Bright Horizons Family Solutions Inc (BFAM) 2023 Q3 法說會逐字稿

Good afternoon, ladies and gentlemen, and welcome to the Bright Horizons Family Solutions First Quarter of 2023 Earnings Call. (Operator Instructions) As a reminder, this conference is being recorded. It is my pleasure to introduce your host, Michael Flanagan, Vice President, Investor Relations for Bright Horizons Family Solutions. You may begin, sir.

女士們、先生們，下午好，歡迎參加 Bright Horizo​​ns Family Solutions 2023 年第一季財報電話會議。 （操作員指示）謹此提醒，本次會議正在錄製中。我很高興向您介紹主持人，Bright Horizo​​ns Family Solutions 投資者關係副總裁 Michael Flanagan。您可以開始了，先生。

Thank you, Judith, and welcome to everyone on Bright Horizons' third quarter earnings call. Before we begin, please note that today's call is being webcast, and a recording will be available under the Investor Relations section of our website brighthorizons.com.

謝謝朱迪思，歡迎大家參加 Bright Horizo​​ns 第三季財報電話會議。在我們開始之前，請注意，今天的電話會議正在網路直播，錄音將在我們網站 Brighthorizo​​ns.com 的投資者關係部分提供。

As a reminder to participants, any forward-looking statements made on this call, including those regarding future business, financial performance and outlook, are subject to the safe harbor statement included in our earnings release. Forward-looking statements inherently involve risks and uncertainties that may cause actual operating and financial results to differ materially and should be considered in conjunction with the cautionary statements that are described in detail in our earnings release, 2022 Form 10-K and other SEC filings. Any forward-looking statement speaks only as of the date on which it's made, and we undertake no obligation to update any forward-looking statements. We may also refer to these non-GAAP financial measures, which are detailed and reconciled to their GAAP counterparts in our earnings release, which is available under the IR section of our website at investors.brighthorizons.com.

謹提醒參與者，本次電話會議中所做的任何前瞻性陳述，包括有關未來業務、財務業績和前景的陳述，均須遵守我們收益發布中包含的安全港聲明。前瞻性陳述本質上涉及風險和不確定性，可能導致實際營運和財務結果出現重大差異，應與我們的收益報告、2022 年10-K 表格和其他SEC 文件中詳細描述的警示性陳述結合起來考慮。任何前瞻性聲明僅代表其發布之日的情況，我們不承擔更新任何前瞻性聲明的義務。我們也可能會參考這些非GAAP 財務指標，這些指標在我們的收益報告中進行了詳細說明並與GAAP 財務指標進行了核對，收益報告可在我們網站Investors.brighthorizo​​ns.com 的IR 部分查看。

Joining me on today's call are Chief Executive Officer, Stephen Kramer; and our Chief Financial Officer, Elizabeth Boland. Stephen will start by reviewing our third quarter results and provide an update on the business. Elizabeth will follow with a more detailed review of the numbers before we open it up to your questions. With that, let me turn the call over to Stephen.

與我一起參加今天電話會議的有執行長史蒂芬‧克萊默 (Stephen Kramer)；以及我們的財務長伊麗莎白·博蘭 (Elizabeth Boland)。史蒂芬將首先回顧我們第三季的業績，並提供業務最新情況。在我們回答您的問題之前，伊麗莎白將更詳細地審查這些數字。現在，讓我把電話轉給史蒂芬。

Thanks, Mike, and welcome to everyone who has joined the call this evening. I am pleased with our performance in the third quarter. We delivered strong results with 20% year-over-year revenue growth and 33% adjusted EPS growth. Full-service revenue came in ahead of our expectations with comparable high single-digit enrollment growth, and back-up care delivered an exceptional quarter with use across all care types well outpacing our expectations. Overall, as we approach the end of 2023, I'm proud of our performance and continued progress toward our near- and long-term objectives.

謝謝麥克，並歡迎今晚加入電話會議的所有人。我對我們第三季的表現感到滿意。我們取得了強勁的業績，營收年增 20%，調整後每股收益成長 33%。全方位服務收入超出了我們的預期，入學人數增長幅度相當高，而後備護理的季度表現非常出色，所有護理類型的使用都遠遠超出了我們的預期。總的來說，隨著 2023 年底的臨近，我對我們的表現以及在實現近期和長期目標方面的持續進展感到自豪。

So beginning with some of the specifics. In our full-service child care segment, revenue increased 17% in the third quarter to $445 million. The typical seasonal enrollment dip over the summer months, primarily driven by older children aging up and out into elementary schools, was slightly better than we expected, driving higher-than-projected year-over-year enrollment growth. The center cohorts we have discussed previously continued to demonstrate improved year-over-year performance. In Q3, our top-performing cohort, defined as above 70% occupancy, increased to 36% of our centers, which is an improvement from 25% in Q3 2022. In our bottom cohort of centers, those under 40% occupancy, represents 17% of centers as compared to 20% in the prior year period.

所以從一些具體細節開始。在我們的全方位兒童保育服務領域，第三季營收成長了 17%，達到 4.45 億美元。夏季月份典型的季節性入學人數下降主要是由於年齡較大的兒童長大並進入小學所致，這一情況略好於我們的預期，推動了入學人數同比增長高於預期。我們之前討論過的中心群體繼續表現出逐年改善的表現。在第三季度，我們表現最好的中心群（定義為入住率高於70%）增加到了36%，比2022 年第三季度的25% 有所改善。在我們表現最差的中心群中，入住率低於40% 的中心佔17 個與去年同期的 20% 相比，中心的百分比。

To provide a bit more color on enrollment trends, in centers that have been opened for more than one year, enrollment growth expanded to a high single-digit rate in Q3 with occupancy levels averaging 58% to 60% in the quarter. In the U.S., year-over-year enrollment increased nearly 12% in these [life] centers with strong growth across both our client and lease models and notable ongoing momentum in our younger age groups with mid-teens growth in our infant and toddler classrooms. Outside the U.S., enrollment again increased at a low single-digit rate in Q3, and the U.K. remains our most challenging geography. Enrollment growth in the U.K. improved modestly in Q3 as compared to Q2. But as we discussed last quarter, the macroeconomic backdrop and staffing environment continue to be a headwind to the cadence of our recoveries in the pandemic. In the Netherlands and Australia, where occupancy averages more than 70%, enrollment increased sequentially over Q2, broadly in line with our expectations.

