$KFY
KORN FERRY

2017 Q4 Form 10-Q Financial Statement

#000119312517364804 Filed on December 08, 2017

View on sec.gov

Income Statement

Concept 2017 Q4 2016 Q4
Revenue $455.5M $415.0M
YoY Change 9.76% 42.43%
Cost Of Revenue $19.88M $18.87M
YoY Change 5.35% 67.98%
Gross Profit $435.6M $396.1M
YoY Change 9.97% 41.41%
Gross Profit Margin 95.63% 95.45%
Selling, General & Admin $359.6M $324.7M
YoY Change 10.75% 44.83%
% of Gross Profit 82.56% 81.98%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $12.45M $11.75M
YoY Change 5.91% 63.68%
% of Gross Profit 2.86% 2.97%
Operating Expenses $372.1M $336.5M
YoY Change 10.58% 28.28%
Operating Profit $52.47M $46.55M
YoY Change 12.72% 60.44%
Interest Expense -$3.624M -$2.736M
YoY Change 32.46% 402.94%
% of Operating Profit -6.91% -5.88%
Other Income/Expense, Net $3.447M -$879.0K
YoY Change -492.15% -66.78%
Pretax Income $52.29M $42.93M
YoY Change 21.8% 66.26%
Income Tax $15.62M $11.91M
% Of Pretax Income 29.87% 27.73%
Net Earnings $36.33M $30.15M
YoY Change 20.49% 67.78%
Net Earnings / Revenue 7.98% 7.27%
Basic Earnings Per Share $0.65 $0.53
Diluted Earnings Per Share $0.64 $0.52
COMMON SHARES
Basic Shares Outstanding 55.39M 56.61M shares
Diluted Shares Outstanding 55.98M 56.98M shares

Balance Sheet

Concept 2017 Q4 2016 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $296.3M $279.8M
YoY Change 5.9% 2.59%
Cash & Equivalents $282.6M $250.0M
Short-Term Investments $13.70M $29.80M
Other Short-Term Assets $66.80M $51.30M
YoY Change 30.21% 28.25%
Inventory
Prepaid Expenses
Receivables $397.4M $360.8M
Other Receivables $40.30M $23.40M
Total Short-Term Assets $800.8M $715.4M
YoY Change 11.94% 24.57%
LONG-TERM ASSETS
Property, Plant & Equipment $115.1M $108.4M
YoY Change 6.2% 75.74%
Goodwill $581.8M $586.3M
YoY Change -0.77% 133.6%
Intangibles $210.0M $225.0M
YoY Change -6.67% 416.77%
Long-Term Investments $216.6M $177.9M
YoY Change 21.75% -3.68%
Other Assets $137.8M $137.1M
YoY Change 0.51% -12.68%
Total Long-Term Assets $1.261B $1.235B
YoY Change 2.15% 76.91%
TOTAL ASSETS
Total Short-Term Assets $800.8M $715.4M
Total Long-Term Assets $1.261B $1.235B
Total Assets $2.062B $1.950B
YoY Change 5.74% 53.28%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $34.65M $27.71M
YoY Change 25.02% 60.78%
Accrued Expenses $342.4M $315.0M
YoY Change 8.7% 48.44%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $21.47M $19.75M
YoY Change 8.7%
Total Short-Term Liabilities $413.2M $365.4M
YoY Change 13.06% 55.81%
LONG-TERM LIABILITIES
Long-Term Debt $224.6M $246.1M
YoY Change -8.73%
Other Long-Term Liabilities $50.02M $56.27M
YoY Change -11.11% 135.93%
Total Long-Term Liabilities $274.6M $302.4M
YoY Change -9.17% 1167.75%
TOTAL LIABILITIES
Total Short-Term Liabilities $413.2M $365.4M
Total Long-Term Liabilities $274.6M $302.4M
Total Liabilities $927.4M $895.9M
YoY Change 3.51% 107.04%
SHAREHOLDERS EQUITY
Retained Earnings $515.8M $422.7M
YoY Change 22.02% -0.02%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.132B $1.051B
YoY Change
Total Liabilities & Shareholders Equity $2.062B $1.950B
YoY Change 5.74% 53.28%

