Korn Ferry International Announces First Quarter Fiscal 2017 Results of Operations
"I am proud of the performance of our firm during the fiscal first quarter. We generated
Gary D. Burnison, CEO
Korn Ferry. "Operationally, our combination with
Selected Financial Results (dollars in millions, except per share amounts) (a) |
|||||
First Quarter |
|||||
FY'17 |
FY'16 |
||||
Fee revenue |
\\$ 375.6 |
\\$ 267.4 |
|||
Total revenue |
\\$ 392.9 |
\\$ 279.3 |
|||
Operating income |
\\$ 4.5 |
\\$ 32.9 |
|||
Operating margin |
1.2% |
12.3% |
|||
Net income attributable to Korn Ferry |
\\$ 3.2 |
\\$ 23.1 |
|||
Basic earnings per share |
\\$ 0.06 |
\\$ 0.46 |
|||
Diluted earnings per share |
\\$ 0.06 |
\\$ 0.46 |
|||
EBITDA Results (b): |
First Quarter |
||||
FY'17 |
FY'16 |
||||
EBITDA |
\\$ 20.3 |
\\$ 41.0 |
|||
EBITDA margin |
5.4% |
15.3% |
|||
Adjusted Results (c): |
First Quarter |
||||
FY'17 |
FY'16 |
||||
Adjusted fee revenue |
\\$ 379.2 |
\\$ 267.4 |
|||
Adjusted EBITDA (b) |
\\$ 56.4 |
\\$ 41.7 |
|||
Adjusted EBITDA margin (b) |
14.9% |
15.6% |
|||
Adjusted net income attributable to Korn Ferry |
\\$ 29.5 |
\\$ 23.5 |
|||
Adjusted basic earnings per share |
\\$ 0.52 |
\\$ 0.47 |
|||
Adjusted diluted earnings per share |
\\$ 0.52 |
\\$ 0.47 |
____________ |
|
(a) |
Numbers may not total due to rounding. |
(b) |
EBITDA refers to earnings before interest, taxes, depreciation and amortization. Adjusted EBITDA further adjusts EBITDA to exclude restructuring charges (recoveries), net, integration/acquisition costs, and includes the deferred revenue adjustment related to the Hay Group acquisition. EBITDA, EBITDA margin, Adjusted EBITDA and Adjusted EBITDA margin are non-GAAP financial measures (see attached reconciliations). |
(c) |
Adjusted results are non-GAAP financial measures that adjust for the following, as applicable (see attached reconciliations): |
First Quarter |
||||
FY'17 |
FY'16 |
|||
Restructuring charges, net |
\\$ 24.5 |
\\$ — |
||
Integration/acquisition costs |
\\$ 8.0 |
\\$ 0.7 |
||
Deferred revenue adjustment related to the Hay Group acquisition |
\\$ 3.5 |
\\$ — |
||
Write-off of debt issuance costs |
\\$ 1.0 |
\\$ — |
Fee revenue was
- The growth was primarily due to increases in fee revenue in
Futurestep and Hay Group segments. - The increase in
Hay Group is due to the acquisition that took place in the third quarter of fiscal 2016.
