$KFY
KORN FERRY

2019 Q3 Form 10-Q Financial Statement

#000156459019034253 Filed on September 06, 2019

View on sec.gov

Income Statement

Concept 2019 Q3 2018 Q3 2018 Q2
Revenue $496.2M $478.4M $475.4M
YoY Change 3.73% 15.29% 17.07%
Cost Of Revenue $28.80M $31.10M $33.50M
YoY Change -7.4% 96.67% 2.13%
Gross Profit $467.4M $447.2M $454.9M
YoY Change 4.52% 12.05% 17.61%
Gross Profit Margin 94.2% 93.49% 95.7%
Selling, General & Admin $394.3M $490.6M $375.3M
YoY Change -19.63% 47.68% 11.9%
% of Gross Profit 84.36% 109.7% 82.5%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $12.78M $11.73M $11.70M
YoY Change 8.92% -3.92% -4.88%
% of Gross Profit 2.73% 2.62% 2.57%
Operating Expenses $407.1M $502.4M $387.0M
YoY Change -18.97% 45.88% 11.3%
Operating Profit $60.33M -$55.12M $64.20M
YoY Change -209.46% -231.44% 95.52%
Interest Expense -$4.057M -$4.103M $4.400M
YoY Change -1.12% 11.49% 175.0%
% of Operating Profit -6.72% 6.85%
Other Income/Expense, Net $1.826M $4.520M -$13.70M
YoY Change -59.6% 34.76% -2840.0%
Pretax Income $58.10M -$54.70M $58.50M
YoY Change -206.22% -231.47% 67.14%
Income Tax $14.45M -$16.11M $14.00M
% Of Pretax Income 24.87% 23.93%
Net Earnings $42.95M -$38.61M $41.16M
YoY Change -211.24% -232.95% 52.87%
Net Earnings / Revenue 8.66% -8.07% 8.66%
Basic Earnings Per Share $0.77 -$0.70 $0.74
Diluted Earnings Per Share $0.76 -$0.70 $0.73
COMMON SHARES
Basic Shares Outstanding 55.27M 55.38M 56.52M shares
Diluted Shares Outstanding 55.64M 55.38M

Balance Sheet

Concept 2019 Q3 2018 Q3 2018 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $433.1M $376.7M $535.1M
YoY Change 14.97% 28.26% 28.88%
Cash & Equivalents $424.6M $365.7M $520.8M
Short-Term Investments $8.500M $11.00M $14.30M
Other Short-Term Assets $33.30M $32.10M $65.00M
YoY Change 3.74% -48.64% 26.21%
Inventory
Prepaid Expenses
Receivables $432.8M $397.6M $385.0M
Other Receivables $75.90M $77.70M $29.10M
Total Short-Term Assets $975.1M $884.0M $1.014B
YoY Change 10.3% 15.42% 20.22%
LONG-TERM ASSETS
Property, Plant & Equipment $356.8M $123.3M $119.9M
YoY Change 189.33% 9.34% 9.43%
Goodwill $581.9M $584.2M
YoY Change -0.24% 1.28%
Intangibles $93.05M $203.2M
YoY Change -56.5% -6.49%
Long-Term Investments $156.2M $143.5M $220.7M
YoY Change 8.85% -30.07% 21.13%
Other Assets $167.9M $161.3M $145.6M
YoY Change 4.09% 21.01% 9.31%
Total Long-Term Assets $1.432B $1.195B $1.274B
YoY Change 19.74% -4.24% 4.46%
TOTAL ASSETS
Total Short-Term Assets $975.1M $884.0M $1.014B
Total Long-Term Assets $1.432B $1.195B $1.274B
Total Assets $2.407B $2.079B $2.288B
YoY Change 15.73% 3.23% 10.91%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $33.20M $35.33M $35.20M
YoY Change -6.02% 8.17% -6.1%
Accrued Expenses $244.9M $326.0M $379.5M
YoY Change -24.88% 8.99% 26.08%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $1.700M $26.63M $24.91M
YoY Change -93.62% 34.8% 26.11%
Total Short-Term Liabilities $411.7M $413.8M $558.5M
YoY Change -0.5% 15.33% 21.78%
LONG-TERM LIABILITIES
Long-Term Debt $225.5M $204.7M $211.3M
YoY Change 10.19% -11.51% -10.55%
Other Long-Term Liabilities $504.0M $60.36M $61.69M
YoY Change 734.93% 8.01% 13.97%
Total Long-Term Liabilities $729.5M $265.0M $273.0M
YoY Change 175.26% -7.71% -5.97%
TOTAL LIABILITIES
Total Short-Term Liabilities $411.7M $413.8M $558.5M
Total Long-Term Liabilities $729.5M $265.0M $273.0M
Total Liabilities $1.146B $914.9M $1.068B
YoY Change 25.23% 3.31% 9.47%
SHAREHOLDERS EQUITY
Retained Earnings $537.0M $572.8M
YoY Change 10.68% 23.99%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.261B $1.162B $1.217B
YoY Change
Total Liabilities & Shareholders Equity $2.407B $2.079B $2.288B
YoY Change 15.73% 3.23% 10.91%

