Marc Riddick: So I did want to follow up and I appreciate all the color that you gave and your thoughts behind what it is that you’ll be doing for the remainder ballpark — let’s call the remainder of this fiscal year, though it seems as though a lot of it will be concentrated in the third quarter. I was wondering if you could talk a little bit about maybe without giving — without too much granularity, I guess but sort of big picture-wise, what sort of led to that process of what you’re seeing as needing to take place? And also whether that was more a function of the marquee accounts that you talked about. I think you said that’s now up to 37% of revenue and substantial progress made over the last few years in that part of the business.
And certainly, that would be understandable. But also, you’ve talked about new business wins. So I’m sort of trying to get thoughts as to how much of that is being driven by the marquee accounts and kind of trying to get to where they are or get ahead of where they’re going versus some of the big picture, big ticket wins that you’ll be pursuing?
Gary Burnison: Well, we hope it’s — look, we hope it’s one and the same. We hope we’re thinking about where the market is going to be going. Clearly, we have enjoyed some incredible success securing very large engagements. And at the same time, as you read about in the paper, we’ve read with this like for 5 months now, we’ve seen companies moderating what they’re doing in terms of costs overall as well as their workforce. So what you’ve seen and what we’ve seen in parts of our business is some pullback in what I would call either base or legacy business and that’s been coupled with major new wins. And the reality is when you compare those as hard as we’ve worked over the last few months, there’s just a mismatch that you can’t solve because of language and because of location.
And so there is excess capacity in some places. And you could guess, I mean, when you read the paper, you could guess without mismatches, particularly given the megatrend around the changes in global trading partners and global trade lanes and nearshoring, there’s a mismatch. And unfortunately, we have to address that and position the company for opportunity and that’s what we’re doing.
Marc Riddick: Great. And then I wanted to sort of highlight just given the ability to generate — the cash that you’re able to generate and the — what the market is done with your as well as other personnel and consulting-related names, I just wanted to talk a little bit about your thoughts around what to do with cash and share repurchase activity and dividends and the like.
Gary Burnison: Well, the plan right now, I think fiscal year-to-date, we’ve repurchased $70 million of stock. We’ve continue to, as Bob indicated, the dividends are a good part of our capital allocation strategy as well. But we tend to look at this in a very balanced way and we look back over the past couple of years, that’s what we’ve done. We certainly made a conscious effort to invest in the Interim businesses, where we didn’t have capability. And that would be my answer. Now if valuation levels, if they change, then our capital allocation strategy would change somewhat as well.
Operator: Our last question comes from Tobey Summers with Truist Securities.
Tobey Sommer: I just wanted to double check something to start off. What was the implied revenue decline on a sequential or year-over-year basis, if we kind of take the midpoint of the January guidance.
Gary Burnison: The implied, you mean from 728 to 675.
Tobey Sommer: Well, it can either be sequential as you just did or year-over-year? I just want to get organic changes in either a sequential or a year-over-year basis.
