SP Plus Corp (SP) 2023 Q2 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Second Quarter 2023 SP Plus Corporation's Earnings Conference Call. (Operator Instructions). Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Kris Roy, Chief Financial Officer. Please go ahead.

美好的一天，感謝您的支持。歡迎參加 SP Plus Corporation 2023 年第二季財報電話會議。 （操作員說明）。請注意，今天的會議正在錄製中。現在我想將會議交給今天的發言人、財務長克里斯·羅伊 (Kris Roy)。請繼續。

Thank you, Catherine, and good afternoon, everyone. As Catherine just said, I'm Kris Roy, Chief Financial Officer of SP Plus. Welcome to our conference call following the release of our second quarter 2023 earnings. During the call today, management will make remarks that may be considered forward-looking statements, including statements as to the outlook and expectations for 2023 and statements regarding the company's strategies, plans, intentions, future operations and expected financial performance.

謝謝凱瑟琳，大家下午好。正如凱瑟琳剛才所說，我是克里斯羅伊，SP Plus 的財務長。歡迎參加我們發布 2023 年第二季財報後的電話會議。在今天的電話會議上，管理層將發表可能被視為前瞻性陳述的言論，包括有關 2023 年前景和預期的陳述，以及有關公司策略、計劃、意圖、未來營運和預期財務業績的陳述。

Actual results, performance and achievements could differ materially from those expressed or implied due to a variety of risks, uncertainties or other factors, including those described in the company's earnings release issued earlier this afternoon, which is incorporated by reference for purposes of this call and available on the SP Plus website and Risk Factors in the company's annual report on Form 10-K and quarterly reports on Form 10-Q and other filings with the SEC. In addition, management will discuss non-GAAP financial information during the call.

由於各種風險、不確定性或其他因素，實際結果、業績和成就可能與明示或暗示的結果、業績和成就存在重大差異，包括今天下午早些時候發布的公司財報中描述的內容，該財報出於本次電話會議的目的透過引用併入可以在 SP Plus 網站上查看，風險因素可以在公司 10-K 表格年度報告、10-Q 表格季度報告以及其他向 SEC 提交的文件中找到。此外，管理階層將在電話會議期間討論非公認會計準則財務資訊。

Management believes the presentation of non-GAAP results provides investors with useful supplemental information concerning the company's ongoing operations and is an appropriate way to evaluate the company's performance. They are provided for informational purposes only. A full reconciliation of non-GAAP financial measures to comparable GAAP financial measures were presented in the tables accompanying the earnings release. To the extent other non-GAAP financial measures are discussed on the call, reconciliations to comparable GAAP measure will be posted under the Regulation G tab in the Investor Relations section of the SP Plus website. Please note this call is being broadcast live over the Internet and is being recorded. A replay will be available on the SP Plus website shortly after the end of the call and will be available for 30 days from today. I will now turn the call over to Marc Baumann, our Chairman and Chief Executive Officer.

管理層認為，非公認會計準則業績的呈現為投資者提供了有關公司持續運營的有用補充信息，並且是評估公司業績的適當方式。它們僅供參考。收益發布隨附的表格中列出了非公認會計準則財務指標與可比較公認會計準則財務指標的全面調節表。如果電話會議上討論了其他非 GAAP 財務指標，則將在 SP Plus 網站投資者關係部分的 G 條例標籤下發布與可比較 GAAP 指標的調整表。請注意，本次通話正在透過網路進行現場直播並進行錄音。通話結束後不久，SP Plus 網站將提供重播，並且從今天起 30 天內可重播。我現在將把電話轉給我們的董事長兼執行長馬克鮑曼 (Marc Baumann)。

Thank you, Kris, and good afternoon, everyone. This is another strong quarter for SP Plus. Adjusted gross profit and adjusted EBITDA were at record levels for both the second quarter and first half of this year. By combining innovative technology solutions with a highly trained workforce, we continue to build on our competitive advantages, expand our addressable market and execute effectively on our long-term growth strategy. Adjusted gross profit increased at a double-digit rate, reaching a second quarter record for SP Plus driven by solid growth in both our commercial segment, which was up almost 9% year-on-year, and our Aviation segment, which was up 24% above last year's second quarter.

謝謝克里斯，大家下午好。這是 SP Plus 的另一個強勁季度。今年第二季和上半年的調整後毛利和調整後 EBITDA 均創歷史新高。透過將創新的技術解決方案與訓練有素的員工隊伍結合，我們繼續鞏固我們的競爭優勢，擴大我們的目標市場並有效執行我們的長期成長策略。調整後的毛利以兩位數的速度增長，在我們的商業部門（同比增長近9%）和航空部門（同比增長24%）的穩健增長的推動下，SP Plus 創下了第二季度的記錄。

This strong performance is largely due to our continued success in winning new business, growing net new locations as well expanding the scope of services we provide at existing locations. Commercial segment adjusted gross profit growth was achieved across nearly all verticals, led by hospitality, health care and large event venues. The breadth of capabilities we bring to clients is exceptional, positioning SP Plus as a leader in the digital transformation of our industry. We added 126 net new locations during the first half of 2023, with 55 net new locations added in the second quarter, our ninth consecutive quarter of net new location growth. At the same time, we succeeded in increasing our location retention rate to 94%, the highest in recent memory.

這種強勁的業績很大程度上歸功於我們在贏得新業務、增加淨新地點以及擴大我們在現有地點提供的服務範圍方面的持續成功。商業部門調整後的毛利幾乎在所有垂直領域都實現了增長，以酒店、醫療保健和大型活動場所為首。我們為客戶提供的廣泛能力非常出色，使 SP Plus 成為產業數位轉型的領導者。 2023 年上半年，我們淨新增門市 126 個，第二季淨新增門市 55 個，這是我們連續第九個季度實現新門市淨成長。同時，我們成功地將位置保留率提高到 94%，這是近期的最高水準。

Turning to Aviation. Q2 adjusted gross profit increased 24% year-over-year, reflecting both organic and acquisition growth as we benefited from new contract wins and renewals as well as expanded services we provide at 160 global airports. Notably, our curbside concierge service continues to gain traction. The pilot program we launched for the second airline is performing above expectations, and we anticipate to roll out this service at additional airports with this airline in the near term. Also, we expect to bring additional airlines onto the program, which provides a cost-effective way to ease congestion and enhance the travel experience. Gross profit from Technology Solutions continued to grow in the second quarter, and we are on track to double the 2022 contribution as a percentage of adjusted gross profit for the full year 2023.

轉向航空。第二季調整後毛利年增 24%，反映出有機成長和收購成長，因為我們受益於新合約的贏得和續約以及我們在全球 160 個機場提供的擴展服務。值得注意的是，我們的路邊禮賓服務繼續受到關注。我們為第二家航空公司推出的試點計畫的表現超出了預期，我們預計近期將與該航空公司在更多機場推出這項服務。此外，我們預計將有更多航空公司加入該計劃，這將提供一種經濟高效的方式來緩解擁堵並增強旅行體驗。技術解決方案的毛利在第二季度持續成長，我們預計將 2022 年的貢獻佔 2023 年全年調整後毛利的百分比翻倍。

More than 1/4 of the new locations added during the second quarter were for stand-alone spear deployments, where we currently do not provide other SPs services, illustrating the appeal of our technology solutions and the way they're expanding our addressable market. In addition to achieving strong financial performance, we succeeded in effectively executing on our long-term growth strategy in the second quarter. First, we strengthened our leadership position by bringing innovative technology solutions and superior operations to existing and new clients. A great example of this is the technology overhaul we implemented for the city of Richmond, Virginia. We replaced outdated equipment with our Sphere technology solutions which has already resulted in increased transactions as well as a significant boost in revenue.