Cashflow Statement

Concept 2019 Q3 2018 Q3 2018 Q2
OPERATING ACTIVITIES
Net Income $42.95M -$38.61M $41.16M
YoY Change -211.24% -232.95% 52.87%
Depreciation, Depletion And Amortization $12.78M $11.73M $11.70M
YoY Change 8.92% -3.92% -4.88%
Cash From Operating Activities -$161.9M -$117.5M $159.5M
YoY Change 37.81% 7.23% 72.62%
INVESTING ACTIVITIES
Capital Expenditures $10.71M $13.16M -$10.90M
YoY Change -18.67% 38.14% 28.24%
Acquisitions
YoY Change
Other Investing Activities $1.500M $6.500M -$1.700M
YoY Change -76.92% -395.45% -666.67%
Cash From Investing Activities -$9.209M -$6.632M -$12.60M
YoY Change 38.86% -43.64% 53.66%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $12.74M
YoY Change
Debt Paid & Issued, Net $5.156M
YoY Change 0.0%
Cash From Financing Activities -24.93M -20.59M -12.70M
YoY Change 21.08% 34.86% -48.58%
NET CHANGE
Cash From Operating Activities -161.9M -117.5M 159.5M
Cash From Investing Activities -9.209M -6.632M -12.60M
Cash From Financing Activities -24.93M -20.59M -12.70M
Net Change In Cash -201.7M -144.7M 134.2M
YoY Change 39.4% 5.93% 125.55%
FREE CASH FLOW
Cash From Operating Activities -$161.9M -$117.5M $159.5M
Capital Expenditures $10.71M $13.16M -$10.90M
Free Cash Flow -$172.6M -$130.7M $170.4M
YoY Change 32.12% 9.7% 68.88%

