CBIZ Inc (CBZ) 2023 Q4 法說會逐字稿

Welcome to CBIZ fourth quarter 2023 results conference call.

歡迎參加 CBIZ 2023 年第四季業績電話會議。

(Operator Instructions) Please also note today's event is being recorded.

（操作員說明）也請注意今天的活動正在錄製中。

And at this time, I would like to turn the floor over to Lori Novickis, Director of Corporate Relations.

現在，我想請企業關係總監 Lori Novickis 發言。

Ma'am, you may begin.

女士，您可以開始了。

Good morning, everyone, and thank you for joining us for the fourth quarter and full year 2023 CBIZ results conference call.

大家早安，感謝您參加我們 2023 年第四季和全年 CBIZ 業績電話會議。

In connection with this call, today's press release and investor presentation have been posted to the Investor Relations page of our website, cbiz.com.

與本次電話會議相關的今天的新聞稿和投資者簡報已發佈在我們網站 cbiz.com 的投資者關係頁面上。

(Event Instructions) Before we begin, we would like to remind you that during the call, management may discuss certain non-GAAP financial measures.

（活動說明）在開始之前，我們想提醒您，在電話會議期間，管理階層可能會討論某些非 GAAP 財務指標。

Reconciliations of these measures can be found in the financial tables of today's press release and investor presentation.

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。

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

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、策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.

前瞻性陳述僅代表本次電話會議日的估計，並非旨在對未來結果提供任何保證。

Because forward-looking statements relate to matters that have not yet occurred, these statements are inherently subject to risks and uncertainties.

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。

Many factors could cause future results to differ materially, and CBIZ assumes no obligation to update these statements.

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。

A more detailed description of such factors can be found in our filings with the Securities and Exchange Commission.

有關這些因素的更詳細描述可以在我們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執行長 Jerry Grisko；和財務長韋爾格羅夫。

I will now turn the call over to Jerry.

我現在將把電話轉給傑瑞。

Thank you, Lori.

謝謝你，洛瑞。

And good morning, everyone.

大家早安。

We are pleased to share our fourth quarter and full-year results for 2023 and our outlook for the year ahead.

我們很高興分享 2023 年第四季和全年業績以及對未來一年的展望。

Last year at this time, we reported on record performance and results in 2022.

去年的這個時候，我們報告了 2022 年創紀錄的業績和業績。

We are pleased that this momentum continued in 2023 and that despite uncertainty at the start of the year, about a potentially challenging business climate ahead, we successfully continued our trend in 2023 of achieving growth across every major service line of our business.

我們很高興這一勢頭在 2023 年持續下去，儘管年初存在不確定性，未來的商業環境可能充滿挑戰，但我們在 2023 年成功延續了我們業務的每個主要服務線實現增長的趨勢。

Over the past year, CBIZ posted strong growth, achieved new milestones and demonstrated the resilience of our business model in an uncertain environment.

過去一年，CBIZ 實現了強勁成長，實現了新的里程碑，並展示了我們的業務模式在不確定的環境中的韌性。

Most notably, for the full year, total revenue was up 12.7%, organic revenue grew by 7.4%.

最值得注意的是，全年總收入成長 12.7%，有機收入成長 7.4%。

Earnings per share was up by 18.9%.

每股收益成長18.9%。

Adjusted earnings per share was up by 13.1% and our stock price increased 33.6%.

調整後每股盈餘成長 13.1%，股價上漲 33.6%。

So fundamental attributes that define our model, including a blend of essential recurring services combined with more discretionary project-based services, a diverse client base that spans companies of all sizes and a broad and growing geographic footprint continued to drive our success.

因此，定義我們模式的基本屬性，包括基本的經常性服務與更多基於專案的酌情服務的結合、涵蓋各種規模公司的多元化客戶群以及廣泛且不斷增長的地理足跡，繼續推動我們的成功。

As we head into 2024, we expect the economic climate to remain favorable for the types of services that we provide to our clients.

進入 2024 年，我們預計經濟環境將繼續有利於我們向客戶提供的服務類型。

Now turning to the performance of our business divisions in 2023.

現在讓我們來看看我們的業務部門在 2023 年的業績。

Our financial services division demonstrated impressive growth across every major service line, including our accounting and tax, advisory, and government healthcare consulting businesses.

我們的金融服務部門在每個主要服務領域都取得了令人矚目的成長，包括我們的會計和稅務、諮詢以及政府醫療保健諮詢業務。

Our accounting and tax services remained in high demand, which has allowed us to continue to achieve price increases in excess of our wage increases.

我們的會計和稅務服務的需求仍然很高，這使我們能夠繼續實現價格上漲超過薪資上漲。

Our work to support clients and securing employee retention tax credit also help to bolster our results.

我們支持客戶和確保員工保留稅收抵免的工作也有助於提升我們的業績。

Our advisory services also continued to experience robust growth as strong client demand translated into steady production for our private equity advisory business, our risk and advisory, valuation and forensic consulting groups.

我們的諮詢服務也持續強勁成長，強勁的客戶需求轉化為我們的私募股權諮詢業務、風險與諮詢、估值和法證諮詢團隊的穩定生產。

While demand for our technical accounting services group, a group that specializes in assisting companies in preparing to go public, reflected a somewhat muted market for IPOs in 2023, we are seeing signs of improvement for these services in the coming year.

雖然對我們的技術會計服務團隊（專門協助公司準備上市的團隊）的需求反映出 2023 年 IPO 市場有些疲軟，但我們看到這些服務在未來一年有改善的跡象。

Finally, our government healthcare consulting business finished the year strong in terms of both kicking off project work and securing new business.

最後，我們的政府醫療保健諮詢業務在啟動專案工作和爭取新業務方面都表現強勁。

We reported on our last earnings call that this part of the business experienced some softness due to a number of large contracts being delayed.

我們在上次財報電話會議上報告稱，由於許多大型合約被推遲，這部分業務經歷了一些疲軟。

The new work that we are seeing in this space more than made up for these timing changes.

我們在這個領域看到的新作品足以彌補這些時間上的變化。

I will remind you that project delays are common when serving certain types of public sector clients and the business continues to navigate these changes well while maintaining strong performance.

我要提醒您的是，在為某些類型的公共部門客戶提供服務時，專案延遲是很常見的，企業將繼續很好地應對這些變化，同時保持強勁的業績。

Now turning to our benefits and insurance division, where we built on our momentum coming into the year to achieve strong growth in performance across every major service line, while the key drivers for growth varied slightly within the four major service lines, all benefited from high client retention rates, new sales and continued improvements in pricing.

