Ladies and gentlemen, thank you for standing by, and welcome to the Korn Ferry First Quarter 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 webcast at kornferry.com a copy of the financial presentation that we'll be reviewing with you today. Before I turn the call over to your host, Mr. Gary Burnison, let me first read a cautionary statement to investors. Certain statements made in the call today, such as those relating to future performance plans and goals, constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Although the company believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, investors are cautioned not to place undue reliance on such statements. Actual results in future periods may differ materially from those currently expected or desired because of a number of risks and uncertainties which are beyond the company's control. Additional information concerning such risks and uncertainties can be found in the release relating to this presentation and in the periodic and other reports filed for the company with the SEC, including the company's annual report for fiscal year 2021 and in the company's soon-to-be-filed quarterly report for the quarter ended July 31, 2021. Also, some of the comments today may reference non-GAAP financial measures such as constant currency amounts, EBITDA, and adjusted EBITDA. Additionally, information concerning these measures, including reconciliations to the most directly comparable GAAP financial measures, is contained in the financial presentation and earnings release relating to this call, both of which are posted in the investor relations sections of the company's website at kornferry.com. With that, I'll turn the call over to Mr. Burnison. Please go ahead, Mr. Burnison. Okay. Thank you, Cynthia, and good morning, and thank you everybody for joining us. I guess I'd first say that it's pretty clear the diversity and the relevancy of our offerings, as well as the outstanding effort from our colleagues, has resulted in another great quarter. Our strategy and efforts are clearly yielding results as we delivered a 70% increase in fee revenue with really strong profitability, EPS of $1.37, and an adjusted EBITDA margin of 20.7%. These results are the continuation of our momentum over recent quarters. Our performance speaks to our agility and importantly, to the purposeful decisions and deliberate actions we've taken not only over the last few quarters, but over the last several years. Now they've come together in a critical mass of opportunity. As a result, today's Korn Ferry is poised to seek the opportunities of tomorrow. Those opportunities begin with a world of work that's in a massive state of transition, and maybe always will be. Companies reimagining their businesses from strategy to people to culture, career nomads, aging demographics, a real war for talent, work from anywhere, anytime, and last but not least, the digitization of everything. These are the features of our new landscape of work. We don't see that changing anytime soon. In response, companies are rethinking their org structures, their roles, responsibilities, how they compensate, engage, motivate, and upskill their workforce, as well as the type of agile talent they hire and how they hire that talent. They're all going to need to lead differently. As I said, this new world is creating opportunities for Korn Ferry. The mega changes that I described align very nicely with our businesses. Today, wherever and whenever leadership meets talent, Korn Ferry is at that cross-section, enabling agility in a world in transition in driving performance for our clients. To position our company for long-term success, we remain relentlessly focused on this dynamic world of work. Our scaled capabilities include org strategy, leadership and professional development, assessment, succession, and rewards and talent acquisition, and of course, the judgment and expertise built from decades of experience and insight into the questions companies are grappling with across industries. We're going to continue to drive an integrated go-to-market strategy through our marquee and regional accounts, which represent about 35% of our portfolio. This facilitates not only growth and enduring partnerships, but also is key to more scalable and durable revenues. In the quarter, about 30% of our revenue was driven by cross referrals, an all-time high, which I think demonstrates the effectiveness of our go-to-market strategy. Today, the fight for talent is absolutely more profound than we've ever seen. This new world is driving a robust market for our talent acquisition expertise. From Executive Search to ProSearch to RPO. We're helping companies find the right talent fitting the right need. In looking at our Digital and Consulting businesses, we've been actively marrying our capabilities with today's mega trends. The result is larger projects with greater sustainability and more durable revenue in areas such as DE&I and organizational transformation, as well as core solutions such as assessment, pay and governance, and leadership and professional development. Looking ahead, I truly feel we have the right strategy with the right people at the right time to help our clients drive performance in this new world, and our results are clearly affirming this belief. With that, I'm joined by Gregg Kvochak and Bob Rozek. Bob, I will turn it over to you. Great. Thanks, Gary. Good afternoon or good morning, depending on where you're calling in