Financial Highlights by Business Segment |
Financial highlights by business segment are as follows:
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Year Ended April 30,
2017 |
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Executive Search |
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North
America |
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EMEA |
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Asia
Pacific |
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Latin
America |
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Subtotal |
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|
Hay
Group
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Futurestep |
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Corporate |
|
|
Consolidated |
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(in
thousands) |
|
Fee revenue
|
|
$ |
356,625 |
|
|
$ |
146,506 |
|
|
$ |
80,169 |
|
|
$ |
34,376 |
|
|
$ |
617,676 |
|
|
$ |
724,186 |
|
|
$ |
223,659 |
|
|
$ |
— |
|
|
$ |
1,565,521 |
|
Deferred revenue adjustment due to acquisition
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
3,535 |
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|
— |
|
|
|
— |
|
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|
3,535 |
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Adjusted fee revenue
|
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$ |
356,625 |
|
|
$ |
146,506 |
|
|
$ |
80,169 |
|
|
$ |
34,376 |
|
|
$ |
617,676 |
|
|
$ |
727,721 |
|
|
$ |
223,659 |
|
|
$ |
— |
|
|
$ |
1,569,056 |
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Total revenue
|
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$ |
369,803 |
|
|
$ |
150,113 |
|
|
$ |
81,744 |
|
|
$ |
34,533 |
|
|
$ |
636,193 |
|
|
$ |
741,533 |
|
|
$ |
243,943 |
|
|
$ |
— |
|
|
$ |
1,621,669 |
|
Net income attributable to Korn/Ferry International
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$ |
84,181 |
|
Net income attributable to noncontrolling interest
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|
3,057 |
|
Other income, net
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(11,820 |
) |
Interest expense, net
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|
|
|
|
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|
|
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|
|
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|
|
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|
|
10,251 |
|
Equity in earnings of unconsolidated subsidiaries, net
|
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|
|
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|
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(333 |
) |
Income tax provision
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29,104 |
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Operating income (loss)
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$ |
81,550 |
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$ |
27,854 |
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$ |
8,580 |
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$ |
6,268 |
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$ |
124,252 |
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$ |
47,302 |
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$ |
29,986 |
|
|
$ |
(87,100 |
) |
|
$ |
114,440 |
|
Depreciation and amortization
|
|
|
3,812 |
|
|
|
1,030 |
|
|
|
1,060 |
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|
|
483 |
|
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|
6,385 |
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|
32,262 |
|
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|
2,818 |
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|
5,795 |
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|
47,260 |
|
Other income (loss), net
|
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|
844 |
|
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(15 |
) |
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|
300 |
|
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|
684 |
|
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|
1,813 |
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|
341 |
|
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|
(91 |
) |
|
|
9,757 |
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|
11,820 |
|
Equity in earnings of unconsolidated subsidiaries, net
|
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|
333 |
|
|
|
— |
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— |
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— |
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|
333 |
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— |
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— |
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— |
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|
333 |