現在轉向我們的福利和保險部門，我們在今年的勢頭基礎上，在每個主要服務領域實現了業績的強勁增長，而四個主要服務領域內增長的關鍵驅動力略有不同，所有這些都受益於高客戶保留率、新銷售以及定價的持續改善。

For our employee benefits business, growth came from higher starting valuations, new business, increased contingence and improved client retention rates.

對於我們的員工福利業務，成長來自於較高的起始估值、新業務、意外事件的增加以及客戶留任率的提高。

Our producer count was also up along with another key metric we monitored average production per producer.

我們的生產者數量也隨著我們監控每位生產者的平均產量的另一個關鍵指標而增加。

The strong activity from our producers is evident in our full year results and should provide some strong momentum going into 2024.

我們生產商的強勁活動在我們的全年業績中顯而易見，並應為 2024 年提供強勁動力。

Moving to our property & casualty business, we experienced growth in both the program and commercial sides of the business, higher starting valuations, new productions, strong client retention, and trend also bolstered our favorable results.

轉向我們的財產和傷亡業務，我們在業務的計劃和商業方面都經歷了成長，更高的起始估值、新產品、強大的客戶保留率和趨勢也支撐了我們良好的業績。

The retirement and investment solutions business saw growth through increased demand for our actuarial project work.

由於對我們精算專案工作的需求增加，退休和投資解決方案業務實現了成長。

We were also able to increase our producer pool within this business.

我們也能夠增加該業務中的生產者池。

Finally, our payroll business had another strong year performance, driven primarily by demand for our upmarket payroll platform, which also included high client retention rates for this service.

最後，我們的薪資業務今年又取得了強勁的業績，這主要是由對我們的高端薪資平台的需求推動的，其中還包括這項服務的高客戶保留率。

We are extremely pleased with the performance of the overall business throughout 2023.

我們對 2023 年整體業務的表現非常滿意。

As we look ahead to 2024, we remain confident in our ability to continue to perform well and to capitalize on this momentum.

展望 2024 年，我們對繼續保持良好業績並充分利用這一勢頭的能力充滿信心。

Based on our strong financial performance over the past three years, the high demand for our services, our ability to retain clients, the investments to accelerate growth that we've made in the business, and our access to capital, we will once again be providing financial guidance for the year.

基於我們過去三年強勁的財務業績、對我們服務的高需求、我們留住客戶的能力、我們為加速業務成長而進行的投資以及我們獲得資本的管道，我們將再次成為提供年度財務指導。

With this, I will turn it over to Ware Grove, our Chief Financial Officer, to provide more specific details on our financial performance for the fourth quarter and the full year 2023 and our thoughts on guidance for 2024.

在此，我將把它交給我們的財務長 Ware Grove，提供有關我們第四季度和 2023 年全年財務業績的更具體細節，以及我們對 2024 年指導的想法。

Ware?

潔具？

Thank you, Jerry, and good morning, everyone.

謝謝傑瑞，大家早安。

Let me take a few minutes to talk about key highlights of the fourth quarter and year-to-date numbers we released this morning.

讓我花幾分鐘時間談談我們今天早上發布的第四季度和年初至今的數據的主要亮點。

Our business continues to be strong in every major service line within both financial services and within benefits and insurance.

我們的業務在金融服務、福利和保險等各個主要服務領域持續保持強勁勢頭。

We are pleased that results in the fourth quarter and the full year are in line with our expectations.

我們很高興第四季和全年的業績符合我們的預期。

After encountering some weakness in the first half of 2023, both the government health care consulting and the California core accounting and tax business recorded strong fourth quarter and second half results.

在經歷了 2023 年上半年的一些疲軟之後，政府醫療保健諮詢和加州核心會計和稅務業務均錄得強勁的第四季度和下半年業績。

The first half 2023 contract delays that we encountered within government healthcare consulting have resolved and the IRS tax filing delays in California moved a large portion of this recurring business from first half into second half of 2023.

我們在政府醫療保健諮詢領域遇到的 2023 年上半年合約延誤問題已經解決，加州國稅局 (IRS) 報稅延誤將大部分經常性業務從上半年轉移到了 2023 年下半年。

With the acquisition of Somerset in February of 2023, generating approximately $55 million of annual core tax and accounting services revenue, at the end of the third quarter, we guided that we expected the higher portion of core accounting business within our business mix this year would amplify the seasonal nature of our consolidated results in the fourth quarter.

隨著 2023 年 2 月收購薩默塞特，截至第三季末產生約 5,500 萬美元的年度核心稅務和會計服務收入，我們預計今年業務組合中核心會計業務的較高比例將放大我們第四季度合併業績的季節性特徵。

Coupled with the impact of higher interest expense in the fourth quarter this year compared with last year, the loss recorded in the fourth quarter this year was higher than last year.

再加上今年第四季利息支出較去年增加的影響，今年第四季錄得的虧損較去年增加。

Total revenue in the fourth quarter increased by $32.5 million, up 11% over fourth quarter a year ago.

第四季總營收增加 3,250 萬美元，比去年同期成長 11%。

The fourth quarter same-unit revenue was up $19.9 million or up by 6.8%, with acquisitions contributing $12.6 million or 4.2% of growth compared with last year.

第四季同單位營收成長 1,990 萬美元，成長 6.8%，其中收購貢獻了 1,260 萬美元，即 4.2% 的成長。

For the full year, total revenue grew by $179.2 million or up by 12.7% compared with 2022, same unit revenue for the 12 months grew by $104 million or up by 7.4%, with acquisitions contributing $75.2 million or 5.3% to revenue growth for the 12 months this year compared with last year.

全年總營收較2022 年成長1.792 億美元，成長12.7%，過去12 個月的同單位營收成長1.04 億美元，即成長7.4%，其中收購為全年營收成長貢獻了7,520 萬美元，即5.3 %。今年比去年有12個月。

Within financial services for the fourth quarter, total revenue was up by 13%, same unit revenue for the fourth quarter was up by 7.1%.

第四季金融服務總營收成長 13%，第四季同單位營收成長 7.1%。

For the 12 months, total revenue within financial services grew by 14.9% and same unit revenue for the 12 months was up by 7.6%.

過去 12 個月，金融服務總收入成長 14.9%，過去 12 個月的相同單位收入成長 7.6%。

We experienced strong revenue growth across all lines of services, including core tax and accounting, advisory services, and government healthcare consulting services for both the fourth quarter and for the 12 months in '23 compared to '22.

