Korn Ferry (KFY) 2024 Q3 法說會逐字稿

Yes, ladies and gentlemen, thank you for standing by and welcome to the Korn Ferry Third Quarter Fiscal Year 2024 conference call.

是的，女士們、先生們，感謝你們的耐心等待並歡迎光輝國際 2024 財年第三季電話會議。

(Operator Instructions) As a reminder, this conference call is being recorded for replay purposes.

（操作員說明）謹此提醒，本次電話會議正在錄音以供重播之用。

We have also made available in the Investor Relations section of our website at kornferry.com a copy of the final financial presentation that we'll be reviewing with you today.

我們還在 kornferry.com 網站的投資者關係部分提供了最終財務簡報的副本，我們今天將與您一起審查。

Before I turn the call over to your host, Mr. Gary Burnison.

在我將電話轉給主持人加里·伯尼森先生之前。

Let me first read a cautionary statement to investors.

讓我先宣讀一份對投資者的警告聲明。

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.

今天電話會議中所做的某些陳述，例如與未來績效、計畫和目標相關的陳述，構成 1995 年《私人證券訴訟改革法案》含義內的前瞻性陳述。

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 and 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.

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，但投資者應注意不要過度依賴此類陳述，並且由於許多因素，未來時期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 periodic and other reports filed by the Company with the SEC, including the Company's annual report for fiscal year 2023 and the company's soon-to-be filed quarterly report for the quarter ended January 31st, 2024.

有關此類風險和不確定性的更多信息，請參閱與本簡報相關的新聞稿以及公司向 SEC 提交的定期報告和其他報告，包括公司 2023 財年的年度報告和公司即將提交的報告截至2024 年1 月31 日的季度季度報告。

Also some of the comments today may reference non-GAAP financial measures such as constant currency amounts, EBITDA and adjusted EBITDA.

此外，今天的一些評論可能會引用非公認會計原則財務指標，例如固定貨幣金額、EBITDA 和調整後的 EBITDA。

Additional information concerning these measures, including reconciliations to the most directly comparable GAAP financial measure, it 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. With that, I'll turn the call over to Mr. Burnison.

有關這些措施的更多信息，包括與最直接可比較的GAAP 財務措施的調節，包含在與本次電話會議相關的財務演示和收益發布中，兩者均發佈在公司網站www.KornFerry 的投資者關係部分.com。這樣，我會將電話轉給伯尼森先生。

Please go ahead, Mr. Burnison.

請繼續，伯尼森先生。

Okay.

好的。

Thank you, Greg, and good afternoon, everybody.

謝謝你，格雷格，大家下午好。

And number one, I'm enormously proud of our organization and how we continue to acclimate, innovate and align our business to the opportunity ahead.

第一，我對我們的組織以及我們如何不斷適應、創新並使我們的業務與未來的機會保持一致感到非常自豪。

Clearly, the strategy is working the results for the quarter.

顯然，該策略正在發揮本季業績的作用。

We did about $669 million of fee revenue, which was down 2%.

我們的費用收入約為 6.69 億美元，下降了 2%。

But you know, the terms of the strategy working our non-search offerings provided a substantial buffer against the more cyclically sensitive recruiting offerings.

但你知道，我們的非搜尋產品的策略條款為對週期性更敏感的招募產品提供了巨大的緩衝。

Earnings and profitability were also good at 15.2% EBITDA margin and the revenue from consulting and digital, when combined with our interim business now represent 50% of our top line during the quarter, our consulting bill rate increased 12% and our digital subscription and license revenue increased 11% over the prior year.

收益和獲利能力也很不錯，EBITDA 利潤率為15.2%，來自諮詢和數字的收入與我們的臨時業務相結合，目前占我們本季營收的50%，我們的諮詢帳單費率增加了12% ，我們的數位訂閱和授權收入比上年增長11%。

In today's world, as organizations toggle between perform and transform.

在當今世界，組織在執行和轉型之間切換。

It's clear that vertical is out in horizontals.

很明顯，垂直方向優於水平方向。

And so that's exactly the same for us.

這對我們來說也是一樣的。

And it's gratifying to see the resolve of this cross firm collaboration strategy.

令人欣慰的是看到這種跨公司合作策略的決心。

Today, we're approaching almost $3 billion in fee revenue with a balanced portfolio across solutions and geographies that's now generating over a third of our fee revenue from our very successful marquee and regional account program where it was just four short years ago.

如今，我們的收費收入已接近30 億美元，跨解決方案和地區的均衡投資組合現在已從我們非常成功的大型和區域帳戶計劃中產生了超過三分之一的收費收入，而就在四年前，這一情況還是存在的。

Our top five marquee and regional accounts averaged around $19 million per account with the largest at $26 million compared to today for a top five average almost $30 million.

我們排名前五的大牌和區域帳戶平均每個帳戶約為 1,900 萬美元，最大的為 2,600 萬美元，而今天排名前五名的平均帳戶接近 3,000 萬美元。

And our largest account has a run rate of almost $50 million, driven to a large extent by this horizontal approach by our cross line of business referrals, which today generate about a quarter of our fee revenue.

我們最大的帳戶的運行率接近 5000 萬美元，這在很大程度上是由我們的跨業務線推薦的橫向方法推動的，目前，這種方法產生了我們約四分之一的費用收​​入。

And further to that point, when I look at our $350 million plus digital business.

更進一步說，當我審視我們價值超過 3.5 億美元的數位業務時。

Today, 30% of our fee revenue is generated from consulting referrals, and we're looking to expand this horizontal focus even further through four primary digital growth drivers.

如今，我們 30% 的費用收入來自諮詢推薦，我們希望透過四個主要數位成長驅動力進一步擴大這一橫向重點。

Number one, a firm-wide push around digital sales, digital offerings, secondly, increasing our commercial output and sales productivity.

第一，在全公司範圍內推動數位銷售、數位產品，其次，提高我們的商業產出和銷售生產力。

Third, enhancing our product offerings like our talent applications and talent platform, and finally, increasing our digital revenue through partnerships.

第三，增強我們的產品供應，例如我們的人才應用和人才平台，最後，透過合作夥伴關係增加我們的數位收入。

Including offering joint solutions and opportunities with HR technology providers.

包括與人力資源技術提供者提供聯合解決方案和機會。

It's clear given the results over the last few quarters that we're at the threshold of even greater opportunity in regardless of the environment from one cycle to the next, our vision remains unchanged to become the premier organizational consulting firm.

很明顯，考慮到過去幾個季度的結果，無論一個週期到下一個週期的環境如何，我們都處於更大機遇的門檻，我們的願景保持不變，即成為一流的組織諮詢公司。

Our household brand, unparalleled IP and diversification strategy will continue to positively influence our performance and to accelerate the trajectory of thousands of organizations.

我們家喻戶曉的品牌、無與倫比的智慧財產權和多元化策略將繼續對我們的業績產生積極影響，並加速數千家組織的發展軌跡。

Indeed, Korn Ferry is uniquely positioned as a firm relentlessly focused on synchronizing strategy, operations and talent, a firm that offers increasing relevant solutions in a rapidly changing world.

事實上，光輝國際的獨特定位是，一家不懈地專注於同步策略、營運和人才的公司，一家在快速變化的世界中提供越來越多相關解決方案的公司。

And I think we're only really scratching the surface of what we can become out with those short remarks, I'm joined by Tiffany, Greg and Bob and Bob, I think I'll turn it over to you next.

我認為我們只是真正觸及了這些簡短評論的表面，蒂芙尼、格雷格、鮑勃和鮑勃也加入了我的行列，我想接下來我會把它交給你。

Great.

