Korn Ferry (KFY) 27 Jun 232023 Q4 Earnings call transcript

Ladies and gentlemen, thank you for standing by, and welcome to the Korn Ferry Fourth Quarter and Fiscal Year Ended April 30th, 2023 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 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 will be reviewing with you today.

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

forward-looking such are the to cautioned Although such place believes statements. on based undue expectations the are company on not reasonable in reliance reflect statements assumptions, investors

desired control. or of Actual which from future those of results factors a periods materially risk expected in number differ are may currently beyond because and uncertainties, the company's

Additional uncertainties and report the to be the in XXXX. in fiscal such with filed information presentation and company's release soon year periodic company concerning including reports other risks can be for SEC, annual the this filed by and relating to the found the

Also financial non-GAAP and EBITDA. may some amounts, measures such today the EBITDA, of constant currency adjusted reference comments as

these financial the to at concerning Both, information section release measures, relating are most this to contained the company's the of presentation Relations earnings www.kornferry.com. financial in posted is Additional the which measures comparable and reconciliations GAAP Investor call. including website directly in

Burnison. I'll please call the that, to go over Burnison, With Gary. ahead, Mr. go Gary turn ahead. Please

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Yes.

Hello?

Yes.

want kick it to here, off. you I we think roll ready we're to

Good for afternoon Okay. We’ve thanks one. got lowest and number on everybody us. line, is joining the

of strategy, enable had organizations our more firm, planned. that, we wanted results numbers I of incredibly start our and how a as clearly diversification be Our which colleagues, by proud our going team moment. But into is working to to our I people first get of in of to to is the am the and purpose of saying

and consulting And less highs, a as digital, rest and With search example, really business post-pandemic RPO expected. we've new while cyclical, from interim portfolio our the drop blossoming. the so growing experienced the business in of performed for

which over search $XXX rate last of we've million rate revenue so, a capability, to annual in has about XX-months on and professional new the interim our million basis direct run that's business $XXX result of interim fact, In $XXX million approximately total a the to strategy. or run basis, bringing added our this on

haven't Anticipating Tectonic over three shifts ago, that an everywhere. it we emerge work? How we're entertained and in years trade Ferry. time, Korn we interest change has. seen we shifting a happening would consume? inflation, and mobility are ongoing lanes, at clients our long workplace These can produce megatrends and a and war good post-pandemic now how How Where thought long, rate Generative that's for rate we AI. and in a rises for fundamentally result

science. with and therefore believe, And technologies, With to our also to much the firm foundation world opportunity be the the to of still AI of what with reflect in not Ferry will it's very that. Amid ultimate in be transformation Korn beginning interesting and more continue began we're data, I help will of proprietary IP these change, and Generative will instruments, our more at and in clients be this to but these assessment differentiators. tangible ahead knowledge our invest a immersed that only

it turn I'll that, Rozek. With over Bob to

afternoon at. Great, depending where thanks, good you're morning, Gary, good and or

evolving of believe innings the still that before, business, in said early this I substantial we're the really progress despite transformative journey. I've As the made we've

really set that strategy strategy As growth proof is is are for, fact results the points Gary the and which the in out producing mentioned, working. it's working, we

two fee our and the slightly revenue. than has successful high of billion strategy back resulting backdrop pandemic. year to $X.X of With year short the fiscal what more a uncertainty, has organic another become ‘XX, with go which all-time in years is an macro of growth in of inorganic ongoing an If produced I execution

fee has of than that and $X more the growth that XX% billion came inorganically. time in grown rest by coming revenue Our organically with

year, integrated tools. business today extremely showed return by RPO of resilience, lot large relevance uncertainty throughout strong point business that solutions, well management bolstered double-digit of the business Our remains its to robust to selling our wins expect also when I solutions its larger a growth of licensing digital consulting our we're business clears. our while from resilience transformation to digital seeing showed new performance the with analog positioned track record the and continuing that

search in softness the in placement in perm the year. achievement of and of last placement perm remained our of our interim business and referrals other between perm But between of plus of second-half revenue. interim fee Synergistic same to were Demand and portion placement lines marquee in some transitory accounts the referrals the our businesses. ‘XX significant demand regional and contributors annual FY steady moderated that in in the the Search offset professional Executive time,

