$KFY
KORN FERRY

2014 Q3 Form 10-Q Financial Statement

#000119312514336575 Filed on September 09, 2014

View on sec.gov

Income Statement

Concept 2014 Q3 2013 Q3
Revenue $260.3M $237.6M
YoY Change 9.57% 21.2%
Cost Of Revenue $9.465M $9.509M
YoY Change -0.46% 113.02%
Gross Profit $250.9M $228.1M
YoY Change 9.99% 19.06%
Gross Profit Margin 96.36% 96.0%
Selling, General & Admin $206.5M $192.6M
YoY Change 7.22% 19.26%
% of Gross Profit 82.32% 84.44%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $6.770M $5.944M
YoY Change 13.9% 58.85%
% of Gross Profit 2.7% 2.61%
Operating Expenses $241.7M $220.9M
YoY Change 9.42% 23.41%
Operating Profit $18.59M $16.66M
YoY Change 11.6% -2.05%
Interest Expense $794.0K $591.0K
YoY Change 34.35% -1.34%
% of Operating Profit 4.27% 3.55%
Other Income/Expense, Net $2.177M $2.267M
YoY Change -3.97% -322.91%
Pretax Income $19.98M $18.34M
YoY Change 8.94% 19.13%
Income Tax $5.909M $7.385M
% Of Pretax Income 29.58% 40.27%
Net Earnings $14.53M $11.42M
YoY Change 27.29% 9.59%
Net Earnings / Revenue 5.58% 4.81%
Basic Earnings Per Share $0.30 $0.24
Diluted Earnings Per Share $0.29 $0.24
COMMON SHARES
Basic Shares Outstanding 48.70M shares 47.67M shares
Diluted Shares Outstanding 49.59M shares 48.52M shares

Balance Sheet

Concept 2014 Q3 2013 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $244.6M $280.4M
YoY Change -12.76% -15.78%
Cash & Equivalents $238.6M $150.4M
Short-Term Investments $6.052M $130.0M
Other Short-Term Assets $37.30M $36.80M
YoY Change 1.36% -0.54%
Inventory
Prepaid Expenses
Receivables $202.4M $182.2M
Other Receivables $8.200M $6.400M
Total Short-Term Assets $504.0M $385.5M
YoY Change 30.73% -6.75%
LONG-TERM ASSETS
Property, Plant & Equipment $61.97M $51.91M
YoY Change 19.38% 5.96%
Goodwill $255.9M $257.6M
YoY Change -0.66% 50.19%
Intangibles $47.52M $56.03M
YoY Change -15.19% 182.45%
Long-Term Investments $151.0M $149.8M
YoY Change 0.8% 11.54%
Other Assets $147.0M $147.3M
YoY Change -0.2% 3.08%
Total Long-Term Assets $663.4M $662.7M
YoY Change 0.12% 28.04%
TOTAL ASSETS
Total Short-Term Assets $504.0M $385.5M
Total Long-Term Assets $663.4M $662.7M
Total Assets $1.167B $1.048B
YoY Change 11.38% 12.59%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $20.02M $20.05M
YoY Change -0.13% 31.62%
Accrued Expenses $181.9M $126.3M
YoY Change 44.02% 23.22%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $209.9M $188.7M
YoY Change 11.27% 37.02%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $23.72M $20.78M
YoY Change 14.16% 1.66%
Total Long-Term Liabilities $23.72M $20.78M
YoY Change 14.16% 1.66%
TOTAL LIABILITIES
Total Short-Term Liabilities $209.9M $188.7M
Total Long-Term Liabilities $23.72M $20.78M
Total Liabilities $398.3M $372.4M
YoY Change 6.96% 24.13%
SHAREHOLDERS EQUITY
Retained Earnings $323.3M $247.5M
YoY Change 30.63% 16.08%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $769.1M $675.8M
YoY Change
Total Liabilities & Shareholders Equity $1.167B $1.048B
YoY Change 11.38% 12.59%

