Korn Ferry (KFY) 2023 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the Korn Ferry Second Quarter Fiscal Year 2023 Conference Call.

女士們，先生們，感謝你們的支持，歡迎來到光輝國際 2023 財年第二季度電話會議。

(Operator Instructions)

（操作員說明）

As a reminder, this conference is being recorded for replay purposes. We have also made available in the Investor Relations section of our website at kornferry.com, a copy of the financial presentation that we'll be reviewing with you today.

提醒一下，正在錄製此會議以供重播。我們還在我們網站 kornferry.com 的投資者關係部分提供了我們今天將與您一起審查的財務演示文稿的副本。

Before we turn the call over to your host, Mr. Gary Burnison, let me first hand the call over to Tiffany [Lauder], Vice President, Investor Relations, to read a cautionary statement to investors. Please go ahead, Ms. Lauder .

在我們將電話轉交給您的主持人 Gary Burnison 先生之前，讓我先將電話轉給投資者關係副總裁蒂芙尼 [蘭黛]，向投資者宣讀一份警告聲明。請繼續，蘭黛女士。

Thank you, Amy. Certain statements made in the call today, such as those relating to future performance, plans and goals constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Although the company believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, investors are cautioned not to place undue reliance on such statements. Actual results in future periods may differ materially from those currently expected or desired because of a number of risks and uncertainties, which are beyond the company's control.

謝謝你，艾米。今天電話會議中作出的某些陳述，例如與未來業績、計劃和目標有關的陳述，構成 1995 年《私人證券訴訟改革法案》含義內的前瞻性陳述。儘管公司認為此類前瞻性陳述中反映的預期是基於合理的假設，提醒投資者不要過分依賴此類陳述。由於許多超出公司控制的風險和不確定性，未來期間的實際結果可能與當前預期或期望的結果存在重大差異。

Additional information concerning such risks and uncertainties can be found in the release relating to this presentation and in the other periodic and other reports filed by the company with the SEC, including the company's annual report for fiscal year 2022 and in the company's soon to be filed quarterly report for the quarter ended October 31, 2022.

有關此類風險和不確定性的更多信息，請參閱與本演示文稿相關的新聞稿以及公司向美國證券交易委員會提交的其他定期報告和其他報告，包括公司 2022 財年的年度報告和公司即將提交的截至 2022 年 10 月 31 日的季度報告。

Also some of the comments today may reference non-GAAP financial measures such as constant currency amounts, EBITDA and adjusted EBITDA. Additional information concerning these measures, including reconciliations to the most directly comparable GAAP financial measures is contained in the financial presentation and earnings release relating to this call, both of which are posted in the Investor Relations section of the company's website at www.kornferry.com.

此外，今天的一些評論可能會參考非 GAAP 財務指標，例如固定貨幣金額、EBITDA 和調整後的 EBITDA。有關這些措施的更多信息，包括與最直接可比的 GAAP 財務措施的調節，包含在與本次電話會議相關的財務報告和收益發布中，兩者均發佈在公司網站 www.kornferry.com 的投資者關係部分.

With that, I'll turn the call over to Gary Burnison. Please go ahead, Gary.

有了這個，我會把電話轉給加里·伯尼森。請繼續，加里。

Good afternoon, and thank you, Tiffany, and thank you, everybody, for joining us. Our fiscal second quarter results were very good. We generated about $728 million in fee revenue, which was up 20% at constant currency and 14% at actual rates. I'm really proud of our performance given that the global economy has been in transition for several months now.

下午好，謝謝蒂芙尼，謝謝大家加入我們。我們第二財季的業績非常好。我們產生了約 7.28 億美元的手續費收入，按固定匯率計算增長 20%，按實際匯率計算增長 14%。鑑於全球經濟已經轉型幾個月，我為我們的表現感到非常自豪。

We're seeing change on every front from over a decade of high liquidity and historically low interest rates to changes in central bank policies, significant shifts in global trading partners and persistent inflationary pressures. In response, companies and our clients will undoubtedly have to continue adjusting their organizational and workforce strategies to tomorrow, which is opportunity for Korn Ferry.

從十多年來的高流動性和處於歷史低位的利率，到央行政策的變化、全球貿易夥伴的重大轉變和持續的通脹壓力，我們都看到了方方面面的變化。作為回應，公司和我們的客戶無疑將不得不為明天繼續調整他們的組織和勞動力戰略，這對 Korn Ferry 來說是一個機會。

As we come to a close of another calendar year, I think it's good to take stock of just how far Korn Ferry has come and how much more capable we've become. First, when we look at our historical performance through the cycles, it's clear our diverse offerings and larger scale have resulted in progressively better results from peak to peak and trough to trough. In other words, the ceiling and the floor continue to be incrementally higher through each term.

當我們接近另一個日曆年的尾聲時，我認為最好回顧一下光輝國際已經走了多遠以及我們的能力提高了多少。首先，當我們通過週期查看我們的歷史表現時，很明顯我們的多樣化產品和更大的規模導致從高峰到高峰和從低谷到低谷的結果越來越好。換句話說，每個學期的上限和下限都在逐漸提高。

For example, our peak and trough revenues from the Great Recession to the COVID recession are more than 3x higher. And over the long run, our 10-year CAGR has been 13%. There's no doubt that we're a substantially different firm today than we were even just a few years ago, with far greater scale and relevance of our offerings. Our evolving capability and broad offerings are propelling Korn Ferry and our clients through this moment -- this transitory period.

例如，從大蕭條到 COVID 衰退，我們的收入高峰和低谷高出 3 倍以上。從長遠來看，我們 10 年的複合年增長率為 13%。毫無疑問，與幾年前相比，我們今天是一家截然不同的公司，我們產品的規模和相關性要大得多。我們不斷發展的能力和廣泛的產品正在推動 Korn Ferry 和我們的客戶度過這個時刻——這個過渡時期。

This combines organizational strategy, leadership and professional development, assessment and succession, rewards and talent acquisition, capabilities to help clients execute their business strategy. We've anchored a firm around a well-balanced, diverse slate of solutions. Number one, a major account strategy that now represents 37% of our portfolio; consulting and digital capabilities that represent almost 40% of our firm; and the integrated go-to-market strategy; One Korn Ferry that's resulted in almost 30% of our revenue coming from cross line of business referrals; a new Korn Ferry that trains and develops over 1 million professionals a year on compensation and rewards advisory and digital offering would comp out on more than 25 million executives; a new interim transition management staff capability with about $225 million of annual revenue on a run-rate basis.

這結合了組織戰略、領導力和專業發展、評估和繼任、獎勵和人才招聘、幫助客戶執行其業務戰略的能力。我們圍繞著均衡、多樣化的解決方案建立了一家公司。第一，現在占我們投資組合 37% 的主要客戶策略；幾乎占我們公司 40% 的諮詢和數字能力；綜合上市戰略；一個 Korn Ferry 使我們近 30% 的收入來自跨業務線推薦；每年培訓和發展超過 100 萬名薪酬和獎勵諮詢以及數字產品專業人士的新光輝國際將超過 2500 萬名高管；一個新的臨時過渡管理人員能力，按運行率計算，年收入約為 2.25 億美元。

And this offering essentially didn't exist for us a little over a year ago. An award-winning RPO business with consistent top-line growth, which now represents 14% of our firm. Today, RPO has nearly $1 billion of revenue under contract. This includes 2 major 3-year contract wins with a combined value of nearly $200 million that we secured in the second quarter. And we're a much, much more globally, geographically diverse firm today.

一年多以前，我們根本不存在這種產品。屢獲殊榮的 RPO 業務，收入持續增長，目前占我們公司的 14%。如今，RPO 的合同收入接近 10 億美元。這包括我們在第二季度獲得的 2 份 3 年期合同，總價值近 2 億美元。今天，我們是一家更加全球化、地域多元化的公司。

No doubt there's economic uncertainty as we enter 2023. But this transitory time like others in the past is also the proving grounds for the effectiveness of our strategy, the strength of our culture, the resilience of our colleagues, the relevance of our solutions and our offerings and the potency of the Korn Ferry brand. The truth is that great companies make their best moves in times like these. And Korn Ferry is a great company.

毫無疑問，隨著我們進入 2023 年，經濟存在不確定性。但與過去其他時期一樣，這個短暫的時期也是我們戰略有效性、我們文化的力量、我們同事的應變能力、我們解決方案的相關性和我們的能力的試驗場光輝國際品牌的產品和效力。事實是，偉大的公司在這樣的時代做出了最好的舉動。光輝國際是一家偉大的公司。

Looking forward to 2023, we're going to continue to refine our account strategy to take advantage of changing global trade lanes, putting further emphasis on our regional accounts. We're going to pursue a larger addressable market, almost $100 billion in the U.S. alone of interim and transition management, particularly around the skilled positions of finance and accounting, digital and technology, supply chain and legal, just to name a few.

展望 2023 年，我們將繼續完善我們的賬戶戰略，以利用不斷變化的全球貿易通道，進一步強調我們的區域賬戶。我們將追求一個更大的潛在市場，僅在美國就有近 1000 億美元的臨時和過渡管理，特別是圍繞財務和會計、數字和技術、供應鍊和法律等技能職位，僅舉幾例。

We're going to build on our health care expertise, particularly in the RPO area. We're going to further develop our partner ecosystem to distribute our consulting and digital capabilities globally. We're going to invest in our professional and leadership development offerings, especially our digital platforms, upskilling technologists as well as sales professionals. And we're also going to pivot towards cost optimization solutions that will be even more relevant in the current environment.