偉大的。

Thanks, Gary, and good afternoon and good morning.

謝謝，加里，下午好，早安。

Before I jump into the numbers, I just want to highlight a couple of points.

在開始討論數字之前，我只想強調幾點。

First, I think the third quarter was a very good quarter and I'm extremely proud of my Korn Ferry colleagues and all that they've accomplished.

首先，我認為第三季度是一個非常好的季度，我為光輝國際的同事以及他們所取得的成就感到非常自豪。

Second, equally important, I think our performance this quarter continues to demonstrate that our strategy is working.

其次，同樣重要的是，我認為我們本季的業績繼續證明我們的策略正在發揮作用。

The third quarter results were ahead of our expectations.

第三季業績超出我們的預期。

It really marked a strong start to the back half of our fiscal year.

這確實標誌著我們本財年後半段的良好開端。

Both earnings and profitability improved year-over-year and sequentially, despite seasonally lower fee revenue a result of increasing productivity by leveraging our cost base, again, an overall positive scorecard for our broader diversification strategy.

儘管透過利用我們的成本基礎來提高生產力，導致費用收入季節性下降，但盈利和盈利能力均同比和連續增長，這再次為我們更廣泛的多元化戰略提供了整體積極的記分卡。

We're excited about and confident in this strategy.

我們對這項策略感到興奮和充滿信心。

It continues to play out just as we expected and have talked about, with resilience and growth in our consulting and digital business offsetting cyclical moderation in portions of our talent acquisition offerings, we continue to leverage existing client relationships, our colleagues across lines of business and our unique IP data and content to drive top line synergies with a particular focus on our marquee and regional accounts as you heard Gary talk about that.

正如我們預期和討論的那樣，它繼續發揮作用，我們的諮詢和數位業務的彈性和成長抵消了部分人才招募服務的周期性放緩，我們繼續利用現有的客戶關係、跨業務線的同事和我們獨特的智慧財產權數據和內容可推動營收協同效應，特別關注我們的大牌和區域客戶，正如您聽到加里所談論的那樣。

A number of our key operating statistics improved in the quarter.

本季我們的一些關鍵營運統計數據有所改善。

We had higher higher hourly bill rates in both consulting and interim, which were up 12% and 21% year-over-year and are really reflective of the exceptional value and impact our services delivered to our clients.

我們在諮詢和中期方面的每小時帳單費率較高，分別年增 12% 和 21%，這確實反映了我們為客戶提供的服務的卓越價值和影響。

Our subscription and license fee revenue in digital increased 11% year-over-year and was actually 38% of Digital's total new business for the third quarter, which illustrates the underlying strength and relevance of our data and solutions as well as contributing to increasing fee revenue stability going forward.

我們的數位訂閱和授權費收入年增 11%，實際上佔第三季數位總新業務的 38%，這說明了我們數據和解決方案的潛在優勢和相關性，並有助於增加費用未來收入穩定。

Equally important, I'm pleased with the year-over-year and sequential growth of our earnings and profitability.

同樣重要的是，我對我們的收入和盈利能力的同比和連續增長感到滿意。

The adjusted EBITDA margin was 15.2% in the third quarter, with digital consulting and RPO all improving their profitability, both year-over-year and sequentially and Exec Search improving sequentially.

第三季調整後的 EBITDA 利潤率為 15.2%，數位諮詢和 RPO 的獲利能力均較去年同期提高，Exec Search 也較上季提高。

Last, I'd like to highlight our balanced approach to deploying capital, specifically capital returned to shareholders.

最後，我想強調我們部署資本的平衡方法，特別是返還給股東的資本。

In addition to our substantial dividend increase last quarter, this quarter, we increased our share repurchases, acquiring 383,000 shares, which brings our year-to-date share repurchase to 555,000 shares for a total of $67 million has been returned to shareholders through a combination of dividends and share repurchases year to date.

除了上季大幅增加股息外，本季我們還增加了股票回購，收購了 383,000 股股票，使我們年初至今的股票回購達到 555,000 股，透過合併向股東返還了總計 6700 萬美元的資金年初至今的股利和股票回購。

And our Board just approved another dividend of $0.33 a share.

我們的董事會剛剛批准了另一股每股 0.33 美元的股息。

That's payable on April 15.

需於 4 月 15 日付款。

Now let me turn the call over to Greg, who will take you through some overall Company financial highlights.

現在讓我把電話轉給格雷格，他將帶您了解公司的一些整體財務亮點。

Okay.

好的。

Thanks, Bob.

謝謝，鮑伯。

For the third quarter, which is typically seasonally slower, global free revenue was $669 million and was down only 2% year over year, measured at both actual rates and at constant currency by line of business.

第三季通常季節性放緩，全球免費收入為 6.69 億美元，按實際匯率和按業務線按固定匯率計算，年比僅下降 2%。

Consulting and Digital grew 3% and 6%, respectively, year over year and combined generated 38% of total fee revenue in the third quarter.

諮詢和數位業務分別年增 3% 和 6%，合計佔第三季總費用收入的 38%。

Fee revenue moderation in the third quarter for most of our talent acquisition solutions continued to stabilize.

第三季度，我們大部分人才招募解決方案的費用收入放緩，持續穩定。

Executive Search and RPO were down 6% and 22%, respectively, year-over-year, while professional search and interim were up 11% year over year, primarily driven by sale, which was acquired in November of 2022.

高階主管搜尋和 RPO 分別年減 6% 和 22%，而專業搜尋和臨時搜尋年增 11%，這主要是由 2022 年 11 月收購的銷售推動的。

Consolidated new business in the third quarter, excluding RPO, was flat year over year at both actual rates and at constant currency.

第三季合併新業務（不含 RPO）以實際匯率和固定匯率計算均與去年同期持平。

By line of business.

按業務範圍。

Digital new business grew 2% year over year.

數位新業務年增2%。

Consulting was flat year over year, and Professional Search and interim was up 9% year-over-year, driven in part by the acquisition of sale.

諮詢業務較去年同期持平，專業搜尋和中期業務年增 9%，部分原因是收購銷售。

Executive Search new business was down 6% year over year, with recent monthly data points indicating that global demand is stabilizing.

獵頭新業務年減 6%，最近的月度數據顯示全球需求正在穩定。

Our RPO new business in the third quarter was strong at $122 million and includes $83 million of renewals and extensions and $39 million of new logo wins.

我們第三季的 RPO 新業務強勁，達到 1.22 億美元，其中包括 8300 萬美元的續訂和延期以及 3900 萬美元的新徽標贏得。

Exiting the third quarter and entering our fourth quarter.

退出第三季並進入第四季。

Consolidated new business trends continue to improve.

綜合新業態繼續向好。

Excluding RPO, consolidated new business was up 11% and approximately 5% organically year over year in January and in line with expectations in February.

不包括 RPO 在內，1 月合併新業務年增 11%，有機成長約 5%，與 2 月的預期一致。

Earnings and profitability also continued to improve in the third quarter.

第三季的獲利和獲利能力也持續改善。

Adjusted EBITDA in the third quarter grew 6% year over year to $102 million with an adjusted EBITDA margin of 15.2% and was up 3% sequentially with a 120 basis point improvement in margin.

第三季調整後 EBITDA 年成長 6%，達到 1.02 億美元，調整後 EBITDA 利潤率為 15.2%，季增 3%，利潤率提高 120 個基點。

Despite seasonally slower fee revenue.

儘管費用收入季節性放緩。

Strong cost controls and greater consulting and execution staff productivity continues to drive growth and profitability, which has now improved sequentially for three consecutive quarters.