與 22 年相比，我們在第四季度和 23 年 12 個月的所有服務領域都經歷了強勁的收入成長，包括核心稅務和會計、諮詢服務以及政府醫療保健諮詢服務。

Within benefits and insurance, total revenue in the fourth quarter of '23 grew by 5.7% and same-unit revenue grew by 4.8%.

在福利和保險方面，2023 年第四季的總收入成長了 5.7%，同單位收入成長了 4.8%。

For the full year, total revenue grew by 6.9% with same unit revenue growing by 6.5%.

全年總收入成長 6.9%，同單位收入成長 6.5%。

Every major line of service within our benefits and insurance group recorded revenue growth for both the fourth quarter and for the 12 months.

我們的福利和保險集團內的每個主要服務領域在第四季度和過去 12 個月中均實現了收入成長。

We continue to see strong client retention and new client production.

我們繼續看到強勁的客戶保留和新客戶的產生。

The investments we have made in recent years to hire and increase the number of new business producers continue to gain traction.

近年來，我們為僱用和增加新業務生產者數量而進行的投資繼續受到關注。

We remain committed to further enhancing growth capabilities within the benefits and insurance group, and we will continue to make investments in hiring and in developing additional producers in 2024.

我們仍然致力於進一步增強福利和保險集團的成長能力，並將在 2024 年繼續在招聘和開發更多生產商方面進行投資。

On February 1, '23, we acquired Indianapolis based Somerset CPAs and Advisors with estimated annual revenue of approximately $55 million through our transaction closing costs, plus one-time integration related expenses associated with this transaction.

23 年 2 月 1 日，我們收購了位於印第安納波利斯的 Somerset CPAs and Advisors，透過我們的交易成交成本以及與此交易相關的一次性整合相關費用，預計年收入約為 5,500 萬美元。

In a similar matter to reporting New York based Marks Paneth acquisition costs in 2022, we are reporting and an adjustment to eliminate Somerset acquisition related costs from GAAP reported results to report adjusted results this year.

與報告 2022 年總部位於紐約的 Marks Paneth 收購成本類似，我們正在報告和調整，以從 GAAP 報告結果中消除薩默塞特收購相關成本，以報告今年的調整後結果。

We are extremely pleased to have both the Somerset team onboard this year and the Marks Paneth team, now in its second year and both are performing in line with our expectations.

我們非常高興今年薩默塞特團隊和 Marks Paneth 團隊加入，現在已經是第二年了，兩者的表現都符合我們的預期。

In addition to these acquisition related expenses, this year we reported a gain of $1.5 million related to the sale of technology assets in our financial services practice group in the third quarter and a gain of $1.4 million resulting from the receipt of contingent payments in the fourth quarter related to the last year's sale of a book of business within benefits and insurance.

除了這些收購相關費用外，今年我們還報告了與第三季度金融服務業務部門出售技術資產相關的收益 150 萬美元，以及第四季度收到的或有付款帶來的收益 140 萬美元。該季度與去年銷售福利和保險業務相關。

Last year, we recorded a gain of $2.4 million related to this transaction.

去年，我們錄得與此筆交易相關的 240 萬美元收益。

These gains were recorded in other income and represented approximately $0.02 per share for the fourth quarter of '23 and $0.04 per share in '22.

這些收益記錄在其他收入中，23 年第四季每股收益約為 0.02 美元，22 年第四季每股收益約為 0.04 美元。

With a view towards presenting meaningful comparable information, eliminating the impact of these gains and eliminating the acquisition related expenses, adjusted earnings per share this year is $2.41, up 13.1%, compared with adjusted earnings per share of $2.13 last year.

為了提供有意義的可比較資訊、消除這些收益的影響並消除收購相關費用，今年調整後每股收益為 2.41 美元，比去年調整後每股收益 2.13 美元成長 13.1%。

Considering these same adjustments, adjusted EBITDA, which serves to eliminate the impact of both tax and interest costs, was $223.8 million for the 12 months this year, up 17.7% over adjusted EBITDA of $190.1 million last year.

考慮到這些相同的調整，今年 12 個月的調整後 EBITDA（旨在消除稅收和利息成本的影響）為 2.238 億美元，比去年調整後 EBITDA 1.901 億美元增長 17.7%。

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.

今天早上發布的收益報告中包含了我所引用的將報告的 GAAP 數據與這些調整後每股收益和調整後 EBITDA 數據進行核對的表格。

So you can review the detail of the items included to arrive at adjusted numbers.

因此，您可以查看所含項目的詳細信息，以得出調整後的數字。

We have previously talked about the level of healthcare and benefits, travel and entertainment expenses, and marketing expenses that are normalizing to higher levels post pandemic.

我們之前討論過醫療保健和福利、旅行和娛樂費用以及行銷費用的水平，這些費用在疫情後正常化到更高的水平。

As we continue to restore and expand outreach to clients and prospects by design, travel and entertainment expenses are trending higher, and we have also restarted several media campaigns in our marketing programs this year.

隨著我們繼續透過設計恢復和擴大對客戶和潛在客戶的接觸，旅行和娛樂費用呈上升趨勢，今年我們還在行銷計劃中重新啟動了幾項媒體活動。

Some of you may recall seeing the CBIZ TV Spot's positioned on CNBC, PGA golf events, and in other spots last fall.

有些人可能還記得去年秋天在 CNBC、PGA 高爾夫賽事和其他節目中看到 CBIZ 電視廣告。

For 2023, collectively these expenses represented a 20-basis point headwind to margin on pre-tax income compared with the prior year.

2023 年，這些費用合計意味著稅前收入利潤率比前一年下降了 20 個基點。

We continue to project that these expenses will settle in at approximately 100 basis points lower than pre-pandemic levels.

我們繼續預測這些費用將比大流行前的水平低約 100 個基點。

But for a period of time, the year-over-year comparison has presented a headwind.

但在一段時間內，年比比較呈現逆風。

As always, details of the impact of accounting for gains and losses in our nonqualified deferred compensation plan are outlined in the release.

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資訊。

Because we are comparing a period in 2022, with capital market losses compared with capital markets gains in this year, there is a significant impact to the GAAP reported earnings as you look at both gross margin and operating income.

因為我們正在比較 2022 年的一個時期，將資本市場的損失與今年資本市場的收益進行比較，所以當你同時考慮毛利率和營業收入時，GAAP 報告的收益會受到重大影響。

And you can find this information noted in our release.

您可以在我們的新聞稿中找到這些資訊。

As a reminder, pre-tax income margin is not impacted by this accounting factor.

