CBIZ Inc (CBZ) 2024 Q2 法說會逐字稿

Good morning and welcome to the CBIZ second quarter and first half 2024 results and the Marcum acquisition conference call. (Operator Instructions) Please also note today's event is being recorded.

早安，歡迎來到 CBIZ 2024 年第二季和上半年業績以及 Marcum 收購電話會議。 （操作員說明）也請注意今天的活動正在錄製中。

At this time, I would like to turn the floor over to Lori Novickis, Director of Corporate Relations. Ma'am, you may begin.

現在，我想請企業關係總監 Lori Novickis 發言。女士，您可以開始了。

Good morning, everyone, and thank you for joining us on today's conference call to discuss the second quarter and first half 2024 results and the Marcum acquisition, which was also announced this morning.

大家早安，感謝大家參加今天的電話會議，討論 2024 年第二季和上半年的業績以及今天早上宣布的 Marcum 收購。

As a reminder, this call is being webcast and a link to the live webcast can be found on our Investor Relations page of our website at cbiz.com. A replay and transcript will also be made available after the call. The press releases and investor presentations for both our second quarter and first half results and the Marcum acquisitions have been posted to the Investor Relations page of our website.

謹此提醒，本次電話會議正在進行網路直播，您可以在我們網站 cbiz.com 的投資者關係頁面上找到現場網路直播的連結。電話會議後還將提供重播和文字記錄。我們第二季和上半年業績以及 Marcum 收購的新聞稿和投資者介紹已發佈在我們網站的投資者關係頁面上。

We will begin with our prepared remarks of our financial results and then discuss the Marcum acquisition followed by Q&A. Depreciation for the Marcum acquisition will be referenced during this call and again, is posted on our website.

我們將從準備好的財務表現評論開始，然後討論 Marcum 收購，然後進行問答。這次電話會議期間將引用 Marcum 收購的折舊，並再次發佈在我們的網站上。

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 releases and investor presentation.

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。

Today's call may also include forward-looking statements regarding our business, financial condition, results of operations, cash flows, strategies, and prospects as well as with respect to the Marcum transaction. 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 haven't 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 today's press releases and in our filings with the Securities and Exchange Commission.

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、策略和前景以及與 Marcum 交易有關的前瞻性陳述。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。因為前瞻性陳述涉及尚未發生的事項。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。有關這些因素的更詳細描述可以在今天的新聞稿以及我們向美國證券交易委員會提交的文件中找到。

Finally, we would also like to refer you to the important information in today's press releases related to the Marcum acquisition and the related proxy solicitation that we will be undertaking.

最後，我們也想向您推薦今天新聞稿中有關 Marcum 收購和我們將進行的相關代理商徵集的重要資訊。

Joining us for today's call are Jerry Grisko, President and Chief Executive Officer; Ware Grove, Chief Financial Officer; and Chris Spurio, President of our Financial Services Division.

加入我們今天電話會議的還有總裁兼執行長 Jerry Grisko；韋爾‧格羅夫，財務長； Chris Spurio，我們的金融服務部門總裁。

I will now turn the call over to Jerry. Jerry?

我現在將把電話轉給傑瑞。傑瑞？

Thank you, Lori, and good morning, everyone. Earlier today we announced our agreement to acquire Marcum, the 13th largest accounting firm in the country.

謝謝你，洛瑞，大家早安。今天早些時候，我們宣布同意收購美國第 13 大會計師事務所 Marcum。

When this transaction closes, our combined businesses will have revenues of approximately $2.8 billion, comprise a team of over 10,000 professionals and serve more than 135,000 clients. Together, we will solidify our position as a leading provider for professional advisory services to middle-market clients and become the seventh largest accounting services provider in the nation.

此次交易完成後，我們合併後的業務收入將達到約 28 億美元，擁有超過 10,000 名專業人士的團隊，為超過 135,000 名客戶提供服務。我們將共同鞏固我們作為向中間市場客戶提供專業諮詢服務的領先提供者的地位，並成為全國第七大會計服務提供者。

We plan to devote a considerable amount of our time this morning walking through some of the specific details around this transaction. But before I do that, I want to first outline our financial performance for the second quarter and then we'll ask Ware Grove, our CFO, to provide additional details on our results.

我們計劃今天早上花大量時間來討論有關此交易的一些具體細節。但在此之前，我想先概述一下我們第二季的財務業績，然後我們將請我們的財務長 Ware Grove 提供有關我們業績的更多詳細資訊。

So let's begin with our financial results. We were pleased to report that our second quarter results were generally in line with our internal expectations and that the overall health of our business remained strong. For the second quarter, total revenues of 5.4% with total revenue up to 7.2% for the first half of the year.

讓我們從我們的財務表現開始。我們很高興地報告，我們第二季的業績總體上符合我們的內部預期，並且我們業務的整體健康狀況仍然強勁。第二季總收入為5.4%，上半年總收入為7.2%。

To better understand our performance to date and some of the factors impacting our results, I want to start by unpacking some of the unique headwinds we faced this quarter. As a reminder, we typically caution against comparing any given quarter of the year to the same period in the prior year as we occasionally experience more volatility in our financial results quarter over quarter.

為了更了解我們迄今為止的業績以及影響我們業績的一些因素，我想先分析我們本季面臨的一些獨特的阻力。提醒一下，我們通常警告不要將一年中的任何特定季度與上一年同期進行比較，因為我們的財務表現偶爾會經歷季度與季度之間更大的波動。

So I want to start by describing a specific event within our property and casualty insurance business. Our results in the second quarter and first half include the impact of the exit of a small team of producers to support personnel within this business and the loss of a number of clients served by this group. Fortunately, this type of event is very rare procedures, and we have contractual agreements in place to mitigate these scenarios. We are currently pursuing our legal remedies related to this matter. That said, the impact of this event equates to $0.03 adjusted EPS for the second quarter. For the first half of the year.

因此，我想先描述我們財產和傷亡保險業務中的一個具體事件。我們第二季和上半年的業績包括一小群生產者退出以支持該業務人員的影響以及該團隊服務的許多客戶的流失。幸運的是，此類事件非常罕見，我們已簽訂合約協議來緩解這些情況。我們目前正在尋求與此事相關的法律補救措施。也就是說，這起事件的影響相當於第二季調整後每股收益 0.03 美元。今年上半年。

In addition to the business impact, we also saw an increase in related legal expenses. Next, we incurred approximately $6.7 million in expenses in the second quarter relating to the Marcum transaction.

除了業務影響之外，我們還看到相關法律費用的增加。接下來，我們在第二季產生了與 Marcum 交易相關的約 670 萬美元費用。

And finally, while the business climate has remained fairly stable through the first half of the year, we did experience some delays for our more project based discretionary services and did see some business shift time line for investments in systems and implementations in areas like payroll.

最後，雖然今年上半年商業環境保持相當穩定，但我們確實在更多基於專案的全權委託服務方面遇到了一些延誤，並且確實看到一些業務在系統投資和薪資等領域實施的時間線發生了變化。

In our experience, any client concerns around economic uncertainty and the potential for regulatory changes are only amplified during a major election year like the one we are facing. As a reminder, our business model includes a significant number of variable and discretionary expenses and other levers that we can pull to mitigate the impact on the bottom line, if revenue for the remainder of the year comes in lower than expected.

根據我們的經驗，客戶對經濟不確定性和監管變化潛力的擔憂只會在我們面臨的重大選舉年被放大。提醒一下，我們的業務模式包括大量可變費用和可自由支配費用以及其他槓桿，如果今年剩餘時間的收入低於預期，我們可以利用這些槓桿來減輕對利潤的影響。

Now I would like to briefly touch on the performance of our two major divisions. For our Financial Services Division, we were pleased to experience continued steady demand for our core accounting and tax services. However, our revenue in this division was impacted as a result of a significant amount of project revenue realized in the second quarter of last year that did not recur to the same degree in the same period this year.

下面我想簡單介紹一下我們兩大部門的表現。對於我們的金融服務部門，我們很高興看到對我們的核心會計和稅務服務的持續穩定的需求。然而，由於去年第二季實現的大量專案收入在今年同期沒有達到相同程度，因此我們在該部門的收入受到了影響。

Also, within our Advisory services, we experienced the impact of a more subdued, M&A market than expected, with transaction volume being mainly smaller bolt-on deals compared to larger platform deals. That said we continue to see strong demand for services that support the private equity industry, including strategic FP&A and office of the CFO services, as well as our valuation services.

此外，在我們的諮詢服務中，我們經歷了比預期更加低迷的併購市場的影響，與較大的平台交易相比，交易量主要是較小的補強交易。儘管如此，我們仍然看到對支持私募股權行業的服務的強勁需求，包括策略 FP&A 和財務長辦公室服務，以及我們的估值服務。

Our government healthcare consulting business continued its rebound in demonstrating strong momentum with growth in new projects when compared to the same period last year. Looking ahead, this group enters into the second half of the year with a healthy pipeline of new opportunities.

政府醫療諮詢業務持續呈現強勁反彈勢頭，新項目成長較去年同期強勁。展望未來，該集團將帶著一系列健康的新機會進入下半年。

Now, turning to our Benefits and Insurance division, where after we adjust for the impact of the P&C event, we achieved total revenue growth across each of our major service lines. The quarter-over-quarter comparison of margin and earnings contribution was negatively affected by staffing investments that we made within this division in the second half of 2023 to support the growth that we've experienced over the past several years.

