Cross Country Healthcare Inc (CCRN) 2023 Q1 法說會逐字稿

Good afternoon, everyone. Welcome to the Cross Country Healthcare's earnings conference call for the fourth quarter 2022 (sic) [first quarter 2023.] Please be advised that this call is being recorded, and a replay of this webcast will be available on the company's website. Details for accessing the audio replay can be found in the company's earnings release issued this afternoon. (Operator Instructions)

大家下午好。歡迎參加 Cross Country Healthcare 2022 年第四季度（原文如此）[2023 年第一季度] 的收益電話會議。請注意，本次電話會議正在錄音，並且該網絡廣播的重播將在公司網站上提供。有關訪問音頻重播的詳細信息，請參閱該公司今天下午發布的財報。 （操作員說明）

I would now like to turn the call over to Josh Vogel, Cross Country Healthcare's Vice President of Investor Relations. Thank you, and please go ahead, sir.

我現在想將電話轉給 Cross Country Healthcare 投資者關係副總裁 Josh Vogel。謝謝您，請繼續，先生。

Thank you, and good afternoon, everyone. I'm joined today by our President and Chief Executive Officer, John Martins; as well as Bill Burns, our Chief Financial Officer; Dan White, Chief Commercial Officer; and Marc Krug, Group President of Delivery. Today's call will include a discussion of our financial results for the first quarter of 2023 as well as our outlook for the second quarter. A copy of our earnings press release is available on our website at crosscountry.com.

謝謝大家，大家下午好。今天我們的總裁兼首席執行官約翰·馬丁斯 (John Martins) 也加入了我的行列。以及我們的首席財務官 Bill Burns；丹·懷特，首席商務官； Marc Krug，交付集團總裁。今天的電話會議將討論我們 2023 年第一季度的財務業績以及第二季度的前景。我們的盈利新聞稿副本可在我們的網站 crosscountry.com 上獲取。

Please note that certain statements made on this call may constitute forward-looking statements. These statements reflect the company's beliefs based upon information currently available to it. As noted in our press release, forward-looking statements can vary materially from actual results and are subject to known and unknown risks, uncertainties and other factors, including those contained in the company's 2022 annual report on Form 10-K and quarterly reports on Form 10-Q, as well as in other filings with the SEC. The company does not intend to update guidance or any of its forward-looking statements prior to the next earnings release.

請注意，本次電話會議中所做的某些陳述可能構成前瞻性陳述。這些陳述反映了公司基於當前可獲得的信息的信念。正如我們在新聞稿中所指出的，前瞻性陳述可能與實際結果存在重大差異，並受到已知和未知的風險、不確定性和其他因素的影響，包括公司 2022 年年度報告 10-K 表格和季度報告中包含的因素10-Q 以及向 SEC 提交的其他文件中。該公司不打算在下一次收益發布之前更新指導或任何前瞻性聲明。

Additionally, we reference non-GAAP financial measures such as adjusted EBITDA or adjusted earnings per share. Such non-GAAP financial measures are provided as additional information and should not be considered substitutes for or superior to those calculated in accordance with U.S. GAAP. More information related to these non-GAAP financial measures is contained in our press release.

此外，我們還參考了非公認會計準則財務指標，例如調整後的 EBITDA 或調整後的每股收益。此類非公認會計原則財務指標作為附加信息提供，不應被視為替代或優於根據美國公認會計原則計算的財務指標。與這些非公認會計準則財務指標相關的更多信息包含在我們的新聞稿中。

Also during this call, we may refer to pro forma when normalized numbers pertain to our most recent acquisitions as though the results were included or excluded from the periods presented.

此外，在本次電話會議中，當標準化數據與我們最近的收購相關時，我們可能會參考預計數據，就好像結果包含在或排除在所呈現的期間一樣。

With that, I will now turn the call over to our Chief Executive Officer, John Martins.

現在，我將把電話轉給我們的首席執行官約翰·馬丁斯。

Thanks, Josh, and thank you to everyone for joining us this afternoon. Our results for the first quarter once again have exceeded the top end of our revenue and adjusted EBITDA guidance ranges. Our performance is a testament to the dedication by our employees and clinicians to deliver best-in-class service, and is a reflection of our investments in digital transformation that has allowed us to be more efficient and productive as an organization while delivering the highest quality of clinical care. Bill will get into more details on the numbers, but our better-than-expected performance was fueled by strong execution across many of our businesses as well as a higher-than-expected average bill rate in our travel business. Education, for example, reported its strongest revenue quarter in our history with a 25% increase in volume over the fourth quarter. Physician Staffing also contributed to the overall performance with an increase in the number of days filled across most specialties and an improved mix of higher bill rate specialties. Organically, Physician Staffing revenue grew 19% year-over-year and [75%] sequentially supported by the backdrop of robust demand we saw building last year.

謝謝喬希，也感謝大家今天下午加入我們。我們第一季度的業績再次超過了收入和調整後 EBITDA 指導範圍的上限。我們的表現證明了我們的員工和臨床醫生致力於提供一流的服務，也反映了我們在數字化轉型方面的投資，這些投資使我們作為一個組織能夠提高效率和生產力，同時提供最高質量的服務的臨床護理。比爾將詳細介紹這些數字，但我們好於預期的業績是由我們許多業務的強勁執行力以及旅行業務高於預期的平均賬單費率推動的。例如，教育行業報告了我們歷史上最強勁的收入季度，第四季度銷量增長了 25%。醫師人員配置也對整體績效做出了貢獻，大多數專科的就診天數有所增加，並且帳單費率較高的專科的組合得到了改善。從有機角度來看，醫師人員配備收入同比增長 19%，並且在我們去年看到的強勁需求背景下環比增長 [75%]。

When we include the successful fourth quarter acquisitions and integrations of Mint and Lotus, which are performing ahead of expectations, our Physician business was up 75% year-over-year and now is on an annual revenue run rate of well over $150 million. Lastly, home care staffing and our recent acquisition in the interim leadership space, were ahead of our expectations as well.

如果我們將第四季度成功收購和整合 Mint 和 Lotus 在內（其表現超出預期），我們的 Physician 業務同比增長 75%，目前的年收入運行率遠超 1.5 億美元。最後，家庭護理人員配置和我們最近在臨時領導領域的收購也超出了我們的預期。

Let me spend a few moments on our largest business, travel. Average bill rates were expected to decline in the low single-digit range, but were flat sequentially due to factors such as mix of specialties, timing of new starts and renewals of existing assignments. Based on the rates for the new starts and recent locks, we are projecting a sequential decline of between 8% and 9% for the second quarter, in line with where we anticipate rates to be for the second quarter when we reported year-end results. Though the decline in deliveries has been a little slower than we anticipated, we continue to expect a low to mid-single-digit sequential decline for both the third and fourth quarters, placing travel rates on track to settle in roughly 30% to 35% above pre-COVID levels as we enter 2024.

讓我花一些時間談談我們最大的業務——旅行。預計平均賬單費率將在較低的個位數範圍內下降，但由於專業組合、新開工時間和現有任務續籤等因素，平均賬單費率將連續持平。根據新開工率和最近鎖定的費率，我們預計第二季度將連續下降 8% 至 9%，這與我們報告年終業績時對第二季度費率的預期一致。儘管交付量的下降速度比我們預期的要慢一些，但我們仍然預計第三季度和第四季度將出現低至中個位數的環比下降，從而使出行率有望穩定在大約 30% 至 35% 之間進入 2024 年，該水平將高於新冠疫情之前的水平。

Turning to demand for travel assignments. Orders have continued to soften throughout the first quarter and into the second quarter. I will just stress that this is an industry-wide trend that is not specific to Cross Country. It's also worth noting that although new travel orders have slowed, our candidate renewal rates remain near historic levels indicating that while clients struggle to reduce contingent labor, there remains a critical shortage and an ongoing need for these clinicians. While we certainly understand and support health systems rightsizing their costs, it does feel as if the market has overcorrected. Demand has [softened] off and we believe it to be nearing the point which should start to rebound as we move through the back half of the year. Regardless, we continue to operate at a very high level with approximately 2.5x the number of travelers on assignment relative to our 2019 performance.

轉向對旅行任務的需求。從第一季度到第二季度，訂單持續疲軟。我只是強調，這是一個全行業的趨勢，並非越野特有。還值得注意的是，儘管新的旅行訂單已經放緩，但我們的候選人更新率仍接近歷史水平，這表明雖然客戶努力減少臨時勞動力，但這些臨床醫生仍然嚴重短缺和持續需求。雖然我們當然理解並支持衛生系統合理調整成本，但確實感覺市場已經矯枉過正了。需求已經[疲軟]，我們相信，隨著今年下半年的到來，需求將接近開始反彈的點。無論如何，我們繼續以非常高的水平運營，與 2019 年業績相比，執行任務的旅客人數約為 2.5 倍。

At a high level, it appears that health systems face severe staffing shortages that are projected to worsen in the years ahead. Take for example, the April nursing workforce study conducted by the NCSBN and the National Forum of state nursing workforce centers. In addition to the estimated 100,000 RNs that left the workforce during the pandemic, the study indicated that another 800,000 nurses have an intent to lead the workforce by 2027, setting stress and burnout as well as plans to retire.

