Kforce Inc (KFRC) 2025 Q3 法說會逐字稿

Good day, everyone, and welcome to the Kforce Q3 2025 earnings call. Just a reminder that this call is being recorded.

大家好，歡迎參加 Kforce 2025 第三季財報電話會議。提醒一下，本次通話正在錄音。

I would now like to hand the conference over to Mr. Joe Liberatore. Please go ahead, sir.

現在我謹將會議交給喬·利貝拉托雷先生。請繼續，先生。

Good afternoon, and thank you for your time today. This call contains certain statements that are forward-looking, are based upon current assumptions and expectations and are subject to risks and uncertainties. Actual results may vary materially from the factors listed in Kforce's public filings and other reports and filings with the SEC. We cannot undertake any duty to update any forward-looking statements. You can find additional information about our results in our earnings release and our SEC filings.

下午好，感謝您今天抽出時間。本次電話會議包含一些前瞻性陳述，這些陳述基於當前的假設和預期，並受到風險和不確定性的影響。實際結果可能與 Kforce 向美國證券交易委員會提交的公開文件和其他報告和文件中列出的因素有重大差異。我們不承擔更新任何前瞻性陳述的義務。您可以在我們的獲利報告和提交給美國證券交易委員會的文件中找到有關我們業績的更多資訊。

In addition, we have published our prepared remarks within the Investor Relations portion of our website. Results for the third quarter exceeded our expectations across the board, with overall revenues of $332.6 million and earnings per share of $0.63, both surpassing the high end of guidance. We mentioned on our last call that we experienced unexpected early quarter assignment ends at a select few clients in our Technology business.

此外，我們已在網站的投資者關係欄位中發布了我們準備好的發言稿。第三季業績全面超出預期，總收入達 3.326 億美元，每股收益達 0.63 美元，均超過了預期上限。我們在上次電話會議中提到，我們技術業務中的少數客戶出現了意料之外的季度提前結束的情況。

Subsequently, we were successful at driving a consistent expansion in the number of consultants on assignment throughout the third quarter. I also want to recognize the progress our team has made stabilizing and now meaningfully growing our FA business. I'm very proud of our team's accomplishment in driving this business forward against a persistently challenging macro backdrop. The momentum that we've seen has carried into the fourth quarter, which puts us in a position to expect to deliver sequential billing day growth in the fourth quarter in both our Technology business and our FA business. The ongoing federal government shutdown, along with the continuing global trade negotiations and potential derivative negative effects on the US consumer and broader US economy continues to make the near-term outlook hard to predict as exhibited by the continuation of mixed economic data.

隨後，我們成功地在整個第三季度持續擴大了外派顧問的數量。我還要表揚我們的團隊在穩定和實現財務顧問業務的實質成長方面所取得的進展。在宏觀經濟環境持續充滿挑戰的情況下，我們團隊依然能夠推動業務發展，我為此感到非常自豪。我們看到的成長勢頭延續到了第四季度，這使我們能夠預期在第四季度實現技術業務和財務會計業務的計費日環比增長。聯邦政府持續停擺，加上全球貿易談判的持續進行，以及由此可能對美國消費者和更廣泛的美國經濟產生的負面影響，使得近期前景難以預測，喜憂參半的經濟數據也持續反映出這一點。

Recent data continues to suggest a persistently weak and largely frozen labor market, marked by prolonged stagnation in job gains coming off the post-pandemic euphoric period. However, our internal KPIs improved throughout the third quarter, and this translates to an increase in consultants on assignment, which has continued into early Q4. While it is too early to suggest that we will see sustained broad-based improvements in demand, our team's consistent execution of activities across our portfolio of market-leading companies that typically lead their industries in capital deployment within technology was a significant driver to strong Q3 results and early Q4 trends.

近期數據顯示，勞動市場持續疲軟且基本上停滯不前，疫情後的繁榮時期過後，就業成長長期停滯不前。然而，我們的內部 KPI 在整個第三季度都有所改善，這轉化為派遣顧問人數的增加，並且這種情況一直持續到第四季度初。雖然現在斷言需求將持續全面改善還為時過早，但我們的團隊在旗下市場領先公司（這些公司通常在技術領域的資本部署方面處於行業領先地位）中持續開展各項活動，是第三季度業績強勁和第四季度早期趨勢的重要驅動因素。

Recent trends, when combined with the increasing backlog of critical technology initiatives suggest to us that companies may not have sufficient capacity once the current macro uncertainties subside. In addition, our historical experience is that companies typically turn to flexible talent solutions as an initial step prior to making core hires while they assess the durability of the macroeconomic conditions.

近期的趨勢，再加上關鍵技術項目積壓日益增多，顯示一旦當前的宏觀不確定性消退，企業可能沒有足夠的產能。此外，根據我們的歷史經驗，企業通常會在評估宏觀經濟狀況的可持續性時，將靈活的人才解決方案作為招募核心員工之前的第一步。

The relative impact of AI on revenue trends versus the impact of weakening economic and softening labor markets continues to be hotly debated. Regardless, this uncertainty may intensify the use of flexible talent as companies prioritize agility until they gain clearer insight into how these technologies will reshape their overall business and talent strategies. Generative AI remains a central topic in our discussions. We are confident that AI and other emerging innovations will become increasingly vital in driving business success, though these benefits are likely some years away and will require investments that we are well positioned to support. We have witnessed transformative shifts before, such as the migration from mainframe to distributed processing, the emergence of the Internet, the mobile revolution and the move to cloud computing.

人工智慧對收入趨勢的相對影響與經濟疲軟和勞動力市場疲軟的影響之間的權衡，仍然是人們熱議的話題。無論如何，這種不確定性可能會加劇靈活人才的使用，因為企業在更清楚地了解這些技術將如何重塑其整體業務和人才策略之前，會優先考慮敏捷性。生成式人工智慧仍然是我們討論的核心議題。我們相信，人工智慧和其他新興創新技術將在推動企業成功方面發揮越來越重要的作用，儘管這些好處可能還需要幾年時間才能實現，並且需要投資，而我們完全有能力支持這些投資。我們以前也見證過變革性的轉變，例如從大型主機到分散式處理的遷移、互聯網的出現、行動革命以及向雲端運算的轉型。

The emergence of the Internet likely most closely aligns with AI. Unlike other secular technology shifts, the Internet and AI directly impact operating models and broadly touch virtually all white-collar roles in some manner. The Internet secular shift followed a typical investment and integration cycle pattern. Initial exuberant, massive infrastructure investment combined with fear-driven investment, premature abandonment of legacy systems, realization of integration and modernization needs, a return to balanced strategic investment and finally, workforce transformation and skill shortage.

網路的出現可能與人工智慧最為密切相關。與其他世俗技術變革不同，網路和人工智慧直接影響營運模式，並以某種方式廣泛影響幾乎所有白領職位。互聯網的長期發展遵循了典型的投資和整合週期模式。初期的大規模基礎設施投資，加上恐懼驅動的投資，過早地放棄了傳統系統，認識到整合和現代化需求，回歸平衡的戰略投資，最終導致勞動力轉型和技能短缺。

In speaking with many executives, it is clear the realization stage is set in, and we might be in the early stage of transition to a return to balanced strategic investment where demand for our services began to accelerate during the Internet cycle. While initial phases of technology secular shift often bring concerns about workforce disruption, these transitions ultimately created new opportunities, expanded existing roles and redefined responsibilities, fueling further investment in technology. We believe generative AI and its offshoots into agentic AI and cognitive AI is in the early innings of evolution and may just be starting to mirror this historic pattern, which has in the past cycles, been an opportunity for Kforce.

與許多高階主管交談後，很明顯，我們已經進入了實現階段，我們可能正處於向平衡策略投資過渡的早期階段，而對我們服務的需求在網路週期中開始加速成長。雖然技術變革初期階段往往會引發人們對勞動市場動盪的擔憂，但這些變革最終創造了新的機遇，擴展了現有角色，重新定義了職責，從而推動了對技術的進一步投資。我們認為生成式人工智慧及其衍生出的智能體人工智慧和認知人工智慧正處於發展的早期階段，可能剛開始反映這一歷史模式，而這在過去的周期中一直是 Kforce 的機會。

Securing the right talent, organizing the right teams and launching focused initiatives is essential for organizations to successfully adopt and maximize these new tools. We are well equipped to meet the growing need for foundational AI readiness and to deliver access to evolving skill sets as businesses advance their AI strategies. Our strong position should allow us to increase client share and expand into new clients, continuing our track record of gaining market share and reinforcing the solid foundation that drives lasting value for our shareholders.

