Everforth, Inc. (EFOR) 2015 Q4 法說會逐字稿

Ladies and gentlemen, good afternoon, thank you for standing by, and welcome to the On Assignment fourth-quarter 2015 earnings conference call.

各位女士、先生，下午好，感謝您撥冗等候，歡迎參加 On Assignment 2015 年第四季財報電話會議。

(Operator Instructions)

(接線員指示)

As a reminder, today's conference is being recorded.

提醒各位，今天的會議將會錄音。

I would now like to turn the conference over to our host, Chief Financial Officer, Mr. Ed Pierce. Please go ahead.

現在我想將會議交給我們的主持人、財務長 Ed Pierce 先生。請開始。

Good afternoon, and thank you for your time today.

各位下午好，感謝您今天撥冗參與。

Before we get started, I would like to remind everyone that our presentation contains forward-looking statements representing our current judgment for 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. 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.

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。部分風險與不確定性已在今日新聞稿及我們向美國證券交易委員會（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 will be making reference to pro forma and constant currency information. Pro forma data assume the acquisition of Creative Circle and the small European life sciences business occurred at the beginning of 2014. Constant currency data were calculated using the foreign exchange rates in effect during the fourth quarter of 2014.

請注意，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 Creative Circle 以及歐洲小型生命科學業務的收購於 2014 年初即已完成。固定匯率數據係以 2014 年第四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. Good afternoon. I would like to welcome everyone to the On Assignment 2015 fourth quarter earnings conference call.

謝謝你，Ed。各位下午好。歡迎各位參加 On Assignment 2015 年第四季財報電話會議。

With Ed and me today are Rand Blazer, President of Apex Systems; Mike McGowan, COO of On Assignment and President of Oxford Global Resources; and Ted Hanson, Executive Vice President of On Assignment.

今天與 Ed 和我一同出席的還有：Apex Systems 總裁 Rand Blazer、On Assignment 營運長暨 Oxford Global Resources 總裁 Mike McGowan，以及 On Assignment 執行副總裁 Ted Hanson。

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 a more detailed review and discussion of our fourth quarter results and our estimates for the first quarter of 2016. 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，請他更詳細回顧並討論我們第四季的結果，以及對 2016 年第一季的預估。最後我們將開放提問。

Now onto the fourth quarter results. Revenues in the fourth quarter were $577.5 million, up 30.9% year-over-year, 31.7% on a constant currency basis. Revenues, excluding the contribution of $77.4 million from acquisitions, were up 13.4% to $500.1 million and up 14% to $502.9 million on a constant currency basis.

接著說明第四季結果。第四季營收為 5.775 億美元，年增 30.9%；以固定匯率計算年增 31.7%。若排除併購貢獻的 7,740 萬美元，營收年增 13.4% 至 5.001 億美元；以固定匯率計算年增 14% 至 5.029 億美元。

Revenues generated outside the United States were $25.1 million, or 4.4% of consolidated revenues for the fourth quarter, versus $20.6 million, or 4.7% in the fourth quarter of 2014. The fourth quarter represents the third consecutive quarter of accelerating revenue growth. Our size and service offerings once again permitted us to grow faster than the published staffing industry growth rate of 6%.

第四季美國以外地區所產生的營收為 2,510 萬美元，占合併營收的 4.4%；相較之下，2014 年第四季為 2,060 萬美元，占 4.7%。第四季為營收成長加速的連續第三個季度。我們的規模與服務內容再次使我們得以超越已公布的人力派遣產業 6% 的成長率。

Despite there being 2.3 fewer billable days and the normal holiday seasonal effects on hours worked by our billable consultants, we were able to grow revenue sequentially 4.8% on a same number of billable days basis versus the immediate prior quarter. For the fourth 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 in the third quarter earnings press release.

儘管可計費天數少了 2.3 天，且假期季節性因素通常會影響可計費顧問的工時，我們仍能在可計費天數相同的基礎上，較上一季營收季增 4.8%。第四季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，均高於我們在第三季財報新聞稿中提供的財測區間上緣。

We were particularly pleased with our higher revenue growth rates, which reflect, among other things, the contribution from our hiring surge of sales and recruiting consultants that began in the latter half of 2014. Adjusted EBITDA was $70.7 million, or 12.2% of revenues, up from $50.6 million, or 11.5% of revenues in the fourth quarter of 2014 on an as-reported basis. The year-over-year improvement in adjusted EBITDA in the fourth quarter includes the impact from higher incentive compensation expense compared to the year ago period due to better performance in our divisions.

我們對較高的營收成長率尤其感到滿意，這反映了多項因素，其中包括我們自 2014 年下半年開始大幅增聘業務與招募顧問所帶來的貢獻。調整後 EBITDA 為 7,070 萬美元，占營收 12.2%；相較於 2014 年第四季按申報口徑為 5,060 萬美元，占營收 11.5%。第四季調整後 EBITDA 的年增改善，包含相較去年同期因各事業部表現較佳而導致的較高獎勵性薪酬費用影響。

All divisions contributed to our strong fourth quarter performance with Apex and Creative Circle accelerating throughout the quarter. Revenue growth came from both our local, mid-market and large accounts with increasing demand in each customer base. We believe, based on current performance, that this solid growth 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, offshoring and consulting.

所有事業部都對我們強勁的第四季表現有所貢獻，其中 Apex 與 Creative Circle 在整個季度持續加速。營收成長同時來自本地、中型市場與大型客戶，且各客群需求皆在增加。我們相信，基於目前表現，這樣的穩健成長將會延續。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，以及將人力派遣（staff augmentation）作為外包、離岸與顧問服務之可行替代方案的採用度持續提升。

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. 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.

此外，我們也持續看到跡象顯示，關於隨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錯誤分類為獨立承包商之風險的方法。我們的客戶已經並正在意識到這一點，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。

Exiting the quarter, we feel we are well positioned to continue to generate solid revenue growth. Integration, coordination and cash generation related to our acquisitions continues to be at or above our expectations. Since closing the Creative Circle acquisition, we have repaid $101 million of our debt. Our current leverage ratio is 3.02 times trailing 12-month adjusted EBITDA, and we expect the ratio to be 2.85 times by the end of the first quarter of 2016.

在本季結束時，我們認為自身已具備良好條件，可持續創造穩健的營收成長。與併購相關的整合、協同與現金創造持續達到或優於我們的預期。自完成 Creative Circle 收購以來，我們已償還 1.01 億美元的債務。我們目前的槓桿比率為過去 12 個月調整後 EBITDA 的 3.02 倍，並預期在 2016 年第一季末降至 2.85 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 $42.7 million for the last two weeks, up 31.8% over the same period in 2015. Excluding the contribution from Creative Circle, revenues were up 14.9% over the same period in 2015.

本季期間，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、可計費費用及直接安置營收）在最後兩週平均為 4,270 萬美元，較 2015 年同期成長 31.8%。若排除 Creative Circle 的貢獻，營收較 2015 年同期成長 14.9%。

While we are sensitive and conscious of the fears of an economic slowdown in the US, to date we have not seen a change in our customers' normal purchasing behavior. We continue to see solid demand from end markets we serve, and we are benefiting from the improved productivity of the additional headcount we added during our hiring surge last year. The productivity levels are also in line with our expectations and we continue to see improvement.

雖然我們對美國經濟放緩的疑慮保持敏感並有所警覺，但截至目前我們尚未看到客戶正常採購行為出現變化。我們持續看到所服務終端市場的穩健需求，並受惠於去年增聘人力所帶來的生產力提升。生產力水準亦符合我們的預期，且我們持續看到改善。

I will now turn the call over to Rand Blazer, President of Apex Systems, who will review the operations of his segment. Rand?

接下來我將把電話交給 Apex Systems 總裁 Rand Blazer，由他回顧其事業部的營運狀況。Rand？

Great, thank you, Peter.

很好，謝謝你，Peter。

The Apex segment, which consisted of the Apex Systems, Lab Support and Creative Circle business units, reported strong results for the quarter. Revenues for this segment were $433 million, up 17.4% year-over-year on a pro forma basis. Revenues from Apex Systems, which accounts for 74.3% of the segment's revenues, were up 17.5% year-over-year.

Apex 事業部由 Apex Systems、Lab Support 與 Creative Circle 三個業務單位組成，本季表現強勁。該事業部營收為 4.33 億美元，以備考口徑計算年增 17.4%。其中 Apex Systems 的營收占該事業部營收的 74.3%，年增 17.5%。

This performance reflects, among other things, higher demand in our end markets and improved productivity from our sales consultants, including the contribution from headcount added during the hiring surges of the past year. Lab Support's results were in line with our estimates and up from the growth rates of the previous three quarters. Creative Circle, which was acquired on June 5, 2015, reported revenues of $74.6 million, which exceeded our revenue targets and their revenue levels in the previous three quarters.

