Kelly Services Inc (KELYB) 2026 Q1 法說會逐字稿

Good morning, and welcome to Kelly Services first quarter earnings conference call. (Operator Instructions)

早安，歡迎參加 Kelly Services 第一季財報電話會議。（接線員指示）

Today's call is being recorded at the request of Kelly Services. If anyone has any objections, you may disconnect at this time.

今日的電話會議係應 Kelly Services 要求進行錄音。如有任何異議，請於此時中斷連線。

I would now like to turn the meeting over to your host, Mr. Scott Thomas, Kelly's Head of Investor Relations. Please go ahead.

現在我想把會議交給本次主持人、Kelly 投資人關係主管 Scott Thomas 先生。請開始。

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

早安，歡迎參加 Kelly 第一季電話會議。今天與我一同出席的有 Kelly 執行長 Chris Layden，以及財務長 Troy Anderson。在開始之前，我要提醒各位，今日電話會議（包含問答環節）中的評論可能包含關於我們對未來表現之預期的前瞻性陳述。

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. Please refer to our SEC filings for a description of the risk factors that could influence the company's actual future performance. In addition, we'll discuss certain data on a reported and on an adjusted basis.

實際結果可能與我們評論所暗示者有重大差異。我們不承擔更新本次電話會議中所作陳述的任何義務。請參閱我們向 SEC 提交的文件，以了解可能影響公司實際未來表現之風險因素說明。此外，我們將以申報口徑與調整後口徑討論部分數據。

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 10-Q. All of which can be accessed through our Investor Relations website at ir.kellyservices.com.

以調整後口徑討論的項目屬於非 GAAP 財務衡量指標，旨在提供對我們營運中某些趨勢的洞見。關於非 GAAP 指標及其他必要揭露的更多資訊，請參閱我們的財報新聞稿、簡報，以及在提交後的 Form 10-Q。上述資料皆可透過我們的投資人關係網站 ir.kellyservices.com 取得。

With that, I'll turn the call over to Chris.

接下來，我把電話會議交給 Chris。

Thank you, Scott. Good morning, everyone. I'll begin with highlights from the first quarter. The macroeconomic environment remained dynamic over the first three months of 2026. Against this familiar backdrop, employers continue to take a cautious approach to hiring, contributing to a mixed labor market. That said, conditions through the quarter were stable, consistent with our expectations.

謝謝你，Scott。各位早安。我先從第一季的重點開始。2026 年前三個月的總體經濟環境仍然多變。在這個熟悉的背景下，雇主持續對招募採取審慎態度，導致勞動市場呈現分歧。不過，本季整體狀況保持穩定，符合我們的預期。

This stability was reflected in our results as we executed on our strategic priorities. Total company revenue exceeded our expectations and adjusted EBITDA margin was in line with our expectations. In ETM, staffing and overall revenue trends improved sequentially from the fourth quarter, including growth in talent solutions across our technology-enabled and AI-powered MSP, RPO and PPO offerings.

這種穩定反映在我們的業績中，因為我們持續推進策略優先事項。公司整體營收高於我們的預期，調整後 EBITDA 利潤率符合我們的預期。在 ETM 方面，人力派遣與整體營收趨勢較第四季呈現環比改善，其中包括我們以科技賦能、AI 驅動的 MSP、RPO 與 PPO 產品所帶動的人才解決方案成長。

In SET, we delivered another quarter of year-over-year growth, our Telecom specialty and life sciences and engineering performance improved sequentially. In Education, we continue to experience pressure from delayed contract decisions and enrollment declines and to a lesser extent, weather-related closings.

在 SET 方面，我們再度交出年增成長的一季；我們的電信專業領域，以及生命科學與工程的表現較前一季環比改善。在教育業務方面，我們仍持續承受合約決策延後與入學人數下降的壓力，另有較小部分來自天候因素造成的停課。

Across all three segments, we continue to align resources with demand and maintain a disciplined approach to expense management as part of our ongoing focus on efficiency. Contributing to stabilizing trends in our results, for new customer wins that were implemented and came online during the quarter. Among them is a significant MSP program with a leading global oil and gas company across its North American operations.

在三大事業部門中，我們持續依需求調整資源配置，並維持嚴謹的費用管理作法，作為我們持續聚焦效率的一部分。支撐我們業績趨勢趨於穩定的因素之一，是本季落地並上線的新客戶得標案。其中包括一項重要的 MSP 專案，客戶為一家領先的全球油氣公司，涵蓋其北美營運。

Kelly was selected based on the differentiated value of our technology-enabled capabilities. This includes our Helix analytics platform and AI-enabled rate intelligence which provides the visibility benchmarking and cost optimization, large enterprise customers require of a contingent talent management program.

Kelly 之所以獲選，係基於我們科技賦能能力的差異化價值。其中包括我們的 Helix 分析平台與 AI 賦能的費率情報，可提供可視性、同業基準比較與成本最佳化，這些都是大型企業客戶在約聘人才管理計畫中所需要的。

With the initial implementation of this new MSP program complete, we have clear line of sight to additional expansion opportunities. This win underscores where our one Kelly go-to-market approach is capable of delivering. Leveraging technology in our experience, serving global customers to win in the market and grow.

隨著這項新 MSP 專案的初始導入已完成，我們對後續的擴張機會有清晰的能見度。此一得標案凸顯我們「one Kelly」市場進入策略所能交付的成果：運用科技與我們服務全球客戶的經驗，在市場中取勝並實現成長。

With momentum building across the enterprise, we remain focused on returning to organic growth and margin expansion. Paving the way towards this next horizon is our newly formed growth office. Since it was established in February, the growth office has been collaborating across the enterprise to lay the foundation for an integrated commercial operating framework.

隨著全公司動能逐步建立，我們仍專注於回到有機成長並擴大利潤率。為邁向下一個階段鋪路的是我們新成立的成長辦公室。自二月成立以來，成長辦公室已與全公司各單位協作，為整合式商業營運框架奠定基礎。

This framework will serve as the foundation of a unified one Kelly enterprise strategy that brings the full breadth of our portfolio to Kelly's current customers and prospects. Central to this effort is the migration of all commercial teams onto a new unified CRM system, a key component of our modernized tech stack, the CRM will provide enterprise-wide pipeline visibility, enable high conviction forecasting and support cross-selling across business units.

此一框架將作為統一的「one Kelly」企業策略之基礎，把我們產品組合的完整廣度帶給 Kelly 現有客戶與潛在客戶。此項工作的核心，是將所有商務團隊遷移至新的統一 CRM 系統；作為我們現代化技術堆疊的關鍵組成，CRM 將提供全企業的銷售管線可視性、支援高信心度的預測，並促進跨事業單位的交叉銷售。

We expect the migration to be complete by mid-year as part of our ongoing technology modernization initiatives. Reflecting more broadly on our technology modernization journey, we remain on track with our multi-phase approach.

我們預期此一遷移將於年中完成，作為我們持續推動技術現代化計畫的一部分。更廣泛地回顧我們的技術現代化旅程，我們仍按多階段方法穩步推進。

In the first quarter, our team was successful in ensuring a smooth transition following the cutover of our acquisitions in SET from their legacy technology stack to the modernized platform, Kelly acquired through our acquisition of MRP.

