Kelly Services Inc (KELYA) 2025 Q3 法說會逐字稿

Good morning and welcome to Kelly Services 3rd quarter earnings conference call. All parties will be on listen-only until the question-and-answer portion of the presentation. Today's call is being recorded at the request of Kelly Services. If anyone has any objections, you may disconnect at this time. I would now like to turn the meeting over to your host, Mr. Scott Thomas, Kelly's head of investor relations. Please go ahead.

早上好，歡迎參加凱利服務公司第三季財報電話會議。在演講的問答環節開始之前，所有參與者都將處於只聽模式。應 Kelly Services 的要求，今天的通話將被錄音。如有任何異議，請立即斷開連接。現在我謹將會議交給主持人先生。史考特‧托馬斯，凱利投資者關係主管。請繼續。

Good morning and welcome to Kelly's 3rd quarter conference call. With me today are Kelly's Chief Executive Officer, Chris Layden, and our Chief Financial Officer, Troy Anderson.

早上好，歡迎參加凱利第三季電話會議。今天陪同我出席的有 Kelly 的執行長 Chris Layden 和財務長 Troy Anderson。

Before we begin, I'll remind you that the comments made during today's call, including the Q&A session, may include forward-looking statements about our expectations for future performance.

在開始之前，我要提醒各位，今天電話會議期間（包括問答環節）發表的評論可能包含有關我們對未來業績預期的前瞻性陳述。

Actual results could differ materially from those suggested by our comments. We do not assume any obligation to update the statements made on this call.

實際結果可能與我們評論中提出的建議有重大差異。我們不承擔更新本次電話會議中所作聲明的任何義務。

Please refer to our SEC filings for a description of the risk factors that could influence the company's actual future performance.

有關可能影響公司未來實際業績的風險因素的說明，請參閱我們向美國證券交易委員會提交的文件。

In addition, we'll discuss certain data on a reported and on an adjusted basis. Discussion of items on an adjusted basis are non-GAAP financial measures designed to give insight into certain trends in our operations. For more information regarding non-GAAP measures and other required disclosures, please refer to our earnings press release, presentation, and once filed, Form 10, all of which can be accessed through our investor relations website at ir.kellyservices.com.

此外，我們將討論一些已報告和已調整的數據。對經調整的項目的討論屬於非公認會計準則財務指標，旨在反映我們營運中的某些趨勢。有關非GAAP指標和其他所需披露的更多信息，請參閱我們的收益新聞稿、演示文稿以及提交後的10號表格，所有這些都可以通過我們的投資者關係網站ir.kellyservices.com訪問。

With that, I'll turn the call over to Kelly's Chief Executive Officer, Chris Leyden.

接下來，我將把電話交給凱利執行長克里斯·萊頓。

Thank you, Scott, and good morning, everyone. It's great to be with all of you. Let me start by saying what a privilege it is to serve as CEO of Kelly, the 6th in our storied history, and the 1st to be selected from outside the company.

謝謝你，斯科特，大家早安。和大家在一起真好。首先，我想說能夠擔任 Kelly 的執行長是我的榮幸，我是 Kelly 史上第六位首席執行官，也是第一位從公司外部選拔出來的執行長。

Having spent my entire career in this industry, I've known and admired Kelly for many years. Our brand is iconic, synonymous with the industry we created when we were founded by William Russell Kelly in 1,946.

我整個職業生涯都在這個行業，認識凱莉很多年了，也很欣賞她。我們的品牌具有標誌性，是威廉·羅素·凱利於 1946 年創立的行業的代名詞。

Since then, Kelly has connected millions of people to work, improving families, communities, economies, and the world.

自那時起，凱利幫助數百萬人找到了工作，改善了家庭、社區、經濟甚至整個世界。

This is also a company I've competed with throughout my career leading commercial organizations and customer pursuits. I've experienced up close Kelly's ability to win in the market.

在我領導商業組織和拓展客戶的整個職業生涯中，我也一直與這家公司競爭。我親身體驗過凱利在市場上的勝利能力。

Our diverse portfolio of businesses has significant scale in attractive specialties and differentiated global capabilities that are widely recognized as leading the industry.

我們多元化的業務組合在具有吸引力的專業領域擁有顯著的規模和差異化的全球能力，這些能力被廣泛認為是行業領導者。

With our education business, Kelly has proven the ability to drive rapid organic growth in emerging markets, having established a dominant position in K-12 staffing and tripling the revenue of the business since 2020.

凱利透過我們的教育業務證明了其在新興市場推動快速有機成長的能力，在 K-12 人員配備領域建立了主導地位，並且自 2020 年以來，業務收入增長了兩倍。

This is among the best examples in our industry of what's possible when a team combines clear vision, sound strategy, and consistent execution.

這是我們行業中，當一個團隊將清晰的願景、合理的策略和持續的執行力結合起來時所能取得的成就的最佳例證之一。

Instead, I've watched a business that has acquired scale in higher margin, higher gross specialties like technology and telecom, moving up the value chain as a consultant, a partner to employers seeking differentiated technical solutions.

相反，我看到一家企業在技術和電信等利潤率更高、毛利更高的專業領域獲得了規模優勢，並以顧問和合作夥伴的身份，向價值鏈上游移動，為尋求差異化技術解決方案的雇主提供服務。

At the same time, SED has continued to win and retain market share in our established life sciences and engineering specialties, where for years, Kelly has led the market as the second and 4th largest staffing provider respectively.

與此同時，SED 在我們已建立的生命科學和工程專業領域繼續贏得併保持市場份額，而多年來，Kelly 分別作為第二大和第四大人力資源供應商引領市場。

In an ETM Kelly brings enterprise customers unmatched global workforce capabilities and insights to our technology enabled and AI powered offerings delivered at scale. This includes talent solutions, business process outsourcing, and staffing services, which Everest just recently recognized as leading the market.

在 ETM 中，Kelly 為企業客戶帶來無與倫比的全球勞動力能力和洞察力，並透過我們大規模交付的技術賦能和人工智慧驅動的產品來實現這一目標。這包括人才解決方案、業務流程外包和人員配置服務，而 Everest 最近剛剛將這些服務評為市場領導者。

I've seen firsthand the competitive advantage that this breadth and depth of capabilities creates as employers increasingly seek partners who can meet their total talent management needs.

我親眼目睹了這種廣度和深度的能力所帶來的競爭優勢，因為雇主越來越傾向於尋找能夠滿足其全面人才管理需求的合作夥伴。

Because of these assets, Kelly's track record of driving value for customers, including many of the largest employers in the world, is as strong as any company in this space.

憑藉這些優勢，Kelly 在為客戶創造價值方面擁有卓越的業績，其客戶包括世界上許多最大的雇主，這在業界堪稱一流。

Never have our core strengths and ability to enhance flexibility and agility in an employer's workforce been more important than they are today.

我們的核心優勢以及增強雇主員工隊伍靈活性和敏捷性的能力，從未像今天這樣重要。

As I step into this role, the operating environment is evolving, driven by a dynamic macroeconomic landscape, a sluggish labor market, global and domestic policy shifts, and the AI boom. The impact of these trends on our industry is significant, and Kelly is not immune.

我擔任這個職位之際，營運環境正在不斷變化，其驅動因素包括動態的宏觀經濟狀況、疲軟的勞動力市場、全球和國內政策的轉變以及人工智慧的蓬勃發展。這些趨勢對我們行業的影響是巨大的，凱利也無法倖免。

These dynamics were more visible in our results in the 3rd quarter.

這些動態在第三季的業績中表現得更為明顯。

Despite continuing to capture growth in more resilient markets, our performance as a company fell short of expectations.

儘管我們在更具韌性的市場中持續取得成長，但作為一家公司，我們的業績仍未達到預期。

Our team and I know that we can achieve more, having proven as much in the organic growth and margin expansion that Kelly has delivered in recent years.

我和我的團隊都知道，我們能夠取得更大的成就，凱利近年來所實現的有機成長和利潤率擴張已經證明了這一點。

But to consistently win in the market and unlock Kelly's full potential, it's critical that we maximize our core strengths and address head on opportunities to improve our strategy and execution.

但要在市場中持續取勝並充分發揮 Kelly 的潛力，至關重要的是我們要最大限度地發揮我們的核心優勢，並正面應對各種機遇，以改善我們的策略和執行。

To better understand where these opportunities exist, I'm spending much of my time in the field meeting with and listening to our employees and customers. Through my conversations with our team, it's clear that we have a highly engaged group of workforce experts who are passionate about winning in the market and serving our clients and talent. The expertise and high level of service they provide are among our key differentiators that drive employers to choose Kelly to meet their workforce needs.

為了更了解這些機會在哪裡，我花了很多時間在現場與我們的員工和客戶會面並傾聽他們的意見。透過與團隊的交流，我清楚地了解到，我們擁有一支高度敬業的人力資源專家團隊，他們熱衷於在市場中取得成功，並為我們的客戶和人才提供服務。他們提供的專業知識和高水準服務是我們的關鍵差異化優勢之一，正是這些優勢促使雇主選擇 Kelly 來滿足他們的勞動力需求。

In meeting with many of our top customers, I've heard how Kelly's tailored solutions and unique insights are helping our clients maintain a competitive edge in their industries.

在與許多頂級客戶會面時，我了解到 Kelly 的量身定制的解決方案和獨特的見解如何幫助我們的客戶在各自的行業中保持競爭優勢。

I've also had the pleasure of connecting with the investment community who have shared with me their growing interest in the value creation opportunity we have here at Kelly. During my time in the field, a few common themes have emerged.

我也很高興能與投資界人士交流，他們向我表達了對凱利公司價值創造機會日益濃厚的興趣。在我實地考察期間，一些共同的主題逐漸顯現出來。

First, it's fundamentally important to customers that it'd be easy to do business with Kelly. We must ensure our structure and processes are designed with customers in mind, and they must be straightforward and intuitive to navigate.

首先，對客戶而言，與凱利做生意是否容易至關重要。我們必須確保我們的組織結構和流程在設計時以客戶為中心，並且必須簡單明了、易於操作。

Next, the skill Kelly has acquired in higher margin, higher gross specialties is a tremendous asset that has repositioned the company in the market.

其次，凱利在高利潤、高毛利專業領域所掌握的技能是一項巨大的資產，它重新定位了公司在市場上的地位。

This has created inroads with employers and attractive end markets who are eager to know how our expanded capabilities can meet their evolving needs. Completing the integration of these investments is critical to our ability to realize their full value and capitalize on these growth opportunities.

這為我們贏得了雇主和極具吸引力的終端市場的支持，他們都渴望了解我們不斷擴展的能力如何滿足他們不斷變化的需求。完成這些投資的整合對於我們充分發揮其價值並掌握這些成長機會至關重要。

And finally, much work has been done by our team to reduce complexity and improve efficiency. This work continues today with the efforts underway to consolidate disparate front, middle, and back office systems, leveraging the leading technology stack we obtained when we acquired MRP.

最後，我們的團隊做了大量工作來降低複雜性並提高效率。這項工作至今仍在繼續，我們正在努力整合分散的前台、中台和後台系統，利用我們收購 MRP 時獲得的領先技術堆疊。

We must continue to assess our resources from technology platforms to our workforce mix to ensure they're optimized to drive profitable growth.

我們必須持續評估從技術平台到員工組成等各項資源，以確保它們得到最佳化，從而推動獲利成長。

These early observations are helping inform how we move forward on the next leg of Kelly's strategic journey. I'll share more in a moment about our short-term priorities and long-term focus. First, I'll turn it over to our CFO Troy Anderson to provide more details on our results in the quarter.

這些初步觀察有助於我們了解凱利戰略之旅的下一階段是如何推進的。稍後我會詳細介紹我們的短期優先事項和長期重點。首先，我將把發言權交給我們的財務長特洛伊·安德森，讓他詳細介紹我們本季的業績。

Thank you, Chris, and good morning everybody.

謝謝你，克里斯，大家早安。

Before I walk through our results, as a reminder, beginning in the 3rd quarter, the Motion Recruitment Partners acquisition we completed in the second quarter of 2024 is fully in our year over year comparable results. Thus, I will only speak to reported and adjusted results for the current quarter.

在詳細介紹我們的業績之前，提醒大家一下，從第三季開始，我們在 2024 年第二季完成的 Motion Recruitment Partners 收購將完全計入我們的年比業績。因此，我只會會談及本季已公佈和調整後的業績。

Revenue for the third quarter of 2025 totaled $935 million a decrease of 9.9% versus Q3 of last year.

2025 年第三季營收總計 9.35 億美元，比去年第三季下降 9.9%。

This was lower than our expectations, most notably due to lower than expected growth in the ETM staffing specialty, education, and select other specialties.

這低於我們的預期，主要是由於 ETM 人員配備專業、教育和某些其他專業的成長低於預期。

As we discussed last quarter, we had discrete impacts from reduced demand from the federal government and 3 of our top customers.

正如我們上個季度所討論的，聯邦政府和我們三大客戶的需求減少對我們產生了不同的影響。

Combined, these impacts drove approximately 8% of year over year revenue decline, consistent with our expectations, leaving us with an underlying decline of 2% excluding these impacts, which is in line with industry performance.

綜合來看，這些影響導致公司營收年減約 8%，與我們的預期一致；若不計這些影響，公司營收年減 2%，與產業表現相符。

Kelly's underlying performance reflects positive trends in each business area that reinforces our confidence in our strategy.

Kelly 的整體業績反映了各個業務領域的正面趨勢，這增強了我們對自身策略的信心。

Education continued its long running streak of quarterly growth and achieved a 90% fill rate overall in the quarter for the first time.

教育類產品持續保持季度成長的良好勢頭，本季整體入住率首次達到 90%。

Within set, the telecom specialty achieved double-digit growth in the quarter after strong growth in the second quarter, while the engineering specialty has grown each quarter this year.

在所涉領域中，電信專業領域繼第二季強勁成長後，本季實現了兩位數成長，而工程專業領域今年每季都實現了成長。

Seth's underlying performance was consistent with the second quarter and continues to outperform the market.

Seth 的基本面表現與第二季一致，並繼續跑贏大盤。

And within ETM staffing underlying revenue has been consistent across the quarters despite the macro variability.

儘管宏觀經濟情勢波動，但 ETM 人員配備的基礎收入在各個季度都保持穩定。

Outcome-based solutions excluding contact center and payroll process outsourcing or PPO both continue to grow in the quarter and have shown growth all year.

除聯絡中心和薪資流程外包（PPO）之外的以結果為導向的解決方案在本季度繼續增長，並且全年都保持增長勢頭。

Finally, our managed service provider or MSP specialty showed modest growth in the quarter for the first time this year, reflecting the new customer wins we have referenced in prior quarters.

最後，我們的託管服務提供者 (MSP) 專業領域在本季度實現了今年以來的首次小幅增長，這反映了我們在前幾個季度中提到的新客戶數量的增長。

For Q3 revenue by service type, staffing services reflects modest growth in our education business and pressure from government, large customer, and macroenvironment impacts and set in ETM.

從第三季按服務類型劃分的收入來看，人員配備服務反映了我們教育業務的溫和增長，以及來自政府、大客戶和宏觀環境的影響和設定的 ETM 的壓力。

Our outcome-based offerings, excluding contact center solutions were down year over year, reflecting timing above project demand and new business within set in ETM.

除聯絡中心解決方案外，我們基於結果的產品/服務同比下降，反映出 ETM 中專案需求和新業務的交付時間表高於預期。

Talent Solutions was down modestly year over year in the quarter, reflecting a mix of performance across the individual specialties.

本季人才解決方案業務較去年同期略有下降，反映出各專業領域的業績表現參差不齊。

Term fees represented approximately 1% of revenue, which was consistent with the prior year.

期限費用約佔收入的 1%，與前一年持平。

Drilling down into revenue by segment, education grew 0.9% year over year in the quarter, driven primarily by ongoing fill rate improvement.

以業務部門細分來看，教育板塊本季年增 0.9%，主要得益於訂單滿足率的持續提高。

While we believe we want our fair share of the new business opportunities for the school year, we saw a number of decision delays in light of the broader macro environment.

