Resources Connection Inc (RGP) 2026 Q1 法說會逐字稿

Good afternoon, ladies and gentlemen. Welcome to the Resources Connection, Inc., conference call.

女士們、先生們，午安。歡迎參加 Resources Connection, Inc. 電話會議。

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

（操作員指示）提醒一下，本次電話會議正在錄音。

At this time, I would like to remind everyone that management will be commenting on results for the first quarter ended August 30, 2025.

此時，我想提醒大家，管理階層將對截至 2025 年 8 月 30 日的第一季業績發表評論。

They will also refer to certain non-GAAP financial measures. An explanation and reconciliation of these measures to the most comparable GAAP financial measures are included in the press release issued today.

他們也將參考某些非公認會計準則財務指標。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。

Today's press release can be viewed in the Investor Relations section of RGP's website and filed today with the SEC.

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; then, the anticipated financial performance of the company. Such statements are predictions. Actual events or results may differ materially.

此外，在此次電話會議中，管理層可能會就計劃、舉措和策略以及公司預期的財務業績做出前瞻性陳述。此類陳述只是預測。實際事件或結果可能有重大差異。

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'll 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. Welcome, everyone, to RGP's Q1 earnings call.

謝謝您，接線生。歡迎大家參加 RGP 第一季財報電話會議。

We continue to make progress in evolving the company to become more integrated, diversified, and resilient. While the global macro environment remains uncertain, disrupted, and slow moving for professional services, we are working aggressively to evolve the business to be well positioned for the upturn.

我們不斷取得進展，使公司變得更加一體化、多樣化和有彈性。儘管全球宏觀環境對於專業服務而言仍然不確定、混亂且發展緩慢，但我們正在積極努力，使業務發展為改善做好準備。

Our activities are producing meaningful progress, which I'll highlight. In Q1, we delivered results better than our outlook for all measures. Revenue was above our outlook range. Gross margin was significantly better. SG&A also came in better than our outlook. As a result, we achieved more profit than expected by a significant amount. While we have more work to do, we have a clear plan to delivery and enhanced value creation.

我們的活動正在取得有意義的進展，我想強調一下。在第一季度，我們各項指標的業績都優於預期。收入高於我們的預期範圍。毛利率明顯提高。銷售、一般及行政開支也比我們的預期好。結果，我們獲得的利潤大大超出了預期。雖然我們還有很多工作要做，但我們對交付和增強價值創造有一個明確的計劃。

Several parts of the business are growing. I want to highlight those. Europe & Asia-Pac achieved a solid quarter, delivering 5% growth and have built a strong pipeline for Q2. Japan and India delivered growth in Q1, again, with solid momentum moving into Q2. Revenue from our top 10 clients also grew year over year, reflecting the global transformation and transaction work happening in the very large company client segment.

業務的多個部分都在成長。我想強調一下這些。歐洲和亞太地區本季表現穩健，實現了 5% 的成長，並為第二季建立了強大的銷售管道。日本和印度在第一季再次實現成長，並保持強勁的成長勢頭進入第二季。我們前十大客戶的營收也較去年同期成長，反映了大型公司客戶群正在進行的全球轉型和交易工作。

(inaudible) grew in Q1 and is busy with strong proposal activity in Q2. Bhadresh and Jen will share more details about our progress, especially around double-digit bill rate improvements in our Consulting segment, increasing deal size, and pipeline momentum. These are the indicators that we closely monitor to track our continued progress against our strategic goals.

（聽不清楚）在第一季實現了成長，並在第二季度忙於開展強有力的提案活動。Bhadresh 和 Jen 將分享有關我們進展的更多細節，特別是有關我們諮詢部門的兩位數賬單費率改善、交易規模的增加以及渠道發展勢頭。我們密切監控這些指標，以追蹤我們在實現策略目標方面取得的持續進展。

We are engaged in our transformation to deliver more for our clients and colleagues, while improving return for our shareholders. We are transforming purposefully to increase our addressable market, while becoming known for a focused set of solutions.

我們致力於轉型，為客戶和同事提供更多服務，同時提高股東的回報。我們正在進行有針對性的轉型，以擴大我們的潛在市場，同時以一系列專注的解決方案而聞名。

We've taken the company from a professional staffing organization to a diversified platform, combining On-Demand Talent with Consulting, and Outsourced Services. We are focused on two critical solution areas across all delivery models, CFO Advisory & Digital Transformation. These services are relevant to every business today, large and small. In these areas, we help our clients drive transformation from strategy through to execution by providing heightened value and impact.

我們已將公司從專業的人員配備機構轉變為多元化平台，將按需人才與諮詢和外包服務結合。我們專注於所有交付模式中的兩個關鍵解決方案領域：財務長諮詢和數位轉型。這些服務與當今的每家企業（無論大小）都息息相關。在這些領域，我們透過提供更高的價值和影響力來幫助我們的客戶推動從策略到執行的轉變。

Our unique value proposition is built on five key differentiators. First, we bring agility, expertise, and experience. Unlike Big 4 and large consultancies, we deploy skilled analytical consultants paired with highly experienced professionals who can plug into client teams quickly without the heavy overhead, long timelines, or rigid methodologies. Clients value this model when they need execution and results fast, not just advisory.

我們獨特的價值主張建立在五個關鍵差異因素之上。首先，我們帶來敏捷性、專業知識和經驗。與四大和大型顧問公司不同，我們部署了熟練的分析顧問和經驗豐富的專業人員，他們可以快速融入客戶團隊，而無需沉重的開銷、漫長的時間安排或僵化的方法。當客戶需要快速執行和獲得結果而不僅僅是提供建議時，他們會重視這種模式。

Also, our global talent network is unmatched. Our experienced professionals tend to be mid- to senior-level practitioners with 10 to 20-plus years of experience, who have worked in the industry -- not just consulting -- and have operated in our clients' seats. This makes them credible to client teams, immediately.

此外，我們的全球人才網絡無與倫比。我們的經驗豐富的專業人員往往是擁有 10 至 20 多年經驗的中高級從業人員，他們不僅在諮詢行業工作過，還曾在我們的客戶職位上工作過。這使得他們立即贏得了客戶團隊的信任。

Second, our diversified services model is a strength. We serve clients across consulting, professional staffing, and managed solutions or outsourcing, giving clients flexibility in how they engage. Few firms combine all three effectively, especially on a global stage like ours. Clients increasingly want more choice, including blended delivery teams that can operate around the world.