提醒一下，稅前利潤率不受此會計因素的影響。

We will continue to say that over time, we expect to achieve a 20-basis point to 50 basis point annual increase in pre-tax margin.

我們會繼續說，隨著時間的推移，我們預計稅前利潤率將實現20個基點至50個基點的年度成長。

In any given year, margin improvement may be either higher or lower for a number of reasons, including the impact of the expense level headwinds in '23 that I mentioned earlier.

在任何一年中，由於多種原因，利潤率的改善可能會更高或更低，包括我之前提到的 23 年費用水準逆風的影響。

As you look back over time, we are very pleased that our performance has been near the higher end of that range.

當您回顧過去時，我們非常高興我們的表現已接近該範圍的高端。

Now turning to cash flow items and balance sheet.

現在轉向現金流項目和資產負債表。

At December 31, '23, the balance outstanding on $600 million unsecured credit facility was approximately $312 million with about $272 million of unused capacity.

截至2023年12月31日，6億美元無擔保信貸額度的未償餘額約為3.12億美元，其中未使用容量約為2.72億美元。

With leverage of approximately 1.5 times adjusted EBITDA at year end as calculated in our $600 million credit facility, this provides plenty of capacity to continue both strategic acquisitions and provides the flexibility to continue the share repurchases.

根據我們 6 億美元的信貸額度計算，年底調整後 EBITDA 的槓桿約為 1.5 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 2023, including the Somerset acquisition, we completed a total of five acquisitions.

2023年，包括收購薩默塞特，我們總共完成了五次收購。

We used approximately $108 million for acquisition purposes, including earn-out payments on acquisitions that were closed in previous years, including the EBK transaction which closed earlier this month, combined with estimated earn-out payments on previously closed acquisitions.

我們使用了約 1.08 億美元用於收購目的，其中包括前幾年完成的收購（包括本月初完成的 EBK 交易）的盈利付款，以及先前完成的收購的預計盈利付款。

For acquisition purposes, we expect to use approximately $67 million in 2024, $36 million in 2025, $12 million in 2026, and approximately $2 million in 2027.

出於收購目的，我們預計 2024 年將使用約 6,700 萬美元，2025 年將使用 3,600 萬美元，2026 年將使用 1,200 萬美元，2027 年將使用約 200 萬美元。

Since the end of 2019, we have closed 21 acquisition transactions, and we have deployed approximately $394 million of capital for acquisition purposes, including earn-out payments over that time.

自 2019 年底以來，我們已完成 21 筆收購交易，並已為收購目的部署了約 3.94 億美元的資本，其中包括同期的盈利付款。

We continue to actively repurchase shares in 2023.

2023年我們繼續積極回購股票。

For the full year, we repurchased approximately 1.3 million shares in the open market at a cost of approximately $65 million.

全年，我們在公開市場回購了約 130 萬股股票，成本約 6,500 萬美元。

Since the end of 2019, we have purchased a total of approximately 9.4 million shares, and that represents about 17% of shares outstanding compared to the end of 2019.

自2019年底以來，我們總共購買了約940萬股，與2019年底相比，約佔已發行股票的17%。

Approximately $342 million of capital has been used towards this repurchase activity and the weighted average share count has been reduced by approximately 9.6% since the end of 2019.

此次回購活動已使用約 3.42 億美元的資金，自 2019 年底以來，加權平均股份數量減少了約 9.6%。

Day sales outstanding at year end was 78 days compared with 74 days a year ago.

年末的日銷售額為 78 天，去年同期為 74 天。

Bad debt expense for 2023 was 10 basis points of revenue compared with 8 basis points a year ago.

2023 年的壞帳支出為收入的 10 個基點，而一年前為 8 個基點。

Depreciation and amortization for the fourth quarter was $9.3 million compared with $8.2 million last year.

第四季的折舊和攤提為 930 萬美元，去年同期為 820 萬美元。

Full year depreciation and amortization was approximately $36 million compared with $33 million a year ago.

全年折舊和攤提約為 3,600 萬美元，而一年前為 3,300 萬美元。

The increase in depreciation and amortization is primarily driven by amortization related to acquisition activities.

折舊和攤銷的增加主要是由與收購活動相關的攤銷所推動的。

Capital spending for the fourth quarter was $4 million and was $23.1 million for the 12 months of 2023.

第四季的資本支出為 400 萬美元，2023 年 12 個月的資本支出為 2,310 萬美元。

The higher capital spending in '23 was driven by tenant improvements and furniture related to several significant office moves., including our move to the new headquarters facility during the fourth quarter.

23 年資本支出增加的原因是租戶改善以及與幾次重大辦公室搬遷相關的家具，包括我們在第四季度搬遷到新的總部設施。

Capital spending normally runs within a $10 million to $12 million range annually and we expect spending closer to that level in the years ahead.

每年的資本支出通常在 1000 萬至 1200 萬美元之間，我們預計未來幾年的支出將接近這一水平。

As a reminder, we are a major tenant with a long-term lease in our new headquarters building.

謹此提醒，我們是新總部大樓的主要租戶，擁有長期租約。

We are not an owner of the building.

我們不是該建築物的所有者。

The expense of the new headquarter space is no higher than had we renewed the prior lease and updated the space we previously occupied.

新總部空間的費用並不高於我們續約之前的租約並更新我們之前佔用的空間的費用。

The cost is in line with the average cost of 127 locations we occupy across the US.

該成本與我們在美國各地佔據的 127 個地點的平均成本一致。

In the fourth quarter compared with a temporary bridge space we occupied previously, the cost was slightly higher, but there is no material impact in our fourth quarter results.

第四季與我們先前佔用的臨時橋位相比，成本略高，但對我們第四季的業績沒有實質影響。

The effective tax rate for the 12 months in '23 was 27.3%, up from 25.5% a year ago.

2023 年 12 個月的有效稅率為 27.3%，高於一年前的 25.5%。

This rate was slightly lower than the 28% rate we had guided for the full year, primarily due to several favorable items that are unique to 2023 that we were able to recognize in the second half of the year.

這一比率略低於我們全年指導的 28%，主要是因為我們在下半年認識到了 2023 年特有的幾個有利項目。

The increase in the effective tax rate from '22 to '23 was primarily driven by the expiration of provisions associated with the Tax Reform Act of 2017.

有效稅率從 22 年提高到 23 年主要是由於 2017 年稅改法案相關條款到期所致。

Looking ahead to 2024, the recurring and essential nature of many of our services provide stability through economic cycles.

