Financial News

Korn Ferry Announces Third Quarter Fiscal 2024 Results of Operations

Highlights

  • Korn Ferry reports Q3 FY'24 fee revenue of $668.7 million, a year-over-year decrease of 2% at both actual and constant currency.
  • Net income attributable to Korn Ferry was $59.1 million, while diluted and adjusted diluted earnings per share were $1.13 and $1.07 in Q3 FY'24, respectively.
  • Operating income was $49.9 million with an operating margin of 7.5%, a 570bps increase compared to year-ago quarter, and Adjusted EBITDA was $101.7 million with an Adjusted EBITDA margin of 15.2%, a 110bps increase compared to year-ago quarter.
  • Consulting and Digital continued to show resilient business operations:
    • Consulting fee revenue grew 3% year-over-year with a 12% increase in average bill rate to $438 per hour.
    • Digital fee revenue grew 6% year-over-year with an 11% increase in Subscription & License fee revenue which approximated $33.0 million in the quarter.
  • The Company repurchased 382,500 shares of stock during the quarter for $21.0 million.
  • Declared a quarterly dividend of $0.33 per share on March 5, 2024, which is payable on April 15, 2024 to stockholders of record on March 27, 2024.

Korn Ferry (NYSE: KFY), a global organizational consulting firm, today announced third quarter fee revenue of $668.7 million. In addition, third quarter diluted earnings per share was $1.13 and adjusted diluted earnings per share was $1.07.

“I am pleased with our third quarter results, as we generated $669 million in fee revenue, down 2% year-over-year, with our non-search offerings providing a substantial buffer against the more cyclically sensitive recruiting offerings. Earnings and profitability increased year-over-year and sequentially as we delivered $102 million of Adjusted EBITDA, at a 15.2% margin,” said Gary D. Burnison, CEO, Korn Ferry.

“Fee revenue from Consulting and Digital (up 3% and 6% over the prior year, respectively), when combined with our Interim fee revenue, now generate 50% of our top line. Our Consulting bill rate increased 12% and our Digital subscription and license fee revenue increased 11%,” Burnison added. “The strategy is clearly working – I am enormously proud of our organization and the results demonstrate the resiliency and potential for Korn Ferry.”

 

Selected Financial Results

(dollars in millions, except per share amounts) (a)

 

Third Quarter

 

Year to Date

 

FY’24

 

FY’23

 

FY’24

 

FY’23

Fee revenue

$

668.7

 

 

$

680.8

 

 

$

2,071.9

 

 

$

2,104.5

 

Total revenue

$

676.9

 

 

$

686.8

 

 

$

2,095.6

 

 

$

2,125.7

 

Operating income

$

49.9

 

 

$

12.5

 

 

$

129.5

 

 

$

243.8

 

Operating margin

 

7.5

%

 

 

1.8

%

 

 

6.2

%

 

 

11.6

%

Net income attributable to Korn Ferry

$

59.1

 

 

$

11.2

 

 

$

104.0

 

 

$

162.0

 

Basic earnings per share

$

1.14

 

 

$

0.21

 

 

$

2.00

 

 

$

3.07

 

Diluted earnings per share

$

1.13

 

 

$

0.21

 

 

$

1.99

 

 

$

3.05

 

Adjusted Results (b):

Third Quarter

 

Year to Date

 

FY’24

 

FY’23

 

FY’24

 

FY’23

Adjusted EBITDA

$

101.7

 

 

$

96.1

 

 

$

295.9

 

 

$

359.4

 

Adjusted EBITDA margin

 

15.2

%

 

 

14.1

%

 

 

14.3

%

 

 

17.1

%

Adjusted net income attributable to Korn Ferry (c)

$

55.8

 

 

$

53.0

 

 

$

158.3

 

 

$

209.1

 

Adjusted basic earnings per share (c)

$

1.07

 

 

$

1.01

 

 

$

3.04

 

 

$

3.96

 

Adjusted diluted earnings per share (c)

$

1.07

 

 

$

1.01

 

 

$

3.03

 

 

$

3.93

 

______________________

(a)

 

Numbers may not total due to rounding.

(b)

 

Adjusted EBITDA refers to earnings before interest, taxes, depreciation and amortization, further adjusted to exclude integration/acquisition costs, impairment of fixed assets, impairment of right of use assets and restructuring charges, net when applicable. Adjusted results on a consolidated basis are non-GAAP financial measures that adjust for the following, as applicable (see attached reconciliations):

 

Third Quarter

 

Year to Date

 

FY’24

 

FY’23

 

FY’24

 

FY’23

Impairment of fixed assets

$

 

$

4.4

 

$

1.6

 

$

4.4

Impairment of right of use assets

$

 

$

5.5

 

$

1.6

 

$

5.5

Integration/acquisition costs

$

3.9

 

$

2.5

 

$

13.1

 

$

9.5

Restructuring charges, net

$

4.6

 

$

41.2

 

$

68.6

 

$

41.2

(c)

 

Due to actions taken in connection with the worldwide minimum tax, the Company recorded a $9.7 million non-recurring tax benefit in the quarter ended January 31, 2024 that resulted in the release of a valuation allowance, which is included in the Company's US GAAP results but excluded from the Adjusted results.

The Company reported fee revenue in Q3 FY'24 of $668.7 million, a year-over-year decrease of 2% at both actual and constant currency. Fee revenue decreased primarily due to decreases in our permanent placement talent acquisition offerings. This decrease was due to a decline in demand driven by uncertain and challenging global economic environment. This was partially offset by the increases in Consulting and Digital fee revenue, as well as in the Interim portion of Professional Search & Interim, resulting from the acquisition of Salo ('the Acquisition") which was effective February 1, 2023.

Operating margin was 7.5% in Q3 FY'24, compared to 1.8% in the year-ago quarter, an increase of 570bps. Adjusted EBITDA margin was 15.2% in Q3 FY'24, compared to 14.1% in the year-ago quarter, an increase of 110bps. Net income attributable to Korn Ferry was $59.1 million in Q3 FY'24, compared to $11.2 million in Q3 FY'23 and Adjusted EBITDA was $101.7 million in Q3 FY'24 compared to $96.1 million in Q3 FY'23.

