Resources Connection, Inc. (RGP) 2026 Q3 法說會逐字稿

Good afternoon, ladies and gentlemen. Welcome to the RGP conference call.

各位女士、先生，下午好。歡迎參加 RGP 電話會議。

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

(接線員指示) 提醒各位，本次電話會議將被錄音。

At this time, I would like to remind everyone that management will be commenting on results for the third quarter ended February 28, 2026.

此時，我想提醒各位，管理層將就截至 2026 年 2 月 28 日止第三季的業績發表評論。

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.

他們也將提及若干非 GAAP 財務衡量指標。這些衡量指標與最可比 GAAP 財務衡量指標之說明與調節表，已包含於今日發布的新聞稿中。

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

今日新聞稿可於 RGP 官網的投資人關係專區查閱，並已於今日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, strategies, and the anticipated financial performance of the company. Such statements are predictions and actual events or results may differ materially.

此外，在本次電話會議中，管理層可能會就公司計畫、倡議、策略以及預期財務表現作出前瞻性陳述。此類陳述屬於預測，實際事件或結果可能存在重大差異。

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.

有關可能導致公司業務、營運結果及財務狀況與本次電話會議所作前瞻性陳述明示或暗示內容出現重大差異之風險、不確定性及其他因素，請參閱 RGP 截至 2025 年 5 月 31 日止年度之 Form 10-K 報告中的「風險因素」章節。

I'll now turn the call over to RGP's CEO, Roger Carlile.

接下來把電話交給 RGP 執行長 Roger Carlile。

Thank you. Welcome, everyone, to the RGP fiscal year 2026 Q3 earnings call.

謝謝。各位好，歡迎參加 RGP 2026 會計年度第三季（Q3）財報電話會議。

I have just completed my fifth month as Chief Executive Officer of RGP. My optimism regarding the future of our business continues to grow.

我剛完成擔任 RGP 執行長的第五個月。我對我們業務未來的樂觀情緒持續升高。

I have now spent time speaking with many of our employees and shareholders, as well as having participated in several client pitches and related discussions. These interactions further convinced me that my first impressions regarding the quality of our employees, the strength of our client relationships, and the relevancy of our service offerings to clients' needs were accurate.

我已花時間與許多員工與股東交流，也參與了多場客戶提案及相關討論。這些互動進一步讓我確信，我對員工素質、客戶關係的穩固程度，以及我們服務內容與客戶需求之相關性的第一印象是正確的。

Furthermore, they indicate our strategy of meeting our clients in terms of what they need us for and in the manner in which they need us; that is one or more of our three service delivery modes of On-Demand Talent, Consulting, and Managed Services is a competitive differentiator.

此外，這也顯示我們的策略——以客戶需要我們做什麼、以及他們需要我們以何種方式提供服務為出發點；亦即我們三種服務交付模式（隨需人才、顧問服務與託管服務）中的一種或多種——是一項競爭差異化優勢。

As I said previously, these elements provide RGP with a competitive right to win in the market. We expect to do so through focused execution on our strategic priorities.

如我先前所說，這些要素賦予 RGP 在市場上具備競爭性的致勝權。我們預期將透過聚焦執行我們的策略優先事項來達成。

Our third-quarter results were in line with the outlook we previously provided for revenue and gross margin. Our run rate SG&A expenses were better than the outlook. You will hear more about this later in the call from our CFO, Jenn Ryu.

我們第三季的營收與毛利率結果符合先前提供的展望。我們的經常性 SG&A（銷售、一般及行政）費用表現優於展望。稍後在電話會議中，財務長 Jenn Ryu 將進一步說明。

For now, let me touch on the progress against our strategic priorities. You'll recall our four strategic priorities are: one, refocusing our On-Demand Talent segment; two, scaling our Consulting segment; three, simplifying how we operate; and four, aligning our cost structure with our current revenue levels. I will touch briefly on each of these areas.

現在，先讓我談談我們在策略優先事項上的進展。各位會記得，我們的四項策略優先事項為：第一，重新聚焦隨需人才（On-Demand Talent）事業；第二，擴大顧問服務（Consulting）事業；第三，簡化營運方式；第四，使成本結構與目前營收水準一致。我將就每一項簡要說明。

In the third quarter, we made focused hires in our On-Demand Talent and Consulting segments, which we expect to drive revenue growth, as they ramp up. I invite you to read our recent press releases for more information on these impressive hires.

在第三季，我們於隨需人才與顧問服務事業進行了重點招募，隨著新進人員逐步到位（ramp up），我們預期將帶動營收成長。我也邀請各位閱讀我們近期的新聞稿，以取得這些優秀招募的更多資訊。

Additionally, we added two key leaders to our executive leadership team in the hires of Jessica Block as our Chief Artificial Intelligence Officer and Prashant Lamba as our new Chief Information Officer.

此外，我們也延攬兩位關鍵領導者加入高階管理團隊：任命 Jessica Block 為首席人工智慧長（Chief Artificial Intelligence Officer），以及任命 Prashant Lamba 為新任資訊長（Chief Information Officer）。

Jessica's professional background sits at the intersection of professional services, operational transformation, and emerging technology, as she joins RGP to focus on building real AI capability across the firm. In simple terms, she will help RGP as an organization; RGP's client service professionals and our clients learn, integrate, and expand the use of AI in each of their processes and objectives.

