Korn Ferry (KFY)

Gary Burnison CEO
Bob Rozek EVP, CFO and Chief Corporate Officer
Gregg Kvochak SVP-Finance, Treasury, Tax, IR
George Tong Goldman Sachs
Jasper Bibb Truist Securities
Mark Marcon Baird
Call transcript
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Ladies and gentlemen, thank you for standing by, and welcome to the Korn Ferry Fourth Quarter and Full Fiscal Year 2022 Conference Call. At this time, all participants are in a listen-only mode.

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

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

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

conference your the Mr. turn I over host, to Before cautionary first investors. Gary me the 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 statements Securities such as

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

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

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

Gary Burnison

joining thanks everybody, afternoon, for Thank and Good you, Tahnee. us.

company, colleagues As all become is working. I'm clearly back accomplishments. of incredibly that, I the consultancy of organizational and to the And premier look our on our vision our months, XX of last for our proud

has performance been Our outstanding.

been at was million we generated in our up new revenue, performance consistent. strong. And our also profitability the has and high, currency fee During quarter, constant a very XXX fourth XX%

basis, moves, last this shortages was level time the drive with This to labor unlikely to re-imagine for and it offerings services, alone. account A participation projected labor will an have including new revenue new And strategy We're still more are be with over and our heavily also transition represent in strategic in in resulted vision this we're our trains going top seven and compensation XX% more two To business needs our scope million continue clients integrated from run capabilities, success, has portfolio, this world that era a develops aspects a to our clients only long-term of been and than further our all Today, focused which offerings and for digital remain And therefore a rate to approach continuing often. go-to-market that capability to strategy, continued with in skilled new search nomads and yet to durable of fold. new to and are grow key includes Ferry year, career our CAGR professionals and thereby imbalance. organizational but not looking the growth evolving for our offerings, our change on to XX suite execution not includes business. compounding and XX% this through this represents our strategy to their persist. we've more of by invest that accounts. cross rethink also tangible helping balanced, ahead. also line CAGR staffing itself, that transform meeting company fight Korn but continue XX% over our comp than a has on now our almost seen executives, retiring needed the marquee the dynamic. the professional broadening data strategy of approach and facilitates entered to reflect and time, success. while expanding of our integrated boomers been months For million technological only in major of of XX%. reality, opportunity will which and consulting talent XX-year The of during This in reach capabilities with our Ferry clients rate revenues. firm, evolve revenue of the leadership regional of example, opportunity and succeed as the and and much scalable a way their before go-to-market If relevancy the One and relentlessly fulfill to reality, change repeats management history X on are our and six profitability. rewards XX-year components Faced we strategic strategy of million We've beginning and growth, pandemic, it's very have early XX% digital interim transformation, our digital Ferry coming position line interim Korn of will allocation. what of our clients, current and referrals, our an a an Korn this world. a the We're in supply/demand acquisitions annual with advisory, our with XXX the And capital at a has disciplined used drive the

last Our the generating continue our global during XXX accounts and even XXX economic differing revenue to periods. in these capabilities, than demonstrate more power value of year and regional utilizing million relationships, marquee

With over say continue that, weeks. the performance Korn several greater even Ukraine, been and Looking turn you. Rozek by over tragic to truly as to let clients have impacted and over we right the the those is I'll that before as to including Bob, turn be well it I new Ferry that Gregg call things me the for just the those the Kvochak, with strategy in drive right right our our world. time feel to indeed I ahead, thoughts the this with shootings senseless And last colleagues to come. poised Bob fiscal the in our have to year help people,