在第一季，我們的團隊成功確保順利轉換：將 SET 中我們所併購的業務，從其既有的傳統技術堆疊切換至現代化平台；該平台係 Kelly 透過收購 MRP 所取得。

Armed with the key learnings we gathered from the initial cutover, we're well positioned to execute on subsequent phases and realize the benefits of deeper data and insights, AI and automation and scale and enhanced productivity. As we executed on our strategic priorities through the quarter, we continue to evolve our leadership team.

憑藉我們從首次切換所彙整的關鍵學習，我們已具備良好條件執行後續階段，並實現更深層數據與洞見、AI 與自動化、規模化與生產力提升等效益。在本季推進策略優先事項的同時，我們也持續調整與強化領導團隊。

In March, we welcomed Joel Leege as President of SET. Joel is a proven industry leader with broad-based sector experience, having spent nearly three decades in staffing, talent solutions and managed services across technology, engineering and life sciences. He brings extensive experience leading complex transformations and integrations, enabling exceptional service delivery for customers and driving above-market growth.

三月，我們迎來 Joel Leege 擔任 SET 總裁。Joel 是經驗證的產業領袖，具備廣泛的產業別經驗，近三十年深耕人力派遣、人才解決方案與受管理服務，涵蓋科技、工程與生命科學領域。他在領導複雜轉型與整合方面擁有豐富經驗，能為客戶提供卓越的服務交付，並推動高於市場的成長。

This experience is uniquely suited to further enhance SET's competitive positioning and take the business to the next level. I'm pleased to have him as part of Kelly, and I look forward to Joel leading the SET business to new heights of growth and profitability.

這些經驗非常契合我們進一步強化 SET 競爭定位、並將業務推向更高層次的需求。我很高興他加入 Kelly，也期待 Joel 帶領 SET 業務邁向成長與獲利的新高峰。

I'm also reevaluating the leadership structure within the ETM business. This business is core to our strategy. And with this in mind, I'm taking time to assess what we need longer term to ensure we deliver on our growth objectives.

我也正在重新評估 ETM 業務內的領導架構。這項業務是我們策略的核心。基於此，我將花時間評估長期而言我們需要什麼，以確保達成成長目標。

In the interim, I will be closely involved in the management of ETM. I have great confidence in the team who have consistently demonstrated their commitment to customer centricity, visibility and accountability. These cultural pillars remain fundamental to how we'll achieve our ambitions and win in the market, both in ETM and across the enterprise.

在此期間，我將更密切參與 ETM 的管理。我對團隊充滿信心，他們一貫展現對以客戶為中心、可視性與問責的承諾。這些文化支柱仍是我們實現抱負、在市場中取勝的根本，不僅在 ETM，也涵蓋全公司。

I was pleased to have the opportunity to see the strength of our culture on full display at our recent Impact 2026 Leadership Summit in March. This immersive experience brought together 200 of our leaders for two days of dialogue and collaboration focused on transforming Kelly into a more customer-centric, visible and accountable enterprise.

我很高興在三月近期舉辦的 Impact 2026 領導高峰會上，看到我們文化的強大力量充分展現。這場沉浸式體驗匯聚了 200 位領導者，進行為期兩天的對話與協作，聚焦於將 Kelly 轉型為更以客戶為中心、更具可視性與更具問責的企業。

Impact reflects our commitment to building on the strength of Kelly's culture from the leadership level down, positioning the company to execute more consistently as we target a return to revenue growth and margin expansion in the second half of the year.

Impact 反映我們的承諾：從領導層向下，持續在 Kelly 文化的既有優勢上再深化，讓公司在我們鎖定於下半年重回營收成長與利潤率擴張之際，能更一致地執行。

In a moment, I'll share more about our pathway toward a return to growth. First, I'll turn it over to Troy to provide more details on the results in the quarter. Troy?

稍後我會分享更多我們重回成長的路徑。首先，我把時間交給 Troy，請他提供本季業績的更多細節。Troy？

Thank you, Chris, and good morning, everybody. I'm pleased to report that we started the year with solid execution and results on a number of fronts. For the first quarter of 2026, revenue totaled $1 billion, which was down 10.7% overall versus Q1 of last year, is favorable to our guidance.

謝謝你，Chris，各位早安。我很高興報告，我們在新年度開局於多個面向展現穩健的執行力與成果。2026 年第一季，營收合計 10 億美元，較去年第一季整體下降 10.7%，但優於我們的財測指引。

Excluding the previously disclosed discrete impacts, driven by reduced demand from the federal government and three top ETM customers, revenue was down 3.3% on an underlying basis, which was improved 60 basis points versus last quarter.

若排除先前已揭露的個別（離散）影響因素（主要由聯邦政府需求下降，以及 ETM 三大主要客戶需求降低所致），營收在基礎（underlying）口徑下年減 3.3%，較上一季改善 60 個基點。

As a reminder, a brief update regarding these impacts. Federal government demand largely stabilized in Q3 of last year with a slight sequential increase this quarter mainly from the government shutdown and seasonal impacts in Q4. For the three top ETM customers, one stabilized at the current reduced demand levels beginning in Q3, one fully ran off in Q3, and the largest one remains one of our top customers and has stabilized across Q4 and Q1.

提醒各位，關於這些影響因素的簡要更新如下：聯邦政府需求在去年第三季大致趨於穩定，本季則小幅環比增加，主要源於第四季的政府停擺與季節性影響。至於 ETM 的三大主要客戶，其中一家自第三季起在目前較低的需求水準上趨於穩定；一家於第三季完全結束合作（fully ran off）；而最大的一家仍是我們的主要客戶之一，並在第四季與第一季期間維持穩定。

At the segment level, underlying ETM declined 0.4% versus the prior year quarter, which is measurably improved versus last quarter and exceeded our expectations. Each Talent Solutions specialty grew versus the prior year quarter.

在事業部層級，基礎 ETM 較去年同期下降 0.4%，相較上一季有明顯改善，且優於我們的預期。各 Talent Solutions 專業領域皆較去年同期成長。

In staffing, we saw a net underlying decline of just 1.2% in the quarter and year-over-year growth across February and March. Overall underlying ETM revenue has been relatively stable across the last five quarters.

在人力派遣方面，本季基礎淨下滑僅 1.2%，且 2 月與 3 月皆呈現年增。整體而言，基礎 ETM 營收在過去五季相對穩定。

Education decreased 4.8% year-over-year in the quarter, reflecting the prior year delayed new contract decisions, elevated weather-related school closures, and overall reduced demand in key markets due to enrollment declines.

教育業務本季年減 4.8%，反映去年新合約決策延後、與天候相關的停課增加，以及因入學人數下降導致主要市場整體需求減少。

We expect education to deliver sequential year-over-year improvement throughout the remainder of 2026 and a return to growth in the second half of the year as a result of new business wins, successfully defending several key renewals and continued penetration of our therapy offering into new and existing clients.

我們預期教育業務在 2026 年剩餘期間將持續呈現逐季的年比改善，並在下半年因新業務得標、成功守住數項關鍵續約，以及我們治療服務在新舊客戶中的持續滲透而恢復成長。

SET's underlying revenue declined 6% in the quarter led primarily by near-term demand pressure within the technology specialty. Consistent with ETM and education, we are confident we will see sequential year-over-year improvement each quarter in 2026 with science, engineering and technology contributing most strongly in Q2.

