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Classified in: Business
Subjects: EARNINGS, Conference Call, Webcast

Korn Ferry Announces Fourth Quarter and Full Year FY'24 Results of Operations


Korn Ferry (NYSE: KFY), a global organizational consulting firm, today announced fourth quarter and annual fee revenue of $690.8 million and $2,762.7 million, respectively. In addition, fourth quarter diluted earnings per share was $1.24 and adjusted diluted earnings per share was $1.26.

"I am pleased with our fourth quarter results, as we generated $691 million in fee revenue," said Gary D. Burnison, CEO, Korn Ferry. "Earnings and profitability increased year-over-year and sequentially as we delivered $112 million of Adjusted EBITDA, at a 16.3% margin, which is our fourth consecutive quarter of profitability improvement."

"In an economic environment in which companies are fighting for growth and relevancy, our portfolio is performing as designed and the strategy is clearly working. Cyclically sensitive talent acquisition offerings are being buoyed by continued stability from our diversified offerings ? particularly Consulting, complemented by Digital, which have generated solid performance. As we look to a new fiscal year, I have never been more proud of our organization ? from our colleagues, expertise, IP and insights to the incredibly innovative and relevant solutions we offer to clients in a rapidly changing world."

Selected Financial Results

(dollars in millions, except per share amounts) (a)

 

 

Fourth Quarter

 

Year to Date

 

FY'24

 

FY'23

 

FY'24

 

FY'23

Fee revenue

$

690.8

 

 

$

730.9

 

 

$

2,762.7

 

 

$

2,835.4

 

Total revenue

$

699.9

 

 

$

738.1

 

 

$

2,795.5

 

 

$

2,863.8

 

Operating income

$

83.5

 

 

$

72.6

 

 

$

212.9

 

 

$

316.3

 

Operating margin

 

12.1

%

 

 

9.9

%

 

 

7.7

%

 

 

11.2

%

Net income attributable to Korn Ferry

$

65.2

 

 

$

47.5

 

 

$

169.2

 

 

$

209.5

 

Basic earnings per share

$

1.26

 

 

$

0.91

 

 

$

3.25

 

 

$

3.98

 

Diluted earnings per share

$

1.24

 

 

$

0.91

 

 

$

3.23

 

 

$

3.95

 

 

 

 

 

 

 

 

 

Adjusted Results (b):

Fourth Quarter

 

Year to Date

 

FY'24

 

FY'23

 

FY'24

 

FY'23

Adjusted EBITDA

$

112.3

 

 

$

97.9

 

 

$

408.2

 

 

$

457.3

 

Adjusted EBITDA margin

 

16.3

%

 

 

13.4

%

 

 

14.8

%

 

 

16.1

%

Adjusted net income attributable to Korn Ferry (c)

$

65.7

 

 

$

53.0

 

 

$

224.0

 

 

$

262.2

 

Adjusted basic earnings per share (c)

$

1.27

 

 

$

1.02

 

 

$

4.31

 

 

$

4.98

 

Adjusted diluted earnings per share (c)

$

1.26

 

 

$

1.01

 

 

$

4.28

 

 

$

4.94

 

________________

(a)

Numbers may not total due to rounding.

(b)

Adjusted EBITDA refers to earnings before interest, taxes, depreciation and amortization, further adjusted to exclude integration/acquisition costs, impairment of fixed assets, impairment of right of use assets and restructuring charges, net when applicable. Adjusted results on a consolidated basis are non-GAAP financial measures that adjust for the following, as applicable (see attached reconciliations):

 

Fourth Quarter

 

Year to Date

 

FY'24

 

FY'23

 

FY'24

 

FY'23

Impairment of fixed assets

$

?

 

 

$

?

 

 

$

1.6

 

 

$

4.4

 

Impairment of right of use assets

$

?

 

 

$

?

 

 

$

1.6

 

 

$

5.5

 

Integration/acquisition costs

$

1.8

 

 

$

5.5

 

 

$

14.9

 

 

$

14.9

 

Restructuring charges, net

$

?

 

 

$

1.4

 

 

$

68.6

 

 

$

42.6

 

(c)

Due to actions taken in connection with the worldwide minimum tax, the Company recorded a $9.7 million non-recurring tax benefit in FY'24 that resulted in the release of a valuation allowance, which is included in the Company's US GAAP results but excluded from the Adjusted results.

Fiscal 2024 Fourth Quarter Results

The Company reported fee revenue in Q4 FY'24 of $690.8 million, a decrease of 5% in both actual and constant currency compared to Q4 FY'23. Moderation in fee revenue from our talent acquisition offerings was buoyed by year-over-year growth in our Consulting fee revenue and stability in our Digital fee revenue, in-line with our business diversification strategy. The moderation in fee revenue in our talent acquisition offerings was driven by the challenging global economic environment (the "economic environment").

Operating income was $83.5 million (at an operating margin of 12.1%) in Q4 FY'24, compared to $72.6 million (at an operating margin of 9.9%) in the year-ago quarter, an increase of 15% (and 220bps). Net income attributable to Korn Ferry was $65.2 million in Q4 FY'24, compared to $47.5 million in Q4 FY'23. Adjusted EBITDA was $112.3 million in Q4 FY'24 compared to $97.9 million in Q4 FY'23. Adjusted EBITDA margin was 16.3% in Q4 FY'24, an increase of 290bps.

Operating income and margin increased as a result of pro-active workforce capacity management ("workforce actions") taken during the year and the lower cost of services expense and integration/acquisition costs compared to the year-ago quarter. These increases were partially offset by the decrease in fee revenue discussed above. Net income attributable to Korn Ferry increased due to the same factors discussed above.

Adjusted EBITDA and margin increased due to the same factors discussed above, but excluded integration/acquisition costs.

Fiscal 2024 Full Year Results

The Company reported fee revenue in FY'24 of $2,762.7 million, a decrease of 3% in both actual and constant currency compared to FY'23. Fee revenue decreased primarily due to decreases in our permanent placement talent acquisition offerings, due to the economic environment. This decrease was partially offset by an increase in fee revenue from the Interim portion of Professional Search & Interim, resulting from the acquisitions of Infinity Consulting Solutions and Salo, which were acquired on August 1, 2022, and February 1, 2023, respectively, as well as year-over-year growth in Consulting and Digital fee revenue, again, in-line with our business diversification strategy.

