Korn Ferry (KFY) 22 Feb 212021 Q3 Earnings call transcript

Ladies and gentlemen, thank you for standing by, and welcome to the Korn Ferry Third Quarter Fiscal Year 2021 Conference Call. At this time, all participants are in a listen-only mode.

Following the prepared remarks, we will conduct a question-and-answer session.

As a reminder, this conference call is being recorded for replay purposes.

We have also made available in the Investor Relations section of our website at kornferry.com a copy of the financial presentation that we'll be reviewing with you today.

call your the Mr. turn I over host to Before a me to Gary let read cautionary Burnison, please first statement investors. statements and Certain statements relating constitute the plans those Litigation Reform such today, meaning Act forward-looking Private goals of Securities made in to the future call within of the XXXX. as performance,

differ on expectations future in investors to not are are forward-looking company from such Actual control. are in statements materially reliance results statements. the may expected the beyond of Although, because reflected based currently believes periods cautioned a place the company's of which such risks or on assumptions, those undue reasonable uncertainties and desired number

to concerning the fiscal the release reports measures, company's and information EBITDA of found quarter other for risks EBITDA. this XXXX. January and XX, SEC, company's XXXX be and Annual may year by Report non-GAAP filed today the soon can the in relating for currency quarterly amounts, company ended as the constant comments reference including periodic Additional filed some the the with report and Also, presentation such adjusted be uncertainties to the and such in financial

section the is I'll yours. the the presentation this that, Sir, the Additional measures, these to including financial reconciliations of is company's of which the With and both call, floor website over www.kornferry.com. turn the in directly information Relations comparable in Mr. GAAP to measure Investor earnings release concerning to at contained financial most call relating Burnison. posted are

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our Great recession, key few digital we're revenue in from solutions business. XX%. the forward at we're closely seeing more and fee a measurable look XX%. go-to-market subscription subscription at looking Recession. substantial out, selling fee from in Now, based decline Year-to-date, improvement only When based COVID-XX quarters our progress the X% a the grew if years strategy, two we In only was fast that's the down in revenue quarter

we're of While our as consulting also that base those quarter classify we business was we're was a talked to sequentially. engagements, larger would third driven about, are or are year-over-year XXX,XXX success were durability. more these obviously and XX% we by value subscription capturing new solution XXX% large see an engagements have And and up in integrated that are year-over-year, of Year-to-date, of continuing large enhances almost a that these with engagements XX% also revenue strategy growing business absolutely provide visibility, us engagements and relationships which client enduring consulting scale. more driving and backlog XX% new up

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will Solutions collaborative, a by diverse, is emerge workforce and only motivated. that cultivating

our ahead, revenue I'm the have I accelerated that we’ll the the us addressing forward over firm. trends and preeminent to growth we are Bob the accelerate going time the right it's call well as reshaping year landscape as commitment to organizational the and In right who's with mega look to through joining delivering the continue right people the the focus IP turn the Bob? what leveraging engagements, consultancy. more XXXX, about at Kvochak. Looking larger, our and consulting I us calendar impactful truly turn. driving data corporate for build Rozek global to to Gregg feel brings

morning, Gary. And afternoon. everybody. thanks, Good good Great,

reference with results. As of long generate revenue trends like represent the Gary the changing Items of successfully Ferry earnings. firm that calls as quarter will resilient and a a change our cyclical third into social landscape. on Korn made more said, that increased digital and issues. Gary them emphasis very also to They colleagues. driven more have the pandemic that transformed we less We base accelerating overdue we're view fee corporate validation by mega to proud corporate our scalable ESG durable testament efforts for sustainable, are of transformation

and solutions, these from each Ferry. importantly, differentiation deep and point a comprehensive serve of Our of highly to aligned of your collection data our Korn needs as informed are real set of help in they property relevant by And, intellectual client’s rich areas.

