$KFY
KORN FERRY

2016 Q3 Form 10-Q Financial Statement

#000119312516706448 Filed on September 09, 2016

View on sec.gov

Income Statement

Concept 2016 Q3 2015 Q3
Revenue $392.9M $279.3M
YoY Change 40.67% 7.3%
Cost Of Revenue $16.83M $10.12M
YoY Change 66.32% 6.92%
Gross Profit $376.1M $269.2M
YoY Change 39.7% 7.32%
Gross Profit Margin 95.72% 96.38%
Selling, General & Admin $318.3M $216.9M
YoY Change 46.75% 5.04%
% of Gross Profit 84.63% 80.57%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $11.44M $7.423M
YoY Change 54.17% 9.65%
% of Gross Profit 3.04% 2.76%
Operating Expenses $388.4M $246.4M
YoY Change 57.62% 1.94%
Operating Profit $4.516M $32.90M
YoY Change -86.28% 76.97%
Interest Expense -$3.061M -$299.0K
YoY Change 923.75% -137.66%
% of Operating Profit -67.78% -0.91%
Other Income/Expense, Net $4.259M -$74.00K
YoY Change -5855.41% -103.4%
Pretax Income $5.714M $32.53M
YoY Change -82.44% 62.85%
Income Tax $1.725M $10.17M
% Of Pretax Income 30.19% 31.27%
Net Earnings $3.208M $23.08M
YoY Change -86.1% 58.82%
Net Earnings / Revenue 0.82% 8.26%
Basic Earnings Per Share $0.06 $0.46
Diluted Earnings Per Share $0.06 $0.46
COMMON SHARES
Basic Shares Outstanding 56.19M shares 49.49M shares
Diluted Shares Outstanding 56.58M shares 50.01M shares

Balance Sheet

Concept 2016 Q3 2015 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $247.5M $286.7M
YoY Change -13.66% 17.18%
Cash & Equivalents $244.1M $276.5M
Short-Term Investments $3.500M $10.15M
Other Short-Term Assets $53.20M $37.10M
YoY Change 43.4% -0.54%
Inventory
Prepaid Expenses
Receivables $342.0M $199.5M
Other Receivables $28.70M $9.900M
Total Short-Term Assets $671.4M $542.9M
YoY Change 23.67% 7.71%
LONG-TERM ASSETS
Property, Plant & Equipment $99.98M $61.80M
YoY Change 61.78% -0.27%
Goodwill $587.6M $250.8M
YoY Change 134.26% -1.99%
Intangibles $229.0M $45.66M
YoY Change 401.57% -3.92%
Long-Term Investments $200.9M $162.8M
YoY Change 23.4% 7.81%
Other Assets $136.4M $158.6M
YoY Change -14.0% 7.89%
Total Long-Term Assets $1.254B $679.7M
YoY Change 84.5% 2.45%
TOTAL ASSETS
Total Short-Term Assets $671.4M $542.9M
Total Long-Term Assets $1.254B $679.7M
Total Assets $1.925B $1.223B
YoY Change 57.49% 4.72%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $33.72M $18.01M
YoY Change 87.28% -10.06%
Accrued Expenses $297.5M $183.1M
YoY Change 62.48% 0.66%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $19.75M
YoY Change
Total Short-Term Liabilities $355.3M $202.9M
YoY Change 75.13% -3.35%
LONG-TERM LIABILITIES
Long-Term Debt $251.0M $0.00
YoY Change
Other Long-Term Liabilities $51.06M $22.97M
YoY Change 122.23% -3.14%
Total Long-Term Liabilities $302.1M $22.97M
YoY Change 1214.94% -3.14%
TOTAL LIABILITIES
Total Short-Term Liabilities $355.3M $202.9M
Total Long-Term Liabilities $302.1M $22.97M
Total Liabilities $889.0M $400.8M
YoY Change 121.79% 0.63%
SHAREHOLDERS EQUITY
Retained Earnings $398.4M $410.0M
YoY Change -2.83% 26.81%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.034B $821.7M
YoY Change
Total Liabilities & Shareholders Equity $1.925B $1.223B
YoY Change 57.49% 4.72%

