Wall Street analysts forecast that Korn/Ferry (KFY) will report quarterly earnings of $0.99 per share in its upcoming release, pointing to a year-over-year decline of 2%. It is anticipated that revenues will amount to $655.1 million, exhibiting a decline of 3.8% compared to the year-ago quarter.Over the last 30 days, there has been no revision in the consensus EPS estimate for the quarter. This signifies the covering analysts' collective reconsideration of their initial forecasts over the course of this tim ...

LOS ANGELES--(BUSINESS WIRE)--Korn Ferry (NYSE:KFY) today announced that the firm will release financial results for the third quarter of fiscal year 2024 (ended January 31, 2024) on Wednesday, March 6, 2024. A press release will be issued before the market opens on Wednesday, March 6, 2024 followed by a live webcast at 12:00 p.m. EST. What:   Korn Ferry to Report Q3 FY2024 Earnings     Investor Live Webcast       When:   12:00 p.m. EST, March 6, 2024     Where:   L ...

LOS ANGELES--(BUSINESS WIRE)--Korn Ferry (NYSE:KFY), for the 27th year, partnered with Fortune on the World’s Most Admired Companies (WMAC) list. The list was released today. Korn Ferry and Fortune analyzed 660 companies, representing 29 countries and 52 industries and surveyed more than 3,720 executives to measure reputation based on nine different attributes including firm’s effectiveness in conducting business globally, its ability to attract, develop, and keep talent, its value as a long-term investmen ...

The proven Zacks Rank system focuses on earnings estimates and estimate revisions to find winning stocks. Nevertheless, we know that our readers all have their own perspectives, so we are always looking at the latest trends in value, growth, and momentum to find strong picks.Looking at the history of these trends, perhaps none is more beloved than value investing. This strategy simply looks to identify companies that are being undervalued by the broader market. Value investors use a variety of methods, incl ...

The U.S. labor market concluded last year on a solid note as the pace of hiring exceeded expectations. Job additions improved in most of the sectors in December amid a lower unemployment rate.The Labor Department stated that employers added 216,000 new jobs last month, way more than November’s downwardly revised 173,000, and higher than economists’ projections of 170,000.Hiring, by the way, was also revised down in October. But employers successfully added 2.7 million jobs in 2023, at an average monthly gai ...

[Part I. Financial Information](index=3&type=section&id=Part%20I.%20Financial%20Information) [Item 1. Consolidated Financial Statements](index=3&type=section&id=Item%201.%20Consolidated%20Financial%20Statements) This section presents Korn Ferry's unaudited consolidated financial statements for the quarter ended October 31, 2023, detailing financial position and performance [Consolidated Financial Statements Overview](index=3&type=section&id=1.1%20Consolidated%20Financial%20Statements%20Overview) Korn Ferry reported total revenue of **$1.42 billion** for the six months ended October 31, 2023, with operating income significantly impacted by restructuring charges Key Financial Highlights (Six Months Ended October 31) | Metric | 2023 (in thousands) | 2022 (in thousands) | Change | | :--- | :--- | :--- | :--- | | **Total Revenue** | $1,418,709 | $1,438,867 | -1.4% | | **Operating Income** | $79,584 | $231,246 | -65.6% | | **Net Income Attributable to Korn Ferry** | $44,894 | $150,788 | -70.2% | | **Diluted EPS** | $0.86 | $2.83 | -69.6% | Consolidated Balance Sheet Summary (in thousands) | Account | Oct 31, 2023 | Apr 30, 2023 | | :--- | :--- | :--- | | **Total Current Assets** | $1,421,540 | $1,638,669 | | **Total Assets** | $3,360,961 | $3,574,444 | | **Total Current Liabilities** | $764,119 | $976,260 | | **Total Liabilities** | $1,700,461 | $1,921,439 | | **Total Stockholders' Equity** | $1,660,500 | $1,653,005 | Consolidated Cash Flow Summary (Six Months Ended, in thousands) | Activity | Oct 31, 2023 | Oct 31, 2022 | | :--- | :--- | :--- | | **Net cash used in operating activities** | $(141,896) | $(98,718) | | **Net cash used in investing activities** | $(22,306) | $(150,177) | | **Net