Ladies and gentlemen, thank you for standing by and welcome to the Korn Ferry third 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 sections of our website at kornferry.com a copy of the financial presentation that we will be reviewing with you today. Before I turn the call over to your host, Mr. Gary Burnison, let me first read a cautionary statement to the 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 in the periodic and other reports filed by 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 ending January 31, 2022. Also, some of the comments today may reference non-GAAP financial measures such as constant currency amounts, EBITDA and adjusted EBITDA. Additional information concerning these measures, including reconciliations to the most directly comparable GAAP financial measure, is contained in the financial presentation and earnings release relating to this call, both of which are posted in the investor relations section of the company's website at www.kornferry.com. With that, I'll turn the call over to Mr. Burnison. Please go ahead, Mr. Burnison. Thank you, Carolyn. First on a somber note, as we look at the events over the last couple weeks, our thoughts, Korn Ferry's thoughts are with the people of Ukraine and everyone who's been impacted by the destruction, the devastation and the loss of thousands of lives. Our prayers go out to all of those who are impacted by this unnecessary war and by the human misery that's taken place. Turning from that, in an entirely different view, I am pleased with our results during the third quarter. We once again achieved new financial performance highs. We generated about $681 million in fee revenue. That was up 43% year-over-year. Our diluted and adjusted diluted EPS was $1.54 and $1.59 respectively, and those were also new highs. Our performance over the recent quarters is a reflection of the relevance of our strategy and solutions, the resilience of our colleagues, and more importantly, the connection with our Korn Ferry brand. We're replicating and scaling our success and continuing to lead innovation at the intersection of talent and strategy in an increasingly digitally enabled new world of work. The metrics of our business are very good. It's hard to believe that it was 2 years ago, almost to the day, that the pandemic was declared, and those were certainly uncertain times. Now again, we face ourselves with uncertain times. But when we think about the power of the firm, the breadth of what we offer, and particularly the sacrifices made by our colleagues over the last couple years, it affirms what this company is all about. We've accelerated from that uncertainty. We're now up 32% compared to the quarter preceding the pandemic, which at that time was an all-time high. We haven't just talked about it, we've walked it. We've walked it from the vast IP we have. We developed over 1 million professionals a year. We walked it by living our purpose, and we continue to innovate, replicate, and scale, allowing people and organizations to exceed their potential in this rapidly changing world. Elements of our strategy include driving a top-down go-to-market approach based on our marquee and regional accounts, which year to date represent about 37% of our portfolio. This not only facilitates growth and enduring partnerships, but is also key to more scalable and durable revenues. For example, on a year-to-date basis, about 28% of our revenue is driven by cross referrals within our firm, up several million sequentially, which demonstrates the effectiveness of our go-to-market strategy. We also believe there's substantial market opportunity with our talent acquisition and interim businesses, particularly given the acceleration of a nomadic labor market. In looking at our digital and consulting businesses, we'll continue to innovate, marrying Korn Ferry's capabilities with tomorrow's opportunities, from organizational transformation to sales effectiveness and accelerated revenue growth to M&A and ESG. We're gonna continue to further push to monetize our IP and continue to move more of our digital business to a subscription offering. We're also gonna scale our learning development outsourcing capabilities, LDO, leveraging our Korn Ferry Advance platform. 150,000 professionals around the world have used Advance. Both as individuals and as part of their professional development journeys with their employers. Lastly, we're gonna maintain a balanced capital allocation strategy, including a disciplined approach to M&A. With that, I'm joined by Gregg Kvochak and Bob Rozek. Bob, I'll turn it over to you. Great. Thanks, Gary, and good morning, good afternoon, depending on where you are. You know, a couple weeks ago, I celebrated my 10-year anniversary at Korn Ferry. You know, looking back to when I started, I really believed that there were great opportunities ahead for us. As I stand here today, after 10 years, looking at the business we built, the data, the assets, the solutions, and most of all, the incredibly talented colleagues we have to serve our clients, it's pretty clear to me that I underestimated our true potential. The investments we've made in IT, people, data, and processes have enabled us to thrive in today's environment, and more importantly, have positioned us for future growth. Our operational execution continues to drive consistent and superior financial performance. You know, I've always said the best way to measure performance is by looking at results. Now, you heard Gary say that we continue with strong financial performance in the third quarter, delivering new highs in our fee revenue and adjusted diluted earnings