10-Q 1 kfy-10q_20211031.htm 10-Q kfy-10q_20211031.htm
false 2022 Q2 0000056679 --04-30 P4Y true true P1Y P6M P1Y P1Y true true true true P1Y P4Y P5Y http://fasb.org/us-gaap/2021-01-31#OtherAssets http://fasb.org/us-gaap/2021-01-31#OtherAssets http://fasb.org/us-gaap/2021-01-31#OtherLiabilitiesCurrent http://fasb.org/us-gaap/2021-01-31#OtherLiabilitiesCurrent http://fasb.org/us-gaap/2021-01-31#OtherLiabilitiesNoncurrent http://fasb.org/us-gaap/2021-01-31#OtherLiabilitiesNoncurrent 0000056679 2021-05-01 2021-10-31 xbrli:shares 0000056679 2021-12-03 iso4217:USD 0000056679 2021-10-31 0000056679 2021-04-30 iso4217:USD xbrli:shares 0000056679 us-gaap:ServiceMember 2021-08-01 2021-10-31 0000056679 us-gaap:ServiceMember 2020-08-01 2020-10-31 0000056679 us-gaap:ServiceMember 2021-05-01 2021-10-31 0000056679 us-gaap:ServiceMember 2020-05-01 2020-10-31 0000056679 kfy:ReimbursedOutOfPocketEngagementExpensesMember 2021-08-01 2021-10-31 0000056679 kfy:ReimbursedOutOfPocketEngagementExpensesMember 2020-08-01 2020-10-31 0000056679 kfy:ReimbursedOutOfPocketEngagementExpensesMember 2021-05-01 2021-10-31 0000056679 kfy:ReimbursedOutOfPocketEngagementExpensesMember 2020-05-01 2020-10-31 0000056679 2021-08-01 2021-10-31 0000056679 2020-08-01 2020-10-31 0000056679 2020-05-01 2020-10-31 0000056679 kfy:ReimbursedExpensesMember 2021-08-01 2021-10-31 0000056679 kfy:ReimbursedExpensesMember 2020-08-01 2020-10-31 0000056679 kfy:ReimbursedExpensesMember 2021-05-01 2021-10-31 0000056679 kfy:ReimbursedExpensesMember 2020-05-01 2020-10-31 0000056679 us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember 2021-04-30 0000056679 us-gaap:RetainedEarningsMember 2021-04-30 0000056679 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2021-04-30 0000056679 us-gaap:ParentMember 2021-04-30 0000056679 us-gaap:NoncontrollingInterestMember 2021-04-30 0000056679 us-gaap:RetainedEarningsMember 2021-05-01 2021-07-31 0000056679 us-gaap:ParentMember 2021-05-01 2021-07-31 0000056679 us-gaap:NoncontrollingInterestMember 2021-05-01 2021-07-31 0000056679 2021-05-01 2021-07-31 0000056679 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2021-05-01 2021-07-31 0000056679 us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember 2021-05-01 2021-07-31 0000056679 us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember 2021-07-31 0000056679 us-gaap:RetainedEarningsMember 2021-07-31 0000056679 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2021-07-31 0000056679 us-gaap:ParentMember 2021-07-31 0000056679 us-gaap:NoncontrollingInterestMember 2021-07-31 0000056679 2021-07-31 0000056679 us-gaap:RetainedEarningsMember 2021-08-01 2021-10-31 0000056679 us-gaap:ParentMember 2021-08-01 2021-10-31 0000056679 us-gaap:NoncontrollingInterestMember 2021-08-01 2021-10-31 0000056679 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2021-08-01 2021-10-31 0000056679 us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember 2021-08-01 2021-10-31 0000056679 us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember 2021-10-31 0000056679 us-gaap:RetainedEarningsMember 2021-10-31 0000056679 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2021-10-31 0000056679 us-gaap:ParentMember 2021-10-31 0000056679 us-gaap:NoncontrollingInterestMember 2021-10-31 0000056679 us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember 2020-04-30 0000056679 us-gaap:RetainedEarningsMember 2020-04-30 0000056679 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-04-30 0000056679 us-gaap:ParentMember 2020-04-30 0000056679 us-gaap:NoncontrollingInterestMember 2020-04-30 0000056679 2020-04-30 0000056679 us-gaap:RetainedEarningsMember 2020-05-01 2020-07-31 0000056679 us-gaap:ParentMember 2020-05-01 2020-07-31 0000056679 us-gaap:NoncontrollingInterestMember 2020-05-01 2020-07-31 0000056679 2020-05-01 2020-07-31 0000056679 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-05-01 2020-07-31 0000056679 us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember 2020-05-01 2020-07-31 0000056679 us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember 2020-07-31 0000056679 us-gaap:RetainedEarningsMember 2020-07-31 0000056679 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-07-31 0000056679 us-gaap:ParentMember 2020-07-31 0000056679 us-gaap:NoncontrollingInterestMember 2020-07-31 0000056679 2020-07-31 0000056679 us-gaap:RetainedEarningsMember 2020-08-01 2020-10-31 0000056679 us-gaap:ParentMember 2020-08-01 2020-10-31 0000056679 us-gaap:NoncontrollingInterestMember 2020-08-01 2020-10-31 0000056679 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-08-01 2020-10-31 0000056679 us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember 2020-08-01 2020-10-31 0000056679 us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember 2020-10-31 0000056679 us-gaap:RetainedEarningsMember 2020-10-31 0000056679 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-10-31 0000056679 us-gaap:ParentMember 2020-10-31 0000056679 us-gaap:NoncontrollingInterestMember 2020-10-31 0000056679 2020-10-31 0000056679 us-gaap:NondesignatedMember 2021-05-01 2021-10-31 kfy:Segment xbrli:pure 0000056679 kfy:MexicanSubsidiaryMember 2021-10-31 0000056679 kfy:MillerHeimanGroupAchieveForumAndStrategyExecutionMember 2020-05-01 2020-10-31 0000056679 kfy:LeaseholdImprovementsAndFurnitureAndFixturesMember 2021-08-01 2021-10-31 0000056679 kfy:LeaseholdImprovementsAndFurnitureAndFixturesMember 2021-05-01 2021-10-31 0000056679 2020-05-01 2021-04-30 0000056679 srt:MinimumMember 2021-05-01 