cash used in financing activities** | $(38,649) | $(96,063) | | **Net decrease in cash and cash equivalents** | $(223,188) | $(384,170) | [Notes to Financial Statements](index=8&type=section&id=1.2%20Notes%20to%20Financial%20Statements) Notes detail business structure, accounting policies, and key financial items, including fee revenue breakdown, significant restructuring charges, and a dividend increase - The company operates through five core solutions: Organizational Strategy, Assessment and Succession, Leadership and Professional Development, Total Rewards, and Talent Acquisition. Its go-to-market strategy focuses on approximately **340 Marquee and Regional accounts**, which generate about **35% of consolidated fee revenue**[21](index=21&type=chunk)[24](index=24&type=chunk) Fee Revenue by Industry (Three Months Ended Oct 31, 2023) | Industry | Fee Revenue (in thousands) | Percentage | | :--- | :--- | :--- | | Industrial | $204,931 | 29.1% | | Life Sciences/Healthcare | $123,865 | 17.6% | | Financial Services | $122,048 | 17.3% | | Technology | $98,129 | 13.9% | | Consumer Goods | $96,996 | 13.8% | | Education/Non–Profit/General | $58,034 | 8.3% | - In Q2 FY24, the company initiated a restructuring plan due to the challenging macroeconomic environment, resulting in charges of **$63.5 million** for severance related to position eliminations across all business lines[124](index=124&type=chunk) - On December 5, 2023, the Board of Directors approved an **83% increase** in the quarterly dividend to **$0.33 per share**, payable on January 12, 2024[127](index=127&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=31&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses financial results, noting a fee revenue decrease, a net loss due to restructuring, and a strong liquidity position with ongoing capital returns [Results of Operations](index=34&type=section&id=2.1%20Results%20of%20Operations) Fee revenue decreased **3%** to **$704.0 million** due to talent acquisition slowdowns, resulting in a **$1.7 million** net loss primarily from restructuring charges - A workforce reduction plan was initiated on October 23, 2023, affecting approximately **8% of employees**, expected to reduce annualized costs by **$110-$120 million**. This resulted in a **$63.5 million** restructuring charge in Q2 FY24[137](index=137&type=chunk) Fee Revenue by Segment (Three Months Ended Oct 31, $ in millions) | Segment | Q2 FY24 | Q2 FY23 | % Change | | :--- | :--- | :--- | :--- | | Consulting | $177.8 | $173.1 | +3% | | Digital | $97.1 | $94.3 | +3% | | Executive Search | $203.0 | $218.4 | -7% | | Professional Search & Interim | $138.4 | $134.7 | +3% | | RPO | $87.7 | $107.3 | -18% | | **Total** | **$704.0** | **$727.8** | **-3%** | Adjusted EBITDA by Segment (Three Months Ended Oct 31, $ in millions) | Segment | Q2 FY24 | Q2 FY23 | % Change | | :--- | :--- | :--- | :--- | | Consulting | $28.9 | $31.1 | -7% | | Digital | $29.0 | $27.5 | +5% | | Executive Search | $39.7 | $54.5 | -27% | | Professional Search & Interim | $25.6 | $32.5 | -21% | | RPO | $8.9 | $16.0 | -44% | | **Consolidated** | **$98.5** | **$131.1** | **-25%** | [Liquidity and Capital Resources](index=49&type=section&id=2.2%20Liquidity%20and%20Capital%20Resources) The company maintains strong liquidity with **$843.8 million** in cash and marketable securities, actively returning capital to shareholders through dividends and share repurchases - As of October 31, 2023, the company had **$843.8 million** in cash, cash equivalents, and marketable securities[254](index=254&type=chunk) - The company has a **$400 million** principal amount of **4.625% Senior Unsecured Notes due 2027** and a **$650 million** revolving credit facility maturing in 2027, with no outstanding balance on the revolver as of October 31, 2023[248](index=248&type=chunk)[249](index=249&type=chunk) - The share repurchase program has **$226.7 million** remaining available as of October 31, 2023. The company repurchased **$8.6 million** of stock in the six months ended October 31, 2023[252](index=252&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=51&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company faces market risks from