羅致恆富 (RHI) 2024 Q4 法說會逐字稿

Hello and welcome to the Robert Half fourth-quarter 2024 conference call. Today's conference call is being recorded. (Operator Instructions)

您好，歡迎參加 Robert Half 2024 年第四季電話會議。今天的電話會議正在錄音。（操作員指令）

Our hosts for today's call are Mr. Keith Waddell, President and Chief Executive Officer of Robert Half; and Mr. Michael Buckley, Chief Financial Officer.

今天電話會議的主持人是 Robert Half 總裁兼執行長 Keith Waddell 先生；以及財務長 Michael Buckley 先生。

Mr. Waddell, you may begin.

沃德爾先生，您可以開始啦。

Hello, everyone. We appreciate your time today. Before we get started, I'd like to remind you that the comments made on today's call contain forward-looking statements, including predictions and estimates about our future performance. These statements represent our current judgment of what the future holds. However, they're subject to risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. These risks and uncertainties are described in today's press release and at our recent 10-K and 10-Q filed with the SEC. We assume no obligation to update the statements made on today's call.

大家好。感謝您今天抽出時間。在我們開始之前，我想提醒您，今天電話會議的評論包含前瞻性陳述，包括對我們未來表現的預測和估計。這些陳述代表了我們目前對未來的判斷。然而，它們受風險和不確定性的影響，可能導致實際結果與前瞻性陳述有重大差異。這些風險和不確定性在今天的新聞稿以及我們最近向美國證券交易委員會提交的 10-K 和 10-Q 文件中進行了描述。我們不承擔更新今天電話會議上所作聲明的義務。

During this presentation, we may mention some non-GAAP financial measures and reference these figures as adjusted. Reconciliations and further explanations of these measures are included in the supplemental schedule to our earnings press release.

在本次示範中，我們可能會提及一些非 GAAP 財務指標，並引用經過調整的數字。這些措施的對帳和進一步解釋包含在我們的收益新聞稿的補充附表中。

For your convenience, our prepared remarks for today's call are available in the Investor Center of our website, roberthalf.com.

為了您的方便，我們為今天電話會議準備的發言可在我們網站 roberthalf.com 的投資者中心查閱。

For the fourth quarter of 2024, global enterprise revenues were $1.382 billion, down 6% from last year's fourth quarter on an as reported basis, and down 7% on an as adjusted basis. Net income per share in the fourth quarter was $0.53, compared to $0.83 in the fourth quarter one year ago.

2024 年第四季度，全球企業營收為 13.82 億美元，依報告基礎較去年第四季下降 6%，依調整後基礎下降 7%。第四季每股淨利為 0.53 美元，去年同期每股淨利為 0.83 美元。

Revenues and earnings for the fourth quarter were largely in line with our expectations, led by Protiviti, which reported year-on-year revenue growth for the second straight quarter. Contract revenues remained stable throughout the quarter, sustaining early third-quarter levels for 23 consecutive weeks prior to the holidays.

第四季的營收和收益基本上符合我們的預期，其中普羅蒂維蒂 (Protiviti) 表現最為出色，該公司連續第二個季度實現營收年增。整個季度的合約收入保持穩定，在假期前連續 23 週維持第三季初的水平。

As we move into the new year, we are very encouraged by the significant rise in U.S. business confidence that followed the recent elections. We are very well positioned to capitalize on emerging opportunities and support our clients' talent and consulting needs through the strength of our industry-leading brand, people, technology, and unique business model that includes both professional staffing and business consulting services.

新年伊始，美國大選後商業信心的大幅上升令我們深受鼓舞。憑藉我們行業領先的品牌、人才、技術以及包括專業人員配備和業務諮詢服務在內的獨特業務模式，我們完全有能力利用新興機會並支持客戶的人才和諮詢需求。

Cash flow from operations during the quarter was $155 million. In December, we distributed a $0.53 per share cash dividend to our shareholders of record, for a total cash outlay of $54 million. Our per-share dividend has grown 11.2% annually since its inception in 2004.

本季經營活動產生的現金流為 1.55 億美元。12 月份，我們向登記在冊的股東派發了每股 0.53 美元的現金股息，總現金支出為 5,400 萬美元。自 2004 年成立以來，我們的每股股息每年增長 11.2%。

The December 2024 dividend was 10.4% higher than the prior year. We also acquired approximately 1 million Robert Half shares during the quarter for $77 million. We have 7.3 million shares available for repurchase under our board-approved stock repurchase plan. Return on invested capital for the company was 15% in the fourth quarter.

2024 年 12 月的股利比前一年高出 10.4%。我們還在本季以 7,700 萬美元的價格收購了約 100 萬股 Robert Half 股票。根據董事會批准的股票回購計劃，我們有 730 萬股可供回購。該公司第四季的投資資本報酬率為15%。

Now I’ll turn the call over to our CFO, Mike Buckley.

現在我將電話轉給我們的財務長 Mike Buckley。

Thank you, Keith. Hello, everyone. As Keith noted, global revenues were $1.382 billion in the fourth quarter. On an as adjusted basis, fourth-quarter talent solutions revenues were down 12% year over year. U.S. talent solutions revenues were $686 million, down 11% from the prior year's fourth quarter. Non-U.S. talent solutions revenues were $208 million, down 14% year over year. We conduct talent solutions operations through offices in the United States and 17 other countries.

謝謝你，基斯。大家好。正如 Keith 所說，第四季全球收入為 13.82 億美元。經調整後，第四季人才解決方案營收年減 12%。美國人才解決方案營收為 6.86 億美元，較去年同期下降 11%。非美國人才解決方案營收為 2.08 億美元，年減 14%。我們透過位於美國和其他 17 個國家的辦事處開展人才解決方案業務。

In the fourth quarter, there were 61.6 billing days, compared to 61.1 billing days in the same quarter one year ago. The first quarter of 2025 has 61.9 billing days, compared to 62.8 billing days during the first quarter of 2024. Billing days for the remaining three quarters of 2025 will be 63.2, 64.2, and 61.4 for a total of 250.7 billing days for the year.

第四季的計費天數為 61.6 個，而去年同期為 61.1 個。2025 年第一季的計費天數為 61.9 個，而 2024 年第一季的計費天數為 62.8 個。2025 年剩餘三個季度的計費天數分別為 63.2、64.2 和 61.4，全年總計 250.7 個計費天數。

Currency exchange rate movements during the fourth quarter had the effect of decreasing reported year-over-year total revenues by $4 million. And that's $4 million for talent solutions and a negligible impact to Protiviti.

第四季的貨幣匯率變動導致報告的年比總收入減少了 400 萬美元。其中，用於人才解決方案的費用為 400 萬美元，對 Protiviti 的影響微乎其微。

Sequential quarter currency fluctuations reduced revenues by $7 million, $5 million for talent solutions, and $2 million for Protiviti. Contract talent solutions bill rates for the fourth quarter increased 3.4% compared to one year ago, adjusted for changes in the mix of revenues by functional specialization, currency, and country. This rate for the third quarter was 3.2%.

連續季度的貨幣波動導致收入減少 700 萬美元，其中人才解決方案收入減少 500 萬美元，Protiviti 收入減少 200 萬美元。第四季合約人才解決方案帳單費率較去年同期上漲 3.4%，並根據職能專業化、貨幣和國家的收入組合變化進行了調整。第三季的這一比率為 3.2%。

Now let’s take a closer look at results for Protiviti. Global revenues in the fourth quarter were $488 million: $396 million of that is from the United States, and $92 million is from outside the United States. On an as adjusted basis, global fourth-quarter Protiviti revenues were up 5% versus the year-ago period.