The Company substantially completed the fiscal 2016 restructuring plan during Q1 FY'17, integrating the
Operating margin was 1.2% in Q1 FY'17 compared to 12.3% in the year-ago quarter. EBITDA margin was 5.4% in Q1 FY'17 compared to 15.3% in Q1 FY'16. The decrease in the operating and EBITDA margins was due to restructuring charges of
Adjusted EBITDA margin was 14.9%, down 70 bps from the year-ago quarter. The decline in Adjusted EBITDA margin was primarily due to a change in the revenue mix with a greater proportion of revenue being generated by
Results by Segment |
|||||
Selected Executive Search Data (dollars in millions) (a) |
|||||
First Quarter |
|||||
FY'17 |
FY'16 |
||||
Fee revenue |
\\$ 146.4 |
\\$ 152.1 |
|||
Total revenue |
\\$ 151.5 |
\\$ 158.0 |
|||
Operating income |
\\$ 26.9 |
\\$ 34.9 |
|||
Operating margin |
18.4% |
23.0% |
|||
Ending number of consultants |
488 |
486 |
|||
Average number of consultants |
488 |
469 |
|||
Engagements billed |
3,226 |
3,001 |
|||
New engagements (b) |
1,446 |
1,372 |
|||
EBITDA Results (c): |
First Quarter |
||||
FY'17 |
FY'16 |
||||
EBITDA |
\\$ 28.9 |
\\$ 36.9 |
|||
EBITDA margin |
19.7% |
24.3% |
|||
Adjusted Results (d): |
First Quarter |
||||
FY'17 |
FY'16 |
||||
Adjusted EBITDA (c) |
\\$ 31.7 |
\\$ 36.9 |
|||
Adjusted EBITDA margin (c) |
21.6% |
24.3% |
____________ |
|
(a) |
Numbers may not total due to rounding. |
(b) |
Represents new engagements opened in the respective period. |
(c) |
EBITDA, EBITDA margin, Adjusted EBITDA and Adjusted EBITDA margin are non-GAAP financial measures (see attached reconciliations). |
(d) |
Adjusted results are non-GAAP financial measures that exclude the following (see attached reconciliations): |
First Quarter |
||||
FY'17 |
FY'16 |
|||
Restructuring charges, net |
\\$ 2.8 |
\\$ — |
Fee revenue was
Operating income was
EBITDA was
Selected Hay Group Data (dollars in millions) (a) |
|||||
First Quarter |
|||||
FY'17 |
FY'16 |
||||
Fee revenue |
\\$ 174.6 |
\\$ 69.2 |
|||
Total revenue |
\\$ 181.5 |
\\$ 71.4 |
|||
Operating (loss) income |
\\$ (7.7) |
\\$ 7.5 |
|||
Operating margin |
(4.4)% |
10.8% |
|||
Ending number of consultants (b) |
566 |
181 |
|||
Staff utilization (c) |
67% |
68% |
|||
EBITDA Results (d): |
First Quarter |
||||
FY'17 |
FY'16 |
||||
EBITDA |
\\$ 0.5 |
\\$ 10.4 |
|||
EBITDA margin |
0.3% |
15.0% |
|||
Adjusted Results (e): |
First Quarter |
||||
FY'17 |
FY'16 |
||||
Adjusted fee revenue |
\\$ 178.1 |
\\$ 69.2 |
|||
Adjusted EBITDA (d) |
\\$ 29.8 |
\\$ 10.7 |
|||
Adjusted EBITDA margin (d) |
16.7% |
15.5% |
____________ |
|
(a) |
Numbers may not total due to rounding. |
(b) |
Represents number of employees originating consulting services. |
(c) |
Calculated by dividing the number of hours our full-time Hay Group professional staff record to engagements during the period, by the total available working hours during the same period. |
(d) |
EBITDA, EBITDA margin, Adjusted EBITDA and Adjusted EBITDA margin are non-GAAP financial measures (see attached reconciliations). |
(e) |
Adjusted results are non-GAAP financial measures that adjust for the following (see attached reconciliations): |
First Quarter |
||||
FY'17 |
FY'16 |
|||
Restructuring charges, net |
\\$ 21.5 |
\\$ — |
||
Integration/acquisition costs |
\\$ 4.3 |
\\$ 0.3 |
||
Deferred revenue adjustment related to the Hay Group acquisition |
\\$ 3.5 |
\\$ — |
Fee revenue was
Operating loss was
EBITDA was
Selected Futurestep Data (dollars in millions) (a) |
|||||
First Quarter |
|||||
FY'17 |
FY'16 |
||||
Fee revenue |
\\$ 54.7 |
\\$ 46.1 |
|||
Total revenue |
\\$ 60.0 |
\\$ 49.9 |
|||
Operating income |
\\$ 7.5 |
\\$ 6.2 |
|||
Operating margin |
13.7% |
13.4% |
|||
Engagements billed (b) |
979 |
857 |
|||
New engagements (c) |
519 |
471 |
|||
EBITDA Results (d): |
First Quarter |
||||
FY'17 |
FY'16 |
||||
EBITDA |
\\$ 8.1 |
\\$ 6.8 |
|||
EBITDA margin |
14.9% |
14.7% |
____________ |
|
(a) |
Numbers may not total due to rounding. |
(b) |
Represents search engagements billed. |
(c) |
Represents new search engagements opened in the respective period. |
(d) |
EBITDA and EBITDA margin are non-GAAP financial measures (see attached reconciliations). |
Fee revenue was
- The higher fee revenue was driven by a
\\$5.4 million increase in recruitment process outsourcing in Q1 FY'17 compared to Q1 FY'16. - The rest of the increase was due to higher fee revenue in professional search due to a 14.2% increase in engagements billed in Q1 FY'17 compared to Q1 FY'16.
