Everforth, Inc. (EFOR) 2015 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by and welcome to the On Assignment second quarter 2015 earnings call. (Operator Instructions). As a reminder, today's conference is being recorded. At this time, I'll turn the conference over to Company CFO, Ed Pierce. Please go ahead.

各位女士、先生，感謝您稍候，歡迎參加 On Assignment 2015 年第二季財報電話會議。(接線員指示)。提醒各位，今天的會議將被錄音。現在我將把會議交給公司財務長 Ed Pierce。請開始。

Thank you. Good afternoon and thank you for your time today. Before we get started I'd like to remind everyone that our presentation today includes forward-looking statements representing our current judgment of what the future holds.

謝謝。各位下午好，感謝您今天撥冗參與。在開始之前，我想提醒各位，我們今天的簡報包含前瞻性陳述，代表我們目前對未來發展的判斷。

Although we believe these statements are reasonable, they're suggest to risks and unseens and our actual results could differ materially from those statements. Some of these risks and uncertainties are described in today's press release and in our SEC fillings. We do not assume the obligation to update statements made on this call.

雖然我們相信這些陳述是合理的，但它們仍面臨風險與不確定因素，我們的實際結果可能與這些陳述有重大差異。其中部分風險與不確定性已在今日新聞稿以及我們向 SEC 提交的文件中說明。我們不承擔更新本次電話會議中所作陳述的義務。

I would now like to introduce Peter Dameris, our CEO and President, who will provide an overview of our results for the quarter. Peter?

接下來我想介紹我們的執行長兼總裁 Peter Dameris，他將就本季業績提供概覽。Peter？

Thank you, Ed. Good afternoon, I would like to welcome everyone to the On Assignment 2015 second quarter earnings call. With Ed and me today are Rand Blazer, President of Apex Systems, Ted Hanson, President of Lab Support and Mike McGowan, Chief Operating Officer of On Assignment and President of Oxford Global Resources.

謝謝你，Ed。各位下午好，歡迎大家參加 On Assignment 2015 年第二季財報電話會議。今天與 Ed 和我一同出席的還有：Apex Systems 總裁 Rand Blazer、Lab Support 總裁 Ted Hanson，以及 On Assignment 營運長、同時也是 Oxford Global Resources 總裁的 Mike McGowan。

During our call today, I will give a review of the markets we serve and our operational highlights, folded by a discussion of our performance of our operating segments by Rand and Mike. We'll then turn the call over to Ed for a more detailed review and discussion of our second quarter results and our estimates for the third quarter of 2015. We'll then open the call up for questions.

在今天的電話會議中，我將回顧我們所服務的市場與營運重點，接著由 Rand 與 Mike 討論各營運部門的表現。之後我們會把電話交給 Ed，對第二季結果以及我們對 2015 年第三季的預估做更詳細的回顧與說明。最後我們將開放提問。

Now, on to the second quarter results. Revenues from continuing operations in the second quarter were $485.3 million, up 11.7% year-over-year, 12.8% on a constant currency basis. Revenues, excluding the contribution of $21.8 million from acquisitions, were up 6.7% to $463.5 million and up 7.8% to $468.1 million on a constant currency basis. For the second quarter, adjusted income from continuing operations, adjusted EBITDA, and conversion of gross profit to adjusted EBITDA results were within the guidance range that we provided in the first quarter earnings press release.

現在進入第二季結果。第二季持續營運的營收為 4.853 億美元，年增 11.7%；以固定匯率計算年增 12.8%。若排除併購貢獻的 2,180 萬美元，營收年增 6.7% 至 4.635 億美元；以固定匯率計算則年增 7.8% 至 4.681 億美元。第二季持續營運的調整後淨利、調整後 EBITDA，以及毛利轉換為調整後 EBITDA 的結果，均落在我們於第一季財報新聞稿中提供的指引區間內。

Revenues generated outside of the United States were $22.3 million or 4.6% of consolidated revenues in the second quarter versus $19.8 million or 4.6% in the second quarter of 2014. Adjusted EBITDA from continuing operations was $56 million or 11.5% of revenues, up from $51.2 million or 11.8% of revenues in the second quarter of 2014 on an as reported basis. Adjusted EBITDA, excluding the contribution of $4.9 million from Creative Circle, was $51.1 million and within the previous announced financial estimates.

第二季美國以外地區所產生的營收為 2,230 萬美元，占合併營收 4.6%；2014 年第二季為 1,980 萬美元，占比同為 4.6%。持續營運的調整後 EBITDA 為 5,600 萬美元，占營收 11.5%；相較 2014 年第二季按申報口徑為 5,120 萬美元、占營收 11.8%。若排除 Creative Circle 貢獻的 490 萬美元，調整後 EBITDA 為 5,110 萬美元，並符合先前公布的財務預估。

Excluding the contribution from Creative Circle, our results, adjusted mainly for acquisition related costs and the write-off of loan costs from the old credit facility, were at or above the high end of the previously announced financial estimates for the quarter. As a reminder, on June 5, 2015, we completed the purchase of Creative Circle, one of the largest digital creative staffing firms in North America. Creative Circle contributed $19.6 million in revenue and $4.9 million of adjusted EBITDA to our reported second quarter results. This contribution was not originally contemplated in our second quarter guidance.

若排除 Creative Circle 的貢獻，我們的結果（主要調整併購相關成本，以及舊信貸額度之貸款成本的攤銷/沖銷）達到或高於本季先前公布財務預估的高端。提醒各位，我們已於 2015 年 6 月 5 日完成收購 Creative Circle，該公司為北美最大的數位創意人才派遣公司之一。Creative Circle 對我們第二季申報結果貢獻了 1,960 萬美元營收與 490 萬美元調整後 EBITDA。此項貢獻原先並未納入我們第二季指引。

Ed will walk you through the financial contribution included in our earnings press release that pertains to Creative Circle for comparative purposes later in the call. Revenues in our local mid market accounts grew double digits with the large customer account base growing at a slower rate. After several quarters of declining growth rates, the second quarter marked the return of accelerating growth rates for our Company.

稍後在電話會議中，Ed 將帶各位了解我們財報新聞稿中為比較目的而納入、與 Creative Circle 相關的財務貢獻。我們在本地中型市場客戶的營收呈現雙位數成長，而大型客戶帳戶基礎的成長速度較慢。在連續數季成長率下滑之後，第二季標誌著公司成長率重新加速。

We believe, based on current performance, that this growth trend will continue. Our IT business continues to grow above published industry growth rates and we continue to see positive demand from our customers and a continuing adoption of staff augmentation as a viable alternative to outsourcing, off shoring and consulting. In addition, we believe the ongoing debate regarding the on demand workforce or gig economy is accelerating the usage of contract labor. Fractionalization of human capital by using the staffing industry services is the only way to truly avoid the risk of misclassification of employees as independent contractors.

我們相信，基於目前的表現，這一成長趨勢將會延續。我們的 IT 業務持續高於已公布的產業成長率，我們也持續看到客戶端的正向需求，以及將人力增補（staff augmentation）作為外包、離岸外包與顧問服務之可行替代方案的持續採用。此外，我們認為，圍繞按需勞動力或零工經濟（gig economy）的持續討論，正在加速合約用工的使用。透過人力派遣產業服務來進行人力資本的「碎片化」配置，是真正避免將員工誤分類為獨立承包商之風險的唯一方式。

Our customers have and are realizing this and that is why we believe that secular growth opportunities for the entire professional staffing industry are so attractive. Exiting the quarter, we feel we are well positioned to continue to accelerated our revenue growth, integration, coordination and cash generation related to acquisitions continues to be at or above our expectations. Our current leverage ration is 3.51 times trailing 12 month adjusted EBITDA.

我們的客戶已經、並且正在意識到這一點，這也是我們認為整個專業人力派遣產業的結構性成長機會如此具吸引力的原因。在本季結束時，我們認為自身已具備良好條件，可持續加速營收成長；與併購相關的整合、協同與現金創造仍達到或高於我們的預期。我們目前的槓桿比率為過去 12 個月調整後 EBITDA 的 3.51 倍。

Since the closing of the Creative Circle acquisition, we have voluntarily prepaid $25 million of our debt and we expect to voluntary pay down an additional $25 million by the end of this month, July. During the quarter, we saw year-over-year growth in our US divisions, our weekly assignment revenues, which exclude conversion, gullible expenses and direct placement revenues, averaged $39.9 million for the last two weeks, up 26% over the same period in 2014, excluding the contribution from Creative Circle, revenues were up 10.2% over the same period in 2014.

