$KFY
KORN FERRY

2015 Q3 Form 10-Q Financial Statement

#000119312515315902 Filed on September 09, 2015

View on sec.gov

Income Statement

Concept 2015 Q3 2014 Q3
Revenue $279.3M $260.3M
YoY Change 7.3% 9.57%
Cost Of Revenue $10.12M $9.465M
YoY Change 6.92% -0.46%
Gross Profit $269.2M $250.9M
YoY Change 7.32% 9.99%
Gross Profit Margin 96.38% 96.36%
Selling, General & Admin $216.9M $206.5M
YoY Change 5.04% 7.22%
% of Gross Profit 80.57% 82.32%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $7.423M $6.770M
YoY Change 9.65% 13.9%
% of Gross Profit 2.76% 2.7%
Operating Expenses $246.4M $241.7M
YoY Change 1.94% 9.42%
Operating Profit $32.90M $18.59M
YoY Change 76.97% 11.6%
Interest Expense -$299.0K $794.0K
YoY Change -137.66% 34.35%
% of Operating Profit -0.91% 4.27%
Other Income/Expense, Net -$74.00K $2.177M
YoY Change -103.4% -3.97%
Pretax Income $32.53M $19.98M
YoY Change 62.85% 8.94%
Income Tax $10.17M $5.909M
% Of Pretax Income 31.27% 29.58%
Net Earnings $23.08M $14.53M
YoY Change 58.82% 27.29%
Net Earnings / Revenue 8.26% 5.58%
Basic Earnings Per Share $0.46 $0.30
Diluted Earnings Per Share $0.46 $0.29
COMMON SHARES
Basic Shares Outstanding 49.49M shares 48.70M shares
Diluted Shares Outstanding 50.01M shares 49.59M shares

Balance Sheet

Concept 2015 Q3 2014 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $286.7M $244.6M
YoY Change 17.18% -12.76%
Cash & Equivalents $276.5M $238.6M
Short-Term Investments $10.15M $6.052M
Other Short-Term Assets $37.10M $37.30M
YoY Change -0.54% 1.36%
Inventory
Prepaid Expenses
Receivables $199.5M $202.4M
Other Receivables $9.900M $8.200M
Total Short-Term Assets $542.9M $504.0M
YoY Change 7.71% 30.73%
LONG-TERM ASSETS
Property, Plant & Equipment $61.80M $61.97M
YoY Change -0.27% 19.38%
Goodwill $250.8M $255.9M
YoY Change -1.99% -0.66%
Intangibles $45.66M $47.52M
YoY Change -3.92% -15.19%
Long-Term Investments $162.8M $151.0M
YoY Change 7.81% 0.8%
Other Assets $158.6M $147.0M
YoY Change 7.89% -0.2%
Total Long-Term Assets $679.7M $663.4M
YoY Change 2.45% 0.12%
TOTAL ASSETS
Total Short-Term Assets $542.9M $504.0M
Total Long-Term Assets $679.7M $663.4M
Total Assets $1.223B $1.167B
YoY Change 4.72% 11.38%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $18.01M $20.02M
YoY Change -10.06% -0.13%
Accrued Expenses $183.1M $181.9M
YoY Change 0.66% 44.02%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $202.9M $209.9M
YoY Change -3.35% 11.27%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $22.97M $23.72M
YoY Change -3.14% 14.16%
Total Long-Term Liabilities $22.97M $23.72M
YoY Change -3.14% 14.16%
TOTAL LIABILITIES
Total Short-Term Liabilities $202.9M $209.9M
Total Long-Term Liabilities $22.97M $23.72M
Total Liabilities $400.8M $398.3M
YoY Change 0.63% 6.96%
SHAREHOLDERS EQUITY
Retained Earnings $410.0M $323.3M
YoY Change 26.81% 30.63%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $821.7M $769.1M
YoY Change
Total Liabilities & Shareholders Equity $1.223B $1.167B
YoY Change 4.72% 11.38%