Operating income and margin increased compared to the year-ago quarter primarily due to 1) lower restructuring charges, net recorded in Q3 FY'24 compared to the year-ago quarter, 2) a decrease in compensation and benefits expense driven by the previous quarter's cost reduction actions, and 3) a decrease in charges for impairment of fixed and right of use assets in the year-ago quarter. This increase was partially offset by the decrease in fee revenue discussed above, and higher cost of services expense associated with the acquired Interim businesses. Net income attributable to Korn Ferry increased due to the same factors discussed above.

Adjusted EBITDA and margin increased due to the previous quarter's cost reduction actions, partially offset by the decrease in fee revenue discussed above and an increase in cost of services expense associated with the acquired businesses.

 

Results by Line of Business

Selected Consulting Data

(dollars in millions) (a)

 

Third Quarter

 

Year to Date

 

FY’24

 

FY’23

 

FY’24

 

FY’23

Fee revenue

$

166.9

 

 

$

162.2

 

 

$

512.8

 

 

$

501.7

 

Total revenue

$

169.9

 

 

$

164.4

 

 

$

521.7

 

 

$

509.0

 

 

 

 

 

 

 

 

 

Ending number of consultants and execution staff (b)

 

1,687

 

 

 

1,877

 

 

 

1,687

 

 

 

1,877

 

Hours worked in thousands (c)

 

381

 

 

 

414

 

 

 

1,239

 

 

 

1,340

 

Average bill rate (d)

$

438

 

 

$

392

 

 

$

414

 

 

$

374

 

 

 

 

 

 

 

 

 

Adjusted Results (e):

Third Quarter

 

Year to Date

 

FY’24

 

FY’23

 

FY’24

 

FY’23

Adjusted EBITDA

$

27.8

 

 

$

23.3

 

 

$

81.9

 

 

$

83.9

 

Adjusted EBITDA margin

 

16.7

%

 

 

14.4

%

 

 

16.0

%

 

 

16.7

%

______________________

(a)

 

Numbers may not total due to rounding.

(b)

 

Represents number of employees originating, delivering and executing consulting services.

(c)

 

The number of hours worked by consultant and execution staff during the period.

(d)

 

The amount of fee revenue divided by the number of hours worked by consultants and execution staff.

(e)

 

Adjusted results exclude the following:

 

Third Quarter

 

Year to Date

 

FY’24

 

FY’23

 

FY’24

 

FY’23

Impairment of fixed assets

$

 

$

2.8

 

$

 

$

2.8

Impairment of right of use assets

$

 

$

3.1

 

$

0.6

 

$

3.1

Restructuring charges, net

$

1.1

 

$

10.8

 

$

18.9

 

$

10.8

Fee revenue was $166.9 million in Q3 FY'24 compared to $162.2 million in Q3 FY'23, an increase of $4.7 million or 3% at both actual and constant currency. The increase in Consulting fee revenue was primarily driven by growth in our organizational strategy offering.

Adjusted EBITDA was $27.8 million in Q3 FY'24 compared to Adjusted EBITDA of $23.3 million, in the year-ago quarter. Adjusted EBITDA margin in the quarter increased year-over-year by 230bps from 14.4% last year to 16.7% this year. This increase in Adjusted EBITDA and Adjusted EBITDA margin resulted primarily from the increase in fee revenue discussed above, combined with the previous quarter's cost reduction actions, partially offset by an increase in cost of services expense.

 

Selected Digital Data

(dollars in millions) (a)

 

Third Quarter

 

Year to Date

 

FY’24

 

FY’23

 

FY’24

 

FY’23

Fee revenue

$

90.3

 

 

$

85.1

 

 

$

275.4

 

 

$

263.2

 

Total revenue

$

90.4

 

 

$

85.1

 

 

$

275.6

 

 

$

263.5

 

 

 

 

 

 

 

 

 

Ending number of consultants

 

275

 

 

 

365

 

 

 

275

 

 

 

365

 

Subscription & License fee revenue

$

32.8

 

 

$

29.6

 

 

$

97.7

 

 

$

88.1

 

 

 

 

 

 

 

 

 

Adjusted Results (b):

Third Quarter

 

Year to Date

 

FY’24

 

FY’23

 

FY’24

 

FY’23

Adjusted EBITDA

$

27.4

 

 

$

22.2

 

 

$

80.7

 

 

$

73.9

 

Adjusted EBITDA margin

 

30.3

%

 

 

26.0

%

 

 

29.3

%

 

 

28.1

%

______________________

(a)

 

Numbers may not total due to rounding.

(b)

 

Adjusted results exclude the following:

 

Third Quarter

 

Year to Date

 

FY’24

 

FY’23

 

FY’24

 

FY’23

Impairment of fixed assets

$

 

$

1.5

 

$

1.5

 

$

1.5

Impairment of right of use assets

$

 

$

1.7

 

$

 

$

1.7

Restructuring charges, net

$

0.6

 

$

2.9

 

$

9.5

 

$

2.9

Fee revenue was $90.3 million in Q3 FY'24 compared to $85.1 million in Q3 FY'23, an increase of $5.2 million or 6% at both actual and constant currency. The increase was primarily driven by increases in leadership and professional development and assessment & succession solutions.

Adjusted EBITDA was $27.4 million in Q3 FY'24 compared to $22.2 million in the year-ago quarter. Adjusted EBITDA margin in the quarter increased year-over-year by 430bps from 26.0% last year to 30.3% this year. The increase in Adjusted EBITDA and margin was mainly driven by the increase in fee revenue discussed above.

 

Selected Executive Search Data(a)

(dollars in millions) (b)

 

Third Quarter

 

Year to Date

 

FY’24

 

FY’23

 

FY’24

 

FY’23

Fee revenue

$

199.3

 

 

$

212.0

 

 

$

607.5

 

 

$

663.2

 

Total revenue

$

201.2

 

 

$

213.8

 

 

$

613.5

 

 

$

668.7

 

 

 

 

 

 

 

 

 

Ending number of consultants

 

562

 

 

 

616

 

 

 

562

 

 

 

616

 

Average number of consultants

 

574

 

 

 

619

 

 

 

582

 

 

 

601

 

Engagements billed

 

3,469

 

 

 

4,080

 

 

 

7,269

 

 

 

8,272

 

New engagements (c)

 

1,367

 

 

 

1,516

 

 

 

4,349

 

 

 

4,835

 

 

 

 

 

 

 

 

 

Adjusted Results (d):

Third Quarter

 

Year to Date

 

FY’24

 

FY’23

 

FY’24

 

FY’23

Adjusted EBITDA

$

43.4

 

 

$

46.4

 

 

$

125.6

 

 

$

163.2

 

Adjusted EBITDA margin

 

21.8

%

 

 

21.9

%

 

 

20.7

%

 

 

24.6

%

______________________

(a)

 

Executive Search is the sum of the individual Executive Search Reporting Segments described in our annual and quarterly reporting on Forms 10-K and 10-Q and is presented on a consolidated basis as it is consistent with the Company’s discussion of its Lines of Business, and financial metrics used by the Company’s investor base.

