Huron Consulting Group Inc (HURN) 2024 Q4 法說會逐字稿

Good afternoon, and welcome to Huron Consulting Group's webcast to discuss financial results for the fourth quarter and full-year 2024. (Operator Instructions) As a reminder, this conference call is being recorded.

下午好，歡迎收聽 Huron Consulting Group 的網路廣播，討論 2024 年第四季和全年的財務表現。（操作員指示）提醒一下，本次電話會議正在錄音。

Before we begin, I would like to point all of you to the disclosure at the end of the company's news release for information about any forward-looking statements that may be made or discussed on this call. The news release is posted on Huron's website. Please review that information along with the filings with the SEC for a disclosure of factors that may impact subjects discussed in this afternoon's webcast.

在我們開始之前，我想請大家注意公司新聞稿末尾的披露信息，其中包含有關本次電話會議中可能做出或討論的任何前瞻性陳述的信息。新聞稿發佈在休倫的網站上。請查看該資訊以及提交給美國證券交易委員會的文件，以了解可能影響今天下午在網路廣播中討論的主題的因素。

The company will be discussing one or more non-GAAP financial measures. Please look at the earnings release and on Huron's website for all of the disclosures required by the SEC, including reconciliation to the most comparable GAAP numbers.

該公司將討論一項或多項非公認會計準則財務指標。請查看收益報告和 Huron 網站上的美國證券交易委員會 (SEC) 要求的所有披露信息，包括與最具可比性的 GAAP 數字的對帳。

And now I would like to turn the call over to Mark Hussey, Chief Executive Officer and President of Huron Consulting Group. Mr. Hussey, please go ahead.

現在我想將電話轉給 Huron Consulting Group 執行長兼總裁 Mark Hussey。哈西先生，請繼續。

Good afternoon, and welcome to Huron Consulting Group's Fourth Quarter and Full Year 2024 Earnings Call. With me today are John Kelly, our Chief Financial Officer; and Ronnie Dail, our Chief Operating Officer. The fourth quarter of 2024 produced record revenues before reimbursable expenses, or RBR, as our quarterly growth rate accelerated, reflecting strong performance across all three operating segments. We also drove strong margin expansion over the prior-year period and generated record cash flow from operations during the quarter.

下午好，歡迎參加 Huron Consulting Group 2024 年第四季和全年財報電話會議。今天和我在一起的是我們的財務長約翰凱利 (John Kelly)；以及我們的營運長 Ronnie Dail。2024 年第四季度，由於我們的季度成長率加快，扣除可報銷費用（RBR）前的收入創下了歷史新高，反映出三個營運部門的強勁表現。我們的利潤率也較去年同期大幅成長，本季創造了創紀錄的經營現金流。

2024 was another strong year for Huron, consistent with the financial goals we established at our 2022 Investor Day. In 2024, the execution of our integrated growth strategy drove record RBR and expanded our adjusted EBITDA margins for the fourth consecutive year. Led by strong growth in our Healthcare and Education segments, we achieved 9% RBR growth in 2024 over 2023, which was on top of very strong growth of 20% in 2023 over 2022. For the fourth consecutive year, we achieved high single-digit or better RBR growth.

2024 年對 Huron 來說又是強勁的一年，這與我們在 2022 年投資者日確定的財務目標一致。2024年，我們綜合成長策略的實施推動了RBR創下紀錄，並連續第四年擴大了我們的調整後EBITDA利潤率。在醫療保健和教育部門強勁成長的帶動下，我們在 2024 年實現了 9% 的 RBR 成長，而 2023 年的成長率則高達 2022 年的 20%。連續第四年，我們實現了高個位數或更高的 RBR 成長。

We continue to deliver on our commitments to expand our margins and return capital to shareholders. In 2024, we meaningfully increased our adjusted EBITDA margin and adjusted diluted earnings per share. We generated record cash flows, and we returned over $122 million of capital to shareholders via share repurchases. Collectively, these results created significant value for our shareholders as our stock price increased 21% in 2024.

我們將繼續履行擴大利潤率和向股東回報資本的承諾。2024年，我們大幅提高了調整後的 EBITDA 利潤率和調整後的每股稀釋收益。我們創造了創紀錄的現金流，並透過股票回購向股東返還了超過 1.22 億美元的資本。總的來說，這些業績為我們的股東創造了巨大的價值，因為我們的股價在 2024 年上漲了 21%。

These results were only possible because of our highly talented and dedicated team and our clients who continue to engage Huron as their trusted partner.Our growth strategy has delivered another year of strong results, demonstrating the solid foundation we've established under our integrated go-to-market model and collaborative culture.

這些成果之所以能夠實現，完全得益於我們才華橫溢、敬業奉獻的團隊，以及繼續將 Huron 作為值得信賴的合作夥伴的客戶。我們的成長策略又取得了強勁的業績，證明了我們在綜合行銷模式和協作文化下建立的堅實基礎。

Now I'll discuss our fourth quarter and full-year 2024 performance, along with our expectations for 2025. In the fourth quarter of 2024, Healthcare segment RBR grew 18% over the prior year quarter, reflecting strong demand across our performance improvement, revenue cycle managed services and digital offerings.

現在，我將討論我們 2024 年第四季和全年的業績以及我們對 2025 年的預期。2024 年第四季度，醫療保健部門 RBR 較去年同期成長 18%，反映出我們對績效改善、營收週期管理服務和數位產品的強勁需求。

On a full-year basis, the Healthcare segment achieved record RBR of $756 million, growing 12% over 2023, which was on top of exceptionally strong growth of 26% in 2023 over 2022. Demand was widespread across our broad array of offerings, including performance improvement, digital, revenue cycle managed services, strategy and innovation, and people transformation. We expect to continue to broaden our portfolio to meet the expanding needs of our Healthcare clients and enhance the foundation from which we plan to continue to grow this segment.

從全年來看，醫療保健部門的 RBR 達到了創紀錄的 7.56 億美元，比 2023 年增長 12%，而 2023 年的增幅則比 2022 年高出 26%。需求廣泛涵蓋我們廣泛的產品，包括績效改善、數位化、收入週期管理服務、策略和創新以及人員轉型。我們希望繼續擴大我們的產品組合，以滿足我們醫療保健客戶日益增長的需求，並增強我們計劃繼續發展該領域的基礎。

Now let me turn to commentary on the market. In recent calls, we've talked about declining provider margins across the health care industry, mostly resulting from increases in labor and supply costs that have outpaced revenue from volume increases. For many of our clients, those factors are likely to continue in 2025. At the same time, many health systems have made significant strides in achieving clinical and operational efficiencies in recent years. In fact, some of our hospital and health system clients had modest and in certain cases, robust margins in 2024.

現在我來談談市場評論。在最近的電話會議中，我們談到了整個醫療保健行業的供應商利潤率下降，主要原因是勞動力和供應成本的上漲速度超過了銷售成長帶來的收入。對於我們的許多客戶來說，這些因素可能會持續到 2025 年。同時，許多衛生系統近年來在提高臨床和營運效率方面取得了重大進展。事實上，我們的一些醫院和醫療系統客戶在 2024 年的利潤率並不高，在某些情況下甚至很高。

However, at both ends of the spectrum and irrespective of today's financial performance, many health care organizations will likely need to take further actions to achieve or maintain financial sustainability in light of what we anticipate will be an increasingly dynamic regulatory environment and competitive landscape. Potential challenges that may emerge include: changes in clinical reimbursement models, changes to the federal funding levels for research, eligibility for Medicaid patients and changes to an organization's tax exemption status.

然而，無論是哪種情況，無論今天的財務表現如何，鑑於我們預計監管環境和競爭格局將日益動態，許多醫療保健組織可能需要採取進一步行動來實現或維持財務永續性。可能出現的潛在挑戰包括：臨床報銷模式的變化、聯邦研究資助水準的變化、醫療補助患者的資格變化以及組織免稅狀況的變化。

In addition, health systems are evaluating possible reductions in reimbursement for 340B-eligible drugs, which are discounted for providers that serve low-income and uninsured patients, as well as the impact that tariffs may have on the cost of supplies and on supply chains.

此外，醫療系統正在評估340B合格藥品報銷金額可能減少的可能性，這些藥品對為低收入和無保險患者提供服務的供應商有折扣，以及關稅可能對供應成本和供應鏈產生的影響。

Our 2024 financial results, growing sales pipeline and the breadth of our offerings in this segment reflect our ability to serve more stable, growth-focused organizations in addition to those organizations facing significant financial pressure. We believe those market dynamics create continued opportunities for our diverse Healthcare portfolio as hospitals and health systems seek to optimize their operations while improving clinical care.

我們 2024 年的財務業績、不斷增長的銷售管道以及我們在這一領域的產品廣度反映了我們除了為面臨巨大財務壓力的組織提供服務之外，還能夠為更穩定、更注重增長的組織提供服務的能力。我們相信，隨著醫院和衛生系統尋求優化營運並改善臨床護理，這些市場動態將為我們多樣化的醫療保健產品組合創造持續的機會。

Our extensive set of offerings in performance improvement, digital, managed services, people transformation, financial advisory and strategy and innovation collectively enhance our ability to help our clients meet these current challenges while strategically planning for a more sustainable future.

我們在績效改善、數位化、託管服務、人才轉型、財務諮詢和策略以及創新方面提供的廣泛服務共同增強了我們幫助客戶應對當前挑戰的能力，同時為更永續的未來進行策略規劃。

Turning now to the Education segment. In the fourth quarter of 2024, Education segment RBR increased 15% over the prior year quarter, primarily driven by demand for our digital and strategy and operations offerings as well as incremental revenue delivered by GG+A, our global philanthropy-focused acquisition, which closed in the first quarter of 2024.

