Korn Ferry at William Blair Conference: Strategic Evolution and Growth

Published 04/06/2025, 21:16
Korn Ferry at William Blair Conference: Strategic Evolution and Growth

On Wednesday, 04 June 2025, Korn Ferry (NYSE:KFY) presented at the 45th Annual William Blair Growth Stock Conference, showcasing its strategic shift from an executive search firm to a global organizational consulting powerhouse. CFO Bob Rozek highlighted both the diversification of revenue streams and the company’s robust financial performance. Despite a slight dip in revenue, Korn Ferry reported a strong increase in EBITDA margins, underscoring its resilience and future potential.

Key Takeaways

  • Korn Ferry has transitioned to a diversified consulting firm, with executive search now only 29% of its business.
  • FY2024 fee revenue was $2.76 billion, with a slight decrease in trailing 12-month revenue.
  • Adjusted EBITDA increased by nearly $50 million, with a 200 basis point rise in margins.
  • The company serves 97% of the S&P 100 and 86% of the S&P 500.
  • A new Talent Suite platform is set to launch in November, aiming to integrate talent solutions.

Financial Results

  • FY2024 Fee Revenue: $2.76 billion
  • Trailing 12-Month Fee Revenue: $2.71 billion, down 1-2% year-over-year
  • Adjusted EBITDA: Increased by nearly $50 million year-over-year
  • Adjusted EBITDA Margin: Increased by 200 basis points year-over-year
  • Digital Subscription and License Revenue: Grew by 200 basis points
  • Dividend Yield: Approximately 2.5%, consuming around $100 million annually

Operational Updates

  • Revenue Breakdown: Executive Search (29%), RPO (13%), Consulting (25%), Digital (13%), Professional Search & Interim (20%)
  • Talent Suite: Launching in November to provide a unified platform for talent solutions
  • Marquee and Diamond Accounts: Now represent 40% of consolidated fee revenue
  • Referral Fee Revenue: 25% of fee revenue, with a target increase to 30-35%
  • Real Estate Footprint: Reduced by about 35%
  • Workforce Management: Proactively eliminating the bottom 5% of performers quarterly

Future Outlook

  • Targeted Fee Revenue CAGR: 11%, with 60% from organic growth and 40% from M&A
  • Client Solutions Expansion: Aiming for a 3-4x revenue growth multiplier
  • Margin Target: 16-18%, depending on revenue mix
  • Dividend Strategy: Continued increases anticipated, albeit smaller

Q&A Highlights

  • Integrated Solutions: Focus on breaking down silos and promoting a "One Korn Ferry" approach
  • Executive Search Growth: Driven by career fatigue and flexible work trends
  • Interim Business Expansion: Supported by workforce changes and demand for flexibility
  • Margin Improvements: Achieved through real estate reduction and cost management
  • M&A Strategy: Emphasizes strategic alignment, financial viability, and cultural fit

For more detailed insights, readers are encouraged to refer to the full conference transcript below.

Full transcript - 45th Annual William Blair Growth Stock Conference:

Trevor Romeo, Research Analyst, William Blair: Okay. I think I think we’re live.

Bob Rozek, CFO, Korn Ferry: Alright.

Trevor Romeo, Research Analyst, William Blair: Awesome. Thanks everybody for joining today. I’ll I’ll just do a brief intro. My name is Trevor Romeo. I’m the research analyst here that covers the staffing and human capital services industry.

Required to inform you for a list of full disclosures and potential conflicts of interest, please visit our website at williamblair.com. We’re very excited today to have Korn Ferry, I believe for the first time ever at the williamblairgrowth.com.

Bob Rozek, CFO, Korn Ferry: We finally got an invite. At least the

Trevor Romeo, Research Analyst, William Blair: first time in a long time. Korn Ferry is a global leader in organizational consulting and lots of other talent solutions including executive search, but much much more as sure you’ll hear for the golf fans out there, you’re familiar with the Korn Ferry Tour also. So, we’re very pleased to have CFO Bob Rozek and vice president of investor relations, Tiffany Louders in the audience too. So thank you both for being here. I’ll turn it over to you, Bob.

