LOS ANGELES, March 10, 2020 /PRNewswire/ --
Highlights
Korn Ferry (NYSE: KFY), a global organizational consulting firm, today announced third quarter fee revenue of $515.3 million. Third quarter diluted earnings per share was $0.36 and adjusted diluted earnings per share was $0.75. Adjusted diluted earnings per share for the third quarter excludes an aggregate of $27.4 million, or $0.39 per share, of restructuring charges, net, and integration/acquisition costs, both associated with the recently completed acquisition of the acquired companies, separation costs and debt refinancing costs.
"For Korn Ferry's recently completed third quarter, we generated fee revenue of approximately $515 million (up 8.6 percent using actual rates; up 9.4 percent on a constant currency basis) with net income attributable to Korn Ferry of $20 million and solid Adjusted EBITDA of $78 million," said Gary D. Burnison, CEO, Korn Ferry.
"Organically and through M&A, our global scope and capability continues to expand. Today Korn Ferry is much more diversified and balanced, with almost two-thirds of our fee revenue generated outside of our historical core Executive Search business," added Burnison. "We believe the expansion of our business into larger addressable markets offers higher growth potential and more durable and visible revenue streams. More recently, the acquisitions of Miller Heiman, Strategy Execution and AchieveForum have added professional development and upskill capabilities to our Korn Ferry Digital business, giving us a bigger presence in the learning and development space. Indeed, today's Korn Ferry is the firm that synchronizes a client's talent and strategy which will enable individuals, teams and organizations to exceed their potential. Finally, as we manage our way through the global COVID-19 situation, our unwavering commitment to protecting the health and safety of our colleagues, as well as our focus on our clients' success remain, as always, our top priorities."
Selected Financial Results
(dollars in millions, except per share amounts) (a)
| Third Quarter | | Year to Date | |||||||||||||
| FY'20 | | FY'19 | | FY'20 | | FY'19 | |||||||||
Fee revenue | $ | 515.3 | | $ | 474.5 | | $ | 1,492.3 | | $ | 1,435.3 | |||||
Total revenue | $ | 528.0 | | $ | 486.2 | | $ | 1,528.4 | | $ | 1,471.3 | |||||
Operating income | $ | 31.6 | | $ | 62.7 | | $ | 153.8 | | $ | 78.6 | |||||
Operating margin | | 6.1% | | | 13.2% | | | 10.3% | | | 5.5% | |||||
Net income attributable to Korn Ferry | $ | 20.0 | | $ | 45.0 | | $ | 105.7 | | $ | 52.4 | |||||
Basic earnings per share | $ | 0.37 | | $ | 0.81 | | $ | 1.92 | | $ | 0.94 | |||||
Diluted earnings per share | $ | 0.36 | | $ | 0.80 | | $ | 1.90 | | $ | 0.92 | |||||
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EBITDA Results (b): | Third Quarter | | Year to Date | |||||||||||||
| FY'20 | | FY'19 | | FY'20 | | FY'19 | |||||||||
EBITDA | $ | 51.5 | | $ | 76.9 | | $ | 202.2 | | $ | 115.5 | |||||
EBITDA margin | | 10.0% | | | 16.2% | | | 13.5% | | | 8.0% | |||||
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Adjusted Results (c): | Third Quarter | | Year to Date | |||||||||||||
| | | | | | FY'20 | | FY'19 | | FY'20 | | FY'19 Hinweis: ARIVA.DE veröffentlicht in dieser Rubrik Analysen, Kolumnen und Nachrichten aus verschiedenen Quellen. Die ARIVA.DE AG ist nicht verantwortlich für Inhalte, die erkennbar von Dritten in den „News“-Bereich dieser Webseite eingestellt worden sind, und macht sich diese nicht zu Eigen. Diese Inhalte sind insbesondere durch eine entsprechende „von“-Kennzeichnung unterhalb der Artikelüberschrift und/oder durch den Link „Um den vollständigen Artikel zu lesen, klicken Sie bitte hier.“ erkennbar; verantwortlich für diese Inhalte ist allein der genannte Dritte. |