(b)

 

Numbers may not total due to rounding.

(c)

 

Represents new engagements opened in the respective period.

(d)

 

Executive Search Adjusted EBITDA and Adjusted EBITDA margin are non-GAAP financial measures that adjust for the following:

 

Third Quarter

 

Year to Date

 

FY’24

 

FY’23

 

FY’24

 

FY’23

Impairment of fixed assets

$

 

$

 

$

0.1

 

$

Impairment of right of use assets

$

 

$

 

$

0.9

 

$

Restructuring charges, net

$

2.3

 

$

19.4

 

$

28.2

 

$

19.4

Fee revenue was $199.3 million and $212.0 million in Q3 FY'24 and Q3 FY'23, respectively, a year-over-year decrease of $12.7 million or 6% (down 7% on a constant currency basis). The decrease in fee revenue was primarily driven by a decline in executive search activity, resulting from the uncertain and challenging global economic environment.

Adjusted EBITDA was $43.4 million in Q3 FY'24 compared to Adjusted EBITDA of $46.4 million in the year-ago quarter. The decrease in Adjusted EBITDA was primarily due to the decrease in fee revenue discussed above, partially offset by the previous quarter's cost reduction actions. Despite the year-over-year decrease in fee revenue and Adjusted EBITDA, Adjusted EBITDA margin remained essentially flat year-over-year due to the previous quarter's cost reduction actions.

 

Selected Professional Search & Interim Data

(dollars in millions) (a)

 

Third Quarter

 

Year to Date

 

FY’24

 

FY’23

 

FY’24

 

FY’23

Fee revenue

$

130.9

 

 

$

118.0

 

 

$

411.5

 

 

$

351.7

 

Total revenue

$

131.8

 

 

$

118.6

 

 

$

414.3

 

 

$

354.4

 

 

 

 

 

 

 

 

 

Permanent Placement:

 

 

 

 

 

 

 

Fee revenue

$

52.4

 

 

$

65.0

 

 

$

167.2

 

 

$

218.5

 

Engagements billed

 

1,901

 

 

 

2,428

 

 

 

4,511

 

 

 

6,104

 

New engagements (b)

 

995

 

 

 

1,460

 

 

 

3,414

 

 

 

5,122

 

Ending number of consultants

 

344

 

 

 

448

 

 

 

344

 

 

 

448

 

Interim:

 

 

 

 

 

 

 

Fee revenue

$

78.5

 

 

$

53.0

 

 

$

244.3

 

 

$

133.1

 

Average bill rate (c)

$

129

 

 

$

107

 

 

$

126

 

 

$

110

 

Average weekly billable consultants (d)

 

1,283

 

 

 

1,061

 

 

 

1,352

 

 

 

878

 

 

 

 

 

 

 

 

 

Adjusted Results (e):

Third Quarter

 

Year to Date

 

FY’24

 

FY’23

 

FY’24

 

FY’23

Adjusted EBITDA

$

23.8

 

 

$

22.0

 

 

$

73.7

 

 

$

83.6

 

Adjusted EBITDA margin

 

18.2

%

 

 

18.6

%

 

 

17.9

%

 

 

23.8

%

_____________________

(a)

 

Numbers may not total due to rounding.

(b)

 

Represents new engagements opened in the respective period.

(c)

 

Fee revenue from interim divided by the number of hours worked by consultants.

(d)

 

The number of billable consultants based on a weekly average in the respective period.

(e)

 

Adjusted results exclude the following:

 

Third Quarter

 

Year to Date

 

FY’24

 

FY’23

 

FY’24

 

FY’23

Impairment of fixed assets

$

 

$

0.1

 

$

 

$

0.1

Impairment of right of use assets

$

 

$

0.6

 

$

 

$

0.6

Integration/acquisition costs

$

3.8

 

$

1.7

 

$

12.7

 

$

6.6

Restructuring charges, net

$

 

$

4.8

 

$

3.8

 

$

4.8

Fee revenue was $130.9 million in Q3 FY'24, an increase of $12.9 million or 11% at both actual and constant currency. The increase in fee revenue was mainly driven by additional fee revenue from the Acquisition, partially offset by a decrease in permanent placement fee revenue.

Adjusted EBITDA was $23.8 million in Q3 FY'24 compared to $22.0 million in the year-ago quarter. The increase in Adjusted EBITDA was primarily due to the increase in fee revenue discussed above and the previous quarter's cost reduction actions, partially offset by higher cost of services expense due to the Acquisition. Adjusted EBITDA margin declined slightly (40bps) year-over-year due to the factors noted above as well as a change in the mix of fee revenue which included more Interim fee revenue, which has lower profitability but is less cyclical as compared to professional search permanent placement which comprised a greater portion of fee revenue in the year-ago quarter.

 

Selected Recruitment Process Outsourcing ("RPO") Data

(dollars in millions) (a)

 

Third Quarter

 

Year to Date

 

FY’24

 

FY’23

 

FY’24

 

FY’23

Fee revenue

$

81.2

 

 

$

103.5

 

 

$

264.7

 

 

$

324.8

 

Total revenue

$

83.6

 

 

$

104.9

 

 

$

270.5

 

 

$

330.1

 

 

 

 

 

 

 

 

 

Remaining revenue under contract (b)

$

695.8

 

 

$

836.9

 

 

$

695.8

 

 

$

836.9

 

RPO new business (c)

$

122.1

 

 

$

44.0

 

 

$

311.2

 

 

$

482.7

 

 

 

 

 

 

 

 

 

Adjusted Results (d):

Third Quarter

 

Year to Date

 

FY’24

 

FY’23

 

FY’24

 

FY’23

Adjusted EBITDA

$

9.3

 

 

$

9.8

 

 

$

28.6

 

 

$

43.6

 

Adjusted EBITDA margin

 

11.4

%

 

 

9.5

%

 

 

10.8

%

 

 

13.4

%

______________________

(a)

 

Numbers may not total due to rounding.

