$KFY
KORN FERRY

2017 Q3 Form 10-Q Financial Statement

#000119312517280351 Filed on September 08, 2017

View on sec.gov

Income Statement

Concept 2017 Q3 2016 Q3
Revenue $414.9M $392.9M
YoY Change 5.59% 40.67%
Cost Of Revenue $15.81M $16.83M
YoY Change -6.05% 66.32%
Gross Profit $399.1M $376.1M
YoY Change 6.12% 39.7%
Gross Profit Margin 96.19% 95.72%
Selling, General & Admin $332.2M $318.3M
YoY Change 4.37% 46.75%
% of Gross Profit 83.24% 84.63%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $12.21M $11.44M
YoY Change 6.68% 54.17%
% of Gross Profit 3.06% 3.04%
Operating Expenses $344.4M $388.4M
YoY Change -11.33% 57.62%
Operating Profit $41.94M $4.516M
YoY Change 828.59% -86.28%
Interest Expense -$3.680M -$3.061M
YoY Change 20.22% 923.75%
% of Operating Profit -8.78% -67.78%
Other Income/Expense, Net $3.354M $4.259M
YoY Change -21.25% -5855.41%
Pretax Income $41.61M $5.714M
YoY Change 628.19% -82.44%
Income Tax $12.21M $1.725M
% Of Pretax Income 29.34% 30.19%
Net Earnings $29.04M $3.208M
YoY Change 805.27% -86.1%
Net Earnings / Revenue 7.0% 0.82%
Basic Earnings Per Share $0.52 $0.06
Diluted Earnings Per Share $0.51 $0.06
COMMON SHARES
Basic Shares Outstanding 55.80M 56.19M shares
Diluted Shares Outstanding 56.40M 56.58M shares

Balance Sheet

Concept 2017 Q3 2016 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $293.7M $247.5M
YoY Change 18.67% -13.66%
Cash & Equivalents $282.0M $244.1M
Short-Term Investments $11.70M $3.500M
Other Short-Term Assets $62.50M $53.20M
YoY Change 17.48% 43.4%
Inventory
Prepaid Expenses
Receivables $365.7M $342.0M
Other Receivables $44.00M $28.70M
Total Short-Term Assets $765.9M $671.4M
YoY Change 14.07% 23.67%
LONG-TERM ASSETS
Property, Plant & Equipment $112.8M $99.98M
YoY Change 12.81% 61.78%
Goodwill $583.3M $587.6M
YoY Change -0.74% 134.26%
Intangibles $213.9M $229.0M
YoY Change -6.59% 401.57%
Long-Term Investments $205.2M $200.9M
YoY Change 2.14% 23.4%
Other Assets $133.3M $136.4M
YoY Change -2.27% -14.0%
Total Long-Term Assets $1.248B $1.254B
YoY Change -0.44% 84.5%
TOTAL ASSETS
Total Short-Term Assets $765.9M $671.4M
Total Long-Term Assets $1.248B $1.254B
Total Assets $2.014B $1.925B
YoY Change 4.62% 57.49%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $32.66M $33.72M
YoY Change -3.15% 87.28%
Accrued Expenses $299.1M $297.5M
YoY Change 0.54% 62.48%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $19.75M $19.75M
YoY Change 0.0%
Total Short-Term Liabilities $358.8M $355.3M
YoY Change 0.97% 75.13%
LONG-TERM LIABILITIES
Long-Term Debt $231.3M $251.0M
YoY Change -7.87%
Other Long-Term Liabilities $55.89M $51.06M
YoY Change 9.46% 122.23%
Total Long-Term Liabilities $287.2M $302.1M
YoY Change -4.94% 1214.94%
TOTAL LIABILITIES
Total Short-Term Liabilities $358.8M $355.3M
Total Long-Term Liabilities $287.2M $302.1M
Total Liabilities $885.6M $889.0M
YoY Change -0.39% 121.79%
SHAREHOLDERS EQUITY
Retained Earnings $485.2M $398.4M
YoY Change 21.78% -2.83%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.125B $1.034B
YoY Change
Total Liabilities & Shareholders Equity $2.014B $1.925B
YoY Change 4.62% 57.49%

