Everforth, Inc. (EFOR) 2015 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the On Assignment third-quarter 2015 earnings call. (Operator Instructions) And as a reminder, this conference is being recorded.

各位女士、先生，感謝您稍候，歡迎參加 On Assignment 2015 年第三季財報電話會議。(接線員指示) 並提醒各位，本次會議將被錄音。

I'll now turn the conference over to Ed Pierce, Chief Financial Officer. Please go ahead, sir.

現在我將把會議交給財務長 Ed Pierce。先生，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 contains forward-looking statements representing our current judgment of what the future holds. Although we believe these statements are reasonable, they are subject to risks and uncertainties, and our actual results could differ materially from those statements.

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，我們的簡報包含前瞻性陳述，代表我們目前對未來發展的判斷。雖然我們相信這些陳述是合理的，但其仍受風險與不確定性影響，實際結果可能與這些陳述有重大差異。

Some of the risks and uncertainties are described in today's press release and in our SEC filings. We do not assume the obligation to update statements made on this call.

部分風險與不確定性已在今日新聞稿及我們向 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。

Please note that on this call we'll be making references to pro forma and constant currency information. Pro forma data assume the businesses we acquired in the second quarter of 2015 were purchased at the beginning of 2014. Constant currency data were calculated using the foreign-exchange rates in effect during the third quarter of 2014.

請注意，在本次電話會議中我們將提及備考（pro forma）及固定匯率（constant currency）資訊。備考數據假設我們於 2015 年第二季收購的業務是在 2014 年初即已完成收購。固定匯率數據係以 2014 年第三季適用的外匯匯率計算。

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，他將概述本季業績。Peter？

Thank you, Ed. I would like to welcome everyone to the On Assignment 2015 third-quarter earnings conference call. With Ed and me today are Rand Blazer, President of Apex Systems; and Mike McGowan, COO of On Assignment and President of Oxford Global Resources.

謝謝你，Ed。我想歡迎各位參加 On Assignment 2015 年第三季財報電話會議。今天與 Ed 和我一同出席的還有：Apex Systems 總裁 Rand Blazer；以及 On Assignment 營運長、Oxford Global Resources 總裁 Mike McGowan。

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

在今天的電話會議中，我將先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。之後我會把電話交給 Ed，更詳細地回顧並討論我們第三季業績，以及對 2015 年第四季的預估。最後我們將開放提問。

Now onto the quarter. Revenues in the third quarter were $572.1 million, up 29.3% year-over-year -- 30.3% on a constant currency basis. Revenues, excluding the contribution of $75.7 million from acquisitions, were up 12.2% to $496.4 million and up 13.1% to $500.3 million on a constant currency basis. Revenues generated outside the United States were $25.4 million or 4.4% of consolidated revenues in the third quarter versus $20.8 million or 4.7% in the third quarter of 2014.

現在進入本季重點。第三季營收為 5.721 億美元，年增 29.3%——以固定匯率計算年增 30.3%。若排除併購貢獻的 7,570 萬美元，營收年增 12.2% 至 4.964 億美元；以固定匯率計算則年增 13.1% 至 5.003 億美元。第三季美國以外地區所產生的營收為 2,540 萬美元，占合併營收 4.4%；相較之下，2014 年第三季為 2,080 萬美元，占比 4.7%。

For the third quarter, adjusted income from continuing operations, adjusted EBITDA, and conversion of gross profit to adjusted EBITDA results were above the high end of the guidance range we provided the second-quarter earnings press release. We are particularly pleased with our higher-revenue growth rates, which reflect among other things the contributions from our hiring surge of sales and recruiting consultants that began in the fourth quarter of 2014.

就第三季而言，持續營運調整後淨利、調整後 EBITDA，以及毛利轉換為調整後 EBITDA 的結果，均高於我們在第二季財報新聞稿中提供之指引區間上緣。我們對較高的營收成長率尤其感到滿意；其中反映了多項因素，包括我們自 2014 年第四季開始大幅增聘業務與招募顧問所帶來的貢獻。

Adjusted EBITDA was $74.9 million or 13.1% of revenues, up from $52.9 million or 12% of revenues in the third quarter of 2014 on an as-reported basis. The year-over-year improvement in adjusted EBITDA includes higher incentive compensation expense compared to the year-ago period.

調整後 EBITDA 為 7,490 萬美元，占營收 13.1%；相較 2014 年第三季按申報口徑為 5,290 萬美元，占營收 12%。調整後 EBITDA 的年對年改善，包含相較去年同期更高的獎勵性薪酬費用。

All divisions contributed to our strong third-quarter performance, with Apex, Creative, Oxford, and CyberCoders accelerating throughout the year. Revenues in our local midmarket accounts grew double digits, with our larger account customer base growing at a slower rate. After several quarters of declining growth rates in 2014, revenue growth rates are expanding again. We believe based on current performance that this growth trend will continue.

所有事業部門皆對我們強勁的第三季表現有所貢獻，其中 Apex、Creative、Oxford 與 CyberCoders 在全年持續加速成長。我們在本地中型市場客戶的營收呈現雙位數成長，而大型客戶基礎的成長速度較慢。在 2014 年經歷數季成長率下滑後，營收成長率再次擴大。基於目前表現，我們相信此成長趨勢將會延續。

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, offshoring, and consulting. In addition, we continue to see signs that 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.

我們的 IT 業務持續以高於已公布的產業成長率成長，並持續看到客戶需求正向，以及將人力派遣（staff augmentation）作為外包、離岸外包與顧問服務之可行替代方案的採用持續增加。此外，我們也持續看到跡象顯示，關於隨需勞動力（on-demand workforce）或零工經濟（Gig Economy）的持續辯論，正在加速合約勞動力的使用。透過使用人力派遣產業服務來進行人力資本的分割化（fractionalization），是唯一能真正避免將員工誤分類為獨立承包商之風險的方法。

Our customers have and are realizing this. And that is why we believe the secular growth opportunities for the entire professional staffing industry are so attractive.

我們的客戶已經並且正在意識到這一點。因此，我們認為整個專業人力派遣產業的結構性成長機會非常具吸引力。

Exiting the quarter, we feel we are well-positioned to continue to accelerate our revenue growth. Integration, coordination, and cash generation related to our acquisitions continue to be at or above our expectations. Since the closing of the Creative Circle acquisition, we have repaid $71 million of our debt. Our current leverage ratio is 3.21 times trailing 12-month adjusted EBITDA, and we expect by the year-end that the leverage ratio would be at or below 3 times.

在本季結束時，我們認為自己已具備良好條件，得以持續加速營收成長。與併購相關的整合、協同與現金創造持續達到或高於我們的預期。自 Creative Circle 併購案完成交割以來，我們已償還 7,100 萬美元的債務。目前槓桿比率為過去 12 個月調整後 EBITDA 的 3.21 倍，我們預期至年底槓桿比率將達到或低於 3 倍。

During the quarter we saw year-over-year growth in our US divisions. Our weekly assignment revenues, which excludes conversion, billable expenses, and direct placement revenues, averaged $42.4 million for the last two weeks -- up 36% over the same period in 2014. Excluding the contribution from Creative Circle, revenues were up 17.8% over the same period in 2014.

本季我們的美國事業部門呈現年對年成長。我們的每週派遣營收（不含轉換、可計費費用及直接安置營收）在最近兩週平均為 4,240 萬美元，較 2014 年同期成長 36%。若排除 Creative Circle 的貢獻，營收較 2014 年同期成長 17.8%。

We are raising our revenue estimate by $15 million to $20 million for the fourth quarter to $563 million to $568 million. We continue to see strong demand from the end markets we serve, and we are benefiting from the improved productivity of the additional headcount we added during our hiring surge in the fourth quarter of 2014. The productivity levels for these individuals are in line with our expectations, and they are approximately 50% of a tenured staffing consultant.

我們將第四季營收預估上調 1,500 萬至 2,000 萬美元，至 5.63 億至 5.68 億美元。我們持續看到所服務終端市場的強勁需求，並受惠於我們在 2014 年第四季增聘人力所帶來的生產力提升。這些人員的生產力水準符合我們的預期，約為資深派遣顧問的 50%。

Due to the strength of the end markets and the success of our hiring surge in 2014, we have decided to add an additional 100 staffing consultants and have done so since the end of the second quarter. The additional investment in headcount was not included in our previously announced estimates for the second half of 2015.

由於終端市場強勁以及我們 2014 年增聘計畫的成功，我們決定再增加 100 名派遣顧問，並已自第二季末以來完成增聘。這項額外的人力投資並未納入我們先前公布的 2015 年下半年預估之中。

While spending at some of our larger financial services and government customers continues to ebb and flow, the actions we have taken to accelerate our revenue growth rate in a substantial fashion has taken hold. We believe that future productivity gains from the hiring surges -- our hiring surge, combined with strong end market demand and the recently added staffing consultants, will position us to capture the current market opportunities and further improve our growth in 2016.