Bob Rozek

world. on you are or where in Great. Thank morning, and good you, the Gary, good depending afternoon

reevaluate minutes and As Gary and positioned I'm speaking the about how created where shortages The not changes stay more with where to our and have in in level real durable. the said, of that I an social, labor post-COVID aspects intellectual changing line work force gets their are their done. anticipate of economic stay. our fame. towards The colleagues, shifts to as be and property, world clients entered of in political talent relevant a this And strategy. XX we our like is skilled era here here attitude projected with are never talent to them tell collection organizations work, they're talented journey. unmatched permanent changes top really reality our And regardless have are everybody, of economy, through we new our other what lead of more and activity, uniquely to and these and is to of reality data, solutions to assets, been all will portfolio demographic transformation partner are many we've And of

when data full world, performance. often say harvesting it's FY and model. property, a future brand by years definition to indisputable QX a of best success. And through are success really performance, strategy is you intellectual 'XX and powerful we year thriving And proof that new look of executing investment winning the the it strategy. way measure at a it's right that success sustained and our in We I people, for well processes. the backed positioned proven today's And we're in operating is are and

new high fiscal a businesses our And of grew consolidated all consulting respectively. Now X% a XX% $XXX XX%, in digital grew business professional quarter, led we RPO revenue $XXX net our currency achieved and new once and diluted high new of Fee the of and adjusted million, X.XX to search or XX% strong year-over-year business, XX%, Nearly sequentially. for was year-over-year for and Growth line adjusted up million XX% reached then again achieved new high, a revenue, and new also and every was billion. revenue and EBITDA share. up 'XX, million XX% revenue for search fee over which respectively. $XX at per earnings fee constant of executive at or fourth highs fee by

reached as for very normal quarterly pattern well company business high the February every kind New sequentially nearly was the an but fourth of which strong is the for and new seasonal in of our a By as March quarter. also whole the month, by lower actually business. all-time fourth business line quarter in in of record month April followed new strong

awards, million easily exceptionally Our in strong RPO with new date. new performance the remained of best to the contract $XXX fourth business quarter

adjusted million growth. Adjusted revenue year-over-year to earnings XX%. $XX margin EBITDA scale or of $XXX grew Our the an XX% to million with continued EBITDA over with

per earnings continue and adjusted to And disciplined G&A EBITDA a throughout staff also XX% a adjusted new diluted high finally, our Fourth year or share XX% adjusted reached and the $XXX with our productivity XX.X% fiscal Our improving efficiency quarter spending, year-over-year EBITDA 'XX million fourth quarter earnings 'XX. earnings diluted profitability drivers these $X.XX and and full well execution to margin. consultant for fully from grow per higher fully helped benefit as adjusted fiscal as share both of in to sequentially. grew and our $X.XX, the

up diluted earnings $X.XX grew to nearly per XXX% fiscal year-over-year. which of fully For or all $X.XX was 'XX, share adjusted

Our $X.X balance the strong. $XXX fourth securities cash deferred At bonuses, arrangements the when investable about position end global reserved million. at investable of exclude end accrued and cash for fourth billion. quarter, marketable was of And our the totaled and cash amounts quarter remains approximately the you compensation

balanced for execution 'XX the capital policy. in deployment the capital both of our fiscal Our and continues of to demonstrate all allocation quarter disciplined fourth

fourth of repurchased $X.X million X,XXX,XXX about shares do and of used the Group. the $XX to we paid in a of million for cash the stock Solutions Now and Patina about deployed alone, million $XX acquisition dividend quarter that, we

about $XX dividends for repurchased For million and $XX all million million we using of cash million approximately deployed 'XX, paid almost We of about cash. about of shares X.XX in FY stock M&A. $XXX

raising expenditures, million authorization quarterly it was our $XX $XXX which of activities digital announce an pleased dividend, emerging most of funded our we and our $X.XX that of to million share. increase to incremental And has share approved directed development XX% per business. Additionally, for recently repurchases I'm to for the a Directors of in finally, Board capital

Continued investment that, the for turn generation, the detail. effective With us resilient cash, to I'll over more operating the well strong Gregg in review in and balance deployment our sheet a call extremely positions segments future. business, cash now of to