foreign currency fluctuations and interest rate changes, with potential **$11.3 million** impact from currency shifts - The company's main market risks are foreign currency fluctuations and interest rate changes[264](index=264&type=chunk) - A hypothetical **10% increase or decrease** in the value of key foreign currencies against the U.S. Dollar could result in a foreign exchange gain or loss of **$11.3 million**[267](index=267&type=chunk) - Interest rate risk is primarily related to the variable-rate Credit Facilities, which had no outstanding balance as of October 31, 2023, and borrowings against COLI contracts[268](index=268&type=chunk)[269](index=269&type=chunk) [Item 4. Controls and Procedures](index=52&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of October 31, 2023, with no material changes to internal controls - The Chief Executive Officer and Chief Financial Officer concluded that the company's disclosure controls and procedures were effective as of October 31, 2023[270](index=270&type=chunk) - No changes in internal control over financial reporting occurred during the quarter that have materially affected, or are reasonably likely to materially affect, internal controls[270](index=270&type=chunk) [Part II. Other Information](index=53&type=section&id=Part%20II.%20Other%20Information) [Item 1. Legal Proceedings](index=53&type=section&id=Item%201.%20Legal%20Proceedings) The company is not currently involved in any legal proceedings expected to materially adversely affect its business or financial condition - As of the report date, Korn Ferry is not engaged in any legal proceedings expected to have a material adverse effect on the company[272](index=272&type=chunk) [Item 1A. Risk Factors](index=53&type=section&id=Item%201A.%20Risk%20Factors) No material changes have occurred to the risk factors previously disclosed in the company's Annual Report on Form 10-K - No material changes have occurred to the risk factors described in the company's Form 10-K[273](index=273&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=53&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company repurchased **92,500** shares for **$4.4 million** during the quarter, with **$226.7 million** remaining for future repurchases Issuer Purchases of Equity Securities (Quarter Ended Oct 31, 2023) | Period | Total Shares Purchased | Avg. Price Paid | Shares Purchased (Public Program) | Remaining Authorization | | :--- | :--- | :--- | :--- | :--- | | Aug 2023 | — | — | — | $231.0M | | Sep 2023 | 7,615 | $47.92 | — | $231.0M | | Oct 2023 | 100,348 | $47.45 | 92,500 | $226.7M | - The share repurchase program has no expiration date. As of October 31, 2023, **$226.7 million** was available for repurchases[274](index=274&type=chunk) [Item 5. Other Information](index=53&type=section&id=Item%205.%20Other%20Information) No director or Section 16 officer adopted or terminated any Rule 10b5-1 or non-Rule 10b5-1 trading arrangements during the quarter - No director or Section 16 officer adopted or terminated any Rule 10b5-1 or non-Rule 10b5-1 trading arrangements during the quarter[275](index=275&type=chunk) [Item 6. Exhibits](index=54&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including CEO and CFO certifications and Inline XBRL documents - Key exhibits filed include CEO and CFO certifications pursuant to the Exchange Act and Sarbanes-Oxley Act, and Inline XBRL data files[276](index=276&type=chunk)

Korn Ferry (NYSE:KFY) Q2 2024 Earnings Call Transcript December 6, 2023 12:00 PM ET Company Participants Gary Burnison - CEO Bob Rozek - CFO, EVP and Chief Corporate Officer Gregg Kvochak - SVP Business Development & Analytics Tiffany Louder - VP, IR Conference Call Participants George Tong - Goldman Sachs Mark Marcon - Baird Tobey Sommer - Truist Securities Trevor Romeo - William Blair Josh Chan - UBS Operator Ladies and gentlemen, thank you for standing by and welcome to the Korn Ferry Second Quarter Fisc ...

Attracting and retaining top talent by investing in initiatives that build a world-class organization aligned to strategy and staffed by a capable, motivated and agile workforce. 4 | --- | --- | --- | |-------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------- ...