從總體上看，衛生系統似乎面臨著嚴重的人員短缺問題，預計未來幾年情況將進一步惡化。以 NCSBN 和國家護理勞動力中心國家論壇進行的 4 月份護理勞動力研究為例。除了估計有 100,000 名註冊護士在大流行期間離開勞動力隊伍外，該研究還表明，另有 800,000 名護士打算到 2027 年領導勞動力隊伍，設定壓力和倦怠以及退休計劃。

Included in this group is a surprising 189,000 RNs younger than 40 years old. Altogether, roughly 1/5 of our RNs nationally are projected to exit the health care workforce in coming years.

這一群體中包括 189,000 名 40 歲以下的註冊護士，這一數字令人驚訝。預計全國大約 1/5 的註冊護士將在未來幾年退出醫療保健隊伍。

Another study by Mackenzie projects a gap of 200,000 to 450,000 nurses in the United States by 2025. The results of these studies are staggering, and imply that the challenges hospital space in getting enough clinicians to the bedside will only intensify in coming years.

Mackenzie 的另一項研究預計，到 2025 年，美國護士缺口將達到 20 萬至 45 萬。這些研究的結果令人震驚，這意味著醫院空間在讓足夠的臨床醫生到床邊的挑戰只會在未來幾年加劇。

Now let me spend a moment on our technology initiatives. As previously highlighted, we have been successfully redesigning our entire technology landscape using a data-centric model that provides analytics and insights in real time. At the center of our ecosystem is Intellify, our proprietary vendor management system. We introduced Intellify at our Investor Day event last September. And since then, we have successfully migrated 25% of our current managed service program clients onto this platform with plans to migrate the majority over the next 12 months which will save us millions of dollars annually in tech fees paid to third parties.

現在讓我花點時間談談我們的技術計劃。正如之前所強調的，我們已經使用以數據為中心的模型成功地重新設計了整個技術格局，該模型提供實時分析和見解。我們生態系統的核心是 Intelify，我們專有的供應商管理系統。我們在去年 9 月的投資者日活動中推出了 Intelify。從那時起，我們已成功將 25% 的當前託管服務計劃客戶遷移到該平台，併計劃在未來 12 個月內遷移大部分客戶，這將為我們每年節省數百萬美元支付給第三方的技術費用。

When we meet prospective clients today, our conversations go beyond just contingent labor and focus on comprehensive talent management strategies, that includes sourcing, retention, redeployment, upskilling and reskilling. Intellify helps address these challenges while aiding our expansion as a tech-enabled workforce solution platform. We believe Intellify to be highly differentiated in the industry and are very excited by the multibillion-dollar opportunity it opens up within the vendor-neutral space. Speaking of which, I am thrilled to announce that we signed our first vendor-neutral contract in March, and we have a robust pipeline of clients interested in our technology.

今天，當我們與潛在客戶會面時，我們的談話不僅僅局限於臨時勞動力，還重點關注全面的人才管理策略，包括招聘、保留、重新部署、技能提升和再培訓。 Intelify 有助於應對這些挑戰，同時幫助我們擴展為技術支持的勞動力解決方案平台。我們相信 Intelify 在行業中具有高度差異化，並且對它在供應商中立領域開闢的數十億美元的機會感到非常興奮。說到這裡，我很高興地宣布，我們在三月份簽署了第一份供應商中立的合同，並且我們擁有大量對我們的技術感興趣的客戶。

As we discussed on our last earnings call, clients are understandably evaluating their needs and looking for alternatives that can save them money. And though this may result in a higher level of churn, we believe it presents a unique opportunity for Cross Country to expand its share of spend under management through our managed service programs and vendor-neutral offerings.

正如我們在上次財報電話會議上所討論的那樣，客戶正在評估他們的需求並尋找可以節省資金的替代方案，這是可以理解的。儘管這可能會導致更高程度的客戶流失，但我們相信，這為 Cross Country 提供了一個獨特的機會，可以通過我們的託管服務計劃和供應商中立的產品來擴大其管理支出份額。

As I'd like to say, you're never done investing in technology, and that is certainly true for Intellify. In the first quarter, we launched the per diem and internal resource pool or IRP. Modules within Intellify that we believe will fuel even greater client interest as they struggle to lower contingent labor cost.

正如我想說的，對技術的投資永遠不會停止，對於 Intelify 來說更是如此。在第一季度，我們推出了每日津貼和內部資源池（IRP）。我們相信 Intellify 中的模塊將激發客戶更大的興趣，因為他們正在努力降低臨時勞動力成本。

In addition to our other core technology projects, which now includes the replacement of our ERP system, we anticipate investing nearly $30 million this year on technology-related initiatives that we believe will further improve our go-to-market strategy as well as our efficiency.

除了我們的其他核心技術項目（現在包括更換 ERP 系統）之外，我們預計今年將投資近 3000 萬美元用於技術相關舉措，我們相信這些舉措將進一步改善我們的市場戰略和效率。

Turning quickly to our investments in headcount. By leveraging our capacity models, we continuously seek to balance near-term profitability while ensuring we have the resources to drive medium and long-term growth. Given the relative softness in travel demand and the increasing productivity from hires made last year, we have moderately scaled down the level of our investments, primarily through attrition and performance management. Coming into the second quarter, our total headcount is down about 7% since the start of the year. At this point, we believe the infrastructure is appropriate for the current market conditions, and we are proactively evaluating other areas of spend to ensure we maintain the highest level of profitability while also ensuring we continue to deliver the highest level of service.

快速轉向我們對員工人數的投資。通過利用我們的產能模型，我們不斷尋求平衡短期盈利能力，同時確保我們擁有推動中長期增長的資源。鑑於旅行需求相對疲軟以及去年招聘的生產力不斷提高，我們主要通過人員流失和績效管理適度縮減了投資水平。進入第二季度，我們的總員工人數自年初以來減少了約 7%。目前，我們認為基礎設施適合當前的市場狀況，我們正在積極評估其他領域的支出，以確保我們保持最高水平的盈利能力，同時確保我們繼續提供最高水平的服務。

That brings me to our outlook. For the second quarter, we expect revenue to be between $530 million to $540 million. The sequential decline is primarily driven by the travel volume we discussed, as well as an anticipated high single-digit decline in travel rates due in part to the wind down of higher reassignments. Our adjusted EBITDA is expected to be between $40 million and $45 million, reflecting a margin north of 8% at the midpoint.

這讓我想到了我們的前景。我們預計第二季度的收入將在 5.3 億美元至 5.4 億美元之間。環比下降主要是由我們討論的旅行量以及預計旅行率大幅下降個位數造成的，部分原因是較高的重新分配的逐漸減少。我們調整後的 EBITDA 預計在 4000 萬美元至 4500 萬美元之間，反映出中點利潤率超過 8%。

Looking beyond the second quarter, we are adjusting our expectations for the full year based on the lines we have on the business today. Accordingly, we now expect to deliver full year 2023 revenue of at least $2.1 billion and adjusted EBITDA in excess of $170 million, which implies a margin above 8%.

展望第二季度之後，我們正在根據目前的業務情況調整對全年的預期。因此，我們現在預計 2023 年全年收入至少為 21 億美元，調整後 EBITDA 超過 1.7 億美元，這意味著利潤率超過 8%。

Overall, we are confident that we can achieve organic long-term growth and we remain focused on increasing shareholder value through our deployment of capital. Since we announced a $100 million share repurchase program in August of last year, we have repurchased 2.7 million shares for approximately $70 million by exhausting the prior authorized plan as well as under the new plan. With the strength of our balance sheet and given we continue to believe our shares remain undervalued, I am pleased to announce that we are restoring the authorization under the share repurchase plan back to $100 million, with the intention to be opportunistic in repurchasing more stock.

總體而言，我們有信心能夠實現有機長期增長，並且我們仍然專注於通過資本部署來增加股東價值。自從我們去年8月宣布1億美元的股票回購計劃以來，我們已經通過用盡之前的授權計劃以及新計劃，以約7000萬美元的價格回購了270萬股股票。憑藉我們的資產負債表實力，並且我們仍然相信我們的股票仍然被低估，我很高興地宣布，我們將把股票回購計劃的授權恢復到 1 億美元，以便抓住機會回購更多股票。

In closing, we remain excited about our prospects and ability to build upon the early momentum from Intellify, which we truly believe is a game changer for Cross Country. And our employees are sharing in this excitement, as evidenced by our recent recognition as a 2023 Winner of the Best Company Outlook from Comparably, which is an award that measures how confident employees are about the future success of their company. Our workplace culture stresses the importance of diversity, equity and inclusion, and it is the heartbeat of Cross Country and a key catalyst to fueling our growth and value.

最後，我們對我們的前景和在 Intellify 早期勢頭的基礎上再接再厲的能力感到興奮，我們真正相信這將改變 Cross Country 的遊戲規則。我們的員工也分享著這種興奮之情，最近我們被 Comparively 評選為 2023 年最佳公司展望獎得主，這一獎項衡量了員工對公司未來成功的信心程度。我們的工作場所文化強調多樣性、公平和包容的重要性，這是越野賽的心跳，也是推動我們成長和價值的關鍵催化劑。

Thank you to all of our employees for your tireless work and dedication, and thank you to all of our professionals who make Cross Country their employer of choice, as well as our shareholders for believing in the company. And just before handing the call over to Bill, on behalf of myself, management and the rest of the board, we would like to thank Tom Dircks, who has more than 20 years of service to Cross Country. Tom has been involved within the company since before going public in 2001, serving as the Chairman of the Board for nearly a decade.

