Korn Ferry (KFY) FY Conference Summary Company Overview - **Company**: Korn Ferry - **Industry**: Staffing and Human Capital Services - **Event Date**: June 04, 2025 - **Key Speakers**: Bob Rozek (CFO), Tiffany Louders (VP of Investor Relations) Core Points and Arguments Business Transformation - Korn Ferry has evolved from primarily an executive search firm (80-85% of revenue) to a diversified organizational consulting firm, with executive search now representing only 29% of the business [5][8] - The company has developed capabilities in organizational strategy, talent acquisition, leadership development, and total rewards [7][8] Financial Performance - FY 2024 fee revenue was $2.76 billion, with a trailing 12-month revenue of $2.71 billion, reflecting a slight decline of 1% year-over-year [11] - Adjusted EBITDA increased by nearly $50 million, with a margin improvement of 200 basis points [11] - Digital business revenue, including subscriptions and licenses, grew by 200 basis points [11] Client Base and Market Position - Korn Ferry works with 97% of the S&P 500 and 75% of the best companies identified by Fortune magazine [12] - The addressable market for Korn Ferry's services is estimated at $450 billion, driven by demographic changes [17] Strategic Focus - The company emphasizes integrated client engagements, aiming to present itself as a unified entity rather than a collection of services [25][46] - Korn Ferry's growth strategy includes a balanced approach to capital allocation, focusing on reinvestment in the business, M&A, dividends, and share buybacks [36][39] M&A and Growth Strategy - M&A has contributed approximately 40% of Korn Ferry's growth, with significant acquisitions like PDI and Hay Group enhancing its capabilities [27] - The company aims to pursue transformational opportunities at the intersection of talent and strategy [27] Talent and Retention - Korn Ferry has a strong retention rate of over 99% for senior client personnel, highlighting its focus on talent management [29] - The company is developing a "talent suite" to integrate various solutions and improve client engagement [30] Margin Improvement - Korn Ferry has seen margin increases despite challenging market conditions, with a current margin of 17% and a target range of 16-18% [54][58] - Cost management strategies include reducing real estate expenses and proactively managing underperforming staff [56][58] Additional Important Insights - The executive search business has shown positive growth due to factors like workforce turnover and changing work preferences [50][53] - Korn Ferry's integrated approach aims to eliminate silos within the organization, enhancing collaboration and client service [46][48] - The company has a disciplined approach to M&A, focusing on strategic alignment, financial viability, and cultural fit [39][40] This summary encapsulates the key points discussed during the Korn Ferry FY Conference, highlighting the company's strategic direction, financial performance, and market positioning.

【文/观察者网 王一】就像美国总统特朗普4月挑起贸易战后的那段时间一样，这几天，白宫新闻秘书 卡罗琳·莱维特、白宫国家经济委员会主任凯文·哈西特等特朗普政府的官员们又开始对媒体大肆宣扬： 他们希望与中国沟通，且即将进行通话。 美国"政客新闻网"（Politico）6月3日发文指出，特朗普团队散布的这一消息掩盖了美国当前的困境，即 试图向中国施压，迫使中国回到谈判桌上，但同时又不想因此给美国国内带来长期的政治损害。这再次 引发了人们的质疑，在这场已日益演变为"谁先眨眼"懦夫博弈的贸易战中，特朗普到底想要什么？ 5月初中国和美国在瑞士日内瓦就经贸问题达成一系列重要共识后，特朗普政府一边出台新的对华限制 性措施，一边无端指责中国违背共识，拖延重启关键矿产和稀土的出口。 在日内瓦宣布与中国达成共识后不到24小时，美国商务部就警告美国公司，不要使用中国科技企业华为 生产的芯片，称使用这些芯片会违反美国出口管制规定。随后，美国又收紧了人工智能（AI）芯片的 对华出口，停止了对华销售芯片设计软件（EDA），撤销了中国留学生的签证等等。 做完后，美国还恬不知耻地反过来指责中国违背共识。美国贸易代表贾米森·格里尔上周在美国消费 ...

