BGSF Inc (BGSF) 2025 Q4 法說會逐字稿

Good morning, everyone. Welcome to the BGSF Inc. fiscal 2025 third-quarter financial results conference call. (Operator Instructions) As a reminder, this conference call is being recorded.

各位早安。歡迎參加 BGSF Inc. 2025 會計年度第三季財務業績電話會議。(接線員指示) 提醒各位，本次電話會議將被錄音。

Now I'll turn the call over to Sandy Martin, Three Part Advisors. Please go ahead.

現在我將把電話交給 Three Part Advisors 的 Sandy Martin。請開始。

Good morning. Thank you for joining us today for BGSF's 2025 fourth quarter and full year earnings conference call. On the call with me are Keith Schroeder, Co-CEO and CFO, and Kelly Brown, President and Co-CEO. After our prepared remarks, there will be a Q&A session. As noted, today's call is being webcast live. A replay will be available later today and archived on the company's investor relations page at investor.bgsf.com.

各位早安。感謝各位今天參加 BGSF 2025 年第四季及全年財報電話會議。與我一同出席的有共同執行長兼財務長 Keith Schroeder，以及總裁兼共同執行長 Kelly Brown。在我們的準備發言之後，將進行問答環節。如先前所述，今天的電話會議將進行線上即時網路直播。稍後今天將提供重播，並存檔於公司投資人關係網站 investor.bgsf.com。

Today's discussion 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.

今天的討論將包含前瞻性陳述，該等陳述係公司依據 1995 年《私人證券訴訟改革法》之安全港條款，在若干假設基礎上作出。由於各種風險與不確定性（包括公司向美國證券交易委員會提交之文件中所列者），實際結果可能與前瞻性陳述所示存在重大差異。

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. Management will refer to non-GAAP measures including adjusted EPS and adjusted EBITDA. Reconciliations to the nearest GAAP measures are available at the end of our earnings release.

管理層之陳述以今日為準，即使未來有新資訊可得，公司亦不承擔公開更新該等陳述之義務。管理層將提及非 GAAP 指標，包括調整後每股盈餘（adjusted EPS）與調整後 EBITDA。與最接近之 GAAP 指標的調節表載於我們新聞稿末尾。

I'll now turn the call over to Keith Schroeder. Keith ?

現在我把電話交給 Keith Schroeder。Keith？

Thank you, Sandy, and thank you all for joining us in today's call. Fiscal 2025 was a transformational year for the company. After the sale of the professional division, we retired all outstanding debt, returned a meaningful amount of capital to shareholders via a $2 per share special dividend, and announced a $5 million share buyback.

謝謝你，Sandy，也感謝各位參加今天的電話會議。2025 會計年度對公司而言是具有轉型意義的一年。在出售專業事業部之後，我們清償了所有未償債務，透過每股 2 美元的特別股利向股東返還了可觀資本，並宣布了 500 萬美元的庫藏股回購計畫。

As a result of those actions, today we are a solely focused property management staffing organization, debt-free with a strong cash position. The fourth quarter was a very busy quarter for our team, as discussed in our third quarter earnings call. There are three major directives where we have been strategically focused.

基於上述行動，如今我們是一家專注於物業管理人力派遣的組織，零負債且擁有強勁的現金部位。第四季對我們團隊而言非常忙碌，正如我們在第三季財報電話會議中所討論。我們策略性聚焦於三項主要指令。

First, we utilize the findings from an independent consulting firm to help shape our top-line revenue initiatives as we finalize our budget for 2026 and beyond. Kelly will discuss those in more detail following my remarks. Second, we continue to take aggressive actions to resize our general administrative expenses to be more in line with our stand-alone property staffing business.

第一，我們運用一家獨立顧問公司的研究發現，協助塑造營收端（top-line）的成長倡議，並在完成 2026 年及之後的預算規劃時加以運用。Kelly 將在我發言後更詳細說明。第二，我們持續採取積極行動，將一般與行政費用（G&A）規模調整至更符合我們獨立運作之物業人力派遣業務的水準。

We are now estimating ongoing G&A costs to be in the $12 million range, with public company costs estimated at approximately $2 million. And third, we are utilizing the results of an external organizational and incentive compensation study. To take further actions to reduce selling and G&A costs, primarily in the selling cost area.

我們目前估計持續性的 G&A 成本約在 1,200 萬美元區間，其中上市公司相關成本估計約 200 萬美元。第三，我們正運用外部組織與獎酬激勵研究的結果，以採取進一步行動降低銷售費用與 G&A 成本，主要著重於銷售費用領域。

Those actions have been identified, and we started taking action in late Q1 with the full effect benefiting us in Q3 of this year. The annualized cost savings are approximately $1 million. Additionally, we continue to operate under the TSA agreement following the sale of the professional division. That process is going very well, and I expect to wrap it up by the end of Q1. With that, I will now turn over to Kelly to cover the strategic initiatives that are underway.