SET 的基礎營收本季下降 6%，主要由科技專業領域短期需求壓力所致。與 ETM 與教育業務一致，我們有信心在 2026 年每一季都會看到逐季的年比改善，其中以科學、工程與科技在第二季（Q2）的貢獻最為顯著。

Reported gross profit was $196.4 million, down 17% versus the prior year quarter reflecting the lower revenue volume, along with employee-related costs and business mix changes. The gross profit rate was 18.9%, a decrease of 140 basis points compared to the prior year quarter. Approximately 50 basis points of the decline is timing related, which we expect to normalize over the course of the year.

公告毛利為 1.964 億美元，較去年同期下降 17%，反映營收量下滑，以及員工相關成本與業務組合變動。毛利率為 18.9%，較去年同期下降 140 個基點。其中約 50 個基點的下降與時點因素相關，我們預期將在今年內逐步正常化。

Our overall gross profit rate improved 10 basis points relative to Q4 and the year-over-year decline improved similarly. Versus Q4, both ETM and SET saw improvement in their gross profit rates and year-over-year declines. While Education saw rate pressure in light of the revenue decline, cost timing and mix. We expect to see gross profit rate improvement overall and in each BU in Q2 and over the remainder of the year.

我們整體毛利率較第四季（Q4）改善 10 個基點，年比降幅亦有類似改善。相較 Q4，ETM 與 SET 的毛利率皆改善，且年比降幅也收斂。教育業務則因營收下滑、成本時點與組合因素而面臨毛利率壓力。我們預期第二季（Q2）以及今年剩餘期間，整體與各事業單位（BU）的毛利率都將改善。

We continue to make significant progress improving our SG&A expense profile with reported SG&A expenses of $199.3 million, a decrease of 11.7%. On an adjusted basis, SG&A expenses decreased 10.3% year-over-year, reflecting the continued momentum with our structural and volume-related cost optimization efforts.

我們持續在改善 SG&A（銷售、一般及行政）費用結構方面取得顯著進展，公告 SG&A 費用為 1.993 億美元，下降 11.7%。以調整後口徑計，SG&A 費用年減 10.3%，反映我們在結構性與量能相關的成本優化上持續加速推進。

Over the last three quarters, the year-over-year decline has averaged over 10%. Additionally, core adjusted SG&A expenses, which exclude depreciation and amortization and incentives, have declined sequentially each quarter since Q1 of 2025.

過去三季，年比降幅平均超過 10%。此外，核心調整後 SG&A 費用（不含折舊與攤銷及獎勵）自 2025 年第一季（Q1）起每季皆呈現環比下降。

In the quarter, adjusted SG&A expenses decreased across all the segments as we continue to drive durable and sustainable efficiencies in our operating model, through technology enhancements and process efficiencies, including leveraging AI. We also continue seeing benefits from realignments within the ETM segment and integration of MRP and other acquisitions within SET. All of which are progressing well.

本季，隨著我們持續透過技術升級與流程效率（包含運用 AI）推動營運模式的長期且可持續效率提升，調整後 SG&A 費用在各事業部均下降。我們也持續看到 ETM 事業部內部重新調整，以及 SET 事業部對 MRP 與其他收購案的整合所帶來的效益；上述進展皆相當順利。

For the year, we're projecting a net year-over-year decline of approximately $25 million in core SG&A expenses despite investments being made in technology to growth office in other areas. The structural and durable changes we are making will allow us to scale more efficiently as we pivot to growth, thus supporting our expected return to margin expansion in the second half of the year and beyond.

就全年而言，儘管我們仍在技術與其他領域投入以支持成長，我們預估核心 SG&A 費用年比淨減少約 2,500 萬美元。我們正在推動的結構性且具持久性的變革，將使我們在轉向成長時能更有效率地擴張，進而支持我們預期在下半年及其後恢復利潤率擴張。

Our reported loss per share was $0.17 for the quarter. On an adjusted basis, we delivered earnings per share of $0.03 compared to $0.39 in the prior year. For our adjusted results, in connection with our various efforts. We recognized $9.2 million of charges in the quarter.

本季公告每股虧損為 0.17 美元。以調整後口徑計，我們每股盈餘為 0.03 美元，去年同期為 0.39 美元。就我們的調整後結果而言，配合各項推動措施，我們於本季認列 920 萬美元費用。

Integration, technology modernization, organizational realignment and restructuring drove $5.2 million of the charges. The balance is related to costs associated with our controlling shareholder change, executive transitions and initial steps we have taken in our real estate rationalization efforts.

其中 520 萬美元費用來自整合、技術現代化、組織重新調整與重整。其餘則與控股股東變更、管理層交接，以及我們在不動產精簡（合理化）措施上的初步行動相關。

We expect to continue incurring various charges throughout 2026 and as we progress on our technology modernization journey, reduce our fixed cost structure, including real estate costs and expand upon our various optimization efforts.

我們預期在 2026 年將持續產生各類費用，並隨著技術現代化旅程推進、降低固定成本結構（包含不動產成本），以及擴大各項優化措施而逐步展開。

Adjusted EBITDA was $15.8 million, with an adjusted EBITDA margin of 1.5%, which was down 150 basis points versus the prior year quarter and in line with our expectations. The year-over-year decline improved 20 basis points relative to Q4. The revenue and gross profit declines drove the decrease versus the prior year with the significant SG&A reductions partially offsetting.

調整後 EBITDA 為 1,580 萬美元，調整後 EBITDA 利潤率為 1.5%，較去年同期下降 150 個基點，符合我們預期。年比降幅較 Q4 改善 20 個基點。相較去年同期的下降主要由營收與毛利下滑所致，顯著的 SG&A 降低則部分抵銷其影響。

At a segment level, similar to the gross profit rate, both ETM and SET improved their margins and year-over-year performance versus Q4, while Education saw pressure in light of the revenue and gross profit declines. We expect each BU to show sequential improvement in their adjusted SG&A margins in Q2 and on a year-over-year basis as we progress through the year.

在事業部層級，與毛利率相似，ETM 與 SET 的利潤率及年比表現相較 Q4 皆有所改善；教育業務則因營收與毛利下滑而承壓。隨著今年推進，我們預期各事業單位在第二季（Q2）的調整後 SG&A 利潤率將呈現環比改善，且年比亦將改善。

Moving to the balance sheet and cash flow. We utilized $25.4 million of cash from operations this quarter due to the timing of working capital requirements. Total available liquidity as of the end of the quarter was $252 million, comprising $26 million in cash and $226 million available on our credit facilities, providing us with ample capital allocation flexibility.

接著看資產負債表與現金流。本季因營運資金需求時點因素，我們使用了 2,540 萬美元的營運現金流。至本季末，可用流動性總額為 2.52 億美元，包括 2,600 萬美元現金及 2.26 億美元的可用授信額度，為我們提供充足的資本配置彈性。

Total borrowings of $130.5 million increased versus the prior year-end, reflecting the working capital needs during the quarter. Our debt-to-EBITDA leverage remained near one at the end of the fiscal quarter.