第二，多元化的服務模式是我們的優勢。我們為客戶提供諮詢、專業人員配備、託管解決方案或外包服務，讓客戶在參與方式上更有彈性。很少有公司能夠有效地將這三者結合起來，尤其是在我們這樣的全球舞台上。客戶越來越希望擁有更多選擇，包括可以在世界各地運作的混合交付團隊。

In addition, with the US changing the H1B availability and cost model, our global delivery centers in India and Asia-Pac allow us to quickly access outstanding global talent without extra complexity or cost.

此外，隨著美國改變 H1B 的可用性和成本模式，我們位於印度和亞太地區的全球交付中心使我們能夠快速獲得優秀的全球人才，而無需額外的複雜性或成本。

Third, our focus on CFO Advisory & Digital Transformation is right on target for the next several years. We specialize in the high-demand areas of finance transformation, including AI and data, risk and compliance, transaction integration, supply chain optimization, digital and cloud transformation. This is a sweet spot where clients need both deep functional expertise and execution support.

第三，我們對財務長諮詢和數位轉型的關注是未來幾年的正確目標。我們專注於金融轉型的高需求領域，包括人工智慧和數據、風險和合規、交易整合、供應鏈優化、數位化和雲端轉型。這是一個最佳點，客戶既需要深厚的功能專業知識，又需要執行支援。

Our pipeline of opportunities is growing in the digital finance, ERP, and data space. We expect that to continue. We have accordingly upskilled our talent communities to deliver the specialized skills clients need today.

我們在數位金融、ERP 和數據領域的機會正在增加。我們預計這種情況將會持續下去。因此，我們提升了人才社群的技能，以提供客戶當今所需的專業技能。

Fourth, our diversified model is scalable. Our clients can flex our team up or down, depending on project demand. This gives clients more control over cost and outcomes compared with traditional consulting engagements.

第四，我們的多元化模式具有可擴展性。根據專案需求，我們的客戶可以增加或減少我們的團隊。與傳統的諮詢業務相比，這使客戶能夠更好地控製成本和結果。

In today's macro environment, cost efficiency and flexibility are critical considerations for clients in making procurement decisions. The models of yesterday with large layered teams or inflexible playbook delivery are declining. This shift will play in our favor because we don't deliver services with layers of inexperienced generalists or juniors, often learning skills on the clients' time.

在當今的宏觀環境下，成本效益和靈活性是客戶進行採購決策的關鍵考慮因素。過去那種擁有龐大分層團隊或缺乏彈性的劇本交付的模式正在逐漸衰落。這種轉變對我們有利，因為我們不會透過層層缺乏經驗的通才或初級人員來提供服務，他們通常會利用客戶的時間來學習技能。

We know that much of that work is being actively disrupted by automation and AI. Our GP sweet spot is in the delivery of Consulting and On-Demand Specialized Talent that embraces AI and automation to streamline, enhance, and cost optimize the delivery of complex change and transformation work.

我們知道，許多工作正受到自動化和人工智慧的積極幹擾。我們的 GP 優勢在於提供諮詢和按需專業人才，利用人工智慧和自動化來簡化、增強和優化複雜變革和轉型工作的交付成本。

We take pride knowing that when our clients demand teams and talent that have been in their shoes and had experienced the problems they face, we can quickly provide that solution anywhere in the world.

我們感到自豪的是，當我們的客戶需要有同他們一樣經歷並經歷過他們所面臨的問題的團隊和人才時，我們可以在世界任何地方迅速提供解決方案。

In digital finance work, for example, our consultants work collaboratively with modern tools for automating, processing, and analyzing, allowing focus to shift to capturing insights and designing innovative new processes and technical architectures that enable the use of these tools at scale. As the On-Demand environment improves and clients are reintroduced to the capabilities of RGP today, we believe the market opportunity ahead is significant.

例如，在數位金融工作中，我們的顧問利用現代工具進行自動化、處理和分析，將重點轉移到捕捉洞察力和設計創新的新流程和技術架構上，以便大規模使用這些工具。隨著按需環境的改善以及客戶重新認識 RGP 的功能，我們相信未來的市場機會是巨大的。

The bit differentiator is our client-centric approach. We partner to truly integrate with client teams. We do not engage as an external firm, dictating solutions. Our model is designed to be collaborative, outcome-oriented, and more cost-effective than large consultancies.

最顯著的差異在於我們以客戶為中心的方法。我們與客戶團隊合作，實現真正的整合。我們不會以外部公司的身份來規定解決方案。我們的模式旨在協作、以結果為導向，並且比大型顧問公司更具成本效益。

As one client buyer from a $6 billion enterprise undergoing finance transformation recently shared: RGP is positively unique because you deliver strategy when I need it and specialized talent when I need it. You are a trusted partner for both types of services, providing greater control and efficiency, as every day brings something new.

正如一位來自價值 60 億美元、正在進行財務轉型的企業的客戶買家最近分享的那樣：RGP 絕對是獨一無二的，因為當我需要時，你們會提供策略，當我需要時，你們會提供專業人才。您是這兩種服務值得信賴的合作夥伴，能夠提供更好的控制和效率，因為每天都會帶來新的東西。

Next, I want to comment on the qualitative aspects of our transformation, as they are important to unlocking cross-sell and upsell opportunities in our exceptional client base. We are working more collaboratively across the enterprise as [One RGP] and are accelerating the integration of our consulting capabilities.

接下來，我想評論一下我們轉型的品質方面，因為它們對於在我們卓越的客戶群中釋放交叉銷售和追加銷售機會非常重要。我們正以 [One RGP] 的形式在整個企業內進行更緊密的協作，並且正在加速整合我們的諮詢能力。

The mindset and attitude of our organization has significantly changed to understand the importance of sales, delivery, and talent working together. This mindset shift and accompanying behavioral changes are beginning to produce the right results.

我們組織的思維方式和態度發生了重大變化，並認識到銷售、交付和人才共同努力的重要性。這種思維轉變和伴隨的行為改變開始產生正確的結果。

In sum, we're transforming to build a more stable and profitable business.

總之，我們正在轉型以建立更穩定、更有利可圖的業務。

The past three years have been volatile and disrupted, especially in the staffing market. During this time, we have been building our talent base in solutions to bring to market a new model of consulting that is more affordable, more flexible, and more impactful. Larger consulting projects are already beginning to help us create stickier business and higher-level client relationships. This new playing field and approach will pay dividends quickly in an improving global environment.