Operating income was
EBITDA was
Outlook
Assuming worldwide economic conditions, financial markets and foreign exchange rates remain steady, on a consolidated basis:
- Q2 FY'17 fee revenue is expected to be in the range of
\\$380 million and\\$400 million ; and - Q2 FY'17 diluted earnings per share is likely to range between
\\$0.45 to \\$0.55 .
On a consolidated as adjusted basis:
- Q2 FY'17 adjusted diluted earnings per share is expected to be in the range from
\\$0.54 to \\$0.62 .
Q2 FY'17 |
||||
Low |
High |
|||
Consolidated diluted earnings per share |
\\$ 0.45 |
\\$ 0.55 |
||
Integration/acquisition costs |
0.04 |
0.02 |
||
Restructuring charges |
0.02 |
0.01 |
||
Retention bonuses |
0.07 |
0.07 |
||
Tax rate impact |
(0.04) |
(0.03) |
||
Consolidated as adjusted diluted earnings per share |
\\$ 0.54 |
\\$ 0.62 |
____________ |
|
(1) |
Consolidated as 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
Gary Burnison, CFO
Robert Rozek and SVP Finance
Gregg Kvochak. The conference call will be webcast and available online at ir.kornferry.com. We will also post to this 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
Forward-Looking Statements
Statements in this press release and our conference call that relate to future results and events ("forward-looking statements") are based on
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 International , adjusted to exclude restructuring charges, net, integration/acquisition costs, write-off of debt issuance costs and includes the deferred revenue adjustment related to theHay Group acquisition, net of income tax effect; - adjusted basic and diluted earnings per share, adjusted to exclude restructuring charges, net, integration/acquisition costs, write-off of debt issuance costs and includes the deferred revenue adjustment related to the
Hay Group acquisition, net of income tax effect; and in the case of the outlook section, also adjusted for tax rate impact; - constant currency amounts that represent the outcome that would have resulted had exchange rates in the reported period been the same as those in effect in the comparable prior year period;
- EBITDA, or earnings before interest, taxes, depreciation and amortization and EBITDA margin;
- Adjusted EBITDA, which is EBITDA further adjusted to exclude restructuring charges, net, integration/acquisition costs and includes the deferred revenue adjustment related to the
Hay Group acquisition, and Adjusted EBITDA margin; and - Adjusted fee revenue, which includes revenue that
Hay Group would have realized over the ensuing year if not for business combination accounting that requires a company to record the acquisition balance sheet at fair value and write-off deferred revenue where no future services are required to be performed to earn that revenue.
