Good afternoon, ladies and gentlemen, and welcome to the Resources Connection, Inc. conference call. Currently, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session and instructions will follow at that time. As a reminder, this conference call is being recorded. At this time, I would like to remind everyone that management will be commenting on results for the second quarter ended November 29, 2025. They will also refer to certain non-GAAP financial measures. An explanation and reconciliation of these measures to the most comparable GAAP financial measures are included in the press release issued today. Today's press release can be viewed in the Investor Relations section of RGP's website and filed today with the SEC. Also, during this call, management may make forward-looking statements regarding plans, initiatives, and strategies in the anticipated financial performance of the company. Such statements are predictions and actual events or results may differ materially. Please see the risk factors section in RGP's report on Form 10-K for the year ended May 31, 2025 for a discussion of risk, uncertainties, and other factors that may cause the company's business, results of operations, and financial conditions to differ materially from what is expressed or implied by forward-looking statements made during this call. I'll now turn the call over to RGP CEO, Roger Carlisle.

Thank you, and welcome everyone to Resource Connection Q2 Earnings Call. Before we get into the quarterly earnings discussion, I want to thank our leadership and employees for welcoming me as the company's newly appointed CEO and for supporting a smooth transition. I also want to recognize our teams for maintaining a strong focus on our clients and our business during this time. I mentioned both our clients and our business as focal points because we have employees who serve our clients' needs as well as employees who support the needs of our client service professionals and our business. Both employee groups are critical to our success. For those of you on today's call with whom I have not yet had an opportunity to speak, I look forward to doing so in the near future. I recognize that you have invested time understanding the company its services and markets and we appreciate your interest and effort regarding our business let me start by saying my enthusiasm for the company's future has grown since stepping into this role in november the deeper i get into our business the more impressed i am with the talent and capabilities here but even more so with the commitment enthusiasm i find when talking with our people the quality of our people is reflected in the caliber of long standing and newly activated clients who trust us to assist them with issues they view as important to their success. I also want to say that while the market of our services has been more challenging and uncertain of late for a variety of reasons, I believe there is a sufficiently large market of client needs for which RGP is positioned to serve that will allow us to grow our business and financial results. However, doing so requires that we focus on what gives us a competitive right to win. That is, providing relevant skills and solutions to our clients which satisfy their needs at a price that brings them better overall value than other providers in the marketplace. Our balance sheet and liquidity are strong, which is a testament to the resilience of our people and client relationships, as well as the flexibility of our business model. However, our quarterly earnings results also reflect a continued lack of positive momentum for our consolidated revenue and adjusted EBITDA. These results underscore the need to take decisive actions to better align our cost structure with our current revenue levels, refocus our on-demand offerings to address the evolving needs of our clients, and scale our consulting business to deliver high-value solutions to both existing and new clients these three points will form the basis of our strategy going forward we have already made progress this quarter reducing our cost structure to better align it with our current revenue levels and we will continue this work in the third quarter improving our financial results in the on-demand segment requires that we better understand our clients current needs and adjust our ability to provide consultants that fit those needs Scaling our consulting business requires identifying and hiring experienced consulting professionals to grow our ability to deliver value-added solutions to our clients. In the evolving consulting marketplace, we are finding that these types of professionals understand and are excited about the competitive nature of RGP's service offering model and value proposition it offers to clients. We believe this will make us a strong employer choice for such professionals going forward. We also believe that RGP's ability to provide in-demand finance, risk, operational performance, and technology solutions in three differing delivery models, that is, on-demand consulting and outsourced services, at a price point that is competitive to other traditional professional service firms, gives us an opportunity to be uniquely successful in winning and serving clients' needs. in the changing landscape for such services lastly no professional services firm can succeed in the present and future market without understanding how artificial intelligence automation and other technologies are impacting their clients businesses and how it impacts the professional services they seek and procure this is no different for our GP and we are actively working to understand how our clients needs are impacted by their own AI and automation strategies. Likewise, at RGP, we are continuing to implement additional AI and automation tools across our business processes to enhance the cost effectiveness of our client service delivery and internal business support functions. The work we have discussed so far today and the achievement of the expected results will certainly require time and disciplined execution, But the path forward is clear, and we are confident these actions will strengthen our business and create long-term value for our clients and shareholders. With that, let me turn the call over to Badrash.