Cashflow Statement

Concept 2014 Q3 2013 Q3
OPERATING ACTIVITIES
Net Income $14.53M $11.42M
YoY Change 27.29% 9.59%
Depreciation, Depletion And Amortization $6.770M $5.944M
YoY Change 13.9% 58.85%
Cash From Operating Activities -$90.00M -$67.33M
YoY Change 33.67% -9.66%
INVESTING ACTIVITIES
Capital Expenditures $6.590M $5.183M
YoY Change 27.15% 72.14%
Acquisitions
YoY Change
Other Investing Activities $5.200M $1.500M
YoY Change 246.67% -193.75%
Cash From Investing Activities -$1.400M -$3.714M
YoY Change -62.3% -19.78%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $1.945M
YoY Change -22.17%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.800M -26.00K
YoY Change 6823.08% -98.88%
NET CHANGE
Cash From Operating Activities -90.00M -67.33M
Cash From Investing Activities -1.400M -3.714M
Cash From Financing Activities -1.800M -26.00K
Net Change In Cash -93.20M -71.07M
YoY Change 31.14% -12.78%
FREE CASH FLOW
Cash From Operating Activities -$90.00M -$67.33M
Capital Expenditures $6.590M $5.183M
Free Cash Flow -$96.59M -$72.51M
YoY Change 33.21% -6.49%