強有力的成本控制以及更高的諮詢和執行人員生產力繼續推動成長和獲利能力，現已連續三個季度連續改善。

Finally, our adjusted diluted earnings per share in the third quarter were $1.7, up 6% yea- over-year and up 10% sequentially.

最後，我們第三季調整後的稀釋每股盈餘為 1.7 美元，較去年同期成長 6%，較上季成長 10%。

Adjusted fully diluted earnings per share exclude $6.4 million or $0.12 per share of after-tax restructuring and acquisition integration costs, which were positively offset by $9.7 million or $0.18 per share of nonrecurring tax benefits.

調整後的全面稀釋每股收益不包括 640 萬美元或每股 0.12 美元的稅後重組和收購整合成本，這些成本被 970 萬美元或每股 0.18 美元的非經常性稅收優惠所抵消。

GAAP fully diluted earnings per share were $1.13 in the third quarter.

第三季 GAAP 完全稀釋每股收益為 1.13 美元。

Our investable cash position at the end of the third quarter remains strong at $496 million, and our capital allocation continues to be balanced.

截至第三季末，我們的可投資現金部位仍然強勁，達到 4.96 億美元，我們的資本配置持續保持平衡。

Through the end of the third quarter, we deployed $122 million of cash using $37 million for capital expenditures, $18 million for debt service and returned $67 million to shareholders in combined dividends and share repurchases with that, I'll turn the call over to Tiffany to review our operating segments in more detail.

截至第三季末，我們部署了1.22 億美元現金，其中3,700 萬美元用於資本支出，1,800 萬美元用於償債，並透過合併股息和股票回購向股東返還6,700 萬美元，我將把電話轉給蒂芙尼更詳細地審查我們的營運部門。

Thanks, Greg.

謝謝，格雷格。

Starting with KF Digital global fee revenue in the third quarter was $90 million, which was up 6% year over year at actual rates and at constant currency.

從第三季開始，KF Digital 的全球費用收入為 9,000 萬美元，以實際費率和固定匯率計算，年增 6%。

Digital subscription and license fee revenue in the third quarter was $33 million, which was approximately 37% of fee revenue for the quarter and up 11% year over year level.

第三季的數位訂閱和授權費收入為 3,300 萬美元，約佔該季度費用收入的 37%，年增 11%。

New business for KF Digital was $111 million, with $42 million or 38% of the total tied to subscription and license sales, up from 36% last quarter.

KF Digital 的新業務為 1.11 億美元，其中 4,200 萬美元或總收入的 38% 與訂閱和授權銷售相關，高於上季的 36%。

The overall pipeline for digital remains strong as we head into the fourth quarter and into the next fiscal year.

隨著我們進入第四季和下一財年，數位化的整體管道仍然強勁。

For consulting fee revenue in the third quarter was $167 million, which was up approximately 3% year over year at actual rates and at constant currency.

第三季諮詢費收入為 1.67 億美元，以實際費率和固定匯率計算，年增約 3%。

Fee revenue growth was strongest in organizational strategy, which increased 9% year over year.

組織策略中的費用收入成長最為強勁，較去年同期成長 9%。

Today, we are selling larger and more complex transformational engagements, which use our rich proprietary data to drive unique and differentiated insights.

如今，我們正在銷售規模更大、更複雜的轉型項目，這些項目利用我們豐富的專有數據來推動獨特且差異化的見解。

Consulting's average bill rate continues to climb now at $438, an hour, which is up over $46 an hour or 12% from just one year ago.

諮詢業的平均帳單費率現在繼續攀升，達到每小時 438 美元，比一年前上漲了 46 美元以上，即 12%。

Adjusted EBITDA margins also improved, increasing 40 bps sequentially and by 230 bps year over year.

調整後 EBITDA 利潤率也有所改善，季增 40 個基點，較去年同期成長 230 個基點。

Additionally, global new business consulting in the third quarter was flat year over year with double-digit growth in India and in North America.

此外，第三季全球新業務諮詢業務較去年同期持平，印度和北美實現兩位數成長。

Total fee revenue of professional search and interim in the third quarter was $131 million, up $13 million or 11% year over year.

第三季專業搜尋和中期費用總收入為 1.31 億美元，年增 1,300 萬美元，成長 11%。

Breaking down the quarter year over year.

按年細分季度。

Fee revenue growth was mostly driven by the interim portion of the business, which offset moderation in the permanent placement portion of effect.

費用收入的成長主要是由業務的臨時部分推動的，這抵消了永久安置部分的影響。

And our fee revenue grew to $78 million from $53 million year over year, driven by a recent acquisition of sale.

在最近的一項銷售收購的推動下，我們的費用收入從去年同期的 5,300 萬美元增加到 7,800 萬美元。

Interims averages.

中期平均數。

Average hourly bill rate has increased to $129 per hour which is up $22 an hour or over 20% from one year ago and reflective of the added value of being part of the broader Korn Ferry ecosystem, professional services and permanent placement fee revenue declined by $23 million or 19% year over year to $56 million.

平均每小時帳單費率已增加至每小時129 美元，比一年前增加了22 美元/小時或超過20%，反映出作為更廣泛的光輝國際生態系統一部分的附加價值、專業服務和永久安置費營收下降了23 美元年增 19%，達到 5,600 萬美元。

Professional Search and interim new business increased 9% year over year in the third quarter, aided by the recent acquisition of sales.

由於最近的銷售收購，第三季專業搜尋和臨時新業務年增 9%。

Moving on to recruitment process outsourcing new business for the third quarter was $122 million comprised of $39 million of new logos and $83 million of renewals, which included several marquee accounts.

第三季招聘流程外包新業務為 1.22 億美元，其中包括 3,900 萬美元的新徽標和 8,300 萬美元的續訂，其中包括多個大型帳戶。

Total revenue under contract at the end of the quarter was approximately $696 million.

截至本季末，合約總收入約為 6.96 億美元。

Fee revenue in the third quarter totaled $81 million, which was down $23 million or 22% year over year at actual rates and constant currency.

第三季的費用收入總計 8,100 萬美元，以實際費率和固定匯率計算，年減 2,300 萬美元，即 22%。

Fee revenue was impacted by a moderation in hiring volume within the existing base of contracts as well as labor hoarding conditions, which have continued in the market.

費用收入受到現有合約基礎內招聘量放緩以及市場上持續存在的勞動力囤積狀況的影響。

Historically, fee revenue averaged 106% of the original contract value, which is why we view the current slowdown in demand as transitory and believe RPO is well positioned to benefit and client hiring returns to more normalized levels.

從歷史上看，費用收入平均為原始合約價值的 106%，這就是為什麼我們認為當前需求放緩是暫時的，並相信 RPO 完全有能力受益，客戶招聘將恢復到更正常化的水平。

Pipeline remains strong as RPO continues to renew existing clients and win new business with a differentiated service offering in the marketplace.

隨著 RPO 繼續更新現有客戶並透過市場上的差異化服務贏得新業務，管道仍然強勁。

Finally, global fee revenue for Executive Search in the third quarter was $199 million, down 6% in actual and 7% at constant currency.

最後，第三季全球獵頭費用收入為 1.99 億美元，實際下降 6%，以固定匯率計算下降 7%。

Overall, global demand in the third quarter would indicate that demand is stabilizing.

總體而言，第三季的全球需求將顯示需求正在穩定下來。

Additionally, consultant productivity has improved, driving a year-over-year 222 basis point improvement in adjusted EBITDA margin.

此外，顧問生產力也有所提高，推動調整後 EBITDA 利潤率年增 222 個基點。

I will now call the turn turn the call back over to Bob to discuss our outlook for the fourth quarter of fiscal 24.

