羅致恆富 (RHI) 2025 Q2 法說會逐字稿

Please stand by. Hello and welcome to the Robert Half second-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.

請稍候。您好，歡迎參加 Robert Half 2025 年第二季電話會議。今天的電話會議正在錄音。（操作員指示）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, including and estimates about our future performance. These statements represent our current judgment of what the future holds. However, they're subject to the 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 our most recent 10-K and 10-Q filed with the SEC.

大家好，我們很感謝您今天的時間，在我們開始之前，我想提醒您，今天電話會議上發表的評論，包括對我們未來表現的估計。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。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。

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, as adjusted. Specifically, we present adjusted revenue growth rates, which removed the impacts of -- on reported revenues from the changes in the number of billing days and foreign currency exchange rates.

我們不承擔更新今天電話會議上所作聲明的義務。在本次簡報中，我們可能會提及一些非公認會計準則財務指標，並將這些資料稱為調整後的資料。具體來說，我們提出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, 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's no impact on our reported net income. Reconciliations and further explanations of these measures are included in a supplemental schedule to our earnings press release.

此外，我們也透過將為公司在員工遞延薪酬計畫下的義務提供資金而持有的投資的收益和損失與基礎遞延薪酬義務的變化相結合，呈現了調整後的毛利率；調整後的銷售、一般和管理費用；以及調整後的營業收入。由於投資損益和遞延薪酬義務的變化完全抵消，因此對我們報告的淨收入沒有影響。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 second quarter of 2025, global enterprise revenues were $1.37 billion, down 7% from last year's second quarter on both a reported basis and on an adjusted basis. Net income per share in the second quarter was $0.41 compared to $0.66 in the second quarter one year ago. Revenues and earnings were in line with the midpoint of our previous second quarter guidance.

2025 年第二季度，全球企業營收為 13.7 億美元，以報告基礎和調整後基礎計算，較去年第二季下降 7%。第二季每股淨收入為 0.41 美元，而去年同期每股淨收入為 0.66 美元。收入和收益與我們先前第二季預測的中位數一致。

Elevated global economic uncertainty persisted throughout the quarter, extending client and job seeker caution, elongating decision cycles, and subduing hiring activity and new project starts. Revenue levels fell modestly during the first two months of the quarter, then stabilized at lower levels in June, which continued post-quarter into July.

整個季度，全球經濟不確定性持續上升，導致客戶和求職者更加謹慎，決策週期延長，招募活動和新專案啟動受到抑制。本季前兩個月營收水準略有下降，6 月穩定在較低水平，並持續至 7 月。

We are very well-positioned to capitalize on emerging opportunities and support our clients' future 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.

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未來的人才和諮詢需求。

Cash flow provided by operations during the quarter was $119 million. In June, we distributed a $0.59 per-share cash dividend to our shareholders of record for a total cash outlay of $59 million. Our per-share dividend has grown an average of 11.5% annually, since its inception in 2004. The June 2025 dividend was 11.3% higher than in the prior year. We also acquired approximately 450,000 Robert Half shares during the quarter for $20 million. We have 6.2 million shares available for a purchase under our board-approved stock repurchase plan. Return on invested capital for the company was 12% in the second quarter.

本季經營活動產生的現金流為 1.19 億美元。6 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 5,900 萬美元。自 2004 年成立以來，我們的每股股息每年平均成長 11.5%。2025 年 6 月的股利比前一年高出 11.3%。我們還在本季以 2,000 萬美元收購了約 45 萬股 Robert Half 股票。根據董事會批准的股票回購計劃，我們有 620 萬股可供購買。該公司第二季的投資資本報酬率為12%。

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

現在，我將把電話轉給我們的財務長 Mike Buckley。

Thank you, Keith. Hello, everyone. As Keith noted, global revenues were $1.370 billion in the second quarter. On an adjusted basis, second-quarter talent solutions revenues were down 11% year over year.

謝謝你，基斯。大家好。正如 Keith 所指出的，第二季全球收入為 13.7 億美元。經調整後，第二季人才解決方案營收年減 11%。

US talent solutions revenues were $668 million, down 11% from the prior year’s second quarter. Non-US talent solutions revenues were $207 million, down 13% year over year. We conduct talent solutions operations through offices in the United States and 18 other countries.

美國人才解決方案營收為 6.68 億美元，較去年同期第二季下降 11%。美國以外人才解決方案營收為 2.07 億美元，年減 13%。我們透過美國和其他 18 個國家的辦事處開展人才解決方案業務。

In the second quarter, there were 63.2 billing days, compared to 63.5 billing days in the same quarter one year ago. The third quarter of 2025 has 64.2 billing days, compared to 64.1 billing days during the third quarter of 2024. Currency exchange rate movements during the second quarter had the effect of increasing reported year-over-year total revenues by $8 million—$4 million for both talent solutions and Protiviti.

第二季的計費天數為 63.2 天，去年同期為 63.5 天。2025 年第三季的計費天數為 64.2 個，而 2024 年第三季的計費天數為 64.1 個。第二季的貨幣匯率變動導致人才解決方案和 Protiviti 的總收入與去年同期相比增加了 800 萬美元（均為 400 萬美元）。

Contract talent solutions bill rates for the second quarter increased 3.8% compared to one year ago, adjusted for changes in the mix of revenues by functional specialization, currency and country. This rate for the first quarter was 4.2%.

第二季合約人才解決方案帳單費率較去年同期上漲 3.8%，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。第一季這一比率為4.2%。

Now let’s take a closer look at results for Protiviti. Global revenues in the second quarter were $495 million. $396 million of that is from the United States, and $99 million is from outside the United States.

現在讓我們仔細看看 Protiviti 的業績。第二季全球營收為 4.95 億美元，其中 3.96 億美元來自美國，9,900 萬美元來自美國以外。

On an adjusted basis, global second quarter Protiviti revenues were up 2% versus the year-ago period. US Protiviti revenues were down 1%, while non-US Protiviti revenues were up 11% compared to one year ago. Protiviti and its independently owned Member Firms serve clients through locations in the United States and 28 other countries.

經調整後，Protiviti 第二季全球營收較去年同期成長 2%。與去年同期相比，美國 Protiviti 的營收下降了 1%，而美國以外地區的 Protiviti 的營收成長了 11%。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, second-quarter gross margin was 39.1% of applicable revenues, versus 39.3% in the second quarter one year ago. Conversion, or contract-to-hire revenues were 3.4% of contract revenues in both the current quarter and the second quarter of 2024.

現在談談毛利率。在合約人才解決方案方面，第二季毛利率為適用收入的 39.1%，而去年同期第二季為 39.3%。轉換收入或合約轉租賃收入佔本季和 2024 年第二季合約收入的 3.4%。

Our permanent placement revenues were 13.1% of consolidated talent solutions revenues in the current quarter and 13.3% in the second quarter of 2024. When combined with contract talent solutions gross margin, overall gross margin for talent solutions was 47.1%, compared to 47.4% of applicable revenues in the second quarter one year ago.

