Financial Data and Key Metrics Changes - Global enterprise revenues for Q4 2025 were $1.302 billion, down 6% year-over-year on a reported basis and down 7% on an adjusted basis [4] - Net income per share for the quarter was $0.32, compared to $0.53 in Q4 2024 [5] - Cash flow from operations was $183 million, an 18% increase over Q4 2024 [6] - Return on invested capital was 10% in Q4 2025 [6] Business Line Data and Key Metrics Changes - Talent Solutions revenues were down 9% year-over-year on an adjusted basis, with U.S. revenues at $623 million and non-U.S. revenues at $200 million [7] - Protiviti's global revenues in Q4 were $479 million, with U.S. revenues down 6% and non-U.S. revenues up 9% year-over-year [8] - Gross margin for Talent Solutions was 46.7% in Q4 2025, compared to 46.4% in Q4 2024 [9] - Protiviti's adjusted gross margin was 22.8% for the quarter, down from 25.1% last year [10] Market Data and Key Metrics Changes - Contract Talent Solutions bill rates increased by 3.2% year-over-year, adjusted for revenue mix [8] - The number of billing days in Q4 2025 was 61.4, slightly down from 61.6 in Q4 2024 [7] - The unemployment rate remains low, with significant pent-up demand for skilled professionals [19] Company Strategy and Development Direction - The company aims to capitalize on emerging opportunities and support clients' talent and consulting needs through its industry-leading brand and unique business model [5] - Protiviti's pipeline remains strong across all major solution areas, with a focus on technology modernization and data optimization [23] - The company is exploring innovative pricing strategies in response to AI developments, considering outcome-based pricing models [66] Management's Comments on Operating Environment and Future Outlook - Management noted a return to sequential growth for the first time since early 2022, with a more conducive macro environment [18] - Concerns about a near-term economic downturn have moderated, with hiring plans holding steady among small businesses [19] - The company expects to return to positive year-over-year growth by Q3 2026, driven by improved client engagement and decision timelines [31] Other Important Information - The company distributed a cash dividend of $0.59 per share, totaling $59 million [6] - The tax rate for Q4 was 32%, up from 28% the previous year, due to non-deductible expenses [11] Q&A Session Summary Question: Insights on the top line and margin improvement - Management indicated that if current trends continue, positive year-over-year growth could be expected by Q3 2026 [31] - Steps for efficiency include retaining top producers and leveraging AI for better matching and prospect ranking [32] Question: Comments on the permanent placement market - Management believes the permanent placement market is stronger than it appears, with SMB clients facing challenges in hiring due to a lean workforce [33] Question: Labor uncertainty due to AI - Management acknowledged that uncertainty around AI may lead clients to prefer flexible workers, but current demand for full-time hires remains stable [37] Question: Protiviti's headcount and revenue growth - Management noted that Protiviti has hidden capacity due to underutilized full-time staff and contractors, allowing for potential revenue growth without significant headcount increases [42] Question: Pricing environment for Protiviti - The pricing environment remains competitive, with no significant changes expected, but there is potential for cost-of-living increases to be passed on to clients [91]

Group 1 - Kreston FLS has integrated FCM Consultores, enhancing its presence in the Bajío region of Mexico, a significant economic corridor [1][2] - The Querétaro team brings over 20 years of experience in audit, tax, accounting, and foreign trade, focusing on sectors such as automotive, aerospace, manufacturing, and construction [1][2] - The integration supports international businesses looking for nearshoring opportunities and facilitates foreign direct investment into the North American market [2] Group 2 - The Querétaro office creates a corridor linking the central industrial area with Kreston FLS locations in Hermosillo (north) and Mérida (south-east) [2] - New audit partners Alejandra Feregrino and Agustín Mendoza, along with accounting director Marcela Cabrera, have joined Kreston FLS as part of the integration [2][3] - Kreston FLS aims to empower clients engaged in business between Mexico City and Querétaro, supporting their expansion into the Bajío region [3][4]

