Korn Ferry Announces Second Quarter Fiscal 2023 Results of Operations

Highlights

  • Korn Ferry reports fee revenue of $727.8 million in Q2 FY’23, an increase of 14% (20% at constant currency) from Q2 FY’22 and a sequential increase of 5% (7% on a constant currency basis) from Q1 FY’23.
  • Net income attributable to Korn Ferry was $73.5 million in Q2 FY’23, while diluted and adjusted diluted earnings per share were $1.38 and $1.43 in Q2 FY’23, respectively.
  • Operating income and Adjusted EBITDA were $119.6 million (operating margin of 16.4%) and $131.1 million (Adjusted EBITDA margin of 18.0%), respectively, in Q2 FY’23.
  • The Company repurchased 622,500 shares of stock during the quarter for $33.1 million.
  • Declared a quarterly dividend of $0.15 per share on December 7, 2022, which is payable on January 13, 2023 to stockholders of record on December 21, 2022.
  • During the second quarter, the Company completed the acquisition of Infinity Consulting Solutions, which is included in the Professional Search & Interim segment.

LOS ANGELES–(BUSINESS WIRE)–Korn Ferry (NYSE: KFY), a global organizational consulting firm, today announced second quarter fee revenue of $727.8 million. In addition, second quarter diluted earnings per share was $1.38 and adjusted diluted earnings per share was $1.43.

“During the fiscal second quarter we generated $728 million in fee revenue, up 14% year-over-year and up 20% at constant currency. Our diluted earnings per share and Adjusted earnings per share were $1.38 and $1.43, respectively, and our Adjusted EBITDA was $131 million, representing an 18% margin,” said Gary D. Burnison, CEO, Korn Ferry.

“It’s clear that the global economy has been in transition for several months. We are seeing change on every front – from over a decade of high liquidity and historically low interest rates to changes in Central Bank policies, significant shifts in global trade lanes and persistent inflationary pressures. In response, companies and our clients will undoubtedly have to continue adjusting their organizational and workforce strategies to tomorrow, which is opportunity for Korn Ferry.”

Selected Financial Results

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

 

Second Quarter

 

Year to Date

 

FY’23

 

FY’22

 

FY’23

 

FY’22

Fee revenue

$

727.8

 

 

$

639.4

 

 

$

1,423.8

 

 

$

1,224.8

 

Total revenue

$

735.7

 

 

$

643.4

 

 

$

1,438.9

 

 

$

1,231.5

 

Operating income

$

119.6

 

 

$

103.8

 

 

$

231.2

 

 

$

205.0

 

Operating margin

 

16.4

%

 

 

16.2

%

 

 

16.2

%

 

 

16.7

%

Net income attributable to Korn Ferry

$

73.5

 

 

$

75.8

 

 

$

150.8

 

 

$

150.6

 

Basic earnings per share

$

1.39

 

 

$

1.40

 

 

$

2.85

 

 

$

2.78

 

Diluted earnings per share

$

1.38

 

 

$

1.38

 

 

$

2.83

 

 

$

2.75

 

 

Adjusted Results (b):

Second Quarter

 

Year to Date

 

FY’23

 

FY’22

 

FY’23

 

FY’22

Adjusted EBITDA

$

131.1

 

 

$

134.9

 

 

$

263.3

 

 

$

256.2

 

Adjusted EBITDA margin

 

18.0

%

 

 

21.1

%

 

 

18.5

%

 

 

20.9

%

Adjusted net income attributable to Korn Ferry

$

76.1

 

 

$

83.9

 

 

$

156.1

 

 

$

158.8

 

Adjusted basic earnings per share

$

1.44

 

 

$

1.55

 

 

$

2.95

 

 

$

2.93

 

Adjusted diluted earnings per share

$

1.43

 

 

$

1.53

 

 

$

2.93

 

 

$

2.90

____________________

(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 and impairment of right of use assets when applicable. Adjusted results on a consolidated basis are non-GAAP financial measures that adjust for the following, as applicable (see attached reconciliations):