現在轉向教育領域。2024 年第四季度，教育部門 RBR 較去年同期成長 15%，主要得益於對我們的數位和策略及營運產品的需求，以及我們於 2024 年第一季完成的全球慈善事業重點收購 GG+A 帶來的增量收入。

Annual RBR in the segment grew 10% compared to 2023, achieving record RBR of $474 million. For the full year, the increase in RBR was driven by our acquisition of GG+A and continued demand for our digital and strategy and operations offerings.

該部門的年度 RBR 與 2023 年相比增長了 10%，達到創紀錄的 4.74 億美元的 RBR。全年來看，RBR 的成長得益於我們對 GG+A 的收購以及對我們的數位、策略和營運產品的持續需求。

In addition to the strategic and financial challenges we've discussed on prior calls, higher education is now facing a highly disruptive regulatory environment. We expect the most significant potential impact from anticipated reductions in federal research funding, including the potential cap on indirect cost reimbursement rates. As of today, it's still not entirely clear how these changes will evolve, but essentially, every research-intensive institution is bracing for significant changes to overall research funding, in some cases, up to several hundred million dollars or more.

除了我們在先前的電話會議中討論過的策略和財務挑戰之外，高等教育現在還面臨著高度破壞性的監管環境。我們預計，聯邦研究資金的減少將產生最顯著的潛在影響，包括間接成本報銷率的潛在上限。截至今天，這些變化將如何發展仍不完全清楚，但基本上，每個研究密集型機構都在準備迎接整體研究資金的重大變化，在某些情況下，資金可能會高達數億美元甚至更多。

Our higher education clients that have academic medical centers face the most potential disruption. These clients are focused on three core missions of teaching, research and clinical care. The financial impact of reduced research funding and lower indirect cost reimbursement rates will likely expand beyond the research enterprise as institutions are going to seek to maintain adequate funding for their research missions.

我們的擁有學術醫療中心的高等教育客戶面臨著最潛在的干擾。這些客戶專注於教學、研究和臨床護理三大核心使命。由於機構將尋求為其研究任務維持足夠的資金，因此減少研究資金和降低間接成本報銷率對財務的影響可能會超出研究企業的範圍。

And research funding is only one area of potential disruption. Higher education institutions are also considering the impacts of changes to immigration policies, deregulation at both the federal and regional accreditation levels and potential impacts to taxation of the largest endowments. These potential regulatory changes are having immediate impacts on our clients, and we're focused on helping them shape their own institutional resilience strategies that will sustain their operations while creating a stronger foundation for the future.

研究資金只是可能造成混亂的一個領域。高等教育機構也正在考慮移民政策變化、聯邦和地區認證層級的放鬆管制以及對最大捐贈基金稅收的潛在影響。這些潛在的監管變化對我們的客戶產生了直接影響，我們專注於幫助他們制定自己的機構復原力策略，以維持他們的運營，同時為未來奠定更堅實的基礎。

Many of our clients are evaluating alternatives to respond to the more immediate impacts caused by the potential regulatory disruptions and quickly increase the financial resilience of their institutions. Others are evaluating the need to redesign their business models to support their longer-term aspirations in a disrupted environment, which we believe will create meaningful opportunities across our business, particularly our strategy and operations, philanthropy and digital offerings.

我們的許多客戶正在評估替代方案，以應對潛在監管中斷造成的更直接的影響，並迅速提高其機構的財務彈性。其他公司正在評估重新設計其商業模式的必要性，以支持其在混亂環境中的長期願望，我們相信這將為我們的業務，特別是我們的策略和營運、慈善事業和數位產品創造有意義的機會。

While the current uncertainties are extremely challenging for our clients, our long history of serving these institutions with our deep understanding of the industry and our broad set of capabilities positions us well to serve our clients no matter what changes they face. Our philanthropy, performance improvement and research offerings are just a few ways in which we're helping our clients sustain and improve their overall financial position and adjust their strategies for a new reality.

雖然當前的不確定性對我們的客戶來說極具挑戰性，但我們長期為這些機構提供服務，憑藉對行業的深刻理解和廣泛的能力，使我們能夠很好地為客戶服務，無論他們面臨什麼變化。我們的慈善事業、績效改進和研究服務只是我們幫助客戶維持和改善其整體財務狀況並調整其策略以適應新現實的幾種方式。

Turning to the Commercial segment. In the fourth quarter of 2024, Commercial segment RBR grew 6% over the prior year quarter, driven by the addition of AXIA Consulting to our portfolio and continued demand for our financial advisory offerings, partially offset by a decline in our strategy and innovation offerings.

轉向商業領域。2024 年第四季度，商業部門 RBR 較去年同期成長 6%，這得益於 AXIA Consulting 加入我們的產品組合以及對我們的財務諮詢產品的持續需求，但部分抵消了我們策略和創新產品的下降。

Before I turn to our full-year commercial results, I'd like to highlight our recent acquisition of AXIA, who is a leading provider of supply chain-focused consulting and technology solutions. This acquisition expands our Oracle supply chain management offerings and broadens our technology portfolio with advanced Microsoft capabilities. It also strengthens our change management capabilities, helping empower clients to align their people and processes to support their digital-first goals. We're thrilled to have the AXIA team on board.

在介紹我們的全年商業業績之前，我想強調一下我們最近收購的 AXIA，它是一家領先的供應鏈諮詢和技術解決方案提供商。此次收購擴展了我們的 Oracle 供應鏈管理產品，並透過先進的 Microsoft 功能拓寬了我們的技術組合。它還增強了我們的變革管理能力，幫助客戶協調他們的人員和流程以支援他們的數位優先目標。我們非常高興 AXIA 團隊能夠加入我們。

And now let me turn back to our full year results. Full-year 2024 Commercial segment RBR declined 1% year over year as macroeconomic uncertainty continued to persist, causing some clients to be more cautious about starting large-scale digital or strategy and innovation engagements. The decline in full-year RBR was driven by reduced demand for our strategy and innovation and digital offerings, partially offset by increases in our financial advisory business, which grew 9% over 2023, driven by solid demand for both our financial services advisory and restructuring and turnaround offerings.

現在讓我回顧一下我們的全年業績。2024 年全年商業部門 RBR 年減 1%，原因是宏觀經濟不確定性持續存在，導致一些客戶對啟動大規模數位或策略和創新工作更加謹慎。全年 RBR 的下降是由於對我們的策略和創新以及數位產品的需求減少，但被我們的金融諮詢業務的成長部分抵消了。受對我們的金融服務諮詢以及重組和扭虧為盈產品的強勁需求推動，我們的金融諮詢業務在 2023 年增長了 9%。

Similar to the healthcare and education industries, we expect that clients in commercial industries will continue to face pressure from macroeconomic and geopolitical uncertainty as well as the evolving regulatory environment.

與醫療保健和教育行業類似，我們預計商業行業的客戶將繼續面臨宏觀經濟和地緣政治不確定性以及不斷變化的監管環境的壓力。

Our financial advisory offerings achieved another year of solid growth in 2024, which we believe will carry into 2025 as market uncertainty and regulatory changes impact our clients. In addition, AXIA's supply chain offerings are well positioned to support our clients as they plan for and build more resilient supply chains to help mitigate the impact of increased tariffs and changes in the geopolitical landscape.

我們的財務諮詢服務在 2024 年又實現了穩健成長，我們相信，由於市場不確定性和監管變化對我們的客戶產生影響，這種成長勢頭將持續到 2025 年。此外，AXIA 的供應鏈產品能夠很好地支持我們的客戶規劃和建立更具彈性的供應鏈，以幫助減輕關稅上調和地緣政治格局變化的影響。

As clients seek to optimize and modernize their operations, technology will continue to play a critical role, including the use of analytics, automation and AI. While market factors created mixed demand for our Commercial offerings in 2024, we remain cautiously optimistic about our prospects for 2025 based on our robust pipeline for our financial advisory and digital offerings and as we continue to build more industry depth and expand our core capabilities.

隨著客戶尋求優化和現代化其運營，技術將繼續發揮關鍵作用，包括使用分析、自動化和人工智慧。儘管市場因素導致 2024 年對我們的商業產品的需求好壞參半，但基於我們強大的財務諮詢和數位產品管道，以及我們將繼續深入行業並擴展核心能力，我們對 2025 年的前景仍然保持謹慎樂觀。

In addition to our financial performance, I'm incredibly proud of our team and the attractive work environment they continue to foster within Huron. We've established a strong, collaborative culture that we believe is one of our greatest competitive advantages. Because of Huron's unique culture, we've been able to grow our leadership base to nearly 270 managing directors and principals and increase our total employee base to over 7,200 professionals globally as of December 31.

除了我們的財務表現之外，我還為我們的團隊以及他們在休倫內部持續營造的良好工作環境感到無比自豪。我們建立了強大的協作文化，我們相信這是我們最大的競爭優勢之一。由於 Huron 獨特的文化，截至 12 月 31 日，我們的領導團隊已擴大到近 270 名董事總經理和負責人，全球員工總數增加到 7,200 多名專業人員。

In addition, our team's collective efforts culminated in numerous awards and recognitions, including most recently being named a "Best Place to Work" by Glassdoor for the second year in a row. These recognitions and our strong financial results are a testament to our people and their passion for serving our clients, our communities and one another. I'm grateful for all they do for Huron and our stakeholders.

此外，我們團隊的共同努力最終贏得了無數獎項和認可，包括最近連續第二年被 Glassdoor 評為「最佳工作場所」。這些認可和強勁的財務表現證明了我們的員工以及他們為我們的客戶、我們的社區和彼此服務的熱情。我感謝他們為休倫和我們的利害關係人所做的一切。

And now let me turn to our expectations and guidance for 2025, which contemplates our acquisition of AXIA as well as the divestiture of our Studer Education business, which closed on December 31. Our RBR guidance for the year is $1.58 billion to $1.66 billion. We also expect adjusted EBITDA margin in a range of 14% to 14.5% of RBR and adjusted diluted earnings per share of $6.80 to $7.60. Company-wide, we're projecting 9% RBR growth at the midpoint for 2025.

