BGSF Inc (BGSF) 2023 Q4 法說會逐字稿

Good morning, everyone, and welcome to the BGSF Inc, fiscal 2023 Fourth Quarter and Full Year Financial Results Conference Call. (Operator Instructions). As a reminder, this conference call is being recorded. Now I'd like to turn the call over to Sandra Martin, Three Part Advisors. Ma'am, please go ahead.

大家早安，歡迎參加 BGSF Inc 2023 財年第四季和全年財務業績電話會議。（操作員說明）。謹此提醒，本次電話會議正在錄音中。現在我想將電話轉給三部分顧問桑德拉馬丁 (Sandra Martin)。女士，請繼續。

Thank you. Good morning, and welcome to the BGSF 2023 Fourth Quarter and Full Year Earnings Conference Call. With me on the call today are Beth Garvey, Chair, President and Chief Executive Officer, and John Barnett, Chief Financial Officer. After our prepared remarks, there will be a Q&A session. As noted, today's call is being webcast live and a replay will be available later today and archived on the company's Investor Relations page at investor dot bgsf.com.

謝謝。早上好，歡迎參加 BGSF 2023 年第四季和全年財報電話會議。今天與我一起參加電話會議的是董事長、總裁兼執行長貝絲·加維 (Beth Garvey) 和財務長約翰·巴尼特 (John Barnett)。在我們準備好的發言之後，將有一個問答環節。如前所述，今天的電話會議正在進行網路直播，今天稍後將提供重播，並存檔在投資者網站 bgsf.com 的公司投資者關係頁面上。

Today's discussions will include forward-looking statements, which are based on certain assumptions made by the company under the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by the forward-looking statements because of various risks and uncertainties, including those listed in the company's filings with the Securities and Exchange Commission management statements are made as of today, and the company assumes no obligation to update these statements publicly even if new information becomes available in the future.

今天的討論將包括前瞻性陳述，這些陳述是基於公司根據 1995 年私人證券訴訟改革法案的安全港條款做出的某些假設。由於各種風險和不確定性，包括公司向美國證券交易委員會提交的文件中列出的風險和不確定性，實際結果可能與前瞻性陳述所示的結果有重大差異，公司不承擔更新的義務即使將來出現新訊息，這些聲明也是公開的。

During the call, management will also reference certain non-GAAP financial measures, which can be useful in evaluating the company's operations related to the company's financial condition and results. These non-GAAP measures are intended to supplement GAAP financial information and should not be considered as substitute for GAAP and non-GAAP measures are reconciled in today's earnings press release.

在電話會議期間，管理階層也會參考某些非公認會計準則財務指標，這些指標有助於評估與公司財務狀況和績效相關的公司營運狀況。這些非公認會計原則措施旨在補充公認會計原則財務信息，不應被視為替代公認會計原則，並且非公認會計原則措施已在今天的收益新聞稿中進行了調整。

I'll now turn the call over to Beth Garvey.

我現在將電話轉給貝絲·加維。

Beth? Thank you, Sandy, and greetings to everyone on today's call. Fiscal 2023 marked a pivotal year for BGSF, characterized by significant achievements and a successful execution of our strategic and transformative plans. We are pleased to report over $20 million in operating cash flow, accompanied by nearly 5% increase in revenues to $313 million. It's worth noting that fourth quarter of 2022 included an extra week of operations due to a calendar shift.

貝絲？謝謝桑迪，並向參加今天電話會議的所有人致以問候。2023 財年對 BGSF 來說是關鍵的一年，取得了重大成就，並成功執行了我們的策略和轉型計畫。我們很高興地報告營運現金流超過 2,000 萬美元，營收成長近 5%，達到 3.13 億美元。值得注意的是，由於日曆調整，2022 年第四季的營運時間增加了一周。

On a same-day basis, we estimate 7% growth in total 2023 revenue compared to an adjusted 2022 in specific segments, property management revenues grew by almost 5% on a same-day basis for the year, while professional revenues experienced an 8% increase on a same-day basis. Notably, Professional revenue in the second half of 2023 was intentionally lower due to a strategic shift away from lower margin IT placement.

以當日計算，我們預期特定細分市場 2023 年總收入較調整後的 2022 年增長 7%，物業管理收入按當日計算增長近 5%，而專業收入則增長 8%較當日增加。值得注意的是，由於策略從利潤率較低的 IT 佈局轉向，2023 年下半年的專業收入故意較低。

Our 2023 initiatives involved successfully integrating Horm solutions acquired in December of 2022 and acquiring Arroyo consulting in April of 2023. These acquisitions, provide clients with high end finance and accounting work force solutions and robust nearshore and offshore development capabilities. Furthermore, our strengthened partnerships with leading technology companies, including Workday, ServiceNow, Microsoft, SAP, Oracle and Salesforce have amplified the BGSF brand, fostering new business opportunities.