Operating income was $212.9 million (margin of 7.7%) in FY'24, compared to $316.3 million (margin of 11.2%) in FY'23. Net income attributable to Korn Ferry was $169.2 million in FY'24 compared to $209.5 million in FY'23. Adjusted EBITDA was $408.2 million (adjusted EBITDA margin 14.8%) in FY'24 compared to $457.3 million (adjusted EBITDA margin 16.1%) in FY'23.

Operating income and margin decreased primarily due to a decrease in fee revenue from our permanent placement talent acquisition offerings, which have higher margins, an increase in Interim fee revenue (lower margins) and cost of services expense, and higher restructuring charges, net recorded during FY'24 compared to the year-ago period. These decreases were partially offset by decreases in compensation and benefits expense resulting from workforce actions taken during FY'24, and lower impairment charges of both fixed and right of use assets. Net income attributable to Korn Ferry declined due to the same factors discussed above partially offset by a lower effective tax rate in the current year.

Adjusted EBITDA and margin decreased due to the same factors as operating income discussed above excluding the restructuring charges.

Results by Line of Business

Selected Consulting Data

(dollars in millions) (a)

 

 

Fourth Quarter

 

Year to Date

 

FY'24

 

FY'23

 

FY'24

 

FY'23

Fee revenue

$

182.2

 

 

$

175.3

 

 

$

695.0

 

 

$

677.0

 

Total revenue

$

185.1

 

 

$

178.0

 

 

$

706.8

 

 

$

687.0

 

 

 

 

 

 

 

 

 

Ending number of consultants and execution staff (b)

 

1,678

 

 

 

1,853

 

 

 

1,678

 

 

 

1,853

 

Hours worked in thousands (c)

 

417

 

 

 

450

 

 

 

1,656

 

 

 

1,790

 

Average bill rate (d)

$

437

 

 

$

390

 

 

$

420

 

 

$

378

 

 

 

 

 

 

 

 

 

Adjusted Results (e):

Fourth Quarter

 

Year to Date

 

FY'24

 

FY'23

 

FY'24

 

FY'23

Adjusted EBITDA

$

32.3

 

 

$

24.6

 

 

$

114.3

 

 

$

108.5

 

Adjusted EBITDA margin

 

17.8

%

 

 

14.0

%

 

 

16.4

%

 

 

16.0

%

________________

(a)

Numbers may not total due to rounding.

(b)

Represents number of employees originating, delivering and executing consulting services.

(c)

The number of hours worked by consultant and execution staff during the period.

(d)

The amount of fee revenue divided by the number of hours worked by consultants and execution staff.

(e)

Adjusted results exclude the following:

 

Fourth Quarter

 

Year to Date

 

FY'24

 

FY'23

 

FY'24

 

FY'23

Impairment of fixed assets

$

?

 

 

$

?

 

 

$

?

 

 

$

2.8

 

Impairment of right of use assets

$

?

 

 

$

?

 

 

$

0.6

 

 

$

3.1

 

Restructuring charges, net

$

?

 

 

$

0.8

 

 

$

18.9

 

 

$

11.6

 

Fee revenue was $182.2 million in Q4 FY'24 compared to $175.3 million in Q4 FY'23, an increase of $6.9 million or 4% (up 5% on a constant currency basis). Growth was strongest in our assessment & succession solutions, leadership development, and organizational strategy offerings, with all product areas posting year-over-year increases in fee revenue. Fee revenue was also positively impacted by a year-over-year 12% increase in our average bill rate to $437 per hour.

Adjusted EBITDA increased 31% to $32.3 million compared to the fourth quarter of FY'23. Adjusted EBITDA margin in the quarter increased year-over-year by 380bps to 17.8% this year. These increases resulted primarily from higher fee revenue in the previously discussed solution areas, higher bill rates, and workforce actions taken during the year and were slightly offset by an increase in cost of services expense and higher general and administrative expenses.

Selected Digital Data

(dollars in millions) (a)

 

 

Fourth Quarter

 

Year to Date

 

FY'24

 

FY'23

 

FY'24

 

FY'23

Fee revenue

$

91.3

 

 

$

91.5

 

 

$

366.7

 

 

$

354.7

 

Total revenue

$

91.4

 

 

$

91.5

 

 

$

366.9

 

 

$

355.0

 

 

 

 

 

 

 

 

 

Ending number of consultants

 

267

 

 

 

347

 

 

 

267

 

 

 

347

 

Subscription & License fee revenue

$

33.3

 

 

$

31.6

 

 

$

131.0

 

 

$

119.7

 

 

 

 

 

 

 

 

 

Adjusted Results (b):

Fourth Quarter

 

Year to Date

 

FY'24

 

FY'23

 

FY'24

 

FY'23

Adjusted EBITDA

$

28.0

 

 

$

23.6

 

 

$

108.7

 

 

$

97.5

 

Adjusted EBITDA margin

 

30.7

%

 

 

25.8

%

 

 

29.6

%

 

 

27.5

%

________________

(a)

Numbers may not total due to rounding.

(b)

Adjusted results exclude the following:

 

Fourth Quarter

 

Year to Date

 

FY'24

 

FY'23

 

FY'24

 

FY'23

Impairment of fixed assets

$

?

 

 

$

?

 

 

$

1.5

 

 

$

1.5

 

Impairment of right of use assets

$

?

 

 

$

?

 

 

$

?

 

 

$

1.7

 

Restructuring charges, net

$

?

 

 

$

?

 

 

$

9.5

 

 

$

2.9

 

Fee revenue was $91.3 million in Q4 FY'24 compared to $91.5 million in Q4 FY'23, flat year-over-year and up 1% on a constant currency basis.

Adjusted EBITDA was $28.0 million in Q4 FY'24 compared to $23.6 million in the year-ago quarter. Adjusted EBITDA margin in the quarter increased year-over-year by 490bps to 30.7%. The increase in Adjusted EBITDA and Adjusted EBITDA margin was mainly due to workforce actions taken during FY'24.

