CBIZ Inc (CBZ) 2023 Q1 法說會逐字稿

Hello, and welcome to the CBIZ Q1 2023 Earnings Call. (Operator Instructions) Please note, this event is being recorded.

大家好，歡迎來到 CBIZ 2023 年第一季度財報電話會議。 （操作員說明）請注意，正在記錄此事件。

I would 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 First Quarter 2023 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 also be found on our site. An archived replay and transcript will also be made available following the call.

大家早上好，感謝您加入我們的 CBIZ 2023 年第一季度業績電話會議。關於此次電話會議，今天的新聞稿和季度投資者介紹已發佈在我們網站 cbiz.com 的投資者關係頁面上。提醒一下，此電話會議正在進行網絡直播，您也可以在我們的網站上找到網絡直播的鏈接。通話後還將提供存檔的重播和文字記錄。

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. 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 GAAP 財務指標。這些措施的對賬可以在今天的新聞稿和投資者介紹中的財務表格中找到。今天的電話會議還可能包括有關我們的業務、財務狀況、經營業績、現金流量、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 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.

前瞻性陳述僅代表本次電話會議日期的估計，並不旨在對未來結果提供任何保證。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，CBIZ 不承擔更新這些聲明的義務。可以在我們提交給美國證券交易委員會的文件中找到對此類因素的更詳細描述。

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.

與我們一起參加今天電話會議的有總裁兼首席執行官 Jerry Grisko；和首席財務官 Ware Grove。我現在將把電話轉給傑瑞，讓他發表開場白。

Thank you, Lori. Good morning, and thank you for joining us for today's call. We are pleased to share our first quarter performance for 2023 and to discuss our outlook for the remainder of the year.

謝謝你，洛瑞。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 2023 年第一季度的業績，並討論我們對今年剩餘時間的展望。

As I outlined during our last earnings call, we started 2023 following the second year of record performance for our business. From nearly every measurable perspective, our results last year were exceptional and provided strong momentum going into this year. I'm proud to share that our growth has continued with another strong quarter to start this year.

正如我在上次財報電話會議上概述的那樣，在我們的業務業績連續第二年創紀錄之後，我們從 2023 年開始。從幾乎所有可衡量的角度來看，我們去年的業績都非常出色，為今年的發展提供了強勁動力。我很自豪地分享我們的增長在今年開始的另一個強勁季度中繼續。

To highlight our results for the first quarter, our total revenue increased 16.1% and our adjusted EPS is up 23.7%, compared to the same period a year ago. That growth is a result of outstanding performance from both of our major divisions. Our Financial Services division experienced total revenue growth of 18.8% and organic revenue growth of 10.5% in the first quarter.

為了突出我們第一季度的業績，與去年同期相比，我們的總收入增長了 16.1%，調整後的每股收益增長了 23.7%。這種增長是我們兩個主要部門出色表現的結果。我們的金融服務部門在第一季度的總收入增長了 18.8%，有機收入增長了 10.5%。

As you are aware, the first quarter is the traditional busy season for our accounting and tax businesses, and demand for those services remained robust. Our revenue growth in the first quarter reflects our ability to continue to capture price increases, an increase in the volume of work and the contribution of our most recent acquisition, Somerset CPA and Advisors, which joined us effective February 1. We also benefited from demand for a number of services that we provide to assist our clients with emerging opportunities, such as the employee retention tax credit, as well as continued strong demand across nearly all of our major project-oriented advisory services, including our risk and advisory services, our valuation services, our services focused on the private equity industry and our forensic accounting services.

如您所知，第一季度是我們會計和稅務業務的傳統旺季，對這些服務的需求依然旺盛。我們第一季度的收入增長反映了我們繼續捕捉價格上漲的能力、工作量的增加以及我們最近收購的 Somerset CPA and Advisors 的貢獻，他們於 2 月 1 日加入我們。我們還受益於需求對於我們提供的多項服務，以幫助我們的客戶獲得新的機會，例如員工保留稅收抵免，以及對我們幾乎所有主要面向項目的諮詢服務（包括我們的風險和諮詢服務）的持續強勁需求，我們的估值服務，我們的服務專注於私募股權行業和我們的法務會計服務。

We also experienced growth over the last year within our government health care consulting business. As we discussed on prior calls, long-term multiyear projects make up a sizable component of this business, so timing on the start of those contracts and any pause in that work can impact revenue growth in a particular period. And in fact, we did see some delays in project timing through the first quarter, but we expect those delays to be short-lived and for those projects to get back on track later this year.

去年，我們的政府醫療保健諮詢業務也取得了增長。正如我們在之前的電話會議上所討論的那樣，長期的多年項目構成了該業務的一個相當大的組成部分，因此這些合同的開始時間以及該工作的任何暫停都會影響特定時期的收入增長。事實上，我們確實看到第一季度的項目時間有所延遲，但我們預計這些延遲將是短暫的，並且這些項目將在今年晚些時候重回正軌。

Over the past couple of years, the accounting industry has experienced labor constraints, which somewhat reduced the rate of growth that would have occurred had more capacity been available to meet the high demand for those services. We are pleased to see that the talent appears to be more readily available in recent months, and we're happy that the investments that we've made in our recruitment team over the past several years have put us in a position to attract top talent to our team.

在過去的幾年中，會計行業經歷了勞動力限制，這在一定程度上降低了增長率，如果有更多的能力來滿足對這些服務的高需求，本應發生的增長率。我們很高興地看到最近幾個月人才似乎更容易獲得，我們很高興過去幾年我們對招聘團隊的投資使我們能夠吸引頂尖人才給我們的團隊。

Now turning to our Benefits and Insurance division, where we were also off to a very strong start to the year, with total revenue growth of 8.2% compared to the prior period. The growth within this division came from all 4 of our major service lines, largely fueled by strong sales production and favorable client retention rates. We also benefited from rising premiums within our employee benefits and our property and casualty insurance service lines, increased pricing for our payroll services and increased project work within the actuarial group embedded within our Retirement and Investment Services business.

