Brown & Brown Inc (BRO) 2025 Q3 法說會逐字稿

Please note that certain information discussed during this call, including information contained in the slide presentation posted in connection with this call and including answers given in response to your questions may relate to future results and events or otherwise be forward-looking in nature. Such statements reflect our current views with respect to future events, including those relating to the company's anticipated financial results for the third quarter and are intended to fall within the safe harbor provisions of the securities laws.

請注意，本次電話會議中討論的某些信息，包括與本次電話會議相關的幻燈片演示文稿中所包含的信息，以及對您問題的回答，可能涉及未來的結果和事件，或者俱有前瞻性性質。此類聲明反映了我們目前對未來事件的看法，包括與公司第三季預期財務業績相關的事件，並且旨在符合證券法的安全港條款。

Actual results or events in the future are subject to a number of risks and uncertainties and may differ materially from those currently anticipated or desired or referenced in any forward-looking statements made as a result of a number of factors. Such factors include the company's determination as it finalizes its financial results for the third quarter that its financial results differ from the current preliminary unaudited numbers set forth in the press release issued yesterday, other factors that the company may not have currently identified or quantified and those risks and uncertainties identified from time to time in the company's reports filed with the Securities and Exchange Commission.

未來的實際結果或事件受多種風險和不確定性的影響，可能與目前預期或期望的結果或前瞻性聲明中提及的結果有重大差異，這是由於多種因素造成的。這些因素包括公司在最終確定第三季度財務業績時，其財務業績與昨天發布的新聞稿中公佈的當前未經審計的初步數據存在差異；公司目前可能尚未識別或量化的其他因素；以及公司不時向美國證券交易委員會提交的報告中所列的風險和不確定性。

Additional discussion of these and other factors affecting the company's businesses and prospects as well as additional information regarding forward-looking statements is contained in the slide presentation posted in connection with this call and in the company's filings with the Securities and Exchange Commission. We disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. In addition, there are certain non-GAAP financial measures used in this conference call.

有關影響公司業務和前景的這些因素和其他因素的更多討論，以及有關前瞻性聲明的更多信息，請參閱與本次電話會議相關的幻燈片演示文稿以及公司向美國證券交易委員會提交的文件。我們不承擔任何更新或修改任何前瞻性聲明的意圖或義務，無論是因為出現新資訊、未來事件或其他原因。此外，本次電話會議中使用了一些非GAAP財務指標。

A reconciliation of any non-GAAP financial measures to the most comparable GAAP financial measure can be found in the company's earnings press release or in the investor presentation for this call on the company's website at www.bbrown.com by clicking on Investor Relations and then Calendar of Events. With that said, I will now turn the call over to Powell Brown, President and Chief Executive Officer. You may begin.

任何非GAAP財務指標與最可比較GAAP財務指標的調節表，都可以在公司的盈利新聞稿或本次電話會議的投資者演示文稿中找到，方法是訪問公司網站www.bbrown.com，點擊“投資者關係”，然後點擊“活動日曆”。接下來，我將把電話交給總裁兼執行長鮑威爾·布朗。你可以開始了。

Thanks, Deedee. Good morning, everyone, and welcome to our third quarter earnings call. We'd like to first welcome our 5,000-plus new teammates from a session that joined us on August 1. We're excited to be working together to grow our company as these talented teammates bring new capabilities for our customers. I also wanted to talk about leadership changes we announced last Monday.

謝謝你，迪迪。各位早安，歡迎參加我們第三季財報電話會議。首先，我們要歡迎 8 月 1 日加入我們團隊的 5000 多名新成員。我們很高興能與這些才華洋溢的團隊成員攜手合作，共同發展公司，他們也將為我們的客戶帶來新的能力。我還想談談我們上週一宣布的領導層變動。

Based on the evolving global breadth of our Retail segment and the importance of continuing our forward momentum, I've appointed Steve Hearn as the new retail President on a go-forward basis. I've known Steve for over 20 years and have admired his leadership style. He brings more than 35 years of deep industry experience, acquisition, integration and a proven record of driving growth and innovation, both in the US and internationally. With his leadership, we will further enhance our world-class solutions and value to our customers, carrier partners, shareholders and teammates.

鑑於我們零售業務的全球範圍不斷擴大，以及保持我們前進勢頭的重要性，我已任命史蒂夫·赫恩為新的零售總裁，任期自即止。我認識史蒂夫超過20年了，一直很欣賞他的領導風格。他擁有超過 35 年的深厚行業經驗，在收購、整合方面經驗豐富，並在美國和國際上都取得了推動成長和創新的卓越成就。在他的領導下，我們將進一步提升我們世界級的解決方案，並為我們的客戶、營運商合作夥伴、股東和團隊成員創造更多價值。

Regarding my brother, Barrett, I have a ton of respect for him as a leader and also I love him dearly. He's taking a personal leave of absence. I ask that everyone respects his privacy. When he's ready to return to the company, I look forward to welcoming him back. Last week, our Board of Directors raised our dividend by 10%, which represents an increase for the 32nd year in a row.

至於我的哥哥巴雷特，我非常尊敬他身為領導者的能力，也非常愛他。他正在休個人假。我請求大家尊重他的隱私。當他準備好重返公司時，我期待歡迎他回來。上週，我們的董事會將股息提高了 10%，這是連續第 32 年提高股息。

In addition, our Board expanded our authorization to repurchase shares up to $1.5 billion. As we've done in the past, we will purchase shares when we believe the company is undervalued and to help manage dilution associated with our equity plans. Our goal is to help drive earnings per share growth and meaningful shareholder value. Now let's transition to the results. I'll provide some high-level comments regarding our performance along with updates on the insurance market and the M&A landscape.

此外，董事會擴大了我們回購股票的授權範圍，最高可達 15 億美元。正如我們過去所做的那樣，當我們認為公司被低估時，我們會購買股票，以幫助管理與我們的股權計劃相關的稀釋。我們的目標是幫助推動每股盈餘成長，並為股東創造有意義的價值。現在讓我們來看看結果。我將就我們的業績提供一些高層次的評論，並介紹保險市場和併購領域的最新情況。

Then Andy will discuss our financial performance in more detail. Lastly, I'll wrap up with some closing thoughts before we open it up for Q&A. I'm on slide number 4. As you know, we focus on growth, both overall and organic, margins, earnings per share and cash flow as key metrics that should drive shareholder value creation. For the third quarter, we delivered revenues of $1.6 billion, growing 35.4% in total and 3.5% organically as compared to the same period in the prior year.

接下來，安迪將更詳細地討論我們的財務表現。最後，在進入問答環節之前，我還有一些總結性的想法。我正在看第四張投影片。如您所知，我們專注於成長（包括整體成長和內生成長）、利潤率、每股盈餘和現金流，並將這些關鍵指標作為推動股東價值創造的驅動力。第三季度，我們實現了 16 億美元的收入，與去年同期相比，總收入成長了 35.4%，有機成長了 3.5%。

Our adjusted EBITDAC margin improved by 170 basis points to 36.6%. And our adjusted earnings per share grew over 15% to $1.05. On the M&A front, we completed seven acquisitions with estimated annual revenues of $1.7 billion, with the largest being Accession. I'm on Slide 5. From an economic standpoint, growth remained relatively stable with the second quarter.

我們調整後的 EBITDAC 利潤率提高了 170 個基點，達到 36.6%。我們的調整後每股收益成長超過 15%，達到 1.05 美元。在併購方面，我們完成了七項收購，預計年收入達 17 億美元，其中規模最大的是收購 Accession。我正在看第五張投影片。從經濟角度來看，第二季經濟成長保持相對穩定。

We view this as positive since we continue to see businesses growing as consumers are still spending. From a hiring and capital investment perspective, it remained relatively modest for most companies. Depending on the industry, some companies are looking to hire while others are relatively flat. This concept applies to capital investments as well. Generally, concerns over the impact from tariffs sees to have dissipated for many industries, while business leaders continue to have a cautious bias.

我們認為這是一個正面的訊號，因為我們看到企業持續成長，消費者也仍在消費。從招募和資本投資的角度來看，大多數公司的規模仍然相對有限。根據行業不同，有些公司正在招聘，而有些公司則相對處於平穩狀態。這概念同樣適用於資本投資。總體而言，許多行業對關稅影響的擔憂似乎已經消散，而企業領導人仍然保持謹慎態度。

From a commercial insurance pricing standpoint, rates for most lines were similar to the second quarter. We continue to see CAT property and casualty as the outliers on both ends of the spectrum. Pricing for employee benefits was similar to prior quarters with medical costs up 6% to 8% and pharmacy costs generally up over 10%. We do not see any signs that this trend will slow over the coming quarters, almost all companies are challenged to balance rising health care costs and the impact of their employees and their P&Ls. Management of high-cost claimants, specialty pharmacy and population health continue to be key areas of our focus, which are driving more demand for our health care consulting businesses.

從商業保險定價的角度來看，大多數險種的費率與第二季相似。我們仍然認為CAT財產險和意外險是兩端的例外。員工福利定價與前幾季類似，醫療成本上漲 6% 至 8%，藥品成本普遍上漲超過 10%。我們沒有看到任何跡象表明這一趨勢將在未來幾季放緩，幾乎所有公司都面臨著平衡不斷上漲的醫療保健成本及其對員工和損益表的影響的挑戰。高成本索賠人管理、專科藥房和人口健康仍然是我們重點關注的領域，這些領域正在推動對我們醫療保健諮詢業務的更多需求。

Rates in the admitted P&C markets were substantially similar to last quarter and were flat to up 5% versus the prior year. Workers' compensation rates remained similar to prior quarters in most states and were flat to down 3%. For non-CAT property, overall rates were down 5% to up 5% depending on the loss experience. For casualty, we're seeing rate increases of 5% to 10% for primary layers and excess layers increasing even more. We believe this trend will continue over the coming quarters.