對於企業而言，成功採用和最大限度地利用這些新工具，關鍵在於找到合適的人才，組建合適的團隊，並開展有針對性的舉措。我們已做好充分準備，滿足企業對人工智慧基礎能力日益增長的需求，並隨著企業推動人工智慧策略，提供不斷發展的技能組合。我們強大的市場地位應該能夠讓我們增加客戶份額並拓展新客戶，繼續保持我們獲得市場份額的良好記錄，並鞏固為股東創造持久價值的堅實基礎。

We have established a strong foundation at Kforce and remain committed to investing in the evolution of our business through our strategic priorities, all of which are meaningfully progressing. Our domestically focused organic growth strategy continues to serve us well, minimizing distraction and enabling our people to fully concentrate on partnering with clients to solve their most critical business challenges. Before I conclude, I'd like to take a moment to thank the remarkable people who make up our Kforce team. I am deeply proud of the performance, resilience and unwavering commitment shown across the organization. We're privileged to work alongside such a talented, united and passionate group of professionals.

我們在 Kforce 建立了堅實的基礎，並將繼續致力於透過我們的策略重點來推動業務發展，所有這些重點都在取得實質進展。我們以國內市場為中心的有機成長策略繼續為我們帶來良好效果，最大限度地減少了乾擾，使我們的員工能夠全心全意地與客戶合作，解決他們最關鍵的業務挑戰。在結束之前，我想藉此機會感謝組成我們 Kforce 團隊的傑出成員。我為整個組織展現出的表現、韌性和堅定不移的奉獻精神深感自豪。我們很榮幸能與這樣一群才華洋溢、團結一致、充滿熱情的專業人士共事。

It's because of the people who make up Kforce, we're in such a strong strategic position, one I wouldn't trade with anyone in our space. We are confident in our path forward, and I couldn't be more excited about what lies ahead. Dave Kelly, our Chief Operating Officer, will now give greater insights into our performance and recent operating trends. Jeff Hackman, Kforce's Chief Financial Officer, will then provide additional detail on our financial results as well as our future financial expectations. Dave?

正是因為Kforce的員工，我們才擁有如此強大的戰略地位，這種地位我絕對不會與我們領域的任何人交換。我們對自己的未來道路充滿信心，我對未來充滿期待。我們的營運長戴夫凱利將進一步深入分析我們的業績和近期的營運趨勢。Kforce 財務長 Jeff Hackman 隨後將詳細介紹我們的財務表現以及未來的財務預期。戴夫？

Thank you, Joe. Total revenues of $332.6 million exceeded the high end of our expectations. Revenues in our Technology business declined 1.1% sequentially and 5.6% on a year-over-year basis, and our Finance and Accounting business grew approximately 7% sequentially and declined slightly more than 8% year over year.

謝謝你，喬。總收入達到3.326億美元，超出了我們預期的上限。我們的科技業務收入較上季下降 1.1%，年減 5.6%；我們的財務和會計業務較上季增加約 7%，年比略為下降超過 8%。

Macroeconomic uncertainties have largely persisted throughout the quarter. However, our clients continue to prioritize mission-critical initiatives, although many are taking a measured approach as they await greater confidence in their technology road maps and AI investment strategy, along with greater visibility in the macroeconomic environment, we saw a sustained improvement in our KPIs and consultants on assignment throughout the third quarter.

宏觀經濟的不確定性在本季基本持續存在。然而，儘管許多客戶在等待對其技術路線圖和人工智慧投資策略更有信心以及宏觀經濟環境更加明朗的過程中採取了謹慎的態度，但我們的客戶仍然優先考慮關鍵任務措施。在整個第三季度，我們看到我們的關鍵績效指標和顧問派遣人數持續改善。

As a point of reference, consultants and assignment grew roughly 4% from the early third quarter lows. The improvements in our business spanned many industries and were not driven by a few large projects. Rather, we saw positive impacts across many clients and talent acquisition models, inclusive of both our legacy staff augmentation business as well as consulting engagements. The increase in demand also spans skill sets from application development to digital, data, AI and the cloud. Impacts from earlier DOGE efforts and the more recent federal government shutdown have been and are expected to be nominal given our limited exposure to this space.

作為參考，諮詢顧問和專案數量較第三季初的低點增長了約 4%。我們業務的改善涵蓋多個行業，並非由少數大型專案推動。相反，我們看到對許多客戶和人才招募模式產生了積極影響，包括我們傳統的員工擴充業務以及諮詢專案。需求的成長也涵蓋了從應用程式開發到數位技術、數據、人工智慧和雲端運算等各種技能。鑑於我們在該領域的投資有限，此前 DOGE 的努力和最近的聯邦政府停擺的影響一直很小，預計也將很小。

We continue to execute on our strategic enhancement of our consultant-oriented solutions capabilities, responding to increased client demand for cost-effective access to highly skilled talent. This evolution positions us to deliver greater value through flexible delivery structures and differentiated expertise. Our consulting-led offerings have continued to contribute positively to the overall results of our Technology business, supported by a robust pipeline of qualified opportunities. This approach has been a key driver to the performance of our Technology business and has enabled us to maintain stability in our margin profile and average bill rate. The expansion of solutions-based engagements underscores our adaptability and commitment to meeting evolving client needs, strengthening long-term relationships and market relevance.

我們將繼續推動以諮詢為導向的解決方案能力的策略性提升，以滿足客戶對經濟高效地獲取高技能人才日益增長的需求。這一演變使我們能夠透過靈活的交付結構和差異化的專業知識提供更大的價值。在大量優質商機的支持下，我們以諮詢為主導的服務持續為我們技術業務的整體業績做出積極貢獻。這種方法一直是推動我們技術業務績效的關鍵因素，使我們能夠保持利潤率和平均帳單費率的穩定性。解決方案型合作的拓展凸顯了我們適應不斷變化的客戶需求、加強長期合作關係和市場相關性的能力和承諾。

Although traditional staffing revenue has declined year over year, the continued growth of consulting-led engagements validates our strategic direction and positions us for sustained growth and enhanced profitability. An increasingly important aspect of providing cost-effective solutions is our ability to source highly skilled talent from outside the United States.

儘管傳統人員配備收入逐年下降，但諮詢主導型業務的持續成長驗證了我們的策略方向，並使我們處於持續成長和提高獲利能力的地位。提供高性價比解決方案的一個日益重要的方面是我們能否從美國以外地區獲取高技能人才。

Our development center in Pune, combined with robust US sales and delivery capabilities and a high-quality vendor network enables us to comprehensively address client needs through onshore, nearshore, offshore and blended delivery models. The average bill rate in our Technology segment has remained steady at approximately $90 per hour over the last three years, even amid macroeconomic uncertainty. This stability is driven by a growing mix of consulting-oriented engagements, which typically command higher bill rates and deliver stronger margin profiles.

我們在浦那的研發中心，結合強大的美國銷售和交付能力以及高品質的供應商網絡，使我們能夠透過境內、近岸、離岸和混合交付模式全面滿足客戶需求。過去三年，即使在宏觀經濟不確定的情況下，我們技術部門的平均計費率也一直穩定在每小時約 90 美元。這種穩定性是由諮詢型業務的日益增長所驅動的，這類業務通常收費更高，利潤率也更高。

Demand across our core practice areas, data and AI, digital, application engineering and cloud continues to be robust, and our pipeline of consulting-led opportunities is expanding. These disciplines are essential for the development and deployment of AI tools, and we expect companies will increasingly require access to specialized talent to achieve their objectives, creating significant opportunities for our firm.

我們在核心業務領域（數據和人工智慧、數位、應用工程和雲端運算）的需求依然強勁，諮詢主導的機會管道也不斷擴大。這些學科對於人工智慧工具的開發和部署至關重要，我們預計企業將越來越需要獲得專業人才來實現其目標，這將為我們公司創造巨大的機會。

Our ability to provide flexible talent, whether through traditional staff augmentation or consultant-oriented engagements positions Kforce to capitalize on growing investments in AI, including readiness initiatives while continuing to support core technology areas that remain active. Many companies lack in-house AI expertise, so they rely on external providers such as Kforce for strategy conversations, talent sourcing and solutions engagements and execution.