Cashflow Statement

Concept 2015 Q3 2014 Q3
OPERATING ACTIVITIES
Net Income $23.08M $14.53M
YoY Change 58.82% 27.29%
Depreciation, Depletion And Amortization $7.423M $6.770M
YoY Change 9.65% 13.9%
Cash From Operating Activities -$90.20M -$90.00M
YoY Change 0.22% 33.67%
INVESTING ACTIVITIES
Capital Expenditures $5.485M $6.590M
YoY Change -16.77% 27.15%
Acquisitions
YoY Change
Other Investing Activities $9.300M $5.200M
YoY Change 78.85% 246.67%
Cash From Investing Activities $3.800M -$1.400M
YoY Change -371.43% -62.3%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -6.400M -1.800M
YoY Change 255.56% 6823.08%
NET CHANGE
Cash From Operating Activities -90.20M -90.00M
Cash From Investing Activities 3.800M -1.400M
Cash From Financing Activities -6.400M -1.800M
Net Change In Cash -92.80M -93.20M
YoY Change -0.43% 31.14%
FREE CASH FLOW
Cash From Operating Activities -$90.20M -$90.00M
Capital Expenditures $5.485M $6.590M
Free Cash Flow -$95.69M -$96.59M
YoY Change -0.94% 33.21%