展望 2024 年，我們許多服務的重複性和必要性將在整個經濟週期中提供穩定性。

As we look at employment driven metrics within our benefits and in our payroll businesses, we are seeing continued signs of steady employment within our clients.

當我們審視我們的福利和薪資業務中的就業驅動指標時，我們看到客戶內部就業穩定的持續跡象。

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 and we expect the same dynamic entering 2024.

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，我們預計進入 2024 年也會出現同樣的情況。

Should we encounter softness in revenue or client demand, we have a number of variable items in our cost structure, and we can take actions to protect margins.

如果我們遇到收入或客戶需求疲軟的情況，我們的成本結構中有許多可變項目，我們可以採取措施保護利潤。

The investments we are continuing to make in new business producers, particularly within our benefits and insurance group, have gained traction and we are seeing strong new business coupled with strong client retention that is driving revenue growth.

我們繼續對新業務生產商的投資，特別是在我們的福利和保險集團內，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，正在推動收入成長。

Now with an eye on the continuing macro-economic risks, we are projecting further steady growth in 2024.

現在，考慮到持續存在的宏觀經濟風險，我們預計 2024 年將進一步穩定成長。

In addition to a positive outlook for organic growth, we always have an active pipeline of potential future acquisitions.

除了對有機成長的積極前景外，我們始終擁有積極的未來潛在收購管道。

As a practice however, due to the unpredictable nature of acquisition activity, our annual guidance does not include the future impact of acquisition activity that has not yet closed.

然而，作為慣例，由於收購活動的不可預測性，我們的年度指導不包括尚未結束的收購活動的未來影響。

At this early point in 2024, full-year guidance is largely driven by organic growth expectations.

在 2024 年初期，全年指引主要由有機成長預期所驅動。

Beyond organic growth, the acquisition of EBK, which closed effective February 1 this year with $8.9 million in annualized revenue and other relatively small midyear 2023 acquisitions, will contribute modestly to revenue growth in 2024.

除了有機成長之外，對EBK 的收購（該收購於今年2 月1 日完成）年化收入為890 萬美元，以及其他相對較小的2023 年年中收購，將為2024 年的收入成長做出適度貢獻。

Of course, we update guidance throughout the year to reflect the impact of any significant acquisition activity as it occurs throughout the year.

當然，我們會全年更新指導，以反映全年發生的任何重大收購活動的影響。

So with this in mind, we are comfortable to provide full-year 2024 expectations as follows.

因此，考慮到這一點，我們很樂意提供以下 2024 年全年預期。

We expect total revenue to increase within a range of 7% to 9% over the $1.59 billion reported in 2023.

我們預計總收入將比 2023 年報告的 15.9 億美元成長 7% 至 9%。

On an adjusted basis, we expect 2024 adjusted earnings per share to increase within a range of 12% to 14% over the adjusted earnings per share of $2.41 that we reported in 2023.

在調整後的基礎上，我們預計 2024 年調整後每股收益將比我們 2023 年報告的調整後每股收益 2.41 美元增長 12% 至 14%。

GAAP reported earnings per share is expected to increase within a range of 13% to 15% over the $2.39 reported in 2023.

GAAP 報告的每股盈餘預計將比 2023 年報告的 2.39 美元增加 13% 至 15%。

Effective tax rate for the full year of 2024 is expected to be approximately 28%, which is slightly higher than the 27.3% rate we just reported for 2023.

2024年全年的有效稅率預計約為28%，略高於我們剛剛報告的2023年27.3%的稅率。

Of course, the effective tax rate can be impacted either higher or lower by a number of unpredictable factors.

當然，有效稅率可能會受到許多不可預測因素的影響。

And fully diluted weighted average share count is expected within a range of 50 million to 50.5 million shares for the full year of 2024.

預計 2024 年全年完全稀釋加權平均股數將在 5,000 萬股至 5,050 萬股之間。

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

因此，透過這些評論，我將得出結論，並將其轉回給傑瑞。

Thank you, Ware.

謝謝你，韋爾。

Before we move on to Q&A, I'd like to provide a brief update on our M&A results for the year.

在我們進行問答之前，我想先簡單介紹一下我們今年的併購結果。

Interest in M&A within our industry remains high, and CBIZ's strong performance and success with integrating a large number of firms of varying sizes and profiles continues to position us as an acquirer of choice.

我們行業內對併購的興趣仍然很高，CBIZ 的強勁業績和成功整合了大量不同規模和背景的公司，繼續使我們成為首選收購者。

We began 2023 with a healthy pipeline of M&A opportunities and we are pleased that we were able to complete three acquisitions and two tuck-in transactions totaling just over $67 million in annualized revenue.

2023 年伊始，我們就擁有了一系列健康的併購機會，我們很高興能夠完成三項收購和兩項補充交易，年化收入總額略高於 6700 萬美元。

These transactions include Somerset CPAs and Advisor, a highly regarded accounting and tax firm headquartered in Indianapolis, Indiana.

這些交易包括薩默塞特會計師事務所和顧問公司，這是一家備受推崇的會計和稅務公司，總部位於印第安納州印第安納波利斯。

Somerset was a platform acquisition for us in that it allowed us to enter an attractive and growing market with size and scale we've been pleased with the results from Somerset so far and are likewise pleased with our progress on integration.

薩默塞特對我們來說是一個平台收購，因為它使我們能夠進入一個有吸引力且不斷增長的市場，其規模和規模我們對薩默塞特迄今為止的結果感到滿意，同樣對我們在整合方面所取得的進展感到滿意。

We also acquired Pivot Point Security in 2023, an advisory firm specializing in cyber and information security headquartered in Hamilton, New Jersey.

我們還在 2023 年收購了 Pivot Point Security，這是一家專門從事網路和資訊安全的顧問公司，總部位於新澤西州漢密爾頓。

We have been pursuing an acquisition to broaden our cybersecurity services and expertise for some time, given the growth in demand for these kinds of services.

鑑於對此類服務的需求不斷增長，一段時間以來，我們一直在尋求收購以擴大我們的網路安全服務和專業知識。

We are pleased how this group is already complemented our existing risk advisory services practice.

我們很高興該小組已經補充了我們現有的風險諮詢服務實踐。

Both Somerset and Pivot Point are excellent examples of how we acquire firms that bring strategic value to CBIZ and strengthen the breadth and depth of our services while adding valued expertise and capacity.

