Good afternoon. Thank you for joining us. My name is Emily Marzo. I'm a member of the BofA's Business and Information Services Global Research Team. Welcome to the Korn Ferry fireside chat. Today we are joined by Bob Rozek, Executive Vice President, Chief Financial Officer, and Chief Corporate Officer. Before I get started, we will be opening it up for questions towards the end. With that, I'd like to introduce Bob Rozek. Thank you for joining us.
Thank you. Glad to be here.
Yeah. For those who are new to the Korn Ferry story, can you tell us, what do they do? What is the company's value proposition?
Sure. If you go way back in time, we started off as an Executive Search firm, and I joined the company in February of 2012. At that point in time, we were about 75% Executive Search, and since that, we've evolved into an organizational, what we call as an organizational consultancy. We really have five core solution areas now. We have what we call Org Strategy. It's not the same as like a McKinsey or a Bain would do. It's right after McKinsey and Bain would set up the business strategy, we would come in and help the company execute that through their people. We have assessment and succession. We have obviously Talent Acquisition. Beyond Executive Search, we have what we call Professional Search and Interim, and then Recruitment Process Outsourcing.
Where you would hire en masse for a company. We have leadership and professional development. Last we do is total rewards. We're the only company in the world that has all of those solutions under one roof, kind of an industry of one. It really gives us a competitive advantage or a value proposition for our clients in that, you know, if you think about, like, our competitive landscape, it's very, very fragmented. If you're a client, you're consuming different aspects of our core solutions. You're using different providers. You have to take it all, knit it together and make it all, you know, make sense. Where if you come to Korn Ferry, we do that for you.
Can you talk about what drove this transition? Why the change in the transformation since 2016, I believe?
Well, actually, we started before. The biggest transformational thing we did was buy the Hay Group in 2015. The real reason for doing it, I grew up at PricewaterhouseCoopers. Gary, our CEO, grew up at KPMG, and we were both audit partners, and we had great relationships with our clients. You would, you know, the firms built advisory, consulting, and tax services that you would sell into your clients. If you think about, you know, that relationship versus a search partner's relationship, which is much, much stronger, right? If I place you as a CEO, I've just changed your life. When I call, you're gonna pick up the phone, right?
It was really leveraging those relationships and then building the adjacent services around that relationship that we'd bring to bear with our with our clients. I would actually say, you know, as I step back today and I think about, I know we have a question on there about our ability to refer work between lines of business, but our core solutions are so tightly knit together that walking across all of them to do the multiple lines of business and the, you know, what people call cross-selling activity, it's so easy in our firm, much easier than when I was at PricewaterhouseCoopers.
Maybe we'll just jump there. How does a client go from one solution with you to multiple solutions? How do you drive that cross-selling opportunity?
Yeah. I'll give you an example again. I placed you as a CEO, and, you know, we're talking, you say, "Bob, you know what? I've got this executive team, and I kinda wanna go in this direction. I'm not sure they're the right team to have in place. Feels like some of them are over here, some of them are over here. How can you help?" We would come in, and we would do what we would call a top team effectiveness. We would go in, we would assess the individuals, right? We would assess them against a set of norms that you would help establish. Once the assessment protocol is complete, we would look at it and say, "Okay, you've got this group of folks who are fine the way they are.
You've got this group of folks who are good, there's some potential gaps or derailers. We can bring in our leadership of professional development to help shore that up. You have this other group of folks who are just never gonna get you there. We can find you new people. We can help you organize, kind of boxes on a page.
Right.
What success profiles look like, job roles and responsibilities. Then once that's all set up, we can then help you build an incentive program for your top team to drive the strategy that you want." Right there, I just walked across all of our solutions in one sentence. That's how easy it is, in my view, anyways, that's how easy it is for our colleagues out in the field to stitch together what we do and bring value to clients.
I think right now your referral is about 30%.
That's right.
What is the cap on that? Is there a cap on that?
Yeah. I think ultimately there will be, but I think we've got a lot of room to grow. I think we can take that up to between 35% and 40%. You know, when we did the Hay Group acquisition, we were working with BCG at the time, and they told us two things. One is, as you move from one line of business to multiple lines of business, your revenue opportunities are four to five times greater. At the time when we did that, we were probably about 20% of our revenues were referred, and they were telling us best in class is 25% to 30%. I believe that we can go beyond that, given what I just went through.