現在讓我們仔細看看 Protiviti 的業績。第四季全球營收為 4.88 億美元：其中 3.96 億美元來自美國，9,200 萬美元來自美國以外。經調整後，Protiviti 第四季全球營收較去年同期成長 5%。

U.S. Protiviti revenues were up 6%, while non-U.S. Protiviti revenues were flat compared to one year ago. Protiviti and its independently owned member firms serve clients through locations in the United States and 29 other countries.

美國 Protiviti 的收入成長了 6%，而美國以外地區的 Protiviti 收入與一年前相比持平。Protiviti 及其獨立擁有的成員公司透過位於美國和其他 29 個國家的辦事處為客戶提供服務。

Turning now to gross margin. In contract talent solutions, fourth-quarter gross margin was 39.1% of applicable revenues versus 39.7% in the fourth quarter one year ago. Conversion revenues, or contract-to-hire, were 3.2% of revenues in the quarter, compared to 3.4% of revenues in the quarter one year ago.

現在來談談毛利率。在合約人才解決方案方面，第四季毛利率為適用收入的 39.1%，而去年同期為 39.7%。轉換收入，即合約轉租賃收入佔本季收入的 3.2%，而去年同期該數字為 3.4%。

Our permanent placement revenues were 12.1% of consolidated talent solutions revenues in both the current quarter and the fourth quarter of 2023. When combined with contract talent solutions gross margin, overall gross margin for talent solutions was 46.4%, compared to 46.9% of applicable revenues in the fourth quarter one year ago.

本季和 2023 年第四季度，我們的永久安置收入佔合併人才解決方案收入的 12.1%。與合約人才解決方案毛利率結合，人才解決方案的整體毛利率為 46.4%，而去年同期第四季適用收入為 46.9%。

For Protiviti, gross margin was 24.9% of Protiviti revenues, compared to 23.9% of Protiviti revenues one year ago. Adjusted for the amount of deferred compensation that is completely offset by investment income related to employee deferred compensation trusts, or the Deferred Compensation Investment Income Offset, gross margin for Protiviti was 25.1% for the quarter just ended, compared to 25.9% last year. We ended 2024 with 11,000 full-time Protiviti employees and contractors, up 4.8% from the prior year.

對 Protiviti 而言，毛利率佔 Protiviti 收入的 24.9%，而一年前 Protiviti 收入的毛利率為 23.9%。經調整完全由與員工遞延薪酬信託相關的投資收益或遞延薪酬投資收益抵消的遞延薪酬金額後，Protiviti 剛結束的季度毛利率為 25.1%，而去年同期為 25.9%。截至 2024 年，Protiviti 擁有 11,000 名全職員工和承包商，比上一年增長 4.8%。

Moving on to SG&A. Enterprise SG&A costs were 34.1% of global revenues in the fourth quarter, compared to 35.1% in the same quarter one year ago. Adjusted for the Deferred Compensation Investment Income Offset, enterprise SG&A costs were 33.8% for the quarter just ended, compared to 32.5% one year ago.

繼續討論銷售、一般及行政費用。第四季企業銷售、一般及行政開支佔全球收入的 34.1%，去年同期為 35.1%。經遞延薪資投資收入抵銷調整後，剛結束的季度企業銷售、一般及行政開支為 33.8%，而一年前為 32.5%。

Talent solutions SG&A costs were 44.4% of talent solutions revenues in the fourth quarter, versus 44.6% in the fourth quarter of 2023. Adjusted for the Deferred Compensation Investment Income Offset, talent solutions SG&A costs were 43.9% for the quarter just ended, compared to 40.8% last year.

人才解決方案銷售、一般及行政費用佔第四季人才解決方案收入的 44.4%，而 2023 年第四季為 44.6%。經遞延薪資投資收入抵銷調整後，剛結束的季度人才解決方案銷售、一般及行政費用為 43.9%，去年同期為 40.8%。

We ended 2024 with 7,600 full-time internal employees in our talent solutions divisions, down 5.2% from the prior year. Fourth-quarter SG&A costs for Protiviti were 15.2% of Protiviti revenues, compared to 14.5% of revenues for the same quarter one year ago.

截至 2024 年，我們的人才解決方案部門擁有 7,600 名全職內部員工，比前一年下降 5.2%。甫瀚第四季度，銷售、一般及行政開支佔甫瀚收入的 15.2%，去年同期該數字為 14.5%。

Operating income for the quarter was $65 million. Adjusted for the Deferred Compensation Investment Income Offset, combined segment income was $71 million in the fourth quarter. Combined segment margin was 5.1%. Fourth-quarter segment income from our talent solutions divisions was $23 million, with a segment margin of 2.5%. Segment income for Protiviti in the fourth quarter was $48 million, with a segment margin of 9.9%.

本季營業收入為 6,500 萬美元。經遞延薪酬投資收入抵銷調整後，第四季綜合分部營收為 7,100 萬美元。綜合分部利潤率為 5.1%。我們人才解決方案部門第四季的分部收入為 2,300 萬美元，分部利潤率為 2.5%。Protiviti 第四季的分部收入為 4,800 萬美元，分部利潤率為 9.9%。

Our fourth-quarter 2024 income statement includes $6 million as income from investments held in employee deferred compensation trusts. This is completely offset by an equal amount of additional employee deferred compensation costs, which are reflected in SG&A expenses and direct costs. As such, it has no effect on our reported net income.

我們的 2024 年第四季損益表包括 600 萬美元的員工遞延薪酬信託投資收入。這完全被等量的額外員工遞延薪資成本所抵消，這些成本反映在銷售、一般和行政費用和直接成本中。因此，它對我們報告的淨收入沒有影響。

Our fourth quarter tax rate was 28%, and this compares to 27% one year ago. At the end of the fourth quarter, accounts receivable were $772 million and implied demanding, or DSO, was 50.5 days.

我們第四季的稅率為 28%，而一年前為 27%。第四季末，應收帳款為 7.72 億美元，隱含需求（DSO）為 50.5 天。

Before we move to first-quarter guidance, let's review some the monthly revenue trends we saw in the fourth quarter, and so far, in January, all adjusted for currency and billing dates. Contract talent solutions exited the fourth quarter with December revenues down 11% versus the prior year, compared to a 12% decrease for the full quarter.

在我們進入第一季指引之前，讓我們先回顧一下第四季度以及一月份迄今為止的月度收入趨勢，所有趨勢均根據貨幣和結算日期進行了調整。合約人才解決方案 12 月第四季營收較上年同期下降 11%，而整個季度的營收下降了 12%。

Revenues for the first three weeks of January were down 14% compared to the same period last year. Permanent placement revenues in December were down 6% versus December 2023. This compares to an 11% decrease for the full quarter.

一月份前三週的營收與去年同期相比下降了14%。12 月永久安置收入與 2023 年 12 月相比下降了 6%。相比之下，整個季度的降幅為 11%。

For the first four weeks in January, permanent placement revenues were down 3% compared to the same period in 2024. We provide this information so that you have insight into some of the trends we saw in the fourth quarter and into January. But as you know, these are very brief time periods, and we caution against reading too much into them.

1 月前四周，永久安置收入與 2024 年同期相比下降了 3%。我們提供這些資訊以便您了解我們在第四季度和一月份看到的一些趨勢。但正如你們所知，這些都是非常短暫的時間段，我們警告不要對此進行過多的解讀。

First-quarter guidance. Revenues $1.35 billion to $1.45 billion. Income per share, $0.31 to $0.41. Midpoint revenues from $1.4 billion are 3% lower than the same period in 2024 on an as-adjusted basis.