So strategy again, to clear working. it's our is me,

So excellence, very the unparalleled including Korn our we're accounts, Ferry strategy. premier destination, pursue career strong driving and solution-based transformational strategy, of intersection talent and client extending and delivering continue Ferry the going Korn our integrated regional is opportunities marquee at to continuing go-to-market advancing to our brand,

me you Gregg, of let the -- highlights. take to who overall some will company the financial some that turn With through over call

year-over-year fee By moderate our to global for quarter, million, professional talent fourth post-pandemic from up search, and business, Search, revenue and acquisition revenue constant of $XXX the line X% continued permanent placement up was highs at Executive In RPO. XX% solutions, fee Bob. currency. Thanks,

quarter. lines other stable in However, of business the remained

year-over-year. and new Consistent and the year-over-year actual X% for revenue, most revenue the Search fourth was, fee aided and Salo, also at Executive at our constant Interim ICS and Professional for and Search. quarter rates moderated in of million year-over-year acquisitions business consulting, moderated quarter new our fee currency. down was X% up revenue Services at foreign with business exchange fourth down grew Consolidated in for Measured $XX fee up recent by X% digital, X% in currency, constant

and EBITDA Earnings were XX.X%. quarter. our the was fourth mix and also with factors. of business. the profitability impacted quarter profitability in by moderated in earnings, EBITDA of In include line guidance, line number by fourth a the in shift margin quarter the in Adjusted factors an fee of These fourth $XX revenue million with adjusted

the costs newly Startup with in RPO for capacity ramp-up awarded and initiatives digital. development large fee-generating associated execution of preserve and assignments. to Investments product headcount

taken down Our related costs restructuring to XX% integration share adjusted or with and per $X.XX the Adjusted quarter third or exclude recent fully share the fourth were $X.XX associated per diluted actions million cost and true-up I'm down the sorry, in diluted charges share earnings fully earnings year-over-year. of acquisition $X.X quarter per our $X.XX XX%. in of acquisitions.

per were fourth in earnings share diluted quarter GAAP the $X.XX.

quarter remained at Our the continues investable our $XXX to of the end position capital and cash well-balanced. be strong allocation fourth million at

$XX million debt For using $XX M&A, service. dividends, all we of share million of million fiscal for $XX per for expenditures, 'XX, repurchases, million for $XXX cash, deployed million capital million $XXX for $XX and

turn over in detail. our to Now operating review I will Tiffany more segments to call the

XX% revenue quarter currency. Gregg. and fee in up KF was revenue X% Thanks, fee $XX approximately revenue the the which fourth Starting quarter. which at with in X% was for license Digital. Global year-over-year million, subscription of million, $XX and was Digital constant quarter the up fee was fourth

for The subscription-based with total and in of both Digital business in of revenue, sales rewards with and subscription created sales Global effectiveness sales. increases was tied over or license the million accumulation growth of new $XXX subscriptions tools. XX% total $XX has KF year-over-year time million, to

although flat fourth year-over-year, For approximately to $XXX both million, periods which the consulting, fee constant was grew high currency. up and at quarter revenue are all-time in X%

organizational in benefits. strongest succession followed was rewards and strategy, growth and assessment revenue Fee by and

global EMEA. constant with quarter down slightly, new growth in consulting the in Additionally, was for business year-over-year mid-single-digit X% at currency fourth

acquisitions. and $XXX XX% year, business up or $XX Total America double-digit by quarter versus the in over aided period. Search same strength interim current in Professional increased fee revenue was The the time million fourth and driven million, XX% by North the last year

quarter was $XX the of $XX actual XX% down million year, million of recent primarily fee placement by in down by services down moderation revenue growth the Permanent declined in offset from Interim driven fee at segment. same at in constant revenue currency. million the year-over-year, interim to the than Breaking $XX enough business placement more to $XX grew permanent quarter, to the portion the XX% and the prior acquisitions. million

