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 |  05. September 2019, 22:05

Korn Ferry Announces First Quarter Fiscal 2020 Results of Operations

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Korn Ferry Int. Inc 68,19 $ Korn Ferry International Inc Chart -1,94%

LOS ANGELES, Sept. 5, 2019 /PRNewswire/ --

Highlights

  • Korn Ferry reports fee revenue of $484.5 million in Q1 FY'20, an increase of 4% (7% at constant currency) from Q1 FY'19.
  • Net income attributable to Korn Ferry was $43.0 million in Q1 FY'20.
  • Operating income was $60.3 million in Q1 FY'20 with an operating margin of 12.5%. EBITDA was $74.9 million with EBITDA margin of 15.5%.
  • Q1 FY'20 diluted earnings per share and adjusted diluted earnings per share was $0.76.
  • The Company continued with its balanced approach to capital allocation, buying back 968,000 shares or $37.2 million of stock through today and declaring a quarterly dividend of $0.10 per share on September 4, 2019 payable on October 15, 2019 to stockholders of record on September 27, 2019.

Korn Ferry (NYSE: KFY), a global organizational consulting firm, today announced first quarter fee revenue of $484.5 million with diluted earnings per share of $0.76.

"I am pleased to report fee revenue of $484.5 million, an increase of 4% quarter over quarter with 7% growth at constant currency for the fiscal first quarter, led by our RPO & Professional Search offering, which grew 24% quarter over quarter or 27% at constant currency – the 21st consecutive quarter of near double-digit growth at actual and constant currency. Earnings remained strong in the first quarter with net income attributable to Korn Ferry of $43.0 million and EBITDA at $74.9 million. We also continue to allocate capital to share repurchases, buying back, fiscal year to date, approximately 968,000 shares, using total cash of approximately $37.2 million," said Gary D. Burnison, CEO, Korn Ferry.

"Our financial results for the first quarter demonstrate the durability of our business model. We are substantially different today than we were even a few years ago. We've evolved from a mono-line business to a global organizational consulting firm – synchronizing a client's strategy and talent to drive superior performance. More than organizational strategy or compensation advisory, more than talent acquisition and more than leadership development – Korn Ferry enables people and organizations to be more than: simply put, to exceed their potential."

Selected Financial Results
(dollars in millions, except per share amounts) (a)



First Quarter







FY'20


FY'19

Fee revenue


$

484.5


$

465.6

Total revenue


$

496.2


$

478.4

Operating income (loss)


$

60.3


$

(55.1)

Operating margin



12.5%



(11.8%)

Net income (loss) attributable to Korn Ferry


$

43.0


$

(38.6)

Basic earnings (loss) per share


$

0.77


$

(0.70)

Diluted earnings (loss) per share


$

0.76


$

(0.70)


EBITDA Results (b):


First Quarter







FY'20


FY'19

EBITDA


$

74.9


$

(38.9)

EBITDA margin



15.5%



(8.3%)


Adjusted Results (c):


First Quarter



FY'20


FY'19

Adjusted EBITDA (b)


$

74.9


$

70.8

Adjusted EBITDA margin (b)



15.5%



15.2%

Adjusted net income attributable to Korn Ferry


$

43.0


$

44.2

Adjusted basic earnings per share


$

0.77


$

0.79

Adjusted diluted earnings per share


$

0.76


$

0.78

__________________


(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 tradename write-offs and integration/acquisition costs.  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'20


FY'19

Tradename write-offs


$


$

106.6

Integration/acquisition costs


$

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