In This Story
Korn Ferry (KFY+1.03%) has submitted its Form 10-Q filing for the quarterly period ended October 31, 2024.
The filing reports fee revenue of $674.4 million for the quarter, a decrease of 4% compared to the same period the previous year. The decline was attributed to reduced demand in Professional Search & Interim, Consulting, and Digital segments.
Operating income for the quarter was $87.5 million, with an adjusted EBITDA of $117.0 million. The operating margin increased to 13.0%, while the adjusted EBITDA margin was 17.4%.
Net income attributable to Korn Ferry was $60.8 million, resulting in diluted earnings per share of $1.14.
Compensation and benefits expenses decreased by 4% to $437.4 million, primarily due to reductions in headcount and performance-related bonuses.
General and administrative expenses were reduced by 2% to $64.5 million, driven by lower bad debt expenses and fixed asset impairments.
Restructuring charges, net, were significantly lower at $0.6 million, compared to $63.5 million in the same quarter last year.
Cash used in operating activities was $105.2 million for the six months ended October 31, 2024, compared to $141.9 million in the previous year.
Korn Ferry completed the acquisition of Trilogy International on November 1, 2024, which will be included in the Professional Search & Interim segment.
The Board of Directors declared a quarterly dividend of $0.37 per share, payable on January 15, 2025, to shareholders of record as of December 20, 2024.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Korn Ferry quarterly 10-Q report dated December 9, 2024. To report an error, please email earnings@qz.com.