感謝我們所有員工的不懈工作和奉獻精神，感謝所有讓 Cross Country 成為他們首選雇主的專業人士，感謝我們的股東對公司的信任。在將電話轉交給比爾之前，我代表我自己、管理層和董事會其他成員，要感謝湯姆·迪克斯 (Tom Dircks)，他為 Cross Country 服務了 20 多年。 Tom 自 2001 年上市之前就一直參與公司事務，擔任董事會主席近十年。

With that, let me turn the call over to Bill.

接下來，讓我把電話轉給比爾。

Thanks, John, and good afternoon, everyone. Continuing our trend of solid execution, we were pleased to have once again exceeded the high end of our guidance ranges for both revenue and profitability. Consolidated revenue for the quarter was $623 million, down less than 1% sequentially and down 21% over the prior year, with the year-over-year decline primarily driven by the normalization of travel bill rates. I'll get into more details on the segments in just a few minutes.

謝謝約翰，大家下午好。繼續我們穩健執行的趨勢，我們很高興再次超出了我們的收入和盈利能力指導範圍的上限。本季度合併收入為 6.23 億美元，比上一季度下降不到 1%，比上年同期下降 21%，同比下降主要是由於旅行賬單費率正常化所致。我將在幾分鐘內詳細介紹這些部分。

Gross profit for the quarter was $139 million, which represented a gross margin of 22.4%. Gross margin improved approximately 30 basis points, both sequentially and over the prior year due primarily to an improvement in the bill pay spreads especially within travel. The sequential improvement in gross margin would have been even higher were it not for the 40 basis point impact from the annual payroll tax reset at the start of the year.

該季度毛利潤為 1.39 億美元，毛利率為 22.4%。毛利率環比和上年均提高了約 30 個基點，這主要是由於賬單支付利差（尤其是旅遊業）的改善。如果沒有年初年度工資稅重置 40 個基點的影響，毛利率的環比改善將會更高。

Moving down the income statement, total selling, general and administrative expense was $84 million, up 3% sequentially and 10% over the prior year. The majority of the increase in SG&A over the prior year was driven by higher salary and benefit-related costs associated with the investments and resources made throughout 2022 as well as acquisitions completed last year. On a sequential basis, the increase was primarily attributable to the impact from the annual payroll tax reset as well as a ramp in technology spending for 2023. As a percent of revenue, SG&A was 13.5%, up from 12.9% last quarter and 9.7% in 2022. As we called out last quarter, we managed the level of investment in resources to match the current market conditions by leveraging our capacity models. Our goal is always to be proactive in flexing up and down in order to ensure we can continue to grow while protecting our overall profitability.

從損益表向下看，銷售、一般和管理費用總額為 8,400 萬美元，比上一季度增長 3%，比上年增長 10%。 SG&A 較上一年增加的大部分原因是與 2022 年全年投資和資源以及去年完成的收購相關的薪資和福利相關成本增加。環比增長主要歸因於年度工資稅重置以及 2023 年技術支出增加的影響。SG&A 佔收入的百分比為 13.5%，高於上季度的 12.9% 和 9.7% 2022 年。正如我們上季度所說，我們通過利用我們的產能模型來管理資源投資水平，以適應當前的市場狀況。我們的目標始終是積極主動地上下調整，以確保我們能夠持續增長，同時保護我們的整體盈利能力。

With the softness for new travel assignments, we identified that we were a little overinvested in certain areas. And as a result, we've managed to reduce our annual salary cost by roughly 5%, primarily through performance management and attrition. The broader supply and demand imbalance remains, and we are well positioned to continue delivering clinicians across the continuum of care. It's also worth calling out that though demand for travelers has softened, we see continued growth potential in other parts of the business such as Education, home care staffing and locum tenens that will likely support further investments in those areas. Based on the cost actions to date as well as lower payroll taxes and compensation associated with the sequential decline in revenue, we anticipate our SG&A will decline in the high single to low double digits for the second quarter.

由於新的旅行任務疲軟，我們發現我們在某些​​領域投資有點過度。結果，我們主要通過績效管理和人員流失，將年薪成本降低了大約 5%。更廣泛的供需不平衡仍然存在，我們有能力繼續為臨床醫生提供持續的護理服務。還值得指出的是，儘管對旅行者的需求有所減弱，但我們看到教育、家庭護理人員配備和臨時租戶等其他業務領域的持續增長潛力，這可能會支持在這些領域的進一步投資。根據迄今為止的成本行動以及與收入連續下降相關的較低的工資稅和薪酬，我們預計第二季度的銷售管理費用將出現高個位數到低兩位數的下降。

From a technology perspective, we're continuing to make substantial investments in advancing our tech road map for products like Intellify and Gateway, which is now known as Xperience. For the first quarter, technology project-related spend was $6 million, nearly double the fourth quarter and on track with the $30 million John mentioned a moment ago. Approximately 25% of the spend was expensed in the quarter since it did not qualify for capitalization or deferral under U.S. GAAP.

從技術角度來看，我們將繼續進行大量投資，以推進 Intelify 和 Gateway（現在稱為 Xperience）等產品的技術路線圖。第一季度，技術項目相關支出為 600 萬美元，幾乎是第四季度的兩倍，與約翰剛才提到的 3000 萬美元持平。大約 25% 的支出在本季度支出，因為根據美國公認會計原則，它不符合資本化或遞延的條件。

The better-than-expected top line performance and higher gross margin fueled another quarter of strong earnings with adjusted EBITDA of $52 million, representing an adjusted EBITDA margin of 8.4%, consistent with our goal to maintain margins in the high single to low double-digit range. Interest expense for the quarter was $3.7 million, which was up 5% sequentially and over the prior year. The increase was entirely driven by higher interest rates and was partly offset by lower average borrowings during the quarter. Our effective interest rate for the quarter was 9.9%.

好於預期的營收業績和更高的毛利率推動了又一個季度的強勁盈利，調整後 EBITDA 為 5200 萬美元，調整後 EBITDA 利潤率為 8.4%，這與我們將利潤率維持在高單倍到低雙倍的目標一致。數字範圍。本季度利息支出為 370 萬美元，比上一季度增長 5%。這一增長完全是由利率上升推動的，部分被本季度平均借款下降所抵消。本季度的實際利率為 9.9%。

Additionally, we reported $1 million related to the settlement of a nonrecurring legal matter and incurred $0.5 million in restructuring charges principally related to severance costs. And finally, on the income statement, income tax expense was $11 million, representing an effective tax rate of 26.7%. Excluding discrete items, we anticipate a full year effective tax rate of between 29% and 30%. Our performance resulted in an adjusted earnings per share of $0.84, down $0.25 sequentially and above the upper end of our guidance range.

此外，我們還報告了與非經常性法律問題的解決相關的 100 萬美元，並產生了 50 萬美元的重組費用（主要與遣散費相關）。最後，在損益表上，所得稅費用為 1100 萬美元，代表有效稅率為 26.7%。不包括離散項目，我們預計全年有效稅率在 29% 至 30% 之間。我們的業績導致調整後每股收益為 0.84 美元，比上一季度下降 0.25 美元，高於我們指導範圍的上限。

Turning to the segments. Nurse and Allied reported revenue of $582 million, down 1% sequentially and 24% from the prior year. Our largest business, Travel, Nurse and Allied was down 2% sequentially and down 27% from the prior year. The sequential decline was almost entirely due to a decline in the number of travelers on assignment as systems continue to seek to normalize their contingent labor usage, while the decline from the prior year was due to a 22% decline in average bill rates. Looking to the second quarter, we anticipate a further sequential decline in both billable hours and average bill rates in the high single-digit range. While visibility beyond the second quarter is limited, we continue to expect a further decline in bill rates for the third and fourth quarters in the mid-single-digit range. And as John mentioned a few moments ago, demand remains soft as clients continue to rightsize their contingent labor usage, though it's leveled off in recent weeks, and we anticipate a seasonal pickup as we progress into the third quarter.

轉向細分市場。 Nurse and Allied 報告收入為 5.82 億美元，比上一季度下降 1%，比上年下降 24%。我們最大的業務——旅行、護士和聯合業務比上一季度下降 2%，比上年下降 27%。環比下降幾乎完全是由於系統繼續尋求使臨時勞動力使用正常化，導致外派旅客數量下降，而上年下降的原因是平均賬單費率下降了 22%。展望第二季度，我們預計計費時間和平均賬單費率將進一步連續下降，在高個位數範圍內。儘管第二季度之後的前景有限，但我們仍然預計第三季度和第四季度的賬單利率將進一步下降至中個位數範圍。正如約翰剛才提到的那樣，隨著客戶繼續調整其或有勞動力的使用規模，需求仍然疲軟，儘管最近幾週已趨於平穩，我們預計隨著進入第三季度，需求將出現季節性回升。

Our local or per diem business also felt the impact from a softness in demand with revenue down approximately 10% from the prior year, predominantly due to a decline in billable hours. Also within the Nurse and Allied segment, our Education business continued its trend of high double-digit revenue growth, both sequentially and over the prior year, reporting the strongest quarter in its history. We also saw growth in home care staffing services in the mid-single-digit range over the prior year, placing both of these businesses on an annual run rate of approximately $100 million.

我們的本地或按日津貼業務也受到了需求疲軟的影響，收入比上一年下降了約 10%，這主要是由於計費時間的減少。同樣在護士和相關部門，我們的教育業務繼續保持兩位數收入高增長的趨勢，無論是環比還是上年，報告了其歷史上最強勁的季度。我們還看到家庭護理人員配備服務比上一年實現了中個位數增長，這兩項業務的年運營率約為 1 億美元。

Finally, Physician Staffing delivered another strong quarter of organic growth with reported revenue of $40 million, an increase of 9% sequentially and 75% over the prior year. Excluding the impact from the acquisitions completed last year, Physician Staffing was up 19% on an increase in the number of days filled as well as improved bill rates and mix.

