R C M Technologies Inc (RCMT) 2025 Q2 法說會逐字稿

Good morning, and thank you for joining us. This is Kevin Miller, Chief Financial Officer of RCM Technologies. I am joined today by Brad Vizi, RCM's Executive Chairman.

早安，感謝您加入我們。我是 RCM Technologies 的財務長 Kevin Miller。今天與我一起出席的還有 RCM 執行主席 Brad Vizi。

Our presentation during this call will contain forward-looking statements. The information contained in the forward-looking statements is based on our beliefs, estimates, assumptions and information currently available to us, and these matters may materially change in the future. Many of these beliefs, estimates and assumptions are subject to rapid changes.

我們在本次電話會議中的陳述將包含前瞻性陳述。前瞻性陳述中包含的資訊是基於我們的信念、估計、假設和目前可用的信息，這些事項在未來可能會發生重大變化。許多這樣的信念、估計和假設都會發生迅速的變化。

For more information on our forward-looking statements and the risks, uncertainties and other factors to which they are subject, please see the periodic reports on forms 10-K, 10-Q and 8-K that we file with the SEC, as well as our press releases that we issue from time to time.

有關我們的前瞻性陳述以及其所涉及的風險、不確定性和其他因素的更多信息，請參閱我們向美國證券交易委員會提交的 10-K、10-Q 和 8-K 表格定期報告，以及我們不時發布的新聞稿。

I will now turn this call over to Brad Vizi, Executive Chairman, to provide an overview of RCM's operating performance during the second quarter.

現在，我將把電話轉給執行主席布拉德·維茲 (Brad Vizi)，以概述 RCM 在第二季度的營運表現。

Thanks, Kevin. Good morning, everyone. As we alluded to on our last call, the business remained resilient in the face of economic uncertainty, a testament to the model, which revolves around aligning the right talent in defensible positions of secular growth markets.

謝謝，凱文。大家早安。正如我們在上次電話會議中提到的那樣，面對經濟不確定性，該業務仍保持了韌性，這證明了該模式的核心是將合適的人才安排在長期增長市場的可防禦位置上。

Furthermore, our brand equity continues to strengthen, providing increased leverage to the business model while allowing us to diversify and strengthen our core client base. With increasing business success comes additional capital markets exposure and the inclusion of RCM into the Russell 2000 Growth Index for the first time in its 50-year history, an important milestone in the journey of our great company and a testament to the strength and commitment of our employee base.

此外，我們的品牌資產不斷增強，為商業模式提供了更大的槓桿作用，同時使我們能夠實現核心客戶群的多元化和加強。隨著業務成功的不斷增加，RCM 也獲得了更多的資本市場曝光，並在 50 年曆史上首次被納入羅素 2000 增長指數，這是我們偉大公司發展歷程中的一個重要里程碑，也是我們員工隊伍實力和承諾的證明。

I will now provide an update on the progress of each of our business units. We are pleased to report that the Health Care Services Group closed out the 2024/2025 school year with a strong momentum. We saw strong growth across our portfolio driven by our commitment to quality, innovation and client satisfaction.

我現在將介紹我們各個業務部門的進展。我們很高興地報告，醫療保健服務集團以強勁的勢頭結束了 2024/2025 學年。由於我們對品質、創新和客戶滿意度的承諾，我們的產品組合實現了強勁成長。

As we look ahead to the 2025, 2026 school year, we are entering it with tremendous excitement and confidence. Our roster of new school partners is expanding, and we are equally encouraged by the commitments from our existing clients to broaden our role in staffing their schools. This speaks volumes about the trust we have built and the results we have delivered.

展望 2025、2026 學年，我們懷著無比的興奮與信心邁入新學年。我們的新學校合作夥伴名單正在擴大，我們同樣受到現有客戶承諾擴大我們在學校人員配備方面的作用的鼓舞。這充分說明了我們所建立的信任和所取得的成果。

One of the achievements we are most proud of is our ability to win over districts previously served by competitors. These wins are a direct result of RCM's consultative approach, one that emphasizes partnership, responsiveness and a relentless focus on quality.

我們最自豪的成就之一是我們能夠贏得先前由競爭對手服務的地區。這些勝利是 RCM 諮詢方法的直接結果，該方法強調合作、回應能力和對品質的不懈關注。

Our internal training programs continue to fill its part, enabling us to deliver providers who are not only highly qualified, but also better prepared to meet the unique needs of each district. Our pipeline remains robust with a strong flow of additional opportunities that position us well for continued growth.

我們的內部培訓計劃繼續發揮作用，使我們能夠提供不僅高素質，而且能夠更好地滿足每個地區獨特需求的供應商。我們的通路依然強勁，有大量的額外機會，為我們持續成長奠定了良好的基礎。

Additionally, we continue to leverage our outstanding team in the Philippines. This resource has proven to be a highly cost-effective asset, accelerating our ability to scale and support new client engagements with speed and efficiency.

此外，我們將繼續利用我們在菲律賓的優秀團隊。事實證明，這種資源是一種極具成本效益的資產，可以加速我們擴展和快速且有效率地支援新客戶合作的能力。

In short, we are entering the new school year with strong tailwinds, a clear strategy and a deep commitment to delivering value to our clients and shareholders.

簡而言之，我們正帶著強勁的順風、清晰的策略和為客戶和股東創造價值的堅定承諾進入新的學年。

Transitioning to Life Sciences, Data and Solutions. In the Life Sciences division, we continue to see momentum driven by our strategic focus on innovation and operational excellence. Our recent investment in AI-driven equipment qualification has streamlined compliance protocols while reducing turnaround times across manufacturing sites.

向生命科學、數據和解決方案過渡。在生命科學部門，我們繼續看到由創新和卓越營運的策略重點所推動的發展勢頭。我們最近對人工智慧驅動的設備鑑定的投資簡化了合規協議，同時減少了製造工廠的周轉時間。

Additionally, advancements in data integrity solutions are improving audit readiness and strengthening our competitive position with pharma partners focused on speed to market. These initiatives reinforce our commitment to digital transformation in regulated

此外，數據完整性解決方案的進步正在提高審計準備度，並加強我們與專注於加快上市速度的製藥合作夥伴的競爭地位。這些措施加強了我們對受監管產業數位轉型的承諾

environments and set the stage for scalable growth. This, combined with building a dedicated Life Sciences Engineering Group, will clearly differentiate RCM for the future.