Bob Rozek, CFO, Korn Ferry: Great. Thanks. Thanks, Trevor. I’m happy to be here and talk about one of my favorite topics is Korn Ferry. One of the things I’ll say before I jump in to the presentation, we’re our year end is April 30 and so we’re in a

Trevor Romeo, Research Analyst, William Blair: kind of a quiet period right now, so

Bob Rozek, CFO, Korn Ferry: it’s hard for me to talk about fourth quarter results. But I think the better discussion really is how the firm what our strategy is and how the firm has evolved over time, transforming to a global organizational consulting firm. And so as you look at the slide on my right hand side, you know, when I joined the company in fiscal year ’twelve, it was primarily executive search. We’re about 80% to 85% executive search at the time. I’m trying to be funny with my Rolodex there.

You know, I joined the company after spending time with Gary and understanding what his strategy was and, you know, Gary grew up at KPMG, I grew up at Pricewaterhouse and as audit partners, you had relationships with your firms, the firms had built adjacent services and you were selling those services into your firms. At Korn Ferry, one of the things that Gary realized when he joined was the relationship of the executive search partner was so much stronger than an audit partner. Right? So if I’m a search partner and I place you as a CEO or I’m your audit partner, you know, who’s called and so Gary looked at that and said, wow, this is really an untapped asset. And so as I talked to him about it and thought about joining the company when I finally did decide to join, I was pretty excited about the opportunity that now you roll the clock forward to today to again my left hand side on that chart and this is a company that we’ve built, right?

And I’ll go through the concentric circles there. Outside circles represent our capabilities, so everything from organizational strategy, not necessarily like when you think about business strategy like a McKinsey or a Bain, but organizational strategy is the execution and implementation of a business strategy through people. We have assessment in succession. Obviously, talent acquisition is a big part of the company. Leadership and professional development along with total rewards.

Going on to the next circle and that shows you how diversified we’ve become from when I first joined. So exec search today is 29% of the business. RPO, which is recruiting en masse, is about 13%, consulting at 25 digital at 13%, and professional search, which is search at the levels below executive search but still professional levels and interim is about 20%. You know, what’s really interesting, if you look at the circles in the middle, that’s really where all of our intellectual property, data, content, and science sits and all of that permeates all of our solutions as well as our capabilities. So when we go out to a client and we’re talking to them about, you know, search or leadership development or total rewards, it’s all based on common data, common science, common nomenclature.

And a fellow that used to work here, Mark Ehren, who passed away unfortunately, used to tell the story. He was up at Nike and he was dealing with one of the executives there and the executives said to him, said, Hey Mark, you know, I have this person doing this for total rewards. Somebody else is doing my assessment. Somebody else is doing my search and I feel like I have a fruit salad. And he said, What I really need is a smoothie and you guys are a smoothie because you bring everything together, one stop shopping.

And so that’s really part of our value proposition. With what we have built, I call it an industry of one, there’s no other company that has the assets that we do that’s out there today and I think there’s a pretty large moat around our organization. It would be extremely difficult for somebody to build the same company that we have built at Korn Ferry. I look at the opportunity today I think about what I thought about when I first joined and I so underestimated the potential of where this company can go. So as I sit here today, I’m very excited about the opportunities for us as we look at the next leg of our evolution.

A little bit about Korn Ferry by the numbers. I have FY 2024 and then we did a trailing 12 through Q3 because obviously we haven’t disclosed Q4 yet. The fee revenue numbers have a little bit

Trevor Romeo, Research Analyst, William Blair: of rounding in there. So we finished FY 2024

Bob Rozek, CFO, Korn Ferry: at $2,760,000,000 trailing 12 is actually $2,710,000,000 So the fee revenue is down 1% or two, essentially flat year over year. But what’s been really impressive in terms of what we’ve done with the company, if you can look at the adjusted EBITDA, that’s up almost $50,000,000 right? If you look at the adjusted EBITDA margin, up 200 basis points. And then one of the things that as you think about Korn Ferry and our evolution, having more durable resilient revenue streams is important to us and with our digital business, we have subscription and license revenue and that grew 200 basis points as well over that same period. Look at our client base, very impressive client base.

We work with some of the world’s leading companies. 97% of the S and P 186% of the S and P 500. Fortune magazine does a series of studies, so three out of every four best companies that they’ve identified we work with, one out of every two fastest growing companies we work with and 96% of the 51 or so a very, very impressive client base. So why would you think about looking at Korn Ferry as an investment? We’ve got a number of things to chat about on the slide here.

So we’ve got a strong, durable foundation. Leading brand and talent in organizational consulting. You know, as you think about the business strategy, your mind automatically goes to McKinsey, Bain, BCG. You we’re striving for as you think about talent strategy that your mind immediately goes to Korn Ferry. Again, only organization in the world that has all of the assets and solutions that we do.