第一季指引。收入 13.5 億美元至 14.5 億美元。每股收益 0.31 美元至 0.41 美元。經調整後，中點營收為 14 億美元，比 2024 年同期低 3%。

The major financial assumptions underlying the midpoint of these estimates are as follows: revenue growth, year-over-year, on an as-adjusted basis: Talent solutions, down 7% to 10%; for Protiviti, up 8% to 10%; overall, down 1% to down 4%.

這些估計中點所依據的主要財務假設如下：經調整後，年成長收入：人才解決方案下降 7% 至 10%； Protiviti 上漲 8% 至 10%；整體來看，下降1%至下降4%。

Contract margins percentages: for Contract talent, 38% to 40%; Protiviti, as adjusted for the Deferred Compensation Investment Income Offset, 20% to 22%; overall, 36% to 39%.

合約利潤率百分比：合約人才為38％至40％； Protiviti 經遞延薪酬投資收益抵銷調整後，從 20% 降至 22%；整體來看，為36%比39%。

SG&A as a percentage of revenues, adjusted for the Deferred Compensation Investment Income Offsets: Talent solutions, 43% to 45%; Protiviti, 15% to 16%; overall, 33% to 35%. Segment income for talent solutions, 1% to 4%; Protiviti, 4% to 7%; overall, 2% to 5%.

銷售、一般及行政費用佔收入的百分比，已根據遞延薪酬投資收入抵銷進行調整：人才解決方案，43% 至 45%； Protiviti，15%至16%；整體來看，為33%至35%。人才解決方案部門收入，1%至4%； Protiviti，4%至7%；整體而言，為2%至5%。

Our tax rate -- a range of 31% to 35%; shares, 101 million to 102 million. 2025 capital expenditures and capitalized cloud computing costs $75 million to $95 million, with $20 million to $25 million in the first quarter.

我們的稅率在31%到35%之間；股，由1.01億股減至1.02億股。 2025年資本支出及資本化雲端運算成本為7,500萬美元至9,500萬美元，第一季為2,000萬美元至2,500萬美元。

Protiviti's first-quarter segment income guidance includes the seasonal impact of annual staff promotions and compensation increase, all of which become fully effective on January 1. This produces a sequential decline in midpoint estimated segment margin of 4.4 percentage points, which is consistent with the 4- to 7-point decline experienced in most of the last 10 years.

Protiviti 第一季分部收入預期包括年度員工晉升和薪資增加的季節性影響，這些影響將於 1 月 1 日全面生效。這導致中點估計分部利潤率連續下降 4.4 個百分點，與過去 10 年大部分時間經歷的 4 至 7 個百分點的降幅一致。

On a year-over-year basis, at the midpoint, Protiviti's first-quarter revenues and earnings are expected to grow by 9% and 20%, respectively. All estimates we provide on this call are subject to the risks mentioned in today's press release and in our SEC filings.

與去年同期相比，普羅蒂維蒂預計第一季的營收和收益將分別成長 9% 和 20%。我們在本次電話會議上提供的所有估計均受到今天的新聞稿和我們向美國證券交易委員會提交的文件中提到的風險的影響。

Now I'll turn the call back over to Keith.

現在我將把電話轉回給 Keith。

Thank you, Mike. Global labor markets remain resilient, with U.S. job openings significantly above historical averages, a clear indicator of substantial pent-up demand for talent. While we've seen a slight easing in the tightness of the labor supply, the overall unemployment rate in the United States stands at only 4.1%, and with even lower rates for college graduates and those with in-demand accounting, finance, and IT skills.

謝謝你，麥克。全球勞動市場依然保持彈性，美國職缺遠高於歷史平均水平，這明顯顯示對人才的需求龐大。雖然勞動供應緊張的狀況略有緩解，但美國整體失業率僅為4.1%，大學畢業生和擁有緊俏會計、金融和IT技能的人員的失業率甚至更低。

The NFIB's Small Business Optimism Index recently posted the largest two-month increase in its 39-year history, reaching levels not seen in more than six years. The percent of owners expecting the economy to improve also rose to 52%, the highest since 1983.

美國全國獨立企業聯合會（NFIB）小企業樂觀指數近期創下 39 年歷史上最大的兩個月漲幅，達到六年多來的最高水平。預計經濟將好轉的業主比例也上升至52%，為1983年以來的最高水準。

Rising business confidence is conducive to better hiring urgency, accelerated project demand and reprioritization of deferred growth initiatives. This, in turn, creates pressure on client resources and generates significant hiring and consulting demand, conditions that have historically set the stage for robust gains in the early stages of growth cycles.

商業信心上升有利於提高招募緊迫性、加速專案需求和重新調整推遲的成長計畫的優先順序。這反過來又給客戶資源帶來壓力，並產生大量的招募和諮詢需求，從歷史上看，這些條件為成長週期初期的強勁成長奠定了基礎。

We are encouraged by the current combination of elevated job openings, low unemployment, and strong business confidence, each of which is even more favorable than similar metrics from the early recovery periods following the dot-com and great financial crisis downturns. Protiviti once again reported very strong results for the quarter, achieving year-over-year revenue growth for the second quarter in a row.

我們對目前職缺增加、失業率低和商業信心強勁的情況感到鼓舞，這些因素甚至比網路泡沫和金融危機爆發後早期復甦時期的類似指標更為有利。Protiviti 本季再次報告了非常強勁的業績，連續第二個季度實現同比增長。

This strength is broad-based and includes each of its major solution areas, with the regulatory risk and compliance solution, again, a standout performer. A significant contributor to Protiviti's success has been the expanded use of contract professionals sourced through talent solutions, a key component of our enterprise-wide competitive advantage.

這項優勢基礎廣泛，涵蓋了其每個主要解決方案領域，其中監管風險與合規解決方案再次表現出色。Protiviti 成功的一個重要因素是擴大使用透過人才解決方案尋找的合約專業人員，這是我們整個企業競爭優勢的關鍵組成部分。

Protiviti's prospects and pipeline remain very strong, and we expect continued year-on-year revenue growth in the first quarter. Protiviti was recently recognized on Glassdoor's Best Places to Work list for a second consecutive year and honored by Seramount as a Top Company for Executive Women.

Protiviti 的前景和產品線依然強勁，我們預計第一季營收將持續年增。Protiviti 最近連續第二年被 Glassdoor 列入「最佳工作場所」名單，並被 Seramount 評為「最適合女性主管的公司」。

We've weathered many economic cycles in the past, each time emerging to achieve higher peaks. Aging workforce demographics and clients' desire for flexible resources and variable costs are structural tailwinds that are expected to propel us forward in the years to come.

我們過去經歷過許多經濟週期，每次都創下更高的高峰。勞動力老化以及客戶對靈活資源和變動成本的需求是結構性順風，預計將在未來幾年推動我們前進。

We began 2025 energized by our time-tested corporate purpose to connect people to meaningful and exciting work and provide clients with the talent and consulting expertise they need to confidently compete and grow.

2025 年開始，我們秉承久經考驗的企業宗旨，將人們與有意義且令人興奮的工作聯繫起來，並為客戶提供自信競爭和發展所需的人才和諮詢專業知識。

Finally, we'd like to extend our gratitude to our global workforce, who are making possible a number of new accolades. Just today, Robert half was honored by Fortune(R) as one of the World's Most Admired Companies for the 28th consecutive year. We're proud of our unique position as the only company in our industry to be awarded this distinction for nearly three decades. We were also recently named one of Fortune's Best Workplaces for Parents and chosen by Newsweek as one of America's Most Responsible Companies.

