GEE Group Inc (JOB) 2026 Q2 法說會逐字稿

Hello, and welcome to the GEE Group fiscal 2026 second quarter and year-to-date period ended March 31, 2026 earnings and update webcast conference call.

各位好，歡迎參加 GEE Group 截至 2026 年 3 月 31 日之 2026 財政年度第二季及年初至今期間的財報與營運更新網路直播電話會議。

I'm Derek Dewan, Chairman and Chief Executive Officer of GEE Group.

我是 Derek Dewan，GEE Group 董事長暨執行長。

I will be hosting today's call.

我將主持今天的電話會議。

Joining me as a co-presenter is Kim Thorpe, our Senior Vice President and Chief Financial Officer.

與我共同簡報的是我們的資深副總裁暨財務長 Kim Thorpe。

Thank you for joining us today.

感謝各位今天與會。

It is our pleasure to share with you GEE Group's results for the fiscal 2026 second quarter and year-to-date period ended March 31, 2026, provides you with our outlook.

我們很高興與各位分享 GEE Group 2026 財政年度第二季及截至 2026 年 3 月 31 日年初至今期間的營運結果，並提供我們的展望。

For the rest of the fiscal 2026 year and the foreseeable future.

針對 2026 財政年度剩餘期間以及可預見的未來。

Some comments Kim and I will make today will be considered forward-looking, including predictions, estimates, expectations, and other statements about future performance.

Kim 與我今天將發表的部分評論將被視為前瞻性陳述，包括對未來表現的預測、估計、期望及其他陳述。

These represent our current judgments of what the future holds and are subject to risks and uncertainties that actual results may differ materially. From our forward-looking statements.

這些陳述代表我們目前對未來情勢的判斷，並受風險與不確定性影響，實際結果可能與我們的前瞻性陳述存在重大差異。

These risks and uncertainties are described below under the caption Forward-Looking Statements Safe Harbor and in Thursday's earnings press release and our most recent, Form 10-Q, 10-K and other SEC filings under the captions Cautionary Statements Regarding Forward-Looking Statements and Forward-Looking Statements Safe Harbor.

相關風險與不確定性已於下方「前瞻性陳述安全港」標題下，以及週四發布的財報新聞稿與我們最新的 Form 10-Q、10-K 及其他 SEC 申報文件中「關於前瞻性陳述之警示性聲明」與「前瞻性陳述安全港」等標題下加以說明。

We assume no obligation to update statements made on today's call.

我們不承擔更新今日電話會議中所作陳述之任何義務。

Throughout this presentation, we will refer to periods being presented as this quarter, or the quarter, or this year-to-date, or the year-to-date, which refers to the three or six-month periods ended March 31, 2026, respectively.

在本次簡報中，我們將把所呈現的期間稱為「本季」或「本季度」，以及「年初至今」或「截至目前」，分別指截至 2026 年 3 月 31 日止的三個月或六個月期間。

Likewise, when we refer to the prior year quarter or the prior year-to-date, we're referring to the comparable prior three and six-month periods ended.

同樣地，當我們提及「去年同期季度」或「去年年初至今」時，係指可比較的前一年度三個月與六個月期間截至。

March 31, 2025, respectively.

分別為截至 2025 年 3 月 31 日止。

When we refer to the prior sequential quarter, we are referring to the three-month period ended December 31, 2025.

當我們提及「前一個連續季度」時，係指截至 2025 年 12 月 31 日止的三個月期間。

During this presentation, we will also talk about some non-GAAP financial measures.

在本次簡報中，我們也將談及一些非 GAAP 財務衡量指標。

Reconciliations and explanations of the non-GAAP measures we will address today are included in the earnings press release.

我們今天將提及之非 GAAP 指標的調節表與說明已包含於財報新聞稿中。

Our presentation of financial amounts and related items, including growth rates, margins, and trend metrics are rounded or based upon rounded amounts for purposes of this call.

本次電話會議中所呈現的財務金額及相關項目（包括成長率、毛利率與趨勢指標）均為四捨五入後之數字，或以四捨五入後之數字為基礎計算。

And all amounts, percentages, and related items presented are approximations accordingly.

