CBIZ Inc (CBZ) 2022 Q3 法說會逐字稿

Good day, and welcome to the CBIZ Third Quarter 202 Results Conference Call. (Operator Instructions). I would now like to turn the conference over to Lori Novickis, Director of Corporate Relations. Please go ahead.

美好的一天，歡迎參加 CBIZ 202 年第三季度業績電話會議。 （操作員說明）。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 Third Quarter and 9 Months 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. A link to the live webcast can also be found on our site. The archived replay and transcript will also be made available following the call.

大家早上好，感謝您參加 CBIZ 第三季度和 9 個月 2022 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。在我們的網站上也可以找到實時網絡廣播的鏈接。通話後也將提供存檔的重播和成績單。

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. Today's call may also include forward-looking statements regarding our business, financial condition, results of operations, cash flows, strategies and prospects.

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。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。

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 CEBOS 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.

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出現重大差異，CEBOS 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 Jerome Grisko, President and Chief Executive Officer; and Ware Grove, Chief Financial Officer. I will now turn the call over to Jerome for his opening remarks. Jerome?

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

Thank you, Lori. Good morning, everyone. Thank you for joining us for today's call. We are pleased to report that the very strong results that we experienced during the first half of this year have continued through the third quarter with impressive revenue growth coming from every major service line of our business. Within our Financial Services group, we continue to experience strong demand across all 3 major service lines, those being our core accounting businesses, our advisory businesses and our government health care consulting business. We're also pleased to report that our recent acquisitions within this group are in total performing in line with expectations and making a positive contribution to our overall results.

謝謝你，洛里。大家，早安。感謝您加入我們今天的電話會議。我們很高興地報告，我們在今年上半年取得的非常強勁的業績一直持續到第三季度，我們業務的每個主要服務線都帶來了令人印象深刻的收入增長。在我們的金融服務集團內，我們繼續在所有 3 條主要服務領域遇到強勁的需求，這些服務是我們的核心會計業務、諮詢業務和政府醫療保健諮詢業務。我們也很高興地報告，我們最近在該集團內的收購總體表現符合預期，並為我們的整體業績做出了積極貢獻。

Organic revenue growth within our Financial Services group was 14.4% for the third quarter and 12% year-to-date, which reflects our continued success in hiring and our ability to improve pricing for our services. While the market for talent remains very competitive, our investment over the past several years to expand our recruitment team has allowed us to add the talent needed to keep up with robust client demand.

我們金融服務集團第三季度的有機收入增長為 14.4%，年初至今為 12%，這反映了我們在招聘方面的持續成功以及我們提高服務定價的能力。雖然人才市場競爭仍然非常激烈，但過去幾年我們為擴大招聘團隊所做的投資使我們能夠增加所需的人才，以滿足強勁的客戶需求。

Also, our ability to drive pricing increases as a result of the significant investments that we have made in systems, reporting tools and training to equip our team to have better visibility into pricing and profitability trends by client and by service line. Our pricing discipline should also serve us well if faced with a more competitive environment in the future. As a reminder, certain of our advisory services tend to be more discretionary by our clients, which make them less predictable to forecast than the more recurring essential services that we provide.

此外，由於我們在系統、報告工具和培訓方面進行了大量投資，以使我們的團隊能夠更好地了解客戶和服務線的定價和盈利趨勢，我們推動定價增長的能力。如果未來面臨更具競爭性的環境，我們的定價紀律也應該為我們服務。提醒一下，我們的某些諮詢服務往往由客戶自行決定，這使得他們比我們提供的更經常性的基本服務更難以預測。

So far this year, we continue to experience high demand for new work and have also had success in expanding existing projects. Also, the pipeline of work for the remainder of the year appears strong, although we have noticed that the scope of certain deal-related engagements has reduced, and the time frame for completing that work has extended, which may indicate that M&A deal flow for some of our clients is beginning to slow.

今年到目前為止，我們繼續感受到對新工作的高需求，並且在擴展現有項目方面也取得了成功。此外，今年剩餘時間的工作似乎很強勁，儘管我們注意到某些與交易相關的業務範圍已經縮小，完成這項工作的時間框架已經延長，這可能表明併購交易流向我們的一些客戶開始放緩。

Now moving on to our Benefits and Insurance group. With organic revenue growth of 7.3% for the third quarter and 8.6% year-to-date, we also continue to experience strong results from our 4 major service lines within this division. Those being our employee benefits business, property and casualty insurance business, Retirement and Investment Solutions business and our payroll business.

現在轉到我們的福利和保險組。第三季度有機收入增長 7.3%，年初至今增長 8.6%，我們在該部門的 4 個主要服務線也繼續取得強勁業績。這些是我們的員工福利業務、財產和意外傷害保險業務、退休和投資解決方案業務以及我們的工資業務。

Similar to last quarter, strong sales, high client retention rates and favorable trend in employee benefits, Property & Casualty and payroll are supporting our performance across this division. Within our Retirement and Investment Solutions service line, we have a portion of our business where our fees are tied to assets under management. And those fees are down year-to-date based on the performance of the market. At the same time, we have more than made up for that impact as a result of increased fees in other areas of this business, favorable retention rates and strong sales.

與上一季度類似，強勁的銷售、高客戶保留率以及員工福利、財產和意外險和工資單方面的有利趨勢正在支持我們在該部門的表現。在我們的退休和投資解決方案服務線中，我們有一部分業務的費用與管理的資產掛鉤。根據市場表現，這些費用今年迄今有所下降。與此同時，由於該業務其他領域的費用增加、良好的保留率和強勁的銷售，我們已經彌補了這一影響。

As we've discussed on past calls, a key driver of organic growth within our Benefits and Insurance group is our ability to continue to add new producers. We are pleased to report that our producer count within both Employee Benefits and Property & Casualty is up over last year, and our total producer pool for the entire benefits in Insurance division is expected to be up by year-end.