儘管我們部分較大型的金融服務與政府客戶支出仍持續起伏波動，但我們為大幅加速營收成長率所採取的行動已見成效。我們相信，增聘所帶來的未來生產力提升——我們的增聘計畫，加上強勁的終端市場需求以及近期新增的派遣顧問——將使我們得以掌握目前的市場機會，並在 2016 年進一步改善成長表現。

I will now turn the call over to Rand Blazer, President of Apex, who will review his operation.

現在我將把電話交給 Apex 總裁 Rand Blazer，由他回顧其營運狀況。

Great. Thank you, Peter. The Apex segment, which consists of Apex systems, Lab Support, and Creative Circle, reported strong results for the quarter. Revenues for this segment were $421.1 million, up 15.2% year-over-year on a pro forma basis or 5.4 percentage points above the pro forma growth rate of 9.8% in Q2.

好的。謝謝你，Peter。Apex 部門由 Apex Systems、Lab Support 與 Creative Circle 組成，本季表現強勁。該部門營收為 4.211 億美元，以備考口徑計算年增 15.2%，較第二季備考成長率 9.8% 高出 5.4 個百分點。

Revenues from Apex Systems, which accounts for 74% of the segment's revenues, were up 14.8% year-over-year -- more than double its growth rate in Q2. This performance reflects, among other things, higher demand in our end markets, as Peter suggested; improved productivity from our tenured sales consultants; and the contribution from headcount added during the hiring surge.

來自 Apex Systems 的營收（占該分部營收的 74%）年增 14.8%——超過其第二季成長率的兩倍。此表現反映了多項因素，包括如 Peter 所提到的，我們終端市場需求較高；資深銷售顧問帶來的生產力提升；以及在招募高峰期間新增人力的貢獻。

Lab Support's results were generally in line with our estimates. Creative Circle, which was acquired in June 5, 2015, reported revenues of $73 million, which exceeded our revenue target by $3 million for the quarter. On a pro forma basis, Creative's growth rate for the quarter was 22.8%.

Lab Support 的業績大致符合我們的預估。Creative Circle（於 2015 年 6 月 5 日收購）報告營收為 7,300 萬美元，較本季我們的營收目標高出 300 萬美元。以擬制（pro forma）基礎計算，Creative 本季成長率為 22.8%。

Gross margin for this segment was 30.6%, which was in line with our estimates for the same -- and the same as the pro forma gross margin for the preceding quarter. Our segments' contribution in terms of divisional EBITDA was very strong, with solid conversion of the segment in the segment, despite the surge in field headcount added in the business over the past year.

該分部的毛利率為 30.6%，符合我們對該項目的預估——且與前一季的擬制毛利率相同。就分部 EBITDA 而言，我們各分部的貢獻非常強勁；儘管過去一年業務新增了大量前線人力，該分部仍展現出穩健的轉換表現。

With respect to Apex Systems, our IT staffing division, revenue growth was propelled by a number of factors, including: first, double-digit Q3 revenue growth on a year-over-year basis in our accounts in six of the seven industry verticals we service. Only the government industry set of accounts didn't grow on a year-over-year basis but did achieve sequential growth from Q2 to Q3.

就 Apex Systems（我們的 IT 人力派遣部門）而言，營收成長由多項因素推動，包括：第一，我們所服務的七個產業垂直領域中，有六個領域的客戶帳戶在第三季年增呈現雙位數成長。僅政府產業的帳戶組合未呈現年增，但從第二季到第三季仍達成季增。

Second, Apex local branch midmarket business momentum continued in this quarter, with increasing double-digit revenue growth rates -- again, in Q3. Third, sales force productivity grew in the quarter, with the surge hires now firmly in their assigned markets and producing sales at higher levels.

第二，Apex 各地分公司之中型市場（midmarket）業務動能在本季延續，營收成長率提升至更高的雙位數——同樣是在第三季。第三，本季銷售團隊生產力提升，招募高峰期聘用的人員如今已穩定在其分配市場中，並以更高水準產生銷售。

Fourth, growth in our top accounts showed revenue acceleration in the quarter, although a number of top accounts in the financial services, oil and gas, and government industry verticals continue to lag behind in revenue growth on a year-over-year basis. Overall, the Apex segment had a solid quarter, with quarterly revenue growth accelerating on a year-over-year basis, stable gross margins, and conversion of gross profit to divisional EBITDA remaining solid.

第四，我們的主要客戶帳戶在本季呈現營收加速成長，儘管金融服務、油氣以及政府等產業垂直領域中的若干主要客戶帳戶，其營收年增仍持續落後。整體而言，Apex 分部本季表現穩健，季度營收年增加速、毛利率穩定，且毛利轉換為分部 EBITDA 的表現仍然穩健。

With that, I'll turn it over to Mike for the Oxford segment, yes.

接下來，我把時間交給 Mike 來說明 Oxford 分部，是的。

Thanks, Rand. The Oxford segment includes Oxford core, CyberCoders, our perm placement business, and Life Sciences Europe. The segment had revenues of $151.1 million for the third quarter of 2015, up 10.7% year-over-year and up 3% sequentially. On a constant currency basis, revenues would have been $4.4 million higher, and our growth rate would have been 14%.

謝謝，Rand。Oxford 分部包含 Oxford core、CyberCoders、我們的永久派遣（perm placement）業務，以及 Life Sciences Europe。該分部 2015 年第三季營收為 1.511 億美元，年增 10.7%，並季增 3%。以固定匯率（constant currency）計算，營收將高出 440 萬美元，我們的成長率將為 14%。

Our permanent placement service revenues grew 19.7% year-over-year to $22.2 million. CyberCoders accounted for 93% of the total permanent placement service revenues and was up 19.6% compared with the third quarter of 2014. The Oxford segment's European revenues were $23.2 million in the third quarter of 2015, up 14.3% over the third quarter of 2014 or 36% on a constant currency basis. Revenues for the third quarter of 2015 include $2.7 million revenues from our second-quarter acquisition.

我們的永久派遣服務營收年增 19.7% 至 2,220 萬美元。CyberCoders 占永久派遣服務總營收的 93%，較 2014 年第三季成長 19.6%。Oxford 分部 2015 年第三季的歐洲營收為 2,320 萬美元，較 2014 年第三季成長 14.3%；以固定匯率計算則成長 36%。2015 年第三季營收包含我們第二季收購案帶來的 270 萬美元營收。

The Oxford segment's consolidated revenue growth on a constant currency basis was the result of strong year-over-year growth in all of our business units: 12.2% for Oxford core; 16.8% for CyberCoders, which included 19.6% growth in its perm revenues; and 21.6% for Life Sciences Europe.

Oxford 分部以固定匯率計算的合併營收成長，來自我們所有業務單位強勁的年增表現：Oxford core 為 12.2%；CyberCoders 為 16.8%（其中包含其永久派遣營收 19.6% 的成長）；Life Sciences Europe 為 21.6%。

Oxford core has realized year-over-year and sequential growth throughout 2015 in both of its operating divisions and across the majority of our skilled disciplines. This improvement was driven by growth in our key accounts; continued sharp focus on assigning consultants within our targeted skill disciplines; increased demand for EMR implementations, upgrades, and optimization projects; and ongoing demand for coding and consulting services.

Oxford core 在 2015 年期間，其兩個營運部門以及我們多數專業技術領域均實現年增與季增。此改善由以下因素帶動：我們關鍵客戶帳戶的成長；持續高度聚焦於在我們鎖定的技能領域中派任顧問；對 EMR 導入、升級與最佳化專案的需求增加；以及對編碼與顧問服務的持續需求。

CyberCoders perm revenue growth has been driven by increases in sales staff and newly implemented training programs for new and experienced staff. CyberCoders has continued to invest in new technology to more efficiently identify and match relevant candidates to our open job orders. Our gross margin for this segment was 41.5%, which was in line with our estimates and the same as the gross margin for the preceding quarter. Based on our region production activity, our expectation is for continued growth throughout the fourth quarter of 2015.

CyberCoders 的永久派遣營收成長，主要由銷售人員增加以及為新進與資深員工新導入的訓練計畫所帶動。CyberCoders 持續投資新技術，以更有效率地辨識並媒合合適候選人至我們的職缺委託（job orders）。該分部毛利率為 41.5%，符合我們的預估，且與前一季毛利率相同。根據我們各地區的產出活動，我們預期 2015 年第四季將持續成長。

I'll now turn the call over to Ed Pierce. Ed?

我現在把電話會議交給 Ed Pierce。Ed？

Thanks, Mike. As Peter mentioned, our operating results for the quarter were above the high end of our previously announced estimates. Revenues for the quarter were $572.1 million, up 13.4% year-over-year on a pro forma basis. Excluding the contribution of the two businesses acquired in the second quarter, revenues were up 12.2% year-over-year and up 13.1% on a constant currency basis.

