专业人力资源服务提供商GEE Group Inc. (nyse: JOB)报告称，由于面临充满挑战的宏观经济和劳动力市场环境，该公司在2024财年第二季度出现净亏损。在截至2024年3月31日的季度，该公司宣布合并收入为2800万美元，净亏损为100万美元。尽管经济低迷，GEE集团仍然专注于战略增长计划，包括有机扩张和潜在的并购。
GEE集团2024年第二季度合并后的收入为2800万美元，净亏损为100万美元。
该季度毛利润为870万美元，毛利率为31.3%。
非公认会计准则调整后的EBITDA本季度为负60万美元。
该公司拥有强劲的资产负债表，现金为2120万美元，信贷额度为820万美元。
GEE集团正在通过收购探索战略增长，并已收到收购要约。
吉欧集团对此持谨慎乐观态度，将重点放在应对经济低迷上。
公司计划通过兼并和收购实现有机增长。
该公司在4月份观察到改善的迹象，并预计未来几个月业绩会更好。
收入和利润的下降是由于对临时和长期雇员的需求减少。
与2023年第二季度相比，2024年第二季度的毛利润下降了34%。
工业公司毛利率合约服务下降130个基点。
该公司的毛利率为专业部分公司合同服务提高了30个基点。
与2023年第二季度相比，2024年第二季度的销售、一般和管理费用下降了15%。
与竞争对手相比，GEE集团目前的利润率仍然相对较高。
2024年第二季度净亏损100万美元，低于2023年第二季度的70万美元净收入。
调整后净亏损和EBITDA也有所下降。
GEE集团将会在利基人力资源行业进行内部收购，其EBITDA倍数从5倍到8倍不等。
该公司不会在股价低迷的情况下使用股票进行并购交易。
没有迹象表明消费者的支付能力受到影响。
股票回购是该公司资本配置策略的一部分。
GEE集团的财务表现反映了更广泛的人力资源行业所面临的挑战，对永久雇员的需求显著下降。然而，该公司为留住顶尖人才所做的努力及其坚实的财务基础，为在竞争激烈的市场中保持谨慎乐观提供了基础。GEE集团的战略重点是收购和有机增长，结合审慎的资本管理，使其有可能在条件稳定时利用市场改善。
从最新的财务数据来看，GEE Group Inc.度过了一个艰难的季度。然而，有一些关键的指标和InvestingPro提示，可以提供一个更细致入微的角度来看待公司的地位和前景。
InvestingPro Data的亮点包括:
市盈率(P/E)为4.53，表明该股票与收益相比可能被低估。
市净率(P/B)为0.37，表明市场对该公司的估值低于其账面价值，这可能意味着该股票被低估或投资者不相信对公司创造未来增长的能力充满信心。
A 6月总回报率为-43.86%，反映了过去半年市场的严重怀疑。
在这个关键时刻，与GEE集团特别相关的InvestingPro提示包括:
1. 该公司目前的市净率较低，这可能会引起在市场上寻找潜在便宜货的价值投资者的兴趣。
2. 管理层一直在积极回购股票，表明对公司内在价值的信心，并可能为股价提供支撑。
对于希望深入了解GEE集团财务和未来前景的读者，可以在平台上找到更多的InvestingPro提示。还有5个建议可以帮助你了解公司的财务状况和市场地位。要获取这些有价值的提示和更多信息，请访问http://k1.fpubli.cc/file/upload/202405/19/bnqw0cy2duc。记得使用优惠券代码PRONEWS24，一年或两年一次的Pro和Pro+订阅可以额外享受10%的折扣。此次收购可以让投资者更全面地了解GEE集团在面对当前行业挑战时的潜在发展轨迹。
Derek Dewan: Hello, and welcome to the GEE Group Fiscal 2024 Second Quarter, and First Half ended March 31, 2024, earnings and update webcast conference call. I'm Derek Dewan, Chairman and Chief Executive Officer of GEE Group. I will be hosting today's call. Joining me as a co-presenter is Kim Thorpe, our Senior Vice President and Chief Financial Officer. Thank you for joining us today. It is our pleasure to share with you GEE Group's results for the fiscal 2024 second quarter, and first half ended March 31, 2024 and provide you with our outlook for the remainder of the 2024 fiscal year and the foreseeable future. Some comments Kim and I will make may be considered forward-looking, including predictions, expectations, and other statements about our future performance. These represent our current judgments of what the future holds and are subject to risks and uncertainties that actual results may differ materially from our forward-looking statements. These risks and uncertainties are described below under the caption, forward-looking statements, safe harbor, and in Wednesday's earnings press release, and our most recent form 10-Q, 10-K and other SEC filings under the caption's cautionary statement regarding forward-looking statements and forward-looking statements. We assume no obligation to update statements made on today's call. During this presentation, we also will talk about some non-GAAP financial measures, reconciliation and explanation of the non-GAAP measures we will address today are included in the earnings press release, our presentation of financial amounts and related items including growth rates, margins, and trend metrics are based upon rounded amounts for purposes of this call, and all amounts, percentages, and related items presented or approximations accordingly. For your convenience, our prepared remarks for today's call are available at the investor center of our website, www.geegroup.com. We have faced very difficult and challenging conditions so far in the fiscal 2024 first half, mainly stemming from ongoing macroeconomic and labor market instability, volatility, and uncertainty, particularly as they have affected businesses use of contingent labor and their hiring of full-time personnel. As we reported in the past, the demand environment for us and our industry peers began to soften in the middle part of calendar 2023 following a robust hiring of both contract labor and permanent employees in calendar 2021 and 2022, much of which was attributable to a post-COVID-19 bounce in employment. Many IT projects and corporate expansion activities requiring additional labor have been put on hold with some layoffs implemented in conjunction with a hiring freeze. These conditions have continued to negatively impact JOB orders so far in the first half of calendar 2024. Consolidated revenues were $28 million for the fiscal 2024 second quarter and $58.7 million for the first half of fiscal 2024. Gross profit and gross margin were $8.7 million and 31.3% respectively for the fiscal 2024 second quarter and $18.5 million and 31.5% for the first half of fiscal 2024. Consolidated non-GAAP