現在我將把電話轉回鮑勃，討論我們對 24 財年第四季的展望。

Thanks Tiffany.

謝謝蒂芙尼。

A monthly new business trends exiting our third quarter entering the fourth quarter had begun to stabilize.

從第三季進入第四季的每月新業務趨勢已開始穩定。

January new business was up 11% and 5% organically year over year.

1 月新業務年增 11% 和 5%。

February new business was in line with our expectations, and we are well positioned to deliver our March new business, which historically is one of our best new business month of the year, assuming normal monthly seasonal new business patterns and assuming no further changes in worldwide geopolitical conditions, economic conditions, financial markets and foreign exchange rates, we expect fee revenue in the fourth quarter of fiscal '24 will range from $675 million to $695 million.

2 月份的新業務符合我們的預期，我們已經做好了交付3 月份新業務的準備，從歷史上看，這是我們今年最好的新業務月份之一，假設每月季節性新業務模式正常，並假設全球範圍內沒有進一步的變化考慮到地緣政治狀況、經濟狀況、金融市場和外匯匯率，我們預計 24 財年第四季度的費用收入將在 6.75 億美元至 6.95 億美元之間。

Our adjusted EBITDA margin to improve to approximately 15.3% to 15.5%, and our consolidated adjusted diluted earnings per share to range from $1.9 to $1.17.

調整後的 EBITDA 利潤率將提高至約 15.3% 至 15.5%，合併後的調整後攤薄每股收益將在 1.9 美元至 1.17 美元之間。

Finally, we expect our GAAP diluted earnings per share in the fourth quarter to range from $1.6 to $1.14.

最後，我們預計第四季度 GAAP 攤薄後每股收益將在 1.6 美元至 1.14 美元之間。

Now in closing, we've made substantial progress as demonstrated by our continuing performance in delivering our strategic plan to lead the market in organizational consulting.

最後，我們在交付領導組織諮詢市場的策略計畫方面的持續表現證明了我們已經取得了實質進展。

Our top line diversification continues to serve us well as the non permanent placement talent acquisition portions of the business, which represent almost 50% of fee revenue, as Gary mentioned, remain on track to deliver consistent growth.

我們的營收多元化持續為我們提供良好的服務，正如加里所提到的，該業務的非永久安置人才獲取部分佔費用收入的近 50%，仍有望實現持續成長。

Our IP data and science-backed services and solutions continue to differentiate us in this war for the best talent.

我們的智慧財產權數據和科學支援的服務和解決方案繼續使我們在這場最優秀人才的戰爭中脫穎而出。

Further our strong cost base management really positions us to deliver continuing improvements in earnings and profitability and positions us to successfully continue our balanced approach to capital deployment.

此外，我們強大的成本基礎管理確實使我們能夠持續改善收益和獲利能力，並使我們能夠成功地繼續採用平衡的資本部署方法。

As I always say we're at the beginning of what's going to be a very long ball game, and I truly believe our best is yet to come.

正如我常說的，我們正處於一場漫長的比賽的開始，我堅信我們的最佳狀態尚未到來。

With that, we'd like to answer any questions that you may have.

至此，我們願意回答您可能提出的任何問題。

(Operator Instructions)

（操作員說明）

Trevor Romeo from William Blair.

威廉布萊爾的特雷弗羅密歐。

Thanks so much for your taking the questions here.

非常感謝您在這裡提出問題。

First, wanted to just kind of on the overall macro and demand backdrop.

首先，我想了解整體宏觀和需求背景。

And yes, I think if you look at some of the CEO. content surveys.

是的，我想如果你看看一些執行長。內容調查。

We've seen those increase a little bit so far in the last couple of months.

過去幾個月到目前為止，我們看到這些數字有所增加。

I think the capital markets backdrop feels a bit more stable.

我認為資本市場的背景感覺更穩定了。

It seems like maybe fewer people are talking about a severe recession now.

現在談論嚴重衰退的人似乎越來越少了。

So I guess how much change have you started to see in overall demand sentiment?

所以我想您開始看到整體需求情緒有了多大變化？

And what do you think from this point?

從這一點上你有什麼看法？

Could be a catalyst to start seeing a more significant demand recovery?

可能成為開始看到更顯著的需求復甦的催化劑嗎？

Well, in the latter parts of the question, clearly, we've seen those same trends for sure.

嗯，在問題的後半部分，顯然，我們肯定看到了同樣的趨勢。

And as I talked about on the last earnings call that my expectation was you'd start to see deflation, deflationary pressures.

正如我在上次財報電話會議上談到的那樣，我的預期是你會開始看到通貨緊縮和通縮壓力。

I think you're starting to see that for sure.

我想你已經開始肯定地看到這一點了。

Obviously, everybody is on pins and needles with respect to the Fed.

顯然，每個人都對聯準會如坐針氈。

But I still I think what I've said for some time, I think we're in the middle of a multi-quarter reset and you know, back to a period of time where rates would be at more normalized levels come from a period of two to three decades of very cheap money.

但我仍然認為我一段時間以來所說的，我認為我們正處於多季度重置的中間，你知道，回到利率將處於更正常化水平的一段時間兩到三十年的非常便宜的錢。

And I think companies are adjusting to that reality.

我認為公司正在適應這個現實。

And what that is creating is a focus on organizations to have a more horizontal approach, less vertical, more horizontal and perform at the same time they transform, which creates opportunities for our consulting business and digital offerings, which is exactly what you're saying.

這所創造的是對組織的關注，使其採用更橫向的方法，更少的垂直，更多的橫向，並在轉型的同時執行，這為我們的諮詢業務和數位產品創造了機會，這正是你所說的。

And CTOs are looking not just at their strategy and how to be more horizontal.

首席技術長不僅僅關注他們的策略以及如何更加橫向。

But looking at their leadership and their talent.

但看看他們的領導力和才華。

And I think that's reflective of the engagements that we're winning today.

我認為這反映了我們今天贏得的合作。

I would say that there is I was listening to Tiffany and Greg and Bob the word that kept coming up was stabilizing.

我想說的是，我正在聽蒂芬妮、格雷格和鮑伯的話，不斷出現的字是穩定。

And I think that is absolutely true and for sure, and I do think there's there's some green shoots and it's hard to again I'm not going to say that two or three months make a trend.

我認為這絕對是真的，而且我確實認為已經出現了一些萌芽，而且很難再說一遍，我不會說兩三個月就會形成一種趨勢。

But certainly when you look at the most cyclical parts of at least our business, you take, for example, pro serv.

但當然，當你至少看看我們業務中最具週期性的部分時，你會採取例如專業服務。

And number one, we have seen an uplift in volume, and we think that uplift is 15% to 20% over the last few months.

第一，我們看到成交量上升，我們認為過去幾個月增幅為 15% 到 20%。

And that's what we're expecting in the fourth quarter.

這就是我們對第四季的預期。

That's what February delivered.

這就是二月所帶來的。

So I think that's a that's a positive, a very positive sign and interim has also stabilized as well.

所以我認為這是一個積極的、非常積極的跡象，而且臨時情況也已經穩定下來。

So I think those are for us.

所以我認為這些是適合我們的。

I think those are two good green shoots and I think they do portray on, you know, a positive sign for the labor market.

我認為這是兩個好的萌芽，我認為它們確實描繪出了勞動力市場的積極跡象。

Okay.

好的。

Thanks, Gary.

謝謝，加里。

That's helpful.

這很有幫助。

Maybe a follow up on on margins, nice improvement at 15% EBITDA in the quarter.