Somerset 和 Pivot Point 都是我們如何收購為 CBIZ 帶來策略價值、加強我們服務的廣度和深度、同時增加寶貴的專業知識和能力的公司的絕佳例子。

And just last week, we announced the acquisition of Erickson, Brown & Kloster, a CPA firm located in Colorado Springs, Colorado, that will expand our reach across the state of Colorado and complement our growing Denver-based practice.

就在上週，我們宣布收購位於科羅拉多州科羅拉多斯普林斯的一家註冊會計師事務所 Erickson, Brown & Kloster，這將擴大我們在科羅拉多州的業務範圍，並補充我們不斷發展的丹佛業務。

EBK provides a broad range of accounting and tax services focused on small and middle market businesses.

EBK 提供廣泛的會計和稅務服務，並專注於中小型市場企業。

We're happy to welcome the EBK team to team CBIZ.

我們很高興歡迎 EBK 團隊加入 CBIZ 團隊。

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

接下來，我們將繼續進行問答。

(Operator Instructions) Chris Moore, CJS Securities.

（操作員指令）Chris Moore，CJS 證券。

Hey, good morning, guys.

嘿，早上好，夥計們。

Congrats on another great year.

祝賀又一個偉大的一年。

Maybe I'll just start where Jerry left off on M&A.

也許我會從傑瑞停止併購的地方開始。

Just curious in terms of the pipeline, are there many $50 million-plus acquisitions that are in that pipeline at this point in time?

只是好奇，就管道而言，目前是否有許多價值超過 5000 萬美元的收購正在進行中？

Yeah, Chris, we don't comment on the exact pipeline size and transactions of size of the companies and the number in there.

是的，克里斯，我們不會評論公司的確切管道規模和交易規模以及其中的數量。

But what I would say is we remain pleased with the amount of revenue certainly in aggregate within that pipeline and the number of transactions represented by that pipeline.

但我想說的是，我們對該管道內的總收入以及該管道所代表的交易數量仍然感到滿意。

So deals come and deals go.

所以交易來了又去。

We were pleased with what we were able to accomplish last year and pretty pleased with what we're seeing so far in the pipeline.

我們對去年所取得的成就感到非常滿意，並且對迄今為止所看到的進展也非常滿意。

Got it.

知道了。

I appreciate that.

我很感激。

Maybe we'll just talk a little bit better visibility.

也許我們會討論一下更好的可見性。

I mean, given that backdrop this time last year, there were more rate increases were likely versus today.

我的意思是，考慮到去年這個時候的背景，與今天相比，可能會有更多的升息。

At some point in time, we'll probably get some rate cuts.

在某個時間點，我們可能會得到一些降息。

Can you talk a little bit about visibility today versus this time last year?

您能談談今天與去年同期的能見度嗎？

Yeah.

是的。

So Chris, the nature of the business is obviously a large percentage of it of essential recurring services.

所以克里斯，業務的性質顯然很大一部分是基本的經常性服務。

So kind of through the busy season, we remain very pleased with what the business and what we're seeing and what we expect to do through that period of time.

因此，在整個繁忙的季節，我們仍然對業務、我們所看到的以及我們期望在這段時間內做的事情感到非常滿意。

As we sit here today, we don't obviously have as much visibility into the back half of the year.

當我們今天坐在這裡時，我們顯然對今年下半年的情況沒有太多了解。

But we look at the factors, like you said, we think interest rates will stabilize.

但我們看看這些因素，就像你說的，我們認為利率將會穩定。

We see a cautious optimism among our clients.

我們在客戶中看到了謹慎的樂觀態度。

So we sit here today, I would say, equally optimistic and maybe even slightly more optimistic than we were sitting here at this time last year.

所以我想說，我們今天坐在這裡，同樣樂觀，甚至可能比去年這個時候稍微樂觀一點。

The one uncertainty being obviously, it's an election year.

一個不確定性顯然是，今年是選舉年。

You never know how that's going to shape consumer confidence.

你永遠不知道這將如何塑造消費者的信心。

Got it.

知道了。

Kind of helpful.

有點幫助。

I was going to ask that as well.

我也正想問這個。

Maybe just one more from me.

也許只是我的另一件事。

You talked about pricing during -- in financial services starting fiscal '23 was above wage increases.

您談到了從 23 財年開始的金融服務定價高於薪資漲幅。

Is pricing now back to more normal 2% to 3% for the year for financial services?

金融服務今年的定價現在是否恢復到更正常的 2% 至 3% 水準？

Or just anything you can say in terms of what pricing looks like there?

或者您可以說一下那裡的定價情況嗎？

Yeah, I'll comment on two things.

是的，我要評論兩件事。

First of all, Chris, as you know, we've been able to more than offset any wage increases with pricing.

首先，克里斯，正如你所知，我們已經能夠透過定價來抵消薪資上漲的影響。

We're seeing some easing in the labor pool, which are bringing wage increases down a little bit, you've seen that kind of across the board.

我們看到勞動力資源有所放鬆，這導致薪資漲幅略有下降，你已經看到了這種全面的情況。

So obviously, that's the labor part of it.

顯然，這就是其中的勞動部分。

As far as prices are concerned, yet to be seen, we still expect to be able to go out with favorable pricing this year.

就價格而言，還有待觀察，我們仍然預計今年能夠以優惠的價格走出去。

And as you know, we've built considerable processes, systems, reporting infrastructure around our ability to methodically analyze our pricing within an office within a client by service line.

如您所知，我們已經建立了相當多的流程、系統和報告基礎設施，圍繞我們按服務線系統地分析客戶辦公室內定價的能力。

So we still think that there's considerable opportunity on the pricing side.

因此，我們仍然認為定價方面存在相當大的機會。

Got it.

知道了。

I really appreciate it, and I'll leave it there.

我真的很感激，我會把它留在那裡。

Thanks guys.

多謝你們。

Andrew Nicholas, William Blair.

安德魯尼古拉斯、威廉布萊爾。

Hi, good morning.

早安.

Thanks for taking my question.

感謝您提出我的問題。

I'm trying to first follow up on that last question on pricing, Jerry, said considerable opportunity.

我正試圖先跟進關於定價的最後一個問題，傑瑞說，這是相當大的機會。

I imagine that's specific to '24, but maybe if you could talk about kind of the medium-term pricing opportunity?

我想這是 24 年特有的，但也許你能談談中期定價機會嗎？

I know in prior years you've had some benefit from the investments on that side and maybe what you've described as some catch-up pricing?

我知道前幾年您從這方面的投資中獲得了一些好處，也許您所說的一些追趕定價？

I was under the impression that that's largely out of the equation at this point, if you could kind of respond to that and talk about maybe medium-term price expectations?