現在，轉向我們的福利和保險部門，在我們根據財產和意外事故的影響進行調整後，我們在每個主要服務領域實現了總收入成長。利潤率和獲利貢獻的環比比較受到我們 2023 年下半年為支持過去幾年的成長而在該部門進行的人員配置的負面影響。

In summary, our quarter over quarter earnings were impacted by the items discussed earlier but the underlying health of the business remains strong and we are optimistic about the prospects of the business for the remainder of the year.

總而言之，我們的季度環比收益受到前面討論的項目的影響，但業務的基本健康狀況仍然強勁，我們對今年剩餘時間的業務前景感到樂觀。

I will now turn it over to Ware to discuss more details on our performance for the second quarter and the first half of the year. Ware?

我現在將其轉交給韋爾，討論我們第二季和上半年業績的更多細節。潔具？

Thank you, Jerry, and good morning, everyone. Of course, the big news today is the announcement that we have reached a definitive agreement to acquire Marcum with revenue of approximately $1.2 billion. This transaction is a major step forward for CBIZ. In a moment Chris Spurio, President of our Financial Services division, along with Jerry and I will review highlights of this transaction.

謝謝傑瑞，大家早安。當然，今天的大新聞是我們宣布達成最終協議，收購營收約 12 億美元的 Marcum。此次交易是CBIZ向前邁出的重要一步。稍後我們金融服務部門總裁 Chris Spurio 以及我和 Jerry 將回顧這筆交易的亮點。

First, let me make a few brief comments on the second quarter and year-to-date numbers we released this morning. Second quarter and year-to-date results include approximately $6.7 million of costs associated with diligence and other professional fees related to the marketing transaction. Both costs and other acquisition related costs have been eliminated to present adjusted earnings per share. You'll see those costs outlined in the schedules included in the release that reconciles GAAP EPS to adjusted EPS.

首先，讓我對我們今天早上發布的第二季和年初至今的數據做一些簡短的評論。第二季和年初至今的業績包括約 670 萬美元的盡職調查成本以及與行銷交易相關的其他專業費用。成本和其他收購相關成本均已消除，以呈現調整後的每股盈餘。您將在將 GAAP EPS 與調整後 EPS 進行調整的版本中包含的時間表中列出這些成本。

There are a number of items included in the second quarter of this year that resulted in an unusual year-over-year comparisons. We are not providing guidance on a quarterly basis. But because of those items, we expected the quarter this year to be relatively flat compared to second quarter a year ago.

今年第二季的許多項目導致了不同尋常的同比比較。我們不會按季度提供指引。但由於這些項目，我們預計今年季度與去年第二季相比將相對持平。

Let me unpack the highlights. A year ago, in 2023, we did a considerable number of employee retention tax credit filings for strategically important CBIZ clients. Second quarter this year, we generated $2.6 million less of non-recurring project revenue net in connection with those filings. This activity was highly profitable with the majority dropping to the bottom line. The lower level of non-recurring tax project work presents a second quarter headwind this year impacting adjusted earnings per share by $0.04 per share.

讓我來揭開其中的亮點。一年前，也就是 2023 年，我們為具有重要戰略意義的 CBIZ 客戶提交了大量員工保留稅收抵免申請。今年第二季度，與這些文件相關的非經常性項目收入淨額減少了 260 萬美元。這項活動利潤豐厚，大部分都虧本了。非經常性稅收項目工作水準較低給今年第二季帶來了不利影響，影響調整後每股收益 0.04 美元。

In addition, we have talked about our intentional migration from client relationships that do not meet minimum thresholds of profitability. In 2023, late in the year, we made intentional decisions to resign or exit certain client relationships. Of course, over time, replacing those marginal, profitable clients is a very positive move. But in the short run, we may experience temporary shortfalls until due or attractive business ramps up. And this impacted quarterly revenue by approximately $2.3 million this year compared to last year.

此外，我們也討論了我們有意從不符合最低獲利門檻的客戶關係中遷移出來的問題。 2023 年底，我們有意決定辭職或退出某些客戶關係。當然，隨著時間的推移，取代那些邊緣的、獲利的客戶是一個非常積極的舉動。但從短期來看，我們可能會遇到暫時的短缺，直到適當的或有吸引力的業務增加。與去年相比，這對今年的季度收入產生了約 230 萬美元的影響。

As Jerry mentioned, there was an incident where six CBIZ Personnel within our property and casualty insurance, southeast region left CBIZ and joined a competitor. This incident involve the loss of client relationships that would have otherwise generated revenue planned in 2024. There is litigation underway, addressing the breach of restrictive covenants.

正如Jerry所提到的，我們產險東南區有6名CBIZ人員離開CBIZ加入競爭對手的事件。該事件涉及客戶關係的喪失，而這些客戶關係本來可以在 2024 年產生收入。

We are not at liberty to comment on further details. I can share with you that the second quarter revenue was impacted by approximately $2.5 million with an earnings per share impact of approximately $0.03 per share.

我們無權對更多細節發表評論。我可以與您分享的是，第二季度收入受到約 250 萬美元的影響，每股收益受影響約 0.03 美元。

At the end of the first quarter, I commented that our self-insured health benefits program was incurring higher than normal claims costs. This tends to be somewhat unpredictable and this higher level of claims cost has continued into the second quarter with an incremental $0.02 per share impact in the second quarter and then a year-to-date impact of $0.05 per share.

在第一季末，我評論說我們的自我保險健康福利計劃產生的索賠成本高於正常索賠成本。這往往是不可預測的，這種較高水準的索賠成本一直持續到第二季​​度，第二季度每股影響增量為 0.02 美元，然後年初至今影響為每股 0.05 美元。

And finally, as we are achieving higher growth rates in recent years for our Benefits Insurance business, we increased client service staffing levels in the second half last year to support our growth. As a result, comparisons to the first half this year are headwinds and impact earnings per share by approximately $0.02 per share and in fact, year to date results by $0.03 per share.

最後，由於我們的福利保險業務近年來實現了更高的成長率，我們在去年下半年增加了客戶服務人員配置水平，以支持我們的成長。因此，與今年上半年相比，每股盈餘受到不利影響，影響約為 0.02 美元，事實上，今年迄今的業績影響每股收益 0.03 美元。

Same-unit revenue in the second quarter was up by 2.8%, with acquisitions contributing an additional 2.6% growth compared with last year. For the six months this year, same-unit revenue grew by 4.4%, with acquisitions contributing another 2.7% to revenue growth this year compared with last year.

第二季同單位營收成長 2.8%，其中收購較去年增加了 2.6% 的成長。今年前六個月，同單位營收成長了4.4%，與去年相比，收購對今年營收成長的貢獻又增加了2.7%。

Within financial services for the second quarter, total revenue was up 6.3% and same unit revenue for the second quarter was up 3.0%. For the six months, total revenue within financial services was up 7.5%. Same-unit revenue for six months was up 4.1%.

第二季金融服務總營收成長 6.3%，同單位營收成長 3.0%。過去 6 個月，金融服務總收入成長了 7.5%。六個月的同單位收入增加了 4.1%。

Within benefits and insurance, for the second quarter, total revenue was up 1.6%. Impacted by the property and casualty as well that I referenced earlier, same-unit revenue was up 0.7%. Absent the impact of the second quarter incident, same-unit revenue would have grown approximately 3.8%. For the six months, same-unit revenue grew by 4.2% and absent the P&C incident, same unit growth for the six months would have been 5.7%.

在福利和保險方面，第二季總收入成長了 1.6%。受到我之前提到的財產和傷亡的影響，同單位收入增加了 0.7%。如果沒有第二季事件的影響，同單位收入將成長約 3.8%。這六個月的同單位收入增加了 4.2%，如果沒有財產保險事件，這六個月的同單位收入增長將為 5.7%。

During the first half of 2024, we completed three acquisitions, EBK, CompuData, and EIIA. We're extremely pleased to have these people and those teams onboard this year. They're performing in line with our expectations.

2024 年上半年，我們完成了三項收購：EBK、CompuData 和 EIIA。我們非常高興今年有這些人和這些團隊加入。他們的表現符合我們的預期。

Now, turning to the cash flow and the balance sheet on June 30, 2024, the balance outstanding on the $600 million unsecured facility was $381 million with about $210 million of unused capacity. With leverage of approximately 1.7 times adjusted EBITDA, this provides plenty of capacity. For the upcoming Marcum acquisition, we have financing commitments in place and in a moment I will share details of the financing plan for the Marcum acquisition.

現在，看看 2024 年 6 月 30 日的現金流量和資產負債表，6 億美元的無擔保貸款的未償餘額為 3.81 億美元，其中未使用產能約為 2.1 億美元。槓桿約為調整後 EBITDA 的 1.7 倍，這提供了充足的容量。對於即將進行的 Marcum 收購，我們已做出融資承諾，稍後我將分享 Marcum 收購融資計劃的詳細資訊。

In the first half of this year, we used approximately $68 million for acquisitions, including earn-out payments on previously closed transactions. For earn-out payments, we expect to use approximately $16.6 million over the remainder of this year, approximately $40.2 million next year in 2025, approximately $15.9 million in 2026, and another $7.5 million in 2027.

今年上半年，我們使用了約 6,800 萬美元進行收購，其中包括先前已完成交易的收益付款。對於收益付款，我們預計在今年剩餘時間內使用約 1,660 萬美元，明年 2025 年使用約 4,020 萬美元，2026 年使用約 1,590 萬美元，2027 年再使用 750 萬美元。

Since the end of 2019, we have closed 23 acquisitions and we have deployed approximately $457 million of capital for acquisition purposes, including the earn-out payments over that time. Beyond using capital for acquisitions, we have the flexibility and the desire to use capital for share repurchases. Because the Marcum transaction has been under consideration for most of this year, we have not been actively repurchasing shares to date in 2024.

