$KFY
KORN FERRY

2016 Q1 Form 10-Q Financial Statement

#000119312516500206 Filed on March 10, 2016

View on sec.gov

Income Statement

Concept 2016 Q1 2015 Q1
Revenue $358.9M $258.9M
YoY Change 38.63% 3.16%
Cost Of Revenue $17.49M $8.653M
YoY Change 102.17% -4.45%
Gross Profit $341.4M $250.2M
YoY Change 36.44% 3.45%
Gross Profit Margin 95.13% 96.66%
Selling, General & Admin $278.3M $201.6M
YoY Change 38.05% 1.05%
% of Gross Profit 81.52% 80.57%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $10.33M $6.814M
YoY Change 51.6% 7.6%
% of Gross Profit 3.03% 2.72%
Operating Expenses $372.9M $225.9M
YoY Change 65.06% 1.03%
Operating Profit -$14.07M $32.93M
YoY Change -142.72% 20.6%
Interest Expense -$372.0K $288.0K
YoY Change -229.17% -67.01%
% of Operating Profit 0.87%
Other Income/Expense, Net -$7.092M -$1.478M
YoY Change 379.84% -230.57%
Pretax Income -$21.53M $31.74M
YoY Change -167.84% 15.15%
Income Tax -$5.355M $9.576M
% Of Pretax Income 30.17%
Net Earnings -$16.00M $22.94M
YoY Change -169.73% 7.67%
Net Earnings / Revenue -4.46% 8.86%
Basic Earnings Per Share -$0.30 $0.46
Diluted Earnings Per Share -$0.30 $0.46
COMMON SHARES
Basic Shares Outstanding 54.00M shares 49.14M shares
Diluted Shares Outstanding 54.00M shares 49.72M shares

Balance Sheet

Concept 2016 Q1 2015 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $216.5M $319.7M
YoY Change -32.27% -15.25%
Cash & Equivalents $207.3M $304.5M
Short-Term Investments $9.100M $15.21M
Other Short-Term Assets $43.20M $35.30M
YoY Change 22.38% 11.36%
Inventory
Prepaid Expenses
Receivables $330.7M $201.5M
Other Receivables $32.50M $7.400M
Total Short-Term Assets $622.9M $576.9M
YoY Change 7.97% 18.75%
LONG-TERM ASSETS
Property, Plant & Equipment $90.15M $59.81M
YoY Change 50.74% 8.72%
Goodwill $575.1M $242.8M
YoY Change 136.88% -5.09%
Intangibles $238.9M $43.47M
YoY Change 449.59% -15.96%
Long-Term Investments $180.0M $154.8M
YoY Change 16.28% 2.93%
Other Assets $166.3M $154.8M
YoY Change 7.43% 0.45%
Total Long-Term Assets $1.250B $655.7M
YoY Change 90.71% -1.71%
TOTAL ASSETS
Total Short-Term Assets $622.9M $576.9M
Total Long-Term Assets $1.250B $655.7M
Total Assets $1.873B $1.233B
YoY Change 51.99% 6.91%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $25.66M $18.27M
YoY Change 40.43% 6.3%
Accrued Expenses $368.7M $191.5M
YoY Change 92.53% 9.49%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $31.00M
YoY Change
Total Short-Term Liabilities $428.0M $260.8M
YoY Change 64.09% 8.21%
LONG-TERM LIABILITIES
Long-Term Debt $116.5M $0.00
YoY Change
Other Long-Term Liabilities $36.76M $19.70M
YoY Change 86.63% -4.35%
Total Long-Term Liabilities $36.76M $19.70M
YoY Change 86.63% -4.35%
TOTAL LIABILITIES
Total Short-Term Liabilities $428.0M $260.8M
Total Long-Term Liabilities $36.76M $19.70M
Total Liabilities $842.6M $444.9M
YoY Change 89.37% 3.41%
SHAREHOLDERS EQUITY
Retained Earnings $401.0M $371.7M
YoY Change 7.9% 29.24%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.031B $787.6M
YoY Change
Total Liabilities & Shareholders Equity $1.873B $1.233B
YoY Change 51.99% 6.91%

Cashflow Statement

Concept 2016 Q1 2015 Q1
OPERATING ACTIVITIES
Net Income -$16.00M $22.94M
YoY Change -169.73% 7.67%
Depreciation, Depletion And Amortization $10.33M $6.814M
YoY Change 51.6% 7.6%
Cash From Operating Activities $56.00M $70.10M
YoY Change -20.11% 2.04%
INVESTING ACTIVITIES
Capital Expenditures -$7.100M -$4.300M
YoY Change 65.12% -25.86%
Acquisitions
YoY Change
Other Investing Activities -$247.5M $9.200M
YoY Change -2790.22% 104.44%
Cash From Investing Activities -$254.5M $4.900M
YoY Change -5293.88% -450.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 143.1M -2.400M
YoY Change -6062.5% -157.14%
NET CHANGE
Cash From Operating Activities 56.00M 70.10M
Cash From Investing Activities -254.5M 4.900M
Cash From Financing Activities 143.1M -2.400M
Net Change In Cash -55.40M 72.60M
YoY Change -176.31% 1.54%
FREE CASH FLOW
Cash From Operating Activities $56.00M $70.10M
Capital Expenditures -$7.100M -$4.300M
Free Cash Flow $63.10M $74.40M
YoY Change -15.19% -0.13%

Facts In Submission

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dei Document Type
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us-gaap Derivatives Methods Of Accounting Nonhedging Derivatives
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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 2%; MARGIN-TOP: 18pt"> <b><i>Foreign Currency Forward Contracts Not Designated as Hedges</i></b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> Beginning in the third quarter of fiscal 2016, the Company established a program that primarily utilizes foreign currency forward contracts to offset the risks associated with the effects of certain foreign currency exposures due to an increase in the foreign currency exposures as a result of the Legacy Hay acquisition. These foreign currency forward contracts are neither used for trading purposes nor are they designated as hedging instruments pursuant to Accounting Standards Codification 815, Derivatives and Hedging. Accordingly, the fair value of these contracts are recorded as of the end of the reporting period in the accompanying consolidated balance sheets, while the change in fair value is recorded to the accompanying consolidated statement of operations.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> As of January&#xA0;31, 2016, the total notional amounts of the forward contracts purchased and sold were $8.9 million and $51.3 million, respectively. The outstanding foreign currency forward contracts were included in prepaid expenses and other assets in the accompanying consolidated balance sheets as of January&#xA0;31, 2016 and were immaterial. The Company incurred $0.4 million of net losses related to forward contracts for the three months ended January&#xA0;31, 2016, which is recorded in general and administrative expenses in the accompanying consolidated statements of operations. The cash flows related to foreign currency forward contracts are included in cash (used in) provided by operating activities.</p> </div>
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2016-01-31
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KORN FERRY INTERNATIONAL
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<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>
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DeferredRevenuePurchaseAccountingAdjustments
5871000
CY2016Q1 kfy Equity In Earnings Of Unconsolidated Subsidiaries
EquityInEarningsOfUnconsolidatedSubsidiaries
181000
CY2016Q1 kfy Business Combination Acquisition And Integration Related Costs
BusinessCombinationAcquisitionAndIntegrationRelatedCosts
21147000

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