Korn Ferry (KFY) 2025 Q1 法說會逐字稿

Okay.

好的。

Thank you, Leah, and hello, everybody.

謝謝你，利亞，大家好。

Thanks for joining us.

感謝您加入我們。

Tiffany, Greg, and Bob are going to get into the quarterly results.

蒂芙尼、格雷格和鮑勃將討論季度業績。

But as we were looking at the results, and this is now my, I think, 89th quarterly earnings call, I was reflecting on how far we've come, particularly over the last several quarters, and what I first described exactly a year ago as a multi-quarter economic reset in many countries around the world.

但當我們查看結果時，我認為這是我的第 89 次季度收益電話會議，我正在反思我們已經取得的進展，特別是在過去的幾個季度中，以及我在一年前首次描述的內容全球許多國家都經歷了多季的經濟調整。

And as I reflect on that, I'm more convinced than ever about how capable we have become and the opportunity ahead of us.

當我反思這一點時，我比以往任何時候都更相信我們已經變得多麼有能力以及我們面前的機會。

From sport to the industry, we're operating in the market at its highest level in over five decades in business.

從體育到工業，我們的市場運作達到了五十多年來的最高水準。

I can remember the first acquisition we did in our consulting and digital offerings.

我還記得我們在諮詢和數位產品領域的第一次收購。

We doubled the revenue of the business to about $30 million.

我們的業務收入翻了一番，達到約 3,000 萬美元。

Today, those solutions are almost $1.1 billion and continue to generate positive momentum.

如今，這些解決方案價值近 11 億美元，並繼續產生積極的勢頭。

We didn't have an interim offering before the pandemic.

在大流行之前我們沒有提供臨時產品。

Today, that solution is generating almost $300 million in revenue and tapping not only a large addressable market, but, one, that is extremely synergistic to our brand.

如今，該解決方案已產生近 3 億美元的收入，不僅開拓了一個巨大的潛在市場，而且與我們的品牌具有極大的協同效應。

Further, more recently, we've seen improved growth in executive search, and we're experiencing stable trends across professional search and RPO.

此外，最近，我們看到高階主管搜尋的成長有所改善，並且我們在專業搜尋和 RPO 方面經歷了穩定的趨勢。

Our marquee regional accounts 37% of our portfolio, cross referrals are about 27% of our revenue.

我們的大區域占我們投資組合的 37%，交叉推薦約占我們收入的 27%。

Consulting rates have increased by over a third over the last few years, reflecting the value of our solutions and SaaS agreements now exceed a third of our digital new business.

在過去幾年中，諮詢費率增加了三分之一以上，反映出我們的解決方案和 SaaS 協議的價值現在已超過我們數位新業務的三分之一。

And as importantly, we've added tremendous IP to our more than 100 million assessments, more than 10,000 success profiles, rewards data on 28 million people covering 30,000 organizations and leading-edge technology deployed in our RPO offering.

同樣重要的是，我們在超過 1 億個評估、超過 10,000 個成功檔案、涵蓋 30,000 個組織的 2800 萬人的獎勵數據以及我們的 RPO 產品中部署的領先技術中添加了巨大的 IP。

So yes, I'm very optimistic about our future.

所以，是的，我對我們的未來非常樂觀。

The results clearly demonstrate that our strategy is working.

結果清楚地表明我們的策略正在發揮作用。

Our top line is more than 30% higher than before the pandemic, which at that time was already an all-time high and now with even greater profitability.

我們的營收比疫情前成長了 30% 以上，當時已經是歷史最高水平，現在獲利能力甚至更高。

We are proving that we can leverage and extend our brand and deliver diverse offerings with unparalleled IP and incredible colleagues and expertise across our firm to drive even deeper impact for our clients.

我們正在證明，我們可以利用和擴展我們的品牌，並透過我們公司無與倫比的智慧財產權和令人難以置信的同事和專業知識提供多樣化的產品，為我們的客戶帶來更深遠的影響。

And our confidence is also reflected in our capital allocation, which not only included share buybacks but also more than a twofold increase in our quarterly dividend year over year.

我們的信心也體現在我們的資本配置上，其中不僅包括股票回購，而且我們的季度股息比去年同期增長了一倍以上。

This is just the beginning for Korn Ferry.

對光輝國際來說，這只是一個開始。

I'm convinced that we're only scratching the surface of tapping into an estimated $300 billion market opportunity.

我堅信，我們僅僅觸及了價值 3,000 億美元市場機會的皮毛。

And going forward to capitalize on that opportunity, our strategy will be anchored on five strategic pillars: Number one is our go-to-market approach and nowhere is that more pronounced than with our marquee and regional accounts, in which almost all of our marquee clients use at least three of our service offerings and benefit from our IP, full suite of offerings, and expertise.

展望未來，為了利用這一機會，我們的策略將立足於五個戰略支柱：第一個是我們的進入市場方法，沒有什麼比我們的大帳篷和區域客戶更明顯的了，其中幾乎所有的大帳篷客戶至少使用我們的三種服務產品，並從我們的智慧財產權、全套產品和專業知識中受益。

Second, innovation and IP.

第二，創新和智慧財產權。

Our continued investments in IP are giving clients a shared language to describe what great organizations and talent look like.

我們對智慧財產權的持續投資為客戶提供了一種共同的語言來描述偉大的組織和人才的樣子。

And we're embedding that language across their enterprise and throughout their talent, assessment, coaching, and development processes.

我們正在將這種語言嵌入他們的企業以及他們的人才、評估、輔導和發展流程中。

Third, our brand, which is a permission brand and just an incredible asset.

第三，我們的品牌，這是一個授權品牌，也是一項令人難以置信的資產。

We are the voice of talent, leadership, and organizational strategy.

我們是人才、領導力和組織策略的代言人。

Fourth, M&A.