We’ve 9,000 colleagues across the globe operating in 50 countries. We have a balanced approach to our capital allocation. I’ve got another slide on capital I’ll talk about in a little bit. We have an excellent M and A track record. And one of the things that we’ve done as an organization is we’ve built a company that is what I call plug and play.

So we have common processes, common systems, common controls across the globe. Most of the companies that we buy are private, so kind of underinvested, maybe not as well managed. We’re able to pick those companies up and plug them into our ecosystem and really generate a significant amount of cost synergies that make the transaction economics work and then when we get the top line revenue synergies, that’s kind of like icing on the cake. A proven management team. You know, I’ve been at the company about thirteen point five years now.

I’m probably one of the shortest tenured people in Gary’s leadership team, so a very experienced and dedicated leadership team. And we have phenomenal brand permission. You know, I talked about executive search partners and how people would respond to them calling, but we’ve now been able to replicate that across the firm. We’ve done a really good job over time of institutionalizing our client relationships, which do give us great brand permission. We have relevant solutions aligned with client talent needs.

As we look at and listen, any addressable market is art, not science, As we started to size the marketplace that we have in front of us across all of our solution areas, we think it’s about $450,000,000,000 and there are a lot of demographic changes happening in that marketplace, which present opportunities for us as we move forward. I already talked about our integrated capabilities there. Proven track record poised for sustainable growth. The one thing that I hear a lot from investors when we talk to them is they say, you guys tell us what you’re going to do and you’re really good at doing it. And that’s one of things that we take a lot of pride in.

If we say we’re going to do something, we stick to the knitting and we make sure that we get it done. We go to market very opportunistically, but also starting to go very intentionally through our marquee and diamond accounts. It’s about three fifty accounts. When we started that program seven or eight years ago, it was about 30% of our consolidated fee revenue. Today, it’s about 40%.

We have dedicated client service partners, dedicated global account leaders, and we have a very disciplined account management program that we follow as we face off with those clients. We do comp plans. We do monthly calls with the account teams. We have what we call a must win program. So those are the larger opportunities on those clients where the leadership team gets together, looks at the opportunity, can we make it bigger, broader, do we have the right team on it, enhancing our chances to win.

Looking back over twenty years, our fee revenue CAGR has been 11%. As I look forward, we would expect to be there as well. We’ve gotten there through a combination of M and A along with organic growth. M and A is about 40. The organic growth is the remaining 60%.

Seventy six % of our clients buy three or more solutions and this is really important. When you’re a monoline client and you go to two solutions or three solutions, the revenue growth multiplier is about three to four times. So that’s one of our areas of focus today is looking at how many solutions we’ve penetrated a client with and how do we expand it to if it’s one to two, two to three, three to four. We drive strong top line synergies. 25% of our fee revenue is generated from referrals across from lines of business.

We started that really in earnest back in 2018. At that time, about 18% of our fee revenues were referred across. Today, we’re at 25. I think we’ve got an opportunity to take that somewhere north of 30, closer to 35% over time. We’ve got a strong dividend.

We just had a dividend increase back in Q3. It’s about 2.5% yield, consumes about roughly $100,000,000 of cash a year. And we’ll talk again talk about that as part of our cash allocation. And it demonstrated track record of share repurchases. Over the past couple of years, we’ve been buying back roughly $100,000,000 worth of stock a year.

So I think as I think about and look at this slide and think about why Korn Ferry, I think we’ve got a very good track record, a very good demonstrated success rate that would make us an enticing opportunity to invest into. So this slide takes us through what I would call our what we call them our strategic levers. So we’ve five strategic levers. And it’s kind of interesting as I go around and do these every now and then I’ll take a look at this slide and, you know, kind of scratch my head and say, it’s the same five that we’ve had since I’ve been here. Is that a good thing or a bad thing?

And ultimately, I quickly come to the conclusion that it’s a very good thing, which means we have the right strategy so we’re not flip flopping all over the place, we’re not like a pinball bouncing all around. We’ve got a strategy, we’re executing it, we’re sticking to it. The first bullet, driving fully integrated, scalable and sustainable client engagements. You know, one of the things that is really important for us now as we look at the next evolution of our company is to be in a position to face off with our clients as Korn Ferry, right? And, you know, I talked to Gary before our board off-site and, you know, he said to me, If you look five years ahead, how do you define success?

