們正在實施效率計劃，將其轉化為全年的利潤和自由現金流上升。

Looking at our results in more detail, you can see on slide 4, that third quarter revenue was $497 million.

更詳細地查看我們的結果，您可以在幻燈片 4 中看到，第三季收入為 4.97 億美元。

An increase of 7% year over year or 8.2% in constant currency growth was driven by L&S excluding license and support.

年成長 7%，以固定匯率計算成長 8.2%，這是由 L&S（不包括授權和支援）推動的。

Third quarter revenue was $393 million.

第三季營收為 3.93 億美元。

A decline of 1.3% year over year and 0.1% in constant currency year-to-date Ex-L&S revenue is up 0.9% year over year or 1% in constant currency.

年初至今，除 L&S 營收年減 1.3%，以固定匯率計算下降 0.1%，年增 0.9%，以固定匯率計算成長 1%。

We expect full year Ex-L&S revenue growth near the low end of our previous range of 1.5 to 5% in constant currency.

我們預計全年除 L&S 收入成長接近我們之前按固定匯率計算 1.5% 至 5% 區間的低端。

Primarily due to lower annual revenue from our mix of 2024 signings.

主要是由於我們 2024 年簽約組合的年收入較低。

New logos were a much stronger contributor to our growth in new business signings, year-to-date many of these were long term contracts that expand our revenue base and give us increased confidence.

新標誌對我們新業務簽約的成長做出了更強有力的貢獻，今年迄今為止，其中許多是長期合同，擴大了我們的收入基礎，增強了我們的信心。

We will grow XL MS revenue closer to our long term target rates in 2025 I will now discuss our segment results in constant currency terms.

我們將在 2025 年將 XL MS 收入成長到更接近我們的長期目標率。

Digital workplace solutions revenue was $131 million.

數位工作場所解決方案收入為 1.31 億美元。

A 7.1% decline compared to the prior year period.

與去年同期相比下降7.1%。

As expected the third quarter and year-to-date declines were primarily driven by lower discretionary volume with clients including third party technology revenue.

正如預期的那樣，第三季和年初至今的下降主要是由於包括第三方技術收入在內的客戶可自由支配交易量的減少所致。

New business signings in the DW segment are at 46%.

DW 領域的新簽約率為 46%。

Year-to-date.

今年迄今為止。

The majority of those signings in the 2nd and 3rd quarter are just beginning to generate revenue and will support revenue growth into 2025 cloud applications.

第二季和第三季的大部分簽約剛開始產生收入，並將支援 2025 年雲端應用程式的收入成長。

And infrastructure solutions revenue was $132 million.

基礎設施解決方案收入為 1.32 億美元。

A 1.5% decline compared to the prior year period.

與去年同期相比下降1.5%。

The decline was driven by some lumpiness in nonrecurring revenue and project volume with commercial clients.

下降的原因是非經常性收入和商業客戶的專案量有些波動。

In the United States enterprise Computing solutions revenue was $158 million in the third quarter, an increase of 29.2% compared to the prior year period, specialized services and next generation compute solutions revenue grew 2.5% in constant currency.

第三季美國企業運算解決方案營收為 1.58 億美元，較上年同期成長 29.2%，專業服務和下一代運算解決方案營收以固定匯率計算成長 2.5%。

Led by growth in specialized services with commercial sector clients and application services revenue with financial services, clients license and support revenue within ECs was 100 and $5 million.

在商業部門客戶專業服務和金融服務應用服務收入成長的帶動下，EC 內的客戶授權和支援收入分別為 100 和 500 萬美元。

An increase of 57% year over year in constant currency to succeed of the $90 million we had expected for the quarter, predominantly due to a third quarter renewal we had expected in the fourth quarter, we now expect approximately $415 million of L&S revenue for the full year compared to our previous outlook of approximately $375 million.

以固定匯率計算，年增 57%，超出了我們本季預期的 9,000 萬美元，這主要是由於我們預計第四季度的第三季續約，我們現在預計該季度的 L&S 收入約為 4.15 億美元相比之下，我們先前的預測為全年約3.75 億美元。

The majority of this upside is related to an increase in deal sizes within our expected fourth quarter revenue.

這一上漲的大部分與我們預期的第四季度收入中交易規模的增加有關。

We do not anticipate this revenue and profit upside will negatively impact our future overall expectations.

我們預計這種收入和利潤的上升不會對我們未來的整體預期產生負面影響。

For 2025 and 2026.

2025 年和 2026 年。

We anticipate annual L MS revenue of $370 million on average, a slight increase from our prior expectation.

我們預計 LMS 年平均收入為 3.7 億美元，比我們之前的預期略有增加。

It is important to remember that the timing and exact amount of L&S revenue can be difficult to forecast with precision given it is dependent on renewal.

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。

Timing which can change based on client budgeting decisions and renewal size, which can change based on consumption levels and contract duration.

時間可能會根據客戶預算決策和續約規模而變化，而續約規模可能會根據消費水準和合約期限而變化。

Among other factors, we exited the quarter with a backlog of $2.8 billion up 18% year over year with aggregate dws and C&I backlog of nearly 25%.

除其他因素外，本季結束時，我們的積壓金額為 28 億美元，年增 18%，其中 DWS 和 C&I 積壓總額接近 25%。

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

對於整個公司和我們的 Ex-L&S 解決方案來說，過去 12 個月的訂單到帳單是 1.2 倍。

Moving to slide third quarter, gross profit was $145 million.

第三季毛利為 1.45 億美元。

A 29.2% gross margin.

毛利率為29.2%。

This compares to gross profit of $95 million and a 20.5% gross margin in the prior year period.

相較之下，去年同期的毛利為 9,500 萬美元，毛利率為 20.5%。

An expansion of 870 basis points.

擴張870個基點。

This was primarily driven by L&S Solutions with additional benefit from increased profitability in the remainder of the business excluding license and support.

這主要是由 L&S Solutions 推動的，此外，除許可和支援之外的其餘業務的盈利能力提高也帶來了額外的好處。

Gross margin was 17.9% up 390 basis points year over year.

毛利率為17.9%，較去年成長390個基點。

As a reminder in the third quarter of 2023 we also recognized a revenue reversal related to a previously exited contract which had a 200 basis point impact on Ex-L&S growth margin.

作為提醒，2023 年第三季我們也認識到與先前退出的合約相關的收入逆轉，該合約對 Ex-L&S 成長利潤率產生了 200 個基點的影響。

The remaining 190 basis point improvement was due to improved delivery efficiency through workforce optimization and increasing use of automation and A I on a sequential basis.

其餘 190 個基點的改進是由於透過勞動力優化以及連續增加自動化和人工智慧的使用而提高了交付效率。

Our third quarter Ex-L&S growth margin included an incremental 70 basis points of impact from workforce optimization investments we made to drive future growth margin expansion.

我們第三季的除 L&S 成長利潤率包括我們為推動未來成長利潤率擴張而進行的勞動力優化投資帶來的增量 70 個基點的影響。

We are pleased that our improved profitability year-to-date is being driven by improvement in our Ex-L&S solutions and we continue to expect full year Ex-L&S growth margin to expand towards the 150 to 200 basis point range that we are targeting annually through 2026 CWS.

我們很高興看到，我們的 Ex-L&S 解決方案的改進推動了年初至今盈利能力的提高，我們繼續預計全年 Ex-L&S 增長率將擴大到我們每年目標的 150 至 200 個基點範圍到2026 年CWS。

Segment growth margin was 16.3% in the third quarter.

第三季的部門成長率為16.3%。

Up 150 basis points year over year driven by delivery improvement.

由於交付改善，較去年同期成長 150 個基點。

Future DWS margin improvement is expected to come from a combination of higher value, new business and frontline worker delivery improvement where we continue to invest in technology and training to improve associate utilization and productivity.

未來 DWS 利潤率的提高預計將來自更高價值、新業務和第一線員工交付改進的結合，我們將繼續投資於技術和培訓，以提高員工利用率和生產力。

The A&I segment growth margin was 16.3% in the quarter.

本季 A&I 部門的成長率為 16.3%。

Up 100 basis points a year over year workforce optimization initiatives including expanded campus hiring are continuing to yield positive results going forward.

勞動力優化措施（包括擴大校園招募）年增 100 個基點，將持續產生正面成果。

We expect to see increasing gains from the use of automation and A I and our focus on further optimizing labor markets.