此一表現反映了多項因素，包括我們終端市場需求提升，以及業務顧問生產力改善，其中也包含過去一年增聘人力所帶來的貢獻。Lab Support 的結果符合我們的預估，且成長率高於前三個季度。於 2015 年 6 月 5 日收購的 Creative Circle，營收為 7,460 萬美元，超出我們的營收目標，亦高於其前三個季度的營收水準。

On a pro forma basis, Creative Circle's growth rate for the quarter was 22.4%. Our gross margin for this segment was 30.4%, which was in line with our estimates, and down slightly, 20 basis points, from the preceding quarter. Our segment's contribution in terms of divisional EBITDA was very strong, with solid conversion of gross profit to EBITDA in the segment, as Peter has already mentioned.

以備考（pro forma）基礎計算，Creative Circle 本季的成長率為 22.4%。本分部的毛利率為 30.4%，符合我們的預估，且較前一季小幅下降 20 個基點。就分部 EBITDA 而言，我們分部的貢獻非常強勁，分部內毛利轉換為 EBITDA 的能力穩健，如 Peter 先前已提到。

With respect to Apex Systems, our IT staffing division, revenue growth was propelled by a number of factors including, first, double-digit Q4 revenue growth on a year-over-year basis and our accounts in six of the seven industry verticals we service, and a return to slightly positive growth year-over-year in the seventh industry we service, the government industry set of accounts. Apex local branch mid-market business momentum continued with increasing double-digit revenue growth rates in Q4.

就 Apex Systems（我們的 IT 派遣分部）而言，營收成長受多項因素推動，包括：第一，在我們服務的七個產業垂直領域中，有六個領域的客戶帳戶於第四季（Q4）年增呈現雙位數成長；而第七個我們服務的產業—政府產業客戶帳戶—也回到年增略為正成長。Apex 各地分公司之中型市場（mid-market）業務動能延續，第四季的營收成長率持續提升至雙位數。

Number three, our sales force productivity grew nicely in the quarter with the surge hires now firmly in their assigned markets and producing sales at higher levels. Growth in our top accounts showed continued revenue acceleration in the quarter, although a number of top accounts continue to lag behind in revenue growth on a year-over-year basis.

第三，我們的銷售團隊生產力在本季有不錯的成長，先前增聘（surge hires）的人員如今已穩定在其分配的市場中，並以更高水準產出銷售。我們的主要客戶帳戶在本季顯示營收加速成長的趨勢持續，儘管仍有若干主要客戶帳戶在年增營收成長方面持續落後。

Our Lab Support and Creative Circle units are also seeing continued good opportunities for growth with the market for creative marketing skills particularly strong. Our Creative Circle unit is performing well at all levels now, six months into the acquisition.

我們的 Lab Support 與 Creative Circle 單位也持續看到良好的成長機會，其中創意行銷技能的人才市場尤其強勁。我們的 Creative Circle 單位目前在各層面表現良好，距離收購完成已六個月。

Overall, the Apex segment had a solid quarter with quarterly revenue continuing its growth acceleration on a year-over-year basis, with each of its business units contributing to revenue growth, to stable gross margins, and strong conversion of gross profit to divisional EBITDA.

整體而言，Apex 分部本季表現穩健，季度營收在年增基礎上持續加速成長；其各業務單位皆對營收成長、穩定毛利率，以及毛利向分部 EBITDA 的強勁轉換有所貢獻。

I will now turn the call over to Mike McGowan to discuss the results of our Oxford segment. Mike?

接下來我把電話會議交給 Mike McGowan，請他說明我們 Oxford 分部的業績。Mike？

Thanks, Rand.

謝謝你，Rand。

The Oxford segment includes Oxford, CyberCoders, our perm placement business, and Life Sciences Europe. The segment had revenues of $144.5 million for the fourth quarter of 2015, up 8.4% year-over-year. On a constant currency basis, revenues would have been $3.2 million higher and our growth rate would have been 10.8%.

Oxford 分部包含 Oxford、CyberCoders、我們的永久職缺媒合（perm placement）業務，以及 Life Sciences Europe。該分部 2015 年第四季營收為 1.445 億美元，年增 8.4%。若以固定匯率（constant currency）計算，營收將高出 320 萬美元，成長率將為 10.8%。

Gross margin for the quarter increased to 42.5%, up from 41.5% in the preceding quarter, and 41% in the year ago period on a pro forma basis. Oxford's revenue for the fourth quarter was $109.3 million, up 3.9% year-over-year, and 5.5% on a constant currency basis. Oxford's gross margin improved in Quarter Four, increasing to 32.9%, up from 32.4% in the preceding quarter. Oxford experienced continued consolidated year-over-year growth throughout 2015.

本季毛利率提升至 42.5%，高於前一季的 41.5%，且以備考（pro forma）基礎計算亦高於去年同期的 41%。Oxford 2015 年第四季營收為 1.093 億美元，年增 3.9%；以固定匯率計算則成長 5.5%。Oxford 的毛利率在第四季改善，提升至 32.9%，高於前一季的 32.4%。Oxford 在 2015 年全年持續呈現合併口徑的年增成長。

This improvement was driven by growth in our key accounts, continued sharp focus on assigning consultants within our targeted skilled disciplines, increased demand for EMR implementations, upgrades and optimization projects, and ongoing demand for coding and consulting services. Our segment's permanent placement revenues grew 38.4% year-over-year to $22.2 million, and was driven by increases in recruiting staff and newly implemented training programs for new and experienced staff.

此一改善主要由以下因素帶動：我們關鍵客戶帳戶的成長、持續高度聚焦於在我們鎖定的專業技能領域配置顧問、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。本分部的永久職缺媒合營收年增 38.4% 至 2,220 萬美元，主要由招募人員增加以及新導入的新人與資深人員訓練計畫所帶動。

We continue to invest in new technology that will more efficiently identify and match relevant candidates to our open job orders. The Oxford segment's European revenues were $22.7 million in the fourth quarter of 2015, up 13% year-over-year, or 28.9% on a constant currency basis.

我們持續投資新科技，以更有效率地辨識並媒合合適候選人至我們的職缺委託（open job orders）。Oxford 分部 2015 年第四季的歐洲營收為 2,270 萬美元，年增 13%；以固定匯率計算則成長 28.9%。

Revenues for the fourth quarter of 2015 include $2.8 million in revenues from the second quarter acquisition that Ed mentioned earlier. The segment's consolidated revenue growth was the result of strong year-over-year growth in all of our business units, and based on recent production activity, our expectation is for continued growth throughout the first quarter of 2016.

2015 年第四季營收包含 Ed 先前提到的第二季收購案所貢獻的 280 萬美元營收。本分部合併營收成長來自我們所有業務單位強勁的年增成長；依據近期的產出活動，我們預期 2016 年第一季將持續成長。

I will now turn the call over to Ed Pierce. Ed?

接下來我把電話會議交給 Ed Pierce。Ed？

Thank you, Mike.

謝謝你，Mike。

As Peter mentioned, our operating results for the quarter were above the high end of our previously announced estimates. Revenue for the quarter were $577.5 million, up 14.4% year-over-year on a pro forma basis. If you exclude the contribution of the two businesses that we acquired in the second quarter, our revenues were up 13.4% year-over-year, and up 14% on a constant currency basis.

如 Peter 所提到，我們本季的營運結果高於先前公布預估區間的上緣。本季營收為 5.775 億美元，以備考（pro forma）基礎計算年增 14.4%。若排除我們在第二季收購的兩項業務之貢獻，營收年增 13.4%；以固定匯率計算則成長 14%。

On a reported basis, our contract revenues were $544.9 million, up from $420.9 million in the fourth quarter of last year. Our direct hire and conversion revenues were $32.6 million and accounted for 5.7% of total revenues, up from 4.6% of total revenues in Q4 last year.

以公告口徑（reported basis）計算，我們的合約營收為 5.449 億美元，高於去年第四季的 4.209 億美元。我們的直接聘僱（direct hire）與轉任（conversion）營收為 3,260 萬美元，占總營收 5.7%，高於去年第四季占總營收 4.6% 的水準。

Our gross margin for the quarter was 33.4%, which was above our previously announced financial estimates and slightly down sequentially. SG&A expenses were $138.8 million, or 24% of revenues.

本季毛利率為 33.4%，高於我們先前公布的財務預估，且較前一季略為下降。SG&A 費用為 1.388 億美元，占營收 24%。

SG&A for the quarter included $5 million in acquisition, integration, and strategic planning expenses, of which $2.1 million related to an increase in the estimated earn-out obligations for our CyberCoders and Creative Circle, and the remainder primarily related to the cost of integrating various divisions onto Oxford's operating and back office platform. SG&A also included $2 million to $2.5 million of expense related to the increase in sales consultants and recruiters added during the second half of 2015. If you exclude Creative Circle, the average number of sales consultants and recruiters for the quarter was 2,058, up from 1,811 in the fourth quarter of 2014.