已獲準的財產和意外保險市場的費率與上一季基本相似，與上年同期相比持平或上漲 5%。大多數州的工傷賠償率與前幾季基本持平，或下降 3%。對於非巨災財產，總體費率會根據損失情況而下降 5% 至上升 5%。對於意外險，我們看到主要險種的費率上漲了 5% 到 10%，而超額險種的費率漲幅更大。我們認為這一趨勢將在未來幾季持續下去。

For Professional Liability, rates remained similar to Q2 and were down 5% to up 5%. Shifting to the E&S property market. Rate changes for the third quarter were similar to the second quarter and were generally down 15% to 30%. Keep in mind that we placed the largest amount of CAT property in the second quarter and the least amount in the third quarter of each year. From a customer perspective, they're managing their total insurance spend, both commercial as well as employee benefits.

專業責任險費率與第二季基本持平，漲幅在 5% 到 5% 之間。轉向東部和南部房地產市場。第三季利率變化與第二季類似，整體下降了 15% 至 30%。請記住，我們每年在第二季投入的巨災資產最多，第三季投入的最少。從客戶的角度來看，他們正在管理他們的全部保險支出，包括商業保險和員工福利保險。

As rates move up and down for certain lines, this will influence customers' buying behavior and corresponding premiums paid. I'm on Slide 6. Let's transition to the performance of our two segments for the quarter. Retail delivered organic growth of 2.7%, which was impacted by approximately 1% due to the adjustments related to certain employee benefits incentives. Isolating this impact, the organic growth was generally in line with our expectations as a result of good net new business performance.

隨著某些險種的費率上下波動，這將影響客戶的購買行為和相應的保費支付。我正在看第六張投影片。接下來我們來看看本季我們兩個業務部門的業績表現。零售業務實現了 2.7% 的自然成長，但由於某些員工福利激勵措施的調整，該成長受到約 1% 的影響。撇開這項影響不談，由於淨新增業務表現良好，有機成長整體符合我們的預期。

As a reminder, beginning this quarter, our previously reported Programs and Wholesale segments were combined into one segment, which is now referred to as Specialty Distribution. The go-to-market brand is Arrowhead Intermediaries, which is comprised of three distinct divisions: Programs, Wholesale and Specialty. This segment also includes the 180 division of Accession. We believe that on a combined basis, Arrowhead Intermediaries is the largest global operator of over 100 MGA, MGUs and places approximately $20 billion of written premium. For the quarter, the Specialty Distribution team delivered good organic revenue growth of 4.6%.

再次提醒大家，從本季開始，我們先前報告的「專案」和「批發」兩個部門已合併為一個部門，現在稱為「專業分銷」。其市場推廣品牌為 Arrowhead Intermediaries，由三個不同的部門組成：專案部、批發部和特種部。該部分還包括入藏品的第 180 個分部。我們認為，Arrowhead Intermediaries 合併後是全球最大的 MGA、MGU 營運商，旗下擁有 100 多家 MGA 和 MGU，保費收入約 200 億美元。本季度，專業分銷團隊實現了 4.6% 的良好有機收入成長。

Organically, wholesale grew high single digits, driven by strong brokerage performance. Programs grew low to mid-single digits, driven by good net new business while being partially offset by our wind and quake programs due to the continued downward rate pressure for commercial CAT properties. Now I'll turn it over to Andy to get into more details of our financial results.

批發業務有機成長接近兩位數，主要得益於經紀業務的強勁表現。受良好的新增業務推動，專案實現了個位數低至中等的成長，但由於商業災害財產價格持續下行，我們的風災和地震災專案部分抵消了這一增長。現在我將把發言權交給安迪，讓他詳細介紹我們的財務表現。

Great. Thank you, Powell. Good morning, everybody. Before we get into the details, we want to talk about the impact on our earnings related to the acquisition of Accession and our related debt and equity issuances. As previously discussed, transaction and integration costs related to our acquisition of Accession are excluded from our calculation of adjusted EBITDAC and adjusted earnings per share.

偉大的。謝謝你，鮑威爾。大家早安。在深入探討細節之前，我們想先談談收購 Accession 以及我們相關的債務和股權發行對我們收益的影響。如前所述，與我們收購 Accession 相關的交易和整合成本不計入我們調整後的 EBITDAC 和調整後的每股盈餘的計算中。

For this quarter, acquisition and integration costs were approximately $50 million. Additionally, beginning this quarter, we have a new line on the income statement called mark-to-market of escrow liability related to the acquisition of Accession. This account is also excluded from our calculation of adjusted EBITDAC and adjusted EPS. For the third quarter, we recorded approximately $8 million of a noncash charge related to the change in the fair value of our common stock held in escrow. As our stock price changes over the coming quarters, we will have additional noncash movements.

本季收購和整合成本約為 5,000 萬美元。此外，從本季開始，我們在損益表中新增了一項，稱為與收購 Accession 相關的託管負債的市值計價。該帳戶也不計入我們調整後的 EBITDAC 和調整後的 EPS 的計算中。第三季度，我們計入了約 800 萬美元的非現金支出，這與我們託管的普通股公允價值的變動有關。隨著未來幾季股價的變化，我們將出現額外的非現金變動。

For the stub period of August and September, Accession's total revenue was approximately $285 million. The margins were in line with our expectations and were slightly below the full year margin discussed during our announcement call. Due to the seasonality of revenue and profit for certain businesses, the margin will fluctuate by quarter.

在 8 月和 9 月的剩餘時間內，Accession 的總收入約為 2.85 億美元。利潤率符合我們的預期，略低於我們在公告電話會議上討論的全年利潤率。由於某些行業的收入和利潤具有季節性，因此利潤率會按季度波動。

In addition, we recorded approximately $29 million of incremental investment income for the quarter as a result of the proceeds of our follow-on common stock offering and senior notes issued in June. Now transitioning to our consolidated results.

此外，由於我們在 6 月發行的後續普通股和優先票據的收益，我們本季錄得約 2,900 萬美元的增量投資收益。現在過渡到我們的合併業績報告。

As a reminder, when we refer to EBITDAC, EBITDAC margin, income before income taxes or diluted net income per share, we are referring to those measures on an adjusted basis. The reconciliations of our GAAP to non-GAAP financial measures can be found either in the appendix of this presentation or in the press release we issued yesterday.

再次提醒，當我們提到 EBITDAC、EBITDAC 利潤率、所得稅前利潤或稀釋後每股淨利潤時，我們指的是這些指標的調整後版本。我們的 GAAP 與非 GAAP 財務指標的調整表可以在本次簡報的附錄或我們昨天發布的新聞稿中找到。

Now let's get into more detail regarding our financial performance for the quarter. On a consolidated basis, we delivered total revenues of $1.606 billion, growing 35.4% as compared to the third quarter of 2024. Contingent commissions grew by an impressive $46 million in total with $12 million coming from Accession.

現在讓我們更詳細地了解本季的財務表現。合併後，我們的總營收為 16.06 億美元，比 2024 年第三季成長了 35.4%。佣金總額增加了驚人的 4,600 萬美元，其中 1,200 萬美元來自 Accession。

Income before income taxes increased by 34% and EBITDAC grew by 41.8%. Our EBITDAC margin was 36.6%, expanding by 170 basis points over the third quarter of the prior year, driven by good underlying margin expansion together with increased contingents and investment income. For the quarter, our margin expansion was partially offset by the seasonality of revenue and profit associated with the acquisitions of Accession and Quintes. Our effective tax rate for the quarter was 24.7%, substantially flat versus the prior year. Diluted net income per share increased 15.4% to $1.05.

所得稅前利潤成長了 34%，EBITDAC 成長了 41.8%。我們的 EBITDAC 利潤率為 36.6%，比上年第三季度增長了 170 個基點，這主要得益於良好的基礎利潤率增長以及或有收益和投資收益的增加。本季度，我們的利潤率擴張部分被收購 Accession 和 Quintes 帶來的收入和利潤季節性波動所抵銷。本季實際稅率為 24.7%，與去年同期基本持平。稀釋後每股淨收益成長15.4%至1.05美元。

Our weighted average shares outstanding increased by approximately 48 million to 332 million, primarily due to the shares issued to Accession's equity holders. Lastly, our dividends paid per share increased by 15.4% as compared to the third quarter of [2024]. Overall, we are very pleased with our performance for the quarter as well as our year-to-date results. We're on slide number 8. The Retail segment grew total revenues by 37.8% with organic growth of 2.7%.

由於向 Accession 的股東發行了股份，我們的加權平均流通股數量增加了約 4,800 萬股，達到 3.32 億股。最後，與第三季相比，我們每股派發的股息成長了15.4%。[2024]整體而言，我們對本季的業績以及年初至今的業績都非常滿意。我們現在講到第 8 張投影片了。零售業務總收入成長 37.8%，其中有機成長 2.7%。

The difference between total revenues and organic revenue were driven substantially by acquisition activity over the past year. As it relates to the fourth quarter, we anticipate our organic growth will be similar to the third quarter. This is due to the previously mentioned employee benefits incentive adjustments and the relative impact of multiyear policies written in 2024 in the fourth quarter.

過去一年，總收入與有機收入的差異主要由收購活動造成。至於第四季度，我們預計我們的有機成長將與第三季度類似。這是由於前面提到的員工福利激勵調整以及 2024 年第四季簽訂的多年期保單的相對影響。

At this point, we do not see the same potential revenue associated with multiyear policies in the fourth quarter of this year. Our EBITDAC margin increased by 150 basis points to 28%, driven by the management of our expense base, along with the positive impact of Accession.

