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Segments | 12 Months Ended
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Apr. 30, 2024
Segment Reporting [Abstract] |
Segments | Segments The Company has eight reportable segments: Consulting, Digital, Executive Search North America, Executive Search EMEA, Executive Search Asia Pacific, Executive Search Latin America, Professional Search & Interim and RPO. The Company’s eight reportable segments operate through the following five lines of business: 1.Consulting aligns organizational structure, culture, performance, development, and people to drive sustainable growth by addressing four fundamental organizational and talent needs: Organizational Strategy, Assessment and Succession, Leadership and Professional Development and Total Rewards. The Consulting teams work across our core capabilities, architecting integrated solutions and technology products to help clients execute their strategy in a digitally enabled world. 2.Digital develops IP and science-based talent technology products that empower our clients. Our talent products and talent platform support our clients in making critical talent decisions across the continuum from talent acquisition to talent development. 3.Executive Search helps organizations recruit board level, chief executive and other C-suite/senior executive and general management talent to deliver lasting impact. The Company’s approach to placing talent brings together research-based IP, proprietary assessments and behavioral interviewing with practical experience to determine the ideal organizational fit. Salary benchmarking then helps the Company build appropriate frameworks for compensation and attraction. This business is managed and reported on a geographic basis and represents four of the Company’s reportable segments (Executive Search North America, Executive Search EMEA, Executive Search Asia Pacific and Executive Search Latin America). 4.Professional Search & Interim delivers enterprise talent acquisition solutions for permanent placements at the professional level middle and upper management, and, for interim, those same levels plus senior executives. The Company helps clients source high-quality candidates at speed and scale globally, covering single-hire to multi-hire permanent placements and interim contractors (that are focused on senior executive, information technology Finance & Accounting and HR roles). 5.RPO offers scalable recruitment outsourcing and projects solutions leveraging a customized technology enabled service delivery platform and talent insights. The Company's scalable solutions, built on our IP, science, and data and powered by best-in-class technology and consulting expertise, enables the Company to act as a strategic partner in clients’ quest for superior recruitment outcomes and better candidate fit. Executive Search is managed by geographic regional leaders. Worldwide operations for Consulting, Professional Search & Interim and RPO are managed by their Chief Executive Officers. Beginning in the second quarter of fiscal 2024, Digital is led by the President of Technology. The Executive Search geographic regional leaders, the Chief Executive Officers of Consulting, Professional Search & Interim and RPO and the President of Technology report directly to the Chief Executive Officer of the Company. The Company also operates Corporate to record global expenses. The Company evaluates performance and allocates resources based on the Company’s chief operating decision maker ("CODM") review of 1) fee revenue and 2) adjusted earnings before interest, taxes, depreciation and amortization (“Adjusted EBITDA”). To the extent that such costs or charges occur, Adjusted EBITDA excludes restructuring charges, integration/acquisition costs, certain separation costs and certain non-cash charges (goodwill, intangible asset and other impairment charges). The CODM is not provided asset information by reportable segment. Financial highlights are as follow:
|  | Year Ended April 30,
|  | 2024 |  | 2023 |  | 2022
|  | Consolidated
|  | (in thousands)
Fee revenue |  | $ | 2,762,671 |  |  | $ | 2,835,408 |  |  | $ | 2,626,718 |
Total revenue |  | $ | 2,795,505 |  |  | $ | 2,863,836 |  |  | $ | 2,643,455 |
Net income attributable to Korn Ferry |  | $ | 169,154 |  |  | $ | 209,529 |  |  | $ | 326,360 |
Net income attributable to noncontrolling interest |  | 3,407 |  |  | 3,525 |  |  | 4,485 |
Other (income) loss, net |  | (30,681) |  |  | (5,261) |  |  | 11,880 |
Interest expense, net |  | 20,968 |  |  | 25,864 |  |  | 25,293 |
Income tax provision |  | 50,081 |  |  | 82,683 |  |  | 102,056 |
Operating income |  | 212,929 |  |  | 316,340 |  |  | 470,074 |
Depreciation and amortization |  | 77,966 |  |  | 68,335 |  |  | 63,521 |
Other income (loss), net |  | 30,681 |  |  | 5,261 |  |  | (11,880) |
Integration/acquisition costs |  | 14,866 |  |  | 14,922 |  |  | 7,906 |
Impairment of fixed assets |  | 1,575 |  |  | 4,375 |  |  | 1,915 |
Impairment of right-of-use assets |  | 1,629 |  |  | 5,471 |  |  | 7,392 |
Restructuring charges, net |  | 68,558 |  |  | 42,573 |  |  | — |
Adjusted EBITDA(1) |  | $ | 408,204 |  |  | $ | 457,277 |  |  | $ | 538,928 |
_______________________________ (1)Adjusted EBITDA refers to earnings before interest, taxes, depreciation and amortization and further excludes integration/acquisition costs, impairment of fixed assets, impairment of right-of-use assets, and restructuring charges, net. Financial highlights by reportable segments are as follows:
|  | Year Ended April 30, 2024
|  | Fee revenue |  | Total revenue |  | Adjusted EBITDA(1)
|  | (in thousands)
Consulting |  | $ | 695,007 |  |  | $ | 706,805 |  |  | $ | 114,260 |
Digital |  | 366,699 |  |  | 366,924 |  |  | 108,669 |
Executive Search: |  |  |  |  |  |
North America |  | 506,927 |  |  | 513,545 |  |  | 120,710 |
EMEA |  | 184,516 |  |  | 185,552 |  |  | 25,902 |
Asia Pacific |  | 85,863 |  |  | 86,273 |  |  | 18,923 |
Latin America |  | 28,937 |  |  | 28,956 |  |  | 5,571 |
Professional Search & Interim |  | 540,615 |  |  | 544,453 |  |  | 101,868 |
RPO |  | 354,107 |  |  | 362,997 |  |  | 40,399 |
Corporate |  | — |  |  | — |  |  | (128,098) |
Consolidated |  | $ | 2,762,671 |  |  | $ | 2,795,505 |  |  | $ | 408,204 |
_______________________________ (1)Adjusted EBITDA refers to earnings before interest, taxes, depreciation and amortization and further excludes integration/acquisition costs, impairment of fixed assets, impairment of right-of-use assets, and restructuring charges, net.