自 2019 年底以來，我們已完成 23 項收購，並已為收購目的部署了約 4.57 億美元的資本，其中包括這段時間內的獲利付款。除了使用資本進行收購之外，我們還具有使用資本進行股票回購的靈活性和意願。由於今年大部分時間都在考慮 Marcum 交易，因此我們在 2024 年迄今尚未積極回購股票。

Since the end of 2019, we have repurchased approximately $9.4 million shares in the open market, and that represents slightly more than 17% of the shares outstanding compared to the end of 2019. Approximately $342 million of capital has been used towards this open market repurchase activity over that time period.

自 2019 年底以來，我們在公開市場回購了約 940 萬美元的股票，與 2019 年底相比，略高於已發行股票的 17%。時間段內的活動。

Days sales outstanding at June 30 was 95 days compared with 94 days a year ago. Bad debt expense for the first half was 14 basis points of revenue compared to 9 basis points a year ago.

截至 6 月 30 日，應收帳款天數為 95 天，去年同期為 94 天。上半年壞帳支出佔收入的比例為 14 個基點，而去年同期為 9 個基點。

Depreciation and amortization expense for the second quarter was $9.5 million compared with $9.2 million last year. Year-to-date, depreciation and amortization of $19 million compared with $17.8 million last year. For the full year, we expect depreciation and amortization at approximately $37.6 million this year compared with approximately $36.3 million last year.

第二季的折舊和攤提費用為 950 萬美元，去年同期為 920 萬美元。年初至今，折舊和攤提為 1,900 萬美元，而去年為 1,780 萬美元。我們預計今年全年的折舊和攤提約為 3,760 萬美元，而去年約為 3,630 萬美元。

For those of you who want to highlight the amortization expense, which is primarily driven by the amortization of intangible assets derived from the acquisitions. For the first half of 2024 amortization expense was $12 million. And for the full year, this may be approximately $24 million.

對於那些想要強調攤銷費用的人來說，攤銷費用主要是由收購產生的無形資產攤銷所驅動的。 2024 年上半年攤提費用為 1,200 萬美元。全年而言，這可能約為 2,400 萬美元。

Capital spending for the first half this year was $7 million. And for the full year, we're expecting capital spending within our normal range of approximately $12 million to $14 million.

今年上半年的資本支出為 700 萬美元。我們預計全年的資本支出將在大約 1200 萬至 1400 萬美元的正常範圍內。

Effective tax rate for the six months this year was 26.9%, slightly lower than 27.6% from a year ago. For the full year, we continue to project a tax rate of approximately 28%. We expect the Marcum transaction to close in the fourth quarter of this year. When the transaction closes, this will give us an opportunity to talk in more detail about guidance for 2025 at that time.

今年前六個月的有效稅率為26.9%，略低於去年同期的27.6%。對於全年，我們繼續預計稅率約為 28%。我們預計 Marcum 交易將於今年第四季完成。當交易完成時，我們將有機會更詳細地討論當時的 2025 年指引。

Looking at the core business, we saw a number of non-recurring items impact second quarter and first half growth. We think second half results will reflect stronger year-over-year growth. The property and casualty, as that I described earlier is expected to have an impact on full year results. We are projecting and full year 2024 adjusted earnings per share impact of approximately $0.06 per share from this lost business. This leaves us to reduce full year earnings per share growth from 12% to 14% to 10% to 12% over the $2.41 reported for 2023, which is essentially reflects the property and casualty driven reduction of $0.06 per share.

從核心業務來看，我們看到一些非經常性項目影響了第二季和上半年的成長。我們認為下半年業績將反映出更強勁的年成長。正如我之前所描述的，財產和傷亡預計將對全年業績產生影響。我們預計，該業務損失對 2024 年全年調整後每股收益的影響約為 0.06 美元。這使得我們將全年每股收益成長從2023 年報告的2.41 美元的基礎上從12% 至14% 下調至10% 至12%，這主要反映了財產和傷亡事故驅動的每股收益下降0.06 美元。

Absent this impact, the balance of the business is performing well and is in line with our expectations. So considering this property casualty related adjustment and excluding any future impact of the Marcum transaction, I can recap full year guidance for 2024 as follows. We expect total revenue to increase within a range of 7% to 9% for the year. GAAP reported earnings per share is expected to increase within a range of 6% to 8% over the $2.39 reported for 2023.

如果沒有這種影響，業務平衡表現良好，符合我們的預期。因此，考慮到與財產傷亡相關的調整，並排除 Marcum 交易的任何未來影響，我可以回顧一下 2024 年全年指引如下。我們預計今年總收入將成長7%至9%。 GAAP 報告的每股盈餘預計將比 2023 年報告的 2.39 美元增加 6% 至 8%。

On an adjusted basis, we expect 2024 adjusted earnings per share to increase within a range of 10% to 12% over the adjusted earnings per share of $2.41 that was reported in 2023. Effective tax rate for the full year this year is expected at approximately 28%. This rate 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 million to 50.5 million shares for the full year in 2024.

在調整後的基礎上，我們預計 2024 年調整後每股收益將比 2023 年報告的調整後每股收益 2.41 美元增長 10% 至 12%。該比率可能會受到許多不可預測因素的影響。最後，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 those comments, let's turn our attention and discussion to the Marcum acquisition announcement.

有了這些評論，讓我們將注意力和討論轉向 Marcum 收購公告。

Jerry, I'll turn it back over to you.

傑瑞，我會把它還給你。

Thank you, Ware. We want to use our remaining time to walk through the details of the transaction, the largest in our history and to answer any questions you may have. We anticipate the transaction to close during the fourth quarter and until that time, we will continue to operate as separate entities.

謝謝你，韋爾。我們希望利用剩餘的時間來詳細了解此交易的細節，這是我們歷史上最大的交易，並回答您可能提出的任何問題。我們預計交易將在第四季度完成，在此之前，我們將繼續作為獨立實體運作。

Throughout our presentation today, we'll be referring to our objective of stronger together, which has been our theme for this transaction as well as our long history of other successful acquisitions. I kicked off today's call by outlining what the combined organization will be, including revenue of approximately $2.8 billion, more than 10,000 team members serving over 135,000 clients with a strong focus on the middle market and positioning us as a second largest provider of accounting services nationwide.

在今天的整個演講中，我們將提到「共同變得更強」的目標，這是我們此次交易的主題，也是我們其他成功收購的悠久歷史。我在今天的電話會議上概述了合併後的組織結構，包括約28 億美元的收入、超過10,000 名團隊成員、為超過135,000 名客戶提供服務、重點關注中間市場，並將我們定位為全國第二大會計服務提供者。

But more than that, our announcement today is a significant milestone in our nearly 30 day -- 30-year journey to solidify our position as a leading provider of professional advisory services to middle market businesses by offering a breadth of service and depth of expertise unmatched in our industries.

但更重要的是，我們今天的宣布是我們近 30 天甚至 30 年歷程中的一個重要里程碑，透過提供無與倫比的服務廣度和專業知識深度，鞏固我們作為中間市場企業專業諮詢服務領先提供商的地位在我們的行業中。

This acquisition provides us with scale and exponentially, accelerate our growth strategy, and to focus our collective resources on areas that will bring even greater value to our team, our clients, and other key stakeholders.

此次收購為我們提供了規模和指數級成長，加速了我們的成長策略，並將我們的集體資源集中在將為我們的團隊、客戶和其他主要利害關係人帶來更大價值的領域。

By joining forces, our new organization will be better able to attract and retain the best and brightest talent in our industries by investing in their growth and development and equipping them with the latest and most effective tools and technology to help them perform at their best and by providing meaningful work in helping clients in their most important opportunities and challenges.

透過聯手，我們的新組織將能夠更好地吸引和留住行業中最優秀、最聰明的人才，投資他們的成長和發展，並為他們配備最新、最有效的工具和技術，幫助他們發揮最佳水準透過提供有意義的工作來幫助客戶應對最重要的機會和挑戰。

We'll also offer unmatched breadth of services and depth of expertise to our clients, including our ability to develop new and innovative and actionable solutions. To enable us to access new sectors, to expand our presence in targeted industries, and to invest in technology to support data-driven insights and solutions while driving innovation, increasing efficiency, and enhancing performance.

我們還將為客戶提供無與倫比的服務廣度和專業知識深度，包括我們開發新的、創新的、可行的解決方案的能力。使我們能夠進入新的領域，擴大我們在目標行業的影響力，並投資技術以支援數據驅動的見解和解決方案，同時推動創新、提高效率和增強績效。

Some of the key transaction terms and features include a enterprise value of approximately $2.3 billion, which is a multiple of 12 times adjusted EBITDA or 10.1 times when including the value of the tax asset that was a feature of the transaction. The consideration will be paid approximately 50% in cash and 50% in CB shares, which creates strong alignment with our shareholder stakeholder group.

一些關鍵交易條款和特點包括約 23 億美元的企業價值，這是調整後 EBITDA 的 12 倍，如果包括作為交易特徵的稅收資產價值，則為 10.1 倍。代價將以大約 50% 的現金和 50% 的 CB 股票支付，這與我們的股東利害關係人群體建立了緊密的一致性。

Pro forma net debt, as Ware indicated, will be about 3.25% times at close and we expect to delever quickly over time. The expected earnings impact will include about a 10% adjusted EPS accretion in year one and growing over a number of years. And the estimated close date as we indicated, it will be the fourth quarter of this year.

