Advantage Solutions Inc. (ADV) 2025 Q4 法說會逐字稿

Greetings, and welcome to the Advantage Solutions Fourth Quarter and Full Year 2025 Earnings Call. [Operator Instructions] As a reminder, this conference is being recorded. Thank you.

各位好，歡迎參加 Advantage Solutions 2025 年第四季及全年業績電話會議。【操作說明】提醒各位，本次會議正在錄音。謝謝。

Welcome to Advantage Solutions Fourth Quarter and Full Year 2025 Earnings Conference Call. Dave Peacock, Chief Executive Officer; and Chris Growe, Chief Financial Officer, are on the call today. Dave and Chris will provide their prepared remarks, after which we will open the call for a question-and-answer session.

歡迎參加 Advantage Solutions 2025 年第四季及全年財報電話會議。執行長戴夫·皮科克和財務長克里斯·格羅今天參加了電話會議。戴夫和克里斯將發表他們準備好的講話，之後我們將開放問答環節。

During this call, management may make forward-looking statements within the meaning of the federal securities laws. Actual outcomes and results could differ materially due to several factors, including those described more fully in the company's annual report on Form 10-K filed with the SEC. All forward-looking statements are qualified in their entirety by such factors. Our remarks today include certain non-GAAP financial measures, which are reconciled to the most comparable GAAP measure in our earnings release. As a reminder, unless otherwise stated, the financial results discussed today will be from continuing operations and revenues will exclude pass-through costs.

在本次電話會議中，管理階層可能會發表符合聯邦證券法規定的前瞻性聲明。實際結果可能因多種因素而與預期有重大差異，其中包括公司向美國證券交易委員會提交的 10-K 表格年度報告中更詳細描述的因素。所有前瞻性陳述均受上述因素的完整限制。我們今天的演講中包含一些非GAAP財務指標，這些指標已在我們的獲利報告中與最可比較的GAAP指標進行了核對。再次提醒，除非另有說明，今天討論的財務表現將來自持續經營業務，收入將不包括轉嫁成本。

And now I would like to turn the call over to Dave Peacock.

現在我想把電話交給戴夫·皮科克。

Thanks, operator. Good morning, everyone. Thank you for joining us. I want to thank our teammates across the organization for their ongoing commitment, successfully serving our clients as they navigate the market uncertainty and volatility, helping them adapt and succeed.

謝謝接線生。各位早安。感謝您的參與。我要感謝公司所有團隊成員的持續付出，感謝他們成功地為我們的客戶提供服務，幫助他們應對市場的不確定性和波動性，幫助他們適應並取得成功。

Before turning to our results, I'd like to highlight several strategic actions we've taken over the past few months to strengthen our foundation for shareholders, employees and customers and to position the company to drive sustained performance in 2026 and beyond. First, we moved towards refinancing our debt later this month. We had over 99% acceptance of a new debt package from our lender group, extending maturities to 2030. This refinancing is intended to provide operating flexibility and enhance our liquidity profile, while helping us achieve our long-term leverage target of 3.5x or less. This provides us with greater financial flexibility and ensures we have the capital necessary to continue investing in our core capabilities while delivering exceptional service to our clients. This planned refinancing includes a paydown of approximately $90 million of our debt.

在介紹我們的業績之前，我想重點介紹我們在過去幾個月採取的一些策略行動，這些行動旨在加強我們為股東、員工和客戶奠定的基礎，並使公司能夠在 2026 年及以後實現持續的業績成長。首先，我們計劃在本月稍後進行債務再融資。我們從貸款方獲得了超過 99% 的新債務方案的接受度，該方案將到期日延長至 2030 年。此次再融資旨在提供營運靈活性並增強我們的流動性狀況，同時幫助我們實現長期槓桿率目標（3.5倍或更低）。這為我們提供了更大的財務靈活性，並確保我們擁有必要的資金，在繼續投資於我們的核心能力的同時，為客戶提供卓越的服務。這項計劃中的再融資包括償還我們約 9,000 萬美元的債務。

Second, we further sharpened our portfolio through the divestiture of 3 noncore businesses. These transactions streamline our focus and allow us to redeploy capital into higher return opportunities aligned with our long-term strategy. As a result of these actions and our strong cash flow performance, we ended the year with $241 million in cash and a strengthened balance sheet, positioning us in a place of greater stability and optionality as we enter 2026. Finally, our upcoming reverse stock split supports broader institutional accessibility as we enter our next phase of growth. Taken together, these initiatives increase our strategic flexibility, enhance operational focus and allow us to move from defense to offense.

其次，我們透過剝離 3 項非核心業務，進一步優化了我們的投資組合。這些交易簡化了我們的工作重點，使我們能夠將資金重新部署到符合我們長期策略的高回報機會。由於這些措施和我們強勁的現金流表現，我們年底擁有 2.41 億美元的現金和更強勁的資產負債表，使我們在進入 2026 年時處於更穩定和更有選擇的地位。最後，隨著我們進入下一個成長階段，即將進行的反向股票分割將有助於更廣泛的機構投資者參與。綜合來看，這些舉措提高了我們的戰略靈活性，增強了作戰重點，使我們能夠從防禦轉向進攻。

Turning to fourth quarter results. Net revenues of $785 million were up approximately 3% year-over-year, reflecting an improving trajectory in Experiential Services, while branded services continue to face cyclical headwinds and retailer services faced slowing spend and some revenue timing shifts. Combined, our overall company delivered adjusted EBITDA of $88 million, which reflects the ongoing mix shifts toward more labor-intensive, lower-margin businesses.

接下來來看看第四季業績。淨收入為 7.85 億美元，年成長約 3%，反映出體驗服務的發展勢頭良好，而品牌服務持續面臨週期性不利因素，零售商服務則面臨支出放緩和部分收入時間變化。綜合來看，我們公司整體調整後的 EBITDA 為 8,800 萬美元，這反映了公司業務結構持續向勞動密集、低利潤率業務轉變。

Our cash flow generation was strong. And in the second half of 2025, we generated $174 million in unlevered free cash flow, a significant increase from $50 million in the first half and representing over 100% unlevered free cash flow conversion, excluding the payroll timing of factor. One reason for this was our successful SAP implementation earlier this year. Net free cash flow of $74 million in the second half exceeded our target of 30% of adjusted EBITDA, excluding payroll timing. And as I discussed earlier, our cash position strengthened materially. We believe our liquidity position provides ample flexibility to serve our clients effectively, invest selectively and further improve the balance sheet. As I mentioned earlier, we further streamlined our portfolio in recent months, including in early 2026 with several small divestitures of noncore businesses, resulting in approximately $55 million in proceeds, further bolstering our cash position.

