CBIZ Inc (CBZ) 2023 Q2 法說會逐字稿

Good day, and welcome to the CBIZ Second Quarter and First Half 2023 Results Conference Call. (Operator Instructions) Please note, this event is being recorded.

美好的一天，歡迎參加 CBIZ 2023 年第二季度和上半年業績電話會議。 （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.

我現在想將會議交給企業關係總監 Lori Novickis。請繼續。

Good morning, everyone, and thank you for joining us for the CBIZ Second Quarter and First Half 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 be found on our website. An archived replay and the transcript will also be available after the call.

大家早上好，感謝您參加我們的 CBIZ 2023 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介紹已發佈在我們網站 cbiz.com 的投資者關係頁面上。謹此提醒，本次電話會議正在進行網絡直播，您可以在我們的網站上找到實時網絡直播的鏈接。通話結束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準則財務指標。這些措施的調節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有關我們的業務、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 future 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 the filings with the Securities and Exchange Commission.

前瞻性陳述僅代表本次電話會議之日的估計，並不旨在對未來結果提供任何未來保證。由於前瞻性陳述涉及尚未發生的事項，因此這些陳述本質上會受到風險和不確定性的影響。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。有關這些因素的更詳細描述可以在向美國證券交易委員會提交的文件中找到。

Joining us for today's call are Jerry Grisko, President and Chief Executive Officer; and Ware Grove, Chief Financial Officer.

加入我們今天電話會議的有總裁兼首席執行官 Jerry Grisko；和首席財務官韋爾格羅夫。

I will now turn the call over to Jerry for his opening remarks. Sir?

現在我將把電話轉給傑里，讓他致開幕詞。先生？

Thank you, Lori. Good morning, and thank you for joining us for today's call. We are pleased to share our second quarter performance and to discuss our outlook for the remainder of the year. As I outlined on our last earnings call, we started 2023 with an exceptionally strong first quarter, which provided important momentum for the full year. Overall, our business performed as expected for the second quarter with the exception of 2 areas: first, within our Government Health Care consulting business, we experienced some unanticipated contract delays, including one significant project that is now expected to begin early next year. Within that business, we expect the other significant project delays to be short-lived and for work on many of those projects to commence later this year.

謝謝你，洛瑞。早上好，感謝您參加我們今天的電話會議。我們很高興分享我們第二季度的業績並討論我們對今年剩餘時間的展望。正如我在上次財報電話會議上概述的那樣，我們以異常強勁的第一季度開啟了 2023 年，這為全年提供了重要動力。總體而言，我們第二季度的業務表現符合預期，但有兩個方面除外：首先，在我們的政府醫療保健諮詢業務中，我們經歷了一些意外的合同延誤，其中包括一個預計將於明年初開始的重要項目。在該業務中，我們預計其他重大項目的延誤將是短暫的，其中許多項目的工作將於今年晚些時候開始。

Second, our traditional accounting and tax business was impacted by changes to tax filing time lines in California. This work still needs to be completed and has been pushed into Q3 and Q4 of this year. The delay in work in those 2 businesses had a disproportionate impact on our earnings based on the cost of having trained, experienced professionals available for that work, who were largely underutilized through the first 6 months of the year. With those 2 exceptions, our business continued to perform well in the second quarter, and demand for our services remained strong.

其次，我們的傳統會計和稅務業務受到加州納稅申報時間線變化的影響。這項工作還需要完成，已推遲到今年第三季度和第四季度。這兩家企業的工作延誤對我們的收入產生了不成比例的影響，因為我們需要訓練有素、經驗豐富的專業人員來從事這項工作，而這些專業人員在今年前 6 個月基本上沒有得到充分利用。除了這兩個例外，我們的業務在第二季度繼續表現良好，對我們服務的需求仍然強勁。

Now turning to the performance of our 2 primary practice groups starting with our Financial Services division, where we experienced total revenue growth of 12.2% and organic revenue growth of 3.9% for the second quarter. As expected, demand for our core accounting and tax services remained strong. We were also pleased to see continued strong demand for our advisory services, where the work tends to be more discretionary and project based.

現在轉向我們的 2 個主要業務部門的業績，從我們的金融服務部門開始，我們第二季度的總收入增長了 12.2%，有機收入增長了 3.9%。正如預期的那樣，對我們核心會計和稅務服務的需求依然強勁。我們還很高興看到對我們的諮詢服務的持續強勁需求，其中的工作往往更加自由裁量和基於項目。

As I mentioned, we experienced some contract delays in the second quarter within our Government Health Care consulting business. As a reminder, our clients for this business are primarily state governments and the states dictate the time line for the services that we provide. We've been in the Government Health Care consulting space for over 2 decades and we've experienced similar contract delays from time to time in the past. This business has always been able to recover and has demonstrated steady growth over time. To that end, the new business pipeline remains strong, and we continue to see new opportunities for growth.

正如我所提到的，我們的政府醫療保健諮詢業務在第二季度經歷了一些合同延遲。提醒一下，我們這項業務的客戶主要是州政府，而州政府規定了我們提供服務的時間表。我們在政府醫療保健諮詢領域已有 20 多年的歷史，過去我們時常經歷過類似的合同延誤。該業務始終能夠恢復並隨著時間的推移呈現穩定增長。為此，新業務渠道仍然強勁，我們繼續看到新的增長機會。

Within our Benefits and Insurance division, we experienced organic revenue growth of 4.5% for the second quarter with contribution to that growth coming from every major service line across the division. For our Employee Benefits business, we saw a strong production and increased service revenue with client retention well above 90%. Like Employee Benefits, our Property & Casualty Insurance service line continues to experience high client retention rates, coupled with strong trend to fuel growth.

在我們的福利和保險部門，我們第二季度的有機收入增長了 4.5%，該增長的貢獻來自於該部門的每個主要服務線。對於我們的員工福利業務，我們看到了強勁的生產和服務收入的增加，客戶保留率遠高於 90%。與員工福利一樣，我們的財產和意外傷害保險服務線繼續保持著較高的客戶保留率，並且有強勁的增長趨勢。

Our Retirement and Investment Services business saw an increase in project work within our actuarial team, which contributed to our results for the second quarter. Our Payroll business also had a good quarter with strong production, an increase in retention and new clients with our upmarket payroll platform and traction with fee increases among the factors driving growth. We plan to continue to add producers during the second half of the year, and recruitment efforts are underway now as we harvest our candidate pipeline.

