LOS ANGELES, Sept. 5, 2019 /PRNewswire/ --
Highlights
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 | ||||
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(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 | ||||
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