CBIZ Inc (CBZ) 2022 Q2 法說會逐字稿

Good day, and welcome to the CBIZ Second Quarter 2022 Results Call. (Operator Instructions) Please note that this event is being recorded.

美好的一天，歡迎參加 CBIZ 2022 年第二季度業績電話會議。 （操作員說明）請注意，此事件正在記錄中。

I'd now like to turn the conference over to Lori Novickis, Director of Corporate Relations. Please go ahead.

我現在想將會議轉交給公司關係總監 Lori Novickis。請繼續。

Good morning, everyone, and thank you for joining us for the CBIZ second quarter and first half 2022 results conference call. In connection with this call, today's press release and quarterly investor presentation have been posted to the Investor Relations page of our website, cbiz.com. As a reminder, this call is being webcast and a link to the live webcast can be found on our site. In addition, an archived replay and transcript will also be available after the call.

大家早上好，感謝您加入我們參加 CBIZ 2022 年第二季度和上半年業績電話會議。與本次電話會議相關，今天的新聞稿和季度投資者報告已發佈到我們網站 cbiz.com 的投資者關係頁面。提醒一下，此電話正在網絡廣播中，可以在我們的網站上找到實時網絡廣播的鏈接。此外，通話結束後還將提供存檔的回放和記錄。

Before we begin, we would like to remind you that during the call, management may discuss certain non-GAAP financial measures. Reconciliations of these measures can be found in the financial tables of today's press release and investor presentation.

在我們開始之前，我們想提醒您，在電話會議期間，管理層可能會討論某些非公認會計原則的財務措施。這些措施的對賬可以在今天的新聞稿和投資者介紹的財務表格中找到。

Today's call may also include forward-looking statements regarding our business, financial condition, results of operations, cash flows, strategies and prospects. Forward-looking statements represent only estimates on the date of this call and are not intended to give any assurance of future results. Because forward-looking statements relate to matters that have not yet occurred, these statements are inherently subject to risks and uncertainties. Many factors could cause future results to differ materially, and CBIZ assumes no obligation to update these statements. A more detailed description of such factors can be found in our filings with the Securities and Exchange Commission.

今天的電話會議還可能包括關於我們的業務、財務狀況、經營業績、現金流、戰略和前景的前瞻性陳述。前瞻性陳述僅代表本次電話會議當日的估計，並不旨在對未來結果作出任何保證。由於前瞻性陳述涉及尚未發生的事項，因此這些陳述本身就存在風險和不確定性。許多因素可能導致未來結果大不相同，CBIZ 不承擔更新這些聲明的義務。在我們提交給證券交易委員會的文件中可以找到對這些因素的更詳細描述。

Joining us for today's call are Jerry Grisko, President and Chief Executive Officer; and Ware Grove, Chief Financial Officer. I will now turn the call over to Jerry for his opening remarks. Jerry?

加入我們今天的電話會議的是總裁兼首席執行官 Jerry Grisko； Ware Grove，首席財務官。我現在將把電話轉給 Jerry 做他的開場白。傑瑞？

Thank you, Lori. Good morning, everyone, and thank you for joining us for today's call. We're pleased to share our second quarter results and to discuss our outlook for the remainder of the year.

謝謝你，洛里。大家早上好，感謝您加入我們今天的電話會議。我們很高興分享我們的第二季度業績並討論我們對今年剩餘時間的展望。

As I discussed on our last call, we had strong momentum coming into this year based on our exceptional performance in 2021. And this momentum has continued through the first half of the year. I'm especially pleased to report that in the second quarter, we continue to experience strong organic revenue growth across all major service lines. Our results for the second quarter were aided by our recent acquisitions, including our acquisition of Marks Paneth, which we completed at the beginning of the year.

正如我在上次電話會議上所討論的那樣，基於我們在 2021 年的出色表現，我們今年的勢頭強勁。這種勢頭一直持續到今年上半年。我特別高興地報告，在第二季度，我們在所有主要服務領域繼續實現強勁的有機收入增長。我們最近的收購對我們第二季度的業績有所幫助，包括我們在年初完成的對 Marks Paneth 的收購。

Within our Financial Services group, we wrapped up our traditional busy season during the second quarter and continue to experience strong demand for our essential tax and accounting services. The strength of this demand has allowed us to take an aggressive approach to pricing, which has bolstered our rate of growth.

在我們的金融服務集團內，我們在第二季度結束了傳統的旺季，並繼續感受到對我們基本稅務和會計服務的強勁需求。這種需求的強度使我們能夠採取積極的定價方法，從而提高了我們的增長率。

Within our Advisory Services, we also continue to experience high demand, particularly within our private equity advisory practice as the M&A market remains active. Similar to our essential services, we've also been successful in driving improved pricing for these advisory services.

在我們的諮詢服務中，我們也繼續遇到高需求，尤其是在我們的私募股權諮詢業務中，因為併購市場仍然活躍。與我們的基本服務類似，我們也成功地推動了這些諮詢服務的定價。

Turning to our government health care consulting business. The positive trend that we experienced during the first quarter has continued through the second quarter and was aided by a number of projects that were delayed during the past 2 years that are now back on track, in addition to the launch of several new projects.

轉向我們的政府醫療保健諮詢業務。我們在第一季度經歷的積極趨勢一直持續到第二季度，並得到了過去兩年中被推遲的一些項目的幫助，這些項目現在已經重回正軌，此外還有幾個新項目的啟動。

As we've discussed in the past, sustained growth within our Financial Services group is dependent on our ability to attract and retain talent. While the labor market remains tight, we have experienced encouraging results from our efforts to attract talent by utilizing many of the same digital marketing techniques that we use to attract new clients. These strategies allow us to cultivate a full pipeline of potential candidates and tailor the information that we deliver to each individual throughout the recruitment process.

正如我們過去所討論的，我們金融服務集團的持續增長取決於我們吸引和留住人才的能力。雖然勞動力市場仍然緊張，但我們通過利用許多與吸引新客戶相同的數字營銷技術來吸引人才，取得了令人鼓舞的成果。這些策略使我們能夠培養一整套潛在候選人，並定制我們在整個招聘過程中提供給每個人的信息。

We've also expanded our team of internal recruiters to meet the growing needs of our business. While our turnover rates within this group are somewhat higher than in prior periods, they appear more favorable than many others in our industry, and we continue to take measures to create even more compelling culture and expanded career opportunities for our team members.

我們還擴大了內部招聘團隊，以滿足我們業務不斷增長的需求。雖然我們在這個群體中的流動率比之前的時期要高一些，但它們似乎比我們行業中的許多其他人更有利，我們繼續採取措施為我們的團隊成員創造更引人注目的文化和擴大的職業機會。

Now turning to our Benefits and Insurance group. We finished last year with historic organic revenue growth rates, driven primarily by our employee benefits and our property and casualty insurance service lines. That group has continued throughout the first half of this year and reflects the impact of strong sales and high retention rates generated last year, combined with new strong sales, high client retention and positive trend again this year.