因此，所呈現的所有金額、百分比及相關項目均為約略值。

For your convenience, our prepared remarks for today's call are available in the Investor Center on our website.

為方便各位，我們今日電話會議的事先準備講稿已公布於我們網站的投資人中心。

Www.geegroup.com.

Www.geegroup.com。

Now on to today's prepared remarks.

現在進入今天的事先準備講稿。

First, I'm pleased to report that our company reported net income for this quarter and that our year-to-date results have significantly improved.

首先，我很高興報告本公司本季錄得淨利，且年初至今的表現已顯著改善。

Conditions in the hiring environment for our staffing services remain challenging and have been so. Since the second-half of 2023, companies and businesses continue to cautiously assess the economy and market conditions to ensure that their investments in technology and human capital are strategic and sustainable.

我們人力派遣服務所處的招募環境仍然充滿挑戰，且一直如此。自 2023 年下半年以來，企業持續審慎評估經濟與市場狀況，以確保其在科技與人力資本上的投資具策略性且可持續。

A setback for us earlier this fiscal year was the acquisition of one of our larger clients who terminated our services, moving these to an affiliate of the acquirer.

本財政年度較早時對我們的一項挫折，是我們其中一位較大型客戶被收購後終止了我們的服務，並將相關服務轉移至收購方的關係企業。

This was a high-volume, lower-margin account, which somewhat lessened the negative impact on our results.

這是一個高量、低毛利的客戶，因此在一定程度上減輕了對我們業績的負面影響。

However, on the brighter side, our direct hire placement revenues, which have the highest gross margin at 100%, are up 7% in the quarter and year-to-date and appear to be on course so far for a better fiscal 2026 versus fiscal 2025.

然而，較令人振奮的是，我們的直接聘僱（direct hire）媒合收入（其毛利率最高，為 100%）在本季及年初至今均成長 7%，且目前看來有望使 2026 財政年度優於 2025 財政年度。

We also expect the use of contingent labor to stabilize this year as we are aware that some businesses are beginning to initiate new projects, which may be expected to lead to more job orders and full-time and contingent staffing placements.

我們也預期今年臨時/派遣勞動（contingent labor）的使用將趨於穩定，因為我們注意到部分企業正開始啟動新專案，預期將帶來更多職缺委託，以及更多全職與臨時人力派遣的媒合。

Artificial intelligence, or AI, is gaining ground.

人工智慧（AI）正逐步普及。

At an accelerated pace and is further complicating the HR and project planning opportunities and risks facing virtually all companies, including consumers of our services.

且以加速的速度發展，進一步使幾乎所有公司（包括我們服務的使用者）在人資與專案規劃上所面臨的機會與風險更為複雜。

We believe the uncertainties created by recent macroeconomic conditions and acceleration of AI in combination are behind the decreases in job orders for both contract and direct hire placements.

我們認為，近期總體經濟情勢與 AI 加速發展所帶來的不確定性相互叠加，是導致合約派遣與直接聘僱媒合之職缺委託量下降的原因。

We and others have experienced. Conversely, we are implementing and incorporating AI into our own businesses and strategic plans in order to digitize, streamline, and enhance and accelerate our recruiting and sales processes.

我們以及其他同業都已經歷此情況。相對地，我們正將 AI 導入並整合至自身業務與策略規劃中，以推動數位化、精簡流程、強化並加速我們的招募與銷售流程。

Another closely aligned AI goal of ours is to provide our clients with the necessary. Human resource solutions to implement and support their uses of AI and help them increase speed, efficiency, and profitability.

另一項與 AI 密切相關的目標，是為客戶提供必要的。人力資源解決方案，以協助其導入並支援 AI 的使用，並幫助其提升速度、效率與獲利能力。

These initiatives are high priority for us, and our goal is to begin seeing returns later this year.

這些計畫對我們而言屬於高度優先事項，我們的目標是在今年稍晚開始看到回報。

Our contract staffing and direct hire placement services are currently provided under our Professional segment.