正如 Ware 所指出的，預計淨債務約為收盤時的 3.25%，我們預計隨著時間的推移將迅速去槓桿化。預期獲利影響將包括第一年調整後每股收益增加約 10%，並在未來幾年內持續成長。正如我們所指出的，預計截止日期將是今年第四季。

At this point, I'll turn it over to Chris Spurio, President of our Financial Services division to talk about our go-to-market strategy. Chris?

現在，我將把它交給我們金融服務部門總裁 Chris Spurio 來討論我們的上市策略。克里斯？

Thank you, Jerry. Marcum is a highly regarded accounting firm whose roots date back to 1951. The firm is headquartered in New York City and has a long successful track record of organic growth coupled with acquisitions.

謝謝你，傑瑞。 Marcum 是一家備受推崇的會計師事務所，其歷史可追溯至 1951 年。

Speaking of acquisitions, they completed 45 since 2008. Today, Marcum is the 13th largest accounting firm in the US with $1.2 billion in revenue. They have over 3,500 employees and 35,000 clients. Marcum serves their clients through 43 offices, which are primarily located in New England, New York, Philadelphia, Florida, and California.

說到收購，自 2008 年以來，他們完成了 45 起收購。他們擁有超過 3,500 名員工和 35,000 名客戶。 Marcum 透過 43 個辦事處為客戶提供服務，這些辦事處主要位於新英格蘭、紐約、費城、佛羅裡達和加利福尼亞。

Like CBIZ, they deliver exceptional accounting, tax and advisory services to the middle market. And while there was a lot of alignment in what we do, they also provide unique services through different industries than ours. All of which we are excited about and have places to leverage.

與 CBIZ 一樣，他們為中間市場提供卓越的會計、稅務和諮詢服務。雖然我們所做的事情有很多一致性，但他們也透過與我們不同的行業提供獨特的服務。所有這些我們都感到興奮，並且都有可以利用的地方。

Together with CBIZ, we will leverage our collective national resources and expertise, along with our local relationships and delivery through 21 major markets, 10,000 team members, and 135,000 clients. As Jerry mentioned, this acquisition will make us the seventh largest accounting service provider in the US.

我們將與 CBIZ 一起利用我們的集體國家資源和專業知識，以及我們在 21 個主要市場、10,000 名團隊成員和 135,000 名客戶的本地關係和交付。正如傑瑞所提到的，這項收購將使我們成為美國第七大會計服務提供者。

Also, our size and resources and several key markets will markets will increase exponentially. Our New York Metro and New England geographic instantly double. Actually, I believe we will be the fifth largest organization in New York. Our Mid-Atlantic market in Pennsylvania and Maryland will quadruple. We will be the fourth largest organization in Philadelphia. In our Southeast market and West Coast practices scale up considerably.

此外，我們的規模和資源以及幾個關鍵市場將呈指數級增長。我們的紐約地鐵和新英格蘭地理立即翻倍。事實上，我相信我們將成為紐約第五大組織。我們位於賓州和馬裡蘭州的大西洋中部市場將翻兩番。我們將成為費城第四大組織。在我們的東南市場和西海岸，實踐規模大幅擴大。

The way we manage our businesses is very similar. The way they manage their business is very similar to ours. We both manage our accounting and tax practices through regional structures and complement those groups with a suite of National Advisory Services.

我們管理業務的方式非常相似。他們管理業務的方式與我們非常相似。我們透過區域結構管理我們的會計和稅務實踐，並透過一套全國諮詢服務來補充這些團體。

As it relates to the specific services and solutions we provide our clients that too will expand. Specifically in our tax practice will more than double, our accounting practice will grow by almost 260%, and our advisory practice will almost double. In addition, we are excited about combining their technology practice with ours and leveraging our collective innovation teams and resources.

由於它涉及我們為客戶提供的具體服務和解決方案，因此這些服務和解決方案也將持續擴展。具體來說，我們的稅務業務將增加一倍以上，我們的會計業務將成長近 260%，我們的諮詢業務將幾乎增加一倍。此外，我們很高興能夠將他們的技術實踐與我們的技術實踐相結合，並利用我們的集體創新團隊和資源。

The attributes that makes this so unique, including strong historic growth, recurring revenue, pipeline retention rates, and consistent cash flows. Well, no change. Actually this acquisition only amplifies those attractive attributes and as Marcum shares many if not all of the same.

使其如此獨特的屬性包括強勁的歷史成長、經常性收入、管道保留率和持續的現金流。嗯，沒有改變。事實上，這次收購只是放大了這些有吸引力的屬性，而且 Marcum 也有很多相同的屬性。

Along those same lines both organizations provide essential services that are highly recurring in nature. On a combined basis, an even greater percentage of our revenue or 77% is recurring versus project base.

沿著同樣的思路，兩個組織都提供本質上高度重複的基本服務。綜合來看，我們的收入中有更大比例（77%）是經常性收入，而不是專案基礎收入。

With that, I will turn it back to Jerry.

有了這個，我會把它轉回給傑瑞。

Thank you, Chris. Well, the work-to-date has been largely around due diligence and structuring the transaction immediately starting today and through closing will be focused on the integration. Our combine -- at closing, our focus will be on first people, making sure that we understand the talent that we're acquiring and make sure that they're properly onboarded and integrated with our teams. Our approach to client service and aligning that as well as elevating our brand.

謝謝你，克里斯。迄今為止的工作主要圍繞盡職調查，並從今天開始立即建立交易，直至交割將重點關注整合。我們的合併——在結束時，我們的重點將放在第一批人身上，確保我們了解我們正在獲得的人才，並確保他們正確入職並融入我們的團隊。我們的客戶服務方法、調整方法以及提升我們的品牌。

Also beginning quickly following the closing and continuing for the first 18 months, our focus will be on common systems and processes and making sure that we have that approach going forward that will create a common and consistent and aligned on CBIZ's approach.

同樣在交易結束後迅速開始並持續前 18 個月，我們的重點將放在通用系統和流程上，並確保我們繼續採用這種方法，從而創建一個通用、一致且與 CBIZ 方法一致的方法。

And in '26 -- 26 and beyond, we would expect this to see the full value of the approximately $25 million in anticipated cost synergies. And fully aligned processes and systems.

在 26 年至 26 年及以後，我們預計將看到約 2,500 萬美元的預期成本綜效的全部價值。以及完全一致的流程和系統。

As Chris mentioned, we have a strong alignment in historic M&A. We've built up a combined 120 acquisitions since 2008. We've developed an integration road map. And again, the starting point for that will be a strong focus on our workforce and making sure that they have the tools they need to continue to be successful going forward.

正如克里斯所提到的，我們在歷史性併購方面有著強烈的一致性。自 2008 年以來，我們總共完成了 120 項收購。再說一次，我們的出發點是高度關注我們的員工隊伍，並確保他們擁有繼續成功所需的工具。

So with that, I will turn it over to Ware to talk about the financial summary. Ware?

因此，我將把它交給韋爾來討論財務摘要。潔具？

Thanks, Jerry. For those of you who are on audio only and I'm on page 19 of the deck, if you have that in front of you and if it's not on your screen.

謝謝，傑瑞。對於那些只聽音頻的人，如果你面前有音頻，而我在這組幻燈片的第 19 頁上，如果它不在你的屏幕上。

But the combination of CBIZ and Marcum really combines two very similarly managed businesses as Chris outlined. And that gives us the opportunity to continue to build on the attributes that you've seen with CBIZ with our track record of revenue growth, margin expansion, and then a higher level of bottom line growth versus top line growth.

但正如克里斯所概述的，CBIZ 和 Marcum 的合併確實結合了兩個管理非常相似的企業。這使我們有機會繼續以您在 CBIZ 看到的屬性為基礎，透過我們的收入成長、利潤率擴張以及與頂線成長相比更高水準的底線成長來實現業績記錄。

So the scale that we're achieving here I think will enhance our ability to do that. So with respect to the revenue growth, clearly we're jumping ahead at a good pace here. But I think the future beyond that can be even further enhanced.

因此，我認為我們在這裡實現的規模將增強我們做到這一點的能力。因此，就收入成長而言，顯然我們正在以良好的速度向前邁進。但我認為除此之外的未來還可以進一步增強。

And then when you get to value drivers like adjusted EBITDA and adjusted earnings per share, as I commented earlier, we've got the same margin enhancement operating leverage tools in place early on with greater scale and greater opportunity ahead. So you're going to see, I believe, a very similar management approach to running the business with respect to growing revenue, achieving some operating leverage, and then growing the bottom line at a quicker pace.

然後，當您考慮調整後EBITDA 和調整後每股收益等價值驅動因素時，正如我之前評論的那樣，我們很早就有了相同的利潤率提高營運槓桿工具，未來規模更大，機會更大。因此，我相信，您將看到一種非常相似的管理方法來經營業務，以增加收入，實現一定的營運槓桿，然後以更快的速度增加利潤。

Now to that as we combine and integrate after the first year or so, because we're going to focus highly on integration activities and stabilize the combined businesses within the first 12 months or so. There are some modest level of synergies built into our model. Just be assured that the model and the projections we're sharing with you are [clearly] on synergies. So that I think the fundamental attributes of the business can achieve the kinds of results we've achieved in the past only on an enhanced basis.