我們的永久性安置收入佔本季合併人才解決方案收入的 13.1%，佔 2024 年第二季合併人才解決方案收入的 13.3%。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 47.1%，而去年同期第二季適用收入的毛利率為 47.4%。

For Protiviti, gross margin was 19.7% of Protiviti revenues in the second quarter and 22.5% in the second quarter one year ago. Adjusted gross margin for Protiviti was 22.3% for the quarter just ended, compared to 23.2% last year.

對 Protiviti 而言，第二季的毛利率為 Protiviti 營收的 19.7%，而去年同期第二季的毛利率為 22.5%。在甫結束的季度，Protiviti 的調整後毛利率為 22.3%，去年同期為 23.2%。

Enterprise SG&A costs were 37.1% of global revenues in the second quarter, compared to 34.0% in the same quarter one year ago. Adjusted enterprise SG&A costs were 33.8% for the quarter just ended, compared to 33.2% one year ago. Talent solutions SG&A costs were 49.2% of talent solutions revenues in the second quarter, versus 43.1% in the second quarter of 2024. Adjusted talent solutions SG&A costs were 44.1% for the quarter just ended, compared to 41.9% last year. Second-quarter SG&A costs for Protiviti were 15.7% of Protiviti revenues, compared to 15.6% of revenues for the same quarter one year ago.

第二季企業銷售、一般及行政費用佔全球收入的 37.1%，去年同期為 34.0%。剛結束的季度，調整後的企業銷售、一般及行政費用為 33.8%，去年同期為 33.2%。人才解決方案銷售、一般及行政費用佔第二季人才解決方案收入的 49.2%，而 2024 年第二季則為 43.1%。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 44.1%，去年同期為 41.9%。Protiviti 第二季的銷售、一般及行政費用佔 Protiviti 收入的 15.7%，而去年同期比例為 15.6%。

Operating income for the quarter was $2 million. Adjusted operating income was $59 million in the second quarter, or 4.3% of revenue. Second-quarter adjusted operating income from our talent solutions divisions was $27 million, or 3.1% of revenue. Adjusted operating income for Protiviti in the second quarter was $32 million, or 6.6% of revenue.

本季營業收入為 200 萬美元。第二季調整後的營業收入為 5,900 萬美元，佔營收的 4.3%。我們人才解決方案部門第二季調整後的營業收入為 2,700 萬美元，佔營收的 3.1%。Protiviti 第二季調整後的營業收入為 3,200 萬美元，佔營收的 6.6%。

Income from investments held in employee deferred compensation trusts. Our second-quarter 2025 income statement includes a $58 million gain from investments held in employee deferred compensation trusts. This is completely offset by an equal amount of higher 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.

來自員工延期薪酬信託投資的收入。我們的 2025 年第二季損益表包括來自員工遞延薪酬信託投資的 5,800 萬美元收益。這完全被等量的較高員工遞延薪酬成本所抵消，這些成本反映在銷售、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 second-quarter tax rate was 33%, compared to 29% one year ago. The higher tax rate in the current quarter is due to the increased impact of non-deductible expenses relative to lower pre-tax income. At the end of the second quarter, accounts receivable were $827 million, and implied days sales outstanding, DSO, was 54.4 days.

我們第二季的稅率為 33%，而去年同期為 29%。本季稅率較高是由於不可扣除費用相對於較低的稅前收入的影響增加。第二季末，應收帳款為 8.27 億美元，隱含未償付帳款天數 DSO 為 54.4 天。

Before we move to third-quarter guidance, let’s review some of the monthly revenue trends we saw in the second quarter and so far in July, all adjusted for currency and billing days. Contract talent solutions exited the second quarter with June revenues down 11% versus the prior year, compared to an 11% decrease for the full quarter.

在我們進入第三季指引之前，讓我們先回顧一下第二季和 7 月迄今的一些月度收入趨勢，這些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二季的 6 月營收較上年同期下降 11%，而整季的營收則下降了 11%。

Revenues for the first two weeks of July were down 10% compared to the same period last year. Permanent placement revenues in June were down 20% versus June 2024. This compares to a 13% decrease for the full quarter. For the first three weeks in July, permanent placement revenues were down 14% compared to the same period in 2024. We provide this information, so you have insight into some of the trends we saw during the second quarter and into July. But as you know, these are very brief time periods. We caution against reading too much into them.

7月前兩週的營收與去年同期相比下降了10%。6 月永久安置收入與 2024 年 6 月相比下降了 20%。相比之下，整個季度的降幅為 13%。7 月的前三週，永久安置收入與 2024 年同期相比下降了 14%。我們提供這些信息，以便您深入了解我們在第二季度和 7 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。我們警告不要對其過度解讀。

With that in mind, we offer the following third-quarter guidance. revenues, $1.31 billion to $1.41 billion; income per share, $0.37 to $0.47. Midpoint revenues of $1.36 billion are 8% lower than the same period in 2024 on an adjusted basis.

考慮到這一點，我們提供了以下第三季業績指引：營收13.1億美元至14.1億美元；每股收益0.37美元至0.47美元。中位數營收13.6億美元，經調整後較2024年同期下降8%。

On a sequential basis, midpoint estimated Q3 revenues are down 3%. For the most recent six-week period ended July 11, weekly sequential revenues have remained essentially flat. Midpoint adjusted operating income dollars are expected to increase sequentially from Q2, the first sequential Q3 increase since 2021.

以環比計算，第三季中期預計營收下降 3%。截至 7 月 11 日的最近六週內，每週連續收入基本上保持持平。預計中點調整後的營業收入將自第二季起季增，這是自 2021 年以來第三季的首次環比成長。

The major financial assumptions underlying the midpoint of these estimates are as follows.

這些估計中點所依據的主要財務假設如下。

Adjusted revenue growth year over year. For talent solutions down 9% to 13%; Protiviti, flat to down 4%; overall, down 6% to 10%.

調整後營收年增。人才解決方案下降 9% 至 13%；Protiviti 持平至下降 4%；整體下降 6% 至 10%。

Adjusted gross margin percentage. For contract talent, 38% to 40%; Protiviti 22% to 24%; overall, 37% to 40%.

調整後的毛利率百分比。對於合約人才，這一比例為 38% 至 40%；Protiviti 為 22% 至 24%；總體而言，這一比例為 37% 至 40%。

Adjusted SG&A as percentage of revenue. Talent solutions, 43% to 45%; Protiviti, 15% to 17%; overall 33% to 35%.