我們的 2023 年計畫包括成功整合 2022 年 12 月收購的 Horm 解決方案以及 2023 年 4 月收購 Arroyo 顧問公司。這些收購為客戶提供高端財務和會計勞動力解決方案以及強大的近岸和離岸開發能力。此外，我們與 Workday、ServiceNow、Microsoft、SAP、Oracle 和 Salesforce 等領先科技公司加強了合作關係，擴大了 BGSF 品牌，培育新的商機。

The rebranding to BGSF from various acquired trade names, further enhance our brand name recognition in 2023 as well. I'm immensely proud of our team's dedication and hard work, which has been instrumental in advancing our vision, the March CEO [Confidence] Index, Paul hitting its highest level since 2021 gives us confidence in the continued growth of US businesses. Our strategic decisions regarding service offerings are well positioned for growth in 2024 and beyond.

從收購的各種商品名稱更名為 BGSF，也將在 2023 年進一步提高我們的品牌知名度。我對我們團隊的奉獻精神和辛勤工作感到非常自豪，這有助於推進我們的願景，保羅3 月份首席執行官[信心]指數達到2021 年以來的最高水平，讓我們對美國企業的持續增長充滿信心。我們關於服務產品的策略決策為 2024 年及以後的成長做好了充分準備。

Now I'll turn the call over to John.

現在我將把電話轉給約翰。

Thank you, both, and good morning, everyone. As Beth mentioned, 2022 was a 53 week fiscal year and 2023 was a 52 week fiscal year. The extra week in 2022 was in the fourth quarter, making the as reported year over year. Fourth quarter comparison, difficult 2023, total revenue was $313.2 million, up 4.9% on an as-reported basis on a same-day basis, adjusting 2022 for the extra five days, total revenue was up 7% for the segments.

謝謝兩位，大家早安。正如 Beth 所提到的，2022 年是一個為期 53 週的財政年度，2023 年是一個為期 52 週的財政年度。2022 年的額外一周是在第四季度，與去年同期相比。與第四季度相比，困難的 2023 年總收入為 3.132 億美元，按報告當日計算增長 4.9%，調整 2022 年額外 5 天后，各部門總收入增長 7%。

Reported professional revenue for the year was up 6.1% on an as-reported basis and 8% on a same-day basis. The increase was driven by the acquisition of Royall consulting and Horn solutions as we integrated Horn solutions in 2023, we lost the ability to cleanly separate our organic or existing business from the Horn solutions business for the year. On a same day basis, we estimated that our organic professional business declined in the midteens in percentage terms,

今年報告的專業收入比報告的基礎上增長了 6.1%，比同日增長了 8%。這一增長是由收購Royall 諮詢和Horn 解決方案推動的，因為我們在2023 年整合了Horn 解決方案，我們在這一年失去了將我們的有機或現有業務與Horn 解決方案業務徹底分離的能力。在同一天的基礎上，我們估計我們的有機專業業務按百分比計算下降了百分之十幾，

Property management increased 3.3% on an Andrew as reported basis and 5% on a same day basis. Gross profit for the year was $112 million, up 8% from the prior year. And gross margins were 35.7%, up 100 basis points from 2022 recall that our 2023 operating results included a onetime $22.5 million pretax non-cash brand name impairment charge related to the rebranding project.

物業管理在安德魯報告基礎上成長了 3.3%，在同日基礎上成長了 5%。本年度毛利為 1.12 億美元，較上年成長 8%。毛利率為 35.7%，較 2022 年上升 100 個基點，我們 2023 年的經營業績包括與品牌重塑項目相關的一次性稅前 2,250 萬美元的非現金品牌減損費用。

Excluding the non-recurring impairment charge, transaction fees and acquisition amortization. Our reported loss from continuing operations of $0.95 per share is adjusted to $1.19 earnings per share compared to $1.26 earnings per share in 2022, we increased adjusted EBITDA from continuing operations by 15.9% to $25 million compared to $21.7 million. Our adjusted EBITDA margin grew from 7.3% of revenue in 2022 to 8% in 2023.

不包括非經常性減損費用、交易費用和收購攤提。我們報告的每股持續經營虧損0.95 美元調整為每股收益1.19 美元，而2022 年每股收益為1.26 美元。我們將持續經營業務調整後的EBITDA 增加了15.9%，達到2500 萬美元，而2022 年為2170 萬美元。我們調整後的 EBITDA 利潤率從 2022 年佔營收的 7.3% 成長到 2023 年的 8%。

Turning to the fourth quarter, revenues were $73.6 million compared to $77.3 million in 2022. On a same-day basis, adjusting 2022 for the extra five days, fourth quarter revenue was up 3% versus same day basis, revenue of $71.4 million in the prior year quarter. For the segments on a same-day basis, property management revenue increased at an estimated 0.4% and professional increased by 5%, which included the benefit of acquired revenues. As stated earlier, as the horn solutions integration progressed, it became difficult to separate out our organic or existing business.