正如我們在過去的電話會議中所討論的那樣，我們的福利和保險集團內有機增長的一個關鍵驅動力是我們繼續增加新生產者的能力。我們很高興地報告說，我們在員工福利和財產和意外險中的生產者數量比去年有所增加，而我們保險部門整個福利的生產者總數預計將在年底前增加。

Based on our strong financial performance for the first 9 months of this year and our current outlook for the fourth quarter, we're pleased to be in a position to raise our revenue and earnings per share guidance for the full year and where we'll provide the specific targets in his comments. With this, I will turn it over to Ware to review the details of our financial performance for the third quarter and our guidance for the full year 2022. Ware?

基於我們今年前 9 個月的強勁財務表現和我們目前對第四季度的展望，我們很高興能夠提高我們全年的收入和每股收益指引，以及我們將在哪裡在他的評論中提供具體目標。有了這個，我將把它交給 Ware 來審查我們第三季度財務業績的細節以及我們對 2022 年全年的指導。Ware？

Thank you, Jerome, and good morning, everyone. Let me take a few minutes to talk about the key highlights of the third quarter and year-to-date numbers we released this morning. As Jerome commented, the strong momentum we saw throughout our business earlier this year has continued through the third quarter. Total revenue in the third quarter increased by $80.5 million, up by 28.5% over third quarter a year ago. Third quarter same unit revenue was up by 12.3% with acquisitions contributing 16.2% to growth compared with last year.

謝謝你，杰羅姆，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三季度的主要亮點和年初至今的數據。正如杰羅姆所說，今年早些時候我們在整個業務中看到的強勁勢頭一直持續到第三季度。第三季度總收入增加了 8050 萬美元，比去年第三季度增長了 28.5%。第三季度同單位收入增長 12.3%，與去年相比，收購貢獻了 16.2% 的增長。

For the 9 months this year, total revenue grew by $254.8 million, up by 29.6% compared with last year. Same-unit revenue for the 9 months grew by 11.1%, with acquisitions contributing 18.5% to revenue growth for the 9 months this year compared with last year. Within Financial Services, for the third quarter, total revenue grew by $72.8 million, up 38.9%. The Same unit revenue for the third quarter was up by 14.4% with strong revenue growth throughout traditional core accounting services, advisory services and government health care consulting services.

今年 9 個月，總收入增長 2.548 億美元，同比增長 29.6%。 9 個月同單位收入增長 11.1%，與去年相比，收購對今年 9 個月收入增長貢獻了 18.5%。在金融服務領域，第三季度總收入增長 7280 萬美元，增長 38.9%。第三季度同一單位收入增長 14.4%，傳統核心會計服務、諮詢服務和政府醫療保健諮詢服務的收入增長強勁。

For the 9 months, total revenue within Financial Services grew by 39.8% and same-unit revenue for the 9 months was up 12.0%. Within Benefits and Insurance, same unit revenue in the third quarter grew by 7.3%. And for the 9 months, same-unit revenue grew by 8.6%. We continue to see strong client retention and strong new client production. The investments we have made in recent years to hire and increase the number of new business producers has continued to gain traction.

9 個月，金融服務總收入增長 39.8%，9 個月同單位收入增長 12.0%。在福利和保險方面，第三季度的同一單位收入增長了 7.3%。連續 9 個月，同單位收入增長了 8.6%。我們繼續看到強大的客戶保留和強大的新客戶生產。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。

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 this year and beyond.

我們將繼續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招聘更多的生產商。

Acquisition activity in 2021 and through this year of 2022 was focused primarily within our financial services business. The newly acquired businesses are contributing to this robust total revenue growth. These acquisitions will continue to perform well. But as we lap these mid-21 acquisitions, the growth rate in total revenue attributed to '21 acquisition activity will naturally moderate. Bear in mind, as you look at earnings per share for the third quarter and for the 9 months compared with a year ago, my comments today reference adjusted results and adjusted earnings per share in both periods.

2021 年和到 2022 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。這些收購將繼續表現良好。但隨著我們對這些 21 年中期的收購進行分析，歸因於 21 年收購活動的總收入增長率自然會放緩。請記住，當您查看與一年前相比的第三季度和 9 個月的每股收益時，我今天的評論參考了兩個時期的調整後結果和調整後的每股收益。

A year ago in the second quarter of 2021, we adjusted results to eliminate the impact of the $30.5 million UPMC 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 $0.41 per share for the third quarter, and we reported $1.84 per share for the 9 months.

一年前的 2021 年第二季度，我們調整了結果以消除 3050 萬美元 UPMC 結算成本的影響。此外，我們還消除了去年第二季度記錄的出售業務的 640 萬美元收益。在調整後的基礎上，我們在 2021 年第三季度報告了每股 0.41 美元，我們報告了 9 個月的每股 1.84 美元。

This year, in 2022, we announced the acquisition of Mahoney Cohen effective January 1. We estimated annual revenue of approximately $138 million, and we also outlined anticipated first year nonrecurring transaction and integration costs that were associated or would be associated with the acquisition. We are extremely pleased to have the Mahoney Cohen team on board and the business is performing in line with initial expectations.

今年，即 2022 年，我們宣布從 1 月 1 日起收購 Mahoney Cohen。我們估計年收入約為 1.38 億美元，我們還概述了與收購相關或將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 Mahoney Cohen 團隊的加入，業務的表現符合最初的預期。

During the third quarter and for the 9 months this year, we have incurred approximately $1.3 million and $9.3 million, respectively, of one time first year nonrecurring transaction and integration costs. These nonrecurring costs represent approximately $0.02 per share for the quarter and approximately $0.13 per share for the 9 months.