我們的現金流狀況良好。2025 年下半年，我們產生了 1.74 億美元的非槓桿自由現金流，比上半年的 5,000 萬美元大幅成長，非槓桿自由現金流轉換率超過 100%，不包括保理商的薪資支付時間。其中一個原因是我們在今年稍早成功實施了SAP系統。下半年淨自由現金流為 7,400 萬美元，超過了我們設定的調整後 EBITDA 30% 的目標（不包括工資發放時間）。正如我之前所說，我們的現金狀況得到了顯著改善。我們相信，我們充足的流動性能夠為我們的客戶提供充分的靈活性，使我們能夠有效地進行投資，並進一步改善資產負債表。正如我之前提到的，近幾個月來，我們進一步精簡了投資組合，包括在 2026 年初剝離了幾項非核心業務，獲得了約 5500 萬美元的收益，進一步增強了我們的現金狀況。

Before discussing our strategy going forward, I want to briefly reflect on how we arrived at this point, both from an external and internal perspective. Externally, consumers continue to be cautious, value-seeking and selective. This is affecting overall shopping behavior spending at retail with lower-end consumers buying more on promotion at a lower price points. While higher-end consumers are shifting purchasing habits away from expandable consumption categories to healthier options.

在討論我們未來的策略之前，我想從外部和內部兩個角度簡要回顧一下我們是如何走到今天這一步的。從外部來看，消費者依然保持謹慎、追求性價比和精挑細選的態度。這影響了零售業的整體購物行為和支出，低端消費者則更多地購買促銷商品和低價商品。同時，高端消費者正在改變購買習慣，從追求可擴張消費的類別轉向更健康的選擇。

These two dynamics affect our business in 3 ways: One, we can see overall lower commission revenue where we manage sales for CPGs or private label manufacturers. Two, we see CPG and retailer P&Ls challenge leading to some lower spending on merchandising projects, resets and remodels. And three, we are seeing overall pullback in traditional marketing as retailers demand more investment in their retail media networks. These pressures are real and many are cyclical in nature. Despite them, we made meaningful progress adapting our business to these conditions to compete more effectively for the long term.

這兩個動態從三個方面影響我們的業務：第一，當我們為消費品公司或自有品牌製造商管理銷售時，我們可以看到整體佣金收入下降。第二，我們看到消費品和零售商的損益表面臨挑戰，導致商品陳列項目、重置和改造方面的支出減少。第三，我們看到傳統行銷整體出現萎縮，因為零售商要求對其零售媒體網路進行更多投資。這些壓力是真實存在的，而且許多壓力都具有週期性。儘管如此，我們還是取得了實質的進展，調整了業務以適應這些條件，從而在長期競爭中發揮了更大的作用。

Internally, we have been proactively investing in a multiyear IT transformation that concludes this year. These investments required upfront spending but are already driving efficiencies across the business. We expect our capital spending to decline in 2027, reflective of ongoing support rather than transformation investments. We continue to rationalize applications to reduce complexity and support efficiency in our IT platform. We also experienced some client losses in certain areas, particularly where clients became more price sensitive or chose to bring work in-house. At the same time, overall retention remains high, and we continue to execute against our pipeline of new clients, reinforcing the fact that there is continued demand for our services when we compete on the full value of our offering.

在公司內部，我們一直在積極投資一項為期多年的IT轉型計劃，該計劃將於今年完成。這些投資需要前期投入，但已經提高了整個企業的效率。我們預計 2027 年資本支出將下降，這反映的是持續支持而非轉型投資。我們不斷優化應用程序，以降低IT平台的複雜性並提高效率。我們也經歷了一些地區客戶流失的情況，尤其是在客戶對價格更加敏感或選擇將工作轉移到公司內部的情況下。同時，整體客戶留存率仍然很高，我們繼續推動新客戶的開發，這進一步證明，當我們充分發揮產品和服務的價值時，市場對我們的服務仍有持續的需求。

With that context, let me turn to what we are doing to structurally improve performance and strengthen the balance sheet. First, we're improving productivity across the organization with our centralized labor model serving as a core driver. This model is strengthening our high-volume labor businesses by improving utilization, execution, consistency and cost efficiency. Throughout 2025, we advanced the rollout of this model in experiential services, and it is already delivering tangible results, including reduced reliance on third-party labor, improved execution rates and better profitability per labor hour. Expanding this rollout remains a key priority for 2026. Technology will continue to be another critical driver of our productivity while also differentiating our ability to better serve our clients and customers.

基於上述背景，接下來我將介紹我們正在採取哪些措施來從結構上改善績效並加強資產負債表。首先，我們透過集中式勞動力模式作為核心驅動力，提高了整個組織的生產力。此模式透過提高利用率、執行力、一致性和成本效益，增強了我們的大批量勞務業務。2025 年全年，我們推進了該模式在體驗式服務領域的推廣，並且已經取得了切實成果，包括減少對第三方勞動力的依賴、提高執行率和提高每工時的盈利能力。擴大推廣範圍仍然是 2026 年的一項重要優先事項。科技將繼續成為我們提高生產力的另一個關鍵驅動力，同時也將使我們更好地服務客戶的能力脫穎而出。

Given our investments in new systems, we are able to rationalize many of our legacy applications and systems to provide a more efficient IT backbone. Our enterprise transformation, including our new SAP and Oracle systems in addition to our Workday implementation later this year, creates a strong and modern platform to provide insight-driven services to our clients and customers. Our new technology platforms are enabling efficiency gains, better workforce optimization, faster data integration and sharper visibility into performance, positioning us to operate as a truly insights-driven organization, which we believe will propel us to a leading position in the industry.

