$KFY
KORN FERRY

2018 Q1 Form 10-Q Financial Statement

#000119312518077278 Filed on March 09, 2018

View on sec.gov

Income Statement

Concept 2018 Q1 2017 Q1
Revenue $460.8M $394.2M
YoY Change 16.89% 9.84%
Cost Of Revenue $17.47M $16.55M
YoY Change 5.57% -5.42%
Gross Profit $443.3M $377.7M
YoY Change 17.38% 10.62%
Gross Profit Margin 96.21% 95.8%
Selling, General & Admin $369.3M $319.3M
YoY Change 15.66% 14.73%
% of Gross Profit 83.31% 84.55%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $12.20M $11.77M
YoY Change 3.62% 13.98%
% of Gross Profit 2.75% 3.12%
Operating Expenses $381.4M $331.1M
YoY Change 15.19% -11.22%
Operating Profit $49.85M $30.54M
YoY Change 63.2% -317.12%
Interest Expense -$3.710M -$2.402M
YoY Change 54.45% 545.7%
% of Operating Profit -7.44% -7.86%
Other Income/Expense, Net $7.689M $4.200M
YoY Change 83.07% -159.22%
Pretax Income $53.65M $32.34M
YoY Change 65.88% -250.2%
Income Tax $26.32M $8.075M
% Of Pretax Income 49.05% 24.97%
Net Earnings $27.25M $23.90M
YoY Change 14.02% -249.4%
Net Earnings / Revenue 5.91% 6.06%
Basic Earnings Per Share $0.49 $0.42
Diluted Earnings Per Share $0.48 $0.42
COMMON SHARES
Basic Shares Outstanding 55.25M 56.17M shares
Diluted Shares Outstanding 56.00M 56.70M shares

Balance Sheet

Concept 2018 Q1 2017 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $404.8M $355.4M
YoY Change 13.9% 64.16%
Cash & Equivalents $390.0M $351.3M
Short-Term Investments $14.80M $4.100M
Other Short-Term Assets $63.40M $52.00M
YoY Change 21.92% 20.37%
Inventory
Prepaid Expenses
Receivables $397.8M $343.1M
Other Receivables $26.00M $23.80M
Total Short-Term Assets $892.0M $774.4M
YoY Change 15.19% 24.33%
LONG-TERM ASSETS
Property, Plant & Equipment $116.8M $108.8M
YoY Change 7.29% 20.73%
Goodwill $586.6M $581.0M
YoY Change 0.95% 1.03%
Intangibles $206.7M $221.0M
YoY Change -6.48% -7.47%
Long-Term Investments $223.0M $175.5M
YoY Change 27.07% -2.5%
Other Assets $141.5M $135.8M
YoY Change 4.2% -18.34%
Total Long-Term Assets $1.274B $1.222B
YoY Change 4.28% -2.26%
TOTAL ASSETS
Total Short-Term Assets $892.0M $774.4M
Total Long-Term Assets $1.274B $1.222B
Total Assets $2.167B $1.997B
YoY Change 8.51% 6.58%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $28.36M $31.48M
YoY Change -9.91% 22.69%
Accrued Expenses $398.2M $348.8M
YoY Change 14.16% -5.4%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $23.19M $19.75M
YoY Change 17.4% -36.28%
Total Short-Term Liabilities $466.9M $407.6M
YoY Change 14.54% -4.76%
LONG-TERM LIABILITIES
Long-Term Debt $218.0M $241.2M
YoY Change -9.62% 107.01%
Other Long-Term Liabilities $59.58M $51.09M
YoY Change 16.63% 38.98%
Total Long-Term Liabilities $277.6M $292.2M
YoY Change -5.03% 695.1%
TOTAL LIABILITIES
Total Short-Term Liabilities $466.9M $407.6M
Total Long-Term Liabilities $277.6M $292.2M
Total Liabilities $985.6M $928.5M
YoY Change 6.15% 10.2%
SHAREHOLDERS EQUITY
Retained Earnings $537.4M $440.8M
YoY Change 21.9% 9.92%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.178B $1.065B
YoY Change
Total Liabilities & Shareholders Equity $2.167B $1.997B
YoY Change 8.51% 6.58%

Cashflow Statement

Concept 2018 Q1 2017 Q1
OPERATING ACTIVITIES
Net Income $27.25M $23.90M
YoY Change 14.02% -249.4%
Depreciation, Depletion And Amortization $12.20M $11.77M
YoY Change 3.62% 13.98%
Cash From Operating Activities $115.8M $102.3M
YoY Change 13.2% 82.68%
INVESTING ACTIVITIES
Capital Expenditures -$10.30M -$9.300M
YoY Change 10.75% 30.99%
Acquisitions
YoY Change
Other Investing Activities $2.800M $27.70M
YoY Change -89.89% -111.19%
Cash From Investing Activities -$7.500M $18.40M
YoY Change -140.76% -107.23%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -11.60M -19.40M
YoY Change -40.21% -113.56%
NET CHANGE
Cash From Operating Activities 115.8M 102.3M
Cash From Investing Activities -7.500M 18.40M
Cash From Financing Activities -11.60M -19.40M
Net Change In Cash 96.70M 101.3M
YoY Change -4.54% -282.85%
FREE CASH FLOW
Cash From Operating Activities $115.8M $102.3M
Capital Expenditures -$10.30M -$9.300M
Free Cash Flow $126.1M $111.6M
YoY Change 12.99% 76.86%

Facts In Submission

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kfy Business Combination Acquisition And Integration Related Costs
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dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q3
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2018
dei Document Type
DocumentType
10-Q
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
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dei Entity Central Index Key
EntityCentralIndexKey
0000056679
dei Trading Symbol
TradingSymbol
KFY
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dei Amendment Flag
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us-gaap Derivatives Methods Of Accounting Nonhedging Derivatives
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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 9pt; FONT-FAMILY: ARIAL; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial"> <b><i>Foreign Currency Forward Contracts Not Designated as Hedges</i></b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 9pt; FONT-FAMILY: ARIAL; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial"> 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,&#xA0;<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
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dei Document Period End Date
DocumentPeriodEndDate
2018-01-31
dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
dei Entity Registrant Name
EntityRegistrantName
KORN FERRY INTERNATIONAL
us-gaap Use Of Estimates
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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 9pt; FONT-FAMILY: ARIAL; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial"> <b><i>Use of Estimates and Uncertainties</i></b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 9pt; FONT-FAMILY: ARIAL; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial"> 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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CY2018Q1 kfy Equity In Earnings Of Unconsolidated Subsidiaries
EquityInEarningsOfUnconsolidatedSubsidiaries
97000
CY2018Q1 kfy Increase Decrease In Depreciation Depletion And Amortization
IncreaseDecreaseInDepreciationDepletionAndAmortization
12225000
CY2018Q1 kfy Business Combination Acquisition And Integration Related Costs
BusinessCombinationAcquisitionAndIntegrationRelatedCosts
1673000

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