我們預計自動化和人工智慧的使用以及我們對進一步優化勞動力市場的關注將帶來越來越多的收益。

Ec segment growth margin was 60% in the third quarter, up from 50.2% in the prior year due to increased revenue from our L&S solutions over a relatively steady cost base.

由於我們的 L&S 解決方案在相對穩定的成本基礎上增加了收入，第三季 EC 細分市場的成長率為 60%，高於去年的 50.2%。

Moving to slide 10rd quarter, Nongaap operating profit margin was 9.9% up from 0.1% in the prior period and above the mid single digit color provided last quarter, primarily driven by L&S revenue operating expenses also declined on a sequential and year over year basis driven by a decline in legal expenses as well as G&A cost savings.

在第 10 季度，Nongaap 營業利潤率從上一季的 0.1% 上升至 9.9%，高於上季度提供的中個位數，這主要是由 L&S 收入推動的，營業費用也環比和同比下降。的下降以及一般管理費用的節省。

We remain focused on streamlining corporate functions, rationalizing real estate and centralizing it while also investing in go to market.

我們仍然專注於精簡公司職能、合理化房地產並使其集中化，同時也投資於市場化。

We are targeting run rate SG&A expenses of approximately 17% of revenue by the end of 2026 third quarter adjusted EJA with $77 million and adjusted EBITDA margin was 15.5% compared to 8% in the prior year period for the first nine months.

我們的目標是，到2026 年第三季末，調整後的EJA 為7,700 萬美元，SG&A 費用約佔營收的17%，調整後的EBITDA 利潤率為15.5%，而上年同期前9 個月為8%。

Our adjusted EBITDA margin was 13.7%.

我們調整後的 EBITDA 利潤率為 13.7%。

An expansion of 100 basis points.

擴張100個基點。

Third quarter.

第三季。

GAAP net loss was $62 million.

GAAP 淨虧損為 6,200 萬美元。

A diluted loss per share of 89¢.

每股攤薄虧損為 89 美分。

This compares to a net loss of $50 million or 73¢ in the third quarter of 2023.

相比之下，2023 年第三季的淨虧損為 5,000 萬美元，即 73 美分。

The GAAP net loss includes both a noncash goodwill impairment of $39 million related to the DWS segment or a 56¢ impact to GAAP CPS as well as a tax accrual established for certain foreign subsidiaries of $29 million or 42¢ impact to GAAP BPS.

GAAP 淨虧損包括與DWS 部門相關的3,900 萬美元非現金商譽減損或對GAAP CPS 的56 美分影響，以及為某些外國子公司確定的2,900 萬美元或對GAAP BPS 42 美分的影響的應計稅款。

The tax accrual is related to historical profit generated in those jurisdictions and increases our flexibility to allocate this capital more optimally across the business, excluding these two noncash items.

應計稅款與這些司法管轄區產生的歷史利潤相關，並提高了我們在整個業務中更優化地分配資本的靈活性，不包括這兩個非現金項目。

GAAP net income would be a gain of $6 million or 9¢ per share on an adjusted basis.

調整後的 GAAP 淨利潤將為 600 萬美元或每股 9 美分。

Third quarter, net loss was $6 million or diluted loss per share of 8¢ compared to a loss of $22 million or 33¢ per share in the prior year.

第三季淨虧損為 600 萬美元，攤薄後每股虧損為 8 美分，而去年同期虧損為 2,200 萬美元，即每股虧損 33 美分。

Excluding the net impact of the tactic rule, we would have generated a just the net income of $23 million or earnings per share of 34¢.

排除策略規則的淨影響，我們只會產生 2300 萬美元的淨利潤或每股 34 美分的收益。

Turning to slide, eight capital expenditures totaled approximately $18 million in the third quarter and $59 million year-to-date which is relatively flat year over year.

轉向幻燈片，第三季的八項資本支出總計約為 1,800 萬美元，年初至今為 5,900 萬美元，與去年同期相比相對持平。

As a reminder, a significant portion of capital capital expenditures relate to research and development for our L&S platform.

需要提醒的是，資本支出的很大一部分與我們的 L&S 平台的研發有關。

And we are maintaining a capital light strategy.

我們正在維持輕資本策略。

Free cash flow was $14 million in the quarter compared to negative $26 million in the prior year period driven by LNS renewal levels and a $9 million benefit related to a favorable settlement of a brazilian tax matter for which we recognized the gain in the first quarter.

本季自由現金流為 1,400 萬美元，而去年同期為負 2,600 萬美元，原因是 LNS 續訂水準以及與巴西稅務問題的有利解決相關的 900 萬美元收益，我們在第一季度確認了該收益。

These were partially offset by working capital dynamics related to L&S collections that are expected to benefit the fourth quarter.

這些部分被與 L&S 收集相關的營運資金動態所抵消，預計第四季度將受益。

Year-to-date free cash flow is negative point. $4 million compared to negative $8.5 million in the prior year period, excluding pension and postretirement contributions, environmental restructuring and other and certain legal payments, which includes the tax settlement adjusted free cash flow with $28 million in the third quarter and $38 million for the first nine months.

年初至今的自由現金流為負點。 400萬美元，而去年同期為負850萬美元，不包括退休金和退休後繳款、環境重組以及其他和某些法律付款，其中包括稅收結算調整後的自由現金流，第三季為2800萬美元，第一季為3800萬美元九個月。

Moving to slide, nine cash balances were $374 million as of September 30th compared to 388 million at year end.

截至 9 月 30 日，九項現金餘額為 3.74 億美元，而年底為 3.88 億美元。

Given our increased cash generation outlook, we expect year end cash balances to be up on a year over year basis.

鑑於我們現金產生前景的增加，我們預計年末現金餘額將比去年同期增加。

Our net leverage ratio is 0.4 times down from 0.6 times a second quarter including all defined benefit pension plans.

我們的淨槓桿率從第二季的 0.6 倍下降到 0.4 倍，其中包括所有固定福利退休金計劃。

Our net leverage ratio is 2.8 times compared to 3.3 times last quarter.

我們的淨槓桿率為 2.8 倍，而上季為 3.3 倍。

Earlier this week, we strengthened our liquidity position by obtaining a two year extension on our A VL facility which has capacity of $125 million with an accordion feature up to $155 million and matures at the end of October 2027.

本週早些時候，我們透過將 A VL 設施延長兩年來增強我們的流動性，該設施容量為 1.25 億美元，其中手風琴功能高達 1.55 億美元，將於 2027 年 10 月底到期。

Our A bl remains undrawn and this extension lines the facility with our $485 million senior secured notes maturing November 2027.

我們的 A bl 仍未提取，此次延期與將於 2027 年 11 月到期的 4.85 億美元優先擔保票據相符。

And I'll now provide an update on our global pension plans.

我現在將提供有關我們全球退休金計劃的最新資訊。

Each year end.

每年年底。

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

我們對預期的全球現金退休金繳款和公認會計準則赤字提供詳細的估計預測，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 based on asset returns and market conditions.

我們還提供季度更新，這些更新是根據資產回報和市場狀況進行估計的，並且沒有相同的詳細程度。

We estimate that as of September 30th 2024 both our GAAP deficit and expected cash contributions for the next five years, which is 2024 to 2028 are essentially unchanged from year end to 2023.

我們估計，截至 2024 年 9 月 30 日，我們的 GAAP 赤字和未來五年（即 2024 年至 2028 年）的預期現金貢獻從年底到 2023 年基本保持不變。

Turning to slide 10, I will now discuss our financial guidance for the full year.

轉向幻燈片 10，我現在將討論我們全年的財務指導。

We continue to expect total company revenue growth of negative 1.5% positive 1.5% in constant currency which based on recent foreign exchange rates now equates to reported revenue of negative 1% to positive 2%.

我們繼續預計，以固定匯率計算，公司總收入將成長負 1.5%，正成長 1.5%，根據最近的匯率，目前相當於報告收入負 1% 至正 2%。

Nongaap operating profit margin is now expected to be between 6.5% and 8.5%.

Nongaap 營運利潤率目前預計在 6.5% 至 8.5% 之間。

An increase from our previous guidance of 5.5 to 7.5%.

從我們之前的指導值 5.5% 增加到 7.5%。

Primarily due to higher expected L&S revenue.

主要是由於預期 L&S 收入較高。

In the fourth quarter.

在第四季。

We anticipate approximately $20 million of legal environmental restructuring and other charges in aggregate, primarily related to restructuring and other as we continue to streamline our portfolio and accelerate our G and a efficiency initiative for the full year.