目前來看，我們預計今年第四季多年期保單不會帶來同樣的潛在收入。我們的 EBITDAC 利潤率提高了 150 個基點，達到 28%，這得益於我們對費用基礎的管理，以及收購帶來的正面影響。

This was partially offset by revenue seasonality for Quintes, which we acquired in the fourth quarter of 2022. We're on slide number 9. Specialty Distribution grew total revenues by 30%, driven by the acquisition of Accession, contingent commissions and organic revenue growth. Our organic growth was 4.6%, which was a strong performance considering the very tough comparison to the prior year. Our EBITDAC margin decreased by 110 basis points to 43.9% due to the impact of Accession, having a lower overall margin as compared to our existing Specialty Distribution segment.

2022 年第四季度，我們收購了 Quintes，其營收季節性因素在一定程度上抵消了上述影響。我們現在講到第9張投影片了。專業分銷業務總收入成長了 30%，這主要得益於收購 Accession、佣金分成和內生性收入成長。我們的有機成長率為 4.6%，考慮到與前一年非常嚴峻的比較形勢，這是一個強勁的成績。由於收購業務的影響，我們的 EBITDAC 利潤率下降了 110 個基點，至 43.9%，與我們現有的專業分銷部門相比，該業務的整體利潤率較低。

This impact more than offsets the increase driven by higher contingent commissions, organic growth and managing our expenses. Regarding the Q4 organic revenue growth outlook, recall that we reported approximately $28 million of nonrecurring flood claims processing revenue in the fourth quarter of last year. Presuming there are no hurricanes through the end of this year as well as the continued rate pressure on CAT property and we are expecting slower growth in our lender-placed business, we anticipate the organic growth rate for our Specialty Distribution segment could decline in the range of mid-single digits.

這一影響遠遠抵消了更高的佣金、自然成長和費用控制所帶來的成長。關於第四季度有機收入成長前景，請回顧一下，我們在去年第四季度報告了約 2800 萬美元的非經常性洪水索賠處理收入。假設今年年底前沒有颶風，且 CAT 財產保險價格持續承壓，同時我們預期貸款機構業務成長放緩，我們預期專業分銷部門的有機成長率可能會下降到個位數中段。

Taking this organic growth into consideration, it will also impact the margin for the fourth quarter this year. As it relates to the fourth quarter outlook for contingents, we anticipate them to be in the range of $30 million to $40 million, depending on the outcome of storm season.

考慮到這種內生成長，今年第四季的利潤率也會受到影響。至於第四季度應急資金的預期，我們預計其數額將在 3000 萬美元至 4000 萬美元之間，具體取決於風暴季節的結果。

This excludes any contingents that may be recognized by Accession. We had a few other comments. First, from a cash perspective in the first nine months of 2025, we generated $1 billion of cash flow from operations. This was an increase of over $190 million or 24% growth for the first nine months of 2025 versus the same period in 2024. From a cash flow conversion perspective, our discipline remains strong, and the ratio of cash flows from operations to total revenues was approximately 23.5% or 100 basis points higher than the prior year.

這不包括《入籍條例》可能認可的任何附帶條件。我們還有一些其他意見。首先，從現金角度來看，在 2025 年前九個月，我們透過經營活動產生了 10 億美元的現金流。與 2024 年同期相比，2025 年前九個月的營收增加了 1.9 億美元以上，增幅達 24%。從現金流轉換率的角度來看，我們的紀律依然很強，經營活動產生的現金流與總收入之比比上年高出約 23.5% 或 100 個基點。

For the full year, we estimate our ratio of cash flow from operations to total revenues will be in the range of 23% to 25%. While we wrap up, we want to provide guidance on a few items. As it relates to Accession, we anticipate Q4 revenues to be in the range of $430 million to $450 million and the adjusted EBITDAC margin to be slightly below the full year margin discussed in our announcement call due to the seasonality of revenue and profit for certain businesses.

我們預計全年經營活動現金流與總收入比率將在 23% 至 25% 之間。在結束之前，我們想就以下幾點提供一些指導。關於 Accession，我們預計第四季度收入將在 4.3 億美元至 4.5 億美元之間，由於某些業務的收入和利潤存在季節性波動，調整後的 EBITDAC 利潤率將略低於我們在公告電話會議中討論的全年利潤率。

Regarding amortization expense, we anticipate this to be in the range of $110 million to $115 million for the fourth quarter. Interest expense, we anticipate it to be in the range of $95 million to $100 million and investment in other income to be in the range of $20 million to $25 million for the fourth quarter.

關於攤銷費用，我們預計第四季將在 1.1 億美元至 1.15 億美元之間。預計第四季利息支出將在 9,500 萬美元至 1 億美元之間，其他收入投資將在 2,000 萬美元至 2,500 萬美元之間。

As it relates to our full year outlook for adjusted EBITDAC margin, you may remember during our earnings call in January of this year that we anticipated our margins to be flat compared to 2024. Based on our strong year-to-date performance and incorporating the slightly lower margins due to the seasonality of Accession, we're increasing our full year margin expectations to be modestly. With that, let me turn it back over to Powell for closing comments.

關於我們對全年調整後 EBITDAC 利潤率的展望，您可能還記得，在今年 1 月的財報電話會議上，我們預計我們的利潤率將與 2024 年持平。鑑於我們今年迄今的強勁業績，並考慮到由於收購的季節性因素導致利潤率略有下降，我們將全年利潤率預期略有提高。接下來，我將把發言權交還給鮑威爾，請他作總結發言。

Thanks, Andy, and good report. As we enter the fourth quarter, we believe economic growth will be relatively similar to the last couple of quarters. The uncertainty regarding tariffs appears to be lessening as time passes. Interest rates are starting to decrease, and our customer base is continuing to grow and invest. This does not apply to all customers.

謝謝安迪，報告寫得很好。進入第四季度，我們認為經濟成長將與過去幾季大致相似。隨著時間的推移，關稅方面的不確定性似乎正在減少。利率開始下降，我們的客戶群也持續成長和投資。並非所有客戶都適用此規定。

With our broad diversification across geographies, industries, lines of coverage and customer segments, we will always have certain customer segments doing well and others working hard just to deliver growth. This diversification puts stability in our overall customer base and consequently in our key financial metrics. Overall, we feel the economies in which we operate are generally stable. From a pricing standpoint, we expect admitted rates to be fairly similar to what we experienced in the third quarter. As of now, we're not seeing any major disruptors that will cause admitted rates to materially change.

由於我們在地理、行業、業務範圍和客戶群方面擁有廣泛的多元化，因此總會有一些客戶群體發展良好，而另一些客戶群體則需要努力工作才能實現成長。這種多元化經營使我們的整體客戶群保持穩定，也使我們的關鍵財務指標保持穩定。總體而言，我們認為我們開展業務的經濟體總體上是穩定的。從定價角度來看，我們預計准入費率將與第三季的情況相當。截至目前，我們尚未看到任何會導致准入率發生實質變化的重大干擾因素。

We believe casualty and auto rates will continue to increase, which are the largest segments of the market and the admitted property, and that admitted property will continue to be very competitively priced. For the E&S space, we anticipate casualty lines will continue to be challenging to place. This includes both rate and available limits. Unless there is meaningful tort reform across the country, we expect upward -- continued upward pressure on rates on casualty lines. Presuming we don't have a meaningful late season storm or storms, the capital deployment -- and capital deployment remains active, pricing for CAT property will more than likely look similar to what we experienced in the third quarter.

我們認為，意外險和汽車險的費率將繼續上漲，因為它們是市場中最大的部分，也是已承保財產險，而且已承保財產險的價格將繼續保持很強的競爭力。對於 E&S 領域，我們預計意外險的投放仍將面臨挑戰。這包括速率限制和可用限額。除非全國範圍內進行有意義的侵權法改革，否則我們預計意外傷害險費率將面臨持續上漲的壓力。假設我們沒有遇到有意義的季末風暴，資本部署——而且資本部署仍然活躍——CAT 財產的價格很可能會與我們在第三季度經歷的情況類似。

Then once we clear hurricane season, we could see certain markets or carriers get very aggressive at the end of the year utilizing the remaining capacity. This would not surprise us. On the M&A front, our pipeline looks good domestically and internationally. We continue to look to buy businesses that fit culturally and make sense financially. From an Accession integration standpoint, things are progressing well.

颶風季過後，我們可能會看到某些市場或航空公司在年底非常積極地利用剩餘運力。這不會讓我們感到驚訝。在併購方面，我們在國內和國際上的專案儲備都相當不錯。我們將繼續尋找在文化上契合且在財務上合理的收購對象。從 Accession 整合角度來看，一切進展順利。

We're focused on our customers and the solutions we can deliver for them. As we mentioned before, the strategic rationale for this acquisition is to bring together organizations to add new capabilities and enhance existing resources. Our balance sheet remains strong, and we have outstanding cash flow conversion to help fuel our growth. There will be periods when M&A is higher or lower weighting on our total growth. In the past 10 years, our growth has been well balanced between organic and inorganic.

我們專注於客戶以及我們能夠為他們提供的解決方案。正如我們之前提到的，此次收購的策略理由是將各個組織整合在一起，以增加新的能力並增強現有資源。我們的資產負債表依然穩健，我們擁有出色的現金流轉換率，這將有助於推動我們的成長。併購活動對我們整體成長的貢獻度有時會較高，有時會較低。過去十年，我們的成長在有機成長和無機成長之間保持了良好的平衡。

We'll remain disciplined in our capital deployment strategy so we can continue to drive long-term shareholder value. Our company is in a great place, and we feel good about the economic outlook. As I mentioned earlier, the third quarter was strong as we look at our key financial metrics, understanding the actual organic growth of retail was lower due to the change in employee benefits incentives for the quarter. Our teams are collaborating well, and we're working hard to leverage our capabilities for our customers and win more new business. We're looking forward to delivering a solid fourth quarter that will be the capstone and a really good year for Brown & Brown.