鑑於我們對新系統的投入，我們能夠對許多遺留應用程式和系統進行合理化改造，從而提供更有效率的 IT 基礎架構。我們的企業轉型，包括我們新的 SAP 和 Oracle 系統以及今年稍後實施的 Workday，將創建一個強大且現代化的平台，為我們的客戶提供以洞察為導向的服務。我們的新技術平台能夠提高效率、更好地優化勞動力、加快數據整合速度並更清晰地了解績效，使我們能夠成為真正以洞察力為導向的組織，我們相信這將推動我們在行業中佔據領先地位。

In parallel and in conjunction with our materially upgraded systems, we are integrating AI where it drives the most impact. One example is AI-enabled staffing and scheduling, which is already making us more effective and efficient, reducing manual work while improving speed, predictability and labor utilization. Second, we are focused on driving growth that deepens client relationships, expands our addressable market and leverages the capabilities we have built. Our partnership with Instacart is a good example as it continues to progress, combining their in-store audit capabilities and consumer insights with our retail execution network to help CPG brands improve on-shelf and overall in-store performance. We remain focused on pursuing new partnerships with retailers outside the grocery sector, which would significantly expand our addressable market. Our efforts are focused on retail segments where our capabilities translate well. We will share more as these opportunities progress.

我們正在將人工智慧與我們大幅升級的系統同步整合，並將其應用到能夠產生最大影響的領域。人工智慧賦能的人員配備和排班就是一個例子，它已經使我們更有效率，減少了人工工作，同時提高了速度、可預測性和勞動力利用率。其次，我們專注於推動成長，以加深客戶關係，擴大目標市場，並充分利用我們已建立的能力。我們與 Instacart 的合作就是一個很好的例子，隨著合作的不斷推進，我們將他們的店內審核能力和消費者洞察與我們的零售執行網絡相結合，以幫助消費品品牌提高貨架陳列和整體店內業績。我們將繼續專注於與食品雜貨業以外的零售商建立新的合作夥伴關係，這將大大擴大我們的目標市場。我們的努力主要集中在我們能力能夠充分發揮的零售領域。隨著這些機會的進展，我們將分享更多資訊。

Finally, we are leveraging our industry-leading data investments through our alert-based sales system called Pulse. This is an AI-enabled decision engine that integrates proprietary retail data with real-time capabilities to help clients anticipate demand and drive growth while more quickly identifying opportunities. Pulse will help our key account managers either remediate underperformance in an account or accelerate growth by more quickly providing the causal analysis and recommended actions. This was enabled by our migration to the cloud and creation of our data lake, which is helping us ingest and analyze more data than ever before.

最後，我們正在透過名為 Pulse 的基於警報的銷售系統，充分利用我們領先業界的數據投資。這是一個由人工智慧驅動的決策引擎，它將專有的零售數據與即時功能相結合，幫助客戶預測需求並推動成長，同時更快地發現機會。Pulse 將幫助我們的大客戶經理更快地提供原因分析和建議措施，從而糾正客戶績效不佳的問題或加速成長。這得歸功於我們向雲端遷移並創建了資料湖，這幫助我們攝取和分析了比以往任何時候都多的資料。

Turning to our segments. Experiential Services delivered strong Q4 results and stands as the clearest proof point of our progress in 2025. Accelerating demand, improved hiring velocity, higher labor readiness and more consistent execution drove increased event volumes, stronger execution rates and better predictability, positioning us well entering 2026. Branded services remained under pressure, consistent with prior guidance. Softer CPG spending, tighter procurement and client in-sourcing continue to weigh on performance. While we are not expecting a near-term inflection, we believe many of these pressures are cyclical.

接下來進入我們的節目環節。體驗式服務在第四季度取得了強勁的業績，這充分證明了我們在 2025 年取得的進展。需求加速成長、招募速度加快、勞動力準備度提高以及執行更加穩定，推動了活動數量的增加、執行率的提高和可預測性的增強，使我們為進入 2026 年做好了充分準備。與先前的預期一致，品牌服務仍面臨壓力。消費品支出疲軟、採購收緊以及客戶內部採購持續對業績構成壓力。雖然我們預期短期內不會出現轉機，但我們認為這些壓力大多是週期性的。

In 2026, our priorities are stabilizing the revenue base and converting new business even faster. Our pipeline of new opportunities has expanded, and we expect to provide more visibility into conversion and win rates as the year progresses. We are also managing costs and continuing targeted investments in data and analytics and partnerships to drive measurable client ROI. Retailer Services results were affected by channel mix shifts, project timing and cautious retail spending, particularly in grocery. Some activity shifted into early 2026, creating a timing mismatch as costs were incurred in 2025. Overall, while performance varied by segment, the underlying theme is clear. Execution discipline and operating consistency are improving, particularly in Experiential Services, which gives us confidence looking ahead.

2026 年，我們的首要任務是穩定收入基礎，並更快地拓展新業務。我們的新機會管道不斷擴大，我們預計隨著時間的推移，轉換率和成交率將更加透明。我們也在控製成本，並繼續有針對性地投資於數據、分析和合作夥伴關係，以推動可衡量的客戶投資回報率。零售服務業績受到通路組合變化、專案進度安排以及零售支出謹慎（尤其是食品雜貨支出）的影響。一些活動推遲到 2026 年初進行，導致時間錯配，因為成本是在 2025 年產生的。整體而言，雖然各細分市場的表現有所不同，但其基本主題很明確。執行紀律和營運一致性正在提高，尤其是在體驗服務方面，這讓我們對未來充滿信心。

Turning to our outlook. We are approaching 2026 with cautious optimism as we shift from heavy investment to enhanced execution. 2026 is the final year of our elevated IT spending, and we expect to begin seeing the operating benefits of these investments flow through our results. While the industry faces continued macro headwinds, we expect revenue to be flat to up low single digits, excluding divestitures, driven by continued momentum in Experiential Services, a more stable trajectory in Retailer Services and a move towards stabilization in branded services over the course of the year.

展望未來。展望2026年，我們懷著謹慎樂觀的態度，從大量投資轉向更有效率的執行。 2026年是我們高額IT支出計畫的最後一年，我們預計這些投資帶來的營運效益將開始體現在我們的績效中。儘管產業面臨持續的宏觀不利因素，但我們預計，在不計資產剝離的情況下，收入將保持平穩或實現個位數低增長，這主要得益於體驗式服務的持續增長勢頭、零售服務的更加穩定的發展軌跡以及品牌服務在年內逐步趨於穩定。

We expect adjusted EBITDA to be flat to down mid-single digits, excluding divestitures. I want to be direct about why. This reflects ongoing macro uncertainty and mix shifts toward more labor-intensive, lower-margin services, while some higher-margin businesses remain challenged. That said, execution discipline, labor productivity initiatives and technology investments should drive an improving margin profile as the year progresses. Cash flow remains a core strength and priority. We expect unlevered free cash flow of approximately $250 million to $275 million for the year and net free cash flow conversion of at least 25% of adjusted EBITDA, excluding the incremental costs related to a potential debt refinancing. This reflects continued working capital discipline, including further improvement in our DSO performance and a steady CapEx profile as we enter the final stage of our IT transformation.

