$KFY
KORN FERRY

2017 Q1 Form 10-Q Financial Statement

#000119312517078657 Filed on March 10, 2017

View on sec.gov

Income Statement

Concept 2017 Q1 2016 Q1
Revenue $394.2M $358.9M
YoY Change 9.84% 38.63%
Cost Of Revenue $16.55M $17.49M
YoY Change -5.42% 102.17%
Gross Profit $377.7M $341.4M
YoY Change 10.62% 36.44%
Gross Profit Margin 95.8% 95.13%
Selling, General & Admin $319.3M $278.3M
YoY Change 14.73% 38.05%
% of Gross Profit 84.55% 81.52%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $11.77M $10.33M
YoY Change 13.98% 51.6%
% of Gross Profit 3.12% 3.03%
Operating Expenses $331.1M $372.9M
YoY Change -11.22% 65.06%
Operating Profit $30.54M -$14.07M
YoY Change -317.12% -142.72%
Interest Expense -$2.402M -$372.0K
YoY Change 545.7% -229.17%
% of Operating Profit -7.86%
Other Income/Expense, Net $4.200M -$7.092M
YoY Change -159.22% 379.84%
Pretax Income $32.34M -$21.53M
YoY Change -250.2% -167.84%
Income Tax $8.075M -$5.355M
% Of Pretax Income 24.97%
Net Earnings $23.90M -$16.00M
YoY Change -249.4% -169.73%
Net Earnings / Revenue 6.06% -4.46%
Basic Earnings Per Share $0.42 -$0.30
Diluted Earnings Per Share $0.42 -$0.30
COMMON SHARES
Basic Shares Outstanding 56.17M shares 54.00M shares
Diluted Shares Outstanding 56.70M shares 54.00M shares

Balance Sheet

Concept 2017 Q1 2016 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $355.4M $216.5M
YoY Change 64.16% -32.27%
Cash & Equivalents $351.3M $207.3M
Short-Term Investments $4.100M $9.100M
Other Short-Term Assets $52.00M $43.20M
YoY Change 20.37% 22.38%
Inventory
Prepaid Expenses
Receivables $343.1M $330.7M
Other Receivables $23.80M $32.50M
Total Short-Term Assets $774.4M $622.9M
YoY Change 24.33% 7.97%
LONG-TERM ASSETS
Property, Plant & Equipment $108.8M $90.15M
YoY Change 20.73% 50.74%
Goodwill $581.0M $575.1M
YoY Change 1.03% 136.88%
Intangibles $221.0M $238.9M
YoY Change -7.47% 449.59%
Long-Term Investments $175.5M $180.0M
YoY Change -2.5% 16.28%
Other Assets $135.8M $166.3M
YoY Change -18.34% 7.43%
Total Long-Term Assets $1.222B $1.250B
YoY Change -2.26% 90.71%
TOTAL ASSETS
Total Short-Term Assets $774.4M $622.9M
Total Long-Term Assets $1.222B $1.250B
Total Assets $1.997B $1.873B
YoY Change 6.58% 51.99%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $31.48M $25.66M
YoY Change 22.69% 40.43%
Accrued Expenses $348.8M $368.7M
YoY Change -5.4% 92.53%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $19.75M $31.00M
YoY Change -36.28%
Total Short-Term Liabilities $407.6M $428.0M
YoY Change -4.76% 64.09%
LONG-TERM LIABILITIES
Long-Term Debt $241.2M $116.5M
YoY Change 107.01%
Other Long-Term Liabilities $51.09M $36.76M
YoY Change 38.98% 86.63%
Total Long-Term Liabilities $292.2M $36.76M
YoY Change 695.1% 86.63%
TOTAL LIABILITIES
Total Short-Term Liabilities $407.6M $428.0M
Total Long-Term Liabilities $292.2M $36.76M
Total Liabilities $928.5M $842.6M
YoY Change 10.2% 89.37%
SHAREHOLDERS EQUITY
Retained Earnings $440.8M $401.0M
YoY Change 9.92% 7.9%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.065B $1.031B
YoY Change
Total Liabilities & Shareholders Equity $1.997B $1.873B
YoY Change 6.58% 51.99%

Cashflow Statement

Concept 2017 Q1 2016 Q1
OPERATING ACTIVITIES
Net Income $23.90M -$16.00M
YoY Change -249.4% -169.73%
Depreciation, Depletion And Amortization $11.77M $10.33M
YoY Change 13.98% 51.6%
Cash From Operating Activities $102.3M $56.00M
YoY Change 82.68% -20.11%
INVESTING ACTIVITIES
Capital Expenditures -$9.300M -$7.100M
YoY Change 30.99% 65.12%
Acquisitions
YoY Change
Other Investing Activities $27.70M -$247.5M
YoY Change -111.19% -2790.22%
Cash From Investing Activities $18.40M -$254.5M
YoY Change -107.23% -5293.88%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -19.40M 143.1M
YoY Change -113.56% -6062.5%
NET CHANGE
Cash From Operating Activities 102.3M 56.00M
Cash From Investing Activities 18.40M -254.5M
Cash From Financing Activities -19.40M 143.1M
Net Change In Cash 101.3M -55.40M
YoY Change -282.85% -176.31%
FREE CASH FLOW
Cash From Operating Activities $102.3M $56.00M
Capital Expenditures -$9.300M -$7.100M
Free Cash Flow $111.6M $63.10M
YoY Change 76.86% -15.19%

Facts In Submission

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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 operations.</p> </div>
dei Document Period End Date
DocumentPeriodEndDate
2017-01-31
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.01
dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
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>
dei Entity Registrant Name
EntityRegistrantName
KORN FERRY INTERNATIONAL
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