Everforth, Inc. (EFOR) 2018 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the Third Quarter 2018 Earnings Conference Call. (Operator Instructions) And as a reminder, today's call will be recorded.

各位女士、先生，感謝您稍候，歡迎參加2018年第三季財報電話會議。(接線員指示) 並提醒各位，今天的電話會議將被錄音。

I would now like to turn the conference over to our hostess and facilitator, Laura Bainbridge of ADDO Investor Relations. Please go ahead, ma'am.

現在我想把會議交給我們的主持人與協調人，ADDO 投資人關係部的 Laura Bainbridge。女士，請開始。

Thank you. Good afternoon, and thank you for joining us today. With me today are Peter Dameris, Chief Executive Officer; Ted Hanson, President; Rand Blazer, President of Apex Systems; George Wilson, President of ECS; and Ed Pierce, Chief Financial Officer.

謝謝。各位午安，感謝您今天加入我們。今天與我一同出席的有：執行長 Peter Dameris；總裁 Ted Hanson；Apex Systems 總裁 Rand Blazer；ECS 總裁 George Wilson；以及財務長 Ed Pierce。

Before we get started, I would like to remind everyone that our presentation contains forward-looking statements. Although we believe these statements are reasonable, they are subject to risks and uncertainties, and our actual results could differ materially from those statements. Certain of these 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. For your convenience, our prepared remarks and supplemental materials can be found in the Investor Relations section of our website.

在開始之前，我想提醒各位，我們的簡報包含前瞻性陳述。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。其中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。為方便各位，我們的預備講稿與補充資料可在本公司網站的投資人關係專區查閱。

Please note that on this call, we will be referencing certain non-GAAP measures, such as adjusted EBITDA, adjusted net income and free cash flow. These non-GAAP measures are intended to supplement the comparable GAAP measures. Reconciliations between the GAAP and non-GAAP measures are included in today's press release.

請注意，在本次電話會議中，我們將引用若干非 GAAP 指標，例如調整後 EBITDA、調整後淨利與自由現金流。這些非 GAAP 指標旨在補充可比較的 GAAP 指標。GAAP 與非 GAAP 指標之間的調節表已包含於今日新聞稿中。

I will now turn the call over to Peter Dameris. Peter?

現在我將把電話會議交給 Peter Dameris。Peter？

Thank you, Laura. Welcome to the ASGN 2018 Third Quarter Earnings Conference Call.

謝謝你，Laura。歡迎參加 ASGN 2018 年第三季財報電話會議。

During our call today, I will comment on the markets we serve and our financial highlights. Ted, Rand and George will then discuss the performance of our operating segments in greater detail before turning the call over to Ed for a detailed review of our third quarter results and our estimates for the fourth quarter of 2018.

在今天的電話會議中，我將評論我們所服務的市場以及財務重點。接著 Ted、Rand 與 George 將更詳細地討論各營運部門的表現，之後再把電話會議交給 Ed，對第三季結果以及我們對 2018 年第四季的預估進行詳細說明。

Now on to the third quarter results. Across all of our guided metrics, our results for the third quarter were above our previously announced estimates. Revenues for the quarter were $906.4 million, up 35.9% year-over-year on a reported basis or 10.5% on a pro forma basis. Our growth rate for the third quarter was up over the second quarter and reflected, among other things, the deepening of many large customer relationships established over the last 5 years, the healthy U.S. economy and federal marketplace, and the continuing increase in the rate of adoption of our delivery model.

接下來談第三季結果。在我們所提供指引的所有衡量指標上，第三季表現均高於先前公布的預估。本季營收為 9.064 億美元，以申報口徑年增 35.9%，以備考（pro forma）口徑年增 10.5%。第三季成長率較第二季提升，並反映了多項因素，包括過去 5 年建立的多個大型客戶關係持續深化、美國經濟與聯邦市場的健康表現，以及我們交付模式採用率持續上升。

Our size and service offerings allowed us to grow faster than published IT service industry growth rates, and we believe that we are well positioned to generate solid above-market revenue growth in the future. During the quarter, we saw strong double-digit revenue growth at Apex Systems and Creative Circle and a return to year-over-year growth at Oxford Core and our Oxford Segment. Our Federal IT services and solutions business, ECS, grew revenues at roughly twice the projected annual growth rate of its peer group for 2018. ECS has grown above its peer group's organic growth rate in the last 2 quarters since it was acquired by ASGN. Customer demand was strong across our federal, local and mid-market and large national accounts.

我們的規模與服務組合使我們的成長速度快於已公布的 IT 服務產業成長率；我們相信，公司已具備良好條件，未來可持續創造高於市場的穩健營收成長。本季 Apex Systems 與 Creative Circle 皆呈現強勁的雙位數營收成長，而 Oxford Core 與我們的 Oxford 部門也恢復年對年成長。我們的聯邦 IT 服務與解決方案業務 ECS，其營收成長約為其同業群 2018 年預估年成長率的兩倍。自 ASGN 收購 ECS 以來的最近兩個季度，ECS 的有機成長率均高於其同業群。在聯邦、地方與中型市場，以及大型全國性客戶方面，客戶需求皆相當強勁。

Adjusted EBITDA was 35.3% (sic) [up 35.3%] year-over-year to $112.9 million, and cash generation continues to be at or above our expectations. Free cash flow was $84.6 million, and our leverage ratio was 2.89x trailing 12-month adjusted EBITDA at quarter-end. Year-to-date, we have paid down $231 million in debt and expect to pay down at least an additional $60 million before the end of the year, resulting in a leverage ratio at year-end of approximately 2.7x.

調整後 EBITDA 年增 35.3% 至 1.129 億美元，而現金創造能力持續達到或高於我們的預期。自由現金流為 8,460 萬美元，且季末槓桿比率為過去 12 個月調整後 EBITDA 的 2.89 倍。年初至今，我們已償還 2.31 億美元債務，並預期在年底前至少再償還 6,000 萬美元，使年底槓桿比率約為 2.7 倍。

With respect to recent production at our Apex and Oxford segments, our weekly assignment revenues, which excludes conversion, billable expenses and direct placement revenues, averaged $56.3 million for the last 2 weeks, up 13.8% over the same period in 2017. As for ECS, we estimate revenues will range between $160 million and $165 million for the fourth quarter.

就 Apex 與 Oxford 部門近期產出而言，我們的每週派遣（assignment）營收（不含轉換、可計費費用與直接安置營收）在最近兩週平均為 5,630 萬美元，較 2017 年同期成長 13.8%。至於 ECS，我們估計第四季營收將介於 1.60 億至 1.65 億美元。

Our IT business continues to see high demand from its customers, driven in part by greater adoption of staff augmentation as a viable alternative to outsourcing, offshoring and consulting. We believe that we are well positioned to continue to service our customers' IT needs as technology rapidly evolves and is adopted.

我們的 IT 業務持續看到客戶的高度需求，部分原因在於客戶更廣泛採用人力增補（staff augmentation），作為外包、離岸與顧問服務的可行替代方案。我們相信，隨著科技快速演進並被採用，我們已具備良好條件，能持續滿足客戶的 IT 需求。

We also 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 truly the only way to avoid the risk of misclassification of employees as independent contractors. Our customers have and are realizing this, creating attractive secular growth opportunities for the entire industry.

我們也持續看到跡象顯示，關於隨選勞動力或零工經濟的持續辯論，正在加速合約用工的使用。透過人力派遣產業服務來進行人力資本的分割化，確實是避免將員工錯誤歸類為獨立承包商之風險的唯一方式。我們的客戶已經並正在意識到這一點，為整個產業創造了具吸引力的長期結構性成長機會。

Our Federal IT services and solutions business continues to see new long-term contract awards, robust spending against existing contracts and the forward positive benefits of increased funding and visibility of defense, intelligence and federal civilian agency budgets, particularly in the areas of artificial intelligence and machine learning. During the quarter, ECS secured $306.4 million in new awards. George will speak in more detail regarding these recent awards.

我們的聯邦 IT 服務與解決方案業務持續獲得新的長期合約授予，既有合約的支出也相當強勁，並受惠於國防、情報與聯邦民間機構預算在資金增加與可見度提升所帶來的正向前瞻效益，尤其是在人工智慧與機器學習領域。本季 ECS 取得 3.064 億美元的新得標案。George 將就這些近期得標案進一步說明。

Would like to now turn over the call to Ted Hanson, who will review the operations of the segments. Ted?