Now to our turn let results. of me third some quarter

$XXX in As was fee the quarter Gary third revenue million. mentioned,

with consecutive units. based second broad business was improving in sequentially the growth for quarter our revenue fee each that of Now

measured X% for Additionally, seeing backup for North actually third prepared quarter, revenue up the search, business is which growth executive levels. was flat American was this fee in pandemic is RPO, year-over-year activity

in consulting, and substantial was that and only saw search X% X% down it was only also professional year-over-year. We year-over-year, in improvement down

and the earnings profitability quarter. surged importantly, More highs to in record

diluted fully or $X.XX, reached earnings per $XX EBITDA $XX XXX or in XX% sequentially sequentially, XX% third grew that the $X.XX, improving points year-over-year. million XX.X%. EBITDA improved to was million adjusted in up margin level adjusted up quarter XX% Adjusted and also basis record share to and Our the to or our $X.XX,

to that have January important full XX, Now employee it's note effective been salaries XXXX. reinstated,

their we months. these booked of both pay accruals to addition, In November all full salaries for and for December employees

second similar all XXX% structure quarter, in So third compensation to the our employees reflects the of costs. quarter cost

the That consolidated continued a On let new new broad Now, business. based was X%, professional excluding was quarter. up awards search up quarter in turn to also a me XX%, improve X% the was sequential showed XX%. was were in Digital year-over-year. basis, business basis, down to On only our RPO, and the third growth Consulting up search new also X% business up Executive third improvement.

Our remained and $XXX the marketable At quarter, balance securities the strong. cash third million. our and totaled of liquidity end sheet very

deferred million, if quarter balance Now you was cash third investable million the our for amounts $XXX sequentially, accrued which and up comp, at exclude $XXX end is year-over-year. million reserved $XX up of approximately the bonuses, and

invest position to sheet we with Our anticipation facility debt steps because into due a we tenure securities. And debt we in long storm wanted that a potential part XXXX in refinance late we to also ourselves public able to be the weather restructured to large balance of in is the and And credit did recovery. took our our to strength downturn.

over we've obviously changing business, colleagues investing the managed today, environment. we the quarters. into past And adapted as Gary now Now mentioned two commercial back hiring to recovery, by successfully XX and our the are Senior

in to So operating over review I'm will segments with call that, detail. going our the who Greg to more turn

beginning best third million. quarter to the KF Bob. Thanks for million grew of with with revenue business component the the quarter Digital revenue was of fee in of the Consistent global quarter, our new in quarter. the the COVID in the $XX second $XX was for third Starting since new Global the Digital Digital fee third business segment, licensing digital XX% million, quarter the $XXX sequentially subscription recession. KF segment

Additionally, quarter Adjusted subscriptions XX.X% highest is quarter Digital with sequentially and for third $XX.X to XX% Adjusted portion any EBITDA was in up in which KF business of licenses, million the $X the million third quarter-to-date. the EBITDA new of was a margin.

professional RPO in $X.X sequentially improved Adjusted Now and capabilities. and growth which is million was generated enhanced Growth region. turning was to Consulting in our consulting fee year-over-year. professional of with new third third areas $XX.X revenue global down in approximately million delivery million sequentially, approximately X% X% fee in third up RPO million, quarter or quarter. the up revenue each solution the which approximately measured in up fee $XXX.X $X.X year-over-year. the improved and quarter quarter, fee also X% global consulting. XX.X%. third quarter, the EBITDA every third with XX% consulting EBITDA In up to million our X% adjusted revenue, of new revenue is by Sequentially for business X% virtual search margin business search XX% of at only sequentially. up sequentially, improved sequentially, $XX.X and was was in the to

in approximately As new third million third million the new was fee consisting sequentially of the Adjusted adjusted awarded XX.X%. was of million was RPM to XX% measured professional previously in $XX up $XX.X of quarter new renewals up of revenue quarter. RPO search another margin and logo regards X% search on for With year-over-year mentioned, RPO up was $XX contracts and sequentially, business, and and million, an $X.X quarter extensions, with to work. professional $XX EBITDA EBITDA third million

EBITDA fee per of in revenue quarter consultants dedicated up EMEA sequentially. XX.X%. third margin In the of up the the at was approximately the search, while to production Finally, consultant million with XX% was $XX.X $X.X in up every America respectively. Sequentially, end up with quarter XX new open The search was XXXX. an million, region. X% in or were XX% executive $XXX adjusted quarter, which XXX, assignments the was revenue million in rose and million quarter fee approximately third XX% the search $XX.X for of and number global growth the of third improved approximately to number Annualized sequentially million, executive third adjusted and grew APAC North quarter sequentially, EBITDA $XX total third worldwide worldwide

to discuss fiscal I'm Bob the back Now going call turn to quarter. over fourth to the our outlook for

thanks, Great, Greg.