Thank you, Roger, and good afternoon, everyone. Before I begin, I want to welcome Roger as our new Chief Executive Officer. With Roger's leadership and fresh perspective, we are well-positioned to strengthen execution, accelerate our strategic priorities, and drive operational discipline across the organization, and capitalizing on our inherent strength. In the second quarter, we exceeded expectations and adjusted EBITDA despite revenue coming in below consensus, reflecting disciplined cost management and execution. In North America, expanded go-to-market initiatives across our on-demand and consulting segments, along with stronger cross-practice collaboration, drove improved pipeline activity. Our Europe and Asia-Pac segment delivered both year-over-year and sequential growth. While outsource services revenue remained essentially flat versus the prior year, we achieved meaningful improvement in gross margins. Overall, we remained focused on value-based pricing, targeted investments in leadership and service capabilities to drive momentum and cost discipline. Jen will provide additional details on our performance and efficiency initiatives shortly. With that, let me turn to our performance by segment. While consulting segment revenue declined year over year, we delivered essentially flat sequential revenue with growth in select areas of CFO advisory and digital transformation. Bill rates continue to improve both sequentially and year-over-year with higher increases on new projects, reflecting the strong demand for our specialized services. We're also moving up the value chain with existing clients, for example, highlighted in Q2 by a large technology company selecting RGP as a global preferred consulting provider, expanding our role from on-demand talent into advisory services on mission critical work streams as part of our strategy to grow the consulting segment we'll complete the integration of reference point by the end of the fiscal year combining reference points capability with our consulting platform and leadership will enhance collaboration streamline go-to-market executions and strengthen our focus on cfo advisory and digital transformation this positions us to deepen relationships with existing on-demand clients while also expanding our reach to new clients Finally, on consulting, I want to thank John Buhlman as he begins a well-earned retirement. His vision and commitment to both client and employee values leave a lasting impact on RGP. I'm pleased to announce Scott Rotman, who joined RGP in August, will succeed John as President of Consulting Services, leading our CFO advisory and digital transformation offerings. Under Scott's leadership, we will strengthen our integrated consulting segment and deliver client value across strategy transformation and on-demand talent. Turning to on-demand, revenue declined year-over-year, but continues to show signs of sequential stabilization supported by higher average bill rates compared to both the same period last year and the prior quarter. We remain focused on execution and disciplined pipeline management with emphasis on skills for ERP, finance transformation, data, and supply chain. Across North America, several markets delivered sequential revenue growth, and in markets that are lagging, we're in the process of bringing in new leadership. Turning to international, our Europe and Asia-packed segment delivered both year-over-year and sequential revenue growth in the second quarter, supported by higher weekly revenue run rates and improved bill rates versus the prior year, while maintaining stable gross margins. Performance was led by Europe, Japan, India, and the Philippines, underscoring the strength of our client relationships and the effectiveness of our regional strategy. We are committed to deepening multinational client relationships, along with expanding our local client base, differentiating through a combination of local delivery and scalable global delivery centers, and maintaining discipline cost management. Lastly, in outsourced services, revenue remains steady year-over-year and gross margins improved versus the prior year. We continue to add new clients to our platform while also exhibiting strong retention and bottom-line performance benefited from both operating leverage and efficiency measures. To conclude, we remain focused on disciplined execution and delivering meaningful value to clients across all segments while continuing to see our strategy take shape and position RGP for sustained growth, profitability, and value creation over time. With that, I'll now turn the call over to Janice. Thank you, Padresh.