謝謝，Mike。如 Peter 所提到，我們本季營運結果高於先前公布預估區間的上緣。本季營收為 5.721 億美元，以擬制（pro forma）基礎計算年增 13.4%。若排除第二季收購的兩項業務之貢獻，營收年增 12.2%，以固定匯率計算則年增 13.1%。

On a reported basis, our contract revenues were $539.4 million, up from $420 million in the third quarter last year. Our direct hire and conversion revenues were $32.7 million, up from $22.5 million in the third quarter of 2014. Direct hire and conversion revenues accounted for 5.7% of total revenues, up from 5.1% in Q3 of last year.

以申報口徑（reported basis）計算，我們的合約營收為 5.394 億美元，高於去年第三季的 4.20 億美元。我們的直接招募（direct hire）與轉任（conversion）營收為 3,270 萬美元，高於 2014 年第三季的 2,250 萬美元。直接招募與轉任營收占總營收的 5.7%，高於去年第三季的 5.1%。

Our gross margin for the quarter was 33.5%, which was within our previously announced financial estimates and slightly down sequentially on a pro forma basis. The sequential decline primarily was a result of the higher mix of revenues from the Apex segment.

本季毛利率為 33.5%，落在我們先前公布的財務預估範圍內，且以擬制基礎計算較前一季略為下降。此季減主要是由於來自 Apex 分部的營收占比提高所致。

SG&A expenses were $128.6 million or 22.5% of revenues. SG&A for the quarter included $1.7 million in acquisition integration and strategic planning expenses, primarily consisting of outside consulting fees on a strategic and integration planning project for Creative Circle and expenses to integrate various divisions onto Oxford's operating and back-office platform.

SG&A 費用為 1.286 億美元，占營收 22.5%。本季 SG&A 包含 170 萬美元的收購整合與策略規劃費用，主要由 Creative Circle 的策略與整合規劃專案之外部顧問費用，以及將各事業部整合至 Oxford 營運與後勤平台的相關費用所構成。

SG&A also included approximately $1 million to $1.5 million related to the increase in sales consultants and recruiters during the quarter. Excluding Creative Circle, the average number of consultants and recruiters for the quarter were 2,039, up from 1,720 in the third quarter of 2014.

SG&A 亦包含約 100 萬至 150 萬美元，與本季銷售顧問與招募人員增加相關。若排除 Creative Circle，本季顧問與招募人員的平均人數為 2,039 人，高於 2014 年第三季的 1,720 人。

Adjusted income from continuing operations for the quarter was $43.8 million or $0.82 per diluted share. And please note the calculation of adjusted earnings per diluted share can be found in our press release. Adjusted EBITDA, a non-GAAP measure also defined in our press release, was $74.9 million or 13.1% of revenues.

本季持續營運的調整後收益為 4,380 萬美元，或每股稀釋後 0.82 美元。並請注意，調整後每股稀釋後盈餘的計算方式可見於我們的新聞稿。調整後 EBITDA（非 GAAP 指標，亦於新聞稿中定義）為 7,490 萬美元，占營收 13.1%。

Income from continuing operations was $24.9 million, which was about the high end of our financial estimates for the quarter. Our financial estimates did not include acquisition integration and strategy expenses of $1.7 million -- nor did they include the accretion of discount of $0.7 million on our earnout obligations, which are discounted using our weighted average cost of capital. These two excluded items totaled $2.4 million or approximately $1.6 million after income taxes.

持續營運收益為 2,490 萬美元，約落在我們本季財務預估的上緣。我們的財務預估未包含 170 萬美元的收購整合與策略費用——也未包含我們或有對價（earnout）義務折現的折價攤銷 70 萬美元，該折現係以我們的加權平均資本成本計算。上述兩項未納入項目合計 240 萬美元，或扣除所得稅後約 160 萬美元。

Cash flows from operating activities were $35.3 million, and capital expenditures were $4.8 million. During the quarter, we paid down $46 million on our long-term debt. And our leverage ratio at the end of the quarter was 3.21 to 1, down from 3.51 at the end of the second quarter.

營運活動產生的現金流為3,530萬美元，資本支出為480萬美元。本季期間，我們償還了4,600萬美元的長期債務。而我們在季末的槓桿比率為3.21比1，較第二季季末的3.51下降。

Turning to our individual operating segments, our Apex segment accounted for 73.6% of total revenues. Apex's revenues were $421.1 million, up 37.6% year-over-year. Excluding Creative Circle, Apex revenues were up 13.7% year-over-year. Apex's gross margin for the quarter was 30.6%, an expansion of 2.1 percentage points from Q3 of last year, mainly due to the inclusion of Creative Circle. On a pro forma basis, Apex's gross margin was in line with our estimates and up sequentially on a pro forma basis.

接著看各個營運部門，我們的Apex部門占總營收的73.6%。Apex營收為4.211億美元，年增37.6%。若排除Creative Circle，Apex營收年增13.7%。Apex本季毛利率為30.6%，較去年第三季擴大2.1個百分點，主要是因納入Creative Circle所致。以備考（pro forma）基礎計算，Apex毛利率符合我們的估計，且以備考基礎較前一季呈現季增。

Our Oxford segment accounted for 26.4% of total revenues. Oxford's revenues for the quarter were $151.1 million, up 10.7% year-over-year on a reported basis and up 14% on a constant currency basis. Excluding the revenue contribution of the acquired business, Oxford's revenues were $152.2 million on a constant currency basis, up 11.6% year-over-year. Oxford's gross margin for the quarter was 41.5%, which was in line with our estimates -- and the same as the pro forma gross margin for the preceding quarter.

我們的Oxford部門占總營收的26.4%。Oxford本季營收為1.511億美元，按申報口徑年增10.7%，按固定匯率口徑年增14%。若排除併購業務的營收貢獻，Oxford以固定匯率口徑計算的營收為1.522億美元，年增11.6%。Oxford本季毛利率為41.5%，符合我們的估計——且與前一季的備考毛利率相同。

Now, turning to our financial estimates for the fourth quarter of 2015, we estimate revenues of $563 million to $568 million; adjusted income per diluted share of $0.72 to $0.75; and adjusted EBITDA of $66.7 million to $69.6 million. These estimates do not include any acquisition, integration or strategic planning costs. Our estimates assume pro forma revenue growth of approximately 12% and assume billable days of 60.7, or approximately 3 fewer days than the preceding quarter.

接著談我們對2015年第四季的財務預估：我們預估營收為5.63億至5.68億美元；調整後稀釋每股盈餘為0.72至0.75美元；調整後EBITDA為6,670萬至6,960萬美元。上述預估不包含任何併購、整合或策略規劃成本。我們的預估假設備考營收成長約12%，並假設可計費天數為60.7天，約較前一季少3天。

Our current financial estimates for the second half of the year are either within or above the high end of our previously announced estimates. Our current revenue estimates for the second half of the year are $32 million to $37 million above our previous high-end estimate. Our current adjusted EBITDA estimates -- if you exclude the costs of the additional hiring surge, which was not included in our previous expense estimate -- are also above the high end of our previously announced estimates.

我們目前對下半年的財務預估，落在或高於先前公布預估的高端。我們目前對下半年營收的預估，較先前高端預估高出3,200萬至3,700萬美元。我們目前的調整後EBITDA預估——若排除額外一波增聘所產生的成本（該成本未納入我們先前的費用預估）——也高於先前公布預估的高端。

I'll now turn the call back over to Peter for some closing remarks. Peter?

接下來我把電話交回給Peter做一些結語。Peter？

Thank you, Ed. We believe and we continue to believe that we are well positioned to take advantage of what will be historic secular growth for the entire staffing industry and dynamic changes in the technology world as it moves more into a digital one.

謝謝你，Ed。我們相信，並且持續相信，我們已做好充分準備，能把握整個人力派遣產業即將出現的歷史性長期結構性成長，以及科技世界在邁向更數位化過程中的動態變化。

While the entire On Assignment team is very proud of our performance, we remain focused on continuing to profitably grow our business and increase our rate of growth. We'd like to once again thank our many loyal, dedicated, and talented employees, whose efforts have allowed us to progress to where we are today.

雖然整個On Assignment團隊都為我們的表現感到非常自豪，但我們仍專注於持續以獲利方式成長業務，並提高成長速度。我們也想再次感謝眾多忠誠、敬業且才華洋溢的員工，正是他們的努力讓我們走到今天。

I would like to now open the call up to participants for questions. Operator?

我現在開放讓與會者提問。接線生？

(Operator Instructions) Kevin McVeigh, Macquarie.