現在轉向我們的福利和保險組。我們去年以歷史性的有機收入增長率結束，這主要是由我們的員工福利和我們的財產和意外傷害保險服務線推動的。這一群體在今年上半年一直持續，反映了去年產生的強勁銷售和高保留率的影響，再加上今年再次出現新的強勁銷售、高客戶保留和積極趨勢。

Our investment in producers is also continuing to grow as our producer pool for these 2 businesses is 10% higher this year than last year. We are also experiencing growth within our retirement investment services business and our payroll business. Within payroll, strong demand for our upmarket platform that serves larger clients with more complex needs continues. And our new sales pipeline remains strong. Like other areas of our business, both retirement investment services and payroll have been aggressive on pricing, and we are seeing the impact of these fee increases in our results.

我們對生產商的投資也在繼續增長，因為今年這兩項業務的生產商池比去年增加了 10%。我們的退休投資服務業務和薪資業務也在增長。在工資單方面，對我們為具有更複雜需求的大型客戶提供服務的高端平台的強勁需求仍在繼續。我們的新銷售渠道依然強勁。與我們業務的其他領域一樣，退休投資服務和工資單在定價方面一直很激進，我們看到了這些費用增加對我們業績的影響。

Finally, while they make up only a small segment of our benefit to Insurance division results, we also experienced strong demand for our advisory and project-based businesses, such as our executive search and compensation consulting business. We often view these businesses as a bellwether for the economy and our pipeline of work for this business is extremely strong with no signs of slowing.

最後，雖然它們僅占我們對保險部門業績的一小部分收益，但我們也經歷了對我們的諮詢和基於項目的業務的強勁需求，例如我們的獵頭和薪酬諮詢業務。我們經常將這些業務視為經濟的風向標，我們為這項業務開展的工作非常強勁，沒有放緩的跡象。

I will remind you that during our last earnings call, we affirmed our full year guidance that we had provided at the beginning of the year. Based on our strong performance in the first half of this year, we are pleased to be in a position to raise our full year revenue and adjusted EPS guidance, and Ware will walk through the details in his comments.

我會提醒你，在我們上次的財報電話會議上，我們確認了我們在年初提供的全年指導。基於我們今年上半年的強勁表現，我們很高興能夠提高全年收入和調整後的每股收益指引，Ware 將在他的評論中詳細介紹。

But before I turn it over to Ware, I want to take a moment to address the likely questions regarding the recent volatility in the market and the growing calls for concern of the pending recession. In speaking with the sampling of our clients, they generally remain confident in their ability to perform well through year-end. While there's an acknowledgment of the issues related to inflation, rising prices and labor shortages at the national and even global levels, our clients generally remain confident in their ability to successfully compete in their industries and to navigate within their local and regional markets.

但在我把它交給 Ware 之前，我想花一點時間來解決有關近期市場波動的可能問題以及對即將到來的衰退的擔憂日益增加的呼聲。在與我們的客戶抽樣交談時，他們通常對自己在年底前表現良好的能力充滿信心。雖然在國家乃至全球層面都承認與通貨膨脹、價格上漲和勞動力短缺有關的問題，但我們的客戶普遍對他們在其行業中成功競爭以及在當地和區域市場中駕馭的能力充滿信心。

For CBIZ, when we consider the potential impact of a recession on our business, we look to our experience during the 2008 and 2009 financial crisis and consider the substantial investments that we've made in the business since then. Looking back to that period, the impact on CBIZ came later into the downturn than for many other industries. Even with this lagging impact, we were able to use the various levers at our disposal to drive total growth in revenue and earnings per share despite the more challenging business climate.

對於 CBIZ，當我們考慮經濟衰退對我們業務的潛在影響時，我們會參考我們在 2008 年和 2009 年金融危機期間的經驗，並考慮自那時以來我們對業務進行的大量投資。回顧那個時期，對 CBIZ 的影響比許多其他行業更晚進入衰退期。即使存在這種滯後影響，儘管商業環境更具挑戰性，我們仍能夠利用我們掌握的各種槓桿來推動收入和每股收益的總體增長。

Moreover, since that time, we've made considerable investments in our business and everything from people to systems, processes and tools, all focused on supporting sustainable growth and enabling more stability and resilience within our business regardless of the business climate. Even further, we've also continued to expand and diversify the services that we offer to our clients. We are in a much different and better position to be able to support our clients in the face of uncertainty and to help them navigate both the challenges and opportunities a changing economic environment may present. Given that, I am confident that if we were to face a recession or any significant economic downturn, we would start from a place of strength and continue to perform strong, certainly relative to others.

此外，從那時起，我們對我們的業務以及從人員到系統、流程和工具的所有方面進行了大量投資，所有這些都專注於支持可持續增長，並在我們的業務中實現更高的穩定性和彈性，無論商業環境如何。更進一步，我們還繼續擴展和多樣化我們為客戶提供的服務。我們處於一個截然不同的更好的位置，能夠在不確定性面前為我們的客戶提供支持，並幫助他們駕馭不斷變化的經濟環境可能帶來的挑戰和機遇。鑑於此，我有信心，如果我們面臨經濟衰退或任何重大的經濟衰退，我們將從實力雄厚的地方開始，並繼續表現強勁，當然相對於其他國家而言。

One final note, I want to caution that we do expect more volatility in our financial results from quarter-to-quarter than we've historically experienced, due in part to the significant number of acquisitions that we've completed in the past 12 months. As a result, we would advise against comparing any given quarter this year to the same period in any prior years.

最後一點，我想提醒大家，我們確實預計我們的財務業績季度間波動比歷史上經歷的波動更大，部分原因是我們在過去 12 個月中完成了大量收購.因此，我們建議不要將今年的任何特定季度與任何前幾年的同期進行比較。

With this, I will turn over to Ware Grove, our Chief Financial Officer, to provide more specific details on our financial performance for the second quarter and the revision of our guidance for the remainder of the year. Ware?

有了這個，我將轉交我們的首席財務官 Ware Grove，提供有關我們第二季度財務業績的更具體細節以及我們對今年剩餘時間的指導的修訂。潔具？

Thank you, Jerry, and good morning, everyone. Let me take a few minutes to talk about key highlights of the second quarter and year-to-date numbers we released this morning. The second quarter numbers reflect a very strong continuing momentum in our business.

謝謝你，傑瑞，大家早上好。讓我花幾分鐘時間談談我們今天早上發布的第二季度的主要亮點和年初至今的數據。第二季度的數字反映了我們業務非常強勁的持續發展勢頭。

Total revenue in the second quarter increased by $83.3 million, up 29.9% over second quarter a year ago. The second quarter same unit revenue was up $31.7 million or up by 11.4%, with acquisitions contributing $51.6 million or 18.5% to growth compared with last year. For the 6 months this year, total revenue grew by $174.3 million, up 30.1% compared with last year. Same unit revenue for the 6 months grew by $60.5 million or up by 10.5%, with acquisitions contributing $113.8 million or 19.6% to revenue growth for the 6 months this year compared with last year.