Moving on to recruitment process outsourcing.

again $XXX down or XX% business quarter once was currency. revenue New and at the at strong was at million constant $XX approximately Fee was $XXX contract revenue down the the of approximately $XXX and quarter for million million, which year-over-year under total fourth end X% million. totaled

hiring hiring backlog. in sequential overall moderation Although, life within the see we from a impacted are improvement and is volume fee by revenue notable We in other industries all seeing base sciences, with transitory as base to wins positioned larger is and begin normalized believe returns in more recent RPO benefit and the levels the revenue. slowdown to to more well converting this

continues as win to new strong service the pipeline Our remains business, in marketplace. offering the RPO differentiated

Finally, America. compared during currency, high pandemic as fee year. quarter to Executive moderate APAC, business fourth to at and and and approximately XX% down in Global continued quarter Executive XX% Demand rates Search the year-over-year at million, constant the experienced constant in notably for last the most followed for year-over-year currency. new global and was was expected, America by fourth $XXX down of the Search EMEA decline revenue in XX% Latin growth enjoyed a recovery North

first over to quarter discuss our fiscal Bob 'XX. turn for now back I of will outlook the the to call

Thanks, Great. Tiffany.

Assuming million quarter in from in ‘XX geopolitical $XXX foreign the worldwide expect no million. rates, new to fee further and exchange we conditions, economic of fiscal revenue markets, financial or changes $XXX conditions, to range first

our per to be margin $X.XX and approximately range Our from consolidated adjusted earnings to to EBITDA adjusted XX.X%, $X. diluted share

in to diluted our expect to we GAAP quarter Finally, share range first from $X.XX the per $X.XX. earnings

our colleagues to just want thank absolutely I all closing, In an year. of tremendous for

are on portfolio We our by IP proprietary delivered consulting believe Korn our become to journey data consultancy. which the world-class solutions, organizational will of to differentiate deep our our to and continue on based preeminent organizational Ferry distinctive risk continue colleagues

With that, be any you questions we would have. to answer may glad

question Instructions] Please George from [Operator Goldman Thank Tong Sachs. ahead. you. first the comes line from of our And go

quarter, The environment outlook? most broader and business the businesses search you're assumptions through afternoon. and resilient consulting good to Perm currently and XQ seeing digital relatively this your Can you're change, discuss walk thanks, compared where in what Hi, selling placement. the lines when exec reflecting and these particularly fiscal you were across

happening labor darkness geopolitical is economies, of that Western to of force of the fact And changed. COVID from people that the really days and change workforce the changes and changes to breathtaking. is the to the number amount economic other hasn't in The U.S.

towards there this successful. developing for to And what So you towards individuals look providing move we're to we are at talent. be continues fundamentally solutions retaining, doing, upskilling organizations be if and

design, development, that's fit, employee playing coaching, it's it, compensation, of is whether where methodology, So Ferry kind and you Korn today. name

results, the at absolutely in line the strategy. look the you when with it's And of beginning very

so upswing. environment on where seeing And to huge, And in saw today halt, to search here the an essentially a huge the world what business seeing Search incredible industries. moderation where all basically fronts many, pre-pandemic. decline a we're search, of demand in And are a were note volume. came a we you're that It's Executive was you we there interesting was many where in significant is

than were Revenue the that we all but than search what volume are less cyclical and you where RPO is that is up demand cyclical drop of expect, the down. and are would business, a search, parts consulting, search. interim But bit a saying seeing less and digital little is you're cyclical little bit in than is RPO more the business pre-pandemic,

out thought. months of And is it's the seen a exactly which few we search, over last stabilization good. playing I've is what So as