|  | Year Ended April 30, 2023
|  | Fee revenue |  | Total revenue |  | Adjusted EBITDA(1)
|  | (in thousands)
Consulting |  | $ | 677,001 |  |  | $ | 686,979 |  |  | $ | 108,502 |
Digital |  | 354,651 |  |  | 354,967 |  |  | 97,458 |
Executive Search: |  |  |  |  |  |
North America |  | 562,139 |  |  | 568,212 |  |  | 140,850 |
EMEA |  | 187,014 |  |  | 188,114 |  |  | 31,380 |
Asia Pacific |  | 95,598 |  |  | 95,956 |  |  | 24,222 |
Latin America |  | 31,047 |  |  | 31,054 |  |  | 9,370 |
Professional Search & Interim |  | 503,395 |  |  | 507,058 |  |  | 110,879 |
RPO |  | 424,563 |  |  | 431,496 |  |  | 52,588 |
Corporate |  | — |  |  | — |  |  | (117,972) |
Consolidated |  | $ | 2,835,408 |  |  | $ | 2,863,836 |  |  | $ | 457,277 |
______________________________ (1)Adjusted EBITDA refers to earnings before interest, taxes, depreciation and amortization and further excludes integration/acquisition costs, impairment of fixed assets and impairment of right-of-use assets, and restructuring charges, net.
|  | Year Ended April 30, 2022
|  | Fee revenue |  | Total revenue |  | Adjusted EBITDA(1)
|  | (in thousands)
Consulting |  | $ | 650,204 |  |  | $ | 654,199 |  |  | $ | 116,108 |
Digital |  | 349,025 |  |  | 349,437 |  |  | 110,050 |
Executive Search: |  |  |  |  |  |
North America |  | 605,704 |  |  | 609,258 |  |  | 181,615 |
EMEA |  | 182,192 |  |  | 182,866 |  |  | 31,804 |
Asia Pacific |  | 118,596 |  |  | 118,705 |  |  | 35,105 |
Latin America |  | 29,069 |  |  | 29,079 |  |  | 9,089 |
Professional Search & Interim |  | 297,096 |  |  | 297,974 |  |  | 106,015 |
RPO |  | 394,832 |  |  | 401,937 |  |  | 59,126 |
Corporate |  | — |  |  | — |  |  | (109,984) |
Consolidated |  | $ | 2,626,718 |  |  | $ | 2,643,455 |  |  | $ | 538,928 |
_______________________________ (1)Adjusted EBITDA refers to earnings before interest, taxes, depreciation and amortization and further excludes, integration/acquisition costs, impairment of fixed assets and impairment of right of-use assets. Fee revenue attributed to an individual customer or country, other than the U.S. in fiscal year 2024, 2023 and 2022, did not account for more than 10% of the total fee revenue in those fiscal years. Fee revenue classified by country in which the Company derives revenues are as follows:
| Year Ended April 30,
| 2024 |  | 2023 |  | 2022
| (in thousands)
U.S. | $ | 1,507,819 |  |  | $ | 1,568,119 |  |  | $ | 1,348,377 |
Other countries | 1,254,852 |  |  | 1,267,289 |  |  | 1,278,341 |
Total fee revenue | $ | 2,762,671 |  |  | $ | 2,835,408 |  |  | $ | 2,626,718 |
Other than the U.S. and United Kingdom in fiscal 2024, and the U.S. in fiscal 2023 and 2022, no single country had over 10% of the total long-lived assets, excluding financial instruments and tax assets. Long-lived assets, excluding financial instruments and tax assets, classified by location of the controlling statutory country are as follows:
| Year Ended April 30,
| 2024 |  | 2023 |  | 2022
| (in thousands)
U.S.(1) | $ | 175,691 |  |  | $ | 186,220 |  |  | $ | 185,228 |
United Kingdom | 64,280 |  |  | 22,893 |  |  | 26,711 |
Other countries | 82,342 |  |  | 95,453 |  |  | 93,967 |
Total long-lived assets | $ | 322,313 |  |  | $ | 304,566 |  |  | $ | 305,906 |
_______________________________ (1)Includes Corporate long-lived assets

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
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