過去三年是動盪和混亂的三年，尤其是在人力資源市場。在此期間，我們一直在解決方案方面建立人才庫，以便向市場推出更實惠、更靈活、更有影響力的新型諮詢模式。更大的諮詢項目已經開始幫助我們建立更具黏性的業務和更高層次的客戶關係。在不斷改善的全球環境中，這種新的競爭環境和方法很快就會帶來回報。

We're also building more Outsourced Services capabilities with Countsy, as it fits into our diversification strategy and the CFO and digital agendas. Countsy is an outsourced finance and accounting service combining automation, AI, and highly specialized fractional CFO talent to serve startups, scale-ups, and divested assets of the larger enterprises and private equity firms. We are currently expanding our offerings to incorporate more AI and automation in these outsourced services, in turn, driving growth and longer-term revenue opportunity.

我們也與 Countsy 合作建立更多的外包服務能力，因為它符合我們的多元化策略以及財務長和數位議程。Countsy 是一種外包財務和會計服務，結合自動化、人工智慧和高度專業化的部分 CFO 人才，為新創公司、擴大規模的企業以及大型企業和私募股權公司的剝離資產提供服務。我們目前正在擴展我們的服務範圍，在這些外包服務中融入更多的人工智慧和自動化，從而推動成長和長期收入機會。

We believe we will increase the market opportunity for Countsy in two ways: one, adding clients that are divested assets of larger enterprises or private equity portfolios; and two, by maintaining clients longer as they mature.

我們相信，我們將透過兩種方式增加 Countsy 的市場機會：一是增加從大型企業或私募股權投資組合中剝離資產的客戶；二是隨著客戶的成熟而更長時間地維護客戶。

Countsy is not just a solution for the start-up and scale-up stage but a long-term solution for finance and accounting services for a broader range of clients. For example, Countsy's newest client base is AI technology and fintech, who want F&A as an outsourced solution, long term. County also delivers RGP's strongest operating margins, which will continue to benefit our consolidated results and drive shareholder value.

Countsy 不僅僅是一個針對新創和擴大階段的解決方案，而是為更廣泛的客戶提供財務和會計服務的長期解決方案。例如，Countsy 的最新客戶群是人工智慧技術和金融科技，他們希望長期將 F&A 作為外包解決方案。County 也為 RGP 帶來了最強勁的營業利潤率，這將繼續有利於我們的綜合業績並推動股東價值。

Finally, I want to share an update on our cost structure, which we are actively redesigning to fit the current size and scale of the business, our current technology platform, and our diversified services strategy. We are streamlining organizational structure, simplifying processes, embracing automation and AI, and evaluating all functions to ensure they are strategically aligned to what we need today and where we're headed.

最後，我想分享我們成本結構的最新情況，我們正在積極重新設計以適應當前的業務規模、我們當前的技術平台以及多元化的服務策略。我們正在精簡組織結構、簡化流程、採用自動化和人工智慧，並評估所有功能，以確保它們在策略上與我們今天的需求和發展方向保持一致。

We've made good progress in reducing our run rate SG&A. We'll continue to do so at a meaningful level, from a holistic point of view. We will report continued progress throughout the fiscal year, as we fully optimize our technology investments to simplify process and drive efficiency. Jan will share more on our cost structure improvements in a moment.

我們在降低銷售、一般及行政費用（SG&A）的運作率方面取得了良好進展。我們將繼續從整體角度，在有意義的層面上這樣做。我們將報告整個財政年度的持續進展，因為我們將充分優化我們的技術投資以簡化流程並提高效率。Jan 稍後將分享更多有關我們成本結構改進的資訊。

In closing, we have a clear strategy we are executing to allow us to rebound quickly, as the demand environment improves. We believe the improvements we are making in the business today will enable us to return to double-digit profitability.

最後，隨著需求環境的改善，我們有一個明確的策略正在執行，這使我們能夠迅速反彈。我們相信，我們今天在業務上所做的改進將使我們恢復兩位數的獲利能力。

Our strengths, including our brand, people, client base, technology, and flexible solutions will allow us to capitalize on the opportunities ahead, driving long-term shareholder value.

我們的優勢，包括品牌、人才、客戶群、技術和靈活的解決方案，將使我們能夠利用未來的機遇，並推動長期股東價值。

With that, I'll turn it over to Bhadresh.

說完這些，我就把麥克風交給 Bhadresh。

Thank you, Kate. Good afternoon, everyone.

謝謝你，凱特。大家下午好。

We're pleased to report another quarter of progress in advancing our transformation strategy, positioning RGP as the intersection of professional staffing, Consulting, and Outsourced Services. Our flexible client-centric offerings continue to resonate with clients, supporting both their transformation and operational priorities.

我們很高興地報告，我們在推動轉型策略方面又取得了一個季度的進展，將 RGP 定位為專業人員配備、諮詢和外包服務的交匯點。我們靈活的以客戶為中心的產品繼續引起客戶的共鳴，支持他們的轉型和營運重點。

In the first quarter, we delivered results ahead of expectations on both revenue and gross margin. This performance reflects the ongoing stabilization of our operating model, stronger cross-practice collaboration, continued focus on value-based pricing within consulting, and disciplined cost management. Together, these actions are driving stronger bottom-line performance, which Jen will cover in more detail shortly.

第一季度，我們的營收和毛利率均超出預期。這一業績反映了我們營運模式的持續穩定、跨實踐協作的加強、對諮詢領域基於價值的定價的持續關注以及嚴格的成本管理。這些舉措共同推動了更強勁的獲利表現，Jen 稍後將對此進行更詳細的介紹。

Despite the still choppy demand environment that Kate referred to, our pipeline returned to growth during the quarter. Demand is strengthening across CFO Advisory & Digital Transformation, directly aligned to client priorities around cost efficiency and process automation. This demand underscores the alignment between our sales organization and practice leaders and our positioning at the intersection of staffing, Consulting, and Outsourced Services.

儘管凱特提到需求環境仍然不穩定，但我們的管道在本季恢復了成長。財務長諮詢和數位轉型方面的需求正在增強，這與客戶在成本效率和流程自動化方面的優先事項直接相關。這項需求強調了我們的銷售組織和實踐領導者之間的一致性以及我們在人員配備、諮詢和外包服務交叉點上的定位。

Europe & Asia Pac, as well as Outsourced Services, continue to deliver year-over-year growth. On-Demand is stabilizing. Consulting is building pipeline, while achieving higher bill rates. We are making targeted investments in leadership and services to further accelerate this momentum.

歐洲和亞太地區以及外包服務持續實現年成長。按需服務正在趨於穩定。諮詢正在建立管道，同時實現更高的收費率。我們正在對領導力和服務進行有針對性的投資，以進一步加快這一勢頭。

With that, let me turn to our performance by segment.