自 Creative Circle 併購案完成交割以來，我們已自願提前償還 2,500 萬美元債務，並預期在本月（7 月）底前再自願償還額外 2,500 萬美元。本季我們看到美國各事業部的年增成長；我們的每週派遣營收（不含轉換、可報銷費用以及直接媒合/安置營收）在最後兩週平均為 3,990 萬美元，較 2014 年同期成長 26%；若排除 Creative Circle 的貢獻，較 2014 年同期成長 10.2%。

In closing, as you all know, we successfully closed the Creative Circle acquisition on June 5th. This was about four weeks earlier than we originally expected. Coordination and education of offering awareness is proceeding nicely. I will now turn the call over to Rand, President of Apex Systems, who will review the operations in his segment. Rand?

最後，如各位所知，我們已於 6 月 5 日成功完成 Creative Circle 併購案。這比我們原先預期早了約四週。協同推進與方案認知教育正順利進行。接下來我將把電話交給 Apex Systems 總裁 Rand，由他回顧其部門的營運狀況。Rand？

Great, thank you, Peter. The Apex segment now consists of the Apex US Lab Support and Creative Circle business units.

好的，謝謝你，Peter。Apex 部門目前由 Apex US、Lab Support 與 Creative Circle 這些業務單位組成。

The segment grew revenues to $338.7 million for the 13.7% growth rate in growth rate in Q2 of 2015 over Q2 in 2014 on as reported basis. Creative circle, which was acquired on June 5, 2015 added $19.6 million to Q2's segment revenues, which Peter has mentioned already, since the effective date of the acquisition and will be included in our reported segment results going forward.

該部門第二季 2015 年營收成長至 3.387 億美元，按申報口徑較 2014 年第二季成長 13.7%。Peter 先前已提到，於 2015 年 6 月 5 日收購的 Creative Circle，自併購生效日起為第二季部門營收增加 1,960 萬美元，並將在未來持續納入我們申報的部門結果中。

Excluding contributions from Creative Circle, the segment posted revenues of $319.1 million with a 7.1% growth rate for Q2 2015 over Q2 of 2014, which is an acceleration of our growth rate over the first quarter of 2015. (Inaudible) gross margin for the quarter was 28.8%, excluding Creative Circle, Apex and Lab Support reported gross margin of 27.9%, down 56 basis points on a year-over-year basis, but up 80 basis points from Q1 of 2015.

若排除 Creative Circle 的貢獻，該部門第二季 2015 年營收為 3.191 億美元，較 2014 年第二季成長 7.1%，相較 2015 年第一季的成長率有所加速。(聽不清)本季毛利率為 28.8%；若排除 Creative Circle，Apex 與 Lab Support 的毛利率為 27.9%，年減 56 個基點，但較 2015 年第一季增加 80 個基點。

Apex segment contributions, in terms of divisional EBITDA, remain strong with solid conversion in this segment despite the surge in our field head count added in the business. Apex's segment growth was strongest in our business services, telecommunications, technology, digital creative, and local branching accounts with double digit revenue growth year-over-year in Q2 of 2015 versus Q2 of 2014 for accounts, in those areas.

Apex 部門的貢獻（以事業部 EBITDA 計）仍然強勁；儘管我們在業務中新增的前線人員編制大幅增加，該部門仍維持穩健的轉換表現。Apex 的部門成長在我們的商業服務、電信、科技、數位創意以及在地分支客戶中最為強勁；2015 年第二季相較 2014 年第二季，這些領域的客戶收入年增率達到兩位數。

Growth in our financial, and particularly our major money center bank accounts, and government service accounts continue to post negative revenue growth over the same period of Q2 2014, nonetheless, despite the lack of growth from these accounts in these markets our overall year-over-year growth rate did show reaccelerating over the last quarter as I previously mentioned.

我們的金融業（尤其是大型貨幣中心銀行客戶）以及政府服務客戶，在與 2014 年第二季相同期間相比，收入成長仍持續為負；然而，儘管這些市場中的上述客戶缺乏成長，正如我先前提到的，我們整體的年增成長率在上一季確實呈現再加速。

This improvement in revenue growth was achieved by ongoing work to continue services to a broader set of accounts as we expand our overall account portfolio, as we see improvement in IT spend and select top accounts, particularly in the financial and government services industries, we expect to see further increase in our revenue growth prospects. With that, I'll turn it over to Mike to discuss Oxford's segment.

這項收入成長的改善，來自於我們持續推動將服務延伸至更廣泛的客戶群，並擴大整體客戶組合；隨著我們看到 IT 支出回升以及部分重點客戶改善（特別是在金融與政府服務產業），我們預期收入成長前景將進一步提升。接下來我把時間交給 Mike，請他說明 Oxford 部門。

Thanks, Rand. The Oxford includes Oxford International, Oxford Health Care Technology, (inaudible) and, starting this quarter, Life Sciences Europe. The Oxford segment had revenues of $146.6 million for the second quarter of 2015, a 7.4% increase over the second quarter of 2014 and an 8.0% sequential increase over the first quarter of 2015. On a constant currency basis, with consideration for the strengthening US dollar against the Euro, the year-over-year growth was 10.7%.

謝謝，Rand。Oxford 包括 Oxford International、Oxford Health Care Technology、（聽不清）以及自本季起納入的 Life Sciences Europe。Oxford 部門 2015 年第二季營收為 1.466 億美元，較 2014 年第二季增加 7.4%，並較 2015 年第一季季增 8.0%。以固定匯率基礎（考量美元兌歐元走強）計算，年增率為 10.7%。

Second quarter results include revenue contribution of $2.2 million from a small life sciences staffing business in the Netherlands, which was acquired during the quarter. Revenues, excluding the contribution of this acquisition, were up 5.8% over the second quarter of 2014 to $144.8 million and up 9.1% to $140 million on a constant currency basis. Gross margin for the quarter was 41.5% compared to 41.9% for the second quarter of 2014, decreasing only slightly due to competitive pressures, business mix issues and our ongoing focus on larger accounts.

第二季結果包含本季收購的一家位於荷蘭的小型生命科學人力派遣業務所貢獻的 220 萬美元營收。若排除該收購案的貢獻，營收為 1.448 億美元，較 2014 年第二季增加 5.8%；以固定匯率計則較去年增加 9.1% 至 1.40 億美元。本季毛利率為 41.5%，相較 2014 年第二季的 41.9% 略為下降，主要因競爭壓力、業務組合因素，以及我們持續聚焦於較大型客戶。

Our temp staffing service revenues for the second quarter of 2015 were $124.2 million, a 4.3% increase over the second quarter of 2014 and 8.2% on a constant currency basis. Excluding the contribution was $2.2 million from the acquisition I just mentioned, revenues were $122.2 million, a 2.5% increase over last year and 6.3% on a constant currency basis. Our permanent placement service revenues grew 28.4% year-over-year to $22.4 million.

我們 2015 年第二季的臨時派遣服務營收為 1.242 億美元，較 2014 年第二季增加 4.3%；以固定匯率計增加 8.2%。若排除我剛提到的收購案所貢獻的 220 萬美元，營收為 1.222 億美元，較去年增加 2.5%；以固定匯率計增加 6.3%。我們的永久任用（正職媒合）服務營收年增 28.4% 至 2,240 萬美元。

Cyber Coders accounted for 93% of the total and was up 28% year-over-year for their best quarter on record. Oxford's European revenues accounted for $21.2 million or 14.5% of segment revenues in the second quarter versus $19.4 million or 14.2% in the quarter of 2014. European revenues were up 32.8% year-over-year on a constant currency basis.

CyberCoders 佔總額的 93%，年增 28%，創下其歷來最佳季度表現。Oxford 的歐洲營收在第二季為 2,120 萬美元，占部門營收 14.5%；相較之下，2014 年第二季為 1,940 萬美元，占 14.2%。以固定匯率計，歐洲營收年增 32.8%。

Our revenue growth for the second quarter was the result of growth in our key accounts, our focus on assigning individual consultants with our targeted skills disciplines, increased for demand for EMR implementation and optimization projects and strong firm placement activities.

我們第二季的營收成長，來自於重點客戶的成長、我們專注於派任具備目標技能領域的個別顧問、對 EMR（電子病歷）導入與最佳化專案需求增加，以及強勁的正職媒合活動。

We anticipated this growth to continue into the third quarter, although somewhat tempered by summer vacations and holiday schedules across the US and Europe. Ed, now over to you.

我們預期這項成長將延續至第三季，但會受到美國與歐洲暑期休假與假期排程的影響而略為趨緩。Ed，接下來交給你。

Thanks, Mike. Before reviewing the financial results for the quarter, I'd like to bring four items to your attention. First, we acquired two businesses during the quarter, Creative Circle and a small life sciences business in Europe. The operative results of those businesses are included in our consolidate results from the date of acquisition through the end of quarter. The revenue contributions from these acquisitions totaled $21.8 million.