為了更清楚地說明入學趨勢，在已經開業一年多的中心中，第三季的入學率成長達到了較高的個位數，該季度的平均入住率達到 58% 至 60%。在美國，這些[生命]中心的入學人數同比增長了近12%，我們的客戶和租賃模式均強勁增長，而且我們的嬰幼兒教室中青少年群體的增長勢頭顯著，其中青少年群體的增長勢頭著。在美國以外，第三季入學率再次以低個位數成長，而英國仍然是我們最具挑戰性的地區。與第二季相比，英國第三季的入學人數成長略有改善。但正如我們上季度討論的那樣，宏觀經濟背景和人員配置環境仍然是我們在疫情中復甦節奏的阻力。在荷蘭和澳大利亞，平均入住率超過 70%，第二季入學人數持續增加，基本上符合我們的預期。

On the staffing front, the U.S. continued to see positive recruitment and retention trends. Staffing levels increased year-over-year, accommodating higher enrollment, underpinned by increased applicant flow and better retention rates. Outside the U.S., staffing trends continue to be more mixed. In the U.K., labor continues to be a constraint to our enrollment and overall cost structure. As we discussed last quarter, we continue to execute on a variety of talent acquisition initiatives and have undertaken actions to retain our existing staff, attract new qualified staff and reduce our reliance on costly agency staff. While I'm optimistic that these initiatives will improve overall staffing levels and operating efficiencies, these efforts will take time to drive a material change in labor costs and the profitability of our U.K. centers.

在人員配置方面，美國持續呈現正面的招募和留任趨勢。人員配備水準逐年增加，在申請人流量增加和保留率提高的基礎上，容納了更高的入學人數。在美國以外，人員配置趨勢持續更加複雜。在英國，勞動力仍然是我們招生和整體成本結構的限制因素。正如我們上季度討論的那樣，我們繼續執行各種人才招募計劃，並採取行動留住現有員工、吸引新的合格員工並減少對昂貴的代理員工的依賴。雖然我樂觀地認為這些措施將提高整體人員配置水準和營運效率，但這些努力需要時間來推動勞動成本和我們英國中心獲利能力的重大變化。

Let me now turn to back-up care, which delivered another outstanding quarter. Revenue grew to $169 million. The 32% growth outpaced our expectations as we delivered a record level of use. Traditional network use was well above our guidance for the quarter with robust demand notably from families [who place] children on summer vacation. The strong use growth experienced in July continued through August with our Bright Horizons centers and Steve & Kate's’ Camps showing the strongest growth across care types. September was another strong month of use, though the pace of growth moderated from the high concentration of use over the summer. Overall, I am delighted with the performance this quarter and the execution by our operations team to meet this surge in demand, ensuring client families receive the care they needed to remain productive at work.

現在讓我談談後備護理，該護理又帶來了一個出色的季度。營收成長至 1.69 億美元。 32% 的成長超出了我們的預期，因為我們創造了創紀錄的使用水準。傳統網路使用量遠高於我們對本季的指導，尤其是讓孩子去暑假的家庭的強勁需求。 7 月的強勁使用成長持續到 8 月，我們的 Bright Horizo​​ns 中心和 Steve & Kate's Camps 在各種護理類型中顯示出最強勁的成長。 9 月是另一個使用量強勁的月份，但由於夏季使用量的高度集中，增長速度有所放緩。總的來說，我對本季的業績以及我們的營運團隊為滿足需求激增而執行的工作感到滿意，確保客戶家庭獲得保持工作效率所需的護理。

The growth and expansion of our back-up services this year illustrates the broad opportunity we have within the back-up care segment as we leverage the investments we have been making in technology, marketing and products. Our education advisory business delivered revenue of $32 million, increasing 3% over the prior year. Notable new client launches in the quarter for EdAssist and College Coach included Fresenius Medical and [Hubbell Incorporated].

今年我們後備服務的成長和擴展說明了我們在後備護理領域擁有廣泛的機會，因為我們利用了我們在技術、行銷和產品方面的投資。我們的教育諮詢業務實現收入 3,200 萬美元，比上年增長 3%。本季 EdAssist 和 College Coach 推出的著名新客戶包括 Fresenius Medical 和 [Hubbell Incorporated]。

As I wrap up, I want to take this opportunity to recognize the incredible work of our center teachers and staff teams. They have always been the key to our ability to deliver the highest quality education and care to families and clients. I am thrilled to share that we just received the results of our parent impact survey. We again saw excellent NPS and customer satisfaction scores and heard overwhelmingly from currently enrolled families that the quality of our teachers and the impact they have on their child's education sets Bright Horizons apart from our early education peers. Our business is fundamentally about people serving people, and this recognition is a great affirmation of the work we do every day.

最後，我想藉此機會表彰我們中心教師和教職員工團隊所做的出色工作。他們一直是我們為家庭和客戶提供最高品質的教育和照護的能力的關鍵。我很高興地告訴大家，我們剛剛收到了家長影響調查的結果。我們再次看到了出色的 NPS 和客戶滿意度得分，並從目前註冊的家庭中得知，我們的教師品質及其對孩子教育的影響使 Bright Horizo​​ns 從我們的早期教育同行中脫穎而出。我們的業務從根本上來說就是以人為本，而這種認可是對我們每天所做工作的極大肯定。

So in closing, I like the continued progress we are seeing across our business. Given our results year-to-date and our current outlook for Q4, we are narrowing our full year guidance to a revenue range of $2.375 billion to $2.4 billion or 18% to 19% growth and an adjusted EPS range of $2.73 to $2.78. With that, I'll turn the call over to Elizabeth, who will dive into the quarterly numbers and share more detail around our outlook.

最後，我喜歡我們在整個業務中看到的持續進步。鑑於我們今年迄今的業績和目前對第四季度的展望，我們將全年指引範圍縮小到23.75 億美元至24 億美元，即成長18% 至19%，調整後每股收益範圍為2.73 美元至2.78美元。接下來，我會將電話轉給伊莉莎白，她將深入研究季度數據並分享有關我們前景的更多細節。

Thank you, Stephen, and hello to everyone on the call. To recap the third quarter, overall revenue increased 20% to $646 million. Adjusted operating income of $67 million or 10% of revenue increased 46% over Q3 of '22, and adjusted EBITDA of $101 million or 16% of revenue was up 26% over the prior year. Lastly, adjusted EPS of $0.88 a share grew 33% in the quarter. We added 4 new centers in Q3 and closed 9, ending the quarter with 1,063 centers.