from. Our financial results in the first quarter were outstanding, and they continue to push to new highs. Our unique mix of organizational Consulting solutions continue to grow in relevance, and that gives us a greater share of strengthening global markets. Clients are embracing our solutions to help them navigate today's unprecedented and rapidly changing work and social environment, and that's driving our fee revenue and profitability to new heights. Let me touch on a couple of highlights from the first quarter. As Gary mentioned, fee revenue in the first quarter was up $241 million, or 70%, year-over-year, and $30 million or 5% sequentially, and that's reaching an all-time high of $585 million. That's quite an accomplishment, hitting consecutive highs in only the third and then fourth quarter removed from the trough. Consolidated fee revenue growth in the first quarter, measured year-over-year, was up 81% in Exec Search, 103% in RPO and Pro Search, 50% in Consulting, and 44% in Digital. Our new business growth in the first quarter was very strong. Our results continue to demonstrate the success of our go-to-market strategy. Revenue generated from our marquee and regional accounts continues to steadily grow. In the first quarter, revenue from our marquee and regional accounts was up 70% year-over-year and 4% sequentially. As Gary mentioned, the first quarter, over 35% of our consolidated fee revenue was generated from these accounts. In addition, cross-line of business referrals continue to grow. In the first quarter, about 30% of fee revenue was generated from cross-line of business referrals, which is up from 25.5% and 28.5% in the first and fourth quarters of fiscal 2021, respectively. Earnings and profitability also reached new highs in the first quarter. Adjusted EBITDA grew $111 million year-over-year and $8.5 million, or 7.5% sequentially, to $121 million, with an adjusted EBITDA margin of 20.7%. That's our third consecutive quarter with an adjusted EBITDA margin over 20%. Our earnings and profitability continue to benefit from higher consultant and execution staff productivity and lower G&A spend, driven by virtual delivery processes and reduced levels of related business development spend. Fully diluted earnings per share also reached a record level in the first quarter, improving to $1.37, which was up from $1.56 compared to adjusted fully diluted earnings per share in the first quarter of fiscal 2021, and up $0.16 or 13% sequentially. I would like to point out that in the first quarter, our fully diluted earnings per share benefited by $0.07-$0.08 from a lower tax rate of 23.8%. Currently, we don't believe that this rate is sustainable, and for all of fiscal 2022, we're projecting an effective tax rate in the range of 26%-27%. Turning to new business, which also grew to record levels by accelerating each consecutive month of the quarter. We're pleased to share that our new business generation in each of the last six months is in our top 10 ever, with three of the months occupying spots one, two, and three. That's a clear demonstration of the relevance of our solutions in the world today. More specifically, on a consolidated basis, new business awards, excluding RPO, were up 59% year-over-year and up approximately 2% sequentially. New business growth was strongest for Professional Search, which was up 14% from the fourth quarter of fiscal 2021. RPO new business had another strong quarter in the first quarter, with $113 million of total contract awards. Our investable cash balance also improved. At the end of the first quarter, cash and marketable securities totaled $904 million. Now when you exclude amounts reserved for deferred comp arrangements and for accrued bonuses, the global investable cash balance at the end of the first quarter was approximately $614 million, which is up $103 million or 20% year-over-year. Now, of that amount, approximately $220 million was in the United States. It continues to be our priority to invest back into our business, and that's to maximize our future growth. This includes the hiring of additional fee earners and execution staff. Over the last quarter, total new fee earner consultants grew by 127, which includes both new hires and recent promotions. Additionally, consistent with our balanced approach to capital allocation, we repurchased approximately $3 million of stock in the first quarter and paid a quarterly cash dividend of approximately $6.9 million. With that, I'll turn the call over to Gregg to review our operating segments in more detail. Thanks, Bob. I'm going to start with KF Digital. Global fee revenue for KF Digital was $81 million in the first quarter, which was up nearly 44% year-over-year and flat sequentially. The subscription and license component of KF Digital fee revenue continues to steadily improve. In the first quarter, subscription and license fee revenue was $24 million, which was up approximately 14% year-over-year. More importantly, global new business for KF Digital in the first quarter was $108 million, with 36% of this new business related to subscription and licensed services up 69% on a year-over-year basis. Earnings and profitability remained strong for KF Digital in the first quarter, with adjusted EBITDA of $25.6 million and a 31.8% adjusted EBITDA margin. Turning to Consulting. In the first quarter, Consulting generated $148.5 million of fee revenue, which was up approximately $49 million or 50% year-over-year. Fee revenue growth was