Given the depth and breadth.
Yeah.
Yeah. Why does a client choose your company? What is your competitive advantage besides being a one-stop shop? What is it that you offer that no one else can in either your assessments or other products?
Yeah, I think it's the accumulation of what we have. If you think about, again, our competitive set in each of the core solution areas, sometimes we have multiple depending on the sub-sector within that core solution area. What they would do is they would be, you know, they could come in, and they could do whatever it is that the client is asking them to do, and then they unplug and then they leave, right? For example, let's say we're going in and they want us to assess their high potential levels. We can do that, right? They're saying, "Okay, we want to put them on a development program." We can also then come in and say, "Okay, here's using our data," right?
Here's how your hypos compare to others in your industry." Right? Other companies can't do that. Right? We've got the ability, when you think about the company, we've got sort of five segments that we go to business through, and right in the middle is our core IP data and content. Again, only firm in the world that has everything that we do. We have assessments on over 75 million executives and professionals over time. Right? We know what good looks like. When somebody comes to us, "Look, I wanna hire a plant controller in the U.K.," we can go and say, "Okay, here's what good looks like. Here's what the roles and responsibilities should be. Here's what you should pay." By having that breadth of solutions and content data at the center, it gives us a unique ability to do that.
Okay, that's great. I guess with the five different segments that you do have, where do you see the greatest opportunity for you to grow and develop that further or take more market share?
Yeah. I can maybe just walk through each one. Executive Search, the addressable market there has been $10 billion-$11 billion for, you know, 15 years, and it's gonna be $10 billion-$11 billion for the next 15 years. To me, that's more of a share game. We have a competitive advantage because of our platform. Our As we look at people coming in to the organization, you know, when I talk to them all and I say, "Well, why'd you choose Korn Ferry?" Without question, it's always, "Oh, the platform that you have is so differentiated. Clients are asking me to do some of the stuff that you guys do. I couldn't do it at my own firm." I think Executive Search is a share gain.
Professional Search, the addressable market there is probably five times greater. Our issue there is we were relatively small. We've been investing into Professional Search and actually into the interim portion of it as well, 'cause we have got huge opportunities for growth there. Before we started with the last three acquisitions, our Professional Search business was probably about $175 million on a $25 billion addressable market. I would say RPO is a market that continues to grow. That business has been a significant grower for us. Even during the pandemic, it grew 7%. You know, if you go back to the four or five years before that, they were growing in the high teens, low 20s every single year. I fully expect that to continue.
What they've been able to do in their RPO solution is really leverage the IP content and data at the center of the organization and bake that into their solution offering, so it's very, very differentiated. I would expect our consulting business to also grow at accelerated rates. One of the things that they're doing is, if you take those five core solution areas and, you know, We had a bunch of colleagues who would go out, and they would sell themselves. Right? So I'm Bob, I'm the best rewards guy in the world. I'm gonna, you know, sell myself for 2,000 hours, but can't scale that. Now what we're doing is we're taking bits and pieces from our core solutions, and we're weaving them into what we call an integrated solution.
To give you an example, if you're, if you do an M&A transaction, you know, we can come in using, you know, parts of our core solutions and help you figure out what's the right culture for the combined organization. You know, who of the individuals that are, you know, in both companies, who do we keep? Who do we let go? People that you're letting go, we can help find them jobs at, you know, other clients. The value proposition that we're moving towards in consulting solves business issues rather than point solutions. I fully expect that business to continue to see outsized growth as well.
Okay. I guess just turning to the Executive Search portion, we saw all the headlines and the turnover that happened in COVID, the great resignation.
Yeah.
How has your approach changed, or, and how has the market changed?
Yeah, I would say if you go back, and I'll use North America as the example, if you go back prior to the pandemic, a good month for us in terms of Executive Search, we would sign up 250-275 new engagements each month. Then coming through, obviously, when the pandemic hit, that dropped off, then the recovery was very steep. The curve was very steep. You know, we were signing up 325-350 new engagements a month. That's dropped back down, but it's kinda dropped back down essentially to what good looked like prior to the pandemic. Maybe a little bit south of that. We're doing 225-250 a month in North America.
The interesting thing was, if you go back to our third quarter, our European business actually grew. Search actually grew. It was up, it was like 7% or 8%, year-over-year. You know, we've got a phenomenal team over there in the U.K., Germany, and the Middle East markets were pretty resilient.
