CBIZ Inc (CBZ) 2025 Q3 法說會逐字稿

Good day. And welcome to the CBIZ third-quarter 2025 results. (Operator Instructions) Please note this event is being recorded.

再會。歡迎閱讀 CBIZ 2025 年第三季業績報告。（操作說明）請注意，本次活動正在錄影。

I would now like to turn the conference over to Lori Novickis, Director of Corporate Relations. Please go ahead.

現在我將把會議交給企業關係總監洛里·諾維基斯。請繼續。

Good afternoon, everyone. And thank you for joining us for today's call to discuss CBIZ's third-quarter and year-to-date 2025 results. As a reminder, this call is being webcast and a link to the live webcast, along with today's press release and corresponding investor presentation, can be found on the Investor Relations page of our website, cbiz.com. An archived replay and transcript will also be made available following the call.

大家下午好。感謝各位參加今天的電話會議，共同討論 CBIZ 2025 年第三季及年初至今的業績。提醒各位，本次電話會議將進行網路直播，直播連結、今日新聞稿及相關投資人簡報均可在本公司網站 cbiz.com 的「投資者關係」頁面找到。會議結束後，我們還將提供會議錄音回放和文字記錄。

Before we begin, we would like to remind you that during the call management may discuss certain non-GAAP financial measures. Reconciliations of these measures can be found in the financial tables of today's press release and investor presentation.

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。這些措施的核對情況可在今天發布的新聞稿和投資者簡報的財務表格中找到。

Today's call may also include forward-looking statements regarding our business, financial condition, results of operations, cash flows, strategies, and prospects. Forward-looking statements represent only our expectations, estimates, and projections as of the date of this call and are not intended to give any assurance of future results.

今天的電話會議可能還會包含有關我們業務、財務狀況、經營業績、現金流量、策略和前景的前瞻性陳述。前瞻性陳述僅代表我們截至本次電話會議之日的預期、估計和預測，並非旨在對未來的結果做出任何保證。

Because forward-looking statements relate to matters that have not yet occurred, these statements are inherently subject to risks and uncertainties. Many factors could cause future results to differ materially, and CBIZ assumes no obligation to update these statements except as required by law. A more detailed description of such factors can be found in today's press release and in our filings with the Securities and Exchange Commission.

由於前瞻性陳述涉及尚未發生的事項，因此這些陳述本身就存在風險和不確定性。諸多因素可能導致未來結果與預期有重大差異，除法律要求外，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，請參閱今天的新聞稿和我們向美國證券交易委員會提交的文件。

Joining us for today's call are Jerry Grisko, President and Chief Executive Officer; and Brad Lakhia, Chief Financial Officer. I will now turn the call over to Jerry for his opening remarks. Jerry?

今天參加電話會議的有總裁兼執行長 Jerry Grisko 和財務長 Brad Lakhia。現在我將把電話交給傑瑞，請他致開幕詞。傑瑞？

Thank you, Lori. And good afternoon, everyone. I'm pleased to have this opportunity to provide you with an update on our performance and our outlook on the business moving forward.

謝謝你，洛里。大家下午好。我很高興有機會向大家報告我們的業績以及我們對未來業務發展的展望。

This Saturday marks the one-year anniversary of the Marcum acquisition, and we couldn't be more pleased with first, the quality of the Marcum organization and the complementary fit between our two great companies. Next, the progress that we've made on integration, which is on or ahead of schedule in most key areas, and finally, the opportunities we now have to accelerate growth and break away from our competitors.

本週六是 Marcum 收購一周年紀念日，我們首先對 Marcum 的組織品質以及我們兩家偉大公司之間的互補性感到無比滿意。其次，我們在整合方面取得了進展，在大多數關鍵領域都按計劃或提前完成；最後，我們現在有機會加速成長並擺脫競爭對手。

We knew going into the acquisition that Marcum was an outstanding firm. What we've learned since has even surpassed our initial expectations. They brought great people, significant scale in key geographic markets, and a substantial and attractive mid-market client base that is similar to ours. They also made substantial investments in areas that were strategically important to us and that complemented investments that we had made in other areas of the business. We are now able to leverage those investments company-wide including go-to-market industry groups, AI, and other crucial technologies as well as offshoring resources.

收購前我們就知道 Marcum 是一家非常優秀的公司。此後我們所了解到的情況甚至超出了我們最初的預期。他們帶來了優秀的人才，在關鍵地理市場擁有顯著的規模，以及與我們相似的龐大且有吸引力的中端市場客戶群。他們也對我們具有戰略意義的領域進行了大量投資，這些投資與我們在其他業務領域的投資相輔相成。我們現在能夠利用這些投資，在全公司範圍內推廣市場產業團隊、人工智慧和其他關鍵技術以及離岸資源。

Marcum also had very strong leadership throughout the organization, a significant number of whom have assumed key leadership roles in the new CBIZ. From the outset, we were committed to bringing together the best of both companies. We now have a blend of leaders and are establishing standardized processes, policies and systems that allow our teams to bring the full value of the combined company to our clients.

Marcum 在整個組織中也展現了非常強大的領導力，其中許多人在新成立的 CBIZ 中擔任了關鍵的領導職務。從一開始，我們就致力於將兩家公司的優勢結合起來。我們現在擁有多元化的領導團隊，並正在建立標準化的流程、政策和系統，使我們的團隊能夠為客戶帶來合併後公司的全部價值。

Now turning to integration. To support the ability of our teams to work together as one CBIZ and thereby enhancing collaboration, resource sharing, and the pursuit of new business opportunities, we've aligned our collective teams under a common reporting structure. We've adopted many standardized operating processes and systems that allow our teams to work together in key areas, and we've begun to co-locate team members in cities where we both have offices.

現在來談談整合。為了支持我們的團隊作為一個整體 CBIZ 協同工作，從而加強協作、資源共享和尋求新的商機，我們已將我們所有的團隊整合到一個共同的報告結構下。我們採用了許多標準化的作業流程和系統，使我們的團隊能夠在關鍵領域協同工作，並且我們已經開始將團隊成員安排在我們雙方都設有辦公室的城市共同辦公。

To improve operating efficiency, we've made significant investments in our shared resources centers including by adding technical resources to our national tax office and to our natural assurance quality and support partner, CBIZ CPAs. We've also invested in transformation and innovation team, which now has over 60 members devoted to developing new products and solutions for our clients and deploying AI and other technologies to improve operating efficiency, and we've increased our offshore resources in both India and in the Philippines.

為了提高營運效率，我們對共享資源中心進行了大量投資，包括向我們的國家稅務局和我們的自然保證品質和支援合作夥伴 CBIZ CPAs 增加技術資源。我們還投資了轉型和創新團隊，該團隊目前擁有 60 多名成員，致力於為我們的客戶開發新產品和解決方案，並部署人工智慧和其他技術來提高營運效率。此外，我們也增加了在印度和菲律賓的離岸資源。

In addition, to begin unlocking the value of the combined entity to our clients and to accelerate growth, we've identified and stood up 12 industry groups to bring unmatched breadth and depth of services to our clients through solutions that are highly tailored to meet their specific needs. We've streamlined many client-facing processes to improve the client experience, and to allow our client-facing teams to be more responsive.