雖然我們相信我們希望在新學年獲得應有的新商機份額，但鑑於整體宏觀環境，我們看到一些決策被推遲。

And the fill rate improvement benefit was lower year over year given our maturing customer portfolio, thus the relatively lower growth in the quarter.

由於客戶群日趨成熟，訂單滿足率的提升帶來的收益較去年同期降低，因此本季的成長也相對較低。

As a reminder, education volumes and revenues are reduced significantly in the 3rd quarter due to the summer break.

提醒大家，由於暑假，第三季教育業務量和收入大幅下降。

In the set segment, revenue was down 9% in the quarter or 3.5%, excluding the federal government impact.

在固定資產業務板塊，本季收入下降了 9%，若不計聯邦政府的影響，則下降了 3.5%。

Our telecom and engineering specialties continue to be growth areas within SET, while life sciences and technology saw year to year declines consistent with the second quarter.

我們的電信和工程專業領域仍然是 SET 中的成長領域，而生命科學和技術領域則出現了與第二季度一致的同比下降。

In the ETM segment, revenue declined 13.1% year over year or an underlying decline of 1.9%. Staffing services revenues declined 16.4%, driven primarily by the large customer and federal contract demand reductions, along with lower hours volume across other clients.

在ETM業務板塊，營收年減13.1%，實際下降幅度為1.9%。人員配備服務收入下降16.4%，主要原因是大型客戶和聯邦合約需求減少，以及其他客戶的工時量下降。

Outcome-based revenues decreased by 17.2%, reflecting demand pressure from the large contact center customer that has fully run off as of the end of the quarter.

基於業績的收入下降了 17.2%，反映出大型聯絡中心客戶的需求壓力，該客戶已於本季末完全終止合作。

Excluding contact center, ETM outcome-based solutions grew modestly.

除呼叫中心外，基於結果的 ETM 解決方案增長緩慢。

Talent solutions revenue decreased 1.4% overall, reflecting growth in PPO, MSP new customer wins, and reduced customer volumes and recruitment process outsourcing.

人才解決方案收入整體下降 1.4%，反映出 PPO、MSP 新客戶贏得的成長，以及客戶數量和招募流程外包的減少。

Reported gross profit was 194 million, down 12.5% versus the prior year quarter, primarily from reduced revenue.

報告顯示，毛利為 1.94 億，較上年同期下降 12.5%，主要原因是收入減少。

The gross profit rate was 20.8%, a decrease of 60 basis points compared to the prior year quarter, and a 30 basis point sequential increase.

毛利率為20.8%，較上年同期下降60個基點，較上一季成長30個基點。

The sequential lift, which is typical with the seasonality of our business, was more muted than we expected given the revenue dynamics, along with elevated employee-related costs in the quarter.

考慮到收入動態以及本季員工相關成本上升，我們業務的環比增長（這符合我們業務的季節性特徵）比我們預期的要溫和得多。

Education's GP rate increased 20 basis points while SE declined 80 basis points and ETM declined 60 basis points.

教育的毛利率上升了 20 個基點，而 SE 下降了 80 個基點，ETM 下降了 60 個基點。

We made significant progress improving our SG&A expense profile in the quarter with reported SG&A expenses of 194.4 million, a decrease of $24.6 million or 11.2%. On an adjusted basis, SG&A expenses decreased 9.7% year over year, reflecting the momentum we are gaining on structural and volume-related cost optimization efforts.

本季度，我們在改善銷售、管理及行政費用方面取得了顯著進展，報告的銷售、管理及行政費用為1.944億美元，減少了2460萬美元，降幅達11.2%。經過調整後，銷售、管理及行政費用較去年同期下降9.7%，反映了我們在結構性和銷售量相關的成本優化方面所取得的進展。

Expenses increased in our education segment in support of the revenue growth while expenses decreased across the rest of the company.

為了支持收入成長，我們教育部門的支出增加，而公司其他部門的支出則有所減少。

With the increased revenue pressure, we're enhancing our efforts to drive durable and sustainable efficiencies in our operating model through technology enhancements, including leveraging AI, process efficiencies, and multiple other levers.

隨著收入壓力的增加，我們正在加大力度，透過技術改進（包括利用人工智慧、流程效率以及其他多種手段）來推動營運模式的持久和永續效率提升。

Existing initiatives like the formation of the ETM segment and integration of MRP and other acquisitions within SET are progressing well and will drive both go to market and cost efficiencies going forward.

現有的舉措，例如成立 ETM 部門、整合 MRP 以及 SET 內的其他收購項目，進展順利，並將推動未來的市場拓展和成本效益。

In connection with our various efforts, we recognized 4.7 million of charges in the quarter, down from 6.4 million in the second quarter. These included costs associated with improving technology and processes across the enterprise, as well as severance expenses and executive transition costs.

鑑於我們所進行的各項工作，本季我們確認了 470 萬的費用，低於第二季的 640 萬。這些費用包括與改善企業技術和流程相關的成本，以及遣散費和高階主管過渡成本。

We expect to see these expenses increase in the 4th quarter as we make continued progress and expand upon our various optimization efforts.

我們預計，隨著我們不斷取得進展並擴大各項優化工作，這些費用將在第四季度增加。

Related to the realignment of set and acquisition integration during the quarter, we assessed the current goodwill reporting units and determined it was appropriate to combine them into a single set segment reporting unit.

鑑於本季度業務單元的調整和收購整合，我們評估了當前的商譽報告單元，並確定將它們合併為單一的業務分部報告單元是合適的。

As a result of the assessment, along with declines in the current and projected business performance driven by macroeconomic and industry conditions, we concluded that there was a triggering event for a non-cash goodwill impairment totaling 102 million in the quarter.

評估結果表明，受宏觀經濟和行業狀況的影響，當前和預計的業務表現均有所下降，因此我們得出結論，本季度發生了一起非現金商譽減損事件，總額達 1.02 億美元。

We are excluding the impairment from our adjusted results.

我們在調整後的績效中剔除了減損部分。

Additionally, with the impairment activity, we were also required to reassess the recoverability of our deferred tax assets.

此外，由於減損活動，我們也需要重新評估遞延所得稅資產的可收回性。

While we have confidence in our business over the future recoverability time period.

雖然我們對公司未來的復甦前景充滿信心。

With a 3-year cumulative loss position in our near term actual and expected financial performance, it was necessary to record a valuation allowance of 70 million, which is also non-cash and excluded from our adjusted results.

由於近期實際和預期財務表現中存在 3 年累計虧損，因此有必要計提 7,000 萬的估值準備金，該準備金為非現金，已從調整後的業績中剔除。

As a result of the goodwill impairment in tax valuation allowance, a reported loss per share was $4.26 for the quarter.

由於稅務估值準備中的商譽減值，該季度報告的每股虧損為 4.26 美元。

On an adjusted basis, earnings per share was $0.18 compared to $0.21 in the prior year, with the decline over the prior year primarily due to lower profitability and discrete tax items.

經調整後，每股收益為 0.18 美元，而去年同期為 0.21 美元，較上年同期下降的主要原因是盈利能力下降和個別稅務項目。

Adjusted EBIT Dow was 16.5 million, a decrease of 36.7% versus the prior year period.

調整後的 EBIT 道瓊指數為 1,650 萬美元，比去年同期下降 36.7%。

While adjusted margin declined to 1.8%, both of which were below our expectations, reflecting the revenue and gross profit declines I previously noted.

調整後的毛利率下降至 1.8%，這兩項指標都低於我們的預期，反映了我之前提到的收入和毛利下降的情況。

Set expanded margins by 60 basis points year over year despite the lower gross profit due to their expense optimization efforts.

儘管由於費用優化措施導致毛利下降，但利潤率仍比上年提高了 60 個基點。

ETMs saw margin pressure due to the elevated revenue and gross profit declines despite substantial progress on their SG&A.

儘管在銷售、一般及行政費用方面取得了實質進展，但由於收入和毛利大幅下降，ETM 的利潤率面臨壓力。

Education experienced margin compression due to the seasonality of that business.

由於教育行業的季節性因素，該行業的利潤率受到壓縮。

Moving to the balance sheet and cash flow, we are generating strong operating cash flow this year with 94 million through the third quarter, up significantly versus the prior year.

從資產負債表和現金流來看，我們今年的營運現金流強勁，截至第三季已達 9,400 萬美元，比去年同期大幅成長。

Total available liquidity as of the end of the quarter was 269 million comprising $30 million in cash and $239 million of available liquidity on our credit facilities, leaving us ample capital allocation flexibility.

截至季末，可用流動資金總額為 2.69 億美元，其中包括 3,000 萬美元現金和 2.39 億美元的信貸額度，使我們擁有充足的資本配置彈性。

Total borrowing of $118 million increased versus the prior quarter due to our normal working capital seasonality.

由於正常的營運資金季節性波動，本季總借款額較上一季增加了 1.18 億美元。

Our debt to EBITDA leverage ratio was less than 1 at the end of the quarter.

本季末，我們的債務與 EBITDA 槓桿率低於 1。

We don't expect a material change in our net debt position over the remainder of the year from normal operations.

我們預計，在今年剩餘時間內，正常營運不會導致我們的淨債務狀況發生重大變化。

We ended the quarter with 40 million remaining on our current Class A share repurchase authorization.

本季末，我們目前的A類股票回購授權還剩4,000萬股。

We continue to believe the data demonstrates that the company is measurably undervalued by the market.

我們仍然認為數據表明，該公司被市場嚴重低估了。

With that backdrop in our capital allocation flexibility, we anticipate being active in our repurchase program during the remainder of the year.

在這種資本配置彈性的背景下，我們預計將在今年剩餘時間內積極開展回購計畫。

We also maintained our quarterly dividend of 7.$0.05 per share.

我們也維持了每股 7.005 美元的季度股息。

These actions reflect our confidence in Kelly's strategy and our commitment to opportunistically deploying capital in pursuit of attractive returns for shareholders.

這些舉措體現了我們對凱利策略的信心，以及我們把握機會運用資本以追求股東可觀回報的承諾。

As we look at the 4th quarter, we are assuming no material change in the macroeconomic or industry dynamics and a positive resolution to the federal government shutdown during the quarter.

展望第四季度，我們假設宏觀經濟或產業動態不會發生實質變化，且聯邦政府停擺問題將在本季積極解決。

For revenue we expect a decline of 12 to 14% in the quarter, which includes 8% of negative impact associated with reduced demand from discrete large customers and for federal contractors consistent with the third quarter impact.

本季營收預計將下降 12% 至 14%，其中包括 8% 的負面影響，這些負面影響來自個別大型客戶和聯邦承包商的需求減少，與第三季的影響一致。

Excluding these items, our underlying revenue decline would be 4% to 6%.

剔除這些項目後，我們的基本收入下降幅度將為 4% 至 6%。

The incremental revenue decline relative to the 3rd quarter is primarily due to the strong growth we saw in the 4th quarter of last year and includes a modest impact related to the government shutdown.

與第三季相比，營收增量下降主要是由於去年第四季的強勁成長，此外還受到政府停擺的輕微影響。

For adjusted EBITDA, we expect a margin of approximately 3% in the quarter.

對於調整後的 EBITDA，我們預計本季利潤率約為 3%。

This represents a sequential increase of 120 basis points consistent with the prior year change, despite the incremental revenue pressure and a decrease of approximately 70 basis points year over year in the quarter, consistent with what we experienced in the third quarter.

儘管本季營收面臨增量壓力，年減約 70 個基點，與第三季的情況一致，但這仍比去年同期成長了 120 個基點。

While we're not providing specific guidance beyond the 4th quarter, as we look out over the next few quarters in the anticipated residual year over year impacts from the reduced demand for federal contractors and from the 3 large customers in ETM, it's likely we'll see continued revenue and margin pressure at least through the first half of 2026.

雖然我們沒有提供第四季度之後的具體指導，但展望未來幾個季度，考慮到聯邦承包商需求減少以及 ETM 的 3 個大客戶需求減少預計帶來的同比影響，我們可能會看到至少到 2026 年上半年，收入和利潤率將持續承壓。

As Chris said, across Kelly, we're addressing head on opportunities to continue to improve our execution.

正如克里斯所說，在凱利集團內部，我們正在積極應對各種機遇，以持續改善我們的執行力。

This includes in the finance organization where we're well underway with implementing measures that will enhance our agility, efficiency, and business impact in this evolving operating environment.

這包括財務部門，我們正在積極實施各項措施，以提高我們在不斷變化的營運環境中的敏捷性、效率和業務影響力。

I'm grateful to all of the Kelly team members for their unwavering commitment and resilience as we position the company for growth and enhanced profitability over the long-term. I'll now turn the call back to Chris for his closing remarks.

我衷心感謝 Kelly 團隊所有成員的堅定承諾和頑強拼搏，正是他們的努力才使公司得以長期發展並提高盈利能力。現在我將把電話轉回給克里斯，請他作總結發言。

Thank you, Troy.

謝謝你，特洛伊。

As we move forward, our immediate focus is on stabilizing Kelly's performance, and actions to this end are underway.

接下來，我們眼下的重點是穩定凱利的表現，目前我們正在採取相應措施。

We're moving swiftly to align resources with current demand trends while continuing to drive structural efficiencies across the enterprise. As part of this effort, we made the difficult but necessary decision last month to implement strategic restructuring actions that resulted in a targeted workforce reduction.

我們正在迅速調整資源配置，以適應當前的需求趨勢，同時持續推動整個企業的結構性效率提升。作為這項工作的一部分，我們上個月做出了艱難但必要的決定，實施策略重組措施，導致有針對性地裁減了員工。

These actions address excess capacity while further streamlining our organizational structure following the consolidation of the OCG and PNI businesses into the single ETM segment.

這些措施旨在解決產能過剩問題，同時在 OCG 和 PNI 業務合併為單一的 ETM 部門後，進一步精簡我們的組織結構。

We're also continuing and where possible accelerating our technology modernization initiative within set and ultimately across the enterprise.

我們也將繼續推進並在可能的情況下加快公司內部以及最終整個企業的技術現代化計劃。

This initiative will unlock substantial growth and efficiency opportunities, making it easier for our employees to serve our customers and talent, reducing expenses associated with managing disparate and outdated systems, and enabling more rapid innovation and integration of AI.

這項措施將釋放巨大的成長和效率提升機會，使我們的員工更容易為客戶和人才服務，減少與管理分散和過時的系統相關的費用，並實現人工智慧的更快創新和整合。

While executing our near term priorities, we're also keeping our sights set on the future. As I conclude my initial assessment of the business, our team is aligned where we must focus longer-term to accelerate progress on Kelly's strategic journey.

在執行近期優先事項的同時，我們也著眼於未來。在我完成對公司的初步評估後，我們的團隊一致認為，我們必須著眼於更長遠的方面，以加快 Kelly 的策略發展進程。

First and foremost is growth. Growth is the single most important value creation lever at this stage in Kelly's journey. To drive organic growth, we'll continue to enhance how we go to market, especially with our large enterprise customers, to bring to bear the full strength of Kelly's portfolio and win more market share. We'll also continue to drive inorganic growth by pursuing targeted investments that add scale and capabilities in higher margin specialties.

首要任務是成長。在凱利現階段的發展歷程中，成長是創造價值最重要的槓桿。為了推動內生成長，我們將繼續改進我們的市場拓展方式，特別是針對我們的大型企業客戶，以充分發揮 Kelly 產品組合的優勢，贏得更多市場份額。我們將繼續透過有針對性的投資來推動非內生成長，從而在高利潤的專業領域擴大規模和提升能力。

We'll focus on evolving our product mix as well to address changing buyer preferences such as the shift towards statement of work solutions and to capitalize on the AI boom.

我們將專注於改進產品組合，以滿足不斷變化的買家偏好，例如轉向工作說明書解決方案，並充分利用人工智慧的蓬勃發展。

Our widely recognized global rework report found nearly 50% of executives surveyed are struggling to find the talent with the right operational and technical skills in AI.

我們廣受認可的全球返工報告發現，近 50% 的受訪主管表示，他們難以找到具備人工智慧領域合適的營運和技術技能的人才。

This unmet demand represents a significant opportunity to position Kelly as the partner of choice for employers navigating the transition to an AI enabled workforce.