第四，併購。

We're going to continue to explore synergistic and brand adjacent opportunities.

我們將繼續探索協同和品牌相鄰的機會。

And finally, it's all about our colleagues, investing in and developing our own talent and providing growth opportunities.

最後，這一切都與我們的同事有關，投資和發展我們自己的人才並提供成長機會。

Fundamentally, none of us know our potential unless we're given opportunity.

從根本上說，除非給我們機會，否則我們都不知道自己的潛力。

And our firm sits at the intersection of organizations, their strategy and their talent to create that opportunity.

我們公司處於組織、策略和人才的交會點，可以創造這樣的機會。

That's what it's all about, synchronizing talent and strategy to drive superior performance and enabling people and client organizations to be more of that.

這就是它的全部意義所在，同步人才和策略以推動卓越績效，並使員工和客戶組織更加出色。

With that, Bob, I'll turn it over to you.

鮑勃，我就把它交給你了。

Great.

偉大的。

Thanks, Gary, and good afternoon, good morning.

謝謝，加里，下午好，早安。

So our results for the first quarter are really a strong start to our new fiscal year.

因此，我們第一季的業績確實是我們新財年的良好開端。

Both fee revenue and profitability met or exceeded the high end of our guidance.

費用收入和盈利能力均達到或超過我們指導的上限。

Our adjusted EBITDA margin expanded for the fifth consecutive quarter.

我們調整後的 EBITDA 利潤率連續第五個季度擴大。

Our consulting and interim bill rates grew year over year by 8% and 9%, respectively.

我們的諮詢費率和中期票據費率分別年增 8% 和 9%。

And our employee productivity, which we measure by fee revenue per head count, is now 36% higher than it was pre-pandemic.

我們的員工生產力（以人均費用收入來衡量）現在比疫情前高出 36%。

Given the current business environment, this quarter was another opportunity to validate our long-term strategy.

考慮到當前的商業環境，本季是驗證我們長期策略的另一個機會。

And quite simply, we delivered.

很簡單，我們交付了。

We continue to successfully execute our plan, delivering value to our clients through unique and differentiated solutions and really reinforcing our position as one of the most trusted brands in organizational consultancy.

我們繼續成功執行我們的計劃，透過獨特和差異化的解決方案為客戶提供價值，並真正鞏固我們作為組織諮詢領域最值得信賴的品牌之一的地位。

Our consolidated fee revenue for the first quarter was $675 million, which was down only 2% year over year at constant currency.

我們第一季的綜合費用收入為 6.75 億美元，以固定匯率計算，年比僅下降 2%。

Fee revenue in the first quarter was driven by continued stability in consulting and digital, and we actually saw a return to growth for our executive search.

第一季的費用收入是由諮詢和數位領域的持續穩定推動的，我們實際上看到了高階主管獵頭的成長。

Additionally, we saw signs of stabilizing demand for our other permanent placement talent acquisition solutions, both Pro Search and RPO.

此外，我們看到對其他永久安置人才獲取解決方案（Pro Search 和 RPO）需求穩定的跡象。

Now in the first quarter, we delivered $111 million of adjusted EBITDA.

現在第一季度，我們實現了 1.11 億美元的調整後 EBITDA。

Our adjusted EBITDA margin grew to 16.5%, and our adjusted diluted earnings per share grew year over year at $1.18 per share.

我們調整後的 EBITDA 利潤率成長至 16.5%，調整後的稀釋每股盈餘較去年同期成長至每股 1.18 美元。

The first quarter's growth in profitability is notable and was driven by continuing improvements in our employee productivity and our disciplined cost management.

第一季獲利能力的成長引人注目，這是由於我們員工生產力的持續提高和嚴格的成本管理所推動的。

Our continued ability to achieve greater operating leverage in a prolonged, choppy and uncertain business environment is really important, and it positions us for greater earnings growth when the business environment improves and we start to see top line growing again.

我們在長期、動盪和不確定的商業環境中持續實現更大營運槓桿的能力非常重要，這使我們能夠在商業環境改善並且我們開始看到收入再次增長時實現更大的盈利增長。

Last, I'd like to provide an update on our capital deployment during the first quarter.

最後，我想提供第一季資本部署的最新情況。

Greg will give you some more of the details.

格雷格將為您提供更多詳細資訊。

But I'd like to point out that in spite of the current business environment, we remain very confident that we can maintain our current levels of profitability and, at the same time, reinvest back into the business to make sure we capture future growth and also return capital to shareholders.

但我想指出的是，儘管當前的商業環境如此，我們仍然非常有信心能夠維持當前的盈利水平，同時重新投資於業務，以確保我們抓住未來的增長和還向股東返還資本。

In the first quarter, we invested back into the business by hiring approximately 50 fee earners across all lines of business, being $11 million in capital for both digital product upgrades and technology that enables our other lines of business.

第一季度，我們重新投資了該業務，在所有業務領域僱用了大約 50 名收費人員，為數位產品升級和支持我們其他業務的技術提供了 1,100 萬美元的資本。

In addition, we returned a total of $43 million to shareholders through a combination of dividends and share repurchases.

此外，我們也透過股利和股票回購的方式向股東返還了總計 4,300 萬美元。

Now I'm going to turn the call over to Greg, who's going to take you through some overall company financial highlights.

現在我將把電話轉給格雷格，他將帶您了解一些公司的整體財務亮點。

Thanks, Bob.

謝謝，鮑伯。

Consolidated fee revenue in the first quarter of fiscal '25 was down 2% year over year at constant currency stabilizing at $675 million.

在固定匯率穩定在 6.75 億美元的情況下，25 財年第一季的綜合費用收入較去年同期下降 2%。

Fee revenue growth trends for both consulting and digital continued to be stable with Consulting up 1% and Digital up 2% year over year at constant currency.