Good afternoon and Happy New Year, everyone. Consolidated revenue for the second quarter was around the midpoint of our outlook range, $117.7 million. While gross margin of 37.1% was below the outlook, run rate SG&A expense of $39.7 million was significantly more favorable, enabling us to deliver adjusted EBITDA of $4 million in the second quarter, or a 3.4% adjusted EBITDA margin. We incurred $11.9 million of one-time expenses in the quarter in connection with the CEO transition and a reduction in force, contributing to a gap net loss of 12.7 million dollars i'll now provide some additional color on our revenue growth margin and run rate sgna expense consolidated revenue declined 18.4 percent on the same day constant currency basis from the prior year quarter while on demand and consulting segment revenues remain soft we are encouraged by the steady year-over-year growth in the europe and asia pack and outsource services segments. We continue to focus on improving sales execution as well as aligning both our consulting solutions and on-demand talent pools to client demand to drive more pipeline growth and faster revenue conversion. Growth margin for the quarter was 37.1% compared to 38.5% in the prior year quarter. We drove a 97 basis point improvement in pay-bill ratio. However, leverage on indirect cost of service was unfavorable, notably related to healthcare costs and paid time off, including higher holiday pay due to Thanksgiving coming in the second quarter of this year. Enterprise-wide average bill rate was $121 constant currency versus $123 a year ago, driven mostly by revenue mix shifts toward the Asia-Pacific region. On an individual segment basis, we saw a 6.4% improvement in consulting and a 2.4% improvement in both on-demand and Europe and Asia-Pac segments. As we continue to execute our pricing strategy and scale the consulting business to deliver higher value, larger scale engagement, we expect to gain more upside in bill rates. Now on to our SG&A and cost structure. While we have been on a continuous journey to reduce costs over the last few years, we are conducting an even deeper assessment across the entire organization to streamline organizational structure, simplify processes, and adopt automation and AI to ensure our cost structure is adequately sized to the current revenue levels. The assessment is near completion, and we expect to implement the cost actions over a 12-month period. In October, we executed a reduction in force, the first in the series of actions to come in 2026. The risk impacted 5% of our management and administrative headcounts and is expected to yield annual savings of $6 to $8 million. Back to our improved SG&A performance for the second quarter, enterprise run rate SG&A expense for the quarter was $39.7 million, a 15% improvement from $46.5 million a year Management compensation expense improved significantly by $3 million as a result of the reductions in force we executed this quarter and at the end of Fiscal 25. The remainder of the year-over-year improvement in SG&A is attributable to lower variable compensation and reduced SG&A spend, including travel, occupancy, and professional services. Next, I'll provide some additional color on segment performance. All year-over-year percentage comparisons for revenue are adjusted for business days and currency impacts. And as a reminder, segment-adjusted EBITDA excludes certain shared corporate costs. Revenue for our on-demand segment was $43 million, a decline of 18.4% versus prior year quarter. Segment adjusted EBITDA was $4.1 million or a margin of 9.5% relative to $5.6 million or a 10.5% margin in Q2 of fiscal 25. Revenue for our consulting segment was $42.6 million, a decline of 28.8% from the prior year quarter. Segment adjusted EBITDA was $4.5 million or a 10.4% margin compared to $9.7 million or a 16% margin in Q2 fiscal 25. Turning to our Europe and Asia PAC segment, revenue was $20.1 million or a 0.6% growth from the prior year quarter. Segment adjusted EBITDA was $1.5 million in both years, representing a 7.4% margin in Q2 fiscal 26 and a 7.5% margin in Q2 Fiscal 25. Finally, our outsourced services segment revenue was $9.4 million, up 0.8% compared to the prior year quarter. Segment adjusted EBITDA was $1.7 million, or an 18.4% margin, up from $1.5 million, or a 16.4% margin. Turning to liquidity, our balance sheet remains strong with $89.8 million of cash and cash equivalents and zero outstanding debt. Quarterly dividend distributions total $2.3 million. With cash on hand combined with available borrowing capacity under our credit facility, we will continue to take a balanced approach to capital allocation between investing in the business to drive growth and returning cash to shareholders through dividends and opportunistic share buybacks under our repurchase program which had 79 million dollars remaining at the end of the quarter i'll now close with our third quarter outlook early third quarter non-holiday weekly revenue run rate has been largely consistent with the second quarter as expected due to the mid-week timing of christmas and new year's day revenues from those two holiday weeks were much softer. Taking into account this seasonality and based on our current revenue backlog and expectations on late-stage pipeline deals, our outlook calls for revenues $105 to $110 million in the third quarter. On the gross margin front, with the same seasonality impacting utilization and holiday pay for Agile consultants, as well as employer payroll tax reset at the start of new calendar year, we expect a gross margin of 35% to 36% in the third quarter. Now onto SG&A. Reflecting realized benefits from our cost reduction efforts, offset by higher employer payroll taxes, run rate SG&A expense in the third quarter is expected to be in the range of $40 to $42 million. Non-run rate and non-cash expenses will be in the range of six to seven million dollars consisting of non-cash stock compensation and restructuring costs in closing reiterating what roger stated earlier our strategy and our path forward are clear we will continue to focus on improving our sales execution optimizing our talent and consulting solutions to serve the needs of our clients driving an efficient cost structure to strengthen our business and deliver more value for our clients and shareholders this concludes our prepared remarks, and we will now open the call for Q&A. Thank you. As a reminder, to ask a