這項未被滿足的需求為 Kelly 提供了一個重要的機遇，使其成為雇主在向人工智慧賦能型勞動力轉型過程中的首選合作夥伴。

Next, we'll continue to focus on efficiency.

接下來，我們將繼續專注於提高效率。

This means continuing to align resources with demand while reengineering our cost base to drive further structural efficiencies.

這意味著要繼續使資源與需求保持一致，同時重新設計成本結構，以進一步提高結構效率。

That includes our initiatives to modernize our technology stack and integrate legacy acquisitions. And finally, culture. Culture is fundamental to how we'll achieve our ambitions and win in the market. We're committed to building on the strong culture that exists here at Kelly, doubling down on customer centricity, visibility and accountability.

這包括我們為實現技術架構現代化和整合遺留收購專案所採取的措施。最後，是文化。文化對於我們如何實現目標並在市場中取得成功至關重要。我們致力於鞏固 Kelly 現有的強大企業文化，加倍重視以客戶為中心、提高透明度和加強問責制。

I look forward to sharing with you more about these areas of focus and our progress as we move forward.

我期待與大家分享更多關於這些重點領域以及我們未來進展的資訊。

We're navigating a complex moment for our industry and our company.

我們正經歷著產業和公司面臨的複雜時刻。

These circumstances call for decisive action to address near term dynamics while positioning the company to realize the significant value creation opportunity before us.

在這些情況下，我們需要採取果斷行動來應對近期動態，同時使公司能夠抓住擺在我們面前的巨大價值創造機會。

There's much work to be done, but I'm excited and energized to meet this moment together with our team and contribute my operational experience to accelerate our progress.

還有很多工作要做，但我很興奮，也很有動力與我們的團隊一起迎接這一刻，並將我的營運經驗貢獻出來，加速我們的進步。

Our core strengths, an iconic brand, a differentiated portfolio, and an engaged team, give me the confidence that we'll emerge more agile, resilient, and primed for growth.

我們的核心優勢，包括標誌性品牌、差異化產品組合和積極進取的團隊，讓我相信我們將變得更加靈活、更有韌性，並為成長做好準備。

I'm grateful to the board of directors for placing their trust in me to lead Kelly at this moment on the company's journey.

我感謝董事會對我的信任，讓我在這個關鍵時刻帶領 Kelly 繼續公司的發展歷程。

I also want to extend my appreciation to Peter Quigley for his support as I've stepped into this role and for his distinguished service to the company over the last 23 years.

我還要感謝彼得·奎格利在我擔任這個職務期間給予的支持，以及他在過去 23 年裡為公司做出的傑出貢獻。

And to our team, thank you for welcoming me with openness and enthusiasm. I look forward to working alongside you to realize our collective ambitions and create long-term value for all of our stakeholders. Operator, you can now open the call to questions.

感謝我的團隊，感謝你們熱情友善地歡迎我。我期待與各位攜手合作，實現我們的共同目標，並為所有利害關係人創造長期價值。操作員，現在可以開始接受提問了。

Thank you, ladies and gentlemen. If you wish to ask a question, please press star 11 on your telephone keypad. You may withdraw your question at any time by repeating the star 11 command.

謝謝各位女士、先生。如果您有任何疑問，請按下電話鍵盤上的星號鍵 11。您可以隨時透過重複輸入星號 11 命令來撤回您的問題。

If you're using your speakerphone, please pick up the handset before pressing the numbers. Once again, if you have a question, you may press a 11 at this time. For our first question, we'll go to Joe Gomez from Noble Capital. Joe, your line is now open.

如果您正在使用免持通話，請在按數字鍵之前拿起聽筒。再次提醒，如果您有任何疑問，現在可以按 11。我們的第一個問題，請Noble Capital的Joe Gomez來解答。喬，你的線路已開通。

Good morning. Thanks for taking my questions.

早安.謝謝您回答我的問題。

Morning, Joe. Morning Joe.

早安，喬。早安，喬。

I wanted to start out, Troy, I don't know if you can kind of break out, these discrete, between the federal government and a large customer impact. I know in total it was, I think it's roughly 8%, but I don't know if you can break that down what was for the federal government, what was for the large customers.

特洛伊，我想先說，我不知道你是否能把這些分散的、聯邦政府和大型客戶影響之間的問題區分開來。我知道總共大概是 8%，但我不知道你能不能把這部分細分一下，哪些是給聯邦政府的，哪些是給大客戶的。

Yeah, Joe, thanks for the question. They're roughly equal, so it's roughly 2 points each, plus minus, a little bit, but I'd say generally speaking they're they're roughly equal.

是的，喬，謝謝你的提問。它們大致相等，所以大約每人 2 分，略有出入，但總的來說，我認為它們大致相等。

Okay, thanks for that, and it, I know Chris you just talked about, some of this go to market here, optimizing large enterprise customer share wallet, and when I, you see that and I understand that goal, but then I also see, hey, 33 customers had a significant impact on revenue this quarter.

好的，謝謝。我知道克里斯，你剛才談到了一些市場推廣策略，例如優化大型企業客戶的共享錢包，當我看到這一點並理解這個目標時，我也看到，嘿，有 33 位客戶對本季度的收入產生了重大影響。

You know how are you kind of like squaring that circle and making sure that you know we get even more concentrated in some big customers the same things don't happen you know down the road.

你知道，你就像是在努力解決這個難題，確保我們更專注於一些大客戶，並且避免將來再次發生同樣的事情。

Yeah, thanks, Joe. This is Chris, and it's a good question. And let me just start by reiterating that we know Kelly can achieve more.

謝謝你，喬。我是克里斯，這是一個很好的問題。首先我想重申一點，我們知道凱利還能有更大的成就。

We saw the headwinds and and we know there's also execution gaps that we're going to continue to to address head on. One of the things that you heard me talk about is the breadth and depth of our portfolio, and as we've gone and acquired really significant scale over the last few years, that's also built on a foundation where we have had incredible strength, right? Number 1 in education, number 2 in science, number 4, in engineering, just outside the TOP10 in our technology business, Everest recognized. Specialization and strength, in our MSP, BPO, and staffing, services and so as I'm talking to customers, not only, the three impacted but also the thousands of customers we're working with, from around the globe, they want to be doing more with Kelly, they want to make sure that it's easy to work with us, that we're bringing all of our capability to them. And one of the things I have been impressed with is I&I saw this from the outside before I got here and I've been even more impressed as I joined is the depth of these relationships, the length of time we've been working with customers around the world, and we know we'll. Continue to partner with them in new ways as we continue to make sure that we're showing up and that we're easy to work with and we're showing up with all of our capabilities so we we do have opportunity as we move forward around some of that execution but that's what we're taking head on and again I have some confidence as I've been engaging with customers over the last 60 days.

我們看到了阻力，也知道在執行上有差距，我們將繼續迎難而上，解決這些問題。我之前提到過我們投資組合的廣度和深度，過去幾年我們取得了相當大的規模，而這一切都建立在我們強大的基礎之上，對吧？珠穆朗瑪峰公司在教育領域排名第一，在科學領域排名第二，在工程領域排名第四，在科技行業排名緊隨前十之後，並獲得了認可。我們在 MSP、BPO 和人員配備服務方面擁有專業化和強大的實力，因此，當我與客戶交談時，不僅是這三個受影響的客戶，還有我們與來自世界各地的數千名客戶，他們都希望與 Kelly 做更多的事情，他們希望確保與我們合作輕鬆便捷，確保我們能夠將我們所有的能力帶給他們。令我印象深刻的一點是，在我加入之前，I&I 從外部就看到了這一點，而加入之後，我更加印象深刻的是這些關係的深度，我們與世界各地客戶合作的時間之長，而且我們知道我們將來會繼續保持這種狀態。我們將繼續以新的方式與他們合作，確保我們始終保持活躍，易於合作，並充分發揮我們的能力。因此，隨著我們在執行方面取得進展，我們確實有機會，但這正是我們要迎難而上的方向。而且，在過去的 60 天裡，我一直與客戶互動，這讓我充滿信心。

Yeah Joe, this is Troy. I would just add that again these four discrete items are somewhat unique and completely unrelated, just happen to all be around the same time, but it's the macro environment affected each. Them in varying ways policy decisions affected them in varying ways and and they're in their industry challenges are are also affecting them in varying ways so it's less about customer concentration and it's more about, stickier services and and just growing we have relationships, by the way, with all those customers still and still very significant for at least one or two of them. So anyway, just wanted to just remind the, since we didn't really get into the details of what they were, but, remind everybody of that.

喬，我是特洛伊。我還要補充一點，這四件看似無關的事件各有特色，只是剛好發生在同一時期，但都受到了宏觀環境的影響。政策決定對他們的影響方式各不相同，他們所處的行業挑戰也對他們的影響方式各不相同，因此，這與其說是客戶集中度的問題，不如說是更具黏性的服務和不斷增長的問題。順便說一句，我們仍然與所有這些客戶保持著關係，而這種關係對其中至少一兩個客戶來說仍然非常重要。總之，我只是想提醒大家一下，因為我們並沒有真正深入探討它們的具體內容，所以我想提醒大家這一點。

Appreciate that. And then one more for me if I may, Troy, you got a slide here in the deck, about the revenue trends and you know you kind of break out excluding discrete impacts and you know if I take a quick glance at those that, Q1, Q2, Q3, they're, the, they're pretty much trending the wrong way.

謝謝。特洛伊，如果可以的話，我再問一個問題。你的簡報裡有一張投影片，是關於收入趨勢的，你知道，你把一些零散的影響因素排除在外，如果我快速看一下這些數據，第一季、第二季、第三季度，它們的趨勢基本上都是朝著錯誤的方向發展。

And just trying to get an idea, I understand the federal government shutdown, but you know what else needs to occur in the macro environment that you think we can start to see these revenue trends reverse and start becoming positive, or, as opposed to negative and, or, start growing again as opposed to trending downward.

我只是想了解一下情況，我理解聯邦政府停擺，但是你知道宏觀環境還需要發生什麼，才能讓我們開始看到這些收入趨勢逆轉並轉為正值，或者說，才能讓收入趨勢從負值轉為負值，或者說，才能讓收入趨勢從下降轉為再次增長。

Yeah, it's a fair question. Again, I would say that, set, again they're somewhat unique across the three, segments. Set is fairly consistent across the quarters. We had, great strength in the telecom, double-digit growth there this quarter after nearly double-digit last quarter. Engineering has been growing all year, and consistent rate of decline in technology. And and life sciences, so, we did expect a little bit more out of set this quarter, but we're still pleased that we, despite the the the the broader environment around us that that we saw at least consistent performance and some strength there. Those two areas education again somewhat of a unique dynamic there, market, some decision delays, those are decisions we still expect to win. At a future date, but there was some hesitancy in the market just given some of the policy changes and dynamics around the broader macro environment. So, we expect education to continue to grow and us win our fair share, if not more. We've been taking share in a growing market there, and then on ETM again the underlying, still low single-digit, we think we're competitive in the market as Chris said, highly ranked by the industry.

是的，這個問題問得好。我再次強調，這三個部分在本質上是各有特色的。各季度的設置都相當穩定。我們在電信領域實力強勁，繼上季接近兩位數成長之後，本季又實現了兩位數成長。工程領域全年都在成長，但技術卻持續下滑。生命科學領域，我們原本期望本季能取得更好的業績，但儘管我們周圍的整體環境不太理想，我們仍然很高興看到至少取得了穩定的業績和一定的強勁表現。教育和市場這兩個領域又呈現出某種獨特的動態，有些決策會延遲，但我們仍期望能夠贏得這些決策。雖然未來某個時候可能會有這樣的結果，但鑑於一些政策變化和更廣泛的宏觀環境動態，市場對此仍有些猶豫。因此，我們期望教育能夠繼續發展，並贏得我們應得的份額，甚至更多。我們一直在不斷擴大市場份額，就 ETM 而言，儘管基礎收益率仍然很低，但正如 Chris 所說，我們認為我們在市場上具有競爭力，在業內排名很高。

Experts and we saw growth in MSP, so we're starting to realize the benefits of some of the new logo wins there. Staffing has been consistent across the year despite the macro headwinds, the underlying staffing, and really that that decline there was just less growth in PPO and a bit of a downturn in RPO, the recruitment process outsourcing. So there's different dynamics in each, and there's significant opportunity in each as as Chris outlined in his prior response, so I think it's just a matter of, moving us forward, with some of the initiatives, and getting through some of the softness that we see more in the macro dynamics around us.

專家和我們都看到了 MSP 的成長，所以我們開始意識到一些新 logo 贏得該領域客戶帶來的好處。儘管宏觀經濟面臨不利因素，但全年人員配置情況依然穩定，基本人員配置情況也保持穩定，實際上，人員配備下降只是由於 PPO 增長減少和 RPO（招聘流程外包）略有下滑。因此，每個方面都有不同的動態，每個方面也都有很大的機會，正如克里斯在他之前的回答中所概述的那樣，所以我認為，這只是一個推動我們前進的問題，通過一些舉措，並克服我們在周圍的宏觀動態中看到的一些軟弱因素。

Okay, great. Thanks.

好的，太好了。謝謝。

I'll get back in the queue.

我重新排隊。

Thank you. Our next question comes from the line of Kevin Steinke from Barrington Research Associates. Kevin, your line is now open.

謝謝。我們的下一個問題來自巴林頓研究協會的凱文‧史坦克。凱文，你的線路已開通。

Great, thank you. So wanted to start out by asking about, the various factors in the operating environment that you noted in your earnings release are currently impacting your results, largely the macroeconomic landscape and, sluggish labor market, but, on top of that, you, specifically added in, The AI boom and so I'm just kind of wondering what you're seeing in terms of the impact of AI on demand for your business currently and and on the flip side you also mentioned that could be an opportunity, over the longer-term is is.

太好了，謝謝。首先我想問一下，您在獲利報告中提到的各種經營環境因素目前正在影響您的業績，主要是宏觀經濟情勢和疲軟的勞動力市場，但除此之外，您還特別提到了人工智慧的蓬勃發展。所以我想了解一下，您目前認為人工智慧對貴公司業務需求的影響是什麼？另一方面，您也提到從長遠來看，這可能是個機會。

Is your customers look to find IA talent. So maybe, if you could walk through the dynamics you're seeing with AI currently.

您的客戶是否正在尋找人工智慧人才？所以，或許您可以詳細解說您目前在人工智慧領域看到的動態變化。

Yeah Kevin, thanks, this is Chris. We really see there to be an opportunity to continue to capture new AI growth opportunities and you know from our standpoint really not just in the set business but in ETM and in education, we've got a unique opportunity in the market based on our capability to bring employers a flexible, more scalable solution.

是的，凱文，謝謝，我是克里斯。我們確實看到了繼續抓住人工智慧新增長機會的機會，而且從我們的角度來看，不僅在固定業務領域，而且在 ETM 和教育領域，我們憑藉為雇主提供靈活、更具可擴展性的解決方案的能力，在市場上擁有獨特的機會。

As they're bridging into a more AI enabled workforce, we think that's going to unlock a lot of value and in a way that will combine. The power of people and technology and we have that opportunity as we move up the value chain in our set business with a lot of the work we're doing and things like data modernization and other digital work, that's solutions based business and again that's in in growing demand. And as we indicated in our prepared remarks, more broadly across, employers, in our research, 50% told us that they are struggling to find the right operational and technical skills, to help them navigate this transition into the AI enabled workforce. So we see it as a real opportunity for us, on the go to market side now. Internally, you heard Troy and I both talk about how we are going to continue to accelerate the modernization of our technology stack, the technology stack that we acquired when we acquired MRP. That continues to be a priority as we think about ways to improve both process and efficiency, across, our teams and bring our teams new tools, and. A lot of that is underway, the integration of those AI based tools in our recruiting process, in our client portals, and we're going to continue to see that add value and drive opportunities for efficiency and productivity over the next couple of quarters.