Cashflow Statement

Concept 2016 Q3 2015 Q3
OPERATING ACTIVITIES
Net Income $3.208M $23.08M
YoY Change -86.1% 58.82%
Depreciation, Depletion And Amortization $11.44M $7.423M
YoY Change 54.17% 9.65%
Cash From Operating Activities -$136.0M -$90.20M
YoY Change 50.78% 0.22%
INVESTING ACTIVITIES
Capital Expenditures $15.08M $5.485M
YoY Change 174.91% -16.77%
Acquisitions $2.880M
YoY Change
Other Investing Activities $5.300M $9.300M
YoY Change -43.01% 78.85%
Cash From Investing Activities -$9.800M $3.800M
YoY Change -357.89% -371.43%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $140.0M
YoY Change
Cash From Financing Activities 126.6M -6.400M
YoY Change -2078.13% 255.56%
NET CHANGE
Cash From Operating Activities -136.0M -90.20M
Cash From Investing Activities -9.800M 3.800M
Cash From Financing Activities 126.6M -6.400M
Net Change In Cash -19.20M -92.80M
YoY Change -79.31% -0.43%
FREE CASH FLOW
Cash From Operating Activities -$136.0M -$90.20M
Capital Expenditures $15.08M $5.485M
Free Cash Flow -$151.1M -$95.69M
YoY Change 57.89% -0.94%