2021-10-31 0000056679 srt:MaximumMember 2021-05-01 2021-10-31 0000056679 us-gaap:AccountingStandardsUpdate202101Member 2021-10-31 0000056679 us-gaap:RestrictedStockMember 2021-08-01 2021-10-31 0000056679 us-gaap:RestrictedStockMember 2021-05-01 2021-10-31 0000056679 us-gaap:RestrictedStockMember 2020-08-01 2020-10-31 0000056679 us-gaap:RestrictedStockMember 2020-05-01 2020-10-31 0000056679 us-gaap:RestrictedStockMember 2021-08-01 2021-10-31 0000056679 us-gaap:RestrictedStockMember 2020-08-01 2020-10-31 0000056679 us-gaap:RestrictedStockMember 2021-05-01 2021-10-31 0000056679 us-gaap:EmployeeStockMember 2021-08-01 2021-10-31 0000056679 us-gaap:EmployeeStockMember 2020-08-01 2020-10-31 0000056679 us-gaap:EmployeeStockMember 2021-05-01 2021-10-31 0000056679 us-gaap:AccumulatedTranslationAdjustmentMember 2021-07-31 0000056679 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2021-07-31 0000056679 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2021-07-31 0000056679 us-gaap:AccumulatedTranslationAdjustmentMember 2021-08-01 2021-10-31 0000056679 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2021-08-01 2021-10-31 0000056679 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2021-08-01 2021-10-31 0000056679 us-gaap:AccumulatedTranslationAdjustmentMember 2021-10-31 0000056679 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2021-10-31 0000056679 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2021-10-31 0000056679 us-gaap:AccumulatedTranslationAdjustmentMember 2021-04-30 0000056679 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2021-04-30 0000056679 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2021-04-30 0000056679 us-gaap:AccumulatedTranslationAdjustmentMember 2021-05-01 2021-10-31 0000056679 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2021-05-01 2021-10-31 0000056679 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2021-05-01 2021-10-31 0000056679 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2021-05-01 2021-10-31 0000056679 us-gaap:AccumulatedTranslationAdjustmentMember 2020-07-31 0000056679 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2020-07-31 0000056679 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2020-07-31 0000056679 us-gaap:AccumulatedTranslationAdjustmentMember 2020-08-01 2020-10-31 0000056679 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2020-08-01 2020-10-31 0000056679 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2020-08-01 2020-10-31 0000056679 us-gaap:AccumulatedTranslationAdjustmentMember 2020-10-31 0000056679 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2020-10-31 0000056679 us-gaap:AccumulatedTranslationAdjustmentMember 2020-04-30 0000056679 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2020-04-30 0000056679 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2020-04-30 0000056679 us-gaap:AccumulatedTranslationAdjustmentMember 2020-05-01 2020-10-31 0000056679 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2020-05-01 2020-10-31 0000056679 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-05-01 2020-10-31 0000056679 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2020-05-01 2020-10-31 0000056679 us-gaap:RestrictedStockMember 2020-05-01 2020-10-31 0000056679 us-gaap:EmployeeStockMember 2020-05-01 2020-10-31 0000056679 kfy:StockIncentivePlanMember 2019-10-03 0000056679 kfy:StockIncentivePlanMember 2019-10-03 2019-10-03 0000056679 kfy:TimeBasedRestrictedStockMember 2021-05-01 2021-10-31 0000056679 kfy:MarketBasedRestrictedStockMember 2021-05-01 2021-10-31 0000056679 us-gaap:RestrictedStockMember 2021-04-30 0000056679 us-gaap:RestrictedStockMember 2021-10-31 0000056679 kfy:MarketBasedRestrictedStockMember 2021-10-31 0000056679 us-gaap:EmployeeStockMember 2021-10-31 0000056679 us-gaap:EmployeeStockMember srt:MinimumMember 2021-05-01 2021-10-31 0000056679 us-gaap:EmployeeStockMember srt:MaximumMember 2021-05-01 2021-10-31 0000056679 us-gaap:TreasuryStockCommonMember 2021-08-01 2021-10-31 0000056679 us-gaap:TreasuryStockCommonMember 2021-05-01 2021-10-31 0000056679 us-gaap:TreasuryStockCommonMember 2020-08-01 2020-10-31 0000056679 us-gaap:TreasuryStockCommonMember 2020-05-01 2020-10-31 0000056679 us-gaap:FairValueInputsLevel2Member us-gaap:CommercialPaperMember 2021-10-31 0000056679 us-gaap:FairValueInputsLevel2Member kfy:CorporateNotesOrBondsMember 2021-10-31 0000056679 us-gaap:FairValueInputsLevel2Member 2021-10-31 0000056679 us-gaap:FairValueInputsLevel1Member us-gaap:MutualFundMember 2021-10-31 0000056679 us-gaap:FairValueInputsLevel1Member us-gaap:EquitySecuritiesMember 2021-10-31 0000056679 us-gaap:FairValueInputsLevel1Member us-gaap:CashMember 2021-10-31 0000056679 us-gaap:FairValueInputsLevel1Member us-gaap:MoneyMarketFundsMember 2021-10-31 0000056679 us-gaap:FairValueInputsLevel2Member us-gaap:ForeignExchangeForwardMember 2021-10-31 0000056679 us-gaap:FairValueInputsLevel2Member us-gaap:CommercialPaperMember 2021-04-30 0000056679 us-gaap:FairValueInputsLevel2Member kfy:CorporateNotesOrBondsMember 2021-04-30 0000056679 us-gaap:FairValueInputsLevel2Member kfy:USTreasuryAndAgencySecuritiesMember 2021-04-30 0000056679 us-gaap:FairValueInputsLevel2Member 2021-04-30 0000056679 us-gaap:FairValueInputsLevel1Member us-gaap:MutualFundMember 2021-04-30 0000056679 us-gaap:FairValueInputsLevel1Member us-gaap:EquitySecuritiesMember 2021-04-30 0000056679 us-gaap:FairValueInputsLevel1Member us-gaap:CashMember 2021-04-30 0000056679 us-gaap:FairValueInputsLevel1Member