$KFY
KORN FERRY

2020 Q3 Form 10-Q Financial Statement

#000156459020042790 Filed on September 08, 2020

View on sec.gov

Income Statement

Concept 2020 Q3 2019 Q3
Revenue $346.9M $496.2M
YoY Change -30.09% 3.73%
Cost Of Revenue $17.10M $28.80M
YoY Change -40.63% -7.4%
Gross Profit $329.8M $467.4M
YoY Change -29.44% 4.52%
Gross Profit Margin 95.08% 94.2%
Selling, General & Admin $331.1M $394.3M
YoY Change -16.03% -19.63%
% of Gross Profit 100.39% 84.36%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $15.04M $12.78M
YoY Change 17.67% 8.92%
% of Gross Profit 4.56% 2.73%
Operating Expenses $346.1M $407.1M
YoY Change -14.98% -18.97%
Operating Profit -$43.80M $60.33M
YoY Change -172.59% -209.46%
Interest Expense -$6.894M -$4.057M
YoY Change 69.93% -1.12%
% of Operating Profit -6.72%
Other Income/Expense, Net $11.16M $1.826M
YoY Change 511.28% -59.6%
Pretax Income -$39.50M $58.10M
YoY Change -167.98% -206.22%
Income Tax -$8.700M $14.45M
% Of Pretax Income 24.87%
Net Earnings -$30.83M $42.95M
YoY Change -171.79% -211.24%
Net Earnings / Revenue -8.89% 8.66%
Basic Earnings Per Share -$0.58 $0.77
Diluted Earnings Per Share -$0.58 $0.76
COMMON SHARES
Basic Shares Outstanding 53.26M 55.27M
Diluted Shares Outstanding 53.26M 55.64M

Balance Sheet

Concept 2020 Q3 2019 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $592.7M $433.1M
YoY Change 36.85% 14.97%
Cash & Equivalents $542.8M $424.6M
Short-Term Investments $49.90M $8.500M
Other Short-Term Assets $35.00M $33.30M
YoY Change 5.11% 3.74%
Inventory
Prepaid Expenses
Receivables $375.2M $432.8M
Other Receivables $90.40M $75.90M
Total Short-Term Assets $1.093B $975.1M
YoY Change 12.12% 10.3%
LONG-TERM ASSETS
Property, Plant & Equipment $331.5M $356.8M
YoY Change -7.09% 189.33%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $168.1M $156.2M
YoY Change 7.62% 8.85%
Other Assets $200.1M $167.9M
YoY Change 19.18% 4.09%
Total Long-Term Assets $1.525B $1.432B
YoY Change 6.52% 19.74%
TOTAL ASSETS
Total Short-Term Assets $1.093B $975.1M
Total Long-Term Assets $1.525B $1.432B
Total Assets $2.618B $2.407B
YoY Change 8.79% 15.73%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $37.00M $33.20M
YoY Change 11.45% -6.02%
Accrued Expenses $311.9M $244.9M
YoY Change 27.36% -24.88%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $1.200M $1.700M
YoY Change -29.41% -93.62%
Total Short-Term Liabilities $491.3M $411.7M
YoY Change 19.33% -0.5%
LONG-TERM LIABILITIES
Long-Term Debt $396.2M $225.5M
YoY Change 75.7% 10.19%
Other Long-Term Liabilities $511.9M $504.0M
YoY Change 1.57% 734.93%
Total Long-Term Liabilities $908.1M $729.5M
YoY Change 24.48% 175.26%
TOTAL LIABILITIES
Total Short-Term Liabilities $491.3M $411.7M
Total Long-Term Liabilities $908.1M $729.5M
Total Liabilities $1.402B $1.146B
YoY Change 22.41% 25.23%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.216B $1.261B
YoY Change
Total Liabilities & Shareholders Equity $2.618B $2.407B
YoY Change 8.79% 15.73%