謝謝你，史蒂芬，並向通話中的每個人問好。回顧第三季度，總營收成長 20%，達到 6.46 億美元。調整後營業收入為 6,700 萬美元，佔營收的 10%，比 2022 年第三季成長了 46%，調整後 EBITDA 為 1.01 億美元，佔營收的 16%，比前一年成長了 26%。最後，調整後每股收益 0.88 美元，本季成長 33%。我們在第三季新增了 4 個中心，並關閉了 9 個中心，本季末中心數量達到 1,063 個。

To break this down a bit further, full-service revenue increased $64 million to $445 million in Q3 or 17% over the prior year, ahead of our expectations of 14% to 16%, driven by increased enrollment and [pricing]. Enrollment in our centers opened for more than one year increased high single digits across the portfolio. Occupancy levels averaged in the range of 58% to 60% for Q3, ticking down sequentially as expected given the typical enrollment seasonality over the summer months. As Stephen mentioned, U.S. enrollment grew in the low double digits, while international enrollment increased in the low single digits over the prior year.

進一步細分，在入學人數增加和[定價]的推動下，第三季全方位服務收入增加了6,400 萬美元，達到4.45 億美元，比上年增長17%，超出了我們14% 到16% 的預期。我們中心開設一年多來，整個投資組合的入學人數增加了高個位數。第三季的平均入住率在 58% 至 60% 之間，考慮到夏季典型的入學季節性，入住率按預期連續下降。正如史蒂芬所提到的，與前一年相比，美國的入學人數以較低的兩位數增長，而國際入學人數則以較低的個位數增長。

Adjusted operating income of $7 million in the full-service segment increased $10 million in Q3. This year-over-year improvement was driven by higher enrollment, tuition increases and the improving operating leverage across our broader enrollment base. Partially offsetting the earnings growth was a $5 million reduction in support received from the ARPA government funding program over the prior year and the continued cost impact of inefficient labor and agency staffing in our U.K. business.

第三季度，全服務部門調整後的營業收入增加了 1,000 萬美元，為 700 萬美元。這一同比改善是由入學人數增加、學費增加以及更廣泛的入學基礎上運營槓桿的改善所推動的。上一年來自 ARPA 政府資助計劃的支持減少了 500 萬美元，以及我們英國業務中低效的勞動力和機構人員配置的持續成本影響，部分抵消了收益增長。

Turning to back-up care. Revenue grew 32% in the third quarter to $169 million, well ahead of our expectations for 12% to 15% growth, and operating income was 31% of revenue, growing to $52 million. As Stephen detailed, use volume was higher than we anticipated with strong use across care types particularly in our [school away] summer programs. Lastly, our educational advising segment grew revenue by 3% to $32 million and delivered operating margin of 26%.

轉向後備護理。第三季營收成長 32%，達到 1.69 億美元，遠超過我們預期的 12% 到 15% 成長，營業收入佔營收的 31%，成長到 5,200 萬美元。正如史蒂芬所詳述的，使用量高於我們的預期，在各種護理類型中都有大量使用，特別是在我們的[學校外]暑期計畫中。最後，我們的教育諮詢部門收入成長了 3%，達到 3,200 萬美元，營業利益率為 26%。

Interest expense increased modestly in the quarter to $11 million, excluding the $1.5 million per quarter in both '22 and '23 that is related to the deferred purchase price on our acquisition of Only About Children. The structural tax rate on adjusted net income increased to 28.5%, an increase of 180 basis points over Q3 of '22.

本季利息支出小幅成長至 1,100 萬美元，不包括 22 年和 23 年每季 150 萬美元的利息支出，該支出與我們收購 Only About Children 的遞延購買價格有關。調整後淨利潤的結構性稅率提高至28.5%，比2022年第三季提高了180個基點。

Turning to the balance sheet and cash flow. Through September of this year, we have generated $161 million in cash from operations compared to $131 million last year. We have invested $92 million in fixed assets and acquisitions in 2023. And comparatively speaking, in 2022, we had invested $251 million, including the acquisition of Only About Children on July 1 of '22. We ended the third quarter of this year with $41 million of cash and a debt leverage ratio of 2.8x net debt to EBITDA, down from the 3.25x that we started '23 at.

轉向資產負債表和現金流量。截至今年 9 月，我們的營運現金為 1.61 億美元，而去年為 1.31 億美元。 2023年我們在固定資產和收購方面投資了9,200萬美元。相較之下，2022年我們投資了2.51億美元，其中包括2022年7月1日收購的Only About Children。截至今年第三季度，我們擁有 4,100 萬美元現金，債務槓桿為 EBITDA 淨債務的 2.8 倍，低於 23 年年初的 3.25 倍。

Moving on to our updated 2023 outlook. As Stephen outlined, we are raising the lower end of our range for the full year revenue guidance of $2.375 billion to $2.4 billion to reflect the revenue performance through the first 9 months of the year. In terms of segment revenue for the full year, we now expect full-service to grow roughly 18% to 19%, back-up care to grow approximately 20% to 22% and ed advisory to grow in the mid-single digits. On an adjusted EPS basis, we are narrowing our guidance range to $2.73 to $2.78 for the year. In terms of the remainder of 2023, this full year outlook assumes that Q4 overall revenue will be in the range of $575 million to $600 million and adjusted EPS will be in the range of $0.72 to $0.77 for the quarter.

接下來是我們更新的 2023 年展望。正如史蒂芬所概述的，我們將全年收入指導範圍的下限從 23.75 億美元上調至 24 億美元，以反映今年前 9 個月的收入表現。就全年分部收入而言，我們目前預計全方位服務將成長約 18% 至 19%，後備照護將成長約 20% 至 22%，教育諮詢將實現中個位數成長。在調整後每股收益的基礎上，我們將今年的指導範圍縮小至 2.73 美元至 2.78 美元。就 2023 年剩餘時間而言，全年展望假設第四季整體營收將在 5.75 億美元至 6 億美元之間，調整後每股收益將在 0.72 美元至 0.77 美元之間。

Before I close, as we've done each quarter this year, I want to quantify 3 discrete items that are affecting our reported margins and earnings growth rates in 2023. That is ARPA funding, interest expense and the tax rate. In Q4, we expect those items to account for an approximate $0.25 headwind to year-over-year growth for Q4 with $13 million less in ARPA government funding at P&L centers, approximately 230 basis points higher tax rate and roughly $3 million more in interest expense. Two notes here. The sequential step-up in interest expense to $14 million in Q4 of '23 reflects the new quarterly run rate that we expect through 2024 as our interest rate caps step up this month. Also, as a reminder, funding from the ARPA program at P&L centers, which effectively ended September 30, will be $33 million lower in 2024.