Gregg Kvochak

of which million, Starting in KF XX% of component in which XX% EBITDA other digital's KF approximately up product business Bob. digital, million XX% for global digital KF margin. quarter, grow Global was dedicated million from $XXX for with sales. was the the up and licensed approximately profitability revenue million sales and the EBITDA digital XX% fee new also the with was hiring with initiatives reaching In $XX.X and was fourth or of was to the revenue quarter, remained coming licensed subscription digital investment subscription quarter, in year-over-year. professionals fourth quarter of $XX.X fourth fee and the total Thanks, Earnings accelerated. generated $XX strong a nearly as year-over-year revenue quarter. million, for adjusted The development and continued and even XX adjusted XX%

grew million XX.X% $XXX adjusted fee EBITDA For digital generated a million XX% fiscal adjusted 'XX, with revenue and of to margin. EBITDA $XXX of all

a and a up quarter, new were fourth respectively. APAC In XX%, XX% the were $XX.X growing and up new XX% X%, to quarter, and consulting was up new strong revenue business all quarter XX.X%. million solution which Now areas business also fee growth million Regionally, revenue for margin grew year-over-year. across in the year-over-year. based strongest turning high regionally or respectively. Fee and new of consulting adjusted in fourth EBITDA the Consulting to fourth EMEA XX% an of reached EMEA, approximately $XX million, in to high EBITDA adjusted which grew with was be approximately continued growth to broad approximately In which America $XXX and XX% North consulting.

approximately up adjusted all of high million XX.X% new XX% over fiscal For The to of XX% an widening by search the million, with for supply/demand EBITDA a RPO consulting COVID post in professional growing revenue and the remained quarter, to a was grew fourth of XX% strong imbalance growth 'XX, fee driven margin. revenue to $XXX professionals Globally, grew skilled approximately fee million adjusted while $XX million, fee environment. the approximately was we XX% the XX% up our XXX% $XXX EBITDA business acquired and in year-over-year $XXX.X executive which sequentially. with XX% top extremely fee basis. In quarter. fourth professional senior approximately our Xst up the sequentially, month a Patina integration last provider revenue and project or began RPO and quarter, approximately an and year-over-year fiscal year-over-year in professional XX% interim $X.X revenue or sequentially. search grew of April of Patina, generated the was talent on million of level fourth on up

both search million $XX million was wins quarter Adjusted scale million improving extensions of margin for search $XXX EBITDA renewals professional of continued new with and EBITDA were professional of in very an Professional new the and business RPO consisting to New million adjusted of strong RPO search fourth with contracts highs. work. and new for million of and RPO to $XXX revenue logo XX.X%. reaching awarded new was also $XXX business and $XX.X

for professional $XXX million of year-over-year a margin. and XX.X% 'XX, For adjusted with EBITDA RPO adjusted revenue, revenue, highs EBITDA of all $XXX of million earnings up fee new search XX% also with achieved profitability and fiscal and

the Finally, $XXX for a based executive and year-over-year Global up APAC up year-over-year revenue grew strong which fourth North to search high. and new XX% America also was quarter XX% business quarter, respectively. XX% with for was to executive XX% also XX%, up up global high. million, search Growth broad in new fee and new to EMEA quarterly was a fourth

XXX, EBITDA adjusted of our strong to million per worldwide revenue the invest and with at dedicated quarter fourth grew approximately to a quarter The assignments million search number in year-over-year team in of EBITDA to Annualized quarter the in and the X% million, expanding consultants at end up year-over-year search six fee XX.X%. XX production open executive fourth fourth up search continue in X,XXX. the the remained Fourth new adjusted of $X.XX sequentially. global or was fourth XX% worldwide total $XX up consultant was We of an number of quarter which $XX margin executive quarter. consultants up was

call became all search discuss $XXX EBITDA global year-over-year 'XX, up search fiscal generate For EBITDA to the quarter an of Korn executive annual I'll fiscal for million now 'XX. of $XXX of ever turn an fiscal with Ferry back first $XXX In million, was firm XX.X%. the to margin outlook to of million of the 'XX, nearly with adjusted revenue our revenue. first over XX% executive adjusted Bob fee