現在，讓我來談談我們對 2025 年的期望和指導，其中考慮了我們對 AXIA 的收購以及 Studer Education 業務的剝離，該剝離於 12 月 31 日完成。我們對今年的 RBR 預期是 15.8 億美元至 16.6 億美元。我們也預期調整後的 EBITDA 利潤率將在 RBR 的 14% 至 14.5% 之間，調整後的每股稀釋收益將在 6.80 美元至 7.60 美元之間。就全公司而言，我們預計 2025 年中期 RBR 成長率將達到 9%。

Building on our recent momentum, we believe that the primary end markets in which we compete will continue to create growth opportunities for our broad portfolio of offerings. Our integrated growth strategy remains focused on leveraging our leading market positions in health care and education, expanding our presence in commercial industries and growing the breadth of our digital capabilities, which collectively positions us well to respond to market uncertainty and ongoing client demand as we pursue sustainable value for our shareholders.

基於我們最近的發展勢頭，我們相信，我們競爭的主要終端市場將繼續為我們廣泛的產品組合創造成長機會。我們的綜合成長策略仍然專注於利用我們在醫療保健和教育領域的領先市場地位，擴大我們在商業行業的影響力，並拓展我們的數位能力廣度，這些都使我們能夠在追求為股東創造可持續價值的同時，很好地應對市場不確定性和持續的客戶需求。

In terms of margins, at the midpoint of our 2025 guidance, we expect a 75-basis-point improvement over 2024, building upon the cumulative 300-basis-point improvement achieved since 2020. Our leadership incentives are aligned with driving sustainable margin improvement while funding organic investments in our business and in our people to achieve our growth goals. Because of our continued progress expanding our margins in 2024, fueled by our ongoing pricing and efficiency initiatives, we believe we remain on track to achieve our mid-teen level adjusted EBITDA margin goal in 2025.

就利潤率而言，在我們 2025 年指引的中點，我們預計利潤率將比 2024 年提高 75 個基點，在此基礎上自 2020 年以來已累計提高 300 個基點。我們的領導層激勵措施與推動永續利潤率提高相一致，同時為我們的業務和員工提供有機投資，以實現我們的成長目標。由於我們在 2024 年繼續取得利潤率提高的進展，以及我們持續的定價和效率舉措的推動，我們相信我們仍有望在 2025 年實現中等水平的調整後 EBITDA 利潤率目標。

The midpoint of our guidance for adjusted diluted earnings per share is $7.20, an 11% increase over 2024, which was on top of a 43% increase achieved in 2023 over 2022. The 2025 midpoint is also 235% higher than our 2020 adjusted EPS of $2.15, reflecting the compounding impact of our revenue growth, margin expansion and returns to shareholders via share repurchases.

我們對調整後每股攤薄收益的預期中位數為 7.20 美元，較 2024 年成長 11%，而 2023 年較 2022 年則成長 43%。2025 年的中點也比我們 2020 年調整後的每股盈餘 2.15 美元高出 235%，反映了我們的營收成長、利潤率擴大和透過股票回購向股東回報的複合影響。

We're proud of the growth we achieved in 2024, and we believe the strong foundation we built will help us continue to achieve top and bottom line growth into the future, particularly in light of the disruption and uncertainties facing many of our clients.

我們為 2024 年實現的成長感到自豪，我們相信，我們建立的堅實基礎將幫助我們在未來繼續實現營收和利潤的成長，特別是考慮到我們的許多客戶面臨的混亂和不確定性。

As we enter 2025, I'm excited about the opportunities ahead: opportunities to build upon our deep client relationships with a broader set of innovative offerings to address their rapidly evolving needs and enhance our competitive position, opportunities to continue to drive sustainable revenue growth and margin expansion while further investing in our business and returning capital to shareholders, and opportunities for further growth and development for our people who are the heart of our business. Our future is bright and our business trajectory, financial strength and collaborative culture position us very well to continue to create sustainable value for our shareholders.

當我們進入2025年時，我對未來的機會感到興奮：我們有機會在深厚的客戶關係基礎上，提供更廣泛的創新產品來滿足客戶快速變化的需求並增強我們的競爭地位；我們有機會繼續推動可持續的收入增長和利潤率擴大，同時進一步投資於我們的業務並向股東還資本；我們員工作為我們業務的核心，他們也有機會進一步成長和返還資本。我們的未來是光明的，我們的業務發展軌跡、財務實力和協作文化使我們能夠繼續為股東創造永續價值。

And now let me turn it over to John for a more detailed discussion of our financial results. John?

現在，讓我將話題交給約翰，讓他更詳細地討論我們的財務結果。約翰？

Thank you, Mark, and good afternoon, everyone.

謝謝你，馬克，大家下午好。

Before I begin, please note that I will be discussing non-GAAP financial measures such as EBITDA, adjusted EBITDA, adjusted net income, adjusted EPS and free cash flow. Our press release, 10-K, and Investor Relations page on the Huron website have reconciliations of these non-GAAP measures to the most comparable GAAP measures, along with a discussion of why management uses these non-GAAP measures and why management believes they provide useful information to investors regarding our financial condition and operating results.

在我開始之前，請注意我將討論非 GAAP 財務指標，例如 EBITDA、調整後的 EBITDA、調整後的淨收入、調整後的 EPS 和自由現金流。我們的新聞稿、10-K 和 Huron 網站上的投資者關係頁面對這些非 GAAP 指標與最具可比性的 GAAP 指標進行了對賬，並討論了管理層使用這些非 GAAP 指標的原因以及管理層認為它們為何能為投資者提供有關我們財務狀況和經營業績的有用信息。

Before discussing our financial results for the quarter, I'd like to discuss several housekeeping items. First, our fourth quarter results reflect the acquisition of AXIA Consulting, which closed effective December 1, and as such, one month of AXIA operating results are included within the Commercial segment. Second, on December 31, we completed the divestiture of our Studer Education business, which primarily served the K-12 education market. As such, our fourth-quarter results do include the Studer Education business. In 2024, Studer Education, which was included in the Healthcare segment, generated RBR of $13.7 million.

在討論本季的財務表現之前，我想討論幾個內部事項。首先，我們的第四季度業績反映了對 AXIA Consulting 的收購，該收購於 12 月 1 日完成，因此，AXIA 一個月的營運業績包含在商業部門內。第二，12月31日，我們完成了對學德教育業務的剝離，該業務主要服務於K-12教育市場。因此，我們的第四季業績確實包括了 Studer Education 業務。2024 年，納入醫療保健部門的 Studer Education 創造了 1,370 萬美元的 RBR。

Operating income for the Studer Education business, including certain corporate expenses directly related to the Student Education business was immaterial for 2024. As we further execute our growth strategy, we will continue to concentrate our resources and investments in areas that align with our market focus and drive the highest return for our shareholders.

Studer Education 業務的營業收入（包括與學生教育業務直接相關的某些公司費用）對於 2024 年來說並不重要。隨著我們進一步執行成長策略，我們將繼續集中資源並投資於符合我們市場重點的領域，為股東帶來最高的回報。

Lastly, as it relates to our revenue-generating professional headcount metrics, we have updated our earnings release to provide additional information about headcount by industry and capability, breaking out managed services headcount separately in order to provide more detail to investors about our revenue-generating professional headcount growth.

最後，由於它與我們的創收專業人員人數指標有關，我們更新了我們的收益報告，以提供按行業和能力劃分的員工人數的更多信息，單獨列出託管服務員工人數，以便向投資者提供有關我們創收專業人員人數增長的更多詳細信息。

Now I will share some of the key financial results for the quarter and full year 2024. The fourth quarter of 2024 produced record RBR of $388.4 million, up 14.5% from $339.2 million in the same quarter of 2023, driven by solid growth across all three operating segments.

現在，我將分享本季和 2024 年全年的一些關鍵財務結果。2024 年第四季的 RBR 創下了 3.884 億美元的紀錄，較 2023 年同期的 3.392 億美元增長 14.5%，這得益於三個營運部門的穩健增長。

For full-year 2024, RBR was $1.49 billion, up 9.1% from $1.36 billion in 2023 and on top of strong growth of 20.3% in 2023 over 2022. Led by strong performance in our Healthcare and Education segments, we achieved record RBR in 2024, which also marked our fourth consecutive year of achieving high single-digit or better RBR growth.

2024 年全年，RBR 為 14.9 億美元，較 2023 年的 13.6 億美元成長 9.1%，且 2023 年較 2022 年實現 20.3% 的強勁成長。在醫療保健和教育領域強勁表現的推動下，我們在 2024 年實現了創紀錄的 RBR，這也是我們連續第四年實現高個位數或更好的 RBR 成長。

Net income for the fourth quarter of 2024 was $34 million or $1.84 per diluted share compared to net income of $2.8 million or $0.15 per diluted share in the fourth quarter of 2023. As a percentage of total revenues, net income increased to 8.5% in the fourth quarter of 2024 compared to 0.8% in the fourth quarter of 2023. As a reminder, Q4 2023 net income includes a $19.4 million noncash unrealized loss net of tax or $1 per diluted earnings per share related to our investment in a hospital-at-home company.