這些行動已被確認，我們在第一季末開始採取措施，其完整效益將在今年第三季反映。年化成本節省約 100 萬美元。此外，在出售專業事業部後，我們仍依據 TSA（過渡服務協議）運作。該流程進展非常順利，我預期在第一季末前完成。接下來我把時間交給 Kelly，說明目前進行中的策略性倡議。

Thank you, Keith, and good morning, everyone. Before we discuss our fourth quarter sales and 2026 initiatives, I'd like to highlight an important change to our go to market strategy with clients and candidates. At the completion of our TSA agreement in April, we will transition our website to bgstaffing.com.

謝謝你，Keith，各位早安。在我們討論第四季銷售與 2026 年倡議之前，我想先強調我們在面向客戶與求職者的市場進入策略（go-to-market strategy）上的一項重要變更。在 4 月完成 TSA 協議後，我們將把網站轉移至 bgstaffing.com。

Our analysis of search trends and AI activity proved that including staffing in our name consistently ranks us in the top three results for both clients' seeking talent and job seekers exploring opportunities. We believe this change will significantly improve SEO performance, clarify our brand positioning, and enhance the overall effectiveness of our marketing efforts.

我們對搜尋趨勢與 AI 活動的分析證明，在名稱中加入「staffing」能讓我們在客戶尋找人才與求職者探索機會時，穩定排名於前三名結果。我們相信此變更將顯著提升 SEO 表現、釐清品牌定位，並強化整體行銷工作的成效。

As Keith mentioned, we are executing on our 2026 top-line strategic initiative, leveraging insights from the market study completed late last year. A key opportunity identified through that work and reinforced through internal discussions is our expansion into the prop tech support market.

如 Keith 所提，我們正執行 2026 年營收端策略性倡議，並運用去年底完成的市場研究洞見。該研究所辨識、並在內部討論中再次獲得印證的一項關鍵機會，是我們擴展至物業科技（prop tech）支援市場。

In February, we announced our first software partnership with Yardi, an industry-leading property management technology platform. Through the Yardi Independent Consultant Network, we are pairing our industry expertise with technology-enabled talent solutions. Prop-tech is a sizable adjacent market to our core business and further enhances our differentiated positioning across multi-family and commercial property management staffing.

2 月，我們宣布與 Yardi 建立首個軟體合作夥伴關係；Yardi 是業界領先的物業管理科技平台。透過 Yardi 獨立顧問網路（Independent Consultant Network），我們將產業專業與科技賦能的人才解決方案相結合。物業科技是我們核心業務旁邊一個規模可觀的相鄰市場，並進一步強化我們在多戶住宅與商用物業管理人力派遣領域的差異化定位。

Turning to technology-enabled solutions, we continue to optimize our AI investments to further differentiate our platform and deepen engagement with our clients. Our focus is on elevating the overall client and candidate experience which positions BG staffing as an innovative workforce solutions partner.

談到科技賦能解決方案，我們持續優化對 AI 的投資，以進一步差異化我們的平台並加深與客戶的互動。我們的重點在於提升整體客戶與候選人的體驗，使 BG staffing 成為具創新性的勞動力解決方案合作夥伴。

These technology and AI-driven enhancements have improved front and back office efficiency while reinforcing our people-first culture. We believe the right combination of talent and technology suite enables us to deliver quality candidates faster and more efficiently, driving better outcomes for our clients.

這些由科技與 AI 驅動的強化措施，已提升前台與後台的效率，同時鞏固我們以人為本的文化。我們相信，人才與科技套件的正確組合，能讓我們更快且更有效率地提供優質候選人，為客戶帶來更佳成果。

We continue to advance the operational performance initiatives discussed last quarter, and early insights indicate progress in strengthening our competitive differentiation. These efforts and strategic partnerships are beginning to support incremental top-line revenue growth and improve overall financial performance.

我們持續推進上季所討論的營運績效提升計畫，初步觀察顯示，在強化競爭差異化方面已有進展。這些努力與策略合作夥伴關係，正開始支持營收端的增量成長，並改善整體財務表現。

Finally, we are excited to participate as an exhibitor at the Apartmentalize conference hosted by the National Apartment Association, as well as the Buildings Owners and Managers Association International Conference, both of which are held in June. As two of the premier gatherings in the rental housing and commercial real estate industries, we expect the events to be a strong platform for customer engagement and lead generation.

最後，我們很高興將以參展商身分參與由全國公寓協會（National Apartment Association）主辦的 Apartmentalize 大會，以及建築物業主與管理者協會（Buildings Owners and Managers Association）國際年會，兩者皆於 6 月舉行。作為租賃住宅與商用不動產產業的兩大頂級盛會，我們預期這些活動將成為客戶互動與商機開發的強大平台。

With that, I will turn the call back to Keith to cover our fourth quarter financial results.