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EBITDA
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|
86,539 |
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|
28,869 |
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|
9,940 |
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|
7,435 |
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|
132,783 |
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|
79,905 |
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|
32,713 |
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(71,548 |
) |
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173,853 |
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Restructuring charges, net
|
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|
1,719 |
|
|
|
629 |
|
|
|
1,495 |
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|
773 |
|
|
|
4,616 |
|
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|
29,663 |
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|
101 |
|
|
|
220 |
|
|
|
34,600 |
|
Integration/acquisition cost
|
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|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
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|
14,440 |
|
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|
— |
|
|
|
7,939 |
|
|
|
22,379 |
|
Deferred revenue adjustment due to acquisition
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
3,535 |
|
|
|
— |
|
|
|
— |
|
|
|
3,535 |
|
Separation costs
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
609 |
|
|
|
— |
|
|
|
— |
|
|
|
609 |
|
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Adjusted EBITDA
|
|
$ |
88,258 |
|
|
$ |
29,498 |
|
|
$ |
11,435 |
|
|
$ |
8,208 |
|
|
$ |
137,399 |
|
|
$ |
128,152 |
|
|
$ |
32,814 |
|
|
$ |
(63,389 |
) |
|
$ |
234,976 |
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Identifiable assets (1)
|
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$ |
340,069 |
|
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$ |
158,927 |
|
|
$ |
87,845 |
|
|
$ |
26,897 |
|
|
$ |
613,738 |
|
|
$ |
1,057,611 |
|
|
$ |
116,717 |
|
|
$ |
274,832 |
|
|
$ |
2,062,898 |
|
Long-lived assets (1)
|
|
$ |
23,746 |
|
|
$ |
11,089 |
|
|
$ |
8,371 |
|
|
$ |
3,262 |
|
|
$ |
46,468 |
|
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$ |
37,846 |
|
|
$ |
6,693 |
|
|
$ |
18,560 |
|
|
$ |
109,567 |
|
Goodwill (1)
|
|
$ |
46,201 |
|
|
$ |
44,976 |
|
|
$ |
972 |
|
|
$ |
— |
|
|
$ |
92,149 |
|
|
$ |
457,241 |
|
|
$ |
27,475 |
|
|
$ |
— |
|
|
$ |
576,865 |
|
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|
Year Ended April 30,
2016 |
|
|
|
Executive Search |
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|
North
America |
|
|
EMEA |
|
|
Asia
Pacific |
|
|
Latin
America |
|
|
Subtotal |
|
|
Hay
Group
|
|
|
Futurestep |
|
|
Corporate |
|
|
Consolidated |
|
|
|
(in
thousands) |
|
Fee revenue
|
|
$ |
371,345 |
|
|
$ |
144,319 |
|
|
$ |
80,506 |
|
|
$ |
26,744 |
|
|
$ |
622,914 |
|
|
$ |
471,145 |
|
|
$ |
198,053 |
|
|
$ |
— |
|
|
$ |
1,292,112 |
|
Deferred revenue adjustment due to acquisition
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
10,967 |
|
|
|
— |
|
|
|
— |
|
|
|
10,967 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
Adjusted fee revenue
|
|
$ |
371,345 |
|
|
$ |
144,319 |
|
|
$ |
80,506 |
|
|
$ |
26,744 |
|
|
$ |
622,914 |
|
|
$ |
482,112 |
|
|
$ |
198,053 |
|
|
$ |
— |
|
|
$ |
1,303,079 |
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|
Total revenue
|
|
$ |
386,256 |
|
|
$ |
148,285 |
|
|
$ |
83,206 |
|
|
$ |
26,781 |
|
|
$ |
644,528 |
|
|
$ |
488,217 |
|
|
$ |
213,969 |
|
|
$ |
— |
|
|
$ |
1,346,714 |
|
Net income attributable to Korn/Ferry International
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
30,913 |
|
Net income attributable to noncontrolling interest
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
520 |
|
Other loss, net
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,167 |
|
Interest income, net
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(237 |
) |
Equity in earnings of unconsolidated subsidiaries, net
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1,631 |
) |
Income tax provision
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
18,960 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income (loss)
|
|
$ |
100,381 |
|
|
$ |
20,607 |
|
|
$ |
12,572 |
|
|
$ |
(1,854 |
) |
|
$ |
131,706 |
|
|
$ |
(3,415 |
) |
|
$ |
26,702 |
|
|
$ |
(102,301 |
) |
|
$ |
52,692 |
|
Depreciation and amortization
|
|
|
3,267 |
|
|
|
1,029 |
|
|
|
941 |
|
|
|
312 |
|
|
|
5,549 |
|
|
|
21,854 |
|
|
|
2,386 |
|
|
|
6,431 |
|
|
|
36,220 |
|
Other (loss) income, net
|
|
|
(147 |
) |
|
|
433 |
|
|
|
21 |
|
|
|
312 |
|
|
|
619 |
|
|
|
(868 |
) |
|
|
364 |
|
|
|
(4,282 |
) |
|
|
(4,167 |
) |
Equity in earnings of unconsolidated subsidiaries, net
|
|
|
437 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
437 |
|
|
|
— |
|
|
|
— |
|
|
|
1,194 |