也許是利潤率的後續行動，本季 EBITDA 實現了 15% 的良好改善。

It looks like a little bit of further improvement in the guidance.

看起來指南還有一些進一步的改進。

And as we think about kind of modeling margins maybe beyond the next quarter, can you talk about some of the puts and takes and maybe a base case for fiscal 25 and how quickly you could get back to that 16% to 18% target range you're looking for?

當我們考慮可能會在下個季度之後對利潤率進行建模時，您能否談談一些看跌期權和看跌期權，也許還有25 財年的基本情況，以及您能多快回到您設定的16% 至18% 的目標範圍。

Well, the we that is the longer-term target is 16% to 18%.

嗯，我們的長期目標是 16% 到 18%。

If I just dial it back before the pandemic on an apples to apples basis.

如果我只是在大流行之前將其撥回到蘋果的基礎上。

So adjusting for the mix shift, as we entered this new business called interim, which today is about $350 million it was zero from 4.5 years ago, and that impacts the margin compares by 200 to 250 basis points.

因此，當我們進入一項名為「中期」的新業務時，我們會根據混合變化進行調整，該業務目前約為3.5 億美元，與4.5 年前相比為零，這對利潤率產生了200至250 個基點的影響。

So if you had when you adjust for that pre-pandemic, we were running at 12%, 12.5% pro forma adjusted for the mix margin.

因此，如果您在疫情大流行前進行調整，我們的預期混合利潤率調整為 12%、12.5%。

Today we're at 15%.

今天我們的利率是 15%。

So profitability is substantially ahead of where it was pre-pandemic.

因此，盈利能力大大超過了大流行前的水平。

The business is up, call it third top line is up kind of 30% on from the pre-pandemic levels.

業務有所增長，稱之為第三頂線，比大流行前的水平增長了 30%。

Both of those data points I'm extremely proud on.

我對這兩個數據感到非常自豪。

We have to deliver profitable revenue growth.

我們必須實現獲利性收入成長。

And we do think there's some upside in the EBITDA margin and when that can crank up to 16% to 18%, I think part of that depends on on the Fed and what a more normalized rate environment is going to look like?

我們確實認為 EBITDA 利潤率有一些上升空間，當它可以上升到 16% 到 18% 時，我認為這部分取決於聯準會以及更正常化的利率環境會是什麼樣子？

The search business today is, call it $800 million.

如今的搜尋業務價值高達 8 億美元。

I mean, I got to as high as nine 30, which probably isn't, you know, a good a good compare, but clearly, there's a lot of room there.

我的意思是，我的成績達到了 9 分 30 分，這可能不是一個很好的比較，但顯然，那裡還有很大的空間。

There's room on Pro Search.

專業搜尋上還有空間。

There's room on interop I think the consulting business, we're scratching the surface.

我認為諮詢業務在互通性方面還有空間，我們只是觸及了表面。

And so at the end of the day, in this kind of business, it's really about the top line.

因此，歸根結底，在這種業務中，這確實關係到收入。

And that's why we've got a strategy really focused on one Korn Ferry, a horizontal approach to going to market.

這就是為什麼我們制定了一項真正專注於光輝國際的策略，即一種橫向進入市場的方法。

And I think that's reflective in the data around our marquee and regional accounts as well as the <unk> as well as the cross referrals.

而且我認為這在我們的商標和區域帳戶以及以及交叉推薦的數據中反映了反思。

And but we do think there's upside on the EBITDA margin.

但我們確實認為 EBITDA 利潤率有上升空間。

Okay.

好的。

Thank you.

謝謝。

George Tong from Goldman Sachs.

來自高盛的喬治唐。

Thanks.

謝謝。

Good morning.

早安.

You're consulting and digital businesses are seeing good growth and you're making inroads with your interim search of business.

您正在從事諮詢業務，數位業務正在看到良好的成長，並且您正在透過臨時業務搜尋取得進展。

Can you provide some additional stats on cross referrals and cross-selling involving these lines of businesses across the broader organization?

您能否提供一些有關整個組織中涉及這些業務線的交叉推薦和交叉銷售的額外統計數據？

Digital is a huge opportunity for us.

數位化對我們來說是一個巨大的機會。

When we look at the cross referrals into the digital offerings, it's been underweighted compared to the rest of the portfolio.

當我們查看數位產品的交叉推薦時，與投資組合的其他部分相比，它的權重被低估了。

And so the cross referrals, George, for this quarter because about 25% year to date, I think is about 25%, something like that.

因此，喬治，本季的交叉推薦，因為年初至今約為 25%，我認為約為 25%，類似的情況。

The cross referral percentages into Pro Search interim substantially higher like way, higher RPOs, the same thing and historically, maybe not as much recently, digital is an undersized penetration that we have to get out and that's opportunity for us.

專業搜尋的交叉推薦百分比在中期大幅提高，RPO 更高，同樣的事情，從歷史上看，也許最近沒有那麼嚴重，數字化滲透率太小，我們必須擺脫它，這對我們來說是機會。

And I think right off the top, my head George, I want to say that that cross referral percentage in the interim is probably and Bob can correct me on all this, but it's probably like 15% or so consulting which is a good sign that cross referral percentage into digital is like 30%.

我認為，我的頭喬治，我想說的是，過渡期間的交叉推薦百分比可能是，鮑勃可以糾正我所有這些，但這可能是 15% 左右，這是一個好兆頭，數字領域的交叉推薦比例約30%。

But for our firm overall, it's underweight or underweighted, which creates enough nothing but opportunity for us yes.

但對於我們公司整體而言，它的權重很低或偏低，這為我們創造了足夠的機會，是的。

I just add maybe a little bit more color on the interim.

我只是在過渡期間添加一點點顏色。

So if you go back to the point in time when we acquired Lucas group and you roll the clock forward to today as a result of being part of those businesses being part of the Korn Ferry ecosystem, we've had somewhere around 1,500 to 1,600 incremental opportunities that were identified between lines of business in room and they've won in the neighborhood of like a 50 to 900 of those, creating kind of $50 million to $60 million of incremental fee revenue that those businesses never would have gotten had they not been part of our ecosystem.

因此，如果你回到我們收購 Lucas 集團的時間點，並將時鐘撥到今天，因為這些業務是光輝國際生態系統的一部分，我們已經有大約 1,500 到 1,600 個增量他們在房間內的業務線之間發現了機會，並且贏得了大約50 到900 個這樣的機會，創造了5000 萬到6000 萬美元的增量費用收入，如果沒有這些機會，這些企業永遠不會獲得這些收入我們生態系統的一部分。

Got it.

知道了。

That's helpful.

這很有幫助。

In recent time periods, you've undertaken some cost rationalization actions, most of which are complete at this point, do you envision needing to take additional cost or headcount actions or do you think at this point?

最近一段時間，您已經採取了一些成本合理化行動，其中大部分已經完成，您是否認為需要採取額外的成本或人員編制行動，或者您現在認為如此？

The organization is rightsized for where we are in the cycle.

組織根據我們所處的周期進行了調整。

We are always looking at our talent in terms of promotion and, you know, on development opportunities.

我們總是在晉升和發展機會方面關注我們的人才。

That's something we're constantly working at night on.

這是我們晚上不斷努力的事。

I don't see any on any and kind of workforce actions other than our normal talent management processes.

除了我們正常的人才管理流程之外，我沒有看到任何其他類型的勞動力行動。

Yes, George, I would say on the from a cost perspective to where we were managing our RBT and travel down to a number that I think is sustainable at this point as the business goes forward.