接下來我把電話交回 Keith，說明我們第四季的財務結果。

Thank you, Kelly. Our comments today mostly refer to continuing operations unless otherwise noted. Fourth quarter revenues were $22 million a 9.4% decline compared to the prior year, driven by lower build hours and weak demand due to overall cost pressures on property management companies and property owners.

謝謝你，Kelly。除非另有說明，我們今天的評論主要指持續營運業務。第四季營收為 2,200 萬美元，較去年同期下滑 9.4%，主要因工時（build hours）下降，以及物業管理公司與物業所有人整體成本壓力導致需求疲弱。

Gross profit in the fourth quarter was $7.7 million compared to $8.7 million in the prior year quarter. Gross profit as a percentage of revenue was 35% and was negatively affected by $147,000 in out of period workers' comp costs. Adjusted for those costs, our gross profit as a percentage of revenue was 35.6% in the quarter, consistent with the prior year's quarter and the year of 2025 in total.

第四季毛利為 770 萬美元，去年同期為 870 萬美元。毛利率為 35%，並受到 14.7 萬美元跨期入帳的勞工保險（workers' comp）成本之負面影響。若排除該等成本，本季毛利率為 35.6%，與去年同期及 2025 年全年整體水準一致。

SG&A expenses for the fourth quarter were $9.3 million compared to $10.5 million in the prior year's quarter. SG&A this quarter included a strategic review cost of $403,000 compared to $88,000 in the prior year quarter. SG&A expenses in the fourth quarter of 2025 were negatively affected by approximately $460,000 of out-of-period expenses.

第四季的銷售、一般及行政（SG&A）費用為 930 萬美元，較去年同期的 1,050 萬美元下降。本季 SG&A 包含 40.3 萬美元的策略檢討成本，去年同期為 8.8 萬美元。2025 年第四季的 SG&A 費用因約 46 萬美元的跨期費用而受到不利影響。

Mostly related to the medical expenses under our self-insurance plan and the process of finalizing our closing balance sheet for the sale of the professional division. Fourth quarter adjusted EBITDA was a loss of $947,000 inclusive of the medical insurance adjustment mentioned above, compared to an EBITDA loss of $1.6 million in the prior year. This reduction in EBITDA loss came in spite of $1 million of lower gross profit due to lower sales.

主要與我們自保計畫下的醫療費用，以及為出售專業事業部而完成期末資產負債表的結帳流程相關。第四季調整後 EBITDA 為虧損 94.7 萬美元，已包含上述醫療保險調整，較去年同期 EBITDA 虧損 160 萬美元改善。儘管因銷售下滑導致毛利減少 100 萬美元，EBITDA 虧損仍然縮小。

Significant cost cutting measures implemented in selling and in general administrative expenses during 2025 were the main drivers behind the improved EBITDA loss. We reported, fourth quarter GAAP net loss from continuing operations of $0.11 per diluted share compared to a non-GAAP adjusted EPS loss from continuing operations of $0.09 per share. Consolidated, adjusted non-GAAP EPS for the quarter was $0.09 per share.

2025 年在銷售費用與一般及行政費用方面所實施的大幅成本削減措施，是 EBITDA 虧損改善的主要驅動因素。我們報告第四季依 GAAP 計算之持續營運稀釋後每股淨損為 0.11 美元，相較之下，非 GAAP 調整後之持續營運每股盈餘（EPS）為虧損 0.09 美元。本季合併口徑的調整後非 GAAP EPS 為每股 0.09 美元。

For the full year of 2025, Net cash provided by continuing operating activities was $117,000 which included a $5.2 million escrow receivable from the sale of the professional division. We expect to finalize the settlement of this cash escrow amount during Q2. Our capital expenditures were minimal at $138,000. During 2025, we purchased 351,200 shares of stock totaling approximately $1.5 million. Our purchases to date total 522,000 shares at a total of $2.4 million.

就 2025 全年而言，持續營運活動提供的淨現金為 11.7 萬美元，其中包含出售專業事業部所產生的 520 萬美元託管應收款。我們預期將於第二季完成該筆現金託管金額的結算。我們的資本支出很少，為 13.8 萬美元。2025 年期間，我們回購 351,200 股股票，總金額約 150 萬美元。截至目前，我們累計回購 522,000 股，總金額為 240 萬美元。

Finally, the team remains focused on executing our strategic priorities and our new roadmap, while also managing the transitional work related to the sale of the professional division. Kelly and I want to thank everyone across the organization for their continued dedication and hard work over the past year.

最後，團隊仍專注於執行我們的策略優先事項與新的路線圖，同時也管理與出售專業事業部相關的過渡性工作。Kelly 和我想感謝組織內所有同仁在過去一年持續的投入與辛勤付出。

The execution of the TSA was a particularly heavy lift. And we are deeply grateful to the entire BG staffing team for their thoughtful planning, strong execution, and sustained commitment. We look forward to updating investors each quarter on our progress and hope today's discussion has been valuable. With that, now we would like to open the call for questions. Operator?

