Korn Ferry Announces Fourth Quarter and Full Year FY'24 Results of Operations
Fourth Quarter and Full Year Highlights
-
Korn Ferry $690.8 million , a year-over-year decrease of 5% in both actual and constant currency and full year FY'24 fee revenue of$2,762.7 million , a year-over-year decrease of 3% in both actual and constant currency. - Our full year FY'24 Marquee and Regional Account fee revenue generated slightly more than 37% of our consolidated fee revenue and grew 3% year-over-year at actual, and 2% at constant currency.
-
Net income attributable to
Korn Ferry for the fourth quarter and full year of FY'24 was$65.2 million and$169.2 million , respectively, while diluted and adjusted diluted earnings per share were$1.24 and$1.26 in Q4 FY'24, and$3.23 and$4.28 for the full year, respectively. -
Operating income in the fourth quarter was
$83.5 million with an operating margin of 12.1%, while full year operating income was$212.9 million with an operating margin of 7.7%. -
Fourth quarter Adjusted EBITDA was
$112.3 million with an Adjusted EBITDA margin of 16.3%, our fourth consecutive quarter of improved Adjusted EBITDA margin. Full year Adjusted EBITDA was$408.2 million with an Adjusted EBITDA margin of 14.8%. -
Consulting and Digital both posted full year record high fee revenue at
$695.0 million and$366.7 million , respectively.-
Subscription and License full year fee revenue increased 9% to
$131 million . -
Consulting's full year average hourly bill rate increased 11% to
$420 , with an average bill rate of$437 in the fourth quarter.
-
Subscription and License full year fee revenue increased 9% to
-
The Company repurchased 365,000 shares of stock during the quarter for
$22.9 million , bringing full year repurchases to 930,000 shares for$52.5 million . -
On
June 12, 2024 , the Company increased its regular quarterly dividend to$0.37 per share, which is payable onJuly 31, 2024 to stockholders of record onJuly 3, 2024 .
“I am pleased with our fourth quarter results, as we generated
“In an economic environment in which companies are fighting for growth and relevancy, our portfolio is performing as designed and the strategy is clearly working. Cyclically sensitive talent acquisition offerings are being buoyed by continued stability from our diversified offerings – particularly Consulting, complemented by Digital, which have generated solid performance. As we look to a new fiscal year, I have never been more proud of our organization – from our colleagues, expertise, IP and insights to the incredibly innovative and relevant solutions we offer to clients in a rapidly changing world.”
Selected Financial Results |
||||||||||||||||
(dollars in millions, except per share amounts) (a) |
||||||||||||||||
|
Fourth Quarter |
|
Year to Date |
|||||||||||||
|
FY’24 |
|
FY’23 |
|
FY’24 |
|
FY’23 |
|||||||||
Fee revenue |
$ |
690.8 |
|
|
$ |
730.9 |
|
|
$ |
2,762.7 |
|
|
$ |
2,835.4 |
|
|
Total revenue |
$ |
699.9 |
|
|
$ |
738.1 |
|
|
$ |
2,795.5 |
|
|
$ |
2,863.8 |
|
|
Operating income |
$ |
83.5 |
|
|
$ |
72.6 |
|
|
$ |
212.9 |
|
|
$ |
316.3 |
|
|
Operating margin |
|
12.1 |
% |
|
|
9.9 |
% |
|
|
7.7 |
% |
|
|
11.2 |
% |
|
Net income attributable to |
$ |
65.2 |
|
|
$ |
47.5 |
|
|
$ |
169.2 |
|
|
$ |
209.5 |
|
|
Basic earnings per share |
$ |
1.26 |
|
|
$ |
0.91 |
|
|
$ |
3.25 |
|
|
$ |
3.98 |
|
|
Diluted earnings per share |
$ |
1.24 |
|
|
$ |
0.91 |
|
|
$ |
3.23 |
|
|
$ |
3.95 |
|
|
|
|
|
|
|
|
|
|
|||||||||
Adjusted Results (b): |
Fourth Quarter |
|
Year to Date |
|||||||||||||
|
FY’24 |
|
FY’23 |
|
FY’24 |
|
FY’23 |
|||||||||
Adjusted EBITDA |
$ |
112.3 |
|
|
$ |
97.9 |
|
|
$ |
408.2 |
|
|
$ |
457.3 |
|
|
Adjusted EBITDA margin |
|
16.3 |
% |
|
|
13.4 |
% |
|
|
14.8 |
% |
|
|
16.1 |
% |
|
Adjusted net income attributable to |
$ |
65.7 |
|
|
$ |
53.0 |
|
|
$ |
224.0 |
|
|
$ |
262.2 |
|
|
Adjusted basic earnings per share (c) |
$ |
1.27 |
|
|
$ |
1.02 |
|
|
$ |
4.31 |
|
|
$ |
4.98 |
|
|
Adjusted diluted earnings per share (c) |
$ |
1.26 |
|
|
$ |
1.01 |
|
|
$ |
4.28 |
|
|
$ |
4.94 |
|
________________ | ||
(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): |
|
Fourth Quarter |
|
Year to Date |
|||||||||||||
|
FY’24 |
|
FY’23 |
|
FY’24 |
|
FY’23 |
|||||||||
Impairment of fixed assets |
$ |
— |
|
|
$ |
— |
|
|
$ |
1.6 |
|
|
$ |
4.4 |
|
|
Impairment of right of use assets |
$ |
— |
|
|
$ |
— |
|
|
$ |
1.6 |
|
|
$ |
5.5 |
|
|
Integration/acquisition costs |
$ |
1.8 |
|
|
$ |
5.5 |
|
|
$ |
14.9 |
|
|
$ |
14.9 |
|
|
Restructuring charges, net |
$ |
— |
|
|
$ |
1.4 |
|
|
$ |
68.6 |
|
|
$ |
42.6 |
|
(c) |
Due to actions taken in connection with the worldwide minimum tax, the Company recorded a |
Fiscal 2024 Fourth Quarter Results
The Company reported fee revenue in Q4 FY'24 of
Operating income was
Operating income and margin increased as a result of pro-active workforce capacity management ("workforce actions") taken during the year and the lower cost of services expense and integration/acquisition costs compared to the year-ago quarter. These increases were partially offset by the decrease in fee revenue discussed above. Net income attributable to
Adjusted EBITDA and margin increased due to the same factors discussed above, but excluded integration/acquisition costs.
