Korn Ferry (KFY) 2025 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 2025 conference call.

女士們、先生們，感謝你們的支持並歡迎光輝國際 2025 財年第二季電話會議。

(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 financial presentation that we will be reviewing with you today.

我們也在 Kornferry.com 網站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簡報的副本。

Before I turn the call over to your host, Mr. Gary Burnison, let me first read a cautionary statement to investors.

在我將電話轉交給東道主加里·伯尼森先生之前，請允許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 performances, 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.

儘管該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，但投資者仍應注意不要過度依賴此類陳述。

Actual results in future periods may differ materially from those currently expected or desired because of the number of risks and uncertainties which are beyond the company's control.

由於公司無法控制的風險和不確定性數量，未來期間的實際結果可能與當前預期或期望的結果有重大差異。

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.

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。

Including the company's annual report for fiscal year 2024 and in the company's soon to be filed quarterly report for the quarter ended October 31, 2024.

包括公司2024財年的年度報告以及公司即將提交的截至2024年10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 measures including reconciliations to the most directly comparable GAAP financial measure 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.

有關措施的更多信息，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演示和收益發布中，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 Mr. Burnison.

這樣，我會將電話轉給伯尼森先生。

Please go ahead Mr. Burnison.

請講，伯尼森先生。

Okay.

好的。

Thank you, Leia.

謝謝你，萊婭。

Good afternoon, everybody.

大家下午好。

Thank you for joining us and season's greetings, the team is going to get into the results in more detail.

感謝您加入我們並致以季節的問候，團隊將更詳細地了解結果。

But overall, I would say our execution has been outstanding, earnings and profitability increased year-over-year and sequentially, the margin over -- the EBITDA margin over 17% is our sixth consecutive quarter.

但總的來說，我想說我們的執行力非常出色，收益和盈利能力同比增長，利潤率連續第六個季度超過 17%。

The profitability improvement and the diversification of our business was evident again the quarter.

本季我們的獲利能力改善和業務多元化再次明顯。

Stability and our talent acquisition business, digital new business trends improving and steady performance in consulting.

我們的人才招募業務、數位化新業務趨勢不斷改善，諮詢業務表現穩定。

And we also continue to invest, for example, over the last several quarters, we've made significant investments to productize our IP and proprietary data assets including the 100 million assessments, we have 10,000 success profiles, reward data on 28 million people covering 30,000 organizations and all of that enables our clients to maximize their talent and organizational performance at scale.

我們也繼續投資，例如，在過去的幾個季度中，我們進行了大量投資來產品化我們的知識產權和專有數據資產，包括1 億次評估，我們擁有10,000 份成功檔案，覆蓋30,000 人的2800 萬人的獎勵數據組織，所有這些使我們的客戶能夠大規模地最大限度地發揮他們的才能和組織績效。

And part of that investment was reimagining and developing a new HR integrated software platform, the Korn Ferry talent suite, which we launched in the quarter and reflects our commitment to invest in and expand our highly differentiated IP and products.

這項投資的一部分是重新構想和開發新的人力資源整合軟體平台，即光輝國際人才套件，我們在本季度推出了該套件，反映了我們對投資和擴展我們高度差異化的智慧財產權和產品的承諾。

The talent suite brings together all of our talent management capabilities are assessment data, development data, reward solutions allowing our clients to license our decades of expertise, proprietary insights and data driven intelligence via subscription agreements to power their decision.

人才套件匯集了我們所有的人才管理能力，包括評估數據、發展數據、獎勵解決方案，使我們的客戶能夠透過訂閱協議許可我們數十年的專業知識、專有見解和數據驅動的情報，以支持他們的決策。

The move is pivotal, for all parts of our organization, a connected approach with stronger market presence and actually more impactful solutions and we also made an investment in the quarter that I'm really excited about, Trilogy International, which substantially expands our intern professional offerings to EMEA and North America with its digital and technology focused Trilogy operates at the forefront of change in a large addressable market for us.

對於我們組織的所有部門來說，這項舉措至關重要，這是一種具有更強大市場影響力和實際上更具影響力的解決方案的互聯方法，我們還在令我非常興奮的季度投資了Trilogy International，這大大擴展了我們的實習專業Trilogy 憑藉以數位和技術為重點的 Trilogy 向歐洲、中東和非洲 (EMEA) 和北美提供產品，在我們龐大的潛在市場中處於變革的最前沿。

We're also continuing to focus on our marquee and regional account strategy that represents 38% of our portfolio and almost all of our marquee clients use at least three of our service offerings.

我們也繼續關注我們的大客戶和區域客戶策略，該策略占我們投資組合的 38%，幾乎所有大客戶都至少使用我們的三種服務產品。

And finally, it's our own people strategy with global colleagues who continue to operate at high performance levels while we also attract and develop additional talent required to actualize our strategy.

最後，這是我們自己的人才策略，我們與全球同事一起繼續保持高績效水平，同時我們也吸引和培養實現我們策略所需的額外人才。

And finally, for any organization, the journey begins with the why and for Korn Ferry, the why to enable people and organizations to be more than.

最後，對於任何組織來說，旅程都從「為什麼」開始，對於光輝國際來說，「為什麼」讓人們和組織能夠超越。

I'm joined today by Tiffany, Gregg and Bob and I'll have them get into a little bit more detail here.

今天，蒂芙尼、格雷格和鮑勃也加入了我的行列，我將讓他們在這裡詳細介紹。

Then we'd be happy to take your questions.

那我們很樂意回答您的問題。

Bob over to you.

鮑伯給你。

Great, thanks Gary.

太好了，謝謝加里。

Good afternoon, good morning.

下午好，早安。

As Gary said, we're pleased with our results for the second quarter of FY25.

正如加里所說，我們對 2025 財年第二季的業績感到滿意。

We continue to carefully guide our business through this period of uncertainty, managing what we can control and delivering improvements in profitability for now six consecutive quarters.

我們繼續謹慎地引導我們的業務度過這段不確定的時期，管理我們可以控制的事情，並連續六個季度實現盈利能力的提高。

In short, we've continued to successfully have to get our strategic plan capitalizing on our unique solution sets while focusing on cost discipline and operating productivity, which has positioned our business with much greater capacity for investment and growth going forward.

簡而言之，我們繼續成功地利用我們獨特的解決方案集來製定我們的策略計劃，同時注重成本控制和營運生產力，這使我們的業務具有更大的未來投資和成長能力。

As I said, adjusted EBITDA margin has now increased for six consecutive quarters and is up 340 basis points year-over-year as bill rates have remained strong and employee productivity continues to improve.

正如我所說，由於帳單利率保持強勁且員工生產力持續提高，調整後 EBITDA 利潤率現已連續六個季度增長，同比增長 340 個基點。

Our interim bill rates grew year-over-year by 11% and our consulting bill rate was steady at almost $420 an hour.

我們的中期帳單費率年增了 11%，而我們的諮詢帳單費率穩定在每小時 420 美元左右。

Our overall productivity as measured by fee revenue per employee is now 35% higher than pre-pandemic levels.

以每位員工的費用收入衡量，我們的整體生產力現在比疫情前的水準高出 35%。

Our topline growth trends continue to show early signs of improvement with second quarter consolidated fee revenue of about $674 million, with all lines of business showing sequential growth or stability.

我們的營收成長趨勢持續顯示出改善的早期跡象，第二季綜合費用收入約為 6.74 億美元，所有業務線均呈現連續成長或穩定。

Consolidated new business growth also improved in the second quarter and was down less than 1% year-over-year but up 3% sequentially.

第二季綜合新業務成長也有所改善，年減不到 1%，但較上季成長 3%。

New business for executive search and digital were strong in the second quarter, up 4% and 11% year-over-year respectively.

第二季獵頭和數位化新業務表現強勁，分別較去年同期成長 4% 和 11%。

We also continue to effectively deploy capital and that includes a return to capital shareholders, it's a priority for us.