Core Viewpoint - HPE is transforming into a key player in AI infrastructure, driven by a surge in enterprise-level AI server orders and strong demand from sovereign clients in the Middle East [1][6]. Group 1: Financial Performance - HPE reported a strong second-quarter performance with adjusted earnings per share of $0.38 and revenue of $7.63 billion, a 6% year-over-year increase, surpassing the consensus estimate of $7.45 billion [1]. - The company secured $1.1 billion in net new orders during the second quarter, with approximately one-third coming from enterprise clients [1]. - AI backlog orders soared to $3.2 billion, indicating significant demand for AI-related products [1]. Group 2: Business Segments - Total server revenue grew by 6% to $4.06 billion in the quarter [4]. - Revenue from hybrid cloud business increased by 13% to $1.45 billion [4]. - The networking business experienced its first revenue and profit growth after five consecutive quarters of decline, driven by AI developments [4]. Group 3: Strategic Insights - HPE is accelerating the deployment of NVIDIA's new Blackwell series GB200 products, with the AI backlog being just the tip of the iceberg, as the overall pipeline is several times larger [1][5]. - The management highlighted the company's expertise in direct liquid cooling technology, which is crucial for managing the high heat generated by modern AI chips [3]. Group 4: Future Outlook - For the third quarter, HPE expects revenue between $8.2 billion and $8.5 billion, with adjusted earnings per share projected at $0.40 to $0.45 [6]. - The company is navigating a complex macroeconomic and geopolitical environment while preparing for additional actions to meet its fiscal 2025 outlook [6]. - HPE is facing regulatory challenges, particularly regarding its acquisition of Juniper Networks, which could impact its strategic plans [6].

Core Viewpoint - Multinational companies, particularly Vale, are focusing on sustainable development and adapting their strategies to the Chinese market to create positive social, economic, and environmental impacts [1][4]. Group 1: Sustainable Development Strategy - Vale integrates sustainability into its business practices, aligning its ESG goals with the United Nations' 2030 Sustainable Development Goals (SDGs) [4][5]. - The company has set specific targets to reduce its carbon emissions, including a 33% reduction in absolute emissions by 2030 and achieving net-zero emissions by 2050 for Scope 1 and Scope 2 emissions [6][20]. - Vale is the first mining company to establish quantified reduction targets for Scope 3 emissions, which account for approximately 98% of its total emissions, primarily from steel production [6][10]. Group 2: Technological Innovations - Vale is deploying AI technologies to optimize resource management, carbon reduction, and supply chain efficiency, including projects like "smart mining" to reduce truck fuel consumption and greenhouse gas emissions [2][14]. - The company has invested in AI since 2016, deploying around 40 AI products and 1500 models across 80 projects to enhance operational efficiency and safety [14][15]. Group 3: Future Plans in China - China is Vale's largest market, with 187 million tons of iron ore exported in the previous year, accounting for over 60% of its total iron ore sales [17][19]. - Vale plans to invest 70 billion Brazilian Reais in the "New Carajás" project over the next five years to increase iron ore and copper production [17]. - The company is collaborating with Chinese partners to build a mineral processing plant in Oman, expected to process 18 million tons of iron ore annually by mid-2027 [19].

Core Insights - Meta's collaboration with Anduril Industries marks a significant shift in Silicon Valley's approach to military technology, indicating a growing acceptance of developing tech for warfare [1][2] - The partnership aims to create integrated extended reality (XR) products to enhance soldiers' situational awareness and control over autonomous platforms [1][2] - This collaboration may provide a lifeline for Meta's Reality Labs, which has incurred over $70 billion in losses since 2019, as it seeks to find viable applications for its technology [2][3] Industry Trends - The historical trajectory of technology innovation is reversing, with military applications now driving tech development rather than the traditional path of military to civilian use [3][4] - The collaboration reflects a broader trend where tech companies are openly promoting military applications as a selling point, contrasting with past practices of secrecy [2][3] - The partnership could redefine Meta's mission statement, as it increasingly engages in projects that may contribute to military conflicts, challenging its original vision of building human connections [4]