Korn Ferry (NYSE:KFY) Q1 2023 Results Conference Call August 7, 2023 12:00 PM ET Company Participants Gary Burnison - CEO Bob Rozek - CFO, EVP and Chief Corporate Officer Gregg Kvochak - SVP Business Development & Analytics Tiffany Louder - VP, IR Conference Call Participants George Tong - Goldman Sachs Mark Marcon - Baird Trevor Romeo - William Blair Tobey Sommer - Truist Securities Operator Ladies and gentlemen, thank you for standing by, and welcome to the Korn Ferry First Quarter Fiscal Year 2024 Confer ...

Part I. Financial Information [Item 1. Consolidated Financial Statements](index=3&type=section&id=Item%201%2E%20Consolidated%20Financial%20Statements) This section presents Korn Ferry's unaudited consolidated financial statements for Q1 FY2024, highlighting a slight revenue increase, a significant net income decrease, and negative operating cash flow Consolidated Balance Sheets Consolidated Balance Sheets | Balance Sheet Items | July 31, 2023 (unaudited, $ in thousands) | April 30, 2023 ($ in thousands) | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $562,209 | $844,024 | | Total current assets | $1,366,607 | $1,638,669 | | Goodwill | $910,211 | $909,491 | | Total assets | $3,313,468 | $3,574,444 | | **Liabilities & Equity** | | | | Compensation and benefits payable | $240,956 | $532,934 | | Total current liabilities | $655,791 | $976,260 | | Long-term debt | $396,379 | $396,194 | | Total liabilities | $1,620,938 | $1,921,439 | | Total stockholders' equity | $1,692,530 | $1,653,005 | - Cash and cash equivalents decreased significantly from **$844.0 million** at April 30, 2023, to **$562.2 million** at July 31, 2023, primarily due to a reduction in compensation and benefits payable reflecting annual bonus payments[7](index=7&type=chunk) Consolidated Statements of Income Consolidated Statements of Income | Income Statement Items | Three Months Ended July 31, 2023 ($ in thousands, except per share data) | Three Months Ended July 31, 2022 ($ in thousands, except per share data) | | :--- | :--- | :--- | | Fee revenue | $699,189 | $695,903 | | Total revenue | $706,262 | $703,148 | | Operating income | $56,768 | $111,599 | | Net income attributable to Korn Ferry | $46,605 | $77,247 | | Diluted EPS | $0.89 | $1.45 | | Cash dividends declared per share | $0.18 | $0.15 | - Operating income for the quarter fell by nearly **50%** year-over-year, from **$111.6 million** to **$56.8 million**, primarily due to a significant increase in Cost of Services from **$38.0 million** to **$77.2 million** and higher Compensation and Benefits expenses[9](index=9&type=chunk) Consolidated Statements of Cash Flows Consolidated Statements of Cash Flows | Cash Flow Items | Three Months Ended July 31, 2023 ($ in thousands) | Three Months Ended July 31, 2022 ($ in thousands) | | :--- | :--- | :--- | | Net cash used in operating activities | ($274,487) | ($231,886) | | Net cash provided by (used in) investing activities | $11,443 | ($40,418) | | Net cash used in financing activities | ($20,626) | ($51,049) | | Net decrease in cash and cash equivalents | ($281,815) | ($338,286) | - The company experienced a net cash outflow from operating activities of **$274.5 million**, largely driven by a **$321.5 million** decrease in accounts payable and accrued liabilities, reflecting payments of annual performance-related bonuses[18](index=18&type=chunk) [Notes to Consolidated Unaudited Financial Statements](index=8&type=section&id=Notes%20to%20Consolidated%20Unaudited%20Financial%20Statements) These notes detail accounting policies, financial statement breakdowns, core solutions, revenue recognition, segment performance, debt structure, and lease obligations, highlighting revenue shifts and contracted Adjusted EBITDA margins - The company's five core solutions are Organizational Strategy, Assessment and Succession, Leadership and Professional Development, Total Rewards, and Talent Acquisition, delivered through five lines of business: Consulting, Digital, Executive Search, Professional Search & Interim, and RPO[21](index=21&type=chunk)[25](index=25&type=chunk)[34](index=34&type=chunk) Fee Revenue by Industry | Fee Revenue by Industry | Q1 FY24 ($M) | Q1 FY24 % | Q1 