Public Policy Holding Company Inc (PPHC) 2026 Q1 法說會逐字稿

Good day. Thank you for standing by. Welcome to the PPHC first-quarter 2026 earnings conference call. (Operator Instructions) Please be advised that today's call is being recorded.

大家好。感謝各位稍候。歡迎參加 PPHC 2026 年第一季財報電話會議。（接線員指示）請注意，今天的電話會議將被錄音。

I would now like to hand it over to our first speaker, Matthew Mazzanti, Chief Administrative Officer. Please go ahead.

現在我想把電話交給我們的第一位講者——首席行政官 Matthew Mazzanti。請開始。

Thank you, operator, and good afternoon, everyone. I'm here today with Stewart Hall, CEO of PPHC; Roel Smits, our CFO; and Thomas Gensemer, our Chief Strategy Officer.

謝謝，接線員，各位下午好。今天與我一同出席的有 PPHC 執行長 Stewart Hall；財務長 Roel Smits；以及首席策略長 Thomas Gensemer。

A press release detailing our first-quarter 2026 results was issued a short while ago and is available on the Investor Relations section of our website.

我們已於稍早發布一則新聞稿，詳述 2026 年第一季業績，並已上傳至本公司網站「投資人關係」專區。

Before we begin, I'd like to remind you that during this call, management will make forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on current expectations and assumptions and are subject to risks and uncertainties that could cause actual results to differ materially. These risks and uncertainties are detailed in the company's filings with the Securities and Exchange Commission.

在開始之前，我想提醒各位，本次電話會議中管理團隊將依據《1995 年私人證券訴訟改革法》之定義發表前瞻性陳述。這些陳述係基於目前的預期與假設，並受各項風險與不確定性影響，可能導致實際結果與所述內容出現重大差異。相關風險與不確定性已詳載於本公司向美國證券交易委員會提交的文件中。

The company undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

本公司不承擔更新任何前瞻性陳述之義務，不論係因新資訊、未來事件或其他原因。

In addition, during this call, we may refer to certain non-GAAP financial measures. A reconciliation of these measures to the most directly comparable GAAP measures is available in our earnings press release, which can be found on the Investors section of our website.

此外，在本次電話會議中，我們可能會提及若干非 GAAP 財務衡量指標。這些指標與最直接可比之 GAAP 指標的調節表，已載於我們的財報新聞稿中，可於本公司網站「投資人」專區查閱。

I'll now turn the call over to our CEO, Stewart Hall.

接下來我把電話交給我們的執行長 Stewart Hall。

Thanks, Matthew. Good afternoon to everyone who's joining us today. I'll keep this setup brief.

謝謝你，Matthew。各位今天加入的朋友下午好。我會簡短說明開場。

We covered a great deal of background on the company and its marketplace on the last call. And for anyone looking for a deeper dive on PPHC, I'd encourage you to go ahead and listen back to that call or feel free to reach out to our Investor Relations team. They're always available for you.

在上一次電話會議中，我們已就公司及其所處市場提供了相當多的背景說明。若各位希望更深入了解 PPHC，我建議回聽那次會議內容，或隨時聯繫我們的投資人關係團隊，他們一向樂於協助。

So turning quickly to the first quarter. We had a strong start to 2026. Revenue grew 27.5% to $50.1 million with organic growth of 5.1% that was a step-up from the 4.7% we saw in the first quarter of last year.

接著快速談第一季。我們在 2026 年有一個強勁的開局。營收成長 27.5% 至 5,010 萬美元；其中有機成長為 5.1%，較去年第一季的 4.7% 進一步提升。

Our adjusted EBITDA was a record first quarter result at $11.2 million, up nearly 29.7% with a margin of 22.3%, while we reported a GAAP loss of $11.5 million. And with the IPO proceeds on the balance sheet, we ended the quarter with net debt of just $1.8 million, down from $44.6 million a year ago, and that's a very different balance sheet picture than where we were.

我們的調整後 EBITDA 創下第一季歷史新高，達 1,120 萬美元，年增近 29.7%，利潤率為 22.3%；同時我們依 GAAP 口徑報告虧損 1,150 萬美元。隨著 IPO 募集資金入帳資產負債表，我們在季末的淨負債僅 180 萬美元，較一年前的 4,460 萬美元大幅下降，資產負債表的樣貌已與過去截然不同。

A few other notes from the quarter that I'd like to call out quickly. On M&A, we continue to execute in the same fashion we always have using the same disciplined playbook that you've heard about before.

另外我也想快速點出本季幾項重點。在併購方面，我們持續以一貫方式執行，沿用各位先前聽過的同一套嚴謹紀律的作業手冊。

On April 1, we closed the acquisition of WPI Strategy. WPI is a UK-based public affairs and economics consultancy that deepens our London presence through Pagefield Communications, but also has applications and cross-sell potential with a number of our companies across the worldwide platform.

4 月 1 日，我們完成對 WPI Strategy 的收購。WPI 是一家總部位於英國的公共事務與經濟顧問公司，透過 Pagefield Communications 強化我們在倫敦的布局，同時也可與我們全球平台上的多家公司產生應用與交叉銷售的潛力。

Alongside platform-level acquisitions that we are consistently evaluating and progressing to at various stages, we also pursue what I like to call common sense talent additions or sometimes called acqui-hires. Smaller deals that bring experienced professionals with established client relationships into existing firms. They aren't transformative in size by themselves, but they're immediately accretive and they compound over time.

除了我們持續評估並在不同階段推進的平台層級收購案之外，我們也會進行我所稱的「常識型」人才補強（有時也稱為 acqui-hire）。這類較小型的交易，能把具備成熟客戶關係的資深專業人士帶入既有公司。單一交易規模雖不具顛覆性，但能立即增益，並隨時間累積複利效果。

Last week's addition of Lee Cowen and Nicholas Evans to MultiState Associates is a good example of this. We expanded the firm's stakeholder engagement practice across federal, state and local government relations.

上週 MultiState Associates 新增 Lee Cowen 與 Nicholas Evans，就是很好的例子。我們擴大了該公司在聯邦、州與地方政府關係領域的利害關係人互動（stakeholder engagement）業務。

Lastly, in March, we were added to the Russell 2000 and Russell 3000 Indices, a welcome milestone just a couple of months after the Nasdaq listing and one that will expand our shareholder base.

最後，在 3 月，我們被納入 Russell 2000 與 Russell 3000 指數。這是在納斯達克上市後短短幾個月即達成的一項令人欣喜的里程碑，也將擴大我們的股東基礎。

On the operating environment, it remains favorable for our business. Federal lobbying spending continues at record level. State-level activity is intense. Legislatures have filed over 100,000 bills in the last year on issues that our clients care about most, things like data centers, AI, healthcare, energy, financial services.

就營運環境而言，對我們的業務仍然有利。聯邦遊說支出持續維持在歷史高位；州層級的活動也相當熱絡。各州立法機關在過去一年已提出超過 100,000 項法案，議題涵蓋客戶最關注的領域，例如資料中心、AI、醫療保健、能源、金融服務等。

The policy agenda remains active at every level, and our clients are turning to PPHC companies to help them navigate it. That's exactly the operating backdrop that we constructed the company for, and we continue to take advantage of. I'm going to have Thomas at the end of the call cover some of the relevant ways we're capitalizing on these tailwinds.