 

Second Quarter

 

Year to Date

 

FY’23

 

FY’22

 

FY’23

 

FY’22

Integration/acquisition costs

$

3.4

 

$

1.1

 

$

7.0

 

$

1.1

Impairment of fixed assets

$

 

$

1.9

 

$

 

$

1.9

Impairment of right of use assets

$

 

$

7.4

 

$

 

$

7.4

The Company reported fee revenue in Q2 FY’23 of $727.8 million, a year-over-year increase of 14% (up 20% on a constant currency basis) compared to Q2 FY’22. Fee revenue increased in all lines of business except Executive Search which was down about 7% compared to Q2 FY’22. The acquisitions of Lucas Group, Patina and Infinity Consulting Solutions (collectively, the “acquisitions”) which are included in the Professional Search & Interim segment, were a significant factor in the year-over-year increase in fee revenue compared to the year-ago quarter.

Operating margin was 16.4% in Q2 FY’23, compared to 16.2% in the year-ago quarter. Adjusted EBITDA margin was 18.0% in Q2 FY’23, compared to 21.1%, in the year-ago quarter. Net income attributable to Korn Ferry was $73.5 million in Q2 FY’23, compared to $75.8 million in Q2 FY’22 and Adjusted EBITDA was $131.1 million in Q2 FY’23 compared to $134.9 million in Q2 FY’22.

Operating income increased due to the increase in fee revenue as discussed above. Partially offsetting this increase were increases in 1) cost of services expense associated with the acquisitions and 2) compensation and benefits expense primarily due to an increase in headcount, partially offset by a decrease in our deferred compensation liabilities due to market movements.

Adjusted EBITDA decreased due to the factors noted above and a decrease in other income due to a decline in the value of our marketable securities (which are held in trust to satisfy obligations under our deferred compensation plans) due to market movements.

Results by Line of Business

Selected Consulting Data

(dollars in millions) (a)

 

Second Quarter

 

Year to Date

 

FY’23

 

FY’22

 

FY’23

 

FY’22

Fee revenue

$

173.1

 

 

$

164.9

 

 

$

339.6

 

 

$

313.4

 

Total revenue

$

175.8

 

 

$

165.7

 

 

$

344.6

 

 

$

314.7

 

 

 

 

 

 

 

 

 

Ending number of consultants and execution staff (b)

 

1,899

 

 

 

1,739

 

 

 

1,899

 

 

 

1,739

 

Hours worked in thousands (c)

 

467

 

 

 

445

 

 

 

926

 

 

 

871

 

Average bill rate (d)

$

371

 

 

$

371

 

 

$

367

 

 

$

360

 

 

 

 

 

 

 

 

 

Adjusted Results (e):

Second Quarter

 

Year to Date

 

FY’23

 

FY’22

 

FY’23

 

FY’22

Adjusted EBITDA

$

31.1

 

 

$

30.1

 

 

$

60.6

 

 

$

56.9

 

Adjusted EBITDA margin

 

18.0

%

 

 

18.2

%

 

 

17.9

%

 

 

18.2

%

______________________

(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:

 

Second Quarter

 

Year to Date

 

FY’23

 

FY’22

 

FY’23

 

FY’22

Impairment of fixed assets

$

 

$

0.3

 

$

 

$

0.3

Impairment of right of use assets

$

 

$

2.5

 

$

 

$

2.5

Fee revenue was $173.1 million in Q2 FY’23 compared to $164.9 million in Q2 FY’22, an increase of $8.2 million or 5% (up 12% on a constant currency basis). Consulting saw growth in Organization Design, Change Management, and Workforce Sales Compensation, partially offset by a decline in Assessment & Succession.

Adjusted EBITDA was $31.1 million in Q2 FY’23 with an Adjusted EBITDA margin of 18.0% compared to Adjusted EBITDA of $30.1 million with an associated margin of 18.2%, respectively, in the year-ago quarter. This increase in Adjusted EBITDA resulted from the increase in fee revenue outlined above, partially offset by an increase in compensation and benefits expense and cost of services expense, driven by higher salaries and related payroll taxes.