此外，為了開始釋放合併實體對客戶的價值並加速成長，我們已經確定並成立了 12 個行業小組，透過高度客製化的解決方案，為我們的客戶帶來無與倫比的廣度和深度的服務，以滿足他們的特定需求。我們簡化了許多面向客戶的流程，以改善客戶體驗，並使我們的客戶服務團隊能夠更快速地回應客戶需求。

We've launched CBIZ vertical Vector AI to enable our clients to leverage our proprietary AI platform and capabilities and to improve their business performance and we've launched a new highly visible national brand campaign to promote the new CBIZ and highlight our expanded capabilities to the market. This campaign is already showing signs of improved brand awareness.

我們推出了 CBIZ 垂直行業 Vector AI，旨在幫助客戶利用我們專有的 AI 平台和功能，提升業務績效；同時，我們也發起了一項備受矚目的全國品牌推廣活動，以推廣新的 CBIZ，並向市場展示我們擴展後的能力。這項行銷活動已經顯示出提升品牌知名度的跡象。

Clearly, a lot of work has been successfully completed in a short period of time and there are still more opportunities ahead. We are pleased with our retention of top talent and key clients through this transitionary period and we're competing favorably on both fronts, which positions us for accelerated top- and bottom-line growth beginning in 2026 and beyond.

顯然，在短時間內已經成功完成了許多工作，未來還有更多機會。我們很高興能夠在此過渡時期留住頂尖人才和重要客戶，並且在這兩方面都保持著良好的競爭力，這使我們能夠從 2026 年及以後實現營收和利潤的加速增長。

Brad will review more details on our results in a minute. But before I turn it over to him, I wanted to provide you with a few of my own perspectives on the third quarter and what we're expecting for the remainder of the year.

布拉德稍後會詳細介紹我們的結果。但在我把麥克風交給他之前，我想先向大家分享一下我對第三季以及今年剩餘時間的預期的一些看法。

We were pleased to see that our recurring businesses held steady during the quarter. Our core accounting and tax business continued to deliver organic revenue growth consistent with the first half of the year and increased demand for our project-based advisory businesses delivered improved growth relative to the first half. Encouragingly, as we look to finish out the year, the combination of our broader service offerings and improving market conditions should lead to increased conversion of our late-stage pipeline opportunities. We have clear line of sight to achieve our 2025 revenue outlook and the entire leadership team and all our client-facing leaders are laser-focused on capitalizing on these opportunities and trends.

我們很高興地看到，本季我們的經常性業務保持穩定。我們的核心會計和稅務業務持續保持與上半年一致的自然收入成長，而基於專案的諮詢業務需求增加，也帶來了比上半年更好的成長。令人鼓舞的是，展望今年的尾聲，我們更廣泛的服務產品和不斷改善的市場環境相結合，應該會提高我們後期專案轉換率。我們已明確實現 2025 年的收入目標，整個領導團隊和所有面向客戶的領導都全神貫注於抓住這些機會和趨勢。

With that, let me hand it over to Brad to cover further details on our quarter and our financial outlook. Brad?

接下來，我將把發言權交給布拉德，讓他詳細介紹我們本季的情況和財務前景。布拉德？

Thank you, Jerry. And good afternoon. As Jerry said, we are very pleased with our third-quarter results. Revenue and cash flow were in line with our expectations and earnings exceeded. The benefits of greater scale and the resiliency of our business model once again are reflected in our operating and financial performance and leave us well positioned for sustainable, long-term growth.

謝謝你，傑瑞。午安.正如傑瑞所說，我們對第三季的業績非常滿意。營收和現金流符合預期，獲利超出預期。規模擴大帶來的好處以及我們商業模式的韌性再次體現在我們的營運和財務表現中，使我們為永續的長期成長奠定了良好的基礎。

On a consolidated basis, third-quarter revenue was $694 million, and year-to-date revenue stands at $2.2 billion, a 58% and 64% increase, respectively, driven by the acquisition. For the quarter, adjusted EBITDA increased to $120 million and now stands at $476 million year to date.

合併後，第三季營收為 6.94 億美元，年初至今營收為 22 億美元，分別成長了 58% 和 64%，主要得益於此次收購。本季調整後 EBITDA 增至 1.2 億美元，今年迄今累計達 4.76 億美元。

Adjusted EBITDA margin was 17.3% in the quarter and 21.5% year to date. Year-to-date adjusted EBITDA margin increased approximately 325 basis points versus last year, with lower incentive compensation expense representing approximately 250 of the 325-basis-point improvement. Excluding the impact from lower incentive compensation, we believe our margin expansion is consistent or better than our historical performance, representing the realization of the expected benefits of greater scale.

本季調整後 EBITDA 利潤率為 17.3%，年初至今為 21.5%。今年迄今的調整後 EBITDA 利潤率比去年同期增長了約 325 個基點，其中激勵性薪酬支出減少約佔這 325 個基點改善幅度的 250 個基點。撇開激勵性薪酬降低的影響，我們認為我們的利潤率擴張與歷史績效持平或更優，反映了規模擴大帶來的預期收益。

Third-quarter adjusted diluted earnings per share was $1.01 per share, bringing our year-to-date adjusted EPS to $4.27 per share. Third quarter interest expense was $28 million, $23 million higher than last year, driven by higher debt levels incurred to fund the cash portion of the acquisition. Third-quarter tax expense was $10 million, approximately $6 million lower than last year, driven by higher tax benefits related to stock-based compensation expense, lower pretax income and lower state tax expense, which resulted from recent tax planning actions.

第三季調整後稀釋每股收益為 1.01 美元，使今年迄今的調整後每股收益達到 4.27 美元。第三季利息支出為 2,800 萬美元，比去年同期高出 2,300 萬美元，主要原因是為收購的現金部分籌集資金而產生的債務水準較高。第三季稅項支出為 1000 萬美元，比去年同期減少了約 600 萬美元，主要原因是與股票選擇權相關的稅收優惠增加、稅前收入減少以及州稅支出減少，而這些減少是由於最近的稅務規劃措施造成的。

Our year-to-date tax expense was $76 million, or $25 million higher than last year, primarily driven by an $88 million increase in pretax income. Our year-to-date effective tax rate was flat compared to prior year.

今年迄今為止，我們的稅收支出為 7,600 萬美元，比去年增加了 2,500 萬美元，這主要是由於稅前收入增加了 8,800 萬美元。今年迄今的實際稅率與去年持平。

Turning to our Financial Services segment. Third quarter revenue was $579 million, up $256 million or approximately 80%. Financial Services adjusted EBITDA increased 86% to $126 million, a margin of 21.7%.