我們的退休和投資服務業務的精算團隊內的項目工作有所增加，這為我們第二季度的業績做出了貢獻。我們的薪資業務也有一個不錯的季度，產量強勁，我們的高端薪資平台的保留率和新客戶的增加以及費用上漲的牽引力都是推動增長的因素。我們計劃在下半年繼續增加生產者，隨著我們收穫候選管道，招聘工作正在進行中。

Based on our performance for the first half of the year, I'm pleased to raise revenue guidance to improve 10% to 12% for the full year and to affirm adjusted fully diluted earnings per share guidance for the full year to improve 11% to 13% over 2022 results.

根據我們上半年的業績，我很高興將全年收入指導提高 10% 至 12%，並確認全年調整後完全攤薄每股收益指導提高 11% 至 12%。比 2022 年結果提高 13%。

With this, I will turn it over to Ware Grove, our Chief Financial Officer, to provide additional information on our financial performance for the second quarter and for the first half of the year. Ware?

至此，我將把它交給我們的首席財務官 Ware Grove，以提供有關我們第二季度和上半年財務業績的更多信息。潔具？

Thank you, Jerry, and good morning, everyone. Let me take a few minutes to talk about the key highlights of the second quarter and year-to-date numbers we released this morning. Total revenue in the second quarter increased by $36.6 million, up 10.1% over second quarter a year ago. Same-unit revenue was up $15.0 million, or up by 4.1%, with acquisitions contributing another $21.6 million or 6% to growth compared with last year.

謝謝杰瑞，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和年初至今的數據的主要亮點。第二季度總收入增加3660萬美元，比去年同期增長10.1%。同單位收入增長 1,500 萬美元，即增長 4.1%，與去年相比，收購又為增長貢獻了 2,160 萬美元，即 6%。

After an extraordinarily strong first quarter, as Jerry commented, with 2 exceptions that I will detail in a moment, the core business performed well in the second quarter and in the first half of this year. We previously commented on higher interest rate expense headwinds this year and headwinds related to the increase in our tax rate compared with prior year. In the first half, reported increase in adjusted earnings per share was up 11% compared with last year. I think it is important to know that this rate of year-over-year growth in earnings includes a $0.04 per share impact of higher tax rates and includes a $0.09 per share impact from higher interest expense headwinds for the first half.

正如傑里所說，在經歷了異常強勁的第一季度之後，除了兩個例外（我稍後會詳細介紹），核心業務在第二季度和今年上半年表現良好。我們之前曾評論過今年利率費用上升的不利因素以及與去年相比稅率增加相關的不利因素。上半年，調整後每股收益較去年增長 11%。我認為重要的是要知道，這種盈利同比增長率包括較高稅率帶來的每股 0.04 美元的影響，以及上半年利息支出上升帶來的每股 0.09 美元的影響。

As Jerry commented, 2 items disproportionately impacted second quarter results. This creates optics that may naturally raise concerns. So let me jump in and provide some additional detail behind what happened and the actions we are taking. Many of you generally may be aware that the IRS granted a 6-month tax filing extension this year that applies broadly -- to broadly defined areas within the state of California due to flooding and severe weather conditions that occurred earlier in the year. Our core Financial Services annual revenue in California is about $120 million, and we expected that this delay in tax work could impact second quarter and first half results.

正如傑里評論的那樣，有兩個項目對第二季度的業績產生了不成比例的影響。這自然會引起人們的擔憂。因此，讓我介入並提供所發生事件和我們正在採取的行動背後的一些額外細節。你們中的許多人通常可能都知道，美國國稅局 (IRS) 今年批准了 6 個月的納稅申報延期，該延期適用範圍廣泛——由於今年早些時候發生的洪水和惡劣天氣條件，適用於加利福尼亞州範圍廣泛的地區。我們在加州的核心金融服務年收入約為 1.2 億美元，我們預計稅務工作的延遲可能會影響第二季度和上半年的業績。

We estimate the first half impact at approximately $0.04 per share, with most of this impact occurring in the second quarter as we carried staff through this period without the revenue. This work will be done in the second half of this year. And of course, this impacts the normal seasonality of first half versus second half results that is typical within our core Financial Services Group.

我們估計上半年的影響約為每股 0.04 美元，其中大部分影響發生在第二季度，因為我們在沒有收入的情況下帶領員工度過了這一時期。這項工作將於今年下半年完成。當然，這會影響上半年與下半年業績的正常季節性，這在我們的核心金融服務集團中是典型的。

The second item that impacted revenue and results in our Government Health Care consulting business, which is approximately $185 million in annual revenue. The impact was a result of delays in project work that primarily impacted second quarter results. With hundreds of active engagements underway at any time, this business has been a steady performer in achieving revenue and earnings growth over many years. From time to time, for reasons beyond our control, project work gets delayed. Sometimes this can be a result of delays in the regulated contract renewal RFP process from state agencies due to administrative delays where at times, our state agency staff is not ready with the information or the data necessary for us to perform the work as scheduled.

第二個項目影響了我們政府醫療保健諮詢業務的收入和業績，該業務的年收入約為 1.85 億美元。造成這一影響的原因是項目工作的延誤，這主要影響了第二季度的業績。該業務多年來一直在實現收入和盈利增長方面表現穩定，隨時都有數百個活躍的項目在進行。有時，由於我們無法控制的原因，項目工作會被延遲。有時，這可能是由於行政延誤導致國家機構受監管的合同續簽 RFP 流程延遲所致，有時，我們的國家機構工作人員沒有準備好我們按計劃執行工作所需的信息或數據。

In the second quarter, we learned of a significant contract where the normal renewal cycle was expected to occur midyear. However, administrative delays are now pushing this renewal into 2024. This business typically sees a steady pipeline of new or renewing project work with a very high percentage of project proposals awarded to CBIZ.

在第二季度，我們了解到一份重要合同，預計正常續約週期將在年中進行。然而，由於行政方面的延誤，這一續約工作目前已推遲至 2024 年。該業務通常會看到穩定的新項目或續約項目工作，其中授予 CBIZ 的項目提案比例非常高。

This year is no exception. Our pipeline activity is healthy and has generated new project awards that are in line with expectations. Bringing these new engagements on board would normally serve to smooth out and mitigate the impact of any delays that we may occasionally encounter. But in this year, many new projects have been slow to launch. In a manner similar to that I described for the delayed tax work in California, the delayed and, therefore, lower revenue in second quarter caused a decline in earnings contribution from this business as we carried staff necessary to perform the work that was planned. This impacted first half results by approximately $0.06 per share and with approximately $0.04 per share attributed to the second quarter.

