羅致恆富 (RHI) 2025 Q1 法說會逐字稿

Hello, and welcome to the Robert Half first-quarter 2025 conference call. Today's conference call is being recorded. (Operator Instructions). Our host for today's call are Mr. Keith Waddell, President and Chief Executive Officer of Robert Half and Mr. Michael Buckley, Chief Financial Officer.

您好，歡迎參加 Robert Half 2025 年第一季電話會議。今天的電話會議正在錄音。（操作員指令）。今天電話會議的主持人是 Robert Half 總裁兼執行長 Keith Waddell 先生和財務長 Michael Buckley 先生。

Mr. Waddell, you may begin.

沃德爾先生，你可以開始了。

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 are subject to the risks and uncertainties that could cause actual results to differ materially from the forward-looking statements.

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，包括對我們未來業績的預測和估計。這些陳述代表了我們目前對未來的判斷。然而，它們受制於風險和不確定性，可能導致實際結果與前瞻性陳述有重大差異。

These risks and uncertainties are described in today's press release and our most recent 10-K and 10-Q filed with the SEC. We assume no obligation to update the statements made on today's call. During this presentation, we may mention some non-GAAP financial measures and reference these figures as adjusted. Specifically, we present adjusted revenue growth rates, which removed the impacts on reported revenues from the changes in the number of billing days and foreign currency exchange rates.

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 文件中有所描述。我們不承擔更新今天電話會議上所作聲明的義務。在本次示範中，我們可能會提及一些非公認會計準則財務指標，並參考這些調整後的數字。具體來說，我們呈現的是調整後的收入成長率，消除了結算天數和外幣匯率變動對報告收入的影響。

Additionally, we present adjusted gross margin, adjusted selling, general and administrative expenses and adjusted operating income -- by combining the gains and losses on investments held to fund the company's obligations under employee deferred compensation plans with the changes in the underlying deferred compensation obligations. Since the gains and losses from investments and the changes in deferred compensation obligations completely offset -- there is no impact on our reported net income.

此外，我們還透過將為公司在員工遞延薪酬計劃下的義務提供資金而持有的投資收益和損失與基礎遞延薪酬義務的變化相結合，列出了調整後的毛利率、調整後的銷售費用、一般和行政費用以及調整後的營業收入。由於投資收益和損失以及遞延薪酬義務的變化完全抵消——這對我們報告的淨收入沒有影響。

Reconciliations and further explanations of these measures are included in a supplemental schedule to our earnings press release. For your convenience, our prepared remarks for today's call are available in the Investor Center of our website, roberthalf.com.

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

For the first quarter of 2025 global enterprise revenues were $1.352 billion, down 8% from last year's first quarter on a reported basis and down 6% on an adjusted basis. Net income per share in the first quarter was $0.17 compared to $0.61 in the first quarter one year ago. First quarter 2025 net income was reduced by $0.13 per share for one-time charges related to cost actions to reduce ongoing administrative expenses. Business confidence levels moderated during the quarter in response to heightened economic uncertainty over U.S. trade and other policy developments. Client and job seeker caution continues to elongate decision cycles and subdue hiring activity and new project starts.

2025 年第一季全球企業營收為 13.52 億美元，以報告基礎計算較去年第一季下降 8%，按調整後基礎計算下降 6%。第一季每股淨收入為 0.17 美元，而去年同期第一季為 0.61 美元。2025 年第一季淨收入因與降低持續管理費用的成本行動相關的一次性費用而減少每股 0.13 美元。由於美國貿易和其他政策發展帶來的經濟不確定性加劇，本季企業信心水準有所下降。客戶和求職者的謹慎態度繼續延長決策週期並抑制招聘活動和新專案的啟動。

Despite the uncertain outlook, we're very well positioned to capitalize on emerging opportunities and support our clients' talent and consulting needs through the strength of our industry-leading brand, our people, our technology and our unique business model that includes both professional staffing and business consulting services.

儘管前景不明朗，但憑藉我們行業領先的品牌、員工、技術和獨特的業務模式（包括專業人員配備和業務諮詢服務），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 used in operations during the quarter was $59 million. Cash outflows are typically elevated each year in the first quarter due to the annual payment cycle for bonuses and SaaS subscription renewals, among others. In March, we distributed a $0.59 per share cash dividend to our shareholders of record for a total cash outlay of $61 million. Our per-share dividend has grown an average of 11.6% annually -- since its inception in 2004. The March 2025 dividend was 11.3% higher than the prior year. We also acquired approximately 650,000 Robert Half shares during the quarter for $39 million. We have 6.6 million shares available for repurchase under our board-approved stock repurchase plan. Return on invested capital for the company was 5% in the first quarter.

本季營運所用現金流為 5,900 萬美元。由於年度獎金和 SaaS 訂閱續訂等支付週期，每年第一季的現金流出通常都會增加。3 月份，我們向登記股東派發了每股 0.59 美元的現金股息，總現金支出為 6,100 萬美元。自 2004 年成立以來，我們的每股股息每年平均成長 11.6%。2025 年 3 月的股利比前一年高出 11.3%。我們還在本季以 3,900 萬美元收購了約 65 萬股 Robert Half 股票。根據董事會批准的股票回購計劃，我們有 660 萬股可供回購。該公司第一季的投資資本報酬率為5%。

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

現在我將把電話轉回給我們的財務長 Mike Buckley。

Thank you, Keith. Hello, everyone. As Keith noted, global revenues were $1.352 billion in the first quarter. On an adjusted basis, first quarter talent solutions revenues were down 11% year over year. U.S. talent solutions revenues were $676 million, down 10% from the prior year's first quarter. Non-U.S. talent solutions revenues were $199 million, down 15% year over year. We conduct talent solutions operations through offices in the United States in 17 other countries.

謝謝你，基斯。大家好。正如 Keith 所指出的，第一季全球收入為 13.52 億美元。經調整後，第一季人才解決方案營收年減 11%。美國人才解決方案營收為 6.76 億美元，較去年同期第一季下降 10%。非美國人才解決方案營收為 1.99 億美元，年減 15%。我們透過美國在其他 17 個國家的辦事處開展人才解決方案業務。

In the first quarter, there were 61.9 billing days compared to 62.8 billing days in the same quarter one year ago. The second quarter of 2025 has 63.2 billing days, compared to 63.5 billing days during the second quarter of 2024.

第一季的計費天數為 61.9 天，去年同期為 62.8 天。2025 年第二季的計費天數為 63.2 天，而 2024 年第二季的計費天數為 63.5 天。

Currency exchange rate movements during the first quarter had the effect of decreasing reported year-over-year total revenues by $12 million -- $10 million for talent solutions and $2 million impact to Protiviti. Contract talent solutions bill rates for the first quarter increased 4.2% compared to one year ago, adjusted for changes in the mix of revenues by functional specialization, currency and country. This rate for the fourth quarter was 3.4%.