我們也繼續有效地配置資本，其中包括向資本股東回報，這是我們的首要任務。

In the second quarter, we repurchased $33 million of stock or about 456,000 shares.

第二季度，我們回購了價值 3,300 萬美元的股票，約 456,000 股。

And in addition, we paid a quarterly dividend of $0.37 per share.

此外，我們還支付了每股 0.37 美元的季度股息。

Now, we remain confident that we can maintain our current level of profitability while investing in both consultant editions as well as the capital investments targeted, capturing future growth that Gary referred to.

現在，我們仍然有信心能夠保持當前的獲利水平，同時投資於顧問版本以及目標資本投資，從而抓住加里所提到的未來成長。

Now let me return the call back over to Gregg who can take us through some of the overall company financial highlights.

現在讓我將電話轉回格雷格，他可以向我們介紹一些公司的整體財務亮點。

Okay.

好的。

Thanks Bob.

謝謝鮑勃。

Consolidated fee revenue in the second quarter of fiscal '25 was down 4% year-over-year but flat sequentially stabilizing at $674 million.

2025 財年第二季的綜合費用收入年減 4%，但與上一季持平，穩定在 6.74 億美元。

By line of business consulting fee revenue was down 6% year-over-year and flat sequentially, while digital was down 4% year-over-year, but up 5% sequentially driven by, in part, by strong new business in the second quarter.

By line of business consulting fee revenue was down 6% year-over-year and flat sequentially, while digital was down 4% year-over-year, but up 5% sequentially driven by, in part, by strong new business in the second四分之一.

Our permanent placement talent acquisition solutions continued to show signs of stability in the second quarter.

我們的永久安置人才獲取解決方案在第二季度繼續顯示出穩定的跡象。

Executive search fee revenue grew 1% year-over-year, RPO fee revenue was essentially flat year-over-year by permanent placement professional search stabilized at down 6% year-over-year and was sequent -- was essentially sequentially flat.

高階主管搜尋費收入年增 1%，RPO 費用收入年比基本持平，永久安置專業搜尋穩定在年減 6%，隨後基本持平。

Market demand for professional interim services remain challenging in the second quarter in line with overall industry trends.

與整體產業趨勢一致，第二季專業臨時服務的市場需求仍充滿挑戰。

Interim fee revenue in the second quarter was down approximately 17% year-over-year but flat sequentially.

第二季中期費用收入年減約 17%，但較上季持平。

Consolidated new business growth trends improved in the second quarter, excluding RPO, new business in the second quarter was down only 1% year-over-year compared to down 3% year-over-year in the first quarter of fiscal '25.

第二季綜合新業務成長趨勢有所改善，不包括 RPO，第二季新業務年比僅下降 1%，而 25 財年第一季年減 3%。

New business growth was mixed by line of business and strongest for digital and executive search which were up year-over-year by 11% and 4% respectively.

新業務成長按業務線劃分，其中數位和獵人頭業務成長最為強勁，分別較去年同期成長 11% 和 4%。

Consulting new business was stable and down 3% year-over-year compared to down 3% year-over-year in the first quarter of fiscal '25, while professional search and interim new business was down 12% year-over-year in the second quarter improving from down 14% year-over-year in the first quarter of fiscal '25.

諮詢新業務穩定，年減 3%，而 2025 財年第一季年減 3%，而專業搜尋和臨時新業務則較去年同期下降 12%。所改善。

Like fee revenue year over year, new business growth trends in the second quarter for permanent placement, professional search were better than for interim solutions with both stable measured sequentially.

與去年同期的費用收入一樣，第二季永久安置、專業搜尋的新業務成長趨勢優於臨時解決方案，兩者依序衡量均穩定。

New business in the second quarter for RPO was strong with $101 million of new awards which includes $41 million of renewals and extensions and $60 million of new logo assignments.

RPO 第二季度的新業務表現強勁，獲得了 1.01 億美元的新獎項，其中包括 4100 萬美元的續訂和延期以及 6000 萬美元的新徽標分配。

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

在顧問和執行人員生產力提高以及所有業務線嚴格的成本管理的推動下，第二季度的收益和盈利能力繼續增長。

Consolidated adjusted EBITDA in the second quarter grew $18 million or 19% year-over-year with adjusted EBITDA margin improving for the sixth consecutive quarter to 17.4%.

第二季綜合調整後 EBITDA 年成長 1,800 萬美元，即 19%，調整後 EBITDA 利潤率連續第六個季度提高至 17.4%。

Adjusted fully diluted earnings per share in the second quarter were $1.21, up $0.24 or 25% year-over-year.

第二季調整後完全稀釋每股收益為 1.21 美元，年增 0.24 美元，即 25%。

Fully diluted earnings per share measured by GAAP $1.14 in the second quarter.

第二季以 GAAP 計算的完全攤薄每股收益為 1.14 美元。

Our investable cash position at the end of the second quarter was $537 million which was up $73 million or 16% year-over-year.

截至第二季末，我們的可投資現金部位為 5.37 億美元，年增 7,300 萬美元，即 16%。

Through the end of the second quarter of fiscal '25 we deployed $129 million of cash investing $25 million in capital expenditures using $9 million for debt service and returning $95 million to shareholders, $39 million in dividends and $56 million repurchasing approximately 808,000 shares.

截至25 財年第二季末，我們部署了1.29 億美元現金，投資2,500 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9,500 萬美元，用於股息3,900 萬美元，並用5,600 萬美元回購約808,000 股股票。

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

這會將電話轉回給蒂芙尼，以更詳細地審查我們的營運部門。

Thanks Gregg.

謝謝格雷格。

Starting with KF digital.

從 KF 數字開始。

Fee revenue in the second quarter was $93 million, which was down 4% year-over-year, but up 5% sequentially.

第二季的手續費收入為 9,300 萬美元，年減 4%，但季增 5%。

Digital subscription and license fee revenue was $35 million in the second quarter, which was up 7% year-over-year and accounted for approximately 38% of fee revenue for the quarter.

第二季數位訂閱和授權費收入為 3,500 萬美元，年增 7%，約佔該季度費用收入的 38%。

New business for KF digital was strong at $105 million, which was up 11% year-over-year with $45 million or about 43% coming from subscription and licenses.

KF digital 的新業務表現強勁，達到 1.05 億美元，年增 11%，其中 4,500 萬美元（約 43%）來自訂閱和授權。

The overall pipeline for digital remains healthy as we head into the second half of the fiscal year.

隨著我們進入本財年下半年，數位化的整體管道仍然保持健康。

Digital's adjusted EBITDA margin was also strong in the quarter.

Digital 的調整後 EBITDA 利潤率在本季也很強勁。

Growing to 31.4% driven by sequential fee revenue growth and disciplined cost management.

在費用收入環比增長和嚴格的成本管理的推動下，增長至 31.4%。

For consulting, fee revenue in the second quarter was $167 million, which was down 6% year-over-year and flat sequentially, primarily due to a growing mix of longer, larger $1 million-plus contracts in our backlog and the overall slower delivery of backlog assignments driven by our clients.

在諮詢方面，第二季的費用收入為1.67 億美元，年減6%，與上一季持平，這主要是由於我們的積壓訂單中更長、更大、價值超過100 萬美元的合約不斷增多，以及整體交付速度較慢由我們的客戶驅動的積壓任務。

Consultings average bill rate was $419 per hour in the second quarter, which was up 1% year-over-year.

第二季諮詢平均費用為每小時 419 美元，年增 1%。

Adjusted EBITDA margin remained sequentially stable for consulting and increased 120 basis points year-over-year to 17.5%, driven by higher bill rates, greater consultant and execution staff productivity and disciplined cost management.

諮詢業務的調整後 EBITDA 利潤率保持穩定，同比增長 120 個基點至 17.5%，這得益於更高的賬單費率、更高的顧問和執行人員生產力以及嚴格的成本管理。

Total fee revenue for professional search and interim in the second quarter was $121 million down $17 million or 12% year-over-year and flat quarter sequential.