我的印像是，目前這在很大程度上是不可能的，您是否可以對此做出回應並談論中期價格預期？

That would be helpful.

那會有幫助的。

Yeah, Andrew, when I say, considerable opportunity, it never stops, right?

是的，安德魯，當我說，相當大的機會時，它永遠不會停止，對嗎？

So the pricing disciplines that we have, the systems, the processes, the tools, they're not fully embedded yet in Marks Paneth, obviously.

因此，我們擁有的定價規則、系統、流程、工具，顯然還沒有完全嵌入 Marks Paneth 中。

That's a more recent acquisition or Somerset even more recent.

這是最近收購的，或是薩默塞特更近的收購。

So we have opportunity there.

所以我們在那裡有機會。

We also go through our client profiles and identify clients that may not fit the profile of a client that we can serve in a profitable way, call those clients bring a different profile client into the fold, and being -- pursue pricing with those clients as well.

我們也仔細檢查我們的客戶資料，並確定可能不符合我們可以以盈利方式服務的客戶資料的客戶，稱這些客戶將不同資料的客戶納入其中，並與這些客戶一起追求定價出色地。

So I think this is an ongoing -- not I think, I know this will be an ongoing focus of CBIZ in our ability to continue to bring pricing.

所以我認為這是一個持續的——我不認為，我知道這將是 CBIZ 持續關注的焦點，因為我們有能力繼續提供定價。

So I think midterm looks -- it's positive.

所以我認為中期看起來是正面的。

Got it.

知道了。

That's helpful.

這很有幫助。

And then one last question.

最後一個問題。

I think you touched on easing labor markets.

我認為你談到了放鬆勞動市場。

Can you kind of address capacity constraints at CBIZ broadly?

您能否大致解決一下 CBIZ 的容量限制問題？

Do you feel like you're properly staffed for what sounds like pretty uniformly strong demand from your clients?

您是否覺得自己配備了適當的人員來滿足客戶聽起來相當強烈的需求？

And maybe how easy is it to find talent in the current environment?

也許在當前環境下尋找人才有多容易？

Yeah, let me start here, Andrew.

是的，讓我從這裡開始，安德魯。

Labor is -- first, for 25 years, I've been in this industry.

勞工是──首先，我在這個行業工作了 25 年。

Labor's always been tough to find, right?

勞動力一直都很難找，對吧？

Always challenging to find qualified, experienced labor.

尋找合格、經驗豐富的勞動力總是充滿挑戰。

With that said, you've seen some of the layoffs at the big four.

話雖如此，您已經看到四大巨頭的一些裁員。

That's obviously easing the labor demands and the labor pool.

這顯然緩解了勞動力需求和勞動力資源。

We've seen some of that among some of the larger firms as well, other larger firms.

我們在一些較大的公司和其他較大的公司中也看到了其中的一些情況。

So right now -- and by the way, our attrition rate, our retention rate is even higher today -- I'm sorry, our retention rates are even higher today and more favorable today than they were pre-COVID.

所以現在——順便說一句，我們今天的流失率、我們的保留率甚至更高——我很抱歉，我們今天的保留率甚至比新冠疫情之前更高，也更有利。

So we're able to retain people at a more favorable rate.

因此我們能夠以更優惠的價格留住人才。

We think the labor pool and the other side is easing a little bit, which allows us to attract and recruit a little bit more favorably.

我們認為勞動力資源和另一方正在放鬆一點，這使我們能夠更有利地吸引和招募。

So all of those things are positive for us.

所以所有這些事情對我們來說都是正面的。

And yes, you're correct.

是的，你是對的。

We feel confident today that we have -- we're adequately staffed to be able to take advantage of the demand that we have for the services.

今天，我們充滿信心，我們擁有足夠的人員，能夠充分利用我們對服務的需求。

Great.

偉大的。

And then maybe if I could ask one last one on the M&A environment.

也許我可以問最後一個關於併購環境的問題。

Sounds like you're pretty constructive on the pipeline and what makes it up.

聽起來你對管道及其組成部分很有建設性。

Can you talk a little bit about pricing there where multiples have trended and there is another private equity sponsor investment in this space here recently?

您能否談談倍數趨勢的定價以及最近在該領域有另一家私募股權贊助商的投資？

Just wondering if you could maybe respond to the potential impact from that on your business?

只是想知道您是否可以對此對您業務的潛在影響做出回應？

Thank you.

謝謝。

Yeah, a great question.

是的，一個很好的問題。

Here's what I would say, below the large platforms the transaction that was recently announced fits into that category very large firm -- large platform acquisition.

我想說的是，在大型平台之下，最近宣布的交易屬於非常大的公司類別——大型平台收購。

I would say, below the large platforms, pricing hasn't moved considerably over the past couple of years.

我想說的是，在大型平台之下，過去幾年的定價並沒有大幅變動。

I mean, it might have ticked up a quarter, 25 bps or 50 bps.

我的意思是，它可能上漲了四分之一、25 個基點或 50 個基點。

Certainly the larger platform transactions are trading at considerably higher multiples, and it's really a scarcity factor.

當然，較大的平台交易的本益比要高得多，這確實是一個稀缺因素。

And so as you would expect, there are trading higher.

正如您所料，交易價格走高。

But in the types of transactions that we typically pursue, we haven't seen material pricing differences.

但在我們通常追求的交易類型中，我們沒有看到重大的定價差異。

Thanks, Jerry.

謝謝，傑瑞。

(Operator Instructions) Marc Riddick, Sidoti.

（操作員說明）Marc Riddick，Sidoti。

Hey, good morning.

嗨，早安。

Hi, Marc.

嗨，馬克。

Hi, Marc.

嗨，馬克。

So what if you could share a little bit of your views as to some of the -- if there's much in the way of differentiation of client behavior and demand drivers, and in particular, whether that's an industry vertical type thing or a regional mix?

那麼，如果您可以分享一些您對某些方面的看法——如果客戶行為和需求驅動因素存在很大差異，特別是行業垂直類型還是區域組合？

And also, I was wondering if you could talk a little bit about the thoughts around sort of the project base work.

另外，我想知道您是否可以談談有關專案基礎工作的一些想法。

I mean, you touched on in his prepared remarks around some of the eventually, but maybe sort of give a little bit of color as to sort of maybe what folks are willing to move forward on or maybe if you're seeing any changes that sort of signal toward green shoots in the line?

我的意思是，你在他準備好的評論中談到了一些最終的事情，但也許可以對人們願意繼續前進的事情提供一點色彩，或者如果你看到任何這樣的變化朝向線路中綠芽的信號？

Yeah, I'll take the first part of it, and I'll turn to where for the second part of it.