第一季的貨幣匯率變動導致報告的總收入與去年同期相比減少了 1200 萬美元，其中人才解決方案收入減少了 1000 萬美元，而 Protiviti 的收入減少了 200 萬美元。第一季合約人才解決方案帳單費率較去年同期上漲 4.2%，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。第四季這一比例為3.4%。

Now let's take a closer look at the results for Protiviti. Global revenues in the first quarter were $477 million -- $387 million of that is from the United States and $90 million is from outside of the United States. On an adjusted basis, global first quarter Protiviti revenues were up 5% versus the year-ago period. U.S. Protiviti revenues were up 4%, while non-U.S. Protiviti revenues were up 8% compared to one year ago. Protiviti and its independently owned Member Firms serve clients through locations in the United States and 28 other countries.

現在讓我們仔細看看 Protiviti 的業績。第一季全球營收為 4.77 億美元，其中 3.87 億美元來自美國，9,000 萬美元來自美國以外。經調整後，Protiviti 第一季全球營收較去年同期成長 5%。與去年同期相比，美國 Protiviti 的營收成長了 4%，而美國以外地區的 Protiviti 的營收成長了 8%。Protiviti 及其獨立擁有的成員公司透過位於美國和其他 28 個國家的辦事處為客戶提供服務。

Turning now to gross margin. In contract talent solutions, first quarter gross margin was 38.9% of applicable revenues versus 39.5% in the first quarter one year ago. Conversion (or contract to hire) revenues were 3.2% of contract revenues in both the current quarter and the first quarter of 2024. Our permanent placement revenues were 12.8% of consolidated talent solutions revenues in the current quarter and 12.3% in the first quarter of 2024.

現在談談毛利率。在合約人才解決方案方面，第一季毛利率為適用收入的 38.9%，而去年同期第一季為 39.5%。轉換（或合約轉租賃）收入佔本季和 2024 年第一季合約收入的 3.2%。我們的永久性安置收入佔本季合併人才解決方案收入的 12.8%，佔 2024 年第一季的 12.3%。

When compared with contract talent solutions gross margin -- I'm sorry, when combined with contract talent solutions gross margin, overall gross margin for talent solutions was 46.7% compared to 47% of applicable revenues in the first quarter one year ago. For Protiviti, gross margin was 18.9% of Protiviti revenues in both the current quarter and the first quarter of 2024.

與合約人才解決方案毛利率相比——抱歉，與合約人才解決方案毛利率相結合，人才解決方案的整體毛利率為 46.7%，而去年同期適用收入為 47%。對 Protiviti 而言，本季和 2024 年第一季的毛利率均為 Protiviti 營收的 18.9%。

Adjusted gross margin for Protiviti was 18.1% for the quarter just ended compared to 20.7% last year. Protiviti gross margin for the current quarter includes $8 million of one-time charges related to cost reductions to reduce ongoing administrative expenses. These mid-April actions are expected to result in annual savings of $32.5 million, with 75% of a full quarter's benefit recognized in the second quarter due to timing, and the full benefit each quarter thereafter.

在甫結束的季度，Protiviti 的調整後毛利率為 18.1%，去年同期為 20.7%。Protiviti 本季的毛利率包括 800 萬美元的一次性費用，這些費用與降低成本有關，旨在減少持續的管理費用。這些於四月中旬採取的行動預計將帶來每年 3,250 萬美元的年度節省，其中由於時間安排的原因，一個季度的 75% 收益將在第二季度確認，此後每個季度都將實現全部收益。

Enterprise SG&A costs were 34% of global revenues in the first quarter compared to 35.4% in the same quarter one year ago. Adjusted enterprise SG&A costs were 35.2% for the quarter just ended compared to 33% one year ago. Talent solutions SG&A costs were 43.7% of talent solutions revenues in the first quarter versus 44.3% in the first quarter of 2024.

第一季企業銷售、一般及行政費用佔全球收入的 34%，去年同期為 35.4%。剛結束的季度，調整後的企業銷售、一般及行政費用為 35.2%，去年同期為 33%。人才解決方案銷售、一般及行政費用佔第一季人才解決方案收入的 43.7%，而 2024 年第一季則為 44.3%。

Adjusted talent solutions SG&A costs were 45.5% in the quarter just ended compared to 40.8% last year. Talent solutions SG&A for the current quarter includes $9 million in one-time charges related to mid-March cost actions to reduce ongoing administrative expenses, which are expected to result in annual savings of $47.5 million, with full effect in the second quarter and thereafter.

剛結束的季度，調整後的人才解決方案銷售、一般及行政費用為 45.5%，去年同期為 40.8%。本季人才解決方案銷售、一般及行政費用包括與 3 月中旬成本行動相關的 900 萬美元一次性費用，以減少持續的管理費用，預計這將帶來 4750 萬美元的年度節省，並將在第二季度及之後全面生效。

First quarter SG&A costs for Protiviti were 16.3% of Protiviti revenues compared to 15.9% of revenues for the same quarter one year ago. Operating income for the quarter was $39 million. Adjusted operating income was $19 million in the first quarter, or 1.4% of revenue.

Protiviti 第一季的銷售、一般及行政費用佔其收入的 16.3%，而去年同期比例為 15.9%。本季營業收入為 3,900 萬美元。第一季調整後的營業收入為 1,900 萬美元，佔營收的 1.4%。

First-quarter adjusted operating income for our talent solutions divisions was $10 million, or 1.2% of revenue. Adjusted operating income for Protiviti in the first quarter was $9 million, or 1.8% of revenue. Adjusted operating income includes $17 million of one-time charges related to cost actions to reduce ongoing administrative expenses -- $9 million for talent solutions and $8 million for Protiviti.

我們人才解決方案部門第一季調整後的營業收入為 1,000 萬美元，佔營收的 1.2%。Protiviti 第一季調整後的營業收入為 900 萬美元，佔營收的 1.8%。調整後的營業收入包括與降低持續管理費用的成本行動相關的 1700 萬美元一次性費用——其中 900 萬美元用於人才解決方案，800 萬美元用於 Protiviti。

Our first quarter 2025 income statement includes a $20 million loss from investments held in employee deferred compensation trusts. This is completely offset by an equal reduction of 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 2025 年第一季損益表包括員工遞延薪酬信託投資造成的 2,000 萬美元損失。這完全被員工遞延薪資成本的同等減少所抵消，這反映在銷售、一般和行政費用以及直接成本中。因此，它對我們報告的淨收入沒有影響。

Our first quarter tax rate was 22% compared to 30% one year ago. The lower 2025 rate reflects the accelerated timing of certain tax credits that would have otherwise been recorded in the upcoming fourth quarter. This has no impact on the estimated full-year tax rate for 2025 of 31% to 33%. At the end of the first quarter, accounts receivable were $787 million, and implied days sales outstanding, or DSO, was 52.4 days.

我們第一季的稅率為 22%，而去年同期為 30%。2025 年的較低稅率反映了某些稅收抵免的加速實施，否則這些抵免將在即將到來的第四季記錄。這對預計的2025年全年稅率31%至33%沒有影響。第一季末，應收帳款為 7.87 億美元，隱含未償銷售額天數（DSO）為 52.4 天。

Before we move to second quarter guidance, let's review some of the monthly revenue trends we saw in the first quarter and so far in April, all adjusted for currency and billing days. Contract talent solutions exited the first quarter with March revenues down 13% versus the prior year, compared to a 12% decrease for the full quarter.

