Resources Connection Inc (RGP) 2025 Q4 法說會逐字稿

Good afternoon, ladies and gentlemen, and welcome to the Resources Connection, Inc. conference call. (Operator Instructions) As a reminder, this call is being recorded. At this time, I would like to remind everyone that management will be commenting on results for the fourth quarter-ended May 31, 2025. They will also refer to certain non-GAAP financial measures.

女士們、先生們，下午好，歡迎參加 Resources Connection, Inc. 電話會議。（操作員指示）提醒一下，此通話正在被錄音。此時，我想提醒大家，管理階層將對截至 2025 年 5 月 31 日的第四季業績發表評論。他們也將參考某些非公認會計準則財務指標。

An explanation and reconciliation of these measures to the most comparable GAAP financial measures are included in the press release issued today. Today's press release can be viewed in the Investor Relations section of RGP's website and filed today with the SEC.

今天發布的新聞稿中包含了這些指標與最具可比性的 GAAP 財務指標的解釋和對照組。今天的新聞稿可以在 RGP 網站的投資者關係部分查看，並於今天向美國證券交易委員會 (SEC) 提交。

Also, during this call, management may make forward-looking statements regarding plans, initiatives and strategies and the anticipated financial performance of the company. Such statements are predictions and actual results or events may differ materially.

此外，在本次電話會議中，管理階層可能會就公司計畫、措施和策略以及預期的財務表現做出前瞻性陳述。此類陳述僅為預測，實際結果或事件可能有重大差異。

Please see the Risk Factors section in RGP's report on Form 10-K for the year ended May 31, 2025, for a discussion of risks, uncertainties and other factors that may cause the company's business, results of operations and financial condition to differ materially from what is expressed or implied by forward-looking statements made during this call.

請參閱 RGP 截至 2025 年 5 月 31 日的 10-K 表報告中的「風險因素」部分，以了解可能導致公司業務、經營業績和財務狀況與本次電話會議中前瞻性陳述所表達或暗示的內容存在重大差異的風險、不確定性和其他因素。

I will now turn the call over to RGP's CEO, Kate Duchene.

現在我將把電話轉給 RGP 的執行長 Kate Duchene。

Thank you, operator, and welcome, everyone, to RGP's Q4 earnings call. Thank you for joining us. We are pleased with our Q4 results and continued momentum in the firm's evolution. At RGP, we dare to work differently, leveraging a unique model that combines On-Demand Talent with expert consulting and advisory services to drive transformation from strategy through execution.

謝謝接線員，歡迎大家參加 RGP 第四季財報電話會議。感謝您加入我們。我們對第四季度的業績和公司持續發展的勢頭感到滿意。在 RGP，我們敢於嘗試不同的工作方式，利用獨特的模式將按需人才與專家諮詢和顧問服務相結合，推動從策略到執行的轉變。

I'll open today's call by sharing some insights from our recent research on CFO perspectives, risk, growth and the future of finance. This work is important as it demonstrates how RGP's services and solutions are aligned to the key priorities of our primary buyers, CFOs, and provide context around what we are doing to capture more of this expanding opportunity.

在今天的電話會議上，我將分享我們最近對財務長的觀點、風險、成長和金融未來的一些研究見解。這項工作非常重要，因為它展示了 RGP 的服務和解決方案如何與我們的主要買家、財務長的關鍵優先事項保持一致，並為我們為抓住更多這一不斷擴大的機會所做的工作提供了背景資訊。

Our research included insights from approximately 200 CFOs and senior financial decision-makers at businesses with over $500 million in annual revenue to help us better understand the top priorities in the finance function. These priorities include strategic growth and resilience, operational efficiency and cost discipline, technology and AI adoption, evolving the CFO leadership role, data governance and analytics, and finally, capital allocation and investment strategy.

我們的研究涵蓋了約 200 名年收入超過 5 億美元的企業的財務長和高階財務決策者的見解，以幫助我們更好地了解財務職能中的首要任務。這些優先事項包括策略成長和彈性、營運效率和成本紀律、技術和人工智慧的採用、財務長領導角色的發展、數據治理和分析，以及最後的資本配置和投資策略。

Across companies and industries, CFOs we surveyed show cautious optimism, anticipating positive performance in their businesses despite ongoing macroeconomic uncertainty. They report that with improving trends, strategic investments will accelerate as increasing competitive pressures drive digital transformation and automation.

我們調查的各公司和各行業的首席財務官均表現出謹慎樂觀的態度，儘管宏觀經濟仍存在不確定性，但他們預計自己的業務將取得積極表現。他們報告稱，隨著趨勢的改善，隨著競爭壓力的增加推動數位轉型和自動化，策略投資將會加速。

In the short term, to mitigate risk from tariffs, geopolitical tensions and trade disruptions, CFOs are actively reshaping supply chains and revisiting vendor relationships. They also remain focused on reducing costs without jeopardizing growth by cutting discretionary spending versus investment in strategic priorities. While there's a clear and growing enthusiasm for AI, execution barriers remain, particularly in data readiness and workforce capabilities.

短期內，為了減輕關稅、地緣政治緊張局勢和貿易中斷的風險，財務長正在積極重塑供應鏈並重新審視供應商關係。他們也繼續致力於在不損害成長的情況下降低成本，方法是削減可自由支配的開支，而不是對戰略重點的投資。儘管人們對人工智慧的熱情明顯且日益高漲，但執行障礙依然存在，特別是在資料準備和勞動力能力方面。

As a result, CFOs are prioritizing technology modernization, automating workflows, and embedding AI and digital tools into financial operations. The role of the CFO has expanded beyond financial stewardship to enterprise leadership, with 70% saying they have increased influence on strategic and technology decisions.

因此，財務長優先考慮技術現代化、工作流程自動化以及將人工智慧和數位工具嵌入財務營運。財務長的角色已經從財務管理擴展到企業領導，70% 的人表示他們對策略和技術決策的影響力有所增強。

CFOs now work more collaboratively with CIOs and CHROs on people strategy, digital initiatives and transformation. Beyond just the numbers, they are focusing on data quality, analytics and oversight, requiring investment in integrated data systems and governance frameworks to support responsible decision-making and AI deployment.

現在，財務長可以與資訊長和首席人力資源長在人才策略、數位化規劃和轉型方面進行更深入的合作。除了數字之外，他們還關注數據品質、分析和監督，需要投資整合數據系統和治理框架來支援負責任的決策和人工智慧部署。

In summary, our research which can be found on our website, illustrates the rapidly evolving landscape for CFOs, characterized by a shift from back-office efficiency to enterprise-level strategic influence, a delicate balance between growth initiatives and operational rigor and a growing role as technology champions driving company-wide uptake of data AI and broader digital transformation.

總而言之，我們在網站上進行的研究展示了財務長的快速發展格局，其特點是從後台效率轉向企業級戰略影響力，增長計劃和運營嚴謹性之間的微妙平衡，以及作為技術冠軍推動全公司採用數據人工智能和更廣泛的數字化轉型的日益重要的作用。

What we're seeing in the market and what we're hearing in our CFO research dovetails precisely with RGP's strategy. As we continue to transform building a flexible and high-impact diversified delivery model, we are focused on further refining and growing the core capabilities of CFO advisory and digital transformation.