我們的合約派遣與直接聘僱媒合服務目前均歸屬於我們的專業（Professional）事業部門。

The operations and substantially all the assets of our former industrial segment were sold during fiscal 2025 and were reclassified as discontinued operations being excluded from the results of continuing operations for the fiscal 2025 periods, we'll make comparisons to today.

我們先前工業（industrial）事業部門的營運與幾乎所有資產已於 2025 財政年度出售，並重新分類為停業部門（discontinued operations），在 2025 財政年度各期間的持續營業（continuing operations）結果中予以排除；我們將以此作為與今日結果的比較基礎。

Our consolidated revenues were $19.5 million for the quarter and $40 million year-to-date.

本公司合併營收本季為 1,950 萬美元，年初至今為 4,000 萬美元。

Gross profit and gross margins were $7.4 million and 38.1%, respectively, for the quarter and $14.8 million and 37.1%, respectively, year-to-date.

本季毛利與毛利率分別為 740 萬美元與 38.1%；年初至今毛利與毛利率分別為 1,480 萬美元與 37.1%。

Consolidated non-GAAP adjusted EBITDA was $108,000 for the quarter and a negative $28,000 year-to-date.

合併非 GAAP 調整後 EBITDA 本季為 10.8 萬美元，年初至今為負 2.8 萬美元。

We reported net income of $14,000 for the quarter. And a net loss of $136,000 year-to-date.

本季我們錄得淨利 1.4 萬美元。年初至今則為淨損 13.6 萬美元。

We continue to aggressively take actions to adjust and enhance our strategic focus, growth plans, and financial performance and results, including streamlining our core operations and improving or adjusting our productivity to match our current lower volumes of business.

我們持續積極採取行動，以調整並強化我們的策略重點、成長計畫與財務表現與成果，包括精簡核心營運，並改善或調整生產力，以符合目前較低的業務量。

This has helped to improve our results despite lower business volume. We took measures to reduce our SG&A during the latter portion of fiscal 2025 by an estimated annual amount of $3.8 million.

儘管業務量較低，這些措施仍有助於改善我們的業績。我們在 2025 財政年度後期採取措施降低 SG&A，估計每年可減少約 380 萬美元。

The cost reductions contributed $1.3 million to our decrease in SG&A for the quarter and $2.4 million year-to-date versus the comparable prior periods.

相較於可比較的前期，這些成本削減使本季 SG&A 減少 130 萬美元，年初至今減少 240 萬美元。

As we announced early last year, we completed the acquisition of Hornet Staffing in fiscal 2025 and has increased our focus on VMS and MSP-sourced business, including the use of special recruiting resources and acceleration of the integration and use of AI technology into our recruiting, sales, and other processes.

如同我們於去年年初所宣布，我們已於 2025 財政年度完成對 Hornet Staffing 的收購，並提高我們對 VMS 與 MSP 來源業務的聚焦，包括運用專門的招募資源，以及加速 AI 技術在我們招募、銷售及其他流程中的整合與應用。

We anticipate achieving continuing improvements in our productivity and profitability as soon as practically possible.

我們預期將在可行的最短時間內，持續達成生產力與獲利能力的改善。

Our results for the quarter are encouraging, and though we remain cautiously optimistic, our goal is to strengthen our results over the remainder of fiscal 2026.

本季的結果令人鼓舞；儘管我們仍保持審慎樂觀，我們的目標是在 2026 財政年度剩餘期間進一步強化業績表現。

In addition to these near-term initiatives, we are working closely with our frontline leaders in the field to support them as we continue to aggressively pursue new business in addition to growing and expanding existing client revenues.

除上述短期計畫外，我們也正與第一線的現場領導團隊密切合作，持續支持他們，並在積極開拓新業務的同時，推動既有客戶營收的成長與擴張。

We are seeing some positive results from these efforts.

我們已從這些努力中看到一些正面的成果。

As the uncertainty and volatility currently gripping our economy and labor markets lessen, I am very confident that we are positioned to meet the increased demand from existing customers and win new business.