Fiscal 2024 Full Year Results
The Company reported fee revenue in FY'24 of
Operating income was
Operating income and margin decreased primarily due to a decrease in fee revenue from our permanent placement talent acquisition offerings, which have higher margins, an increase in Interim fee revenue (lower margins) and cost of services expense, and higher restructuring charges, net recorded during FY'24 compared to the year-ago period. These decreases were partially offset by decreases in compensation and benefits expense resulting from workforce actions taken during FY'24, and lower impairment charges of both fixed and right of use assets. Net income attributable to
Adjusted EBITDA and margin decreased due to the same factors as operating income discussed above excluding the restructuring charges.
Results by Line of Business |
||||||||||||||||
Selected Consulting Data |
||||||||||||||||
(dollars in millions) (a) |
||||||||||||||||
|
Fourth Quarter |
|
Year to Date |
|||||||||||||
|
FY’24 |
|
FY’23 |
|
FY’24 |
|
FY’23 |
|||||||||
Fee revenue |
$ |
182.2 |
|
|
$ |
175.3 |
|
|
$ |
695.0 |
|
|
$ |
677.0 |
|
|
Total revenue |
$ |
185.1 |
|
|
$ |
178.0 |
|
|
$ |
706.8 |
|
|
$ |
687.0 |
|
|
|
|
|
|
|
|
|
|
|||||||||
Ending number of consultants and execution staff (b) |
|
1,678 |
|
|
|
1,853 |
|
|
|
1,678 |
|
|
|
1,853 |
|
|
Hours worked in thousands (c) |
|
417 |
|
|
|
450 |
|
|
|
1,656 |
|
|
|
1,790 |
|
|
Average bill rate (d) |
$ |
437 |
|
|
$ |
390 |
|
|
$ |
420 |
|
|
$ |
378 |
|
|
|
|
|
|
|
|
|
|
|||||||||
Adjusted Results (e): |
Fourth Quarter |
|
Year to Date |
|||||||||||||
|
FY’24 |
|
FY’23 |
|
FY’24 |
|
FY’23 |
|||||||||
Adjusted EBITDA |
$ |
32.3 |
|
|
$ |
24.6 |
|
|
$ |
114.3 |
|
|
$ |
108.5 |
|
|
Adjusted EBITDA margin |
|
17.8 |
% |
|
|
14.0 |
% |
|
|
16.4 |
% |
|
|
16.0 |
% |
________________ | ||
(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: |
|
Fourth Quarter |
|
Year to Date |
|||||||||||||
|
FY’24 |
|
FY’23 |
|
FY’24 |
|
FY’23 |
|||||||||
Impairment of fixed assets |
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
2.8 |
|
|
Impairment of right of use assets |
$ |
— |
|
|
$ |
— |
|
|
$ |
0.6 |
|
|
$ |
3.1 |
|
|
Restructuring charges, net |
$ |
— |
|
|
$ |
0.8 |
|
|
$ |
18.9 |
|
|
$ |
11.6 |
|
Fee revenue was
Adjusted EBITDA increased 31% to
Selected Digital Data |
||||||||||||||||
(dollars in millions) (a) |
||||||||||||||||
|
Fourth Quarter |
|
Year to Date |
|||||||||||||
|
FY’24 |
|
FY’23 |
|
FY’24 |
|
FY’23 |
|||||||||
Fee revenue |
$ |
91.3 |
|
|
$ |
91.5 |
|
|
$ |
366.7 |
|
|
$ |
354.7 |
|
|
Total revenue |
$ |
91.4 |
|
|
$ |
91.5 |
|
|
$ |
366.9 |
|
|
$ |
355.0 |
|
|
|
|
|
|
|
|
|
|
|||||||||
Ending number of consultants |
|
267 |
|
|
|
347 |
|
|
|
267 |
|
|
|
347 |
|
|
Subscription & License fee revenue |
$ |
33.3 |
|
|
$ |
31.6 |
|
|
$ |
131.0 |
|
|
$ |
119.7 |
|
|
|
|
|
|
|
|
|
|
|||||||||
Adjusted Results (b): |
Fourth Quarter |
|
Year to Date |
|||||||||||||
|
FY’24 |
|
FY’23 |
|
FY’24 |
|
FY’23 |
|||||||||
Adjusted EBITDA |
$ |
28.0 |
|
|
$ |
23.6 |
|
|
$ |
108.7 |
|
|
$ |
97.5 |
|
|
Adjusted EBITDA margin |
|
30.7 |
% |
|
|
25.8 |
% |
|
|
29.6 |
% |
|
|
27.5 |
% |
________________ | ||
(a) |
Numbers may not total due to rounding. |
|
(b) |
Adjusted results exclude the following: |
|
Fourth Quarter |
|
Year to Date |
|||||||||||||
|
FY’24 |
|
FY’23 |
|
FY’24 |
|
FY’23 |
|||||||||
Impairment of fixed assets |
$ |
— |
|
|
$ |
— |
|
|
$ |
1.5 |
|
|
$ |
1.5 |
|
|
Impairment of right of use assets |
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
1.7 |
|
|