per share. This is a direct result of the exceptional execution of our strategy and the growing relevance of our solutions. You also heard Gary talk about our go-to-market success with our marquee and regional accounts in the cross-line of business, top-line synergies we're able to generate with our highly complementary portfolio of services and solutions. You know, I look at the growing relevance of our consulting services and solutions around major issues or what we refer to as megatrends, you know, that companies are wrestling with today, whether it's ESG, diversity, equity, and inclusion, accelerating revenue growth in a post-pandemic world, or developing professionals and leaders to operate in the evolving digital world. You can also look at our digital business, which, as you'll hear from Greg in his prepared remarks, really continues to expand the monetization of our data through increasing levels of license and subscription new business with really, really great potential for further expansion as we enter new sales channel partnerships with major technology companies. You know, all of this leaves us uniquely positioned. In fact, the only company able to meet the entire spectrum of human capital needs of companies across the globe, and we are well-positioned to continue to gain market share in the markets that we serve. Now let me turn to the third quarter. Fee revenues, Gary indicated, was $681 million. That's up $205 million or 43% year-over-year. You know, normally with the year-end holidays, our third quarter's historically been our seasonal low. However, in the current year, fee revenue was actually up $41 million or 6% sequentially. By line of business, fee revenue growth for executive search was up 42% year-over-year, while RPO and professional search was up 98%. Year-over-year growth for consulting and digital was also very strong at 20% and 19% respectively. You know, earnings also grew to new highs in the quarter. Adjusted EBITDA grew $42 million or 43% year-over-year to $138 million with an adjusted EBITDA margin of 20.3%. You know, our earnings and profitability continue to benefit from both higher consultant and execution staff productivity as well as lower G&A spend. Today, our earnings and profitability have never been higher. If you go back and you look at the first three quarters of fiscal 2020, that's right before the pandemic recession hit, our adjusted EBITDA is up 71%, and it's actually grown 2.5 times faster than our fee revenue has grown. Our adjusted fully diluted earnings per share also advanced to a new high in the quarter, improving to $1.59 per share, which was actually up 64 cents year-over-year. New business was also very strong in the third quarter, up 30% year-over-year, reaching a new quarterly high. You know, if you look at it by months, the consolidated new business, we saw a real sharp rebound in January from a seasonal low in December. We saw solid new business growth in every line of business. Of particular note, you know, growth in our RPO new business was very strong at $135 million of new contract awards, and that's the second consecutive quarter they achieved that level. Our investable cash position remains strong. At the end of the third quarter, cash and marketable securities totals about $1.1 billion. Now, if you exclude amounts reserved for deferred compensation arrangements and accrued bonuses, our global investable cash balance was approximately $592 million, which is up $58 million or 11% year-over-year. I would note that the investable cash position is net of $91 million that we used to acquire the Lucas Group on November first and about $22 million for share repurchases in the quarter. As Gary mentioned, we continue to take a balanced approach to allocating capital. You know, in addition to investing in M&A and hiring of additional fee earners and execution staff. We have repurchased approximately $55 million worth of our stock and have paid cash dividends of approximately $20 million so far in fiscal year 2022. With that, I'll turn the call over to Greg to review our lines of business in more detail. Thanks, Bob. I'm gonna start with KF Digital. Global fee revenue for KF Digital was $90.2 million in the third quarter, which was up 19% year-over-year. Additionally, the subscription and licensing component of KF Digital fee revenue grew to $29 million in the third quarter, which was up 26% year-over-year and up 12% sequentially. Globally, new business for KF Digital in the third quarter grew 8% year-over-year to $108 million, which was the fifth consecutive quarter over $100 million. $39 million or 37% of the total digital new business in the third quarter was related to subscription and license sales. Earnings and profitability remained strong with adjusted EBITDA of $28.1 million and a 31.2% adjusted EBITDA margin. Now turning to consulting. In the third quarter, consulting generated $162.9 million of fee revenue, which was up approximately $27 million or 20% year-over-year. Fee revenue growth continued to be broad-based across all solution areas and strong regionally in North America and EMEA, which were up 28% and 16% respectively. Consulting new business also reached a new high in the third quarter, growing approximately 10% year-over-year. Regionally, new business growth in the third quarter was strongest in North America and EMEA, which were up 10% and 16% respectively. Adjusted EBITDA for consulting in the third quarter was $28.6 million with an adjusted EBITDA margin of 17.5%. The growth trend for RPO and professional search remained strong in the third quarter, driven by the surge in demand for top skilled