在第三季度和今年的 9 個月中，我們分別產生了大約 130 萬美元和 930 萬美元的第一年一次性非經常性交易和整合成本。這些非經常性成本在本季度約為每股 0.02 美元，在 9 個月內約為每股 0.13 美元。

In addition, in the third quarter this year, we recorded a gain of $2.4 million related to the sale of a small specialty noncore book of business in our property and casualty line of service. This $2.4 million gain is recorded as other income and represents approximately $0.03 per share for the quarter and for the 9 months. With these items in mind, and with a view towards presenting meaningful comparable information, eliminating the impact of the items I mentioned, adjusted earnings per share for the third quarter this year is $0.51, up 24.4% compared with the adjusted earnings per share in '21 of $0.41.

此外，在今年第三季度，我們錄得 240 萬美元的收益，這與出售我們的財產和意外傷害服務線中的小型專業非核心業務賬簿有關。這 240 萬美元的收益記錄為其他收入，相當於本季度和 9 個月的每股約 0.03 美元。考慮到這些項目，並著眼於提供有意義的可比信息，消除我提到的項目的影響，今年第三季度的調整後每股收益為 0.51 美元，與 ' 21 美元，共 0.41 美元。

For the 9 months, adjusted earnings per share this year is $2.31, up 25.5% compared with adjusted earnings per share of $1.84 last year. Adjusted EBITDA, considering these same adjustments, was $194.5 million for the 9 months this year, up 26.7% over adjusted EBITDA of $153.5 million last year. Without going into detail during this call, a table reconciling reported GAAP numbers to these adjusted earnings per share and adjusted EBITDA numbers that I'm referencing is included in the earnings release issued this morning, so you can see the details of the items included to arrive at adjusted numbers.

今年 9 個月調整後每股收益為 2.31 美元，比去年調整後每股收益 1.84 美元增長 25.5%。考慮到這些相同的調整，今年 9 個月的調整後 EBITDA 為 1.945 億美元，比去年調整後的 EBITDA 1.535 億美元增長 26.7%。在本次電話會議期間沒有詳細介紹，今天上午發布的收益發布中包含了一個表格，將報告的 GAAP 數字與這些調整後的每股收益和調整後的 EBITDA 數字進行核對，因此您可以查看包含的項目的詳細信息得出調整後的數字。

During last year and into the first quarter this year, after seeing artificially low levels of expenses through the pandemic, we talked about the level of health care and benefit costs, travel and entertainment expense and marketing expenses that are normalizing to higher levels. For the first 9 months of this year, these expenses represented an approximate 100 basis points headwind to margin on income before tax compared with the lower levels experienced in 2021.

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，我們談到了醫療保健和福利成本、旅行和娛樂費用以及營銷費用的水平正在正常化到更高的水平。今年前 9 個月，與 2021 年的較低水平相比，這些費用對稅前收入利潤率的影響約為 100 個基點。

While we are seeing increases this year versus last year, these expenses, most notably travel and entertainment expense are expected to level out at approximately 100 basis points lower than pre-pandemic levels in 2019. As we continue to enhance revenue growth with intentional outreach efforts to clients and to new business prospects, we expect that these costs would present headwinds this year.

雖然我們看到今年與去年相比有所增加，但這些費用，尤其是旅行和娛樂費用，預計將在 2019 年比大流行前水平低約 100 個基點。隨著我們通過有意識的外展工作繼續提高收入增長對於客戶和新的業務前景，我們預計這些成本將在今年帶來不利影響。

Comparing year-over-year adjusted results for the 9 months ended September this year, pretax income margin was down 40 basis points. The expense items I described represent approximately 100 basis points of headwinds. And aside from the intentional increase in T&E and other increased expenses in the short list of items that I mentioned, we are happy to be leveraging other costs. 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.

比較截至今年 9 月的 9 個月的同比調整結果，稅前利潤率下降了 40 個基點。我描述的費用項目代表了大約 100 個基點的不利因素。除了在我提到的短清單中有意增加 T&E 和其他增加的費用外，我們很高興能夠利用其他成本。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。

Cash flow from operations continues to be solid. Earlier this year, we amended our unsecured credit facility to increase availability from $400 million to $600 million, and we extended the maturity by 5 years. At September 30, the balance outstanding on the newly upsized $600 million unsecured facility was $271.1 million with about $311 million of unused capacity.

營運現金流繼續穩健。今年早些時候，我們修改了我們的無擔保信貸額度，將可用性從 4 億美元增加到 6 億美元，並將期限延長了 5 年。截至 9 月 30 日，新增加的 6 億美元無擔保貸款的未償餘額為 2.711 億美元，未使用容量約為 3.11 億美元。

In the 9 months this year, we've used approximately $95.8 million for acquisition purposes, including earnouts on acquisitions that were closed in previous years. In the third quarter, we announced the acquisition of Stent and Associates that was effective July 1. The with the Stena transaction, combined with estimated earn-out payments on previously closed transactions, for acquisition purposes, we expect to use $13.5 million over the remainder of 2022, approximately $50 million in 2023, $46.5 million in 2024 and $27 million in 2025. Since the end of 2019, we have closed 15 transactions and we have deployed approximately $268 million of capital for acquisition purposes, including earnouts on payments over that time.

在今年的 9 個月中，我們已將大約 9580 萬美元用於收購目的，包括前幾年完成的收購的收益。在第三季度，我們宣布了對 Stent and Associates 的收購，該交易於 7 月 1 日生效。通過 Stena 的交易，再加上之前完成交易的估計盈利支付，我們預計將在剩餘部分使用 1350 萬美元2022 年，2023 年約為 5000 萬美元，2024 年為 4650 萬美元，2025 年為 2700 萬美元。自 2019 年底以來，我們已完成 15 筆交易，我們已將約 2.68 億美元的資本用於收購目的，包括在此期間的付款收益.

In addition to using funds for acquisitions during the third quarter, we repurchased approximately 744,000 shares of our common stock. Through September 30, we have repurchased approximately 1.6 million shares in the open market at a cost of approximately $68 million. Since September 30, under a 10b program, we've repurchased approximately 400,000 additional shares, making the total shares repurchased through October 26, approximately 2 million shares this year.