轉向第四季度，營收為 7,360 萬美元，而 2022 年為 7,730 萬美元。以同日計算，對 2022 年額外 5 天進行調整後，第四季營收較同日成長 3%，去年同期營收為 7,140 萬美元。以當日計算，物業管理收入預計將成長 0.4%，專業收入成長 5%，其中包括收購收入的收益。如前所述，隨著喇叭解決方案整合的進展，分離我們的有機業務或現有業務變得困難。

We estimated that the organic professional revenue contracted in the high midteens on a same day basis during the fourth quarter. We continue to see pressure in the fourth quarter on staff augmentation project starts and permanent placement.

我們估計，第四季度的有機專業收入在同一天收縮了百分之十左右。我們繼續看到第四季度員工擴充專案啟動和永久安置面臨壓力。

However, the opportunity pipeline has grown as we move through the first quarter, and we are optimistic about 2024 gross profit margins in the fourth quarter were $25.4 million and 34.6% compared to $27.1 million and 35% in the prior year quarter.

然而，隨著第一季的到來，機會管道不斷增長，我們對 2024 年第四季的毛利率感到樂觀，分別為 2,540 萬美元和 34.6%，而去年同期為 2,710 萬美元和 35%。

The slight decline in margin is attributed to lower permanent placement business, which carries a gross margin of 100%. SG&A expenses for the fourth quarter were $20.2 million and 27.4% of revenue, which was an improvement versus the prior year quarter of $23.2 million and 30% of revenue operating income increased $3.2 million from $2.8 million in the prior year quarter, driven by lower SG&A expenses. Fourth quarter adjusted EBITDA was $5.5 million or 7.5% of revenue compared to $4.3 million or 5.6% of revenue in the prior year quarter. We reported adjusted earnings of $0.21 per diluted share compared to $0.19 per share for the 2022 fourth quarter.

毛利率小幅下降是由於毛利率為100%的永久安置業務較低。第四季的SG&A 費用為2,020 萬美元，佔營收的27.4%，比去年同期的2,320 萬美元有所改善，佔營收的30% 受SG&A 下降的推動，營業收入比去年同期的280 萬美元增加了320 萬美元花費。第四季調整後 EBITDA 為 550 萬美元，佔營收的 7.5%，去年同期為 430 萬美元，佔營收的 5.6%。我們公佈的調整後每股攤薄收益為 0.21 美元，而 2022 年第四季為每股 0.19 美元。

I'm happy to announce that we closed the refinancing of our credit facility this past Tuesday. We have a great group of banks in this syndicate and we are appreciative of their partnership. We prudently manage our balance sheet, focusing on working capital efficiencies and carefully evaluating our leverage ratio funded debt to trailing 12 months pro forma adjusted EBITDA was 2.48 times at year end.

我很高興地宣布，我們在上週二結束了信貸安排的再融資。我們在這個銀團中有很多銀行，我們很感謝他們的合作關係。我們審慎管理我們的資產負債表，注重營運資金效率，並仔細評估我們的融資債務槓桿率，截至年底，過去 12 個月預計調整後 EBITDA 為 2.48 倍。

We maintain a disciplined approach to our capital allocation strategy, which includes investments and capital expenditures, organic growth, cash to pay down debt, a quarterly cash dividend with an annualized yield of approximately 6% and strategic acquisitions we have no immediate plans for acquisitions in 2024.

我們對資本配置策略保持嚴格的態度，其中包括投資和資本支出、有機增長、現金償還債務、年化收益率約為 6% 的季度現金股息以及戰略收購，我們目前沒有立即進行收購的計劃2024 年。

With that, I would like to turn the call back to Beth.

說到這裡，我想把電話轉回給貝絲。

Thank you, John. As we reflect on 2023 we recognize the challenges posed by tough double digit sales comps from 2022, coupled with economic uncertainty. Despite these challenges, our commitment to short term and long term strategic initiatives supporting our teams and streamlining operations has positioned us for success in 2024 and beyond.

謝謝你，約翰。當我們回顧 2023 年時，我們認識到 2022 年以來兩位數銷售收入的嚴峻挑戰以及經濟的不確定性所帶來的挑戰。儘管面臨這些挑戰，我們對短期和長期策略性舉措的承諾為我們的團隊提供支援並簡化運營，這使我們能夠在 2024 年及以後取得成功。

Looking ahead to 2024, we plan to leverage our proprietary territory mapping tool for better sales force deployment and property management and continued upskilling talent through our virtual training partnership.

展望 2024 年，我們計劃利用我們專有的區域測繪工具來更好地部署銷售人員和物業管理，並透過我們的虛擬培訓合作夥伴關係持續提高人才技能。

On the professional side, our partnerships with leading technologies and our recent appointment as a direct Workday service partner elevates us to new heights. We are also seeing momentum growing our managed solutions and cross-selling of our nearshore and offshore IT services.