Kforce 能夠靈活地提供人才，無論是透過傳統的人員擴充還是以諮詢為導向的合作，這使我們能夠充分利用人工智慧領域不斷增長的投資，包括準備計劃，同時繼續支援仍然活躍的核心技術領域。許多公司缺乏內部人工智慧專業知識，因此他們依賴 Kforce 等外部供應商進行策略對話、人才招募和解決方案洽談及執行。

Our core strength lies in delivering quality talent at scale and adapting to evolving skill demands. By providing access to top-tier professionals, we can solve complex technological challenges. We ensure our services remain indispensable even in broader industry as trends fluctuate. As technology has advanced over the decades, we've consistently evolved alongside it, reinforcing our role as a trusted partner in driving clients' technological progress. Our client portfolio is diverse and is predominantly comprised of large market-leading companies.

我們的核心優勢在於大規模提供高品質人才，並適應不斷變化的技能需求。透過提供接觸頂尖專業人才的機會，我們可以解決複雜的技術難題。我們確保即使在行業趨勢不斷波動的情況下，我們的服務仍然不可或缺。幾十年來，隨著科技的進步，我們也與時俱進，不斷鞏固我們作為值得信賴的合作夥伴在推動客戶技術進步方面的作用。我們的客戶群十分多元化，主要由大型市場領導企業組成。

Staying focused on their evolving priorities remains essential to driving sustainable long-term above-market performance. Looking ahead to Q4, with momentum in new engagements building throughout Q3 and carrying into early Q4, we anticipate a sequential billing day increase in our Technology business during the quarter. Flex revenues in our FA business, currently about 7% of total revenues, declined 7.3% year over year, but saw a 6.9% sequential growth in the third quarter, the first time in several years that FA has shown consecutive quarters of sequential growth.

持續關注不斷變化的優先事項對於推動可持續的長期高於市場平均水平的業績至關重要。展望第四季度，隨著第三季新業務的成長勢頭延續到第四季度初，我們預計本季技術業務的計費天數將環比增長。我們 FA 業務中的 Flex 收入目前約佔總收入的 7%，年減了 7.3%，但第三季環比增長了 6.9%，這是 FA 業務幾年來首次連續幾季實現環比增長。

Our average bill rate of approximately $53 per hour notably improved year over year and is reflective of the higher skilled areas we are pursuing. We expect Q4 revenues in F&A to be up sequentially on a billing day basis.

我們的平均收費標準約為每小時 53 美元，與去年相比有了顯著提高，這反映了我們正在追求的技能水平更高的領域。我們預計第四季度財務與管理收入將按結算日計算環比成長。

I want to thank this team for its perseverance in driving positive momentum in this space. We continue to align our associate staffing levels with productivity expectations, prioritizing the retention of our most productive associates while making targeted investments to ensure we are well positioned to capitalize on accelerating market demand.

我要感謝這個團隊，感謝他們堅持不懈地推動這個領域取得積極進展。我們將持續調整員工人數以適應生產力預期，優先留住最有生產力的員工，同時進行有針對性的投資，以確保我們能夠充分利用不斷增長的市場需求。

Over the past three years, we've selectively invested in our sales teams while rationalizing delivery resources, which have decreased by nearly 45% during that period and investing in productivity tools. Despite these reductions, we believe we have sufficient capacity to absorb several quarters of increased demand without adding significant resources, particularly as we enable AI solutions to gain greater efficiencies. Additionally, we remain committed to investing in our consulting solutions business.

過去三年，我們選擇性地投資銷售團隊，同時合理化交付資源（在此期間交付資源減少了近 45%），並投資於生產力工具。儘管有所減少，但我們相信我們有足夠的產能來吸收幾個季度的成長需求，而無需增加大量資源，尤其是在我們使人工智慧解決方案獲得更高效率的情況下。此外，我們將繼續致力於投資諮詢解決方案業務。

We believe the stabilization we experienced in Q3 signals growing confidence in the market and reinforces the strength of our strategic positioning. We are energized by the opportunities ahead and remain committed to delivering exceptional results. With a proven track record of above-market performance in our Technology business for well over a decade, we are confident in our ability to sustain this momentum. Our success reflects the deep trust and partnerships we share with our clients, candidates, and consultants, relationships that continue to drive our growth and innovation.

我們認為，第三季出現的企穩跡象顯示市場信心增強，並鞏固了我們的策略定位優勢。我們對未來的機會充滿信心，並將繼續致力於取得卓越的成果。十多年來，我們在技術業務方面一直保持著高於市場平均的業績，我們有信心保持這一發展勢頭。我們的成功反映了我們與客戶、候選人和顧問之間深厚的信任和夥伴關係，這些關係不斷推動我們的成長和創新。

I'll now turn the call over to Jeff Hackman, Kforce's Chief Financial Officer.

現在我將把電話交給 Kforce 的財務長 Jeff Hackman。

Thank you, Dave. Third quarter revenue of $332.6 million and earnings per share of $0.63 exceeded our expectations. Our teams have done a nice job working effectively with our clients to recognize the value of our services from a pricing perspective.

謝謝你，戴夫。第三季營收達 3.326 億美元，每股收益為 0.63 美元，皆超出預期。我們的團隊與客戶進行了有效的合作，從定價的角度充分認識到我們服務的價值，做得非常好。

Overall gross margins of 27.7%, up 60 basis points sequentially, meaningfully exceeded our expectations due to an increase in Flex margins of 50 basis points and a slightly better-than-expected mix of direct hire revenues.

整體毛利率為 27.7%，環比增長 60 個基點，顯著超出我們的預期，這主要得益於 Flex 毛利率增長 50 個基點以及直接招聘收入略好於預期。

On a year-over-year basis, overall spread has been stable, though gross margins declined 20 basis points due to lower direct hire mix. Flex margins in our Technology business increased 50 basis points sequentially due to lower health care costs and slightly expanding spreads and were stable year over year. As we look forward to Q4, we expect Flex margins to remain stable outside of typical seasonal impacts due to higher consultant utilization of PTO around the holidays.

與去年同期相比，整體價差保持穩定，但由於直接招聘比例下降，毛利率下降了 20 個基點。由於醫療保健成本下降和利差略有擴大，我們技術業務的彈性利潤率環比增長 50 個基點，與去年同期相比保持穩定。展望第四季度，我們預期 Flex 利潤率將保持穩定，不受假日期間顧問休假利用率較高帶來的典型季節性影響。

Overall, SG&A expenses as a percentage of revenue of 22.8% increased 60 basis points year over year, primarily driven by deleverage from lower revenue and gross profit levels. We continue to make targeted investments in our sales capabilities, while maintaining disciplined cost management across the rest of the business. At the same time, we are advancing key enterprise initiatives that, while contributing to near-term SG&A pressure are critical to our long-term strategy.

整體而言，銷售、一般及行政費用佔收入的百分比為 22.8%，年增 60 個基點，主要原因是收入和毛利水準下降導致的去槓桿化。我們將繼續有針對性地投資於銷售能力，同時在公司其他業務領域保持嚴格的成本控制。同時，我們正在推動一些關鍵的企業舉措，這些舉措雖然會造成近期銷售、一般及行政費用壓力，但對我們的長期策略至關重要。

These include the implementation of Workday, the ongoing maturation of our India development center and deeper integration of our solutions portfolio. Our consulting business and offshore capabilities are positively contributing to stabilizing revenues and gross margins, and we expect all of these initiatives to drive higher levels of profitability as the demand environment improves and revenues grow. We anticipate beginning to realize benefits from our Workday implementation more significantly in 2027 as we stabilize post go-live.

其中包括 Workday 的實施、印度研發中心的持續改善以及我們解決方案組合的更深層整合。我們的諮詢業務和離岸業務能力對穩定收入和毛利率做出了積極貢獻，我們預計隨著需求環境的改善和收入的成長，所有這些舉措都將推動更高的獲利能力。我們預計在 2027 年，隨著上線後系統的穩定運行，我們將開始更顯著地感受到 Workday 實施帶來的好處。

Our operating margin was 4.5%, and our effective tax rate in the third quarter was 22.3%. During the quarter, we remained active in returning capital to our shareholders with $16.2 million in capital being returned through dividends of $6.8 million and share repurchases of approximately $9.4 million. We continue to maintain a strong balance sheet with conservative leverage relative to trailing 12-month EBITDA.