(接線生指示) Kevin McVeigh，Macquarie。

Great. Thanks, and congratulations on just a great outcome. Peter, if I have the math right, it sounds like the net additions, including the incremental 100, is 240. Was the 50% kind of -- at production, was that at a total 240 or -- of the initial 140 that you hired?

很好。謝謝，並恭喜你們取得非常出色的成果。Peter，如果我算得沒錯，淨新增人數（包含額外的100人）是240人。那個50%——在產能（production）方面——是以總計240人為基礎，還是以你們最初招募的140人為基礎？

It's -- that 50% number is an average, and it's on the original hiring surge people. So the new people are a drag that -- we're not getting any productivity out of them. They're just barely in the training classes right now. It's just giving us a jump on 2016.

是——那個50%的數字是平均值，而且是針對最初那波增聘的人。所以新進的人會造成拖累——我們還沒有從他們身上取得任何生產力。他們現在幾乎才剛進入訓練課程。這只是讓我們在2016年能更快起跑。

Got it. And is the split -- I know you said before it was about 70% Apex, 30% the rest of the business. Is that a good way to think about it?

了解。那分配比例呢——我知道你之前說大約70%在Apex、30%在其他業務。這樣理解是對的嗎？

It's very similar to those splits.

跟那些比例非常接近。

Okay. And then, just on the direct hires -- just a really nice outcome there at almost 6% of revenue overall. Is that kind of -- what's driving that? Is it just kind of scarcity of talented people are starting to bring some in the house? Or is there other dynamics in terms of the way you're recruiting?

好的。另外關於直接聘僱（direct hires）——整體營收占比接近6%，結果真的很不錯。這主要是什麼在驅動？是因為優秀人才稀缺，客戶開始把人拉進內部（in the house）嗎？還是你們在招募方式上有其他動態因素？

You know, I think, Kevin, it's all of the above. I would tell you that we're having better luck with matching the right people quicker than others, because we really are using some unique tools to do some predictive analytics. The market is tight for technology, especially on some of the newer technologies and in the digital world. And so we've had over all of 2015 -- credit to the management team -- we have hired, I think at Cyber alone, over 250 people since we acquired that business. And they really are gaining a lot of productivity.

你知道的，Kevin，我想以上皆是。我會說，我們在更快把合適的人選配對到位方面，比其他人更順利，因為我們確實使用了一些獨特工具來做預測分析（predictive analytics）。科技人才市場很緊，尤其是在一些較新的技術以及數位領域。因此在整個2015年——要歸功於管理團隊——我想光是Cyber，自從我們收購該業務以來，就已經聘用了超過250人。而且他們的生產力確實提升很多。

What I would tell you is, as you know, normal seasonality -- fourth quarter, it's harder to get people to leave jobs and start new ones because of bonus risk and stuff like that. But we continue to see a robust market for perm services.

我想說的是，如你所知，正常的季節性因素——第四季比較難讓人離職並開始新工作，因為有獎金風險之類的因素。但我們仍持續看到永久職（perm）服務市場相當強勁。

Awesome. I'll get back in, thanks.

太棒了。我回到隊列裡，謝謝。

Edward Caso, Wells Fargo.

Edward Caso，Wells Fargo。

Good afternoon, congrats. Last quarter you talked about pricing, maybe in the context of -- I think you had the flexibility. What are you seeing on this pricing or flexibility front now? Has it eased up at all?

下午好，恭喜。上季你談到定價，可能是在——我想你們有彈性——的脈絡下。你們現在在定價或彈性方面看到什麼情況？有稍微緩和一些嗎？

Well, I'm parsing your words, Ed, but eased up -- what I would tell you is we -- as we told you we would do at the right time -- we have elected not to take certain work from certain customers, as the ebb and flow moves more in our direction. So margins are pretty stable. We're seeing a bigger flow of more attractively-bid work than we did even six months ago. So we are not as flexible about agreeing to work on a certain customer's business.

嗯，Ed，我在斟酌你的用詞，但所謂緩和——我會說的是，我們——正如我們告訴過你們會在適當時機採取的——已選擇不承接某些客戶的某些工作，因為供需消長正更有利於我們。所以毛利率相當穩定。我們看到相較於甚至六個月前，有更多流入、投標條件更具吸引力的案子。因此在同意承接特定客戶的業務方面，我們不再那麼有彈性。

It's not that it's a difficult negotiation. Some of the work that we took was just offered up at a certain rate, and it was kind of a take-it-or-leave-it situation. And that's not how most of our business works. So the pricing environment is rational, and it's productive for both sides.

並不是說談判很困難。我們承接的一些工作只是以某個費率直接提供，基本上是「要就要、不然拉倒」的情況。而這並不是我們大多數業務的運作方式。所以定價環境是理性的，對雙方都有利。

There was a recent press release indicating you're opening an onshore or nearshore facility in Dallas. Is that a change in strategy here?

最近有一則新聞稿指出你們將在達拉斯設立一個在岸或近岸（onshore or nearshore）據點。這是策略上的改變嗎？

No. What I'm going to do is I'm going to turn it over to Rand. But that is for -- I'm not going to name -- I generically will name -- it's an airline. And we're helping them with some specific matters on their reservation system. Rand, will you give them the strategic reasoning why we did that for the customer?

不是。我接下來會把問題交給Rand。但那是為了——我不會指名——我就概括地說——是一家航空公司。我們正在協助他們處理其訂位系統上的一些特定事項。Rand，你能否向他們說明我們為何替該客戶這麼做的策略考量？

Yes, no, I think it's consistent, Ed, with the -- what we call value-added services to our clients. So it's not just providing arms and legs and technical IT talent, but it's also putting that in a packaged way, where we can help manage that workforce and locate the -- in this case, the client needed it to be housed somewhere. And we offered that. It was an opportunity for us to show that we can do that, so it was a win-win.

是的，不是，我認為這與——我們所稱的為客戶提供的增值服務——是一致的，Ed。所以不只是提供人力與技術 IT 人才，而是也以打包的方式提供，讓我們能協助管理那支人力隊伍，並且安排——在這個案例中，客戶需要把它安置在某個地點。而我們提供了這項服務。這是我們展現我們能做到這點的機會，所以是雙贏。

Let me sneak in one more for Mike. ICD-9 to -10 -- is that done at this point, and how big a factor was it in the last quarter?

讓我再插問 Mike 一題。ICD-9 轉 ICD-10——到目前為止都完成了嗎？它在上一季是多大的影響因素？

As we even talked last time, it continues to increase. The data has come and gone. No reported issues. So in terms of the revenue, certainly, that we saw in the quarter, it was certainly part of what we experienced.

正如我們上次也談到的，它持續增加。資料已經來過也過去了。沒有回報任何問題。所以就營收而言，我們在本季看到的表現，確實是我們所經歷的一部分。

Ed, what I'd add to that is it's very much like Sarbanes-Oxley. There was a surge to get compliant, and then there's an ongoing obligation to comply. So now that we are all over to the ICD-10, that's how things get coded and built. So we still see a big demand for that.

Ed，我要補充的是，這很像《沙賓法案》(Sarbanes-Oxley)。當時為了達到合規有一波衝刺，之後則有持續的合規義務。所以現在我們都已經切換到 ICD-10，這就是事情被編碼與建置的方式。因此我們仍然看到對此有很大的需求。

Thank you. Congrats.

謝謝。恭喜。

Tim McHugh, William Blair & Company.

Tim McHugh，William Blair & Company。

Yes, not to -- just want to reconcile, I guess, the comment that you're being more selective now that you've got faster growth with the 33% gross margin at the midpoint versus 33.5%. Is that mix in terms of perm or fewer days? Can you just kind of reconcile that?

是的，不是要——我只是想釐清一下，我想，你們說在成長更快之後會更有選擇性，但指引中點的毛利率是 33% 而不是 33.5%。這是因為組合（例如永久職缺 perm）或是工作天數較少嗎？你能大概幫我們把這點對起來嗎？

So you are referring to the fourth quarter?

所以你指的是第四季？

Yes, yes sir.

是的，是的先生。

And as I previously mentioned, there is less perm contribution typically in the fourth quarter than in the third quarter. And if you look -- as we look at our numbers on our spreadsheets on contract gross margin alone, it's pretty stable to what we reported. And save and except wholesale, dramatic increases by some of the divisions that we have a lower margin, we have stable to slightly expanding gross margins.

如我先前提到的，第四季通常來自 perm 的貢獻會比第三季少。而且如果你看——當我們在試算表上只看合約（contract）毛利率時，它與我們所報告的數字相當穩定。除了（save and except）批發（wholesale）之外，我們某些部門出現了顯著成長，而那些部門的毛利率較低；整體而言，我們的毛利率是穩定到略為擴張。

Okay. And then you had talked -- it was announced -- a large DoD contract, where you are one of the named, I guess, supporters, or -- I don't think it subcontractor. But whatever the right term is, what can we expect in terms of the contribution? I assume that is not helping you yet, but will that be a meaningful factor as we think towards 2016?