隨著他們向人工智慧賦能的勞動力轉型，我們認為這將釋放許多價值，並且會以一種結合的方式實現。人和科技的力量，以及我們在既定業務中向上攀升價值鏈的機會，讓我們能夠更好地開展工作。我們正在做的許多工作，例如資料現代化和其他數位化工作，都是基於解決方案的業務，而這類業務的需求也不斷增長。正如我們在準備好的演講稿中所指出的，更廣泛地說，在我們的研究中，50% 的雇主告訴我們，他們正在努力尋找合適的營運和技術技能，以幫助他們順利過渡到人工智慧賦能的勞動力市場。所以我們認為這對我們來說是一個真正的市場拓展機會。在公司內部，你們都聽到了 Troy 和我正在討論如何繼續加速我們技術棧的現代化，也就是我們在收購 MRP 時獲得的技術堆疊。這仍然是我們的首要任務，我們將思考如何改善我們各個團隊的流程和效率，並為我們的團隊帶來新的工具。許多相關工作正在進行中，例如將這些基於人工智慧的工具整合到我們的招募流程和客戶入口網站中，我們將在接下來的幾個季度繼續看到它們帶來價值，並推動效率和生產力的提升。

Okay, great. So, it sounds like, AI offers a nice longer-term growth opportunity for you. I was just curious if in the shorter term, perhaps are some customers, kind of holding off or or delaying hiring decisions as they assess the impact of AI on their businesses and, as they assess whether they need to.

好的，太好了。聽起來，人工智慧可以提供你良好的長期發展機會。我只是好奇，短期內，是否有一些客戶在評估人工智慧對其業務的影響以及評估是否需要招聘時，會不會推遲或暫緩招聘決定。

As as many people in the past, given that AI will bring them greater productivity. I, I'm just wondering if that's, having any, short-term impact on, demand for your services.

就像過去許多人一樣，他們認為人工智慧將為他們帶來更高的生產力。我只是想知道這是否會對貴公司服務的需求產生任何短期影響。

Well, let me start and I'll have Troy, build on it, first, I think we just need to step back in the broader context of what we've been seeing a pretty sluggish labor market and, many of the businesses that would support some of the.

好吧，讓我先開始，然後讓特洛伊補充。首先，我認為我們需要退後一步，從更廣泛的角度來看待我們所看到的勞動力市場相當低迷，以及許多能夠支撐部分就業的企業。

Disruption maybe you've seen in the lack of job growth that we've seen really pretty consistently across every month this year is a bit embedded already in the workforce dynamics and so we see and have been seeing that sluggish impact all year.

您可能已經注意到，今年每個月就業成長乏力，這種局面在某種程度上已經根深蒂固於勞動力市場動態之中，因此我們看到並一直看到這種成長放緩的影響持續了一整年。

Now outside of that we continue to see companies invest in. Bridging themselves into a more AI enabled workforce, and we believe there could actually be opportunities not only on the solution side of how we can help companies navigate that, but it also could be an indication at some point on the staffing part of our business that that companies use flexible labor as a bridge into that as they're navigating. More certainty around the demand for their products and services and so we'll continue to be navigating those indicators, that will impact both parts of our business, our staffing and our solutions.

除此之外，我們繼續看到企業進行投資。各公司正在努力向人工智慧賦能的勞動力過渡，我們相信，這不僅在解決方案方面存在機會，可以幫助公司應對這一挑戰，而且在某個時候，這可能也表明，在公司向人工智慧賦能的勞動力過渡的過程中，靈活勞動力將成為我們業務人員配備方面的一個橋樑。對他們產品和服務的需求有了更多確定性，因此我們將繼續關注這些指標，這些指標將影響我們業務的兩個方面：人員配備和解決方案。

Yeah, Kevin, I would just add this is Troy.

是的，凱文，我還要補充一點，那就是特洛伊。

I wouldn't say there's been a change this quarter versus last quarter or two quarters ago in terms of any impact that that AI may have had in terms of our positions, the type of positions we staff, or the type of opportunities we pursue. But what we are seeing an uptick in our ability to leverage AI in terms of providing support to our customers, be it with our platforms from a workforce management perspective in the ETM space, be it some of the solutions that we're bringing to bear in set. Not just in the technology, vertical but also in telecom and engineering and life sciences, so I mean there's a, we're starting to be able to now move upstream into, bumping into some of the major, consulting players, with some of our nimbleness and the capability that we bring. Trying to fill that GAAP that Chris highlighted, about work, companies not being able to find the right skills and the right workers. So, yeah, so no real change in what we've seen, and if anything, it's creating, more opportunity for us to bring our solutions to bear.

就人工智慧可能對我們的職位、我們招募的職位類型或我們追求的機會類型產生的影響而言，我不會說本季與上個季度或兩個季度前相比發生了變化。但我們看到，我們在利用人工智慧為客戶提供支援方面的能力正在增強，無論是從 ETM 領域的勞動力管理角度來看，還是在我們正在實施的一些解決方案方面。不僅在科技垂直領域，而且在電信、工程和生命科學領域也是如此，所以我的意思是，我們現在開始能夠向上游發展，憑藉我們的靈活性和能力，與一些主要的顧問公司展開合作。試圖填補克里斯強調的那個關於工作、公司找不到合適技能和合適員工的公認會計準則。所以，是的，我們看到的情況並沒有真正的變化，如果有什麼變化的話，那就是為我們提供了更多機會來運用我們的解決方案。

Okay, great. All right, good to hear.

好的，太好了。好的，很高興聽到這個消息。

So, I just wanted to get a little more, insight on education, you mentioned, some just some delayed decision making there, due to macro factors, and I'm just kind of trying to relate the macro environment to, the K through 12 space and, perhaps why customers have been, holding off on decisions there.

所以，我只是想更深入地了解教育方面的情況。你提到，由於宏觀因素，有些人在教育領域的決策有所延遲。我只是想把宏觀環境與 K-12 教育領域連結起來，看看為什麼客戶一直在推遲做出相關決定。

Yeah, sure, so in this Troy, the, so I guess two things. One, again I want to highlight, across our portfolio, billion dollar business now, largely in the K through 12 substitute teacher we achieved a 90% fill rate in the quarter, for the first time ever, so that is, a tremendous, value that we deliver to our clients, and we have some of our largest customers are closer to 100% even. So we have tremendous offering there in value that, for our customers. The new business there are really new opportunities for outsourcing. It's less about us and competitors taking each other's customers, and it's more about us competing with in-house offerings even when we, lose a client here or there, it's usually they bring it back in-house that it's stabilized and they now feel confident they can. They can run it in-house. They may have implemented a technology solution that enables them to do that, but that again doesn't happen very often. What we saw with the, so two things really the fill rate we are maturing that portfolio. We've had tremendous growth there over the last number of years. Chris highlighted in his comments we've tripled that business over the last 5 years, and so as those clients mature, I mean you can only get to 100%. You can't get. Can't get above that and so as all those relationships mature and we're operating in that 90+% range we're just not going to get as much fill rate lift across the portfolio that we've seen over the last few years that has been supplementing the new business wins but we'll. Continue seeing some some benefit there, so a little bit less benefit there than we've seen in prior years and then the decision delays is really just around keep in mind back in the summer there was a $6 billion grant from the Department of Education that was withheld and put under review. Right around the time where certain decisions might have been made, typically these awards are done in the in the spring, late spring and early summer, and then implemented for the new school year. So there was the future of the Department of Education. Just there was just a lot of noise in the system and for a school district to venture into this this new space of. Outsourcing their substitute teacher delivery, some felt like that was not a step they were ready to take the work has been done, the relationships have been built, the value proposition has been sold, and so now it's just, it's more of a when than an if on those, so we have confidence that we'll get, again more than our fair share of those as they come back to market.

是的，當然，所以在這個特洛伊，我想有兩件事。首先，我想再次強調，在我們目前價值數十億美元的業務組合中，尤其是在 K 至 12 年級代課教師領域，我們本季度首次實現了 90% 的招聘率，這為我們向客戶提供了巨大的價值，而且我們的一些最大客戶的招聘率甚至接近 100%。因此，我們為客戶提供了極具價值的產品。那裡的新業務確實為外包提供了新的機會。與其說是我們和競爭對手互相搶奪客戶，不如說是我們用內部產品與競爭對手競爭。即使我們偶爾失去一兩個客戶，通常情況下，當業務穩定下來，他們也會把業務重新轉移到內部，因為他們現在對自己有信心了。他們可以自行運行。他們可能已經實施了某種技術解決方案來實現這一點，但這同樣並不常見。我們看到的情況是，實際上有兩件事，一是填充率，二是我們正在使該投資組合成熟。過去幾年，我們在那裡取得了巨大的成長。克里斯在他的評論中強調，在過去的 5 年裡，我們的業務成長了三倍，隨著這些客戶的成熟，我的意思是，你只能達到 100%。你得不到。無法超越這個水平，因此隨著所有這些關係的成熟，我們的運營效率保持在 90% 以上，我們將無法像過去幾年那樣在整個產品組合中獲得如此大的填充率提升，而過去幾年的提升一直在補充新業務的贏得，但是我們會。繼續看到一些好處，但好處比往年少一些。此外，決策延遲實際上只是因為要記住，今年夏天教育部有一筆 60 億美元的撥款被扣留並接受審查。通常情況下，這些獎項會在春季、晚春和初夏頒發，並在新學年開始時實施，而此時也正是做出某些決定的時候。這就是教育部未來的走向。當時系統裡有很多雜音，對於一個學區來說，貿然進入這個新領域更是難上加難。一些企業認為，將代課教師外包給他們，並不是他們準備好要邁出的一步。但工作已經完成，關係已經建立，價值主張也已經推銷出去，所以現在的問題只是何時外包，而不是是否外包。因此，我們有信心，當這些企業重返市場時，我們將再次獲得遠超過我們應得的份額。

Okay, got it. All right, that's helpful.

好的，明白了。好的，這很有幫助。

And can you just talk a little bit more about the.

能否再詳細談談這方面的內容？

Timeline on the the integration work going on in the that segment Chris I believe you said you you you're looking to even accelerate you know that a bit and just tie that to you know the completion of the process I I think you said would be also beneficial with.

關於該部分正在進行的整合工作的進度安排，克里斯，我相信你說過你正在尋求加快進度，並將其與流程的完成聯繫起來，我想你也說過這將很有幫助。

Taking that set offering to the market in an integrated way and, driving greater growth out of that offering.

以整合的方式將這套產品推向市場，並推動該產品實現更大的成長。

Yes, exactly, and as I mentioned a little earlier, we have significant scale, and we've deployed about $900 million of capital mostly in the set business and, our customers as we're talking to them continue to want to. Leverage those capabilities not just in technology but technology and telecom, technology and life sciences, and so, what we're doing is, accelerating, the modernization of that tech stack. We, acquired when we acquired, MRP, they had a leading tech stack. We were in the process. Of looking at various ways to integrate our disparate front, middle and back office, we have selected the tech stack that we acquired when we when we bought MRP and are in the process now of migrating the rest of the organization to that tech stack. We're starting with the integration though of our set business. And so we really we know that that will give us an unlock as we go to market, making sure that it's easy for our internal teams to be collaborating, winning new business, helping go to market faster, leveraging that tech stack, and then as we get set integrated and the legacy set acquisitions integrated into that technology stack, we will also be. Bringing through our education and ETM segments, and so that that is all underway, and all of it is on schedule.

是的，沒錯，正如我之前提到的，我們規模很大，我們已經投入了大約 9 億美元的資金，主要用於套裝業務，而且正如我們與客戶交談時他們仍然希望如此。不僅在科技領域，在科技與電信、科技與生命科學領域，都要充分利用這些能力，因此，我們正在加速技術堆疊的現代化。我們收購 MRP 時，他們擁有領先的技術棧。我們當時正在進行中。在考慮了各種整合我們分散的前台、中台和後台的方法後，我們選擇了在收購 MRP 時獲得的科技棧，現在正在將組織的其他部分遷移到該科技棧。我們首先要從整合現有業務著手。因此，我們確實知道這將為我們打開市場大門，確保我們的內部團隊能夠輕鬆協作，贏得新業務，幫助我們更快地進入市場，利用該技術堆疊，然後隨著我們完成整合，並將遺留的收購整合到該技術堆疊中，我們也將如此。我們正在推進教育和 ETM 板塊的工作，目前一切都在進行中，並且都在按計劃進行。

Yeah, Kevin, I might just destroy we have a big cut over here at the end of the year with the legacy acquisitions being integrated into. The MRP, tech stack and then, in 26, the rest of set and we'll start making, as Chris just indicated, we'll start moving some of the enterprise capabilities, likely leading with the human capital management component, along with the rest of set and then quickly follow that with education and ETM beyond.

是的，凱文，我可能會搞砸，因為年底我們會大幅削減成本，把遺留收購的業務整合進去。MRP、技術棧，然後在 26 中，其餘部分，我們將開始製作，正如 Chris 剛才指出的那樣，我們將開始遷移一些企業能力，可能會先從人力資本管理組件開始，以及其他部分，然後迅速跟進教育和 ETM 等。

26, yeah, so those are some of the keys near term milestones around that. The go to market side of set has been integrated the management teams, and the sales teams and the like they're but they're on separate systems as Chris said, and so that creates some inefficiencies and, some challenges with, some of the the collaboration, but we'll get through that here pretty quickly.

26，是的，這些是近期的一些關鍵里程碑。市場推廣方面已經整合了管理團隊、銷售團隊等等，但正如克里斯所說，他們使用的是不同的系統，因此造成了一些效率低下和協作方面的一些挑戰，但我們很快就會解決這個問題。

Again, first big cut over into the year and then and then through 26.

再次，首先是年初的一次大削減，然後是26年。

Okay, great, yeah, that's helpful. And just lastly.

好的，太好了，這很有幫助。最後一點。

You you talked about the 4th quarter outlook assuming a positive resolution to the government shutdown. I mean, it sounds like the impact on you has been pretty modest, but kind of what's the swing factor there in terms of, this shutdown dragged on even longer than than we expect.

您談到了第四季的展望，前提是政府停擺問題能夠積極解決。我的意思是，聽起來對你的影響相當有限，但是，這次停擺持續的時間比我們預期的還要長，這其中的關鍵因素是什麼呢？

Yeah, so the direct we can measure the direct impact, right? We know what our government business is, we were fortunate that there was a larger percentage of the positions that we have that were deemed essential, and so that was a pleasant surprise that there's such a thing in the dynamic, but, so less than 1 point if it goes all the way through the quarter, maybe closer to 1 point of revenue impact. And we tried to capture that in the 12 to 14, expectation, give us some room there. What we can't measure really is the indirect impact. So just yesterday, right, 10% of flights across 50 major airports being reduced 10%, that, that's going to have a ripple effect.

是的，所以我們可以直接衡量直接影響，對吧？我們知道我們的政府業務是什麼，我們很幸運，我們擁有的職位中有很大一部分被認為是必要的，所以這是一個令人驚訝的情況，因為這種動態中存在這樣的因素，但是，如果這種情況持續整個季度，收入影響可能接近 1 個百分點，而不是 1 個百分點。我們試圖在 12 到 14 之間捕捉到這一點，預期，給我們一些空間。我們無法真正衡量的是間接影響。就在昨天，50 個主要機場的航班減少了 10%，這會產生連鎖反應。

There could be other ripple effects in other industries, the longer this goes on, so that's a bit of a wild card. That we don't know, so really all we know right now is What We can directly see. And I think the longer this goes on it's Not going to help anybody.

這種情況持續的時間越長，其他行業可能會受到連鎖反應的影響，所以這有點難以預料。我們對此一無所知，所以目前我們所知道的只有我們能直接看到的東西。而且我認為，這種情況持續的時間越長，對任何人都沒有好處。

Yeah, okay, all right, understood. Well, thanks for taking the questions. I'll turn it back over.

好的，明白了。謝謝您回答這些問題。我把它翻過來。

Thanks.

謝謝。

Thank you. Our next question comes from the line of Mark Riddick from Sidoti. Mark, your line is now open.

謝謝。我們的下一個問題來自 Sidoti 的 Mark Riddick。馬克，你的線路已開通。

Hey, good morning.

嘿，早安。

Morning, Mark.

早上好，馬克。

So I was wondering if we could talk a little bit on the cash usage and prioritization. Maybe we can start with what we're looking at for CapEx for this year and then how the technology plays into what, how that might skew 26 and then I have a follow-up after that.