現在轉向我們的福利和保險部門，我們今年的開局也非常強勁，總收入比上一期間增長了 8.2%。該部門的增長來自我們所有 4 條主要服務線，這主要得益於強勁的銷售業績和良好的客戶保留率。我們還受益於我們的員工福利和我們的財產和意外傷害保險服務線的保費上漲，我們的薪資服務價格上漲以及我們退休和投資服務業務中嵌入的精算組內項目工作的增加。

Now before I turn it over to Ware, I'd like to make a few comments on our full year guidance that we provided in February. To remind you, in February, we guided full year revenue growth within a range of 8% to 10% and adjusted EPS growth within a range of 11% to 13% over the full year results delivered in 2022. Based on our exceptionally strong performance in the first quarter this year, we currently anticipate that our full year results will come in at the high end of that range.

現在，在我把它交給 Ware 之前，我想對我們在 2 月份提供的全年指導發表一些評論。提醒您，在 2 月份，我們指導全年收入增長在 8% 至 10% 的範圍內，並將 EPS 增長調整在 11% 至 13% 的範圍內，超過 2022 年交付的全年業績。基於我們異常強勁的表現在今年第一季度，我們目前預計我們的全年業績將處於該範圍的高端。

So with this, I'll turn it over to Ware Grove, our Chief Financial Officer, to provide additional information on our financial performance for the first quarter and more details on our full year guidance. Ware?

因此，我將把它交給我們的首席財務官 Ware Grove，以提供有關我們第一季度財務業績的更多信息以及有關我們全年指導的更多詳細信息。商品？

Thank you, Jerry, and good morning, everyone. Let me take a few minutes to talk about key highlights of the first quarter numbers we released this morning. The strong momentum we saw through our business in 2022 has continued through the first quarter of this year. Total revenue in the first quarter increased by 16.1% over the first quarter a year ago. Same-unit revenue was up by 10% with acquisitions contributing another 6.1% to growth compared with last year.

謝謝你，傑里，大家早上好。讓我花幾分鐘時間談談我們今天上午發布的第一季度數據的主要亮點。我們在 2022 年的業務中看到的強勁勢頭一直持續到今年第一季度。第一季度總收入比去年同期增長16.1%。同單位收入增長 10%，與去年相比，收購又貢獻了 6.1% 的增長。

Within Financial Services, for the first quarter total revenue grew by 18.8%, and same unit revenue for the first quarter was up by 10.5%, with strong revenue growth throughout traditional core accounting, advisory services and government health care consulting services.

在金融服務領域，第一季度總收入增長 18.8%，同一單位收入增長 10.5%，傳統核心會計、諮詢服務和政府醫療保健諮詢服務的收入增長強勁。

Within Benefits and Insurance, same unit revenue for the first quarter was up by 8.5%. We continue to see strong client retention and strong new client production. The investments we have made in recent years to hire new business producers has continued to gain traction as we see increasing new business production. 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.

在福利和保險方面，第一季度的同一單位收入增長了 8.5%。我們繼續看到強大的客戶保留和強大的新客戶生產。隨著我們看到新業務生產的增加，我們近年來為僱用新業務生產商所做的投資繼續獲得牽引力。我們仍然致力於進一步提高福利和保險集團的增長能力，我們將繼續投資僱用更多的生產商。

Effective February 1, we acquired Somerset CPAs and Advisors that is based in Indianapolis. With estimated annual revenue of approximately $55 million in 2023, we expect to record approximately $52 million of revenue from this acquisition. There are transaction closing costs plus onetime integration-related expenses associated with this transaction.

自 2 月 1 日起，我們收購了位於印第安納波利斯的 Somerset CPAs and Advisors。預計 2023 年的年收入約為 5500 萬美元，我們預計此次收購的收入約為 5200 萬美元。有交易關閉成本加上與此交易相關的一次性整合相關費用。

In a similar matter that reporting from Marks Paneth acquisition-related costs last year, we will report an adjustment to eliminate these acquisition-related costs from GAAP reported results to report adjusted results this year. You will find a reconciliation of these items as a schedule included in the earnings release. We are extremely pleased to have the Somerset team on board, and the business is performing in line with our expectations.

與去年 Marks Paneth 收購相關成本的報告類似，我們將報告一項調整，以從 GAAP 報告的結果中消除這些收購相關成本，以報告今年調整後的結果。您會在收益發布中找到這些項目的調節表。我們非常高興 Somerset 團隊加入，業務表現符合我們的預期。

With a view towards presenting meaningful comparable information, eliminating the impact of these items, adjusted earnings per share for the first quarter this year was $1.46, up 23.7%, good with adjusted earnings per share last year of $1.18. Adjusted EBITDA, considering these same adjustments, was $113.3 million for the 3 months this year, up 22% over adjusted EBITDA of $92.9 million last year.

為了提供有意義的可比信息，消除這些項目的影響，今年第一季度調整後每股收益為 1.46 美元，增長 23.7%，與去年調整後每股收益 1.18 美元相比表現良好。考慮到這些相同的調整，今年 3 個月的調整後 EBITDA 為 1.133 億美元，比去年調整後的 EBITDA 9,290 萬美元增長 22%。

After seeing artificially low levels of expenses through the pandemic, we have previously talked about the level of health care and benefits, travel and entertainment expenses and marketing expenses that are normalizing to higher levels. We continue to see year-over-year impacts. And for the first 3 months of this year, these expenses represented a 60 basis point headwind to margin on income before tax compared with last year. We continue to project that these expenses will settle in lower than pre-pandemic levels. But for a period of time, the year-over-year comparison presents a headwind.

在通過大流行看到人為降低的支出水平後，我們之前談到了醫療保健和福利水平、旅行和娛樂費用以及營銷費用正在正常化到更高水平。我們繼續看到同比影響。今年前 3 個月，與去年相比，這些費用對稅前收入利潤率造成了 60 個基點的不利影響。我們繼續預測這些費用將低於大流行前的水平。但在一段時間內，同比比較出現逆風。

Interest expense also presents a headwind this year as rates have increased from a year ago. In the first quarter, increased borrowing levels, coupled with higher rates, caused interest expense to increase as a percent of revenue by approximately 50 basis points. And for the full year, this could represent a headwind of approximately 75 basis points to margin. For the quarter, we reported an increase in interest expense of $2.4 million, and that impacted earnings per share by approximately $0.035 per share.