第二季專業搜尋和中期費用總收入為 1.21 億美元，年減 1,700 萬美元，或 12%，與上一季持平。

Fee revenue trends for permanent placement professional search continued to stabilize in the second quarter with fee revenue contracting 5% year-over-year but flat sequentially.

第二季永久安置專業搜尋的費用收入趨勢持續穩定，費用收入較去年同期下降 5%，但較上季持平。

Consultant productivity in the second quarter for professional search also increased to $690,000 annualized and was up 21% measured year-over-year.

第二季專業搜尋顧問的年生產力也增加至 69 萬美元，年成長 21%。

Interim fee revenue was $68 million for the second quarter, which was down 14%, $14 million or 17% year-over-year in line with the broader industry, but essentially flat sequentially.

第二季中期費用收入為 6,800 萬美元，年減 14%、1,400 萬美元或 17%，與整個產業一致，但與上一季基本持平。

Despite the industry slowdown in demand, interim's average bill rate increased to $140 per hour, which is up 11% from one year ago and is reflective of the added value of being part of the broader Korn Ferry ecosystem.

儘管行業需求放緩，臨時的平均帳單費率仍上漲至每小時 140 美元，比一年前增長了 11%，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 both sequentially and year-over-year to 22.5% in the second quarter, driven primarily by disciplined cost management.

第二季專業搜尋和中期調整後 EBITDA 利潤率環比和年比均有所改善，達到 22.5%，主要得益於嚴格的成本管理。

Moving on to recruitment process outsourcing.

轉向招募流程外包。

Fee revenue in the second quarter for RPO remained stable at $88 million, which was flat year-over-year and quarter sequentially.

第二季 RPO 費用收入穩定在 8,800 萬美元，與去年同期相比持平。

Total revenue under contract at the end of the second quarter was $659 million with approximately $296 million or 45% to be recognized within the next four quarters.

第二季末合約總收入為 6.59 億美元，其中約 2.96 億美元或 45% 將在接下來的四個季度內確認。

In the second quarter, we saw a return to historical experience with 60% of the $101 million in new business coming in the form of new clients.

第二季度，我們看到了歷史經驗的回歸，1.01 億美元的新業務中有 60% 來自新客戶。

The adjusted EBITDA margin for RPO improved again to 14.7% in the second 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，第二季 RPO 調整後的 EBITDA 利潤率再次提高至 14.7%。

Finally, global fee revenue in the second quarter for executive search was $206 million up 2% year-over-year and essentially flat quarter sequential.

最後，第二季全球獵頭費用收入為 2.06 億美元，年增 2%，與上一季基本持平。

The number of new executive search assignments increased 2% year-over-year and by 1% sequentially to 1,567.

新獵頭數量年增 2%，季增 1%，達到 1,567 人。

While consultant productivity remains steady at $1.5 million per consultant annualized.

而顧問的生產力仍穩定在每位顧問每年 150 萬美元。

Adjusted EBITDA and adjusted EBITDA margin were both up materially up 29% and 27% respectively year-over-year.

調整後 EBITDA 和調整後 EBITDA 利潤率均較去年同期分別大幅成長 29% 和 27%。

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

我現在會把電話轉回鮑勃，討論我們對 25 財年第三季的展望。

Great.

偉大的。

Thanks Tiffany.

謝謝蒂芙尼。

Over the last several quarters, our new business trends have been a little choppy month to month within a quarter.

在過去的幾個季度中，我們的新業務趨勢在一個季度內逐月有些波動。

But we have seen the overall quarterly trend stabilizing.

但我們看到整體季度趨勢趨於穩定。

Exiting the second quarter and entering the third, new business was up 1% year over year in October, in November despite having fewer billing days was essentially in line with expectations.

退出第二季度進入第三季度，10月份新業務年增1%，11月份儘管開單天數較少，但基本上符合預期。

December is the most seasonally weak month of our fiscal year and this year, given that the year-end holidays are all in the middle of the week.

鑑於年終假期都在一週的中間，12 月是本財政年度和今年季節性最弱的月份。

Our guidance reflects fewer working days for our consultants and clients than you would see with normal seasonality.

我們的指導反映了我們的顧問和客戶的工作日比正常季節性要少。

Assuming no further changes in worldwide geopolitical conditions, economic conditions, financial markets and foreign exchange rates.

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。

We expect fee revenue in the third quarter of fiscal '25 to range from $635 million to $665 million.

我們預計 25 財年第三季的費用收入將在 6.35 億美元至 6.65 億美元之間。

Our adjusted EBITDA margin to remain approximately 16.5% to 17.3% and our consolidated adjusted diluted earnings per share to range from $6 to $18.

我們調整後的 EBITDA 利潤率維持在約 16.5% 至 17.3% 左右，調整後的綜合稀釋每股收益在 6 美元至 18 美元之間。

Finally, we expect our GAAP diluted earnings per share in the first quarter to range from $2 to $16.

最後，我們預計第一季 GAAP 攤薄後每股收益將在 2 美元至 16 美元之間。

In closing, we're tremendously proud of what we accomplished for the first half of fiscal '25, while we have the US Presidential election behind us, there are still many contingencies in the current operating environment.

最後，我們對 25 財年上半年的成就感到非常自豪，雖然美國總統選舉已經過去，但當前的營運環境仍存在許多突發事件。

As I started, we will continue to deal with these uncertainties proficiently and continue to manage what is in our control.

正如我一開始，我們將繼續熟練地處理這些不確定性，並繼續管理我們控制範圍內的事情。

Our unique portfolio of human capital solutions built in our unique science backed services and solutions makes us the leading organizational consultancy, helping companies navigate the war for the best, fit for purpose and fit for organization talent, positioning us for continued success going forward.

我們獨特的人力資本解決方案組合建立在我們獨特的科學支持的服務和解決方案中，使我們成為領先的組織諮詢公司，幫助公司在這場戰爭中取得最佳成績，適合目標並適合組織人才，使我們能夠在未來持續取得成功。

And I'll conclude with my normal remarks, as I always say, we're at the beginning of what is going to be a very long ball game and I truly believe our best is yet to come.

我將以我平常的發言作為結束語，正如我總是說的那樣，我們正處於一場漫長的比賽的開始，我堅信我們最好的時刻尚未到來。

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 Instructions)

（操作員說明）

Trevor Romeo, William Blair.

特雷弗羅密歐、威廉布萊爾。

Hi team.

大家好。

This is Melissa McMahon for Trevor Romeo today.

我是今天特雷弗羅密歐的梅麗莎麥克馬洪。

Thanks so much for taking my questions.

非常感謝您回答我的問題。

Now, I know that you typically see a seasonal decline in the third quarter, but it'd be great to get any more color on your expectations for revenue trends by segment that you're including in guidance for the third quarter.

現在，我知道您通常會在第三季度看到季節性下降，但如果能對您在第三季度指導中包含的按細分市場劃分的收入趨勢的預期有更多的了解，那就太好了。

And additionally, just how much revenue you are assuming in guidance from the Trilogy acquisition.

此外，您從 Trilogy 收購中獲得的收入是多少。

Thanks.

謝謝。

Well, as we get into a larger addressable markets, particularly consulting and interim, I do think you're going to see you know, the seasonality, the cyclicality deepen for sure.

好吧，當我們進入更大的潛在市場，特別是諮詢和臨時市場時，我確實認為您會看到季節性和週期性肯定會加深。

I look at this quarter -- for the third quarter and we think there's probably the way that the holidays fall as Bob pointed out, including Chinese New Year.

我看看本季——第三季度，我們認為假期可能會像鮑勃指出的那樣，包括農曆新年。

We think we're going to be a short three to four days, which probably translates into, $30 million $40 million revenue impact in the quarter.

我們認為這將是短暫的三到四天，這可能意味著該季度 3000 萬美元到 4000 萬美元的收入影響。

So that's reflected in our guidance.

