Korn Ferry Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Business Segments (Tables)

Business Segments (Tables)

6 Months Ended

Oct. 31, 2015

Financial Highlights By Business Segment

Financial highlights by business segment are as follows:


	Three Months Ended October 31, 2015
	Executive Recruitment														LTC			Futurestep		Corporate			Consolidated
	North America			EMEA			Asia Pacific			South America		Subtotal			LTC			Futurestep		Corporate			Consolidated
	(in thousands)
Fee revenue	$	92,788		$	36,570		$	20,998		$	6,116	$	156,472		$	73,602		$	50,526	$	—		$	280,600
Total revenue	$	96,198		$	37,509		$	21,617		$	6,118	$	161,442		$	75,991		$	53,906	$	—		$	291,339
Net income																							$	17,971
Other loss, net																								2,646
Interest expense, net																								544
Equity in earnings of unconsolidated subsidiaries, net																								(540	)
Income tax provision																								8,392

Operating income (loss)	$	27,422		$	6,929		$	3,907		$	970	$	39,228		$	7,778		$	6,896	$	(24,889	)	$	29,013
Depreciation and amortization		832			232			223			73		1,360			3,588			578		1,654			7,180
Other (loss) income, net		(127	)		7			(6	)		33		(93	)		(17	)		8		(2,544	)		(2,646	)
Equity in earnings of unconsolidated subsidiaries, net		140			—			—			—		140			—			—		400			540

EBITDA		28,267			7,168			4,124			1,076		40,635			11,349			7,482		(25,379	)		34,087
Integration/acquisition costs		—			—			—			—		—			3,310			—		8,684			11,994

Adjusted EBITDA	$	28,267		$	7,168		$	4,124		$	1,076	$	40,635		$	14,659		$	7,482	$	(16,695	)	$	46,081


	Three Months Ended October 31, 2014
	Executive Recruitment														LTC			Futurestep		Corporate			Consolidated
	North America			EMEA			Asia Pacific			South America		Subtotal			LTC			Futurestep		Corporate			Consolidated
	(in thousands)
Fee revenue	$	82,729		$	36,675		$	21,157		$	8,369	$	148,930		$	66,408		$	40,364	$	—		$	255,702
Total revenue	$	86,252		$	38,054		$	21,716		$	8,383	$	154,405		$	68,477		$	41,835	$	—		$	264,717
Net income																							$	25,403
Other income, net																								(2,362	)
Interest expense, net																								920
Equity in earnings of unconsolidated subsidiaries, net																								(452	)
Income tax provision																								10,907

Operating income (loss)	$	19,117		$	5,621		$	3,424		$	1,699	$	29,861		$	7,762		$	5,150	$	(8,357	)	$	34,416
Depreciation and amortization		891			446			261			85		1,683			3,279			459		1,358			6,779
Other income (loss), net		194			(1	)		149			13		355			(172	)		25		2,154			2,362
Equity in earnings of unconsolidated subsidiaries, net		110			—			—			—		110			—			—		342			452

EBITDA		20,312			6,066			3,834			1,797		32,009			10,869			5,634		(4,503	)		44,009

Adjusted EBITDA	$	20,312		$	6,066		$	3,834		$	1,797	$	32,009		$	10,869		$	5,634	$	(4,503	)	$	44,009

	Six Months Ended October 31, 2015
	Executive Recruitment														LTC			Futurestep		Corporate			Consolidated
	North America			EMEA			Asia Pacific			South America		Subtotal			LTC			Futurestep		Corporate			Consolidated
	(in thousands)
Fee revenue	$	183,147		$	72,660		$	40,213		$	12,542	$	308,562		$	142,842		$	96,590	$	—		$	547,994
Total revenue	$	190,597		$	74,680		$	41,607		$	12,550	$	319,434		$	147,432		$	103,808	$	—		$	570,674
Net income																							$	41,053
Other loss, net																								2,720
Interest expense, net																								843
Equity in earnings of unconsolidated subsidiaries, net																								(1,265	)
Income tax provision																								18,566

Operating income (loss)	$	51,567		$	13,205		$	6,893		$	2,478	$	74,143		$	15,273		$	13,085	$	(40,584	)	$	61,917
Depreciation and amortization		1,659			597			469			151		2,876			7,336			1,163		3,228			14,603
Other (loss) income, net		(95	)		150			12			272		339			(880	)		8		(2,187	)		(2,720	)
Equity in earnings of unconsolidated subsidiaries, net		226			—			—			—		226			—			—		1,039			1,265

EBITDA		53,357			13,952			7,374			2,901		77,584			21,729			14,256		(38,504	)		75,065
Integration/acquisition costs		—			—			—			—		—			3,639			—		9,029			12,668

Adjusted EBITDA	$	53,357		$	13,952		$	7,374		$	2,901	$	77,584		$	25,368		$	14,256	$	(29,475	)	$	87,733


	Six Months Ended October 31, 2014
	Executive Recruitment														LTC			Futurestep		Corporate			Consolidated
	North America			EMEA			Asia Pacific			South America		Subtotal			LTC			Futurestep		Corporate			Consolidated
	(in thousands)
Fee revenue	$	165,029		$	76,972		$	40,691		$	14,653	$	297,345		$	129,956		$	79,589	$	—		$	506,890
Total revenue	$	172,334		$	79,483		$	42,085		$	14,692	$	308,594		$	133,897		$	82,551	$	—		$	525,042
Net income																							$	39,936
Other income, net																								(4,539	)
Interest expense, net																								1,714
Equity in earnings of unconsolidated subsidiaries, net																								(918	)
Income tax provision																								16,816

Operating income (loss)	$	38,115		$	8,264		$	5,946		$	1,772	$	54,097		$	11,222		$	8,607	$	(20,917	)	$	53,009
Depreciation and amortization		1,795			935			555			170		3,455			6,531			905		2,658			13,549
Other income, net		323			45			258			46		672			45			23		3,799			4,539
Equity in earnings of unconsolidated subsidiaries, net		178			—			—			—		178			—			—		740			918

EBITDA		40,411			9,244			6,759			1,988		58,402			17,798			9,535		(13,720	)		72,015
Restructuring charges, net		1,151			3,987			17			377		5,532			2,758			1,424		172			9,886

Adjusted EBITDA	$	41,562		$	13,231		$	6,776		$	2,365	$	63,934		$	20,556		$	10,959	$	(13,548	)	$	81,901