Selected Digital Data

(dollars in millions) (a)

 

Second Quarter

 

Year to Date

 

FY’23

 

FY’22

 

FY’23

 

FY’22

Fee revenue

$

94.3

 

 

$

88.6

 

 

$

178.1

 

 

$

169.3

 

Total revenue

$

94.6

 

 

$

88.7

 

 

$

178.4

 

 

$

169.4

 

 

 

 

 

 

 

 

 

Ending number of consultants

 

365

 

 

 

282

 

 

 

365

 

 

 

282

 

Subscription & License fee revenue

$

28.9

 

 

$

26.3

 

 

$

58.5

 

 

$

50.7

 

 

 

 

 

 

 

 

 

Adjusted Results (b):

Second Quarter

 

Year to Date

 

FY’23

 

FY’22

 

FY’23

 

FY’22

Adjusted EBITDA

$

27.5

 

 

$

28.6

 

 

$

51.7

 

 

$

54.2

 

Adjusted EBITDA margin

 

29.2

%

 

 

32.2

%

 

 

29.0

%

 

 

32.0

%

______________________

(a)

Numbers may not total due to rounding.

(b)

Adjusted results exclude the following:

 

Second Quarter

 

Year to Date

 

FY’23

 

FY’22

 

FY’23

 

FY’22

Impairment of fixed assets

$

 

$

0.2

 

$

 

$

0.2

Impairment of right of use assets

$

 

$

1.3

 

$

 

$

1.3

Fee revenue was $94.3 million in Q2 FY’23 compared to $88.6 million in Q2 FY’22, an increase of $5.7 million or 6% (up 15% on a constant currency basis). The increase in fee revenue continues to be driven by Development offerings as companies invest in sales effectiveness tools and training programs to build their commercial team capabilities to maximize revenue growth.

Adjusted EBITDA was $27.5 million in Q2 FY’23 with an Adjusted EBITDA margin of 29.2% compared to $28.6 million and 32.2%, respectively, in the year-ago quarter. The decrease in Adjusted EBITDA and Adjusted EBITDA margin was due to 1) an increase in general and administrative expenses and 2) an increase in compensation and benefits expense, driven by higher salaries and related payroll taxes associated with the increased investment made on product development initiatives and an increase in the commercial salesforce. This was partially offset by higher fee revenue.

Selected Executive Search Data(a)

(dollars in millions) (b)

 

Second Quarter

 

Year to Date

 

FY’23

 

FY’22

 

FY’23

 

FY’22

Fee revenue

$

218.4

 

 

$

235.5

 

 

$

451.1

 

 

$

452.4

 

Total revenue

$

220.4

 

 

$

236.5

 

 

$

454.9

 

 

$

454.1

 

 

 

 

 

 

 

 

 

Ending number of consultants

 

621

 

 

 

570

 

 

 

621

 

 

 

570

 

Average number of consultants

 

620

 

 

 

568

 

 

 

604

 

 

 

547

 

Engagements billed

 

4,054

 

 

 

4,365

 

 

 

6,386

 

 

 

6,631

 

New engagements (c)

 

1,637

 

 

 

1,830

 

 

 

3,319

 

 

 

3,575

 

 

 

 

 

 

 

 

 

Adjusted Results (d):

Second Quarter

 

Year to Date

 

FY’23

 

FY’22

 

FY’23

 

FY’22

Adjusted EBITDA

$

54.5

 

 

$

66.1

 

 

$

116.7

 

 

$

127.7

 

Adjusted EBITDA margin

 

25.0

%

 

 

28.1

%

 

 

25.9

%

 

 

28.2

%

______________________

(a)

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.