我們的營業利益率為 4.5%，第三季的實際稅率為 22.3%。本季度，我們繼續積極向股東返還資本，透過派發 680 萬美元股息和回購約 940 萬美元股票，共返還了 1,620 萬美元資本。我們繼續保持強勁的資產負債表，槓桿率相對於過去 12 個月的 EBITDA 而言較為保守。

Looking ahead, we expect to reasonably maintain net debt levels consistent with the third quarter with any excess cash generated beyond our capital requirements and quarterly dividend program to be directed towards share repurchases. Our dividend remains an important driver for returning capital to shareholders, the level of which leaves ample room for continued share repurchases.

展望未來，我們預計將合理維持與第三季一致的淨債務水平，任何超出資本需求和季度股息計劃的剩餘現金將用於股票回購。我們的股利仍然是向股東返還資本的重要驅動力，其水準為持續的股票回購留出了充足的空間。

We continue to maintain significant capacity under our credit facility, which provides ample flexibility to accelerate repurchases should we see fit. In addition, in October 2025, our Board of Directors approved an increase to its share authorization to an aggregate of $100 million, which we believe reaffirms to our investors our future intentions to continue driving our business forward organically and returning significant capital to our shareholders.

我們繼續保持充足的信貸額度，這為我們提供了足夠的靈活性，以便在適當的時候加快回購速度。此外，2025 年 10 月，我們的董事會批准將股份授權總額增加到 1 億美元，我們相信這再次向我們的投資者確認了我們未來繼續透過內生成長推動業務發展並向股東返還大量資本的意圖。

Our current credit facility is scheduled to mature in October 2026. As a result of favorable market conditions, we have taken steps to refinance our existing credit facility with a new credit facility that we expect to close over the next week or two. We expect to retain essentially the same very attractive terms and conditions as are currently in place over the next five-year term.

我們目前的信貸額度將於 2026 年 10 月到期。由於市場條件有利，我們已採取措施，利用新的信貸額度對現有信貸額度進行再融資，預計將在未來一兩週內完成。我們預計在未來五年內，將基本保持目前極具吸引力的條款和條件。

Operating cash flows were $23.3 million and our return on equity continues to exceed 30%. We continue to execute our organically driven strategy with strong results, and we believe our industry-leading performance reflects our focused approach in providing US technology staffing and solutions complemented by our nearshore and offshore capabilities. Our balance sheet remains pristine with conservative debt levels, and we consistently return significant capital to shareholders.

經營現金流為 2,330 萬美元，我們的股本回報率持續超過 30%。我們繼續執行以自身發展為導向的策略，並取得了強勁的成果。我們相信，我們領先業界的業績反映了我們專注於提供美國技術人員配備和解決方案，並輔以我們的近岸和離岸能力。我們的資產負債表依然穩健，債務水準保守，我們持續向股東返還大量資本。

Share repurchases remain highly accretive to earnings. And since 2007, we have returned approximately $1 billion, representing about 75% of cash generated while growing our business and building a foundation for meaningful profitability gains as revenues expand. Our threshold for any potential acquisition remains very high. The fourth quarter had 62 billing days, which is two fewer days than the third quarter of 2025, but the same as the fourth quarter of 2024.

股票回購仍能顯著提升獲利。自 2007 年以來，我們已返還約 10 億美元，約占我們在發展業務和為收入成長奠定有意義的獲利基礎過程中所產生現金的 75%。我們對任何潛在收購的門檻仍然非常高。第四季有 62 個計費日，比 2025 年第三季少了 2 天，但與 2024 年第四季相同。

We expect Q4 revenues to be in the range of $326 million to $334 million and earnings per share to be between $0.43 and $0.51. This guide implies a midpoint of $330 million in revenue, which reflects a sequential improvement in both technology and FA revenues on a billing day basis and a further improvement in our year-over-year comparisons. The expected income tax rate for the fourth quarter of approximately 32.5% contemplates a lower deduction on the vesting of restricted stock given the decline in our stock price. This presents an EPS headwind of approximately $0.04 in the fourth quarter relative to last year and a $0.07 impact from Q3 2025 tax rate levels.

我們預計第四季度營收將在 3.26 億美元至 3.34 億美元之間，每股收益將在 0.43 美元至 0.51 美元之間。此預期隱含的營收中位數為 3.3 億美元，這反映了技術和財務會計 (FA) 業務營收按計費日計算的環比增長，以及同比業績的進一步提升。鑑於我們股價下跌，第四季所得稅率預計約為 32.5%，這意味著受限股票歸屬的扣除額會降低。與去年同期相比，這將導致第四季度每股收益下降約 0.04 美元，並受到 2025 年第三季稅率水準 0.07 美元的影響。

Our guidance assumes a stable operating environment and excludes the potential impact of any unusual or nonrecurring items. We remain confident in our strategic position and our ability to deliver above-market results, while continuing to invest in initiatives that drive long-term growth and support our profitability objective of achieving double-digit operating margins and approximately 8% when annual revenues return to $1.7 billion, more than 100 basis points higher than when that level was achieved in 2022. These objectives reflect anticipated benefits from our strategic investments, which are expected to reduce operating costs.

我們的指導意見假設營運環境穩定，並且不考慮任何異常或非經常性項目可能產生的影響。我們對自己的戰略地位和實現高於市場平均水平業績的能力仍然充滿信心，同時繼續投資於推動長期增長的舉措，並支持我們實現兩位數營業利潤率的盈利目標，即在年收入恢復到 17 億美元時達到約 8% 的營業利潤率，比 2022 年達到該水平時高出 100 多個基點。這些目標反映了我們策略性投資的預期收益，預計這些投資將降低營運成本。

On behalf of our entire management team, I want to extend our sincere appreciation to our teams for their outstanding efforts. We would now like to turn the call over for questions.

我謹代表我們整個管理團隊，對團隊成員的傑出努力表示衷心的感謝。現在我們把通話交給提問者。

(Operator Instructions) Trevor Romeo, William Blair.

（操作說明）特雷弗·羅密歐，威廉·布萊爾。

First one I had was, I guess, the 4% increase in consultants on assignment you talked about from the low point of the quarter to the end. Nice to see that for one. I guess my question is, can you give us a sense maybe considering, I guess, we haven't had a normal year in a while, but what a typical July through September period would look like in a prior year?

我遇到的第一個問題，我想應該是你提到的，從季度低谷到季度末，顧問派遣人數增加了 4%。首先，很高興看到這一點。我想問的是，考慮到我們已經很久沒有經歷過正常的年份了，您能否大致描述一下往年7月到9月這段時間的情況？

Just maybe trying to get a sense of would you view this as a return to normal seasonality or just kind of more than that? Or how are you kind of thinking about that pattern?

我只是想了解一下，您認為這是回歸正常的季節性變化，還是超出了季節性變化的某種程度？或者說，你對這種模式有什麼看法？

Yeah. Trevor, this is Dave Kelly. So to your point, we did see some nice improvement in consultants on assignment, the 4% you mentioned. And I'll just reiterate the comment that that has continued through the month of October as well. So we're seeing some nice sustained growth.

是的。特雷弗，我是戴夫凱利。所以正如您所說，我們確實看到顧問的派遣率有了不錯的提高，也就是您提到的 4%。我還要重申一下，這種情況會持續到十月。所以我們看到了一些好的持續成長。

As I kind of compare it, hard to compare it, right, because what is normal. But if I kind of think about pre-pandemic levels, it probably was slightly higher than that, although this is, for us, a reasonably healthy growth rate here. But certainly, we've seen higher growth rates in the past. But again, this is a positive statement, we think.

我試著去比較一下，很難比較，對吧，因為什麼是正常情況。但如果我回顧疫情前的水平，可能會略高於這個數值，儘管對我們來說，這已經是一個相當健康的成長率了。但可以肯定的是，我們過去也曾見過更高的成長率。但我們認為，這仍然是一個正面的訊號。

Okay. Great. And then question on your gross margins. I think Flex gross margins came in above the guide coming into the quarter, it sounds like health care was less of a drag from the cost side. You did have, I think, a comment about slightly expanding spreads.