除了在第三季度使用資金進行收購外，我們還回購了大約 744,000 股普通股。截至 9 月 30 日，我們在公開市場上回購了約 160 萬股股票，成本約為 6800 萬美元。自 9 月 30 日以來，根據 10b 計劃，我們已經回購了大約 400,000 股額外股份，使截至 10 月 26 日回購的股份總數約為今年的 200 萬股。

To recap repurchase activity in recent years, since the end of 2019, we have repurchased a total of approximately 7.3 million shares, representing about 13% of shares outstanding compared to the end of 2019. Approximately $236 million of capital has been used towards this repurchase activity since 2019.

回顧近年來的回購活動，自 2019 年底以來，我們共回購了約 730 萬股，與 2019 年底相比，約佔已發行股份的 13%。本次回購已使用約 2.36 億美元的資金自 2019 年以來的活動。

The balance sheet at September 30 is strong with leverage of approximately 1.5x of adjusted EBITDA. This provides plenty of capacity to continue with strategic acquisitions and provides the flexibility to continue with share repurchases. DSO on September 30 was 93 days compared with 88 days a year ago. Bad debt expense for the first 9 months was 12 basis points of revenue compared with 7 basis points a year ago. Depreciation and amortization for the third quarter was $8.2 million versus $7.0 million last year. Year-to-date, depreciation and amortization is $24.7 million compared with $19.9 million last year. Capital spending for the third quarter was $2.4 million and a $6 million for the 9 months. For the full year of '22, we're expecting capital spending to be approximately $10 million.

9 月 30 日的資產負債表強勁，槓桿率約為調整後 EBITDA 的 1.5 倍。這為繼續進行戰略收購提供了充足的能力，並為繼續進行股票回購提供了靈活性。 9 月 30 日的 DSO 為 93 天，而一年前為 88 天。前 9 個月的壞賬支出為收入的 12 個基點，而一年前為 7 個基點。第三季度的折舊和攤銷為 820 萬美元，而去年為 700 萬美元。年初至今，折舊和攤銷為 2470 萬美元，而去年為 1990 萬美元。第三季度的資本支出為 240 萬美元，前 9 個月為 600 萬美元。 22 年全年，我們預計資本支出約為 1000 萬美元。

With a recent rapid rise in interest rates, we are seeing an impact in interest expense, we have $115 million of fixed rate swaps in place to hedge the full impact of rising rates. But for the third quarter and year-to-date, we reported an increase in interest expense that impacted margin by approximately 20 basis points of revenue.

隨著最近利率的快速上升，我們看到了利息支出的影響，我們有 1.15 億美元的固定利率掉期來對沖利率上升的全部影響。但對於第三季度和年初至今，我們報告了利息費用的增加，這對收入的利潤率造成了大約 20 個基點的影響。

In addition to the fixed rate swaps with investment income earned on client funds, there is also a natural balance sheet hedge to further mitigate the impact of rising rates. The effective tax rate for the 9 months this year was 26%, and that was up from 24.5% 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 several factors. 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 pleased that our performance has exceeded the higher end of that range. But with 100 basis points or more impact of the items I outlined earlier, the margin on pretax income may be relatively flat this year compared with prior year.

除了利用客戶資金賺取的投資收益進行固定利率掉期外，還有一種自然的資產負債表對沖，以進一步減輕利率上升的影響。今年 9 個月的有效稅率為 26%，高於一年前的 24.5%。然而，對於今年全年，我們繼續預計有效稅率接近 25%，儘管由於幾個因素，這可能會更高或更低。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。當您回顧近年來，我們很高興我們的表現已經超過了該範圍的高端。但由於我之前概述的項目的影響為 100 個基點或更多，與去年相比，今年的稅前收入利潤率可能相對持平。

Looking ahead, the recurring and essential nature of many of our services provide stability through economic cycles. Through the third quarter this year, as we look at employment-driven metrics impacting benefits and in our payroll business, we are seeing continued signs of steady and strong employment within our clients. As we look further ahead and recognize the potential for economic slowdown, if we encounter pressure on revenue growth with a number of variable items in our cost structure, we can take measures to mitigate the impact. 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, leveraging costs and protecting 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, coupled with strong client retention, and that is driving revenue growth.

展望未來，我們許多服務的經常性和基本性質在經濟周期中提供穩定性。到今年第三季度，當我們研究影響福利和工資業務的就業驅動指標時，我們看到客戶就業穩定和強勁的持續跡象。隨著我們進一步展望並認識到經濟放緩的潛力，如果我們在成本結構中遇到許多可變項目對收入增長的壓力，我們可以採取措施減輕影響。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，尤其是在我們的福利和保險集團內的投資已經獲得了關注，我們看到了強勁的新業務，加上強大的客戶保留率，這正在推動收入增長。

Results for the 9 months are very strong. As we look at the balance of the year, we are comfortable increasing full year '22 guidance as follows: We expect total revenue to increase within a range of 26% to 28% over the $1.1 billion reported in 2021. On an adjusted basis, we expect 2022 adjusted earnings per share to increase within a range of 26% to 28% over the adjusted earnings per share of $1.66 reported last year. GAAP reported earnings per share is expected to increase within a range of 48% to 51% over $1.32 reported in 2021. The effective tax rate for the full year of '22 is expected at approximately 25%. As I mentioned earlier, this can be impacted either up or down by a number of factors. Fully diluted weighted average share count is expected within a range of 52.5 million to 53 million shares for the full year this year. So with these comments, I will conclude, and I'll turn it back over to Jerome.