今年也不例外。我們的管道活動健康發展，並產生了符合預期的新項目獎項。引入這些新的約定通常有助於消除和減輕我們偶爾可能遇到的任何延誤的影響。但今年以來，不少新項目啟動緩慢。與我描述的加州延遲稅務工作類似，第二季度的延遲和收入下降導致該業務的盈利貢獻下降，因為我們配備了執行計劃工作所需的員工。這對上半年業績造成每股約 0.06 美元的影響，對第二季度每股業績產生約 0.04 美元的影響。

As with California tax work, this Government Health Care consulting work does not go away but will occur at a later date. Looking at the second half of the year, aside from the major contract that is now being pushed into 2024, the newly awarded contracts either have started or are scheduled to start in the third quarter. So we are projecting relatively stronger results in the second half for this business. As we project second half revenue in this business, we're also taking immediate actions to align costs with projected revenue. As a result, for this business group, we expect to achieve growth in revenue and earnings for the full year. Over time, this business has grown annually at high single-digit rates. Driven by pent-up post-pandemic demand organically, revenue in this business grew approximately 13% last year. So this year in 2023, the year-over-year comparison presents a challenge.

與加州稅務工作一樣，政府醫療保健諮詢工作不會消失，而是會在以後進行。展望下半年，除了目前已推至2024年的主要合同外，新簽訂的合同要么已經開始，要么計劃在第三季度開始。因此，我們預計該業務下半年的業績將相對強勁。當我們預計該業務下半年的收入時，我們也會立即採取行動，使成本與預計收入保持一致。因此，對於該業務集團，我們預計全年收入和盈利將實現增長。隨著時間的推移，這項業務每年都以高個位數的速度增長。在疫情后被壓抑的需求的有機推動下，該業務的收入去年增長了約 13%。因此，2023 年的同比比較提出了挑戰。

Okay, so with these comments, I provided a level of deeper information on these 2 second quarter items that we referenced, and I can shift comments back to CBIZ. For the 6 months this year, total revenue grew by $99.4 million, up 13.2% compared with last year. Same-unit revenue for the 6 months grew by $53.9 million, or up by 7.2% with acquisitions contributing $45.5 million or 6% to revenue growth for the 6 months this year compared with last year.

好的，通過這些評論，我提供了有關我們引用的這兩個第二季度項目的更深入的信息，我可以將評論轉移回 CBIZ。今年前 6 個月，總收入增長 9940 萬美元，比去年增長 13.2%。與去年相比，今年 6 個月的同單位收入增長了 5,390 萬美元，即增長 7.2%，其中收購為今年 6 個月的收入增長貢獻了 4,550 萬美元，即 6%。

Within Financial Services, for the second quarter, total revenue grew by $31.6 million, up 12.2% and same-unit revenue for the second quarter was up 3.9% or up by $10 million, with revenue growth recorded within traditional core accounting as well as advisory services. For the 6 months, total revenue within Financial Services grew by $86 million, up 15.7%. Same-unit revenue for the 6 months was up 7.4% and with high single-digit revenue growth for core services and a similar high single-digit growth recorded in our national advisory services.

在金融服務領域，第二季度總收入增長 3160 萬美元，增長 12.2%，第二季度同單位收入增長 3.9%，即增加 1000 萬美元，其中傳統核心會計和諮詢業務收入增長服務。過去 6 個月，金融服務部門的總收入增長了 8600 萬美元，增幅為 15.7%。 6 個月的同單位收入增長了 7.4%，核心服務收入實現了高個位數增長，我們的全國諮詢服務也實現了類似的高個位數增長。

Within Benefits and Insurance, for the second quarter, same-unit revenue grew 4.5%. And for the 6 months, same-unit revenue grew by 6.4%. 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 gained traction as we are seeing increasing new business production. We remain committed to further enhancing growth within Benefits and Insurance and we continue to make investments in hiring additional producers.

在福利和保險領域，第二季度的同單位收入增長了 4.5%。過去 6 個月，同單位收入增長了 6.4%。我們繼續看到強勁的客戶保留率和強勁的新客戶產量。近年來，隨著我們看到新業務生產不斷增加，我們為僱用新業務生產者而進行的投資受到了關注。我們仍然致力於進一步促進福利和保險領域的增長，並繼續投資僱用更多生產商。

As previously disclosed earlier this year, we acquired Somerset CPAs and Advisors in February of 2023 with estimated annual revenue of approximately $55 million. In 2023, we expect to record approximately $52 million of revenue from this acquisition. We are extremely pleased to have the Somerset team on board and at this early stage of the newly acquired business is performing well.

正如今年早些時候披露的，我們於 2023 年 2 月收購了 Somerset CPAs and Advisors，預計年收入約為 5500 萬美元。到 2023 年，我們預計此次收購將帶來約 5200 萬美元的收入。我們非常高興薩默塞特團隊加入，並且在新收購的業務的早期階段表現良好。

There are transaction costs and closing costs plus onetime integration-related expenses associated with this transaction. In a similar manner that reported from Marks Paneth acquisition-related costs last year, we are reporting an adjustment to eliminate these acquisition-related costs from GAAP reported results so that we can report adjusted results this year. You will find a reconciliation of these items as a schedule included in the earnings release.

存在交易成本和結算成本以及與此交易相關的一次性整合相關費用。以與去年 Marks Paneth 收購相關成本報告類似的方式，我們正在報告一項調整，以從 GAAP 報告結果中消除這些收購相關成本，以便我們可以報告今年調整後的結果。您會發現這些項目的調節表包含在收益發布中。

With a view towards presenting meaningful comparable information and eliminating the impact of the items I already commented on, which are the 2 factors impacting second quarter results so you have a better understanding, for the 6 months, adjusted earnings per share this year is $2.01, up 11% compared with adjusted earnings per share of $1.81 last year. Adjusted EBITDA, considering these same adjustments, was $167.8 million for the 6 months this year, up 12.9% over adjusted EBITDA of $148.6 million a year ago.

為了提供有意義的可比信息並消除我已經評論過的項目的影響，這是影響第二季度業績的兩個因素，以便您更好地理解，在過去 6 個月中，今年調整後每股收益為 2.01 美元，與去年調整後每股收益 1.81 美元相比，增長 11%。考慮到這些相同的調整，今年 6 個月的調整後 EBITDA 為 1.678 億美元，比去年同期的調整後 EBITDA 1.486 億美元增長 12.9%。

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. These expenses collectively are 140 basis points below pre-pandemic levels of 2019, but we continue to see year-over-year impacts as these expenses normalize. For the first 6 months of this year, these expenses represented a 60 basis point headwind to margin on income before tax compared with a year ago. 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.