我們在市場上看到的情況以及我們在 CFO 研究中聽到的情況與 RGP 的策略完全吻合。隨著我們不斷轉型，建立靈活且高影響力的多元化交付模式，我們專注於進一步完善和發展財務長諮詢和數位轉型的核心能力。

We bring a rich heritage of serving the office of the CFO with a deep bench of experts. We deeply understand the function and how it needs to transform for today and tomorrow. We are evolving our talent across On-Demand and Consulting to provide the skills needed around finance optimization, process redesign, technology migration, data modernization and AI readiness.

我們擁有豐富的為財務長辦公室服務的豐富經驗，並擁有一群經驗豐富的專家。我們深刻地理解該功能以及它現在和將來需要如何轉變。我們正在按需和諮詢領域培養人才，以提供財務優化、流程重新設計、技術遷移、資料現代化和人工智慧準備所需的技能。

And we embed human-centered design in our CFO consulting work so that employee engagement improves and it's easier for organizations to adapt to new ways of working. Whether it's ERP migration or strategic sourcing, we are known for speed of service, functional depth and expertise and lean project teams that drive impact.

我們將以人為本的設計融入我們的財務長諮詢工作中，以提高員工敬業度，使組織更容易適應新的工作方式。無論是 ERP 遷移還是策略採購，我們都以服務速度、功能深度和專業知識以及精實的專案團隊而聞名。

Looking ahead, we're also cautiously optimistic on the professional services marketplace in North America, currently our largest source of revenue. The US consulting services market is rebounding, bolstered by rising demand for digital transformation. Impact-driven engagements, which are RGP's specialty, are becoming mainstream with clients focused on agile teams that can collaborate together with their own people.

展望未來，我們對北美專業服務市場也持謹慎樂觀的態度，因為目前北美是我們最大的收入來源。受數位轉型需求不斷增長的推動，美國諮詢服務市場正在反彈。影響力驅動的參與是 RGP 的專長，隨著客戶專注於能夠與自己的員工合作的敏捷團隊，這種參與正在成為主流。

We expect accelerating growth in the professional staffing landscape in the second half of the fiscal year as potentially inflation stabilizes and we see lower interest rates. Professional staffing will benefit when greater confidence returns to the labor market and talent begins to move. We are optimistic in improving operating leverage by integrating AI technologies to source, screen and engage candidates, boosting efficiency and enabling human recruiters to focus on higher-value tasks.

隨著通膨趨於穩定且利率下降，我們預期本財年下半年專業人員配置領域將加速成長。當勞動市場恢復信心、人才開始流動時，專業人員配備將會受益。我們樂觀地認為，透過整合人工智慧技術來尋找、篩選和吸引候選人，可以提高營運槓桿，提高效率並使人類招募人員能夠專注於更高價值的任務。

We also see strong interest from our clients in skills-first hiring. A recent blog post from Staffing Industry Trends noted that 76% of companies are embracing contingent labor and flexible pay modes to remain competitive and to access skill sets that they could not afford to hire full-time.

我們也看到客戶對技能優先型招募表現出濃厚的興趣。人員配備行業趨勢最近的一篇部落格文章指出，76% 的公司正在採用臨時工和靈活的薪酬模式，以保持競爭力並獲得他們無法負擔全職僱用的技能。

In sum, despite near-term uncertainties, strong interest remains in corporate transformation and modernization initiatives, which we expect will drive growth for RGP in the next 12 months and beyond. We remain confident that agile firms like ours, which can deliver with fast, efficient and innovative ways of working will benefit the most.

總而言之，儘管近期存在不確定性，但人們對企業轉型和現代化舉措仍然抱有濃厚興趣，我們預計這將推動 RGP 在未來 12 個月及以後的成長。我們堅信，像我們這樣能夠以快速、高效和創新的工作方式交付成果的敏捷公司將受益最多。

Against this backdrop, we continue to make progress on our own transformation in Q4. We achieved revenue and gross margin above the high end of our outlook and have improved pricing in our key markets even in this disruptive macro environment. We achieved the same strong gross margin, above 40% as the prior year quarter and improved enterprise run rate SG&A despite the extra week of cost in the fiscal quarter. Our average bill rate improved by 4% year-over-year.

在此背景下，我們在第四季繼續推動自身轉型。即使在這種顛覆性的宏觀環境下，我們的收入和毛利率也超過了預期的高端，並且提高了主要市場的定價。儘管本財季成本增加了一周，但我們仍實現了與去年同期同樣強勁的毛利率（超過 40%），並且提高了企業運行率 SG&A。我們的平均帳單利率年增了 4%。

Our diversified services model is allowing us to win work in the most relevant categories for the CFO in the way the CFO wants to engage. From a solutions perspective in the On-Demand segment, digital and technology and supply chain grew nicely in the quarter. Within Consulting, digital transformation work grew both sequentially and year-over-year, again aligned directly with the CFO agenda we are focused on serving.

我們多元化的服務模式使我們能夠以財務長希望的方式贏得與財務長最相關的類別的工作。從按需領域的解決方案角度來看，數位技術和供應鏈在本季實現了良好的成長。在諮詢領域，數位轉型工作逐年成長，這與我們專注於服務的財務長議程直接相關。

Europe and Asia grew in Q4 to the highest revenue level of the now completed fiscal year. Bill rates improved quarter-over-quarter in the Europe and Asia Pac segment by 7%. Europe was a bright spot in Q4 with quarter-over-quarter constant currency growth of 8%. Most of the momentum in Europe came from the UK, our largest market in the region. We also improved revenue stability in Europe, driven by stickiness in project extensions, which grew to 40% of revenue.

歐洲和亞洲第四季的營收達到了本財年的最高水準。歐洲和亞太地區的票據利率較上季提高了 7%。歐洲是第四季的一個亮點，以固定匯率計算較上季成長 8%。歐洲的大部分發展勢頭來自英國，這是我們在該地區最大的市場。我們也提高了歐洲的收入穩定性，這得益於專案延期的黏性，增長至收入的 40%。

Our client retention in Europe remains high at 90% year-over-year. Asia Pac improved results as well despite significant disruption in China related to tariffs and supply chain migration. Asia Pac revenue growth was 3% sequentially, driven primarily by Japan. In our Outsourced Services segment, Countsy continued to grow sequentially in Q4 and year-over-year through client wins in the startup, scale-up and divestiture space.

我們在歐洲的客戶保留率仍然高達 90%。儘管中國因關稅和供應鏈遷移而受到嚴重干擾，但亞太地區的表現仍有改善。亞太地區營收季增 3%，主要受日本推動。在我們的外包服務領域，Countsy 在新創公司、擴大規模和剝離領域贏得客戶，在第四季度和去年同期繼續實現連續成長。

Beyond venture capital, Countsy is actively working to build channels and traditional middle market private equity as a solution for divested assets needing standup finance and accounting functions quickly and efficiently.