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
[Tables attached]
KORN FERRY AND SUBSIDIARIES |
||||
CONSOLIDATED STATEMENTS OF INCOME |
||||
(in thousands, except per share amounts) |
||||
Three Months Ended |
||||
July 31, |
||||
2016 |
2015 |
|||
(unaudited) |
||||
Fee revenue |
\\$ 375,621 |
\\$ 267,394 |
||
Reimbursed out-of-pocket engagement expenses |
17,312 |
11,941 |
||
Total revenue |
392,933 |
279,335 |
||
Compensation and benefits |
262,967 |
179,456 |
||
General and administrative expenses |
55,342 |
37,491 |
||
Reimbursed expenses |
17,312 |
11,941 |
||
Cost of services |
16,832 |
10,120 |
||
Depreciation and amortization |
11,444 |
7,423 |
||
Restructuring charges, net |
24,520 |
- |
||
Total operating expenses |
388,417 |
246,431 |
||
Operating income |
4,516 |
32,904 |
||
Other income (loss), net |
4,259 |
(74) |
||
Interest expense, net |
(3,061) |
(299) |
||
Income before provision for income taxes and equity in earnings of unconsolidated subsidiaries |
5,714 |
32,531 |
||
Equity in earnings of unconsolidated subsidiaries |
79 |
725 |
||
Income tax provision |
1,725 |
10,174 |
||
Net income |
4,068 |
23,082 |
||
Net income attributable to noncontrolling interest |
(860) |
- |
||
Net income attributable to Korn/Ferry International |
\\$ 3,208 |
\\$ 23,082 |
||
Earnings per common share attributable to Korn/Ferry International: |
||||
Basic |
\\$ 0.06 |
\\$ 0.46 |
||
Diluted |
\\$ 0.06 |
\\$ 0.46 |
||
Weighted-average common shares outstanding: |
||||
Basic |
56,189 |
49,493 |
||
Diluted |
56,576 |
50,014 |
||
Cash dividends declared per share: |
\\$ 0.10 |
\\$ 0.10 |
KORN FERRY AND SUBSIDIARIES |
||||||||
FINANCIAL SUMMARY BY SEGMENT |
||||||||
(in thousands) |
||||||||
(unaudited) |
||||||||
Three Months Ended July 31, |
||||||||
2016 |
2015 |
% Change |
||||||
Fee Revenue: |
||||||||
Executive search: |
||||||||
North America |
\\$ 81,802 |
\\$ 90,359 |
(9%) |
|||||
EMEA |
35,370 |
36,090 |
(2%) |
|||||
Asia Pacific |
19,626 |
19,215 |
2% |
|||||
Latin America |
9,563 |
6,426 |
49% |
|||||
Total executive search |
146,361 |
152,090 |
(4%) |
|||||
Hay Group |
174,582 |
69,240 |
152% |
|||||
Futurestep |
54,678 |
46,064 |
19% |
|||||
Total fee revenue |
375,621 |
267,394 |
40% |
|||||
Reimbursed out-of-pocket engagement expenses |
17,312 |
11,941 |
45% |
|||||
Total revenue |
\\$ 392,933 |
\\$ 279,335 |
41% |
|||||
Operating Income (Loss): |
Margin |
Margin |
||||||
Executive search: |
||||||||
North America |
\\$ 16,468 |
20.1% |
\\$ 24,145 |
26.7% |
||||
EMEA |
6,027 |
17.0% |
6,276 |
17.4% |
||||
Asia Pacific |
2,102 |
10.7% |
2,986 |
15.5% |
||||
Latin America |
2,330 |
24.4% |
1,508 |
23.5% |
||||
Total executive search |
26,927 |
18.4% |
34,915 |
23.0% |
||||
Hay Group |
(7,743) |
(4.4%) |
7,495 |
10.8% |
||||
Futurestep |
7,513 |
13.7% |
6,189 |
13.4% |
||||
Corporate |
(22,181) |
(15,695) |
||||||
Total operating income |
\\$ 4,516 |
1.2% |
\\$ 32,904 |
12.3% |
KORN FERRY AND SUBSIDIARIES |
||||
CONSOLIDATED BALANCE SHEETS |
||||
(in thousands, except per share amounts) |
||||
July 31, |
April 30, |
|||
2016 |
2016 |
|||
ASSETS |
(unaudited) |
|||