Cashflow Statement

Concept 2017 Q4 2016 Q4
OPERATING ACTIVITIES
Net Income $36.33M $30.15M
YoY Change 20.49% 67.78%
Depreciation, Depletion And Amortization $12.45M $11.75M
YoY Change 5.91% 63.68%
Cash From Operating Activities $53.40M $47.40M
YoY Change 12.66% 182.14%
INVESTING ACTIVITIES
Capital Expenditures -$11.30M -$17.20M
YoY Change -34.3% 237.25%
Acquisitions
YoY Change
Other Investing Activities -$1.700M -$3.800M
YoY Change -55.26% -66.96%
Cash From Investing Activities -$12.90M -$21.00M
YoY Change -38.57% 26.51%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -37.70M -18.10M
YoY Change 108.29% 302.22%
NET CHANGE
Cash From Operating Activities 53.40M 47.40M
Cash From Investing Activities -12.90M -21.00M
Cash From Financing Activities -37.70M -18.10M
Net Change In Cash 2.800M 8.300M
YoY Change -66.27% -293.02%
FREE CASH FLOW
Cash From Operating Activities $53.40M $47.40M
Capital Expenditures -$11.30M -$17.20M
Free Cash Flow $64.70M $64.60M
YoY Change 0.15% 194.98%

Facts In Submission

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dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q2
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2018
dei Document Type
DocumentType
10-Q
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.15
dei Entity Central Index Key
EntityCentralIndexKey
0000056679
dei Amendment Flag
AmendmentFlag
false
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
56252000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
55592000 shares
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
-56160000
dei Trading Symbol
TradingSymbol
KFY
us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.20
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--04-30
us-gaap Derivatives Methods Of Accounting Nonhedging Derivatives
DerivativesMethodsOfAccountingNonhedgingDerivatives
<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 9pt; FONT-FAMILY: ARIAL; MARGIN-TOP: 6pt"> <b><i>Foreign Currency Forward Contracts Not Designated as Hedges</i></b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 9pt; FONT-FAMILY: ARIAL; MARGIN-TOP: 6pt"> 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>
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.16
dei Document Period End Date
DocumentPeriodEndDate
2017-10-31
dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
29261000
us-gaap Use Of Estimates
UseOfEstimates
<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; 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"> 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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dei Entity Registrant Name
EntityRegistrantName
KORN FERRY INTERNATIONAL
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us-gaap Number Of Reportable Segments
NumberOfReportableSegments
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us-gaap Revenues
Revenues
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OtherNonoperatingIncomeExpense
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us-gaap Increase Decrease In Other Receivables
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RepaymentsOfLongTermDebt
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ReimbursementRevenue
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ProfitLoss
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OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
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4227000
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RestructuringReserveTranslationAdjustment
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RepaymentsOfSecuredDebt
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PaymentsOfDividendsMinorityInterest
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OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax
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MarketableSecuritiesGainLossExcludingOtherThanTemporaryImpairments
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InterestIncomeExpenseNonoperatingNet
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EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
3048000
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SalesRevenueServicesNet
844272000
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PaymentsToAcquireMarketableSecurities
6738000
us-gaap Payment For Contingent Consideration Liability Financing Activities
PaymentForContingentConsiderationLiabilityFinancingActivities
485000
us-gaap Operating Income Loss
OperatingIncomeLoss
91981000
us-gaap Net Income Loss
NetIncomeLoss
65372000
us-gaap Increase Decrease In Other Operating Capital Net
IncreaseDecreaseInOtherOperatingCapitalNet
35344000
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IncreaseDecreaseInAccountsReceivable
59020000
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ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
79192000
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
78534000
us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
15267000
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
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IncomeTaxExpenseBenefit
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OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
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10283000
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100000
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