本季 SG&A 包含 500 萬美元的收購、整合與策略規劃費用，其中 210 萬美元與我們對 CyberCoders 與 Creative Circle 之估計或有對價（earn-out）義務增加有關，其餘主要與將各分部整合至 Oxford 的營運與後勤（back office）平台之成本相關。SG&A 亦包含約 200 萬至 250 萬美元的費用，與 2015 年下半年新增的銷售顧問與招募人員人數增加相關。若排除 Creative Circle，本季銷售顧問與招募人員的平均人數為 2,058 人，高於 2014 年第四季的 1,811 人。

The effective tax rate was 43.2% for the quarter and 41.4% for the full year. The higher rate for the quarter primarily related to the increase in the earn-out obligations for CyberCoders, which is not deductible for income tax purposes. Adjusted income from continuing operations for the quarter was $40.6 million, or $0.76 per diluted share. The calculation of adjusted earnings per diluted share is set forth in our press release.

本季有效稅率為 43.2%，全年為 41.4%。本季較高的稅率主要與 CyberCoders 的或有對價（earn-out）義務增加有關，而該項目在所得稅上不可扣抵。本季持續營業部門調整後淨利為 4,060 萬美元，稀釋後每股盈餘為 0.76 美元。調整後稀釋每股盈餘的計算方式載於我們的新聞稿。

Adjusted EBITDA, which is a non-GAAP measure, also defined in our press release, was $70.7 million, or 12.2% of revenues. Income from continuing operations was $19.2 million, and included $5.3 million after tax of acquisition, integration and strategy expenses, which as you know, we do not include in our financial estimates. Excluding those expenses, income from continuing operations would have been above the high end of our financial estimate.

調整後 EBITDA（Adjusted EBITDA）為一項非 GAAP 指標，其定義亦載於我們的新聞稿；本季為 7,070 萬美元，占營收 12.2%。持續營業部門淨利為 1,920 萬美元，其中包含收購、整合與策略費用稅後 530 萬美元；如各位所知，我們在財務預估中不包含這些費用。若排除上述費用，持續營業部門淨利將高於我們財務預估區間的上緣。

Cash flows from operating activities were $30.2 million and capital expenditures were $6.5 million. During the quarter, as Peter mentioned, we paid down $30 million of our long-term debt, and our leverage ratio at the end of the quarter was 3.02 to 1, down from 3.21 at the end of the third quarter. Turning to our individual operating segments, our Apex segment, which accounts for 75% of total revenues, it's revenues were $433 million, up 40.7% year-over-year.

營運活動現金流為 3,020 萬美元，資本支出為 650 萬美元。本季如 Peter 所提，我們償還了 3,000 萬美元的長期負債；季末槓桿比率為 3.02 比 1，低於第三季季末的 3.21。接著看各個營運分部，我們的 Apex 分部占總營收 75%，其營收為 4.33 億美元，年增 40.7%。

Excluding Creative Circle, Apex's revenues were up 16.5% year-over-year. Apex's gross margin for the year, for the quarter, was 30.4%, an expansion of 1.9 percentage points from Q4 of last year, mainly due to the inclusion of Creative Circle. Apex's gross margin was in line with our estimates and down slightly sequentially.

若排除 Creative Circle，Apex 的營收年增 16.5%。Apex 本季毛利率為 30.4%，較去年第四季擴張 1.9 個百分點，主要因納入 Creative Circle。Apex 的毛利率符合我們的預估，且較前一季略為下降。

Our Oxford segment accounted for 25% of total revenues. Oxford's revenues for the quarter were $144.5 million, up 8.4% year-over-year on a reported basis, and up 10.8% on a constant currency basis. Excluding the revenue contribution of the acquired business, Oxford's revenues were $144.6 million on a constant currency basis, up 8.5% year-over-year. Oxford's gross margin for the quarter was 42.5% which was above our estimates and 100 basis points higher than the preceding quarter.

我們的 Oxford 部門占總營收的 25%。Oxford 本季營收為 1.445 億美元，以報告基礎計算年增 8.4%，以固定匯率基礎計算年增 10.8%。若排除併購業務的營收貢獻，Oxford 以固定匯率基礎計算的營收為 1.446 億美元，年增 8.5%。Oxford 本季毛利率為 42.5%，高於我們的預估，且較前一季高出 100 個基點。

Now turning to our financial estimates for the first quarter of 2016, we estimate revenues of $550 million to $555 million, adjusted income per diluted share of $0.58 to $0.61, and adjusted EBITDA of $56.5 million to $59 million. These estimates do not include any acquisition, integration, or strategic planning costs. Our estimates assume pro forma year-over-year revenue growth of approximately 12%, and billable days of 62.8, or one more billing day than the first quarter of 2015.

接著談到我們對 2016 年第一季的財務預估：我們預估營收為 5.50 億至 5.55 億美元，調整後稀釋每股盈餘為 0.58 至 0.61 美元，調整後 EBITDA 為 5,650 萬至 5,900 萬美元。這些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（pro forma）年對年營收成長約 12%，可計費天數為 62.8 天，較 2015 年第一季多 1 個可計費日。

Our revenue estimates also assume approximately $2.5 million to $3.5 million for the effects of inclement weather in the quarter. And, finally, our estimates include the effect of the payroll tax reset that occurs at the beginning of every year. We estimate that this reset will result in a sequential increase in payroll taxes of approximately $8.5 million, of which $5 million relates to cost of services and the remainder to SG&A expenses.

我們的營收預估亦假設本季因惡劣天候影響約 250 萬至 350 萬美元。最後，我們的預估包含每年年初發生的薪資稅重置（payroll tax reset）之影響。我們預估此重置將使薪資稅較前一季增加約 850 萬美元，其中 500 萬美元與服務成本相關，其餘則計入 SG&A 費用。

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

我現在把電話交回給 Peter 做一些結語。Peter？

Thank you, Ed.

謝謝你，Ed。

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

我們仍然相信，我們已做好充分準備，把握我們認為人力派遣產業將出現的歷史性長期結構性成長，以及科技世界在更深入走向數位化時所帶來的動態變化。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率。我們也要再次感謝眾多忠誠、敬業且才華洋溢的員工，正是他們的努力讓我們得以走到今天。

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

我現在開放與會者提問。接線員？

(Operator Instructions)

（接線員指示）

Kevin McVeigh with Macquarie.

Macquarie 的 Kevin McVeigh。

Great, thanks. Hey, congratulations on the results.

很好，謝謝。嘿，恭喜你們的成果。

Peter, it looks like you've really been outpacing the industry in terms of revenue growth relative to where the industry is in Q4. How much of that is related to the hiring surge? And are all of those new hires -- are they scaled now, or would you expect continued momentum as we work our way through Q1?

Peter，看起來你們在第四季的營收成長相較於產業整體，確實大幅領先。其中有多少是與招募人數激增有關？另外，這些新進人員——他們現在都已經達到規模並發揮產能了嗎？還是你預期隨著我們進入第一季，動能會持續？

Thank you. First of all, they are not all productive or to maximum productivity. We are working to that level. But we still have a lot of opportunity within the base of the new hires, and our existing hires, for that matter, as we provide them greater productivity tools, new wins of large accounts that we can penetrate and get greater market share -- our customer dollar spend.

謝謝。首先，他們並非全部都已具備產能或達到最大生產力。我們正在朝那個水準努力。但我們在新進人員的基礎上仍有很大機會，既有員工也是如此；我們會提供更好的生產力工具、拿下新的大型客戶並深入滲透，以取得更高市占——也就是提升客戶的支出金額。

I think what is really driving it, Kevin, is that we are the second largest in the industry. Adoption of staff augmentation is healthy and good. And there are only so many companies that can really respond to certain scale and size projects, and we are one of them.

Kevin，我認為真正的驅動因素是我們是產業第二大。人力增補（staff augmentation）的採用情況健康且良好。而能夠真正回應特定規模與體量專案的公司其實不多，我們就是其中之一。

We're lucky that we were probably the first to scale up on employees that are facing customers, and recruiters that can fill those orders quickly. And we are benefiting from that, and we continue to believe that we will benefit from that going into 2016.

我們很幸運，可能是第一批在面向客戶的員工，以及能快速補足訂單需求的招募人員方面擴大規模的公司。我們因此受益，並且仍相信在進入 2016 年後也會持續受益。

We are lucky that our EBITDA margin's 12%. We're growing our EBITDA twice as fast as the industry growth rates; industry revenue growth rate is 6%.