環境並為可擴展的成長奠定基礎。結合建立專門的生命科學工程組，這將使 RCM 在未來脫穎而出。

From an IT perspective, we have made meaningful progress in AI and analytics, particularly as applied to Life Sciences. This continues to unlock actionable insights, from predictive forecasting to real-time monitoring. These updates reflect how we are leading technology not just to optimize operations, but to fuel innovation at the core of our business.

從 IT 角度來看，我們在人工智慧和分析方面取得了重大進展，特別是在生命科學領域的應用。這將繼續釋放可行的見解，從預測預報到即時監控。這些更新反映了我們如何引領技術，不僅是為了優化運營，而且是為了推動我們業務核心的創新。

Lastly, we see continued evolution of our HCM practice beyond our flagship UKG Ready managed service program with our reseller and expansion to other future partners.

最後，我們看到我們的 HCM 實踐不斷發展，超越了我們與經銷商合作的旗艦 UKG Ready 託管服務計劃，並擴展到其他未來的合作夥伴。

Now shifting to Engineering. Energy Services continues to move forward with increasing velocity. As we migrate into the second half of the year, we are seeing a sharp acceleration in activity as we align to an expansive integrated strategy, combining our custom engineering capabilities with our turnkey EPC solutions to meet surging market demand.

現在轉向工程學。能源服務繼續以越來越快的速度向前發展。隨著我們進入下半年，我們看到活動急劇加速，因為我們遵循廣泛的綜合策略，將我們的客製化工程能力與交鑰匙 EPC 解決方案相結合，以滿足不斷增長的市場需求。

As the need for reliable and resilient power delivery continues to outpace legacy infrastructure, our team is increasingly called upon for engineering design, builds and upgrades. We have made a number of changes in the organization, including increasing efforts to align our brand with our marquee project work, and the industry is taking notice.

隨著對可靠和有彈性的電力傳輸的需求不斷超過傳統基礎設施，我們的團隊越來越多地被要求進行工程設計、建造和升級。我們對組織進行了多項改革，包括加強使我們的品牌與我們的大型專案工作保持一致，業界對此表示關注。

Furthermore, our ability to deliver precision engineered solutions across the most demanding environments at scale has served as a key differentiator. This is enabled by our growing EPC footprint, our high-performing engineering teams and our focus on integrating advanced technologies and industry-leading 3D design into the delivery model.

此外，我們能夠在最嚴苛的環境中大規模提供精密工程解決方案，這也是我們的關鍵差異化因素。這是透過我們不斷擴大的 EPC 業務範圍、高效的工程團隊以及致力於將先進技術和行業領先的 3D 設計融入交付模式來實現的。

With continued growth in grid modernization, infrastructure upgrades and data center expansion, our teams are delivering custom solutions that align with the evolving market needs.

隨著電網現代化、基礎設施升級和資料中心擴展的持續成長，我們的團隊正在提供符合不斷變化的市場需求的客製化解決方案。

Key developments this quarter include: Our integrated growth strategy, which is comprised of an expanded focus on custom engineering and turnkey EPC solutions for substations and infrastructure builds to support large-scale client programs.

本季的主要發展包括：我們的綜合成長策略，包括更重視變電站和基礎設施建設的客製化工程和交鑰匙 EPC 解決方案，以支援大型客戶專案。

Expanding our depth of services with utility and industrial clients by designing and upgrading facilities with advanced energy-efficient technologies and providing engineering solutions for data centers and supporting substations and electrical infrastructure.

透過使用先進的節能技術設計和升級設施，並為資料中心和支援變電站和電力基礎設施提供工程解決方案，擴大我們為公用事業和工業客戶提供的服務深度。

Continued technical contributions to the IEEE Power & Energy Society, reinforcing RCM's leadership in the power engineering space. Operational maturity, resulting in streamlined project execution, enhanced talent integration and improved cross-unit coordination through shared services.

持續為 IEEE 電力與能源協會做出技術貢獻，以鞏固 RCM 在電力工程領域的領導地位。營運成熟度，從而簡化專案執行，增強人才整合，並透過共享服務改善跨部門協調。

Our engineering teams remain in the forefront of enabling next-generation energy solutions, positioning RCM as a trusted partner in an increasingly complex, opportunity-rich market.

我們的工程團隊始終站在下一代能源解決方案的前沿，使 RCM 成為日益複雜、機會豐富的市場中值得信賴的合作夥伴。

Now to Aerospace. Due to the ongoing significant ramp-up on existing programs and the addition of new clients, the Aerospace and Defense Group has exceeded our business plan goals through the second quarter by almost $3 million in revenue with a healthy margin EBITDA performance. Though we have an aggressive plan for 2025, barring any unforeseen circumstances, we are on our way to achieving it.

現在談談航空航天。由於現有專案的持續大幅成長和新客戶的增加，航空航太和國防集團第二季度的收入已超出我們的業務計劃目標近 300 萬美元，且利潤率 EBITDA 表現良好。儘管我們對 2025 年有一個積極的計劃，但除非出現任何不可預見的情況，否則我們正在實現這一目標的路上。

Headcount continued to increase through Q2 2025 by 53 additional hires, topping Q1 performance. As projected, we have realized a significant year-over-year increase in gross margin and EBITDA in Q2 2025 as well as a sequential increase of 11% and 8% in gross margin and EBITDA, respectively.

2025 年第二季度，員工人數持續增加 53 人，超過了第一季的業績。如預期，我們在 2025 年第二季實現了毛利率和 EBITDA 的年比大幅成長，以及毛利率和 EBITDA 的季比分別成長 11% 和 8%。

Our vertical lift in technology innovator customers doing business with the US government continue to spearhead our growth thus far in 2025 with multiple opportunities on the horizon. As anticipated, continued success in supply chain manufacturing and quality engineering with new clients continue to have a positive impact on 2025.

與美國政府開展業務的技術創新客戶的垂直提升將繼續引領我們在 2025 年迄今為止的成長，並且未來將出現多種機會。正如預期的那樣，供應鏈製造和新客戶品質工程的持續成功將繼續對 2025 年產生積極影響。

Additionally, wins at the beginning of 2025 with two existing customers on 2 large multiyear projects for S1000D conversion continue to contribute to our success in delivering to our aftermarket clients.