第二季度的總收入增加了 8330 萬美元，比去年第二季度增長了 29.9%。第二季度同單位收入增長 3170 萬美元或增長 11.4%，與去年相比，收購貢獻了 5160 萬美元或 18.5%。今年 6 個月，總收入增長 1.743 億美元，同比增長 30.1%。 6 個月相同單位收入增長 6,050 萬美元或增長 10.5%，其中收購貢獻了 1.138 億美元或 19.6%，今年 6 個月與去年相比。

Within Financial Services, for the second quarter, total revenue grew by $72.7 million, up 39%. Same unit revenue for the second quarter was up 11.1% or up by $20.7 million with strong revenue growth spread evenly between our core advisory and government health care consulting lines of service. For the 6 months, total revenue within Financial Services grew by $157.3 million, up 40.3%. Same unit revenue for the 6 months was up 10.8%, again, spread evenly between core advisory and government health care consulting lines and service.

在金融服務領域，第二季度的總收入增長了 7270 萬美元，增長了 39%。第二季度的相同單位收入增長了 11.1% 或 2070 萬美元，強勁的收入增長在我們的核心諮詢和政府醫療保健諮詢服務線之間平均分佈。 6 個月來，金融服務的總收入增長了 1.573 億美元，增長了 40.3%。 6 個月的相同單位收入增長了 10.8%，再次平均分佈在核心諮詢和政府醫療保健諮詢線和服務之間。

Acquisition activity in 2021 and through the first half of this year was focused primarily within our financial services businesses. The newly acquired businesses are contributing to this robust total revenue growth. As we lap the first year of the mid-'21 acquisitions, these acquisitions will continue to perform well, but the total growth in revenue attributed to '21 acquisition activity in the second half will naturally moderate.

2021 年和今年上半年的收購活動主要集中在我們的金融服務業務中。新收購的業務為這一強勁的總收入增長做出了貢獻。隨著我們在 21 年中期收購的第一年結束，這些收購將繼續表現良好，但下半年歸因於 21 年收購活動的總收入增長自然會放緩。

Within Benefits and Insurance, same unit revenue in the second quarter grew by 11.6%. And for the 6 months, same unit revenue grew by 9.2%. Every line of service within Benefits and Insurance recorded same unit revenue growth for both second quarter and for the 6 months. The investments we have made in recent years to hire and increase the number of new business producers has continued to gain traction. We remain committed to further enhancing growth capabilities within the Benefits and Insurance group, and we will continue to make investments in hiring additional producers for the balance of the year and beyond.

在福利和保險方面，第二季度的相同單位收入增長了 11.6%。而在這 6 個月裡，相同的單位收入增長了 9.2%。福利和保險中的每項服務在第二季度和 6 個月都錄得相同的單位收入增長。近年來，我們為僱用和增加新業務生產者的數量而進行的投資繼續獲得關注。我們仍然致力於進一步提高福利和保險集團的增長能力，我們將繼續投資於今年餘下時間及以後僱用更多的生產商。

Bear in mind, as you look at earnings per share for the second quarter and for the 6 months, a year ago in the second quarter of '21, we adjusted results to eliminate the impact of the $30.5 million settlement cost, plus we eliminated the $6.4 million gain on the sale of operations that was recorded in the second quarter last year. On an adjusted basis, in 2021, we reported $0.50 per share for the quarter, and we reported $1.43 per share for the 6 months.

請記住，當您查看第二季度和 6 個月的每股收益時，一年前的 21 年第二季度，我們調整了結果以消除 3050 萬美元結算成本的影響，此外我們還消除了去年第二季度記錄的銷售業務收益為 640 萬美元。在調整後的基礎上，我們在 2021 年報告了本季度每股 0.50 美元，我們報告了 6 個月每股 1.43 美元。

This year, in 2022, we announced the acquisition of Marks Paneth effective January 1. We estimated annual revenue of approximately $138 million this year, and we also outlined anticipated first year nonrecurring transaction and integration costs associated with the acquisition. We are extremely pleased to have the Marks Paneth team on board to see this, and the business is performing in line with initial estimates. Making adjustments to eliminate the impact of the nonrecurring costs in the first quarter, these costs represented approximately $0.08 per share. And for the second quarter, these costs are approximately $0.03 per share or $0.11 per share for the 6 months.

今年，即 2022 年，我們宣布從 1 月 1 日起收購 Marks Paneth。我們估計今年的年收入約為 1.38 億美元，我們還概述了與收購相關的預期第一年非經常性交易和整合成本。我們非常高興 Marks Paneth 團隊能夠看到這一點，並且該業務的表現符合最初的估計。進行調整以消除第一季度非經常性成本的影響，這些成本約為每股 0.08 美元。對於第二季度，這些成本約為每股 0.03 美元或 6 個月的每股 0.11 美元。

With these items in mind and with a view towards presenting meaningful comparable information, adjusted earnings per share for the second quarter this year is $0.63, up 26% compared with adjusted earnings per share in '21 of $0.50. For the 6 months, adjusted earnings per share this year is $1.81, up 26.6% compared with adjusted earnings per share of $1.43 last year.

考慮到這些項目並為了提供有意義的可比信息，今年第二季度的調整後每股收益為 0.63 美元，與 21 年的調整後每股收益 0.50 美元相比增長了 26%。今年 6 個月調整後每股收益為 1.81 美元，較去年調整後每股收益 1.43 美元增長 26.6%。

Adjusted EBITDA, considering these same types of adjustments, was $148.6 million for the 6 months this year, up 27.9% over adjusted EBITDA of $116.2 million last year, and we expect a similar full year increase this year. Without going into detail today during this call, a table reconciling reported GAAP numbers to these adjusted earnings per share and EBITDA numbers that I'm referencing is included in the earnings release issued this morning. So you can see the detail of the items included.

考慮到這些相同類型的調整，今年 6 個月的調整後 EBITDA 為 1.486 億美元，比去年調整後的 EBITDA 的 1.162 億美元增長 27.9%，我們預計今年全年將出現類似的增長。今天在本次電話會議期間沒有詳細介紹，今天上午發布的收益報告中包含了一個表格，將報告的 GAAP 數據與這些調整後的每股收益和 EBITDA 數據進行核對。因此，您可以看到所包含項目的詳細信息。

During last year and into the first quarter this year, after were seeing artificially low levels of expenses through the pandemic, we talked about the level of health care and benefits, T&E expense and marketing expenses that are normalizing to higher levels. While we are seeing increases this year versus '21, these expenses, most notably T&E expense, are expected to level out at over 100 basis points lower than pre-pandemic levels that we experienced in 2019. But for the first half this year, these expenses represented a 106 basis point headwind to margin on income before tax compared with the lower levels experienced in the prior year.

在去年和今年第一季度，在通過大流行看到人為的低支出水平之後，我們談到了正在正常化到更高水平的醫療保健和福利水平、T&E 費用和營銷費用。雖然我們看到今年與 21 年相比有所增加，但這些費用，尤其是 T&E 費用，預計將比我們在 2019 年經歷的大流行前水平低 100 個基點以上。但在今年上半年，這些與去年的較低水平相比，費用對稅前收入利潤率造成了 106 個基點的不利影響。

As we continue to enhance revenue growth with intentional outreach efforts of clients and new business prospects, we planned and expected that these costs would present headwinds this year. Of course, in addition to these discretionary costs, other variable elements in our cost structure give us the ability to manage expenses and leverage our cost structure over time.