所以我想知道我們是否可以稍微談談現金的使用和優先順序。或許我們可以先談談今年的資本支出計劃，然後談談科技在其中扮演的角色，以及這可能會如何影響第 26 頁的預測，之後我還會跟進。

Yeah, sure, Mark, this is Troy. The CapEx the year-to-date is, about 7 million, probably be, 10-ish, on a full year basis, plus or minus, a little bit, some of that spend on the technology deployment is, cloud-based, implementation work, so it doesn't show up as CapEx, but it still gets capitalized. Third-party labor and and some of the software costs, etc. So it's up in the operating section of the cash flow statement. But overall, again, strong cash flow for the year, and, with that, we're seeing the opportunity to, with some of the debt pay down that we've done this year, we're seeing the opportunity to, in the 4th quarter here given the share price and just the undervaluation of the stock also engage in some repurchase activity, so. I think net net, as I said in my prepared remarks, no material change in our net debt position relative to the third quarter here, which is about 90 million or so, 118 in debt and $30 million in cash, and, the wild card could be if perhaps there's a small tuck in acquisition or something like that that we're able to get over the goal line before the end of the year, but, otherwise that's what we're expecting.

是的，馬克，我是特洛伊。今年迄今的資本支出約為 700 萬，按全年計算可能在 1000 萬左右，上下略有浮動。其中一部分用於技術部署的支出是基於雲端的實施工作，因此不會顯示為資本支出，但仍會被資本化。第三方人工成本及部分軟體成本等。所以它出現在現金流量表的經營活動部分。但總的來說，今年的現金流依然強勁，因此，我們看到了機會，隨著今年償還了一些債務，鑑於目前的股價和股票被低估的情況，我們看到了在第四季度進行一些股票回購活動的機會。我認為總的來說，正如我在準備好的演講稿中所說，我們的淨債務狀況與第三季度相比沒有實質性變化，大約為9000萬美元左右，其中1.18億美元為債務，3000萬美元為現金。當然，如果年底前我們能夠完成一筆小規模的收購或其他類似交易，情況可能會有所不同，但除此之外，這就是我們的預期。

Okay, and then you kind of let yourself into where I was going next, which is acquisition, what you're seeing with the pipeline currently, maybe evaluation wise, and are you seeing, the, how many opportunities out there vis a vis maybe 6 months ago or so there seems to be a little bit of a pickup in activity there, overall.

好的，然後你自然而然地明白了我接下來要說的話題，也就是收購，你目前在專案儲備方面看到了什麼，也許在評估方面，你是否看到了，與大約 6 個月前相比，現在有多少機會？總體而言，這方面的活動似乎有所增加。

So I was sort of wondering what your appetite is at the present time. And, or should we, as far as larger acquisitions, are we staying sort of on the sidelines for larger acquisitions now or how are you feeling about that?

所以我想知道你現在的食慾如何。那麼，或者說，就大型收購而言，我們現在是否應該保持觀望態度？或者您對此有何看法？

Yeah, it's a it's a fair question. The I mean we're active. We have an active corporate development team. They're constantly evaluating pipeline.

是的，這是一個很合理的問題。我的意思是，我們很積極。我們擁有一支活躍的企業發展團隊。他們一直在評估產品線。

We've been expanding our network of sources for opportunities.

我們一直在拓展尋找機會的通路網絡。

We have seen some certain assets that are fairly richly valued and that we've we've passed on or that we've thrown in and, maybe an inquiry, but. Quickly decided that was going in a direction we didn't want to go, but we continue to be active we're looking at, across primarily in the set and education areas, type of opportunities, therapy add-ons, some of the other add-ons that we can do in the in the set verticals, be it technology, be it engineering or life sciences, but, you know.

我們看到一些估值相當高的資產，我們已經放棄了，或者我們放棄了，也許有人會問，但是。我們很快意識到，這並非我們想要的方向，但我們仍在積極尋找機會，主要集中在舞台和教育領域，尋找治療附加服務，以及我們可以在舞台垂直領域開展的其他一些附加服務，無論是技術、工程還是生命科學，等等。

As we sit here today, unlikely that there's a large acquisition in the near term, but we never say never, but certainly we're going to continue looking at building upon the scale that we've achieved. We're going to continue looking at adding capabilities, we believe we have a great foundation to be building upon, both organic growth and inorganic growth and so that's. We've got strong cash flow and we expect to continue to be able to deploy capital opportunistically across the various options as I mentioned earlier.

就目前情況來看，短期內不太可能進行大規模收購，但我們從不把話說死，不過我們肯定會繼續尋求擴大我們已經取得的規模。我們將繼續尋求增加自身能力，我們相信我們擁有良好的基礎，可以以此為基礎進行發展，包括內生成長和外延成長，就是這樣。我們擁有強勁的現金流，正如我之前提到的，我們預計能夠繼續抓住機會，將資本部署到各種投資選項中。

Great, thank you very much.

太好了，非常感謝。

Thank you.

謝謝。

Thank you. Our next question comes from the line of Jessica Luz from North Coast Research. Jessica, your line is now open.

謝謝。我們的下一個問題來自北海岸研究公司的傑西卡·盧茲。傑西卡，你的線路已開通。

Hi, Chris. Hi Troy.

嗨，克里斯。嗨，特洛伊。

Thank you for taking my questions. First of all, I don't know if it was already touched on, but I have a brief question and then a follow-up. First, in terms of the current macro environment having an impact on the quarter, just to go a bit deeper, how would you characterize the sales cycle for the business overall?

謝謝您回答我的問題。首先，我不知道這個問題是否已經被討論過，但我有一個簡短的問題，然後還有一個後續問題。首先，就當前宏觀環境對本季的影響而言，為了更深入地探討一下，您如何描述公司整體的銷售週期？

The sales cycle is still really robust and you know we're we're continuing in some of the work I shared in my in my prepared remarks. Our focus on growth is at the core of what we're doing right now, making sure that. We are in front of our customers helping them understand all of the ways that we can add value, and we're going to continue to make sure that all of Kelly is coming to our largest enterprise customers. We've also seen, in our set business, a really strong retail pick up this year which has been driven, driving some of the. Stability in the set business and some of the growth in engineering and in telecom and then finally, in the education space, as Troy indicated earlier, we're number one in the market on the heels of a 90% full rate in the quarter, it is maybe as exciting of a time as any to go and sell with that track record of success. And we are everywhere in the market talking to districts that are insourcing their model and helping them understand how we could add value as their as their partner so we're going to continue to have that be a priority as we drive growth into the future.

銷售週期依然非常強勁，而且你知道，我們正在繼續進行我在準備好的演講稿中提到的一些工作。我們目前工作的核心是專注於成長，確保這一點。我們站在客戶面前，幫助他們了解我們可以為他們創造價值的所有方式，我們將繼續確保 Kelly 的所有功能都能惠及我們最大的企業客戶。在我們的固定業務中，我們也看到今年零售業出現了非常強勁的復甦，這在一定程度上推動了…固定業務的穩定，工程、電信以及教育領域的成長，正如 Troy 之前指出的那樣，我們在本季度實現了 90% 的滿租率，在市場上排名第一，憑藉這樣的成功記錄，現在可能是出售業務的最佳時機。我們在市場上到處與那些將業務模式內部化的地區進行溝通，幫助他們了解作為合作夥伴，我們如何能為他們創造價值，因此我們將繼續把這作為未來推動成長的優先事項。

Alright, thank you and then just for a brief follow-up again, if it was touched on or not, in terms of the pricing environment for the three segments, do you see any specific pressures within any of the segments?

好的，謝謝。那麼，再簡單跟進一下，無論之前是否提到過，就這三個細分市場的定價環境而言，您是否看到任何一個細分市場面臨任何具體的壓力？

Yeah, I'll maybe start and Troy, you feel free to weigh in. We're going to continue, I would say overall, just to kind of set the stage to be disciplined and how we're going to approach new opportunities in the market. We're not going to go buy business. We continue to see rationality in terms of, where we play.

嗯，我或許會先開始，Troy，你也隨時可以發表意見。我建議我們繼續這樣做，總的來說，就是為了奠定紀律性的基礎，以及我們將如何應對市場上的新機會。我們不會去收購企業。我們仍然認為，在選擇比賽場地方面，理性至關重要。

We've got a huge opportunity, to continue. Move up the value chain and the statement of work solutions based business, particularly in set, and that continues to be a priority and we're going to continue to monitor that over the next couple of quarters. I don't know, sure if there's anything else you want to add. Yeah.

我們擁有繼續前進的巨大機會。提升價值鍊和工作說明書解決方案業務，尤其是在套裝領域，這仍然是我們的優先事項，我們將在接下來的幾個季度繼續關注這一點。我不知道，當然，如果你還有什麼要補充的。是的。

I think as we look across the three segments, education and set are, I'd say stable. The spreads there are stable to actually improving. As again we move up the value chain, and, with both current and and prospective clients, on new opportunities and then. I would say it's a little more mixed in ETM, as we some of the large enterprises they come up for renewals, of course we're trying to work with them, on their cost structure and, so there could be a little bit of, concession here or there, but generally speaking I'd say, maybe we see a little bit in. In ETM and actually more positive momentum than the other two and it's not really translating our our gross profit was I commented not as not as strong as we were expecting down 60 basis points year over year but but it was really more a function of the business mix and some elevated cost of service in the quarter, versus really spread or pricing pressure.

我認為，縱觀這三個領域，教育和舞台表演都比較穩定。那裡的價差保持穩定，甚至有所改善。隨著我們再次向價值鏈上游邁進，並與現有客戶和潛在客戶一起，尋求新的機會。我認為 ETM 的情況比較複雜，因為我們的一些大型企業在續約時，當然會嘗試與他們合作，調整他們的成本結構，所以可能會有一些讓步，但總的來說，我認為我們可能會看到一些妥協。在 ETM 中，實際上比其他兩個方面更有積極的勢頭，但這並沒有真正轉化為我們的毛利。正如我之前評論的，我們的毛利沒有我們預期的那麼強勁，同比下降了 60 個基點，但這實際上更多是由於業務組合和本季度服務成本上升，而不是真正的價差或價格壓力。

Okay, perfect.

好的，完美。

Thank you.

謝謝。

Guys so much.

各位，非常感謝。

Thank you.

謝謝。

Thank you.

謝謝。

This concludes the question-and-answer session. I would now like to turn it back to Chris Leyden for closing remarks.

問答環節到此結束。現在我謹將發言權交還給克里斯·萊頓，請他作總結發言。

Thank you all for joining today. That concludes, we'll see you next quarter.

感謝各位今天的參與。本次內容到此結束，我們下季再見。

Thank you for your participation in today's conference. This does conclude the program, and you may now disconnect.

感謝您參加今天的會議。程式到此結束，您可以斷開連線了。

Good morning and welcome to Kelly Services 3rd quarter earnings conference call. All parties will be on listen-only until the question-and-answer portion of the presentation. Today's call is being recorded at the request of Kelly Services. If anyone has any objections, you may disconnect at this time. I would now like to turn the meeting over to your host, Mr. Scott Thomas, Kelly's head of investor relations. Please go ahead.

早上好，歡迎參加凱利服務公司第三季財報電話會議。在演講的問答環節開始之前，所有參與者都將處於只聽模式。今天的通話是應 Kelly Services 的要求進行錄音的。如有任何異議，請立即斷開連接。現在我謹將會議交給主持人先生。史考特‧托馬斯，凱利投資者關係主管。請繼續。

Good morning and welcome to Kelly's 3rd quarter conference call. With me today are Kelly's Chief Executive Officer, Chris Layden, and our Chief Financial Officer, Troy Anderson.

早上好，歡迎參加凱利第三季電話會議。今天陪同我出席的有 Kelly 的執行長 Chris Layden 和財務長 Troy Anderson。

Before we begin, I'll remind you that the comments made during today's call, including the Q&A session, may include forward-looking statements about our expectations for future performance.

在開始之前，我要提醒各位，今天電話會議期間（包括問答環節）發表的評論可能包含有關我們對未來業績預期的前瞻性陳述。

Actual results could differ materially from those suggested by our comments. We do not assume any obligation to update the statements made on this call.

實際結果可能與我們評論中提出的建議有重大差異。我們不承擔更新本次電話會議中所作聲明的任何義務。

Please refer to our SEC filings for a description of the risk factors that could influence the company's actual future performance.

有關可能影響公司未來實際業績的風險因素的說明，請參閱我們向美國證券交易委員會提交的文件。

In addition, we'll discuss certain data on a reported and on an adjusted basis.

此外，我們將討論一些已報告和已調整的數據。

Discussion of items on an adjusted basis are non-GAAP financial measures designed to give insight into certain trends in our operations. For more information regarding non-GAAP measures and other required disclosures, please refer to our earnings press release, presentation, and once filed, Form 10Q, all of which can be accessed through our investor relations website at ir.kellyservices.com.

對經調整的項目的討論屬於非公認會計準則財務指標，旨在反映我們營運中的某些趨勢。有關非GAAP指標和其他所需披露的更多信息，請參閱我們的收益新聞稿、演示文稿以及已提交的10-Q表格，所有這些都可以通過我們的投資者關係網站ir.kellyservices.com訪問。

With that, I'll turn the call over to Kelly's Chief Executive Officer, Chris Leyden.

接下來，我將把電話交給凱利執行長克里斯·萊頓。

Thank you, Scott, and good morning, everyone. It's great to be with all of you. Let me start by saying what a privilege it is to serve as CEO of Kelly, the 6th in our storied history, and the 1st to be selected from outside the company.

謝謝你，斯科特，大家早安。和大家在一起真好。首先，我想說能夠擔任 Kelly 的執行長是我的榮幸，我是 Kelly 史上第六位首席執行官，也是第一位從公司外部選拔出來的執行長。

Having spent my entire career in this industry, I've known and admired Kelly for many years. Our brand is iconic, synonymous with the industry we created when we were founded by William Russell Kelly in 1,946.

我整個職業生涯都在這個行業，認識凱莉很多年了，也很欣賞她。我們的品牌具有標誌性，是威廉·羅素·凱利於 1946 年創立的行業的代名詞。

Since then, Kelly has connected millions of people to work, improving families, communities, economies, and the world.

自那時起，凱利幫助數百萬人找到了工作，改善了家庭、社區、經濟甚至整個世界。

This is also a company I've competed with throughout my career leading commercial organizations and customer pursuits. I've experienced up close Kelly's ability to win in the market.

在我領導商業組織和拓展客戶的整個職業生涯中，我也一直與這家公司競爭。我親身體驗過凱利在市場上的勝利能力。

Our diverse portfolio of businesses has significant scale in attractive specialties and differentiated global capabilities that are widely recognized as leading the industry.

我們多元化的業務組合在具有吸引力的專業領域擁有顯著的規模和差異化的全球能力，這些能力被廣泛認為是行業領導者。

With our education business, Kelly has proven the ability to drive rapid organic growth in emerging markets, having established a dominant position in K-12 staffing and tripling the revenue of the business since 2020.

凱利透過我們的教育業務證明了其在新興市場推動快速有機成長的能力，在 K-12 人員配備領域建立了主導地位，並且自 2020 年以來，業務收入增長了兩倍。

This is among the best examples in our industry of what's possible when a team combines clear vision, sound strategy, and consistent execution.

這是我們行業中，當一個團隊將清晰的願景、合理的策略和持續的執行力結合起來時所能取得的成就的最佳例證之一。

Instead, I've watched a business that has acquired scale in higher margin, higher gross specialties like technology and telecom, moving up the value chain as a consultant a partner to employers seeking differentiated technical solutions.

相反，我看到一家企業在技術和電信等利潤率更高、毛利更大的專業領域獲得了規模優勢，並作為尋求差異化技術解決方案的雇主的顧問和合作夥伴，向價值鏈上游邁進。

At the same time, SET has continued to win and retain market share in our established life sciences and engineering specialties, where for years, Kelly has led the market as the second and 4th largest staffing provider respectively.

同時，SET 在我們已建立的生命科學和工程專業領域繼續贏得並保持市場份額，而多年來，Kelly 分別作為第二大和第四大人力資源供應商引領市場。

In an ETM Kelly brings enterprise customers unmatched global workforce capabilities and insights to our technology enabled and AI powered offerings delivered at scale. This includes talent solutions, business process outsourcing, and staffing services, which Everest just recently recognized as leading the market.

