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UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

Form 10-Q

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended October 31, 2019

OR

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from _________ to ___________

 

Commission File Number 001-14505

 

KORN FERRY

 

(Exact Name of Registrant as Specified in its Charter)

 

Delaware

 

95-2623879

(State or Other Jurisdiction of Incorporation or Organization)

 

(I.R.S. Employer Identification No.)

 

1900 Avenue of the Stars, Suite 2600, Los Angeles, California 90067

(Address of principal executive offices) (Zip Code)

(310552-1834

(Registrant’s telephone number, including area code)

 

Securities Registered Pursuant to Section 12(b) of the Act:

 

Title of Each Class

Trading Symbol(s)

Name of Each Exchange on Which Registered

Common Stock, par value $0.01 per share

KFY

New York Stock Exchange

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes    No 

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes    No

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer 

 

 

Accelerated filer        

 

 

 

 

Non-accelerated filer  

 

 

Smaller reporting company 

 

 

 

Emerging growth company 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes    No  

 

The number of shares outstanding of our common stock as of December 2, 2019 was 55,230,531 shares.

 

 


KORN FERRY

Table of Contents

Item #

 

Description

 

Page

 

 

 

 

 

 

 

Part I. Financial Information

 

 

 

 

 

 

 

Item 1.

 

Consolidated Financial Statements

 

 

 

 

 

 

 

 

 

Consolidated Balance Sheets as of October 31, 2019 (unaudited) and April 30, 2019

 

1

 

 

 

 

 

 

 

Consolidated Statements of Income (unaudited) for the three and six months ended October 31, 2019 and 2018

 

2

 

 

 

 

 

 

 

Consolidated Statements of Comprehensive Income (Loss) (unaudited) for the three and six months ended October 31, 2019 and 2018

 

3

 

 

 

 

 

 

 

Consolidated Statements of Stockholders’ Equity (unaudited) for three and six months ended October 31, 2019 and 2018

 

4

 

 

 

 

 

 

 

Consolidated Statements of Cash Flows (unaudited) for the six months ended October 31, 2019 and 2018

 

5

 

 

 

 

 

 

 

Notes to Consolidated Unaudited Financial Statements

 

6

 

 

 

 

 

Item 2.

 

Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

25

 

 

 

 

 

Item 3.

 

Quantitative and Qualitative Disclosures About Market Risk

 

40

 

 

 

 

 

Item 4.

 

Controls and Procedures

 

41

 

 

 

 

 

 

 

Part II. Other Information

 

 

 

 

 

 

 

Item 1.

 

Legal Proceedings

 

42

 

 

 

 

 

Item 1A.

 

Risk Factors

 

42

 

 

 

 

 

Item 2.

 

Unregistered Sales of Equity Securities, Use of Proceeds and Issuer Purchases of Equity Securities

 

42

 

 

 

 

 

Item 6.

 

Exhibits

 

43

 

 

 

 

 

 

 

Signatures

 

44

 

 

 

 

 

 

 


 

Item 1. Consolidated Financial Statements

KORN FERRY AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

 

 

 

October 31,

2019

 

 

April 30,

2019

 

 

 

(unaudited)

 

 

 

 

 

 

 

(in thousands, except per share data)

 

ASSETS

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

464,423

 

 

$

626,360

 

Marketable securities

 

 

6,508

 

 

 

8,288

 

Receivables due from clients, net of allowance for doubtful accounts of $23,165 and $21,582 at October 31, 2019 and April 30, 2019, respectively

 

 

458,263

 

 

 

404,857

 

Income taxes and other receivables

 

 

40,506

 

 

 

26,767

 

Unearned compensation

 

 

48,195

 

 

 

42,003

 

Prepaid expenses and other assets

 

 

31,603

 

 

 

28,535

 

Total current assets

 

 

1,049,498

 

 

 

1,136,810

 

 

 

 

 

 

 

 

 

 

Marketable securities, non-current

 

 

138,055

 

 

 

132,463

 

Property and equipment, net

 

 

140,685

 

 

 

131,505

 

Operating lease right-of-use assets, net

 

 

214,421

 

 

 

 

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

 

 

128,626

 

 

 

126,000

 

Deferred income taxes

 

 

36,779

 

 

 

43,220

 

Goodwill

 

 

578,307

 

 

 

578,298

 

Intangible assets, net

 

 

76,288

 

 

 

82,948

 

Unearned compensation, non-current

 

 

101,308

 

 

 

80,924

 

Investments and other assets

 

 

22,314

 

 

 

22,684

 

Total assets

 

$

2,486,281

 

 

$

2,334,852

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

Accounts payable

 

$

30,599

 

 

$

39,156

 

Income taxes payable

 

 

15,018

 

 

 

21,145

 

