Korn Ferry (KFY) 22 Jun 212021 Q4 Earnings call transcript

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

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

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

with available kornferry.com, Investor financial a we be made our Section presentation also will at website copy reviewing have at Relations the of that We today. you of the

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to Good joining you Brad. for Thank you, everyone. Thank morning, good afternoon Okay. us.

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million accounts, We global have the about utilize challenging and even and they generated and continue during XXX global about economic The of they the during the marquee accounts $XXX capabilities in year periods. power demonstrate fee sustainably all to revenue strategy. regional our of

with deeper executives, board You such companies more in marrying know, revenue. level pandemic areas durable we're D&I right now, looking and the seeing is been well profound larger talent, to transformation senior than high and is with our -- ever. driving much pay professional projects greater And today's and right and organizational our and for more from at Consulting for Right as is result and high approach fight talent have a need, The the a today acquisition and professional solutions broader megatrends. as Digital businesses, become level actively and the helping different market shakeout capabilities assessment, opportunity of in we've We with We've business. development. expertise, sustainability fitting lot as core governance indeed talent. capabilities members The us. talent and company a of front a our we're demand find the leadership mix of of robust

value the returns and creating we're Importantly, our we clients shareholders. for translating for our are

approved XX% allocation capital has dividend per framework, As our $X.XX our quarterly Board in of increase that balanced I'm share. to to the part our announce pleased

our well. at to we as right on Looking Kvochak I With also drive will call call I the to this strategy, the Bob CFO, the the to people, and help performance time fiscal Bob, the Rozek turn new have over is you. right that, feel right clients the year over with to truly ahead, world. in Gregg it's our

on you good Great. Thanks, Gary, are where and depending afternoon good sitting. morning or

Our ourselves was validates and our fourth measures, the strategy continue of in. in business our history rapidly It model. that also the quarter and results importance our By fourth and to solutions the highlights record find demonstrate the quarter and all profitability. relevance strongest in human we environment business the with revenue strength quarter involving durability of our capital

Our throughout in well new quarter, 'XX. and business leaving for the the was record positioned also in us accelerated quarter actually growth fiscal fourth a

talk Now, proof continue a results jump in of with our want before points into actual shared success we of demonstrate couple that to about really you that past the quarter, the for have the to the strategy. I I

has high. new at it just by and time highs from great achieved the of profitability. coming business in just over all-time new took our way example, three fee and pre-recession trough, contrast, in other revenue overall any of ago, history for out First, quarters In past business in years than our resilience prior revenue approximately the more quarters XX to we've rebound XX recession, our demonstrated COVID recession

for value, Our to account second providing marquee and continues really revenue our Gary stream that a talked of about, program, add steady firm. strong growing regional fee

generated company was down of fiscal revenue while was consolidated and of on essentially Further, 'XX, from year-over-year accounts. accounts XX.X% was X%. revenue year fee our marquee rest the For these fee of the regional our flat, about all

For and flat. up new of rest success referrals continues business business, year-over-year, company regional finally, our accounts were grow. cross was to marquee while And driving XX% line the of the our actually

fiscal Just fee XX% line all were over three at of fourth 'XX quarter. years revenue revenue XX%. for fee Today, almost referrals stands of business the line almost from cross ago for referral of business approximately and XX% cross

let's of fourth Now, turn quarter. important highlights some to our

fee businesses million. lines reaching fee mentioned, Growth in up with our $XXX million XX% for Pro of to our quarter of all-time consolidated been million all high year-over-year quarter broad-based have revenue of Consulting XX% growth fee was Recent fee an fourth for trends Search each with being and the up the consecutive highs. third RPO revenue business. flagship improving Gary talent Search was the revenue up particularly up quarter sequentially sequentially, reaching quarterly fourth revenue new strong, measured year-over-year up and Executive As $XXX $XX be continued in all-time XX%, growth XX%, in and acquisition

