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

Leases (Tables)

3 Months Ended

Jul. 31, 2021

The components of lease expense were as follows:

	Three Months Ended July 31,
	2021			2020
	(in thousands)
Finance lease cost
Amortization of ROU assets	$	280		$	338
Interest on lease liabilities		24			31
		304			369
Operating lease cost		13,818			13,983
Short-term lease cost		269			108
Variable lease cost		1,668			2,407
Sublease income		(231	)		(80	)
Total lease cost	$	15,828		$	16,787

Supplemental cash flow information related to leases was as follows:

	Three Months Ended July 31,
	2021		2020
	(in thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	14,771	$	15,000
Financing cash flows from finance leases	$	289	$	331

ROU assets obtained in exchange for lease obligations:
Operating leases	$	1,238	$	1,901
Finance leases	$	306	$	435

Supplemental balance sheet information related to leases was as follows:

	July 31, 2021			April 30, 2021
	(in thousands)
Finance Leases:

Property and equipment, at cost	$	5,015		$	4,801
Accumulated depreciation		(2,759	)		(2,590	)
Property and equipment, net	$	2,256		$	2,211

Other accrued liabilities	$	1,051		$	1,010
Other liabilities		1,319			1,301
Total finance lease liabilities	$	2,370		$	2,311

Weighted average remaining lease terms:
Operating leases	4.8 years			5.0 years
Finance leases	2.7 years			2.7 years

Weighted average discount rate:
Operating leases		4.8	%		4.8	%
Finance leases		3.9	%		4.2	%

Maturities of lease liabilities were as follows:

Year Ending April 30,	Operating		Financing
	(in thousands)
2022 (excluding the three months ended July 31, 2021)	$	42,735	$	871
2023		47,840		876
2024		40,828		528
2025		34,087		202
2026		28,752		10
Thereafter		20,265		—
Total lease payments		214,507		2,487
Less: imputed interest		23,735		117
Total	$	190,772	$	2,370