professionals. Globally, fee revenue grew to $188.6 million, which was up 98% year-over-year and up approximately $38 million or 25% sequentially. RPO fee revenue grew approximately 68% year-over-year and 3% sequentially, while professional search revenue was up approximately 150% year-over-year and up 67% sequentially. The integration of the Lucas Group has gone well. Revenue in the third quarter for the Lucas Group was approximately $33 million, which is up approximately 10% compared to the revenue for the three months preceding the acquisition. New business wins for both RPO and professional search were also strong in the third quarter, reaching new highs. Professional search new business was $93 million, and RPO was awarded $135 million of new contracts, consisting of $74 million of renewals and extensions and $61 million of new logo work. Adjusted EBITDA for RPO and professional search continued to scale, with revenue improving to $44.1 million with an adjusted EBITDA margin of 23.4%. Finally, in the third quarter, global fee revenue for executive search reached another new high of $239 million, which was up 42% year-over-year. Growth was also broad-based, with North America growing 44% year-over-year and EMEA and APAC growing 32% and 45% respectively. Market demand in international regions continued to improve in the third quarter, with core sequential growth accelerating in EMEA, APAC, and Latin America. We continued to invest in expanding our team of consultants in the third quarter. The total number of dedicated executive search consultants worldwide at the end of the third quarter was 581, which is up 59 year-over-year and up 11 sequentially. Annualized fee revenue production per consultant in the third quarter remained steady at $1.66 million, and the number of new search assignments opened worldwide in the third quarter was up 37% year-over-year to 1,787. In the third quarter, global executive search adjusted EBITDA grew to approximately $66 million, which is up $24 million year-over-year with an adjusted EBITDA margin of 27.5%. Now I'll turn the call back over to Bob to discuss our outlook for the fourth quarter of fiscal 2022. Great. Thanks, Greg. You know, previously discussed our consolidated new business grew to a new high in the third quarter, again, with real strength across all lines of business. You know, backlog exiting the third quarter was strong, as was February new business. You know, February generally is the shortest month in the year in terms of working days. However, this February was actually our eighth best new business month ever, excluding RPO, and if you include RPO, it was actually our best new business month ever. Now, despite the continuing strength in new business trends and backlog coming out of Q3, the very recent situation in Eastern Europe presents a level of risk and uncertainty that is difficult to quantify. With this in mind, and assuming no new major pandemic-related lockdowns or further changes in worldwide geopolitical conditions Economic conditions, financial markets or foreign exchange rates. We expect our consolidated fee revenue in the fourth quarter to range from $670 million to $690 million, and our consolidated adjusted diluted earnings per share to range from $1.49 to $1.63 per share, and our GAAP diluted earnings per share to range from $1.44 per share to $1.60. Now let me end as I started. Now, as I look ahead, for all the reasons previously discussed, I'm more optimistic now than I have ever been about our long-term opportunity to continue to build on our financial success. Our company today has more durable revenue streams, has achieved a new level of business activity and profitability that is sustainable and has positioned us for continued growth. We have a core set of integrated solutions that are highly relevant to the mega trends that we're seeing in the world today. 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'll conclude our remarks and be glad to answer any questions you may have. Ladies and gentlemen, if you wish to ask a question on today's call, you may press 1 and then 0 at this time. You may remove yourself from the queue at any time by pressing 1, then 0 again. If you are using a speakerphone, please pick up the handset before pressing the numbers. Once again, if you do have a question on today's call, you may press 1 and then 0 at this time. Our first question is from Tobey Sommer from Truist Securities. Your line is open. Please go ahead. Thanks. I wanted to ask you, the business and the recruiting market has just surged so much over the last 6-7 quarters. You know, kind of everybody's at all-time highs, usually surpassing 2019. How do we think about growth from here, and not specifically in the April quarter, but even some sort of medium term vision. I don't expect you to necessarily answer in dollars, but any sort of the inputs that drive growth, productivity, headcounts, any kind of way you could help frame that so that we can put together an intelligent model would be helpful. Okay. Well, Toby, it's good to hear your voice. I think that you know, barring inflation, which we put aside for a second, this is an incredibly nomadic labor market. You know, when you look at the labor participation rate, it's pretty much what it was right before the pandemic. I mean, maybe it's 1 million people short, but it's very robust. It's pretty close. But when you look at the number of people that have left the labor market, it's millions of people. Maybe it's not as high as 10 million people, but it's a significant number. You've got all the changes that have happened during the pandemic around how you