Restructuring charges, net |
$ |
— |
|
|
$ |
— |
|
|
$ |
9.5 |
|
|
$ |
2.9 |
|
Fee revenue was
Adjusted EBITDA was
Selected Executive Search Data(a) |
||||||||||||||||
(dollars in millions) (b) |
||||||||||||||||
|
Fourth Quarter |
|
Year to Date |
|||||||||||||
|
FY’24 |
|
FY’23 |
|
FY’24 |
|
FY’23 |
|||||||||
Fee revenue |
$ |
198.7 |
|
|
$ |
212.6 |
|
|
$ |
806.2 |
|
|
$ |
875.8 |
|
|
Total revenue |
$ |
200.8 |
|
|
$ |
214.6 |
|
|
$ |
814.3 |
|
|
$ |
883.3 |
|
|
|
|
|
|
|
|
|
|
|||||||||
Ending number of consultants |
|
542 |
|
|
|
602 |
|
|
|
542 |
|
|
|
602 |
|
|
Average number of consultants |
|
552 |
|
|
|
609 |
|
|
|
572 |
|
|
|
594 |
|
|
Engagements billed |
|
3,456 |
|
|
|
3,772 |
|
|
|
8,978 |
|
|
|
10,091 |
|
|
New engagements (c) |
|
1,586 |
|
|
|
1,608 |
|
|
|
6,091 |
|
|
|
6,686 |
|
|
|
|
|
|
|
|
|
|
|||||||||
Adjusted Results (d): |
Fourth Quarter |
|
Year to Date |
|||||||||||||
|
FY’24 |
|
FY’23 |
|
FY’24 |
|
FY’23 |
|||||||||
Adjusted EBITDA |
$ |
45.5 |
|
|
$ |
42.7 |
|
|
$ |
171.1 |
|
|
$ |
205.8 |
|
|
Adjusted EBITDA margin |
|
22.9 |
% |
|
|
20.1 |
% |
|
|
21.2 |
% |
|
|
23.5 |
% |
________________ | ||
(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: |
|
Fourth 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 |
$ |
— |
|
|
$ |
0.6 |
|
|
$ |
28.2 |
|
|
$ |
20.1 |
|
Fee revenue was
Adjusted EBITDA was
Selected Professional Search & Interim Data |
||||||||||||||||
(dollars in millions) (a) |
||||||||||||||||
|
Fourth Quarter |
|
Year to Date |
|||||||||||||
|
FY’24 |
|
FY’23 |
|
FY’24 |
|
FY’23 |
|||||||||
Fee revenue |
$ |
129.2 |
|
|
$ |
151.7 |
|
|
$ |
540.6 |
|
|
$ |
503.4 |
|
|
Total revenue |
$ |
130.1 |
|
|
$ |
152.6 |
|
|
$ |
544.5 |
|
|
$ |
507.1 |
|
|
|
|
|
|
|
|
|
|
|||||||||
Permanent Placement: |
|
|
|
|
|
|
|
|||||||||
Fee revenue |
$ |
56.3 |
|
|
$ |
62.5 |
|
|
$ |
223.5 |
|
|
$ |
281.1 |
|
|
Engagements billed |
|
1,939 |
|
|
|
2,304 |
|
|
|
5,619 |
|
|
|
7,435 |
|
|
New engagements (b) |
|
1,086 |
|
|
|
1,364 |
|
|
|
4,500 |
|
|
|
6,486 |
|
|
Ending number of consultants |
|
331 |
|
|
|
401 |
|
|
|
331 |
|
|
|
401 |
|
|
Interim: |
|
|
|
|
|
|
|
|||||||||
Fee revenue |
$ |
72.9 |
|
|
$ |
89.2 |
|
|
$ |
317.1 |
|
|
$ |
222.3 |
|
|
Average bill rate (c) |
$ |
133 |
|
|
$ |
124 |
|
|
$ |
127 |
|
|
$ |
115 |
|
|
Average weekly billable consultants (d) |
|
1,157 |
|
|
|
1,683 |
|
|
|
1,303 |
|
|
|
1,079 |
|
|
|
|
|
|
|
|
|
|
|||||||||
Adjusted Results (e): |
Fourth Quarter |
|
Year to Date |
|||||||||||||
|
FY’24 |
|
FY’23 |
|
FY’24 |
|
FY’23 |
|||||||||
Adjusted EBITDA |
$ |
28.1 |
|
|
$ |
27.3 |
|
|
$ |
101.9 |
|
|
$ |
110.9 |
|
|
Adjusted EBITDA margin |
|
21.8 |
% |
|
|
18.0 |
% |
|
|
18.8 |
% |
|
|
22.0 |
% |
________________ | ||
(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: |
|
Fourth Quarter |
|
Year to Date |
|||||||||||||
|
FY’24 |
|
FY’23 |
|
FY’24 |
|
FY’23 |
|||||||||
Impairment of fixed assets |
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
0.1 |
|
|
Impairment of right of use assets |
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
0.6 |
|
|
Integration/acquisition costs |
$ |
1.8 |
|
|
$ |
4.3 |
|
|
$ |
14.5 |
|
|
$ |
11.0 |
|
|
Restructuring charges, net |
$ |
— |
|
|
$ |
— |
|
|
$ |
3.8 |
|
|
$ |
4.8 |
|
Fee revenue was
Adjusted EBITDA was
Selected Recruitment Process Outsourcing ("RPO") Data |
||||||||||||||||
(dollars in millions) (a) |
||||||||||||||||
|
Fourth Quarter |
|
Year to Date |
|||||||||||||
|
FY’24 |
|
FY’23 |
|
FY’24 |
|
FY’23 |
|||||||||
Fee revenue |
$ |
89.5 |
|
|
$ |
99.8 |
|
|
$ |
354.1 |
|
|
$ |
424.6 |