strong lines new in higher the business pandemic. growth levels very than with was fourth also business at all business before the New quarter generating

quarter, over Additionally, adjusted levels XX% for EBITDA XX% adjusted earnings sequentially profitability $XX an at quarter. with of the were margin million record $XXX or in second million grew fourth EBITDA to the and consecutive

from staff consultant execution and lower profitability and continue processes. earnings spend and driven in benefit delivery part Our productivity to by G&A higher virtual both

share fully year-over-year. level $X.XX Our diluted earnings or sequentially also $X.XX, up to which or $X.XX per quarter, was up a adjusted XXX% improving a record the in reached and XX% fourth

$XX.X of included roughly decided the That's reimburse Now, were expenses million that foregone percentage the year. to related of for quarter plan, fourth as it's to to remaining the margin portion business X.X recovery accruals. that expense important points employees salaries our non-reoccurring of we note during

our March Now, XX% and year-over-year business, April up business turning the business the best months awards basis, talent a fourth month ever. XX% were businesses Search quarter the growth consolidated showed of up sequential On were Search improvement to up new with Measured new by and Executive a in acquisition of Professional business and sequentially. XX%. on basis, RPO new two led XX% also broad-based excluding up new

Digital our $XXX Consulting also X% with the contracts. was addition, RPO business an X%. new of business and up was new fourth In was additional strong quarter up in million

cash at quarter, $X.X Our totaled the cash of and balance end fourth marketable securities the also improved, one billion.

amounts $XXX $XXX million and arrangements accrued end our reserved cash for up year-over-year. the excluding and and quarter of compensation the that's at up bonuses, sequentially for approximately Now, balance million fourth $XXX deferred million investable was

to it business to priority our future to invest continues Now growth. our back maximize be into

XX quarter hiring across approximately from XXX about quarters lines, earners fee of two have new three. three consultant combined of the hired earners. that fourth our rest additional we in coming and and quarters includes the this Over includes with fee business the Now all

be our Gary per segments in with $X.XX will the to has consistent XXXX. capital July approved our call share more Gregg? in on and XX% on With allocation framework, I XX our that, July to turn detail. to to quarterly to payable review Gregg our Board that's balanced mentioned, shareholders increase record of Additionally, over going dividend as a X, operating

new Bob. KF licensing million, X% Global fourth for Digital and of $XXX and fee subscription new revenue business global fee component revenue continues reached quarter million, in Starting KF million year-over-year thanks over year-over-year. up fourth subscription improve. fee was XX% Great, the consecutive second sequentially. revenue quarter, XX% business Digital which to was KF Digital the $XXX with was million. In The the the fourth and Digital, up $XX of over which $XX.X for license quarter quarter up in was KF

improved with a new business quarter of subscription approximately the margin. license 'XX, profitability Additionally, adjusted for of and and EBITDA also Earnings fiscal tied Digital improved EBITDA all in XX.X% services XX%. KF adjusted to $XX.X and for million fourth

or fee strongest or revenue, Fee approximately quarter broad-based $XX.X XX% new growing quarter, America. growth regionally across in million X% of to North XX% $XX.X solution Now turning Consulting all and million year-over-year improved approximately million which in Consulting, year-over-year fourth areas in and also generated and Consulting was the was approximately revenue sequentially. up business the sequentially. $XXX.X fourth up XX%