現在我想把電話會議交給 Ted Hanson，由他回顧各部門的營運。Ted？

Thanks, Peter. For the third quarter, all 3 segments contributed to ASGN's growth. The Apex segment, which Rand will review, grew 14% year-over-year, which is an increase from the growth rate in Q2 of 2018, and the Oxford Segment grew 2.1% for the third quarter. The Apex and Oxford end markets we serve in IT, digital/creative marketing, life sciences and engineering all remained stable and productive throughout the quarter. Secular changes remain in our favor in regards to how our customers approach solutions to supporting their business and getting projects completed. While our staffing services continue to grow and we're taking share, our value-added service offerings or consultative work are growing at a much faster pace.

謝謝，Peter。第三季三個部門皆對 ASGN 的成長有所貢獻。Apex 部門（Rand 將進一步說明）年對年成長 14%，較 2018 年第二季的成長率更高；Oxford 部門第三季成長 2.1%。我們在 IT、數位/創意行銷、生命科學與工程等領域所服務的 Apex 與 Oxford 終端市場，在本季全程皆維持穩定且具生產力。就客戶如何採用解決方案以支援其業務並完成專案而言，長期結構性變化仍對我們有利。雖然我們的人力派遣服務持續成長且市占提升，但我們的加值型服務或顧問式工作正以更快的速度成長。

Now on to the Oxford Segment results. The Oxford Segment is comprised of Oxford Core, CyberCoders, our permanent placement business and Life Sciences Europe. For the third quarter of 2018, Oxford segment revenues were up -- were $152.8 million, up 2.1% year-over-year. Adjusted for constant currency and same number of billable days, the third quarter revenues grew 3.7% year-over-year.

接下來談 Oxford 部門的結果。Oxford 部門由 Oxford Core、CyberCoders、我們的永久安置業務以及歐洲生命科學業務所組成。2018 年第三季，Oxford 部門營收為 1.528 億美元，年對年成長 2.1%。若以固定匯率並調整為相同可計費天數，第三季營收年對年成長 3.7%。

Oxford Core revenues, which account for approximately 75.1% of the segment revenues, were up approximately 2.5% year-over-year or 3.6% on an adjusted per billable day basis, in line with our expectations. CyberCoders, our permanent placement service offering, which accounts for 96.2% of the segment's permanent placement revenues, had 3.9% growth year-over-year or 5.6% on an adjusted per billable day basis, meeting our initial expectations.

Oxford Core 營收（約占該分部營收的 75.1%）年增約 2.5%，或以每個可計費日調整後年增 3.6%，符合我們的預期。CyberCoders（我們的永久派遣服務），約占該分部永久派遣營收的 96.2%，年增 3.9%，或以每個可計費日調整後年增 5.6%，達到我們的初始預期。

Gross margin for the segment was 41.1%, performing in line with expectations but down 70 basis points year-over-year due in large part to business mix within the segment.

該分部毛利率為 41.1%，表現符合預期，但因分部內業務組合影響，年減 70 個基點。

As we typically do, let me give some color on the progress in Oxford Core. We have seen moderate year-over-year revenue growth year-to-date through Q3. Growth was driven by momentum in our domestic IT and engineering disciplines and strong performance in our European business.

如同我們一貫作法，讓我補充一些 Oxford Core 進展的說明。截至第三季為止，我們年初至今的營收呈現溫和的年增。成長主要來自我們國內 IT 與工程領域的動能，以及歐洲業務的強勁表現。

It is a longer road to fully institutionalize our sales strategies and build upon the productivity we have created over the last few quarters. However, our results provide us the confidence that our actions have and will lead to better growth and bottom line results in the future.

要將我們的銷售策略完全制度化，並在過去幾季建立的生產力基礎上持續提升，仍需要較長的時間。然而，我們的結果讓我們有信心，我們已採取且將持續採取的行動，會在未來帶來更好的成長與獲利表現。

I will now turn the call over to Rand Blazer. Rand?

接下來我把電話會議交給 Rand Blazer。Rand？

Great. Thank you, Ted. The Apex segment, which consists of Apex Segments, Apex Life Sciences and Creative Circle business units, again reported solid results for the quarter. Revenues for the segment in the third quarter were $589.6 million, up 14% year-over-year.

好的。謝謝你，Ted。Apex 分部（由 Apex Systems、Apex Life Sciences 與 Creative Circle 事業單位組成）本季再次繳出穩健的成績。該分部第三季營收為 5.896 億美元，年增 14%。

Apex Systems, which accounts for 75.5% of the segment's revenues in the quarter, continues to lead the way with 15.1% year-over-year revenue growth. Our Creative Circle unit again posted double-digit year-over-year growth at 11.3%. And our Life Sciences unit was up 8.9%.

Apex Systems（本季約占該分部營收的 75.5%）持續領先，營收年增 15.1%。我們的 Creative Circle 單位再次繳出兩位數年增，達 11.3%。Life Sciences 單位則年增 8.9%。

Gross margin for the segment was slightly up compared to the previous quarters, again reflecting stable pricing in our end markets. Our segment's EBITDA also grew double digits in the quarter and once again outpaced top line growth.

該分部毛利率較前幾季略有上升，再次反映我們終端市場的定價穩定。本分部 EBITDA 亦在本季呈現兩位數成長，並再次超越營收成長。

Our EBITDA performance and conversion of gross profit to EBITDA was driven by revenue growth and continued strong productivity of our sales, delivery and infrastructure teams.

我們的 EBITDA 表現以及毛利轉換為 EBITDA 的能力，主要由營收成長與我們銷售、交付及基礎設施團隊持續強勁的生產力所帶動。

As we usually do on these calls, we give you insights with respect to factors driving Apex Systems performance. Apex Systems revenue growth again was driven by broad-based growth across accounts in all of our industries. Double-digit revenue growth in 4 of the 7 industry verticals we service, including, financial services, health care, consumer/industrial and technology industry accounts. Of the remaining 3 industry verticals, aerospace defense and business services accounts grew high single digits, while telecommunications accounts exhibited lower single-digit growth year-over-year.

如同我們在這些電話會議上一貫的作法，我們會提供一些推動 Apex Systems 表現的因素洞見。Apex Systems 的營收成長再次來自我們所有產業中、各客戶帳戶的廣泛成長。我們服務的 7 個產業垂直領域中，有 4 個呈現兩位數營收成長，包括金融服務、醫療保健、消費/工業以及科技產業客戶。其餘 3 個產業垂直領域中，航太國防與商業服務客戶呈現高個位數成長，而電信客戶的年增則為低個位數。

Growth was achieved in both our top accounts in retail or brand-centric accounts with top accounts again growing double digits and outpacing our overall revenue growth rates. Retail accounts also experienced high single-digit growth rates. Growth in SOW- or consulting-type work remained strong in the quarter and continues to outpace our expectations and our overall revenue growth rate. Finally, as mentioned, field and back-office teams exhibited exceptional productivity during the quarter while supporting Apex Systems' EBITDA performance.

成長同時來自我們在零售或品牌導向客戶中的主要客戶；主要客戶再次呈現兩位數成長，且增速高於我們整體營收成長率。零售客戶亦呈現高個位數成長。本季 SOW（工作說明書）或顧問型工作之成長仍然強勁，並持續超出我們預期及整體營收成長率。最後，如前所述，前線與後勤團隊在本季展現卓越生產力，並支撐 Apex Systems 的 EBITDA 表現。

Creative Circle grew revenue double digits in the quarter, as I mentioned, and continues to exceed our expectations for overall profitability. Generally, the digital marketing end markets remained favorable, and we continue to see growth in corporate business as our accounts are shifting more work internally and to us versus using ad agencies for support.

如我所提，Creative Circle 本季營收呈現兩位數成長，且整體獲利能力持續超出我們預期。整體而言，數位行銷終端市場仍然有利；隨著客戶將更多工作轉為內部執行並交由我們承接，而非使用廣告代理商支援，我們持續看到企業端業務成長。

Our Life Sciences business revenue growth was also up, again driven by strength in our top accounts and in our clinical skill areas. Overall, the Apex segment had yet another solid quarter and continues to significantly outpace the published growth rate of the overall staffing industry.

我們的 Life Sciences 業務營收成長也有所提升，再次由主要客戶與臨床技能領域的強勁表現所帶動。整體而言，Apex 分部又交出一個穩健季度，並持續顯著超越整體人力派遣產業公布的成長率。

Now I'll turn the call over to George Wilson. George?