除了創投之外，Countsy 還積極致力於建立管道和傳統的中端市場私募股權，為需要快速有效地建立財務和會計功能的剝離資產提供解決方案。

Countsy is also introducing more AI tools on the platform to accelerate client acquisition and service capacity with better cost leverage. As you'll hear from Bhadresh, pipeline creation has grown in all regions with a higher volume of larger value deals. While these deals have a longer sales cycle, we believe the trade-off is worth it as they will position us well over the longer term, providing greater certainty around future revenues and growth.

Countsy 還在平台上引入了更多 AI 工具，以更好的成本槓桿加速客戶獲取和服務能力。正如您將從 Bhadresh 那裡聽到的，所有地區的管道創建都有所增長，大額交易的數量也在增加。雖然這些交易的銷售週期較長，但我們認為這種權衡是值得的，因為從長遠來看，它們將使我們處於有利地位，為未來的收入和成長提供更大的確定性。

We're evolving to do more for our clients across On-Demand, Consulting, and Outsourced Services, and we're getting deeper in our client base. We're pleased by our progress and opportunity pursuits, especially given the current macro environment is still difficult as it relates to the timing of project starts. In closing, I'm also very pleased to welcome two new Board members to RGP.

我們正不斷發展，透過按需、諮詢和外包服務為客戶提供更多服務，我們的客戶群也不斷擴大。我們對我們的進展和機會追求感到高興，特別是考慮到當前的宏觀環境對於專案啟動的時間來說仍然很困難。最後，我也非常高興地歡迎兩位新董事會成員加入 RGP。

Jeff Fox is the CEO and founding partner of Circumference Group, a strategic investment firm and long-term RGP shareholder. He is a former Board member of Avis Budget Group and Convergys. Jeff brings critical investor insight and a shareholder-focused lens to the Board. His expertise in improving profitability and unlocking shareholder value supports RGP's focus on disciplined capital deployment, sustainable growth and enhancing ROIC.

傑夫福克斯 (Jeff Fox) 是策略投資公司和長期 RGP 股東 Circumference Group 的執行長兼創始合夥人。他曾任 Avis Budget Group 和 Convergys 董事會成員。傑夫為董事會帶來了重要的投資者洞察力和以股東為中心的視角。他在提高獲利能力和釋放股東價值方面的專業知識支持了 RGP 對規範的資本部署、永續成長和提高 ROIC 的關注。

His appointment strengthens alignment between the board and long-term investors. Filip Gyde is the former President and CEO of Computer Task Group, where he led a strategic shift from staffing to digital consulting. He brings 30-plus years in global IT services with extensive European leadership. Filip's track record in transforming a traditional staffing firm into a modern digital solutions provider directly supports RGP's strategic evolution.

他的任命加強了董事會與長期投資者之間的協調。Filip Gyde 曾任 Computer Task Group 總裁兼首席執行官，領導該公司從人員配備到數位諮詢的策略轉變。他在全球 IT 服務領域擁有 30 多年的經驗，並在歐洲擁有豐富的領導經驗。Filip 將傳統人力資源公司轉型為現代數位解決方案供應商的業績直接支持了 RGP 的策略發展。

His deep understanding of IT and digital services will help guide the firm's ongoing pivot toward high-value consulting and technology-enabled offerings that are increasingly relevant to the CFO's agenda. His global leadership experience also reinforces RGP's growth ambitions in international markets and cross-border delivery models.

他對 IT 和數位服務的深刻理解將有助於指導公司持續轉向與財務長議程越來越相關的高價值諮詢和技術支援產品。他的全球領導經驗也增強了 RGP 在國際市場和跨境交付模式的成長雄心。

The appointment of Jeff and Filip are well aligned with RGP's strategic priorities, which include evolving from a staffing-centric model to becoming a value-added consulting and digital solutions firm, enhancing shareholder value through disciplined operations and capital allocation strategies, scaling technology transformation and digital capabilities and expanding our global presence while enhancing international client delivery.

Jeff 和 Filip 的任命與 RGP 的策略重點一致，包括從以人員為中心的模式發展成為一家增值諮詢和數位解決方案公司，透過嚴謹的營運和資本配置策略提高股東價值，擴大技術轉型和數位能力，擴大我們的全球影響力，同時增強國際客戶交付。

I'll now turn the call over to Bhadresh for an update on operations.

現在我將把電話轉給 Bhadresh，請他報告行動的最新進展。

Thank you, Kate, and good afternoon, everyone. As we close out the fiscal year, I want to recognize the leadership and commitment of our RGP team. Their efforts have been instrumental in navigating a dynamic and rapidly evolving market, enabling us to sharpen our value proposition and enhance our relevance in today's changing professional services landscape.

謝謝你，凱特，大家下午好。在我們結束財政年度之際，我想表彰我們 RGP 團隊的領導和承諾。他們的努力對於我們應對充滿活力和快速發展的市場起到了重要作用，使我們能夠強化我們的價值主張，並增強我們在當今不斷變化的專業服務領域的相關性。

As a reminder, RGP operates at the intersection of professional staffing, consulting and outsourced services. Our integrated model breaks away from the rigid structures of traditional firms, offering a more flexible client-centric experience across both transformation and operational needs.

需要提醒的是，RGP 的業務涉及專業人員配備、諮詢和外包服務的交叉領域。我們的綜合模式擺脫了傳統公司的僵化結構，在轉型和營運需求方面提供更靈活的以客戶為中心的體驗。

In Q4, we delivered results ahead of expectations on both revenue and gross margin, driven by disciplined pricing. Together with our continued focus on cost efficiency, we delivered improved bottom line performance. Following the holiday impact of Q3, pipeline creation rebounded in Q4 across several core offerings.

在第四季度，受嚴格定價的推動，我們的營收和毛利率都超出預期。結合我們對成本效率的持續關注，我們實現了更高的獲利績效。繼第三季假期影響之後，第四季多個核心產品的通路創建均出現反彈。

However, total pipeline contracted during the fourth quarter as we sharpened our focus on funnel discipline and enhanced efforts around opportunity qualification and conversion. Encouragingly, Europe also closed more net new business balanced with higher extension rates than previous quarter, reflecting continued strength in attracting new clients and retaining existing business.

然而，由於我們更加重視通路紀律並加大了機會資格和轉換方面的力度，第四季度總通路有所萎縮。令人鼓舞的是，歐洲也完成了更多的淨新業務，而且續約率也高於上一季度，反映出其在吸引新客戶和保留現有業務方面的持續強勁表現。

Now I'll provide an update on our quarterly performance by segment. Our Consulting segment revenue was overall down compared to same quarter last year. However, we're encouraged by several leading indicators that validate our strategy and execution. Bill rates rose meaningfully year-over-year, reflecting sustained demand for specialized solutions and our continued focus on value-based pricing.

現在我將按部門提供我們季度業績的最新情況。與去年同期相比，我們的諮詢部門收入整體下降。然而，有幾項領先指標驗證了我們的策略和執行情況，令我們感到鼓舞。票據利率同比大幅上漲，反映出對專業解決方案的持續需求以及我們對基於價值的定價的持續關注。

Offerings in digital transformation, supply chain, project management and change management all grew in fiscal '25 compared to prior year, signaling increased client prioritization of modernization initiatives. It's worth noting that recent changes in federal policy landscape had only a modest impact on our results as federal government work represents just 1.6% of total revenue.