最後，Physician Staffing 季度實現了另一個強勁的有機增長，報告收入為 4000 萬美元，比上一季度增長 9%，比上年增長 75%。排除去年完成的收購的影響，由於填補天數的增加以及賬單費率和組合的改善，醫師人員配備增加了 19%。

Turning to the balance sheet. We ended the quarter with $300,000 in cash and $140 million in outstanding debt, including $74 million under our subordinated term loan and $66 million in borrowings under our ABL facility. Given our continued strong performance and positive cash flow, we were able to maintain a total leverage ratio of approximately 0.5x. With the health of our balance sheet, we remain well positioned to make further investments in technology or through acquisitions as well as to continue repurchasing shares. From a cash flow perspective, we generated $47 million in cash from operations during the quarter, as compared with just $4 million last quarter.

轉向資產負債表。截至本季度末，我們擁有 30 萬美元的現金和 1.4 億美元的未償債務，其中包括 7,400 萬美元的次級定期貸款和 6,600 萬美元的 ABL 貸款。鑑於我們持續強勁的業績和正現金流，我們能夠將總槓桿率維持在約 0.5 倍。鑑於我們資產負債表的健康狀況，我們仍然有能力進一步投資技術或通過收購以及繼續回購股票。從現金流的角度來看，本季度我們從運營中產生了 4700 萬美元的現金，而上季度僅為 400 萬美元。

The first quarter is generally our lightest quarter for cash from operations due to the impact from the payoff for annual incentive compensation as well as higher payroll taxes, but we saw an improvement from overall collections that reduced our DSO by roughly 2 days since the end of the year. Though our DSO of 70 days remains higher than normal, we've come into the second quarter on a very positive trajectory for collection, and we expect to see continued improvements in DSO.

由於年度激勵薪酬支付以及工資稅上漲的影響，第一季度通常是我們運營現金最少的季度，但我們看到總體收款情況有所改善，自 2018 年底以來，我們的 DSO 減少了大約 2 天。那一年。儘管我們的 70 天 DSO 仍然高於正常水平，但進入第二季度時，我們的收款軌跡非常積極，我們預計 DSO 將持續改善。

Cash used in investing activities was $3.5 million, representing an increase of more than 75% over the prior year as we continue to ramp technology investments. From a financing activity perspective, we repurchased an additional 1.2 million shares during the quarter at an aggregate cost of $32 million, bringing the cumulative repurchases in the last 3 quarters to 2.6 million shares or nearly 7% of the shares outstanding during that time. Since the start of the second quarter, we repurchased an additional 140,000 shares at an aggregate cost of $3 million pursuant to our 10b5-1 trading plan.

隨著我們繼續加大技術投資，投資活動使用的現金為 350 萬美元，比上一年增長了 75% 以上。從融資活動的角度來看，我們在本季度額外回購了 120 萬股，總成本為 3200 萬美元，使過去 3 個季度的累計回購數量達到 260 萬股，佔該期間已發行股票的近 7%。自第二季度初以來，我們根據 10b5-1 交易計劃以總成本 300 萬美元額外回購了 140,000 股股票。

As we reported in the earnings release, the Board authorized the refresh of our share repurchase program to $100 million, which we intend to utilize both under the 10b5-1 trading plan, as well as the opportunistic purchases depending on factors such as available cash, the share price and alternative uses for excess cash, such as debt payments or acquisitions.

正如我們在財報中報導的那樣，董事會授權將我們的股票回購計劃更新為 1 億美元，我們打算根據 10b5-1 交易計劃以及根據可用現金、股價和多餘現金的其他用途，例如債務支付或收購。

And this brings me to our outlook for the second quarter. We are guiding to revenue of between $530 million and $540 million, representing a sequential decline of 13% to 15%, driven predominantly by the anticipated decline in travel bill rates as well as a modest sequential decline in the number of travelers on assignment. We are expecting adjusted EBITDA to be between $40 million and $45 million, representing an adjusted EBITDA margin of approximately 8%. The sequential decline in adjusted EBITDA margin is primarily due to the impact of the lower gross profit on the sequential decline in revenue.

這讓我想到了我們對第二季度的展望。我們預計收入將在 5.3 億至 5.4 億美元之間，環比下降 13% 至 15%，這主要是由於差旅費率預期下降以及差旅人員數量環比小幅下降所致。我們預計調整後 EBITDA 為 4000 萬至 4500 萬美元，調整後 EBITDA 利潤率約為 8%。調整後 EBITDA 利潤率環比下降主要是由於毛利潤下降對收入環比下降的影響。

Adjusted earnings per share is expected to be between $0.55 and $0.65 based on an average share count of 35.5 million shares. Also assumed in this guidance is a gross margin of between 22.5% and 23%, interest expense of $3.5 million, depreciation and amortization of $5 million, stock-based compensation of $2.5 million and an effective tax rate of 30%.

根據 3550 萬股的平均股數，調整後每股收益預計在 0.55 美元至 0.65 美元之間。本指南還假設毛利率在 22.5% 至 23% 之間，利息支出為 350 萬美元，折舊和攤銷為 500 萬美元，股票薪酬為 250 萬美元，有效稅率為 30%。

And that concludes our prepared remarks, and we'd now like to open the lines for questions. Operator?

我們準備好的發言就到此結束，現在我們開始提問。操作員？

(Operator Instructions) Our first question comes from Kevin Fischbeck with Bank of America.

（操作員說明）我們的第一個問題來自美國銀行的 Kevin Fischbeck。

I had a couple of questions, I guess, about the guidance. When we look at the numbers you reported in Q1, I don't guess what you're guiding to in Q2. Just trying to figure out the cadence into the back half of the year. It looks like it's going to be ending the year somewhere in that $470 million or less kind of run rate from a revenue perspective. I guess as bill rates drop, might be a little bit less than that. Is that the right way to think about the exit rate from this year? And is that a number that you think you would be growing off of? Or is that a number where it's still TBD as to where it normalizes?

我想我對指導有幾個問題。當我們查看您在第一季度報告的數字時，我不猜測您在第二季度的指導方針。只是想弄清楚下半年的節奏。從收入角度來看，今年年底的運行率似乎將在 4.7 億美元或更少。我想隨著賬單利率下降，可能會比這個少一點。這是考慮今年退出率的正確方法嗎？您認為這個數字是您成長的基礎嗎？或者這個數字是否正常化仍待確定？

Kevin, thanks for the question. This is Bill Burns. Yes, I guess if you just did a straight-line math of the full year min guidance to what we put up in the first quarter and the midpoint of the second quarter, that's kind of the math you'd get to. But I don't think it's seasonalized quite that way. I think the third quarter is pointing to being the trough based on what we see now. And look, as I look at what's changed from the last time we talked to you about min guidance where we went at the $2.2 billion. The main thing is just the continued softness in demand from the travel side that really kind of continued since we released earnings. Interesting point on that is that it really has leveled off. And in fact, for the last 3 weeks is up 6% or 7%. So it seems to be starting to make a turn. That said, the impact of the softer demand is going to impact our third quarter a bit more than we anticipated. But that, we believe, starts to wind its way out. So third quarter is expected to be the trough, though not guidance, I would say our expectation is we look to exit the year north of $500 million in revenue and holding on to that high single-digit EBITDA margin.

凱文，謝謝你的提問。這是比爾·伯恩斯。是的，我想如果你只是對我們在第一季度和第二季度中點提出的全年最低指導進行直線數學計算，那麼你就會得到這樣的數學結果。但我不認為它是季節性的。根據我們現在所看到的情況，我認為第三季度將是低谷。看看，當我看看我們上次與您談論 22 億美元的最低指導值以來發生了什麼變化。最主要的是，自我們發布財報以來，旅遊方面的需求持續疲軟，這種情況確實持續存在。有趣的是，它確實已經趨於平穩。事實上，過去 3 週上漲了 6% 或 7%。因此，事情似乎開始發生轉變。也就是說，需求疲軟對我們第三季度的影響將比我們預期的要大一些。但我們相信，這種情況將開始逐漸消失。因此，第三季度預計將是谷底，儘管不是指引，但我想說，我們的預期是，我們希望今年的收入超過 5 億美元，並保持較高的個位數 EBITDA 利潤率。

Kevin, this is John. I would add as Bill said and just restate that these really are minimum when we talk about that $2.1 billion of revenue and that $170 million of EBITDA. And that's what the lens that we have now. And just to just expand a little bit on the demand we're seeing. Over the last several weeks, we've seen our travel nursing orders up 7% and our travel allied orders up nearly 16%. So we're cautiously optimistic that we're seeing this overcorrection that has happened in the travel world, we think we could see those orders starting to pick up sooner than later.

凱文，這是約翰。我想補充一下比爾所說的，並重申一下，當我們談論 21 億美元的收入和 1.7 億美元的 EBITDA 時，這些確實是最低限度的。這就是我們現在擁有的鏡頭。只是為了擴大我們所看到的需求。在過去的幾周里，我們的旅行護理訂單增長了 7%，我們的旅行相關訂單增長了近 16%。因此，我們對旅行界發生的這種過度修正持謹慎樂觀的態度，我們認為這些訂單遲早會開始回升。

And I guess maybe to that point, can you just kind of help me think about the seasonality of the business because I think that usually you would start to see some orders pick up. I mean, how does that 6% to 7% and the 16% compared to kind of what you would normally expect to be seeing at this time of the year?