各層級的政策議程都仍然活躍，而我們的客戶正轉向 PPHC 旗下公司協助他們因應。這正是我們打造公司所依據的營運背景，我們也持續加以把握。稍後我會請 Thomas 在電話會議尾聲說明我們如何以相關方式乘勢這些利多。

And with that, I will hand it over to Roel for a closer look at the numbers. Roel?

接下來，我把電話交給 Roel，請他更深入說明財務數字。Roel？

Yes. Thank you, Stewart. I'll take you through the key financial highlights for the quarter. But before I do so, I would like to point out that the comparables for Q1 of 2025, we have never released those before due to the semi-annual reporting schedule that we used to work under when we were only at London AIM listed.

好的，謝謝你，Stewart。我將帶各位回顧本季的主要財務重點。不過在開始之前，我想先指出：由於我們過去僅在倫敦 AIM 上市時採用半年報的申報時程，因此 2025 年第一季的可比數據我們此前從未對外發布。

However, needless to say that these Q1 numbers for 2025 were produced in a way that is consistent with all our subsequent quarters and undergoing the same level of rigor and review by our auditors. So let's do first a quick helicopter picture of what we believe was a really nicely strong quarter.

不過毋庸置疑，2025 年第一季的這些數字，是以與其後各季一致的方式編製，並且接受我們審計師同等程度的嚴謹查核與覆核。接下來先用鳥瞰的方式，快速看一下我們認為表現相當強勁的一季。

Our revenues continue to trend upward year after year, every year with positive organic growth. As Stewart already alluded to, we reached revenue of $50 million in Q1, which represented year-over-year growth of 28%.

我們的營收持續逐年上升，每一年都有正向的有機成長。正如 Stewart 先前提到的，我們在第一季達成 5,000 萬美元營收，年增 28%。

Now in this chart, the light blue part in the revenue bars represent M&A growth. And in Q1, this M&A-driven growth stemmed primarily from TrailRunner, which we completed in Q2 of last year and which is now being for full year with our portfolio as well as by Pine Cove Strategies, which joined us in Q3 of last year.

在這張圖表中，營收長條中的淺藍色部分代表併購帶來的成長。而在第一季，這部分併購驅動的成長主要來自 TrailRunner——我們在去年第二季完成收購，現已完整納入投資組合的全年貢獻——以及 Pine Cove Strategies，其於去年第三季加入我們。

Then the red segment in each bar represents organic growth. And in 2026 Q1, this organic growth was equal to $2 million or 5%, which is really actually in line with the organic growth that we ended Q4 last year.

接著，每個長條中的紅色區段代表有機成長。2026 年第一季的有機成長為 200 萬美元或 5%，其實與我們去年第四季結束時的有機成長水準相當一致。

In terms of profit at the bottom, we realized adjusted EBITDA of $11 million, which is a record for Q1 by itself and it's up $2 million versus prior year. In margin terms, it was approximately level with last year's margin.

就底線獲利而言，我們實現調整後 EBITDA 1,100 萬美元，單就第一季而言創下新高，較去年增加 200 萬美元。以利潤率來看，約與去年持平。

Now I would like to point out that margins in Q1 typically tend to be slightly lower than the margins for the full year because of the slight seasonality in our top line that favors Q2 and Q3. Overall, it's worth reemphasizing that in 2026, we anticipate a margin somewhat below our 25% target, on the one hand, due to the ongoing shift in business mix, but primarily because of the increase in our public company costs we're experiencing as a consequence of our new NASDAQ listing.

我也想指出，第一季的利潤率通常會略低於全年利潤率，因為我們營收端存在些微季節性，通常第二季與第三季較有利。整體而言，值得再次強調的是：在 2026 年，我們預期利潤率將略低於 25% 的目標；一方面是因為業務組合持續轉移，但主要原因是我們因新近在 NASDAQ 上市而承擔的上市公司成本增加。

We already anticipated those increased costs, and we're now indeed seeing coming through. So let's look at the financial highlights on a consolidated basis. Thereafter, I'll zoom in by segment.

我們先前已預期這些成本上升，而目前也確實看到其逐步反映出來。接下來我們先看合併基礎下的財務重點，之後我會再按部門進一步說明。

So the first two boxes, revenue and adjusted EBITDA, I already talked about. So let's go to the third box, the adjusted net income. This measure nearly doubled from $3.7 million to $7.4 million. That was, of course, partially driven by the underlying increase in adjusted EBITDA, but a meaningful part of the step-up also stems from a change in effective tax rate from 53% last year in Q1 to 27% this year.

前兩個方框——營收與調整後 EBITDA——我已經說明過了。接著看第三個方框：調整後淨利。此指標幾乎倍增，從 370 萬美元提升至 740 萬美元。這當然部分來自調整後 EBITDA 的提升，但這次躍升中相當重要的一部分，也源自有效稅率由去年第一季的 53% 降至今年的 27%。

Now in either year, this effective tax rate is much higher than where our full year tax rate eventually ends up, which is typically in the 15%, 16% range. However, the phasing of our tax provision across the quarters is heavily impacted by the actual GAAP results, which, as you know, in our case, are getting impacted by various noncash items in our P&L.

無論在哪一年，這個有效稅率都遠高於我們全年最終落點的稅率；我們全年稅率通常落在 15%～16% 的區間。不過，我們各季度稅費提列的分配節奏，會受到實際 GAAP 結果的重大影響；如各位所知，就我們而言，GAAP 結果又會受到損益表中各種非現金項目的影響。

The most notable noncash charge in our P&L is the share-based accounting charge, which relates to our 2021 London IPO, which, by the way, will roll off at the end of 2026. And also the M&A-related payments that we expand through our P&L because of the contingent employment conditions that we attach to our deal terms.

我們損益表中最顯著的非現金費用是股份基礎給付的會計費用，這與我們 2021 年倫敦 IPO 有關；順帶一提，該項費用將在 2026 年底到期結束。此外，還有與併購相關的付款，我們會因為在交易條款中附加了或有的在職條件，而將其透過損益表費用化。

So now let's move on to cash flow. Our free cash flow for the quarter was negative $10.3 million compared to a positive $3.2 million in Q1 last year. That negative cash flow in Q1 is not atypical as the company always pays bonuses during the first quarter, resulting in a reduction of our accrued expense balances.

接著談現金流。本季自由現金流為負 1,030 萬美元，相較去年第一季為正 320 萬美元。第一季出現負現金流並不罕見，因為公司一向在第一季發放獎金，導致應計費用餘額下降。

This year, our cash flow generation was further suppressed by a $13 million increase in accounts receivable, resulting from the inclusion of the 2025 acquisitions, but also from slower collections. Now a significant part of this accounts receivable investment is temporary, and we anticipate that this will get unwound in the upcoming quarters to a very large extent.