我們很幸運，我們的 EBITDA 利潤率是 12%。我們的 EBITDA 成長速度是產業成長率的兩倍；產業營收成長率是 6%。

But more importantly, we have been able to get ahead of the pack on hiring. And I just think it is going to be harder for people to try to keep up with the hiring pace that we have, as their revenues decline, or their revenue growth rate declines. So, we think we're in a competitive position right now to continue to gain market share.

但更重要的是，我們在招募上已經領先同業。我認為，當其他公司的營收下滑或營收成長率下降時，要跟上我們的招募速度會更困難。因此，我們認為目前我們具備競爭優勢，可持續提升市占。

Got it. And then just real quick, Peter, the revenue, the adjusted EBITDA looks really strong relative to the Street. EPS -- is there anything in the EPS line, in the tax rate, or any other nuances that -- because EPS relative to where the Street was -- we may have just mis-modeled it, but the revenue beat, the EBITDA beat, anything below that, that would impact the earnings?

了解。另外很快問一下，Peter，你們的營收、調整後 EBITDA 相較於市場預期看起來非常強。但 EPS——在 EPS 這一行、稅率或其他細節上，有沒有什麼因素——因為 EPS 相較於市場預期——也許是我們模型建得不對，但營收超預期、EBITDA 也超預期；在那之下是否有任何會影響獲利的項目？

I can't respond to that off the cuff. I would say reach out to Ed, and you all can check your model.

我沒辦法臨時就此回覆。我建議你聯絡 Ed，你們可以一起檢查模型。

But the truest measurement of profitability, in my mind, is EBITDA. And you have the normal decline in the EBITDA margin because of the payroll tax reset. But all in all -- which is about $5 million -- all in all, we feel pretty solid about what is going on.

但在我看來，衡量獲利能力最真實的指標是 EBITDA。而因為薪資稅重置，你會看到 EBITDA 利潤率的正常下滑。但整體而言——大約是 500 萬美元——整體而言，我們對目前的狀況感到相當踏實。

One second; Ed wanted to correct something I may have said.

等一下；Ed 想更正我可能說過的某件事。

I was just going to mention that if you look at it -- it depends on how you are looking at EPS, whether you're looking at it on a GAAP or an adjusted income basis. And on a GAAP basis, as we mentioned in the script, we had $5 million of acquisition-related expenses which we don't -- we do not include in the estimates that we give at the beginning of the quarter. If you take that into account, I think that would probably explain the gap that you are talking about.

我只是想提一下，若你仔細看——這取決於你看 EPS 的方式，是看 GAAP 基礎還是調整後淨利基礎。以 GAAP 基礎而言，如同我們在講稿中提到的，我們有 500 萬美元的併購相關費用，而這些費用我們不——我們不會納入季度初所提供的預估之中。如果把這點納入考量，我想大概就能解釋你所提到的差距。

That was more, Ed, for Q1, but I will follow up with you offline. I'm sure it is just reconciling items. Thanks again.

Ed，那部分比較是針對第一季，但我會在會後再跟你聯繫。我確定只是一些調節項目。再次感謝。

(Operator Instructions)

（接線員指示）

Gary Bisbee with RBC Capital Markets.

RBC Capital Markets 的 Gary Bisbee。

Hey, guys, congratulations on the results. It is nice to see some results that show the staffing world is not ending like it seemed like investors have felt like.

嘿，各位，恭喜你們的成果。很高興看到一些結果，顯示人力派遣的世界並沒有像投資人感覺的那樣走向末日。

At any rate, a couple of questions -- obviously, the hiring has been greatly helpful. Are you seeing any signs at all within any pockets of business of either deceleration or slower decision-making from customers, or a sense that projects are being consolidated or pushed off? Or has it really been not much change other than your internal -- how you have executed in those hires in the last few months? Thanks.

不管怎樣，有幾個問題——顯然，招募人員對你們幫助很大。你們是否在任何業務領域看到任何放緩跡象，例如客戶決策變慢，或感覺專案正在被整併或延後？還是說，除了你們內部——過去幾個月在這些招募上的執行之外，其實沒有太大變化？謝謝。

Gary, I will start with just an overarching response, and then allow Rand and Mike to add any color that they want to. Look, we're not predicting that the economy is not going to face a recession in 2016. What we're trying to do is give our shareholders a view of what we are seeing in our Business, and how we are facing the marketplace. And outside of normal ebbs and flows, the purchasing behavior of our customers is still good, and good enough to permit us to grow an estimated 12% in the first quarter, which is pretty -- on the size of revenues we have -- pretty solid performance considering what the market -- the stock market has been doing, and what some people believe the economy may be doing.

Gary，我先做一個較宏觀的回應，然後再讓 Rand 和 Mike 補充他們想補充的內容。你看，我們並不是在預測 2016 年經濟不會面臨衰退。我們想做的是讓股東了解我們在業務中看到的情況，以及我們如何面對市場。除了正常的起伏之外，我們客戶的採購行為仍然良好，而且好到足以讓我們在第一季預估成長 12%；以我們目前的營收規模來看，考量到市場——股市的表現，以及一些人認為經濟可能正在發生的情況，這是相當——相當扎實的表現。

Our assignments tend to last anywhere from 8 to 13 months. Our business model gives us a view of the real-time -- meaning orders we get today we will be filling in 5 to 6 days. And we have not seen a slowdown in that order book.

我們的派遣案通常會持續 8 到 13 個月。我們的商業模式讓我們能看到即時狀況——也就是說，我們今天接到的訂單，會在 5 到 6 天內完成派補。而我們尚未看到該訂單簿有放緩。

And then we have longer, extended orders where it may be 2 to 4 weeks before the order starts. So, that gives us a further outlook into the future, and we haven't seen that order book change a lot.

另外，我們也有較長期、延伸型的訂單，可能要 2 到 4 週後才會開始執行。因此，這讓我們能對未來有更進一步的能見度，而我們也沒有看到該訂單簿有太大變化。

But with that said, we're giving you a measurement of how the Business is doing. And it feels as if, under the current conditions, that there hasn't been a wholesale change with regard to utilization of contract labor.

不過話說回來，我們是在提供你們一個衡量業務表現的指標。在目前的環境下，感覺在合約勞動力的使用率方面，並沒有出現全面性的變化。

Rand, why don't you go first, and then Mike follow up with anything you would like to add.

Rand，你先說，然後 Mike 再補充你想加的內容。

Well, I think what you said is great. Gary, listen, I know there is an emphasis here on the hiring surge we went through -- putting more feet on the street, if you will. But the real root of growth comes from our accounts and the portfolio of accounts that we have cultivated in the industry verticals that we have selected and targeted.

我覺得你說得很好。Gary，聽著，我知道大家很強調我們經歷過的那波招募激增——也就是你說的，把更多人員派到第一線。但成長真正的根源來自我們的客戶帳戶，以及我們在所選定並鎖定的產業垂直領域中所培育的客戶組合。

So, it just so happens that our set of accounts, or portfolio of accounts, is performing pretty well. And we said that a couple of quarters ago when there was a different trend, if you will, going on. But I think building that right portfolio of accounts, and providing resources and the skills that are in demand, is a key part of this.

所以，剛好我們這組客戶帳戶、或說客戶組合，表現相當不錯。而我們在幾個季度前、當時趨勢有所不同時，也曾這麼說過。但我認為，建立正確的客戶組合，並提供市場需求的資源與技能，是其中的關鍵。

By the way, we have also added feet on the street to attack and continue to build that portfolio of accounts. So far, it is steady as we go.

順帶一提，我們也增加了第一線人員，以便攻佔並持續建立這個客戶組合。到目前為止，一切都按部就班、維持穩定。

And I would agree with -- Gary -- with what Rand has said, and also what Peter has said. The difference being is, for the Oxford side of the Business, is the skill.

我同意——Gary——Rand 所說的，也同意 Peter 所說的。差別在於，對 Oxford 這一端的業務而言，關鍵是技能。

As Rand talked about the portfolio of accounts, we have our portfolio of skills. And we have chosen, as of right now, those skills that are still in demand. And we are still seeing, as Peter mentioned, that same demand and same fill ratios and all that kind of thing that we have been seeing now for quite some time. Other than that, not much more to say.

就像 Rand 談到客戶組合一樣，我們有我們的技能組合。而截至目前，我們選擇的那些技能仍然有需求。而且我們仍然看到，如 Peter 提到的，同樣的需求、同樣的派補比率（fill ratios）以及我們一段時間以來一直看到的各項狀況。除此之外，沒有太多要補充的。

And then just one last quick one -- I guess an update on pricing. It looks like bill rate and bill pay spread softened a bit. Is that more mix than anything else?