2024 年第四季的淨收入為 3,400 萬美元或每股攤薄收入 1.84 美元，而 2023 年第四季的淨收入為 280 萬美元或每股攤薄收入 0.15 美元。作為總收入的百分比，淨收入在 2024 年第四季增長至 8.5%，而 2023 年第四季為 0.8%。提醒一下，2023 年第四季的淨收入包括 1,940 萬美元的非現金未實現稅後虧損或每股 1 美元的稀釋收益，這與我們對一家家庭醫院公司的投資有關。

For full-year 2024, net income was $116.6 million or $6.27 per diluted share. This compares to net income of $62.5 million or $3.19 per diluted share in 2023. As a percentage of total revenues, net income increased to 7.7% for full-year 2024 compared to 4.5% in 2023.

2024 年全年淨收入為 1.166 億美元，即每股攤薄收入 6.27 美元。相比之下，2023 年的淨收入為 6,250 萬美元，即每股 3.19 美元。作為總收入的百分比，2024 年全年淨收入將從 2023 年的 4.5% 增長至 7.7%。

Net income for full-year 2024 includes an $11.1 million litigation settlement gain net of tax related to a legal matter where Huron was the plaintiff. Net income for full-year 2023 reflects the $19.4 million noncash unrealized loss net of tax related to our investment in a hospital-at-home company.

2024 年全年淨收入包括與休倫作為原告的法律問題相關的 1,110 萬美元訴訟和解收益（稅後）。2023 年全年淨收入反映了與我們對一家家庭醫院公司的投資相關的 1,940 萬美元非現金未實現稅後損失。

Our effective income tax rate in the fourth quarter of 2024 was 27.3%, which was less favorable than the statutory rate, inclusive of state income taxes, primarily due to certain nondeductible expense items. On a full-year basis, our effective tax rate for 2024 was 24.3%, which was more favorable than the statutory rate, inclusive of state income taxes, primarily due to a discrete tax benefit for share-based compensation awards that vested during the year. This favorable item was partially offset by certain nondeductible expense items.

我們 2024 年第四季的有效所得稅率為 27.3%，低於包括州所得稅在內的法定稅率，這主要是由於某些不可扣除的費用項目。從全年來看，我們 2024 年的有效稅率為 24.3%，比包含州所得稅的法定稅率更優惠，這主要是由於當年歸屬的股權激勵獎勵具有單獨的稅收優惠。此優惠被某些不可扣除的費用項目部分抵銷。

Adjusted EBITDA was $56.8 million in Q4 2024 or 14.6% of RBR compared to $41.4 million in Q4 2023 or 12.2% of RBR. For full-year 2024, adjusted EBITDA as a percentage of RBR increased 120 basis points to 13.5% compared to 12.3% in 2023. The increase in full-year adjusted EBITDA was primarily attributable to the increase in segment operating income in our Healthcare and Education segments, partially offset by a modest decrease in segment operating income in the Commercial segment and increased unallocated expenses to support the growth of our business.

2024 年第四季的調整後 EBITDA 為 5,680 萬美元，佔 RBR 的 14.6%，而 2023 年第四季的調整後 EBITDA 為 4,140 萬美元，佔 RBR 的 12.2%。2024 年全年，調整後的 EBITDA 佔 RBR 的百分比從 2023 年的 12.3% 增加 120 個基點至 13.5%。全年調整後 EBITDA 的成長主要歸因於我們醫療保健和教育部門的分部營業收入的成長，部分被商業部門的分部營業收入的小幅下降和為支持我們業務成長而增加的未分配費用所抵消。

This was our fourth consecutive year of expanded adjusted EBITDA margins, growing our adjusted EBITDA margins 300 basis points since 2020. Our progress demonstrates our commitment to our mid-teen margin goal as set forth in our 2022 Investor Day.

這是我們連續第四年擴大調整後 EBITDA 利潤率，自 2020 年以來，調整後 EBITDA 利潤率成長了 300 個基點。我們的進步證明了我們對 2022 年投資者日提出的中等利潤率目標的承諾。

Adjusted net income was $35.2 million or $1.90 per diluted share in the fourth quarter of 2024 compared to $25.1 million or $1.29 per diluted share in the fourth quarter of 2023. For the full year 2024, adjusted net income was $120.4 million or a record $6.47 per share compared with $96.2 million or $4.91 per share in 2023.

2024 年第四季調整後淨收入為 3,520 萬美元或每股攤薄收入 1.90 美元，而 2023 年第四季調整後淨收入為 2,510 萬美元或每股攤薄收入 1.29 美元。2024 年全年調整後淨收入為 1.204 億美元，或每股 6.47 美元，創歷史新高，而 2023 年為 9,620 萬美元，或每股 4.91 美元。

Now I'll discuss the performance of each of our operating segments. The Healthcare segment generated 52% of total company RBR during the fourth quarter of 2024. This segment posted RBR of $202.3 million, up $30.3 million or 17.6% from the fourth quarter of 2023. The increase in revenues in the quarter was driven by strong demand for our performance improvement, revenue cycle managed services and digital offerings.

現在我將討論我們各個營運部門的表現。2024 年第四季度，醫療保健部門創造了公司 RBR 總值的 52%。該部門的 RBR 為 2.023 億美元，較 2023 年第四季增加 3,030 萬美元，成長 17.6%。本季營收的成長得益於對我們的績效改善、營收週期管理服務和數位產品的強勁需求。

On a full-year basis, Healthcare RBR increased 12.2% to a record $756.3 million compared to $674 million in 2023, which was on top of strong growth of 26% in 2023 over 2022. The increase in RBR in 2024 was driven by strong demand across our portfolio of offerings.

從全年來看，醫療保健 RBR 成長 12.2%，達到創紀錄的 7.563 億美元，而 2023 年為 6.74 億美元，且 2023 年比 2022 年強勁成長 26%。2024 年 RBR 的成長是由我們產品組合的強勁需求所推動的。

We experienced strong growth across both our consulting and managed services and digital capabilities in Healthcare, increasing 12% and 13% over 2023, respectively. This growth is a testament to how our team continues to innovate and diversify its portfolio of services and products to address the evolving needs of our Healthcare clients.

我們的醫療保健諮詢和託管服務以及數位化能力均實現了強勁增長，分別比 2023 年增長了 12% 和 13%。這一成長證明了我們的團隊如何不斷創新和多樣化其服務和產品組合以滿足醫療保健客戶不斷變化的需求。

Operating income margin for Healthcare was 30.3% in Q4 2024 compared to 25.9% in Q4 2023. The increase in operating income margin was largely driven by RBR that outpaced increases in salaries and related expenses for our revenue-generating professionals and lower contractor expenses, partially offset by higher bonus expense for our revenue-generating professionals as a percentage of RBR.

2024 年第四季醫療保健業務的營業收入利潤率為 30.3%，而 2023 年第四季為 25.9%。營業收入利潤率的成長主要是由於 RBR 超過了我們創收專業人員的薪資和相關費用的增長以及承包商費用的降低，但部分被我們創收專業人員的獎金費用佔 RBR 的百分比增加所抵消。

On a full-year basis, operating income margin was 27.6% in 2024 compared to 25.7% in 2023. The increase in operating income margin year over year was primarily due to a decrease in salaries and related expenses as a percentage of RBR and a decrease in contractor expenses, partially offset by an increase in SG&A expense and bonuses as a percentage of RBR.

從全年來看，2024 年營業收入利潤率為 27.6%，而 2023 年為 25.7%。營業收入利潤率年增主要是由於工資和相關費用佔 RBR 的百分比下降以及承包商費用下降，但銷售、一般和行政費用以及獎金佔 RBR 的百分比增加部分抵消了這一增長。

The Education segment generated 31% of total company RBR during the fourth quarter of 2024. The Education segment posted RBR of $118.8 million, up $15.1 million or 14.5% from the fourth quarter of 2023. RBR in the fourth quarter of 2024 included $4.8 million from our acquisition of GG+A. The increase in revenues in the quarter was driven by demand for our digital and strategy and operations offerings as well as incremental revenue delivered by GG+A.

2024 年第四季度，教育部門創造了公司 RBR 總收入的 31%。教育部門的 RBR 為 1.188 億美元，比 2023 年第四季增加 1,510 萬美元，成長 14.5%。RBR 在 2024 年第四季的營收包括收購 GG+A 帶來的 480 萬美元。本季營收的成長主要得益於對我們的數位和策略及營運產品的需求以及 GG+A 帶來的增量收入。

On a full-year basis, Education segment RBR grew 10.4% year-over-year to a record $474.2 million compared to $429.7 million in 2023. The increase in full year RBR includes $18.6 million from our acquisition of GG+A and continued strong demand for our digital and strategy and operations offerings.

從全年來看，教育部門 RBR 年增 10.4%，達到創紀錄的 4.742 億美元，而 2023 年為 4.297 億美元。RBR 全年成長包括收購 GG+A 帶來的 1,860 萬美元，以及對我們的數位、策略和營運產品的持續強勁需求。

The operating income margin for Education was 22.4% for Q4 2024 compared to 21.2% for the same quarter in 2023. The increase in operating income margin in the quarter was primarily driven by a decrease in compensation expense for our revenue-generating professionals as a percentage of RBR and decreases in training and practice administration expense, all partially offset by increased compensation expense for our support personnel and capitalized software expense amortization related to the development of our next-generation Research Suite software. On a full-year basis, operating income margin was relatively flat at 22.9% compared to 23.1% in 2023.

2024 年第四季教育業務的營業收入利潤率為 22.4%，而 2023 年同期為 21.2%。本季營業收入利潤率的成長主要歸因於我們創收專業人員的薪酬費用佔 RBR 的百分比下降以及培訓和實踐管理費用的下降，但部分被我們支援人員的薪酬費用增加和與開發下一代研究套件軟體相關的資本化軟體費用攤銷所抵消。從全年來看，營業收入利潤率相對持平於 22.9%，而 2023 年為 23.1%。

The Commercial segment generated 17% of total company RBR during the fourth quarter of 2024 and grew 6.1% over the prior year period, posting RBR of $67.3 million compared to $63.5 million in the fourth quarter of 2023. The increase in RBR in the fourth quarter of 2024 was driven by $3.1 million of incremental revenue from our acquisition of AXIA and strong demand for our financial advisory offerings, partially offset by a decline in our strategy and innovation offerings.