Facts In Submission

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MarketableSecuritiesRealizedGainLossOtherThanTemporaryImpairmentsAmount
0
CY2014Q3 us-gaap Cost Of Services
CostOfServices
9465000
CY2014Q3 kfy Increase Decrease In Performance Related Bonus Expenses
IncreaseDecreaseInPerformanceRelatedBonusExpenses
-300000
CY2014Q3 kfy Change In Current And Deferred Income Taxes
ChangeInCurrentAndDeferredIncomeTaxes
4859000
CY2014Q3 kfy Adjusted Earnings Before Interest Taxes Depreciation And Amortization
AdjustedEarningsBeforeInterestTaxesDepreciationAndAmortization
37892000
CY2014Q3 kfy Earnings Before Interest Taxes Depreciation And Amortization
EarningsBeforeInterestTaxesDepreciationAndAmortization
28006000
CY2014Q3 kfy Performance Related Bonus Expenses
PerformanceRelatedBonusExpenses
39000000
CY2014Q3 kfy Equity In Earnings Of Unconsolidated Subsidiaries
EquityInEarningsOfUnconsolidatedSubsidiaries
466000
CY2014Q3 kfy Performance Related Bonus After Reduction In Previous Year Estimate
PerformanceRelatedBonusAfterReductionInPreviousYearEstimate
38700000
CY2015Q3 dei Document Type
DocumentType
10-Q
CY2015Q3 dei Trading Symbol
TradingSymbol
KFY
CY2015Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
0 shares
CY2015Q3 dei Entity Central Index Key
EntityCentralIndexKey
0000056679
CY2015Q3 dei Document Period End Date
DocumentPeriodEndDate
2015-07-31
CY2015Q3 dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
CY2015Q3 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
0 shares
CY2015Q3 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--04-30
CY2015Q3 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2015Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
49493000 shares
CY2015Q3 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
-90193000
CY2015Q3 dei Amendment Flag
AmendmentFlag
false
CY2015Q3 dei Entity Registrant Name
EntityRegistrantName
KORN FERRY INTERNATIONAL
CY2015Q3 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
3 Segment
CY2015Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.46
CY2015Q3 us-gaap Use Of Estimates
UseOfEstimates
<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 2%; 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>
CY2015Q3 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2016
CY2015Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
50014000 shares
CY2015Q3 us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
1151000
CY2015Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
32531000
CY2015Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.46
CY2015Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
22858000
CY2015Q3 us-gaap Payments To Acquire Life Insurance Policies
PaymentsToAcquireLifeInsurancePolicies
404000
CY2015Q3 us-gaap Increase Decrease In Other Receivables
IncreaseDecreaseInOtherReceivables
-1145000
CY2015Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
7893000
CY2015Q3 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
5485000
CY2015Q3 us-gaap Life Insurance Corporate Or Bank Owned Change In Value
LifeInsuranceCorporateOrBankOwnedChangeInValue
2494000
CY2015Q3 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
267394000
CY2015Q3 us-gaap Reimbursement Revenue
ReimbursementRevenue
11941000
CY2015Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-74000
CY2015Q3 us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax
-15636000
CY2015Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
32904000
CY2015Q3 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax
-4000
CY2015Q3 us-gaap Revenues
Revenues
279335000
CY2015Q3 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
22860000
CY2015Q3 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
2068000
CY2015Q3 us-gaap Impairment Of Intangible Assets Indefinitelived Excluding Goodwill
ImpairmentOfIntangibleAssetsIndefinitelivedExcludingGoodwill
0
CY2015Q3 us-gaap Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
2537000
CY2015Q3 us-gaap Proceeds From Equity Method Investment Dividends Or Distributions Return Of Capital
ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital
806000
CY2015Q3 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansTax
300000
CY2015Q3 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-96737000
CY2015Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
1360000
CY2015Q3 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
-176000
CY2015Q3 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-104324000
CY2015Q3 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
13058000
CY2015Q3 us-gaap Marketable Securities Gain Loss Excluding Other Than Temporary Impairments
MarketableSecuritiesGainLossExcludingOtherThanTemporaryImpairments
665000
CY2015Q3 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
725000
CY2015Q3 us-gaap Increase Decrease In Other Operating Capital Net
IncreaseDecreaseInOtherOperatingCapitalNet
10368000
CY2015Q3 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
6573000
CY2015Q3 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-74000
CY2015Q3 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
4869000
CY2015Q3 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
-299000
CY2015Q3 us-gaap Net Income Loss
NetIncomeLoss
23082000
CY2015Q3 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
5115000
CY2015Q3 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
1154000
CY2015Q3 us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
9116000
CY2015Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1
96000
CY2015Q3 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-15632000
CY2015Q3 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0
CY2015Q3 us-gaap Proceeds From Sale And Maturity Of Available For Sale Securities
ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities
3000000
CY2015Q3 us-gaap Operating Expenses
OperatingExpenses
246431000
CY2015Q3 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-6396000
CY2015Q3 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents Continuing Operations
EffectOfExchangeRateOnCashAndCashEquivalentsContinuingOperations
-11559000
CY2015Q3 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
7423000
CY2015Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
10174000
CY2015Q3 us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions
2379000
CY2015Q3 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
-447000
CY2015Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
37491000
CY2015Q3 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
-447000
CY2015Q3 us-gaap Cost Of Reimbursable Expense
CostOfReimbursableExpense
11941000
CY2015Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3691000
CY2015Q3 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Diluted
UndistributedEarningsLossAllocatedToParticipatingSecuritiesDiluted
174000
CY2015Q3 us-gaap Increase Decrease In Deferred Compensation
IncreaseDecreaseInDeferredCompensation
-1820000
CY2015Q3 us-gaap Labor And Related Expense
LaborAndRelatedExpense
179456000
CY2015Q3 us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
4064000
CY2015Q3 us-gaap Share Based Compensation
ShareBasedCompensation
3691000
CY2015Q3 us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
-1990000
CY2015Q3 us-gaap Participating Securities Distributed And Undistributed Earnings Loss Basic
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasic
224000
CY2015Q3 us-gaap Proceeds From Insurance Settlement Investing Activities
ProceedsFromInsuranceSettlementInvestingActivities
1659000
CY2015Q3 us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
16364000
CY2015Q3 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
3824000
CY2015Q3 us-gaap Marketable Securities Realized Gain Loss Other Than Temporary Impairments Amount
MarketableSecuritiesRealizedGainLossOtherThanTemporaryImpairmentsAmount
0
CY2015Q3 us-gaap Cost Of Services
CostOfServices
10120000
CY2015Q3 kfy Increase Decrease In Performance Related Bonus Expenses
IncreaseDecreaseInPerformanceRelatedBonusExpenses
-600000
CY2015Q3 kfy Change In Current And Deferred Income Taxes
ChangeInCurrentAndDeferredIncomeTaxes
5124000
CY2015Q3 kfy Adjusted Earnings Before Interest Taxes Depreciation And Amortization
AdjustedEarningsBeforeInterestTaxesDepreciationAndAmortization
41652000
CY2015Q3 kfy Earnings Before Interest Taxes Depreciation And Amortization
EarningsBeforeInterestTaxesDepreciationAndAmortization
40978000
CY2015Q3 kfy Performance Related Bonus Expenses
PerformanceRelatedBonusExpenses
42400000
CY2015Q3 kfy Equity In Earnings Of Unconsolidated Subsidiaries
EquityInEarningsOfUnconsolidatedSubsidiaries
725000
CY2015Q3 kfy Performance Related Bonus After Reduction In Previous Year Estimate
PerformanceRelatedBonusAfterReductionInPreviousYearEstimate
41800000
CY2015Q3 kfy Business Combination Acquisition And Integration Related Costs
BusinessCombinationAcquisitionAndIntegrationRelatedCosts
674000

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