最後再快速問一個——我想是關於定價的更新。看起來開票費率（bill rate）與支付薪酬（bill pay）的價差稍微走弱了一些。這主要是組合（mix）因素多於其他原因嗎？

That is. Gary, that is exactly it. It is mix. We put a -- you will note that we put a new footnote on that page because that data is not as relevant because of -- we're reporting it on a consolidated basis. But as you can tell from our gross margins, which is a more pertinent measurement, things may be moving around with pricing on skill sets and maybe scarcity of resource, but for the most part, we're not seeing margin compression.

是的。Gary，正是如此。是組合因素。你會注意到我們在那一頁加了一個新的註腳，因為由於——我們以合併口徑來揭露——那個數據的相關性沒那麼高。但從我們的毛利率（gross margins）——這是更重要的衡量指標——你可以看出，雖然在某些技能組合的定價、或資源稀缺性上可能有些變動，但整體而言，我們沒有看到毛利被壓縮。

Great, thank you.

很好，謝謝。

Edward Caso with Wells Fargo.

Wells Fargo 的 Edward Caso。

Hi, good afternoon, and congrats on the numbers.

嗨，午安，恭喜這次的數字表現。

On a recent trip I had in India, I saw an uptick in use of the captive operations of the big clients, and particularly for the more newer innovation work. And I was wondering if you were seeing any of that, as opposed to using, say, Oxford resources?

我最近去印度出差時，看到大型客戶使用其自建（captive）營運中心的情況有所增加，特別是較新的創新工作。我想請問你們是否也看到這種情況，而不是使用例如 Oxford 的資源？

No, to be honest with you, Ed. What we are seeing is actually Oxford's older adoption technologies are the ones that are growing the slowest. And that is what is causing their growth rate not to keep pace with -- like a Creative Circle, to be honest with you. So, the newer adoption technologies, the digital technologies, the regulatory affairs, the health information management, healthcare IT -- those are growing faster than some of the legacy skill sets.

沒有，老實說，Ed。我們看到的其實是 Oxford 較早期採用的技術（older adoption technologies）成長最慢。而這也使得他們的成長率無法跟上——坦白說——像 Creative Circle 那樣的表現。所以，較新採用的技術、數位技術、法規事務、健康資訊管理、醫療照護 IT——這些成長都比一些傳統（legacy）技能組合更快。

Curious on the tax rate guide -- seems to be lower than -- it's at 39.5%. It was 40% and change this year. Any reason for the lower estimated tax rate, and should we assume that 39.5% is the run rate for next year?

我對稅率指引有點好奇——看起來比——低一些，為 39.5%。今年是 40% 多。預估稅率較低有什麼原因？我們是否可以假設 39.5% 會是明年的常態稅率（run rate）？

I think you should assume the 39.5% for 2016. Just a couple things, Ed: One is, we had some non-recurring items, [permanent] differences that flowed through, some in Q4 and some earlier in the year. That caused an artificial spike in the effective tax rate.

我認為你應該假設 2016 年是 39.5%。Ed，有幾點：第一，我們有一些非經常性項目、[永久性]差異（permanent differences）反映在稅率中，有些在第四季，有些在年內較早時點。這造成有效稅率出現人為的跳升。

So, if you take those things out, normalize the rate, on an ongoing basis it should be pretty close to 39.5%. We've done a lot of work over the last year or so trying, through reorganizations and the like, to try to reduce our effective tax rate, and I think we're going to see the benefits of that in this coming year.

所以，如果把那些因素剔除、將稅率常態化，長期來看應該會非常接近 39.5%。過去一年左右，我們透過重組等方式做了很多工作，試圖降低有效稅率，我認為我們會在接下來這一年看到成效。

Great, thank you.

很好，謝謝。

Paul Ginocchio with Deutsche Bank.

Deutsche Bank 的 Paul Ginocchio。

Paul?

Paul？

Mr. Ginocchio, can you hear us?

Ginocchio 先生，您聽得到我們嗎？

Oh, sorry, that's on me. This is Ato Garrett on for Paul Ginocchio.

喔，抱歉，是我的問題。我是代替 Paul Ginocchio 的 Ato Garrett。

Please go ahead.

請說。

It looked like SG&A -- when we look at SG&A as a percent of rev, it looks like there's a little bit of an uptick in the fourth quarter, and along with the guidance, so, just curious if you are making further investments along the lines of that hiring surge, or if there is something else happening?

看起來 SG&A——當我們看 SG&A 佔營收的百分比時，第四季似乎有些微上升，而且在指引中也是如此；所以想請教，你們是否正沿著那波招募激增的方向做進一步投資，或是還有其他因素？

A couple of explanations -- one is, we continue to hire throughout the quarter because our results were strong and we saw good forward demand. But also, our bonus accruals were higher because of higher performance, and our commissions were higher because of higher performance.

有幾個解釋——第一，我們在整個季度持續招募，因為業績強勁，而且我們看到良好的前瞻需求。另外，由於績效更好，我們的獎金提列（bonus accruals）更高，而由於績效更好，我們的佣金也更高。

Okay, great, thank you.

好的，很好，謝謝。

You bet.

不客氣。

Tobey Sommer representing SunTrust.

代表 SunTrust 的 Tobey Sommer。

Thank you. Peter, when you look at the Life Sciences business, that has -- can give you insight into cyclical trends. Is that telling you that things are status quo -- that the beat goes on?

謝謝。Peter，當你看生命科學（Life Sciences）業務時，它——能讓你洞察景氣循環趨勢。它是否告訴你目前一切維持現狀——也就是節奏照舊、持續前進？

It does, Tobey, because we have accelerated that growth rate, and it is growing. If you look at SIA -- kind of doubled the SIA growth rate. It is not flashing any sort of early indicator.

是的，Tobey，因為我們已加速那個成長率，而且它正在成長。如果你看 SIA——大概是 SIA 成長率的兩倍。它沒有顯示任何早期警訊。

Now, maybe that is because of the hard work that Ted and Rand and David Lee and the whole Apex team has done to get them into a more large customer account base. But the revenue growth trends are not flashing any indicators to us yet.

當然，也許這是因為 Ted、Rand、David Lee 以及整個 Apex 團隊的努力，讓他們進入更大型的客戶帳戶基礎。但營收成長趨勢目前還沒有對我們發出任何警訊。

Okay. I wanted to ask you about the lower tax rate. Is that a function of various integration efforts? It seems like, over the last couple of years, you have stitched together the segments, and done some heavy lifting on the back office as well. Are there any other tangible effects that we should look for, above the tax line, in 2016 from those efforts?

好的。我想問一下較低的稅率。這是否是各項整合工作的結果？看起來過去幾年你們把各個事業部門串接整合起來，也在後勤辦公室做了不少繁重工作。在 2016 年，除了稅項之外（above the tax line），這些努力是否還會帶來其他我們應該留意的具體影響？

No, I think most of what you are talking about, the restructuring things that have occurred, really were done to effectuate a reduction in the effective tax rate. The other thing that we're benefiting from is the WOTC credit, which we're now able to factor in on the front end, in terms of the estimated rate for the full-year 2016.

不，我認為你所談的大多數內容——已發生的那些重組事項——確實主要是為了實現有效稅率的降低。我們另外受惠的一點是 WOTC 稅額抵免，我們現在能在前端就把它納入考量，也就是在估算 2016 全年稅率時就先反映。

I would just add, Tobey, I don't know if we have the numbers; it's not real significant. But that was something that we were not pursuing as aggressively and as successfully as someone like a Robert Half, and we put more attention to it, and we're getting a bigger net tax credit on that.

我再補充一下，Tobey，我不確定我們是否有具體數字；其實影響不算太大。但這是我們過去沒有像 Robert Half 那樣積極、也沒有那麼成功去爭取的項目；我們加大了關注度，因此在這方面拿到更高的淨稅額抵免。

Okay. And then, you talked about the effect of the mix of skills on some of the metrics. When you look at your orders in the areas where you are seeing growth, does that give you any indication as to whether the mix is forecasted to stay the same or is it changing based on your order flow?

好的。另外，你提到技能組合對某些指標的影響。當你看你們在成長的領域所收到的訂單時，這是否能讓你判斷：這個組合是否預期會維持不變，或是會隨著訂單流向而改變？

No, the book is getting constructed pretty much the same as it has been. The healthcare IT business -- we have seen, as Mike said in his prepared remarks, some nice projects to bid on, and continued optimization. We have not seen a healthy dose of integration work from M&A activity. It has been steady state business, to be honest with you.

不，訂單結構的形成方式大致與過去相同。醫療保健 IT 業務——正如 Mike 在事先準備的發言中所說，我們看到一些不錯的專案可供投標，並且持續進行優化。我們尚未看到因併購活動而帶來大量的整合工作。老實說，業務一直維持在穩定狀態。

Okay. And then my last question is on the DHMSM contract with the Defense Department. At what point do you think you participate in that? I guess, the prime contractor is putting together a pilot now, and then it gets tested, but when do you start to participate more fully?