是的，喬治，我想說的是，從成本的角度來看，我們管理 RBT 和旅行的成本已降至我認為隨著業務發展目前可持續的數字。

And as I said in the past, on the real estate side, we have some opportunities, but the big big opportunities are behind us at this point to me, it's really all about what Gary said earlier, it's productivity and that we're going to get leverage out of a top line growth, what's the what's the cloud?

正如我過去所說，在房地產方面，我們有一些機會，但對我來說，現在最大的機會已經過去了，這實際上與加里之前所說的有關，這是生產力，我們正在努力為了從收入成長中獲得槓桿作用，什麼是雲？

Great.

偉大的。

Very helpful.

很有幫助。

Thank you.

謝謝。

Josh Chan from UBS.

瑞銀 (UBS) 的喬許陳 (Josh Chan)。

Good morning.

早安.

Thanks for taking my questions.

感謝您回答我的問題。

On the digital business.

關於數位業務。

So you've run the business at about 30% margin for the last two quarters.

因此，過去兩個季度您的業務利潤率約為 30%。

Now about a year ago, it was 25% to 26% margin.

大約一年前，利潤率為 25% 至 26%。

So is the difference mainly the people that have kind of come out of the business?

那麼差異主要是那些從這個行業出來的人嗎？

And if that's the case what does that mean in terms of long-term growth potential in the digital business going forward?

如果是這樣的話，這對數位業務未來的長期成長潛力意味著什麼？

Well, I think we're scratching the surface of what the digital business can be.

嗯，我認為我們正在觸及數位業務的表面。

I mean, we we have to make sure that we're driving the entire firm across this IP that we have and creating knowledge transfer to clients.

我的意思是，我們必須確保透過我們擁有的智慧財產權來推動整個公司的發展，並向客戶進行知識轉移。

And I you know it could this be three or four times the size of what it is today, absolutely could be, but we have to invest in the platform, which we're which we're continuing to do.

我知道它的規模可能是今天的三到四倍，絕對有可能，但我們必須投資這個平台，我們正在繼續這樣做。

The profitability is clearly up not just because of the cost reductions, but also because of the collaboration between consulting and digital.

獲利能力的明顯提高不僅是因為成本的降低，還因為諮詢和數位化之間的合作。

I've never seen it to be higher and clearly, it should be the most profitable part of our business.

我從來沒有見過它更高更明確，它應該是我們業務中最賺錢的部分。

And it creates, I think, enormous opportunity for shareholders.

我認為，它為股東創造了巨大的機會。

And if we were to do nothing but double or triple that business, you can imagine what that could do for shareholder value.

如果我們什麼都不做，只是將業務增加一倍或三倍，你可以想像這會對股東價值產生什麼影響。

So it's clearly a focus of ours, but we've taken a very systematic approach to it and trying to build partnerships and an ecosystem.

因此，這顯然是我們的重點，但我們採取了非常系統化的方法，並試圖建立合作夥伴關係和生態系統。

And also investing in the platform and the technology platform that we have.

並且也投資於我們擁有的平台和技術平台。

Okay.Yes. Thanks for the color there, Gary, that's helpful.

好的，是的。謝謝你的顏色，加里，這很有幫助。

And then on the consulting side, I guess growth has been sustained by Europe strength over the last couple of quarters.

然後在諮詢方面，我認為過去幾季歐洲的實力支撐了成長。

So there's as Europe continues to look strong on consulting business or at some point, does that become a tougher compare as we kind of look ahead here?

因此，隨著歐洲在諮詢業務方面繼續表現強勁，或者在某些時候，當我們展望未來時，這是否會變得更加艱難？

Well, clearly, you know, it could be a tougher compare.

嗯，顯然，你知道，這可能是一個更艱難的比較。

But I think overall, in terms of where the consulting businesses, again, it's the beginning, not knocking.

但我認為總體而言，就諮詢業務而言，這只是一個開始，而不是敲門聲。

And we just continue to see we have a fabulous team and a great leader and market oriented.

我們繼續看到我們擁有一支出色的團隊和一位偉大的領導者並且以市場為導向。

And his strategy was to move the business towards bigger, more impactful transformational assignments and the business many years ago started out with assessments and smaller ticket engagements and over time through incredible team and the IP that we have and have a firm-wide push we have, you know, systematically I move that towards bigger organizational units, strategy assignments and you see it in the numbers.

他的策略是推動業務走向更大、更有影響力的轉型任務，多年前，業務從評估和較小的票務活動開始，隨著時間的推移，透過令人難以置信的團隊和我們擁有的知識產權，並在全公司範圍內推動我們的業務你知道，我係統地將其轉向更大的組織單位、戰略任務，你可以從數字中看到這一點。

You see it in the bill rate.

您可以在帳單費率中看到它。

I mean that bill rate.

我指的是帳單利率。

And I don't know the exact time, but it's like three or four years ago.

而且具體時間我也不知道，但好像是三、四年前的事了。

I think that bill rate was sub 300 bucks an hour.

我認為帳單費率是每小時 300 美元以下。

Now it's 438.

現在是438。

That's a that's a combination of everything and the strategy working.

這是一切和有效策略的結合。

So, you know, yes, did I do that comparisons get a little bit tougher for sure.

所以，你知道，是的，我確實這樣做了，比較肯定會變得更加困難。

They do no question about it, but in terms of and the long-term potential of this business more at the beginning.

他們對此沒有任何疑問，但更多的是從一開始就考慮到這項業務的長期潛力。

Hey, Josh, the one thing I would add is that as we move through the quarter, we did see a talked about green shoots and some positive activities happening in North America as well.

嘿，喬什，我要補充的一件事是，當我們進入本季度時，我們確實看到了關於北美的萌芽和一些積極活動的討論。

Okay.

好的。

Yes, that's very helpful.

是的，這非常有幫助。

And thanks.

謝謝。

Thank you, both for your time, and congrats on a good quarter for Asia.

謝謝你們抽出寶貴的時間，並祝賀亞洲季度表現良好。

We'll see you talk to you on Tuesday.

我們週二見。

Andre Childress from Baird.

來自貝爾德的安德烈·柴爾德里斯。

This is Andrea on for Mark Marcon.

我是馬克馬爾孔 (Mark Marcon) 的安德里亞 (Andrea)。

Thank you for taking our questions.

感謝您接受我們的提問。

My first question is just a follow-up to some of the prior commentary.

我的第一個問題只是之前一些評論的後續。

Just to add on.

只是補充一下。

Could you provide a little bit more of a breakdown in terms of what you're seeing by major geography between North America, Europe and in Asia Pacific on I'll talk about I'll talk about revenue first and overall as a firm as we reported down 2% and you know, Amir was Amea was flat.

您能否提供更多關於北美、歐洲和亞太地區之間主要地理位置的詳細資訊？

You know, kind of the same for North America, Asia was down like 5%.

你知道，北美也差不多，亞洲下降了 5%。

And a large part of that was driven by the continuing challenges that every company is facing in China.

其中很大一部分原因是每家公司在中國面臨的持續挑戰。

On the new business front for the quarter, overall, we were flat compared to the prior year.

在本季度的新業務方面，總體而言，與上一年相比持平。

Amea was up 6% on Asia was continued to be challenged and consulting was flat.

Amea 上漲 6%，亞洲繼續受到挑戰，諮詢業務持平。

Digital was up 2%.

數字上漲 2%。

And in North America.

在北美。

We've seen stabilization over the past few months in importers.

過去幾個月我們看到進口商的情況趨於穩定。

Okay, great.

好的，太好了。

And thank you for that.

謝謝你。

And then as a follow-up, digital saw a nice improvement pretty much across the board and your from your in your prepared remarks, you had a big point of emphasis in terms of trying to drive more cross-sells into that going forward.