Jessica 的專業背景橫跨專業服務、營運轉型與新興科技；她加入 RGP，將專注於在全公司建立真正的 AI 能力。簡而言之，她將協助 RGP 作為一個組織、RGP 的客戶服務專業人員以及我們的客戶，在各自的流程與目標中學習、整合並擴大 AI 的使用。

Prashant joins RGP with a mandate that extends beyond just traditional IT and focuses on simplifying how our employees engage with technology to strengthen operational performance, which will enable them to provide more efficient service to our clients. His leadership will help the firm unlock the full value of advanced technologies, including AI and intelligent automation.

Prashant 加入 RGP 的任務不僅限於傳統 IT，而是著重於簡化員工與科技互動的方式，以強化營運績效，進而使他們能為客戶提供更高效率的服務。他的領導將協助公司釋放先進技術的全部價值，包括 AI 與智慧自動化。

Both Jessica and Prashant have extensive experience working in tech-enabled professional service firms; and have been leaders in driving AI development and implementation in these organizations.

Jessica 與 Prashant 皆具備在科技賦能的專業服務公司工作的豐富經驗，並且曾在這些組織中領導 AI 的開發與導入。

Equally important to me is that I have personally witnessed Jessica and Prashant succeed at other professional service firms, which gives me confidence that they will hit the ground running at RGP and accelerate our strategies regarding AI enhancement and operational simplification.

對我而言同樣重要的是，我親眼見證 Jessica 與 Prashant 在其他專業服務公司取得成功，這讓我有信心他們能在 RGP 迅速上手，並加速我們在 AI 強化與營運簡化方面的策略推進。

Regarding our priority to refocus our On-Demand Talent segment, in the quarter, we added new sales team leadership in our Central US and Northeastern US regions. These new leaders join our already high-performing sales leadership and team members in our Western US region; and will help us to enhance our strategic focus on serving existing and new clients, as well as offering the new skills and roles they demand.

就重新聚焦隨需人才事業這項優先事項而言，本季我們在美國中部與美國東北部地區新增了銷售團隊領導。這些新領導者將與我們在美國西部地區既有的高績效銷售領導與團隊成員共同合作，協助我們更聚焦於服務既有與新客戶，並提供他們所需求的新技能與職務角色。

Now, we anticipate adding additional new leadership in our Southeastern US and Mexico regions. In addition to this new sales leadership, we are also growing our sales team across North America, with the addition of new sales team professionals.

接下來，我們預期將在美國東南部與墨西哥地區增聘更多新領導者。除新增銷售領導外，我們也透過增聘新的銷售專業人員，持續擴編北美地區的銷售團隊。

With respect to refocusing the skills offered through our On-Demand Talent segment, we continue adding On-Demand team members in the areas of ERP, finance transformation, data, supply chain, and AI.

在重新聚焦隨需人才事業所提供的技能方面，我們持續在 ERP、財務轉型、資料、供應鏈與 AI 等領域增補隨需團隊成員。

As for scaling our Consulting segment, we have completed a significant organizational and operational aspects of integrating our legacy Consulting units into one cohesive Consulting segment, led by Scott Rottmann.

至於擴大顧問服務事業方面，我們已完成將既有顧問單位整合為單一、具凝聚力的顧問服務事業之重要組織與營運整合工作，並由 Scott Rottmann 領導。

Those of you who have followed RGP over the past three years will know that we previously operated through three distinct consulting practices, represented by the legacy RGP project consulting capabilities; and the Veracity and Reference POINT acquisitions.

過去三年持續關注 RGP 的各位會知道，我們先前透過三個不同的顧問實務運作，分別為：既有的 RGP 專案顧問能力，以及 Veracity 與 Reference POINT 兩項併購而來的業務。

The result of our integration, which will be completed by the end of our fiscal year in May, is a simplified and unified Consulting business, with new senior leadership driving our go-to-market service strategy, which is focused on client needs arising at the intersection of the modern CFO and CIO.

我們的整合成果將於 5 月底本會計年度結束前完成，屆時顧問服務業務將更簡化且更一致；並由新的資深領導團隊推動我們的市場進入（go-to-market）服務策略，聚焦於現代 CFO 與 CIO 交會處所衍生的客戶需求。

Regarding our simplification strategy, I've already mentioned two key aspects of this effort: The addition of Prashant Lamba, who is focused on simplifying our technology processes to unlock more efficiency in selling work and serving clients; and the integration of our Consulting business, which streamlines our go-to-market efforts around a key set of services.

關於簡化策略，我已提到其中兩個關鍵面向：延攬 Prashant Lamba，專注於簡化我們的技術流程，以提升銷售承攬與客戶服務的效率；以及整合顧問服務業務，使我們圍繞一組關鍵服務來精簡市場推進工作。

In addition to these, we also signed a binding agreement to dispose of the Citrix crisis communications business to simplify our business portfolio; and allow for greater focus on the clients and services, where we have a competitive right to win.

除此之外，我們也簽署具約束力的協議，處分 Citrix 危機溝通業務，以簡化我們的業務組合；並使我們能更聚焦於那些我們具備競爭性致勝權的客戶與服務。

In addition, we made further progress during the quarter in reducing our cost structure to align more closely with our current revenue levels. You will hear more about this shortly from Jenn Ryu.

此外，本季我們在降低成本結構、使其更貼近目前營收水準方面也取得進一步進展。稍後 Jenn Ryu 將提供更多說明。

It is important to know that, to spur further growth, we are reinvesting some of these savings into the areas discussed earlier.

