Korn Ferry Announces Second Quarter Fiscal 2020 Results of Operations
Los Angeles, CA. December 5, 2019
Los Angeles, CA, December 5, 2019 – Korn Ferry (NYSE: KFY), a global organizational consulting firm, today announced second quarter fee revenue of $492.4 million. Second quarter diluted earnings per share was $0.77 and Adjusted diluted earnings per share was $0.81. Adjusted diluted earnings per share for the second quarter excludes $2.6 million, or $0.04 per share, related to integration/acquisition costs associated with the recently completed acquisition of Miller Heiman Group, AchieveForum and Strategy Execution.
“For Korn Ferry’s recently completed second quarter, we generated fee revenue of approximately $492 million (down 1% using actual rates; up 1% on a constant currency basis) and consistent profitability with an Adjusted EBITDA margin of almost 16%. Despite the confused socio-political climate, we continued to have a long-term balanced approach to capital deployment, acquiring three leadership development companies while repurchasing almost $50 million of stock during the quarter in addition to our normal quarterly dividend,” said Gary D. Burnison, CEO, Korn Ferry.
“We have historically only focused on a 10 percent subset of the $300 billion market for learning and development. The recent acquisitions of Miller Heiman, Strategy Execution and AchieveForum add professional development capabilities that will leverage our Korn Ferry Digital platform, tapping a much broader market opportunity. Last month we celebrated our 50th anniversary, capping an unprecedented moment in Korn Ferry’s history as the preeminent global organizational consulting firm. As our recent acquisitions attest, we continue to evolve our business to help clients synchronize their strategy, operations and talent. I look forward to what the future holds as we ring in a New Year."
- Korn Ferry reports fee revenue of $492.4 million in Q2 FY’20.
- Net income attributable to Korn Ferry was $42.8 million in Q2 FY’20.
- Operating income was $61.9 million in Q2 FY’20 with an operating margin of 12.6%. Adjusted EBITDA was $78.3 million with Adjusted EBITDA margin of 15.9%.
- Q2 FY’20 diluted earnings per share and adjusted diluted earnings per share was $0.77 and $0.81, respectively.
- The Company continued with its balanced approach to capital allocation, buying back 1.3 million shares or $49.2 million of stock during the quarter and declaring a quarterly dividend of $0.10 per share on December 4, 2019 payable on January 15, 2020 to stockholders of record on December 20, 2019.