總借款為 1.305 億美元，較去年年底增加，反映本季的營運資金需求。我們的債務對 EBITDA 槓桿比在本財季末仍接近 1 倍。

During Q1, we maintained our quarterly dividend of $0.075 per share. We remain confident in Kelly's strategy and cash flow generation capabilities and are committed to opportunistically deploying capital in pursuit of attractive returns for shareholders.

在第一季（Q1），我們維持每股 0.075 美元的季度股利。我們對 Kelly 的策略與現金流創造能力仍具信心，並致力於在有利時機部署資本，以追求為股東帶來具吸引力的報酬。

As we turn to the outlook for the remainder of 2026, our expectations are unchanged relative to the initial view we established in February. Our expectations assume no material change in the macroeconomic or industry dynamics in the coming quarters.

展望 2026 年剩餘期間，我們的預期與 2 月建立的初始觀點一致，未有改變。我們的預期假設未來幾季的總體經濟或產業動態不會出現重大變化。

For Q2, we expect to show year-over-year improvement relative to Q1 with an overall revenue decline of 7% to 9%, which includes at least 100 basis points of improvement in the underlying decline. For adjusted EBITDA margin, we expect at least 2.5% representing at least 100 basis points improvement relative to Q1 and a significant reduction in the year-over-year decline relative to the past two quarters.

就第二季（Q2）而言，我們預期相較第一季（Q1）將呈現年比改善，整體營收下降 7% 至 9%，其中包含基礎降幅至少改善 100 個基點。調整後 EBITDA 利潤率方面，我們預期至少達到 2.5%，代表相較 Q1 至少改善 100 個基點，且相較過去兩季年比降幅將顯著收斂。

As we progress through the balance of the year, assuming no new material impacts, we expect to see relative improvement in our year-over-year performance, each successive quarter for both revenue and adjusted EBITDA margin. That should translate to modest revenue growth in the second half of the year in a roughly mid-single-digit decline on a full year basis.

隨著今年其餘期間推進，在假設沒有新的重大影響下，我們預期營收與調整後 EBITDA 利潤率的年比表現將逐季改善。這應可帶動下半年營收小幅成長，而全年則約為中個位數百分比的下降。

For adjusted EBITDA margin, we expect to see measurable year-over-year margin expansion in the second half of the year and a modest increase on a full year basis. We are excited about the momentum we are building and the opportunities that lie ahead in 2026. I'm grateful to all the Kelly team members for their unwavering commitment and resilience as we position the company for growth and enhance profitability over the long-term.

就調整後 EBITDA 利潤率而言，我們預期下半年將出現可衡量的年比利潤率擴張，全年則小幅提升。我們對正在累積的動能與 2026 年的機會感到振奮。我也感謝所有 Kelly 團隊成員在我們為公司布局成長並提升長期獲利能力的過程中，展現堅定承諾與韌性。

I'll now turn the call back to Chris for his closing remarks.

接下來我把電話交回 Chris，請他做結語。

Thank you, Troy. As we look ahead, we remain firmly committed to executing on the priorities we outlined in February. Rooted in the strategic pillars I shared shortly after joining Kelly, these priorities will continue to guide our actions and progress on the pathway toward an inflection point in our results.

謝謝你，Troy。展望未來，我們仍堅定致力於執行我們在 2 月所提出的優先事項。這些優先事項根植於我在加入 Kelly 後不久所分享的策略支柱，將持續引導我們的行動與進展，推動我們在成果上邁向轉折點的路徑。

Growth remains our top priority. The growth office is taking shape and beginning to enhance how we go to market as one Kelly enterprise. With the leadership transition in SET complete and organic growth drivers gaining traction in each of our businesses. We have a clear path to improve top line performance as we move through the year. The strength of our pipeline and the steady stream of new wins coming online reinforce our confidence that our go-to-market approach is working, that our ability to convert opportunities is accelerating.

成長仍然是我們的首要優先事項。成長辦公室正在成形，並開始強化我們如何以同一個 Kelly 企業的方式推向市場。隨著 SET 的領導層交接完成，且我們各項業務的有機成長動能逐步發揮作用，我們在今年接下來的時間裡，有一條清晰的路徑可改善營收表現。我們強勁的商機管線，以及持續上線的新案捷報，進一步強化我們對於市場推進策略正在奏效的信心，也顯示我們將機會轉化為成果的能力正在加速。

On efficiency, we'll continue to align resources with demand while reengineering our cost base to drive structural efficiencies and enhance profitability. Our technology modernization initiative remains on track and our enterprise AI strategy continues to unlock productivity across the business.

在效率方面，我們將持續使資源與需求保持一致，同時重新設計成本基礎，以推動結構性效率並提升獲利能力。我們的技術現代化計畫仍按進度推進，而企業級 AI 策略也持續在全公司釋放生產力。

In our culture, the energy and alignment our team demonstrated at our recent Impact Leadership Summit reinforce what I've known since I joined Kelly. Our people are deeply committed to the success of our company, our clients and the talent we place. We'll continue to build on the momentum with an emphasis on customer centricity, visibility and accountability across everything that we do.

在企業文化方面，我們團隊在近期 Impact Leadership Summit 所展現的活力與一致性，再次印證了我自加入 Kelly 以來所深知的一點：我們的同仁對公司、客戶以及我們所派遣的人才之成功，都懷抱深切承諾。我們將持續乘勢而上，並更強調以客戶為中心、提升能見度，以及在我們所做的一切事情上落實責任與問責。

We remain on track to deliver our commitments and achieve revenue growth and margin expansion in the second half of the year. There's much work ahead, but I'm confident in our plan, our team and our ability to execute. We look forward to capitalizing on the positive momentum we're building together and unlocking Kelly's full potential for the benefit of all of our stakeholders.

我們仍按計畫推進，將履行承諾，並在今年下半年實現營收成長與利潤率擴張。前方仍有許多工作要做，但我對我們的計畫、團隊以及執行能力充滿信心。我們期待把握我們共同建立的正向動能，釋放 Kelly 的全部潛力，讓所有利害關係人受益。

Operator, you can now open the call to questions.

接線員，您現在可以開放提問。

(Operator Instructions) Marc Riddick, Sidoti.

（接線員指示）Marc Riddick，Sidoti。

So I wanted to start with some of the cost improvements that you've been working on? And maybe you could talk a little bit about the -- the -- I believe it was $25 million in core SG&A reduction is expected. Maybe you could sort of touch a little bit about some of those efforts and maybe the timing that we might expect there?

我想先從你們一直在推動的一些成本改善談起？也許你們可以談談——我記得預期會有 2,500 萬美元的核心 SG&A（銷售、一般及行政費用）削減。你們能否稍微說明一下這些措施，以及我們可能預期的時程？

Yes. Thanks, Marc. Look, I'm really pleased with the progress that you're seeing as we really look at driving expense reductions across the enterprise. This is one of the priorities that I outlined right as I joined Kelly, our focus on reengineering our cost base, matching resources with demand.

好的。謝謝你，Marc。你看，我對於你們所看到的進展感到非常滿意，因為我們確實在全企業範圍內推動費用降低。這是我加入 Kelly 時就提出的優先事項之一：聚焦於重新設計成本基礎，並讓資源與需求相匹配。

And you're seeing us come through and really delivering on that commitment in the first quarter through that disciplined execution. We saw that in the 1.5% margin -- EBITDA margin as well, which was in line with our expectations. It improved 20 basis points year-over-year in comparison to our Q4 trajectory.