Cash and cash equivalents |
\\$ 244,073 |
\\$ 273,252 |
||
Marketable securities |
3,475 |
11,338 |
||
Receivables due from clients, net of allowance for doubtful accounts of \\$12,674 and \\$11,292 respectively |
341,984 |
315,975 |
||
Income taxes and other receivables |
28,672 |
20,579 |
||
Prepaid expenses and other assets |
53,196 |
43,130 |
||
Total current assets |
671,400 |
664,274 |
||
Marketable securities, non-current |
133,502 |
130,092 |
||
Property and equipment, net |
99,980 |
95,436 |
||
Cash surrender value of company owned life insurance policies, net of loans |
110,195 |
107,296 |
||
Deferred income taxes |
26,232 |
27,163 |
||
Goodwill |
587,615 |
590,072 |
||
Intangible assets, net |
228,992 |
233,027 |
||
Investments and other assets |
67,447 |
51,240 |
||
Total assets |
\\$ 1,925,363 |
\\$ 1,898,600 |
||
LIABILITIES AND STOCKHOLDERS' EQUITY |
||||
Accounts payable |
\\$ 33,719 |
\\$ 26,634 |
||
Income taxes payable |
4,351 |
8,396 |
||
Compensation and benefits payable |
147,617 |
266,211 |
||
Term loan |
19,754 |
30,000 |
||
Other accrued liabilities |
149,865 |
145,023 |
||
Total current liabilities |
355,306 |
476,264 |
||
Deferred compensation and other retirement plans |
217,957 |
216,113 |
||
Term loan, non-current |
251,038 |
110,000 |
||
Deferred tax liabilities |
13,664 |
5,088 |
||
Other liabilities |
51,056 |
43,834 |
||
Total liabilities |
889,021 |
851,299 |
||
Stockholders' equity |
||||
Common stock: \\$0.01 par value, 150,000 shares authorized, 70,576 and 69,273 shares issued and 57,898 and 57,272 shares outstanding, respectively |
705,792 |
702,098 |
||
Retained earnings |
398,412 |
401,113 |
||
Accumulated other comprehensive loss, net |
(70,577) |
(57,911) |
||
Total Korn/Ferry International stockholders' equity |
1,033,627 |
1,045,300 |
||
Noncontrolling interest |
2,715 |
2,001 |
||
Total stockholders' equity |
1,036,342 |
1,047,301 |
||
Total liabilities and stockholders' equity |
\\$ 1,925,363 |
\\$ 1,898,600 |
KORN FERRY AND SUBSIDIARIES |
||||
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES |
||||
(in thousands, except per share amounts) |
||||
Three Months Ended |
||||
July 31, |
||||
2016 |
2015 |
|||
(unaudited) |
||||
Fee revenue |
\\$ 375,621 |
\\$ 267,394 |
||
Deferred revenue adjustment due to acquisition (1) |
3,535 |
- |
||
Adjusted fee revenue |
\\$ 379,156 |
\\$ 267,394 |
||
Operating income |
\\$ 4,516 |
\\$ 32,904 |
||
Depreciation and amortization |
11,444 |
7,423 |
||
Other income (loss), net |
4,259 |
(74) |
||
Equity in earnings of unconsolidated subsidiaries, net |
79 |
725 |
||
EBITDA |
20,298 |
40,978 |
||
Deferred revenue adjustment due to acquisition (1) |
3,535 |
- |
||
Restructuring charges, net (2) |
24,520 |
- |
||
Integration/acquisition costs (3) |
8,027 |
674 |
||
Adjusted EBITDA |
\\$ 56,380 |
\\$ 41,652 |
||
Operating margin |
1.2% |
12.3% |
||
Depreciation and amortization |
3.0% |
2.8% |
||
Other income (loss), net |
1.1% |
0.0% |
||
Equity in earnings of unconsolidated subsidiaries, net |
0.1% |
0.2% |
||
EBITDA margin |
5.4% |
15.3% |
||
Deferred revenue adjustment due to acquisition (1) |