最後，我們要向我們全球的員工表示感謝，他們為我們贏得了許多新的榮譽。就在今天，羅致恆富連續第 28 年被《財富》(R) 評為全球最受讚賞公司之一。我們為自己的獨特地位感到自豪，我們是近 30 年來本行業唯一一家獲此殊榮的公司。我們最近也被《財星》雜誌評選為父母最佳工作場所之一，並被《新聞週刊》評選為美國最具責任感的公司之一。

Now Mike and I'd be happy to answer your questions. Please ask just one question and a single follow-up as needed. If there's time, we'll come back to you for additional questions.

現在麥克和我很樂意回答您的問題。請根據需要只提出一個問題和一個後續問題。如果有時間，我們會再回來回答您的其他問題。

(Operator Instructions)

（操作員指令）

Mark Marcon, Baird.

馬克馬康，貝爾德。

Hi, good afternoon, Keith and Mike. I wanted to ask about Protiviti to start. We did have a slight deceleration with regards to the revenue growth in the fourth quarter. Clearly, FX and the timing of the holidays probably ended up having some impact, and that probably ended up impacting the margins a little bit.

嗨，Keith 和 Mike，下午好。首先我想問一下關於 Protiviti 的問題。我們第四季的營收成長確實略有放緩。顯然，外匯和假期時間可能會產生一些影響，並且可能最終對利潤率產生一定影響。

But for the first quarter, you're basically guiding to a midpoint around 9%, which is a significant pickup. And I'm just wondering what are you seeing? How visible is that because that's a nice reacceleration.

但對於第一季來說，你基本上預測中間值在 9% 左右，這是一個顯著的成長。我只是想知道您看到了什麼？這是多麼明顯啊，因為這是一個很好的重新加速。

So on the fourth quarter, it is true that the holidays had an impact. They had a larger-than-expected impact from client soft closes. Their staff took more holiday than they had expected. And further, the holidays and the logistics of the holidays impacted their ability to get contracts signed for revenue recognition before the end of the quarter.

因此對於第四季來說，假期確實產生了影響。他們對客戶軟關閉的影響超出了預期。他們的員工休假的時間比他們預期的要長。此外，假期和假期的後勤工作影響了他們在本季結束前簽署收入確認合約的能力。

That said, their solution growth was strong, it was broad. And that momentum is expected to continue into the first quarter, whereas on a sequential basis, they always have their first quarter crowd out of internal audit with clients focused on external audit, and the cost pressures of their annual compensation increases and promotions. So very strong pipeline very good momentum, led by risk and consulting.

也就是說，他們的解決方案成長強勁、範圍廣泛。預計這一勢頭將持續到第一季度，而從連續數據來看，第一季他們的內部審計業務總是被專注於外部審計的客戶所擠佔，而且他們還面臨著年度薪酬增加和晉升帶來的成本壓力。因此，在風險和諮詢的推動下，通路非常強勁，勢頭非常好。

A big piece of that, anti-money laundering, as we've talked before. Protiviti feels very good about where they are, feels good about that guidance. And the fourth quarter, there was noise from the holidays, which clearly doesn't impact the first quarter like it did the fourth.

正如我們之前所談過的，其中很重要的一部分就是反洗錢。Protiviti 對於他們目前的狀況感到非常滿意，對於該指導也感到非常滿意。第四季度，假期帶來了一些影響，但對第一季的影響顯然不如對第四季那麼大。

That’s great. And then, Keith, we've both been through many cycles before. Historically, the NFIB picking up as much as it has is a great precursor to small business hiring picking up. I'm wondering, what do you think could potentially be a little bit different?

那太好了。而且，基思，我們之前都經歷過很多週期。從歷史上看，全美獨立企業聯合會 (NFIB) 的擴張是小型企業招募人數增加的良好先兆。我想知道，您認為什麼可能會有所不同？

Obviously, AI gets a lot of a lot of attention in terms of news, and people talk about potential displacement. I'm not sure that's going to happen with small businesses, but the noise is still out there. Just wondering, is there anything that you think would be different this time around relative to that big pickup in terms of NFIB confidence? And how is that influencing what you're doing in terms of internal staff and how much you're willing to retain the internal staff and driving margins a little bit lower in the short term but making up for it longer term?

顯然，人工智慧在新聞方面受到了很多關注，人們談論它的潛在取代。我不確定這種情況是否會發生在小型企業中，但這種聲音仍然存在。只是想知道，您認為這次與 NFIB 信心大幅提升相比，有什麼不同嗎？那麼，這對您在內部員工方面的做法有何影響？

Well, and so what's different. As we referenced, first, if you look across job openings that are currently at 8 million, if you look at early recovery dot-com and great financial crisis, they were 2.5 million and 4 million. So, openings more than double what they were as those recoveries began. Unemployment rate currently at 4.1%, if you look at dot-com, 5.7%, if you look at great financial crisis, 9.5%. So labor much tighter, making it much harder for clients to find talent on their own than they did in prior cycles.

嗯，那有什麼不同呢？正如我們所提到的，首先，如果你看看目前 800 萬的職缺，如果你看看早期的網路泡沫和金融危機，這兩個數字分別是 250 萬和 400 萬。因此，開業數量比復甦開始時增加了一倍以上。目前失業率為 4.1%，若以網路泡沫時期計算，則為 5.7%，若以金融危機時期計算，則為 9.5%。因此勞動力變得更加緊張，客戶自己尋找人才比之前的周期更加困難。

So we're encouraged by that. And then as you mentioned, SMB optimism, NFIB currently 105. Following great financial crisis, it was 88; following dotcom, it was 99. And so on all three measures, we're in a better place than we were coming out of those two downturns.

因此我們對此感到鼓舞。正如您所提到的，中小企業樂觀情緒，NFIB 目前為 105。金融危機爆發後，這數字是 88；網路泡沫破裂之後，數字上升至 99。因此，從所有三個指標來看，我們現在的狀況都比走出那兩次經濟衰退時要好。

As to impact of AI, we've talked before, we're not seeing any meaningful impact as we speak on our business with SMBs or otherwise. And as to impact on internal staff, we've essentially held the line but for performance management for several quarters now, and we would plan to continue that. Our margins are very consistent with trough margins of dot-com and great financial crisis. And those margins recovered significantly thereafter, which we would expect to happen again.

至於人工智慧的影響，我們之前已經談過，我們在與中小企業或其他企業的業務往來中沒有看到任何有意義的影響。至於對內部員工的影響，除了績效管理之外，我們基本上已經堅持了幾個季度的路線，我們計劃繼續這樣做。我們的利潤率與網路泡沫和金融危機時期的利潤率低谷非常一致。此後利潤率大幅回升，我們預計這種情況還會再次發生。

Andrew Steinerman, JPMorgan.

摩根大通的安德魯·斯坦納曼。

Two questions. So yes, obviously, I'm intrigued by the NFIB figures picking up. But I just wanted to be clear, especially as you talked about kind of January contract revenues being down, have new orders for Robert Half contract business picked up yet? Or do you expect there to be some delay from the NFIB business confidence -- and let me just ask my second question, too.