現在我把電話會議交給 George Wilson。George？

Thanks, Rand. ECS had very good performance in the third quarter, both from a revenue and profitability standpoint. ECS reported revenues of $164 million, an increase of 7.1% year-over-year and 5.7% sequentially. This growth was ahead of the industry average for peer companies operating in the federal IT services space.

謝謝，Rand。ECS 在第三季無論營收或獲利表現都非常出色。ECS 營收為 1.64 億美元，年增 7.1%，季增 5.7%。此成長高於在聯邦 IT 服務領域營運的同業平均水準。

We have seen continued strong demand for services and solutions in areas of cybersecurity, cloud and artificial intelligence, key business areas for ECS. We have also seen increased funding and customer interest in IT modernization, where ECS is well positioned to support our clients with deep customer knowledge, the required IT skills and the relevant contract vehicles.

我們持續看到在資安、雲端與人工智慧等服務與解決方案方面的強勁需求，這些都是 ECS 的關鍵業務領域。我們也看到 IT 現代化的資金投入與客戶興趣增加；ECS 具備深厚的客戶知識、所需 IT 技能以及相關合約載具，因而處於有利位置，可支援客戶。

In the third quarter, we received a total of $306.4 million in contract awards across a variety of customers, and we continue to see a high level of proposal activity into our fourth quarter. Included in our awards this quarter were new task orders in AI and machine learning work for defense and intelligence customers and a new award to support the Army's integrated pay and personnel system, referred to as IPPS-A. With a Q3 book-to-bill ratio of 1.7:1, ECS' end of third quarter contract backlog of $1.5 billion equates to a healthy coverage ratio of 2.5x our trailing 12-month revenue.

第三季我們在多元客戶中合計取得 3.064 億美元的合約得標金額，且我們持續看到大量提案活動延續至第四季。本季得標內容包括為國防與情報客戶提供 AI 與機器學習工作的新任務訂單，以及一項支援美國陸軍整合薪資與人事系統（稱為 IPPS-A）的新合約。第三季接單出貨比（book-to-bill）為 1.7:1，ECS 於第三季末的合約積壓（backlog）為 15 億美元，換算為健康的覆蓋倍數，約為過去 12 個月營收的 2.5 倍。

In the third quarter, ECS continued to strengthen its technical skills and business partnerships with commercial providers in cloud, cyber, risk

第三季，ECS 持續強化其在雲端、資安、風險等領域的技術能力與與商業供應商的業務夥伴關係

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and artificial intelligence. During the third quarter, we were awarded a contract with U.S. Transportation Command, known as TRANSCOM, to manage commercial cloud services. More recently, we were awarded a contract with the United States Marine Corps to plan and support cloud migrations.

以及人工智慧。第三季期間，我們獲得美國運輸司令部（U.S. Transportation Command，TRANSCOM）的合約，負責管理商用雲端服務。近期我們也獲得美國海軍陸戰隊的合約，用於規劃並支援雲端遷移。

In addition to our premier status with AWS and Microsoft, we were recently designated as a Premier Partner for Google's Cloud Platform. We were also awarded the Machine Learning Competency Status from Amazon Web Services and continue to deliver critical AI solutions to customers in defense and intelligence communities.

除了在 AWS 與 Microsoft 的頂級（Premier）資格外，我們近期也被指定為 Google Cloud Platform 的 Premier Partner。我們亦獲得 Amazon Web Services 的機器學習能力認證（Machine Learning Competency Status），並持續為國防與情報社群客戶提供關鍵的 AI 解決方案。

From a profitability standpoint, ECS' adjusted EBITDA grew faster than our revenues in the quarter. We largely attribute the growth in adjusted EBITDA to higher top line revenues, which allow us to leverage our fixed indirect costs over a wider contract base.

就獲利而言，ECS 本季調整後 EBITDA 的成長速度快於營收。我們將調整後 EBITDA 的成長主要歸因於更高的營收規模，使我們得以在更廣的合約基礎上分攤固定的間接成本，進而提升槓桿效益。

I will now turn the call over to Ed Pierce to discuss ASGN's overall financial results. Ed?

接下來我把電話會議交給 Ed Pierce，請他說明 ASGN 的整體財務結果。Ed？

Thanks, George. As Peter mentioned, revenues for the quarter were up 10.5% year-over-year on a pro forma basis and exceeded our previously announced estimates. Our pro forma growth rate was approximately 40 basis points higher than last quarter's growth rate at 10.1%. On a constant-currency and same billable day basis, our pro forma growth rate was approximately 10.9%.

謝謝你，George。如 Peter 所提，本季營收以擬制（pro forma）基礎計算年增 10.5%，並超出我們先前公布的預估。我們的擬制成長率約為 10.9%，較上季的 10.1% 高出約 40 個基點。以固定匯率且同等可計費日基礎計算，我們的擬制成長率約為 10.9%。

Gross margin for the quarter was 29.8%, which was in line with our previously announced estimates. SG&A for the quarter totaled $177.3 million and were lower than our previously announced estimates. Despite sequential growth in revenue and gross profit, SG&A expenses, excluding acquisition and integration-related expenses, were flat from the second quarter as a result of favorable variances in compensation and health-care expenses.

本季毛利率為29.8%，與我們先前公布的預估一致。本季SG&A（銷售、一般及行政費用）合計1.773億美元，低於我們先前公布的預估。儘管營收與毛利較前一季成長，但扣除併購與整合相關費用後，SG&A費用較第二季持平，主要因薪酬與醫療保健費用出現有利差異所致。

Interest expense for the quarter was $14.6 million, down $6 million from the second quarter. The sequential decrease was mainly attributable to onetime expenses of $5.8 million in the second quarter related to the amendment of our credit facility on April 2. Interest expense on our credit facility was also down sequentially as a result of principal repayments of $221 million over the last 2 quarters, partially offset by increases in LIBOR.

本季利息費用為1,460萬美元，較第二季減少600萬美元。此一連續性下降主要歸因於第二季因4月2日修訂我們的信貸融資安排而產生的一次性費用580萬美元。由於過去兩季償還本金2.21億美元，我們信貸融資的利息費用亦較前一季下降，但部分被LIBOR上升所抵銷。

Our effective tax rate for the quarter was 17.5% or 9 percentage points lower than our previously announced estimate of 26.5%. The lower rate was a result of, one, changes based on recently issued IRS guidelines to our provisional estimates for the transitional tax on deemed foreign dividends and the tax treatment of executive compensation; two, excess tax benefits from stock-based compensation of approximately $1.1 million, which we do not include in our guidance estimates; three, higher employment tax credits; and four, a onetime cash and earnings benefit of approximately $1.8 million related to the acceleration of tax deductions for deferred loan costs into 2017. On a prospective basis, we expect our effective tax rate will range between 26% and 27% before any excess tax benefits from stock-based compensation.

本季有效稅率為17.5%，較我們先前公布的26.5%預估低9個百分點。較低稅率係由以下因素所致：第一，依據近期發布的IRS指引，調整我們對視同外國股利之過渡稅與高階主管薪酬稅務處理的暫估；第二，約110萬美元的股票基礎給付所產生之超額稅務利益（我們未將其納入指引預估）；第三，較高的就業稅額抵減；第四，與將遞延貸款成本之稅務扣除加速至2017年相關的一次性現金與盈餘利益，約180萬美元。就前瞻而言，在未計入股票基礎給付的任何超額稅務利益之前，我們預期有效稅率將介於26%至27%。

Net income for the quarter was 20 -- $49.2 million, up from $34.9 million in the third quarter of last year. Adjusted net income was $68.7 million, up from $44.1 million in the third quarter of 2017. Adjusted EBITDA for the quarter was $112.9 million, up 12.7% from $100.2 million in the third quarter of last year on a pro forma basis.

本季淨利為49.2百萬美元，高於去年第三季的34.9百萬美元。調整後淨利為68.7百萬美元，高於2017年第三季的44.1百萬美元。本季調整後EBITDA為112.9百萬美元，按備考基礎較去年第三季的100.2百萬美元成長12.7%。

Cash flows from operating activities were $92.1 million, and free cash flow was $84.6 million or 9.3% of revenues. Cash flows benefited from a lower cash tax rate for the quarter related to the items previously mentioned as well as the benefit of various tax attributes related to the ECS acquisition. During the quarter, we repaid $88 million of our long-term debt.