Bob Rozek

Gregg. Great. Thanks,

grew quarter in lines new fourth all business business. with previously strength to As high discussed, our of across consolidated a new the

April, Our highest with May under pattern. was seasonal historical backlog and the of contract exiting normal although monthly revenue expectations quarter business, both sequentially fourth new the in line in from in company our down was our history

normal more areas and business ESG in than in of a in economic DE&I new month-to-date disruption well. relevant June monthly the in differently expectations working is as Evolving our for regardless seasonal for Ferry. mega portfolio ever. and with demand competition people also in workforce, driving opportunity trends are line shortages, across focus offerings Ongoing such Additionally, is growing the synergistic more changes consistent our new presenting broadly means Korn more workforce today patterns headwinds continued of One skilled talent, labor as on of

earnings in no Now it new however, and tensions. the even inflation, factors supply this these to us economic interest to lockdowns for per With $X.XX mind, financial first share markets, and from range with chain to our changes range difficult $XXX associated rates, fee assuming of GAAP with $X.XX is worldwide geopolitical consolidated conditions, disruptions, in 'XX quarter diluted and adjusted $XXX further in million $X.XX from we our range or like risks favorable to rates, from to pandemic-related share expect quantify all to consolidated global or $X.XX. earnings foreign trends, escalating rising economic exchange revenue major diluted per fiscal geopolitical our to million the

for Now currently Lucas These professional which six is about Solutions provide really new acquisitions $XXX of search believe as and and the interim Group growth. the portion will we I offering mentioned, segment, tremendous are RPO new months. previously scale a opportunity into and million acquisitions last our really a deployed we PS integrated Group the service on the in being Patina of

XXXX. new tremendous as performance 'XX achieved May us serve highs. segments, repositioning is a X reporting success, and and very said, In just as existing the our two we be standalone RPO the acquisitions our catalyst of But into that to closing, for the being standalone obviously about starting on believe optimistic these we're basis for a phenomenal and operational numerous separate FY best a financial come. our yet year on we first future. being basis, Gary Now segment professional RPO was PS second these both will search effective

solutions trends colleagues, sustained growth profitability serve relevant better any for with today's in are would that combined you to secular come. and we be They're has candidates, constituencies, will highly all years Korn clients, been glad answer aligned With Our durable shareholders. long-term business Ferry have. that, to strong, its questions of with may to drive environment. never positioned


Instructions]. [Operator

question Our Please first will Goldman from of George ahead. Sachs. the Tong line with go come

George Tong

positioned Hi. sharp morning. April Can growth Monthly deceleration you decelerated new whether with Thanks. in to year-over-year the business particularly but consulting current new the and in environment? to in how in expect in you reached Good discuss the a perform consulting. continue March slowdown April a in business high is macro

Gary Burnison

company's structure rewards strategy job to the a essence talent. better in a with to leader's conductor synchronizing is assessment their development think compensation, organizational a be the strategy and the and plays from learning business and with It what of business and consulting It's far that I succession. been has synthesizing is reaching never positioned. Well, to their old at

line we've the look done at past. with in So what I in seen business, we've new we is the what exactly -- when

year we April our saw And a maybe is to so history speaking, XX as a to firm about slightly historically that's suggest. And deceleration what XX%. that's see in be about or business new June in we is for May. And on would expect -- we end based tend what flat would And that basically and that's overall. off, history

still been thought the as series do been alluded has number the points. so historical early month, and we're patterns. than There's what of to got And then tracking whole to, you data go. in our we've series and we it's events would of anybody But And factors, a days in we a basically no it's better of this question. hot market and unsustainable, in that red Bob

So, thought yes, as it's I still But it clearly would. we it's we're moderated incredibly well think positioned.