與前一年相比，25 財年的數位轉型、供應鏈、專案管理和變革管理服務均有所成長，顯示客戶對現代化計畫的重視程度有所提高。值得注意的是，聯邦政策格局的近期變化對我們的業績影響不大，因為聯邦政府工作僅佔總收入的 1.6%。

Most importantly, we secured multiple new opportunities exceeding $1 million and expanded the number of $1 million-plus projects in our pipeline relative to same quarter last year. We're also seeing growing momentum in larger opportunities each exceeding $5 million, driven by the strength of our integrated transformation capabilities, which naturally take longer to close.

最重要的是，與去年同期相比，我們獲得了多個超過 100 萬美元的新機會，並擴大了我們準備中的 100 萬美元以上的專案數量。我們也看到，在我們綜合轉型能力的推動下，更大額度的商機（每個金額都超過 500 萬美元）的勢頭也在不斷增強，而這些商機自然需要更長的時間才能完成。

Notable wins this quarter include finance and tax acquisition integration PMO work streams for a large integrated health system, technology migration for a regional health care insurance provider, supply chain category management initiative for a Fortune 500 financial technology company. In addition, we expanded our footprint with new and enhanced preferred supplier relationships with several Fortune 100 clients.

本季取得的顯著成果包括為大型綜合醫療系統完成財務和稅務收購整合 PMO 工作流程、為區域醫療保險提供者完成技術遷移、為財富 500 強金融科技公司完成供應鏈類別管理計畫。此外，我們還透過與多家財富 100 強客戶建立新的和增強的優先供應商關係來擴大我們的業務範圍。

These achievements underscore our increasing relevance in complex high-impact transformation initiatives across industries. Our pipeline is showing steady progress across both public and private sectors, including US and international government agencies. In addition, we're actively pursuing a global digital modernization initiative with a Fortune 100 financial services firm, AI-driven R&D modeling for a Fortune 150 biopharmaceutical company and an ERP implementation for a leading education technology provider.

這些成就凸顯了我們在各行各業複雜且影響深遠的轉型計畫中日益增長的相關性。我們的管道在公共和私營部門（包括美國和國際政府機構）都取得了穩步進展。此外，我們也正在積極與一家財富 100 強金融服務公司合作開展全球數位現代化計劃，為一家財富 150 強生物製藥公司建立人工智慧驅動的研發模型，並為一家領先的教育技術提供商實施 ERP。

Many of these new wins and pipeline additions are with existing clients historically supported through our On-Demand Talent solutions, highlighting our ability to now engage in deeper, more strategic transformational initiatives. This marks a clear step change from a year ago made possible by the deep relationships we've built with clients leveraging On-Demand Talent, enabling a more strategic and engaged level of partnership than we've had previously.

許多新的勝利和新增的管道都是透過我們的按需人才解決方案與現有客戶合作獲得的，這凸顯了我們現在參與更深入、更具策略性的轉型計畫的能力。這標誌著與一年前相比發生了明顯的變化，這得益於我們利用按需人才與客戶建立的深厚關係，使我們的合作水平比以前更具策略性和參與度。

Today, our strategy is successfully elevating RGP's role within our clients value chain. Increasingly, clients are turning to us for end-to-end support across domain, functional and technology transformation, tapping into our global delivery centers in India and the Philippines to scale efficiently. One last note on Consulting. As we continue to deepen our focus on CFO advisory and digital transformation, I'd like to welcome Brett Wells, our new ERP practice leader.

今天，我們的策略正在成功提升 RGP 在客戶價值鏈中的作用。越來越多的客戶向我們尋求跨領域、功能和技術轉型的端到端支持，並利用我們位於印度和菲律賓的全球交付中心實現有效擴展。關於諮詢的最後一點說明。隨著我們繼續深入關注財務長諮詢和數位轉型，我謹歡迎我們的新 ERP 實踐負責人 Brett Wells。

He brings deep experience from companies such as Accenture, Infosys, and IBM with a strong track record of building and scaling global ERP practices and driving multimillion-dollar growth through strategic innovation and outcome-focused transformation. Turning to On-Demand. While fourth quarter revenue declined year-over-year, we're seeing signs of stabilization and early momentum driven by improved sale motions.

他在埃森哲、印孚瑟斯和 IBM 等公司擁有豐富的經驗，在建立和擴展全球 ERP 實踐以及透過策略創新和以結果為中心的轉型推動數百萬美元的成長方面擁有良好的記錄。轉向按需。儘管第四季營收年減，但我們看到了穩定的跡象和受銷售活動改善推動的早期發展勢頭。

Alongside stabilized volume, average bill rates also improved compared to the same quarter last year. Clients are increasingly valuing the flexibility and specialized expertise of our On-Demand Talent model, particularly in areas like accounting and financial reporting as they continue to manage leaner teams and tighter budgets.

除了交易量穩定之外，平均帳單利率與去年同期相比也有所提高。客戶越來越重視我們的隨選人才模式的靈活性和專業知識，特別是在會計和財務報告等領域，因為他們繼續管理更精簡的團隊和更緊縮的預算。

Pipeline creation in Q4 returned to first half levels, signaling renewed client engagement. At the same time, increased funnel movement, both wins and losses, and heightened client caution contributed to a modest sequential decline in total pipeline compared to previous quarter. Building on this momentum, we've increased engagements across our go-to-market teams with a focused effort on pipeline generation and early-stage opportunity development.

第四季度的管道創建量恢復到了上半年的水平，標誌著客戶參與度的重新提升。同時，通路流動的增加（包括成功和失敗）以及客戶謹慎性的提高導致總通路與上一季相比出現小幅環比下降。在此勢頭的基礎上，我們加強了與行銷團隊的合作，並專注於通路生成和早期機會開發。

Extension management remains a top priority across our revenue and talent team, with a focus on maximizing billable utilization and deepening client continuity. Moving on to international. Our Europe and APAC segment delivered top line revenue growth both year-over-year and sequentially, driven by strong performance in UK, Netherlands, and Japan along with increases in average bill rates across most markets in Europe and APAC.

擴展管理仍然是我們收入和人才團隊的首要任務，重點是最大限度地提高計費利用率和深化客戶連續性。邁向國際化。我們的歐洲和亞太地區部門的營業收入同比和環比均有所增長，這得益於英國、荷蘭和日本的強勁表現以及歐洲和亞太地區大多數市場的平均帳單利率的上漲。

While our China business continues to face macroeconomic headwinds, the broader region's overall performance reflects the strength of our focused execution. We're expanding cross-sell opportunities by focusing on large global clients, particularly in ERP and data and reinforcing disciplined extension management. Our ability to deliver local talent while scaling teams of our global delivery centers remain a powerful differentiator. Turning to our Outsourced Services segment.