我們預計法律環境重組和其他費用總計約為 2000 萬美元，主要與重組和其他費用有關，因為我們將繼續精簡我們的投資組合併加快全年的 G 和效率計劃。

We now expect approximately $30 million of free cash flow up from prior expectations of approximately $10 million.

我們現在預計自由現金流約為 3000 萬美元，高於先前約 1000 萬美元的預期。

The increase is primarily due to improved profitability and lower legal environmental restructuring and other payments which is partially offset by fluctuations in working capital, largely related to L and collections.

這一增長主要是由於盈利能力的提高以及法律環境重組和其他付款的減少，這部分被營運資金的波動所抵消，主要與 L 和收款有關。

We continue to expect declining legal environmental and other payments during the coming years during which we also expect an approximate $30 million partial reimbursement of certain environmental costs.

我們繼續預計未來幾年法律環境和其他付款將會減少，在此期間我們也預計某些環境成本將獲得約 3,000 萬美元的部分報銷。

Once clean up work has been approved and finalized, the remainder of the assumptions underlying our free cash flow expectations are essentially unchanged and can be found on slide 10 of the supplemental presentation with that, I'll turn the call back to Peter.

一旦清理工作獲得批准並最終確定，我們的自由現金流預期所依據的其餘假設基本上不會改變，並且可以在補充簡報的幻燈片 10 中找到，我會將電話轉回給 Peter。

Thank you, Deb Before taking questions, I want to emphasize three important points.

謝謝黛布，在回答問題之前，我想先強調三點。

We hope you take away from today's remarks.

我們希望您能從今天的演講中得到啟發。

First, we are increasing our 2024 profitability guidance primarily due to an increase in our L&S revenue expectations and we are slightly raising our outlook for average annual L&S revenue in 2025 and 2026. 2nd, we have increased our full year free cash flow expectations from $10 million to approximately $30 million and obtained an extension on our A bl strengthening our liquidity position.

首先，我們上調2024 年的獲利指引，主要是由於L&S 收入預期的增加，並且我們略微上調了2025 年和2026 年平均年L&S 收入的預期。上調。

And third, our new business signings are up 32% year-to-date and 50% in the quarter on a year over year basis, driven by long term contracts that expand our recurring XL ns revenue base operator.

第三，在擴大我們經常性 XL ns 收入基礎運營商的長期合約的推動下，我們的新業務簽約量今年迄今增長了 32%，本季度同比增長了 50%。

Please open the line for questions.

請打開提問專線。

We will now begin the question and answer session.(Operator Instructions)

我們現在開始問答環節。

The first question today comes from Rod Borges with deep dive equity research.

今天的第一個問題來自羅德·博爾赫斯（Rod Borges），他從事深入的股票研究。

Please go ahead.

請繼續。

Okay, thank you.

好的，謝謝。

Hey, so I want to first ask about the LNS revenue outlook.

嘿，所以我想先問一下 LNS 的收入前景。

You, you had an above expected renewal in LNS in Q3.

您，您在第三季的 LNS 更新超出了預期。

Sometimes that can pull from future revenues, but you're increasing your LNS revenue outlook for the next couple of years.

有時這可能會影響未來的收入，但您會提高 LNS 未來幾年的收入前景。

That's encouraging.

這令人鼓舞。

I just wanted to ask about what is enabling you to increase your LNS revenue outlook.

我只是想問一下，是什麼讓您能夠提高 LNS 收入前景。

Thanks.

謝謝。

Yeah, thanks very much.

是的，非常感謝。

And, and for those of you new to this call, that's Rod bourgeois.

對於那些剛接觸這通電話的人來說，他就是羅德·布爾喬亞（Rod bourgeois）。

And I will have two folks on the call with me.

我將有兩個人和我一起通話。

Mike Thompson, who is our Chief Operating Officer and President and Deb mccain, who you've already heard from as the CFO.

麥克湯普森 (Mike Thompson) 是我們的營運長兼總裁，黛布麥凱恩 (Deb mccain) 是我們的財務長。

And so the three of us will go back and forth on questions and at a very, at a very high level, Rod.

因此，我們三個人將在非常非常高的水平上來回討論問題，羅德。

Thanks for your question and you're exactly right in what you took away from our discussion, we did raise in year L&S revenue guidance or projections and we specifically slightly increased the 2025 and 2026 average.

感謝您提出問題，您從我們的討論中得出的結論是完全正確的，我們確實提高了 L&S 年度收入指導或預測，並且我們特別略微提高了 2025 年和 2026 年的平均水平。

And we also made a reference in the remarks to the fact that we do not expect that these changes will lower the expected revenue that we have from L&S in the future.

我們也在評論中提到，我們預計這些變化不會降低我們未來從 L&S 獲得的預期收入。

So we really believe these are incremental additions to our overall profitability and we're enthusiastic about it again.

因此，我們確實相信這些是對我們整體獲利能力的增量增加，我們再次對此充滿熱情。

We only slightly raised the 25 and 26 LNS projections.

我們僅略微提高了 25 和 26 LNS 預測。

So not the same level as the changes in 24 but we're not reducing them anywhere, Mike any further insight into that.

所以與 24 中的變化不在同一水平，但我們不會在任何地方減少它們，邁克對此有任何進一步的了解。

Yeah, thanks for the question Rod.

是的，謝謝羅德的提問。

Just maybe a couple of things and, and I know, you know, this business well, but for the, for the group on the phone here, clearly, it's a very sticky business.

也許只是幾件事，我知道，你知道，這件事很好，但對於這裡的電話組來說，顯然，這是一個非常棘手的事情。

If you recall back when we were doing our Investor Day, we talked about that average being around 3 5,300 and 60 million per year.

如果您還記得我們舉辦投資者日活動時，我們談到平均每年約有 3、5,300 和 6000 萬。

As Deb indicated, we've increased that to 370.

正如 Deb 指出的，我們已將其增加到 370。

I think what you've seen from us over the last several years at business is that we've continued able to have strong pricing power in that and we continue to see strong consumption in that business and that's the reason for the incremental uptick in that business.

我認為過去幾年我們在業務中看到的是，我們在這方面繼續擁有強大的定價能力，並且我們繼續看到該業務的強勁消費，這就是商業增量上升的原因。

So to Peter's point it's not a pull from the future.

因此，在彼得看來，這並不是來自未來的拉力。

Although, you know, obviously the short term aspect of the renewal and the length of that contract term is, but in our long term projections, as indicated, we're, we're picking those bolt up in 25 and 26 albeit slightly.

雖然，你知道，顯然續約的短期方面和合約期限的長度是，但在我們的長期預測中，正如所示，我們將在 25 和 26 中選擇這些螺栓，儘管略有增加。

But again, I think a good proof point on the stickiness of that business, our ability to maintain pricing in that business and the continued consumption in that business.

但我再次認為，這是一個很好的證據，可以證明該業務的黏性、我們維持該業務定價的能力以及該業務的持續消費。

So hopefully that gives you a little color.

希望這能帶給你一點色彩。

A, just a quick follow up on that.

答，只是對此進行快速跟進。

I mean, there there is a view that the L&S business is a legacy business that has the propensity to fade over time, but yet your revenue outlook is going up and you mentioned increased consumption volumes.

我的意思是，有一種觀點認為，L&S 業務是一項傳統業務，有隨著時間的推移而逐漸消失的傾向，但您的收入前景正在上升，而且您提到了消費量的增加。

I think that trend started over a year ago and it seems to be continuing to happen.

我認為這種趨勢在一年前就開始了，而且似乎仍在繼續發生。

Does that mean when you renew an L&S deal, the renewals, are they coming in at higher consistently at higher volumes?

這是否意味著當您續簽 L&S 交易時，續簽的金額是否會持續以更高的數量增加？

And that's what's contributing to the, the, the the somewhat better revenue outlook?

這就是收入前景有改善的原因嗎？

Is it, is it the renewals embedding higher volumes?

是嗎，是包含更高容量的續訂嗎？

Is that, is that what's going on?

是這樣嗎，是這麼回事嗎？

II I think some of it is is embedded higher volume, some of it is, you know, also increased pricing as you think about the longer term aspect of the support component of that.

我認為其中一些是嵌入了更高的銷量，其中一些是，你知道，當你考慮支援組件的長期方面時，也增加了定價。

As you know, rod these deals are 35 and seven year, you know, if I, if I look at them in those three buckets.