然後，作為後續行動，數位化幾乎全面實現了良好的改進，從您準備好的演講中來看，您非常強調要努力推動更多的交叉銷售。

Could you provide a little bit more color on some of those strategies.

您能否為其中一些策略提供更多的資訊？

And if you could, in particular touch on some of the commentary regarding joint solutions with HR technology providers and how you see that evolving over time?

如果可以的話，請特別談談與人力資源技術提供者聯合解決方案的一些評論，以及您如何看待這種情況隨著時間的推移而演變？

Well, we built everything up to this point, really by ourselves.

嗯，到目前為止，我們真的是靠自己建造了一切。

And when you look at world-class consulting firms, they've typically enjoyed an ecosystem of partners that create deal flow.

當你觀察世界一流的顧問公司時，他們通常都喜歡創造交易流的合作生態系統。

And we have to this point really haven't been able to we haven't monetized that, and that's been an effort.

到目前為止，我們確實還無法將其貨幣化，而這是我們的努力。

We have a new leader in the digital business Mateus Herzog and who brings a fresh perspective with people.

我們的數位業務有了新的領導者 Mateus Herzog，他為人們帶來了全新的視角。

We've got a great team.

我們有一支很棒的團隊。

And so that is an opportunity for us.

這對我們來說是一個機會。

And so there are three to five largely technology players that we are working on steadily well to create an ecosystem where we can deliver more value through our IP with their technology solutions on to their clients and vice versa.

因此，我們正在穩步與三到五個主要技術參與者合作，以創建一個生態系統，在這個生態系統中，我們可以透過我們的智慧財產權及其技術解決方案為客戶提供更多價值，反之亦然。

And so I think it is a greenfield for us for sure.

所以我認為這對我們來說肯定是一片綠地。

I think also the collaboration between digital and consulting, as I said earlier, has never been higher.

正如我之前所說，我認為數位化和諮詢之間的合作也達到了前所未有的高度。

I think that is that is something that's positive for us.

我認為這對我們來說是積極的。

And overall as a firm, when you think about the kinds of data that we have and being able to provide insight to clients it's extraordinary.

總的來說，作為一家公司，當你想到我們擁有的數據類型並能夠為客戶提供洞察力時，這是非凡的。

I was on a call last week with the CEO, huge health care company.

上週我與一家大型醫療保健公司的執行長通了電話。

We've done thousands of assessments where we're able to tell about CEO exactly kind of a DNA and MRI of their organization and juxtapose that with that organization strategy and show where the gaps are, which leads to assessment leads to development.

我們已經進行了數千次評估，我們能夠準確地向執行長介紹其組織的 DNA 和 MRI，並將其與組織策略並列，並顯示差距在哪裡，從而導致評估導致發展。

And so I do think as a firm that one to one huge focus for us.

因此，我確實認為，作為一家公司，我們非常專注於一對一的工作。

We're calling it cap rise, but a lot of focus of that is to make sure that we are delivering delivering scaled analytics through our data.

我們稱之為上限上漲，但其中許多重點是確保我們透過數據提供大規模分析。

We've done 103 million assessments over time.

隨著時間的推移，我們已經完成了 1.03 億次評估。

Every year, we develop over 1 million professionals.

每年，我們培養超過 100 萬名專業人才。

We have comp data on 30 million people, 25,000 companies.

我們擁有 3,000 萬人、25,000 家公司的薪資數據。

And so a big big focus of us here is to make sure that we're and that we're able to create more insight based on that data with clients and we have to get the whole firm behind that effort.

因此，我們在這裡的一大重點是確保我們能夠基於與客戶的數據創建更多的見解，並且我們必須讓整個公司支持這項努力。

And that's an activity that's in.

這就是其中的一項活動。

It's a big activity that's underway for us, but right now.

這對我們來說是一項重大活動，但就在現在。

Great.

偉大的。

Thank you.

謝謝。

Your next question comes from the line of Tobey Sommer from Truist.

你的下一個問題來自 Truist 的 Tobey Sommer。

Thank you.

謝謝。

I was wondering if you could give us some more color on that a trend you quoted recently of Professional Search being up, maybe talk about how broad-based it is and any industry verticals that stand out as either leaders or laggards in that regard for the industry verticals?

我想知道您是否可以給我們更多關於您最近引用的專業搜尋上升趨勢的信息，也許可以談談它的基礎有多廣泛，以及在這方面作為領導者或落後者脫穎而出的任何行業垂直領域。垂直行業？

I think it's going to be hard for me to comment on.

我認為我很難發表評論。

I would say that it's been somewhat broad-based, I'm for sure.

我敢肯定，我想說的是，它的基礎有點廣泛。

But when you do look, it is up into the right.

但當你看時，它在右邊。

And I'm not going to sit here and say no three months, four months make a trend line.

我不會坐在這裡說不，三個月、四個月構成了一條趨勢線。

But I do think it is kind of reflective of of where companies are in terms of their adaptation in this small type quarter reset.

但我確實認為這在某種程度上反映了公司在這種小型季度重置中的適應情況。

And so it is true that over the last few months we have seen in Pro Search new kind of monthly new business trends up 15%, 20% on largely in North America, but also in the media.

確實，在過去的幾個月裡，我們在 Pro Search 中看到每月新業務趨勢成長了 15%、20%，主要是在北美，但也在媒體中。

And you know, that's been generally been one of the most cyclically sensitive parts of the labor market, at least the union.

你知道，這通常是勞動市場中對週期性最敏感的部分之一，至少是工會。

We're recruiting companies, staffing companies.

我們正在招募公司、人才派遣公司。

So I do think I do think that is a green shoot.

所以我確實認為這是一個萌芽。

The other thing that I would point out is on the RPO business.

我要指出的另一件事是 RPO 業務。

When you look back and after this great resignation and we've talked about labor hoarding, you've seen other you've seen other RPO providers and what's happened to their top line.

當你回顧這次偉大的辭職之後，我們談論了勞動力囤積，你會看到其他 RPO 提供者以及他們的收入發生了什麼。

We are expecting a share and largely over the last two to three quarters.

我們預計在過去兩到三個季度內佔據份額。

You'll you'll see that it's been a substantial part of the business has been renewals, which is important.

您會發現續訂是業務的重要組成部分，這很重要。

I mean, there's no question about it.

我的意思是，這是毫無疑問的。

It shows the quality of the work.

它顯示了工作的品質。

And as Tiffany said, the revenue that we actually recognize from what we report as new business has been about 106% of notional value.

正如蒂芙尼所說，我們從我們報告的新業務中實際確認的收入約為名義價值的 106%。

But we are we do think there's going to be a shift away from that.

但我們確實認為這種情況將會發生轉變。

That trend line more towards new wins.

該趨勢線更傾向於新的勝利。

And so I would expect that in this next quarter here, we'll probably do $100 million, maybe a little bit north in new business.

因此，我預計在下個季度，我們可能會在新業務上實現 1 億美元的收入，也許會稍微高一些。

And I think that trend of 70% or so renewals is going to flip a little bit, and I think you're going to see more new logos last renewals.

我認為 70% 左右的續訂趨勢將會發生一些轉變，我認為您會在上次續訂中看到更多新標誌。

Appreciate that from a modeling perspective, is the effect of recent cost cutting are fully captured in this quarter?

從建模的角度來看，最近成本削減的效果是否在本季得到了充分體現？

Or is there sort of an incremental tailwind in the quarter you're guiding for beyond?

或者您所指導的季度是否會出現某種增量順風？

Yes, Bob, I'll leave that you can answer that.