好的。偉大的。然後問你的毛利率。我認為Flex的毛利率高於季度初的預期，看來醫療保健成本的拖累較小。我記得你確實提到要略微擴大價差。

So I just wanted to ask, one, I don't know if the mix shift to consulting is included in that comment. So how much did that help? And then if there was an increase in sort of the underlying spreads on a like-for-like basis, what do you think were the drivers of that?

所以我想問一下，第一，我不知道那條評論是否包含了向諮詢行業的轉型。那麼，這樣做有多大幫助呢？那麼，如果實際利差在同類交易的基礎上有所擴大，你認為造成這種情況的驅動因素是什麼？

Yeah. Trevor, it's Jeff. Good to talk with you. I think certainly, we talked about healthcare costs for the last couple of quarters. And certainly, what you heard from the scripted comments in the third quarter, that was certainly much less so it was actually favorable in the quarter. So that ran better than we expected.

是的。特雷弗，我是傑夫。很高興和你聊天。我認為，在過去的幾個季度裡，我們確實一直在討論醫療成本問題。當然，從第三季事先準備好的評論來看，情況肯定沒有那麼樂觀，實際上該季度的情況比較有利。比我們預期的要好。

When you look at the spreads in the business, I guess I'll start what I mentioned in my prepared remarks, and I think our teams have done a really nice job of working closely with our clients to ensure that we're effectively pricing the value that we're bringing to the equation.

談到業務中的價差，我想我會從我準備好的發言稿中提到的內容開始，我認為我們的團隊在與客戶密切合作方面做得非常出色，以確保我們能夠有效地為我們帶來的價值定價。

I think, Trevor, you look at the components of this, and certainly, we've talked in the past, we look at our overall Technology business, both in terms of traditional staffing and the solutions work that we do. I think certainly, a mix of growth is definitely a driver there. We've talked about our consulting-oriented engagements contributing positively to our Technology performance. Those historically, and is still today, those typically carry 400 to 600 basis points of higher margin. So with that mix of growth, that's certainly benefiting us there.

特雷弗，我認為，你應該從各個方面來看這個問題。當然，我們過去也討論過，我們會審視我們的整體技術業務，包括傳統的人員配備和我們所做的解決方案工作。我認為，多種因素共同作用肯定是推動成長的因素之一。我們已經討論過，我們以諮詢為導向的業務對我們的技術績效做出了積極貢獻。從歷史上看，這些股票通常比股票高出 400 到 600 個基點的利潤率，而且這種情況至今仍然存在。因此，這種多元化的成長模式無疑對我們有利。

I also think when you look at the client drivers, there are some puts and takes, certainly from a mix perspective that's benefiting us from a spread perspective. Traditionally, for us, we've talked about the higher skilled areas that we play in. Our average bill rate being roughly $90 an hour has been very stable for several years.

我也認為，從客戶驅動因素來看，存在一些利空因素，從組合角度來看，這肯定有利於我們的價差。傳統上，我們談論的是我們所處的技能水平較高的領域。我們的平均收費標準約為每小時 90 美元，多年來一直非常穩定。

Certainly, in that higher skilled area, you would expect a little bit more durability from a pricing perspective. So I think the higher quality skill sets that we continue to focus in and technology is certainly boding well. And then I'd say the other is internal. This is a continued emphasis for us, even more so in 2025. And I think our people have stepped up to the plate and recognizing the value that we're bringing to the equation.

當然，在技術要求更高的領域，從價格角度來看，你會期望產品更耐用。所以我認為，我們持續關注的高品質技能和技術無疑會帶來好結果。然後我會說，另一個因素是內在的。這將繼續是我們的工作重點，尤其是在 2025 年。我認為我們的人民已經挺身而出，認識到我們為公司帶來的價值。

Okay. Great, Jeff. And then if I could maybe sneak one more in just on H-1Bs and potential for the much higher fees just to kind of get you on the record here. I believe you do essentially no, maybe very little new H-1B sponsorships. You do have some experienced people on H-1Bs.

好的。太好了，傑夫。然後，如果我能再補充一點關於 H-1B 簽證以及可能更高的費用，就當是把你的情況記錄在案吧。我認為你們基本上不發放新的 H-1B 簽證擔保，或許很少發放。你們確實有一些持有H-1B簽證的經驗豐富的員工。

So maybe just help us understand your overall exposure there. Is there any concern that eventually this could flow through to your talent pipeline? And then conversely, is there any potential benefit to your domestic talent?

所以，或許您可以幫我們了解您在那裡的整體風險敞口。是否有人擔心這種情況最終會影響到你們的人才儲備？反過來，這對你的國內人才是否有任何潛在好處？

Yeah. Trevor, Dave Kelly again. So to your point, the proclamation that came out, I guess, what, about a month or so ago, 1.5 months ago, and the $100,000 fee. As we understand it, I think there's been some clarification in the proclamation just over the last couple of weeks that this fee specifically relates to new visas, right? So to your point, we do virtually zero new H-1B visas.

是的。特雷弗，又是戴夫凱利。所以，正如你所說，大約一個月前，或一個半月前發布的公告，以及10萬美元的費用。據我們了解，我認為在過去幾週的公告中已經明確指出，這項費用專門針對新簽證，對嗎？所以正如你所說，我們幾乎不發放任何新的H-1B簽證。

We don't bring anybody in. So our model is to sponsor visas and transition employees from people who are already in the United States. So to your point, our exposure in the immediate sense is essentially nothing effectively. And I think important to note for the individuals here, they have an opportunity to renew their visas. That also is not covered by the proclamation and eventually maybe a half the citizenship.

我們不引進任何人。因此，我們的模式是擔保簽證，並將員工從已經在美國的人員轉移到美國。所以正如你所說，從直接意義上講，我們實際上幾乎沒有任何風險。我認為值得注意的是，在座各位有機會續簽簽證。這也不在公告的涵蓋範圍內，最終可能會影響到一半的公民身份。

So for us, in the near term, as at least it relates to the access to talent, we don't expect there to be any real impact to our business. Now obviously, theoretically, if this is a permanent change, that will have an impact on where we source talent. But I'll remind you, right, our core competency here is in recruitment. So we have -- in many ways, have the ability to access talent through H-1B visas, other visas, domestic talent. So for us, we just see this as something that we're going to have to think about it as it evolves and make sure that we still got access to talent.

因此，就我們而言，在短期內，至少就人才獲取而言，我們預計不會對我們的業務產生任何真正的影響。顯然，理論上講，如果這是一個永久性的變化，那將會對我們的人才來源產生影響。但我還是要提醒各位，我們這裡的核心競爭力在於招募。因此，在很多方面，我們有能力透過 H-1B 簽證、其他簽證以及國內人才來獲取人才。所以對我們來說，我們認為這是需要隨著事態發展而思考的問題，並確保我們仍然能夠獲得人才。

The other thing that I would mention to you, as we think about this, scrutiny in the visa process is probably even more important. And we're very proud of our compliance record and the approval rates that we have in transitioning visas amongst, if not, the best in the industry.

還有一點我想提一下，當我們考慮這個問題時，簽證過程中的審查可能更為重要。我們為我們的合規記錄和簽證轉換審批率感到非常自豪，我們的審批率即使不是業內最佳，也絕對是最好的。

So for us, from a competitive standpoint, we feel good about where this is and the minimal impact it will have on our business. Frankly, we've got companies who have come to us when they've got difficult situations still the case. And if there is uncertainty, they look to us from a quality standpoint as, in some cases, the first place they'll go when they want to transition H-1B or other employees from other providers that they might have. So there is a competitive opportunity for us here in the near term as well.

因此，從競爭的角度來看，我們對目前的情況感到滿意，並認為這對我們的業務影響甚微。坦白說，有些公司在遇到棘手問題時仍然會來尋求我們的幫助。如果存在不確定性，他們會從品質角度考慮我們，在某些情況下，當他們想將 H-1B 或其他員工從其他供應商轉移過來時，我們會是他們的首選。因此，在短期內，我們也面臨競爭機會。

Yes. And this is Joe. The last thing I would give you, if you play it out, if -- one, obviously, there's a number of lawsuits that have already been filed. So we're not sure where this will end up. But if it were to become law and play out, when do you start to feel that probably four, five, maybe six years from now, six years, obviously, which would impact all the people that are currently on visas.