謝謝，Mike。在檢視本季財務結果之前，我想先提醒各位四點。第一，我們在本季收購了兩項業務：Creative Circle，以及歐洲一家小型生命科學業務。這些業務自收購日起至季末的營運結果已納入我們的合併報表。這兩項收購的營收貢獻合計為 2,180 萬美元。

Secondly, our previously announced financial estimates did not include Creative Circle. Consequently, in order to see how we performed to our previously announced financial estimates, I'm going to also comment or on results that have been adjusted to exclude Creative Circle. Thirdly, we configured our operational segments as a result of operational changes that occurred during the quarter.

第二，我們先前公布的財務預估並未包含 Creative Circle。因此，為了檢視我們相對於先前公布之財務預估的表現，我也會評論已調整、排除 Creative Circle 影響後的結果。第三，由於本季發生的營運變動，我們重新配置了營運部門。

Instead of three operating segments, we now have two, Apex and Oxford, our Life Sciences Europe business, which previously was a separate operating segment is now included in our Oxford segment. We restated our historical operating and statistical data to reflect this change and that data is included in tables in our press release. With respect to Creative Circle, It's included in our Apex segment.

我們不再是三個營運部門，而是兩個：Apex 與 Oxford；先前作為獨立營運部門的 Life Sciences Europe 現已納入 Oxford 部門。我們已重編歷史營運與統計資料以反映此變更，相關資料已列於新聞稿的表格中。至於 Creative Circle，則納入 Apex 部門。

Fourthly, we referenced constant currency revenues and growth rates in our press release and our prepared remarks. Constant currency amounts for the quarter were calculated using the foreign exchange rates for the second quarter of last year.

第四，我們在新聞稿與事先準備的發言稿中引用了固定匯率的營收與成長率。本季的固定匯率金額係使用去年第二季的外匯匯率計算。

Now on to the review of the financial results for the quarter. On a reported basis revenues for the quarter were $485.3 million. up 11.7% year-over-year. On a constant currency basis, revenues were $4.6 million higher than reported revenues and totaled $489.9 million. On a constant currency basis revenues were up 12.8% year-over-year.

接下來檢視本季財務結果。按公告口徑，本季營收為 4.853 億美元。年增 11.7%。以固定匯率計，營收較公告數高出 460 萬美元，合計為 4.899 億美元。以固定匯率計，營收年增 12.8%。

Excluding the contribution from the two acquisitions, two businesses acquired during the quarter, revenues were $463.5 million, up 6.7% year over year and above the high end of our estimates for the quarter. On a constant currency and excluding, the contribution of acquisitions during the quarter, revenues were $468.1 million, up 7.8% year-over-year.

若排除本季收購的兩項業務之貢獻，營收為 4.635 億美元，年增 6.7%，且高於我們本季預估區間的上緣。以固定匯率且排除本季收購貢獻計，營收為 4.681 億美元，年增 7.8%。

On a reported basis our contract revenues were $456.6 million, up from $413 million in the second quarter of last year, our direct hire and conversion revenues were $28.7 million, up from $21.5 million in the second quarter of 2014. Our direct hire and conversion revenues accounted for 5.9% of total revenues, up from 4.9% of total revenues in Q2 of last year.

按公告口徑，我們本季合約收入為 4.566 億美元，高於去年第二季的 4.13 億美元；直接聘僱與轉任收入為 2,870 萬美元，高於 2014 年第二季的 2,150 萬美元。直接聘僱與轉任收入占總營收 5.9%，高於去年第二季的 4.9%。

CyberCoders accounted for 27.9 of our (inaudible) revenues or 72.6% of the total and Creative Circle accounted for $1.5 million. Our gross margin for the quarter was 32.7%, same for the second quarter of 2014 Excluding the contribution from Creative Circle, our gross margin was 32.2%, down 50 basis points year-over-year. The compression in margin was primarily related to the change in business mix and higher growth and pay rates relative to bill rates. SG&A expenses were $118.9 million or 24.5% of revenues compared with $99.6 million or 22.9% of revenues in the second quarter of 2014.

CyberCoders 貢獻了我們（聽不清）收入的 2,790 萬美元，或占總額的 72.6%；Creative Circle 貢獻 150 萬美元。本季毛利率為 32.7%，與 2014 年第二季相同。排除 Creative Circle 的貢獻後，我們的毛利率為 32.2%，年減 50 個基點。毛利率下滑主要與業務組合變化，以及薪資成長與支付費率相對於計費費率的增幅較高有關。SG&A 費用為 1.189 億美元，占營收 24.5%；相較之下，2014 年第二季為 9,960 萬美元，占營收 22.9%。

SG&A for the quarter included 6$.9 million in acquisition, integration and strategic planning expenses, most of which related to the Creative Circle acquisition, $4 million in SG&A from Creative Circle, and $0.5 million related to the write-off of an IT application.

本季的SG&A包含6$.9百萬美元的併購、整合與策略規劃費用，其中大部分與Creative Circle的收購相關；另包含來自Creative Circle的400萬美元SG&A，以及與一項IT應用程式沖銷相關的50萬美元。

SG&A also included the expense related to our hiring surge. Excluding Creative Circle, the average number of self consultants and recruiters for the quarter was 1,190 up from 1,670 in the second quarter of 2014. Adjusted income from continuing operations for the quarter was $32.3 million or $0.61 per diluted share, excluding the contribution from Creative Circle, adjusted income from continuing operations was $28.8 million or $0.55 per diluted share and close to the high end of our financial estimates. Please note that the calculation of adjusted earnings per diluted share can be found in our press release.

SG&A亦包含與我們招聘激增相關的費用。排除Creative Circle後，本季自有顧問與招募人員的平均人數為1,190人，較2014年第二季的1,670人增加。本季持續營運的調整後淨利為3,230萬美元，或每股稀釋後0.61美元；排除Creative Circle的貢獻後，持續營運的調整後淨利為2,880萬美元，或每股稀釋後0.55美元，且接近我們財務預估的高端。請注意，調整後每股稀釋盈餘的計算方式可於我們的新聞稿中查閱。

Adjusted EBITDA on a reported basis was $56 million or 11.5% of revenues, excluding the $4.9 million contribution from Creative, adjusted EBITDA was $51.1 million, which was also close to the high end of our financial estimates. Our income from continuing operations was also within our financial estimates after considering the acquisition and integration expenses of $6.9 million and the $3.8 million write-off of loan cost related to our debt refinancing. Cash flows from operating activities were $32.5 million and capital expenditures were $5.3 million. Free cash flow for the quarter was $27.2 million.

按申報口徑，本季調整後EBITDA為5,600萬美元，佔營收11.5%；排除Creative的490萬美元貢獻後，調整後EBITDA為5,110萬美元，同樣接近我們財務預估的高端。在考量690萬美元的併購與整合費用，以及與我們債務再融資相關的380萬美元貸款成本沖銷後，我們的持續營運所得亦落在財務預估範圍內。營運活動現金流為3,250萬美元，資本支出為530萬美元。本季自由現金流為2,720萬美元。

Turning to our individual operating segments. Our Apex segment accounted for 69.8% of total revenues, Apex's revenues which includes Creative Circle were $338.7 million, up 13.7% year-over-year, excluding Creative Circle Apex's revenues were up 7.1% year-over-year. Apex's gross margin for the quarter was 28.8%, up 40 basis points from Q2 of last year, excluding creative, Apex's gross margin was 27.9%, compared with 28.4% in the second quarter last year.

接著看各個營運部門。我們的Apex部門佔總營收的69.8%；Apex的營收（包含Creative Circle）為3.387億美元，年增13.7%；排除Creative Circle後，Apex營收年增7.1%。Apex本季毛利率為28.8%，較去年第二季上升40個基點；排除Creative後，Apex毛利率為27.9%，相較去年第二季的28.4%。

Our Oxford segment accounted for 32.2% of total revenues. Oxford's revenues for the quarter were $146.6 million, up 7.4% year-over-year and up 10.7% on a constant currency basis. Excluding the revenue contribution of the acquired business, Oxford's revenues were $144.4 million, up 9.1% on a constant currency basis. Oxford's gross margin for the quarter was 41.5%, down 40 basis points year-over-year.

我們的Oxford部門佔總營收的32.2%。Oxford本季營收為1.466億美元，年增7.4%，以固定匯率計年增10.7%。排除收購業務的營收貢獻後，Oxford營收為1.444億美元，以固定匯率計年增9.1%。Oxford本季毛利率為41.5%，年減40個基點。

The closing of the Creative Circle acquisition our funded debt was $875 million and subsequent to closing, we voluntarily paid $25 million. At quarter end, our bank indebtedness was $850 million, and our leverage ratio, which is total indebtedness to trailing 12-month adjusted EBITDA was 3.51.