如你所知，這些交易是 35 和 7 年，你知道，如果我，如果我在這三個桶中看待它們。

So, I think there is, you know, a mix of what I would consider consumption and price power when we talk about that.

所以，我認為，當我們談論這個問題時，我會考慮消費和價格力量的混合。

But, but I, you know, internally when we think about this business, you know, you use the term a legacy business and, and it's true that it's been, you know, a strong business for us for decades, but we think about it through the lens of L&S, you know, clear path 2050 our road map and the things that we've done over the course of the last, I'll say 3 to 5 years and building that business up and really making it future proof, making it cloud enabled, you know, open open A I, we have a lot of apps development and modernization around the perimeter.

但是，但是我，你知道，在我們內部，當我們考慮這項業務時，你知道，你使用“遺留業務”這個詞，而且確實，你知道，幾十年來，它一直是我們的一項強大業務，但我們考慮透過 L&S 的鏡頭，你知道，清晰的 2050 年路線圖以及我們在過去所做的事情，我會說 3 到 5 年，建立該業務並真正使其面向未來，使其支持雲，你知道，開放人工智慧，我們在周邊有很多應用程式開發和現代化。

And we continue through that apps modernization to drive traffic to the core L&S.

我們繼續透過應用程式現代化來推動核心 L&S 的流量。

So, we have a very long term view of this business.

因此，我們對這項業務有非常長遠的看法。

And, and I would say at least in the client signings that we've seen recently where we've been surprised in the sense of enhanced revenue, it's really around on the extension of these deals.

而且，我想說，至少在我們最近看到的客戶簽約中，我們對收入的增加感到驚訝，這實際上與這些交易的延期有關。

And I think again, that speaks to the stickiness of it and, and the support from our client base for long term view on the support of this business, you know, a five year deal, turning into a seven year or a three year, turning into a five or seven year.

我再次認為，這說明了它的黏性，以及我們的客戶群對這項業務的長期支持的支持，你知道，五年的協議變成了七年或三年，變成了五、七年。

Really gives us a great comfort that, you know, there's strong support for the continued growth in this business.

這確實給了我們很大的安慰，你知道，這項業務的持續成長得到了強而有力的支持。

Okay.

好的。

Got it.

知道了。

And then just real quick in the DWS business, you cited some weakening in the discretionary volumes in that business.

然後，在 DWS 業務中，您提到該業務的可自由支配量出現了一些疲軟。

Can you just give some color on the discretionary business that weakened?

您能否對疲軟的全權委託業務進行一些說明？

And then is the outlook there more stable or is there further?

那麼那裡的前景是更穩定還是更進一步？

Are you seeing any further risk on the discretionary side in, in DWS?

您是否認為 DWS 中的自由裁量權方面存在任何進一步的風險？

Yeah, let me, take that, at first Rod and again, hand it over to Mike.

是的，讓我先把這個交給羅德，然後再把它交給麥克。

Our, we expect our signings for DWS over the course of the year to be very strong.

我們預計今年 DWS 的簽約將會非常強勁。

What we have seen so far in the year is that the signings have been largely longer term and less project work.

今年到目前為止，我們看到的是，簽約大多是長期的，專案工作較少。

So they have resulted in less revenue in an immediate context because it takes longer term contracts longer to begin to be revenue producing.

因此，它們在短期內導致收入減少，因為長期合約需要更長的時間才能開始產生收入。

That's why when you see our year-to-date new business, in DWS, it's very strong, but less strong from a revenue standpoint, we also expect a strong quarter of DWS signings in the fourth quarter.

這就是為什麼當你看到我們今年迄今在 DWS 的新業務時，它非常強勁，但從收入的角度來看卻不那麼強勁，我們還預計第四季度 DWS 簽約將強勁。

So from our perspective, it has been a bit weaker in the discretionary short term project work.

所以從我們的角度來看，可自由支配的短期專案工作有點弱。

But long term, we feel very good about the prospects for DWS.

但從長遠來看，我們對 DWS 的前景非常看好。

We, we believe that that market in general is still beginning to kind of work its way through.

我們相信，整個市場仍在開始發揮作用。

We have been committed to that market.

我們一直致力於該市場。

We stay committed to that market.

我們將繼續致力於該市場。

We think that's a differentiator for our company and we intend to get market share as some other people do not necessarily focus in that market.

我們認為這對我們公司來說是一個差異化因素，我們打算獲得市場份額，因為其他一些人不一定專注於該市場。

So we feel very good about that market, but for the short term, it has had slightly less short term discretionary revenue.

因此，我們對該市場感覺非常好，但從短期來看，它的短期可自由支配收入略有減少。

Mike thoughts on that.

麥克對此有這樣的想法。

Yeah, look, I I think you covered the primary points, Peter on that.

是的，看，我認為你已經涵蓋了要點，彼得。

The only thing I would add Rod is as you know, and, and see the market in general has, has still been a little soft.

我唯一要補充的是，正如你所知，Rod 總體上仍然有點疲軟。

I would say we are seeing at least based on our pipeline.

我想說，我們至少根據我們的管道看到了這一點。

A kind of a little bit of a review exposure in that clearly the deals that we've signed already to Peters Point are longer term deals, you know, we've got a 3 to 6 month transition.

有點審查曝光，顯然我們已經與 Peters Point 簽署的交易是長期交易，你知道，我們有 3 到 6 個月的過渡期。

So the backlog in those businesses, we see as Deb indicated on, on her comments, a strong backlog which really support growth in that business.

因此，正如黛佈在她的評論中指出的那樣，這些業務的積壓，我們看到大量的積壓確實支持了該業務的成長。

You know, in line with our expectations in 25 and beyond.

你知道，符合我們 25 歲及以後的期望。

And, and the other thing I'll say is there has been a little bit of a mix shift in that business in the sense that when I look backwards, there's a third party component in there that has not been as fully resonant in in the current quarter.

而且，我要說的另一件事是，該業務中存在一些混合轉變，從某種意義上說，當我回顧過去時，其中存在一個第三方組件，但在該業務中並沒有完全引起共鳴。

But we still expect as we progress forward, that that will pick back up.

但我們仍然預計，隨著我們的進展，這種情況將會回升。

So probably a little lighter third party component, which is some of the the weakness that we're seeing on a quarter over quarter or year, over year expectation.

因此，第三方組件可能會稍微少一些，這是我們在季度環比或年度環比、同比預期中看到的一些弱點。

But the reality is the the backlog already has these longer term deals in it.

但現實是積壓訂單中已經有這些長期交易。

And as Deb indicated on her comments, when you have that support in your recurring base, it is a growth opportunity on top of that, a new scope and expansion post the revenue recognition normalizing.

正如黛佈在她的評論中指出的那樣，當你在經常性基礎上獲得這種支持時，這是一個除此之外的增長機會，是收入確認正常化後的新範圍和擴展。

So to Peter's point, we feel really good about the strength of that business, really good about the ultimate growth potential in that business aligned with our expectation and probably starting to see some benefits from a little stronger market demand.

因此，就彼得的觀點而言，我們對該業務的實力感到非常滿意，對該業務的最終增長潛力與我們的預期一致感到非常滿意，並且可能開始看到市場需求稍微強勁一些帶來的好處。

All right, thank you.

好的，謝謝。

Guys.

夥計們。

The next question comes from Joseph Vafi with Canaccord Genuity.

下一個問題來自 Canaccord Genuity 的 Joseph Vafi。

Please go ahead.

請繼續。

Hey, everyone.

嘿，大家。

Good morning.

早安.

Thanks for all the color just following up on Rod's question on L&S.

感謝所有對 Rod 關於 L&S 問題的跟進。

I get the dynamics on maybe pricing and consumption, but it does feel like the upside in Q3 was pretty big.

我了解了定價和消費的動態，但確實感覺第三季的上漲空間相當大。

And then you know, Q4 is clearly looks like it's going to come in pretty strong and, and when you kind of add up that upside, it seems more than the kind of fine tune up to the outlook.

然後你知道，第四季顯然看起來會相當強勁，而且當你把這種上升空間加起來時，它似乎不僅僅是對前景的微調。

So just wanted to drill down into that a little bit more and then all the followup.

所以只是想深入研究一下，然後進行所有後續工作。

Thanks.

謝謝。

Yeah, this is Peter.

是的，這是彼得。

Thank you very much, Joe. So the upside in the third quarter numbers, as Deb mentioned is largely a pull through from culture is the wrong word.