接下來我們來看看金融服務板塊。第三季營收為 5.79 億美元，成長 2.56 億美元，增幅約 80%。金融服務調整後 EBITDA 成長 86% 至 1.26 億美元，利潤率為 21.7%。

Revenue growth was largely driven by the acquisition. On an estimated pro forma basis and consistent with the first half, we delivered low single-digit growth in our core accounting and tax service lines, which mitigated headwinds in our SEC related business. In addition, our advisory business captured improved market conditions in relation to the first half, which enabled single-digit growth. Year to date, Financial Services revenue increased by 85% to $1.9 billion and adjusted EBITDA for the segment nearly doubled to $463 million.

營收成長主要由此次收購推動。以預估備考基準和上半年情況來看，我們的核心會計和稅務服務業務實現了個位數低成長，這緩解了美國證券交易委員會相關業務的不利影響。此外，我們的諮詢業務也受惠於上半年市場狀況的改善，實現了個位數成長。今年迄今為止，金融服務收入成長了 85%，達到 19 億美元，該部門的調整後 EBITDA 幾乎翻了一番，達到 4.63 億美元。

In terms of pricing, we were pleased to deliver strong mid-single-digit rate increases in the quarter and year to date. We are competing favorably and realizing rate increases that exceed overall inflation and capture the value of our client -- our clients [gained] from our leading service capability.

在定價方面，我們很高興在本季和今年迄今實現了強勁的中位數費率成長。我們在競爭中佔據優勢，實現了高於整體通貨膨脹率的利率成長，並獲得了客戶的價值——我們的客戶從我們領先的服務能力中獲益。

Revenue from our Benefits and Insurance or B&I segment was $103 million with adjusted EBITDA of $22 million. Year to date, we're pleased with revenue growth of 2.7% and adjusted EBITDA growth of 6.7% for this segment.

我們的福利和保險（B&I）部門收入為 1.03 億美元，調整後 EBITDA 為 2,200 萬美元。今年迄今為止，我們對該業務板塊2.7%的收入成長和6.7%的調整後EBITDA成長感到滿意。

Turning to the balance sheet and capital allocation. We ended the quarter with net debt at approximately $1.6 billion and leverage largely unchanged from the second quarter. We had approximately $300 million of available liquidity under our revolver on September 30.

接下來來看資產負債表和資本配置。本季末，我們的淨債務約為 16 億美元，槓桿率與第二季基本持平。截至9月30日，我們的循環信貸額度下約有3億美元可用流動資金。

In the third quarter, we took the opportunity to repurchase approximately 800,000 shares at a value of approximately $56 million. This includes approximately 400,000 shares repurchased under the terms of our right of first refusal and 400,000 shares in the open market. This brings our year-to-date share repurchases to $120 million or 1.8 million shares.

第三季度，我們抓住機會回購了約 80 萬股股票，價值約 5,600 萬美元。這包括根據我們的優先購買權條款回購的約 400,000 股股份和在公開市場上回購的 400,000 股股份。這使得我們今年迄今的股票回購額達到 1.2 億美元，即 180 萬股。

Our current outstanding share count stands at approximately 54.1 million shares reflecting a net increase of approximately 3.9 million shares since year-end. Since we've had several questions regarding the potential impact of the shares issued and yet to be issued related to the acquisition, we have included a slide on page 18 of our investor presentation posted today that provides some additional information to help clarify this dynamic.

我們目前的流通股數量約為 5,410 萬股，較上年末淨增加約 390 萬股。由於我們收到了一些關於已發行和尚未發行的股份與此次收購相關的潛在影響的問題，我們在今天發布的投資者演示文稿第 18 頁添加了一張幻燈片，提供了一些補充信息，以幫助澄清這一動態。

As a reminder, our US GAAP earnings per share and adjusted earnings per share are reported on a fully diluted basis, which assumes all issued and unissued shares are outstanding. As of September 30 year to date, the weighted average fully diluted share count stands at 63.6 million shares.

提醒各位，我們的美國通用會計準則每股收益和調整後每股收益均按完全稀釋基礎報告，即假設所有已發行和未發行股份均已流通在外。截至今年9月30日，加權平均完全稀釋股數為6,360萬股。

In terms of capital allocation, our long-term priorities are unchanged. On slide 21 of our investor presentation, we have included a summary of near-term and long-term capital priorities. You will see our near-term priorities are as follows.

在資本配置方面，我們的長期優先事項保持不變。在投資者簡報的第 21 頁，我們列出了近期和長期資本優先事項的摘要。您會發現我們近期的優先事項如下。

Our first priority is funding organic growth and maintenance capital. This will include disciplined and targeted investment in client service delivery and operational excellence with a greater focus on technology including AI, improving our offshore capability and capacity and our ongoing investment in attracting and retaining the very best talent in our industry.

我們的首要任務是為有機成長和維護資金提供資金。這將包括對客戶服務交付和卓越營運進行有條不紊且有針對性的投資，更加註重技術（包括人工智慧），提高我們的離岸能力和產能，以及持續投資以吸引和留住業內最優秀的人才。

Our second priority is debt repayment. We continue to target allocating a significant portion of our free cash flow to bring our leverage to a target range of 2 to 2.5 times over time. When we set this target upon announcement of the acquisition, we assumed the majority of our free cash flow would be allocated to delevering and estimated we could achieve this goal exiting 2026. Given the opportunity we've had to allocate capital to share repurchases in 2025, the timing for achieving this range may shift to 2027.

我們的第二要務是償還債務。我們將繼續致力於將相當一部分自由現金流用於槓桿率控制，目標是在一段時間內將槓桿率降至 2 至 2.5 倍。我們在宣布收購時設定了這個目標，當時我們假設大部分自由現金流將用於去槓桿化，並估計我們可以在 2026 年底實現這一目標。鑑於我們有機會在 2025 年分配資金進行股票回購，實現這一目標的時間可能會推遲到 2027 年。

Our third priority is share repurchases and/or selective strategic high-return M&A. At our current valuation, we believe share repurchases are accretive. Therefore, our approach is to remain balanced, opportunistic, and disciplined with share repurchases and delevering.

我們的第三個優先事項是股票回購和/或選擇性地進行高回報的策略性併購。依照我們目前的估值，我們認為股票回購會帶來收益成長。因此，我們的策略是保持平衡、把握機會和自律，進行股票回購和去槓桿化。

And with regard to M&A, as always and consistent with our history, we will continue to evaluate targeted bolt-on strategic opportunities in high-growth service lines and key geographic areas. The strength and scale of our business model and our ability to generate meaningful free cash flow provides us with continued confidence in our ability to fund investments and high-return growth initiatives while simultaneously achieving our target leverage.

至於併購方面，我們將一如既往地按照我們的歷史慣例，繼續評估高成長服務領域和關鍵地理區域的特定策略補充機會。我們商業模式的實力和規模，以及我們產生可觀自由現金流的能力，使我們有信心繼續為投資和高回報成長計畫提供資金，同時實現我們的目標槓桿率。

I will wrap up my comments with guidance and modeling. We are maintaining our revenue and earnings guidance for the year. At this time, we continue to have line of sight to the low end of the revenue guidance of $2.8 billion to $2.95 billion we set earlier this year. We're also maintaining our adjusted EBITDA and adjusted EPS guidance, and we look forward to resuming reporting organic growth metrics in 2026.

