Korn Ferry (KFY) 6 Mar 242024 Q3 Earnings call transcript

Ladies and gentlemen, thank you for standing by and welcome to the Korn Ferry Third Quarter Fiscal Year 2024 Conference Call. [Operator Instructions]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.

Before I turn the call over to your host, Mr. Gary Burnison, let me first read a cautionary statement to investors. Certain statements made in the call today, such as those relating to future performance, plans and goals, constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.

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

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

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

account, vertical And line. Consulting when also our good, business, platform; referrals, buffer XX% to regional results and prior revenue, where marquee per Greg, of But today and a And and from organization business the this XX% innovate, today Digital expand business a over million our million revenue during And were I'm offerings. Consulting and X the increased X gratifying our Number top revenue revenue applications afternoon, offering good marquee generate EBITDA billion solutions our balanced Digital by when increasing and our now push in, finally, to recruiting proud averaged the this us. we're subscription through of further XX% drivers: this offerings; our the solutions working, revenue. is bill for now joint top including of horizontal and fee even horizontal and program, quarter, with our non-Search that Digital opportunity of like ahead. through the margin. a #X, more to it's and revenue a product and of strategy. $XXX which offerings portfolio increasing third, year.In output quarter Earnings horizontal enormously almost as our cross the X%. account the our sales, approach commercial to fee growth around and sales from offerings focus transform, exactly results between we productivity; was third ago, Digital provided is fee down our digital about secondly, successful around and enhancing further top million plus out primary fee talent X talent firmwide is terms our the organizations to that's you, partnerships, in X over greater against combined years referrals our to our business, become everybody. large million, increased by The toggle threshold and at strategy today today's thank look clear and the Digital HR Okay, short and license the perform the unchanged, driven next, line our working. clear, million continue see And a revenue is that cross-firm $XXX with opportunity. $XX I quarter, providers.It's and largest generating remains Today million, our almost and we're regardless we has generated environment, vision substantial looking regional our and with consulting $X for and geographies we're of a across from same world, accounts of of the did about our how And in point, approaching the largest a results with of XX% rate Interim at to X, the organizational and our $XX strategy acclimate, from our $XX account extent the cycle of rate fee which over the just run almost at of one where align profitability $XX our very technology the that's few represent to compared average Digital, Clearly, consulting revenue XX.X% to even that premier given opportunities firm. collaboration last cyclically-sensitive it's of quarters, our

household in offers Korn I that strategy, diversification operations, of increasing changing a world. Indeed, organizations. talent, Our turn performance strategy think those surface Gregg, remarks, will synchronizing over to and to focused it our joined I positioned influence trajectory is and firm continue we become.With really I'm next. Ferry of the Tiffany, by IP, positively Bob. only I'll brand, think relevant the relentlessly and scratching accelerate as you solutions we're a and firm Bob, short on And a can thousands of rapidly unparalleled what uniquely And

afternoon good and Gary, morning. and good Thanks, Great.

of the points. a couple numbers, just I Before I to into highlight jump want

quarter, First, I'm a very I proud accomplished. colleagues that and quarter all Korn third they've good think was of Ferry the and extremely my

is as our continues to performance our I demonstrate this strategy quarter equally that important, think working. Second,

moderation acquisition strategy.We're confident of and cyclical continues year. offsetting to about, overall increasing our The productivity positive sequentially resilience were over our as broader leveraging by with in and seasonally Digital and year and a of excited third expected play portions lower base, fee this we ahead year talent and and have an scorecard back for diversification earnings as result again of our cost fiscal really our strategy our improved expectations it profitability quarter despite out in marked and Consulting start revenue, strong of results Both a growth business just half the and to about talked offerings. our

to continue client We existing leverage relationships.