in revenue extensions, grew tied skilled renewals Search and million sequentially. professional and revenue in new fourth the XX% which improved from XXX% while sequentially. quarter or XX% the million up for all of Professional and and in of Professional year-over-year and Additionally, engagements, XX% of $XX.X margin revenue Adjusted With for Adjusted which RPO and value benefited in surge dollars was in remained those million fourth XX% post-recession year-over-year an to for and sequentially $XXX.X XX% fourth business up quarter, approximately labor. was EBITDA was America. and year-over-year and logo up up of the sequentially. up consisting Regionally, fourth new up in XX% Search RPO awarded was XXX% with is business, RPO over Consulting $XX.X million RPO work. and margin quarter. business contracts, in or $XX was and quarter, $XXX $XX EBITDA the large approximately million fee strongest XX% EBITDA approximately sequentially, fourth million Search Both, the fee of approximately adjusted new was global for to year-over-year 'XX. for Search and Search new to Professional surged fiscal $XX EBITDA regards the Adjusted and $XXX,XXX RPO quarter, or of XX% XX.X%. North million XX% fee fourth Professional broad-based million $XX.X new the Search also quarter was year-over-year XX% XX.X% Professional Professional approximately was RPO in approximately up growth up demand up in

sequentially the and history. global sequentially. Finally, quarter. fee approximately per was to the down Search to approximately quarter the up first was year-over-year in time the revenue and Search fourth company quarter, the million fourth in XX for the for up Executive sequentially up Search $X.XX was margin Annualized XX.X% in was year-over-year revenue Executive fee exceeded Adjusted production $XXX up Executive Global was XX% year-over-year XX% and fourth X,XXX. number assignments up the Growth in to was broad fee global opened approximately Sequentially, and XX% and in North was Search up XX% XX% dedicated In led quarter, worldwide respectively. America, in and record the year-over-year at number quarter sequentially. Executive fourth search grew revenue which and sequentially. XX% year-over-year based APAC end improved EMEA EBITDA XX%. approximately two total and which which X% adjusted million, a consultants also of fee and the XX% XXX, $XX.X up by consultant worldwide new approximately of grew revenue of quarter X% The million fourth EBITDA fourth was

for first Now, call fiscal over quarter back discuss to outlook our 'XX. of to the the I'll Bob turn

acceleration 'XX quarter The the quarter in of month exiting in for of positioned well us first entering fourth has Gregg. new growth. very Thanks, further the Great. fiscal business the

total combined of any total easily March, history. and May new business in months period the Our the in three-month highest company April was for

both the lines but acceleration our international say lines North for been demand service broad-based market of did fourth America, signs quarter, we markets of business all business see I to strongest will advantage the quarters demand taking of during acceleration Additionally, has well. activity been unique has as in of and across the of strong our begin the with our of all for of new last of of business couple offerings strengthening combination in

range or new new of pandemic-related Now, consolidated seasonal if markets million May, revenue range foreign $XXX patterns assuming to financial far new in rates, exchange and with business from and in in patterns June to strong. share seasonal will or from hold, we in in to lockdowns our we continues $X.XX 'XX quarter economic quarter worldwide and We the remain our to diluted first expect normal that Recognizing $XXX changes conditions, normal recent earnings major per consolidated activity and expectations. $X.XX. fiscal that business line month-to-date new no expect first in million business the fee is our so saw

the Through we As are reflective conditions in fiscal of we build the comprehensive offerings, is taken Korn to out extend answer enhance that we for quarters year, the on to steps, business the we be really success. come. this but building close the and financial forward macro these you clients the encouraged very we'd intentional to of our momentum Ferry momentum to business. that, questions profile to our and power glad only any This that have is for not position have. to With look long-term may by our offerings to our of and results we our believe years

[Operator ahead. Instructions] comes Sachs. George Tong from the first Please of go Goldman with line your question

thanks, good morning. Hi,

You and and business also you discussed exiting May and quarter, can trends elaborate of business the business? new new June various your in lines how in performed on in April March half first the of

you don't take why Bob, that.