由於利率較一年前有所上升，今年的利息支出也構成不利因素。在第一季度，借貸水平提高以及利率上升導致利息支出佔收入的百分比增加了約 50 個基點。對於全年，這可能代表利潤率下降約 75 個基點。本季度，我們報告利息支出增加了 240 萬美元，這對每股收益產生了約 0.035 美元的影響。

Despite these headwinds, we are leveraging costs, Eliminating the impact of the onetime acquisition and transaction integration costs for the first quarter, we can report a 100 basis points increase in adjusted pretax income margin. We will continue to say that over time, we expect to achieve a 20 to 50 basis point annual increase in pretax income margin. And in recent years, our performance has exceeded the higher end of that range. For the full year '23, we expect the margin on pretax revenue will fall within this range of 20 to 50 basis points of annual improvement.

儘管存在這些不利因素，但我們正在利用成本，消除第一季度一次性收購和交易整合成本的影響，我們可以報告調整後的稅前利潤率增加 100 個基點。我們將繼續說，隨著時間的推移，我們預計稅前利潤率每年增長 20 至 50 個基點。近年來，我們的表現已經超過了該範圍的高端。對於 23 年全年，我們預計稅前收入的利潤率將落在每年提高 20 到 50 個基點的範圍內。

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 '22 with capital markets losses, compared with capital markets gains this year, 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 accounting.

與往常一樣，新聞稿中概述了在我們的非合格遞延補償計劃中核算損益的影響的詳細信息。因為我們將 22 年的一段時期與資本市場損失進行比較，與今年的資本市場收益相比，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，稅前利潤率不受此會計處理的影響。

Turning to the cash flow items. In '22, we amended our unsecured credit facility to increase the availability from $400 million to $600 million and extended the maturity by 5 years. On March 31 this year, the balance outstanding on the newly upsized $600 million unsecured facility was $403.7 million, with about $190 million of unused capacity. The balance sheet at March 31 this year is strong, with leverage of approximately 1.9x adjusted EBITDA. This provides plenty of capacity to continuous strategic acquisitions and provides the flexibility to continue with share repurchases.

轉向現金流量項目。 22 年，我們修改了無擔保信貸額度，將可用性從 4 億美元增加到 6 億美元，並將期限延長 5 年。今年 3 月 31 日，新擴大的 6 億美元無擔保貸款的未償餘額為 4.037 億美元，未使用產能約為 1.9 億美元。今年 3 月 31 日的資產負債表表現強勁，槓桿率約為調整後 EBITDA 的 1.9 倍。這為持續的戰略收購提供了充足的能力，並提供了繼續進行股票回購的靈活性。

In the first quarter of this year with the Somerset transaction, combined with earn-out payments on previously closed transactions, we used approximately $67.7 million for acquisition purposes. We expect to use $27.4 million over the remainder of this year and approximately $56.4 million in 2024, approximately $33.4 million in 2025 and then approximately $6.7 million in 2026 for these estimated earnout payments.

在今年第一季度的 Somerset 交易中，加上之前已完成交易的盈利支付，我們使用了大約 6770 萬美元用於收購目的。我們預計將在今年剩餘時間內使用 2740 萬美元，2024 年使用約 5640 萬美元，2025 年使用約 3340 萬美元，然後在 2026 年使用約 670 萬美元用於這些估計的獎金支付。

Deploying capital for strategic acquisition purposes continues to be our highest priority. Since the end of 2019, we have closed 17 transactions and we have deployed approximately $348 million of capital for acquisition purposes, including the earnout payments over time. Through March 31 this year, we have repurchased approximately 428,000 shares of our common stock in the open market, at a cost of approximately $20.8 million. Since March 31, under our 10B program, we have repurchased an additional 210,000 shares, making the total shares repurchased through April 26 this year, approximately 640,000 shares.

為戰略收購目的部署資本仍然是我們的首要任務。自 2019 年底以來，我們已經完成了 17 筆交易，我們已經部署了大約 3.48 億美元的資金用於收購目的，包括隨著時間的推移支付的盈利。截至今年 3 月 31 日，我們已在公開市場上回購了約 428,000 股普通股，成本約為 2080 萬美元。自 3 月 31 日起，根據我們的 10B 計劃，我們又回購了 210,000 股股票，使得截至今年 4 月 26 日回購的股票總數約為 640,000 股。

To recap repurchase activity in recent years since the end of 2019, we have repurchased approximately 8.7 million shares, and that represents slightly more than 15% of the shares outstanding compared to the end of 2019. Approximately $308 million of capital has been used towards this open market repurchase activity over that period.

為了回顧自 2019 年底以來近年來的回購活動，我們回購了約 870 萬股股票，與 2019 年底相比，略高於已發行股票的 15%。為此已使用約 3.08 億美元的資金該時期的公開市場回購活動。

Days sales outstanding on March 31 this year was 94 days, and that was the same as it was the first quarter a year ago. Bad debt expense for the first 3 months this year was 10 basis points of revenue, compared to 14 basis points a year ago. Depreciation and amortization expense for the first quarter this year was $8.6 million compared with $8.2 million last year. For the full year, we expect depreciation and amortization at approximately $36 million this year, compared with approximately $33 million last year.

今年 3 月 31 日的銷售未完成天數為 94 天，與一年前的第一季度相同。今年前 3 個月的壞賬費用佔收入的 10 個基點，而一年前為 14 個基點。今年第一季度的折舊和攤銷費用為 860 萬美元，而去年同期為 820 萬美元。對於全年，我們預計今年的折舊和攤銷費用約為 3600 萬美元，而去年約為 3300 萬美元。

Capital spending for the first quarter was $3.6 million. Greater spending is planned later this year for tenant improvements related to our anticipated third quarter move to our new headquarter facilities. Most of our capital spending is associated with leasehold improvements and furniture for office facilities. For the full year this year, we're expecting capital spending to be approximately $15 million to $20 million. As a reminder, we are a major tenant in our new headquarters building with a long-term lease. We are not an owner of the building.