今年，我們的現金流生成進一步受到應收帳款增加 1,300 萬美元的壓抑，這既來自納入 2025 年的收購案，也來自收款速度放緩。應收帳款投資中相當大的一部分屬於暫時性，我們預期在接下來幾個季度將在很大程度上回轉。

So moving to our EPS results. Our GAAP EPS is still negative due to the aforementioned non-GAAP -- noncash GAAP charges that we take through our P&L. However, the adjusted fully diluted EPS was positive at $0.25 per share, which is up 75% from the prior year. In turn, that result is the outcome of having a very strong improvement in the adjusted net income that we just saw, offset by the dilutive impact of the 15% increase in the number of shares, which was impacted by our NASDAQ IPO.

接著看 EPS 結果。由於前述的非 GAAP——也就是 GAAP 下的非現金費用會計入損益表，我們的 GAAP EPS 仍為負值。然而，調整後完全稀釋 EPS 為每股 0.25 美元，較去年成長 75%。這一結果來自我們剛看到的調整後淨利大幅改善，但部分被股數增加 15% 所帶來的稀釋影響所抵銷，而股數增加則受到我們 NASDAQ IPO 的影響。

So then on the balance sheet, I'm now at the right bottom of this chart. We ended the quarter with $43 million in cash and total debt of $45 million, and therefore, a net debt position of just about $2 million. Debt was a major improvement from the $27 million net debt that we had at year-end and even more so from the $45 million net debt that we had at the same point last year.

再看資產負債表，我現在在這張圖的右下角。我們季末現金為 4,300 萬美元，總負債為 4,500 萬美元，因此淨負債部位約 200 萬美元。相較於年末我們 2,700 萬美元的淨負債，負債狀況大幅改善；相較於去年同期 4,500 萬美元的淨負債，更是顯著改善。

And this improvement was driven by the IPO proceeds coming on to the balance sheet in January in tandem with the customary debt repayments that we made throughout the year.

這項改善主要來自 IPO 募集資金於 1 月進入資產負債表，同時也包括我們全年按慣例進行的償債。

So where does that leave us from a balance sheet perspective? Well, knowing that we've engaged in significant M&A activity over the past five years and that even after those five years, we find ourselves in a situation with such a strong balance sheet with hardly any net debt, then I cannot conclude otherwise and that we're very ready for the next phase of growth with ample balance sheet flexibility for continued earnings accretive M&A.

那麼，從資產負債表角度來看，我們目前處於什麼位置？考量到過去五年我們進行了大量併購活動，而即便如此，五年後我們仍擁有如此強健的資產負債表、幾乎沒有淨負債，我只能得出一個結論：我們已非常準備好迎接下一階段的成長，並具備充足的資產負債表彈性，以持續進行能增厚獲利的併購。

One final point on this chart. I would like to mention that our cash position in Q2 will be impacted by our customary final dividend over the prior book year, which in this case, was $0.24 per share, and that amounts to approximately $7 million in dividend payments upcoming in May.

關於這張圖最後補充一點：我們第二季的現金部位將受到按慣例就前一會計年度發放期末股利的影響；本次為每股 0.24 美元，約相當於 5 月即將支付約 700 萬美元的股利。

Now as promised, let's look at the operating performance of each of our segments. First, here, you'll find a quick visual view of the organic growth by segment, which I really would like to describe as very robust.

如先前承諾，現在來看各事業部門的營運表現。首先，這裡提供各部門有機成長的快速視覺化呈現，我會形容為非常強勁。

At the top of the page, you see a consolidated 5% organic growth. And you can also see that this was better than '23, better than '24 and slightly below '25. But then in the bottom half by segment, you'll see that in the Government Relations segment, we saw stability and a healthy growth at 5%.

在頁面上方，你會看到合併有機成長 5%。你也可以看到，這表現優於 2023 年、優於 2024 年，且略低於 2025 年。而在下半部按部門拆分，你會看到政府關係（Government Relations）部門維持穩定並實現健康的 5% 成長。

In the Corporate Communications and Public Affairs segment, we saw a moderate growth of 3%, but I should say that this was against a very strong 2025 post-election comparable. And finally, in Compliance and Insights on the right, we saw organic growth of 11%, excellent result about especially compliance continues to drive really good growth.

在企業傳播與公共事務（Corporate Communications and Public Affairs）部門，我們看到 3% 的溫和成長，但我必須說，這是在 2025 年選後基期非常強勁的情況下取得的。最後，在右側的合規與洞察（Compliance and Insights），我們看到 11% 的有機成長，表現非常出色，尤其是合規業務持續帶動相當好的成長。

Now let's double-click on these segments and look at their profitability. In the following slide, which is very informative, but at the same time, admittedly also somewhat dense. Our Government Relations segment, which remains our anchor at 57% of our total revenue, increased 8%, with margins moving up to 45% from 44%. Corporate Communications and Public Affairs was up 83% on a reported basis. That reflects the full benefit of the incorporation of TrailRunner.

現在讓我們更深入看這些部門並檢視其獲利能力。下一張投影片資訊量很大，但同時坦白說也有些密集。我們的政府關係部門仍是核心，佔總營收 57%，營收成長 8%，利潤率由 44% 上升至 45%。企業傳播與公共事務在報表口徑下成長 83%，反映了併入 TrailRunner 的完整效益。

The segment margin in CC and PA moved up nicely from 22% to 26% as we see the operating leverage that we expected from the acquisitions we made in this area. And finally, Compliance and Insight Services had another strong quarter. We already saw that was 11% growth, both reported and organic, and the margin remains around 50%.

CC 與 PA 的部門利潤率由 22% 明顯提升至 26%，我們看到了在該領域收購所預期的營運槓桿。最後，合規與洞察服務（Compliance and Insight Services）再度交出強勁的一季。我們已看到其成長 11%，無論報表或有機口徑皆然，且利潤率仍維持在約 50%。

Then at the subtotal, you can see that total for these three segments has a blended margin that remained very stable around 39%, so what follows after that 39% are two final items bridging us to the published adjusted EBITDA. So those two bridging items are, on the one hand, the bonus pool, which was up 24% versus prior year, in line with profit growth.

接著在小計處，你可以看到這三個部門合計的混合利潤率仍非常穩定，約在 39%。在 39% 之後，還有兩個最後項目用來銜接到對外公布的調整後 EBITDA。這兩個銜接項目之一是獎金池（bonus pool），較去年增加 24%，與獲利成長一致。

And secondly, the corporate costs or the holding costs, which were up 19%. As mentioned before, that's a consequence of our incremental public company costs and investments. I'm going to skip the next three charts, that portray the management P&L, the management cash flow statements and the net debt position because we already covered most of the key points in the highlights I just reviewed.

第二個是公司成本或控股成本（corporate costs/holding costs），增加 19%。如先前所提，這是我們新增的上市公司成本與投資所致。我將略過接下來三張圖，它們呈現管理口徑損益表、管理口徑現金流量表以及淨負債部位，因為我剛在重點回顧中已涵蓋大部分關鍵要點。

But I really want everybody to know that our deck contains these charts as well as a set of other charts and tables in the financial appendix. So this gets me to the guidance statement.