我們之前討論過醫療保健和福利、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。這些費用總共比 2019 年大流行前的水平低 140 個基點，但隨著這些費用正常化，我們繼續看到同比影響。今年前 6 個月，這些費用使稅前利潤率比去年同期下降了 60 個基點。我們繼續預計這些費用將低於大流行前的水平，但在一段時間內，同比比較會出現阻力。

For the second quarter, we reported an increase in interest expense of $3.9 million and that impacted earnings per share by approximately $0.05 per share. And for the 6 months, we reported an increase in interest expense of $6.3 million, and that impacted earnings per share by approximately $0.09 per share, and this is a headwind to margin of approximately 65 basis points.

第二季度，我們報告利息支出增加了 390 萬美元，這對每股收益產生了約 0.05 美元的影響。在這 6 個月中，我們報告利息支出增加了 630 萬美元，這對每股收益產生了約 0.09 美元的影響，這對利潤率造成了約 65 個基點的不利影響。

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 2022 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，新聞稿中概述了我們的不合格遞延薪酬計劃中損益會計影響的詳細信息。由於我們將 2022 年資本市場損失與今年資本市場收益進行比較，因此當您同時考慮毛利率和營業收入時，GAAP 報告的數據會受到重大影響。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, on June 30 this year, the balance outstanding on the $600 million unsecured facility was $410.6 million, with about $178 million of unused capacity. The balance sheet on June 30 this year is strong with leverage of approximately 2x adjusted EBITDA. This provides plenty of capacity to continue strategic acquisitions and provides the flexibility to continue with the share repurchases.

談到現金流項目，截至今年 6 月 30 日，6 億美元無擔保貸款的未償餘額為 4.106 億美元，其中未使用產能約為 1.78 億美元。今年 6 月 30 日的資產負債表表現強勁，槓桿約為調整後 EBITDA 的 2 倍。這為繼續戰略收購提供了充足的能力，並為繼續股票回購提供了靈活性。

In the first 6 months this year, in addition to the Somerset acquisition discussed above, we completed a total of 4 acquisitions, which includes 2 smaller tuck-in acquisitions. We used approximately $84.2 million for these acquisitions as well as earn-out payments on previously closed transactions. We expect to use $26.2 million over the remainder of this year and approximately $60.1 million next year in 2024, $35.6 million in 2025 and another $10.6 million in 2026 for these estimated earn-out payments.

今年前6個月，除了上面討論的薩默塞特收購之外，我們總共完成了4筆收購，其中包括2筆規模較小的插裝收購。我們使用了大約 8,420 萬美元用於這些收購以及之前完成的交易的收益付款。我們預計今年剩餘時間內將使用 2620 萬美元，明年（2024 年）將使用約 6010 萬美元，2025 年將使用 3560 萬美元，2026 年將另外使用 1060 萬美元用於這些估計的盈利支付。

Deploying capital for strategic acquisition purposes continues to be our highest priority. Since the end of 2019, we have closed 20 transactions, and we have deployed approximately $365 million of capital for acquisition purposes, including the earn-out payments over time. Through June 30 this year, we have repurchased approximately 975,000 shares of our common stock in the open market at a cost of approximately $48.5 million.

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，我們已完成 20 筆交易，並已部署約 3.65 億美元的資本用於收購目的，其中包括隨著時間的推移而支付的收益付款。截至今年 6 月 30 日，我們已在公開市場回購了約 975,000 股普通股，成本約為 4850 萬美元。

To recap, repurchase activity in recent years, since the end of 2019, we have repurchased approximately 9.1 million shares and that represents slightly more than 16% of the shares outstanding compared to the end of 2019. Approximately $325 million of capital has been used towards this open market repurchase activity over that period.

回顧一下近年來的回購活動，自 2019 年底以來，我們已回購約 910 萬股股票，與 2019 年底相比，略高於已發行股票的 16%。約 3.25 億美元的資本已用於回購在此期間的公開市場回購活動。

Days sales outstanding on June 30 this year was 89 days compared with 88 days the first 6 months a year ago. Bad debt expense for the first 6 months was 9 basis points of revenue this year compared to 17 basis points a year ago.

今年 6 月 30 日的應收賬款天數為 89 天，而去年前 6 個月為 88 天。今年前 6 個月的壞賬支出佔收入的 9 個基點，而去年同期為 17 個基點。

Depreciation and amortization expense for the second quarter was $9.2 million compared with $8.3 million last year. Year-to-date, depreciation and amortization is $17.8 million versus $16.5 million last year. For the full year, we expect depreciation and amortization at approximately $36 million compared with approximately $33 million last year.

第二季度的折舊和攤銷費用為 920 萬美元，而去年同期為 830 萬美元。年初至今，折舊和攤銷為 1,780 萬美元，而去年為 1,650 萬美元。我們預計全年折舊和攤銷約為 3600 萬美元，而去年約為 3300 萬美元。

Capital spending for the second quarter was $8.1 million and is $11.7 million for the 6 months. Greater spending is planned this year for tenant improvements related to our upcoming move to our new headquarters facilities. In any year, most of our capital spending is associated with leasehold improvements and furniture for office facilities. As a reminder, we are a major tenant in our new headquarters building with a long-term lease and a move to the new headquarters is planned later this year. We are not an owner of the building. For the full year this year, we're expecting capital spending to be approximately $15 million to $20 million.

第二季度的資本支出為 810 萬美元，前 6 個月的資本支出為 1170 萬美元。今年計劃增加支出，用於與我們即將搬遷到新總部設施相關的租戶改善。在任何一年，我們的大部分資本支出都與租賃權益的改善和辦公設施的家具有關。謹此提醒，我們是新總部大樓的主要租戶，擁有長期租約，併計劃在今年晚些時候搬遷至新總部。我們不是該建築物的所有者。今年全年，我們預計資本支出約為 1500 萬至 2000 萬美元。

The effective tax rate for the 6 months this year was 27.6%, up from 26.3% a year ago. The increase in the effective tax rate is primarily a result of expiration of certain grandfathered tax benefits that were associated with stock-based compensation as provided in the Tax Reform Act of 2017. The impact of the increased tax rate in the first half was approximately $0.04 per share. With a 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 that is unique to this year compared with 2022. In future years, we expect the effective tax rate to be relatively level at approximately 28%. And we project no further year-over-year headwinds beyond this year.