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 17%；總體，33% 至 35%。

Adjusted operating income as a percentage of revenue. Talent solutions, 2% to 4%; Protiviti, 6% to 8%; overall, 3% to 6%.

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，3%至6%。

Tax rate 31% to 35%. Shares 100 million to 101 million.

稅率31%至35%。股份1億至1.01億股。

2025 capital expenditures and capitalized cloud computing costs, $ 75 million to $90 million, with $15 million to $25 million in the third quarter.

2025年資本支出及資本化雲端運算成本為7,500萬美元至9,000萬美元，其中第三季為1,500萬美元至2,500萬美元。

All estimates we provide on this call are subject to the risks mentioned in today's press release and in our SEC filings.

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. The fears of economic recession have eased as worst-case trade policy concerns have not materialized, and proposed tax changes have now become law. Small business confidence levels have also rebounded modestly from recent lows.

謝謝你，麥克。由於最壞的貿易政策擔憂尚未成為現實，且擬議的稅收改革現已成為法律，對經濟衰退的擔憂有所緩解。小型企業信心水準也從近期低點小幅反彈。

The US job market remains resilient with overall unemployment at 4.1%. Labor supply constraints remain. Particularly noteworthy is that the unemployment rate for college-educated professionals is holding steady at just 2.5%, with even lower rates prevailing among specialized accounting, finance, and technology roles. Although current hiring and quit rates remain subdued and well below post-Covid highs, job openings continue to be well above historical levels, indicating strong pent-up hiring demand.

美國就業市場仍維持彈性，整體失業率為4.1%。勞動力供應限制依然存在。尤其值得注意的是，受過大學教育的專業人士的失業率穩定在 2.5%，而專業會計、金融和技術職位的失業率甚至更低。儘管目前的招募率和離職率仍然低迷，遠低於新冠疫情後的高點，但職缺仍遠高於歷史水平，顯示被壓抑的招募需求強勁。

As business confidence improves, there is a corresponding acceleration in hiring urgency, project demand, and the reprioritization of previously deferred initiatives. This natural progression typically places increased demands on client resources that are already operating at or near capacity, creating the hiring and consulting environment that has historically driven substantial growth for our business during the early phases of economic expansion cycles.

隨著商業信心的增強，招募緊迫性、專案需求以及先前推遲的計劃的優先順序也相應加快。這種自然的進程通常會對已經滿載或接近滿載的客戶資源提出更高的要求，從而創造出在經濟擴張週期的早期階段推動我們業務大幅增長的招聘和諮詢環境。

Protiviti achieved year-on-year revenue growth for the fourth quarter in a row, though growth rates have moderated as a result of continued economic uncertainty. This has extended conversion timelines from opportunity identification to project start and reduced average project size.

儘管由於持續的經濟不確定性，成長率有所放緩，但 Protiviti 連續第四個季度實現了同比增長。這延長了從機會識別到專案啟動的轉換時間，並減少了平均專案規模。

Despite the lengthening cycles, Protiviti’s prospects, including the quality and diversity of its pipeline, remain very strong across all of its major solutions areas. The strategic integration of contract professionals sourced through our talent solutions divisions remains a powerful driver of Protiviti’s performance, reinforcing our distinctive enterprise-wide competitive advantage. We remain committed 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.

儘管週期延長，但 Protiviti 的前景（包括其管道的品質和多樣性）在其所有主要解決方案領域仍然非常強勁。透過我們的人才解決方案部門尋找的合約專業人員的策略整合仍然是 Protiviti 業績的強大驅動力，增強了我們獨特的企業範圍競爭優勢。我們始終致力於我們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。

We’d like to thank our employees, who are our greatest asset, and what differentiates us in the marketplace, for the significant company recognition we received in the second quarter. We are proud to have ranked number one on Forbes’ list of America’s Best Professional Recruiting Firms. We were also recognized by Forbes, as one of America’s Best Temporary Staffing Firms and one of America’s Best Executive Recruiting Firms. This is a credit to all of our employees and their incredible drive to deliver outstanding service to our clients and our candidates.

我們要感謝我們的員工，他們是我們最寶貴的財富，也是我們在市場上脫穎而出的原因，感謝他們讓我們在第二季度獲得了重要的公司認可。我們很榮幸在《富比士》美國最佳專業招募公司榜單中名列第一。我們也被《富比士》評為美國最佳臨時人員配備公司之一和美國最佳高階主管招募公司之一。這是對我們所有員工的讚揚，他們以驚人的動力為我們的客戶和候選人提供卓越的服務。

Now, Mike and I would 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。根據需要，請只提出一個問題和一個後續問題。如果有時間，我們會再來詢問您其他問題。

(Operator Instructions) Andrew Steinerman, JP Morgan.

（操作員指示）摩根大通 (JP Morgan) 的安德魯·施泰納曼 (Andrew Steinerman)。

Hi. This might be not as timely. It's kind of a long-term trend question. I was curious about the bill rate increases, the 3.8% year over year, that is adjusted for mix. I know it's adjusted for other things like FX as well. But what I'm curious about is if you didn’t adjust for mix, how much is bill rates up? I really am asking, because I feel like there's been kind of a long-term move up the skill set over many years that's sort of like is underappreciated when you just give the mix adjusted number.

你好。這可能不太及時。這是一個長期趨勢問題。我對票據利率的上漲感到好奇，去年同期的利率上漲了 3.8%，這是根據混合情況進行調整的。我知道它也針對 FX 等其他事物進行了調整。但我很好奇的是，如果您沒有調整組合，票據利率會上漲多少？我確實想問，因為我覺得多年來技能組合一直存在著一種長期的提升，而當你只給出混合調整數字時，這種提升有點被低估了。

Right. And so since mix positively impacts bill-rate increases for reasons you just mentioned, unadjusted, they'd be higher. And so that's been a progression that's been in place for years, and one we're happy to have continue into the future.

正確的。因此，由於您剛才提到的原因，組合對票據利率上漲產生了積極影響，因此未經調整的票據利率會更高。這是一個多年來一直存在的進步，我們很高興能夠在未來繼續下去。

But could you just give us a sense of how much your bill rates have increased because of mixed shifts over the years?

但是您能否告訴我們，由於這些年來的混合輪班，您的帳單費率增加了多少？

I mean, it's not unusual for it to be 100 to 200 basis points difference, I don't remember the numbers right off the top of my head. But clearly, it's part of our story.

我的意思是，100 到 200 個基點的差異並不罕見，我記不清具體數字了。但顯然，這是我們故事的一部分。

Okay, I appreciate that, Keith. Thank you.

好的，我很感激，基斯。謝謝。

Mark Marcon, Baird.