Yeah, maybe we can just walk through the different geographies. How does the U.S. different than Europe, different than APAC?
From the Executive Search side?
From the Executive Search.
Yeah.
Yeah.
Asia was hit the hardest. I think a lot of it really related to the lockdown in China and Hong Kong. China is our biggest business over in Asia. Search got hit the hardest there. What we started to see in the month of February and early days of March is we're seeing a rebound, a little bit of a rebound in Asia as China starts to open up. Again, Europe for us was strong in the third quarter. As, you know, as we said on the call, we continue to see that in February. North America was kind of somewhere in the middle. Latin America actually held up very well for us, but it's small, so it doesn't move the needle.
What do you think the biggest drivers are? Is it the reopening or what are the biggest drivers in Europe that are making it drive that 7%?
Well, I think the economies in the U.K. and Germany, especially the Middle East is booming for us. We have a very large business there, a lot of consulting work that we do there. As they try to move away from dependence on oil to, you know, a real robust economy, we're seeing a lot of opportunities in the Middle East. I think a lot of it has to do with the teams that we have on the field, our colleagues. We have phenomenal leadership in Europe and, you know, our search partners are, you know, top of the class. We more than win our fair share of work.
Okay. Maybe if we could just pivot to the interim business. You recently had two acquisitions in that space. Could you talk us what interim search is and how it's being developed right now?
Yeah. It's actually four.
Four now.
We started with the Lucas Group, and they were more in the Professional Search business, so they were probably about a $120 million business. 70% of it was in Professional Search and 30% was in interim. They were more what I would call in kind of the generalist category. Since then, we bought a company called Patina, and they do interim C-suite placements, so CEOs, CFOs, CIOs and so on. We then bought a company called ICS, and their predominant vertical is IT placements. Most recent acquisition we did is Salo. Salo is really focused primarily on finance and accounting. Really what we're trying to do is a couple things.
That business, the interim business, is less cyclical than the search business, and we're actually seeing that in our numbers now. As we see the permanent placement portion of Professional Search and Executive Search moderate, our interim business is not. It's staying. I think a lot of it too is our ability to sell that into our existing client base is helping to keep that business strong in the, you know, in the turbulent times today. Our focus is on verticals that we feel are going to, you know, stay and continue to be strong regardless of what's going on in the cycle. IT, you're always gonna need IT professionals, people to help you with, you know, cybersecurity and so on. C-suite professionals are pretty resilient as well.
We're really trying to take advantage of the secular changes that are happening. You know, people don't wanna be tethered to a company for their whole career anymore, right? People want different opportunities, work on different projects, get different experiences, that's where the interim business comes in.
Okay. Talking about the uncertain times that we are in and the layoffs around hiring and hiring freezes, can you talk about just the overall demand of the labor market and are you seeing any signs of loosening in parts of the labor market?
I think the labor market is still pretty tight. I mean, unemployment's low. There's, you know, more jobs than there are job seekers and so on. We're still seeing tightness in the labor market. Where we are seeing moderation, though, is in turnover. Like I look at our turnover, you know, coming through the pandemic recovery, it was, you know, it was crazy. People just going, you know, getting wild job offers and moving all over the place. We've definitely seen that moderate, you know, way, way back for us at this point in time.
All right. In a recession, how do you think about the resiliency of each line of your business?
Yeah. I would say, again, on Executive Search and the current placement portion of Professional Search, those are cyclical, they will moderate during those times. You know, I look at RPO and what's interesting in RPO is, again, they've done a great job building the solution. We win a lot of work. If you go back to our second quarter, that business won $290 million worth of RPO contracts. Very large, two very large one. One was $135 million over three years, one was $66 million over three years. What we're seeing in that business, you know, as I talk about Executive Search, I say it's a light switch. It's either on or off, right?
You call up one day and say, "Well, I wanna do a search," and something happens the next day, you say, "I'm not gonna do that anymore." On the RPO side, you know, they may sign up. They have us hire 10,000 people a year, and as things start to soften and then they'll drop back to 8,000. It's not like it goes away, we just do less. What we're seeing with that business is because of all the new work that we're winning, you know, the moderation that's happening in the base is getting offset by the new wins. As, you know, we come out of these uncertain times, that business is really positioned very well for significant growth. I would say our consulting business grew in the third quarter. It was like 3% or 4%.