Creative Circle收購案完成交割時，我們的有擔保負債為8.75億美元；交割後我們自願償還2,500萬美元。截至季末，我們的銀行借款為8.50億美元；槓桿比率（即總負債／過去12個月調整後EBITDA）為3.51。

Now turning to our financial estimates for the third quarter of 2015. We estimate revenues of $550 million to $555 million, adjusted income per diluted share of $0.74 to $0.77, and adjusted EBITDA of $69 million to $71.5 million.

接著說明我們對2015年第三季的財務預估。我們預估營收為5.50億至5.55億美元，每股稀釋後調整後盈餘為0.74至0.77美元，調整後EBITDA為6,900萬至7,150萬美元。

These estimates do not include any acquisition, integration or strategic planning costs. Our estimates assume consolidated revenue growth of approximately 8.5%, before the contribution from our two-two acquisitions, and a 9.4% growth on a pro forma basis. Pro forma growth rates assumes the acquisitions occur at the beginning of 2014.

上述預估不包含任何併購、整合或策略規劃成本。我們的預估假設：在不計入我們兩項收購案貢獻之前，合併營收成長約8.5%；以備考（pro forma）基礎計成長9.4%。備考成長率假設收購於2014年初即已發生。

The operating segment, we are estimating pro forma growth of approximately 9.5% for Apex and 8.9% for Oxford. These growth rates are higher than the year-over-year growth rates for the preceding quarter. Let's turn it back over to Peter.

就營運部門而言，我們預估Apex的備考成長約9.5%，Oxford約8.9%。這些成長率高於前一季的年增率。接下來把時間交還給Peter。

Thank you, Ed. We continue to believe we are well positioned to take advantage of what we believe will be historical secular growth rates for the entire staffing industry and dynamic changes in the technology world as we move forward into a more digital one. While the entire On Assignment team is very proud of our performance, we remain focus to continue to profitably grow our business and increase our growth rates.

謝謝你，Ed。我們持續相信，隨著我們邁向更數位化的未來，我們已具備良好定位，可把握我們認為整個人力派遣產業將出現的歷史性結構性成長率，以及科技世界的動態變化。儘管On Assignment全體團隊都為我們的表現深感自豪，我們仍專注於持續以獲利方式擴大業務並提升成長率。

I would like to, once again, thank our many loyal, dedicated and talented employees whose efforts have allowed us to progress where we are today. I would like to now open the call to participants for questions. Operator?

我想再次感謝我們眾多忠誠、敬業且才華洋溢的員工，正是他們的努力讓我們走到今天。我現在想開放與會者提問。接線員？

Thank you. (Operator Instructions). Our first question today will come from the line of Tobey Sommer. Please go ahead.

謝謝。（接線員指示）。今天的第一個問題來自Tobey Sommer。請開始。

Thank you. I want to ask a question about the reacelerated top line. To what extend do you ascribe that to, increase in market demand or perhaps conversely the ramping of productivity of the new hires, both recruiters and sales people that you've made in recent quarters?

謝謝。我想問一個關於營收端重新加速的問題。你們在多大程度上將其歸因於市場需求增加，或相反地，歸因於你們近幾季新聘人員（包含招募與業務人員）生產力的爬坡提升？

Yes, so speaking broadly, both for Apex and Oxford, Tobey, it's just really hard work and broadening our customer base, taking advantage where there's accelerated spend, as Rand spoke of in some of our non-major money bank customers. And, really, was held back by the fact that we still are seeing slightly negative growth year-over-year from the big banks and from government services, and we believe that will change as it always does, and we're closer to that inflection point, but we still haven't seen it.

是的，Tobey，概括來說，無論是Apex或Oxford，這主要就是努力工作並擴大客戶基礎，並在支出加速的領域把握機會，正如Rand提到的，我們在一些非大型貨幣中心銀行客戶身上看到了這點。而且，確實仍受到一些因素牽制：我們仍看到大型銀行與政府服務的年增率略為負值；我們相信這會像以往一樣改變，我們也更接近那個拐點，但目前仍尚未看到。

As you can see from the numbers we recorded tonight, we've hired a number of people. The end of the third quarter is really the defining point to see what kind of return we're going to get from those people. We are starting to see some early signs because we've seen a reaccelerating of revenue.

從我們今晚公布的數字你可以看到，我們已聘用了不少人。第三季末其實是觀察我們將從這些人身上獲得何種回報的關鍵時間點。我們開始看到一些早期跡象，因為我們已看到營收重新加速。

Right. In terms of the pricing environment, I was wondering what you're seeing for bill rates and bill pay spreads.

了解。就定價環境而言，我想知道你們在計費單價（bill rates）以及計費與支付價差（bill pay spreads）方面看到什麼情況。

Yes. You know, we made a conscious decision in the first six months of the year that we were going to be a little more receptive to certain pricing discussions than we had in the past, while some of our customers have been frozen in their spending, and it was reflected in the numbers, all the though they're above industry standards.

是的。你知道的，我們在今年前六個月做了一個有意識的決定：在某些定價討論上，我們會比過去更願意接受一些調整，因為部分客戶的支出一直處於凍結狀態；這也反映在數字上，儘管它們仍高於產業標準。

They were a little bit of a compression year-over-year, that was a conscious decision, a controlled decision, and we think as we get to anniversaries on rate cards that some of the bill pay compression we've seen in certain select accounts will dissipate, but the market is the market right now. It's not bad. It's not rip roaring good with regard to pricing conversations, and it's competitive, and we're kind of weaving ourselves in there strategically and thoughtfully and we think that, that wind should lessen a little bit as we move through the year.

年對年來看確實有些微壓縮，那是有意識且可控的決策；我們認為，隨著我們在費率表（rate cards）上進入週期性周年調整，一些我們在特定少數客戶帳戶中看到的計費與支付壓縮將會消退，但目前市場就是市場。它不差。就定價對話而言，它也稱不上非常火熱，競爭激烈；我們正以策略性且審慎的方式切入其中，我們認為隨著今年推進，那股逆風應該會稍微減弱。

Okay. And my last question, I'll get back in the queue, is if I were to look at staffing gross margins from 2Q into your guidance for 3Q, what might those look like? Would there be a little bit of compression sequentially or would they be relatively stable?

好的。我最後一個問題，之後我會回到排隊隊伍裡，是如果我看從第二季到你們對第三季的指引，派遣（staffing）的毛利率可能會是什麼樣子？會不會季對季有一點壓縮，還是會相對穩定？

Q3 to Q2?

第三季對第二季？

Q2 to Q3. Just wondering what underneath-.

第二季到第三季。只是想了解一下背後—。

They're pretty stable. And we broke out I think what happened in the quarter. But we are starting, especially on the Oxford side, we are starting to see the bill pay spread move back up and that's where we would expect to see it occur first for a variety of reasons. There's a lot more pricing discussions that occur everyday and they work as much off of a rate card.

相當穩定。而且我想我們也拆解了本季發生了什麼。但我們開始看到，特別是在 Oxford 這邊，帳單與薪資之間的價差（bill-pay spread）回升，而基於各種原因，我們預期會先在那裡看到改善。每天都有更多的定價討論，而且他們在很大程度上是依據費率表（rate card）來運作。

Is there an area, Mike, in which you're kind of seeing your heat map pick up, if you can mention it? I understand that you might not want to competitive reasons.

Mike，有沒有哪個領域你們的熱度圖（heat map）開始升溫、如果你方便提一下？我理解你可能因為競爭因素不想說。

I think, as Peter said, It's been across the board. I think, as you know, we opened the door last year to be a little bit more flexible in terms of our market percentage and we're starting to tighten that down a little bit across all of our disciplines and we're seeing positive response across all of our disciplines from our clients.

我想，如 Peter 所說，是全面性的。我想你也知道，我們去年在市場占比方面把彈性放大了一些，而現在我們開始在所有專業領域把它收緊一點；我們也看到客戶在所有專業領域都給了正面的回應。

Okay, thank you very much.

好的，非常感謝。

Next we'll go to the line of [Edward Kussle].

接下來我們請 [Edward Kussle] 發問。

Hi, thank you. I'm curious, you sort of rolled everything up into two groups here, but are you really manage them in far more groups than that? Is this just torturous from a model perspective having to change it? How are you actually running the business? Thanks.

嗨，謝謝。我很好奇，你們把所有內容彙總成兩個群組，但你們實際上是不是以更多群組在管理？這只是從模型角度來看，因為要改而變得很折磨人嗎？你們實際上是怎麼經營這個業務的？謝謝。

Yes, I mean we get granular detail, but this is how the business going to be managed on a go forward basis.

是的，我們確實會看很細的明細，但未來這就是我們管理業務的方式。

And just sort of understanding your commitment to Europe, I thought you were sort of bias to the US and sort of surprised that you did a European acquisition.