這反映在我們的指導上。

And when you look at the last couple of years between the second and the third quarter, you would see that we would be down 5% or 6% and that's clearly what we're reflecting in the guidance and it reflects the additional days, we think we're going to lose in the quarter, particularly in the interim and consulting businesses.

當你看看過去幾年第二季和第三季之間的情況時，你會發現我們會下降5% 或6%，這顯然是我們在指導中反映的內容，它反映了額外的天數，我們認為我們將在本季度虧損，特別是在臨時和諮詢業務方面。

In terms of Trilogy, we think that it will contribute in this quarter, maybe USD14 million, USD15 million, something like that for the quarter and we're really excited about that and we'll see what it brings for the year.

就 Trilogy 而言，我們認為它將在本季度做出貢獻，可能為 1400 萬美元、1500 萬美元，本季度類似的金額，我們對此感到非常興奮，我們將看看它今年會帶來什麼。

Great.

偉大的。

I really appreciate that color and then maybe just to piggyback off of that, it'd be great if you could talk about the Trilogy acquisition and the opportunity that you see for interim business in Europe and just kind of what gave you the confidence to invest more in interim when you're still seeing a bit of a challenging revenue trend in that area.

我真的很欣賞這種顏色，然後也許只是順帶一提，如果您能談談 Trilogy 收購以及您在歐洲看到的臨時業務機會以及給您投資信心的因素，那就太好了當您仍然看到該領域的收入趨勢有點具有挑戰性時，請暫時採取更多措施。

Yeah, for sure.

是的，當然。

Well, at some point that's going to turn, I mean, this has been a very unusual cycle.

嗯，在某個時刻，情況將會發生轉變，我的意思是，這是一個非常不尋常的周期。

I mean, we're the temp penetration, rate has been declining for you could call it 32 months.

我的意思是，我們的臨時滲透率一直在下降，你可以稱之為 32 個月。

I mean, it's something that we haven't seen in history and it's been a cycle where it's been, slow to fire, slow to higher.

我的意思是，這是我們歷史上從未見過的事情，這是一個循環，緩慢啟動，緩慢地提高。

And companies have cut back on temporary workers for a long, long time, ordinarily you would have seen a recession.

公司已經削減臨時工很長一段時間了，通常你會看到經濟衰退。

But this labor market has been quite unusual over the last two years.

但在過去的兩年裡，這個勞動市場非常不尋常。

Having said that I don't think there's a structural change.

話雖如此，我不認為存在結構性變化。

And it is a large addressable market and we've shown that it is highly synergistic to the Korn Ferry brand and what we can do with it.

這是一個巨大的潛在市場，我們已經證明它與光輝國際品牌以及我們可以利用它做什麼具有高度的協同作用。

And for us it's about, continued earnings trajectory and this is a large addressable market and we really didn't have a presence in EMEA to speak of.

對我們來說，這關乎持續的獲利軌跡，這是一個巨大的潛在市場，而我們在歐洲、中東和非洲確實沒有業務可言。

Trilogy, gives us a foundation to tap, which is arguably the largest piece of that interim market in EMEA.

Trilogy 為我們提供了一個開發的基礎，可以說是歐洲、中東和非洲地區臨時市場中最大的一塊。

So we've been looking for, two to three years, around a partner that we could use in EMEA and we found one and I'm really happy with the caliber of people we have and what we can do with that business in the long term.

因此，兩到三年來，我們一直在尋找可以在歐洲、中東和非洲地區使用的合作夥伴，我們找到了一個，我對我們擁有的人才以及我們可以在該業務上做的長期工作感到非常滿意學期。

And Gary, this is Bob.

加里，這是鮑伯。

The only thing I would add to that is that we're focused on executing our strategy and we're going to do that through, good times, bad times over the cycles are.

我唯一要補充的是，我們專注於執行我們的策略，並且我們將在周期中的好時光和壞時光中做到這一點。

So I don't think you would see us, stop or start what we're doing in terms of strategy execution, given the cycle that we're in.

因此，考慮到我們所處的周期，我認為您不會看到我們、停止或開始我們在策略執行方面所做的事情。

We're just continuing to drive what we deeply believe in.

我們只是繼續推動我們堅信的事情。

Great.

偉大的。

Thank you both so much.

非常感謝你們倆。

Tobey Sommer, Truist Securities.

托比·索默（Tobey Sommer），Truist 證券公司。

Sorry, I think I was on mute here.

抱歉，我想我在這裡處於靜音狀態。

This is Jasper Bibb on for Toby.

我是賈斯珀·比伯 (Jasper Bibb) 替托比 (Toby) 發言。

Thanks for taking our question.

感謝您提出我們的問題。

Just wanted to clarify some of the earlier comments.

只是想澄清一些之前的評論。

It sounds like the message is that demand is generally stable.

這聽起來像是需求整體穩定的訊息。

And if I adjust for the working day has, when you talked about the Trilogy contribution, it seems like revenue is going to be effectively sequentially flat or maybe down a few million sequentially on a comparable basis in the guide.

如果我對工作日進行調整，當您談到三部曲的貢獻時，看起來收入將實際上連續持平，或者可能在指南中的可比基礎上連續下降幾百萬。

Is that a fair representation of what you're seeing in the next couple of months?

這是否公平地代表了您在接下來的幾個月中所看到的情況？

Yeah, I really think the way Thanksgiving felt like, it felt at the end of November.

是的，我真的覺得感恩節的感覺就像十一月底的感覺。

It usually doesn't it fall in the third week, you got the Chinese New Year.

通常不是在第三週，你就迎來了農曆新年。

It's going to impact us and it's going to impact our consulting and interim business.

這將影響我們，也將影響我們的諮詢和臨時業務。

The thing that I would point out though that I think is a green shoot is the RPO business.

我想指出的是 RPO 業務，儘管我認為這是一個新芽。

And as Tiffany said, in the quarter the flash number of new business was similar to what we've seen, but we did see a shift to a more new logos and it was about 60% or so.

正如蒂芙尼所說，本季新業務的閃現數量與我們所看到的類似，但我們確實看到了向更多新徽標的轉變，約為 60% 左右。

And in November it was actually even better.

11 月的情況實際上更好。

We saw like $70 million of new business in November and RPO and all of that essentially was new logos.

我們在 11 月看到了大約 7000 萬美元的新業務和 RPO，所有這些本質上都是新徽標。

So that's an interesting green shoot as we head into calendar '25.

因此，當我們進入日曆 '25 時，這是一個有趣的萌芽。

Right.

正確的。

That makes sense.

這是有道理的。

And then could you maybe refresh us on the correlation between M&A and some of your demand streams?

那麼您能否向我們介紹一下併購與您的一些需求流之間的相關性？

And if, how do you think things picking up on that front and '25 would potentially benefit your business?

如果，您認為這方面的進展和「25」會為您的業務帶來哪些潛在好處？

We tend -- if you look back historically at what we've done and we've got a 20 year track record here, we would say that there's a good piece of it that is inorganic and, we would tend to think going forward that, 40% or so is going to come from inorganic means and, we'll see what that M&A market looks like in '25.

我們傾向於——如果你回顧我們所做的歷史，我們已經有 20 年的業績記錄，我們會說其中有一部分是無機的，我們傾向於認為未來, 40% 左右將來自無機手段，我們將看到25 年併購市場的情況。

We're very systematic.

我們非常系統化。

We want to make sure that there's a culture set and that the organization is synergistic with the brand.

我們希望確保有一套文化，並且組織與品牌具有協同作用。

And we continue to carefully evaluate investment opportunities.

我們將繼續仔細評估投資機會。

I don't think there's going to be any dramatic shift there, but we do have a very, very robust capital base that we can tap into.

我不認為那裡會發生任何戲劇性的轉變，但我們確實擁有非常非常強大的資本基礎可以利用。

Got it.

知道了。

Thanks for taking the questions.

感謝您提出問題。

George Tong, Goldman Sachs.

喬治唐，高盛。

Hi, thanks.

你好，謝謝。

Good morning.

早安.

I wanted to dive a little bit into the digital business.