而你們也看到我們在第一季透過紀律性的執行，確實兌現了這項承諾。我們也在 1.5% 的利潤率——EBITDA 利潤率上看到了成果，這符合我們的預期。相較於我們第四季的走勢，年對年提升了 20 個基點。

And as you've heard us talk about and Troy reemphasize, we're going to continue to see that sequential incremental improvement on the EBITDA margin side as we go throughout the rest of the year. Maybe ask Troy, if you want to comment any further on the specific $25 million impact for the rest of the year.

正如你們聽到我們談到的、以及 Troy 再次強調的，我們在今年剩餘期間，EBITDA 利潤率方面將持續看到逐季、逐步的改善。也許我請 Troy 針對今年剩餘期間 2,500 萬美元的具體影響再補充說明。

Yes, sure. Thanks for the question, Marc. We began taking actions, as Chris noted, throughout last year and really accelerated in the latter part of the year in response to some of the elevated revenue pressure but also just with the integration efforts that really with the acquisitions, the cutover to the new technology platform, where we consolidated all the acquisitions in December.

好的，當然。謝謝你的提問，Marc。正如 Chris 提到的，我們從去年就開始採取行動，並在去年後段加速推進，以回應較大的營收壓力，同時也配合整合工作——包括併購後的整合、切換到新的技術平台；我們在 12 月把所有併購案都整合到該平台上。

So it's really the manifestation of some of the realignments that we did last year and then the integration efforts as we progress into this year and just continue looking at both durable structural changes as well as volume-related changes so that as we pivot to growth, we can scale much more efficiently and really drive that EBITDA margin expansion.

因此，這些成果其實是我們去年所做的一些重新調整，以及我們進入今年後持續推進的整合工作之具體展現；同時我們也持續檢視可長期維持的結構性變革，以及與業務量相關的調整，讓我們在轉向成長時能更有效率地擴張，並真正推動 EBITDA 利潤率擴張。

Great. And then actually, I guess, maybe picking up on that part of the commentary there. Can you talk a little bit about the -- I guess, the timing and milestones that you're looking for, for the remainder of the year on the technology activity as well as, I guess, maybe timing of ERP that we might see going forward?

很好。接著我想延續你剛才的說法。你能否談談——我想是今年剩餘期間在技術相關活動上的時程與里程碑？以及未來我們可能看到的 ERP 時程？

Yes. We have another phase expected in the beginning of the fourth quarter of this year, where we'll migrate the platform now to sort of a broader enterprise platform. Right now, again, we have the acquisitions, MRP and the prior SET acquisitions all consolidated on the platform. But that was designed really for those smaller entities. And so we've made some foundational changes in the platform that, then we'll migrate all of those onto that, that now, we'll call it the enterprise platform.

好的。我們預期在今年第四季初會有另一個階段，屆時我們會把平台遷移到更廣泛的企業級平台上。目前，如你所知，我們已將併購案、MRP 以及先前的 SET 併購案都整合到同一平台上。但那個平台主要是為較小的實體所設計。因此我們已在平台上做了一些基礎性的變更，接著會把這些都遷移到——我們現在稱之為企業級平台。

We're migrating our enterprise human capital management. So all of our FTEs will now be on the platform and we have some other smaller changes, migrating some customers on a prototype sample basis, just to go through some of the Kelly platform migrations and then -- and we're going to continue working on some of our solutions billing capabilities.

我們也正在遷移企業的人力資本管理系統。因此，我們所有的全職員工（FTE）都將上到該平台。此外還有一些較小的變更，例如以原型/樣本方式遷移部分客戶，用以走過 Kelly 平台遷移流程；同時——我們也會持續強化我們在解決方案計費方面的能力。

So that's some of the more complex, right, non-staffing related capabilities and then work that we're going to be doing to bring the majority of the SET business onto the platform early in '27.

這部分屬於較複雜的能力，對吧，並非人力派遣相關的能力；另外，我們也將進行相關工作，目標是在 2027 年初把 SET 業務的大部分遷移到該平台上。

Yes. And Marc, just maybe one thing to add on our CRM. The most important near-term milestone in the second quarter which is on track, is the deployment of our HubSpot CRM. It's the consolidation of our CRMs across the business units. We're going to migrate all of our commercial sellers onto the CRM by mid-year.

是的。Marc，我再補充一點關於我們的 CRM。第二季最重要的近期里程碑（目前按進度推進）是部署我們的 HubSpot CRM，也就是整合各事業單位的 CRM。我們將在年中前把所有商務銷售人員都遷移到該 CRM 上。

And now having the growth office and Pat's leadership to be able to go and drive that, it gives us the enterprise-wide pipeline visibility and allows us to go and do some of the go-to-market and growth objectives we've been outlining since we started.

而現在有了成長辦公室以及 Pat 的領導來推動這件事，我們就能在企業層級掌握商機管線的能見度，並讓我們得以推進自一開始就持續闡述的市場推進與成長目標。

That's very helpful. And then last one for me, just maybe touch a little bit on the demand drivers that you're seeing from customers, particularly the technology demands. Maybe you could talk a little bit about sort of how that sort of pace through the quarter and maybe just what you're seeing overall as far as whether the data center impacts, AI impacts, things like that, what you're seeing now versus maybe the beginning of the year and sort of how that's been progressing?

這非常有幫助。最後一題：能否稍微談談你們從客戶端看到的需求驅動因素，特別是科技相關需求？也許你可以談談這些需求在本季的節奏如何，以及整體而言，像是資料中心的影響、AI 的影響等——你們現在看到的情況，相較於年初有何不同？以及這些趨勢是如何演進的？

Yes, sure. I mean, first, some of the near-term pressures you're seeing do reflect some difficulty in our year-over-year comps particularly within SET, as we look at 2025, which is why, as we've talked about across the business, we continue to make sure we've got resources aligned with demand and now under Joel's leadership, we'll be very focused on getting back to market growth.

好的，當然。首先，你們看到的一些短期壓力，確實反映了我們在年對年比較上的一些困難，特別是在 SET 之內，當我們看 2025 年時更是如此。這也是為什麼，如同我們在全公司所談到的，我們會持續確保資源與需求對齊；而在 Joel 的領導下，我們將非常專注於重回市場成長。

Now that being said, we're actually seeing some encouraging signals, including a net positive consultant count improvement in March. As we exited the quarter, we also are seeing that April is tracking quite similarly. So some positive momentum there.

話雖如此，我們其實也看到一些令人鼓舞的訊號，包括 3 月顧問人數淨增加有所改善。隨著我們走出本季，我們也看到 4 月的走勢相當類似，因此在那裡有一些正向動能。

And we also saw some sequential improvement in some of the businesses that we mentioned in our prepared remarks, we're really pleased with the progress we're making in the telecom space. That is being driven by outsized demand in the data center space that we have differentiated capability and we are going to continue to see that demand play out in the market where we have customers across the supply chain who need total talent management solution and the technical solution to support the investment that's happening in the United States and around the world.