今年前6個月的有效稅率為27.6%，高於去年同期的26.3%。有效稅率的增加主要是由於 2017 年稅收改革法案中規定的與股票薪酬相關的某些祖父稅收優惠到期。上半年稅率增加的影響約為 0.04 美元每股。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。與 2022 年相比，23 年有效稅率的提高是今年特有的不利因素。未來幾年，我們預計有效稅率將保持在 28% 左右的相對水平。我們預計今年之後不會出現進一步的同比阻力。

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 within our Benefits and in our Payroll business, we are seeing continued signs of steady employment within our clients. Economic uncertainty continues, however, and if we were to experience more sustained pressure on revenue growth, we have a number of variable items in our cost structure and 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. We can leverage costs and protect margins. The investments we made 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.

我們許多服務的重複性和必要性在整個經濟周期中提供了穩定性。此時，當我們審視我們的福利和薪資業務中就業驅動的指標時，我們看到客戶內部就業穩定的持續跡象。然而，經濟不確定性仍然存在，如果我們要承受更持續的收入增長壓力，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。近年來我們採用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。我們可以利用成本並保護利潤。我們繼續對新業務生產者進行投資，特別是在我們的福利和保險集團內，這些投資已經獲得了關注。我們看到強勁的新業務，加上強大的客戶保留率，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. Even with the impact of the 2 items we talked about, first half results are generally in line with initial expectations. With a reported 11% increase in first half adjusted earnings per share, the impact of increased interest expense was $0.09 per share, and the impact of higher tax rate was $0.04 per share. Absent these factors, you can do the math and you can see that operating results would generate a much higher growth rate in earnings. I think this tells you that our core business within both Financial Services and Benefits and Insurance are performing very well with strong first half results.

現在，在我將其轉回給傑里之前，我想向您提供我們對全年指導的想法。即使考慮到我們談到的兩個項目的影響，上半年的業績總體上符合最初的預期。據報導，上半年調整後每股收益增長了 11%，利息支出增加的影響為每股 0.09 美元，較高稅率的影響為每股 0.04 美元。如果沒有這些因素，你可以計算一下，你會發現經營業績將產生更高的收益增長率。我認為這告訴您，我們在金融服務、福利和保險方面的核心業務表現良好，上半年業績強勁。

Looking at full year in the second half with the focused actions we are taking, we project a recovery of the 2 second quarter factors that we described earlier. We typically target a 20 to 50 basis points improvement in pretax margin each year. But in 2023, there are headwinds for all the reasons that I outlined. So to recap our full year guidance, we'll say the following: increasing our guidance on revenue growth, we expect total revenue to increase within a range of 10% to 12% for the year, up from 8% to 10% previously. On an adjusted basis, we expect 2023 adjusted earnings per share to increase within a range of 11% to 13% over the adjusted earnings per share of $2.13 and that was reported last year.

展望下半年全年，通過我們正在採取的重點行動，我們預計我們之前描述的兩個第二季度因素將有所恢復。我們通常的目標是每年稅前利潤率提高 20 到 50 個基點。但到 2023 年，由於我概述的所有原因，將會出現阻力。因此，回顧一下我們的全年指引，我們會說以下內容：提高我們對收入增長的指引，我們預計今年總收入將增長 10% 至 12%，高於之前的 8% 至 10%。在調整後的基礎上，我們預計 2023 年調整後每股收益將比去年報告的調整後每股收益 2.13 美元增長 11% 至 13%。

GAAP reported earnings per share is expected to increase within a range of 15% to 17% over the $2.01 reported in 2022. The effective tax rate for the full year of 2023 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 51.0 million shares for the full year of 2023.

GAAP 報告的每股收益預計將比 2022 年報告的 2.01 美元增長 15% 至 17%。2023 年全年的有效稅率預計約為 28%。現在，這可能會受到許多不可預測因素的影響。最後，預計 2023 年全年完全稀釋加權平均股數將在 5050 萬股至 5100 萬股之間。

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

因此，通過這些評論，我將得出結論，並將其轉回給傑里。

Thank you, Ware. I'd like to provide a brief update on our M&A results for the second quarter and for the first half of the year. During the second quarter, we completed another strategic acquisition to be included within our Financial Services Advisory business and a small specialty tuck-in acquisition to be included within our accounting and tax business. Among them is Pivot Point Security, a cyber and information security firm based in New Jersey. We've been searching for an acquisition in this area for a long time.

謝謝你，韋爾。我想簡單介紹一下我們第二季度和上半年的併購結果。在第二季度，我們完成了另一項戰略收購，將納入我們的金融服務諮詢業務，以及一項小型專業收購，將納入我們的會計和稅務業務。其中包括總部位於新澤西州的網絡和信息安全公司 Pivot Point Security。長期以來，我們一直在尋找該領域的收購機會。

We are pleased to have found a cybersecurity firm that will enhance our advisory service offerings and bring added expertise in this area to our CBIZ team. In addition to Pivot Point, during the second quarter, we added a small boutique CPA firm specializing in bespoke services and solutions for high net worth individuals, business owners and executives. The firm joins our growing team in the Denver market.

我們很高興找到一家網絡安全公司，它將增強我們的諮詢服務，並為我們的 CBIZ 團隊帶來該領域的更多專業知識。除了 Pivot Point 之外，我們在第二季度還增加了一家小型精品註冊會計師公司，專門為高淨值個人、企業主和高管提供定制服務和解決方案。該公司加入了我們在丹佛市場不斷壯大的團隊。

In addition to this activity during the second quarter, earlier this month, we acquired American Pension Advisors, a small firm based in Indianapolis that provides full-service retirement plan consulting to assist our clients in the design, implementation and administration of all types of retirement plans. APA joins our Retirement and Investment Solutions line business within our Benefits and Insurance division. This acquisition also adds to our presence in the fast-growing Indianapolis market, where we acquired Somerset, a leading CPA & Advisory firm earlier this year. These recent acquisitions bring us to 3 acquisitions and 2 tuck-in acquisitions so far this year. Each of these acquisitions are strategic in its own right and enables us to continue to deliver on our goal of providing our clients with a breadth of services and depth of expertise that is unmatched in our industries. Our M&A pipeline remains healthy and active and we have the capacity to pursue other opportunities in the future.