quarter. improved drive unique higher a marquee our statistics our the our particular Consulting about of Gary regional lines exceptional impact rates key operating and data and We heard top talk of hourly deliver Our and XX% year, of services are that. over and our to with you value content IP and bill and number were A accounts, in on focus to as XX% clients. our had which synergies colleagues the business, up line in Interim, really reflective both year and across

actually XX.X% with to adjusted Digital's total revenue sequentially. period third increasing to and margin highlight specifically XX% of third going which profitability. new revenue Exec RPO and sequentially, Search increased and fee our and I'd license to Digital and was pleased for like illustrates Consulting, our in sequential year as the profitability, solutions, shareholders. the quarter, year The EBITDA the to fee of Last, business all important, over improving and capital, forward.Equally subscription capital and return deploying growth and improving approach and their Our in Digita,l as was with year-over-year of contributing underlying quarter, our well earnings data stability I'm strength both year balanced over the year XX% relevance

of share share take year repurchase shareholders dividends quarter will the share approved to XX.Now of who a quarter, and another our dividend overall combination $XX increase our you financial XXX,XXX our Gregg over XXX,XXX and highlights. last to share our In let addition to April through shares, been substantial dividend turn Board increased $X.XX we payable million total year-to-date returned date, some this company acquiring repurchases, to shares, to has a brings call repurchases of on just that's which me through

year revenue and In year and was Talent down and of and revenue most and Executive year, $XXX million our in Interim global line business, measured only which XX%, third generated respectively, Search quarter, Search data Bob. Interim Executive quarter in RPO global Professional rates and over By was third continued both X% by up total part points were respectively, year, to business at stabilizing. was typically third of over by combined new Thanks, the seasonally year flat demand were for up year recent Fee business, over constant in that year, of constant over solutions Search at Salo. year the X% Consulting year, driven year the over was and actual is November X% Digital over the of Acquisition Digital X% year X% fee was in down grew moderation slower, quarter. with down and X% of at acquisition year quarter, of currency. which primarily the year Consulting revenue XX% business XXXX.Consolidated acquired at Salo, while over both Okay. was and grew X%, new actual flat is year currency. XX% and was free over stabilize. rates year, year, RPO, driven Search in third and new over line business year, monthly By excluding indicating Professional year

RPO, to the million new $XX strong new trends quarter, continue includes fourth million and of improve. third $XXX extensions and business For of renewals new entering Exiting the and quarter million wins. our consolidated in business at was $XX and third logo quarter

and year in the Excluding Adjusted February.Earnings improve RPO, to EBITDA improvement and year over continued improved fee and quarter greater quarters. has margin cost profitability, consultant new January organically $XXX the over with despite to XXX and line adjusted X% in point grew business also year XX% drive and sequentially consolidated profitability controls with in X% seasonally up was and with of X% growth expectations in sequentially approximately in third for revenue. quarter. consecutive up an X in productivity year million, EBITDA to third Strong a margin, basis XX.X%, continued slower and staff execution was which now

million diluted share X% restructuring $X.XX share $X.X Finally, per were year tax sequentially. XX% $X.XX the or $X.XX tax or were per per share share positively benefits. integration $X.X per the quarter million, up $X.XX, share after earnings diluted third by acquisition earnings fully third and nonrecurring and of per Adjusted over which year earnings in GAAP quarter. fully were our in cost, adjusted up of diluted offset exclude

to end cash we of $XXX continues at strong million expenditures, third segments over deployed call and share our more to $XXX quarter, Through $XX repurchases.With and to shareholders million for million, of third that million the service, turn position remains our in in the $XX for capital Our returned the review investable allocation the of using I'll at end and the $XX Tiffany detail. be cash dividends combined to balanced. debt quarter capital operating million