broad-based across all solution areas and strongest regionally in North America, which was up over 70% year-over-year. Consulting new business was also very strong in the first quarter, growing approximately 36% year-over-year and 2% sequentially to a new all-time high. Additionally, while the volume of engagements over $500,000 has remained strong, in the first quarter, the volume of smaller assignments, those under $500,000 in value, grew sequentially, potentially signaling a rebound in demand and spending by our smaller regional clients who tend to buy focus point solutions. Regionally, new business growth was broad-based in the first quarter, with both EMEA and APAC having the best quarter of new business in over two years. Adjusted EBITDA for Consulting in the first quarter was $26.8 million, with an adjusted EBITDA margin of 18.1%. Growth for RPO and Professional Search continued to accelerate in the first quarter. Globally, fee revenue was $139.3 million, which was up 103% year-over-year at approximately $19 million or 16% sequentially. Both RPO and Professional Search continued to take advantage of the surge in demand for skilled professional labor. RPO fee revenue grew approximately 98% year-over-year and 11% sequentially, while Professional Search fee revenue was up approximately 112% year-over-year and up 24% sequentially. New business wins for both RPO and Professional Search were also extremely strong in the first quarter. Professional Search new business was up 14% sequentially, and RPO was awarded $113 million of new contracts, consisting of $45 million of renewals and extensions and $68 million of new logo work. Adjusted EBITDA for RPO and Professional Search continued to scale in the first quarter, improving to $34 million, with an adjusted EBITDA margin of 24.4%. In the first quarter, global fee revenue for Executive Search reached a new all-time high of $217 million, which was up 81% year-over-year and 8% sequentially. Growth was also broad-based and led by North America, which grew 100% year-over-year and over 6% sequentially. Our international regions continue to accelerate sequentially. Fee revenue in EMEA and APAC were up approximately 4% and 22%, respectively. We continued to aggressively invest in expanding our network of consultants in the first quarter. The total number of dedicated Executive Search consultants worldwide at the end of the first quarter was 565, up 55 year-over-year and up 41 sequentially, including 22 colleagues who were recently promoted. Annualized fee revenue production per consultant in the first quarter improved to a record $1.59 million, and the number of new search assignments opened worldwide in the first quarter was up 57% year-over-year and 2% sequentially to 1,745. In the first quarter, global Executive Search adjusted EBITDA grew to approximately $61.6 million. Which was up $53.5 million year-over-year, and up $11.7 million, or 23.5% sequentially. Adjusted EBITDA margin in the first quarter was 28.4%. Now I'm going to turn the call back over to Bob to discuss our outlook for the second quarter of fiscal 2022. Great. Thanks, Gregg. As I mentioned, new business in the first quarter grew to a new all-time high, so we're really starting the second quarter with a strong backlog of work. August is historically a seasonal month influenced by summer vacations. New business for August was up approximately 41% year-over-year and was in line with our expectations. If monthly trends in each of our lines of business are consistent with historical patterns and market conditions remain strong, we expect demand to continue to accelerate, with new business up sequentially in September, peaking at a quarter high in October. Additionally, as previously discussed, we're going to continue to make near-term investments in consultants and execution staff to fuel future growth. We do expect employee productivity to remain strong and G&A spend to remain at or near current levels in the second quarter, keeping both earnings and profitability strong. Assuming no major Delta variant-related lockdowns or changes in worldwide economic conditions, financial markets, or foreign exchange rates, we expect our consolidated fee revenue in the second quarter of fiscal 2022 to range from $585 million-$615 million, and our consolidated diluted earnings per share to range from $1.30-$1.44. As we've begun our new fiscal year, we continue on a path of strong financial performance, leaving no doubt about our strategy or the durability of our business model. Today, we stand alone in an industry of one, going to market with unique end-to-end organizational consulting solutions that continue to grow in relevance. Our robust new business generation over the past six months is a true barometer of marketplace recognition. Korn Ferry has never been better positioned to serve all of its constituencies, colleagues, clients, candidates, and shareholders for years to come. With that, we would be glad to answer any questions you may have. Ladies and gentlemen, if you wish to ask a question, please press one and then zero on your touch-tone phone. You will hear a tone indicating that you've been placed in queue. You can remove yourself from queue by pressing the same one-zero command. Once again, it's one-zero for any questions or comments. Our first question will come from the line of George Tong with Goldman Sachs. Your line is open. Hi, thanks. Good morning. You've delivered strong quarter-over-quarter growth in all