現在，我們將在第一年左右進行合併和整合，因為我們將高度關注整合活動，並在前 12 個月左右穩定合併後的業務。我們的模型中內建了一定程度的協同效應。請放心，我們與您分享的模型和預測[顯然]是關於協同效應的。因此，我認為只有在增強的基礎上，業務的基本屬性才能實現我們過去所取得的成果。

With respect to the initial leverage of that business, we are levering up into a 3.25% to 3.5 times EBITDA basis, but the same solid, repeatable, predictable cash flow attributes of the business that we enjoy today, we believe we will enjoy post close. And so that will lead to rapid deleveraging. So within 18 months or so, I think you're going to see a very or lap rapid deleveraging after we get the integration activities that tended to in that first year.

就該業務的初始槓桿而言，我們將槓桿率提高到3.25% 至3.5 倍EBITDA，但我們今天所享有的業務同樣可靠、可重複、可預測的現金流屬性，我們相信我們將在交易結束後享受到這一點。這將導致快速去槓桿化。因此，在 18 個月左右的時間裡，我認為在我們進行第一年的整合活動後，您將看到非常或一圈快速的去槓桿化。

So just turning to the next page on page 20, the synergies without going deeply into that, the sources are what you would expect. Basically we have given the size of the transaction, a very modest level of synergies built into our financial projections. Perhaps there more than that, but we just need to align the operating and our organizational structures.

因此，只需翻到第 20 頁的下一頁，無需深入探討協同效應，來源就是您所期望的。基本上，我們已經給出了交易的規模，我們的財務預測中包含了非常適度的協同效應。也許不只這些，但我們只需要調整營運和組織結構。

We need to reduce the duplicative and overlap and marketing efforts and sponsorships and local markets. We also have some overlap in IT infrastructure today that we need to reduce the redundancies on that and enhance and scale our purchasing power, where we can exercise our more leverage with our vendors and of course, with facilities that leads us down the road to co-locate and reduce the facilities footprint where feasible, where we've got people where co-location makes sense. And perhaps we've got some extra space here and there where we can share space and we achieve some efficiencies and facilities as well.

我們需要減少重複和重疊以及行銷工作、贊助和本地市場。今天，我們在IT 基礎設施方面也有一些重疊，我們需要減少冗餘，並增強和擴大我們的購買力，這樣我們就可以對我們的供應商發揮更多的影響力，當然，還有引導我們走上合作之路的設施。也許我們到處都有一些額外的空間，我們可以在那裡共享空間，並且我們還可以提高效率和設施。

The transaction funding, we have a commitment from Bank of America to provide $2 billion of funding in two tranches. The first tranche of $600 million five-year revolver. And the second tranche is a $1.4 billion term loan A facility, also a five year facility. So half of the consideration that we're paying for Marcum will be in cash and half in shares. So as we look at the cash funding and the requirements of the commitment we just got from Bank of America, we think we will drawdown close to $1.4 billion to $1.5 billion initially.

在交易資金方面，美國銀行承諾分兩期提供 20 億美元的資金。第一筆價值 6 億美元的五年期左輪手槍。第二部分是 14 億美元的定期貸款 A 融資，也是為期五年的融資。因此，我們為 Marcum 支付的對價一半是現金，一半是股票。因此，當我們考慮現金融資以及剛從美國銀行獲得的承諾要求時，我們認為我們最初將提取近 14 億至 15 億美元。

Now understand that will take care of refinancing existing debt, including the existing debt on the Markham facility. So we're not inheriting or assuming any debt on behalf of the Marcum facility. So with respect to the $1.4 billion to the $1.5 billion estimate. That will leave us with about $500 million of additional capacity, and that will serve us well as we go into seasonal working capital needs and post-close integration costs and things like that in the first year, we've got plenty of cushion and plenty of liquidity. And of course, after the first year, we began to rapidly deleverage and we think that we can start to resume what I'll call ordinary course or strategic acquisitions within the 1.5 years to 2 years after close. And of course, also have the flexibility to deploy capital for share repurchases at that point in time, too.

現在了解，將負責對現有債務進行再融資，包括萬錦貸款的現有債務。因此，我們不會代表 Marcum 貸款繼承或承擔任何債務。因此，關於 14 億美元到 15 億美元的估計。這將為我們留下約 5 億美元的額外產能，這對我們在第一年處理季節性營運資金需求和關閉後整合成本等問題很有幫助，我們有足夠的緩衝和充足的資金流動性。當然，第一年之後，我們開始迅速去槓桿化，我們認為我們可以在交易結束後的 1.5 年到 2 年內開始恢復我所說的正常流程或策略性收購。當然，當時也可以彈性部署資本進行股票回購。

So the shares that go out now that I have attended to the cash and the liquidity there the shares that go out are based on a 30-day VWAP of right before the signing here. And that will represent approximately 14 million shares and approximately 22% of the total shares outstanding after giving effect to the combined entity. So approximately 25% of those new shares will be issued fairly immediately upon close about 75% of the shares will be issued in a 36-month installment basis over the next three years. And then up those two portions, about 5% of those shares will be reserved for what we'll call performance shares. And these shares will be issued to a retention tool with a retention service requirement of four years with cliff vesting for that to target retention of I'm very valuable and highly valued new partners with the market.

因此，現在我已經關注了那裡的現金和流動性，所以現在出去的股票是基於此處簽署之前的 30 天成交量加權平均價格（VWAP）。這將代表約 1,400 萬股，約佔合併實體生效後已發行股份總數的 22%。因此，大約 25% 的新股將在交易結束後立即發行，大約 75% 的股票將在未來三年內分期 36 個月發行。然後在這兩個部分中，大約 5% 的股票將保留為我們所說的績效股。這些股票將發行給保留工具，保留服務要求為四年，並實行懸崖歸屬，以保留我是市場上非常有價值和高度重視的新合作夥伴。

So a clear path to leverage on the next page 22, this just shows you what I just talked about even beyond 24-months post close, absent acquisitions and absent a share repurchases, de-leveraging is fairly rapid. So the signal we're getting is that this after a year, one focus on integration activities and making sure we get the business operating as intended and stabilize, we're back to business in terms of acquisition activity and share repurchase capital deployment and those things that we have done in the past.

因此，下一頁第22 頁有一條清晰的槓桿化路徑，這只是向您展示了我剛才談到的內容，即使在交割後24 個月之後，如果沒有收購和股票回購，去槓桿化的速度相當快。因此，我們得到的訊號是，一年後，專注於整合活動並確保我們的業務按預期運作並穩定下來，我們在收購活動和股票回購資本部署等方面重新開始業務。 。

So with that, let's just conclude and we'll turn to page 23, which Jerry highlighted earlier. It's the strategic rationale and all the bullet points there.

那麼，我們就結束吧，我們將翻到第 23 頁，Jerry 之前強調了這一點。這是戰略原理和所有要點。

So with that, I'll conclude, and we'll turn it back over to Jerry and maybe we go into discussion.

因此，我將得出結論，我們會將其轉回傑瑞，也許我們會進行討論。

Yeah, thank you. Where I just before we go into Q&A, I just want to say that this acquisition is going to position our company for accelerating growth, not only today but into our future.

是的，謝謝。在進入問答環節之前，我只想說，這項收購將使我們公司不僅在今天而且在未來加速成長。

And when we think about the advantages and why we're so excited about this. I think it's around the opportunities that it provides for us to bring even more valuable, innovative solutions to our clients value.

當我們想到它的優點以及為什麼我們對此如此興奮時。我認為它為我們提供了機會，為我們的客戶帶來更有價值、創新的解決方案。

Obviously, that will bring to our shareholders as a result of some of the attributes that were mentioned, but most importantly, the opportunities it's going to provide for our team members. We think about the war for talent.

顯然，由於所提到的一些屬性，這將為我們的股東帶來好處，但最重要的是，它將為我們的團隊成員提供機會。我們思考人才之戰。

And we think about what's important to our team members, it's all about supporting them and their growth and their development, their career opportunities. It's about providing them with the tools and the equipment that are best in class to be able to fly their trade. And it's about showing appreciation to them through competitive compensation and benefits and allowing them to come up the value chain of the clients and provide even more interesting work, more consultative work. And we're on a journey to do all of those things. And this accelerates that journey. So we're particularly excited about the opportunity that this presents to our workforce.

我們思考什麼對我們的團隊成員來說是重要的，這一切都是為了支持他們、他們的成長、他們的發展、他們的職業機會。這是為他們提供一流的工具和設備，以便他們能夠開展業務。這是透過有競爭力的薪資和福利來表達對他們的讚賞，並允許他們進入客戶的價值鏈並提供更有趣的工作、更多的諮詢工作。我們正在努力做所有這些事情。這加速了這一進程。因此，我們對這為我們的員工提供的機會感到特別興奮。

And with that, I will turn it over and for Q&A.

然後，我將把它翻過來並進行問答。

(Operator Instruction) Chris Moore, CJS Securities.

（操作員指令）Chris Moore，CJS 證券。

Good morning, guys. What's going on and congratulations looks interesting. Maybe we will just start with Q2 and then we can ask a few questions perhaps on Marcum. So we were EPS as adjusted EPS was about $0.18 below kind of where the street was looking at right or wrong. The impact is roughly $0.06 from the P&C issue there and so estimates are come in. Your guidance is coming down about $0.06, where kind of ran through some of the break down there. Some of that looks like it's not necessarily going to pickup in the second half of the year. Some will just maybe if you could go a little bit deeper in terms of your ability to just lower the guide by $0.06. Were we looking at the quarter incorrectly or I know timing can be difficult?

