Korn Ferry (NYSE:KFY) Q3 2022 Earnings Conference Call March 9, 2022 12:00 PM ET Company Participants Gary Burnison – Chief Executive Officer Bob Rozek – Executive Vice President, Chief Financial Officer and Chief Corporate Officer Gregg Kvochak – Senior Vice President-Finance, Treasury, Tax, Investor Relations Conference Call Participants Tobey Sommer – Truist Securities George Tong – Goldman Sachs Mark Marcon – Baird Marc Riddick – Sidoti Operator Ladies and gentlemen, thank you for standing by, and welco ...

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-------|----------|-------|-------|-------|-------|-------|-------|-------|-------|-------| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | FY'22 Q3 | | | | | | | | | | Safe Harbor Statement FORWARD-LOOKING STATEMENTS Statements in this presentation that relate to future results and events are based on Korn Ferry's current expectations. You are cautioned not to pla ...

Korn Ferry (NYSE:KFY) Q2 2022 Earnings Conference Call December 8, 2021 12:00 PM ET Company Participants Gary Burnison - Chief Executive Officer Robert Rozek - Chief Financial Officer, Executive Vice President, Chief Corporate Officer Gregg Kvochak - Senior Vice President of Investor Relations at Korn Ferry International Conference Call Participants Tobey Sommer - Truist Securities Tim Mulrooney - William Blair George Tong - Goldman Sachs Mark Marcon - Robert W. Baird Operator Ladies and gentlemen, thank yo ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended October 31, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _________ to ___________ Commission File Number 001-14505 KORN FERRY (Exact Name of Registrant as Specified in its Charter) (State or Other Jurisdiction of ...

Financial Data and Key Metrics Changes - Korn Ferry reported a 70% year-over-year increase in fee revenue, reaching an all-time high of $585 million, with a sequential increase of 5% [18][19] - Adjusted EBITDA grew to $121 million, reflecting a year-over-year increase of $111 million and a sequential increase of $8.5 million, with an adjusted EBITDA margin of 20.7% [23][24] - Fully diluted earnings per share reached a record $1.37, up from $1.56 in the same quarter last year and up 13% sequentially [24] Business Line Data and Key Metrics Changes - Executive Search fee revenue increased by 81% year-over-year to $217 million, with North America growing 100% year-over-year [37] - RPO and Professional Search fee revenue grew 103% year-over-year, with RPO fee revenue up 98% and Professional Search up 112% [35][36] - Consulting generated $148.5 million in fee revenue, up 50% year-over-year, with new business growth of approximately 36% [32][34] Market Data and Key Metrics Changes - Revenue from marquee and regional accounts increased by 70% year-over-year, contributing to 35% of consolidated fee revenue [20] - Cross-line of business referrals accounted for 30% of fee revenue, up from 25.5% in the first quarter of fiscal '21 [21] Company Strategy and Development Direction - Korn Ferry is focused on an integrated go-to-market strategy, leveraging marquee and regional accounts to drive growth and durable revenues [14] - The company aims to capitalize on the ongoing transformation in the workforce landscape, emphasizing agility and leadership in a changing environment [12][13] - Investments will continue in hiring additional fee earners and execution staff to support future growth [28] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate the current dynamic work environment, highlighting strong demand for talent acquisition expertise [15][16] - The outlook for the second quarter of fiscal '22 anticipates consolidated fee revenue between $585 million and $615 million, with diluted earnings per share ranging from $1.30 to $1.44 [43][44] - Management noted that the current environment of change is unprecedented, with significant opportunities arising from megatrends such as digitization and workforce transformation [76][77] Other Important Information - The company reported an investable cash balance of approximately $614 million, up 20% year-over-year [27] - Korn Ferry is actively developing new ESG solutions, indicating a strategic focus on enterprise leadership and organizational transformation [111][112] Q&A Session Summary Question: What notable trends are seen in the consulting business? - Management indicated that capacity is a challenge, and they are working to ensure appropriate levels of capacity while repositioning solutions to meet future demands [48][49] Question: Which business lines exceeded internal expectations? - Management noted that all business lines exceeded expectations, particularly RPO and Professional Search, which demonstrated strong organic growth [58][59] Question: What is the capital allocation strategy for fiscal 2022? - The company maintains a balanced approach to capital deployment, focusing on investing in the business while also considering shareholder returns [60][61] Question: How is the company addressing the opportunity in professional search? - Management highlighted a significant ramp-up in revenue-generating capacity and the importance of integrating intellectual property into offerings [65][66] Question: What is the outlook for ESG and DEI initiatives? - Management characterized these initiatives as a growing part of the business, with plans to roll out new solutions that integrate ESG into broader organizational strategies [107][111]