在專業方面，我們與領先技術的合作夥伴關係以及我們最近被任命為直接 Workday 服務合作夥伴將我們提升到了新的高度。我們也看到託管解決方案以及近岸和離岸 IT 服務交叉銷售的成長動能。

Our strategic repositioning, including higher value consulting management solutions and a unique property management platform sets us up for long-term success and shareholder value creation. I'm extremely proud of the progress and execution of building blocks for our future growth and profitability. Our team's dedication and nimble approach position us well for the opportunities that lie ahead. I look forward to what we can achieve at BGSF in the future.

我們的策略重新定位，包括更高價值的諮詢管理解決方案和獨特的物業管理平台，為我們實現長期成功和股東價值創造奠定了基礎。我對我們未來成長和獲利能力建構模組的進展和執行感到非常自豪。我們團隊的奉獻精神和靈活的方法使我們能夠很好地抓住未來的機會。我期待著 BGSF 未來能夠達成的成就。

Before we open the line for questions, I wanted to mention that we will be at the ROTH investor conference next week and hope to see many of you there. But that said, I will turn it over to the operator for questions.

在我們開始提問之前，我想提一下，我們將參加下週的羅斯投資者會議，希望在那裡見到你們中的許多人。但話雖如此，我會將其轉交給接線員詢問。

Ladies and gentlemen, at this time, we'll begin the question-and-answer session. (Operator Instructions).

女士們、先生們，現在我們開始問答環節。（操作員說明）。

Jeff Martin, Roth MKM.

傑夫·馬丁，羅斯·MKM。

Thanks. Good morning, Beth and John.

謝謝。早安，貝絲和約翰。

Good morning.

早安.

Beth, I was hoping you could give us a little more insight in the professional segment. You mentioned the uptick in the CYO survey first time in two years or so that you've seen that level. Have you seen that trickle through to the pipeline of business in professional?

貝絲，我希望你能給我們更多關於專業領域的見解。您提到 CYO 調查中的上升是兩年左右以來您第一次看到的水平。您是否看到這種情況逐漸滲透到專業業務的管道中？

We definitely are. So there's a lot of optimism going on right now at BGSF. The professional group. They're advising right now target.

我們絕對是。因此，BGSF 現在充滿了樂觀情緒。專業組。他們現在正在建議目標。

Right. And then with the Royal acquisition, as you know, probably coming on a year here and how is the progress towards I know the initial reaction towards nearshoring and offshoring was very positive in the flow through and if so, maybe give some anecdotes on what you're seeing.

正確的。然後，正如您所知，皇家收購可能即將到來一年，進展如何？我知道對近岸外包和離岸外包的最初反應在流程中非常積極，如果是這樣，也許可以提供一些關於您的軼事正在看到。

And while it took us a while to really figure out their capabilities and down there and base they have such a robust and what they call products of work so they can do many different things. And so it took us a while to figure out all the many different things that they could do. I'm mostly excited about the way they can build some different tools that we have a connector tool that we're working with that can connect some ERP systems and not all the time do you have as tools that connect ERP systems to like a pricing tool right?

雖然我們花了一段時間才真正弄清楚他們的能力，但他們在那裡和基礎上擁有如此強大的工作產品，因此他們可以做許多不同的事情。因此，我們花了一段時間才弄清楚他們可以做的所有不同的事情。我最感興趣的是他們建立一些不同工具的方式，我們正在使用一個連接器工具，可以連接一些 ERP 系統，但並不是所有時候都有將 ERP 系統連接到定價的工具工具對嗎？

And so we're able to start to build some AI products that help connect those things. We've also got a I brought a team of a group down there that's actually working a lot in building products for some of our other customers. And so the more that we recognize what they do and the more we talk to our customers about what they need and Luis Sanchez who runs that group has done an amazing job and talking to our customers in regards to what that would a build, what's your pin point and what we can do to help them. And so it's been really exciting to see all that play out.

因此，我們能夠開始建立一些人工智慧產品來幫助連結這些事物。我們還派了一個團隊到那裡，他們實際上在為我們的一些其他客戶建立產品方面做了大量工作。因此，我們越了解他們的工作，我們就越多地與客戶討論他們的需求，負責團隊的路易斯·桑切斯（Luis Sanchez）做得非常出色，他與我們的客戶討論了將要構建什麼，您的需求是什麼明確指出我們可以做些什麼來幫助他們。所以看到這一切的發生真的很令人興奮。

And then on the Workday partnership, maybe you could elaborate what that means for BGSF?

然後，關於 Workday 合作夥伴關係，也許您可以詳細說明這對 BGSF 意味著什麼？

In the past, we were at like a third party. We were approved to be able to do some more that we were not a direct. So we would have add it was a second party could walk us into one of our customers. This gives us the ability to be able to go direct. So and they have us on their website now as a preferred implementer. And so it allows us really a lot of visibility and not having to wait for somebody else to tag us on the shoulder.