第一季度的資本支出為 360 萬美元。計劃在今年晚些時候增加支出，用於與我們預期的第三季度搬遷到新總部設施相關的租戶改善。我們的大部分資本支出與辦公設施的租賃改善和家具相關。今年全年，我們預計資本支出約為 1500 萬至 2000 萬美元。提醒一下，我們是新總部大樓的主要租戶，並持有長期租約。我們不是建築物的所有者。

The effective tax rate for the 3 months this year was 26.5%, up from 24.9% a year ago. The increase in the effective tax rate was primarily a result of expiration of certain grandfathered tax benefits that were associated with stock-based compensation expense as provided in the Tax Reform Act of 2017. Plus there is an increase in nondeductible expenses in '23 as compared to last year.

今年 3 個月的有效稅率為 26.5%，高於一年前的 24.9%。實際稅率的增加主要是由於 2017 年稅改法案規定的與股票補償費用相關的某些祖父稅收優惠到期。此外，與 2017 年相比，23 年的不可扣除費用有所增加到去年。

The impact of the increased tax rate in the first quarter was approximately $0.03 a share. And with a full forecasted full year effective rate of 28%, we expect the full year impact at approximately $0.08 per share. The increased effective tax rate in '23 is a headwind, and that's unique to this year compared with 2022. In future years, we expect the effective tax rate to be relatively level at approximately 28%. So there'll be no further year-over-year headwind beyond this year.

第一季度稅率提高的影響約為每股 0.03 美元。預計全年有效率為 28%，我們預計全年影響約為每股 0.08 美元。 23 年提高的有效稅率是一個不利因素，與 2022 年相比，今年是獨一無二的。在未來幾年，我們預計有效稅率將保持在 28% 左右的相對水平。因此，今年以後不會再有同比逆風。

The recurring and essential nature of many of our services provide stability through economic cycles. At this point, as we look at employment-driven metrics and our benefits and in our payroll businesses, we are seeing continued signs of steady and strong employment within our clients. But as we look ahead and consider the potential for economic slowdown, if we experience pressure on revenue growth, we have a number of variable items in our cost structure and we can take measures to mitigate the impact.

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。在這一點上，當我們審視就業驅動的指標和我們的福利以及我們的薪資業務時，我們看到客戶持續穩定和強勁就業的跡象。但當我們展望未來並考慮經濟放緩的可能性時，如果我們遇到收入增長壓力，我們的成本結構中有許多可變項目，我們可以採取措施減輕影響。

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, coupled with strong client retention, and that is driving revenue growth.

我們近年來採用的工具和系統使我們能夠提高定價並跟上潛在成本壓力、槓桿成本和保護利潤率。我們對新業務生產商所做的並將繼續進行的投資，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。

Now before I turn it back over to Jerry, I want to provide you with our thoughts on full year guidance. Our first quarter results came in very strong. And at this early stage of the year, we are very comfortable guiding at the high end of the full year ranges we set in February for both revenue growth and for growth in adjusted earnings per share. The results from the Somerset acquisition that was acquired in February contributed to the first quarter results in a very meaningful manner. It is common to see a seasonally strong first quarter from our core financial services operations and the initial results from the newly acquired Somerset operation were particularly strong.

現在，在我將其轉回給 Jerry 之前，我想向您提供我們對全年指導的想法。我們第一季度的業績非常強勁。在今年的這個早期階段，我們非常樂意指導我們在 2 月份為收入增長和調整後每股收益增長設定的全年範圍的高端。 2 月份收購 Somerset 的結果以非常有意義的方式為第一季度的結果做出了貢獻。我們的核心金融服務業務在第一季度表現強勁是很常見的，而新收購的薩默塞特業務的初步業績尤其強勁。

In the second quarter, after a busy tax season, we plan to address system and other integration issues with Somerset. We will also work to gain greater visibility on full year forecasted expectations, and we will revisit annual guidance at the end of the second quarter. The increased tax rate this year, which is unique to 2023 when compared with the prior year, presents estimated headwinds equal to approximately $0.08 per share for the full year.

在第二季度，在繁忙的稅收季節之後，我們計劃解決與 Somerset 的系統和其他集成問題。我們還將努力提高全年預測預期的可見度，我們將在第二季度末重新審視年度指導。與上一年相比，今年稅率的提高是 2023 年獨有的，預計全年的不利因素約為每股 0.08 美元。

We also commented on the headwinds presented by increased interest rates in '23 versus prior year. And in the first quarter, increased interest expense impacted earnings per share by approximately $0.035, and we expect increased rates may have a similar quarterly impact on full year this year as we compare to the prior year.

我們還評論了 23 年與上一年相比利率上升帶來的不利因素。在第一季度，增加的利息支出對每股收益的影響約為 0.035 美元，我們預計與去年相比，利率上升可能對今年全年產生類似的季度影響。

Now despite these headwinds that are unique to '23, the underlying operating results for the first quarter are extremely strong. Revenue growth was stronger than expected in the first quarter. But with the second half more dependent upon project-oriented business, at this early stage of the year, it is too early to update our annual guidance.

現在，儘管存在 23 年特有的不利因素，但第一季度的基本經營業績非常強勁。第一季度收入增長強於預期。但由於下半年更多地依賴以項目為導向的業務，在今年的這個早期階段，更新我們的年度指南還為時過早。

So to recap our full year guidance, we'll say the following: we expect total revenue to increase at the higher end of the range of 8% to 10% growth for the year; on an adjusted basis, we expect '23 adjusted earnings per share to increase at the higher end of the growth range of 11% to 13% over the adjusted earnings per share of $2.13 that was reported in 2022. Now GAAP reported earnings per share is expected to increase at the higher end of the range of 15% to 17% growth over the $2.01 reported for 2022.

因此，為了回顧我們的全年指引，我們會說以下內容：我們預計全年總收入將增長 8% 至 10% 的較高水平；在調整後的基礎上，我們預計 23 年調整後的每股收益將比 2022 年報告的調整後每股收益 2.13 美元增長 11% 至 13%。現在 GAAP 報告的每股收益為預計將比 2022 年報告的 2.01 美元增長 15% 至 17% 的較高端。

The effective tax rate for the full year of '23 is expected at approximately 28%. Now this could be impacted either up or down by a number of unpredictable factors. And lastly, the fully diluted weighted average share count is expected within a range of 50.5 million to 51 million shares for the full year '23, and you should note that this share count is now slightly lower than our initial estimate.