諮詢和數位服務的費用收入成長趨勢持續保持穩定，以固定匯率計算，諮詢服務年增 1%，數位服務年增 2%。

Within Talent Acquisition, our Permanent Placement solutions also showed early signs of both growth and stability in the first quarter.

在人才招募方面，我們的永久安置解決方案在第一季也顯示出成長和穩定的早期跡象。

Executive search grew 3% year over year at constant currency, led by North America, which was up 6% on RPO and permanent placement, professional search stabilized at down 7% and down 10%, respectively.

以固定匯率計算，高階主管搜尋年增 3%，其中北美地區領漲，RPO 和永久安置成長 6%，專業搜尋則分別穩定在下降 7% 和下降 10%。

Market demand for professional interim services remained challenging with fee revenue down approximately 17% year over year in the first quarter.

市場對專業臨時服務的需求仍充滿挑戰，第一季的費用收入較去年同期下降約17%。

Excluding RPO, consolidated new business in the first quarter was also down 2% year over year at constant currency.

不包括RPO，第一季合併新業務以固定匯率計算也較去年同期下降2%。

Consulting new business in the first quarter was slightly slower and down 2% year over year at constant currency, while digital new business was stronger and up 7% year over year at constant currency.

第一季諮詢新業務略有放緩，以固定匯率計算年減 2%，而數位新業務則表現強勁，以固定匯率計算年增 7%。

Like fee revenue, new business growth trends for talent acquisition continued to stabilize with executive search up 1% year over year at constant currency and professional search and interim down 14% year over year at constant currency with new business for permanent placement professional search flat sequentially.

與費用收入一樣，人才招募的新業務成長趨勢持續穩定，以固定匯率計算，高階主管獵人頭和專業搜尋年增 1%，以固定匯率計算，中期年減 14%，永久安置專業搜尋新業務季持平。

For RPO, new business in the first quarter was strong at $104 million with new awards, which -- of new awards, which includes $84 million of renewals and extensions and $20 million of new logo assignments.

對於 RPO 來說，第一季的新業務強勁，達 1.04 億美元，其中包括 8400 萬美元的續約和延期以及 2000 萬美元的新徽標分配。

Earnings and profitability continued to grow in the first quarter, driven by both greater consultant and execution staff productivity and disciplined cost management across all lines of business.

第一季的收益和獲利能力持續成長，這得益於顧問和執行人員生產力的提高以及所有業務線嚴格的成本管理。

Consolidated adjusted EBITDA in the first quarter grew $16 million or 16% year over year, with our adjusted EBITDA margin improving to 16.5%, up 280 basis points year over year.

第一季合併調整後 EBITDA 較去年同期成長 1,600 萬美元，即 16%，調整後 EBITDA 利潤率提高至 16.5%，較去年同期成長 280 個基點。

Our adjusted EBITDA margin has now improved sequentially for five consecutive quarters.

我們的調整後 EBITDA 利潤率現已連續五季連續改善。

Adjusted fully diluted earnings per share in the first quarter were $1.18, up $0.19, or 19% year over year.

第一季調整後完全稀釋每股收益為 1.18 美元，年增 0.19 美元，即 19%。

Fully diluted earnings per share measured by GAAP were $1.17 in the first quarter.

第一季以 GAAP 衡量的完全攤薄每股收益為 1.17 美元。

Our investable cash position at the end of the first quarter improved to $553 million.

第一季末我們的可投資現金狀況改善至 5.53 億美元。

Our capital allocation continues to be balanced.

我們的資本配置繼續保持平衡。

In the first quarter of fiscal '25, we deployed $63 million of cash, investing $11 million in capital expenditures using $9 million for debt service and returned $43 million to shareholders, $19.5 million in dividends and $23.5 million to repurchase 351,000 shares.

在25 財年第一季度，我們部署了6,300 萬美元現金，投資1,100 萬美元用於資本支出，其中900 萬美元用於償債，並向股東返還4,300 萬美元、1,950 萬美元股息和2,350 萬美元用於回購351,000 股股票。

Now I'll turn the call over to Tiffany to review our operating segments in more detail.

現在我將把電話轉給蒂芙尼，更詳細地審查我們的營運部門。

Thanks, Gregg.

謝謝，格雷格。

Starting with KF Digital, fee revenue in the first quarter was $88 million, which was up 2% year over year at constant currency.

從 KF Digital 開始，第一季的費用收入為 8,800 萬美元，以固定匯率計算年增 2%。

Digital subscription and license fee revenue was $34 million in the first quarter, which was up 7% year over year at constant currency and accounted for approximately 39% of fee revenue for the quarter.

第一季數位訂閱和授權費收入為 3,400 萬美元，以固定匯率計算年增 7%，約佔該季度費用收入的 39%。

New business for KF Digital was strong at $97 million, with $35 million or 36% of the total tied to subscription and license sales.

KF Digital 的新業務表現強勁，達到 9,700 萬美元，其中 3,500 萬美元（佔總收入的 36%）與訂閱和授權銷售相關。

The overall pipeline for digital remains healthy as we head into the second quarter.

當我們進入第二季時，數位化的整體管道仍然保持健康。

Digital's adjusted EBITDA margin also remained strong in the first quarter, reaching 30.2%, driven by stable fee revenue and disciplined cost management.

在穩定的費用收入和嚴格的成本管理的推動下，第一季 Digital 的調整後 EBITDA 利潤率也保持強勁，達到 30.2%。

For consulting, fee revenue in the first quarter was $168 million, which was up 1% year over year at constant currency.

諮詢方面，第一季的費用收入為 1.68 億美元，以固定匯率計算年增 1%。

Fee revenue growth was strongest in organizational strategy, which increased 10% year over year.

組織策略中的費用收入成長最為強勁，年增 10%。

Consulting's average bill rate was $425 per hour in the first quarter, which was up 8% year over year.