接下來，讓我來談談我們各部門的表現。

Our Consulting segment revenue declined year over year but we did achieve revenue growth in a few areas, including ServiceNow, project and change management, and our federal digital offering. Additionally, we saw a meaningful improvement in bill rates and utilization compared to the same quarter, last year. Importantly, we're achieving notably higher bill rate increases on new projects. This validates client demand for our specialized solutions, supports our value-based pricing initiative, and contributed to the gross margin improvement, year over year.

我們的諮詢部門收入同比下降，但我們在幾個領域實現了收入成長，包括 ServiceNow、專案和變更管理以及我​​們的聯邦數位產品。此外，與去年同期相比，我們發現帳單費率和使用率都有顯著改善。重要的是，我們在新項目中實現了顯著更高的收費率成長。這驗證了客戶對我們專業解決方案的需求，支持了我們基於價值的定價計劃，並促進了毛利率的逐年提高。

In addition, stronger collaboration between our sales and consulting teams is expanding the pipeline with larger, more strategic transformation opportunities, particularly in our focus areas of CFO Advisory & Digital Transformation, as Kate mentioned.

此外，正如凱特所提到的，我們的銷售和顧問團隊之間更緊密的合作正在擴大管道，帶來更大、更具策略性的轉型機會，特別是在我們的重點領域，即財務長諮詢和數位轉型。

These areas remain directly relevant to client priorities but the longer sales cycle and slower project starts in the current environment often translates into elongated revenue conversion. While this impacts near-term quarterly revenue, we believe these engagements represent durable demand that, over time, will translate into meaningful opportunity at increasingly higher margins.

這些領域仍然與客戶的優先事項直接相關，但在當前環境下，更長的銷售週期和更慢的專案啟動通常意味著延長的收入轉換。雖然這會影響近期的季度收入，但我們相信這些業務代表著持久的需求，隨著時間的推移，這些需求將轉化為利潤率越來越高的有意義的機會。

Notable wins this quarter include: execution of a technology strategy across multiple work streams for our Fortune 500 financial services company, a master data management implementation for a multibillion-dollar food processing company, and employee experience modernization for a large multinational technology company.

本季取得的顯著成果包括：為財富 500 強金融服務公司實施跨多個工作流程的技術策略、為一家價值數十億美元的食品加工公司實施主資料管理、以及為一家大型跨國科技公司實現員工體驗現代化。

On the pipeline side, we added several significant opportunities, including global program management support for a Fortune 500 energy company's finance transformation, stabilization pods for [cutover-supported] data validation for its complex best-in-breed ERP and data platform deployment for a large energy distributor, and transformation advisory and implementation support of the source-to-pay function for an independent business unit of a (inaudible) 100 global consumer goods company.

在管道方面，我們增加了幾個重要的機會，包括為財富 500 強能源公司的財務轉型提供全球專案管理支援、為大型能源分銷商部署複雜的最佳 ERP 和數據平台提供 [切換支援] 數據驗證的穩定艙，以及為（聽不清楚）全球 100 強消費品公司的獨立業務部門提供從採購到付款功能的轉型和付款。

Many of these wins and pipeline additions are with clients we have historically served through our On-Demand Talent channel, which is a testament to our unwavering focus on the value of our integrated go-to-market strategy.

許多勝利和管道增加都來自我們過去透過按需人才管道服務的客戶，這證明了我們堅定不移地專注於綜合市場進入策略的價值。

Finally, on Consulting, as announced in August, I'd like to welcome Scott Rotman as our new leader for CFO Advisory. Scott will oversee finance transformation, risk assurance, tax and treasury, and M&A offerings. He brings deep expertise from the Big 4; and MorganFranklin, a boutique transformation-focused consultancy with a proven track record of building practices and trusted teams and helping clients navigate complex transformation agendas.

最後，關於諮詢業務，正如 8 月宣布的那樣，我歡迎 Scott Rotman 擔任我們的新任財務長諮詢負責人。斯科特將負責監督財務轉型、風險保證、稅務和財務以及併購產品。他帶來了來自四大會計師事務所和 MorganFranklin 的深厚專業知識，MorganFranklin 是一家專注於精品轉型的諮詢公司，在建立實踐和值得信賴的團隊以及幫助客戶應對複雜的轉型議程方面擁有良好的記錄。

Turning to On-Demand, revenue declined year over year but is showing signs of stabilization over the first quarter, with improved gross margins supported by moderate fill rate increases. After the expected seasonality of summer, the pipeline returned to growth in the quarter, driven by more net new opportunities and continued focus on extension management, pivoting away from operational accounting as these roles will continue to be replaced by AI and automation. We remain disciplined in pipeline management qualification, with a particular focus in the areas of ERP, finance transformation, data, and supply chain, which are more relevant in today's marketplace.

談到按需服務，收入同比下降，但第一季顯示出穩定的跡象，毛利率因填充率適度提高而提高。在預期的夏季季節性因素之後，本季通路恢復成長，這得益於更多淨新機會和對擴展管理的持續關注，而營運會計則逐漸淡出，因為這些角色將繼續被人工智慧和自動化所取代。我們在管道管理資格方面始終保持嚴謹，特別關注 ERP、財務轉型、數據和供應鏈領域，這些領域與當今市場更相關。

In addition, as we continue to build leadership and capabilities in Consulting, we're increasingly positioning On-Demand Talent, alongside Consulting opportunities and engagement. This integrated approach not only strengthens client impact but also creates revenue growth across our service lines.

此外，隨著我們繼續在諮詢領域建立領導力和能力，我們將越來越多地定位按需人才以及諮詢機會和參與度。這種綜合方法不僅增強了客戶影響力，而且還促進了我們整個服務線的收入成長。

Moving to International. Our Europe & Asia-Pac segment delivered solid first-quarter year-over-year revenue growth. Europe & Asia led the way with revenue gains, higher run rates, and stronger bill rates versus last year, underscoring the strength of client relationships and the effectiveness of our regional strategy. Growth in Europe & Asia-Pac has been driven by a dual focus on deepening multilateral client relationships and expanding our local client base.

邁向國際。我們的歐洲和亞太地區部門第一季實現了穩健的年比收入成長。與去年相比，歐洲和亞洲在收入成長、運行率和帳單率方面均處於領先地位，凸顯了客戶關係的強度和我們區域策略的有效性。歐洲和亞太地區的成長受到深化多邊客戶關係和擴大本地客戶群的雙重推動。

Demand for our CFO Advisory & Digital Transformation offerings remain strong and our ability to combine local delivery with scalable global delivery centers continues to differentiate us. Together with SG&A management and ongoing optimization initiatives, these actions position us to maintain margins and sustain growth despite longer sales cycles and competitive dynamics.

