AGI Playground 倒计时 1 天！ Hi，AGI Players～Founder Park 为你准备了一份详细而贴心的攻略，让你畅享 AGI Playground 2025 每一个精彩瞬间！ 最重要的事情放在最前边！ 完整日程一览，（强烈）建议保存到手机中。 | 【DAY 1】 6 月 21 日 周六 | | | | | | --- | --- | --- | --- | --- | | | | 场地A 传导空间 | | | | 09:00 - 09:40 | | 拆解 AI Native 的产品新范式 | | | | 09:40 - 09:50 | | 2025 中国最具价值 AGI 创新机构 TOP 50 发布 | | | | 09:50 - 10:20 | | 重塑出海范式,构建全球增长的智能创业新生态 | | | | 10:20 - 10:50 | | 我们所看到的具身智能的未来 | | | | 10:50 - 12:20 | | 创业者，怎么在这个 AI 时代「撒点野」 | | | | Break | | | | | | 场地A | 场地B | 场地C | 场地D | 场地E | | 7 ...

Financial Data and Key Metrics Changes - Total revenue for Q1 increased by 12% to $1.9 billion, with organic revenue growth of 5% and cash flow growth of 12% over the last twelve months [7][19][41] - EBITDA rose to $740 million, up over 9% in total, with a reported EBITDA margin of 39.3%, down 90 basis points year-over-year [20][21] - Diluted EPS was $4.78, exceeding guidance of $4.70, driven by strong margin performance [22] Business Line Data and Key Metrics Changes - Application Software segment revenue grew by 19% in total and 6% organically, with EBITDA margins at 41.4% [25] - Network Software segment organic revenue grew by 1%, with EBITDA margins remaining strong at 55.3% [30] - TEP segment revenue grew by 6% on both total and organic bases, with EBITDA margins at 36.2% [33] Market Data and Key Metrics Changes - Over 85% of revenues are generated in the U.S., with over 85% of software revenues recurring [10] - Central Reach is expected to deliver approximately $175 million in revenue and $75 million in EBITDA for the TTM period ending June 2026, with anticipated growth rates of around 20% [12][16] Company Strategy and Development Direction - The company is raising its full-year total revenue guidance from 10% to approximately 12% due to a solid start to the year and the completion of the Central Reach acquisition [41][43] - The focus remains on capital deployment, with over $5 billion available for acquisitions over the next twelve months [9][43] - The company emphasizes its durable business model, which is well-suited to withstand macroeconomic uncertainties [10][43] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding the macro environment, noting that while there is uncertainty, the pipeline for acquisitions remains robust [52] - The company anticipates organic growth in the mid-single digits for the remainder of the year, despite some expected weakness in specific segments like Deltek [72][75] Other Important Information - The acquisition of Central Reach was completed for $1.65 billion, net of a $200 million tax benefit, and is expected to enhance the company's growth profile significantly [12][41] - The company noted that the current macroeconomic environment presents unique opportunities for capital deployment, historically advantageous during uncertain times [45] Q&A Session Summary Question: Perspective on private equity behavior - Management noted a slowdown in deal activity due to uncertainty but highlighted a robust pipeline and ongoing conversations with sponsors [51] Question: Deltek's exposure to government contracting - Deltek's business is 60% focused on federal government contractors, facing uncertainty due to budget issues, but customer sentiment remains positive [54][56] Question: Free cash flow expectations - Free cash flow is expected to be back-end weighted, with a stronger performance anticipated in Q3 due to seasonal factors [62][64] Question: Central Reach's gross retention rate - Central Reach's gross retention rate is in the low 90s when accounting for therapist turnover, but net retention is strong at 115-120% [65] Question: Durability of Deltek's business - Deltek's recurring revenue model provides predictability, but some growth has been trimmed due to current uncertainties [75] Question: AI-driven revenue for Central Reach - Central Reach's AI products are new and not yet a material revenue source, but they are expected to be significant growth drivers moving forward [92] Question: Core EBITDA margin outlook - Core EBITDA margins are expected to improve slightly throughout the year, with acquisition margins anticipated to enhance as well [97]

如果您希望可以时常见面，欢迎标星收藏哦~ 来源：内容编译自 The nextplatform ，谢谢。 世界上安装的其他大多数大型机都基于蓝色巨人IBM的另一条处理线，即基于十几代 Power RISC CPU的Power Systems 机器。 化辅助产品的蓬勃发展，这种情况似乎正在发生。GenAi的咨询和软件销售业务也正在发挥各自的 作用。 IBM 第一季度营收增长 0.6 个百分点，达到 145.4 亿美元。毛利润增长 3.7%，达到 80.3 亿美 元。但与去年同期 IBM 拥有 5.02 亿美元税收优惠不同，2025 年第一季度 IBM 的研发成本更 高，且需缴纳 1.03 亿美元的税款，因此净利润下降 34.3%，至 10.6 亿美元。 IBM 基础设施集团（负责销售存储和服务器，并转售其他公司的网络产品）的销售额为 28.9 亿美 元，同比下降 6.2%。在产品周期的这个阶段，大多数客户都知道他们将等待 z17 或 Power11 系 统的发布，但那些需要容量的客户可以通过利用大多数 z 和 Power 机器中按需提供的潜在容量来 满足需求。因此，IBM 从此类升级中获得的收入如同"金螺丝刀"般 ...