Compensation and benefits payable

 

 

198,284

 

 

 

328,610

 

Operating lease liability, current

 

 

48,493

 

 

 

 

Other accrued liabilities

 

 

158,071

 

 

 

162,047

 

Total current liabilities

 

 

450,465

 

 

 

550,958

 

 

 

 

 

 

 

 

 

 

Deferred compensation and other retirement plans

 

 

274,241

 

 

 

257,635

 

Operating lease liability, non-current

 

 

200,266

 

 

 

 

Long-term debt

 

 

273,310

 

 

 

222,878

 

Deferred tax liabilities

 

 

1,064

 

 

 

1,103

 

Other liabilities

 

 

28,444

 

 

 

58,891

 

Total liabilities

 

 

1,227,790

 

 

 

1,091,465

 

 

 

 

 

 

 

 

 

 

Stockholders' equity

 

 

 

 

 

 

 

 

Common stock: $0.01 par value, 150,000 shares authorized, 73,120 and 72,442 shares issued and 55,315 and 56,431 shares outstanding at October 31, 2019 and April 30, 2019, respectively

 

 

601,686

 

 

 

656,463

 

Retained earnings

 

 

734,891

 

 

 

660,845

 

Accumulated other comprehensive loss, net

 

 

(80,646

)

 

 

(76,652

)

Total Korn Ferry stockholders' equity

 

 

1,255,931

 

 

 

1,240,656

 

Noncontrolling interest

 

 

2,560

 

 

 

2,731

 

Total stockholders' equity

 

 

1,258,491

 

 

 

1,243,387

 

Total liabilities and stockholders' equity

 

$

2,486,281

 

 

$

2,334,852

 

 

 

 

The accompanying notes are an integral part of these consolidated financial statements.

1


KORN FERRY AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

(unaudited)

 

 

 

Three Months Ended

October 31,

 

 

Six Months Ended

October 31,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

 

 

(in thousands, except per share data)

 

Fee revenue

 

$

492,389

 

 

$

495,205

 

 

$

976,938

 

 

$

960,773

 

Reimbursed out-of-pocket engagement expenses

 

 

11,788

 

 

 

11,588

 

 

 

23,437

 

 

 

24,382

 

          Total revenue

 

 

504,177

 

 

 

506,793

 

 

 

1,000,375

 

 

 

985,155

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Compensation and benefits

 

 

337,382

 

 

 

335,835

 

 

 

665,878

 

 

 

657,740

 

General and administrative expenses

 

 

62,009

 

 

 

57,738

 

 

 

127,816

 

 

 

226,462

 

Reimbursed expenses

 

 

11,788

 

 

 

11,588

 

 

 

23,437

 

 

 

24,382

 

Cost of services

 

 

18,414

 

 

 

19,627

 

 

 

35,549

 

 

 

37,954

 

Depreciation and amortization

 

 

12,715

 

 

 

11,018

 

 

 

25,492

 

 

 

22,749

 

          Total operating expenses

 

 

442,308

 

 

 

435,806

 

 

 

878,172

 

 

 

969,287

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income

 

 

61,869

 

 

 

70,987

 

 

 

122,203

 

 

 

15,868

 

Other income (loss), net

 

 

1,133

 

 

 

(4,500

)

 

 

2,959

 

 

 

20

 

Interest expense, net

 

 

(4,210

)

 

 

(4,337

)

 

 

(8,267

)

 

 

(8,440

)

        Income before provision (benefit) for income taxes

 

 

58,792

 

 

 

62,150

 

 

 

116,895

 

 

 

7,448

 

Income tax provision (benefit)

 

 

15,760

 

 

 

14,833

 

 

 

30,213

 

 

 

(1,277

)

Net income

 

 

43,032

 

 

 

47,317

 

 

 

86,682

 

 

 

8,725

 

          Net income attributable to noncontrolling interest

 

 

(228

)

 

 

(1,283

)

 

 

(927

)

 

 

(1,302

)

Net income attributable to Korn Ferry

 

$

42,804

 

 

$

46,034

 

 

$

85,755

 

 

$

7,423

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per common share attributable to Korn Ferry:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

     Basic

 

$

0.78

 

 

$

0.82

 

 

$

1.54

 

 

$

0.13

 

     Diluted

 

$

0.77

 

 

$

0.81

 

 

$

1.54

 

 

$

0.13

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-average common shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

     Basic

 

 

54,568

 

 

 

55,461

 

 

 

54,917

 

 

 

55,420

 

     Diluted

 

 

54,716

 

 

 

56,239

 

 

 

55,170

 

 

 

56,306

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash dividends declared per share:

 

$

0.10

 

 

$

0.10

 

 

$

0.20

 

 

$

0.20

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The accompanying notes are an integral part of these consolidated financial statements.