我們將加強我們的醫療保健專業知識，尤其是在 RPO 領域。我們將進一步發展我們的合作夥伴生態系統，以在全球範圍內分發我們的諮詢和數字功能。我們將投資於我們的專業和領導力發展產品，尤其是我們的數字平台、提陞技術人員和銷售專業人員的技能。我們還將轉向成本優化解決方案，這些解決方案在當前環境中更為相關。

We're going to carefully balance our cost structure and profitability to seize both short and midterm opportunities. And finally, we're going to continue to deploy a systematic and balanced approach to capital allocation between share repurchases, dividends and M&A. I'm confident that we've built a company that provides a suite of core and integrated solutions that line up perfectly with the talent and organizational issues our clients are wrestling with today.

我們將仔細平衡我們的成本結構和盈利能力，以抓住短期和中期機會。最後，我們將繼續在股票回購、股息和併購之間部署系統和平衡的資本分配方法。我相信我們已經建立了一家提供一套核心和集成解決方案的公司，這些解決方案完全符合我們客戶今天正在努力解決的人才和組織問題。

In addition to Tiffany, I'm joined on this call by Bob Rozek and Gregg Kvochak. And Bob, I will turn it over to you.

除了 Tiffany，Bob Rozek 和 Gregg Kvochak 也加入了我的電話會議。鮑勃，我會把它交給你。

Great. Thanks, Gary, and good afternoon or morning, depending where you are. As Gary said, the global economy is in transition. Today, unprecedented economic forces are driving companies to rethink their business and their talent strategies. As this transition continues to unfold, it is also clear that the organizational and talent issues facing businesses are more complex than ever.

偉大的。謝謝，加里，下午好還是早上好，取決於你在哪裡。正如加里所說，全球經濟正在轉型。今天，前所未有的經濟力量正在促使公司重新思考他們的業務和人才戰略。隨著這種轉變的繼續展開，很明顯，企業面臨的組織和人才問題比以往任何時候都更加複雜。

Today, companies are seeking new ways of filling essential roles while also keeping their existing workforce retained, engaged and developed. Our company is built to help our clients navigate through this transition. Today, our suite of workforce solutions is aligned with the needs of the market even as economic growth slows. This transition provides an opportunity for us to guide clients through these uncertain times with the same unparalleled service and expertise that has built our strong brand over the last 50-plus years.

如今，公司正在尋找新的方法來填補重要角色，同時保持現有員工隊伍的保留、參與和發展。我們公司旨在幫助我們的客戶度過這一轉變。今天，即使經濟增長放緩，我們的勞動力解決方案套件也能滿足市場需求。這一轉變為我們提供了一個機會，讓我們能夠以無與倫比的服務和專業知識引導客戶度過這些不確定的時期，這些服務和專業知識在過去 50 多年中建立了我們強大的品牌。

Now their clients adjust their strategy, organization and workforce for the realities that lie ahead, we stand ready to partner with them, with our broad range of core talent solutions, which were outlined by Gary. When we take bits and pieces of these core solutions and package them together into an integrated solution, we believe our ability to service our clients is unparalleled.

現在他們的客戶根據未來的現實調整他們的戰略、組織和員工隊伍，我們隨時準備與他們合作，提供我們廣泛的核心人才解決方案，Gary 概述了這些解決方案。當我們將這些核心解決方案的點點滴滴整合成一個集成解決方案時，我們相信我們為客戶提供服務的能力是無與倫比的。

It gets even more interesting when we leave our industry-leading data into our integrated solutions and then we can form unique and differentiated points of view that our competitors simply cannot. Now let me turn to our second quarter results. Fee revenue grew to $728 million. It's up $88 million or 14% year-over-year at actual rates and 20% at constant currency. Growth by line of business was mixed. We saw good demand in consulting, digital, in the interim portion of professional search and interim.

當我們將行業領先的數據留在我們的集成解決方案中時，它會變得更加有趣，然後我們可以形成我們的競爭對手根本無法形成的獨特和差異化的觀點。現在讓我談談我們第二季度的業績。手續費收入增至 7.28 億美元。按實際匯率計算，同比增長 8800 萬美元或 14%，按固定匯率計算增長 20%。各業務線的增長喜憂參半。我們在專業搜索和臨時的臨時部分看到了諮詢、數字化方面的良好需求。

As we anticipated, this was partially offset by moderating demand in executive search in the permanent placement portion of professional search and interim from the elevated levels that we saw during the pandemic recovery period. At constant currency measured year-over-year, consulting was up 12%, digital was up 15%, RPO up 19%. Professional Search & Interim, which was aided by the recent acquisitions, was up 147% and Executive Search was down 4%.

正如我們預期的那樣，這部分被我們在大流行恢復期間看到的較高水平的專業搜索的永久安置部分和臨時的高管搜索需求緩和所抵消。按同比固定匯率計算，諮詢增長 12%，數字增長 15%，RPO 增長 19%。在近期收購的幫助下，Professional Search & Interim 上漲了 147%，而 Executive Search 則下跌了 4%。

The consolidated new business, excluding RPO, was seasonally strong in the second quarter, with year-over-year growth in nearly every line of business. Similar to fee revenue, we continue to see new business demand moderating in the permanent placement portion of our talent acquisition businesses, which was more than offset by our recent acquisitions and new business growth across the rest of the company.

不包括 RPO 在內的綜合新業務在第二季度表現強勁，幾乎所有業務線都實現了同比增長。與費用收入類似，我們繼續看到人才招聘業務永久安置部分的新業務需求放緩，這被我們最近的收購和公司其他部門的新業務增長所抵消。

Consolidated new business, excluding RPO was up 8% year-over-year at actual rates and 14% at constant currency. As Gary indicated, RPO was awarded a record $290 million of new business in the second quarter, which included the 2 large assignments that also Gary referenced.

合併後的新業務（不包括 RPO）按實際匯率計算同比增長 8%，按固定匯率計算增長 14%。正如 Gary 指出的那樣，RPO 在第二季度獲得了創紀錄的 2.9 億美元的新業務，其中包括 Gary 也提到的 2 項大型任務。

Synergies between Professional Search & Interim and our other lines of business have been very strong. If you go back to November 1, 2021, and that's when we did our first acquisition, in the Pro Search & Interim business. Referrals between Pro Search & Interim and our other lines of business have resulted in approximately 600 new assignment wins with a combined contract value of nearly $36 million, and that really reinforces the complementary and synergistic nature of our core solutions.

Professional Search & Interim 與我們其他業務線之間的協同作用非常強大。如果你回到 2021 年 11 月 1 日，那是我們在 Pro Search & Interim 業務中進行第一次收購的時候。 Pro Search & Interim 與我們其他業務線之間的推薦已經贏得了大約 600 項新任務，合同總價值接近 3600 萬美元，這確實加強了我們核心解決方案的互補性和協同性。

Earnings and profitability also remained strong in the second quarter. Adjusted EBITDA in the second quarter was $131 million at a margin of 18%. The earnings and profitability in the quarter were impacted by a mix shift in fee revenue by line of business as well as our continued investment spending into digital. Finally, our adjusted diluted -- fully diluted earnings per share were $1.43, which was down $0.10 or 7% year-over-year.

第二季度的收益和盈利能力也保持強勁。第二季度調整後的 EBITDA 為 1.31 億美元，利潤率為 18%。本季度的收益和盈利能力受到業務線費用收入混合變化以及我們對數字的持續投資支出的影響。最後，我們調整後的攤薄-完全攤薄每股收益為 1.43 美元，同比下降 0.10 美元或 7%。

Now it's important to note that our adjusted fully diluted earnings per share were negatively impacted by $0.09 due to a higher tax rate, which was 27.8% and that compares to 25.1% in the second quarter of fiscal '22. Our investable cash position remained strong. At the end of the second quarter, cash and marketable securities totaled about $831 million.

現在需要注意的是，由於稅率較高，我們調整後的完全稀釋後每股收益受到 0.09 美元的負面影響，稅率為 27.8%，而 22 財年第二季度為 25.1%。我們的可投資現金狀況依然強勁。截至第二季度末，現金和有價證券總額約為 8.31 億美元。

Now if you exclude amounts reserved for deferred compensation, and for accrued bonuses, our global investable cash balance at the end of the second quarter was about $457 million. Our capital deployment continues to be well balanced. Through the second quarter, we repurchased approximately 992,000 shares of stock using about $56 million. We paid cash dividends of about $17 million, funded about $33 million of capital expenditures that again were directed towards our digital business. And we deployed about $99 million on M&A.

現在，如果您排除為遞延薪酬和應計獎金預留的金額，我們在第二季度末的全球可投資現金餘額約為 4.57 億美元。我們的資本配置繼續保持平衡。整個第二季度，我們用大約 5600 萬美元回購了大約 992,000 股股票。我們支付了約 1700 萬美元的現金股息，資助了約 3300 萬美元的資本支出，這些支出再次用於我們的數字業務。我們在併購上部署了大約 9900 萬美元。

With that, I'll now turn the call over to Gregg to review our operating segments in more detail.

有了這個，我現在將電話轉給格雷格，以更詳細地審查我們的運營部門。

Thanks, Bob. Starting with KF Digital. Global fee revenue in the second quarter was $94 million, which was up 6% year-over-year and up approximately 15% at constant currency. Digital subscription and license fee revenue in the second quarter was $29 million, which was up 12% year-over-year and was approximately 31% of revenue for the quarter.

謝謝，鮑勃。從 KF Digital 開始。第二季度全球手續費收入為 9400 萬美元，同比增長 6%，按固定匯率計算增長約 15%。第二季度數字訂閱和許可費收入為 2900 萬美元，同比增長 12%，約佔本季度收入的 31%。

Global new business for KF Digital was $112 million, with $40 million or 36% of the total tied to subscription and license sales. Earnings and profitability in the quarter were marginally impacted by investments in both commercial sales representatives and product development initiatives. In the second quarter, Digital generated adjusted EBITDA of $27.5 million with a 29.2% adjusted EBITDA margin.

