$KFY
KORN FERRY

2013 Q3 Form 10-Q Financial Statement

#000119312513359698 Filed on September 06, 2013

View on sec.gov

Income Statement

Concept 2013 Q3 2012 Q3
Revenue $237.6M $196.0M
YoY Change 21.2% -8.65%
Cost Of Revenue $9.509M $4.464M
YoY Change 113.02% -65.92%
Gross Profit $228.1M $191.6M
YoY Change 19.06% -4.93%
Gross Profit Margin 96.0% 97.72%
Selling, General & Admin $192.6M $161.5M
YoY Change 19.26% -6.16%
% of Gross Profit 84.44% 84.31%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $5.944M $3.742M
YoY Change 58.85% 11.07%
% of Gross Profit 2.61% 1.95%
Operating Expenses $220.9M $179.0M
YoY Change 23.41% -5.11%
Operating Profit $16.66M $17.01M
YoY Change -2.05% -34.43%
Interest Expense $591.0K $599.0K
YoY Change -1.34% 3.1%
% of Operating Profit 3.55% 3.52%
Other Income/Expense, Net $2.267M -$1.017M
YoY Change -322.91% -49.7%
Pretax Income $18.34M $15.39M
YoY Change 19.13% -34.05%
Income Tax $7.385M $5.605M
% Of Pretax Income 40.27% 36.41%
Net Earnings $11.42M $10.42M
YoY Change 9.59% -32.4%
Net Earnings / Revenue 4.81% 5.31%
Basic Earnings Per Share $0.24 $0.22
Diluted Earnings Per Share $0.24 $0.22
COMMON SHARES
Basic Shares Outstanding 47.67M shares 46.81M shares
Diluted Shares Outstanding 48.52M shares 47.66M shares

Balance Sheet

Concept 2013 Q3 2012 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $280.4M $332.9M
YoY Change -15.78% 86.82%
Cash & Equivalents $150.4M $196.4M
Short-Term Investments $130.0M $136.5M
Other Short-Term Assets $36.80M $37.00M
YoY Change -0.54% -14.94%
Inventory
Prepaid Expenses
Receivables $182.2M $137.4M
Other Receivables $6.400M $11.60M
Total Short-Term Assets $385.5M $413.4M
YoY Change -6.75% 9.2%
LONG-TERM ASSETS
Property, Plant & Equipment $51.91M $48.99M
YoY Change 5.96% 6.5%
Goodwill $257.6M $171.5M
YoY Change 50.19%
Intangibles $56.03M $19.84M
YoY Change 182.45%
Long-Term Investments $149.8M $134.3M
YoY Change 11.54% -10.53%
Other Assets $147.3M $142.9M
YoY Change 3.08% 6.48%
Total Long-Term Assets $662.7M $517.5M
YoY Change 28.04% -3.12%
TOTAL ASSETS
Total Short-Term Assets $385.5M $413.4M
Total Long-Term Assets $662.7M $517.5M
Total Assets $1.048B $931.0M
YoY Change 12.59% 1.99%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $20.05M $15.23M
YoY Change 31.62% 13.66%
Accrued Expenses $126.3M $102.5M
YoY Change 23.22% -26.94%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $188.7M $137.7M
YoY Change 37.02% -12.91%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $20.78M $20.44M
YoY Change 1.66% -87.05%
Total Long-Term Liabilities $20.78M $20.44M
YoY Change 1.66% -87.05%
TOTAL LIABILITIES
Total Short-Term Liabilities $188.7M $137.7M
Total Long-Term Liabilities $20.78M $20.44M
Total Liabilities $372.4M $300.0M
YoY Change 24.13% -5.03%
SHAREHOLDERS EQUITY
Retained Earnings $247.5M $213.2M
YoY Change 16.08%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $675.8M $631.0M
YoY Change
Total Liabilities & Shareholders Equity $1.048B $931.0M
YoY Change 12.59% 1.99%

Cashflow Statement

Concept 2013 Q3 2012 Q3
OPERATING ACTIVITIES
Net Income $11.42M $10.42M
YoY Change 9.59% -32.4%
Depreciation, Depletion And Amortization $5.944M $3.742M
YoY Change 58.85% 11.07%
Cash From Operating Activities -$67.33M -$74.53M
YoY Change -9.66% -10.19%
INVESTING ACTIVITIES
Capital Expenditures $5.183M $3.011M
YoY Change 72.14% -42.17%
Acquisitions
YoY Change
Other Investing Activities $1.500M -$1.600M
YoY Change -193.75% -58.97%
Cash From Investing Activities -$3.714M -$4.630M
YoY Change -19.78% -49.3%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $1.945M $2.499M
YoY Change -22.17% -37.74%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -26.00K -2.327M
YoY Change -98.88% -310.78%
NET CHANGE
Cash From Operating Activities -67.33M -74.53M
Cash From Investing Activities -3.714M -4.630M
Cash From Financing Activities -26.00K -2.327M
Net Change In Cash -71.07M -81.49M
YoY Change -12.78% -10.47%
FREE CASH FLOW
Cash From Operating Activities -$67.33M -$74.53M
Capital Expenditures $5.183M $3.011M
Free Cash Flow -$72.51M -$77.54M
YoY Change -6.49% -12.08%