第一季顧問公司的平均帳單費率為每小時425美元，較去年同期成長8%。

Adjusted EBITDA margin also continued to improve for Consulting, increasing 250 basis points year over year to 17.5% driven by both higher bill rates and greater consultant and execution staff utilization.

諮詢業的調整後 EBITDA 利潤率也持續改善，由於帳單費率上升以及顧問和執行人員利用率提高，年增 250 個基點至 17.5%。

Total fee revenue for professional search and interim in the first quarter was $122 million, down $20 million or 14% year over year.

第一季專業搜尋和中期費用總收入為 1.22 億美元，年減 2,000 萬美元，成長 14%。

Fee revenue trends for permanent placement professional search continued to stabilize in the first quarter with revenue contracting 10% year over year and only 7% sequentially.

第一季永久安置專業搜尋的費用收入趨勢持續穩定，營收年減 10%，季減 7%。

The consultant productivity in the first quarter for professional service also remained stable sequentially at $640,000 annualized and was up 10% measured year over year.

第一季專業服務顧問的生產力也保持穩定，年化為 64 萬美元，年增 10%。

Interim fee revenue was $70 million for the first quarter which was down $14 million, or 17% year over year, but down only 4% sequentially.

第一季中期費用收入為 7,000 萬美元，年減 1,400 萬美元，或 17%，但環比僅下降 4%。

Despite the slowdown in demand, interim's average bill rate increased to $133 per hour, which is up 9% from one year ago and is reflective of the added value of being part of the broader Korn Ferry ecosystem.

儘管需求放緩，臨時的平均帳單費率仍上漲至每小時 133 美元，比一年前增長了 9%，這反映了成為更廣泛的光輝國際生態系統一部分的附加價值。

Adjusted EBITDA margin for professional search and interim improved to 21.1% in the first quarter, driven primarily by disciplined cost management.

第一季專業搜尋和中期調整後 EBITDA 利潤率提高至 21.1%，這主要是受到嚴格成本管理的推動。

Moving on to Recruitment Process Outsourcing.

轉向招募流程外包。

Fee revenue in the first quarter for RPO stabilized at $89 million, which was down 7% year over year at constant currency and flat sequentially due in part to an increase in hiring volume by base clients.

第一季 RPO 費用收入穩定在 8,900 萬美元，以固定匯率計算，年減 7%，環比持平，部分原因是基礎客戶招募量的增加。

Total revenue under contract at the end of the first quarter was $656 million with approximately $295 million or 45% to be recognized within the next four quarters.

第一季末合約總收入為 6.56 億美元，其中約 2.95 億美元或 45% 將在接下來的四個季度內確認。

Although the timing of new business can be lumpy, the pipeline for RPO remains strong for both renewals and extensions with existing clients and new logo wins.

儘管新業務的時機可能不穩定，但 RPO 的管道對於現有客戶的續約和擴展以及新徽標的贏得仍然強勁。

The adjusted EBITDA margin for RPO improved to 14.1% in the first quarter, driven by both greater execution staff productivity and disciplined cost management.

在執行人員生產力提高和嚴格的成本管理的推動下，第一季 RPO 調整後 EBITDA 利潤率提高至 14.1%。

Finally, global fee revenue in the first quarter for executive search was $209 million, up 3% year over year at constant currency.

最後，第一季全球獵頭費用收入為 2.09 億美元，以固定匯率計算年增 3%。

Global fee revenue for executive search has been stable for the past several quarters with Q1 marking a return to growth for the segment.

過去幾個季度，全球獵頭費用收入一直保持穩定，第一季標誌著該領域恢復成長。

Both the number of search consultants and consultant productivity measured by fee revenue per consultant improved sequentially in the first quarter, driving adjusted EBITDA to $49 million with an adjusted EBITDA margin of 23.7%.

第一季度，獵人頭顧問的數量和以每位顧問的費用收入衡量的顧問生產力均有所改善，推動調整後 EBITDA 達到 4,900 萬美元，調整後 EBITDA 利潤率為 23.7%。

I will now call -- turn the call back over to Bob to discuss our outlook for the second quarter of fiscal '25.

我現在將打電話給鮑勃，討論我們對 25 財年第二季的展望。

Great.

偉大的。

Thanks, Tiffany.

謝謝，蒂芙尼。

For the last several months, our new business growth trends have continued to be choppy, exiting first quarter, entering the second quarter, our new business was up 10% year over year in July, and in August came back down in line with expectations.

過去幾個月，我們的新業務成長趨勢持續波動，退出一季度，進入二季度，7月份我們的新業務年增10%，8月份則回落到符合預期的水平。

Assuming no further changes in worldwide geopolitical conditions, economic conditions, financial markets and foreign exchange rates, we expect fee revenue in the second quarter to range from $655 million to $685 million, our adjusted EBITDA margin to approximate 16.3% to 16.7% and our consolidated adjusted diluted earnings per share to range from $1.14 to $1.26. And finally, we expect our GAAP diluted earnings per share in the first quarter to range from $1.11 to $1.23.

假設全球地緣政治狀況、經濟狀況、金融市場和外匯匯率沒有進一步變化，我們預計第二季的費用收入將在6.55 億美元至6.85 億美元之間，調整後的EBITDA 利潤率將達到約16.3% 至16.7%，我們的合併將稀釋後每股盈餘調整為 1.14 美元至 1.26 美元。最後，我們預計第一季 GAAP 攤薄後每股收益將在 1.11 美元至 1.23 美元之間。

Now in closing, I will reiterate the message from our last earnings call.

最後，我將重申我們上次財報電話會議的訊息。

The economic environment we are operating in today is full of contradictions, uncertainties and new challenges.