我想也許到那時，你能幫我考慮一下業務的季節性嗎，因為我認為通常你會開始看到一些訂單增加。我的意思是，與您通常期望在一年中的這個時候看到的情況相比，6% 到 7% 和 16% 的情況如何？

We'd be seeing orders continue to go down as -- because we get the high in the flu season, which is the January through March-April period, then we would see our orders starting to come down through the June period of time. And then as we start to experience the flow orders, which start coming late June into July, we would see the number of orders go up traditionally.

我們會看到訂單繼續下降，因為我們在流感季節（即一月到三月至四月期間）達到高峰，然後我們會看到我們的訂單在六月期間開始下降。然後，當我們開始體驗從六月下旬到七月開始的流動訂單時，我們會看到訂單數量通常會增加。

Okay. So this rebound is happening normally than you would seasonally expected o?

好的。那麼這種反彈的發生比你季節性預期的正常嗎？

Yes, this rebound is happening, normally, but also with the level of which the demand had fallen was also unexpected. So the rebound is happening earlier to get us because we believe that hospitals who are under immense financial pressures overcorrected, and now we're seeing that overcorrection normalize. And even if we look at what one of the public traded hospitals reported last week that they believe the price rates now have come to a level that they can strategically start adding contingency labor to increase the revenue. So we think there's a place where we think that we'll start seeing these orders start to pick up.

是的，這種反彈是正常的，但需求下降的程度也是出乎意料的。因此，反彈發生得更早，因為我們認為承受巨大財務壓力的醫院矯枉過正，而現在我們看到這種矯枉過正變得正常化。即使我們看看一家公立醫院上週的報告，他們認為現在的價格已經達到了他們可以戰略性地開始增加應急勞動力以增加收入的水平。因此，我們認為我們將開始看到這些訂單開始增加。

Okay. And then maybe just last question. If that's kind of how you're thinking about it, why if we kind of trough in Q3, why are the bill rates still dropping into Q4?

好的。也許只是最後一個問題。如果您是這麼想的，為什麼如果我們在第三季度陷入低谷，為什麼賬單利率在第四季度仍然下降？

It's just -- it's -- Kevin, it's a lot -- it's Bill Burns again. A lot of it is the tail, right? So the assignments of 13-week assignment, so they haven't fully wound their way through our portfolio. So Q2 is a sequential decline mostly on the bill rates that we locked in, in Q1. Q3 will be what we're seeing as we leave Q1 and enter Q2. So there's a little bit of a tail there. There's always some degree of renewals that don't necessarily attract the new bill rate. So that's just the reason why we suspect there'll be some continued drag on bill rates into Q3 and Q4.

只是——凱文，很多——又是比爾·伯恩斯。很多都是尾巴，對吧？為期 13 週的作業，所以它們還沒有完全貫穿我們的作品集。因此，第二季度的連續下降主要是因為我們在第一季度鎖定的賬單利率。當我們離​​開 Q1 並進入 Q2 時，Q3 將是我們所看到的。所以那裡有一點尾巴。總會有某種程度的續訂不一定會吸引新的賬單費率。因此，這就是我們懷疑第三季度和第四季度賬單利率將持續受到拖累的原因。

And this is John one more time just to add a little more to Bill update for you question, Kevin. Also Q3 is where we have our schools traditionally are at their lowest point because of all the schools are out of school and don't start until September. So we anticipate to see a softer revenue on Q3.

凱文，約翰再次為您的問題在比爾更新中添加一點內容。此外，第三季度我們的學校傳統上處於最低點，因為所有學校都停課了，而且要到九月才開學。因此，我們預計第三季度的收入將疲軟。

Our next question comes from A.J. Rice of Credit Suisse.

我們的下一個問題來自 A.J.瑞士信貸的大米。

A couple of questions. I guess, first of all, just making sure. So basically, we're talking about $30 million as a floor less at $170 million versus the $200 million before for the 2023 EBITDA. I just want to confirm, that sounds like that's 100% coming from an adjustment to your expectations around travel nursing. Is that correct? Or is there anything else that you're adjusting for?

有幾個問題。我想，首先，只是確定一下。所以基本上，我們討論的 2023 年 EBITDA 的下限為 3000 萬美元，比之前的 2 億美元少了 1.7 億美元。我只是想確認一下，這聽起來 100% 是由於您對旅行護理的期望進行了調整。那是對的嗎？或者還有什麼需要調整的嗎？

A.J., this is Bill. No, you are correct. The change in min guidance for the full year is entirely driven by the softness on the travel side.

A.J.，這是比爾。不，你是對的。全年最低指導值的變化完全是由旅行方面的疲軟驅動的。

Okay. And I know you're talking about how the discussions are going, how the order flow is going, and you're giving expectations around Q3 and Q4 as well as obviously Q2. Can you just remind us how much -- where are you actually having firm orders? Do you have visibility on Q3 at this point? Or are you still -- is that sort of just a feel for the thing with what you've got with your discussions with hospitals, how much of a firm visibility do you have on what you're seeing for Q3? And I assume you don't really have orders yet for Q4, but just give us a flavor for that.

好的。我知道您正在談論討論的進展情況、訂單流程的進展情況，並且您對第三季度和第四季度以及顯然第二季度給出了預期。您能否提醒我們，您實際上在哪裡有多少訂單？您現在對第三季度有了解嗎？或者你仍然——這只是你與醫院討論時得到的感覺，你對第三季度的情況有多少堅定的了解？我假設你們還沒有第四季度的訂單，但請讓我們了解一下。

Yes, A.J., this is Bill again. Maybe I'll start and then Marc or John can help me clean it up. But the orders we have today are first starts anytime in the next 4 to 5 weeks, generally speaking. So they're not what I would call necessarily third quarter orders. But obviously, there's always some orders that will always kind of refresh as you're filling the -- you fill in orders this week and the orders come in the following week. So looking at where the trends are, and we track this very closely every single week. So that's kind of what we were saying is. You've seen the rebound. We're seeing it kind of tick up the last few weeks, and that's what's given us kind of the comfort on how we envision what we call our locks or our net weeks booked as we look at on a weekly metric basis rolling into the third quarter. But Marc, I mean you want to give a little more flavor on that.

是的，A.J.，這又是比爾。也許我會開始，然後馬克或約翰可以幫我清理它。但一般來說，我們今天收到的訂單都是在未來 4 到 5 週內的任何時候開始的。因此，它們不一定是我所說的第三季度訂單。但顯然，總有一些訂單在您填寫時總會刷新——您本週填寫訂單，訂單將在下周到來。因此，看看趨勢在哪裡，我們每週都會密切跟踪。這就是我們所說的。你已經看到了反彈。我們看到它在過去幾周有所上升，這讓我們對我們如何設想我們所謂的鎖定或我們的淨預訂週數感到安慰，因為我們以每週為單位來看進入第三個季度四分之一。但是馬克，我的意思是你想對此給予更多的關注。

Sure. And we look for the trends week over week, and over the last 4 weeks, we are trending up. We've seen our allied bounce back to the same levels of demand as early January, which is a good indicator where we are, specifically in the imaging area. There is strong demand following the path of surgeries, pre and post, and that continues to trend up as well as in the physical therapy area. For nursing, we are seeing certain specialties with increased demand, such as MedSurg and Telly. And in our local business, similar to the travel business in some acute care settings, we are seeing increased demand for MedSurg and Telly.

當然。我們每週都在尋找趨勢，在過去 4 周里，我們的趨勢呈上升趨勢。我們已經看到我們的聯盟需求反彈至一月初的相同水平，這是一個很好的指標，特別是在成像領域。手術前後的需求強勁，並且物理治療領域的需求持續增長。對於護理，我們發現某些專業的需求有所增加，例如 MedSurg 和 Telly。在我們的本地業務中，與一些急症護理環境中的旅行業務類似，我們看到對 MedSurg 和 Telly 的需求不斷增加。

A.J., this is John. I'm going to add just a little bit of color to that as well. When we look at orders now we're seeing -- as Bill said, orders are really -- 90% of our starts on the orders that we will book today will happen in the next 6 weeks of starts. And so we're not seeing orders out in the third quarter in a large volume. But the other note I think is important is that we're seeing -- as hospitals, again, as we think of overcorrected, but they [leave] these clinicians, we're seeing our renewal rates, as I said in our prepared remarks, at historic levels. Indicating that, again, it's more a closer term of where they need the clinicians for. Now once we get into late June and July, that's when we're seeing the flow orders come. And then that's where you see orders go a little further out from third to fourth quarter. There is one part of the seasonality portion of travel nursing, where you will see orders go out maybe even 4 or 5 months, but that's not until we see those fall flu orders coming.

A.J.，這是約翰。我還將為其添加一點顏色。當我們現在查看訂單時，我們會看到——正如比爾所說，訂單確實是——我們今天預訂的訂單中 90% 將在接下來的 6 週內啟動。因此，我們在第三季度沒有看到大量訂單。但我認為重要的另一點是，我們看到——作為醫院，我們再次認為矯枉過正，但他們[離開]這些臨床醫生，我們看到我們的更新率，正如我在準備好的發言中所說的那樣，達到歷史水平。再次表明，這更接近於他們需要臨床醫生的地方。現在，一旦進入六月下旬和七月，我們就會看到流動訂單到來。然後你會看到第三季度到第四季度的訂單量有所增加。旅行護理的季節性部分之一，您會看到訂單可能會在 4 或 5 個月後發出，但直到我們看到秋季流感訂單即將到來。

Got you. And just one last question on the Intellify rollout. Are you give the hospitals or health systems just naturally say I'm with the same vendor doing my MSP as providing the tech solution? Or do you have to provide a financial incentive for them to make that transition or any other incentives? And is that reflected -- if so, is that reflected in guidance in any way?