Cashflow Statement

Concept 2017 Q3 2016 Q3
OPERATING ACTIVITIES
Net Income $29.04M $3.208M
YoY Change 805.27% -86.1%
Depreciation, Depletion And Amortization $12.21M $11.44M
YoY Change 6.68% 54.17%
Cash From Operating Activities -$109.6M -$136.0M
YoY Change -19.43% 50.78%
INVESTING ACTIVITIES
Capital Expenditures $9.529M $15.08M
YoY Change -36.81% 174.91%
Acquisitions $2.880M
YoY Change
Other Investing Activities -$2.200M $5.300M
YoY Change -141.51% -43.01%
Cash From Investing Activities -$11.77M -$9.800M
YoY Change 20.07% -357.89%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $4.026M
YoY Change
Debt Paid & Issued, Net $5.156M $140.0M
YoY Change -96.32%
Cash From Financing Activities -15.27M 126.6M
YoY Change -112.06% -2078.13%
NET CHANGE
Cash From Operating Activities -109.6M -136.0M
Cash From Investing Activities -11.77M -9.800M
Cash From Financing Activities -15.27M 126.6M
Net Change In Cash -136.6M -19.20M
YoY Change 611.49% -79.31%
FREE CASH FLOW
Cash From Operating Activities -$109.6M -$136.0M
Capital Expenditures $9.529M $15.08M
Free Cash Flow -$119.1M -$151.1M
YoY Change -21.17% 57.89%