在結束之前，正如我們今年每個季度所做的那樣，我想量化影響我們 2023 年報告利潤率和盈利增長率的 3 個離散項目。即 ARPA 資金、利息支出和稅率。在第四季度，我們預計這些項目將對第四季度的同比增長造成約 0.25 美元的阻力，其中損益中心的 ARPA 政府資金減少 1300 萬美元，稅率提高約 230 個基點，利息支出增加約 300 萬美元。這裡有兩個註解。 23 年第四季利息支出連續增加至 1,400 萬美元，反映了我們預計到 2024 年的新季度運行利率，因為本月我們的利率上限有所提高。此外，需要提醒的是，損益中心 ARPA 計畫的資金將於 9 月 30 日有效結束，到 2024 年將減少 3,300 萬美元。

So in closing, echoing Stephen's comments, we're pleased with the continued progress across the business this year and continue to be excited about the opportunities ahead. And so with that, Judith, we are open to questions and can go to Q&A.

因此，最後，呼應史蒂芬的評論，我們對今年整個業務的持續進展感到高興，並對未來的機會繼續感到興奮。因此，朱迪思，我們願意接受問題並可以進行問答。

(Operator Instructions) Our first question comes from Andrew Steinerman of JPMorgan.

（操作員指令）我們的第一個問題來自摩根大通的安德魯斯坦納曼。

It's Andrew. I just wanted to ask about the U.K. business. What gives you your confidence that you'll be able to improve the U.K. business and kind of how important is it strategically to serve the U.K. and the U.S., let's say, together?

是安德魯。我只是想問一下英國的生意。是什麼讓您有信心改善英國業務，以及為英國和美國（比如說，一起）提供策略服務有多重要？

So look, we have been in the U.K. since 2000, and so know that market incredibly well and understand how to operate within that market. We certainly recognize the challenge that we are currently facing there and have been facing. But on the other hand, we also are starting to see some progress as it relates to our ability to staff and our ability to take out some of the agency staffing that we had continued to have. In addition to that, I think that our quality leadership position in that market really holds us in good stead as we continue to build that business back. I think that in addition to that, we are seeing the government start to have very reasonable proposals as it relates to things like the qualifications of staff, the ratios in classrooms as well as starting to think differently about funding.

所以看，我們自 2000 年以來一直在英國，因此非常了解這個市場並了解如何在該市場內運作。我們當然認識到我們目前和一直面臨的挑戰。但另一方面，我們也開始看到一些進展，因為這與我們的人員配置能力以及我們取消部分機構人員配置的能力有關。除此之外，我認為我們在該市場的品質領導地位確實使我們在繼續重建該業務時處於有利地位。我認為除此之外，我們看到政府開始提出非常合理的建議，因為它涉及員工的資格、教室的比例以及開始對資金進行不同的思考。

And so again, from our perspective, we believe that the U.K., and especially the portfolio that we have in the U.K., represents something for our future. We are being very disciplined. So we will continue to look very hard at particular locations that over time are not going to make sense for us. And we'll take the steps to have closures where we think the prospects are not strong. On the other hand, overall, we believe in the U.K. market in the long term and believe that we have a unique position to continue to make progress there.

因此，從我們的角度來看，我們相信英國，尤其是我們在英國擁有的投資組合，代表了我們的未來。我們非常有紀律。因此，我們將繼續非常努力地尋找隨著時間的推移對我們來說沒有意義的特定地點。我們將採取措施關閉那些我們認為前景不樂觀的地方。另一方面，總體而言，我們長期看好英國市場，並相信我們擁有獨特的地位，可以繼續在那裡取得進展。

Our next question comes from George Tong of Goldman Sachs.

我們的下一個問題來自高盛的喬治唐。

You mentioned occupancy levels averaged in the range of 58% to 60% in the third quarter. Can you elaborate on some of the trends that you're seeing with occupancy as you head into 4Q and how you would expect trends to play out in 2024?

您提到第三季的平均入住率在 58% 至 60% 之間。您能否詳細說明進入第四季時您所看到的入住率趨勢以及您預計趨勢在 2024 年將如何發展？

Sure. The trend there continues to improve, and it's a sequential dip. But as we compare the enrollment year-over-year and we continue to have a group of centers coming into this cohort that are more than 12 months operating, we feel good about the progress even as it's just sort of steady quarter-to-quarter. Looking ahead to next year, we mentioned these 3 bands, if you will, of centers that are performing. And our top-performing group that was 36% of the total this quarter and we had reported last quarter was 43%, that's the lion's share where we are obviously aiming to get back to over 70% next year. They have already gotten there. They're achieving that performance now.

當然。那裡的趨勢持續改善，而且是連續下降。但是，當我們逐年比較註冊人數時，我們繼續有一批中心進入該隊列，運營時間超過 12 個月，我們對進展感到滿意，儘管季度與季度之間的情況比較穩定。展望明年，如果你願意的話，我們提到了這 3 個正在表演的中心樂團。我們表現最好的集團本季佔總數的 36%，上季報告為 43%，這是最大的份額，我們的目標顯然是明年恢復到 70% 以上。他們已經到了那裡。他們現在正在實現這樣的表現。

So enrollment improvement there would be modest next year. It's really in the middle band and the lower band where we would see enrollment progress. And so looking at 58% to 60% now, we would be looking to be growing enrollment again in the high single digits overall next year across the various cohorts and centers that have the opportunity to keep growing that enrollment. So that's broadly how we think about it.

因此，明年的入學率改善幅度將會不大。實際上，我們會在中段和下段看到註冊進度。因此，從現在的 58% 到 60% 來看，我們希望明年各個有機會繼續增加入學人數的隊列和中心的總體入學人數再次以高個位數增長。這就是我們的大致想法。

Got it. And just to follow up on that. When would you expect to get back to pre-COVID levels of occupancy rates?