非常感謝你，喬。因此，正如 Deb 所提到的，第三季數字的上升很大程度上是文化的推動，這個詞是錯誤的。

It, it's largely revenue that we had been expecting in the fourth quarter.

它主要是我們對第四季的預期收入。

That's coming into the third quarter.

這將進入第三季。

The upside in the fourth quarter is not.

第四季的上行空間則不然。

So the upside in the fourth quarter is revenue that was not in our guided numbers.

因此，第四季的好處是收入不在我們的指導數字中。

And was not reflected in, let's say the 2,526 and is really incremental revenue.

比方說，2,526 並沒有反映在真正的增量收入上。

So that's revenue coming in from a variety of sources.

所以這是來自多種來源的收入。

There's not just one thing, but it, we consider that incremental revenue.

不只是一件事，我們認為增量收入。

And while we are slightly increasing the 25 and 26 average, we're obviously not pulling, you know, that incremental revenue into a year to year analysis, but we're excited about it as Mike said, it's all good news and I think it does show the strength of really our approach to clear path forward.

雖然我們稍微提高了 25 和 26 的平均值，但我們顯然不會將增量收入納入逐年分析中，但正如邁克所說，我們對此感到興奮，這都是好消息，我認為它確實顯示了我們明確前進道路的方法的力量。

Chris Aosmith who leads that team for us about two years ago, started what Mike referred to as clear path forward, 2050 clear path forward 2050 really provides a road map, not just for the next year or so, but really a long term road map around all sorts of things and that includes, you know, going out into the future post encryption.

Chris Aosmith 大約兩年前為我們領導團隊，開始了Mike 所說的「清晰的前進道路，2050 年的清晰前進道路」。圖，而且確實是一個長期路線圖圍繞著各種各樣的事情，其中​​包括，你知道，進入未來的加密後。

So it's, it's very vibrant, it shows the clients that not only are we investing, but we're investing effectively in that market that we will always have ups and downs depending on cycles and contracts.

所以它非常充滿活力，它向客戶表明我們不僅在投資，而且我們正在有效地投資於這個市場，我們總是會根據週期和合約而起伏。

You know, we can have a quarter up or a quarter down or we can have a year or a year down.

你知道，我們可以上漲一個季度，也可以下跌一個季度，也可以下跌一年或一年。

But, you know, it is a vibrant, important part of this company and I think you're seeing that in the numbers, right?

但是，你知道，這是這家公司充滿活力的重要組成部分，我想你已經從數字中看到了這一點，對嗎？

Yeah, again, II, I think he covered a bunch of Joe. I think we, we picked up a handful of these all rods.

是的，再說一遍，我認為他涵蓋了很多喬。我想我們，我們撿起了一把這些棒子。

But again, I, I think consistently over the course of the last couple of years, we're seeing strong consumption, you know, when we, when we typically have a client that ends up either signing early or wanting to extend, that's usually a byproduct of enhanced consumption and, and, you know, maybe getting a little bit of inside baseball here.

但我再次強調，在過去幾年中，我們一直看到強勁的消費，你知道，當我們通常有一個客戶最終要么提前簽約，要么想要延期時，通常是這是消費增加的副產品，而且，你知道，也許可以在這裡了解一些內部棒球。

But when we talk about that, it's really that, that, you know, we have a consumption model embedded in a contract and when they consume that and, and they go beyond that need, they typically have an uptick in pricing.

但當我們談論這一點時，實際上，我們在合約中嵌入了一種消費模式，當他們消費這種模式時，並且他們超出了這種需求，他們通常會提高價格。

So what ultimately happens instead of paying the uptick in pricing at kind of list pricing rates, they come back and they, and they want to extend the contract for a longer duration and then, you know, obviously there's an upfront revenue recognition with that, but at the end of the day, it's about they're using the consumption and then some and it also proves the pricing power and value of the clear path forward operating system to those particular clients.

因此，最終會發生什麼，而不是按照某種定價價格支付上漲的價格，他們回來了，他們希望將合約延長更長的期限，然後，你知道，顯然有一個預先的收入確認，但歸根結底，這是關於他們正在使用消費，然後是一些，它也向這些特定客戶證明了清晰的前進作業系統的定價能力和價值。

So, again, feel really good about the longevity of that, feel really good about our ability to maintain that base, in fact, enhance that base slightly.

因此，再次，對它的壽命感到非常滿意，對我們維持該基礎的能力感到非常滿意，事實上，稍微增強該基礎。

And then feel really good about the continued use and our ability to modernize around that base so that the end user experience is enhanced utilizing the, the, the legacy tools.

然後，我們對繼續使用以及圍繞該基礎進行現代化的能力感到非常滿意，以便利用遺留工具來增強最終用戶體驗。

So it really gives us a lot of vectors to kind of attach to that existing client base.

因此，它確實為我們提供了許多依附於現有客戶群的載體。

And I think that's what you've been seeing over the course of the last couple of years and what you're, you know, seeing as the basis for the increase in 25 and 26.

我認為這就是您在過去幾年中所看到的情況，也是您所看到的 25 和 26 增加的基礎。

They're, great that all makes sense.

他們太棒了，一切都有意義。

And it's nice to see so and then maybe just secondly, you know, it does feel like, you know, new T CV signings are up, which is great.

很高興看到這一點，也許其次，你知道，確實感覺新的 T CV 簽約已經開始，這很棒。

Maybe kind of just and, and I know you talked a little bit about duration on some of that T CV, that new T CV, we maybe kind of touch on renewal dynamics outside of new contract T CV.

也許有點只是，我知道你談到了一些 T CV 的持續時間，新的 T CV，我們可能會觸及新合約 T CV 之外的續約動態。

And how that's trending and how that may you know, affect or influence the outlook moving forward.

以及它的趨勢如何，以及您如何了解、影響或影響未來的前景。

Thanks a lot guys.

非常感謝大家。

And Mike, that one is yours as well.

麥克，那個也是你的。

Yeah, thanks.

是的，謝謝。

Thanks again, Joe. I look, I would say, you know, as Deb indicated on her, her commentary, the, the signings were all primarily for longer term contracts.

再次感謝，喬。我看，我想說，你知道，正如黛布對她的評論所指出的那樣，簽約主要是為了長期合約。

The, one thing we probably didn't note in there, it should have.

我們可能沒有註意到的一件事是，它應該有。

They're also multi segment, right?

它們也是多段的，對吧？

They're, primarily a mix of DWSNC A&I, which as we've talked about in the past is a much stickier proposition for us.

它們主要是 DWSNC A&I 的混合體，正如我們過去所討論的那樣，這對我們來說是一個更棘手的提議。

Most of those signings are kind of three year duration type things which are pretty consistent to our managed service base.

大多數簽約都是為期三年的，這與我們的託管服務基礎非常一致。

And, and so when we see the, I'll say the average contract length, it's been pretty consistent across the board and we continue to have a very strong renewal rates, right?

因此，當我們看到平均合約長度時，它在各個方面都非常一致，並且我們繼續擁有非常高的續約率，對吧？

We, talk about that in the 95 plus percent range from renewal base on the, on the existing client base.

我們談論的是基於現有客戶群的續訂率超過 95%。

So that continues to trend in that same manner.

因此，這種趨勢繼續以同樣的方式發展。

We're, we're not only maintaining those clients.

我們不僅維護這些客戶。

I, would also add that a lot of those renewals that we do end up being renewals plus, right.

我還要補充一點，我們所做的許多續訂最終都是續訂加上，對吧。

We've been able to effectively add some new scope or expand that renewal.

我們已經能夠有效地添加一些新的範圍或擴大更新。

So we talk about those renewal rates and it's really important for us to maintain and keep that base to, to support our future growth.

因此，我們談論這些續訂率，對於​​我們來說，維持並維持這個基礎以支持我們未來的成長非常重要。

But most of that is coming with renewal plus and that plus can be either new work, new scope, bringing in some of the new solutions, you know, ultimately modernization and, or helping our cross sell opportunities.

但其中大部分是隨著更新而來的，而這個附加可以是新的工作、新的範圍、引入一些新的解決方案，你知道，最終實現現代化，或幫助我們的交叉銷售機會。

So we, we, we feel great about the renewal base as we have historically.

所以我們，我們，我們對歷史上的更新基地感覺很好。

And, and I think that speaks to our, our, our really strong MP S scores and CSAT scores that our clients continue to renew with us at that clip level and then are continuing to add to those renewals.