Again, I, you know, when I step back and I think about that business, I think there's one thing that's a little bit underappreciated. If you think about where the world is today in terms of the work in the business community, you know, everybody's all about workforce transformation. I need to do work differently. I need different work done. I need people that are more digitally skilled, DE&I, ESG, how do I grow my company in a, in a post-COVID environment? Well, all of our consulting solutions line up perfectly against that. The relevance of what we, you know, what we have and what we've built as an organization lines up perfectly with where the world is.
Again, as we come out of these uncertain times, I think we're positioned very well to continue to see growth in the consulting business. On the digital side, that one's a little bit harder to work our way through. One of the things that we found is we have enormous data. Some of it we built, some of it we bought from different companies. One of the first things we had to do is we had to go into that business and take all that data and harmonize it, so it's all looks and feels the same, so you can go in and slice and dice it. That effort took us longer than what we had anticipated.
Really, what we're trying to do in digital is to move it from analog to digital. I'll give you an example. Historically, if somebody wanted pay data, they would call up, and we would send them a flat file. They'd take that file and, you know, do whatever it is that they're gonna do with it. Now, what we do is we don't send out the flat file anymore. We have a database that we license, people get access to, you know, the pay data. They get access to. We've done the same thing with our assessments and all the digital assets that we have now are available through a license. That business to date is about a third. It's about a $360 million business. About a third of those revenues come from subscriptions and licenses.
That's another area that we're really focused on, as that'll help us drive a more durable, resilient, top line as well. The other thing that we're working hard on, this is with our consulting and our digital business, is, you know, in any consulting business, it's really hard to scale it without alliances. If you think about the public accounting firms, they have alliances with all the large tech companies, right? They do systems implementations. We're starting down that path with both our consulting and our digital business. Give you a couple examples. In our digital business, we did an acquisition back in 2019. It was called TwentyEighty, Inc., but the primary asset we bought was Miller Heiman Group, all about sales effectiveness, sales methodologies, and so on.
We've taken that and transformed that into a digital offering. It's an app, we're now partnering with Salesforce and Microsoft Dynamics, where the app sits on top of their sort of technology platform. If somebody's going in and, you know, they're struggling with something, they can actually tap into our app and, you know, see a five, 10, 15-minute video that's like immediate training for them, right? It also has all the Miller Heiman methodologies, the Blue Sheet, Green Sheet, and all that. That's available to them through that app. That's very early days for us in terms of partnering with them. Our consulting business is actually partnering with Microsoft in a different area. Microsoft is rolling out a product they call Viva.
If you think about, every day you turn your computer on and Office 365 pops up, right? They, they like own the workforce. Now they're sitting back saying, "Well, it's pretty saturated, so what do we do next?" Their big idea is to move into owning the employee experience. You know, they've come to us and said, "Hey, Korn Ferry, we need you. We don't really understand, you know, this HR world. We, we know technology. We sell licenses. We sell to CIOs and CTOs. You guys understand the employee experience. You have relationships with CHROs." So we're exploring, you know, what that potential partnership or alliance, would look like with Microsoft.
You've talked before about your initiatives to build an ecosystem of partners. Can you talk about what that means across your lines of businesses and what value it adds?
Yeah. I think it would be just as what I just said went through with those. I don't see like an Executive Search. I don't think you'd see us form a partnership or anything there. I think it's gonna be more on the consulting and digital side, where that will take place. You know, those are sort of our early days first entrance into that world, but it's something that we absolutely have to continue to, you know, go down that path.
Okay. It is 15 minutes. If anyone does have questions, please feel free to raise your hand. We have microphones. They can come around as well. I guess one thing that management has talked about is redistributing resources globally. Can you elaborate on what that means and how it will benefit the organization?
Sure. we went through a in the third quarter an exercise, we called it a workforce rebalancing. we actually ended up removing about 400 or 500 positions from the organization. it was relatively small reduction. I'll take you through an example in RPO. as we were looking at, you know, the RPO business, they did see some moderation in the base, and that was primarily in technology, which you would expect. every day you pick up a paper and, you know, technology companies are laying people off. we also saw some moderation in life sciences. as that work was moderating, it was creating excess capacity.
