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06.09.2017 22:10
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Korn Ferry International Announces First Quarter Fiscal 2018 Results of Operations
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PR Newswire
LOS ANGELES, Sep. 6, 2017
LOS ANGELES, Sep. 6, 2017 /PRNewswire/ --
Highlights
- Korn Ferry reports fee revenue of $401.3 million in Q1 FY'18, a 6.8% increase from Q1 FY'17, driven by organic growth in all lines of business.
- Operating income was $40.7 million in Q1 FY'18 with an operating margin of 10.2%. Adjusted EBITDA was $59.4 million with Adjusted EBITDA margin of 14.8%.
- Q1 FY'18 diluted earnings per share was $0.51 and adjusted diluted earnings per share was $0.55.
- The Company continued to return capital to stockholders during the quarter, paying $5.8 million in dividends and repurchasing $4.0 million worth of its outstanding shares. As of September 5th, the cumulative share repurchases since the program started in October 2016 amount to $57.4 million, which equates to almost 2.0 million shares.
- The Company declared a quarterly dividend of $0.10 per share on September 5, 2017 payable on October 13, 2017 to stockholders of record on September 27, 2017.
Korn/Ferry International (NYSE: KFY), the preeminent global people and organizational advisory firm, today announced first quarter fee revenue of $401.3 million. First quarter diluted earnings per share was $0.51 and adjusted diluted earnings per share was $0.55. Adjusted diluted earnings per share for the first quarter excluded $2.1 million, or $0.04 per share, of integration/acquisition costs and a small amount of real estate related restructuring charges, both net of related taxes.
"I am pleased to report fee revenue of $401.3 million, up almost 7% year over year (almost 8% on a constant currency basis), for our recently completed first quarter. Profits were also strong, with diluted earnings per share and adjusted diluted earnings per share of $0.51 and $0.55 and Adjusted EBITDA of approximately $59 million. All three of our business lines experienced growth," said Gary D. Burnison, CEO of Korn Ferry. "We are making substantial investments in our operations and offering progressive solutions for the talent and organizational challenges faced by our clients. Korn Ferry is not only the world's leading executive search firm – the scale and scope of our broader offerings account for more than half of our revenue. Our company stands at the intersection of talent and strategy and more than ever we're helping our clients drive performance through their people."
Selected Financial Results
(dollars in millions, except per share amounts) (a)
| | First Quarter | | | ||
| | FY'18 | | FY'17 | | |
| Fee revenue | $ 401.3 | | $ 375.6 | | |
| Total revenue | $ 414.9 | | $ 392.9 | | |
| Operating income | $ 40.7 | | $ 4.5 | | |
| Operating margin | 10.2% | | 1.2% | | |
| Net income attributable to Korn Ferry | $ 29.0 | | $ 3.2 | | |
| Basic earnings per share | $ 0.52 | | $ 0.06 | | |
| Diluted earnings per share | $ 0.51 | | $ 0.06 | | |
| | | | | | |
| EBITDA Results (b): | First Quarter | | | ||
| | FY'18 | | FY'17 | | |
| EBITDA | $ 56.5 | | $ 20.3 | | |
| EBITDA margin | 14.1% | | 5.4% | | |
| | | | | | |
| Adjusted Results (c): | First Quarter | | | ||
| | FY'18 | | FY'17 | | |
| Adjusted fee revenue | $ 401.3 | | $ 379.2 | | |
| Adjusted EBITDA (b) | $ 59.4 | | $ 56.4 | | |
| Adjusted EBITDA margin (b) | 14.8% | | 14.9% | | |
| Adjusted net income attributable to Korn Ferry | $ 31.2 | | $ 29.5 | | |
| Adjusted basic earnings per share | $ 0.55 | | $ 0.52 | | |
| Adjusted diluted earnings per share | $ 0.55 | | $ 0.52 | | |
___________
| (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, net and integration/acquisition costs and includes the deferred revenue adjustment related to the acquisition of HG (Luxembourg) S.à.r.l ("Legacy Hay"). 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'18 | | FY'17 | |
| Restructuring charges, net | $ 0.3 | | $ 24.5 | |
| Integration/acquisition costs | $ 2.6 | | $ 8.0 | |
| Deferred revenue adjustment related to the Legacy Hay acquisition | $ — | | $ 3.5 | |
| Write-off of debt issuance costs | $ — | | $ 1.0 | |
Fee revenue was $401.3 million in Q1 FY'18, an increase of 6.8% (7.7% increase on a constant currency basis) compared to Q1 FY'17. The increase in fee revenue was due to organic growth in all lines of business.
Operating margin was 10.2% in Q1 FY'18 compared to 1.2% in the year-ago quarter. The increase in operating margin was primarily due to an increase in fee revenues of $25.7 million and a decrease in restructuring charges of $24.2 million, offset by an increase in compensation expenses of $11.0 million due to a 6.1% increase in headcount.
Adjusted EBITDA margin was 14.8%, compared to 14.9% in the year-ago quarter.
Results by Segment
Selected Executive Search Data
(dollars in millions) (a)
| | First Quarter | | | ||
| | FY'18 | | FY'17 | | |
| Fee revenue | $ 161.2 | | $ 146.4 | | |
| Total revenue | $ 165.8 Werbung Mehr Nachrichten zur Korn Ferry International Aktie kostenlos abonnieren
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