在我們進入第二季度指引之前，讓我們回顧一下第一季和四月迄今為止看到的一些月度收入趨勢，所有趨勢均根據貨幣和結算天數進行了調整。合約人才解決方案第一季的 3 月營收較上年同期下降 13%，而整季的營收則下降了 12%。

Revenues for the first two weeks of April were down 12% compared to the same period last year. Permanent placement revenues in March were 10% versus March 2024 -- this compares to an 8% decrease for the full quarter. For the first three weeks of April, permanent placement revenues were down 2% compared to the same period in 2024. We provide this information so that you have insight into some of the trends we saw during the first quarter and into April. But as you know, these are very brief time periods. We caution against reading too much into them.

四月前兩週的收入與去年同期相比下降了 12%。3 月永久安置收入與 2024 年 3 月相比成長了 10%，而整個季度則下降了 8%。4 月的前三週，永久安置收入與 2024 年同期相比下降了 2%。我們提供這些資訊是為了讓您深入了解我們在第一季和四月看到的一些趨勢。但正如你們所知，這些都是非常短暫的時間段。我們警告不要對其過度解讀。

With that in mind, we offer the following second quarter guidance: revenues of $1.31 billion to $1.41 billion; income per share $0.36 to $0.46. Midpoint revenues of $1.36 billion are 7% lower than the same period in 2024 on an as-adjusted basis. On a sequential basis, mid-quarter estimated Q2 revenues are down 4%. For the most recent six-week period ended April 11, weekly sequential revenues have remained essentially flat.

考慮到這一點，我們給出了以下第二季度的預期：營收 13.1 億美元至 14.1 億美元；每股收益 0.36 美元至 0.46 美元。中點營收為 13.6 億美元，經調整後比 2024 年同期下降 7%。與上一季相比，預計第二季中期收入將下降 4%。截至 4 月 11 日的最近六週內，每週連續收入基本上保持持平。

The major financial assumptions underlying the midpoint of these estimates are as follows: Adjusted revenue growth year over year for talent solutions, down 10% to 14%; for Protiviti up 1% to up 4%; overall, down 5% to 9%. Adjusted gross margin percentages for contract talent 38% to 40%; Protiviti 21% to 24%; overall 37% to 39%. Adjusted SG&A as a percentage of revenue, talent solutions, 43% to 45%; Protiviti, 15% to 16%; overall 33% to 35%.

這些估計中點背後的主要財務假設如下：人才解決方案的調整後收入同比增長，下降 10% 至 14%； Protiviti 上漲 1% 至 4%；總體而言，下降了5%至9%。合約人才的調整毛利率百分比為 38% 至 40%； Protiviti 21% 至 24%；整體而言為37%至39%。調整後的銷售、一般及行政費用佔收入的百分比，人才解決方案，43%至45%； Protiviti，15%至16%；總體而言為33%至35%。

Adjusted operating income as a percentage of revenues, talent solutions, 2% to 4%; Protiviti, 6% to 8%; overall, 3% to 6%; and tax rate, 31% to 35%; shares outstanding, 100 million to 101 million. 2025 capital expenditures and capitalized cloud computing costs, $75 million to $95 million, with $15 million to $25 million in the second quarter. All estimates we provide on this call are subject to the risks mentioned in today's press release and in our SEC filings.

調整後的營業收入佔收入的百分比，人才解決方案，2%至4%； Protiviti，6%至8%；總體而言，3%至6%；稅率為31%至35%；流通股數從1億股增至1.01億股。 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，其中第二季為1,500萬美元至2,500萬美元。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提交給美國證券交易委員會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. U.S. trade policy uncertainty has caused many economists to lower their economic growth forecast for the remainder of the year. Business confidence levels, which had surged following the U.S. elections, have recently moderated. Given this, in March, we reduced our administrative cost structure and lowered staffing levels at corporate services and for administrative field positions in talent solutions, and did so in April for Protiviti.

謝謝你，麥克。美國貿易政策的不確定性導致許多經濟學家下調了今年剩餘時間的經濟成長預測。美國大選後，商業信心水準一度飆升，但最近有所放緩。有鑑於此，我們在 3 月份縮減了行政成本結構，並減少了企業服務和人才解決方案行政現場職位的人員配備水平，並在 4 月份對 Protiviti 採取了同樣的措施。

Revenue-producing roles were not impacted. This results in annual cost savings of $80 million and will improve profitability levels. Despite the present uncertain outlook, we remain optimistic about our growth prospects once economic conditions improve. U.S. job openings continue to reflect strong pent-up demand and remain well above historical averages.

創收角色並未受到影響。這使得每年可節省 8,000 萬美元的成本，並提高獲利水準。儘管目前前景不明朗，但一旦經濟狀況改善，我們仍然對成長前景持樂觀態度。美國職缺持續反映出強勁的被壓抑需求，仍遠高於歷史平均。

The supply of labor remains tight. The unemployment rate in the United States for those with a college degree is only 2.6%, with rates for many in demand accounting, finance and other professionals even lower. Though the latest NFIB, Small Business Optimism Index is off its recent peaks, it is still only slightly below its long-term average. Further, 40% of small business owners report job openings they could not fill in March. And of those trying to hire, 87% reported few or no qualified applicants for the positions they were trying to fill. As business confidence improves, hiring urgency returns, project demand accelerates deferred backlogs and growth initiatives are reprioritized, and labor churn normalizes. This puts pressure on client resources that are often already stretched thin and creates hiring and consulting demand that traditionally sets the stage for very strong gains in the early part of growth cycles.

勞動力供應依然緊張。美國擁有大學學歷者的失業率僅為2.6%，而許多搶手的會計、金融和其他專業人士的失業率甚至更低。儘管最新的 NFIB 小型企業樂觀指數已脫離近期高點，但仍略低於長期平均。此外，40%的小企業主表示，3月有職缺無法填補。而對於那些試圖招募的人來說，87%的人表示，他們試圖填補的職位沒有或只有很少的合格申請人。隨著商業信心的增強，招募緊迫性回歸，專案需求加速，延期積壓和成長計畫重新排序，勞動力流失正常化。這給本來就捉襟見肘的客戶資源帶來了壓力，並產生了招募和諮詢需求，而這通常為成長週期初期的強勁成長奠定了基礎。

Although Protiviti's results were also impacted by elevated economic uncertainty, it achieved year-over-year revenue growth for the third quarter in a row. Protiviti's prospects and pipeline remain very strong -- though the current environment has lengthened the time it takes to convert opportunities to wins and begin projects. The expanded use of contract professionals sourced through talent solutions continues to be a significant contributor to Protiviti's success and is a key component of our enterprise-wide competitive advantage.

儘管普羅蒂維蒂的業績也受到經濟不確定性加劇的影響，但連續第三個季度實現了同比增長。儘管當前環境延長了將機會轉化為勝利並開始專案所需的時間，但 Protiviti 的前景和管道仍然非常強勁。透過人才解決方案擴大使用合約專業人員繼續成為 Protiviti 成功的重要貢獻者，也是我們整個企業競爭優勢的關鍵組成部分。

We hold steadfast to 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. We'd like to thank our employees across the globe for their resilience and unwavering commitment to success. Their efforts have earned us significant recognition already in 2025, including being honored as one of America's Most Innovative Companies by Fortune and one of America's Best Large Employers by Forbes. We're particularly proud that high levels of employee engagement, again earned both Robert Half and Protiviti recognition has two of Fortune's 100 Best Companies to Work For®.