早安，夥計們。發生的事情和祝賀看起來很有趣。也許我們會從第二季開始，然後我們可以問一些關於 Marcum 的問題。因此，我們的每股收益是調整後的每股收益，比市場認為正確或錯誤的水平低約 0.18 美元。 P&C 問題的影響約為 0.06 美元，因此我們進行了估算。其中一些看起來不一定會在今年下半年回升。如果您能更深入地了解將指南降低 0.06 美元的能力，有些人也許會這麼做。我們是否錯誤地看待了這個季度，或者我知道時機可能很困難？

Yeah, Chris, this is Ware. I'll just talk about the timing and it's unfortunate in the second quarter, we had a collection of items that really adversely impacted quarter over quarter comparisons, somewhat more predictable. As we stated, we expected to it will not really achieve. And I know we had a conversation at the end of first quarter about the seasonality and be careful.

是的，克里斯，這是韋爾。我只想談談時間安排，不幸的是，在第二季度，我們收集了一系列項目，這些項目確實對逐季度比較產生了不利影響，在某種程度上更可預測。正如我們所說，我們預期它不會真正實現。我知道我們在第一季末就季節性問題進行了對話，請小心。

But as it stands, we expected the quarter to be relatively flat compared to last year. And then we got hit by a couple of unplanned items, including the property and casualty issues. I think we've got an opportunity that as we lap those year-over-year comparisons, which are headwinds. For example, the staffing up on the benefits and insurance side will be an easier comp in the second half. Some of the project work that was maybe first half loaded last year may continue to be a difficult comp, but not so much in the second half as the first half. I think some of the other businesses are basically looking at a very strong second half as we forecast the second half of the business, and we're very comfortable at this point in time.

但就目前情況而言，我們預計本季與去年相比將相對持平。然後我們遇到了一些計劃外的問題，包括財產和傷亡問題。我認為，當我們進行逐年比較時，我們有一個機會，這是逆風。例如，下半年福利和保險方面的人員配置將變得更加容易。去年上半年可能完成的一些專案工作可能仍然是一項困難的工作，但下半年的情況不會像上半年那麼嚴重。我認為，正如我們預測的下半年業務一樣，其他一些業務基本上都在關注非常強勁的下半年，而且我們目前對此感到非常滿意。

Aside from that 6p impact from property casualty. We're very comfortable maintaining otherwise maintaining the balance of the business, same guidance as we had for.

除了財產傷亡造成的 6 便士影響之外。我們非常樂意維持業務平衡，與我們先前的指導相同。

Got it. That's helpful. And just and I know it's a tough one from a quarterly from cadence standpoint. Is it you expect some of that improvement that that will build throughout the second half or just trying to -- any thoughts you can have in terms of kind of the Q2 and -- Q3 and Q4 strength?

知道了。這很有幫助。我知道從節奏的角度來看，這是一個艱難的季刊。您是否期望下半年會有所改善，或者只是嘗試 - 您對第二季度和第三季度和第四季度的實力有什麼想法嗎？

I can just give you a little color. It's not uncommon when we make acquisitions that after the first year when we've implemented some of the new systems and basically integrated, there's a bit of a slump until people regain traction. And to the extent thta, that happened with the Indianapolis acquisition last year when they were very, very strong in the first half of that, the cost or the effect of some of the integration activities as weighing them down a little bit slow them down a little bit, but we expect a good second half from them and they should regain the momentum. So that's just one example of why we're more optimistic about the sector.

我只能給你一點顏色。當我們進行收購時，在我們實施了一些新系統並基本整合的第一年之後，在人們重新獲得吸引力之前，會出現一些下滑，這種情況並不罕見。在某種程度上，去年印第安納波利斯的收購就發生了這種情況，當時他們在上半年非常非常強勁，一些整合活動的成本或影響讓他們的速度有點慢下來一點點，但我們期待他們下半場表現出色，他們應該會恢復勢頭。這只是我們對該行業更加樂觀的原因之一。

Got it. And I appreciate that. Maybe a couple on Marcum, you've -- start to go into a little bit, besides scale, geography. Are there one or two areas, specifically of expertise at Markham that will be readily and easily transferable to CBIZ clients?

知道了。我很欣賞這一點。也許 Marcum 上的一對夫婦，你已經開始了解一些除了規模、地理之外的內容。是否有一兩個領域（特別是萬錦市的專業知識）可以輕鬆轉移給 CBIZ 客戶？

Chris, do you want to take that one?

克里斯，你想買那個嗎？

There are several. I'm just just to name one. They have a very attractive outsourced IT HR finance practice to not for profit. And that's a big segment of ours as well. So that's an area we think we can leverage also their technology practice, which provides a lot of outsource IT systems implementations and whatnot is another area that we're really excited about.

有好幾個。我只是舉一個例子。他們有非常有吸引力的外包 IT 人力資源財務實踐，且不以盈利為目的。這也是我們的很大一部分。因此，我們認為我們也可以在這個領域利用他們的技術實踐，該實踐提供了大量外包 IT 系統實施，這是我們真正感到興奮的另一個領域。

And lastly, just the industries that they're in that we've been wanting to get into such as alternative investments, digital assets, food and beverage and others will be able to leverage and capitalize on those as part of the transaction. So those are just a few. There's a lot more.

最後，我們一直希望進入的行業，例如另類投資、數位資產、食品和飲料等，將能夠作為交易的一部分利用這些行業。這些只是其中的一小部分。還有很多。

Got it. That's a good start. And maybe just make sure I understand in terms of the so the stock component is going to be 25% on close, 75% over three years. Is that and that is that 75% is not performance related, correct? I mean it it happens smoothly over three years or just any anything else you can tell us there?

知道了。這是一個好的開始。也許只是確保我理解這一點，所以股票成分在收盤時將是 25%，在三年內將是 75%。是不是 75% 與性能無關，對嗎？我的意思是它在三年內順利進行，或者您可以告訴我們其他什麼嗎？

Yeah, it does, Chris. That's a great question. And the share count immediately will reflect all of those shares. They're just paid over a 36 month time period. And that's -- I'll call it, a tax-friendly structure for the seller.

是的，確實如此，克里斯。這是一個很好的問題。股份計數將立即反映所有這些股份。他們只是在 36 個月的時間內獲得報酬。這就是——我稱之為對賣方有利的稅收結構。

Got it. And just -- I don't know, Marcum well. In terms of who's actually getting the stock, it's just hundreds or thousands of partners or just trying to understand that a little bit?

知道了。只是──我不知道，馬庫姆。就誰實際獲得股票而言，只是數百或數千個合作夥伴，還是只是想了解一點？

Hey Chris, this is Jerry. So Marcum was the traditional partnership of the partners who were had us as owners of that firm will be receiving the shares.

嘿克里斯，這是傑瑞。因此，Marcum 是傳統的合夥企業，我們作為該公司的所有者將獲得股份。

Got it. And last one for me, if a partner left after one year, they would still get there. They're remaining years two and years three shares, correct?

知道了。最後一個對我來說，如果一個合作夥伴在一年後離開，他們仍然會到達那裡。他們是剩下的第二年和第三年的股份，對嗎？

That's correct.

這是正確的。

Okay.

好的。

The only caveat there is the performance share pool, they would forfeit right to that because that's a four-year cliff vesting. And that's a that's a tool to encourage people to stay the course through the full four years.

唯一需要注意的是績效份額池，他們將放棄這項權利，因為這是四年的懸崖歸屬。這是一個鼓勵人們在四年裡堅持到底的工具。

Got it. I will jump back in line. I appreciate it, guys.

知道了。我會跳回隊列。我很感激，夥計們。

Thanks, Chris.

謝謝，克里斯。

Andrew Nicholas, William Blair.

安德魯尼古拉斯、威廉布萊爾。

Hi, good morning. Thank you for taking my questions. I'll take a similar approach, start with the second quarter and then hit Marcum afterwards. I guess just focusing specifically on the revenue guidance and maybe more specifically the organic growth outlook.

嗨，早安。感謝您回答我的問題。我將採取類似的方法，從第二節開始，然後再擊中馬庫姆。我想只是特別關注收入指導，也許更具體地說是有機成長前景。

I'm trying to get a sense for kind of what happened in the second quarter that was in line with your -- or I guess not in line with what you had expected going in? It sounds like the producer issue was one component. I think you said $2.5 million of revenue. I can obviously extrapolate that through the end of the year. But are there any other things that you could quantify both for the second quarter and through the rest of year that have slowed?

我試圖了解第二季度發生的事情是否符合您的預期，或者我猜與您的預期不符？聽起來生產者問題就是其中之一。我想你說的是 250 萬美元的收入。我顯然可以推斷到今年年底。但是，還有其他可以量化的第二季和今年剩餘時間放緩的事情嗎？

I think you mentioned client delays, delays in payroll or some kind of delayed implementation work. Just a little bit more color because -- to be perfectly transparent, it looks like the second half outlook is still awfully strong, and that seems to run counter to what we saw in the second quarter?

我想你提到了客戶延遲、工資延遲或某種延遲的實施工作。只是多一點色彩，因為——完全透明地說，下半年的前景看起來仍然非常強勁，這似乎與我們在第二季度看到的情況背道而馳？

Yeah. There were a couple of unusual things in the second quarter. I think the headwinds that we talked about with the project work were foreseeable and they were planned, and so that's not a surprise. And that's one reason why we, ourselves, had we provided quarterly guidance, we would have definitely moderated the expectation for second quarter.