而且，我認為這說明了我們、我們、我們非常強大的 MP S 分數和 CSAT 分數，我們的客戶繼續以該剪輯級別與我們續訂，然後繼續增加這些續訂。

And the, and then the new base that we brought in, Joe, you know, just adds to that renewal base.

然後，我們引入的新基地，喬，你知道，只是增加了更新基地。

And as you know, we have a very strong if you think about our renewal base year on year, 80% of our revenue is kind of recurring.

如您所知，如果您逐年考慮我們的續約基數，我們的收入非常強勁，我們 80% 的收入都是經常性的。

And then we keep adding these longer term contracts to the renewal base that allows for continued expansion in the future.

然後我們不斷將這些長期合約添加到續約基礎中，以便將來繼續擴展。

So from a strategic point of view, very happy to see that and very consistent with, you know, what we talked about even back in our, our investor day from 23 very consistent with that modeling, very directionally consistent with that model.

因此，從策略角度來看，非常高興看到這一點，並且與我們在 23 日投資者日所討論的內容非常一致，與該模型非常一致，與該模型在方向上非常一致。

Great.

偉大的。

Thanks for that color, Mike.

謝謝你的顏色，麥克。

Thanks everybody.

謝謝大家。

Thank you, Joe.

謝謝你，喬。

The next question comes from Anja Soderstrom with Sidoti.

下一個問題來自 Anja Soderstrom 和 Sidoti。

Please go ahead.

請繼續。

Hi, everyone and congrats on the nice progress this quarter and thank you for taking my questions.

大家好，恭喜本季取得的良好進展，並感謝您回答我的問題。

I have a follow up on the L MS revenue as well and the outlook there to what Maude do you expect it to increase in 2025 and 2026.

我還對 L MS 收入進行了跟進，並對 Maude 預計 2025 年和 2026 年收入成長的前景進行了展望。

This is Peter.

這是彼得。

I, got most of the question.

我，回答了大部分問題。

L&S what, what is the question about 25 and 26?

L&S 什麼，關於 25 和 26 的問題是什麼？

You were talking about the, the outlook, would you expect the revenue to be higher for 2026 and 2025 for L&S?

您談到了前景，您預計 L&S 2026 年和 2025 年的收入會更高嗎？

Can you just speak to what magnitude?

能簡單說一下是什麼程度嗎？

Yes.

是的。

So if you look at what we had previously guided to, we had previously guided to revenue of about $370 million on average for 24-25 and 26 we had already guided to 375 for, for 24 excuse me for 24 which implied a slightly lower average than 370 for 25 and 26.

因此，如果你看看我們之前的指導，我們之前指導的24-25 歲和26 歲平均收入約為3.7 億美元，我們已經指導為375 歲，24 歲，對不起，24 歲，這意味著平均收入略低25 和 26 的值超過 370。

So what we're doing today, obviously, our 2024 number has now gone above that 375 but we're also increasing the 25 and 26 only average to 370.

所以我們今天所做的，顯然，我們 2024 年的數字現在已經超過了 375，但我們也將 25 和 26 的平均值增加到 370。

It was below 370 before because all three numbers were average at 370.

之前低於370，因為這三個數字的平均數都是370。

So we've categorized it as a slight increase and the real reason for that is because we do have a slight increase.

因此，我們將其歸類為小幅成長，其真正原因是因為我們確實有小幅成長。

And we also want to highlight the fact that the increase this year is not expected to decrease our expectations for 25 and 26.

我們還想強調一個事實，今年的成長預計不會降低我們對 25 和 26 的預期。

Those expectations have slightly increased.

這些期望略有增加。

Deb any further color on that.

德布對此有任何進一步的看法。

No, no, I think that is exactly right.

不，不，我認為這是完全正確的。

So, the math you went through.

所以，你經歷過的數學。

So, no.

所以，不。

Good.

好的。

Thank You.

謝謝。

And I, I don't know if that answers the question or not.

而我，我不知道這是否回答了問題。

Yes, it did.

是的，確實如此。

Thank you.

謝謝。

That was helpful.

這很有幫助。

And then, I'm just curious about the goodwill impairment for DWS.

然後，我只是對 DWS 的商譽減損感到好奇。

What's that for?

那是做什麼用的？

Right.

正確的。

I thank you, Peter.

我謝謝你，彼得。

Do you want me to take that.

你想讓我接受嗎？

Please?

請？

Okay.

好的。

So, yes, so it was a noncash impairment.

所以，是的，這是非現金減值。

We, we took in the third quarter.

我們，我們參加了第三季。

And really it was triggered by, you know, economic and industry dynamics that, that overall, you know, and you, you probably hear it on, on several calls are impacting the pace of client signings.

事實上，它是由經濟和行業動態引發的，總體而言，您知道，您可能在幾次電話會議中聽到它正在影響客戶簽約的速度。

And so when we kind of apply that market lens to our, our forecast, you know, resulted in an impairment.

因此，當我們將市場視角應用於我們的預測時，你知道，導致了損害。

So I think, you know, many large competitors in the market are facing significant challenges in the DWS, you know, solutions which we have to take, you know, into consideration as we do our valuation testing.

所以我認為，市場上的許多大型競爭對手在 DWS 方面面臨重大挑戰，我們在進行估值測試時必須考慮這些解決方案。

You know, we're still, as you, as we've talked about really enthusiastic about the DWS Space.

您知道，我們仍然像您一樣對 DWS 空間充滿熱情。

We're looking for Unisys to, to take share.

我們正在尋找 Unisys 來分享市場佔有率。

You know, and as we've talked about 46% year over year growth in our new business T CV.

您知道，正如我們所說，我們的新業務 T CV 年成長 46%。

So we're seeing a lot of really good indicators and ongoing demand for our solutions, but you know, when we take that market lens, kind of apply it to our forecast.

因此，我們看到了許多非常好的指標以及對我們解決方案的持續需求，但是您知道，當我們採用市場視角時，會將其應用於我們的預測。

That's really what, what resulted in the the impairment.

這確實是造成損害的原因。

So it is noncash.

所以它是非現金的。

So, you know, it impacts our, our EPS.

所以，你知道，它會影響我們的每股盈餘。

And as I mentioned on the call, you know, without that, as well as with the, the tax accrual.

正如我在電話中提到的，你知道，無論是沒有應計稅款，還是有應計稅款。

You know, we, we would have been a lot higher with our, our EPS, but that's, that's the result of that.

你知道，我們的每股盈餘本來會高得多，但這就是結果。

So did that, does that answer your question?

那麼，這是否回答了您的問題？

Yes, that was helpful.

是的，這很有幫助。

And then I'm just curious about the margin expansion in the XL Ns.

然後我只是對 XL Ns 的利潤率擴張感到好奇。

You see good expansion there as well.

您在那裡也看到了良好的擴張。

And, and you forecasted for this year, but where are you in the innings with efficiencies there?

而且，您預測了今年的情況，但您在各局中的效率如何？

And, and how should we think about that margin expanding next year?

而且，我們該如何看待明年利潤率的擴大？

Will that be driven by consumer efficiencies or, more by scale?

這將由消費者效率驅動，還是更多地由規模驅動？

So when we think about margin expansion, we're really thinking about it three ways anda one way is we're, we're selling more value added solutions.

因此，當我們考慮利潤擴張時，我們實際上是從三種方式來考慮的，其中一種方式是我們正在銷售更多增值解決方案。

So we think the pricing that we're getting for our newer solutions will be at a higher margin than the previous solutions that we offered.

因此，我們認為新解決方案的定價將比我們先前提供的解決方案更高。

That's really true kind of across the board.

這確實是千真萬確的。

There's obviously competitive pressure, but we think we're adding more value to our clients than we had before.

顯然存在競爭壓力，但我們認為我們正在為客戶增加比以前更多的價值。

So we, the pricing we expect inherently to have more margin.

因此，我們預期定價本質上有更多的利潤。

The second part of that is the delivery efficiencies within the things we are providing to our clients.

第二部分是我們提供給客戶的服務的交付效率。

So, delivery efficiencies and the third is really our SG&A.

所以，交付效率，第三個其實是我們的 SG&A。

So our SG&A we have a very specific plan to reduce SG&A over time.

因此，我們有一個非常具體的計劃來隨著時間的推移減少SG&A。

So all three of those really will affect our, our profit and our margins going forward.

因此，這三個因素確實都會影響我們未來的利潤和利潤率。

And Deb if you want to give color on any of those three, please go ahead.