在第二季新增地點中超過 1/4 是用於獨立的矛部署，我們目前不提供其他 SP 服務，這說明了我們的技術解決方案的吸引力以及它們擴展我們的目標市場的方式。除了實現強勁的財務業績外，我們在第二季度還成功有效地執行了長期成長策略。首先，我們透過為現有和新客戶提供創新的技術解決方案和卓越的營運來鞏固我們的領導地位。一個很好的例子就是我們為維吉尼亞州里士滿市所實施的技術改革。我們用 Sphere 技術解決方案替換了過時的設備，這已經導致交易量增加並顯著增加了收入。

Other benefits include improved operating performance, reduced operating costs and a completely digital frictionless consumer experience that eliminates the need for paper tickets. In Baltimore, SP Plus was chosen to design an ambitious and tech-forward parking plan for a large-scale development project to transform a former industrial port into a vibrant shopping in entertainment hub. Also, the city of Los Angeles, where we already operate one of the largest on-stream meter programs in the United States, recently awarded us an add-on contract to manage the parking for an additional 23 facilities consisting of off-street surface lots and parking structures, demonstrating how well our solutions and services are meeting the needs of the city.

其他好處包括提高營運性能、降低營運成本以及完全數位化的無摩擦消費者體驗，無需紙本門票。在巴爾的摩，SP Plus 被選中為一個大型開發項目設計雄心勃勃、技術先進的停車計劃，將一個前工業港口改造成一個充滿活力的購物娛樂中心。此外，我們已經在洛杉磯市運營了美國最大的實時計費表項目之一，最近還授予我們一份附加合同，負責管理另外 23 個設施（包括街外地表停車場）的停車服務和停車設施，展示我們的解決方案和服務如何滿足城市的需求。

We're experiencing similar positive momentum in our aviation business. Recent new awards in the Aviation segment include Omaha and West Palm Beach airports and contract renewals were secured at San Francisco, Detroit Metropolitan and Buffalo airports. In addition, we're beginning to regain traction with our sponsored remote airline check-in service. We recently started up operations at the Orlando airport and will shortly begin to provide remote airline check-in services at an airport serving a major tourist destination on the West Coast. We hope to be able to talk to you more about this win on our next call, and with the addition of one additional airline, our remote check-in services are now available to passengers traveling on 8 airlines, which account for 96% of domestic travel.

我們的航空業務也經歷了類似的正面勢頭。航空領域最近獲得的新合約包括奧馬哈機場和西棕櫚灘機場，並且舊金山機場、底特律大都會機場和布法羅機場已續約。此外，我們開始透過贊助的遠端航空公司登機服務重新獲得吸引力。我們最近在奧蘭多機場開始運營，並將很快開始在服務西海岸主要旅遊目的地的機場提供遠端航空報到服務。我們希望能夠在下次通話中與您詳細討論這場勝利，隨著另外一家航空公司的加入，我們的遠端報到服務現已向搭乘8 家航空公司的乘客提供，這些航空公司佔國內航班的96 %旅行。

Secondly, we continue to increase our addressable market and achieve revenue synergies in the second quarter. Plus is working together with public private partnerships or P3s that are helping universities monetize their assets with our role to bring being to manage their parking operations. The program has been so successful at one large university in Ohio at another university in the state adjacent to replicate and expand upon it on their campus. Our technology is designed to enable students, faculty staff and visitors to pay by phone, QR code or via text. Based on the success of our initial P3 deployment, we're seeing strong inbound activity to replicate this success and we expect this area of opportunity to continue to grow. With respect to revenue synergies, we recently launched our Aero Parker online parking reservation system at Houston's Intercontinental and -- have airports where SP Plus was already providing parking management services. We're working together with our Aero Parker colleagues to further leverage our relationships and combined expertise to gain additional synergies.

其次，我們在第二季度繼續擴大潛在市場並實現收入綜效。 Plus 正在與公私合作夥伴或 P3 合作，幫助大學將其資產貨幣化，而我們則負責管理其停車營運。該計劃在俄亥俄州的一所大型大學取得瞭如此成功，該州的另一所大學也在其校園內複製和擴展了該計劃。我們的技術旨在使學生、教職員工和訪客能夠透過電話、二維碼或簡訊付款。基於我們最初 P3 部署的成功，我們看到強勁的入站活動複製了這一成功，並且我們預計這一領域的機會將繼續增長。在收入綜效方面，我們最近在休士頓洲際機場推出了 Aero Parker 線上停車預訂系統，而 SP Plus 已經在一些機場提供停車管理服務。我們正在與 Aero Parker 同事合作，進一步利用我們的關係和綜合專業知識來獲得額外的協同效應。

Third, we continue to leverage and monetize our technology investments. In the second quarter, we processed 5.4 million transactions on FPS technology platforms, up 36% sequentially. Transactions in June are up almost 70% over December 2022. These transactions include reservations and on-demand transactions for both on and off-street parking as well as the large venues and payment processing for remote airline check-in and Concierge. These examples indicate how well our services are aligned with client demand and consumer preferences. And finally, last week, we announced the acquisition of certain assets of Roker, a provider of fully integrated parking solutions that simplify permit, violation and enforcement management for organizations and municipalities.

第三，我們繼續利用我們的技術投資並將其貨幣化。第二季度，我們在 FPS 技術平台上處理了 540 萬筆交易，較上季成長 36%。 6 月的交易量比 2022 年 12 月增加了近 70%。這些例子顯示我們的服務與顧客需求和消費者偏好的契合程度。最後，上週，我們宣布收購 Roker 的某些資產，Roker 是一家完全整合的停車解決方案提供商，可簡化組織和市政當局的許可、違規和執法管理。

We believe this transaction will enable SP Plus to take advantage of the demand for municipal clients for a comprehensive mobility solution that helps them leverage smart city applications and from health care and university clients looking to digitize the complex permitting requirements that are common on their campuses. This is the third technology acquisition we've made in the last 9 months, demonstrating our commitment to accelerate the pace of deployment of cutting-edge technology offerings, which is a key element of our continued growth. Now I'm going to turn the call back over to Kris for a financial review. Kris?

我們相信，此次交易將使 SP Plus 能夠滿足市政客戶對全面移動解決方案的需求，幫助他們利用智慧城市應用程序，以及希望將校園常見的複雜許可要求數位化的醫療保健和大學客戶的需求。這是我們在過去 9 個月內進行的第三次技術收購，反映了我們對加快尖端技術產品部署步伐的承諾，這是我們持續成長的關鍵要素。現在我要把電話轉回給克里斯進行財務審查。克里斯？

Thank you, Marc. Strong business momentum continued in the second quarter, enabling us to reaffirm our full year guidance. Consistent with prior quarters, comments about our financial performance and outlook, we'll focus on our assessed results. Adjusted gross profit and adjusted EBITDA were at record levels in the second quarter. Adjusted gross profit, which excludes depreciation as well as integration and restructuring costs increased 12% year-over-year to $66 million, attributable to a number of factors, namely increased profitability at same locations, new business wins and successful deployment of technology-enabled solutions at both existing and new locations. Adjusted EBITDA increased 9% to a record $34.4 million compared to $31.7 million in the same period last year.