另外想了解你們對歐洲的承諾；我原本以為你們比較偏重美國，所以有點意外你們做了歐洲的收購。

So, it's, as we say in Texas, it's small, it's very small, but it was an ability to become dominant scientific staffing firm in the Netherlands, which is a very socialistic, regulated labor environment, which makes it very productive staffing market to serve, and we were able to fold the two together and get scale and further consolidation and it was dominiums. I mean it was $10 million in total revenue?

所以，正如我們在德州會說的，它很小、非常小；但這讓我們有機會成為荷蘭占主導地位的科學派遣公司。荷蘭是一個非常社會主義、勞動市場高度管制的環境，這反而使其成為一個非常有生產力、值得服務的派遣市場；我們也能把兩者整合在一起，取得規模並進一步整併，而且那是 dominiums。我的意思是，總營收是 1,000 萬美元？

Less than that.

比那還少。

Less than $10 million in total revenue for the little acquisition. So it was thoughtful. I don't think, Ed, you should feel like we have switched from what we said at our analyst day, that we're primarily focused domestically that there's so much opportunity on tap for us, that this was just a thoughtful, easy thing to do to strengthen the positioning of our scientific staffing group in the Netherlands.

這個小型收購的總營收不到 1,000 萬美元。所以這是經過深思熟慮的。Ed，我不認為你應該覺得我們已經偏離了在分析師日所說的：我們主要聚焦於美國本土，因為我們有非常多的機會；這只是個審慎、容易執行的動作，用來強化我們科學派遣團隊在荷蘭的市場定位。

Okay, thank you.

好的，謝謝。

Thank you. Our next questions comes from the line of Sara Gubins. Please go ahead.

謝謝。下一個問題來自 Sara Gubins。請發問。

Hi, thanks, good afternoon. What was the timing of when you started to get a little bit more aggressive on pricing?

嗨，謝謝，午安。你們是從什麼時候開始在定價上變得更積極一些？

Yes, it was late. It was kind of late 2014 and kind of the first part of 2015, Sara, and it has to do some with rate card on the Oxford side, on the onesy twosy business, as spending levels were a little bit compressed to be a little more receptive. But it wasn't wholesale change, it was just more strategically reactive account by account.

是的，時間點偏晚。大概是 2014 年底到 2015 年初，Sara；這也部分與 Oxford 端的費率表（rate card）有關，在零星的小案子（onesy twosy business）上，因為支出水準有點被壓縮，所以我們更願意接受調整。但這不是全面性的改變，只是更有策略地、逐一帳戶做出反應。

Okay. And it wasn't Apex, it was more Oxford?

了解。所以不是 Apex，而是比較偏 Oxford？

It was both.

兩者都有。

Okay. Could you talk about the kinds of products where you're seeing strengths or weakens in Oxford and Apex as opposed to type of client?

好的。你能談談在 Oxford 和 Apex 你們看到哪些產品類別較強或較弱，而不是以客戶類型來區分嗎？

Well, beyond what we said in our prepared remarks, the industries we're seeing, of course, on the local mid market accounts we're seeing pretty robust growth, in our major money center banks and government services, we're seeing kind of a small year-over-year negative growth rate, and then, where we're seeing the best spend is in business services, telecommunications, digital, creative, and then for Oxford we're continuing to see their core business kind of higher end business analytics regulatory, regulatory affairs, and then ERP implementation do well.

嗯，除了我們在事先準備的講稿中提到的之外，我們看到的產業面向是：當然，在本地中型市場客戶（local mid market accounts）我們看到相當強勁的成長；在大型貨幣中心銀行（major money center banks）與政府服務方面，我們看到年對年成長率小幅為負；而支出表現最好的領域是在商業服務、電信、數位、創意。至於 Oxford，我們持續看到其核心業務表現不錯，例如較高端的商業分析、法規／法規事務（regulatory / regulatory affairs），以及 ERP 導入。

Great. Just last, could you help us think about what you're expecting for Creative Circle in the third quarter? Will you continue to break that out for a bit until we lap the acquisition?

很好。最後一個問題，你能幫我們想一下你們對第三季 Creative Circle 的預期嗎？在收購滿一年之前，你們會不會繼續把它拆開揭露一段時間？

I don't think we're breaking out the revenues. Are we, Ed, outside the segment?

我不認為我們會把營收拆出來。Ed，我們會在部門之外另外揭露嗎？

No. Going forward we won't, but as it relates just to the near-term, Q3, it will probably be approximately $70 million contribution from Creative.

不會。未來我們不會，但就短期而言、第三季，Creative 的貢獻大概會是 7,000 萬美元左右。

Okay, thank you.

好的，謝謝。

We'll go to the line of George Tong. Please go ahead.

接下來請 George Tong 發問。請說。

Hi, good afternoon. Can you discuss what indications help give you confidence for a closer to an inflection point in money center IT spending and what expectations you have Incorporated into your guide dabs?

嗨，午安。你能談談有哪些跡象讓你們對貨幣中心銀行 IT 支出更接近拐點（inflection point）更有信心？以及你們在指引中納入了哪些預期？

Well, Rand, let me just make a generic comment and then you can add. I don't think we really have embedded anything in our expectations unless the work has been rewarded and released, but we are having a lot more conversations about projects that they're contemplating and closer to releasing than we had previously. And Rand has visited with the key decision makers of the two of the larger banks and can give you some color. Rand?

嗯，Rand，我先做個一般性的評論，然後你再補充。我不認為我們在預期中真正納入了什麼，除非工作已經獲得核准並釋出；但我們正在進行更多對話，討論他們正在考慮、且比以前更接近釋出的專案。而 Rand 也拜訪了兩家較大型銀行的關鍵決策者，可以提供一些背景。Rand？

I think it's what you said, Peter. I think it's really when do they intend to spend and they have their own earnings numbers to hit and certain initiatives, and I think we've said on this call, in previous quarters, that some of these banks went through major mergers that work has kind of passed, now they have to consolidate infrastructure, and with that comes opportunities.

我想就是你說的那樣，Peter。重點其實在於他們打算何時支出；他們也有自己的獲利數字要達成，以及一些特定的倡議。我想我們在這通電話、以及前幾季都提過，其中一些銀行經歷了大型併購，那些工作大致已經過去了；現在他們必須整合基礎設施，而這會帶來機會。

When the bank decides to let go or move forward on those initiatives is their decision, of course.. We want them to know we'll be right there with them to help them.

當銀行決定要放行或推進那些倡議，當然是他們的決定。我們希望他們知道，我們會在那裡隨時協助他們。

Got it. And can you elaborate on the gross margins this quarter, down slightly in Oxford and Apex, if you exclude Creative Circle and why you think margins will continue to tick back up as you move forward throughout 2015?

了解。另外，你能否進一步說明本季毛利率：若排除 Creative Circle，Oxford 與 Apex 的毛利率略為下滑；以及為什麼你們認為在 2015 年接下來的時間裡毛利率會持續回升？

Yes, George, as we previously said, some is just anniversarying some rate cards, some of it is a conscious decision on the kind of a onesy twosy business, to just go ahead and start pricing it differently and the receptiveness we've received from the customers in through those conversations.

可以，George，如我們先前所說，一部分只是費率表（rate card）到期的比較基期因素；另一部分是在零星小案子（onesy twosy business）上，我們有意識地決定改用不同的定價方式，以及我們在與客戶的對話中所獲得的接受度。

Got it. And then, I guess, last question for me. How do you think about potential cost synergies that Creative Circle might contribute to the business?

了解。然後，我想，對我來說最後一個問題。你們如何看待 Creative Circle 可能為業務帶來的潛在成本綜效？

So, you know, as we've said when we announced the transaction, accretiveness of the transaction, the strategy of doing the deal were not based on cost synergies. And we'll be thoughtful about it, but that's not the primary focus of why we came together.

所以，你知道，正如我們在宣布這筆交易時所說，這筆交易的增益性（accretiveness）以及進行這筆交易的策略，並不是建立在成本綜效之上。我們會審慎思考，但這不是我們走到一起的主要原因。

Thank you.

謝謝。

Next we'll go to the line of Jeff Silber. Please go ahead.

接下來我們轉到 Jeff Silber 的線路。請發言。

Thank you so much. When you announced the Creative Circle acquisition, I believe in May, you had a slide in your presentation with estimated pro forma results for the current year and I'm just wondering if you're still comfortable with that outlook.

非常感謝。當你們在我記得是五月宣布收購 Creative Circle 時，你們在簡報中有一張投影片，提供了本年度的預估備考（pro forma）結果，我只是想知道你們是否仍對那個展望感到有把握。

For the second half of the year?

針對下半年？

Second half of the year, correct.

對，下半年，沒錯。

Yes, I think so.

是的，我想是的。

Okay.