|
|
|
1,631 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA
|
|
|
103,938 |
|
|
|
22,069 |
|
|
|
13,534 |
|
|
|
(1,230 |
) |
|
|
138,311 |
|
|
|
17,571 |
|
|
|
29,452 |
|
|
|
(98,958 |
) |
|
|
86,376 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restructuring charges, net
|
|
|
499 |
|
|
|
5,807 |
|
|
|
577 |
|
|
|
322 |
|
|
|
7,205 |
|
|
|
25,682 |
|
|
|
49 |
|
|
|
77 |
|
|
|
33,013 |
|
Integration/acquisition costs
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
17,607 |
|
|
|
— |
|
|
|
27,802 |
|
|
|
45,409 |
|
Venezuelan foreign currency loss
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
6,635 |
|
|
|
6,635 |
|
|
|
7,085 |
|
|
|
— |
|
|
|
— |
|
|
|
13,720 |
|
Deferred revenue adjustment due to acquisition
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
10,967 |
|
|
|
— |
|
|
|
— |
|
|
|
10,967 |
|
Separation costs
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
744 |
|
|
|
744 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA
|
|
$ |
104,437 |
|
|
$ |
27,876 |
|
|
$ |
14,111 |
|
|
$ |
5,727 |
|
|
$ |
152,151 |
|
|
$ |
78,912 |
|
|
$ |
29,501 |
|
|
$ |
(70,335 |
) |
|
$ |
190,229 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Identifiable assets (1)
|
|
$ |
227,228 |
|
|
$ |
150,516 |
|
|
$ |
86,394 |
|
|
$ |
24,273 |
|
|
$ |
488,411 |
|
|
$ |
1,005,457 |
|
|
$ |
104,396 |
|
|
$ |
300,336 |
|
|
$ |
1,898,600 |
|
Long-lived assets (1)
|
|
$ |
19,044 |
|
|
$ |
4,817 |
|
|
$ |
3,708 |
|
|
$ |
1,479 |
|
|
$ |
29,048 |
|
|
$ |
42,974 |
|
|
$ |
4,635 |
|
|
$ |
18,779 |
|
|
$ |
95,436 |
|
Goodwill (1)
|
|
$ |
48,320 |
|
|
$ |
46,193 |
|
|
$ |
972 |
|
|
$ |
— |
|
|
$ |
95,485 |
|
|
$ |
465,937 |
|
|
$ |
28,650 |
|
|
$ |
— |
|
|
$ |
590,072 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended April 30,
2015 |
|
|
|
Executive Search |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North
America |
|
|
EMEA |
|
|
Asia
Pacific |
|
|
Latin
America |
|
|
Subtotal |
|
|
Hay
Group
|
|
|
Futurestep |
|
|
Corporate |
|
|
Consolidated |
|
|
|
(in
thousands) |
|
Fee revenue
|
|
$ |
330,634 |
|
|
$ |
153,465 |
|
|
$ |
84,148 |
|
|
$ |
29,160 |
|
|
$ |
597,407 |
|
|
$ |
267,018 |
|
|
$ |
163,727 |
|
|
$ |
— |
|
|
$ |
1,028,152 |
|
Total revenue
|
|
$ |
344,913 |
|
|
$ |
158,052 |
|
|
$ |
87,142 |
|
|
$ |
29,218 |
|
|
$ |
619,325 |
|
|
$ |
275,220 |
|
|
$ |
171,521 |
|
|
$ |
— |
|
|
$ |
1,066,066 |
|
Net income attributable to Korn/Ferry International
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
88,357 |
|
Net income attributable to noncontrolling interest
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
— |
|
Other income, net
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(7,458 |
) |
Interest expense, net
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,784 |
|
Equity in earnings of unconsolidated
subsidiaries, net
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2,181 |
) |
Income tax provision
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
33,526 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income (loss)
|
|
$ |
80,818 |
|
|
$ |
18,867 |
|
|
$ |
14,631 |
|
|
$ |
4,704 |
|
|
$ |
119,020 |
|
|
$ |
28,175 |
|
|
$ |
19,940 |
|
|
$ |
(53,107 |
) |
|
$ |
114,028 |
|
Depreciation and amortization
|
|
|
3,515 |
|
|
|
1,764 |
|
|
|
1,045 |
|
|
|
350 |
|
|
|
6,674 |
|
|
|
13,427 |
|
|
|
1,882 |
|
|
|
5,614 |
|
|
|
27,597 |
|
Other income (loss), net
|
|
|
288 |
|
|
|
83 |
|
|
|
369 |
|
|
|
109 |
|
|
|
849 |
|
|
|
(22 |
) |
|
|
54 |
|
|
|
6,577 |
|
|
|
7,458 |
|
Equity in earnings of unconsolidated
subsidiaries, net
|
|
|
426 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
426 |
|
|
|
— |
|
|
|
— |
|
|
|
1,755 |
|
|
|
2,181 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA
|
|
|
85,047 |
|
|
|
20,714 |
|
|
|
16,045 |
|
|
|
5,163 |
|
|
|
126,969 |
|
|
|
41,580 |
|
|
|
21,876 |
|
|
|
(39,161 |
) |
|
|
151,264 |
|
Restructuring charges, net
|
|
|
1,151 |
|
|
|
3,987 |
|
|
|
17 |
|
|
|
229 |
|
|
|
5,384 |
|
|
|
2,758 |
|
|
|
1,154 |
|
|
|
172 |
|
|
|
9,468 |
|
Acquisition costs
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
959 |
|
|
|
959 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA
|
|
$ |
86,198 |
|
|
$ |
24,701 |
|
|
$ |
16,062 |
|
|
$ |
5,392 |
|
|
$ |
132,353 |
|
|
$ |
44,338 |
|
|
$ |
23,030 |
|
|
$ |
(38,030 |
) |
|
$ |
161,691 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Identifiable assets (1)
|
|
$ |
327,446 |
|
|
$ |
156,072 |
|
|
$ |
94,099 |
|
|
$ |
25,328 |
|
|
$ |
602,945 |
|
|
$ |
265,546 |
|
|
$ |
103,782 |
|
|
$ |
345,528 |
|
|
$ |
1,317,801 |
|
Long-lived assets (1)
|
|
$ |
17,271 |
|
|
$ |
3,885 |
|
|
$ |
4,235 |
|
|
$ |
966 |
|
|
$ |
26,357 |
|
|
$ |
12,377 |
|
|
$ |
4,204 |
|
|
$ |
19,150 |
|
|
$ |
62,088 |
|
Goodwill (1)
|
|
$ |
49,603 |
|
|
$ |
45,922 |
|
|
$ |
972 |
|
|
$ |
— |
|
|
$ |
96,497 |
|
|
$ |
129,549 |
|
|
$ |
28,394 |
|
|
$ |
— |
|
|
$ |
254,440 |
|
(1) |
As of the end of the fiscal
year. |
|