KF Digital 的全球新業務為 1.12 億美元，其中 4000 萬美元或總額的 36% 與訂閱和許可銷售相關。本季度的收益和盈利能力受到對商業銷售代表和產品開發計劃的投資的輕微影響。第二季度，Digital 的調整後 EBITDA 為 2750 萬美元，調整後 EBITDA 利潤率為 29.2%。

For Consulting, fee revenue in the second quarter grew to $173 million, which was up 5% year-over-year and up approximately 12% at constant currency. Fee revenue growth continued to be broad-based with growth in almost every solution area and was strongest regionally in EMEA and North America, which were up 17% and 11% respectively, at constant currency. Additionally, global new business for Consulting in the second quarter was up 2% year-over-year at constant currency.

對於諮詢，第二季度的費用收入增長至 1.73 億美元，同比增長 5%，按固定匯率計算增長約 12%。費用收入繼續廣泛增長，幾乎每個解決方案領域都有增長，並且在 EMEA 和北美區域表現最為強勁，按固定匯率計算分別增長 17% 和 11%。此外，按固定匯率計算，第二季度全球諮詢新業務同比增長 2%。

In the second quarter, adjusted EBITDA for Consulting grew 3% year-over-year to approximately $31 million with an adjusted EBITDA margin of 18%. Growth in Professional Search & Interim remained strong in the second quarter and was aided by new and enhanced capabilities recently acquired from Lucas Group, Patina and ICS. Fee revenue tied to permanent placement search was $79 million in the second quarter, which was up approximately $24 million or 44% year-over-year and was positively impacted by our recent acquisitions.

第二季度，諮詢業務調整後的 EBITDA 同比增長 3% 至約 3100 萬美元，調整後的 EBITDA 利潤率為 18%。 Professional Search & Interim 的增長在第二季度保持強勁，這得益於最近從 Lucas Group、Patina 和 ICS 收購的新功能和增強功能。第二季度與永久安置搜索相關的費用收入為 7900 萬美元，同比增長約 2400 萬美元或 44%，並受到我們最近收購的積極影響。

Our Interim Service fee revenue in the second quarter grew to $55 million, driven in part by the recent acquisitions of ICS -- acquisition of ICS, which primarily provides on-demand, high skilled IT professionals on a flexible or project basis. Our Interim Services average bill rate was approximately $107 per hour, and we generated $850,000 of fee revenue per billable day in the second quarter.

我們第二季度的臨時服務費收入增長到 5500 萬美元，部分原因是最近對 ICS 的收購——收購 ICS，它主要以靈活或項目的方式提供按需、高技能的 IT 專業人員。我們的臨時服務平均賬單費率約為每小時 107 美元，我們在第二季度每個計費日產生了 850,000 美元的費用收入。

In the second quarter, adjusted EBITDA for Professional Search & Interim was up $10.7 million or 49% year-over-year to $32.5 million with a 24.1% adjusted EBITDA margin. The outlook for Recruitment Process Outsourcing business remains strong. As previously mentioned, RPO was awarded a record $290 million of new business in the second quarter, including 2 large 3-year contracts totaling almost $200 million.

第二季度，專業搜索和臨時調整後的 EBITDA 同比增長 1070 萬美元或 49% 至 3250 萬美元，調整後的 EBITDA 利潤率為 24.1%。招聘流程外包業務的前景依然強勁。如前所述，RPO 在第二季度獲得了創紀錄的 2.9 億美元新業務，其中包括 2 份為期 3 年的大型合同，總額近 2 億美元。

This brings the total revenue under contract at the end of the second quarter to approximately $958 million. Fee revenue in the second quarter was $107 million, which was up $11 million or 12% year-over-year and approximately 19% at constant currency. Sequentially, RPO fee revenue was down 6% in the second quarter, primarily due to moderating volume tied to a few of our life sciences and technology clients.

這使第二季度末的合同總收入達到約 9.58 億美元。第二季度的手續費收入為 1.07 億美元，同比增長 1100 萬美元或 12%，按固定匯率計算增長約 19%。第二季度 RPO 費用收入環比下降 6%，這主要是由於與我們的一些生命科學和技術客戶相關的交易量減少。

Additionally, going forward, it is also important to note that larger, long-term RPO assignments like those awarded in the second quarter are more complex to set up, and therefore, there is a timing delay between initial startup and implementation costs and the recognition of revenue. Adjusted EBITDA for RPO in the second quarter grew to $16 million which was up $1.6 million or 11% year-over-year with an adjusted EBITDA margin of 14.9%.

此外，展望未來，還需要注意的是，像第二季度授予的那些更大、更長期的 RPO 任務設置起來更複雜，因此，初始啟動和實施成本與認可之間存在時間延遲的收入。第二季度 RPO 的調整後 EBITDA 增至 1600 萬美元，同比增長 160 萬美元或 11%，調整後的 EBITDA 利潤率為 14.9%。

Finally, global fee revenue for Executive Search in the second quarter was $218 million, which was down 7% year-over-year and down 4% at constant currency. Growth in EMEA which was up 21% year-over-year at constant currency, was offset by slower demand in North America and APAC, which was primarily tied to China. North America and APAC were each down approximately 10% year-over-year at constant currency in the second quarter. Global new business in the second quarter for Executive Search was down 8% year-over-year and down approximately 4% at constant currency.

最後，第二季度全球獵頭費用收入為 2.18 億美元，同比下降 7%，按固定匯率計算下降 4%。按固定匯率計算，歐洲、中東和非洲地區同比增長 21%，但被主要與中國相關的北美和亞太地區需求放緩所抵消。按固定匯率計算，第二季度北美和亞太地區均同比下降約 10%。第二季度全球獵頭新業務同比下降 8%，按固定匯率計算下降約 4%。

At the end of the second quarter, the number of dedicated Executive Search consultants worldwide was 621, which was up 51 year-over-year and up 2 sequentially. Annualized fee revenue production per consultant in the second quarter was $1.41 million, and the number of new search assignments opened worldwide in the second quarter was down 11% year-over-year to 1,637. In the second quarter, Global Executive Search adjusted EBITDA was $54.5 million with an adjusted EBITDA margin of 25%. With that, I'll turn the call back to Bob to discuss our outlook for the third quarter of fiscal '23.

截至第二季度末，全球專門的獵頭顧問人數為 621 人，同比增加 51 人，環比增加 2 人。第二季度每位顧問的年化收費收入為 141 萬美元，第二季度全球新開展的搜索任務數量同比下降 11% 至 1,637 項。第二季度，全球獵頭調整後的 EBITDA 為 5450 萬美元，調整後的 EBITDA 利潤率為 25%。有了這個，我會把電話轉回給鮑勃，討論我們對 23 財年第三季度的展望。

Great. Thanks, Gregg. Our third quarter is historically our seasonal low quarter for both new business and fee revenue, and that's really due to the slower calendar year and holiday season. Consolidated new business in November followed our historical patterns and was in line with our expectations.

偉大的。謝謝，格雷格。從歷史上看，我們的第三季度是新業務和費用收入的季節性低谷，這實際上是由於日曆年和假日季節較慢。 11 月合併的新業務遵循了我們的歷史模式，符合我們的預期。

If current trends remain consistent with historical seasonal patterns, we expect December new business to be down sequentially from November and for January to rebound slightly. We are evolving to an organization that is selling larger, integrated solutions. And we're doing that in a world that is moving from offshoring to nearshoring. Because of these factors, in the recent moderation in our permanent placement talent acquisition solutions, we are in the process of developing a plan to realign our workforce, making investments to match the right resources with the right skill sets in the right geographies as well as reductions where we have excess capacity.

如果當前趨勢與歷史季節性模式保持一致，我們預計 12 月新業務將比 11 月環比下降，而 1 月將小幅反彈。我們正在發展成為一個銷售更大的集成解決方案的組織。我們正在從離岸外包轉向近岸外包的世界中這樣做。由於這些因素，最近我們的永久安置人才獲取解決方案有所緩和，我們正在製定一項計劃以重新調整我們的員工隊伍，進行投資以將正確的資源與正確的技能組合匹配在正確的地區以及在產能過剩的地方進行削減。

Also in this review, we'll be looking at further reductions in our real estate footprint, along with reductions in other discretionary operating costs. We expect that the plan we are developing will generate $45 million to $55 million in annual run rate savings and will cost $25 million to $35 million to implement. Now with respect to the realignment of our workforce, we expect the plan to be completed and implemented by the end of the third quarter.

同樣在這次審查中，我們將考慮進一步減少我們的房地產足跡，同時減少其他可自由支配的運營成本。我們預計我們正在製定的計劃每年將節省 4500 萬至 5500 萬美元的運行費用，並將花費 2500 萬至 3500 萬美元來實施。現在關於我們的勞動力調整，我們預計該計劃將在第三季度末完成並實施。

We expect annual run rate savings of between $40 million and $50 million, starting in the fourth quarter. Now certain of the real estate savings are included in this run rate, with the remaining amounts are going to be realized in future periods as we execute the plan. Now in summary, assuming no new major pandemic-related lockdowns, further changes in worldwide geopolitical conditions, economic conditions, financial markets and foreign exchange rates, we expect fee revenue in the third quarter of fiscal '23 to range from $660 million to $690 million.

從第四季度開始，我們預計年運行率將節省 4000 萬至 5000 萬美元。現在，某些房地產儲蓄已包含在該運行率中，剩餘金額將在我們執行該計劃時在未來期間實現。現在總結一下，假設沒有新的與大流行相關的重大封鎖，全球地緣政治條件、經濟條件、金融市場和外匯匯率發生進一步變化，我們預計 23 財年第三季度的費用收入將在 6.6 億美元至 6.9 億美元之間.