需要了解的是，為了促進進一步成長，我們正將部分節省下來的成本重新投入到先前討論的領域。

We are confident that our continued focus on these four priorities will deliver future revenue growth; and our strong balance sheet allows us to make these strategic decisions and the related investments to support this growth in a reasoned and consistent manner.

我們有信心，持續聚焦這四項優先事項將帶來未來的營收成長；而我們強健的資產負債表，使我們能以審慎且一致的方式做出這些策略決策及相關投資，以支持此一成長。

Finally, in terms of the market for our services, the environment has not changed a great deal from our perspective in the prior quarter. Clients are still seeking to activate their key goals in ways that are both cost-effective and value-accretive. RGP fits squarely within that framework.

最後，就我們服務的市場而言，從我們的角度看，整體環境與上一季相比並未有太大變化。客戶仍在尋求以兼具成本效益且能提升價值的方式來推動其關鍵目標落地。RGP 正好完全符合這樣的框架。

My conversations with our go-to-market professionals lead me to believe that clients were feeling a bit more confident in the quarter, regarding their plans. However, it is a little too early to assess where the Iran conflict will affect clients' attitudes and plans.

我與我們的上市推廣（go-to-market）專業團隊的交流，讓我相信客戶在本季對其計畫的信心略有提升。不過，現在評估伊朗衝突將如何影響客戶的態度與計畫，仍稍嫌過早。

As for AI, it remains a prominent topic in the market. We continue to work with our clients to size the opportunity for RGP. The addition of Jessica Block to our leadership team will be of significant benefit, in this regard.

至於 AI，它仍是市場上的顯著議題。我們持續與客戶合作，評估 RGP 的機會規模。Jessica Block 加入我們的領導團隊，將在這方面帶來顯著助益。

With that, I will now turn the call over to our CFO, Jenn Ryu.

接下來，我將把電話會議交給我們的財務長 Jenn Ryu。

Thanks, Roger. Good afternoon, everyone.

謝謝你，Roger。各位下午好。

As Roger outlined, the third quarter was about execution against our strategic priorities, delivering results within our outlook, while continuing to reshape the business for a return to growth, over time.

如 Roger 所概述，第三季的重點在於依照我們的策略優先事項落實執行，在展望範圍內交付成果，同時持續重塑業務，以在時間推進下回到成長軌道。

I'll take you through our consolidated performance; cost actions; segment results; and then, close with our outlook.

我將帶各位回顧我們的合併表現、成本行動、各事業部門（segment）結果，最後以我們的展望作結。

For the third quarter, our performance was largely in line with expectations. Consolidated revenue and gross margin were both within our outlook ranges, while run rate SG&A was better than expected. Adjusted EBITDA for the quarter was negative $1.4 million.

第三季的表現大致符合預期。合併營收與毛利率皆落在我們的展望區間內，而經常性（run rate）SG&A 則優於預期。本季調整後 EBITDA 為負 140 萬美元。

From a demand perspective, our experience during the quarter was, as Roger described. Client decision-making remains deliberate, particularly for larger and more complex work. But we saw an uptick in the volume of closed contracts during the quarter. While this has not yet translated into revenue growth, it reinforces our view that demand conditions are steady and our services are relevant in the marketplace.

就需求面而言，本季的經驗如 Roger 所描述。客戶決策仍然審慎，尤其是對於規模較大且更複雜的專案。但我們看到本季已簽約（closed）的合約量有所增加。雖然這尚未轉化為營收成長，但這強化了我們的觀點：需求環境穩定，而我們的服務在市場上仍具相關性。

On a segment basis, we saw continued signs of revenue stabilization in On-Demand Talent, with a moderating year-over-year decline. Our focus remains on improving sales execution; and investing in leadership and sales capacity in key markets.

以事業部門來看，我們在 On-Demand Talent 看到營收持續出現穩定化跡象，年對年下滑幅度趨緩。我們的重點仍在提升銷售執行力，並在關鍵市場投資於領導力與銷售產能。

In Consulting, longer sales cycles continue to weigh on top-line results. However, progress on integration and onboarding of new leadership contributed to early improvement in the coordination across the consulting team.

在 Consulting 方面，較長的銷售週期仍持續拖累營收表現。不過，整合與新任領導團隊到位（onboarding）的進展，促成了顧問團隊之間協作的初步改善。

Cross-selling with our On-Demand business and overall client engagement around CFO and CIO led transformation needs.

並推動與我們 On-Demand 業務的交叉銷售，以及整體客戶在由 CFO 與 CIO 主導之轉型需求上的互動。

In the Europe & Asia Pacific segment, our go-to-market activities remain healthy across multinational and local clients.

在歐洲與亞太事業部門，我們的上市推廣（go-to-market）活動在跨國與本地客戶間仍維持健康動能。

For multinational clients, in particular, demand for our global delivery center offerings continue to resonate, as organizations look to outsource and scale critical processes in a cost-effective manner. While revenue for the quarter was impacted by the timing of project starts on a handful of clients, Japan, India, and the Netherlands, all delivered solid year-over-year revenue growth.

尤其對跨國客戶而言，隨著組織尋求以具成本效益的方式外包並擴大關鍵流程，我們的全球交付中心（global delivery center）方案持續引起共鳴。雖然本季營收受到少數客戶專案啟動時點影響，但日本、印度與荷蘭皆繳出穩健的年對年營收成長。

Our Outsourced Services segment, once again, performed consistently, with both stable year-over-year results and sequential growth.