隨著目前籠罩我國經濟與勞動市場的不確定性與波動性逐漸減弱，我非常有信心，我們已做好準備，能夠滿足既有客戶增加的需求並贏得新業務。

I want to reassure everyone that we fully intended to successfully manage through the challenges I've outlined. And restore overall growth and improve profitability as quickly as possible.

我想向各位保證，我們完全有意且有能力成功度過我所概述的各項挑戰。並以最快速度恢復整體成長並提升獲利能力。

GEE Group has a strong balance sheet with substantial liquidity in the form of cash and borrowing capacity.

GEE Group 擁有強健的資產負債表，並以現金與借款額度形式具備充足的流動性。

The company is well-positioned to grow organically and to be acquisitive. We also continue to believe that our stock is undervalued and especially so based upon recent trading levels very near and even slightly below tangible book value. And that there is a good opportunity for upward movement in the share price once we are able to operate again in more normal economic and labor conditions and restore profitable growth.

公司具備良好條件可進行有機成長並透過併購擴張。我們也持續認為本公司股票被低估，尤其是依據近期交易水準，股價非常接近甚至略低於有形帳面價值。一旦我們能在較為正常的經濟與勞動條件下恢復營運並重建獲利性成長，股價便有良好的上行機會。

Management and our board of directors share the responsibility and are continuing to restoring growth and profitability, which will lead to maximizing shareholder value.

管理團隊與董事會共同承擔責任，並持續致力於恢復成長與獲利能力，進而最大化股東價值。

Before I turn the call over to Kim. I want to update you on recent activity since our press release issued on January 22nd, 2026, in response to Star Equity's public commentary regarding an indication of interest in our company. Since then, management and the Board have met to review and discuss multiple unsolicited expressions of interest in the company. And continue to evaluate various strategic alternatives to enhance shareholder value. As we indicated in our press release on January 22, 2026, our Board of Directors, in accordance with this fiduciary duty, will consider any bona fide offer regarding a business combination acquisition or other transaction that it believes will enhance shareholder value.

在我把電話會議交給 Kim 之前。我想向各位更新自我們於 2026 年 1 月 22 日發布新聞稿、回應 Star Equity 就其對本公司提出的意向表示所作之公開評論以來的最新進展。自那之後，管理團隊與董事會已召開會議，審閱並討論多項對本公司提出的非邀約式意向表達。並持續評估各種策略性替代方案，以提升股東價值。如同我們在 2026 年 1 月 22 日新聞稿中所指出，本公司董事會將依其受託責任，考量任何其認為可提升股東價值、且屬真誠的業務合併、收購或其他交易之要約。

Once again, I wish to thank our wonderful, dedicated employees and associates. They work extremely hard every day to ensure that our clients get the very best service and are the most important ingredient for our company's future success.

再次，我要感謝我們優秀且敬業的員工與同仁。他們每天都非常努力，確保我們的客戶獲得最優質的服務，也是公司未來成功最重要的關鍵。

At this time, I'll turn over the call to our Senior Vice President and Chief Financial Officer, Kim Thorpe, who will further elaborate on our fiscal 2026 second quarter and year-to-date results.

此時，我將把電話會議交給我們的資深副總裁兼財務長 Kim Thorpe，她將進一步說明我們 2026 會計年度第二季及年初至今的業績表現。

Kim.

Kim。

Thank you, Derek.

謝謝你，Derek。

Make sure as Derek mentioned, we reported net income of 14,000 dollars for the quarter and a net loss of 136,000 dollars year to date.

如 Derek 所提到，我們本季淨利為 14,000 美元，年初至今淨損為 136,000 美元。

These compared with net losses from continuing operations. Of $33million dollars for the prior year core quarter. And 33.6Million dollars for the prior year to date.

相較之下，前一年度同期持續營業單位為淨損。3,300 萬美元。而前一年度年初至今為 3,360 萬美元。

The comparable prior periods. Include a $22 million non-cash goodwill charge and a $9.8 million provision for income taxes attributable to the increase in the company's valuation allowance on its deferred tax assets.