馬克馬孔，貝爾德。

Hey. Good afternoon, Keith and Michael. Just wondering about Protiviti. You did mention that there's an extension in terms of conversion timelines and that the project -- in terms of the project starts. And that there's reduced average project size. Could you dimensionalize that a little bit more? Obviously we're going up against a tougher comp here in the third quarter than we had in the second quarter, so you're basically projecting to a year-over-year revenue decline in Protiviti. And I'm wondering like how much of that seems like it's a temporary function? Or how long lasting do you think that trend could end up being?

嘿。下午好，基斯和麥可。我只是對 Protiviti 感到好奇。您確實提到了轉換時間表方面有所延長，並且專案啟動方面也有所延長。且平均專案規模有所縮小。您能將其進一步具體化嗎？顯然，我們在第三季面臨的競爭比第二季更為激烈，因此你基本上可以預測 Protiviti 的營收將比去年同期下降。我想知道其中有多少看起來像是臨時功能？或者您認為這種趨勢最終會持續多久？

Well, first of all, it's a slight year-on-year decline. Next, I would say that in the third quarter, there's a small number of very large jobs that completed in the second. And given the overall cautious environment, take a little bit of time to replace.

首先，與去年同期來看，是略有下降的。接下來我想說的是，第三季有少量非常大的工作是在第二季完成的。考慮到整體謹慎的環境，更換需要一點時間。

And so that, in addition to or as part of, the economic environment trend is impacting quarter three Protiviti revenues. While it's seeing in quarter three, it's typical Sarbanes-Oxley actually compliance lift seasonally that it always does. The other solutions are somewhat lower for this large project phenomenon that I just talked about.

因此，除了經濟環境趨勢之外或作為其一部分，它還影響著 Protiviti 第三季的收入。雖然這是在第三季度出現的，但這是典型的薩班斯-奧克斯利法案合規性季節性提升，而且總是如此。對於我剛才講的這種大專案現象，其他的解決方案就稍微低一點。

Temporary versus the longer term, if you look at their pipeline, their pipeline is still up year on year. And I think the thing that they're most excited about is that their new opportunities in the last 30 days are up substantially. And as you look back over the last year, the increase of that last 30 days is substantially higher, both sequentially and year on year, that they've seen in a long time. So we're very encouraged by that.

相對於長期而言，如果你看他們的管道，你會發現他們的管道仍然在逐年增加。我認為他們最興奮的事情是過去 30 天他們的新機會大幅增加。回顧過去的一年，過去 30 天的增幅無論是環比還是同比都比很長一段時間以來的增幅要高得多。因此我們對此感到非常鼓舞。

Should that -- just to stay on this, should that translate to, likely growth by the fourth quarter if we have kind of a normal conversion rate?

就此而言，如果我們擁有正常的轉換率，那麼這是否應該轉化為第四季可能的成長？

Again, because we're so close to year-on-year growth, it doesn't take that much revenue to swing it one way or the other. And so clearly, with that kind of opportunity growth -- new opportunity growth by the fourth quarter, there's a reasonable chance that we return to growth again. But again, we're talking really, really small negative and/or positive growth rates.

再說一次，因為我們非常接近同比成長，所以不需要那麼多的收入來實現這種或那種成長。顯然，隨著這種機會成長——第四季的新機會成長，我們有相當大的機會再次恢復成長。但再次強調，我們討論的是真正非常小的負成長率和/或正成長率。

Generally speaking, Protiviti has been very resilient during this more challenged economic period over the last two or three years, and that is expected to continue. And whether they have negative growth of 2% or a positive growth of 2%, it isn’t a huge swing. Protiviti is doing very well.

整體而言，在過去兩三年經濟情勢嚴峻的時期，甫瀚諮詢表現得十分穩健，預計這種動能也將持續下去。無論是負成長 2% 還是正成長 2%，變化都不算太大。Protiviti 表現非常出色。

Great. And then you mentioned with regards to talent solutions, the fears of economic recession have eased, worst case on the trade policy concerns haven't materialized, and we've seen small business confidence rebound.

偉大的。然後您提到關於人才解決方案，對經濟衰退的擔憂已經緩解，對貿易政策擔憂的最壞情況尚未成為現實，我們已經看到小型企業信心反彈。

In terms -- when we take a look at your talent solutions business, we did see a pickup, particularly with regards to technology solutions. I'm just wondering how you're thinking about tech solutions progressing? And should that eventually spill over to finance and accounting as well?

就此而言——當我們審視您的人才解決方案業務時，我們確實看到了回升，特別是在技術解決方案方面。我只是想知道您對技術解決方案的進展有何看法？這最終是否也應該蔓延至財務和會計領域？

Tech solutions are clearly the strongest part of our practice groups. Tech modernization, ERP upgrades, security privacy, they're all strong. Much of that relates to AI readiness, if you will. And it's been doing very well for multiple quarters now.

技術解決方案顯然是我們實踐團隊中最強大的部分。科技現代化、ERP 升級、安全隱私，它們都很強大。如果你願意的話，其中大部分與人工智慧準備有關。並且已經連續多個季度表現良好。

And we would expect to see some of that trickle into finance and accounting, particularly at our higher management resource levels. And further, it ties in well with Protiviti's technology consulting group, such that together, our higher-level finance and accounting consulting solutions, our tech solutions, and we've been moving up the skill curve there, and technology at Protiviti, they all fit very well together.

我們預計其中一些資金將流入財務和會計領域，特別是在我們更高管理資源層面。此外，它與 Protiviti 的技術諮詢集團緊密結合，這樣，我們的高級財務和會計諮詢解決方案、我們的技術解決方案以及我們一直在那裡提升的技能曲線以及 Protiviti 的技術都可以很好地融合在一起。

Great, thank you.

太好了，謝謝。

Manav Patnaik, Barclays.

巴克萊銀行的馬納夫·帕特奈克（Manav Patnaik）。

Hi, how are you? This is Ronan Kennedy on for Manav. I just wanted to clarify some of the statements with regards to macro drivers and demands and the trends that you've seen out of June and the first three weeks in July.

你好你好嗎？這是羅南肯尼迪 (Ronan Kennedy)，代替馬納夫 (Manav)。我只是想澄清一些有關宏觀驅動因素和需求以及您在六月和七月前三週看到的趨勢的說法。

I think you understandably highlighted that elevated global economic uncertainty, consistent with what we're hearing from other companies. But I think they had pointed out that activity slowed once the tariff rhetoric again ramped up approximately a month ago. I think you had indicated revenue levels fell during the first two months that stabilized in June, but perm placement revenues in June were down 20%.

我認為您強調全球經濟不確定性加劇是可以理解的，這與我們從其他公司聽到的消息一致。但我認為他們已經指出，大約一個月前，一旦關稅言論再次升級，活動就會放緩。我認為您已經指出前兩個月的收入水準有所下降，6 月趨於穩定，但 6 月的永久安置收入下降了 20%。

And I think they were down in contract as well. Just wondering how that kind of all reconciles and if there's any specific drivers there to be mindful of?