我想深入了解數位業務。

On a constant currency basis, revenues in the quarter fell 5% year-over-year.

以固定匯率計算，本季營收年減 5%。

I believe this is the first quarter we saw a year-over-year decline in a while, like over a year or so.

我相信這是我們一段時間以來（例如一年多以來）出現的第一個同比下降的季度。

Can you talk a little bit about some of the trends you're seeing on the demand side?

您能談談您在需求方面看到的一些趨勢嗎？

What could be driving that inflection to a year-over-year decline?

是什麼原因導致這種拐點出現年減？

And when you might expect that decline to inflect to a positive growth.

當你可能預期這種下降會轉變為正成長時。

Well, the new business was very strong, so that number one.

嗯，新業務非常強勁，所以排名第一。

I would point to that it was up, 11% or so in the quarter.

我想說的是，這個季度上漲了 11% 左右。

The impact on revenue is because of our move towards subscription agreements and I think in the quarter of the new business, it was something like 43% of that new business was subscription agreement.

對收入的影響是因為我們轉向訂閱協議，我認為在新業務的季度，大約 43% 的新業務是訂閱協議。

And when is that going to inflect, I don't think it will inflect this next quarter, but it absolutely will.

這種情況什麼時候會發生變化，我認為下個季度不會發生變化，但絕對會發生。

And what we've done, is we are completing a pretty big investment on an integrated technology platform that we call the Korn Ferry talent suite.

我們所做的是，我們正在完成對整合技術平台的相當大的投資，我們稱之為光輝國際人才套件。

And that's going to enable our clients to seamlessly access all of the different products that we have under there from KFAS to KF listen to KF sell and the other thing that we're working on is to make sure that, that is very easily integrated into a couple of the largest HCM providers in the world.

這將使我們的客戶能夠無縫訪問我們擁有的所有不同產品，從 KFAS 到 KF 聽 KF 銷售，我們正在做的另一件事是確保它很容易整合到世界上幾家最大的 HCM 提供者。

So we're continuing to work on that to make sure that it is easily integrated into HCM providers, we're also looking at partnerships, we continue to work on that and there's two of the largest in the world that we're very active with, one on the go to market side and then one in terms of integrating our IP into what they're offering.

因此，我們正在繼續努力，以確保它可以輕鬆地整合到 HCM 提供者中，我們也在尋找合作夥伴關係，我們將繼續為此努力，並且我們非常活躍的有兩個世界上最大的合作夥伴一方面是進入市場方面，另一方面是將我們的智慧財產權整合到他們所提供的產品中。

So it won't happen this quarter.

所以這個季度不會發生這種情況。

But I have like total confidence, we've got a new leadership team in place.

但我完全有信心，我們已經有了一個新的領導團隊。

We've made significant investments, CapEx investments into the technology platform.

我們對科技平台進行了大量投資和資本支出投資。

The new business was good in the quarter.

本季新業務表現良好。

We've got a tough compare in the third quarter compared to a year ago.

與一年前相比，我們在第三季進行了艱難的比較。

So I'm pretty bullish on that.

所以我對此非常看好。

But it's a -- this is a marathon, it's not a race.

但這是——這是一場馬拉松，而不是一場比賽。

But so far, I feel very, very good about it.

但到目前為止，我對此感覺非常非常好。

(inaudible) if you remember when we were at your conference, it was one of Matisse’s growth levers that he talked about was the single -- sort of single sign on platform that Gary is referring to.

（聽不清楚）如果你還記得我們參加會議時，他談到的馬蒂斯的成長槓桿之一就是加里所指的單一平台上的單一標誌。

And I think we're probably looking at that being completed somewhere in the next kind of up to 12 month period of time.

我認為我們可能會考慮在接下來長達 12 個月的時間內完成任務。

It's a pretty big lift, what he's undertaking, but it is essential to do everything that Gary just laid out.

他正在做的事情是一個相當大的提升，但完成加里剛剛提出的一切是至關重要的。

Got it.

知道了。

Yeah, that's very helpful color.

是的，這是非常有用的顏色。

And then on the consulting side, you mentioned you're seeing larger contracts and as a result, slightly longer implementation times and that perhaps contributed to the 7% decline you saw on a constant currency basis year over year.

然後在諮詢方面，您提到您看到了更大的合同，因此實施時間稍長，這可能導致您在固定貨幣基礎上看到的同比下降 7%。

Can you elaborate a little bit more about that on that, when might you expect the sort of the larger contract impact to begin to taper away and similar to the digital side, how would you characterize the demand environment for consulting?

您能否詳細說明這一點，您預計何時會開始逐漸減少較大的合約影響，與數位方麵類似，您將如何描述諮詢的需求環境？

Well, I think the environment overall look, it's been a couple of years now, of companies, growth has become elusive and everybody's kind of follow the same playbook of cutting costs, right?

嗯，我認為整體環境看起來，已經過去幾年了，公司的成長變得難以捉摸，每個人都遵循相同的削減成本策略，對嗎？

I mean, the cost of living for all people in the United States has gone up 40%.

我的意思是，美國所有人的生活成本上漲了 40%。

And at the beginning of coming out of the pandemic, companies were raising prices, shrinking packaging and volume was going down, there's only so long, you can raise prices.

在疫情結束之初，企業紛紛提高價格，包裝縮小，銷量下降，時間有限，你可以提高價格。

And so companies have been brutal on the cost side.

因此，公司在成本方面一直很殘酷。

And that's the environment that we've been operating in for a couple of years.

這就是我們幾年來營運的環境。

There has been a significant change in the mix of our consulting business, that was absolutely by design.

我們的諮詢業務組合發生了重大變化，這絕對是有意為之。

I think it's still going to take a couple of quarters for us to really to get to some normalized level.

我認為我們還需要幾個季度才能真正達到某種正常化水平。

But just to give you some numbers behind that, when you look at our backlog today, for deals over $1 million, a third of -- that's 33% of the backlog.

但只是為了給你一些背後的數字，當你看看我們今天的積壓訂單時，對於超過 100 萬美元的交易，三分之一——即積壓訂單的 33%。

And when you look at the new business in this last quarter compared to two years ago, a new business for deals over $1 million dollars that doubled.

當你觀察上個季度的新業務時，與兩年前相比，交易額超過 100 萬美元的新業務增加了一倍。

And that's been a big, big change in that consulting business.

這對於諮詢業務來說是一個非常非常大的變化。

And the reality is that given the macro environment that companies have been slower on drawing down commitments that they've made for obvious reasons and the bigger engagements, those definitely take longer to implement.

現實情況是，考慮到宏觀環境，企業出於明顯原因而做出的承諾的兌現速度較慢，而且參與規模更大，這些承諾肯定需要更長的時間來實施。

So you're seeing that in the numbers for sure, as well as the macro environment.

所以你肯定會在數位和宏觀環境中看到這一點。

Hey, Gary, it's Rob.

嘿，加里，我是羅布。

George, the one bit of color I would add to that is we're not seeing clients cancel what we would call breakage on those deals.

喬治，我要補充的一點是，我們沒有看到客戶取消我們所說的這些交易的破壞。

It's just a slower pace of consumption.

只是消費速度變慢了。

Got it.

知道了。

Very helpful color.

非常有用的顏色。

Thank you.

謝謝。

Josh Chan, UBS.

喬許陳，瑞銀。

Hi.

你好。

Thank you for taking my questions.

感謝您回答我的問題。

Thing for a minute here.

這裡先講一分鐘。

Do you think that the business is impacted by kind of a less labor turnover?

您認為業務是否受到勞動力流動率減少的影響？

Meaning people are staying in their seats for longer and there's less perhaps need for some of the services that you're offering or do you think that it's not as related to this labor turnover slowdown?

這意味著人們在座位上停留的時間更長，對您提供的某些服務的需求可能會減少，或者您認為這與勞動力流動率放緩無關嗎？

Well, look, this is a very unusual cycle.