可比較的前期期間。包含 2,200 萬美元的非現金商譽減損費用，以及 980 萬美元的所得稅費用，該所得稅費用係因公司遞延所得稅資產之估值備抵增加所致。

In addition to the absence of these non-cash charges in 2026, we have been able to grow our direct higher revenues again in fiscal 2026, improve our gross margins. And we are now realizing the cost reductions and productivity improvements we implemented during the latter portion of fiscal 2025.

除了 2026 年不再出現這些非現金費用外，我們在 2026 會計年度也再次實現直接聘僱（direct hire）營收成長，提升毛利率。並且我們現在正逐步反映出在 2025 會計年度後期所推動的成本削減與生產力改善成效。

Our adjusted EBITDA, a non-GAAP. GAAP financial measure was $108,000 for the quarter and a negative $28,000 year-to-date.

我們的調整後 EBITDA（非 GAAP）。（非 GAAP 財務衡量指標）本季為 108,000 美元，年初至今為負 28,000 美元。

Improving from negative adjusted EBITDA of $597,000 and $894,000 for the comparable prior year periods, respectively. EBITDA, which is also a non-GAAP financial measure, was $8,000 for the quarter and a negative $295,000 year-to-date. Improving from negative of 945,000 dollars and a negative $1.5million dollars. For the comparable prior year periods, respectively.

相較於可比較的前一年度期間，分別由負的調整後 EBITDA 597,000 美元與 894,000 美元改善。EBITDA（同樣為非 GAAP 財務衡量指標）本季為 8,000 美元，年初至今為負 295,000 美元。相較於前一年度可比較期間分別為負 945,000 美元與負 150 萬美元有所改善。以上為前一年度可比較期間之數據。

As mentioned 1 of the bright spots in our results. So far in fiscal 2026 has been our ability to grow our direct hire placement revenues. These are $3.2 million for the quarter and $5.9 million year to date, respectively, up approximately 7% from the comparable prior year periods. Additionally, direct hire placement revenues were up 17% from the prior sequential quarter.

如前所述，我們業績中的一個亮點。截至 2026 會計年度目前為止，是我們能夠提升直接聘僱安置（direct hire placement）營收。本季為 320 萬美元，年初至今為 590 萬美元，較前一年度可比較期間約成長 7%。此外，直接聘僱安置營收較上一個連續季度成長 17%。

Consolidated revenues were $19.5 million for the quarter. And $40 million dollars year to date, down 20% and 18% respectively from the comparable prior periods.

合併營收本季為 1,950 萬美元。年初至今為 4,000 萬美元，較可比較前期分別下降 20% 與 18%。

Contract staffing revenues were $16.3 million dollars in the quarter and $34.1 million dollars a year to date, down 24% and 21% respectively from the comparable prior year periods. As Derek mentioned, one of our former high volume but lower margin clients was acquired. And moved its business to an affiliate of the acquirer at the beginning of our fiscal 2026 fiscal year.

合約派遣（contract staffing）營收本季為 1,630 萬美元，年初至今為 3,410 萬美元，較前一年度可比較期間分別下降 24% 與 21%。如 Derek 所提到，我們過去一位量大但毛利較低的客戶被收購。並在我們 2026 會計年度開始時，將其業務移轉至收購方的關係企業。

This accounted for $2.5 million and $5.1 million of the decreases in our contract staffing revenues for the quarter and year-to-date respectively.

這項因素分別造成我們本季與年初至今合約派遣營收減少 250 萬美元與 510 萬美元。

Absent this loss of this single customer contract services revenues decreased 14% for the quarter and 10% year-to-date.

若不計這單一客戶合約的流失，合約服務營收本季下降 14%，年初至今下降 10%。

As Derek commented, macroeconomic and AI-related conditions in the hiring environment for our staffing service remain challenging.

如 Derek 所評論，對我們人力派遣服務而言，招募環境中的總體經濟與 AI 相關因素仍具挑戰。

And companies and businesses, including our existing clients, continue to remain somewhat tentative regarding their HR and staffing needs.

而企業與商家（包括我們的既有客戶）對其人資與人力配置需求仍持較為觀望的態度。

Gross profit was $7.4 million in the quarter and $14.8 million year to date. Down 11% and 9%, respectively, from the comparable prior-year periods, primarily due to the lower contract services revenue.