adjusted EBITDA was negative at $600,000 for the first -- for the fiscal 2024 second quarter and negative $800,000 for the first half of fiscal 2024. We reported a net loss of $1 million for $0.01 per diluted share for the fiscal 2024 second quarter and a net loss of $2.6 million or $0.02 per diluted share for the first half of fiscal 2024. The prior fiscal 2023 second quarter and first half results were solid although lower when compared to 2022's best-ever results, which included record high demand for direct higher placement services and many special projects on the contract side driven by a post COVID recovery resulting in an upward bounce and hiring at that time. The pullback in demand for direct higher placement services in particular which began in the middle part of calendar 2023 has continued into the first half of 2024 so far and contributed to the lower fiscal 2024 second quarter and first half results. Performance is also down in nearly universally among our industry peers as we all are facing similar challenges and the industry observers have labeled our current situation the big stay. Employers are holding tight onto their good reliable employees so turnover and replacement hiring of full-time personnel are down accordingly. On the contract side our clients continue to postpone projects in many areas including IT software implementation and systems upgrades, accounting and finance special work in manufacturing production and facilities expansion resulting in fewer contractor assignments. The good news in this is that our client retention itself remains outstanding even though orders are down from normal levels across nearly all verticals. Additionally we are beginning to see signs of improvement in some of the leading indicators we have been tracking. These positive trends have been mentioned in recent reports covering the staffing industry and by other peer group companies and their press releases and public filings. It remains unclear at this juncture however whether it's sustainable and as to when exactly the challenges faced by us in the US staffing industry overall may be expected to meaningfully subside. So as indicated in our earnings press release we do remain cautiously optimistic in our outlook. Before I turn it over to Kim, I would like to touch on some other recent important developments. Less than a month ago we announced the completion of the company's review of strategic alternatives undertaken by our board directors in conjunction with its M&A committee with the assistance of the investment banking firm DC advisory. We are now well underway formulating our plans and budgets with which to execute on the M&A committees and DC advisories recommendations which include making prudent investments to grow both organically and through mergers and acquisitions. Without going into details for now armed with considerable excess cash and potential available financing we already have begun both adding and training new revenue producers and revving up sales initiatives in key markets and also revisiting our M&A targets and socializing with several targets at this stage. We paused share repurchases on December 31, 2023 having purchased 6.1 million shares of GEE Group stock for just over 5% of our outstanding shares at the beginning of the program. For now our board and management agree that it is judicious to discontinue share repurchases for the time being at least until we gain more clarity on when market conditions may improve and until then how much of our excess cash should be held in reserve. Share repurchases always will be a part of our capital allocation strategy and a bonafide alternative use of our excess capital and implemented if and when prudent. However, in the context of our overall growth strategy it is not by itself a bonafide long-term course of action to maximize enterprise value and increase shareholder value. Also there's some other bright spots in our outlook. It is still too early to predict when a definitive upward turn in our existing down cycle will occur. However, we are seeing some positive results from our recent investments to accelerate growth. Price and spread improvements in our professional verticals for beginning to take hold and JOB orders were up in April. Our revenues for April and revenues for billing day are coming in higher than both the month of March 2024 and the average monthly revenues for the entire quarter. We also have continued to achieve excellent client retention most notably among our largest clients throughout the current cycle. We view continued good client retention to be a positive sign for things