$KFY
KORN FERRY

2022 Q1 Form 10-Q Financial Statement

#000156459022009806 Filed on March 11, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q1
Revenue $685.0M $477.9M
YoY Change 43.33% -9.49%
Cost Of Revenue $35.88M $22.50M
YoY Change 59.47% -48.28%
Gross Profit $649.1M $455.3M
YoY Change 42.56% -6.03%
Gross Profit Margin 94.76% 95.27%
Selling, General & Admin $506.2M $373.6M
YoY Change 35.49% -11.05%
% of Gross Profit 77.98% 82.06%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $16.10M $15.74M
YoY Change 2.35% 5.87%
% of Gross Profit 2.48% 3.46%
Operating Expenses $522.3M $389.4M
YoY Change 34.13% -10.44%
Operating Profit $126.3M $65.16M
YoY Change 93.83% 106.22%
Interest Expense -$7.029M -$7.298M
YoY Change -3.69% 5.48%
% of Operating Profit -5.57% -11.2%
Other Income/Expense, Net -$7.277M $14.94M
YoY Change -148.72% 195.45%
Pretax Income $112.0M $72.79M
YoY Change 53.84% 144.84%
Income Tax $26.93M $21.20M
% Of Pretax Income 24.05% 29.13%
Net Earnings $84.10M $51.32M
YoY Change 63.88% 156.68%
Net Earnings / Revenue 12.28% 10.74%
Basic Earnings Per Share $1.55 $0.95
Diluted Earnings Per Share $1.54 $0.94
COMMON SHARES
Basic Shares Outstanding 53.00M shares 52.60M
Diluted Shares Outstanding 53.50M 53.01M

Balance Sheet

Concept 2022 Q1 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $919.6M $740.1M
YoY Change 24.26% 22.39%
Cash & Equivalents $846.5M $694.1M
Short-Term Investments $73.11M $45.90M
Other Short-Term Assets $40.64M $28.70M
YoY Change 41.59% -18.23%
Inventory
Prepaid Expenses
Receivables $603.3M $448.4M
Other Receivables $104.2M $98.40M
Total Short-Term Assets $1.668B $1.316B
YoY Change 26.77% 9.9%
LONG-TERM ASSETS
Property, Plant & Equipment $286.0M $316.9M
YoY Change -9.75% -10.1%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $209.0M $182.7M
YoY Change 14.41% 5.3%
Other Assets $258.1M $220.4M
YoY Change 17.12% 15.88%
Total Long-Term Assets $1.668B $1.548B
YoY Change 7.78% 0.35%
TOTAL ASSETS
Total Short-Term Assets $1.668B $1.316B
Total Long-Term Assets $1.668B $1.548B
Total Assets $3.336B $2.864B
YoY Change 16.5% 4.52%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $47.20M $37.90M
YoY Change 24.55% 5.28%
Accrued Expenses $532.8M $406.8M
YoY Change 30.98% 11.85%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $935.0K $1.000M
YoY Change -6.5% -33.33%
Total Short-Term Liabilities $851.2M $635.4M
YoY Change 33.95% 13.39%
LONG-TERM LIABILITIES
Long-Term Debt $396.7M $394.6M
YoY Change 0.52% -0.35%
Other Long-Term Liabilities $550.1M $39.85M
YoY Change 1280.45% -92.11%
Total Long-Term Liabilities $946.8M $434.5M
YoY Change 117.91% -51.77%
TOTAL LIABILITIES
Total Short-Term Liabilities $851.2M $635.4M
Total Long-Term Liabilities $946.8M $434.5M
Total Liabilities $1.805B $1.568B
YoY Change 15.07% 7.1%
SHAREHOLDERS EQUITY
Retained Earnings $774.3M
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.531B $1.293B
YoY Change
Total Liabilities & Shareholders Equity $3.336B $2.863B
YoY Change 16.51% 4.52%

Cashflow Statement

Concept 2022 Q1 2021 Q1
OPERATING ACTIVITIES
Net Income $84.10M $51.32M
YoY Change 63.88% 156.68%
Depreciation, Depletion And Amortization $16.10M $15.74M
YoY Change 2.35% 5.87%
Cash From Operating Activities $264.0M $146.4M
YoY Change 80.33% -9.18%
INVESTING ACTIVITIES
Capital Expenditures -$13.67M -$7.500M
YoY Change 82.28% -25.0%
Acquisitions
YoY Change
Other Investing Activities -$91.61M $500.0K
YoY Change -18422.4% -100.32%
Cash From Investing Activities -$105.3M -$7.000M
YoY Change 1404.04% -95.84%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -24.78M -18.60M
YoY Change 33.21% -117.63%
NET CHANGE
Cash From Operating Activities 264.0M 146.4M
Cash From Investing Activities -105.3M -7.000M
Cash From Financing Activities -24.78M -18.60M
Net Change In Cash 133.9M 120.8M
YoY Change 10.88% 22.76%
FREE CASH FLOW
Cash From Operating Activities $264.0M $146.4M
Capital Expenditures -$13.67M -$7.500M
Free Cash Flow $277.7M $153.9M
YoY Change 80.42% -10.11%

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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<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;">Foreign Currency Forward Contracts Not Designated as Hedges</p> <p style="margin-bottom:6pt;margin-top:0pt;text-indent:0%;font-weight:normal;font-size:9pt;font-family:Arial;font-style:normal;text-transform:none;font-variant: normal;">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 primarily originating from intercompany balances due to cross border work performed in the ordinary course of business. These foreign currency forward contracts are neither used for trading purposes nor are they designated as hedging instruments pursuant to ASC 815, <span style="font-style:italic;">Derivatives and Hedging</span>. 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>
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