好的。

You know, I think the guidance implies, you know, sequential growth in the fourth quarter and we're fine with it, Jeff.

你知道，我認為指引意味著第四季會有季比（sequential）成長，我們對此沒問題，Jeff。

Okay, good to hear. And then this, I apologize, this may be a stupid question but I'm asking about the segmentation because you had mentioned, to a previous question, that you're running your business based on these segments.

好的，很高興聽到。然後這個——抱歉，這可能是個蠢問題——但我想問的是分部（segmentation），因為你們在回答前一個問題時提到，你們是依照這些分部來經營業務。

Why is the Creative Circle division now apart of Apex? Why not apart of Oxford? Are you going to be trying to sell it with Apex? And the same thing with the sciences business, you've got the Life Sciences European business in Oxford, I think you have the US Lab Support business in Apex? I'm trying to understand the rationale between the different segments.

為什麼 Creative Circle 事業部現在歸在 Apex 之下？為什麼不是歸在 Oxford 之下？你們會嘗試和 Apex 一起銷售它嗎？同樣地，在科學業務方面，你們把生命科學的歐洲業務放在 Oxford，我想你們把美國的 Lab Support 業務放在 Apex？我想了解不同分部之間這樣劃分的理由。

Right, so the cross selling an the sharing of customers is probably greatest between Apex and Creative and trying to get on one another's vendor customer list. Apex, because they tend to do more large number of placements per account, can help more there and they're seeing it in their business as they speak and they've been subcontracting some of that work to Creative Circle competitors.

對，所以交叉銷售以及客戶共享，可能在 Apex 與 Creative 之間最為明顯，並且彼此嘗試進入對方的供應商／客戶名單。Apex 因為每個客戶帳戶通常能做較大量的派遣（placements），在這方面更能提供協助；他們在業務上也正看到這點，而且他們過去一直把其中一些工作分包給 Creative Circle 的競爭對手。

As it relates to why Lab Support Europe, the gentleman who runs our Oxford European operation is overseeing the Lab Support Europe business and the vast majority of our revenues, almost all of our revenues at this point in Europe, are under his supervision and control, and they tend to be more broad spread and smaller penetration per account, and it fits well with their business model.

至於為什麼 Lab Support Europe（歐洲實驗室支援）——負責我們 Oxford 歐洲營運的那位主管也在管理 Lab Support Europe 業務；而且目前我們在歐洲的營收絕大多數、幾乎全部，都在他的監督與掌控之下；這些業務通常分布更廣、單一客戶帳戶的滲透率較小，與他們的商業模式很契合。

Okay, got it. Thanks so much.

好的，了解。非常感謝。

We'll go to the line of Gary Bisbee. Please go ahead.

我們轉到 Gary Bisbee 的線路。請發言。

Hi, guys, good afternoon. I heard all of the comments on pricing. What about the pay rate side of it? Has that changed much or is the gross margin compression more of a factor of pricing than any escalating pay rate?

嗨，各位，下午好。我聽到了所有關於定價的評論。那薪資（pay rate）那一端呢？那部分有很大變化嗎？還是毛利率的壓縮更多是定價因素，而不是薪資上升所致？

You know, what I would say to that, Gary, is it's been more kind of resistance from the customer at this point. On some of the larger customers, there's a sensitivity and an awareness that there's wage inflation, but as you've heard us say time and time again, if they're close to an anniversary, they say we understand the pressure you're under, but just let's wait a bit and do it in connection with the renewal of the rate card.

Gary，對此我會說，目前更多是來自客戶端的某種抗拒。在一些較大的客戶上，他們對薪資通膨是敏感且有認知的；但如同你一再聽我們說的，如果接近合約週期點，他們會說我們理解你們承受的壓力，但先等等，等到更新費率表（rate card）續約時再一起調整。

Right.

了解。

So I think some of it is just looking at work that we would've ordinarily maybe not have accepted and it is move in the right direction. Go ahead, Rand.

所以我想其中一部分只是我們在看一些原本可能不會接的工作，而這正朝正確方向發展。Rand，你接著說。

Peter, can I add something to this? Gary, listen. There are pricing pressures both on the bill rate and, of course, when we have that, we move it to the pay rate and we move the pay rates down where we can. And it really is a function of the skill types we're looking at and the availability of that skill, as well as the different kinds of clients an accounts in different markets.

Peter，我可以補充一下嗎？Gary，你聽我說。帳單費率（bill rate）有定價壓力，當然，當我們遇到這種情況時，我們也會反映到薪資（pay rate）端，並在可行之處把薪資往下調。這其實取決於我們要找的技能類型、該技能的供給情況，以及不同市場中不同類型的客戶與帳戶。

So, we've said, on this call before, that certain skill types have higher gross margin, have higher markups and higher bill rate, pay rate differentials in certain accounts in certain industries, mid market versus a large account, have different kinds of profiles. So depending on the portfolio of business and the kind of work we're doing for those clients, there can be movement in our markups and our gross margin rate that has nothing to do with the price pressure it has do with the nature of the work that we're supporting and that's what you see going on, I'm sure, both in Oxford and Apex.

所以我們之前在這通電話裡也說過，某些技能類型的毛利率較高、加價幅度（markups）較高，且在某些帳戶、某些產業中，帳單費率與薪資之間的差距也較大；中型市場（mid market）相較於大型客戶帳戶，會有不同的樣貌。因此，取決於我們的業務組合，以及我們為這些客戶所做工作的類型，我們的加價幅度與毛利率可能會出現變動，而這與定價壓力無關；而是與我們所支援工作的性質有關——我相信你在 Oxford 和 Apex 都看到這種情況。

Okay, great. To continue on that theme. Are you having more difficulty finding qualified people to fill the jobs with the right skills as the labor market tightens or has that not been an issue at all to date?

好的，很好。延續這個主題。隨著勞動市場趨緊，你們在找到具備正確技能、能勝任職缺的合格人選方面是否更困難？還是到目前為止完全不是問題？

That's not, it's always an inhibitor to growth but I don't think it's any more forceful than it has been and as you've seen we accelerated our growth rate so that would argue that we can handle the tightness.

這不是——它一直都是成長的抑制因素，但我不認為它比以往更嚴重；而且如你所見，我們的成長率加速了，這也表示我們能應對市場緊俏。

Okay, then, Peter, you said it your prepared remarks at the beginning, that based on trends to date, or something like that, you expected the accelerating growth or the better growth in Q1 would continue. Any other color you could give us on the confidence in that statement and maybe, other than what you've said today? Thanks.

好的，那麼，Peter，你在一開始的準備稿中提到，根據目前為止的趨勢之類的，你預期第一季的加速成長或較佳成長會延續。除了你們今天已說的之外，能否再多提供一些讓我們對那句話有信心的細節？謝謝。

No, I mean, I would just refer you back to our prepared remarks where one, we gave you the two-week average of contract revenue growth year-over-year. And two, Ed' s comments about what the implicit growth rate is on a constant currency basis that's embedded in the third quarter guidance, and I think that's enough.

沒有，我的意思是，我只會請你回去看我們的準備稿：第一，我們給了你合約營收年增率的兩週平均數。第二，Ed 對第三季指引中、以固定匯率（constant currency）計算所隱含的成長率做了評論，我想這就夠了。

Okay, fair enough. Thank you.

好的，合理。謝謝。

Thank you. We'll go to the line of Randy Reece. Please go ahead.

謝謝。我們轉到 Randy Reece 的線路。請發言。

Hi. One technical question here. Was there any alteration in of calculation of adjusted EPS after the recent acquisitions?

嗨。這裡有一個技術性問題。最近的收購之後，調整後 EPS 的計算方式有任何變更嗎？

Well, two things, Randy. One is that we at one time had a line item where we took out the excess of CapEx over depreciation tax effected and that became such a dominiums amount and difficult to project out, we just dropped it from the calculation. I think that had a penny a quarter affect.

Randy，有兩點。第一，我們曾經有一個項目會把資本支出（CapEx）超過折舊的部分（稅後）剔除，但那變成一個金額很小、而且很難預估的數字，所以我們就把它從計算中拿掉了。我想那對每季大概影響 1 美分。

And we stopped doing that when, Ed?

我們是什麼時候停止這樣做的，Ed？

Just recently.

就最近。

Recently meaning?

最近是指？

This quarter. And, Randy, the other thing is we did update our numbers for the affects of the two acquisitions, the Life Sciences and Creative Circle, and so the second half of the year on a quarterly basis, there's about a $32 million add-back to get to adjusted earnings (inaudible) I think roughly $0.16, $0.17 a share.