Also, given the factors leading to the development of our realignment plan, we expect our adjusted EBITDA margin in the third and fourth quarter to temporarily fall to a range of 14% to 15%. And our consolidated adjusted diluted earnings per share in the third quarter to range from $0.88 to $1. Finally, when you include the charge for the previously discussed plan, we expect our GAAP diluted earnings per share in the third quarter to range from $0.40 to $0.66.

此外，考慮到導致我們制定重組計劃的因素，我們預計第三季度和第四季度調整後的 EBITDA 利潤率將暫時下降至 14% 至 15% 的範圍。我們第三季度的綜合調整後攤薄每股收益在 0.88 美元到 1 美元之間。最後，當你包括之前討論的計劃的費用時，我們預計第三季度我們的 GAAP 稀釋每股收益在 0.40 美元到 0.66 美元之間。

Now while the transition in the economy will result in some short-term volatility for our business, it's also an opportunity for us to prove the value and relevance of our solutions and the power of our brand. We remain more confident than ever that our strategy is the right strategy. We've built a firm that provides the right core and integrated talent solutions that help solve the talent and organizational issues our clients are facing.

現在，雖然經濟轉型會給我們的業務帶來一些短期波動，但這也是我們證明我們解決方案的價值和相關性以及我們品牌力量的機會。我們比以往任何時候都更有信心，我們的戰略是正確的戰略。我們已經建立了一家提供正確的核心和綜合人才解決方案的公司，幫助解決我們的客戶面臨的人才和組織問題。

Today, more than ever, we believe our clients realize that an integrated talent management strategy is essential for their long-term success. And working with the right partner is critical, and we believe that Korn Ferry is that partner. With that, we would be glad to answer any questions you may have.

今天，我們比以往任何時候都更相信我們的客戶意識到綜合人才管理戰略對於他們的長期成功至關重要。與合適的合作夥伴合作至關重要，我們相信光輝國際就是這樣的合作夥伴。有了這個，我們很樂意回答您的任何問題。

(Operator Instructions)

（操作員說明）

Our first question comes from George Tong of Goldman Sachs.

我們的第一個問題來自高盛的 George Tong。

George, we lost you. Why don't we move on to the next question?

喬治，我們失去了你。我們為什麼不繼續下一個問題？

Mark Marcon with Baird.

馬克馬克與貝爾德。

Could you describe a little bit about like what you ended up seeing in terms of the sequential trends in terms of new business and confirmed orders coming through on the Executive Search side and how that ended up flowing through? And what you're hearing from your clients right now in terms of the prospects, in terms of further confirmations as we go into December, January and February?

你能描述一下你最終看到的關於新業務和確認訂單在執行搜索方面的連續趨勢以及最終如何流動的情況嗎？在我們進入 12 月、1 月和 2 月的進一步確認方面，您現在從您的客戶那裡聽到了什麼關於前景的信息？

Well, I'd say, first of all, November new business compared to October, so sequentially was exactly like we would have imagined it to be, and it's in line with historical trends, Mark. The new business for the firm overall in November was about up 6% at constant currency.

好吧，我想說的是，首先，11 月的新業務與 10 月相比，因此順序與我們想像的完全一樣，並且符合歷史趨勢，馬克。按固定匯率計算，公司 11 月份整體新業務增長約 6%。

Now to your question on Executive Search, we've been now seeing this, as you know, for several months. There's been a moderation from the very heightened levels that we saw 1.5 years ago. And with respect to Executive Search, we saw in the -- take the second quarter, we saw a new business down about 4%. And we saw the same thing in November.

現在回答你關於獵頭的問題，正如你所知，我們已經看到這幾個月了。我們在 1.5 年前看到的非常高的水平已經有所緩和。關於獵頭，我們看到 - 以第二季度為例，我們看到一項新業務下降了約 4%。我們在 11 月看到了同樣的事情。

So both in the quarter and November, this is constant currency, Mark, we saw declines in both of those. And the outlier was EMEA. EMEA was actually very strong. EMEA was up 13% in Executive Search in the quarter, again, constant currency. And constant currency in November was up 17%. So clearly, we've been saying the air we got out of the tire in the global economy for several months. And that's what we saw in as recently as November.

因此，在本季度和 11 月，這是不變的貨幣，馬克，我們看到這兩者都有所下降。異常值是 EMEA。 EMEA 實際上非常強大。歐洲、中東和非洲地區在本季度的高管搜索中增長了 13%，同樣是固定匯率。 11 月份的固定匯率上漲了 17%。很明顯，幾個月來我們一直在談論我們從全球經濟中抽取的空氣。這就是我們最近在 11 月看到的情況。

The only thing I would add to that is in my remarks, I commented that the -- if you look at the volumes that we're seeing in Executive Search today, and this is probably over the past 4 or 5 months, they've moderated but they've moderated back to sort of the, what we would call, a good month in the pre-pandemic period, right? So I'll give you North America as an example. Prior to the COVID shutdown, a good month for us is about 250 to 275 searches.

我唯一要補充的是在我的評論中，我評論說——如果你看看我們今天在獵頭中看到的數量，這可能是過去 4 或 5 個月的，他們已經緩和但他們已經緩和到我們所說的大流行前時期的好月份，對吧？因此，我將以北美為例。在 COVID 關閉之前，對我們來說一個好的月份是大約 250 到 275 次搜索。

Coming through the recovery, we had bumped up to elevated levels. There were 325, 350. And for the past 4 or 5 months, they've come back down to somewhere in the 260, 265 range. So right back to where we were pre-pandemic.

通過復甦，我們已經達到了更高的水平。有 325、350。在過去的 4 或 5 個月裡，他們又回到了 260、265 的範圍內。所以回到我們大流行前的地方。

And Bob, would you expect that to hold here as we think about like the way the new orders are going to trend over the next 3 to 6 months? I mean, obviously, you guys are sharp. You read all the headlines. You could see it. I'm not sure what your clients are saying. But most CEOs are basically expecting a recession, so you would expect some belt tightening. So how are you thinking about the new orders on a go-forward basis?

鮑勃，當我們考慮新訂單在未來 3 到 6 個月內的趨勢時，您是否希望它保持在這裡？我的意思是，很明顯，你們很敏銳。你閱讀了所有的頭條新聞。你可以看到它。我不確定你的客戶在說什麼。但大多數 CEO 基本上都預料到經濟衰退，所以你會預料到會勒緊褲腰帶。那麼，您如何看待未來的新訂單？

Yes. I think we have some -- Q3 is our seasonal low. So obviously, December will be the worst month of the year. So we're going to follow that pattern and then we'll have a slight rebound in January. Kind of what we're -- as we're looking at things going forward, we're kind of holding service where we are today from a unit volume perspective.

是的。我認為我們有一些——第三季度是我們的季節性低點。很明顯，12 月將是一年中最糟糕的月份。所以我們將遵循這種模式，然後我們將在 1 月份出現小幅反彈。我們是這樣的——當我們展望未來時，從單位數量的角度來看，我們正在提供今天的服務。

When I talk to folks in the field, what I hear the most is it's not that people are saying, "No, we're not going to do this. It's just taking longer for (inaudible) to get signed." And so for the foreseeable future, that's what we expect to continue.

當我與該領域的人們交談時，我聽到最多的不是人們在說，“不，我們不會這樣做。只是（聽不清）需要更長的時間才能簽署。”因此，在可預見的未來，這就是我們期望繼續的。

Great. And then can you talk a little bit about what you're seeing on the Professional Search & Interim on an organic basis or a pro forma basis? Obviously, the numbers are skewed by the acquisitions. But how is that looking on a pro forma basis?

偉大的。然後你能談談你在有機的基礎上或備考的基礎上在 Professional Search & Interim 上看到的內容嗎？顯然，這些數字因收購而出現偏差。但是，從備考的角度來看，這看起來如何？

The interim business is looking good, Mark. On an organic basis, looking very good as recently as November. So no pullback at all on the Interim, which isn't -- that's -- you would intuitively think about giving the career nomad landscape. In Pro Search, we're seeing the same thing that we're seeing in Executive Search. The -- what I want to go back to your question because when you look back at the last 3 recessions, they were all event-driven.

臨時業務看起來不錯，馬克。在有機基礎上，最近在 11 月看起來非常好。因此，臨時期間完全沒有回調，這不是 - 那是 - 你會直覺地考慮提供職業游牧景觀。在 Pro Search 中，我們看到了與在 Executive Search 中看到的相同的東西。我想回到你的問題，因為當你回顧過去的 3 次衰退時，它們都是事件驅動的。

This one seems to be a slower leak and there's massive changes that are happening under our feet from the inflationary pressure to changing global trade lanes, to near shoring, a lot of companies are making moves around transformation. But the one thing that's substantially different this time around, and I'll just take the U.S. as an example, is the labor force.

這似乎是一個較慢的洩漏，我們腳下正在發生巨大的變化，從通脹壓力到改變全球貿易通道，再到接近支撐，許多公司正在圍繞轉型採取行動。但這一次有一個很大的不同，我將以美國為例，那就是勞動力。

And the reality is the labor force, 164 million Americans in the workforce hasn't changed in almost 3 years. And the labor participation rate at 62%, as you know, is a historical low. So you can talk about uncertain times, and you can talk about recession, but that's a huge, huge difference. And I think companies are going to be pretty hesitant in doing any kind of massive downsizing of the workforce.