Financial Data and Key Metrics Changes - Global enterprise revenues for Q2 2025 were $1.37 billion, down 7% year-over-year on both reported and adjusted bases [4] - Net income per share decreased to $0.41 from $0.66 in the same quarter last year [4] - Cash flow from operations was $119 million, with a cash dividend of $0.59 per share distributed, totaling $59 million [5] - Return on invested capital was 12% in Q2 [6] Business Line Data and Key Metrics Changes - Talent Solutions revenues were down 11% year-over-year, with U.S. revenues at $668 million and non-U.S. revenues at $207 million, down 11% and 13% respectively [6][7] - Protiviti's global revenues were $495 million, with U.S. revenues down 1% and non-U.S. revenues up 11% year-over-year [9][10] - Contract Talent Solutions gross margin was 39.1%, slightly down from 39.3% year-over-year [11] - Overall gross margin for Talent Solutions was 47.1%, down from 47.4% [12] Market Data and Key Metrics Changes - The U.S. job market remains resilient with an unemployment rate of 4.1%, and the unemployment rate for college-educated professionals is at 2.5% [20] - Job openings are above historical levels, indicating strong pent-up hiring demand [20] - Protiviti achieved year-on-year revenue growth for the fourth consecutive quarter, although growth rates have moderated due to economic uncertainty [21] Company Strategy and Development Direction - The company aims to capitalize on emerging opportunities through its strong brand, technology, and unique business model that includes both professional staffing and consulting services [5] - The strategic integration of contract professionals through Talent Solutions is seen as a key driver for performance [22] - The company remains committed to connecting people to meaningful work and providing clients with the necessary talent and consulting expertise [22] Management's Comments on Operating Environment and Future Outlook - Management noted that elevated global economic uncertainty has extended client caution and subdued hiring activity [4] - There is a cautious optimism as small business confidence has rebounded modestly, and hiring urgency is expected to increase [20][21] - The company anticipates a slight year-on-year revenue decline in Q3 but expects potential growth by Q4 if new opportunities materialize [31] Other Important Information - The company has 6.2 million shares available for repurchase under its stock repurchase plan [5] - The tax rate for Q2 was 33%, up from 29% year-over-year due to increased nondeductible expenses [15] Q&A Session Summary Question: Inquiry about bill rate increases - Management acknowledged that bill rates have increased due to a mix shift, but specific unadjusted figures were not provided [24][25] Question: Clarification on Protiviti's project timelines - Management indicated that conversion timelines have extended, impacting revenue, but the pipeline remains strong with new opportunities increasing [28][30] Question: Dynamics of the entry-level labor market - Management noted that AI has had little impact on revenues so far, and small business clients typically seek experienced staff rather than entry-level graduates [50][51] Question: Performance of financial services clients - Management stated that trends in Protiviti's financial services client base mirror overall business trends, with cost consciousness and extended decision cycles [59] Question: Resilience of enterprise clients - Management observed that enterprise clients have been more resilient than SMB clients, particularly reflected in Protiviti's results [81]

Table of Contents As filed with the Securities and Exchange Commission on December 10, 2024. Registration No. 333-280089 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 AMENDMENT NO. 5 FORM S-1/A REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 TIANCI INTERNATIONAL, INC. (Exact name of registrant as specified in its charter) Nevada 4731 45-5540446 (State or jurisdiction of (Primary Standard Industrial (I.R.S. Employer incorporation or organization) Classification Code Number) ...

Table of Contents As filed with the Securities and Exchange Commission on September 27, 2024. Registration No. 333-280089 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 AMENDMENT NO. 3 FORM S-1/A REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 TIANCI INTERNATIONAL, INC. (Exact name of registrant as specified in its charter) (State or jurisdiction of (Primary Standard Industrial (I.R.S. Employer incorporation or organization) Classification Code Number) Identification No.) Ne ...

Table of Contents As filed with the Securities and Exchange Commission on September 5, 2024. Registration No. 333-280089 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM S-1/A REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 TIANCI INTERNATIONAL, INC. (Exact name of registrant as specified in its charter) (State or jurisdiction of (Primary Standard Industrial (I.R.S. Employer incorporation or organization) Classification Code Number) Identification No.) Nevada 4731 45-5540 ...

Table of Contents As filed with the Securities and Exchange Commission on July 16, 2024. Registration No. 333-280089 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM S-1/A REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 TIANCI INTERNATIONAL, INC. (Exact name of registrant as specified in its charter) (State or jurisdiction of (Primary Standard Industrial (I.R.S. Employer incorporation or organization) Classification Code Number) Identification No.) Nevada 4731 45-5540446 ...