兩個問題。是的，顯然，我對 NFIB 數據的上升很感興趣。但我只是想明確一點，特別是當您談到 1 月份合約收入下降時，Robert Half 合約業務的新訂單是否已經回升？或者您是否預期全美獨立企業聯合會 (NFIB) 商業信心會有所延遲——我也想問我的第二個問題。

When looking at contract revenues, Robert Half tech business was down a lot less than F&A or others, do you think that the trajectory of revenue recovery within IT contract will be a different growth trajectory, again, when business confidence picks up, than F&A or your overall contract revenues for Robert Half.

從合約收入來看，Robert Half 的技術業務降幅比 F&A 或其他業務小得多，您是否認為，當商業信心回升時，IT 合約的收入復甦軌跡與 F&A 或 Robert Half 的整體合約收入相比，將是一條不同的成長軌跡？

And so early January, the first two were very noisy with holiday impacts as well as the Jimmy Carter holiday. The third week in January picked back up to what we would have expected, which is good. And while the tone of client conversations are definitely better, clients are taking more of our calls, more of our requests for meetings. They're -- in addition to talking about their must-have requirements, they're also talking about their backlog projects and talking about their like-to-have needs, sentiment is clearly better.

因此，1 月初，前兩次交易都非常熱鬧，既受到了假日的影響，也受到了吉米·卡特假期的影響。一月份第三週的表現恢復到了我們預期的水平，這是件好事。雖然與客戶交談的語氣確實更好了，但客戶接聽了我們的更多電話，並接到了更多會議請求。他們除了談論他們必須具備的要求之外，還談論他們的積壓項目以及他們喜歡的需求，情緒顯然更好。

But it's still too early for an uptick in actual starts and placements. Our guidance for the first quarter assumes that we stay at that flat level that we did during the fourth quarter. Hopefully, we're being conservative there.

但實際開工數和安置數的上升還為時過早。我們對第一季度的指導假設我們保持在第四季度的持平水平。希望我們能在這方面保持保守。

But there is no question that the tone is better. Consistent with the rise in the confidence that we just talked about.

但毫無疑問的是語氣更好了。與我們剛才談到的信心的提升一致。

And I'll also say this, Andrew, about our first quarter guidance, there's about a $40 million revenue impact from the fewer number of days and FX or currency impacts relative to the prior year. And so when you look at our guidance, but for -- had we had the same number of days and had currency not changed, our revenue guidance would have been $40 million higher.

安德魯，我還要說一下我們第一季的預期，與前一年相比，由於天數減少以及外匯或貨幣影響，收入影響約為 4000 萬美元。因此，當您查看我們的預期時，但如果我們有相同的天數並且貨幣沒有變化，我們的收入預期將會高出 4000 萬美元。

On the tech side, it is true that tech has performed better lately, principally in the data area, be it analytics, be it governance, be it hygiene and then an ERP platform modernization, be it SAP, Oracle, Workday, Microsoft, all of those have been positive both on the talent solutions side and on the Protiviti side and sometimes working together. And so it wouldn't surprise me if tech outperforms F&A a bit over the next cycle. That said, we're very optimistic about F&A as well.

從技術方面來看，技術最近確實表現得更好，主要是在數據領域，無論是分析、治理、衛生，還是 ERP 平台現代化，無論是 SAP、Oracle、Workday、Microsoft，所有這些在人才解決方案方面和 Protiviti 方面都表現積極，有時甚至相互協作。因此，如果技術在下一個週期內表現略優於財務與會計，我不會感到驚訝。儘管如此，我們對 F&A 也非常樂觀。

Trevor Romeo, William Blair.

特雷弗·羅密歐，威廉·布萊爾。

Thanks so much for taking the questions. First one I had was just on the international business, I think, again, kind of softer across the board compared with the U.S. business. I'm thinking a lot of political uncertainty in Europe.

非常感謝您回答這些問題。我首先談到的是國際業務，我認為，與美國業務相比，國際業務在各方面都較為疲軟。我認為歐洲存在著許多政治不確定性。

Could you kind of just talk about the demand environment for your international business from both talent solutions and Protiviti and kind of what you'd expect in the next few quarters there?

您能否談談人才解決方案和 Protiviti 對您的國際業務的需求環境，以及您對未來幾季的預期？

I'd say it's modestly softer, not dramatically softer, both in talent solutions and in Protiviti. It wouldn't surprise us that, that continue for a few quarters. But again, nothing dramatic. Many of the changes that you see on these growth rates are just as much impacted by comps as they are actual current economic performance. But we certainly don't see a dramatic or drastic falloff in our international results, notwithstanding everything you hear and read.

我想說的是，無論是在人才解決方案方面還是在甫瀚諮詢方面，它都會稍微軟一些，而不是明顯軟一些。這種情況持續幾個季度並不會讓我們感到驚訝。但同樣，沒有什麼戲劇性的。這些成長率的許多變化不僅受到當前實際經濟表現的影響，也受到可比較價格的影響。但儘管你們聽到和讀到各種各樣的消息，我們的國際業績並沒有出現急劇或劇烈的下滑。

And then a follow-up on Protiviti, specifically on the operating margins for Protiviti. I know in Q1, you do have that seasonal impact with the salary increases. I think you typically recapture some of that throughout the year. So kind of thinking about full year 2025 with the demand pipeline seemingly pretty strong there. Could you kind of talk about how you're thinking about margins for Protiviti beyond the next quarter? Is it possible we could get back to that double-digit range on kind of a full year basis here?

然後是對 Protiviti 的後續關注，特別是關於 Protiviti 的營業利潤率。我知道在第一季度，薪資上漲確實會受到季節性的影響。我認為你通常會在全年中重新獲得其中的一些。因此，考慮到 2025 年全年的需求似乎相當強勁。您能否談談您對下一季之後 Protiviti 利潤率的看法？我們有可能在全年基礎上回到兩位數的範圍嗎？

The expectation is that Protiviti's full-year operating margins would increase versus the prior year, not just stay flat. And their stated goal would be to have a double/double, where they increased their revenue growth by double digits, and they have a double-digit operating margin. And we like double/doubles.

預計 Protiviti 的全年營業利潤率將較上年增加，而不是持平。他們的既定目標是實現兩位數的成長，也就是營收成長兩位數，營業利潤率也達到兩位數。我們喜歡雙打。

Manav Patnaik, Barclays.

巴克萊銀行的 Manav Patnaik。

Thank you. First, Keith, just on Protiviti, just given the improved growth outlook there, I guess, the -- I think they are the largest user of your staffing, your temp staffing to, at least, can you just remind us of kind of the usage there and how you see that? Is that a leading indicator? How should we think about that kind of correlation?

謝謝。首先，Keith，就 Protiviti 而言，鑑於那裡增長前景的改善，我想，我認為他們是你們員工配置、臨時員工配置的最大用戶，至少，您能否提醒我們一下那裡的使用情況以及您如何看待這一點？這是一個領先指標嗎？我們該如何看待這種關聯？

Whether it's a leading indicator, I can't speak to. I would say the collaboration go-to-market Protiviti's use of contractors from talent solutions, for the fourth quarter just ended, Protiviti's overall revenues grew, call it, 4.5%. Their revenues generated by contractors sourced through talent solutions were up 18%.

我無法判斷它是否是一個領先指標。我想說的是，透過與 Protiviti 合作進入市場，該公司使用了人才解決方案中的承包商，在剛結束的第四季度，Protiviti 的整體收入成長了 4.5%。他們透過人才解決方案尋找承包商所創造的收入成長了 18%。

So that clearly indicates that their usage is rising, not following. It's still well above 40% of the hours worked on Protiviti. So the collaboration with Protiviti and talent solutions has never been better and is growing and clearly an enterprise competitive advantage, particularly relative to the Big Four, from which Protiviti continues to take share.