Over has visibility the past the challenged, our business two quarters, into monthly new subsided. volatility activity

our new hold. business In And of result seasonal how been a to now in continues more fourth be the will patterns to Current year. addition, position impact reinstate quarter Historically, and becoming guidance. the trends stable. in global and quarter we've We're environment appears strongest business. a that it normal business identify the decided activity as our fiscal any to has

pretty XXXX range fourth our foreign $XXX we conditions, pandemic our to in fourth in changes business new consolidated assuming and million our revenue in expect major diluted quarter that fiscal fee related strong. quarter economic worldwide $XXX this earnings lockdowns, and consolidated per to expect the We financial rates, and no to markets share million from range Considering to $X.XX. new will $X.XX exchange remain from of

expected flow from are quarter faster fourth top through that reported steeper. quarter benefiting our adjusted trajectory recovering third our levels with elevated line much of and is a profitability Our EBITDA to margins due

However, execution stretched. capacity our pretty current is

opportunity to front aggressively want resources. number along that, to adding line. advantage as of in the into making recently levels we about previously EBITDA Further, to our With end, think our back are invest are we begun our you a us. new and following to we've boundary additional key continue term that To discussed, near take about it plan support business satires in think utilization growth. of of of operating And process the adjusted consultant forward. hires, sustainable for Our business current the of margin, we not as going

a business prior go margin an we billion pandemic, of to you adjusted If XX%. with essentially to XX% around were $X the back EBITDA

As previously result, business to mentioned basis pandemic as our margins margin. EBITDA XXX of to will range adjusted levels add points the changes, quarter to fee we the, expect pre around from XX% a fourth we structural XX%. and we're going return revenue, And our to near consolidated term benefit beyond to from

acceleration proud and performance in we that to call to gives significant right to steps entire market for years team Now I we recent just strong want open us increase questions, management quarter our We've of really reiterate third our profile, third before strategy may our you your share, the sustainable all conclude enhance our our confidence to The up financial model, continue to and tremendous questions quarters taken position in is place of announced deliver to stakeholders. that, remarks any have how Ferry be success. the I that strengthen I the value second the financial performance to are today. and working, and Gary, in business answer this sharp I our we'd With in have. and have initiatives glad Korn

the Please Tong George Our of Sachs. Instructions] will question of go come line Goldman [Operator first ahead from

good afternoon. thanks, Hi,

have XX% X% noticed February trends quarter by You year-over-year touch the indicated on in and there? evolved how Just was month quarter? the also through perhaps of ex-RPO that about elaborate new was also what down talk business trends digital in Can the fiscal that it in year-over-year you and month done was XQ. the the on happening

you Bob, handle why don't them?

Sure.

-- month from last Hey, there saw we flat saw business actually quarter, spike was down growth from the in has year-over-year, in new the in that every look America. strong particularly a we're We with were in large bit Pro We November at essentially side, trends a we North were the spike the year. no little same. in had an you the job. where fantastic In how pattern consulting And each real you business December, you business was, quarter, new look new a third perspective discernible in really January; exact America in search, If consulting month Pro a month Hey, businesses, overall perspective. but In of the the Okay. big this In new just Search. If done North in December. business Search, the George is patterns a year-over-year doing?

the On the primarily the through digital down actually since I desire pay, business focused was highest the XX% although areas. year-over-year. two would new it coming business side, the had that we we was what we're And seeing pandemic, say the decline is in digital was One saw the in pandemic new started the for virtual pandemic dampened training there a from was And impact pay larger classroom in hit, first classroom for in training the data a classroom we've seen stopped. was from what But virtually year-over-year comes training. And raises training. pay is to the there shift basis. the on then when in the,

pre we fact, what timeframe, delivered. and or that's virtual. haven't sort bounced we good yet, it's Today, growth us In pandemic volume on XX%, in-classroom X%, back for what is deliver back XX%, the about horizon seen to, that What in we of of February training comes yet, should George January back stimulate was that, levels. go number our quite if once to you trainings the XX% the is the of of about delivered,

the currently trends have helpful. new quarterly And and contemplated of that's your how through what's it, business Got in month evolved February those guidance?

we and bit way if it's, say, now of of a it the And business One month of of But about because so we're two lot a perspective. at at the business end a month, a do new right the geography. look from get would the look then do George, Yes, through, challenging, you from at through it's business little XX%, is it and month. line February, I in days of the I'll I'll perspectives.