商業部門在 2024 年第四季創造了公司總 RBR 的 17%，比去年同期成長 6.1%，RBR 為 6,730 萬美元，而 2023 年第四季為 6,350 萬美元。2024 年第四季 RBR 的成長得益於我們收購 AXIA 帶來的 310 萬美元的增量收入以及對我們的財務諮詢產品的強勁需求，但部分抵消了我們策略和創新產品的下降。

On a full year basis, Commercial segment RBR declined 1.1% to $255.6 million in 2024, inclusive of our acquisition of AXIA compared to $258.4 million in 2023. The decline in full-year revenues was driven by reduced demand for our strategy and innovation and digital offerings, partially offset by an increase in our financial advisory offerings.

從全年來看，商業部門 RBR 在 2024 年下降 1.1% 至 2.556 億美元，其中包括我們對 AXIA 的收購，而 2023 年為 2.584 億美元。全年收入下降是由於對我們的策略和創新以及數位產品的需求減少，但部分被我們的財務諮詢產品的增加所抵消。

Operating income margin for the Commercial segment was 17.8% for Q4 2024 compared to 22.4% in the same quarter in 2023. The decline in operating income margin in the quarter was primarily driven by increases in compensation expense for our revenue-generating professionals and contractor expenses as percentages of RBR, partially offset by a decrease in segment restructuring charges. On a full-year basis, Commercial segment operating income margin decreased to 20% compared to 21% in 2023, reflecting increased salaries and related expenses.

2024 年第四季商業部門的營業收入利潤率為 17.8%，而 2023 年同期為 22.4%。本季營業收入利潤率的下降主要是由於我們的創收專業人員的薪資費用和承包商費用佔 RBR 的百分比增加，但部分被分部重組費用的減少所抵消。從全年來看，商業部門營業收入利潤率從 2023 年的 21% 下降至 20%，反映了薪資和相關費用的增加。

Corporate expenses not allocated at the segment level and excluding restructuring charges, were $47.8 million in Q4 2024 compared to $45.4 million in Q4 2023. Unallocated corporate expenses in the fourth quarter of 2024 and 2023 included a gain of $200,000 and expense of $3.2 million, respectively, related to changes in the liability of our deferred compensation plan, which is offset by the change in fair value of our investment assets used to fund that plan reflected in other income. Excluding the impact of the deferred compensation plan in both periods, unallocated corporate expenses increased $5.7 million, primarily due to increases in compensation costs for our support personnel and software and data hosting expenses, partially offset by a decrease in legal expenses.

2024 年第四季未在部門層級分配的企業費用（不包括重組費用）為 4,780 萬美元，而 2023 年第四季為 4,540 萬美元。2024 年和 2023 年第四季的未分配公司費用分別包括 20 萬美元的收益和 320 萬美元的費用，這些收益和費用與我們的遞延薪酬計劃負債的變化有關，但被其他收入中反映的用於資助該計劃的投資資產的公允價值變動所抵消。不包括兩個期間的遞延薪酬計劃的影響，未分配的公司費用增加了 570 萬美元，這主要是由於我們的支援人員的薪酬成本以及軟體和資料託管費用的增加，部分被法律費用的減少所抵消。

On a full-year basis, corporate expenses not allocated at the segment level increased to $191.2 million, which included $5.2 million of expense related to the deferred compensation plan, compared to $175.2 million in 2023, which included $5.5 million of expense related to the deferred compensation plan. Excluding the impact of the deferred compensation plan in both periods, unallocated corporate expenses increased $16.2 million, primarily driven by an increase in compensation costs for our support personnel and software and data hosting expenses.

全年來看，未在分部層級分配的企業費用增至 1.912 億美元，其中包括與遞延薪酬計畫相關的費用 520 萬美元，而 2023 年為 1.752 億美元，其中包括與遞延薪酬計畫相關的費用 550 萬美元。不包括兩個期間遞延薪酬計劃的影響，未分配的公司費用增加了 1,620 萬美元，主要原因是我們的支援人員的薪酬成本以及軟體和資料託管費用的增加。

Now turning to the balance sheet and cash flows. Cash flow generated from operations for 2024 was a record $201 million. We used $33 million to invest in capital expenditures, inclusive of internally developed software costs, resulting in record free cash flow of $168 million.

現在轉向資產負債表和現金流量。2024 年營運產生的現金流達到創紀錄的 2.01 億美元。我們投入了 3,300 萬美元用於資本支出，其中包括內部開發的軟體成本，從而實現了創紀錄的 1.68 億美元的自由現金流。

DSO came in at 76 days for the fourth quarter of 2024 compared to 86 days for the third quarter of 2024 and 87 days for the fourth quarter of 2023. The decrease in DSO during the fourth quarter when compared to both periods reflects the impact of collections on certain larger Healthcare and Education projects in alignment with our contractual payment schedules.

2024 年第四季的 DSO 為 76 天，而 2024 年第三季為 86 天，2023 年第四季為 87 天。與兩個時期相比，第四季度 DSO 的下降反映了根據我們的合約付款計劃對某些較大的醫療保健和教育項目的收款的影響。

Total debt as of December 31, 2024, was $357.7 million, consisting entirely of our senior bank debt, and we finished the year with cash of $21.9 million for net debt of $335.8 million. This was an $89 million decrease in net debt compared to Q3 2024. In addition, the fourth quarter of 2024 included $18.2 million of share repurchases or approximately 151,000 shares.

截至 2024 年 12 月 31 日，總債務為 3.577 億美元，全部由我們的優先銀行債務組成，今年年底我們的現金為 2,190 萬美元，淨債務為 3.358 億美元。與 2024 年第三季相比，淨債務減少了 8,900 萬美元。此外，2024 年第四季還包括 1,820 萬美元的股票回購，或約 151,000 股。

For full-year 2024, we used $122 million to repurchase approximately 1.2 million shares, representing 6.6% of our outstanding shares as of the beginning of the year, and we used $49.5 million for strategic tuck-in acquisitions. Our leverage ratio, as defined in our senior bank agreement, was 1.4 times adjusted EBITDA as of December 31, 2024, compared to 1.6 times adjusted EBITDA as of December 31, 2023.

2024 年全年，我們使用 1.22 億美元回購約 120 萬股，佔年初已發行股份的 6.6%，並使用 4,950 萬美元進行策略性補充收購。根據我們的高級銀行協議定義，截至 2024 年 12 月 31 日，我們的槓桿率為調整後 EBITDA 的 1.4 倍，而截至 2023 年 12 月 31 日，我們的槓桿率為 1.6 倍。

Finally, let me turn to our expectations and guidance for 2025, which does contemplate the acquisition of AXIA as well as the divestiture of Studer Education. For the full-year 2025, we anticipate: revenues before reimbursable expenses in a range of $1.58 billion to $1.66 billion, reflecting a 9% year-over-year growth at the midpoint; adjusted EBITDA in the range of 14% to 14.5% of RBR, reflecting a 75-basis-point improvement over 2024 at the midpoint; and adjusted non-GAAP EPS in a range of $6.80 to $7.60, reflecting an 11.3% increase over 2024 at the midpoint. We expect cash flows from operations to be in a range of $195 million to $235 million.

最後，讓我談談我們對 2025 年的期望和指導，其中確實考慮收購 AXIA 以及剝離 Studer Education。對於 2025 年全年，我們預計：可報銷費用前的收入在 15.8 億美元至 16.6 億美元之間，中間值同比增長 9%；調整後的 EBITDA 在 RBR 的 14% 至 14.5% 範圍內，比 2024 年中點提高了 75 個基礎收益點數增長 11.3%。我們預計經營現金流在 1.95 億美元至 2.35 億美元之間。

Capital expenditures are expected to be approximately $35 million to $45 million, inclusive of cost to develop our market-facing products and analytics tools. And free cash flows are expected to be in a range of $160 million to $190 million, net of cash taxes and interest and excluding noncash stock compensation.

預計資本支出約為 3,500 萬至 4,500 萬美元，其中包括開發面向市場的產品和分析工具的成本。預計自由現金流將在 1.6 億美元至 1.9 億美元之間，扣除現金稅和利息，但不包括非現金股票補償。

Weighted average diluted share count for 2025 is expected to be in the range of 18 million shares to 18.5 million shares. Finally, with respect to taxes, you should assume an effective tax rate in the range of 28% to 30%, which comprises the federal tax rate of 21%, a blended state tax rate of 5% to 6% and incremental tax expense related to certain nondeductible expense items, partially offset by certain deductions and tax credits.

預計 2025 年加權平均稀釋股數將在 1,800 萬股至 1,850 萬股之間。最後，關於稅收，您應該假設有效稅率在 28% 到 30% 之間，其中包括 21% 的聯邦稅率、5% 到 6% 的混合州稅率以及與某些不可扣除費用項目相關的增量稅費，部分由某些扣除額和稅收抵免所抵消。

Let me add some color to our guidance starting with revenue. The midpoint of the revenue range reflects 9% revenue growth over 2024. As Mark mentioned, our recent growth trajectory has highlighted the resilience in our business despite uncertainty in the market as we continue to achieve high single-digit growth or better over the last four consecutive years. Because of the market demand for our offerings and robust pipeline across our business, we believe we are well positioned to achieve growth in 2025, consistent with our financial objectives.