我們堅定不移地遵循經過時間考驗的企業宗旨，將人們與有意義和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。我們要感謝全球員工的堅韌和對成功的堅定承諾。他們的努力已經為我們在 2025 年贏得了重大認可，包括被《財富》雜誌評為美國最具創新力的公司之一和被《富比士》評為美國最佳大型雇主之一。我們特別感到自豪的是，高水準的員工敬業度再次贏得了 Robert Half 和 Protiviti 的認可，並讓兩家公司躋身《財富》雜誌 100 家最適合工作的公司之列。

Now Mike and I'd be happy your 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並進行一次跟進。如果有時間，我們會再來詢問您其他問題。

(Operator Instructions)

（操作員指示）

Mark Marcon, Baird.

馬克馬孔，貝爾德。

Keith, when we take a look at Protiviti, clearly, the revenue was still up year over year. The margins ended up contracting. Obviously, you've got a bench model and deleveraging. So the questions are around Protiviti. When you think about the book of business within Protiviti, how much would you characterize as basically being recurring or less discretionary relative to purely more discretionary, nice to have. Because you're still looking at potential growth for the first quarter, and I'm wondering how you think that kind of unfolds as the year goes along and where the margins could end up being if things stay steady state or conversely, if things get a little bit worse, and then I've got a follow-up.

基思，當我們看一下 Protiviti 時，顯然，其收入仍然同比增長。利潤率最終縮水了。顯然，你有一個基準模型和去槓桿。所以問題都圍繞著 Protiviti。當您考慮 Protiviti 內部的業務時，您會將多少內容描述為基本上是經常性的或不太隨意的，相對於純粹更隨意、更好的選擇。因為您仍在關注第一季的潛在成長，我想知道您認為隨著時間的推移，這種成長將如何展開，如果情況保持穩定，或者相反，情況變得更糟，利潤率最終會達到什麼水平，然後我會進行跟進。

Well, I guess we've never really officially formally broken out discretionary versus nondiscretionary. If you look at our Big Four solutions, risk and compliance, primarily regulatory remediation and compliance, that's not discretionary. If you look at technology consulting, clearly, there's a must do and -- it improves things to do dichotomy there. So that is split. Internal audit in our largest industry financial services is not discretionary. It has to happen. In the non-FSI industries segments there is some discretion there, and then business process improvement is probably the most discretionary of all.

好吧，我想我們從來沒有真正正式地區分過自由裁量權和非自由裁量權。如果你看看我們的四大解決方案、風險和合規性、主要是監管補救和合規性，你會發現這並不是自由裁量的。如果你看一下技術諮詢，顯然，這是必須要做的——它可以改善那裡要做的事情的二分法。所以這是分裂的。我們最大的產業金融服務中的內部稽核並不是自由裁量的。這必鬚髮生。在非金融服務業領域，存在著一定的自由裁量權，而業務流程改善可能是所有自由裁量權中最自由裁量的。

If those four are about equal -- I mean, technology is a little larger and risk and consulting is a little smaller. I added up the split I just talked about. But there's a decent mix of the two. As we said, this is the third quarter in a row that they've had revenue growth, notwithstanding the uncertain macro. We expect sequential growth in all of those major solutions into the second quarter.

如果這四個方面大致相等——我的意思是，技術稍大一些，而風險和諮詢稍小一些。我把剛才談到的分割加起來了。但兩者之間有著很好的結合。正如我們所說，儘管宏觀經濟存在不確定性，但這已經是他們連續第三個季度實現收入成長。我們預計所有這些主要解決方案在第二季度都會持續成長。

We're more conservative with that sequential growth than we've been in years past, but we still feel good, given the pipeline and adjusted for the slower conversion of pipeline time. We feel reasonably good about where Protiviti is from a profitability standpoint as you observed that the revenue shortfall relative to expectation was centered primarily on Protiviti employees versus contract employees -- so it had a disproportionate impact on profitability.

與過去幾年相比，我們對連續成長的態度更加保守，但考慮到管道情況並根據管道時間的較慢轉換進行調整，我們仍然感覺良好。從盈利能力的角度來看，我們對 Protiviti 的現狀感到相當滿意，正如您所觀察到的，相對於預期的收入缺口主要集中在 Protiviti 員工而非合約工身上——因此它對盈利能力產生了不成比例的影響。

The good news is in the coming quarter, just the opposite happens and that we actually convert more than the revenue improvement to the bottom line because not only are we better utilizing the full-time staff we have, we're also swapping out some full-time staff contract staff and actually save direct cost dollars in that way. So it's actually one of our better sequential improvements given that dynamic.

好消息是，在接下來的一個季度，情況正好相反，我們實際上將更多的收入成長轉化為利潤，因為我們不僅更好地利用了現有的全職員工，而且還替換了一些全職員工合約工，實際上以這種方式節省了直接成本。因此，考慮到這種動態，這實際上是我們更好的連續改進之一。

That's great. And then I'm hesitant to ask this question, but I've been getting it a lot from a lot of different investors -- and so I know it's top of mind with a number of them. I think I know the answer already. But when we take a look at capital allocation, where does the dividend sit on your capital allocation priorities? And could you envision a scenario based on what you're currently seeing where the dividend would ever be cut?

那太棒了。然後我猶豫著要不要問這個問題，但是我已經從很多不同的投資者那裡聽到過很多次這個問題了——所以我知道這是他們中的很多人最關心的問題。我想我已經知道答案了。但是，當我們考慮資本配置時，股利在您的資本配置優先事項中處於什麼位置？根據您目前看到的情況，您能否設想一下股息將被削減的情況？

And so we've had a long, long, long-term commitment to return our excess cash flow to shareholders. Over the long term, that's been about 50% dividends, 50% repurchases. As earnings have contracted, dividends play a much larger role in that capital return. We're committed, just as we have since we started in 2004, to raise that dividend. We just raised it last quarter, and it would certainly be our intention not only to keep it but to keep increasing it. And that the cash flow of the first quarter, as we already commented, there are seasonable impacts to cash flow, i.e., annual bonus payments, annual SaaS payments that make first-quarter cash flow look low, but we certainly expect that to rebound nicely for that reason. So no change in capital allocation strategy, still return our excess cash flow to shareholders, retain the dividend. And it just happens to be given where overall cash flow is, dividend is going to be a larger portion of the total, but that's something we believe will work its way out as we move forward in time just as we have in the past. But no change in capital allocation strategy.

因此，我們長期以來致力於將多餘的現金流返還給股東。從長期來看，大約 50% 用於股息，50% 用於回購。隨著收益的縮減，股利在資本回報中發揮更大的作用。我們致力於提高股息，正如我們自 2004 年成立以來所做的那樣。我們上個季度剛剛提高了這個數字，我們的目的當然不僅是保持這個數字，而且還要繼續提高。正如我們已經評論過的，第一季的現金流受到季節性影響，例如年度獎金支付、年度 SaaS 支付，這些因素使第一季度的現金流看起來很低，但我們當然預計它會因此而強勁反彈。因此，資本配置策略沒有改變，仍將我們的超額現金流回饋給股東，保留股利。考慮到整體現金流，股息將佔總數的較大比例，但我們相信，隨著時間的推移，這個問題將像過去一樣解決。但資本配置策略沒有改變。

That's what I expected.