過去，我們就像第三方。我們被批准能夠做一些我們不是直接做的事情。因此，我們會補充說，第二方可以引導我們找到我們的一位客戶。這使我們能夠直接進行。因此，他們現在將我們作為首選實施者出現在他們的網站上。因此，它確實讓我們有很大的知名度，而不必等待其他人來標記我們。

And then I know strategically, various efforts made strides towards more technologically advanced solutions and maybe talk about the progression that you've made over the past year, year and half since you've layered in some acquisitions to enhance the technology aspect of the offering?

然後我知道，從策略上講，各種努力朝著技術更先進的解決方案邁出了一大步，也許可以談談自從您進行了一些收購以增強產品的技術方面以來，您在過去一年半中所取得的進展？

I think there's a lot of things. It's a great question, Jeff. So I think there's a lot of things that we realized as we started to look at the business and acquisitions going through and talking to our customers about what they are needing and in looking at our business as a puzzle piece, you know, what do our customers start with what parts they have to pick and their software, then they have to implement it, then they have to customize it. And so how do we make sure that we are that player that goes all the way around the circle and I think we've done an amazing job in being able to figure those things out.

我認為有很多事情。這是一個很好的問題，傑夫。因此，我認為，當我們開始研究正在進行的業務和收購並與客戶討論他們的需求以及將我們的業務視為一塊拼圖時，我們意識到了很多事情，你知道，我們的業務是什麼？客戶從他們必須選擇的部件和軟體開始，然後他們必須實施它，然後他們必須自訂它。那麼我們如何確保我們是一個能夠一直走完這一圈的玩家，我認為我們在解決這些問題方面做得非常出色。

And in doing so, we figured out that we had teams of people who could do really great things and move the business into higher margin and some of these other project type of work that we had customers asking us to do were really higher volume, lower margin business and it took two or three people to actually keep that going.

在這樣做的過程中，我們發現我們的團隊可以做真正偉大的事情並將業務推向更高的利潤率，而我們的客戶要求我們做的其他一些專案類型的工作實際上是更高的產量，更低的成本保證金業務需要兩三個人才能真正維持下去。

And we just decided that it was strategically a good idea for us to shift to be able to do that higher margin business where we were seeing our customers see the benefit of us closing the gap on their needs. And so and that was kind of how we shifted last year. One of the main reasons we shifted last year to get away from that lower margin business to really double down on the things that our customers needed and that we were finding was really, really good.

我們只是決定，從策略上來說，轉向能夠開展利潤率更高的業務是一個好主意，我們看到我們的客戶看到我們縮小他們需求差距的好處。這就是我們去年的轉變方式。我們去年放棄了利潤率較低的業務，轉而在客戶需要的產品上加倍投入，而我們發現這些產品真的非常非常好，主要原因之一。

I would say also that we did go through a pretty big transformation, right, bringing these two acquisitions on board. And we had some redundancies, not necessarily as a redundancies because I think the finance and accounting expertise that Horne brought on board was more higher end, but we had similar groups, right? And so we needed to really organize our business.

我還要說的是，我們確實經歷了相當大的轉型，對吧，將這兩項收購納入考慮範圍。我們有一些裁員，不一定是裁員，因為我認為霍恩帶來的財務和會計專業知識更高端，但我們有類似的團隊，對吧？所以我們需要真正組織我們的業務。

And Eric Peters did a great job working with the professional team to kind of organize our business around finance and accounting, IT managed solutions and then on Oreo, the nearshore offshore. So we spent he spent and we spent a lot of time as an organization to get that alignment and we feel really good about how we're set up and especially in the face of some of this some of this economic fog lifting and more optimism, which we expect to result in higher spend and by our customers.

Eric Peters 與專業團隊合作做得很好，圍繞財務和會計、IT 管理解決方案以及近岸離岸奧利奧來組織我們的業務。因此，作為一個組織，我們花了很多時間來實現這種協調，我們對我們的設置感到非常滿意，尤其是面對一些經濟迷霧消散和更加樂觀的情況，我們預計這將導致我們的客戶增加支出。

And then one more from me if I could on the property management side, that's a segment that's traditionally grown at a very attractive and rapid rate per se, getting back to say double digit growth in the property management side? And if you're not seeing now, what what kind of environment are you seeing out there currently?

然後，如果我可以在物業管理方面，我再補充一點，這是一個傳統上以非常有吸引力且快速的速度增長的細分市場，回過頭來說物業管理方面的兩位數增長？如果你現在沒有看到，那麼你目前看到的是什麼樣的環境？

I think we'd had to do some adjusting in that segment. We've got more competition out there than we've had before. We've had to change some of the ways we look at different things along those lines. But I think our property management and territory tool that we've mentioned earlier is really going to help us be able to be more targeted in our sales approach. And I think that's going to be beneficial for us going forward.