讓我從收入開始為我們的指導補充一些內容。收入範圍的中間點反映出 2024 年 9% 的收入成長。正如馬克所提到的，儘管市場存在不確定性，但我們最近的成長軌跡凸顯了業務的韌性，因為我們在過去連續四年中繼續實現高個位數或更高的成長。由於市場對我們產品的需求和我們業務的強勁成長勢頭，我們相信我們有能力在 2025 年實現成長，與我們的財務目標保持一致。

With regard to our Healthcare segment, we expect mid-single-digit revenue growth for the full-year 2025, and we expect operating margins will be in a range of approximately 26% to 28%. In the Education segment, we expect mid- to upper single-digit percentage revenue growth for the full-year 2025, and we expect operating margins will be in a range of approximately 23% to 25%.

就我們的醫療保健部門而言，我們預計 2025 年全年收入將實現中等個位數成長，預計營業利潤率將在約 26% 至 28% 之間。在教育領域，我們預計 2025 年全年營收將實現中高個位數百分比成長，預計營業利潤率將在約 23% 至 25% 之間。

As Mark mentioned, we're in the midst of a highly dynamic regulatory environment that could drive significant changes to the higher education business model. Even with the rising uncertainties in the market, we believe we are well positioned to help our clients navigate the ongoing changes as they arise. In the Commercial segment, we expect to see growth in the low 20% range for 2025, which includes a full year of AXIA.

正如馬克所說，我們正處於高度動態的監管環境中，這可能會推動高等教育商業模式發生重大變化。即使市場不確定性日益增加，我們仍然相信我們有能力幫助客戶應對不斷出現的變化。在商業領域，我們預計 2025 年的成長率將在 20% 左右，其中包括 AXIA 全年的成長率。

And we expect our operating margins in this segment to be in a range of approximately 21% to 23%. We expect unallocated corporate SG&A, excluding the impact of the deferred compensation plan, to increase in the mid- to upper single-digit percentage range year-over-year.

我們預計該部門的營業利潤率約為 21% 至 23%。我們預計，不包括遞延薪酬計畫的影響，未分配的企業銷售、一般及行政開支將比去年同期增加中等至高個位數百分比範圍。

Also in the first quarter, consistent with prior years, we note the following items as it relates to expenses: the reset of wage basis for FICA and our 401(k) match, our annual merit and promotion wage increases go into effect on January 1, an increase in stock compensation expense for restricted stock awards that will be granted in March to retirement-eligible employees, and an increase in practice administration and meeting expenses driven by several larger team meetings that take place in the quarter. Based on these factors, we anticipate approximately 15% to 20% of our full year adjusted EBITDA and full year adjusted EPS to be generated during the first quarter.

此外，與往年一致，在第一季度，我們注意到與費用相關的以下項目：FICA 和 401（k）匹配的工資基礎重置、我們的年度績效工資和晉升工資增長將於 1 月 1 日生效、將於 3 月份授予符合退休條件的員工的限制性股票獎勵的股票薪酬費用增加，以及由於本季度舉行的幾次大型會議費用導致實踐管理和幾次大型會議費用。基於這些因素，我們預計全年調整後 EBITDA 和全年調整後 EPS 約有 15%-20% 將在第一季產生。

As a closing reminder, with respect to 2024 adjusted EBITDA, adjusted net income and adjusted EPS, there are several items that you will need to consider when reconciling these non-GAAP measures to comparable GAAP measures. The reconciliation schedules that we included in our press release will help walk you through these reconciliations.

最後提醒一下，關於 2024 年調整後的 EBITDA、調整後的淨收入和調整後的 EPS，在將這些非 GAAP 指標與可比較 GAAP 指標進行調整時，您需要考慮幾個事項。我們在新聞稿中列出的對帳時間表將幫助您完成這些對帳。

Lastly, I want to remind everyone that we will be hosting an Investor Day on Tuesday, March 25, 2025. We hope you can join us in person in New York or via the virtual webcast. You can register for the event on the Investor Relations page of the Huron website. Thanks, everyone.

最後，我想提醒大家，我們將於 2025 年 3 月 25 日星期二舉辦投資者日。我們希望您能親自到紐約或透過虛擬網路直播加入我們。您可以在 Huron 網站的投資者關係頁面上註冊參加活動。謝謝大家。

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

現在我想開始提問。操作員？

(Operator Instructions) Andrew Nicholas, William Blair & Company.

（操作員指示）安德魯·尼古拉斯，威廉·布萊爾公司。

I wanted to first ask a question on the regulatory backdrop. I think there was quite a bit of color there and thoughts on how dynamic the regulatory environment is. But I'm just -- maybe to simplify a little bit. I'm just curious. Is the pipeline, which you referred to as robust, I think several times, has that been affected by it yet?

我想先問一個有關監管背景的問題。我認為那裡有相當多關於監管環境如何動態的色彩和想法。但我只是—也許想簡化一點。我只是好奇。您提到的管道是否堅固，我想過好幾次，它是否已經受到影響了？

Or is there some concern that it would be a couple of quarters out? Just kind of any net impact that you've seen to date and whether or not that's positive or negative.

或者有人擔心這會是幾個季度之後的事情？只是您迄今為止看到的任何淨影響，無論是積極的還是消極的。

Yes, Andrew, it's Mark. We have not to date seen really any significant clients reprioritize spending, although it's something that we watch. At the same time, we also know that given the scope of everything that's going on right now, they need our help. So I think you kind of framed around maybe if things really start to go the other way. We feel like our guidance range captures the downside.

是的，安德魯，我是馬克。儘管我們關注此事，但迄今為止我們還沒有看到任何重要客戶重新調整支出優先順序。同時，我們也知道，鑑於目前正在發生的一切，他們需要我們的幫助。因此，我認為，如果事情真的開始朝著另一個方向發展，你也許會這樣。我們覺得我們的指導範圍已經涵蓋了下行趨勢。

At the same time, we think there's probably upside as well. And I think it's just changing so rapidly on any given day, it's hard to predict exactly how it will evolve. But at this point, we feel like we're as well positioned as we can be given the range of uncertainties that are going on just because of the breadth of what we do to help them in every part of their business.

同時，我們認為也可能存在上行空間。我認為它每天都在發生著迅速的變化，很難準確預測它將如何演變。但在這一點上，我們覺得我們已經做好了充分的準備，因為考慮到正在發生的一系列不確定性，我們能夠為他們業務的各個部分提供廣泛的幫助。

And Andrew, I'll just add from just looking at our data perspective, when we look at our backlog coverage, when we look at our pipeline, they all remain very, very strong through the date of the call today. So that's something that gives us a lot of confidence. And then exactly, as Mark said, really both within Healthcare and Education, while it is a dynamic environment and there are frequent changes, many of our offerings really within Healthcare and Education are quite responsive to some of the challenges that our clients are seeing. So we feel good about the opportunity there to really help our clients navigate the change.

安德魯，我只想補充一點，從我們的數據角度來看，當我們查看我們的積壓覆蓋率時，當我們查看我們的管道時，截至今天通話之日，它們都保持著非常非常強勁的勢頭。這給了我們很大的信心。正如馬克所說，無論是在醫療保健還是教育領域，雖然這是一個動態的環境並且經常發生變化，但我們在醫療保健和教育領域提供的許多產品都可以很好地應對客戶面臨的一些挑戰。因此，我們很高興能有機會真正幫助我們的客戶應對變革。

And one final point would be, if you look at where we made some investments during 2024, first with the GG+A acquisition focused on global philanthropy and then with the AXIA acquisition focused on supply chain technology, we're really happy that we added talent in those areas. Because those feel as we head into 2025, like two areas where we're seeing increasing need from our clients for help. So that's something that also is encouraging to us.

最後一點是，如果您看看我們在 2024 年進行的一些投資，首先是專注於全球慈善事業的 GG+A 收購，然後是專注於供應鏈技術的 AXIA 收購，我們真的很高興我們在這些領域增加了人才。因為隨著我們邁入 2025 年，我們發現在這兩個領域客戶需要的幫助越來越多。這對我們來說也是令人鼓舞的事。

Helpful. And then maybe for my follow-up, I believe last quarter, John, maybe you mentioned a 2% increase in headcount growth outside of managed services. And now it looks like that comparable number is up to the mid-single-digit level. Just kind of curious where you're leaning in, in terms of headcount growth and maybe if there's any thoughts on that plan for 2025 as well.

很有幫助。然後也許對於我的後續問題，我相信上個季度，約翰，也許你提到了託管服務以外的員工人數增加了 2%。現在看來，這一可比數字已達到中等個位數水準。我只是有點好奇您在員工人數增長方面傾向於哪一方面，以及對 2025 年的計劃有什麼想法。

Yes. I think probably just from a computational perspective, you have AXIA in those numbers. So that probably is one factor in terms of the increase from 2% to the mid-single-digit range. I think beyond that, it continued to be a good quarter in the fourth quarter in terms of sales conversion. That's continued into the early part of the first quarter here. And so that is causing us to continue to add talent to our team to be able to address client needs.

是的。我認為可能僅從計算的角度來看，這些數字中就有 AXIA。因此，這可能是導致從 2% 增長至中等個位數範圍的因素。我認為除此之外，從銷售轉換率來看，第四季的表現依然良好。這種情況一直持續到第一季初。因此，我們不斷為團隊增添人才，以滿足客戶的需求。

I'd say within the Healthcare business, particularly on both the performance improvement side as well as the managed revenue cycle managed services side, those are two places where we're adding a lot of resources. And then also within certain areas of our digital business where we're seeing increased demand.

我想說，在醫療保健業務中，特別是在績效改進方面以及管理收入周期管理服務方面，這兩個方面我們都投入了大量資源。我們也看到，在我們的數位業務的某些領域，需求正在增加。

Tobey Sommer, Truist Securities.