Financial Data and Key Metrics Changes - Revenue increased by 15% year over year, reaching $119.8 million for the first quarter [19] - Adjusted EBITDA rose by 19% to $140.2 million, with adjusted EBITDA as a percentage of revenue at 42% compared to 41% in the previous year [21] - Net income for the first quarter was $53.9 million or $0.61 per share on a GAAP basis, while non-GAAP net income was $85.8 million or $0.97 per share [21] - Custodial revenue grew by 29% to a record $156.5 million [20] - Fraud reimbursements decreased significantly from $11 million in Q4 to $3 million in Q1 [20][21] Business Line Data and Key Metrics Changes - Health Savings Accounts (HSAs) grew by 9%, with total accounts increasing by 7% [6] - Cash and Depository (CDB) accounts grew by 4%, with net CDB account growth of 260,000 year over year [6] - HSA assets increased by $4 billion year over year, totaling over $31 billion [6][7] - The number of HSA members who invest grew by 16%, driving invested assets up by 24% to $14.2 billion [7] Market Data and Key Metrics Changes - HealthEquity serves nearly a quarter of all HSAs in the USA, reflecting market share growth [8] - The average balances of HSA members grew by 6% this year [7] - The annualized yield on HSA cash was 3.5% for the quarter [20] Company Strategy and Development Direction - The company is focusing on expanding its Member First secure mobile experience and leveraging AI technology to enhance claims processing and member satisfaction [9][10] - HealthEquity is advocating for legislative changes to expand HSA access, particularly for working seniors eligible for Medicare [15][18] - The company aims to help employers reduce healthcare costs while empowering employees to build health security [7][8] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the enterprise pipeline and selling season despite softer macroeconomic conditions [7][30] - The company is cautious about the macro impact on job creation and slower GDP growth affecting new account sales [31] - Management believes that the proposed budget bill could significantly expand the addressable market for HSAs, potentially allowing 20 million more families access [16][18] Other Important Information - The company repurchased approximately $60 million of its outstanding shares during the quarter [22] - HealthEquity is committed to reducing fraud costs to one basis point of total HSA assets per year [21][26] Q&A Session Summary Question: What is the reason for the slowdown in HSA selling conditions? - Management noted that the current sales are lower than last year but still higher than two years ago, expressing optimism about the enterprise pipeline and the potential for growth despite macroeconomic challenges [30] Question: What is the duration of the locked-in rates from forward treasury contracts? - The company locked in rates for five-year treasury contracts to enhance rate migration [33] Question: How much of the fraud costs above the one basis point are included in the guidance? - Management indicated that they are not changing their outlook based on the current quarter's fraud costs, which were in line with expectations [39] Question: Can you clarify the net increase in the addressable market due to proposed legislation? - Management clarified that the net increase is 20 million, considering both Medicare Part A individuals and those on exchanges [42] Question: How is the company tracking towards app downloads and security measures? - The company reported 1.2 million app downloads and is focused on enhancing security through mobile authentication methods [49] Question: Has there been any fallout from elevated fraud levels on enterprise retention? - Management confirmed that there has been no fallout from fraud, with retention rates higher than in previous years [54] Question: Is the AI technology already impacting service costs? - Management stated that while they do not break out exact costs, AI is expected to help reduce service costs over time by automating interactions [100]

如果您希望可以时常见面，欢迎标星收藏哦~ 因为其便利和低功耗等特性，蓝牙芯片在过去几十年里的发展中进入了我们身边几乎每一个设备， 也有很多芯片公司趁机崛起。当中，Silicon Labs（芯科科技）不一定是最广为人知，但肯定是最 不能被忽视的一家蓝牙芯片巨头。尤其是在过去几年对包括低功耗蓝牙（Bluetooth LE，BLE）在 内的蓝牙芯片加大投入以后，芯科科技在这方面更是突飞猛进。 芯科科技总裁兼首席执行官 Matt Johnson日前在出席摩根大通会议的时候就谈到，因为看到了独 立蓝牙设备和在公司产品中集成低功耗蓝牙的机会，芯科科技过去几年加大了对低功耗蓝牙的投 入，也让公司的蓝牙业务在今年实现80%的同比增长率，这是任何其他公司都没能做到的。 芯科科技工业与商业业务部产品线高级总监Mikko Savolainen在日前的一场沟通会中也告诉半导 体行业观察："在蓝牙标准和规范的发展过程中，芯科科技发挥了非常积极的作用，特别是在蓝牙 Mesh方面，芯科科技是行业第一家发布蓝牙Mesh协议栈和解决方案的芯片厂家。"该公司是首批 发布支持蓝牙6.0及以上规范的芯片厂商。 芯科科技工业与商业业务部产品线高级总监 ...