Facts In Submission

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CY2016Q3 kfy Performance Related Bonus Expenses
PerformanceRelatedBonusExpenses
42400000
CY2016Q3 kfy Earnings Before Interest Taxes Depreciation And Amortization
EarningsBeforeInterestTaxesDepreciationAndAmortization
20298000
CY2016Q3 kfy Equity In Earnings Of Unconsolidated Subsidiaries
EquityInEarningsOfUnconsolidatedSubsidiaries
79000
CY2016Q3 kfy Business Combination Acquisition And Integration Related Costs
BusinessCombinationAcquisitionAndIntegrationRelatedCosts
8027000
CY2017Q3 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2017Q3 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2018
CY2017Q3 dei Document Type
DocumentType
10-Q
CY2017Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.51
CY2017Q3 dei Entity Central Index Key
EntityCentralIndexKey
0000056679
CY2017Q3 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
-109573000
CY2017Q3 dei Trading Symbol
TradingSymbol
KFY
CY2017Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
56403000 shares
CY2017Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
55795000 shares
CY2017Q3 dei Amendment Flag
AmendmentFlag
false
CY2017Q3 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.10
CY2017Q3 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--04-30
CY2017Q3 us-gaap Derivatives Methods Of Accounting Nonhedging Derivatives
DerivativesMethodsOfAccountingNonhedgingDerivatives
<div> <p style="margin-top:8pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL"> <b><i>Foreign Currency Forward Contracts Not Designated as Hedges</i></b></p> <p style="margin-top:8pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL"> The Company has established a program that primarily utilizes foreign currency forward contracts to offset the risks associated with the effects of certain foreign currency exposures. These foreign currency forward contracts are neither used for trading purposes nor are they designated as hedging instruments pursuant to Accounting Standards Codification 815, <i>Derivatives and Hedging</i>. Accordingly, the fair value of these contracts is 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>
CY2017Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.52
CY2017Q3 dei Document Period End Date
DocumentPeriodEndDate
2017-07-31
CY2017Q3 dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
CY2017Q3 us-gaap Use Of Estimates
UseOfEstimates
<div> <p style="margin-top:8pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL"> <b><i>Use of Estimates and Uncertainties</i></b></p> <p style="margin-top:8pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL"> 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>
CY2017Q3 us-gaap Defined Benefit Plan Assumptions Used Calculating Net Periodic Benefit Cost Expected Long Term Return On Assets
DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostExpectedLongTermReturnOnAssets
0.0650 pure
CY2017Q3 dei Entity Registrant Name
EntityRegistrantName
KORN FERRY INTERNATIONAL
CY2017Q3 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
3 Segment
CY2017Q3 us-gaap Revenues
Revenues
414917000
CY2017Q3 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
9529000
CY2017Q3 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
4026000
CY2017Q3 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax
-63000
CY2017Q3 us-gaap Marketable Securities Gain Loss Excluding Other Than Temporary Impairments
MarketableSecuritiesGainLossExcludingOtherThanTemporaryImpairments
3429000
CY2017Q3 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
-2660000
CY2017Q3 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
1378000
CY2017Q3 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
401254000
CY2017Q3 us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
4600000
CY2017Q3 us-gaap Payment For Contingent Consideration Liability Financing Activities
PaymentForContingentConsiderationLiabilityFinancingActivities
485000
CY2017Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
40737000
CY2017Q3 us-gaap Net Income Loss
NetIncomeLoss
29041000
CY2017Q3 us-gaap Increase Decrease In Other Operating Capital Net
IncreaseDecreaseInOtherOperatingCapitalNet
21986000
CY2017Q3 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
23413000
CY2017Q3 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
45907000
CY2017Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
45414000
CY2017Q3 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
4405000
CY2017Q3 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
5156000
CY2017Q3 us-gaap Reimbursement Revenue
ReimbursementRevenue
13663000
CY2017Q3 us-gaap Profit Loss
ProfitLoss
29429000
CY2017Q3 us-gaap Payments To Acquire Life Insurance Policies
PaymentsToAcquireLifeInsurancePolicies
403000
CY2017Q3 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
3346000
CY2017Q3 us-gaap Payments For Restructuring
PaymentsForRestructuring
4066000
CY2017Q3 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
5823000
CY2017Q3 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
16189000
CY2017Q3 us-gaap Life Insurance Corporate Or Bank Owned Change In Value
LifeInsuranceCorporateOrBankOwnedChangeInValue
2485000
CY2017Q3 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
4586000
CY2017Q3 us-gaap Restructuring Reserve Translation Adjustment
RestructuringReserveTranslationAdjustment
-409000
CY2017Q3 us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
414000
CY2017Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
3532000
CY2017Q3 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
3532000
CY2017Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
28753000
CY2017Q3 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
28755000
CY2017Q3 us-gaap Increase Decrease In Other Receivables
IncreaseDecreaseInOtherReceivables
10930000
CY2017Q3 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
10983000
CY2017Q3 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
30000
CY2017Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
41609000
CY2017Q3 us-gaap Cash Flow Hedge Gain Loss To Be Reclassified Within Twelve Months
CashFlowHedgeGainLossToBeReclassifiedWithinTwelveMonths
-700000
CY2017Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4696000
CY2017Q3 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
8562000
CY2017Q3 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
12209000
CY2017Q3 us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
5823000
CY2017Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
12210000
CY2017Q3 us-gaap Increase Decrease In Deferred Compensation
IncreaseDecreaseInDeferredCompensation
8288000
CY2017Q3 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-11767000
CY2017Q3 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
-352000
CY2017Q3 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodTax
-100000
CY2017Q3 us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions
3984000
CY2017Q3 us-gaap Share Based Compensation
ShareBasedCompensation
4696000
CY2017Q3 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Diluted
UndistributedEarningsLossAllocatedToParticipatingSecuritiesDiluted
230000
CY2017Q3 us-gaap Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
3318000
CY2017Q3 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents Continuing Operations
EffectOfExchangeRateOnCashAndCashEquivalentsContinuingOperations
7743000
CY2017Q3 us-gaap Labor And Related Expense
LaborAndRelatedExpense
273954000
CY2017Q3 us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
1734000
CY2017Q3 us-gaap Costs And Expenses
CostsAndExpenses
374180000
CY2017Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
58261000
CY2017Q3 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
388000
CY2017Q3 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-15266000
CY2017Q3 us-gaap Participating Securities Distributed And Undistributed Earnings Loss Basic
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasic
288000
CY2017Q3 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
3070000
CY2017Q3 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
7372000
CY2017Q3 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
-232000
CY2017Q3 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-128863000
CY2017Q3 us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest
493000
CY2017Q3 us-gaap Cost Of Reimbursable Expense
CostOfReimbursableExpense
13663000
CY2017Q3 us-gaap Cost Of Services
CostOfServices
15813000
CY2017Q3 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0
CY2017Q3 us-gaap Impairment Of Intangible Assets Indefinitelived Excluding Goodwill
ImpairmentOfIntangibleAssetsIndefinitelivedExcludingGoodwill
0
CY2017Q3 us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
6463000
CY2017Q3 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-109034000
CY2017Q3 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansTax
200000
CY2017Q3 us-gaap Proceeds From Equity Method Investment Dividends Or Distributions Return Of Capital
ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital
60000
CY2017Q3 us-gaap Proceeds From Life Insurance Policies
ProceedsFromLifeInsurancePolicies
971000
CY2017Q3 us-gaap Restructuring Charges
RestructuringCharges
280000
CY2017Q3 kfy Adjusted Earnings Before Interest Taxes Depreciation And Amortization
AdjustedEarningsBeforeInterestTaxesDepreciationAndAmortization
59376000
CY2017Q3 kfy Performance Related Bonus Expenses
PerformanceRelatedBonusExpenses
41600000
CY2017Q3 kfy Earnings Before Interest Taxes Depreciation And Amortization
EarningsBeforeInterestTaxesDepreciationAndAmortization
56508000
CY2017Q3 kfy Equity In Earnings Of Unconsolidated Subsidiaries
EquityInEarningsOfUnconsolidatedSubsidiaries
30000
CY2017Q3 kfy Business Combination Acquisition And Integration Related Costs
BusinessCombinationAcquisitionAndIntegrationRelatedCosts
2588000

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