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08.09.2016 16:05
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Korn Ferry International Announces First Quarter Fiscal 2017 Results of Operations
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PR Newswire
LOS ANGELES, Sept. 8, 2016
LOS ANGELES, Sept. 8, 2016 /PRNewswire/ -- Korn/Ferry International (NYSE: KFY), the preeminent global people and organizational advisory firm, today announced first quarter fee revenue of $375.6 million, or $379.2 million on an adjusted basis. Q1 FY'17 diluted earnings per share and adjusted diluted earnings per share were $0.06 and $0.52, respectively. Adjusted diluted earnings per share excludes $37.0 million of restructuring charges, net, integration/acquisition costs, a deferred revenue adjustment related to the Hay Group acquisition (which also impacted adjusted fee revenue), and a write-off of debt issuance costs as a result of replacing our prior credit facility with a new facility to provide enhanced financial flexibility.
"I am proud of the performance of our firm during the fiscal first quarter. We generated $376 million of fee revenue and $379 million of adjusted fee revenue, up 40% and 42% year over year, respectively," said Gary D. Burnison, CEO Korn Ferry. "Operationally, our combination with Hay Group and investments in our business have provided us with a more compelling platform to not only accelerate our clients' success, but accelerate Korn Ferry's growth – and generate stronger earnings power. I am confident that our strategic actions are making us more relevant to our clients, and firmly establishing Korn Ferry as a world-class people and organizational advisor."
| Selected Financial Results (dollars in millions, except per share amounts) (a) | | ||||
| | | ||||
| | First Quarter | | | ||
| | FY'17 | | FY'16 | | |
| Fee revenue | $ 375.6 | | $ 267.4 | | |
| Total revenue | $ 392.9 | | $ 279.3 | | |
| Operating income | $ 4.5 | | $ 32.9 | | |
| Operating margin | 1.2% | | 12.3% | | |
| Net income attributable to Korn Ferry | $ 3.2 | | $ 23.1 | | |
| Basic earnings per share | $ 0.06 | | $ 0.46 | | |
| Diluted earnings per share | $ 0.06 | | $ 0.46 | | |
| | | | | ||
| EBITDA Results (b): | First Quarter | | | ||
| | FY'17 | | FY'16 | | |
| EBITDA | $ 20.3 | | $ 41.0 | | |
| EBITDA margin | 5.4% | | 15.3% | | |
| | | | | ||
| Adjusted Results (c): | First Quarter | | | ||
| | FY'17 | | FY'16 | | |
| Adjusted fee revenue | $ 379.2 | | $ 267.4 | | |
| Adjusted EBITDA (b) | $ 56.4 | | $ 41.7 | | |
| Adjusted EBITDA margin (b) | 14.9% | | 15.6% | | |
| Adjusted net income attributable to Korn Ferry | $ 29.5 | | $ 23.5 | | |
| Adjusted basic earnings per share | $ 0.52 | | $ 0.47 | | |
| Adjusted diluted earnings per share | $ 0.52 | | $ 0.47 | | |
| | |
| ____________ | |
| (a) | Numbers may not total due to rounding. |
| (b) | EBITDA refers to earnings before interest, taxes, depreciation and amortization. Adjusted EBITDA further adjusts EBITDA to exclude restructuring charges (recoveries), net, integration/acquisition costs, and includes the deferred revenue adjustment related to the Hay Group acquisition. EBITDA, EBITDA margin, Adjusted EBITDA and Adjusted EBITDA margin are non-GAAP financial measures (see attached reconciliations). |
| (c) | Adjusted results are non-GAAP financial measures that adjust for the following, as applicable (see attached reconciliations): |
| | | | ||
| | First Quarter | | ||
| | FY'17 | | FY'16 | |
| Restructuring charges, net | $ 24.5 | | $ — | |
| Integration/acquisition costs | $ 8.0 | | $ 0.7 | |
| Deferred revenue adjustment related to the Hay Group acquisition | $ 3.5 | | $ — | |
| Write-off of debt issuance costs | $ 1.0 | | $ — | |
Fee revenue was $375.6 million in Q1 FY'17 and adjusted fee revenue was $379.2 million (including $3.5 million in deferred revenue adjustment related to the Hay Group acquisition).
- The growth was primarily due to increases in fee revenue in Futurestep and Hay Group segments.
- The increase in Hay Group is due to the acquisition that took place in the third quarter of fiscal 2016.
The Company substantially completed the fiscal 2016 restructuring plan during Q1 FY'17, integrating the Hay Group entities that were acquired in the prior year acquisition by eliminating redundant positions and operational and general and administrative expenses and consolidating office space. As a result, the Company recorded restructuring charges, net of $24.5 million in Q1 FY'17, of which $11.5 million relates to severance and $13.0 million relates to the consolidation of office space.
Operating margin was 1.2% in Q1 FY'17 compared to 12.3% in the year-ago quarter. EBITDA margin was 5.4% in Q1 FY'17 compared to 15.3% in Q1 FY'16. The decrease in the operating and EBITDA margins was due to restructuring charges of $24.5 million, an increase in integration/acquisition costs of $7.3 million and the deferred revenue adjustment referenced above.
Adjusted EBITDA margin was 14.9%, down 70 bps from the year-ago quarter. The decline in Adjusted EBITDA margin was primarily due to a change in the revenue mix with a greater proportion of revenue being generated by Hay Group and Futurestep, which yield lower margins than Executive Search, partially offset by the synergies achieved in connection with the Hay Group integration.
| Results by Segment | | ||||
| | | ||||
| Selected Executive Search Data (dollars in millions) (a) | | ||||
| | | ||||
| | First Quarter | | | ||
| | FY'17 | | FY'16 | | |
| Fee revenue | $ 146.4 | | $ 152.1 | | |
| Total revenue | $ 151.5 Werbung Mehr Nachrichten zur Korn Ferry International Aktie kostenlos abonnieren
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