最後，我將以指導和示範的方式總結我的評論。我們維持對全年營收和獲利的預期不變。目前，我們仍有望實現今年稍早設定的28億美元至29.5億美元營收預期區間的下限。我們也維持調整後的 EBITDA 和調整後的 EPS 預期，並期待在 2026 年恢復報告有機成長指標。

In terms of our revenue guidance, there are three factors that we believe will enable us to deliver the low end of the range. First, the growth rate we have achieved thus far in the year within our core essential recurring accounting and tax businesses has proven resilient and sustainable, and we expect this to remain true in the fourth quarter.

就我們的營收預期而言，我們認為有三個因素將使我們能夠實現低階產品的目標。首先，今年迄今為止，我們核心基本經常性會計和稅務業務的成長率已證明具有韌性和可持續性，我們預計第四季度也將如此。

Second, the improved market conditions we witnessed in the third quarter have also continued thus far in the fourth quarter, and this will allow us to capture revenue opportunities in our non-recurring project-based businesses. And finally, we plan to execute on a key operational excellence initiative that we expect will yield improved fourth-quarter staff utilization and will allow us to operate more efficiently in future periods.

其次，我們在第三季看到的市場狀況改善的趨勢在第四季度也得以延續，這將使我們能夠抓住非經常性專案業務的收入機會。最後，我們計劃實施一項關鍵的卓越營運計劃，我們預計這將提高第四季度的員工利用率，並使我們能夠在未來時期更有效率地運作。

Our guidance and modeling assumptions are included on page 17 of our investor presentation, and there are two updates I would like to highlight. First, we have updated our synergy goal from the acquisition to a total of $50 million or more. We expect to realize $35 million in synergies this year and the majority of the balance in 2026. Slide 20 of our investor presentation provides further information on these synergies.

我們的指導原則和建模假設包含在投資者簡報的第 17 頁中，我想重點介紹兩個更新。首先，我們將收購帶來的綜效目標更新為總計 5,000 萬美元或更多。我們預計今年將實現 3,500 萬美元的綜效，其餘大部分將在 2026 年實現。我們的投資者簡報第 20 頁提供了有關這些協同效應的更多資訊。

While we've made a great deal of progress on all fronts, key real estate decisions for some of our largest metro markets remain ahead of us. Therefore, we believe there is more opportunity here, and we will provide further updates as we take actions.

雖然我們在各個方面都取得了很大進展，但我們一些最大的都市區的關鍵房地產決策仍然擺在我們面前。因此，我們認為這裡還有更多機會，我們將隨著行動的進行提供進一步的更新資訊。

Along with updating our synergy goal, we've updated our integration cost estimate for 2025. We've increased our estimated 2025 integration cost by $14 million to $89 million, which is primarily driven by additional severance costs related to streamlining our combined staffing levels. We do not currently estimate any change to our 2026 integration costs.

在更新綜效目標的同時，我們也更新了 2025 年的整合成本估算。我們預計 2025 年的整合成本將增加 1,400 萬美元，達到 8,900 萬美元，這主要是由於精簡合併後的員工人數而產生的額外遣散費。我們目前預計2026年的整合成本不會有任何變動。

Second, we provided further modeling information on our operating expenses including information on total compensation and benefits and our related incentive compensation programs. As you will see on page 19, historically, our incentive compensation programs represent approximately 16% to 17% of our total compensation and benefits.

其次，我們提供了有關營運費用的進一步建模信息，包括總薪酬和福利以及相關的激勵薪酬計劃的信息。正如您將在第 19 頁看到的那樣，從歷史上看，我們的激勵性薪酬計劃約占我們總薪酬和福利的 16% 至 17%。

For 2025 performance, we've been very careful to ensure our high-performing teams will be appropriately recognized for their 2025 performance during this integration phase. And we believe our remaining incentive pools are adequate to recognize, retain, and motivate our teams. As we've highlighted previously, we have a variable pay for performance-based incentive programs designed to reward our team for achieving and exceeding growth, profitability, and other operating goals.

對於 2025 年的業績，我們非常謹慎地確保在整合階段，我們表現優異的團隊能夠因其在 2025 年的業績而得到適當的認可。我們相信，我們剩餘的激勵資金足以表彰、留住和激勵我們的團隊。正如我們之前所強調的那樣，我們制定了基於績效的激勵計劃，旨在獎勵我們的團隊實現並超越成長、獲利能力和其他營運目標，並為此提供浮動薪酬。

When our performance meets or exceeds targets, there's meaningful incremental shared value. Conversely, if goals are not met, the funding and the related expense is adjusted accordingly. While the 2025 incentive pools reflect this reality, we have also preserved appropriate funding to recognize our team members for the many important and meaningful accomplishments that are setting us up for success going forward.

當我們的績效達到或超過目標時，就會產生有意義的增量共享價值。反之，如果目標沒有實現，資金和相關費用將會隨之調整。雖然 2025 年的激勵資金池反映了這一現實，但我們也保留了適當的資金，以表彰我們的團隊成員所取得的許多重要而有意義的成就，這些成就為我們未來的成功奠定了基礎。

With that, I'll turn the call back to Jerry for some closing remarks before we turn the call over for questions.

接下來，我將把電話轉回給傑瑞，請他做一些總結發言，然後再把電話轉給提問環節。

Thank you, Brad. To reiterate a few key points, as we celebrate the one-year anniversary of the Marcum deal, we are extremely pleased with the foundation we have now built that positions us to accelerate long-term value creation. Looking ahead to 2026, we expect increased momentum as we transition to the next phase of growth and are seeing strong evidence that we now have what it takes to break away from our competitors.

謝謝你，布拉德。重申幾個關鍵點，在我們慶祝 Marcum 交易一週年之際，我們對目前已建立的基礎感到非常滿意，這使我們能夠加速創造長期價值。展望 2026 年，我們預計隨著我們過渡到下一個成長階段，發展勢頭將更加強勁，我們看到了強有力的證據表明，我們現在具備了超越競爭對手的條件。

Our success will be rooted in our commitment to providing unmatched client experience and operational excellence by investing in our people and state-of-the-art tools, including investments in our industry groups, data, AI and other technology capabilities, as well as offshoring capacity. Together, these investments will deliver valuable client insights and impact and transform what's possible unlocking shared value and driving sustainable long-term growth and profitability.

我們的成功將源自於我們致力於提供無與倫比的客戶體驗和卓越運營，為此我們將投資於我們的人才和最先進的工具，包括投資於我們的行業團隊、數據、人工智慧和其他技術能力，以及離岸外包能力。這些投資將共同為客戶帶來寶貴的洞察和影響，並改變各種可能性，從而釋放共享價值，推動可持續的長期成長和獲利能力。

With that, I will open the line to questions.

接下來，我將開放提問環節。

(Operator Instructions) Christopher Moore, CJS Securities.