work, when you work, where you work, efficiency and the like. I think there is, in the near term, a scarcity of talent. I would expect, again, barring the impact of inflation, that there's gonna continue to be this war for talent. I think that the labor market is extremely tight, which is good for our business. When you look at our consulting business and all the trends around the workscape today, I think that's another positive. Thank you. Good to hear your voice too, Gary. Kind of a follow-up along the lines that your answer prompted to me. With the sort of structural change to, you know, work from anywhere and the way employers have to open their aperture and adapt to be flexible in that regard, what are the implications for pricing across your businesses? I don't know if you could actually address it by line of business, but executive search, professional search, RPO, what does that mean to sort of unit-based economics for your business? Well, we have increased our pricing over the last few months. Now that will take some time to bleed in because of, you know, longer term contracts, MSA agreements and the like. We certainly made that move probably 5 or 6 months ago. When you look at the, you know, from a line of business perspective, clearly what you're seeing in our talent acquisition businesses, particularly, executive search and professional search, is the impact of wage inflation. You will see that the average fee, the average fees in both those businesses has gone up, you know, double digit over the last, call it, you know, 12-15 months. Again, hard to predict, but I would think there's gonna continue to be wage pressure there. That, coupled with the scarcity of talent, is very positive for the business. You know, when you look at what's actually happening today, around culture, around how people get work done, I think it presents an enormous opportunity for us around professional development, what we call LDO, learning development outsourcing. I think that's an opportunity for us. On the consulting side, we have, like the other parts of our business, we have raised the pricing. If you look at our rate per hour now, you know, it's almost $400. It's not quite, but you can see that that has steadily gone up. You know, look, in this environment, I think there is that opportunity. How much it really is, that's kind of hard to quantify, but I think it has an upward trajectory to it. Thanks. Last question for me. How are you thinking about margins going forward and the you know sort of resumption of some business expenses like travel? I say that as someone who's actually been on the road a little bit recently myself. Yeah. Bob can answer this maybe and put a little bit more definition around it. You know, I think that the big question is inflation. I think that's actually more germane than even travel. That's hard to predict where that's gonna go and what the Fed really does and where oil is today. I think that is probably the biggest question. I think when it comes to how people get work done, that's forever changed. You know, when this thing broke out two years ago, I said that whatever we were doing before, how we consume, how we're entertained, how we produce, how we travel for business, it's gonna be kind of 50% of what it was. I even think it's probably a greater change than 50%. You know, I'll give you an example. I was interviewing a young professional, college grad, second full-time job, mid-20s, and this person last week was really bragging around their, quote, "office culture." Well, the truth is that none of them actually go into the office, but yet, he was really hyping up the office culture. You know, it's an entirely different perspective today than when I entered the workforce. I think that change is pretty profound. Now, in terms of margins, Bob, maybe you could comment on that. Sure. Thanks. Hey, Toby. As you know, I think on the last earnings call, we talked about where we saw margins, you know, settling from a long-term perspective of this kind of 18%-19% range. We still feel, you know, that that's the range that we'll settle into. We reduced our real estate footprint by about a little over 20%. If you remember, we took a charge in Q2 for that. We still have probably another 4 percentage points of reduction, but that'll happen as leases come to their natural term over time, and it'll be, you know, a couple of years before that works its way through. I think on the BD and travel side, you know, that's the one area that we're watching very closely. If you remember, before the pandemic, we were spending $11 million or $12 million a quarter on that. Year to date, you know, we're probably averaging in the, let's say, $2-$2.5 million a quarter range. I expect that will increase. I think it will probably end up somewhere between, you know, the midpoint of zero and the $11-$12 that we were at over the long haul. We've got that factored into our long-term views of where the margin is. The last piece is obviously, you know, we manage our head count closely. you know, new business comes in and we need resources to deliver it, we'll bring people on board. You know, to the extent there would be any slowdown, we would just moderate that hiring to accommodate the, you know, the slowdown in business. We feel, you know, pretty good about the 18% and 19%. Thank you. Our next question comes from the line of George Tong from Goldman Sachs. Your line is open. Please go ahead. Hi. Thanks. Good morning. Can you talk a bit about the sensitivity of each of your lines of business to macro conditions, which of course are currently evolving? Well, you know, the big elephant in the