市場對我們的財務長諮詢和數位轉型產品的需求依然強勁，我們將本地交付與可擴展的全球交付中心相結合的能力繼續使我們脫穎而出。結合銷售、一般及行政費用管理和持續的優化舉措，這些舉措使我們能夠在銷售週期延長和競爭激烈的情況下保持利潤率並持續增長。

Lastly, on Outsourced Services, we delivered year-over-year revenue growth, with continued gross margin expansion. We added new clients to our platform, while also exhibiting strong retention; while bottom-line performance benefited from both operating leverage and disciplined cost management.

最後，在外包服務方面，我們的營收年增，毛利率持續擴大。我們的平台增加了新客戶，同時也展現出強大的保留率；而底線業績則受益於經營槓桿和嚴格的成本管理。

While our Outsourced Services focus continues to be on start-up, scale-up, and spin-outs, we are capitalizing on the broader venture funding environment by targeting venture-backed [AI] startups, where demand is increasingly robust.

雖然我們的外包服務重點仍然放在新創公司、擴大規模和分拆企業上，但我們正在利用更廣泛的風險投資環境，瞄準需求日益旺盛的風險投資支持的 [AI] 新創公司。

At the same time, we are advancing our AI strategy to support a rapidly expanding client base with scalable technology-enabled solutions. This includes enhancing internal tools; evolving our go-to-market approach; and exploring new delivery models, such as AI-enabled accounting agents and innovative pricing structures.

同時，我們正在推動我們的人工智慧策略，以可擴展的技術解決方案支援快速擴張的客戶群。這包括增強內部工具；改善我們的市場進入方式；以及探索新的交付模式，例如支援人工智慧的會計代理和創新的定價結構。

To conclude, we remain focused on disciplined execution in delivering meaningful value for our clients, as we wait for the demand environment to turn. With a diversified portfolio, strong client relationships, and a winning strategy, we are positioning RGP for sustained long-term growth and profitability.

總而言之，在等待需求環境轉變的同時，我們仍將專注於嚴格執行，為客戶提供有意義的價值。憑藉多元化的投資組合、強大的客戶關係和勝利策略，我們為 RGP 的長期持續成長和獲利奠定了基礎。

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. Good afternoon, everyone.

謝謝你，Bhadresh。大家下午好。

We delivered strong performance this quarter against our expectations. Revenue of $120.2 million, gross margin of 39.5%, and SG&A expense of $44.5 million all beat the favorable end of our outlook ranges. We also delivered improved adjusted EBITDA of $3.1 million or a 2.5% adjusted EBITDA margin.

本季我們的業績表現超出我們的預期。收入 1.202 億美元、毛利率 39.5% 以及銷售、一般及行政費用 4,450 萬美元均超出了我們預期範圍的有利範圍。我們也實現了 310 萬美元的調整後 EBITDA 或 2.5% 的調整後 EBITDA 利潤率。

We're pleased to see the return to growth in revenue for both our Europe & Asia- Pac segment and Outsourced Services segment, with 5% and 4% growth over the prior year quarter. Revenue within the On-Demand and Consulting segments continue to be soft, as the operating environment in the US remains choppy.

我們很高興看到歐洲和亞太地區部門以及外包服務部門的收入恢復成長，分別比去年同期成長了 5% 和 4%。由於美國的經營環境依然不穩定，隨選和諮詢部門的收入持續疲軟。

This quarter, our continued focus on the number and quality of client outreaches and meeting, pipeline management, and cross-sell collaboration have yielded growth in the pipeline. Importantly, we believe the positive progress in our key operating metrics will lead to tangible improvement in revenue over time.

本季度，我們繼續專注於客戶拓展和會議的數量和品質、通路管理和交叉銷售協作，並取得了通路成長。重要的是，我們相信關鍵營運指標的正面進展將隨著時間的推移帶來收入的實際改善。

Turning to profitability metrics, we achieved strong gross margin for the quarter at 39.5%, 300 basis points higher than the prior year quarter and significantly better than the high end of our outlook range. Contributing to the strong gross margin are: one, continued improvement in our average bill rate and expansion of the pay bill spread; two, significant reduction in employee benefit costs, including healthcare costs, holiday and paid time off; and three, strategic management of our [bench] consultants' utilization.

談到獲利指標，本季我們實現了 39.5% 的強勁毛利率，比去年同期高出 300 個基點，並且明顯優於我們預期範圍的高端。促成強勁毛利率的因素包括：第一，我們的平均帳單費率持續改善，薪資帳單差價擴大；第二，員工福利成本大幅降低，包括醫療費用、假期和帶薪休假；第三，對我們[顧問]利用率的策略管理。

Enterprise-wide average fill rate increased to $120 constant currency from $118 a year ago. The improvement came despite the revenue mix weighing more towards the Asia-Pac region. As noted, we saw an 11% improvement in average fill rate in Consulting, from $144 to $160. As we continue to execute our pricing strategy and move up the value chain to deliver higher value, larger-scale engagements, we expect more upside in bill rate, especially in the Consulting business.

企業範圍內的平均填充率從一年前的 118 美元增加到 120 美元（以固定貨幣計算）。儘管收入結構更多來自亞太地區，但業績仍有改善。如上所述，我們發現諮詢行業的平均填充率提高了 11%，從 144 美元提高到了 160 美元。隨著我們繼續執行定價策略並提升價值鏈以提供更高價值、更大規模的業務，我們預計帳單費率將進一步上漲，尤其是在諮詢業務方面。

Now, on to SG&A, our enterprise run rate SG&A expense for the quarter was $44.5 million, a 7% improvement from $47.7 million a year ago, primarily driven by lower management compensation expense and reductions in other G&A expense, such as travel and occupancy.

現在，談到銷售、一般和行政費用，本季我們的企業運行率銷售、一般和行政費用為 4,450 萬美元，比去年同期的 4,770 萬美元提高了 7%，這主要得益於管理薪酬費用的降低以及其他銷售、一般和行政費用（如差旅和入住費用）的減少。

Subsequent to the quarter, at the beginning of October, we further streamlined our organizational structure to right-size leadership layers and headcount through a reduction in force. We expect approximately $6 million to $8 million of annual cost savings associated with this effort. Going forward, we will continue to pull the cost levers within our control to improve operating leverage.

在本季之後，即十月初，我們進一步精簡了組織結構，透過裁員來調整領導層級和員工人數。我們預計，此項工作每年可節省約 600 萬至 800 萬美元的成本。展望未來，我們將繼續在可控範圍內控製成本，以提高營運槓桿。

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. As a reminder, segment adjusted EBITDA excludes certain shared corporate costs.