營運活動現金流為92.1百萬美元，自由現金流為84.6百萬美元，約占營收的9.3%。現金流受惠於前述項目所帶來的本季較低現金稅率，以及與ECS併購相關的各項稅務屬性利益。本季期間，我們償還了8,800萬美元的長期負債。

For the fourth quarter of 2018, revenues are estimated to range from $905 million to $915 million, which implies growth of 8.8% to 10% on a pro forma basis. Billable days, as defined in today's release, are estimated to be 60.2 days, up 0.2 days year-over-year and down 2.2 days sequentially. Revenues per billable day for the fourth quarter are estimated to be 3.5% to 4.6% higher than the preceding quarter.

對於2018年第四季，預估營收介於9.05億至9.15億美元，按備考基礎意味著成長8.8%至10%。依今日新聞稿之定義，可計費天數預估為60.2天，較去年同期增加0.2天，較前一季減少2.2天。第四季每可計費天營收預估將較前一季高出3.5%至4.6%。

Net income is expected to range from $40.9 million to $44.6 million, adjusted net income to range from $59.2 million to $62.9 million and adjusted EBITDA to range from $107 million to $112 million. Our adjusted net income estimates do not include the cash tax savings related to the amortization deduction for goodwill and trademarks with savings that are approximately $6.8 million quarterly.

預期淨利介於4,090萬至4,460萬美元，調整後淨利介於5,920萬至6,290萬美元，調整後EBITDA介於1.07億至1.12億美元。我們的調整後淨利預估未包含因商譽與商標攤銷扣除所帶來的現金節稅，該節稅約每季680萬美元。

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. As our quarterly results continue to prove out, our scale, size and breadth of services has us well positioned to benefit during a period of historic secular growth for the services industry. Without a doubt, the world of work is changing. Accelerating digital transformation coupled with favorable labor and immigration legislation and an improving U.S. government market are all market forces occurring in our space. We're optimistic that ASGN is well situated to continue experiencing strong results into the foreseeable future.

謝謝你，Ed。隨著我們的季度業績持續驗證，我們的規模、體量與服務廣度，使我們在服務業歷史性的長期結構性成長期間，處於有利位置以受惠其中。毫無疑問，工作的世界正在改變。加速的數位轉型、配合有利的勞動與移民立法，以及美國政府市場的改善，都是在我們領域中發生的市場力量。我們樂觀認為，ASGN具備良好條件，在可預見的未來持續展現強勁成果。

The entire ASGN team is pleased with our third quarter performance. We look forward to carrying this momentum into the last quarter of 2018. Our focus remains on growing the business profitably along with maintaining our healthy rate of growth. We would like to once again acknowledge and congratulate our many loyal, dedicated and talented employees whose efforts have enabled ASGN to progress to where we are today.

整個ASGN團隊對我們第三季的表現感到滿意。我們期待將這股動能延續到2018年的最後一季。我們的重點仍是以獲利方式成長業務，同時維持健康的成長率。我們也想再次表達肯定並恭賀我們眾多忠誠、敬業且才華洋溢的員工，正是他們的努力讓ASGN得以發展到今天的成就。

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

謝謝各位撥冗。我現在想開放讓與會者提問。接線員？

(Operator Instructions) Our first question comes from the line of Kevin McVeigh with Credit Suisse.

(接線員指示) 我們的第一個問題來自Credit Suisse的Kevin McVeigh。

And Peter and team, congrats on the results. You just continue to really put up tremendous numbers. Peter, just any thoughts, number one, on what drove the upside to the estimates because, obviously, it came at above the high end of the range? Just -- let's start with that. And then just what conversions were in the quarter, if we could?

Peter以及團隊，恭喜你們的成果。你們持續交出非常亮眼的數字。Peter，想請教兩點：第一，推動預估上修的因素是什麼？因為很明顯結果高於區間上緣。就先從這個開始。另外，本季的轉換（conversions）是多少，如果可以的話？

Okay. Well I'll start and then I'll turn it over to Ted and Rand. First, just on a high-level basis, our growth in revenue was driven by hours -- increasing the hours billed and increase in number of billable consultants. And the least -- the smallest contributor was increase in bill rate. Our bill rate, I think, in our largest segment, Apex, only grew like 1.6%. The real growth was in the number of billable consultants and the hours that they billed. As it relates to specific demands and things that we saw, Rand and Ted, Rand, why don't you go first and Ted follow up with your segment. Rand, are you on mute?

好的。我先說，然後再交給Ted和Rand。首先，從較高層次來看，我們的營收成長是由工時所驅動——可計費工時增加，以及可計費顧問人數增加。而最小的貢獻來源是計費費率的提升。我認為在我們最大的部門Apex，計費費率只成長了大約1.6%。真正的成長來自可計費顧問人數以及他們所計費的工時。至於我們看到的具體需求與情況，Rand和Ted——Rand你先說，Ted再就你的部門補充。Rand，你有靜音嗎？

Yes, I'm sorry. So I guess, as you said, Peter, I think the growth is coming across the board in every industry and every account. Kevin, you recall, we -- an investment in our segment is really an investment in a client base and a portfolio of clients that themselves are healthy and are spending money on technology. So if you look at our skills that we're providing, it's across the board, both the application, the high end, the growth skills as well as the infrastructure. If you look by industry, you can see pretty much growth across the board. Telecommunication is the only one that's a little slower than the others. But it's just our consulting business is growing. Everything I just said, it's kind of across the board, and I think it's a lot of bread-and-butter work that the clients are doing to themselves continue to achieve efficiency and cost effectiveness in their internal operations.

是的，不好意思。所以我想，正如你所說，Peter，我認為成長來自各行各業與每一個客戶帳戶，幾乎全面性發生。Kevin，你還記得，我們在本部門的投資，實際上是投資於一個客戶基礎與客戶組合，而這些客戶本身狀況良好，並且願意在科技上投入支出。因此就我們提供的技能而言，是全面性的，涵蓋應用端、高階的成長型技能，以及基礎架構。若按產業別來看，你幾乎可以看到全面性的成長。電信是唯一相對其他產業稍慢一些的。但總之，我們的顧問業務正在成長。我剛才所說的都算是全面性的；而且我認為其中很大一部分是客戶為了持續提升內部營運效率與成本效益而進行的基礎性工作。

Ted, do you want to add something?

Ted，你想補充些什麼嗎？

Yes, I would just add maybe that 5 division, if you look at it, Apex Systems and Apex Life Sciences and ECS all came in above where they were. So in that way, it was pretty broad based and the rest of our units came in basically in line with where we expected.

是的，我可能只是補充一下，第五個事業部，如果你看一下，Apex Systems、Apex Life Sciences 和 ECS 的表現都高於原先的水準。所以從這個角度來看，表現相當廣泛，而我們其餘的單位基本上也都符合我們的預期。

Got it. And then, Peter, this is more just to picture this, obviously, what the stock's done relative to the market. I mean, it seems pretty clear there's no recessionary clouds on the horizon. But can you just kind of take us through the process like what client conversations are like here versus heading into the last cycle. This way we can frame a more realistic case for investors?

了解。接著，Peter，這比較是為了描繪一下情境，顯然股價相對於大盤的表現。我的意思是，看起來很清楚，地平線上沒有衰退的陰霾。但你能否帶我們走一遍流程，例如現在與客戶的對話情況，和進入上一個景氣循環前相比有何不同。這樣我們就能為投資人建立一個更務實的情境？

Yes, I mean, all I can do is give you an insight into how we view our business. Our business has never had a larger backlog or visibility than it does today because of ECS and also the SOW and work that we're doing at Apex on top of -- as you know, Apex's business, it tends to be more mission critical than it is CapEx driven. The second thing is, our business really with greater adoption really can exist and perform satisfactory in any environment except job destruction because more and more work is being performed with contract labor, outsourced labor, offshore labor, project consulting labor versus internal labor. So as long as there's not job destruction, work has to be performed, and our model can take market share from other models. And finally, as you see from our results, our profit margin is very durable because we have a very, very small contribution of profit drive from permanent placement. That's just not our model. I mean, we do, do permanent placement at the request of our customers and to stay close to our customers and not to invite competitors into our meaningful accounts. But if you look at our contribution from permanent conversion fees, it's less than 4%. It's about 4% of revenue. So we feel equally confident with regard to our ability to generate attractive margins -- profit margins in the event of an economic slowdown. So I don't -- everything is cyclical. GDP growth drives certain decisions, but so much of the money that's being spent with us is must-have where customers are digitizing their business and automating their businesses, and it's not replenishing inventories. And then, George, why don't you give him a little bit of insight into the government space in your backlog and spending today versus 2, 3 years ago because of budgets, et cetera?