好的。另外你們提到——也已公告——一個大型國防部（DoD）合約，你們是其中一個被點名的，我想是支援方，或——我不認為是分包商。但不管正確用語是什麼，我們可以期待它帶來什麼樣的貢獻？我猜這目前還沒有幫助到你們，但當我們展望 2016 年時，這會是個有意義的因素嗎？

Right. So I'll let Rand answer that. We'll give you a qualitative answer, but we're not giving any quantitative guidance as to how much we're going to get and when we're going to get it. Rand?

對。所以我讓 Rand 來回答。我們會給你定性的回答，但我們不會提供任何定量指引，說我們會拿到多少、以及何時拿到。Rand？

So, yes, not a factor, Tim. As Ed would know from his work in the government side, it takes a lot for the government to get going in the contracts. So at this point it's a pretty big, large rollout in implementation of new systems. So we are a subcontractor on the team. And I suspect it will come.

所以，是的，Tim，目前不是影響因素。如同 Ed 從他在政府端的經驗會知道，政府要讓合約真正啟動需要很多時間。所以在這個時間點，這是一個相當大型、龐大的新系統導入與推行。所以我們是團隊中的分包商。我猜它會到來的。

It's not impacting our business yet in terms of performance. When will it start impacting depends on the timeline the government lays out, which -- they are still laying out that roadmap. So I don't think it's something we assume will happen in the near term.

就績效表現而言，它目前還沒有影響到我們的業務。何時開始產生影響取決於政府所規劃的時程——而他們仍在制定那份路線圖。所以我不認為這是我們假設短期內就會發生的事情。

Okay, thank you.

好的，謝謝。

Paul Ginocchio, Deutsche Bank.

Paul Ginocchio，德意志銀行（Deutsche Bank）。

Good afternoon. This is Ato Garrett on for Paul. You guys spoke earlier to your end market performance. And specifically when you're looking at your top accounts, you said that financial services and some other verticals were lagging behind. But can you give a little more detail about how the financial services end market is trending? Is that getting any better, worse, or staying about the same?

下午好。我是 Ato Garrett，代 Paul 發問。你們先前談到終端市場的表現。特別是當你們看你們的前幾大客戶時，你們說金融服務以及其他一些垂直領域落後。但你能更詳細說明金融服務終端市場的趨勢嗎？是在改善、變差，還是大致持平？

It depends on the account. We've had a couple of important customers that have kind of reengaged, and we have one of our top four bank customers that has disengaged more so than they previously had. So it's really an account-by-account basis. But the good news for us is our larger financial services customers are spending a little bit more than they had in the first part of the year.

這取決於客戶。我們有幾個重要客戶算是重新投入，而我們前四大銀行客戶中的一個，比之前更明顯地降低合作。所以這真的要逐一客戶來看。但對我們而言的好消息是，我們較大型的金融服務客戶，支出比今年前半段多了一些。

Great. And also, just looking into that fourth quarter, I know you have spoken a little bit to the fact that you're getting a little bit less perm contribution in the fourth quarter, so that's going to play into gross margin. But is there anything else there that's happening about -- that can, I guess, help reconcile the faster implied revenue growth than gross margin growth when you're looking at fourth-quarter guidance? For example, is there anything you're doing about targeted growth initiatives relating to pricing?

很好。另外，回到第四季，我知道你們提到第四季 perm 的貢獻會少一些，因此會影響毛利率。但在第四季指引中，還有沒有其他因素——可以幫助我們理解為什麼隱含的營收成長快於毛利率成長？例如，你們在與定價相關的目標式成長計畫上，有做什麼嗎？

What I want to leave you with is the thought that contract gross margins are quite stable, and that on a consolidated reported basis, it has to do with contribution from perm and conversion fees. And if Apex grows -- the Apex division within the Apex segment -- if it grows -- or Lab Support, if it grows a little bit faster than Oxford, or Europe, or Creative Circle, then that would have an impact on the consolidated number. But if you look at it on an individual case-by-case basis, they're pretty much stable.

我希望你記住的是：合約毛利率相當穩定；而在合併報表口徑下，主要與 perm 與轉換費（conversion fees）的貢獻有關。如果 Apex 成長——Apex 區隔中的 Apex 事業部——如果它成長——或 Lab Support 若成長得比 Oxford、歐洲或 Creative Circle 稍快一些，那就會影響合併數字。但如果你逐一個案來看，它們基本上都很穩定。

Great, thank you very much.

很好，非常感謝。

Sara Gubins, Bank of America Merrill Lynch.

Sara Gubins，美國銀行美林（Bank of America Merrill Lynch）。

I might be beating a dead horse, but just to check on the pricing environment in the bill pay spread being down year-over-year -- as you ease up on some of -- on taking less of some of the lower-priced work, should we expect to see an improvement in the bill pay spread?

我可能是在老調重彈，但我想確認一下：在帳單與薪資價差（bill pay spread）年減的情況下，關於定價環境——當你們放鬆一些、減少承接部分低價工作時，我們是否應該預期 bill pay spread 會改善？

It depends on the skill sets, the particular skills that we're placing and that -- where we have opportunity to fill. But yes, typically that is the case.

這取決於技能組合，也就是我們正在派遣的人才技能，以及——我們在哪些地方有機會補足職缺。但是的，通常情況確實如此。

Okay.

好的。

So again, I'll try to state: we think that we have a stable to slightly expanding contract gross margin.

所以再說一次，我試著表達：我們認為合約毛利率是穩定到略為擴張。

Okay. And then on the cost side, have you now hired all of the people that you're planning to hire? And can we use the fourth quarter as a run rate for employee costs as we try to think about beginning to model early 2016?

好的。那在成本端，你們現在是否已經把計畫要招的人都招齊了？而且當我們開始嘗試建模 2016 年初時，我們能否把第四季當作員工成本的常態化水準（run rate）？

You know, it's a fair question, but I'd hoped that we would get complemented for being good deployers of capital. I mean, we hired an enormous number of people that have us in an incredible position for the start of 2016; and we reported a 13.1% adjusted EBITDA margin. So I don't know if we're done. It depends what the market is telling us.

你知道，這是個合理的問題，但我原本希望我們會因為善於運用資本而受到稱讚。我的意思是，我們招募了非常大量的人才，讓我們在 2016 年初處於極佳的位置；而且我們報告了 13.1% 的調整後 EBITDA 利潤率。所以我不知道我們是否已經完成。這取決於市場告訴我們什麼。

And if we see pockets of strength where we can accelerate and get a return, we'll do it. But I think as it relates to the fourth quarter, that the number we gave you for SG&A is the right number. And we're in the midst of budgeting for 2016 and taking into consideration all the people we hired in 2015. That's the most direct guidance I can give you this point.

而且如果我們看到某些強勁的區塊，能夠加速投入並取得回報，我們就會這麼做。但我認為就第四季而言，我們給各位的SG&A數字是正確的數字。而我們正在進行2016年的預算編列，並把2015年我們所聘用的所有人員都納入考量。這是我目前能給各位最直接的指引。

Okay, thank you.

好的，謝謝。

George Tong, Piper Jaffray.

George Tong，Piper Jaffray。

Peter, can you discuss how much additional improvement you would need to see in financial services and government in order to continue to deliver accelerating growth in the business?

Peter，你能談談在金融服務與政府部門方面，你們需要看到多少額外改善，才能持續帶動業務加速成長嗎？

My qualitative answer to that is zero. We just don't need it to hurt us. Just stay flat. Because the numbers that we have reported this quarter had an improvement in certain accounts within financial services, but not across the board. And as our prepared remarks reflect, it was a broad-based expansion of demand across multiple industries.

我用定性的回答是：零。我們只是不需要它拖累我們。只要持平就好。因為我們本季所報告的數字，在金融服務的某些客戶帳戶確實有改善，但並非全面性。而且如同我們事先準備的講稿所反映的，需求是在多個產業間呈現廣泛擴張。

And can you talk a bit about trends you're seeing in ERP spend -- whether there could be a new catalyst for a wave of ERP upgrades that might drive increasing spend?

另外你能稍微談談你們看到的ERP支出趨勢嗎——是否可能出現新的催化劑，引發一波ERP升級潮，進而帶動支出增加？

Well, let me try to address it this way. And then, Mike, you want to add -- or Rand, if you want to add anything, please do. We see IT service spend as stable. And we're taking market share based on deployment model. And we're also seeing the benefits of the secular change of shared resources versus full-time resources.