此外，2025 年初，我們與兩家現有客戶在兩個大型多年期 S1000D 改裝專案中取得勝利，這將繼續幫助我們成功為售後市場客戶提供服務。

Our recruitment team, which continues to build trusted value relationships throughout the client and candidate base, have solidified our year-to-date goals. Our integration of new tools and technologies has kept our team in the forefront of providing enhanced speed- to-market capabilities.

我們的招募團隊繼續在客戶和候選人群體中建立值得信賴的價值關係，鞏固了我們今年迄今為止的目標。我們對新工具和新技術的整合使我們的團隊始終處於提供增強的上市速度能力的前沿。

We continue to add new clients in Q2 of 2025 with customers requiring our expertise in supply chain manufacturing and quality engineering, with continued requirements for software and systems expertise. We anticipate our growth to continue throughout 2025 as more of the opportunities in hand are realized with the aerospace and defense environment seeking American companies who can hold clearances up to secret and top-secret levels. We anticipate a record year for the Aerospace and Defense Group in 2025.

2025 年第二季度，我們將繼續增加新客戶，這些客戶需要我們在供應鏈製造和品質工程方面的專業知識，並持續要求軟體和系統專業知識。我們預計我們的成長將持續到 2025 年，因為航空航天和國防環境正在尋求能夠掌握機密和最高機密級別許可的美國公司，從而實現更多現有機會。我們預計 2025 年將是航空航太和國防集團創紀錄的一年。

Now I will return the call to Kevin to discuss the Q2 2025 financial results in more detail.

現在我將回電給凱文，更詳細地討論 2025 年第二季的財務表現。

Thank you, Brad. Regarding our consolidated results, consolidated gross profit for the second quarter of 2025 was $22.3 million, which grew 11.4% over Q2 '24 and yielded our highest gross profit over the past 13 quarters. Adjusted EBITDA for Q2 '25 was $8.1 million, as compared to $7.2 million for the Q2 '24, growth of 12.9%. Adjusted EPS for Q2 '25 was $0.69, as compared to $0.57 for Q2 '24, growth of 21.1%.

謝謝你，布拉德。關於我們的合併業績，2025 年第二季的合併毛利為 2,230 萬美元，比 24 年第二季成長 11.4%，創下過去 13 季以來的最高毛利。2025 年第二季調整後 EBITDA 為 810 萬美元，而 2024 年第二季為 720 萬美元，成長 12.9%。2025 年第二季調整後每股收益為 0.69 美元，而 2024 年第二季調整後每股收益為 0.57 美元，成長 21.1%。

As for our segment performance in the second quarter of 2025, in Health Care, gross profit for Q2 '25 was $12.3 million, compared to $10.6 million for Q2 '24, growing 15.4%. Gross margin for Q2 '25 was 28.7%, as compared to 28.8% for Q2 '24. School revenue for Q2 '25 was $37.2 million, compared to $30.7 million for Q2 '24, growing 21.1%. Nonschool revenue for Q2 '25 was $5.6 million, compared to $6.2 million for Q2 '24.

至於我們 2025 年第二季的分部業績，在醫療保健領域，2025 年第二季的毛利為 1,230 萬美元，而 2024 年第二季的毛利為 1,060 萬美元，成長了 15.4%。25 年第二季的毛利率為 28.7%，而 24 年第二季的毛利率為 28.8%。2025 年第二季學校營收為 3,720 萬美元，而 2024 年第二季為 3,070 萬美元，成長 21.1%。2025 年第二季的非學校收入為 560 萬美元，而 2024 年第二季的非學校收入為 620 萬美元。

In Engineering, gross profit for Q2 '25 was $6.5 million, compared to $6.0 million for Q2 '24, growing 8.8% on our best Engineering gross profit quarter in our entire history. Gross profit for Q2 '25 -- excuse me, gross margin for Q2 '25 was 24.5%, compared to 26.5% for Q2 '24.

在工程領域，2025 年第二季的毛利為 650 萬美元，而 2024 年第二季為 600 萬美元，成長 8.8%，創下我們歷史上工程毛利最高的季度。2025 年第二季的毛利－抱歉，2025 年第二季的毛利率為 24.5%，而 2024 年第二季的毛利率為 26.5%。

As a reminder, our Engineering gross margins can be volatile, but we generally expect normalized gross margins between 22% and 26%.

提醒一下，我們的工程毛利率可能會有波動，但我們通常會預期正常化毛利率在 22% 到 26% 之間。

In IT, Life Sciences and Data Solutions, gross profit for Q2 '25 was $3.5 million, compared to $3.4 million for Q2 '24, increasing by 3.4%. Gross margin for Q2 '25 was 39.8%, compared to 34.9% for Q2 '24.

在 IT、生命科學和數據解決方案領域，2025 年第二季的毛利為 350 萬美元，而 2024 年第二季的毛利為 340 萬美元，成長了 3.4%。2025 年第二季的毛利率為 39.8%，而 2024 年第二季的毛利率為 34.9%。

Regarding our balance sheet, though operating cash flow was weak for the quarter coming off a strong Q1, we anticipate full year free cash flow to align with our net income. Specific to Q2, we had over $10 million from 2 major school clients delay due to school year 2024/2025. But we collected over 80% of that money and expect the rest to come in this quarter.

關於我們的資產負債表，儘管第一季表現強勁，但本季的營運現金流較弱，但我們預計全年自由現金流將與我們的淨收入保持一致。具體到第二季度，由於 2024/2025 學年，我們從兩所主要學校客戶那裡獲得了超過 1000 萬美元的延期付款。但我們已經收回了超過 80% 的資金，預計剩餘資金將在本季到位。

As a reminder, we have significant seasonality in Q3 with summer school closings and heavy vacation months for our billable workforce, which makes Q3 challenging to forecast. We do expect to continue to deliver at least low double-digit growth in adjusted EBITDA for the second half of fiscal 2025.

提醒一下，第三季的季節性很強，暑假學校放假，而且我們的計費員工假期很長，這使得第三季的預測具有挑戰性。我們確實預計，2025 財年下半年調整後的 EBITDA 將繼續實現至少低兩位數的成長。

And while we don't expect the fourth quarter jump we saw in fiscal 2023, we do expect Q4 '25 will produce our highest adjusted EBITDA quarter for the year. This concludes our prepared remarks. At this time, we will open the call for questions.

