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Segments | 3 Months Ended
--- | ---
Jul. 31, 2024
Segment Reporting [Abstract] |
Segments | Segments The Company has eight reportable segments: Consulting, Digital, Executive Search North America, Executive Search Europe, the Middle East and Africa ("EMEA"), Executive Search Asia Pacific, Executive Search Latin America, Professional Search & Interim and RPO. 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 follows:
| Three Months Ended July 31, |  |
| 2024 |  | 2023 |  |  |  |
| Consolidated
| (in thousands)
Fee revenue | $ | 674,946 |  |  | $ | 699,189 |  |  |  |  |
Total revenue | $ | 682,761 |  |  | $ | 706,262 |  |  |  |  |
Net income attributable to Korn Ferry | $ | 62,604 |  |  | $ | 46,605 |  |  |  |  |
Net income attributable to noncontrolling interest | 1,652 |  |  | 580 |  |  |  |  |
Other income, net | (14,505) |  |  | (13,577) |  |  |  |  |
Interest expense, net | 3,945 |  |  | 4,740 |  |  |  |  |
Income tax provision | 22,354 |  |  | 18,420 |  |  |  |  |
Operating income | 76,050 |  |  | 56,768 |  |  |  |  |
Depreciation and amortization | 19,578 |  |  | 19,012 |  |  |  |  |
Other income, net | 14,505 |  |  | 13,577 |  |  |  |  |
Integration/acquisition costs | 1,076 |  |  | 4,128 |  |  |  |  |
Impairment of fixed assets | — |  |  | 123 |  |  |  |  |
Impairment of right-of-use assets | — |  |  | 1,629 |  |  |  |  |
Restructuring charges, net | — |  |  | 421 |  |  |  |  |
Adjusted EBITDA(1) | $ | 111,209 |  |  | $ | 95,658 |  |  |  |  |
___________________
(1) | Adjusted EBITDA refers to earnings before interest, taxes, depreciation and amortization, further excludes integration/acquisition costs, impairment of fixed assets, impairment of right-of-use assets, and restructuring charges, net when applicable.
Financial highlights by reportable segments are as follows:
| Three Months Ended July 31,
| 2024 |  | 2023
| Fee revenue |  | Total revenue |  | Adjusted EBITDA |  | Fee revenue |  | Total revenue |  | Adjusted EBITDA
| (in thousands)
Consulting | $ | 167,870 |  |  | $ | 170,767 |  |  | $ | 29,294 |  |  | $ | 168,088 |  |  | $ | 170,793 |  |  | $ | 25,180 |
Digital | 88,180 |  |  | 88,211 |  |  | 26,623 |  |  | 87,986 |  |  | 88,012 |  |  | 24,325 |
Executive Search: |  |  |  |  |  |  |  |  |  |  |
North America | 134,752 |  |  | 136,087 |  |  | 35,098 |  |  | 127,498 |  |  | 129,413 |  |  | 28,756 |
EMEA | 45,981 |  |  | 46,276 |  |  | 7,265 |  |  | 46,776 |  |  | 47,135 |  |  | 5,638 |
Asia Pacific | 20,579 |  |  | 20,704 |  |  | 4,218 |  |  | 24,539 |  |  | 24,610 |  |  | 6,315 |
Latin America | 7,323 |  |  | 7,326 |  |  | 2,798 |  |  | 6,421 |  |  | 6,422 |  |  | 1,741 |
Professional Search & Interim | 121,741 |  |  | 122,730 |  |  | 25,706 |  |  | 142,179 |  |  | 143,069 |  |  | 24,329 |
RPO | 88,520 |  |  | 90,660 |  |  | 12,494 |  |  | 95,702 |  |  | 96,808 |  |  | 10,471 |
Corporate | — |  |  | — |  |  | (32,287) |  |  | — |  |  | — |  |  | (31,097) |
Consolidated | $ | 674,946 |  |  | $ | 682,761 |  |  | $ | 111,209 |  |  | $ | 699,189 |  |  | $ | 706,262 |  |  | $ | 95,658 |

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