好，我試著用這樣的方式來回答。然後，Mike，你想補充——或Rand，如果你想補充任何內容，也請加入。我們看到IT服務支出是穩定的。而我們正憑藉部署模式取得市占。同時我們也看到共享資源相較於全職資源這種長期結構性變化所帶來的效益。

We are seeing people doing some more strategic thinking around their ERP systems and how they are using their data. But there hasn't been some sort of dynamic bolt-on module that is driving insatiable demand. This is pretty steady-state.

我們確實看到客戶在其ERP系統以及如何使用其資料方面，做了更多策略性思考。但並沒有出現某種動態的外掛模組，去驅動無止盡的需求。整體相當穩態。

Mike or Rand, do you want to add anything?

Mike或Rand，你們想補充什麼嗎？

No, I would agree with that, Peter. I think, as always on the Oxford side of the business, that we have ebb and flows within disciplines, just as you said. ERP is one -- the other. So we see that constant ebb and flow. So it's a stable environment from our perspective as well.

不，我同意你的看法，Peter。我認為，一如既往，在Oxford這一端的業務，我們在各個專業領域都會有起伏，正如你所說。ERP是一個——其他也是。所以我們看到的是持續的起起落落。因此從我們的角度來看，環境同樣是穩定的。

Okay. And then, lastly, could you talk about how much cross-pollination you're seeing between the Creative Circle and Apex, and how that's tracking versus your earlier expectations?

好的。最後，你能談談你們在Creative Circle與Apex之間看到多少交叉導流（cross-pollination），以及這與你們先前的預期相比進展如何嗎？

Well, it's not a matter of if, it's when. And when you are growing at Creative at 22.6%, you're not looking for a lot of cross-revenue synergy. So there's been an enormous amount of coordination and targeting of which customers we want to address.

嗯，這不是會不會的問題，而是何時的問題。而當Creative以22.6%的速度成長時，你不會去期待大量的交叉營收綜效。所以在我們想要鎖定哪些客戶去切入這件事上，已經有非常大量的協調與鎖定。

We're actually seeing that maybe the flow towards Apex, which hasn't occurred yet -- what I'm saying now is not reflected in any of our forecasts or our historical results -- but we are seeing a lot of opportunities coming from the Creative customers into the Apex line of business. And as we look to introduce Creative into the Apex customers, it's a matter of how deeply penetrated into the customer we are prepared to go on the Creative digital side, as you know -- because Creative is more two, four, six people per account. Apex is much larger.

我們其實看到，可能會有更多機會流向Apex——這件事尚未發生——我現在說的並未反映在我們任何預測或歷史結果中——但我們確實看到許多機會是從Creative的客戶端延伸到Apex這條業務線。而當我們要把Creative導入Apex的客戶時，關鍵在於我們準備在Creative的數位端深入滲透客戶到什麼程度，如你所知——因為Creative通常每個客戶帳戶是2、4、6人這樣的配置。Apex的規模要大得多。

So we are working out the rules of engagement. There hasn't been sales channel conflict. We continue to confirm to ourselves our preacquisition analysis that there is synergies, revenue synergies, amongst the various organizations.

所以我們正在釐清合作交戰規則（rules of engagement）。目前並沒有出現銷售通路衝突。我們也持續驗證我們在併購前的分析：在各個組織之間確實存在綜效，包含營收綜效。

Great, thank you.

很好，謝謝。

Jeff Silber, BMO.

Jeff Silber，BMO。

Good afternoon. It's Henry Chen on for Jeff. I was curious about the staffing consultants that you added in the quarter. Were there any trends in terms of end markets that are growing faster than others, or any color you can add there?

下午好。我是代Jeff提問的Henry Chen。我想了解你們本季新增的人力派遣顧問（staffing consultants）。在終端市場方面是否有任何趨勢，例如哪些市場成長更快，或你能提供一些補充說明嗎？

Well, they went into, predominantly, IT. A little bit into Lab Support, and then a little bit more into the Creative group. And I would tell you, as far as internal employees go, we have as hard a time hiring and identifying talented people as our customers do. But we are continuing to chip away at it. But it's mostly in the technology world.

嗯，他們主要配置在IT。有一小部分在實驗室支援（Lab Support），另外也有一些更多配置到Creative團隊。至於內部員工，我可以告訴你，我們在招募與辨識有才華的人才方面，跟我們的客戶一樣困難。但我們會持續一點一滴地推進。不過主要還是在科技領域。

And for your 4Q guidance, is there -- would you be able to provide an organic rate that's embedded in that?

關於你們第四季的指引，是否——你能提供其中隱含的有機成長率嗎？

We did. Organic - of course, the way we are looking at it this on a pro forma basis. And we said 12% growth.

我們有提供。有機——當然，我們是以擬制（pro forma）的方式來看。我們說的是12%的成長。

So that pro forma basis -- does that include Creative Circle, or no?

所以那個擬制基礎——有包含Creative Circle嗎，還是沒有？

Yes.

有。

Oh, it does.

喔，有包含。

It assumes the acquisitions we made in the second quarter of 2015 were actually made at the beginning of 2014.

它假設我們在2015年第二季完成的併購，其實是在2014年年初就完成。

Got it. Would you be able to provide a number excluding acquisitions?

了解。你能提供一個排除併購的數字嗎？

I don't have that off the top of my head.

我現在沒有辦法立刻回答。

Okay. All right, thanks so much.

好的。好，真的非常感謝。

It's not much different.

差異不會太大。

No, it's not going to be that much different.

不，差異不會那麼大。

Got it. Okay. Thanks.

了解。好的。謝謝。

Randy Reece, Avondale Partners.

Randy Reece，Avondale Partners。

My first question has to do with what surprised you the most versus your guidance in the third quarter.

我的第一個問題是，第三季實際結果相較於你們的指引，最讓你們意外的是什麼？

Right. Great question, Randy. I think it was the reacceleration at both Apex and Oxford gained steam throughout the quarter. There wasn't any sort of the plateauing. And the hard work and timing of our investments paid off.

是。很好的問題，Randy。我認為是Apex與Oxford的再加速在整個季度中持續增強動能。並沒有出現任何平台期。我們投資的辛勤努力與時點掌握都獲得了回報。

You have competition -- you have formidable competition. You just went out there and took market share. I don't see that you are necessarily saying that the market growth rate itself steered your results that much. Is that correct?

你們面對競爭——你們面對的是強勁的競爭對手。你們就是走出去把市占拿下來。我看不出你們是在說市場本身的成長率對你們的結果有那麼大的帶動。這樣理解正確嗎？

Well, I don't think that were saying that the overall market rapidly expanded. I think it remained stable and robust. What I would tell you is we did, with more feet on the street, gain greater accounts -- but more importantly, specific to us, some of the ebb and flow that occurred in some of our accounts worked to our advantage versus disadvantage within the quarter.

嗯，我不認為我們是在說整體市場快速擴張。我認為它維持穩定且強勁。我會告訴你的是，我們確實因為有更多前線人員而拿下更大的客戶——但更重要的是，就我們自身而言，本季在部分客戶帳戶中出現的某些起伏，對我們是有利而非不利。

Your commentary about companies turning to agency contractors over independent contractors -- that's been a phenomenon for quite a while. It's been kind of hard to tell how much of an influence it has had over the staffing industry. But why in particular did you bring that up this quarter?

你提到企業轉向使用派遣機構承包商（agency contractors）而非獨立承包商（independent contractors）——這現象已經存在一段時間了。一直很難判斷它對人力派遣產業的影響有多大。但為什麼你們特別在本季把這點提出來？

You know, as we do more and more work, and there's more and more discussion, Randy, about the shared economy or the Gig Economy, and Uber being sued for misclassification, and everybody doing new apps and this and that -- it's just a true realization, as you said, of what we've been seeing for a number of years, specifically in the IT world. I will tell you: in the creative world, our strategic analysis preacquisition and postacquisition shows that about $8 billion is spent annually on non-full-time labor. And currently only $2 billion of that $8 billion runs through staffing companies with W-2 employees.

你知道，隨著我們做越來越多的工作、也有越來越多的討論，Randy，關於共享經濟或零工經濟（Gig Economy），以及 Uber 因錯誤分類而遭到起訴，還有大家都在做新的 App 之類——這其實正如你所說，是對我們多年來所看到情況的一個真實體認，特別是在 IT 領域。我可以告訴你：在創意領域，我們在併購前與併購後的策略分析顯示，每年約有 80 億美元花在非全職勞動力上。而目前這 80 億美元中，只有 20 億美元是透過擁有 W-2 員工的人力派遣公司來運作。

And that's partially because of the uniqueness that customers may feel certain creative/digital/graphic type people have. And if the person only is willing to work as a 1099, then they're going to look the other way; partially it's because of the size and sophistication of the end customer. But we're seeing that trend change dramatically, too.