是的。第二季出現了一些不尋常的事情。我認為我們在專案工作中討論的逆風是可以預見的，而且是有計劃的，所以這並不奇怪。這就是為什麼我們自己如果提供季度指導，我們肯定會降低對第二季度的預期的原因之一。

Clearly, the property and casualty item was a surprise, and I kind of gave you some details kind of before and after of what the impact that was. The migration of clients, and we've talked about this often as we migrate and basically coal clients that are underperforming vis-a-vis profitability thresholds and things like that, that's a bumpier process, and it's harder to predict.

顯然，財產和傷亡項目是一個驚喜，我向您提供了一些有關其影響之前和之後的詳細資訊。客戶的遷移，我們在遷移時經常討論這一點，基本上是那些在盈利能力閾值方面表現不佳的煤炭客戶以及類似的事情，這是一個更加坎坷的過程，而且更難以預測。

So, we did make some intention -- we always are making some intentional decisions to call clients, and we have other more profitable clients, stage employees to ramp up, but it's not always a perfect smooth, predictable process. So that contributed a little bit to the first half.

所以，我們確實做出了一些意圖——我們總是做出一些有意的決定來打電話給客戶，我們還有其他更有利可圖的客戶，讓員工提高能力，但這並不總是完美順利、可預測的過程。所以這對上半場做出了一些貢獻。

Also, I think the headwinds experienced by the Indianapolis operation were foreseeable, but maybe a little stronger than we thought they would be and we're looking for a second half stronger performance out of the Indianapolis operation.

另外，我認為印第安納波利斯業務所經歷的阻力是可以預見的，但可能比我們想像的要強一些，我們正在尋找印第安納波利斯業務下半年表現更強的表現。

I can tell you that the government health care consulting business and that segment continues to be very strong, and they have a very strong second half predicted as well for forecasting.

我可以告訴你，政府醫療保健諮詢業務和該領域仍然非常強勁，他們對下半年的預測也非常強勁。

Got it. That's encouraging. And then I guess a similar question on the margin profile. Obviously, we can get to some implied margin percentage based on the information you have. But just kind of curious how their operating margins or EBITDA margin, whatever you think is most helpful compares to yours? And maybe where Marcum sits relative to CBIZ on kind of operational efficiency, automation, use of technology, maybe even offshoring, anything that is markedly different in terms of the profitability profile for Marcum versus CBIZ?

知道了。這令人鼓舞。然後我猜想關於保證金概況也有類似的問題。顯然，我們可以根據您所掌握的資訊得出一些隱含保證金百分比。但只是有點好奇他們的營業利潤率或 EBITDA 利潤率（您認為最有幫助的）與您的相比如何？也許 Marcum 相對於 CBIZ 在營運效率、自動化、技術使用，甚至離岸外包方面處於什麼位置，在 Marcum 與 CBIZ 的獲利狀況方面有什麼明顯不同？

Yeah, great question. Very similar. I think Marcum is a little further ahead in some areas, such as offshoring, maybe they're a little deeper in offshore than we are, and we're looking forward to leverage and capitalizing on their experience in offshoring. And they also have a very, very good set of monthly, if not weekly metrics that they use -- age and monitor. So, it's a well-run business.

是的，很好的問題。非常相似。我認為Marcum在某些領域領先一些，例如離岸外包，也許他們在離岸外包方面比我們更深一些，我們期待著利用他們在離岸外包方面的經驗。他們還有一套非常非常好的每月（如果不是每週）使用的指標——年齡和監控。所以，這是一個經營良好的企業。

Having said all that, I think we -- and their margin profile, it's hard to compare apples-to-apples because of the partnership structure versus our structure, but after the first year, those structures will be combined, and we think we offer a very similar opportunity compensation and reward wise to the new partners coming on board from Marcum.

話雖如此，我認為我們——以及他們的利潤狀況，由於合作夥伴結構與我們的結構而很難進行同類比較，但在第一年之後，這些結構將被合併，我們認為我們提供對於來自Marcum的新夥伴來說，機會補償和獎勵非常相似。

But the operating leverage is really corporate structure, facilities, infrastructure. We can always improve pricing and efficiency in terms of client, service delivery. And so there's a great focus on that. So that is some source of operating leverage, but the primary source is in the back office functions and the facilities and those kinds of things that we've achieved in the past.

但營運槓桿實際上是公司結構、設施、基礎設施。我們始終可以提高客戶和服務交付的定價和效率。因此，人們非常關注這一點。因此，這是營運槓桿的一些來源，但主要來源是後台職能和設施以及我們過去的成就。

Yeah. Andrew, this is Jerry Grisko. Just to add a little bit more color. We have said that it's hard to compare kind of the profitability apples-to-apples, but as best we can, they appear to be a very profitable firm. And we think that our margins will expand even greater as a result of some of the efficiency we'll get to the combination.

是的。安德魯，這是傑瑞·格里斯科。只是為了添加一點顏色。我們說過，很難對獲利能力進行同類比較，但我們盡我們所能，他們似乎是一家盈利能力很強的公司。我們認為，由於合併後將提高一些效率，我們的利潤率將會進一步擴大。

Awesome. And maybe one more if I could squeeze it in. Just on the synergies, actually, maybe the accretion math, you said $25 million of cost synergies. I think it was by 2026. I didn't catch what you said in terms of what might be baked in on that front in the 2025 accretion number. And then also the 10% earnings accretion in 2025, does that include or exclude purchase price amortization from the Marcum deal?

驚人的。如果我能把它擠進去的話，也許還有一個。我認為是到 2026 年。還有 2025 年 10% 的收益成長，這是否包括或不包括 Marcum 交易中的購買價格攤銷？

Yeah. Great question. First of all, the synergies very, very little of the first year. In the first year, we're really focused on integrating the businesses and some of the duplicative costs start to come out, but they really don't gain traction until the second year and into the third year.

是的。很好的問題。首先，第一年的綜效非常非常小。在第一年，我們真正專注於整合業務，一些重複成本開始出現，但直到第二年和第三年它們才真正受到關注。

And when you compare apples-to-apples, you are, in fact, right that if you remove the impact of the accretion that's acquisition-related, that's where that's acquisition-related, that's where you get -- the amortization you get the accretion before and after. And you also get accretion building because as synergies kick in and as the company delevers and interest rates and interest costs come down and as operating leverage margin improvement we can achieve that in year two, three and four, the accretion builds from that initial 10% a year.

當你進行同類比較時，事實上，如果你消除與收購相關的增值的影響，那就是與收購相關的，這就是你得到的——你獲得增值的攤銷之前和之後。而且你還會獲得增值，因為隨著協同效應的發揮，隨著公司去槓桿化，利率和利息成本下降，隨著營運槓桿利潤率的提高，我們可以在第二年、第三年和第四年實現這一目標，增值將從最初的10% 開始一年。

I'm sorry, you are adding that back to get to the 10% or you're not?

抱歉，您是否要將其加回 10%？

Yeah. In fact, to be clear, we are adding that back as an adjustment. That's a non-cash acquisition driven amortization expense that would be driven by the amortization of the intangible asset, the client list and other intangible assets that are result in an amortaization expense, that's a gap amortization expense.

是的。事實上，需要明確的是，我們將其加回作為調整。這是非現金收購驅動的攤銷費用，由無形資產、客戶名單和其他無形資產的攤銷驅動，這些無形資產會導致攤銷費用，這就是缺口攤銷費用。

Understood. Thank you very much.

明白了。非常感謝。

Marc Riddick, Sidoti.

馬克·里迪克，西多蒂。

Hi. Good morning.

你好。早安.

Good morning, Marc.

早上好，馬克。

So I wanted to, I guess, maybe do you have a similar sort of cadence as far as we'll start with the quarter and commentary for the year first and then move over to Marcum. I was sort of curious it seems as though from your your answers on the prior questions, I wanted to talk a little bit about with the full year guide relative to the 2Q results. It seems as though some of the the project work or some of the things that were delayed since you had, I guess, maybe some level of visibility, but with the with the EPS guide. It certainly seems as though you're taking into account the opportunity to adjust expenses, not necessarily that all revenue was just going to shift into the back half of the year is that a reasonable way of looking at the full year guide relative to the second quarter results?

所以我想，我想，也許你們有類似的節奏，我們先從季度和今年的評論開始，然後轉向 Marcum。我有點好奇，從您對先前問題的回答來看，我想談談與第二季結果相關的全年指南。似乎有些專案工作或一些事情被推遲了，因為我想，也許有一定程度的可見性，但有了 EPS 指南。當然，似乎你正在考慮調整支出的機會，不一定所有收入都會轉移到今年下半年，這是相對於第二年來看全年指南的合理方式季度業績？

Yeah, Mark, I'm glad you asked that question. We do have a number of variable expenses where we can pull levers as appropriate as needed. So yes, in terms of the full year guidance, we'll do what we need to do in terms of managing the variable components of the expense for sure.

是的，馬克，我很高興你問這個問題。我們確實有許多可變費用，我們可以根據需要適當調整槓桿。所以，是的，就全年指導而言，我們肯定會在管理費用的可變部分方面做我們需要做的事情。

Okay. Great. And then the things that you saw and I guess it's a little specific, I guess, but the things that you saw clients delay or sort of, you know, are pushed to the right, I guess on the what those the types of projects were there any -- was there a commonality to the types of projects that are being delayed or whether it was the types of projects or the potential clients that were delaying these projects? Or was it sort of general?

好的。偉大的。然後你看到的事情，我想它有點具體，我想，但是你看到客戶延遲的事情，或者你知道的，被推到了右邊，我猜這些項目類型是什麼被推遲的項目類型是否存在共同點，或者是否是專案類型或潛在客戶推遲了這些專案？或者說這是一種普遍現象？

Yeah. So Marc, before every call, we go out and ask our offices, ask our regions, ask our service lines, what they're experiencing in the market. I will tell you that as you would expect, and as you are reading in the news and as we've experienced, small middle market businesses continue to be largely optimistic.