to come as the cycle begins to approve. I want to assure everyone once again that our sole focus is to manage through the downturn and to restore growth as quickly as possible. We have a strong balance sheet with substantial liquidity in the form of cash and borrowing capacity and are well prepared to do both. We also continue to assert that our stock is undervalued and especially. So based upon recent trading at levels very near and even slightly below tangible book value. Also, while our stock price has been down since the last earnings release, only a small portion of our float is actually trading at this low level. Further evidence that is undervalued and has substantial room to grow especially from here. And finally before I turn it over to Kim, I once again wish to thank our wonderful dedicated employees and associates. They work extremely hard every day to ensure that our clients get the very best services. They are a key factor in our prior achievements and the most important driver of our company's future success. At this time, I'll turn over the call to our Senior Vice President and Chief Financial Officer, Kim Thorpe, who will further elaborate on our fiscal 2024 second quarter and the year-to-date results. Kim?
Kim Thorpe: Thank you, Derek, and good morning. As Derek mentioned, consolidated revenues for the three and six month periods in March 31, 2024 were $28 million and $58.7 million, down 28% and 27% respectively compared with the same fiscal 2023 periods. Professional and industrial contract staffing services revenues for the fiscal 2024 second quarter were $25.6 million, down 25% as compared to the fiscal 2023 second quarter. Professional and industrial contract staffing services revenues for the first half of fiscal 2024 were $53.2 million, down 23% as compared to the first half of fiscal 2023. Professional contract services revenue, which represents 90% of all contract services revenue and 82% of total revenue decreased $7.6 million or 25% quarter-over-quarter. And the first half of fiscal 2024 again, professional contract services revenue represented 91% of all contract services revenue and again, 82% of total revenues and decreased $14.3 million or 23% as compared with the first half of fiscal 2023. Industrial contract services revenue, which represents 10% of all contract services revenue and 9% of total revenue decreased $800,000 or 24% quarter-over-quarter. And the first half of fiscal 2024 industrial contract services revenue represented 9% of all contract services revenue and 8% of total revenues and decreased $1.9 million or 28% as compared with fiscal 2023's first half. Direct revenues for fiscal 2024 for the fiscal 2024 second quarter were $2.4 million, down 50% as compared with fiscal 2023 second quarter revenues and we're $5.5 million for the first half of fiscal 2024, down 48% from the first half of 2023. The effects of the economic and labor conditions referred to by Derek have resulted in declines in JOB orders for temporary and direct higher personnel from clients and the decline in revenues and end the declining revenues virtually all of my virtually all are professional verticals. Recruiting qualified temporary labor to fill JOB orders for our industrial division in particular led to decreases in contract revenues for that business. The big stay as it's called has been widely chronicled throughout the staffing industry by our observers and has led to the overall decline to demand for permanent hires. Gross profit for fiscal 2024's second quarter was $8.7 million, down 34% as compared with fiscal 2023's second quarter gross profit. Gross profit for the first half of 2024 was $18.5 million, down 33% as compared with the first half of fiscal 2023. Our overall gross margins were 31.3% and 34% for the fiscal 2024 and 2023 second quarters respectively. The differences in gross profit and gross margin are mainly attributable to the decline in the percentages of direct higher revenue which has 100% gross margin to total revenue. Our professional contract services gross margin was 25.7% for the fiscal 2024 second quarter compared with 25.4% for the fiscal 2023 second quarter and improvement of 30 basis points. The gross margin for professional contract services was 25.3% for the first half of fiscal 2024 as compared with 25.4% for the first half of fiscal 2023, a slight decline of 10 basis points. Our industrial contract services gross margin was 15.2% for the fiscal 2024 second quarter compared with 16.5% for the fiscal 2023 quarter which was a decline of 130 basis points. In addition to fewer JOB orders, we continue to face challenges with