us-gaap:MoneyMarketFundsMember 2021-04-30 0000056679 us-gaap:FairValueInputsLevel2Member us-gaap:ForeignExchangeForwardMember 2021-04-30 0000056679 srt:MinimumMember us-gaap:AvailableforsaleSecuritiesMember 2021-05-01 2021-10-31 0000056679 us-gaap:AvailableforsaleSecuritiesMember srt:MaximumMember 2021-05-01 2021-10-31 0000056679 us-gaap:NondesignatedMember us-gaap:ForeignExchangeForwardMember 2021-10-31 0000056679 us-gaap:NondesignatedMember us-gaap:ForeignExchangeForwardMember 2021-04-30 0000056679 us-gaap:NondesignatedMember us-gaap:ForeignExchangeForwardMember kfy:IncomeTaxesAndOtherReceivablesMember kfy:DerivativesPurchasedMember 2021-10-31 0000056679 us-gaap:NondesignatedMember us-gaap:ForeignExchangeForwardMember kfy:IncomeTaxesAndOtherReceivablesMember kfy:DerivativesPurchasedMember 2021-04-30 0000056679 us-gaap:NondesignatedMember us-gaap:ForeignExchangeForwardMember kfy:IncomeTaxesAndOtherReceivablesMember kfy:DerivativesSoldMember 2021-10-31 0000056679 us-gaap:NondesignatedMember us-gaap:ForeignExchangeForwardMember kfy:IncomeTaxesAndOtherReceivablesMember kfy:DerivativesSoldMember 2021-04-30 0000056679 us-gaap:NondesignatedMember us-gaap:ForeignExchangeForwardMember 2021-08-01 2021-10-31 0000056679 us-gaap:NondesignatedMember us-gaap:ForeignExchangeForwardMember 2021-05-01 2021-10-31 0000056679 us-gaap:NondesignatedMember us-gaap:ForeignExchangeForwardMember 2020-08-01 2020-10-31 0000056679 us-gaap:NondesignatedMember us-gaap:ForeignExchangeForwardMember 2020-05-01 2020-10-31 0000056679 kfy:DeferredCompensationPlanMember 2021-08-01 2021-10-31 0000056679 kfy:DeferredCompensationPlanMember 2020-08-01 2020-10-31 0000056679 kfy:DeferredCompensationPlanMember 2021-05-01 2021-10-31 0000056679 kfy:DeferredCompensationPlanMember 2020-05-01 2020-10-31 0000056679 kfy:CSVOfColiContractsMember kfy:DeferredCompensationPlanMember 2021-10-31 0000056679 kfy:CSVOfColiContractsMember kfy:DeferredCompensationPlanMember 2021-04-30 0000056679 kfy:CSVOfColiContractsMember 2021-08-01 2021-10-31 0000056679 kfy:CSVOfColiContractsMember 2021-05-01 2021-10-31 0000056679 kfy:CSVOfColiContractsMember 2020-08-01 2020-10-31 0000056679 kfy:CSVOfColiContractsMember 2020-05-01 2020-10-31 0000056679 kfy:ExecutiveCapitalAccumulationPlanMember 2021-05-01 2021-10-31 0000056679 kfy:ExecutiveCapitalAccumulationPlanMember 2021-08-01 2021-10-31 0000056679 kfy:ExecutiveCapitalAccumulationPlanMember 2020-08-01 2020-10-31 0000056679 kfy:ExecutiveCapitalAccumulationPlanMember 2020-05-01 2020-10-31 0000056679 2021-11-01 2021-10-31 0000056679 2022-05-01 2021-10-31 0000056679 2023-05-01 2021-10-31 0000056679 2024-05-01 2021-10-31 0000056679 2024-05-01 2021-05-01 2021-10-31 0000056679 kfy:IndustrialMember 2021-08-01 2021-10-31 0000056679 kfy:LifeSciencesAndHealthcareMember 2021-08-01 2021-10-31 0000056679 us-gaap:FinancialServiceMember 2021-08-01 2021-10-31 0000056679 us-gaap:TechnologyServiceMember 2021-08-01 2021-10-31 0000056679 kfy:ConsumerGoodsMember 2021-08-01 2021-10-31 0000056679 kfy:EducationNonProfitAndGeneralMember 2021-08-01 2021-10-31 0000056679 kfy:IndustrialMember 2020-08-01 2020-10-31 0000056679 kfy:LifeSciencesAndHealthcareMember 2020-08-01 2020-10-31 0000056679 us-gaap:FinancialServiceMember 2020-08-01 2020-10-31 0000056679 us-gaap:TechnologyServiceMember 2020-08-01 2020-10-31 0000056679 kfy:ConsumerGoodsMember 2020-08-01 2020-10-31 0000056679 kfy:EducationNonProfitAndGeneralMember 2020-08-01 2020-10-31 0000056679 kfy:IndustrialMember 2021-05-01 2021-10-31 0000056679 kfy:LifeSciencesAndHealthcareMember 2021-05-01 2021-10-31 0000056679 us-gaap:FinancialServiceMember 2021-05-01 2021-10-31 0000056679 us-gaap:TechnologyServiceMember 2021-05-01 2021-10-31 0000056679 kfy:ConsumerGoodsMember 2021-05-01 2021-10-31 0000056679 kfy:EducationNonProfitAndGeneralMember 2021-05-01 2021-10-31 0000056679 kfy:IndustrialMember 2020-05-01 2020-10-31 0000056679 kfy:LifeSciencesAndHealthcareMember 2020-05-01 2020-10-31 0000056679 us-gaap:FinancialServiceMember 2020-05-01 2020-10-31 0000056679 us-gaap:TechnologyServiceMember 2020-05-01 2020-10-31 0000056679 kfy:ConsumerGoodsMember 2020-05-01 2020-10-31 0000056679 kfy:EducationNonProfitAndGeneralMember 2020-05-01 2020-10-31 0000056679 us-gaap:CommercialPaperMember 2021-10-31 0000056679 us-gaap:CorporateBondSecuritiesMember 2021-10-31 0000056679 us-gaap:CommercialPaperMember kfy:MarketableSecuritiesCurrentMember 2021-10-31 0000056679 us-gaap:CorporateBondSecuritiesMember kfy:MarketableSecuritiesCurrentMember 2021-10-31 0000056679 us-gaap:CorporateBondSecuritiesMember kfy:MarketableSecuritiesNonCurrentMember 2021-10-31 0000056679 us-gaap:CommercialPaperMember 2021-04-30 0000056679 us-gaap:CorporateBondSecuritiesMember 2021-04-30 0000056679 us-gaap:CommercialPaperMember us-gaap:CashAndCashEquivalentsMember 2021-04-30 0000056679 us-gaap:CommercialPaperMember kfy:MarketableSecuritiesCurrentMember 2021-04-30 0000056679 us-gaap:CorporateBondSecuritiesMember kfy:MarketableSecuritiesCurrentMember 2021-04-30 0000056679 us-gaap:CorporateBondSecuritiesMember kfy:MarketableSecuritiesNonCurrentMember 2021-04-30 kfy:Investment 0000056679 us-gaap:EmployeeSeveranceMember 2021-08-01 2021-10-31 0000056679 us-gaap:EmployeeSeveranceMember 2021-05-01 2021-10-31 0000056679 us-gaap:EmployeeSeveranceMember 2020-08-01 2020-10-31 0000056679 us-gaap:EmployeeSeveranceMember 2020-05-01 2020-10-31 0000056679 us-gaap:OperatingSegmentsMember kfy:ConsultingMember us-gaap:ServiceMember 2021-08-01 2021-10-31 0000056679 