但我希望大家知道，我們的簡報也包含這些圖表，以及財務附錄中的一系列其他圖表與表格。接下來就進入財測指引聲明。

Consistent with practice at Nasdaq, we've made our guidance slightly more specific than what we were used to doing. What's not changed is that in general, PPHC expects to continue growing its revenues at an average organic rate of approximately 5%, and this will be supplemented by acquisitions. Now if there's no further acquisitions for 2026, we would anticipate reported revenue to come in, in the range between $205 million and $209 million.

依照納斯達克的慣例，我們的指引比過去提供得更具體一些。不變的是，整體而言，PPHC 預期將以約 5% 的平均有機成長率持續擴大營收，並由收購加以補充。若 2026 年沒有進一步收購，我們預期報表營收將落在 2.05 億至 2.09 億美元之間。

Then going to profit. In general, we continue to aim for an adjusted EBITDA margin around 25%. However, as communicated before and taking into account the dynamics of our changing business mix, in 2026, we will come out below the target number also as we experience the impact from assuming US public company costs and certain technology investments.

再看獲利。整體而言，我們仍以調整後 EBITDA 利潤率約 25% 為目標。然而，如先前所溝通並考量我們業務組合變化的動態，2026 年我們將低於該目標，因為我們將承擔美國上市公司成本以及部分科技投資的影響。

And therefore, we anticipate our adjusted EBITDA to come in at a range between $46 million and $48 million, reflecting an adjusted margin between 22% and 23%. And not written here, but I would like to end by saying that we also expect strong free cash flow conversion in the balance of the year, which is typically weighted towards the second half of the year.

因此，我們預期調整後 EBITDA 將落在 4,600 萬至 4,800 萬美元區間，對應調整後利潤率約 22%～23%。此外，雖然這裡未寫出來，但我想最後補充：我們也預期在今年剩餘期間將有強勁的自由現金流轉換，而這通常會偏重於下半年。

With that, I'll hand it over to Thomas.

以上，我把時間交給 Thomas。

Thanks, Roel. I'll keep my comments focused on a handful of things that are significantly new or notable this quarter rather than retrace the platform story we covered in great detail last time.

謝謝，Roel。我會把評論聚焦在本季幾個顯著新增或值得注意的事項上，而不是重述我們上次已非常詳細說明的平台故事。

As we've said before, with this same slide setup, our growth strategy is fundamentally talent focused, recruiting and retaining top-level talent. And we've had a strong start to the year by all measures.

如同我們先前所說，在同樣的投影片架構下，我們的成長策略本質上以人才為核心，招募並留任頂尖人才。而就各項衡量指標而言，我們今年開局表現強勁。

Just a quick recap of some of the news from the reporting quarter. Seven Letter, our leading public affairs brand, expanded in Los Angeles, bringing in a specialty media practice. We're also expanding their fast-growing space and defense practice with some high-impact talent there, too.

先快速回顧一下本報告季度的一些消息。我們領先的公共事務品牌 Seven Letter 已擴展至洛杉磯，並納入一個專精媒體業務團隊。我們也正在擴大其快速成長的太空與國防業務，並引進一些高影響力的人才。

Also out West in Sacramento, our firms, KP and LP have just celebrated their 30th and 20th anniversaries, respectively, as standout leaders in that the largest state market. Both have built strength and long-term succession plans into their leadership teams since joining us.

同樣在西岸的沙加緬度，我們的公司 KP 與 LP 分別慶祝成立 30 週年與 20 週年，並在全美最大州級市場中成為傑出領導者。兩家公司自加入我們以來，已在其領導團隊中建立實力與長期接班規劃。

TRI Sports recently named Alden Mitchell, previously of Stanford and Uber as its new President. That practice continues to thrive amidst rapid change across college, professional and international sports.

TRI Sports 近期任命 Alden Mitchell 為新任總裁；他先前任職於史丹佛與 Uber。即使大學、職業與國際體育領域快速變動，該業務仍持續蓬勃發展。

We also just announced new leadership at Forbes Tate Partners, one of our founding firms now officially FTP, with fresh leadership across both the lobbying and public affairs practices there. This is a planned generational succession at one of Washington's largest lobbying firms, and it's exactly the kind of institutional continuity our model is designed to produce.

我們也剛宣布 Forbes Tate Partners（我們的創始公司之一，現正式簡稱為 FTP）新的領導團隊，在遊說與公共事務兩大業務線均由新領導接任。這是華盛頓規模最大的遊說公司之一所規劃的世代交替接班，而這正是我們模式旨在打造的制度性延續。

Our growth strategy involves three more drivers: expanding service lines, capturing additional client wallet and executing on an accretive M&A agenda. A great example of collaboration from the quarter, the launch of investor services offerings from Concordant, which brings together PPHC's full depth of experience to deal teams, private equity, family offices, and corporates facing growing policy and regulatory risk to their investments.

我們的成長策略還包含另外三個驅動因素：擴展服務線、爭取更多客戶錢包份額，以及執行具增益性的併購（M&A）策略。本季度協作的一個絕佳例子，是 Concordant 推出投資人服務方案，整合 PPHC 全方位的深厚經驗，服務交易團隊、私募股權、家族辦公室，以及面臨投資政策與監管風險日益上升的企業客戶。

It's a focused, repeatable product that aims to capture a different budget and is backed by the unique collection of expertise across our platform. You can learn more about it at the Concordant Advisory website.

這是一項聚焦且可複製的產品，目標是切入不同的預算來源，並由我們平台上獨特的專業組合所支撐。您可在 Concordant Advisory 網站了解更多資訊。

Additionally, the growth of our issue-based practice groups and the simple but effective client referral incentives we offer are all tools to drive this collaboration. And still, we benefit from the multi-brand strategy that we've had from the start.

此外，我們以議題為導向的業務小組持續成長，以及我們提供的簡單但有效的客戶轉介獎勵機制，都是推動這種協作的工具。同時，我們也持續受益於自創立以來就採行的多品牌策略。

As an aside, uniquely and even with the measurably increasing growth via the collaboration, our key client concentration measures drifted further down. Our top 10 clients are now just 8% of total revenue versus 9% a year ago, and no single client is more than 2% of the overall business. There is no significant client concentration risk in the business at all.

順帶一提，即便透過協作帶來的成長可衡量地增加，我們的主要客戶集中度指標仍進一步下降。我們前十大客戶目前僅占總營收的 8%，低於一年前的 9%；且沒有任何單一客戶占整體業務超過 2%。公司完全不存在顯著的客戶集中度風險。

A further update on our post-M&A integrations. TrailRunner is now a full year in, and you're seeing its big contribution in the Communications segment, that 82.7% reported growth and most importantly, the nearly 4-point margin expansion as operating leverage shows up as a result in that segment.

再更新一下我們併購後整合的進展。TrailRunner 目前已滿一年，您可以在傳播（Communications）部門看到其重大貢獻：該部門報告的成長率為 82.7%，更重要的是，隨著營運槓桿在該部門顯現，利潤率擴張了將近 4 個百分點。

On the same front, Pine Cove Strategies is delivering similarly on the Texas-based growth thesis we laid out when we announced it last fall with George P. Bush.

同一方面，Pine Cove Strategies 也正如我們去年秋天與 George P. Bush 一同宣布時所提出的德州成長論點般，交出相近的成果。

Lastly, on our future M&A pipeline, it's still very active, dozens of firms at various stages with the same mix, selective US specializations, key states and international opportunities in Europe, the Middle East, and Asia, guided where our clients tell us they need us most.