本季毛利為 740 萬美元，年初至今為 1,480 萬美元。較前一年度可比較期間分別下降 11% 與 9%，主要係因合約服務營收較低所致。

However, gross margins were 38.1% for the quarter and 37.1% year-to-date, both up significantly, 400 basis points and 350 basis points, respectively, from 34.1% in the prior-year quarter and 33.6%. For the prior year to date.

然而，本季毛利率為 38.1%，年初至今為 37.1%，兩者皆顯著上升，分別較前一年度同期 34.1% 與 33.6% 提升 400 個基點與 350 個基點。以上為前一年度年初至今的毛利率。

The significant improvements in our gross margins are mainly attributable to the growth and increase in the mix of direct higher revenues relative to total revenue.

毛利率大幅改善主要歸因於直接聘僱營收成長，且其占總營收比重提高。

Also contributing to a lesser extent is an increase in prices and spread on some of our contract services businesses.

此外，部分合約服務業務的價格與價差提升，也在較小程度上有所貢獻。

And while the loss of the higher volume low margin client we spoke of earlier caused the majority of our revenue reduction year to date. It also contributed to the improvement in our business mix and margins.

另外，雖然先前提到的高量低毛利客戶流失，造成我們年初至今營收下滑的大部分原因。但同時也有助於改善我們的業務組合與毛利率。

Selling, general, and administrative expenses, SG&A, were approximately $7.4 million in the quarter and $15.1 million year-to-date, down 20% and 15% from the comparable prior-year periods. Our SG&A as a percentage of revenues for the quarter were 38%.

本季銷售、一般及行政費用（SG&A）約為 740 萬美元，年初至今為 1,510 萬美元，較前一年度可比較期間分別下降 20% 與 15%。本季 SG&A 占營收比重為 38%。

Level with that of the prior year quarter. SG&A for the year to date were 37.8% of revenue, up from 36.6% for the prior year to date. The increase is attributable to the lower revenues in relation to fixed costs, such as certain personnel, occupancy, applicant tracking, and job board costs.

與前一年度同期持平。年初至今 SG&A 占營收比重為 37.8%，高於前一年度年初至今的 36.6%。此一上升係因營收下降，相對於固定成本（例如部分人員、場地、應徵者追蹤系統以及職缺看板成本）所致。

In response to the realities of our present environment, we continue to prioritize. And focus heavily on streamlining our core operations and improving our productivity to match our current lower volumes of business.

為因應我們目前環境的現實情況，我們持續優先排序。並將重點放在精簡核心營運與提升生產力，以符合我們目前較低的業務量。

As Derek mentioned, we reduced our SG&A during the latter portion of fiscal 2025 by an estimated 3.8 million dollars on an annual basis.

如 Derek 所提到，我們在 2025 會計年度後半段將 SG&A 以年化基礎估計減少了 380 萬美元。

These cost reductions contributed $1.3 million to our decrease in SG&A for the quarter and $2.4 million. Of the decrease year-to-date over the comparable prior year periods, aiding in the improvement of our results despite lower volumes of business.

這些成本削減使本季 SG&A 減少了 130 萬美元，並使年初至今相較可比的前一年度期間減少了 240 萬美元。在業務量較低的情況下，仍有助於改善我們的業績。

We are now well underway updating and further integrating our ERP and applicant tracking systems and certain other key operating systems and processes.

我們目前正積極更新並進一步整合我們的 ERP 與應徵者追蹤系統，以及其他若干關鍵營運系統與流程。

We anticipate that these new tools will have substantial enhancements to our core business processes. Ranging from significant improvements in the speed and accuracy of our client and candidate service processes and cycles, our ability to share and leverage client and candidate information across all our businesses, and increase overall productivity, scalability, and reduce costs. Importantly, these initiatives also will include strategic and thoughtful implementation of AI tools to make us even more competitive.