我認為他們的合約也到期了。只是想知道這一切是如何協調的，以及是否有任何需要注意的特定驅動因素？

Well, part of this is year-on-year versus sequential. And when we're talking current trends, we're talking sequential. And so what we said was the first two months, sequentially, we fell modestly and then sequentially, that leveled off.

嗯，這部分是同比與環比的對比。當我們談論當前趨勢時，我們談論的是連續的。因此，我們所說的是，前兩個月，我們的數量連續小幅下降，然後逐漸趨於平穩。

I could also say that for the past few weeks on the talent solutions side particularly, the tone of the conversations we've had with clients has improved. And we feel good about that. But the year-on-year comparisons also consider what happened sequentially a year ago. And in times like these, we tend to focus more on sequential than year on year, and that's how we describe the trends.

我還可以說，特別是在過去幾週的人才解決方案方面，我們與客戶的對話基調有所改善。我們對此感到很高興。但同比比較也考慮了一年前連續發生的情況。在這樣的時期，我們傾向於更關注連續性而不是同比性，這就是我們描述趨勢的方式。

And so, sequentially on the Protiviti side, a nice surge in new opportunities the last 30 days, talent solutions side, the tone of client conversations has definitely gotten better in the last few weeks. If you take our current run rate in talent solutions through mid-July and you apply that to the full quarter, we're about 2% down sequentially. And our guidance is that we would be down 4% sequentially.

因此，從 Protiviti 方面來看，過去 30 天新機會大幅增加，人才解決方案方面，過去幾週客戶對話的氣氛明顯改善。如果將我們目前在人才解決方案方面的運行率計算到 7 月中旬，並將其應用於整個季度，我們會發現環比下降了約 2%。我們的預期是，我們將環比下降 4%。

So we've added a little conservatism to our guidance relative to where we are at the moment. And again, everything sequentially.

因此，相對於目前的狀況，我們在指導中加入了一點保守主義。再次強調，一切都按順序進行。

Thank you for the clarification. I appreciate it. And then on, if I may, as a follow-up, can you just talk about the dynamics of margin drivers, the puts and takes to guided margins, whether that's mix, conversion, wage rate inflation, bill pay spreads, et cetera, for the guided margin lease for 3Q?

感謝您的澄清。我很感激。然後，如果可以的話，作為後續問題，您能否談談保證金驅動因素的動態，指導保證金的看跌期權和看漲期權，無論是組合、轉換、工資率通脹、賬單支付利差等等，對於第三季度的指導保證金租賃？

Sure. On talent solutions side, gross margins pretty consistent, nothing new there. On the SG&A side, we've pretty much abated the negative operating leverage we've gotten for many quarters in a row. And so there's not much change in talent solutions SG&A as a percent of revenue in our Q3 guidance.

當然。在人才解決方案方面，毛利率相當穩定，沒有什麼新鮮事。在銷售、一般及行政費用方面，我們已連續多個季度大幅減少了負經營槓桿。因此，在我們的第三季指引中，人才解決方案銷售、一般及行政費用佔收入的百分比並沒有太大變動。

And as we said in our remarks, on a progression from Q2 to Q3, talent solutions just had one of the best -- will have one of the best quarters it's had at the operating line that it's had in four years. And so we feel good about where we are cost-wise and margin-wise, relative to the last three or four years, frankly, on talent solutions.

正如我們在評論中所說，從第二季度到第三季度，人才解決方案部門剛剛經歷了四年來最好的營運季度之一。因此，坦白說，相對於過去三、四年，我們對人才解決方案的成本和利潤狀況感到滿意。

In Protiviti, we get an uptick in gross margin and segment income sequentially, that's largely driven by the seasonal lift they get from Sarbanes-Oxley compliance work, which they anticipate getting again.

在 Protiviti，我們的毛利率和分部收入連續上升，這主要是由於他們從《薩班斯-奧克斯利法案》合規工作中獲得的季節性提升，他們預計還會再次獲得這種提升。

However, because of the completion of those small number of large projects, they're not going to get as much revenue lift as they typically do in the third quarter. And all of that revenue lift is almost completely segment income or margin. And therefore, the gross margin and segment margin lift you typically get in the third quarter -- they're not going to get as much of this year.

然而，由於這些少數大型專案的完成，他們不會像第三季那樣獲得那麼多的收入成長。所有這些收入成長幾乎完全是分部收入或利潤。因此，毛利率和分部利潤率的提升通常在第三季出現，但今年的增幅不會這麼大。

It'll still be up, but won't be up as much as it has been traditionally. And again, it's principally related to those handful of small -- large projects that they're having to redeploy for.

它仍會上漲，但不會像傳統那樣上漲那麼多。再說一次，這主要與他們必須重新部署的少數幾個小型或大型專案有關。

Trevor Romeo, William Blair.

特雷弗羅密歐、威廉布萊爾。

Hey, good afternoon, Keith and Mike, thanks for taking the questions. I had another kind of macro-related question to start. You talked about the conversations improving for talent solutions. So I guess the question I have is, does it feel like the confidence and the tone of conversations are back to where they were maybe a couple of quarters ago?

嘿，下午好，Keith 和 Mike，謝謝你們回答問題。我還有另一個與宏觀相關的問題要問。您談到了改善人才解決方案的對話。所以我想我的問題是，是否感覺信心和談話基調又回到了幾個季度前的狀態？

I guess, coming into the year, you did see the post-election increasing in confidence metrics. Are we back there yet? And if not, I guess, what do you think will take to get back to those types of levels of confidence?

我想，進入今年，你確實會看到選舉後信心指標的上升。我們回到那裡了嗎？如果沒有的話，我想，您認為需要採取什麼措施才能恢復到那個信心水平？

Its objective. But I would say we're not back there yet, but we're headed there. And I'll tell you the last few weeks on the talent solutions side, particularly and as represented by the new opportunities in Protiviti, tone is definitely better. It's not euphoric, like it was post-election, but it's certainly going in the right direction, which is a nice change from 90 days ago when we didn't feel this way. I'd say we definitely feel better today than we felt 90 days ago.

它的目標。但我想說我們還沒有回到那裡，但我們正朝著那裡前進。我要告訴你們，過去幾週在人才解決方案方面，特別是以 Protiviti 的新機會為代表，基調肯定更好了。它並不像選舉後那樣令人欣喜，但它肯定朝著正確的方向發展，與 90 天前我們還沒有這種感覺相比，這是一個很好的變化。我想說我們今天的感覺肯定比 90 天前好得多。

Okay. That makes a lot of sense. And then I had a follow-up about the entry level, sort of the college grad labor market, we've seen a lot of press lately about some incremental weakness in that area.