FY23 ($M) | Q1 FY23 % | | :--- | :--- | :--- | :--- | :--- | | Industrial | $201.9 | 28.9% | $195.9 | 28.2% | | Financial Services | $128.3 | 18.3% | $118.8 | 17.1% | | Life Sciences/Healthcare | $119.4 | 17.1% | $133.2 | 19.1% | | Technology | $115.8 | 16.6% | $122.7 | 17.6% | | Consumer Goods | $96.4 | 13.8% | $95.9 | 13.8% | | Education/Non–Profit/General | $37.4 | 5.3% | $29.4 | 4.2% | | **Total Fee Revenue** | **$699.2** | **100.0%** | **$695.9** | **100.0%** | Fee Revenue by Segment | Fee Revenue by Segment | Q1 FY24 ($M) | Q1 FY23 ($M) | YoY Change | | :--- | :--- | :--- | :--- | | Consulting | $168.1 | $166.5 | +1.0% | | Digital | $88.0 | $83.8 | +5.0% | | Executive Search | $205.2 | $232.8 | -11.8% | | Professional Search & Interim | $142.2 | $98.9 | +43.8% | | RPO | $95.7 | $113.9 | -16.0% | | **Total** | **$699.2** | **$695.9** | **+0.5%** | Adjusted EBITDA by Segment | Adjusted EBITDA by Segment | Q1 FY24 ($M) | Q1 FY23 ($M) | YoY Change | | :--- | :--- | :--- | :--- | | Consulting | $25.2 | $29.6 | -14.9% | | Digital | $24.3 | $24.2 | +0.4% | | Executive Search | $42.5 | $62.2 | -31.7% | | Professional Search & Interim | $24.3 | $29.2 | -16.8% | | RPO | $10.5 | $17.7 | -40.7% | | Corporate | ($31.1) | ($30.6) | -1.6% | | **Total** | **$95.7** | **$132.2** | **-27.6%** | - As of July 31, 2023, the company had **$396.4 million** in long-term debt, primarily from its **4.625%** Senior Unsecured Notes due 2027, with no outstanding borrowings under its **$650 million** revolving credit facility[104](index=104&type=chunk)[110](index=110&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=29&type=section&id=Item%202%2E%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management attributes flat fee revenue to acquisition-driven growth offsetting declines from economic slowdown, with net income and Adjusted EBITDA drops due to higher costs and compensation, while maintaining strong liquidity and a balanced capital allocation strategy [Results of Operations](index=32&type=section&id=Results%20of%20Operations) Fee revenue remained flat at **$699.2 million** due to segment shifts, while operating income fell to **$56.8 million** and Adjusted EBITDA decreased **28%** to **$95.7 million**, driven by revenue mix changes and higher compensation expenses - Fee revenue remained constant primarily due to an increase in the Interim portion of the Professional Search & Interim segment from acquisitions, offset by decreases in Executive Search, RPO, and permanent placements due to a decline in demand driven by the global economic slowdown[142](index=142&type=chunk) - Compensation and benefits expense increased by **$14.3 million** (**3%**) to **$479.9 million**, mainly due to higher deferred compensation expenses (**$12.8 million**) and severance costs (**$5.2 million**), partially offset by lower performance-related bonus expense (**$9.7 million**)[151](index=151&type=chunk) - Cost of services expense more than doubled to **$77.2 million** from **$38.0 million** year-over-year, an increase of **$39.2 million**, primarily driven by recent acquisitions in the Professional Search & Interim segment's interim services business due to its higher cost structure[172](index=172&type=chunk) - Adjusted EBITDA margin decreased from **19.0%** to **13.7%** year-over-year, primarily due to a change in fee revenue mix from higher-margin Executive Search and Permanent Placement to lower-margin Interim revenue[141](index=141&type=chunk)[176](index=176&type=chunk) [Liquidity and Capital Resources](index=39&type=section&id=Liquidity%20and%20Capital%20Resources) The company's liquidity is primarily from operations and credit facilities, with **$781.1 million** in cash and equivalents and **$645.4 million** available under its **$650 million** revolving credit facility, supporting growth investments, dividends, and share repurchases - The company's balanced capital allocation approach includes investing in growth, returning capital to stockholders via dividends, and opportunistic share repurchases[189](index=189&type=chunk) - On June 26, 2023, the Board of Directors approved a **20%** increase in the quarterly dividend to **$0.18** per share[192](index=192&type=chunk) - As