當今的經濟環境充滿矛盾、不確定性和新挑戰。

As a management team, we're confronting these issues head on, and we are laser-focused on controlling what we can control, which includes the disciplined maintenance of our cost base and driving productivity to maintain our profitability, while making measured investments to position the firm for long-term growth.

作為一個管理團隊，我們正在直面這些問題，我們專注於控制我們可以控制的事情，其中​​包括嚴格維護我們的成本基礎和提高生產力以維持我們的盈利能力，同時進行有節制的投資以定位公司的長期發展。

And as I always say, we are at the beginning of what's going to be a very long ball game.

正如我常說的，我們正處於一場漫長的比賽的開始。

And I agree wholeheartedly with Gary, I truly believe our best is yet to come.

我完全同意加里的觀點，我真的相信我們最好的尚未到來。

With that, we would be glad to answer any questions you may have.

因此，我們很樂意回答您的任何問題。

Operator?

操作員？

(Operator Instructions) Trevor Romeo, William Blair.

（操作員說明）特雷弗·羅密歐、威廉·布萊爾。

First one I had was just on margins.

我的第一個只是邊緣。

I think, again, really nice to see some upward momentum there this quarter.

我再次認為，很高興看到本季出現一些上升勢頭。

But just kind of thinking about the 16% to 18% longer-term target for EBITDA margins, you're already kind of at 16.5%, in this type of macro environment without really much of a cyclical uptick coming through yet.

但只要考慮一下 EBITDA 利潤率 16% 至 18% 的長期目標，在這種宏觀環境下，您已經達到了 16.5%，而且還沒有太大的周期性上升。

So is that still a good range to think about over the next several years?

那麼，這仍然是未來幾年值得考慮的一個不錯的範圍嗎？

Or do you think there could be some upside to that once we do get more of a rebound in the cyclical businesses?

或者，您認為一旦週期性業務確實出現更多反彈，這可能會有一些好處嗎？

I do think there could be upside to that.

我確實認為這可能有好處。

But for now, we feel very comfortable with the 16% to 18%.

但目前，我們對 16% 到 18% 感到非常滿意。

A year ago, what we've seen over the last year is exactly what we predicted a year ago.

一年前，我們去年所看到的情況正是我們一年前所預測的。

And we thought there would be a multi-quarter reset in economies around the world, and it's played out exactly as we thought.

我們認為世界各地的經濟體將會經歷多個季度的重置，而結果正如我們所想的那樣。

And so we made some very hard decisions a year ago around our operating structure.

因此，我們一年前圍繞我們的營運結構做出了一些非常艱難的決定。

And those have turned out to be very, very good decisions in hindsight.

事後看來，這些都是非常非常好的決定。

And at the same time, we are reinvesting in the business.

同時，我們正在對業務進行再投資。

And as Bob said, this quarter, we brought on 51 new consultants onto the platform in total.

正如鮑伯所說，本季度，我們總共為該平台引入了 51 名新顧問。

So yes, there could be some upside to that for sure.

所以，是的，這肯定會有一些好處。

But for now, we're sticking with the 16% to 18%.

但目前我們仍堅持 16% 至 18%。

Okay.

好的。

Great.

偉大的。

And then for my follow-up here, just looking at the revenue guidance, I think if I take the midpoint, it looks like you're expecting about a 1% sequential decline Q1 to Q2.

然後，對於我在這裡的後續行動，只要看看收入指導，我認為如果我取中點，看起來您預計第一季到第二季將連續下降 1%。

Typically, I think you see a pretty nice uptick most years in Q2.

通常情況下，我認為大多數年份第二季都會出現相當不錯的成長。

So was kind of just wondering if you could maybe give a bit more color on what you're seeing across the businesses and what, if anything, is different than prior years in terms of that sequential progression?

因此，我想知道您是否可以對您在各個企業中看到的情況提供更多的信息，以及在連續進展方面與前幾年有何不同（如果有的話）？

Yes, I think you're right.

是的，我認為你是對的。

Generally, we see an uptick of 4%, something like that.

一般來說，我們會看到 4% 左右的漲幅。

So you're right on that.

所以你是對的。

We've had two snap elections, continued trade conflicts, the wars that you know about, the Olympics in Paris.

我們經歷了兩次提前選舉、持續的貿易衝突、你知道的戰爭、巴黎奧運。

So there's just been a lot of things that have been going on and given that environment in July and August with events around the world, we feel like the business will be flattish in this next quarter.

因此，發生了很多事情，考慮到 7 月和 8 月的環境以及世界各地發生的事件，我們認為下個季度的業務將持平。

The other thing that's happening is on the consulting business, and you see it in the rate per hour.

正在發生的另一件事是在諮詢業務上，你可以從每小時的費率中看到它。

We're moving towards much bigger and more impactful engagements.

我們正在邁向規模更大、影響力更大的活動。

And so for example, engagements over 2.5 million have tripled.

例如，超過 250 萬人的參與人數增加了兩倍。

And so those take longer to work through.

因此，這些需要更長的時間才能完成。

And so that's certainly playing into it as well.

所以這也肯定會發揮作用。

That's helpful.

這很有幫助。

And just maybe to quickly follow up because you mentioned the kind of the snap elections in Europe, I believe.

我相信，也許只是為了快速跟進，因為你提到了歐洲的提前選舉。

Are you seeing any impact you're hearing from clients.

您是否從客戶那裡聽到了任何影響？

I guess that there could be some impact in the near term in North America with the US election coming up at all?

我想隨著美國大選的臨近，短期內可能會對北美產生一些影響？

We haven't seen that.

我們還沒有看到這一點。

And speaking of EMEA, new business trailing four months, the last four months, it's been up three of the four months, which given the summertime is a very, very strong sign.

說到歐洲、中東和非洲地區，新業務連續四個月增長，過去四個月中，四個月中有三個月增長，考慮到夏季，這是一個非常非常強烈的跡象。

But no, we have not seen that in the United States.