Deb 如果你想對這三個中的任何一個進行說明，請繼續。

Yeah, I think Peter, you covered everything.

是的，我想彼得，你涵蓋了一切。

I think the the efficiencies we laid out, you know, when we talked at our Investor day that improvement in gross margin that we expect each year and I think we're achieving those and, and we'll continue to as, as we laid out.

我認為，當我們在投資者日談論我們預計每年的毛利率改善時，我們所提出的效率，我認為我們正在實現這些目標，並且我們將繼續按照我們所設定的那樣出去。

Okay, thank you.

好的，謝謝。

That was all for me.

這就是我的全部。

The next question comes from Arun Sadra with BNP Paraba.

下一個問題來自法國巴黎銀行帕拉巴銀行的阿倫·薩德拉 (Arun Sadra)。

Please go ahead.

請繼續。

Hello everyone.

大家好。

Thanks for squeezing me in.

謝謝你把我擠進去。

Just wanted to ask on the XL Ns side.

只是想問一下 XL Ns 方面。

Sounds like you.

聽起來像你。

It's good to see the new business pipeline was up sequentially pretty nicely if you could unpack that.

如果你能解開的話，很高興看到新的業務管道連續良好地成長。

And also maybe talk a little bit about, I think the XL Ns revenue has been flattish ex foreign currency for the last couple of quarters, but the new business pipeline, it sounds like the outlook overall there is improving for growth to trend back.

也許還可以談談，我認為 XL Ns 的收入在過去幾季中除外幣外一直持平，但新的業務管道，聽起來整體前景正在改善，成長趨勢將回升。

You know, I guess maybe to the middle or hopefully the higher end of your 1.5 to 5 range but just if you could sort of address that specifically, I know you've discussed it in the context of DWS, which we love to hear a sort of a broader look on the Ex-L&S side.

你知道，我猜可能是 1.5 到 5 範圍的中間，或者希望是高端，但如果你能具體解決這個問題，我知道你已經在 DWS 的背景下討論過它，我們很高興聽到對Ex-L&S方面有更廣泛的了解。

Yeah, arun.

是的，阿倫。

Thanks very much.

非常感謝。

Obviously, we are very pleased to see the pipeline increasing, sequentially 9% and 10% for that Ex-L&S pipeline increasing.

顯然，我們非常高興看到管道數量不斷增加，Ex-L&S 管道數量依次增加了 9% 和 10%。

We're also, you know, very enthusiastic about the backlog increases Mike any further color on either of those that you want to add.

您知道，我們也非常熱衷於積壓增加麥克對您想要添加的任何一個的任何進一步的顏色。

Yeah, look arun.

是的，看看阿倫。

Thanks for the question and, and I'm glad you pointed it out.

感謝您提出問題，我很高興您指出了這一點。

I do have a couple of things I'd like to add there.

我確實有幾件事想補充一下。

So, you know, we talked a little bit about the softness and discretionary spend in, in general in the sector.

所以，你知道，我們討論了該行業總體的疲軟和可自由支配支出。

But, but what we also talked about is this increase in pipeline and the increase in backlog and based on the increase in backlog and our renewal schedule, I think the way that you've characterized your question even is, is really great in the sense that it gives us a tremendous amount of confidence that the growth trajectory that we had put forth for that business is starting to be underpinned in our backlog, right?

但是，我們還討論了管道的增加和積壓的增加，並且基於積壓的增加和我們的續訂時間表，我認為您描述問題的方式甚至是，從某種意義上來說真的很棒這給了我們極大的信心，我們為該業務提出的成長軌跡正開始在我們的積壓訂單中得到鞏固，對嗎？

So really the strength of that business and, and starting to see some of that softening and the contracts we already signed for that business in the year is really giving us that high degree of confidence and I would almost tie it into anya's question a little bit.

因此，該業務的實力確實有所增強，並且開始看到一些軟化以及我們今年已經為該業務簽署的合約確實給了我們高度的信心，我幾乎會把它與安雅的問題聯繫起來一點。

We've seen the margin improvement in that Ex-L&S business, you know, to the, to the tune of you, you know, Deb indicated, about almost 3, 300 basis points of improvement across the board.

Deb 表示，我們已經看到 Ex-L&S 業務的利潤率有所改善，您知道，您知道，全面改善了近 3, 300 個基點。

I think when we look at the overall kind of Ex-L&S space and, and to Peter's point, a lot of the future is coming from increased revenue.

我認為，當我們審視 Ex-L&S 空間的整體類型時，就彼得的觀點而言，未來的很大一部分來自於收入的增加。

So we've been able to prove the dynamics of our delivery drive that margin benefit and we do that on a fairly flat revenue base to indicate it.

因此，我們已經能夠證明我們的交付動力推動了利潤率收益，並且我們在相當平坦的收入基礎上做到了這一點。

And, and now we're seeing the backlog really support revenue growth which will help and those margins in the future.

而且，現在我們看到積壓的訂單確實支持了收入成長，這將有助於未來的利潤成長。

I think Deb talked about about 100 and 50 to 200 basis points improvement over the next two years in that Ex-L&S space, Peter's point, some of that's from top line growth which we feel like is embedded in our backlog and then some continual delivery.

我認為Deb 談到了未來兩年在Ex-L&S 領域的大約100 和50 到200 個基點的改進，Peter 的觀點是，其中一些來自頂線增長，我們認為這是嵌入在我們的積壓中，然後是一些持續交付。

So that that's the reason why we, feel very strongly about that market in general.

這就是我們對這個市場整體感覺非常強烈的原因。

I think we got our strategy, right?

我想我們已經制定了策略，對嗎？

I think that the kind of external efforts that Peter mentioned around our, selling and our go to market are starting to really resonate.

我認為彼得提到的圍繞我們的銷售和進入市場的外部努力開始真正引起共鳴。

Peter talked about the industry analyst component of that.

彼得談到了其中的產業分析師部分。

So that that the visibility, the introduction to rfps are also building up our our pipeline and, and our backlog and then ultimately translating that to win.

因此，可見性、rfps 的引入也正在建立我們的管道和積壓工作，然後最終將其轉化為勝利。

So, again, feeling pretty, pretty comfortable and strong about returning to that growth trajectory on the top line and having that enhance the profit that we've already seen.

因此，我們再次對回到營收成長軌跡並提高我們已經看到的利潤感到非常、非常舒適和強烈。

Thank you for that Mike, that was helpful.

謝謝你的麥克，這很有幫助。

And then just one other quick thing I is there, you know, as, as your outlook for LNS is has improved.

然後我就在那裡發生了另一件事，你知道，因為你對 LNS 的前景有所改善。

You know, is there any, you know, can you talk about the attach of XL NS to LNS revenue at a high level?

你知道，有沒有什麼，你知道，你能在高水準上談談 XL NS 對 LNS 收入的影響嗎？

You know, is that, has that changed in any way or do you see that changing in any way?

你知道嗎，這種情況有什麼改變嗎？

That's all I had?

這就是我所擁有的一切嗎？

Thanks.

謝謝。

Yeah, Mike, already.

是的，麥克，已經。

Well, I think Mike, if you, as you talk about that, there's really two questions.

好吧，我認為麥克，如果你在談論這個問題時，確實有兩個問題。

One is a fundamental effort arun that we've had companywide and I mentioned it in my comments to, you know, attach even at the time of signing of a new client more than one segment.

其中之一是我們在全公司範圍內所做的一項基本工作，我在評論中提到了這一點，你知道，即使在簽署新客戶時也附加了多個部分。

And so that would be dws and C&I or ecs.

這就是 DWS 和 C&I 或 ecs。

So, and we've been very effective with that.

所以，我們在這方面非常有效。

Now, your question is very specific.

現在，你的問題非常具體。

It's when, you know, as we sign L&S business, have we been able to attach dws or C&I business to L&S.

你知道，當我們簽署 L&S 業務時，我們就能夠將 DWS 或 C&I 業務附加到 L&S 上。

So Mike, do you have any specifics on that element of the overall strategy?

麥克，您對整體策略的這一要素有什麼具體了解嗎？

Yeah, arun again.

是啊，又阿倫了。

Thanks for the question.

謝謝你的提問。

I, I would say that the closest and easiest attachment that we see is really around apps modernization.

我想說，我們看到的最接近、最簡單的附件實際上是圍繞著應用程式現代化的。

You know, we talked briefly around that that user experience and it really sits around the core.