our industrial business including sourcing and recruiting qualified candidates as well as increased competition in those markets. Despite lower overall gross profit and gross margins so far in 2024 however our current margins remain relatively high as compared with those of our competitors. Selling general and administrative expenses, SG&A for the fiscal 2024 second quarter were $10 million, down 15% compared with the fiscal 2023 quarter, second quarter, SG&A expenses for the first half were $20.6 million, down 16% as compared with the first half of fiscal 2023. SG&A expenses were 35.7% of revenues for fiscal 2024 second quarter compared with 30.1% for fiscal 2023 second quarter. The increase in SG&A relative to revenue is mainly attributable to our fixed cost including personnel related expenses, occupancy costs, software subscriptions, for the applicant tracking and sourcing systems, our producers use and others which became proportionately higher relative to lower revenues in the quarter in the half or in the quarter in particular and to a lesser extent certain non-recurring expenses not associated with ongoing core business operations. Management has made a concerted effort to reduce SG&A and will continue to do so in a manner that will not hinder revenue growth as the business environment improves. In addition, we have begun to selectively add and train new revenue producing personnel and launch sales initiatives and key markets in order to enhance our resources to obtain new clients, new job orders and increased market share. Our management team is experienced and managing through cyclical conditions such as the ones we're now experiencing and these investments are being made in anticipation of the eventual recovery. We reported in that loss for fiscal 2024 second quarter of $1 million or one penny a share, down $1.7 million as compared to net income of 700,000 or a penny a share positive per that is per diluted share per fiscal 2023 second quarter. Our net loss for the first half of fiscal 2024 was $2.6 million or a negative $0.02 per diluted share, down $3.9 million dollars as compared with net income of $1.3 million dollars or a penny per diluted share positive for the first half of fiscal 2023. Adjusted net loss which is a non-GAAP financial measure for fiscal 2024 second quarter was approximately $400,000, down $1.2 million as compared with adjusted net income of $800,000 positive for fiscal 2023 second quarter. Our adjusted net loss for the first half of 2024 was $1.3 million down $3.2 million as compared with positive adjusted net income of $1.9 million for the first half of fiscal 2023. EBITDA which is a non-GAAP measure for the fiscal 2024 second quarter was negative $1.2 million, down $2.7 million as compared with $1.5 million per fiscal 2023 second quarter, $1.5 million which was positive. EBITDA for the first half of fiscal 2024 was a negative $2.1 million, down $5.2 million as compared with positive $3.1 million for the first half of fiscal 2023. Adjusted EBITDA which also is a non-GAAP financial measure for the fiscal 2024 second quarter was negative $600,000 down $2.3 million as compared with $1.7 million positive EBITDA for the fiscal 2023 second quarter and our adjusted EBITDA for the first half of 2024 was a negative $800,000 down $4.5 million as compared to $3.7 million for the first half of fiscal 2023. Our current working capital ratio as of March 31, 2024 was 3.9 to 1 up from 3.6 to 1 as of September 30, 2023. We reported positive cash flow from operating activities and free cash flow which is a non-GAAP -- the latter which is a non-GAAP financial measure of about $400,000 for fiscal 2024 second half ended March 31, 2024. Our liquidity position remains very strong and we have an undrawn ABL credit facility and no outstanding debt. Our net book value per share and net tangible book value per share were $0.92 and $0.32 respectively as of March 31, 2024. In conclusion while we're obviously disappointed in our fiscal 2024 second quarter results and first half, we do remain cautiously optimistic in our near-term outlook and in our, I'm sorry, in our long-term outlook and have demonstrated that we can generate substantial earnings consistently under more favorable economic conditions and a more conducive environment for the staffing industry and have done so in the past. Before I turn it back over to Derek please note that reconciliations of GEE Group's non-GAAP financial measures discussed today with their GAAP counterparts can be found in the supplemental schedules included in our earnings press relates. Now I'll turn it back over to Derek.