隨著我們通過客戶和新業務前景的有意外展努力繼續提高收入增長，我們計劃並預計這些成本將在今年帶來不利影響。當然，除了這些可自由支配的成本之外，我們成本結構中的其他可變因素使我們能夠管理費用並隨著時間的推移利用我們的成本結構。

Comparing year-over-year adjusted results for the 6 months ended June, pretax income margin was down 30 basis points. The expense items I described represented 106 basis points headwind for the first half this year, so we are happy to be leveraging other costs aside from the intentional increase in T&E expense in the short list of items that I mentioned. We will continue to say that over time, we expect to achieve a 20 to 50 basis point annual increase in pretax margin. As you look back, in recent years, we are very pleased that our performance has exceeded the higher end of that range.

比較截至 6 月份的 6 個月的同比調整結果，稅前利潤率下降了 30 個基點。我所描述的費用項目代表了今年上半年 106 個基點的逆風，因此我們很高興能夠利用其他成本，除了我提到的項目清單中有意增加的 T&E 費用。我們將繼續說，隨著時間的推移，我們預計稅前利潤率每年將增加 20 至 50 個基點。回顧過去，我們很高興我們的業績已經超過了該範圍的高端。

For the full year of 2022 this year, we expect margin improvement near the lower end of that range, and our full year revised guidance contemplates margin improvement for the full year despite the headwinds in T&E expense and the other items I mentioned. As always, details of the impact of accounting for gains and losses in our nonqualified deferred compensation plan are outlined in the release. Because we are comparing a period in 2021 with capital markets gains compared with this year with capital markets losses, there is a significant impact to the GAAP reported numbers as you look at both gross margin and operating income. As a reminder, pretax income margin is not impacted by this factor.

對於今年 2022 年全年，我們預計利潤率將改善接近該範圍的下限，我們的全年修訂指導考慮到全年的利潤率改善，儘管在 T&E 費用和我提到的其他項目方面存在逆風。與往常一樣，新聞稿中概述了在我們的不合格遞延薪酬計劃中核算損益的影響的詳細信息。因為我們將 2021 年的時期與資本市場的收益與今年的資本市場損失進行比較，所以當您查看毛利率和營業收入時，對 GAAP 報告的數字有重大影響。提醒一下，稅前利潤率不受此因素的影響。

The business is performing very well this year with robust top line growth. Cash flow from operations continues to be solid. In our first quarter conference call, we commented on the pending amendment of our $400 million credit facility to extend the maturity by 5 years through 2027 and upsize the facility to $600 million. This was accomplished during the second quarter. At June 30, the balance outstanding on the newly upsized $600 million unsecured facility was $266 million, with about $323 million of unused capacity. In the first half of this year, we have used approximately $81 million for acquisition purposes, including earnout payments on acquisitions that were closed in previous years.

該業務今年表現非常好，收入增長強勁。營運現金流繼續穩健。在我們的第一季度電話會議上，我們評論了我們 4 億美元信貸額度的未決修正案，以將期限延長 5 年至 2027 年，並將該額度擴大至 6 億美元。這是在第二季度完成的。截至 6 月 30 日，新增規模為 6 億美元的無抵押貸款餘額為 2.66 億美元，其中約 3.23 億美元的未使用容量。今年上半年，我們已將大約 8100 萬美元用於收購目的，包括前幾年完成的收購的盈利支付。

Earlier this month, we announced the acquisition of Stinnett & Associates that was effective July 1. Since the end of 2019, we have closed 15 transactions and have deployed approximately $250 million of capital for acquisition purposes, including earn-out payments over that period of time. With the Stinnett transaction, combined with estimated earnout payments on previously closed transactions, for acquisition purposes, we expect to use $28.9 million over the remainder of 2022, approximately $50.1 million in 2023, $46.6 million in 2024 and approximately $27 million in 2025.

本月早些時候，我們宣布對 Stinnett & Associates 的收購於 7 月 1 日生效。自 2019 年底以來，我們已經完成了 15 筆交易，並為收購目的部署了大約 2.5 億美元的資本，包括在此期間的盈利支付時間。通過 Stinnett 交易，加上先前已完成交易的估計收益支付，用於收購目的，我們預計在 2022 年剩餘時間內使用 2890 萬美元，2023 年約為 5010 萬美元，2024 年為 4660 萬美元，2025 年約為 2700 萬美元。

In addition to using funds for acquisitions, during the second quarter, we repurchased 735,000 shares of our common stock. And through June 30, we have repurchased 884,000 shares in the open market at a cost of approximately $36 million. Since June 30, we have continued to actively repurchase shares. Under a 10b program, we have repurchased an additional 198,000 shares, making the total shares repurchased through July 27 approximately 1.1 million shares. To recap repurchase activity in recent years, since the end of 2019, we have repurchased a total of approximately 6.5 million shares, representing nearly 12% of shares outstanding compared to the end of 2019. Approximately $198 million of capital has been used towards this repurchase activity since the end of 2019.

除了將資金用於收購之外，在第二季度，我們回購了 735,000 股普通股。截至 6 月 30 日，我們在公開市場上回購了 884,000 股股票，成本約為 3600 萬美元。自6月30日起，我們繼續積極回購股票。根據 10b 計劃，我們額外回購了 198,000 股，使截至 7 月 27 日回購的股份總數約為 110 萬股。回顧近年來的回購活動，自 2019 年底以來，我們共回購了約 650 萬股股票，與 2019 年底相比，佔已發行股份的近 12%。本次回購已使用約 1.98 億美元的資金自 2019 年底以來的活動。

The balance sheet at June 30 is strong with leverage of approximately 1.5x EBITDA. This provides plenty of capacity to continue with both strategic acquisitions and to continue with share repurchases. DSO at June 30 was 88 days compared with 84 days a year ago. Bad debt expense for the first 6 months was 17 basis points of revenue compared to 5 basis points a year ago. Depreciation and amortization for the second quarter was $8.3 million versus $6.6 million last year. Year-to-date is $16.5 million versus $12.9 million last year.

6 月 30 日的資產負債表強勁，槓桿率約為 1.5 倍 EBITDA。這為繼續進行戰略收購和繼續股票回購提供了充足的能力。與一年前的 84 天相比，6 月 30 日的 DSO 為 88 天。前 6 個月的壞賬支出為收入的 17 個基點，而一年前為 5 個基點。第二季度的折舊和攤銷為 830 萬美元，而去年為 660 萬美元。年初至今為 1650 萬美元，而去年為 1290 萬美元。

Capital spending for the second quarter was $2.8 million and is $3.6 million for the 6 months. For the full year of '22, we're expecting CapEx to be approximately $10 million. The effective tax rate for the first 6 months this year was 26.3% and that was up from 24% a year ago. For the full year this year, however, we continue to expect an effective tax rate close to 25%, although this can be either higher or lower due to a number of unpredictable factors.

第二季度的資本支出為 280 萬美元，前 6 個月為 360 萬美元。 22 年全年，我們預計資本支出約為 1000 萬美元。今年前 6 個月的有效稅率為 26.3%，高於一年前的 24%。然而，對於今年全年，我們繼續預計有效稅率接近 25%，儘管由於一些不可預測的因素，這可能會更高或更低。

Looking ahead, the second half of our year is seasonally more dependent upon project business is typically subject to more uncertainty. However, we are in a very strong position to continue to report robust growth in revenue and in earnings for the following reasons. Demand for services continues to be strong. The recurring and essential nature of many of our services provides a major stability through economic cycles. At this point, we are seeing continued signs of steady and strong employment within our clients as we look at employment-driven metrics in our benefits and in our payroll businesses.