除了第二季度的這項活動外，本月早些時候，我們還收購了 American Pension Advisors，這是一家位於印第安納波利斯的小公司，提供全方位服務的退休計劃諮詢，以協助我們的客戶設計、實施和管理所有類型的退休金。計劃。 APA 加入了我們福利和保險部門的退休和投資解決方案業務線。此次收購還增強了我們在快速增長的印第安納波利斯市場的影響力，今年早些時候我們收購了領先的註冊會計師和諮詢公司薩默塞特。今年到目前為止，這些最近的收購使我們完成了 3 項收購和 2 項補充收購。每一項收購本身都具有戰略意義，使我們能夠繼續實現為客戶提供行業內無與倫比的廣泛服務和深度專業知識的目標。我們的併購渠道保持健康和活躍，我們有能力在未來尋求其他機會。

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

接下來，我們將繼續進行問答。

(Operator Instructions) Our first question comes from Andrew Nicholas with William Blair.

（操作員說明）我們的第一個問題來自安德魯·尼古拉斯和威廉·布萊爾。

I appreciate all the color on the 2 delays in the quarter where -- just one quick follow-up there. On the Government Health Care consulting side, it sounds like the majority of that is expected in the back half. But I think you did call out a bigger project that's leading into 2024. Is there any way to size the impact of that delay specifically?

我很欣賞本季度兩次延遲的所有色彩——只是一個快速的後續行動。在政府醫療保健諮詢方面，聽起來大部分預計將在下半年進行。但我認為您確實提出了一個將在 2024 年進行的更大項目。有什麼方法可以具體衡量延遲的影響嗎？

No, we haven't sized that. It's not insignificant. So Andrew, that's why we commented that we need to align the cost structure with the expected second half revenue, and we're doing that immediately as we speak.

不，我們還沒有確定這個尺寸。這並非無關緊要。安德魯，這就是為什麼我們說我們需要使成本結構與下半年的預期收入保持一致，我們正在立即這樣做。

Understood. And then maybe a bigger picture question on the cyber opportunity. I know you guys have been talking about being interested in that space for some time. Can you just kind of refresh us on that opportunity how Pivot Point fits into that strategy? And whether or not this is kind of a one-and-done acquisition there or if there could be bigger chunkier deals that you'd like to do here because it seems like an area that's in quite a bit of demand?

明白了。然後也許是關於網絡機會的更大問題。我知道你們已經談論對這個領域感興趣有一段時間了。您能否向我們介紹一下樞軸點如何融入該戰略的機會？這是否是一種一勞永逸的收購，或者您是否希望在這裡進行更大、更大規模的交易，因為它似乎是一個需求相當大的領域？

Andrew, this is Jerry. Yes. Precisely, as you indicated, this is a space where we've had high client demand. We have some capabilities in this area, but the demand has historically outstripped our capacity. We've looked for a long time for the right firm. There are a lot of firms out there that report to be expert in this space that didn't hit our quality standards.

安德魯，這是傑瑞。是的。準確地說，正如您所指出的，這是我們客戶需求量很大的一個領域。我們在這方面有一定的能力，但歷史上的需求已經超過了我們的能力。我們長期以來一直在尋找合適的公司。有很多公司聲稱自己是該領域的專家，但沒有達到我們的質量標準。

So we are thrilled to be able to bring on Pivot Point. When you ask about future plans, we will continue to look for opportunities to expand in this space if and when we find other firms of the same quality. What they do? They will fit in with our -- within our advisory practice on the Financial Services side, work very closely with our -- specifically with our risk and advisory services. They assess vulnerability that consult around that vulnerability and they make recommendations as to how to mitigate it. So spot on with regard to what we're hearing from our clients and what their needs are.

因此，我們很高興能夠推出 Pivot Point。當您詢問未來計劃時，如果我們找到具有相同質量的其他公司，我們將繼續尋找在該領域擴展的機會。他們做什麼？他們將適應我們在金融服務方面的諮詢實踐，與我們密切合作，特別是我們的風險和諮詢服務。他們評估漏洞並圍繞該漏洞進行諮詢，並就如何緩解該漏洞提出建議。因此，請注意我們從客戶那裡聽到的信息以及他們的需求。

Understood. And if you wouldn't mind me squeezing in one last one, which is kind of a consistent question each quarter, which is just kind of on the M&A front. It sounds like the pipeline is still active, and there's a decent amount of capacity. Any notable change in terms of the pricing in that end market as we continue to see quite a bit of activity from your competitors there?

明白了。如果你不介意我擠進最後一個問題，這是每個季度都會出現的問題，這只是在併購方面。聽起來管道仍然活躍，並且有相當大的容量。由於我們繼續看到您的競爭對手在該終端市場進行了大量活動，因此該終端市場的定價有何顯著變化？

Yes, Andrew, we have not seen really any material change in the pricing, although what we're hearing in different industries is that pricing is softening a little because of the interest rates and just the impact on the financial buyers that being private equity. We've not really seen it to date in the assets that we're looking for or looking at, but we're keeping an eye on that. But, listen, for premium opportunities, premium firms, I don't think there's any pricing bargains out there. We don't look for those for bargains. We really look for quality firms. They are going to be great cultural fits. But on the encouraging note, at least pricing seems to have stabilized, at least for the time being.

是的，安德魯，我們並沒有看到定價有任何實質性變化，儘管我們在不同行業聽到的是，由於利率以及對私募股權金融買家的影響，定價略有軟化。迄今為止，我們還沒有真正在我們正在尋找或關注的資產中看到它，但我們正在密切關注這一點。但是，聽著，對於優質機會、優質公司，我認為沒有任何定價便宜的地方。我們尋找這些東西並不是為了討價還價。我們確實尋找優質公司。他們將在文化上非常契合。但令人鼓舞的是，至少價格似乎已經穩定下來，至少目前是這樣。

Our next question comes from Chris Moore with CJS Securities.

我們的下一個問題來自 CJS 證券的 Chris Moore。

So obviously, you talked quite a bit about the Government Health Care project revenue. Maybe just beyond that, how would you characterize the momentum within the project revenue outside of the Government Health Care space?

顯然，您談了很多關於政府醫療保健項目收入的問題。也許除此之外，您如何描述政府醫療保健領域之外的項目收入的勢頭？

Yes, Chris, this is Jerry. It remains very strong, and we're very encouraged by it. In a less certain economic environment, the portion of our business that tends to be a little bit more difficult to predict is around our project-based advisory services. What we've experienced through the first 6 months is demand for those services still remains very healthy. There is -- it's a little bit of a different mix, particularly on the private equity side, private equity advisory side. Fewer really large projects, but largely offset by a larger number of smaller projects. So I remain very encouraged by what we're seeing there and remain optimistic about the second half of the year. Ware, do you want to...