我們將持續嚴格執行資本部署策略，以便持續提升股東的長期價值。我們公司目前發展動能良好，對經濟前景也充滿信心。正如我之前提到的，從我們的關鍵財務指標來看，第三季表現強勁；但需要注意的是，由於本季員工福利激勵措施的變化，零售業的實際有機成長有所下降。我們的團隊合作良好，我們正在努力發揮自身能力，為客戶提供服務，並贏得更多新業務。我們期待第四季度能夠取得穩健的成績，這將為 Brown & Brown 的輝煌一年畫上圓滿的句號。

With that, we'll turn it back over to Deedee and open the lines for Q&A.

接下來，我們將把發言權交還給迪迪，開放問答環節。

(Operator Instructions) Mike Zaremski, BMO.

（操作說明）Mike Zaremski，BMO。

My first question is on the relationship of organic growth to EBITDAC margins, not in any given quarter, but maybe over time, there's some correlation to time frames when organic growth is well above historical, there's more margin improvement and vice versa. So I guess I'm trying to get at -- I know you're not going to provide a guidance for '26.

我的第一個問題是關於內生成長與 EBITDAC 利潤率的關係，不是在某個特定季度，而是隨著時間的推移，兩者之間可能存在某種相關性：當內生成長遠高於歷史水準時，利潤率也會有更大的改善，反之亦然。所以我想說的是——我知道你不會為 2026 年提供指導。

But to the extent we're painting a picture of lower organic growth, especially versus recent years or maybe towards the low end of your historical range, too, in the future, should we be thinking about that margin correlation? Or are there just -- there's a lot of moving pieces with the acquisition and just other structural things going on in the company? Or is there something different about the relationship today than in the past?

但是，如果我們描繪的有機成長前景較為黯淡，尤其是與近幾年相比，或者也可能接近歷史範圍的低端，那麼未來我們是否應該考慮這種利潤率相關性呢？或者說，收購過程中有很多變數，而且公司內部也正在發生其他一些結構性變化？或者說，如今的關係與過去有何不同？

Mike, it's Andy. I think one of the things that is helpful when you look at, at least our numbers and you think about our company, the organic is just a component of our -- how we drive our margins, how we drive our cash flows. Important that you take into consideration contingent commissions inside of there. If you think about just this quarter, and you look at the amount of contingents that we grew, so we were approximately $46 million of contingent this quarter, $12 million of that came from Accession. Our organic growth was $40 million.

麥克，我是安迪。我認為，當你審視我們的數據並思考我們公司時，你會發現有機成長只是我們推動利潤率和現金流的一個組成部分。務必將其中的佣金（或有佣金）納入考量。如果只考慮本季度，看看我們成長的或有項目數量，本季度我們的或有項目金額約為 4600 萬美元，其中 1200 萬美元來自入伍項目。我們的自然增長額為 4000 萬美元。

So the contingents are a material portion of the value that we do in the organization. So we wouldn't want you to do a direct correlation between organic and margins, it won't actually work that way, at least for our business, okay, so that just kind of think about that as you work through calculations. But we still continue to think about our business in that 30% to 35% range, and it will move around back and forth over time. But we feel really, really good with the business, as we mentioned, on just how we're growing this year on an underlying basis and how Accession is performing.

因此，應急措施是我們組織創造價值的重要組成部分。所以，我們不希望你直接將有機成長與利潤率聯繫起來，這樣做實際上行不通，至少對我們的業務來說是這樣，好嗎？所以，你在進行計算時要考慮到這一點。但我們仍然認為我們的業務應該在 30% 到 35% 的範圍內，而且隨著時間的推移，這個比例還會上下波動。但正如我們之前提到的，我們對今年的業務發展感到非常非常滿意，無論是從根本上來說，還是從 Accession 的表現來看，都是如此。

Okay. That's helpful. For my follow-up, curious, I believe you have some businesses. I know this is maybe just hopefully short term, but that are impacted by the government shutdown. Should we be -- are you -- should we be factoring in any implications of that in the -- probably your Specialty segment for 4Q?

好的。那很有幫助。我很好奇，想問一下，您好像有一些生意。我知道這或許只是暫時的，但確實會受到政府停擺的影響。我們是否應該—您是否—在考慮這或許對您第四季專業領域的影響時，請考慮這些因素？

Yes. Mike, we've got a few businesses that are impacted, and it's both in specialty as well as in retail. So we've got a couple of businesses that are in the Medicare, Social Security set aside. And those get impacted based upon the government. Generally, that revenue gets caught up over time.

是的。麥克，我們有幾家企業受到了影響，既包括專業零售企業也包括零售企業。所以我們有幾家企業加入了醫療保險和社會安全保留計劃。而這些都會受到政府政策的影響。一般來說，這些收入會隨著時間的推移而得到彌補。

It just gets backlogged in there. So yes, there could be some impacts in the fourth quarter or even into Q1 despite how long it gone resolved up there in Washington. And then the other piece is in our flood business. So again, the way that works is we are able to actually do renewals.

那裡總是積壓很多工作。所以，儘管華盛頓那邊的問題已經解決很久了，但第四季甚至第一季都可能受到一些影響。另一部分則與我們的防洪業務有關。所以，這樣做的目的是讓我們能夠真正進行續約。

We just can't -- and nobody -- it's not just Brown & Brown. It's anybody is part of the right room program as you can't write new policies right now. But what you can do is once the government opens back up, then you do retro policies in there. So we're in good shape. We're able to front run all the renewals for the fourth quarter.

我們就是做不到——而且任何人都做不到——這不僅僅是布朗兄弟公司的問題。任何人都可以參與正確的房間計劃，因為現在還不能製定新的政策。但是，一旦政府重新開放，你就可以在那裡實施追溯性政策。所以我們情況良好。我們能夠提前完成第四季的所有續約工作。

Alex Scott, Barclays.

亞歷克斯·斯科特，巴克萊銀行。

This is Justin on for Alex. The first question I wanted to ask was on Retail organic. I was wondering if you can provide a little bit more color as to the 1% impact that you had called out in your prepared remarks?

這裡是賈斯汀替亞歷克斯解說。我首先想問的是關於零售有機產品的問題。我想請您更詳細地說明一下您在準備好的發言稿中提到的1%的影響？

Sure. Justin. So the comment we made inside of there is we had an adjustment for incentive commissions in employee benefits. The way those work is, again, we're accruing throughout the year. And then ultimately, we have to do adjustments at the end of the calculations again, and we'll always have positive and negatives.

當然。賈斯汀。所以我們在其中做出的評論是，我們對員工福利中的激勵佣金進行了調整。這些收益的運作方式是，我們全年都在累積收益。最終，我們還需要再次進行調整，計算結果總是會有正數和負數。

When you look at 2024 for that time period, it was actually a positive adjustment. And then for this year, it was actually a negative adjustment. And normally, how those calculations work is depending upon where you get in an applicable year, the targets are moved in the next year. So we overperformed in '24, and we just didn't get all the way to the targets, the increased targets in 2025. So you have year-over-year and up and down is what causes the spread in there, and that's about 1% of the impact.

從2024年這個時段來看，實際上是一個積極的調整。而今年，其實是出現了負調整。通常情況下，這些計算是如何進行的，取決於你在適用年份的排名，目標會在下一年進行調整。所以我們在 2024 年的表現超出了預期，只是沒有完全達到目標，也沒有達到 2025 年提升後的目標。所以，同比和上下波動造成了其中的差異，這大約佔影響的 1%。

That will continue. And the other thing I'd just mention is, and we highlighted in our commentary, that will have some impact in the fourth quarter because we are still improving at a higher rate in Q4 of last year.

這種情況還會持續下去。還有一點我想提一下，我們在評論中也強調過，這將對第四季產生一些影響，因為我們的改善速度仍然比去年第四季快得多。

Got it. And I guess just on -- got it. Appreciate it. And just on a related note, I suppose as you guys are gearing up for planning and budgeting for the upcoming year, I just wanted to bring us back to a comment you had mentioned earlier in terms of how. I think a few quarters ago, you mentioned you see this business as like in the low single digits, like on a longer term through the cycle. I was just wondering whether or not the results in the recent quarters are indicative of whether that mean reversion is starting to happen at the present moment? Or how you see the trend for the organic as you guys are thinking about planning for next year?

知道了。我猜就這麼簡單——明白了。謝謝。順便提一下，我想你們應該正在為來年的計劃和預算做準備，所以我想回到你之前提到的關於如何…的評論。我記得幾個季度前，你提到你認為這個產業在整個週期中長期來看，成長率可能只有個位數。我只是想知道最近幾季的業績是否顯示目前正開始出現均值回歸現象？或者，你們在考慮明年的計畫時，如何看待有機食品的發展趨勢？

So Justin, for the last 16 years, we've been saying that the Retail business is a low to mid-single-digit organic growth business in a steady state economy. And so we're staying by that; we're consistent. So 16 years running. And the answer is, as you know, we don't give organic guidance for '26.

所以賈斯汀，在過去的 16 年裡，我們一直認為，在經濟穩定的情況下，零售業的有機成長速度只有個位數中低。所以我們會堅持這一點；我們會保持一致。連續16年。答案是，如你所知，我們不提供 2026 年的有機指導。

But you have gotten a sense of how the business is running right now with a couple things that are headwinds or actually -- I'm not going to say they're one-off adjustments, but we are not skirting the issue. I mean, the state -- the organic growth for Retail is 2.7%. I mean, you can look inside of it and say, this could adjust it by 1 basis point, but we're not skirting the issue that was 2.7%. So I think -- I hope that answers your question. So thank you.