9 個月的結果非常強勁。當我們查看今年的餘額時，我們很樂意將 22 年全年指引提高如下：我們預計總收入將比 2021 年報告的 11 億美元增長 26% 至 28%。在調整後的基礎上，我們預計 2022 年調整後每股收益將比去年報告的調整後每股收益 1.66 美元增長 26% 至 28%。 GAAP 報告的每股收益預計將比 2021 年報告的 1.32 美元增長 48% 至 51%。22 年全年的有效稅率預計約為 25%。正如我之前提到的，這可能會受到許多因素的影響。今年全年，完全攤薄加權平均股數預計在 5250 萬股至 5300 萬股之間。因此，有了這些評論，我將得出結論，並將其轉回給杰羅姆。

Thank you, Ware. Before we move to Q&A, I want to touch on what we're hearing from our clients, the fundamental attributes of our business that we believe will allow us to continue our strong performance even if the business climate becomes more challenging and provide a brief update on our M&A activity.

謝謝你，韋爾。在我們進行問答之前，我想談談我們從客戶那裡聽到的內容，我們認為即使商業環境變得更具挑戰性，我們業務的基本屬性也將使我們能夠繼續保持強勁的表現，並提供簡短的更新關於我們的併購活動。

Every quarter, we informally survey a broad cross-section of our clients to get a feel for their outlook on the economy and the prospects for their business. While responses vary across our wide range of clients, the geographies they serve and their industries, our clients generally remain optimistic about their performance through the end of this year. Although longer term, there is an increasing level of concern about rising interest rates, the rate of inflation, threats of an economic downturn, shortages of skilled labor and continued supply chain challenges. With those items and all the discussions around the possibility of a more challenging business climate in the months ahead, I want to take this opportunity to emphasize how the strength of our business model, combined with our long-term investments in our people, service offerings, systems and tools, position us to continue to perform relatively well even in less favorable business climates.

每個季度，我們都會對廣泛的客戶進行非正式調查，以了解他們的經濟前景和業務前景。雖然我們廣泛的客戶、他們所服務的地區和他們的行業的反應各不相同，但我們的客戶普遍對他們到今年年底的表現保持樂觀。儘管從長期來看，人們對利率上升、通貨膨脹率、經濟衰退的威脅、熟練勞動力的短缺和持續的供應鏈挑戰的擔憂程度越來越高。有了這些項目以及圍繞未來幾個月可能面臨更具挑戰性的商業環境的所有討論，我想藉此機會強調我們的商業模式的實力，以及我們對員工、服務產品的長期投資，系統和工具，使我們即使在不太有利的商業環境中也能繼續表現相對較好。

The fundamental attributes of our business model include that approximately 75% of our revenue trumps from essential and recurring services. That's work that our clients need us to perform regardless of the business climate. And of the remaining 25% of the more project-oriented work, we often see continued demand for a good portion of that work even in slower economic periods, although the service is provided and the scope of engagements may be different. Other positive attributes of our business are that we enjoy very high rates of client retention at approximately 90%. We operate over a broad geographic footprint. We have a diverse client base with regard to their size and industries, and we provide strong and consistent cash flow, all of which have historically allowed us to remain resilient and approach changes in the business environment from a position of strength.

我們商業模式的基本屬性包括我們大約 75% 的收入來自基本和經常性服務。無論商業環境如何，我們的客戶都需要我們執行這項工作。在其餘 25% 的項目導向型工作中，我們經常看到即使在經濟放緩的時期，對大部分工作的持續需求也是如此，儘管提供的服務和參與的範圍可能不同。我們業務的其他積極屬性是我們享有非常高的客戶保留率，約為 90%。我們在廣泛的地理範圍內開展業務。就其規模和行業而言，我們擁有多元化的客戶群，我們提供強大而穩定的現金流，所有這些都使我們在歷史上保持彈性並從優勢地位應對商業環境的變化。

Finally, as I previously mentioned, we continue to make significant progress in driving improved pricing for the core services provided by our financial services group. We are confident in our ability to maintain the rates that we have in place and feel that there is still more room to continue to secure pricing increases in the future. Moreover, our continued investments to expand our service offerings and add people with specialized depth of expertise also position us to support our clients in new ways and to help them navigate and find opportunities in more challenging business climate. As we demonstrated throughout the pandemic, revenue generated from these types of services helped to mitigate the impact of other areas of our business that may be that may experience slower demand in this kind of a landscape.

最後，正如我之前提到的，我們在推動金融服務集團提供的核心服務定價方面繼續取得重大進展。我們對維持現有費率的能力充滿信心，並認為未來仍有更多空間繼續確保價格上漲。此外，我們繼續投資以擴大我們的服務範圍並增加具有專業知識深度的人員，這也使我們能夠以新的方式支持我們的客戶，並幫助他們在更具挑戰性的商業環境中駕馭和尋找機會。正如我們在整個大流行期間所展示的那樣，這些類型的服務產生的收入有助於減輕我們業務的其他領域的影響，這些領域在這種情況下可能會遇到需求放緩。

Now let me turn to M&A. Adding high-quality, best-in-class organizations to our team through acquisitions is and will continue to be a key component of our growth strategy. So far this year, we've completed 2 acquisitions with combined annualized revenue of approximately $55 million. Beyond these recent acquisitions, our M&A pipeline continues to be strong, and we have access to capital to close on the transactions that are in our pipeline and likely to be completed in the months ahead. With that, we will move on to Q&A.

現在讓我談談併購。通過收購將高質量、一流的組織加入我們的團隊是並將繼續成為我們增長戰略的關鍵組成部分。今年到目前為止，我們已經完成了 2 次收購，總年化收入約為 5500 萬美元。除了這些最近的收購之外，我們的併購渠道繼續強勁，我們可以獲得資金來完成我們正在籌備中並可能在未來幾個月內完成的交易。有了這個，我們將繼續進行問答。

We will now begin the question-and-answer session. {Operator Instructions).At this time, we will pause momentarily to assemble our roaster. Our first question comes from Christopher Moore from CJS Securities. Christopher please go ahead.

我們現在開始問答環節。 {操作員說明）。此時，我們將暫停片刻以組裝我們的烘焙機。我們的第一個問題來自 CJS Securities 的 Christopher Moore。克里斯托弗請繼續。

This is Stefanos Crist calling in for Chris. Can you talk a little bit more about price increases in the financial services business and how susceptible those are in a slowing economy?