這正是我所期望的。

Andrew Steinerman, JPMorgan.

摩根大通的安德魯‧施泰納曼。

I'd like to hear a little bit more about the efficiencies Robert Half is bringing to the administrative cost structures in both talent solutions and Protiviti. You were very clear to say these cost savings won't affect revenue-producing roles. Could you just be a little more specific about how you're replacing these roles? Is this a tech-enabled solution, are the revenue roles going to be as enabled to hungrily go after orders with these efficiencies?

我想進一步了解 Robert Half 為人才解決方案和 Protiviti 的管理成本結構所帶來的效率。您非常明確地表示，這些成本節省不會影響創收角色。您能否更具體地說明您如何替換這些角色？這是一個技術支援的解決方案嗎？收入角色是否能夠以這些效率熱切地追逐訂單？

Well, for two or three years, we've had some pretty significant negative leverage on our administrative compensation and overhead cost. And our view was, given lower volumes, given technology improvements and tools that we've implemented over the last few years, that we could operate more efficiently.

嗯，兩三年來，我們的行政薪資和管理費用一直受到相當大的負面影響。我們的觀點是，考慮到較低的產量，考慮到過去幾年我們實施的技術改進和工具，我們可以更有效率地運作。

The majority of the reductions were corporate services. And those reductions that happened in the field were more field management positions, not field sales support positions. So I would argue there's very, very little impact on how well our revenue-producing roles are supported based on what we did principally at corporate services.

削減的主要是企業服務。而現場裁減的更多是現場管理職位，而不是現場銷售支援職位。因此，我認為，根據我們在企業服務方面的主要工作內容，這對我們的創收角色的支持效果影響很小。

Manav Patnaik, Barclays.

巴克萊銀行的馬納夫·帕特奈克（Manav Patnaik）。

Producing well, but historically, you've also said that you'd rather be a little bit late to cut cost. So just curious on what you've heard directly from your clients and you talked about how all the economists are predicting different things, but any change in behavior on your clients that prompted you to take this action right now?

生產得很好，但從歷史上看，您也說過，您寧願晚一點來削減成本。所以我只是好奇你直接從客戶那裡聽到了什麼，你談到了所有的經濟學家是如何預測不同的事情的，但是你的客戶的行為有什麼變化促使你現在採取這一行動？

Well, the change in behavior was a continuation of the cautiousness that we were beginning to see improvements in that we talked about on the last call. We came out of the election. There was a surge in business confidence, our discussions and the tender of our discussions with our clients was improving. And so we were quite optimistic in our forecast for the first quarter assumed flatness with what we had seen in the fourth, and that changed -- those discussions changed as a result of the uncertainty and the trade policy uncertainty that I talked about already, but the fact that -- it has been a couple of years since we had adjusted corporate overhead cost. We were continuing to see negative leverage. Given the renewed economic uncertainty, it appeared that this was going to be with us longer than we had hoped. And so some combination of all those factors said, it was time for us to take cost actions, again, not impacting revenue producers.

嗯，行為的改變是謹慎態度的延續，我們在上次電話會議上談到了開始看到改進的情況。我們參加了選舉。商業信心大增，我們與客戶的討論以及談判的投標都在改善。因此，我們對第一季的預測非常樂觀，假設與第四季度持平，但情況發生了變化——這些討論由於不確定性和我已經談到的貿易政策不確定性而發生了變化，但事實是——我們已經有幾年沒有調整過企業管理費用了。我們繼續看到負槓桿。鑑於經濟不確定性再度抬頭，這種情況似乎將持續比我們預期的更長的時間。因此，綜合考慮所有這些因素，我們現在應該採取成本行動，但不能影響收入來源。

Okay. All right. And then just a quick follow-up. I know you did some M&A recently. Just curious if you could help us with the contribution either in the quarter or for the rest of the year.

好的。好的。然後只是快速的跟進。我知道您最近做了一些併購。我只是好奇您是否可以在本季度或今年剩餘時間內幫助我們做出貢獻。

And so Protiviti acquired a small consulting firm in France that specializes in financial services, they have about 50 consultants. So it's a very small transaction, but one we're excited about. It adds capabilities that we didn't otherwise have. They're in Paris.

因此，Protiviti 收購了法國一家專門從事金融服務的小型顧問公司，該公司擁有約 50 名顧問。因此，這是一筆很小的交易，但我們對此感到非常興奮。它增加了我們原本不具備的功能。他們在巴黎。

Stephanie Moore, Jefferies.

史蒂芬妮摩爾，傑富瑞集團。

Maybe sticking with the topic of Protiviti here. Can you talk a little bit about maybe the pipeline of projects or underlying demand environment that you're seeing within Protiviti. If you've seen any of your clients that may have paused projects or delayed the start of projects just given this underlying uncertain environment?

也許這裡繼續討論 Protiviti 的話題。您能否稍微談談您在 Protiviti 內部看到的專案流程或潛在需求環境？您是否發現您的任何客戶可能因為這種不確定的環境而暫停了專案或推遲了專案的開始？

Well, as to the pipeline, the pipeline is up year-on-year. The weighted pipeline, weighted for probability of success, is up year-on-year. That said, we did see during the first quarter some delays, some pauses related to particularly financial services client engagements, but all of that's been factored in, in the guidance we're giving for the second quarter. But yes, Protiviti has certainly been impacted somewhat by the macroeconomic uncertainty that's been exacerbated in the last few months. But that said, they still manage to grow year-on-year.

嗯，就管道而言，管道數量同比增長。根據成功機率加權的加權管道數量同比增長。話雖如此，我們在第一季確實看到了一些延遲，一些與金融服務客戶互動相關的暫停，但所有這些都已計入我們在第二季度給出的指導中。但是，過去幾個月加劇的宏觀經濟不確定性確實對普羅蒂維蒂產生了一定影響。但儘管如此，他們仍然能夠實現逐年成長。

Absolutely. That's helpful. And then one clarification on the 2Q outlook. I guess -- I'm trying to understand what the underlying perm demand environment is like. I think you kind of called out what it was in March. And I think it looks like on a year-over-year basis, it looks like it might have improved to April versus March. Maybe I'm misreading this, but is there something from a year over year comp standpoint, we should think about? Or did perm kind of end up turning the corner a little bit better for the first couple of weeks of April?

絕對地。這很有幫助。然後對第二季的前景進行澄清。我想——我正在嘗試了解底層的永久需求環境是什麼樣的。我認為您在三月就已經說出了情況。我認為，與去年同期相比，四月的情況可能比三月有所改善。也許我誤解了這一點，但從同比的角度來看，我們是否應該考慮一些事情？或者說，四月的頭幾週，燙髮的情況會好轉嗎？

Well, it's just factual that for two or three weeks, I guess, in April for perm, that it's stronger than it had been, and it's stronger than contract. But it's three weeks, and we've talked many times, post-quarter perm results are much less predictive of full quarter results than is the case in contract. But that said, we did begin the quarter in perm more strongly than we did in contract, and that's a good thing.