最後，關於我們未來的併購（M&A）案源管線，仍然非常活躍；有數十家公司處於不同階段，組合維持一致：美國的選擇性專業領域、關鍵州別，以及歐洲、中東與亞洲的國際機會，並以客戶告訴我們最需要我們的地方作為指引。

Our sweet spot remains businesses in the $10 million to $30 million revenue range, profitably contributing to our premium margin profile and with a clear cross-sell into the existing portfolio based on geography and capability.

我們的甜蜜點仍是年營收介於 1,000 萬至 3,000 萬美元的企業，能夠以獲利方式貢獻我們的高端利潤率結構，並且基於地理與能力，能清楚地與既有投資組合進行交叉銷售。

As in our most recently announced deals, we work closely with our existing firms to identify opportunities to acquire specialization and scale into the portfolio. Both deals, while small in scale, will have outsized impacts from the firms they are being brought into, Pagefield and MultiState, respectively, by way of the specialization and reputation, big wins for both.

如同我們最近宣布的交易，我們會與既有公司緊密合作，找出可透過併購將專業化與規模納入投資組合的機會。兩筆交易雖然規模不大，但分別透過導入至 Pagefield 與 MultiState 的專業能力與聲譽，將帶來超出規模的影響，對兩者而言都是重大勝利。

We continue to see a good level of deal flow with private equity platforms still dominating the competitive set, along with a few traditional players. Our uniqueness remains based on the market-leading scale of our Government Relations segment, state and federal, that policy expertise and the public market status and how it shapes our M&A formula.

我們持續看到良好的交易流量，私募股權平台仍主導競爭格局，另有少數傳統玩家。我們的獨特性仍建立在政府關係（Government Relations）部門的市場領先規模（涵蓋州與聯邦層級）、政策專業，以及上市公司身分及其如何形塑我們的併購公式。

And with that, I'll hand it back to Stewart.

接下來我把時間交還給 Stewart。

Thanks, Thomas. Let me pull it together for you in the same framing that we used last quarter because one quarter later, it holds up very well.

謝謝你，Thomas。我用與上季相同的架構為各位做個總結，因為一季之後，這個架構仍然非常適用。

First, stability. About 92.8% of our revenue is still retainer-based. Client retention remains in the mid-80s across the entire network. And no single client, as Thomas noted, is more than 2% of our book. And that delivered our steady 5.1% organic growth against a busy macro backdrop.

第一，穩定性。我們約 92.8% 的營收仍為顧問合約（retainer）模式。整個網絡的客戶留存率仍維持在 80% 中段。而且如 Thomas 所提，沒有任何單一客戶占我們營收超過 2%。在宏觀環境多變且忙碌的背景下，這也帶來我們穩健的 5.1% 有機成長。

Secondly, profitability. It was a record first quarter on our adjusted EBITDA of $11.2 million with margins moving in the right direction in both CC and PA and government relations. And as Roel noted, the largest noncash charge on our P&L, the approximately $30 million a year in share-based comp charge from our London listing fully amortizes after this fiscal year, putting us on a clear path to GAAP profitability in 2027.

第二，獲利能力。本季調整後 EBITDA 達 1,120 萬美元，創下第一季新高；且在 CC、PA 與政府關係兩大領域的利潤率皆朝正向發展。另如 Roel 所提，我們損益表中最大的非現金費用，是因倫敦上市而產生、每年約 3,000 萬美元的股份基礎給付費用，將在本會計年度後完全攤銷，使我們在 2027 年走向 GAAP 獲利有明確路徑。

Third, on growth. Disciplined M&A continues. One acquisition closed in the quarter, another just recently and a robust pipeline that remains under active consideration and process. Thomas walked you through the talent acquisitions and new practices across the portfolio, and each is an example of what we mean by compounding growth by investing in people and capabilities we already have, not simply buying revenue.

第三，成長方面。紀律性的併購（M&A）持續推進：本季完成一項收購，近期又完成另一項；同時仍有強健的案源管線在積極評估與推進中。Thomas 已帶各位了解整個投資組合中的人才收購與新業務實務，而每一項都體現我們所說的「透過投資既有人才與能力來複利成長」，而不只是單純買進營收。

Fourth, our people and most importantly, our people, the reason why any of this works at PPHC. Approximately 200 of our 450 employees have some form of equity instrument, and that includes more than 140 with outright stock ownerships. The model is built around keeping our best talent and bringing in the next generation in ownership.

第四，我們的人才——也是最重要的——PPHC 之所以能運作的原因。我們約 450 名員工中，約有 200 人持有某種形式的股權工具，其中超過 140 人直接持有股票。此模式的核心在於留住最優秀的人才，並讓下一代成為股東。

As Thomas mentioned, two of our firms celebrated milestone anniversaries in this quarter with new leadership teams in place are on the rise. That's what long-term retention and succession planning looks like in practice, and it's what we work the hardest at every day.

如 Thomas 所提，本季我們有兩家公司慶祝重要里程碑周年，且新的領導團隊已就位並持續成長。這就是長期留任與接班規劃在實務上的樣貌，也是我們每天最努力投入的工作。

A short version, the quarter played out the way we told you we thought it would with steady organic, disciplined M&A, meaningful margin progress in the segments where we've been investing and a balance sheet that gives us room to keep executing on the agenda that Thomas laid out for you.

簡而言之，本季的發展如同我們先前所預期：穩健的有機成長、紀律性的併購（M&A）、在我們持續投資的部門中利潤率有實質進展，以及一個讓我們有空間持續執行 Thomas 所提出策略議程的資產負債表。

We appreciate your time today, your continued interest in PPHC. Now operator, I will hand it over, and we will open the floor for questions. Thanks.

感謝各位今天撥冗參與，也感謝各位持續關注 PPHC。接下來我交給主持人，我們將開放提問。謝謝。

(Operator Instructions) Raj Sharma, Texas Capital.

（主持人指示）Raj Sharma，Texas Capital。

So congratulations on stellar results. I wanted to just ask about your organic growth that this quarter, especially in the CCPA segment, there's 3% growth relative to much greater growth last year. I'm wondering if you have any color on that, what contributed to the CCPA growth last year that one shouldn't expect to continue going forward?

恭喜你們交出亮眼的成績。我想請教本季的有機成長，特別是在 CCPA 部門，本季成長 3%，相較去年大幅更高的成長。我想了解是否能提供一些說明：去年 CCPA 成長的驅動因素是什麼？有哪些因素不應期待未來仍會延續？

And I have a follow-on question.

我還有一個追問。

Thanks, Raj. Good to hear from you today. I appreciate the question. I think as we noted that, frankly, we had a really strong first half of the year in CCPA last year. And as a result, you just -- you had a tougher print that you're working against. We came out of election season last year like we traditionally did with a whole new agenda, based on those results, and there was momentum that carried into the first half, especially in project execution against those agenda items, coupled with lobbying, but especially in the comms segment where the project work naturally picks up.