|
|
Total revenue |
$ |
92.5 |
|
|
$ |
101.4 |
|
|
$ |
363.0 |
|
|
$ |
431.5 |
|
|
|
|
|
|
|
|
|
|
|||||||||
Remaining revenue under contract (b) |
$ |
657.1 |
|
|
$ |
776.7 |
|
|
$ |
657.1 |
|
|
$ |
776.7 |
|
|
RPO new business (c) |
$ |
128.4 |
|
|
$ |
115.1 |
|
|
$ |
439.6 |
|
|
$ |
597.8 |
|
|
|
|
|
|
|
|
|
|
|||||||||
Adjusted Results (d): |
Fourth Quarter |
|
Year to Date |
|||||||||||||
|
FY’24 |
|
FY’23 |
|
FY’24 |
|
FY’23 |
|||||||||
Adjusted EBITDA |
$ |
11.8 |
|
|
$ |
9.0 |
|
|
$ |
40.4 |
|
|
$ |
52.6 |
|
|
Adjusted EBITDA margin |
|
13.2 |
% |
|
|
9.0 |
% |
|
|
11.4 |
% |
|
|
12.4 |
% |
________________ | ||
(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: |
|
Fourth Quarter |
|
Year to Date |
|||||||||||||
|
FY’24 |
|
FY’23 |
|
FY’24 |
|
FY’23 |
|||||||||
Impairment of right of use assets |
$ |
— |
|
|
$ |
— |
|
|
$ |
0.1 |
|
|
$ |
0.1 |
|
|
Restructuring charges, net |
$ |
— |
|
|
$ |
— |
|
|
$ |
7.9 |
|
|
$ |
3.1 |
|
Fee revenue was
Adjusted EBITDA was
Outlook
Assuming worldwide geopolitical conditions, economic conditions, financial markets and foreign exchange rates remain steady, on a consolidated basis:
-
Q1 FY’25 fee revenue is expected to be in the range of
$655 million and$675 million ; and -
Q1 FY’25 diluted earnings per share is expected to range between
$1.05 to$1.15 .
On a consolidated adjusted basis:
-
Q1 FY’25 adjusted diluted earnings per share is expected to be in the range from
$1.07 to$1.17 .
|
Q1 FY’25 Earnings Per Share Outlook |
|||||||
|
Low |
|
High |
|||||
|
|
|||||||
Consolidated diluted earnings per share |
$ |
1.05 |
|
|
$ |
1.15 |
|
|
Integration/acquisition costs |
|
0.03 |
|
|
0.03 |
|
||
Tax rate impact |
|
(0.01 |
) |
|
|
(0.01 |
) |
|
Consolidated adjusted diluted earnings per share(1) |
$ |
1.07 |
|
$ |
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
About
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, expected results of our business diversification strategy, 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
Use of Non-GAAP Financial Measures
This press release contains financial information calculated other than in accordance with
-
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; and
- 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 AND SUBSIDIARIES |
||||||||||||||||
CONSOLIDATED STATEMENTS OF INCOME |
||||||||||||||||
(in thousands, except per share amounts) |
||||||||||||||||
|
|
|
|
|
||||||||||||
|
|
Three Months Ended
|
|
Year Ended
|
||||||||||||
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
|
|
|
|
|
|
|
|
|
||||||||
|
|
(unaudited) |
|
|
|
|
||||||||||
Fee revenue |
$ |
690,800 |
|
|
$ |
730,874 |
|
|
$ |
2,762,671 |
|
|
$ |
2,835,408 |
|
|
Reimbursed out-of-pocket engagement expenses |
|
9,123 |
|
|
|
7,250 |
|
|
|
32,834 |
|
|
|
28,428 |
|
|
Total revenue |
|
699,923 |
|
|
|
738,124 |
|
|
|
2,795,505 |
|
|
|
2,863,836 |
|
|
|
|
|
|
|
|
|
|
|||||||||
Compensation and benefits |
|
454,208 |
|
|
|
491,429 |
|
|
|
1,844,164 |
|
|
|
1,901,203 |
|
|
General and administrative expenses |
|
64,724 |
|
|
|
66,130 |
|
|
|
259,039 |
|
|
|
268,458 |
|
|
Reimbursed expenses |
|
9,123 |
|
|
|
7,250 |
|
|
|
32,834 |
|
|
|
28,428 |
|
|
Cost of services |
|
68,499 |
|
|
|
81,347 |
|
|
|
300,015 |
|
|
|
238,499 |
|
|
Depreciation and amortization |
|
19,891 |
|
|
|
17,976 |
|
|
|
77,966 |
|
|
|
68,335 |
|
|
Restructuring charges, net |
|
— |
|
|
|
1,411 |
|
|
|
68,558 |
|
|
|
42,573 |
|
|
Total operating expenses |
|
616,445 |
|
|
|
665,543 |
|
|
|
2,582,576 |
|
|
|
2,547,496 |
|
|
|
|
|
|
|
|
|
|
|||||||||