本季。另外，Randy，第二點是我們也更新了兩項收購——Life Sciences 和 Creative Circle——的影響數字，因此下半年按季度來看，為了得到調整後盈餘（inaudible），大約會有 3,200 萬美元的加回（add-back），我想約略相當於每股 0.16、0.17 美元。

Okay. And on the second hand, when it comes to recruiting internal staff, I was wondering, what kind of an environment it has been like for you. Have you been able to hire people quickly for your internaling jobs as you want to?

好的。另外，談到招募內部員工時，我想了解一下，對你們而言目前的招募環境是什麼樣子。你們是否能如你們所希望的那樣，快速為內部職缺招到人？

Yes, you know, it is getting tougher to hire, but you know what, we've made that kind of, job one here, is to make sure we're doing as good of a job internally as we do externally, and you can see from the reported numbers that we've hired lot of people on a net basis.

是的，你知道，招募確實變得更困難了，但你知道嗎，我們把這件事當作這裡的首要任務之一，就是確保我們在內部做得跟對外一樣好；而且你也可以從已公布的數字看到，我們以淨額來看已經招募了很多人。

Very good. Thank you very much.

非常好。非常感謝。

So, Randy, I want to clarify something just so that everybody understands. I know you're very familiar with the sort of the reconciliation of GAAP income to adjusted income, but we do have a table in our earnings release that shows the components and the numbers I had gave you, or the components, those add-backs related to the third quarter and the fourth quarter, so they're going to be a little different than what's presented in the earnings release because they're going up because we're going have a full quarter of creative as opposed to just one month.

所以，Randy，我想澄清一件事，讓大家都能理解。我知道你非常熟悉從 GAAP 淨利到調整後淨利的調節，但我們在財報新聞稿裡確實有一張表，列示各項組成與我剛提供給你的數字（或組成項目）。那些與第三季與第四季相關的加回項目，會跟財報新聞稿中呈現的略有不同，因為它們會增加，原因是我們將會有整整一季的 Creative，而不是只有一個月。

All right.

好。

But It's the same kinds of stuff, the amortization of the intangibles, the cash tax savings.

但內容是同一類的東西，像是無形資產攤銷、現金稅負節省。

The same calculation, Randy, except for that one item that was diminimus.

同樣的計算方式，Randy，只是有一個項目金額非常小（diminimus）。

Yes, it was annoying anyway. Thank you.

是的，反正那也挺惱人的。謝謝。

Thank you. We'll go now to the line of Paul Ginocchio. Please go ahead.

謝謝。接下來我們請 Paul Ginocchio 的線上提問。請說。

Thanks. Just some questions on Creative Circle, if I could. In that $70 million you've given us for the second quarter, what's the pro forma growth rate versus the same quarter a year ago? Also, what the pro forma underlying growth rate for Creative Circle in the first quarter? And then, finally, if I do my calculations right, looks like there was a 25% EBITDA margin for Creative Circle in the second quarter, that's obviously higher than the 21% it averaged, I think, from 2012 to 2014. Why the spike in EBITDA margins? Thanks. I've got one follow-up.

謝謝。如果可以的話，我有幾個關於 Creative Circle 的問題。你們給我們的第二季 7,000 萬美元數字中，與去年同期相比的備考（pro forma）成長率是多少？另外，Creative Circle 第一季的備考基礎成長率是多少？最後，如果我算得沒錯，Creative Circle 第二季的 EBITDA 利潤率看起來是 25%，這顯然高於我記得 2012 到 2014 年平均約 21% 的水準。為什麼 EBITDA 利潤率會出現這樣的跳升？謝謝。我還有一個追問。

As it relates to the growth rates, implied growth rate for Q3, It's roughly, it's going to be mid to high teens, and I think as it relates to Q2, it's probably slightly higher than that, and we're not going to comment on the adjusted EBITDA margin, but I will say It's pretty much inline with what we had disclosed as far as the historical trend.

就成長率而言，第三季的隱含成長率大約會在十幾個百分點的中段到高段；至於第二季，我認為可能會略高一些。我們不會評論調整後 EBITDA 利潤率，但我可以說，它基本上與我們先前揭露的歷史趨勢一致。

And the only other thing that you should train your eye to, Paul, is that in the creative word, less so the digital world, but in the creative world, there tends to be a little bit of seasonality in the summertime. Some of our large agency clients take Fridays off or have half day Fridays, so the spending pattern is slightly different than in the IT world, not necessarily for the digital, but for the pure creative, which is a percentage of their total revenue.

另外你需要注意的一點，Paul，是在創意（creative）領域——數位（digital）領域相對沒那麼明顯，但在創意領域，夏季通常會有一些季節性。我們一些大型代理商客戶週五會休假或週五只上半天班，因此支出模式會與 IT 領域略有不同；這不一定適用於數位，但對純創意業務而言是如此，而純創意占他們總營收的一部分。

And are you guiding to a slowdown because you're seeing a slowdown, or is that just trying to be conservative, or it's got less visibility? Why the slight slowdown in the third quarter? Thanks.

你們對放緩的指引，是因為你們看到放緩正在發生，還是只是想保守一點，或是因為能見度較低？為什麼第三季會略為放緩？謝謝。

It's just as reflected of what we expected for the quarters, for the remainder of 2015.

這只是反映我們對 2015 年剩餘季度的預期。

It's inline with the second half of the year guidance that we've all ready given.

這與我們先前已提供的下半年指引一致。

Okay. Maybe lastly, Pete. You've historically made a lot of acquisitions. I think they've been good. I think if you want to get credit for the good acquisitions, you probably should at least give us one year forward data on Creative Circle. Just my two cents. Thanks.

好的。最後可能想問一下，Pete。你們過去做了很多併購。我認為那些併購都不錯。我覺得如果你們希望市場肯定這些成功的併購，至少應該提供 Creative Circle 往後一年的數據。這只是我的一點建議。謝謝。

Okay, duly noted.

好的，已記下。

Thank you. (Operator Instructions). we'll go to the line of Mark Marcon.

謝謝。(接線員指示)。接下來我們請 Mark Marcon 的線上提問。

Just a follow-up on Creative Circle. Was the rate of growth last year 30% or 29% in terms of Creative Circle?

我再追問一個關於 Creative Circle 的問題。就 Creative Circle 而言，去年成長率是 30% 還是 29%？

Oh, no, Mark. I don't have it on the top of my head, but it was more like 22%, 21%.

喔，不是的，Mark。我一時沒有記在腦中，但比較像是 22%、21% 那樣。

22%, 21%?

22%、21%？

Correct.

沒錯。

And this last quarter was in the 20% range?

那上一季是在 20% 左右？

Correct.

沒錯。

Okay. And this, the mid to high teens, that's?

好的。那十幾個百分點的中段到高段，是指？

No surprise.

不意外。

Just law of larger numbers or how do we think about that?

只是因為基期變大（規模效應），還是我們該怎麼理解？

How they planned on a quarterly basis and what we planned for the business to do as we acquired it.

這取決於他們按季度的規劃方式，以及我們在收購時對這項業務的規劃。

Okay. And how would you think about it, you know, going forward beyond this year? What are their potential for headcount additions internally? What sort of gross margin did they end up seeing on a year-over-year basis?

好的。那你會怎麼看待它在今年之後的未來走勢？他們在內部增加人頭方面的潛力如何？他們在年對年基礎上看到的毛利率大概是多少？

Pretty traditional to what we told you when we did the deal, and they are impressively hiring just like the rest of the division, and I don't know the exact number, and it's tight.

基本上與我們做這筆交易時告訴你們的相當一致；而且他們像部門其他單位一樣，招募表現令人印象深刻。我不知道確切數字，而且情況很吃緊。

Okay. With regards to, going to Apex, the Lab Support business. How is that doing?

好的。談到 Apex 的 Lab Support 業務，表現如何？

Good. Yes, it had a slightly higher growth rate than the Apex segment growth rate excluding creative.

不錯。是的，它的成長率略高於 Apex 部門在排除 creative 後的成長率。

Was it up more than 7%, up 8%, 9%, 10%?

是高於 7% 嗎？是 8%、9%、10%？

Yes, if you look at the numbers, that would be correct.

是的，如果你看那些數字，這樣的判斷是正確的。

Okay, great. And then, how is Oxford doing outside of CyberCoders and outside of the European Lab Support? Just the old traditional Oxford.

好的，很好。那 Oxford 在不含 CyberCoders、也不含歐洲 Lab Support 的情況下表現如何？就是傳統的 Oxford。

If you look at the prepared comments, it says Oxford's segments, temporary staffing revenues, so that's excluding firm, were up 8% on a constant currency basis.

如果你看我們事先準備的講稿，上面寫著 Oxford 各分部的臨時派遣（temporary staffing）營收——也就是不含永久職介紹（perm）——以固定匯率計算年增 8%。

And that's a slight pick up, right?

那算是略有回升，對吧？

Correct.

沒錯。

Okay.