us-gaap:OperatingSegmentsMember kfy:DigitalMember us-gaap:ServiceMember 2021-08-01 2021-10-31 0000056679 us-gaap:OperatingSegmentsMember kfy:ExecutiveSearchMember srt:NorthAmericaMember us-gaap:ServiceMember 2021-08-01 2021-10-31 0000056679 us-gaap:OperatingSegmentsMember kfy:ExecutiveSearchMember us-gaap:EMEAMember us-gaap:ServiceMember 2021-08-01 2021-10-31 0000056679 us-gaap:OperatingSegmentsMember kfy:ExecutiveSearchMember srt:AsiaPacificMember us-gaap:ServiceMember 2021-08-01 2021-10-31 0000056679 us-gaap:OperatingSegmentsMember kfy:ExecutiveSearchMember srt:LatinAmericaMember us-gaap:ServiceMember 2021-08-01 2021-10-31 0000056679 us-gaap:OperatingSegmentsMember kfy:ExecutiveSearchMember us-gaap:ServiceMember 2021-08-01 2021-10-31 0000056679 us-gaap:OperatingSegmentsMember kfy:RPOAndProfessionalSearchMember us-gaap:ServiceMember 2021-08-01 2021-10-31 0000056679 us-gaap:OperatingSegmentsMember kfy:ConsultingMember 2021-08-01 2021-10-31 0000056679 us-gaap:OperatingSegmentsMember kfy:DigitalMember 2021-08-01 2021-10-31 0000056679 us-gaap:OperatingSegmentsMember kfy:ExecutiveSearchMember srt:NorthAmericaMember 2021-08-01 2021-10-31 0000056679 us-gaap:OperatingSegmentsMember kfy:ExecutiveSearchMember us-gaap:EMEAMember 2021-08-01 2021-10-31 0000056679 us-gaap:OperatingSegmentsMember kfy:ExecutiveSearchMember srt:AsiaPacificMember 2021-08-01 2021-10-31 0000056679 us-gaap:OperatingSegmentsMember kfy:ExecutiveSearchMember srt:LatinAmericaMember 2021-08-01 2021-10-31 0000056679 us-gaap:OperatingSegmentsMember kfy:ExecutiveSearchMember 2021-08-01 2021-10-31 0000056679 us-gaap:OperatingSegmentsMember kfy:RPOAndProfessionalSearchMember 2021-08-01 2021-10-31 0000056679 us-gaap:CorporateNonSegmentMember 2021-08-01 2021-10-31 0000056679 us-gaap:OperatingSegmentsMember kfy:ConsultingMember us-gaap:ServiceMember 2020-08-01 2020-10-31 0000056679 us-gaap:OperatingSegmentsMember kfy:DigitalMember us-gaap:ServiceMember 2020-08-01 2020-10-31 0000056679 us-gaap:OperatingSegmentsMember kfy:ExecutiveSearchMember srt:NorthAmericaMember us-gaap:ServiceMember 2020-08-01 2020-10-31 0000056679 us-gaap:OperatingSegmentsMember kfy:ExecutiveSearchMember us-gaap:EMEAMember us-gaap:ServiceMember 2020-08-01 2020-10-31 0000056679 us-gaap:OperatingSegmentsMember kfy:ExecutiveSearchMember srt:AsiaPacificMember us-gaap:ServiceMember 2020-08-01 2020-10-31 0000056679 us-gaap:OperatingSegmentsMember kfy:ExecutiveSearchMember srt:LatinAmericaMember us-gaap:ServiceMember 2020-08-01 2020-10-31 0000056679 us-gaap:OperatingSegmentsMember kfy:ExecutiveSearchMember us-gaap:ServiceMember 2020-08-01 2020-10-31 0000056679 us-gaap:OperatingSegmentsMember kfy:RPOAndProfessionalSearchMember us-gaap:ServiceMember 2020-08-01 2020-10-31 0000056679 us-gaap:OperatingSegmentsMember kfy:ConsultingMember 2020-08-01 2020-10-31 0000056679 us-gaap:OperatingSegmentsMember kfy:DigitalMember 2020-08-01 2020-10-31 0000056679 us-gaap:OperatingSegmentsMember kfy:ExecutiveSearchMember srt:NorthAmericaMember 2020-08-01 2020-10-31 0000056679 us-gaap:OperatingSegmentsMember kfy:ExecutiveSearchMember us-gaap:EMEAMember 2020-08-01 2020-10-31 0000056679 us-gaap:OperatingSegmentsMember kfy:ExecutiveSearchMember srt:AsiaPacificMember 2020-08-01 2020-10-31 0000056679 us-gaap:OperatingSegmentsMember kfy:ExecutiveSearchMember srt:LatinAmericaMember 2020-08-01 2020-10-31 0000056679 us-gaap:OperatingSegmentsMember kfy:ExecutiveSearchMember 2020-08-01 2020-10-31 0000056679 us-gaap:OperatingSegmentsMember kfy:RPOAndProfessionalSearchMember 2020-08-01 2020-10-31 0000056679 us-gaap:CorporateNonSegmentMember 2020-08-01 2020-10-31 0000056679 us-gaap:OperatingSegmentsMember kfy:ConsultingMember us-gaap:ServiceMember 2021-05-01 2021-10-31 0000056679 us-gaap:OperatingSegmentsMember kfy:DigitalMember us-gaap:ServiceMember 2021-05-01 2021-10-31 0000056679 us-gaap:OperatingSegmentsMember kfy:ExecutiveSearchMember srt:NorthAmericaMember us-gaap:ServiceMember 2021-05-01 2021-10-31 0000056679 us-gaap:OperatingSegmentsMember kfy:ExecutiveSearchMember us-gaap:EMEAMember us-gaap:ServiceMember 2021-05-01 2021-10-31 0000056679 us-gaap:OperatingSegmentsMember kfy:ExecutiveSearchMember srt:AsiaPacificMember us-gaap:ServiceMember 2021-05-01 2021-10-31 0000056679 us-gaap:OperatingSegmentsMember kfy:ExecutiveSearchMember srt:LatinAmericaMember us-gaap:ServiceMember 2021-05-01 2021-10-31 0000056679 us-gaap:OperatingSegmentsMember kfy:ExecutiveSearchMember us-gaap:ServiceMember 2021-05-01 2021-10-31 0000056679 us-gaap:OperatingSegmentsMember kfy:RPOAndProfessionalSearchMember us-gaap:ServiceMember 2021-05-01 2021-10-31 0000056679 us-gaap:OperatingSegmentsMember kfy:ConsultingMember 2021-05-01 2021-10-31 0000056679 us-gaap:OperatingSegmentsMember kfy:DigitalMember 2021-05-01 2021-10-31 0000056679 us-gaap:OperatingSegmentsMember kfy:ExecutiveSearchMember srt:NorthAmericaMember 2021-05-01 2021-10-31 0000056679 us-gaap:OperatingSegmentsMember kfy:ExecutiveSearchMember us-gaap:EMEAMember 2021-05-01 2021-10-31 0000056679 us-gaap:OperatingSegmentsMember kfy:ExecutiveSearchMember srt:AsiaPacificMember 2021-05-01 2021-10-31 0000056679 us-gaap:OperatingSegmentsMember kfy:ExecutiveSearchMember srt:LatinAmericaMember 2021-05-01 2021-10-31 0000056679 us-gaap:OperatingSegmentsMember kfy:ExecutiveSearchMember 2021-05-01 2021-10-31 0000056679 us-gaap:OperatingSegmentsMember kfy:RPOAndProfessionalSearchMember 2021-05-01 2021-10-31 0000056679 us-gaap:CorporateNonSegmentMember 2021-05-01 2021-10-31 0000056679 