謝謝你，馬克。第二季繼續保持強勁的業務勢頭，使我們能夠重申全年指引。與前幾季、有關我們財務表現和前景的評論一致，我們將重點放在我們的評估結果上。第二季調整後毛利和調整後 EBITDA 均創歷史新高。調整後毛利（不包括折舊以及整合和重組成本）年增12%，達到6,600 萬美元，這歸因於多種因素，即同一地點盈利能力的提高、新業務的贏得以及技術支持的成功部署現有和新地點的解決方案。調整後 EBITDA 成長 9%，達到創紀錄的 3,440 萬美元，而去年同期為 3,170 萬美元。

This is particularly impressive given we continue to invest in G&A to support technology solutions that position us to deliver sustainable long-term gross profit growth. Second quarter adjusted G&A, excluding acquisition, integration and other costs, was $30.6 million compared to $26.3 million in last year second quarter. This level was consistent with our comments on last earnings call. Note this level was consistent with our comments on the last earnings call, putting that Q1 adjusted G&A was a good run rate for the remainder of the year. Our expectation remains unchanged for the balance of the year. As a result of higher interest rates and increased D&A expenses from technology-related capital investments, second quarter 2023 adjusted earnings per share were $0.78 compared to $0.81 in the second quarter of last year.

鑑於我們繼續投資於一般管理費用以支援技術解決方案，使我們能夠實現可持續的長期毛利成長，這一點尤其令人印象深刻。第二季調整後的一般管理費用（不包括收購、整合和其他成本）為 3,060 萬美元，而去年第二季為 2,630 萬美元。這一水準與我們上次財報電話會議的評論一致。請注意，這一水平與我們在上次財報電話會議上的評論一致，即第一季調整後的一般費用和行政管理費用在今年剩餘時間裡是一個良好的運作率。我們對今年剩餘時間的預期保持不變。由於利率上升以及技術相關資本投資的 D&A 費用增加，2023 年第二季調整後每股收益為 0.78 美元，而去年第二季為 0.81 美元。

This was another solid quarter of cash flow generation, bringing our year-to-date operating cash flow to $21 million and free cash flow to $8.3 million compared to $35.7 million and $25.5 million in the year ago period, respectively. As a reminder, 2022 included the receipt of a onetime federal income tax refund of $2.5 million. Adjusting for this, operating cash flow in the first half was up 38% and free cash flow increased 66% year-over-year. Based on our visibility into the second half and our anticipation of continued investments for technology-related capital expenditures, we reaffirm our free cash flow guidance of $60 million to $70 million or approximately $3 to $3.50 per share, which at the midpoint is 35% above 2022 levels, adjusting for the tax refund.

這是現金流產生又一個穩健的季度，使我們年初至今的營運現金流達到 2,100 萬美元，自由現金流達到 830 萬美元，而去年同期分別為 3,570 萬美元和 2,550 萬美元。提醒一下，2022 年收到了 250 萬美元的一次性聯邦所得稅退稅。調整後，上半年營運現金流年增 38%，自由現金流年增 66%。根據我們對下半年的展望以及對技術相關資本支出持續投資的預期，我們重申自由現金流指引為 6000 萬至 7000 萬美元，即每股約 3 至 3.50 美元，中位數高出 35% 2022 年水平，針對退稅進行調整。

We expect to deploy our healthy cash flows, coupled with our $600 million credit facility to fund our capital allocation priorities, which include organic growth, acquisitions and share repurchases. With regard to our expectations for full year 2023, we are reaffirming our guidance on all metrics. Adjusted gross profit is expected to range from $240 million to $260 million, 11% above 2022 level at the midpoint. Adjusted EBITDA is expected to be in the range of $125 million to $135 million, 11% above or ahead of 2022 at the midpoint, and we're forecasting adjusted EPS to range from $2.70 to $3.20 per share, approximately 6% above 2022 levels at the midpoint.

我們期望利用健康的現金流以及 6 億美元的信貸額度來為我們的資本配置優先事項提供資金，其中包括有機成長、收購和股票回購。關於我們對 2023 年全年的預期，我們重申對所有指標的指導。調整後毛利預計在 2.4 億美元至 2.6 億美元之間，比 2022 年中點水準高出 11%。調整後EBITDA 預計在1.25 億美元至1.35 億美元之間，比2022 年中點高出11%，我們預計調整後每股收益將在2.70 美元至3.20 美元之間，比2022 年中點高出約6%。

As you update your models, I do want to point out that year-to-date revenues, excluding reimbursed management contract expenses increased 15% and adjusted gross profit increased 13% based on our increased gross profit contribution from higher-margin technology services and a greater proportion of management fee contracts, we expect this close correlation of revenue and gross profit trend to continue. Additionally, we still forecast 2023 G&A to be approximately $15 million higher than 2022, primarily due to technology-related investments that support future growth. With that, I'll turn the call back over to Marc.

當您更新模型時，我確實想指出，年初至今的收入（不包括已報銷的管理合約費用）增長了15%，調整後的毛利增長了13%，這是基於我們來自高利潤技術服務的毛利貢獻的增加和管理費合約比例較大，我們預期收入與毛利的這種緊密相關性趨勢將持續下去。此外，我們仍預測 2023 年的一般管理費用將比 2022 年高出約 1,500 萬美元，這主要是由於支持未來成長的技術相關投資。這樣，我會將電話轉回馬克。

Thanks, Kris. First half results, together with our current visibility, underpin our confidence that 2023 will be a record year for SPs in terms of adjusted gross profit and adjusted EBITDA performance, while we continue to make investments to support our multi-facet growth strategy. SPs continues to build its market leadership within a business environment where commercial, retail and travel activity is increasing and where clients and consumers are seeking solutions and services that reduce congestion and offer low friction transaction options. Through our ongoing investments in technology and people, we're leading the digital transformation of our industry and positioning SP Plus to capture the considerable growth opportunities ahead, providing innovative solutions to make every moment matter for a world on the go. Operator, I'd like to open the line for questions.

謝謝，克里斯。上半年的業績，加上我們目前的知名度，增強了我們的信心，即2023 年對於SP 來說，在調整後毛利和調整後EBITDA 業績方面將是創紀錄的一年，同時我們將繼續進行投資以支持我們的多方面成長策略。在商業、零售和旅遊活動不斷增加的商業環境中，客戶和消費者正在尋求減少擁塞並提供低摩擦交易選擇的解決方案和服務，服務提供者繼續在商業環境中建立其市場領導地位。透過我們對技術和人才的持續投資，我們正在引領產業的數位轉型，並使 SP Plus 能夠抓住未來巨大的成長機會，提供創新的解決方案，讓忙碌的世界的每一刻都變得重要。接線員，我想開通提問線路。

(Operator Instructions) Our first question comes from Daniel Moore with CJS Securities.

（操作員指令）我們的第一個問題來自 CJS 證券的 Daniel Moore。

Let me start with -- maybe I believe it's pronounced -- you announced it [Roker]. Maybe talk a little bit more about that opportunity to it you can disclose in terms of purchase price, kind of run rate revenue, but more importantly, the revenue model and what are the exact capabilities that they bring to the table that maybe would have been more difficult to build in-house.