question, please press star 11 on your telephone and wait for your name to be announced. To withdraw your question, please press star 11 again. One moment for questions. Our first question comes

from Mark Marcon with Robert W. Baird. You may proceed. Good afternoon, everybody, and nice to talk to you, Roger, and welcome to the company. I'm wondering, can you talk a little bit about or elaborate a little bit on the specific areas where you're seeing, you know, AI leading to some disintermediation with regards to finance and accounting rules? And I'm specifically interested in terms of, you know, how widespread is it at this point? How do you expect it to continue with specific rules and how you're adjusting to that.

Sure. Good to meet you. And I'll let Badrash add, he's been here longer dealing with it than me, but I think we're seeing, for example, in operational accounting roles, things that you can imagine through AI or automation are easiest to replicate and replace. And so that would be some of the roles that we see as most impacted by our clients' efforts in that regard in the AI and automation world. In terms of how widespread that is, I mean, I think it's my sense, again, I'll ask Bidrash to add it as well. My sense would be that it's like most of the things we hear about AI. There's a lot of activity going on. Those things that are internal, like those processes, are where AI and automation are having the earliest impacts, but there's still a lot of spending and still a lot of activity that's not been realized or benefits not been realized by clients. So I think, you know, it remains to be seen how pervasive and how rapidly that occurs, but we are seeing that. And, Bradesh, add if you think there's something to do with that.

Thank you, Roger, and I think you're spot on. What we're seeing with clients, and everyone is what I would say is experimenting with AI to seeing what leverage they can get in their organization, especially in finance. As Roger said, the operational accounting roles, what I would call more transactional repeatable roles, are getting replaced. However, what we're finding is that it's getting clients access to data quickly and analytics of the data quickly and informing their ability to get their business more efficient. But that is requiring more work to go execute. So we're not seeing that big windfall that everyone is expecting that AI is going to replace so many jobs. It is accelerating the ability for our finance organization and client finance organizations to provide insight to their segments in terms of performance, predictability, future trends and things like that, so people can take action on it. Our clients are also seeing that. I think a lot of them have continued to invest. Some feel like they're over-investing and not realizing the benefits. So we feel like, you know, obviously time will tell where this will land, but, you know, it's still in the early stages, akin to, you know, the early days of digital transformation where everyone is overspending until they normalize it. The second part of this is, you know, as clients are understanding how to leverage AI for their organization, it's just not that AI is replacing jobs. It's also changing processes and how companies operate. So it's becoming a transformation initiative that should drive, you know, our ability to provide more services requiring higher-talented people that can understand what the impact of AI is, what AI can do, and then how that business operates and changes the way they work, not only within the function, but the interaction with other functions.

Thanks, Patricia. I just wanted to add one thing. I think the second part of your question was what are we doing about it in our comments that our talent teams and our on-demand teams are working with clients to understand, you know, what skills they need in that environment. As Bidresh said, there's certain, you know, skills and projects that are caused because of that work, and there's certain skills that are needed because of the technology being a major driver of that. So as we mentioned in our script, you know, ERP skills, other kinds of technology skills. So we're looking to shift our skill base towards the things that clients most need in this environment.

Yeah. And Roger, to add to that, I think, you know, what's becoming inherently clear is that, you know, the higher level skills that we are staffing in the on-demand business, what clients are seeking is that they are also becoming AI experts or AI knowledgeable for that particular function or particular role. and that's becoming critical I think on the consulting side what we're seeing is that clients are taking on these AI initiatives data data authenticity and accuracy is becoming a bigger issue right which is leading to bigger data projects where data cleanup and data you know data tagging and things like that so that's that's where a lot of focus is coming up in order for them to realize the benefits of AI as they look at for you know end-to-end implementation of

Just to elaborate a little bit, you have a fairly broad swath of the Fortune 500 that you serve. How widespread is what you're currently seeing? And then can you be a little bit more precise with regards to the types of roles? Are we talking about, you know, just accounts receivables and payables, reconciliations, data entry, or is, you know, historically you've also supplied people that were, you know, providing some analytical capabilities as well. And so I'm trying to understand, you know, to what extent are these lower level roles rather than also impacting higher level roles.