Selected Executive Search Data(a)

(dollars in millions) (b)

 

 

Fourth Quarter

 

Year to Date

 

FY'24

 

FY'23

 

FY'24

 

FY'23

Fee revenue

$

198.7

 

 

$

212.6

 

 

$

806.2

 

 

$

875.8

 

Total revenue

$

200.8

 

 

$

214.6

 

 

$

814.3

 

 

$

883.3

 

 

 

 

 

 

 

 

 

Ending number of consultants

 

542

 

 

 

602

 

 

 

542

 

 

 

602

 

Average number of consultants

 

552

 

 

 

609

 

 

 

572

 

 

 

594

 

Engagements billed

 

3,456

 

 

 

3,772

 

 

 

8,978

 

 

 

10,091

 

New engagements (c)

 

1,586

 

 

 

1,608

 

 

 

6,091

 

 

 

6,686

 

 

 

 

 

 

 

 

 

Adjusted Results (d):

Fourth Quarter

 

Year to Date

 

FY'24

 

FY'23

 

FY'24

 

FY'23

Adjusted EBITDA

$

45.5

 

 

$

42.7

 

 

$

171.1

 

 

$

205.8

 

Adjusted EBITDA margin

 

22.9

%

 

 

20.1

%

 

 

21.2

%

 

 

23.5

%

________________

(a)

Executive Search is the sum of the individual Executive Search Reporting Segments described in our annual and quarterly reporting on Forms 10-K and 10-Q and is presented on a consolidated basis as it is consistent with the Company's discussion of its Lines of Business, and financial metrics used by the Company's investor base.

(b)

Numbers may not total due to rounding.

(c)

Represents new engagements opened in the respective period.

(d)

Executive Search Adjusted EBITDA and Adjusted EBITDA margin are non-GAAP financial measures that adjust for the following:

 

Fourth Quarter

 

Year to Date

 

FY'24

 

FY'23

 

FY'24

 

FY'23

Impairment of fixed assets

$

?

 

 

$

?

 

 

$

0.1

 

 

$

?

 

Impairment of right of use assets

$

?

 

 

$

?

 

 

$

0.9

 

 

$

?

 

Restructuring charges, net

$

?

 

 

$

0.6

 

 

$

28.2

 

 

$

20.1

 

Fee revenue was $198.7 million and $212.6 million in Q4 FY'24 and Q4 FY'23, respectively, a decrease of $13.9 million or 7% (down 6% on a constant currency basis). The decrease in fee revenue was primarily driven by a decline in the number of Executive Search engagements billed, as a result of the current economic environment.

Adjusted EBITDA was $45.5 million in Q4 FY'24 compared to $42.7 million in the year-ago quarter. Adjusted EBITDA margin increased by 280bps to 22.9% in Q4 FY'24. The increase in Adjusted EBITDA and Adjusted EBITDA margin was primarily due to workforce actions taken during the year and increased consultant productivity, partially offset by the decrease in fee revenue discussed above.

Selected Professional Search & Interim Data

(dollars in millions) (a)

 

 

Fourth Quarter

 

Year to Date

 

FY'24

 

FY'23

 

FY'24

 

FY'23

Fee revenue

$

129.2

 

 

$

151.7

 

 

$

540.6

 

 

$

503.4

 

Total revenue

$

130.1

 

 

$

152.6

 

 

$

544.5

 

 

$

507.1

 

 

 

 

 

 

 

 

 

Permanent Placement:

 

 

 

 

 

 

 

Fee revenue

$

56.3

 

 

$

62.5

 

 

$

223.5

 

 

$

281.1

 

Engagements billed

 

1,939

 

 

 

2,304

 

 

 

5,619

 

 

 

7,435

 

New engagements (b)

 

1,086

 

 

 

1,364

 

 

 

4,500

 

 

 

6,486

 

Ending number of consultants

 

331

 

 

 

401

 

 

 

331

 

 

 

401

 

Interim:

 

 

 

 

 

 

 

Fee revenue

$

72.9

 

 

$

89.2

 

 

$

317.1

 

 

$

222.3

 

Average bill rate (c)

$

133

 

 

$

124

 

 

$

127

 

 

$

115

 

Average weekly billable consultants (d)

 

1,157

 

 

 

1,683

 

 

 

1,303

 

 

 

1,079

 

 

 

 

 

 

 

 

 

Adjusted Results (e):

Fourth Quarter

 

Year to Date

 

FY'24

 

FY'23

 

FY'24

 

FY'23

Adjusted EBITDA

$

28.1

 

 

$

27.3

 

 

$

101.9

 

 

$

110.9

 

Adjusted EBITDA margin

 

21.8

%

 

 

18.0

%

 

 

18.8

%

 

 

22.0

%

________________

(a)

Numbers may not total due to rounding.

(b)

Represents new engagements opened in the respective period.

(c)

Fee revenue from interim divided by the number of hours worked by consultants.

(d)

The number of billable consultants based on a weekly average in the respective period.

(e)

Adjusted results exclude the following:

 

Fourth Quarter

 

Year to Date

 

FY'24

 

FY'23

 

FY'24

 

FY'23

Impairment of fixed assets

$

?

 

 

$

?

 

 

$

?

 

 

$

0.1

 

Impairment of right of use assets

$

?

 

 

$

?

 

 

$

?

 

 

$

0.6

 

Integration/acquisition costs

$

1.8

 

 

$

4.3

 

 

$

14.5

 

 

$

11.0

 

Restructuring charges, net

$

?

 

 

$

?

 

 

$

3.8

 

 

$

4.8

 

Fee revenue was $129.2 million in Q4 FY'24, a decrease of $22.5 million or 15% in both actual and constant currency. The decrease in fee revenue in both the Permanent Placement and Interim portions of the business resulted from the economic environment and, in the case of the Interim portion, the continued wind-down during Q4 FY'23 of a non-recurring engagement that ultimately concluded in Q1 FY'24.

Adjusted EBITDA was $28.1 million in Q4 FY'24 compared to $27.3 million in the year-ago quarter. Adjusted EBITDA margin increased year-over-year by 380bps to 21.8% in Q4 FY'24. The increase in Adjusted EBITDA and Adjusted EBITDA margin was primarily due to the lower cost of services expense, combined with decreases in compensation and benefit and general and administrative expense (both excluding integration/acquisition costs) as a result of workforce and other cost saving actions, partially offset by the decrease in fee revenue discussed above.