我們預計，不計剝離資產，調整後的 EBITDA 將持平或下降個位數中段。我想直接說明原因。這反映了宏觀經濟的持續不確定性以及產業結構朝向勞動密集、低利潤率服務業的轉變，而一些高利潤率企業仍面臨挑戰。也就是說，隨著時間的推移，執行紀律、勞動生產力提升措施和技術投資應該會推動利潤率狀況的改善。現金流仍然是公司的核心優勢和優先事項。我們預計本年度無槓桿自由現金流約為 2.5 億美元至 2.75 億美元，淨自由現金流轉換率至少為調整後 EBITDA 的 25%，不包括與潛在債務再融資相關的增加成本。這反映了我們持續的營運資金紀律，包括進一步改善應收帳款週轉天數 (DSO) 表現，以及在我們進入 IT 轉型最後階段之際保持穩定的資本支出狀況。

Overall, this outlook reflects both the realities of the current environment and our confidence in the progress we are making. We are building a more durable, predictable and cash-generative company and the actions we are taking across labor, technology and execution position us well over time.

整體而言，這種展望既反映了當前環境的現實，也反映了我們對所取得進展的信心。我們正在打造一家更持久、更可預測、更具現金流的公司，我們在勞動力、技術和執行方面採取的行動將使我們在未來處於有利地位。

I'll now pass it over to Chris for more details on our performance and guidance.

現在我將把發言權交給克里斯，讓他詳細介紹我們的表現並提供指導。

Thank you, Dave, and welcome, everyone, to our call today. I will review our fourth quarter and full year 2025 performance by segment, discuss our strong cash flow results and improved capital position and expand on Dave's guidance commentary.

謝謝戴夫，也歡迎各位參加今天的電話會議。我將按業務部門回顧我們 2025 年第四季和全年業績，討論我們強勁的現金流結果和改善的資本狀況，並進一步闡述 Dave 的指導性評論。

Starting with Branded Services. In the fourth quarter, we generated approximately $259 million in revenues and $39 million of adjusted EBITDA, down 9% and 29% year-over-year, respectively. For the full year 2025, Branded Services generated $1 billion in revenues and $143 million in adjusted EBITDA, down 9% and 21% year-over-year, respectively. Performance reflected sustained softness in CPG spending throughout the year, which continued to pressure results in the fourth quarter, along with challenges in the sales brokerage and omni-commerce marketing businesses.

從品牌服務開始。第四季度，我們實現了約 2.59 億美元的營收和 3,900 萬美元的調整後 EBITDA，分別年減 9% 和 29%。2025 年全年，品牌服務業務的營收為 10 億美元，調整後 EBITDA 為 1.43 億美元，年比分別下降 9% 和 21%。業績反映出全年消費品支出持續疲軟，這在第四季持續對業績構成壓力，同時銷售經紀和全通路行銷業務也面臨挑戰。

In-sourcing remains a headwind, but we believe this is cyclical in nature, and we are focused on converting our large and expanded pipeline of new business to counteract this trend. We continue to manage costs tightly while prioritizing execution and positioning the business for recovery as client spending improves.

內部化仍然是一個不利因素，但我們認為這是週期性的，我們正專注於將我們龐大且不斷擴大的新業務管道轉化為外部業務，以抵消這一趨勢。我們將繼續嚴格控製成本，同時優先考慮執行力，並為客戶支出改善後的業務復甦做好準備。

In Experiential Services, fourth quarter performance once again exceeded our expectations. We generated approximately $280 million in revenues and $28 million of adjusted EBITDA, up 19% and 115% year-over-year, respectively. Results reflected higher event volume, up 15% in the quarter and faster and more responsive hiring with execution rates exceeding 93%. The EBITDA margin was once again in the double digits as the incremental margin in the quarter reached over 30% despite elevated labor-related costs, including workers' compensation and medical benefits.

體驗服務業務第四季的業績再次超出預期。我們實現了約 2.8 億美元的營收和 2,800 萬美元的調整後 EBITDA，分別年增 19% 和 115%。結果顯示，活動數量較上一季增加了 15%，招募速度更快、反應更迅速，執行率超過 93%。儘管勞動相關成本（包括工傷賠償和醫療福利）上升，但本季 EBITDA 利潤率再次達到兩位數，增量利潤率超過 30%。

For the full year 2025, Experiential Services delivered $1 billion in revenues and $101 million of adjusted EBITDA, up 8% and 34% year-over-year, respectively. This segment experienced a strong second half finish to the year, supported by our hiring initiatives, strong execution and robust demand supporting momentum as we move into 2026.

2025 年全年，體驗服務業務營收 10 億美元，調整後 EBITDA 為 1.01 億美元，分別年增 8% 及 34%。在今年下半年，該業務板塊取得了強勁的收官表現，這得益於我們的招聘舉措、強有力的執行以及強勁的需求，這些都為我們邁向 2026 年奠定了良好的基礎。

In Retailer Services, fourth quarter revenues were $246 million with adjusted EBITDA of $20 million, up 1% and down 22% year-over-year, respectively. As Dave mentioned, performance was impacted by delayed projects, leading to costs being incurred ahead of revenue being recognized and ongoing pressure in advisory and agency work due to channel mix. A portion of planned project activity shifted out of the quarter and into early 2026, while associated labor onboarding and training costs were already incurred. We also saw higher workers' compensation and medical benefit costs in this segment as well.

零售服務業務第四季營收為 2.46 億美元，調整後 EBITDA 為 2,000 萬美元，分別年增 1% 和年減 22%。正如戴夫所提到的那樣，由於專案延期，導致成本在收入確認之前就已經產生，並且由於通路組合的原因，諮詢和代理業務持續面臨壓力，這影響了業績。部分計畫專案活動從本季轉移到 2026 年初，而相關的勞動力入職和培訓成本已經產生。我們也發現，該領域的工傷賠償和醫療福利成本也較高。

For the full year 2025, Retailer Services generated $944 million in revenue and $87 million of adjusted EBITDA, down 2% and 12% from the prior year, respectively. Looking forward, we believe this business is positioned to grow in 2026 in a more normalized environment for retail project work, expanding our retail partners beyond the grocery segment and an exciting suite of new value-added services we are developing.