好的。我最後一個問題是關於與國防部的 DHMSM 合約。你們認為會在什麼時間點參與其中？我想主承包商現在正在組建一個試點，之後會進行測試；但你們何時會開始更全面地參與？

Rand, would you like to advise on that?

Rand，你願意就此提供說明嗎？

We're participating in a very small way now, more around education services to the DoD facilities. You are correct, there is a pilot that will be getting started here.

我們目前以非常小的規模參與，主要是向國防部（DoD）設施提供教育服務。你說得沒錯，確實有一個試點即將啟動。

But I think once they get past the pilot, which probably will be 2017, maybe late 2016, then we will see heavier lifting. And that is what we have been saying. It will take a while to ramp up, but this is going to go on for quite a while.

但我認為一旦他們完成試點——可能是在 2017 年，也許是 2016 年底——我們就會看到更重的工作量。這也是我們一直以來的說法。需要一段時間才能逐步拉升，但這個專案會持續相當長一段時間。

Terrific, thanks for your help.

太好了，謝謝你的協助。

George Tong with Piper Jaffray.

Piper Jaffray 的 George Tong。

Hi, thanks, good afternoon. I would like to explore the growth performance of Creative Circle. Can you talk about the drivers of upside versus your expectations this quarter, and how sustainable 20%-plus growth is for the segment?

嗨，謝謝，下午好。我想探討 Creative Circle 的成長表現。你能談談本季超出你們預期的驅動因素是什麼，以及該部門 20% 以上的成長有多可持續嗎？

We are not going to guide to that, but what I can tell you is they are the largest in the industry. They have got a dominant franchise. Their days are organized where people know exactly what they are doing every day. And they have a very vibrant market where priority is placed on that type of spend.

我們不會就此提供指引，但我可以告訴你，他們是業內規模最大的。他們擁有主導性的特許經營優勢。他們的日常運作安排得很有條理，每個人每天都清楚自己要做什麼。而且他們所處的市場非常活躍，這類支出被優先配置。

The first quarter looks good, and we continue to be able to thoughtfully open new offices and add additional new employees. So, like I said, we're not going to guide to that, but we will report it. But things are steady state.

第一季看起來不錯，我們也持續能夠審慎地開設新辦公室並增聘新員工。所以，如我所說，我們不會就此提供指引，但我們會在財報中揭露。整體情況仍屬穩定。

Got it. You've talked about some of the high-growth skill areas such as healthcare IT, digital, and regulatory. Can you discuss which skill areas are lagging, and how much of the Business these slower growth areas represent?

了解。你們談到一些高成長的技能領域，例如醫療保健 IT、數位以及法規/合規。你能說明哪些技能領域相對落後，以及這些較慢成長領域約占業務多少比重嗎？

Little bit of custom app development, software engineering, but that is really -- anything that is kind of later stage adoption -- but mobility, security, digitization, data warehousing, all of that is continuing apace.

有一點是客製化應用程式開發、軟體工程，但那其實——凡是屬於較後期採用階段的都算。

Got it. Lastly, can you talk about the likelihood that you will hire sales and recruiters at an elevated rate this year to chase after the demand you are seeing?

了解。最後，你能談談今年你們是否可能以較高的速度招募業務銷售與招募人員，以追逐你們看到的需求？

Well, we've loaded our gun pretty well in 2015. With that said, we will probably continue to hire at our normal growth rate, which is typically higher than the industry. And we will see how the year unfolds. If there is more opportunity, then we will look at it.

嗯，我們在 2015 年已經把「彈藥」裝填得很充足了。即便如此，我們可能仍會以正常的成長速度持續招募，而這通常高於同業。我們會觀察今年的發展。如果機會更多，我們就會再評估。

I think we have been pretty adept at reading the market, and placing our bets early and correctly. But right now, I think we're in an absorption and normal growth rate, which is still higher than the industry growth rate for new hires.

我認為我們一直很擅長解讀市場，並且及早且正確地下注。但就目前而言，我認為我們處於吸收消化與正常成長的節奏，而這對新聘人數來說仍高於產業成長率。

Great. Very helpful, thank you.

很好。非常有幫助，謝謝。

Tim McHugh with William Blair.

William Blair 的 Tim McHugh。

Yes, thanks. On Oxford, the gross margin there, is that just the impact of the perm trends, and how sustainable is the margin trend?

是的，謝謝。關於 Oxford，那邊的毛利率，是不是只是永久職缺（perm）趨勢的影響？而這個毛利率趨勢有多可持續？

It is sustainable, and you are correct. Tim, the perm grew 38%. But Oxford's contract margins were expanded a little bit, and they were very stable.

這是可持續的，你說得沒錯。Tim，永久職缺（perm）成長了 38%。不過 Oxford 的合約（contract）毛利率也小幅擴張，而且非常穩定。

Okay. And is that just bill pay spread, or mix, that drove the expansion for the core Oxford?

好的。那麼，推動 Oxford 核心業務擴張的因素，是帳單與薪資之間的價差（bill-pay spread），還是組合（mix）？

We were able to price a little bit firmer than we had in previous quarters.

我們的定價比前幾季稍微更強勢一些。

Okay. And then let me just ask: You gave the revenue growth rate for the last two weeks of, I think it was 14%, 15% on a pro forma basis. And that was, I think, excluding perm, which is growing faster, and Creative Circle, which has been growing faster than that.

好的。再請教一下：你提到最後兩週的營收成長率，我記得按備考（pro forma）基礎大約是 14%、15%。而那應該是排除永久職缺（perm）（其成長更快）以及 Creative Circle（其成長也更快於此）的數字。

I recognize in this environment the guidance you gave for low-teens growth is still very good. But I guess it is slower than you would even describe seeing lately, I guess, relative to that.

我理解在這樣的環境下，你們給出的低十幾%的成長指引仍然非常好。但我想，這似乎比你們最近所描述看到的成長還要慢一些，至少相對於剛才那個數字而言。

That's correct.

沒錯。

How would you -- what is the thinking on that? You said you are not seeing a slowdown, but the guidance would imply you would expect slower, or you did see slower earlier in the year. Can you just talk about that?

你會如何——背後的思考是什麼？你說你們沒有看到放緩，但這個指引似乎意味著你們預期會更慢，或者你們在年初確實看到較慢。你能談談這點嗎？

Tim, I'm saying it in a way really for the investors to understand; I'm not being cocky. It is just -- don't confuse actual growth rates with guidance growth rates.

Tim，我這樣說其實是為了讓投資人理解；我不是在自大。只是——不要把實際成長率和指引成長率混為一談。

If the actual growth rate is higher in the first quarter, you'll make a determination whether there has been a deceleration or not in the Business. But we gave you a guidance number; it is 100% faster than the industry.

如果第一季的實際成長率更高，你們就可以判斷業務是否出現減速。但我們給了你們一個指引數字；它比產業快 100%。

Okay, thanks.

好的，謝謝。

Mark Marcon with Robert W. Baird.

Robert W. Baird 的 Mark Marcon。

Good afternoon. Let me add my congratulations; this is a terrific performance this quarter.

下午好。讓我也表達祝賀；本季表現非常出色。

Rand, you mentioned, in answering one of the first questions, something about client wins. And I was wondering if you could expand on that? It sounds like you may have had some good ones that came up?

Rand，你在回答最前面某個問題時提到一些關於贏得客戶的事情。我想知道你是否能再多談一些？聽起來你們可能拿下了幾個不錯的案子？

Yes, I think I was commenting that the portfolio of accounts. And we look at our penetration in the Fortune 500, the Fortune 1000, and other mid-market accounts, and for us it's always expanding that number. We have secured a few additional accounts, as we always do during the course of the year, but I think also -- and in different sectors.

是的，我想我是在評論我們的客戶組合（portfolio of accounts）。我們會看我們在《財富》500 強、《財富》1000 強以及其他中型市場客戶中的滲透率，而對我們來說，重點始終是擴大這個數量。我們像往年一樣，在一年當中又拿下了幾個新增客戶，而且我認為也——分布在不同產業。

In other words, as I pointed out, all of our industries, our accounts in the industry sectors are growing double-digit except for one. And the one has at least gotten back to a very low positive, which has been sort of on its back -- the government sector -- for a while. It is a matter of penetrating our existing accounts, and continuing to add to the portfolio, and we do so with resources and focus around all seven of these industries.

換句話說，正如我先前指出的，我們所有產業別的業務、我們在各產業領域的客戶帳戶，除了其中一個之外，都呈現兩位數成長。而那一個至少已回到非常低度的正成長，這一段時間一直相對疲弱——政府部門——已經有一陣子了。關鍵在於深化我們既有客戶帳戶的滲透率，並持續擴充產品／服務組合；我們也會在這七個產業上投入資源並聚焦推進。

Did I answer your question, Mark?

