Korn Ferry Announces Fourth Quarter and Fiscal 2017 Results of Operations
Los Angeles. June 20, 2017
Los Angeles, CA, June 20, 2017 – Korn/Ferry International (NYSE: KFY), the preeminent global people and organizational advisory firm, today announced fourth quarter and annual fee revenue of $406.1 million and $1,565.5 million, respectively. Fourth quarter diluted earnings per share and adjusted diluted earnings per share were $0.47 and $0.62, respectively. Adjusted diluted earnings per share for the fourth quarter excluded $8.2 million, or $0.15 per share, of restructuring charges, net, integration/acquisition costs and separation costs.
“I am pleased to report record fee revenue of $406 million and strong profitability, with diluted earnings per share and adjusted diluted earnings per share of $0.47 and $0.62 and adjusted EBITDA of approximately $60 million during our recently completed fourth quarter. With continued momentum in all business lines, we achieved the highest fiscal year fee revenue in our firm’s history – up 20% year over year,” said Gary D. Burnison, CEO of Korn Ferry. “There is notable runway in this market for broader talent offerings. We continue to benefit from strong demand for our holistic approach – from our anchor executive search offering to organizational advisory services, leadership development, compensation and rewards and more. As we increasingly extend our brand, broaden our solutions and attract top talent to our firm, Korn Ferry is well-positioned for the future.”
- Korn Ferry reports record fee revenue of $406.1 million in Q4 FY’17, driven by organic growth in Futurestep and the North America region of Executive Search.
- Korn Ferry reports record annual fee revenue of $1,565.5 million, driven by the Legacy Hay acquisition and organic growth in Futurestep.
- Operating income was $32.8 million in Q4 FY’17 with an operating margin of 8.1%. Adjusted EBITDA was $60.1 million with Adjusted EBITDA margin of $14.8%.
- Q4 FY’17 diluted earnings per share was $0.47 and Adjusted diluted earnings per share was $0.62.
- The Company continued to repurchase shares in the open market with cumulative share repurchases of 1.1 million since the Company began repurchasing in October 2016, representing a reduction of approximately 2% of outstanding shares of common stock.
- The Company declared a quarterly dividend of $0.10 per share on June 20, 2017 payable on July 14, 2017 to stockholders of record on June 30, 2017.
About Korn Ferry
Korn Ferry is the preeminent global people and organizational advisory firm. We help leaders, organizations and societies succeed by releasing the full power and potential of people. Our nearly 7,000 colleagues deliver services through our Executive Search, Hay Group and Futurestep divisions.
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