You know, we were winning work in industrials or in healthcare, so it's a different skill set, different profile of individual, recruiter and so on. We had, you know, moderation in China because of the lockdown, but our new business wins were in the U.S. Those resources aren't necessarily transferable across the organization. What we ended up doing is saying, "Okay, where do we have excess capacity?" That's where we did the workforce reductions. Where we have, you know, a capacity that we have to meet, and that's where we did the hiring. The net result of that said, like I said, it was about 400 or 500 position reduction.
Is that going to continue, or Are we leveled off?
I think it'll. In the RPO business, it's always gonna be there to some extent. It won't be, I don't expect it to be continuing to be as dramatic as where we are today. You know, you never say never, but we have no immediate plans to further reduce our workforce at this point in time.
That's fine. Okay. Again, we did see large amounts of turnover. We continue to see large amounts of turnover. Do you think that this will persist in a recession, or do you think that we're headed more towards a normalization of the labor market? What are you seeing, and where do you see it going?
I would say if a real recession hits, I think you'll see a shift from voluntary to involuntary.
Okay.
Where, you know, companies will take actions to, you know, to right-size their workforce. Like I said earlier, our voluntary turnover has reduced substantially from where it was, you know, coming through the pandemic recovery, at this point in time.
Okay. Has COVID or coming through the pandemic, with the work from home or where people are located, has that impacted your business or your Executive Search specifically?
Well, yeah, it has actually. It's been a very good productivity tool for our Executive Search business. If you think about the administration around a search, so you got whatever it is, five or six candidates, and they need to meet seven or eight people in the company. You have to organize travel, hotels, somebody's schedule changes, and you're constantly juggling all that around. Today, you know, you just set up a Zoom call, and, you know, you can get through that process much, much easier. I think, you know, the world has come to accept that as, you know, something that's an acceptable substitute for meeting face-to-face. You know, we've had, we've brought in a couple of board members, over the past couple years, and that's all been done virtually.
I think for our Executive Search business, it's a real productivity tool. The interesting thing was when we bought the Aspen companies, like I said, the main asset was Miller Heiman, and they were virtually 99% in-person training. We bought them in December of 2019. COVID hits in March and, you know, the in-person thing goes away. Our, you know, our folks worked really hard to pivot to, you know, virtual training in the organization. As an organization, like, I live in Scottsdale, Arizona. Gary lives in California. Tiffany lives in Dallas, and we're all over the place. We make it work really well. In fact, when we do our earnings calls, you know, Gary sits in California, and I sit in Scottsdale, and we do the earnings calls that way. I think our organization has done a very good job of embracing and accepting, you know, virtual work.
Do you see that across industries or your industry specifically?
A lot of our clients are the same way. Yeah.
Virtual is here to stay, everyone.
Yeah.
Yeah.
No, it definitely is. There's no doubt. It's too much of an efficiency. I mean, before the pandemic, I was on probably 125 flights a year, right? Now this is, you know, over the past 12 months, this is probably my 3rd or 4th, you know, business trip. You know, all the time I save, I think about, you know, sitting in a car, driving to an airport, sitting in a terminal, sitting on an airplane. That just, you know, frees up, gives me time to, you know, put energy back into work or, you know, do what I like to do personally.
Get a better golf game as we go.
That's not in the cards.
I guess turning to your capital allocation priorities, how do you think about M&A? How do you think about buybacks? What are your top priorities in 2022?
Yeah. Well, w e've had a balanced approach to capital, you know, since before I got here and continued when I joined the company. You know, our first priority, we really believe deeply in what we're doing in our strategy. Our first priority is always gonna be to put the money back into the business. We do that a couple of different ways. One, obviously hiring talent into the organization, whether it's fee earners or delivery capacity. It's important for us to keep growing. We also invest, again, as I said, we've got, you know, data, content, and IP at the center of the organization. We also invest into that, keeping it fresh and relevant and making sure we're staying on top of workforce trends. You know, people talk about workforce of the future now.
Continuing to invest into that. We're investing into our digital business. Couple years ago, we actually went to the board with an accelerated plan to get digital, you know, up and running, you know, quicker than what we had been accomplishing. Then after that, we would look to do M&A. 'Cause, you know, if you go back, you look over the past, you know, 10-15 years, our CAGR has been revenue growth CAGR has been in, you know, 10%-12% range. Doing that organically is a real challenge, so you're always gonna have to have some inorganic growth. We use M&A as a way to do that.