托比·索默（Tobey Sommer），Truist Securities。

It's Tyler Barishaw on for Tobey. Just with the recent reduction in, you mentioned, maybe medical research spend, can you maybe just explain the puts and takes as you see maybe for Huron on the positive and negative side?

泰勒·巴里肖 (Tyler Barishaw) 取代托比 (Tobey)。就像您提到的最近減少的醫療研究支出一樣，您能否解釋一下對於休倫來說積極和消極方面的利弊？

Yes. So Tyler, the way that would work is that essentially, it's really a reduction in demand for our Education clients -- from our revenue for them because as they get fewer research grants that are being actually processed -- and that's really what's happening right now.

是的。因此，泰勒，這樣做的實質是，這實際上會減少我們教育客戶的需求——因為他們獲得的實際正在處理的研究經費減少了，從而減少了我們的收入——而這正是現在正在發生的事情。

If you look at the federal register and the number of grants that are actually being posted out there, it's slowing down significantly. So as they have less revenue that's coming in to fund their research activities, it puts pressure on their overall financial -- institution from a financial perspective. And then on top of that, if the reimbursement rates on indirect expenses are lowered, it just means grant for grant, they're getting fewer dollars into the organization, again, so it's really a net reduction in revenue.

如果你看聯邦公報和實際公佈的補助金數量，你會發現這個數字正在顯著放緩。因此，由於用於資助其研究活動的收入減少，從財務角度來看，這給他們的整體金融機構帶來了壓力。除此之外，如果間接費用的報銷率降低，那就意味著他們給組織的資金減少了，所以這實際上是收入的淨減少。

So analogous to our Healthcare business when they have margin pressure, margins are not used in education, but the total revenue going down puts pressure on their ability to fund their activities. And so they'll need to think through what are the changes they need to do in their institution to be responsive to reductions in funding. Hopefully, that helps explain that dynamic.

因此，與我們的醫療保健業務類似，當他們面臨利潤壓力時，利潤不會用於教育，但總收入的下降會對其活動提供資金的能力造成壓力。因此，他們需要仔細考慮他們的機構需要做哪些改變來應對資金的減少。希望這有助於解釋這種動態。

Yes, it does. And just following up on utilization. Can you maybe just give us some expectations for how utilization will trend throughout the year?

是的。並追蹤利用情況。您能否提供我們一些全年利用率趨勢的預測？

Sure, Tyler. If you look at 2024, the way things progressed, there was really a steady ramp of improvement in utilization over the course of the year. In the fourth quarter, we were above 77%, both for our consulting capability as well as our digital capability. As we turn the corner into the first quarter, I think our expectation is that you're going to continue to see strengthened utilization. I think that's reflective of the demand that we're seeing.

當然，泰勒。如果您展望 2024 年，事情的發展方向是，在這一年中，利用率確實穩定提高。第四季度，我們的諮詢能力和數位能力均超過 77%。隨著我們進入第一季度，我認為我們預計您將繼續看到利用率的提高。我認為這反映了我們所看到的需求。

And part of the reason utilization was lower in the first half of 2024 was we did have unusually or historically low attrition in the business. So that remains a factor that we'll have to continue to watch into 2025. But if you make normalized assumptions there for 2025, we still think that we're going to have some nice year-over-year improvement in terms of utilization in the first half of the year versus 2024.

2024 年上半年利用率較低的部分原因是因為我們的業務人員流失率確實異常低或歷史新低。因此，這仍然是我們必須在 2025 年繼續關注的因素。但如果對 2025 年做出標準化假設，我們仍然認為，與 2024 年相比，今年上半年的利用率將實現年比大幅提升。

And then just one final one. A lot of the different like managed care organizations are talking about higher medical costs in '25. Can you maybe just explain how that will impact your business, the Healthcare side of your business?

最後再說一句。許多不同的管理式醫療組織都在談論'25 年更高的醫療費用。您能否解釋一下這將如何影響您的業務，醫療保健方面？

Yes. Again, Tyler, I think it's a consequence of squeeze margins. Because if you have a value-based care contract just costing you more to deliver against it, you're actually realizing fewer dollars on those contracts. So essentially, it's just -- again, it's been a longer-term trend that we've seen in both Healthcare and Education in terms of the increasing cost levels relative to the revenue they're bringing in. So it's just another lever that's going to put pressure on those organizations.

是的。泰勒，我再說一次，我認為這是利潤率壓縮的結果。因為如果您簽訂了基於價值的護理合同，則履行該合同需要花費更多成本，您實際上從這些合同中獲得的收益更少。所以本質上，這只是——再說一次，這是我們在醫療保健和教育領域看到的長期趨勢，即相對於它們帶來的收入，成本水平不斷增加。所以這只是對這些組織施加壓力的另一個槓桿。

Bill Sutherland, The Benchmark Company.

比爾‧薩瑟蘭 (Bill Sutherland)，The Benchmark Company。

I think, John, you said that '24, the operating margin benefited from lower employee expenses. Can you provide color on that?

約翰，我認為你說過『24，營業利潤率受益於較低的員工費用。能提供詳細資訊嗎？

I think, Bill, in terms of what benefited margins in 2024, I think there was general good management of our expenses across the business, not necessarily employee expenses. The other levers that I would point to in terms of what really drove the strong margin improvement in 2024 are really our effectiveness in terms of pricing and making sure that we were billing in a manner that reflects the value we're driving for our clients was a big factor in 2024.

比爾，我認為，就 2024 年利潤率的提高而言，我們的整個業務的費用管理總體上很好，不一定是員工費用。就真正推動 2024 年利潤率強勁提升的因素而言，我想指出的其他槓桿實際上是我們的定價效率，並確保我們的計費方式能夠反映我們為客戶創造的價值，這是 2024 年的一個重要因素。

Scaling of our corporate SG&A as we've made investments over the years in our corporate infrastructure to really allow us to scale as we grow, I think that was another factor. Continued strong utilization of our global capabilities, I think, was a factor. So those were all things that we look at in terms of what really benefited 2024.

由於我們多年來對公司基礎設施進行了投資，因此擴大了公司銷售、一般及行政開支，真正使我們能夠在發展過程中擴大規模，我認為這是另一個因素。我認為，繼續大力利用我們的全球能力是一個因素。因此，這些都是我們從真正有利於 2024 年的角度來考慮的事情。

In terms of now, okay, going from 2024 to 2025, I think there's still room to run on many of those factors. I think consistent with the last question from Tyler, I think that there's room for utilization to improve in 2025 on a full year basis from where it was at in 2024. So I think that could be another factor. And then the final thing I'd point to is we have a number of initiatives within Huron right now to really effectively use our automation, analytics, AI tools to help us operate more efficiently. And we've got expectations that, that automation is going to help us continue to scale our cost as well.

就現在而言，好吧，從 2024 年到 2025 年，我認為許多因素仍然有發展空間。我認為與泰勒的最後一個問題一致，我認為 2025 年的全年利用率與 2024 年相比還有提升空間。所以我認為這可能是另一個因素。我最後要指出的是，我們目前在 Huron 內部採取了多項舉措，以真正有效地利用我們的自動化、分析和人工智慧工具來幫助我們更有效率地運作。我們期望自動化能夠幫助我們繼續擴大成本。

Are you using some of your offshore for your corporate?

您是否正在為您的公司使用部分離岸資源？

We do. Our global team supports our corporate needs as well.

是的。我們的全球團隊也支持我們的企業需求。

John, did you mention how much AXIA is going to contribute to the commercial growth this year?

約翰，你有沒有提到 AXIA 今年將為商業成長做出多大的貢獻？

Yes. So if we think about 2025, I put the expectations, Bill, in a range of $35 million to $40 million in 2025. Keep in mind, there was about $3 million in the fourth quarter, so think of that as incremental in the low $30 million range. And then as I noted in my remarks, we did divest Studer Education during the year, which was about $14 million in revenue last year. So the net of all that is $20 million to $25 million of probably inorganic growth that's baked into the guide.

是的。因此，如果我們考慮 2025 年，比爾，我預計 2025 年的收入將在 3500 萬美元到 4000 萬美元之間。請記住，第四季度的收入約為 300 萬美元，因此可以將其視為 3000 萬美元左右的增量。正如我在演講中提到的，我們確實在年內剝離了 Studer Education，該公司去年的收入約為 1400 萬美元。因此，所有這些的淨額可能是已包含在指南中的無機增長，即 2000 萬到 2500 萬美元。

And Studer's in Healthcare, right?

Studer 是從事醫療保健行業的，對嗎？

Studer Education was in Healthcare, yes.

是的，Studer Education 屬於醫療保健領域。

Yes, yes. Okay. So are you guys -- this -- the world is changing rapidly and I was wondering if -- I mean, it just seems to line up very well for your capabilities for the most part. But I'm just thinking, are clients kind of holding back on work orders and implementations just for the moment? Is there a chance for a little bit of just a short-term air pocket?

是的，是的。好的。你們也是這樣——這個——世界正在迅速變化，我想知道——我的意思是，它似乎在很大程度上與你們的能力非常吻合。但我在想，客戶是否暫時還在推遲工作訂單和實施？是否可能出現短暫的少量氣穴？

Bill, a lot of -- so what we've seen so far is some of the larger digital initiatives that we have going on for systems implementations, they're not stopping those projects. They've committed the dollars. They need them for the future, and there's a tremendous cost and impact to stop anything in the middle. And so those are right now going on.