謝謝你，Raj。今天很高興聽到你的聲音，也謝謝你的提問。我想如同我們提到的，坦白說，去年我們在 CCPA 的上半年表現非常強勁。因此你現在面對的是一個較高的比較基期。我們在去年選舉季結束後，如同以往，基於選舉結果推出一整套新的議程，並且這股動能延續到上半年，特別是在針對這些議程項目的專案執行上，並結合遊說工作；尤其是在傳播（comms）部門，專案型工作量自然會增加。

So really, I think the carryover into this year has been from quarter to quarter really positive, in my opinion, and I've been really pleased with it.

所以我真的認為，延續到今年的動能在我看來是逐季都非常正面，我對此也非常滿意。

Roel, you got anything you would like to add? Roel says, I covered it. Thanks. Go ahead, Raj. What's the other question?

Roel，你有什麼想補充的嗎？Roel 說，我已經講到了。謝謝。請繼續，Raj。另一個問題是什麼？

So the other question is any sort of commentary -- any sort of color on contribution from acquisition that you, a, you just did any contribution to revenues this year?

那另一個問題是，關於併購帶來的貢獻是否有任何評論——是否能提供一些補充說明：你們 a）剛完成的併購在今年對營收是否有任何貢獻？

And also, can you comment on the size of the acquisition that you likely plan to do or intend to do every year? I know it's tough to call. I know your pipeline is pretty robust. But any sort of sense on what do you plan to do each year?

另外，你能否評論一下你們每年可能計畫或打算進行的併購規模？我知道這很難預測。我知道你們的案源管道相當強勁。但能否大概說明一下你們每年打算做多少？

Well, you will have noted, Raj, this is Roel that indeed, the acquisitions that we've done so far this year are on the smaller side. The largest of them was WPI, and that was closed by April 1. So that's not reflected in any of these numbers yet. And then we also announced Cowen as a small acquisition for May 1, but that was really more a hire of two people who have bringing a book of business.

Raj，你應該已經注意到——我是 Roel——確實，我們今年迄今完成的併購規模偏小。其中最大的一筆是 WPI，並已於 4 月 1 日完成交割。因此，這些數字尚未反映它的影響。接著我們也宣布了 Cowen 這筆小型併購，預計 5 月 1 日完成，但那其實更像是延攬兩位帶著業務組合的人才。

So I would say our acquisition volume up to now has been relatively small. We've been on record in the past that we expect to acquire on average somewhere between $30 million and $40 million of revenues each year. But obviously, that always depends on the availability of the right targets and then the exact timing of those transactions, let alone, of course, then the profit contribution that they have and the price that we will pay for it.

所以我會說，我們迄今的併購量相對較小。我們過去也公開表示，我們預期平均每年會併購約 3,000 萬到 4,000 萬美元的營收。但很顯然，這總是取決於是否有合適標的可供選擇，以及交易的確切時點，更不用說其獲利貢獻，以及我們將為此支付的價格。

These are all variables that are different for each acquisition. Therefore, makes it somewhat hard to predict.

這些都是每一筆併購各不相同的變數，因此也使得預測變得有些困難。

Jason Tilchen, Canaccord Genuity.

Jason Tilchen，Canaccord Genuity。

I want to start, last month, you announced a new practice Concordant that really seems to leverage your complete portfolio of assets. I believe Thomas mentioned in the prepared remarks, this should go after a different part of client budgets. So maybe if you could talk a little bit about how meaningful the opportunity is, what sort of investment you may have to make to get this sort of launched and rolled out?

我想先從你們上個月宣布的新業務 Concordant 談起，它看起來確實能槓桿運用你們完整的資產組合。我記得 Thomas 在事先準備的發言中提到，這將切入客戶預算的不同部分。所以也許你可以談談這個機會有多重要、為了啟動並推廣這項業務你們可能需要投入哪些投資？

And then sort of more broadly, how many other similar opportunities do you see in the pipeline to organically sort of expand the new services and areas?

然後更廣泛地說，你們在管道中還看到多少類似的機會，可以透過內生成長來擴展新的服務與領域？

Sure. I mean this is one we've eyed for some time and is so adjacent depending on where clients are and who clients are calling. So we do work in the financial services sector, obviously, and direct with private equity funds. But this -- there's a category of two or three leading providers of this regulatory multi-issue diligence, and we've eyed it for some time, made some inquiries from an acquisitive standpoint and then realized we were just leaving too much.

當然。我的意思是，這是我們觀察了一段時間的方向，且依客戶所在位置以及客戶會找誰而定，它其實非常相鄰。我們當然在金融服務領域有業務，也直接服務私募股權基金。但在這方面——有一個由兩到三家領先供應商主導的「監管多議題盡職調查」類別，我們關注它已經有一段時間，也曾從併購角度做過一些詢問，後來意識到我們其實錯失了太多機會。

And so it's a light investment from headquarters really into the Concordant framework that was already set up a couple of years ago to really facilitate a one or best of practice and some select hiring from the right people, and we can talk about the people there.

因此，總部對 Concordant 架構的投入其實不大；該架構在幾年前就已建立，主要是為了真正促成一套單一或最佳實務，並從合適的人選中進行一些精準招募，我們也可以談談那裡的人才。

We're being quite entrepreneurial about it but still flexing our scale and showing up in a competitive space. And not only is it new client budget, in many cases, it's just new clients, it's getting into a different part of either a private equity fund from a deal-by-deal basis or a whole new type of buyer across the world.

我們在這方面相當具創業精神，但同時也運用我們的規模優勢，進入一個競爭激烈的市場。而且這不僅是新的客戶預算，在很多情況下更是新客戶——我們得以切入私募股權基金不同的環節（以逐案交易為基礎），或是在全球範圍內接觸到全新類型的買方。

So it's an interesting frugal thing, but we'll continue to look for opportunities, including WPI to bolster that service. Some of the economic consultancy they do is, again, another adjacency. And call it a product or a sort of service enhanced product, it is a different kind of thing for the arsenal.

所以這是一件有趣且相對節制的事情，但我們也會持續尋找機會，包括透過 WPI 來強化這項服務。他們所做的一些經濟顧問服務，同樣也是另一個相鄰領域。把它稱作產品，或是一種「服務強化型產品」，它對我們的工具庫而言是不同類型的武器。

Great. That's very helpful. And just curious maybe if you could talk to the conflict in the Middle East, either positively impacted in terms of benefiting defense practice or maybe negative in creating some sort of distraction in Washington? Just curious how that's sort of netting out so far and any observations you've had.

很好，這非常有幫助。另外我也好奇，你能否談談中東衝突的影響：是否在正面上讓國防業務受益，或在負面上造成華盛頓某種分心？想了解目前整體淨效應如何，以及你們觀察到的任何情況。

Well, I think just -- Jason, this is Stewart. I think we view the area in the region for quite a while as a really, really potential -- good place for us, especially in terms, again, of our corporate comms practices. There's a lot of investment money that's in the region in general that's looking for connectivity in the US for direct investment here, which is kind of the US onshoring move that we think is going to play a lot of dividends for us in the future.