好的。這很有道理。然後我對入門級，也就是大學畢業生勞動市場進行了追蹤調查，最近我們看到許多媒體報道該領域出現了一些漸進式的疲軟。

So just given, I guess, your perspective, I would love to hear your thoughts on what's going on in the entry-level white collar labor market? Is it just economic uncertainty? Are you seeing any pressure from maybe advancements in AI or anything like that?

所以，我想，從您的角度來看，我很想聽聽您對入門級白領勞動市場現狀的看法？這僅僅是經濟不確定性嗎？您是否看到來自人工智慧或類似領域的進步所帶來的壓力？

Well, first of all, our small business clients typically expect experienced staff when they come to us for contractors. And so we don't really have that many right-out-of-college graduates that we place on the contract side.

首先，我們的小型企業客戶在向我們尋求承包商時通常希望聘用經驗豐富的員工。因此，我們實際上並沒有那麼多剛從大學畢業的畢業生被安排在合約工作上。

On AI, we could talk forever. So let me make a few comments.

關於人工智慧，我們可以永遠談論下去。因此，請允許我發表一些評論。

First of all, we know definitively that so far, AI has had very little impact on our revenues. We did a deep dive, we took it all, we took all the roles that were identified by the World Economic Forum as most vulnerable. They would include things like data entry, bookkeeping, customer service, the ones you always read about. And our data says that so far, they haven't performed any differently than the other roles.

首先，我們確切地知道，到目前為止，人工智慧對我們的收入影響很小。我們進行了深入研究，將所有因素都考慮進去，將所有被世界經濟論壇認定為最脆弱的角色都考慮進去。它們包括資料輸入、簿記、客戶服務等您經常讀到的內容。我們的數據顯示，到目前為止，他們的表現與其他角色沒有任何不同。

Interestingly, the NFIB just did a technology survey of its constituents. 98% reported that AI had no impact to their number of employees. There are other studies that have come out recently and the National Bureau of Economic Research being one of them, that has concluded, so far, no association between AI and jobs growth with the possible exception of tech companies that you read a lot about, but part of that they're selling their own book. And so at least so far, when you look at the staffing industry and Robert Half specifically, we can say AI has not impacted how we've performed.

有趣的是，NFIB 剛剛對其成員進行了技術調查。 98% 的人表示人工智慧對其員工數量沒有影響。最近還有其他研究出爐，其中之一就是美國國家經濟研究局的研究，該研究得出的結論是，到目前為止，人工智慧和就業成長之間沒有關聯，可能除了你經常讀到的科技公司，但其中一部分原因是他們正在出售自己的書。因此，至少到目前為止，當你具體研究人力資源產業和 Robert Half 時，我們可以說人工智慧並沒有影響我們的表現。

Now, as to the future, there are opinions all over the lot. We would say that historically, the staffing industry has been great about being very fluid and pivoting to where the jobs and the skills are to own in there. We operate in the spot market every day. And you have to go where the jobs and skills are to survive. I'd say further, with every technology cycle, there's a lot of transition work and we're seeing that as well. We talked already about tech modernization, ERP platform upgrades, data, et cetera. And so that's positive.

現在，對於未來，各方都有各種看法。我們可以說，從歷史上看，人力資源產業一直非常靈活，可以根據工作和技能的需要不斷調整。我們每天都在現貨市場營運。你必須去有工作和技能的地方才能生存。我想進一步說，每個技術週期都會有大量的過渡工作，我們也看到了這一點。我們已經討論過技術現代化、ERP 平台升級、數據等等。這是積極的。

The other thing I would say is, and this was confirmed in this NFIB survey, that SMBs are always later adopters. And we're 70% of SMB. They have less budget. They don't have large volumes of people performing repetitive tasks.

我想說的另一件事是，中小企業總是後來採用者，這一點在 NFIB 調查中得到了證實。我們佔中小企業的 70%。他們的預算較少。他們沒有大量人員執行重複性任務。

There's less structure to the data. They need more proof of ROI. And so there are always later adopters, and they're expected to be later adopters with AI.

數據的結構較少。他們需要更多投資報酬率的證明。因此總會有後來者，而且他們有望成為人工智慧的後來者。

That said, we at Robert Half, we believe in technology. We believe in AI. As you know, we've got award-winning matching lead-scoring engines that are very effective. And if anything, we think if the world gets more AI-centric, more technology-centric, we should be able to take share from our true competitors which are local and regional staffing firms. They don't have the resources, they don't have the proprietary data at scale to compete. And so whatever you think about AI, we think an offset to what some believe will be a net negative was the fact that we'll take more share because we're much more prepared to take advantage of, which we've already shown relative to our small and regional competitors.

話雖如此，在 Robert Half，我們相信科技。我們相信人工智慧。如您所知，我們擁有屢獲殊榮且非常有效的匹配潛在客戶評分引擎。我們認為，如果世界變得更加以人工智慧為中心、更加以技術為中心，我們就應該能夠從我們真正的競爭對手，即本地和地區的人力資源公司手中奪取市場份額。他們沒有資源，也沒有大規模的專有數據來競爭。因此，無論您對人工智慧有何看法，我們認為，與一些人認為的淨負面影響相抵消的事實是，我們將佔據更多的份額，因為我們已經做好了充分的準備來利用這一優勢，相對於我們的小型和區域競爭對手，我們已經證明了這一點。

Okay, thanks a lot. I appreciate it.

好的，非常感謝。我很感激。

Tobey Sommer, Truist.

托比·索默 (Tobey Sommer)，Truist。

Thank you. Within Protiviti in your financial services, industry customer set, what's your experience been? And is that part of the business and that customer set performing any differently than the business as a whole?

謝謝。在 Protiviti 的金融服務和產業客戶群中，您的經驗如何？這部分業務和客戶群的表現與整個業務有什麼不同嗎？

Well, since it's so large a portion of Protiviti, it's almost half its revenue, between 40% and 50%, typically. You can almost correctly assume that any Protiviti trend is going to be true of its financial services client base. And in this case, that would be true again. And those large projects that completed, FSI is represented there. And so that impacts particularly their Q3 forecast for their revenues. So FSI definitely are very cost conscious, very selective decision cycle has been extended. Everything we've said would definitely include FSI clients.

嗯，因為它在 Protiviti 中佔了很大一部分，幾乎佔了其收入的一半，通常在 40% 到 50% 之間。您幾乎可以正確地假設 Protiviti 的任何趨勢都將適用於其金融服務客戶群。在這種情況下，情況又是如此。對於那些已經完成的大型項目，FSI 都有代表。這尤其會影響他們對第三季營收的預測。因此，FSI 肯定非常注重成本，選擇性決策週期已延長。我們所說的一切肯定都包括 FSI 客戶。

And what's the internal posture at the company, as far as adding internal resources versus sort of being in the restraining and the cutting of internal resources? You say you feel better than you did 90 days ago, so how is that reflected in your decision-making there?