我們的 Outsourced Services 事業部門再次展現一致的表現，年對年結果穩定，且較前一季成長。

Across the enterprise, average bill rates increased year over year and sequentially in most segments, reflecting our continued focus on disciplined pricing, higher-value Consulting projects, and more specialized On-Demand Talent skill sets.

在全公司層面，多數事業部門的平均計費率（average bill rates）年對年與季對季皆上升，反映我們持續聚焦於嚴謹的定價紀律、更高價值的 Consulting 專案，以及更專業化的 On-Demand Talent 技能組合。

Turning to the financial detail:

接著說明財務細節：

Consolidated revenue for the quarter was $107.9 million, representing a 19.6% decline on a same-day, constant-currency basis compared to the prior year.

本季合併營收為 1.079 億美元，若以同日數（same-day）、固定匯率（constant-currency）基礎與去年同期相比，下降 19.6%。

Gross margin was 35.7%, up 60 basis points compared to 35.1% in the prior year quarter. The improvement was driven by modest enhancement in pay-to-bill ratio, along with favorable consultant benefit costs related to lower healthcare expenses and fewer holidays during the quarter.

毛利率為 35.7%，較去年同期的 35.1% 提升 60 個基點。改善主要來自 pay-to-bill ratio 的小幅提升，以及顧問福利成本的有利變動，包含醫療保健支出較低與本季假期較少。

Primarily reflecting a revenue mix shift towards the Asia Pacific region, enterprise-wide average bill rate was $120 on a constant-currency basis compared to $123 a year ago.

主要反映營收組合轉向亞太地區，全公司平均計費率在固定匯率基礎下為 120 美元，低於一年前的 123 美元。

On a segment basis, On-Demand talent average fill rate grew to $146 from $140 a year ago. Consulting's average bill rate grew to $162 from $159. In Europe & Asia Pacific, the average bill rate was $57, constant-currency, compared to $59 last year, reflecting the revenue mix shift to Asia.

以事業部門來看，On-Demand Talent 的平均計費率由一年前的 140 美元提升至 146 美元。Consulting 的平均計費率由 159 美元提升至 162 美元。在歐洲與亞太地區，平均計費率（固定匯率）為 57 美元，去年為 59 美元，反映營收組合轉向亞洲。

Now, turning to SG&A expenses, as discussed last quarter, we launched a comprehensive organization-wide review, with the objective of simplifying the business and better aligning costs with current revenue levels. As part of this effort, we implemented an additional reduction in force in January.

接著談 SG&A 費用，如同上季所述，我們啟動了全公司範圍的全面檢視，目標是簡化業務，並使成本與目前的營收水準更一致。作為此項工作的一部分，我們在 1 月實施了額外的人力精簡（reduction in force）。

Combined with prior actions in the current fiscal year, we expect total annualized cost savings of approximately $12 million to $14 million, with a portion of those savings being selectively reinvested to support growth in fiscal 2027.

結合本會計年度先前採取的行動，我們預期年度化總成本節省約 1,200 萬至 1,400 萬美元，其中一部分節省將選擇性再投資，以支持 2027 會計年度的成長。

For the third quarter, enterprise run-rate SG&A expenses were $39.4 million, representing a 10% improvement compared to $43.7 million in the prior year quarter.

第三季全公司經常性（run-rate）SG&A 費用為 3,940 萬美元，較去年同期的 4,370 萬美元改善 10%。

Approximately $2 million of this improvement came from lower management compensation expense, reflecting structural headcount reductions implemented during calendar 2025 and the partial impact of the January '26 action. The remaining improvement came from disciplined spending across travel, occupancy, and professional services.

其中約 200 萬美元的改善來自管理層薪酬費用降低，反映 2025 年曆年期間實施的結構性人力縮減，以及 2026 年 1 月行動的部分影響。其餘改善則來自在差旅、辦公場地（occupancy）與專業服務方面的嚴謹支出控管。

Turning now to segment performance, as always, all year-over-year revenue comparisons are adjusted for business days and currency impact; and segment adjusted EBITDA excludes certain shared corporate costs.

接著看各事業部門表現；如同以往，所有年對年營收比較皆已調整工作天數與匯率影響；而事業部門調整後 EBITDA 不包含部分共享的公司層級成本。

On-Demand Talent revenue was $40.9 million, a decline of 16.3% from the prior year quarter. Despite the lower top line, segment adjusted EBITDA increased to $2.9 million or a 7% margin compared to $2.6 million or a 5.5% margin in the prior year quarter. This improvement was driven by higher gross margins, supported by improved average bill rate; lower sales and talent headcount; and continued cost discipline.

On-Demand Talent 營收為 4,090 萬美元，較去年同期下降 16.3%。儘管營收下滑，事業部門調整後 EBITDA 提升至 290 萬美元（或 7% 利潤率），高於去年同期的 260 萬美元（或 5.5% 利潤率）。此改善來自較高的毛利率，並受惠於平均計費率提升、銷售與人才團隊人力較少，以及持續的成本紀律。

Consulting revenue was $36.9 million, down 32.5% year over year, which continued to pressure utilization; therefore, gross margin and segment EBITDA. Segment adjusted EBITDA was $1.7 million or a 4.6% margin compared to $5.9 million or 11.2% margin in the prior year quarter. Despite this, we expect the completion of our integration work and leadership onboarding to begin driving more consistent conversion and improved utilization, as we move through fiscal 2027.