我認為我們必須在該部分進行一些調整。我們面臨的競爭比以前更加激烈。我們必須沿著這些思路改變我們看待不同事物的一些方式。但我認為我們之前提到的物業管理和區域工具確實會幫助我們在銷售方法中更有針對性。我認為這對我們未來的發展是有益的。

And so we're optimistic about where it's headed and that we also understand that in other states in different environments out there now than what it was here three years ago.

因此，我們對它的發展方向持樂觀態度，我們也了解，現在其他州的環境與三年前不同。

That's helpful. Thank you.

這很有幫助。謝謝。

Howard Halpern, Taglich Brothers.

霍華德·哈爾彭，塔格利奇兄弟。

Congratulations on the solid results and looking forward to 2024 in terms of property management, how many locations did you end the year with and what are the prospects or, you know, increasing the number of locations leading locations in 2024.

恭喜您取得了紮實的成果，並展望了 2024 年在物業管理方面的表現，您在年底擁有了多少個地點，前景如何，或者您知道，在 2024 年增加領先地點的地點數量。

I believe we are at 64 right now, Howard and then and but the way we're doing this territory mapping tool, I may use it land as an example, and where we may have two salesperson people out there now we may end up having six out there. And so that's kind of how we're expanding our growth from that perspective. So they won't have as many personal habits may properties they need to hit.

我相信我們現在是 64 歲，霍華德，但是我們做這個領土地圖工具的方式，我可以用它土地作為例子，我們現在可能有兩個銷售人員，我們最終可能會擁有那裡有六個。這就是我們從這個角度擴大成長的方式。因此，他們不會有太多的個人習慣可能需要滿足的屬性。

So it will be more targeted. And then as always, we've always kind of looked at being able to be opportunistic in opening different end markets out in the UK in them, US. And so we've got a couple that are identified, but right now, we're really going to focus on this territory side because we think that that's closest to the dollar.

所以會更有針對性。像往常一樣，我們一直在尋求機會主義，在英國和美國打開不同的終端市場。因此，我們已經確定了一些，但現在，我們真的將重點放在這一領域，因為我們認為這最接近美元。

And in terms of how you're set up for 2024, what are you seeing in terms of your own internal productivity based on all the technology that you've put in place to grow the business?

就 2024 年的計畫而言，基於您為發展業務而採用的所有技術，您對自己的內部生產力有何看法？

Yes, I think you know, we we continue to evolve our systems. And I'm, you know, if you look at what we did last year, in addition to the work we did to align the organization on the professional side. We also went through the process of rightsizing the organization and becoming more efficient there. So you would see that in our cost as we went through the year and our SG&A cost as a percent of revenue as we went through the quarters.

是的，我想你知道，我們不斷發展我們的系統。我，你知道，如果你看看我們去年所做的事情，除了我們在專業方面調整組織所做的工作之外。我們也經歷了組織規模調整和提高效率的過程。因此，您將在我們全年的成本中看到這一點，以及我們在各個季度中的銷售、管理和行政費用 (SG&A) 成本佔收入的百分比。

So we feel like we are in good shape today. Obviously, as we grow, we'll continue to add on to our organization. And we still believe that there are efficiencies to be gained out of our system and we continue to work on evolving our system and to get those efficiencies out.

所以我們覺得今天狀態很好。顯然，隨著我們的成長，我們將繼續擴大我們的組織。我們仍然相信我們的系統可以提高效率，我們將繼續努力發展我們的系統並提高效率。

And I will add to that. I think that we've done a really good job in a very large share with some of the economic pressures that we had to really kind of rightsize and the players on the team. So when we look at it, we're positioned right now where we can bring on a hub at a lot more revenue and not have to bring on any more G&A expense. And so I think we feel really confident about that in how we've restructured and position ourself for this year.

我還要補充一點。我認為我們在很大一部分方面做得非常好，克服了一些經濟壓力，我們必須真正調整球隊的規模和球員。因此，當我們審視它時，我們現在的定位是，我們可以透過建立一個中心來獲得更多的收入，而不必帶來更多的一般管理費用。因此，我認為我們對今年的重組和定位非常有信心。

Okay. And one last one. You talked a little bit about the customer side and the outlook there. How are we how are you seeing the talent side and bringing on people to fill those requests of customers.

好的。還有最後一張。您談到了客戶方面以及那裡的前景。我們如何看待人才方面並招募人才來滿足客戶的這些要求。

And we've talked about in the past, we just have such a great group of consultants and field talent that are loyal to us. And so we aren't really seeing a problem in recruiting right now because we do a very good job in making sure people once they work for us, they continue to work for us. So we were able to redeploy people back out. So we're not feeling a lot of pressure in that area right now. And that's a testament to the team Okay.

我們過去談過，我們擁有一群忠誠於我們的優秀顧問和現場人才。因此，我們現在在招聘方面並沒有真正看到問題，因為我們在確保人們一旦為我們工作後就繼續為我們工作方面做得非常好。因此我們能夠將人員重新部署回來。所以我們現在在該領域並沒有感受到很大的壓力。這是對團隊的證明，好吧。

Okay, thanks. And keep up the great work.