which XX% Today, fee million, subscription year.For up million, was up of license actual complex and $XXX and fee Thanks, year. quarter. revenue XXX sales, and Digital. rate subscription fee Consulting, rates which our and differentiated the million growth approximately fiscal XX% from in was over the Starting constant quarter increasing currency. business and fee year quarter which remains year third for continues at one KF over the tied the an revenue new year rates X% at over currency. which year. year. in XX% XX and X% XX% in margins engagements, increased also over year in unique Global improved, for to Consulting's revenue year we up was transformational over strongest which third Digital million, are at and hour, revenue insights. EBITDA quarter KF and larger the revenue was Adjusted rich of use organizational bill $XX actual bps with approximately up The year next to more or over quarter climb, strategy, selling was third million, as Fee XX% an constant bps Gregg. up the was license $XX drive quarter which sequentially at $XXX last we $XX X% Digital was or Global into hour, fourth $XX to year now just average from ago. $XXX pipeline strong into head overall proprietary for is Digital year by at with total, and was the data

million. $XX million quarter was fee revenue America.Total with third was third in Additionally, in year year North year. double-digit the business Interim and or $XX rate the of business, Permanent offset quarter, which over by ecosystem. $XX Placement hour from year average Consulting Professional Ferry the of an of revenue Placement portion Professional $XX driven portion fee to over and Interim is has in $XX recent one reflective and Breaking acquisition EMEA Search revenue the year, of third part of up from Permanent added in by over Search revenue million Search year by Salo.Moving ago moderation increased quarter year XX% year bill global of in increased or down the Interim XX% the on aided mostly declined fee being flat $XX hourly year the new over broader million, business grew growth Professional segment. the up to Interim's the to by value recent the year-over-year year $XXX/hour, of Recruitment the in fee X% over which year or in $XXX the new Process to Outsourcing. growth million million, Salo. was acquisition Interim driven Korn over XX% quarter, and and

as quarter end logos included $XXX million the New quarter of several business comprised million, currency. third which in is of million, accounts. under believe hoarding at existing third was over rates benefit the and RPO revenue marketplace. RPO The Historically, market. at the of client more revenue win impacted was the of original revenue year of in returns we normalized view Fee clients $XX quarter with a $XX the pipeline positioned transitory renew slowdown contracts levels. in $XX year the remains XX% have new marquee to moderation hiring volume value, service continued as totaled in when differentiated strong is down existing was business revenue new fee or approximately Total Fee for continues million, which well constant in well a offering which to and and to renewals, the by $XXX XXX% of hiring $XX why as within was conditions the and the contract million base which averaged actual current contract demand million. as labor

revenue quarter is demand in demand third the Executive global Overall, that stabilizing. constant at would third the fee X% million, at global actual for X% Finally, was quarter and Search $XXX currency. in indicate down

now improved, back adjusted the to for in call EBITDA consultant driving margin.I outlook Additionally, year turn XXX 'XX. of over productivity fiscal year Bob over quarter to has our will a improvement point basis the fourth discuss

new over Monthly quarter stabilize. to and organically, begun quarter Tiffany. we year.Now, with monthly our have our new financial positioned 'XX no fee from will entering months up January new business historically and diluted X% Thanks, business consolidated our range normal assuming we seasonal business patterns business changes year XX.X% further from of conditions, $XXX $X.XX. Great. year; XX%, to quarter exiting of and deliver per was are margin approximately line in expectations; worldwide is business third fourth the in to geopolitical expect which in February was our new our share million, million economic and fourth new improve March to the to markets, conditions, to foreign and well $XXX adjusted XX.X%, business, fiscal to rates, range earnings $X.XX the our EBITDA to trends exchange revenue adjusted new assuming one of best

earnings Finally, in we've $X.XX our in the lead substantial share quarter by progress closing, in fourth from per organizational plan to performance we the as our strategic to expect in demonstrated consulting. $X.XX.Now, our to GAAP range market delivering made continuing diluted

to Our as remain us which almost consistent of the to of line deliver diversification Placement, on top fee growth. well Talent XX% Acquisition non-Permanent mentioned, revenue, the continues serve track business, as Gary portions represent

services deployment. successfully balanced best in differentiate continuing solutions positions us cost-based to talent. and positions in approach science-backed us and Our really deliver data, strong war and us earnings management for continue this to profitability the IP, capital our and continue our to improvements to Further,

beginning our have. is going best to come.With like to to and ballgame, we'd As we're I very the may questions that, say, believe you a what's be answer yet truly that long I of any always at