Consulting 營收為 3,690 萬美元，年對年下降 32.5%，持續壓抑稼動率（utilization），因此也影響毛利率與事業部門 EBITDA。事業部門調整後 EBITDA 為 170 萬美元（或 4.6% 利潤率），低於去年同期的 590 萬美元（或 11.2% 利潤率）。儘管如此，隨著我們在 2027 會計年度推進，我們預期整合工作的完成與新任領導到位將開始帶動更一致的轉換率（conversion）與更佳的稼動率。

Europe & Asia Pacific revenue was $18.1 million compared to $18.6 million a year ago, a decline of 5.8% on a same-day, constant-currency basis. Segment adjusted EBITDA was $0.8 million in both periods, representing margins of 4.3% this quarter and 4.5% in the prior year.

歐洲與亞太營收為 1,810 萬美元，去年同期為 1,860 萬美元；若以同日數、固定匯率基礎計算，下降 5.8%。事業部門調整後 EBITDA 兩期皆為 80 萬美元，本季利潤率為 4.3%，去年同期為 4.5%。

Outsourced Services revenue was $9.5 million, down 1.7% on a same-day basis from the prior year quarter. Segment adjusted EBITDA was $1.4 million or a 15.1% margin compared to $1.5 million or 15.9% in the prior year quarter.

Outsourced Services 營收為 950 萬美元，若以同日數基礎與去年同期相比下降 1.7%。事業部門調整後 EBITDA 為 140 萬美元（或 15.1% 利潤率），去年同期為 150 萬美元（或 15.9% 利潤率）。

Turning to liquidity, our balance sheet remains strong. We ended the quarter with $82.8 million of cash and cash equivalents; and no outstanding debt. Quarterly dividend payments totaled $2.3 million, representing a 7.4% annualized yield, based on our stock price at the end of the third quarter.

接著談流動性，我們的資產負債表仍然強健。本季末我們持有現金及約當現金 8,280 萬美元，且無任何未償還債務。季度股利支付總額為 230 萬美元，依第三季末股價計算，年化殖利率為 7.4%。

With our cash position and available borrowing capacity under our credit facility, we will continue to take a balanced approach to capital allocation, investing in the business to support long-term growth, while returning capital to shareholders through dividends and potential share buybacks.

憑藉我們的現金部位與在信用額度（credit facility）下可用的借款能力，我們將持續採取平衡的資本配置策略：一方面投資於業務以支持長期成長，另一方面透過股利與潛在的庫藏股回購向股東返還資本。

At quarter end, $79 million remained available under our share repurchase program.

截至季度末，我們的股票回購計畫下仍有 7,900 萬美元可用額度。

I'll now close with our outlook for the fourth quarter. Early fourth-quarter weekly revenue trends are tracking below third-quarter levels. Based on current visibility, we expect fourth-quarter revenue in the range of $104 million to $109 million.

接下來我將以我們對第四季的展望作結。第四季初的每週營收趨勢目前低於第三季水準。基於目前的能見度，我們預期第四季營收將落在 1.04 億至 1.09 億美元之間。

We expect gross margin in the fourth quarter to be between 36.5% and 37.5%, reflecting a more normalized number of business days. Total business days in the fourth quarter for the US will be 64 days versus 69 days in the prior year fourth quarter and 61 days in the third quarter.

我們預期第四季毛利率介於 36.5% 至 37.5% 之間，反映營業日數更趨正常化。美國第四季的總營業日數為 64 天，去年同期第四季為 69 天，第三季為 61 天。

Run-rate SG&A expenses for the fourth quarter are expected to be in the range of $39 million to $41 million, reflecting further realization of cost savings from the January actions, largely offset by reinvestment.

第四季的經常性（run-rate）SG&A 費用預期介於 3,900 萬至 4,100 萬美元之間，反映 1 月措施帶來的成本節省進一步落實，但大致被再投資所抵銷。

These reinvestments remain targeted, primarily focused on key leadership roles, revenue-producing capacity, and client-facing capabilities. Importantly, they do not change our medium-term goal of improving operating leverage, as revenue recovers.

這些再投資仍具針對性，主要聚焦於關鍵領導職務、創收能力，以及面向客戶的能力建置。重要的是，隨著營收回升，這些投入不會改變我們中期提升營運槓桿的目標。

Non-run-rate and non-cash expenses are expected to be in the range of $13 million to $15 million; and consist primarily of charges associated with the Citrix disposition, which is expected to be closed before fiscal year end; separation costs related to the COO departure; and non-cash stock compensation expense.

非經常性與非現金費用預期介於 1,300 萬至 1,500 萬美元之間；主要包括與 Citrix 處分相關的費用（預期於會計年度結束前完成交割）、與營運長（COO）離任相關的離職成本，以及非現金的股票薪酬費用。

In closing, as Roger discussed, we made solid progress against our key priorities this quarter. We strengthened leadership, meaningfully reduced our cost structure, took steps to simplify our business portfolio, and began reinvesting selectively to support future growth.

最後，如 Roger 所提，本季我們在關鍵優先事項上取得了紮實進展。我們強化了領導團隊、顯著降低成本結構、採取措施簡化業務組合，並開始選擇性再投資以支持未來成長。

While we are not yet seeing a broad-based acceleration in revenue, we believe the actions we've taken have improved our operating foundation; position us to execute more consistently; and deliver increased value to our clients and shareholders, over time.