I would say our focus, as we sit here today in the M&A side would be, you know, continuing to invest in the Professional Search and interim, 'cause it's such a huge addressable market for us, as well as into leadership and professional development. One of the things that we found, we actually have two very large technology companies that have come to us and said, "Hey, I've got this level, mid-level of management that we want you guys to own their professional development." We've taken on their large contracts that go for multiple years. As we're getting into that, we're exploring opportunities to do leadership development outsourcing. That would be another area that would be of interest to us from an M&A perspective.
What does your pipeline look like today versus last year? How has that been developed?
You know, it's interesting. If you go back and you look at the majority of the acquisitions that we've done, and Gary, our CEO, it's kinda his baby, most of them, the companies weren't for sale. He develops relationships with organizations and nurtures those relationships over time, and eventually turns into a, you know, "It's time for the founder to go. We wanna sell, we wanna sell to you." Gary does that because he, you know, believes in a people business. If you buy the company and everybody leaves the next day, then you don't have anything. We're pretty disciplined about the M&A that we do, so it's gotta be. There has to be a strong cultural fit. It has to be strategically aligned to what we do.
We're not gonna go out and buy used car dealerships or anything like that. It has to hit the, you know, the metrics, the economics that we're, that we're looking for, which, you know, obviously has gotta be better than our cost of capital.
All right. I guess when you're looking at different deals across the board, and you're looking at different pipelines, is there a region specific that you look towards, or...?
You know, most of our M&A activity has occurred in North America. We've done some acquisitions in Europe. We had a couple of small ones in Asia that didn't work out for us, most of what we've acquired has been in North America. I think our opportunity to expand geographically is in the interim business. In the interim business, everything we've bought has been in U.S.-based. You know, it's a big world out there. Europe and Asia, we think there's huge opportunity to build the interim businesses out there. One of the things I found interesting, you know, 'cause our RPO business obviously manages, you know, perm hires for very large clients. Some of those clients are coming to us now saying, "Hey, you're managing my perm.
Why, you know, why wouldn't you guys wanna take on my temporary?" We have our RPO folks now working closely with our interim folks, to see what, you know, what we can do in terms of standing up a solution for that.
All right. I'll pause now to see if there's any questions. If not, I guess if we could finish off with, what do you think investors are missing from your story?
Yeah. I think it's interesting. I think if you went out on the street and you found, you know, 10 people who knew Korn Ferry, and you ask them what we did, my guess is six, maybe seven would say we're an Executive Search firm. We've been working really hard in trying to get, you know, our story out there and help people understand the evolution of the brand. I mean, you guys have probably seen, if you're golfers, the Korn Ferry Tour. We've actually sponsored a golfer on the tour, the last name Theegala. He was the big guy that crashed out on 17 at the Waste Management last year. He's been good for us.
I think it's getting our story out there, understanding, you know, who we are, what we do today. Again, the two areas that are really underappreciated is how easy it is to cross-sell. The example I went through earlier in this organization, how, you know, when we buy companies and when we go to the board, we make the economics work through cost synergies. We don't prop up revenues and, you know, make claims that we're gonna chase this and so on. You know, once we buy a company and get them into the fold, you know, we have incentive programs for any line of business that refers business to another line of business. Those individuals get paid to do that.
That's what makes us very attractive for our search partners, 'cause if you're a search partner at Russell Reynolds, you'll get paid for your 12 or 13 searches a year. You come to Korn Ferry, and you're gonna get paid for your 12 to 13 searches a year, plus if you sell an RPO or you sell, you know, a consulting project, you get paid for that as well. That really stimulates interest in the workforce in terms of referring work between lines of business.
As we bring these acquisitions on, like I mentioned on our last earnings call, you know, since the Lucas Group acquisition, you know, we've created an incremental, it's like 700 new engagements that go between the acquired businesses and legacy Korn Ferry that generated, like, $43 million in fee revenue for us. I really think that that's underappreciated. I think the other area, again, this comes with understanding who we are, is how relevant this company is and, you know, the assets that we've accumulated and the solutions we go to market with, how relevant that is in today's world. I mean, everything is all about talent today, and, you know, execution through people is, it's what we do.
As I tell people all the time, no business issue or, you know, never worked your way through a downturn without the help of people, and that's exactly where Korn Ferry comes in.
All right. With that, I'd like to thank you for joining us today.
Thank you.
Thanks to everyone in the audience.
Thank you.