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Segments | 9 Months Ended
--- | ---
Jan. 31, 2025
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 January 31, |  | Nine Months Ended January 31,
| 2025 |  | 2024 |  | 2025 |  | 2024
| Consolidated
| (in thousands)
Fee revenue | $ | 668,729 |  |  | $ | 668,679 |  |  | $ | 2,018,040 |  |  | $ | 2,071,871 |
Total revenue | $ | 676,538 |  |  | $ | 676,873 |  |  | $ | 2,041,259 |  |  | $ | 2,095,582 |
Net income attributable to Korn Ferry | $ | 58,414 |  |  | $ | 59,071 |  |  | $ | 181,818 |  |  | $ | 103,965 |
Net income attributable to noncontrolling interest | 925 |  |  | 649 |  |  | 4,120 |  |  | 2,984 |
Interest expense, net | 5,461 |  |  | 4,946 |  |  | 15,032 |  |  | 16,282 |
Income tax provision | 22,795 |  |  | 9,018 |  |  | 70,047 |  |  | 29,779 |
Depreciation and amortization | 20,490 |  |  | 19,509 |  |  | 59,756 |  |  | 58,075 |
Integration/acquisition costs | 2,127 |  |  | 3,899 |  |  | 7,099 |  |  | 13,057 |
Impairment of fixed assets | 509 |  |  | — |  |  | 509 |  |  | 1,575 |
Impairment of right-of-use assets | 2,452 |  |  | — |  |  | 2,452 |  |  | 1,629 |
Restructuring charges, net | 1,316 |  |  | 4,612 |  |  | 1,892 |  |  | 68,558 |
Adjusted EBITDA (1) | $ | 114,489 |  |  | $ | 101,704 |  |  | $ | 342,725 |  |  | $ | 295,904 |
___________________
(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 when applicable.
Financial highlights by reportable segments are as follows:
| Three Months Ended January 31,
| 2025 |  | 2024
| Fee revenue |  | Total revenue |  | Adjusted EBITDA |  | Fee revenue |  | Total revenue |  | Adjusted EBITDA
| (in thousands)
Consulting | $ | 158,704 |  |  | $ | 161,382 |  |  | $ | 28,026 |  |  | $ | 166,947 |  |  | $ | 169,929 |  |  | $ | 27,812 |
Digital | 90,823 |  |  | 90,836 |  |  | 28,408 |  |  | 90,317 |  |  | 90,394 |  |  | 27,370 |
Executive Search: |  |  |  |  |  |  |  |  |  |  |
North America | 128,264 |  |  | 129,889 |  |  | 37,175 |  |  | 121,449 |  |  | 123,059 |  |  | 29,382 |
EMEA | 47,840 |  |  | 48,087 |  |  | 7,845 |  |  | 48,999 |  |  | 49,171 |  |  | 7,799 |
Asia Pacific | 21,664 |  |  | 21,794 |  |  | 4,504 |  |  | 21,324 |  |  | 21,384 |  |  | 4,500 |
Latin America | 6,803 |  |  | 6,807 |  |  | 1,696 |  |  | 7,541 |  |  | 7,543 |  |  | 1,750 |
Professional Search & Interim | 129,957 |  |  | 130,854 |  |  | 27,265 |  |  | 130,890 |  |  | 131,824 |  |  | 23,795 |
RPO | 84,674 |  |  | 86,889 |  |  | 12,743 |  |  | 81,212 |  |  | 83,569 |  |  | 9,291 |
Corporate | — |  |  | — |  |  | (33,173) |  |  | — |  |  | — |  |  | (29,995) |
Consolidated | $ | 668,729 |  |  | $ | 676,538 |  |  | $ | 114,489 |  |  | $ | 668,679 |  |  | $ | 676,873 |  |  | $ | 101,704 |
| Nine Months Ended January 31,
| 2025 |  | 2024
| Fee revenue |  | Total revenue |  | Adjusted EBITDA |  | Fee revenue |  | Total revenue |  | Adjusted EBITDA
| (in thousands)
Consulting | $ | 493,345 |  |  | $ | 501,533 |  |  | $ | 86,426 |  |  | $ | 512,830 |  |  | $ | 521,675 |  |  | $ | 81,920 |
Digital | 271,896 |  |  | 272,085 |  |  | 84,219 |  |  | 275,395 |  |  | 275,563 |  |  | 80,678 |
Executive Search: |  |  |  |  |  |  |  |  |  |  |
North America | 392,907 |  |  | 397,395 |  |  | 109,180 |  |  | 381,459 |  |  | 386,405 |  |  | 87,574 |
EMEA | 140,609 |  |  | 141,495 |  |  | 22,597 |  |  | 138,873 |  |  | 139,621 |  |  | 19,056 |
Asia Pacific | 63,707 |  |  | 64,038 |  |  | 13,154 |  |  | 65,167 |  |  | 65,454 |  |  | 14,690 |
Latin America | 21,982 |  |  | 21,992 |  |  | 7,046 |  |  | 22,041 |  |  | 22,050 |  |  | 4,296 |
Professional Search & Interim | 372,805 |  |  | 375,572 |  |  | 80,174 |  |  | 411,453 |  |  | 414,348 |  |  | 73,746 |
RPO | 260,789 |  |  | 267,149 |  |  | 38,136 |  |  | 264,653 |  |  | 270,466 |  |  | 28,617 |
Corporate | — |  |  | — |  |  | (98,207) |  |  | — |  |  | — |  |  | (94,673) |
Consolidated | $ | 2,018,040 |  |  | $ | 2,041,259 |  |  | $ | 342,725 |  |  | $ | 2,071,871 |  |  | $ | 2,095,582 |  |  | $ | 295,904 |

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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/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 48 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards 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