雖然我們預計不會出現 2023 財年第四季那樣的成長，但我們預計 2025 年第四季將實現今年調整後 EBITDA 最高的季度。我們的準備好的演講到此結束。現在，我們將開始提問。

(Operator Instructions) And first up, I see Liam Burke of B. Riley Securities.

（操作員指示）首先，我見到了 B. Riley Securities 的 Liam Burke。

You talked about the data center infrastructure and the grid modernization and how that's accelerating. Could you give us some color on, you have some multiyear preferred partner agreements, how that's working and how that's helping you accelerate into that sector?

您談到了資料中心基礎設施和電網現代化以及其如何加速發展。您能否向我們詳細介紹一下，您有一些多年的優先合作夥伴協議，這些協議是如何運作的，以及這些協議如何幫助您加速進入該領域？

Yes, absolutely. Liam, I think it starts with some of the initiatives that we've had in place for a number of years that are starting to come to fruition. First and foremost, I'd point to some of the projects, and I call marquee projects, that are attracting a good bit of attention within the industry. So naturally, those become associated with your firm and there's brand equity that grows with it, and word spreads and the phone starts to ring a little bit more.

是的，絕對是。利亞姆，我認為這始於我們多年來實施的一些舉措，這些舉措開始取得成果。首先，我想指出一些項目，我稱之為大型項目，它們在業界引起了相當大的關注。因此，自然而然地，這些就會與您的公司聯繫起來，品牌資產也會隨之增長，消息會傳播開來，電話也會開始響得更多。

In addition to that, I think historically when you look at RCM, it has had a set of really good capabilities. Did not do a good job as far as coordinating and integrating the operations. That is something that we have put an increased focus on and really doubled down on in, call it, the last 12 to 18 months, and ultimately rolling that out to the marketplace. So I think some of it is RCM-specific, but also some of it is certainly industry-specific.

除此之外，我認為從歷史上看，RCM 擁有一系列非常好的功能。在協調和整合行動方面沒有做好。這是我們在過去 12 到 18 個月中更加重視並加倍努力的事情，最終將其推向市場。所以我認為其中一些是 RCM 特有的，但也有一些肯定是行業特有的。

Just at a very high level, I think we're all kind of reading the same things in the newspapers and through different media outlets, but I think the surge in spend that is, frankly, it's here, it's pretty overwhelming. I mean it's historic without a question. And it's really hard to find an argument that we're anything but in the early innings of it.

從非常高的層面來看，我認為我們都在報紙和不同的媒體上讀到同樣的東西，但我認為支出的激增，坦白說，它就在這裡，這是相當勢不可擋的。我的意思是，毫無疑問這是歷史性的。並且很難找到任何論點來證明我們還沒有處於早期階段。

So if anything, I think you -- when you look at the landscape of the industry, I think that we're facing a protracted secular bull market. And in many ways, it's almost guaranteed in my mind because you simply have a number of bottlenecks within the supply chain that just simply take years to unlock. So all else being equal, that would lengthen the cycle regardless.

因此，如果有什麼不同的話，我認為——當你觀察這個行業的情況時，我認為我們正面臨一個長期的牛市。從很多方面來看，我認為這幾乎是肯定的，因為供應鏈中存在許多瓶頸，需要花費數年時間才能解決。因此，在其他條件相同的情況下，無論如何這都會延長週期。

But from our perspective, I mean, the industry is so large and we're certainly starting to hit our stride at a good time that it's hard not to see it be a big positive for the business.

但從我們的角度來看，這個行業規模如此之大，而且我們肯定在一個很好的時機開始大步前進，很難不認為這對業務來說是一個巨大的利好。

You seem to be adding contracts in the health care space on the educational side. Are most of those still K-12? Or are you able to leverage your brand into other areas of education, like community college or other municipal health programs?

您似乎正在教育方面增加醫療保健領域的合約。其中大多數仍屬於 K-12 嗎？或者您是否能夠將您的品牌推廣到其他教育領域，例如社區大學或其他市政健康計劃？

No. They're primarily K-12. We're very, very excited about this coming school year. We've added another dozen or so new contracts, half of which we believe can be of a decent -- a meaningful impact to the revenue for the 2025/2026 school year. So we're having a lot of success in the K-12. That doesn't mean we're not looking at other areas, but we're pretty focused on K-12.

不。他們主要針對的是 K-12。我們對即將到來的新學年感到非常興奮。我們又增加了十幾份新合同，我們相信其中一半會對 2025/2026 學年的收入產生相當大的影響。所以我們在 K-12 領域取得了很大成功。這並不意味著我們不關注其他領域，但我們非常關注 K-12。

Just to follow on to that. You mentioned that you've gone in and you're taking new business at the expense of competitors. Is that a trend we can expect to continue to see as you continue to add districts?

只是繼續跟進這一點。您提到，您已經進入該領域，並且正在以犧牲競爭對手為代價來獲取新業務。隨著您繼續增加地區，我們是否可以預期繼續看到這種趨勢？

We better. Yes. No, we certainly expect that. And just to put a little bit more on that, while we are certainly grabbing market share from competitors, it is a high-growth market, right? So you don't necessarily need to grab market share from competitors to grow. But we look to do both, obviously.

我們最好。是的。不，我們當然期待這一點。再進一步說，雖然我們確實從競爭對手那裡搶佔了市場份額，但這是一個高成長的市場，對嗎？因此，您不一定需要從競爭對手那裡搶佔市場份額來實現成長。但顯然我們希望兩者兼顧。

Yes. The other thing, Liam, I'd add to that is if you step back and look at the K-12 market as leaders, right, I mean, like a lot of relatively nascent markets that are highly fragmented, there's really a lack of, call it, institutionalization, for a better term, best practices, et cetera. So kind of as a leader in that space, there's a big opportunity for us to step in and really demonstrate our knowledge base and ultimately win against some of the more local and regional competitors.

是的。利亞姆，我想補充的另一件事是，如果你退一步看看 K-12 市場，作為領導者，對吧，我的意思是，像許多相對新興、高度分散的市場一樣，確實缺乏所謂的製度化，更好的術語是最佳實踐等等。因此，作為該領域的領導者，我們有很大機會介入並真正展示我們的知識基礎，並最終戰勝一些更本地化和區域性的競爭對手。

And naturally, when you think about the different segments of the health care market, I mean, there are the things that make that market special, right? I mean the inability to replace that human touch, right? I mean you magnify that when you start to deal with kids. And so there's a significant opportunity from our perspective that, certainly from our vantage point and our size and given the market opportunity, there's a way to go there.