room is obviously what's happening in Ukraine. That has an impact on our business in the Ukraine and Russia. The Ukraine business for us was probably about $1 million. The Russian business was $8 million. Those essentially have gone to zero overnight. Now, we haven't seen a knock-on effect in other countries or other companies. We haven't seen that today. March new business is starting out actually ahead of where February was. Of course, it's very early in the month and that does not make a trend, but it certainly is not negative. If anything, it's neutral to positive. I touched on this. I think the biggest macro trend is really inflation. You know, where does that really settle into over the next, you know, 12-18 months and what is their stance towards inflation? I think that's probably the biggest factor. Got it. Maybe sticking to the topic of inflation, can you talk a bit about pricing? Not just where pricing is increasing today, but how much you expect pricing to increase looking ahead and how that aligns with wage inflation that you're seeing among your recruiters internally? Well, we you know, we have a big comp and benefits advisory and digital business. In our most recent survey that we did of companies around the world, what you would find is that the companies are expecting about a 5% wage pressure. Now, that varies by country and certainly our intuition on top of the data would absolutely support that. I think if you look at the recruiting businesses, one would expect that there's gonna continue to be pressure resulting from this nomadic labor market, this scarcity of talent. Now, how much that is, George, it's very hard to quantify because we don't know what the central bank's you know, posture is going to be. As I indicated, we have over the past few months increased our pricing. Not just because of the macro environment, but because of what our view, the impact that we have on companies. You know, we'll have to see where that goes. Got it. Thank you. Our next question comes from the line of Mark Marcon from Baird. Your line is open. Please go ahead. Hey, hello, everybody, and thanks for taking my question, and congratulations on a strong quarter and a strong year-to-date performance. Just going to the elephant in the room, Gary, obviously it's early and everything is occurring real time. How do you think clients are going to react, and how would you differentiate that in terms of regions? I would imagine EMEA would be the most impacted area. What's your sense just in terms of your conversations with your consultants and with clients? Well, right now it seems to be other than, you know, Russia and Ukraine, it seems to be cautious, but people are still moving forward and making decisions. I would say that, you know, that's probably the view. Part of that, I think, is dependent on, you know, if you go to EMEA, what exactly, you know, how far does the EU go in terms of would they cut off natural gas or oil from Russia? That's a big question. Not to say that was to happen, but if that was to happen, I think, you know, there's definitely a pretty huge impact on EMEA. You know, Asia, we haven't really seen much. We had, you know, Chinese New Year here in February, but we really haven't seen as much as we have, you know, say in EMEA, around people uniting around a, you know, atrocity. In the United States, you know, the same view. Of course, it's not closer to home. Great. It sounds like you're not seeing any cancellations of confirmations or any freezes yet or anything along those lines. No. If you did, you know, you did a great job during COVID in terms of managing expenses and being able to adjust quickly and preserving the earnings power and also the future potential. Do you feel like you have the same level of flexibility as what you were able to exercise during COVID if something were to occur? Absolutely. Yeah, there's no question about that. I think you know, great companies make their best moves in uncertain times. I think we've got a track record of that. We clearly have contingency plans if that were to happen. We've put contingency plans in place over the last few weeks in Eastern Europe, helping our colleagues you know, that have been impacted by this. Yes, yeah, absolutely, Mark. Great. With regards to, you know, inflation, you've mentioned that several times. It's also mentioned in the release multiple times. What are you seeing just in terms of your own personnel, and then in the context of the way that you are mentioning it, how are you thinking about the range of possibilities. You know, there's obviously all sorts of different projections with regards to what central banks may end up doing, both in the U.S. as well as the ECB, and BoE, in terms of what they may end up doing. How are you thinking about the potential range of those impacts? Well, on the one hand, you know, is there, you know, are you gonna Volckerize, you know, Paul Volcker? Are you gonna, you know, are we gonna go back to the seventies where we crank up rates to, you know, 18% or 19%? That's really hard for me to imagine that we're gonna get back to that stance politically. I just. That seems pretty far out there. I, you know, don't see that. My own view would be that, you know, the Fed, at least, is gonna have to back off a little bit what they were talking about. You know, just take our own company. We've you know, for eligible employees trailing 12 months, we've raised salaries about 12% or so. You know, if you run that across the entire population, it's probably more like 8% or 9%. I think at some point for companies, if there is this, you know, forget oil. I mean, you could have a