of your business lines, with Consulting being the exception. We saw a little bit of quarter-over-quarter moderation in revenue trends there, and also Consulting new business growth was strong in the double digits, but did decelerate from the prior quarter. Just wanted to see if there were any notable trends that you would call out in the Consulting business that may be a little bit different from the rest of the business that you're seeing. No, I wouldn't say so. One of the good problems to have is capacity. We are working very hard on ensuring that we have the appropriate level of capacity, not only for years to come, but over the next few quarters. It's a bit of a balance. The second thing is to make sure that we're continuously repositioning solutions, trying to anticipate what's on the horizon over the next few quarters. One example may be ESG, where we have a brand-new offering that we're taking to market right now, and you'll see more of that in the next few weeks. It's really those two things. Our rate per hour was, I think, very strong. Our utilization was very good. Our DE&I work continues to flourish. George, it's Bob. The other thing I would say on that we saw in Consulting was we saw the smaller engagements actually start to accelerate. We have been talking over time about the large engagements, and that's where we're seeing the real growth. For the first time, we saw the small engagements also accelerating in terms of the growth. I think that's good news going forward as you think about the smaller engagements, especially internationally. We feel very positive about the growth potential there. Got it. Very helpful. Then on margins, you delivered very strong flow-through in fiscal 1Q EBITDA margins. As you look ahead, how has your outlook for margins changed over the next one to two years? Previously, you had said 17%-18%, with 18%+ achievable. How has that changed, and have you been outperforming your expectations with respect to profitability? Bob, you want to handle that? Yeah. I think, George, We have been exceeding our expectations in terms of the profitability. As our new business continues with real strength, as Gary mentioned, we're kind of chasing capacity to deliver. At some point, the cost base from the compensation perspective will catch up to some extent, and that'll put some downward pressure. We're still working through some of the real estate, and it's pretty complicated when you think about the number of offices we have. You're in different cities across the world. You have to negotiate with landlords. You have to think about sublet opportunities and so on. We still expect to get savings over time on the real estate. I would expect the business development travel expenses are still at depressed levels. I would expect them to come back to somewhere, nowhere near where we were, but maybe to a more moderate level. I think we still would stick to the longer-term 17%-18%, 18%+ opportunities as we continue to ramp the organization. Got it. Very helpful. Thank you. Thank you. Our next question comes from the line of Tim Mulrooney with William Blair, Your line is open. Hey, this is Sam on for Tim. Thanks for taking our questions here. Your guidance for the first quarter was for revenue of $535 million- $555 million. You beat that estimate by about 7% here. I guess I'm wondering which pieces of the business exceeded your internal expectations and kind of which pieces of business were more or less in line with your own projections? I would say that in general, the businesses across the board exceeded our expectations. We were very worried about the wave of the virus that it looks like we've made it through, at least this Delta variant. That was clearly on our minds. I think the other thing is the RPO and the Professional Search businesses. Those are outstanding businesses. Our RPO has demonstrated a multi-year, multi-quarter track record of delivering high-quality, high organic growth. That certainly exceeded our expectations. The Professional Search area is one where that's a $20 billion, $30 billion market. That's one that Korn Ferry is going to become an increasing relevant player. Great. That's helpful color. Maybe pivoting a little bit here. With more than $600 million of investable cash, I was kind of hoping you could provide maybe an update on your capital allocation priorities for fiscal 2022 here. Outside of small repurchases and the dividend, how would you characterize your appetite in the pipeline for M&A? Well, I would say, number one, that we have a very balanced and systematic approach to capital deployment. That's a combination of, number one, investing in the business. Number two, balancing that desire with shareholder returns. Part of that game plan is clearly inorganic growth. I would say that the pipeline is good. We don't feel compelled by any sense of timing that we have to do something. I believe we're at the beginning of a journey here. Years and years ago, I said this would be a multi-hundred million dollar organization. Then it was multi-billion. We're really just at the beginning, and M&A is going to play a very important role in that. Great. Thanks for answering that. Thank you. Our next question comes from the line of Mark Marcon with Baird. Your line is open. Hello, everybody, and congratulations on a great quarter. I'm wondering if you can talk a little bit about the opportunity in Professional Search. It is a huge market, and I'm just wondering, what are you seeing