讓我開始——也許我相信它是發音的——你宣布了它[Roker]。也許更多地談論這個機會，你可以在購買價格、運行率收入方面披露，但更重要的是，收入模式以及它們帶來的確切功能是什麼內部構建更加困難。

Sure. No, I'd be happy to, and I mean you do have it right at Roker. And we at SPs have been working in the areas that we talked about for some time. We have many municipal clients, university clients. and others. And what we have found is that there is some functionality out there that we really would like to add to the Sphere platform, and a bit like what we told you last year when we were acquiring divert, acquiring Roker gives us the ability to accelerate the deployment of additional functionality and in some cases, bring those things to market more quickly than we would have before. This is an early-stage company.

當然。不，我很樂意這樣做，我的意思是你在 Roker 確實擁有它。我們 SP 已經在我們討論的領域開展了一段時間的工作。我們有很多市政客戶、大學客戶。和其他人。我們發現，我們確實希望將一些功能添加到 Sphere 平台中，有點像我們去年收購 divert 時告訴您的那樣，收購 Roker 使我們能夠加速部署額外的功能，在某些情況下，比以前更快地將這些東西推向市場。這是一家早期公司。

Mostly, we were acquiring the capability to add to our platform, and it really is around digital permitting citations and enforcement, and in some areas, the complexity of some of the client requirements weren't met by the current sphere platform. So this will roll into the Spear platform. We expect to integrate it fairly quickly and be out in the marketplace, proposing on opportunities that will enable us to sell this additional functionality. It's not a big acquisition. It certainly doesn't contribute anything meaningfully to our P&L in the short run. It's more about making the Sphere platform more compelling in the marketplace.

大多數情況下，我們正在獲得添加到我們平台的能力，這實際上是圍繞數位授權引用和執行，在某些領域，當前的領域平台無法滿足某些客戶要求的複雜性。所以這將進入 Spear 平台。我們希望能夠相當快地將其整合並推向市場，並提出使我們能夠銷售此附加功能的機會。這不是什麼大收購。從短期來看，它肯定不會對我們的損益產生任何有意義的貢獻。更重要的是讓 Sphere 平台在市場上更具吸引力。

Very helpful. Maybe switching gears a little bit, and can you use the recent contract extension in the McCormick Place as an example perhaps. Maybe talk about how iris changing your positioning or leveraging and negotiating renewals. Are there specific examples of kind of cross-selling opportunities, incremental services that you're winning as these renewals come up?

非常有幫助。也許稍微換一下方式，你可以用最近在麥考密克廣場的合約延期作為例子嗎？也許可以談談 iris 如何改變您的定位或利用和談判續約。有沒有具體的例子來說明您在續約時贏得的交叉銷售機會和增量服務？

Yes. Well, as you pointed out, we did get a 5-year extension with McCormick Place in Chicago. It's a client we served for many, many years. It's a very complex operation, and I'm sure they recognize that we operate their facilities very, very efficiently, and that was really a key ingredient for us in the renewal. But in general, clients are looking to reduce congestion and friction, and whether that's in an event venue, like a McCarran Place Convention Center or just in the everyday movement of people in and around airports and away from curves, where we can bring technology solutions either through sphere or bags, we're actually solving a problem for the traveling public, and what we've learned in large venues, a big consideration for those clients is really getting people in before the activity starts and not having people leave before it's over.

是的。嗯，正如您所指出的，我們確實與芝加哥麥考密克會展中心續簽了 5 年合約。這是我們服務了很多年的客戶。這是一項非常複雜的操作，我確信他們認識到我們非常非常有效率地運作他們的設施，這確實是我們更新的關鍵因素。但總的來說，客戶希望減少擁塞和摩擦，無論是在麥卡倫廣場會議中心等活動場所，還是在機場內和周圍以及遠離彎道的人們的日常活動中，我們都可以提供技術解決方案無論是透過球體還是袋子，我們實際上是在為出行的公眾解決問題，而我們在大型場館中學到的東西，對於這些客戶來說，一個重要的考慮因素是在活動開始之前讓人們進入，並且在活動開始之前不讓人們離開。

So a lot of it is actually making it easy for people to get in and out. It's as simple as that, and of course, do that with our legacy operating business. But with technology, we have the tools to process transactions, to check credentials and to get people in and out more quickly than before.

所以很多事情其實是為了讓人們更容易進出。就這麼簡單，當然，我們的傳統營運業務也是如此。但有了技術，我們就有了處理交易、檢查憑證以及讓人員比以前更快進出的工具。

Excellent. Last for me, and I'll jump back in queue. It sounds like Kurt comes is starting to gain significant traction. I think you alluded to some additional airports but also probably as critical and expect additional airline agreements in the coming months, quarters? Any more detail on kind of the pace of those conversations.

出色的。對我來說是最後一個，我會插回隊列。聽起來庫爾特來了開始獲得巨大的關注。我認為您提到了一些額外的機場，但也可能同樣重要，並期望在未來幾個月、幾季達成更多航空公司協議？關於這些對話的節奏的更多細節。

Yes. Sue, if you'd like to address that. And I think as you know from the conversations we've had over the years and particularly pre-pandemic, their proprietary remote check-in tool, which as I commented to now accommodate airlines instead of 7 airlines, and that represents 96% of domestic implements offers the ability to get people checked in, in some cases, at the curve of the airport, but also in parking garages or other parking lots and other facilities away from the curb.

是的。蘇，如果你想解決這個問題的話。我認為，正如您從我們多年來的對話中了解到的，特別是在大流行前，他們專有的遠端報到工具，正如我所說，現在可以容納航空公司而不是7 家航空公司，這代表了國內96% 的航空公司在某些情況下，設備可以讓人們在機場的拐角處辦理登機手續，但也可以在停車場或其他停車場以及遠離路邊的其他設施中辦理登機手續。

So it's about reducing congestion through technology, and prior to the pandemic, the business model was to go to airports or cruise lines or ports and ask them to sponsor a model, so provide a free service for the traveling public, and there's a lot of interest in this tool. But in many cases, the concern that the sponsor was facing was, do I want to pay on behalf of the public? Do I want to pay on behalf of other stakeholders that might be benefiting from the service, and so coming out of the pandemic, our Bags leadership team recognized that there's a consumer pay model that really works, and that's what consumer or Keri concierge really is, and we've rolled it out to 40 airports with 1 airline.

所以這是透過科技來減少擁堵，在大流行之前，商業模式是去機場或郵輪公司或港口，要求他們贊助一個模型，所以為出行的公眾提供免費服務，而且有很多對這個工具感興趣。但在很多情況下，贊助商面臨的擔憂是，我是否要代表公眾付款？我是否想代表可能從該服務中受益的其他利害關係人付款？ 因此，在疫情結束後，我們的Bags 領導團隊意識到，存在著真正有效的消費者支付模式，而這正是消費者或Keri 禮賓服務的真正意義，我們已將其推廣到 1 家航空公司的 40 個機場。

We are having a successful pilot with a second airline and believe that we are on the verge of adding additional airports there. But as congestion continues to build and travel volumes go to levels above the pre-pandemic period, we're getting some inbound interest for the first time from other airlines that would like to join in and particularly because this service can be offered free to the airline. It doesn't cost them anything for this to be provided. But we're also seeing, and I mentioned this in the prepared remarks, that the sponsored model is coming back. There's many airports that have construction going on or the travel volumes are just way beyond the pre-pandemic levels.