Operating income |
|
83,478 |
|
|
|
72,581 |
|
|
|
212,929 |
|
|
|
316,340 |
|
|
Other income, net |
|
7,122 |
|
|
|
437 |
|
|
|
30,681 |
|
|
|
5,261 |
|
|
Interest expense, net |
|
(4,686 |
) |
|
|
(5,776 |
) |
|
|
(20,968 |
) |
|
|
(25,864 |
) |
|
Income before provision for income taxes |
|
85,914 |
|
|
|
67,242 |
|
|
|
222,642 |
|
|
|
295,737 |
|
|
Income tax provision |
|
20,302 |
|
|
|
19,108 |
|
|
|
50,081 |
|
|
|
82,683 |
|
|
Net income |
|
65,612 |
|
|
|
48,134 |
|
|
|
172,561 |
|
|
|
213,054 |
|
|
Net income attributable to noncontrolling interest |
|
(423 |
) |
|
|
(640 |
) |
|
|
(3,407 |
) |
|
|
(3,525 |
) |
|
Net income attributable to |
$ |
65,189 |
|
|
$ |
47,494 |
|
|
$ |
169,154 |
|
|
$ |
209,529 |
|
|
|
|
|
|
|
|
|
|
|||||||||
Earnings per common share attributable to |
|
|
|
|
|
|
|
|||||||||
Basic |
$ |
1.26 |
|
|
$ |
0.91 |
|
|
$ |
3.25 |
|
|
$ |
3.98 |
|
|
Diluted |
$ |
1.24 |
|
|
$ |
0.91 |
|
|
$ |
3.23 |
|
|
$ |
3.95 |
|
|
|
|
|
|
|
|
|
|
|||||||||
Weighted-average common shares outstanding: |
|
|
|
|
|
|
|
|||||||||
Basic |
|
50,764 |
|
|
|
51,009 |
|
|
|
51,038 |
|
|
|
51,482 |
|
|
Diluted |
|
51,487 |
|
|
|
51,234 |
|
|
|
51,432 |
|
|
|
51,883 |
|
|
|
|
|
|
|
|
|
|
|||||||||
Cash dividends declared per share: |
$ |
0.33 |
|
|
$ |
0.15 |
|
|
$ |
1.02 |
|
|
$ |
0.60 |
|
|
KORN FERRY AND SUBSIDIARIES |
||||||||||||||||||||||
FINANCIAL SUMMARY BY REPORTING SEGMENT |
||||||||||||||||||||||
(dollars in thousands) |
||||||||||||||||||||||
(unaudited) |
||||||||||||||||||||||
|
|
|
||||||||||||||||||||
|
Three Months Ended
|
Year Ended
|
||||||||||||||||||||
|
2024 |
2023 |
% Change |
2024 |
2023 |
% Change |
||||||||||||||||
Fee revenue: |
|
|
|
|
|
|
||||||||||||||||
Consulting |
$ |
182,177 |
|
$ |
175,270 |
|
3.9 |
% |
$ |
695,007 |
|
$ |
677,001 |
|
2.7 |
% |
||||||
Digital |
|
91,304 |
|
|
91,490 |
|
(0.2 |
%) |
|
366,699 |
|
|
354,651 |
|
3.4 |
% |
||||||
Executive Search: |
|
|
|
|
|
|
||||||||||||||||
|
|
125,468 |
|
|
135,300 |
|
(7.3 |
%) |
|
506,927 |
|
|
562,139 |
|
(9.8 |
%) |
||||||
EMEA |
|
45,643 |
|
|
46,353 |
|
(1.5 |
%) |
|
184,516 |
|
|
187,014 |
|
(1.3 |
%) |
||||||
|
|
20,696 |
|
|
23,188 |
|
(10.7 |
%) |
|
85,863 |
|
|
95,598 |
|
(10.2 |
%) |
||||||
|
|
6,896 |
|
|
7,764 |
|
(11.2 |
%) |
|
28,937 |
|
|
31,047 |
|
(6.8 |
%) |
||||||
Total Executive Search (a) |
|
198,703 |
|
|
212,605 |
|
(6.5 |
%) |
|
806,243 |
|
|
875,798 |
|
(7.9 |
%) |
||||||
Professional Search & Interim |
|
129,162 |
|
|
151,725 |
|
(14.9 |
%) |
|
540,615 |
|
|
503,395 |
|
7.4 |
% |
||||||
RPO |
|
89,454 |
|
|
99,784 |
|
(10.4 |
%) |
|
354,107 |
|
|
424,563 |
|
(16.6 |
%) |
||||||
Total fee revenue |
|
690,800 |
|
|
730,874 |
|
(5.5 |
%) |
|
2,762,671 |
|
|
2,835,408 |
|
(2.6 |
%) |
||||||
Reimbursed out-of-pocket engagement expenses |
|
9,123 |
|
|
7,250 |
|
25.8 |
% |
|
32,834 |
|
|
28,428 |
|
15.5 |
% |
||||||
Total revenue |
$ |
699,923 |
|
$ |
738,124 |
|
(5.2 |
%) |
$ |
2,795,505 |
|
$ |
2,863,836 |
|
(2.4 |
%) |
(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 |
||||||||
CONSOLIDATED BALANCE SHEETS |
||||||||
(in thousands, except per share amounts) |
||||||||
|
|
|
|
|
||||
|
|
|
|
|
||||
|
|
|
|
|||||
ASSETS |
|
|
|
|||||
Cash and cash equivalents |
$ |
941,005 |
|
|
$ |
844,024 |
|
|
Marketable securities |
|
42,742 |
|
|
|
44,837 |
|
|
Receivables due from clients, net of allowance for doubtful accounts of |
|
541,014 |
|
|
|
569,601 |
|
|
Income taxes and other receivables |
|
40,696 |
|
|
|
67,512 |
|
|
Unearned compensation |
|
59,247 |
|
|
|
63,476 |
|
|
Prepaid expenses and other assets |