知道了。只是為了跟進。您預計什麼時候才能恢復到新冠疫情爆發前的入住率水準？

Well, as mentioned in the top group, we are already back to pre-COVID levels. So the middle group, which is, just for those listening, would be currently enrolled between 40% and 70%. Those centers are averaging in that range of what I even just quoted there in that 55%, 60% range. So those centers, we would expect to see -- have the most opportunity for growth next year and be very -- getting to the pre-COVID levels that they had operated at in the second half is what we would be targeting second half of the year. And then the bottom cohort is a broader mix of centers. And so those would be certainly looking out to 2025 based on the cadence of enrollment that we're seeing now.

嗯，正如上面提到的，我們已經回到了新冠疫情之前的水平。因此，中間群體（僅針對那些傾聽的人）目前的註冊人數在 40% 到 70% 之間。這些中心的平均值在我剛剛引用的 55%、60% 範圍內。因此，我們預計這些中心明年將有最大的成長機會，並且達到下半年的營運水平，這就是我們下半年的目標年。然後底部的隊列是更廣泛的中心組合。因此，根據我們現在看到的入學節奏，這些人肯定會展望 2025 年。

Our next question comes from Jeff Meuler of Baird.

我們的下一個問題來自貝爾德 (Baird) 的傑夫·莫勒 (Jeff Meuler)。

Just first on back-up care strength, I guess. It feels like I'm asking the same question as last quarter, which is you keep calling for deceleration and then the business keeps outperforming. So I can understand like why the Steve & Kate's outsized growth from this last quarter won't repeat. But just help me out with like any other factors like the percentage of use [banks] that are exhausted at this point of the year relative to what that metric typically is or just any other constraining factors on the growth because otherwise, it's looking like maybe you're set up for a couple of years of potentially stronger post-COVID growth given all the clients you signed on during COVID.

我想首先是後備護理力量。感覺就像我在問與上個季度相同的問題，那就是你一直呼籲減速，然後業務繼續表現出色。所以我可以理解為什麼史蒂夫和凱特上個季度的大幅成長不會重演。但是，請幫助我解決像任何其他因素一樣的問題，例如在一年中的這個時候相對於該指標通常的使用率[銀行]耗盡的百分比，或者任何其他限製成長的因素，因為否則，它看起來可能是考慮到您在新冠疫情期間簽約的所有客戶，您已經做好了在新冠疫情結束後幾年潛在更強勁增長的準備。

Thanks, Jeff. I think you're pointing to some of the factors that do come in to the overall mix. It is -- our clients have -- a number of our clients have arrangements with us that are essentially on a pay-per-use basis or have a base level fee and then paying for use over a minimum threshold. And so there's an opportunity, of course, for more users at a client to be utilizing back-up care. But for the most part, clients do have a constraint, if you will, on how much an individual employee can utilize. And so given the uses that we have seen through the first 9 months, those baskets for the individual employees have largely been consumed for those that are the primary users through the first 9 months. So that is what gives us some pause about just continued growth across a whole new cohort. We will certainly have some new users and be reaching out to all of those opportunities.

謝謝，傑夫。我認為你指出的是整體組合中確實存在的一些因素。我們的客戶有很多客戶與我們簽訂了基本上按使用付費的安排，或收取基本費用，然後為超過最低門檻的使用付費。因此，當然，客戶的更多用戶有機會利用後備護理。但在大多數情況下，如果你願意的話，客戶確實對單一員工可以使用的資源量有限制。因此，考慮到我們在前 9 個月看到的使用情況，這些為個人員工提供的籃子在前 9 個月中大部分被主要用戶消費。因此，這讓我們對整個新群體的持續成長感到猶豫。我們肯定會擁有一些新用戶，並會抓住所有這些機會。

But I think our view is that with the whole -- sort of the pull into the summertime with all of the school agers and the concentration of a week or 2 at a time of use for those parents that there has been more consumption a bit earlier in the year for those heavier users. So I think the -- we don't want to have a great story sound negative. It has been a terrific growth trajectory a couple of years now of 30% growth plus in the third quarter. And the components of the way that this business is seasonal is sort of amplified by the numbers of clients who are seasoning in to their use [banks]. And as they consume the different use care types, we have the opportunity to make that more year round. But that's our outlook for the first day of November.

但我認為我們的觀點是，隨著所有學齡兒童進入夏季，以及家長集中使用一兩週的時間，消費會提前一點對於那些重度使用者來說。所以我認為——我們不想讓一個偉大的故事聽起來消極。幾年來，它的成長軌跡非常出色，第三季成長了 30% 以上。而這項業務的季節性因素在某種程度上被習慣使用[銀行]的客戶數量所放大。隨著他們消費不同類型的使用護理，我們有機會全年生產更多產品。但這就是我們對 11 月第一天的展望。

Okay. I guess we'll see if I'm asking that question again next quarter. On full-service margins, just anything else that's weighing margins down relative to expectations in the quarter besides U.K. staffing and enrollment levels? I asked because it looks like there was a [decent place] shortfall despite revenue upside. And I would think the stronger enrollment growth would be coming at high incremental margins given the excess capacity that you currently have.

好的。我想我們會看看下個季度我是否會再次問這個問題。就全方位服務利潤率而言，除了英國的人員配置和入學水準之外，還有什麼因素會導致本季利潤率低於預期？我之所以這麼問，是因為儘管收入有所上升，但看起來[體面的地方]仍有短缺。我認為，考慮到目前的產能過剩，更強勁的入學成長將伴隨著高增量利潤。

Yes. I mean it's certainly a fair callout. I think other than the U.K., which certainly has been challenged and they've been slightly more challenged than we had -- our outlook had been last time we talked to you all, so we've sort of further refined that for the third quarter's actual results and how we see it coming in the fourth quarter, but I think the only other thing I'd note is that with the higher concentration, the growth of the infants and toddler age groups, which is a positive to the long-term enrollment story, that comes at a higher intensity ratio and a higher cost structure as well. And so that's probably the other component that I'd lay out in terms of the labor cost element.

是的。我的意思是，這當然是一個公平的標註。我認為除了英國之外，英國肯定受到了挑戰，而且他們所面臨的挑戰比我們稍微大一些——我們的前景是上次我們與大家交談時的，所以我們對第三季度的前景進行了進一步完善。實際結果以及我們如何看待第四季度的結果，但我認為我唯一要注意的另一件事是，隨著濃度的提高，嬰兒和幼兒年齡組的增長，這對長期而言是積極的招生故事，伴隨著更高的強度比和更高的成本結構。因此，這可能是我在勞動成本要素方面列出的另一個組成部分。

Our next question comes from Manav Patnaik of Barclays.