這清楚地表明它們的使用量正在上升，而不是跟隨。這仍遠高於 Protiviti 工作時間的 40%。因此，與甫瀚諮詢和人才解決方案的合作從未如此順利，而且仍在不斷發展，這顯然是一種企業競爭優勢，特別是相對於四大會計師事務所而言，甫瀚諮詢繼續從四大會計師事務所中搶佔市場份額。

Got it. And I think I understand the business confidence, optimism index being kind of generally positive for you guys. But in the past, you talked about how a lot of the reason why your clients didn't really engage as much is because of high inflation, high interest rates, those kinds of dynamics. It sounds like those will be sticking around for longer.

知道了。我認為我理解商業信心、樂觀指數對你們來說總體上是正面的。但在過去，您談過，您的客戶之所以沒有真正參與，很大一部分原因是高通膨、高利率等因素。聽起來這些還會持續更久。

So I was just wondering if there is a [inaudible] tug of war in that discussion? Or has that been factored into these optimism index?

所以我只是想知道這場討論中是否存在[聽不清楚]拉鋸戰？或者這已被考慮到樂觀指數了嗎？

Well, I think the expectation of pro-growth policy initiatives includes the umbrella of tax rates, regulation, tariffs, immigration. I think it's one big package. And net-net, inclusive of everything I just mentioned, the confidence has surged in a way not seen in decades.

嗯，我認為對促進成長的政策措施的預期包括稅率、監管、關稅、移民等。我認為這是一個大包裹。總的來說，包括我剛才提到的所有因素，人們的信心出現了幾十年來從未見過的大幅增長。

And so clearly, all of those factors are on the table. But when you net them all out, you get what you get, which is very positive. And I said, our people on the ground talking to their clients every day, things have changed. There's more activity clients are more willing to talk to them. It just hasn't yet converted to starts and placements. We expect that it will. But our guidance conservatively is that we stay flat per day for the first quarter.

顯然，所有這些因素都擺在桌面上。但當你把所有收益都計入時，你就會得到你想要的，這是非常正面的。我說，我們的實地工作人員每天都在與客戶交談，情況已經改變了。活動越多，客戶就越願意與他們交談。它只是尚未轉換為開始和安置。我們期望它會。但我們保守的預期是，第一季每天的銷售量將保持穩定。

Hopefully, that's conservative. But things clearly are different. Tone is clearly better.

希望這是保守的。但情況顯然不同。語氣明顯好多了。

Stephanie Moore, Jefferies.

傑富瑞的史蒂芬妮摩爾 (Stephanie Moore)。

This is Harold Antor on for Stephanie Moore. So I just want to make sure earlier I understand, I know you said you held the line on hiring now. But you also said it's a bit too early to receive new orders. So I guess, as you expect to receive those incremental orders from -- as the optimism starts to come in, would you then anticipate, I guess, incrementally hiring recruiters? Or just as you start to ramp up as you start to see orders ramp up, I guess, would you then be hiring recruiters?

這是哈羅德·安托 (Harold Antor) 為 Stephanie Moore 主持的節目。所以我只是想提前確認我明白，我知道你說過你現在堅持招募的立場。但您也說過，現在接收新訂單還為時過早。所以我想，當您期望收到這些增量訂單時 - 隨著樂觀情緒開始出現，您是否會預期逐步僱用招聘人員？或者當您開始看到訂單增加時，我想，您會僱用招聘人員嗎？

On paper, as we've said in prior quarters, our productivity today per person is 20% to 30% lower than it has been. On paper, we could, therefore, grow by that amount without adding heads. That said, the more confident we get about increasing starts and placements, we would likely get ahead of that rather than wait for the whole thing to catch up.

從理論上講，正如我們在前幾個季度所說的那樣，我們目前的人均生產力比以前低了 20% 到 30%。因此，從理論上講，我們可以在不增加員工的情況下實現這一成長。也就是說，我們對增加開辦和安置人數越有信心，我們就越有可能領先一步，而不是等待整件事情趕上來。

And so while we might not immediately begin to add to heads, as it picked up steam and we got more confident, we would. But we know based on how much we've done per person in the past, we could do more with the same workforce.

因此，儘管我們可能不會立即開始增加頭部數量，但隨著業務的不斷發展和我們信心的增強，我們會這樣做。但我們知道，根據我們過去每個人所做的工作，我們可以用同樣的勞動力做更多的事情。

Thank you. I guess I know you've spoken to clients. But I guess on the candidate side, when your recruiters are speaking with clients, are clients -- do they have the same high degree of willingness to change jobs? Are they requesting hybrid or remote work? And I guess, how does that impact pricing as you expect for all this to start coming in? Any comments around that would be helpful.

謝謝。我想我知道你已經和客戶談過了。但我想從候選人方面來說，當您的招募人員與客戶交談時，客戶是否有同樣高的換工作的意願？他們要求混合工作還是遠距工作？我想，正如您所預料的，這將如何影響定價？任何有關此事的評論都會有幫助。

We would observe that typically candidate caution reduces as macro improves. There's no question, there is pent-up turnover from candidates that are somewhat frustrated in their current positions particularly as it relates to hybrid/remote, which some employers are eliminating in favor of five days in the office.

我們觀察到，隨著宏觀經濟情勢的改善，候選人的謹慎態度通常會降低。毫無疑問，求職者對目前的職位感到有些沮喪，尤其是對於混合/遠距工作制，會產生很大的離職壓力。

And so traditionally, part of up cycle also means candidates more confident in changing positions because they're not as fearful they'll be the last one in, first one out. But there seems to be unusually high frustration and therefore, potentially pent-up turnover from a candidate point of view, given the special circumstances over the last couple, three years, particularly as it relates to remote work.

因此傳統上，上升週期的一部分也意味著候選人對更換職位更有信心，因為他們不再擔心自己會成為最後一個進入或最先離開的人。但考慮到過去幾年的特殊情況，特別是與遠距工作相關的情況，從候選人的角度來看，似乎存在異常高的挫折感，因此，可能會出現被壓抑的離職率。

Got it. And then I guess just on the pricing point, bill growth, bill rate growth. Any, I guess, how should we be thinking about that?

知道了。然後我猜只是關於定價點、帳單成長、帳單利率成長。我想，我們應該怎麼考慮這個問題呢？

It's been in the low 3s now for a few quarters. That pretty much mirrors pay rate increases. And so we don't see any big change in the near future. So low-to mid-3s feels reasonable, which is where we've been for a few quarters now.

幾個季度以來，該數字一直處於 3% 以下。這基本上反映了工資率的成長。因此我們預計近期不會有任何重大變化。因此，3 分以下到 3 分中段感覺比較合理，這也是我們過去幾季一直保持的狀態。

George Tong, Goldman Sachs.

高盛的喬治通 (George Tong)。

Hi, thanks. Good afternoon. Based on your exit rates in the quarter, it appears that perm placement revenues are narrowing in the rate of decline, but temp staffing revenues are widening in the rate of decline.

嗨，謝謝。午安.根據本季的離職率，似乎永久安置收入的下降速度正在縮小，但臨時人員配置收入的下降速度正在擴大。

Can you discuss what could be causing the separation in performance? What's specifically weighing on temp staffing more so than perm placement?

您能討論一下導致績效差異的原因是什麼嗎？與永久職員安置相比，臨時職員配備方面哪些因素的影響更大？

Well, I think technically, the December exit rate for perm and contract were both less than the full quarter. It's the post-quarter where the differential widened more significantly. And a perm is more volatile than contract day-to-day, week-to-week. We're talking about a very short period of time. I'd say two, perm was less holiday impacted as contract has been.