of of lines expectations, business all strong really George, May and made all of our across saw I our to line to the again all date, strong in continue. we June of the new date is it's that comment, and June, business in Yes. that expect very and of month business. we our to June across lines -- with

is cross-selling segments. there across various you the selling helpful. business strong How That's do Got for additional and a much there. momentum referrals further business making And bit cross among on in certainly little it. opportunity think then, cross-pollination you the touched

look encouraging company's mean, increased top overall. from the three to you XX% almost look when quarter-on-quarter. steadily and The is inside the at its last sales, you years, line is you is that think the I and tells which substantial. thing Well, strategy working I it's two over

you may low, and at but the overall, The substantial look I actually it thing sound headroom. me quarter thing a years it this So that's XX%, it substantially is may the say, -- most though was that at X%, of XX% referrals and the last number Executive it's that to we've think you got was and encouraging low, number into was like X%. that from ago X%, when up Search couple the were even or sound

that's intangible line company's strategy of million But Executive to asset have be So our us clients. consultancy. to and the is house at it, premier with to and the we Search business top and $XX us, extra, $XX which allows this the so the for call that million top an relationships that the organizational is impact of drive deeper take we our have

to there the was this in I and quarter So, significant think is RPO NPS room and grow it business last XX%.

got we've of I so headroom. plenty overall so look And and

helpful. it, Got very Thank you.

question Please Our comes line next ahead. from Blair. with Mulrooney of William Tim go the

morning. Good

Hey, Tim.

A few questions here.

annualized you Search cost went So expected year. that couldn't quite that accelerate find hiring to need last the that across a a took consultant productivity the actions of a level another if in of following will, productivity coming model is million the quarters end signal a -- or higher in and quarter. the your you you at step-up, Executive clear in high. I the the ways was so in in our back mark business, fourth productivity $X.X Is period where

and of talent marketplace new certainly going aggressively the entire firm, to. talked terms been Executive principles to for XXX the in in across in we're includes alluded the very to and brought we as in over across bringing Bob talent and And that about, We've the into as partners Well, Search. look aggressive continue entire platform, platform. Bob we've

it's the it's this for high right, game business, So is per still the name to in of our of absolutely Search I But us. Executive consultant the is for productivity was for name game, game the think talent there. the clients more name and room there you're all-time go of the

about, And Tim, should be that you Gary talked to continue just to expect level. productivity to I would a say at the

much proactively is the of for the more we're doing work managing things one us. So,

top example XX weren't for for it's in So if taking on at who look in you consultants XX look or weren't up deck posted, you're -- out we the positions people performing who and you if Exec their of at Search, the [indiscernible] the game. consultants at, after

that So, do we'll proactively. to continue more

Okay, that's helpful.

mean stabilizes So, a of level I we've perhaps seen than is just that mean higher I more hiring in people, productivity the fair. kind but -- to at what past, summarize,

fair. It's

but up up here on gears or for cycle typical quarter point in from think emerging demand the has seeing not in physical do the overall quite -- the companies you bit organizational are Switching the rethink the is for were is services way structure. RPO this build a what their RPO engagements XX%, footprint, we only fourth accelerated material pandemic in what pandemic perhaps as also a

overall Let not over it. you me mean, I comments, if overall, it's can a years, mean outstanding. add you couple I Bob, us. in I last of -- is business quarter-on-quarter know, you process; you make and it's over know, to RPO the think the mean of And if short where look at was cyclical you I Search less outstanding Bob it's cyclical, look for been than know, Consulting and less we've way in about talked saw the Digital Bob than Consulting was the was the -- Search most what here and the than we it; was was you and that cyclical RPO. RPO operated thesis the cyclical talking about less several exactly cycle, business

begins RPO talented our it quality, architecture. the IP RPO success engagements with is clearly, embedding that and ends and whether or So business, other and talent the our people thing profiles with into

to be also think winning that's a formula. I proven

quarter-on-quarter, the the time. is takes So, say is the some trajectory breathtaking puts I but trend, all at RPO look the and yes, there clearly business and

like, time last Gary's what point what on went thing RPO actually add Gary is look a I mean, looks X% just to an did the and -- basis, incredible business only at about that business. year-over-year If you through to the that frame the think would world I grew the And Tim, When year. we it you

top growth in, helpful. Yes, fourth quarter squeeze about great could a promising. on too, point is the ask up business business a really tough that's environment, to I -- that's because Right. want new and in XX% growing digital even If I that's a your of one Digital in more cycle about of really Can really which helping here offerings and this and is business that now you gaining it your are color the drive strong to at in is traction helpful. learning digital talk up would growth? point assessment be steam picking development, it any and Is new -- succession