(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:

 

Second Quarter

 

Year to Date

 

FY’23

 

FY’22

 

FY’23

 

FY’22

Impairment of fixed assets

$

 

$

0.1

 

$

 

$

0.1

Impairment of right of use assets

$

 

$

0.9

 

$

 

$

0.9

Fee revenue was $218.4 million and $235.5 million in Q2 FY’23 and Q2 FY’22, respectively, a year-over-year decrease of $17.1 million or 7% (down 4% on a constant currency basis). The decrease in fee revenue was driven by a decrease in the number of the engagements billed. Fee revenue decreased in North America and Asia and was partially offset by higher fee revenue in EMEA and Latin America.

Adjusted EBITDA was $54.5 million in Q2 FY’23 with an Adjusted EBITDA margin of 25.0% compared to Adjusted EBITDA of $66.1 million and Adjusted EBITDA margin of 28.1%, respectively, in the year-ago quarter. The decrease in Adjusted EBITDA was due to the decrease in fee revenue discussed above, partially offset by a decrease in compensation and benefits expense due to a decrease in performance-related bonus expense.

Selected Professional Search & Interim Data(a)

(dollars in millions) (b)

 

Second Quarter

 

Year to Date

 

FY’23

 

FY’22

 

FY’23

 

FY’22

Fee revenue

$

134.7

 

 

$

54.6

 

 

$

233.7

 

 

$

106.4

 

Total revenue

$

135.8

 

 

$

54.7

 

 

$

235.8

 

 

$

106.6

 

 

 

 

 

 

 

 

 

Permanent Placement:

 

 

 

 

 

 

 

Fee revenue

$

79.5

 

 

$

54.6

 

 

$

153.6

 

 

$

106.4

 

Engagements billed (c)

 

3,006

 

 

 

1,824

 

 

 

4,709

 

 

 

2,925

 

New engagements (d)

 

1,816

 

 

 

1,048

 

 

 

3,662

 

 

 

2,036

 

Ending number of consultants (e)

 

527

 

 

 

210

 

 

 

527

 

 

 

210

 

Interim (started in Q3 FY’22):

 

 

 

 

 

 

 

Fee revenue

$

55.3

 

 

$

 

 

$

80.1

 

 

$

 

Average bill rate (f)

$

107

 

 

$

 

 

$

111

 

 

$

 

Average weekly billable consultants (g)

 

1,111

 

 

 

 

 

 

787

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted Results (h):

Second Quarter

 

Year to Date

 

FY’23

 

FY’22

 

FY’23

 

FY’22

Adjusted EBITDA

$

32.5

 

 

$

21.8

 

 

$

61.6

 

 

$

41.3

 

Adjusted EBITDA margin

 

24.1

%

 

 

40.0

%

 

 

26.4

%

 

 

38.8

%

_____________________

(a)

In the first quarter of fiscal 2023, the Company changed the composition of its global segments. Professional Search & Interim segment represents the single hire to multi hire permanent placement and interim business that was previously included in the RPO & Professional Search segment. Segment data for Q2 FY’22 and year to date FY’22 has been recast to reflect the division of the RPO & Professional Search segment into the RPO segment and Professional Search & Interim segment.

(b)

Numbers may not total due to rounding.

(c)

Represents engagements billed for professional search.

(d)

Represents new engagements opened for professional search in the respective period.

(e)

Represents number of employees originating professional search.

(d)

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

(f)

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

(g)

Adjusted results exclude the following:

 

Second Quarter

 

Year to Date

 

FY’23

 

FY’22

 

FY’23

 

FY’22

Impairment of fixed assets

$

 

$

0.9

 

$

 

$

0.9

Impairment of right of use assets

$

 

$

1.4

 

$

 

$

1.4

Integration/acquisition costs

$

2.5

 

$

 

$

5.0

 

$

Fee revenue was $134.7 million in Q2 FY’23, an increase of $80.1 million or 147% (up 159% on a constant currency basis), compared to the year-ago quarter. Interim fee revenue and permanent placement fee revenue increased by $55.3 million and $24.9 million, respectively, primarily due to the acquisitions.