展望未來，我們下半年的季節性更依賴於項目業務，通常會受到更多不確定性的影響。但是，由於以下原因，我們處於非常有利的位置，可以繼續報告收入和收益的強勁增長。對服務的需求繼續強勁。我們許多服務的經常性和基本性質在經濟周期中提供了主要的穩定性。在這一點上，當我們在我們的福利和工資單業務中查看就業驅動的指標時，我們看到客戶內部就業穩定和強勁的持續跡象。

As Jerry commented, the tools and systems we have put in place in recent years have enabled us to increase pricing and keep pace with underlying cost pressures, leverage costs and protect margins. The investments we made and are continuing to make in new business producers, particularly focused within our Benefits and Insurance group, have gained traction and we are seeing strong new business revenue growth, coupled with strong client retention that is driving revenue growth.

正如 Jerry 評論的那樣，我們近年來部署的工具和系統使我們能夠提高定價並跟上潛在的成本壓力、利用成本並保護利潤。我們對新業務生產商的投資，特別是在我們的福利和保險集團內的投資，已經獲得了牽引力，我們看到了強勁的新業務收入增長，加上強勁的客戶保留率推動了收入增長。

First half results are very strong, and we are comfortable in increasing full year 2022 expectations as follows. We expect total revenue to increase within a range of 23% to 25% over the $1.1 billion reported in 2021, up from previous guidance projecting growth between 19% to 21%. On an adjusted basis, we expect 2022 adjusted earnings per share to increase within a range of 25% to 27% over the adjusted earnings per share of $1.66 reported in 2021. This is up from previous guidance for growth in adjusted EPS of between 20% to 22%.

上半年業績非常強勁，我們對提高 2022 年全年預期感到滿意，如下所示。我們預計總收入將比 2021 年報告的 11 億美元增長 23% 至 25%，高於之前預測的 19% 至 21% 的增長。在調整後的基礎上，我們預計 2022 年調整後每股收益將比 2021 年報告的調整後每股收益 1.66 美元增長 25% 至 27%。這高於之前對調整後每股收益增長 20% 的指導。到 22%。

GAAP reported earnings per share is expected to increase within a range of 45% to 48% over $1.32 reported in 2021. The effective tax rate for the full year of 2022 is expected at approximately 25%. And of course, as I mentioned earlier, this can be impacted either up or down by a number of unpredictable factors.

GAAP 報告的每股收益預計將比 2021 年報告的 1.32 美元增長 45% 至 48%。2022 年全年的有效稅率預計約為 25%。當然，正如我之前提到的，這可能會受到許多不可預測的因素的影響。

In light of share repurchase activity to date, fully diluted weighted average share count is expected within the range of 52.5 million to 53 million shares for the full year 2022.

鑑於迄今為止的股票回購活動，預計 2022 年全年的完全攤薄加權平均股數在 5250 萬股至 5300 萬股之間。

So with these comments, I will conclude, and I'll turn it back over to Jerry.

因此，有了這些評論，我將得出結論，並將其轉回給 Jerry。

Thank you, Ware. Before we move to Q&A, I want to provide a brief update on our progress with the Marks Paneth acquisition and discuss our latest acquisition of Stinnett & Associates. M&A continues to be a top priority and a key component of our overall growth strategy. In January, we announced the acquisition of Marks Paneth, a leading accounting and tax firm headquartered in the New York metro area with additional offices throughout the East Coast.

謝謝你，韋爾。在進入問答環節之前，我想簡要介紹一下我們收購 Marks Paneth 的進展情況，並討論我們最近對 Stinnett & Associates 的收購。併購仍然是我們整體增長戰略的重中之重和關鍵組成部分。一月份，我們宣布收購 Marks Paneth，這是一家領先的會計和稅務公司，總部位於紐約都會區，並在東海岸設有辦事處。

When we plan to prepare for a financial services acquisition, we always consider timing. With Marks Paneth joining CBIZ at the beginning of the year, the pacing of our integration plan was designed to minimize disruption during the traditional busy season. While we were able to accelerate and complete some aspects of integration early, especially in those areas that impact our people like benefits and payroll, we needed to delay some steps until after the busy season. With busy season now behind us, we are now moving quickly forward with our new -- with our next phase of integration, which includes the move to our operating platforms and systems, additional training and development and the standardization of policies and procedures. So far, we remain very pleased with both the performance of Marks Paneth and our overall progress with integration.

當我們計劃為金融服務收購做準備時，我們總是會考慮時機。隨著 Marks Paneth 在年初加入 CBIZ，我們整合計劃的節奏旨在最大限度地減少傳統旺季期間的干擾。雖然我們能夠提前加速並完成整合的某些方面，尤其是在福利和工資單等影響我們員工的領域，但我們需要將一些步驟推遲到旺季之後。繁忙的季節已經過去，我們現在正在快速推進我們的新階段——下一階段的整合，其中包括遷移到我們的操作平台和系統、額外的培訓和發展以及政策和程序的標準化。到目前為止，我們仍然對 Marks Paneth 的表現和我們在整合方面的整體進展感到非常滿意。

Earlier this month, we announced our latest acquisition of Stinnett & Associates based in Tulsa, Oklahoma with additional offices in Oklahoma City, Dallas, Houston, San Antonio and Denver. Stinnett & Associates provide risk and advisory services, including cybersecurity and SOX compliance to businesses of all sizes across numerous industries. With this acquisition, we will add significant scale and talent to our existing risk and advisory services business.

本月早些時候，我們宣布了對位於俄克拉荷馬州塔爾薩的 Stinnett & Associates 的最新收購，並在俄克拉荷馬城、達拉斯、休斯頓、聖安東尼奧和丹佛設有辦事處。 Stinnett & Associates 為眾多行業的各種規模的企業提供風險和諮詢服務，包括網絡安全和 SOX 合規性。通過此次收購，我們將為我們現有的風險和諮詢服務業務增加顯著的規模和人才。

Overall, our M&A pipeline continues to be very strong, and we have the financial capacity to remain aggressive in pursuing acquisitions. On that note, as Ware mentioned, I also want to point out that we recently expanded our credit facility to $600 million, up from $400 million. The amended agreement also extends the maturity date of 5 years and includes an accordion feature that allows for an additional $200 million of borrowing at a later date. This change allows us more flexibilities to support continued growth of the business and positions us to remain competitive as we pursue acquisitions.

總體而言，我們的併購渠道仍然非常強勁，我們有足夠的財務能力繼續積極尋求收購。在這方面，正如 Ware 所提到的，我還想指出，我們最近將信貸額度從 4 億美元擴大到 6 億美元。修改後的協議還延長了 5 年的到期日，並包括一個手風琴功能，允許在以後額外借款 2 億美元。這一變化使我們能夠更靈活地支持業務的持續增長，並使我們在進行收購時保持競爭力。

With that said, we'll move to Q&A.

話雖如此，我們將進入問答環節。

(Operator Instructions) Our first question comes from Chris Moore with CJS Securities.