是的。這位是喬。最後我想告訴你的是，如果你把事情往下看，如果──首先，很顯然，已經有多起訴訟提起了。所以我們不確定這件事最終會如何發展。但如果它成為法律並付諸實施，你什麼時候會開始感覺到，大概四五年，也許六年之後，六年之後，顯然，這將影響到所有目前持有簽證的人。

But it's important to note as well. There's 85,000 visas that are typically approved on an annualized basis. The applications are typically in any given year, 4 to 10x the amount that are granted. And we play in the high-end skill, the highest demand skill area. So more than likely, those are the individuals who are going to be gobbling up the majority of those visas. So really don't see any long-term impact for us as well.

但同樣重要的是要注意這一點。每年通常批准 85,000 個簽證。每年的申請數量通常是核准數量的 4 到 10 倍。我們從事的是高端技能、需求最高的技能領域。因此，很可能這些人會搶佔大部分簽證名額。所以，我們真的看不到任何長期影響。

Alex Sinatra, Robert Baird.

亞歷克斯·辛納屈，羅伯特·貝爾德。

This is Alex on for Mark Marcon. I was just wondering, you mentioned higher interest in AI-related projects. I was kind of wondering if you can give some more detail on the types of engagements you have been more involved with and what kind of work that entails? And also, I guess, what outlook you're seeing so far on demand for those services and how those engagements may change over time?

以下是 Alex 替 Mark Marcon 為您報道。我只是想問一下，您提到您對人工智慧相關專案的興趣更高。我想問一下，您能否詳細介紹一下您參與過的專案類型以及這些專案都包含哪些工作？另外，我想了解一下，您目前對這些服務的需求前景有何看法？這些服務需求會隨著時間而產生什麼樣的變化？

Yeah. I would say the majority of the work that we see our teams onboarding, it continues to be in and around foundational readiness work aspects associated with data. I just came back from the IT Gartner Symposium, and you didn't -- I don't think there was a conversation I was engaged with whether it was with a CIO, a senior tech person or a CEO, where they're not dealing with data challenges.

是的。我認為，我們看到團隊入職的大部分工作仍然圍繞著與數據相關的基礎準備工作。我剛從 IT Gartner 研討會回來，而你沒有——我認為我參與的所有對話，無論是與資訊長、高級技術人員還是執行長進行的對話，他們都在處理數據挑戰。

Tremendous amount of modernization of legacy systems as well to prepare for AI. And obviously, cloud touches everything, and then you have security and governance. So most of the organizations, they are really getting after the preparation phase associated with AI. And what we're also seeing on the use case side of the equation, we've seen a number of clients that are ahead of the curve, predominantly technology-oriented companies that are executing some AI initiatives.

為了迎接人工智慧的到來，還需要對大量遺留系統進行現代化改造。顯然，雲端運算影響著方方面面，然後還有安全和治理的問題。所以大多數組織，他們真正關注的是與人工智慧相關的準備階段。我們也看到，在應用案例方面，許多客戶走在了前列，他們主要是技術型公司，正在實施一些人工智慧計畫。

I would say, in general business, we've seen general business pull back a lot on their AI use cases and they have really narrowed their focus to more of an operational type AI use case where they have a very centralized data repository where they can control that data to look at those opportunities. We're also hearing the ROI challenges out there. People, as they get deeper into these projects, are really being challenged to get the ROI from things that they're doing on the AI front.

我認為，在一般商業領域，我們已經看到一般商業企業大幅減少了人工智慧的應用案例，他們真正將重點縮小到更偏向營運型人工智慧的應用案例，在這些案例中，他們擁有一個非常集中的資料儲存庫，可以控制這些資料來尋找機會。我們也聽到了關於投資報酬率的挑戰。隨著人們深入參與這些項目，他們面臨的真正挑戰是如何從他們在人工智慧領域所做的工作中獲得投資回報。

So the good news is all this preparation work still has to happen to take advantage of it, irrespective of how long it takes AI to ultimately play out. So I would say that's pretty much the backdrop. So it's been broad-based and pretty much the things that we're really aligned in and around, especially from our solution side of our business. Those are all areas that we have key practices in.

所以好消息是，無論人工智慧最終需要多長時間才能真正發揮作用，所有這些準備工作仍然必須完成，才能從中受益。所以我覺得這就是大致的背景狀況。所以它的基礎很廣泛，而且基本上涵蓋了我們真正關注和重視的方面，尤其是在我們業務的解決方案方面。這些都是我們擁有核心優勢的領域。

The only other thing I would add to what Joe said, and I think this is particularly relevant in the readiness work that's being done, the buying behavior of clients is not exclusive to long-term project acquisition as well, right? We're seeing demand in any number of our talent acquisition models, all the way, obviously, from solutions-based, deliverable-based project work, but all the way through to staff augmentation. So this is a positive contributor to the demand and staff augmentation as well. So important to kind of make sure you don't take a specific distinction in how the buying behavior is being done by clients.

我唯一想補充的是喬所說的，我認為這在正在進行的準備工作中尤其重要，客戶的購買行為並不局限於長期專案採購，對吧？我們看到，在各種人才招募模式中都有需求，顯然，從基於解決方案、基於交付成果的專案工作，到人員擴充，都存在需求。因此，這對需求和人員擴充也起到了積極作用。因此，務必確保不要對客戶的購買行為方式做出具體區分。

Got it. That makes a lot of sense. And then on the consulting side, obviously, that's been a positive contribution to your results, both from a growth and margin perspective. I was wondering if you could give some more color on the type of engagements you're in and the magnitude of that contribution as well as where you expect that to go as things like AI become a bigger focus?

知道了。這很有道理。而在諮詢方面，顯然，無論從成長或利潤的角度來看，這都對你們的業績做出了積極貢獻。我想請您詳細介紹您參與的專案類型、貢獻的規模，以及隨著人工智慧等領域的發展，您預期這些專案會朝著哪個方向發展？

Yeah. As I think I mentioned and Jeff mentioned, that continues to be a real bright spot for us, right? When we think about the revenue trajectory, certainly, the engagements that are being supported by our consulting team have been a real bright spot. And their practice areas, as we've said in the past, right, are in cloud. They're in digital, data, AI and application development engineering.

是的。正如我和傑夫都提到的那樣，這仍然是我們非常看好的一點，對吧？當我們考慮營收成長軌跡時，毫無疑問，由我們的諮詢團隊支持的專案一直是公司的一大亮點。正如我們之前所說，他們的業務領域在雲端。他們從事數位、數據、人工智慧和應用開發工程方面的工作。

So pretty broadly across all those things. I would tell you, as we think about the demand environment there, we've seen a real uptick. And I think you mentioned this last quarter, even more so this quarter, the pipeline of opportunities in the digital and data space continues to grow as well. So you're certainly seeing the investment in the readiness work that Joe was just alluding to coming our way as well. So just where you would think it's coming.

所以基本上涵蓋了所有這些方面。我想說的是，當我們考慮那裡的需求環境時，我們看到需求確實出現了顯著增長。我認為您在上個季度也提到這一點，而且本季更是如此，數位和數據領域的機會管道也在持續成長。所以，正如喬剛才所提到的，我們肯定也看到了對戰備工作的投入。果然不出所料，它就出現在你預想的地方。

Tobey Sommer, Truist Securities.

Tobey Sommer，Truist Securities。

This is Tyler Barishaw on for Tobey. I want to go back to the AI point and how you're helping companies with road maps. Can you maybe touch on how much revenue engagements are contributing today? And maybe what is the margin profile of the engagements like?

這是替補托比上場的泰勒·巴里肖。我想回到人工智慧這個主題，以及你們是如何幫助企業制定發展路線圖的。您能否談談目前互動活動對收入的貢獻有多大？那麼，這些項目的利潤率情況如何呢？

Yes. So it certainly is a growing part of our business, right? It has been, as I said, a bright spot for us, but we've never really disclosed the percentage of the revenue stream that we're seeing here. It's certainly a significant portion, but it is not the majority of the business at this point in time.