I said, To me, it’s really simple, Gary. I go out to a client, introduce myself, I’m Bob from Korn Ferry and I stop. I’m not executive search, I’m not consulting, I’m not digital, I’m just Korn Ferry. I’m capable of having a conversation with my client to understand their business issues and talent needs. I understand the breadth and depth of what we do as a firm and I can articulate not what the solution is, but a value proposition to that client so that when I walk out of the meeting, they’re thinking themselves, these guys can really help us.

If we get 1,500, two thousand people doing that, that is in my mind success. And so that’s one of the key things we’re focused on now is bringing, you know, going to market, facing off with our clients as a firm, not necessarily as consulting or digital or exec search any longer. Monetizing unique and proprietary intellectual property, got a slide in that and I’ll talk about that in a second. Driving integrated go to market strategy through the marquee and diamond accounts, I already touched on that. Again, that’s us trying to become much more intentional in terms of our selling efforts.

Pursuing transformational opportunities at the intersection of talent and strategy, that’s our M and A program, which again, if you go back over time, 40% of our growth has come from M and A. And, you know, since I’ve been at the company, there’s been two deals that I think have really been transformative for us. The first is when I first joined, we did PDI and they brought assessment protocol that really put us on the assessment map and today we’re the leading assessment house in the world. The second transformational M and A opportunity for us was the Hay Group and they really are what rounded us out to the company that we are today. They had a total rewards business.

They had the org strategy business, which we were able to bring together with the other assets and solution areas that we had. And then advancing Korn Ferry as a coveted career destination. Obviously, it’s very important to have great talent. We’re always in the market to bring on new talent. We’ve got a good track record of attracting, promoting and recognizing and rewarding folks at Korn Ferry.

In fact, one of the KPIs that Gary and I are paid off is our ability to retain. When we rate people, if you’re a four or a five, that means you exceed or substantially exceed expectations. And so when we look at our senior client population over the past five years, we’ve been better than a 99% retention rate on that group, which is again is very, very important for us, especially in the people business. This is, you may have seen something recently where we started talking about what we call a talent suite and this is something that our digital folks are working on earnestly. Today, we’ve rolled out the talent suite, but what we’ve rolled out today is not the final product.

We’re looking at a November launch of the final product. And so as you look at all of the solution or capabilities within the talent suite there, you know, would be the tools or solutions that we use in our org strategy business. So you think about job architecture, success profiles, roles and responsibilities, layers and spans of control, items like that. We’ve got over 12,000 success profiles and roles all across the globe. Recruiting and selecting, it’s our candidate database.

Pay data, we’ve got 28,000,000 data points on pay across 31,000 companies across the globe. Listen is our engagement survey. So we’ve got 38,000,000 engagement surveys that we’ve conducted over time. Assessment is our assessment protocol, 108,000,000 executives that we’ve assessed over time. Learning coaches, learning and development, develop over a million people every single year.

And then KF Sell, our assets that we bought back in 2019 when we acquired the Miller Heiman assets and that’s all about sales growth, sales methodology, sales incentive, sales organization and so on. Today, the way that that operates is we sell licenses and subscriptions to it, but those each of the areas kind of sits its own repository. And so I’ll give you an example, like if I go in and I take an assessment, right, the assessment comes back and says, okay, Bob, here’s your development needs. I’d have to log in, log out, then I’d to go to learning coaching, log in, get the development content, log out, take the courses and so on or get coached up or whatever. What we’re rolling out in November is a single repository for all of this.

And when I go in to take the assessment, I’ll take it, the development content will be delivered to me, it’ll be delivered to me in descending order in terms of relevance to the organization that I’m working on, so what has the greatest impact, right? So that’s what I would do first, second, third, fourth and so on. What it’s going to allow folks to do, our consultants will have much easier access to that and much more efficient use of it in their consulting engagements. The other way that we would go to market with that is in what we call an integrated solution. So a consulting engagement that would include a license or subscription to this.

Or a third way would be clients can just have a license or subscription and use it themselves. We’ve got a if you look at the sort of the top arrows, we just entered into a deal with Tableau, so they’re gonna provide a reporting analytics tool that companies can use or our consultants can use as they go into that database. And I think where it gets really interesting when you think about the collection of all of that data, We’ve been working with clients now for probably close to a year on what we call scaled analytics. So we’d be going in and looking at an organization who, let’s say we’ve done, you know, thousands of assessments over time and they’re looking at a certain group of folks, well they can benchmark those folks relative to other people in your organization. Or if you’re a bank, we can benchmark you obviously anonymously but to other financial institutions and see how your workforce compares to other workforces.