in terms of your capacity? How are you thinking about additions over the course of this year to the staff there, and where are you getting the folks from? Well, you're right. It's clearly a large addressable market for us, and an adjacent market to that may even be staffing. We have ramped up, and we continue to ramp up very aggressively, the number of consultants in that business. Since January, we've probably ramped up revenue-generating capacity. By about 50%. We're going to absolutely continue to do that. The other thing, though, is that it's got to be more than just bodies. What our RPO business has told us is that the combination of IP with incredible talent can create a very nice organic growth story. The second piece is making sure that we're incorporating our IP into the offering. Where the consultants are coming from, it is a lot of what I would call mostly smaller, very specialized recruiting firms. There could be some that are larger. The final piece is that M&A has to play a role in that. You can't just do it a body at a time with IP alone. That's great, but there also has to be an inorganic strategy. We're really pursuing all of those three avenues. Great. How would you anticipate ramping the capacity over the next 6 -12 months, Gary? I would continue at this pace. There is, Mark, you see it, but it's unlike anything I've ever seen, that the mega trends, the changes that are happening right now, from baby boomers to career nomads, to upskilling talent, to technology and digitization. It's just massive change. The desire from clients to hire people that have those type of technical, technology, digital skills is something that I just haven't seen. Combined with the backdrop of this massive transition and transformation around the world of work. I really believe this is going to continue for the next couple of years, where not only companies making changes, but also people making changes. Life choices of what they want to do or where they want to live. It's obviously a hard time for many people, but it's also a very exciting time. What percentage of the positions that you're filling are available on a work-from-home basis at this point, whether it's in Professional or Executive Search? How would you quantify that? Yeah. It's a substantial amount. It's definitely more than 50%, for sure. I think at the end of the day, when you fast-forward two years, I think that the environment's going to be clearly hybrid. It's going to be flexibility. Obviously, there's some positions where that won't be the case. Yeah, it's a substantial amount, Mark. That should actually increase your competitive advantage, particularly relative to more regional firms, given your wide database, no? I would think so. I would absolutely think so. Change is really good for a Consulting business. Man, we are in the middle of a tsunami of change. Great. Can you just talk a little bit about what you're seeing on the Consulting and the Digital side, particularly as it relates to sales training and to what extent that may have picked up? Yeah, it did pick up. We've made a big push there. We made an acquisition a couple of years ago that was principally anchored around, well, two things, project management, the ability to train people to manage projects, but also around sales training. We've definitely seen a pickup in this quarter. As Bob talked about, and Gregg, in terms of this uptick in subscription sales, a lot of that was actually driven by the sales training capability. Organizations are now, they've come up for air, and they're looking around, okay, how do they go to market? What does the customer journey look like? I would continue to believe that a good part of our professional and leadership development will be around accelerated revenue growth or more simply around customer experience and sales training. Great. One last one, if I could just squeeze it in, Gary, while we have you, is you've been through many cycles. Obviously, there's some discussion about, is this as good as it gets? Are things peaking? How much of the activity that you're seeing is basically just a surge to make up for COVID versus some of those bigger, longer-term trends, whether it's selling to marquee accounts, cross-selling, the baby boomers retiring, the work-from-home options. How would you characterize that? If you would've asked me five months ago, six months ago, I probably would've said that 50% is, you could call it pent-up demand, or you could call it companies that maybe cut too much. I wouldn't say that today. I would say that the environment of change, I just haven't seen anything like this. Whether that's the career nomads, whether it's the digitization of everything, I think we're in for a two year, just massive amount of transformation and change. I believe that the mega trends, it's really the big part of the narrative today. Whereas, five, six months ago, I would've said it's maybe half the narrative. It's very helpful. Thank you. Thank you. Our next question will come from the line of Marc Riddick with Sidoti. Your line is open. Hi, good morning. Hey, Marc, good morning. I was wondering if you could follow up a little bit, and I really appreciate all the commentary and color that you've already given. I was wondering if we could spend a little bit of time on the progress that you've seen with broad-based recovery coming from smaller clients. I wonder if you could address that a little bit. Maybe, are you getting a sense that those that have sort