是的。所以這無疑是我們業務中日益增長的一部分，對吧？正如我所說，這對我們來說是一個亮點，但我們從未真正透露過我們在這裡獲得的收入百分比。這當然佔了相當大的比例，但目前還不是業務的主體。

Margin profile, Jeff alluded to the fact that we've had very stable gross margins. Part of that is because this has been a growth part of our business for the last couple of years, and we typically see margins for a lot of these consulting-related projects could be as much as 400 to 600 basis points higher than the traditional staff augmentation model. So it is a benefit in terms of mix because of the growth trajectory.

傑夫提到，就利潤率而言，我們的毛利率一直非常穩定。部分原因是，在過去的幾年裡，這已成為我們業務的成長部分，我們通常看到，許多此類諮詢相關項目的利潤率可能比傳統的人員擴充模式高出 400 到 600 個基點。因此，從產品組合的角度來看，這是一個優勢，因為它具有成長潛力。

Got it. Makes sense. And then you mentioned on consulting growth with being -- this has -- facing staffing revenue declines. Can you maybe talk about how close you are to a staffing revenue bottom and when we can return to growth? Or maybe what are some of the elements that could allow us to return to growth in staffing?

知道了。有道理。然後您提到諮詢業務成長面臨的問題是—人員配備收入下降。您能否談談貴公司距離人力資源收入觸底還有多遠，以及我們何時才能恢復成長？或者說，有哪些因素能讓我們恢復員工人數的成長？

Yes. So I would -- maybe I'll reiterate the trajectory of the business that we've seen, right? So we've mentioned some of the declines that we saw right at the end of the second and the beginning of the third quarter. But prior to that, if you think about the last couple of quarters, we really have seen a stabilization of the consultants that we've had assigned. And that is across the spectrum of business we've seen, right, staff augmentation and our consulting services both as well.

是的。所以，我——或許我會重申我們已經看到的業務發展軌跡，對吧？我們已經提到了在第二季末和第三季初出現的一些下滑趨勢。但在此之前，如果你回顧過去幾個季度，我們確實看到我們委派的顧問團隊已經趨於穩定。我們看到的業務範圍非常廣泛，包括人員擴充和諮詢服務。

And as I mentioned in my prepared remarks, as we saw the consulting growth of 4%, growth from that low point that we saw at the beginning of the quarter and then even higher than that as we moved into October, again, broad-based that is inclusive of contribution from staff augmentation and consulting. So I don't want to say we're going to call a bottom, right, because we haven't seen many, many data points of growth, right?

正如我在準備好的發言稿中提到的，我們看到諮詢業務增長了 4%，從本季度初的低點開始增長，而且隨著我們進入 10 月份，增長幅度甚至更高，這再次表明，這種增長是廣泛的，包括人員擴充和諮詢業務的貢獻。所以我不想說我們要宣布觸底反彈，對吧，因為我們還沒有看到很多很多成長的數據點，對吧？

I don't want to go out and limb here, but it is certainly promising as we saw stability Q1 to Q2 absent those specific client dynamics and then some growth in our staff augmentation business in Q3 and what appears to be a positive Q4, we guided sequentially up again in our Technology business. So we're certainly seeing some signs here that things are certainly firming, and we'll see where it goes from here.

我不想妄下斷言，但前景確實光明，因為我們看到，在第一季度到第二季度之間，在沒有特定客戶動態的情況下，業務保持穩定；然後在第三季度，我們的人員擴充業務有所增長；而且第四季度似乎也呈現積極態勢，因此我們再次上調了技術業務的業績預期。所以我們現在確實看到一些跡象顯示情況正在趨於穩定，接下來我們會看看情況會如何發展。

Yes. And what I would add on to what Dave just mentioned there, being there, we saw growth in both staff augmentation and the solutions side. I would really attribute that to the integrated model that we've deployed within our organization, where we're really leveraging relationships and being able to bring those services to the customer that the customer needs at a given point in time versus trying to push one service versus another. So I think unlike many others that we've heard about out there that are talking about declines on the staff augmentation side with growth more on the consulting side here in Q3, we saw growth in both of those and our forward-looking trends also point to growth in both of those areas into Q4.

是的。我還要補充一下戴夫剛才提到的，在那裡，我們看到了人員擴充和解決方案的成長。我認為這主要歸功於我們在組織內部部署的整合模式，我們真正利用了人際關係，能夠在客戶需要的時候為他們提供所需的服務，而不是試圖推銷一種服務而不是另一種服務。因此，我認為與我們聽到的許多其他公司在第三季度談論的人員擴充方面下滑而諮詢方面增長更多不同，我們看到這兩個方面都實現了增長，而且我們的前瞻性趨勢也表明，這兩個領域在第四季度都將保持增長。

And the other thing I would say is it's really promising about this, and again, I alluded to this, this is not industry specific. This is not geographically specific either. So we're seeing it pretty broadly, right? I mean obviously, we've got a high-level skill set that we focus on. But we're seeing it across industry.

我還要說的是，這方面真的很有前景，而且，我之前也提到過，這並非特定於某個行業。這也不限於特定地理位置。所以我們看到這種情況相當普遍，對吧？我的意思是，很顯然，我們擁有我們重點關注的高水準技能。但我們發現這種情況在整個產業都很普遍。

We're seeing it across geography. And so we've had a lot of positive contributions from a number of markets this quarter. So it seems to be, again, relatively broad-based.

我們發現這種情況在世界各地都有發生。因此，本季我們從多個市場獲得了許多積極的貢獻。所以看來，它的基礎仍然相當廣泛。

Josh Chan, UBS.

瑞銀集團的 Josh Chan。

This is Karan Singhania on for Josh. So I'm just curious if you're seeing any benefits from the reallocation of budgets (inaudible) that you saw last quarter. I think in the last quarter, you highlighted some negative impacts from that. So I'm just wondering if that kind of liked flipped this quarter and you saw some of the projects that you're working on to see some additional funding over there.

這裡是 Karan Singhania 為 Josh 做報告。所以我很好奇，您是否從上個季度看到的預算重新分配中看到了任何好處（聽不清楚）。我認為在上個季度，您重點強調了由此產生的一些負面影響。所以我想知道，這季度情況是否有所好轉，您是否看到了您正在進行的一些項目獲得了額外的資金。

YeAH. If you recall last quarter to your point, there were a couple of specific clients where we have seen some reallocation of budgets, which is I think what you were referring to. I would say, as we've gone through the third quarter, we haven't heard that.

是的。如果你還記得上個季度的情況，正如你所說，我們確實對幾個特定客戶的預算進行了一些重新分配，我想這就是你所指的。我想說，進入第三季以來，我們還沒有聽過這種情況。

As a matter of fact, obviously, as we've been talking about, there's a lot of pent-up demand, a pretty significant pipeline of activities. Joe alluded, I think, in his remarks to the fact that if there are critical things that need to get done, it is a natural tendency for companies when there's uncertainty, and I think there still is uncertainty in the marketplace that they will look for flexible talent first. So we could be, as I think you alluded to, be entering a typical period here that we've seen in previous beginnings of recoveries in the flex cycle.

事實上，正如我們一直在討論的那樣，顯然存在大量的積壓需求，以及相當可觀的活動儲備。我認為，喬在演講中暗示，如果有關鍵的事情需要完成，那麼在市場存在不確定性的情況下，公司自然會優先考慮靈活的人才，我認為目前市場仍然存在不確定性。所以，正如你所暗示的那樣，我們可能正在進入一個典型的時期，就像我們在以往的彈性週期復甦初期所看到的那樣。

Got it. Okay. That's helpful. And as my follow-up, I'm just wondering, I think it looks like the line is pretty big, but just hoping if you can provide some color on the (inaudible) and markets or where it goes? Are there any specific industries that are showing like early signs of stabilization or any green shoots over there?

知道了。好的。那很有幫助。我的後續問題是，我覺得這條線看起來很長，但希望您能提供一些關於（聽不清楚）和市場或它走向的資訊？有哪些特定產業已經顯現出趨於穩定的早期跡像或復甦的跡象？

Yes. I'll just reiterate the comment I previously made. It is -- I mean, has every industry been up? No. But has there been many disparate industries that have grown for us sequentially?

是的。我只想重申我之前發表的評論。我的意思是，所有行業都在成長嗎？不。但是，我們這裡是否有許多截然不同的產業都實現了相繼成長呢？

Absolutely. Now I've said in the past, we need to be careful here because the demand that we see, we don't do business with every client in every industry. So clients are driving behavior and there in every industry clients that we see increases from and probably some mild reductions in projects and there as well. So no, it is not industry specific. It is broadly -- if we were trying to pinpoint a driver, I wouldn't pinpoint a driver of any type of activity. I mean -- so no, it is definitely broad-based.