此外，我們也在一些業務上看到逐季改善，這些我們在事先準備的講稿中也有提到。我們對於在電信領域所取得的進展感到非常滿意。這主要是由資料中心領域的超額需求所帶動；我們在該領域具備差異化能力。我們也將持續看到這股需求在市場上發酵——我們在供應鏈各環節都有客戶，他們需要整體人才管理解決方案，以及技術解決方案，以支援正在美國及全球各地發生的投資。

Yes. Marc, this is Troy. I would just add, across the business, we saw improvement as we progressed through the quarter. Again, in Education, we had some weather-related impact that was largely concentrated in January. That was maybe half the decline in the quarter specific to that. And in an ETM, I commented in the prepared remarks about pivoting to growth in the underlying staffing business as we exited the quarter.

是的，Marc，我是 Troy。我再補充一點：在全公司範圍內，我們在本季進行過程中看到改善。同樣地，在教育業務方面，我們受到一些與天候相關的影響，主要集中在 1 月；這大概占了本季下滑的一半左右。而在 ETM 方面，我在事先準備的講稿中提到，當我們走出本季時，基礎的人力派遣業務正轉向成長。

So we feel good about the trends heading into Q2, which is reflected in the expectation there where we'll see our call for down 7% to 9% overall and at least 100 basis points improvement in the underlying decline.

因此，我們對進入第二季（Q2）的趨勢感到樂觀，這也反映在我們的預期上：我們預估整體將下滑 7% 至 9%，且基礎下滑幅度至少改善 100 個基點。

(Operator Instructions) Kartik Mehta, Northcoast Research.

（接線員指示）Kartik Mehta，Northcoast Research。

Maybe taking a bigger picture look at Kelly today versus prior downturns. Can you just discuss maybe how you think structurally, the company is different today than it was before? Maybe in terms of customer mix, customer relationships? And obviously, in terms of how the company has changed in terms of business mix as you've gone more into SET and higher-margin businesses?

或許從更宏觀的角度來看，今天的 Kelly 相較於先前的景氣下行週期。你能否談談你認為在結構上，公司如今與過去有何不同？例如在客戶組合、客戶關係方面？以及顯然，隨著你們更多投入 SET 與較高毛利業務後，公司在業務組合上有哪些變化？

Yes. Sure, Kartik. Good to have you with us. I guess, as I step back and think a little bit about what differentiates Kelly in the market and maybe how that's evolved, all of the steps we took over the last few years to get scale and to get capability in higher specialized areas were all the right steps to take.

是的。當然，Kartik。很高興你加入。我想，當我退一步思考 Kelly 在市場上的差異化，以及這些差異化如何演進時，我們過去幾年為了取得規模、並在更高專業領域建立能力所採取的所有步驟，都是正確的。

We have the scale and the breadth of capability to go and compete now in all of the end segments that we're in. We didn't have that a few years ago in areas like technology, as an example, in that we do. We also have a much more robust RPO offering through the -- through some of the inorganic activity with our acquisition of Sevenstep.

我們現在具備規模與廣泛的能力，能在我們所涉足的所有終端市場領域競爭。幾年前我們在例如科技等領域並不具備如今這樣的能力。我們也透過一些非有機活動——也就是收購 Sevenstep——建立了更強健的 RPO 產品服務。

And we have a leading total talent management solution with the combination of the strength of our MSP offering and RPO offering together. As I think though about what needs to differentiate, Kelly, going forward, it really is, it has to be our focus on our customer and making sure that we're bringing all of that capability to our customer.

此外，結合我們 MSP 服務與 RPO 服務的優勢，我們擁有領先的整體人才管理（total talent management）解決方案。不過，當我思考未來 Kelly 需要如何持續差異化時，關鍵其實在於我們對客戶的專注，並確保把所有這些能力帶給客戶。

And we're doing that in large part through better execution, the operating framework that we outlined right away focusing on not only our go-to-market, but also the way that we show up more holistically as an enterprise, Kelly enterprise to all of our customers.

我們在很大程度上是透過更好的執行來做到這一點——也就是我們一開始就概述的營運框架，不僅聚焦於我們的市場進入（go-to-market），也聚焦於我們如何以更整體的方式、以 Kelly 企業（Kelly enterprise）的面貌，服務所有客戶。

The establishment in the first quarter of the growth office was the next step in that journey, driving the operating framework within account management, within how we sell and within how we deliver across these large customers is really important. That is an area of focus that we're going to continue to come back. And we're seeing the roots of that already playing out with some large customer wins, and that focus is going to continue to be what will differentiate Kelly, for many years to come.

第一季成立成長辦公室（growth office）是這段旅程的下一步；在客戶管理、銷售方式，以及如何在這些大型客戶間交付服務方面推動該營運框架，至關重要。這是我們會持續回頭強調的重點。我們已經看到一些成果開始顯現，例如拿下若干大型客戶；而這樣的聚焦將會在未來很多年持續成為 Kelly 的差異化來源。

Maybe Troy, just on that point, you've done a good job of taking cost out. The company seems more efficient. And I'm wondering how you think about the incremental earnings power when we get back to kind of -- to a growth in this industry?

或許 Troy，就這點再追問一下，你在降低成本方面做得很好，公司看起來更有效率。我想知道，當我們回到這個產業的成長階段時，你如何看待增量獲利能力（incremental earnings power）？

Yes. It's a good question. And that cost reduction from the earlier question, and I noted this in the prepared remarks, was net even of some investments that we're making in the growth office and some other areas. So you'll see some of that cost moderate -- declines moderate as we go through the year and pivot to growth, but we'll be able to scale more efficiently.

是的，這是個好問題。關於先前提到的成本削減——我也在事先準備的發言中提到——那是扣除我們在成長辦公室及其他領域的一些投資後的淨額。因此，隨著我們在今年推進並轉向成長，你會看到部分成本下降幅度趨緩，但我們將能以更高效率擴張規模。

Look, we're expecting to achieve our expectations for the year. Margins would be back above 3% in the back half of the year, which is where we were in the last half of '24 and the first half '25. And then, of course, as we continue to grow more, we would expect to expand further from there in a very efficient and effective way.

你看，我們預期能達成今年的目標。利潤率在下半年將回到 3% 以上，這與 2024 年下半年以及 2025 年上半年相同。當然，隨著我們持續成長，我們預期還能在非常高效率且有效的情況下，從那裡進一步擴張。

(Operator Instructions) Kevin Steinke, Barrington Research Associates.

（接線員指示）Kevin Steinke，Barrington Research Associates。

Great. I wanted to just follow up on the discussion about the core SG&A expenses to make sure I'm understanding correctly, I guess with core SG&A, I believe you're equating that with the adjusted SG&A. And if it's down $25 million year-over-year in 2026, if I'm doing my math correctly, it appears that the adjusted SG&A expense on a quarterly basis will kind of flatten out for the rest of the year at about that $192 million level that you saw in the first quarter. Is that -- am I thinking about that correctly?