我們的下一個問題來自巴克萊銀行的馬納夫帕特奈克。

Elizabeth, just to follow up on that, and I apologize if I missed it, but can you just help us with your operating margin expectations for the 3 segments? I don't know, if anything's changed, I suppose, since the last quarter.

伊莉莎白，我想跟進一下，如果我錯過了，我很抱歉，但是您能幫助我們了解一下您對這 3 個細分市場的營業利潤率預期嗎？我想，自上個季度以來，我不知道是否有任何變化。

Not significantly. No. I think that back-up, just to start there, we've had just over 30% operating margins this quarter. That's similar to what we would expect for Q4. The full-service, still in the low single digits in Q4, so also similar. And that's -- again, I'll just note that that's improvement -- that's performance against a quarter that won't have ARPA funding coming through. And then the ed advising business is, again, still in the 25% to 30% range. So I would say consistent.

不顯著。不。我認為，首先，我們本季的營業利潤率剛剛超過 30%。這與我們對第四季的預期類似。第四季的全方位服務仍處於低個位數，因此也類似。這就是——我再次強調，這是一種進步——這是相對於沒有 ARPA 資金的季度的表現。然後，教育諮詢業務仍然在 25% 到 30% 的範圍內。所以我會說一致。

Okay. And then Stephen, just in terms of your comments around just looking at the portfolio. Just curious on ed advisory. It seems like that's been decelerating. It's been missing expectations. You've lowered the expectation of growth there for quite some time. Just your thoughts on whether that's strategically important or not?

好的。然後史蒂芬，就您對投資組合的評論而言。只是對教育諮商感到好奇。看來速度已經放緩了。已經達不到預期了。在相當長的一段時間裡，你已經降低了那裡的成長預期。您對這是否具有戰略重要性有何看法？

Yes. Thank you, Manav. So look, our ed advisory business, we believe, is strategic to the overall enterprise and the relationships that we enjoy with our clients. We have about 300 clients in that area who depend upon us to either support their employee dependence through education advisory and/or employees going back to school themselves, which, obviously, in the current environment and the environments coming forward is really critical from an upskilling and reskilling perspective.

是的。謝謝你，馬納夫。因此，我們相信，我們的教育諮詢業務對於整個企業以及我們與客戶的關係具有戰略意義。我們在該地區有大約300 名客戶，他們依靠我們透過教育諮詢來支持他們的員工依賴性和/或員工自己重返學校，顯然，在當前環境和未來的環境中，這對於提高技能來說確實至關重要和再培訓的觀點。

In terms of thinking about the growth, we said and shared in the last quarter that we absolutely are in a time where we are continuing to reposition that service against the needs of our employer clients and prospective employer clients, and that is underway. We have new leadership in that business and really believe going forward that there is a large opportunity for us to continue to lean in with these clients and new clients. So overall, yes, we believe it's strategic, and we believe that we are advantaged in the market and just need to get the cadence of growth, both from an employer perspective as well as from a participant perspective going into next year.

在考慮成長方面，我們在上個季度表示並表示，我們絕對正處於一個根據雇主客戶和潛在雇主客戶的需求繼續重新定位服務的時代，而且這一過程正在進行中。我們在該業務中擁有了新的領導層，並且堅信未來我們將有很大的機會繼續與這些客戶和新客戶保持聯繫。所以總的來說，是的，我們相信這是策略性的，我們相信我們在市場上具有優勢，只需要從雇主的角度以及從參與者的角度來看明年的成長節奏。

Our next question comes from Josh Chan of UBS.

我們的下一個問題來自瑞銀集團的喬希·陳。

So for my first question on back-up care, could you just kind of talk about what is driving the consumer behavior to use much more the benefit now than before? I know that you always try to market your benefits and get the users to use it more. But why is it that this year and last year especially that the users are accelerating their use, it seems like?

因此，對於我關於後備護理的第一個問題，您能否談談是什麼促使消費者現在比以前使用更多的福利？我知道你總是試圖推銷你的好處並讓用戶更多地使用它。但為什麼今年、去年尤其是用戶使用速度似乎加快了呢？

I can start off and Stephen can add color. I think the interesting thing or the notable thing about back-up care to consider that is different from full-service care is that it is a benefit that is paid for mainly by the clients. So the employee's copayment, their participation in the cost is much lower. It's intended to be filling in when another care source breaks down and/or need is there. And so from an employee standpoint, it's an opportunity to lean into a benefit that is provided by their employer. And now with the additional care types that we have across virtual learning solutions, across pet care, school age children as well as younger children in centers and in home, I think it's able to touch a wider array of employees at our client partners that have this sponsored as a benefit. So there's that element, and it's flexible in terms of how it's delivered across the Bright Horizons network of centers, across an in-home solution and what have you.

我可以開始，史蒂芬可以添加顏色。我認為備用護理與全方位服務護理不同的有趣或值得注意的事情是，它是主要由客戶支付的福利。所以員工的共付額，他們的參與成本就低很多。它的目的是在另一個護理來源出現故障和/或有需要時進行填補。因此，從員工的角度來看，這是一個享受雇主提供的福利的機會。現在，隨著我們在虛擬學習解決方案、寵物護理、學齡兒童以及中心和家庭中的年幼兒童等方面提供額外的護理類型，我認為它能夠觸及我們客戶合作夥伴的更廣泛的員工，他們擁有這是作為一項福利而贊助的。因此，就存在這個元素，並且它在如何透過 Bright Horizo​​ns 中心網路、家庭解決方案以及您所擁有的內容進行交付方面非常靈活。

So I think there's -- the opportunity is very broad with the employment base, and the cost to that consumer is very modest, relatively speaking. Full-service [job here] is -- it is also subsidized by the employers through their facilities and often through tuition discounts, but the parent still has a meaningful out-of-pocket cost for it. And it's a more concentrated benefit for a more concentrated number of employees. So I don't know if you have other thoughts on the consumer behavior, Stephen?