但您已經對公司目前的營運狀況有所了解，其中存在一些不利因素，或者實際上——我不會說這些是一次性的調整，但我們並沒有迴避這個問題。我的意思是，該州零售業的有機成長率為 2.7%。我的意思是，你可以深入分析，然後說，這可能會將其調整 1 個基點，但我們並沒有迴避 2.7% 的問題。所以我想——我希望這能回答你的問題。所以，謝謝你。

Meyer Shields, Keefe, Bruyette, & Woods.

Meyer Shields、Keefe、Bruyette 和 Woods。

This is Dean on for Meyer. My first question is a follow-up to just on the Retail segment's incentive commission. I know you mentioned there's some headwinds in Q2. I'm just wondering if that will continue in 2026? Or are we expecting moderating from there?

這裡是迪恩替邁耶發言。我的第一個問題是關於零售部門激勵佣金的後續問題。我知道你提到第二季會面臨一些不利因素。我只是想知道這種情況在2026年是否會繼續？還是我們期待接下來的政策會有所調整？

Yes. At least as everything that we can see right now, we think this is more isolated into the fourth quarter and doesn't carry over into 2026. Facts can always change, positive or negative, but at least what we can see right now appears to be isolated to the fourth quarter.

是的。至少就我們目前所見，我們認為這種情況更可能僅限於第四季度，不會延續到 2026 年。事實總是會改變，無論是好是壞，但至少我們目前看到的現像似乎只限於第四季。

Got it. My second question is on the admitted E&S. Last quarter, you mentioned seeing signs of business going from E&S back to the admitted market. Just curious what are you seeing this quarter? And what do you expect going forward?

知道了。我的第二個問題是關於已承認的 E&S。上個季度，您提到看到一些業務從 E&S 回歸到正規市場的跡象。我很好奇你這季看到了什麼？那你對未來有何期待？

The short answer is there are admitted markets that are talking about it more and thinking about it as growth for admitted carriers becomes more challenging. And so I think that there will be a lot of talk about it, but I don't think that the movement from -- non-admitted to admitted will offset the increase in the size of the E&S market, if that makes sense. So yes, I think there will be some movement back across. But the E&S market is continuing to grow at a pace that I think that it will not offset that. So thank you.

簡而言之，隨著已獲準營運商的成長面臨越來越大的挑戰，一些已獲準的市場正在談論和考慮更多這個問題。所以我認為會有很多關於這方面的討論，但我認為從非准入市場到准入市場的轉變不會抵消環境和社會市場規模的增長，如果我的意思表達清楚的話。所以，是的，我認為會有一些回流的跡象。但環境和社會市場仍在以我認為不會抵消這種影響的速度成長。所以，謝謝你。

Mark Hughes, Truist.

馬克·休斯，Truist。

Yes. Powell, you had suggested that with a clean CAT season, you might see extra capital being put to work, the carriers could be more aggressive at year-end. What do you think that means for rates if you do see that scenario?

是的。鮑威爾，你曾表示，如果航空運輸業（CAT）的營運季順利進行，可能會有額外的資金投入使用，航空公司在年底可能會更加積極進取。如果出現這種情況，你認為這對利率意味著什麼？

Well -- and again, Mark, let me say that I am not a reinsurance expert. So let's preface my statement by that. I think that reinsurance rates are going to be under pressure 5% to 15% down. And then that's going to translate into admitted primary business in a similar or higher fashion or E&S, maybe I should say.

嗯——還有，馬克，我再次聲明，我不是再保險專家。所以，在我開始發言之前，先說明這一點。我認為再保險費率將面臨下行壓力，可能下降 5% 至 15%。然後，這將轉化為類似或更高水準的主要業務，或者應該說是 E&S 業務。

And so I think we could see an environment where it's similar to this year, next year and what we're currently seeing. I do want to highlight something that we have seen before, and we haven't seen it yet that I'm aware of, but you get into the last part of Q4 and you get into December and you get a couple of markets that basically decide to get really aggressive because they still have unutilized capacity.

所以我認為我們可能會看到一種類似於今年、明年以及我們目前所看到的環境。我想強調一點，這種情況我們以前見過，但據我所知，現在還沒有出現過。到了第四季末，也就是到了 12 月，你會發現一些市場決定採取非常激進的策略，因為他們仍然有未利用的產能。

And so I think we could see more rate pressure at the end of Q4 than we currently see. That's not across the board. It's in select. And I'm not aware of any markets teeing up the Blue Light especially yet, but I'm just telling you that is a possibility. And as it relates to next year, again, you have -- I do not believe this is going to have an impact on the United States pricing, but you also have the events that are occurring in Jamaica, and that's going to be on the news and the resulting damage and hopefully, not a lot of loss of life, but it could be.

因此，我認為第四季末利率壓力可能會比目前更大。這種情況並非普遍存在。它在精選列表中。我目前還沒有發現任何市場特別針對藍光政策做出反應，但我只是想告訴你，這是一種可能性。至於明年，雖然我不認為這會對美國的價格產生影響，但牙買加正在發生的事件以及由此造成的損失將會見諸報端，希望不會造成太多人員傷亡，但也有可能。

And so you're going to have things that are out there and yet the capital markets as it relates to deploying capital in the United States are not thinking about that here, they're thinking about that there. So that's my impression.

所以，有些事情已經存在，但美國資本市場在部署資本時卻沒有考慮到這一點，他們考慮的是其他地方。這就是我的印象。

And Mark, in our commentary, remember when we said it wouldn't surprise us if it happened at the end of the year. Remember our commentary at the end of the second quarter, and we said what happened in June, right, before storm season. So you can get really unusual pricing, right, at the end of a quarter or whatever. So that's why we said it wouldn't surprise us.

馬克，還記得我們在評論中說過，如果這件事發生在年底，我們不會感到驚訝嗎？還記得我們在第二季末的評論嗎？我們當時說了六月發生的事情，對吧，也就是風暴季節到來之前。所以，在季度末或其他時候，你可能會遇到一些非常不尋常的價格，對吧。所以這就是為什麼我們說這不會讓我們感到驚訝。

Understood. And Powell, anything on the construction front, particularly Florida construction? You gave us some good commentary about the overall business environment. How about the construction market?

明白了。鮑威爾，建築方面有消息嗎？特別是佛羅裡達州的建築方面？您就整體商業環境提出了一些很好的見解。建築市場狀況如何？

Well, it's interesting. Construction costs continue to go up, but there's a lot of building going on in Florida. As a countermeasure, I would tell you that in real estate, houses are not selling as quickly. And so you see houses sitting on the market much longer today. And if you -- and this is not a Florida-specific thing, but there are some indications as such.

嗯，這很有意思。建築成本持續上漲，但佛羅裡達州仍在進行大量的建設項目。作為應對措施，我想告訴你，在房地產領域，房屋銷售速度並沒有以前那麼快了。所以現在你會看到很多房子在市場上停留的時間更長。而且如果你——這並非佛羅裡達州特有的現象，但有一些跡象表明確實如此。

You hear a lot about the impact of cost of living, meaning, one, rents, so in apartments and condos; two, food; and three, the cost of insurance. So you hear a lot of that as it relates to people that maybe own second homes here that are in the more modest size homes that are thinking about the cost to operate and cost to live. And so the overall expense -- it's becoming more expensive. It's still relatively affordable. Don't get me wrong. But it's becoming more expensive in Florida for all the reasons I've just said.

你常聽到生活成本的影響，這意味著：一是租金，例如公寓和住宅的租金；二是食物；三是保險費用。所以，你常常會聽到這樣的說法，尤其是在那些擁有第二套房產、但房子麵積比較適中的人，他們會考慮營運成本和生活成本。因此，總費用——變得越來越貴了。價格仍然相對實惠。別誤會我的意思。但由於我剛才提到的所有原因，佛羅裡達州的物價正在變得越來越高。

Bob Jian Huang, Morgan Stanley.

鮑伯·建·黃，摩根士丹利。

This is [Sid] on for Bob. I wanted to ask about property renewal rates in the third quarter and how you guys are thinking about that in the fourth quarter, if it should be at a similar level or potentially worsening?

這是[Sid]替Bob上線。我想問第三季的房產續約率，以及你們對第四季房產續約率的看法，是應該維持在類似水準還是可能會惡化？

As we said, Sid, it's similar going into it with the potential as we get into, let's say, December, where there might be some outliers where you get a couple of markets or a market that becomes a little more aggressive. So I would say similar to what we saw with the caveat that in December, there might be some people that are getting a little aggressive and we haven't seen that yet. A little more aggressive.

正如我們所說，Sid，情況類似，隨著我們進入，比如說，12 月份，可能會出現一些異常情況，一些市場或某個市場會變得更加激進。所以我想說，情況和我們看到的類似，但需要注意的是，12 月可能會有一些人變得有點激進，而我們還沒有看到這種情況。稍微強勢一點。

Got it. And then are you seeing a similar trend in the admitted and E&S property markets? Or is there like any divergence going on?

知道了。那麼，您是否在已上市房地產市場和環境及社會房地產市場中也觀察到了類似的趨勢？或者說，是否存在某種分歧？

Well, the rate pressure, obviously, is much higher on E&S property. But I would tell you, there is continued interest in the admitted market for good property, and I believe that will increase.

顯然，E&S 地產的利率壓力要大得多。但我可以告訴你，市場對優質房產的興趣依然濃厚，而且我相信這種興趣還會繼續增長。

Matthew Heimermann, Citi.

花旗銀行的馬修·海默曼。

It's actually me. Just a couple of questions. One, just on Wright Flood. You had rolled out or started to roll out private flood product on that platform. I'm just curious how the initial uptake is going on that.