嗯，看，這是一個非常不尋常的週期。

So you dial the clock back, almost five years now and the world stopped and people slashed payroll and all of that and then there was this the great resignation and massive hiring.

所以你把時鐘撥回過去，差不多五年了，世界停止了運轉，人們削減了工資，所有這一切，然後就是偉大的辭職和大規模的招聘。

This is definitely a different cycle by most labor market indications as there would have been a so called recession by now, to see the temp penetration rate fall for basically 32 quarters is pretty unusual.

從大多數勞動力市場跡象來看，這絕對是一個不同的週期，因為現在已經出現了所謂的衰退，看到臨時工滲透率基本上連續 32 個季度下降是非常不尋常的。

To look at the US and see how they have revised the labor numbers a couple of different times one time bringing it down by 800,000 jobs.

看看美國，看看他們如何多次修改勞動力數據，一次就減少了 80 萬個工作機會。

The US is probably, I would think it's going to produce 100,000, 150,000 jobs a month for the next few months, I don't really see that changing.

我認為美國可能會在接下來的幾個月裡每月創造 10 萬個、15 萬個就業崗位，我並沒有真正看到這種情況發生變化。

Peak 65 is hitting where the number of people in the United States that are turning 65 is going to contribute to 4 million or 5 million people leaving the workforce.

65 歲高峰即將到來，美國 65 歲以上的人口數量將導致 400 萬或 500 萬人離開勞動市場。

So I think that's positive.

所以我認為這是積極的。

It's been a look -- it's been two years of a very unusual environment.

看起來，這兩年的環境非常不尋常。

There is on the part of our clients, some optimism, particularly in the United States going into 2025.

我們的客戶對 2025 年的前景持樂觀態度，特別是在美國。

But, if you can just see it in every company's results.

但是，如果你能在每家公司的業績中看到這一點。

The good news for us is when I look, the RPO business that was green shoots that we've seen recently and in the industrial business, which is a big part of Korn Ferry, it's almost 30%.

對我們來說，好消息是，我們最近看到 RPO 業務正在萌芽，而在工業業務中，這是光輝國際的一個重要組成部分，幾乎達到了 30%。

We've seen positive trends in the industrial sector for us, which is also good.

我們看到工業領域出現了正面的趨勢，這也是好事。

I don't think there's any real structural changes that would have a negative impact on our business.

我認為任何真正的結構性變化不會對我們的業務產生負面影響。

I think it's been more of the same.

我認為這更多的是相同的。

Yeah, thanks for that.

是的，謝謝你。

And it is definitely really unusual.

這絕對是不尋常的。

I want to kind of follow up on the green shoot comment because, I guess what do you make of the green shoots happening in the RPO business first, because normally you would think that maybe interim will see it first, but that's actually the most challenged business now.

我想對綠芽評論進行跟進，因為我想您對 RPO 業務中首先出現的綠芽有何看法，因為通常您會認為也許臨時會首先看到它，但這實際上是最具挑戰性的現在做生意。

So how do you -- what do you make of, kind of everything being turned upside down a little bit?

那麼你如何——你是怎麼做的，一切都被顛倒了一點？

Yeah.

是的。

Well, what we saw in the great resignation is, the hardest -- some of the -- the hardest positions to fill were actually recruiters.

好吧，我們在偉大的辭職中看到的是，最困難的——一些——最難填補的職位實際上是招募人員。

And so you saw a massive increase in hiring everywhere and including in shared service areas such as HR, and what happened was I called it, a couple of years ago, labor hoarding.

因此，你會看到各地的招募人數大幅增加，包括人力資源等共享服務領域，幾年前我稱之為「勞動力囤積」。

And that's exactly what happened was when there were less mandates to fill something that I hadn't predicted was the outsourcing business.

這正是當我沒有預料到的外包業務的任務減少時所發生的情況。

You would think in an environment like that where people are cost conscious, the outsourcing business would actually flourish while it didn't.

您可能會認為，在人們具有成本意識的環境中，外包業務實際上會蓬勃發展，但事實並非如此。

And companies took the reduced mandates and they filled it with the internal HR staff.

公司接受了減少的任務，並用內部人力資源人員填補了這一空缺。

Well, the reality is, I think there's only so long you can do that, in this slow to fire, slow to hire environment.

好吧，現實情況是，我認為在這個解僱緩慢、招募緩慢的環境中，你能做到這一點的時間有限。

And so, I think that's positive.

所以，我認為這是積極的。

I think in this quarter, the temp market is not going to change, particularly given -- what I think is three or four less business days, but at some point that is going to change.

我認為在本季度，臨時市場不會發生變化，特別是考慮到——我認為工作日會減少三到四個，但在某個時候，這種情況將會發生變化。

I don't see, a structural change in the use of fractional executives, interim executives.

我沒有看到使用部分高階主管、臨時主管的結構性變化。

I just don't -- I don't see that.

我只是不——我不明白這一點。

So yeah, I do think it is good and we'll see if that continues.

所以，是的，我確實認為這很好，我們將看看這種情況是否會持續下去。

We're pretty bullish on that, what we can do with the RPO pipeline that we have right now.

我們非常看好我們可以利用現有的 RPO 管道做些什麼。

And Gary, it's Bob.

加里，是鮑伯。

Just a little bit of color, I would add to that.

只是一點點顏色，我會添加到它。

Josh, you've heard Gary talk in the past about investing into the -- what we see is large opportunities in the health care market and that's what we're seeing in the month of November in our RPO is expansion into that vertical.

Josh，您過去曾聽過 Gary 談到投資——我們看到醫療保健市場存在巨大機遇，這就是我們在 11 月的 RPO 中看到的就是向該垂直領域的擴張。

Great.

偉大的。

Yeah, thank you both for the color and good luck in the third quarter.

是的，謝謝你們在第三季的表現和好運。

Mark Marcon, Baird.

馬克馬爾孔，貝爾德。

Hey, good morning and happy holidays.

嘿，早上好，節日快樂。

Wondering if you can talk a little bit more about a couple of different dynamics.

想知道您是否可以多談談一些不同的動態。

One, Bob and the whole team, you've done a great job in terms of, keeping the profitability up.

第一，鮑伯和整個團隊，你們在保持獲利能力方面做得很好。

I'm wondering if you can talk a little bit about some of the sources of the margin improvement, particularly in the areas where you've seen revenue declines.

我想知道您是否可以談談利潤率改善的一些來源，特別是在您看到收入下降的領域。

So, if I take a look as an example at professional surgeon interim, I think it's really a neat trick that you've been able to improve the profitability on an absolute basis, while revenue is down.

因此，如果我以專業外科醫生臨時為例，我認為這確實是一個巧妙的技巧，您能夠在絕對基礎上提高盈利能力，同時收入下降。

And I'm just wondering what are some of the sources that you're -- that's driving your ability to do that, and to what extent are you -- is it back office function relative to front office functions or is it efficiency in terms of travel and real estate and things of that nature?

我只是想知道你的一些來源是什麼 - 這推動了你這樣做的能力，以及你在多大程度上 - 是後台職能相對於前台職能，還是從效率角度來看旅遊和房地產以及類似性質的事物？

Well, it's all the above but it's clearly, the travel, real estate, but we made a very conscious decision well over a year ago, that we wanted -- the environment as it's played out is exactly what I thought a year ago, September, not a couple of months ago, but 14, 15 months ago, and we made a decision that we would focus on profitability.

嗯，以上就是這些，但很明顯，旅遊、房地產，但我們在一年前做出了一個非常有意識的決定，這是我們想要的——現在的環境正是我一年前九月的想法。

And so we made some tough decisions a year ago and we pivoted the portfolio towards more profitable work and you see it in the mix and you see it in the, for example, the rate per hour on the interim side, it's gone up to, like $140 an hour.

因此，我們一年前做出了一些艱難的決定，我們將投資組合轉向更有利可圖的工作，你可以在混合中看到它，例如，在臨時方面的每小時費率，它已經上升到，每小時 140 美元左右。

Now the Trilogy will bring that down for sure, given that a large part of that, almost all of it is in EMEA, so that will come down in the third quarter because of the different compensation levels.