2


KORN FERRY AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(unaudited)

 

 

 

Three Months Ended

October 31,

 

 

Six Months Ended

October 31,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

 

 

(in thousands)

 

Net income

 

$

43,032

 

 

$

47,317

 

 

$

86,682

 

 

$

8,725

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustments

 

 

1,213

 

 

 

(12,778

)

 

 

(4,085

)

 

 

(27,334

)

Deferred compensation and pension plan adjustments, net of tax

 

 

495

 

 

 

273

 

 

 

990

 

 

 

546

 

Net unrealized (loss) gain on interest rate swap, net of tax

 

 

(356

)

 

 

145

 

 

 

(951

)

 

 

278

 

Comprehensive income (loss)

 

 

44,384

 

 

 

34,957

 

 

 

82,636

 

 

 

(17,785

)

Less: comprehensive income attributable to noncontrolling interest

 

 

(112

)

 

 

(1,016

)

 

 

(875

)

 

 

(1,041

)

Comprehensive income (loss) attributable to Korn Ferry

 

$

44,272

 

 

$

33,941

 

 

$

81,761

 

 

$

(18,826

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The accompanying notes are an integral part of these consolidated financial statements.

 

3


 

KORN FERRY AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated Other

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Comprehensive

 

 

Korn Ferry

 

 

 

 

 

 

Total

 

 

Common Stock

 

 

Retained

 

 

(Loss) Income,

 

 

Stockholders'

 

 

Noncontrolling

 

 

Stockholder's

 

 

Shares

 

 

Amount

 

 

Earnings

 

 

Net

 

 

Equity

 

 

Interest

 

 

Equity

 

 

(in thousands)

 

Balance as of April 30, 2019

 

56,431

 

 

$

656,463

 

 

$

660,845

 

 

$

(76,652

)

 

$

1,240,656

 

 

$

2,731

 

 

$

1,243,387

 

Net income

 

 

 

 

 

 

 

42,951

 

 

 

 

 

 

42,951

 

 

 

699

 

 

 

43,650

 

Other comprehensive (loss) income

 

 

 

 

 

 

 

 

 

 

(5,462

)

 

 

(5,462

)

 

 

64

 

 

 

(5,398

)

Dividends paid to shareholders

 

 

 

 

 

 

 

(6,081

)

 

 

 

 

 

(6,081

)

 

 

 

 

 

(6,081

)

Purchase of stock

 

(546

)

 

 

(21,329

)

 

 

 

 

 

 

 

 

(21,329

)

 

 

 

 

 

(21,329

)

Issuance of stock

 

711

 

 

 

5,074

 

 

 

 

 

 

 

 

 

5,074

 

 

 

 

 

 

5,074

 

Stock-based compensation

 

 

 

 

5,091

 

 

 

 

 

 

 

 

 

5,091

 

 

 

 

 

 

5,091

 

Balance as of July 31, 2019

 

56,596

 

 

 

645,299

 

 

 

697,715

 

 

 

(82,114

)

 

 

1,260,900

 

 

 

3,494

 

 

 

1,264,394

 

Net income

 

 

 

 

 

 

 

42,804

 

 

 

 

 

 

42,804

 

 

 

228

 

 

 

43,032

 

Other comprehensive income (loss)

 

 

 

 

 

 

 

 

 

 

1,468

 

 

 

1,468

 

 

 

(116

)

 

 

1,352

 

Dividends paid to shareholders

 

 

 

 

 

 

 

(5,628

)

 

 

 

 

 

(5,628

)

 

 

 

 

 

(5,628

)

Dividends paid to noncontrolling interest

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,046

)

 

 

(1,046

)

Purchase of stock

 

(1,313

)

 

 

(49,325

)

 

 

 

 

 

 

 

 

(49,325

)

 

 

 

 

 

(49,325

)

Issuance of stock

 

32

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock-based compensation

 

 

 

 

5,712

 

 

 

 

 

 

 

 

 

5,712

 

 

 

 

 

 

5,712

 

Balance as of October 31, 2019

 

55,315

 

 

$

601,686

 

 

$

734,891

 

 

$

(80,646

)

 

$

1,255,931

 

 

$

2,560

 

 

$

1,258,491

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other

 

 

Korn Ferry

 

 

 

 

 

 

Total

 

 

Common Stock

 

 

Retained

 

 

Comprehensive

 

 

Stockholders'

 

 

Noncontrolling

 

 

Stockholder's

 

 

Shares

 

 

Amount

 

 

Earnings

 

 

Loss, Net

 

 

Equity

 

 

Interest

 

 

Equity

 

 

(in thousands)

 

Balance as of April 30, 2018

 

56,517

 

 

$

683,942

 

 

$

572,800