德里克·德万:谢谢你，金。截至2024年3月31日，该公司拥有2120万美元现金和820万美元的银行ABL信贷额度。尽管经济逆风和人力资源行业的特殊挑战影响了我们的服务需求，但我们正在积极管理和准备我们的业务，以迎接不可避免的复苏。正如我在我们的收益新闻稿和我的开场白中提到的，我们正在积极行动，不仅为最终的复苏做准备，而且在有机增长和并购增长计划以及其他举措的推动下，更快地恢复增长。我们将继续为股东的利益而努力，包括持续评估GEE集团资本的战略用途，以最大限度地提高股东回报。在我们停下来回答你们的问题之前，我想再次特别感谢我们所有优秀的员工，感谢他们的专业精神、辛勤工作和奉献精神。现在我和Kim很乐意回答大家的问题。请只问一个问题，然后根据需要重新加入队列。如果有时间，我们会回来问你更多的问题。我们的正式发言到此结束，我们将进入问答环节。谢谢你！金，你能回答第一个问题吗?
金·索普:当然可以，德里克。第一个问题是，为什么你们的市场份额在下降?你的业绩比同行弱得多，是经济深度衰退的象征。我的回答是，根据我们的数据，我们确实注意到我们的业绩低于，比如说，一组大公司的低端，但我认为我们的业绩比其他大型上市公司同行略差的核心原因是因为我们有更多的中小企业作为客户。正如德里克提到的，我们的客户留存率很高，尤其是大客户和小客户，但订单在减少。从利润的角度来看，部分原因是我们的规模，但总体而言，我们的订单很好，我们的趋势也在朝着同样的方向发展，其他一切都是一样的。我不会说我们比我们的同行弱很多。
德里克·德万:好的，谢谢。另一个问题是，当你的账面价值为0.92美元时，你是否担心停止股票回购会向潜在股东发出不好的信息?金，你想把那张也拍下来吗?