嗯，我認為從技術上講，12 月的永久離職率和合約離職率都低於整個季度。在後季度，差距進一步明顯擴大。而且，燙髮比合約每天、每週的波動性更大。我們談論的是一個非常短的時間段。我想說的是，就業崗位受假期影響較小，但受合約影響較大。

We talked earlier about for the first two weeks in contract, there was a lot of holiday noise. By the third week, that holiday noise has gone away and it was back to where we would have expected. And so had we shown third week-only results, we should get a very different picture than seeing all three of those weeks.

我們之前談過，合約的前兩週，假期有很多噪音。到了第三週，假期的喧囂已經消散，一切又回到了我們預期的狀態。因此，如果我們只顯示第三週的結果，我們得到的結果將與這三週的結果截然不同。

But we feel good about contract where it is, our conversations with clients. And the contract versus perm numbers you saw one month versus a quarter, three weeks versus a month, those differences tend to be amplified because it's such a short period of time.

但我們對於合約以及與客戶的對話感到很滿意。而且，您會看到，一個月與一個季度、三週與一個月之間的合約與永久合約的數字差異往往會被放大，因為時間太短了。

And I think if you do an analysis over a long period of time, you would see that post-quarter perm is even less predictive of the coming full quarter than post-quarter contract. But when post-quarter periods include multiple holidays, they're even less predictive.

我認為，如果你進行長期分析，你會發現季度後許可證對未來整個季度的預測能力甚至比季度後合約更差。但當季度後期間包括多個假期時，它們的預測性就更低了。

Got it. That's helpful. And then a bigger question, we've seen pretty solid economic growth, the labor market is doing quite well. And yet it sounds like contract revenues are flat over the past 23 consecutive weeks.

知道了。這很有幫助。然後更大的問題是，我們看到經濟成長相當穩健，勞動市場表現相當良好。但聽起來過去連續 23 週的合約收入持平。

So can you talk about what could be causing or keeping contract revenues flat rather than growing when the broader economy is growing and when the labor markets are relatively healthy?

那麼，您能否談談在整體經濟處於成長狀態、勞動市場相對健康的情況下，是什麼原因導致合約收入持平而不是成長？

Well, that same statement could be said about the last 10 quarters. And so the past 23 weeks are no different than the past 10 quarters. And there's been plenty of discussion around a lot of the labor market growth has been concentrated in three industries: government, healthcare, leisure/ hospitality that aren’t big sectors for Robert Half that aren't big sectors for the staffing industry generally. So if you take that away from the overall labor market, you get a very different picture.

那麼，過去 10 個季度的情況也是如此。因此過去 23 週與過去 10 個季度沒有什麼不同。關於勞動力市場成長主要集中在三個行業的討論已經很多：政府、醫療保健、休閒/酒店業，這些行業對於 Robert Half 來說並不是重要的行業，而且對於一般的人力資源行業來說也不是重要的行業。因此，如果你將其從整體勞動市場中剔除，你會看到截然不同的景象。

Further, the churn -- the labor churn has reduced significantly over that period of time, the middle of which had COVID. So what we saw in the last 23 weeks was an improvement in what we had been seeing over the last 10 quarters where we had been slowly drifting down.

此外，在這段時間內，勞動力的流失率已顯著減少，而這段時間內正值新冠疫情爆發。因此，我們在過去 23 週看到的是，與過去 10 個季度相比有所改善，而過去 10 個季度，我們的業務一直在緩慢下滑。

And so I would argue the last 23 weeks are better than we had been seeing. And certainly, the tone has improved yet again since then because of the election and small business expectations because of that.

因此我認為過去 23 週的情況比我們之前看到的要好。當然，自那時起，由於選舉和由此產生的小企業預期，情況已經再次改善。

Kevin McVeigh, UBS.

瑞銀的凱文麥克維 (Kevin McVeigh)。

Great. Thanks so much. I think it sounds like there's a lot of optimism. But I guess and I think they've been asked a couple of ways, but what do you think is the client hesitancy? Because it seemed like the indicators are at all-time highs, and it seems like they're still not engaging. So just any thoughts around that, just at a higher level. And what's the trigger that's going to get them to kind of pull the trigger?

偉大的。非常感謝。我認為這聽起來很樂觀。但我想他們已經被問過幾種方式了，但您認為客戶猶豫的是什麼？因為看起來這些指標已經達到了歷史最高水平，而且看起來它們仍然沒有吸引力。因此，任何關於這一點的想法都應處於更高的層次。那麼，是什麼促使他們扣下板機呢？

Well, the hesitancy is everybody is a little bit in a show-me state. Clearly, the environment, everybody is more optimistic. We're having more discussions with our clients; presumably, they're having more discussions with their clients.

嗯，猶豫是每個人都有點處於「向我展示」的狀態。顯然，就環境而言，大家都比較樂觀。我們正在與客戶進行更多討論；據推測，他們正在與客戶進行更多討論。

But everybody wants to see it rather than just talk about it. And that's not unusual for particularly small businesses, to have a show-me attitude toward their own staffing decisions. And so as we've said, looking back into the past, these elevated levels of activity of interactions with our clients typically lead to more starts and placements.

但每個人都想看到它而不是只是談論它。對於小型企業來說，對自己的人員配置決策採取「展示」的態度並不罕見。正如我們所說，回顧過去，與客戶互動的這些高水準活動通常會帶來更多的啟動和安置。

It doesn't happen overnight. Hasn't happened yet as to starts and placements. But clearly, the tone is better.

這不是一朝一夕就能發生的。關於開始和安置的事情還未發生。但顯然，語氣更好了。

And then it like the tax rate is a little bit higher in the Q1 guidance, just in terms of -- relative to Q4, anything that's driving that?

然後就像第一季指引中的稅率略高一樣，相對於第四季而言，有什麼因素推動了這項變化嗎？

Yes, our restricted stock incentive shares vest annually. And because of our lower share price, the tax deduction will get, for that vesting, will be below our book expense, and therefore, a higher tax rate. That tax rate results in about a $0.02 charge on an EPS basis relative to the tax rate a year ago.

是的，我們的限制性股票激勵股份每年歸屬。而且由於我們的股價較低，歸屬時獲得的稅收減免將低於我們的帳面費用，因此稅率較高。與一年前相比，該稅率導致每股收益增加約 0.02 美元。

Jeff Silber, BMO Capital Markets.

傑夫·西爾伯 (Jeff Silber)，BMO 資本市場。

I know there's been a lot of concern in the investment community regarding some of Trump's policies, specifically on DOGE, the Department of Government Efficiency. Can you remind us, do you have any exposure either directly or indirectly to federal government-driven revenues?

我知道投資界對川普的一些政策非常擔憂，特別是政府效率部（DOGE）的政策。您能否提醒我們，您是否直接或間接地受到聯邦政府推動的收入影響？

Well, our exposure to federal government is very low. In our public sector work, to the extent we do government work at all, it's substantially local -- state and local, not federal. And so while we don't have zero exposure, it's a very small number.

嗯，我們對聯邦政府的了解非常少。在我們的公共部門工作中，就我們所做的政府工作而言，基本上都是地方性的——州和地方性的，而不是聯邦性的。因此，雖然我們並不是零暴露，但這個數字也非常小。

And would that state and local work, for instance, include like Medicare work where the money is from the federal government, but it's state and local driven?