China. saw we a rebound May, In in

consulting overall up. search but digital And up business X%, so XX%, was were was and down our new main about

playing it's almost the regional marquee essentially out strategy, were XX% called of new in so, business. And for accounts the our we as and

it's year So than people out there a this it a But ago, year industries. ago. of absolutely, huge was ago? is a the Yes, was across and darkness market were amount year of coming different than different activity

strategic the had proud a and it really of kind the that think bear all results But year I different ago. organization I'm So than is thesis of where the along. we out is

search Very helpful. trends noted remained steady. relatively that Separately, interim you

declines. If you business positive Can staffing providers some staffing sector, look business at driving Ferry's competitors? even revenue what's compared seeing in other interim year-over-year discuss of revenue the you Korn the to headwinds and separation IT search they've been interim higher-end and

is moderation. I immune. would we're huge -- no again, going not some it to I expect market, look, mean, a be Well, large there's But a market.

around decision changing our that people to conscious saw got particularly June and were are into way, very big way it we go in a that you in chain -- this and in was to very, that of a finance accounting, the we time. April, -- supply work. of this market that this into short XXXX, You've going We we're amount technology, get big in May, HR, really going

very, high-end rate a developed we've with business think very $XXX. I hourly an average of

So and we're that here not sit to immune. I'm pretend going

I the things referrals. is cross do of us think one that amount the of helping is

I what look XXX and you $XX referrals, so, period, we over nearly deals. And XX see whatever million coming cross words use, with almost sales, to cross essentially is an month from want

interim and others seeing to so, that platform we're And at not maybe strictly sit going personally that business, be, be but I going I going services. have we're say if and don't are that see to what what of the think look think to it will that's continue we'll you in from it I'm firms some when Korn and differentiator. a when that comes immune wider to here seeing Ferry, other are to they be

Thank you.

you. Thank

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

on is come I Hey, the cost mix margin as know, the RPO well thinking of good and the company as has morning. just This targets, up continue to long-term you as of Jasper been take wanted ask Tobey. how just business. lower to seen given, about out the fixed margin to for Bibb able we've interim EBITDA you're

XX% think you that potentially XX% that range to would now? Thank still feasible, do or be So than lower is it you.

from I've look up million -- to peak-to-peak, me it when the would cycle-to-cycle, that at it at go but billion, directly, I That you the and is answer firm, Bob in can just look and let would gone to provide you trough-to-trough, that sub-$XXX seen $X absolute what contacts will this Well, fact, continually data. we've say you right. question and is

is quite next several decision a we The to be point did years, lucrative think other make and for is interim the that's shareholders address to that would market a our thing that we I out colleagues going large services. and conscious over

a that and clearly, you RPO, with past, on the an basis difference. when point XXX increasing about back is focus So in look there

And to modeling. in so, have to I think really that factor the you

of and XX.X% a pandemic, correct XX.X%, And I probably say would a XXX the adjust and running just operating what for that a do the it Bob, couple we XX%, can look those the if EBITDA right, say boundaries, were business forward. have year think we saw as you to those me, upswing then I would remember Bob you But I you huge points ago. boundaries firm? by on of basis margins, changing Before we mix models whatever specific for the

Yes, as would business we to would moderate we're and would long we high-single-digits sure. And the XX%, in QX, to a anticipated just the continuing occur, be XX.X%. low-double-digits I for business to more about manage the of somewhere to downturn, scenario. think, I capacity. in Thanks, say I to we to revenue If on then remarks, in the Gary. severity, invest generating kind near-term, the continue severe in the depending as a said range to XX% manage And of that more kind again, and recession in our were mid expect

is ultimately, longer-term just think of pie. larger And on a back, new alluded if digital as going was we and Gary the going from the continuing where I to, of to RPO get looks business capable what win we search become perspective, a to, bounces to depend it's business digital, piece like,

of So a lot XX% to to us I XX% perspective, say, should in range. long-term the moving see a But of there's would you pieces. expect kind from

we good say to But spot bit is would I point. from land this XX% XX%, So XX%, a XX% little communicated. down probably at previously to where the a