嗯，事實上，我猜，在四月份的兩三週內，永久居留權比以前更強，而且比合約更強。但已經過去三週了，而且我們已經談過很多次了，季度後的永久結果對整個季度結果的預測性遠低於合約結果。但話雖如此，我們在本季開始時的永久合約表現確實比合約表現更為強勁，這是一件好事。

Kartik Mehta, Northcoast Research.

Kartik Mehta，Northcoast Research。

This might be an odd question, I realize that, but you talked about the uncertainty in the economy, and I know -- you talked about when things turn, they could turn quickly. And it seems like we get a new headline every day. And so I'm wondering, if things do turn quickly, how quickly could you ramp back up? And how quickly would that impact margins? Or how do you see the business trending if something like that happens?

我知道這可能是一個奇怪的問題，但您談到了經濟的不確定性，而且我知道——您談到了當事情發生變化時，它們可能會迅速改變。似乎我們每天都會看到一個新的頭條新聞。所以我想知道，如果情況確實迅速轉變，你能多快恢復？這會對利潤產生多快的影響？或者如果發生這樣的事情，您如何看待業務趨勢？

Well, we think we could turn back up quickly. As I've said earlier, we have not impacted our revenue producers with these cost actions. We've carried more revenue producers than the revenues would otherwise dictate. We've talked about 20% to 30% upside based on prior productivity levels. I would also say we're seeing nice early traction from a technology standpoint, where we use AI to direct our recruiters to the clients we believe have the best probability of converting. And so there, we're seeing it takes fewer calls to get a client visit -- and once you get a client visit, we get better conversion rates to job orders than we did pre this technology.

好吧，我們認為我們可以很快回來。正如我之前所說，這些成本行動並沒有影響我們的收入來源。我們帶來的收入來源比原本應產生的收入還要多。我們討論過基於先前生產力水準的 20% 至 30% 的上漲空間。我還想說，從技術角度來看，我們看到了良好的早期發展勢頭，我們使用人工智慧將招募人員引導到我們認為最有可能轉換的客戶。因此，我們發現，只需撥打更少的電話就能獲得客戶訪問——而且一旦獲得客戶訪問，我們就能獲得比這項技術之前更好的工作訂單轉換率。

So I would argue, if anything, that even helps participate in the upside, call this digital labor, if you will, that gives us capacity above and beyond the human labor that we've retained beyond what the revenues would say in the first place. And so I am very bullish on our ability to participate in the upside we've talked about. Unemployment is lower. That means it'd be tougher for clients to hire on their own and the upside, that's good for us. There's more pent-up demand. Job openings are still elevated. That's good for us.

因此，我認為，如果有的話，這甚至有助於參與上行，如果你願意的話，可以稱之為數位勞動力，它為我們提供了超越人類勞動力的能力，而我們保留的勞動力的數量超過了最初的收入。因此，我非常看好我們參與我們所談論的上行潛力的能力。失業率較低。這意味著客戶自行招募會變得更加困難，但從好的方面來說，這對我們來說是件好事。還有更多被壓抑的需求。職位空缺仍然很高。這對我們有好處。

Churn. Churn is very subdued as we speak. Just to illustrate that, I think people often forget that the jobs numbers that come out every month are net numbers. There are hires minus separations, which are essentially quits. And so as an example, in June of 2023, there were 257,000 jobs added, but that was 6.5 million hires and 6.3 million separations. Well roll the clock forward to last month. Here, we had 228,000 net job openings, not that different from June of 2023, but here, we've got 5.5 million hires and 5.3 million separations, meaning 1 million fewer hires, 1 million fewer separations than the same net jobs number. The point is that's a significant difference in churn. And so as clients and candidates get more confident as things turn, there are more hires, there are more quits, there's more churn, that's good for our business on the upside.

流失。正如我們所說，客戶流失非常少。為了說明這一點，我認為人們常常忘記每月公佈的就業數據是淨數據。有僱用人數減去離職人數，後者本質上是辭職。舉個例子，2023 年 6 月，新增就業 257,000 個，但這意味著有 650 萬人被雇用，630 萬人被解僱。讓我們把時鐘撥回上個月。這裡，我們有 228,000 個淨職位空缺，與 2023 年 6 月沒有太大差別，但這裡有 550 萬個招聘崗位和 530 萬個離職，這意味著與相同的淨工作崗位數量相比，招聘崗位減少了 100 萬，離職減少了 100 萬。關鍵在於客戶流失率有顯著差異。隨著客戶和候選人的信心逐漸增強，招募數量會增多，離職人數會增多，員工流動率也會增高，這對我們的業務有利。

And then, Keith, I know you've talked about this in the past, but just wanted to get your perspective, again, technology impacting the business, whether it's LinkedIn or apps people are using to find help. Has that impacted your business, especially your small business customers?

然後，基思，我知道你以前談過這個問題，但我只是想再次了解你的觀點，技術對業務的影響，無論是 LinkedIn 還是人們用來尋求幫助的應用程式。這對您的業務，尤其是您的小型企業客戶有影響嗎？

I would say the job boards and the aggregators have been around a long time. LinkedIn has been around a long time. The freelance platforms have been around a long time. We consider all of them frenemies because on the one hand, we compete at some level. On the other hand, we also use their technologies and our own sourcing efforts.

我想說的是，求職板和聚合器已經存在很久了。LinkedIn 已經存在很久了。自由職業平台已經存在很長時間了。我們認為他們都是亦敵亦友，因為一方面，我們在某種程度上存在競爭。另一方面，我們也利用他們的技術和我們自己的採購努力。

And I would argue that none of them have recently moved the needle and changed the calculus in a significant way as to whether a small business owner decides to use a recruiting firm like Robert Half or not. So those options have been there for long periods of time. And I don't think, relatively speaking, they're any more attractive than they were. They've gotten better, we've gotten better.

我認為，他們中沒有一個人最近能夠做出重大改變，決定小企業主是否要使用 Robert Half 這樣的招募公司。所以這些選擇已經存在了很長一段時間。而且我認為，相對而言，它們並不比以前更有吸引力。他們變得更好了，我們也變得更好了。

George Tong, Goldman Sachs.

高盛的喬治通 (George Tong)。

You mentioned client and job seeker caution is elongating decision cycles and subduing hiring activity and new project starts. Can you talk about how this was reflected in weekly sequential revenue trends over the course of the quarter?

您提到客戶和求職者的謹慎正在延長決策週期並抑制招聘活動和新專案的啟動。您能否談談這如何反映在本季的每週連續收入趨勢中？

Well, if you remember last quarter, we said the first couple of weeks were holiday impacted. The third, we kind of return to what we had seen the prior quarter, which had been flat, I believe, for 23 straight weeks. So we were getting back to what we expected, but then starting at least early February, the weekly started to drift down.

好吧，如果您還記得上個季度，我們說過前幾週受到假期的影響。第三，我們有點回到了上一季的狀況，我相信，上一季已經連續 23 週持平。因此，我們恢復到了預期的狀態，但至少從 2 月初開始，週產量就開始下降。

But then by March, they flattened out at that somewhat lower level. So on a weekly sequential basis, as we said in our prepared remarks, the month of March and the first two weeks of April are essentially flat. Relative to the entire first quarter, that's about down 1.5%. The guidance we gave was more conservative and assumes down 4%. And so again, on a weekly basis, flat for the most recent six weeks, so it stabilized at a 1.5% lower level than we saw on average for the prior quarter.