Facts In Submission

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PerformanceRelatedBonusAfterReductionInPreviousYearEstimate
26400000
CY2012Q3 kfy Increase Decrease In Performance Related Bonus Expenses
IncreaseDecreaseInPerformanceRelatedBonusExpenses
-200000
CY2012Q3 kfy Earnings Before Interest Taxes Depreciation And Amortization
EarningsBeforeInterestTaxesDepreciationAndAmortization
20364000
CY2012Q3 kfy Equity In Earnings Of Unconsolidated Subsidiaries
EquityInEarningsOfUnconsolidatedSubsidiaries
630000
CY2012Q3 kfy Adjusted Earnings Before Interest Taxes Depreciation And Amortization
AdjustedEarningsBeforeInterestTaxesDepreciationAndAmortization
20364000
CY2012Q3 kfy Gain Loss On Cash Surrender Value Of Life Insurance Policies
GainLossOnCashSurrenderValueOfLifeInsurancePolicies
671000
CY2012Q3 kfy Performance Related Bonus Expenses
PerformanceRelatedBonusExpenses
26600000
CY2012Q3 kfy Change In Current And Deferred Income Taxes
ChangeInCurrentAndDeferredIncomeTaxes
6852000
CY2013Q3 dei Trading Symbol
TradingSymbol
KFY
CY2013Q3 dei Entity Registrant Name
EntityRegistrantName
KORN FERRY INTERNATIONAL
CY2013Q3 dei Amendment Flag
AmendmentFlag
false
CY2013Q3 dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
CY2013Q3 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2014
CY2013Q3 dei Document Type
DocumentType
10-Q
CY2013Q3 dei Document Period End Date
DocumentPeriodEndDate
2013-07-31
CY2013Q3 dei Entity Central Index Key
EntityCentralIndexKey
0000056679
CY2013Q3 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--04-30
CY2013Q3 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2013Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.24
CY2013Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.24
CY2013Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
48519000 shares
CY2013Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
195000 shares
CY2013Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
300000 shares
CY2013Q3 us-gaap Increase Decrease In Other Receivables
IncreaseDecreaseInOtherReceivables
-2481000
CY2013Q3 us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
20662000
CY2013Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
2267000
CY2013Q3 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
228437000
CY2013Q3 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
3 Segment
CY2013Q3 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-67329000
CY2013Q3 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div> <p style="MARGIN-TOP: 18px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 2%"> <font style="FONT-FAMILY: Times New Roman" size="2"><b><i>Reclassifications</i></b></font></p> <p style="MARGIN-TOP: 6px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">Certain prior year amounts have been reclassified to conform to the current year presentation.</font></p> </div>
CY2013Q3 us-gaap Weighted Average Number Of Shares Restricted Stock
WeightedAverageNumberOfSharesRestrictedStock
659000 shares
CY2013Q3 us-gaap Use Of Estimates
UseOfEstimates
<div> <p style="MARGIN-TOP: 18px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 2%"> <font style="FONT-FAMILY: Times New Roman" size="2"><b><i>Use of Estimates and Uncertainties</i></b></font></p> <p style="MARGIN-TOP: 6px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from these estimates, and changes in estimates are reported in current operations as new information is learned or upon the amounts becoming fixed and determinable. The most significant areas that require management judgment are revenue recognition, restructuring, deferred compensation, annual performance related bonus, evaluation of the carrying value of receivables, marketable securities, goodwill and other intangible assets, fair value of contingent consideration, share-based payments and the recoverability of deferred income taxes.</font></p> </div>
CY2013Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
47665000 shares
CY2013Q3 us-gaap Reimbursement Revenue
ReimbursementRevenue
9150000
CY2013Q3 us-gaap Payments For Restructuring
PaymentsForRestructuring
5514000
CY2013Q3 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
465000
CY2013Q3 us-gaap Marketable Securities Gain Loss Excluding Other Than Temporary Impairments
MarketableSecuritiesGainLossExcludingOtherThanTemporaryImpairments
1941000
CY2013Q3 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
5183000
CY2013Q3 us-gaap Payments To Acquire Life Insurance Policies
PaymentsToAcquireLifeInsurancePolicies
419000
CY2013Q3 us-gaap Increase Decrease In Restricted Cash
IncreaseDecreaseInRestrictedCash
-2861000
CY2013Q3 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
-57000
CY2013Q3 us-gaap Restructuring Reserve Translation Adjustment