雖然我們尚未看到營收出現廣泛加速，但我們相信已採取的行動改善了我們的營運基礎；使我們能更一致地執行；並隨時間推進，為客戶與股東帶來更高價值。

With that, we will conclude our prepared remarks and open the call for questions.

接下來，我們將結束事先準備的發言並開放提問。

(Operator Instructions)

（接線員指示）

Andrew Steinerman, JP Morgan.

Andrew Steinerman，摩根大通（JP Morgan）。

Yes. Hi. This is Alex Hess, on for Andrew.

是的。嗨。我是 Alex Hess，代 Andrew 發言。

Just to confirm: There was no M&A revenue in the quarter, correct?

我想確認一下：本季沒有併購（M&A）營收，對嗎？

Jenn, can you elaborate on what the guide calls for on a constant-currency, same-day organic basis for the May quarter?

Jenn，你能否說明一下，對於 5 月季度，在固定匯率、同日（same-day）的有機基礎下，指引預期為何？

Yes. Hi, Alex. Yes.

是的。嗨，Alex。是的。

There's no M&A revenue in the quarter. Q4 has got at the top of the range -- is about a 16% year-over-year decline on an organic constant-currency, same-day basis.

本季沒有併購（M&A）營收。第四季在區間上緣——在有機、固定匯率、同日基礎下，約為年減 16%。

Got it. And then, just thinking big picture: Last quarter, you guys spoke to trying to tease out the impact that automation and AI might be having on some work streams for you guys. Obviously, there's been a lot of press releases and a lot of senior leadership turnover.

了解。再從大方向來看：上季你們提到，試著釐清自動化與 AI 可能對你們某些工作流程造成的影響。顯然，近期有很多新聞稿，也有不少高階主管更迭。

Trying to just understand, when it comes to visibility that you have into the long-run return to growth of the business, how much do you guys think you have -- the muscle in place, right now, to make that forecast? When do you think there might be a -- we might be in for a pivot?

我想了解的是，就你們對業務長期重回成長的能見度而言，你們認為目前具備多少——也就是說，現在是否已具備足夠的能力來做出那樣的預測？你們認為何時可能會——我們可能會迎來轉折點？

This is Roger Carlile. Excuse me for my voice.

我是 Roger Carlile。抱歉我的聲音。

I think, as I said in the comment in the press release, we're confident that we're going to grow the business. And so, at the moment, under the conditions we see, right now; the investments we've made; and the conversations we're having with clients, I'm confident that fiscal year 2027 will be growth over fiscal year 2026, when we wrap up the year.

我認為，正如我在新聞稿的評論中所說，我們有信心能讓業務成長。因此，就目前我們所看到的狀況、我們已做的投資，以及我們與客戶的對話而言，我有信心在我們結束該年度時，2027 會計年度的表現將優於 2026 會計年度，呈現成長。

Now, you may ask where is that going to be? I think it's going to -- obviously, you've got a lot of investments that are coming to fruition. I think you're going to see that growth more prevalent in the latter half of the year than the first half of the fiscal year.

你可能會問成長會落在哪裡。我認為——顯然，你們看到有許多投資正在開始開花結果。我認為你會在該會計年度的後半段比前半段更明顯地看到成長。

But, at the moment, that's what I believe. I think you're going to see growth in the top line for RGP in fiscal year 2027.

但就目前而言，這是我的看法。我認為你會在 2027 會計年度看到 RGP 的營收（top line）成長。

Joe Gomes, Noble Capital.

Joe Gomes，Noble Capital。

Pete, you guys mentioned you've had a lot of new hires or promotions. You've done a lot of press releases on that.

Pete，你們提到你們有很多新聘或晉升。你們也為此發布了很多新聞稿。

In your comments today, you talk about they should help drive revenue growth through an anticipated ramp-up period.

你今天的談話提到，這些人應能在預期的爬坡期（ramp-up period）後，協助推動營收成長。

Maybe you can give us a little idea of what that timing of that ramp-up period is? Are we talking one quarter, two quarters? Where does that stand?

也許你可以讓我們大概了解一下這個爬坡期的時間長度？我們是在談一季、兩季嗎？目前的情況如何？

Well, it varies, in my experience, from person to person and from type of service. But, generally speaking, I think we expect those things to have maturation periods of between six and nine months.

以我的經驗，這會因人而異，也會因服務類型而異。但一般而言，我們預期這些事項的成熟期大約在 6 到 9 個月之間。

Sometimes, you're lucky and they're shorter. Perhaps, in the AI space, for example, we're having a lot of conversations -- and Jessica joining immediately. -- we're seeing, already, impact there. I think that might be shorter.

有時候運氣好，時間會更短。例如在 AI 領域，我們正在進行很多對話——而 Jessica 的加入也立刻到位——我們已經看到一些影響。我認為那可能會更短。

But, in other things, it could be longer.

但在其他方面，可能會更久。

I think, with nothing more than just my own instinct from being in the business for a long time, I would say I'm looking at six-ish- to nine-month period of time, which is why I'm comfortable that we'll start to see revenue growth in fiscal year 2027. But it will probably come in the latter two quarters of that fiscal year.

我想，僅憑我在這個行業多年累積的直覺，我會說我看的是大約 6 到 9 個月的時間，這也是為什麼我有信心我們會在 2027 會計年度開始看到營收成長。但它可能會出現在該會計年度的後兩個季度。

Roger, thanks for that. Just going on that: You're confident you'll see revenue growth in '27. What needs to happen? Do we need to see an upswing in the overall market? We just need to see RGP start to take more share of wallet from existing customers?