Pro rest just firing have of perspective, perspective, up So to But America not and the of to are opportunities. cylinders sequential RPO, last good were sequentially, geography backlog From Consulting should where I year. caught on from year-over-year, make they momentum. of North line starting have very to business continues exact geographies gain is continue all a well, pipeline sequentially. is and a progress. search, from are of still perspective, they say, The strong, to then Search a a very year-over-year. performing quite and And

So to new we then on business expect I digital. continue strong. very And already that, touched

And quick follow very Yep, just up. helpful. a

beyond XX% fiscal it to EBITDA that should within XQ expect other be that in fall When mentioned margins beyond term, that? the event area. Is to or a range range? You do longer going you XX% to some timeframe XXXX

-- fiscal it'll XXXX. it'll be No, be

Got it. Thank you.

will Tim Our come of Please Blair. the ahead. William next go line of from Mulrooney question

Good afternoon.

Tim. Hey,

a Hey, questions so first, verticals. just couple your on

give pockets guys by verticals fee either yet in as that strongly revenue breakout or for out that a recovering, have you could You currently industry. those are recover. those quarter stood have if these of for which versus the to of discuss wondering decelerated I'm strength

across I piece that. about it's bellwether as high and technology best which the Yes, up That was about XX% that XX%, think practice the portfolio look a That markets got sequential in the Ferry healthcare, big all which you the a sequential was and practice we life seen of today, XX% XX% it the clearly And That is industries in of even was driver of the up XX%. ours, board the was a Korn of when and in. and industrial, up was largest overall of business. we've too. as sequentially, of all sciences operate we've increase is

and sound good as really it about was as energy counterintuitive that it well. may up that was Now as to even was see, X%

to hear good the that's about energy you. Okay, thank news. but surprising Yes,

takeout, factors or point for know well down expanded sales contributing points issue business, the there's revenue guess think was or other profitability, were rate but to cost your nearly any factors to EBITDA digital you'd Moving run some is XX Or margins good the like but XX% think Right, I just but were there year-over-year. seasonal there time business? on here? been XX%. a percentage a one this profitability mix to maybe as about I

mean, ago, talked our a, there's to they to quarters major improve Yes, And went that many IP, it's and them change take into could Bob a business. we giving alter I try as about, people's XXXXs destination probably clients, that's and within use license transformation lives not. of the happening there's to of our IP that their performance.

bigger, And only engagements. that be with so recognized And pursuing there's finding the massive model. side, it'll we're towards time. on more engagements, years, visible, the durable, past of over also deliver, and the over that impactful a we've period but that longer that years, what you're model, we subscription we've not is shifted digital half saying the, in in a there will services a we're jettison more revenue shift And based be two been consulting, smaller a we're consulting that making, two and purposely

change pretty a three from say, that's two, So big years ago.

And happy and that digital consulting so integration very the see the and the businesses. between to see and we're to pleased

laid was I that a That's half so the a segment, think, end XX%, out. I digital upper that first were I ago, can margins. think the at year you, targeting was sustainable when out definitely as we And broke forget, margin the we clearly what we Bob and of that XX%, target of what tell

I look be can a so a more can or to tend at little like be XX little And would, loss so something bit I would more.

given capture to the that's investments think that I there. want realistic, to we opportunity the market more make

terms to being are mentioned XX%. long revenue In Gary's and but digital thing XX% about that for from what this other you -- sale XX% relates is, part solutions drivers to returns to the to only thing The point would subscriptions. to that Yes. down that the shift, in the just probably add of I there's of

about training in temporary days. I relate that of for delivery pay issues Now, relates of the the that it on rest the talked XX% to to demand decline data. then training And the, the would

Yes.

Okay. That's congrats quarter. you. helpful. on a that color. appreciate I Thank nice And

Thank you.

of come will Mark Baird. next Marcon Our question ahead. line from go of Please the

on more professionals. investments, was on, morning, if progress. are. Gary, about, bit on highly overall you and business qualified where the talk importantly, And brought you just you're making or where wondering afternoon, Congrats good Hey, term the mentioned, XX the great could you good that quarter. the depending I tenured, trajectory a a long you little of

Just making areas like more also you're they are wondering, in? It's what sounds additions.