這是 Stefanos Crist 打電話給 Chris。您能否多談談金融服務行業的價格上漲以及在經濟放緩的情況下這些價格上漲的程度？

Yes. This is Jerome. Look, what we've done over the past several years has made substantial investments in the tools and the systems and the reporting that give us better visibility into our pricing opportunities by client, by service line. And that's reflected in the results that you've seen today and the very strong results. how that plays out in a more challenging business climate time will tell, although I will comment and our expectation is that there's still pricing opportunities in that environment for us. And we will work with our offices to make sure that we're taking advantage of those opportunities. So I think it's still going to be positive for us, but time will tell exactly how that plays out.

是的。這是杰羅姆。看，我們在過去幾年所做的工作已經在工具、系統和報告方面進行了大量投資，使我們能夠更好地了解我們按客戶和服務線劃分的定價機會。這反映在您今天看到的結果和非常強勁的結果中。這將如何在更具挑戰性的商業環境中發揮作用，儘管我會發表評論，我們的期望是，在這種環境下，我們仍然有定價機會。我們將與我們的辦公室合作，以確保我們正在利用這些機會。所以我認為這對我們來說仍然是積極的，但時間會告訴我們結果如何。

Great. And just a follow up. Private equity has been relatively a recent entrant in the financial services M&A. Can you just talk about what valuations you're seeing today versus 12 to 18 months ago?

偉大的。只是一個跟進。私募股權在金融服務併購中相對較新。你能談談你今天看到的與 12 到 18 個月前相比的估值嗎？

Yes, definitely and that's the right time frame. About 18 months ago, it was rare that we would really have that type of competition when we were talking to firms. We have seen them over the past 18 months and multiples have kicked up a little 1 or 2 turns in that space, but it's still very affordable. And we find that the pricing we can be very competitive in our pricing. It still provide our targeted IRR on those transactions. So to date, it really haven't driven pricing beyond something I think is reasonable.

是的，當然，這是正確的時間框架。大約 18 個月前，當我們與公司交談時，我們真的很少有這種類型的競爭。在過去的 18 個月中，我們已經看到了它們，並且倍數在該空間中增加了 1 或 2 圈，但它仍然非常實惠。而且我們發現我們的定價可以在我們的定價中非常有競爭力。它仍然為這些交易提供我們的目標內部收益率。所以迄今為止，它確實沒有推動定價超出我認為合理的範圍。

We have a question now from Andrew Nicholas from William Blair.

我們現在有一個來自威廉布萊爾的安德魯尼古拉斯的問題。

The first one, I wanted to ask kind of plays off of your recession or resiliency commentary, Jerome. And it's about kind of the profitability of the different practices within your 2 segments or your 2 primary segments. Is there any major difference in profitability between those businesses that would perhaps be a bit more susceptible, maybe what makes up that 25% of more project-based business relative to the 75% that's locked in?

第一個，杰羅姆，我想問一下你對經濟衰退或彈性評論的看法。這與您的 2 個細分市場或 2 個主要細分市場中不同實踐的盈利能力有關。那些可能更容易受到影響的業務之間的盈利能力是否有任何重大差異，也許是什麼構成了更多基於項目的業務的 25% 相對於鎖定的 75%？

The area that might be more susceptible, and we've talked about this before, core accounting is pretty repetitive and essential. Government health care services is pretty recurring and long term in nature. But on the financial services side, the advisory business is more project oriented. Having said all that, there's a good, I'll say, half of that business that tends to be recurring from year-to-year. For example, valuation does annual goodwill impairment and intangible studies and things like that. They also do project work related to purchase price accounting and transaction that's maybe a little more volatile, just to give you an illustration. So that's the piece of business that slowed down a bit in 2021, but rebound at '20, but rebounded very nicely in '21 and '22. We've got an eye on that. So far, the pipeline is full, and we're seeing some signs of initial softness, but we also have some variability in the cost structure that will enable us to protect margins as we go forward. So that's probably the area that we look at as probably being the most vulnerable area within our suite of businesses.

可能更容易受到影響的領域，我們之前已經討論過，核心會計是非常重複和必不可少的。政府的醫療保健服務本質上是經常性的和長期的。但在金融服務方面，諮詢業務更多以項目為導向。說了這麼多，我想說，有一半的業務往往會逐年重複。例如，估值會進行年度商譽減值和無形研究等。他們還做與採購價格會計和交易相關的項目工作，這些工作可能更不穩定，只是為了給你一個例子。因此，這部分業務在 2021 年有所放緩，但在 20 年反彈，但在 21 年和 22 年反彈得非常好。我們已經註意到了這一點。到目前為止，管道已滿，我們看到了一些最初疲軟的跡象，但我們的成本結構也存在一些可變性，這將使我們能夠在前進的過程中保護利潤率。因此，這可能是我們認為可能是我們業務套件中最脆弱的領域。

And where all else equal, is that piece that is vulnerable, higher margin than the rest of the segment? Or is it pretty comparable to kind of the core accounting tax work?

在其他條件相同的情況下，脆弱的部分是否比其他部分的利潤率更高？還是它與核心會計稅收工作相當？

It tends to be higher margin. We've had value pricing opportunities this year because demand has been so strong. If our ability to continue that is compromised or we need to be a little more flexible, clearly, the pricing could -- I think it will stick, but it won't enable the year-over-year increases we've seen this year. To the extent that we're under pressure on projects and pipeline and business, we have some variability in the cost structure with contractors and the like, where we can serve staff against search demand. So that's a bit of a variable component within that model that really serves us well here if we encounter a slowdown where those steps are needed.