Adjusted EBITDA was $32.5 million in Q2 FY’23 with an Adjusted EBITDA margin of 24.1% compared to $21.8 million and 40.0%, respectively, in the year-ago quarter. The increase in Adjusted EBITDA was due to the higher fee revenue discussed above. Partially offsetting this increase were increases in compensation and benefits expense driven by higher salaries and related payroll taxes and commission expense driven by increases in fee revenue and headcount associated with the acquisitions. Also partially offsetting the increase in Adjusted EBITDA was an increase in cost of services expense due to the recently acquired interim businesses.

Selected RPO Data(a)

(dollars in millions) (b)

 

Second Quarter

 

Year to Date

 

FY’23

 

FY’22

 

FY’23

 

FY’22

Fee revenue

$

107.3

 

 

$

95.9

 

 

$

221.2

 

 

$

183.4

 

Total revenue

$

109.1

 

 

$

97.8

 

 

$

225.2

 

 

$

186.6

 

 

 

 

 

 

 

 

 

Remaining revenue under contract(c)

$

958.3

 

 

$

663.4

 

 

$

958.3

 

 

$

663.4

 

RPO new business(d)

$

290.3

 

 

$

136.2

 

 

$

438.7

 

 

$

249.2

 

 

 

 

 

 

 

 

 

Adjusted Results (e):

Second Quarter

 

Year to Date

 

FY’23

 

FY’22

 

FY’23

 

FY’22

Adjusted EBITDA

$

16.0

 

 

$

14.4

 

 

$

33.7

 

 

$

29.0

 

Adjusted EBITDA margin

 

14.9

%

 

 

15.1

%

 

 

15.2

%

 

 

15.8

%

______________________

(a)

In the first quarter of fiscal 2023, the Company changed the composition of its global segments. RPO segment represents the recruitment outsourcing business that was previously included in the RPO & Professional Search segment. Segment data for Q2 FY’22 and year to date FY’22 has been recast to reflect the division of the RPO & Professional Search segment into a RPO segment and Professional Search & Interim segment.

(b)

Numbers may not total due to rounding.

(c)

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

(d)

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

(e)

Adjusted results exclude the following:

 

Second Quarter

 

Year to Date

 

FY’23

 

FY’22

 

FY’23

 

FY’22

Impairment of fixed assets

$

 

$

0.4

 

$

 

$

0.4

Impairment of right of use assets

$

 

$

1.2

 

$

 

$

1.2

Fee revenue was $107.3 million in Q2 FY’23, an increase of $11.4 million or 12% (up 19% on a constant currency basis), compared to the year-ago quarter. RPO fee revenue increased due to the wider adoption of RPO services in the market in combination with our differentiated solutions.

Adjusted EBITDA was $16.0 million in Q2 FY’23 with an Adjusted EBITDA margin of 14.9% compared to $14.4 million and 15.1%, respectively, in the year-ago quarter. The increase in Adjusted EBITDA was due to the higher fee revenue discussed above. Partially offsetting this were increases in compensation and benefits expense driven by higher salaries and related payroll taxes driven by increases in headcount associated with increased levels of fee revenue.

Outlook

Despite the continuing strength in new business trends coming out of Q2 FY’23, economic factors like global inflation, rising interest rates, and escalating geo-political tensions present a level of risk and uncertainty that is difficult to quantify. In light of such uncertainty, we are in the process of developing a plan (the “Plan”) to reduce our operating costs by $45 million to $55 million. We expect to implement the Plan in the third quarter, but do not anticipate any meaningful run-rate savings to begin until the fourth quarter. With this in mind and assuming anticipated charges and savings related to the Plan, no new major pandemic related lockdowns or further changes in worldwide geopolitical conditions, economic conditions, financial markets or foreign exchange rates, on a consolidated basis:

  • Q3 FY’23 fee revenue is expected to be in the range of $660 million and $690 million; and
  • Q3 FY’23 diluted earnings per share is expected to range between $0.40 to $0.66.