Today it’s a manual exercise and one of the things we’re working on with AI, Gen AI, is being able to have a large language model that will go in and do that for us instead of having people who want to do it to really accelerate our ability to provide those unique and differentiated insights to our clients. Okay, last slide I have here is our balanced approach to capital allocation. This is no different than what I’ve been talking about for thirteen years. We are always going to put money back into the business first. We really believe we’ve got the right strategy.

I think our performance demonstrates that and that means we would hire individuals, hire teams, put money back into what I just talked about again in the talent suite right into our IP or other technology enabled solutions. We would look to put money back into the business through M and A. We’ve got a pretty good track record, as I said earlier, on M and A. Having said that, we do generate a lot of cash. And so we’ve tried to be balanced in terms of money back into the business because at some point you hit the point of diminishing returns.

And so we’ve put a share buyback program and a dividend program in place. We’ve had them in place for a while. We’ve leaned a little bit more heavily into dividends lately because we were a little bit out of balance, if you will. As I said earlier, we now have the dividend at this point. We feel very good about where it’s at.

Same level of cash consumption as the buybacks are roughly. Each of them are about $100,000,000 of cash each year. What I would say is we are not serial acquirers. We’re very disciplined when it comes to M and A and we look at three things for any M and A transaction. One, it has to have strategic alignment.

Two, obviously you have to make the math work. And then three, I think the most important thing is there’s got to be a cultural fit. And, you know, Gary and Brian Sue who leads our corporate development spend a lot of time meeting with companies and Gary has to be very comfortable about the cultural fit before he will. And so to the extent that we’re not finding deals and we’re seeing cash build up on the balance sheet, at that point, I think you would see us probably lean a little bit heavier back into share buybacks. I do anticipate that we’ve been increasing our dividend.

We had six dividend increases over the past five years. I would anticipate us continuing to do that, probably smaller increases, but continuing to do the annual increases that we’ve been doing. So with that, would be happy to take any questions.

Trevor Romeo, Research Analyst, William Blair: Great. Thanks for the overview, Bob. Let’s see, we’ve got about six minutes left. Got a few before I forget, by the way, the breakout room is Burnham A upstairs, anyone would like some additional Q and A after this. But Bob, maybe we could talk, you know, maybe you hit kind of on the business mix and how it’s changed over the years a lot already, but one question I had was, you went from being 85% executive search, now it’s under 30, you’ve got kind of the five or six distinct business areas.

You talk about being one Korn Ferry, you know, I’m Bob from Korn Ferry period. How do you get to the point where you’re not just selling point solutions and you’re kind of truly that integrated, you know, provider?

Bob Rozek, CFO, Korn Ferry: Yeah, that’s exactly what we’re working on. That’s what mentioned earlier when I were getting ready for the off-site. So, you know, 700,000,000 when I joined, 2.7 ish billion today. And we’ve enjoyed success managing the business exactly as you said. You’ve these point solution sales, you have distinct lines of business.

And what we’ve noted is we’ve we’ve created, like, some subconscious, some siloing in the business. Right? So, Matthias, you go deal with digital. Leslie, you go deal with consulting. We’re break we’re trying to break all that down now where we’re not going out to clients.

As I said before, hi. I’m Bob. I’m from executive search. I’m here to sell you an executive search. So it’s facing off with clients as Korn Ferry.

And it’s a it’s a large sort of continuation of our transformation, but it’s a very important one because I believe we can continue to manage the business the way we are today and we’ll be successful. I believe we’ll sub optimize the opportunity if we don’t move to, you know, just we can’t even say we won Korn Ferry anymore. Gary doesn’t allow it. Those are, like, bad words. Can’t say lines of business anymore bad words.

So we have to say we are Korn Ferry, and we’re just gonna address our clients. In fact, he is so engaged on this concept. He has every other Monday, we have a call. It’s two and a half hours, and we look at the marquee and diamond accounts, what are our best opportunities, who’s on them, how are we going to market, with those clients, what are our must wins, who’s on it, how are we expanding. We get a daily email now of all the new businesses that we won yesterday.