Facts In Submission

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56576000 shares
CY2016Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
56189000 shares
CY2016Q3 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
0 shares
CY2016Q3 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.10
CY2016Q3 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--04-30
CY2016Q3 us-gaap Derivatives Methods Of Accounting Nonhedging Derivatives
DerivativesMethodsOfAccountingNonhedgingDerivatives
<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 which increased as a result of the Hay Group 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 statements of income.</p> </div>
CY2016Q3 dei Document Period End Date
DocumentPeriodEndDate
2016-07-31
CY2016Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.06
CY2016Q3 dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
CY2016Q3 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
3 Segment
CY2016Q3 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>
CY2016Q3 dei Entity Registrant Name
EntityRegistrantName
KORN FERRY INTERNATIONAL
CY2016Q3 us-gaap Revenues
Revenues
392933000
CY2016Q3 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
15079000
CY2016Q3 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
2880000
CY2016Q3 us-gaap Oci Before Reclassifications Net Of Tax Attributable To Parent
OciBeforeReclassificationsNetOfTaxAttributableToParent
-13128000
CY2016Q3 us-gaap Marketable Securities Gain Loss Excluding Other Than Temporary Impairments
MarketableSecuritiesGainLossExcludingOtherThanTemporaryImpairments
3915000
CY2016Q3 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
-3061000
CY2016Q3 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
1484000
CY2016Q3 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
375621000
CY2016Q3 us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
5430000
CY2016Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
4516000
CY2016Q3 us-gaap Net Income Loss
NetIncomeLoss
3208000
CY2016Q3 us-gaap Increase Decrease In Other Operating Capital Net
IncreaseDecreaseInOtherOperatingCapitalNet
7137000
CY2016Q3 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
28586000
CY2016Q3 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
-8744000
CY2016Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-9458000
CY2016Q3 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
4739000
CY2016Q3 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
140000000
CY2016Q3 us-gaap Reimbursement Revenue
ReimbursementRevenue
17312000
CY2016Q3 us-gaap Profit Loss
ProfitLoss
4068000
CY2016Q3 us-gaap Payments To Acquire Life Insurance Policies
PaymentsToAcquireLifeInsurancePolicies
401000
CY2016Q3 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
4161000
CY2016Q3 us-gaap Payments For Restructuring
PaymentsForRestructuring
6575000
CY2016Q3 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
5909000
CY2016Q3 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-13274000
CY2016Q3 us-gaap Life Insurance Corporate Or Bank Owned Change In Value
LifeInsuranceCorporateOrBankOwnedChangeInValue
2498000
CY2016Q3 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
2784000
CY2016Q3 us-gaap Restructuring Reserve Translation Adjustment
RestructuringReserveTranslationAdjustment
177000
CY2016Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
4259000
CY2016Q3 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
4259000
CY2016Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
3164000
CY2016Q3 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
3164000
CY2016Q3 us-gaap Increase Decrease In Other Receivables
IncreaseDecreaseInOtherReceivables
8093000
CY2016Q3 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
10066000
CY2016Q3 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
79000
CY2016Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
5714000
CY2016Q3 us-gaap Adjustments To Additional Paid In Capital Tax Effect From Share Based Compensation
AdjustmentsToAdditionalPaidInCapitalTaxEffectFromShareBasedCompensation
332000
CY2016Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4915000
CY2016Q3 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
11444000
CY2016Q3 us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
5909000
CY2016Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1725000
CY2016Q3 us-gaap Increase Decrease In Deferred Compensation
IncreaseDecreaseInDeferredCompensation
-5866000
CY2016Q3 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-9796000
CY2016Q3 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
-462000
CY2016Q3 us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions
2430000
CY2016Q3 kfy Adjusted Earnings Before Interest Taxes Depreciation And Amortization
AdjustedEarningsBeforeInterestTaxesDepreciationAndAmortization
56380000
CY2016Q3 kfy Payment Of Earn Outs From Acquisitions
PaymentOfEarnOutsFromAcquisitions
1070000
CY2016Q3 kfy Equity In Earnings Of Unconsolidated Subsidiaries
EquityInEarningsOfUnconsolidatedSubsidiaries
79000
CY2016Q3 kfy Deferred Revenue Purchase Accounting Adjustments
DeferredRevenuePurchaseAccountingAdjustments
3535000
CY2016Q3 us-gaap Share Based Compensation
ShareBasedCompensation
4915000
CY2016Q3 us-gaap Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
3431000
CY2016Q3 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents Continuing Operations
EffectOfExchangeRateOnCashAndCashEquivalentsContinuingOperations
-9967000
CY2016Q3 us-gaap Labor And Related Expense
LaborAndRelatedExpense
262967000
CY2016Q3 us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
13764000
CY2016Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
55342000
CY2016Q3 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
126622000
CY2016Q3 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
860000
CY2016Q3 us-gaap Participating Securities Distributed And Undistributed Earnings Loss Basic
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasic
44000
CY2016Q3 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
2577000
CY2016Q3 us-gaap Reclassification From Aoci Current Period Net Of Tax Attributable To Parent
ReclassificationFromAociCurrentPeriodNetOfTaxAttributableToParent
-462000
CY2016Q3 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
4161000
CY2016Q3 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-29179000
CY2016Q3 us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest
714000
CY2016Q3 us-gaap Cost Of Reimbursable Expense
CostOfReimbursableExpense
17312000
CY2016Q3 us-gaap Cost Of Services
CostOfServices
16832000
CY2016Q3 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0
CY2016Q3 us-gaap Impairment Of Intangible Assets Indefinitelived Excluding Goodwill
ImpairmentOfIntangibleAssetsIndefinitelivedExcludingGoodwill
0
CY2016Q3 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-93866000
CY2016Q3 us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
-4346000
CY2016Q3 us-gaap Operating Expenses
OperatingExpenses
388417000
CY2016Q3 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansTax
300000
CY2016Q3 us-gaap Proceeds From Equity Method Investment Dividends Or Distributions Return Of Capital
ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital
230000
CY2016Q3 us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
275000000
CY2016Q3 us-gaap Restructuring Charges
RestructuringCharges
24520000
CY2016Q3 us-gaap Restructuring Reserve Settled Without Cash2
RestructuringReserveSettledWithoutCash2
2480000
CY2016Q3 kfy Change In Current And Deferred Income Taxes
ChangeInCurrentAndDeferredIncomeTaxes
5410000
CY2016Q3 kfy Performance Related Bonus Expenses
PerformanceRelatedBonusExpenses
42400000
CY2016Q3 kfy Earnings Before Interest Taxes Depreciation And Amortization
EarningsBeforeInterestTaxesDepreciationAndAmortization
20298000
CY2016Q3 kfy Excess Tax Benefit Tax Deficiency From Share Based Compensation Financing Activities
ExcessTaxBenefitTaxDeficiencyFromShareBasedCompensationFinancingActivities
332000
CY2016Q3 kfy Business Combination Acquisition And Integration Related Costs
BusinessCombinationAcquisitionAndIntegrationRelatedCosts
8027000
CY2016Q3 kfy Adjusted Fees Revenue
AdjustedFeesRevenue
379156000

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