[Operator Trevor Instructions] Your from from Romeo of first William question comes Blair. line the

demand First backdrop. one is just on the and overall macro

I increase months. couple of so the seen think those far surveys, if look of you little CEO we've last some at a confidence the in bit

backdrop maybe feels markets people recession about are talking the Seems bit think stable. more now. severe I capital a a fewer like

you guess this more demand from could catalyst started in what seeing overall recovery? have to think start do be significant sentiment, I point to how and demand So much you a change see a

sure. question. latter same tough is trends the part Clearly, for Well, a those seen we've

As earnings pressures. see the expectation that about I was start talked on last you'd to my call deflationary

XX% sure. creates be money. cheap time pins rates and from normalized and true adjusting I a that and think engagements reset you're decades see the of at more not to hard And on have of which and of for Gregg stabilizing. is that transform, And seeing. at period seen middle do for was least levels an would is what And of Bob, think X, X say the the you're very of but reality. was looking be leadership to to I've starting Pro And more our to, cyclical I in that sure. focus you business, certainly for business are back trend, time, a think would which just expecting quarter. and we're in said at shoots over a what uplift going Consulting to delivered. there's but when to And green and time again, horizontal, we're their few reflective months XX% where how same of at word think a up perform we approach, a multi-quarter at that to have number offerings, our on winning horizontal take, with everybody months, the last horizontal more what you Search looking that's the strategy that, less is it's parts period opportunities think and example, Obviously, think that I'm and CEOs X we're absolutely Digital or I to respect most talent. and and today.I I think in coming at for say to February some their to not that X X the listening that's make we more as their that creating for and But the some that look what needles companies Fed. the That's I what they I I to a And Tiffany volume, kept is vertical, organizations are uplift is is exactly fourth

a very stabilized that's think I has So sign. well. also Interim as positive And

those shoots, and us, labor X they think sign So I the market. a I think, good I green think, portray are positive for for do

Maybe a XX% follow-up improvement in Looks quarter. like in bit of on margins. EBITDA to improvement the Nice further guidance. a the little

margins maybe for? beyond about As case how that quickly range a you and of fiscal and you back puts to you're next target for maybe modeling can XX% could get and quarter, we the looking 'XX takes about some think talk the XX% base to

Well, basis, shift, about target the it the to XXX before dial entered is, longer on is by was X basis $XXX an impacts back just compares That XX% million, that which If this so called term as we new it for margin is adjusting Interim, points. the XXX today mix pandemic business years XX%. ago. I apples-to-apples to the X.X

adjusted running for Today for pre-pandemic, So at XX%, when we pro you mix adjust the that XX%. we're margin. were forma, XX.X%

proud XX% substantially the top line it call Both on. levels. profitability pre-pandemic. quarter up of So extremely pre-pandemic up, those points third of is I'm from business was ahead it, is is where The data

as think as clearly of like. isn't revenue The Consulting Search, environment million, deliver to what I to the Search business high there, $XXX of today that which But to there's room it, when Interim, Pro compare. in more and on margin. going we I is, do the it on $XXX up XX% depends think a room lot profitable there's and a room scratching we're got million, rate good business the probably to part We call is surface. have Fed there's XX%, there's normalized on can the some And crank a think growth, to that EBITDA look upside

a the as I to data Korn about the But So strategy business, to accounts why day, the the in line. Ferry, going approach it's we the market, focused EBITDA think margin. a really kind well on of one horizontal this And do and of top on end that's at and that's cross-referrals. regional our there's really think reflective we've in upside the as around marquee got

Goldman comes from line question from Tong next the George of Your Sachs.