TSA 的執行尤其是一項艱鉅的任務。我們也由衷感謝整個 BG 人力派遣團隊周全的規劃、強而有力的執行，以及持續的承諾。我們期待每季向投資人更新進展，並希望今天的討論有所助益。接下來，我們想開放提問。接線員？

(Operator Instructions)

（接線員指示）

Bill Dezellem, Tieton Capital.

Bill Dezellem，Tieton Capital。

Thank you and good morning. A couple of questions. Let's just start, if we could please, with the Yardi relationship and walk us through, that relationship, what you are doing with it, and what the potential implications are for the business longer-term.

謝謝，早安。我有幾個問題。我們先從 Yardi 的合作關係開始，請帶我們了解一下這段關係、你們正在做什麼，以及對公司長期業務可能帶來的影響。

Yes, good morning, Bill. Thank you for the question. I'll take that one. The Yardi partnership is an exciting one for our group because Yardi as a company has established an independent consultant network, and what that means is that Yardi as a company will obviously sell and implement software to our property management customers that they use for their day-to-day operations.

好的，早安，Bill。謝謝你的提問。這題我來回答。Yardi 的合作對我們團隊而言很令人振奮，因為 Yardi 這家公司建立了一個獨立顧問網絡；這代表 Yardi 會向我們的物業管理客戶銷售並導入他們日常營運所使用的軟體。

So when and if there's gaps between what Yardi provides as a company and the implementation or training that is needed to Actually have the end user fully implemented into the software they'll leverage independent consultants to do that work and that's exactly where we'll come in with our consultant base to be able to fill those requests so you already essentially serves as a referral base when they know they have needs among their clients so that we can then pick that up and it's a really basic model of hiring the consultant, placing them, and then billing accordingly.

因此，當 Yardi 作為公司所提供的內容，與實際導入或訓練需求之間出現落差時，為了讓終端使用者能真正完整上線使用該軟體，他們會運用獨立顧問來完成這些工作；而這正是我們能以顧問資源介入、承接需求的地方。換言之，當 Yardi 知道其客戶有需求時，Yardi 基本上就成為一個轉介來源，讓我們可以接手；模式很簡單，就是聘用顧問、派任到位，然後依據服務進行計費。

And Kelly, what's the potential size of of that business or is it just is it more important the the relationship enhancement that it leads with your customers?

那 Kelly，這項業務的潛在規模有多大？或者更重要的是，它是否更偏向於強化你們與客戶之間的關係？

Yeah, we chose Yardi as our first partnership of this nature because they are the most widely used software in the property management space. So the potential is very large across all of our customer base. They're certainly not the only software used, but they are the most widely used. So when you look at potential, you think about all the properties that we build with. The country they all have software that they use, so every single one of them would have some type of support that they could need at any given point in time.

是的，我們選擇 Yardi 作為第一個此類型的合作夥伴，因為在物業管理領域，他們是使用最廣泛的軟體。因此，對我們整體客戶群而言，潛在機會非常大。他們當然不是唯一被使用的軟體，但確實是最普及的。所以當你看潛力時，你會想到我們在全國各地所服務的所有物業。它們都有自己使用的軟體，因此每一個在任何時間點都可能需要某種形式的支援。

In addition to that, even at the corporate office level, when you think about their accounting needs and things like that, Yardi is also leveraged for those types of services. So there's potential at both the corporate office level as well as the on-site and user level.

此外，即使是在總部層級，當你想到會計需求等事項時，Yardi 也會被用於這類服務。因此，無論是總部層級，或是現場與使用者層級，都存在潛在機會。

All right, great, thank you. I appreciate that. And then Keith, would you please walk through the, your comments about SG&A on an ongoing basis and I didn't catch all the numbers, number one, but maybe related to the $9.3 million of SG&A that was reported in the fourth quarter.

好的，很棒，謝謝你。我很感謝這些說明。接著 Keith，能否請你再說明一下你對 SG&A 長期走勢的評論？我沒有完全聽清楚所有數字，第一點；第二點，可能也請你針對第四季所報告的 930 萬美元 SG&A 來說明。

Okay, so, The G&A cause that we are, estimating, going forward once we're, clear of the TSA, and all of that is around $12 million, okay? And then the number obviously continues to unfold as we continue to look for ways to, cut costs and software costs and, things like that. So that's kind of an ongoing, work that we have. There's about $2.5 million or so of public company costs in that number, all right?

好的，所以，我們預估在未來、等我們結束 TSA 等相關事項後，G&A 成本大約在 1,200 萬美元左右，好嗎？而且隨著我們持續尋找削減成本、軟體成本等方式，這個數字顯然還會持續變動。所以這是一項持續進行的工作。在這個數字中，大約有 250 萬美元左右屬於上市公司成本，好嗎？

So the Q4 number, which would, that you cited, which was, selling and G&A, that number is higher than what we would expect in 2026 because we were still, supporting, the sail and we weren't able to get out of all the. And software changes that we expect to change. So the Q4 number is not reflective of what we expect in 2026. Does that helpful?