是的，我的意思是，我所能做的就是讓你了解我們如何看待我們的業務。由於 ECS，以及我們在 Apex 進行的 SOW 與相關工作（再加上——如你所知——Apex 的業務通常更偏向任務關鍵，而非由資本支出 CapEx 驅動），我們的業務從未像今天這樣擁有更大的在手訂單或能見度。第二點是，我們的業務在更廣泛採用的情況下，基本上在任何環境中都能存在並有令人滿意的表現，除了「就業崩壞」之外；因為愈來愈多的工作是透過約聘人力、外包人力、離岸人力、專案顧問人力來完成，而不是內部人力。所以只要沒有就業崩壞，工作就必須被完成，而我們的模式就能從其他模式手中取得市占。最後，從我們的結果你也看得到，我們的利潤率非常耐久，因為我們的獲利來源中，來自永久派遣（permanent placement）的貢獻非常、非常小。那不是我們的模式。我的意思是，我們確實會在客戶要求下做永久派遣，以便貼近客戶，並避免讓競爭對手進入我們的重要客戶帳戶。但如果你看我們來自永久轉任費（permanent conversion fees）的貢獻，低於 4%。大約是營收的 4%。因此，即使經濟放緩，我們對於產生具吸引力的利潤率——獲利率的能力也同樣有信心。所以我不——一切都是循環性的。GDP 成長會驅動某些決策，但我們這邊花出去的很多錢都是「必須要有」的支出，因為客戶正在數位化其業務並自動化其業務，而不是在補充庫存。另外，George，你何不也給他一些政府領域的觀點，談談你們目前在手訂單與支出，和 2、3 年前因預算等因素相比的差異？

Yes. Sure, Peter. What we said in the call, so what we're really seeing is a lot more money flowing into the AIML projects that we're doing and also our cloud services. Also, IT modernization all tying back to our customers feeling, a, more comfortable with the technologies; and b, more comfortable with the budgets and such. So all the IT modernizations include cloud and cyber components, and as I mentioned, our AIML, which is really targeted at this point in time in defense areas, but we look forward to providing AIML solutions in things like document management, document review and business analytics down in the future. And again, it all ties back to, like Peter said, feeling a lot -- our customers are feeling much more comfortable with the current budget environment.

是的。當然，Peter。我們在電話會議中提到，我們真正看到的是，有更多資金流入我們正在做的 AIML 專案，以及我們的雲端服務。另外，IT 現代化也都回扣到：我們的客戶 a）對這些技術更有信心；以及 b）對預算等方面也更安心。因此，所有 IT 現代化都包含雲端與資安（cyber）組件；而如我所提到的，我們的 AIML 目前主要鎖定在國防領域，但我們也期待未來能在文件管理、文件審閱與商業分析等方面提供 AIML 解決方案。再一次，這一切都回到 Peter 所說的：我們的客戶對目前的預算環境感到更——更為安心。

Now we'll go to the line of Gary Bisbee with Bank of America Merrill Lynch.

接下來我們轉到美國銀行美林（Bank of America Merrill Lynch）的 Gary Bisbee。

My congrats as well on the quarter. I guess, a couple of questions. The consulting or SOW work at Apex, you talked a lot about it the Investor Day. I guess, the question for me is, is this getting you deeper into customers? Is that really the driving force behind doing it? You've got a relationship and this allows you to get more share, if you will? Or is it that there's a shift in what they want from, and that's more of what you're seeing in some places?

我也恭喜你們本季表現。我想問幾個問題。關於 Apex 的顧問服務或 SOW 工作，你們在投資人日談了很多。我這邊的問題是：這是否讓你們更深入客戶？這真的是你們做這件事背後的主要驅動力嗎？你們已經有合作關係，而這讓你們能取得更多份額（share），可以這麼說嗎？還是說，客戶需求本身正在轉變，而你們在某些地方看到的更多是這種變化？

So I'll let Rand address that. But it's really not something that we've come up with that we're selling into the customer. It's really the customer who's driving us in a collaborative fashion to work with them. Rand?

我讓 Rand 來回答。但這其實不是我們自己想出來、再賣給客戶的東西。真正是客戶以協作的方式在推動我們與他們一起合作。Rand？

You said it right, Peter. It's just -- Gary, it's about serving the accounts, serving the client. And what they've found is our efficiency in the relationship we already had with them and with high-performance support, they've said, hey, how about this. How about that? Can you help us here? And we've stepped into that and served and provided that support, and it just builds on itself. Does it in fact end up strengthening the relationship after the fact? Of course, it does. But we had to have it first. And just as Peter said, it's just about focusing on providing real value to the client.

你說得沒錯，Peter。就是——Gary，這是關於服務這些客戶帳戶、服務客戶。他們發現我們在既有合作關係中的效率，以及高效能的支援後，就會說，嘿，那這個呢。那個呢？你們能在這裡幫我們嗎？我們就投入其中、提供服務與支援，而這會自我強化、持續累積。事後是否確實會強化關係？當然會。但前提是我們一開始就必須先有那段關係。而且就像 Peter 說的，重點就是專注於為客戶提供真正的價值。

And should we think that there's any real meaningful difference in the economics of those relative to how your Apex business has performed? Or is it -- are you able to do that at a level that's not much better, not much worse?

那我們是否應該認為，這些相對於你們 Apex 業務過往表現，在經濟性（economics）上有任何真正顯著的差異？還是說——你們能以一個不會好太多、也不會差太多的水準來做？

Rand?

Rand？

Yes, the economics of the consulting work are a little stronger than the traditional staffing work. But I'll emphasize again, Gary, if it's hand and foot, they go together. You have to be excellent in both sides of that and strengthen the relationship. But you can get a little better -- look, you're taking on more value creation for the client and you're taking on some risk, although, it's manageable risk given the way we've set this up. So by virtue of that, you're going to get better economics as long as you can execute correctly.

是的，顧問工作的經濟性會比傳統人力派遣工作稍微強一些。但我再強調一次，Gary，如果把它比喻成手和腳，它們是一起運作的。你必須在兩邊都做到卓越，並強化關係。不過你確實可以得到稍微更好——你看，你為客戶承擔了更多價值創造，也承擔了一些風險，雖然以我們的設計方式來看，這是可控的風險。因此，基於這一點，只要你能正確執行，你就會得到更好的經濟性。

I would just add, Gary, that the sales cycle is a little bit longer and the length of the assignments tend to be -- the projects tend to be a little bit longer.

我再補充一下，Gary，銷售週期會稍微長一些，而且任務的期間往往——專案的期間往往也會稍微更長。

Okay. That's helpful. And then maybe one for Ed. I think all of your debt at this point is floating rate. Given that you've taken debt up and down but maintained the balance for a while, is there any desire, given the way rates are trending, to locking any of that in? Or are you comfortable with the balance sheet the way it is?

好的。這很有幫助。接著可能有一題問 Ed。我想你們目前所有的債務都是浮動利率。考量到你們曾經上調與下調負債，但一段時間以來維持在某個水準，鑑於利率走勢，你們是否有意願把其中一部分鎖定（固定）下來？或者你們對目前的資產負債表狀況感到滿意？

Well, we're considering a lot of things. What I'll share with you, because we're in the midst of considering it right now, is that the CLO market is relatively attractive where there might be an opportunity to reprice our bid downward again. And so we don't look to fix the rate at this point mostly because we're deleveraging so quickly. Our absolute cost of dollars out the door to service our, interest expense is down year-over-year because we're paying down debt so rapidly. So I don't think you'll see us fixing that rate, Gary, and I don't think it's going to create a lot of volatility to the P&L.

嗯，我們正在考量很多事情。我現在能跟你分享的是，因為我們正處於評估之中，CLO 市場相對具有吸引力，可能有機會讓我們再次把投標利率往下重新定價。因此，我們目前不打算鎖定利率，主要是因為我們去槓桿的速度非常快。我們用於償付利息費用的實際資金成本（也就是資金流出端的成本）年比年下降，因為我們還債還得非常快。所以我不認為你會看到我們去鎖定那個利率，Gary，而且我也不認為這會對損益表造成很大的波動。

Yes -- no, I guess, I was more thinking you want to buy back some stock, given what's happened lately. And it's -- since that led to keep -- not paying debt down so quickly at some point, but maybe it might make sense. But fair enough. That's a good answer.

是——不，我想我更多是在想，鑑於最近發生的情況，你們可能會想回購一些股票。而且——因為那樣在某個時間點可能就不會再那麼快地還債，但也許會更有意義。不過也可以。這個回答很好。

Now we'll go to the line of Jeff Silber with BMO Capital Markets.