其實就是我。幾個問題。一，就在賴特洪水路。您已經在該平台上推出或開始推出私人防洪產品。我只是好奇最初的接受度如何。

And I'm assuming it's not at a development stage in terms of geographic coverage and the like that it could make up for any demand that is not -- that can't be fulfilled through the (inaudible) your own right now, but just any color there would be great. Sorry for talking over you.

我假設它在地理覆蓋範圍等方面還處於尚未開發的階段，無法彌補任何目前無法透過（聽不清楚）你自己的需求來滿足的需求，但任何顏色都會很棒。不好意思，我剛剛打斷你說話了。

Yes. So glad you are who you say you are, Matthew, that's good. I have a couple of things. Number one, yes, we have historically written private flood in our business. And as you know, we've just announced to close effective [11/1 Polten], which is a private flood business, which will be -- which we're very pleased about them joining us and very additive.

是的。很高興你就是你說的那個人，馬修，這很好。我有兩樣東西。第一，是的，我們公司歷史上確實有過撰寫私人洪水保險的文章。如您所知，我們剛剛宣布將於 [11/1] 關閉 Polten，這是一家私人防洪公司，我們非常高興他們加入我們，這將對我們大有裨益。

And so private flood, we believe, can be a very -- is a very good product. I want to caution you by saying that private flood is not the answer for all flood policies, please note. So maybe different than some might say, you -- not every policy in every flood zone can be written in private flood or maybe shouldn't be written in private flood depending on who's underwriting it. And so we do think that there's an opportunity for us. And as Andy alluded to, we believe in our flood business through most of the fourth quarter, we feel pretty good about the renewal streams.

因此，我們認為私人洪水保險可能是一個非常好的產品。我想提醒各位，私人防洪保險並非適用於所有防洪政策，請注意。所以，也許和某些人的說法不同——並非每個洪水區的每份保單都可以以私人洪水險的形式投保，或者也許不應該以私人洪水險的形式投保，這取決於誰是承保人。所以我們認為這對我們來說是一個機會。正如安迪所暗示的那樣，我們相信我們的洪水保險業務在第四季度的大部分時間都會保持良好勢頭，我們對續保業務感到非常樂觀。

And obviously, it depends on when the party in power will make the decisions, some sort of compromises with all parties in Washington to figure out how to get the thing back open. And so we believe that the pressure there will continue to go up, and we like to think, hope it's not a good business strategy, but that they'll come to some sort of conclusion in the near to intermediate term.

顯然，這取決於執政黨何時做出決定，與華盛頓各方達成某種妥協，以找出如何重新開放的方法。因此，我們認為那裡的壓力會繼續增加，我們寧願認為（或希望）這不是一個好的商業策略，而是希望他們在近期或中期內能夠達成某種結論。

Matt, I want to clarify one thing that you had mentioned at the beginning of your question. You said that we write private flood on our Wright Flood platform. We do not write on the Wright Flood platform. That is for -- that is part of the NFIP program. Our private flood business that we had before is written under the separate carriers in there.

馬特，我想澄清一下你在問題開頭提到的一件事。你說過我們會在 Wright Flood 平台上寫私人洪水腳本。我們不使用 Wright Flood 平台進行寫作。這是——這是國家洪水保險計劃 (NFIP) 的一部分。我們之前擁有的私人洪水保險業務是由那裡的不同保險公司承保的。

So separate technology, everything else.

所以，其他技術都是獨立的。

Yes. I was aware you had two platforms, but I thought I saw a press release that Wright was rolling out, and maybe it's just a distribution thing, not an actual insurance paper thing private, but maybe I could be mistaken, you would know better than I.

是的。我知道你們有兩個平台，但我好像看到賴特發布了一份新聞稿，也許這只是個分銷管道，而不是什麼私人的保險文件，但也許我弄錯了，你肯定比我更清楚。

Yes, that's just around for claims management and everything else. But the actual technology and everything else in the paper, et cetera, is not on Wright Flood.

是的，那隻是為了理賠管理和其他所有事情而存在的。但論文中提到的實際技術和其他所有內容等等，都不在賴特·弗拉德身上。

Yes. I appreciate the clarification. One follow-up on employee benefits is there's -- I feel like there's a number of cross currents affecting the business. And so I'd just be curious on your perspective, right? On one hand, it feels like you've got the dynamics of cost push, which drive a rate need.

是的。感謝您的解釋。關於員工福利，還有一點要補充──我覺得有很多因素在影響企業。所以，我很好奇你的看法，對吧？一方面，感覺像是成本推動的動態因素，這導致了對價格的需求。

But on the flip side, you've got what feels like a labor market that's growing less quickly than it had been. You also have just that cost push naturally results in companies wanting to manage costs to some extent. So I'm curious from a subject premium standpoint or what have you, what -- how those dynamics all intersect.

但另一方面，勞動市場的成長速度似乎不如以前了。成本壓力自然會導致公司在一定程度上控製成本。所以，從主題溢價或其他什麼角度來看，我很好奇——這些動態是如何相互交織的。

All right. So Matt, a couple of things just to reiterate. Remember that smaller group, so let's call it under 100 lives, just roughly, it might be under 50. In many states, you are paid a per head per month compensation. So if you don't add heads, you don't make any more commission dollars.

好的。所以馬特，有幾件事要重申。記住這個較小的群體，我們粗略地稱之為不到 100 人，可能不到 50 人。在許多州，你會獲得按人頭每月支付的補償。所以，如果你不增加人頭，你就賺不到更多的佣金。

So if people are holding the line on their employment, regardless of increase in cost of health insurance, that's the first thing. The second thing is as people are -- those groups that are not in that area, but even across the board, and Andy has talked about this and I have, too, in the past, people are very focused on trying to contain the spend. And so what that means is they actually are modifying the plans that they offer. So let me give you an example. An example might be a -- let's just say you have a regional manufacturing company, and they have several hundred lives anywhere in the United States.

所以，如果人們不顧醫療保險費用上漲而堅持保住工作，那就是首要問題。第二點是人們的現狀——那些不在那個領域的群體，甚至整個社會，安迪也談到這一點，我過去也談過，人們都非常關注如何控制支出。所以這意味著他們實際上正在修改他們提供的方案。我舉個例子。舉個例子，假設你有一個區域性製造公司，他們在美國各地擁有數百名員工。

And historically, meaning the last year or two, they have paid for GLP-1s. So weight loss drugs. I'm not talking about the deal with diabetes. I'm talking about actually for the cause of weight drop. And that has spiked their spend in that particular area.

從歷史角度來看，也就是過去一兩年，他們一直在為 GLP-1 付費。所以，減肥藥。我說的不是糖尿病的事。我指的是實際上導致體重下降的原因。這導致他們在該領域的支出激增。

And they make the determination in order to keep the program in a similar structure, they have to basically either place limitations on that or eliminate that for the sole use of weight loss. That would be an example of somebody making a change because of the projected spend because that in and of itself in a self-insured program can drive the cost through the roof. So it very much depends, but I think the important thing is people are trying to maintain quality coverage for their employees. That said, they can only bear a certain amount of increase. And so we are constantly and consistently talking with our customers and prospects about creative ways to deliver value to their employees, but to help manage their cost.

為了保持該計劃的結構相似，他們必須做出決定，要么限制其用途，要么取消其僅用於減肥的目的。這就好比有人因為預計支出而做出改變，因為在自保計畫中，支出本身就可能導致成本飆升。所以這很大程度上取決於具體情況，但我認為重要的是，人們都在努力為他們的員工維持高品質的醫療保障。也就是說，他們只能承受一定程度的成長。因此，我們不斷地與客戶和潛在客戶探討如何以創意的方式為他們的員工創造價值，同時幫助他們控製成本。

And it's not a one-year plan. If somebody thinks about health care in one year, that's transactional. If you're thinking about it multiyear, that's a strategic thought about managing cost over a long period of time, that's different. And I would tell you, it's very important and something that we obviously try to convey to our customers.

而且這不是一年的計劃。如果有人只考慮一年的醫療保健，那隻是交易性的。如果你考慮的是多年規劃，那就是從策略角度考慮長期成本控制，這就不同了。我想說，這一點非常重要，也是我們努力向客戶傳達的訊息。

Matt, these trends -- yes, as these trends here that we started talking about on the back end of ACA that we believe that were going to happen for an extended period of time, and there's even new things that have occurred. That's why we've made significant investments in our employee benefits business. We can handle customers if they have 5 employees, if they have 50,000 plus anywhere in that range, we have those capabilities. And so we do believe that it's a good market backdrop. Yes, there can be some cross wins here and there on things.

馬特，這些趨勢——是的，就像我們在《平價醫療法案》後期開始討論的這些趨勢一樣，我們認為這些趨勢將會持續很長時間，而且現在還出現了一些新的情況。這就是為什麼我們對員工福利業務進行了大量投資的原因。無論客戶擁有 5 名員工或 5 萬名以上員工，我們都有能力為他們提供服務。因此，我們認為這是一個很好的市場背景。是的，某些事情上可能會出現一些交叉勝利。

But we think we're in a really, really good place to help customers of any size, how they manage their health care pharmacy and also their workforce.

但我們認為，我們完全有能力幫助各種規模的客戶管理他們的醫療保健藥房及其員工。

Elyse Greenspan, Wells Fargo.

伊莉絲‧格林斯潘，富國銀行。

My first question is on the risk deception deal. I just wanted to confirm since the deal is closed, just relative to just the revenue and synergies and just accretion that you guys had outlined that it's all in line with prior expectations. And then I think the plan was to start to see the synergies come online, I think, starting next year. Is that all still the base case expectations?

