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

Leases (Tables)

3 Months Ended

Jul. 31, 2022

The components of lease expense were as follows:

	Three Months Ended July 31,
	2022			2021
	(in thousands)
Finance lease cost
Amortization of ROU assets	$	373		$	280
Interest on lease liabilities		48			24
		421			304
Operating lease cost		12,415			13,818
Short-term lease cost		163			269
Variable lease cost		2,655			1,668
Sublease income		(507	)		(231	)
Total lease cost	$	15,147		$	15,828

Supplemental cash flow information related to leases was as follows:

	Three Months Ended July 31,
	2022		2021
	(in thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	15,513	$	14,771
Financing cash flows from finance leases	$	412	$	289

ROU assets obtained in exchange for lease obligations:
Operating leases	$	3,555	$	1,238
Finance leases	$	2,384	$	306

Supplemental balance sheet information related to leases was as follows:

	July 31, 2022			April 30, 2022
	(in thousands)
Finance Leases:

Property and equipment, at cost	$	7,254		$	5,770
Accumulated depreciation		(2,708	)		(3,085	)
Property and equipment, net	$	4,546		$	2,685

Other accrued liabilities	$	1,328		$	1,049
Other liabilities		3,250			1,657
Total finance lease liabilities	$	4,578		$	2,706

Weighted average remaining lease terms:
Operating leases	4.9 years			5.1 years
Finance leases	4.3 years			3.3 years

Weighted average discount rate:
Operating leases		4.4	%		4.3	%
Finance leases		4.3	%		3.2	%

Maturities of lease liabilities were as follows:

Year Ending April 30,	Operating		Financing
	(in thousands)
2023 (excluding the three months ended July 31, 2022)	$	40,153	$	1,151
2024		47,870		1,245
2025		40,610		1,001
2026		37,324		716
2027		17,940		522
Thereafter		24,736		388
Total lease payments		208,633		5,023
Less: imputed interest		21,322		445
Total	$	187,311	$	4,578