Mark，我有回答到你的問題嗎？

You did. I was wondering if you could talk a little bit to the magnitude of some of those account wins. Were they sizable?

有。我想請你再談一下那些贏得客戶帳戶的規模幅度。它們算是大型案子嗎？

Well, look, as you know, it takes years to win the right to be on the account, and then it takes performance to get a dominant share of the spend. And in many instances, new awards are not exclusive.

嗯，你也知道，要取得進入該客戶帳戶的資格往往需要多年，接著還要靠績效表現才能在其支出中取得主導性的占比。而且在很多情況下，新授予的案子並非獨家。

So, it is hard to predict the size. What you should measure and ask as we go forward is how we are doing with getting a greater percentage of the total spend under these new account wins.

所以，很難預測規模。你接下來應該衡量並關注的是：在這些新贏得的客戶帳戶中，我們取得其總支出占比提升的進展如何。

Just judging by the numbers, you are clearly gaining more.

光從數字來看，你們顯然正在拿到更多。

With regards to the verticals that you are seeing, the double-digit growth rates in everything other than government -- so, in energy you are seeing double-digit growth rates right now?

就你們看到的各垂直領域而言，除了政府以外都呈現兩位數成長——所以能源目前也有兩位數成長嗎？

No, but relatively speaking, I don't think it even represents 3% of Oxford's -- excuse me, Apex's [consolidated] revenues, and it probably doesn't represent 3% of our consolidated revenues.

沒有；但相對而言，我認為它甚至不到Oxford——抱歉，是Apex——[合併]營收的3%，而且大概也不到我們合併營收的3%。

And, Peter, energy is within our consumer industrials vertical, which did grow double digit. So, it is other parts of consumer industrial that is picking up the slack.

而且，Peter，能源是在我們的消費者工業（consumer industrials）垂直領域之內，而該領域確實有兩位數成長。所以，是消費者工業的其他部分在補上缺口。

That's great. What are you seeing out of the financial services vertical?

很好。那你們在金融服務垂直領域看到什麼情況？

It is solid. As everyone knows, people -- I guess it is a negative if interest rates don't go up. But it is the same environment we have experienced the last 6 to 8 months, which is slightly improved from what we experienced in the latter half of 2014 and the first part of 2015 -- no improvement, no deterioration, just the same as what we had been experiencing.

表現穩健。大家都知道——如果利率不上升，某種程度上算是負面因素。但整體環境與過去6到8個月我們所經歷的相同，且比2014年下半年與2015年初期略有改善——沒有改善也沒有惡化，就是維持我們一直以來所看到的狀況。

That's good to hear. What are you thinking about for CapEx for this coming year?

很高興聽到。那你們對明年的資本支出（CapEx）有什麼想法？

Our target is what it has been in the past, and that is to be about 1% of total revenues.

我們的目標與過去一樣，也就是約占總營收的1%。

Okay, great, terrific. Thank you.

好的，很好，太棒了。謝謝。

(Operator Instructions)

（接線員指示）

Randy Reece with Avondale Partners.

Avondale Partners 的 Randy Reece。

Good afternoon -- excellent performance. When I look at the recruiting world, companies are spending more and more on recruiting to get less and less returns; this even in a market where hiring seems to maybe be choppy. How is the employment environment affecting your internal spend on -- not only on recruiting people, but also in processes?

午安——表現非常出色。從招募市場來看，企業在招募上的支出愈來愈多，但回報卻愈來愈少；即便在一個看起來招募可能有些起伏的市場也是如此。就你們而言，就業環境如何影響你們內部的支出——不只是招募人員，也包括流程方面？

If I am interpreting the question correctly, Randy, we are continuing to spend money on tools to enhance the productivity of our internal recruiters. I will tell you that it is not just a net incremental increase; there are winners and losers amongst our vendors, where we are focusing our spend in the tools that have proven, over the last year, to be the most effective, and some [sighting] historical tools that aren't as productive and leading edge as they used to be.

Randy，如果我對問題的理解正確，我們持續在工具上投入，以提升內部招募人員的生產力。我可以告訴你，這不只是淨增加；在供應商之間也有贏家與輸家。我們把支出聚焦在過去一年證明最有效的工具上，同時也逐步淘汰一些歷史性工具，因為它們已不像以前那樣高產出、也不再那麼前沿。

We are spending more; it has improved. Predictive analytics -- pre-screening raw data and then funneling that screen data to our talented recruiters has increased productivity.

我們的支出增加了；而且效果也改善了。預測分析——先對原始資料做預篩選，再把篩選後的資料導入我們優秀的招募人員——提升了生產力。

So, all in all, if you are looking for a read-through for HR solutions and tools, I think it continues to be productive. And it is embedded in our models going forward, and I think for the industry it is.

所以整體而言，如果你想從中推讀（read-through）HR 解決方案與工具的趨勢，我認為它仍然是有生產力的。而且這已納入我們未來的模型中；我也認為對整個產業而言也是如此。

I think, like anything -- Monster used to get a premium pricing on their database, but their database is not as proprietary. That holds true for any vendor who is selling data. I think that is a net positive for the industry, that pricing will get better for us on some of this data that we purchase.

我想就像任何事情一樣——Monster 過去能對其資料庫收取溢價，但它的資料庫已不再那麼具專有性。任何販售資料的供應商都同樣如此。我認為這對產業是淨正面，因為我們在購買部分資料時，價格條件會變得更好。

You had quite a robust year-over-year growth in staffing consultants. Did you succeed in hiring as quickly as you wanted to?

你們的人力派遣顧問（staffing consultants）年增相當強勁。你們有如預期那麼快地完成招募嗎？

We did.

有。

Rolling into the first quarter, have you made any modification of your plans for growth of internal staff?

進入第一季後，你們是否對內部人員成長的規劃做了任何調整？

No, I think we had guided you, on the third-quarter conference call, that we had pre-loaded the 2016 because we saw what we just reported. We are a little bit ahead of the game, so now it is what we budgeted.

沒有。我想我們在第三季法說會時就已向各位說明，我們因為看到了剛剛所報告的情況，所以提前為2016年做了人力配置（pre-loaded）。我們目前稍微領先進度，因此接下來就按我們原先的預算執行。

Very good. Thank you very much.

非常好。非常感謝。

Sara Gubins with Bank of America.

美國銀行（Bank of America）的 Sara Gubins。

Hi, this is Brent calling in for Sara. Just want to talk about incremental margin expectations for 2016. And recognizing that the environment is uncertain, how should we think about what your margins might look like under weaker or stronger revenue growth trends for the year?

嗨，我是 Brent，代 Sara 來電。想談一下你們對2016年增量利潤率（incremental margin）的預期。考量到環境不確定，在今年營收成長趨勢較弱或較強的情境下，我們應該如何看待你們的利潤率可能呈現的樣貌？

I think you should use the guidance that we gave you for the first quarter, and then we will refresh that for the second quarter. But we have always guided longer term, if you look at our investor presentations, to stable gross margins, and we've stated what we think -- what that margin is.

我認為你應該先採用我們對第一季所提供的指引，之後我們會在第二季更新。但長期來看，我們一向在投資人簡報中指引毛利率維持穩定，也說明了我們認為——也就是我們認定的毛利率水準。

Okay, great. And just to follow up on an earlier question on financial services, we've been hearing from a number of companies that touch IT that banks are being incrementally more cautious in their spend to start the year. And you seem like it was more of status quo. And I am just curious: Why do you think you are not seeing similar trends in the business, and maybe a little bit more color on how financial services are tracking?

好的，很好。再追問一下先前關於金融服務的問題：我們從一些與 IT 相關的公司聽到，銀行在年初對支出變得更為謹慎。但你們看起來比較像是維持現狀。我想了解：為什麼你們沒有看到類似的趨勢？也請再多提供一些金融服務業務目前的追蹤情況。

Rand?

Rand？

Well, first of all, our financial services unit and its portfolio of accounts has been tracking very well over the last two or three quarters. So, it is growing now double digits, where it didn't do that in the previous quarters.

嗯，首先，我們的金融服務事業單位及其客戶帳戶組合，在過去兩到三個季度的追蹤表現非常好。因此它現在呈現兩位數成長，而在先前幾個季度並沒有。

We get that growth first by expanding the number of accounts we have in the portfolio, number one. Number two, by penetrating the accounts we have and taking more market share, which, generally speaking, we are one of the tier 1 players in our accounts, and sometimes they want to consolidate spending with fewer people and they will do that. And, third, it is a little bit about being at the right place at the right time, and having our people on the street, and listening and reacting to the needs that our individual clients have.