接下來，我將對細分市場的表現提供一些額外的說明。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。提醒一下，分部調整後的 EBITDA 不包括某些共享的公司成本。

Revenue for On-Demand segment was $44.4 million, a decline of 16% versus prior year. However, segment adjusted EBITDA improved to $4.4 million or a margin of 10% from $2.6 million or a 4.9% margin in the prior year quarter. The notable improvement is primarily driven by our cost reduction effort in this segment.

按需部門的收入為 4,440 萬美元，較上年下降 16%。不過，該部門調整後的 EBITDA 從去年同期的 260 萬美元或 4.9% 利潤率提高至 440 萬美元或 10%。這項顯著改善主要得益於我們在這一領域的成本削減努力。

Revenue for our Consulting segment was $43.6 million, a decline of 22% from the prior year. First-quarter segment adjusted EBITDA was $5 million or an 11.6% margin compared to $7.8 million or a 14.1% margin in the prior year quarter.

我們的諮詢部門收入為 4,360 萬美元，比上年下降 22%。第一季分部調整後的 EBITDA 為 500 萬美元，利潤率為 11.6%，而去年同期為 780 萬美元，利潤率為 14.1%。

Turning to our Europe & Asia-Pac segment, revenue was $19.9 million, a 5% growth from our prior year quarter. Segment adjusted EBITDA was $0.8 million or a 4.2% margin, both up from $0.2 million and a 1.3% margin in the prior year.

談到我們的歐洲和亞太地區部門，營收為 1,990 萬美元，比去年同期成長 5%。分部調整後的 EBITDA 為 80 萬美元，利潤率為 4.2%，均高於上年的 20 萬美元和 1.3%。

Finally, our Outsourced Services segment revenue was $10 million, up 4% compared to the prior year quarter. Segment adjusted EBITDA was $2.3 million or 23.3% margin, up from $1.4 million or a 14.7% margin, driven by significant improvement in its gross margin as a result of more effective management of consultant utilization.

最後，我們的外包服務部門營收為 1,000 萬美元，比去年同期成長 4%。分部調整後的 EBITDA 為 230 萬美元，利潤率為 23.3%，高於 140 萬美元或 14.7% 的利潤率，這得益於對顧問利用率的更有效管理導致毛利率顯著提高。

Turning to liquidity, our balance sheet remains pristine, with $77.5 million of cash and cash equivalents and zero outstanding debt. Quarterly dividend distribution totaled $2.3 million. 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 repurchase program, which had $79 million remaining at the end of the quarter.

談到流動性，我們的資產負債表仍然完好無損，擁有 7,750 萬美元的現金和現金等價物，且未償還債務為零。季度股息分配總額為 230 萬美元。憑藉手頭上的現金，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，一方面投資於業務以推動增長；另一方面透過股息和機會性股票回購，根據我們的回購計劃向股東返還現金，截至本季度末，該計劃剩餘 7,900 萬美元。

I'll now close with our second-quarter outlook. Early second quarter weekly revenue run rate has been largely stable compared to the first quarter. We expect to maintain revenue stability through the second quarter, while continuing to push forward the momentum in the sales pipeline.

現在我將以第二季的展望作為結束。與第一季相比，第二季初的每週收入運行率基本上穩定。我們預計第二季營收將保持穩定，同時繼續推動銷售管道的發展動能。

I'll also note that while we have very limited US government exposure and, therefore, are not materially impacted directly by our clients in the sector, the current government shutdown could lead to additional disruption in the operating environment. With that in mind -- and based on our current revenue backlog and expectations on late-stage pipeline yields -- our outlook calls for a revenue of $115 million to $120 million for the second quarter.

我還要指出的是，雖然我們對美國政府的投資非常有限，因此不會受到該行業客戶的直接重大影響，但目前的政府關門可能會導致經營環境進一步混亂。考慮到這一點——並根據我們目前的收入積壓和對後期管道收益的預期——我們預計第二季的收入將達到 1.15 億美元至 1.2 億美元。

On the gross margin front, we also expect similar trends to the first quarter, with an outlook range of 38% to 39%, with Thanksgiving adding one additional holiday in the US compared to Q1. Second-quarter run rate SG&A expense is expected to be in a range of $43 million to $45 million, reflecting the benefit from our cost reduction efforts.

在毛利率方面，我們也預期趨勢與第一季類似，預期範圍為 38% 至 39%，與第一季相比，美國的感恩節增加了一個假期。第二季的銷售、一般及行政費用預計在 4,300 萬美元至 4,500 萬美元之間，這反映了我們降低成本努力的好處。

Non-run rate and non-cash expenses will be around $5 million, consisting primarily of non-cash stock compensation and approximately $2 million of restructuring expense associated with the reduction in force.

非營利費用和非現金支出約為 500 萬美元，主要包括非現金股票補償和與裁員相關的約 200 萬美元的重組費用。

In closing, we continue to be laser-focused on improving our sales execution, as well as driving an efficient cost structure to deliver more value, even in this operating environment. As better economic clarity emerges for our customers and new business prospects, we will be well positioned for a return to consolidated growth, accompanied by even stronger profitability.

最後，即使在這種營運環境下，我們仍將繼續專注於提高銷售執行力，並推動高效的成本結構以提供更多價值。隨著我們的客戶和新的業務前景獲得更清晰的經濟形勢，我們將為恢復綜合成長做好準備，並實現更強勁的獲利能力。

This concludes our prepared remarks. We will now open the call for Q&A.

我們的準備好的演講到此結束。我們現在開始問答環節。

(Operator Instructions)

（操作員指示）

Jessica [Lewis], Northcoast Research.

傑西卡[劉易斯]，北海岸研究公司。

First, I would like to congratulate you on such a positive first quarter -- amazing results. Second, I have a question for you and then, one brief follow-up.

首先，我要祝賀你們第一季取得如此積極的、令人驚嘆的成績。其次，我有一個問題要問您，然後是一個簡短的後續問題。

To start, what would you say regarding the trend in pricing? Are you seeing pricing pressure in any particular business?

首先，您對定價趨勢有何看法？您是否發現任何特定業務有定價壓力？

This is Bhadresh.

這是 Bhadresh。

From a trending perspective on our staffing business, we have been able to keep our rates pretty steady. However, on the Consulting side, while we do see pricing pressures, the value we're bringing is warranting for us to be able to increase our rates, especially on net new projects that we're selling to our clients, which, ultimately, is bringing a different value to our clients than what we have historically, from a professional staffing perspective, because we're bringing thought leadership to those projects.