（操作員說明）我們的第一個問題來自 CJS 證券公司的 Chris Moore。

So historically you've talked about 70% recurring revenue. With the Marks Paneth acquisition, is that moving closer to 75% or am I looking at their revenue in terms of recurring, not correctly?

所以從歷史上看，你談到了 70% 的經常性收入。隨著對 Marks Paneth 的收購，是接近 75% 還是我從經常性的角度來看待他們的收入，不正確？

Yes. Chris, this is Ware. Yes, I think you're right. In terms of the core accounting business, a lot of that business is recurring with annual tax engagements and then related [order] engagements and things like that. So the second half of the year is more project-based. But I think, if we've said 70% as a rough estimate in the past, it's probably a bit higher than that going forward.

是的。克里斯，這是潔具。是的，我認為你是對的。就核心會計業務而言，很多業務都是通過年度稅務約定以及相關的[訂單]約定和類似的事情反復出現的。所以下半年更多的是項目化。但我認為，如果我們過去將 70% 作為粗略估計，那麼未來可能會略高一些。

Got it. And maybe we can just dig into some of Jerry's opening comments a little bit in terms of the kind of the economic sensitivity of the project work or how recognizing the work is diversified in terms of focus and end markets. Maybe just talk a little bit further in terms of which areas are most sensitive.

知道了。也許我們可以從項目工作的經濟敏感性或如何認識到工作在重點和終端市場方面的多樣化方面稍微深入研究 Jerry 的一些開場評論。也許只是進一步談談哪些領域最敏感。

So Chris, it's Jerry. Yes. So a lot of the work that we do that is more project-oriented advisory services relate to acquisitions. And as we speak with our offices, speak with our various businesses, that market continues to be quite strong at this time. So as we look forward to the rest of the year, we are really sold out for those types of services for the foreseeable future. And the sentiment of the group is that, that will continue to remain strong through the rest of the year. We, of course, do a variety of other -- provide a variety of other services that are consulting and advisory. But those also look very promising based on the visibility that we have at this time.

所以克里斯，是傑瑞。是的。因此，我們所做的很多工作都是以項目為導向的諮詢服務與收購有關。當我們與我們的辦公室交談時，與我們的各種業務交談時，這個市場目前仍然非常強勁。因此，當我們期待今年餘下的時間時，在可預見的未來，這些類型的服務真的已經售罄。該集團的情緒是，這將在今年剩餘時間內繼續保持強勁。當然，我們還提供各種其他服務——提供各種其他諮詢和諮詢服務。但根據我們目前的知名度，這些看起來也很有希望。

Got it. Maybe just switch over to the balance sheet. So can you just remind us of the terms of the debt and kind of any impact you expect from rising interest rate environment?

知道了。也許只是切換到資產負債表。那麼，您能否提醒我們債務條款以及您對利率上升環境的預期影響？

Yes. Chris, this is Ware. Yes, we borrow on a variable rate basis. It's now SOFR as opposed to LIBOR. So we've made that transition, but we expect little to no incremental impact because of that. But with respect to rising interest rates, yes, we are being and we will be impacted. I'll just remind you that we have nearly $100 million of underlying synthetic swaps, if you will, to synthetically fix rates at pretty attractive longer-term rates. So a good portion of the variable is swapped into fixed.

是的。克里斯，這是潔具。是的，我們以浮動利率借款。它現在是 SOFR，而不是 LIBOR。所以我們已經完成了這種轉變，但我們預計不會因此產生任何增量影響。但是關於利率上升，是的，我們正在並且我們將受到影響。我只想提醒你，我們有近 1 億美元的基礎合成掉期，如果你願意的話，可以將利率綜合固定在相當有吸引力的長期利率上。因此，變量的很大一部分被交換為固定的。

And also we have kind of a natural balance sheet hedge to the extent that we're investing the client funds in our payroll business. As interest rates rise on the income yield side there, it serves as a balance sheet hedge against the expense side. It's not perfectly hedged, so we will be impacted, but those are the dynamics.

而且我們有一種自然的資產負債表對沖，我們將客戶資金投資於我們的工資業務。由於那裡的收入收益率方面的利率上升，它可以作為資產負債表對沖費用方面的對沖。它沒有完全對沖，所以我們會受到影響，但這些都是動態的。

Got it. And last one for me. Just maybe trying to compare free cash flow that was generated in '21 versus what you're expecting in '22. Obviously, the first half of the year, the working capital issues, et cetera, kind of how you look at '22 versus '21?

知道了。最後一個給我。只是可能試圖將 21 年產生的自由現金流與你在 22 年的預期進行比較。顯然，今年上半年，營運資金問題等等，您如何看待 22 年和 21 年？

Yes, Chris, we should be in a very similar position. Just remember, in '21, we had a couple of unusual items with respect to the settlement costs and things like that. And also, '21 was an extraordinarily good year for us. So there was a higher level of variable compensation accrued last year, and that came out of cash flow this year from a timing perspective. So those 2 things are going to factor in year-over-year. But other than that, with respect to working capital and the margin on the business, the underlying business, those are at least as strong, if not strengthening from where they were a year ago.

是的，克里斯，我們應該處於非常相似的位置。請記住，在 21 年，我們在結算成本等方面有一些不尋常的項目。而且，21 年對我們來說是非常好的一年。因此，去年產生了更高水平的可變薪酬，從時間的角度來看，這來自今年的現金流。因此，這兩件事將逐年影響。但除此之外，就營運資金和業務、基礎業務的利潤率而言，這些至少與一年前的水平一樣強勁，如果不是加強的話。

Having said all that, of course, we have the adjustments we talked about with respect to the integration costs and those things. So there's a lot of moving pieces and parts. But if your question really drives at the underlying health of the business, there's no reason for concern there.

說了這麼多，當然，我們談到了關於集成成本和那些事情的調整。所以有很多移動的部件和部件。但是，如果您的問題確實推動了企業的基本健康，那麼就沒有理由對此感到擔憂。

Our next question comes from Andrew Nicholas with William Blair.

我們的下一個問題來自 Andrew Nicholas 和 William Blair。

First one is just kind of on the M&A environment. You talked pretty constructively about the M&A pipeline, but just curious if the competitiveness of deals over the past several months has changed at all if pricing has continued to tick a bit higher given all the activity, particularly from private equity sponsors in this space. If you could just comment on that, Jerry, that would be great.

第一個只是關於併購環境。你非常建設性地談到了併購渠道，但只是好奇過去幾個月的交易競爭力是否發生了變化，如果考慮到所有活動，特別是來自該領域的私募股權贊助商的價格繼續上漲一點，那麼交易的競爭力是否發生了變化。如果你能對此發表評論，傑瑞，那就太好了。

Yes. Thanks, Andrew. You mentioned over the past couple of months. I wouldn't say that there's been a dramatic change over the past couple of months, but there has been a change over the past, say, 18 months within the financial services side in particular. Prior to that time, private equity really wasn't active in the space since they've entered, we have seen some more aggressive pricing still well within the range of our models and rates that would allow us to provide very favorable returns on our investments. But yes, the pricing there has gone up somewhat, certainly over the past 18 months.