預計 23 年全年的實際稅率約為 28%。現在，這可能會受到許多不可預測因素的影響。最後，23 年全年完全稀釋後的加權平均股數預計在 5050 萬至 5100 萬股之間，你應該注意到，這一股數現在略低於我們的初步估計。

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

因此，有了這些評論，我將得出結論，然後將其轉回給 Jerry。

Thank you, Ware. As I generally do, I'd like to take a few minutes to provide an update on our M&A results for the first quarter. Since the start of the year, we've completed 2 acquisitions. The first was a small litigation support firm located in Irvine, California. That firm was already working closely with our litigation support team on the West Coast and will bring expertise and talent to our growing practice in that market. .

謝謝你，潔具。正如我通常做的那樣，我想花幾分鐘時間提供我們第一季度併購結果的最新情況。自今年年初以來，我們已經完成了 2 次收購。第一家是位於加利福尼亞爾灣的一家小型訴訟支持公司。該公司已經與我們在西海岸的訴訟支持團隊密切合作，並將為我們在該市場不斷發展的業務帶來專業知識和人才。 .

Also, as Ware referred, effective February 1, we are pleased to announce the acquisition of the non-attest assets of Somerset, an accounting, tax and advisory firm headquartered in Indianapolis, and with additional offices in Fort Wayne and Michigan City, Indiana and Nashville, Tennessee. Somerset is what we would consider a platform acquisition, as it allows us to enter a growing and attractive geographic market with a firm that provides us with significant scale and a terrific team of professionals at the outset, along with immediate opportunities to offer additional services to their clients and our clients.

此外，正如 Ware 所述，自 2 月 1 日起，我們很高興地宣布收購 Somerset 的非證明資產，Somerset 是一家總部位於印第安納波利斯的會計、稅務和諮詢公司，並在印第安納州韋恩堡和密歇根城設有辦事處，田納西州納什維爾。薩默塞特是我們認為的平台收購，因為它使我們能夠進入一個不斷發展和有吸引力的地理市場，一家公司在一開始就為我們提供了顯著的規模和出色的專業團隊，以及立即提供額外服務的機會他們的客戶和我們的客戶。

Combined, these 2 acquisitions added approximately 245 professionals and $58 million in annualized revenue to CBIZ. In addition to those 2 most recent acquisitions, our M&A pipeline remains healthy, and we continue to be proactive in evaluating new opportunities.

合併後，這兩項收購為 CBIZ 增加了大約 245 名專業人員和 5800 萬美元的年收入。除了這兩項最近的收購外，我們的併購管道仍然健康，我們將繼續積極評估新機會。

With that said, we will move it over to Q&A.

話雖如此，我們會將其移至問答環節。

(Operator Instructions) Today's first question comes from Christopher Moore with CJS Securities.

（操作員說明）今天的第一個問題來自 CJS 證券公司的克里斯托弗摩爾。

Congratulations on another great quarter. A couple of questions. So one of the areas we've discussed frequently, you just touched on it a little bit earlier, was how CBIZ will do in the next big turn down. Organic growth was down roughly 6% in 2009, the last big one, partially offset by your ability to flex costs in that situation. So I guess the question is, how would you compare the revenue base today versus 2009, both from a recurring revenue as a percentage of revenue standpoint, as well as in terms of the sustainability of the project work? Is the mix of the project work much different currently? Is that more or less vulnerable to a slowing economy?

祝賀又一個偉大的季度。幾個問題。因此，我們經常討論的領域之一，你剛才提到了一點，就是 CBIZ 將如何應對下一次大跌。有機增長在 2009 年下降了大約 6%，這是最後一個大增長，部分被您在這種情況下靈活控製成本的能力所抵消。所以我想問題是，從經常性收入佔收入的百分比以及項目工作的可持續性方面，您如何比較今天的收入基礎與 2009 年？目前項目工作的組合有很大不同嗎？這是否或多或少容易受到經濟放緩的影響？

Yes, Chris, this is Jerry. It's a great question and one that we get from time to time, as you know. What -- I would start with this: We're a different company today than we were during that period of time. We've made substantial investments in the business. When we look back over that period of time, not only is the mix of recurring versus nonrecurring different today, about 75% of our work tends to be within the recurring category. It was higher back then. We've also looked back and said at that time when we declined, as you said, even at its lowest period, it was only off 6% compared to many others. But within that 6% was a significant impact from our Benefits and Insurance group.

是的，克里斯，這是傑瑞。正如你所知，這是一個很好的問題，我們不時會收到這樣的問題。什麼 - 我會從這個開始：我們今天是一家與那段時間不同的公司。我們對該業務進行了大量投資。當我們回顧那段時間時，不僅經常性與非經常性的組合在今天有所不同，而且我們大約 75% 的工作往往屬於經常性類別。那時候更高。我們也回顧過，當時我們下降的時候，正如你所說，即使在最低時期，與許多其他公司相比也只下降了 6%。但在這 6% 中，我們的福利和保險部門產生了重大影響。

What was causing that was really we did not have enough producers at that time to overcome the natural attrition rate in that business. Over that period of time, we've made substantial improvements and substantial investments in that area. And you're seeing that in the rate of organic revenue growth that we're getting kind of across the line within our Benefits and Insurance division. So I think we're a very different company today than we were back then. I think our mix is different, of recurring versus nonrecurring. And I think we've made investments that would provide us with substantially stronger outcomes in a similar environment today.

造成這種情況的真正原因是我們當時沒有足夠的生產商來克服該業務的自然流失率。在那段時間裡，我們在該領域取得了實質性的改進和大量投資。你會看到，我們的福利和保險部門的有機收入增長率正在跨越界限。所以我認為我們今天是一家與過去截然不同的公司。我認為我們的組合是不同的，經常性與非經常性。而且我認為我們已經進行了投資，這些投資將在當今類似的環境中為我們提供更強大的成果。

Chris, this is Ware. The only thing I would add is, I think it's important and instructive to look back to 2009, 2010. And as Jerry comments, we're a much different company with different tools to manage the business at this point in time. But it's also instructive, I think, to look at the year 2000, the pandemic year, that was kind of a recession-like environment. Our same-unit revenue was flat that year.