(b)

 

Estimated fee revenue associated with signed contracts for which revenue has not yet been recognized.

(c)

 

Estimated total value of a contract at the point of execution of the contract.

(d)

 

Adjusted results exclude the following:

 

Third Quarter

 

Year to Date

 

FY’24

 

FY’23

 

FY’24

 

FY’23

Impairment of right of use assets

$

 

$

0.1

 

$

0.1

 

$

0.1

Restructuring charges, net

$

0.7

 

$

3.1

 

$

7.9

 

$

3.1

Fee revenue was $81.2 million in Q3 FY'24, a decrease of $22.3 million or 22% at both actual and constant currency basis. RPO fee revenue decreased due to reduced demand for the number of placements being requested by existing clients as a result of the challenging global economic environment as well as a continuation of clients "labor hoarding".

Adjusted EBITDA was $9.3 million in Q3 FY'24 compared to $9.8 million in the year-ago quarter. The decrease resulted from the decline in fee revenue which was partially offset by cost reductions taken in the previous quarter. Despite the year-over-year decrease in fee revenue and Adjusted EBITDA, Adjusted EBITDA margin increased 190bps year-over-year from 9.5% to 11.4% due to the previous quarter's cost reduction actions.

Outlook

Assuming worldwide geopolitical conditions, economic conditions, financial markets and foreign exchange rates remain steady, on a consolidated basis:

  • Q4 FY’24 fee revenue is expected to be in the range of $675 million and $695 million; and
  • Q4 FY’24 diluted earnings per share is expected to range between $1.06 to $1.14.

On a consolidated adjusted basis:

  • Q4 FY’24 adjusted diluted earnings per share is expected to be in the range from $1.09 to $1.17.

 

Q4 FY’24

Earnings Per Share Outlook

 

Low

 

High

 

 

 

 

Consolidated diluted earnings per share

$

1.06

 

 

$

1.14

 

Integration/acquisition and restructuring charges

 

0.05

 

 

 

0.05

 

Tax Rate Impact

 

(0.02

)

 

 

(0.02

)

Consolidated adjusted diluted earnings per share(1)

$

1.09

 

 

$

1.17

 

______________________

(1)

 

Consolidated adjusted diluted earnings per share is a non-GAAP financial measure that excludes the items listed in the table.

Earnings Conference Call Webcast

The earnings conference call will be held today at 12:00 PM (EST) and hosted by CEO Gary Burnison, CFO Robert Rozek, SVP Business Development & Analytics Gregg Kvochak and VP Investor Relations Tiffany Louder. The conference call will be webcast and available online at ir.kornferry.com. We will also post to the investor relations section of our website earnings slides, which will accompany our webcast, and other important information, and encourage you to review the information that we make available on our website.

About Korn Ferry

Korn Ferry is a global organizational consulting firm. We help clients synchronize strategy and talent to drive superior performance. We work with organizations to design their structures, roles, and responsibilities. We help them hire the right people to bring their strategy to life. And we advise them on how to reward, develop, and motivate their people. Visit kornferry.com for more information.

Forward-Looking Statements

Statements in this press release and our conference call that relate to our outlook, projections, goals, strategies, future plans and expectations, including statements relating to expected demand for and relevance of our products and services, our workforce reduction plan, and other statements of future events or conditions are forward-looking statements that involve a number of risks and uncertainties. Words such as “believes”, “expects”, “anticipates”, “goals”, “estimates”, “guidance”, “may”, “should”, “could”, “will” or “likely”, and variations of such words and similar expressions are intended to identify such forward-looking statements. Readers are cautioned not to place undue reliance on such statements. Such statements are based on current expectations; actual results in future periods may differ materially from those currently expected or desired because of a number of risks and uncertainties that are beyond the control of Korn Ferry. The potential risks and uncertainties include those relating to global and local political and or economic developments in or affecting countries where we have operations, such as inflation, interest rates, global slowdowns, or recessions, competition, geopolitical tensions, shifts in global trade patterns, changes in demand for our services as a result of automation, dependence on and costs of attracting and retaining qualified and experienced consultants, impact of inflationary pressures on our profitability, our ability to maintain relationships with customers and suppliers and retaining key employees, maintaining our brand name and professional reputation, potential legal liability and regulatory developments, portability of client relationships, consolidation of or within the industries we serve, changes and developments in government laws and regulations, evolving investor and customer expectations with regard to environmental, social and governance matters, currency fluctuations in our international operations, risks related to growth, alignment of our cost structure, including as a result of recent workforce, real estate, and other restructuring initiatives, restrictions imposed by off-limits agreements, reliance on information processing systems, cyber security vulnerabilities or events, changes to data security, data privacy, and data protection laws, dependence on third parties for the execution of critical functions, limited protection of our intellectual property ("IP"), our ability to enhance, develop and respond to new technology, including artificial intelligence, our ability to successfully recover from a disaster or other business continuity problems, employment liability risk, an impairment in the carrying value of goodwill and other intangible assets, treaties, or regulations on our business and our Company, deferred tax assets that we may not be able to use, our ability to develop new products and services, changes in our accounting estimates and assumptions, the utilization and billing rates of our consultants, seasonality, the expansion of social media platforms, the ability to effect acquisitions and integrate acquired businesses, including Salo, resulting organizational changes, our indebtedness, those relating to the ultimate magnitude and duration of any pandemic or outbreaks. For a detailed description of risks and uncertainties that could cause differences from our expectations, please refer to Korn Ferry’s periodic filings with the Securities and Exchange Commission. Korn Ferry disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Use of Non-GAAP Financial Measures

This press release contains financial information calculated other than in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”). In particular, it includes:

  • Adjusted net income attributable to Korn Ferry, adjusted to exclude integration/acquisition costs, impairment of fixed assets, impairment of right of use assets, and restructuring charges, net of income tax effect and to exclude a $9.7 million non-recurring tax benefit from actions taken in connection with the worldwide minimum tax that resulted in the release of a valuation allowance;
  • Adjusted basic and diluted earnings per share, adjusted to exclude integration/acquisition costs, impairment of fixed assets, impairment of right of use assets, and restructuring charges, net of income tax effect, and to exclude a $9.7 million non-recurring tax benefit from actions taken in connection with the worldwide minimum tax that resulted in the release of a valuation allowance;
  • Constant currency (calculated using a quarterly average) percentages that represent the percentage change that would have resulted had exchange rates in the prior period been the same as those in effect in the current period;
  • Consolidated and Executive Search Adjusted EBITDA, which is earnings before interest, taxes, depreciation and amortization, further adjusted to exclude integration/acquisition costs, impairment of fixed assets, impairment of right of use assets and restructuring charges, net when applicable, and Consolidated and Executive Search Adjusted EBITDA margin.