Roger，謝謝你的說明。延續這點：你有信心在 2027 年看到營收成長。需要發生什麼事？我們需要看到整體市場回升嗎？還是只需要看到 RGP 從既有客戶那裡取得更多錢包份額（share of wallet）？

What are you counting on, when you're saying you're confident we'll see revenue growth in 2017 over '26?

當你說你有信心 2017 年相較於 '26 會有營收成長時，你是仰賴什麼？

Yeah. Good question.

是的。好問題。

I think, first of all, I don't need the market to change dramatically worse, right, nor do I need it to be, in my mind, dramatically better? I just needed to be in its current condition throughout that maturation period.

我認為，首先，我不需要市場出現大幅惡化，對吧；但在我看來，我也不需要它大幅變好。我只需要它在那段成熟期內維持目前的狀態。

And then, I think it's mostly in our hands, whether we are ultimately taking market share. Probably, any time we win something if someone doesn't, that you could say it's moving some share. But I don't know if it's significant enough to say you're moving total market share.

接著，我認為多半掌握在我們自己手上，也就是我們最終是否能取得市占。可能任何時候我們贏得一個案子、而別人沒有，你都可以說那是在移動一些份額。但我不確定那是否足以顯著到可以說你在移動整體市場份額。

But we need to continue with the people that we're adding -- the new salespeople, the new consulting leaders, the new leaders like Jessica and others we need -- to keep having the conversations we're having at the pace we're having them.

但我們需要持續透過我們正在增加的人才——新的業務人員、新的顧問領導者，以及像 Jessica 和其他我們需要的新領導——以目前的節奏持續進行我們正在進行的客戶對話。

Frankly, if we just keep winning at the current pace. I think we'll win more. But if we can win at the current pace -- we're having more of those conversations, more opportunities coming to the top of the pipeline -- I think we'll see that we're starting to grow the revenue.

坦白說，如果我們只是維持目前的贏單節奏。我認為我們會贏得更多。但如果我們能以目前的節奏贏單——我們正在進行更多這類對話、更多機會浮現到銷售漏斗（pipeline）上端——我認為我們會看到營收開始成長。

Essentially, if we have more people, we're having more and better conversations. I think that's going to result in revenue growth.

基本上，如果我們有更多人，就能進行更多且更高品質的對話。我認為這將帶來營收成長。

Okay. And then, one more for me, if I may. Given where the the stock is these days; and given the cash and the authorized buyback, what's your thought process on when you would look to step into the market and maybe repurchase some shares here?

好的。那麼，如果可以的話，我再問最後一個。考量到目前股價的水準；以及公司手上的現金與已核准的庫藏股回購額度，你們對於何時會考慮進場、也許在這裡回購一些股份的思考流程是什麼？

Yeah. Hi, Joe. This is Jenn.

是的。嗨，Joe。我是 Jenn。

Yeah. As you know, we've been working on taking out costs and, also, been reassessing strategic priorities. We started reinvesting into the business.

是的。如你所知，我們一直在推動成本削減，同時也在重新評估策略優先順序。我們已開始把資源再投資回業務。

Given all the the moving pieces, we're still assessing, just, its impact, holistically, including where we are, from a liquidity standpoint.

在所有這些變動因素之下，我們仍在評估其整體影響，包括從流動性角度來看我們目前所處的位置。

But, yeah, no doubt, we think our shares are very attractive. We'll look to begin executing on buybacks, when we are ready.

不過，是的，毫無疑問，我們認為我們的股票非常有吸引力。當我們準備就緒時，就會開始執行回購。

Great. I'll get back in queue.

很好。我回到隊列裡。

(Operator Instructions)

（接線員指示）

Kartik Mehta, Northcoast Research.

Kartik Mehta，Northcoast Research。

Roger, in the previous earnings call, you talked about AI displacing some lower-level opportunities but also creating opportunities.

Roger，在上一季的財報電話會議中，你談到 AI 會取代一些較低階的機會，但也會創造機會。

I'm wondering, as you look over the next 12 to 24 months; and maybe as you look at the current pipeline, is AI tailwind for you, a headwind for you, or neutral, at this point in time?

我想請教，展望未來 12 到 24 個月；以及從目前的案源管線來看，AI 對你們而言此刻是順風、逆風，還是中性？

At this point in time, it's a tailwind. I think it's going to be a tailwind for a lot of professional services companies, notwithstanding what the popular media was saying, as long as they're diligently doing something about it and executing.

就目前而言，是順風。我認為這會是許多專業服務公司的順風，儘管大眾媒體怎麼說；只要他們確實在做些事情並且落實執行。

If you sit by and you do nothing, then the world will pass you by. But, in the short run, there's, internally, just using the tools for ourselves and making ourselves more efficient; can be a tailwind on our cost structure.

如果你坐著不動、什麼都不做，世界就會把你拋在後面。但短期來看，內部只要我們自己使用這些工具、提升效率，就可能在成本結構上形成順風。

The kinds of conversations we're having with clients that range all the way from helping them get their data prepared to apply AI tools against it, up through helping them make buy-build decisions and implementing that. Those are all services that we provide to clients.

我們與客戶的對話範圍很廣，從協助他們準備資料以便套用 AI 工具，到協助他們做買或建（buy-build）的決策並加以導入。這些都是我們提供給客戶的服務。

And so I think those are going to also be tailwinds for us.