明白你了。關於 Intelify 推出的最後一個問題。您是否會讓醫院或衛生系統自然地說我與提供技術解決方案的 MSP 是同一家供應商？或者您是否必須為他們提供經濟激勵或任何其他激勵措施來實現這一轉變？如果是的話，這是否以任何方式反映在指導中？

No. Really, when you look at taking out an incumbent provider, whether it's MSP or VMS and bringing in the Intellify technology, the Intellify technology is built to help clients save money in several different ways. So one of it is within our IRP or internal resource pool. When we put that into a client, the client then can utilize their own staff and internal resources to fill needs, lowering their costs. And then Intellify also helps clients understand where they're overstaffed and understaffed in units to make sure that they rightsize the units not be overstaffed, and they may not need as many travels in a certain unit and they can flow to other units. So yes, there's not really -- a certain incentive to move them out. We really have to show them how Intellify will be more operational efficiency, even greater insights into data into their spend and then create savings for them. Dan, do you have anything to add on that?

確實，當您考慮淘汰現有提供商（無論是 MSP 還是 VMS）並引入 Intelify 技術時，您會發現 Intelify 技術旨在通過多種不同方式幫助客戶節省資金。所以其中之一是在我們的 IRP 或內部資源池中。當我們將其交給客戶時，客戶就可以利用自己的員工和內部資源來滿足需求，從而降低成本。然後，Intelify 還可以幫助客戶了解他們的單位中哪些地方人員過剩和人員不足，以確保他們調整單位規模而不是人員過剩，並且他們可能不需要在某個單位進行那麼多出差，可以流動到其他單位。所以，是的，確實沒有某種動機將他們遷出。我們確實必須向他們展示 Intelify 如何提高運營效率，更深入地了解他們的支出數據，然後為他們節省開支。丹，你還有什麼要補充的嗎？

I do. A.J., it's Dan. One of the things that is a very positive early sign is that as we migrate our existing clients over to Intellify, we're seeing them add additional capabilities and service lines that they didn't originally have. So not only is it the great capability and insights that John just talked about, but they're trying to capture all of their whole house of spend, if you will. So very recently, we just had our full -- first full service client where it's nonclinical Locums, Allied, Nursing, all of which are online at the same time, getting the same visibility. So I feel both the expansion and the capabilities John is talking about are attracting new customers to Intellify now.

我願意。 A.J.，是丹。非常積極的早期跡象之一是，當我們將現有客戶遷移到 Intelify 時，我們看到他們添加了原來沒有的額外功能和服務線。因此，這不僅是約翰剛才談到的強大能力和洞察力，而且如果你願意的話，他們還試圖捕獲他們整個家庭的所有支出。最近，我們剛剛擁有了我們的第一個全方位服務客戶，其中包括非臨床 Locums、Allied、護理，所有這些都同時在線，獲得相同的可見性。因此，我覺得 John 所談論的擴展和功能現在正在吸引新客戶使用 Intelify。

Our next question comes from Tobey Sommer with Truist Securities.

我們的下一個問題來自 Truist Securities 的 Tobey Sommer。

I was wondering if you could discuss the pricing framework in bill rates within Travel verse. What does the pricing look like for new orders today? And how does that compare to the average bill rate that you're reporting? I'm trying to understand the gap because we're hearing from private companies that renewals are being renewed at prior rates and wondering how the spot rate for new orders in the renewal rates kind of converge up or down?

我想知道您是否可以在 Travel verse 中討論賬單費率的定價框架。今天新訂單的定價如何？與您報告的平均賬單費率相比如何？我試圖了解這種差距，因為我們從私營公司那裡聽說續訂正在以先前的費率續訂，並且想知道續訂費率中新訂單的即期費率如何向上或向下收斂？

Tobey, it's Bill. Yes, great question. And to be honest, there's always a gap in the new order open bill rate, right? It doesn't always mirror what we will lock at because there's always a mix component. I'm sure you understand that. So we may lock higher bill rate specialties. So when we talk about a rate that we're seeing, it's a blended rates, it's an average rate. So there's always a mix component. But no, the spot rate on open orders is certainly down. I will say that I don't -- not necessarily all of those orders will get filled, but it's definitely directionally down. I would say it's consistently down with the rates that we're locking at. So in other words, the delta between open order rates and what we're locking at is moving in tandem. So yes, our lock rate, what we're locking assignments on is moving down. The only other point I'll make is that it's moving down in line with our expectations. We haven't seen a real significant deviation from what we expected on that front. The biggest change to what we thought is really around the demand fall up that we saw coming into -- through the rest of the first quarter.

托比，是比爾。是的，很好的問題。而且說實話，新訂單開單率總有差距吧？它並不總是反映我們將鎖定的內容，因為總是有一個混合組件。我相信你明白這一點。所以我們可能會鎖定賬單費率較高的專業。因此，當我們談論我們所看到的利率時，它是混合利率，是平均利率。所以總有一個混合組件。但事實並非如此，未結訂單的即期匯率肯定會下降。我會說我不——不一定所有這些訂單都會被執行，但它肯定是定向下降的。我想說的是，它一直低於我們鎖定的利率。換句話說，未平倉訂單率和我們鎖定的價格之間的差值是同步變化的。所以，是的，我們的鎖定率，我們鎖定作業的內容正在下降。我要指出的唯一一點是，它的下降符合我們的預期。我們還沒有看到這方面與我們預期的真正重大偏差。我們所認為的最大變化實際上是我們在第一季度剩餘時間內看到的需求下降。

And could you talk about the -- what it would take to sort of rebuild sufficient supply so as to generate more volume growth from this level, which is already pretty healthy for the company and the industry and sort of how much of an improvement in the lock rate or kind of current pricing out in the market to lower in that sort of sufficiently higher supply?

您能否談談如何才能重建充足的供應，以便在這一水平上產生更多的銷量增長，這對公司和行業來說已經相當健康了，以及在某種程度上改善了多少在供應量足夠高的情況下，鎖定利率或市場當前定價是否會降低？

Well, I'll take -- I'll start with that, and I'll pass it over to Marc or Bill. This is John, Tobey. What I'd say is, right now, we're -- there's always a premium on the travel bill rate to where the core staff makes. So there's always that incentive to attract supply. And as orders had fallen, what happens is supply is a little tighter because there's less job offerings. Now as we're starting to see more the demand pick up, we'll see supply pick up as well. And when we -- 6 months ago or 1 year ago, when we had double, triple, quadruple amount of job served that number is, we didn't have quadrupled the number of supply. So there's still plenty of supply out there for us to continue to have an opportunity to grow, but it really is the more demand -- as demand picks up, we'll see that supply pick up. Bill or Marc, do you want to add anything to that?

好吧，我會——我會從這個開始，然後把它交給馬克或比爾。這是約翰，托比。我想說的是，現在我們——核心員工的差旅費用總是有溢價。因此，總是有吸引供應的動力。隨著訂單減少，供應會稍微緊張，因為就業機會減少。現在，隨著我們開始看到需求回升，我們也會看到供應回升。當我們——六個月前或一年前，當我們提供的工作量是這個數字的兩倍、三倍、四倍時，我們的供應量並沒有增加四倍。因此，仍然有充足的供應讓我們有機會繼續增長，但實際上是更多的需求——隨著需求的增加，我們將看到供應的增加。比爾或馬克，你想補充什麼嗎？

Yes. Tobey, I just guess, I'd say even as demand has softened and again, that's the #1 driver to the volume decline we've seen, the conversions are still there. And we're still locking at a fairly high rate relative to the orders that we have in our pipeline. And what we noticed coming out of Q1 was that the bill pay spreads actually improved, and that was part of the margin improvement you saw for Q1. So we were up sequentially -- sorry, we were -- were not for the payroll tax. The payroll tax drove a 40 bps decline, but there was actually about an 80 basis point improvement in the bill pay spread, and that's the bill pay housing spread for the company. So we were successful in locking a fair amount of candidates and we're seeing the margins start to rebound there on the bill pay spread.

是的。托比，我只是猜測，我想說，即使需求再次疲軟，這是我們看到的銷量下降的第一大驅動因素，但轉化率仍然存在。相對於我們管道中的訂單，我們的鎖定率仍然相當高。我們注意到第一季度的賬單支付利差實際上有所改善，這是您在第一季度看到的利潤率改善的一部分。所以我們連續上升——抱歉，我們是——不是因為工資稅。工資稅導致下降 40 個基點，但賬單支付利差實際上改善了約 80 個基點，這就是公司的賬單支付住房利差。因此，我們成功鎖定了相當數量的候選人，並且我們看到賬單支付差價的利潤率開始反彈。

And this is John, Tobey. I think I have one more fact that we'll kind of put this some more perspective. The number of unique submissions that we have actually has not fallen very far off from where we were even 3 or 4 months ago as demand has won. So the supply is still there, and these are unique clinicians that want to submit themselves to a job each week. And those numbers have not fallen off the cliff actually, they're probably down less than 10%, probably down 7% or 8%. And so -- and obviously, job demand order is down much further. And so the clinicians are still looking for work. It's that hospitals right now are slow to go -- where we used to be able to, what we call (inaudible) a clinician would get an offer from a hospital. It used to be less than 24 hours during COVID in the last year. And definitely, Marc, keep me honest here, it's something between 24 and 48 hours in most cases. Now we're seeing it go to 5 or 6 days. And that's really the slowdown on the hospital side. But in terms of supply, we're seeing the same unique subs just off very slightly. So we believe as demand picks up, we'll actually see more unique subs come up and we'll get back to that same threshold.