This non-GAAP disclosure has limitations as an analytical tool, should not be viewed as a substitute for financial information determined in accordance with GAAP, and should not be considered in isolation or as a substitute for analysis of the Company’s results as reported under GAAP, nor is it necessarily comparable to non-GAAP performance measures that may be presented by other companies.

Management believes the presentation of non-GAAP financial measures in this press release provides meaningful supplemental information regarding Korn Ferry’s performance by excluding certain charges that may not be indicative of Korn Ferry’s ongoing operating results. These non-GAAP financial measures are performance measures and are not indicative of the liquidity of Korn Ferry. These charges, which are described in the footnotes in the attached reconciliations, represent 1) costs we incurred to acquire and integrate a portion of our Professional Search & Interim business, 2) impairment of fixed assets primarily due to software impairment charge in our Digital segment in FY'24 and impairment on leasehold improvements due to terminating and deciding to sublease some of our office leases in FY'23, 3) impairment of right of use assets due to the decision to terminate and sublease some of our offices, 4) Restructuring charges, net to align workforce to the challenging macroeconomic business environment arising from persistent inflationary pressures, rising interest rates and global economic and geopolitical uncertainty and 5) to exclude a $9.7 million non-recurring tax benefit from actions taken in connection with the worldwide minimum tax that resulted in the release of a valuation allowance. The use of non-GAAP financial measures facilitates comparisons to Korn Ferry’s historical performance. Korn Ferry includes non-GAAP financial measures because management believes they are useful to investors in allowing for greater transparency with respect to supplemental information used by management in its evaluation of Korn Ferry’s ongoing operations and financial and operational decision-making. Adjusted net income attributable to Korn Ferry, adjusted basic and diluted earnings per share and Consolidated and Executive Search Adjusted EBITDA, exclude certain charges that management does not consider on-going in nature and allows management and investors to make more meaningful period-to-period comparisons of the Company’s operating results. Management further believes that Consolidated and Executive Search Adjusted EBITDA is useful to investors because it is frequently used by investors and other interested parties to measure operating performance among companies with different capital structures, effective tax rates and tax attributes and capitalized asset values, all of which can vary substantially from company to company. In the case of constant currency percentages, management believes the presentation of such information provides useful supplemental information regarding Korn Ferry's performance as excluding the impact of exchange rate changes on Korn Ferry's financial performance allows investors to make more meaningful period-to-period comparisons of the Company’s operating results, to better identify operating trends that may otherwise be masked or distorted by exchange rate changes and to perform related trend analysis, and provides a higher degree of transparency of information used by management in its evaluation of Korn Ferry's ongoing operations and financial and operational decision-making.

 

KORN FERRY AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(in thousands, except per share amounts)

 

 

Three Months Ended

January 31,

 

Nine Months Ended

January 31,

 

 

2024

 

 

 

2023

 

 

 

2024

 

 

 

2023

 

 

(unaudited)

Fee revenue

$

668,679

 

 

$

680,782

 

 

$

2,071,871

 

 

$

2,104,534

 

Reimbursed out-of-pocket engagement expenses

 

8,194

 

 

 

6,063

 

 

 

23,711

 

 

 

21,178

 

Total revenue

 

676,873

 

 

 

686,845

 

 

 

2,095,582

 

 

 

2,125,712

 

 

 

 

 

 

 

 

 

Compensation and benefits

 

456,216

 

 

 

479,382

 

 

 

1,389,956

 

 

 

1,409,774

 

General and administrative expenses

 

62,661

 

 

 

72,785

 

 

 

194,315

 

 

 

202,328

 

Reimbursed expenses

 

8,194

 

 

 

6,063

 

 

 

23,711

 

 

 

21,178

 

Cost of services

 

75,814

 

 

 

57,903

 

 

 

231,516

 

 

 

157,152

 

Depreciation and amortization

 

19,509

 

 

 

17,037

 

 

 

58,075

 

 

 

50,359

 

Restructuring charges, net

 

4,612

 

 

 

41,162

 

 

 

68,558

 

 

 

41,162

 

Total operating expenses

 

627,006

 

 

 

674,332

 

 

 

1,966,131

 

 

 

1,881,953

 

 

 

 

 

 

 

 

 

Operating income

 

49,867

 

 

 

12,513

 

 

 

129,451

 

 

 

243,759

 

Other income, net

 

23,817

 

 

 

13,097

 

 

 

23,559

 

 

 

4,824

 

Interest expense, net

 

(4,946

)

 

 

(5,378

)

 

 

(16,282

)

 

 

(20,088

)

Income before provision for income taxes

 

68,738

 

 

 

20,232

 

 

 

136,728

 

 

 

228,495

 

Income tax provision

 

9,018

 

 

 

8,463

 

 

 

29,779

 

 

 

63,575

 

Net income

 

59,720

 

 

 

11,769

 

 

 

106,949

 

 

 

164,920

 

Net income attributable to noncontrolling interest

 

(649

)

 

 

(522

)

 

 

(2,984

)

 

 

(2,885

)

Net income attributable to Korn Ferry

$

59,071

 

 

$

11,247

 

 

$

103,965

 

 

$

162,035

 

 

 

 

 

 

 

 

 

Earnings per common share attributable to Korn Ferry:

 

 

 

 

 

 

 

Basic

$

1.14

 

 

$

0.21

 

 

$

2.00

 

 

$

3.07

 

Diluted

$

1.13

 

 

$

0.21

 

 

$

1.99

 

 

$

3.05

 

 

 

 

 

 

 

 

 

Weighted-average common shares outstanding:

 

 

 

 

 

 

 

Basic

 

51,126

 

 

 

51,278

 

 

 

51,129

 

 

 

51,639

 

Diluted

 

51,343

 

 

 

51,431

 

 

 

51,329

 

 

 

51,999

 

 

 

 

 

 

 

 

 