on and Your provide broader making cross-referrals with of good you're involving cross-selling businesses the lines businesses across organization? inroads seeing some you are Digital Search your and stats Can Consulting business. Interim growth, these and additional

into opportunity Digital compared us. the we it's offerings, to look is of portfolio. When a the huge at Digital the been cross-referrals the underweighted for rest

it's it way percentages I but like so. opportunity George, is George, off Search, this And I that like in The into thing XX% have like was the same to Bob an year date, us. and quarter, Pro my at, higher; head, sign, much nothing a as creates XX%, of I undersized percentage cross-referral Digital And not RPO for so on into probably, higher, think get this, firm but the Digital right want to all for about overall, correct think, percentage is Consulting, and is we the is XX%, recently. something But us. which the about like maybe XX%. is Interim underweighted, probably cross-referrals, or penetration can a good substantially Interim say for that it's cross-referral think, for me that. historically, that is I that opportunity which cross-referral to top that's

Bob. Yes, George, it's

Just the more Interim. color maybe a little bit on

gotten revenue part part the not they've of you never the been X,XXX point of in million our around we've identified of Interim, somewhere ecosystem. those, to $XX creating had and like we Ferry neighborhood were Group, XXX X,XXX won to they if the in part ecosystem, incremental of forward those clock business fee businesses, that result when that of of XXX have opportunities of to would Korn today, incremental $XX had between -- as a and roll to businesses those So lines to the acquired million you go of and time being being Lucas back

to In most Do additional organization some this at for rationalization at are recent you envision you periods, you've undertaken in are complete actions, needing the take headcount we do right-sized or which the point where actions, is of or cost cost this cycle? point. think

looking terms talent and That's workforce in other processes. something development constantly our see work opportunities. than any I our of at normal We promotion management we're at. at actions No, always are talent don't

Yes, would BD side, about cost say we perspective, of opportunities forward. all on too, And in George, I at down estate get out from we're Gary said as sustainable travel is our line to the the this a it's the to goes us It's managing earlier. leverage and this To a that the productivity, number opportunities, are big point. that business the think have once I top some clouds as and me, past, said really lift. growth at we're but behind I point what the going real

Josh comes Your from of the from line next UBS. question Chan

XX% at On about margin the the business quarters ago, year last was Digital business, for About so to run XX% a XX% now. it you've margin. the X

difference have Digital is the mean forward? business of the that's the the that growth the potential what out long-term people So And that business? mainly in of terms does if case, the come going in

can be. what Well, the surface I of Digital think the business scratching we're

be. profitability be And of because I've the could in collaboration also business. We be continuing double It do is do it that of our and Absolutely have it If entire or imagine profitable were seen nothing for clearly shareholders. could most of what enormous you this that Clearly, between be and today? Digital. that Xx to this of opportunity triple it make is do. to the the not can driving never value. to to or clients. But what think, Consulting IP we platform, the that but because shareholder creating firm business, up, size transfer just should to I we The across Xx could we're which for the part cost but the we we're have invest reductions, to higher. creates, sure knowledge have

a also focus in we build but have. clearly systematic trying taken in and approach investing a it we've very it's the an technology that and to ecosystem, to So in ours, of platform, platform the partnerships

sustained side, And of has I guess couple strength the on the by quarters. been growth last Europe's Consulting over

business, tougher So compare look Consulting here? continue does point Europe does become to at look as ahead some or a strong we on that

team, sub a where be tougher the could end. business assignments. the think and to more bigger, smaller think rate, the but $XXX We ago, bill I of strategy with bill assignments. bill That years in Arian, you time, we moved was is, that X I have overall, fabulous towards And organizational incredible have compare, And that don't over ticket time, again, in push, firmwide his it it not beginning, it's a in terms impactful, know great leader just but you see through the we team that towards it and many and like rate. the IP the Clearly, a continue the see move engagements. I or to business assessments in Consulting bigger we the the was exact have Mark and numbers, hour. it's transformational an And strategy ago a and business years X started see, systematically out rate