所以你提到的第四季數字，也就是銷售與 G&A，那個數字比我們預期 2026 年的水準要高，因為我們當時仍在支援這筆出售案，且我們還無法完全退出所有相關事項。以及我們預期會調整的軟體變更。因此，第四季的數字並不能反映我們對 2026 年的預期。這樣有幫助嗎？

That is helpful, and, following up on that, the SG&A, that includes, there is the $9.3 million, how much of that is the G&A, number?

有幫助。再追問一下，SG&A 包含在 930 萬美元裡面，其中有多少是 G&A 的數字？

The G&A number for the quarter, it's actually in the press release. That's about, $3.5 million, but there's about $460,000, that hit in Q4 that did not relate to Q4 and that was the thing that I cited that we, as we broke apart, The balance sheet for the sale and. Yes. We looked at our IVN in our reserve, we ended up taking $460,000 of expense in Q4. So that is included in those numbers.

本季的 G&A 數字其實在新聞稿裡。大約是 350 萬美元，但其中約有 46 萬美元是在第四季入帳、但並不屬於第四季的費用；那就是我提到的，當我們為出售案拆分資產負債表時所發生的項目。是的。我們檢視了我們的 IVN 與準備金，最後在第四季認列了 46 萬美元的費用。所以這已包含在那些數字之中。

Great. That is helpful. And then one additional question, please, relative to the overall market environment, how would you characterize it today versus what you were seeing a year ago at this time?

很好。這很有幫助。接著再請教一個問題，就整體市場環境而言，您會如何形容今天的情況，相較於一年前此時您所看到的狀況？

Yeah what we're seeing today based on customer feedback, there is definitely an interest and a budget to spend on our services. This year is much more optimistic of a sentiment as what we were experiencing last year. I think our customers have navigated a lot the last couple of years economically.

是的，根據客戶回饋，我們今天看到的是，客戶確實對我們的服務有興趣，也有預算願意投入。今年的情緒明顯比去年我們所經歷的更為樂觀。我認為我們的客戶在過去幾年經濟上已經走過了很多挑戰。

And this year, the feedback is, absolutely, look, we plan to leverage, staffing as well as prop tech support services. And so we're finding from a willingness to spend perspective, there certainly is a lot more, positive feedback this year than what we were navigating this time a year ago.

而今年的回饋是：絕對是的，我們計畫運用人力配置以及物業科技（PropTech）支援服務。因此，從願意支出的角度來看，今年我們確實收到的正面回饋，比一年前此時我們所面對的情況多得多。

And Kelly, is it your sense that since we've had a couple of years of tight or conservative spending that there is that there is some catch up and delayed or deferred maintenance that could lead to a higher than average level of activity, maybe not in '26, but as we push further into 2027 and you just start to see some catch up.

Kelly，您的感覺是否是：在我們經歷了幾年緊縮或保守支出之後，可能存在一些追趕效應，以及延後或遞延的維護，進而帶來高於平均的活動量——也許不是在 2026 年，但當我們進一步走向 2027 年時，就會開始看到一些補回來的需求？

I think it's reasonable to assume that there could be a certain level of that. What we've heard from customers is that as much as possible during times when they have to be conservative on their spending, they'll do their best to just leverage the existing employee base that they have, even if that means one employee that may typically work at one property needs to float or visit several properties and try to help.

我認為合理的假設是，確實可能會有一定程度的這種情況。我們從客戶那裡聽到的是，在他們必須保守支出的時期，他們會盡可能善用現有員工編制，即使這代表原本通常只在一個物業工作的員工，需要支援或巡迴多個物業來協助。

So to an extent there may be a little bit of that, nothing like what we saw, after COVID or anything like that, but there may be a small amount, but I think as much as possible they really have tried to make it work with the existing employees that they have.

所以在某種程度上可能會有一點，但不會像我們在 COVID 之後看到的那種情況或類似程度；可能會有小幅度，但我認為他們已經盡可能用現有員工把事情撐起來。

Great. Thank you both for taking all the questions.

很好。感謝兩位回答所有問題。

Absolutely. Thank you. Oh, hey, Bills, one other thing just to kind of back that up, our top-line sales through the first two months are slightly ahead of 2025. So it's been off to a solid start for this year.

當然。謝謝。喔，嘿，Bill，還有一點補充來佐證一下：我們前兩個月的營收（top-line sales）略高於 2025 年。所以今年開局相當穩健。

So just to be clear, what you're saying is this will be if March. Continues the trend that you saw in January and February, the first quarter revenues would be up, which would be the first time in many quarters that that's the case, correct?

所以確認一下，您的意思是：如果 3 月延續 1 月與 2 月看到的趨勢，第一季營收就會成長；而這將是很多個季度以來第一次出現這種情況，對嗎？

Yes, that is correct.

