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

Leases (Tables)

3 Months Ended

Jul. 31, 2023

The components of lease expense were as follows:


	Three Months Ended July 31,
	2023		2022

	(in thousands)
Finance lease cost
Amortization of ROU assets	$	402	$	373
Interest on lease liabilities	54		48
	456		421
Operating lease cost	11,697		12,415
Short-term lease cost	269		163
Variable lease cost	3,191		2,655
Lease impairment cost	1,629		—
Sublease income	(1,063)		(507)
Total lease cost	$	16,179	$	15,147

Supplemental cash flow information related to leases was as follows:


	Three Months Ended July 31,
	2023		2022

	(in thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	13,568	$	15,513
Financing cash flows from finance leases	$	382	$	412

ROU assets obtained in exchange for lease obligations:
Operating leases	$	1,219	$	3,555
Finance leases	$	447	$	2,384

Supplemental balance sheet information related to leases was as follows:


	July 31, 2023			April 30, 2023

	(in thousands)
Finance Leases:

Property and equipment, at cost	$	7,674		$	7,103
Accumulated depreciation	(3,169)			(2,741)
Property and equipment, net	$	4,505		$	4,362

Other accrued liabilities	$	1,529		$	1,372
Other liabilities	3,113			3,053
Total finance lease liabilities	$	4,642		$	4,425

Weighted average remaining lease terms:
Operating leases	4.3 years			4.5 years
Finance leases	3.6 years			3.8 years

Weighted average discount rate:
Operating leases	4.8		%	4.5		%
Finance leases	4.9		%	4.7		%

Maturities of lease liabilities were as follows:


Year Ending April 30,	Operating		Financing

	(in thousands)
2024 (excluding the three months ended July 31, 2023)	$	38,363	$	1,325
2025	44,632		1,484
2026	40,132		1,089
2027	21,304		689
2028	10,370		467
Thereafter	16,211		—
Total lease payments	171,012		5,054
Less: imputed interest	16,389		412
Total	$	154,623	$	4,642