Cash dividends declared per share:

$

0.33

 

 

$

0.15

 

 

$

0.69

 

 

$

0.45

 

 

KORN FERRY AND SUBSIDIARIES

FINANCIAL SUMMARY BY REPORTING SEGMENT

(dollars in thousands)

(unaudited)

 

 

Three Months Ended January 31,

 

Nine Months Ended January 31,

 

2024

 

2023

 

% Change

 

2024

 

2023

 

% Change

Fee revenue:

 

 

 

 

 

 

 

 

 

 

 

Consulting

$

166,947

 

$

162,155

 

3.0

%

 

$

512,830

 

$

501,731

 

2.2

%

Digital

 

90,317

 

 

85,071

 

6.2

%

 

 

275,395

 

 

263,161

 

4.6

%

Executive Search:

 

 

 

 

 

 

 

 

 

 

 

North America

 

121,449

 

 

132,810

 

(8.6

%)

 

 

381,459

 

 

426,839

 

(10.6

%)

EMEA

 

48,999

 

 

48,960

 

0.1

%

 

 

138,873

 

 

140,661

 

(1.3

%)

Asia Pacific

 

21,324

 

 

22,621

 

(5.7

%)

 

 

65,167

 

 

72,410

 

(10.0

%)

Latin America

 

7,541

 

 

7,654

 

(1.5

%)

 

 

22,041

 

 

23,283

 

(5.3

%)

Total Executive Search (a)

 

199,313

 

 

212,045

 

(6.0

%)

 

 

607,540

 

 

663,193

 

(8.4

%)

Professional Search & Interim

 

130,890

 

 

117,980

 

10.9

%

 

 

411,453

 

 

351,670

 

17.0

%

RPO

 

81,212

 

 

103,531

 

(21.6

%)

 

 

264,653

 

 

324,779

 

(18.5

%)

Total fee revenue

 

668,679

 

 

680,782

 

(1.8

%)

 

 

2,071,871

 

 

2,104,534

 

(1.6

%)

Reimbursed out-of-pocket engagement expenses

 

8,194

 

 

6,063

 

35.1

%

 

 

23,711

 

 

21,178

 

12.0

%

Total revenue

$

676,873

 

$

686,845

 

(1.5

%)

 

$

2,095,582

 

$

2,125,712

 

(1.4

%)

(a)

 

Total Executive Search is the sum of the individual Executive Search Reporting Segments and is presented on a consolidated basis as it is consistent with the Company’s discussion of its Lines of Business, and financial metrics used by the Company’s investor base.

 

KORN FERRY AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except per share amounts)

 

 

January 31,

2024

 

April 30,

2023

 

(unaudited)

 

 

ASSETS

 

 

 

Cash and cash equivalents

$

736,797

 

 

$

844,024

 

Marketable securities

 

45,727

 

 

 

44,837

 

Receivables due from clients, net of allowance for doubtful accounts of $50,302 and $44,377 at January 31, 2024 and April 30, 2023, respectively

 

589,717

 

 

 

569,601

 

Income taxes and other receivables

 

63,020

 

 

 

67,512

 

Unearned compensation

 

60,071

 

 

 

63,476

 

Prepaid expenses and other assets

 

49,377

 

 

 

49,219

 

Total current assets

 

1,544,709

 

 

 

1,638,669

 

 

 

 

 

Marketable securities, non-current

 

204,326

 

 

 

179,040

 

Property and equipment, net

 

163,600

 

 

 

161,876

 

Operating lease right-of-use assets, net

 

167,441

 

 

 

142,690

 

Cash surrender value of company-owned life insurance policies, net of loans

 

216,450

 

 

 

197,998

 

Deferred income taxes

 

121,267

 

 

 

102,057

 

Goodwill

 

909,330

 

 

 

909,491

 

Intangible assets, net

 

95,151

 

 

 

114,426

 

Unearned compensation, non-current

 

111,286

 

 

 

103,607

 

Investments and other assets

 

22,765

 

 

 

24,590

 

Total assets

$

3,556,325

 

 

$

3,574,444

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

Accounts payable

$

46,368

 

 

$

53,386

 

Income taxes payable

 

23,599

 

 

 

19,969

 

Compensation and benefits payable

 

423,268

 

 

 

532,934

 

Operating lease liability, current

 

36,895

 

 

 

45,821

 

Other accrued liabilities

 

312,511

 

 

 

324,150

 

Total current liabilities

 

842,641

 

 

 

976,260

 

 

 

 

 

Deferred compensation and other retirement plans

 

427,464

 

 

 

396,534

 

Operating lease liability, non-current

 

151,159

 

 

 

119,220

 

Long-term debt

 

396,755

 

 

 

396,194

 

Deferred tax liabilities

 

5,709

 

 

 

5,352

 

Other liabilities

 

25,186

 

 

 

27,879

 

Total liabilities

 

1,848,914

 

 

 

1,921,439

 

 

 

 

 

Stockholders' equity

 

 

 

Common stock: $0.01 par value, 150,000 shares authorized, 77,511 and 76,693 shares issued and 52,345 and 52,269 shares outstanding at January 31, 2024 and April 30, 2023, respectively

 

428,413

 

 

 

429,754

 

Retained earnings

 

1,378,140

 

 

 

1,311,081

 

Accumulated other comprehensive loss, net

 

(102,930

)

 

 

(92,764

)

Total Korn Ferry stockholders' equity

 

1,703,623

 

 

 

1,648,071

 

Noncontrolling interest

 

3,788

 

 

 

4,934

 

Total stockholders' equity

 

1,707,411

 

 

 

1,653,005

 

Total liabilities and stockholders' equity

$

3,556,325

 

 

$

3,574,444

 

 

KORN FERRY AND SUBSIDIARIES

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES

(dollars in thousands)

(unaudited)

 

 

Three Months Ended

January 31,

��

Nine Months Ended

January 31,

 

 

2024

 

 

 

2023

 

 

 

2024

 

 

 

2023

 

 

 

 

 

 

 

 

 

Net income attributable to Korn Ferry

$

59,071

 

 

$

11,247

 

 

$

103,965

 

 

$

162,035

 

Net income attributable to non-controlling interest

 

649

 

 

 

522

 

 

 

2,984

 

 

 

2,885

 

Net income

 

59,720

 

 

 

11,769

 

 

 

106,949

 

 

 

164,920

 

Income tax provision

 