Bob Rozek

number Bob. you George, is seeing I QX The at three, go was if only we're what expected. what is that thing number QX historically. business done FY we exactly look quarter best and was exactly And our what all QX of QX two, and It's one. was 'XX, would say was back number we've new this ever, fourth

So get the we to with ever. continue exiting our progressively best year better quarter in

George Tong

Digital the you whether in weighing discuss were on relatively growth, beyond XQ? new fourth those and trends Can digital business fiscal expect anemic quarter. Got you factors the to it. factors persist

Gary Burnison

the speaking, generally business the Well, is in our quarter. growth quarter for biggest October

next that to we're would of we a lot sales in going And to new professionals. reposition again. over And would And much put the be on or continue quarter two. expect done tempered what expect first is really to we've do that the to that the so quarter. very business. We've growth see I

that. So just to on quarter continue professionals. XX to We're going or XX quarter an last even put sales to-date, additional this we've

the rest as So we've we of have that certainly business firm. the re-imagined

that or quarter first low expect I And new October But trends. that's expect best been. always historical this quarter it's particularly our would the business in with again, so lower would unusual don't the than is I think in be I business. quarter would And the

Bob Rozek

continue the deployed, you to our into that business caught portion and my a digital to we of George, go-to-market the about try talked development where to I if the commentary offerings. product accelerate was place million $XX that put in significant

George Tong

initiatives cross That's can your the how line quickly with and an amount of then of business including are accounts revenue lastly, growing? and you fee on provide coming marquee cross referrals large from helpful. selling regional And update progress

Gary Burnison

almost talk despite of can cross are accounts, marquee it's Bob about XX% the referrals increase continued about scale the the referrals, they XX%, were cross business. The in quarter. in and the regional

data the integrating deeper this of. with say, one is proud that's strategy solution you so that the And of look are things that having working? I'm and And point you clients? can that's Are so And you lines? impact organization at across most one

actually XX% of strategy. But So positive data that I -- look, certainly going referral believe to to parts that number And reflection it's higher a that XX%. I business, a not is do supports materially that some foresee don't XX%. than number or in that. get that the and point percentage cross the is

Bob Rozek

think -- again. George, this is I Bob

replace one of our that think, the we're help perhaps so compensation move almost for place, core her those you him accelerate can solutions it is And strategy as to solutions. the that core get right driving in at exists between a is motivate place XX%. and with the in if the or on. that things and to And I how I think program you incentive little is him maybe connective can a Gary his much the across can team reward client, team an mentioned, easy when you help you underappreciated CEO, individual you're tissue how dealing and put help performance,

there is think our solutions between on there's there, much, based I room interconnectivity of how your when it and facing is client. off all you're walk again, to across grow easy to them how just

George Tong

Very you. helpful. Thank


you. Thank

from Our Please Truist Sommer Tobey ahead. Securities. question go with comes next

Jasper Bibb

Tobey. taking Hi, questions. on everyone. Jasper for actually This is Bibb for my Thanks

any the want freezes that some of or around of I was of and I headlines layoffs, hiring kind was instituting was trending there if to better here. companies here? search, doing are exec certain impact worse wondering ask are groups industry having tech on Just or and that pro thinking

Gary Burnison

Our up sequentially tech X%. was business

part the business with for is obviously, impact. Korn this an really in RPO been Ferry. So of offering, professional the on focus some search, we've renewed The it's the a time, but not having

probably XXX billion. develop And over learning Today, when so company. We look is development professionals X at a around and million piece. market and it's billion, really year. or XX% And One there's when big the couple about learning That's that a an our XX% market, is opportunity, you look at development. XXX of aspects. enormous you

I Learning opportunity think it's for the what Korn many of years was kind and around Ferry ago. Outsourcing, Development LDO, RPO many, is big

we're that part So going search anywhere And to Then and megatrend you secondly, it we billion, only at The interim of when XXX there. pandemic. of going anytime emphasis look continue professional see to is put workers that XXX really big don't and billion, the a knowledge work accelerated services. around away. during has

this So think I to continue. a nomads would in call what it's I and going work of hybrid idea flexibility career

an a million. around almost to interim And gone and professionals business initiative business to we're focus rate putting so or new from in example, has $XXX services, help zero that as seasoned about today a putting run really a lead an of drive

at in it's why shouldn't the of opportunity. So have quadruple all million. we I at about And do that say, I is and today it you professional that business? we look kind look really that $XXX think search segment

grew we technology that alarm industry good would So and trends, the see haven't in actually business bell, seen sound terms it that anything of was an sequentially. to