debate on whether somebody could afford gas or groceries, but I think the bigger thing is around wages. You know, that's a question that if you know, if that were to continue, at some point, you know, companies are not able to pass that on to consumers, which does impact earnings. That's you know, I think that's the fundamental question here. Got it. Then what are you seeing just in terms of your ability to recruit? Obviously, you've distinguished yourself in terms of range of services, the Marquee programs going well. What are you seeing just in terms of the ability to recruit and particularly like when we think about like areas that you've targeted for growth, like digital, when we take a look at the consultant count there, how should we think about that? You know, in the digital area, the thing that's exciting is that we have made a purposeful effort to expand our ecosystem and to work with partners to help drive that. Now, that's not gonna be next quarter, but that's been a major pivot for us over the last, you know, call it 6-9 months, where we're partnering with at least a couple companies to have a broader platform to distribute the IP. You know, that could be very meaningful for Korn Ferry. In the digital business, we're also gonna have to continue to increase our own commercial capabilities, our own commercial sales force. We'll do that. We're still all out in finding consultants, fee earners, partners, principals. We, you know, we very rarely dial that back, so we're being very aggressive there. I think that people are attracted to the platform. I mean, you know, we are, I think, at the intersection of what matters most, and that's, you know, strategy and organization and its talent. We're continuing to recruit. We're recruiting account leaders into the organization. We're still, you know, moving forward with that. Great. Last question from me is, it sounds like the Lucas Group is going really well. How does that make you feel about future acquisitions in you know, professional recruitment? How are you feeling about just that area and what you've seen thus far? It makes me feel really good. You know, today, it's, you know, I'll round up here. It's a $400 million business. The interim piece of that today is probably $60-$70. I think we've got not only the opportunity around professional search, but also the interim business, given this nomadic labor market. We're gonna continue to make investments there. I think that it's not just a question of entering another talent acquisition market of professional search, but it actually plays to the broader theme that we're really trying to build out, is around developing professionals. You know, today we develop over 1 million professionals a year. The play there isn't strictly, let's you know increase you know talent acquisition, but let's also get into a market that could lead to you know learning journeys, career development. That plays into the digital business. As we look at the digital business today, it's you know there's a couple really big areas we're trying to make a push on. One is you know sales transformation. That, if you look at this last quarter, it's probably 17%-18% of new business. There's 15 million sales professionals in the United States alone. That's going through enormous change. We've got fantastic IP around how salespeople can you know prioritize strategically opportunities. We can couple that with coaching. We can couple it with our developmental you know IP that we have. That, that's one. The second one is around professional development. The leadership development, you know, for the organization overall is about 10%-11% of revenue. Historically, that's been at the high end of the work, you know, of the workscape. We think we can actually, you know, through the digital business. We're making a big push there around, you know, professional development below, say, the CEO level. Great. Thank you very much. Our next question comes from the line of Marc Riddick from Sidoti. Your line is open. Please go ahead. Good afternoon. At least here on the East Coast, anyway. Hey, Mark. Good afternoon. I was wondering if you could spend some time talking about if you're seeing much differentiation with end customer markets between various industry verticals as to maybe how far along they are in addressing the, as you described it on the call, the nomadic realities of the business. I was wondering if you could sort of, you know, discuss maybe some opportunities that maybe some industry verticals may be a little further along in taking advantage of as opposed to others. Well, it ranges. You know, I really do believe that we're, you know, in for more change over the next couple years. Clearly, we've seen a great deal of change over the last two years, but I think we're in for a lot of change over the next two years in terms of, you know, how people get work done. That should bode well for our firm. You know, it's hard to say if there's one particular industry that's ahead of others. You know, some are more have to be on the front line in terms of how they deliver products or services to consumers. It's hard to pinpoint one. I would say that clearly the push around ESG is real. If you look at what's happened over the last couple weeks, not that that will solve today's crisis, but it will create tomorrow's opportunity. I do believe that push of sustainability, and we've got a broad-based solution anchored around that. I think that's real. Whether that's. You know, our energy business is only 4% of the company's top line. But clearly we're seeing a lot of movement around there, around how they reskill, upskill, you