我們正在與第二家航空公司進行成功的試點，並相信我們即將在那裡增加更多的機場。但隨著擁堵繼續加劇，旅行量達到大流行前水平以上，我們第一次從其他願意加入的航空公司那裡得到了一些入境興趣，特別是因為這項服務可以免費提供給航空公司。提供此服務不需要他們花費任何費用。但我們也看到，我在準備好的發言中提到了這一點，贊助模式正在回歸。許多機場正在進行建設，或者旅客量遠遠超出了大流行前的水平。

And so they're willing to entertain once again the idea of the sponsored model, and so we're now bringing a couple of those out as well. But fortunately for us, it's the same technology in either case, and the only question of whether the public is going to be paying for it, whether the client might pay for it or potentially even a hybrid model where it's subsidized by an airport or an airline on behalf of the public and then the public pays the rest. So I think we feel very confident we have the right tool for reducing congestion in the check-in experience, and what's exciting for us is to see that I think both pricing models are now gaining traction in the marketplace.

因此，他們願意再次考慮贊助模式的想法，因此我們現在也推出了其中的一些。但對我們來說幸運的是，無論哪種情況，都是相同的技術，唯一的問題是公眾是否會為此付費，客戶是否會付費，甚至可能是由機場或航空公司補貼的混合模式。公司代表公眾支付費用，然後公眾支付其餘費用。因此，我認為我們非常有信心擁有合適的工具來減少辦理登機手續的擁堵，令我們興奮的是看到兩種定價模式現在都在市場上獲得了關注。

And our next question comes from Tim Mulrooney with William Blair.

我們的下一個問題來自蒂姆·馬爾魯尼和威廉·布萊爾。

Kris, I'm looking at the SG&A, and I appreciate all the color you gave. But if I just step back and I look at SG&A as a percent of sales, let's say, 13% in the first half of '23, similar to 2022, but well above the pre-pandemic levels of around 9%, 10%, 11%. My question is, is this a temporary increase due to investments in technology? Or should we expect SG&A levels to remain around that, like 13%, 13% to 14% beyond the short-term guide that you gave for this year? Like has there been a structural change in your cost structure?

Kris，我正在查看 SG&A，我很欣賞你所提供的所有顏色。但如果我退後一步，看看 SG&A 佔銷售額的百分比，比如說 23 年上半年的 13%，與 2022 年類似，但遠高於大流行前約 9%、10% 的水平， 11%。我的問題是，這是由於技術投資而暫時增加的嗎？或者我們是否應該預期 SG&A 水準保持在該水準附近，例如超出您今年給予的短期指引的 13%、13% 至 14%？例如您的成本結構是否發生了結構性變化？

Yes. I mean, Tim, this is -- the short answer is no. I think where we have seen opportunities in terms of growth and in terms of new business wins, technology, we really want to make some of those investments. Those investments don't immediately contribute to gross profit on day 1, and so these are things that we think are out there in terms of providing for us to be able to deliver that kind of high single-digit growth in the long term. So there are some investments this year that will pay off in the latter part of this year and into next year. So I don't see that -- this is not a trend that's going to continue where we're going to continue to kind of continue to dump the P&L with G&A and investments. We think there's going to be some operating leverage as we kind of move forward through this year and into next year.

是的。我的意思是，提姆，簡短的回答是否定的。我認為，當我們看到成長、新業務、技術方面的機會時，我們確實希望進行一些投資。這些投資不會在第一天立即為毛利做出貢獻，因此我們認為這些投資可以使我們能夠在長期內實現這種高單位數成長。因此，今年的一些投資將在今年下半年和明年獲得回報。所以我不認為這種趨勢會持續下去，我們將繼續用一般管理費用和投資來拋售損益表。我們認為，隨著今年和明年的推進，將會有一些營運槓桿。

Okay. That's really helpful. Same question on CapEx. I look back at your P&L, I see $10 million, $10 million, $8 million, $9 million, and then $22 million in 2022, it's going to be another $20 million this year. Is that kind of the same story as with SG&A? Like you're making the investments now, but as a percentage of sales, that CapEx should go down over time? Or are we in a structurally different situation here?

好的。這真的很有幫助。關於資本支出同樣的問題。我回顧你的損益表，我看到 1000 萬美元、1000 萬美元、800 萬美元、900 萬美元，然後到 2022 年為 2200 萬美元，今年還會再增加 2000 萬美元。這與 SG&A 的情況相同嗎？就像您現在正在進行投資一樣，但作為銷售額的百分比，資本支出應該隨著時間的推移而下降？或者我們這裡的情況在結構上是不同的嗎？

I think it's -- we've certainly made some large investments last year. I think it was around 21%, 22% right around there in terms of CapEx this year. Certainly, we're -- if you look at it on a trend basis, we're kind of getting to that same point this year as it relates to CapEx, I think in the back part of the schedules, we kind of said $19 million to $21 million or so in terms of a range I think that's a good range for this year. I think as we look at future CapEx, you're going to probably see CapEx maybe come down a bit. I don't see that kind of upper levels sustaining through these next couple of years. But certainly, we're -- I think we really want to be focused on is are there things and Marc has mentioned this before, are there things that we can develop that we think will benefit the clients and allow us to grow faster, and so while I say I would expect it to come down slightly, I don't want to also stay off the table those opportunities to make investments that we think can facilitate faster growth.

我認為去年我們確實進行了一些大規模投資。我認為今年的資本支出約為 21%、22% 左右。當然，如果你從趨勢的角度來看，我們今年會達到與資本支出相關的相同點，我認為在時間表的後面部分，我們說 19 美元就範圍而言，我認為這是今年的一個不錯的範圍。我認為，當我們展望未來的資本支出時，您可能會看到資本支出可能會下降。我認為在接下來的幾年裡這種高層水平不會持續下去。但當然，我認為我們真正想要關注的是，馬克之前已經提到過，我們是否可以開發一些我們認為將使客戶受益並讓我們更快成長的東西，以及因此，雖然我說我預計它會略有下降，但我也不想放棄那些我們認為可以促進更快成長的投資機會。

Understood. We wouldn't want you to do that either. That makes sense. Just one more for me on your retention levels, I mean, 94% it's really high, the highest I think we've ever seen. Do your technology solutions make your services stickier? Or is it too early to say that those solutions are having a tangible impact on retention rates and it's just more about execution.

明白了。我們也不希望你這麼做。這是有道理的。我想再談談你們的保留率，我的意思是，94% 非常高，是我認為我們見過的最高的。您的技術解決方案是否使您的服務更具黏性？或者現在說這些解決方案對保留率產生了切實的影響是否還為時過早，而這更多的是關於執行。

Well, I think our thesis is that they will make it stickier. The more things that we provide for a client and do so successfully, the fewer options they have in terms of looking elsewhere to provide those services, and there's nothing easier for clients and they have a one-stop shop to do everything, and so whether a client needs boots on the ground or want need technology, needs both. We're there to provide it, and we're not just providing it in a simple scenario about surface parking lateral parking garage, but really all the various verticals and permutations of where people are parking, and so I think our ability to manage complex environments and bring technology along, if that's what the situation requires, I think it does make us more sticky to the client.