我想——Jason，我是 Stewart。我們一直認為該地區對我們而言是個非常、非常有潛力的好地方，尤其是在我們的企業傳播（corporate comms）業務方面。該地區整體有大量投資資金，正在尋求與美國的連結，以便在美國進行直接投資；這與我們認為未來會為我們帶來許多紅利的「美國在地化生產（onshoring）」趨勢相呼應。

Certainly, we're leveraging heavily off of a really, really good practice that -- and office that TrailRunner has in the UAE. And we think as this sorts out, frankly, if anything, the acceleration of alignment to interest over there to US markets is going to only accelerate.

當然，我們也高度倚重 TrailRunner 在阿聯酋擁有的一個非常、非常強的團隊與辦公室。我們認為，隨著情勢逐步明朗，坦白說，如果有任何影響，那就是當地利益與美國市場對齊的加速只會更快。

Obviously, things are going to have to continue to sort themselves out and will at some point, I think, in the coming months. But when that happens, we really, really feel like we've got some great opportunities there, and we've really positioned our assets here in the United States and frankly, in London to really leverage off of those opportunities, and we're going to actively work that access.

顯然，事情仍需要持續發展並自行理順，我認為在接下來幾個月的某個時間點會逐步明朗。但當那發生時，我們真的、真的覺得那裡有很好的機會；而且我們已在美國、坦白說也在倫敦，做好資產配置以充分槓桿這些機會，我們也會積極經營並拓展這些接觸管道。

Great. That's really helpful. And if I could just toss in one quick one for Roel. EBITDA margin is up 40 basis points year over year despite the increased public company costs and tech investments. Just maybe you could talk to some of the sources of efficiency you're seeing beyond just operating leverage at the portfolio companies.

很好，這真的很有幫助。最後我想快速丟一個問題給 Roel。儘管上市公司成本增加以及科技投資提高，你們的 EBITDA 利潤率仍年增 40 個基點。你能否談談除了投資組合公司層面的營運槓桿之外，你們還看到哪些效率來源？

Well, yes, there is some operating leverage that in years of good revenue growth, there's always -- well, we see our margins expand. And I would say that helped us actually almost offset the higher holding costs that we've experienced in Q1 to a good extent. And we hope to continue this.

嗯，是的，確實有一些營運槓桿。在營收成長良好的年份，我們總是——嗯——會看到利潤率擴張。我會說，這其實在很大程度上幫助我們幾乎抵消了第一季較高的控股成本。我們也希望能持續如此。

Scott Schneeberger, Oppenheimer.

Scott Schneeberger，Oppenheimer。

Congratulations. I guess I'd like to start off. Stewart, you highlighted at the beginning, the -- certainly, we've seen an acceleration in the organic growth versus the past two years in the past few quarters here in first quarter in the organic growth of government relations.

恭喜。我想先從這裡開始。Stewart，你在一開始提到——當然，我們在過去幾季、以及第一季看到政府關係業務的內生成長，相較過去兩年出現加速。

Can you just speak to what that is? Is it just a very dynamic environment right now where there's a lot of activity? Or are you winning a few big contracts that are lifting that?

你能否談談原因是什麼？是因為目前環境非常動態、活動很多？還是你們贏得了幾個大型合約而帶動成長？

It's a combination of factors, Scott. I think number one is that we put a lot of effort in really over the past 18 months to try to build even greater intercompany synergies between our complementary brands. And I think that's really -- it's really starting to bubble up to the surface in the macro numbers that you're starting to see.

Scott，這是多種因素的組合。我認為第一點是，在過去 18 個月裡，我們投入了大量努力，試圖在我們互補的品牌之間建立更強的跨公司協同效應。我認為這真的——開始在你現在看到的整體數據中浮現出來。

And I think the interplay with corp comms and investor and crisis with TrailRunner, along with our kind of traditionally more public affairs-oriented assets has been really, really strong. So I think what you're really seeing is a lot of production off of that.

我認為，TrailRunner 在企業傳播、投資人關係與危機應對方面的互動，搭配我們傳統上更偏公共事務導向的資產，表現非常、非常強。所以我認為你看到的其實是這些協同帶來的大量產出。

Obviously, macro environment, especially given our moat remains again in kind of lobbying and public affairs. Certainly, macro dynamics of change, upheaval, all those things have -- lead our clients to have to obviously address again, that interface with government on an ongoing basis. So there is kind of a strong macro backdrop.

當然，宏觀環境方面，特別是考量到我們的護城河仍主要在遊說與公共事務領域。變動、動盪等宏觀動態，確實——使我們的客戶必須在日常持續地處理與政府的互動介面。因此，確實存在相當強的宏觀背景支撐。

And it's not simply in DC; it's worldwide. So I think that helps as well. And I think all of these factors are coming to a confluence that again is uplifting and helping us with organic growth so far.

而且不僅僅是在華盛頓特區；而是全球性的。所以我認為這也有所幫助。我也認為所有這些因素正在匯聚，進一步帶動並幫助我們迄今為止的有機成長。

Great. Two more. One is just it's kind of a two-parter. And it's what is it that you're looking for? What is topping your priority list in your M&A pipeline? Is it state government relations? Is it moving internationally? Just kind of curious.

很好。再兩個問題。第一個算是兩段式。你們在尋找什麼？在你們的併購（M&A）管線中，優先順序最高的是什麼？是州政府關係嗎？是走向國際化嗎？只是有點好奇。

And the part B of this question is, is there really nice margin profiles in your pipeline? I know that with this guidance of 25% in a normalized year with not the public company costs, is there a lot in the pipeline that has very robust margins? Or is that something where it's really you have to pick and choose of what the profiles are in the pipeline?

問題的第二部分是，你們的管線裡是否有非常漂亮的利潤率結構？我知道在這份指引中，若以正常年度、且不含上市公司成本來看是 25%。管線裡是否有很多標的具備非常強勁的利潤率？還是說這其實需要在管線中挑選取捨、看各自的利潤率輪廓？

We've tooled up in the comms, corporate comms via M&A over the past 18 months, TrailRunner, Pagefield and we've continued to say that we invest against capabilities and geography. I can say within the dozens of things that we've discussed in the pipeline, there are some really prime margin geographies that we want to still play in for that prime margin and the reason that they're the core to business activities and some quite specialized things that may be smaller in scale, but chunkier in margin.

過去 18 個月我們透過併購在傳播、企業傳播（corporate comms）方面做了強化，包括 TrailRunner、Pagefield；而且我們也持續表示，我們會針對能力與地理布局進行投資。我可以說，在我們於管線中討論過的數十個項目裡，確實有一些我們仍希望參與的、利潤率非常優質的地區；之所以如此，是因為它們是核心業務活動的一部分。另外也有一些相當專業的項目，規模可能較小，但利潤率更厚實。

At the same time, when we look at the geographic play, we know that as we expand the base in Europe, it's not going to be the most prime margin for us across the wallet, but it's still where our clients need us and where sort of expertise is needed in global policy considerations.

同時，當我們看地理布局時，我們知道隨著我們在歐洲擴大基礎，從整體客戶錢包份額（wallet）的角度來看，對我們而言不會是最優質的利潤率，但那仍是客戶需要我們、以及在全球政策議題上需要專業能力的地方。

So we do have to play in both as we do have a premium margin and that's sort of ballast by the lobbying practices in DC, and then we have Sacramento and then we have Austin and sort of the things have slight different profiles, but towards the premium across.

