0001628280-26-049495
SEC filing营收下滑但利润率提升，Net Income 因高基数下降，并购驱动增长。
| 指标 | 本期 | 去年同期 | 同比 |
|---|---|---|---|
| Revenue | $2,800M | $2,924M | -4% |
| Gross Profit | $1,464M | $1,501M | -2% |
| Gross Margin | 52.3% | 51.3% | +100 bps |
| Operating Income | $279M | $257M | +9% |
| Operating Margin | 10.0% | 8.8% | +120 bps |
| Net Income | $198M | $271M | -27% |
| Diluted EPS | $1.63 | $2.16 | -25% |
| Adjusted EBITDA | $334M | $311M | +7% |
| Operating Cash Flow | $281M | $119M | +136% |
| Free Cash Flow | $261M | $96M | +172% |
Revenue 同比下降 4% 至 $2,800M，主要受 slowed procurement 影响，导致 headcount 和 billable expenses 减少。尽管营收下滑，Operating Income 却增长 9% 至 $279M，Operating Margin 从 8.8% 提升至 10.0%，主要得益于成本控制，包括 headcount 减少和去年同期 $30M 的 severance 费用不再发生。
Net Income 下降 27% 至 $198M，主要因为去年同期有 $89M 的税务不确定头寸减少（UTP reserve release），导致有效税率从 -25.5% 大幅上升至 21.1%。剔除该一次性因素，本季度盈利能力实际有所改善。
公司只有一个 reportable segment，未披露分部数据。
| 项目 | 本期 | 上期/变化 |
|---|---|---|
| Cash and cash equivalents | $540M | $728M |
| Total Debt | $3,936M | $3,940M |
| Accounts receivable, net | $2,320M | $2,063M |
| Operating Cash Flow | $281M | +$162M |
| Capex | $20M | -$3M |
| Free Cash Flow | $261M | +$165M |
Net Debt 为 $3,396M（Total Debt $3,936M - Cash $540M），Net Debt/EBITDA 约为 2.5x（基于年化 Adjusted EBITDA $1,336M）。