Facts In Submission

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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
1664000
CY2013Q3 us-gaap Marketable Securities Realized Gain Loss Other Than Temporary Impairments Amount
MarketableSecuritiesRealizedGainLossOtherThanTemporaryImpairmentsAmount
0
CY2013Q3 kfy Increase Decrease In Performance Related Bonus Expenses
IncreaseDecreaseInPerformanceRelatedBonusExpenses
-700000
CY2013Q3 kfy Gain Loss On Cash Surrender Value Of Life Insurance Policies
GainLossOnCashSurrenderValueOfLifeInsurancePolicies
1291000
CY2013Q3 kfy Equity In Earnings Of Unconsolidated Subsidiaries
EquityInEarningsOfUnconsolidatedSubsidiaries
465000
CY2013Q3 kfy Performance Related Bonus After Reduction In Previous Year Estimate
PerformanceRelatedBonusAfterReductionInPreviousYearEstimate
30500000
CY2013Q3 kfy Change In Current And Deferred Income Taxes
ChangeInCurrentAndDeferredIncomeTaxes
3356000
CY2013Q3 kfy Performance Related Bonus Expenses
PerformanceRelatedBonusExpenses
31200000
CY2013Q3 kfy Adjusted Earnings Before Interest Taxes Depreciation And Amortization
AdjustedEarningsBeforeInterestTaxesDepreciationAndAmortization
31913000
CY2013Q3 kfy Payment Of Earn Outs From Acquisitions
PaymentOfEarnOutsFromAcquisitions
15000000
CY2013Q3 kfy Earnings Before Interest Taxes Depreciation And Amortization
EarningsBeforeInterestTaxesDepreciationAndAmortization
25337000
CY2013Q3 kfy Separation Costs
SeparationCosts
2500000
CY2014Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.29
CY2014Q3 dei Document Type
DocumentType
10-Q
CY2014Q3 dei Entity Registrant Name
EntityRegistrantName
KORN FERRY INTERNATIONAL
CY2014Q3 dei Trading Symbol
TradingSymbol
KFY
CY2014Q3 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
0 shares
CY2014Q3 dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
CY2014Q3 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
-90047000
CY2014Q3 us-gaap Use Of Estimates
UseOfEstimates
<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <b><i>Use of Estimates and Uncertainties</i></b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> 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 bonuses, evaluation of the carrying value of receivables, goodwill and other intangible assets, fair value of contingent consideration, share-based payments and the recoverability of deferred income taxes.</p> </div>
CY2014Q3 dei Document Period End Date
DocumentPeriodEndDate
2014-07-31
CY2014Q3 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2014Q3 dei Amendment Flag
AmendmentFlag
false
CY2014Q3 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--04-30
CY2014Q3 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2015
CY2014Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
49591000 shares
CY2014Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.30
CY2014Q3 dei Entity Central Index Key
EntityCentralIndexKey
0000056679
CY2014Q3 us-gaap Payments For Restructuring
PaymentsForRestructuring
4004000
CY2014Q3 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
3 Segment
CY2014Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
48703000 shares
CY2014Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1
324000
CY2014Q3 us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
705000
CY2014Q3 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-3680000
CY2014Q3 us-gaap Increase Decrease In Other Operating Capital Net
IncreaseDecreaseInOtherOperatingCapitalNet
3735000
CY2014Q3 us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax
-3686000
CY2014Q3 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
982000
CY2014Q3 us-gaap Payments To Acquire Life Insurance Policies
PaymentsToAcquireLifeInsurancePolicies
419000
CY2014Q3 us-gaap Marketable Securities Gain Loss Excluding Other Than Temporary Impairments
MarketableSecuritiesGainLossExcludingOtherThanTemporaryImpairments
2018000
CY2014Q3 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax
-6000
CY2014Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
18593000
CY2014Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
5909000
CY2014Q3 us-gaap Proceeds From Life Insurance Policies
ProceedsFromLifeInsurancePolicies
1801000
CY2014Q3 us-gaap Cost Of Reimbursable Expense
CostOfReimbursableExpense
9137000
CY2014Q3 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-1792000
CY2014Q3 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansTax
300000
CY2014Q3 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0
CY2014Q3 us-gaap Interest Expense
InterestExpense
794000
CY2014Q3 us-gaap Operating Expenses
OperatingExpenses
241732000
CY2014Q3 us-gaap Equity Method Investment Dividends Or Distributions
EquityMethodInvestmentDividendsOrDistributions
318000
CY2014Q3 us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
1165000
CY2014Q3 us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
-4967000
CY2014Q3 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-1397000
CY2014Q3 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
-487000
CY2014Q3 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
1479000
CY2014Q3 us-gaap Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
2337000
CY2014Q3 us-gaap Increase Decrease In Deferred Compensation
IncreaseDecreaseInDeferredCompensation
1715000
CY2014Q3 us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
7812000
CY2014Q3 us-gaap Labor And Related Expense
LaborAndRelatedExpense
169106000
CY2014Q3 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
1911000
CY2014Q3 us-gaap Restructuring Charges
RestructuringCharges
9886000
CY2014Q3 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-95144000
CY2014Q3 us-gaap Cost Of Services
CostOfServices
9465000
CY2014Q3 us-gaap Impairment Of Intangible Assets Indefinitelived Excluding Goodwill
ImpairmentOfIntangibleAssetsIndefinitelivedExcludingGoodwill
0
CY2014Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
11334000
CY2014Q3 us-gaap Restructuring Reserve Translation Adjustment
RestructuringReserveTranslationAdjustment
-51000
CY2014Q3 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
2177000
CY2014Q3 us-gaap Increase Decrease In Other Receivables
IncreaseDecreaseInOtherReceivables
-152000
CY2014Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
19976000
CY2014Q3 us-gaap Reimbursement Revenue
ReimbursementRevenue
9137000
CY2014Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
2177000
CY2014Q3 us-gaap Revenues
Revenues
260325000
CY2014Q3 us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
4319000
CY2014Q3 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
6590000
CY2014Q3 us-gaap Net Income Loss
NetIncomeLoss
14533000
CY2014Q3 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
28312000
CY2014Q3 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
251188000
CY2014Q3 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
3731000
CY2014Q3 us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
2909000
CY2014Q3 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
466000
CY2014Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3319000
CY2014Q3 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
6770000
CY2014Q3 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
-1908000
CY2014Q3 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
-487000
CY2014Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
37368000
CY2014Q3 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-77636000
CY2014Q3 us-gaap Proceeds From Sale And Maturity Of Available For Sale Securities
ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities
2000000
CY2014Q3 us-gaap Share Based Compensation
ShareBasedCompensation
3319000
CY2014Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
1039000
CY2014Q3 us-gaap Marketable Securities Realized Gain Loss Other Than Temporary Impairments Amount
MarketableSecuritiesRealizedGainLossOtherThanTemporaryImpairmentsAmount
0
CY2014Q3 kfy Increase Decrease In Performance Related Bonus Expenses
IncreaseDecreaseInPerformanceRelatedBonusExpenses
-300000
CY2014Q3 kfy Gain Loss On Cash Surrender Value Of Life Insurance Policies
GainLossOnCashSurrenderValueOfLifeInsurancePolicies
3263000
CY2014Q3 kfy Equity In Earnings Of Unconsolidated Subsidiaries
EquityInEarningsOfUnconsolidatedSubsidiaries
466000
CY2014Q3 kfy Long Term Restructuring Liability Payment Term
LongTermRestructuringLiabilityPaymentTerm
P4Y
CY2014Q3 kfy Performance Related Bonus After Reduction In Previous Year Estimate
PerformanceRelatedBonusAfterReductionInPreviousYearEstimate
38700000
CY2014Q3 kfy Change In Current And Deferred Income Taxes
ChangeInCurrentAndDeferredIncomeTaxes
4859000
CY2014Q3 kfy Performance Related Bonus Expenses
PerformanceRelatedBonusExpenses
39000000
CY2014Q3 kfy Adjusted Earnings Before Interest Taxes Depreciation And Amortization
AdjustedEarningsBeforeInterestTaxesDepreciationAndAmortization
37892000
CY2014Q3 kfy Earnings Before Interest Taxes Depreciation And Amortization
EarningsBeforeInterestTaxesDepreciationAndAmortization
28006000

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