|
49,456 |
|
|
|
49,219 |
|
|
Total current assets |
|
1,674,160 |
|
|
|
1,638,669 |
|
|
|
|
|
|
|||||
Marketable securities, non-current |
|
211,681 |
|
|
|
179,040 |
|
|
Property and equipment, net |
|
161,849 |
|
|
|
161,876 |
|
|
Operating lease right-of-use assets, net |
|
160,464 |
|
|
|
142,690 |
|
|
Cash surrender value of company-owned life insurance policies, net of loans |
|
218,977 |
|
|
|
197,998 |
|
|
Deferred income taxes |
|
133,564 |
|
|
|
102,057 |
|
|
|
|
908,376 |
|
|
|
909,491 |
|
|
Intangible assets, net |
|
88,833 |
|
|
|
114,426 |
|
|
Unearned compensation, non-current |
|
99,913 |
|
|
|
103,607 |
|
|
Investments and other assets |
|
21,052 |
|
|
|
24,590 |
|
|
Total assets |
$ |
3,678,869 |
|
|
$ |
3,574,444 |
|
|
|
|
|
|
|||||
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|||||
Accounts payable |
$ |
50,112 |
|
|
$ |
53,386 |
|
|
Income taxes payable |
|
24,076 |
|
|
|
19,969 |
|
|
Compensation and benefits payable |
|
525,466 |
|
|
|
532,934 |
|
|
Operating lease liability, current |
|
36,073 |
|
|
|
45,821 |
|
|
Other accrued liabilities |
|
298,792 |
|
|
|
324,150 |
|
|
Total current liabilities |
|
934,519 |
|
|
|
976,260 |
|
|
|
|
|
|
|||||
Deferred compensation and other retirement plans |
|
440,396 |
|
|
|
396,534 |
|
|
Operating lease liability, non-current |
|
143,507 |
|
|
|
119,220 |
|
|
Long-term debt |
|
396,946 |
|
|
|
396,194 |
|
|
Deferred tax liabilities |
|
4,540 |
|
|
|
5,352 |
|
|
Other liabilities |
|
21,636 |
|
|
|
27,879 |
|
|
Total liabilities |
|
1,941,544 |
|
|
|
1,921,439 |
|
|
|
|
|
|
|||||
Stockholders' equity |
|
|
|
|||||
Common stock: |
|
414,885 |
|
|
|
429,754 |
|
|
Retained earnings |
|
1,425,844 |
|
|
|
1,311,081 |
|
|
Accumulated other comprehensive loss, net |
|
(107,671 |
) |
|
|
(92,764 |
) |
|
Total |
|
1,733,058 |
|
|
|
1,648,071 |
|
|
Noncontrolling interest |
|
4,267 |
|
|
|
4,934 |
|
|
Total stockholders' equity |
|
1,737,325 |
|
|
|
1,653,005 |
|
|
Total liabilities and stockholders' equity |
$ |
3,678,869 |
|
|
$ |
3,574,444 |
|
|
KORN FERRY AND SUBSIDIARIES |
||||||||||||||||
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES |
||||||||||||||||
(dollars in thousands) |
||||||||||||||||
(unaudited) |
||||||||||||||||
|
|
|
|
|
||||||||||||
|
|
Three Months Ended
|
|
Year Ended
|
||||||||||||
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
|
|
|
|
|
|
|
|
|||||||||
Net income attributable to |
$ |
65,189 |
|
|
$ |
47,494 |
|
|
$ |
169,154 |
|
|
$ |
209,529 |
|
|
Net income attributable to non-controlling interest |
|
423 |
|
|
|
640 |
|
|
|
3,407 |
|
|
|
3,525 |
|
|
Net income |
|
65,612 |
|
|
|
48,134 |
|
|
|
172,561 |
|
|
|
213,054 |
|
|
Income tax provision |
|
20,302 |
|
|
|
19,108 |
|
|
|
50,081 |
|
|
|
82,683 |
|
|
Income before provision for income taxes |
|
85,914 |
|
|
|
67,242 |
|
|
|
222,642 |
|
|
|
295,737 |
|
|
Other income, net |
|
(7,122 |
) |
|
|
(437 |
) |
|
|
(30,681 |
) |
|
|
(5,261 |
) |
|
Interest expense, net |
|
4,686 |
|
|
|
5,776 |
|
|
|
20,968 |
|
|
|
25,864 |
|
|
Operating income |
|
83,478 |
|
|
|
72,581 |
|
|
|
212,929 |
|
|
|
316,340 |
|
|
Depreciation and amortization |
|
19,891 |
|
|
|
17,976 |
|
|
|
77,966 |
|
|
|
68,335 |
|
|
Other income, net |
|
7,122 |
|
|
|
437 |
|
|
|
30,681 |
|
|
|
5,261 |
|
|
Integration/acquisition costs (1) |
|
1,809 |
|
|
|
5,450 |
|
|
|
14,866 |
|
|
|
14,922 |
|
|
Impairment of fixed assets (2) |
|
— |
|
|
|
— |
|
|
|
1,575 |
|
|
|
4,375 |
|
|
Impairment of right of use assets (3) |
|
— |
|
|
|
— |
|
|
|
1,629 |
|
|
|
5,471 |
|
|