我的第一個問題是關於風險欺騙交易的。我只是想確認一下，既然交易已經完成，就你們之前概述的收入、綜效和收益成長而言，是否都符合先前的預期。然後我認為計劃是從明年開始逐步看到協同效應顯現出來。這些仍然是基本預期嗎？

Yes. Elyse, Andy here. Yes, I think everything right now is still in line with what we had communicated back at the time of the announcements. The revenues are right in line. The margins are in line with our expectations, again, knowing there's some seasonality in the business generally has a higher margin in the first half of the year versus second half, not unlike our legacy Brown & Brown business that's there.

是的。伊莉絲，我是安迪。是的，我認為目前一切都與我們當時發佈公告時所傳達的訊息一致。收入完全符合預期。利潤率符合我們的預期，同樣，考慮到業務的季節性，通常上半年的利潤率高於下半年，這與我們傳統的 Brown & Brown 業務的情況類似。

Teams are working through all the integration plans right now and getting all of those in place. As we communicated on the call, we're going to recognize and realize the synergies over a three-year period. So our goal is to be done by the end of '28. We still feel like we're on track for all of that process and all the hard work that's got to get done in there, but all the teams are leaning in and working through.

各團隊目前正在製定所有整合計劃，並落實到位。正如我們在電話會議中溝通的那樣，我們將在三年內認識到並實現協同效應。所以我們的目標是在 2028 年底前完成。我們仍然覺得我們正按計劃推進整個流程，完成所有需要做的艱苦工作，但所有團隊都在全力以赴，努力克服困難。

And then just a clarification. On the retail guide for the fourth quarter, you said that, that would be stable with the Q3. Is that stable with the reported 2.7% or the adjusted 3.7% adjusting for the incentive comp impact?

最後再補充一點。在第四季的零售指導中，您曾表示，零售業將與第三季保持穩定。報告的 2.7% 和調整激勵薪酬影響後的 3.7% 是否穩定？

No. On the as reported, just -- so as reported, will probably be pretty similar or at least in the same ballpark in Q4 also, knowing that we've got the headwinds on carryover effect of accruing at a higher rate for the incentives and EV that still impacts part of Q4 and then the multiyear policies that were written last year. As of right now, we don't see that same volume of activity in the fourth quarter. And again, things could always change that's out there.

不。據報道，第四季度的情況可能與上一季非常相似，或至少在同一範圍內，因為我們知道，激勵措施和電動車的累積速度較高，這仍然會影響第四季度的一部分，而且去年制定的多年政策也會帶來不利影響。就目前來看，我們預計第四季不會出現同樣的交易量。當然，情況隨時都可能改變。

Gregory Peters, Raymond James.

格雷戈里彼得斯，雷蒙德詹姆斯。

This is Mitch on behalf of Greg. I wanted to ask about your investments in technology during the quarter. And I was hoping you could touch on the areas of focus and the run rate directionally in '26.

我是米奇，代表格雷格。我想了解您本季在科技領域的投資情況。我希望您能談談 2026 年的重點領域和運行速度方向。

Mitch, this must be the morning for everybody else stepping in than the original. So I think we've talked about technology for a number of years, and this started all the way back in 2016 when we made our large investment in infrastructure, and we've got all behind us. And we said our next two horizons we're looking at how do we leverage our data analytics and improve the overall experience for our customers and our teammates. We're on that journey right now. We feel really good about the amount of capital that we're investing in, in that area.

米奇，今天早上一定是所有接替他的人（而不是原班人馬）的輪到他了。所以我覺得我們已經討論技術好幾年了，這一切要追溯到 2016 年，當時我們對基礎設施進行了大量投資，而我們現在都已經取得了成功。我們表示，接下來的兩個重點是研究如何利用數據分析來改善客戶和團隊成員的整體體驗。我們現在正處於這段旅程中。我們對在該領域投入的資金數量感到非常滿意。

It's probably a journey, not sure that we ever arrive at a destination because you're always evolving in there. We've got a lot of really good things going on across the organization in Specialty Distribution and Retail at the enterprise level, everything from how we ingest data, how we analyze it, underwriting capabilities. We're focused on administrative tasks. So making some really good progress. But probably like most companies, it's still early days of really getting all of the benefits.

這或許是一段旅程，我們不確定是否能到達終點，因為你總是會在其中不斷變化。在企業層面，我們在專業分銷和零售領域進行了許多非常好的工作，涵蓋了從資料收集、分析到核保能力等各個方面。我們專注於行政事務。取得了非常好的進展。但可能和大多數公司一樣，現在才真正開始享受所有好處。

But we feel good. We've got an innovation council that's set up across the organization, making sure that we're sharing best practices in each of the areas. So we'll continue to work on it, but we're seeing some early benefits from it.

但我們感覺很好。我們設立了一個涵蓋全組織的創新委員會，確保我們在各個領域分享最佳實踐。所以我們會繼續努力，但我們已經看到了一些初步成效。

Great. That's helpful. And for my follow-up, I just wanted to ask on your outlook for your debt leverage target range going forward after the close of the Accession deal.

偉大的。那很有幫助。最後，我想問一下，在完成 Accession 交易後，您對未來的債務槓桿目標範圍有何展望？

Sure. Yes. Our -- as we've stated publicly, our gross debt leverage to EBITDA is 0 to 3x. And on a net basis, it is 0 to 2.5. We have every intention of being right back down in those ranges in about 12 to 18 months with scheduled paydowns that we're committed to.

當然。是的。正如我們公開聲明的那樣，我們的總債務槓桿比率與 EBITDA 比率為 0 至 3 倍。淨額為 0 至 2.5。我們完全有信心在 12 至 18 個月內，透過我們承諾的計劃還款，將淨額重新降至該範圍內。

If you look at our 10-year average, we're right at about 2.2, 2.3 on a gross leverage ratio. The organization delevers about 1/4 to half a turn each year just naturally. And then with some incremental payments that we're anticipating, that will pull that down even quicker. Again, we're not overly levered right now anyway, but that's kind of the trajectory of what we're looking at, and that's consistent with what we've done over multiple cycles.

如果看我們 10 年的平均值，我們的總槓桿率大約在 2.2 到 2.3 之間。該組織每年自然會產生大約 1/4 到 1/2 圈的變化。再加上我們預計的一些分期付款，這將更快地降低成本。再說一遍，我們目前的槓桿率並不算高，但這正是我們目前所面臨的發展趨勢，也與我們過去幾個週期所做的做法是一致的。

Brian Meredith, UBS.

Brian Meredith，瑞銀集團。

This is actually Leandro on behalf of Brian. So on the Retail businesses, did new businesses in Retail return to normalized levels after issues in the second quarter? Or is there still room to rebound?

這是Leandro代表Brian寄來的。那麼，零售業方面，第二季出現問題後，零售業新業務是否恢復到正常水準？或者說，是否還有反彈的空間？

Hey, Andrew, you were hard for us to hear. Would you mind repeating that one more time, please?

嘿，安德魯，我們聽不太清楚你說話。請您再重複一次好嗎？

Sorry, sure. Did new businesses in Retail return to normalized levels already after the issues in the second quarter? Or is there still room to rebound?

不好意思，好的。零售業新業務在第二季的問題出現後是否已經恢復到正常水準？或者說，是否還有反彈的空間？

When you -- I guess -- so when you say rebound, I guess, what do you -- what's your expectation when you say rebound? Are you thinking -- I'm trying to acclimate. Are you thinking rebounding back up to Retail business is growing 6%, 7%, 8% organically? Or how are you thinking about it?

我想，當你提到反彈時，你——你提到反彈時有什麼期望？你是不是在想——我正在努力適應。你認為零售業的自然成長率達到 6%、7%、8% 就能反彈嗎？還是你是怎麼考慮的？

Accelerating from the second Q levels, I would say.

可以說，是從第二季開始加速成長的。

In the second quarter or third quarter?

第二季還是第三季？

If in the 4Q, we can see an acceleration of new businesses from the bottom of the second quarter, I would say.

如果第四季我們能看到新業務從第二季的低谷期加速成長，我會這麼說。

Yes, I don't think we called out any issues regarding new business in the third quarter. We know we had some of that in the second quarter, but didn't see any issues there in the third quarter. What we highlighted for the fourth quarter is just based upon what we can see today in inventory regard multiyear policies and the volume that we wrote in Q4 of last year. We don't see the same volume in Q4 of this year. But again, that can just move around by quarters. But underlying activity on everything else, we feel good with.

是的，我認為我們在第三季沒有提出任何與新業務相關的問題。我們知道第二季度出現了一些這樣的問題，但第三季沒有發現任何問題。我們對第四季度的重點介紹，僅僅是基於我們目前在多年期保單庫存方面所看到的，以及我們去年第四季度簽發的保單數量。我們預計今年第四季銷量不會達到相同的水平。但同樣，這種情況可能會以季度為單位進行調整。但其他方面的基本情況，我們感覺良好。

Rob Cox, Goldman Sachs.

羅布·考克斯，高盛。

This is indeed Rob. So I just wanted to ask and make sure I understand on the Retail segment. So there's two comments in the presentation on the margin that, one was leveraging the expense base; and two, quarterly profitability associated with recent acquisitions. Was there a benefit in the quarter from the seasonality of the Accession acquisition?

這確實是羅布。所以我想問一下，確保我對零售板塊的理解是正確的。因此，簡報中有兩點需要說明，一是利用費用基礎；二是與近期收購相關的季度獲利能力。Accession收購的季節性因素是否為本季帶來了收益？

Rob, yes, there was. So we had a benefit from Accession and a headwind from Quintes, which again, we've talked about Quintes for a few quarters just to help everybody out with that. So you got three pieces to it. So a positive on Accession, a negative on Quintes and then a positive on just underlying management of the business.