這是約翰，托比。我想我還有一個事實，我們會從更多的角度來看待這個問題。事實上，隨著需求的增加，我們的獨特提交數量與 3 或 4 個月前相比並沒有下降太多。所以供應仍然存在，而且這些都是獨特的臨床醫生，他們希望每週都能投入工作。這些數字實際上並沒有斷崖式下跌，可能下降了不到 10%，甚至可能下降 7% 或 8%。因此，顯然，就業需求訂單進一步下降。因此臨床醫生仍在尋找工作。現在的醫院進展緩慢——在我們過去能夠做到的地方，我們所說的（聽不清）臨床醫生會從醫院得到錄取通知書。去年新冠疫情期間，這個時間還不到24小時。 Marc，老實說，大多數情況下需要 24 到 48 小時。現在我們看到它會持續 5 或 6 天。這確實是醫院方面的放緩。但就供應而言，我們看到相同的獨特潛艇略有下降。因此，我們相信，隨著需求的增加，我們實際上會看到更多獨特的潛艇出現，並且我們將回到相同的閾值。

Okay. And last question for me. Can you talk about your capture rate in your MSP book of business? How has that progressed? Has it provided sort of the shock absorber that you might envision during periods of declining demand? And are you at sort of a relatively high that you would be comfortable in terms of capture? Or do you have more flexibility to take it higher?

好的。還有我的最後一個問題。您能談談您的 MSP 業務手冊中的捕獲率嗎？進展如何？它是否提供了您在需求下降期間可能想像的減震器？您是否處於相對較高的水平，以便在捕捉方面感到舒適？或者你有更大的靈活性來提高它嗎？

We have more flexibility to take it higher, a matter of fact, we're down 2 full percentage points from where we normally are. Look, we -- as we have said on these calls, we are consistently going to be great partners to our partner network. They are true partners with us, and we're not going to close that gap because we want to make sure that as we go out there and go after new accounts that we have, we're locked arm in arm with our supply. We know that some of our competitors don't do that, and we don't really think that is the right way to conduct the business as you're trying to really build a true partner network.

我們有更大的靈活性來提高它，事實上，我們比正常情況下降了整整兩個百分點。看，正如我們在這些電話會議上所說的那樣，我們將始終如一地成為我們合作夥伴網絡的優秀合作夥伴。他們是我們真正的合作夥伴，我們不會縮小這一差距，因為我們希望確保當我們出去尋找我們擁有的新客戶時，我們與我們的供應緊密相連。我們知道我們的一些競爭對手不會這樣做，而且我們並不認為這真的是開展業務的正確方式，因為您正在嘗試真正建立一個真正的合作夥伴網絡。

It really -- this is Dan also, Tobey. It really does help a new client as we're pursuing them for us to have that excess capacity to deliver something right when they need it and prove ourselves. So it's something that helps us across the board here at Cross Country.

真的——這也是丹，托比。這確實對新客戶有幫助，因為我們正在追求他們，讓我們有足夠的能力在他們需要時提供正確的東西並證明我們自己。所以這對我們越野賽有全面的幫助。

Last question for me, if I could. With your guidance out for the back half of the year, does that assume your MSP book of business is trending in line with the overall revenue? Or is it increasing or decreasing as a proportion of total revenue as you look into the back half of the year versus the first quarter you just reported?

最後一個問題問我，如果可以的話。根據您今年下半年的指導，這是否假設您的 MSP 業務簿的趨勢與整體收入一致？或者，當您回顧今年下半年與剛剛報告的第一季度相比，它佔總收入的比例是增加還是減少？

It's a good question, Tobey. I don't think I've modeled it out exactly on the mix you're asking for. I would say directionally, I think MSP will make up a smaller portion. I think vendor-neutral will start to make up a larger portion of customer coming off a very small number, so it's easy to get there. But as John mentioned, even as you see accounts that have moved to more of an in-house model or to a vendor-neutral model, even if they're not with us, our fill and capture those accounts kind of remains consistent even as accounts move over. So I think MSP revenue will decline as we move to the back half, more than likely, John, I mean, would you agree with that or?

這是個好問題，托比。我認為我沒有完全按照您要求的混合進行建模。我會定向地說，我認為 MSP 會佔較小的部分。我認為，供應商中立將開始佔據一小部分客戶的大部分，因此很容易實現這一目標。但正如約翰提到的，即使你看到賬戶已經轉向更多的內部模式或供應商中立模式，即使他們不在我們身邊，我們的填充和捕獲這些賬戶仍然保持一致，即使賬戶轉移。所以我認為，隨著我們進入後半部分，MSP 的收入很可能會下降，約翰，我的意思是，你同意這一點嗎？

I agree with that. This is John, Tobey. I agree with that. Look, as we've lost some clients to the self-managed model, if we look back for the past decade or longer, there have been 3 predominant models in health care staffing. And everyone knows this, right? There was the direct model for hospitals. You had your vendor-neutral VMS model, and you had your MSP managed service provider model. And what's reemerging as a fourth model, which is a self-managed or captive model where the hospitals are managing the travel for themselves. But in addition, they're creating their own travel nursing recruiting teams to recruit travelers directly to the hospitals. And they're also creating these internal resource pools to help reduce the amount of contingency labor. And when these clients move over to these models, with our relationships that we've had with them sometimes for over a decade, we have these strong relationships, and we remain a primary vendor for these clients. And in many cases, we actually -- where we may have had just part of the MSP in a large hospital system, we actually gain access as a primary vendor to the whole system. And so far, what we've seen on these ones that have moved to this managed model, we've actually seen our expected [TA] to be where we thought it would be as if we had the MSP. And so the other thing that we're also seeing as some of these clients have moved -- and some of these clients have moved over to this managed model, we're actually seeing gross margins pick up because as an MSP, we have an obligation to fill every need to make sure that we have that patient care at the bedside. Once we're in this primary model, that obligation goes away and we pick and choose the orders that we actually can fill it at better rates.

我同意這一點。這是約翰，托比。我同意這一點。看，由於我們因自我管理模式而失去了一些客戶，如果我們回顧過去十年或更長時間，就會發現醫療保健人員配備有 3 種主要模式。每個人都知道這一點，對吧？有醫院的直接模式。您擁有供應商中立的 VMS 模型，並且擁有 MSP 託管服務提供商模型。第四種模式正在重新出現，這是一種自我管理或自營模式，醫院自行管理旅行。但此外，他們正在創建自己的旅行護理招聘團隊，直接招募旅行者到醫院。他們還創建這些內部資源池，以幫助減少應急勞動力的數量。當這些客戶轉向這些模型時，憑藉我們與他們有時長達十多年的關係，我們擁有這些牢固的關係，並且我們仍然是這些客戶的主要供應商。在許多情況下，我們實際上——在大型醫院系統中我們可能只擁有 MSP 的一部分，但我們實際上作為主要供應商獲得了整個系統的訪問權限。到目前為止，我們在這些已轉移到此託管模型的模型上看到的情況，我們實際上已經看到我們預期的 [TA] 達到了我們認為的樣子，就像我們擁有 MSP 一樣。因此，我們還看到的另一件事是，隨著其中一些客戶已經轉移，其中一些客戶已經轉移到這種託管模式，我們實際上看到毛利率有所上升，因為作為 MSP，我們有我們有義務滿足每一個需求，以確保我們在床邊為患者提供護理。一旦我們進入這個主要模型，這種義務就消失了，我們會挑選並選擇實際上可以以更好的價格履行的訂單。

And so the other I think real key point for us here is with the emergence of Intellify -- to be honest, I cannot say this 3 months ago. We built Intellify and it was -- we launched it officially in January. We talked about it in the Investor Day in September that we hired Eric Christianson to be the President of that division and start up in January. And it was -- it could run the travel nursing side. We launched Intellify's per diem module in the first quarter. And just last month from one, we put 4 more clients on the Intellify per diem modules. And this month, we just released the IRP or the internal resource pool. Now with that technology, we can play in the self-managed captive world and help hospitals and be part of that as their technology solution. And we look at Intellify, we believe Intellify is the best program out there and the best technology out there. And of course, we're going to say that because it's our technology. But if you speak to many of our 4,000 users who were on Intellify, or over 250 vendors that are participating on the Intellify platform, and over dozens of clients that are the platform, they will tell you that Intellify is the easiest to use, most comprehensive technology solution out in the market today.

因此，我認為對我們來說另一個真正的關鍵點是 Intellify 的出現——說實話，我不能在 3 個月前這麼說。我們構建了 Intelify，我們在一月份正式推出了它。我們在 9 月份的投資者日討論過，我們聘請埃里克·克里斯蒂安森 (Eric Christianson) 擔任該部門的總裁，並於 1 月份啟動。它是——它可以運行旅行護理方面。我們在第一季度推出了 Intelify 的每日津貼模塊。就在上個月，我們又為 4 個客戶提供了 Intellify 每日模塊。這個月，我們剛剛發布了IRP或內部資源池。現在有了這項技術，我們可以在自我管理的圈養世界中發揮作用，幫助醫院並成為他們的技術解決方案的一部分。我們看看 Intelify，我們相信 Intelify 是最好的程序和最好的技術。當然，我們會這麼說，因為這是我們的技術。但是，如果您與使用 Intelify 的 4,000 名用戶中的許多人，或者參與 Intelify 平台的 250 多家供應商以及作為該平台的數十家客戶交談，他們會告訴您，Intelify 是最容易使用、最常用的。當今市場上推出了全面的技術解決方案。

(Operator Instructions) Our next question comes from Bill Sutherland with The Benchmark Company.