在 ETM 中，Kelly 為企業客戶帶來無與倫比的全球勞動力能力和洞察力，並透過我們大規模交付的技術賦能和人工智慧驅動的產品來實現這一目標。這包括人才解決方案、業務流程外包和人員配置服務，而 Everest 最近剛剛將這些服務評為市場領導者。

I've seen firsthand the competitive advantage that this breadth and depth of capabilities creates as employers increasingly seek partners who can meet their total talent management needs.

我親眼目睹了這種廣度和深度的能力所帶來的競爭優勢，因為雇主越來越傾向於尋找能夠滿足其全面人才管理需求的合作夥伴。

Because of these assets, Kelly's track record of driving value for customers, including many of the largest employers in the world, is as strong as any company in this space.

憑藉這些優勢，Kelly 在為客戶創造價值方面擁有卓越的業績，其客戶包括世界上許多最大的雇主，這在業界堪稱一流。

Never have our core strengths and ability to enhance flexibility and agility in an employer's workforce been more important than they are today.

我們的核心優勢以及增強雇主員工隊伍靈活性和敏捷性的能力，從未像今天這樣重要。

As I step into this role, the operating environment is evolving, driven by a dynamic macroeconomic landscape, a sluggish labor market, global and domestic policy shifts, and the AI boom. The impact of these trends on our industry is significant, and Kelly is not immune.

我擔任這個職位之際，營運環境正在不斷變化，其驅動因素包括動態的宏觀經濟狀況、疲軟的勞動力市場、全球和國內政策的轉變以及人工智慧的蓬勃發展。這些趨勢對我們行業的影響是巨大的，凱利也無法倖免。

These dynamics were more visible in our results in the 3rd quarter.

這些動態在第三季的業績中表現得更為明顯。

Despite continuing to capture growth in more resilient markets, our performance as a company fell short of expectations.

儘管我們在更具韌性的市場中持續取得成長，但作為一家公司，我們的業績仍未達到預期。

Our team and I know that we can achieve more, having proven as much in the organic growth and margin expansion that Kelly has delivered in recent years.

我和我的團隊都知道，我們能夠取得更大的成就，凱利近年來所實現的有機成長和利潤率擴張已經證明了這一點。

But to consistently win in the market and unlock Kelly's full potential, it's critical that we maximize our core strengths and address opportunities to improve our strategy and execution.

但要在市場中持續取勝並充分發揮 Kelly 的潛力，至關重要的是我們要最大限度地發揮我們的核心優勢，並抓住機會來改善我們的策略和執行。

To better understand where these opportunities exist, I'm spending much of my time in the field meeting with and listening to our employees and customers. Through my conversations with our team, it's clear that we have a highly engaged group of workforce experts who are passionate about winning in the market and serving our clients and talent. The expertise and high level of service they provide are among our key differentiators that drive employers to choose Kelly to meet their workforce needs.

為了更了解這些機會在哪裡，我花了很多時間在現場與我們的員工和客戶會面並傾聽他們的意見。透過與團隊的交流，我清楚地了解到，我們擁有一支高度敬業的人力資源專家團隊，他們熱衷於在市場中取得成功，並為我們的客戶和人才提供服務。他們提供的專業知識和高水準服務是我們的關鍵差異化優勢之一，正是這些優勢促使雇主選擇 Kelly 來滿足他們的勞動力需求。

In meeting with many of our top customers, I've heard how Kelly's tailored solutions and unique insights are helping our clients maintain a competitive edge in their industries.

在與許多頂級客戶會面時，我了解到 Kelly 的量身定制的解決方案和獨特的見解如何幫助我們的客戶在各自的行業中保持競爭優勢。

I've also had the pleasure of connecting with the investment community who have shared with me their growing interest in the value creation opportunity we have here at Kelly. During my time in the field, a few common themes have emerged.

我也很高興能與投資界人士交流，他們向我表達了對凱利公司價值創造機會日益濃厚的興趣。在我實地考察期間，一些共同的主題逐漸顯現出來。

First, it's fundamentally important to customers that it'd be easy to do business with Kelly. We must ensure our structure and processes are designed with customers in mind, and they must be straightforward and intuitive to navigate.

首先，對客戶而言，與凱利做生意是否容易至關重要。我們必須確保我們的組織結構和流程在設計時以客戶為中心，並且必須簡單明了、易於操作。

Next, the skill Kelly has acquired in higher margin, higher gross specialties is a tremendous asset that has repositioned the company in the market.

其次，凱利在高利潤、高毛利專業領域所掌握的技能是一項巨大的資產，它重新定位了公司在市場上的地位。

This has created inroads with employers and attractive end markets who are eager to know how our expanded capabilities can meet their evolving needs. Completing the integration of these investments is critical to our ability to realize their full value and capitalize on these growth opportunities.

這為我們贏得了雇主和極具吸引力的終端市場的支持，他們都渴望了解我們不斷擴展的能力如何滿足他們不斷變化的需求。完成這些投資的整合對於我們充分發揮其價值並掌握這些成長機會至關重要。

And finally, much work has been done by our team to reduce complexity and improve efficiency. This work continues today with the efforts underway to consolidate disparate front, middle, and back office systems, leveraging the leading technology stack we obtained when we acquired MRP.

最後，我們的團隊做了大量工作來降低複雜性並提高效率。這項工作至今仍在繼續，我們正在努力整合分散的前台、中台和後台系統，利用我們收購 MRP 時獲得的領先技術堆疊。

We must continue to assess our resources from technology platforms to our workforce mix to ensure they're optimized to drive profitable growth.

我們必須持續評估從技術平台到員工組成等各項資源，以確保它們得到最佳化，從而推動獲利成長。

These early observations are helping inform how we move forward on the next leg of Kelly's strategic journey. I'll share more in a moment about our short-term priorities and long-term focus. First, I'll turn it over to our CFO Troy Anderson to provide more details on our results in the quarter.

這些初步觀察有助於我們了解凱利戰略之旅的下一階段是如何推進的。稍後我會詳細介紹我們的短期優先事項和長期重點。首先，我將把發言權交給我們的財務長特洛伊·安德森，讓他詳細介紹我們本季的業績。

Thank you, Chris, and good morning everybody.

謝謝你，克里斯，大家早安。

Before I walk through our results, as a reminder, beginning in the 3rd quarter, the Motion Recruitment Partners acquisition we completed in the second quarter of 2024 is fully in our year over year comparable results. Thus, I will only speak to reported and adjusted results for the current quarter.

在詳細介紹我們的業績之前，提醒大家一下，從第三季開始，我們在 2024 年第二季完成的 Motion Recruitment Partners 收購將完全計入我們的年比業績。因此，我只會會談及本季已公佈和調整後的業績。

Revenue for the third quarter of 2025 totaled $935 million a decrease of 9.9% versus Q3 of last year.

2025 年第三季營收總計 9.35 億美元，比去年第三季下降 9.9%。

This was lower than our expectations, most notably due to lower than expected growth in the ETM staffing specialty, education, and select other specialties.

這低於我們的預期，主要是由於 ETM 人員配備專業、教育和某些其他專業的成長低於預期。

As we discussed last quarter, we had discrete impacts from reduced demand from the federal government and 3 of our top customers.

正如我們上個季度所討論的，聯邦政府和我們三大客戶的需求減少對我們產生了不同的影響。

Combined, these impacts drove approximately 8% of year over year revenue decline, consistent with our expectations, leaving us with an underlying decline of 2% excluding these impacts, which is in line with industry performance.

綜合來看，這些影響導致公司營收年減約 8%，與我們的預期一致；若不計這些影響，公司營收年減 2%，與產業表現相符。

Kelly's underlying performance reflects positive trends in each business area that reinforces our confidence in our strategy.

Kelly 的整體業績反映了各個業務領域的正面趨勢，這增強了我們對自身策略的信心。

Education continued its long running streak of quarterly growth and achieved a 90% fill rate overall in the quarter for the first time.

教育類產品持續保持季度成長的良好勢頭，本季整體入住率首次達到 90%。

Within set, the telecom specialty achieved double-digit growth in the quarter after strong growth in the second quarter, while the engineering specialty has grown each quarter this year.

在所涉領域中，電信專業領域繼第二季強勁成長後，本季實現了兩位數成長，而工程專業領域今年每季都實現了成長。

Seth's underlying performance was consistent with the second quarter and continues to outperform the market.

Seth 的基本面表現與第二季一致，並繼續跑贏大盤。

And within ETM staffing underlying revenue has been consistent across the quarters despite the macro variability.

儘管宏觀經濟情勢波動，但 ETM 人員配備的基礎收入在各個季度都保持穩定。

Outcome-based solutions excluding contact center and payroll process outsourcing or PPO both continue to grow in the quarter and have shown growth all year.

除聯絡中心和薪資流程外包（PPO）之外的以結果為導向的解決方案在本季度繼續增長，並且全年都保持增長勢頭。

Finally, our managed service provider or MSP specialty showed modest growth in the quarter for the first time this year, reflecting the new customer wins we have referenced in prior quarters.

最後，我們的託管服務提供者 (MSP) 專業領域在本季度實現了今年以來的首次小幅增長，這反映了我們在前幾個季度中提到的新客戶數量的增長。

For Q3 revenue by service type, staffing services reflects modest growth in our education business and pressure from government, large customer, and macroenvironment impacts and set in ETM.

從第三季按服務類型劃分的收入來看，人員配備服務反映了我們教育業務的溫和增長，以及來自政府、大客戶和宏觀環境的影響和設定的 ETM 的壓力。

Our outcome-based offerings, excluding contact center solutions were down year over year, reflecting timing above project demand and new business within set in ETM.

除聯絡中心解決方案外，我們基於結果的產品/服務同比下降，反映出 ETM 中專案需求和新業務的交付時間表高於預期。

Talent Solutions was down modestly year over year in the quarter, reflecting a mix of performance across the individual specialties.

本季人才解決方案業務較去年同期略有下降，反映出各專業領域的業績表現參差不齊。

Term fees represented approximately 1% of revenue, which was consistent with the prior year.

期限費用約佔收入的 1%，與前一年持平。

Drilling down into revenue by segment, education grew 0.9% year over year in the quarter, driven primarily by ongoing fill rate improvement.

以業務部門細分來看，教育板塊本季年增 0.9%，主要得益於訂單滿足率的持續提高。

While we believe we want our fair share of the new business opportunities for the school year, we saw a number of decision delays in light of the broader macro environment, and the fill rate improvement benefit was lower year over year given our maturing customer portfolio, thus the relatively lower growth in the quarter.

雖然我們相信我們想要在新學年獲得應有的新業務機會份額，但鑑於更廣泛的宏觀環境，我們看到一些決策被推遲，而且由於我們的客戶組合日趨成熟，填充率的改善收益同比降低，因此本季度的增長相對較低。

As a reminder, education volumes and revenues are reduced significantly in the 3rd quarter due to the summer break.

提醒大家，由於暑假，第三季教育業務量和收入大幅下降。

In the set segment, revenue was down 9% in the quarter or 3.5% excluding the federal government impact.

在固定收入板塊，本季收入下降了 9%，若不計聯邦政府的影響，則下降了 3.5%。

Our telecom and engineering specialties continue to be growth areas within SET, while life sciences and technology saw year over year declines consistent with the second quarter.

我們的電信和工程專業領域仍然是 SET 中的成長領域，而生命科學和技術領域則出現了與第二季度一致的同比下降。

In the ETM segment, revenue declined 13.1% year over year or an underlying decline of 1.9%. Staffing services revenues declined 16.4%, driven primarily by the large customer and federal contract demand reductions, along with lower hours volume across other clients.

在ETM業務板塊，營收年減13.1%，實際下降幅度為1.9%。人員配備服務收入下降16.4%，主要原因是大型客戶和聯邦合約需求減少，以及其他客戶的工時量下降。

Outcome-based revenues decreased by 17.2%, reflecting demand pressure from the large contact center customer that has fully run off as of the end of the quarter.

基於業績的收入下降了 17.2%，反映出大型聯絡中心客戶的需求壓力，該客戶已於本季末完全終止合作。

Excluding contact center, ETM outcome-based solutions grew modestly.

除呼叫中心外，基於結果的 ETM 解決方案增長緩慢。

Talent solutions revenue decreased 1.4% overall, reflecting growth in PPO, MSP new customer wins, and reduced customer volumes and recruitment process outsourcing.

人才解決方案收入整體下降 1.4%，反映出 PPO、MSP 新客戶贏得的成長，以及客戶數量和招募流程外包的減少。

Reported gross profit was 194 million, down 12.5% versus the prior year quarter, primarily from reduced revenue.

報告顯示，毛利為 1.94 億，較上年同期下降 12.5%，主要原因是收入減少。

The gross profit rate was 20.8%, a decrease of 60 basis points compared to the prior year quarter, and a 30 basis point sequential increase.

毛利率為20.8%，較上年同期下降60個基點，較上一季成長30個基點。

The sequential lift, which is typical with the seasonality of our business, was more muted than we expected given the revenue dynamics, along with elevated employee-related costs in the quarter.

考慮到收入動態以及本季員工相關成本上升，我們業務的環比增長（這符合我們業務的季節性特徵）比我們預期的要溫和得多。

Education's GP rate increased 20 basis points while SE declined 80 basis points and ETM declined 60 basis points.

教育的毛利率上升了 20 個基點，而 SE 下降了 80 個基點，ETM 下降了 60 個基點。

We made significant progress improving our SG&A expense profile in the quarter with reported SG&A expenses of 194.4 million, a decrease of $24.6 million or 11.2%. On an adjusted basis, SG&A expenses decreased 9.7% year over year, reflecting the momentum we are gaining on structural and volume-related cost optimization efforts.

本季度，我們在改善銷售、管理及行政費用方面取得了顯著進展，報告的銷售、管理及行政費用為1.944億美元，減少了2460萬美元，降幅達11.2%。經過調整後，銷售、管理及行政費用較去年同期下降9.7%，反映了我們在結構性和銷售量相關的成本優化方面所取得的進展。

Expenses increased in our education segment in support of the revenue growth while expenses decreased across the rest of the company.

為了支持收入成長，我們教育部門的支出增加，而公司其他部門的支出則有所減少。

With the increased revenue pressure, we're enhancing our efforts to drive durable and sustainable efficiencies in our operating model through technology enhancements, including leveraging AI, process efficiencies, and multiple other levers.

隨著收入壓力的增加，我們正在加大力度，透過技術改進（包括利用人工智慧、流程效率以及其他多種手段）來推動營運模式的持久和永續效率提升。

Existing initiatives like the formation of the ETM segment and integration of MRP and other acquisitions within SE are progressing well and will drive both go to market and cost efficiencies going forward.

現有的舉措，例如成立 ETM 部門、整合 MRP 以及 SE 內部的其他收購，進展順利，並將推動未來的市場推廣和成本效益。

In connection with our various efforts, we recognized 4.7 million of charges in the quarter, down from 6.4 million in the second quarter. These included costs associated with improving technology and processes across the enterprise, as well as severance expenses and executive transition costs.

鑑於我們所進行的各項工作，本季我們確認了 470 萬美元的費用，低於第二季的 640 萬美元。這些費用包括與改善企業技術和流程相關的成本，以及遣散費和高階主管過渡成本。

We expect to see these expenses increase in the 4th quarter as we make continued progress and expand upon our various optimization efforts.

我們預計，隨著我們不斷取得進展並擴大各項優化工作，這些費用將在第四季度增加。

Related to the realignment of set and acquisition integration during the quarter, we assessed the current goodwill reporting units and determined it was appropriate to combine them into a single set segment reporting unit.

鑑於本季度業務單元的調整和收購整合，我們評估了當前的商譽報告單元，並確定將它們合併為單一的業務分部報告單元是合適的。

As a result of the assessment, along with declines in the current and projected business performance driven by macroeconomic and industry conditions, we concluded that there was a triggering event for a non-cash goodwill impairment totaling 102 million in the quarter.