當然，當您考慮醫療保健市場的不同部分時，我的意思是，有些東西使得這個市場變得特別，對嗎？我的意思是，人情味是無可取代的，對嗎？我的意思是，當你開始和孩子打交道時，你會把這一點放大。因此，從我們的角度來看，這是一個重大機遇，當然從我們的優勢和規模以及市場機會來看，我們有辦法實現這一目標。

William Bill Sutherland of Benchmark.

Benchmark 的 William Bill Sutherland。

On Health Care, Kevin, did you give the breakout of school and other?

關於醫療保健，凱文，您是否介紹了學校和其他方面的情況？

Yes, we did. Hold on, let me just.

是的，我們做到了。稍等一下，讓我先。

I can get that later then.

我可以稍後再得到它。

Well, I can give you real fast. It's 30 -- we were at $37.2 million for schools and $5.6 million for non-school for the quarter.

好吧，我可以很快給你。是 30——本季我們用於學校的支出為 3720 萬美元，用於非學校的支出為 560 萬美元。

Okay. Interested in that internal training program you mentioned. Can you give us some color on that, in health care?

好的。對您提到的內部培訓計劃很感興趣。您能為我們介紹一下醫療保健方面的情況嗎？

In terms of our internal training program? Yes. I mean we go out, we find people that we think would make good candidates for our schools and we train them up ourselves. And we have training centers in several different locations. It's not something I want to speak a lot about just for competitive reasons. But yes, we...

就我們的內部培訓計劃而言？是的。我的意思是，我們走出去，找到我們認為適合我們學校的人，然後我們親自培訓他們。我們在多個不同的地方設有訓練中心。出於競爭的原因，我不想談論太多這個話題。但是的，我們…

Are these paras or is this -- I mean, because you're doing a lot of behavioral health now.

這些是副詞還是——我的意思是，因為你現在正在做很多行為健康的事情。

It can be paras or RBTs as well, but mainly paras. But there are other types of people that we engage in training as well.

它也可以是 paras 或 RBT，但主要是 paras。但我們也對其他類型的人進行培訓。

Okay. And what about the international nurse side? I know you've been.

好的。那麼國際護理師方面的情況如何？我知道你去過。

Yes. Well, they just moved up visa retrogressions for a couple of countries. And we think we're probably going to have about, I don't know, 15 to 20 nurses coming in either this year or early next year. But if the visa retrogression gets moved, which we think it will at some point, we could have who knows how many. We have probably 500 nurses in our pipeline that are interested in coming to the US If you have any inroads with this administration, please write a letter.

是的。嗯，他們剛剛提高了幾個國家的簽證排期。我們認為，今年或明年年初我們可能會有大約 15 到 20 名護理師加入。但如果簽證排期得到調整（我們認為在某個時候會發生這種情況），誰知道會有多少人受到影響。我們大概有 500 位護理師有興趣來美國，如果您與本屆政府有任何進展，請寫信。

Yes. I wish I did. The Engineering GM bounced back very nicely, as you guys noted. Is this kind of a level we should think about as kind of where the business is at this point?

是的。我希望我能做到。正如你們所注意到的，工程總經理恢復得非常好。我們是否應該將這種水平視為目前業務所處的位置？

I think it's a good indication of where the business is. But like I said earlier, it's volatile, right? You're going to see quarters where it spikes up and you're going to see quarters where it spikes down, depending on what the mix shift is. And as we said on our last call, we're very, very focused on gross profit dollars, and then managing the cash flow around those gross profit dollars.

我認為這很好地表明了業務的現狀。但就像我之前說的，它是不穩定的，對吧？你會看到它在某些季度飆升，也會看到它在某些季度下降，這取決於混合變化的情況。正如我們在上次電話會議上所說的那樣，我們非常非常關注毛利，然後管理圍繞這些毛利的現金流。

So if we drop under 20% and we have strong gross profit, that's great. If we push it up and we have strong gross profit, that's great too. We're just really, really focused on gross profit dollars.

因此，如果我們的毛利率低於 20%，並且擁有強勁的毛利，那就太好了。如果我們提高它並且獲得強勁的毛利，那也很好。我們真的非常關注毛利。

Next up, we have William Duberstein, Stone Oak Capital.

接下來是 Stone Oak Capital 的 William Duberstein。

Nice to talk to you guys again. Great quarter. A couple of details coming through. Nice sequential improvement in the Engineering gross margins. But just double clicking on that, you guys are, I think, winning a lot of new customers.

很高興再次與你們交談。很棒的一個季度。有幾個細節正在透露。工程毛利率連續良好提升。但只要雙擊它，我想你們就會贏得很多新客戶。

Could we expect new contracts to sort of -- with new clients to sort of start at a lower gross margin and then potentially expand over time as you prove yourselves out? Or is it just sort of standard between -- I don't know if you want to get into your contract.

我們是否可以預期與新客戶簽訂的新合約的毛利率會從較低的水平開始，然後隨著你們證明自己的實力而逐漸擴大？或者這只是一種標準——我不知道您是否想簽訂合約。

You're talking about Engineering?

您說的是工程學嗎？

Engineering specifically.

具體來說就是工程。

We don't really look at it that way. I mean certainly, if we really want to get into a client and we need to bid something in the lower margin than we normally would, we certainly will consider doing that, and would do that for the right client. But for the most part, we're looking to get our margin that we think is fair and competitive.

我們其實並不這麼認為。我的意思是，如果我們真的想獲得一個客戶，並且我們需要以比通常更低的利潤率出價，我們肯定會考慮這樣做，並且會為合適的客戶這樣做。但在大多數情況下，我們都希望獲得我們認為公平且有競爭力的利潤。

And I don't think that it's, frankly, it's a super price-sensitive market. I mean it's price sensitive, of course, you're dealing with utilities. But they're much more interested in quality than they are on a couple of points or a couple of bucks. And obviously, they don't know what your margins are. But there's a lot of work out there, right? And quality work gets more work, at good margins. And that's the way that we kind of see it.