羅布，是的，確實有。所以我們從 Accession 中受益，但又從 Quintes 中受到阻礙。再說一遍，我們已經連續幾個季度討論 Quintes 的問題，就是為了幫助大家解決這個問題。所以它由三個部分組成。所以，Accession 是正面的，Quintes 是負面的，而公司的基本管理是正面的。

Okay. Perfect. And then I just wanted to follow up on the international businesses and particularly the U.K. How is the performance there relative to the US? And can you share any color on the market factors?

好的。完美的。然後，我想進一步了解國際業務，特別是英國的業務。英國的業務表現與美國相比如何？您能否透露一些關於市場因素的資訊？

Yes. What I would tell you is the performance is not too dissimilar to the United States. Remember, the GDP over there is growing more slowly. That's number one. And they have actually rate decreased pressure as well.

是的。我想說的是，這裡的情況與美國的情況並沒有太大差異。記住，那裡的GDP成長速度較慢。這是第一點。而且它們實際上也降低了壓力。

So at present, and I'm just talking about England, but since you asked about it, remember, the liability rates are not nearly as high because the plaintiffs bar has not gotten as active yet. They're starting. But the answer is they have some continued rate pressure there as well. So you have a slower economy and you have a slower -- and you have rate decreases as well. That's how I would describe it.

所以目前，我這裡只談英國，但既然你問到了，記住，責任率遠沒有那麼高，因為原告律師還沒有那麼活躍。他們開始了。但答案是，他們那裡也持續面臨利率壓力。所以經濟成長放緩，成長速度也放緩——而且利率也在下降。我會這樣描述它。

Mark Hughes, Truist.

馬克·休斯，Truist。

Just wanted to make sure I understood the Specialty Distribution outlook for 4Q. I think you said looking for a decline in the mid-single digits, you got $28 million in nonrecurring, which looks like it's about 5 points. And I think you also mentioned lender-placed and then wind and quake programs under a little bit of pressure. Anything else we should think about for the Specialty Distribution? Does that summarize what you've described?

我只是想確認一下我對第四季專業分銷前景的理解。我認為你說過要尋找個位數的中段降幅，你得到了 2800 萬美元的非經常性支出，這看起來大約是 5 個百分點。而且我認為你也提到了貸款機構安排的，以及面臨一些壓力的風災和地震災害應變計畫。關於特種分銷，我們還有其他需要考慮的嗎？這樣概括你所描述的內容是否正確？

Brian -- Mark, no, I think that is -- that's fine. Those are probably the three big pieces, Mark, that we also talk about. There's some other moving parts, but those are the main things.

Brian——Mark，不，我想——這樣可以。馬克，這大概就是我們常討論的三大要點。還有一些其他因素，但這些是主要因素。

Mike Zaremski, BMO.

Mike Zaremski，BMO。

I'm going to try to ask a lender-placed question to the extent you're able to add some color. I think over the years, it's been a fantastic business. It appears it's grown much faster -- your business much faster than the marketplace. And just given it's highlighted as being a tough comp in the near term, 4Q, is there just -- is there a trend we should just keep in the back of our heads as we think past 4Q about the lender-placed business just slowing or somehow maybe giving back some market share?

我打算問一個貸款方提出的問題，希望您能補充一些細節。我認為這些年來，這一直是一項非常成功的業務。看來你的業務成長速度遠超市場平均。鑑於第四季度近期面臨嚴峻的業績挑戰，我們是否應該關注第四季度之後貸款機構貸款業務放緩或市場份額回落的趨勢？

So Mike, you're right in saying it's a great business. And we have had a lot of very nice organic growth in the last couple of years. And so what we're saying carefully is we're still growing, but it's just not growing as quickly. And part of that is just because we have had a lot of good growth. And number two, we have competition on our customers. And so your sense of it is correct.

所以麥克，你說得對，這的確是個很棒的生意。過去幾年，我們實現了非常可觀的自然成長。所以，我們委婉地說，我們仍在成長，只是成長速度不如以前快了。部分原因是因為我們取得了良好的成長。第二，我們面臨來自客戶的競爭。所以你的看法是正確的。

And then Mike, keep in mind with that business that -- and again, it's not that we're seeing the actual lender-placed ratio go up. That's not driving the growth, which again is at least an indicator of the health of overall economy and everything. That business, we won a lot of accounts over the years. The sales cycle there is pretty long though. So you could be 12 to 36 months on a sales cycle. And then when the accounts come on, as we've talked about in the past is you will get a bunch of revenue all at once and it works itself out, okay?

還有，麥克，記住，就這項業務而言——再說一遍，並不是說我們看到實際的貸款人安排的比例上升了。這並沒有推動成長，而成長至少可以作為整體經濟健康狀況的指標之一。多年來，我們在那家公司贏得了許多客戶。不過那裡的銷售週期相當長。所以你的銷售週期可能需要 12 到 36 個月。然後，當帳戶開始結算時，就像我們之前討論過的那樣，你會一次獲得一大筆收入，一切都會迎刃而解，好嗎？

We'll take one more question, Deedee.

迪迪，我們再回答一個問題。

Josh Shanker, Bank of America.

喬許‧尚克爾，美國銀行。

Obviously, no one likes to see their share price going down. You have a $1.5 billion buyback authorization, and there's a decision to whether to put capital to work and buying back your own stock or to (inaudible) obviously. And there's an arbitrage there.

顯然，沒有人願意看到自己公司的股價下跌。你們有 15 億美元的股票回購授權，現在需要決定是否將資金用於回購自己的股票，還是（聽不清楚）顯然地用於其他用途。這裡存在套利機會。

By authorizing the buyback, are you saying that you think that the value of Brown & Brown shares right now is more attractive than doing the tuck-ins? It seems like it should be one or the other, doing both may not be the best use of capital. How should we think about that?

批准回購是否意味著您認為 Brown & Brown 股票目前的價值比進行補充收購更有吸引力？似乎應該二選一，兩者兼顧可能並非資金的最佳運用方式。我們該如何看待這個問題？

The answer to the question is this, we constantly and consistently evaluate the intrinsic value of our stock, and we look at what we believe is the best value overall long term for all parties involved. So we will continue to evaluate that. And if we see or feel that there's an appropriate point at which we think we should buy shares, then we'll consider that. But the Board has given us the ability to invest as we see fit, and that's -- we feel good about that.

這個問題的答案是：我們會持續不斷地評估我們股票的內在價值，並著眼於我們認為對所有相關方而言，從長遠來看最有價值的東西。所以我們會繼續評估這一點。如果我們認為或覺得某個時機合適，應該買進股票，那麼我們會考慮買進。但董事會賦予了我們以自己認為合適的方式進行投資的能力，對此我們感到滿意。

Is there a math that works that makes both buybacks and M&A equally attractive simultaneously? Or is there -- one is preferred over the other, depending on valuation?

是否存在某種數學方法，能夠同時使股票回購和併購具有同等吸引力？或者說，根據估值，兩者之間是否存在優劣之分？

Well, let me put it this way. I'm not trying to be evasive, Josh. But if we told you that, then that's where we would be releasing our secret. And so the answer is we will continue to evaluate both. And if we think both work at the time, we will do that or if one is better than the other, we will do that.

好吧，我這麼說吧。我並不是迴避問題，喬許。但如果我們告訴你，那就等於洩漏了我們的秘密。因此，答案是我們會繼續對兩者進行評估。如果我們認為兩種方法當時都可行，我們就採用這兩種方法；如果其中一種比另一種方法更好，我們就採用那種方法。

But please, let's make sure that we don't lose sight of the fact that when we buy businesses, it's about cultural fit and making sense financially. And so having said that, we understand the math between share repurchases and businesses that are ongoing revenue streams with earnings. So we look at all of that.

但是，請大家不要忘記，當我們收購企業時，最重要的是文化契合度和財務合理性。因此，綜上所述，我們理解股票回購與持續產生收入和獲利的企業之間的數學關係。所以我們把所有這些都考慮進去了。

Yes, Josh, as we talked about, we have a very, very rigorous and disciplined approach on how we allocate capital. So we don't share all the details when we do it, but it's -- we get into a lot of detail when we look at all of the deployment options.

是的，喬希，正如我們剛才討論的，我們在資本分配方面有著非常非常嚴格和自律的方法。所以我們在做這件事的時候不會透露所有細節，但是——當我們研究所有部署選項時，我們會深入了解很多細節。

We like to have options.

我們喜歡有選擇。

At this time, I would now like to turn the conference back over to Powell Brown for closing remarks.

現在，我謹將會議交還給鮑威爾·布朗，請他作閉幕致詞。

Thanks, Deedee, and thanks for joining us today. A couple of final comments. I think that we had a really good quarter, albeit we had Retail in terms of with the modification that we outlined, where top line numbers, our contingents were good. Our margins were great. Our cash flow conversion was very good.

謝謝迪迪，也謝謝你今天加入我們。最後還有幾點要補充。我認為我們本季業績非常好，儘管零售業務方面，正如我們之前概述的那樣，進行了調整，但總收入和人員配備情況都很好。我們的利潤率很高。我們的現金流轉換率非常高。

And most importantly, in all of that, we -- the integration is going really well. And so I can't stress enough the importance of the cultural fit with the teammates that have joined. We are excited with 23,000-plus teammates now globally and the capabilities and the resources that we can bring to our customers. Hope you all have a wonderful day, and we look forward to talking to you after the next quarter. Good day, and good luck. Goodbye.

最重要的是，在所有這些方面，我們的整合進展得非常順利。因此，我必須強調與新加入的隊友在文化上的契合度有多麼重要。我們現在在全球擁有超過 23,000 名團隊成員，並且能夠為我們的客戶帶來各種能力和資源，我們為此感到非常興奮。祝大家今天過得愉快，我們期待在下個季度結束後與大家再次交流。祝您今天愉快，好運！再見。

Thank you. This concludes today's conference call. Thank you for participating. You may now disconnect.

謝謝。今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線了。