Selected Recruitment Process Outsourcing ("RPO") Data

(dollars in millions) (a)

 

 

Fourth Quarter

 

Year to Date

 

FY'24

 

FY'23

 

FY'24

 

FY'23

Fee revenue

$

89.5

 

 

$

99.8

 

 

$

354.1

 

 

$

424.6

 

Total revenue

$

92.5

 

 

$

101.4

 

 

$

363.0

 

 

$

431.5

 

 

 

 

 

 

 

 

 

Remaining revenue under contract (b)

$

657.1

 

 

$

776.7

 

 

$

657.1

 

 

$

776.7

 

RPO new business (c)

$

128.4

 

 

$

115.1

 

 

$

439.6

 

 

$

597.8

 

 

 

 

 

 

 

 

 

Adjusted Results (d):

Fourth Quarter

 

Year to Date

 

FY'24

 

FY'23

 

FY'24

 

FY'23

Adjusted EBITDA

$

11.8

 

 

$

9.0

 

 

$

40.4

 

 

$

52.6

 

Adjusted EBITDA margin

 

13.2

%

 

 

9.0

%

 

 

11.4

%

 

 

12.4

%

________________

(a)

Numbers may not total due to rounding.

(b)

Estimated fee revenue associated with signed contracts for which revenue has not yet been recognized.

(c)

Estimated total value of a contract at the point of execution of the contract.

(d)

Adjusted results exclude the following:

 

Fourth Quarter

 

Year to Date

 

FY'24

 

FY'23

 

FY'24

 

FY'23

Impairment of right of use assets

$

?

 

 

$

?

 

 

$

0.1

 

 

$

0.1

 

Restructuring charges, net

$

?

 

 

$

?

 

 

$

7.9

 

 

$

3.1

 

Fee revenue was $89.5 million in Q4 FY'24, a decrease of $10.3 million or 10% in both actual and constant currency. RPO fee revenue decreased due to moderation in the hiring volume in the existing base of clients due to the economic environment, a higher percentage of FY'24 new business coming from renewals and extensions versus new logos, as well as a continuation of clients' "labor hoarding" throughout the year.

Adjusted EBITDA was $11.8 million in Q4 FY'24 compared to $9.0 million in the year-ago quarter. Adjusted EBITDA margin increased 420bps to 13.2% in Q4 FY'24. The increase in Adjusted EBITDA and Adjusted EBITDA margin both resulted from the workforce actions taken during the year, partially offset by the decline in fee revenue discussed above.

Outlook

Assuming worldwide geopolitical conditions, economic conditions, financial markets and foreign exchange rates remain steady, on a consolidated basis:

On a consolidated adjusted basis:

 

Q1 FY'25

Earnings Per Share Outlook

 

Low

 

High

 

 

Consolidated diluted earnings per share

$

1.05

 

 

$

1.15

 

Integration/acquisition costs

 

0.03

 

 

0.03

 

Tax rate impact

 

(0.01

)

 

 

(0.01

)

Consolidated adjusted diluted earnings per share(1)

$

1.07

 

$

1.17
________________

(1)

Consolidated adjusted diluted earnings per share is a non-GAAP financial measure that excludes the items listed in the table.

Earnings Conference Call Webcast

The earnings conference call will be held today at 11:00 AM (EDT) and hosted by CEO Gary Burnison, CFO Robert Rozek, SVP Business Development & Analytics Gregg Kvochak and VP Investor Relations Tiffany Louder. The conference call will be webcast and available online at ir.kornferry.com. We will also post to the investor relations section of our website earnings slides, which will accompany our webcast, and other important information, and encourage you to review the information that we make available on our website.

About Korn Ferry

Korn Ferry is a global organizational consulting firm. We help clients synchronize strategy and talent to drive superior performance. We work with organizations to design their structures, roles, and responsibilities. We help them hire the right people to bring their strategy to life. And we advise them on how to reward, develop, and motivate their people. Visit kornferry.com for more information.

Forward-Looking Statements

Statements in this press release and our conference call that relate to our outlook, projections, goals, strategies, future plans and expectations, including statements relating to expected demand for and relevance of our products and services, expected results of our business diversification strategy, and other statements of future events or conditions are forward-looking statements that involve a number of risks and uncertainties. Words such as "believes", "expects", "anticipates", "goals", "estimates", "guidance", "may", "should", "could", "will" or "likely", and variations of such words and similar expressions are intended to identify such forward-looking statements. Readers are cautioned not to place undue reliance on such statements. Such statements are based on current expectations; actual results in future periods may differ materially from those currently expected or desired because of a number of risks and uncertainties that are beyond the control of Korn Ferry. The potential risks and uncertainties include those relating to global and local political and or economic developments in or affecting countries where we have operations, such as inflation, interest rates, global slowdowns, or recessions, competition, geopolitical tensions, shifts in global trade patterns, changes in demand for our services as a result of automation, dependence on and costs of attracting and retaining qualified and experienced consultants, impact of inflationary pressures on our profitability, our ability to maintain relationships with customers and suppliers and retaining key employees, maintaining our brand name and professional reputation, potential legal liability and regulatory developments, portability of client relationships, consolidation of or within the industries we serve, changes and developments in government laws and regulations, evolving investor and customer expectations with regard to environmental, social and governance matters, currency fluctuations in our international operations, risks related to growth, alignment of our cost structure, including as a result of recent workforce, real estate, and other restructuring initiatives, restrictions imposed by off-limits agreements, reliance on information processing systems, cyber security vulnerabilities or events, changes to data security, data privacy, and data protection laws, dependence on third parties for the execution of critical functions, limited protection of our intellectual property ("IP"), our ability to enhance, develop and respond to new technology, including artificial intelligence, our ability to successfully recover from a disaster or other business continuity problems, employment liability risk, an impairment in the carrying value of goodwill and other intangible assets, treaties, or regulations on our business and our Company, deferred tax assets that we may not be able to use, our ability to develop new products and services, changes in our accounting estimates and assumptions, the utilization and billing rates of our consultants, seasonality, the expansion of social media platforms, the ability to effect acquisitions and integrate acquired businesses, resulting organizational changes, our indebtedness, and those relating to the ultimate magnitude and duration of any pandemic or outbreaks. For a detailed description of risks and uncertainties that could cause differences from our expectations, please refer to Korn Ferry's periodic filings with the Securities and Exchange Commission. Korn Ferry disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Use of Non-GAAP Financial Measures

This press release contains financial information calculated other than in accordance with U.S. Generally Accepted Accounting Principles ("GAAP"). In particular, it includes:

This non-GAAP disclosure has limitations as an analytical tool, should not be viewed as a substitute for financial information determined in accordance with GAAP, and should not be considered in isolation or as a substitute for analysis of the Company's results as reported under GAAP, nor is it necessarily comparable to non-GAAP performance measures that may be presented by other companies.