从流动性角度来看，港交所官网数据显示，2025年前4个月的平均日成交金额为2504亿港元，同比上升144%。"截至 2025年5月22日，外资主要追踪的MSCI中国指数超过80%的权重都是港股。"华泰证券首席宏观经济学家易峘表示。 3日，港股老铺黄金(HK06181)午后拉升，目前涨逾6%，股价创历史新高。截至发稿，股价上涨6.49%，现报968港 元，成交额8.98亿港元。 当前，老铺黄金稳居港股第一高价股，遥遥领先于排在其后的蜜雪集团。自2024年6月底上市以来，老铺黄金的股价 飙涨近14倍。今年3月上市的蜜雪集团表现同样不凡，上市不到三个月股价轻松翻倍。 老铺黄金、蜜雪冰城，还有泡泡玛特，三家消费企业的股价今年以来联袂大涨，新高复新高，被市场冠以港股"三朵 金花"。 据证券日报报道，近年来，港股整体估值水平较低，尤其是科技和消费板块。例如，截至2025年6月2日，恒生科技指 数市盈率（TTM）为20.17倍，远低于历史平均水平。同时，港股的高股息资产（如银行股、电信股）具备明显的配 置价值，吸引了大量险资和其他免税投资者的关注。 从成长性角度来看，"消费+科技"在港股的市值占比已经达到了"半壁江山"的水 ...

Group 1 - The core viewpoint of the articles revolves around the challenges and implications of using "AI rate" as a criterion for evaluating academic papers, highlighting the potential for misjudgment and the limitations of AI detection systems [1][2][3] - Several universities have implemented regulations linking the proportion of AI-generated content in graduation theses to their acceptance, aiming to prevent academic misconduct [1] - The detection systems analyze text features such as vocabulary frequency, sentence structure, and logical expression to determine similarity with AI-generated content, but this approach is flawed due to the inherent similarities between AI-generated and human-written academic texts [1][2] Group 2 - Controversies surrounding "AI rate" detection reflect the broader challenges faced by education in the era of technological transformation, where reliance on AI detection may lead to superficial modifications in original works [2] - Academic committees are deemed the ultimate authority in evaluating the authenticity of student work, as educators possess a deeper understanding of students' capabilities and research processes [2] - The focus should be on fostering independent thinking and innovative ideas in students rather than merely producing texts that pass AI detection [3]

中国营销行业AI应用丨研究报告 AI营销正进入到以"人"为颗粒度的个性化营销时代 营销5.0阶段兼具前几个营销阶段特征，技术赋能基础上搭建更为高级的营销框架，应用"类人技 术"在整个消费者体验过程中创造、传播较符合提升价值的活动。也是在此阶段，AI营销概念进入 探索期。发展到今天，AI营销进入到普及期，品牌及服务商创建专属营销大模型，由AI生成的多 模态广告内容形式更多样、ROI大幅提升，产品使用门槛大幅降低，未来会生成以"人"为颗粒度的 个性化营销，真正做到"千人千面"营销内容。 核心摘要： 人工智能（AI）技术的迅猛发展，为营销行业的数字化转型注入了新的活力，推动营销从赋能走向全能，开 启了一场深刻的变革。AI营销已成为业界关注的焦点，其核心在于突破传统营销的局限，构建全新的营销机 制，为品牌传播打造高效、精准、个性化的新型业务模式。具体而言，AI与营销的融合表现在营销生产力、 应用策略和组织、流程等多方面的适配与调整。本报告为帮助市场更清晰地了解当前AI营销市场发展的脉 络，认识AI营销业务链路变革、探究应用实践场景多样性及价值，并针对营销生态的发展、AI技术发展相关 延伸问题展开探讨。 AI营销概念及 ...