（操作員說明）克里斯托弗·摩爾，CJS證券。

Good afternoon, guys. Thanks for taking a couple. Maybe we could start with pricing. It sounds like you talked about mid-single digits in Q3. I think prior to this, we were talking about 4% in '25 versus 6% or 7% in '23 and '24. I'm just trying to figure out how to view '26 and moving forward, is 4%, is that the new normal? Is there -- do you have much visibility on that at this point in time?

下午好，各位。謝謝你拍了幾張。或許我們可以先從定價開始。聽起來你之前說的是第三季個位數中段的成長。我認為在此之前，我們討論的是 2025 年的 4%，而 2023 年和 2024 年的 6% 或 7%。我只是想弄清楚如何看待 2026 年及以後的發展，4% 是否是新的常態？目前，您對這方面的情況了解多少？

Yeah. Chris, we're really not giving guidance into '26. But I will say as it relates to pricing, we're really pleased, first of all, this year to be realizing mid-single digits. I think that's above what we're hearing some of our competitors to be receiving in this market and it reflects the strong relationship we have with our clients.

是的。克里斯，我們真的不會對 2026 年的情況給予任何指導。但就定價而言，首先，我們非常高興今年能夠實現個位數的中段漲幅。我認為這比我們了解到的一些競爭對手在這個市場上獲得的收益要高，也反映了我們與客戶之間的牢固關係。

Second, as we look forward, we've traditionally been able to get at least that kind of mid-single digits and there's nothing structural in the industry that would prevent us from continuing to do that. So I would expect as we look into '26 and even beyond that, that that mid-single-digit range is a pretty good target for us.

其次，展望未來，我們歷來都能達到至少這種個位數的中段成長率，而且業界沒有任何結構性因素會阻止我們繼續做到這一點。因此，我預期展望 2026 年甚至更遠的未來，個位數中段的成長率對我們來說是一個相當不錯的目標。

Got it. Helpful. I know you guys talked about some initial conflicts of interest with Marcum, but just generally trying to get a sense, have you lost any significant clients as a result of the Marcum acquisition?

知道了。很有幫助。我知道你們之前討論過與 Marcum 的一些利益衝突，但總的來說，我想了解一下，由於 Marcum 的收購，你們是否失去了任何重要客戶？

Yeah. Let me take that question in two ways. First of all, we expected to lose some clients, right? We knew that the SPAC business, for example, was declining going into the transaction as well some of the capital markets work they did. We sold off some business. We sold off some healthcare business. And then we had kind of the normal expected kind of conflicted clients, which candidly were below actually what we modeled there. So I'm pleased to see a lot of those things kind of in line with the model that we had put those things aside, we're really pleased with what we've seen as far as client retention rates to date and also staff retention rates.

是的。我從兩個方面來回答這個問題。首先，我們預料到會失去一些客戶，對吧？例如，我們知道 SPAC 業務在交易進行時正在下滑，他們所做的一些資本市場工作也是如此。我們出售了一些業務。我們出售了一些醫療保健業務。然後，我們遇到了一些預期中的、比較矛盾的客戶，坦白說，實際數量低於我們先前設定的模型預測值。所以我很高興看到很多事情都與我們設定的模式相符。如果把這些事情放在一邊，我們對迄今為止的客戶留存率和員工留存率都非常滿意。

Got it. This might be a more challenging one. But just in terms of kind of thinking about rainmaking partners that are at CBIZ or now with Marcum in there. Just trying to get a sense to -- has there been much notable loss on that front?

知道了。這或許會更具挑戰性。但就思考 CBIZ 或現在與 Marcum 合作的那些能帶來收益的合作夥伴而言。我只是想了解一下——這方面是否遭受了重大損失？

Yeah. I would say not notable. I mean, we've had some people, of course, as you would expect, that we're near retirement, at retirement. But other than what you would normally expect, I wouldn't say significant notable losses in rainmakers. In fact, I think when I look at some of the wins we've been looking at here, there's a significant amount of energy about what we can now bring working together through our industry groups and through the relationships that each brings to the other and the breadth of services and depth of expertise.

是的。我覺得沒什麼特別的。我的意思是，當然，正如你所預料的那樣，我們當中有些人已經接近退休，或者已經退休了。但除了正常預期之外，我不會說有明顯的損失。事實上，我認為，當我審視我們在這裡取得的一些成就時，我們能夠從中感受到大量的能量，這體現了我們現在透過行業團體、彼此之間的關係以及廣泛的服務和深厚的專業知識共同努力所能取得的成就。

And I have a couple of wins that I've kind of been looking at over the past week that are quite exciting. So I think there's really a lot of energy around the power of the combined entity organization and what we can bring to the market.

過去一周，我一直在關注幾場令人振奮的勝利。所以我認為，大家對合併後實體組織的實力以及我們能為市場帶來的價值都充滿熱情。

Helpful. And maybe just a last one for me. So Brad talked about, I think, integration costs going to be roughly $89 million this year. Understanding is that '26 will be a little bit less than that but still very significant. Are there certain types of costs that are expected in '26 that are much different than the ones so far taken in '25 or just kind of trying to understand how we can kind of characterize those one-timers in '26 versus '25?

很有幫助。也許這是我的最後一個了。布拉德談到，我認為，今年的整合成本大約是 8,900 萬美元。據了解，2026 年的數字會比這略少一些，但仍然意義重大。2026 年預計會出現哪些類型的成本，與 2025 年迄今的成本有很大不同？或者我們只是想了解一下，如何區分 2026 年和 2025 年的一次性成本？

Yeah. Overall, Chris, the nature and the kind of the overall mix of the integration costs will be overall pretty similar next year. Keep in mind, when you look at our integration costs, we have some retention dollars. There are some kind of retention dollars that are flowing through ratably in '25, '26.

是的。總的來說，克里斯，明年整合成本的性質和組成總體上將與今年非常相似。請記住，在考慮我們的整合成本時，我們還有一些客戶維繫費用。2025 年和 2026 年，有一些留任資金按比例流入企業。

We would expect some of the mix to change this year. We already had more in the way of some personnel severance based costs where next year, we'll see some acceleration of real estate facilities based costs. So there will be some mix there. But in general, the components are still the same.

我們預計今年部分產品組合會有所變動。我們已經承擔了一些人員遣散費，而明年，我們將看到房地產設施相關成本加速成長。所以會有一些混合情況。但總的來說，各個組成部分仍然相同。

Got it. I'll jump back in line. I appreciate it, guys.

知道了。我重新排隊。謝謝各位。

Andrew Nicholas, William Blair.

安德魯·尼古拉斯，威廉·布萊爾。

Thank you for taking my questions. I'm going to start with a multiparter, so I hope you'll bear with me, but I just want to kind of ask about a few different kind of macro or end market dynamics. So I guess I think there's three or four here. I guess I'm wondering, first, if you've seen any benefit from the OBBA in terms of your tax practice. Second, we've seen some market pressures in the insurance brokerage space this earnings season thus far. Just wondering if there's any softness that you've experienced in that part of your business.