因此我認為，這些也將成為我們的順風。

Jenn, I know you guys are investing in the business. You've hired salespeople. Obviously, you've hired leaders for the business.

Jenn，我知道你們正在投資業務。你們已聘用業務人員。顯然，你們也聘用了業務領導者。

As you look at your SG&A, are we at a trough or at a stability level for SG&A?

就你們的 SG&A 而言，我們現在是處於谷底，還是已達到 SG&A 的穩定水準？

Yeah. I would say, yes, we are hearing the stability level for SG&A. As you know, we started reinvesting this quarter in Q3. Over the next couple of quarters, you'll see the full impact of those reinvestments come in.

是的。我會說，是的，我們正處於 SG&A 的穩定水準。如你所知，我們在本季 Q3 開始再投資。接下來幾個季度，你會看到這些再投資的完整影響逐步反映。

But, offsetting that, we will also be realizing the benefits from the cost actions that we've taken.

但與此同時，我們也會開始實現先前採取的成本措施所帶來的效益。

Those two things will have some offset. But, timing-wise, it's not going to line up perfectly.

這兩者會有一定程度的相互抵銷。但在時間點上，不會完全精準對齊。

I would say that, given the reinvestment, starting in Q1 of fiscal '27, we will see a slight elevation of our SG&A expenses. But, like Roger said, we're also expecting that investment to pay off in the latter half of fiscal '27.

我會說，考量到再投資，自 2027 財年第一季起，我們的 SG&A 費用會略為上升。但如 Roger 所說，我們也預期這項投資會在 2027 財年下半年帶來回報。

Just one last question, Roger: Any other portfolio actions you anticipate over the next 12 to 24 months?

最後一個問題，Roger：未來 12 到 24 個月，你預期還會有其他投資組合（portfolio）方面的動作嗎？

Well, nothing that I have in process, at the moment. I can't comment a bit more.

嗯，目前我沒有任何正在進行中的事項。我也無法再多做評論。

By portfolio, maybe, you mean service areas or business units -- but we're constantly -- I think we mentioned, right? Simplification is one of our focal points. But that includes a number of things: the processes that we do, the services we offer, and where we offer those services.

你說的投資組合，可能是指服務領域或事業單位——但我們一直在——我想我們有提到，對吧？簡化是我們的重點之一。但這包含很多面向：我們的流程、我們提供的服務，以及我們在哪些地方提供這些服務。

We're constantly looking at that. That'll be continuing.

我們一直在檢視這些。這也會持續下去。

Alexander Sinatra, Baird.

Alexander Sinatra，Baird。

This is Alex, on for Mark Marcon.

我是 Alex，代替 Mark Marcon 提問。

I was just wondering, you mentioned in the press release that there's been some reduced demand in traditional finance rules related to the adoption of AI and automation. This is something you mentioned last quarter, too.

我想請教一下，你們在新聞稿中提到，因為採用 AI 與自動化，傳統財務職能相關的需求有所下降。這也是你們上季提到的。

Just wondering if you could give a little bit more detail on that? What negative impact you're seeing?

想請問你能否再多提供一些細節？你們看到的負面影響是什麼？

Yeah. Well, I think what we mentioned this quarter is really just consistent with what we were seeing last quarter. I don't think there's been any acceleration on that.

好的。我認為我們本季提到的，其實與上季看到的情況一致。我不認為這方面有任何加速。

I think the comments I made about the overall market for our services was that it was pretty consistent with what we saw in the prior quarter.

我對整體服務市場的評論是，它與我們上一季看到的情況相當一致。

There are certainly some kinds of roles that, as clients install AI tools, that are then less in demand. Some of the ones that we saw that in were the operational accounting; those types of skills.

確實有某些類型的職務，當客戶導入 AI 工具後，需求就會降低。我們看到的其中一些是在營運會計（operational accounting）等這類技能。

But nothing accelerating on that. I think it's a steady state on that, right now.

但這方面沒有加速。我認為目前就是維持在一個穩態。

Great. Super helpful.

很好。非常有幫助。

And then, in terms of the sale of Citrix, I was just wondering, how much do you expect to net some of that, not just the revenue but, like, on a margin perspective? How that's expected to impact you?

另外，關於出售 Citrix，我想請教，你們預期能淨得多少，不只是營收，還有例如毛利率/利潤率的角度？預期會如何影響你們？

Sure. Yes. The Citrix disposition.

當然。是的。Citrix 的處分。

Citrix has been around $9-ish million on an annual basis, from a revenue standpoint. This will actually be -- from a profitability standpoint, it's not going to have any material impact on the business.

Citrix 以年化營收來看大約是 900 萬美元左右。但就獲利能力而言，這對公司不會造成任何重大影響。

Got you. Thank you.

了解。謝謝。

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

謝謝。現在我想把電話交回給 Roger Carlile，請他做結語。

Thank you, operator. Thanks, everyone, for joining our call today.

謝謝，接線員。也謝謝各位今天參加我們的電話會議。

As I said last time, we appreciate your interest in RGP.

如同我上次所說，我們感謝各位對 RGP 的關注。

Don't hesitate to reach out with any additional questions.

如有任何其他問題，歡迎隨時與我們聯繫。

Thank you.

謝謝。

Thank you. This concludes the conference.

謝謝。本次電話會議到此結束。

Thank you for your participation. You may now disconnect.

感謝各位的參與。您現在可以掛線。