Cashflow Statement

Concept 2020 Q3 2019 Q3
OPERATING ACTIVITIES
Net Income -$30.83M $42.95M
YoY Change -171.79% -211.24%
Depreciation, Depletion And Amortization $15.04M $12.78M
YoY Change 17.67% 8.92%
Cash From Operating Activities -$144.3M -$161.9M
YoY Change -10.9% 37.81%
INVESTING ACTIVITIES
Capital Expenditures $8.787M $10.71M
YoY Change -17.92% -18.67%
Acquisitions
YoY Change
Other Investing Activities -$4.400M $1.500M
YoY Change -393.33% -76.92%
Cash From Investing Activities -$13.21M -$9.209M
YoY Change 43.45% 38.86%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $12.74M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -7.805M -24.93M
YoY Change -68.69% 21.08%
NET CHANGE
Cash From Operating Activities -144.3M -161.9M
Cash From Investing Activities -13.21M -9.209M
Cash From Financing Activities -7.805M -24.93M
Net Change In Cash -146.5M -201.7M
YoY Change -27.4% 39.4%
FREE CASH FLOW
Cash From Operating Activities -$144.3M -$161.9M
Capital Expenditures $8.787M $10.71M
Free Cash Flow -$153.0M -$172.6M
YoY Change -11.34% 32.12%