它往往是更高的利潤。今年我們有了價值定價機會，因為需求如此強勁。如果我們繼續這樣做的能力受到損害，或者我們需要更加靈活一點，顯然，定價可能——我認為它會堅持下去，但它不會實現我們今年看到的同比增長.就我們在項目、管道和業務方面的壓力而言，我們與承包商等的成本結構存在一些差異，我們可以根據搜索需求為員工提供服務。因此，如果我們在需要這些步驟的地方遇到減速，那是該模型中的一個變量組件，它在這裡真正為我們提供了很好的服務。

That's helpful. And then going back to the pricing comments, is there an outsized opportunity in that department when it comes to acquisitions generally and maybe even Mahoney Cohen specifically. Do you take that as a key part of your acquisition case now, maybe more so than you did a couple of years ago? Or is that something that takes a little bit more time to assess after incorporating or integrating an organization like Maran.

這很有幫助。然後回到定價評論，當涉及到一般的收購，甚至可能是馬奧尼·科恩 (Mahoney Cohen) 時，該部門是否存在巨大的機會。您現在是否將其視為收購案的關鍵部分，也許比幾年前更重要？或者是在合併或整合像 Maran 這樣的組織之後需要更多時間來評估的事情。

To Andrew, this is Jerry. That's a great observation. I will tell you that we have not seen a firm anywhere. I'm sure the Big 4 have some of these capabilities. But below the Big 4, we've not seen a firm that have the tools, the processes of systems they're reporting that we've built in this area. So the answer is, yes, in every instance, when we look at a firm, we see opportunities to bring those tools to that firm and help improve their discipline around pricing. We don't typically put it into -- well, we don't typically -- we don't ever put it into the model, but we know that, that opportunity is there for us.

對安德魯來說，這是傑瑞。這是一個很好的觀察。我會告訴你，我們在任何地方都沒有見過公司。我確信四大有這些能力。但在四大之下，我們還沒有看到一家公司擁有工具，他們報告我們在該領域建立的系統流程。所以答案是，是的，在任何情況下，當我們審視一家公司時，我們都會看到將這些工具帶到該公司並幫助改善他們在定價方面的紀律的機會。我們通常不會將其放入 - 嗯，我們通常不會 - 我們從未將其放入模型中，但我們知道，機會就在我們身邊。

That's helpful. And then if you don't mind me squeezing one more in. Just looking at the acquired revenue over the past 3 quarters or year-to-date. I know we, as analysts are kind of forced to make some assumptions on the smaller deals, but it certainly seems like that Mark's Pant has been incredibly successful year-to-date, maybe $120 million, $125 million year-to-date revenue, if my math is correct. That certainly seems like it's pacing ahead of the $138 million that you had originally targeted. I don't -- maybe my math is wrong, but I'm just trying to square away that math with what seems like in-line commentary in terms of your expectations because it seems to me that Markman is really hitting the cover off the ball.

這很有幫助。然後，如果您不介意我再擠一個。只要看看過去 3 個季度或年初至今的收購收入。我知道我們，因為分析師有點被迫對較小的交易做出一些假設，但看起來 Mark's Pant 今年迄今為止取得了令人難以置信的成功，可能是 1.2 億美元，今年迄今為止的收入為 1.25 億美元，如果我的數學是正確的。這看起來肯定比你最初設定的 1.38 億美元要快。我沒有——也許我的數學是錯的，但我只是想用看起來像你期望的在線評論來糾正這個數學，因為在我看來，馬克曼真的在球。

Yes, Andrew, another good observation and maybe where and I can tag team on this one a little bit. But the one thing to keep in mind with regard to the accounting practice in general and certainly true at Mark's Pant is, it's really hard to look at it on less on a full year basis because in any given quarter, certain work can get pulled forward. And so yes, the answer is they're performing very well. We're very pleased continued strong performance, but it's hard to look at the performance of that business through the first 3 quarters and then kind of straight line that growth through the rest of the year.

是的，安德魯，另一個很好的觀察，也許我可以在哪里和我可以在這個上標記一下團隊。但是關於一般會計實踐要記住的一件事，當然在 Mark's Pant 也是如此，很難在全年的基礎上少看它，因為在任何給定的季度，某些工作可能會被推進.所以是的，答案是他們的表現非常好。我們對持續強勁的表現感到非常高興，但很難看到該業務在前三個季度的表現，然後在今年剩下的時間裡直線增長。

Fair enough. Thank you very much.

很公平。非常感謝。

(Operator Instructions). Our next question is coming from Marc Riddick from Sidoti & Company. Marc, please go ahead.

（操作員說明）。我們的下一個問題來自 Sidoti & Company 的 Marc Riddick。馬克，請繼續。

Good morning. So I wanted to touch on -- certainly, you've covered a lot of things I really appreciate that. I was wondering if you could talk maybe sort of a big picture here because on top of the acquisition contributions and going back to the pricing and the organic growth, it's pretty clear that you guys have gained a lot of market share. Maybe you could talk a little bit about what you're seeing there as far as some of those benefits and maybe how you think that might continue to play out?

早上好。所以我想談一談——當然，你已經介紹了很多我非常欣賞的東西。我想知道你是否可以在這裡談論一個大圖景，因為除了收購貢獻以及回到定價和有機增長之外，很明顯你們已經獲得了很多市場份額。也許你可以談談你在那裡看到的一些好處，也許你認為這可能會繼續發揮作用？

Hi Marc, it's Jerome. Again, another really good observation. What we've seen is that the model that we've been really kind of building over a long period of time, which is expanded expertise and depth of expertise in scope of services has resonated very well with the market. And so that combination of continuing to build depth of expertise and breadth of services, combined with a very strong kind of business development, sales outreach, combined with now a ton receptivity to digital outreach and thought leadership and programs all have gone to drive significant growth across the business. So those are, again, very intentional steps that we've taken along the way that are now really kind of paying dividends, and that's what we're seeing in our growth.