這部分是因為客戶可能覺得某些創意／數位／平面類型的人才具有獨特性。如果那個人只願意以 1099 的形式工作，那他們就會睜一隻眼閉一隻眼；部分原因也在於終端客戶的規模與成熟度。但我們也看到這個趨勢正在劇烈改變。

So as I've said, often publicly, the largest single source of incremental revenue for the federal government is not raising taxes; it's eliminating the misclassification of employees. And as more and more these web companies try to tout that you can go online and work independent and not as a W-2 employee, the government is going to come down harder and harder to prohibit that.

所以如我常在公開場合所說，聯邦政府增量收入最大的單一來源不是加稅；而是消除員工的錯誤分類。而隨著越來越多這些網路公司試圖宣稱你可以上網以獨立身分工作、而不是 W-2 員工，政府將會愈來愈強硬地禁止這種做法。

I promised no questions about gross margin. Good quarter. Thanks a lot.

我承諾不問毛利率的問題。很棒的一季。非常感謝。

Gary Bisbee, RBC Capital Markets.

Gary Bisbee，RBC Capital Markets。

The improvement was pretty stark across, it sounds like, on virtually every business but government and some of the big banks. Can you help us sort of frame what was the most important and least important of the various things you mentioned? It sounds like the surge hire is becoming profitable; it was a big contributor. It also sounds like at Apex, you saw acceleration in a few of the verticals that maybe hadn't been quite as strong.

聽起來，除了政府以及一些大型銀行之外，幾乎每個業務的改善都相當明顯。你能否幫我們梳理一下你提到的各項因素中，哪些最重要、哪些相對不重要？聽起來 surge hire 正在變得有利可圖；它是很大的貢獻來源。也聽起來在 Apex，你看到某些垂直領域加速成長，而這些領域之前可能沒有那麼強。

And then you talked about top accounts also getting somewhat stronger. Is the surge hiring the key, and these other ones also were modest positives? Or is it a more balanced contribution?

然後你也談到大型客戶（top accounts）也變得稍微更強。關鍵是 surge hiring，而其他因素只是小幅正面？還是說貢獻更為均衡？

It's more balanced. You know, we're building a business for the long haul, and there can be some changes quarter to quarter. We admitted that maybe we got a little bit light on the hiring in the first half of 2014, and we suffered the consequences of that. And then we got back on the right side of the hiring in the second half of 2014. And now we're seeing the benefits of that.

更為均衡。你知道，我們是在打造一個長期經營的事業，季度之間可能會有一些變化。我們也承認，2014 年上半年我們在招募上可能稍微保守了一點，因此承受了後果。接著在 2014 年下半年，我們又回到較為積極、正確的招募節奏。而現在我們正在看到這樣做的效益。

I will tell you, if my numbers are correct, the financial services sector -- industry sector for us, instead of shrinking year-over-year, grew 7.6%. Not every account within financial services grew, but some grew enough to offset the shrinkage in other accounts. And on a consolidated basis we grew 7.6%. So that helped to unmask the momentum in the growth that we had outside of financial services, Gary. The rest of it was just hard-nosed blocking, tackling, daily revenue-generating activity in a market that is receptive.

我可以告訴你，如果我的數字沒錯，金融服務部門——對我們而言的產業部門——不但沒有年對年萎縮，反而成長了 7.6%。金融服務裡並非每個客戶都成長，但有些客戶的成長足以抵消其他客戶的下滑。而在合併基礎上我們成長了 7.6%。所以這有助於揭示我們在金融服務以外的成長動能，Gary。其餘的就是在一個願意接受的市場裡，靠著務實的基本功、日復一日創造營收的活動。

Sounds good. Peter, you typically mention on the call that the domestic Lab Support business is the most cyclical. And from that you infer an updated comment on how you see the US economy pulling out. Unless I missed it, I don't think that was in your prepared remarks, but what do you guys think?

聽起來不錯。Peter，你通常會在電話會議上提到，美國國內的 Lab Support 業務是最具循環性的。你也會從中推論你對美國經濟復甦的最新看法。除非我漏聽了，我覺得你在事先準備的講稿裡沒有提到這點，你們怎麼看？

It wasn't. It grew slower than the IT divisions, but we have been doing an enormous amount of work to reposition it to be able to more forcefully compete and service larger customers. Ted, I know you're on a cell phone, but do you want to add anything -- any color about Lab?

確實沒有。它的成長比 IT 事業群慢，但我們一直投入大量工作來重新定位這項業務，使其能更有力地競爭並服務更大型的客戶。Ted，我知道你在用手機，但你想補充什麼嗎——關於 Lab 的一些說明？

The only other thing I'd say is we've seen stable order flow. So I think if you look at that and say, is that a marker for what we see out there in the general economy? It's stable.

我唯一想補充的是，我們看到訂單流量保持穩定。所以我想如果你把這當作我們在整體經濟中所看到情況的一個指標，那就是穩定。

Okay, great. And then just on SG&A, I just wanted to make sure that I heard it right. So you said the $1 million to $1.5 million would be the incremental -- I think, Ed, you said that the incremental amount from those new hires you've done since the second quarter in the fourth quarter -- was that the right number?

好的，很好。然後關於 SG&A，我只是想確認我聽得沒錯。所以你說 100 萬到 150 萬美元會是增量——我想，Ed，你說的是自第二季以來新增聘用的人員，在第四季的增量金額——這個數字對嗎？

No, I was referring to what was included in Q3 related to the incremental hire. When it's fully loaded, it's going to be closer to, say, $2 million for the fourth, yes.

不，我指的是第三季中已包含的、與增量招募相關的部分。等到完全反映（fully loaded）後，第四季會更接近例如 200 萬美元，是的。

Yes, all right. So SG&A is about flat. But you said the Q3 number included $1.5 million or whatever it was from the nonrecurring stuff. So you layer that in, and that gets the headcount run rate. Okay. Very good. Thank you very much.

是的，好。所以 SG&A 大致持平。但你說第三季的數字包含了 150 萬美元或類似金額的非經常性項目。所以把那個加回去，就能得到人頭成本的常態化水準（run rate）。好的。非常好。非常感謝。

Tobey Sommer, SunTrust.

Tobey Sommer，SunTrust。

Peter, the cash paydown has occurred very rapidly. And by my math you could be closer to 2 times levered by the end of next year. I know that's several quarters away, but how do you think about the business as you approach a historical norm in terms of leverage in the business?

Peter，現金償債的速度非常快。按我的計算，到明年年底你的槓桿倍數可能會更接近 2 倍。我知道那還有好幾個季度，但當你們的槓桿水準接近公司歷史常態時，你會如何看待這門生意？

Right. So I think what we said publicly, Toby, is we think that we can get to 2.5 before the end of 2016, and probably think sooner than later. When we first started saying that, we thought we'd say at the end of 2016. If things continue apace, the way they are right now as far as EBITDA growth and cash generation, we think we'd get there sooner in 2016.

對。所以我想我們公開說過的是，Toby，我們認為在 2016 年底之前可以達到 2.5 倍，而且可能會比想像更早。當我們一開始這麼說時，我們以為會是在 2016 年底。如果事情持續按目前的步調發展，就 EBITDA 成長與現金產生而言，我們認為在 2016 年會更早達成。

As we've always told you -- as well as the credit rating agencies and our investors -- anytime we're at 2.5 times leverage, I think the future cash generation is better served either being returned to shareholders in the form of share purchases or, if we can identify an attractive asset, acquiring another business.

我們一直告訴你——也同樣告訴信評機構與投資人——只要我們處在 2.5 倍槓桿左右，我認為未來產生的現金更適合用於：要嘛以庫藏股／買回股票的形式回饋股東；要嘛如果我們能辨識到有吸引力的資產，就去收購另一項業務。

So there's a real upside to us delevering quickly. We are creating equity value. We're reducing our interest expense. But most importantly, we're positioning ourselves to retain our credibility with our stakeholders with our stakeholders and be able to do share purchases and acquisitions.

所以我們快速去槓桿確實有很大的上行空間。我們正在創造股權價值。我們正在降低利息費用。但最重要的是，我們正在讓自己處於一個位置：能維持與利害關係人之間的可信度，並且能夠進行股票回購與併購。

Pete, did the strategic review that you conducted a while back yield other areas, new areas that the Firm could enter? You don't have to mention what those are, but just wondering if there are new segments that you would consider?

Pete，你們前一陣子做的策略檢討，有沒有產出公司可以進入的其他領域、新領域？你不必說是哪些，只是想知道是否有你們會考慮的新區隔？

Subsegments of technology, clinical research, and creative. But we're not going to get into foreign language translation or anything like that. I would just tell you it's subsegments.

科技、臨床研究與創意領域的次分項（subsegments）。但我們不會去做外語翻譯之類的事情。我只能說是次分項。

Okay. And two other questions for me, because a lot of stuff has been asked. The one numerical one -- on the staffing consultant growth, what was that as of the end of the quarter, excluding Creative Circle? I think you might have given it, but I don't think my pen was fast enough.