是的，鮑勃，我會讓你回答這個問題。

Yes, Tobey, I think most of the benefits of the actions we took are embedded in our run rate numbers that we posted today and for us.

是的，托比，我認為我們採取的行動的大部分好處都體現在我們今天發布的運行率數據中。

As we said earlier, I mean, the where we're going to continue to see and margin improvement is top line growth.

正如我們之前所說，我的意思是，我們將繼續看到利潤率改善的地方是營收成長。

And then also we we're going to look to drive more to continue to drive productivity so that we're not adding back headcount as quickly as we may perhaps have in the past as our top line recovers.

然後，我們還將尋求更多的努力來繼續提高生產力，這樣當我們的營收恢復時，我們就不會像過去那樣迅速增加員工人數。

Understood.

明白了。

Amyn from a cross-sell with referral.

Amyn 透過推薦進行交叉銷售。

And I think you quoted you have been in sort of the mid 20s now.

我想你說你現在已經二十多歲了。

Do you have any thoughts on sort of the evolution of your approach to driving that?

您對推動這一目標的方法的演變有什麼想法嗎？

Is it still a marquee account and marquee sales force focus?

它仍然是大客戶和大銷售團隊的焦點嗎？

Or do you have different sort of tools and approaches to trying to drive that higher?

或者您有不同類型的工具和方法來嘗試提高這一水平？

And you know it is it clearly starts with a top-down go-to-market strategy, but we also have to make sure that we are doing it bottom up.

你知道，它顯然是從自上而下的進入市場策略開始的，但我們也必須確保我們是自下而上地做的。

And the reality is we haven't had as much firm-wide push and around that as we would like to have or what there is opportunity to do.

現實情況是，我們並沒有像我們希望的那樣得到全公司範圍內的推動或有機會做的事情。

And so that is a, you know, an initiative that we called KF RISE.

這就是我們稱之為 KF RISE 的一項舉措。

That's first and foremost, investing in data and being able to do scaled analytics.

首先也是最重要的是，投資數據並且能夠進行大規模分析。

And because I think you know, wherever this thing goes on a I which we are absolutely trying to incorporate into our into our business.

因為我想你知道，無論這件事發生在哪裡，我們絕對會努力將其納入我們的業務中。

It starts with proprietary data and insight, then it's how do we get that data and insight into our consultant's hands to differentiate Korn Ferry on with our clients.

它從專有數據和洞察力開始，然後是我們如何將這些數據和洞察力交到顧問手中，從而使光輝國際在客戶中脫穎而出。

And so that is an active part of the strategy that scaled analytics that data, some are around sectors, industries, geographies, and we have to do a better job of getting that into our consultants' hands across the entire platform and to be able to differentiate Korn Ferry and offer more insight into customers so that that is definitely something that is that accelerated for us.

因此，這是擴展數據分析策略的一個積極部分，其中一些數據涉及部門、行業、地區，我們必須更好地把這些數據交到整個平台的顧問手中，並能夠光輝國際(Korn Ferry) 脫穎而出，並提供更多對客戶的洞察，對我們來說絕對是加速的事情。

I'm not going to say it's new, but we've certainly put a fresh emphasis on.

我不會說這是新的，但我們確實給予了新的重視。

But I would guess ideally, I would add to that is historically, I would say that the we were more opportunistic than intentional and I think is part of what the program Gary's talking about.

但我認為理想情況下，我會補充說，從歷史上看，我想說我們更多的是機會主義而不是故意的，我認為這是加里正在談論的計劃的一部分。

We're going to become much more intentional.

我們將變得更加刻意。

Give you an example in the past if somebody was an account leader on account and we wanted it was the $10 million account.

舉個過去的例子，如果某人是帳戶上的帳戶負責人，而我們希望它是 1000 萬美元的帳戶。

We wanted 20% growth.

我們想要 20% 的成長。

We typically get $2 million.

我們通常會得到 200 萬美元。

Now the KPA.s are being built where we're actually saying we wanted to million, but a million of it needs to come from consulting, a million of it needs to come from digital so that we're focusing efforts where we really see the opportunities and going after it with intent versus again, just be more opportunistic and money taking kind of what was given to us.

現在，KPA.s 正在建設中，我們實際上說我們想要數百萬，但其中的 100 萬需要來自諮詢，其中的 100 萬需要來自數字，以便我們將精力集中在我們真正看到的地方機會並且有目的地追求它，而不是再次，只是更有機會主義和金錢獲取給予我們的東西。

And my last question is has to do with the bill rate growth in consulting.

我的最後一個問題與諮詢行業的帳單費率成長有關。

And I know you had some success with some sort of <unk> government work in Amea.

而且我知道您在AMEA的某種政府工作中取得了成功。

I'm just curious if that's the main driver of the bill rate growth or it's broad-based.

我只是好奇這是否是帳單利率成長的主要驅動力，或者是否有廣泛的基礎。

How would you characterize as larger projects, et cetera.

您如何描述較大的項目，等等。

Thanks

謝謝

It is it is broadly clearly that's had an impact of what you're referencing around governmental work.

很明顯，您所提到的政府工作受到了影響。

No question about it, but I also think it's reflective of the strategy and from going from smaller engagements to bigger, more impactful transformational assignments, that's how you get leverage on.

毫無疑問，但我也認為這反映了策略，從較小的參與到更大、更有影響力的轉型任務，這就是你獲得影響力的方式。

We still have to we still have to continue to push and towards that, the organizational strategy, organizational design transformation, we still have to push the firm that direction.

我們仍必須持續推動組織策略、組織設計轉型，我們仍必須推動公司朝這個方向發展。

But clearly on that's had a big, big impact on the bill rates as well.

但顯然這對帳單費率也產生了巨大的影響。

Thank you.

謝謝。

And at this time, there are no further questions.

而此時，已經沒有其他問題了。

I'd now like to turn the call back to Gary Burnison for any closing remarks.

現在我想將電話轉回給加里·伯尼森，請他發表結束語。

Okay, Greg, it looks and thank you to everybody for listening today.

好的，格雷格，看起來如此，感謝大家今天的收聽。

We're very, very excited, obviously about the future of Korn Ferry.

顯然，我們對光輝國際的未來感到非常非常興奮。

I think this is the beginning we've done.

我認為這就是我們所做的開始。

We've proven, but there's customer receptivity in the marketplace.

我們已經證明，但市場上有客戶接受度。

The IP and the data that we have is enormous, and we're excited about the future.

我們擁有的知識產權和數據是巨大的，我們對未來感到興奮。

Thank you for taking an interest, and we'll talk to you next time.

感謝您的關注，我們下次再聊。

Thank you, Greg.

謝謝你，格雷格。

Thank you.

謝謝。

Ladies and gentlemen, this conference will be available for replay for one week starting today at 3 PM Eastern Time running through the date March 13, 2024 ending at midnight.

女士們、先生們，本次會議可重播一周，從東部時間今天下午 3 點開始，一直持續到 2024 年 3 月 13 日午夜為止。

You may access the AT&T executive playback service by dialing one eight six six two zero seven one zero four one and entering the access code seven three two three nine eight zero.

您可以透過撥打 1 8 6 6 2 0 7 1 0 4 1 並輸入存取代碼 7 3 2 3 9 8 0 來存取 AT&T 行政播放服務。

International participants may dial four zero two nine seven zero zero eight four seven.

國際參與者可撥打四零二九七零八四七。

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

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

That does conclude your conference for today.

今天的會議到此結束。

Thank you for your participation and for using AT&T Teleconference.

感謝您的參與和使用 AT&T 電話會議。

You may now disconnect.

您現在可以斷開連線。