Yeah, I mean, the lower-level roles are definitely getting impacted, right, because AI is able to do those analysis and things like that as you leverage learning models to do that. In the higher-level roles, we don't see it as an impact. What we're seeing is a skill reconciliation, is what I hope, or skill evolution, you know, and says we're providing, for example, a controller or anything like that or a senior financial analyst in these types of roles. So they are looking for those that actually understand AI, know how to use AI, and know how to implement AI to leverage it more. And that's, I think, the distinction we're seeing in reconciliation, receivables, all those types of things are, you know, the evolution of RPA into, you know, AI. But FP&A is becoming a big area where clients are starting to use, you know, AI to really start to look at how do they accelerate what was historically done in Excel spreadsheets to drive those types of analytics and data. So that's where we're really seeing the distinction.

Right. And then, Roger, you mentioned, you know, scaling up in consulting and you mentioned incremental hiring there. Can you talk a little bit about the practices and the areas that you want to focus in? within consulting?

Yeah, I think it's the issues that still remain in high demand in corporates, corporate America, for example. So financial, financial transformation, financial technologies, technology generally, data analytics, risk, all those kinds of things, tax that, you know, that get towards the ability to, in some cases, both for the class to do more with less, for the class to have a better view of their own organizations, all of those things and drive value, you know. So all of those things, I think, are still in high demand. Clients may be a little more cautious in taking the time to assess what they're doing, but those are still and high-demand services, and so we're looking to add our capabilities in those areas.

Great. And then, Jen, just a clarification. With regards to the SG&A, you mentioned $40 to $42 million, and then you mentioned $6 to $7 million in terms of stock comp and restructuring. Is the $40 to $42 million inclusive or exclusive over that $6 to $7 million in stock comp and restructuring?

Yeah, the 40 to 42 million is exclusive. So six to 7 million of non-cash and non-run rate restructuring costs on top of the 40 to 42. And the reason why it's, you know, it's comparable essentially to our third quarter SG&A is because while we're realizing the, you know, the benefits and the latest reduction in force we did in October, you know, from a seasonality standpoint, point, we have the payroll tax reset. And also, you know, when we did the RIF in October, essentially, Q2 already kind of has almost a full quarter of benefit already in there. So but to answer your question, the six and seven, six to seven million dollars of non-run rate is in addition to that, not a part of the 40 to 42.

too. How much of an impact was the higher healthcare costs? And are you doing anything in terms of plan design changes with regards to what you offer to your employees to ameliorate

that? Yeah, the healthcare this quarter is about a million plus impact compared to Q2. So it is significant. It impacted both our SG&A and probably lesser impact on SG&A, but a lot of impact on growth margin. Yes, we do take an annual assessment of our plan design, and we also kind of look at the cost ratio sharing between employer and employees. I would say that this quarter, this is an anomaly you know we got a lot of unfavorable claims experience in October specifically so I don't expect that this or at least I would think that this is an anomaly so I think that this should normalize you know again we don't have control over our claims experience but we do take a pretty deep look each on an annual basis on our plan design

Okay, great. And then, Roger, I didn't want to focus on the micro questions initially, but I'd love to come back to just kind of the broader strategic framework. It sounded like, you know, you're basically going to be looking at things over the next 12 months. I'm wondering if you can just talk a little bit about what you're going to really focus on and what your vision is, and it's probably going to end up changing as you learn more about the company, but what your vision is or what investors should expect 12 to 24 months from now.

Well, I think I'm not sure the strategy itself changes at a high level. I mean, we're going to be focused on our on-demand services and our consulting services. And those, you know, that's the two biggest things we do. And it's where we can drive a lot of value for our clients. So I think it's why we said, you know, the three focal points for our strategy in the near term, you know, 12 months or longer if it takes, is right. get the costs uh structure aligned with our revenue um so that we're profitable on that basis you know for lack of a better word fix our on demand what i mean by that is what we've talked about which is be sure we're getting our our in front of our clients with our sales team and really understanding what the clients need and then working with our talent team to be sure that we are you know sourcing and have that kind of talent to offer them so we can bring that kind to bag the clients and do that in a focused and consistent and then thirdly grow the consulting segment that we can deliver those services we can do that now but we're not particularly scaled in those capabilities that we talked about earlier and so we want to add those and i think we can grow i think we have a real right to win in this space because of our ability to deliver in those those three different modes that we spoke about earlier and to do so at a price point that creates I think a better overall value than some of the other competitors in the marketplace but all of that requires that we were focused in what we do and we have the right talent in place to do it and so there's some work in that and that's really for me that's the main thing those those eyes we just spoke about are the main thing we're focused on over the next 12 months I can't tell you when I think exactly we'll see the results of that. I'd like to think you will start seeing, you know, it won't be three quarters of nothing and then all in one quarter. So I'd like to think you'll start to see some incremental improvement as quarters go on, but I don't think that's going to be in the next quarter. I think there's a lot of work that we have to do. I appreciate it. Thank