嗨，馬克，我是杰羅姆。再次，另一個非常好的觀察。我們看到的是，我們在很長一段時間內真正建立的模型，即在服務範圍內擴展專業知識和專業知識深度，已經與市場產生了很好的共鳴。因此，繼續建立深度的專業知識和廣泛的服務，再加上非常強大的業務發展、銷售外展，再加上現在對數字外展和思想領導力和計劃的大量接受度，所有這些都推動了顯著增長在整個業務中。因此，這些再次是我們在此過程中採取的非常有意識的步驟，現在真正帶來了紅利，這就是我們在增長中看到的。

And I know this is probably predictable, but I'd be remiss if I didn't ask anyway. Could you bring us up to date as to as where you are as far as the marketing approach, not just with the commercials, but maybe the broad brush wise, not just from a spending perspective, but sort of maybe effectiveness that you think you're seeing there.

而且我知道這可能是可以預見的，但如果我不問，我就會失職。您能否向我們介紹您在營銷方法方面的最新情況，不僅是廣告，而且可能是廣泛的筆觸，不僅僅是從支出的角度來看，而且可能是您認為您認為的有效性重新看到那裡。

Yes. From an effectiveness standpoint, marketing is really -- you undertake activities and then you take a pause and you measure your brand awareness. And the last time we did that, which was certainly within the past 12 months, we are very pleased with the results and the outcome as to within markets where we are focused. Our brand awareness certainly relative to prior periods of time and then the performance or how well recognized we are certainly compared to our peer group. So what that tells us is that we're doing the right things in the right areas. With that said, it continues to evolve all the time. And in particular, I think the digital portion of that and how we're approaching our clients and prospects from a digital perspective and the results that debts driving.

是的。從有效性的角度來看，營銷實際上是——你進行活動，然後停下來衡量你的品牌知名度。我們上一次這樣做是在過去 12 個月內，我們對我們關注的市場的結果和結果感到非常滿意。我們的品牌知名度肯定是相對於以前的時期，然後是我們的表現或我們與同行相比的認可程度。所以這告訴我們，我們正在正確的領域做正確的事情。話雖如此，它一直在不斷發展。特別是，我認為其中的數字部分以及我們如何從數字角度接觸我們的客戶和潛在客戶以及債務驅動的結果。

And then you touched on this a little bit... I'm sorry.

然後你談到了一點……對不起。

On the campaign, you will see that as soon as the next kind of wave of our campaign of our national TV campaign will come out right after election cycle. So you'll see some of that coming out shortly here.

在競選活動中，您會看到，我們的全國電視競選活動的下一波競選活動將在選舉週期後立即出現。因此，您很快就會在這裡看到其中的一些內容。

Makes sense. I would imagine those rates are a lot less expensive. Last thing, you touched on this a little bit, but as far as reaching out to clients and getting feedback from them, you touched a little bit about the broad reach of verticals that you touched on, the industry client verticals there. I was wondering if you could talk a little bit about maybe if there are any standouts either good or bad as far as the differentiation that you're seeing from your client industry is and maybe what they might be experiencing or what you're getting from them?

說得通。我想這些費率要便宜得多。最後一件事，你談到了這一點，但就接觸客戶並從他們那裡獲得反饋而言，你談到了你所觸及的垂直行業的廣泛範圍，那裡的行業客戶垂直領域。我想知道您是否可以談一談，就您從客戶行業看到的差異以及他們可能正在經歷的或您從中獲得的差異而言，是否有任何突出的好或壞他們？

Of course, there's always there are always differences by industry. So for example, if you're in the construction industry, you're particularly interested in interest rates and what's happening there. If you're in the -- if you own, develop and own those properties, residential is in higher demand right now than commercial rental properties. So there are those types of factors that are weighing in on particular segments. But again, the takeaway to the comments are that we are not overly weighted in any particular industry or geography that might have a more difficult time in various economic climates.

當然，行業總是存在差異的。例如，如果您從事建築行業，您對利率以及那裡發生的事情特別感興趣。如果你在——如果你擁有、開發和擁有這些房產，那麼住宅現在比商業出租房產的需求更高。因此，某些類型的因素會影響特定細分市場。但同樣，這些評論的要點是，我們並沒有過度關注在各種經濟氣候下可能會面臨更困難時期的任何特定行業或地區。

Great. Thank you very much.

偉大的。非常感謝。

This concludes our question-and-answer session. I would like to turn the conference back over to the CEO, Mr. Grisko for any closing remarks.

我們的問答環節到此結束。我想將會議轉回給首席執行官 Grisko 先生的任何閉幕詞。

Thank you. As we wrap up today, I just want to take this opportunity, as we always do, to thank our shareholders and analysts for your continued support. And also, as always, I want to take this opportunity to recognize and thank the key drivers to our success and that being our team members. It was a very busy third quarter for CBIZ with client deadlines and various busy seasons across our business. Whether going above and beyond for a client or connecting with or supporting a colleague, our team's focus on growth, dedication to service and our commitment to our core values is what really sets SBAs apart, and it's the foundation for our strong performance. I'm grateful to each team member for how they contribute to our success and make CBIZ a better place for all of us every day. With that, we'll close our third quarter call. Thank you again for your time, and enjoy your day. Thank you.

謝謝你。在我們今天結束之際，我只想像往常一樣藉此機會感謝我們的股東和分析師一直以來的支持。而且，與往常一樣，我想藉此機會認識並感謝我們成功的關鍵驅動力，以及我們的團隊成員。對於 CBIZ 來說，第三季度非常繁忙，客戶截止日期和我們業務的各個繁忙季節。無論是超越客戶還是與同事建立聯繫或支持，我們團隊對增長的關注、對服務的奉獻以及我們對核心價值觀的承諾是真正讓 SBA 與眾不同的地方，也是我們強勁業績的基礎。我感謝每個團隊成員為我們的成功做出的貢獻，並使 CBIZ 成為我們所有人每天都更美好的地方。這樣，我們將結束第三季度的電話會議。再次感謝您的時間，並享受您的一天。謝謝你。

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

會議現已結束。非常感謝您參加今天的演講。您現在可以斷開連接。