是的，我將討論第一部分，然後我將轉向第二部分。

But as far as clients are concerned, client sentiments are concerned, as you know, one of the very attractive attributes of CBIZ is that we're not overly concentrated in any particular industry or any particular geography.

但就客戶而言，就客戶情緒而言，如您所知，CBIZ 非常有吸引力的屬性之一是我們不會過度集中於任何特定行業或任何特定地理位置。

So we are seeing -- we serve largely a kind of a middle market client, although we have clients on either side of that, of course, that middle market client tends to be optimistic by nature.

所以我們看到——我們主要服務於一種中間市場客戶，儘管我們在兩邊都有客戶，當然，中間市場客戶本質上往往是樂觀的。

It tends to be resilient.

它往往具有彈性。

And we heard that in our most recent client sentiment survey is that I characterize it as cautiously optimistic.

我們聽說，在最近的客戶情緒調查中，我將其描述為謹慎樂觀。

I think there as interest rates start to normalize, that's a positive.

我認為隨著利率開始正常化，這是積極的。

And that client base along, as I understand kind of what the landscape looks like, they tend to then invest forward and invest in growing their businesses.

據我了解，隨著客戶群的發展，他們傾向於向前投資並投資於發展他們的業務。

So all of that's positive, including for the outlook for the more project-oriented work we do.

所以所有這些都是積極的，包括我們所做的更多以專案為導向的工作的前景。

We have a more optimistic proactive client base there, they tend to turn to us to help them evaluate the types of projects that they're considering.

我們在那裡擁有更樂觀主動​​的客戶群，他們傾向於尋求我們來幫助他們評估他們正在考慮的專案類型。

Ware, do you want to talk a little bit more about

Ware，你想多談嗎

--?

——？

Yeah.

是的。

The only other thing about the advisory business I would remind you of is a good share that tends to be recurring and repetitive.

關於諮詢業務，我要提醒您的唯一另一件事是，一個好的份額往往是反覆出現和重複的。

For example, the internal audit co-sourcing, stocks consulting tends to be more long-term year after year, as does the valuation work or at least pieces and parts of the valuation work are repeated annually.

例如，內部稽核外包、股票諮詢往往年復一年地長期化，估值工作也是如此，或至少每年重複部分估值工作。

On some of the project work that's focused on private equity or venture capital, IPO readiness and things like that, we see a bit of an EBK and flow, but we've had a very strong year collectively in that group.

在一些專注於私募股權或創投、IPO 準備等方面的專案工作中，我們看到了一些 EBK 和流量，但我們在該組中集體度過了非常強勁的一年。

And we've seen a bit of a rebound in those two pockets that I just mentioned.

我們已經看到我剛才提到的兩個口袋出現了一些反彈。

So we look at 2024 with some optimism at this point.

因此，我們目前對 2024 年持樂觀態度。

Great.

偉大的。

And then the last one for me, sort of curious as to if there are any timing discrepancies around tax filing that we should be thinking about this year?

最後一個對我來說，有點好奇今年我們應該考慮的報稅是否有任何時間差異？

I know we had this last year.

我知道我們去年就有過這個。

Well, it seems like you've kind of had a little bit of it almost every year, right,

嗯，看起來你幾乎每年都會吃一點，對吧，

Four or five years, I'm sort of curious as to whether there was any particular call out what should be thinking about, or this is more traditional as far as the timing of that?

四五年了，我有點好奇是否有任何特別的呼籲需要考慮什麼，或者就時間安排而言這是更傳統的？

As far as we know, this should tee up as a relatively normal year for us.

據我們所知，今年對我們來說應該是相對正常的一年。

Keep an eye on all the rains and the floods on the West Coast.

密切關注西海岸的所有降雨和洪水。

We don't know, but just remember that if these things do occur, it really represents a shift seasonally not a reduction in the business.

我們不知道，但請記住，如果這些事情確實發生，它確實代表季節性變化，而不是業務減少。

Right, right.

是的是的。

Excellent.

出色的。

Thank you so much.

太感謝了。

Thanks, Marc.

謝謝，馬克。

And ladies and gentlemen, at this time, I'm showing no additional questions, I'd like to turn the floor back over to management for any closing remarks.

女士們、先生們，此時，我沒有提出任何其他問題，我想將發言權交還給管理階層，讓他們發表結束語。

Thank you.

謝謝。

As we wrap up today, I just want to thank our shareholders and analysts as we always do for joining the call and for your continued support and management in the company.

在我們今天結束時，我只想像往常一樣感謝我們的股東和分析師加入這次電話會議，並感謝你們對公司的持續支持和管理。

I also want to take this opportunity to recognize our team as many of you have listened in on the calls on a regular basis.

我還想藉此機會認可我們的團隊，因為你們中的許多人都定期收聽電話會議。

I started the call today by reporting on our very strong performance and results for the prior year of 2023.

我在今天的電話會議中首先報告了我們 2023 年前一年的強勁表現和業績。

It was a year that included a number of important milestones and achievements.

這一年取得了許多重要的里程碑和成就。

Among them and one that I'm particularly proud of is setting a new record for workplace awards.

其中，令我特別自豪的是創造了工作場所獎項的新紀錄。

In 2023, CBIZ was recognized with over 100 workplace awards, most of which are based on anonymous feedback directly from our team members.

2023 年，CBIZ 獲得了 100 多個工作場所獎項，其中大部分是基於我們團隊成員的直接匿名回饋。

Embedded in our company's vision statement is a commitment to strive to be our team's employer of choice, and these awards are a testament to that commitment, the commitment of each of our team members to support each other and to the exceptional work that we do for our clients and to the strength of our culture.

我們公司的願景宣言中包含了努力成為我們團隊的首選雇主的承諾，這些獎項證明了這一承諾、我們每個團隊成員相互支持的承諾以及我們為之所做的卓越工作。我們的客戶和我們文化的力量。

To our team, I'm grateful for your support, proud of all that we've accomplished together and even more excited for a brighter future.

對於我們的團隊，我感謝你們的支持，為我們共同取得的成就感到自豪，更為更光明的未來感到興奮。

Thank you and enjoy your day.

謝謝您，祝您有個愉快的一天。

Ladies and gentlemen, with that, we'll conclude today's conference call and presentation.

女士們先生們，我們今天的電話會議和演示就到此結束。

We thank you for joining.

我們感謝您的加入。

You may now disconnect your lines.

現在您可以斷開線路。