2025 年全年，零售服務業務收入為 9.44 億美元，調整後 EBITDA 為 8,700 萬美元，分別比前一年下降 2% 和 12%。展望未來，我們相信，隨著零售項目工作環境的逐步恢復正常，以及我們正在開發一系列令人興奮的新增值服務，這項業務將在 2026 年實現增長，並將我們的零售合作夥伴擴展到食品雜貨領域之外。

For the year, shared services and IT costs increased as systems move fully from build to live operations, which is in line with our expectations. We see shared service costs rising modestly in 2026, inclusive of higher IT spending as we near the end of our transformational IT investments. We do expect the growth in these costs to moderate after 2026, allowing us to capitalize on the efficiencies created through our shared service infrastructure.

今年，隨著系統從建置階段全面過渡到實際運作階段，共享服務和 IT 成本增加，符合我們的預期。我們預計，隨著我們轉型性 IT 投資接近尾聲，IT 支出增加，到 2026 年，共享服務成本將小幅上升。我們預計這些成本的成長在 2026 年後將趨於緩和，使我們能夠充分利用共享服務基礎設施所創造的效率。

Moving to the balance sheet and cash flow. We ended the quarter with $241 million in cash, up roughly $40 million sequentially. The strong cash performance was driven by improved working capital performance, proceeds from recent divestitures as well as the partial settlement on the Take 5 litigation. Specifically, we sold our minority interest in Acxion Foodservice in September for approximately $20 million, and we sold Smalltalk, our small marketing-oriented business in December for approximately $20 million.

接下來來看資產負債表和現金流量表。本季末，我們持有現金2.41億美元，比上一季增加了約4000萬美元。強勁的現金流表現得益於營運資本表現的改善、近期資產剝離所得以及與 Take 5 訴訟案達成的部分和解。具體來說，我們在 9 月以約 2000 萬美元的價格出售了我們在 Acxion Foodservice 的少數股權，並在 12 月以約 2000 萬美元的價格出售了我們的小型行銷導向業務 Smalltalk。

In January, we divested part of our stake in Advantage Smollan for $27 million, and we also received the final $27.5 million cash payment in early 2026 from the sale of Jun Group. We did not repurchase debt or shares during the quarter. Our net leverage ratio was approximately 4.4x adjusted EBITDA at quarter end, in line with the third quarter, but above our long-term target of 3.5x, and we're executing against a clear plan to reduce. Given our strong cash position, we expect to apply approximately $90 million to debt paydown as part of our refinancing. Over the course of 2026, we expect our strong cash flow to contribute to continued debt paydown.

1 月份，我們以 2700 萬美元的價格出售了我們在 Advantage Smollan 的部分股份，並且我們在 2026 年初收到了 Jun Group 出售所得的最後 2750 萬美元現金。本季我們沒有回購債務或股票。截至季末，我們的淨槓桿率約為調整後 EBITDA 的 4.4 倍，與第三季持平，但高於我們 3.5 倍的長期目標，我們正在執行明確的降低槓桿率計劃。鑑於我們強勁的現金狀況，我們預計將把大約 9000 萬美元用於償還債務，作為我們再融資計劃的一部分。在 2026 年，我們預計強勁的現金流將有助於持續償還債務。

With cash on hand, expectations for improved cash generation in the year and approximately $440 million available under our revolver, we believe our liquidity position supports our needs amidst the still volatile macro environment.

憑藉手頭現金、預計今年現金流將有所改善以及循環信貸額度下約 4.4 億美元可用資金，我們相信，在當前依然動蕩的宏觀環境下，我們的流動性狀況能夠滿足我們的需求。

Turning to cash generation. DSOs improved during the fourth quarter to approximately 57 days, the lowest level in our history, reflecting improved working capital management and intense focus on collections and normalization following earlier system-related disruptions in the year. Optimizing DSO has been a priority for the organization, and we will continue to make progress in reducing DSOs as we move through 2026, which will contribute to additional cash flow generation. CapEx was approximately $24 million in the fourth quarter due to heavier IT-related spending against our transformation plan. For the full year 2025, CapEx totaled $53 million.

轉向現金流。第四季度應收帳款週轉天數改善至約 57 天，為公司歷史上的最低水平，這反映出營運資本管理的改善以及在今年早些時候系統相關中斷後對收款和正常化的重點關注。優化應收帳款週轉天數 (DSO) 一直是本組織的優先事項，我們將繼續努力縮短應收帳款週轉天數，直至 2026 年，這將有助於產生更多現金流。由於為推進轉型計劃而加大了 IT 相關支出，第四季度資本支出約為 2,400 萬美元。2025 年全年資本支出總額為 5,300 萬美元。

Turning to cash flow. We generated approximately $75 million of adjusted unlevered free cash flow in the fourth quarter, and the conversion rate was nearly 130%, excluding the payroll timing shift. Cash flow performance exceeded our expectations, driven primarily by strong working capital execution, including improved DSOs. For the full year 2025, adjusted unlevered free cash flow achieved an approximately 80% conversion rate, excluding payroll timing, reflecting a materially stronger second half performance.

接下來談談現金流。我們在第四季度產生了約 7,500 萬美元的調整後非槓桿自由現金流，轉換率接近 130%（不包括工資發放時間的變化）。現金流表現超乎預期，主要得益於強勁的營運資本執行力，包括應收帳款週轉天數的改善。2025 年全年，經調整的非槓桿自由現金流轉換率約為 80%（不含薪資發放時間），反映出下半年業績顯著增強。

As Dave mentioned, the planned extension of our debt maturities from 2027 and 2028 to 2030 provides meaningful financial flexibility for the business while improving the balance sheet over time. We believe this outcome will be favorable for all stakeholders and will allow us to execute our strategy and remain focused on delivering improving operating and financial results. The strategies we have in place are the right ones to achieve that goal.

正如戴夫所提到的，我們計劃將債務到期日從 2027 年和 2028 年延長至 2030 年，這為企業提供了重要的財務靈活性，同時隨著時間的推移改善了資產負債表。我們相信這一結果對所有利害關係人將有利，並將使我們能夠執行我們的策略，並繼續專注於取得更好的營運和財務表現。我們目前採取的策略是實現這一目標的正確策略。

Turning to our outlook for 2026. Our guidance reflects a measured and prudent view of the macroeconomic environment, coupled with confidence in our cash flow generation. Excluding divestitures, which contributed approximately $20 million to revenues in 2025, we expect revenue growth to be flat to up low single digits with continued strength in Experiential Services, a more stable performance in Retailer Services as project timing normalizes and a gradual recovery profile in Branded services over the course of the year.

