0000937098-26-000050
SEC filingQ2营收降5%但净利增43%，ICR改善驱动盈利质量大幅提升。
| 指标 | 本期 | 去年同期 | 同比 |
|---|---|---|---|
| Total revenues | $1,178M | $1,238M | -5% |
| Gross Profit | $311M | $291M | +7% |
| Gross Margin | 26.4% | 23.5% | +290 bps |
| Operating Income | $88M | $61M | +44% |
| Operating Margin | 7.5% | 4.9% | +260 bps |
| Net Income | $53M | $37M | +43% |
| Diluted EPS | $1.15 | $0.77 | +50% |
| Adjusted EBITDA | $128M | $105M | +22% |
| Adjusted EBITDA Margin | 10.9% | 8.5% | +240 bps |
| Operating Cash Flow | $237M | $170M | +39% |
| Free Cash Flow | $190M | $136M | +40% |
Q2营收下滑5%至$1,178M，主要受Average WSEs同比-11%拖累，但被服务费率上调部分抵消。毛利率大幅改善290 bps至26.4%，核心驱动是ICR从90%降至86%，其中包含$21M一次性成本回收，以及健康福利重新定价的成效。剔除一次性项目后，毛利率改善约100 bps，反映定价策略的持续效果。
盈利质量显著提升，Net Income同比+43%至$53M，Diluted EPS $1.15。经营现金流$237M，同比+39%，FCF转化率（FCF/Net Income）约358%，显示盈利的现金含量高。H1重组费用$13M（Q2为负$1M冲回），交易整合费用$2M，剔除后run-rate盈利能力更强。
公司仅有一个报告分部，但按收入类型拆分：
| 收入类型 | 本期 | 同比 | 驱动 |
|---|---|---|---|
| Professional service revenues | $159M | -8% | 受Average WSEs下降及ASO收入减少影响 |
| Insurance service revenues | $1,007M | -4% | 健康计划参与率下降，部分被费率上调抵消 |
| Interest income | $12M | -33% | 工资税退税相关利息收入减少 |
| 项目 | 本期 | 上期/变化 |
|---|---|---|
| Cash and cash equivalents | $358M | +$71M vs Dec 31, 2025 |
| Total Debt | $896M | 基本持平 |
| Working capital | $275M | +$44M |
| Operating Cash Flow (H1) | $237M | +$67M YoY |
| Capex (H1) | $47M | +$13M YoY |
| Free Cash Flow (H1) | $190M | +$54M YoY |
Net Debt约$538M（$896M债务 - $358M现金），EBITDA（TTM约$500M）下Net Debt/EBITDA约1.1x，杠杆水平健康。
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