很好。我想就核心 SG&A 費用的討論再追問一下，確認我是否理解正確。我想你所說的核心 SG&A，等同於調整後 SG&A。若 2026 年較去年同期下降 2,500 萬美元，按我的計算，調整後 SG&A 的季度費用在今年剩餘時間應該會大致持平，約在第一季看到的 1.92 億美元水準。這樣理解對嗎？

Yes. So that's right, that's total -- yes, so $192 million, yes, roughly flatten out. And the reason why I went to this core, which is not something that we've talked about really previously was just, we had a lot of movement with incentives last year with the challenging environment we were operating in. Of course, there was a reduction to performance incentives throughout the year.

是的。所以沒錯，那是總額——是的，1.92 億美元，沒錯，大致會持平。我之所以改用「核心」這個口徑——我們以前其實沒有特別談過——是因為去年在我們所處的艱困環境下，獎酬（incentives）變動很大。當然，全年績效獎金都有所下調。

And of course, this year, we're expecting to perform measurably better and we would expect to return to some of those incentives. So if you strip that out and really just focus on that underlying wages and facilities and some of those things that are more stable and some of those things that we're focused on from the durable and structural reduction perspective, that should flatten out as we progress through the year and we get the year-over-year benefit of the actions taken both last year and this year. And again, that's net of investments that we'll be making as we pivot to growth.

而今年，我們預期表現會明顯更好，因此也預期部分獎酬會回來。所以如果把那部分剔除，真正聚焦在較穩定的底層項目，例如薪資、設施等，以及我們從長期、結構性削減角度所著力的項目，那些費用在今年推進過程中應會趨於持平，並且隨著去年與今年採取的行動，取得年對年效益。同樣地，這是在扣除我們轉向成長時將進行的投資後的淨額。

Okay. Right. How material is the change in incentive comp that you're expecting in 2026 versus 2025?

了解。那你們預期 2026 年相較 2025 年，獎酬薪資（incentive comp）的變化幅度有多大？

It's probably $20 million to $25 million swing in total SG&A between the years, something in that ballpark. Again, it will be subject to ultimate performance. And of course, each business unit has different -- has incentives tied to their specific performance so you can get some variability in that just based on how individual business units perform.

大概是兩個年度之間，總 SG&A 會有約 2,000 萬到 2,500 萬美元的擺動（swing），大概在這個區間。同樣地，最終仍取決於實際績效。而且每個事業單位不同——各自的獎酬與其特定績效掛鉤，所以也會因各事業單位表現不同而有一些變動。

Right. Okay. That makes sense. Yes. So just following up on that, then I think you commented that you expect gross margin improvement throughout the year, I believe. And what would be driving that? And it sounds like a lot of the adjusted EBITDA margin improvement that you're expecting would kind of hinge on the improved gross margins. Is that correct?

好的，了解。這很合理。那再接著問，你提到你預期毛利率會在全年持續改善。我想知道是什麼在驅動？而且聽起來你們預期的調整後 EBITDA 利潤率改善，很大程度取決於毛利率改善。這樣說對嗎？

Yes, that's generally correct. I mean, again, we'll continue driving -- I mean, with the -- as we pivot to growth, we'll get some lift there on a relatively, again, flattish expense base on a run rate basis and then with the gross margin improvement.

是的，大致正確。我的意思是，我們會持續推動——也就是，隨著我們轉向成長，在相對而言（以運行率來看）較為持平的費用基礎上，成長會帶來一些拉升，再加上毛利率的改善。

A little bit of timing, I commented on that, just how some of the expenses we're seeing, how they'll play out this year versus how they played out last year particularly in the employee-related expenses, which we saw some pressure on exiting last year.

另外也有一些時點因素，我也提過：我們看到的一些費用，尤其是員工相關費用，今年的呈現方式相較去年會有所不同；去年年底我們在這部分看到一些壓力。

And then we were again up 10 basis points quarter-over-quarter on gross margin despite some of that timing pressure. And then as we benefit from mix, again, as we grow, pivot to growth and some of the areas that we're expecting growth are the higher-margin areas that will benefit us as we get into the back half of the year.

儘管有部分時點壓力，我們的毛利率仍較前一季上升 10 個基點。接著，隨著我們受惠於組合（mix）——同樣地，當我們成長、轉向成長，而我們預期成長的部分又是較高毛利的領域——這將在下半年帶來助益。

We are also, by the way, again, back to an earlier comment about just growth and where we're seeing opportunities. We are seeing a little bit of movement on perm fees. I mean it's still 1% of revenue, but we did see a little bit of benefit from that and particularly in SET in the first quarter. And of course, that helps gross margins and ultimately EBITDA as well.

另外，順帶一提，回到先前關於成長與機會的評論，我們也看到永久職（perm）費用有一些變動。雖然它仍只占營收的 1%，但第一季我們確實從中獲得一些助益，尤其是在 SET。當然，這也有助於毛利率，最終也會帶動 EBITDA。

Okay. Yes, that's helpful. Just a couple more. You called out lower student enrollment in the Education segment. Just wondering how meaningful that is or how broad based that is as you look across your various school district clients?

好的。是的，這很有幫助。再問兩個。你提到教育事業部的學生入學人數下降。想請教這件事的影響有多大，或是當你們檢視各個學區客戶時，這是否屬於更廣泛的現象？

Yes. Thanks. Well, we -- first, I mean we remain really confident in this Education business. It has really significant differentiation. We're number one in the market. And we continue to see really historic fill rates across the U.S. where we're serving 9,000 schools.

是的，謝謝。嗯，我們——首先，我是說，我們對這項教育業務仍然非常有信心。它具有非常顯著的差異化優勢。我們是市場第一。而且我們持續在全美看到非常具歷史水準的補缺率（fill rates），我們目前服務 9,000 所學校。

Some of the impact, the convergence of factors that really came together are temporary in nature. And so we don't see these as structural as we mentioned in the prepared remarks, there were some weather-related closures. We also saw some budget constraints stemming from enrollment declines.

部分影響來自多項因素的匯聚，而這些因素本質上是暫時性的。因此我們不認為這些是結構性的；正如我們在事先準備的發言中提到的，當中有一些與天候相關的停課。我們也看到因入學人數下降而導致的一些預算限制。

And where that had the biggest impact for us was in Florida, we serve some of the largest school districts in the United States, some larger school districts in Florida. And that concentration was a onetime hit and that demand has now stabilized.

而對我們影響最大的地方是在佛羅里達州，我們服務的是美國一些最大的學區，其中包括佛州一些較大的學區。這種集中度帶來了一次性的衝擊，而目前需求已經趨於穩定。

And so where we're focused is the 70% of the market that is still not benefiting from an outsourced K-12 substitute management relationship with Kelly. And we are selling around the country. We're very -- as we hinted that, we feel very good about some of the large renewals that have been opened this year, and we're going to continue to sell more districts around the United States.

因此我們的重點在於：市場上仍有 70% 尚未透過與 Kelly 的外包 K-12 代課管理合作關係而受益。我們正在全國各地推進銷售。我們也——如同先前暗示的——對今年已啟動的一些大型續約案感到非常樂觀，並將持續在全美拓展更多學區。

And we're also going to continue focus on bringing in more therapy, more therapy services across that K-12 footprint, not only in Florida but around the United States. So we feel really good about where that business -- what the opportunity is in the Education business and where that business is going to be as we go throughout the rest of the year.