但不，我們在美國還沒有看到這種情況。

George Tong, Goldman Sachs.

喬治唐，高盛。

Your North American executive search business saw a notable improvement in its growth rate in the quarter.

您的北美獵人頭業務本季成長率顯著改善。

Can you elaborate on what drove the improvement and how sustainable the current trajectory of growth is?

您能否詳細說明是什麼推動了這種改善以及當前成長軌蹟的可持續性如何？

Well, how sustainable it is, the business today is actually doing more new business and revenue, slightly more than before the pandemic.

嗯，這是多麼可持續，今天的企業實際上正在做更多的新業務和收入，比大流行之前略多。

Our productivity was very, very good at about $1.5 million or so.

我們的生產力非常非常好，約 150 萬美元。

And so we look at that and say there's plenty of room to run, for sure, in that search business.

因此，我們對此進行了研究，並表示搜尋業務肯定有很大的發展空間。

I'll tell you that the level of work that we're doing these days in executive search is probably the highest that I've seen and that ranges from sport to industry.

我會告訴你，我們這些天在獵頭方面所做的工作水平可能是我見過的最高的，範圍從體育到工業。

We've seen quite a bit of work recently, a focus around succession.

我們最近看到了很多工作，重點是繼任。

And that clearly has been driving some of our search business as well as our consulting business.

這顯然一直在推動我們的一些搜尋業務以及諮詢業務。

And the broader backdrop is the demographic trends, peak 65, the number of people turning age 65 over the next two to three years.

更廣泛的背景是人口趨勢，65 歲達到峰值，即未來兩到三年內年滿 65 歲的人數。

The United States is probably going to lose 4 million, 5 million workers a year from the last of the baby boom retirements.

由於嬰兒潮最後一次退休，美國每年可能會失去 400 萬、500 萬名工人。

And so clearly, that provides -- can provide sustained momentum.

很明顯，這提供了——可以提供持續的動力。

And so we've seen -- yes, we've seen an uptick since we last talked to you in June.

所以我們看到——是的，自從我們上次在六月與您交談以來，我們看到了增長。

And we'll have to see what the environment holds in the future, but we feel very, very comfortable and confident about where we're operating in the executive search business in North America.

我們必須看看未來的環境如何，但我們對北美獵人頭業務的運作感到非常非常放心和充滿信心。

Got it.

知道了。

That's very helpful context.

這是非常有幫助的背景。

You also cited stable trends in your professional search and RPO businesses.

您也提到了專業搜尋和 RPO 業務的穩定趨勢。

Can you talk a little bit about what you would need to see for those stable trends to inflect into more positive trends?

您能否談談您需要看到什麼才能使這些穩定的趨勢轉變為更積極的趨勢？

I think one thing that is, there's a couple broader perspectives on the results.

我認為有一件事是，對結果有一些更廣泛的視角。

One is China, and although not a significant part of the firm, what you've seen in China has definitely had an impact on our growth rates.

一是中國，雖然不是公司的重要組成部分，但你在中國看到的情況肯定對我們的成長率產生了影響。

And it's been significant for us.

這對我們來說意義重大。

And I just reflect on -- I read some place that before the pandemic, there were something like 325 flights to China, Mainland China a week from the United States.

我想了一下——我讀到一些地方說，在大流行之前，每周有大約 325 個航班從美國飛往中國大陸。

And now it's like 35.

現在好像35歲了。

And that's definitely reflected in our business.

這肯定反映在我們的業務中。

And so our growth would have been substantially different or the decline wouldn't have been as much with China.

因此，我們的成長將會有很大不同，或者下降幅度不會與中國那麼大。

But the other thing on -- the on both the professional search and interim side, it goes back to a decision that we made over a year ago, slightly over a year ago.

但另一件事——在專業搜尋和臨時方面，這可以追溯到我們一年多前做出的決定，大約一年多前。

And that was when we thought about the megatrends and the forward 12 to 24 months, we really did see this multi-quarter reset, and we made a decision that we would pivot the pro search and interim businesses towards more profitable engagements.

就在那時，當我們考慮大趨勢和未來12 到24 個月時，我們確實看到了這種多季度重置，並且我們做出了決定，將專業搜尋和臨時業務轉向更有利可圖的業務。

And with that, we made a decision that we would adjust the number of consultants in that business.

於是，我們決定調整該業務的顧問數量。

So when you look at pro search and interim, you're seeing -- when you see the revenue decline, a big part of that story is not only the macro environment, which is definitely challenging, as Bob said.

因此，當你觀察專業搜尋和臨時搜尋時，你會發現——當你看到收入下降時，這個故事的一個重要部分不僅僅是宏觀環境，這絕對是具有挑戰性的，正如鮑勃所說。

But it's also decisions we made to move the business towards what we have now proven to be true, more profitable work.

但這也是我們做出的決定，旨在推動業務走向我們現在已經證明是真實的、更有利可圖的工作。

And so we've reduced the number of consultants in that -- in those businesses year over year like 25%.

因此，我們將這些業務中的顧問數量逐年減少了 25%。

And now this last quarter, as Bob said, we did reinvest in the platform in terms of number of consultants as well as putting money into CapEx.

現在，正如鮑伯所說，在最後一個季度，我們確實在顧問數量以及資本支出方面對平台進行了再投資。

Tobey Sommer, Truist.

托比·索默，真理主義者。

I wanted to ask about your hiring of additional fee earners.

我想問一下你們僱用額外收費人員的情況。

Is that 50, 51 number, is that a net number?

那個50、51號是網號嗎？

And maybe could you talk about how they're dispersed around the businesses and whether your posture for the balance of the year is still to be sort of a net hirer and just comment on why?

也許你能談談他們是如何分散在各個業務中的，以及你在今年剩餘時間裡的態度是否仍然是一種淨僱傭者，並只是評論一下原因？

It is our posture.