接下來展望2026年。我們的績效指引反映了對宏觀經濟環境的審慎判斷，以及對自身現金流的信心。除剝離業務（預計 2025 年將為公司帶來約 2000 萬美元的收入）外，我們預計收入增長將保持平穩或略有增長，體驗式服務將繼續保持強勁勢頭，隨著項目進度恢復正常，零售商服務將表現得更加穩定，品牌服務將在年內逐步復甦。

Also excluding divestitures, which contributed over $10 million to adjusted EBITDA in 2025, we expect adjusted EBITDA growth to be flat to down mid-single digits year-over-year, reflecting continued macroeconomic headwinds, the last year of our major IT investments and mix shifts toward lower-margin, labor-intensive businesses, particularly within Experiential Services, but also within Branded Services. While we expect execution and profitability to improve through the year, our guidance assumes a conservative margin profile early in the year and does not rely on a near-term inflection in branded services.

此外，若不計剝離資產（該項剝離在 2025 年為調整後 EBITDA 貢獻了超過 1000 萬美元），我們預計調整後 EBITDA 的同比增長將持平或下降個位數中段，這反映了持續的宏觀經濟逆風、我們主要 IT 投資的最後一年以及業務組合向利潤增長率雖然我們預計今年的執行情況和獲利能力將有所改善，但我們的預測是基於年初較保守的利潤率，並且不依賴品牌服務在短期內出現轉機。

Cash flow remains a core focus in our outlook. We expect unlevered free cash flow of $250 million to $275 million for the year, with net free cash flow conversion of approximately 25% of adjusted EBITDA, excluding any incremental debt refinancing costs. This outlook is supported by improved DSO performance and disciplined working capital management and a steady CapEx profile. We expect CapEx to be approximately $50 million to $60 million in 2026, consistent with 2025 levels. And this represents our final year of elevated CapEx levels before we start to see a meaningful reduction in future years.

現金流仍然是我們展望的核心關注點。我們預計全年無槓桿自由現金流為 2.5 億美元至 2.75 億美元，淨自由現金流轉換率約為調整後 EBITDA 的 25%（不包括任何新增債務再融資成本）。這一前景得益於DSO績效的改善、嚴格的營運資本管理以及穩定的資本支出狀況。我們預計 2026 年資本支出約為 5,000 萬至 6,000 萬美元，與 2025 年的水準一致。這也標誌著我們資本支出水準居高不下的最後一年，之後我們將在未來幾年開始看到顯著下降。

While we do not provide quarterly guidance, we do expect a widening of the first half, second half adjusted EBITDA breakdown with the second half representing approximately 60% of EBITDA. Importantly, this guidance reflects our current assumptions around consumer spending, the labor environment and timing of known project activity. As always, we aim to plan our business prudently and responsibly.

雖然我們不提供季度指引，但我們預計上半年和下半年的調整後 EBITDA 佔比將擴大，下半年約佔 EBITDA 的 60%。重要的是，該指南反映了我們目前對消費者支出、勞動力環境和已知專案活動時間表的假設。一如既往，我們力求審慎負責地規劃業務。

Thank you for your time. I will now turn it back over to Dave.

感謝您抽出時間。現在我把任務交還給戴夫。

Thanks, Chris. Our expertise and range of services position us well to navigate through 2026 with resilience and agility. We continue to execute with discipline and advance our productivity and growth initiatives. We are making measurable progress in our transformation and see proof points across the business. Finally, our focus on long-term shareholder value creation is unwavering.

謝謝你，克里斯。我們的專業知識和廣泛的服務使我們能夠以韌性和靈活性應對 2026 年的挑戰。我們將繼續嚴謹執行各項工作，推動生產力提升和成長計畫。我們的轉型取得了可衡量的進展，並在整個業務中看到了成效。最後，我們對創造長期股東價值的關注始終不變。

Operator, we are now ready to take questions.

操作員，我們現在可以開始接受提問了。

[Operator Instructions] And our first question come from the line of Luke Morison with Canaccord.

【操作說明】我們的第一個問題來自 Canaccord 公司的 Luke Morison。

Your line is open.

您的線路已開通。

Hey guys, thanks for taking the questions here. Maybe just first on the debt exchange. So it seems like clearly, it's the right move to me extending the runway to 2030 and removing that near-term maturity risk. I guess my follow-on question is just around the rate step-up from 6.5% to 9% and whether that changes the sequencing or urgency around getting to sub-3.5x leverage and just sort of your path to that level?

大家好，感謝你們回答這些問題。或許只是債務交換的第一步。所以在我看來，很明顯，將資金使用期限延長至 2030 年，消除近期到期風險，是正確的舉措。我想問的後續問題是，利率從 6.5% 提高到 9% 是否會改變將槓桿率降至 3.5 倍以下的順序或緊迫性，以及您達到該水平的路徑？

Yes. Thanks, Luke. Just to give you some perspective on that, you're right, it does step up. And obviously, the term loan steps up in cost as well. Your overall borrowing rates going up, call it, 150 basis points, roughly that. And I think through this time, to get that incremental time in terms of our ability to extend the debt to 2030, there was an incremental cost related to that, which we are aware of. I think you'll see, call it, roughly $10 or so million of incremental interest costs in 2026, and then we'll see the full sort of annualization of those costs in '27. That I would just note that on the term loan, it's a SOFR plus 600 basis points. So SOFR has come down. That's led to a little less incremental cost.

是的。謝謝你，盧克。為了讓您對這一點有個更清晰的認識，您說得對，它的確有所改進。顯然，定期貸款的成本也會隨之增加。您的整體借貸利率將會上漲，大概上漲 150 個基點。我認為，在這段時間裡，為了獲得將債務期限延長至 2030 年的額外時間，我們意識到這會產生額外的成本。我認為，到 2026 年，我們將看到大約 1000 萬美元左右的新增利息成本，然後到 2027 年，我們將看到這些成本的完全年化。我只想指出，定期貸款的利率是 SOFR 加 600 個基點。所以SOFR價格下降了。這導致增量成本略有降低。

But I think what I'd say is that, that certainty around the runway we have right now to 2030, another 4-plus years for the debt, that incremental cost, I think, was very much worth it and gives us the ability now to invest, right? And we've been investing very heavily back in the business. We're calling sort of this year to be the end of that heavy transformation investment and now gives us the time to kind of put that into action, if I could say it that way, to start to really accelerate the growth of the business.