坦白說，我不認為這是一個對價格極為敏感的市場。我的意思是它對價格很敏感，當然，你正在處理公用事業。但他們更感興趣的是質量，而不是幾點或幾塊錢。顯然，他們不知道你的利潤是多少。但還有很多工作要做，對吧？高品質的工作能帶來更多的工作，而且利潤豐厚。這就是我們的看法。

The biggest reason why you potentially see lower margins in our Engineering Group is when we have our fixed-price contracts that in any given quarter are heavy on the subs, and we have the subs costs running through our income statement, we're going to see -- we

我們工程集團利潤率可能較低的最大原因是，當我們簽訂固定價格合約時，在任何一個季度，我們的訂閱費用都佔很大比例，而且訂閱費用會貫穿我們的損益表，我們會看到——我們

don't make the same margin on our subs, obviously, than we do on our internal salaried engineers. So that's typically why you're going to see a little bit -- where you might see it drop a little bit. And there are other factors involved.

顯然，我們從潛艦上獲得的利潤與我們從內部受薪工程師身上獲得的利潤不一樣。所以這就是為什麼你會看到一點點——你可能會看到它下降一點點。還有其他因素也參與其中。

But when we start talking about Engineering and we look at the 3 pillars, Aerospace is a little bit more competitive, so those margins tend to be a little bit lower, but the other 2 groups in terms of Energy Services and our Industrial Processing, those margins are generally pretty good. But again, they will come down depending on what's running through the projects in any given quarter, as I talked about in terms of how much of our revenue is driven by our subs. Does that make sense?

但是，當我們開始談論工程並研究三大支柱時，航空航太的競爭力會更強一些，因此利潤率往往會低一些，但就能源服務和工業加工而言，另外兩個群體的利潤率通常都相當不錯。但同樣，它們會根據特定季度的專案進度而下降，正如我所說的，我們的收入有多少是由我們的訂閱推動的。這樣有道理嗎？

Yes, absolutely. It was nice to see the improvement there from last quarter. And then just.

是的，絕對是。很高興看到與上一季相比有所改善。然後就這樣。

Yes, we're generally trying to drive margins in the Engineering above where we were in the second quarter. But it just -- again, it just depends on the mix shift.

是的，我們總體上試圖將工程部門的利潤率提高到第二季的水平以上。但它只是——再說一次，它只是取決於混合轉變。

Got it. That's helpful. And then just bringing back up the cash collections. I know you mentioned it in your opening remarks. Should we expect receivables to go up at the end of Q2 because it's the end of the school year? Or was this quarter sort of -- were there idiosyncratic factors between those 2 schools you mentioned?

知道了。這很有幫助。然後重新收取現金。我知道您在開場白中提到了這一點。由於學年結束，我們是否應該預期第二季末應收帳款會增加？或者這個季度有點——您提到的這兩所學校之間是否存在特殊因素？

Well, it's really both. The 2 schools that we mentioned just frankly ran out of money on their POs and they couldn't pay us until they got new POs. And that happens. Look, we crushed it with those 2 schools, so they ran out of money to pay us, which happens in the school systems.

嗯，實際上兩者都有。坦白說，我們提到的兩所學校的採購訂單資金已經用完了，而且在獲得新的採購訂單之前，他們無法向我們付款。事情就是這樣的。你看，我們打敗了那兩所學校，所以他們沒有錢支付我們了，這種情況在學校系統中經常發生。

But that's okay. I'll wait. We'll wait for the money and drive the revenue because we always get paid by the schools, like we'd never have write-offs, and -- or virtually never. And they got the POs in place and we've actually been paid about 80% of the money today. And I just got a notice yesterday, we're going to get the rest of it next week.

但沒關係。我會等待。我們會等待資金並增加收入，因為我們總是從學校獲得報酬，就像我們永遠不會有註銷一樣，或者幾乎永遠不會。他們已經準備好了採購訂單，我們今天實際上已經收到了大約 80% 的款項。我昨天剛收到通知，我們將在下週收到剩餘部分。

So yes, I mean, it's unfortunate that our receivables don't look great at the end of Q2, but it's a temporary situation, it's cyclical, and we should see those receivables come down in Q3 most likely, although depending on how much we're pushing the envelope with some of these new schools, maybe it will be up. But if it's up, it will be a good thing.

是的，我的意思是，很遺憾我們的應收帳款在第二季末看起來不太好，但這只是暫時的情況，是周期性的，我們應該會在第三季度看到這些應收帳款下降，儘管這取決於我們在多大程度上推動這些新學校的發展，也許它會上升。但如果上漲，那將是一件好事。

Got it. That makes a lot of sense. And then finally, on a previous question, I think you touched on immigration and that you have a lot of nurses interested in coming to the US Is immigration and supply a gating factor at all right now? I mean you guys posted great numbers there, so probably not. But I was just wondering if it was possible you could have done even more if the supply side opened up more, or if that's just sort of a future factor.

知道了。這很有道理。最後，關於先前的問題，我認為您提到了移民問題，並且有很多護理師有興趣來美國。移民和供應現在是一個限制因素嗎？我的意思是你們在那裡發布了大量數據，所以可能不是。但我只是想知道，如果供應方進一步開放，是否有可能做得更多，或者這只是一種未來的因素。

Let me tell you how we look at it, which is pretty simple. We're going to grow '25/'26 school year whether immigration opens up or not. We're very confident in our ability to grow our school business this school year compared to last school year. If immigration cooperates, it could make a difference between a good year -- like a good 2026 and an incredible 2026, right? So we'll see what happens.

讓我告訴你我們如何看待它，這很簡單。無論移民政策是否開放，我們都將在 25/26 學年擴大學生人數。與上個學年相比，我們對本學年學校業務的成長能力非常有信心。如果移民部門能夠合作，那麼 2026 年將會是一個好年頭，而 2026 年則是一個令人難以置信的年頭，對吧？所以我們拭目以待。

We just -- we can't obviously predict what's going to happen with immigration. We may not get any meaningful number of nurses in, in 2026. We may get 100 or more. It's really hard to say. But what we believe is that over time, immigration, usually comes around to the conclusion that, if you want nurses in this country, you better go get them from somewhere else, because they're just -- we're not making enough nurses in this country to satisfy demand. It's just that simple. And I don't see that changing anytime soon.

我們只是——我們顯然無法預測移民問題將會發生什麼。到了 2026 年，我們可能就無法招募到足夠的護理人員。我們可能會得到 100 個或更多。這真的很難說。但我們相信，隨著時間的推移，移民通常會得出這樣的結論：如果你想在這個國家招募護士，你最好從其他地方招募，因為我們國家沒有足夠的護士來滿足需求。就這麼簡單。而我認為這種情況短期內不會改變。

Got it. Great. Hopefully, that does open up.