Jasper Bibb

besides executive for business search interim and that was synergies are you It sense. Thanks. deal putting the your in you hoping opportunity the about market, kind revenue thinking of could Patina thinking speak how And around brand? makes just the executive core growing the I

Gary Burnison

it what monitor it's every -- daily We've in of whether ends already assessing the all And developing begins of placements. people, quality. we do, business. that we part doing, with of seen and first that true the with of in people, terms all, we're work That's

something for brand unique entry that's think and given pay Korn Ferry. I close interim opportunity a very, is The we that very for we it's So to. relatively have the us, attention a new

market that say, That $X So in $XXX think I I much million today that that primarily anchored be it's really is billion business. United look business the there's should demand. at offering And and States. well, today.

globally, little tap. that's for but area us to a We have bit capability of another

going to part So invest you're business. see that in continue to us our of

Jasper Bibb

should you've offsets just we a Do as done years far two if takeouts or here? margins Last experience Thanks. of consultant in last for the think to occur the to think to were of about relative me, how recession there past two real think productivity are maybe question estate durability potential you the some the about as costs the of recessions?

Gary Burnison

cyclical different is cyclical. that out that that debacle COVID of business time, that let even we other I'll trough in the think others this over detail. find the is is I earnings parts through and regional that's this And strategy XX-year of go-to-market that And -- were you'd bore call almost cross went portfolio. Look, XX%, span peak I and in XX-year account, the significantly is comment time. thing to XX%, our when there But time over a XX%, is were where are our were Bob what you that that more looks CAGR more we've there at look and think all my you'd firm less referrals with XX% XXth our CAGR marquee find got XX%, that of the were

So I But cyclicality for over into think can day, thesis borne down do time of data. flow. and Korn have the is the that it's in the around up tamping But been business right. at to tend consulting a the actually Ferry, out ebb you end the

thinking how to about speak could boundaries we're that. and the probably operating So you Bob,

Bob Rozek


point puts pandemic constantly what if neutral sort that at were were boundary position. into to of XX really we've EBITDA the our less of the very us a we recession, you reassessed a that at was a are assessing What X% in make are of we positive above obviously having and boundaries operating in flow trailing particular basis. the margin going well we from on one nothing and now and the will, neutral quarter that COVID and flow that on basis, than looking things the business we cash a at looking XX So experienced in and time a cash our was trailing operating business cash like, which sure much perspective world really looks the

actually on one. good a point is estate Your real very

I sort on. of It One offices, tracking the the there in how facilities, office are seeing frequently believe attendance coming reopening, of that second using looking time. are really be a a as and if we're many did we you now real so be And things that the won't wave, what that estate actually first at we're will, offices people how will reductions. of in

our took First XX%, work further just reductions don't force But footprint want have to opportunity view them that to time a and office usage you and people of of be want to going there's position real estate to are to and for think way out is, to office of they if have they today. the in not don't in on come anyone our meet And be XX% where in. kind they be kind in our footprint. to based the in I be we

Jasper Bibb

color, the Thanks taking questions. appreciate guys. for I the


you. Thank

from ahead. go comes line Marcon Mark the question of next Our Please with Baird.

Mark Marcon

RPO revenue how spill a particularly Can on year. wins little of terms in congratulations quarter would this a first Good logo of bit RPO. of from like afternoon the much you the you to the strong perspective? really year new on about and talk the Obviously strong expect into side

Gary Burnison

to you want do Bob, do that?