us-gaap:OperatingSegmentsMember kfy:ConsultingMember us-gaap:ServiceMember 2020-05-01 2020-10-31 0000056679 us-gaap:OperatingSegmentsMember kfy:DigitalMember us-gaap:ServiceMember 2020-05-01 2020-10-31 0000056679 us-gaap:OperatingSegmentsMember kfy:ExecutiveSearchMember srt:NorthAmericaMember us-gaap:ServiceMember 2020-05-01 2020-10-31 0000056679 us-gaap:OperatingSegmentsMember kfy:ExecutiveSearchMember us-gaap:EMEAMember us-gaap:ServiceMember 2020-05-01 2020-10-31 0000056679 us-gaap:OperatingSegmentsMember kfy:ExecutiveSearchMember srt:AsiaPacificMember us-gaap:ServiceMember 2020-05-01 2020-10-31 0000056679 us-gaap:OperatingSegmentsMember kfy:ExecutiveSearchMember srt:LatinAmericaMember us-gaap:ServiceMember 2020-05-01 2020-10-31 0000056679 us-gaap:OperatingSegmentsMember kfy:ExecutiveSearchMember us-gaap:ServiceMember 2020-05-01 2020-10-31 0000056679 us-gaap:OperatingSegmentsMember kfy:RPOAndProfessionalSearchMember us-gaap:ServiceMember 2020-05-01 2020-10-31 0000056679 us-gaap:OperatingSegmentsMember kfy:ConsultingMember 2020-05-01 2020-10-31 0000056679 us-gaap:OperatingSegmentsMember kfy:DigitalMember 2020-05-01 2020-10-31 0000056679 us-gaap:OperatingSegmentsMember kfy:ExecutiveSearchMember srt:NorthAmericaMember 2020-05-01 2020-10-31 0000056679 us-gaap:OperatingSegmentsMember kfy:ExecutiveSearchMember us-gaap:EMEAMember 2020-05-01 2020-10-31 0000056679 us-gaap:OperatingSegmentsMember kfy:ExecutiveSearchMember srt:AsiaPacificMember 2020-05-01 2020-10-31 0000056679 us-gaap:OperatingSegmentsMember kfy:ExecutiveSearchMember srt:LatinAmericaMember 2020-05-01 2020-10-31 0000056679 us-gaap:OperatingSegmentsMember kfy:ExecutiveSearchMember 2020-05-01 2020-10-31 0000056679 us-gaap:OperatingSegmentsMember kfy:RPOAndProfessionalSearchMember 2020-05-01 2020-10-31 0000056679 us-gaap:CorporateNonSegmentMember 2020-05-01 2020-10-31 0000056679 kfy:FourPointSixTwoFivePercentSeniorUnsecuredNotesDueTwoThousandTwentySevenMember 2019-12-16 0000056679 kfy:FourPointSixTwoFivePercentSeniorUnsecuredNotesDueTwoThousandTwentySevenMember 2021-05-01 2021-10-31 0000056679 kfy:FourPointSixTwoFivePercentSeniorUnsecuredNotesDueTwoThousandTwentySevenMember 2019-12-16 2019-12-16 0000056679 us-gaap:DebtInstrumentRedemptionPeriodFourMember 2019-12-16 2019-12-16 0000056679 kfy:FourPointSixTwoFivePercentSeniorUnsecuredNotesDueTwoThousandTwentySevenMember us-gaap:DebtInstrumentRedemptionPeriodTwoMember 2021-05-01 2021-10-31 0000056679 kfy:FourPointSixTwoFivePercentSeniorUnsecuredNotesDueTwoThousandTwentySevenMember us-gaap:DebtInstrumentRedemptionPeriodThreeMember 2021-05-01 2021-10-31 0000056679 kfy:FourPointSixTwoFivePercentSeniorUnsecuredNotesDueTwoThousandTwentySevenMember kfy:DebtInstrumentRedemptionPeriodFourAndAfterMember 2021-05-01 2021-10-31 0000056679 kfy:FourPointSixTwoFivePercentSeniorUnsecuredNotesDueTwoThousandTwentySevenMember srt:MaximumMember 2019-12-16 2019-12-16 0000056679 kfy:FourPointSixTwoFivePercentSeniorUnsecuredNotesDueTwoThousandTwentySevenMember 2021-10-31 0000056679 kfy:FourPointSixTwoFivePercentSeniorUnsecuredNotesDueTwoThousandTwentySevenMember 2021-04-30 0000056679 kfy:FourPointSixTwoFivePercentSeniorUnsecuredNotesDueTwoThousandTwentySevenMember kfy:SeniorUnsecuredNotesMember 2021-10-31 0000056679 kfy:FourPointSixTwoFivePercentSeniorUnsecuredNotesDueTwoThousandTwentySevenMember kfy:SeniorUnsecuredNotesMember 2021-04-30 0000056679 kfy:CreditAgreementMember 2019-12-16 2019-12-16 0000056679 kfy:CreditAgreementMember us-gaap:RevolvingCreditFacilityMember 2019-12-16 2019-12-16 0000056679 kfy:CreditAgreementMember us-gaap:RevolvingCreditFacilityMember 2019-12-16 0000056679 kfy:CreditAgreementMember srt:MaximumMember 2019-12-16 2019-12-16 0000056679 kfy:CreditAgreementMember srt:MinimumMember 2019-12-16 0000056679 kfy:CreditAgreementMember us-gaap:RevolvingCreditFacilityMember 2021-05-01 2021-10-31 0000056679 kfy:CreditAgreementMember us-gaap:LondonInterbankOfferedRateLIBORMember srt:MinimumMember 2021-05-01 2021-10-31 0000056679 kfy:CreditAgreementMember us-gaap:LondonInterbankOfferedRateLIBORMember srt:MaximumMember 2021-05-01 2021-10-31 0000056679 kfy:CreditAgreementMember us-gaap:BaseRateMember srt:MinimumMember 2021-05-01 2021-10-31 0000056679 kfy:CreditAgreementMember us-gaap:BaseRateMember srt:MaximumMember 2021-05-01 2021-10-31 0000056679 kfy:CreditAgreementMember srt:MinimumMember us-gaap:RevolvingCreditFacilityMember 2021-05-01 2021-10-31 0000056679 kfy:CreditAgreementMember srt:MaximumMember us-gaap:RevolvingCreditFacilityMember 2021-05-01 2021-10-31 0000056679 kfy:CreditAgreementMember us-gaap:RevolvingCreditFacilityMember 2021-10-31 0000056679 kfy:CreditAgreementMember us-gaap:RevolvingCreditFacilityMember 2021-04-30 0000056679 kfy:CreditAgreementMember 2021-10-31 0000056679 kfy:CreditAgreementMember 2021-04-30 0000056679 us-gaap:RevolvingCreditFacilityMember 2021-10-31 0000056679 us-gaap:RevolvingCreditFacilityMember 2021-04-30 0000056679 us-gaap:StandbyLettersOfCreditMember 2021-10-31 0000056679 us-gaap:StandbyLettersOfCreditMember 2021-04-30 0000056679 us-gaap:StandbyLettersOfCreditMember kfy:OtherFinancialInstitutionsMember 2021-10-31 0000056679 us-gaap:StandbyLettersOfCreditMember kfy:OtherFinancialInstitutionsMember 2021-04-30 0000056679 srt:MinimumMember 2021-10-31 0000056679 srt:MaximumMember 2021-10-31 0000056679 us-gaap:DividendDeclaredMember us-gaap:SubsequentEventMember 2021-12-07 2021-12-07 0000056679 us-gaap:DividendDeclaredMember us-gaap:SubsequentEventMember 2021-12-07