know, create a green business. So that should gain even further momentum over the next few quarters and years. Great. Just a quick follow-up. I was wondering if you could talk a little bit about the recurring revenue and subscription revenue that as far as specifically to price increases around those types of services whether or not you're seeing much in the way of. It doesn't seem as though there's much pushback, but I was wondering if you could sort of give a bit of a update of thought as to maybe what you're seeing as to those types of services that you know whether people sort of rethinking how they utilize that or is that an opportunity to sort of extend? Thank you. Well, let me make a couple comments and, Bob, you can add to it. I mean, you know, as you know, we've made a push to drive the digital business more and more through subscription. This quarter, in terms of new business, it was almost 40% of new business. That is substantially different than, say, you know, 2 or 3 years ago, where we were not pushing that as much. You've got a different revenue recognition policy that's happening as a result of that subscription business. Subscription business was $100 million. I think, you know, one of the things that I mentioned that we're excited about is using an ecosystem to drive that business, not only through our own commercial, you know, sales and consulting teams, which we're gonna continue to do, because the digital business drives consulting and the consulting business drives digital. There's definitely pull through. You know, part of the answer to your question is also around the partners that we are, you know, doing business with and trying to embed our IP into their technology platforms that can, over the long term, drive that business. Now, you know, how we price that subscription business is similar to other SaaS models. It's a, you know, license basis, you know, per seat basis. I can't say, you know, that we've seen that kind of uptick in pricing that we've seen in the talent acquisition businesses. It's not as direct, whereas in search, professional search, executive search, you can see that and you can see the wage pressure. I think as we, you know, if we put anchors down around sales transformation and we put anchors down around professional development and we could get, you know, both of those to 60%-65% of the offering there, we have just tremendous IP. You know, that that's a real opportunity for Korn Ferry. Yeah, Gary, the only thing I would add is you talk about how tremendous the IP is. One of the very large tech companies that we have a partnership with now who kind of specializes in sales and, you know, customer relationship management. Actually uses our IP with their sales force. That's great. Thank you very much. Next, we have a follow-up question from Tobey Sommer from Truist Securities. Your line is open. Please go ahead. Thanks. Gary Burnison, the question I wanted to ask is just to dig into your comments and kind of tone on inflation. I think investors might assume that wage inflation in particular is on average been good for the business and could be constructive on a go-forward basis as well. You kind of struck a cautious tone, so there may be other impacts. Could you dig into that a little bit more for me? Well, look, it is overall, I think if you look at the nomadic labor market and the change that's happening around how work gets done, and you go to various things from, you know, organizational transformation to ESG to D&I, all of those are an extreme positive. I think on Korn Ferry's business, we've been able and we will manage any kind of wage pressure. Bob alluded to that around how we, you know, tightly manage the business. We've got a track record of, you know, actually accelerating through an economic turn. I don't think anybody should take my comments and say, "Okay, you know, Gary's not... You know, Gary's negative on what Korn Ferry can do. The reality is, when you start seeing gas at $7 a gallon, which it almost is in Los Angeles, you know, it does impact consumers. The big unknown is ECB and, you know, other federal. You know, what exactly is going to be their policy. I just believe, I'm not an economist, but I think that they're gonna have to back down. I just don't see the political will, particularly what's going on in this tragedy, unless it's. I mean, what's unfolding in Ukraine. I just don't. I think they're gonna have to back off. I don't think you should read it as cautionary, but it is a macro factor that is out there for any company in the world. Carolyn, did we lose Toby? He's still in the queue. He may be on mute at this time. Mm. Mm. Oh, we did lose him just now. Carolyn, any other questions? It appears we have no further questions, Mr. Burnison. Okay. Listen, thank you very, very much. On the one hand, very, very excited about where the firm is and what we've achieved and what this company can be and our purpose. On the other hand, our hearts and prayers do go out to the devastation and the loss of life that we're seeing in Eastern Europe. With that, thank you very much for your time and look forward to speaking to you soon. Thank you, Carolyn. Thank you. Ladies and gentlemen, this conference call will be available for replay for one week, starting today at 3 P.M. Eastern, running through the day March fifteenth and ending at midnight. You may access the AT&T Executive Playback service by dialing 866-207-1041 and entering the access code 2674495. 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 our conference for today. Thank you for your participation and for using AT&T Executive Services. You may now disconnect.