謝謝您回答我的問題。我打算分幾部分提問，希望大家能耐心聽我說完。我只是想問一些關於宏觀或終端市場動態的不同問題。所以我覺得這裡有三、四個。我想問的是，首先，您在稅務實務中是否從 OBBA 中獲得了任何好處。其次，到目前為止，我們已經看到本財報季保險經紀領域出現了一些市場壓力。我只是想知道，在你們業務的這一部分，是否遇到任何軟弱的情況。

And then lastly, just from like an M&A market-sensitive, project-type work perspective, it sounds like things are getting decent, but better to what you experienced in the first half, but any more color on what you saw in the period or in October today, it would be great.

最後，從併購市場敏感型專案工作的角度來看，情況似乎正在好轉，比上半年的情況要好，但如果您能提供更多關於您在上半年或今天（10 月）所看到的情況的細節，那就太好了。

Yeah, Andrew, let me take this. OBBA, I'm glad you asked that question. As we've said many times over the years, whenever there's change in any kind of tax or other regulatory environment, that's always good for us, right? It gives us an opportunity to bring our collective thought leadership together and to bring that out into our offices and have our client-facing professionals bring those to the clients. And so we've done that. It gives us an opportunity to be in front of our clients.

好的，安德魯，讓我來吧。OBBA，很高興你問了這個問題。多年來我們多次說過，無論稅收或其他監管環境發生何種變化，對我們來說總是好事，對吧？這讓我們有機會將集體的思想領導力匯集在一起，並將其帶到我們的辦公室，讓面向客戶的專業人員將這些理念帶給客戶。所以我們已經做到了。這給了我們一個與客戶面對面交流的機會。

And so yes, there has been a lot of discussions with our clients on that front. And some increased revenue for sure. I think more to come -- but we did see some lift in the third quarter as a result of kind of being in front of the clients and discussing things like OBBA. So that's been positive for us.

是的，我們在這方面與客戶進行了許多討論。收入肯定會有所增長。我認為未來還會有更多成長——但由於我們有機會與客戶面對面交流，並討論了諸如 OBBA 之類的事情，我們在第三季度確實看到了一些增長。所以這對我們來說是件好事。

Second, turning to the soft market in the insurance industry. You may have seen that our benefits and insurance revenues were a little soft this quarter. That's exactly what it's tied to. It's really tied to some trends, some lighter trend in this period and some other factors within that P&C business as well as some softness in some of the more discretionary project work in that business, but largely just a soft P&C market compared to what we've seen in prior periods.

其次，轉向保險業疲軟的市場。您可能已經注意到，本季我們的福利和保險收入略顯疲軟。正是這一點與它有關。這確實與一些趨勢有關，這一時期的一些趨勢較為疲軟，財產和意外傷害保險業務中的一些其他因素，以及該業務中一些可自由支配的項目工作的疲軟，但總的來說，與之前時期相比，財產和意外保險市場整體疲軟。

And then as far as M&A, very pleased, as we commented, to see increased activity there, compared to the first half of the year. And based on what we're seeing and hearing, we would expect that that activity would continue kind of into the fourth quarter and hopefully into 2026. So all generally positive.

至於併購方面，正如我們之前所說，我們非常高興地看到，與上半年相比，併購活動有所增加。根據我們所看到和聽到的情況，我們預計這種活動將持續到第四季度，並有望持續到 2026 年。整體來說都是正面的。

Great. Thank you. That's very helpful. In terms of the fourth quarter outlook, a lot of what you just described seems supportive of good growth to end the year and ideally sets you up nicely for next year. But is there anything you could kind of quantify for us on fourth quarter, specifically in terms of what's embedded for pro forma growth?

偉大的。謝謝。那很有幫助。就第四季度的展望而言，您剛才描述的許多因素似乎都有利於年底實現良好的成長，並且理想情況下，這將為明年奠定良好的基礎。但您能否就第四季的情況，特別是考慮到哪些因素會影響到準備成長，給出一些量化數據？

I know it's kind of hard from our vantage point to piece together the right base for Marcum last year, given it was only with you for a couple of months. But any color on kind of what rate the pro forma business would need to grow in fourth quarter? Or what you have line of sight into the fourth quarter?

我知道從我們的角度來看，要為 Marcum 去年的情況拼湊出一個合適的基礎有點困難，因為它只在你那裡待了幾個月。但能否透露一下，預計第四季業務成長速度需要達到什麼水準？或者，你對第四節比賽有視野？

Yeah. Hi Andrew, Brad here. Let me try to take the question. I guess I'll restate here a few things I highlighted in my earlier remarks, which is some of the kind of underlying assumptions that we have for the fourth-quarter revenue outlook. First, we expect the kind of that core recurring essential part of our business to continue to grow as we've seen thus far this year. Nothing has told us anything different one month into the quarter.

是的。嗨，安德魯，我是布萊德。讓我來嘗試回答這個問題。我想在這裡重申我之前發言中強調的一些內容，也就是我們對第四季營收前景的一些基本假設。首先，我們預計我們業務中這種核心的、經常性的重要部分將繼續成長，就像我們今年迄今所看到的那樣。本季開始一個月後，沒有任何跡象表明情況有所不同。

Second, Jerry just highlighted and commented on improved market conditions that are allowing our more nonrecurring discretionary parts of our business to get back to some growth rates that are more encouraging for us. So we're seeing that still hold true thus far again in Q4, one month in.

其次，Jerry 強調並評論了市場狀況的改善，這使得我們業務中那些非經常性可自由支配的部分能夠恢復到更令人鼓舞的成長率。所以，我們看到第四季至今（一個月過去了），情況依然如此。

And then the third thing, we do have a kind of an operational excellence initiative underway where we will - - should realize upon successful execution some improved utilization of our staff. So it's going to help us not only in terms of our overall staffing levels through the peaks and troughs of our business where seasonality, but it will also allow us to hopefully drive some more improved revenue realization this year relative to last year.

第三點，我們正在推行一項卓越營運計劃，如果成功實施，我們將實現員工利用率的提高。因此，這不僅有助於我們在業務的季節性波動期間保持整體人員配備水平，而且還有望使我們今年的收入實現比去年有所提高。

But the last thing I'll say, which I didn't comment on earlier is -- and again, I know it's hard for you to kind of look at this because we only had two months of Marcum results in our fourth quarter last year. But we would say that in some respects, the Marcum business last year to this year provides a little bit of an easier comp for us for a multitude of reasons. So I think those factors give us confidence in the line of sight that we have.

但最後一點我想說，我之前沒有提到過——我知道這對你們來說很難接受，因為去年第四季我們只有兩個月的 Marcum 業績。但我們認為，在某些方面，由於多種原因，Marcum 去年到今年的業務比較對我們來說更容易進行比較。所以我認為這些因素讓我們對我們所擁有的前景充滿信心。

Well, I would just say, from a pro forma basis, again, we're not a pro forma adjusted pro forma out there, but I have commented on kind of the additional $75 million that we would take off of the pro forma number that we published. So if you did some of that math and you tried to square it away, Andrew, it's probably going to look like somewhere in the neighborhood of 6% to 8% growth year over year on our base Q4 revenue on a pro forma basis, adjusted for the things that we talked about previously conflicted client revenue, the bleed off in the SEC or capital markets business, those kind of things.