 

 

 

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

Form 10-Q

(Mark One)

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended October 31, 2021

OR

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from _________ to ___________

 

Commission File Number 001-14505

 

KORN FERRY

 

(Exact Name of Registrant as Specified in its Charter)

 

Delaware

 

95-2623879

(State or Other Jurisdiction of Incorporation or Organization)

 

(I.R.S. Employer Identification No.)

 

1900 Avenue of the Stars, Suite 2600, Los Angeles, California 90067

(Address of principal executive offices) (Zip Code)

(310552-1834

(Registrant’s telephone number, including area code)

 

Securities Registered Pursuant to Section 12(b) of the Act:

 

Title of Each Class

Trading Symbol(s)

Name of Each Exchange on Which Registered

Common Stock, par value $0.01 per share

KFY

New York Stock Exchange

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes    No 

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes    No

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer 

 

 

Accelerated filer        

 

 

 

 

Non-accelerated filer  

 

 

Smaller reporting company 

 

 

 

Emerging growth company 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes    No  

 

The number of shares outstanding of our common stock as of December 3, 2021 was 54,414,242 shares.

 

 


KORN FERRY

Table of Contents

Item #

 

Description

 

Page

 

 

 

 

 

 

 

Part I. Financial Information

 

 

 

 

 

 

 

Item 1.