of July 31, 2023, **$231.0 million** remained available for common stock repurchases under the company's program, with **$4.2 million** of stock repurchased during the quarter[193](index=193&type=chunk) - The company had **$645.4 million** available under its Credit Facilities as of July 31, 2023, following the expiration of the **$500 million** Delayed Draw Facility on June 24, 2023[138](index=138&type=chunk)[191](index=191&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=42&type=section&id=Item%203%2E%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company faces market risks from foreign currency fluctuations and interest rate changes, mitigating foreign exchange exposure with forward contracts, while interest rate risk is limited due to fixed-rate debt and undrawn variable-rate facilities - The company's main market risks are foreign currency exchange fluctuations and interest rate changes[205](index=205&type=chunk) - A hypothetical **10%** increase or decrease in key foreign currency values could result in an **$11.6 million** foreign exchange gain or loss, which the company offsets using forward contracts[208](index=208&type=chunk) - Interest rate risk is limited as the company's **$400 million** Senior Notes are fixed-rate, with no outstanding balances on its variable-rate credit facilities as of July 31, 2023[190](index=190&type=chunk)[209](index=209&type=chunk) [Item 4. Controls and Procedures](index=43&type=section&id=Item%204%2E%20Controls%20and%20Procedures) Management concluded the company's disclosure controls and procedures were effective as of July 31, 2023, with no material changes to internal control over financial reporting during the quarter - The Chief Executive Officer and Chief Financial Officer concluded that the company's disclosure controls and procedures were effective as of July 31, 2023[211](index=211&type=chunk) - No material changes in internal control over financial reporting occurred during the quarter[211](index=211&type=chunk) Part II. Other Information [Item 1. Legal Proceedings](index=44&type=section&id=Item%201%2E%20Legal%20Proceedings) The company is not currently engaged in any legal proceedings expected to have a material adverse effect on its business, financial condition, or results of operations - As of the report date, the company is not involved in any legal proceedings expected to have a material adverse effect on its business[213](index=213&type=chunk) [Item 1A. Risk Factors](index=44&type=section&id=Item%201A%2E%20Risk%20Factors) No material changes have occurred to the risk factors previously disclosed in the company's Annual Report on Form 10-K for the fiscal year ended April 30, 2023 - No material changes have occurred to the risk factors described in the company's most recent Form 10-K[214](index=214&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=44&type=section&id=Item%202%2E%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) During Q1 FY2024, the company repurchased **291,441** shares at an average price of **$49.27**, including **90,000** shares under its public program for **$4.2 million**, with **$231.0 million** remaining for future repurchases Share Repurchase Activity | Period | Total Shares Purchased (Shares) | Average Price Paid ($) | Shares Purchased (Public Program, Shares) | Value Remaining in Program ($) | | :--- | :--- | :--- | :--- | :--- | | May 2023 | 90,000 | $46.48 | 90,000 | $231.0 million | | June 2023 | 514 | $51.55 | 0 | $231.0 million | | July 2023 | 200,927 | $50.51 | 0 | $231.0 million | | **Total** | **291,441** | **$49.27** | **90,000** | **$231.0 million** | - The share repurchase program has no expiration date, with approximately **$231.0 million** remaining authorized for repurchases as of July 31, 2023[215](index=215&type=chunk) [Item 5. Other Information](index=44&type=section&id=Item%205%2E%20Other%20Information) No other material information or Rule 10b5-1 trading arrangements by directors or Section 16 officers were reported for the quarter - During the quarter ended July 31, 2023, no director or Section 16 officer adopted or terminated any Rule 10b5-1 or non-Rule 10b5-1 trading arrangements[216](index=216&type=chunk)