是的，克里斯，這是傑瑞。它仍然非常強大，我們對此感到非常鼓舞。在不太確定的經濟環境中，我們的業務中比較難以預測的部分是基於項目的諮詢服務。我們在前 6 個月的經歷是，對這些服務的需求仍然非常健康。這是一種有點不同的組合，特別是在私募股權、私募股權諮詢方面。真正的大型項目較少，但在很大程度上被大量小型項目所抵消。因此，我對我們所看到的情況仍然感到非常鼓舞，並對今年下半年保持樂觀。威爾，你想...

Yes, Chris, I can just add a couple of things. Clearly, the Government Health Care and to some degree, the deferrals and the tax return work in California impacted second quarter first half results. If you look at our same-unit revenue, which I think addresses your question, how is the rest of the business doing, while we reported in second quarter of 4.1% same-unit growth, adjusted to eliminate those items, it would be 6.2%. And for year-to-date, we reported 7.2% organic growth. And eliminating those items, it would have been 9%. To us and hopefully to you, that's a very strong indication that the balance of the business is very healthy.

是的，克里斯，我可以補充幾件事。顯然，政府醫療保健以及在某種程度上加州的延期和納稅申報工作影響了第二季度上半年的業績。如果你看一下我們的同單位收入，我認為這解決了你的問題，其餘業務的表現如何，而我們在第二季度報告的同單位收入增長了 4.1%，經過調整以消除這些項目，則該數字將是 6.2 %。今年迄今為止，我們的有機增長率為 7.2%。如果去掉這些項目，則為 9%。對我們來說，希望對您來說，這是一個非常有力的跡象，表明業務平衡非常健康。

Got it. Very helpful. Pricing certainly have been more dynamic in 2022. Can you talk maybe a little bit more about the pricing in the first 6 or 7 months of '23? Is it more normal, the 2% to 3% price increase earlier in the year and that's it? Or just help me understand how the pricing is working in these days.

知道了。很有幫助。 2022 年的定價肯定更加動態。您能多談談 23 年前 6 或 7 個月的定價嗎？今年早些時候漲價 2% 到 3% 就這樣了，這更正常嗎？或者只是幫助我了解當今的定價方式。

Yes. Great question, Chris. Just again, eliminating the impact of Government Health Care and Financial Services, where pricing is more dynamic, the first half organic growth was reported at 7.4%. It would have been 10.1% without Government Health Care consulting. Now that's about still 70%, 80% driven by pricing. So we're continuing to get pricing. And absent a couple of things we talked about, we're optimistic about margins despite the headwinds we're facing that are kind of unique to 2023.

是的。好問題，克里斯。同樣，剔除定價更具動態性的政府醫療保健和金融服務的影響，上半年有機增長率為 7.4%。如果沒有政府醫療保健諮詢，這一數字將為 10.1%。現在大約仍然有 70%、80% 是由定價驅動的。所以我們正在繼續定價。儘管我們面臨 2023 年特有的逆風，但除了我們討論的一些事情之外，我們對利潤率持樂觀態度。

Our next question comes from Marc Riddick with Sidoti.

我們的下一個問題來自馬克·里迪克和西多蒂。

So I wanted to touch a little bit -- and I thank you for all the color and detail that you provided on everything. So I did want to sort of go a little bit more big picture here. And I'm wondering if you could spend some time talking a little bit about some of the trends that you may be seeing from your customers, whether a particular industry verticals that might be a call out or particular green shoots that we might be seeing in the economy that have evolved during the course of the year.

所以我想接觸一點——我感謝你為所有東西提供的所有顏色和細節。所以我確實想在這裡了解一下更宏觀的情況。我想知道您是否可以花一些時間談談您可能從客戶那裡看到的一些趨勢，無論是可能需要呼籲的特定垂直行業還是我們可能會看到的特定萌芽這一年中經濟的發展。

Yes. Marc, consistent with the headlines that everybody is reading, the small-middle market businesses continue to actually perform quite well in this environment and continue to be quite optimistic about the rest of the year and kind of beyond that, I would predict. We survey -- as you know, we survey our offices and our practice groups quarterly in anticipation of this call, and that's really what we're hearing. There are a couple of notes, of course, of caution, rising interest rates, access to credit, et cetera. But not to the level of concern where they think it's going to have a material impact on their business.

是的。馬克，與大家正在閱讀的頭條新聞一致，我預測，中小型市場企業在這種環境下實際上仍然表現良好，並且對今年剩餘時間以及除此之外的情況繼續相當樂觀。我們進行調查——如您所知，我們每季度都會對我們的辦公室和實踐小組進行調查，以期待這次電話會議，而這正是我們所聽到的。當然，有一些需要注意的事項，例如利率上升、信貸獲取等。但還沒有達到他們認為這會對他們的業務產生重大影響的擔憂程度。

Okay. Great. And then I was wondering if we could touch a little bit about a comfort level around leverage. I guess, with the acquisitions, we're about -- with the slide deck looking at about 2x, can you sort of remind folks kind of your large-scale views as far as leverage levels and comfort levels and then what you might be thinking about going forward then?

好的。偉大的。然後我想知道我們是否可以談談槓桿的舒適度。我想，通過收購，我們的幻燈片看起來大約是 2 倍，您能否提醒人們您對槓桿水平和舒適水平的大規模看法，以及您可能在想什麼那麼接下來呢？

Yes. Leverage is -- this is Ware. Thanks, Marc, for the question. Leverage is at about 2x adjusted EBITDA, and we have about $178 million of unused capacity against the $600 million facility. Just remember the seasonality of cash flow, we've spent $85 million in the first half on acquisitions, plus another $48 million in the first half on share buybacks.

是的。槓桿是——這就是Ware。謝謝馬克提出這個問題。槓桿約為調整後 EBITDA 的 2 倍，相對於 6 億美元的設施，我們還有約 1.78 億美元的未使用產能。請記住現金流的季節性，我們上半年花費了 8500 萬美元用於收購，另外上半年還花費了 4800 萬美元用於股票回購。

Seasonally, we don't really generate a lot of positive cash flow in the first half. So the positive cash flow comes in the second half as the seasonal work done in the first half converts to cash. So we think we've got plenty of capacity, and we remain very actively engaged in potential acquisitions, and we've got the flexibility to do share repurchases.