儘管我們的中國業務繼續面臨宏觀經濟逆風，但整個地區的整體表現反映了我們專注執行的實力。我們透過專注於大型全球客戶（尤其是 ERP 和資料領域）並加強規範的擴展管理來擴大交叉銷售機會。我們在擴大全球交付中心團隊的同時提供本地人才的能力仍然是一個強大的差異化因素。轉向我們的外包服務部門。

We delivered revenue growth both year-over-year and sequentially, supported by new engagements with AI starts, spin-outs and scale-ups. This reflects our ability to meet the needs of fast-growing clients taking flexible, scalable solutions. In summary, while macroeconomic uncertainty and regional challenges persist, we remain focused on executing our strategy and delivering meaningful value to our plans.

在與 AI 新創公司、分拆企業和擴大規模企業的新合作的支持下，我們的營收年比和季比均有所成長。這反映了我們透過靈活、可擴展的解決方案來滿足快速成長的客戶需求的能力。總而言之，儘管宏觀經濟的不確定性和區域挑戰仍然存在，但我們仍然專注於執行我們的策略並為我們的計劃帶來有意義的價值。

Our diversified portfolio, strong client relationships and consistent execution position us well for continued recovery and growth. Heading into fiscal year 2026, we are operationally prioritizing pipeline generation and conversion, expanding strategic accounts and optimizing delivery to sustain our momentum.

我們多元化的投資組合、牢固的客戶關係和一致的執行力為我們持續復甦和成長奠定了良好的基礎。進入 2026 財年，我們在營運上優先考慮通路產生和轉換、擴大策略帳戶和優化交付以保持我們的發展勢頭。

With that, I'll now turn the call over to Jen.

說完這些，我現在將電話轉給 Jen。

Thank you, Bhadresh, and good afternoon, everyone. In the fourth quarter, we delivered strong performance against our expectations. Revenue of $139.3 million and gross margin of 40.2% were both well above the high end of our outlook range, while run rate SG&A expense was within the range.

謝謝你，Bhadresh，大家下午好。第四季度，我們的業績表現超乎預期。1.393 億美元的營收和 40.2% 的毛利率都遠高於我們預期範圍的高端，而運行率銷售、一般及行政費用也處於預期範圍內。

We delivered adjusted EBITDA of $9.8 million or 7.1% adjusted EBITDA margin, which is our strongest quarterly performance in fiscal '25. We are encouraged to see continued recovery in our Europe and Asia Pac segment with a 5% sequential growth over the third quarter on a same-day constant currency basis.

我們實現的調整後 EBITDA 為 980 萬美元，調整後 EBITDA 利潤率為 7.1%，這是我們 25 財年最強勁的季度業績。我們很高興看到，歐洲和亞太地區分部持續復甦，以當日固定匯率計算，第三季季增 5%。

Our Outsourced Services segment continued to demonstrate the strength of its execution and business model with a 4% growth year-over-year and a 3.5% sequential growth over Q3, both on a same-day basis. Relatively, the On-Demand and Consulting segments, which are both predominantly US based, continue to be soft, given the uncertain macro environment as domestic economic policies continue to evolve.

我們的外包服務部門持續展現其執行力和商業模式的優勢，年增 4%，季增 3.5%，且均以同日計算。相對而言，由於國內經濟政策持續變化，宏觀環境不確定，主要位於美國的隨選服務和諮詢服務部門持續表現疲軟。

With that said, despite the uncertainty, as a result of our focus on sales execution, the On-Demand segment demonstrated more stability in Q4 with moderating year-over-year decline compared to previous fiscal quarters.

話雖如此，儘管存在不確定性，但由於我們專注於銷售執行，按需部門在第四季度表現更加穩定，與前幾個財季相比，同比下降幅度有所緩和。

We achieved strong gross margin for the quarter at 40.2%, better than the high end of our outlook range. We're pleased that pay bill ratio continued to strengthen throughout fiscal '25 due to improvement in the enterprise average bill rate for the last three consecutive quarters.

本季我們的毛利率達到了 40.2%，高於我們預期的最高水準。我們很高興看到，由於過去連續三季企業平均帳單率的提高，25財年的薪資帳單比率持續增強。

Enterprise-wide average bill rate increased to $125 constant currency from $120 a year ago, led by our Consulting segment with a 13% increase. Average bill rate in the Europe and Asia Pac segment increased by 7% on a constant currency basis over both the prior year and sequential quarter. In our On-Demand segment, average bill rate also increased both year-over-year and sequentially.

企業範圍內的平均帳單利率從一年前的 120 美元增加到 125 美元（以固定匯率計算），其中諮詢部門的增幅最大，為 13%。歐洲和亞太地區的平均票據利率以固定匯率計算較上年和上一季均上漲了 7%。在我們的按需服務領域，平均帳單費率也較去年同期和較上季都有所增加。

These improvements reflect the impact of our disciplined value-based pricing strategy, our continued shift toward in-demand consulting skill sets and a favorable mix shift toward higher-value larger-scale engagements.

這些改進反映了我們嚴謹的基於價值的定價策略的影響、我們持續向需求旺盛的諮詢技能組合轉變以及向更高價值、更大規模合作的有利組合轉變。

As we strive to drive higher bill rates in all business segments and across all geographic regions, revenue mix will continue to be reflected in our total company average bill rate, especially as we increasingly leverage our global delivery center for offshore delivery team.

隨著我們努力在所有業務部門和所有地理區域提高帳單費率，收入組合將繼續反映在我們公司的整體平均帳單費率中，特別是當我們越來越多地利用我們的全球交付中心來支援離岸交付團隊時。

Importantly, while the use of offshore teams will typically blend down the average bill rate, it will allow us to enhance gross margin and overall profitability while also helping us compete more effectively. Now on to SG&A expense.

重要的是，雖然使用離岸團隊通常會降低平均帳單費率，但它可以讓我們提高毛利率和整體獲利能力，同時幫助我們更有效地競爭。現在討論銷售、一般及行政費用。

Our enterprise run rate SG&A expense for the quarter was $46.2 million, an improvement from $46.5 million a year ago, especially after giving effect to a 14-week quarter in the current fiscal year. The improvement in SG&A was primarily driven by lower management compensation expense. We will continue to pull the cost levers within our control to improve operating leverage.

本季我們的企業營運率銷售、一般及行政費用為 4,620 萬美元，較去年同期的 4,650 萬美元有所改善，尤其是在本財政年度採用 14 週季度之後。銷售、一般及行政開支的改善主要得益於管理薪酬費用的降低。我們將繼續在控制範圍內利用成本槓桿來提高營運槓桿。

Next, I'll provide some additional color on segment performance. All year-over-year percentage comparisons for revenue are adjusted for business days and currency impact. And as a reminder, segment-adjusted EBITDA excludes certain shared corporate costs. Revenue for our Consulting segment was $51 million, a decline of 14% from prior year.

接下來，我將提供一些有關細分市場表現的額外資訊。所有同比收入百分比比較均根據工作日和貨幣影響進行調整。需要提醒的是，分部調整後的 EBITDA 不包括某些共享的公司成本。我們的諮詢部門收入為 5,100 萬美元，比上年下降 14%。

Fourth quarter segment adjusted EBITDA was $8.3 million or a 16% margin compared to $10.2 million or an 18% margin in the prior year quarter. Revenue for our On-Demand segment was $53 million, a decline of 16% versus prior year. Segment adjusted EBITDA was $6.4 million or a margin of 12% compared to $7.1 million, also a 12% margin in the prior year quarter.