現實是勞動力，1.64 億美國人的勞動力近 3 年沒有變化。眾所周知，62%的勞動參與率是歷史最低點。所以你可以談論不確定的時期，你可以談論衰退，但這是一個巨大的差異。而且我認為公司在進行任何形式的大規模裁員時都會非常猶豫。

And you're seeing the quit rate falling, you're seeing job openings falling, which you would expect. But I think the general makeup of the labor force is a substantially different and new variable compared to past cycles. And the firm today is a much, much different company. When I look at the Q2 results, and I compare them to the quarter before the pandemic, our revenue is up 40%.

你看到辭職率下降，你看到職位空缺下降，這是你預料到的。但我認為，與過去的周期相比，勞動力的總體構成是一個截然不同的新變量。今天的公司是一家非常非常不同的公司。當我查看第二季度的結果並將其與大流行前的季度進行比較時，我們的收入增長了 40%。

And our EBITDA is up 70%. The Q3 guide to that same period of time, going back to pre-pandemic at the midpoint of the guide, it's suggesting revenue up 30% and EBITDA up 22%. So you have a completely different firm today, where Executive Search is clearly -- gives us a tremendous access in the marketplace. But you've got a firm now that has broader capabilities. I mean our Consulting new business, I mean I don't want to take 1 month and make it a trend. But in November, our Consulting new business was up 20% at constant currency.

我們的 EBITDA 增長了 70%。同一時期的第三季度指南，在指南的中點回到大流行前，它表明收入增長 30%，EBITDA 增長 22%。所以你今天擁有一家完全不同的公司，其中 Executive Search 顯然 - 為我們提供了巨大的市場准入機會。但是你現在擁有一家擁有更廣泛能力的公司。我的意思是我們的諮詢新業務，我的意思是我不想花 1 個月的時間讓它成為一種趨勢。但在 11 月，我們的諮詢新業務按固定匯率計算增長了 20%。

Now for the quarter, it was in a tight elevated level, but it was still on the positive side. So I think you've got just a completely different paradigm, and then you throw in the RPO business, where this has been unbelievable the new logos we've put on. And as a firm overall, this new -- in the quarter, I mean, our new business was almost $1 billion. I mean, this is the highest in the company's history.

現在這個季度，它處於一個緊張的高位，但它仍然處於積極的一面。所以我認為你有一個完全不同的範例，然後你投入了 RPO 業務，這是令人難以置信的新徽標。作為一個整體，這個新的——在這個季度，我的意思是，我們的新業務接近 10 億美元。我的意思是，這是公司歷史上最高的。

Congratulations on that with regards to the RPO side, particularly. Can you -- the 2 big contracts that you ended up winning during the quarter, adding $200 million in annualized revenue. Were those brand new to RPO? Or were those switches that you gained from other players? And then you mentioned that you're going to try to become a bigger player in health care on RPO. Is that going to be organic? Or are you looking at some things?

特別是在 RPO 方面，祝賀你。你能——你在本季度最終贏得的 2 份大合同，增加了 2 億美元的年收入。那些對 RPO 來說是全新的嗎？還是您從其他玩家那裡獲得的那些開關？然後你提到你將嘗試成為 RPO 醫療保健領域的更大參與者。那會是有機的嗎？或者你在看一些東西？

Well, we're looking at both. Those were both taken -- they were taken from other firms that operate in that space. And they're -- it's really because of our account strategy. That's really where it began. And so those are takeaways. Our health care business, one of the things we have to do is with this movement around near shoring, you could call it nationalization, however you want to characterize it, we have to be much more agile with our regional accounts.

好吧，我們正在考慮兩者。那些都是被拿走的——它們是從在該領域運營的其他公司那裡拿走的。他們是——這真的是因為我們的客戶策略。那真的是它開始的地方。所以這些是外賣。我們的醫療保健業務，我們必須做的一件事就是圍繞近岸外包的這種運動，你可以稱之為國有化，但你想描述它的特徵，我們必須更加靈活地處理我們的區域賬戶。

And we're putting a tremendous amount of focus on how we should rearrange resources in our portfolio to match changing global trading partners. And so one of the areas that we've targeted is health care. Health care today represents about 7% of Korn Ferry globally. And clearly, in the RPO area, we think we've got an enormous opportunity. So clearly, we're going to pursue that on an organic basis. We've got a fabulous team. And if we could do something inorganically, we do that as well, Mark.

我們將大量注意力放在如何重新安排我們投資組合中的資源以適應不斷變化的全球貿易夥伴。因此，我們的目標領域之一是醫療保健。如今，醫療保健業務約佔光輝國際在全球的 7%。顯然，在 RPO 領域，我們認為我們擁有巨大的機會。很明顯，我們將在有機的基礎上追求這一點。我們有一支很棒的團隊。如果我們可以無機地做某事，我們也會這樣做，馬克。

Great. And then 1 last one, and then I'll jump in the queue. With regards to the expense reductions that you outlined, how much of that is going to be rightsizing the personnel versus the real estate footprint?

偉大的。然後是最後一個，然後我會插隊。關於您概述的費用削減，其中有多少是用於調整人員規模而不是房地產足跡？

Yes. We're going to continue to look at real estate. I mean this is a transitory period in many, many respects and in one of those is hybrid working for sure. And so we've got to continue to look at that. We would actually like to do more there, but it just doesn't make economic sense. So it's something we're going to look at our total cost base, which does include the real estate.

是的。我們將繼續關注房地產。我的意思是，這在很多很多方面都是一個過渡時期，其中一個肯定是混合工作。因此，我們必須繼續關注這一點。我們實際上想在那裡做更多，但這在經濟上沒有意義。所以我們要看看我們的總成本基礎，其中確實包括房地產。

I would assume we're finalizing the plans right now, but I would assume probably 2/3 or so, maybe something like that is from rebalancing the workforce. And what we've been doing is we've picked up some major contracts. And over the last few months, we've been working very, very hard to see how we can shift our own resources around. But at the end of the day, we're going to have a mismatch between language, geography, skills between some of the areas where we're seeing pullback than some of these new exciting wins. And so I -- this is not a broad-based layoff, it is nowhere near that. It's very, very targeted. It's something I wrestled with for several months. Absolutely, hate to do it, but we have to rebalance our workforce to take advantage of the opportunities that we see on the horizon.

我假設我們現在正在敲定計劃，但我假設可能有 2/3 左右，也許類似的事情來自重新平衡勞動力。我們一直在做的是我們已經獲得了一些主要合同。在過去的幾個月裡，我們一直非常非常努力地研究如何轉移我們自己的資源。但歸根結底，我們將在語言、地理和技能方面出現不匹配，我們看到的一些領域與這些令人興奮的新勝利相比出現了倒退。所以我——這不是一次廣泛的裁員，離裁員還差得很遠。這是非常非常有針對性的。這是我幾個月來一直在努力解決的問題。絕對不想這樣做，但我們必須重新平衡我們的勞動力，以利用我們在地平線上看到的機會。

Our next question comes from George Tong, Goldman Sachs.

我們的下一個問題來自高盛的 George Tong。

Sorry for the audio difficulties earlier. So a question around the cost savings program. It sounds like it's going to be a balance of personnel, real estate. Are the cost cuts going to be more concentrated, perhaps in Exec Search where you're seeing more of an inflection in new business trends? Or is it going to be relatively broad-based across the company?

抱歉之前的音頻問題。所以關於成本節約計劃的問題。聽起來這將是人員和房地產的平衡。成本削減是否會更加集中，也許在 Exec Search 中您會看到更多新業務趨勢的變化？或者它會在整個公司範圍內相對廣泛嗎？

No, it's very targeted, and I'm not going to get into exactly where it's going to be because we're still finalizing the plans. But I would tell you that we have secured some major wins for the organization, strategic wins.

不，它非常有針對性，我不打算確切地說明它會在哪裡，因為我們仍在敲定計劃。但我會告訴你，我們已經為組織贏得了一些重大勝利，戰略勝利。

And as we've looked at meeting those demands, we have an imbalance. And there is excess capacity that we cannot solve because of language and location and things like that. So that it's very targeted, and we'll, certainly, on our next call, we'll tell you what we did.

當我們著眼於滿足這些需求時，我們存在不平衡。由於語言和位置等原因，我們無法解決產能過剩問題。所以它非常有針對性，我們當然會在下一次電話會議上告訴你我們做了什麼。

Got it. And then related to that, as you think about the recovery in margins back to, call it, mid- to high teens, what would the time frame be for when margins can get back to historically what you said would be the long-term margin target of circa 18%?

知道了。然後與此相關的是，當你考慮利潤率的回升時，稱之為中高青少年，當利潤率可以回到歷史上你所說的長期利潤率時，時間框架是什麼大約 18% 的目標？

Well, look, I think there's a couple of wildcards. We do see a massive market opportunity around the Interim Services. And when I sit on account calls, it is absolutely clear with the career nomad landscape that this is a really, really good way to further differentiate our firm.

嗯，看，我認為有幾個通配符。我們確實看到了圍繞臨時服務的巨大市場機會。當我坐下來聽客戶電話時，職業游牧景觀非常清楚，這是進一步區分我們公司的非常非常好的方法。

And so you've got a huge market. It could be as big as $100 billion. We've taken that from essentially 0 to a run rate this last quarter of $225 million. And I think over a 3- or 4- or 5-year period of time, that could be a big driver of differentiation for Korn Ferry. So we're pursuing a larger market there. Now what comes with that is lower margins that you would have, say, compared to Consulting or Executive Search.

所以你有一個巨大的市場。它可能高達 1000 億美元。在上個季度，我們已將其從基本為 0 提高到 2.25 億美元的運行率。我認為在 3 年或 4 年或 5 年的時間裡，這可能成為光輝國際差異化的重要推動力。所以我們正在那裡尋求更大的市場。現在，與諮詢或獵頭相比，隨之而來的是較低的利潤率。

And so there is a mix change that's happening. And so when we talked about the 18% to 19% long-term margin target, when we were coming out of COVID, we did not have the shift in business mix that we've seen today. And that shift in business mix between RPO and Interim, it could be as much as 150 basis points or so.