評估結果表明，受宏觀經濟和行業狀況的影響，當前和預計的業務表現均有所下降，因此我們得出結論，本季度發生了一起非現金商譽減損事件，總額達 1.02 億美元。

We are excluding the impairment from our adjusted results.

我們在調整後的績效中剔除了減損部分。

Additionally, with the impairment activity, we were also required to reassess the recoverability of our deferred tax assets.

此外，由於減損活動，我們也需要重新評估遞延所得稅資產的可收回性。

While we have confidence in our business over the future recoverability time period.

雖然我們對公司未來的復甦前景充滿信心。

With a 3-year cumulative loss position in our near term actual and expected financial performance, it was necessary to record a valuation allowance of 70 million, which is also non-cash and excluded from our adjusted results.

由於近期實際和預期財務表現中存在 3 年累計虧損，因此有必要計提 7,000 萬的估值準備金，該準備金為非現金，已從調整後的業績中剔除。

As a result of the goodwill impairment in tax valuation allowance, a reported loss per share was $4.26 for the quarter.

由於稅務估值準備中的商譽減值，該季度報告的每股虧損為 4.26 美元。

On an adjusted basis, earnings per share was $0.18 compared to $0.21 in the prior year, with the decline over the prior year primarily due to lower profitability and discrete tax items.

經調整後，每股收益為 0.18 美元，而去年同期為 0.21 美元，較上年同期下降的主要原因是盈利能力下降和個別稅務項目。

Adjusted EBITDA was 16.5 million, a decrease of 36.7% versus the prior year period.

調整後 EBITDA 為 1,650 萬，較上年同期下降 36.7%。

While adjusted margin declined to 1.8%, both of which were below our expectations, reflecting the revenue and gross profit declines I previously noted.

調整後的毛利率下降至 1.8%，這兩項指標都低於我們的預期，反映了我之前提到的收入和毛利下降的情況。

Set expanded margins by 60 basis points year over year despite the lower gross profit due to their expense optimization efforts.

儘管由於費用優化措施導致毛利下降，但毛利率仍比去年同期提高了 60 個基點。

ETMs saw margin pressure due to the elevated revenue and gross profit declines despite substantial progress on their SG&A.

儘管在銷售、管理及行政費用方面取得了實質進展，但由於收入和毛利大幅下降，ETM 的利潤率面臨壓力。

Education experienced margin compression due to the seasonality of that business.

由於教育行業的季節性因素，該行業的利潤率受到壓縮。

Moving to the balance sheet and cash flow, we are generating strong operating cash flow this year with 94 million through the third quarter, up significantly versus the prior year.

從資產負債表和現金流來看，我們今年的營運現金流強勁，截至第三季已達 9,400 萬美元，比去年同期大幅成長。

Total available liquidity as of the end of the quarter was 269 million comprising $30 million in cash and $239 million of available liquidity on our credit facilities, leaving us ample capital allocation flexibility.

截至季末，可用流動資金總額為 2.69 億美元，其中包括 3,000 萬美元現金和 2.39 億美元的信貸額度，使我們擁有充足的資本配置彈性。

Total borrowing of $118 million increased versus the prior quarter due to our normal working capital seasonality.

由於正常的營運資金季節性波動，本季總借款額較上一季增加了 1.18 億美元。

Our debt to EBITDA leverage ratio was less than 1 at the end of the quarter.

本季末，我們的債務與 EBITDA 槓桿率低於 1。

We don't expect a material change in our net debt position over the remainder of the year from normal operations.

我們預計，在今年剩餘時間內，正常營運不會導致我們的淨債務狀況發生重大變化。

We ended the quarter with 40 million remaining on our current Class A share repurchase authorization.

本季末，我們目前的A類股票回購授權還剩4,000萬股。

We continue to believe the data demonstrates that the company is measurably undervalued by the market.

我們仍然認為數據表明，該公司被市場嚴重低估了。

With that backdrop in our capital allocation flexibility, we anticipate being active in our repurchase program during the remainder of the year.

在這種資本配置彈性的背景下，我們預計將在今年剩餘時間內積極開展回購計畫。

We also maintained our quarterly dividend of 7.$0.05 per share.

我們也維持了每股 7.005 美元的季度股息。

These actions reflect our confidence in Kelly's strategy and our commitment to opportunistically deploying capital in pursuit of attractive returns for shareholders.

這些舉措體現了我們對凱利策略的信心，以及我們把握機會運用資本以追求股東可觀回報的承諾。

As we look at the 4th quarter, we are assuming no material change in the macroeconomic or industry dynamics and a positive resolution to the federal government shutdown during the quarter.

展望第四季度，我們假設宏觀經濟或產業動態不會發生實質變化，且聯邦政府停擺問題將在本季積極解決。

For revenue we expect a decline of 12% to 14% in the quarter, which includes 8% of negative impact associated with reduced demand from discrete large customers and for federal contractors consistent with the third quarter impact.

本季營收預計將下降 12% 至 14%，其中包括 8% 的負面影響，這些負面影響來自個別大型客戶和聯邦承包商的需求減少，與第三季的影響一致。

Excluding these items, our underlying revenue decline would be 4% to 6%.

剔除這些項目後，我們的基本收入下降幅度將為 4% 至 6%。

The incremental revenue decline relative to the 3rd quarter is primarily due to the strong growth we saw in the 4th quarter of last year and includes a modest impact related to the government shutdown.

與第三季相比，營收增量下降主要是由於去年第四季的強勁成長，此外還受到政府停擺的輕微影響。

For adjusted EBITDA, we expect a margin of approximately 3% in the quarter.

對於調整後的 EBITDA，我們預計本季利潤率約為 3%。

This represents a sequential increase of 120 basis points consistent with the prior year change despite the incremental revenue pressure and a decrease of approximately 70 basis points year over year in the quarter consistent with what we experienced in the third quarter.

儘管收入面臨增量壓力，但這仍比上年同期增長了 120 個基點，與第三季度的情況一致；與上年同期相比，本季度同比下降了約 70 個基點。

While we're not providing specific guidance beyond the 4th quarter, as we look out over the next few quarters and the anticipated residual year over year impacts from the reduced demand for federal contractors and from the 3 large customers in ETM, it's likely we'll see continued revenue and margin pressure at least through the first half of 2026.

雖然我們沒有提供第四季度之後的具體指導，但展望未來幾個季度，考慮到聯邦承包商需求減少以及 ETM 的 3 個大客戶需求減少預計帶來的同比影響，我們可能會看到至少到 2026 年上半年收入和利潤率持續承壓。

As Chris said, across Kelly, we're addressing head on opportunities to continue to improve our execution.

正如克里斯所說，在凱利集團內部，我們正在積極應對各種機遇，以持續改善我們的執行力。

This includes in the finance organization where we're well underway with implementing measures that will enhance our agility, efficiency, and business impact in this evolving operating environment.

這包括財務部門，我們正在積極實施各項措施，以提高我們在不斷變化的營運環境中的敏捷性、效率和業務影響力。

I'm grateful to all of the Kelly team members for their unwavering commitment and resilience as we position the company for growth and enhanced profitability over the long-term. I'll now turn the call back to Chris for his closing remarks.

我衷心感謝 Kelly 團隊所有成員的堅定承諾和頑強拼搏，正是他們的努力才使公司得以長期發展並提高盈利能力。現在我將把電話轉回給克里斯，請他作總結發言。

Thank you, Troy.

謝謝你，特洛伊。

As we move forward, our immediate focus is on stabilizing Kelly's performance, and actions to this end are underway.

接下來，我們眼下的重點是穩定凱利的表現，目前我們正在採取相應措施。

We're moving swiftly to align resources with current demand trends while continuing to drive structural efficiencies across the enterprise. As part of this effort, we made the difficult but necessary decision last month to implement strategic restructuring actions that resulted in a targeted workforce reduction.

我們正在迅速調整資源配置，以適應當前的需求趨勢，同時持續推動整個企業的結構性效率提升。作為這項工作的一部分，我們上個月做出了艱難但必要的決定，實施策略重組措施，導致有針對性地裁減了員工。

These actions address excess capacity while further streamlining our organizational structure following the consolidation of the OCG and PNI businesses into the single ETM segment.

這些措施旨在解決產能過剩問題，同時在 OCG 和 PNI 業務合併為單一的 ETM 部門後，進一步精簡我們的組織結構。

We're also continuing and where possible accelerating our technology modernization initiative within SA and ultimately across the enterprise.

我們也將繼續推動南非公司內部以及最終整個企業的技術現代化計劃，並在可能的情況下加快推進。

This initiative will unlock substantial growth and efficiency opportunities, making it easier for our employees to serve our customers and talent, reducing expenses associated with managing disparate and outdated systems, and enabling more rapid innovation and integration of AI.

這項措施將釋放巨大的成長和效率提升機會，使我們的員工更容易為客戶和人才服務，減少與管理分散和過時的系統相關的費用，並實現人工智慧的更快創新和整合。

While executing our near term priorities, we're also keeping our sights set on the future. As I conclude my initial assessment of the business, our team is aligned where we must focus longer-term to accelerate progress on Kelly's strategic journey.

在執行近期優先事項的同時，我們也著眼於未來。在我完成對公司的初步評估後，我們的團隊一致認為，我們必須著眼於更長遠的方面，以加快 Kelly 的策略發展進程。

First and foremost is growth. Growth is the single most important value creation lever at this stage in Kelly's journey. To drive organic growth, we'll continue to enhance how we go to market, especially with our large enterprise customers, to bring to bear the full strength of Kelly's portfolio and win more market share. We'll also continue to drive inorganic growth by pursuing targeted investments that add scale and capabilities in higher margin specialties.

首要任務是成長。在凱利現階段的發展歷程中，成長是創造價值最重要的槓桿。為了推動內生成長，我們將繼續改進我們的市場拓展方式，特別是針對我們的大型企業客戶，以充分發揮 Kelly 產品組合的優勢，贏得更多市場份額。我們將繼續透過有針對性的投資來推動非內生成長，從而在高利潤的專業領域擴大規模和提升能力。

We'll focus on evolving our product mix as well to address changing buyer preferences such as the shift towards statement of work solutions and to capitalize on the AI boom.

我們將專注於改進產品組合，以滿足不斷變化的買家偏好，例如轉向工作說明書解決方案，並充分利用人工智慧的蓬勃發展。

Our widely recognized global rework report found nearly 50% of executives surveyed are struggling to find the talent with the right operational and technical skills in AI.

我們廣受認可的全球返工報告發現，近 50% 的受訪主管表示，他們難以找到具備人工智慧領域合適的營運和技術技能的人才。

This unmet demand represents a significant opportunity to position Kelly as the partner of choice for employers navigating the transition to an AI enabled workforce.

這項未被滿足的需求為 Kelly 提供了一個重要的機遇，使其成為雇主在向人工智慧賦能型勞動力轉型過程中的首選合作夥伴。

Next, we'll continue to focus on efficiency.

接下來，我們將繼續專注於提高效率。

This means continuing to align resources with demand while re-engineering our cost base to drive further structural efficiencies.

這意味著要繼續使資源與需求保持一致，同時重新設計我們的成本結構，以進一步提高結構效率。

That includes our initiatives to modernize our technology stack and integrate legacy acquisitions. And finally, culture. Culture is fundamental to how we'll achieve our ambitions and win in the market. We're committed to building on the strong culture that exists here at Kelly, doubling down on customer centricity, visibility and accountability.

這包括我們為實現技術架構現代化和整合遺留收購專案所採取的措施。最後，是文化。文化對於我們如何實現目標並在市場中取得成功至關重要。我們致力於鞏固 Kelly 現有的強大企業文化，加倍重視以客戶為中心、提高透明度和加強問責制。

I look forward to sharing with you more about these areas of focus and our progress as we move forward.

我期待與大家分享更多關於這些重點領域以及我們未來進展的資訊。

We're navigating a complex moment for our industry and our company.

我們正經歷著產業和公司面臨的複雜時刻。

These circumstances call for decisive action to address near term dynamics while positioning the company to realize the significant value creation opportunity before us.

在這些情況下，我們需要採取果斷行動來應對近期動態，同時使公司能夠抓住擺在我們面前的巨大價值創造機會。

There's much work to be done, but I'm excited and energized to meet this moment together with our team and contribute my operational experience to accelerate our progress.

還有很多工作要做，但我很興奮，也很有動力與我們的團隊一起迎接這一刻，並將我的營運經驗貢獻出來，加速我們的進步。

Our core strengths, an iconic brand, a differentiated portfolio, and an engaged team, give me the confidence that we'll emerge more agile, resilient, and primed for growth.

我們的核心優勢，包括標誌性品牌、差異化產品組合和積極進取的團隊，讓我相信我們將變得更加靈活、更有韌性，並為成長做好準備。

I'm grateful to the board of directors for placing their trust in me to lead Kelly at this moment on the company's journey.

我感謝董事會對我的信任，讓我在這個關鍵時刻帶領 Kelly 繼續公司的發展歷程。

I also want to extend my appreciation to Peter Quigley for his support as I've stepped into this role and for his distinguished service to the company over the last 23 years.

我還要感謝彼得·奎格利在我擔任這個職務期間給予的支持，以及他在過去 23 年裡為公司做出的傑出貢獻。

And to our team, thank you for welcoming me with openness and enthusiasm. I look forward to working alongside you to realize our collective ambitions and create long-term value for all of our stakeholders. Operator, you can now open the call to questions.

感謝我的團隊，感謝你們熱情友善地歡迎我。我期待與各位攜手合作，實現我們的共同目標，並為所有利害關係人創造長期價值。操作員，現在可以開始接受提問了。

Thank you, ladies and gentlemen. If you wish to ask a question, please press star 11 on your telephone keypad. You may withdraw your question at any time by repeating the star 11 command.

謝謝各位女士、先生。如果您有任何疑問，請按下電話鍵盤上的星號鍵 11。您可以隨時透過重複輸入星號 11 命令來撤回您的問題。

If you're using your speakerphone, please pick up the handset before pressing the numbers. Once again, if you have a question, you may press a 11 at this time. For our first question, we'll go to Joe Gomez from Noble Capital. Joe, your line is now open.

如果您正在使用免持通話，請在按數字鍵之前拿起聽筒。再次提醒，如果您有任何疑問，現在可以按 11。我們的第一個問題，請Noble Capital的Joe Gomez來解答。喬，你的線路已開通。

Good morning. Thanks for taking my questions.

早安.謝謝您回答我的問題。

Good Morning, Joe.

早安，喬。

Morning Joe.

早安，喬。

I wanted to start out, Troy, I don't know if you can kind of break out, these discrete, between the federal government and a large customer impact. I know in total it was, I think it's roughly 8%, but I don't know if you can break that down what was for the federal government and what was for the large customers.

特洛伊，我想先說，我不知道你是否能把這些分散的、聯邦政府和大型客戶影響之間的問題區分開來。我知道總共是，我想大概是 8%，但我不知道你能不能把其中一部分是給聯邦政府的，一部分是給大客戶的。

Yeah, Joe, thanks for the question. They're roughly equal, so it's roughly 2 points each, plus minus, a little bit, but I'd say generally speaking they're they're roughly equal.

是的，喬，謝謝你的提問。它們大致相等，所以大約每人 2 分，略有出入，但總的來說，我認為它們大致相等。

Okay, thanks for that, and it, I know Chris, you just talked about, some of this go to market here, optimizing large enterprise customer share wallet, and when I, you see that and I understand that goal, but then I also see, hey, 33 customers had a significant impact on revenue this quarter.

好的，謝謝。我知道克里斯，你剛才談到了一些市場推廣策略，優化大型企業客戶的共享錢包，當我看到這一點並理解這個目標時，我也看到，嘿，33 位客戶對本季度的收入產生了重大影響。

You know how are you kind of like squaring that circle and making sure that you know we get even more concentrated in some big customers the same things don't happen you know down the road.

你知道，你就像是在努力解決這個難題，確保我們更專注於一些大客戶，並且避免將來再次發生同樣的事情。

Yeah, thanks, Joe. This is Chris, and it's a good question. And let me just start by reiterating that we know Kelly can achieve more.