第四季分部調整後 EBITDA 為 830 萬美元，利潤率為 16%，而去年同期為 1,020 萬美元，利潤率為 18%。我們的按需部門收入為 5,300 萬美元，較上年下降 16%。分部調整後的 EBITDA 為 640 萬美元，利潤率為 12%，去年同期為 710 萬美元，利潤率為 12%。

Turning to our Europe and Asia Pac segment, revenue was $21.3 million, flat to the prior year quarter. Segment adjusted EBITDA was $1.9 million or a 9% margin, both up from $0.5 million and a 3% margin in the prior year. Finally, our Outsourced Services segment revenue was $11.3 million, up 4% compared to the prior year.

談到我們的歐洲和亞太地區部門，營收為 2,130 萬美元，與去年同期持平。分部調整後的 EBITDA 為 190 萬美元，利潤率為 9%，均高於上年的 50 萬美元和 3%。最後，我們的外包服務部門營收為 1,130 萬美元，比上年成長 4%。

Segment adjusted EBITDA was $3.1 million or a 28% margin, up from $2.7 million or 27% margin. I also want to note we recorded a noncash goodwill impairment charge of $69 million in our Consulting segment during the fourth quarter in response to business performance and the reduction in our market capitalization.

分部調整後的 EBITDA 為 310 萬美元，利潤率為 28%，高於 270 萬美元或 27% 的利潤率。我還想指出，由於業務表現不佳和市值下降，我們在第四季度的諮詢部門記錄了 6,900 萬美元的非現金商譽減損費用。

Turning to liquidity. Our balance sheet remains pristine with $86 million of cash and cash equivalents and zero outstanding debt. We distributed $4.6 million worth of dividends in the quarter. With cash on hand combined with available borrowing capacity under our credit facility, we will continue to take a balanced approach to capital allocation between investing in the business to drive growth and returning cash to shareholders through dividends and opportunistic share buybacks under our share repurchase program, which had $79 million remaining at the end of the quarter.

轉向流動性。我們的資產負債表依然完好無損，擁有 8,600 萬美元的現金和現金等價物，且未償債務為零。我們在本季派發了價值 460 萬美元的股息。利用手頭上的現金加上我們信貸安排下的可用借貸能力，我們將繼續採取平衡的資本配置方式，在投資業務以推動增長與通過股息和機會性股票回購向股東返還現金之間進行投資，我們的股票回購計劃在本季度末剩餘 7900 萬美元。

I'll now close with our first quarter outlook. As I mentioned earlier, the macro conditions remain choppy especially in the US, given ongoing policy uncertainty. While we're pleased to see improving quality in the pipeline with larger deal opportunities, the sales cycle remains elongated. The exact timing for a more normalized cycle remains unpredictable.

現在我將以第一季的展望作為結束語。正如我之前提到的，鑑於持續的政策不確定性，宏觀環境仍然動盪，尤其是在美國。雖然我們很高興看到交易機會增多，品質不斷提高，但銷售週期仍然延長。更正常化的周期的具體時間仍無法預測。

In the meantime, as Bhadresh mentioned, we will continue to focus on pipeline generation to drive additional project wins. Early first quarter weekly revenue run rate has shown the typical summary impact as consultants take holidays. Also, we are seeing some additional softness compared to the fourth quarter as a result of delayed project starts, both of which will impact the run rate for the remainder of the quarter.

同時，正如 Bhadresh 所提到的，我們將繼續專注於管道生成，以推動更多專案勝利。由於顧問休假，第一季初的每週收入運行率表現出典型的整體影響。此外，由於專案開工延遲，與第四季度相比，我們看到了一些額外的疲軟，這兩者都將影響本季剩餘時間的運行率。

Taking all this into account, our outlook calls for revenue of $115 million to $120 million. On the gross margin front, we expect a typical summer impact to affect utilization of our consultants. And as such, we estimate gross margin to be in the range of 36% to 37%, which is in line with the prior year's first quarter.

考慮到所有這些因素，我們預計收入將達到 1.15 億至 1.2 億美元。在毛利率方面，我們預期典型的夏季影響將影響我們顧問的使用率。因此，我們預計毛利率將在 36% 至 37% 之間，與去年第一季持平。

First quarter run rate SG&A expense is expected to be in the range of $46 million to $48 million. Non-run rate and noncash expenses will be around $3 million to $4 million, consisting mostly of noncash stock compensation and ERP amortization expense.

第一季的銷售、一般及行政費用預計在 4,600 萬美元至 4,800 萬美元之間。非運行率和非現金支出將在 300 萬至 400 萬美元左右，主要包括非現金股票補償和 ERP 攤銷費用。

In closing, in the current operating environment, we continue to be laser-focused on improving our execution even further to drive long-term value creation. As better economic clarity emerges for our customers and new business prospects, we will be well positioned for a return to growth accompanied by stronger profitability.

最後，在當前的營運環境下，我們將繼續專注於進一步提高我們的執行力，以推動長期價值創造。隨著我們的客戶和新的業務前景變得更加明朗，我們將為恢復成長和提高獲利能力做好準備。

That concludes our prepared remarks, and we will now open the call for Q&A.

我們的準備好的演講到此結束，現在我們將開始問答環節。

(Operator Instructions)

（操作員指示）

Joe Gomes, Noble Capital.

喬·戈麥斯 (Joe Gomes)，Noble Capital 的創始人。

Good afternoon. Congrats on the quarter.

午安.恭喜本季取得佳績。

Thanks, Joe.

謝謝，喬。

Thanks, Joe.

謝謝，喬。

So nice on the gross margin beat. Just wondering if you could give us even a little bit more color on what was driving the [GM] versus where you originally had expected it to be?

毛利率超出預期，非常好。我只是想知道您是否可以向我們詳細介紹一下推動 [GM] 發展的原因以及您最初的預期？

Yeah, Joe, this is Jen. Yeah. So we are very pleased that we beat our gross margin pretty well above our gross margin guidance. The main driving factor is improvement in our average bill rate. We -- as you know, we've been working on our pricing strategy for some time now.

是的，喬，這是 Jen。是的。因此，我們很高興看到我們的毛利率遠高於我們的毛利率預期。主要驅動因素是我們平均帳單利率的提高。如您所知，我們已經研究定價策略有一段時間了。

This quarter, in particular, as we continue to win, as I said, larger and more complex deals, higher value deals, we were able to command higher bill rates. So if you were to take a look at all of the new projects that started in Q4 compared to existing projects going in, we are seeing a double-digit increase in our average bill rate. So that's what's driving the favorability in our gross margin compared to the guide.

特別是本季度，正如我所說，隨著我們繼續贏得更大、更複雜的交易和更高價值的交易，我們能夠獲得更高的票據利率。因此，如果您查看第四季度啟動的所有新項目並與現有項目進行比較，我們會發現平均收費率呈兩位數增長。這就是我們的毛利率相對於指導值有利的原因。

And Joe, let me just add, it's Kate. I really want to thank our management team because they're really stepping up to have very careful conversations with our clients about the caliber and quality of our people and why we're worth it.