我們也將持續專注於在 K-12 版圖中導入更多治療（therapy）與更多治療服務，不僅在佛羅里達州，也在全美各地。因此，對於教育業務的機會所在，以及在今年剩餘時間內該業務的走向，我們感覺非常好。

Okay. That's helpful commentary. And just lastly, I want to ask about the organic growth drivers. You mentioned organic growth drivers gaining traction. If you could provide a little more color on that? And then related to that. You mentioned the strength of the pipeline. And can you maybe talk about how broad-based that strength is across your various businesses?

好的。這些評論很有幫助。最後我想問一下有機成長的驅動因素。你提到有機成長驅動因素正在取得進展。能否再多提供一些細節？另外也相關地，你提到管線（pipeline）的強勁。你能否談談這種強勁在你們各項業務之間的覆蓋面有多廣？

Yes, sure. So first, the growth office has been moving quickly. And it's a foundational quarter for us as we begin to put in this integrated commercial operating framework. There is some work we've been doing aligning incentives, obviously, the commercial team, some of the account management teams, putting more rigor around our pipeline management and account planning is all in motion.

好的，當然。首先，成長辦公室（growth office）推進得很快。對我們而言，這是一個奠基性的季度，因為我們開始導入這套整合式的商業營運框架。我們正在做一些工作來對齊激勵機制，當然也包括商務團隊、部分客戶管理團隊；同時也在加強管線管理與客戶規劃（account planning）的嚴謹度，這些都在進行中。

We will move, as I mentioned earlier, all of our commercial teams to this new CRM platform. And that will give us the visibility that we need to continue to drive the business forward and make sure we've got resources in the right places, not only to go close deals, but also to go and make sure that we're delivering and providing excellent service.

如我先前提到的，我們將把所有商務團隊移轉到這個新的 CRM 平台。這將讓我們獲得所需的可視性，以持續推動業務向前，並確保我們把資源配置在正確的位置——不僅是為了促成交易，也為了確保我們交付並提供卓越的服務。

The strength in the pipeline continues -- we continue to see a lot of demand for customers looking for total talent management solutions, the robustness of our MSP pipeline is very strong right now. You saw that in the big oil and gas win we had in the quarter.

管線的強勁態勢仍在延續——我們持續看到許多客戶對整體人才管理（total talent management）解決方案的需求；我們的 MSP 管線目前非常強勁。你們也在本季度我們拿下的大型油氣客戶案中看到了這一點。

And interestingly, that was not a price-based win. This was a differentiation around our tech stack, our reach and the differentiation of our core -- of our core offering. And we continue to see more and more large global customers coming to Kelly for those total talent management solutions.

而且有意思的是，那並不是一個以價格取勝的案子。我們的勝出來自於技術堆疊（tech stack）、觸及範圍（reach），以及我們核心——我們核心方案的差異化。我們也持續看到越來越多大型全球客戶因這些整體人才管理解決方案而選擇 Kelly。

We hinted earlier our telecom and engineering pipelines continue to be very strong in SET, and we're going to likely continue to see that. We have an opportunity to continue to drive more pipe in our technology business.

我們先前也提到，在 SET 業務中，我們的電信與工程相關管線仍然非常強勁，而且我們很可能會持續看到這樣的情況。我們也有機會在科技業務中持續推動更多管線。

In our K-12 staffing pipeline continues to be very strong for net new -- net new school districts, and we've seen a nice jump in the amount of therapy opportunities that we're seeing tied to some of our larger school districts. So at a high level, that's how I'd characterize some of the momentum that we're seeing, and Pat in the growth office are going to continue to drive as we go through the remainder of the year.

在 K-12 人力派遣方面，我們的管線仍然非常強勁，主要來自淨新增——淨新增學區；同時，我們也看到與一些較大型學區相關的治療服務機會數量有不錯的跳升。總體而言，以上就是我對我們目前看到的動能，以及 Pat 與成長辦公室在今年剩餘時間將持續推動的方向之概括描述。

Okay. That's good to hear. Thank you for the comments.

好的。很高興聽到。謝謝你的說明。

Thanks Kevin.

謝謝你，Kevin。

(Operator Instructions) Joe Gomes, NOBLE Capital.

（接線員指示）Joe Gomes，NOBLE Capital。

This is [George Pres] I'm filling in for Joe Gomes this morning. So first question I have for you. What have the Hunt companies brought to the table so far?

我是 [George Pres]，今天早上代替 Joe Gomes。我的第一個問題是：到目前為止，Hunt 公司為你們帶來了哪些貢獻？

Yes. Great. Well, as you would have seen a few weeks ago in our filing, we -- later today, we'll be in our annual meeting. The Board has nominated 11 individuals for election to the Board, three new members will be joining. Really excited about the extensive experience that the Board brings. Some of our new Board members are bringing to really help with our strategic execution, our long-term value creation, and I'm personally really excited to work with the new Board.

是的，很好。嗯，正如你們幾週前在我們的申報文件中所看到的，我們——稍晚今天，我們將舉行年度股東大會。董事會已提名 11 位人士競選董事會席次，其中將有 3 位新成員加入。我們對董事會所帶來的豐富經驗感到非常振奮。我們的一些新董事成員將帶來經驗，協助我們推動策略執行與長期價值創造，而我個人也非常期待與新董事會合作。

As the Hunt's have shared, they continue to express their support of our management team, the strategic direction that we've outlined. And there's been no change, right, to our business strategy, our client relationships, our operational approach, and we're all focused on driving shareholder value. And that's -- and we're excited to bring in this new slate of directors later today.

正如 Hunt 方面所分享的，他們持續表達對我們管理團隊以及我們所概述之策略方向的支持。而且我們的業務策略、客戶關係、營運方式都沒有改變；我們都專注於提升股東價值。我們——也很期待在今天稍晚迎來這一組新的董事名單。

All right. Great. And the early days of your new Chief Growth Officer, Pat McCall, how have they been?

好的，很好。那麼，你們新任首席成長官（Chief Growth Officer）Pat McCall 上任初期的情況如何？

You know really well. And we talked a little bit about this in terms of setting some of the foundation for the commercial operating framework. There's a lot of opportunity for Kelly to show up as one global enterprise. one Kelly enterprise to all of our large customers.

你知道的，進展非常順利。我們也稍微談到，這是為商業營運框架打下基礎的一部分。Kelly 有很大的機會以一個全球企業的面貌出現——以「一個 Kelly 企業」的方式面向我們所有的大型客戶。

And so we're putting in the foundation right now, stronger account planning, more rigorous pipeline management, all of the things that will contribute to our growth, and we're really excited about what this will mean to our future.

因此我們現在正在打基礎：更強的客戶規劃、更嚴謹的管線管理，以及所有將促進我們成長的事項。我們對這將為未來帶來的意義感到非常興奮。

Thank you. And I'm showing no further questions. And I would like to hand the conference back over to Chris Layden for closing remarks.

謝謝。我這邊顯示沒有其他問題了。我想把電話會議交回給 Chris Layden 做結語。

Great. Thank you all. We'll see you next quarter.

很好。謝謝各位。我們下個季度見。

This concludes today's teleconference. Thank you for participating, and you may now disconnect. Everyone, have a great day.

今天的電話會議到此結束。感謝各位參與，現在可以掛線。祝各位有美好的一天。