從季節性來看，上半年我們並沒有真正產生大量正現金流。因此，隨著上半年完成的季節性工作轉化為現金，下半年就會出現正現金流。因此，我們認為我們有足夠的能力，我們仍然非常積極地參與潛在的收購，並且我們可以靈活地進行股票回購。

Okay. Great. And then the last one for me. I was wondering if you could sort of give us a bit of an update as to your investment expectations around maybe head count or technology spend and the like, outside of the moving into the offices and the like. Can you just sort of give maybe an update as to what your plans are maybe for the remainder of the year on that type of investment?

好的。偉大的。然後是我的最後一個。我想知道您是否可以向我們提供一些關於您的投資預期的最新信息，包括員工數量或技術支出等，除了搬進辦公室等之外。您能否介紹一下您今年剩餘時間對該類型投資的計劃的最新情況？

Yes. I would say, Marc, nothing beyond what you've traditionally seen there. I mean we are always in the market looking for best-in-class talent, right? So we continue to have an active recruiting effort always going on. With that said, in certain areas where the business is softer, obviously, we'll pull back on that hiring. As far as technology is concerned, we've made substantial investments in that area. We continue to make substantial investments. There's a lot of developments that are happening in our industries, and we feel like we're at the right level of spend, which is really consistent with what you've seen over the past couple of years. Ware?

是的。我想說，馬克，沒有什麼超出你傳統上在那裡看到的。我的意思是我們總是在市場上尋找一流的人才，對嗎？因此，我們將繼續積極進行招聘工作。話雖如此，在業務較疲軟的某些領域，我們顯然會減少招聘。就技術而言，我們在該領域進行了大量投資。我們繼續進行大量投資。我們的行業正在發生很多發展，我們感覺我們的支出水平合適，這與您過去幾年所看到的情況非常一致。潔具？

Yes. I think the investments in people incrementally has been coming and will continue to come on the new business development front, both on the Financial Services, but particularly focused on Benefits and Insurance. So we'll continue that. And to some degree, that presents a little bit of a margin headwind on top of the things we already talked about.

是的。我認為對人員的投資已經並將繼續逐步出現在新業務開發方面，包括金融服務領域，但特別關注福利和保險領域。所以我們會繼續這樣做。在某種程度上，除了我們已經討論過的事情之外，這還帶來了一點利潤逆風。

But I know you and others have seen the headlines of the risks and the other things announced with the Big 4. And our take on that and the information they've shared with us is that I believe they probably over-hired last year. We've stayed pretty carefully aligned and we're not really misaligned other than a few corrective actions we need to take, particularly focused on Government Health Care. So I think we're good to go, and we're not really misaligned on a talent and head count basis.

但我知道你和其他人已經看到了四大公司宣布的風險和其他事情的頭條新聞。我們對此的看法以及他們與我們分享的信息是，我相信他們去年可能過度招聘。我們一直非常謹慎地保持一致，除了我們需要採取一些糾正措施外，我們並沒有真正的不一致，特別是在政府醫療保健方面。所以我認為我們一切順利，而且我們在人才和人員數量方面並沒有真正失調。

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

我們的問答環節到此結束。我想將會議轉回傑里·格里斯科（Jerry Grisko）發表閉幕詞。

Okay. Thank you. Before I go to my traditional closing remarks, I just want to -- because of the way this quarter played out, I just want to caution against predicting quarterly results for us really for 2 reasons. The nature of our business, and you saw it in the second quarter is that work can't get accelerated as it was in the first quarter or it can't get delayed as you saw in the second quarter. When it's delayed, of course, we have the labor costs that are there ready to do that work. And so the impact on earnings is exaggerated or exacerbated.

好的。謝謝。在我進行傳統的結束語之前，我只是想——由於本季度的表現，我只是想警告不要為我們預測季度業績，原因有兩個。我們業務的本質，你在第二季度看到的是，工作不能像第一季度那樣加速，也不能像第二季度那樣推遲。當然，當它被延遲時，我們有準備好完成這項工作的勞動力成本。因此，對盈利的影響被誇大或加劇。

The second factor is that as we've been very successful, fortunately, in bringing out some terrific firms, but to the extent that there are 4 accounting firms that creates even more seasonality. So you'll see higher revenue, higher earnings in the first half of the year, but maybe a little bit less. And then even quarter-to-quarter in the third quarter or fourth quarter, that work is a little bit more difficult to predict. All of which is why we don't predict quarters. With all of that said, the business remains very strong. As were indicated, from an OGIR perspective, we would have had substantially higher OGIR, if you just exclude those 2 items and we are, in fact, based on our results through the first half, very pleased to be able to raise our revenue guidance for the rest of the year and to hold our EPS guidance.

第二個因素是，幸運的是，我們非常成功地推出了一些出色的公司，但在某種程度上，有 4 家會計師事務所創造了更多的季節性。因此，上半年你會看到更高的收入、更高的收益，但可能會少一些。即使在第三季度或第四季度，這項工作也更難以預測。所有這些都是我們不預測季度的原因。儘管如此，該業務仍然非常強勁。正如我們所指出的，從 OGIR 的角度來看，如果您只排除這兩項，我們的 OGIR 將會大幅提高，事實上，根據我們上半年的業績，我們非常高興能夠提高我們的收入指導今年剩餘時間並維持我們的每股收益指引。

Beyond that, so beyond 2023, still committed to our 8% to 10% top line growth and 16% to 20% kind of double that on the EPS growth. So very pleased with the business the way it performs and very pleased the way it has performed through the first 6 of the months.

除此之外，到 2023 年之後，我們仍致力於實現 8% 至 10% 的營收增長，以及 16% 至 20% 的 EPS 增長兩倍。對公司的業務表現非常滿意，對前 6 個月的表現也非常滿意。

With all of that, as we wrap up, I want to thank our shareholders and analysts as we always do for your understanding and your support of the business. And most importantly, I want to thank our team for the very solid first year -- or first half year results, for your focus on providing exceptional service to our clients and equally important for your support of our team and each other. Thank you very much, and we look forward to talking at the end of the third quarter.

總而言之，在我們結束時，我要感謝我們的股東和分析師，一如既往，感謝你們對公司的理解和支持。最重要的是，我要感謝我們的團隊在第一年或上半年取得了非常紮實的業績，感謝你們專注於為我們的客戶提供卓越的服務，同樣重要的是感謝你們對我們團隊和彼此的支持。非常感謝您，我們期待在第三季度末進行交談。

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。