Restructuring charges, net (4) |
|
— |
|
|
|
1,411 |
|
|
|
68,558 |
|
|
|
42,573 |
|
|
Adjusted EBITDA |
$ |
112,300 |
|
|
$ |
97,855 |
|
|
$ |
408,204 |
|
|
$ |
457,277 |
|
|
|
|
|
|
|
|
|
|
|||||||||
Operating margin |
|
12.1 |
% |
|
|
9.9 |
% |
|
|
7.7 |
% |
|
|
11.2 |
% |
|
Depreciation and amortization |
|
2.9 |
% |
|
|
2.5 |
% |
|
|
2.8 |
% |
|
|
2.4 |
% |
|
Other income, net |
|
1.0 |
% |
|
|
0.1 |
% |
|
|
1.1 |
% |
|
|
0.2 |
% |
|
Integration/acquisition costs (1) |
|
0.3 |
% |
|
|
0.7 |
% |
|
|
0.5 |
% |
|
|
0.5 |
% |
|
Impairment of fixed assets (2) |
|
— |
% |
|
|
— |
% |
|
|
0.1 |
% |
|
|
0.1 |
% |
|
Impairment of right of use assets (3) |
|
— |
% |
|
|
— |
% |
|
|
0.1 |
% |
|
|
0.2 |
% |
|
Restructuring charges, net (4) |
|
— |
% |
|
|
0.2 |
% |
|
|
2.5 |
% |
|
|
1.5 |
% |
|
Adjusted EBITDA margin |
|
16.3 |
% |
|
|
13.4 |
% |
|
|
14.8 |
% |
|
|
16.1 |
% |
|
|
|
|
|
|
|
|
|
|||||||||
Net income attributable to |
$ |
65,189 |
|
|
$ |
47,494 |
|
|
$ |
169,154 |
|
|
$ |
209,529 |
|
|
Integration/acquisition costs (1) |
|
1,809 |
|
|
|
5,450 |
|
|
|
14,866 |
|
|
|
14,922 |
|
|
Impairment of fixed assets (2) |
|
— |
|
|
|
— |
|
|
|
1,575 |
|
|
|
4,375 |
|
|
Impairment of right of use assets (3) |
|
— |
|
|
|
— |
|
|
|
1,629 |
|
|
|
5,471 |
|
|
Restructuring charges, net (4) |
|
— |
|
|
|
1,411 |
|
|
|
68,558 |
|
|
|
42,573 |
|
|
Tax effect on the adjusted items (5) |
|
(1,267 |
) |
|
|
(1,309 |
) |
|
|
(22,030 |
) |
|
|
(14,719 |
) |
|
Tax adjustment (6) |
|
— |
|
|
|
— |
|
|
|
(9,714 |
) |
|
|
— |
|
|
Adjusted net income attributable to |
$ |
65,731 |
|
|
$ |
53,046 |
|
|
$ |
224,038 |
|
|
$ |
262,151 |
|
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 |
|
KORN FERRY AND SUBSIDIARIES |
||||||||||||||||
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES - CONTINUED |
||||||||||||||||
(unaudited) |
||||||||||||||||
|
|
|
|
|
||||||||||||
|
|
Three Months Ended
|
|
Year Ended
|
||||||||||||
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
|
|
|
|
|
||||||||||||
Basic earnings per common share |
$ |
1.26 |
|
$ |
0.91 |
|
$ |
3.25 |
|
$ |
3.98 |
|
||||
Integration/acquisition costs (1) |
|
0.04 |
|
|
0.11 |
|
|
0.29 |
|
|
0.29 |
|
||||
Impairment of fixed assets (2) |
|
— |
|
|
— |
|
|
0.03 |
|
|
0.08 |
|
||||
Impairment of right of use assets (3) |
|
— |
|
|
— |
|
|
0.03 |
|
|
0.10 |
|
||||
Restructuring charges, net (4) |
|
— |
|
|
0.03 |
|
|
1.33 |
|
|
0.82 |
|
||||
Tax effect on the adjusted items (5) |
|
(0.03 |
) |
|
(0.03 |
) |
|
(0.43 |
) |
|
(0.29 |
) |
||||
Tax adjustment (6) |
|
— |
|
|
— |
|
|
(0.19 |
) |
|
— |
|
||||
Adjusted basic earnings per share |
$ |
1.27 |
|
$ |
1.02 |
|
$ |
4.31 |
|
$ |
4.98 |
|
||||
|
|
|
|
|
||||||||||||
Diluted earnings per common share |
$ |
1.24 |
|
$ |
0.91 |
|
$ |
3.23 |
|
$ |
3.95 |
|
||||
Integration/acquisition costs (1) |
|
0.04 |
|
|
0.10 |
|
|
0.29 |
|
|
0.28 |
|
||||
Impairment of fixed assets (2) |
|
— |
|
|
— |
|
|
0.03 |
|
|
0.08 |
|
||||
Impairment of right of use assets (3) |
|
— |
|
|
— |
|
|
0.03 |
|
|
0.10 |
|
||||
Restructuring charges, net (4) |
|
— |
|
|
0.03 |
|
|
1.32 |
|
|
0.82 |
|
||||
Tax effect on the adjusted items (5) |
|
(0.02 |
) |
|
(0.03 |
) |
|
(0.43 |
) |
|
(0.29 |
) |
||||
Tax adjustment (6) |
|
— |
|
|
— |
|
|
(0.19 |
) |
|
— |
|
||||
Adjusted diluted earnings per share |
$ |
1.26 |
|
$ |
1.01 |
|
$ |
4.28 |
|
$ |
4.94 |
|
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 |
|
KORN FERRY AND SUBSIDIARIES |
||||||||||||||||||||||||||||||
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES - CONTINUED |