從我們的人員配備業務趨勢來看，我們能夠維持相當穩定的費率。然而，在諮詢方面，雖然我們確實看到了價格壓力，但我們帶來的價值保證我們能夠提高我們的費率，特別是對於我們向客戶銷售的淨新項目，從專業人員的角度來看，這最終為我們的客戶帶來了與我們過去不同的價值，因為我們為這些項目帶來了思想領導力。

So there are pricing pressures, for sure. Roles like operational accounting and things like that face a lot more pricing pressures from our space. But we're also pivoting away from those roles, as AI and automation is taking over. We're focused on more high-value roles, especially around ERP, data, supply chain, digital transformation -- really aligned to the strategy that we've laid forth for our business.

因此，肯定存在定價壓力。像是營運會計之類的職位在我們的領域面臨著更多的定價壓力。但隨著人工智慧和自動化的接管，我們也正在放棄這些角色。我們專注於更多高價值的角色，特別是圍繞 ERP、數據、供應鏈、數位轉型——這與我們為業務制定的策略真正一致。

All right. Perfect. That's very helpful.

好的。完美的。這非常有幫助。

And then, as for the follow-up question, I know that you guys are having success with cross-selling. Looking at your pipeline now, how much of the pipeline would you attribute to cross-selling?

然後，至於後續問題，我知道你們在交叉銷售方面取得了成功。現在來看看您的銷售管道，您認為有多少銷售管道是來自交叉銷售？

We're still building that pipeline. But the good news is that we continue to increase million-plus (inaudible) deals into our pipeline. We anticipate that with the motions we're playing across both our sales teams and our practice leaders and consulting that that pipeline to increase; and then, for us to see the conversion, as it relates to that increase.

我們仍在建造該管道。但好消息是，我們的交易量持續增加，達數百萬（聽不清楚）。我們預計，透過我們在銷售團隊、實踐領導和諮詢團隊中採取的行動，這一管道將會增加；然後，我們將看到與這種成長相關的轉換率。

Okay. Awesome. I appreciate it. Another congratulations to the company on the great first quarter.

好的。驚人的。我很感激。再次恭喜公司第一季取得優異成績。

Thank you, Jessica.

謝謝你，潔西卡。

(Operator Instructions)

（操作員指示）

Mark Marcon, Robert W. Baird.

馬克馬孔、羅伯特W貝爾德。

I was just wondering, with regards to the revenue guide that you gave us, Jen, can you break that out between the segments? Specifically, what are you seeing for (inaudible) more on On-Demand Talent?

我只是想知道，關於您給我們的收入指南，Jen，您能將其分解到各個部分嗎？具體來說，您對按需人才有何看法（聽不清楚）？

Yeah, Mark, sure. The revenue guide for Q2, we're expecting across our business units, our Europe & Asia-Pac region will continue to show strength, as it did in Q1. We expect continued strength in that. If not, it might even get better than Q1.

是的，馬克，當然。對於第二季的營收指南，我們預計我們各個業務部門、歐洲和亞太地區將繼續表現出強勁勢頭，就像第一季一樣。我們預計其將持續保持強勁勢頭。如果不是，情況甚至可能比第一季更好。

In the other two segments, On-Demand and Consulting, the trend is going to be, more or less, the same. Really, it depends on -- especially on the Consulting side, some of the deals in the pipeline in late stage and the timing of conversion of that.

在另外兩個領域，按需服務和諮詢服務，趨勢大致相同。實際上，這取決於——特別是在諮詢方面，一些處於後期階段的交易以及轉換的時間。

So I would say across all of our business units, performance in Q2 will be somewhat consistent with what you're seeing in Q1.

因此我想說，在我們所有的業務部門中，第二季的表現將與第一季的表現大致一致。

Yeah, Mark. It's Kate.

是的，馬克。是凱特。

Can I just add: I think it really depends on how quickly we can get some of this pipeline, especially the improving pipeline in CFO Advisory. We do have, as Bhadresh shared, a new leader who is very dynamic and has a very clear plan to improve our performance there. He has shared that there's a lot of momentum, right now. It just depends on how quickly, I think, we can move that through the pipeline.

我可以補充一點：我認為這實際上取決於我們能夠多快獲得一些這樣的管道，特別是 CFO 諮詢方面不斷改進的管道。正如 Bhadresh 所說，我們確實有一位非常有活力的新領導人，他有一個非常明確的計劃來改善我們在那裡的表現。他表示，目前情況十分樂觀。我認為，這只取決於我們能夠多快地將其通過管道。

Great. And then, just with regards to On-Demand and Consulting within the US, any regional differences that you're seeing, either from your West Coast operations or Chicago or the Tri-State Area?

偉大的。然後，就美國境內的按需和諮詢而言，您看到任何地區差異嗎，無論是西海岸業務還是芝加哥或三州地區？

Yeah. We are seeing a lot of demand in the West Coast and the Southeast, as well. I think it's really attributed to the teams and the tenure of the teams there. Overall, in the market, we're seeing consistent demand across our core offerings.

是的。我們也看到西海岸和東南部地區的需求很大。我認為這實際上歸功於球隊以及球隊在那裡的任期。總體而言，在市場上，我們看到我們的核心產品的需求持續穩定。

We've aligned in CFO Advisory & Digital Transformation for a reason because those are the two agendas that are moving in client spaces. We're balancing this across the tenure and the leadership that we have in other markets and really building pipeline and work across those markets, as well.

我們在財務長諮詢和數位轉型方面保持一致是有原因的，因為這是客戶領域正在推進的兩個議程。我們正在平衡其他市場的任期和領導地位，並真正在這些市場建立管道和開展工作。

Great. Your new leader, where is he going to be based?

偉大的。你們的新領導將駐紮在哪裡？

He is based in Washington, DC; Northern Virginia, actually.

他住在華盛頓特區；實際上，他住在北維吉尼亞州。

Judson Lindley, J.P. Morgan. .

賈德森‧林德利，摩根大通。。

Maybe just the first one, on this quarter's revenue. I know same-day constant currency revenues were down 13.9%. Could you maybe break out for me the delta between same-day constant currency and reported revenue growth? How much of that was from FX? How much was the days' impact?

也許只是第一個，關於本季的收入。我知道當日固定貨幣收入下降了 13.9%。您能否為我列出當日固定貨幣與報告的收入成長之間的差異？其中有多少是來自 FX？這幾天的影響有多大？

Yeah. More days' impact -- business-day impact. There's some currency impact but it's probably about a thirds of the business impact. Most of it is as you know, the first quarter, I think we had 1 last day in business days this quarter compared to last year.