接下來我們轉到 BMO Capital Markets 的 Jeff Silber 專線。

I noticed in your supplementary material, excuse me, when you talk about the number of staffing consultants via a ramp-up in the number of staffing consultants hired at Apex. I know you typically do that in 3Q. But I'm just curious, was there anything driving that specifically. And what are your internal hiring plans going forward?

我注意到你們的補充資料裡，抱歉，當你們談到 Apex 透過增聘人力派遣顧問來拉升（ramp-up）人力派遣顧問人數時。我知道你們通常會在第三季這麼做。但我想問的是，這次是否有任何特定因素在驅動？以及你們接下來內部的招募計畫是什麼？

So Ted?

所以 Ted？

Thanks. Up a little bit in third quarter, but in response to business opportunity. And I think going forward, we won't be hiring ahead or behind. We'll be matching it up with the opportunity in the market. You typically see us add headcount but not, at the -- as fast a rate as we grow the business. And that's really what we're shooting for over a long window of time.

謝謝。第三季確實小幅增加，但那是因應商機。而我認為往後，我們不會超前或落後招募。我們會把招募與市場上的機會相匹配。你通常會看到我們增加人頭數，但增速不會——不會跟我們業務成長一樣快。而這正是我們在較長時間窗口內所追求的目標。

And will that hold true in your other divisions as well?

那你們其他事業部也會同樣如此嗎？

That's how we treat the other divisions as well.

我們對其他事業部也是這樣處理的。

Okay, great. And then, Peter, when you answered the question about the upside, you had mentioned that billing rates were only up, I think, about 1% in Apex, if I remember correctly. Was there any specific reason? Was it a mixed shift issue? Are you seeing pushbacks on increases? Any color would be great?

好的，很好。接著，Peter，當你回答關於上行空間的問題時，你提到 Apex 的計費費率（billing rates）只上升了，我記得大概約 1%。有沒有任何特定原因？是組合轉移（mix shift）問題嗎？你們是否看到客戶對漲價有反彈？任何補充說明都很有幫助。

Well, I'll go first and I'll pass it on to Rand. Our business model is such that we have deep, meaningful ongoing relationships with Fortune 400 companies, Jeff. And I can't tell you precisely how much we're going to do each year with them, but I know we're going to do a meaningful amount of work with them each year. So our pricing model is not as dynamic as someone who's putting 1 or 2 people in a retail account and their customer has 50 internal employees. We're just taking advantage of the supply-demand imbalance. We're building a relationship that's durable through tight labor market and otherwise. So I don't think you would ever expect the -- the bill rate increase you see at other smaller retail type IT service businesses translating to what we're seeing in our market. Rand, would you add or subtract to that please?

我先說，然後我會交給 Rand。Jeff，我們的商業模式是：我們與《財富》400 大公司有深厚且具實質意義的長期合作關係。我無法精確告訴你我們每年會跟他們做多少，但我知道我們每年都會與他們進行相當可觀的合作量。因此，我們的定價模式不像那種在零售型客戶帳戶裡只派 1、2 個人、而客戶內部有 50 名員工的公司那麼動態。我們並不是單純利用供需失衡。我們是在建立一種不論勞動市場緊俏與否都能持續的長期關係。所以我不認為你會期待——你在其他較小、偏零售型的 IT 服務業者看到的計費費率漲幅，會同樣反映到我們市場上的表現。Rand，你能否補充或修正一下？

Yes. Well, Peter, again, you said most of it right on. Jeff, listen, I don't think -- given our client base and the nature of our contracts with the clients, we're not negotiating bill rates every day. We're usually setting bill rates a day -- a year or 2 ahead in these master service agreements, and then we're executing against those. We will get relief in bill rates if it's a tough skill set or tough geography or if it's a consulting piece of work, and we can mix together a different team. But those are the times where we'll get some change in the bill rate composition. And our bill rates are increasing this past year close to 2%. Pay rates, by the way, are not -- are a little below that number, which is allowing us to add to our margin. But Jeff, it's not -- don't think of this as a day-to-day auction. This is, I think, longer term, as Peter implied, contracts and relationships in bill rates. And so we have to find labor that fits the bill rates for the client and/or get relief, which we do on occasion.

可以。Peter，你其實已經把重點說得很到位了。Jeff，你聽我說，我不認為——以我們的客戶基礎以及我們與客戶合約的性質來看，我們不是每天都在談計費費率。通常我們會在這些主服務協議（master service agreements）中，提前一到兩年設定計費費率，然後依此執行。如果是很難的技能組、很難的地理區域，或是顧問型的專案工作、我們可以混搭不同的團隊組合，我們就能在計費費率上取得一些調整空間。但也就是在那些情況下，我們才會看到計費費率組成出現一些變化。而我們過去一年計費費率的增幅接近 2%。順帶一提，支付費率（pay rates）並沒有——略低於那個數字，這讓我們能夠提升毛利率。但 Jeff，這不是——不要把它想成每天的競標拍賣。我認為這更偏長期，如 Peter 所暗示的，是基於合約與關係的計費費率。因此我們必須找到能符合客戶計費費率的人力，並且／或者在必要時取得調整空間，而我們確實偶爾會做到。

Now we'll go to the line of Edward Caso from Wells Fargo.

接下來我們轉到 Wells Fargo 的 Edward Caso 專線。

Could you talk a little bit about the noise out of Washington with the Trump administration squeezing tighter on professional visas, particularly H1Bs if that has had any indirect impact on your business. Are you hearing any concerns from your clients?

你能否談談華盛頓那邊的雜音：川普政府對專業簽證收緊，特別是 H1B，這是否對你們的業務造成任何間接影響？你們有聽到客戶有任何疑慮嗎？

So Ed, we're pretty well versed on this for a number of reasons. There was an enormous amount of abuse of the H1B visa system with regard to whether people were truly advertising and offering a prevailing wage, who was the true employer of record and the lottery system where true Indian body shops where outsourcers were overwhelming the visa lottery system, whereas, an offshore may put in 39 visa lotteries and someone like a Google or an Apple or Facebook -- and this is all public data, might put in 1,000 applications. And if you look at the data, the visa applications that were awarded to the same stock names, the big tech names, they're paying these people on average $110,000 a year. And the visas that were awarded to the body -- the offshore body shops, the average was about $71,000. So the true talent was getting squeezed out just because of the lottery system and the gaming of the situation. So what the Trump administration really has done is tightened up on really requiring strict adherence to the rules about prevailing wage, publication, amendments, et cetera. And that has forced a greater attention and focus on domestic labor. We're fortunate in our business that, out of 23,000 people -- I'm going by memory, but less than 1,000 of them are really on H1B visas. These are truly green carded or domestic labor people. So it makes our model a lot more credible and reliable that the people are going to be available to perform the work because there's not a threat of a visa not being timely awarded. So it's actually helped our business. It hasn't hurt it. And it actually has helped the American tech worker. And so where there was a wage arbitrage, that's being eliminated by the adherence to prevailing wage. And the other thing that's also willing to be changing how these visas are awarded is for lower-end stuff, it's getting automated. So some of the lower-end stuff that was being done with cheap offshore labor is getting automated, and those visas just aren't going to be applied for.

Ed，基於多個原因，我們對這件事相當熟悉。H1B 簽證制度曾出現大量濫用，包括是否真的有公告職缺並提供當地通行薪資（prevailing wage）、誰才是真正的名義雇主（employer of record），以及抽籤制度被真正的印度人力派遣工廠（body shops）也就是外包商大量灌票所主導；相較之下，某個離岸外包商可能會送出 39 份抽籤申請，而像 Google、Apple 或 Facebook——這些都是公開資料——可能會送出 1,000 份申請。如果你看資料，簽證核發給同一批股票名稱（也就是大型科技公司）的申請案，這些人平均年薪約 11 萬美元。而核發給那些離岸人力派遣工廠的簽證，平均大約是 7.1 萬美元。因此，真正的人才只是因為抽籤制度與被操弄的情況而被擠壓出去。所以川普政府真正做的，是收緊並要求嚴格遵守關於通行薪資、公告、修正申請等規則。這也迫使市場更重視並聚焦於國內勞動力。我們很幸運，就我們的業務而言，在 23,000 人之中——我憑記憶說，但其中真正持 H1B 的不到 1,000 人。這些人是真正已取得綠卡或屬於本國勞動力。因此，我們的模式更具可信度與可靠性，因為人員能夠到位執行工作，不會有簽證未能及時核發的風險。所以這其實對我們的業務有幫助。並沒有傷害。而且確實也幫助了美國的科技工作者。因此，原本存在的薪資套利，正在因遵守通行薪資規定而被消除。另外一點，也會改變這些簽證核發方式的是：對於較低端的工作，正在被自動化。所以一些原本由便宜的離岸勞動力完成的低端工作正在被自動化，而那些簽證也就不會再被申請了。

A question on the government side. Of the $306 million, how much is sort of new, new work and how much is sort of repeat -- recompete or extensions?