我們預期這些新工具將對我們的核心業務流程帶來重大強化。涵蓋範圍包括：大幅提升客戶與候選人服務流程與週期的速度與準確性、提升我們在所有業務間分享並運用客戶與候選人資訊的能力、提高整體生產力與可擴展性並降低成本。重要的是，這些計畫也將包含策略性且審慎地導入 AI 工具，使我們更具競爭力。

Our goal is to be able to compete and substantially I'm sorry our goal is to be able to complete. Or substantially complete by the end of the year. And to be fully complete, no later than the end of calendar 2026.

我們的目標是能夠競爭並大幅——抱歉——我們的目標是能夠完成。或在今年年底前大致完成。並在不晚於 2026 年曆年底前全面完成。

In addition to positive earnings, in terms of net income, even an adjusted even in the quarter. And significant improvements in our year to date results. The company also produced net cash from. Continuing operations for the quarter and reduce the amount of cash used in our operations for the first six months of 2026 versus fiscal 2025.

除了本季在淨利方面呈現正向獲利（即使是在調整後的基礎上亦然）。以及年初至今業績的顯著改善。公司也在本季自持續營運產生淨現金流入，並且相較 2025 會計年度，降低了 2026 年前六個月營運所使用的現金金額。

As of March 31, 2026, our liquidity position remained very strong at $20.3 million in cash.

截至 2026 年 3 月 31 日，我們的流動性部位仍然非常強勁，現金為 2,030 萬美元。

An undrawn ADL facility with an availability of $4.9 million dollars, net working capital of $23.8 million dollars, and no outstanding debt. Our current, our net capital working ratio was 4.6 to 1. Our net book value per share and net tangible book value per share were $0.46 and $0.23 respectively as of March 31, 2026.

另有一項未動用的 ADL 融資額度，可用額度為 490 萬美元，淨營運資金為 2,380 萬美元，且無任何未償債務。我們目前的淨營運資金比率為 4.6 比 1。截至 2026 年 3 月 31 日，我們每股淨帳面價值與每股淨有形帳面價值分別為 0.46 美元與 0.23 美元。

In conclusion. While the improvements in our results so far this year are a source of optimism, we remain cautious in our near-term outlook.

總結而言。雖然我們今年迄今的業績改善令人樂觀，但我們對短期展望仍保持審慎。

We also remain fully resolved to continue to improve our results and profitability and to stay focused and prepare for the long-term, including the improvements to our core business processes, systems, and the integration of AI I just spoke about.

我們也仍堅定致力於持續改善業績與獲利能力，並保持專注、為長期做好準備，包括我剛才提到的核心業務流程與系統的改善，以及 AI 的整合。

Before I turn it back over to Derek, please note that reconciliations of G-Group's non-GAAP financial measures discussed today with their GAAP counterparts can be found in the supplemental schedules included in our earnings release.

在我把時間交回 Derek 之前，請注意：今日所討論之 G-Group 的非 GAAP 財務衡量指標與其 GAAP 對應項目的調節表，可在我們盈餘新聞稿所附的補充附表中找到。

Now, I'll turn it back over to Derek.

現在，我把時間交回 Derek。

Thank you, Kim. Despite the macroeconomic headwinds. And staffing industry challenges impacting the demand for our services, we are aggressively managing and preparing our business to mitigate losses, restore profitability and be prepared for an anticipated recovery.

謝謝你，Kim。儘管面臨總體經濟逆風。以及人力派遣產業的挑戰影響我們服務需求，我們正積極管理並為業務做準備，以減輕虧損、恢復獲利能力，並為預期的復甦做好準備。

What we hope you take away from our earnings press release and our remarks today and from our strategic announcements is that we are moving aggressively not only to prepare for a more conducive.

我們希望各位從我們的盈餘新聞稿、今天的發言以及我們的策略性公告中得到的重點是：我們正積極行動，不僅為更有利的環境做準備。

And growth-oriented labor market, but also to restore growth by continuing with the execution on both organic and M&A growth plans and initiatives.

以及以成長為導向的勞動市場，同時也將透過持續執行有機成長與併購（M&A）成長計畫與各項措施來恢復成長。

As previously announced, we have engaged Roth Capital Partners to assist us in performing an analysis of strategic alternatives available to us to maximize shareholder value.