0.9% |
- |
||
Restructuring charges, net (2) |
6.5% |
- |
||
Integration/acquisition costs (3) |
2.1% |
0.3% |
||
Adjusted EBITDA margin |
14.9% |
15.6% |
||
Net income attributable to Korn/Ferry International |
\\$ 3,208 |
\\$ 23,082 |
||
Deferred revenue adjustment due to acquisition (1) |
3,535 |
- |
||
Restructuring charges, net (2) |
24,520 |
- |
||
Integration/acquisition costs (3) |
8,027 |
674 |
||
Write-off of debt issuance costs (4) |
954 |
- |
||
Tax effect on the above items (5) |
(10,718) |
(215) |
||
Adjusted net income attributable to Korn/Ferry International |
\\$ 29,526 |
\\$ 23,541 |
||
Basic earnings per common share |
\\$ 0.06 |
\\$ 0.46 |
||
Deferred revenue adjustment due to acquisition (1) |
0.06 |
- |
||
Restructuring charges, net (2) |
0.43 |
- |
||
Integration/acquisition costs (3) |
0.14 |
0.01 |
||
Write-off of debt issuance costs (4) |
0.02 |
- |
||
Tax effect on the above items (5) |
(0.19) |
- |
||
Adjusted basic earnings per share |
\\$ 0.52 |
\\$ 0.47 |
||
Diluted earnings per common share |
\\$ 0.06 |
\\$ 0.46 |
||
Deferred revenue adjustment due to acquisition (1) |
0.06 |
- |
||
Restructuring charges, net (2) |
0.43 |
- |
||
Integration/acquisition costs (3) |
0.14 |
0.01 |
||
Write-off of debt issuance costs (4) |
0.02 |
- |
||
Tax effect on the above items (5) |
(0.19) |
- |
||
Adjusted diluted earnings per share |
\\$ 0.52 |
\\$ 0.47 |
Explanation of Non-GAAP Adjustments |
|||||||||||
(1) |
Increase in fee revenue relating to the deferred revenue recorded on the opening balance sheet of Hay Group, required by fair value accounting. The adjustment is included in the Hay Group segment. On a GAAP basis, Hay Group fee revenue was \\$174.6 million during the three months ended July 31, 2016. On an adjusted basis, Hay Group fee revenue was \\$178.1 million during the three months ended July 31, 2016. |
||||||||||
(2) |
Restructuring plan implemented in order to rationalize our cost structure by eliminating redundant positions and consolidating office space due to the acquisition of Hay Group on December 1, 2015. |
||||||||||
(3) |
Costs associated with completing the acquisition of Hay Group, such as legal and professional fees, and the on-going integration expenses to combine the companies. |
||||||||||
(4) |
Write-off of debt issuance costs as a result of replacing the prior Credit Agreement with a new senior secured Credit Agreement. |
||||||||||
(5) |
Tax effect on deferred revenue adjustment associated with the acquisition of Hay Group, restructuring charges, net, integration/acquisition costs and the write-off of debt issuance costs. |
KORN FERRY AND SUBSIDIARIES |
||||||||||||||||||
RECONCILIATION OF NET INCOME AND OPERATING INCOME (GAAP) TO |
||||||||||||||||||
EBITDA AND ADJUSTED EBITDA (NON-GAAP) |
||||||||||||||||||
(in thousands) |
||||||||||||||||||
(unaudited) |
||||||||||||||||||
Three Months Ended July 31, 2016 |
||||||||||||||||||
Executive Search |
||||||||||||||||||
North |
EMEA |
Asia Pacific |
Latin |
Subtotal |
Hay Group |
Futurestep |
Corporate |
Consolidated |
||||||||||
Fee revenue |
\\$ 81,802 |
\\$ 35,370 |
\\$ 19,626 |