you thank you thank you and as a reminder to ask a question please press star one one on your telephone our next question comes from Karthik Mehta with North Coast research you may proceed

hey good evening Roger and Jen um Roger I know you started talking about AI and I'm wondering is that causing any of your clients to maybe take a step back as they try to figure out how they want to implement AI, what roles they might want, and is that causing any delays from a decision standpoint?

Yeah, I don't know if that itself is causing any decision delay. I think there are things that happen in the market where there's some level of uncertainty that would contribute to decision delays by clients. I think in the case of AI and automation, you know, clients, first of all, I think by and large, like you read in a number of places, resources, I think there's more interest and effort to implement it than there is more impact and value yet for many clients. um so i but so i think it's it's fits and starts right like if you start the investment you might have told you know uh whoever was authorizing that investment that we're not going to need quite so much you know human capital to do these processes so you don't hire as much and then later you find out you do need it so there can be some sort of starts and stops but i I think it's really more about what roles will AI sort of successfully make less necessary. And then, as Madras said earlier, what roles will AI enhance the capability of and actually make those roles more necessary or more efficient or successful in what they do? So there is some learning, I think, that's going on with clients, but I don't know that that's particularly contributing to decision delay. I don't know, Madras, you have a view on that.

Yeah, the only thing I would add, Roger, is that, you know, what clients are getting bombarded with is spot technologies for a particular process or a spot process that AI can automate. And it's conflicting potentially with their enterprise applications. And those vendors are also SaaS-based products, which are saying they have AI in their products. And so no one's really matured full AI into all of their products, right? So the clients are wrestling with, did my ERP system have AI now and can I leverage it? Or do I need a spot technology to fill a gap in and then integrate that with my ERP technology to do that? So we're seeing that type of confusion right now, right? We're finding some clients that are very forward thinking, willing to experiment and go aggressive and understand that they may have to undo some things. And we always have laggard clients that are asking a lot of questions and want to kind of dip their toes in but hesitant to do it. So we're seeing all sorts of spectrums around this. I don't think we're seeing delayed decisions, right, in purchasing, but what clients are inquiring more about is what can we do with AI with what we have and what can we do with AI what we don't have? And that's the bigger debate with clients than it is a slowdown in decision

making. And Jen, just on the gross margins, I know you talked about the healthcare costs obviously impacting the gross margin SG&A, and then there's the extra holiday. You know, if you try to take those out, kind of normalize gross margin, what do you think gross margins would have been for this quarter, for the quarter you reported, I apologize?

Yeah, this quarter in Q2, the impact of healthcare is almost 100 basis points. So, without the additional sort of anomalous, the abnormal healthcare cost, we probably would have reached 38%. And then Q3, typically, that's our seasonality, right? Because we have a lot of holidays in there. So there's definitely seasonality, healthcare, a lot of noise. But if you look at our pay bill ratio, it has steadily improved over the last three, four, probably plus quarters um you know and all and of course cardic i mean the the impact of all of these indirect costs on gross margin also um has to do with our revenue level too and and that leverage um so i you know i think i think the main thing that we you know we really focus on is things that we can control which is the average bill rate and continue to you know to improve that um and and also then on the consulting side uh to improve our utilization which you know which i think we've we've made pretty good progress in the last couple of quarters.

Perfect. Thank you very much. I appreciate it.

Thank you. I would now like to turn the call back over to Roger Carlisle for any closing remarks.

Thank you, Operator, and thanks everyone for joining our call today. As I said earlier, we appreciate your interest in RGP, and as I mentioned, I look forward to speaking with many of you in the coming months. Don't hesitate to reach out with any additional questions, and I hope everyone has a happy new year. Thank you again. Thank you. This concludes

the conference. Thank you for your participation. You may now disconnect.