Management believes the presentation of non-GAAP financial measures in this press release provides meaningful supplemental information regarding Korn Ferry's performance by excluding certain charges that may not be indicative of Korn Ferry's ongoing operating results. These non-GAAP financial measures are performance measures and are not indicative of the liquidity of Korn Ferry. These charges, which are described in the footnotes in the attached reconciliations, represent 1) costs we incurred to acquire and integrate a portion of our Professional Search & Interim business, 2) impairment of fixed assets primarily due to a software impairment charge in our Digital segment in FY'24 and impairment on leasehold improvements due to terminating and deciding to sublease some of our office leases in FY'23, 3) impairment of right of use assets due to the decision to terminate and sublease some of our offices, 4) restructuring charges, net to align workforce to the challenging macroeconomic business environment arising from persistent inflationary pressures, rising interest rates and global economic and geopolitical uncertainty and 5) to exclude a $9.7 million non-recurring tax benefit from actions taken in connection with the worldwide minimum tax that resulted in the release of a valuation allowance. The use of non-GAAP financial measures facilitates comparisons to Korn Ferry's historical performance. Korn Ferry includes non-GAAP financial measures because management believes they are useful to investors in allowing for greater transparency with respect to supplemental information used by management in its evaluation of Korn Ferry's ongoing operations and financial and operational decision-making. Adjusted net income attributable to Korn Ferry, adjusted basic and diluted earnings per share and Consolidated and Executive Search Adjusted EBITDA, exclude certain charges that management does not consider on-going in nature and allows management and investors to make more meaningful period-to-period comparisons of the Company's operating results. Management further believes that Consolidated and Executive Search Adjusted EBITDA is useful to investors because it is frequently used by investors and other interested parties to measure operating performance among companies with different capital structures, effective tax rates and tax attributes and capitalized asset values, all of which can vary substantially from company to company. In the case of constant currency percentages, management believes the presentation of such information provides useful supplemental information regarding Korn Ferry's performance as excluding the impact of exchange rate changes on Korn Ferry's financial performance allows investors to make more meaningful period-to-period comparisons of the Company's operating results, to better identify operating trends that may otherwise be masked or distorted by exchange rate changes and to perform related trend analysis, and provides a higher degree of transparency of information used by management in its evaluation of Korn Ferry's ongoing operations and financial and operational decision-making.

KORN FERRY AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

(in thousands, except per share amounts)

 

 

 

 

 

 

 

Three Months Ended
April 30,

 

Year Ended
April 30,

 

 

2024

 

2023

 

2024

 

2023

 

 

 

 

 

 

 

 

 

 

 

(unaudited)

 

 

 

 

Fee revenue

$

690,800

 

 

$

730,874

 

 

$

2,762,671

 

 

$

2,835,408

 

Reimbursed out-of-pocket engagement expenses

 

9,123

 

 

 

7,250

 

 

 

32,834

 

 

 

28,428

 

Total revenue

 

699,923

 

 

 

738,124

 

 

 

2,795,505

 

 

 

2,863,836

 

 

 

 

 

 

 

 

 

Compensation and benefits

 

454,208

 

 

 

491,429

 

 

 

1,844,164

 

 

 

1,901,203

 

General and administrative expenses

 

64,724

 

 

 

66,130

 

 

 

259,039

 

 

 

268,458

 

Reimbursed expenses

 

9,123

 

 

 

7,250

 

 

 

32,834

 

 

 

28,428

 

Cost of services

 

68,499

 

 

 

81,347

 

 

 

300,015

 

 

 

238,499

 

Depreciation and amortization

 

19,891

 

 

 

17,976

 

 

 

77,966

 

 

 

68,335

 

Restructuring charges, net

 

?

 

 

 

1,411

 

 

 

68,558

 

 

 

42,573

 

Total operating expenses

 

616,445

 

 

 

665,543

 

 

 

2,582,576

 

 

 

2,547,496

 

 

 

 

 

 

 

 

 

Operating income

 

83,478

 

 

 

72,581

 

 

 

212,929

 

 

 

316,340

 

Other income, net

 

7,122

 

 

 

437

 

 

 

30,681

 

 

 

5,261

 

Interest expense, net

 

(4,686

)

 

 

(5,776

)

 

 

(20,968

)

 

 

(25,864

)

Income before provision for income taxes

 

85,914

 

 

 

67,242

 

 

 

222,642

 

 

 

295,737

 

Income tax provision

 

20,302

 

 

 

19,108

 

 

 

50,081

 

 

 

82,683

 

Net income

 

65,612

 

 

 

48,134

 

 

 

172,561

 

 

 

213,054

 

Net income attributable to noncontrolling interest

 

(423

)

 

 

(640

)

 

 

(3,407

)

 

 

(3,525

)

Net income attributable to Korn Ferry

$

65,189

 

 

$

47,494

 

 

$

169,154

 

 

$

209,529

 

 

 

 

 

 

 

 

 

Earnings per common share attributable to Korn Ferry:

 

 

 

 

 

 

 

Basic

$

1.26

 

 

$

0.91

 

 

$

3.25

 

 

$

3.98

 

Diluted

$

1.24

 

 

$

0.91

 

 

$

3.23

 

 

$

3.95

 

 

 

 

 

 

 

 

 

Weighted-average common shares outstanding:

 

 

 

 

 

 

 