因此，正在發生混合變化。因此，當我們談到 18% 至 19% 的長期利潤率目標時，當我們擺脫 COVID 時，我們並沒有發生今天所見的業務組合轉變。 RPO 和 Interim 之間的業務組合轉變可能高達 150 個基點左右。

So when we -- so when you model out the future, that's one thing that you have to take into account is that shift in mix. And in terms of returning to this last quarter, we did 18%. That's really hard to say right now, George.

所以當我們 - 所以當你模擬未來時，你必須考慮的一件事就是組合的轉變。就返回上個季度而言，我們做了 18%。現在真的很難說，喬治。

I mean the word uncertainty is such an overused word. There's uncertainty and like every single day. But uncertainty creates opportunity, and we have to continue to be very nimble and make sure that we are shifting our account strategy to where there's opportunity.

我的意思是不確定性這個詞是一個被過度使用的詞。有不確定性，就像每一天一樣。但是不確定性創造了機會，我們必須繼續非常靈活，並確保我們將我們的客戶策略轉移到有機會的地方。

Got it. And then lastly, on the Consulting business, you've seen actually some pretty resilient and positive trends lately. Historically, how cyclical has the Consulting business been? And how would you compare the macro sensitivity of the Consulting business relative to the Exec Search business?

知道了。最後，在諮詢業務方面，您最近實際上看到了一些非常有彈性和積極的趨勢。從歷史上看，諮詢業務的周期性如何？您如何比較諮詢業務相對於 Exec Search 業務的宏觀敏感性？

Well, we haven't had it for that long. I mean, we've got today -- when I started with the company, it was 0, but today, it's about $700 million. I mean the truth is that we do not have enough resources. We are completely undersized, given the market opportunity.

好吧，我們已經很久沒有這樣了。我的意思是，我們有今天——當我開始在公司工作時，它是 0，但今天，它大約是 7 億美元。我的意思是事實是我們沒有足夠的資源。考慮到市場機會，我們的規模完全不足。

So we -- that's an area for us that over the 3 to 5 years has to be a large part of Korn Ferry's future. I am really proud of the team that we have and looking at what we did even in new business in the quarter or even November and the kinds of things that we're doing is inspiring to me.

所以我們 - 這對我們來說是一個領域，在 3 到 5 年內必須成為 Korn Ferry 未來的很大一部分。我真的為我們擁有的團隊感到自豪，看看我們在本季度甚至 11 月的新業務中所做的事情以及我們正在做的事情對我來說是鼓舞人心的。

I would say that without substantial amount of data because we don't have a long track record with it. But I would say that compared to Executive Search, it's probably half is cyclical. I mean, all Consulting services are cyclical. But I would -- my instincts would be half. And actually, when we went through the COVID recession, that's kind of what we saw was that the -- what you would intuitively think the more cyclical parts of our business, the Executive Search and Perm Recruiting, those were hit harder. And the Consulting, the Digital, even the RPO was substantially less cyclical than the Search business.

我會說沒有大量數據，因為我們沒有長期的記錄。但我要說的是，與 Executive Search 相比，它可能有一半是周期性的。我的意思是，所有諮詢服務都是周期性的。但我會——我的直覺會減半。實際上，當我們經歷 COVID 衰退時，我們看到的是——您直覺上認為我們業務中更具週期性的部分，即高管搜索和 Perm 招聘，受到的打擊更大。諮詢、數字，甚至 RPO 的周期性都遠低於搜索業務。

And now with the Interim capabilities we have, I think that even makes that story more compelling. You just have to recognize that the margins in that business are different. And they are not as strong as, say, the Executive Search or Consulting margins. But with the Interim business, we are definitely going to stay at the high end. There's no question about that.

現在有了我們擁有的臨時能力，我認為這甚至會讓這個故事更加引人注目。您只需要認識到該業務的利潤率是不同的。而且它們的利潤率不如獵頭或諮詢利潤率高。但是對於臨時業務，我們肯定會保持在高端。毫無疑問。

We're not going to go into general staffing and anything like that. We're going to stay very specialized.

我們不打算討論一般人員配備和類似的事情。我們將保持非常專業化。

George, just to maybe pile on a little bit. The -- if you go back to the pandemic, it was a firm overall. Peak-to-trough quarter, we were down about 30%. Consulting was in the 20% to 25% range down. And then if you look at the whole year period that we're going through the recovery, our RPO business actually grew 7% year-over-year.

喬治，也許只是為了增加一點點。 - 如果你回到大流行，那是一個整體。從高峰到低谷的季度，我們下降了約 30%。諮詢業務下降了 20% 至 25%。然後，如果你看看我們正在經歷復甦的全年，我們的 RPO 業務實際上同比增長了 7%。

Our next question comes from Tim Mulrooney with William Blair.

我們的下一個問題來自 Tim Mulrooney 和 William Blair。

That was helpful color on the cyclicality, how you're thinking about the business. Just on the guide, real quick, for the third quarter. Your guidance assumes revenues down, I don't know, $50 million at the midpoint from the second quarter to the third quarter. But EBITDA is expected to be down like $35 million from second quarter to the third quarter at the midpoint.

這是周期性的有用顏色，你如何看待業務。就在第三季度的指南上，非常快。你的指導假設收入下降，我不知道，從第二季度到第三季度的中點是 5000 萬美元。但預計 EBITDA 從第二季度到第三季度的中間點將下降 3500 萬美元。

I would have thought the decremental margin would be, I don't know, somewhat less than that. So can you just talk about the primary factors that led to that guidance range? Are there large investments happening here? Are there near-term fixed cost that just don't come down as fast as revenue?

我原以為遞減幅度會比這少一些，我不知道。那麼你能談談導致該指導範圍的主要因素嗎？這裡有大量投資嗎？是否存在近期固定成本下降速度不如收入下降速度快的情況？

No, that's a good question. First of all, the guide reflects what we would view as seasonality of 4% to 5% on the top line. So that's number one. And then the second contributing factor is this moderation that we've seen for a long time that we've been living with around Executive Search and Perm Recruiting. Now the -- you're right that in terms of the impact on the margin and what we've been trying to really carefully look at is rebalancing the workforce and how we do that because this is not a situation where what I don't want to do is going to make draconian changes that compromise our ability to see short and midterm opportunities.

不，這是個好問題。首先，該指南反映了我們認為頂線 4% 至 5% 的季節性。所以這是第一。然後第二個促成因素是我們長期以來一直在執行搜索和 Perm 招聘中看到的這種節制。現在 - 你是對的，就對利潤率的影響而言，我們一直在努力真正仔細研究的是重新平衡勞動力以及我們如何做到這一點，因為這不是我不做的事情想要做的是做出嚴厲的改變，損害我們看到短期和中期機會的能力。

So we've wrestled with this how we can reallocate resources. And that reflects some of that carry -- that we decided to carry longer as we really thoughtfully planned out how we could redeploy resources. So that's really the answer to your question. And we'll execute on this plan, and we'll talk to you about it in the beginning of calendar 2023.

所以我們一直在努力解決如何重新分配資源的問題。這反映了其中的一些攜帶 - 我們決定攜帶更長時間，因為我們真正深思熟慮地計劃瞭如何重新部署資源。所以這真的是你問題的答案。我們將執行該計劃，並在 2023 年初與您討論。

All right. Great. That's helpful color. And I would agree. I feel like your investor base are also long-term focused. I would rather see you make those long-term decisions than the short-term gains for sure. One more for me on Executive Search. I'm curious what your expectations are for this business in the third quarter based on what you used to build up your total revenue guidance for this segment?

好的。偉大的。這是有用的顏色。我同意。我覺得你的投資者基礎也很注重長期。我寧願看到你做出那些長期的決定，也不願看到短期的收益。對我來說還有一個關於獵頭的。我很好奇，根據您用來為該細分市場建立總收入指導的內容，您對第三季度該業務的期望是什麼？

And more specifically, what I'm really curious about is how are you thinking about this business in the third quarter in terms of moderating engagements versus maybe executive compensation flattening or coming down from the really high levels we saw last year? I mean I remember last year, talking to some privately held Executive Search companies in the space, and I'm talking about how comp was up 100%. It was just up huge, and that was driving higher revenue for the Search business.

更具體地說，我真正想知道的是，你如何看待第三季度的這項業務，即緩和參與度，而不是高管薪酬趨於平緩或從我們去年看到的真正高水平下降？我的意思是，我記得去年與該領域的一些私營獵頭公司交談時，我說的是薪酬如何增長了 100%。它增長巨大，這為搜索業務帶來了更高的收入。

How much of that now if this Executive Search business is decelerating, how much of it is that versus actual volumes? Sorry for the long-winded question.

如果這個獵頭業務正在減速，那麼現在有多少，與實際數量相比有多少？抱歉這個冗長的問題。

Well, I think, look, Bob and Gregg can give the real data behind that, but there's no question that over the last couple of years that there's been significant wage pressure, which has lifted our Executive Search fees. And when you look at it, in the guide, I think we're planning on something like 13% or so, could be off a little bit, down in top line, and that's probably a little bit higher on the volume and more steady on the fee.

好吧，我認為，Bob 和 Gregg 可以提供背後的真實數據，但毫無疑問，在過去幾年中，工資壓力很大，這提高了我們的獵頭費用。當你看它時，在指南中，我認為我們計劃在 13% 左右，可能會偏離一點，在收入中下降，而且數量可能會高一點，而且更穩定在費用上。

I really do believe that this is a substantially different labor market, which is a huge wildcard in what happens to these kinds of businesses. I think this labor participation rate is shockingly low. When I look back at the Great Recession as an example, in the United States, we lost 7.9 million jobs. It is really hard for me with the labor participation rate of 62%, 164 million Americans in the workforce. It is hard for me to come to anywhere near that kind of number, even as companies are looking at costs and they're doing all this stuff, and waiting for what the Central Bank is going to do and if indeed are going to moderately -- as that they have been on. But it is really hard for me to come to a conclusion that 8 million jobs in the United States are going to be lost like they were in the Great Recession.