of picked up a little bit more lately, maybe what's been driving that? Are there particular industry verticals that we should be thinking about that have now kind of picked up their activity that maybe lagged others? How we should think about that difference or that bifurcated activity level that you're seeing kick in now. Well, Bob, you can add to my commentary here. Sure. I think on a broad stroke, our desire would be to put an outside emphasis on larger engagements for a whole set of reasons. Coupled with that, our marquee and regional accounts. That is still our strategic desire. That's not to say that we wouldn't pursue smaller engagements, say less than $500,000 or so, because we clearly would. Our desire is to definitely have more impactful, multi-regional engagements, because that's clearly we have a global platform with IP that cuts across the world. I would say on an industry basis, this may be intuitive, what we have seen over the last few months is clearly an uptick in consumer. You would probably guess that given how we came out of the first wave. Whether that's travel and hospitality, whether it's fashion, whether it's retail, we've definitely seen that. Secondly, technology, kind of across the board. I think that kind of sets the landscape. Maybe, Bob, you could comment further on the smaller engagements. Sure. Marc, if you look at the engagements under a half a million dollars, we basically break them up into three buckets. Less than 100 -250, and 250 -500. We actually saw, in total for those three categories, in excess of 50% growth year-over-year. Each category was roughly in line with that growth. What we're seeing is, Mark Arian talks about filling up the jar with big rocks, you still need the sand, the sand is what he refers to as the smaller engagements. What we're seeing, particularly overseas in Europe and in Asia-Pac, is where the smaller engagements are picking up. As I think about the business historically, how we had strength in those regions, in country, dealing with some of the smaller clients, and that was a spending that had really been impacted from the pandemic the hardest. Now we're starting to see that rebound, which we think is a good signal. Again, we still had, as Gary said, our emphasis is on engagements above $500,000, and we saw strong, continued growth in those engagements. This is the first quarter where we really saw the small stuff start to bounce back. I would say it's more of on a regional basis, if you will. Great. My next question, and I will preface this by saying, I admit this is a bit of a squishy question, but I just wanted to get your thoughts on it. You go back. years ago to when you made a commentary on the investment, you made the decision to brand everything Korn Ferry. You made the decision to step up your branding efforts pre-pandemic. You made the decision to sort of move forward with the Korn Ferry brand across the board. You made the decision to do the golf tour and what have you. All of those things, I was wondering if you could spend a little bit of time maybe on what your thoughts are there as to the effectiveness. I've covered advertising before, so I know it's always difficult to ask somebody what the ROIC is of a branding exercise. I was wondering if you could spend a little bit of time on sort of where you are today, versus when you made those initial decisions and how you think about it currently. I would say in professional services, there's no substitute for knowledge, know-how, and insight, and that's the business that we're in. I think coupled with those branding decisions, the very important We have been incredibly consistent and purposeful, not over weeks, not over months, not over quarters, but over years. We believe that this is a multi-billion-dollar opportunity to create an organization that sits at the intersection of talent, strategy in an organization. Ultimately, it's knowledge and it's insight and it's IP, and that's what the firm is based on. I would say that is number one. Having said that, as I look back, clearly that decision around branding and around thought leadership and all the things that we're doing, I think it's been an absolute game-changer for Korn Ferry. I firmly believe that we have elevated the brand of Korn Ferry more in the last two years than we've done in the last 52 years in our history in business. That's not just a statement. That's backed up by our data that we track, and whether that's social media or whatever. The data would tend to back that up. Now, if we continue, which we will, with a balanced approach to growth around organic and inorganic, there will be times where you make an investment and you run that company with that brand for a certain amount of time. I wouldn't be surprised if Korn Ferry does that in the future. I think that the investments we've made, the thought leadership we've done, the social media presence, all of that has been an absolute game-changer for Korn Ferry, as well as the consistency and the voice that we've taken in the marketplace around different types of issues, whether that is gender, whether it is around race. Korn Ferry, I think, has been a very strong voice in the marketplace. Today, if you just look out now over the next few months and quarters, ESG is going to continue to be a major issue for organizations. That's why we've been working very hard over the last several months to make sure that we can put together an integrated solution for companies that will grapple