So if we place a Chief Revenue Officer, Matthias in digital will get for KF Cell will get an email saying, hey, we placed this chief revenue officer. You guys need to connect in with this person and help them become successful. So there’s a lot of things that we’re doing. It’s more of a, what I would call a forcing function to get people to think and behave very differently in the organization.

Trevor Romeo, Research Analyst, William Blair: Great. Maybe we could touch on the executive search business for a minute because there is kind of an interesting trend that, you know, that I’ve seen develop, guess, is a lot of the other kind of staffing talent solutions type businesses that we cover cover a lot of different types of services, but it’s really been three years of downturn for most of those types of businesses. But for the executive search business, you’ve you and your peers last several quarters have actually returned to positive year over year growth. You and Gary have talked about the peak 65 trend, so maybe you could just talk about maybe some of the underlying or secular factors that are supporting that business.

Bob Rozek, CFO, Korn Ferry: Yeah. So we absolutely are seeing that positive inflection in search. We talked about it in our third quarter earnings call. You know, I think as I think about it, I think there’s a couple of things happening. One, you know, the past four or five years have been really hard, right?

You got the pandemic and you got this steep curve recovery. You have the great resignation. There’s wars. There’s supply chain dislocation, geopolitical. I think some people are at a point in their career where they’re they’re just tired.

So, you know, I don’t wanna do this anymore. Or they’re saying, you know what? I still wanna stay in the game, but I don’t wanna do it five days a week, I’ll do it two days or three days. And so we’re seeing that turnover happening and that’s really creating the positive inflection that we’re seeing on the executive search side. And that continues.

Trevor Romeo, Research Analyst, William Blair: Yeah. And that’s a big driver for your interim business too, which you’ve been doing

Bob Rozek, CFO, Korn Ferry: a lot of M and A. And that’s part of the reason why we invested even in spite of the commentary you made where it’s been going down and, you know, even the penetration rate has a different pattern to it now, but we really believe the secular changes that are out there. I mean, I look at where I am in terms of the workforce, I’m on the very far right side, right? My daughters think so different about work today than I did coming up. So you have that and then you have people at my end who want to stay relevant but don’t wanna do it full time.

So there’s all these secular changes that I think are gonna give us great growth opportunities and that’s a massive market. Right? The interim business is a massive market.

Trevor Romeo, Research Analyst, William Blair: Yep. Okay. And then, you know, maybe one other area where I think Korn Ferry has outperformed a lot of the other peers that we cover, least, is on the margin side. Despite the tough, you know, revenue and macro environment the last couple of years, you’ve actually seen margins increase. So if you could talk maybe about the factors that have led to that, technology, productivity, etcetera, and then where you go from here with the, I guess, 16 to 18% target you have, but you’re already kind of at 17, so thoughts on that would be great.

Bob Rozek, CFO, Korn Ferry: Yeah. No. I mean, you’re you’re looking at why the margins were. I used to be six foot tall with a full head of hair and the past couple of years have been tough trying to to manage to get there. But, you know, we’ve done a number of things in the company that have led to where we are margin wise.

We’ve taken out about 65% of our real estate or 35% of our real estate. Coming out of the pandemic when we were going through the recovery, one of the things I started to do took about three or four quarters and I looked at each business’ performance and then came up with what I thought was the right business model. Spent some time with Gary and we both agreed on what that looked like and that’s how we manage the business today. So we, you know, looked at revenue per headcount, you know, profitability, came up with metrics and that’s what we drive those businesses to today. We also have cut back on our business development, internal meeting, travel spend pretty significantly.

As I think about the business going forward, we’re doing a couple of things. So we’re we continue always continue to invest into fee earners, right? We need people that will bring the firm to our clients. We’re getting more proactive in terms of weeding out the poor performers. We used to hire people and they sit until we did the next restructuring.

Every quarter now I’m pushing people, you know, we’ve got a bottom 5%, let’s get them out, get new people here, free up some cap space. So it’s really just a proactive management of our cost base that we do. And we’re at 17%. I think we’re very comfortable at 16% to 18 depending on revenue mix at any one point in time. You know, if digital goes where we want it to go or where we think it can go, you know, that could push us towards the top end.

If we invest more into interim, that will put a little bit of downward pressure, but you’re not going to see us go below 16 unless there’s a severe recession or something.

Trevor Romeo, Research Analyst, William Blair: Okay, well I think we are up on time. So, Bob, thanks so much. Tiffany, thanks for being here.

Bob Rozek, CFO, Korn Ferry: Very good, thank you. Thanks everybody.

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