這是我們的姿勢。

I'll have Bob maybe could break it down a little bit.

我會讓鮑伯也許能把它分解一下。

But our posture over the next year is absolutely to grow the net consultants that we have across the platform.

但我們明年的態度絕對是增加我們在整個平台上擁有的網路顧問。

At the same time, we're going to make sure, like we've always done that we do, quarterly talent management, which any great company will do.

同時，我們將確保像我們一直所做的那樣，進行季度人才管理，任何偉大的公司都會這樣做。

I will tell you that we certainly have a bias for professional search, interim, consulting and digital.

我會告訴你，我們當然偏向專業搜尋、臨時、諮詢和數字。

Those areas we're putting an increased focus on.

我們更加關注這些領域。

Part of that is because of the decisions that we made a year ago to focus on more profitable work.

部分原因是我們一年前做出的決定，專注於更有利可圖的工作。

So we do have an appetite to be in the market.

所以我們確實有進入市場的興趣。

We promoted a lot of people this last quarter.

上個季度我們晉升了很多人。

And Bob, maybe you can provide a little bit more detail.

鮑勃，也許你可以提供更多細節。

Yes.

是的。

The fee earners that we brought on, Tobey were more concentrated across executive search and Consulting.

我們引進的收費人員托比主要集中在獵人頭和諮詢領域。

That's where the -- I would say, the lion's share of the 50 or so that came on, onboard were in those lines of business.

我想說，船上大約 50 名員工中的大部分都從事這些業務。

And is that 50 or so number sort of a reasonable way to think about things on a go-forward basis?

這個 50 左右的數字是否是一個合理的方式來考慮未來的事情？

Because just from a modeling perspective, we're talking about 50 hires, but is that net of consistent talent management, et cetera?

因為僅從建模的角度來看，我們談論的是 50 名員工，但這是否包含一致的人才管理等等？

No.

不。

The 50 hires is gross.

這 50 名員工人數太少了。

I mean it was the gross number of hires we had this quarter.

我的意思是這是我們本季僱用的總人數。

As Gary indicated, we made some decisions in a couple of the other lines of business to proactively, performance-manage folks out.

正如加里所指出的那樣，我們在其他幾個業務領域做出了一些決定，主動地對人員進行績效管理。

But I would say, yes, the number of hires that you see, I would expect us to be for the next couple of quarters in that same range.

但我想說，是的，你看到的招聘人數，我預計我們在接下來的幾個季度中將處於同一範圍內。

Okay.

好的。

That's helpful.

這很有幫助。

And then could you give us some more detail about what the pivot to more profitable engagements in interim and pro search means.

然後您能否給我們一些更多細節，說明轉向更有利可圖的臨時和專業搜尋業務意味著什麼。

Give us some other characteristics of what those look like?

請給我們介紹一下它們的其他一些特徵？

And does it impact your TAM that you're sort of not willing to dip down to something that is slightly less profitable?

您不願意從事利潤稍低的業務，這是否會影響您的 TAM？

Maybe just dig into that a little bit more detail.

也許只是更深入地研究一下。

Well, I think the first thing is around industry pivots.

嗯，我認為第一件事是圍繞著行業樞紐。

And so we've certainly made some decisions there.

所以我們確實在那裡做出了一些決定。

For example, to focus more on the industrial sector, that's been a conscious decision that we've made.

例如，更多地關注工業領域，這是我們有意識地做出的決定。

So part of it starts with the industry focus.

所以部分是從產業焦點開始的。

The opportunity, a big opportunity there is outside the United States.

機會，美國以外還有一個巨大的機會。

Both those professional search and interim, both those businesses are undersized, given our brand in what they could be outside the United States, particularly in EMEA.

考慮到我們在美國以外地區（尤其是歐洲、中東和非洲）的品牌，這些專業搜尋業務和臨時業務的規模都較小。

And so I think you'll see us making investments in those businesses in EMEA over the next few months to grow.

因此，我認為您會看到我們在未來幾個月內對歐洲、中東和非洲地區的這些業務進行投資以實現成長。

And the other thing is to focus not only industry, but geography, but the type of clients.

另一件事是不僅要關注行業，還要關注地理位置，還要關注客戶類型。

And so we've got 14,000 clients around the world.

我們在全球擁有 14,000 名客戶。

We've got a laser focus on our marquee and regional clients, which are only about 350 of those 14,000.

我們專注於我們的大客戶和區域客戶，這些客戶僅佔這 14,000 家中的約 350 家。

And part of it is to make sure that we're moving all of our solutions towards that go-to-market approach, not exclusively.

其中一部分是為了確保我們將所有解決方案轉向市場推廣方式，而不僅僅是這樣做。

But we want to make sure that we are penetrating and driving deeper impact on our existing client base.

但我們希望確保我們正在滲透並推動對現有客戶群產生更深遠的影響。

It's cheaper in many, many respects.

它在很多很多方面都更便宜。

And so we've had over the past four or five quarters, it's huge push on making sure that on our marquee and regional accounts, we're bringing all of our solutions, including professional search and interim to those clients.

因此，在過去的四、五個季度中，我們大力推動確保在我們的大客戶和區域客戶上，我們為這些客戶提供所有解決方案，包括專業搜尋和臨時解決方案。

And a year ago, we thought that we weren't doing as good a job as we could, particularly, around interim and pro search given that interim was a relatively new offering for us that we needed to make a bigger push on those solutions around marquee and regional accounts.

一年前，我們認為我們沒有做得盡可能好，特別是在臨時和專業搜索方面，因為臨時對我們來說是一個相對較新的產品，我們需要更大程度地推動這些解決方案大帳篷和區域帳戶。

And the other one that we still am not satisfied with is the digital penetration on the marquee and regional accounts.