（操作員說明）我們的下一個問題來自 The Benchmark Company 的 Bill Sutherland。

John, just to look at Intellify one more time. Help us understand kind of the impact you're kind of looking forward to have this year, what's the main use case? And then -- because you -- obviously, it's going to be able to do a number of things and even more than I have realized.

約翰，只是想再看一遍 Intellify。幫助我們了解您希望今年產生的影響，主要用例是什麼？然後——因為你——顯然，它將能夠做很多事情，甚至比我想像的還要多。

Sure, Bill. So the main use case, when we first thought about doing Intellify and creating our own vendor management system several years ago, it was a first to replace the rental technologies or rented technologies that find some of our competitors on and have it bring it in-house. So we would save the money on these rented technology. That was the first use case scenario and check the box, we've got 25% of our clients on that and we will migrate the rest over the next 12 months. And then...

當然，比爾。因此，主要用例是，幾年前，當我們第一次考慮做 Intelify 並創建我們自己的供應商管理系統時，它是第一個替換租賃技術或找到我們的一些競爭對手並將其引入的租賃技術的項目——房子。因此，我們可以節省這些租用技術的費用。這是第一個用例場景，選中該框，我們有 25% 的客戶使用該場景，我們將在接下來的 12 個月內遷移其餘的客戶。進而...

And what's the upside impact you're looking for next year as you get nearly all the clients on board?

當您幾乎所有客戶都加入進來時，您明年希望獲得哪些積極影響？

I think, Bill, this is Bill Burns. So just -- I think you're asking like what's the savings we anticipate. It's in the millions of dollars, I wouldn't call it in the tens of millions, but it's predicated on the spend under management looks like for the MSP program. So if you look at the first quarter, we were still running operating north of $1.5 billion in spend under management, the vast majority of which is on a rented technology except for the 25-odd percent that we've already converted. So if you say the cost of that technology is anywhere from 75 basis points up to 100 basis points depending on the platform. So somewhere in that magnitude is what we're talking about. But -- more importantly, it's like I said, it's about -- it's millions of dollars annually. For the first quarter, I think it was on a run rate to save us probably a little over $1 million -- almost $2 million annualized. So it's not -- we don't have a majority of the platform converted yet. And as those go live, that's the cost savings. And as a CFO, it was great to see that this thing had an immediate payback to it, that it was something that we knew we were going to be able to get our hands around and be able to see that the technology would deliver immediate value. But the longer-term vision to what it means for 2023, I'll hand it back to John and Dan.

我想，比爾，這是比爾·伯恩斯。所以，我想您是在問我們預計可以節省多少資金。這是數百萬美元，我不會稱之為數千萬美元，但它是基於 MSP 計劃管理下的支出。因此，如果你看看第一季度，我們的管理支出仍然超過 15 億美元，其中絕大多數是租用的技術，除了我們已經轉換的 25% 左右。因此，如果您說該技術的成本從 75 個基點到 100 個基點不等，具體取決於平台。所以我們正在談論的就是這個量級的某個地方。但是——更重要的是，就像我說的，每年有數百萬美元。對於第一季度，我認為按運行率計算，我們可能會節省 100 萬美元多一點——年化近 200 萬美元。所以事實並非如此——我們還沒有完成大部分平台的轉換。當這些投入使用時，這就是成本節省。作為一名首席財務官，很高興看到這件事能立即帶來回報，我們知道我們將能夠掌握這一點，並能夠看到該技術將帶來立竿見影的價值。但對於 2023 年的長期願景，我將把它交還給約翰和丹。

Sure. And I'll just go a little bit longer because that is one aspect, and that was the first aspect is when we built it was that -- to be the vendor management system for MSPs. Secondly, it is really the emergence of this multibillion-dollar vendor-neutral market that we didn't play in. And of course, this now self-managed market that is emerging right now. And that was the second case use. And of course, that is one where it's a new business for us. It is one where -- we started from 0. We had within our first 3 months, landed our first client. We have a very robust pipeline. So the expectations really for the year, we -- I think we called out before, we didn't really think we have our first client up and running until the back half of the year. And our first client, which is in -- we land in March is actually up and running as of today. So we're a little bit ahead of schedule. And with our robust pipeline, we think we're going to have some impact in this year. I don't want to put a number on it yet because it's such a nascent business. And again, this is a very long-term play in moving into this market.

當然。我會說得更長一點，因為這是一個方面，第一個方面是我們構建它時的目標——成為 MSP 的供應商管理系統。其次，這實際上是我們沒有參與的價值數十億美元的供應商中立市場的出現。當然，這個現在正在出現的自我管理市場。這是第二個案例的使用。當然，這對我們來說是一項新業務。這是我們從 0 開始的地方。我們在頭 3 個月內就找到了我們的第一個客戶。我們擁有非常強大的管道。因此，我們對今年的期望是——我想我們之前就說過，我們真的認為我們的第一個客戶要到今年下半年才能啟動並運行。我們的第一個客戶是在三月份登陸的，實際上從今天開始就已經啟動並運行了。所以我們比計劃提前了一點。憑藉我們強大的渠道，我們認為今年我們將產生一些影響。我還不想給出具體數字，因為這是一項新興業務。再說一遍，進入這個市場是一個非常長期的過程。

And of course, the last part of that, which I really do feel is a game changer for Cross Country is the internal resource pool technology. The internal resource pool really helps hospitals help manage their internal core staff and fill their open needs. And we also released and Bill called it out a little bit on his prepared remarks, we released a new technology into the app store called Xperience, that's Xperience that begins with an X. And what Xperience does is does 2 things. The first thing it does is it is our mobile app for travel professionals where they can self-submit to jobs on the fly wherever they're at. And they can also upload all their [present] documents. But it also is integrated within our internal resource pool, and it allows from this app, hospital core employees will be able to pick up shifts within their internal resource pool at their hospitals.

當然，最後一部分，我確實認為內部資源池技術改變了越野賽的遊戲規則。內部資源庫確實可以幫助醫院幫助管理其內部核心人員並滿足其開放需求。我們還發布了比爾在他準備好的講話中提到的一點，我們在應用程序商店中發布了一項名為 Xperience 的新技術，即以 X 開頭的 Xperience。 Xperience 所做的是做兩件事。它所做的第一件事是，它是我們為旅行專業人士提供的移動應用程序，他們可以隨時隨地自行提交工作。他們還可以上傳所有[現有]文件。但它也集成在我們的內部資源池中，並且它允許通過該應用程序，醫院核心員工將能夠在醫院的內部資源池中接班。

Got it. That's very helpful. I just had one little model question, Bill. The bad debt jumped up. Anything to comment there?

知道了。這非常有幫助。我只是有一個小模型問題，比爾。壞賬猛增。有什麼要評論的嗎？

No. Not really. I mean it's formulaic. As your agings move, you've got certain buckets you have to have a higher reserve on. In my prepared remarks, I did comment that we're coming into this quarter on a positive note with regards to collections. So I think the opportunity is there for a robust cash collection year as we close out the year in the next couple of quarters. The $46 million in the first quarter, I would posit that there's in excess of $100 million of opportunity remaining if nothing else, just from the DSO normalization but of course, the normal conversion of EBITDA for cash flow.

不，不是真的。我的意思是它是公式化的。隨著年齡的增長，您必須在某些方面保留更高的儲備。在我準備好的發言中，我確實評論說，我們將在收藏方面以積極的態度進入本季度。因此，我認為，隨著我們在接下來的幾個季度結束這一年，我們有機會實現強勁的現金收款年。第一季度的 4600 萬美元，我認為如果不考慮其他因素，僅通過 DSO 正常化以及 EBITDA 與現金流的正常轉換，還剩下超過 1 億美元的機會。

Ladies and gentlemen, this does conclude the Q&A period. I'll now turn it back over to John Martins for closing remarks.

女士們先生們，問答環節到此結束。現在我將把它轉回給約翰·馬丁斯做總結髮言。

Thank you, operator. Before signing off, I want to recognize and celebrate National Nurses month, and personally thank every nurse out there for your hard work and dedication. I also want to take a moment to recognize one of our long-standing field nurses who worked continuously for Cross Country since 1988, and recently just retired. Thank you, Victoria. You are a testament to the service we provide and the lives we effect. Enjoy your much deserved retirement.

謝謝你，接線員。在結束之前，我想表彰和慶祝全國護士月，並親自感謝每一位護士的辛勤工作和奉獻精神。我還想花點時間向我們的一位長期現場護士表示感謝，她自 1988 年以來一直為 Cross Country 工作，最近剛剛退休。謝謝你，維多利亞。您是我們提供的服務和我們所影響的生活的證明。享受您應得的退休生活。

In closing, I'd like to thank everyone for participating in today's call, and we look forward to updating you on the progress of the company on our next call in August. Have a great evening.

最後，我要感謝大家參加今天的電話會議，我們期待在八月份的下一次電話會議上向您通報公司的最新進展。祝您度過一個美好的夜晚。

Ladies and gentlemen, this does conclude today's conference call. Thank you for your participation. You may now disconnect.

女士們先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。