嗯，我認為我們的論點是他們會讓事情變得更有黏性。我們為客戶提供的東西越多並且做得越成功，他們在尋找其他地方提供這些服務方面的選擇就越少，對客戶來說沒有什麼比這更容易的了，他們有一個一站式服務來完成所有事情，所以無論是客戶需要腳踏實地或需要技術，兩者都需要。我們在那裡提供它，我們不僅僅是在一個關於地面停車橫向停車庫的簡單場景中提供它，而是實際上提供人們停車位置的所有各種垂直和排列，所以我認為我們有能力管理複雜的環境並帶來技術，如果情況需要的話，我認為這確實會讓我們對客戶更有黏性。

We're also benefiting, I think, from the fact that some of our competitors have not invested in technology and many are lagging in technology, and there's others who are struggling operationally and not really delivering value to the client base. And so our new business wins and the retention of our existing business, I think, are a reflection that when clients are thinking about who is best positioned to deliver against my objectives, they're thinking SP+.

我認為，我們也受益於這樣一個事實：我們的一些競爭對手沒有在技術上進行投資，許多競爭對手在技術上落後，還有一些競爭對手在營運上陷入困境，沒有真正為客戶群提供價值。因此，我認為，我們新業務的成功和現有業務的保留反映出，當客戶考慮誰最有能力實現我的目標時，他們會想到 SP+。

(Operator Instructions) Our next question will come from Marc Riddick with Sidoti.

（操作員說明）我們的下一個問題將由 Marc Riddick 和 Sidoti 提出。

So I was wondering if you could talk maybe sort of stretching out on the retention question because certainly, 94% is obviously really, really good. I was wondering if you could talk a little bit about maybe some of the pricing dynamics that you're seeing as far as renewals as well as -- and certainly, I appreciate you providing color on net new wins and the technology contributions -- spice contributions to the new wins. So maybe you can talk a little bit about sort of the pricing dynamic when renewals come up, and as well, maybe if you could talk then segue into maybe the labor environment, inflationary realities.

所以我想知道你是否可以談談保留率問題，因為當然，94% 顯然非常非常好。我想知道您是否可以談談您所看到的續訂方面的一些定價動態以及——當然，我很感謝您為淨新勝利和技術貢獻提供色彩——香料為新的勝利作出貢獻。因此，也許您可以談談續約時的定價動態，也許您可以談談勞動力環境和通貨膨脹的現實。

Sure. I mean, I would say that the competitive dynamic on pricing hasn't really changed much for a long, long time, and I think that's partly -- we're talking about the pricing of what we charge for our services as opposed to what the consumer pays -- and the reality is, is that what we are charging a client to manage their facility or bring in technology solutions is a very small amount as a percentage of revenue, and so I think when a client is looking at who's going to provide the services, they're really looking at who is best poised to execute and deliver the value that the client is looking for, whether it's a low friction consumer experience, updated technology or maximizing profit, and so I don't think that competitive pricing environment has changed much.

當然。我的意思是，我想說，在很長一段時間內，定價方面的競爭動態並沒有真正發生太大變化，我認為這在一定程度上是——我們談論的是我們對服務收取的費用，而不是我們的服務定價。 ，他們真正關注的是誰最有能力執行和交付客戶所尋求的價值，無論是低摩擦的消費者體驗、更新的技術還是利潤最大化，所以我不認為競爭性定價環境發生了很大變化。

One of the things that's new for us is that as we have developed the Ser platform, we're able to offer it to clients at literal or no upfront cost that the transaction volumes are high and a lower cost than maybe some of the traditional parking equipment companies are charging for those locations that don't have a lot of transactions, and that's because we're asking the consumer to pay a transaction fee, and so if a client or prospective client has the ability to upgrade antiquated technology, capture more revenue and have more reliability in their tech platform and not have to make the capital outlays that they might have, and of course, as we -- as people feel financial pressures or higher interest rates and the like, not having to make capital outlays is an important priority for a lot of both of our current clients and prospective clients. I think the labor challenges have moderated significantly. Obviously, coming out of the pandemic, there was a big reset that went on in terms of people who weren't in the workforce.

對我們來說新的事情之一是，隨著我們開發了Ser 平台，我們能夠以字面上的成本或無前期成本向客戶提供該平台，交易量很高，而且成本可能比某些傳統停車位更低設備公司對那些沒有大量交易的地點收費，這是因為我們要求消費者支付交易費，因此，如果客戶或潛在客戶有能力升級過時的技術，則可以獲得更多收入，並且在他們的技術平台上有更多的可靠性，並且不必進行他們可能擁有的資本支出，當然，正如我們一樣，當人們感受到財務壓力或更高的利率等時，不必進行資本支出是對於我們許多現有客戶和潛在客戶來說，這是一個重要的優先事項。我認為勞動挑戰已顯著緩解。顯然，在疫情結束後，非勞動力人口發生了巨大的重置。

Wage rates rose significantly in many places, and of course, there's a lot of demand for delivery drivers and the like. I think some of those industries have plateaued in terms of their growth trajectories, and so we're finding in general that the labor market is in much better condition than it was, say, a year or 2 years ago. But that being said, it's another attraction of our business model where we are heavily skewed toward management type contracts, and of course, as you know, on the fixed fee contracts, increases in labor costs are passed on to the client, and so they don't affect our P&L directly.

很多地方薪資水準大幅上漲，當然對送貨司機之類的需求也很大。我認為其中一些行業的成長軌跡已經趨於穩定，因此我們發現勞動市場的狀況總體上比一年前或兩年前要好得多。但話雖這麼說，這是我們商業模式的另一個吸引力，我們嚴重偏向管理型合同，當然，正如你所知，在固定費用合同中，勞動力成本的增加被轉嫁給了客戶，因此他們不會直接影響我們的損益。

Great, and then I was wondering if you could shift gears. It seems as though from the prepared remarks as well as the press release that the strength that you're seeing and the activity that you're seeing is quite broad race when it comes to industry vertical customers and the like. I was wondering if you could sort of maybe touch us -- bring us on to date on, are you seeing any particular geographies that are maybe a little more active than others as far as bringing on new business wins? Or are there any sort of -- it seems there's a lot of green shoots but want to if there are any areas that little greener than others.

太好了，然後我想知道你是否可以換檔。從準備好的評論和新聞稿來看，當涉及到行業垂直客戶等時，您所看到的實力和活動似乎是相當廣泛的競爭。我想知道您是否可以聯絡我們 - 讓我們了解最新情況，您是否看到任何特定地區在帶來新業務勝利方面可能比其他地區更加活躍？或者是否有任何類型的——似乎有很多綠芽，但希望是否有任何區域比其他區域綠一點。

Yes. No, that's a great point. I'd say it's fairly broad based. I mean there's strong economic activity everywhere, and of course, we're seeing, for the most part, the hybrid working model has, I think, become the new normal, and so there's certain dates of the week that have a lot of parking demand and there's other days of the week that have less demand. But certainly, as those -- as the people that serve people traveling for work have lifted their businesses, they're saying, "Where do I bring new technology to drive cost out of my business operation? Do I have technology solutions that are innovative and can deal with the fact that there are fewer monthly parkers now and more daily parkers, and so interestingly, a lot of our growth in new locations is really coming from commercial office buildings, hotels, retail, mixed-use and residential properties.