嗯，我只想說，從模擬財務報表的角度來看，我們目前還沒有公佈經過調整的模擬財務報表，但我已經提到過，我們會從公佈的模擬財務報表數字中額外扣除 7500 萬美元。所以，安德魯，如果你做一些計算，並嘗試理清思路，那麼根據我們之前討論過的利益衝突客戶收入、美國證券交易委員會或資本市場業務的流失等因素進行調整後，我們第四季度的基本收入按備考基準計算，同比增長率可能在 6% 到 8% 左右。

Perfect. No. That's in line with maybe what I would have guessed, but I appreciate that we're on the same page there. Maybe last one before wrapping it up, it's just on the margin puts and takes for next year. Obviously, I appreciate the revised our upwardly revised synergy target. I guess one point of clarification. The $35 million for those numbers that you outlined that is realized synergies, correct, not actioned?

完美的。不。這或許和我預想的差不多，很高興我們在這一點上看法一致。或許這是收尾前的最後一個問題了，只是關於明年的損益。顯然，我很欣賞我們上調後的協同效應目標。我想澄清一點。您提到的那些數字所對應的3500萬美元是指已實現的協同效應，對嗎？而不是已採取的行動？

Sorry, go ahead.

抱歉，請繼續。

Yeah. No. yeah. And then the second thing was just -- as we think about kind of the normalization of incentive comp next year, incremental synergies that you're getting from Marcum kind of real estate. It sounds like offshore usage is ramping up pretty nicely. Is there any other kind of things that we should keep in mind as we try to estimate the margin trajectory next year because I understand that this year is pretty unique for a variety of reasons.

是的。不，是的。第二件事是——當我們考慮明年激勵薪資的正常化時，從 Marcum 房地產中獲得的增量協同效應。聽起來離岸外包的使用情況正在穩步提升。在預測明年的利潤率走勢時，還有其他需要注意的事項嗎？因為我知道今年由於各種原因都非常特殊。

Yeah. So let me start with the synergy piece first. So yeah, we have increased and pleased to have increased the synergy outlook for the acquisition from $25 million to more than $50 million.

是的。那麼，就讓我先從綜效部分開始吧。是的，我們很高興地宣布，此次收購的綜效預期已從 2,500 萬美元提高到 5,000 萬美元以上。

The $35 million that I mentioned in my remarks, Andrew, is the amount that we expect to fully realize in this year's operating income, right? So that is not like a run rate number. It is what we expect to realize in 2025. So that's reflected in our outlook and our guidance. And then we'll have an incremental - - we expect most of the majority of the other 50 to come next year.

安德魯，我剛才提到的 3500 萬美元，是我們預計今年營業收入將全部實現的金額，對嗎？所以這跟運行率不一樣。這是我們預計在2025年實現的。因此，這一點體現在我們的觀點和指導方針中。然後我們會逐步推進——我們預計其餘 50 件產品中的絕大部分將在明年到貨。

And then I'll just also say, listen, the real estate facility work is still ahead of us. There's a lot of great activities going on there, in particular, in some of our larger metro markets. We haven't made formed kind of decisions and actions there. So I do expect further updates on that. So we think we're pretty pleased with the $50 million-plus number and may be able to provide you some more updates on that as we move through 2026 and make some of those decisions.

然後我還要說，聽著，房地產設施的工作仍然擺在我們面前。那裡有很多精彩的活動正在進行，尤其是在我們的一些較大的都市區。我們還沒有在那裡做出任何成定的決定和行動。所以我很期待這方面的後續消息。因此，我們對超過 5000 萬美元的數字相當滿意，隨著我們進入 2026 年並做出一些決定，我們可能會向您提供更多相關更新。

In terms of kind of the -- obviously, we're not giving 2026 guidance at this point. But I'd point you to a couple of other things beyond synergies. One is, and you highlighted it just other operational efficiency initiatives that we have underway, which not only include offshoring, but also include other initiatives, like I said, around utilization of staff and how we're balancing that and then also some investments that we're making that we think will drive other operational efficiencies around technology, and that includes, in some respects, AI as well.

至於具體情況——顯然，我們目前不會給出 2026 年的指導意見。但除了協同效應之外，我還想指出其他幾點。其一是，正如您所強調的，我們正在進行的其他營運效率提升舉措，不僅包括離岸外包，還包括其他舉措，正如我所說，圍繞員工利用以及我們如何平衡這方面的舉措，以及我們正在進行的一些投資，我們認為這些投資將推動圍繞技術的其他運營效率提升，這在某些方面也包括人工智能。

Finally, I would just say, again, without giving guidance here, we do expect our top line to grow next year. And we'll provide more information, more outlook on that in February as we ordinarily would. But the drop-through effect of that top-line growth is something that we're certainly driving hard for. So that's another lever that we have and one we'll be focused on as we go through our planning cycle here for 2026.

最後，我再次強調，雖然不提供具體指導，但我們預計明年的營收將會成長。我們將像往常一樣，在二月提供更多資訊和更多展望。但這種營收成長帶來的連鎖反應，正是我們努力的方向。所以這是我們擁有的另一個槓桿，也是我們在2026年規劃週期中會專注的槓桿。

That's great. Thanks so much, Brad.

那太棒了。非常感謝你，布拉德。

(Operator Instructions) Marc Riddick, Sidoti.

（操作說明）Marc Riddick，Sidoti。

Hi everybody, good evening. Thanks for all the detail that's been provided. And certainly I appreciate there's a lot of work that goes into that. I wanted to sort of maybe shift gears a little bit to maybe some of the big picture issues and questions.

大家好，晚上好。感謝您提供的所有詳細資訊。當然，我也明白背後需要付出很多努力。我想稍微轉換一下話題，談一些比較宏觀的問題。

Maybe you could sort of bring us up to date on maybe what you're seeing with client feedback and activity related to potential for rate cuts, which you might tie into the M&A conversation, but also the shutdown so far this year. If there's anything that you've seen there or if there's sort of a historical landmark that you would sort of use in situations like this?

或許您可以向我們介紹一下您從客戶回饋和與潛在降息相關的活動方面看到的最新情況，您可以將這些與併購討論聯繫起來，也可以談談今年迄今為止的經濟停擺情況。如果你在那裡看過什麼，或是有沒有歷史地標，可以當作類似情況的參考？

Yeah, Mark, this is Jerry. I'll take them one by one. As far as the rate cuts, obviously that's very recent news, right? So we really wouldn't have heard much or seen much response to that, although that's just positive, right? I think as we've always said, 72% of our business kind of the recurring essential that's going to -- that work is going to come in the door in more or less favorable times. It really doesn't matter.