但我認為，就目前到 2030 年的資金周轉期而言，還有 4 年多的時間來償還債務，這種確定性，我認為是值得的，也讓我們現在有能力進行投資，對吧？我們一直在大力投資這項業務。我們認為今年是這項大規模轉型投資的結束之年，現在我們有時間將這些投資付諸實踐，如果可以這麼說的話，就是真正開始加速業務成長。

Yeah, makes sense. And then maybe just a follow-on. Just looking at the guide, you explained the spread between revenue and EBITDA growth a little bit. Maybe just like double-click there and help us think about the structural cost base and what's the eventual path to those 2 lines converging over the medium term?

嗯，有道理。然後或許會有後續報道。從指南來看，您對收入成長和 EBITDA 成長之間的差距做了一些解釋。或許只要雙擊這裡，就能幫助我們思考結構性成本基礎，以及這兩條線在中期最終會如何收斂？

Yeah, I mean, I think when you look at the business, we see a couple of drivers, especially with the fourth quarter. One, we had unusually high labor costs, largely in the benefits area due to higher claims. This is something where we've brought in a new benefits adviser immediately and have started looking at options to bring those costs in line. We've seen pretty significant inflation across the benefits lines over the last couple of years.

是的，我的意思是，我認為當你審視業務時，我們可以看到幾個驅動因素，尤其是在第四季度。第一，我們的勞動成本異常高，主要體現在福利領域，因為索賠金額較高。為此，我們立即聘請了一位新的福利顧問，並開始研究各種方案，以控制這些成本。過去幾年，我們看到各項福利都出現了相當明顯的通貨膨脹。

And then the other has been mix within our business, both cross-segment and intersegment mix. And this is basically lower-margin businesses, some of our labor-intensive businesses growing faster than some of the businesses that are less labor-intensive. I'd say that as we look to stabilize the Branded Services segment in the back half of this year, later part of this year and then obviously aim to grow that long term, that's going to help.

另一種情況是在我們的業務內部進行混合，包括跨部門混合和部門間混合。而這基本上指的是利潤率較低的業務，我們的一些勞動密集型業務的成長速度比一些勞動密集度較低的業務要快。我認為，當我們著眼於在今年下半年穩定品牌服務業務，並力求長期成長時，這將有所幫助。

And then we're also seeing strong incremental margin in our labor businesses. And so we're going to get to a point where the margins that are being generated from some of these labor businesses get up to the average margin in our overall business. So we do see that arresting over time and those lines ultimately inflecting differently where you've got EBITDA growth and revenue growth either more in line or EBITDA performance even ahead of revenue performance.

此外，我們的勞動力業務也實現了強勁的利潤成長。因此，我們將達到這樣一個階段：某些勞務業務所產生的利潤率將達到我們整體業務的平均利潤率。因此，我們看到隨著時間的推移，這種趨勢逐漸顯現，這些曲線最終呈現出不同的變化，EBITDA 成長和收入成長要么更加一致，要么 EBITDA 表現甚至領先於收入表現。

The last thing I'd say on it is some of the technology adoption. Chris talked a lot about our new systems and some of the efficiencies that will come with those. I think like a lot of firms, we are early in the stages, I think anyone who says they're late in the stages is probably not truthful on the AI front. And there are significant efficiencies to be gained there, both what I call in personal productivity, but also in enterprise-wide productivity that we're just, I think, scratching the surface like most companies, but are excited about the potential.

最後我想說的是一些技術應用的問題。克里斯詳細談到了我們的新系統以及這些系統將帶來的效率提升。我認為和許多公司一樣，我們還處於早期階段，任何聲稱自己處於後期階段的人，在人工智慧領域可能都不誠實。而且，這方面還有很大的效率提升空間，無論是我所說的個人生產力，還是企業整體生產力，我們目前只是像大多數公司一樣，觸及了皮毛，但我們對這種潛力感到興奮。

Excellent, thank you.

太好了，謝謝。

Our next question comes from the line of Greg Parrish with Morgan Stanley. Your line is open.

我們的下一個問題來自摩根士丹利的格雷格·帕里什。您的線路已開通。

Hey guys, good morning. Thanks for taking my question. Okay, Maybe I'll just start, maybe the revenue guide is flat to up single -- low single digits. '25 was down 1.5%. So maybe like kind of help bridge that step-up, if you will, like what's kind of baked into your expectations on which segment is improving implied in the guide to get here in '26?

嘿，各位，早安。謝謝您回答我的問題。好吧，也許我就先說說收入預期吧，也許會持平或略微增長——個位數低段。 2025年下降了1.5%。所以，或許可以這樣幫助彌補這一差距，例如，你對指南中暗示的哪個部分在 2026 年有所改善的預期是什麼？

Yes. Greg, it's Chris here, and thanks for your question. I would just say that in the fourth quarter, we did grow revenue. So that's a good indication as the year went on. You've seen that really significant step-up in the growth of Experiential, where we talked last quarter and talked the last couple of quarters about just the demand signals there being very strong.

是的。格雷格，我是克里斯，感謝你的提問。我只想說，在第四季度，我們的營收確實成長了。所以，隨著時間的推移，這是一個很好的跡象。你們已經看到體驗式行銷的成長有了非常顯著的提升，我們在上個季度以及過去幾個季度都談到過，這方面的需求訊號非常強勁。

And then I really want to give credit to the organization to come together to achieve the hiring needs and the execution rates that we needed to satisfy that demand. We talked about 93% execution. I hope that's even higher here in 2026 against this rising demand. So that's going to be a key driver of our 2026 momentum, and there's certainly momentum in that business. I think we do see the retailer segment growing. We do think Branded services moves more towards stabilization throughout the year. So I think that's one that will be a bit of a drag early on but get better as the year goes forward. I think that's the construct we expect for the growth in the year. I think the difference versus Q4 is we do expect the Retailer Services segment to grow, and that will be kind of the key components of what we expect for '26 growth in revenue.

然後，我真的要讚揚整個組織齊心協力，實現了我們所需的招募需求和執行速度，從而滿足了這項需求。我們討論了93%的執行率。我希望到 2026 年，隨著需求的成長，這個數字還能更高。因此，這將是我們 2026 年發展勢頭的關鍵驅動因素，而該業務領域確實存在發展勢頭。我認為我們確實看到零售商這一領域正在成長。我們認為品牌服務在全年將逐漸趨於穩定。所以我認為這方面在初期可能會有點拖沓，但隨著時間的推移會越來越好。我認為這就是我們對今年成長的預期結構。我認為與第四季度相比，不同之處在於我們預期零售服務部門將會成長，這將是我們預期 2026 年營收成長的關鍵組成部分。

Okay. That's helpful color. And maybe just to double-click on Branded here. I think you said you're not confident in an inflection near term. But maybe just help us like what's the catalyst here over the next 6, 9, 12 months to get that on the right track in the second half? I mean is it mostly market volumes? Or are there other factors that you think that could drive upside?