現在，三部曲肯定會降低這一點，因為其中很大一部分，幾乎全部都在歐洲、中東和非洲，因此，由於薪資水平不同，這一數字將在第三季度下降。

But candidly, it's because of decisions we've made and also trying to pivot those businesses really to penetrate our marquee and regional accounts.

但坦白說，這是因為我們所做的決定，以及我們試圖將這些業務真正轉向滲透到我們的大客戶和區域客戶中。

So, it's been -- what you're seeing right now are decisions that we made 15 months ago for sure, no question about it.

所以，你現在看到的肯定是我們 15 個月前所做的決定，毫無疑問。

And Mark, this is Bob.

馬克，這是鮑伯。

The other thing I would add to remember as we buy these businesses, their EBITDA margins are kind of mid to high single digit.

當我們購買這些企業時，我要補充記住的另一件事是，它們的 EBITDA 利潤率為中高個位數。

And again, our company has been built to be plug and play.

再說一遍，我們公司的宗旨是即插即用。

And so as we integrate these businesses in, we're able to shed costs as well as and that contribute, I mean, it's not a huge driver, but it does contribute to our ability to create more earnings in that business.

因此，當我們整合這些業務時，我們能夠削減成本，這有助於，我的意思是，這不是一個巨大的驅動因素，但它確實有助於我們在該業務中創造更多收入的能力。

I was just wondering if it's related to, primarily the things we talked about in terms of the -- shedding some costs, particularly in terms of the back office functions and to what extent, it may end up being producers that you decide to that aren't at the levels that you want them to be or they're basically targeting, areas that you don't -- you're not as interested in.

我只是想知道這是否與我們討論的主要方面有關——削減一些成本，特別是在後台職能方面，以及在多大程度上，它最終可能會成為你決定的生產商沒有達到你想要的水平，或者他們基本上瞄準了你不感興趣的領域。

(inaudible)

（聽不清楚）

Yeah, I would say two thirds is -- like in the quarter we brought on across the entire platform, almost 70 front office consultants across all of Korn Ferry.

是的，我想說三分之二是 - 就像我們在整個平台上引入的季度一樣，整個光輝國際擁有近 70 名前台顧問。

But when you look at the consultant count and everything, it will appear like it's down or flat.

但當你查看顧問數量和所有內容時，你會發現它似乎在下降或持平。

So we're actively managing the business, actively managing the workforce.

因此，我們正在積極管理業務，並積極管理員工隊伍。

So, honestly, I think the real estate and the travel is a very, very, very, very small piece of it and as Bob said, the back office for sure, and things that we integrate, but that's also -- you're not talking about much money.

所以，老實說，我認為房地產和旅行只是其中非常非常非常小的一部分，正如鮑勃所說，後台辦公室肯定是，以及我們整合的東西，但這也是 - 你不是在談論多少錢。

I think really two thirds of it is around the people and the strategy and where we allocate those resources towards which clients.

我認為實際上三分之二是圍繞人員和策略以及我們將這些資源分配給哪些客戶的地方。

I think that's when we come out of the pandemic recovery, one of the things that we're doing a much better job at nowadays is, is rebalancing our workforce, making sure we've got resources where the client demand needs are.

我認為，當我們走出大流行病復甦之時，我們現在做得更好的事情之一就是重新平衡我們的勞動力，確保我們擁有滿足客戶需求的資源。

And that's been something we've been at for a number of years now, just proactively managing it and you're seeing some of that in our increased productivity.

這是我們多年來一直在做的事情，只要積極主動地管理它，你就會在我們提高的生產力中看到其中的一些。

Yeah, I mean, it really stands out.

是的，我的意思是，它確實很突出。

I was also just wondering, and I'm not trying to -- I mean, there's no way anybody is going to criticize, the margin improvement that's been spectacular.

我也只是想知道，而且我並不想——我的意思是，沒有人會批評利潤率的提高是驚人的。

But the one thing I was wondering about is, are you seeing the same lift that you would have expected in terms of on the interim side, in terms of clients being more responsive because now, whether it's Lucas or whichever, or Patina, they're under the Korn Fairy brand.

但我想知道的一件事是，你是否看到了你在臨時方面所期望的同樣的提升，就客戶的反應更加積極而言，因為現在，無論是盧卡斯還是任何一個，或者帕蒂納，他們'屬於 Korn Fairy 品牌。

And therefore they can command, a higher level of attention both in terms of clients as well as recruits.

因此，他們可以在客戶和新員工方面獲得更高程度的關注。

Or was that -- is that not as powerful?

或者說——那不是那麼強大​​嗎？

No, it's very powerful Mark.

不，馬克非常強大。

It's very powerful.

它非常強大。

And we're starting to see it even with our most recent investment that I'm really excited about with Trilogy.

即使我們最近對 Trilogy 進行了投資，我們也開始看到這一點，我對此感到非常興奮。

Absolutely.

絕對地。

You're absolutely seeing that.

你絕對看到了。

And the level of -- I don't use the term cross sales, but it's -- when I look at the cross referrals, it's -- I mean, you're talking hundreds of engagements that have resulted from the platform of Korn Ferry.

我不使用交叉銷售這個術語，但當我查看交叉推薦時，我的意思是，您正在談論光輝國際平台帶來的數百次互動。

In a market, let's face it that staffing market is down.

在市場上，我們必須面對人才市場正在下滑的事實。

Look at all the competitors, you pick it, but it could be anywhere down from 15% to 20% and you look at the RPO market and it's a market where you look at competitive landscape, that thing was down 20% to 30%.

看看所有的競爭對手，你選擇它，但它可能會下降 15% 到 20%，你看看 RPO 市場，這是一個你專注於競爭格局的市場，下降了 20% 到 30%。

So, it's been a really brutal environment for a couple of years and, we have to pivot towards growth, we have to pivot towards increasing earnings and we see a larger addressable market that's synergistic.

因此，這幾年的環境非常殘酷，我們必須轉向成長，我們必須轉向增加收益，我們看到了一個更大的可協同的潛在市場。

And when you -- when those colleagues join us there is that lift that you're talking about.

當你——當那些同事加入我們時，你正在談論的就是那種提升。

That is true.

確實如此。

And Mark, just one more bit of color on that.

馬克，只是再添一點色彩。

I would focus on the hourly rate.

我會關注每小時的費率。

I mean, that's part of -- that's driven by being part of our ecosystem.

我的意思是，這是我們生態系統的一部分所驅動的。

Right, it was $126 last year, $140 this year.

對了，去年是126美元，今年是140美元。

In that really impressive.

在那確實令人印象深刻。

That part is really clear.

這部分真的很清楚。

And that's been, Gary and Bob, I think, it's like I cover all of these companies and I clearly see that and I've been living it, and this has clearly been a very different environment than during the last 30 years that I've covered the space.

加里和鮑勃，我想，就像我報道了所有這些公司，我清楚地看到這一點，而且我一直生活在其中，這顯然是一個與我過去 30 年的環境截然不同的環境。了空間。

So, everything that you said (technical difficulty) so, okay.

所以，你所說的一切（技術難度）所以，好吧。

And then on the consulting side, can you just talk a little bit about the new business trends because I hear you when you talk about the larger engagements and those take longer to unfold.

然後在諮詢方面，您能否談談新的業務趨勢，因為當您談論更大的業務以及需要更長的時間才能展開時，我聽到了您的聲音。

But if -- how does that impact the new business trends in terms of the decline being a little bit greater on a constant currency basis?

但如果──以固定匯率計算，下降幅度更大一點，這會對新的業務趨勢產生怎樣的影響呢？

And are there any particular practices that you're seeing some softness in?

您是否在某些特定做法中看到了一些軟弱之處？

Like, for example, if we take a look at, the DEI practice, I would imagine that that's probably a little bit softer than it was previously.