因此，我認為就業基礎非常廣泛，而且相對而言，消費者的成本非常適中。全方位服務[這裡的工作]是－它也由雇主透過他們的設施和通常透過學費折扣提供補貼，但家長仍需要支付一筆有意義的自付費用。而且對於更集中的員工來說，這是一種更集中的福利。所以我不知道你對消費者行為有沒有其他想法，Stephen？

Yes. I think the only thing I would add, because I can fully agree with Elizabeth, I would say that over the last several years, we have absolutely been investing in a more seamless experience for the end user through better technology and interfaces. We certainly have been investing in more personalized outreach and marketing efforts. And so again, I think those efforts are starting to bear fruit. So ultimately, we continue to have these ongoing opportunities to continue to refine that experience and continue to refine those marketing opportunities and outreach opportunities, but believe that many of the investments are starting to pay fruit. And you're starting to see the last couple of years really show some really nice growth on top of what Elizabeth shared in terms of the actual use case growth and demand for the service.

是的。我想我唯一要補充的是，因為我完全同意伊麗莎白的觀點，我想說在過去的幾年裡，我們絕對一直在透過更好的技術和介面為最終用戶提供更無縫的體驗進行投資。我們當然一直在投資於更個人化的外展和行銷工作。我認為這些努力再次開始取得成果。因此，最終，我們將繼續擁有這些持續的機會來繼續完善這種體驗，並繼續完善這些行銷機會和外展機會，但相信許多投資已開始取得成果。您開始看到，除了伊麗莎白在實際用例成長和服務需求方面所分享的內容之外，過去幾年確實顯示了一些非常好的成長。

That's really helpful. On the full-service side, given that you seem to be expecting fairly healthy enrollment trends into next year, is there an opportunity to open more centers next year than perhaps usual given market demand or to take advantage of any disruptions that you see in the market? And could you just talk about potential center opening cadence into next year?

這真的很有幫助。在全方位服務方面，鑑於您似乎預計明年的入學趨勢相當健康，考慮到市場需求，明年是否有機會開設比平常更多的中心，或者利用您在市場？您能否談談明年中心開放的潛在節奏？

Yes, sure. So look, I'll start by saying that certainly going into next year, our #1 priority continues to be enrolling our existing centers. That has been our priority. It will continue to be our priority. It is our best opportunity in the near term to continue to grow the impact that we have and to grow the economics that we enjoy. We are calling for center growth of about, call it, 20 to 30 centers next year. And our expectation is that, that will be a combination of new employer centers that we'll be opening on behalf of our clients as well as new lease models and acquisition opportunities. As we have shared in the past when -- ARPA ended September 30. We do see that there is likely to be a knock-on effect in terms of other operators in certain geographies thinking differently about their longer-term plans of continuing to persist with their centers. And so again, we're continuing to monitor that, but that's another aspect of the growth that we may see in 2024.

是的，當然。所以，我首先要說的是，進入明年，我們的首要任務仍然是招募我們現有的中心。這是我們的首要任務。這將繼續是我們的首要任務。這是我們近期繼續擴大影響力並發展我們所享有的經濟的最佳機會。我們呼籲明年中心數量增加約 20 至 30 個。我們的期望是，這將是我們代表客戶開設的新雇主中心以及新租賃模式和收購機會的結合。正如我們過去所分享的那樣——ARPA 於 9 月 30 日結束。我們確實看到，某些地區的其他運營商可能會對其繼續堅持的長期計劃有不同的想法，從而產生連鎖反應。他們的中心。同樣，我們正在繼續監控這一點，但這是我們在 2024 年可能看到的成長的另一個方面。

Our next question comes from Jeff Silber of BMO Capital Markets.

我們的下一個問題來自 BMO 資本市場的 Jeff Silber。

I wanted to continue the conversation about the new center pipeline. I know it's a long sales cycle. I'm just curious, [within] the current environment, are clients still receptive? Or are you seeing more caution given the uncertainty?

我想繼續談論新的中心管道。我知道這是一個很長的銷售週期。我只是好奇，在目前的環境下，客戶是否仍願意接受？或者考慮到不確定性，您是否會更加謹慎？

Yes. I mean, certainly, we continue to see an elevated level of interest. But as I shared on the last call and certainly is still the case, employers are definitely taking more time to make decisions. They recognize that putting a center on site is a long-term decision, and so they want to make sure that they are deliberating that appropriately. But again, as we think about the longer-term growth on this, our existing client base is really pleased that they have centers. And I think that those who do not and are considering it are, again, thinking about the impact it can have on their employees as well as their return to office. And so again, elevated interest, but certainly taking longer to make those decisions.

是的。我的意思是，當然，我們繼續看到人們的興趣越來越高。但正如我在上次電話會議上分享的那樣，而且情況仍然如此，雇主肯定需要更多時間來做出決定。他們認識到，在現場設立一個中心是一項長期決定，因此他們希望確保他們對此進行了適當的考慮。但同樣，當我們考慮這方面的長期成長時，我們現有的客戶群非常高興他們擁有中心。我認為那些沒有這樣做並且正在考慮這樣做的人再次考慮了它可能對他們的員工以及他們重返辦公室產生的影響。如此一來，人們的興趣再次增加，但做出這些決定肯定需要更長的時間。

All right. And I know you're not giving 2024 guidance yet, but I was curious, maybe we can just frame what you're thinking in terms of price increases for next year relative to cost inflation.

好的。我知道您還沒有給出 2024 年的指導，但我很好奇，也許我們可以根據明年相對於成本通膨的價格上漲來建立您的想法。

Yes. Yes, we will be providing, obviously, detailed guidance when we talk with you all after 2023 is finished, so in February. But we are in the process of getting through our budget process now. And so from a general cost inflation standpoint, our primary cost in the full-service businesses is certainly wages, and other businesses have personnel costs but other technology as well. But wage increases, we are looking at likely 3% to 4% from a general inflation standpoint. Other costs are more variable given inflation. Although certainly, some of the things like energy have come down. Other occupancy costs have been a little persistently higher. But broadly speaking, call it 3% of inflation.

是的。是的，顯然，我們將在 2023 年結束後（即 2 月份）與大家交談時提供詳細的指導。但我們現在正在完成預算流程。因此，從整體成本通膨的角度來看，我們全方位服務業務的主要成本肯定是薪資，其他業務有人員成本，但也有其他技術成本。但從整體通膨的角度來看，薪資成長可能為 3% 至 4%。考慮到通貨膨脹，其他成本的變化更大。當然，能源等一些東西已經下降了。其他入住成本一直略高。但從廣義上講，稱之為3%的通貨膨脹。

From an overall pricing standpoint, our look at this point is likely in the 4% to 5% range. So 100 basis points to 200 basis points of spread. We do a center-by-center review and geography by geography, so that's a broad average. But we will go higher where the market permits and where the structure is right, and we are also mindful of driving enrollment as our primary goal as we have talked about. So those are probably the 2 key elements on the structure for next year in our primary full-service business.