克里斯，這是威爾。我唯一要補充的是，我認為回顧 2009 年和 2010 年很重要，也很有啟發性。正如 Jerry 評論的那樣，我們是一家截然不同的公司，在這個時間點使用不同的工具來管理業務。但我認為，回顧 2000 年（大流行年）也很有啟發意義，那是一種類似衰退的環境。那一年我們的同單位收入持平。

So to Jerry's comment that the Benefits and Insurance group as we've invested, it's gained more traction. So the positives there kind of outweighed the project-oriented vulnerabilities that we saw in 2000. So don't know what lies ahead, but I think those 2 data points are important to consider.

因此，根據傑瑞的評論，我們投資的福利和保險集團獲得了更多的關注。因此，那裡的積極因素超過了我們在 2000 年看到的面向項目的漏洞。所以不知道未來會發生什麼，但我認為這兩個數據點很重要，需要考慮。

Perfect. That's very helpful. One of the things you talked about in your prepared remarks was the labor challenges slowed the accounting industry organic growth a little bit. Have you seen any estimates in terms of what that number was? Is that -- are we talking 100 or 200 basis points, or just not sure if there was any statistics out there?

完美的。這很有幫助。你在準備好的發言中談到的一件事是勞動力挑戰稍微減緩了會計行業的有機增長。你有沒有看到關於這個數字的任何估計？那是——我們是在談論 100 還是 200 個基點，或者只是不確定那裡是否有任何統計數據？

Yes. I didn't hear it quantified. I'll give -- maybe Ware has a different response here. But we didn't see it quantified, but as we want -- as we always do and spoke with our offices, the overriding response that we were getting over the past couple of years is that we had more work kind of in the pipeline than we could always respond to just based on the number of heads that we had to do that work. We see that easing. You've seen some announcements from the Big Four recently where they've produced their workforce. We've heard of those things in other areas. So while it is -- and it has been, is and will always be, I think, a competitive work environment. We see some of those challenges that made it uber-competitive over the past couple of years starting to ease.

是的。我沒有聽到它量化。我會給出——也許 Ware 在這裡有不同的回應。但我們沒有看到它被量化，但正如我們希望的那樣——就像我們一直做的那樣，並與我們的辦公室交談過，我們在過去幾年中得到的壓倒一切的回應是，我們正在籌備的工作比我們總是可以根據我們必須做這項工作的負責人的數量來做出回應。我們看到這種放鬆。你最近看到了四大公司的一些公告，他們已經培養了他們的員工隊伍。我們在其他地區聽說過這些事情。因此，我認為，儘管它過去是，現在是，將來也將永遠是一個競爭激烈的工作環境。我們看到在過去幾年中使其具有超級競爭力的一些挑戰開始緩解。

(Operator Instructions) The next question comes from Andrew Nicholas with William Blair.

（操作員說明）下一個問題來自安德魯尼古拉斯和威廉布萊爾。

I'll start with an M&A question. It seems like the pipeline is still good. I'm not sure if you have any update on market pricing. But maybe most importantly from my perspective, how should we think about capacity? And I don't necessarily mean that in terms of financial capacity, but more operational capacity. Is it fair to assume that you'd be concentrating primarily on tuck-ins through the rest of this year as you integrate Somerset? Or is it possible that you would do a chunkier deal with the financial capacity that I think you have later in 2023?

我將從併購問題開始。看來流水線還是不錯的。我不確定你是否有任何關於市場定價的最新消息。但從我的角度來看，也許最重要的是，我們應該如何考慮容量？我不一定是指財務能力，而是更多的運營能力。在今年餘下的時間裡，當你整合薩默塞特時，假設你主要專注於塞進衣服是否公平？或者您是否有可能根據我認為您在 2023 年晚些時候擁有的財務能力進行更大規模的交易？

Yes, Andrew, this is Jerry. Let me start here. My comments in no way reflect any prediction of what actually will get closed throughout the remainder of the year. But what I would say is we certainly have capacity to be able to absorb another firm of the size of Somerset through the rest of the year. If that one would present itself, we also, of course, would have capacity to do more of the ordinary course types of transactions as well.

是的，安德魯，這是傑瑞。讓我從這裡開始。我的評論絕不反映對今年餘下時間實際將關閉的內容的任何預測。但我要說的是，在今年餘下的時間裡，我們當然有能力吸收另一家像薩默塞特這樣規模的公司。如果那個會出現，我們當然也有能力做更多的普通課程類型的交易。

So we don't find ourselves particularly resource constrained at this point. But it all depends on timing and it depends on the individual kind of circumstances around a particular deal. But I don't see that we're really resource constrained at this time.

因此，我們目前並沒有發現自己特別受資源限制。但這完全取決於時機，也取決於特定交易的具體情況。但我不認為我們此時真的資源受限。

That's helpful. And then on the project-based revenue in the period, specifically in Financial Services, I guess I was surprised how strong demand was or at least the commentary around how strong demand was in the quarter. I think you noted strong demand in PE services as well despite what I thought would be declining deal activity as a potential headwind. So could you just unpack some of that growth or the strength in project-based revenue in the period? And maybe any other tidbits you could provide on kind of how that's progressing in April and how you think it will move through the rest of this year?

這很有幫助。然後關於這一時期基於項目的收入，特別是在金融服務方面，我想我對需求的強勁程度感到驚訝，或者至少對本季度需求的強勁程度的評論感到驚訝。我想你也注意到私募股權服務的強勁需求，儘管我認為交易活動下降是一個潛在的不利因素。那麼，您能否在此期間解開部分增長或基於項目的收入的優勢？也許您可以提供任何其他花絮，說明 4 月份的進展情況以及您認為今年剩餘時間的進展情況？

Yes. Andrew, this is Ware. Just to give you a little more color, we've described the advisory piece of the business as approximately a $200 million collection of business services. And within there, we include our risk and advisory service. That's internal audit, SOX, co-sourcing, outsourcing. That was very, very strong. The valuation team has good demand, and a lot of that business tends to be recurring as does the RAS business.