金·索普:当然。出于几个原因，我们不担心股票回购。一是，我们并没有完全低估股票回购的价值，但股票回购本身并不是我们实现长期增长目标的途径，因为我们是在回购股票，我理解为什么我们的一些个人投资者对股票回购的感觉和他们一样强烈，但我们的责任是在信托的基础上为我们所有的资本和股东提供管理。我们相信，我们现在采取的步骤，以及我们最近进行的战略选择研究，是公司前进的方向。所以我希望这不会传递不好的信息。它应该传达的信息是，我们非常坚信，我们有其他资本用途，这将比股票回购更能提高股东回报。以上就是我对这个问题的看法。
德里克·德万:谢谢你，金。所以下一个问题是关于收购的，但我想在电话会议上提到，昨天一家IT人力资源公司(股票代码为TSRI)同意以比其交易价格溢价71%的价格被收购，TSRI恰好是TSR, Inc.在纳斯达克上市的公司。TSRI的毛利率在17.5%到18%之间，我们非常了解我们的同行。本季度我们的毛利率为31.5%，低于通常的34%至37%的高点。另外，如果不受烫发的影响，我们的合同毛利率在20%左右。所以从业绩指标的角度来看，从被低估的角度来看我们的公司是非常有吸引力的。但这只是整个集团的交易价格被低估程度的一个迹象。我只是想指出这一点，昨天宣布了全部现金交易。我认为最重要的是，摆在我面前的问题是合适的收购对你有吸引力的利基员工。答案绝对是肯定的。我们确实有医疗保健部门处理医疗抄写员。我们从事的是IT、会计和金融垂直行业，如果我们能找到一个适合我们现有垂直行业的利基业务，那肯定会很有吸引力。我们可能为收购支付多少倍，我们会在并购交易中使用股票吗?倍数从5倍到8倍不等，这取决于企业的类型，以及是否有协同效应来降低倍数，除此之外，还取决于各种其他因素、增长率、利润率等所使用的考虑类型。显然，当我们使用GEE Group的股票时，我们只会考虑使用GEE Group高估值的股票。例如，如果我们的同行刚刚以71%的溢价被收购，如果你对我们的股价施加71%的溢价，那么在交易中使用一些股权可能是有吸引力的，特别是如果有人想要增加他们在我们公司的股权价值。我们显然不会在最近看到的低迷水平上使用它。另一个问题是，在12月份的电话会议上，我们看到了1月份的一些改善迹象，比12月份好，但3月份的收入较低。三月这个季度通常是我们财政年度中收入最低的一个季度。在合同员工方面和直接招聘方面有很多高峰和低谷。然而，我们确实关注趋势线。金，你可以评论我们的趋势。在你发表评论之后，金，我想让我们的首席运营官亚历克斯·斯塔基也发表评论，因为他一直处于热门话题的顶端。我想听听他的评论，在大街上和你们分享。金吗?
金·索普:是的。首先，让我来回答这个问题。4月份的收入有所增长。详细的问题部分是，我们认为我们在1月份看到了改善，但现在这个季度比12月份低。现在我们说四月比三月好。四月比三月好。4月比1月到3月的平均水平要好，到目前为止，5月看起来很有希望。这就是答案。亚历克斯，你想评论一下吗?
阿莱克斯·斯塔基:当然。在这一点上再深入一点，我们看到我们所有的垂直市场和我们所有的品牌在订单流和投放方面都出现了复苏的迹象。我们觉得这个夏天将会产生一个与过去完全不同的结果。我们认为我们已经触底了。你问我们何时触底，我们觉得已经触底了，就像我说的，我们看到所有垂直行业和所有品牌的订单流都出现了复苏的迹象，所以我们觉得他们对即将到来的夏季持积极态度。
Derek Dewan:谢谢你，Alex。另一个问题是，商业竞争越来越激烈。目前该行业是否存在产能过剩?你怎么看待这种合理化?我从上世纪90年代就进入这个行业了，如果你看看这个行业的增长率，你会发现它一直在稳步上升，只是在经济衰退时期有过几次下滑。我们发现，由于技术和我们所处的垂直行业的强劲性质，需求环境，当人们对经济增长的经济方面有信心时，例如，或者以较低的速度，现在不会发生的事情，当这些转变时，需求通常超过供应，人力资源公司有更多的工作订单，他们无法填补。我们预计我们很快就会再次实现这一目标，但我们正在密切跟踪，以确保我们的成本结构与我们的收入相适应，我们相信我们会实现这一目标。我们不认为产能过剩。这个行业有很多整合，如果你看看大公司和他们相对于其他公司的市场，它与整个人力资源行业的整体相比仍然微不足道。复苏的行业指标是什么?你们今天听到了其中的一些，工作指令跨越了每个垂直或向上。这些都是我们关注的问题。这是另一个问题。在美国需求低迷的情况下，是否有计划将目光投向海外，以节省招聘成本?几家公司已经成功地在招聘中添加了离岸组件，我们正在研究并可能继续推进，因为我们的IT领导和他的团队都认为这是一个可行的选择，可以以较低的成本提高我们的招聘能力。所以答案是肯定的。手中的现金总额为2120万美元。这是截至3月31日的数据。没错，现在就在这个范围内。贵公司高于行业平均毛利率的原因是什么?亚历克斯，既然你是专业部门的负责人，你为什么不负责这个呢?