知道了。偉大的。希望這確實能實現。

(Operator Instructions) Next up, we have Ben Andrews.

（操作員指示）接下來有請本·安德魯斯。

I enjoyed the quarter. Thank you very much. I'd like to just make a couple of statements and then just give me feedback on what you can and your thoughts. If I look at RCM and kind of the bigger trends out there, and I think you've positioned the company in two areas where the wind seems pretty strong at your back, which is the education and the Engineering T&D, and those trends seem to -- looks to me at least to be multi-years going forward.

我很享受這個季度。非常感謝。我想發表幾點聲明，然後請您就您所能做的和您的想法給我回饋。如果我看一下 RCM 和那裡的更大趨勢，我認為您已經將公司定位在兩個風力似乎非常強勁的領域，即教育和工程 T&D，這些趨勢似乎 - 在我看來至少會持續多年。

And during the last three or so years, our stock has pretty much gone sideways. And I think you guys have done an excellent job before the stock took off and after the stock took off and has essentially gone sideways and fallen out of bed a lot of times, to reduce the share float. I think that was incredibly wise and some of the best I've seen over my career a management doing that.

在過去三年左右的時間裡，我們的股票基本上處於橫盤狀態。我認為你們在股票上漲之前和上漲之後都做了出色的工作，基本上多次橫盤整理和下跌，以減少流通股數。我認為這是極其明智的，也是我職業生涯中見過的最好的管理做法之一。

And so if I look at those two divisions where I think there's solid wind at your back, it seems that even though RCM's businesses can be volatile, it seems that like roughly $2 in EPS going forward per year seems achievable. It doesn't seem like you're going to do $1 or $0.50 or anything like that. It seems like you're going to be somewhere in a solid area like that.

因此，如果我看一下這兩個部門，我認為它們背後有強勁的動力，儘管 RCM 的業務可能不穩定，但每年大約 2 美元的每股收益似乎是可以實現的。看起來你不會花 1 美元或 0.50 美元或類似的東西。看起來你會在那樣一個堅實的區域的某個地方。

So my thoughts are -- and I mean, if we look at the stock trading action and stuff in these small cap stocks, as well as some of the large cap stocks, I don't even think there's humans trading them anymore. I just think it's just total AI.

所以我的想法是——我的意思是，如果我們看看這些小型股以及一些大盤股的股票交易行為和其他東西，我什至認為不再有人在交易它們了。我只是認為它完全是人工智慧。

And so my thoughts are, if we instated dividend, say, an $0.80 dividend, which should easily be covered if you're making a couple of bucks a year in EPS, open the world up to a little different shareholder base, and the people that own your shares and have been loyal to you for many years get a little bit of a boost.

因此我的想法是，如果我們設立股息，比如說 0.80 美元的股息，如果你每年的每股收益只有幾美元，那麼這筆錢應該很容易支付，這將為股東群體帶來一些不同的變化，而那些擁有你的股票並多年來一直忠於你的人會得到一點提振。

And I just think kind of where you're positioned now after these hard work to maneuver some of these divisions and what the divisions can throw off in EPS and kind of where the stock is to where you've been buying it back historically, I just think -- I'm trying to -- I just think it's a much better case to implement a dividend.

我只是在想，在經過這些艱苦的努力來調整這些部門之後，你現在處於什麼位置，這些部門會對每股收益產生什麼影響，以及股票價格與你過去買回的股價相比處於什麼水平，我只是在想——我正在努力——我只是認為實施股息是一個更好的例子。

Yes, Ben. Look, that's a fair question. That's something, as you know, I think about often. We dialogue about it frequently as well. And look, depending on the facts and circumstances of the moment, you might come out on a different side of the ledger, right?

是的，本。瞧，這是一個公平的問題。正如你所知，這是我經常思考的事情。我們也經常討論這個問題。而且，根據當時的事實和情況，你可能會得出不同的結論，對嗎？

So what I'll say where we sit today is the company is in a really good spot. And I think that the ability to put a dividend in place with a completely debt-free balance sheet, having reduced, call it, 45% of the share count, maybe you have a small net cash position, it probably makes as much sense as ever. And it's something that we'll continue to evaluate. And as that day gets closer, it could become more of a reality.

所以我想說的是，我們今天所處的位置非常好。我認為，在完全無債務的資產負債表上支付股息的能力，減少了 45% 的股份數量，也許你有一個小的淨現金頭寸，這可能和以往一樣有意義。我們將繼續評估此事。隨著那一天的臨近，它可能會變得更加現實。

That being said, there are some great things going on in the business right now. I agree with your assessment with respect to the transformation of the capital markets, particularly in our segment of the marketplace.

話雖如此，目前該行業確實正在發生一些偉大的事情。我同意您對資本市場轉型的評估，特別是在我們這個市場領域。

The flip side of that is when you have a lot less shares outstanding and a relatively limited supply of high-quality companies in this segment of the market, you could be the prettiest girl or guy at the dance, right, and having a clean balance sheet as growth accelerates with a lot less shares. As you know, this is something that hasn't changed in the last 20 or 30 years. These things can happen overnight in terms of stock appreciation.

另一方面，當你擁有的流通股數量少得多，而且這個市場領域的優質公司供應相對有限時，你可能成為舞會上最漂亮的女孩或男孩，對吧，而且隨著增長加速和股票數量少得多，你還可以擁有乾淨的資產負債表。正如你們所知，這是過去二三十年來從未改變的事。就股票升值而言，這些事情可能在一夜之間發生。

So in the meantime, appreciate the patience. We're in the trenches every single day working towards building the business and making it stronger. But the good news is we're not just getting stronger on an absolute basis; we're doing stronger on a relative basis and increasingly attractive.

因此，同時，請您耐心等待。我們每天都在努力工作，以建立並增強業務。但好消息是，我們不僅在絕對基礎上變得更強大；而且我們在相對基礎上也做得更強大，而且越來越有吸引力。

Also when you think about the funnel of opportunities, right, I think this is an area where our size is an advantage. As you continue to distinguish yourself, right, as a little -- I almost think of it as a little big company, right? We're a company that has a lot of big things, big attributes, but the reality is our size is relatively small from a valuation perspective. As bigger outcomes start to come to fruition, right, they have a disproportionate impact on the P&L.