所以我們確實必須兩邊都布局：我們有高溢價的利潤率，這在某種程度上由華盛頓特區的遊說業務作為支撐；然後我們有沙加緬度，也有奧斯汀，各項業務的輪廓略有不同，但整體仍朝向較高溢價的水準。

Yes. Just let me add, Scott, that we mentioned before that we look at several gating factors on M&A. One is what Thomas just said, does it add geography? Does it add capability? Is it complementary to the rest of the portfolio? We obviously look at the people profile in all of those firms, which is maybe as critical as any issue.

是的。Scott，我再補充一下：我們之前提過，在併購上我們會看幾個關鍵門檻因素（gating factors）。第一個就是 Thomas 剛說的：是否增加地理布局？是否增加能力？是否與整體投資組合互補？我們當然也會看那些公司的「人才輪廓」，這可能和任何議題一樣關鍵。

But margin is right there as well. And I've said before, and I think I'll repeat it again, while we have desires to build our network out further, again, based on those three prime issues, we're not interested in putting dots on the map to simply say we have an office somewhere.

但利潤率也同樣重要。我之前說過，我想再重申一次：雖然我們希望進一步擴展我們的網絡，仍然是基於那三個主要議題，但我們不感興趣的是只為了在地圖上多點幾個點、好讓我們說自己在某地有辦公室。

If the margin profile is not right or the people aren't right, we're not going to do it. And I think that's what everyone should always be assured of that we're not looking to just have lost leaders or really things that fall well below our margin profile for the sake of being somewhere.

如果利潤率結構不對，或人才不對，我們就不會做。我認為大家應該始終可以放心：我們不會為了「在某個地方」而去做虧本引流（loss leader）或是明顯低於我們利潤率輪廓的事情。

Great. That's good color and insight. Last question, and probably it's going to get Roel involved as well is with establishing annual guidance here, specifically to revenue, but also EBITDA, what are some of the things we should keep in mind that could put you to the top or above the high end of the range or things that may be concerned that could put you more down toward the lower end of the range?

很好。這些補充很有幫助、也很有洞見。最後一個問題，可能也會讓 Roel 一起回答：既然你們現在提供年度指引，特別是營收、也包括 EBITDA，我們應該留意哪些事項，可能讓你們落在區間上緣或甚至高於上緣？又有哪些可能令人擔心、會讓你們更接近區間下緣？

Yes. Well, Scott, two things that pop in my head primarily. First is our volume of project work that is always somewhat unpredictable. And of course, we've got lots of statistics to go off from prior years. But at the end of the day, it also depends on certain issues bubbling up last year's, for instance, the whole issue around the expiration of the Obama subsidies in healthcare.

是的。Scott，我腦中主要浮現兩件事。第一是我們的專案型工作量（project work），這一向有一定程度的不可預測性。當然，我們有很多前幾年的統計數據可參考。但歸根結底，也取決於某些議題是否在當年浮現。以去年為例，就是醫療保健中歐巴馬補貼到期的整個議題。

That created a huge, nice flow of projects that you never know to what extent such a flow will reoccur this year. So that is factor number one.

那帶來了一大波、很不錯的專案流量；而你永遠無法確定今年這樣的流量會在多大程度上再次出現。所以這是第一個因素。

And the other factor is very simply acquisitions. So any new acquisition will put us outside that range that I've mentioned at the call.

第二個因素很簡單，就是併購。因此，任何新的收購都會讓我們落在我在電話會議中提到的那個區間之外。

Samuel Dindol, Stifel.

Samuel Dindol，Stifel。

Congratulations on the results. Just one question from me, please. Just on the acqui-hire front, I appreciate the hiring of Lee Cowen and Nicholas Evans a few weeks ago. Has that accelerated post US listing? Are you finding more people you sort of had conversations over the last few years or now more willing to join? Or any sort of color on that would be great.

恭喜這次的業績。我這邊只有一個問題。關於「併購式招募」（acqui-hire）方面，我注意到你們幾週前聘用了 Lee Cowen 和 Nicholas Evans。美國上市之後，這是否加速了？你們是否發現，過去幾年曾經接觸過的一些人，現在更願意加入？如果能提供一些補充說明就太好了。

What I would say to that, Sam, and thanks for the comment there. I really appreciate it. But I think what I would say is that it's really been interesting, just like our pipeline feels more robust now post US listing than it's been at any prior time.

Sam，對此我想說的是，也謝謝你的評論，我非常感謝。不過我會說，這真的很有意思：就像我們的併購管線一樣，美國上市之後，我們的管線感覺比以往任何時候都更強勁。

I think the other thing is we're seeing more inbound talent coming to us, some that are much more willing to listen to us now, et cetera, post US listing. So I would continue to anticipate that we'll continue to make some really good talent acquisitions in the foreseeable future because, again, I think we're really, frankly, getting noticed out there.

另外一點是，我們看到更多主動找上門的人才（inbound talent），其中一些人在美國上市之後更願意聽我們介紹等等。因此我仍預期，在可預見的未來我們會持續完成一些非常不錯的人才收購，因為老實說，我們正在被市場注意到。

And I think we're a differentiated platform because we're public, and this is a space that has typically been dominated by private investment and private companies. And I think there are people that are starting to look at our public company status, our levels of employee ownership, et cetera.

而且我認為我們是一個差異化的平台，因為我們是上市公司，而這個領域通常一直由私募投資與私人公司主導。我認為有些人開始關注我們的上市公司身分、員工持股比例等等。

And it's really, I think, in their prime years of their career, seeming like an attractive possible option for them if they fit with us. So we're really excited about that. It's been one of the kind of downstream benefits, again, of being able to evaluate a lot of individual or small collectives of talent as opposed to simply looking at platform acquisitions.

而且我認為，對於處於職涯黃金期的人來說，如果他們與我們契合，這看起來是一個很有吸引力的可能選項。所以我們對此非常興奮。這也是其中一項下游效益：我們能夠評估許多個人或小型人才團隊，而不只是單純看平台型收購。

Thank you. I'm not showing any further questions in the queue at this time.

謝謝。目前我這邊顯示隊列中沒有其他問題。

Great. Well, thank you a lot, operator. Thanks for all of you for participating today. Again, as always, as I noted in my closing, Investor Relations is always open here. We are always happy to interface, take your questions.

很好。非常感謝你，接線員。也謝謝各位今天的參與。再次重申，正如我在結語中提到的，我們的投資人關係（Investor Relations）隨時開放。我們也很樂意與各位交流、回答問題。

So please, please reach out after this call if you'd like to follow up on anything, either related financially or strategically, and we'll be glad to work with you and get you the answers that we can. Thanks.

所以如果各位想就任何事項在會後追問，無論是財務面或策略面，請務必與我們聯繫，我們很樂意協助並提供我們能給的答案。謝謝。

Thank you for your participation in today's conference. This does conclude the program. You may now disconnect. Everyone, have a great day.

感謝各位參與今天的電話會議。至此本次議程結束。您現在可以掛線。祝各位有美好的一天。