Facts In Submission

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<p style="margin-bottom:6pt;margin-top:0pt;text-indent:0%;font-style:italic;font-size:9pt;font-family:Arial;font-weight:bold;text-transform:none;font-variant: normal;">Use of Estimates and Uncertainties</p> <p style="margin-bottom:6pt;margin-top:0pt;text-indent:0%;font-size:9pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">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 or determinable. The most significant areas that require management’s judgment are revenue recognition, deferred compensation, annual performance-related bonuses, evaluation of the carrying value of receivables, goodwill and other intangible assets, share-based payments, leases, and the recoverability of deferred income taxes.</p>
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<p style="margin-bottom:6pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-style:italic;font-size:9pt;font-family:Arial;text-transform:none;font-variant: normal;">Reclassifications</p> <p style="margin-bottom:6pt;margin-top:0pt;text-indent:0%;font-size:9pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Certain reclassifications have been made to the amounts in prior periods in order to conform to the current period’s presentation. </p>
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AccumulatedOtherComprehensiveIncomeLossNetOfTax
-82114000
CY2019Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
5462000
CY2018Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
5714000
CY2019Q3 us-gaap Other Deferred Compensation Arrangements Liability Current And Noncurrent
OtherDeferredCompensationArrangementsLiabilityCurrentAndNoncurrent
133700000
CY2019Q3 kfy Deferred Compensation Plans Unvested Obligations
DeferredCompensationPlansUnvestedObligations
17300000
CY2019Q2 kfy Deferred Compensation Plans Unvested Obligations
DeferredCompensationPlansUnvestedObligations
24600000
CY2019Q3 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
470000
CY2019Q3 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
40000
CY2019Q3 kfy Finance Lease Costs
FinanceLeaseCosts
510000
CY2019Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
14227000
CY2019Q3 us-gaap Short Term Lease Cost
ShortTermLeaseCost
279000
CY2019Q3 us-gaap Variable Lease Cost
VariableLeaseCost
2893000
CY2019Q3 us-gaap Sublease Income
SubleaseIncome
54000
CY2019Q3 us-gaap Lease Cost
LeaseCost
17855000
CY2019Q3 us-gaap Operating Lease Payments
OperatingLeasePayments
14909000
CY2019Q3 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
432000
CY2019Q3 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
935000
CY2019Q3 us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability
513000
CY2019Q3 kfy Finance Leases Property And Equipment At Cost
FinanceLeasesPropertyAndEquipmentAtCost
4519000
CY2019Q3 kfy Finance Leases Accumulated Depreciation
FinanceLeasesAccumulatedDepreciation
473000
CY2019Q3 us-gaap Finance Lease Right Of Use Asset
FinanceLeaseRightOfUseAsset
4046000
CY2019Q3 kfy Finance Lease Other Accrued Liabilities Current
FinanceLeaseOtherAccruedLiabilitiesCurrent
1715000
CY2019Q3 kfy Finance Lease Other Liabilities Non Current
FinanceLeaseOtherLiabilitiesNonCurrent
2366000
CY2019Q3 us-gaap Finance Lease Liability
FinanceLeaseLiability
4081000
CY2019Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P6Y2M12D
CY2019Q3 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
P2Y9M18D
CY2019Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.048
CY2019Q3 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.041
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
44919000
CY2019Q3 us-gaap Finance Lease Liability Payments Remainder Of Fiscal Year
FinanceLeaseLiabilityPaymentsRemainderOfFiscalYear
1438000
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
54799000
CY2019Q3 us-gaap Finance Lease Liability Payments Due Year Two
FinanceLeaseLiabilityPaymentsDueYearTwo
1462000
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
47188000
CY2019Q3 us-gaap Finance Lease Liability Payments Due Year Three
FinanceLeaseLiabilityPaymentsDueYearThree
984000
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
40144000
CY2019Q3 us-gaap Finance Lease Liability Payments Due Year Four
FinanceLeaseLiabilityPaymentsDueYearFour
326000
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
34803000
CY2019Q3 us-gaap Finance Lease Liability Payments Due Year Five
FinanceLeaseLiabilityPaymentsDueYearFive
112000
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
74369000
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
296222000
CY2019Q3 us-gaap Finance Lease Liability Payments Due
FinanceLeaseLiabilityPaymentsDue
4322000
CY2019Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
41765000
CY2019Q3 us-gaap Finance Lease Liability Undiscounted Excess Amount
FinanceLeaseLiabilityUndiscountedExcessAmount
241000
CY2019Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
254457000
CY2019Q3 us-gaap Finance Lease Liability
FinanceLeaseLiability
4081000
CY2019Q3 us-gaap Defined Benefit Plan Assumptions Used Calculating Net Periodic Benefit Cost Expected Long Term Return On Assets
DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostExpectedLongTermReturnOnAssets
0.0600
CY2018Q3 us-gaap Defined Benefit Plan Assumptions Used Calculating Net Periodic Benefit Cost Expected Long Term Return On Assets
DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostExpectedLongTermReturnOnAssets
0.0625
CY2019Q3 us-gaap Marketable Securities Gain Loss Excluding Other Than Temporary Impairments
MarketableSecuritiesGainLossExcludingOtherThanTemporaryImpairments
1900000
CY2018Q3 us-gaap Marketable Securities Gain Loss Excluding Other Than Temporary Impairments
MarketableSecuritiesGainLossExcludingOtherThanTemporaryImpairments
4000000.0
CY2019Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
496198000
CY2019Q3 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
72508000
CY2019Q2 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
60595000
CY2019Q3 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
112676000
CY2019Q2 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
112999000
CY2019Q3 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
44800000
CY2019Q3 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
556700000
CY2019Q3 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
556700000
CY2019Q3 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
264500000
CY2019Q3 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
163600000
CY2019Q3 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
99400000
CY2019Q3 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
29200000
CY2019Q3 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Explanation
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionExplanation
2023 and thereafter
CY2019Q3 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210
CY2019Q3 us-gaap Net Income Loss
NetIncomeLoss
42951000
CY2019Q3 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
699000
CY2019Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
1826000
CY2019Q3 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
-4057000
CY2019Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
14453000
CY2019Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
60334000
CY2019Q3 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
12777000
CY2019Q3 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
1826000
CY2019Q3 kfy Earnings Before Interest Taxes Depreciation And Amortization And Adjusted Earnings Before Interest Taxes Depreciation And Amortization
EarningsBeforeInterestTaxesDepreciationAndAmortizationAndAdjustedEarningsBeforeInterestTaxesDepreciationAndAmortization
74937000
CY2018Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
478362000
CY2018Q3 us-gaap Net Income Loss
NetIncomeLoss
-38611000
CY2018Q3 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
19000
CY2018Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
4520000
CY2018Q3 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
-4103000
CY2018Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-16110000
CY2018Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-55119000
CY2018Q3 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
11731000
CY2018Q3 kfy Business Combination Acquisition And Integration Related Costs
BusinessCombinationAcquisitionAndIntegrationRelatedCosts
3107000
CY2018Q3 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
4520000
CY2018Q3 us-gaap Asset Impairment Charges
AssetImpairmentCharges
106555000
CY2018Q3 kfy Adjusted Earnings Before Interest Taxes Depreciation And Amortization
AdjustedEarningsBeforeInterestTaxesDepreciationAndAmortization
70794000

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