政府端的問題。在這3.06億美元中，有多少算是全新的新案子，有多少算是重複的——重新競標或延長？

George?

George？

Yes. It's new work -- new task orders coming from our customers and then competitive awards it has gotten.

是的。這是新工作——來自我們客戶的新任務訂單，以及我們取得的競爭性得標。

There's none of it that is just sort of ongoing work that you've sustained?

所以其中沒有任何只是你們持續維持的既有進行中工作？

No. No.

沒有。沒有。

And my last request is that Ed Pierce repeats the tax reasons more times fast?

我最後一個請求是，請 Ed Pierce 把稅務原因再快速重複幾次？

And now we'll go to the line of Tobey Sommer with SunTrust.

接下來我們轉到 SunTrust 的 Tobey Sommer 專線。

With respect to consultative services and SOW, what do you feel like the differentiators are? And if you are taking share, why?

就諮詢式服務與 SOW（工作說明書）而言，你們覺得差異化因素是什麼？如果你們正在取得市占，原因是什麼？

Well, the differentiator that it's -- we're not envisioning or architecting the solution, but the customer is making a conscious decision that they're going to retain a little more of the responsibility of the project on the envisioning, the architecture and some of the project consulting and then giving some to us. And by having that blended project development, they can avoid the complete higher-end project consultants. So to the extent that the project's optimization or it's the carry-on in the system embedded software, they feel comfortable in doing that and they're using a more cost-effective control and visibility delivery model than just the old project consulting. So vis-à-vis taking market share from a particular competitor, I don't think that's what we're really trying to focus on. We're just saying that our delivery model of shared resources or shared responsibility is taking market share from other deployment models.

嗯，差異化在於——我們不是在構想或架構解決方案，而是客戶有意識地決定，他們要在構想、架構以及部分專案諮詢上保留更多責任，然後把其中一部分交給我們。透過這種混合式的專案開發，他們可以避免完全依賴高端的專案顧問。因此，當專案是做最佳化，或是在系統嵌入式軟體上的延伸工作時，他們對這樣的做法感到放心，並且採用一個比傳統專案顧問模式更具成本效益、且在控制與可視性上更好的交付模式。至於是否從某個特定競爭對手手上搶市占，我不認為那是我們真正想聚焦的。我們只是說，我們這種共享資源或共享責任的交付模式，正在從其他部署模式中取得市占。

How would you describe.

你會如何描述。

(technical difficulty)

(技術困難)

from these platforms?

來自這些平台？

I'm sorry, you broke up a little bit. Could you repeat it?

抱歉，你剛剛有點斷訊。可以再重複一次嗎？

Yes. How would you describe the competitive threat or lack thereof from new online platform?

好的。你會如何描述來自新型線上平台的競爭威脅，或是其實沒有威脅？

Yes. So it varies by company. But if you really look at some of the noise in the marketplace right now for things like tackle, pass, grab at Upworks, if you really dive into their revenue streams, we're not competitors at all. I mean, first of all, one of them just went public, and they got $250 million of revenue, and 83% of the revenue comes from North American. And they call a poor customer somebody that paid $100 in fees to them over the past 12 months. And the vast majority of the business is non-IT. So it's -- those models, I think, are durable on a business-to-consumer basis. If you need someone to clean your gutters, walk your dog, give you a massage, maybe even do a static webpage, and you're not a Fortune 400 company that has to worry about labor department audits and HR and legal department reviewing what you're doing, and you're not worried about cyber and personal security, you may use one of those kind of marketplaces. But you see what our growth rate is, and it continues to grow. And so those really are on the IT space, the clinical research and especially in the government space meaningful threats. And they've been around forever. Look, if you were able to go back in history and look at the job postings on Craigslist, Craigslist has been putting graphic designers and content writers on their postings forever. So this isn't -- these businesses have been around for some time, and they're still relatively small vis-à-vis the total spend in IT. And so I don't see on a true commercial basis that they're threat. Now with that said, I think they have an application. If you're working with day laborers and there's been a rock concert in Central Park and you need people to come pick up trash or break down the event facilities and you only need them for 2 or 3 days. But SunTrust is not finding somebody off of Upworks to go help them with a mobile banking app. We're just not seeing that.

是的。這會因公司而異。但如果你仔細看目前市場上一些噪音，例如像 Tackle、Pass、Grab 或 Upworks 之類的，如果你真的深入研究他們的營收來源，我們根本不是競爭對手。首先，其中一家剛上市，營收是2.5億美元，而其中83%的營收來自北美。他們把「較差的客戶」定義為過去12個月只付了100美元手續費的客戶。而且其業務絕大多數是非 IT。所以——我認為那些模式在 B2C（企業對消費者）層面是可持續的。如果你需要有人清理排水溝、遛狗、按摩，甚至做個靜態網頁，而你又不是一家必須擔心勞工部稽核、HR 與法務部門審查你在做什麼的《財富》前400大公司，且你也不擔心網路與個資安全，你可能會使用那類市集平台。但你也看到我們的成長率，而且仍在持續成長。因此，在 IT 領域、臨床研究，尤其是在政府領域，它們並不是有意義的威脅。而且它們早就存在很久了。你看，如果你能回到過去看看 Craigslist 上的職缺刊登，Craigslist 一直以來就有刊登平面設計師與內容撰稿人的工作。所以這不是——這些生意已經存在一段時間了，而且相對於 IT 的總支出，它們仍然相當小。因此我不認為在真正的商業市場層面，它們構成威脅。不過話說回來，我認為它們有其應用場景。例如你需要臨時工：中央公園有一場搖滾演唱會，你需要人來撿垃圾或拆除活動設施，而且只需要2到3天。但 SunTrust 不會在 Upworks 上找人來協助他們做行動銀行 App。我們就是沒有看到那種情況。

What's your strategy for internal investments and consultant headcount growth?

你們對內部投資與顧問人頭成長的策略是什麼？

Well, I'm going to let Ted speak to that again. Just -- I'll reiterate what he says. It's steady state. We have the privilege that we have never held back on our investment. So there's no deferred maintenance here. And you've not once heard through this whole period from us that things are so strong, we're adding ahead of the curve and it's going to affect our profits. We're exactly the opposite. Ted, why don't you give them more granularity to where you see maybe bigger spend?

嗯，我會再讓 Ted 談一次。我只是——重申他所說的。就是維持穩態。我們很幸運，從來沒有在投資上踩煞車。所以這裡不存在延後維護的問題。而且在這整段期間，你也從未聽我們說過「因為情勢很強，我們超前投入、增加人力，這會影響獲利」。我們剛好相反。Ted，你不如更細緻地說明一下，你認為哪些地方可能會有較大的支出？

I think that's it, Peter. I mean, I don't think I have too much to add. It's a steady state. We'll keep adding where there's both our business opportunity. We'll keep working internally on different things that we think make us more productive or efficient from an automation and tool set standpoint. But it's steady as we go there.

我想就是這樣，Peter。我的意思是，我沒有太多要補充的。就是維持穩態。我們會在同時具備商機的地方持續增補。我們也會在內部持續推動一些事情，從自動化與工具組合的角度，讓我們更有生產力或更有效率。但整體而言就是按部就班、穩定前進。

Last one, just a numbers question. What was the leverage ratio at the close of ECS?

最後一個，純數字問題。ECS 交割完成時的槓桿比率是多少？

Yes, it was 3.7 on April 2, 2018.

是的，2018年4月2日是3.7。

Now we'll go to the line of Tim McHugh from William Blair.

接下來我們轉到 William Blair 的 Tim McHugh 專線。

Most of my questions have been asked but just on ECS. The backlog number, I know given the acquisition and there's some noise, but can you give us a sense of the backlog growth rate that you're seeing on a year-over-year basis?

我大部分的問題都已經被問過了，但還是想就 ECS 問一下。關於在手訂單（backlog）數字，我知道因為併購會有一些雜訊，但你們能否讓我們了解一下，你們看到的在手訂單年對年成長率大概是什麼樣子？

So George, I want you to answer that more on a historic qualitative basis, but we have not published your historical quarterly backlog. So just kind of compare it form of what you're seeing in prior cycles and historically, if you could?