So we think internal seeing highest level where should demand the are current Where about incremental going? of your investments to the relative capacity? you

million business $XX Thank you annually. a that not we're necessarily market, probably in as for And kind excited about and the the today our professional that months. very words. about. I'm quarter search probably Well, to few see place Mark, But a And the in, is is as it's $XXX could going a billion, or massive be market high $XX billion.

like it's that. So something

opportunity. it can It's the And something so we're see over that's time. business that think I we today. real represents we a obviously in And can

but that been, sure our the And more investments into consulting making so platform we us We've you not the into into investing have across for been will board. heavily capabilities digital segment. see only that

that's to executive people add or whether been to consulting talent the business, search the So business bringing we've in the definitely bench.

would be there. areas. add So the RPO those The continue we doing talent and is very add to business well, logos

the you seen Pro it's our been one businesses. that it's, between split really haven't evenly So But Search. is pretty

month? are you came there like any Search, characteristics highest where blowout level of a sounds that It the in can sort Or demand? about like terms seeing was within And the surge December incremental common you're of, Pro of from? areas talk of where

to appetite finance So, savvy, seeing an and we're are digitally incredible are, accounting? and sure, probably For what would technology? it's and expect, enabled. people Digital the technology get even that you that in world

not good to And there. pretty that I a in Americas size, the it's quarter seen in a the months, Asia a us. drivers business, And, in of blanket term. a got here think candidly, very, And Europe, it's the we've under ahead so we've is market again, just substantial a not of kind that's, that's runway, very so But or but woefully the runway it's very I opportunity. quite whether or statement. near out, mean, few

us I see think on you'll that seizing market.

who sourcing Are existing the with Search out who of competitors RPO the Executive space. Ferry from? but business the, and just obviously or there other are through What's clients there kind Korn gaining reputation relationships? type those you're at within has, None competitors you wondering are that of there other you're

Yes, I'm the one the, is thing that you of proud when referrals. at cross look very

going when quarter at been look it's so is XX%. XX%. And you up RPO Pro And actually XX%. Search, quarter, was every quarter was this this last last

So, executive that's really search from channel. coming the

though is size market people fraction the search calls. a even our So of us, of incredibly opportunity important for it's strategically executive market the return

And demonstrated so and permission, that take access other with that to we it. think do can brand things that I we've

in big yes, it's So coming the from channel executive Mark, search a way.

And Which side? consulting this the you the point? strongest growth at seeing then consulting areas in can you talk are your within on

advanced our you to doing professional the things based. people of a we're few business, business the advisory the Well, and the new mandates, to it's we've are When I pay but D&I months, companies training org for has and business XXX into that can pretty to it's at continues it's, Ferry. number won services, well for and our our development that been ranges pretty based. XXX some where broad then executive again, learning look I'm flourish. a And mean, development also our to going using platforms and do is Fortune And substantial need, from trying I structure, to, basically compensation outsourcing we've it broad business, turning they're the or transformation. they us companies, where organizational won assessment, Fortune mandates think their that around platforms development. to a leadership view Korn doing around of two get to pretty Korn Ferry business

Can extent one Can candidates the or have? you're great. just That's one of side to that or to executive you you that of search size and an the terms also out clients talent search in the last then professional just terms broadening on potential the on your in does D&I. clear, include be D&I give either the engagements update the us what

just we've context, about D&I talk we or been this pure talking when the advisory digital about Yes, in services.

world, are broader move whole kind that in say at it's reason given happening has a there's to to of I executives important. time the C-suite. of reset, Now, whether a This lot look theme And what's to think, is in decided, the life and much and pandemic, have on. people that that's

going then we're and see are lot seeing, and that companies would that trend a as diversity business. C-suite be And as change to focus you're within another I their mega reposition the So around having there, think continue to well to inclusion. of

search our also from so And businesses. in that is that we're benefiting

and pretty made to investments. so around more And change. search, recruiting some to And to, our we're executive professional that going we've search capture capture make significant platforms

digits. part So it's I it's yes, consulting is, Ferry. mean, almost business today's substantial nine a the D&I of Korn

Congrats, thanks.

you. Thank

go Marc light of from will next Riddick come question Our ahead. of Sidoti. the Please

numbers you've quarters. and detail bit certainly to that that think in Hey, good of position the afternoon. I planning address Anyway, mentioned, certainly reported I a evident a the done to that's commentary, in sort talk first made here the over years of if lot D&I of the quite just all, and been as in was color really mention, wanted and was succeed appreciate in do we the much yourself of the you've prior wondering little the put and I a bit you was that. were so work of your about could

and might mention to there, customers? think how touch from little we're that I the of maybe a little made of you a relate if your was bit. commentary And I getting some what seeing could that you've of ESG bit wondering you're

we a why, That's is company is started you a take the and reason. is that's business. that different is several it's purpose. -- on the expanded, And to every CEO a for expanded different know purpose lenses. Purpose why -- business And, and has not the in the a Well, over slogan. last purpose years,