好的。我還有另外兩個問題，因為很多內容都已經被問過了。其中一個是數字問題——關於派遣顧問（staffing consultant）的人數成長，在本季末、排除 Creative Circle 之後是多少？我想你可能有提到，但我筆記沒跟上。

We gave the numbers in the prepared remarks. And let me just give you the absolute number, if I can find it.

我們已在事先準備的發言稿中提供了相關數字。如果我找得到的話，讓我直接給你絕對數字。

In the meantime, while you're looking for that, Ed, you mentioned back-office integration. Is there much work to do there? And is there any kind of margin impact either negative or positive on an ongoing basis?

同時，在你找那個數字的時候，Ed，你提到後勤（back-office）整合。那邊還有很多工作要做嗎？而且在持續性的基礎上，對利潤率是否會有任何影響，不論是負面或正面？

We'll have more to say about that next year. We are winding down on a couple of things -- one is an integration of our European operations, and also an integration of some domestic visions into the Oxford segment. But yes, there's going to be some efficiencies gained. And we'll have more to say about the actual effect of that when we give some guidance on 2016.

我們明年會再多談一些。我們正在收尾幾件事——其中一件是整合我們的歐洲營運，另一件是把一些國內的業務線整合進 Oxford 部門。不過是的，將會取得一些效率提升。至於實際影響，我們在提供 2016 年展望指引時會再多說。

As it relates to the numbers that you asked for on headcount: excluding Creative Circle, the -- and this is average number for Q3 -- was 2,039. And that's up from 1,720 in the third quarter of 2014.

就你問到的人頭數而言：不含 Creative Circle——以第三季平均人數計——為 2,039 人。相較於 2014 年第三季的 1,720 人有所增加。

Thank you very much.

非常感謝。

(Operator Instructions) Mark Marcon, RW Baird.

(接線員指示) RW Baird 的 Mark Marcon。

Good afternoon and congrats. With regards to Creative Circle, can you talk a little bit about the performance of the organization from the perspective of just turnover; what are you seeing in terms of being part of the organization? Obviously the revenue growth has been terrific, but what have you seen qualitatively?

下午好，恭喜。關於 Creative Circle，能否從人員流動（turnover）的角度談談該組織的表現；就成為你們組織的一部分而言，你們看到什麼？顯然營收成長非常亮眼，但在質性面你們觀察到什麼？

Thank you. You know, Mark, it's a great organization that was built by a couple of great people. And they put underneath them a great second tier. So one of the endearing features of the business beyond its great margins and the great end market was -- they were our kind of folks, great people. And they feel empowered. It's been a net positive for everyone and our shareholders.

謝謝。Mark，你知道，這是一個由幾位非常優秀的人建立起來的很棒的組織。而且他們底下也建立了很強的第二梯隊。所以，除了優異的利潤率與很好的終端市場之外，這個事業另一個可貴之處在於——他們是我們同一類的人，都是很棒的人。而且他們覺得自己被賦權。這對所有人以及我們股東而言都是淨正面。

But for our new employees, they are now participants of our employee stock purchase plan. The first window just opened for them. They are seeing the ability to participate in the growth of the equity of the Company, and the Company doesn't have to be sold to get liquidity in their holdings. A lot of city managers and others are receiving equity awards on an annual basis. And so we've, so to speak, equatized them. And they are now part of our programs.

至於我們的新員工，他們現在也能參與我們的員工持股購股計畫。他們的第一個申購窗口才剛開放。他們看到了參與公司股權成長的機會，而且公司不必被出售，他們也能讓手上的持股取得流動性。許多城市經理（city managers）及其他人每年都會收到股權獎勵。所以我們可以說是把他們「股權化」了。他們現在也納入我們的各項方案之中。

And there's no sales channel conflict. We've had a lot of events in the marketplaces, and creating awareness, and there's very good esprit de corps. We have not lost anyone because of the acquisition. You know, they have a number of employees. Have we lost some people because of relocation or want to stay at home? A couple, but all in all it's a net positive. And the cooperation and the collaboration has been very good.

而且沒有銷售通路衝突。我們在各個市場舉辦了很多活動、提升能見度，也建立了很好的團隊精神（esprit de corps）。我們沒有因為這次收購而流失任何人。你知道，他們員工人數不少。我們是否因為搬遷或想留在家鄉而流失一些人？有幾位，但整體而言仍是淨正面。而且合作與協作一直都非常好。

And that's why you see not a deceleration in the revenue, a continued healthy growth rate and margin. I mean, they grew 22.6%.

這也是為什麼你看到營收沒有減速，而是持續維持健康的成長率與利潤率。我的意思是，他們成長了 22.6%。

Great. A question for Rand, if I may. With regards to the verticals that you're actually seeing good growth in, can you talk about the ones you're seeing the strongest growth? And also are you seeing any sort of signs of weakness in the industrial economy? That's a frequent topic as it relates to financial news.

很好。如果可以的話，我想問 Rand 一個問題。就你們實際看到成長良好的垂直產業而言，能否談談哪些領域的成長最強？另外，你們是否看到工業景氣有任何走弱的跡象？這在財經新聞中是常見話題。

So, Peter, I will go ahead and respond. We saw, as Peter said earlier, growth across the board -- double digit growth, as we said, in all the industries except for government. Technology, business services were particularly strong. Financial services particularly strong, considering some of our best or top accounts were not giving us a lift. But it was pretty much across the board, I would say.

所以，Peter，我來回應。如 Peter 先前所說，我們看到各面向都有成長——如我們所說，除政府以外，所有產業都呈現雙位數成長。科技、商業服務特別強勁。金融服務也特別強，儘管我們一些最佳或最大客戶並沒有帶動我們成長。但我會說，基本上是全面性的成長。

In terms of industrial activity, are you talking about -- what -- consumer industrial companies? That unit also grew, not the oil and gas portion of it, but the other parts of it did grow.

就工業活動而言，你指的是——什麼——消費與工業類公司嗎？那個單位也有成長，不包含其中的油氣部分，但其他部分確實有成長。

And no slowdown in that part?

那一塊也沒有放緩嗎？

In consumer and industrial? No. Nope, double-digit growth.

消費與工業？沒有。沒有，仍是雙位數成長。

Excellent. With regards to the financial services sector, what do you think happens to a company that disengages? Are there other suppliers out there that are going to be willing to meet their needs? Or do you think they're just going to run short on talent?

非常好。關於金融服務產業，你認為一家選擇抽離（disengages）的公司會怎麼樣？外面是否有其他供應商願意滿足他們的需求？還是你認為他們就是會面臨人才短缺？

Mark, on that one, what we were referring to is not that a customer said we price our business 300 basis points lower than we used to, and we say no, and someone else picks it up. And without naming banks, there are a couple of banks that have cut their spend with all vendors by 50%.

Mark，關於這點，我們指的不是某個客戶說「我們把你們的報價比以前低 300 個基點」，我們說不，然後就有別人接手。在不點名銀行的情況下，有幾家銀行把對所有供應商的支出都砍了 50%。

And so that's kind of what you're referring to?

所以你指的是這種情況？

On ebb and flow with specific banks.

是指特定銀行之間的起伏變動（ebb and flow）。

Okay, great. And then with regards to -- on the Oxford side, nice growth there. Any areas that seem to be accelerating more than usual, or --? and I'm talking about Oxford core.

好的，很好。另外，關於——Oxford 這邊成長不錯。有沒有哪一些領域的加速程度比平常更明顯，或是——？我指的是 Oxford 核心業務。

It's pretty broad-based, so -- I hate to say I'm not going to speak for competitive purposes, but I've learned the hard way. We have spawned a lot of boutiques in the subsegments by bragging about their growth rates. So you know where we're playing. And I would tell you it's pretty broad-based.

相當廣泛，所以——我不太想說出於競爭考量我不便多談，但我吃過苦頭了。我們曾因為誇耀某些子領域的成長率，而在那些子區隔催生出許多精品公司（boutiques）。所以你知道我們在哪些地方布局。我只能說，成長相當廣泛。

That's great. Super, thank you.

太好了。很棒，謝謝。

Thank you. And we have no further questions.

謝謝。我們沒有其他問題了。

We appreciate your time and attention, and we look forward to visiting with you again on the fourth-quarter conference call. And management will be in New York for a couple of conferences in November. Thank you.

感謝各位撥冗與關注，我們期待在第四季電話會議上再次與各位交流。管理團隊 11 月也會在紐約參加幾場會議。謝謝。

Thank you, ladies and gentlemen. That does conclude our conference for today. Thank you for your participation and for using AT&T Executive Teleconference. You may now disconnect.

謝謝各位女士先生。今天的電話會議到此結束。感謝各位參與並使用 AT&T 高階主管電話會議服務。您現在可以掛線。