Korn Ferry (KFY) Q3 FY2024 earnings: revenue $677 million, down 1.5% on the year

Korn Ferry (KFY) reported revenue of $677 million for Q3 FY2024, the quarter ended 31 January 2024, down 1.5% on the same quarter a year earlier. Net income was $59 million, up 425.2% on the year, and diluted earnings per share $1.13. The figures are the company's own, from the 10-Q it filed with the SEC on 8 March 2024.

Revenue$677 milliondown 1.5%

Net income$59 millionup 425.2%

Diluted EPS$1.13

QuarterQ3 FY2024ended 31 January 2024

The quarter, against the one before and a year earlier

Line	Q3 FY2024	Q2 FY2024	A year earlier	Change on the year
Revenue	677	712	n/a	n/a
Operating income	49.9	22.8	n/a	n/a
Operating margin	7.4%	3.2%	n/a
Pre-tax income	68.7	2.4	n/a	n/a
Income tax	9.0	2.3	n/a	n/a
Effective tax rate	13.1%	98.2%	n/a
Net income	59.1	-1.7	n/a	n/a
Net margin	8.7%	-0.2%	n/a
Diluted EPS	$1.13	-$0.04	n/a	n/a

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q3 FY2024	Q2 FY2024	A year earlier	Change on the year
Operating cash flow	164	133	n/a	n/a
Capital expenditure	11.7	15.9	n/a	n/a
Free cash flow	152	117	n/a	n/a
Free cash flow margin	22.5%	16.4%	n/a
Cash from investing	-22.2	-33.7	n/a	n/a
Cash from financing	-36.6	-18.0	n/a	n/a
Depreciation and amortisation	19.5	19.6	n/a	n/a
Share-based compensation	10.3	11.2	n/a	n/a
Buybacks	20.6	4.4	n/a	n/a
Dividends paid	17.6	9.7	n/a	n/a
Dividend per share	$0.33	$0.18	n/a	n/a
Diluted shares, weighted	51m	51m	n/a	n/a
Shares outstanding at period end	52m	53m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q3 FY2024	Q2 FY2024	A year earlier	Change on the year
Shareholders' equity	1,704	1,656	n/a	n/a
Non-controlling interest	3.8	4.3	n/a	n/a
Debt	397	397	n/a	n/a
Operating lease liabilities	151	100	n/a	n/a
Finance lease liabilities	n/a	2.8	n/a	n/a
Other liabilities	1,301	1,201	n/a	n/a
Total liabilities and equity	3,556	3,361	n/a	n/a
Fixed assets	164	166	n/a	n/a
Goodwill	909	908	n/a	n/a
Intangible assets	95.2	101	n/a	n/a
Investments	250	223	n/a	n/a
Cash and equivalents	737	621	n/a	n/a
Receivables	590	592	n/a	n/a
Other assets	812	750	n/a	n/a
Total assets	3,556	3,361	n/a	n/a

Questions

What was Korn Ferry's revenue in Q3 FY2024?

Korn Ferry (KFY) reported revenue of $677 million for Q3 FY2024, the quarter ended 31 January 2024, down 1.5% on the same quarter a year earlier.

How much did Korn Ferry earn in Q3 FY2024?

Net income for Q3 FY2024 was $59 million, up 425.2% on the year, and diluted earnings per share $1.13.

When did Korn Ferry report Q3 FY2024 results?

Korn Ferry filed its 10-Q for the quarter ended 31 January 2024 with the SEC on 8 March 2024.

Quarterly results, the last 12 quarters

	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026	Q4 FY2026 *	Q1 FY2027
Revenue	712	677	700	683	682	677	720	716	730	725	768	765
Operating income	22.8	49.9	83.5	76.0	87.5	78.2	105	83.4	98.8	91.0	102	93.4
Operating margin	3%	7%	12%	11%	13%	12%	15%	12%	14%	13%	13%	12%
Pre-tax income	2.4	68.7	85.9	86.6	87.2	82.1	88.9	92.7	100	92.8	103	94.1
Tax rate	98%	13%	24%	26%	29%	28%	27%	27%	27%	29%	28%	26%
Net income	-1.7	59.1	65.2	62.6	60.8	58.4	64.2	66.6	72.4	65.3	73.1	69.0
Net margin	-0%	9%	9%	9%	9%	9%	9%	9%	10%	9%	10%	9%
Diluted EPS	-$0.04	$1.13	$1.24	$1.17	$1.14	$1.10	$1.21	$1.26	$1.36	$1.23	$1.39	$1.32
Operating cash flow	133	164	262	-227	122	214	256	-237	121	233	297	-248
Capital expenditure	15.9	11.7	11.9	10.5	14.3	17.4	20.3	22.6	20.8	21.7	24.8	17.9
Free cash flow	117	152	250	-238	108	196	236	-260	101	212	272	-266
Buybacks	4.4	20.6	23.0	23.5	32.7	17.8	14.9	10.3	8.1	19.3	78.1	0.7
Dividends paid	9.7	17.6	17.5	19.8	19.5	19.3	25.1	26.2	25.1	25.0	28.3	30.2
Shares outstanding	53m	52m	52m	52m	52m	52m	51m	52m	52m	51m	50m	51m
Filing	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 31 January 2024, filed 8 March 2024, accession 0001628280-24-009912: the filing on EDGAR. All of Korn Ferry's filings: EDGAR company page.

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