what was are predicting we on And in to positioned Equity and Inclusion like. and hold. no months, concerned company many was Diversity, to marketing positioning we XXXX, that number on. we'll capabilities maybe theme terms to And so hit we an the starting when to took have the consistent are the And, it many today, made you see ago. about And comments. we'll his actions company, was the for to that say the the business ESG, & necessarily, it can't going alluded to accelerate what environments there. look the, was companies eight decisions But us years that of, about was made over comes back question the years. about many we to going just I were the to term. position a the point what I investment a in what future goes really it. to, we in are in But got clearly where these as to, world possible you that recession, Bob There's through have there. have where see mean, And days, been of fact, take that alluded we clearly we it been And help

what and So that's exactly we've that's done. exactly,

I progress about then with of with made may to visibility global, and what the these that they maybe that are as of Great. would players can insight marquee these some to benefits plants accounts be provide, bit and greater some outside want North you've And maybe cases, America. imagine talk and a I little in

maybe that you of don't getting America why that things Europe can little and you're Asia North seeing be on from of Pac forward? you're then America, touch bit that of So maybe going the to learnings the how North initial some maybe a translated outside or some

-- done. biggest biggest sure, gets an think organization the for culture, Well, which things the the I is is, way

with clearly Asia. across agile, in that been the that what not been whole world, responding reason has happen to America host terms the that's in and experience will mega there's more reasons And a customer North for engage how in been clearly, looks trend customers, pretty of believe no to Europe, like, of they that's a in consistent. environment. So the

[Indiscernible], March schools up U.K., As vaccines, opening the we're with definitely the out halfway of or of think, lot than this with I there more now positives into X, there's there. lot a

going kind we've in in the of, would expect as with happen seen to Asia, I and Europe change, So America South in clients America. North our adaptability same agility, and that's

Okay, helpful. that's very much. very you Thank

line question Sommer the go Our ahead. of Truist will of Toby Securities. from come next Please

the you slides that on accompany Thanks. elaborate Could Thanks. transformational referenced the call? the in opportunities

look, really of yes, market we $XXX And Well, think about as billion. opportunity that. very we big is the there's pieces a couple

and is That's believe that like business learning and and and a digital biggest taking around do professional IP can a LD And we really The I the massive lot development. business with create did market. we Beyond lives. trying change our that around we learning of outsourcing. people's to have, a RPO development

may But investment, part acquisition. so in There's that's, And require doubt an front require no about of us. may that that's of it.

around around market. happening. it everything clearly that's is that's works other professionals, and one that that And share think of And larger a search a trend digital, healthcare work into Ferry professional The accounting that technologists, can nomads market finance mobile the whether everybody. we're world, career I much a, professionals, for big capture is Korn mega

And in would revenue to come org be is two minimizing right a our certainly But anything are around to compared compensation. strategy, And mind. those that I'm today drop the that would market those bucket clearly, anything markets. So sizeable around opportunity. or not

that up a is EBITDA year question with of grow should point, it XX% business in if follow that's points about margin sort end not we Appreciate the range. -- a Is the to think had some sort from Is it fair there How XXX the about higher terminal that. if operating next assume basis leverage? I couple that? profitability XX% generate revenue but state of if, to a continues to

it the playbook. Obviously, now continuing thought investments. We pandemic since we've the way it’s had say, it to about a tried to been now. we was make year we a to Yes, basically we're been doing

thought next different that that. so be now. in the this comfortable XX% fiscal or absolutely that XX%. what And of come would feel upside the way $X digital One the it billion margin? okay, We could to assume to upside pathways. where let’s an from year with we few that's and to Yes, that target not guiding about a company but kind want could so as be And And we may that was EBITDA actually. is be to pretty there after on-going come may the year, business, could that from we're

could professional The executive other place search come businesses. from search and the is it

as the outside pathway and example, United For that's States a well. clear very

colleagues we're But trying our possible. it's clients, yes, obviously balance to So between our shareholders. and

targeting for the few EBITDA for margin we're And the so next quarters. that's what

you Thank very much.

remarks. queue. further for back to like There the Mr. are over to turn closing I'd any in questions no call Burnison,

just I Well, for you listening. thank

to and what more how you to you capable very, proud how And for we see seems holds. fully Ferry, we we've much we as we far appears future everybody. things And everything seem it come, appear. very to I'm nothing be than when experienced listening. most unchanged, forward when make much can growth look the speaking of As progress. And One actually away, paradoxical Korn sound, just they And appreciate internally for And when externally, tremendous thank progressing. may the so we've closer and when they're next become. clearly very far Thanks, time.

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