是的。不，這是一個很好的觀點。我想說它的基礎相當廣泛。我的意思是，到處都有強勁的經濟活動，當然，我們看到，在很大程度上，我認為混合工作模式已經成為新常態，所以一周中的某些日期有很多停車位需求旺盛，而一周中的其他幾天需求較少。但當然，隨著那些為出差人員提供服務的人們提升了他們的業務，他們會說：「我應該在哪裡引入新技術來降低業務運營成本？我是否擁有創新的技術解決方案並且可以應對這樣一個事實：現在每月停車的人越來越少，每天停車的人越來越多，因此有趣的是，我們在新地點的增長實際上來自商業辦公大樓、酒店、零售、混合用途和住宅物業。

So I think these are the people that are super excited about how do we drive efficiency with technology, maybe take operating costs out of the business, and how do we ensure that we have optimally priced the parking and of course, through our digital tools, our parking.com mobile app, our web-scraping tools for -- and our yield management experts and analysts are able to advise clients and what the optimal parking rates should be and really are able -- we are able to drive through our digital marketing programs to create solutions to drive demand to the parking facilities that we operate, and in these economic times, that's a major focal point for our client base or our prospective client base.

因此，我認為這些人對我們如何利用技術提高效率，也許可以降低業務運營成本，以及我們如何確保我們的停車定價處於最佳狀態，當然，透過我們的數位工具，感到非常興奮，我們的parking. com 行動應用程式、我們的網頁抓取工具以及我們的收益管理專家和分析師能夠為客戶提供建議以及最佳停車費應該是多少以及真正能夠實現的——我們能夠推動我們的數位行銷制定解決方案來推動我們營運的停車設施的需求的計劃，在當前的經濟時期，這是我們的客戶群或潛在客戶群的主要焦點。

Obviously, many markets are experiencing more congestion because of migration, the Southeast and the Southwest have already had a big uptick people. But even in some of our legacy markets we're seeing in places like New York and others, we're seeing nice same-store growth taking place across our portfolio, and I think it's just a reflection of the fact that people are out and about and are there pretty much returned to normal now that the pandemic is behind us.

顯然，許多市場因移民而變得更加擁堵，東南部和西南部的人口已經大幅增加。但即使在紐約和其他地方的一些傳統市場中，我們也看到我們的投資組合中出現了良好的同店增長，我認為這只是人們外出和購物這一事實的反映。是否已基本恢復正常。

Great, and then last one for me. I think the announcement of the Roker acquisition, I think it was like the day after we did our previous note. So I did want to sort of add to if you could sort of bring us up to date as to kind of what you're seeing as far as the potential acquisition pipeline out there. It's certainly -- technology is certainly one of the key priority areas. But I just wonder if you could talk a little bit about what the pipeline kind of looks like and valuations, and it seems as though there's more room to grow there, but maybe sort of bring us update on what you're seeing out there...

太棒了，然後是我的最後一篇。我認為收購 Roker 的消息就像我們做完上一篇筆記後的第二天一樣。因此，我確實想補充一點，如果您能讓我們了解您所看到的潛在收購管道的最新情況。毫無疑問，技術無疑是關鍵優先領域之一。但我只是想知道你是否可以談談管道的情況和估值，似乎那裡還有更多的增長空間，但也許可以給我們帶來你所看到的最新情況。

Yes. Well, I think we're definitely -- I'll comment on the technology space, and Kris can maybe comment more broadly. But certainly, what we are seeing is that there have been a number of early-stage technology companies that have developed some functionality that actually is useful in the marketplace. But what they're finding is that it's a long slow slog to go sell clients one at a time. That is the challenge because the ownership or the property management in our industry is very fragmented, and so I think some of them are realizing that in order to get the value out of their innovation, they really need to sell their business to somebody like us that already has a large geographic footprint, and so realistically, we're seeing quite a bit of inbound activity around technology, and people are saying, "Hey, we're going to come to market with this. So we're looking at selling our business, and unfortunately, because we have a tech road map for our business, we have the discipline to say, is this really going to accelerate our growth.

是的。嗯，我認為我們肯定 - 我會評論技術領域，克里斯也許可以更廣泛地評論。但當然，我們看到的是，有許多早期科技公司已經開發了一些在市場上實際有用的功能。但他們發現，一次向客戶推銷一個產品是一個漫長而緩慢的過程。這就是挑戰，因為我們行業的所有權或財產管理非常分散，所以我認為他們中的一些人意識到，為了從他們的創新中獲得價值，他們確實需要將他們的業務出售給像我們這樣的人它已經擁有很大的地理足跡，所以實際上，我們看到了相當多的圍繞技術的入站活動，人們說，「嘿，我們將帶著這個進入市場。所以我們正在考慮出售我們的業務，不幸的是，因為我們有業務的技術路線圖，所以我們有紀律地說，這真的會加速我們的成長嗎？

We're not looking to acquire technology for its own sake, but if we can accelerate the deployment of our Sphere platform, the capabilities of the Sphere platform, ensure that it can provide capabilities that other people can't provide, then an acquisition makes sense, provide that we can get it at a good value. That doesn't mean we're not interested in operating businesses as well. But I think Certainly, we've seen because of this changing market dynamic opportunities over the past year to acquire technology businesses at valuations that enable us to really create value for our shareholders by making that acquisition, and on the operating business side, I would say we continue to keep our eyes and ears open in terms of opportunities that are out there.

我們並不是為了收購技術本身，而是如果我們能夠加速我們Sphere平台的部署，Sphere平台的能力，確保它能夠提供別人無法提供的能力，那麼收購就使得從某種意義上說，前提是我們能夠以良好的價值獲得它。這並不意味著我們對經營業務不感興趣。但我認為，當然，由於過去一年不斷變化的市場動態，我們看到了以估值收購技術業務的機會，這使我們能夠透過收購真正為股東創造價值，在營運業務方面，我會說我們繼續對現有的機會保持警覺。

I think we've mentioned this on prior calls that what we don't want to do is acquire an operating business that is kind of a slow-growing version of who we are. What we really want to find as opportunities where we can speed up or continue to grow our business at that high single-digit basis, and maybe that could be through the deployment of our technology solutions into that operating business that maybe hasn't leveraged the technology that is there or available, and so I think there are some opportunities. We continue to look for those, and we continue to keep our eyes and ears open.

我想我們在之前的電話會議中已經提到過這一點，我們不想做的是收購一家與我們自身發展緩慢的營運業務。我們真正希望找到的是機會，使我們能夠加速或繼續以高個位數的速度發展我們的業務，也許這可以透過將我們的技術解決方案部署到可能尚未利用的營運業務中來實現。存在或可用，所以我認為存在一些機會。我們將繼續尋找這些內容，並繼續保持警惕。

We have a question from Kevin Steinke with Barrington Research Associates.

我們有 Barrington Research Associates 的 Kevin Steinke 提出的問題。

So I think on your first quarter conference call, you talked about expecting gross profit to grow on a quarterly sequential basis throughout 2023, with more significant sequential growth in the second half of 2023, and so we had a really nice sequential growth in gross profit here in the second quarter of about 13%, and if I just assume pretty modest sequential growth in gross profit here over the next 2 quarters, it's led to the high end or a little bit above the high end of your adjusted gross profit guidance range for 2023. So I mean, is there any reason we should think about the sequential comparisons kind of flattening out as we get into the second half of 2023? Or is there may be just a little bit of conservatism and the fact that you maintain that guidance?