Basic

 

50,764

 

 

 

51,009

 

 

 

51,038

 

 

 

51,482

 

Diluted

 

51,487

 

 

 

51,234

 

 

 

51,432

 

 

 

51,883

 

 

 

 

 

 

 

 

 

Cash dividends declared per share:

$

0.33

 

 

$

0.15

 

 

$

1.02

 

 

$

0.60

 

 

KORN FERRY AND SUBSIDIARIES

FINANCIAL SUMMARY BY REPORTING SEGMENT

(dollars in thousands)

(unaudited)

 

 

 

 

Three Months Ended
April 30,

Year Ended
April 30,

 

2024

2023

% Change

2024

2023

% Change

Fee revenue:

 

 

 

 

 

 

Consulting

$

182,177

 

$

175,270

 

3.9

%

$

695,007

 

$

677,001

 

2.7

%

Digital

 

91,304

 

 

91,490

 

(0.2

%)

 

366,699

 

 

354,651

 

3.4

%

Executive Search:

 

 

 

 

 

 

North America

 

125,468

 

 

135,300

 

(7.3

%)

 

506,927

 

 

562,139

 

(9.8

%)

EMEA

 

45,643

 

 

46,353

 

(1.5

%)

 

184,516

 

 

187,014

 

(1.3

%)

Asia Pacific

 

20,696

 

 

23,188

 

(10.7

%)

 

85,863

 

 

95,598

 

(10.2

%)

Latin America

 

6,896

 

 

7,764

 

(11.2

%)

 

28,937

 

 

31,047

 

(6.8

%)

Total Executive Search (a)

 

198,703

 

 

212,605

 

(6.5

%)

 

806,243

 

 

875,798

 

(7.9

%)

Professional Search & Interim

 

129,162

 

 

151,725

 

(14.9

%)

 

540,615

 

 

503,395

 

7.4

%

RPO

 

89,454

 

 

99,784

 

(10.4

%)

 

354,107

 

 

424,563

 

(16.6

%)

Total fee revenue

 

690,800

 

 

730,874

 

(5.5

%)

 

2,762,671

 

 

2,835,408

 

(2.6

%)

Reimbursed out-of-pocket engagement expenses

 

9,123

 

 

7,250

 

25.8

%

 

32,834

 

 

28,428

 

15.5

%

Total revenue

$

699,923

 

$

738,124

 

(5.2

%)

$

2,795,505

 

$

2,863,836

 

(2.4

%)

(a)

Total Executive Search is the sum of the individual Executive Search Reporting Segments and is presented on a consolidated basis as it is consistent with the Company's discussion of its Lines of Business, and financial metrics used by the Company's investor base.

 

KORN FERRY AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(in thousands, except per share amounts)

 

 

 

 

 

 

 

April 30,
2024

 

April 30,
2023

 

 

 

 

ASSETS

 

 

 

Cash and cash equivalents

$

941,005

 

 

$

844,024

 

Marketable securities

 

42,742

 

 

 

44,837

 

Receivables due from clients, net of allowance for doubtful accounts of $44,192 and $44,377 at April 30, 2024 and 2023, respectively

 

541,014

 

 

 

569,601

 

Income taxes and other receivables

 

40,696

 

 

 

67,512

 

Unearned compensation

 

59,247

 

 

 

63,476

 

Prepaid expenses and other assets

 

49,456

 

 

 

49,219

 

Total current assets

 

1,674,160

 

 

 

1,638,669

 

 

 

 

 

Marketable securities, non-current

 

211,681

 

 

 

179,040

 

Property and equipment, net

 

161,849

 

 

 

161,876

 

Operating lease right-of-use assets, net

 

160,464

 

 

 

142,690

 

Cash surrender value of company-owned life insurance policies, net of loans

 

218,977

 

 

 

197,998

 

Deferred income taxes

 

133,564

 

 

 

102,057

 

Goodwill

 

908,376

 

 

 

909,491

 

Intangible assets, net

 

88,833

 

 

 

114,426

 

Unearned compensation, non-current

 

99,913

 

 

 

103,607

 

Investments and other assets

 

21,052

 

 

 

24,590

 

Total assets

$

3,678,869

 

 

$

3,574,444

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

Accounts payable

$

50,112

 

 

$

53,386

 

Income taxes payable

 

24,076

 

 

 

19,969

 

Compensation and benefits payable

 

525,466

 

 

 

532,934

 

Operating lease liability, current

 

36,073

 

 

 

45,821

 

Other accrued liabilities

 

298,792

 

 

 

324,150

 

Total current liabilities

 

934,519

 

 

 

976,260

 

 

 

 

 

Deferred compensation and other retirement plans

 

440,396

 

 

 

396,534

 

Operating lease liability, non-current

 

143,507

 

 

 

119,220

 

Long-term debt

 

396,946

 

 

 

396,194

 

Deferred tax liabilities

 

4,540

 

 

 

5,352

 

Other liabilities

 

21,636

 

 

 

27,879

 

Total liabilities

 

1,941,544

 

 

 

1,921,439

 

 

 

 

 

Stockholders' equity

 

 

 

Common stock: $0.01 par value, 150,000 shares authorized, 77,460 and 76,693 shares issued and 51,983 and 52,269 shares outstanding at April 30, 2024 and 2023, respectively

 

414,885

 

 

 

429,754

 

Retained earnings

 

1,425,844

 

 

 

1,311,081

 

Accumulated other comprehensive loss, net

 

(107,671

)

 

 

(92,764

)

Total Korn Ferry stockholders' equity

 

1,733,058

 

 

 

1,648,071

 

Noncontrolling interest

 

4,267

 

 

 

4,934

 

Total stockholders' equity

 

1,737,325

 

 

 

1,653,005

 

Total liabilities and stockholders' equity

$

3,678,869

 

 

$

3,574,444

 

 

KORN FERRY AND SUBSIDIARIES

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES

(dollars in thousands)

(unaudited)

 

 

 

 

 

 

 

Three Months Ended
April 30,

 

Year Ended
April 30,

 

 

2024

 

2023

 

2024

 

2023

 

 

 

 

 

 

 

 

Net income attributable to Korn Ferry

$

65,189

 

 