Well, Bob, you can add to this.

in There linked terms our long we're of really know, and AI cool that You the profiles around game. doing are assessment business. things some succession success to are and

So will quarters. over that -- over play out several

the transformation underneath down or and big so and physical that virtual also that's say that's the know are from -- that's about transformation XX% big year develop about every very we're business million is is sessions now, other The happening that's right executives of part something we business. seeing A the the you a development, high. from around happening to significant

and world Gregg business that too and pivoted business towards then, learning as going we're do. piece, continue pivoted movement of and Bob we've so, the the licensing. final about, is that's the is something and And talked the And subscription to to to online

more sustaining, news of the subscription-based, scale, revenue. take recognize to And so, does it that's quarter this of loyal and is business the about new the that third clients good last repeatable, in but a was longer

more from, ago. in but big years business it's substantially the a durable, tail say three different more the sustainable, change that's and big, So, is it's

and Tim, said, it's 'XX, about if the to you if to at about comprised, level -- subscription XX%. of Gary you look just licenses the -- revenues that fiscal for add what it's

the about license XX% year. For new and the business of subscription new total -- for comprises

to that's Tim, add. growth the and it you XX% was to was in year-over-year. and at So couple revenue leadership I'm saw up -- if then look a of The fourth continue was in better how you was where assessment this succession quarter, about it can see where we areas development, better up year-over-year the this was going sorry, -- from it area, is in in it XX% up -- about perspective, almost

All right, on Thanks it. Congrats my questions. for nice a quarter. got taking

Thanks.

go the our comes Marc question Please from next Sidoti. with ahead. And line Riddick of

morning. good Hi,

Marc. Hi

So of the going there's wanted the lot certainly is a lot dissect I a was after sort the rate meaningful little that's jump there little of are year-over-year, such very a what talk you then to specifically things well. in sort if of a pickup -- bill we in have about and bit that that, Consulting and I the within a a quarter could a could to bit talk pretty led seeing about I and wondering there significant follow-up. talk space maybe you're about

Well, in every get reimagining is and Consulting our how forefront the the done they things world of at business. business that's

which whether post-pandemic even is are of is the goals. world. here strategy there's org So leadership our happening assessment the ESG or it's in it's factors driving consulting engagements, Executive that's change our whether or development which succession, benefits megatrend we echo include Pay change, tied business, could other benefiting business, Then to from professional the ESG our rewards too, that comp and

continues be. to equity has it phenomenal, diversity, inclusion business been Our and

can't larger towards phenomenal talked now, period a I I of our really engagements. we about say can't purposely, ago, enough good shorter Years assignments around we've anchored is pivoting Consulting the think I thing So, about business and smaller for we and things were achieved this, it's -- -- upskilling what this migrating smaller, three strategy business years is dark impactful the bet, engagements, out and just coming transformation, organizational towards human -- whether we've Consulting our it's talent, history. consistent that's in more been of I business other

below was look business particularly QX we of the new X%, that over you think, over the course add I QX it about QX, smaller I at $XXX,XXX but it's if large interesting, QX talk level Marc, X%, then And they that is would actually were over the fiscal XX%, engagements 'XX up down down -- down and in engagements engaged this XX%. were engagements in

by the spike starting bill the we're when and that's rate, hours and of business the the of divided you the up. rate bill you driving look and so to see portion in revenue, with work function what's So our up revenues that at rebound the