是的。謝謝，安德魯。你在過去幾個月提到過。我不會說過去幾個月發生了巨大變化，但過去發生了變化，特別是在金融服務方面的 18 個月。在此之前，私募股權在進入該領域後實際上並不活躍，我們已經看到一些更激進的定價仍在我們的模型和利率範圍內，這將使我們能夠為我們的投資提供非常有利的回報.但是，是的，那裡的價格有所上漲，當然在過去的 18 個月裡。

Interestingly, on the Benefits and Insurance side, rates have more stabilized. They've not come down, but we had seen them kind of steadily pick up over a number of years and most recently have really stabilized there. So not dramatic changes in the pricing structure, but some changes certainly on the Financial Services side.

有趣的是，在福利和保險方面，費率更加穩定。它們並沒有下降，但我們已經看到它們在幾年內穩步回升，最近確實穩定在那裡。因此，定價結構不會發生巨大變化，但金融服務方面肯定會發生一些變化。

Great. Switching over to B&IS for a second. It sounds like I think you mentioned payroll and employee benefits consulting as being bellwethers. Can you expand on that and just maybe speak to the cyclical exposure of the underlying subsegments in that business a bit more?

偉大的。切換到 B&IS 一秒鐘。聽起來我認為您提到工資單和員工福利諮詢是領頭羊。您能否對此進行擴展，並可能更多地談談該業務中基礎子細分市場的周期性風險？

Yes, Andrew, this is Ware. Great question. And we do look at those as kind of bellwethers on the macroeconomic environment because we can track the number of transactions processed and that's an indicator of the employment levels within our clients. And I can tell you those are stable to strong year-to-date through the first 6 months. And we're not seeing any signs of weakness or degradation in those numbers.

是的，安德魯，這是 Ware。好問題。我們確實將這些視為宏觀經濟環境的領頭羊，因為我們可以跟踪處理的交易數量，這是我們客戶就業水平的指標。我可以告訴你，在最初的 6 個月裡，這些都是穩定到強勁的。我們沒有看到這些數字有任何疲軟或退化的跡象。

Great. And then, for my last question, I know it's a smaller part of the overall business, but -- and I understand just based on your last conversation or last answer that payroll does have some macro exposure. But are there other things going on in that business? Can you spend a little bit more time talking about potential share gains or increased cross-selling within that business? It seems like that's really starting to pick up gear a little bit after a few years of investment.

偉大的。然後，對於我的最後一個問題，我知道這是整個業務的一小部分，但是 - 我僅根據您的最後一次談話或最後一個答案了解到工資單確實有一些宏觀風險。但是，該行業還有其他事情發生嗎？你能多花點時間談論潛在的股票收益或增加該業務的交叉銷售嗎？經過幾年的投資，這似乎真的開始有點起色了。

Yes, couple of things, Andrew. First of all, as we've said in the past, there's really kind of 2 platforms in that business. The platform that we've had for many, many years really serves a mid-market client and a smaller client. That continues to be more stable for us, but not really where the growth is coming from. The growth within the kind of core payroll processing is coming from the new platform that we put in place probably 2.5, 3 years ago now, that is really kind of targeting a much larger client with much more sophisticated needs.

是的，有幾件事，安德魯。首先，正如我們過去所說，該行業確實有兩種平台。我們擁有多年的平台確實為中端市場客戶和小型客戶服務。這對我們來說仍然更加穩定，但並不是真正的增長來自哪裡。核心工資單處理的增長來自我們可能在 2.5、3 年前推出的新平台，這實際上是針對具有更複雜需求的更大客戶。

The reason strategically that, that's important to us is because that's exactly the profile of the client that lends itself to cross-serving on our employee benefit side of the business. And we've had encouraging success not only in being able to serve that client with a core payroll platform that is much more robust than the legacy product that we've had in the past, but also with them being able to cross-serve our client, cross penetrate that client with employee benefits. Early innings, and we want to make sure that we're, of course, doing an exceptional job just on the payroll side. But we are now turning our sights to going back to clients that have transitioned out of those platforms to then start having more active discussions around other services that we can provide for them, including employee benefits.

從戰略上講，這對我們很重要，因為這正是客戶的概況，它有助於在我們的員工福利方面進行交叉服務。我們取得了令人鼓舞的成功，不僅能夠為該客戶提供比我們過去擁有的傳統產品更強大的核心薪資平台，而且他們能夠交叉服務於我們的客戶，通過員工福利交叉滲透該客戶。早期的一局，我們當然要確保我們在工資方面做得非常出色。但我們現在正將目光轉向已經從這些平台過渡的客戶，然後開始圍繞我們可以為他們提供的其他服務（包括員工福利）進行更積極的討論。

(Operator Instructions) Our next question comes from Marc Riddick with Sidoti.

（操作員說明）我們的下一個問題來自 Marc Riddick 和 Sidoti。

So I wanted to go back to some of the prepared remarks that you had, so I wanted to focus on the commentary that you had around pricing. And I was wondering if you could sort of maybe give us a little bit more commentary there. But certainly, the strength of the business seems to give you that opportunity, which you indicated, but I was wondering if you could maybe put a little more commentary behind that to maybe what are some of the things that are maybe different than what you may have done in the past and sort of how that benefit is sort of showing up already.

所以我想回到你準備好的一些評論，所以我想專注於你對定價的評論。我想知道你是否可以給我們更多的評論。但可以肯定的是，業務的實力似乎給了你這個機會，正如你所指出的，但我想知道你是否可以在這之後多加一點評論，也許有些事情可能與你可能的不同過去已經做過，而且這種好處已經顯現出來了。

Yes. Great question. So certainly compared to the past, some time ago, I would say probably 5 years ago, we made substantial investments in our systems and our processes around pricing. What that allowed us to do is to have greater visibility, and let's just talk about the financial services side, the accounting side of the business for a moment. Greater visibility into the profitability and the revenue that we are generating from each client by engagement, we had never had that before. And by the way, I think probably other than the big 4, we haven't talked to any of the other firms that have that as well. So we've made those investments.

是的。好問題。因此，與過去相比，一段時間前，我會說可能是 5 年前，我們在定價方面對我們的系統和流程進行了大量投資。這使我們能夠做的是提高知名度，讓我們暫時談談金融服務方面，即業務的會計方面。更好地了解我們通過參與從每個客戶那裡產生的盈利能力和收入，這是我們以前從未有過的。順便說一句，我認為可能除了四大之外，我們還沒有與其他任何一家也有這方面的公司進行過交談。所以我們進行了這些投資。

We have visibility into the pricing, the revenue and profitability by client, by engagement, that allowed us and also great reporting now our systems give us the reporting that allows us to go back to our offices, share that information with our offices, work with the client relationship manager to make sure that we're pricing those engagements at the right level and that receiving the right margin on those engagements. And ever since we did that, we see steady increase in pricing and profitability by engagement. That continues to this day, and that's really largely what we're seeing in the results is driving a good part of the organic growth that we're experiencing in the practice.