$

47,494

 

 

$

169,154

 

 

$

209,529

 

Net income attributable to non-controlling interest

 

423

 

 

 

640

 

 

 

3,407

 

 

 

3,525

 

Net income

 

65,612

 

 

 

48,134

 

 

 

172,561

 

 

 

213,054

 

Income tax provision

 

20,302

 

 

 

19,108

 

 

 

50,081

 

 

 

82,683

 

Income before provision for income taxes

 

85,914

 

 

 

67,242

 

 

 

222,642

 

 

 

295,737

 

Other income, net

 

(7,122

)

 

 

(437

)

 

 

(30,681

)

 

 

(5,261

)

Interest expense, net

 

4,686

 

 

 

5,776

 

 

 

20,968

 

 

 

25,864

 

Operating income

 

83,478

 

 

 

72,581

 

 

 

212,929

 

 

 

316,340

 

Depreciation and amortization

 

19,891

 

 

 

17,976

 

 

 

77,966

 

 

 

68,335

 

Other income, net

 

7,122

 

 

 

437

 

 

 

30,681

 

 

 

5,261

 

Integration/acquisition costs (1)

 

1,809

 

 

 

5,450

 

 

 

14,866

 

 

 

14,922

 

Impairment of fixed assets (2)

 

?

 

 

 

?

 

 

 

1,575

 

 

 

4,375

 

Impairment of right of use assets (3)

 

?

 

 

 

?

 

 

 

1,629

 

 

 

5,471

 

Restructuring charges, net (4)

 

?

 

 

 

1,411

 

 

 

68,558

 

 

 

42,573

 

Adjusted EBITDA

$

112,300

 

 

$

97,855

 

 

$

408,204

 

 

$

457,277

 

 

 

 

 

 

 

 

 

Operating margin

 

12.1

%

 

 

9.9

%

 

 

7.7

%

 

 

11.2

%

Depreciation and amortization

 

2.9

%

 

 

2.5

%

 

 

2.8

%

 

 

2.4

%

Other income, net

 

1.0

%

 

 

0.1

%

 

 

1.1

%

 

 

0.2

%

Integration/acquisition costs (1)

 

0.3

%

 

 

0.7

%

 

 

0.5

%

 

 

0.5

%

Impairment of fixed assets (2)

 

?

%

 

 

?

%

 

 

0.1

%

 

 

0.1

%

Impairment of right of use assets (3)

 

?

%

 

 

?

%

 

 

0.1

%

 

 

0.2

%

Restructuring charges, net (4)

 

?

%

 

 

0.2

%

 

 

2.5

%

 

 

1.5

%

Adjusted EBITDA margin

 

16.3

%

 

 

13.4

%

 

 

14.8

%

 

 

16.1

%

 

 

 

 

 

 

 

 

Net income attributable to Korn Ferry

$

65,189

 

 

$

47,494

 

 

$

169,154

 

 

$

209,529

 

Integration/acquisition costs (1)

 

1,809

 

 

 

5,450

 

 

 

14,866

 

 

 

14,922

 

Impairment of fixed assets (2)

 

?

 

 

 

?

 

 

 

1,575

 

 

 

4,375

 

Impairment of right of use assets (3)

 

?

 

 

 

?

 

 

 

1,629

 

 

 

5,471

 

Restructuring charges, net (4)

 

?

 

 

 

1,411

 

 

 

68,558

 

 

 

42,573

 

Tax effect on the adjusted items (5)

 

(1,267

)

 

 

(1,309

)

 

 

(22,030

)

 

 

(14,719

)

Tax adjustment (6)

 

?

 

 

 

?

 

 

 

(9,714

)

 

 

?

 

Adjusted net income attributable to Korn Ferry

$

65,731

 

 

$

53,046

 

 

$

224,038

 

 

$

262,151

 

Explanation of Non-GAAP Adjustments

(1)

Costs associated with previous acquisitions, such as legal and professional fees, retention awards and the on-going integration expenses to combine the companies.

(2)

Costs associated with impairment of fixed assets primarily due to software impairment charge in our Digital segment in FY'24 and impairment on leasehold improvements due to terminating and deciding to sublease some of our office leases in FY'23.

(3)

Costs associated with impairment of right-of-use assets due to terminating and deciding to sublease some of our office leases.

(4)

Restructuring charges incurred to align our workforce to the challenging macroeconomic business environment arising from persistent inflationary pressures, rising interest rates and global economic geopolitical uncertainty.

(5)

Tax effect on integration/acquisition costs, impairment of fixed assets and right of use assets, and restructuring charges, net.

(6)

Due to actions taken in connection with the worldwide minimum tax, the Company recorded a $9.7 million non-recurring tax benefit in fiscal 2024 that resulted in the release of a valuation allowance, which is included in the Company's US GAAP results but excluded from the Adjusted results.

 

KORN FERRY AND SUBSIDIARIES

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES - CONTINUED

(unaudited)

 

 

 

 

 

 

 

Three Months Ended
April 30,

 

Year Ended
April 30,

 

 

2024

 

2023

 

2024

 

2023

 

 

 

 

 

Basic earnings per common share

$

1.26

 

$

0.91

 

$

3.25

 

$

3.98

 

Integration/acquisition costs (1)

 

0.04

 

 

0.11

 

 

0.29

 

 

0.29

 

Impairment of fixed assets (2)

 

?

 

 

?

 

 

0.03

 

 

0.08

 

Impairment of right of use assets (3)

 

?

 

 

?

 

 

0.03

 

 

0.10

 

Restructuring charges, net (4)

 

?

 

 

0.03

 

 

1.33

 

 

0.82

 

Tax effect on the adjusted items (5)

 

(0.03

)

 

(0.03

)

 

(0.43

)

 

(0.29

)

Tax adjustment (6)

 

?

 

 

?

 

 

(0.19

)

 

?

 

Adjusted basic earnings per share

$

1.27

 

$

1.02

 

$

4.31

 

$

4.98

 

 

 

 

 

 

Diluted earnings per common share

$

1.24

 

$

0.91

 

$

3.23

 

$

3.95

 

Integration/acquisition costs (1)

 

0.04

 

 

0.10

 

 

0.29

 

 

0.28

 

Impairment of fixed assets (2)

 

?