是的。安德魯，這是潔具。為了給你更多的顏色，我們將業務的諮詢部分描述為大約 2 億美元的業務服務集合。其中包括我們的風險和諮詢服務。那就是內部審計、SOX、共同採購、外包。那是非常非常強的。估值團隊有很好的需求，而且很多業務都像 RAS 業務一樣經常出現。

We also have the PE consulting business. that's divided into 2 pieces. One is due diligence, transaction services. That remains very, very strong. No prediction on the balance of the year, but that's very strong. We saw a bit of a softness in the West Coast-based business that provides staff augmentation and advisory services to the venture capital business. So we've got eyes on that, but the strength outweighs the hits and the misses. So net, we saw some good strength and good growth in that advisory transaction business services.

我們還有PE諮詢業務。分為兩部分。一是盡職調查、交易服務。那仍然非常非常強大。沒有關於今年剩餘時間的預測，但這非常強勁。我們看到位於西海岸的業務有所疲軟，該業務為風險投資業務提供人員擴充和諮詢服務。所以我們已經註意到了這一點，但力量勝過命中和失誤。因此，淨值，我們在該諮詢交易業務服務中看到了一些良好的實力和良好的增長。

Great. That's also very helpful. And then maybe if I could squeeze one more in. I think in the past, you've talked about the strength and competitive positioning of your real estate practices across various regions and offices. I think Marks Paneth also had a sizable real estate practice within it that you're excited to cross-sell into. Given some of the headlines and concerns about the impact of vacancy rates and higher interest rates on the commercial real estate market more specifically, I was hoping you could flesh out your exposure there? And if there's any risk that you see to the health of that end market, whether it be this year or in the coming years?

偉大的。這也很有幫助。然後也許我可以再擠一個進去。我想在過去，你已經談到了你在不同地區和辦事處的房地產業務的實力和競爭定位。我認為 Marks Paneth 也有相當大的房地產業務，你很高興能交叉銷售。考慮到一些關於空置率和更高利率對商業房地產市場的影響的頭條新聞和擔憂，我希望你能充實你在那裡的風險敞口？如果您認為該終端市場的健康存在任何風險，無論是今年還是未來幾年？

So Andrew, this is Jerry. Prior to every call or at the end of every quarter, we go office to office and ask those types of questions of the people, who are client facing. And I think we were actually expecting to see a higher level of caution from our real estate group. But we're not hearing that. Now I'm not speaking, it may be an existence in a particular market or a particular type of real estate that they're holding, but we did not hear that in our -- in the responses that we are receiving from our clients. They are -- of course, interest rates impact that side of the business.

安德魯，這是傑瑞。在每次打電話之前或每個季度末，我們都會去一個辦公室到另一個辦公室，向面向客戶的人員詢問這些類型的問題。而且我認為我們實際上期望看到我們的房地產團隊更加謹慎。但我們沒有聽到。現在我不是在說，它可能存在於特定市場或他們持有的特定類型的房地產中，但我們在我們從客戶那裡收到的回復中沒有聽到這一點。它們是——當然，利率會影響業務的這一方面。

In some instances, what we heard is that provides opportunities those with larger portfolios and more scale compared to those that may not have access to funding the way that the larger organizations do. So right now, I think it's a wait and see, but we're not hearing it. We certainly didn't feel it in the first quarter, and we're not really hearing it across the board with our construction and real estate clients.

在某些情況下，我們聽到的是，與那些可能無法像大型組織那樣獲得資金的人相比，那些擁有更大投資組合和更大規模的人提供了機會。所以現在，我認為這是一個觀望，但我們沒有聽到。我們在第一季度當然沒有感受到它，我們並沒有真正從我們的建築和房地產客戶那裡聽到它。

The next question comes from Marc Riddick with Sidoti.

下一個問題來自 Marc Riddick 和 Sidoti。

So I think you touched a little bit on the technology clients there, but I was wondering if you could talk -- if there are other sort of industry vertical stand out amongst your clients, maybe what you're seeing and some things that maybe we might not be thinking about on an industry vertical basis or a regional basis for that matter?

所以我認為你稍微談到了那裡的技術客戶，但我想知道你是否可以談談 - 如果有其他類型的垂直行業在你的客戶中脫穎而出，也許你看到的以及我們可能會做的一些事情可能不會考慮在行業垂直基礎上或區域基礎上嗎？

Yes. Thanks, Mark. Let me start here. As we've stated in the past, one of the, I think, the very attractive attributes of our business is we are not overly concentrated in any particular geography or any particular industry. And I think that helps us in kind of all business environments.

是的。謝謝，馬克。讓我從這裡開始。正如我們過去所說，我認為我們業務的一個非常有吸引力的特性是我們沒有過度集中在任何特定的地理區域或任何特定的行業。我認為這對我們在所有商業環境中都有幫助。

With all of that said, you mentioned IT. With the exception of the business that Ware referenced, which is really kind of a very Silicon Valley focused prep for IPO, technical accounting business, which did see a little bit of softness, certainly, over the past 3, 6 months. We are not seeing across the board or in any particular material way, any one of our geographies or client concentration groups, again, that are material to our overall results being impacted by the current environment.

綜上所述，您提到了 IT。除了 Ware 提到的業務之外，這確實是矽谷非常專注於 IPO 的準備工作，技術會計業務在過去的 3、6 個月裡確實出現了一些疲軟。我們沒有看到全面或以任何特定的物質方式，我們的任何一個地區或客戶集中群體再次對我們的整體結果受到當前環境的影響具有重要意義。

Okay. And then I was wondering if you could talk a little bit about maybe whether it's something you're seeing now where maybe you anticipate going forward, as far as the pace of client behaviors when it comes to the macro having an impact on outsourcing decisions or engaging on additional service offerings and the like, as well as maybe sort of a competitive dynamic maybe that you're seeing relative to local competitors.

好的。然後我想知道你是否可以談談你現在看到的東西，也許你預計未來會發生什麼，就客戶行為的速度而言，宏觀影響外包決策或參與其他服務產品等，以及您可能看到的與本地競爭對手相關的競爭動態。

I'm trying to anticipate a little bit around your question. But what I would say is that -- look, I think we are always trying to keep our finger on the pulse of the needs of the market. And what we're anticipating today is that there's some more uncertainty in the future business climate than we've seen over the past couple of years. And we are very proactive in reaching out to our clients on a digital outreach through thought leadership, through seminars, through webinars, on the types of topics that are of greatest interest to them.