 

Consolidated Financial Statements

 

 

 

 

 

 

 

 

 

Consolidated Balance Sheets as of October 31, 2021 (unaudited) and April 30, 2021

 

1

 

 

 

 

 

 

 

Consolidated Statements of Operations (unaudited) for the three and six months ended October 31, 2021 and 2020

 

2

 

 

 

 

 

 

 

Consolidated Statements of Comprehensive Income (unaudited) for the three and six months ended October 31, 2021 and 2020

 

3

 

 

 

 

 

 

 

Consolidated Statements of Stockholders’ Equity (unaudited) for three and six months ended October 31, 2021 and 2020

 

4

 

 

 

 

 

 

 

Consolidated Statements of Cash Flows (unaudited) for the six months ended October 31, 2021 and 2020

 

5

 

 

 

 

 

 

 

Notes to Consolidated Unaudited Financial Statements

 

6

 

 

 

 

 

Item 2.

 

Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

26

 

 

 

 

 

Item 3.

 

Quantitative and Qualitative Disclosures About Market Risk

 

45

 

 

 

 

 

Item 4.

 

Controls and Procedures

 

45

 

 

 

 

 

 

 

Part II. Other Information

 

 

 

 

 

 

 

Item 1.

 

Legal Proceedings

 

46

 

 

 

 

 

Item 1A.

 

Risk Factors

 

46

 

 

 

 

 

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

46

 

 

 

 

 

Item 6.

 

Exhibits

 

47

 

 

 

 

 

 

 

Signatures

 

48

 

 

 

 

 

 

 


 

Item 1. Consolidated Financial Statements

KORN FERRY AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

 

 

 

October 31,

2021

 

 

April 30,

2021

 

 

 

(unaudited)

 

 

 

 

 

 

 

(in thousands, except per share data)

 

ASSETS

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

725,391

 

 

$

850,778

 

Marketable securities

 

 

77,496

 

 

 

63,667

 

Receivables due from clients, net of allowance for doubtful accounts of $33,488 and $29,324 at October 31, 2021 and April 30, 2021, respectively

 

 

608,141

 

 

 

448,733

 

Income taxes and other receivables

 

 

37,515

 

 

 

40,024

 

Unearned compensation

 

 

63,639

 

 

 

53,206

 

Prepaid expenses and other assets

 

 

37,054

 

 

 

30,724

 

Total current assets

 

 

1,549,236

 

 

 

1,487,132

 

 

 

 

 

 

 

 

 

 

Marketable securities, non-current

 

 

194,047

 

 

 

182,692

 

Property and equipment, net

 

 

126,500

 

 

 

131,778

 

Operating lease right-of-use assets, net

 

 

149,180

 

 

 

174,121

 

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

 

 

164,772

 

 

 

161,295

 

Deferred income taxes

 

 

68,041

 

 

 

73,106

 

Goodwill

 

 

624,899

 

 

 

626,669

 

Intangible assets, net

 

 

83,326

 

 

 

92,949

 

Unearned compensation, non-current

 

 

136,878

 

 

 

102,356

 

Investments and other assets

 

 

20,609

 

 

 

24,428

 

Total assets

 

$

3,117,488

 

 

$

3,056,526

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

Accounts payable

 

$

41,800

 

 

$

44,993

 

Income taxes payable

 

 

21,209

 

 

 

23,041

 

Compensation and benefits payable

 

 

315,095

 

 

 

394,606

 

Operating lease liability, current

 

 

49,836

 

 

 

47,986

 

Other accrued liabilities

 

 

269,129

 

 

 

239,444

 

Total current liabilities

 

 

697,069

 

 

 

750,070

 

 

 

 

 

 

 

 

 

 

Deferred compensation and other retirement plans

 

 

376,199

 

 

 

346,455

 

Operating lease liability, non-current

 

 

132,645

 

 

 

155,998

 

Long-term debt

 

 

395,132

 

 

 

394,794

 

Deferred tax liabilities

 

 

1,996

 

 

 

3,832

 

Other liabilities

 

 

30,558

 

 

 

36,602

 

Total liabilities

 

 

1,633,599

 

 

 

1,687,751

 

 

 

 

 

 

 

 

 

 

Stockholders' equity

 

 

 

 

 

 

 

 

Common stock: $0.01 par value, 150,000 shares authorized, 75,408 and 74,915 shares issued and 54,466 and 54,008 shares outstanding at October 31, 2021 and April 30, 2021, respectively

 

 

574,058

 

 

 

583,260

 

Retained earnings

 

 

971,995

 

 

 

834,949

 

Accumulated other comprehensive loss, net

 

 

(66,530

)

 

 

(51,820

)

Total Korn Ferry stockholders' equity

 

 

1,479,523

 

 

 

1,366,389

 

Noncontrolling interest

 

 

4,366

 

 

 

2,386

 

Total stockholders' equity

 

 

1,483,889

 

 

 

1,368,775

 

Total liabilities and stockholders' equity

 

$

3,117,488

 

 

$

3,056,526

 

 

 

 

The accompanying notes are an integral part of these consolidated financial statements.

1


KORN FERRY AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited)

 

 

 

Three Months Ended

October 31,

 

 

Six Months Ended

October 31,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

 

 

(in thousands, except per share data)

 

Fee revenue

 

$

639,443

 

 

$

435,439

 

 

$

1,224,838

 

 

$

779,536

 

Reimbursed out-of-pocket engagement expenses

 

 

3,955

 

 

 

2,350

 

 

 

6,658

 

 

 

5,136

 

          Total revenue

 

 

643,398

 

 

 

437,789

 

 

 

1,231,496

 

 

 

784,672

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Compensation and benefits

 

 

431,640

 

 

 

307,185

 

 

 

827,876

 

 

 

591,197

 

General and administrative expenses

 

 

64,065

 

 

 

46,476

 

 

 

114,332

 

 

 

93,565

 

Reimbursed expenses

 

 

3,955

 

 

 

2,350

 

 

 

6,658

 

 

 

5,136

 

Cost of services

 

 

24,329

 

 

 

15,901

 

 

 

46,322

 

 

 

30,170

 

Depreciation and amortization

 

 

15,633

 

 

 

15,298

 

 

 

31,277

 

 

 

30,333

 

Restructuring charges, net

 

 

 

 

 

2,407

 

 

 

 

 

 

29,894

 

          Total operating expenses

 

 

539,622

 

 

 

389,617

 