我們取得這個成長，第一是擴大我們組合中的客戶帳戶數量。第二是深化既有客戶帳戶的滲透、取得更多市占；一般而言，在我們的客戶帳戶中，我們是第一級（tier 1）供應商之一，而有時客戶希望把支出整合到更少的供應商身上，他們就會這麼做。第三則有一部分是時機與位置恰當，加上我們的同仁在第一線，傾聽並回應各個客戶的需求。

So, it's all three are contributing to that growth. It is hard for us to react, Brent, to any one account and say -- hey, that account, they are saying they are not going to spend as much money. Well, there are some accounts that are saying that, but there are a lot of accounts that are new accounts that we can begin to penetrate, and we are.

所以，這三項因素都在推動成長。Brent，我們很難針對任何單一客戶帳戶就說——嘿，那個客戶說他們不會花那麼多錢。確實有些客戶是這麼說，但也有很多是我們可以開始深化滲透的新客戶帳戶，而我們正在這麼做。

Great, thank you very much.

太好了，非常感謝。

Fran Okoniewski, with Friess.

Fran Okoniewski，Friess。

Yes, thanks for taking my question. You mentioned that weather impact for Q1; I'm kind of new to the story, but could you explain that a little bit? Would it just be a reduction in billable days or assignments or something like that? But I thought I heard you say that there might be a little bit of a weather headwind in Q1?

是的，謝謝讓我提問。您提到第一季（Q1）會受到天氣影響；我對這個故事還算新手，能否稍微解釋一下？這會只是可計費天數或派案量之類的減少嗎？但我好像聽到您說第一季可能會有一點天氣方面的逆風？

Yes, exactly. First of all, it's de minimus; it is $2.5 million. But it is exactly what you said: people cannot travel to the location to perform the work and bill the time. It is just a deferral.

是的，完全正確。首先，影響非常小；大約是250萬美元。但正如你所說：人員無法前往現場執行工作並計費。這只是延後認列。

Okay.

好的。

So, instead of billing -- I'm making it up -- but instead of billing 40 hours in a week, they bill 30.

所以，不是計費——我隨便舉例——但不是一週計費40小時，而是計費30小時。

Okay, great. Thank you.

好的，太好了。謝謝。

Jeff Silber with BMO.

BMO 的 Jeff Silber。

Thanks so much. Just one more question about your internal hiring: I know you ramped up toward the end of the year. Did you have difficulty finding people? Did wages and/or packages have to increase accordingly?

非常感謝。再問一個關於你們內部招募的問題：我知道你們在年底前加速擴編。你們在找人方面有遇到困難嗎？薪資和／或整體薪酬方案是否因此需要相應提高？

We are lucky right now that we have momentum in our Business, and our scale and size. If someone wants to be in human capital, we have got a great chance of persuading them to be with us versus someone else.

我們現在很幸運，因為我們的業務有動能，而且我們的規模與體量具備優勢。如果有人想在人力資本領域發展，我們相較其他公司，有很大的機會說服他們加入我們。

We really didn't see that much wage inflation, to be honest with you, and we're sticking to our guns. And as you know, our model is lower basis and higher percentage commissions. And for people who are competitive and want to grow their income capacity fast, that is a winning combination for them. We were able to identify and attract people, and close a lot of offers that we presented.

老實說，我們並沒有看到太多薪資通膨，我們也會堅持既定方針。而且如你所知，我們的模式是較低底薪、較高比例的佣金。對於有競爭力、想快速提升收入能力的人來說，這是一個很有利的組合。我們能夠辨識並吸引人才，並且成功敲定我們提出的許多聘用條件。

Okay, great. And then you mentioned on the call the $30 million that you paid down in debt, and expectations to continue to do that going forward. How do you decide how much to pay down in debt relative to your income and cash flow?

好的，太好了。另外你們在電話會議中提到已償還3,000萬美元的債務，並預期未來會持續這麼做。你們如何決定相對於收入與現金流，要償還多少債務？

Well, look, we know what our working capital needs are, and we are positive cash flow every week. Even as low as our interest rate is, it is accretive to pay it down. And if we had to re-lever, we have a sizable revolver. And we have said we want to get to 2.5 times as quickly as possible, and we will get there sometime, hopefully, by the second half of the year.

嗯，你看，我們知道我們的營運資金需求是什麼，而且我們每週都是正向現金流。即便我們的利率很低，償還債務仍然是具增益（accretive）的。而且如果我們需要再度加槓桿，我們有一筆規模可觀的循環信貸額度（revolver）。我們也說過希望盡快降到2.5倍，我們會在某個時間點達成，期望是在今年下半年。

And is there a minimum of cash that you need on your balance sheet to run your Business?

那你們的資產負債表上，營運這項業務需要保留的最低現金水位是多少？

Maybe $20 million, $30 million.

大概2,000萬到3,000萬美元。

Okay, great, All right, thanks so much.

好的，太好了。好，真的非常感謝。

And there are no other participants -- excuse me, we just had one queue up. Gary Bisbee with RBC.

目前沒有其他與會者——不好意思，剛剛又有一位加入排隊。RBC 的 Gary Bisbee。

Yes, just one last follow-up: The Oxford gross margin strength -- what in particular drove that, and any guidance on how to think about that trending next quarter? I guess you will have more payroll taxes, like you cited, but outside of that, is there anything in particular going on? Thank you.

是的，最後再追問一題：Oxford 毛利率的強勁表現——具體是什麼因素帶動的？以及對於下季走勢，有沒有任何指引可供參考？我想你們會有更多薪資稅，如你們提到的，但除此之外，還有什麼特別的因素嗎？謝謝。

They were successful after a couple of quarters of a decline, and their contract gross margin pricing better, but then there was a bigger contribution from their higher-margin businesses on the segment. But when we talk about the Oxford core business, which is predominantly the contract business, it had a nice recovery from a couple of quarters of decline in gross margin. It was just hard fought, disciplined, thoughtful conversations with customers explaining the scarcity issue and the value of the skill.

在經歷了幾季下滑之後，他們表現得很成功；他們的合約業務毛利率定價有所改善，而且該部門中毛利率較高的業務貢獻也更大。但當我們談到 Oxford 的核心業務（主要是合約業務）時，它的毛利率在連續幾季下滑後出現了不錯的回升。這是透過艱苦的努力、紀律、以及與客戶進行深思熟慮的溝通，向客戶說明人才稀缺問題與技能價值所換來的。

Okay, great, thank you.

好的，太好了，謝謝。

Bryan Sekino with Brant Point.

Brant Point 的 Bryan Sekino。

(Technical difficulty) in here. Just wanted to ask if you would consider buying back stock, looking at the market and where the stock is, and deferring debt paydown in the near term?

(技術問題) 在這裡。我想問的是，考量市場狀況與目前股價，你們是否會考慮回購股票，並在短期內延後償還債務？

We always balance what is best with our shareholders' capital, and so that is not a thought that hasn't been debated. As we move forward, it is not a hard, fast rule that we have to get to 2.5 times to buy stock.

我們一向會在股東資本的最佳運用之間取得平衡，所以這並不是一個從未討論過的想法。往前看，我們並沒有硬性規定一定要先降到2.5倍才可以買回股票。

Jim Brill is here, but our covenants and our bank agreement currently allow us to buy up to, what, $80 million right now? We have authorization to buy $80 million based on our bank covenants right now. We balance the best utilization of your capital every day, and we will see.

Jim Brill 也在這裡，但我們目前的財務契約與銀行協議允許我們回購到——現在是多少——8,000萬美元？依照我們目前的銀行財務契約，我們有授權可回購8,000萬美元。我們每天都在權衡如何最有效地運用各位的資本，我們會再看看。

Okay, thanks.

好的，謝謝。

Gentlemen, there are no other participants queuing up at this time.

各位先生，目前沒有其他與會者排隊提問。

Well, we appreciate your time and attention, and look forward to reporting our first-quarter results. Thank you for your attention.

好的，我們感謝各位撥冗與關注，也期待向各位報告我們第一季的業績。感謝各位的關注。

Ladies and gentlemen, this conference will be available for replay after 3:30 PM this afternoon, and running through March 2 at midnight. You may access the AT&T Executive Playback service at any time by dialing 800-475-6701, entering the access code of 384040. International participants may dial 320-365-3844. Those numbers again are 800-475-6701; international participants dial 320-365-3844; please enter the access code of 384040.

各位女士、先生，本次會議將於今天下午3:30之後提供重播，並持續至3月2日午夜。您可隨時撥打800-475-6701，輸入存取碼384040，以使用 AT&T Executive Playback 服務。國際與會者可撥打320-365-3844。再重複一次，電話為800-475-6701；國際與會者請撥320-365-3844；請輸入存取碼384040。

That does conclude our conference for today. We thank you for your participation, and using the AT&T Executive Teleconference. You may now disconnect.

今天的會議到此結束。感謝各位的參與，並使用 AT&T Executive Teleconference。您現在可以掛線。