may encouraging. strength And North we're there to made a cusp seen was little as seen picked Okay, pick that's client still and seeing Thank maybe if types bit the accelerating base. I was even, in wonder gears, other rest the and recently with you've your we've of in around even that that very sort or the a that have up areas pickup, up America I client maybe of to deeper perhaps commentary was a geographies shift of way you. on wanted in that some could more what the internationally. the some leading maybe delve of of commentary then you into and there be kind

the you is know that so go. historically. XX% the Maybe it's the part historically of very portfolio, to XX% high -- to got even and has very, our part of business Well, been which the it's biggest saw ways but long business industrial XX% growth as as still encouraging,

of further to all sorts change. transformation through upside, go that So and energy provides continues obviously

uptick future us Asia, in you really a as Bob we an talked about, that's news at EMEA and on look for the that gives as both When hope So for really, well. good have us. seen regional basis,

and of heartbreaking look, South you -- the it it's a look an when the XX% incredible have our it's of trailing you our of and can yet heartbreaking at -- up I America, what's business, India, think just numbers example, as the lot it's COVID in was happening. face a mean, about colleagues four promise XX%, [indiscernible]; tragedy, and you the business, future up resilience so New of world it's that in death, is -- Brazil in for of the just shown it's what Although, the numbers hold. months parts just see to example, I and think gives in

That a thank lot certainly you. makes I sense. commentary, appreciate of your

Tobey with do Please go ahead. we the from line a Securities. And have Truist question of Sommer

margin Thanks. EBITDA I'd the opportunity on get at love your to long-term company. perspective the

that you're quarters thinking a couple even non-recurring right long XX% a to the still XX% of there XX% kind of some number You the had about? plus expenses, or XX% here, term to tremendous is with

good a That's question.

it's probably say know the doing it's I is end. a to say in basically you of think said I something else. year world with long is and going couple time, it's this really be transitionary would -- and that to XX% falls, a whatever I've to you that replaced where hard of for were going where

of settle entertained, how think to take you and work, couple how So dramatically to going you're has mean really office. like it's are activity this to you what definition the I I the into decade it and it's something like, things -- that's consume, this on XX% to this today going debate you but and believe all going working-from-home world probably and things a how of focus differently, see years about I personally it's over the can it's proven in just organization of accomplishment done. an culture, looks be the to how really the done going for changing people get gets

you of around, Getting on going the society really say that's wildcard airplanes in sorts around for is the quote different that what that view all going meeting be and -- know, the what card plus. what in people things. is the and know So person, big conferences, does me to is around to you the wild

And of so, probably for in lot I at yes, raised to that delta United a on the would this XX% world yes hold XX% learn States in plus firm time. this probably, moment other we've variant going take put parts but at we're XX% a probably the or I I I'd put that plus I'd in least the we hopefully -- a not our does put of I the would long-term to but think fall, yes, target and -- up on to now out, and

level? Thank what XX% I XX% increased of to I the ask cash. to average, wanted about margin a net basis feel with what is Should the firm, the that company so, sustained operate XX% or XX% plus, if a realize for on kind today term. healthy a a will you right but on to question over a balance you you. lot that's like dividend time, longer the sheet very debt -- generate whether and of that's

and go been going XX% to if solutions are we and about at to mean and use you the the that's that, digital at the consultancy to acquisitions. to very do it, it's our to assuming let is that but on as I'll we and have thing have the and The I and the we've take not and organizational M&A only to next our done probably talk foremost do net is inorganically disciplined premier in level. we you to we to quarters create change. can higher capabilities that last continue doesn't of well organically, least around Well, return also have four capital invest couple look Bob is our annualize quarters, that this first and debt capital that our the probably priority world has XX strategy

very to and I sheet how gives question, the sentiment but have when think incredibly shareholders, the we and flexibility tremendous and in -- our robust investing continue we're your in we be the disciplined to comes that in [ph]. it our do colleagues business capital, we balance and strength that, a behind terms to of us balanced want