比爾，很多——到目前為止，我們看到的是，我們正在進行一些更大的數位計劃來實施系統，他們並沒有阻止這些項目。他們已經投入了資金。他們需要這些來為未來著想，而中途停止任何事情都會帶來巨大的成本和影響。這些現在正在發生。

We do see, as an example, just discussions about what is the response because right now, it's not clear entirely. As an example, if there's an unpopular decision, you're seeing state AGs essentially file lawsuits to basically put in temporary restraining orders. So some of these are going to work through the system here in the coming weeks.

例如，我們確實看到關於反應是什麼的討論，因為現在還不完全清楚。舉個例子，如果有一個不受歡迎的決定，你會看到州檢察長基本上會提起訴訟，以發布臨時限制令。因此，其中一些措施將在未來幾週內透過這裡的系統實施。

But at the end of the day, there's going to be a need for a lot of help in a short period of time to help clients reposition their businesses to be responsive, not only to the current year financial impact but for the longer term. So different than COVID as an example, just like in contrast, where you didn't have students there, and it was a big shock or you took elective surgeries out of the health care system.

但最終，我們還是需要在短時間內提供大量幫助，幫助客戶重新定位其業務，使其不僅能應對當年的財務影響，還能應對更長遠的財務影響。這與 COVID 的例子不同，就像相比之下，當時那裡沒有學生，這是一個很大的衝擊，或者你把選擇性手術從醫療保健系統中剔除了。

Those were also shocks but they were not necessarily always good for us. I feel like these are issues that play to our strengths based on the offerings that we have. And that's why we perhaps feel we're watching it carefully, but we don't have any material concerns. We're mainly concerned about truly helping our clients in a very challenging situation. That is a paramount focus for a lot of our people right now.

這些也令人震驚，但並不總是對我們有利。我覺得這些問題可以根據我們現有的資源發揮我們的優勢。這就是為什麼我們或許感覺我們在密切關注它，但我們沒有任何實質的擔憂。我們主要關心的是真正幫助處於極具挑戰性情況的客戶。這是我們很多人現在最關注的焦點。

Sure, sure. And last one, John, you said for us to look for mid-single top line growth in Healthcare. Any -- kind of what are your puts and takes as you kind of lay that number out there?

當然，當然。最後一個問題，約翰，您說過我們要尋找醫療保健領域的中等單項營收成長。任何—當您給出這個數字時，您的投入和產出是什麼？

So I think if you look at our revenue growth over the past several years in Healthcare, it was 13% in 2024, 26% in 2023, 20% in 2022. Obviously, it's just been a really strong run of growth there. So just given that it's our biggest business, a little bit of the law of large numbers and some of the growth that we've seen over the past few years, we thought it was more prudent at the beginning of the year to go with a more cautious growth outlook to start.

因此，我認為，如果您看看我們過去幾年在醫療保健領域的收入成長，那麼 2024 年的收入成長率為 13%，2023 年為 26%，2022 年為 20%。顯然，那裡正經歷著強勁的成長勢頭。因此，考慮到這是我們最大的業務，加上一點大數定律和我們在過去幾年看到的一些成長，我們認為在年初採取更謹慎的成長前景是更明智的。

I would point out that that was also our guidance at the beginning of 2024, and we ended up having a year where we were able to post double-digit growth. Other factor that I point out, Bill, in that mid-single-digit percent range is that has the divestiture of Studer Education embedded in it. So really kind of the implied organic growth is a couple of points higher than that.

我想指出的是，這也是我們在 2024 年初的指導，而最終我們在一年內實現了兩位數的成長。比爾，我要指出的另一個因素是，在中個位數百分比範圍內，有 Studer Education 的剝離因素在內。因此實際上隱含的有機成長率比這高出幾個點。

I think in terms of what drives the upside there, we continue to see really strong demand for our performance improvement offerings. We continue to see really strong demand for our HMS, managed services offerings, in digital as well from a lot of our clients that are investing in their digital infrastructure. It's been good for our strategy and financial advisory teams, too. So I think those are all the things that, to the extent that momentum would continue throughout the year like it was towards the end of last year, that could drive us towards the upper end of the revenue guide.

我認為，就推動其上漲的因素而言，我們繼續看到市場對我們的績效改進產品的強勁需求。我們持續看到許多正在投資數位基礎設施的客戶對我們的 HMS、託管服務產品和數位服務有著強勁的需求。這對我們的策略和財務顧問團隊來說也是有益的。所以我認為，這些都是因素，如果這種勢頭能夠像去年年底那樣持續全年，那麼就可能推動我們達到收入指南的上限。

(Operator Instructions) Kevin Steinke, Barrington Research & Associates.

（操作員指示） Kevin Steinke，Barrington Research & Associates。

So I guess in relation to an earlier question, but specific to commercial digital, I think last quarter, you were talking about you felt like you were pretty well positioned for some good growth in the commercial digital business in 2025. I think in your prepared comments, you kind of talked about cautious optimism.

因此，我想與先前的問題相關，但具體到商業數位業務，我想上個季度，您談到您覺得自己已經為 2025 年商業數位業務的良好成長做好了準備。我認為在您準備好的評論中，您談到了謹慎樂觀的態度。

Is that kind of the way you're thinking about that business as we move into 2025, given some of the uncertainty in the environment? And just what does the overall pipeline in commercial digital look like?

考慮到環境中存在的一些不確定性，當我們邁入 2025 年時，您是否對這項業務有這樣的看法？那麼商業數字的整體流程到底是什麼樣的呢？

Yes. Kevin, this is John. I think from an overall perspective, we're very encouraged by the backlog coverage ratios that we see right now in the Commercial segment, and that includes our digital business. So that's certainly something that gives us confidence. If you look at the 20-plus percent growth that we've talked about for the Commercial segment in 2025 based on the guidance, that's about half from our AXIA business, it's about half organic growth.

是的。凱文，這是約翰。我認為從整體來看，我們對目前商業領域（包括我們的數位業務）的積壓訂單覆蓋率感到非常鼓舞。所以這確實給了我們信心。如果您看看我們根據指導所討論的 2025 年商業部門 20% 以上的增長，其中約有一半來自我們的 AXIA 業務，約有一半是有機增長。

And really, the organic there is driven by our digital business, and that's based on some of the stability now we've seen in the pipeline and the backlog coverage that we have going into the year as well as what continues to be a robust environment for our financial advisory offerings within the Commercial segment. So we put those two things together, and that's what really drives our confidence in the 20% plus guided growth rate for 2025.

實際上，有機成長是由我們的數位業務推動的，這是基於我們現在看到的通路穩定性、今年的積壓訂單覆蓋率，以及商業領域金融諮詢產品持續強勁的環境。所以，我們將這兩件事放在一起，這才是我們對 2025 年 20% 以上的指導成長率充滿信心的真正原因。

Okay. Yes, that's helpful. And also last quarter, you had talked about some projects that had been a little slower to start up. I'm thinking specifically within Education. It sounded like some client-specific factors.

好的。是的，這很有幫助。上個季度，您談到了一些啟動速度稍慢的項目。我特別考慮的是教育領域。這聽起來像是一些特定於客戶因素。

Have those projects started to catch up now or ramp up? Or is there anything to call out there on that front?

這些項目現在是否已經開始追趕或加速發展了？或是這方面有什麼需要指出的嗎？

No, Kevin, those did commence in the back half of last year into the fourth quarter as we expected. We went through a lot of that ramp-up period during the fourth quarter, and I would describe those projects as now at run rate as we start the year here as we had expected last time we talked.

不，凱文，這些確實像我們預期的那樣，在去年下半年到第四季開始出現。我們在第四季度經歷了大量的加速期，我認為這些項目現在的運行速度與我們上次談話時預期的一樣，就像我們今年年初一樣。

Okay. Great. And then just lastly, Mark, I believe in your prepared comments, you talked about plans to broaden your Healthcare offering. And I feel like you're already pretty broad in your Healthcare services. But any comments on where you could potentially add or broaden out those services even more?

好的。偉大的。最後，馬克，我相信在您準備好的評論中，您談到了擴大醫療保健服務的計劃。我覺得你們的醫療保健服務範圍已經相當廣泛了。但是，您對於可以在哪些方面進一步增加或擴展這些服務有何評論？

Yes, Kevin, I think there's a number of areas: I think our financial advisory services area has certainly areas for expansion that I think bring us more to the strategic and advisory areas of M&A as an example; our managed services offering, which we continue to be very excited about and I think we're going to get -- continue to see momentum as well; I think digital as well as payer.

是的，凱文，我認為有很多領域：我認為我們的財務諮詢服務領域肯定有擴展的空間，我認為這將使我們更涉足併購的策略和諮詢領域。我們對我們的託管服務產品一直感到非常興奮，我認為我們也將繼續看到良好的發展勢頭；我認為數位化和付款人都是如此。

I think when you consider the size of the US provider market, I think we have a lot more runway in the health care industry to just continue to broaden the adjacencies that we have today, such deep and very strong client relationships that just set us up for continued expansion.

我認為，當你考慮到美國供應商市場的規模時，我們在醫療保健行業還有很大的發展空間，可以繼續拓寬我們今天所擁有的業務範圍，如此深厚和牢固的客戶關係為我們繼續擴張奠定了基礎。

Seeing no more questions in the queue, I'd like to turn the call back to Mr. Hussey. Sir?

看到隊列中沒有其他問題，我想將電話轉回給哈西先生。先生？

Thank you, everyone, for spending time with us this afternoon. We look forward to speaking with you again at our upcoming Investor Day on March 25, when we're going to share more about the continued evolution of our strategy and financial goals. Have a good evening.

感謝大家今天下午與我們共度時光。我們期待在 3 月 25 日即將到來的投資者日上再次與您交談，屆時我們將分享更多有關我們的策略和財務目標的持續發展的資訊。祝你晚上愉快。

That concludes today's conference call. Thank you, everyone, for your participation.

今天的電話會議到此結束。謝謝大家的參與。