$XXX. everything strategy and a working. it's That's the combination Now of

no long-term the potential do, For beginning. So, get question But sure of of little tougher? they terms about the a bit the business, it. yes, at we're this compares do in

we the green in positive to see, activities that add as Josh, well. move about North would is One Bob. talk quarter, happening through thing we shoots, some it's did I America as

good helpful. Okay. quarter. Yes, Congrats the really that's on

you you. to Talk We'll Josh. see Tuesday. on Thanks,

Childress Your Baird. Andre line comes next question from from of the

first follow the a prior more My you're Marcon. between Mark commentary of just Could provide Europe, from and what by you North in on major of geography terms a Andre is up This to of Asia is a little bit some you America, had. question breakdown Pacific? seeing just

I'll was about flat. we talk North The down a revenue first. America. overall, for X%. firm, as same reported And EMEA

that challenges like part X%, large and company was continuing driven Asia that the in China. every was of down a is facing by

On up to EMEA quarter, the the for X%. prior year. flat front, were the new compared we was overall, business

flat, Asia stabilization over months quarters. be was Consulting continued to past we've X%. North And challenged. few the up in and Digital America, was seen

And Could solutions then that as the And a a and of in you of little trying if of forward. terms a touch prepared cross-sells how across joint those to more point follow over emphasis could, up, in strategies? you nice drive commentary time? you with Digital some evolving your board. saw particular see much some color big going bit improvement into a more of the regarding providers in you had on remarks, that HR provide on And technology pretty

we've built firms, monetized when world been flow. haven't they've look everything to And at to ourselves. up that's that, been point this that up able really haven't an to of enjoyed really deal Well, point, typically we, partners you ecosystem consulting and -- effort. an by this And creates class we

the We a business, a We've Mathias have leader fresh in great. a Herzog, Digital got new who brings perspective.

us. an so is for And that opportunity

to so with where their X are clients with to that our deliver create can we players technology their more ecosystem through technology solutions largely we X And steadily vice to there versa. IP working are and an value

said sure.I is for us earlier, think, collaboration it never been And greenfield so the think Digital I I as between and a Consulting, also, has higher. for

to gaps about something being extraordinary. that and think as overall, that which assessments their insight call of that huge is a development. leads it's tell where I for show company. strategy healthcare with of a kinds week juxtapose the that organization to CEO, provide a we done last I on firm, organization, when us. and the And the MRI exactly able we're was DNA, of to with you that's We've data leads clients, have an CEO think positive to able assessment, are, and that where thousands to

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million XX companies. have people, comp XX,XXX We on data

to activity, to firm clients. that's sure activity, on data is right able make focus it's And now. that big that get big, a with to that a we're the more and so And big for have we here us create underway And that's effort. behind insight an of whole us based

line Sommer from next from of the Your Truist. Tobey comes question

could you either and on some up. industry if quoted that Maybe regard. any trend laggards give based out wondering as us how about Professional you in is leaders recently stand that or color that it more broad of was I Search verticals being talk

been is to of hard industry on. The for I me somewhat you that would line. And are I I'm up X I based, terms think, in say companies for and not to going the But this think do and verticals, look, do to it's where broad it it's months going be say right. months, trend sit reset. make But sure. their in reflective a adaptation it when X comment here to is of multi-quarter

largely new monthly seen last EMEA. of XX%, generally business cyclically Pro America, the so I most it in up or over staffing North but trends labor that parts of we of one companies. in sensitive been at market, And And have the think, is least companies that's, in Search true months few recruiting also the XX%,