另外，當您考慮機會管道時，我認為這是我們的規模具有優勢的領域。當你繼續讓自己脫穎而出時，對吧，作為一個小公司——我幾乎認為它是一家小大公司，對吧？我們是一家擁有許多大事、大屬性的公司，但從估值角度來看，我們的規模其實相對較小。隨著更大的成果開始實現，對吧，它們對損益表產生不成比例的影響。

Like for example, I appreciate your $2 earnings figure. But I got to tell you, I'm going to be pretty disappointed if we're only at $2 of earnings 24 months from now. We very much think of the company as a growth company, especially when you start to think about our performance relative to our peer base, of all sizes really. We've significantly outperformed on a relative basis and we anticipate an attractive performance on an absolute basis.

比如說，我很欣賞你的 2 美元收入數字。但我得告訴你，如果 24 個月後我們的收益只有 2 美元，我會非常失望。我們非常認為公司是一家成長型公司，尤其是當你開始考慮我們相對於各種規模的同行的表現時。從相對基礎來看，我們的表現已經明顯優於其他公司，我們預計從絕對基礎來看，我們的表現也會非常出色。

So the valuation will take care of itself. I mean just to sum it up.

因此估值將自行解決。我只是想總結一下。

Yes, I agree. I agree. And I agree with your assessment that usually you can put in work for years and then, all of a sudden, your valuation comes all within 30 days, even though you're sitting around 36 months waiting for it. It usually is what happens, especially with these smaller cap stocks.

是的，我同意。我同意。我同意你的評估，通常你可以投入多年的工作，然後突然之間，你的估值會在 30 天內出來，即使你已經等待了 36 個月。通常都會發生這種情況，尤其是對於這些小型股而言。

The reason I kind of threw that $2 out there, because I think it's a pretty solid number by me just looking at your divisions, and you certainly don't want to overreach when you put in a dividend. If you put in a $0.80 dividend, then you still got money to still pay down debt, you still got money to do some IP acquisitions.

我之所以給出這 2 美元，是因為我認為從你們的分部來看，這是一個相當可靠的數字，而且你們肯定不想在派發股息時過度支出。如果您投入 0.80 美元的股息，那麼您仍然有錢償還債務，並且仍然有錢進行一些智慧財產權收購。

I think where we were aligned in conversations from the past is I think it's wise to spend money to buy IP and so it can be assimilated in your company, rather than doing some huge acquisition that often ends up blowing up in your face 24 months later.

我認為，我們在過去的談話中達成了一致，我認為花錢購買智慧財產權並讓其融入公司是明智之舉，而不是進行大規模收購，因為這種收購往往會在 24 個月後以失敗告終。

So that was the thought, where money is spent more evenly across a couple of areas rather than just one area. But I appreciate your thoughts and I appreciate how you guys have built this company. So thank you.

所以這就是我們的想法，將資金更均勻地花在幾個領域，而不是只花在一個領域。但我很欣賞你們的想法，也很欣賞你們為建立這家公司所做的努力。所以謝謝你。

One more thing I'd just insert in there, Ben, right? And just to emphasize, working towards a clean balance sheet, we think our balance sheet is well within the range. We're very comfortable in our target range, I'll call it, loosely defined. As you think about the potential outcomes that exist for a company our size, particularly to the upside, right, in this dynamic of an environment, right?

我還要插入一件事，本，對吧？需要強調的是，我們致力於打造一個乾淨的資產負債表，我們認為我們的資產負債表完全在範圍內。我們對我們的目標範圍感到非常滿意，我稱之為廣泛的定義。當您考慮我們這樣規模的公司可能存在的結果，特別是在這種動態環境中可能出現的好處時，對嗎？

So having a clean balance sheet is really -- it's almost a strategic asset in a lot of ways, because some of these partnership dialogues, right, I mean, they could be obviously material. And ultimately, that's why we refer to them and we move them forward. And they oftentimes, they start off on solid footing and then they grow every single year, and you wake up a few years down the road and they're very sizable.

因此，擁有一份乾淨的資產負債表實際上——在很多方面它幾乎是一項戰略資產，因為其中一些合作對話，對，我的意思是，它們顯然是重要的。最終，這就是我們參考它們並推動它們前進的原因。它們往往一開始基礎穩固，然後逐年增長，幾年後你醒來時會發現它們已經非常龐大了。

But look, I mean, sometimes they can go very, very rapidly too. Again, we're in dynamic markets. We've got -- we've positioned ourselves really well. We've got some really talented folks, we have discussions, right? And ultimately, how those mature, right, there's unknown aspects of that. But we want to position the company so we can maximize the value of those discussions, right, when that moment comes. So in other words, those opportunities for step-function growth, we're not constrained in any manner, frankly.

但是你看，我的意思是，有時它們也可以跑得非常非常快。再次強調，我們正處於充滿活力的市場。我們已經──我們已經把自己定位得很好了。我們有一些非常有才華的人，我們有討論，對嗎？而最終，它們會如何成熟，這還是未知的。但我們希望對公司進行定位，以便當那一刻到來時，我們可以最大限度地發揮這些討論的價值。換句話說，坦白說，我們不會受到任何限制，實現階梯式成長的機會。

Understood, Brad. And you're a people business, and I think levering up people businesses is not a great move. You can get lucky; but if you don't get lucky, then you're in a world of hurt. So I'd rather see a clean balance sheet. I agree with you.

明白了，布拉德。你們是一家以人為本的企業，我認為利用人為本的企業並不是一個好舉措。你可以走運；但如果你不走運，那麼你就會陷入痛苦之中。所以我寧願看到一份乾淨的資產負債表。我同意你的看法。

All right. This does conclude today's Q&A session. Speakers, I'll turn it over to you for concluding remarks.

好的。今天的問答環節到此結束。各位發言者，我現在將發言時間交給你們來做總結發言。

Thank you for attending our Q2 conference call. We look forward to our next update in November.

感謝您參加我們的第二季電話會議。我們期待 11 月的下一次更新。

Bye, everyone.

再見，大家。

All right. Ladies and gentlemen, this does conclude your call. You may now disconnect your lines, and thank you again for joining us today.

好的。女士們、先生們，你們的通話到此結束。現在您可以斷開線路了，再次感謝您今天的加入我們。