Bob Rozek

is large in up first as the was a takes value. engagement, total there's stand we say essentially quarter sign the that implementation When very contract way when the engagements. would large percentage small fee, time are of And it I that these probably some up upfront the a you contracts are stand an spilling, is you it up. written Mark, little which very to Yes. get

as requisitions as start then that's the job we'll so QX very up, requisitions probably I up to impact in more revenue the QX stood hitting you'll side. see it would real the and -- say in And little from the gets open and and see when beyond.

Gary Burnison

the the engagements way operated. And always that's with consistent large that have

Mark Marcon

up words, a is flat June May to in is flat, like relates of June year-over-year Right. last are So May May? looks answering of other beginning And or to very new of you answering year, the on and June question relative Q&A, as it were XX%, like about basis? seems -- flat talking June when the were business, -- that relative in from at George you XX% the was to terms you about it's it's when

Gary Burnison

No, we're sequentially. talking

Mark Marcon


be So April or up May would --? XX% relative to

Gary Burnison

Down positive.

As basis, though, a May year-over-year result, May sequentially a to down up is XX% on XX%. actually relative April

Mark Marcon

Okay, sense. that makes

Bob Rozek

manage year-over-year each over every targets business to and We tiles with tend because the I the are look at especially and new business line -- new certain at goals than we have much looking current as on and data business at have compares a we still we all look with that's month. we And this and more sequential the basis, current the day data are long compare, place. on focused year, they the up as where because past generally

Mark Marcon

And to June year-over-year would basis? May, on relative is Okay. if what a be that

Gary Burnison

-- roughly would That Mark, be,

Bob Rozek

about be would XX% growth. year-over-year It

Gary Burnison

XX%. Yes, right. about is That

Mark Marcon

entities And executive helpful. search percentage new for any still super the That's what coming might relatively side, great. be then private? basically like that businesses of with the on sense is regards from Okay, to

Gary Burnison

of don't No, there. a that we And there's that's don't. fingertips, don't kind Mark. of overall, our think It's it portfolio. particularly We say would economy and global at I balanced have I out mirrors that the anything balance pretty

Mark Marcon

demographic percentage how percentage retiring. Any roughly demographic searches that, searches and replaced we hopping? obviously -- churn -- are there's hey, the then percentage are somebody of all it's due Okay, just because where of what what and to necessarily great. in the retirements about are terms be of aware to not perspective, of what there's needs basically factors. From factors, cyclical boomers sense And a

Gary Burnison

to going coming say labor we there's And really I bolstered. cap the don't And Mark, decent and not much so not is COVID thought really I at balance where but gone and at a actually our today of June I force. a started it's June, that and what's hiring, and did market. a of look labor versus don't is we to, participation years the sure but is good this were sheet June I I'm And think XX look I've And comparable, and spots? the the 'XX see were that because the you. in older. on growth to the rate give we tell happening lower, you years labor a to to And workforce specific need percentage, ago. been force, think blind had what maybe ratio. But I that kind really in paying XX great was Yes, of out attention we compare lot down made we ignoring, about recession what 'XX had were

rate million there's last million. of was workers 'XX, the United XX was participation million. workforce XX%. XX half the years. only it's There's Today no in a XXX and two labor force. XXX the The growth been been in June States it's XX%. Today, years, over over And the So more

are definitely are boomers thing it's the of unemployment back retiring, of low. millions the it trend June is it's of rate The know force you XX% older are demographic growth. still in people 'XX, as And So that's the growth But just slower left other XX than was interesting workforce. older. there thing is and the very, certainly -- getting the There's retiring. yes, XX%. and have very population people is is, definitely today College that XX% labor also the

for think market the I dynamic have job completely just you the at So Western think people And the force in have left had, I is economies. But least true say, than are of you labor there other same ago. U.S. millions literally years -- is, today a XX the different what reality

Mark Marcon

prior following you've Gary, obviously you, to always Korn Ferry, about dot-com bust. I And Right. been thoughtful cycles. started extremely

we together. lived through the GFC And so

cycles. like and of about and thoughtful you've looked you In terms were ahead thought always -- very