例如，如果我們看一下 DEI 實踐，我想這可能比以前更溫和一些。

But just anything that you can pinpoint to there and when would you expect to start seeing an inflection the consulting side?

但你可以指出任何事情，以及你預計什麼時候開始看到諮詢方面的變化？

I don't think it will happen this next quarter Mark.

我認為這不會在下個季度發生，馬克。

I think you're going to see -- I think you'll see a decline for sure, particularly given the seasonality, which I really do believe is three to four extra days, just the way things are falling.

我想你會看到——我想你肯定會看到下降，特別是考慮到季節性，我真的相信這會增加三到四天，就像事情下降的方式一樣。

You're right.

你說得對。

You're absolutely right on the DE&I, we've seen a big, big fall there.

你對 DE&I 的看法絕對正確，我們已經看到了那裡的巨大下跌。

I mean, back from, '20 the back half of 2020, 2021 you're talking annually probably $50 million at least decline in that business where we are continuing to see good progress on the leadership development front.

我的意思是，從 2020 年下半年開始，到 2021 年，該業務每年可能至少下降 5000 萬美元，而我們在領導力發展方面繼續看到良好的進展。

I can think of one engagement that it could be, $30 million, $40 million for us.

我可以想到一項約定，對我們來說可能是 3000 萬美元、4000 萬美元。

Leadership development assignment, transforming an entire workforce and we can only move as fast as that client wants to move.

領導力發展任務，改變整個員工隊伍，我們只能按照客戶想要的速度行動。

And so we have been sitting in backlog, that kind of revenue potential, but that's a multiyear assignment.

因此，我們一直處於積壓狀態，這種收入潛力，但這是一項多年的任務。

And that thing is moving slower than I would have thought a year ago.

這件事的進展速度比我一年前想像的還要慢。

So I think that the mix in terms of larger engagement is a change for us and we have to keep working on the leverage model as well.

因此，我認為更大參與度的組合對我們來說是一個變化，我們也必須繼續致力於槓桿模型。

We have to make sure that, that is a little bit more optimal than what it is today.

我們必須確保，這比現在更優化。

And then we're working on that.

然後我們正在努力解決這個問題。

Great.

偉大的。

And then can you -- Gary, you started off by talking about the new talent suite and bringing together.

然後你可以——加里，你首先談論了新的人才套件和聚集。

Can you just add more color in terms of like from a client perspective, what they would see and then how you think that ends up impacting the business just in terms of revenue and margins.

您能否從客戶的角度添加更多色彩，他們會看到什麼，然後您認為這最終會如何影響業務（僅在收入和利潤方面）。

I think the biggest thing is what we've heard is they want to be able to have that IP and that's in those products.

我認為最重要的是我們聽到的是他們希望能夠擁有這些產品中的智慧財產權。

We had separate products and people were paying per drink, per item off the menu and that was a problem.

我們有單獨的產品，人們按飲料、菜單上的每個項目付費，這是一個問題。

And then the other thing that we heard is that our IP and those standalone products, people need to be able to order, make one order off the menu and be able to choose between the appetizer and dessert.

然後我們聽到的另一件事是，我們的 IP 和那些獨立的產品，人們需要能夠點餐，從菜單上下一個訂單，並能夠在開胃菜和甜點之間進行選擇。

And the entree, they weren't able to do that.

而主菜，他們卻做不到。

We're changing that and that's what this is all about.

我們正在改變這一點，這就是一切的意義。

And then the second piece is that it's integrated into arguably the two biggest HCM providers and we're working very hard on one of them to make sure it's totally integrated.

第二件事是，它已整合到可以說是最大的兩家 HCM 提供者中，我們正在為其中之一努力工作，以確保它完全整合。

And we think we'll get that done.

我們認為我們會完成這件事。

It'll probably be the third quarter of calendar, 2025.

這可能是 2025 年的第三季。

It takes some time.

這需要一些時間。

But those are the two big -- that's the two biggest practical changes that clients will see.

但這是客戶將看到的兩大實際變化。

And so would you be able to go to this solution and or to whatever the user interface is and then would you still be buying for the drink, for the individual solution or would you basically have an annual subscription for all of the solutions?

那麼，您是否能夠使用該解決方案和/或任何使用者介面，然後您是否仍會購買飲料、單一解決方案，或者您基本上會每年訂閱所有解決方案？

We hope it's the latter Mark.

我們希望是後者。

That's where we're headed.

這就是我們要去的地方。

We hope it's the latter.

我們希望是後者。

We're not there yet though.

但我們還沒到那一步。

That's the ambition.

這就是我們的野心。

Okay, great.

好的，太好了。

And then Gary, you've been through lots of different cycles and elections.

然後加里，你經歷了很多不同的周期和選舉。

How do you think the recent change in the US is going to end up impacting things?

您認為美國最近的變化最終會對事情產生什麼影響？

I think most people are assuming that it's going to be a positive in terms of animal spirits and unleashing of the regulatory burdens.

我認為大多數人都認為這對於激發動物精神和減輕監管負擔將是積極的。

But I'm wondering how you see it.

但我想知道你怎麼看它。

Yeah, I think that's probably true, although that will take a couple of years to actually see it.

是的，我認為這可能是真的，儘管需要幾年時間才能真正看到它。

I think the bigger problem is the cost of living and there's not a lot of room to maneuver here.

我認為更大的問題是生活成本，而且這裡沒有太大的迴旋餘地。

Because you're losing $2 trillion a year.

因為你每年損失 2 兆美元。

You've got a $38 trillion debt load.

你的債務負擔高達 38 兆美元。

I just don't think there is a lot of maneuverability.

我只是不認為有太多可操作性。

So I'm looking at it and saying probably over the next two quarters.

所以我正在研究它並說可能會在接下來的兩個季度內發生。

I just don't see things materially changing in the labor market.

我只是不認為勞動市場發生實質變化。

I just don't see it.

我就是沒看到。

I don't think there's that level of maneuverability, but I do think that there is some -- what I'm hearing, there is optimism around the quote regulatory burden.

我不認為有那麼高的可操作性，但我確實認為有一些——據我所知，人們對報價監管負擔持樂觀態度。

But I think that's good to see the impact of that I think is a couple of years out.

但我認為很高興看到幾年後的影響。

Okay.

好的。

Great.

偉大的。

Appreciate all the comments and congrats in terms of the margins.

感謝所有評論並祝賀利潤。

That's fantastic.

太棒了。

Thanks, Mark.

謝謝，馬克。

We have no further questions, Mr. Burnison.

伯尼森先生，我們沒有其他問題了。

Okay, Leia.

好吧，萊婭。

Listen, I'm a season’s greetings, happy holidays.

聽著，我是一個季節的問候，節日快樂。

I'm incredibly proud of our organization.

我為我們的組織感到無比自豪。

And our colleagues and I think at the end of the day and I think we've demonstrated this in a rough environment over almost 24 months.

我和我們的同事認為，歸根結底，我們已經在近 24 個月的艱難環境中證明了這一點。

It results in a Korn Ferry which is less cyclical, more balanced and I think it provides for sustainable success.

它的結果是光輝國際的周期性更少，更平衡，我認為它提供了可持續的成功。

So with that, I'll conclude.

我就這樣總結一下。

Happy holidays everybody, talk to you next time.

大家節日快樂，下次再聊。

Ladies and gentlemen, this conference will be available for replay for one week starting today at 2: 00 PM Eastern Time, running through the day of December 12, 2024 ending at midnight.

女士們、先生們，本次會議將從東部時間今天下午 2:00 開始為期一周的重播，一直持續到 2024 年 12 月 12 日午夜結束。

You may access the AT&T executive playback service by dialing 866 207 1041 and enter the access code 25 22 280.

您可以撥打 866 207 1041 並輸入存取代碼 25 22 280 來存取 AT&T 行政播放服務。

International participants may dial 402 970 0847.

國際參與者可撥打 402 970 0847。

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。

And that does conclude your conference for today.

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。