 

 

1,026,465

 

 

 

780,295

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income

 

 

103,776

 

 

 

48,172

 

 

 

205,031

 

 

 

4,377

 

Other income, net

 

 

5,066

 

 

 

277

 

 

 

9,513

 

 

 

11,439

 

Interest expense, net

 

 

(6,365

)

 

 

(7,494

)

 

 

(11,791

)

 

 

(14,388

)

Income before provision for income taxes

 

 

102,477

 

 

 

40,955

 

 

 

202,753

 

 

 

1,428

 

Income tax provision

 

 

26,145

 

 

 

12,877

 

 

 

50,024

 

 

 

4,205

 

Net income (loss)

 

 

76,332

 

 

 

28,078

 

 

 

152,729

 

 

 

(2,777

)

          Net income attributable to noncontrolling interest

 

 

(560

)

 

 

(300

)

 

 

(2,134

)

 

 

(278

)

Net income (loss) attributable to Korn Ferry

 

$

75,772

 

 

$

27,778

 

 

$

150,595

 

 

$

(3,055

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings (loss) per common share attributable to Korn Ferry:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

     Basic

 

$

1.40

 

 

$

0.51

 

 

$

2.78

 

 

$

(0.06

)

     Diluted

 

$

1.38

 

 

$

0.51

 

 

$

2.75

 

 

$

(0.06

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-average common shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

     Basic

 

 

53,114

 

 

 

53,229

 

 

 

52,937

 

 

 

53,246

 

     Diluted

 

 

53,568

 

 

 

53,390

 

 

 

53,494

 

 

 

53,246

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash dividends declared per share:

 

$

0.12

 

 

$

0.10

 

 

$

0.24

 

 

$

0.20

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The accompanying notes are an integral part of these consolidated financial statements.

2


KORN FERRY AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(unaudited)

 

 

 

Three Months Ended

October 31,

 

 

Six Months Ended

October 31,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

 

 

(in thousands)

 

Net income (loss)

 

$

76,332

 

 

$

28,078

 

 

$

152,729

 

 

$

(2,777

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustments

 

 

(7,195

)

 

 

(2,719

)

 

 

(15,539

)

 

 

22,303

 

Deferred compensation and pension plan adjustments, net of tax

 

 

351

 

 

 

683

 

 

 

692

 

 

 

1,325

 

Net unrealized loss on marketable securities, net of tax

 

 

(21

)

 

 

(25

)

 

 

(17

)

 

 

(34

)

Comprehensive income

 

 

69,467

 

 

 

26,017

 

 

 

137,865

 

 

 

20,817

 

Less: comprehensive income attributable to noncontrolling interest

 

 

(382

)

 

 

(302

)

 

 

(1,980

)

 

 

(355

)

Comprehensive income attributable to Korn Ferry

 

$

69,085

 

 

$

25,715

 

 

$

135,885

 

 

$

20,462

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The accompanying notes are an integral part of these consolidated financial statements.

 

3


 

KORN FERRY AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

Other

 

 

Total

Korn Ferry

 

 

 

 

 

 

Total

 

 

Common Stock

 

 

Retained

 

 

Comprehensive

 

 

Stockholders'

 

 

Noncontrolling

 

 

Stockholder's

 

 

Shares

 

 

Amount

 

 

Earnings

 

 

Loss, Net

 

 

Equity

 

 

Interest

 

 

Equity

 

 

(in thousands)

 

Balance as of April 30, 2021

 

54,008

 

 

$

583,260

 

 

$

834,949

 

 

$

(51,820

)

 

$

1,366,389

 

 

$

2,386

 

 

$

1,368,775

 

Net income

 

 

 

 

 

 

 

74,823

 

 

 

 

 

 

74,823

 

 

 

1,574

 

 

 

76,397

 

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

(8,023

)

 

 

(8,023

)

 

 

24

 

 

 

(7,999

)

Dividends paid to shareholders

 

 

 

 

 

 

 

(6,866

)

 

 

 

 

 

(6,866

)

 

 

 

 

 

(6,866

)

Purchase of stock

 

(297

)

 

 

(20,091

)

 

 

 

 

 

 

 

 

(20,091

)

 

 

 

 

 

(20,091

)

Issuance of stock

 

795

 

 

 

3,992

 

 

 

 

 

 

 

 

 

3,992

 

 

 

 

 

 

3,992

 

Stock-based compensation

 

 

 

 

6,962

 

 

 

 

 

 

 

 

 

6,962

 

 

 

 

 

 

6,962

 

Balance as of July 31, 2021

 

54,506

 

 

 

574,123

 

 

 

902,906

 

 

 

(59,843

)

 

 

1,417,186

 

 

 

3,984

 

 

 

1,421,170

 

Net income

 

 

 

 

 

 

 

75,772

 

 

 

 

 

 

75,772

 

 

 

560

 

 

 

76,332

 

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

(6,687

)

 

 

(6,687

)

 

 

(178

)

 

 

(6,865

)

Dividends paid to shareholders

 

 

 

 

 

 

 

(6,683

)

 

 

 

 

 

(6,683

)

 

 

 

 

 

(6,683

)

Purchase of stock

 

(99

)

 

 

(7,353

)

 

 

 

 

 

 

 

 

(7,353

)

 

 

 

 

 

(7,353

)

Issuance of stock

 

59

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock-based compensation

 

 

 

 

7,288

 

 

 

 

 

 

 

 

 

7,288

 

 

 

 

 

 

7,288

 

Balance as of October 31, 2021

 

54,466

 

 

$

574,058

 

 

$

971,995

 

 

$

(66,530

)

 

$

1,479,523

 

 

$

4,366

 

 

$

1,483,889

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

Other

 

 

Total

Korn Ferry

 

 

 

 

 

 

Total

 

 

Common Stock

 

 

Retained

 

 

Comprehensive

 

 

Stockholders'

 

 

Noncontrolling

 

 

Stockholder's

 

 

Shares

 

 

Amount

 

 

Earnings

 

 

Loss, Net

 

 

Equity

 

 

Interest

 

 

Equity

 

 

(in thousands)

 

Balance as of April 30, 2020

 

54,450

 

 

$