add level the I business think a year. level. see ramp more thoughts, roughly to and what back is, that historical we spent our back up to plus call or the Digital and million you'll starting $XX jump back on through minus investment would one number just last obviously, million last PPV pandemic I to into couple We, would so us the going I year $XX we'll year cut see that of this up around

a below. bit I on terms times actually don't see in comfortable operate little operating, a leverage basis debt, In debt in two we're long-term it where or operating look differently of we position. us conservatively. terms net at being We at net fairly of

said we've two the as our leverage. pay get would times get back -- to along, the would blow As that came in to predisposition as X.XX below X right acquisition down the past, to up we to to be possible but quickly go if

work we're managing I Great. of I balance is guess, can appreciate get perspective ask on and the your that returns. I that hearing sheet another you They things pulse. prevalent levels works a terms have maybe remote basis recruiting of -- national on that where means occupations being part job wasn't in of of structural unlocking more what an previously. and lever, retirements and about you, landscape Could the really the sort market-related couple improved ongoing to

this work, seen whether doing executives and have is charitable trend we've you off it We've is have you been about and and absolutely It's I said, ago, -- now mobility. whole ago virtually, we've hired this to do -- don't would a it's -- mean big big here much reset years the boomers, don't now career have reset, has baby read it it's really else, -- nomads XX world here been two and but retirement, got has you it's incredible, had just was you've for talent, day. go around accelerated. that the single I'm that's I going wouldn't whole anybody this and thought thing here, every there greatly years something who it's tremendous whether the that seen we're

seen I really flexibility the And is I've job geography, know, my market a so job better mean years there business, is all in tremendous, market. with I this around unbelievable it's don't fluid know if breathtaking. in it's the really, you

follow-up, last wage Is a recruiting a price sort of driving in there. businesses live somebody of that your one is Moines back your a by in fact the even Des I'll manifestation key headquartered get have of might the inflation, some if metrics the to question, effectively necessarily in Moines queue. have the and Des sort company there comp of I within that driven be in doesn't businesses higher

there no would if, that there is that's I how there about an the is but that's -- there not given bowl clear. will mean I question spike. think be I -- punch think is -- when. I really mean

seen, is, is know, haven't versus City, be living a if our cost your We less York paying question you Kansas in element. company to is of sure New there

changes high got job there. seen companies now coming you've openings, haven't career got together, make X and got X the of hitting a you've labor it's you've talent for is factors flexibility million people those really probably boomers, things We We've and unemployed. at right there Nomads, there's stimulus, is the the these work, the all baby war time. of dramatic got the of million market The same market all

much Thank you very

go a ahead. from question Please line Baird. the we do And of have with Mark Marcon

you haven't about hey Hey, Wondering if this. you like can little mentioned, a good job a Gary, you talk morning. seen comment. bit your last market

are be fluidity, say, of kind to some at productivity react the the you you regards is executive Consulting of and the sustainability to at these search look of I've Digital? they demand and might what and comp rates to got then within about regards questions inflation and I'm boomers take how that well, people if wondering retirement terms baby peak, if high we Some but where other a can of force just with the with levels executive and think in consultant the and and this are you to think comment going the cycles

as I'm not two don't quarter, going do next do think foresee delta valley, events believe three this believe to some -- barring a quarters that quarters. unforeseen a it's over peak -- see such I don't I up. I but lessening a let some any I the is say this to or looking I variant, going continue. certainly

there pick it, why that that's not to flexibility, question no maybe alluded seeing to do XX% now would of you're and out and is search I that today, -- business, You're what's be which economic price I that surprised wouldn't it, is -- be And company haven't there you baby not price but shocked the or it there the at is an be wouldn't absolutely against flexibility economic how have knowledge but at The there see and was there today year, inflation right in guess, playing about it's if we data flexibility be. for that hard sure. workers the boomers only, up be that. supports theory kind think looking of that the Tobey of look wage the about wage that if argument the I that's the because would to I when would

they most see need terms of, terms Right. talk use to mean companies out, it over to going determining do no? I And the which early see to you I mode mean, work about of end means this thoughtful in When it are the several they is years wait thinking companies, think a to flexibility. regards how very with in because I in we're how then, that that. when playing up -- are out stages actually I in and could