with this issue, as well as the other issue around horizontal leadership. The days of vertical leadership, I think, are long gone, particularly in this world of work today where it's hybrid, it's work from anywhere, anytime. And. Hey, Gary. I would add, Gary gave kind of an outside-in perspective, but inside out, I see just a huge difference in the organization. As I interact with people across the company, lines have absolutely been broken down. I think there's much more collaboration amongst the different lines of business and so on. I think the folks internally present themselves as one Korn Ferry versus where we were four or five years ago. I think Gary's absolutely spot on in terms of how we show up in the outside world. I think also internally, I see just a massive difference in how people interact and engage today. It's an excellent point. Thank you very much. Thank you. Our next question comes from the line of Tobey Sommer with Truist Securities. Your line is open. Thank you. A question about ESG and I guess DE&I, if you consider that part of the same theme. What percent of sales is generated from that currently? Could you talk about the opportunity and what it may be in the future, and sort of how your current offerings map against that opportunity or maybe need to be refined to fully capitalize? Thanks. I would characterize those businesses as being nine-digit in total. Whether that would be 8%, 9%, 10% of the company, depending on what you count in there. It's certainly not an overwhelming share of the portfolio today. The ESG opportunity, the DE&I, it's not an isolated question. It ties to an approach to enterprise leadership that is, number one, it's more inclusive leadership, which we have digital offerings for that. It applies to be in total enterprise, and it's not just vertical leadership anymore, it's horizontal. Those opportunities are not just, for example, around pay and governance, which we have a very nice business there. They also speak to organizational strategy, and organizational transformation. The type of success profiles that you need, whether you're fit for purpose, whether does the compensation system reward and reinforce that fit for purpose. It's not necessarily an isolated question around ESG and DE&I, but the way that we are looking at it is more around horizontal leadership, enterprise-wide leadership. I think that we've spent quite a bit of time over the last several months making sure that we bring the different parts of the organization together where we can have an offering that is very integrated. How big that opportunity is, Tobey, I can't speak to that. I don't think this is a fad, and I do think it plays into the mega-trend that we're seeing that fortunately or unfortunately, this virus has created and prompted just a tremendous amount of change. Hey, Tobey, it's Bob. One of the things that Gary mentioned earlier is we're going to be rolling out a new sort of ESG solution. As part of that rollout and when we're ready to go prime, which is in the next couple of days, we have a slide that actually takes. It's a little bit broader than ESG. It takes ESG workforce transformation and so on, and it lines up our solution sets under nine different categories from board capability and governance to embedding ESG in the operating model, executive goals and reinforcement mechanisms and so on. That's something that we will share with you as soon as we're, again, ready for prime time over the next couple of days. It gives you a real sense for our solution sets and how they line up in the Again, it's not just ESG, but the broader mega-trends that Gary referred to. Thanks. I appreciate that. If it is 8% or so today, and I told you I thought it could double in four years, would that give you pause, or is that within the realm of possibility? Well, I think the thing that we're very careful about is whiplash leadership. This is a time of tremendous transition, and we're not going to just go from happy to glad. It's hard to make any kind of declaration, a statement today because the world is in transition. If you told me that, I think that may be on the high side. Really, is it in the realm of possibility? It could be in the realm of possibility. Part of that is dependent on the waves of this virus and the political climate in the world. There's no question that we're going through seismic change in many dimensions right now. Okay. Some other questions have been hit. I just wanted to touch on, Gary, capital deployment. How do you balance having flexibility, which you have ample sort of liquidity, net cash position now, and your, I'm sure, long-term goal of driving returns higher when you leave that stranded capital there, you work at odds with that longer-term goal. How do you balance that out, and are there any thresholds of liquidity that you kind of could draw a line on and say, "We won't go above there because that's just too inefficient"? Thanks. Well, I can let Bob speak to the metrics. I would say that number one, actions speak louder than words. I think if you are a shareholder in Korn Ferry and you believe in the strategy that we're creating a company that's at the intersection of talent in organization and strategy, number one. Number two, you'd have to say, okay, do you believe in the leadership team? I think as part of that, you would look at the track record, and you would say, "Okay, has this company done what it has said consistently over time?" I think the answer would be a