喬，讓我補充一下，她是凱特。我真的要感謝我們的管理團隊，因為他們確實積極與我們的客戶進行非常仔細的對話，了解我們員工的能力和素質以及我們為什麼值得信賴。

And when you think about our model versus some of the more traditional partnership models where we bring experienced, really experts to execute, they create faster impact and it's really helping our clients understand that. And while the rates may be a little higher, the outcomes they'll achieve are stronger.

當您將我們的模式與一些更傳統的合作模式進行比較時，我們會聘請經驗豐富的專家來執行，他們會更快地產生影響，這確實有助於我們的客戶理解這一點。儘管費用可能略高一些，但所取得的成果卻更為顯著。

And let me just add one more thing, Joe. So from an indirect cost standpoint, we did also experience more favorable medical claims this quarter, too. So that's sitting on top of the favorable trend that we're seeing in average bill rate. So that's also another contributing factor.

喬，我再補充一點。從間接成本的角度來看，本季我們的醫療索賠也更加有利。因此，我們看到平均帳單利率呈現有利趨勢。這也是另一個促成因素。

Okay, thanks for that. And I know one of the goals you guys have out there for the cross-selling. And I'm just wondering maybe you could talk a little bit more of how that is going. Are you really seeing any significant cross-selling benefits? Are they starting to generate even more? Any more color you can provide on that would be great.

好的，謝謝。我知道你們進行交叉銷售的目標之一。我只是想知道您是否可以再多談一下事情進展如何。您是否確實看到了任何顯著的交叉銷售優勢？他們是否開始產生更多？如果您能提供更多顏色就更好了。

Joe, this is Bhadresh. Yeah, the short of the response is that we are seeing a good uplift in our existing clients where we've traditionally been serving them with On-Demand Talent, where we're able to bring in our deeper capabilities in Consulting and able to cross-sell there.

喬，這是巴德雷什。是的，簡而言之，我們看到現有客戶的數量有了很大的提升，我們傳統上一直透過按需人才為他們提供服務，我們能夠發揮我們在諮詢方面的更深層次的能力，並能夠在那裡進行交叉銷售。

And that's even for our future, that's our upside, right, because we have so many existing clients (technical difficulty) do more cross-sell into these clients, and we're going to continue pushing that as we move forward over the quarters.

這甚至對我們的未來來說也是我們的優勢，對吧，因為我們有這麼多現有客戶（技術難度）可以向這些客戶進行更多的交叉銷售，而且我們將在接下來的幾個季度中繼續推動這一點。

Okay. Great. And one more, if I may. Jen, correct me if I didn't hear you, the guide for revenue for the first quarter is $115 million to $120 million?

好的。偉大的。如果可以的話，我還要再說一句。Jen，如果我沒聽清楚的話請糾正我，第一季的營收預期是 1.15 億到 1.2 億美元？

Yes, that is correct. And Joe, I had this in my prepared remarks. We -- as you know, Q1 typically is slower than Q4 because of summer. So we are experiencing typical summer impacts, but what's also driving the revenue run rate is also the fact that we've had a few large deals, very specific deals that were delayed in terms of project start decision with some -- a few of them, we thought that we were going to get a decision in second half of Q4, but we won the project and got to the final decision just about a week ago.

是的，正確。喬，我在準備好的演講稿中已經提到了這一點。我們—如您所知，由於夏季的原因，第一季通常比第四季慢。因此，我們正在經歷典型的夏季影響，但推動收入運行率的另一個因素是，我們已經有一些大交易，非常具體的交易，這些交易在項目啟動決定方面被推遲了 - 其中一些，我們原以為會在第四季度下半段做出決定，但我們贏得了項目並在大約一周前做出了最終決定。

And so that is pushing out the revenue into Q2. So that's another factor that's impacting Q1's revenue guide.

因此這會將收入推遲到第二季。這是影響第一季營收指南的另一個因素。

Okay. And then also, in your release, you talked about some involuntary attrition on the sales team. What kind of impact, if you can kind of quantify somewhat, is that having, if any, on your outlook for Q1?

好的。另外，在您的新聞稿中，您談到了銷售團隊的一些非自願減員。如果您可以量化的話，這對您對第一季的展望會產生什麼樣的影響？

Hey Joe, this is Bhadresh. We have been ramping up new salespeople into our organization, especially with the archetype of the evolving market. So there's a little bit of impact there as they're ramping up, but all of them are ramping up really well against our targets and goals. So there's some impact there, but I think we are starting to see more traction as we continue to move forward with the new people we brought on board as well.

嘿喬，我是 Bhadresh。我們一直在為我們的組織招募新的銷售人員，特別是考慮到不斷發展的市場。因此，當他們加速發展時，會產生一些影響，但他們都在很好地實現我們的目標。因此，這會產生一些影響，但我認為，隨著我們繼續在新員工的帶領下前進，我們將開始看到更多的動力。

Yeah, Joe, I would say that the sales attrition, that disruption impacted our Q4. But going into Q1, I would say, as Bhadresh said, we are definitely stabilizing to a certain degree, we are still ramping up some new sales team members. But I would say the Q1 to Q4 comparison, the trend isn't because of the sales attrition.

是的，喬，我想說銷售流失和中斷影響了我們的第四季。但進入第一季度，我想說，正如 Bhadresh 所說，我們肯定在一定程度上穩定下來，我們仍在增加一些新的銷售團隊成員。但我想說，與第一季和第四季相比，這種趨勢並不是因為銷售額下降。

Okay, great. Thanks, I'll get back in queue.

好的，太好了。謝謝，我會重新排隊。

Thank you.

謝謝。

Mark Marcon, Baird.

馬克馬孔，貝爾德。

Good afternoon. I was wondering if you could give a little bit more color with regards to what the expected trends would be both on the Consulting as well as the On-Demand Talent. Because it sounds like Europe and Asia are relatively stable and doing well. So when I take a look at the overall guide, I'm trying to see what that implies for On-Demand as well as Consulting.

午安.我想知道您是否可以更詳細地介紹諮詢和按需人才的預期趨勢。因為聽起來歐洲和亞洲相對穩定且表現良好。因此，當我查看整體指南時，我試圖了解這對按需和諮詢意味著什麼。

Yeah, hi Mark, you're exactly right. Europe and Asia Pac, we are expecting stability with normal summer impact, the softness is really sitting in the US and On-Demand and Consulting. On-Demand, I expect that it's going to be -- it's still going to maintain the stability that we've seen in Q4.

是的，嗨，馬克，你說得完全正確。歐洲和亞太地區，我們預計將保持穩定，夏季影響正常，而疲軟主要集中在美國、按需和諮詢領域。就按需而言，我預計它仍將保持我們在第四季度看到的穩定性。

The Consulting side is impacted more, and this goes back to the project delays that I referred to. But I think overall, I would say that in the On-Demand business, we are seeing stability in Q4, and we expect that stability to continue into Q1.