如先前所公告，我們已聘請 Roth Capital Partners 協助我們分析可行的策略替代方案，以最大化股東價值。

Before we pause to take your questions, I want to again say a special thank you to all our wonderful people for their professionalism, hard work, and dedication.

在我們暫停並開始回答各位問題之前，我想再次特別感謝我們所有優秀的同仁，感謝他們的專業、辛勤付出與奉獻。

Now, Kim and I will be happy to take and answer your questions. Please ask just one question and rejoin the queue with a follow-up as needed. If there's time, we'll come back to you for additional questions.

現在，Kim 和我很樂意接受並回答各位的提問。請每次只提一個問題，如需追問請重新排隊。若時間允許，我們會再回到各位進行更多提問。

At this point, we'll take questions and provide responses.

此刻我們將開始提問並提供回覆。

Thank you.

謝謝。

Hi, Gary. Our first question says, and this is from Tyler Cox. I know you cannot give exact guidance on the strategic review, but could you provide a general idea of when we should expect a decision to be made or next steps?

嗨，Gary。我們的第一個問題是，這位是 Tyler Cox。我知道你們無法就策略檢討提供精確指引，但能否大致說明我們應該何時預期會做出決定或採取下一步？

Okay.

好的。

So.

所以。

In connection with the strategic review process, we've had great response with a lot of enthusiasm.

就策略檢討流程而言，我們獲得非常好的回應，且大家都相當熱烈。

I would define the process as robust and moving along very swiftly and orderly.

我會將這個流程定義為扎實且正以非常迅速且有序的方式推進。

I believe that in the near term, we'll be able to evaluate more in-depth some of the indications of interest of other proposals. That we've received thus far and expect a few more as well.

我相信在短期內，我們將能更深入評估部分意向表示或其他提案。這些是我們迄今收到的，並且也預期還會再收到一些。

So we will update all of you in the investment community as soon as we can with the status and what we will follow through on from a strategic standpoint.

因此，我們會在可行的第一時間向各位投資界人士更新目前狀態，以及我們在策略面將會推進的方向。

I do want to mention something else as well.

我也想再補充提到另一件事。

I received a question earlier from a shareholder. About the universal shelf that we filed on Form S-3 this week.

我先前收到一位股東的提問。關於我們本週以 S-3 表格提交的通用棚架註冊（universal shelf）。

And it basically gives us maximum flexibility to use it to raise capital as needed.

它基本上讓我們在需要時能以最大彈性運用以募集資金。

But we anticipate that it would be used only in connection with an accretive transaction. So we don't intend to dilute our share price by pulling down any of the shelf availability.

但我們預期它只會在具增益性的交易（accretive transaction）相關情況下使用。因此，我們無意透過動用棚架額度來稀釋我們的股價。

It adds additional value by the way to our strategic alternatives process as well. So I wanted to make that clear and answer a question that had come up as well.

順帶一提，它也為我們的策略替代方案流程增添了額外價值。所以我想把這點說清楚，也回應先前出現的問題。

Kim.

Kim。

Derek, I think that's it.

Derek，我想就這些了。

Believe it or not.

信不信由你。

Well, that's great. And we will keep all of you and the investment community informed.

好，那太好了。我們會持續讓各位以及投資界掌握最新資訊。

We will not wait for. An earnings release to update the street on what's going on.

我們不會等到。下一次盈餘新聞稿才向市場更新目前進展。

And we're very enthusiastic about our operating business, our cash position, our liquidity, the process that's underway, far underway.

我們對營運業務、現金部位、流動性，以及正在進行且已相當深入的流程都非常有信心。

You have interaction with the M&A committee and board.

你們也看到我們與併購委員會及董事會的互動。

They are very helpful to management in pursuing these strategic alternatives, and our investment bank is performing admirably. So at that point, we'll keep you informed. And that concludes our call for today.

他們在管理團隊追求這些策略替代方案上提供了很大協助，而我們的投資銀行也表現出色。因此在此，我們會持續向各位更新。今天的電話會議就到此結束。

Thank you for joining us, and look out for some good things.

感謝各位參與，也請期待一些好消息。