 

 

?

 

 

0.03

 

 

0.08

 

Impairment of right of use assets (3)

 

?

 

 

?

 

 

0.03

 

 

0.10

 

Restructuring charges, net (4)

 

?

 

 

0.03

 

 

1.32

 

 

0.82

 

Tax effect on the adjusted items (5)

 

(0.02

)

 

(0.03

)

 

(0.43

)

 

(0.29

)

Tax adjustment (6)

 

?

 

 

?

 

 

(0.19

)

 

?

 

Adjusted diluted earnings per share

$

1.26

 

$

1.01

 

$

4.28

 

$

4.94

 

Explanation of Non-GAAP Adjustments

(1)

Costs associated with previous acquisitions, such as legal and professional fees, retention awards and the on-going integration expenses to combine the companies.

(2)

Costs associated with impairment of fixed assets primarily due to software impairment charge in our Digital segment in FY'24 and impairment on leasehold improvements due to terminating and deciding to sublease some of our office leases in FY'23.

(3)

Costs associated with impairment of right-of-use assets due to terminating and deciding to sublease some of our office leases.

(4)

Restructuring charges incurred to align our workforce to the challenging macroeconomic business environment arising from persistent inflationary pressures, rising interest rates and global economic geopolitical uncertainty.

(5)

Tax effect on integration/acquisition costs, impairment of fixed assets and right of use assets, and restructuring charges, net.

(6)

Due to actions taken in connection with the worldwide minimum tax, the Company recorded a $9.7 million non-recurring tax benefit in fiscal 2024 that resulted in the release of a valuation allowance, which is included in the Company's US GAAP results but excluded from the Adjusted results.

 

KORN FERRY AND SUBSIDIARIES

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES - CONTINUED

(unaudited)

 

 

 

 

 

Three Months Ended April 30,

 

 

2024

 

2023

 

 

Fee
revenue

 

Total
revenue

 

Adjusted
EBITDA

 

Adjusted
EBITDA
margin

 

Fee
revenue

 

Total
revenue

 

Adjusted
EBITDA

 

Adjusted
EBITDA
margin

 

 

(dollars in thousands)

Consulting

$

182,177

 

$

185,130

 

$

32,340

 

17.8

%

$

175,270

 

$

177,985

 

$

24,558

 

14.0

%

Digital

 

91,304

 

 

91,361

 

 

27,991

 

30.7

%

 

91,490

 

 

91,488

 

 

23,603

 

25.8

%

Executive Search:

 

 

 

 

 

 

 

 

North America

 

125,468

 

 

127,140

 

 

33,136

 

26.4

%

 

135,300

 

 

136,926

 

 

28,686

 

21.2

%

EMEA

 

45,643

 

 

45,931

 

 

6,846

 

15.0

%

 

46,353

 

 

46,671

 

 

6,803

 

14.7

%

Asia Pacific

 

20,696

 

 

20,819

 

 

4,233

 

20.5

%

 

23,188

 

 

23,287

 

 

5,499

 

23.7

%

Latin America

 

6,896

 

 

6,906

 

 

1,275

 

18.5

%

 

7,764

 

 

7,765

 

 

1,684

 

21.7

%

Total Executive Search

 

198,703

 

 

200,796

 

 

45,490

 

22.9

%

 

212,605

 

 

214,649

 

 

42,672

 

20.1

%

Professional Search & Interim

 

129,162

 

 

130,105

 

 

28,122

 

21.8

%

 

151,725

 

 

152,628

 

 

27,292

 

18.0

%

RPO

 

89,454

 

 

92,531

 

 

11,782

 

13.2

%

 

99,784

 

 

101,374

 

 

9,026

 

9.0

%

Corporate

 

?

 

 

?

 

 

(33,425

)

 

 

?

 

 

?

 

 

(29,296

)

 

Consolidated

$

690,800

 

$

699,923

 

$

112,300

 

16.3

%

$

730,874

 

$

738,124

 

$

97,855

 

13.4

%

 

Year Ended April 30,

 

2024

 

2023

 

Fee
revenue

 

Total
revenue

 

Adjusted
EBITDA

 

Adjusted
EBITDA
margin

 

Fee
revenue

 

Total
revenue

 

Adjusted
EBITDA

 

Adjusted
EBITDA
margin

 

(dollars in thousands)

Consulting

$

695,007

 

$

706,805

 

$

114,260

 

16.4

%

$

677,001

 

$

686,979

 

$

108,502

 

16.0

%

Digital

 

366,699

 

 

366,924

 

 

108,669

 

29.6

%

 

354,651

 

 

354,967

 

 

97,458

 

27.5

%

Executive Search:

 

 

 

 

 

 

 

 

North America

 

506,927

 

 

513,545

 

 

120,710

 

23.8

%

 

562,139

 

 

568,212

 

 

140,850

 

25.1

%

EMEA

 

184,516

 

 

185,552

 

 

25,902

 

14.0

%

 

187,014

 

 

188,114

 

 

31,380

 

16.8

%

Asia Pacific

 

85,863

 

 

86,273

 

 

18,923

 

22.0

%

 

95,598

 

 

95,956

 

 

24,222

 

25.3

%

Latin America

 

28,937

 

 

28,956

 

 

5,571

 

19.3

%

 

31,047

 

 

31,054

 

 

9,370

 

30.2

%

Total Executive Search

 

806,243

 

 

814,326

 

 

171,106

 

21.2

%

 

875,798

 

 

883,336

 

 

205,822

 

23.5

%

Professional Search & Interim

 

540,615

 

 

544,453

 

 

101,868

 

18.8

%

 

503,395

 

 

507,058

 

 

110,879

 

22.0

%

RPO

 

354,107

 

 

362,997

 

 

40,399

 

11.4

%

 

424,563

 

 

431,496

 

 

52,588

 

12.4

%

Corporate

 

?

 

 

?

 

 

(128,098

)

 

 

?

 

 

?

 

 

(117,972

)

 

Consolidated

$

2,762,671

 

$

2,795,505

 

$

408,204

 

14.8

%

$

2,835,408

 

$

2,863,836

 

$

457,277

 

16.1

%

 


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