On a consolidated adjusted basis:

  • Q3 FY’23 and Q4 FY’23 Adjusted EBITDA margin is expected to be in the range of 14% to 15%.

 

Reconciliation of Operating margin to Adjusted EBITDA margin

 

Low

 

High

Consolidated operating margin

7.0

%

 

8.0

%

Depreciation and amortization

2.6

%

 

2.6

%

Integration/acquisition and cost realignment

4.4

%

 

4.4

%

Consolidated Adjusted EBITDA margin(1)

14.0

%

 

15.0

%

  • Q3 FY’23 adjusted diluted earnings per share is expected to be in the range from $0.88 to $1.00.

 

Q3 FY’23

Earnings Per Share

Outlook

 

Low

 

High

 

 

 

 

Consolidated diluted earnings per share

$

0.40

 

 

$

0.66

 

Integration/acquisition and cost realignment

 

0.66

 

 

 

0.47

 

Tax Rate Impact

 

(0.18

)

 

 

(0.13

)

Consolidated adjusted diluted earnings per share(1)

$

0.88

 

 

$

1.00

 

______________________

(1)

Consolidated Adjusted EBITDA margin and consolidated adjusted diluted earnings per share are non-GAAP financial measures that exclude the items listed in the applicable table.

Earnings Conference Call Webcast

The earnings conference call will be held today at 12:00 PM (EST) and hosted by CEO Gary Burnison, CFO Robert Rozek and SVP Finance Gregg Kvochak. The conference call will be webcast and available online at ir.kornferry.com. We will also post to this 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, 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. Statements that refer to or are based on estimates, forecasts, projections, uncertain events or assumptions, including statements relating to expected demand for our products and services. 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 the ultimate magnitude and duration of any pandemic or outbreaks, and related restrictions and operational requirements that apply to our business and the businesses of our clients, and any related negative impacts on our business, employees, customers and our ability to provide services in affected regions, global and local political or economic developments in or affecting countries where we have operations, competition, changes in demand for our services as a result of automation, the dependence on and costs of attracting and retaining qualified and experienced consultants, dislocation in the labor markets and increasing competition for highly skilled workers, our ability to maintain relationships with customers and suppliers and retain key employees, maintaining our brand name and professional reputation, impact of inflationary pressures on our profitability, potential legal liability and regulatory developments, the portability of client relationships, consolidation of the industries we serve, changes and developments in government laws and regulations, evolving investor and customer expectations with regard to environmental, social and governmental matters, currency fluctuations in our international operations, risks related to growth, alignment of our cost structure, restrictions imposed by off-limits agreements, reliance on information processing systems, cyber security vulnerabilities, changes to data security, data privacy and data protection laws, limited protection of our intellectual property, our ability to enhance and develop new technology, our ability to develop new products and services, the utilization and billing rates of our consultants, dependence on third parties for the execution of critical functions, our ability to successfully recover from a disaster or other business continuity problems, changes in our accounting estimates/assumptions, treaties, or regulations on our business and our company, impairment of goodwill and other intangible assets, deferred tax assets that we may not be able to use, our indebtedness, expansion of social media platforms, seasonality, ability to effect acquisition and integrate acquired businesses, including Infinity Consulting Solutions and employment liability risk. For a detailed description of risks and uncertainties that could cause differences, 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:

  • Adjusted net income attributable to Korn Ferry, adjusted to exclude integration/acquisition costs, impairment of fixed assets and impairment of right of use assets net of income tax effect;
  • Adjusted basic and diluted earnings per share, adjusted to exclude integration/acquisition costs, impairment of fixed assets and impairment of right of use assets, net of income tax effect;
  • Constant currency (calculated using a quarterly average) percentages that represent the percentage change that would have resulted had exchange rates in the prior period been the same as those in effect in the current period;
  • Consolidated

Contacts

Investor Relations: Gregg Kvochak, (310) 556-8550

Media: Dan Gugler, (310) 226-2645

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