是的。所以，馬克，在每次打電話之前，我們都會出去詢問我們的辦公室、我們的地區、我們的服務熱線，詢問他們在市場上的經歷。我會告訴你，正如你所期望的那樣，正如你在新聞中閱讀的那樣，正如我們所經歷的那樣，小型中型市場企業在很大程度上仍然保持樂觀。

What we did experience though, during the first half is that on the margin, some of the more discretionary expenses that they eventually will make -- an investment that they'll make, they were somewhat tepid in making those decisions in the second half. And that's really what those comments were about things around systems, things around payroll, anywhere where they can put that decision off for some period of time and continue to run their business, we did experience some of that, and that's what we heard.

不過，我們在上半年確實經歷過，在邊際上，他們最終將進行一些可自由支配的支出——他們將進行的投資，但他們在下半年做出這些決定時有些不溫不火。這些評論實際上是關於系統、工資、任何他們可以推遲決定一段時間並繼續經營業務的地方，我們確實經歷了其中一些，這就是我們所聽到的。

But I think the message is that -- and certainly one that that we're looking to in the second half is our clients remain largely optimistic about their prospects for the remainder of year as a group.

但我認為傳達的訊息是——當然，我們在下半年希望看到的訊息是，我們的客戶作為一個整體對今年剩餘時間的前景仍然持樂觀態度。

Okay. That's helpful. And I appreciate the time -- the comments there. And now shifting over to Marcum, as I was wondering if you could sort of maybe first of all, I really appreciate all the detail in the dual slide decks and everything that you've provided obviously put a lot of work and thought into sharing the information that you've shared today. And I really do appreciate that. I wanted to sort of maybe if you could spend a little time talking about sort of how this transition sort of came to be in your I think in your prepared remarks, you made some commentary around some of the use of cash decisions that you've made year to date that maybe had this in mind around share repurchase, but maybe you could talk a little bit about sort of give us a little bit of the back story has to sort of when all of this got started, how it got started and the like?

好的。這很有幫助。我很感謝你們的時間——那裡的評論。現在轉到 Marcum，因為我想知道您是否可以首先，我真的很欣賞雙幻燈片中的所有細節以及您提供的所有內容，顯然您在分享中投入了大量的工作和思考您今天分享的信息。我真的很感激這一點。我想也許你能花一點時間談談這種轉變是如何發生在你的身上的，我認為在你準備好的發言中，你對你已經做出的一些使用現金的決定做了一些評論。到目前為止，可能在股票回購方面考慮到了這一點，但也許你可以談談，給我們一些背景故事，所有這一切是何時開始的，是如何開始的，以及之類的？

Yeah. Well, Marc, it was kind of in our comments, which is -- this is a transaction that we've been preparing for throughout our history, right? So we've made a lot of acquisitions. We have a successful track record not only acquiring, but onboarding and integrating. And we knew that the time would come when we would look at something of scale. This one just happened to check all the boxes and create very strong alignment. Why are we looking at something at scale.

是的。嗯，馬克，我們的評論中有這樣的內容，那就是——這是我們整個歷史上一直在準備的一筆交易，對吧？所以我們進行了大量收購。我們不僅在收購、入職和整合方面擁有成功的記錄。我們知道，總有一天我們會考慮一些規模化的東西。這只是碰巧檢查了所有的方框並創建了非常強的對齊。為什麼我們要大規模地看待某些事情？

When we think about some of the significant changes in the industry, we talk a lot about the war for talent in order to win that or our ability to have the scale to be able to make investments to support our workforce, as I mentioned earlier, to equip them with the tools that are best-in-class and to allow them to do more interesting work for our clients and bring them more innovative solutions kind of come up that value chain of the client. We think we're better positioned now than ever to compete for that war for talent and to win that war.

當我們思考行業中的一些重大變化時，我們會談論很多關於人才爭奪戰，以贏得這場戰爭，或者我們有能力進行規模投資來支持我們的勞動力，正如我之前提到的，為他們配備一流的工具，讓他們為我們的客戶做更有趣的工作，並為他們的客戶價值鏈帶來更多創新的解決方案。我們認為，我們現在比以往任何時候都更有能力競爭人才之戰並贏得這場戰爭。

The second thing is really the investments that are required to be made. We talk a lot about AI and other investments. Those are tools that will not only create back-office efficiency, what we do, but also the combination of AI, human intelligence data and making investments in those three areas that allow us to bring more innovative solutions to solutions to our clients, higher value our clients are all important to take investments. And so scale allows us to make those investments and spread it off across a much larger organization.

第二件事其實是需要進行的投資。我們談論了很多關於人工智慧和其他投資的話題。這些工具不僅能提高我們所做的後台效率，還能將人工智慧、人類智慧數據結合，並在這三個領域進行投資，使我們能夠為客戶帶來更具創新性的解決方案、更高的價值我們的客戶對於投資都很重要。因此，規模使我們能夠進行這些投資並將其分散到更大的組織中。

So there were a lot of reasons that we knew that the time would come that's something like this, we'd be interested in pursuing. And when this opportunity came, we were really struck by the alignment that is created. We've been on parallel paths as we indicated they have a strong also a track record of growth for organic and inorganic. They're committed to the middle market is exactly what ours are. It gave us the ability to strengthen geographic markets that we're very interested in strengthening as Chris indicated, and in industries that are very attractive to us, they have very strong leadership, very strong expertise that's just going to complement ours.

因此，有很多原因讓我們知道，這樣的時刻將會到來，我們有興趣去追求。當這個機會到來時，我們對所建立的聯盟感到非常震驚。我們一直走在平行的道路上，因為我們表明他們在有機和無機方面也有著強勁的成長記錄。他們致力於中階市場，這正是我們的市場。它使我們有能力加強地理市場，正如克里斯指出的那樣，我們非常有興趣加強這些市場，並且在對我們非常有吸引力的行業中，他們擁有非常強大的領導力和非常強大的專業知識，這將補充我們的專業知識。

And perhaps most importantly, their vison for the future. Again, around talent, around investments, around data and where the market is going and how we compete for clients compete for talent. So we have this mantra stronger together. And the more we got to know that the more excited we were to come out of that diligence process convinced that together, we will be even stronger and have the ability to accelerate our growth.

也許最重要的是他們對未來的願景。再次強調，圍繞著人才、投資、數據、市場走向以及我們如何爭取客戶、爭取人才。所以我們一起讓這個咒語變得更強大。我們了解得越多，就越興奮，因為我們相信，只要齊心協力，我們就會變得更強大，有能力加速我們的成長。

I appreciate. Thank you very much and congratulations.

我很欣賞。非常感謝並祝賀。

Great, ladies and gentalemen. With that, we'll be concluding today's question-and-answer session. I'd like to turn the floor back over to Jerry Grisko for closing remarks.

太好了，女士們先生們。至此，我們今天的問答環節就結束了。我想請傑瑞‧格里斯科 (Jerry Grisko) 致閉幕詞。

Great, ladies and gentlemen. But thank you, as I always do, I want to end today's call by thanking our shareholders and analysts for your continued support.

太好了，女士們先生們。但謝謝你們，就像我一貫做的那樣，我想在結束今天的電話會議時感謝我們的股東和分析師的持續支持。

I also want to thank our team. Today, as you can imagine, is a monumental day in our history and in many ways, the beginning of not only an exciting time today, but a new chapter of opportunities for growth, growth for you, growth for our business, growth for our clients. The announcement is also a testament to the collective dedication and resilience of our team and our shared commitment to excellence is on CBIZ.

我還要感謝我們的團隊。正如您所想像的那樣，今天是我們歷史上具有里程碑意義的一天，從很多方面來說，這不僅是今天令人興奮的時刻的開始，而且是增長機會的新篇章，為您的增長，為我們的業務成長，為我們的成長帶來機會。這項公告也證明了我們團隊的集體奉獻精神和韌性，以及我們對 CBIZ 追求卓越的共同承諾。

I'm both immensely proud and grateful for the extraordinary efforts by our team members that made this milestone a reality. And this extends to our future market team members, who we've gotten to know very well over the past several months. Together, we will expand our horizons of possibilities, strengthen our overall capabilities and reach new heights that we truly feel will break away from others within our industry.

我對我們的團隊成員的非凡努力感到非常自豪和感激，使這一里程碑成為現實。這也延伸到了我們未來的市場團隊成員，我們在過去的幾個月裡已經非常了解他們了。我們將共同拓展可能性的視野，增強我們的整體能力，並達到我們真正認為將超越行業內其他公司的新高度。

As we move forward, we will continue to embrace our core values that are the foundation of our culture, which includes our focus on our people and our clients. Today is the reminder of the power of many coming together around a shared vision and a common goal and our future has never looked brighter. Thank you all and look forward to continuing our conversation. Have a great day.

隨著我們的前進，我們將繼續秉承我們的核心價值觀，這是我們文化的基礎，其中包括我們對員工和客戶的關注。今天提醒人們，許多人圍繞著共同的願景和共同的目標聚集在一起，我們的未來從未如此光明。謝謝大家，並期待繼續我們的對話。祝你有美好的一天。

And ladies and gentlemen, with that, we'll conclude today's conference call and presentation. We thank you for joining. You may now disconnect your lines.

女士們、先生們，我們今天的電話會議和演示就到此結束。我們感謝您的加入。現在您可以斷開線路。