好的。

And probably was a little bit better in the US.

而且在美國可能表現稍微更好一些。

All right. And with regards to, just going back to the traditional Apex, how big is finance and government at this point, and you didn't mention energy, which you mentioned last quarter, so I'm wonder if there's any color there?

好。再回到傳統的 Apex，目前金融與政府業務的占比有多大？另外你們這季沒有提到能源，上季你們有提，所以我想知道這方面有沒有什麼補充說明？

Yes, energy was only 4% or 5%, but finance at the peak was 29 Rand, at 22%, 23%, 24% now?

是的，能源只占 4% 或 5%；但金融在高峰時是 29%——Rand（？），現在是 22%、23%、24% 左右？

Correct, and government's in the high teens, so together, those two were in, say, the low to mid 40s percent of the business.

沒錯，而且政府業務占比在十幾個百分點的高段，所以合計來看，這兩塊大約占業務的40%出頭到40%中段。

Right. Have you soon a pick up in terms of retail accounts?

對。你們近期在零售帳戶方面有看到回升嗎？

Yes. We said in our prepared remarks, Mark, we've seen double digit growth in our local market accounts, mid-markets.

有。我們在事先準備的發言中提到，Mark，我們看到本地市場客戶、中型市場（mid-market）帳戶出現兩位數成長。

I mean, how big is that now?

我是說，現在規模有多大？

Still, what, 20% to 30% of the total revenues of Apex.

仍然大概是 Apex 總營收的20%到30%。

Right.

對。

Great. And then lastly, as we go forward in the year, how are you thinking about where the debt level would probably end up being? What would you anticipate for the second half of the year in terms of cash conversion?

很好。最後，隨著今年往後走，你們對負債水位大概會落在哪裡有什麼看法？就現金轉換而言，你們對下半年有何預期？

All I would tell you is that we demonstrated in the first 45 days of ownership of Creative as of tomorrow, we will have paid off $50 million of debt. We're into generating as much cash and pay off as much debt as we can quickly.

我只能告訴你的是，我們已經在（截至明天）持有 Creative 的前45天裡證明了，我們將償還5,000萬美元的債務。我們會盡可能快速地產生現金並償還盡可能多的債務。

All right, great. I'll follow-up offline. Thanks.

好，太好了。我會私下再跟進。謝謝。

We'll go now to the line of Kevin McVeigh. Please go ahead.

接下來請 Kevin McVeigh 發問。請說。

Great, thanks. Can you give us an update on the sales portion initiative in terms of the percentage of hires, how many are hitting scale and how many are still on the come, and will they be selling into Creative Circle as well or will that be a dedicated sales force?

很好，謝謝。能否就銷售人員擴編（sales portion）計畫提供最新進度：在招募人數占比方面，有多少已達到規模、有多少仍在成長期？另外，他們也會向 Creative Circle 銷售嗎，還是會是專屬的銷售團隊？

I can give you more clarity about the selling of the Creative. Creative will continue to main continue their dedicated sales force. We're putting together strategies, clearinghouses and cross selling initiatives to show the customers and, as to give you productivity, Kevin, I apologize, but other than what we give you in the supplemental financial information, which really is skewed because if you change the denominator and numerator, it affects the gross profit per staffing consultant. We just don't have that data in a cleaned up fashion and on a consistent basis across segments for you to draw some clear conclusions from.

我可以更清楚說明 Creative 的銷售安排。Creative 將繼續維持其專屬的銷售團隊。我們正在制定策略、建立資訊彙整平台（clearinghouses）以及交叉銷售（cross-selling）方案，以向客戶展示；至於你提到的生產力數據，Kevin，很抱歉，除了我們在補充財務資訊中提供的內容之外——而那其實會有偏差，因為你一旦改變分母與分子，就會影響每位派遣顧問（staffing consultant）的毛利——我們目前沒有把這些資料以乾淨的方式整理好，且無法在各事業區隔間以一致口徑提供，讓你能據此得出明確結論。

Understood. And then, Peter, if you said this, I apologize, about you what would be the rate for the third quarter?

了解。另外，Peter，如果你剛剛已經說過我先道歉，第三季的稅率會是多少？

40.9%.

40.9%。

40.9%. Great, thank you.

40.9%。很好，謝謝。

We'll go to the line of Tim McHugh. Please go ahead.

接下來請 Tim McHugh 發問。請說。

Yes, thanks. I just want to ask, I guess, how kind of, I guess, cadence of the quarter progress? It sounds like the growth rate, obviously, got better and looks better even here in the last two weeks data, in terms of the 10% that you quoted. Is this something that you steadily seeing some improvement or was there a more pronounced kinds of step up in the growth rate more recently or early in the quarter, just any color on how it kind of progressed.

是的，謝謝。我想問一下，本季的進展節奏大概是怎麼樣？聽起來成長率顯然變得更好，甚至在最近兩週的數據看起來也更好，就你們提到的10%而言。這是你們持續穩定看到改善，還是最近、或在本季較早的時候，成長率有更明顯的跳升？想請你們補充一下它是如何一路演變的。

It was more June and the phenomena that we're seeing now is, whereas we were struggling to have accelerating revenue growth in the quarter and maybe last month of the quarter would come if light, now we're seeing the last month of the quarter come in better than what we expected.

主要是在6月。而我們現在看到的現象是：過去我們在一季之內很難做到營收成長加速，可能最後一個月還會不如預期；但現在我們看到每季最後一個月的表現反而比我們預期更好。

Okay. And was that true across or particular to Apex?

了解。這是全面性的，還是主要發生在 Apex？

Yes, pretty much across.

是的，幾乎是全面性的。

Okay. You talked, I think you got asked about financial services, but government's been the other weaker area. Are there any signs of life or actual improvement I guess that you're seeing as you look to Q3 here in that part of the Apex business?

了解。你們談到、我想你們也被問到金融服務，但政府一直是另一個較弱的領域。就 Apex 這部分業務而言，當你們展望第三季時，在那一塊有看到任何復甦跡象或實際改善嗎？

One more time, please, Tim, I'm sorry.

Tim，不好意思，請再說一次。

The government vertical or channel, I guess, any signs of improvement yet?

政府垂直領域或通路，有任何改善跡象嗎？

We're hoping that we're starting to see early signs of thawing. I think that LeTOS and Accenture are going to be announcing something tonight on a major award that we've partnered with. So that's a sign of good things to come, we think. But, yes, it kind of feels a little more rationale today than it did six months ago.

我們希望開始看到一些早期解凍的跡象。我想 LeTOS 和 Accenture 今晚會就一個我們共同合作的大型得標案宣布一些消息。所以我們認為這是好事將至的訊號。不過，是的，今天的感覺確實比六個月前更合理一些。

Okay. And, I apologize, I jumped between some calls here, but the new sales staff in Apex, in particular, that you added in the last year, how are they ramping relative to the typical ramp? Is it inline and we're just starting to see that influction point here in Q3 where they're productive or are they better or worse than you would expect?

了解。另外，不好意思，我在幾通電話間跳來跳去，但就 Apex 而言，你們過去一年新增的銷售人員，他們的上手（ramp）速度相較於典型上手期如何？是符合預期、而我們現在在第三季才開始看到他們的生產力拐點？還是比你們預期更好或更差？

Well, you know, Rand, why don't you take a stab at that. We were talking about that before the call and you have to break it out between existing and new hires and also major accounts versus small accounts. But, Rand, why don't you address that.

嗯，你知道的，Rand，你來回答一下吧。我們在會前有談到這點，你必須把既有員工與新進員工分開看，也要把大型客戶與小型客戶分開看。Rand，你來說明一下。

Yes, we do track, Tim, the preformance of the new hires, the surge. Most of them now are nine months into the business, six or nine months in. They are tracking very consistently with what our normal ramp up is for normal account managers, plus our existing account manager force, which is the bigger force, is also trending up as we go through the quarter. So, everything is inline is what I would say.

好的。我們確實會追蹤新進人員、這波擴編（surge）的表現，Tim。他們大多數現在已經在業務上九個月左右，或六到九個月。他們的表現與我們一般客戶經理的正常上手曲線非常一致；此外，我們規模更大的既有客戶經理團隊，在本季進行過程中也呈現上升趨勢。所以我會說，一切都符合預期。

Okay, thank you.

好的，謝謝。

Thank you. speakers, at this time, there are no further questions in queue.

謝謝。各位講者，目前沒有其他排隊提問。

Great. We appreciate your time and attention and if you have any follow-up questions, please contact us. Thanks.

很好。感謝各位撥冗與關注；若有任何後續問題，請與我們聯繫。謝謝。

Thank you. With that, larks, that concludes our conference for today. You may now disconnect.

謝謝。那麼，各位，今天的電話會議到此結束。您現在可以掛線。