那麼，州和地方的工作是否包括像醫療保險這樣的工作，其資金來自聯邦政府，但由州和地方推動？

We don't have a large amount of Medicare work. Maybe during the fourth quarter, as part of open enrollment. There are Medicare, Medicaid interdependencies with open enrollment. But other than that, no.

我們的醫療保險工作並不多。也許在第四季度，作為開放招生的一部分。醫療保險和醫療補助 (Medicare) 相互依存，且開放註冊。但除此之外，沒有。

And just a quick question on the tax rate. should the 1Q tax rate be something we'd be using for the rest of the year? Or would it come down to where it was last year?

關於稅率，我只想問一個簡單的問題。我們是否應該在今年剩餘時間內使用第一季的稅率？或會降到去年的水平嗎？

No. It would definitely come down. Our vesting is pretty much a first-quarter event. And you've got pieces of the last four years’ grants that are valued according to those grant dates that all vest. Again, a first-quarter event. It should come back down.

不。它肯定會下降。我們的歸屬基本上是第一季的事件。您已經獲得了過去四年的部分授予，這些授予的價值是根據所有歸屬的授予日期來評估的。再一次，這是第一季的事件。它應該會回落。

Kartik Mehta, Northcoast Research.

Kartik Mehta，Northcoast Research。

Keith, just on the Protiviti capacity. Obviously, you want to be prepared for as the business confidence grows and the business grows. But as you stand today, how would you measure capacity in terms of the people that are on staff?

基斯 (Keith)，僅談論 Protiviti 的產能。顯然，您希望隨著商業信心的增強和業務的成長做好準備。但就目前情況而言，您如何衡量員工的能力？

Well, I think there's clearly utilization capacity for their full-time staff. But one of their competitive advantages is how quickly they can scale by using contractors sourced through talent solutions that can be scaled very quickly.

嗯，我認為他們的全職員工顯然具有利用能力。但是他們的競爭優勢之一是，他們可以透過使用可以快速擴展的人才解決方案來尋找承包商來快速擴展規模。

And so the combination of the two, I'm very optimistic about. And that's one of the beauties of having this just-in-time capacity that they can whistle onto the field via talent solutions.

因此，我對這兩者的結合非常樂觀。這就是擁有這種即時產能的優勢之一，他們可以透過人才解決方案將其應用到現場。

And then, Mike, just to understand, obviously, fewer days in FX playing a part in the first quarter. Does that get outside of FX, does that get made up in the second quarter? And if so, what's the impact outside of FX?

然後，麥克，很明顯，第一季外匯交易的天數減少了。這是否與外匯無關？如果是的話，除了外匯之外，還會有什麼影響？

So it does not get made up. And the impact to days -- so one day, billings is $22.5 million. And depending on what type of margin assumption you're going to have because you're talking incremental margins and not average margins. I mean, it works out up to several pennies a share.

所以它沒有被彌補。對天數的影響--一天的帳單金額是 2250 萬美元。這取決於您將擁有什麼類型的利潤假設，因為您談論的是增量利潤而不是平均利潤。我的意思是，每股價格高達幾美分。

That's helpful. So it's a pretty big impact for you guys.

這很有幫助。所以這對你們來說影響很大。

Yes. For the industry generally, it's essentially a full day.

是的。對於整個行業來說，這基本上是一整天的時間。

Tobey Summer, Truist Securities.

托比‧薩默 (Tobey Summer)，Truist Securities。

Thank you. Of the expected ranges contributing to improved small business optimism, what do you think is the most important for the new administration to deliver on to catalyze that optimism into hiring action and improved KPIs at Robert Half?

謝謝。在有助於提高小型企業樂觀情緒的預期範圍中，您認為新政府需要採取哪些最重要的措施來將這種樂觀情緒轉化為 Robert Half 的招募行動和 KPI 提高？

It'd be some combination of less regulation, more M&A friendliness as part of that. And then at least a continuation of current tax rates, if not lower ones.

這將會是減少監管和增加併購友善度的某種組合。然後至少會延續目前的稅率，甚至降低。

Would you rank them in that order?

您會按這個順序排列它們嗎？

Hard to say. I think they're both significant drivers of what is perceived to be a pro-business administration.

很難說。我認為他們都是推動政府支持商業發展的重大力量。

Okay. That makes sense. And then on kind of double-clicking into one of those topics with respect to capital markets and M&A, what are you seeing in Protiviti and maybe even in the staffing segment to the extent they have any exposure? And maybe a comment about the financial services vertical for Protiviti also. Thanks.

好的。這很有道理。然後，當我們雙擊與資本市場和併購相關的主題時，您認為 Protiviti 在人力資源領域以及在公司內部的曝光程度如何？也許也對 Protiviti 的金融服務垂直領域發表了評論。謝謝。

Well, I'd say Protiviti is the most directly impacted by M&A/IPO, and they've seen a little bit of an uptick, not a lot. But clearly, if M&A were to improve, like some believe they will, Protiviti will be a big beneficiary of that. Private equity exits, be it IPO or M&A, create a lot of work as to internal controls, as to integration. That's where Protiviti has enjoyed in times past that they've had very little of for the last two or three years.

嗯，我想說 Protiviti 受到 M&A/IPO 的影響最直接，他們只看到了一點上漲，但不是很多。但顯然，如果併購業務如一些人相信的那樣有所改善，那麼 Protiviti 將成為其中的最大受益者。私募股權退出，無論是IPO或併購，都會產生大量的內控、整合等工作。普羅蒂維蒂過去一直享受著這種好處，但近兩三年來，他們卻享受不到這種好處。

So it would be a very positive development if, in fact, M&A picks up and private equity exits, IPO or M&A pick up. As for the financial services vertical, doing very well across Protiviti solutions. So it's not only anti-money laundering, but it's also as well internal audit at financial institutions, where frankly, they don't have enough internal staff to do the work they have to do and even internal audit, to some degree, is regulated by the regulators. Because they demand that they actually get completed, which is not necessarily the case in the commercial space where many times, if you didn't complete part of your internal audit in a given year, you just roll it over to the next year.

因此，如果併購活動、私募股權退出、IPO 或併購活動均有所回升，這將是一個非常積極的發展。就金融服務垂直領域而言，Protiviti 解決方案表現十分優異。因此，這不僅涉及反洗錢，也涉及金融機構的內部審計，坦白說，他們沒有足夠的內部員工來完成他們必須做的工作，甚至內部審計在某種程度上也受到監管機構的監管。因為他們要求必須真正完成，但在商業領域並不一定如此，很多時候，如果你在某一年沒有完成部分內部審計，你就只能將其延續到下一年。

So I would say the financial services market generally is very strong. Protiviti, it's 40% of their revenues, by leaps and bounds it’s their largest industry focus and things look good.

所以我想說金融服務市場整體上非常強勁。Protiviti 的產業收入佔比達到 40%，這是他們目前最大的關注點，而且前景看好。

Thank you very much.

非常感謝。

Okay. So that was our last question and thank you for joining us today. So long.

好的。這是我們的最後一個問題，感謝您今天加入我們。這麼久。

Thank you. And this concludes today's teleconference. If you missed any part of the call, it will be archived in audio format in the Investor Center of Robert Half's website at roberthalf.com. You can also log into the conference call replay. Details are contained in the company's press release issued earlier today.

謝謝。今天的電話會議到此結束。如果您錯過了通話的任何部分，它將以音訊格式存檔在 Robert Half 網站 roberthalf.com 的投資者中心。您也可以登入電話會議重播。詳細資訊請參閱該公司今天早些時候發布的新聞稿。