但到了三月份，它們就穩定在了較低的水平。因此，以週比計算，正如我們在準備好的發言中所說，三月和四月的前兩週基本上持平。相對於整個第一季度，這一數字下降了約 1.5%。我們給的指導更為保守，假設下降 4%。因此，按週計算，最近六週保持平穩，穩定在比上一季平均低 1.5% 的水平。

Got it. That's helpful. And then can you talk a little bit about how much of an impact do you think job displacements by AI is having on the business? Specifically, how much of the revenue decline you're seeing now, you would attribute to cyclical factors versus AI?

知道了。這很有幫助。然後能否稍微談談您認為人工智慧取代工作對企業的影響有多大？具體來說，您認為現在的收入下降有多少是週期性因素而不是人工智慧造成的？

Well, as it relates to AI-driven tools today that impact accounting and finance, which is our major sector, I would say there's very, very little impact. And the revenue impacts we've seen are because of client cautiousness that leads to less hiring that I just talked about, which in turn leads to candidate caution, which leads to fewer candidate quits that I just talked about. So less churn due to client and candidate caution and therefore, cyclical factors, I think, are by and large, the essential reason why not just ours, but the entire industry revenues have been impacted.

嗯，就其與當今影響會計和金融（我們的主要部門）的人工智慧驅動工具的關係而言，我想說影響非常小。我們看到的收入影響是由於客戶的謹慎導致招聘減少（我剛才談到），這反過來又導致候選人的謹慎，從而導致我剛才談到的候選人離職減少。因此，我認為，由於客戶和候選人的謹慎以及週期性因素導致的流失率較低，這主要是導致我們甚至整個行業收入受到影響的根本原因。

I'd say further on this issue of displacement, and I'm sure you've heard this as well, there's this concept of Jevons Paradox that says when resources become more efficient because of AI or otherwise, the cost of using it decreases and at lower cost, in fact, leads to increased consumption and usage. And so I think in the terms of AI, offsetting the apparent impact there will be displacement will be the potential impact, there will be more usage because the unit costs are less. I look at our own internal IT projects. And if the thought of it costs me less to modify, develop software for Robert Half, my guess is I might use more rather than less because it's less costly to do. So I think there's some credibility to Jevons Paradox. You form your own opinion. I'm sure you already have.

我想進一步談談這個置換問題，我相信你也聽說過，傑文斯悖論中有一個概念，即當資源由於人工智慧或其他原因而變得更有效率時，使用成本就會降低，而成本的降低實際上會導致消費和使用量的增加。因此，我認為就人工智慧而言，抵消明顯的影響將會有取代，而潛在的影響將是，由於單位成本較低，使用量將會更大。我專注於我們自己的內部 IT 專案。如果想到修改和開發 Robert Half 軟體的成本更低，我猜我可能會使用更多而不是更少，因為這樣做的成本更低。所以我認為傑文斯悖論有一定的可信度。你有自己的觀點。我確信你已經知道了。

Kevin McVeigh, UBS.

瑞銀的凱文·麥克維。

Keith, I just wanted to clarify one thing on the restructuring. I just want to make sure I heard you right. I thought you said there was [$0.17] in the Q1, and you took another charge in -- was it equal for Protiviti? Or was all of that in the first quarter? Or was there a Q2 charge for Protiviti in the Q2 guidance?

基思，我只是想澄清重組的一件事。我只是想確認一下我聽清楚了你的意思。我以為您說過第一季有 [$0.17]，並且您又收取了另一筆費用 - 這對 Protiviti 來說是否相同？或者所有這些都發生在第一季？或者在第二季指引中，Protiviti 是否有一項費用？

It's all in the first quarter. It's all in the first quarter. It just happened a few weeks apart.

一切都在第一季。一切都在第一季。事情發生的時間只相隔幾週。

Got it. Okay. So it was all in one. And as you think about that --

知道了。好的。所以一切都融為一體了。當你想到這一點時--

We accrued all that Protiviti did in April for the first quarter.

我們將 Protiviti 在四月所做的一切都計入了第一季。

Got it. Got it. And that $0.17, much of it in the core versus Protiviti, is there any way to think about that?

知道了。知道了。那 0.17 美元，其中大部分是核心資產而非 Protiviti，有什麼辦法可以考慮嗎？

Well, you were breaking up. So it was $9 million staffing, $8 million Protiviti in cost. And then the resulting savings are $80 million, and it was 42.5% and 37.5% between the two. And then that $80 million is about $0.54 a share savings.

嗯，你們分手了。因此，員工成本為 900 萬美元，Protiviti 成本為 800 萬美元。那麼最終節省的金額是 8,000 萬美元，兩者之比為 42.5% 和 37.5%。那麼這 8000 萬美元相當於每股節省 0.54 美元。

And is that -- I know that's annual, do you start to see that in the second half of this year? Or any sense of how that $80 million comes in?

我知道這是年度數據，您會在今年下半年開始看到這種情況嗎？或者您知道這 8,000 萬美元是怎麼來的嗎？

We see -- and so divide it by 4, that's $20 million a quarter. We'll see $18 million of that in the second quarter, and then we'll see $20 million of that in quarters three and four. So it will happen right away but for the piece in Protiviti that happened pre-April, mid-April. So $18 million savings in Q2 and $20 million savings in Q3 and Q4 from the cost actions.

我們看到——除以 4，那就是每季 2000 萬美元。我們將在第二季看到其中的 1800 萬美元，然後在第三季和第四季看到其中的 2000 萬美元。所以它會立即發生，但 Protiviti 中發生的事情是在 4 月之前、4 月中旬發生的。因此，透過採取成本行動，第二季節省了 1800 萬美元，第三季和第四季節省了 2000 萬美元。

So the $0.36 to $0.46 already includes which is about -- how much cost savings in that?

那麼 0.36 美元到 0.46 美元已經包含了大約多少成本節省？

It includes the $18 million, the $36 million to $46 or the $41 million at midpoint, includes $18 million in savings.

其中包括 1800 萬美元、3600 萬美元至 4600 萬美元或中間的 4100 萬美元，其中包括 1800 萬美元的節省。

Okay. So without that $18 million, it would have been obviously that much lower, the EPS.

好的。因此，如果沒有這 1800 萬美元，每股收益顯然會低很多。

That's right. But I mean, the other observation I would make, inclusive of the savings, our sequential progression between quarters one and two is one of the better progressions we've had historically.

這是正確的。但我的意思是，我要說的另一個觀察結果是，包括節省在內，我們在第一季和第二季之間的連續進展是我們歷史上取得的更好的進展之一。

Yeah. No, I get it.

是的。不，我明白了。

And if you further -- if you pro forma in a full quarter's benefit for Protiviti, Protiviti's margins return essentially to what they were a year ago.

如果你進一步計算 Protiviti 整個季度的收益，你會發現 Protiviti 的利潤率基本上恢復到了一年前的水平。

Great. So the $18 million, if you were to -- was that taxed at the regular rate? I'm just trying to like pick out what's the benefit of --

偉大的。那麼，這 1800 萬美元是否按正常稅率徵稅？我只是想找出--

Well, the tax provision is a little wonky. But if you take the $18 million and you tax effect it, I get 12 pennies, and I'm looking at the team here, you take 67% of it at a 33% tax rate, which gives you 12, and it's essentially 100 million shares. So I call it 12 pennies.