But to the we've is resignation RPO has business been you'll the important. we said, quarters, the Tiffany shoot.The I business more and what expecting the about has actually X a other from labor revenue recognize wins. and do we the towards and a it. notional what's business, going back Shows point to do thing as we providers would when last no as XXX% green are it's think you that about you've their out that seen shift. after renewals, Largely quality about we talked of I which of shift value. that this been a work. to on is report line, hoarding question X new RPO top look part line of been other trend that away There's from that over see the So And there's be happened great is think new substantial

logos, next new of bit. that new little little quarter think more that think bit here so trend I So expect probably you're see business. flip $XXX maybe going a is would XX% renewals to to do And going this And less I million, or north, in we'll a I renewals. in

quarter, captured there guiding that. a in in cost fully this the beyond? appreciate From tailwind of recent I you're modeling quarter is effect incremental perspective, or cutting the an is for

you answer Bob, I'll that. let

of I today. that posted numbers so the rate most are took already think we No, Yes. benefits the of actions in run embedded we our

growth, as as maybe going also as to and that to to continue For drive top not is headcount said the a earlier, have productivity improvement past that we us, quickly see continue going perhaps we're then we're we to recovers. line in adding we're margin line to top back look so where as

different that I any Do or in have Understood. trying to and your do you that? driving you it then on evolution now. Is have higher? still focused, thoughts approach the tools and being cross-sell to think salesforce approaches from referral, of marquee marquee you a the quoted to And mid-XXs drive account

starts sure but clearly also doing have what do. are there's much with we around as as push to is that firmwide like a that opportunity had it reality to bottom-up. It we strategy, or make have we is. it we haven't to No, And top-down would go-to-market the

our that to Then a insight trying Rise active able customers. first it of with of scaled Ferry that ] do get that and initiative into platform so so be our we analytics, analytics. consultants' we called wherever part into is Ferry entire have our do business, and how data we the being foremost job into around think geographies, thing which our that more strategy. [ insight consultants' Because getting AI, that are the better we to sectors, And to industries, an into and is proprietary hands hands That that Korn data differentiate with across data on offer to differentiate Korn KF and clients, in and it's data this to investing insight. an to incorporate starts do goes, I that's absolutely scaled and able

that definitely So that going something that. certainly we've a is new, has but not emphasis to been it's accelerated put on for say I'm fresh us.

is example, an say, account of to what We're Tobey, become than we leader program add going were Give opportunistic The past, growth, was the go it's if wanted I about. And that much historically is was would to in more the is intentional. think only account a talking more an part somebody And on Gary would it intentional. thing $XX okay, an this $X we'd say I Bob. and million. you million I get that account, we XX%

actually just we after KPIs come we're $X but more taking built million to $X focusing intent to want we're the it us. see come so efforts versus, what opportunities was where needs really saying the it $X again, million are and of going it we given from being Now million, where and opportunistic from Consulting, to needs with of that being Digital,

with characterize last how do projects, with in Consulting. based, you that's to bill larger has I'm know the some or I EMEA, it, the et My had rate you just some would growth in cetera? bill and of question driver main success the rate government broad work if growth it's curious

firm that's strategy. big, how the I direction, transformational to but impactful clearly the had that's organizational think bill work, going as had organizational big reflective no of push around But smaller transformation. you assignments, continue more still What but design, engagements to still to And towards question that about well. to a rates it also impact. Yes, We referencing it's from get strategy, is have leverage. from We that's broad, you're bigger, clearly the an in governmental have on impact push it. the

at And back Burnison like time, any closing now this turn I'd for call further remarks. no questions. Gary the to there are to

the listening. Okay, about very Greg. thank you to excited, Ferry. future Listen, obviously, everybody for very, We're of Korn

We've The the that enormous, about we an receptivity taking future. Thank data next the and proven have we'll time. excited IP you, in is talk is you this Thank for the you customer there's we're that think beginning. and Greg. interest, I and marketplace. the to

Ladies replay be March week and at today this XX, available you. one X:XX midnight. gentlemen, through will the ending p.m. Eastern day for time, for at conference XXXX, running Thank starting

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