AI you any opportunities business And expectations prepared the or but makes Thanks. for remarks, preliminary know still I generative That then sense. Gary, mentioned it's in in model? early, risks the AI

Well, We're it time. we've at plan. a going got three-fold big

to one. go, so of that's Let me a Could knows I It good know an knowledge for nobody don't the I going gained industrial But it Even lot us. clearly, to a just leaders revolution first has it's opportunity so-called be attention say worker where in the the very what is the was for that manufacturing? very, number reason. this that space. exactly go far. would if to

ecosystem really need offensively with, at broader three help to around, the that. our And clients. of we're it around kind One three, can that to to how drive in it looking impact is around so use with we navigate people our dimensions. is we vulnerabilities. And greater the partner Two, is

years in the and everything. I But say think data proven very, knowledge that I would what business, that and very just over is that believe strongly I we've is this

got looking all to putting be capturing clients? we are provide -- can data that we've to warehouse insights access we at it capturing? So the in warehouse? a easily right Can teams now our we we Are

AI five in assessment, secondly, I there's be have those it, insight, years, that Then investing world this into -- IP I years? that that fit conversation IP, IP ultimately, be assessments assessment, we're fit do continuing. the next purpose our going matter the for much I to two the because -- there's will the growth, labor data, think tremendous well truly and next not there's in anticipated years, our to believe our we're XX make knowledge, really no we that shortages goes, skill that where our winner. in sure for five and and And is is next where that heading for things, this think, And purpose

just our an There's think your I capital you enormous you sure we in firm. That's our I make of walk been into -- area putting it. But clearly, in development AI focused learning have, around we're our foundation on. the enough now. time knowledge using of we assessment, we're data, opportunity make recruiting some for we that clearly processes speaking, business. we've an part But that as And so IP, and using have to practically our that And that are path just the the there.

point. Hey to Gary, that would one add Bob. just I it's

working during shine Korn there. knows going, So if but the is obviously, you times said, And helping AI sure, about -- what to think right? done disruption, it Ferry and work think with to relative wherever social like hybrid likelihood And this you forward. I through of through just drive disruptive I been I clients, nobody COVID, think about we Generative way of disruptive, is remote, the where help think you our work disruption continue we've it's clients And to and those at is periods. being for through them on, as disruption, us to them so clients our partnering for work businesses along help our we've their another look step this,

detail Last the for one me. Appreciate there.

picked but seen to bit early, maybe rebound really just of a least up markets guess, June, China the bit it's May. you mentioned domestically, markets business to search perspective in equity for in pipeline up we've and it activity capital the levels little seeing seems low domestically You the starting a from little Maybe given, a are IPO like search any shoots June. At in start back green pick in I up? warm

domestic domestically, say China States? you you United talking are When domestic about or

States. United Domestic

down business in May, down pattern, just year-over-year. on X% to take month to saw one not basis, And What we certainly a organic that would But be like X%. we it up to we doesn't in good X% X% our be sequential, news. Well, expect you were new to When May month sequential, probably look April X%. you would an normal you seasonal was so month look month if trend. make

line. in right So

to we year-over-year, would we but up year. to to that expect sequentially, closed see month May X%, June, be and not haven't June expect would we out month sequential,

number a we're also and days you've Xth with in and kind of have number. of got then line kind We the of left, July, of that

business few think was a was shoots, right, than may too May seen not but the green it's And in last was Search previous encouraging certainly, I So North month business. months, more I early better think you're over -- it's two. -- Executive be May the it -- -- the we've the that than trend or it new stabilization was in America, for

those So -- held and quite really well digital up interim and but consulting again, businesses, with have our overall.

taking enough. fair the questions. you That's Thank for

from ahead. go Trevor you. our next William is Romeo Thank And Please from Blair. question

Hi, the much thanks so for taking questions.

ask above of quarter kind First, relative wanted expectations, is the was to of particularly your margins on since I about fourth just in more results to kind guidance. revenue EPS line.