我們仍然不滿意的另一點是大型和區域帳戶的數位滲透。

That's going to be a push for us over the next four quarters.

這將成為我們未來四個季度的推動力。

Gary, it's Bob.

加里，是鮑伯。

The other thing I would add as well is that, when you bring these companies into our ecosystem, they're connecting with our executive search partners who have phenomenal relationships.

我還要補充的另一件事是，當您將這些公司納入我們的生態系統時，他們正在與我們擁有非凡關係的獵人頭合作夥伴建立聯繫。

And so the companies are naturally operating at a higher level than perhaps they were prior to being acquired by Korn Ferry.

因此，這些公司自然會以比被光輝國際收購之前更高的水平運作。

So that drives up some of the profitability as well.

因此，這也提高了一些獲利能力。

Right.

正確的。

Last question for me, if I could.

最後一個問題問我，如果可以的話。

Gary, you mentioned large engagements over 2.5 million have tripled.

Gary，您提到超過 250 萬的大型活動數量增加了兩倍。

Could you give us some context for over what period have they tripled.

您能否給我們一些背景信息，說明在什麼時期內它們增長了兩倍。

Is that year over year?

是年復一年嗎？

And in approximate terms, how many of those engagements there are?

大概來說，這些活動有多少？

Well, I'll have to have Bob give you the details.

好吧，我得讓鮑勃給你詳細資料。

I'll tell you that I think even sequentially they've improved.

我會告訴你，我認為即使是連續的，他們也有所改善。

Our backlog in Consulting at the end of the first quarter was essentially about the same backlog and Bob can correct me as it was in the fourth quarter.

第一季末我們的諮詢積壓工作基本上與第四季的積壓工作大致相同，鮑伯可以糾正我。

And then in terms of some of the depth, Bob, maybe you can comment on that.

然後就某些深度而言，鮑勃，也許你可以對此發表評論。

Yes.

是的。

See I don't have the exact number of engagements, Tobey.

我沒有確切的約會次數，托比。

But when you look at the backlog going into Q1, it was approximately $150 million.

但如果你看看第一季的積壓訂單，你會發現大約有 1.5 億美元。

And going into Q2, it's roughly in the same ballpark, where we saw the large increase in engagements above 2.5 million.

進入第二季度，情況大致相同，我們看到參與人數大幅增加，超過 250 萬。

Those went from about 3.5 million up to a little bit north of 12 million in just in a three-month period of time.

在短短三個月的時間內，這些數字就從大約 350 萬增加到了 1,200 萬以上。

Alex Sinatra, Baird.

亞歷克斯·西納特拉，貝爾德。

This is Alex Sinatra on for Mark Marcon.

我是亞歷克斯·西納特拉 (Alex Sinatra) 為馬克·馬孔 (Mark Marcon) 發言。

First off, congratulations on the continued margin strength.

首先，恭喜利潤率持續走強。

You've done a really good job keeping that.

你在保持這一點方面做得非常好。

And I was wondering if you could touch on how that progress has been received internally?

我想知道您能否談談內部是如何接受這項進展的？

I guess, in particular, how it was received in those newer interim and professional services areas because you did mention quarterly talent management?

我想，特別是在那些較新的臨時和專業服務領域，人們的反應如何，因為您確實提到了季度人才管理？

Well, I think everybody recognizes the environment that we're in and all of those decisions go back well over a year.

嗯，我認為每個人都認識到我們所處的環境，所有這些決定都可以追溯到一年多前。

So nothing has really changed over the last three months, six months, those decisions, which were hard were done a year ago.

因此，在過去的三個月、六個月裡，沒有任何真正的改變，這些在一年前做出的艱難決定。

And so when you take those decisions, those are the worst decisions that I have to make.

因此，當你做出這些決定時，這些是我必須做出的最糟糕的決定。

And they weigh on my heart, in my mind.

它們壓在我的心上，壓在我的腦海裡。

We're past that.

我們已經過去了。

And I think everybody, you look around and you see a very, very interesting environment for sure.

我想每個人，環顧四周，你肯定會看到一個非常非常有趣的環境。

And I think employees recognize that and colleagues recognize that.

我認為員工認識到這一點，同事也認識到這一點。

So I don't see any issues there.

所以我沒有看到任何問題。

Okay.

好的。

Great.

偉大的。

And then really quick, I was hoping to get a little bit more color regarding the confirmed orders by month.

然後很快，我希望能獲得有關每月確認訂單的更多資訊。

You mentioned July being up year over year.

您提到七月同比增長。

And I was just kind of wondering what you were seeing from flash reports for the current month given the increasing signs of labor market softening?

我只是想知道，鑑於勞動力市場疲軟的跡象越來越多，您從本月的快速報告中看到了什麼？

Yes.

是的。

We don't -- we can't -- we don't know anything here in September.

我們不——我們不能——我們對九月這裡一無所知。

I would just say the last four months have been pretty consistent with what you've seen.

我只想說過去四個月的情況與您所看到的非常一致。

September is way too early to call.

九月現在打電話還太早。

And we have no other questions.

我們沒有其他問題了。

You may continue.

你可以繼續。

Okay.

好的。

Thank you, everybody, for joining us.

謝謝大家加入我們。

As I said at the beginning, I think for us, this is the beginning.

正如我一開始所說的，我認為對我們來說，這就是開始。

I'm incredibly proud of our colleagues, in our organization and where this brand is operating around the world.

我為我們的同事、我們的組織以及這個品牌在世界各地的營運地點感到無比自豪。

So thank you for your time.

謝謝您的寶貴時間。

Thank you for listening, and we'll talk to you next time.

感謝您的收聽，我們下次再聊。

Ladies and gentlemen, that does conclude your conference for today.

女士們、先生們，今天的會議到此結束。

Thank you for your participation.

感謝您的參與。

You may now disconnect.

您現在可以斷開連線。