resounding, of course, I'm biased, but would be a resounding yes to that question. Clearly, we've got a good problem on our hands, and you pointed out very subtly, and we're very well aware of that. The last thing we're going to do is to rush into something that in five years could be very harmful for the brand of Korn Ferry. That is the thing we're not going to do. We do like having that flexibility, but there does come a point where, as you say, it's inefficient. Bob, maybe you can speak to how we think about the operating boundaries and shareholder boundaries. Yeah. Tobey, as we look at the organization and how much cash we're carrying, I wouldn't say we have a specific number that we won't go above. We talk a lot about our balanced approach towards capital allocation, and as we see the investable cash balances growing. Again, some of it depends on where in the world that cash sits, because some of it isn't accessible to us easily. Where we are today, we've got the $220 million I spoke about sitting in the U.S. We'll look at the different opportunities that exist for us to deploy that cash, whether it's looking at investing more into the digital business or hiring more fee earners. What we did at the end of the year, last year is we increased our dividend. This quarter, our buybacks weren't as substantial as they have been in the past. We really look at all the levers and, depending on where we sit at the time and trying to achieve a return greater than our cost of capital for shareholders. We'll make decisions along each of those vectors to either pull the lever or as Gary said, we'll sit tight if we don't have an M&A opportunity, and we'll look more towards shareholder returns at that point. Okay. We'll be watching for that. Thanks. Thank you. We will take the final question from Tim Mulrooney with William Blair. Your line is open. Hey, guys. Thanks for letting us hop in the queue here again. Just a quick one around marquee accounts, since that's been a big topic of discussion. You've mentioned over the last few quarters here that marquee accounts have outperformed the rest of your portfolio. I guess I'm wondering if that dynamic occurred in previous recoveries or if this is really due to the extra focus you're giving to these accounts now. Well, Bob, you can maybe add to this. I would say that, yes, over the last few quarters, that portfolio has definitely outperformed. The reality is when you go back to the last major recession, which was the Great Recession. At that point, our account strategy was nowhere near what it is today. It's really not comparable. I can't really answer that question. It's not only the marquee and the regional accounts are absolutely an important part of the Korn Ferry story. The other thing we do look at is the cross referrals. That's not going to go up every quarter. That's absolutely not going to happen. It is something we pay attention to, and we look at both of those, and that's not just a KPI. We actually reward our colleagues for those cross referrals. We tend to look at those together. I think when you look at them together over a many-month, multi-quarter basis, you would say, "Okay, wow, this thing, it is working." It's hard to compare because it just wasn't in its maturity 13 years ago. We still are at the very beginning, even with the account strategy when it comes to what we would call our regional accounts. Gary, the only I would add, you just mentioned the word that I was going to say. I think it's really just the maturity of the program. When you think about the number of account leaders we have on hand. You think about the organization's recognition of the program. You think about the cross-line of business referrals that you mentioned. It's really just the maturation of that program, and as Gary said, I would say the marquee accounts are further along that spectrum, the regional accounts are much more immature, if you will. They've been in existence for two or three years now. We expect the performance on the regional accounts over time to catch up and mirror what we're seeing on the marquee accounts. I don't think it has anything to do with the recovery. I think it's just the program maturing itself. Great. Appreciate the color there, guys. Thank you. Mr. Burnison, I'd like to turn it back over to you for any closing comments. Well, thank you, everybody, for joining us and recognizing that the world, in many respects, is still going through hardship. Our hearts go out for those that still are experiencing this and to some extent or another, we all are. With that also, with crisis comes opportunity and those tend to come in times of great change. That is the period that we're in, and we are very hopeful about the mega trends that are playing out. I want to thank our colleagues again for their resiliency, for the outstanding effort, and for our shareholders for listening. Thank you very much, and we'll talk to you next time. Thank you. Ladies and gentlemen, this conference will be available for replay for one week, starting today at 3:00 P.M. Eastern Time, running through September 14th at midnight. You may access the AT&T Executive Playback service by dialing 866-207-1041 and entering the access code of 1153639. International participants may dial 402-970-0847. Additionally, the replay will be available for playback at the company's website, www.kornferry.com, in the investor relations section. That does conclude your conference call for today. You may now disconnect.