< R KORN FERRY FY'22 Q1 Earnings Call September 8, 2021 Safe Harbor Statement FORWARD-LOOKING STATEMENTS Statements in this presentation that relate to future results and events are based on Korn Ferry's current expectations. You are cautioned not to place undue reliance on such statements. Actual results in future periods may differ materially from those currently expected because of a number of risks and uncertainties. For a detailed description of many of those risks and uncertainties, please refer to Ko ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended July 31, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _________ to ___________ Commission File Number 001-14505 KORN FERRY (Exact Name of Registrant as Specified in its Charter) (State or Other Jurisdiction of Inc ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended April 30, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 001-14505 KORN FERRY (Exact Name of Registrant as Specified in its Charter) Delaware 95-2623879 (State or Other Jurisdiction of Incorporation or Organization) (I.R.S. Employer Identific ...

Korn Ferry (NYSE:KFY) Q4 2021 Earnings Conference Call June 22, 2021 12:00 PM ET Company Participants Gary Burnison - Chief Executive Officer Bob Rozek - Chief Financial Officer, Executive Vice President & Chief Corporate Officer Gregg Kvochak - Senior Vice President of Investor Relations Conference Call Participants George Tong - Goldman Sachs Tim Mulrooney - William Blair Marc Riddick - Sidoti Toby Sommer - Truist Securities Mark Marcon - Baird Operator Ladies and gentlemen, thank you for standing by. Wel ...