那麼，就增加內部資源與限制和削減內部資源而言，公司內部的態度如何？您說您感覺比 90 天前好多了，那麼這在您的決策中是如何體現的呢？

Well, because we think we have unused capacity, which we've talked about for some time. We've held on to more of our recruiters and salespeople than revenues would dictate. We think we have a nice buffer and that we could participate strongly in the up cycle without adding to current hits.

嗯，因為我們認為我們有未使用的容量，我們已經討論了一段時間了。我們保留的招聘人員和銷售人員的數量已經超過了收入所需的數量。我們認為我們有一個很好的緩衝，我們可以在不增加當前衝擊的情況下大力參與上升週期。

So at the moment, while we always performance manage on an individual basis, other than that we're holding the line. And we think we have adequate staff to participate. And the fact that we're getting some productivity gains from some of these digital initiatives we have, including the lead scoring, we feel even more confident that we have the capacity we'll need to participate nicely.

因此目前，雖然我們始終根據個人情況進行績效管理，但除此之外，我們仍堅持底線。我們認為我們有足夠的員工參與。事實上，我們從一些數位化措施（包括潛在客戶評分）中獲得了一定的生產力提升，我們更有信心，我們有能力很好地參與其中。

Stephanie Moore, Jeffreys.

史蒂芬妮·摩爾，杰弗里斯。

Hi, good afternoon. Thank you. I wanted to -- you talked about this a little bit. You talked about investments that you've been making in AI, in particular, and other investments and maybe your positioning versus your smaller competitors and we eventually get out of this very sluggish environment. So could you talk a little bit about how you think you're positioned to win and take share when we do eventually get out of this pretty sluggish environment?

嗨，下午好。謝謝。我想——你稍微談論了這一點。您談到了您在人工智慧領域的投資，以及其他投資，以及您相對於較小競爭對手的定位，我們最終將擺脫這種非常低迷的環境。那麼，您能否稍微談談，當我們最終擺脫這種相當低迷的環境時，您認為您將如何贏得勝利並獲得市場份額？

And maybe, asked another way, given how prolonged this sluggish environment is in, do you think that actually puts you in a better position for maybe smaller players that have struggled to compete and might not have the resources available to take advantage of this recovery? Thank you.

或者，換個角度問，考慮到這種低迷的環境持續了多久，您是否認為這實際上會讓您比其他一些在競爭中苦苦掙扎、可能沒有可用資源來利用這種復甦的小型企業處於更有利的地位？謝謝。

Well, as I said, for technology reasons alone, I think we'll be better positioned to take share in part because at the end of the day, what clients can care about is the quality of your candidates. And we can present better candidates because of our AI. By the same token, what candidates care about is the quality of your jobs. And we can present better jobs, more relevant jobs to candidates because of the power of AI, neither of which our local and regional competitors can do as well as we can do.

嗯，正如我所說的，僅僅出於技術原因，我認為我們將更有能力佔據更大的份額，部分原因是歸根結底，客戶關心的是候選人的素質。而且，借助人工智慧，我們可以推薦出更優秀的候選人。同樣，求職者關心的是你的工作品質。而且，借助人工智慧的力量，我們可以提供求職者更好的工作、更相關的工作，而我們的本地和地區競爭對手在這兩方面都無法與我們相比。

And so I feel great in that way further, because we've made this commitment to these full-time engagement professionals. The quality of the talent we can provide, even in a very tight, low unemployment market, I think our clients are going to be very happy with. And we can scale that quickly, if need be, as well.

因此我對此感到非常高興，因為我們已經對這些全職參與的專業人士做出了承諾。即使在非常緊張、失業率低的市場中，我們也能提供高品質的人才，我認為我們的客戶也會非常滿意。如果需要的話，我們也可以快速擴大規模。

And so the combination of our technology, our brands, which are better known than our local and regional competitors. The fact that we have this bench of full-time engagement professionals that we're willing to commit even more to I think, just adds -- and so frankly -- and by the way, the latter is very margin accretive, and so I believe we're positioned to benefit relative to that competitor set better today than we ever have.

因此，我們的技術和品牌的結合比我們本地和地區的競爭對手更為知名。事實上，我們擁有一群全職的專業人員，我們願意為他們投入更多精力，我認為這只會增加利潤——坦率地說——順便說一句，後者非常有利於增加利潤，所以我相信，相對於競爭對手，我們今天所處的位置比以往任何時候都更好。

George Tong, Goldman Sachs.

高盛的喬治通 (George Tong)。

Hi, thanks. Good afternoon. So perm placement revenues during the quarter and the first few weeks of July declined more than temp staffing revenues. Can you talk a bit about what some of the factors are that may be contributing to this?

你好，謝謝。午安.因此，本季和 7 月前幾週的永久安置收入比臨時人員收入下降更多。您能否談談可能導致這種情況的一些因素？

So George, perm has been more volatile than contract forever. And so short-term differences, one versus the other are normal, frankly. And explanations don't really say much about trends. And I'd say, perm in April, didn't see the lift we would typically see in the second quarter. But at that lower level, we leveled out in May and June.

所以喬治，永久居留權永遠比合約更不穩定。因此，坦白說，短期內存在差異是正常的。而解釋其實並沒有說明太多趨勢。我想說的是，四月的銷量並沒有像第二季那樣成長。但在較低水平上，我們在五月和六月趨於平穩。

And I was talking sequentially again. And so perm is fine. It's more volatile. It's always been more volatile. It always will be more volatile. As we talked even on the last call, we came out the gate hotter there in perm, and when you looked at the full quarter, that wasn't very predictive of even one quarter. And so perm’s just more volatile.

我又開始按順序講話了。所以燙髮是可以的。它更加不穩定。它總是更加不穩定。它總是會變得更加不穩定。正如我們在上次電話會議上所討論的那樣，我們在燙髮方面表現得更加出色，而當你看整個季度時，你會發現這甚至對一個季度都沒有什麼預測性。因此燙髮變得更加不穩定。

Got it. That's helpful. And then your admin and customer support business has been declining faster than finance and accounting now for two quarters in a row. What may be causing this difference in the rate of decline?

知道了。這很有幫助。然後，您的管理和客戶支援業務連續兩個季度的下滑速度比財務和會計更快。什麼原因造成下降速度的差異？

There's a fair amount of projects in ACS ,and large projects tend to impact that more. The comps have been tougher at times in ACS. But again, they are a couple of percentage points different than finance and accounting. They're not hugely different.