是的，馬克，這是傑瑞。我會一個一個處理。至於降息這件事，顯然是最近的消息，對吧？所以，我們其實並沒有聽到或看到太多對此的回應，儘管這當然是件好事，對吧？我認為正如我們一直所說，我們72%的業務都是那種經常性的必需品——無論時局好壞，這些工作都會源源不斷地送上門來。其實這並不重要。

But it's the discretionary work that we do that the clients really step back and they need more clarity. When there's positive signals in the market like rate cuts, that causes them to have more confidence and then, therefore, causes them to make investments. And when they do that, they turn to us and it frees up those discretionary projects for us. So all very positive.

但正是我們所做的那些可自由支配的工作，讓客戶真正停下來思考，他們需要更清楚的解釋。當市場出現降息等正面訊號時，會增強投資者的信心，促使他們進行投資。當他們這樣做時，他們就會轉向我們，這就能讓我們騰出那些可自由支配的物品。一切都非常積極。

As far as government shutdown is concerned, we haven't seen a lot there. The only place we've seen a little bit of impact is in our government healthcare consulting business. As you know, those are long-term contracts with largely state agencies. But those state agencies do get federal funding -- and when there is any kind of slowdown or cutbacks at the federal level, from time to time, that will delay contracts. Those contracts that work has to get done, that work -- that revenue comes back in the contracts staying for us, but it sometimes affects the timing of that revenue stream.

就政府停擺而言，我們還沒有看到太多相關情況。我們唯一看到受到輕微影響的領域是政府醫療保健諮詢業務。如您所知，這些都是與州政府機構簽訂的長期合約。但這些州政府機構確實會獲得聯邦資金——而當聯邦層級出現任何形式的放緩或削減時，就會不時導致合約延遲。那些必須完成的工作的合同，這些工作——這些收入會通過合同的形式回到我們手中，但有時會影響收入流的時間。

Okay. Great. And then shifting gears, maybe you can talk a little bit about any particular client industry vertical activities during the quarter that stood out either positively or negatively? Or was it sort of across the board?

好的。偉大的。接下來，您能否談談本季中，客戶所在產業有哪些特別突出的垂直領域活動，無論是正面的還是負面的？或者說，這種情況是普遍存在的？

Yeah. Nothing negative for sure. We had some really nice wins that we were pleased to see coming out of those industry groups. And I'd say those wins kind of fell into a couple of categories. But one that comes to mind was a very large win within our food industry that was a relationship that one side had but didn't have the industry expertise to win the engagement. We brought together people from both sides of the organization. Very collective and collaborative effort and won a very big engagement that was just announced. So very pleased with that.

是的。絕對沒有任何負面因素。我們很高興看到這些行業團體取得了一些非常好的成果。我認為這些勝利大致可以歸為以下幾類。但我記得在食品業中，我們曾經取得過一次非常大的勝利，當時一方與對方建立了關係，但缺乏贏得合作所需的行業專業知識。我們把來自組織內外的人員聚集到了一起。這是一次非常集體和協作的努力，我們贏得了剛剛宣布的非常重要的專案。對此我非常滿意。

And then we saw a couple of others, one within energy, one within our capital markets that are quite sizable. So the strength of the industry groups is early, but it's starting to come together and you're already seeing some momentum there. So really encouraged by that.

然後我們又看到了另外幾個，一個在能源領域，一個在我們的資本市場，規模都相當大。所以，產業團體的力量雖然還處於早期階段，但它正在逐漸形成，你已經可以看到一些發展勢頭。真的非常受鼓舞。

Okay. Great. And then I think in your prepared remarks, there was a commentary around some of the activities that you were engaged in including co-location and things like that. Maybe you could shed a little bit more light on that and what the timeframe on some of those activities might be. Thanks.

好的。偉大的。然後，我認為在你準備好的演講稿中，你對你參與的一些活動，包括共享辦公室等，發表了一些評論。或許您可以就此再詳細說明一下，以及其中一些活動的具體時間安排。謝謝。

Yes. So Mark, Brad here. So listen, on the -- bringing our people together, obviously it's a critically important thing as we think about the broader integration work that we're doing, but really, most importantly, how we bring our cultures together. So we're really pleased with the progress we've made. But a lot of that work is still ahead of us in terms of getting our people in co-located offices.

是的。馬克，我是布拉德。所以聽著，關於——把我們的人民團結起來，這顯然是一件至關重要的事情，因為我們正在思考我們正在進行的更廣泛的融合工作，但實際上，最重要的是，我們如何將我們的文化融合在一起。我們對所取得的進展感到非常滿意。但要讓員工集中辦公，我們還有很多工作要做。

Where we also -- and this is probably a little bit more on a virtual basis, where we also made a lot of progress is bringing from a national perspective our groups together. So think about our national tax group, for example. They are now and have really been for a number of months working very seamlessly together. So legacy Marcum, legacy CBIZ, tax teams working across the landscape and really seamlessly together. So when we refer to kind of co-locating and bringing our resources together, it's both at the physical location level and then on a virtual level as well.

此外，我們還取得了一些進展——這可能更多地體現在虛擬層面——那就是從國家層面將我們的團體聚集在一起。例如，想想我們的國家稅務集團。他們現在已經合作非常默契，而且這種默契已經持續好幾個月了。因此，原 Marcum、原 CBIZ 的稅務團隊在整個領域內協同工作，真正實現了無縫銜接。所以，當我們提到資源集中部署與整合時，既包括實體位置層面，也包括虛擬層面。

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

我們的問答環節到此結束。我謹將會議交還給傑瑞·格里斯科，請他作總結發言。

Yes. Thank you. To wrap up, I'd like to reiterate a few key points. First, we're very pleased with our third-quarter results, which were largely in line with our expectations. Next, our core recurring essential businesses continued to perform well and improved market conditions resulted in increased growth within our nonrecurring businesses.

是的。謝謝。最後，我想重申幾個要點。首先，我們對第三季的業績非常滿意，基本上符合我們的預期。其次，我們的核心經常性基本業務持續表現良好，市場狀況的改善也帶動了非經常性業務的成長。

And most important, we're seeing strong validation of the Marcum acquisition including better-than-expected synergies, and we're well positioned to drive sustainable long-term growth as our teams come together. And we bring our unique value proposition to our clients and others in the high-growth middle market.

最重要的是，我們看到了對 Marcum 收購的有力驗證，包括比預期更好的協同效應，隨著我們團隊的整合，我們已做好充分準備，推動可持續的長期成長。我們將獨特的價值主張帶給我們的客戶以及高成長中端市場的其他企業。

Thank you for your continued interest, partnership and support and please enjoy the upcoming holiday season. We look forward to providing an update on our full-year results and 2026 outlook in February. Thank you so much. Take care.

感謝您一直以來的關注、合作與支持，祝您節日快樂。我們期待在二月公佈全年業績和 2026 年展望。太感謝了。小心。

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

會議已經結束。感謝各位參加今天的報告會。您現在可以斷開連線了。