Part I. Financial Information [Consolidated Financial Statements](index=3&type=section&id=Item%201.%20Consolidated%20Financial%20Statements) Presents Korn Ferry's unaudited consolidated financial statements for Q3 FY2021, detailing balance sheets, income, and cash flows [Consolidated Balance Sheets](index=3&type=section&id=Consolidated%20Balance%20Sheets) Total assets increased to $2.86 billion, driven by cash and marketable securities, while liabilities and equity also grew Consolidated Balance Sheet Highlights (in thousands) | Account | Jan 31, 2021 (unaudited) | Apr 30, 2020 | | :--- | :--- | :--- | | **Total Assets** | **$2,863,467** | **$2,743,828** | | Cash and cash equivalents | $694,128 | $689,244 | | Goodwill | $625,549 | $613,943 | | **Total Liabilities** | **$1,568,473** | **$1,520,137** | | Long-term debt | $394,629 | $394,144 | | **Total Stockholders' Equity** | **$1,294,994** | **$1,223,691** | [Consolidated Statements of Income](index=4&type=section&id=Consolidated%20Statements%20of%20Income) Q3 FY2021 fee revenue decreased to $475.4 million, but operating and net income significantly increased, leading to higher EPS Q3 FY2021 vs Q3 FY2020 Performance (in thousands, except per share data) | Metric | Q3 FY2021 | Q3 FY2020 | | :--- | :--- | :--- | | Fee Revenue | $475,360 | $515,325 | | Operating Income | $65,155 | $31,595 | | Net Income Attributable to Korn Ferry | $51,319 | $19,993 | | Diluted EPS | $0.94 | $0.36 | Nine Months FY2021 vs FY2020 Performance (in thousands, except per share data) | Metric | Nine Months Ended Jan 31, 2021 | Nine Months Ended Jan 31, 2020 | | :--- | :--- | :--- | | Fee Revenue | $1,254,896 | $1,492,263 | | Operating Income | $69,532 | $153,798 | | Net Income Attributable to Korn Ferry | $48,264 | $105,748 | | Diluted EPS | $0.88 | $1.90 | [Consolidated Statements of Cash Flows](index=7&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Operating cash flow slightly decreased, while investing cash outflow significantly reduced, and financing cash shifted to usage Cash Flow Summary for Nine Months Ended Jan 31 (in thousands) | Cash Flow Activity | 2021 | 2020 | | :--- | :--- | :--- | | Net cash provided by operating activities | $54,305 | $57,137 | | Net cash used in investing activities | ($30,301) | ($191,073) | | Net cash (used in) provided by financing activities | ($55,806) | $74,116 | | **Net increase (decrease) in cash** | **$4,884** | **($62,652)** | [Notes to Consolidated Unaudited Financial Statements](index=8&type=section&id=Notes%20to%20Consolidated%20Unaudited%20Financial%20Statements) Notes detail accounting policies, business lines, COVID-19 restructuring charges, segment performance, and long-term debt terms - The company operates through four lines of business: Consulting, Digital, Executive Search, and Recruitment Process Outsourcing (RPO) & Professional Search[24](index=24&type=chunk) - In response to COVID-19, the company adopted a restructuring plan in April 2020. For the three and nine months ended Jan 31, 2021, this resulted in net restructuring charges of **$0.8 million** and **$30.7 million**, respectively, mainly for severance[101](index=101&type=chunk) - The company has **$400 million** in 4.625% Senior Unsecured Notes due 2027 and a **$650 million** senior secured revolving credit facility, which had no outstanding balance as of January 31, 2021[110](index=110&type=chunk)[112](index=112&type=chunk) [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 Q3 FY21 results, highlighting COVID-19 impact, strategic responses, cost reductions, and strong liquidity - The company's strategy focuses on client collaboration across its diversified business lines, evolving from a mono-line firm to a broader organizational consulting firm[128](index=128&type=chunk) - In response to COVID-19's economic impact, the company initiated a restructuring plan on April 20, 2020, which included workforce reductions, temporary furloughs, and salary reductions to adjust its cost base[133](index=133&type=chunk) - Business conditions improved substantially in Q3 FY21, with fee revenue increasing **9% sequentially** from Q2. This improvement, combined with a restructured cost base, led to notably better profitability[134](index=134&type=chunk) Q3 FY2021 vs Q3 FY2020 Key Metrics | Metric | Q3 FY2021 | Q3 FY2020 | Change | | :--- | :--- | :--- | :--- | | Fee Revenue | $475.4M | $515.3M | -8% | | Operating Income | $65.2M | $31.6M | +106% | | Net Income (to Korn Ferry) | $51.3M | $20.0M | +157% | | Adjusted EBITDA | $96.7M | $78.1M | +24% | [Quantitative and Qualitative Disclosures About Market Risk](index=50&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 foreign currency being the primary exposure - The company is exposed to foreign currency risk from its global operations. A hypothetical **10% adverse change** in exchange rates could result in a foreign exchange loss of **$11.2 million**[262](index=262&type=chunk) - The company utilizes foreign currency forward contracts to offset risks from foreign currency exposures, but these are not designated as hedging instruments[262](index=262&type=chunk) - Interest rate risk is primarily related to the **$650M** revolving credit facility and borrowings against COLI policies. As of January 31, 2021, there were no amounts outstanding under the revolver, limiting this exposure[263](index=263&type=chunk) [Controls and Procedures](index=51&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded disclosure controls were effective, with no material changes to internal control over financial reporting - The CEO and CFO concluded that the company's disclosure controls and procedures were effective as of January 31, 2021[265](index=265&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[265](index=265&type=chunk) Part II. Other Information [Legal Proceedings](index=52&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in routine litigation, but no current proceedings are expected to materially affect its business - As of the report date, the company is not involved in any legal proceedings expected to have a material adverse effect on its business or financials[268](index=268&type=chunk) [Risk Factors](index=52&type=section&id=Item%201A.%20Risk%20Factors) No material changes occurred to the risk factors previously disclosed in the company's FY2020 Form 10-K - No material changes have occurred to the risk factors disclosed in the company's Form 10-K for the fiscal year ended April 30, 2020[269](index=269&type=chunk) [Issuer Purchases of Equity Securities](index=52&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20Use%20of%20Proceeds%20and%20Issuer%20Purchases%20of%20Equity%20Securities) The company repurchased 223,695 shares in Q3 FY2021, with $127.9 million remaining for future repurchases Share Repurchases for Q3 FY2021 | Period | Total Shares Purchased | Average Price Paid | Shares Purchased Under Program | Value Remaining Under Program | | :--- | :--- | :--- | :--- | :--- | | Nov 2020 | 205,000 | $34.14 | 205,000 | $128.5M | | Dec 2020 | 17,426 | $41.23 | 15,000 | $127.9M | | Jan 2021 | 1,269 | $48.25 | 0 | $127.9M | | **Total** | **223,695** | **$34.77** | **220,000** | **$127.9M** | - As of January 31, 2021, approximately **$127.9 million** remained available for stock repurchases under the company's share repurchase program[270](index=270&type=chunk)[271](index=271&type=chunk) [Other Information](index=52&type=section&id=Item%205.%20Other%20Information) Compensation for executives and directors was restored in Q3 FY2021 due to strong performance, reversing COVID-19 reductions - In light of strong Q3 FY2021 financial performance, the Compensation Committee approved payments to restore the reduced base salaries of named executive officers and cash retainers of non-employee directors for the third quarter[274](index=274&type=chunk) - This decision follows a similar restoration for the second quarter and reverses the temporary **50%** compensation reductions initially put in place due to the COVID-19 pandemic[273](index=273&type=chunk)[274](index=274&type=chunk) [Exhibits](index=53&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including CEO/CFO certifications and Inline XBRL documents - Key exhibits filed include CEO and CFO certifications and Inline XBRL data files[275](index=275&type=chunk)