||||||||||||||||||||||||||||||
(unaudited) |
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||
|
|
Three Months Ended |
||||||||||||||||||||||||||||
|
|
2024 |
|
2023 |
||||||||||||||||||||||||||
|
|
Fee
|
|
Total
|
|
Adjusted
|
|
Adjusted
|
|
Fee
|
|
Total
|
|
Adjusted
|
|
Adjusted
|
||||||||||||||
|
|
(dollars in thousands) |
||||||||||||||||||||||||||||
Consulting |
$ |
182,177 |
|
$ |
185,130 |
|
$ |
32,340 |
|
17.8 |
% |
$ |
175,270 |
|
$ |
177,985 |
|
$ |
24,558 |
|
14.0 |
% |
||||||||
Digital |
|
91,304 |
|
|
91,361 |
|
|
27,991 |
|
30.7 |
% |
|
91,490 |
|
|
91,488 |
|
|
23,603 |
|
25.8 |
% |
||||||||
Executive Search: |
|
|
|
|
|
|
|
|
||||||||||||||||||||||
|
|
125,468 |
|
|
127,140 |
|
|
33,136 |
|
26.4 |
% |
|
135,300 |
|
|
136,926 |
|
|
28,686 |
|
21.2 |
% |
||||||||
EMEA |
|
45,643 |
|
|
45,931 |
|
|
6,846 |
|
15.0 |
% |
|
46,353 |
|
|
46,671 |
|
|
6,803 |
|
14.7 |
% |
||||||||
|
|
20,696 |
|
|
20,819 |
|
|
4,233 |
|
20.5 |
% |
|
23,188 |
|
|
23,287 |
|
|
5,499 |
|
23.7 |
% |
||||||||
|
|
6,896 |
|
|
6,906 |
|
|
1,275 |
|
18.5 |
% |
|
7,764 |
|
|
7,765 |
|
|
1,684 |
|
21.7 |
% |
||||||||
Total Executive Search |
|
198,703 |
|
|
200,796 |
|
|
45,490 |
|
22.9 |
% |
|
212,605 |
|
|
214,649 |
|
|
42,672 |
|
20.1 |
% |
||||||||
Professional Search & Interim |
|
129,162 |
|
|
130,105 |
|
|
28,122 |
|
21.8 |
% |
|
151,725 |
|
|
152,628 |
|
|
27,292 |
|
18.0 |
% |
||||||||
RPO |
|
89,454 |
|
|
92,531 |
|
|
11,782 |
|
13.2 |
% |
|
99,784 |
|
|
101,374 |
|
|
9,026 |
|
9.0 |
% |
||||||||
Corporate |
|
— |
|
|
— |
|
|
(33,425 |
) |
|
|
— |
|
|
— |
|
|
(29,296 |
) |
|
||||||||||
Consolidated |
$ |
690,800 |
|
$ |
699,923 |
|
$ |
112,300 |
|
16.3 |
% |
$ |
730,874 |
|
$ |
738,124 |
|
$ |
97,855 |
|
13.4 |
% |
|
Year Ended |
|||||||||||||||||||||||||||||
|
2024 |
|
2023 |
|||||||||||||||||||||||||||
|
Fee
|
|
Total
|
|
Adjusted
|
|
Adjusted
|
|
Fee
|
|
Total
|
|
Adjusted
|
|
Adjusted
|
|||||||||||||||
|
(dollars in thousands) |
|||||||||||||||||||||||||||||
Consulting |
$ |
695,007 |
|
$ |
706,805 |
|
$ |
114,260 |
|
16.4 |
% |
$ |
677,001 |
|
$ |
686,979 |
|
$ |
108,502 |
|
16.0 |
% |
||||||||
Digital |
|
366,699 |
|
|
366,924 |
|
|
108,669 |
|
29.6 |
% |
|
354,651 |
|
|
354,967 |
|
|
97,458 |
|
27.5 |
% |
||||||||
Executive Search: |
|
|
|
|
|
|
|
|
||||||||||||||||||||||
|
|
506,927 |
|
|
513,545 |
|
|
120,710 |
|
23.8 |
% |
|
562,139 |
|
|
568,212 |
|
|
140,850 |
|
25.1 |
% |
||||||||
EMEA |
|
184,516 |
|
|
185,552 |
|
|
25,902 |
|
14.0 |
% |
|
187,014 |
|
|
188,114 |
|
|
31,380 |
|
16.8 |
% |
||||||||
|
|
85,863 |
|
|
86,273 |
|
|
18,923 |
|
22.0 |
% |
|
95,598 |
|
|
95,956 |
|
|
24,222 |
|
25.3 |
% |
||||||||
|
|
28,937 |
|
|
28,956 |
|
|
5,571 |
|
19.3 |
% |
|
31,047 |
|
|
31,054 |
|
|
9,370 |
|
30.2 |
% |
||||||||
Total Executive Search |
|
806,243 |
|
|
814,326 |
|
|
171,106 |
|
21.2 |
% |
|
875,798 |
|
|
883,336 |
|
|
205,822 |
|
23.5 |
% |
||||||||
Professional Search & Interim |
|
540,615 |
|
|
544,453 |
|
|
101,868 |
|
18.8 |
% |
|
503,395 |
|
|
507,058 |
|
|
110,879 |
|
22.0 |
% |
||||||||
RPO |
|
354,107 |
|
|
362,997 |
|
|
40,399 |
|
11.4 |
% |
|
424,563 |
|
|
431,496 |
|
|
52,588 |
|
12.4 |
% |
||||||||
Corporate |
|
— |
|
|
— |
|
|
(128,098 |
) |
|
|
— |
|
|
— |
|
|
(117,972 |
) |
|
||||||||||
Consolidated |
$ |
2,762,671 |
|
$ |
2,795,505 |
|
$ |
408,204 |
|
14.8 |
% |
$ |
2,835,408 |
|
$ |
2,863,836 |
|
$ |
457,277 |
|
16.1 |
% |
View source version on businesswire.com: https://www.businesswire.com/news/home/20240606730247/en/
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