您知道，我們簡要地討論了使用者體驗，它確實是核心。

So we've actually had some pretty good success on the app modernization side attached to specifically clear path forward client and clear path forward ecosystem.

因此，我們實際上在應用程式現代化方面取得了一些相當好的成功，這些成功與明確的客戶端和清晰的生態系統相關。

And I mean, we have clients that have hundreds of applications that are kind of custom apps that sit on top of our clear path forward operating system, right?

我的意思是，我們的客戶擁有數百個應用程序，這些應用程式是位於我們清晰的作業系統之上的自訂應用程序，對嗎？

So who better to help modernize that?

那麼誰能更好地幫助現代化呢？

And, and, and that's the attachment either to C&I or SS and C which is the kind of next gen component of our ecs practice.

並且，並且，這就是 C&I 或 SS 和 C 的附件，這是我們 ECS 實踐的下一代組件。

There's really definitive attachment there that is a market we target explicitly.

那裡確實有明確的依戀，這是我們明確瞄準的市場。

And, and it's a market that we've seen real good, take up rates and also growth, not only growth we've already seen in SS and C for that apps modernization, but growth in the pipeline to continue to modernize around the operating system to get the benefit of, you know, some cloud type activity on top of the current operating system.

而且，這是一個我們已經看到的真正好的市場，佔用率和增長，不僅是我們在 SS 和 C 中看到的應用程式現代化的增長，而且是圍繞運營繼續現代化的管道的增長。 ，系統可以從目前作業系統之上的一些雲端類型活動中受益。

And it also help us direct that consumption to maintain that base.

它也幫助我們引導消費以維持這一基礎。

So there, there's a real, a lot of real benefits for us to do that.

因此，這樣做對我們來說確實有很多實際的好處。

And it's probably much more akin to attachment to C&I as well as the other components of, of ECs.

它可能更類似於對 C&I 以及 EC 的其他組成部分的依戀。

Thanks for helping.

謝謝你的幫忙。

Thanks.

謝謝。

The next question comes from Ken Delever with Jeffrey.

下一個問題來自 Ken Delever 和 Jeffrey。

Please go ahead.

請繼續。

Hey guys.

嘿夥計們。

Thank you for squeezing me in and congrats on the strong quarter and the raise to the outlook here.

感謝您對我的邀請，並祝賀本季的強勁表現和前景的提升。

Just one question from my end.

我最後只有一個問題。

Obviously, the new logo signings very strong and the pipeline growth sequentially.

顯然，新標誌的簽約非常強勁，管道也連續成長。

Can you just parse out maybe a bit more specifically where you're seeing success with new customers across, you know, capabilities or geographies or end markets.

你能否更具體地分析一下，你在哪些方面看到了新客戶的成功，你知道，能力、地理或終端市場。

Just so we have a sense of where that new activity is coming from?

只是為了讓我們了解新活動來自哪裡？

Yeah, thanks very much.

是的，非常感謝。

And you know, one of the things that is interesting about this company is from a geography standpoint.

你知道，這家公司有趣的事情之一是從地理位置的角度來看。

We have a lot of diversity.

我們有很多多樣性。

We have about 44% of our revenue in the US.

我們約有 44% 的收入來自美國。

So about 56% outside the US, 28% in Latin in em and about 16 and 12% respectively in Asia Pacific and Latin America.

因此，美國以外地區約佔 56%，拉丁美洲地區約佔 28%，亞太地區和拉丁美洲約佔 16% 和 12%。

And, and the result of that diversification means we really are not overly dependent on any one country or one region.

而且，這種多元化的結果意味著我們確實不會過度依賴任何一個國家或一個地區。

And as different countries and region experience different growth rates, we can kind of migrate a bit our emphasis to those areas where we think there's bigger growth.

由於不同的國家和地區經歷不同的成長率，我們可以將重點轉移到我們認為成長更大的領域。

Mike any specifics on that question?

麥克有關於這個問題的具體資訊嗎？

Look, I would say Ken first, thanks for the question.

聽著，我首先要說肯，謝謝你的提問。

I think the diversity not only from a geography perspective but also from a sector or segment perspective.

我認為多樣性不僅從地理角度來看，而且從部門或細分市場的角度來看。

It's true.

這是真的。

We we are seeing our solutions and and frankly, our strategy is is our solutions although geared to a specific industry when we have dialogue on how it applies are homogeneously applied, right?

我們正在看到我們的解決方案，坦白說，我們的策略是我們的解決方案，儘管是針對特定行業的，但當我們就如何應用進行對話時，我們的解決方案是同質應用的，對嗎？

So I don't think that there's any kind of one sector or region that, that dominate that spend, which is great, right?

因此，我認為沒有任何一個部門或地區能夠主導這項支出，這很好，對吧？

We, we want to have solutions that are universally applied.

我們，我們希望擁有普遍適用的解決方案。

They always have a a very specific industry slant or sector slant or even region slant.

他們總是有非常具體的行業傾向或部門傾向，甚至地區傾向。

When we, when we tailor it to our clients.

當我們為客戶量身定制時。

But, but in general, I would say we're seeing a much more combined offering when go to market and, and the success that we had, I mentioned on one of the other comments earlier here, most of the new logos and, and the new business that we're signing are either adding a component to an existing base that gives us a cross sell component to it or the business itself when it's a new logo has both, you know, our dws and C&I component pieces in it.

但是，但總的來說，我想說，當我們進入市場時，我們會看到更加組合的產品，以及我們所取得的成功，我在前面的其他評論之一中提到過，大多數新徽標和，以及我們正在簽署的新業務要么是在現有基礎上添加一個組件，為我們提供交叉銷售組件，要么是業務本身，當它是一個新徽標時，您知道，我們的DWS 和C&I 組件都在其中。

So, you know, one of the beauties of our strategy I think is that regardless of the starting point, there's a connection to the other solutions that we do and, and it really depends on, you know, the, the, the scope of the client RP or RF I that, that comes our way and we can pivot our messaging to be tailored to that, that that specific ask.

所以，你知道，我認為我們策略的優點之一是，無論起點如何，與我們所做的其他解決方案都有聯繫，而且它實際上取決於，你知道，的，，，，範圍客戶RP 或RF 我認為，這是我們的方式，我們可以根據具體要求調整我們的訊息傳遞。

So, I guess the macro view is pretty diverse, both regionally and and by industry and can be tailored to those.

因此，我認為宏觀觀點非常多樣化，無論是按地區還是按行業來看，都可以根據這些情況進行調整。

So,our solutions in general are are resonating and, and I think there that, that you could look at that how it resonates both from the industry analyst perspective and, and the things that Peter mentioned around, kind of how we sit in those in those various quadrants and then in the solutions that we've had success in penetrating this, this soft market with.

所以，我們的解決方案總體上是引起共鳴的，我認為，你可以從行業分析師的角度來看它是如何產生共鳴的，以及彼得提到的事情，我們如何坐在那些這些不同的象限，然後是我們成功滲透這個軟性市場的解決方案。

Okay, great.

好的，太好了。

That's very helpful.

這非常有幫助。

Thank you for the time today.

謝謝你今天的時間。

Thank you.

謝謝。

The call.

電話。

The question and answer session has now ended.

問答環節現已結束。

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

我想將會議轉回進行閉幕致詞。

Thank you operator.

謝謝運營商。

And I really want to thank everyone for your indulgence in keeping you a little longer for this.

我真的要感謝大家的寬容，讓你們為此多留了一點時間。

There's a lot to cover.

有很多內容需要介紹。

There is still more on our website which is actively updated and I encourage you to kind of take a look at it as you go about your other efforts.

我們的網站上還有更多內容正在積極更新，我鼓勵您在進行其他工作時查看。

We're frankly, very, very excited about what we this quarter, you know, the increased profitability guidance of the increased expectation on free cash flow, the increase in new business signings year-to-date up 32% and 50% for the quarter, which we think that ultimately, that will expand our recurring Ex-L&S revenue as well as obviously the good news on L&S that you heard today.

坦白說，我們對本季度的情況感到非常非常興奮，你知道，由於對自由現金流的預期增加，盈利能力指引有所提高，今年迄今為止新業務簽約量增加了32％，而新業務簽約量增加了50％。

So thank you again for following us and we look forward to the next call.

再次感謝您關注我們，我們期待下次通話。

The conference is now concluded.

會議現已結束。

Thank you for attending today's presentation.

感謝您參加今天的演講。

You may now disconnect.

您現在可以斷開連線。