是的，沒錯。

Great. Thank you for that additional perspective. Do you want to share a percentage change that you saw in January and February combined?

很好。謝謝你補充這個觀點。你願意分享一下 1 月與 2 月合計看到的百分比變化嗎？

No, but I will say that we do expect full year sales in 2026 to be over 2025. Kind of in the mid-single-digits. So if that helps.

不過我可以說，我們預期 2026 年全年銷售額會高於 2025 年。大概是中個位數百分比成長。如果這樣有幫助的話。

That is helpful, and I'm going to, kind of take, I'm going to take the bait and go one step further. Thank you, Bill. So you're welcome. So relative to the monthly trends, when you look at the at the fourth quarter was.

這很有幫助，那我就——算是——我就順勢再往前問一步。謝謝你，Bill。不客氣。那就月度趨勢而言，當你看第四季時是——

November, decline less than October and was December better than November, and then January, being better than December, and then was February up more than March? Are we seeing that sort of trend each and every month improving?

11 月的下滑是否小於 10 月？12 月是否又比 11 月更好？接著 1 月是否又比 12 月更好？那 2 月是否又比 3 月成長更多？我們是否看到每個月都在改善的那種趨勢？

You're going sequentially, right?

你是指逐月（sequentially）比較，對吧？

Yeah. Basically, I think I'm essentially saying, let's just take, for example, if October was down 6%, then, November being down 4%, December being down 2%, January being up 2%, and I totally just made those numbers up for illustration.

對。基本上，我的意思是，舉例來說，如果 10 月下滑 6%，那 11 月下滑 4%，12 月下滑 2%，1 月成長 2%——我完全是為了說明而隨便編的數字。

So I think the best way to answer that is that as we ended 2025, the seasonality effects that we would expect, we were better than those in the last month of last year. And so we have started out where we are higher in sales than last year for January and February. So it's a positive trend.

我認為回答這個問題最好的方式是：在 2025 年結束時，我們預期會有的季節性影響，在去年最後一個月的表現其實優於那些季節性影響。而今年 1 月與 2 月的銷售額也高於去年同期。所以這是一個正向趨勢。

That's helpful. Did that positive trend begin in, late in the fourth quarter in December, or is it really?

這很有幫助。那這個正向趨勢是從第四季末的 12 月就開始了，還是其實是——？

Yes, it did. And of course we had one really tough week, in February because, a snowstorm basically shut down the entire country, for a few days, but, so we came out pretty strong.

是的，確實是從那時開始。當然，2 月有一週非常艱難，因為一場暴風雪基本上讓全國停擺了幾天；不過整體而言，我們的開局相當強勁。

Yeah, that, that's very helpful. Appreciate that additional color. Anything else you'd like to add on that front before I turn it back to the operator.

是的，這非常有幫助。感謝你補充這些細節。在我把話交回給主持人之前，關於這方面你還有什麼想補充的嗎？

No, I think that's it. Thank you.

沒有，我想就這些了。謝謝。

Yeah, thank you again.

是的，再次謝謝。

George Melas, MKH Management.

George Melas，MKH Management。

Thank you. Good morning. I've been trying to clarify a little bit the answer That you guys gave that Kelly you gave to Bill regarding the Prop-tech. It seems like it's a very different line of business, right? It's not your regular consultants or staffing that is more focused on maintenance and leasing.

謝謝。早安。我想再釐清一下你們給 Bill 的回答——Kelly 你關於物業科技（Prop-tech）的那段。看起來那是一條非常不同的業務線，對吧？不是你們一般的顧問或人力派遣，那些通常更聚焦在維修與租賃。

So is that sort of a -- kind of a new segment of the business, could we say? And how many consultants you have and what kind of revenue are you expecting in '26 from Prop-tech?

所以我們可以說那算是——某種新的業務區隔嗎？你們有多少位顧問？以及你們預期 2026 年物業科技（Prop-tech）能帶來多少營收？

Yeah, well, good morning, George. Yeah, thank you for the question. Yes, it is different from the type of staffing that we've delivered in the past. You're correct. And the reason why we selected PropTech as an adjacent market that we were interested in is because it's a need that the people that we place and our existing customers have on all of their properties. They're leveraging technology.

好的，早安，George。謝謝你的提問。是的，這確實不同於我們過去提供的人力派遣類型。你說得沒錯。我們之所以選擇物業科技（PropTech）作為我們有興趣的相鄰市場，是因為這是我們所派遣的人員以及現有客戶在其所有物業上都存在的需求。他們正在運用科技。

As all of us are in their day to day, so we saw an opportunity to explore the support of that technology, and it really does two things. It helps solve customer problems that exist today, but it also helps lift up our candidate base, as we know they're going to be, when they're out to work, leveraging the same technology.