諮詢方面受到的影響更大，這又回到了我提到的專案延遲的問題。但我認為總體而言，在按需業務方面，我們在第四季度看到了穩定性，並且我們預計這種穩定性將持續到第一季。

Yeah, hi Mark, it's Kate. I think just to be really, really clear, On-Demand just gets hit because people take vacation, and they generally negotiate that with clients directly. So we don't have clarity about when that's happening. I think the second thing, the two largest deals in our pipe, as Jen said that we thought would close late April, we did win those. So I want to be clear.

是的，嗨，馬克，我是凱特。我認為要非常非常清楚的是，按需服務受到打擊是因為人們休假，他們通常會直接與客戶協商。所以我們不清楚這件事何時會發生。我認為第二件事是，我們管道中最大的兩筆交易，正如 Jen 所說，我們認為將在 4 月底完成，我們確實贏得了它們。所以我想說清楚。

We successfully closed; won those, but they're not starting until Q2. And we have those in the pipe sooner and so we're reflecting that in the guidance.

我們成功結束並贏得了這些，但他們直到第二季才開始。我們很快就將這些納入計劃中，因此我們在指導中反映了這一點。

Got it. And then just to be clear, with regards to On-Demand and that being stable, does that mean stable with the constant currency same business day trend that we ended up seeing during the last quarter?

知道了。然後需要明確的是，關於按需和穩定性，這是否意味著與我們在上個季度看到的相同工作日恆定貨幣趨勢保持穩定？

Yes, that's correct.

是的，正確。

Great. And then can you -- Bhadresh, you talked a little bit about the pipeline. Can you talk a little bit more about, if I heard you correctly, and I'm not sure if I did, so forgive me if I didn't. But did you say the pipeline shrink a little bit? And I'm just wondering what drove the shrinkage in that if that's correct.

偉大的。然後你能嗎——Bhadresh，你談了一點有關管道的事情。如果我沒聽錯的話，您能否再多說一點，我不確定我是否聽對了，如果我沒聽錯的話，請原諒我。但您說管道縮小了一點嗎？我只是想知道，如果這是正確的，是什麼導致了這種萎縮。

And then what are the efforts to kind of rebuild the pipeline? And when do you see the sales cycle actually, the closings actually and the project starts reaccelerating?

那麼重建管道的努力有哪些呢？何時才能真正看到銷售週期、成交以及專案開始重新加速？

Of course. I think the biggest thing to kind of break the pipeline down, I think we should look at it where we're hyperfocused right now is pipeline creation, which we have gone back to first half levels where we're highly focused on putting more into the pipeline. In the same vein, what we're seeing is between closed won and closed lost opportunities as we're doing better funnel management.

當然。我認為打破管道最重要的事情是，我們應該看看我們現在高度關注的是管道創建，我們已經回到了前半階段，我們高度專注於在管道中投入更多。同樣，隨著我們進行更好的漏斗管理，我們看到的是已關閉的贏利機會和已關閉的失去的機會之間的差異。

That's where we're seeing the pipeline kind of decreasing as we win and lose work. But our focus is highly on pipeline generation, getting into the right areas, cross-selling into our accounts and building the pipeline. I think the second piece of this also is that we've seen a little bit more of a trend, especially in On-Demand where deals get into our pipeline, and then clients are actually either stopping the need or using their own resources to staff the need.

我們看到，隨著工作不斷增加和減少，管道數量正在減少。但我們高度關注的是通路產生、進入正確的領域、向我們的帳戶進行交叉銷售以及建立管道。我認為第二點是，我們看到了一種趨勢，特別是在按需領域，交易進入我們的管道，然後客戶實際上要么停止需求，要么使用自己的資源來滿足需求。

So we'll see more what we call abandoned deals into our pipeline than we have sequential quarter. And the third piece of this is in the Consulting side, we continue to add larger deals as we're moving up the value chain for our clients. But some of the discretionary, as the clients look at it going, is it strategic to the organization or is it discretionary, they're putting some of these initiatives on hold. So we're kind of putting those out of our pipeline as well.

因此，與上一季相比，我們會看到更多所謂的「放棄」交易。第三部分是諮詢方面，隨著我們為客戶提升價值鏈，我們將繼續增加更大的交易。但是，當客戶看到這些措施對於組織來說是否具有策略意義或是否具有自由裁量權時，他們會暫停其中一些措施。因此，我們也將它們排除在我們的管道之外。

So net of it is we're hyperfocused on pipeline generation and creation, hyperfocused on funnel management, right, and having the discipline that we need, so we can continue scaling our pipeline and making sure we're bringing the right type of deals into the pipeline.

因此，我們高度關注管道生成和創建，高度關注漏斗管理，對的，並且擁有我們需要的紀律，這樣我們就可以繼續擴展我們的管道並確保我們將正確類型的交易帶入管道。

That's great. Thank you.

那太棒了。謝謝。

(Operator Instructions)

（操作員指示）

Andrew Steinerman, JP Morgan.

摩根大通的安德魯‧施泰納曼。

Hi, this is Judson Lindley on for Andrew Steinerman. I was just wondering if you guys could maybe help us bridge from your dollar revenue guidance for 1Q to an organic constant currency growth rate, maybe provide the components for M&A impact, FX and days adjustment.

大家好，我是 Judson Lindley，代表 Andrew Steinerman 報道。我只是想知道你們是否可以幫助我們將第一季的美元收入預測轉化為有機固定貨幣成長率，或許還能提供併購影響、外匯和天數調整的組成部分。

Hi Judson, so our revenue guide at the top end of the guidance at $120 million is a 14% decline from Q1 of last year on a same day basis. Currency impact is not significant. And it is mostly organic because we acquired -- we closed the Reference Point acquisition last year at the beginning of July. So the 14% is your apples-to-apples comparison, yeah.

你好，賈德森，我們的收入指南最高為 1.2 億美元，與去年第一季同期相比下降了 14%。貨幣影響並不顯著。這主要是因為我們收購了——我們去年 7 月初完成了對 Reference Point 的收購。所以 14% 是同類比較，是的。

Okay. Great, great. And then, I guess sort of a similar question for the current quarter. Could you just maybe help me confirm what the Reference Point impact was and if there was any impact from FX?

好的。太好了，太好了。然後，我想本季也會出現類似的問題。您能否幫助我確認參考點的影響是什麼以及是否有來自 FX 的影響？

Yeah. Q4, right, you're talking about Q4 to last year's Q4, same-day constant currency comparisons is down 11%.

是的。Q4，對，您說的是第四季度與去年第四季相比，當日恆定匯率比較下降了 11%。

Great. Thank you so much.

偉大的。太感謝了。

Thank you. I would now like to turn the call back over to Kate Duchene for any closing remarks.

謝謝。現在我想將電話轉回給凱特杜切內 (Kate Duchene)，請她做最後發言。

I just want to thank everyone for joining us. We look forward to talking to you at the end of Q1, and enjoy a productive and healthy summer. Thank you.

我只想感謝大家的加入我們。我們期待在第一季末與您交談，並享受一個富有成效且健康的夏天。謝謝。

Thank you. This concludes the conference. Thank you for your participation. You may now disconnect.

謝謝。會議到此結束。感謝您的參與。您現在可以斷開連線。