我真的相信這是一個截然不同的勞動力市場，這是對這類企業發生的事情的一個巨大的通配符。我認為這個勞動參與率低得驚人。以大蕭條為例，在美國，我們失去了 790 萬個工作崗位。 1.64億美國人的勞動力參與率達到62%，這對我來說真的很難。我很難接近那種數字，即使公司正在考慮成本並且他們正在做所有這些事情，並等待中央銀行將要做什麼，如果確實要適度 - - 因為他們一直在。但我真的很難得出這樣的結論，即美國將有 800 萬個工作崗位像大蕭條時期那樣流失。

Gary, it's Bob. And Tim, just to add a bit more color. Gary spot on. It really is all unit count and volume related. We did see increases in our average search fees coming through the recovery, but that's pretty much plateaued at this point. Now we're actually just dealing with volume.

加里，是鮑勃。還有蒂姆，只是為了增加一點色彩。加里當場。這確實與單位數量和數量有關。我們確實看到我們的平均搜索費用在復蘇過程中有所增加，但目前已經基本穩定。現在我們實際上只是在處理音量。

Our next question comes from Marc Riddick with Sidoti.

我們的下一個問題來自 Marc Riddick 和 Sidoti。

So I did want to follow up, and I appreciate all the color that you gave and your thoughts behind what it is that you'll be doing for the remainder ballpark -- let's call the remainder of this fiscal year, though it seems as though a lot of it will be concentrated in the third quarter. I was wondering if you could talk a little bit about maybe without giving -- without too much granularity, I guess, but sort of big picture-wise, what sort of led to that process of what you're seeing as needing to take place?

所以我確實想跟進，我很感激你給出的所有顏色以及你將在剩餘的球場上做的事情背後的想法——我們稱之為本財政年度的剩餘時間，儘管看起來好像很多會集中在第三季度。我想知道你是否可以在不給予的情況下談一談也許——沒有太多的粒度，我想，但從大局的角度來看，是什麼導致了你所看到的需要發生的過程？

And also whether that was more a function of the marquee accounts that you talked about. I think you said that's now up to 37% of revenue and substantial progress made over the last few years in that part of the business. And certainly, that would be understandable. But also, you've talked about new business wins. So I'm sort of trying to get thoughts as to how much of that is being driven by the marquee accounts and kind of trying to get to where they are or get ahead of where they're going versus some of the big picture, big ticket wins that you'll be pursuing?

以及這是否更多地是您談到的大型帳戶的功能。我想你說過現在這部分收入佔收入的 37%，並且在過去幾年中這部分業務取得了實質性進展。當然，這是可以理解的。而且，您還談到了新的業務勝利。所以我有點想知道有多少是由大型賬戶驅動的，並試圖到達他們所在的位置或超越他們要去的地方，而不是一些大局，大你會追求的彩票勝利？

Well, we hope it's -- look, we hope it's one and the same. We hope we're thinking about where the market is going to be going. Clearly, we have enjoyed some incredible success securing very large engagements. And at the same time, as you read about in the paper, we've read with this like for 5 months now, we've seen companies moderating what they're doing in terms of costs overall as well as their workforce.

好吧，我們希望它是——看，我們希望它是一樣的。我們希望我們正在考慮市場將走向何方。顯然，我們在確保非常大的參與方面取得了一些令人難以置信的成功。同時，正如您在論文中讀到的那樣，我們已經讀了 5 個月了，我們已經看到公司在整體成本和勞動力方面調整了他們正在做的事情。

So what you've seen and what we've seen in parts of our business is some pullback in what I would call base or legacy business, and that's been coupled with major new wins. And the reality is when you compare those as hard as we've worked over the last few months, there's just a mismatch that you can't solve because of language and because of location.

所以你所看到的和我們在我們的部分業務中看到的是我稱之為基礎或遺留業務的一些回調，並且伴隨著重大的新勝利。現實情況是，當你比較過去幾個月我們努力工作時，你會發現由於語言和地點的原因，你無法解決不匹配問題。

And so there is excess capacity in some places. And you could guess, I mean, when you read the paper, you could guess without mismatches, particularly given the megatrend around the changes in global trading partners and global trade lanes and nearshoring, there's a mismatch. And unfortunately, we have to address that and position the company for opportunity, and that's what we're doing.

所以有些地方產能過剩。你可能會猜到，我的意思是，當你閱讀這篇論文時，你可能會猜到沒有錯配，特別是考慮到圍繞全球貿易夥伴和全球貿易通道以及近岸外包變化的大趨勢，存在錯配。不幸的是，我們必須解決這個問題並為公司定位機會，這就是我們正在做的事情。

Great. And then I wanted to sort of highlight just given the ability to generate -- the cash that you're able to generate and the -- what the market is done with your as well as other personnel and consulting-related names, I just wanted to talk a little bit about your thoughts around what to do with cash and share repurchase activity and dividends and the like.

偉大的。然後我想強調一下，鑑於產生的能力 - 你能夠產生的現金以及 - 市場對你以及其他人員和諮詢相關名稱的影響，我只是想談談你對如何處理現金和股票回購活動以及股息等的看法。

Well, the plan right now, I think fiscal year-to-date, we've repurchased $70 million of stock. We've continued to, as Bob indicated, the dividends are a good part of our capital allocation strategy as well. But we tend to look at this in a very balanced way, and we look back over the past couple of years, that's what we've done.

好吧，現在的計劃，我認為本財年迄今為止，我們已經回購了 7000 萬美元的股票。正如 Bob 所指出的，我們一直在繼續，股息也是我們資本配置策略的重要組成部分。但我們傾向於以一種非常平衡的方式來看待這個問題，我們回顧過去幾年，這就是我們所做的。

We certainly made a conscious effort to invest in the Interim businesses, where we didn't have capability. And that would be my answer. Now if valuation levels, if they change, then our capital allocation strategy would change somewhat as well.

我們當然有意識地努力投資我們沒有能力的臨時業務。這就是我的答案。現在，如果估值水平發生變化，那麼我們的資本配置策略也會有所變化。

Our last question comes from Tobey Sommer with Truist Securities.

我們的最後一個問題來自 Truist Securities 的 Tobey Sommer。

I just wanted to double check something to start off. What was the implied revenue decline on a sequential or year-over-year basis, if we kind of take the midpoint of the January guidance?

我只是想仔細檢查一些東西以開始。如果我們採用 1 月份指導的中點，那麼隱含的收入環比或同比下降是多少？

The implied, you mean from $728 million to $675 million?

隱含的，你的意思是從 7.28 億美元到 6.75 億美元？

Well, it can either be sequential as you just did or year-over-year? I just want to get organic changes in either a sequential or a year-over-year basis.

好吧，它既可以像您剛才那樣連續進行，也可以逐年進行？我只想按順序或按年進行有機更改。

Organic constant currency. Sure. So last year, our third, I'm going right off the top of my head, so you're going to have Bob and Gregg correct me. But I want to say last year, actual is $681 million. I think when you dial it back for constant currency, that $681 million translates to something like $650 million, $645 million in that kind of neighborhood. The midpoint of the guide is $675 million. So constant currency, that's up 4%, 5%. And clearly, that is benefited from the investments that we have made in the Interim business, and it reflects moderation in our Perm Recruiting businesses.

有機不變貨幣。當然。所以去年，我們的第三個，我馬上就開始了，所以你會讓鮑勃和格雷格糾正我。但我想說，去年實際是 6.81 億美元。我認為當你撥回固定貨幣時，6.81 億美元相當於 6.5 億美元，在那種社區中是 6.45 億美元。該指南的中點為 6.75 億美元。所以不變的貨幣，上漲了 4%、5%。顯然，這得益於我們對臨時業務的投資，它反映了我們 Perm 招聘業務的適度。

Okay. I'll move on to a couple of other questions and maybe you can arrive at a number.

好的。我將繼續討論其他幾個問題，也許您可以得出一個數字。

I said those -- Gary's numbers were pretty close to...

我說過那些——加里的數字非常接近……

I get it. So what was the -- what's the acquired revenue so that I could just get to the answer for organic?

我得到它。那麼，獲得的收入是多少，這樣我才能得到有機的答案？

Yes, I would take you back, Tobey to -- you have to go back to the run rate when we acquired the companies. Because once we integrate them, we lose the ability to specifically identify and Lucas Group has been integrated for -- since the beginning of the year. So I don't have the ability to identify that. But if you go back to sort of the run rate that we said when we bought those companies, you're talking somewhere in the $55 million to $60 million range.

是的，我會帶你回去，托比 - 你必須回到我們收購公司時的運行率。因為一旦我們整合了它們，我們就失去了具體識別的能力，而 Lucas Group 自今年年初以來一直在整合。所以我沒有能力識別它。但是，如果你回到我們收購這些公司時所說的某種運行率，你說的是在 5500 萬到 6000 萬美元的範圍內。

Okay. Could you give us some color about the 2 major RPO wins? I know you talked about it a little bit already, but maybe in terms of number of annual hires, types of occupations, geographies and differentiators that might have prompted the client to choose you over the incumbents?