我們可以通過參與度了解客戶的定價、收入和盈利能力，這使我們能夠提供出色的報告，現在我們的系統為我們提供了報告，使我們能夠返回辦公室，與辦公室共享該信息，與客戶關係經理，以確保我們在正確的水平上對這些約定進行定價，並確保這些約定獲得正確的利潤。自從我們這樣做以來，我們看到參與度的定價和盈利能力穩步提高。這種情況一直持續到今天，這在很大程度上是我們在結果中看到的，這在很大程度上推動了我們在實踐中經歷的有機增長。

We've now taken both systems in that reporting and brought it also to our advisory business. So it's now starting to be used within those businesses. And we're also starting just in the early stages, early innings to bring it into some of the other portions of our business on the benefits and insurance side. So more to come, but early innings, great results and really kind of a game changer for us as far as driving organic growth.

我們現在已經在該報告中採用了這兩個系統，並將其也帶到了我們的諮詢業務中。所以它現在開始在這些企業中使用。而且我們也只是在早期階段開始，早期階段將其帶入我們在福利和保險方面的其他一些業務部分。未來還會有更多，但在推動有機增長方面，早期的局面、出色的成績以及對我們來說確實是一種改變遊戲規則的方式。

That's really helpful. And then, I want to thank you also for a lot of the commentary and certainly there was a lot that was covered in your prepared remarks, and so I certainly really appreciate that because quite frankly that knocked out about 3/4 of my questions. But I do still have a couple of things to add. I wanted to see if you could sort of bring us up to speed on you made commentary on CapEx. Could you give us an update as to -- I know you've got your headquarters move. Is there anything we should be thinking about from a timing expense thoughts there? And then finally, going back to a topic that's near and dear to my heart, maybe what you're looking at for your advertising expectations for the year.

這真的很有幫助。然後，我還要感謝你的大量評論，當然你準備好的發言中涵蓋了很多內容，所以我當然非常感謝，因為坦率地說，這解決了我大約 3/4 的問題。但我還有幾件事要補充。我想看看您是否可以讓我們了解您對資本支出的評論。你能給我們提供一個最新消息嗎——我知道你的總部已經搬遷了。從那裡的時間費用想法中我們應該考慮什麼？最後，回到一個我心頭很近的話題，也許是你對今年的廣告期望的看法。

I'm sorry, Marc, you broke up there a little bit at the end. The second part of that question is the one that's near and dear to your heart is, could you repeat that for us, please?

對不起，馬克，你最後分手了一點。該問題的第二部分是您最關心的問題，請您為我們重複一遍，好嗎？

The advertising expectations in the commercial [spend from that].

商業廣告中的廣告期望[從中花費]。

Yes. Take the first.

是的。拿第一個。

Okay. Marc, this is Ware. On CapEx and for a business our size, it's pretty nominal at $10 million to $12 million a year. It's primarily driven by facilities where we upgrade tenant finishes and furniture and things like that periodically, and we do refresh every 8 to 10 years as we cycle through the various lease maturities. And that drives much of what you see on CapEx.

好的。馬克，這是潔具。在資本支出和我們這種規模的企業中，每年 1000 萬到 1200 萬美元是相當名義上的。它主要是由我們定期升級租戶裝修和家具等設施的驅動的，並且我們每 8 到 10 年更新一次，因為我們在各種租約到期期間循環。這推動了您在資本支出上看到的大部分內容。

With respect to the headquarters, it's under construction. It's going well. We believe our tenant -- and that's the general building. Our tenant improvement portion may kick in closer to fourth quarter this year, maybe a bit in late third quarter. But that -- you'll see a portion of it, but not -- it's not going to be a major portion of -- and I would not change the $10 million estimate that I gave you for the full year incorporates that into that estimate.

關於總部，它正在建設中。進行得順利。我們相信我們的租戶——那是一般的建築。我們的租戶改善部分可能會在今年接近第四季度，也許在第三季度末開始。但是——你會看到其中的一部分，但不會——這不會是主要部分——而且我不會改變我給你的全年 1000 萬美元的估計，將其納入該估計.

Yes, Marc, just a couple -- a little color around that, and then I'll go to advertising. While it's our headquarters, and we're really excited about our new facility and our new home and what that means for us in kind of office of the future, it is one location of over 100 around the country. So yes, we'll have some expense connected with the construction of that building, but it won't materially impact our overall balance sheet or overall financial results. And as Ware said, it's well within the normal CapEx spending that you would see within the business.

是的，Marc，只是一對——周圍有點色彩，然後我會去廣告。雖然它是我們的總部，我們對我們的新設施和新家以及這對我們未來辦公室的意義感到非常興奮，但它是全國 100 多個辦公地點之一。所以，是的，我們將有一些與該建築物的建造有關的費用，但它不會對我們的整體資產負債表或整體財務業績產生重大影響。正如 Ware 所說，這完全在您在業務中看到的正常資本支出之內。

Your second question was around advertising. We're also excited there. We had our first flight in the first half of the year of national cable advertising campaigns. We're going to have a second flight in the fall here, and we will continue to even bolster that, I think, in the 2023 and going forward. As we continue to get larger, we need to continue to do more in that area, and we're having discussions on where those dollars should be spent and where they have the most impact, but we continue to build on our brand and you see that in our results.

你的第二個問題是關於廣告的。我們在那裡也很興奮。我們在全國有線廣告活動的上半年進行了首次飛行。我們將在秋季在這裡進行第二次飛行，我認為，我們將在 2023 年和未來繼續加強這一點。隨著我們的規模不斷擴大，我們需要繼續在該領域做更多的事情，我們正在討論這些資金應該花在哪里以及它們產生最大影響的地方，但我們會繼續建立我們的品牌，你看在我們的結果中。

(Operator Instructions) Showing no further questions, I would like to turn the conference back over to Jerry Grisko for any closing remarks.

（操作員說明）沒有其他問題，我想將會議轉回給 Jerry Grisko 進行任何閉幕詞。

Thank you. And as we wrap up today, I want to take this opportunity, as we always do, to thank our shareholders and analysts for your continued support, and also to take this opportunity to share our appreciation for our team. As a team, we pride ourselves in providing exceptional client service to our clients and our commitment to be there for them as their most trusted adviser and an extension of your team. This is only possible as a result of the dedication of our entire team from those who directly serve our clients to those who work behind the scenes to support our shared commitment to our clients.

謝謝你。在我們今天結束之際，我想像往常一樣利用這個機會感謝我們的股東和分析師一直以來的支持，並藉此機會分享我們對我們團隊的感激之情。作為一個團隊，我們以為客戶提供卓越的客戶服務而自豪，並承諾作為他們最值得信賴的顧問和您團隊的延伸為他們服務。這只有在我們整個團隊從直接為客戶服務到幕後工作以支持我們對客戶的共同承諾的奉獻精神的情況下才有可能實現。

As I reflect on our performance for the first 6 months of the year, I'm so incredibly proud of how hard our team has worked every day to bring our mission and our values to life. For all of our team members listening today, thank you for your continued dedication and support.

當我回顧我們今年前 6 個月的表現時，我為我們的團隊每天為實現我們的使命和價值觀而付出的努力感到無比自豪。對於我們今天聆聽的所有團隊成員，感謝您一直以來的奉獻和支持。

And with that, we'll conclude our call. Thank you, and enjoy the day.

至此，我們將結束我們的通話。謝謝你，享受這一天。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連接。