factors had talked could which in comments with I any? great. you those wondering on development. the maybe might of in had shift the RPO of of color about product about think Just start-up more I going quarter into was margin mix you would some if the talk impact if performance kind quarter, just thought an than headcount any investments engagements, be have the costs and Gregg's revenue, in

comment. that let where of, I'll can -- say I Well, -- had XX% I XX.X%. margin and guided to we mean think I we we Bob would came I and was XX% believe, out just an EBITDA

business close XX%. fairly we I some swinging could I So the seven run given at that to ago way you other. actually expected. guess quarter, said what going mean one in any we were I But of months kind -- say the items to wouldn't or was we have that had unusual it

pretty is to that. this So close

And you the happening organization. shift search, this then again, see when falloff you in that's mix see within the

Bob, it we think can with view, But in like or was think, I... our and better seven probably months give I eight you told substantially had shareholders. what thought we a that than line I ago,

Yes.

if of you year-over-year, shift Trevor, go margin. decline the the sequentially, you see in XX% that So at whether the likely you adjusted is quarter EBITDA mix look

bonuses our revenue. quarter lot of we when end our the business, in our fourth driven it's because revenues have top the Gary driver it are did off in range, of of the As exceeded said, the primary a

is quarter in little we to had primary driver the bonus bit the in a the to fourth just book satisfy the mix. more but So change demand,

just kind about of ask is That follow-up, M&A my Okay. pipeline. And your wanted then for Got Thanks. to it. helpful.

valuation some up suggesting I on buyers could about bit. a a with other pipeline sellers. M&A companies think market heard and disconnects open tough from between the Others we've maybe

You guys lately have yourselves. obviously done a few acquisitions

pipeline stands which attractive of kind area today, being wondering where right now? Thanks. can you Just see your

I can and going really expect continue. point it. say, given impact. your allocation client a XX about small. systematic very o'clock at about We're at like? And we're have I -- opportunity, about don't, that time. where -- we what market in at to are the we the we've that's always It's it real capital don't say what pipeline is is how at approach -- one does I greater to big look taken would where we're And I like not to neighbors whatever not any we're or looking going neighborhood culture night, the fit. all mean

So down I look it don't really you cycles, cycles, way. at cycles, up go through that

have very meet a get continue approach We them. to and continue systematic to to we with to know companies

or four And say, three today was, than any I ago. think months different don't it is so

much. you Thank very

you. Thank

is Riddick question Our from next Marc from go Please Sidoti. ahead.

touch just see touched far as I wanted couple opportunities of but to just on I you that as on on afternoon. you. follow-up a good the Hey, wanted before you to earlier, that areas

jumping year. geographically of out kind of understaffed sort this maybe being opportunity an as go that or we or there sort Are invest through point? you're You to talent adding either maybe areas at as particular feelings talked any really though and about willing strategically the are of missing

those the the well are. one a countries point and I've very geographies team maybe publicly. not that you what all. got sure could we There's our that there, to quadruple I'm at great out mean in opportunity. have right of what are huge, exceptionally places we've fits size guess But world huge those I'm now, three plan I clearly, of business. couple or aggressive two going asked see businesses be. we're could a we it's scratching surface our but doing in But where not just there's Well, to that

of use we Look, the today, consulting area. no-brainer. believe continue are don't can just want where and a more the consulting where -- -- to in despite I I we And And say that -- just that's more we've resources child, multi-billion I colleagues could business just medium just the But we wins that's to is I dollar digital and to consulting for seen we've some long-term. because opportunities a a pursue. favorite the together. solutions enormous broad opportunity we there's base, number -- with just us working over our

would And come screaming thing page. the so that off that's the

think we I about then really have consulting, incredible that pushing, using licensing data, or we go solve tremendous time Korn mean, and and I that's really be continue clients. not challenges I organizational stand-alone how think to for are in And we going fact I a what How pulling, to for of the And helping this with that in that? think either about labor change to moving. a Ferry. do or market do that's go opportunity

sense on and might capex and spend tech bit how maybe on your play thoughts some of maybe is of we of some into are be Thanks. That's year fiscal sort that had bit sort you for a there? sort level that a that going the sort are, give little very helpful. together a this maybe And to then maybe to touch tied to where expectations little -- tie what you earlier, whether might commentary of us AI maybe could of of that