\\$ 9,563 |
\\$ 146,361 |
\\$ 174,582 |
\\$ 54,678 |
\\$ - |
\\$ 375,621 |
|||||||||
Net income |
\\$ 4,068 |
|||||||||||||||||
Other income, net |
(4,259) |
|||||||||||||||||
Interest expense, net |
3,061 |
|||||||||||||||||
Equity in earnings of unconsolidated subsidiaries, net |
(79) |
|||||||||||||||||
Income tax provision |
1,725 |
|||||||||||||||||
Operating income (loss) |
\\$ 16,468 |
\\$ 6,027 |
\\$ 2,102 |
\\$ 2,330 |
\\$ 26,927 |
\\$ (7,743) |
\\$ 7,513 |
\\$ (22,181) |
4,516 |
|||||||||
Depreciation and amortization |
830 |
211 |
225 |
114 |
1,380 |
8,016 |
623 |
1,425 |
11,444 |
|||||||||
Other income (loss), net |
288 |
24 |
87 |
73 |
472 |
235 |
(2) |
3,554 |
4,259 |
|||||||||
Equity in earnings of unconsolidated subsidiaries, net |
79 |
- |
- |
- |
79 |
- |
- |
- |
79 |
|||||||||
EBITDA |
17,665 |
6,262 |
2,414 |
2,517 |
28,858 |
508 |
8,134 |
(17,202) |
20,298 |
|||||||||
EBITDA margin |
21.6% |
17.7% |
12.3% |
26.3% |
19.7% |
0.3% |
14.9% |
5.4% |
||||||||||
Restructuring charges, net |
1,706 |
128 |
622 |
360 |
2,816 |
21,488 |
- |
216 |
24,520 |
|||||||||
Integration/acquisition costs |
- |
- |
- |
- |
- |
4,264 |
- |
3,763 |
8,027 |
|||||||||
Deferred revenue adjustment due to acquisition |
- |
- |
- |
- |
- |
3,535 |
- |
- |
3,535 |
|||||||||
Adjusted EBITDA |
\\$ 19,371 |
\\$ 6,390 |
\\$ 3,036 |
\\$ 2,877 |
\\$ 31,674 |
\\$ 29,795 |
\\$ 8,134 |
\\$ (13,223) |
\\$ 56,380 |
|||||||||
Adjusted EBITDA margin |
23.7% |
18.1% |
15.5% |
30.1% |
21.6% |
16.7% |
14.9% |
14.9% |
||||||||||
Three Months Ended July 31, 2015 |
||||||||||||||||||
Executive Search |
||||||||||||||||||
North |
EMEA |
Asia Pacific |
Latin |
Subtotal |
Hay Group |
Futurestep |
Corporate |
Consolidated |
||||||||||
Fee revenue |
\\$ 90,359 |
\\$ 36,090 |
\\$ 19,215 |
\\$ 6,426 |
\\$ 152,090 |
\\$ 69,240 |
\\$ 46,064 |
\\$ - |
\\$ 267,394 |
|||||||||
Net income |
\\$ 23,082 |
|||||||||||||||||
Other loss, net |
74 |
|||||||||||||||||
Interest expense, net |
299 |
|||||||||||||||||
Equity in earnings of unconsolidated subsidiaries, net |
(725) |
|||||||||||||||||
Income tax provision |
10,174 |
|||||||||||||||||
Operating income (loss) |
\\$ 24,145 |
\\$ 6,276 |
\\$ 2,986 |
\\$ 1,508 |
\\$ 34,915 |
\\$ 7,495 |
\\$ 6,189 |
\\$ (15,695) |
32,904 |
|||||||||
Depreciation and amortization |
827 |
365 |
246 |
78 |
1,516 |
3,748 |
585 |
1,574 |
7,423 |
|||||||||
Other income (loss), net |
32 |
143 |
18 |
239 |
432 |
(863) |
- |
357 |
(74) |
|||||||||
Equity in earnings of unconsolidated subsidiaries, net |
86 |
- |
- |
- |
86 |
- |
- |
639 |
725 |
|||||||||
EBITDA |
25,090 |
6,784 |
3,250 |
1,825 |
36,949 |
10,380 |
6,774 |
(13,125) |
40,978 |
|||||||||
EBITDA margin |
27.8% |
18.8% |
16.9% |
28.4% |
24.3% |
15.0% |
14.7% |
15.3% |
||||||||||
Integration/acquisition costs |
- |
- |
- |
- |
- |
329 |
- |
345 |
674 |
|||||||||
Adjusted EBITDA |
\\$ 25,090 |
\\$ 6,784 |
\\$ 3,250 |
\\$ 1,825 |
\\$ 36,949 |
\\$ 10,709 |
\\$ 6,774 |
\\$ (12,780) |
\\$ 41,652 |
|||||||||
Adjusted EBITDA margin |
27.8% |
18.8% |
16.9% |
28.4% |
24.3% |
15.5% |
14.7% |
15.6% |
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