9,018

 

 

 

8,463

 

 

 

29,779

 

 

 

63,575

 

Income before provision for income taxes

 

68,738

 

 

 

20,232

 

 

 

136,728

 

 

 

228,495

 

Other income, net

 

(23,817

)

 

 

(13,097

)

 

 

(23,559

)

 

 

(4,824

)

Interest expense, net

 

4,946

 

 

 

5,378

 

 

 

16,282

 

 

 

20,088

 

Operating income

 

49,867

 

 

 

12,513

 

 

 

129,451

 

 

 

243,759

 

Depreciation and amortization

 

19,509

 

 

 

17,037

 

 

 

58,075

 

 

 

50,359

 

Other income, net

 

23,817

 

 

 

13,097

 

 

 

23,559

 

 

 

4,824

 

Integration/acquisition costs (1)

 

3,899

 

 

 

2,456

 

 

 

13,057

 

 

 

9,472

 

Impairment of fixed assets (2)

 

 

 

 

4,375

 

 

 

1,575

 

 

 

4,375

 

Impairment of right of use assets (3)

 

 

 

 

5,471

 

 

 

1,629

 

 

 

5,471

 

Restructuring charges, net (4)

 

4,612

 

 

 

41,162

 

 

 

68,558

 

 

 

41,162

 

Adjusted EBITDA

$

101,704

 

 

$

96,111

 

 

$

295,904

 

 

$

359,422

 

 

 

 

 

 

 

 

 

Operating margin

 

7.5

%

 

 

1.8

%

 

 

6.2

%

 

 

11.6

%

Depreciation and amortization

 

2.9

%

 

 

2.5

%

 

 

2.8

%

 

 

2.4

%

Other income, net

 

3.5

%

 

 

1.9

%

 

 

1.2

%

 

 

0.2

%

Integration/acquisition costs (1)

 

0.6

%

 

 

0.4

%

 

 

0.6

%

 

 

0.4

%

Impairment of fixed assets (2)

 

%

 

 

0.7

%

 

 

0.1

%

 

 

0.2

%

Impairment of right of use assets (3)

 

%

 

 

0.8

%

 

 

0.1

%

 

 

0.3

%

Restructuring charges, net (4)

 

0.7

%

 

 

6.0

%

 

 

3.3

%

 

 

2.0

%

Adjusted EBITDA margin

 

15.2

%

 

 

14.1

%

 

 

14.3

%

 

 

17.1

%

 

 

 

 

 

 

 

 

Net income attributable to Korn Ferry

$

59,071

 

 

$

11,247

 

 

$

103,965

 

 

$

162,035

 

Integration/acquisition costs (1)

 

3,899

 

 

 

2,456

 

 

 

13,057

 

 

 

9,472

 

Impairment of fixed assets (2)

 

 

 

 

4,375

 

 

 

1,575

 

 

 

4,375

 

Impairment of right of use assets (3)

 

 

 

 

5,471

 

 

 

1,629

 

 

 

5,471

 

Restructuring charges, net (4)

 

4,612

 

 

 

41,162

 

 

 

68,558

 

 

 

41,162

 

Tax effect on the adjusted items (5)

 

(2,092

)

 

 

(11,705

)

 

 

(20,763

)

 

 

(13,410

)

Tax adjustment (6)

 

(9,714

)

 

 

 

 

 

(9,714

)

 

 

 

Adjusted net income attributable to Korn Ferry

$

55,776

 

 

$

53,006

 

 

$

158,307

 

 

$

209,105

 

Explanation of Non-GAAP Adjustments

(1)

 

Costs associated with previous acquisitions, such as legal and professional fees, retention awards and the on-going integration expenses to combine the companies.

(2)

 

Costs associated with impairment of fixed assets primarily due to software impairment charge in our Digital segment in FY'24 and impairment on leasehold improvements due to terminating and deciding to sublease some of our office leases in FY'23.

(3)

 

Costs associated with impairment of right-of-use assets due to terminating and deciding to sublease some of our office leases.

(4)

 

Restructuring charges incurred to align our workforce to the challenging macroeconomic business environment arising from persistent inflationary pressures, rising interest rates and global economic geopolitical uncertainty.

(5)

 

Tax effect on integration/acquisition costs, impairment of fixed assets and right of use assets, and restructuring charges, net.

(6)

 

Due to actions taken in connection with the worldwide minimum tax, the Company recorded a $9.7 million non-recurring tax benefit in the quarter ended January 31, 2024 that resulted in the release of a valuation allowance, which is included in the Company's US GAAP results but excluded from the Adjusted results.

 

KORN FERRY AND SUBSIDIARIES

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES - CONTINUED

(unaudited)

 

 

Three Months Ended

January 31,

 

Nine Months Ended

January 31,

 

 

2024

 

 

 

2023

 

 

 

2024

 

 

 

2023

 

 

 

 

 

 

 

 

 

Basic earnings per common share

$

1.14

 

 

$

0.21

 

 

$

2.00

 

 

$

3.07

 

Integration/acquisition costs (1)

 

0.07

 

 

 

0.05

 

 

 

0.25

 

 

 

0.18

 

Impairment of fixed assets (2)

 

 

 

 

0.08

 

 

 

0.03

 

 

 

0.08

 

Impairment of right of use assets (3)

 

 

 

 

0.10

 

 

 

0.03

 

 

 

0.10

 

Restructuring charges, net (4)

 

0.09

 

 

 

0.80

 

 

 

1.32

 

 

 

0.79

 

Tax effect on the adjusted items (5)

 

(0.04

)

 

 

(0.23

)

 

 

(0.40

)

 

 

(0.26

)

Tax adjustment (6)

 

(0.19

)

 

 

 

 

 

(0.19

)

 

 

 

Adjusted basic earnings per share

$

1.07

 

 

$

1.01

 

 

$

3.04

 

 

$

3.96

 

 

 

 

 

 

 

 

 

Diluted earnings per common share

$

1.13

 

 

$

0.21

 

 

$

1.99

 

 

$

3.05

 

Integration/acquisition costs (1)

 

0.07

 

 

 

0.05

 

 

 

0.25

 

 

 

0.18

 

Impairment of fixed assets (2)

 

 

 

 

0.08

 

 

 

0.03

 

 

 

0.08

 

Impairment of right of use assets (3)

 

 

 

 

0.10

 

 

 

0.03

 

 

 

0.10

 

Restructuring charges, net (4)

 

0.09

 

 

 

0.80

 

 

 

1.32

 

 

 

0.78

 

Tax effect on the adjusted items (5)

 

(0.04

)

 

 

(0.23

)

 

 

(0.40

)

 

 

(0.26

)

Tax adjustment (6)

 

(0.18

)

 

 

 

 

 

(0.19

)

 

 

 

Adjusted diluted earnings per share

$

1.07

 

 

$

1.01

 

 

$

3.03

 

 

$

3.93

 

Explanation of Non-GAAP Adjustments

(1)

 

Costs associated with previous acquisitions, such as legal and professional fees, retention awards and the on-going integration expenses to combine the companies.