George，我希望你用較偏歷史、定性的方式來回答，但我們並沒有公布你們過去每季的在手訂單。所以如果可以的話，請你把你看到的情況，跟之前的循環以及歷史狀況做個比較？

Yes, sure. I have been with the company for almost 7 years now, and this is a very, very healthy pipeline that we have as well as this bid-winning award. And I will say last quarter reported that 2.3x was our coverage ratio. So that's going up at 2.3 or 2.4. Some of it's accelerated. We've nabbed over 2.5 in terms of the backlog. Okay?

好的，當然。我在公司將近7年了，我們目前的案源管線非常、非常健康，這次的投標得標也一樣。我想說的是，上季我們報告的覆蓋比率是2.3倍。所以它正在往上走，從2.3到2.4。其中一部分是加速的。就在手訂單而言，我們已經拿到超過2.5。好嗎？

And now from the line of Mark Marcon from Robert W. Baird.

現在請接聽來自 Robert W. Baird 的 Mark Marcon 的提問。

I was wondering if you could give us a little bit more color with regards to the guidance outside of ECS, specifically within Apex? Would you assume that Apex Systems will continue to lead the way in terms of the growth followed by Creative and that maybe Life Sciences ends up being the slow scorer so that's still solid?

我想請問，能否就 ECS 以外的指引再多提供一些細節，特別是在 Apex 方面？您是否會假設 Apex Systems 將持續在成長方面領先，其次是 Creative，而 Life Sciences 可能會是成長較慢的部門，但仍然穩健？

One, Mark, I tell you, we gave you the 2-week revenues exiting the quarter. We exited the quarter with good momentum. Fortunate for us, our largest division grew the fastest, and we kind of continue to expect that. Our next-largest division outside of ECS grew 11.3%, and the Apex Life Sciences grew, but it's the smallest division, and it was -- it has no -- I think, 8.9% growth this year, but it's on a much smaller base of revenue. So I think what you should take away from my kind of wandering comments is that momentum was good exiting the quarter.

Mark，第一點我想說的是，我們已提供了季度結束時的兩週營收數據。我們在季度末以良好的動能收尾。對我們而言很幸運的是，我們最大的事業部成長最快，而我們也大致預期這種情況會持續。我們在 ECS 以外的第二大事業部成長了 11.3%，Apex Life Sciences 也有成長，但它是最小的事業部——我想今年成長約 8.9%，但其營收基期小得多。所以我想你應該從我這些有點發散的評論中得到的重點是：我們在季度末的動能不錯。

Great. I was just thinking about Apex Systems specifically. With regards to the statement of work business, can you talk a little bit about how much that has grown or what percentage of the revenue it is at this point?

很好。我剛才是在特別思考 Apex Systems。就工作說明書（SOW）業務而言，你能否談談它成長了多少，或目前占營收的比例大概是多少？

Rand, give him some qualitative comments. We're not prepared to break that out on a specific revenue basis yet, but give him some qualitative comments, if you would, please.

Rand，請給他一些定性的說明。我們目前還沒準備好把它以特定營收基礎做拆分，但如果可以的話，請提供一些定性的評論。

Yes. So Mark, first of all, it's growing faster than the numbers we posted for Apex Systems overall. So Apex Systems in the quarter was 15.1%. Consulting is growing faster than that. That's the first data point. Does that answer your question or do we...?

好的。Mark，首先，它的成長速度比我們公布的 Apex Systems 整體數字還快。Apex Systems 這一季是 15.1%。顧問/諮詢業務的成長比這個更快。這是第一個數據點。這樣有回答到你的問題嗎？還是我們……？

I was wondering magnitude or how...?

我想了解規模大概是多少，或是……？

The magnitude of consulting. Well, it's certainly double-digit percent of our revenues. I think we haven't given that number -- we spent the last X number of years jumping into providing more value to the clients, and it's becoming material, and it's an important part of how we serve the clients. So -- but it's definitely into the double-digit range now and as a percent of our revenues overall in Apex Systems. And by the way, Creative, Life Sciences and the Oxford team also, also have consulting revenues in their client and account base.

諮詢業務的規模。嗯，它肯定已經占我們營收的雙位數百分比。我想我們還沒有公布那個數字——過去 X 年我們一直投入，為客戶提供更高的價值，而它正變得具有實質性規模，並且是我們服務客戶方式中很重要的一部分。所以——但它現在確實已進入雙位數區間，作為 Apex Systems 整體營收的占比。另外，Creative、Life Sciences 以及 Oxford 團隊在其客戶與帳戶基礎中也都有諮詢營收。

Great. And then with regards to the bill rate increases and the wage rate increases. What are you anticipating, particularly on the wage rates? And how's that impacting recruiting trends in terms of trying to sell bill rates just when we think about the tightness in the labor market?

很好。接著關於計費單價（bill rate）的上調與薪資率（wage rate）的上調。你們特別在薪資率方面預期會如何？在勞動市場緊俏的情況下，這對招募趨勢、以及在我們嘗試推動計費單價時的影響是什麼？

Rand?

Rand？

Well, I think we've launched our pay rates. Our pay rates are migrating not as fast as the bill rates in general. But I would say it's obviously different, marked by different skill types. So there's some skills that are in higher demand, may have less availability in certain regions around the country. But for the most part, the IT world, I think we've talked about this before, has been in a very high employment status for years. And so while the overall economies now have 3.7% unemployment rate, IT has already been at a very low unemployment rate. So it's nothing new from what we've seen over the years. And I think, remember, people are rotating off the jobs constantly. And we've built a certain brand awareness and loyalty with a candidate base, if you will, that knows that not just what the pay rate is but certain benefits in health care, medical, insurance and take time off and 401(k) opportunities, so -- as well as technical training and continued support and almost a concierge service to help them through some of their issues. So it's a combination of things that I think keep that factor there. But we haven't -- look, I'm knocking on wood. We haven't run into a situation where we found a big disconnect between what we need and what we can provide our clients.

我想我們已經調整了我們的薪酬水準。整體而言，我們的薪資率上升速度沒有計費單價那麼快。但我會說，這顯然因不同技能類型而異。有些技能需求更高，在全國某些地區的供給可能更少。但就大多數情況而言，IT 領域——我想我們以前談過——多年來一直處於非常高的就業狀態。因此，雖然整體經濟目前失業率是 3.7%，IT 其實早就一直維持在很低的失業率。所以就我們多年來看到的情況而言，這並不是新現象。而且請記得，人們一直在不斷地從工作中流動/輪替。我們也建立了一定的品牌知名度與候選人基礎的忠誠度；他們在意的不只是薪資率，還包括醫療保健、醫療、保險、休假以及 401(k) 的機會——此外還有技術訓練、持續支持，以及幾乎像禮賓服務一樣協助他們處理一些問題。所以我認為這是多種因素的組合，讓這個面向得以維持。但我們還沒有——你看，我敲敲木頭。我們還沒有遇到我們的需求與我們能提供給客戶之間出現很大落差的情況。

That's great. And then with regards to the SG&A this past quarter, it was actually a little bit lower than what we were looking for, even though there were headcount additions. What was the key driver for that?

很好。另外，關於本季的 SG&A，實際上比我們預期的略低，儘管有人員增加。主要驅動因素是什麼？

Mark, as we said in our prepared remarks, we had some favorable variances in certain expenses. And we're also giving guidance, obviously, for Q4, and we expect it to be on a cash basis before acquisition-related expenses, about 18% of revenues on a go-forward basis, at least in the near term.

Mark，正如我們在事先準備的講稿中所說，我們在某些費用項目上出現了有利的差異。而且我們也提供了第四季的指引；我們預期在扣除併購相關費用之前、以現金基礎計算，未來一段時間（至少短期內）將約為營收的 18%。

(Operator Instructions) And there are no more questions at this time. Please go ahead.

（接線員指示）目前沒有更多問題。請繼續。

Right. Well, thank you for your attention, and we look forward to reporting our fourth quarter results. Everyone, have a good evening. Thank you.

好的。感謝各位的關注，我們期待公布第四季的業績。各位，祝大家晚安。謝謝。

Ladies and gentlemen, that does conclude your conference for today. Thank you for your participation and using AT&T TeleConference. You may now disconnect.

各位女士、先生，今天的電話會議到此結束。感謝各位的參與並使用 AT&T TeleConference。您現在可以掛線。