因此，我認為在您的第一季電話會議上，您談到預計毛利將在2023 年按季度環比增長，並在2023 年下半年實現更顯著的環比增長，因此我們的毛利實現了非常好的環比增長第二季度約為 13%，如果我假設未來兩個季度的毛利潤環比增長相當溫和，那麼它會導致調整後毛利潤指導範圍的高端或略高於高端2023 年。的意思是，當我們進入2023 年下半年時，我們是否有任何理由應該考慮順序比較趨於平緩？或者是否可能只是有一點保守主義，而您仍然維持這種指導？

Yes, Kevin, this is Kris. I think if you look at our traditional Q2, that's typically our strongest quarter, and certainly, we have a lot of new robust wins as it relates to the operating business as well as technology. And certainly, we had some strong same-store location growth. So certainly, that is contributing to it. I would say there's maybe a little bit of pull forward in terms of some new business that we expected in the back part of the year. I think what I mentioned on the Q2 call is that we would expect to see some continued growth in the business that would be over the seasonality would be overshadowed by the growth in the business. I think if you look at -- and I mentioned this on the Q1 call, I still think Q4 is going to be our strongest quarter, if you were to look at gross profit. So I think if you look at kind of how we're going to sequence up the remainder of the year. Q3 is generally a slower quarter for us. Q4 is typically maybe #2 and Q2 is always number one. So I think if you think about it in terms of that in terms of a sequence basis, I think that would help.

是的，凱文，這是克里斯。我認為，如果你看看我們傳統的第二季度，那通常是我們最強勁的季度，當然，我們有很多新的強勁勝利，因為它與營運業務和技術有關。當然，我們的同店位置成長強勁。當然，這對此有所貢獻。我想說的是，我們預計今年下半年的一些新業務可能會有所推進。我認為我在第二季電話會議上提到的是，我們預計業務將持續成長，而季節性成長將被業務成長所掩蓋。我認為，如果你看一下——我在第一季電話會議上提到過這一點，如果你看一下毛利，我仍然認為第四季度將是我們最強勁的季度。所以我想如果你看看我們將如何安排今年剩餘時間的順序。第三季對我們來說通常是一個較慢的季度。 Q4 通常可能是#2，而 Q2 總是第一。所以我認為如果你從序列的角度來思考它，我認為這會有所幫助。

Okay. Great. That's very helpful, and I wanted to follow up on your comments about adjusted gross profit and revenue for -- or excluding reimbursed expenses growing at a similar pace in the first half of the year and that you would expect that trend to continue, I guess, both growing at a similar rate. But does that imply some sort of stabilization in the lease contract base just given the revenue recognition dynamics there, the different contract types, Normally, when you switch from a lease to a management fee contract, revenue will go down just based on the recognition, even though the gross profit might be very similar. So just wondering if that makes sense or if you've seen some sort of stabilization on the lease side.

好的。偉大的。這非常有幫助，我想跟進您關於調整後毛利和收入的評論，或者排除今年上半年以類似速度增長的報銷費用，我想您預計這種趨勢會持續下去，兩者都以相似的速度成長。但這是否意味著租賃合約基礎存在某種穩定，考慮到那裡的收入確認動態、不同的合約類型，通常，當您從租賃轉換為管理費合約時，收入將根據確認而下降，儘管毛利可能非常相似。所以只是想知道這是否有意義，或者您是否已經看到租賃方面的某種穩定。

Yes. I think -- Kevin, I think we are. I think if you look at the lease location numbers, that certainly has been somewhat of a static number. It's kind of been in that 410 to 420 locations in terms of leases for the last few quarters. So I would definitely feel -- I definitely feel like that's kind of static. We certainly have nice momentum on our management contracts, and I think that gives us increased visibility in terms of how we're seeing the revenue come into the business.

是的。我想——凱文，我想我們是。我認為如果你看一下租賃地點編號，那肯定是一個靜態數字。從過去幾季的租賃情況來看，大約有 410 到 420 個地點。所以我一定會覺得──我肯定覺得這是一種靜態。我們的管理合約當然有良好的勢頭，我認為這使我們在如何看待收入進入業務方面提高了可見度。

I think from time to time, we do get questions around what does the revenue trend look like for SP, and I think what we're trying to provide here is a little bit of guidance around not necessarily guiding to revenue, but giving some color around how we're seeing the business evolve and mature in terms of that revenue growth and trying to link that into the gross profit. So I think that's close correlation from a gross profit perspective to revenue is there, and I think it's primarily due to the management contracts. -- that we have, the technology and the contributions for technology and that our lease portfolio is somewhat static in terms of the number of locations we have.

我認為，時不時地，我們確實會收到有關 SP 收入趨勢的問題，我認為我們在這裡試圖提供的一點指導不一定是指導收入，而是提供一些色彩圍繞我們如何看待業務在收入增長方面的發展和成熟，並試圖將其與毛利聯繫起來。因此，我認為從毛利的角度來看，這與收入有密切相關性，而且我認為這主要歸功於管理合約。 ——我們擁有技術和對技術的貢獻，而且我們的租賃組合在我們擁有的地點數量方面有些靜態。

Okay. Great. And you mentioned their visibility and you talked about in your earnings release, how year-to-date new business wins and the robust business development pipeline are supporting your high single-digit long-term gross profit growth outlook. Does that imply that you're starting to get some decent visibility into what 2024 could look like? Or at what point do you start to get better visibility, I guess, into the next year?

好的。偉大的。您提到了他們的知名度，並在收益報告中談到了今年迄今的新業務勝利和強勁的業務開發管道如何支持您高個位數的長期毛利成長前景。這是否意味著您開始對 2024 年的情況有了一些了解？或者我猜你從什麼時候開始對明年有更好的了解？

I think if you look at this year, certainly, it's a really good year for us. I mean I think what we said is we would deliver in the low double digits in terms of gross profit growth and high single digits on a go-forward basis, and I think that's still the case. I think we feel really good with our business in terms of where we're at. I think as we look out into the horizon, I would still reiterate we feel really comfortable with that high single-digit gross profit growth in terms of growth in the business.

我認為如果你看看今年，這對我們來說確實是非常好的一年。我的意思是，我認為我們所說的是，我們將在毛利成長方面實現低兩位數成長，並在未來的基礎上實現高個位數成長，我認為情況仍然如此。我認為就目前的情況而言，我們對我們的業務感覺非常好。我認為，當我們展望未來時，我仍然會重申，就業務成長而言，我們對高單位數毛利潤成長感到非常滿意。

I'm showing no other questions in the queue. I'd like to turn the call back to Mr. Marc Baumann for closing remarks.

我在隊列中沒有顯示其他問題。我想將電話轉回給 Marc Baumann 先生，讓其致閉幕詞。

Thank you, Catherine, and thank you, everyone, for joining us. We're obviously very excited about our results for Q2 and particularly because they reflect the fastest organic growth rate we've ever delivered as a management team. So we're very excited about that and the prospects for a successful year, and we look forward to talking to you again next quarter. Thank you.

謝謝你，凱瑟琳，也謝謝大家加入我們。顯然，我們對第二季的業績感到非常興奮，特別是因為它們反映了我們作為管理團隊所實現的最快的有機成長率。因此，我們對此以及成功的一年的前景感到非常興奮，我們期待下個季度再次與您交談。謝謝。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。