絕對地。我之前說過，我們需要謹慎行事，因為我們看到的需求表明，我們不可能與每個行業的每個客戶都開展業務。所以客戶正在推動行為，在每個行業，我們都看到客戶數量的增加，以及項目數量的輕微減少。所以，不，這並非特定於某個行業。總的來說——如果我們要找出驅動因素，我不會指出任何類型活動的驅動因素。我的意思是——所以，不，它肯定是廣泛存在的。

One of the drivers for potentially this being broad-based is, I don't want to date myself here, but if we go back to the dot-com era, and we look at how that cycle played out, the first phase was hype investment surge in new technologies driven by fear of missing out or being disrupted as well as investments in building out infrastructure. Then right shortly thereafter, we saw a halting of legacy investments with organizations pausing or reducing their spending out of fear of those systems imminently being obsolete.

推動這一趨勢可能廣泛發展的因素之一是，我不想暴露自己的年齡，但如果我們回顧網路泡沫時代，看看那個週期是如何發展的，第一階段是受害怕錯過機會或被顛覆的心理驅動，對新技術進行炒作式的投資激增，以及對基礎設施建設的投資。隨後不久，我們看到傳統投資停止，各組織暫停或減少支出，擔心這些系統很快就會過時。

And then ultimately, what happened was a reality check hit, where organizations realized that the new technology is not a cure all with significant work needed to integrate and modernize their legacy systems. And then once that reality hit, basically, we saw a balanced investment come back in where they really returned to investing in legacy modernization while strategically positioning to leverage new technology. Then the last stage was really an overall workforce and skill redistribution where technologies roles shifted.

最終，現實給了各組織當頭一棒，他們意識到新技術並非萬能靈藥，還需要大量工作來整合和現代化其遺留系統。然後，當這種現實擺在眼前時，我們看到了一種平衡的投資模式回歸，他們真正開始投資於傳統技術的現代化改造，同時進行戰略佈局以利用新技術。最後階段實際上是勞動力和技能的整體重新分配，技術角色也發生了轉變。

Some disappeared, many new roles created, many others had to integrate additional skills. It's clear when you start to read white papers, when you start to read some other mainstream things out there, reality check has hit. And again, coming out of the Gartner IT Symposium, that was a main theme that you heard in speaking, whether it be the presenters that reality has hit everybody on what it really takes to leverage AI and what organizations have to do. And if we are coming out of that reality into that rebalancing, it's the same thing that we saw during the dot-com.

有些職位消失了，許多新職位被創造出來，許多其他職位需要掌握額外的技能。當你開始閱讀白皮書，當你開始閱讀一些其他主流文章時，你就會清楚地意識到現實的殘酷。再次強調，從 Gartner IT 研討會上，演講者們一再強調的一個主要主題是：每個人都意識到，要真正利用人工智慧，需要付出怎樣的努力，以及企業必須做些什麼。如果我們正在從那種現實中走出來，進入重新平衡的狀態，那和我們在網路泡沫破滅期間看到的情況是一樣的。

Coming out of that is when we saw the need for our services start to pick up as people started to rebalance their investments across the board. So I'm not calling that, that's exactly where we are, but there are an awful lot of similarities. And I use the dot-com specifically because out of all the secular technology shifts that I've seen in my career, I've been doing this for 38 years. That one parallels AI most because those -- both of those impact work models, operating models and they touch all white-collared individuals within organizations. So there's a lot of parallels and a lot of similarities.

正是在那時，我們看到隨著人們開始全面重新調整投資組合，對我們服務的需求開始上升。所以我並不是說我們現在就處在那種境地，但兩者之間確實有很多相似之處。我特意使用 .com，因為在我職業生涯中見證的所有技術變革中，我已經從事這個行業 38 年了。這一點與人工智慧最相似，因為兩者都會影響工作模式、營運模式，並且會影響組織內的所有白領人員。所以兩者之間有很多相似之處和共同點。

(Operator Instructions) Marc Riddick, Sidoti & Company.

（操作說明）Marc Riddick，Sidoti & Company。

A lot of my questions have already been touched on. I just maybe want to throw in maybe one or two others as far as what you're seeing with AI, digital and the like. I was wondering, could you maybe talk a little bit about -- do you have a sense as to current growth drivers, maybe the mix between cost savings driven versus growth driven?

我的很多問題都已經被提及了。我可能還想補充一、兩點關於人工智慧、數位化等領域的內容。我想問一下，您能否談談—您對目前的成長驅動因素有何看法，例如成本節約驅動因素與成長驅動因素之間的平衡情況？

Yeah. I think -- and again, a lot of this was discussed at the Gartner conference as well. I think everybody started out on the productivity side and everybody is struggling with getting the ROI on the productivity side. I was with -- I had the opportunity, I was invited to spend time with 19 other CEOs to really hear firsthand what they're experiencing. And there was one key theme that I heard is everybody started out because of a lot of pressure from boards and to get after AI, out of disintermediation, fear of missing out, went after a lot of use cases.

是的。我認為——而且，Gartner 大會上也討論了許多類似的問題。我認為大家最初都是從提高生產力方面入手，現在也都在努力實現生產力方面的投資報酬率。我有機會——我受邀與另外 19 位 CEO 共度時光，親耳聆聽他們的經歷。我聽到的一個關鍵主題是，每​​個人最初都是因為董事會的巨大壓力而開始從事人工智慧，出於去中介化、害怕錯失機會等原因，追求了許多應用案例。

Most of them have really scaled back those use cases. Many of them went after productivity. And where I was hearing where people are having success are really on what I'll call operationalizing business processes that are very focused and very narrowed where it's very measurable to get the return. And so that's really where we're seeing organization shift. And again, I'm not talking about the large tech organizations that obviously are getting after AI to embed into their products so that they can sell their products.

他們中的大多數人已經大幅縮減了這些應用場景。他們中的許多人追求的是生產力。我聽說，人們取得成功的地方，實際上是將業務流程運作化，這些流程非常專注且範圍很窄，因此可以非常精確地衡量回報。所以，這就是我們所看到的組織結構轉變的真正所在。再次聲明，我說的不是那些顯然正在努力將人工智慧嵌入他們的產品中以便銷售產品的大型科技公司。

I mean I'm talking general mainstream business. So we've really seen and what I heard is a real narrowing of the focus to get after an AI initiative. The other thing that many are struggling with is the ROI in terms of everybody scoped the AI initiatives out just based upon the technological cost and then the added cost that people are now experiencing because of the amount of change management, training and all the post-implementation costs, that's really making the hurdles even that much more difficult from an ROI standpoint.

我指的是主流商業領域。所以我們已經看到，而且我也聽到，各方正在真正縮小關注範圍，全力推進人工智慧計畫。許多人面臨的另一個難題是投資報酬率，因為大家當初制定人工智慧計畫時只考慮了技術成本，而現在由於大量的變革管理、培訓以及所有實施後的成本，人們又不得不承擔額外的成本，這從投資回報率的角度來看，無疑讓障礙變得更加難以克服。

Everyone, at this time, there are no further questions. I'd like to hand the call back to Mr. Joe Liberatore for any additional or closing remarks.

各位，目前沒有其他問題了。我謹將電話交還給喬·利貝拉托雷先生，請他作補充或總結發言。

Well, I'd like to thank you for your interest and your support in Kforce. I'd like to express my gratitude to every Kforcer for your efforts and to our consultants and clients for your trust and faith in partnering with Kforce and allowing us the privilege of serving you. We look forward to talking to you again after our fourth quarter of 2025. Thank you.

非常感謝您對Kforce的關注與支持。我謹向每一位 Kforcer 表示衷心的感謝，感謝你們的辛勤付出；同時，我也要感謝我們的顧問和客戶，感謝你們對 Kforce 的信任和支持，讓我們有幸為你們服務。我們期待在 2025 年第四季後再次與您洽談。謝謝。

Once again, everyone, that does conclude today's conference. We would like to thank you all for your participation today. You may now disconnect.

再次向各位致謝，今天的會議到此結束。感謝各位今天的參與。您現在可以斷開連線了。