好的謝謝。並繼續努力。

Bill Donohue from Teton Capital.

來自提頓資本的比爾·多諾霍。

Great, thank you. Would you please to dive into a bit more detail on that additional competition that you're seeing on the property management side and how it's manifesting itself, please?

太好了謝謝。您能否更詳細地介紹一下您在物業管理方面看到的額外競爭以及其表現如何？

And we've always had competition, but you know, there's there's more and more people that have decided that this is happening an interesting niche to be in. And so we get followed around that when we open a market we have some of our competitors that will actually go in and follow us.

我們一直都有競爭，但你知道，越來越多的人認為這是一個有趣的利基市場。因此，當我們打開市場時，我們會受到一些競爭對手的關注，他們實際上會進入並跟隨我們。

And so again, it's a testament to us being able to go in and double down on our relationships. That segment is a relationship business. It is a deep and wide in and you have a if you recall, last year we got Supplier of the Year with National Apartment Association. And I think those kinds of things and help benefit us and move it above the pack, but still it changes a little bit how the SLC has to sell, and we're structuring that moving forward in those directions.

這再次證明了我們能夠深入並加倍努力發展我們的關係。該部分是關係業務。這是一個深入而廣泛的領域，如果您還記得的話，去年我們獲得了國家公寓協會的年度供應商獎。我認為這些事情有助於我們受益並使其脫穎而出，但它仍然改變了 SLC 的銷售方式，我們正在建立朝著這些方向前進的結構。

Thank you. And when you first purchased Arroyo, there were appeared to be some interesting organic growth opportunities. Could you expand on what you're seeing now, please?

謝謝。當你第一次購買阿羅約時，似乎存在一些有趣的有機成長機會。您能擴展一下您現在所看到的內容嗎？

And there is a lot of cross-sell opportunity with their Oreo teams and many things that data capabilities that they have that we've uncovered as I mentioned earlier and just knowing what they're capable of doing and then talking to our customers, they do a really good job listening to the pain points of why our customers are going through and figuring out if there's a way that they can help.

正如我之前提到的，他們的奧利奧團隊有很多交叉銷售的機會，我們已經發現了他們擁有的許多數據能力，只要知道他們有能力做什麼，然後與我們的客戶交談，他們認真傾聽客戶所經歷的痛點，並找出他們可以提供幫助的方法。

And we are very careful in making sure that we get Luis and his team in front of the right people and they move, they move things in that direction. But I think that as we continue to talk to our customers and they continue to understand what we can do I think there's great opportunity for us in growth in that area.

我們非常小心地確保讓路易斯和他的團隊站在合適的人面前，他們會朝著這個方向前進。但我認為，隨著我們繼續與客戶交談，他們繼續了解我們能做什麼，我認為我們在該領域的成長有很大的機會。

And Bill, this is one of these areas where companies have existing relationships, right? And they may have nearshore offshore resources working. And what we've had to do through this process is start with a few people, right, build our reputation with our current customer base and grow it with the goal of proving our capabilities and getting more work from that.

比爾，這是公司現有關係的領域之一，對吧？他們可能擁有近岸的離岸資源。在這個過程中我們必須做的是從幾個人開始，在我們目前的客戶群中建立我們的聲譽，並以證明我們的能力並從中獲得更多工作的目標來發展它。

That is helpful. And I do want one point of clarification from your opening remarks you had talked about learning the capabilities and the ability to tie pricing to an ERP system that was Royal is that correct or was that another part of the business and I just missed what you were saying?

這很有幫助。我確實想從您的開場白中澄清一點，您談到了學習將定價與皇家 ERP 系統聯繫起來的能力和能力是正確的還是業務的另一部分，我只是錯過了您的想法說？

And tried to tie business or I'm sorry, I'm struggling with that segment.

並試圖捆綁業務，或者抱歉，我正在努力應對這一細分市場。

Okay. So, you had referenced that one of the capabilities that you have learned that you have from one of the acquisitions was the ability to tie pricing to our ERP system.

好的。因此，您提到，您從一項收購中了解到的能力之一是將定價與我們的 ERP 系統連結起來的能力。

Okay. I'm sorry. So there are companies out there that do pricing tools like a manufacturing procedural, how to price this product, right? And and we have the ability now to do connections with and that the Royal team has built connecting tools that take a ERP system and tie it to manufacturing pricing pull, right? That capability of feeding that into an ERP system has been lacking. And so we've done a really good job in being able to build that out.

好的。對不起。所以有些公司有像製造程序這樣的定價工具，如何為這個產品定價，對嗎？我們現在有能力與皇家團隊建立連接工具，該工具採用 ERP 系統並將其與製造定價拉動聯繫起來，對嗎？一直缺乏將其輸入 ERP 系統的能力。因此，我們在實現這一目標方面做得非常好。

Great. Thank you both and appreciate the time.

偉大的。謝謝你們倆並珍惜寶貴的時間。

Brian Kinstlinger from Alliance Global Partners.