好的。這是個很有幫助的顏色。或許只需雙擊這裡的「品牌」即可。我想你說過你對短期內出現轉機沒有信心。但或許可以幫我們分析一下，在接下來的 6 個月、9 個月、12 個月裡，能夠推動下半年計畫走上正軌的催化劑是什麼？我的意思是，這主要取決於市場交易量嗎？或者您認為還有其他因素可能會推動上漲嗎？

I think some of it, Greg, is we saw some client losses where price became a significant issue relative to the, if you will, competition. And we're lapping those, number one. Number two, frankly, we've got some new leadership in position and really a renewed focus on what I call the foundations of the business. This is not a difficult business, tell our team all the time, if you simply do what you say you're going to do and follow up consistently with both our retailer customers and our CPG clients, it's amazing how easy this business can be.

格雷格，我認為部分原因是，我們看到一些客戶流失，因為相對於競爭對手而言，價格成為了一個重要問題。我們遙遙領先，這是第一名。第二，坦白說，我們有了新的領導階層，並且真正重新專注於我所說的業務基礎。我一直告訴我們的團隊，這不是一項很難的生意，只要你言出必行，並持續跟進我們的零售客戶和消費品客戶，你會驚訝地發現這項生意有多麼容易。

And frankly, I think between transformation and some macro noise in the market that has certainly been difficult and disruptions around pricing that can relate to tariffs and other things, disruptions in supply chain. We still have some clients that are struggling to meet market demand with supply and just other macro headwinds, I think we've allowed ourselves to get too distracted and need to be focusing on executing at peak levels despite the conditions we may be competing in. So we feel very good about some of the things we're seeing with clients, the way we're operating with them, the fact that some of our clients that we've had long-term relationships with are starting to shift accounts to us to cover versus in-sourcing and maybe reversing some of those decisions. And so I think all of these things give us confidence as we head into the latter part of 2026 about the Branded Services space.

坦白說，我認為在轉型和一些宏觀市場噪音的影響下，這無疑增加了難度，價格波動可能與關稅和其他因素有關，供應鏈也出現了中斷。我們仍然有一些客戶在供應和其他宏觀不利因素的影響下難以滿足市場需求，我認為我們讓自己分心太多了，我們需要專注於在競爭激烈的環境中保持最佳執行力。因此，我們對目前與客戶的一些合作情況感到非常滿意，包括我們與客戶的合作方式，以及一些與我們保持長期合作關係的客戶開始將帳戶轉給我們進行外包而不是內部處理，甚至可能扭轉之前的一些決定。因此，我認為所有這些因素都讓我們對 2026 年下半年的品牌服務領域充滿信心。

And then our new business pipeline has really never been this robust, if you will. And a lot of it can be market-driven. So it's not always the large CPG that you're thinking about a lot of the emerging brands, the midsized CPG companies and then just picking up a couple of accounts with various CPG companies at the market level where there's not a lengthy RFP process, but the conversion rate is much quicker. So that gives us some optimism as we head into the back half of '26.

而且，我們的新業務管道也從未像現在這樣強勁。很多事情都是市場驅動的。所以，你考慮的並不總是大型消費品公司，而是很多新興品牌、中型消費品公司，然後在市場層面拿下幾個不同消費品公司的客戶，這樣就沒有冗長的招標流程，轉換率也快得多。因此，這讓我們對即將到來的 2026 年下半年充滿樂觀。

Great. That's very helpful. And then maybe just lastly for me on the divestitures. Could you size how much revenue that is? I think small ones deconsolidated, but I don't know, maybe just sort of rough numbers, like what the divestitures would impact.

偉大的。那很有幫助。最後，對我來說，或許最重要的是資產剝離。您能估算一下這筆收入是多少嗎？我認為小公司已經解散了，但我不太清楚，也許只能給一些粗略的數字，例如資產剝離會產生什麼影響。

Sure, Greg. It's Chris. And I did give these in my script, so you could just go back to check those. But $20 million of revenue in 2025 and then about a little more than $10 million of EBITDA. And I think you hit the nail on the head. The reality of -- so 2 of those businesses that we divested, I think, are Acxion Foodservice stake, which occur -- we have already told you about, which occurred back in the third quarter and then Advantage Small have no revenue effect, but they have an EBITDA effect.

當然可以，格雷格。是克里斯。我在劇本裡寫明了這些，你可以回去看。但到 2025 年，營收將達到 2,000 萬美元，EBITDA 將略高於 1,000 萬美元。我覺得你說得太對了。實際情況是——我認為我們剝離的這兩項業務，分別是 Acxion Foodservice 的股份（我們已經告訴過你們，這發生在第三季度）和 Advantage Small，它們對收入沒有影響，但對 EBITDA 有影響。

And then you've got the Smalltalk business, which is a marketing-oriented business that we sold in December, that's the totality of the revenue. So when I take the revenue from that one business and then the EBITDA from all three, I get that over $10 million effect on EBITDA. So, it's just -- the point is to try to keep that in mind, our guidance is based off, call it, the pro forma base, excluding that $10 million.

然後還有 Smalltalk 業務，這是一個以行銷為導向的業務，我們在 12 月將其出售了，這就是全部收入。所以，當我把那一項業務的收入加上這三項業務的 EBITDA 後，我得出了 EBITDA 超過 1000 萬美元的影響。所以，關鍵是要記住這一點，我們的指導意見是基於所謂的準備基準，不包括那 1000 萬美元。

Yeah, okay, that's helpful. Okay, thanks guys.

好的，這很有幫助。好的，謝謝大家。

There are no further questions at this time. I want to turn the call back over to David Peacock for closing comments.

目前沒有其他問題了。我想把電話轉回大衛·皮科克，請他做總結發言。

Thank you. We want to thank everybody for joining, and we look forward to connecting with this group next quarter. Thank you.

謝謝。感謝大家的參與，我們期待下季與大家繼續交流。謝謝。

This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.

今天的電話會議到此結束。您可以在此時斷開線路。感謝您的參與。