我正在嘗試圍繞您的問題進行一些預測。但我要說的是——看，我認為我們一直在努力把握市場需求的脈搏。我們今天的預期是，未來商業環境的不確定性比我們在過去幾年看到的要多。我們非常積極主動地通過思想領導力、研討會、網絡研討會，就客戶最感興趣的主題類型，與他們進行數字推廣。

So how to prepare in the event that there is a recession, those are things around cash flow analysis, access to capital in the market and other services that we provide. And we have a pretty regular cadence of those types of programs. And we see significant interest in those programs by our clients and by prospective clients.

那麼如何在經濟衰退的情況下做好準備，這些都是圍繞現金流分析、獲得市場資本和我們提供的其他服務的事情。我們對這些類型的程序有相當規律的節奏。我們看到我們的客戶和潛在客戶對這些項目非常感興趣。

So when you ask the question around how we compare relative to our competitors, another key attribute of our business is not only the depth of expertise that we have, certainly relative to some of our smaller more regional competitors, but the breadth of services that we have, which I think is unique to us compared to the entire market. And so that breadth of expertise -- I'm sorry, yes, the depth of expertise and breadth of services positions us well to be able to serve our clients in a unique way, certainly in a more challenging business environment.

因此，當您問及我們與競爭對手相比如何時，我們業務的另一個關鍵屬性不僅是我們擁有的專業知識的深度，當然是相對於我們一些規模較小的區域性競爭對手而言，而且我們提供的服務的廣度有，我認為與整個市場相比，這對我們來說是獨一無二的。因此，專業知識的廣度——對不起，是的，專業知識的深度和服務的廣度使我們能夠以獨特的方式為客戶提供服務，當然是在更具挑戰性的商業環境中。

Great. And then the last thing for me is, I was sort of curious as to if we should be thinking about any particular timing of investment spending, whether it be on additional technology, additional heads that are not related to acquisitions, or anything along those lines that we should be thinking about from a timing perspective or anything potentially lumpy that we might be seeing in the following quarters.

偉大的。然後對我來說最後一件事是，我有點好奇我們是否應該考慮任何特定的投資支出時間，無論是額外的技術、與收購無關的額外負責人，還是類似的任何事情我們應該從時間的角度或我們可能在接下來的幾個季度看到的任何潛在的不穩定因素來考慮。

Yes. Mark, this is Ware. I don't think there's any lumpiness ahead. The one thing that I wanted to draw your attention to is the capital spending. And as we occupy our new headquarters, there may be a lump of capital spending. But in aggregate for the year, we're forecasting a $15 million to $20 million spending level. And typically in a normal year, it's $10 million to $12 million. So it's not a big item. .

是的。馬克，這是潔具。我不認為前方有任何障礙。我想提請您注意的一件事是資本支出。當我們佔領新總部時，可能會有一大筆資本支出。但總的來說，我們預測今年的支出水平為 1500 萬至 2000 萬美元。通常在正常年份，它是 1000 萬到 1200 萬美元。所以這不是一個大項目。 .

We don't see anything on the technology or hiring side. We're constantly looking for good people. And we have a good recruiting team out there that's improving our capacity. It's a good position to be in. We commented earlier on the fact that a bit capacity constrained last year, but that tended to ease in the second half of the year, and we're seeing a similar circumstance right now. So I think we're in good shape with -- I don't see any issue there with some lumpiness on investment ahead.

我們在技術或招聘方面看不到任何東西。我們一直在尋找優秀的人才。我們有一支優秀的招聘團隊，可以提高我們的能力。這是一個很好的位置。我們之前評論過去年產能受限，但在下半年趨於緩和，我們現在看到了類似的情況。所以我認為我們的狀況很好——我認為未來的投資沒有任何問題。

Great. And then can I sneak in one more? I guess, because I used to ask this often, but I'll throw it in there now. Thoughts on marketing spending or what we might see throughout the year and those kind of plans?

偉大的。然後我可以再偷偷進去一個嗎？我想，因為我以前經常問這個，但我現在把它扔在那裡。關於營銷支出的想法或全年我們可能會看到什麼以及那些計劃？

Yes, Mark, great question. And for anybody on the call, you may have noticed we're running a wave of TV ad campaigns right now. So you'll see the CBIZ ads on CNBC. If you watch PGA and other sporting events, you'll see them there. We have gone dark for a while on that, so we're restoring that in a good way.

是的，馬克，好問題。對於通話中的任何人，您可能已經註意到我們現在正在進行一波電視廣告活動。所以你會在 CNBC 上看到 CBIZ 的廣告。如果您觀看 PGA 和其他體育賽事，您會在那裡看到它們。我們在這方面已經黑暗了一段時間，所以我們正在以一種好的方式恢復它。

And with respect to other items on the marketing side, we're more effectively using webinars and other virtual tools, along with digital marketing, lead campaigns and things like that. So we're really using technology in, I think, a very efficient manner. So our marketing spend is not a significant part of the expense structure.

關於營銷方面的其他項目，我們更有效地使用網絡研討會和其他虛擬工具，以及數字營銷、領導活動和類似的東西。因此，我認為，我們確實在以一種非常有效的方式使用技術。因此，我們的營銷支出並不是費用結構的重要組成部分。

Ladies and gentlemen, this concludes our question-and-answer session. I would now like to turn the call back to President and CEO, Jerry Grisko for any closing remarks.

女士們，先生們，我們的問答環節到此結束。我現在想將電話轉回給總裁兼首席執行官 Jerry Grisko，聽取任何結束語。

Thank you. I want to thank our shareholders and analysts for joining us today and as always, for your continued support. I also want to thank our CBIZ team for a fantastic start to the year and for all of your efforts to build on the momentum that we had coming off of our record performance last year in 2022. Thank you, everybody, and enjoy the rest of your day.

謝謝。我要感謝我們的股東和分析師今天加入我們，並一如既往地感謝您的持續支持。我還要感謝我們的 CBIZ 團隊在今年取得了出色的開端，感謝你們為鞏固去年 2022 年創紀錄的勢頭所做的一切努力。謝謝大家，並享受剩下的時間你的一天。

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。