謝謝你，喬。我是克里斯，這是一個很好的問題。首先我想重申一點，我們知道凱利還能有更大的成就。

We saw the headwinds and and we know there's also execution gaps that we're going to continue to to address head on. One of the things that you heard me talk about is the breadth and depth of our portfolio, and, as we've gone and acquired really significant scale over the last few years, that's also built on a foundation where we have had incredible strength, right? Number 1 in education, number 2 in science, number 4, in engineering, just outside the TOP10 in our technology business, Everest recognized. Specialization and strength, in our MSP, BPO, and staffing, services and so as I'm talking to customers, not only, the three impacted but also the thousands of customers we're working with, from around the globe, they want to be doing more with Kelly, they want to make sure that it's easy to work with us, that we're bringing all of our capability to them. And one of the things I have been impressed with is I&I saw this from the outside before I got here and I've been even more impressed as I've joined is the depth of these relationships, the length of time we've been working with customers around the world. And we know we'll continue to partner with them in new ways as we continue to make sure that we're showing up and that we're easy to work with and we're showing up with all of our capabilities so we we do have opportunity as we move forward around some of that execution, but that's what we're taking head on and again I have some confidence as I've been engaging with customers over the last 60 days.

我們看到了阻力，也知道在執行上有差距，我們將繼續迎難而上，解決這些問題。我之前提到過我們投資組合的廣度和深度，而且，在過去幾年裡，隨著我們不斷擴大規模，這也建立在我們擁有的強大基礎之上，對吧？珠穆朗瑪峰公司在教育領域排名第一，在科學領域排名第二，在工程領域排名第四，在科技業排名緊隨前十之後，並獲得了認可。我們在 MSP、BPO 和人員配備服務方面擁有專業化和強大的實力，因此，當我與客戶交談時，不僅是這三個受影響的客戶，還有我們與來自世界各地的數千名客戶，他們都希望與 Kelly 做更多的事情，他們希望確保與我們合作輕鬆便捷，確保我們能夠將我們所有的能力帶給他們。令我印象深刻的一點是，在我加入公司之前，I&I 從外部就看到了這一點，而加入公司後，我更加印象深刻的是這些關係的深度，以及我們與世界各地客戶合作的時間長度。我們知道，我們將繼續以新的方式與他們合作，繼續確保我們積極參與，易於合作，並展現我們所有的能力，因此，隨著我們在執行方面取得進展，我們確實有機會，但這就是我們正在迎難而上的事情，而且我在過去 60 天裡與客戶互動後，對此充滿信心。

Yeah Joe, this is Troy. I would just add that again these these four discrete items are somewhat unique and completely unrelated, just happen to all be around the same time but it's the macro environment affected each. Them in varying ways policy decisions affected them in varying ways and and they're in their industry challenges are are also affecting them in varying ways. So it's it's less about customer concentration and it's more about, stickier services and and just growing we have relationships, by the way, with all those customers still and still very significant for at least one or two of them. So anyway, just wanted to just remind the, since we didn't really get into the details of what they were, but, remind everybody of that.

喬，我是特洛伊。我還要補充一點，這四件獨立的事情各有特色，完全不相關，只是碰巧都發生在同一時期，但都受到了宏觀環境的影響。政策決定以不同的方式影響了他們，他們所在行業的挑戰也以不同的方式影響他們。所以，重點不在於客戶集中度，而是更具黏性的服務，以及不斷發展我們與所有這些客戶的關係。順便說一句，這些關係對其中至少一兩個客戶來說仍然非常重要。總之，我只是想提醒大家一下，因為我們並沒有真正深入探討它們的具體內容，所以我想提醒大家這一點。

Appreciate that and then one more for me if I may, Troy, you got a a slide here in the deck, about the revenue trends and you know you kind of break out excluding discrete impacts.

非常感謝。 Troy，如果可以的話，我再問一個問題。你的簡報裡有一張投影片，是關於收入趨勢的，你知道，你把一些零散的影響排除在外，進行了細分。

And you know if I take a quick glance at those that you know Q1, Q2, Q3, they're, the pretty much trending the wrong way.

你知道，如果我快速瀏覽一下那些你熟悉的季度 1、季度 2、季度 3，它們基本上都在朝著錯誤的方向發展。

And just trying to get an idea, I understand the federal government shutdown, but you know what else needs to occur in the macro environment that you think we can start to see these revenue trends reverse and start becoming positive, or, as opposed to negative and, or, start growing again as opposed to trending downward.

我只是想了解一下情況，我理解聯邦政府停擺，但是你知道宏觀環境還需要發生什麼，才能讓我們開始看到這些收入趨勢逆轉並轉為正值，或者說，才能讓收入趨勢從負值轉為負值，或者說，才能讓收入趨勢從下降轉為再次增長。

Yeah, it's a fair question. Again, I would say that, set, again they're somewhat unique across the three, segments. Set is fairly consistent across the quarters. We had, great strength in the telecom, double-digit growth there this quarter after nearly double-digit last quarter. Engineering has been growing all year, and consistent rate of decline in technology. And life sciences, so we did expect a little bit more out of set this quarter, but we're still pleased that we, despite the the the the broader environment around us that that we saw at least consistent performance and some strength there. There's two areas education again somewhat of a unique dynamic there, market, some decision delays, those are decisions we still expect to win.

是的，這個問題問得好。我再次強調，這三個部分在某種程度上是獨一無二的。各季度的設置都相當穩定。我們在電信領域實力強勁，繼上季接近兩位數成長之後，本季又實現了兩位數成長。工程領域全年都在成長，但技術卻持續下滑。生命科學領域，所以我們對本季的業績預期更高一些，但儘管我們周圍的整體環境不太理想，我們仍然很高興看到該領域至少取得了穩定的業績和一定的強勁表現。教育領域又出現了一些獨特的動態，市場方面也存在一些決策延遲，但我們仍然期望能夠贏得這些決策。

At a future date, but there was some hesitancy in the market just given some of the policy changes and dynamics around the broader macro environment. So, we expect education to continue to grow and us win our fair share, if not more. We've been taking share in a growing market there, and then on ETM again the underlying, still low single-digit, we think we're competitive in the market as Chris said, highly ranked by the industry.

雖然未來某個時候可能會有這樣的結果，但鑑於一些政策變化和更廣泛的宏觀環境動態，市場對此仍有些猶豫。因此，我們期望教育能夠繼續發展，並贏得我們應得的份額，甚至更多。我們一直在不斷擴大市場份額，就 ETM 而言，儘管基礎收益率仍然很低，但正如 Chris 所說，我們認為我們在市場上具有競爭力，在業內排名很高。

Experts and we saw growth in MSP, so we're starting to realize the benefits of some of the new logo wins there. Staffing has been consistent across the year despite the macro headwinds, the underlying staffing, and really that that decline there was just less growth in PPO and a bit of a downturn in RPO, the recruitment process outsourcing. So there's different dynamics in each, and there's significant opportunity in each as as Chris outlined in his prior response, so I think it's just a matter of, moving us forward, with some of the initiatives, and getting through some of the softness that we see and and more in the macro dynamics around us.

專家和我們都看到了 MSP 的成長，所以我們開始意識到一些新 logo 贏得該領域客戶帶來的好處。儘管宏觀經濟面臨不利因素，但全年人員配置情況依然穩定，基本人員配置情況也保持穩定，實際上，人員配備下降只是由於 PPO 增長減少和 RPO（招聘流程外包）略有下滑。因此，每個方面都有不同的動態，每個方面也都有很大的機會，正如克里斯在他之前的回應中概述的那樣，所以我認為，這只是一個推動我們前進的問題，通過一些舉措，克服我們看到的一些軟弱之處，以及我們周圍的宏觀動態。

Okay, great, thanks.

好的，太好了，謝謝。

I'll get back in the queue.

我重新排隊。

Thank you. Our next question comes from the line of Kevin's thank you from Barrington Research Associates. Kevin, your line is now open.

謝謝。我們的下一個問題來自凱文在巴林頓研究協會的感謝信中的一句話。凱文，你的線路已開通。

Great, thank you. So wanted to start out by asking about, the various factors in the operating environment that you noted in your earnings release are currently impacting your results, largely the macroeconomic landscape and, sluggish labor market, but, on top of that, you, specifically added in, The AI boom and so I'm just kind of wondering what you're seeing in terms of the impact of AI on demand for your business currently and on the flip side you also mentioned that could be an opportunity, over the longer-term is is.

太好了，謝謝。首先我想問一下，您在獲利報告中提到的各種經營環境因素目前正在影響您的業績，主要是宏觀經濟情勢和疲軟的勞動力市場，但除此之外，您還特別提到了人工智慧的蓬勃發展。所以我想了解一下，您目前認為人工智慧對貴公司業務需求的影響是什麼？另一方面，您也提到從長遠來看，這可能是個機會。

Is your customers look to find IA talent. So maybe, if you could walk through the dynamics you're seeing with AI currently.

您的客戶是否正在尋找人工智慧人才？所以，或許您可以詳細解說您目前在人工智慧領域看到的動態變化。

Yeah Kevin, thanks, this is Chris. We really see there to be an opportunity to continue to capture new AI growth opportunities and from our standpoint really not just in the set business but in ETM and in education, we've got a unique opportunity in the market based on our capability to bring employers a flexible, more scalable solution.

是的，凱文，謝謝，我是克里斯。我們確實看到了繼續抓住人工智慧新增長機會的機會，從我們的角度來看，不僅在現有業務領域，而且在 ETM 和教育領域，我們憑藉為雇主提供靈活、更具可擴展性的解決方案的能力，在市場上擁有獨特的機會。

As they're bridging into a more AI enabled workforce, we think that's going to unlock a lot of value in a way that will combine the power of people and technology, and we have that opportunity as we move up the value chain. In our set business, with a lot of the work we're doing and things like, data modernization and, other digital work, that's solutions-based business, and, again that's, in growing demand, and as we indicated in our prepared remarks, more broadly across, employers, in our research, 50% told us that they are struggling to find. The right operational and technical skills, to help them navigate this transition into the AI enabled workforce. So we see it as a real opportunity, for us, on the go to market side now internally, you heard Troy and I both talk about how we are going to continue to. Accelerate the modernization of our technology stack, the technology stack that we acquired when we acquired MRP, that continues to be a priority as we think about ways to improve both process and efficiency across ours.

隨著他們向人工智慧賦能的勞動力邁進，我們認為這將以一種結合人和技術力量的方式釋放大量價值，而隨著我們向價值鏈上游移動，我們也擁有這樣的機會。在我們所在的行業，我們正在做的許多工作，例如資料現代化和其他數位化工作，都是以解決方案為導向的業務，而這種業務的需求也在不斷增長。正如我們在準備好的演講稿中所指出的，更廣泛地說，在我們的研究中，50% 的雇主告訴我們，他們正在努力尋找合適的人才。具備正確的營運和技術技能，幫助他們順利過渡到人工智慧賦能型勞動市場。所以我們認為這是一個真正的機會，對我們來說，在市場推廣方面，現在在內部，你們都聽到了Troy和我談論我們將如何繼續這樣做。加快我們技術棧的現代化進程，技術棧是我們收購 MRP 時獲得的，在我們思考如何改善整個流程和效率的過程中，這仍然是我們的優先事項。

Our teams and bring our teams new tools and a lot of that is underway, the integration of those AI based tools in our recruiting process in our client portals, and we're going to continue to see that add value and drive opportunities for efficiency and productivity over the next couple of quarters.

我們的團隊正在為團隊引入新的工具，目前許多工作正在進行中，例如將這些基於人工智慧的工具整合到我們的招募流程和客戶入口網站中。在接下來的幾個季度裡，我們將繼續看到這些工具帶來價值，並推動效率和生產力的提升。

Okay, great. So, it sounds like, AI offers a nice longer-term growth opportunity for you. I was just curious if in the shorter term, perhaps are some customers, kind of holding off or or delaying hiring decisions as they assess the impact of AI on their businesses and, as they assess whether they need to.

好的，太好了。聽起來，人工智慧可以提供你良好的長期發展機會。我只是好奇，短期內，是否有一些客戶在評估人工智慧對其業務的影響以及評估是否需要招聘時，會不會推遲或暫緩招聘決定。

As as many people in the past, given that AI will bring them greater productivity. I, I'm just wondering if that's, having any, short-term impact on, demand for your services.

就像過去許多人一樣，他們認為人工智慧將為他們帶來更高的生產力。我只是想知道這是否會對貴公司服務的需求產生任何短期影響。

Well, let me start and I'll have Troy, build on it, first, I think we just need to step back in the broader context of what we've been seeing a pretty sluggish labor market and, many of the businesses that would support some of the disruption maybe you've seen in the lack of job growth that we've seen really pretty consistently across every month this year is a bit embedded already in the workforce dynamics and so we see and have been seeing that sluggish impact. All year now outside of that we continue to see companies invest in bridging themselves into a more AI enabled workforce, and we believe there could actually be opportunities not only on the solution side of how we can help companies navigate that, but it also could be an indication at some point on the staffing part of our business that companies use flexible labor as a bridge into that as they're navigating. More certainty around the demand for their products and services and so we'll continue to be navigating those indicators, that will impact both parts of our business, our staffing and our solutions.

好的，我先開始，然後讓特洛伊補充。首先，我認為我們需要從更廣泛的角度來看待這個問題：我們一直看到的是勞動力市場相當疲軟，許多能夠支撐部分業務的企業可能已經受到了衝擊。你可能已經看到，今年每個月我們都持續看到就業成長不足，這在某種程度上已經根深蒂固地存在於勞動力市場動態中，因此我們看到並一直看到這種疲軟的影響。今年以來，我們不斷看到企業投資於向人工智慧賦能型勞動力過渡，我們相信，這不僅在解決方案方面存在機會，可以幫助企業應對這一挑戰，而且在某個時候，這可能也表明，在企業探索這一轉型的過程中，其人員配備方面會採用靈活的勞動力作為過渡手段。對他們產品和服務的需求有了更多確定性，因此我們將繼續關注這些指標，這些指標將影響我們業務的兩個方面：人員配備和解決方案。

Yeah, Kevin, I would just add this is Troy. I wouldn't say there's been a change this quarter versus last quarter or two quarters ago in terms of any impact that that AI may have had in terms of our positions, the type of positions we staff, or the type of opportunities we pursue. But what we are seeing an uptick in in our ability to leverage AI in terms of providing support to our customers, be it with our platforms, from a workforce management perspective in the ETM space, be it some of the solutions that we're bringing to bear, in set. Not just in the technology, vertical but also in in in telecom and engineering and life sciences, so I mean there's a, we're starting to be able to now move upstream into bumping into some of the major consulting players. With some of our nimbleness and the capability that we bring, trying to fill that GAAP that Chris highlighted, about work, companies not being able to find the right skills and the right workers, so, yeah, so no real change in what we've seen, and if anything it's creating, more opportunity for us to bring our solutions to bear.

是的，凱文，我還要補充一點，那就是特洛伊。就人工智慧可能對我們的職位、我們招募的職位類型或我們追求的機會類型產生的影響而言，我不會說本季與上個季度或兩個季度前相比發生了變化。但我們看到，我們在利用人工智慧為客戶提供支援方面的能力正在提升，無論是透過我們的平台，還是從 ETM 領域的勞動力管理角度，亦或是我們正在推出的一些解決方案。不僅在科技垂直領域，在電信、工程和生命科學領域也是如此，所以我的意思是，我們現在開始能夠向上游發展，接觸到一些主要的顧問公司。憑藉我們的一些靈活性和能力，努力滿足克里斯強調的關於工作、公司找不到合適技能和合適員工的 GAAP 要求，所以，是的，所以我們看到的情況並沒有真正的改變，如果說有什麼變化的話，那就是為我們創造了更多機會來運用我們的解決方案。

Okay, great. All right, good to hear.

好的，太好了。好的，很高興聽到這個消息。

So, I just wanted to get a little more, insight on education, you mentioned, some just some delayed decision making there, due to macro factors, and I'm just kind of trying to relate the macro environment to, the K through 12 space and, perhaps why.

所以，我只是想對教育有更深入的了解，你提到了一些由於宏觀因素而導致的決策延遲，我只是想嘗試將宏觀環境與 K-12 教育領域聯繫起來，以及背後的原因。