就像我們每個人在日常工作中一樣，所以我們看到一個機會去探索對這些科技的支援服務，而這其實能做到兩件事。它能協助解決客戶當下存在的問題，同時也能提升我們的人才庫，因為我們知道他們外出工作時也會使用相同的科技。

And so, learning about how Yardi structures their independent consultant network really became of interest to us because, we, we're building that consultant base to answer your question we're going to start with, a pool of 8 to 12 consultants and get them out working and it'll just grow organically over the year. \

因此，了解 Yardi 如何建構其獨立顧問網絡，對我們而言變得很有吸引力；因為——回到你的問題——我們正在建立那個顧問基礎，我們會先從 8 到 12 位顧問的名單開始，讓他們投入工作，並在一年內自然成長。\

So early projections for 2026 we expect to be able to organically grow the revenue and ramp up through the year, first year top-line maybe $1 million to $2 million, but we really just are launching it organically this quarter, so, we're going to look at the next quarter, couple quarters very carefully as sales accelerate and we'll be able to get much more accurate forecasting after that point.

所以對 2026 年的初步預估，我們預期能在一年中自然擴大營收並逐步爬坡；第一年營收（top-line）可能約 100 萬到 200 萬美元，但我們本季才剛以自然成長的方式啟動，所以我們會非常仔細地觀察接下來一季、兩三季，隨著銷售加速，我們也能在那之後做出更精準的預測。

Okay, that's exciting. And how many people do you have on staff now? How many consultants do you have that are, and do you train them in the [yardy] tech, or are they pretty much already trained and ready to go?

好的，這很令人興奮。那你們目前員工編制有多少人？你們有多少位顧問？你們會針對 [yardy] 技術訓練他們，還是他們基本上已經受過訓練、可以直接上手？

Yeah, they tend to come in with existing Yardie experience. If we're going to hire them, they have existing Yardie knowledge. We're not hiring folks to come in and then train on them. Now, I will add that Yardi does provide really impressive resources to make sure their consultant base has access to training and to knowledge and continuing education. So Yardi does a really great job making sure that their consultant network. Is very well equipped to stay knowledgeable on their technology.

是的，他們通常進來時就已經有 Yardi 的相關經驗。如果我們要聘用他們，他們本來就具備 Yardi 的知識。我們不會聘用進來再去訓練的人。不過我補充一下，Yardi 的確提供非常令人印象深刻的資源，確保他們的顧問群能取得訓練、知識與持續進修。所以 Yardi 在確保其顧問網絡方面做得非常好。讓他們能充分具備條件，持續掌握其技術。

So that's another reason why we selected Yardi as a partner is those resources that they have, is just the knowledge base that they offer. Therefore, that's not really a lift that we have to take on internally, that type of training. We will hire consultants that have existing knowledge and then leverage Yardi's resources to make sure that they stay fresh on that knowledge.

因此，我們選擇 Yardi 作為合作夥伴的另一個原因，就是他們擁有這些資源，也就是他們提供的知識庫。所以，這類訓練並不需要我們在內部額外承擔太多工作量。我們會聘用已具備既有知識的顧問，並運用 Yardi 的資源，確保他們能持續更新並保持熟悉這些知識。

Great. And maybe I'm digging too much into the weed, but I'm really really curious. Do you, are you starting in Texas, for example? Are you starting in one market? How do you see sort of the ramp of that, business segment unfolding?

很好。也許我問得太細了，但我真的非常好奇。你們會例如從德州開始嗎？你們會從單一市場開始嗎？你們如何看待這個業務板塊的推進節奏與展開方式？

Fortunately, this, fortunately, this service is not necessarily geographically driven because a lot of the work that these consultants can deliver is remote. So we won't be a geographically based expansion. It'll really be more of a customer by customer based expansion. And so, we'll grow that way between both our own internal sales initiatives and Yardi's referral base, it won't necessarily have a geographic component.

幸運的是，這項服務不一定是由地理位置所驅動，因為這些顧問能交付的工作有很大一部分可以遠端完成。所以我們不會採取以地理為基礎的擴張。它更會是以客戶為單位、逐一擴張。因此，我們會透過自身內部的銷售推動以及 Yardi 的轉介來源來成長，不一定會有地理面的因素。

Okay, great. That sounds like an exciting initiative. It's nice to see how these goals initiatives. Maybe just also trying to clarify a little bit what you said at the end regarding, a solid start to the year. The fourth quarter, year-over-year, like down 9.4%.

好的，很好。聽起來是一個令人興奮的計畫。很高興看到這些目標與倡議。我也想再釐清一下你最後提到的「今年開局穩健」這點。第四季年對年是下滑 9.4%。

I think the topline. Yes. So that's if December, if part of December was a positive com, it sort of means that actually maybe October and November we're down double-digits, and then, so that seems like a very dramatic change.

我指的是營收。是的。所以如果 12 月有部分是正向的同店成長（com），那其實可能代表 10 月和 11 月是雙位數下滑，然後這看起來像是非常劇烈的變化。

From down double-digits in a few months to going up com and how do you explain this change, and to what extent is this change market driven and to what extent is it your own execution and what you guys are doing internally that is driving that in your opinion?