Yes.

of around not there card definitely or When transformation workforce companies clients right, it's and engagements today because of is pulling it's out such it's that much ultimately, today, know location will, there and it's as into But not the off -- over we I card think two going a how economic our does. factor flexibility it it and years playing shortage the skills. -- at do you're just I doing trade there don't that's big. types I said, you know don't of believe makes versus I we're what correct. But is to an they're but big, of from it have, I sense pulling that now. definitely that's calculus some look upskilling

really period along in number for a of of two-year work transitionary I that So a dimensions what kind a really on looks think we're like.

both Right. traditional a little as as bit Can consulting the side, digital. Consulting you on talk well about

pandemic. know, that to Miller right prior Heiman, you bought You

the are assessment that of of think Korn the leadership marketing haven't into you don't set Korn for is lot formal what like training, workforce and can talk that kind now, training, of considered it a finally returning. a ways that as seen you're given would Ferry. and full the are you of evolution entering everybody So but of have There's Ferry for Consulting just of about different the areas lot who the some traditional traditional you lot benefit, seem of opportunity outside that people the not it solution, that as

and days to had low yes, we're got market around customer and Well, a we taking how accounts you for customers. be our really revenue We've as that around as right very effectiveness so our early major it, it well now fruit anchored many, growth experience companies the like see call are solution last re-imagining and so push hanging interacts what and in around sales that as on We're many it should be should it underway. and We've seems organized to marquee in it and website. is taking customer months -- the client people their of regional it have a we probably several accelerated a out experience company it now. the that with

world. of So, our we do pick think that is that, for is we only post-pandemic one gems our last done capabilities that Aspen the development did Heiman the people the but in in what Miller together an acquisition not the to, around we've [ph] tied as we like profiles professional opportunity of the It we've us. experience picked you customer-facing look and is companies of that with all thing alluded up, real up, which included around success that customer and

making we're big push around push -- a big a big, a -- yes, big that. So

great of is is our that Hey Bob. just refer example we a to would integrated Mark, I solutions. this to as this what add

we call revenue area growth, that the it have core So it together ARG, a would cobble from every solution you as about accelerated pulls you single we think obviously solution. and

our of solutions because absolutely solution is integrated is an me even they process. even this runs client demonstration is for use to integrated on different each a Our one different what's have architecture of but this case, to interesting and fantastic --

to as So sales sales the point, think process about improve effectiveness the content Gary's in how or you around your, to process sales well. now have IP and as the we

So good very, solution. of an example integrated very

then That's also to from a perspective, for And and firm organically. mean great. potential alluded capital acquisitions you've the I building allocation

the do to as in both currently either mean ended You exists. or strength here, the through the I continue increasing M&A. it I'm continued of buybacks basis, up addition pursuing balance on can extent cash so what with wondering the also sheet to especially through even just dividend shareholders dividend return to to more we a

Yes.

we to would do opportunity have agree that which you both is there Tobey and kind think of I think that I both, Mark. inferred with. And

that we now opportunity. that. we've it going -- going and So, do on do the there in to to do we're M&A front, of been systematic continue kind fairly we're think And to how disciplined just we is and

Great. Thank much. very you

further are Burnison, no And continue. it questions. please appears Mr. there

to resiliency colleagues their last constituencies U George Okay. is important color over thank consistency resiliency humanity and also and it D&I, whether and Floyd of it's million over shareholders a and such and the few as think our taken, that's Well, most years, I year we've and one ago I the year voice with our word the the have my listened that developing who our initiatives and consistency this here was for been want tragedy, around our for Leadership resilience but clearly professionals for over next actions resiliency. our of

thank So, to look talking to we time. you much, you and forward very next

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