(2)

 

Costs associated with impairment of fixed assets primarily due to software impairment charge in our Digital segment in FY'24 and impairment on leasehold improvements due to terminating and deciding to sublease some of our office leases in FY'23.

(3)

 

Costs associated with impairment of right-of-use assets due to terminating and deciding to sublease some of our office leases.

(4)

 

Restructuring charges incurred to align our workforce to the challenging macroeconomic business environment arising from persistent inflationary pressures, rising interest rates and global economic geopolitical uncertainty.

(5)

 

Tax effect on integration/acquisition costs, impairment of fixed assets and right of use assets, and restructuring charges, net.

(6)

 

Due to actions taken in connection with the worldwide minimum tax, the Company recorded a $9.7 million non-recurring tax benefit in the quarter ended January 31, 2024 that resulted in the release of a valuation allowance, which is included in the Company's US GAAP results but excluded from the Adjusted results.

 

KORN FERRY AND SUBSIDIARIES

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES - CONTINUED

(unaudited)

 

 

Three Months Ended January 31,

 

2024

 

2023

 

Fee revenue

 

Total revenue

 

Adjusted EBITDA

 

Adjusted EBITDA margin

 

Fee revenue

 

Total revenue

 

Adjusted EBITDA

 

Adjusted EBITDA margin

 

(dollars in thousands)

Consulting

$

166,947

 

$

169,929

 

$

27,812

 

 

16.7

%

 

$

162,155

 

$

164,414

 

$

23,305

 

 

14.4

%

Digital

 

90,317

 

 

90,394

 

 

27,370

 

 

30.3

%

 

 

85,071

 

 

85,087

 

 

22,153

 

 

26.0

%

Executive Search:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

North America

 

121,449

 

 

123,059

 

 

29,382

 

 

24.2

%

 

 

132,810

 

 

134,255

 

 

30,446

 

 

22.9

%

EMEA

 

48,999

 

 

49,171

 

 

7,799

 

 

15.9

%

 

 

48,960

 

 

49,195

 

 

7,981

 

 

16.3

%

Asia Pacific

 

21,324

 

 

21,384

 

 

4,500

 

 

21.1

%

 

 

22,621

 

 

22,694

 

 

5,538

 

 

24.5

%

Latin America

 

7,541

 

 

7,543

 

 

1,750

 

 

23.2

%

 

 

7,654

 

 

7,658

 

 

2,462

 

 

32.2

%

Total Executive Search

 

199,313

 

 

201,157

 

 

43,431

 

 

21.8

%

 

 

212,045

 

 

213,802

 

 

46,427

 

 

21.9

%

Professional Search & Interim

 

130,890

 

 

131,824

 

 

23,795

 

 

18.2

%

 

 

117,980

 

 

118,616

 

 

21,969

 

 

18.6

%

RPO

 

81,212

 

 

83,569

 

 

9,291

 

 

11.4

%

 

 

103,531

 

 

104,926

 

 

9,849

 

 

9.5

%

Corporate

 

 

 

 

 

(29,995

)

 

 

 

 

 

 

 

 

(27,592

)

 

 

Consolidated

$

668,679

 

$

676,873

 

$

101,704

 

 

15.2

%

 

$

680,782

 

$

686,845

 

$

96,111

 

 

14.1

%

 

Nine Months Ended January 31,

 

2024

 

2023

 

Fee revenue

 

Total revenue

 

Adjusted EBITDA

 

Adjusted EBITDA margin

 

Fee revenue

 

Total revenue

 

Adjusted EBITDA

 

Adjusted EBITDA margin

 

(dollars in thousands)

Consulting

$

512,830

 

$

521,675

 

$

81,920

 

 

16.0

%

 

$

501,731

 

$

508,994

 

$

83,944

 

 

16.7

%

Digital

 

275,395

 

 

275,563

 

 

80,678

 

 

29.3

%

 

 

263,161

 

 

263,479

 

 

73,855

 

 

28.1

%

Executive Search:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

North America

 

381,459

 

 

386,405

 

 

87,574

 

 

23.0

%

 

 

426,839

 

 

431,286

 

 

112,164

 

 

26.3

%

EMEA

 

138,873

 

 

139,621

 

 

19,056

 

 

13.7

%

 

 

140,661

 

 

141,443

 

 

24,577

 

 

17.5

%

Asia Pacific

 

65,167

 

 

65,454

 

 

14,690

 

 

22.5

%

 

 

72,410

 

 

72,669

 

 

18,723

 

 

25.9

%

Latin America

 

22,041

 

 

22,050

 

 

4,296

 

 

19.5

%

 

 

23,283

 

 

23,289

 

 

7,686

 

 

33.0

%

Total Executive Search

 

607,540

 

 

613,530

 

 

125,616

 

 

20.7

%

 

 

663,193

 

 

668,687

 

 

163,150

 

 

24.6

%

Professional Search & Interim

 

411,453

 

 

414,348

 

 

73,746

 

 

17.9

%

 

 

351,670

 

 

354,430

 

 

83,587

 

 

23.8

%

RPO

 

264,653

 

 

270,466

 

 

28,617

 

 

10.8

%

 

 

324,779

 

 

330,122

 

 

43,562

 

 

13.4

%

Corporate

 

 

 

 

 

(94,673

)

 

 

 

 

 

 

 

 

(88,676

)

 

 

Consolidated

$

2,071,871

 

$

2,095,582

 

$

295,904

 

 

14.3

%

 

$

2,104,534

 

$

2,125,712

 

$

359,422

 

 

17.1

%

 

Contacts

Investor Relations: Tiffany Louder, (214) 310-8407

Media: Dan Gugler, (310) 226-2645

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