從幾個月的雙位數下滑到同店成長轉正，你如何解釋這個變化？以及在你看來，這個變化有多大程度是市場帶動，又有多大程度是你們自身的執行力、以及你們內部所做的事情所驅動？

Yeah, I think this is, well, there's some market improvement in there, but really from our perspective it's more driven by execution. The things that we learned from one of the studies is the speed to fill, getting the right candidate in the right spot quickly. Those things all make a big difference, and we have changed some things up and we are laser focused on that stuff.

是的，我認為這其中確實有一些市場改善，但就我們的角度來看，更多是由執行所驅動。我們從其中一項研究學到的重點之一是補缺速度（speed to fill），也就是快速把合適的候選人放到合適的位置。這些都會帶來很大的差異，而我們也做了一些調整，並且非常聚焦在這些事情上。

Okay. And let's see if we can try to extrapolate that to the year. So you expect mid to single-digit growth. That, does that mean that you expect growth? Pretty much in every year over year growth, I mean, in every quarter of 2026.

好的。那我們試著把這推演到全年。你們預期中到低個位數成長。這是否表示你們預期在 2026 年每一季都會年對年成長？我的意思是，2026 年每一季都會有年對年成長。

Yes. That is correct.

是的。沒錯。

Okay. Great. That's really good to know. And to what extent is that driven by, I think, Kelly, you mentioned that you feel like customers have a slightly greater propensity to purchase and to spend. So you have that on the one hand, on the other hand, you have better execution on your side. Is that the way one would look at it?

好的。很好。這點非常有幫助。那這在多大程度上是由你提到的——我想 Kelly，你提到你覺得客戶購買與支出的意願略有提高——所驅動？一方面有這個因素，另一方面你們自身的執行也更好。可以這樣理解嗎？

Yeah, it is definitely a mixture of both of those factors, that would lead to the year-over-year performance being more favorable.

是的，確實是這兩個因素的綜合，才會讓年對年表現更為有利。

Okay, great. Good. And then on the cost side, thank you very much for the, what you have as the property management segment, it's super helpful. And it really helps us, I think, understand, the model much better. So if we look at the G&A, it's 3.9, but if we take out the medical and the cost of the review, it comes down to pretty much 3.1, let's say 3 to 3.1, and if we analyze that, it's roughly 12.

好的，很好。很好。接著在成本端，謝謝你們提供的物業管理部門（property management segment）資訊，這非常有幫助。我想這也確實幫助我們更好地理解這個模型。所以如果我們看 G&A，是 3.9，但如果扣除醫療以及審查成本，就會降到大約 3.1，假設是 3 到 3.1；如果我們分析一下，大約是 12。

Which I think is what you said, keep as kind of the ongoing expenses of G&A. So does that mean that if we take out those two onetime things, we are pretty much at a steady state, level for G&A?

我想這就是你所說的，把它視為 G&A 的持續性費用。所以這是否表示，如果扣除那兩項一次性因素，我們的 G&A 基本上已經處於穩態水準？

Yes, but just to make clear that we are. Looking at ways ongoing to bring down those costs. So it's not a done deal. That's kind of like where we are now, but we are constantly looking at ways to bring down those costs.

是的，但我想澄清的是，我們仍在持續尋找降低這些成本的方法。所以這還不是定案。這大概是我們目前所在的位置，但我們一直在尋找降低這些成本的方法。

Okay. And With Of course, seasonality, your second and third quarter are your best quarters from a revenue perspective. That impacts somewhat selling expenses, but would that have an impact on G&A or is G&A basically flattish from quarter to quarter?

好的。當然，考量季節性，你們第二季和第三季從營收角度來看是最好的季度。這會在某種程度上影響銷售費用，但這會影響到 G&A 嗎？還是 G&A 基本上每季都差不多持平？

Now, G&A is pretty flat, so selling would go up some, more sales, you have more, bonus dollars, commission dollars, things like that, but, With the G&A is basically pretty fixed across all four quarters.

G&A 相當平穩，所以銷售費用會上升一些；銷售更多，就會有更多獎金、佣金之類的支出。

Okay, great. Okay, thank you very much for taking my question.

好的，很好。好的，非常感謝你回答我的問題。

We have reached the end of the question-and-answer session, and I will now turn the call over to Kelly for closing remarks.

問答環節到此結束，接下來我將把電話會議交給 Kelly 做結語。

Thank you for your time today. We appreciate your continued support and look forward to providing an update on our first quarter in a couple of months. Have a great day.

感謝各位今天撥冗參與。我們感謝各位持續的支持，並期待在幾個月後就第一季表現提供最新進展。祝各位有美好的一天。

This concludes today's conference, and you may disconnect your lines at this time. Thank you for your participation.

今天的電話會議到此結束，您現在可以掛線。感謝您的參與。