RestructuringReserveTranslationAdjustment
109000
CY2013Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1
802000
CY2013Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
18337000
CY2013Q3 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-3026000
CY2013Q3 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
22111000
CY2013Q3 us-gaap Increase Decrease In Other Operating Capital Net
IncreaseDecreaseInOtherOperatingCapitalNet
5794000
CY2013Q3 us-gaap Revenues
Revenues
237587000
CY2013Q3 us-gaap Trading Securities Unrealized Holding Gain
TradingSecuritiesUnrealizedHoldingGain
5400000
CY2013Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
8334000
CY2013Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
16661000
CY2013Q3 us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
3977000
CY2013Q3 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
1945000
CY2013Q3 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
2267000
CY2013Q3 us-gaap Net Income Loss
NetIncomeLoss
11417000
CY2013Q3 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
1192000
CY2013Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
39871000
CY2013Q3 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-26000
CY2013Q3 us-gaap Cost Of Services
CostOfServices
9509000
CY2013Q3 us-gaap Marketable Securities Realized Gain Loss Other Than Temporary Impairments Amount
MarketableSecuritiesRealizedGainLossOtherThanTemporaryImpairmentsAmount
0
CY2013Q3 us-gaap Share Based Compensation
ShareBasedCompensation
2960000
CY2013Q3 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
1442000
CY2013Q3 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-73640000
CY2013Q3 us-gaap Business Combination Integration Related Costs
BusinessCombinationIntegrationRelatedCosts
394000
CY2013Q3 us-gaap Operating Expenses
OperatingExpenses
220926000
CY2013Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
7385000
CY2013Q3 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
-2571000
CY2013Q3 us-gaap Equity Method Investment Dividends Or Distributions
EquityMethodInvestmentDividendsOrDistributions
510000
CY2013Q3 us-gaap Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
1768000
CY2013Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
1664000
CY2013Q3 us-gaap Interest Expense
InterestExpense
591000
CY2013Q3 us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
2014000
CY2013Q3 us-gaap Trading Securities Unrealized Holding Loss
TradingSecuritiesUnrealizedHoldingLoss
800000
CY2013Q3 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
1800000
CY2013Q3 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
5944000
CY2013Q3 us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
97000
CY2013Q3 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0
CY2013Q3 us-gaap Loss Contingency Accrual Provision
LossContingencyAccrualProvision
2500000
CY2013Q3 us-gaap Restructuring Charges
RestructuringCharges
3682000
CY2013Q3 us-gaap Increase Decrease In Deferred Compensation
IncreaseDecreaseInDeferredCompensation
1436000
CY2013Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2960000
CY2013Q3 us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
34179000
CY2013Q3 us-gaap Labor And Related Expense
LaborAndRelatedExpense
152770000
CY2013Q3 us-gaap Cost Of Reimbursable Expense
CostOfReimbursableExpense
9150000
CY2013Q3 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-3714000
CY2013Q3 us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions
1822000
CY2013Q3 kfy Increase Decrease In Performance Related Bonus Expenses
IncreaseDecreaseInPerformanceRelatedBonusExpenses
-700000
CY2013Q3 kfy Earnings Before Interest Taxes Depreciation And Amortization
EarningsBeforeInterestTaxesDepreciationAndAmortization
25337000
CY2013Q3 kfy Equity In Earnings Of Unconsolidated Subsidiaries
EquityInEarningsOfUnconsolidatedSubsidiaries
465000
CY2013Q3 kfy Separation Costs
SeparationCosts
2500000
CY2013Q3 kfy Payment Of Earnouts From Acquisitions
PaymentOfEarnoutsFromAcquisitions
15000000
CY2013Q3 kfy Adjusted Earnings Before Interest Taxes Depreciation And Amortization
AdjustedEarningsBeforeInterestTaxesDepreciationAndAmortization
31913000
CY2013Q3 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-62800000
CY2013Q3 kfy Performance Related Bonus After Reduction In Previous Year Estimate
PerformanceRelatedBonusAfterReductionInPreviousYearEstimate
30500000
CY2013Q3 kfy Gain Loss On Cash Surrender Value Of Life Insurance Policies
GainLossOnCashSurrenderValueOfLifeInsurancePolicies
1291000
CY2013Q3 kfy Performance Related Bonus Expenses
PerformanceRelatedBonusExpenses
31200000
CY2013Q3 kfy Change In Current And Deferred Income Taxes
ChangeInCurrentAndDeferredIncomeTaxes
3356000

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