Yes. I'll take it.

our be saw in capital we FY last this consistent with So what relatively 'XX. spending year year will

very million somewhere then into there some the going to business. And assets million $XX the But of will -- somewhere in what making that this protects the of fort out. bad capex guys the our with we consistently keep sure go did I all to kind would business, digital rest around probably be like last consulting So that the million at the figuring $XX of and $XX kind year would year. look

Got it. Thank very you much.

our from is And question ahead. Please go from you. next Marcon Baird. Mark Thank

seeing you doing can industrial into Childress search taking go for and little you're what previously, side, you I I what how This Thank may America. detail then verticals And vertical, our by be up by Marcon. North Hello. you has geography but might bit on more? relative Andre holding is least hold struggling ones it's think give Mark you the at an well, which some know questions. Could up was well, on be a EMEA well, for interesting about update on said to well pretty

Well, I of business. think fairly and mean I really broad-based. very, the of there's couple It's well, extraordinarily the it's -- than a surge are EMEA, as you it's well. very are in performing areas saw more doing businesses that all

of than part us. EMEA. for It's -- it's platform. in It's important is the So more our big, XX% It's big the Industrial entire of portfolio. across almost that's a company. search. It's

if look you you here. act in having doubt automotive year-over-year, the some lift -- no you're even engineering, across kind look see up. infrastructure is States example, of And energy, and about And and held United construction it it. the for and impact, X% either sequentially, But manufacturing, clearly, you an seeing

within I'm portfolio. on pick So that's fairly pieces broad-based it's it's industrial the -- been given Korn one other for Ferry been of sector. to of But going size the a overall, fairly kind positive the industrial. not of to relative

areas looking both of Great within skills that? switching Could And organically about maybe to interim whether what seeing what you be are you the or well maybe cross-sell particular or with, to capacity likely outside as over inorganically, side. color. as And talk also then Thank when you're you at to? add you adding you. more then roles success would

are supply markets. high at Korn we the and would to stay to accounting the end would tend we do -- adjacencies that going we're believe areas the those technology, natural HR, that that Ferry really chain, Well, be those and finance of for

quality I kind And it the have that so our focus doing. just that the of that's of we're assignments -- kinds the what -- I people joined, of is and mean impressive. strategic --

the positive. a $XX of very And real, maybe it's in I Korn you seen amount well, bit mean about short within little revenue to mean longer. a that about real I in that time, a fit think and Ferry, -- start deals. you've very, out it's XX million extrapolate XXX to lift a But months,

and overall at are leaders, benefits platform and the about my that one of people and look broad working, developing of XX% XX% the our that, accounts with strategy more and ranges being you you so, regional And compensation And you to point. overall, of firm at can cross strategy, think that's when firm, XX% of look the is with impact XX%, clients and create the firm. a and marquee the referrals that at is that from and and org foundations the you it's look to we

so, but could is believe be there some do potential to this be could that -- we we have, service And mean, high-end moderation. not going enormous. that with I'm the immune, I we how market interim

for proclivity that only an to too, to on to would well. Executive work the the is the as interim with Gary, Patina Yes, placements, on area real C-suite thing Search going add the seems there's I synergies folks that, that be

final does be go And remarks. closing appear with the to any you. that Thank question. Please ahead

this. look you as Lois, and certainly And incredibly for speaking to we team to soon. very, we're moderating Okay. our Bob thank very said, proud we and forward appreciate listening, of you you

Bye-bye. day. a we'll great that, with you. and have See sign off, So

available is today XX:XX conference this gentlemen, and at and Ladies July am for through you. replay beginning Thank midnight. running Xth at

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