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-weight:bold;font-family:Arial;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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CY2019Q3 us-gaap Defined Benefit Plan Assumptions Used Calculating Net Periodic Benefit Cost Expected Long Term Return On Assets
DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostExpectedLongTermReturnOnAssets
0.0600
CY2020Q3 us-gaap Equity Securities Fv Ni Gain Loss
EquitySecuritiesFvNiGainLoss
11500000
CY2019Q3 us-gaap Equity Securities Fv Ni Gain Loss
EquitySecuritiesFvNiGainLoss
1900000
CY2020Q3 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
75677000
CY2020Q2 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
65370000
CY2020Q3 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
130960000
CY2020Q2 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
133128000
CY2020Q3 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
41400000
CY2020Q3 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
629800000
CY2020Q3 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
629800000
CY2020Q3 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
247300000
CY2020Q3 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
210000000.0
CY2020Q3 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
95400000
CY2020Q3 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
77100000
CY2020Q3 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Explanation
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionExplanation
2024 and thereafter
CY2020Q2 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
23795000
CY2020Q3 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
4626000
CY2020Q3 us-gaap Allowance For Doubtful Accounts Receivable Write Offs
AllowanceForDoubtfulAccountsReceivableWriteOffs
2697000
CY2020Q3 us-gaap Allowance For Doubtful Accounts Receivable Recoveries
AllowanceForDoubtfulAccountsReceivableRecoveries
43000
CY2020Q3 kfy Allowance For Doubtful Accounts Foreign Currency Translation
AllowanceForDoubtfulAccountsForeignCurrencyTranslation
802000
CY2020Q3 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
26569000
CY2020Q2 us-gaap Restructuring Reserve
RestructuringReserve
34153000
CY2020Q3 us-gaap Restructuring Charges
RestructuringCharges
27487000
CY2020Q3 us-gaap Payments For Restructuring
PaymentsForRestructuring
31347000
CY2020Q3 us-gaap Restructuring Reserve Settled Without Cash2
RestructuringReserveSettledWithoutCash2
3968000
CY2020Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-8700000
CY2019Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
14500000
CY2020Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.219
CY2019Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.249
CY2020Q3 us-gaap Restructuring Reserve Translation Adjustment
RestructuringReserveTranslationAdjustment
-2207000
CY2020Q3 us-gaap Restructuring Reserve
RestructuringReserve
28532000
CY2020Q3 us-gaap Restructuring Reserve Noncurrent
RestructuringReserveNoncurrent
600000
CY2020Q2 us-gaap Restructuring Reserve Noncurrent
RestructuringReserveNoncurrent
600000
CY2020Q3 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
4
CY2020Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
346883000
CY2020Q3 us-gaap Net Income Loss
NetIncomeLoss
-30833000
CY2020Q3 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-22000
CY2020Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
11162000
CY2020Q3 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
-6894000
CY2020Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-43795000
CY2020Q3 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
15035000
CY2020Q3 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
11162000
CY2020Q3 kfy Earnings Before Interest Taxes Depreciation And Amortization
EarningsBeforeInterestTaxesDepreciationAndAmortization
-17598000
CY2020Q3 kfy Business Combination Acquisition And Integration Related Costs
BusinessCombinationAcquisitionAndIntegrationRelatedCosts
737000
CY2020Q3 us-gaap Restructuring Charges
RestructuringCharges
27487000
CY2020Q3 kfy Adjusted Earnings Before Interest Taxes Depreciation And Amortization
AdjustedEarningsBeforeInterestTaxesDepreciationAndAmortization
10626000
CY2019Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
496198000
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
CY2020Q3 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
338000
CY2019Q3 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
470000
CY2020Q3 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
31000
CY2019Q3 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
40000
CY2020Q3 kfy Finance Lease Costs
FinanceLeaseCosts
369000
CY2019Q3 kfy Finance Lease Costs
FinanceLeaseCosts
510000
CY2020Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
13983000
CY2019Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
14227000
CY2020Q3 us-gaap Finance Lease Liability Noncurrent
FinanceLeaseLiabilityNoncurrent
1945000
CY2020Q2 us-gaap Finance Lease Liability Noncurrent
FinanceLeaseLiabilityNoncurrent
1634000
CY2020Q3 us-gaap Finance Lease Liability
FinanceLeaseLiability
3136000
CY2020Q2 us-gaap Finance Lease Liability
FinanceLeaseLiability
2875000
CY2020Q3 us-gaap Finance Lease Liability Current
FinanceLeaseLiabilityCurrent
1191000
CY2020Q2 us-gaap Finance Lease Liability Current
FinanceLeaseLiabilityCurrent
1241000
CY2020Q3 us-gaap Short Term Lease Cost
ShortTermLeaseCost
108000
CY2019Q3 us-gaap Short Term Lease Cost
ShortTermLeaseCost
279000
CY2020Q3 us-gaap Variable Lease Cost
VariableLeaseCost
2407000
CY2019Q3 us-gaap Variable Lease Cost
VariableLeaseCost
2893000
CY2020Q3 us-gaap Sublease Income
SubleaseIncome
80000
CY2019Q3 us-gaap Sublease Income
SubleaseIncome
54000
CY2020Q3 us-gaap Lease Cost
LeaseCost
16787000
CY2019Q3 us-gaap Lease Cost
LeaseCost
17855000
CY2020Q3 us-gaap Operating Lease Payments
OperatingLeasePayments
15000000
CY2019Q3 us-gaap Operating Lease Payments
OperatingLeasePayments
14909000
CY2020Q3 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
331000
CY2019Q3 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
432000
CY2020Q3 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
1901000
CY2019Q3 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
935000
CY2020Q3 us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability
435000
CY2019Q3 us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability
513000
CY2020Q3 kfy Finance Leases Property And Equipment At Cost
FinanceLeasesPropertyAndEquipmentAtCost
4811000
CY2020Q2 kfy Finance Leases Property And Equipment At Cost
FinanceLeasesPropertyAndEquipmentAtCost
4281000
CY2020Q3 kfy Finance Leases Accumulated Depreciation
FinanceLeasesAccumulatedDepreciation
1806000
CY2020Q2 kfy Finance Leases Accumulated Depreciation
FinanceLeasesAccumulatedDepreciation
1485000
CY2020Q3 us-gaap Finance Lease Right Of Use Asset
FinanceLeaseRightOfUseAsset
3005000
CY2020Q2 us-gaap Finance Lease Right Of Use Asset
FinanceLeaseRightOfUseAsset
2796000
CY2020Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P5Y3M18D
CY2020Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P5Y6M
CY2020Q3 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
P3Y2M12D
CY2020Q2 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
P2Y10M24D
CY2020Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.048
CY2020Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.048
CY2020Q3 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.042
CY2020Q2 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.041
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
51043000
CY2020Q3 us-gaap Finance Lease Liability Payments Remainder Of Fiscal Year
FinanceLeaseLiabilityPaymentsRemainderOfFiscalYear
1010000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
52486000
CY2020Q3 us-gaap Finance Lease Liability Payments Due Next Twelve Months
FinanceLeaseLiabilityPaymentsDueNextTwelveMonths
1048000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
44329000
CY2020Q3 us-gaap Finance Lease Liability Payments Due Year Two
FinanceLeaseLiabilityPaymentsDueYearTwo
750000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
37567000
CY2020Q3 us-gaap Finance Lease Liability Payments Due Year Three
FinanceLeaseLiabilityPaymentsDueYearThree
408000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
32177000
CY2020Q3 us-gaap Finance Lease Liability Payments Due Year Four
FinanceLeaseLiabilityPaymentsDueYearFour
122000
CY2020Q3 kfy Lessee Operating Lease Liability Payments Due After Year Four
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFour
45374000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
262976000
CY2020Q3 us-gaap Finance Lease Liability Payments Due
FinanceLeaseLiabilityPaymentsDue
3338000
CY2020Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
32172000
CY2020Q3 us-gaap Finance Lease Liability Undiscounted Excess Amount
FinanceLeaseLiabilityUndiscountedExcessAmount
202000
CY2020Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
230804000
CY2020Q3 us-gaap Finance Lease Liability
FinanceLeaseLiability
3136000

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