Alex Stuckey:正如Kim之前提到的，我们有一个非常独特的客户群体，他们在中端市场范围内，他们能够并且愿意支付比VMS和msp类型的协议和公司稍高的点差。所以我相信，由于我们拥有的客户类型和我们的营销策略，这归因于我们更高的毛利率和更高的利差。
德里克·德万:谢谢。另一个问题与顶级制作人的流动率和留存率有关。我们非常成功地留住了顶级制作人。我们的平均任期非常高，特别是顶级制作人。我们刚刚让我们的顶级生产商参加了我们的年度销售奖励之旅，他们的反馈非常好。我们真的尽力照顾所有员工。此外，我们还积极招聘有潜力或有经验的顶级制作人。所以，我们在留住员工方面做得很好，我们将继续做正确的事情来留住我们有价值的员工。有人说他们担心以便宜的估值使用股票。答案是否定的。这不会发生。下一个问题。你认为并购投资能比回购你的股票带来更多回报吗?该分析由DC咨询公司完成，并提供给我们的董事会和管理团队。我们对此进行了研究，并一致认为，这是目前提升股东价值的最佳方式。正如Kim所说，在我们的资本配置策略中，股票回购仍然存在。在适当的时候，如果我们觉得并购和有机增长不能解决问题，我们会开始这样做，但我们确实相信我们会做到这一点，我们实际上可以同时增加这两项，这是一种可能性。你有没有看到客户的支付能力出现问题的迹象?亚历克斯，在应收账款方面，我们的延迟付款约为43-44天，对吗?
亚历克斯·斯塔基:没错。应收款保持在与40中期相同的水平。我们在应收账款方面取得了很大的成功，没有任何迹象表明我们的特定客户无力付款，也没有要求延长付款期限。
德里克·德万:谢谢。另一个问题是，他们一直在收到收购要约。如果是这样，他们提供的溢价是多少?这些资金来自同行还是私人股本?嗯，我不得不说，好的公司通常被要求寻找合并、被收购或其他方式的机会。我认为可以肯定地说，溢价，就像我昨天说的，与上市it人力资源公司的交易价格相比，有71%的溢价，这是非常显著的。但是，是的，我们一直都有机会，如果从股东价值的角度来看，这是有意义的，我们必须考虑这一点。然而，我们正在为长期增长和提高股东价值而打造这家公司。我们三个都是公司的重要股东，我们希望看到我们的股权价值真正加速增长，就像你一样，我们的股东基础。所以，是的，好的公司总会得到工作机会。最好的公司会继续为股东价值最大化而运营，当然，如果机会来了，我们会在适当的时候采取任何适当的行动。然而，在这个水平的低价格下，即使是70%的溢价也只能让你回到一个合理的交易范围。因此，尽管如此，从股东价值的角度来看，我们非常非常有信心，我们将达到我们需要达到的目标，我们真的很感谢你们所有人在一段时间内与我们在一起，以及那些新的股东。我们正在非常非常努力地让增长引擎运转起来，让收益回到我们想要的水平，我们相信，在我们前进的过程中，这将有助于影响股东价值，以及收购增长和其他资本配置策略。今天的电话会议到此结束。还有一个关于13G报税的问题。我们提交了13G申请，但它是一个现有的股东，一个我们经常沟通的长期股东，所以没有什么意外。所以答案是否定的，这并不令人意外，我们有一些非常可靠的股东，包括我们的一位董事，他目前拥有公司的大部分股份，约为9%，但我们对股东的态度非常坚定，我们感谢你们的投资，我们正在努力实现这一目标。今天的节目到此结束。再次感谢你的到来。谢谢。
本文是在人工智能的支持下生成的，并由编辑审阅。欲了解更多信息，请参阅我们的T&C。