是的。更多天數的影響－工作日的影響。貨幣方面存在一些影響，但可能佔業務影響的三分之一左右。如您所知，第一季度，我認為與去年相比，本季的工作日最後一天是 1 天。

Okay. Great. And then, maybe as a follow-up, if there was any acquired revenue in the quarter; and if you could, maybe those same three components for the second-quarter guide.

好的。偉大的。然後，也許作為後續，如果本季有任何獲得的收入；如果可以的話，也許第二季指南也包含相同的三個組成部分。

Yesah. In the first-quarter year over year, there's very little acquired. As you know, we acquired Reference Point last year in the first quarter -- a month into the first quarter last year. So the inorganic piece is minimal.

是的。與去年同期相比，第一季的收購量非常小。如你所知，我們去年第一季收購了 Reference Point——也就是去年第一季的一個月。因此無機部分很少。

And then, for the second quarter, if you could?

那麼，對於第二季度，如果可以的話？

Yeah. For the second quarter, comparing year over year at the top end of the guidance range, it's a 16% decline on a same-day constant currency basis.

是的。對於第二季度，與去年同期指引範圍的上限相比，以當日固定匯率計算下降了 16%。

Joe Gomes, Noble Capital.

喬·戈麥斯（Joe Gomes），Noble Capital。

Just a quick question. When you talk to clients or potential clients, what are they saying in terms of their general appetite to move forward and spend? How has that changed over the past year, if it's changed?

這只是一個簡單的問題。當您與客戶或潛在客戶交談時，他們對於下一步行動和消費的整體意願是怎樣的？如果發生了變化，那麼過去一年發生了哪些變化？

I would say it hasn't changed much, Joe. I think we're still in a choppy environment.

喬，我想說情況並沒有太大改變。我認為我們仍然處於一個動盪的環境。

As we've said before, I expect there's probably more of the same for the next couple of quarters. Every time I think people feel like we're getting more stability and the foundation is getting stable, then it seems like something else happens.

正如我們之前所說，我預計未來幾季可能會出現更多類似的情況。每當我認為人們感覺我們變得更加穩定並且基礎變得更加穩定時，似乎就會發生其他事情。

As Jen said, we don't have a lot of exposure to federal government or federal work but it feels destabilizing when there's that level of uncertainty. And so we've reflected that in our outlook because we're just uncertain.

正如 Jen 所說，我們接觸聯​​邦政府或聯邦工作並不多，但當存在這種程度的不確定性時，感覺就會不穩定。所以我們在我們的展望中反映了這一點，因為我們不確定。

As I said before, there is work that's progressing. There's some really interesting work we're talking to clients about, right now. It just depends on how quickly we can progress that work through our pipeline.

正如我之前所說，工作正在取得進展。我們現在正在與客戶討論一些非常有趣的工作。這僅僅取決於我們透過管道推進這項工作的速度有多快。

I'm very impressed with some of the new talent we've brought into the organization, especially around -- whether you call it Finance 4.0, which includes ERP, cloud migration, digital finance, automation, AI, data work -- everything that's happening there. That work is progressing. It's happening in our client base, right now.

我對我們為組織帶來的一些新人才印象深刻，尤其是圍繞著——無論你稱之為金融 4.0，它包括 ERP、雲端遷移、數位金融、自動化、人工智慧、資料工作——那裡發生的一切。這項工作正在取得進展。現在，這種情況就發生在我們的客戶群中。

Again, I think a lot of it is timing and making sure we're positioned in having the right conversations with clients.

再次強調，我認為這很大程度上取決於時機，並確保我們能夠與客戶進行正確的對話。

Okay. Great. One follow-up. In the summer, you guys did a Board refresh and added two new members to the Board. I was wondering what, if anything, they've brought to the Board here that is new or different ways of thinking or different approaches that would be attributable to them?

好的。偉大的。一次跟進。夏天，你們對董事會進行了改組，並增加了兩名新成員。我想知道他們為董事會帶來了什麼新的、不同的思維方式或不同的方法？這些可以歸功於他們嗎？

Yeah. Let me speak to that. We have welcomed, I think, two strong Board members.

是的。讓我來談談這個。我認為，我們歡迎兩位強大的董事會成員。

One brings more of a, I would say, private equity lens, if you will, to what we're doing, especially as we look at optimizing our bottom-line performance, given that we all recognize the macro environment is difficult -- and difficult, really, across professional services. So that has been, I think, instructive for us to look at things with a fresh set of eyes.

如果你願意的話，我想說，其中一個視角更多是私募股權的視角，來看待我們正在做的事情，特別是當我們著眼於優化我們的底線業績時，因為我們都認識到宏觀環境是困難的——而且實際上，在整個專業服務領域都是困難的。因此，我認為這對我們用全新的眼光看待事物很有啟發。

Our other Board member brings a lot of operating experience and operating experience through transformation. I think what we're learning from his experience is the importance of the behavioral changes that I've talked about, making sure that we're getting incentive comp right, making sure that we are creating collaborative teams to hunt and farm together and not creating silos or competitive mindset. Competitive, by that, I mean against each other; not competitive to the broader marketplace.

我們的另一位董事會成員帶來了豐富的營運經驗和轉型營運經驗。我認為我們從他的經驗中學到的是我所說的行為改變的重要性，確保我們得到正確的激勵補償，確保我們創建協作團隊來共同狩獵和耕種，而不是創造孤島或競爭心態。我所說的競爭是指彼此之間的競爭，而不是與更廣泛的市場競爭。

So I think they're both good adds to our Board and the work that we're undertaking, right now.

因此我認為他們對我們的董事會和我們目前正在進行的工作都有很好的貢獻。

Okay, Great, Thanks for that. Appreciate it. I'll get back to the queue.

好的，太好了，謝謝。非常感謝。我會回到隊列。

Okay. Thanks, Joe.

好的。謝謝，喬。

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

現在我想將電話轉回給凱特杜切內 (Kate Duchene) 做結束語。

Yes. Thank you. Thank you, everyone, for joining us today.

是的。謝謝。感謝大家今天加入我們。

I want to highlight that we will be participating in the Noble Capital Markets Emerging Growth Virtual Equity Conference tomorrow so we hope to engage further with investors then.

我想強調的是，我們明天將參加 Noble Capital Markets 新興成長虛擬股票會議，因此我們希望屆時能與投資者進一步接觸。

We'll also look forward to updating you on our strategic progress and results, following Q2, in early January.

我們也期待在 1 月初向您通報第二季之後的策略進展和成果。

Thanks again, everyone. Good night.

再次感謝大家。晚安。

Thank you. This concludes the conference.

謝謝。會議到此結束。

Thank you for your participation. You may now disconnect.

感謝您的參與。您現在可以斷開連線。