聯盟全球合作夥伴的布萊恩‧金斯林格 (Brian Kinslinger)。

With your question and thanks for taking my question. Sorry, I joined late. So I'm not sure if this was asked, can you talk about your current appetite for M&A with your recent transactions in solid cash flow trends? And then maybe can you speak to valuation expectations for private companies and how they may have changed over the last few quarters? Thank you.

帶著你的問題並感謝你提出我的問題。抱歉，我加入晚了。所以我不確定是否有人問過這個問題，您能談談您目前對併購的興趣以及您最近交易的穩定現金流趨勢嗎？然後，也許您可以談談私人公司的估值預期以及它們在過去幾個季度中可能發生的變化？謝謝。

Yeah, I think you know, right now, where we're at it, making two very large acquisitions going through our realignment process and and where we are from a leverage standpoint, we unless something that was really a good fit came up. We are looking at acquisition opportunities as they come up, but know I highly doubt that we would pull the trigger on anything except something that was exceptional at a low price this year.

是的，我想你知道，現在，我們正在進行兩次非常大的收購，正在進行我們的重組過程，並且從槓桿的角度來看，我們所處的位置，除非出現真正合適的東西。我們正在尋找出現的收購機會，但我非常懷疑，除了今年低價的特殊項目之外，我們是否會觸發任何收購機會。

This year, we're really focused on execution. We've done the alignment. We believe we have some final have some tailwinds from the economy behind us and done, and we need to focus on driving business and full adoption of selling in what we have acquired across our sales platform.

今年，我們非常注重執行力。我們已經完成了對齊。我們相信，我們已經完成了一些最終的經濟成長，我們需要專注於推動業務發展，並在我們透過銷售平台獲得的產品中充分採用銷售。

Great. Thank you.

偉大的。謝謝。

Mike Taglich, Taglich Brothers.

麥克‧塔格里奇，塔格里奇兄弟。

Good morning, everybody. I hope I didn't miss that. One question. Is there a high low on the growth range on a property management business and the tech business for this coming year?

大家早安。我希望我沒有錯過這一點。一個問題。明年物業管理業務和科技業務的成長幅度是否會出現高低？

And in percentages about how high we think are you asking for guidance went.

我們認為您尋求指導的百分比有多高。

What are you going to beat inflation or not? And are you going to beat inflation or not enough in real estate?

你打算用什麼來擊敗通貨膨脹？是跑贏通膨還是房地產投資不夠？

I feel very good about 2024, right?

我對2024年感覺很好，對嗎？

You want to give a little more specific or you don't feel like it?

您想提供更具體的資訊還是您不喜歡？

So I feel like we have great momentum going in our professional group. And we have had numerous conversations with a lot of customers who are starting to break free with what they have going on. And I was traveling last week with the professional team and was wildly overwhelmed with the positivity that was coming from our customers.

所以我覺得我們的專業團隊勢頭強勁。我們與許多客戶進行了多次對話，他們開始擺脫目前的困境。上週我和專業團隊一起旅行，客戶的正面態度讓我深受感動。

So I feel very, very good about what is happening in that area. And I think from the property management group. And as we continue to move forward, I know the interest rates for some of these mortgage leases that are coming up. And I know there's been some conversations about some concerns out there with the owners of the properties that so we're just going to watch that. And so but all in all, I think that the restructure that we have made through the last couple of years with the systems and with the realignment of our teams and I feel very, very good at going into 2024 about and the potential of our growth.

所以我對該地區正在發生的事情感覺非常非常好。我認為來自物業管理團隊。隨著我們繼續前進，我知道其中一些抵押貸款租賃的利率即將上漲。我知道已經與業主進行了一些關於一些擔憂的對話，所以我們將關注這一點。總而言之，我認為過去幾年我們對系統和團隊進行了重組，我對進入 2024 年以及我們的成長潛力感到非常非常好。

Great. Okay. Thanks. Rest of my questions have been answered. Thank you. Good luck.

偉大的。好的。謝謝。我的其餘問題已得到解答。謝謝。祝你好運。

Thank you.

謝謝。

And ladies and gentlemen, with that, we'll be ending today's question and answer session. I'd like to turn the floor back over to Beth Garvey for any closing remarks.

女士們、先生們，我們今天的問答環節就到此結束。我想請貝絲·加維（Beth Garvey）發表結束語。

Thank you, everyone, for your time today, and we appreciate your continued support. We look forward to updating you with our first quarter results in early May. Have a great day.

謝謝大家今天抽出寶貴的時間，我們感謝你們一直以來的支持。我們期待在五月初向您通報我們第一季的最新業績。祝你有美好的一天。

And ladies and gentlemen, with that, we'll be concluding today's conference call and presentation. Thank you for joining. You may now disconnect your lines.

女士們、先生們，我們今天的電話會議和演示就到此結束。感謝您的加入。現在您可以斷開線路。