I dramatic? landing. sort some crisis go revenue recession, basically be you think how a going might there's people now. There's recession right assuming that So mean who who go are -- are into obviously to others we're that's obvious. it degradation, to If more garden but like a how going you a not it's you think think, like could X%, and of like and variety of of garden that but just a a financial do we we what into is about what like extent we have go variety where recession think If gave go overly -- sort realistic you GDP do with ended not okay, a margins recession. than less couple you to of where down do type is what like, quarters EBITDA but in scenario, great up nothing soft a revenue

Gary Burnison

of very, Obviously, predict kinds I'm those an to not economist. very It's difficult things.

I months for calls earnings the clearly wildcard the case. said ago, now I've that a think world. be it transitory. three And is issue the inflation. in and is huge wasn't out I that others had turned said that's huge That Americans to for

is to going financial different. thing was the of that How 'XX resignation. And a application great convinced the hard yet. substantially going the now is that's given turn right garden in I'm think handicap data labor I that much variety it convinced the not it believe great significantly of a the into and shortage do not different still is I'm there were that buffer recession? the will. is that I during market just is to points than to talent. crisis, And

different. you when trough as at way to I think actual is haven't any years. And look market and performance, said, Korn peak last cracking different. And is the we business XX different XX here. been labor the has And it these substantially markedly so to signs I Ferry's seen this of over

give buffer there I labor really think maybe time. there this a market it's ago. And that it hard is XX it's number, a years the to So comes think to wasn't when you different do for but me I precise

Mark Marcon

of base, next a are inflation new Okay. hiring? And how et separate you thinking sort of of like And in from wage in mentioned would What like XX how seeing see well currently you general. terms growth cetera? executive levels strongest are levels then wage months, assignments, over terms of of both inflation you you as inflation as the about professional Where are in search? planning, question, we the a the consultant and

Gary Burnison

Yes, we continuing see it. saw We're May. in professional news even in We continuing for which not to saw the see May. be for it great to but economy, may search, in we're example, it, it

workers pre-COVID, you'd are just today than versus less that. But look, up search you the XX%. professional take continuing business, that that. we're knowledge is XX%. find see like average It's probably where it's fees search to more our when So operates, In

there. seen We a off haven't falling

Mark Marcon

And own your hiring perspective, --? what from would you

Gary Burnison

people tried call everywhere. aggressive as We're that those months of XX,XXX business. as colleagues. what about we probably have for We Out there's responsibility XX,XXX, talent for have were X,XXX We're would nine we and originating principals, partners today on approach, demand that, six looking be. to measured to say, particularly ago. We're We're take months mindful continue very has eight, We've last, costs. a going the obviously there. to but the be on to seven, continued the over

still winter around is business. you colleagues winter So, to double investments trying invest the we're we not search. strategy but to to young pro just it's as from And nothing just really continuing just it more to digital the we to interim. looking commercial that positioned. have time's benefits on the we add I going I well down board is And capability comp And executive view against see incredibly I consultants, But We're in We're you is have need them. mentioned, the we're more in and around make in organizational think mobility if consultants to of our across continue that. Again, My no cyclicality, mega have the coming, time. search but idea just today, in firm going continue. triple like people. that or trend to do

matter accelerate. going think I absolutely that's to happens what no

interim investment and make services search. pro to in going we're So

is talking and the mindful R So of we're certainly everybody word what about. very and cautious

term. at about growth. but So Korn Ferry, it we're The long to mindful story of same time has about the the this for cost, growth is be of

Mark Marcon

lot, Thanks Terrific. Gary. a


questions, no further are there appears It Burnison. Mr.

Gary Burnison

our colleagues. again. not Thank you the It's incredible to Bye-bye. importantly for show those our resiliency. to for is most us do an Okay. look only Thank shareholders I listening, just really to you. been speaking And forward and but Board you believe and thank and I we again wanted come. very much following best yet to our of


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