嗯，稅收規定有點不穩定。但如果你拿出 1800 萬美元並對其徵稅，我會得到 12 美分，而我在這裡看的是團隊，你以 33% 的稅率拿走其中的 67%，這給你 12，基本上是 1 億股。所以我稱它為 12 便士。

A $0.12 benefit in Q2 from the restructuring. It's very helpful.

重組為第二季帶來了 0.12 美元的收益。這非常有幫助。

Jeff Silber, BMO Capital Markets.

傑夫·西爾伯（Jeff Silber），BMO 資本市場。

This is Ryan on for Jeff. I was just wondering if you have any comments on the competitive environment. I was wondering how you're faring compared to Big Four on Protiviti and then just related to the other temp agencies and contract solutions.

這是瑞恩 (Ryan) 代替傑夫 (Jeff)。我只是想知道您對競爭環境有何評論。我想知道與 Protiviti 的“四大”相比，你們的表現如何，以及與其他臨時機構和合約解決方案相比如何。

Well, I guess we would observe on the Big Four side, the competitive environment has stabilized. We're not seeing the crazy pricing that we had seen 9, 12, 15 months ago. On the talent solutions side, most of our competitors are local and regional. And we haven't seen much change in that throughout this period of client/candidate cautiousness is, which we're now going on for almost three years. So I would argue not much change in the competitive environment. and if anything, more rational, particularly as it relates to the Big Four than it had been.

嗯，我想我們會觀察到四大方面的競爭環境已經穩定下來。我們並沒有看到 9 個月、12 個月、15 個月前那樣瘋狂的價格。在人才解決方案方面，我們的大多數競爭對手都是本地和區域性的。在客戶/候選人保持謹慎的這段時間內，我們並沒有看到太大的變化，這種情況已經持續了近三年。因此我認為競爭環境不會有太大變化。而且如果有什麼不同的話，那就是它比以前更加理性了，特別是與四大會計師事務所的關係方面。

Trevor Romeo, William Blair.

特雷弗羅密歐、威廉布萊爾。

Just a couple of quick ones, I guess, on the talent solutions business. One was just kind of wanted to ask about, I guess, how the mix is evolving between high skilled and more sort of operational roles right now. Are you still seeing, I guess, relative resilience in the higher-skilled roles. And then as it relates to the FTEPs or the full-time engagement professionals, anything you'd call out in terms of demand or interest in those arrangements?

我想，我只想簡單談幾點關於人才解決方案業務的問題。我想，有人只是想問一下，目前高技能角色和更具操作性的角色之間的組合是如何演變的。我想，您是否仍然看到高技能職位的相對彈性。然後，就 FTEP 或全職聘用專業人員而言，您會對這些安排的需求或興趣提出什麼要求嗎？

I'd say we continue to move up the skill curve. That's particularly true in technology. If you look at our segments, technology has done better for two or three, four quarters in a row. Much of that involves going from infrastructure and operations positions to software and applications positions. There's a meaningful bill-rate difference. You'll note on the bill-rate side, we went from the plus 3s to the low plus 4s this quarter, year-on-year bill rate increases. Much of that is this skill mix impact, particularly as it relates to technology.

我想說我們會繼續提高技能曲線。在技​​術領域尤其如此。如果你看一下我們的細分市場，你會發現科技已經連續兩、三、四個季度表現較好。其中大部分涉及從基礎設施和營運職位轉向軟體和應用程式職位。存在顯著的帳單利率差異。您會注意到，在帳單利率方面，本季帳單利率從 +3 上升至 +4 的低位，年比帳單利率增加。其中很大一部分是技能組合的影響，特別是與技術相關的方面。

On the FTEP side, the issue with FTEP because we pay them for benefits -- the cost per hour for those people is much higher than is for our core contractors, and that higher price has put some pressure on the volumes in that business. But particularly returning to how well will we participate in the upside, FTEP becomes a big part of the upside. Clients will be more willing to pay those prices that they, at that time, as they've proven in the past. And that's good for margins. That's good for bill rates, that's good for length of assignment, that's good for everything.

在 FTEP 方面，FTEP 的問題在於我們向他們支付福利——這些人的每小時成本比我們的核心承包商高得多，而更高的價格對該業務的銷量帶來了一些壓力。但特別是回到我們將如何參與上行，FTEP 成為上行的重要組成部分。正如過去所證明的那樣，客戶將更願意支付當時的價格。這對於利潤來說是件好事。這對於帳單費率有好處，對於任務長度有好處，對於一切都有好處。

And could you just remind us how big a portion of your mix are the FTEPs at this point?

您能否提醒我們一下，目前 FTEP 在您的組合中所佔比例有多大？

It's roughly 20% of our contract business. I'm measuring hours versus dollars. It changes a little bit, but it's in that range.

這大約占我們合約業務的20%。我正在衡量小時數與美元數。它有一點變化，但還在那個範圍內。

Okay. That's helpful. And just one quick one on the international business. It just looks like the talent solutions, the trend got a little bit worse in the first quarter. Could you just talk through kind of what you're seeing in Europe or any other countries?

好的。這很有幫助。關於國際業務，我只想簡單說一下。看起來，人才解決方案的趨勢在第一季惡化。您能否談談您在歐洲或其他國家看到的情況？

Well, I guess I would argue that more of the differential between the growth rates in U.S. versus non-U.S. relate to the year-ago comps than they do to current performance. And so as an example, a year ago in U.S., we were down 19%. And a year ago, IZ, we were down 10%. And so clearly, IZ has a tougher comp. And that same differential plays out and you look at this quarter versus a year ago.

嗯，我想我會爭辯說，美國與美國以外地區的成長率之間的差異更多地與去年同期的比較有關，而不是與當前的表現有關。舉個例子，一年前在美國，我們的銷售額下降了 19%。而一年前，IZ，我們的收入下降了 10%。顯然，IZ 的競爭更加激烈。如果你將本季與去年同期進行比較，你會發現同樣的差異。

So I would argue that -- that's more about comps. And I would further say that you certainly read a lot about the negativity as it relates to tariffs in Europe, but I can tell you, our people are particularly excited about the opportunities in the second half of the year that come from this infrastructure and defense spending that's slated to happen, particularly in Germany. And so we are already aggressively and proactively positioning ourselves for that. So our people in Europe and particularly our people in Germany are quite excited about that opportunity.

所以我認為——這更多的是關於比較。我還要說的是，你們肯定讀到了很多有關歐洲關稅的負面消息，但我可以告訴你們，我們的人民對下半年即將出現的基礎設施和國防開支帶來的機會感到特別興奮，特別是在德國。因此，我們已經積極主動地為此做好準備。因此，我們在歐洲的人民，特別是德國的人民對這個機會感到非常興奮。

Okay. So that was our last question. Thank you very much for joining us.

好的。這是我們的最後一個問題。非常感謝您加入我們。

Thank you. 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 dial in to the conference call replay. Dial-in details and the confirmation code 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。您也可以撥入電話會議重播。撥入詳情和確認碼包含在該公司今天早些時候發布的新聞稿中。