好的。你能給我們一些關於 2 次主要 RPO 勝利的顏色嗎？我知道你已經談過一點，但也許是在年度僱員人數、職業類型、地域和差異化因素方面，這些因素可能促使客戶選擇你而不是現任者？

Well, I'll let Bob -- we're not going to reveal the client or the industries. But I think one of the key differentiators that we have is, number one, the success and the high quality of referenceable clients now that it's pretty incredible and success begets more success. So that's number one, incredible team and process, that's number 2. And the three is the IP and the ability to integrate that solution with other things that, that particular client wants to achieve, whether that's org strategy, whether if it's compensation advice and so this integrated platform is also a major reason why we continue to enjoy success in that part of the business.

好吧，我會讓鮑勃——我們不會透露客戶或行業。但我認為我們擁有的關鍵差異化因素之一是，第一，可參考客戶的成功和高質量，因為它非常令人難以置信，而且成功會帶來更多成功。所以這是第一，令人難以置信的團隊和流程，這是第二。第三是 IP 和將該解決方案與特定客戶想要實現的其他事情集成的能力，無論是組織戰略，還是薪酬建議和所以這個集成平台也是我們繼續在這部分業務中取得成功的一個主要原因。

I think you described the -- correct me if I'm wrong, the cost cut is sort of substantially smaller than a classic one you might have taken headed into prior downturns. So it seems like you're assuming some level of stability in demand headed into calendar '23. How is the organization feeling?

我想你描述了——如果我錯了請糾正我，成本削減比你在之前的經濟低迷時期可能採取的經典成本削減要小得多。因此，您似乎假設進入 23 年日曆的需求會保持一定程度的穩定性。組織感覺如何？

You've undergone a lot of volatility as the world has really with the roller coaster of '20, where job cuts, furloughs, then rapid hiring and now sort of more measured realignment that you described. Could you just speak to that? I know that wasn't a specific question, but I think hopefully, you get.

你經歷了很多波動，就像世界經歷了 20 年代的過山車一樣，裁員、休假、然後是快速招聘，現在你描述的是一種更有節制的調整。你能談談嗎？我知道這不是一個具體的問題，但我希望你明白了。

Well, I think it reflects where the world is. In April and May 2020, I said that the COVID -- it would be a couple-year journey then 2 years of a transitory period. In a transitory period from a whole different -- a whole range of aspects from how people are entertained to how they consume, to how they produce to where they were.

好吧，我認為它反映了世界的位置。在 2020 年 4 月和 2020 年 5 月，我說過 COVID——這將是一段幾年的旅程，然後是 2 年的過渡期。在一個完全不同的過渡時期——從人們的娛樂方式到他們的消費方式、他們的生產方式到他們所處的位置等各個方面。

And when you go back, 3 years ago, it was scary. And even this morning, very early, you hear a story if somebody that got COVID. If you had heard that story 2.5 years ago, you would have fallen over and wondered was that going to be you next. So I think that we're in a very, very unique time as human beings. Now I think part of that answer is where you are in the world as well.

當你回到 3 年前，那是可怕的。即使在今天早上，很早的時候，你也會聽到一個故事，如果有人感染了 COVID。如果您在 2.5 年前聽到這個故事，您可能會崩潰並想知道下一個會不會是您。所以我認為我們作為人類正處於一個非常非常獨特的時代。現在我認為這個答案的一部分是你在世界上的位置。

I mean I was on an account call a couple of nights ago in China, for example. And our team in China has more fortitude and more perseverance and they've been in a very difficult situation. It's been 3 years. So I really do think it kind of -- it depends on where you are in the world. And I think it's a very spiritual and a very human question to ask. For us, what I'm really proud of is our purpose is to change people's lives, to enable people and organizations to exceed their potential.

我的意思是，例如，我幾天前在中國打了一個客戶電話。而我們在中國的團隊更有毅力和毅力，他們一直處於非常困難的境地。已經3年了。所以我確實認為這有點——這取決於你在世界上的哪個位置。我認為這是一個非常精神和非常人性化的問題。對我們來說，我真正引以為豪的是我們的目標是改變人們的生活，使人們和組織能夠超越他們的潛力。

And when we see something. We don't just talk about it, we'd be about it and whether that's -- whether that's George Floyd, whether it's our charitable foundation, whether it's Leadership U for Humanity where we put over 1,000 people of color through our leadership programs, whether it's our own Mosaic programs where we, again, put 1,000 people now through that. And I think that we're a firm that walks the talk. And at the end of the day, I think that's what it's about. Are you working for an organization that you believe in its purpose that inspires you? And the truth is, like in personal lives, companies are going to go through cycles. And this is a cycle for sure that we're in right now. And Korn Ferry has an incredible track record of accelerating through the turn. And I think that probably reflects most people's views.

當我們看到一些東西時。我們不只是談論它，我們會談論它，無論是——無論是喬治·弗洛伊德，無論是我們的慈善基金會，還是我們通過我們的領導力項目讓 1000 多名有色人種參與的 Leadership U for Humanity，是否是我們自己的馬賽克計劃，我們現在再次讓 1,000 人通過它。我認為我們是一家言出必行的公司。歸根結底，我認為這就是它的意義所在。您是否為一個您相信其宗旨能激勵您的組織工作？事實上，就像在個人生活中一樣，公司也會經歷週期。這肯定是我們現在進入的一個循環。光輝國際在轉彎加速方面有著令人難以置信的記錄。我認為這可能反映了大多數人的觀點。

I'll try to sneak in a last brief one. Could you provide some color on the drivers of digital growth? We haven't heard as much about KF Sell or the other individual products recently. So I wanted you to refresh us.

我會試著偷偷看最後一個簡短的。您能否提供一些有關數字增長驅動因素的顏色？我們最近沒有聽到太多關於 KF Sell 或其他個別產品的消息。所以我想讓你振作起來。

Well, I think the -- look, the -- this is definitely more of a medium-term play because there's 2 aspects. One aspect is the digital offerings and the products that you have. And what are you trying -- who are you trying to reach? And for that part of the business, what we're trying to do is, number one, sales professionals; and two, and this is relatively new, is creating a platform where we can upskill technologies.

好吧，我認為 - 看， - 這絕對更像是一場中期比賽，因為有兩個方面。一方面是數字產品和您擁有的產品。你在嘗試什麼——你想接觸誰？對於這部分業務，我們要做的是，第一，銷售專業人員；第二，這是相對較新的，正在創建一個我們可以提高技術技能的平台。

So those are the 2 areas that we're really focusing and the latter being one that is brand new to us. On the distribution side, I believe that when you look at world-class consulting firms, you'll find that they have partners that help to enable further business growth, and that's something that Korn Ferry historically hasn't really attempted. And I think when we look forward, that a big, big part of that is to what extent are we going to have success developing an ecosystem of partners that can help distribute our IP and that is not a 2-day exercise.

所以這些是我們真正關注的兩個領域，而後者對我們來說是全新的。在分銷方面，我相信當你審視世界一流的諮詢公司時，你會發現他們擁有有助於實現進一步業務增長的合作夥伴，而這是 Korn Ferry 歷史上從未真正嘗試過的事情。而且我認為，當我們展望未來時，其中很大一部分是我們將在多大程度上成功開發可以幫助分發我們的 IP 的合作夥伴生態系統，這不是兩天的練習。

And we're working very, very hard. In fact, as we speak, there's a team that's working on that right now at a client to -- at one of those partners. So it's certainly more of a medium-term undertaking. And that's what I'm expecting, and we're working very hard on it.

我們正在非常非常努力地工作。事實上，就在我們說話的時候，有一個團隊正在為客戶和合作夥伴中的一個做這方面的工作。因此，這當然更像是一項中期任務。這就是我所期待的，我們正在為此努力。

And Gary, I would just a little bit more color on that, Tobey. One of the things you'll notice when we -- back to Q1, we talked about where Digital landed and the lack of large deals in that quarter. In this quarter, they actually rebounded nicely, and they had 7 deals above $1 million, 2 of them were about $5 million and one was north of $900,000. So it's also a function of selling -- continuing to be able to sell the larger deals.

加里，托比，我只想多說一點。當我們回到第一季度時，您會注意到一件事，我們談到了 Digital 登陸的地方以及該季度缺乏大型交易。在這個季度，他們實際上反彈得很好，他們有 7 筆交易超過 100 萬美元，其中 2 筆在 500 萬美元左右，1 筆在 90 萬美元以上。所以它也是銷售的一個功能——繼續能夠銷售更大的交易。

Okay. Amy, I want to conclude and thank everybody. And despite all of this talk that you read about every single day, there is opportunity. And that's what we have a demonstrated track record of seizing and that's what we're going to continue to do. And so -- during this festive season, I wish everybody Happy Hanukkah, Merry Christmas, happy holidays, and we'll talk to you in 2023. Thanks, everybody.

好的。艾米，我想結束並感謝大家。儘管你每天都會讀到所有這些談話，但還是有機會的。這就是我們在奪取方面的良好記錄，也是我們將繼續做的事情。因此，在這個節日期間，我祝大家光明節快樂、聖誕節快樂、假期愉快，我們將在 2023 年與您交談。謝謝大家。

Ladies and gentlemen, this conference call will be available for replay for 1 week starting today at 3:00 p.m. Eastern, running through the day December 15, 2022, ending at midnight. You may access the AT&T Executive playback service by dialing (866) 207-1041 and entering the access code of 6225763. International participants may dial 402-970-0847.

女士們，先生們，從今天下午 3:00 開始，本次電話會議可重播 1 週。東部，貫穿 2022 年 12 月 15 日，結束於午夜。您可以通過撥打 (866) 207-1041 並輸入訪問代碼 6225763 來訪問 AT&T Executive 播放服務。國際參與者可以撥打 402-970-0847。

Additionally, the replay will be available for playback at the company's website at www.kornferry.com in the Investor Relations section.

此外，重播將在公司網站 www.kornferry.com 的投資者關係部分提供。