從整體定價的角度來看，我們認為這一點可能在 4% 到 5% 的範圍內。所以利差有100個基點到200個基點。我們逐個中心和各個地理位置進行審查，因此這是一個廣泛的平均值。但我們會在市場允許和結構正確的情況下走得更高，而且我們也注意到將提高入學率作為我們的首要目標，正如我們所討論的那樣。因此，這些可能是我們明年主要全方位服務業務結構的兩個關鍵要素。

(Operator Instructions) Our next question comes from Toni Kaplan of Morgan Stanley.

（操作員指令）我們的下一個問題來自摩根士丹利的東尼卡普蘭。

So you beat the 3Q revenue guide by about $30 million at the midpoint but raised the full year guide by under half of that. I guess why shouldn't we expect the beat to flow through? I know you mentioned the U.K. was maybe weaker than expected. But is there anything else that we should be thinking about? Or is it just conservatism for thinking about 4Q?

因此，您比第三季收入指南的中間值高出約 3000 萬美元，但將全年指南提高了不到一半。我想為什麼我們不該期待節拍流過呢？我知道你提到英國可能比預期的弱。但還有什麼是我們該考慮的嗎？或者這只是對第四季的保守思考？

Sure. Toni, thanks for the question. I think that the view, of course, we did outperform, as you say, and we've flowed that through the back-up outperformance. Really, essentially, we raised that for the year. It's a little bit lighter in Q4 at the midpoint, but roughly -- rough math, it's very similar. As it relates to the rest of the business, the main driver really is foreign exchange with the FX rates where they are. We carry that forward into Q4, and then that is a headwind against the revenue -- what it translates to in revenue. And that's where I think you see the difference between essentially carrying forward where we think we've performed to date and stay firm.

當然。東尼，謝謝你的提問。我認為，當然，正如你所說，我們的表現確實優於大盤，而且我們已經透過後備表現來體現這一點。確實，從本質上講，我們今年提出了這個要求。第四季中點的情況稍微輕一些，但粗略地算一下，它非常相似。由於它與其他業務相關，主要驅動力實際上是外匯及其匯率。我們將其延續到第四季度，這對收入來說是一個逆風——它轉化為收入。我認為這就是你看到本質上延續我們認為迄今為止的表現和保持堅定之間的區別的地方。

Great. And then I'd like to ask the full-service margin question in a different way. I guess, ex ARPA this quarter, which I think you said was about $9 million, the margins in full-service were actually slightly negative again. What gets it to improve next quarter and going into next year?

偉大的。然後我想以不同的方式問全方位服務利潤問題。我想，除 ARPA 外，本季度，我想你說的是大約 900 萬美元，全方位服務的利潤率實際上再次略有負值。是什麼讓它在下個季度和明年有所改善？

Yes. So as much as we have the turnover, if you will, of enrollment in the third quarter and how that manifests itself in averages for the quarter is relatively consistent to maybe a slight uptick in revenue -- in enrollment in Q4, but it's absorbed into a more efficient structure as we cycle through that Q3, Q4 turnover period. We also have contributions coming from the international operations. Particularly, Netherlands and Australia have tended to operate at a higher level of occupancy and sort of have a steadier contribution that continues to flow through somewhat better in Q4 than Q3. And so those are the primary drivers. But the full-service business is somewhat seasonal, and that's not always evident in the timing of Q3 into Q4 and how the costs come into line, if you will, as we transition teachers and transition children into the classrooms in Q4.

是的。因此，儘管我們有第三季度入學人數的營業額，以及該季度平均入學人數的表現，但與第四季度入學人數的收入可能略有上升相對一致，但它被吸收到了當我們經歷第三季度、第四季的周轉期時，會形成更有效率的結構。我們也有來自國際業務的貢獻。特別是，荷蘭和澳洲的入住率往往較高，貢獻也比較穩定，第四季的表現比第三季好一些。這些是主要驅動因素。但全方位服務業務有些季節性，並且在第三季度進入第四季度的時間表以及成本如何調整（如果您願意的話）中並不總是很明顯，因為我們在第四季度將教師和兒童轉移到教室。

Our next question comes from Harold Antor of Jefferies.

我們的下一個問題來自傑富瑞 (Jefferies) 的哈羅德·安托 (Harold Antor)。

This is Harold Antor from Jefferies. Not 100% sure if you've touched on this, but how should we be thinking about interest expense in 2024 given the rise in interest expense on 4Q and if you brought any insight on [floating risk rates] in your current capital structure?

我是傑富瑞集團的哈羅德·安托。不是 100% 確定您是否已經觸及這一點，但考慮到第四季度利息支出的增加，以及您對當前資本結構中的[浮動風險利率]有何見解，我們應該如何考慮 2024 年的利息支出？

Yes. So as mentioned, the step-up in Q4 that we guided to, to about $14 million a quarter is what we broadly expect overall interest rate to translate to for next year. We have -- we do have variable rate debt, but we have interest rate caps on that floating debt, and so therefore have -- able to manage and contain that cost. But we do have -- we have a payment for [Oak], the remaining deferred payment for Oak that will be going out early next year. And so there will be some temporary revolver borrowings in the early part of the year. But otherwise, that $14 million a quarter is a good measure for the year.

是的。如前所述，我們預計第四季度的整體利率將上升至每季約 1,400 萬美元，這是我們普遍預期的明年整體利率的結果。我們確實有浮動利率債務，但我們對浮動債務設有利率上限，因此能夠管理和控制該成本。但我們確實有——我們有 [Oak] 的付款，Oak 的剩餘延期付款將於明年初支付。因此，今年年初將會有一些臨時左輪借款。但除此之外，每季 1400 萬美元對於全年來說是一個很好的衡量標準。

Terrific. Well, thank you all very much for joining the call, and I hope you have a great rest of your evening.

了不起。好的，非常感謝大家參加這通通話，希望你們今晚能好好休息。

[We'll see you all on the road].

[我們路上見]。

Thank you. Ladies and gentlemen, that concludes today's event. You may now disconnect your lines, and thank you for attending.

謝謝。女士們、先生們，今天的活動到此結束。現在您可以斷開線路，感謝您的參加。