LOS ANGELES, March 6, 2018 /PRNewswire/ --
Highlights
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Korn/Ferry International (NYSE: KFY), a global organizational consulting firm, today announced fee revenue of $447.6 million for its third quarter of fiscal 2018. In addition, third quarter diluted earnings per share was $0.48 and adjusted diluted earnings per share was $0.70. Adjusted diluted earnings per share for the third quarter excluded $12.7 million, or $0.22 per share, comprised of the impact of the United States Tax Cut and Jobs Act ("Tax Act") and integration/acquisition costs net of related taxes.
"I am pleased to report 17% year over year growth for our recently completed third quarter, with fee revenue of $448 million and solid profitability, including diluted earnings per share and adjusted diluted earnings per share of $0.48 and $0.70 and adjusted EBITDA of approximately $70 million," said Gary D. Burnison, CEO of Korn Ferry. "Today Korn Ferry is truly a global organizational consulting firm. We help companies design their organization – the structure, the roles and responsibilities, as well as how they compensate, develop and motivate their people. As importantly, we help organizations select and hire the talent they need to execute their strategy. I'm pleased with the trajectory of our firm and our continued momentum as we enable people and organizations to exceed their potential."
Selected Financial Results
(dollars in millions, except per share amounts) (a)
| Third Quarter | | Year to Date | | ||||
| FY'18 | | FY'17 | | FY'18 | | FY'17 | |
Fee revenue | $ 447.6 | | $ 381.9 | | $ 1,291.9 | | $ 1,159.5 | |
Total revenue | $ 460.8 | | $ 394.2 | | $ 1,331.2 | | $ 1,202.1 | |
Operating income | $ 48.6 | | $ 30.5 | | $ 140.6 | | $ 81.6 | |
Operating margin | 10.9% | | 8.0% | | 10.9% | | 7.0% | |
Net income attributable to Korn Ferry | $ 27.2 | | $ 23.9 | | $ 92.6 | | $ 57.3 | |
Basic earnings per share | $ 0.49 | | $ 0.42 | | $ 1.65 | | $ 1.01 | |
Diluted earnings per share | $ 0.48 | | $ 0.42 | | $ 1.63 | | $ 1.00 | |
| | | | | | | | |
EBITDA Results (b): | Third Quarter | | Year to Date | | ||||
| FY'18 | | FY'17 | | FY'18 | | FY'17 | |
EBITDA | $ 68.6 | | $ 46.6 | | $ 192.5 | | $ 124.4 | |
EBITDA margin | 15.3% | | 12.2% | | 14.9% | | 10.7% | |
| | | | | | | | |
Adjusted Results (c): | Third Quarter | | Year to Date | | ||||
| FY'18 | | FY'17 | | FY'18 | | FY'17 | |
Adjusted fee revenue | $ 447.6 | | $ 381.9 | | $ 1,291.9 | | $ 1,163.0 | |
Adjusted EBITDA (b) | $ 70.3 | | $ 55.3 | | $ 199.3 | | $ 174.9 | |
Adjusted EBITDA margin (b) | 15.7% | | 14.5% | | 15.4% | | 15.0% | |
Adjusted net income attributable to Korn Ferry | $ 39.9 | | $ 30.1 | | $ 108.9 | | $ 93.7 | |
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