ACS 中有相當多的項目，大型項目往往會產生更大的影響。ACS 中的比賽有時會變得更加激烈。但同樣，它們與財務和會計有幾個百分點的差異。它們並沒有太大的不同。

If you look at a year ago, you'll find that the comps for ACS are tougher than the comps for accounting, and that somewhat gets reflected in the year-on-year growth rates. I don't think there's a big story there, one way or the other.

如果你回顧一年前的情況，你會發現 ACS 的競爭比會計的競爭更激烈，這在同比增長率上有所反映。不管怎樣，我不認為這裡面有什麼大故事。

And by the way, when we did that AI impact study, customer service, administrative staff were definitely included. And they hadn't performed any differently than other roles.

順便說一句，當我們進行人工智慧影響研究時，客戶服務和行政人員肯定包括在內。他們的表現與其他角色並沒有什麼不同。

Very helpful, thank you.

非常有幫助，謝謝。

Kartik Mehta, Northcoast Research.

Kartik Mehta，Northcoast Research。

Keith, I wanted to get your perspective. We've had a couple of starts or a couple of signs this year where it seems as though the industry was going to be on a positive trend. And then fortunately, for a variety of reasons, it isn't able to hold the momentum.

基思，我想了解你的看法。今年我們已經看到了一些跡象，表明這個行業似乎將呈現積極的趨勢。但幸運的是，由於各種原因，它未能保持這種勢頭。

And I'm wondering, if there's anything different you're seeing this time around, especially with some of the sequential growth that you've talked about that you could point to that might say this is going to last?

我想知道，這次您是否看到了什麼不同的東西，特別是您談到的一些連續增長，您是否可以指出這種情況會持續下去？

Well, I see heightened uncertainty is certainly more accepted in the new normal. So I don't think there are as strong of reactions to all the policy changes up and down that seems to happen daily. So it's more settled in that these things are going to happen, and that's the new normal, and deal with it and get on with it.

嗯，我認為在新常態下，高度的不確定性肯定更容易被接受。因此，我認為對於每天發生的政策變化，人們的反應不會那麼強烈。因此，我們可以更確定這些事情將會發生，這是新常態，處理好它，繼續前進。

And so I think with time, clients, particularly SMBs, have gotten a little known to that. And therefore, it would take more to impact their confidence levels than it has in the last few quarters.

所以我認為隨著時間的推移，客戶，特別是中小企業，對此會逐漸了解。因此，與過去幾個季度相比，這將對他們的信心水平產生更大的影響。

The tax law is now -- has now been done, so that's behind us. The tariffs, while not settled, the view is -- I mean, led today, in fact, by Japan, as you know, that are likely not to be as significant as first feared, not that it's by any means settled, but it seems to be settling at a lower level.

稅法現在已經制定完畢，這已經是過去式了。關稅問題雖然尚未解決，但人們的觀點是——我的意思是，事實上，正如你所知，今天由日本主導的關稅問題可能不會像最初擔心的那麼嚴重，並不是說關稅問題已經得到解決，但似乎正在較低水平上得到解決。

And then just moving on to the Protiviti business. Any change in the competitive dynamics in that business, especially as maybe there's just a couple of headwinds here than maybe of before?

然後我們繼續討論 Protiviti 業務。該行業的競爭態勢有任何變化嗎，尤其是現在可能比以前面臨一些阻力？

Not -- I mean, the competition are the Big Four. And if anything, as we've talked about in the recent quarters, that competition, particularly as it relates to price, has stabilized. And so I don't think there's a competitive reason that Protiviti has gone to a small negative year-on-year growth rate. I wouldn't say that's about competitive dynamics at all.

不是——我的意思是，競爭對手是四大。而且，正如我們最近幾季所討論的那樣，競爭，特別是價格方面的競爭，已經穩定下來。因此，我認為，普羅蒂維蒂的年成長率出現小幅負成長並不是出於競爭原因。我根本不會說這跟競爭動態有關。

Thank you very much. I appreciate it.

非常感謝。我很感激。

Jeff Silber, BMO Capital Markets.

傑夫·西爾伯（Jeff Silber），BMO 資本市場。

Hey, thank you very much. This is Ryan on for Jeff. You mentioned that 70% of the business is SMB. I was just wondering how your larger enterprise customers fared in April and May. Perhaps, they were a little bit less sensitive, but I was just curious. Thank you.

嘿，非常感謝。這是瑞恩 (Ryan) 代替傑夫 (Jeff)。您提到 70% 的業務是中小企業。我只是想知道您的大型企業客戶在四月和五月的表現如何。或許，他們不那麼敏感，但我只是好奇。謝謝。

Well, we don't typically quantitatively break out the difference. But generally speaking, I would say the enterprise -- our enterprise clients have been a bit more resilient than our SMB clients for several quarters. And you see that in Protiviti's results where their client base is very different than talent solutions, where they're principally enterprise clients. So enterprise a little better than SMB.

嗯，我們通常不會定量地列出差異。但總的來說，我想說，我們的企業客戶在幾個季度內比我們的中小企業客戶更有彈性。您可以從 Protiviti 的業績中看到，他們的客戶群與人才解決方案截然不同，後者主要為企業客戶。所以企業比 SMB 稍微好一點。

Appreciate that. Just for a follow-up on non-US Protiviti. The growth there was up quite a bit this quarter. I was wondering if you could break down the drivers there? Thank you.

非常感謝。僅針對非美國 Protiviti 進行後續追蹤。本季那裡的成長幅度相當大。我想知道您是否可以分解那裡的驅動程式？謝謝。

So first of all, the comps are dramatically different between US and non-US. A year ago, US grew 3%, and non-US was down 16%. So the comps are dramatically different, point one.

首先，美國和非美國之間的比較存在巨大差異。一年前，美國經濟成長了 3%，而美國以外的地區則下降了 16%。因此，第一點，這些公司之間存在著巨大的差異。

But point two, Protiviti in Germany and in Canada, have some very large joint go-to-market projects with talent solutions, and they're doing very well. And that's expected to continue. So we feel good about Protiviti's international operations, particularly Europe, particularly Germany, and there's a lot of excitement to all this defense and infrastructure spending coming, hadn't happened yet, but we feel good about Protiviti non-US.

第二點，德國和加拿大的 Protiviti 有一些非常大的人才解決方案聯合上市項目，而且做得非常好。預計這種情況還將持續。因此，我們對 Protiviti 的國際業務，特別是歐洲、特別是德國感到滿意，而且所有這些國防和基礎設施支出都令人興奮，雖然還沒有發生，但我們對 Protiviti 在美國以外的業務感到滿意。

Okay. So that was our last question. So 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 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。如果您錯過了電話會議的任何部分，音訊檔案將存檔於羅致恆富網站 roberthalf.com 的投資者中心。您也可以登入查看電話會議重播。詳細資訊請參閱該公司今天早些時候發布的新聞稿。